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250626.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, June 26, 2025, Vol. 29, No. 176 Headlines 1364720 BC: Cliffwater Corporate Marks CAD$11.2M 1L Loan at 31% Off 1364720 BC: Cliffwater Corporate Marks CAD$4.9MM Loan at 48% Off 1575 GALENA: Case Summary & Six Unsecured Creditors 3GEN ROOFING: Michael Coury Named Subchapter V Trustee 4011-4099 NW: Hires Trustee Realty as Real Estate Broker 5TH AVENUE: Salvatore LaMonica Named Subchapter V Trustee ACOSTA HOLDINGS: S&P Lowers Senior Secured Debt Rating to 'B' ACQUISITION INTEGRATION: Hires Thompson Burton PLLC as Counsel ACTUALIS LLC: Aleida Martinez Molina Named Subchapter V Trustee AEGIS TOXICOLOGY: S&P Withdraws 'D' Long-Term Issuer Credit Rating ALL ABOUT ENERGY: Gets Extension to Access Cash Collateral AMERIGLASS CONTRACTOR: Gets Extension to Access Cash Collateral AMPLIFYBIO LLC: US Trustee Disputes Top Offer for Assets in Ch. 11 AMRO SAMY: U.S. Trustee Wins Bid to Compel Sec. 345(b) Compliance ANCHOR FUNDING: Section 341(a) Meeting of Creditors on July 29 ANCIOM LLC: Gets Final OK to Use Cash Collateral ANI ROOF: Hires Taft Stettinius & Hollister LLP as Counsel ANI ROOF: Robert Handler Named Subchapter V Trustee APPLIED ENERGETICS: Board Appoints Two More Directors ASPIRA WOMEN'S: Registers 2.5M More Shares Under Amended 2019 Plan B.G.P. INC: Gets Extension to Access Cash Collateral BAYOU TECHNOLOGIES: Seeks to Hire Packard LaPray as Counsel BEACH HOUSE: Marcus Clegg's Fee Application Granted in Part BEAN THERE: Case Summary & Four Unsecured Creditors BLUE DUCK: Katharine Battaia Clark Named Subchapter V Trustee BREWER'S LAWN: Michael Coury Named Subchapter V Trustee BURGUNDIAN LLC: Case Summary & 20 Largest Unsecured Creditors C&S GROUP: S&P Lowers ICR to 'B', On CreditWatch Negative CAMERON THE SANDMAN: Chapter 11 Filing Halts PNC Bank Litigation CARAWAY TEA: Jolene Wee of JW Infinity Named Subchapter V Trustee CARESTREAM HEALTH: S&P Lowers ICR to 'CCC+' on Revenue Decline CATHETER PRECISION: Ladenburg Issued Warrants for PIPE Financing CEMTREX INC: Regains Nasdaq Compliance With $6.4M Equity CENTURI HOLDINGS: S&P Alters Outlook to Stable, Affirms 'B+' ICR CHICAGO SMILES: Court Extends Cash Collateral Access to July 19 CIMG INC: Xiangrong Dai No Longer Holds Shares as of May 16 CIMG INC: Yanqin Chen Holds 8.25% Stake as of June 9 CITIUS PHARMACEUTICALS: Shareholders OK Authorized Share Increase CLAROS MORTGAGE: Amends JPMorgan MRA to Increase Facility Limit CLIPPER ACQUISITIONS: S&P Affirms 'BB+' ICR on Growth Prospects COMMERCIAL FURNITURE: Gets Extension to Access Cash Collateral CONVERGINT TECHNOLOGY: S&P Affirms 'B-' ICR, Outlook Stable CPV MARYLAND: S&P Affirms 'BB-' Rating on $350MM Term Loan B CRESCENT ENERGY: S&P Affirms 'B+' ICR, Outlook Remains Positive CRYPTO CO: Posts $6.64M FY2024 Loss on Sharp Revenue Drop CRYPTO CO: Restates 2023 Financials After SEC Barred Former Auditor CYTOPHIL INC: Seeks to Extend Plan Exclusivity to August 5 DATASITE INTERNATIONAL: S&P Affirms 'B' ICR, Alters Outlook to Neg DENALI MIDCO: Cliffwater Corporate Marks $9.9MM Loan at 28% Off DEQSER LLC: Hires Mayerson and Hartheimer PLLC as Counsel DILLONS POWER: Unsecureds Will Get 5.8% of Claims in Plan DYCOM INDUSTRIES: S&P Upgrades ICR to 'BB+' on Margin Strength ENVELOPE MART: Hires Inglewood Associates as Financial Advisor EOS FITNESS: Cliffwater Corporate Marks $1.3MM Loan at 41% Off ESSENTIAL SERVICES: Cliffwater Marks $1.3MM Loan at 84% Off EXCEL FITNESS: Cliffwater Corporate Marks $13.2MM Loan at 20% Off EXIDE HOLDINGS: Phoenixx Suit Goes to Trial EXTENSIONS PLUS: Seeks Chapter 11 Bankruptcy in California FENIX TOPCO: Cliffwater Corporate Marks $6.2MM Loan at 90% Off FLUENT INC: Shareholders Approve All 8 Proposals at Annual Meeting FLUID MARKET: Plan Exclusivity Period Extended to August 12 FOSSIL CREEK: Seeks to Hire Reed Smith LLP as Counsel FRANCHISE GROUP: Plan Exclusivity Period Extended to September 1 FRUGALITY INC: Gets Extension to Access Cash Collateral GEORGIA VASCULAR: Hires Keck Legal LLC as Counsel GILDED GATHERINGS: Hires Bankruptcy Legal Center as Counsel GMS SUNSET: Seeks to Hire Chung & Press PC as Counsel GOLDEN WEST: S&P Withdraws 'CCC-' Issuer Credit Rating GREAT KITCHENS: Cliffwater Corporate Marks $1.4MM Loan at 86% Off GREENE FAMILY: Jerrett McConnell Named Subchapter V Trustee GRESHAM WORLDWIDE: To Exit Bankruptcy as Hyperscale Subsidiary GRETNA PLUMBING: G. Matt Barberich Named Subchapter V Trustee GUARDIAN RESTORATION: Cliffwater Marks $3.5M Loan at 60% Off GUARDIAN RESTORATION: Cliffwater Marks $533,000 Loan at 93% Off HARLING INC: Court Extends Cash Collateral Access to July 2 HELIUS MEDICAL: Hikes 2022 Plan Pool to 7.1M Shares After Offering HENDERSON RECOVERY: C. Jerome Teel Named Subchapter V Trustee HOMES NOW: Hires Quilling Selander Lownds as Counsel HOTEL THREE: James Bailey Named Subchapter V Trustee HS SPA: Cliffwater Corporate Marks $250,000 Loan at 50% Off HS SPA: Cliffwater Corporate Marks $311,000 Loan at 68% Off HTI INTERMEDIATE: Cliffwater Marks $282,000 Loan at 62% Off HYPERSCALE DATA: Defense Unit Exit From Bankruptcy to Boost Revenue IDEAL PROPERTY: Creditors to Get Proceeds From Liquidation IFH FRANCHISEE: Cliffwater Corporate Marks $3.7MM Loan at 71% Off IH 35 TRUCKING: Melissa Haselden Named Subchapter V Trustee IKENE ACQUISITION: Cliffwater Corporate Marks $5.7M Loan at 79% Off INNOVATIVE MEDTECH: Inks $95K Note Deals With 1800 Diagonal INNOVETIVE PETCARE: Cliffwater Marks $1.9MM Loan at 15% Off INNOVETIVE PETCARE: Cliffwater Marks $2.7-Mil. Loan at 31% Off INTEGRATED POWER: Cliffwater Corporate Marks $8.6MM Loan at 88% Off INTEGRATED POWER: Cliffwater Virtually Writes Off $2.5MM Loan IRWIN NATURALS: Claims to be Paid from Asset Sale Proceeds IVF ORLANDO: Gets Interim OK to Use Cash Collateral J NET TRANSPORTATION: Hires Michael Jay Berger as Counsel J.B. POINDEXTER: S&P Affirms 'B+' ICR on Improved Diversity JAL OUTLET: Voluntary Chapter 11 Case Summary JHCC HOLDINGS: Cliffwater Corporate Marks $2.3MM Loan at 62% Off JTM FOODS: Cliffwater Corporate Marks $3.6MM Loan at 75% Off KAM REALTY: Amends Duquesne Light Unsecured Claim Pay KBP INVESTMENTS: Cliffwater Corporate Marks $27.4M Loan at 16% Off KOLSTEIN MUSIC: Andrew Layden Named Subchapter V Trustee LADDER CAPITAL: S&P Rates New $500MM Senior Unsecured Notes 'BB' LAKE COUNTY: Hires Bach Law Offices Inc. as Attorney LAWN CARE: Cliffwater Corporate Marks $3.3MM Loan at 75% Off LEGENDS HOSPITALITY: Cliffwater Marks $8MM Loan at 55% Off LIFESTYLE GROUP: Cliffwater Corporate Marks $5.4M Loan at 38% Off LJB LLC: Court Extends Cash Collateral Access to July 31 LLW CONSTRUCTION: Seeks Chapter 11 Bankruptcy in Florida LOCALS ONLY: Court Extends Cash Collateral Access to July 17 MAJCO LLC: Cliffwater Corporate Marks $9.7MM Loan at 91% Off MARIN SOFTWARE: Explores Asset Sale Over Approved Dissolution Plan MARRA AIR: Jerrett McConnell Named Subchapter V Trustee MERCY FALLS: Obtains CCAA Initial Stay Order MIDWEST CHRISTIAN: Seeks to Extend Plan Exclusivity to Sept. 30 MIRAMAR TOWNHOMES: Unsecured Claims Under $1K to Recover 30% MODE ELEVEN: Paul Jordan of NP3 Named Subchapter V Trustee MOVATI ATHLETIC: Cliffwater Corporate Marks $41.1MM at 31% Off MOVATI ATHLETIC: Cliffwater Marks CAD$937,000 Loan at 75% Off MPIRE REAL: Hires Joy O. Robinson P.C. as Counsel NEW GREATER GENERATION: Gets Interim OK to Use Cash Collateral NEW WORLD: Frances Smith Named Subchapter V Trustee NIKOLA CORP: Seeks to Extend Plan Exclusivity to September 17 NL1 ACQUIRE: Cliffwater Corporate Marks CAD$1.3MM Loan at 66% Off NL1 ACQUIRE: Cliffwater Corporate Marks CAD$1.9MM Loan at 31% Off NL1 ACQUIRE: Cliffwater Corporate Marks CAD$9.6M 1L Loan at 31% Off NORTHPOINT DEVELOPMENT: Hires SVN Chicago as Real Estate Broker OAK AND FORT: Gets CCAA Initial Stay Order; KSV as Monitor ONDAS HOLDINGS: Airobotics Gets $14.3M Order for Optimus System OVG BUSINESS: S&P Downgrades ICR to 'B-', Outlook Stable PAW ORIGINS: Paul Jordan of NP3 Named Subchapter V Trustee PAW ORIGINS: Seeks to Hire Clark Stith Esq. as Counsel PET RINSE: Final Hearing to Use Cash Collateral Set for July 1 PHOTO HOLDINGS: S&P Upgrades ICR to 'B-', Outlook Stable PINEAPPLE PROPERTIES: Gets Extension to Access Cash Collateral PIVOTAL ANALYTICS: Court Extends Cash Collateral Access to July 23 PRIME MARKETING: Unsecureds Will Get 1.7% of Claims in Plan PRO MACH: S&P Raises ICR to 'B' on Solid Projected Credit Metrics PROFESSIONAL MAIL: Case Summary & 20 Largest Unsecured Creditors QIN'S BUFFALO: Cliffwater Corporate Marks $1MM Loan at 58% Off QUANTUM HEALTH: S&P Alters Outlook to Positive, Affirms 'B-' ICR QUICK QUACK: Cliffwater Corporate Marks $8.1MM Loan at 30% Off QVC GROUP: Regains Nasdaq Compliance on Bid Price Rule QVF ACQUISITION: Cliffwater Virtually Writes Off $1.8MM Loan RACE WINNING: Cliffwater Corporate Marks $3.1MM Loan at 30% Off REDWOOD SERVICES: Cliffwater Corporate Marks $1.7MM Loan at 60% Off RESHAPE LIFESCIENCES: Prices $2.6M Public Offering of Common Stock RHODIUM ENCORE: Akin Gump Updates List of Ad Hoc Group Members RICHMOND BELLY: Seeks to Hire Hirschler Fleischer as Counsel RITHUM HOLDINGS: S&P Affirms 'B-' ICR, Outlook Stable RIVERSIDE ASSESSMENTS: Cliffwater Marks $6MM Loan at 58% Off SBLA INC: Unsecured Creditors to Split $30K in Plan SINOBECH GROUP: Seeks Restructuring Under CCAA SJ HOLDINGS: Hires Law Offices of Alla Kachan PC as Counsel SOUND VISION: Case Summary & Largest Unsecured Creditors SOUTHERN AIR: Cliffwater Corporate Marks $34.9M 1L Loan at 68% Off SPINDRITT BEVERAGE: Cliffwater Virtually Writes Off $324,000 Loan SPIRIT AIRLINES: Says United-JetBlue Pact Will Affect Competition SSR HOSPITALITY: Seeks to Extend Plan Exclusivity to September 30 ST ATHENA: Cliffwater Corporate Marks $1.2MM Loan at 79% Off ST ATHENA: Cliffwater Corporate Marks $3.7MM Loan at 68% Off STEPPING STONES: Cliffwater Corporate Marks $3.9MM Loan at 73% Off STEWARD HEALTH: Seeks More Time to Ward Off Rival Chapter 11 Plans STONECREST CONTRACTORS: Tamara Ogier Named Subchapter V Trustee STONEX ESCROW: S&P Rates Senior Secured Second-Lien Notes 'BB-' SUMMIT BUYER: Cliffwater Corporate Marks $24.4MM Loan at 47% Off SUN ORCHARD: Cliffwater Corporate Marks $1.5MM Loan at 92% Off SUNNOVA ENERGY: Chapter 11 Triggers Defaults Under Key Agreements SUNSET PALM: Voluntary Chapter Case Summary TELUS CORP: S&P Rates New Fixed-To-Fixed Rate Sub Notes 'BB' TENET HEALTHCARE: S&P Raises ICR to 'BB-' on Improved Performance THASSOS INC: Gets OK to Use Cash Collateral Until July 17 THORNCO HOSPITALITY: Files Amendment to Disclosure Statement TIDEWATER INC: S&P Assigns 'B+' ICR, Outlook Stable TROPICAL BIDCO: Cliffwater Corporate Marks $2.7MM Loan at 85% Off UPTOWN WINE: Hires Vivia L. Joseph Esq. as Counsel US FITNESS: Cliffwater Corporate Marks $2.2MM Loan at 84% Off VELSICOL CHEMICAL: Aug. 5, 2025 Hearing to Confirm 3rd Amended Plan VERTEX SERVICE: Cliffwater Corporate Marks $19.1MM Loan at 17% Off VERTEX SERVICE: Cliffwater Corporate Marks $1MM Loan at 37% Off VERTEX SERVICE: Cliffwater Corporate Marks $5.8MM Loan at 81% Off VWS HOLDCO: Hires Mr. Agran of Carl Marks Advisory as CRO VWS HOLDCO: Hires Teneo Securities LLC as Investment Banker VWS HOLDCO: Seeks to Hire Pashman Stein Walder as Counsel VWS HOLDCO: Seeks to Tap Verita Global as Administrative Advisor VWS HOLDCO: Seeks to Tap Verita Global as Claims & Noticing Agent WALDENCAST PLC: Cliffwater Corporate Marks $4.2MM Loan at 52% Off WALKER AREA: Unsecured Creditors to Split $44K over 4 Years WARNER BROS: Bondholders Seek to Sell Back $30 Billion in Debt WDT ACQUISITION: S&P Withdraws 'B-' Issuer Credit Rating WEBER-STEPHEN PRODUCTS: Cliffwater Marks $4.1MM Loan at 18% Off WINDRIDGE A2A: Hires Reed Smith LLP as Counsel WOLFSPEED INC: Represented by Latham & Watkins in Restructuring WOOF INTERMEDIATE: S&P Raises ICR to 'CCC+' on Debt Restructuring WPP BULLET: Cliffwater Corporate Marks $3.8MM Loan at 23% Off WU HOLDCO: Cliffwater Corporate Marks $359,000 Loan at 42% Off X-LASER LLC: Monique Almy Named Subchapter V Trustee YOUR BATH: Hires SKC Accounting LLC as Accountant [] John Storz Joins Pillsbury's Insolvency Practice in New York [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 1364720 BC: Cliffwater Corporate Marks CAD$11.2M 1L Loan at 31% Off ------------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its CAD$11,270,000 loan extended to 1364720 B.C. Ltd. to market at CAD$7,819,357 or 69% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a First Lien Term Loan to 1364720 B.C. Ltd. The loan accrues interest at a rate of 7.67% per annum. The loan matures on September 9, 2028. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About 1364720 B.C. Ltd. 1364720 B.C. LTD. is a company engaged in the energy industry. 1364720 BC: Cliffwater Corporate Marks CAD$4.9MM Loan at 48% Off ---------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its CAD$4,997,050 loan extended to 1364720 B.C. Ltd. to market at CAD$2,582,034 or 52% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to 1364720 B.C. Ltd. The loan accrues interest at a rate of 7.67% per annum. The loan matures on September 9, 2028. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About 1364720 B.C. Ltd. 1364720 B.C. LTD. is a company engaged in the energy industry. 1575 GALENA: Case Summary & Six Unsecured Creditors --------------------------------------------------- Debtor: 1575 Galena LLC 1575 Galena St Apt C105 Aurora, CO 80010 Business Description: 1575 Galena LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: June 24, 2025 Court: United States Bankruptcy Court District of Colorado Case No.: 25-13853 Judge: Hon. Kimberley H Tyson Debtor's Counsel: Jeffrey A. Weinman, Esq. ALLEN VELLONE WOLF HELFRICH & FACTOR, P.C. 1600 Stout Street, 1900 Denver, CO 80202 Tel: 303-534-4499 Email: jweinman@allen-vellone.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Randel Lewis, manager of Holding Company LLC, which is managed by Foundation Ltd. A copy of the Debtor's list of six unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LMB5ZDY/1575_Galena_LLC__cobke-25-13853__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LCVPWIQ/1575_Galena_LLC__cobke-25-13853__0001.0.pdf?mcid=tGE4TAMA 3GEN ROOFING: Michael Coury Named Subchapter V Trustee ------------------------------------------------------ The Acting U.S. Trustee for Region 8 appointed Michael Coury of Glankler Brown, PLLC as Subchapter V trustee for 3Gen Roofing, LLC. Mr. Coury will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Coury declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael P. Coury Glankler Brown, PLLC 6000 Poplar Ave., Suite 499 Memphis, TN 38119 Phone: (901) 525-1322 Fax: (901) 525-2386 Email; mcoury@glankler.com About 3Gen Roofing 3Gen Roofing, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-10769) on June 9, 2025, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Jimmy L. Croom presides over the case. C. Jerome Teel, Jr., Esq., at Teel & Gay, PLC represents the Debtor as legal counsel. 4011-4099 NW: Hires Trustee Realty as Real Estate Broker -------------------------------------------------------- 4011-4099 NW 34th Street LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Trustee Realty Inc. as real estate broker. The firm will market and sell the Debtor's 18 unit commercial shopping center located in Lauderdale Lakes, FL. The firm will be paid a commission of 3 percent of the sales price. Jason Welt, an agent with Trustee Realty Inc., disclosed in the court filing that his firm does not hold or represent an interest adverse to the Debtor's estate and is a "disinterested person," as that term is defined in Bankruptcy Code Sec. 101(14). The firm can be reached through: Jason A. Welt Trustee Realty, Inc. 2200 N Commerce Pkwy Suite# 200 Weston, FL 33326 Phone: (954) 803-0790 About 4011-4099 NW 34th Street LLC 4011-4099 NW 34th Street, LLC is the owner of real property located at 4011-4090 NW 34th Street, Lauderhill, Fla., valued at $2 million. 4011- 4099 NW 34th Street filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 23-19421) on Nov. 16, 2023. In the petition signed by Jose Gaspard Morell, an authorized officer, the Debtor disclosed $2,054,566 in total assets and $590,001 in total liabilities. Judge Corali Lopez-Castro oversees the case. The Debtor tapped Zach B. Shelomith, Esq., and Christian Somodevilla, Esq., at LSS Law as bankruptcy counsel and Hal Levenberg at Yip Associates as accountant. 5TH AVENUE: Salvatore LaMonica Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 2 appointed Salvatore LaMonica, Esq., at LaMonica Herbst & Maniscalco, LLP, as Subchapter V trustee for 5th Avenue Furniture Warehouse, Inc. Mr. LaMonica will be paid an hourly fee of $725 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. LaMonica declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Salvatore LaMonica, Esq. LaMonica Herbst & Maniscalco, LLP 3305 Jerusalem Avenue, Suite 201 Wantagh, NY 11793 Phone: (516) 826-6500 Email: sl@lhmlawfirm.com About 5th Avenue Furniture Warehouse Inc. 5th Avenue Furniture Warehouse, Inc. is a family-owned furniture retailer located at 1644 5th Avenue, Bay Shore, New York, offering a range of home furnishings, mattresses, and accessories. 5th Avenue Furniture Warehouse sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-72216) on June 6, 2025. In its petition, the Debtor reported total assets of $283,034 and total liabilities of $2,736,974. Judge Louis A. Scarcella handles the case. The Debtor is represented by Heath S. Berger, Esq., at BFSNG Law Group, LLP. ACOSTA HOLDINGS: S&P Lowers Senior Secured Debt Rating to 'B' ------------------------------------------------------------- S&P Global Ratings lowered its issue-level rating on U.S.-based sales and marketing agency Acosta Holdings Corp.'s existing senior secured debt (which includes a revolver, a term loan A, and a term loan B) to 'B' from 'B+', and revised the recovery rating to '3' from '2' to reflect increased secured debt in its assumed recovery waterfall for the company, which reduces the collateral available to the existing secured lenders in a simulated default scenario. S&P said, "At the same time, S&P Global Ratings assigned its 'B' issue-level rating, and '3' recovery rating, to Acosta's proposed $200 million term loan B due August 2031. The term loan B will be issued by Acosta Inc. and will have the same terms as the existing term loan B. The '3' recovery rating on the proposed debt indicates that creditors could expect meaningful (50%-70%; rounded estimate: 65%) recovery in the event of default. The company intends to use the proceeds from the term loan B, along with cash, to fully repay the 13%, $218 million subordinated shareholder notes outstanding. We expect the transaction will be leverage-neutral and will save the company about $8 million-$9 million of cash-interest costs. Our ratings assume the proposed transaction closes substantially on the terms presented to us. "Our 'B' issuer credit rating and stable outlook on the company are not affected by the proposed transaction. Acosta's 2024 performance was largely in line with our expectations, and we expect the company will maintain an adequate liquidity profile pro forma the transaction (supported by $102 million of cash and about $55 million availability on the revolver net of letters of credit outstanding), with S&P Global Ratings-adjusted leverage comfortably below 5x and funds from operations cash interest coverage above 2.0x in 2025. Our adjusted debt figure no longer includes Acosta's $1.1 billion of preferred stock. This follows the application of our new criteria, “Methodology For Assessing Financing Contributed By Controlling Shareholders,” which became effective May 15, 2025. That said, the macroeconomic conditions for sales and marketing agencies and their key customers, including large and emerging consumer goods manufacturers and retailers, are challenging. We believe the recent pullback in the discretionary spending of consumer product companies, as well as retailer inventory de-stocking, will be near-term headwinds." ISSUE RATINGS - RECOVERY ANALYSIS Key analytical factors The debt capital structure consists of: -- A $100 million five-year secured revolver expiring in August 2029, with a $50 million sublimit for letters of credit ($45.1 million letter of credit utilization as of March 31, 2025); -- A $237 million five-year term loan A maturing in August 2029; -- A $500 million term loan B maturing in August 2031; and -- A proposed $200 million term loan B maturing August 2031. Security and guarantee package The ultimate parent is Acosta Holdings Corp., and the direct parent of the borrower is Acosta Intermediate Holdings Corp. The borrower under all debt agreements is Acosta Inc. The direct parent is a guarantor of the debt, and other guarantors include substantially all existing and future wholly owned domestic subsidiaries. The ultimate parent does not provide a guarantee on the debt. The revolver, term loan A, and term loan B facilities rank pari passu and are secured on a first-lien basis with a security interest on substantially all the primary collateral pledged by guarantors. International subsidiaries in Canada and the U.K. are not guarantors nor do they pledge any capital stock as collateral. Insolvency regime Because Acosta generates a substantial majority of its profits in the U.S., our simulated default scenario assumes that insolvency proceedings occur in the U.S. S&P said, "We believe creditors would receive maximum recovery in a default scenario if the company reorganized instead of liquidated because of its leading industry position and customer relationships. Therefore, in evaluating the recovery prospects for creditors, we assume the company continues as a going concern and arrive at our emergence enterprise value by applying a multiple to our assumed emergence EBITDA." Simulated default assumptions S&P's simulated default scenario contemplates a default occurring in 2028 due to consumer products and retail clients substantially curtailing use of the company's services to save money and increase their control of execution, an inability by Acosta to effectively manage its large labor force, or a prolonged economic contraction that leads to heightened competition from rivals. These factors lead to significant EBITDA and cash flow deterioration, causing a default. Valuation S&P said, "We estimate a gross recovery value of about $682 million assuming an emergence EBITDA of $124 million and a 5.5x multiple. Our emergence EBITDA assumes that following a payment default and bankruptcy reorganization, the company would be able to cut costs and rationalize its business, such that it can return to profitability. The ascribed EBITDA multiple is consistent with our standard view for business and consumer services companies and reflects our expectation that there is likely going concern viability." Emergence EBITDA: $124 million -- Multiple: 5.5x -- Gross recovery value: $682 million Simplified waterfall -- Net recovery value for waterfall after administrative expenses (5%): $648 million -- Obligor/nonobligor valuation split: 92%/8% -- Estimated priority claims: $0 -- Value available to unsecured and deficiency claims: $52 million -- Remaining recovery value available for secured claims: $596 million -- Estimated secured claims: $967 million --Total (collateral + deficiency) first priority recovery percentage: 50%-70% (rounded estimate: 65%) All debt amounts contain six months of prepetition interest. ACQUISITION INTEGRATION: Hires Thompson Burton PLLC as Counsel -------------------------------------------------------------- Acquisition Integration, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to employ the law firm of Thompson Burton PLLC as its attorneys. The firm's services include: a. preparing pleadings and applications and conducting examinations incidental to any related proceedings or to the administration of this case; b. developing the relationship of the status of the Debtor to the claims of creditors in this case; c. advising the Debtor of its rights, duties, and obligations as Debtor operating under Chapter 11, Subchapter V of the Bankruptcy Code; d. taking any and all other necessary action incident to the proper preservation and administration of this Chapter 11, Subchapter V case; and e. advising and assisting the Debtor in the formation and preservation of a plan pursuant to Chapter 11, Subchapter V of the Bankruptcy Code and any and all matters related thereto. The firm will be paid at these rates: Stuart M. Maples, Esq. $450 per hour Associates $300 to $350 per hour Paralegals $200 to $250 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. On May 29, 2025, Flight Test Aerospace, Inc. made a pre-petition advance on the prep-petition facility payment of $75,000 to the firm in fulfillment of its outstanding legal fees incurred from loan proceeds provided by Flight Test Aerospace to the Debtor. On June 5, 2025, Flight Test Aerospace made a pre-petition advance to the firm of $1,763 from loan proceeds provided by Flight Test Aerospace to the Debtor. This advance was for the Chapter 11 filing fee. Stuart M. Maples, Esq., a partner at Thompson Burton 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: Stuart M. Maples, Esq. Thompson Burton PLLC 200 Clinton Avenue West, Suite 1000 Huntsville, Alabama 35801 Tel: (256) 489-9779 Fax: (256) 489-9720 Email: smaples@thompsonburton.com About Acquisition Integration, LLC Acquisition Integration, LLC provides logistics, distribution, and technical services to the commercial and military aerospace and vehicle industries. The Company partners with CAP Fleet to produce upfitted police and special service vehicles for the U.S. Government Services Administration. Based in the US, it operates as an SBA-certified HUBZone and Service-Disabled Veteran-Owned Small Business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-81168) on June 10, 2025. In the petition signed by David P. Bristol, member, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Clifton R. Jessup Jr. oversees the case. Stuart Maples, Esq., at Thompson Burton, PLLC, represents the Debtor as legal counsel. NOVO Tech, Inc., as DIP lender, is represented by: Kevin D. Heard, Esq. Heard, Ary & Dauro, LLC 303 Williams Avenue SW, Suite 921 Huntsville, AL 35801 Tel: (256) 535-0817 kheard@heardlaw.com ServisFirst Bank, as secured creditor, is represented by: Wes Bulgarella, Esq. Maynard Nexsen, P.C. 1901 Sixth Avenue North 1700 Regions/Harbert Plaza Birmingham, AL 35203 Tel: (205) 254-1000 wbulgarella@maynardnexsen.com ACTUALIS LLC: Aleida Martinez Molina Named Subchapter V Trustee --------------------------------------------------------------- The U.S. Trustee for Region 21 appointed Aleida Martinez Molina, Esq., as Subchapter V trustee for Actualis, LLC. Ms. Molina will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Molina declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Aleida Martinez Molina, Esq. 2121 NW 2nd Avenue, Suite 201 Miami, FL 33127 Telephone: (305) 297-1878 Email: Martinez@subv-trustee.com About Actualis LLC Actualis LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-16485) on June 9, 2025, with $500,001 to $1 million in assets and liabilities. Judge Laurel M. Isicoff presides over the case. AEGIS TOXICOLOGY: S&P Withdraws 'D' Long-Term Issuer Credit Rating ------------------------------------------------------------------ S&P Global Ratings withdrew its ratings on Aegis Toxicology Sciences Corp., including its 'D' (default) long-term issuer credit rating on the company and its 'D' issue-level ratings on Aegis's senior secured debt. The ratings are being withdrawn at the issuer's request following its privately placed debt refinancing. ALL ABOUT ENERGY: Gets Extension to Access Cash Collateral ---------------------------------------------------------- All About Energy Solutions, LLC received second interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Wilmington Division, to use cash collateral. The court's order authorized the company's interim use of cash collateral to pay the expenses set forth in its budget. The company's 30-day budget shows $81,287.42 in total expenses. The Debtor's creditors that may have a lien on cash collateral include Rapid Finance, Can Capital, Jaffe and Velocity. Creditors' liens on the collateral securing the company's debt will extend to assets acquired by the company after the petition date to the same extent and with the same priority as the creditors' pre-bankruptcy liens, according to the order. The order remains in effect until modified or terminated by the court. Validity of liens created under the order will survive dismissal or conversion to Chapter 7. The next hearing is scheduled for July 8. About All About Energy Solutions All About Energy Solutions, LLC installs insulation in eastern North Carolina. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-01847) on May 16, 2025. In the petition signed by Chris DeHart, member and manager, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge David M. Warren oversees the case. George Mason Oliver, Esq., at The Law Offices of George Oliver, PLLC, represents the Debtor as bankruptcy counsel. AMERIGLASS CONTRACTOR: Gets Extension to Access Cash Collateral --------------------------------------------------------------- Ameriglass Contractor Corp. received another extension from the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral until August 27 to pay its expenses. The Debtor may use cash collateral to pay quarterly fees of the U.S. trustee and may use customer deposits provided for the purchase of material to acquire the materials on behalf of its customer. As protection for the Debtor's use of their cash collateral, creditors that have filed a UCC-1 financing statement will be granted a replacement lien on property, including cash and cash equivalents, acquired by the Debtor on or after the petition date, with the same validity and priority as their pre-bankruptcy liens. The Debtor's authority to utilize cash collateral terminates early upon dismissal or conversion of the Debtor's Chapter 11 case; appointment of a Chapter 11 trustee, responsible officer or examiner with enlarged powers; cessation of its operations; or failure to comply with the material terms of the interim order. The next hearing is scheduled for August 27. The U.S. Small Business Administration and SouthState Bank have a blanket lien on all the Debtor's assets arising from their loans to the Debtor. Two other creditors -- Funding Metrics and M&D Capital NY, LLC -- may also assert a blanket lien on all the Debtor's assets resulting from the sale of accounts receivable. The Debtor believes that SBA as the first lienholder is protected by the filing of its Chapter 11 case as the filing prevented the creditors with inferior positions from withdrawing funds from the Debtor by electronic transfer (ACH). About Ameriglass Contractor Corp Ameriglass Contractor Corp. specializes in residential and commercial glass repair and replacement services in the Fort Lauderdale, Florida area. It offers a range of services, including window and sliding door repairs, storefront glass repairs, and high-impact window installations. The company operates 24/7, providing emergency glass repair services. Ameriglass Contractor Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-12349) on March 4, 2025. In its petition, the Debtor reported total assets of $423,551 and total liabilities of $1,389,948. Judge Scott M. Grossman handles the case. The Debtor is represented by: Susan D. Lasky, Esq Tel: 954-400-7474 Email: ecf@suelasky.com AMPLIFYBIO LLC: US Trustee Disputes Top Offer for Assets in Ch. 11 ------------------------------------------------------------------ Angelica Serrano-Roman of Bloomberg Law reports that the U.S. Trustee has urged a bankruptcy court to reject the lead bid for AmplifyBio's assets, arguing the offer is roughly $10 million below the company's minimum valuation. In a Monday, June 23, 2025, filing with the U.S. Bankruptcy Court for the Southern District of Ohio, the Trustee opposed AmplifyBio's proposal to approve $20 million bidding procedures with Battelle Memorial Institute, the designated stalking horse bidder. AmplifyBio, which delivers research and manufacturing support to drug developers, filed for Chapter 11 bankruptcy in May 2025. Battelle, a pre-bankruptcy lender and partial owner of the company, is also expected to provide additional financing as part of the agreement. About AmplifyBio LLC AmplifyBio LLC is a preclinical contract research and manufacturing organization based in Ohio that offers integrated services for therapeutic development, including R&D, preclinical testing, and scalable manufacturing for advanced therapies such as cell and gene therapies, mRNA, and non-viral gene editing platforms. Formed as a 2021 spinout from Battelle Memorial Institute, the Company has expanded through acquisitions and facility investments, including a 350,000-square-foot cGMP manufacturing site in New Albany. Its wholly owned subsidiary, ADOC SSF, LLC, is fully integrated into its operations and participates in scientific, operational, and financial activities. AmplifyBio LLC and affiliate sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Lead Case No. 25-52140) on May 16, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Mina Nami Khorrami handles the case. The Debtor is represented by Scott N. Opincar, Esq. and Maria G. Carr, Esq. at MCDONALD HOPKINS LLC. HUTCHISON PLLC is the Debtor's co-counsel. EPIQ CORPORATE RESTRUCTURING, LLC is the Debtors' Notice, Claims and Balloting Agent. AMRO SAMY: U.S. Trustee Wins Bid to Compel Sec. 345(b) Compliance ----------------------------------------------------------------- Judge Mitchell L. Herren of the United States Bankruptcy Court for the District of Kansas granted U.S. Trustee's motion to compel Debtors Amro and Darla Samy to comply with 11 U.S.C. Sec. 345(b). The Debtors filed their Chapter 11 bankruptcy petition on Nov. 14, 2024, as a quick file, without supporting Schedules or their Statement of Financial Affairs. In Supplements to Amendments to these documents filed on Jan. 23, 2025, the Debtors disclosed the following financial accounts with balances stated as of the petition date: * Savings account, Bank of Alexandria d/b/a AlexBank, Cairo, Egypt. $14,099.47 (709,957.77 EGP4). * Certificate of Deposit, Bank of Alexandria d/b/a AlexBank, Cairo, Egypt. $39,750.60 (2,000,000 EGP). * Certificate of Deposit, Bank of Alexandria d/b/a AlexBank, Cairo, Egypt. $39,750.60 (2,000,000 EGP). * Certificate of Deposit, Bank of Alexandria d/b/a AlexBank, Cairo, Egypt. $99,376.50 (5,000,000 EGP). The Debtors' Schedule D also listed Alex Bank as a secured creditor with two separate claims: * A claim of $24,370.61, secured by collateral of "CDs and Savings Account," with a collateral value of $192,977.17. The nature of the lien is listed as a loan to Amro Samy only, with a balance due of 1,225,417.30 EGP. * A claim of $23,924.16, secured by collateral of "CDs and Savings Account," with a collateral value of $192,977.17. The nature of the lien is listed as a loan to Amro Samy only, with a balance due of 1,202,968.68 EGP. The U.S. Trustee reports Alex Bank is not a member institution of the Federal Deposit Insurance Corporation. The Debtors note the two smaller CDs matured on February 20, 2025, and the larger CD matures on September 13, 2026. Per their terms, the CDs automatically renew because the funds are collateral for a loan -- if they were not renewed, the proceeds would automatically be applied to the loan. The savings account would be used in the same fashion. Amro Samy's family has held accounts with Alex Bank for decades, and the CDs were established on Sept. 2, 2019. At the status hearing on the U.S. Trustee's motion, the Debtor's counsel reported Alex Bank had not been responsive to requests for information on closing the account or withdrawing the CDs. The U.S. Trustee asks the Court to compel compliance with Sec. 345(b) regarding Debtors' Alex Bank holdings. The Debtors oppose that motion, asking the Court to excuse compliance for "cause." They argue cause exists because liquidating the accounts or withdrawing the CDs early would not provide a net benefit to the estate and may carry penalties. The Samys are not a large business conglomerate. the Debtors do have business interests, but the funds at issue are not related to those business interests or those businesses' operations. The Debtors' ability to reorganize would probably not be significantly impacted by the failure of Alex Bank and the loss of the funds at issue. If there is no failure of the bank, the Debtors (and their creditors) likely benefit overall by keeping the funds where they are until an opportune time to withdraw them occurs. However, it may harm the Debtors' estate to withdraw the funds to move them if there are associated fees or if some portion of the funds were seized by Alex Bank to repay past loans made to the Debtors. The problem is the Court has no actual evidence about any of these details. Based on the current record, there is no evidence beyond the conclusory statements of counsel about the alleged harm to the estate of complying with the statutory mandate, no evidence of the safeguards in place for the funds or the cost or process to insure the funds if they were to remain in their current place, and no evidence of the stability of Alex Bank or its bank rating. The Court concludes the Debtors have not established cause to excuse their compliance with Sec. 345(b) and grants the U.S. Trustee's motion to compel. The Court has an insufficient record to weigh and analyze the factors relevant to establishing cause for waiver of compliance with Sec. 345(b). Even if there was a cost of compliance to the estate, such cost is not a significant enough basis to excuse compliance. The Debtors are directed to diligently pursue compliance with Sec. 345(b) and work with the U.S. Trustee to ensure the requirements of Sec. 345(b) are met. A copy of the Court's Memorandum Opinion and Order dated June 11, 2025, is available at https://urlcurt.com/u?l=tFgE9B from PacerMonitor.com. About Samys OC LLC Samys OC, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Kansas Case No. 24-11166) on Nov. 14, 2024, listing up to $50,000 in assets and $10 million to $50 million in liabilities. The petition was signed by Amro M. Samy as managing member. Judge Mitchell L. Herren presides over the case. Lora J. Smith, Esq., at Hinkle Law Firm is the Debtor's bankruptcy counsel. Dream First Bank, as secured creditor, is represented by: Scott M. Hill, Esq. Hite, Fanning & Honeyman, LLP 100 N. Broadway, Ste. 950 Wichita, KS 67202-2216 Telephone: (316) 265-7741 Facsimile: (316) 267-7803 E-mail: hill@hitefanning.com ANCHOR FUNDING: Section 341(a) Meeting of Creditors on July 29 -------------------------------------------------------------- On June 23, 2025, Anchor Funding Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Puerto Rico. According to court filing, the Debtor reports between $500,000 to $1 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 June 29, 2025 at 02:00 PM via Telephonic Conference. About Anchor Funding Inc. Anchor Funding Inc. is a financial services firm engaged in credit intermediation activities. Anchor Funding Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-02813) on June 22, 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 Alexis Fuentes-Hernandez, Esq. at FUENTES LAW OFFICES, LLC. ANCIOM LLC: Gets Final OK to Use Cash Collateral ------------------------------------------------ Anciom, LLC received final approval from the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division to use cash collateral. The order penned by Judge Peter Russin authorized the Debtor's final use of cash collateral to pay the expenses set forth in its budget, with up to 10% variance on any line item unless otherwise agreed or ordered. The Debtor projects total operational expenses of $316,712.48 for the period from May to October. Water Furnace International Inc., Specialty Capital LLC, CT Corporation System, and Twentythreec, LLC may have a lien on the cash held by Anciom based on their loan agreements. As protection for the use of their cash collateral, the creditors were granted replacement liens to the same extent as their pre-bankruptcy liens. Anciom must pay $1,000 per month for budgeted Subchapter V trustee fees and may pay up to $6,400 per month into its counsel's trust account. These funds are for trustee fees and professional services but remain property of the estate. Undisbursed funds may be used to pay administrative claims if the case is converted to Chapter 7 or becomes administratively insolvent. About Anciom LLC Anciom, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14970) on May 1, 2025, listing between $50,001 and $100,000 in assets and between $500,001 and $1 million in liabilities. Linda Leali, Esq., serves as Subchapter V trustee. Judge Peter D. Russin oversees the case. Rachamin Cohen, Esq., at Cohen Legal Services, P.A. is the Debtor's bankruptcy counsel. Specialty Capital is represented by: Alan C. Hochheiser, Esq. Maurice Wutscher, LLP 23611 Chagrin Blvd. Suite 207 Beachwood, OH 44122 Telephone: (216) 220-1129 Facsimile: (216) 472-8510 ahochheiser@mauricewutscher.com ANI ROOF: Hires Taft Stettinius & Hollister LLP as Counsel ---------------------------------------------------------- Ani Roof LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Taft Stettinius & Hollister LLP as counsel. The firm's services include: a. reviewing assets, liabilities, loan documentation, account statements, executory contracts and other relevant documentation; b. providing the Debtor and its responsible person legal advice with respect to the Debtor's powers and duties as Debtor in Possession in the operation and management of its financial affairs; c. assisting the Debtor in the preparation of schedules, statement of affairs and other required filings and documents; d. preparing pleadings such as the Debtor's applications to employ attorney's, accountants or other professional persons, motions for turnover, motion for use of cash collateral, motion for use, sale or lease of property, motion to assume or reject executory contracts, subchapter V status conference report, plan, applications, motions, complaints, answers, orders, reports, objections to claims, legal documents and any other necessary pleading in furtherance of reorganizational goals; e. negotiating with creditors and other parties in interest, attending court hearings, meeting of creditors and meetings with other parties in interest; f. reviewing proofs of claim and solicitation of creditors' acceptance of plan; and g. performing all other legal services for the Debtor, as Debtor in Possession, which may be necessary or in furtherance of his reorganizational goals. The firm will be paid at the rates of $385 to $700 per hour. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Raiford 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: Landon Raiford, Esq. Taft Stettinius & Hollister LLP 111 E. Wacker Drive Suite 2600 Chicago, IL 60601 Tel: (312) 527-4000 Fax: (312) 527-4011 Email: LRaiford@taftlaw.com About Ani Roof LLC Ani Roof LLC operates as a roofing contractor serving residential or commercial clients in the Chicago area. Ani Roof LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08670) on June 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Timothy A. Barnes handles the case. The Debtors are represented by Landon Raiford, Esq. at TAFT STETTINIUS & HOLLISTER LLP. ANI ROOF: Robert Handler Named Subchapter V Trustee --------------------------------------------------- The U.S. Trustee for Region 11 appointed Robert Handler of Commercial Recovery Associates, LLC as Subchapter V trustee for Ani Roof, LLC. Mr. Handler will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Handler declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Robert P. Handler Commercial Recovery Associates, LLC 205 West Wacker Drive, Suite 918 Chicago, IL 60606 Tel: (312) 845-5001 x221 Email: rhandler@com-rec.com About Ani Roof LLC Ani Roof, LLC operates as a roofing contractor serving residential or commercial clients in the Chicago area. Ani Roof sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08670) on June 6, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Timothy A. Barnes handles the case. The Debtor is represented by Landon Raiford, Esq., at Taft Stettinius & Hollister, LLP. APPLIED ENERGETICS: Board Appoints Two More Directors ----------------------------------------------------- Applied Energetics, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors expanded its number to seven members and appointed Christopher Donaghey and Scott Andrews to serve as new directors, effective immediately. Mr. Donaghey was appointed CEO of Applied Energetics in November 2024, bringing over two decades of strategic leadership across the aerospace, defense, and capital markets sectors. His addition to the Board reflects the company's commitment to aligning executive leadership with long-term strategic governance. Mr. Donaghey's biographical information can be found in the company's most recent Proxy Statement, filed with the SEC on September 18, 2024. Mr. Andrews is a proven leader and accomplished executive with a history of success across a wide range of industries, including manufacturing, transportation, financial services, entrepreneurship, and higher education. Since 2022, he has served as Chair-Board of Trustees of The Virginia Retirement System (VRS), an independent state agency and the 14th largest public or private pension fund in the U.S. Since 2006, he has served as Chairman and CEO of Northern Contours, Inc., a leading manufacturer of alternative cabinet and furniture components using advanced engineering, He has also served on its Board of Directors since 2006. He has been a Co-Founder and Partner in Harvest Equity Investments, LLC. He was President & Chief Executive Officer of Grantham University in 2017 and 2018. Mr. Andrews has served on the Board of Directors of Journey Health since 2024 and has previously been on the boards of World Air Holdings, Inc.(NASDAQ: WLDA), serving as Chairman of the Audit Committee and the Special Committee on Strategic Alternatives, and of Grantham Education Corporation, where he was also Chairman of the Audit Committee and a member of the Special Committee on Strategic Alternatives, in addition to serving as its President and CEO. Mr. Andrews received his BA in Economics, cum laude, from the University of Virginia and is a Fellows Program Graduate of the Halftime Institute. Upon his appointment to the board, Mr. Andrews received options to purchase up to 250,000 shares of common stock under the 2018 Incentive Stock Plan. Such options vest in the amount of 125,000 shares on the first anniversary of his service and 125,000 on the second anniversary of his service. Such options are exercisable at a price of $1.70 per share, being the fair market value on the date of grant, and expire after ten years. "The appointments of Chris and Scott bring further top-tier leadership and business experience to the board of Applied Energetics at an important time in our journey," said Brad Adamczyk, Chairman of the Board of Directors. "Adding Chris to our board of directors now is a natural next step given his deep knowledge of our company and defense tech, along with his extensive leadership experience. Chris will be a tremendous asset to our Board as we continue to drive innovation, productization and work to deliver groundbreaking solutions to our customers. I'm thrilled that Scott, whom I have known for over five years, has agreed to join our Board. His demonstrated independent judgement, high integrity, proven track record across multiple industries and in-depth knowledge of the company will bring important perspective to our Board and is a great addition for our stockholders." Commenting on his appointment, Chris Donaghey stated, "I'm pleased to join the Board and work alongside Brad, the rest of the Board and the entire management team as we continue building on our momentum and executing against our goals to drive growth and create value for shareholders. I am equally excited to welcome Scott--his leadership experience and values-driven approach will greatly enhance our mission." "I'm honored to join the Applied Energetics Board during this transformative period," said Andrews. I invested in Applied Energetics over a decade ago because of the tremendous potential of the Company's laser technology to address both existing and emerging threats on today's battlefield. The company's bold vision and commitment to innovation in defense and national security align with my passion for working within organizations that make a meaningful impact. I look forward to contributing to the continued growth and momentum of the company while supporting this exemplary team." About Applied Energetics Headquartered in Tucson, Arizona, Applied Energetics, Inc. -- http://www.appliedenergetics.com-- specializes in the development and manufacture of advanced high-performance lasers and optical systems, and integrated guided energy systems, for prospective defense, national security, industrial, biomedical, and scientific customers worldwide. As of Dec. 31, 2024, the Company had $2,070,869 in total assets, $1,678,122 in total liabilities, and a total stockholders' equity of $392,747. Las Vegas, NV-based RBSM LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 28, 2025, citing that the Company has suffered recurring losses from operations and will require additional capital to fund its current operating plan, that raises substantial doubt about the Company's ability to continue as a going concern. ASPIRA WOMEN'S: Registers 2.5M More Shares Under Amended 2019 Plan ------------------------------------------------------------------ Aspira Women's Health Inc. filed a Registration Statement on Form S-8 with the U.S. Securities and Exchange Commission for the purpose of registering an additional 2,500,000 shares of the Company's common stock, par value $0.001 per share issuable under the Company's 2019 Stock Incentive Plan pursuant to the amendment to the Company's 2019 Stock Incentive Plan which was approved by the Company's stockholders at its 2025 Annual Meeting of Stockholders on June 4, 2025. A full-text copy of the Registration Statement is available at https://tinyurl.com/bdajajsv About Aspira Women's Health Formerly known as Vermillion, Inc., Aspira Women's Health Inc. -- http://www.aspirawh.com-- is dedicated to the discovery, development, and commercialization of noninvasive, AI-powered tests to aid in the diagnosis of gynecologic diseases. OvaWatch and Ova1Plus are offered to clinicians as OvaSuiteSM. Together, they provide a comprehensive portfolio of blood tests to aid in the detection of ovarian cancer for the 1.2+ million American women diagnosed with an adnexal mass each year. OvaWatch provides a negative predictive value of 99% and is used to assess ovarian cancer risk for women where initial clinical assessment indicates the mass is indeterminate or benign, and thus surgery may be premature or unnecessary. Ova1Plus is a reflex process of two FDA-cleared tests, Ova1 and Overa, to assess the risk of ovarian malignancy in women planned for surgery. Boston, Massachusetts-based BDO USA, P.C., the Company's auditor since 2012, issued a "going concern" qualification in its report dated March 27, 2025, attached to the Company's Form 10-K Report for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and expects to continue to incur substantial losses in the future, which raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Aspira Women's Health had $5.49 million in total assets, $8.05 million in total liabilities, and a total stockholders' deficit of $2.56 million. The Company's working capital deficit was $1,285,000 at Dec. 31, 2024. B.G.P. INC: Gets Extension to Access Cash Collateral ---------------------------------------------------- B.G.P., Inc. and its affiliates received fourth interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. The fourth interim order signed by Judge Roberta Colton authorized the Debtors to use cash collateral to pay the expenses set forth in their projected budget, plus an amount not to exceed 10% for each line item. As protection, DWB Holdings Group, LLC and other creditors with interest in the cash collateral were granted a replacement lien on the cash collateral and all other post-petition assets of the Debtors, to the same extent and with the same validity and priority as their pre-bankruptcy lien. In addition, the Debtors were ordered to keep their property insured in accordance with the obligations under the loan and security documents with the lender. A further hearing is scheduled for June 30. The Debtors' secured obligations consist of amounts owed to DWB Holdings Group, as successor to Truist Bank. The lender asserts the amounts owed under the loan agreements is approximately $9.6 million. The financing statements filed by the lender with the State of Florida and the lender's loan documents reflects it asserts outstanding lien on all of the Debtors' assets, including inventory and accounts. About B.G.P. Inc. B.G.P., Inc. and its affiliates, BGP Warehouse Indiana, LLC and B.G.P. Stores, LLC, filed Chapter 11 petitions (Bankr. M.D. Fla. Lead Case No. 25-00412) on January 23, 2025. At the time of the filing, B.G.P., Inc. reported between $10 million and $50 million in both assets and liabilities. Judge Roberta A. Colton oversees the cases. Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Postler, P.A. is the Debtors legal counsel. DWB Holdings Group, LLC, as lender, is represented by: Edward J. Peterson, Esq. Johnson Pope Bokor Ruppel & Burns, LLP 400 N. Ashley Drive, Suite 3100 Tampa, FL 33602 Telephone: (813) 225-2500 Email: edwardp@jpfirm.com BAYOU TECHNOLOGIES: Seeks to Hire Packard LaPray as Counsel ----------------------------------------------------------- Bayou Technologies, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Louisiana to employ Packard LaPray as counsel to handle its Chapter 11 case. The firm will be paid at the rate of $395 per hour. The firm will also be re imbursed for reasonable out-of-pocket expenses incurred. Wade N. Kelly, Esq., a partner at Packard LaPray, 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: Wade N. Kelly, Esq. Packard LaPray 2201 Oak Park Boulevard Lake Charles, LA 70601 Tel: (337) 431-7170 Email: wade@packardlaw.com About Bayou Technologies, LLC Bayou Technologies LLC, d/b/a Bayou Marketing, provides information technology services, cybersecurity solutions, and digital marketing through its Bayou Marketing division. The Company operates in Lake Charles, Louisiana, offering managed IT, VoIP, networking, web development, SEO, and multimedia content services. Bayou Technologies LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 25-20275) on June 10, 2025. In its petition, the Debtor reports total assets of $44,041 and total liabilities of $1,401,754. Honorable Bankruptcy Judge John W. Kolwe handles the case. The Debtors are represented by Wade N. Kelly, Esq. at WADE N KELLY LLC. BEACH HOUSE: Marcus Clegg's Fee Application Granted in Part ----------------------------------------------------------- Judge Michael A. Fagone of the United States Bankruptcy Court for the District of Maine granted, in part, on an interim basis, Marcus Clegg's first application for interim award of professional fees and reimbursement of expenses in the bankruptcy case of Beach House LLC. In February 2025, the Court approved the application of the debtor to employ the law firm of Marcus Clegg to provide professional services through its attorneys and paraprofessionals. In March 2025, Marcus Clegg filed the Fee Application. The billing detail attached to the Fee Application lists a payment in the amount of $4,749.50 that was made by yet another third party (SL Holdings LLC). The payment was made on a date after the debtor had filed its bankruptcy petition but was seemingly intended to satisfy a balance that had accrued for services rendered before the petition was filed. The unpaid balance, the payment, and the source of the funds had not previously been disclosed -- despite the payment having occurred months before the Court's consideration of disclosures related to Marcus Clegg's proposed employment in this case. At a hearing in May 2025, counsel readily acknowledged that the disclosures of the payment and its origin were late, although without explaining why. As a proposed remedy, counsel offered to waive compensation in an amount equivalent to that payment. Among other serious sanctions for failures to make required disclosures, a court could deny all requested fees. Given the valuable services provided by Marcus Clegg to the debtor, the interim nature of this award, and the final reminder to counsel, the Court will limit the sanction, for now, to a denial of fees in the amount that counsel proposed to waive (i.e., $4,749.50). Additional disclosure deficiencies may lead to more serious sanctions, including when considering a final award of fees. The Court orders as follows: 1. For the period of Oct. 17, 2024, through Feb. 28, 2025, Marcus Clegg is awarded $27,032.00 as reasonable compensation for actual, necessary services rendered, and $420.63 as reimbursement for actual, necessary expenses, for a total award of $27,452.63. This award remains subject to review in connection with a final application for compensation. 2. In making this award, the Court has disallowed $4,749.50 in requested fees as a sanction for the failure to make required disclosures promptly. 3. Further, by July 7, 2025, counsel to the debtor must file any required amended or supplemental disclosures. A copy of the Court's Order dated June 20, 2025, is available at https://urlcurt.com/u?l=LUG4GK from PacerMonitor.com. About Beach House LLC Beach House LLC was formed in July of 2021 to purchase the Sea Latch Inn, a 78-room hotel across the street from Long Sands Beach in York, Maine. Beach House LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Maine Case No. 24-20211) on October 17, 2024. In the petition filed by Taylor Perkins, as manager, the Debtor reports estimated assets between $10 million and $50 milion and estimated liabilities between $1 million and $10 million. Bankruptcy Judge Michael A. Fagone handles the case. The Debtor is represented by: David C. Johnson, Esq. MARCUS CLEGG 16 Middle Street Unit 501A Portland, ME 04101 Tel: (207) 828-8000 Email: bankruptcy@marcusclegg.com BEAN THERE: Case Summary & Four Unsecured Creditors --------------------------------------------------- Debtor: Bean There Done That, LLC 4672 Park Blvd. N. Pinellas Park, FL 33781 Business Description: Bean There Done That, LLC operates a drive- thru coffee shop offering specialty beverages and breakfast items. Chapter 11 Petition Date: June 24, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-04265 Judge: Hon. Catherine Peek McEwen Debtor's Counsel: Jake C. Blanchard, Esq. BLANCHARD LAW, P.A. 8221 49th Street N. Pinellas Park, FL 33781 Tel: 727-531-7068 E-mail: jake@jakeblanchardlaw.com Total Assets: $143,453 Total Liabilities: $1,504,704 The petition was signed by Igor D. Bley as manager. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RTLC3CY/Bean_There_Done_That_LLC__flmbke-25-04265__0001.0.pdf?mcid=tGE4TAMA BLUE DUCK: Katharine Battaia Clark Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Region 6 appointed Katharine Battaia Clark of Thompson Coburn, LLP as Subchapter V trustee for Blue Duck Energy MVR, LLC. Ms. Clark will be paid an hourly fee of $525 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Clark declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Katharine Battaia Clark Thompson Coburn, LLP 2100 Ross Avenue, Ste. 3200 Dallas, TX 75201 Office: 972-629-7100 Mobile: 214-557-9180 Fax: 972-629-7171 Email: kclark@thompsoncoburn.com About Blue Duck Energy MVR Blue Duck Energy MVR, LLC operates in the oil and gas extraction industry in Texas. Blue Duck Energy MVR sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-20131) on June 2, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Thomas D. Berghman, Esq., at Munsch Hardt Kopf & Harr, P.C. is the Debtor's legal counsel. MBP Roberts County, LLC, as secured creditor, is represented by: Kenneth Stohner, Jr., Esq. Jackson Walker, LLP 2323 Ross Avenue, Suite 600 Dallas, TX 75201 Phone: (214) 953-6000 Fax: (214) 661-6803 kstohner@jw.com BREWER'S LAWN: Michael Coury Named Subchapter V Trustee ------------------------------------------------------- The Acting U.S. Trustee for Region 8 appointed Michael Coury of Glankler Brown, PLLC as Subchapter V trustee for Brewer's Lawn Care and Property Preservation, LLC. Mr. Coury will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Coury declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael P. Coury Glankler Brown, PLLC 6000 Poplar Ave., Suite 499 Memphis, TN 38119 Phone: (901) 525-1322 Fax: (901) 525-2386 Email; mcoury@glankler.com About Brewer's Lawn Care and Property Preservation Brewer's Lawn Care and Property Preservation, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-10771) on June 9, 2025. In its petition, the Debtor reported total assets of $71,940 and total liabilities of $1,038,624. Judge Jimmy L. Croom handles the case. The Debtor is represented by C. Jerome Teel Jr., Esq., at Teel & Gay, PLC. BURGUNDIAN LLC: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: The Burgundian, LLC 55 Park Street Attleboro, MA 02703 Business Description: The Burgundian, LLC operates a food service business offering international street food such as Belgian Liege waffles, Japanese chicken sandwiches, Argentinian sausage dogs, and Filipino noodle bowls. The Company runs a cafe in Attleboro, Massachusetts, along with a food truck, catering services, and pop-up events throughout Rhode Island and Massachusetts. Chapter 11 Petition Date: June 24, 2025 Court: United States Bankruptcy Court District of Massachusetts Case No.: 25-11287 Judge: Hon. Christopher J. Panos Debtor's Counsel: David B. Madoff, Esq. MADOFF & KHOURY LLP 124 Washington Street, Suite 202 Foxborough, MA 02035 Tel: 508-543-0040 Fax: 508-543-0020 E-mail: alston@mandkllp.com Total Assets: $255,148 Total Liabilities: $1,019,679 The petition was signed by Shane T. Matlock as manager. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/O72XHAY/The_Burgundian_LLC__mabke-25-11287__0001.0.pdf?mcid=tGE4TAMA C&S GROUP: S&P Lowers ICR to 'B', On CreditWatch Negative --------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on New Hampshire-based C&S Group Enterprises LLC to 'B' from 'B+', its issue-level rating on its senior unsecured notes to 'CCC+' from 'B-', and placed all of its ratings on CreditWatch with negative implications. S&P said, "We will resolve the CreditWatch placement following our review of the financial and business impact of the announced acquisition on C&S' credit profile, including the capital structure terms and C&S' ability to improve credit measures. Upon completion of our review, we could lower the ratings on C&S one notch or leave them unchanged." C&S Group announced it intends to purchase grocery distributor and retailer SpartanNash Co. for $1.77 billion, creating a combined company that will operate almost 60 distribution centers in the U.S. and will serve close to 10,000 independent retail locations, with collectively more than 200 corporate-run grocery stores. The transaction will be funded with C&S' asset-based lending accordion, $400 million in new secured debt and an equity contribution of approximately $900 million. The downgrade reflects C&S' declining sales and elevated leverage leading up to and pro forma for the transaction, as well as integration risks. C&S' revenues declined to less than $20 billion as of the most recent fiscal second quarter ended March 2025 on a trailing-12-month (TTM) basis, from nearly $30 billion in fiscal 2015. This was due in large part to the decision by its largest customer Ahold Delhaize USA--which at its peak represented more than $10 billion of sales--to transition to a self-distribution model in late 2019. Despite this, C&S maintains a market share of approximately 16% in the competitive U.S. grocery distribution industry. The company's EBITDA has also declined over the years, with it generating $192 million of S&P Global Ratings adjusted EBITDA in the most recent TTM period, down 31% from the same period a year ago. The proposed transaction will leverage SpartanNash's $9.5 billion in sales and $293 million of S&P Global Ratings-adjusted EBITDA in fiscal 2024. S&P said, "Pro forma for the transaction, we expect leverage to be elevated in the mid-6x area, where we expect it to remain by the end of the first year post-close (fiscal year-end 2026). While this represents an improvement from the 9.2x leverage C&S closed its most recent quarter with, it remains at the higher end of the current rating, which, in addition to large free cash flow deficits over the first half of its fiscal year, offsets what we believe will ultimately improve its business prospects in the long term, causing us to remove our positive comparable ratings analysis modifier." The acquisition will expand C&S's operational footprint while adding a more robust retail offering. SpartanNash operates through two complementary segments: wholesale (70% of sales, 72% of company-adjusted EBITDA in fiscal 2024) and retail (30% of sales and 28% of company-adjusted EBITDA). With nearly $9.7 billion of sales and $284 million of S&P Global Ratings-adjusted EBITDA as of the last 12 months ended April 2025, SpartanNash has relatively modest operating scale compared with other rated peers in the sector, including UNFI. However, S&P notes the company has good market presence with approximately 7% market share in the highly fragmented and competitive wholesale grocery industry. The wholesale grocery distribution industry is characterized by low margins; SpartanNash's S&P Global Ratings-adjusted EBITDA margin have been about 3% over the past six quarters, which is above other wholesale grocery distributors. The company is also exposed to some customer concentration, with its largest account representing 18% of sales. The company's customer base is otherwise diversified, with its ten largest wholesale customers (excluding corporate-owned retail stores) accounting for approximately 49% of total wholesale net sales for 2024. Within the retail segment, the company's stores are concentrated in the Midwest primarily under the Family Fare, Martin's Super Markets, and D&W Fresh Market banners. The retail arm is higher margin than wholesale but represents less than 30% of consolidated sales. S&P expects retail to remain an opportunity for growth and believe there is potential to significantly grow its contribution to the overall business. While the combined company will have a strengthened market position despite ongoing legacy-C&S sales declines, the U.S. grocery distribution industry is highly competitive with low margins, and integration risks remain. Despite sales declines, C&S has managed to partially offset its larger customers that have gone on to self-distribute (such as Ahold and Target Mid-Atlantic) with smaller, higher-margin independent grocers. This has softened the decline in EBITDA since the Ahold announcement (20.5% revenue decline and 1.3% S&P Global Ratings-adjusted EBITDA decline between fiscal years 2019 and 2024, excluding more than $100 million of transaction costs related to the Kroger-Albertsons deal in fiscal 2024). S&P said, "While the proposed SpartanNash transaction will boost sales by 45% next fiscal year, we believe C&S will continue to implement strategic measures--including investments in warehouse technology, network optimization, and automation of distribution centers--along the way." At the same time, integration risks remain in the proposed transaction, including the ultimate consummation of the transaction, announced less than six months following the failed merger of Kroger and Albertsons. S&P said, "We will resolve the CreditWatch placement following our review of the financial and business impact of the announced acquisition on C&S' credit profile, including the capital structure terms and C&S' ability to improve credit measures. Upon completion of our review, we could lower the ratings on C&S one notch or leave them unchanged." CAMERON THE SANDMAN: Chapter 11 Filing Halts PNC Bank Litigation ---------------------------------------------------------------- The Honorable Shalina D. Kumar of the United States District Court for the Eastern District of Michigan entered an order administratively closing without prejudice as to Cameron the Sandman, Inc. the matter styled as, PNC Bank, National Association, a national banking association, Plaintiff, vs Cameron the Sandman, Inc., a Michigan corporation, C&C Realty Properties, L.L.C., a Michigan limited liability company, Gregory O. Cameron, and Gregory O. Cameron, Successor in Trust, as Trustee of the Gregory O. Cameron and Robin D. Cameron Trust u/a/d April 11, 1986, as amended and restated by the restatement of the Gregory O. Cameron and Robin D. Cameron Trust u/a/d April 11, 1986, establishing the Gregory O. Cameron Revocable Living Trust u/a/d June 27, 2003, jointly and severally, Defendants, Case No. 4:25-cv-10771-SDK-APP (E.D. Mich.). The Court held that the case is stayed due to Cameron the Sandman's bankruptcy. Cameron the Sandman filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-46278-tjt) on June 19, 2025, before the United States Bankruptcy Court for the Eastern District of Michigan. As a result, the automatic stay of proceedings set forth in 11 U.S.C. Sec. 362 went into effect as to Cameron the Sandman upon the filing of the petition for relief, and the Court being fully informed. Plaintiff can move for the reopening of this matter as to Cameron the Sandman once the automatic stay has been removed, the Court said. A copy of the Court's Order dated June 23, 2025, is available at https://urlcurt.com/u?l=DiOdCK from PacerMonitor.com CARAWAY TEA: Jolene Wee of JW Infinity Named Subchapter V Trustee ----------------------------------------------------------------- The U.S. Trustee for Region 2 appointed Jolene Wee of JW Infinity Consulting, LLC as Subchapter V trustee for Caraway Tea Company, LLC. Ms. Wee will be compensated at $640 per hour for work performed in 2025. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Ms. Wee declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jolene E. Wee JW Infinity Consulting, LLC 447 Broadway 2nd Fl #502 New York, NY 10013 Telephone: (929) 502-7715 Facsimile: (646) 810-3989 Email: jwee@jw-infinity.com About Caraway Tea Company Caraway Tea Company, LLC is a U.S.-based private label tea manufacturer and co-packer that supplies specialty teas, supplements, and wholesale tea products. With over 20 years of experience, Caraway sources from global tea-growing regions including China, India, Sri Lanka, and Japan, partnering directly with artisan growers using organic and sustainable practices. It offers customized co-packing services across retail, foodservice, and e-commerce sectors, supported by in-house blending and manufacturing capabilities. Caraway sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-35620) on June 9, 2025. In its petition, the Debtor reported assets between $100,000 and $500,000 and liabilities between $1 million and $10 million. The Debtor is represented by Michael D. Pinsky, Esq., at the Law Office of Michael D. Pinsky, P.C. CARESTREAM HEALTH: S&P Lowers ICR to 'CCC+' on Revenue Decline -------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Carestream Health Inc. to 'CCC+' from 'B-'. S&P said, "Our negative outlook reflects our view that, despite the company's relatively low leverage, secular declines and macroeconomic headwinds will continue pressuring Carestream's sales and profitability. This will increase the refinancing risk associated with its upcoming maturities in 2027, or alternatively, the risk of a distressed exchange transaction. "Our negative outlook reflects our view that, despite the company's relatively low leverage, secular declines and macroeconomic headwinds will continue pressuring Carestream's sales and profitability, increasing the refinancing risk associated with its upcoming maturities in 2027, or alternatively, the risk of a distressed exchange transaction." S&P could lower its rating if -- Carestream is unable to refinance its revolving credit facility and its first-lien term loan facility well ahead of their respective maturities; -- The company's liquidity weakens to a point where a specific default scenario becomes likely within 12 months; or -- The company undertakes any transaction that we would view as a distressed debt exchange or a restructuring. S&P said, "We could revise our outlook to stable if Carestream develops a track record of organically increasing its revenue that we believe is sustainable, maintains EBITDA margins of mid-teens percent, and generates sufficient FOCF to cover its debt amortization. A stable outlook would also require us to believe that a subpar debt exchange or restructuring is not likely." CATHETER PRECISION: Ladenburg Issued Warrants for PIPE Financing ---------------------------------------------------------------- Catheter Precision, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors approved the issuance of a placement agent common stock purchase warrant, to acquire 257,143 shares of Company common stock at a purchase price of $0.5424 per share, to Ladenburg Thalmann & Co., Inc., as partial compensation for its services provided in connection with the Company's pipe financing that closed on May 12, 2025. The Warrant will become exercisable if and when the exercise is approved by the Company's stockholders, which approval the Company hopes to receive at its annual meeting of stockholders to be held on July 25, 2025. The Warrant will terminate on June 6, 2030. Neither the Warrant nor the shares of common stock underlying it have been registered under the Securities Act of 1933, as amended. A copy of the Warrant is available at https://tinyurl.com/t69vsuer About Catheter Precision Inc. Headquartered in the U.S., Catheter Precision, Inc. is a medical device company focused on improving the treatment of cardiac arrhythmias. The Company, which was reincorporated as Ra Medical Systems, Inc. in Delaware in 2018 and changed its name to Catheter Precision, Inc. on August 17, 2023, develops technology for electrophysiology procedures through collaborations with physicians and continuous product advancements. As of Dec. 31, 2024, the Company had $27.8 million in total assets, $16 million in total liabilities, and a total stockholders' equity of $11.8 million. East Brunswick, New Jersey-based WithumSmith+Brown, PC., the Company's auditor since 2023, issued a 'going concern' qualification in its report dated March 28, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred recurring losses from operations and negative cash flows from operations and expects to continue to incur operating losses that raise substantial doubt about its ability to continue as a going concern. CEMTREX INC: Regains Nasdaq Compliance With $6.4M Equity -------------------------------------------------------- As reported on Form 8-K filed with the Securities and Exchange Commission on February 24, 2025, Cemtrex, Inc. on February 21, 2025, received a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC notifying the Company that, because the stockholder's equity for the Company was below $2,500,000 as reported on its Form 10-Q for the period ended December 31, 2024, the Company no longer meets the minimum shareholder's equity requirement for continued listing on The Nasdaq Capital Market under Nasdaq Marketplace Rule 5550(b)(1), requiring a minimum stockholder's equity of $2,500,000. Additionally, as reported on Form 8-K filed with the Securities and Exchange Commission on April 23, 2025, the Company on April 22, 2025, received a letter from Nasdaq that it had been granted an extension to August 20, 2025, to regain compliance with the Minimum Stockholder's Equity Requirement. On June 4, 2025, the Company received a letter from Nasdaq notifying the Company that based on the Company's Form 10-Q for the period ended March 31, 2025, filed on May 15, 2025, evidencing stockholders' equity of $6,403,022, Nasdaq has determined that the Company complies with the Minimum Stockholder's Equity Requirement and this matter is now closed. About Cemtrex Cemtrex, Inc. was incorporated in 1998 in the state of Delaware and has evolved through strategic acquisitions and internal growth into a multi-industry company. During the first quarter of fiscal year 2023, the Company reorganized its reporting segments to be in line with its current structure consisting of (i) Security, (ii) Industrial Services, and (iii) Cemtrex Corporate. Jericho, New York-based Grassi & Co, CPAs, P.C., the Company's auditor since 2021, issued a "going concern" qualification in its report dated Dec. 30, 2024, citing that the Company has sustained net losses and has significant short-term debt obligations, which raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Cemtrex had $46,689,423 million in total assets, $48,178,944 in total liabilities, $70,013 in non-controlling interest, and $1,559,534 in total stockholders' deficit. CENTURI HOLDINGS: S&P Alters Outlook to Stable, Affirms 'B+' ICR ---------------------------------------------------------------- S&P Global Ratings revised the outlook on utility infrastructure services company Centuri Holdings Inc. to stable from developing and affirmed its 'B+' issuer credit rating on the company. S&P said, "At the same time, we assigned our 'B+' issue-level rating and '3' recovery rating to Centuri's proposed $770 million term loan. "As part of Centuri Group's IPO, parent Centuri Holdings was formed; therefore, we assigned a rating to Centuri Holdings, consistent with the rating and stable outlook on Centuri Group. "The stable outlook reflects our view that the company will continue to benefit from higher utility investments on improving grid resiliency, allowing it to achieve EBITDA growth and maintain adjusted debt to EBITDA in the 4x area over our forecast period." Parent SWX continues with its disposition of Centuri's shares, and the proposed refinancing alleviates uncertainty regarding Centuri's post-separation capitalization structure. SWX continues selling its stake in Centuri, having recently completed two secondary public offerings as well as a private placement to Icahn Partners L.P., which has reduced SWX's ownership stake to about 53%. SWX owned 81% of Centuri following the completion of the IPO process in 2024. SWX has entered into a further agreement to sell additional shares to Icahn that, if effected, would reduce the stake to 52.1%. S&P said, "We expect SWX will continue to fully deconsolidate Centuri, which is consistent with our assessment of the company as a nonstrategic subsidiary of SWX. Therefore, we continue to assess Centuri as a stand-alone entity without any support from its parent. Centuri also announced the refinancing of its existing facilities with a new $450 million revolving credit facility due 2030 and a new $770 million term loan B facility due 2032. The transaction is largely leverage-neutral, but we believe the proposed refinancing alleviates the uncertainty regarding the company's post-separation capital structure, which previously was one reason for our developing outlook." S&P said, "We believe management will maintain a prudent financial policy and leverage will not materially deviate from our current expectations, underpinning the stable outlook. We expect Centuri's leverage will average 4x over our forecast period. During 2024, the company's EBITDA declined by close to 20% relative to 2023 levels, affected by lower volumes from existing master service contracts (MSAs) due to unfavorable regulatory decisions. Despite the lower cash flow generation, Centuri's leverage remained relatively unchanged at 4.3x (our adjustments include treating operating leases and the accounts receivable [A/R] securitization facility as debt) as the company paid down about $315 million of gross debt using IPO proceeds in 2024, offsetting the impact of lower cash flows. "We expect leverage will modestly improve over the forecast period, led by increased spending by electric utilities, driving healthy revenues and cash flow growth. We believe population growth and data center demand will result in electric utilities increasing capital spending to address load growth needs, in addition to continued investments in grid resiliency to rising physical risks. Centuri is also focusing on operational improvements, including restructuring businesses, improving working capital, and enhancing capital efficiency, all of which we expect will modestly improve margins. However, the company is likely to incur high working capital to support growth, and accordingly we project modest free operating cash flow (FOCF) generation (calculated as cash from operations less capital expenditures), with leverage improvement largely spurred by EBITDA growth. "Based on the above, we expect Centuri's adjusted debt to EBITDA will be in the low-4x area in 2025, improving to below 4x in 2027. We believe the company has ample headroom for its leverage to remain below 5x, should it experience temporary volatility in volumes or margins. The stable outlook also reflects our view that Centuri's leadership team under the new CEO, Christian Brown, is committed to maintaining low leverage. "We believe the company's business model will continue to support stable cash flow generation; however, the relatively small scale limits improvement in business risk profile. About 80% of the company's business is under MSA contracts with investment-grade utilities, which we believe provide Centuri with a measure of earnings and cash flow stability. So far this year, it has announced about $1.2 billion in new and renewed MSAs, reflecting demand for the company's infrastructure services. This builds on Centuri's strong backlog position, valued at approximately $4.5 billion as of March 2025. We believe the backlog visibility, robust demand from electric utilities, rebound in demand from gas utilities, and long-standing relationships with investor-owned utilities should continue to support steady cash flow generation." That said, upside to Centuri's business risk assessment is limited by the company's modest scale and geographic reach compared with that of larger global industry peers, in addition to Centuri's position in a highly fragmented and competitive industry. S&P said, "The stable outlook reflects our expectation that Centuri will continue to benefit from higher utility investments on improving grid resiliency, allowing it to achieve EBITDA growth over the next 12 months. We expect S&P Global Ratings' adjusted debt to EBITDA to average 4x through 2027. "We could lower our ratings in the next 12 months if Centuri maintained leverage above 5x or its FOCF to debt remained below 5%. "We could raise our ratings if the company's debt to EBITDA significantly improved to below 4x and FOCF to debt increased to consistently above 10%." CHICAGO SMILES: Court Extends Cash Collateral Access to July 19 --------------------------------------------------------------- Chicago Smiles, LLC received second interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral through July 19 to fund business expenses in accordance with its budget. The budget projects total operational expenses of $67,234.97 for June; $72,234.97 for July; and $72,234.97 for August. PNC Bank, National Association, a secured creditor, holds a claim of $490,233.61 as of the petition date and such claim is secured by a perfected lien on the Debtor's assets. Other potential secured creditors include BHG, CAN Capital Inc., and Revenued, LLC. In case of any diminution in the value of their interests in cash collateral, the secured creditors will be granted post-petition security interests in and liens on the Debtor's assets similar to their pre-bankruptcy collateral, with the same priority, validity and enforceability as their pre-bankruptcy liens. As additional protection, PNC Bank will receive a monthly payment of $3,000 under the approved budget. The next hearing is set for July 15. About Chicago Smiles LLC Chicago Smiles, LLC provides a range of dental services, including cosmetic, implant, and restorative dentistry. The practice offers treatments such as teeth whitening, veneers, crowns and bridges, dental implants, Invisalign, root canal therapy, and dentures. Located in Chicago, the clinic supports new patients with education on oral health, pain management, and various dental care options. Chicago Smiles sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Case No. 25-07740) on May 21, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Judge Donald R. Cassling handles the case. The Debtor is represented by William Factor, Esq., at The Law Office of William J. Factor, Ltd. CIMG INC: Xiangrong Dai No Longer Holds Shares as of May 16 ----------------------------------------------------------- Xiangrong Dai disclosed in a Schedule 13G (Amendment No. 3) filed with the U.S. Securities and Exchange Commission that as of May 16, 2025, he no longer owns shares of CIMG Inc.'s common stock. As of June 5, 2025, CIMG had 30,397,418 shares of common stock issued and outstanding, as reported in the Issuer's Form 8-K filed with the Securities and Exchange Commission on that date. Xiangrong Dai may be reached at: Xiangrong Dai 4-104, JingJiLuFu, Changping District Beijing, China F4 102200 A full-text copy of Mr. Xiangrong Dai's SEC report is available at: https://tinyurl.com/2wudjp64 About CIMG Inc. Headquartered in Vista, California, CIMG Inc. (formerly Nuzee, Inc.) is a digital marketing, sales and distribution company for various consumer products with focuses on food and beverages. Dedicated to reshaping the digital marketing and distribution with technological applications, the Company endeavors to create greater commercial value for its business partners and therefore enhance its own enterprise value and shareholders' value of their stake in the Company. The Company has a professional brand and marketing management system, which can quickly help partnering enterprises achieve the connection, management, and operation of marketing channels domestically and globally. The Company has had limited revenues, recurring losses and an accumulated deficit. These items raise substantial doubt as to the Company's ability to continue as a going concern, according to the Company's Quarterly Report for the period ended June 30, 2024. The Company has not yet filed its Form 10-K for the fiscal year ended Sept. 30, 2023. CIMG INC: Yanqin Chen Holds 8.25% Stake as of June 9 ---------------------------------------------------- Yanqin Chen disclosed in a Schedule 13G (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of June 9, 2025, he beneficially owned 3,000,000 shares of CIMG Inc.'s common stock, par value $0.00001 per share, representing 8.25% of the 36,397,418 shares outstanding, which includes 6,000,000 additional shares to be issued pursuant to a share purchase agreement disclosed in the Company's June 5, 2025 Form 8-K filing. Yanqin Chen may be reached at: Yanqin Chen 4-104, JingJiLuFu, Changping District Beijing, China A full-text copy of Mr. Chen's SEC report is available at: https://tinyurl.com/y59dbmrc About CIMG Inc. Headquartered in Vista, California, CIMG Inc. (formerly Nuzee, Inc.) is a digital marketing, sales and distribution company for various consumer products with focuses on food and beverages. Dedicated to reshaping the digital marketing and distribution with technological applications, the Company endeavors to create greater commercial value for its business partners and therefore enhance its own enterprise value and shareholders' value of their stake in the Company. The Company has a professional brand and marketing management system, which can quickly help partnering enterprises achieve the connection, management, and operation of marketing channels domestically and globally. The Company has had limited revenues, recurring losses and an accumulated deficit. These items raise substantial doubt as to the Company's ability to continue as a going concern, according to the Company's Quarterly Report for the period ended June 30, 2024. The Company has not yet filed its Form 10-K for the fiscal year ended Sept. 30, 2023. CITIUS PHARMACEUTICALS: Shareholders OK Authorized Share Increase ----------------------------------------------------------------- At the Special Meeting, stockholders approved an amendment to the Company's Articles of Incorporation to increase the authorized number of shares of capital stock from 26,000,000 to 260,000,000 and the authorized number of common shares from 16,000,000 to 250,000,000. The vote for the Amendment was 547,138,179 shares "FOR", 457,549,494 shares "AGAINST", 520,782 shares abstaining and no broker non-votes. As disclosed in the Company's proxy statement for the Special Meeting, the holder of record of the one outstanding share of the Company's Series A Preferred Stock was entitled to cast 1,000,000,000 votes but had the right to vote only on the Amendment. Per the terms of the Series A Preferred Stock, the Series A Preferred Stock votes were cast automatically in the same "mirrored" proportion as the aggregate votes cast "FOR" and "AGAINST" the Amendment by the holders of common stock who voted on the Amendment (but excluding any abstentions, broker non-votes, and shares of common stock that were not voted "FOR" or "AGAINST" the Amendment for any reason). Stockholders were also asked to vote to approve the adjournment of the Special Meeting, and any adjournment or postponement thereof, if necessary, to solicit additional proxies if there were not sufficient votes in favor of the Amendment. However, with the approval of the Amendment by the stockholders, the adjournment proposal became moot. Following stockholder approval, the Company filed a Certificate of Amendment to its Articles of Incorporation with the Secretary of State of the State of Nevada to increase the authorized shares from 26,000,000 to 260,000,000 and increase the authorized common shares, par value $0.001 per share, from 16,000,000 to 250,000,000. The Amendment was approved by the Company's stockholders at a special meeting of stockholders that was held on June 9, 2025 and became effective upon filing with the State of Nevada. Effective on the same day, the one share of Series A Preferred Stock issued on April 17, 2025, by the Company, will automatically be redeemed, pursuant to its terms. Upon the redemption, the holder of the Series A Preferred Stock will receive aggregate consideration of $100, which was the original purchase price of the Series A Preferred Stock. About Citius Pharmaceuticals Headquartered in Cranford, N.J., Citius Pharmaceuticals, Inc., is a biopharmaceutical company dedicated to the development and commercialization of first-in-class critical care products. The Company's goal generally is to achieve leading market positions by providing therapeutic products that address unmet medical needs yet have a lower development risk than usually is associated with new chemical entities. New formulations of previously approved drugs with substantial existing safety and efficacy data are a core focus. The Company seeks to reduce development and clinical risks associated with drug development yet still focus on innovative applications. Boston, Massachusetts-based Wolf & Company, P.C., the Company's auditor since 2014, issued a "going concern" qualification in its report dated Dec. 27, 2024, citing that the Company has suffered recurring losses and has a working capital deficit as of Sept. 30, 2024. These conditions raise substantial doubt about the Company's ability to continue as a going concern. CLAROS MORTGAGE: Amends JPMorgan MRA to Increase Facility Limit --------------------------------------------------------------- Claros Mortgage Trust, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company and its wholly owned subsidiary, CMTG JNP Finance LLC, entered into that certain Amended and Restated Uncommitted Master Repurchase Agreement with JPMorgan Chase Bank, National Association. The Amended MRA, among other things, increased the maximum facility amount to $663.7 million and provides for varying levels of recourse to the Company depending on the asset financed. A copy of the Amended MRA is available at https://tinyurl.com/5786xpm7 About Claros Mortgage Trust Inc. CMTG -- https://www.clarosmortgage.com/ -- is a real estate investment trust that is focused primarily on originating senior and subordinate loans on transitional commercial real estate assets located in major markets across the U.S. CMTG is externally managed and advised by Claros REIT Management LP, an affiliate of Mack Real Estate Credit Strategies, L.P. * * * In Feb. 2025, S&P Global Ratings lowered its issuer credit rating on Claros Mortgage Trust Inc. (CMTG) to 'CCC+' from 'B-'. The outlook is negative. S&P also lowered its issuer credit rating on CMTG's senior secured debt to 'CCC+' from 'B-'. The downgrade follows the company's increased liquidity pressures and its ongoing asset sales to raise liquidity. CMTG's total available liquidity further declined to $98 million as of Feb. 17, 2024, from $102 million at year-end 2024 and $238 million as of year-end 2023. Additionally, the company modified its minimum cash liquidity covenant related to its secured funding to 3% of total recourse indebtedness (from 5% of total recourse indebtedness) for the first two quarters of 2025. CLIPPER ACQUISITIONS: S&P Affirms 'BB+' ICR on Growth Prospects --------------------------------------------------------------- On June 23, 2025, S&P Global Ratings affirmed its 'BB+' issuer credit rating on Clipper Acquisitions Corp. S&P said, "The stable outlook reflects our expectation that leverage will remain elevated in the near term but we anticipate a gradual decline over the next 12 to 24 months as Clipper benefits from cost-saving initiatives, earnings recovery, and the expected conversion of hybrid instruments to equity in 2027. "We expect Clipper's investment performance to remain steady despite heightened volatility in the market." Despite net outflows and declining assets under management (AUM), the company's investment performance remains strong. Clipper's AUM declined 6.8% year-over-year to $195.3 billion as of the end of 2024, followed by a further 0.4% decline in the first quarter of 2025 to $199.4 billion. These trends reflect broader market uncertainties and investor caution amid a challenging macroeconomic environment. While outflows, particularly from core fixed income strategies, weighed on AUM, market appreciation helped partly offset these declines. S&P expects ongoing volatility to continue influencing flows in the near term. Despite these headwinds, Clipper's investment performance remains resilient. Approximately 99% of its fixed income strategies (which represent 82% of total AUM) outperformed their benchmarks on a one-year basis as of March 31, 2025. Additionally, 100% of equity AUM ranked in the top half on a three-year basis, and 76% of all strategies ranked in the top half versus peers over one year. Clipper's focus on strategies that historically perform well in higher volatility environments somewhat mitigate current market uncertainties. This resilience supports improved flow momentum and a more stable AUM outlook moving forward. S&P expects Clipper to achieve earnings growth driven by the execution of its diversification strategy, strong strategic partnerships, and ongoing operational improvements. Since the leadership transition, Clipper has made meaningful progress in diversifying its business mix, with a focus on expanding its presence in exchange-traded funds (ETFs), collateralized loan obligations (CLOs), and alternative credit. The firm has accelerated growth in its ETF offerings and significantly broadened its distribution capabilities to support scale and reach across client segments. Over the past year, Clipper has also doubled the size of its CLO business, reflecting a deliberate effort to expand recurring fee income streams and strengthen its long-term earnings. Complementing these efforts, Clipper has deepened its strategic partnerships and institutional backing to support continued platform expansion--particularly in private credit. Its recent collaboration with PNC Bank enhances Clipper's capabilities in the middle-market segment, combining PNC's origination platform with Clipper's credit expertise. In addition, Nippon Life's December 2024 targeted commitment of up to $3.25 billion in anchor capital to Clipper's alternative credit strategies--and its intention to increase its minority equity stake--reinforce confidence in the platform and signal long-term alignment. To support this broader growth strategy, Clipper has also taken steps to enhance operational scalability and efficiency. The firm completed its transition to a new portfolio software platform in April 2025, in an effort to streamline investment operations and technology infrastructure. S&P said, "We also anticipate additional cost savings in 2025. Taken together, these strategic, financial, and operational actions underpin our expectation for sustained revenue growth over the medium term. That said, EBITDA margins remain below average (below 20%), and we expect them to remain at this level over the next two years." S&P said, "We expect Clipper's leverage to remain elevated over the near term, reflecting a combination of higher debt and lower earnings. In late 2024, Clipper's parent company raised capital through the issuance of hybrid instruments to a single strategic investor. We treat the hybrid instruments as 100% debt in our leverage calculation. In our view, a single holder of a hybrid instrument has increased negotiating power to potentially change terms in the future such that the instrument could become more debt-like. As a result, Clipper's debt to adjusted EBITDA rose to 3.6x in 2024 from 2.7x the prior year. The rise was also driven by lower-than-anticipated EBITDA growth amid underperformance in core fixed income strategies. "Looking ahead, we expect leverage to gradually moderate as the company benefits from improved operating efficiency and expense management tied to its ongoing growth initiatives. The company paid down $300 million of its existing term loan with proceeds from the recent capital raises, bringing the outstanding amount to $260 million. In addition, the expected conversion of hybrid instruments to equity over time will support deleveraging. We project debt to EBITDA to return to 2.0x-3.0x by 2027, assuming continued earnings recovery and disciplined financial management. "Despite the near-term increase in leverage, we believe Clipper still compares fairly with 'BB+' rated peers given the company's competitive position, scale, and increasing product diversity. Additionally, there is some benefit to having hybrid instruments as a large part of the company's capitalization instead of straight debt. We also acknowledge its maintenance of exceptional liquidity. "The stable outlook reflects our expectation that Clipper will continue to show progress in its plan to diversify and grow AUM and earnings, and gradually trend toward 2.0x–3.0x weighted average debt to adjusted EBITDA over the next 12–24 months as a portion of the hybrid instruments mandatorily converts to equity and earnings improve. "We could lower the ratings if leverage remains elevated beyond 2025 without clear improvement, or if investment performance or net flows weaken materially, signaling challenges to Clipper's strategic execution or competitive positioning. "We do not expect to raise the ratings in the next 12-24 months. Over the longer term, we could raise the ratings if the company maintains leverage comfortably below 2.0x on a sustained basis, investment performance and net flows improve, and the company profitably diversifies its business mix." COMMERCIAL FURNITURE: Gets Extension to Access Cash Collateral -------------------------------------------------------------- Commercial Furniture Services, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of Tennessee, Southern Division to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral consistent with its 30-day budget, which shows total monthly expenses of $169,790.24. The Debtor must not exceed the expenditures in the budget by more than 15% without approval from the court or its lender, Southeast Bank. In addition to the items set forth in the budget, the Debtor was authorized to pay the $1,000 monthly carve-out for the administrative expense claims of the Subchapter V trustee, with such payments to be held by the trustee subject to a separate court order. As protection, Southeast Bank was granted replacement liens on the collateral to the same extent and with the same validity and priority as its pre-bankruptcy liens. A final hearing is scheduled for July 17. Southeast Bank has issued multiple lines of credit and installment loans to the Debtor totaling more than $700,000. The bank asserts a security interest in the cash collateral, including the Debtor's accounts receivable. About Commercial Furniture Services Commercial Furniture Services, LLC, a company in Chattanooga, Tenn., offers office furniture installation, asset management (safe storage) and logistics services. Commercial Furniture Services filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Tenn. Case No. 24-12642) on Oct. 18, 2024, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Brenda Brooks of Moore & Brooks serves as Subchapter V trustee. Judge Nicholas W. Whittenburg oversees the case. Wright, Cortesi & Gilbreath serves as the Debtor's legal counsel. Southeast Bank, as lender, is represented by: Harry R. Cash, Esq. John P. Konvalinka, Esq. Grant, Konvalinka & Harrison, P.C. 633 Chestnut Street, Suite 900 Chattanooga, TN 37450-0900 423-756-8400 (Phone) 423-756-0643 (Fax) hcash@gkhpc.com jkonvalinka@gkhpc.com CONVERGINT TECHNOLOGY: S&P Affirms 'B-' ICR, Outlook Stable ----------------------------------------------------------- S&P Global Ratings affirmed all its ratings on Convergint Technology Group Holdings LLC, including its 'B-' issuer credit rating. The stable outlook reflects S&P's expectation for Convergint to maintain sufficient liquidity while driving its acquisition strategy and EBITDA margin expansion over the next 12 months. Convergint recently announced its plan to issue a new $2.2 billion first-lien term loan B due in 2032. It will use proceeds, alongside approximately $105 million of balance sheet cash, to refinance the $1.8 billion first-lien term loan B due in 2028 and redeem its $425 million preferred equity shares. S&P said, "We believe the transaction is largely credit neutral and lengthens Convergint's debt maturity profile. Convergint will use a portion of the incremental debt to redeem its $425 million preferred equity, which we previously treated as debt. The transaction opportunistically addresses the need to manage future payment-in-kind dividend accruals that keep leverage elevated despite earnings improvement. While the company's capital structure no longer faces an increasing liability, it is replacing the preferred shares with first-lien debt, which will weigh on cash flow because of the higher cash interest expense. Pro forma credit metrics for the transaction (on an S&P Global Ratings-adjusted basis) signal no material deviations from previous expectations for the rating and outlook. S&P expects leverage to remain high and free operating cash flow (FOCF) to debt to remain in the low-to-mid single-digit percentage area. However, improving cash flow from EBITDA growth and Convergint's disciplined approach to working capital should help sustain cash interest coverage ratio above 1.5x in 2025 and 2026. Convergint is well-positioned to continue robust operating momentum over the next 12 months. The company's performance in 2024 was driven by management's focus on pricing optimization and operational efficiencies. Concurrently, it remains active with its inorganic growth strategy, having completed three acquisitions to date in 2025. Expanding its service capabilities and global reach should help Convergint hold its competitive position and high customer win rates. S&P said, "We expect strong new business trends and an improving backlog margin to contribute to good top-line growth in 2025. While Convergint's supply chain is exposed to potential tariffs, we believe the impact will be minimal. It is a cost-plus business, and headwinds related to rising costs will likely be managed by passing them through to customers." The stable outlook reflects S&P's expectation for Convergint to prudently pursue its acquisition strategy and maintain sufficient liquidity and favorable operating momentum. S&P could lower the rating if it expects weak cash flow or debt service coverage ratios such that it views Convergint's capital structure as unsustainable. This could occur due to -- Increasing competition, project delays, or deteriorating service quality; -- Execution issues including integration challenges with its acquisition strategy; or -- Greater-than-expected debt-financed acquisitions or dividends that constrain cash flow and weaken debt coverage requirements. S&P could raise its rating on Convergint if the company sustains leverage below 7.5x and FOCF to debt in the mid-single-digit percent area. This could result from factors including the successful execution of its growth initiatives that leads to sustained profit and cash flow improvement. CPV MARYLAND: S&P Affirms 'BB-' Rating on $350MM Term Loan B ------------------------------------------------------------ S&P Global Ratings affirmed its 'BB-' rating on CPV Maryland LLC's (CPV Maryland) $350 million term loan B (TLB). S&P said, "At the same time, we revised our recovery rating to '1+' from '1' on the TLB, indicating our highest expectation for full (100%) recovery in a default scenario. The revised recovery rating is due to lower expected debt outstanding at simulated default, spurred by the revision of our long-term capacity price assumptions and revised near-to-medium term spark spreads in the high teens. "The stable outlook reflects our expectation that CPV Maryland will continue to operate in line with historical performance and will largely generate debt service coverage ratios (DSCRs) above 3.00x through the remaining TLB term (2025-2028). We also expect the minimum DSCR will remain above 1.60x during the project's life, which includes the post-refinancing period (2028-2045)." CPV Maryland owns the CPV St. Charles Energy Center (St. Charles), an operating 745 megawatt (MW) natural gas-fired power plant in Charles County, Md. The facility achieved commercial operations on Feb. 14, 2017, and is owned by four indirect wholly owned subsidiaries of CPV Power Holdings LP (75%) and Osaka Gas Co. Ltd (25%). The power plant consists of two General Electric Co. (GE) 7F.05 combustion turbines with associated electric generators, two CMI duct-fired triple-pressure reheat heat recovery steam generators, and a single GE D11-A400 steam turbine with associated electric generator. The facility burns only natural gas fuel. CPV Maryland's performance has been in line with S&P's expectations. CPV Maryland's past operating and financial performance met its expectations. In 2024, the project realized a clean spark spread of approximately $20 per megawatt-hour (/MWh) with a capacity factor of approximately 55%, which is lower than budget, as the plant prioritized maximizing net energy margin over dispatch. CFADS for compliance purposes was approximately $41 million, and the project swept approximately $15 million toward the TLB paydown. In the first quarter of 2025, the project realized a clean spark spread of approximately $13/MWh with a capacity factor of approximately 65%. CFADS was approximately $18 million, and the cash sweep was approximately $10 million. At the end of first-quarter 2025, the TLB balance was $264 million. S&P said, "We expect DSCRs will improve given favorable near-to-medium-term market dynamics for dispatchable power plants. Given recent market factors such as rising data center demand, current power supply shortage due to interconnection delays, and improvements in the PJM capacity markets, we anticipate that near-to-medium-term market dynamics will be favorable for efficient dispatchable combined cycle gas turbines like St. Charles. We expect dirty spark spreads will be in the high teens, and capacity prices will improve to $275 per megawatt-day (/MW-day) for the 2026-2027 capacity auction, with a long-term level of $175/MW-day. This has strengthened the project's expected CFADS, improving the minimum DSCR to 1.60x and the median DSCR to 1.74x. We view this level of DSCR as aligned with the current rating. In addition, due to our revised capacity price and spark spread assumptions, debt at simulated default would decrease as a result of higher cash sweeps. Consequently, we revised the recovery rating to '1+' (full recovery). "The stable outlook reflects our expectation that CPV Maryland will continue to operate in line with historical performance and will largely generate DSCRs above 3.00x through the remaining TLB term (2025-2028). We also expect the minimum DSCR will remain above 1.60x during the project's life, which includes the post-refinancing period (2028-2045). "We would lower the rating if the project is unable to maintain a minimum DSCR of 1.35x. This could result from lower-than-expected capacity factors, weaker energy margins, depressed capacity prices, and operational challenges such as forced outages and lower plant availability. We could also consider a negative rating action if the project's cash flow does not translate into debt paydown, which would ultimately lead to the TLB balance exceeding $240 million at maturity, and consequently a weaker minimum DSCR, absent any other mitigating factors. "Although unlikely, we could raise the rating if we expect the project will maintain a minimum base-case DSCR above 1.80x in all years, including the post-refinancing period; and we believe operational and financial risks associated with a single-asset plant will be adequately mitigated. "We would expect such outcomes to materialize only via significant improvement in business conditions, which would lead to improved dispatch, widening spark spreads, and/or higher-than-expected uncleared capacity prices in PJM's MAAC zone, alongside prudent asset management." CRESCENT ENERGY: S&P Affirms 'B+' ICR, Outlook Remains Positive --------------------------------------------------------------- S&P Global Ratings affirmed its 'B+' issuer credit rating on U.S.-based oil and gas exploration and production (E&P) company Crescent Energy Co. while its 'BB-' issue-level rating, with a '2' recovery rating, on the company's unsecured debt remain unchanged. S&P said, "We also assigned our 'BB-' issue-level rating and '2' recovery rating to Crescent's proposed $500 million senior unsecured notes issuance. "The positive outlook reflects our view that that the company will use excess cash flow to reduce debt and bring funds from operations (FFO) to debt comfortably above 45% for a sustained period. We have revised our upgrade threshold to reflect our assessment of the improvement in Crescent's business risk profile. "We affirmed our rating on the company because its larger scale offsets modestly higher leverage. In 2024, Crescent acquired SilverBow Resources for $988 million (about 40% cash) and earlier this year it acquired Ridgemar Energy LLC for $964 million (about 55% cash), with both transactions focused on the Eagle Ford play in South Texas. The company is now one of the top three producers in the Eagle Ford, with nearly 540,000 net acres (94% operated) and about 175,000 barrels of oil equivalent per day (boe/d) of production in the play. Crescent has already exceeded the upper end of its initial $65 million-$100 million synergy target for SilverBow and is now on track to achieve $106 million-$120 million in synergies by year-end 2025. Pro forma for Ridgemar, Crescent's year-end 2024 total proved reserves of 793 million boe and production level of 255,000 boe/d position it near the upper end of the range among 'B+' rated peers. "The transactions were modestly leveraging, although we expect credit ratios will improve over the next few quarters. Crescent's FFO to debt at the end of the first quarter was about 38%, down from 48% at the end of 2023, largely due to the timing of cash outlays for SilverBow and Ridgemar. Despite our lower oil price deck assumptions for the rest of 2025, we expect Crescent's 2025 leverage will improve based on higher production volumes and better operating efficiencies, as well as the allocation of most of the company's excess cash flow for debt reduction, and that it will improve further in 2026. In addition, Crescent has already announced $90 million in asset sales out of a $250 million pipeline, which we expect it will use for debt reduction. "The company has simplified its capital structure, which we view favorably. In April 2025, Crescent reorganized its corporate hierarchy by eliminating its Up-C structure such that all class B economic, non-voting operating company shares outstanding were cancelled and exchanged for an equivalent number of class A shares with voting and economic rights. As a result, 100% of the company's shares are now public, versus 25% at the time of Crescent's IPO in 2021. The company also has non-economic preferred stock outstanding held by an affiliate of KKR & Co. Inc., which gives the holder the right to appoint the board of directors and certain other approval rights. "We assigned a 'BB-' issue-level rating and '2' recovery rating to the company's new $500 million senior unsecured notes. The '2' recovery rating on the notes indicates our expectation for substantial (70%-90%; rounded estimate: 80%) recovery in the event of default. Crescent plans to use proceeds from the offering to fund a partial tender offer for up to $500 million of its 9.25% senior unsecured notes due 2028 ($1.0 billion outstanding). "The positive outlook reflects the likelihood of an upgrade if Crescent uses excess cash flow to repay debt and brings FFO to debt comfortably above 45% for a sustained period. We would also expect positive discretionary cash flow and adequate liquidity. We estimate FFO to debt will be in the 45% to 50% range in 2025, improving in 2026. Due to our assessment of the company's improved business risk profile because of increased size and scale, we have revised our FFO-to-debt upgrade threshold. "We could revise the outlook to stable if we no longer expect FFO to debt to average comfortably above 45% for a sustained period. This would most likely occur if production falls short of expectations, costs exceed our estimates, or Crescent does not use excess cash flow to repay debt as anticipated. "We could raise our rating on Crescent if it brings FFO to debt comfortably above 45% for a sustained period. This would most likely occur if the company achieves greater operating efficiencies, drives down costs on its acquired assets, and uses excess cash flow to reduce debt, including amounts outstanding on its reserve-based lending facility." CRYPTO CO: Posts $6.64M FY2024 Loss on Sharp Revenue Drop --------------------------------------------------------- The Crypto Company posted a net loss of $6.64 million for the year ended Dec. 31, 2024, compared with a $7.23 million loss a year earlier, according to a Form 10-K filed with the Securities and Exchange Commission. For the year ended Dec. 31, 2024, revenues relating to consulting services were $44,814, compared to $197,459 for the year ended Dec. 31, 2023. Revenue declined primarily due to lower online sales, as artificial intelligence programs offered by the Company became available for free from various providers. The Crypto Company has incurred significant losses and experienced negative cash flows since inception. As of Dec. 31, 2024, the Company had cash on hand of $1,763. The Company's working capital was negative $6,685,767 as of Dec. 31, 2024. As of Dec. 31, 2024, the Company had $1,763 in total assets, $6.7 million in total liabilities, and a total stockholders' deficit of $6.70 million. In an auditor's report dated June 13, 2025, Bush & Associates CPA LLC issued a "going concern" qualification citing that the Company has suffered recurring losses from operations, negative cash flows from operations and has a significant accumulated deficit, that raises substantial doubt about its ability to continue as a going concern. The Crypto Company said its ability to continue operating depends on generating future profits or securing financing to meet its obligations and repay liabilities as they come due. Management is assessing various financing strategies to fund expenses and generate sufficient revenue to support current costs. Options include private stock placements, debt borrowings, partnerships, and collaborations. The company said there is no assurance these efforts will succeed. The full-text copy of the Form 10-K is available for free at: https://www.sec.gov/Archives/edgar/data/1688126/000164117225015110/form10-k.htm About The Crypto Company Headquartered in Malibu, California, The Crypto Company -- www.thecryptocompany.com -- is engaged in the business of providing consulting services and education for blockchain technology and for the building of technological infrastructure and enterprise blockchain technology solutions. During 2024 and 2023 the Company generated revenues and incurred expenses solely through these consulting operations. CRYPTO CO: Restates 2023 Financials After SEC Barred Former Auditor ------------------------------------------------------------------- Previously, on May 3, 2024, the U.S. Securities and Exchange Commission entered an order barring BF Borgers CPA PC, the Company's then independent registered public accounting firm, from appearing or practicing before the SEC as an accountant. As a result, Borgers could no longer act as the Company's independent registered public accounting firm and effective May 8, 2024, the Company dismissed Borgers as its independent registered public accounting firm and reported the dismissal in a Current Report on Form 8-K filed with the SEC on May 9, 2024. Also effective on May 8, 2024, the Company engaged Bush & Associates CPA LLC as the Company's new independent registered public accounting firm and reported the engagement in the same Current Report on Form 8-K filed with the SEC on May 9, 2024. Given the circumstances giving rise to Borgers' dismissal, the Company asked Bush to re-audit its financial statements as of and for the year ended December 31, 2023, which were included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. Subsequent thereto, on March 26, 2025, the board of directors of the Company, after discussion with Bush of the matters described above, concluded that the Company's audited financial statements as of and for the year ended December 31, 2023, as previously included in the 2023 Form 10-K should no longer be relied upon. The Company and Bush determined that the Company's financial statements for the year ended December 31, 2023 would need to be restated. The Company worked expeditiously to conclude its analysis and complete any required restatement of its financial statements for the periods indicated as soon as practicable. On June 2, 2025, the Company filed an amendment to the 2023 Form 10-K in order to give effect to the restated financial statements. In addition, these matters referred to above may represent a material weakness in the Company's internal controls. About Crypto Company Malibu, Calif.-based The Crypto Company -- https://www.thecryptocompany.com -- is engaged in the business of providing consulting services and education for blockchain technology and for the building of technological infrastructure and enterprise blockchain technology solutions. During 2023, the Company generated revenues and incurred expenses solely through these consulting operations. In February 2022, the Company acquired bitcoin mining equipment and entered into an arrangement with a third party to host and operate the equipment. However, by the end of 2022, the Company had exited that Bitcoin mining business. Lakewood, Colorado-based BF Borgers CPA PC, the Company's former auditor, issued a "going concern" qualification in its report dated April 16, 2024, citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. The Company have yet to file its Annual Report on Form 10-K for the year ended December 31, 2024 by March 31, 2025, the original due date for such filing. CYTOPHIL INC: Seeks to Extend Plan Exclusivity to August 5 ---------------------------------------------------------- Cytophil Inc. asked the U.S. Bankruptcy Court for the Eastern District of Wisconsin to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to August 5 and October 5, 2025, respectively. The primary business of Cytophil is manufacturing medical devices for vocal, orthopedic, dental, and aesthetic implants. It also performs contract manufacturing for other medical device companies. Since the Petition date, the Debtor has continued operating its manufacturing business. As of the end of March, Debtor had 15 employees in the operation of its business. Further, the Debtor manages their businesses and affairs pursuant to Sections 1107 and 1108 of the Bankruptcy Code. The Debtor explains that it is not a large company, but it faces in reorganizing, claims that arose from protracted and contentious litigation. That increases the difficulty or complexity of the reorganization. Before the chapter 11 case was filed, the Debtor faced an enforcement action on the judgment obtained by HPA. There is also a level of distrust between the parties which adds to the difficulty. The Debtor claims that it has made progress towards confirmation, operating successfully in reorganization and reaching agreement on cash collateral. Communications are open with a key party in the case, HPA (Factors 3 and 4). The extension will improve the ability of the Debtor to provide adequate information (Factor 2). Additional time to negotiate with creditors will be beneficial to the entire estate. This is the first request for an extension of the exclusivity periods (Factor 6). As evidence in the operating reports, the Debtor has been showing a profit while in bankruptcy demonstrating that it is more likely than not they will be able to confirm a plan within a reasonable amount of time. Cytophil Inc. is represented by: Evan P. Schmit, Esq. Kerkman & Dunn 839 N. Jefferson St., Ste. 400 Milwaukee, WI 53202-3744 Tel: (414) 277-8200 Email: eschmit@kerkmandunn.com About Cytophil Inc. Cytophil Inc., doing business as RegenScientific, operates in the field of manufacturing medical devices. Cytophil sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wisc. Case No. 25-20576) on February 4, 2025. In its petition, the Debtor reported total assets of $1,131,109 and total liabilities of $3,520,398 as of September 30, 2024. Judge G. Michael Halfenger handles the case. The Debtor is represented by Evan P. Schmit, Esq. at Kerkman & Dunn. DATASITE INTERNATIONAL: S&P Affirms 'B' ICR, Alters Outlook to Neg ------------------------------------------------------------------ S&P Global Ratings affirmed its 'B' issuer credit rating on global virtual data room (VDR) solutions provider, Datasite International LLC (formerly Mermaid Bidco Inc.), as well as its 'B' issue-level rating and '3' recovery rating on its senior secured debt. At the same time, S&P revised the outlook to negative from stable due to the proposed debt-financed buyout. The negative outlook reflects increased risk that further aggressive financial policy actions, execution risks, or unforeseen operating challenges could result in leverage remaining elevated for an extended period. Mermaid will issue a $490 million term loan add-on, which will fund minority shareholder redemptions and a planned tuck-in acquisition, resulting in pro forma S&P Global Ratings-adjusted debt to EBITDA of about 6.9x for the last 12 months ended Jan. 31, 2025. The negative outlook reflects the increased risk that aggressive financial policy and subdued capital markets activity could keep leverage high. S&P said, "We expect favorable operating trends to support rapid deleveraging to 6x in fiscal 2026 and below our 5.5x threshold after that (from pro forma trailing-12-months leverage of about 6.9x as of Jan. 31, 2025). Still, we recognize the company is implementing several strategic initiatives, including product integration, data conversion efficiency, and sales profitability enhancements." Given the elevated debt, there is little room for execution missteps. The transaction totals $944 million and is comprised of the term loan add-on, $358 million in participating equity, and $97 million in balance sheet cash. It will support redemptions of an exiting shareholder owning approximately 15% of the company and the acquisition. S&P said, "We believe this transaction will concentrate ownership among an investor group less likely to pursue any near-term liquidity events or dividend payouts. Additionally, we expect Datasite will continue to pursue acquisitions as it seeks to expand its product offerings, geographic footprint, and gain share in the global VDR market. As a result, we believe the company will likely use internally generated cash to fund additional acquisitions as opposed to repaying outstanding debt." S&P said, "Despite raising additional debt for this transaction, we forecast S&P Global Ratings-adjusted leverage will return to below 5.5x by fiscal year-end 2027, which supports the rating. Notwithstanding the incremental debt to fund the minority shareholder exit and tuck-in acquisition, we expect a rising number of logos, projects per logo, and incremental acquired revenues will lead to top-line growth of 15%-20% in fiscal 2026 and 10%-12% thereafter. Our base-case forecast assumes modestly weaker EBITDA margin in fiscal 2026 due to product integrations, increased strategic investments, and acquisition-related expenses, which we believe are mostly temporary costs. As those fade, we expect improved operating leverage will increase EBITDA margin to about 43%-45% in fiscal 2027, up from 40%-41%. We also project recently implemented pricing initiatives will lead to meaningful revenue growth, although these are not accounted for in pro forma 2025 EBITDA. "We expect positive demand trends and improving market conditions will support stronger credit metrics over the long term. The company's strong annual operating results included revenue and EBITDA growth of 31% and 23% in fiscal 2025, respectively, supported by rising hosted pages, pages uploaded, and open projects on its specialized software platform. Increased strategic investments and higher transaction costs lowered EBITDA margin to 41.2% from 44.0% in fiscal 2025, resulting in year-over-year free operating cashflow (FOCF) decline to $83.3 million from $105.1 million. Recent results continue to benefit from the company's ongoing efforts to diversify its revenue base beyond sell-side mergers and acquisitions (M&A) to support clients further in reporting and strategic projects, capital raising, and buy-side M&A, which has improved the resiliency of the business and reduced exposure to capital markets activity and changes in transaction volumes." The negative outlook reflects increased risk that further aggressive shareholder policy, execution missteps, or other unforeseen operating challenges could impair credit metrics over the long term due to the higher leveraging resulting from this transaction. S&P could lower its ratings on Datasite within the next 12 months if it expects S&P Global Ratings-adjusted leverage would remain above 5.5x and FOCF to debt below 5% on a sustained basis. This could occur if Datasite: -- Experiences elevated customer churn as a result of strategic initiatives; -- Faces a more competitive landscape that results in market share and client losses and slower-than-expected growth trends; or -- Pursues a more aggressive financial policy, which could include large debt-funded acquisitions or less likely, shareholder distributions. Although unlikely given private-equity ownership, S&P could raise its ratings on Datasite within the next 12 months if S&P Global Ratings-adjusted leverage is sustained below 4.5x and FOCF to debt above the 10%. This could occur if Datasite: -- Uses free operating cash flow generation to accelerate debt repayment; and -- Commits to a more conservative financial policy that supports sustaining leverage below 4.5x, inclusive of potential acquisitions or shareholder distributions. DENALI MIDCO: Cliffwater Corporate Marks $9.9MM Loan at 28% Off --------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $9,944,979 loan extended to Denali Midco 2 LLC to market at $7,174,112 or 72% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to Denali Midco 2 LLC. The loan accrues interest at a rate of 9.57% per annum. The loan matures on December 22, 2027. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Denali Midco 2 LLC Denali Midco refers to several related companies, including Denali Midco Limited, a private limited company incorporated on July 3, 2023, with its registered office in Basingstoke, England. DEQSER LLC: Hires Mayerson and Hartheimer PLLC as Counsel --------------------------------------------------------- Deqser LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Mayerson and Hartheimer, PLLC as counsel. The firm's services include: (a) providing legal advice regarding bankruptcy rules, practice and procedures and providing substantive and strategic advice on how to accomplish the Debtors' goals in connection with the prosecution of these Chapter 11 Cases; (b) advising the Debtors with respect to their powers and duties as debtors and debtors-in-possession in the continued management of the operation of their business; (c) attending meetings and negotiations with the Creditors Committee and the representatives of creditors and other parties-in-interest and advising and consulting on the conduct of these Chapter 11 Cases, including all of the legal and administrative requirements of operating in Chapter 11; (d) taking all necessary action' to protect and preserve the Debtors' estates, including the prosecution of actions on behalf of the Debtors' estates, the defense of any actions commenced against the estates, negotiations concerning litigation in which the Debtors may be involved, and objections to claims filed against these estates; (e) preparing on the Debtors' behalf, motions, applications, answers, orders, reports, and other papers necessary to the administration of these estates; (f) preparing and negotiating on the Debtors' behalf, their Chapter 11 plan(s), disclosure statement(s), and all related agreements and/or documents, and pursuing confirmation of such plan(s); (g) performing other necessary legal services and providing other necessary legal advice to the Debtors in connection with these Chapter 11 Cases; and (h) appearing before the Court, any appellate court, and at meetings of the United States Trustee and protecting the interests of the Debtors before such courts and the United States Trustee. The firm will be paid at these rates: Partners $650 per hour Attorneys $300 to $450 per hour Paralegals $150 per hour On July 7, 2024, the Debtors paid the firm a retainer of $10,000. 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. Hartheimer disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David H. Hartheimer, Esq. Mayerson and Hartheimer, PLLC 845 3rd Ave., 11th Floor New York, NY 10022 Telephone: (646) 778-4382 Facsimile: (501) 423-8672 Email: David@mhlaw-ny.com About Deqser LLC Deqser LLC is a business entity associated with Cooperative Laundry, a commercial laundry service based in Kearny, New Jersey. Operating from a state-of-the-art facility, the company supports the hospitality industry with advanced, eco-efficient laundry solutions. Deqser sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del., Case No. 25-10687) on April 10, 2025. The Debtor reported estimated assets and estimated liabilities of $1 million to $10 million. The Hon. Craig T Goldblatt presides over the case. The Debtor's general bankruptcy counsel is Mayerson & Hartheimer, PLLC and its local bankruptcy counsel is Gellert Seitz Busenkell & Brown, LLC. DILLONS POWER: Unsecureds Will Get 5.8% of Claims in Plan --------------------------------------------------------- Dillons Power Washing LLC filed with the U.S. Bankruptcy Court for the District of Maryland a Chapter 11 Plan of Reorganization dated June 9, 2025. The Debtor is a Maryland limited liability company which operates a pressure washing and sealcoating company located at 120 Dares Beach Road, Prince Frederick, MD 20678. The Debtor was founded by Jason Dillon in the year 2000, and operated until his death in October 2017, as a sole proprietorship. After his death, his sister Kathleen Dillon (now known as Kathleen Gross) took over the operations and registered the Debtor as an LLC. The Debtor's revenue has decreased in recent years, prompting it to raise funds utilizing expensive merchant cash advances. Additionally, the Debtor fell behind on payments to Clear Channel Outdoors, Inc. which provided billboard advertising to the Debtor. Clear Channel Outdoors, Inc. obtained a judgment against the Debtor and attempted to levy on all of the Debtor's assets, prompting this bankruptcy filing. The Debtor believes, that, it will have approximately $511,000.00 in general unsecured claims including undersecured claims. The Debtor's projections show that the Debtor will have projected disposable income of $18,000 per year. The final Plan payment to unsecured creditors is expected to be paid on the date that is approximately three years after the Effective Date of the Plan. Class 7 consists of all General Unsecured Claims, including those claims listed on Exhibit A and the bifurcated unsecured portions of Claimants hold Claims in Classes 2 through 6. Provided that an Allowed Class 7 Claim has not been paid prior to the Effective Date, and except to the extent that a holder of a Class 7 Claim agrees to a different and lesser treatment, each holder of an Allowed Class 7 Claim shall receive from the Debtor, in full and complete settlement, satisfaction and discharge of its Allowed Class 7 Claim, a pro rata portion of the Biannual Payments (each such pro rata share to be paid after Allowed Administrative Claims are satisfied, and payment of the commission incurred by the Trustee, if any). To the extent any Class 7 Claim is deemed to be a Non Dischargeable Claim, it will be paid in full, with interest at the federal judgment rate in effect on the Confirmation Date, in equal Biannual Payments, over a period not to exceed ten years, beginning on the first day of the quarter immediately after the last Quarterly Payment is made. Any creditor asserting a NonDischargeable Claim will be required to have filed an adversary proceeding by not later than the Confirmation Date, or have forever waived their right to do so. If the Court determines that any of the Class 2 through 6 Claimants require higher payments for any reason, the monthly payment to Class 2 through 6 Claimants shall increase, and the Biannual Payments paid to Class 7 Claimants shall decrease by the additional amount that is required to be paid to the Class 2 through 6 Claimants per six-month period. Class 7 is impaired under this Plan. Under the Plan, holders of Administrative and General Unsecured Claims will receive total Biannual Payments of $54,000.00 on $510,000.00 in estimated allowed unsecured claims, providing for an estimated 5.8% return to holders of Allowed Unsecured Claims. Class 8 consists of the equity interests in the Debtor. Holders of equity interests in the Debtor shall retain their equity interests in the same manner as prior to the confirmation of the Plan. Holders of equity interests in the Debtor are unimpaired and not entitled to vote on the Plan. All property of the Estate shall revest in the Debtor on the Effective Date, free and clear of all other liens, claims, interests and encumbrances, except for the liens specifically preserved or created by this Plan. On October 1, 2025; June 1, 2026; October 1, 2026; June 1, 2027; October 1, 2027; and June 1, 2028, the Debtor, or, if this Plan is confirmed pursuant to Section 1191(b) of the Bankruptcy Code, the Trustee (from payments made to the Trustee by the Debtor), shall pay Biannual Payments of $5,000.00 (the "Biannual Payments"). Said Biannual Payments shall first be distributed to holders of Allowed Administrative Claims until such claims are satisfied, and then shall be distributed to holders of General Unsecured Claims, pro rata. The Biannual Payments shall also include a pro rata portion of the proceeds of any Avoidance Action, net of any attorneys' or other fees and expenses incurred in connection with the pursuit, settlement or collection of such proceeds. To the extent that the Court determines that a greater amount is necessary to satisfy the Debtor's obligation to satisfy Sections 1129(a)(7) or 1191(c)(2)(B) of the Bankruptcy Code, the Debtor shall make additional Biannual Payments up to a five-year term. If, during the last two full quarters prior to any Biannual Payment, the Debtor's revenue is less than 85% percent of the projected Expected Revenue, then the Debtor may move to modify the amount of that Biannual Payment. If, during the last two full quarters prior to any Biannual Payment, the Debtor's revenue is more than 115% percent of the projected Expected Revenue as set forth on Exhibit D, then the Trustee may move to modify the amount of that Biannual Payment. A full-text copy of the Plan of Reorganization dated June 9, 2025 is available at https://urlcurt.com/u?l=N58qeB from PacerMonitor.com at no charge. Counsel to the Debtor: Janet M. Nesse, Esq. Justin P. Fasano, Esq. McNamee Hosea, P.A. 6404 Ivy Lane, Suite 820 Greenbelt, MD 20770 Tel: (301) 441-2420 Email: jnesse@mhlawyers.com jfasano@mhlawyers.com About Dillons Power Washing LLC Dillons Power Washing, LLC is a Maryland limited liability company which operates a pressure washing and sealcoating company located at 120 Dares Beach Road, Prince Frederick, MD 20678. The Debtor filed Chapter 11 petition (Bankr. D. Md. Case No. 25-12231) on March 17, 2025, listing up to $50,000 in assets and up to $1 million in liabilities. Kathleen Gross, managing member of Dillons Power Washing, signed the petition. Judge Maria Ellena Chavez-Ruark oversees the case. Justin P. Fasano, Esq., at McNamee Hosea, P.A., represents the Debtor as legal counsel. DYCOM INDUSTRIES: S&P Upgrades ICR to 'BB+' on Margin Strength -------------------------------------------------------------- S&P Global Ratings upgraded its issuer and issue-level credit ratings on telecommunications contracting servicer Dycom Industries Inc. to 'BB+'. The outlook is stable. S&P said, "The stable outlook reflects our expectation that Dycom will generate sustained revenue growth and margin expansion, with stable credit measures that include S&P Global Ratings-adjusted debt to EBITDA below 2x and free operating cash flow (FOCF) to debt in the low- to mid-teens percent area. "We expect Dycom will maintain S&P Global Ratings-adjusted debt to EBITDA below 2x. The company has demonstrated a multi-year track record of maintaining modest leverage that we expect to continue at least through fiscal 2027. We anticipate sustained earnings growth and a prudent approach to acquisitions will support relatively stable credit protection metrics over the next couple of years. Dycom's market position as the largest contractor for wireline communications infrastructure services will enable sustained sales growth over the next few years supported by recurring maintenance services and expanded by FTTH new builds. We also estimate the company's cash flow generation will allow it to comfortably fund organic growth initiatives. As a result, we estimate S&P Global Ratings-adjusted debt to EBITDA of 1.5x in fiscal 2026 and 1.7 in fiscal 2027, inclusive of some seasonal volatility that could temporarily elevate leverage to about 2x. Similar to many of its engineering and construction (E&C) peers, Dycom's working capital swings can temporarily pressure cash flows, which it funds with its revolving credit facility. However, we note that over the past couple of years, the company's working capital management has improved, largely as a result of lower Days Sales Outstanding (DSO). "We expect Dycom's capital allocation will remain unchanged, supportive of stable credit protection metrics. Dycom prioritizes organic growth initiatives through capex and general and administrative (G&A) expenses, followed by opportunistic share repurchases and strategic acquisitions. We expect Dycom to maintain what we view as a conservative financial policy, which includes maintaining debt to EBITDA at about 2x (about 2.15x, inclusive of our lease adjustments). Under our base case we assume Dycom will use all its excess cash flows to buy back shares and for tuck-in acquisitions, which maintaining low leverage based on expectation for earnings growth. The company exhibits a moderate acquisitive strategy aimed to complement services and expand its geographic footprint. Last year, Dycom completed its acquisition of Black & Veatch's (B&V) public carrier wireless telecommunications infrastructure for $150 million in cash. Historically, wireless services have been a small portion of Dycom's business (less than 10% of telecom revenue), and the acquisition expanded Dycom's geographic presence allowing it to capture wallet share in wireless network modernization services. We consider this presents an additional growth venue as wireless capex ticks back up in the coming years." Dycom is well positioned to capitalize on favorable capex trends across its customer base, allowing for top line growth and margin expansion. S&P said, "We estimate revenue will expand to $5.3 billion this year, inclusive of about 7.5% organic revenue growth and supplemented with full-year revenue contribution of its B&V and other acquisitions completed in fiscal 2025, which we estimate will contribute with about $500 million in revenue. In fiscal 2027, we estimate the company will maintain organic growth in the high-single-digit percent. At the end of the first quarter of fiscal 2026, Dycom reported record backlog of $8.1 billion, which we think provides good visibility into the company's revenue. In addition, Dycom generates more than 50% of revenue from maintenance services, which provide a multi-year recurring revenue base. In the subsequent years, we expect Dycom will expand its services and maintenance capacity to capitalize on sector tailwinds arising from FTTH deployments across the country (particularly in rural America). Also, other long-term demand drivers including long haul and middle mile networks and digital infrastructure services (connecting data centers) will contribute to sustained sales growth and support improvement in Dycom's profitability, including S&P Global Ratings' adjusted EBITDA margins that we estimate will approach 14% through fiscal 2027 (up from 13.3% in fiscal 2025)." S&P said, "Telcom consolidation would increase Dycom's customer concentration, but we believe the company is well positioned to capture growth opportunities from AT&T's large capex plan. AT&T announced it will acquire Lumen's fiber business, increasing AT&T's revenue contribution to over 30% and further increasing Dycom's dependence on its top customer's spending patterns. However, we consider Dycom's strong, decades-long customer relationship with AT&T and its scaled nationwide footprint will allow it to capture growth opportunities from AT&T's plan to reach 60 million fiber locations by 2030. In addition, we see the telecom sector's vendor consolidation trend as supportive for Dycom's opportunity to capture incremental wallet share. "Dycom's capital expenditure (capex) is at the higher end of the range for our rated E&C issuers at 5.3% on a gross basis due to the company's strategic approach to equipment purchases over leases. As a result, we estimate S&P Global Ratings-adjusted FOCF to debt at about 15% over the next couple of years. Although not incorporated in our FOCF calculation, we acknowledge capex is partially funded by regular asset sales which we see as a recurring additional source of liquidity and lower the spend to about 4.5% on a net basis. During the first quarter of fiscal 2026, cash flows were atypically affected by higher capex due to front loaded spending, which we expect will slow through the reminder of the year and remain in line with historical averages. Over the longer term, we expect Dycom will continue to implement processing and automation improvements that will further lower DSO. The pace at which the company is able to monetize those improvements could present additional upside to our cash flow-based metrics. "The stable outlook reflects our expectation that Dycom will generate sustained revenue growth and margin expansion, led by strong demand for fiber-to-the-home (FTTH) and digital infrastructure services. The stable outlook incorporates our expectation that the company will maintain S&P Global Ratings-adjusted debt to EBITDA below 2x and FOCF to debt in the low- to mid-teens percent area." S&P could lower its ratings on Dycom if the company's credit metrics were to deteriorate such that debt to EBITDA increases to and remains above 2x, without a clear path for deleveraging. This could occur if: -- Dycom's largest customers experience a sustained capex reduction that could pressure its top line and profitability metrics, leading to S&P Global Ratings-adjusted EBITDA margin below 10% on a sustained basis; or -- The company engages in a more aggressive financial policy that could require higher use of debt to fund acquisitions or shareholder distributions. S&P could raise its ratings on Dycom if the company's cash conversion improves on a sustained basis with FOCF to debt increasing to above 25% while maintaining debt to EBITDA firmly below 2x. This could occur if: -- S&P Global Ratings-adjusted EBITDA margins expands above 15%; or, -- A materially tighter working capital management with DSO approaches those of higher rated peers; or, -- A more conservative financial policy that prioritizes debt reduction over shareholder returns. ENVELOPE MART: Hires Inglewood Associates as Financial Advisor -------------------------------------------------------------- Envelope Mart of Northeast Ohio, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to employ Inglewood Associates, LLC as financial advisor. The firm will provide assistance with respect to financial bookkeeping, preparation of financial statements, monthly operating reports, negotiations with creditors, development of a plan of reorganization and other matters as necessary. The firm will be paid at these rates: Tom Furnas $360 per hour John Lane $500 per hour Staffs $360 to $440 per hour Data Management $175 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Furnas 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 P. Furnas Inglewood Associates, LLC 9242 Headlands Rd. Mentor, OH 44060 Tel: (216) 672-5560 About Envelope Mart of Northeast Ohio, Inc. Envelope Mart of Northeast Ohio Inc., doing business as Envelope Mart Print Group and EM Print Group, is a wholesale printing company that produces envelopes, sheet printing, and other print services exclusively for print distributors. Founded in 1975, the family-owned business operates in Northeast Ohio and handles high-volume print orders, including stationery management, instruction sheet programs, and warehousing. Envelope Mart of Northeast Ohio sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-12125) on May 18, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Judge Suzana Krstevski Koch handles the case. Michael A. Steel, Esq., at Steel & Company Law Firm represents the Debtor as bankruptcy counsel. EOS FITNESS: Cliffwater Corporate Marks $1.3MM Loan at 41% Off -------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $1,300,785 loan extended to EOS Fitness Opco Holdings, LLC to market at $762,237 or 59% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to EOS Fitness Opco Holdings, LLC. The loan accrues interest at a rate of 9.54% per annum. The loan matures on January 5, 2028. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About EOS Fitness Opco Holdings, LLC EOS Fitness Opco Holdings, LLC -- https://eosfitness.com/ -- operates as a holding company. The Company, through its subsidiaries, owns and operates fitness centers. ESSENTIAL SERVICES: Cliffwater Marks $1.3MM Loan at 84% Off ----------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $1,301,115 loan extended to Essential Services Holding Corporation to market at $201,673 or 16% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to Essential Services Holding Corporation. The loan accrues interest at a rate of 9.30% per annum. The loan matures on June 17, 2030. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Essential Services Holding Corporation Essential Services Holding Corporation is engaged in providing accounting, tax preparation, bookkeeping, payroll services, · advertising and public relations. EXCEL FITNESS: Cliffwater Corporate Marks $13.2MM Loan at 20% Off ----------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $13,266,780 loan extended to Excel Fitness Holdings, Inc. to market at $10,635,868 or 80% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to Excel Fitness Holdings, Inc. The loan accrues interest at a rate of 9.80% per annum. The loan matures on April 29, 2029. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Excel Fitness Holdings, Inc. Headquartered in Austin, TX, Excel Fitness is a franchisee of Planet Fitness clubs across six states. Excel Fitness is majority owned by Olympus Partners. EXIDE HOLDINGS: Phoenixx Suit Goes to Trial ------------------------------------------- Judge Laurie Selber Silverstein of the United States Bankruptcy Court for the District of Delaware denied the motion for summary judgment filed by Peter Kravitz, in his capacity as trustee of the GUC Trust, in the adversary proceeding captioned as PETER KRAVITZ, as GUC Trustee of the GUC Trust of Exide Holdings, Inc., et al., Plaintiff, v. PHOENIXX, L.P., Defendant, Adv. Pro. No. 21-50687 (Bankr. D. Del.). Exide Holdings, Inc. and its four affiliated debtors, filed voluntary petitions for relief under chapter 11 on May 19, 2020. The Court confirmed Debtors' plan of reorganization on Oct. 16, 2020. Under the terms of the Plan, all Debtors' Avoidance Actions were transferred to the GUC Trust. Kravitz, in his capacity as trustee of the GUC Trust, initiated this adversary proceeding. The Complaint concerns a single transfer in the amount of $334,661.32 from Exide Technologies, LLC to Phoenixx, L.P. which Plaintiff seeks (i) to avoid as a preference (Count 1) or, in the alternative, as a fraudulent conveyance (Count II), and (ii) recover (Count III). Plaintiff also seeks to disallow any claims filed by Phoenixx in the main case until the avoided transfer is paid to Plaintiff (Count IV). The parties pursued mediation, but it was not successful. Plaintiff brings his Motion for summary judgment on all Plaintiff's claims against Phoenixx. Plaintiff therefore seeks summary judgment on three analytically distinct points based on what he asserts are uncontested facts: (i) that he has proven the Contested Transfer is a preference, (ii) that Phoenixx cannot prove its affirmative defenses as a matter of law, and (iii) that he is entitled to prejudgment interest. Phoenixx does not challenge that the Contested Transfer meets all the elements of a preference. Accordingly, Plaintiff has met his initial burden to show that, absent defenses, he is entitled to summary judgment as a matter of law. Phoenixx asserts genuine disputes of fact with respect to the sole affirmative defense the parties brief on the merits -- the ordinary course of business defense. The Court finds Phoenixx does not offer any evidence in support of its claim that the Contested Transfer was “made in accordance with ordinary business terms” under the objective test. When conducting the subjective test, courts look to numerous factors including: (i) the length of time the parties engaged in the type of dealing at issue; (ii) whether the subject transfers were in an amount more than usually paid; (iii) whether the payments at issue were tendered in a manner different from previous payments; (iv) whether there appears to have been an unusual action by the debtor or creditor to collect on or pay the debt; and (v) whether the creditor did anything to gain an advantage (such as gain additional security) in light of the debtor’s deteriorating financial condition. There are no disputed facts on the first three factors. The evidence shows that Phoenixx had been selling Debtors tin ingots for at over a decade. In the two years prior to bankruptcy, those transactions ranged from $224,209.85 to $447,365.24. At $334,661.32, the Contested Transfer falls almost precisely in the middle of that range. Additionally, all payments in the historical period and the Contested Transfer were tendered via ACH transfers. But as to the last two factors, Defendants have submitted evidence that creates genuine disputes of material fact. Judge Silverstein concludes, "There is factual support in the record for Phoenixx’s ordinary course defense. No one factor is determinative. While the Contested Transfer falls outside of the historical range and above the historical average, the other factors could support an ordinary course finding. The intended purpose of the statute -- to prevent preferential payments to both friendly and obstreperous creditors and to encourage entities on which the debtor relies (e.g., critical vendors) to continue doing business with the debtors -- could also be viewed to favor Phoenixx. If the evidence introduced at trial is the same as on the Motion, a reasonable fact finder could find in favor of Phoenixx. Accordingly, I will deny Plaintiffs Motion with respect to Count I." In Count II, Plaintiff seeks to avoid the Contested Transfer as a constructive fraudulent conveyance. Specifically, he pleads that Debtor(s) making the Contested Transfer did not receive reasonably equivalent value in exchange for such transfer(s) while the Debtor(s) (i) were insolvent or rendered insolvent by the transfer(s), (ii) had unreasonably small capital (or would have after the transfer(s)) or (iii) intended to or believed they would incur debts beyond their ability to pay upon maturity. According to Judge Silvestein, "While Plaintiff seeks summary judgment on Count II (it seeks it on all claims), he provides no briefing or evidence to support a judgment in his favor. Nor do the undisputed facts focus on Count II. The facts that do exist show that the Contested Transfer was in payment of a legitimate antecedent debt (for tin ingots) and there is no suggestion that Exide paid other than a fair price. Accordingly, Plaintiff has failed to meet his burden. I will deny his Motion with respect to Count II." In Count III, Plaintiff seeks to recover any transfer avoided through Counts I or II pursuant to Sec. 550. Judge Silverstein holds, "Because I will deny Plaintiffs Motion with respect to Counts I and II, he is not currently entitled to any recovery. Similarly, with respect to Count IV, I have neither found that property is recoverable from Phoenixx nor reconsidered any claim by Phoenixx. Therefore, Plaintiff is not currently entitled to relief under Sec. 502(d) or (j). For these reasons, I will deny the Motion with respect to Counts III and IV." A copy of the Court's Opinion dated June 20, 2025, is available at https://urlcurt.com/u?l=HBLPtx About Exide Holdings Founded in 1888 and headquartered in Milton, Ga., Exide Holdings, Inc. -- https://www.exide.com/ -- is a stored electrical energy solutions company and a producer and recycler of lead-acid batteries. Across the globe, Exide batteries power cars, boats, heavy-duty vehicles, golf carts, power sports, and lawn and garden applications. Its network power solutions deliver energy to vast telecommunication networks in need of an uninterrupted power supply. Exide Technologies first sought Chapter 11 protection (Bankr. Del. Case No. 02-11125) on April 14, 2002, and exited bankruptcy two years after. Matthew N. Kleiman, Esq., and Kirk A. Kennedy, Esq., at Kirkland & Ellis, and James E. O'Neill, Esq., at Pachulski Stang Ziehl & Jones LLP, represented the Debtors in their successful restructuring. Exide returned to Chapter 11 bankruptcy (Bankr. D. Del. Case No. 13-11482) on June 10, 2013, and emerged from bankruptcy in 2015. In the 2013 case, Exide tapped Skadden, Arps, Slate, Meagher & Flom LLP, and Pachulski Stang Ziehl & Jones LLP as counsel; Alvarez & Marsal as financial advisor; Sitrick and Company Inc. as public relations consultant. The Official Creditors Committee retained Lowenstein Sandler LLP and Morris, Nichols, Arsht & Tunnell LLP as co-counsel, and Zolfo Cooper, LLC served as its bankruptcy consultants and financial advisors. Exide Holdings and its affiliates, including Exide Technologies LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-11157) on May 19, 2020. Exide Holdings was estimated to have $500 million to $1 billion in assets and $1 billion to $10 billion in liabilities. In the newest Chapter 11 case, Weil, Gotshal & Manges LLP is serving as legal counsel to Exide, Houlihan Lokey is serving as investment banker, and Ankura is serving as financial advisor. Richards, Layton & Finger, P.A., is the local counsel. Prime Clerk LLC is the claims agent, maintaining the page https://cases.primeclerk.com/Exide2020/ EXTENSIONS PLUS: Seeks Chapter 11 Bankruptcy in California ---------------------------------------------------------- On June 23, 2025, Extensions Plus Inc. 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 Extensions Plus Inc. Extensions Plus Inc. 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. Extensions Plus Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11102) on June 23, 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 Victoria S. Kaufman handles the case. The Debtors are represented by Peter T. Steinberg, Esq. at STEINBERG, NUTTER & BRENT, LAW CORPORATION. FENIX TOPCO: Cliffwater Corporate Marks $6.2MM Loan at 90% Off -------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $6,256,728 loan extended to Fenix Topco, LLC to market at $595,702 or 10% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to Fenix Topco, LLC. The loan accrues interest at a rate of 10.80% per annum. The loan matures on March 28, 2029. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Fenix Topco, LLC Fenix Topco, LLC is a private limited company that was incorporated on July 10, 2024. FLUENT INC: Shareholders Approve All 8 Proposals at Annual Meeting ------------------------------------------------------------------ Fluent, Inc. disclosed in a Form 8-K filing with the Securities and Exchange Commission that it held its 2025 Annual Meeting of Stockholders virtually on June 18, 2025. During the meeting, stockholders took the following actions: (1) elected Matthew Conlin, James P. Geygan, David A. Graff, Barbara Shattuck Kohn, Donald Mathis, Richard Pfenniger, Jr., and Ryan Schulke to serve as directors for a one year term until the 2026 Annual Meeting of Stockholders or until their successors are duly elected and qualified; (2) approved, on an advisory basis, the 2024 Compensation of the Company's named executive officers (Say-on-Pay); (3) ratified the appointment of Grant Thornton LLP as the Company's independent registered public accounting firm for the year ending Dec. 31, 2024; (4) approved, or purposes of complying with Nasdaq Listing Rules 5635(b) and 5635(c), pre-funded warrants issued pursuant to those certain securities purchase agreements dated as of Nov. 29, 2024 to certain of the Company's directors and/or officers and any shares of the Company's common stock which may be issued upon exercise; (5) approved, for purposes of complying with Nasdaq Listing Rules 5635(b) and 5635(c), pre-funded warrants issued pursuant to those certain securities purchase agreements dated as of March 19, 2025 to certain of the Company's directors and/or officers and any shares of the Company's common stock which may be issued upon exercise; (6) approved, for the purposes of complying with Nasdaq Listing Rules 5635(b), 5635(c) and 5635(d), the convertible subordinated promissory notes issued pursuant to those certain securities purchase agreements dated as of Aug. 19, 2024 to certain of the Company's directors and/or officers, and in certain cases affiliates of such persons, and a principal stockholder of the Company and the conversion of such notes into shares of the Company's common stock in excess of the share cap on conversion and any future adjustments of the Conversion Price (as defined in the notes) of such notes; (7) approved an amendment to the Fluent, Inc. 2022 Omnibus Equity Incentive Plan to increase the number of shares of common stock reserved thereunder to 3,666,666 shares from 1,666,666 shares; and (8) approved an adjournment of the Annual Meeting, if necessary or advisable, to solicit additional proxies in favor of any of the foregoing proposals if there are not sufficient votes to approve any such proposals. About Fluent Inc. Fluent, Inc. -- https://www.fluentco.com -- Fluent, Inc. provides commerce media solutions that connect brands with consumers through customer acquisition and digital marketing campaigns. The Company utilizes proprietary machine learning, first-party data, and diverse ad inventory across partner ecosystems and owned sites. Headquartered in the U.S., Fluent has operated in the performance marketing sector since 2010. The Company warned in its quarterly report for the period ended March 31, 2025, that it may adopt cost-cutting measures if it cannot raise sufficient capital to support operations. Management said there is substantial doubt about its ability to continue as a going concern for the 12 months following the report's issuance. New York, New York-based Grant Thornton LLP issued a "going concern" qualification in its report dated March 31, 2025, citing that as of Dec. 31, 2024, the Company was not in compliance with financial covenants of the SLR Credit Agreement. On March 10, 2025, the Company entered into the Fourth Amendment to the SLR Credit Agreement, which among other things, waived the non-compliance with the financial covenants as of Dec. 31, 2024. The Company's business plan for 2025, contemplates reduced operating losses, maintaining compliance with the revised financial covenants under the SLR Credit Agreement and obtaining additional working capital. The Company's ability to achieve the foregoing elements of its business plan and maintaining compliance with its financial covenants is uncertain and raises substantial doubt about its ability to continue as a going concern. FLUID MARKET: Plan Exclusivity Period Extended to August 12 ----------------------------------------------------------- Judge Craig T. Goldblatt of the U.S. Bankruptcy Court for the District of Delaware extended Fluid Market Inc. and Fluid Fleet Services, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to August 12 and October 14, 2025, respectively. As shared by Troubled Company Reporter, the Debtors operated and managed a technology-based, peer-to-peer truck-sharing platform across the United States with a fleet of nearly 5,500 vehicles owned by their nondebtor affiliates or third-party owners who elected to put their vehicles on the Debtors' platform. Here, causes exists to extend the Exclusive Periods. First, the Debtors continue to make good-faith progress. Early on in these cases, the Debtors obtained first day relief to ensure a smooth transition into chapter 11 and filed their schedules of assets and liabilities and statements of financial affairs, among other tasks. The Debtors have also conducted a sale process that resulted in entry of the Sale Order approving the Sale to Kingbee, with the sale closing effective as of December 20, 2024. Since the Sale Hearing, and as contemplated by the Global Settlement, the Debtors have been working with the Committee and Kingbee to complete a reconciliation and proposed distribution process for certain segregated funds and future proceeds received. The Debtors anticipate filing a motion seeking Court approval of the proposed process in the near term. Continued exclusivity will permit the Debtors to maintain flexibility. All stakeholders will benefit from such continued stability and predictability. Second, the requested extensions have a legitimate purpose and will not pressure creditors to accede to the Debtors' demands. The Debtors are not seeking to delay these chapter 11 cases by requesting the relief sought herein. Continued exclusivity will permit the Debtors to maintain flexibility so that a plan by a third party does not derail the parties' efforts towards effectuating the Global Settlement. All stakeholders will benefit from such continued stability and predictability. Lastly, creditors will not be prejudiced by extending the Exclusive Periods. The Debtors' request for an extension of the Exclusive Periods is only the Debtors' second such request. As discussed, during the tenure of these cases, the Debtors have accomplished a great deal: they closed the Sale to Kingbee, are working to effectuate the Global Settlement, are continuing to explore the disposition of their other remaining assets. Counsel to the Debtors: Laura Davis Jones, Esq. David M. Bertenthal, Esq. Timothy P. Cairns, Esq. Pachulski Stang Ziehl & Jones LLP 919 North Market Street, 17th Floor P.O. Box 8705 Wilmington, DE 19899 Telephone: (302) 652-4100 Facsimile: (302) 652-4400 Email: ljones@pszjlaw.com dbertenthal@pszjlaw.com tcairns@pszjlaw.com About Fluid Market Fluid Market, Inc., et al., operate and manage a technology-based, peer-to-peer truck-sharing platform across the United States with a fleet of nearly 5,500 vehicles owned by their non-Debtor affiliates or third-party owners who have elected to put their vehicles on the Debtors' platform, https://www.fluidtruck.com. Customers have quick and easy access to the right vehicle whenever they need it via the Debtors' mobile app and website. Fluid Market Inc. and Fluid Fleet Services, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12363) on Oct. 16, 2024. In the bankruptcy petition, Fluid Market reported $50 million to $100 million in assets and liabilities. The petition was signed by T. Scott Avila as chief executive officer. Pachulski Stang Ziehl & Jones LLP serves as the Debtors' counsel. Paladin Management Group, LLC acts as the Debtors' restructuring advisor; SSG Capital Advisors, LLC acts as investment banker to the Debtors; and Epiq Corporate Restructuring LLC is claims and noticing agent to the Debtors. FOSSIL CREEK: Seeks to Hire Reed Smith LLP as Counsel ----------------------------------------------------- Fossil Creek A2A Developments LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Reed Smith LLP as counsel. The firm will provide 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 their 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 chapter 11 case, including all of the legal and administrative requirements of operating in chapter 11; (c) take all necessary action to protect and preserve the Debtor's estate, including the prosecution of actions on their behalf, the defense of any actions commended against the estate, and negotiations concerning all litigation in which the Debtor may be involved and objections to claims filed against the estates; (d) prepare, on behalf of the Debtor, motions, applications, answers, orders, reports, and papers necessary to the administration of the estates; (e) appear in the Bankruptcy Court and any appellate courts and before the U.S. Trustee, and protect the interests of the Debtor's estate before such courts and the U.S. Trustee; (f) take any necessary action on behalf of the Debtor to obtain confirmation of the Debtor's plan of reorganization and/or one or more sales of the Debtor's assets; and (g) perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with the chapter 11 case. The firm will be paid at these rates: Partners $1,205 to $1,295 per hour Associates $820 to $845 per hour Legal Staffs $430 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Cooley 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: Michael P. Cooley, Esq. Keith M. Aurzada, Esq. Taylre C. Janak, Esq. REED SMITH LLP 2850 N. Harwood Street, Suite 1500 Dallas, TX 75201 Tel: (469) 680-4200 Fax: (469) 680-4299 Email: mpcooley@reedsmith.com kaurzada@reedsmith.com tjanak@reedsmith.com About Fossil Creek A2A Developments LLC Fossil Creek A2A Developments LLC is a real estate debtor with a single asset, as defined in 11 U.S.C. Section 101(51B). Fossil Creek A2A Developments LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No.: 25-40917) on March 17, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by: Michael P. Cooley, Esq. REED SMITH 2850 N. Hardwood Street Dallas, TX 75201 Tel: (469) 680-4213 E-mail: mpcooley@reedsmith.com FRANCHISE GROUP: Plan Exclusivity Period Extended to September 1 ---------------------------------------------------------------- Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for the District of Delaware extended Franchise Group, Inc., and its Debtor Affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to September 1 and October 29, 2025, respectively. As shared by Troubled Company Reporter, the Debtors explain that these Chapter 11 Cases are undoubtedly large and complex with nearly $2 billion of funded debt obligations, 53 jointly-administered Debtor entities, a complex corporate and capital structure. As such, administering these Chapter 11 Cases requires significant input from the Debtors' management team and advisors on a wide range of complicated matters necessary to bring structure and consensus to a large and complex process. Accordingly, the size and complexity of these Chapter 11 Cases weigh in favor of extending the Exclusivity Periods. Since the Petition Date, the Debtors have paid their undisputed postpetition obligations in the ordinary course or as otherwise provided by Bankruptcy Court order. Importantly the Debtors maintain their ability to continue to pay their bills throughout these chapter 11 cases in light of the liquidity provided by the DIP Facility and through the continued use of cash collateral. Accordingly, this factor weighs in favor of extending the Exclusivity Periods. The Debtors assert that they are not seeking an extension of the Exclusivity Periods to pressure or prejudice any of their stakeholders. The Debtors have been diligently moving these chapter 11 cases forward. The Debtors seek an extension of the Exclusivity Periods to ensure that the Plan goes effective prior to the expiration of the Exclusivity Periods. Co-Counsel to the Debtors: Edmon L. Morton, Esq. Shella Borovinskaya, Esq. Matthew B. Lunn, Esq. Allison S. Mielke, Esq. Shella Borovinskaya, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square 1000 North King Street Wilmington, Delaware 19801 Tel: (302) 571-6600 Fax: (302) 571-1253 E-mail: emorton@ycst.com mlunn@ycst.com amielke@ycst.com sborovinskaya@ycst.com Co-Counsel to the Debtors: KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP Joshua A. Sussberg, P.C. Nicole L. Greenblatt, P.C. Derek I. Hunter 601 Lexington Avenue New York, New York 10022 Telephone: (212) 446-4800 Facsimile: (212) 446-4900 Email: joshua.sussberg@kirkland.com nicole.greenblatt@kirkland.com derek.hunter@kirkland.com - and - Mark McKane, P.C. 555 California Street San Francisco, California 94104 Telephone: (415) 439-1400 Facsimile: (415) 439-1500 Email: mark.mckane@kirkland.com About Franchise Group Inc. Franchise Group, Inc., through its subsidiaries, operates franchised and franchisable businesses including The Vitamin Shoppe, Pet Supplies Plus, LLC, Badcock Home Furniture & More, American Freight, Buddy's Home Furnishings and Sylvan Learning Systems, Inc. Franchise Group, Inc. and its affiliates filed their voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12480) on Nov. 3, 2024, listing $1,000,000,001 to $10 billion in both assets and liabilities. The petitions were signed by David Orlofsky as chief restructuring officer. Willkie Farr & Gallagher LLP and Young Conaway Stargatt & Taylor, LLP are serving as legal counsel, AlixPartners is serving as financial advisor and Chief Restructuring Officer, and Ducera Partners is serving as investment banker to the Company. Paul Hastings LLP is serving as legal counsel and Lazard is serving as investment banker to the first lien ad hoc group. FRUGALITY INC: Gets Extension to Access Cash Collateral ------------------------------------------------------- Frugality, Inc. received second interim approval from the U.S. Bankruptcy Court for the Northern District of Florida, Pensacola Division to use cash collateral. The order penned by Judge Jerry Oldshue, Jr. authorized the Debtor's interim use of cash collateral to pay monthly expenses and court-approved fees. As protection, BayFirst National Bank and other creditors with secured claims on the cash collateral will be granted post-petition replacement liens on personal property, which the Debtor acquired after the petition date. The Debtor may still dispute the validity of any creditor's security interest in its assets. As further protection, BayFirst will continue to receive a monthly payment of $3,000 until confirmation of its Chapter 11 plan. The payment started in April. The next hearing is scheduled for July 11. As of the petition date, the Debtor's assets include personal property worth approximately $139,134.93. The Debtor is operating and generating revenue each month. Aside from BayFirst, the other creditors that may claim to have a security interest in the cash collateral are 8Fig Inc., Bizfund LLC, Fox Funding Group, LLC, Lendocity, Stenn Assets USA Inc., and Vivian Capital. Bay First is in first lien position with respect to the cash collateral. About Frugality Inc. Frugality Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-30177) on March 3, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Jerry C. Oldshue Jr. presides over the case. Byron Wright, III, Esq., at Bruner Wright, P.A. is the Debtor's legal counsel. BayFirst National Bank, as secured creditor, is represented by: Douglas A. Bates, Esq. Clark Partington 125 East Intendencia Street, 4th Floor Pensacola, FL 32502 Phone: (850) 434-9200 Fax: (850) 432-7340 dbates@clarkpartington.com GEORGIA VASCULAR: Hires Keck Legal LLC as Counsel ------------------------------------------------- Georgia Vascular Specialists, P.C. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Keck Legal, LLC as counsel. The firm will render these services: (a) give the Debtor legal advice with respect to its powers and duties; (b) prepare on behalf of the Debtor necessary legal papers; (c) assist examination of the claims of creditors; (d) assist with formulation and preparation of the disclosure statement and plan of reorganization and with the confirmation and consummation thereof; and (e) perform all other legal services for the Debtor. The firm will be paid at these rates: Benjamin R. Keck $465 per hour Jonathan Clements $350 per hour Omar Esquivel $195 per hour Katie Meadows $150 per hour Jackson Grabill $150 per hour Selah Owusu $125 per hour Miguel Quinonez $105 per hour Ashleigh Rucker $95 per hour Silvia Laguado $95 per hour The firm received initial retainers of $100 and $1,900 on December 10 and 16, 2025 and received an additional retainer of $25,000.00 on April 16, 2025. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Keck disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Benjamin Keck, Esq. Keck Legal, LLC 2801 Buford Highway NE, Suite 115 Atlanta, GA 30329 Tel: (470) 826-6020 Email: bkeck@kecklegal.com About Georgia Vascular Specialists, P.C. Georgia Vascular Specialists, P.C. provides vascular medicine and surgical services, including minimally invasive and traditional procedures for arterial, venous, and lymphatic conditions. The practice operates an accredited vascular ultrasound lab, ambulatory wound care services, and vein treatments, and offers inpatient care at Piedmont Hospital and Atlanta Medical Center. Founded in 1989, Georgia Vascular Specialist is based in Georgia. Georgia Vascular Specialists sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55352) on May 13, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. The Debtor is represented by Benjamin Keck, Esq., at Keck Legal, LLC. GILDED GATHERINGS: Hires Bankruptcy Legal Center as Counsel ----------------------------------------------------------- Gilded Gatherings, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Bankruptcy Legal Center as counsel. The firm will provide these services: a. provide Debtor general legal advice with respect to its powers and duties as Debtor-In-Possession and the continued operation of its business and management of its property; b. prepare, on behalf of Debtor-In-Possession, necessary applications, answers, orders, reports, and other legal papers including, without limitation, emergency orders for the operation of the business, including applications and orders for use of cash collateral; and c. perform all other legal services for Debtor as Debtor-In-Possession which may be necessary. The firm will be paid at these rates: James F. Kahn $495 per hour Krystal M. Ahart $395 per hour Paralegal Assistant $195 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. James F. Kahn, Esq., a partner at Bankruptcy Legal Center, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: James F. Kahn, Esq. Bankruptcy Legal Center 301 E. Bethany Home Rd., Suite C-195 Phoenix, AZ 85012-1266 Telephone: (602) 266-1717 Facsimile: (602) 266-2484 Email: James.Kahn@azbk.biz About Gilded Gatherings, LLC Gilded Gatherings, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Ariz. Case No. 2:25-bk-05257) on June 10, 2025. The Debtor hires Bankruptcy Legal Center as counsel. GMS SUNSET: Seeks to Hire Chung & Press PC as Counsel ----------------------------------------------------- GMS Sunset LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Chung & Press, PC as its counsel. The firm will render these services: (a) assist and advise the Debtor relative to the administration of this proceeding; (b) represent the Debtor before the Bankruptcy Court and advise it on all pending litigations, hearings, motions, and of the decisions of the Bankruptcy Court; (c) review and analyze all applications, orders, and motions filed with the Bankruptcy Court by third parties in this proceeding and advise the Debtor thereon; (d) attend all meetings conducted pursuant to section 341(a) of the Bankruptcy Code and represent the Debtor at all examinations; (e) communicate with creditors and all other parties in interest; (f) assist the Debtor in preparing all necessary applications, motions, orders, supporting positions it taken, and prepare witnesses and review documents in this regard; (g) confer with all other professionals and by any other party in interest; (h) assist the Debtor in negotiations with creditors or third parties concerning the terms of any proposed plan of reorganization; (i) prepare, draft, and prosecute the plan of reorganization and disclosure statement; and (j) assist the Debtor in performing such other services as may be in its interest and the estate and perform all other legal services. Daniel Press, Esq., the primary attorney in this representation, will be paid at his hourly rate of $495. Mr. Press 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: Daniel M. Press, Esq. Chung & Press, PC 6718 Whittier Ave, Suite 200 McLean, VA 22101 Tel: (703) 734-3800 Fax: (703) 734-0590 Email: dpress@chung-press.com About GMS Sunset LLC GMS Sunset LLC is classified as a single-asset real estate debtor under 11 U.S.C. Section 101(51B), indicating that its primary business involves owning and operating a single real property asset. GMS Sunset LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-11181) on June 11, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated Liabilities between $100,000 and $500,000. The Debtors are represented by Daniel Press, Esq. at CHUNG & PRESS, P.C. GOLDEN WEST: S&P Withdraws 'CCC-' Issuer Credit Rating ------------------------------------------------------ S&P Global Ratings withdrew its 'CCC-' issuer and issue-level credit ratings on Golden West Packaging Group LLC at the issuer's request. S&P understands that Golden West has continued to meet all debt obligations. At the time of the withdrawal, the outlook was negative. GREAT KITCHENS: Cliffwater Corporate Marks $1.4MM Loan at 86% Off ----------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $1,412,429 loan extended to Great Kitchens Food Company, Inc. to market at $197,740 or 14% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Revolver Loan to Great Kitchens Food Company, Inc. The loan accrues interest at a rate of 10.32% per annum. The loan matures on May 31, 2029. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Great Kitchens Food Company, Inc. Great Kitchens Food Company, Inc. is a leading U.S. manufacturer of private label take-and-bake pizzas and flatbreads. GREENE FAMILY: Jerrett McConnell Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq., at McConnell Law Group, P.A. as Subchapter V trustee for Greene Family Enterprises, LLC d/b/a Rita's Italian Ice. Mr. McConnell will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. McConnell declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jerrett M. McConnell, Esq. McConnell Law Group, P.A. 6100 Greenland Rd., Unit 603 Jacksonville, FL 32258 Phone: (904) 570-9180 Email: info@mcconnelllawgroup.com About Greene Family Enterprises Greene Family Enterprises, LLC, doing business as Rita's Italian Ice, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01910) on June 9, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Jacob A. Brown presides over the case. Donald M. DuFresne, Esq., at Parker & Dufresne represents the Debtor as legal counsel. GRESHAM WORLDWIDE: To Exit Bankruptcy as Hyperscale Subsidiary -------------------------------------------------------------- Hyperscale Data, Inc. announced that the Company and Gresham Worldwide, Inc., currently an affiliated defense business in which the Company holds a majority economic interest, have entered into a comprehensive settlement agreement with Gresham Worldwide's senior secured noteholders in its Chapter 11 bankruptcy proceedings. While the Settlement Agreement is subject to court approval, Gresham Worldwide is expected to emerge from bankruptcy as a subsidiary of the Company on or before October 1, 2025. Upon Gresham Worldwide's emergence from bankruptcy, Hyperscale Data expects to reconsolidate Gresham Worldwide's financial results into its financial statements and anticipates that Gresham Worldwide will contribute up to an additional $10 million in consolidated revenue in the fourth quarter of 2025. If the reconsolidation of Gresham Worldwide had occurred on January 1, 2025, on a pro forma basis, a non-GAAP financial measure, this reconsolidation would have been expected to increase the Company's annualized revenue for 2025 by approximately $40 million. In connection with the anticipated reconsolidation, Hyperscale Data has raised its full-year 2025 GAAP basis revenue guidance to a range of $125 million to $135 million. The table below presents pro forma figures, which are not necessarily consistent with GAAP, that show the expected revenue run rate including an annualized contribution from Gresham Worldwide: Revenue Guidance: a. Previously issued revenue guidance * Low End: $115,000,000 * High End: $125,000,000 b. Pro forma annualized contribution from Gresham Worldwide: $40,000,000 c. Pro forma total revenue * Low End: $155,000,000 * High End: $165,000,000 "The settlement marks a turning point for Gresham Worldwide and reflects the hard work and collaboration of all parties involved," said Milton "Todd" Ault III, Executive Chairman of Hyperscale Data. "We expect Gresham Worldwide's emergence from bankruptcy to create substantial value for Hyperscale Data through meaningful revenue contribution and operational momentum as we move forward. We look forward to supporting Gresham Worldwide's long-term growth and success." 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 legal counsel. The U.S. Trustee appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Stinson, LLP as legal counsel. GRETNA PLUMBING: G. Matt Barberich Named Subchapter V Trustee ------------------------------------------------------------- The Acting U.S. Trustee for Region 13 appointed G. Matt Barberich, Jr. of B. Riley Advisory Services as Subchapter V trustee for Gretna Plumbing and Drain, LLC. Mr. Barberich will be paid an hourly fee of $300 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Barberich declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: G. Matt Barberich, Jr. B. Riley Advisory Services 7101 College Boulevard, Suite 730 Overland Park, KS 66210 Phone: 913-389-9270 Email: mbarberich@brileyfin.com About Gretna Plumbing and Drain Gretna Plumbing and Drain, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Neb. Case No. 25-80549) on June 5, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. John August Ellis, president of Gretna Plumbing and Drain, signed the petition. Lauren Goodman, Esq., at McGrath North, represents the Debtor as legal counsel. GUARDIAN RESTORATION: Cliffwater Marks $3.5M Loan at 60% Off ------------------------------------------------------------ Cliffwater Corporate Lending Fund (CCLFX) has marked its $3,553,444 loan extended to Guardian Restoration Partners Buyer, LLC to market at $1,424,695 or 40% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to Guardian Restoration Partners Buyer, LLC. The loan accrues interest at a rate of 9.05% per annum. The loan matures on November 1, 2031. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Guardian Restoration Partners Buyer, LLC Guardian Restoration Partners LLC partners with and builds exceptional restoration service providers so that every property owner can get the emergency help. GUARDIAN RESTORATION: Cliffwater Marks $533,000 Loan at 93% Off --------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $533,017 loan extended to Guardian Restoration Partners Buyer, LLC to market at $38,731 or 7% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Revolver Loan to Guardian Restoration Partners Buyer, LLC. The loan accrues interest at a rate of 9.06% per annum. The loan matures on November 1, 2031. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Guardian Restoration Partners Buyer, LLC Guardian Restoration Partners LLC partners with and builds exceptional restoration service providers so that every property owner can get the emergency help. HARLING INC: Court Extends Cash Collateral Access to July 2 ----------------------------------------------------------- Harling, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral. The interim order penned by Judge Jacqueline Cox authorized the interim use of cash collateral retroactive to the date of filing the Debtor's Chapter 11 case through July 2. As protection from any diminution in the value of its collateral, Byline Bank was granted a first-priority lien on property acquired by the Debtor after the petition date, including all proceeds and products thereof, to the same extent and with the same priority as its pre-bankruptcy lien. A further hearing is scheduled for July 1. The schedules filed by the Debtor list assets including bank accounts, accounts receivable and miscellaneous furniture, fixtures and equipment valued at $29,137. Byline filed two claims against the Debtor in the total amount of $959,859.68 based on two separate loans it provided to the Debtor. About Harling Inc. Harling Inc. specializes in masonry facade repair, restoration, and building waterproofing services for commercial, industrial, and institutional buildings. It is based in Broadview, Ill. Harling sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-04324) on March 1, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Jacqueline P. Cox handles the case. Joel Schechter, Esq., at the Law Offices of Joel A. Schechter is the Debtor's legal counsel. Byline Bank, as secured creditor, is represented by: Martin J. Wasserman, Esq. Carlson Dash, LLC 216 S. Jefferson St., Suite 303 Chicago, IL 60661 Phone: 312-382-1600 mwasserman@carlsondash.com HELIUS MEDICAL: Hikes 2022 Plan Pool to 7.1M Shares After Offering ------------------------------------------------------------------ Helius Medical Technologies Inc. increased the shares available under its 2022 Equity Incentive Plan to 7.1 million after stockholders approved an amendment tied to a recent public offering, according to a Form 8-K filing with the Securities and Exchange Commission. The amendment, adopted by the Board on April 22, 2025, and approved by stockholders on May 23, 2025, raised the share reserve by 20% of the company's Fully Diluted Shares, effective June 16, 2025 -- ten days after the closing of a registered stock offering. About Helius Medical Headquartered in Newtown, Pennsylvania, Helius Medical Technologies, Inc. (www.heliusmedical.com) is a neurotechnology company dedicated to neurological wellness. The Company's mission is to develop, license, or acquire non-implantable technologies aimed at reducing the symptoms of neurological disease or trauma. Its flagship product, the Portable Neuromodulation Stimulator (PoNS), is an innovative, non-implantable medical device consisting of a controller and a mouthpiece that delivers mild electrical stimulation to the surface of the tongue, offering treatment for gait deficits and chronic balance deficits. In its report dated March 25, 2025, the Company's auditor since 2022, Baker Tilly US, LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has recurring losses from operations and an accumulated deficit, expects to incur losses for the foreseeable future, and requires additional working capital. These factors raise substantial doubt about their ability to continue as a going concern. As of March 31, 2025, the Company had cash and cash equivalents of $1.1 million. For the three months ended March 31, 2025, the Company had an operating loss of $4.0 million, and as of March 31, 2025, its accumulated deficit was $175.5 million. For the three months ended March 31, 2025, the Company had $38,000 of net revenue from the commercial sale of products. The Company expects to continue to incur operating losses and net cash outflows until such time as it generates a level of revenue to support its cost structure. It gives no assurance that it will achieve profitable operations, and, if achieved, whether it will be sustained on a continued basis. As of March 31, 2025, Helius Medical Technologies had $3.5 million in total assets, $2.2 million in total liabilities, and total stockholders' equity of $1.3 million. HENDERSON RECOVERY: C. Jerome Teel Named Subchapter V Trustee ------------------------------------------------------------- The Acting U.S. Trustee for Region 8 appointed C. Jerome Teel, Jr., Esq. at Teel & Gay, PLC as Subchapter V trustee for Henderson Recovery, Inc. Mr. Teel will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Teel declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: B. Jerome Teel, Jr. Teel & Gay, PLC 79 Stonebridge Blvd., Suite B Jackson, TN 38305 Phone: (731) 424-3315 Email: Jerome@tennesseefirm.com About Henderson Recovery Henderson Recovery Inc. provides motor vehicle transportation and towing services. Henderson Recovery sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-22820) on June 9, 2025, with up to $50,000 in assets and $1 million to $10 million in liabilities. Julie Henderson, president of Henderson Recovery, signed the petition. Judge Denise E. Barnett presides over the case. Toni Campbell Parker, Esq., at the Law Firm of Toni Campbell Parker represents the Debtor as bankruptcy counsel. HOMES NOW: Hires Quilling Selander Lownds as Counsel ---------------------------------------------------- Homes Now LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to employ Quilling, Selander, Lownds, Winslett & Moser, P.C. as counsel. The firm will provide these services: a. furnish legal advice to the Debtor with regard to its powers, duties and responsibilities as a debtor-in-possession and the continued management of its affairs and assets under chapter 11; b. prepare, for and on behalf of the Debtor, all necessary applications, motions, answers, orders, reports and other legal papers; c. prepare a subchapter V plan of reorganization and disclosures and other services incident thereto; d. investigate and prosecute preference and fraudulent transfers actions arising under the avoidance powers of the Bankruptcy Code; and e. perform all other legal services for the Debtor which may be necessary herein. The firm will be paid at these rates: Shareholders $275 to $500 per hour Associates $215 to $385 per hour Paralegals $75 to $150 per hour The firm received a retainer from the Debtor in the amount of $25,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. John Paul Stanford, Esq., a partner at Quilling, Selander, Lownds, Winslett & Moser, 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: John Paul Stanford, Esq. Quilling, Selander, Lownds, Winslett & Moser, P.C. 2001 Bryan Street, Suite 1800 Dallas, TX 75201 Tel: (214) 880-1851 Fax: (214) 871-2111 Email: jstanford@qslwm.com About Homes Now LLC Homes Now LLC operates as a lessor of real estate, engaging in the rental and leasing of residential, commercial, and industrial properties. Homes Now LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex.Case No. 25-41516) on May 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtors are represented by John Paul Stanford, Esq. at QUILLING, SELANDER, LOWNDS, WINSLETT & MOSER, P.C. HOTEL THREE: James Bailey Named Subchapter V Trustee ---------------------------------------------------- The Acting U.S. Trustee for Region 8 appointed James Bailey, III of Butler Snow, LLP as Subchapter V trustee for Hotel Three Whiskey, LLC. Mr. Bailey will be paid an hourly fee of $595 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Bailey declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: James E. Bailey III Butler Snow, LLP 6075 Poplar Avenue, Suite 500 Memphis, TN 38119 Phone: (901) 680-7347 Email: Jeb.Bailey@butlersnow.com About Hotel Three Whiskey Hotel Three Whiskey, LLC, doing business as The Cellar Restaurant and Prohibition Bar, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-22768) on June 6, 2025, with up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge M. Ruthie Hagan presides over the case. Steven N. Douglass, Esq., at Harris Shelton Hanover & Walsh, PLLC represents the Debtor as legal counsel. HS SPA: Cliffwater Corporate Marks $250,000 Loan at 50% Off ----------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $250,000 loan extended to HS Spa Holdings, Inc. to market at $124,616 or 50% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to HS Spa Holdings, Inc. The loan accrues interest at a rate of 9.54% per annum. The loan matures on June 2, 2029. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About HS Spa Holdings, Inc. HS Spa Holdings, Inc. is a leading franchisor and operator of spas offering affordable, convenient, and professional massage, skincare and health. HS SPA: Cliffwater Corporate Marks $311,000 Loan at 68% Off ----------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $311,429 loan extended to HS Spa Holdings, Inc. to market at $100,740 or 32% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Revolver Loan to HS Spa Holdings, Inc. The loan accrues interest at a rate of 9.57% per annum. The loan matures on June 2, 2028. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About HS Spa Holdings, Inc. HS Spa Holdings, Inc. is a leading franchisor and operator of spas offering affordable, convenient, and professional massage, skincare and health. HTI INTERMEDIATE: Cliffwater Marks $282,000 Loan at 62% Off ----------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $282,500 loan extended to HTI Intermediate, LLC to market at $107,350 or 38% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Revolver Loan to HTI Intermediate, LLC. The loan accrues interest at a rate of 11.75% per annum. The loan matures on March 1, 2030. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About HTI Intermediate, LLC HTI Intermediate, LLC is a company focused on intelligent manufacturing solutions, particularly in automation systems, material handling, and collaborative robotics. HYPERSCALE DATA: Defense Unit Exit From Bankruptcy to Boost Revenue ------------------------------------------------------------------- Hyperscale Data, Inc. announced that the Company and Gresham Worldwide, Inc., currently an affiliated defense business in which the Company holds a majority economic interest, have entered into a comprehensive settlement agreement with Gresham Worldwide's senior secured noteholders in its Chapter 11 bankruptcy proceedings. While the Settlement Agreement is subject to court approval, Gresham Worldwide is expected to emerge from bankruptcy as a subsidiary of the Company on or before October 1, 2025. Upon Gresham Worldwide's emergence from bankruptcy, Hyperscale Data expects to reconsolidate Gresham Worldwide's financial results into its financial statements and anticipates that Gresham Worldwide will contribute up to an additional $10 million in consolidated revenue in the fourth quarter of 2025. If the reconsolidation of Gresham Worldwide had occurred on January 1, 2025, on a pro forma basis, a non-GAAP financial measure, this reconsolidation would have been expected to increase the Company's annualized revenue for 2025 by approximately $40 million. In connection with the anticipated reconsolidation, Hyperscale Data has raised its full-year 2025 GAAP basis revenue guidance to a range of $125 million to $135 million. The table below presents pro forma figures, which are not necessarily consistent with GAAP, that show the expected revenue run rate including an annualized contribution from Gresham Worldwide: Revenue Guidance: a. Previously issued revenue guidance * Low End: $115,000,000 * High End: $125,000,000 b. Pro forma annualized contribution from Gresham Worldwide: $40,000,000 c. Pro forma total revenue * Low End: $155,000,000 * High End: $165,000,000 "The settlement marks a turning point for Gresham Worldwide and reflects the hard work and collaboration of all parties involved," said Milton "Todd" Ault III, Executive Chairman of Hyperscale Data. "We expect Gresham Worldwide's emergence from bankruptcy to create substantial value for Hyperscale Data through meaningful revenue contribution and operational momentum as we move forward. We look forward to supporting Gresham Worldwide's long-term growth and success." For more information on Hyperscale Data and its subsidiaries, Hyperscale Data recommends that stockholders, investors and any other interested parties read Hyperscale Data's public filings and press releases available under the Investor Relations section at hyperscaledata.com or available at www.sec.gov. About Hyperscale Data Headquartered in Las Vegas, NV, Hyperscale Data, Inc., formerly known as Ault Alliance, Inc., is transitioning from a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact to becoming solely an owner and operator of data centers to support high performance computing services. Through its wholly and majority-owned subsidiaries and strategic investments, Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging artificial intelligence ecosystems and other industries. It also provides, through its wholly owned subsidiary, Ault Capital Group, Inc., mission-critical products that support a diverse range of industries, including an artificial intelligence software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, Hyperscale Data is actively engaged in private credit and structured finance through a licensed lending subsidiary. New York, New York-based Marcum LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. IDEAL PROPERTY: Creditors to Get Proceeds From Liquidation ---------------------------------------------------------- Ideal Property Investments LLC filed with the U.S. Bankruptcy Court for the Eastern District of Washington a Disclosure Statement for Amended Plan of Liquidation dated June 10, 2025. The Debtor is a Washington-state limited liability company formed in September 2019 by Ryan Wear. Ideal is a property holding company; it has had no other operations besides owning and/or leasing real property. In this Chapter 11 Case, the Plan contemplates a liquidation of all the Debtor's assets and is therefore referred to as a "plan of liquidation." The Debtor's assets are primarily (1) cash received during this Chapter 11 case, (2) interest in real properties (the "Real Properties"), and (3) certain Causes of Action as described in the Plan and in this Disclosure Statement. The Causes of Action include, but are not limited to, causes of action, claims, remedies, or rights that may be brought by or on behalf of the Debtor or the Estate under chapter 5 of the Bankruptcy Code and related statutes or common law, as well as any other claims, rights, or causes of action held by the Debtor. The estimated recoveries to Creditors set forth in this Disclosure Statement do not take into account potential proceeds of the Causes of Action because they are unpredictable and highly contingent. Among other things, although the Debtor believes that strong litigation claims exist, the ability to collect any judgment on those claims remains unknown at this time and the Debtor's Plan is designed to allow creditors to pursue those claims and retain all recoveries. The Plan presently contemplates the vesting of all Estate Assets in a Wind-Down Debtor, as well as the appointment of Wind Down CRO, who will administer and liquidate all remaining property of the Debtor and its Estate, subject to the oversight of the Wind Down Oversight Committee Board, all as described more fully in Article IV of this Disclosure Statement. The Plan also provides for Distributions to be made to certain Holders of Administrative Expense Claims, Priority Tax Claims, Priority Claims, Secured Claims, Tax Claims, and General Unsecured Claims, and Claims of the OpCo Entities. The Debtor recognizes that certain investors in the OpCo Entities (the "OpCo Investors") have been placed in a precarious financial position because of the fraudulent scheme conducted by the Debtor's former directors and officers (the "Control Persons"), including Ryan Wear, and the aftermath of the collapse of that scheme in the fall of 2023. The Debtor believes that the structure of the Plan, which would direct distributions to the OpCo Liquidating Trust to then be distributed from their estate to those investors, represents the best outcome of these unfortunate circumstances and importantly, provides the best prospect to maximize the amounts that can be recovered out of the Debtor's estate and for OpCo Investors and other unsecured creditors to receive distributions as soon as possible from the entities against which they hold direct claims. The Schedules and filed Proof of Claims reflect general unsecured claims as of the Petition Date totaling approximately $597,808.04 filed by general trade creditors who claimed to engage in business with the Debtor pre-petition, or otherwise provided services to the Debtor pre-petition. Of that amount, the Debtor believes that at least $356,273.35 of that amount is Disputed. In addition, the Schedules and filed Proofs of Claim reflect additional general unsecured claims as of the Petition Date totaling approximately $167,399,562.32 of Claims made by various investors, contract coparties or creditors of the OpCo Entities. The Plan proposes to channel the claims of the investors or creditors of the OpCo Entities to the distribution to be made to the OpCo Entities through a the OpCo Liquidation Trust. The Plan provides for the Distribution of the proceeds of the liquidation of all Estate Assets to Creditors as contemplated under the Plan. Specifically, this Plan provides for the administration and liquidation of the Debtor's assets by the Wind Down Debtor (or the OpCo Entities, as explicitly provided for in the Plan) for the remaining property of the Debtor including (i) any real properties owned by the Debtor immediately prior to the Effective Date and (ii) the Causes of Action which include, among other things, any and all causes of action, claims, remedies, or rights that may be brought by or on behalf of the Debtor or the Estate under Bankruptcy Code sections 542, 544, 547, 548, 549, 550, 551, or 553, or under related state or federal statutes, or pursuant to any theory or cause of action under common law, regardless whether such action has been commenced prior to the Effective Date. Class 5 consists of the Allowed General Unsecured Claims. Class 5 includes (1) general unsecured creditors of the Debtor, and (2) creditors asserting obligations or litigation claims against the Debtor arising from their obtaining, franchising, or purchasing of goods or services from, or investments with, the OpCo Entities, including the claims of 352 Capital. Many of these creditors have also filed proofs of claim in the OpCo Entities' bankruptcy cases (the "OpCo Bankruptcies"). Under the Debtor's Plan Class 5 creditors are to receive no direct payment out of the Debtor's estate but will receive distributions from the OpCo Bankruptcy Liquidation Trust. Holders of Class 5 Claims shall not receive any direct distribution on account of their Claims but will be entitled to distributions on account of their Claims from distribution by the Debtor to the OpCo Liquidating Trust in accordance with the Plan, on account of, and for the benefit of, the Class 5 and Class 6 Claim Holders. Class 5 is Impaired under the Plan. The Plan provides for the disposition of substantially all the Estate Assets and the distribution of the net proceeds thereof to Holders of Allowed Claims, consistent with the priority provisions of the Bankruptcy Code. The Plan will be implemented by various acts and transactions as set forth in the Plan, including, among other things, the appointment of the Wind Down CRO and Wind Down Oversight Committee, and the making of Distributions by the Wind Down CRO in accordance with the Plan. A full-text copy of the Disclosure Statement dated June 10, 2025 is available at https://urlcurt.com/u?l=jDRJu6 from PacerMonitor.com at no charge. The Debtor's Counsel: Laurie Thornton, Esq. DBS LAW 155 NE 100th St., Suite 205 Seattle, WA 98125 Tel: (206) 489-3802 Email: lthornton@lawdbs.com About Ideal Property Investments Ideal Property Investments, LLC is primarily engaged in renting and leasing real estate properties. The company is based in Everett, Wash. Ideal Property Investments filed Chapter 11 petition (Bankr. E.D. Wash. Case No. 24-01421) on Sept. 5, 2024, with $50 million to $100 million in assets and $100 million to $500 million in liabilities. Judge Frederick P. Corbit oversees the case. Laurie Thornton, at DBS Law, is the Debtor's bankruptcy counsel. IFH FRANCHISEE: Cliffwater Corporate Marks $3.7MM Loan at 71% Off ----------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $3,741,912 loan extended to Infinity Home Services Holdco, Inc. to market at $1,073,971 or 29% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to Infinity Home Services Holdco, Inc. The loan accrues interest at a rate of 9.55% per annum. The loan matures on December 28, 2028. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About IFH Franchisee Holdings LLC IFH Franchisee Holdings LLC is engaged in lending to franchisees in the quick service restaurants. IH 35 TRUCKING: Melissa Haselden Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 7 appointed Melissa Haselden, Esq., at Haselden Farrow, PLLC as Subchapter V trustee for IH 35 Trucking, LLC. Ms. Haselden will be paid an hourly fee of $595 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Meanwhile, the support staff working under her direct supervision will be paid $175 per hour. Ms. Haselden declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Melissa A. Haselden, Esq. Haselden Farrow, PLLC 700 Milam, Suite 1300 Pennzoil Place Houston, TX 77002 Telephone: (832) 819-1149 Facsimile: (866) 405-6038 mhaselden@haseldenfarrow.com About IH 35 Trucking IH 35 Trucking, LLC is a family-owned logistics provider based in Laredo, Texas, offering temperature-controlled and flatbed freight services across North America. It specializes in full truckload, intermodal, and cross-border transportation, with operations extending into Mexico and Canada. Leveraging satellite tracking, Qualcomm communications, and route optimization systems, it delivers tailored long-haul and short-haul logistics solutions for temperature-sensitive goods. IH 35 Trucking sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-50057) on June 6, 2025, with $1 million to $10 million in assets and liabilities. Jorge Pablo Munoz, managing member, signed the petition. Judge Jeffrey P. Norman presides over the case. Carl M. Barto, Esq., at the Law Office of Carl M. Barto represents the Debtor as bankruptcy counsel. IKENE ACQUISITION: Cliffwater Corporate Marks $5.7M Loan at 79% Off ------------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $5,720,554 loan extended to KENE Acquisition, Inc. to market at $1,181,162 or 21% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to KENE Acquisition, Inc. The loan accrues interest at a rate of 9.54% per annum. The loan matures on February 7, 2031. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About KENE Acquisition, Inc. KENE Acquisition, Inc. is a national utility services firm engaged in providing engineering and consulting services to natural gas, electric, and water utilities. INNOVATIVE MEDTECH: Inks $95K Note Deals With 1800 Diagonal ----------------------------------------------------------- Innovative Medtech, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into two securities purchase agreements with 1800 Diagonal Lending LLC, a Virginia limited liability company, pursuant to which the Company sold, and 1800 Diagonal purchased: (i) a convertible promissory note in the principal amount of $66,700 for a purchase price of $58,000, and (ii) a convertible promissory note in the principal amount of $28,750 for a purchase price of $25,000. The Transactions were funded by 1800 Diagonal and closed on June 6, 2025, and on or about May 6, 2025, pursuant to the SPAs, $8,000 was retained by 1800 Diagonal from the purchase price as a legal and due diligence fee, the Company received net funding of $75,000, and the First Note and Second Note were issued to 1800 Diagonal. The SPAs include customary representations, warranties and covenants by the Company and customary closing conditions. The SPAs require that the proceeds from the Transactions be used for general working capital purposes. The First Note matures on March 30, 2026, accrues a one-time interest charge of 12% on the principal amount at issuance, shall be paid in 10 monthly payments in the amount of $7,470.40 beginning on June 30, 2025, and continuing on the 30th of each month thereafter, and is convertible following default into shares of the Company's common stock at the election of the holder at a conversion price equal to the greater of $0.01 or 71% of the lowest closing bid price during the 10 trading days prior to the conversion date; provided, however, that the holder may not convert the First Note to the extent that such conversion would result in the holder's beneficial ownership of the Company's common stock being in excess of 4.99% of the Company's issued and outstanding common stock. The Second Note matures on March 30, 2026, accrues a one-time interest charge of 14% on the principal amount at issuance, shall be paid in monthly installments in the amount of $16,387.50 on November 30, 2025, and $4,096.88 per month on the 30th of each month thereafter, and is convertible following default into shares of the Company's common stock at the election of the holder at a conversion price equal to the greater of $0.01 or 71% of the lowest closing bid price during the 10 trading days prior to the conversion date; provided, however, that the holder may not convert the Second Note to the extent that such conversion would result in the holder's beneficial ownership of the Company's common stock being in excess of 4.99% of the Company's issued and outstanding common stock. Additionally, the holder of each note is entitled to deduct $1,500 from the conversion amount in each note conversion to cover the holder's fees associated with the conversion. The foregoing descriptions of the SPAs, First Note, and Second Note do not purport to be complete and are qualified in their entirety by reference to the full text of those agreements, copies of which are filed as Exhibits 10.1-10.4 to the Report on Form 8-K: https://tinyurl.com/44tt2kz3 About Innovative Medtech Innovative Medtech, Inc., headquartered in Blue Island, Illinois, provides health and wellness services through its RX Vitality digital health app and its subsidiary Sarah Day Care Centers, Inc. SarahCare, acquired in 2021, is an adult day care franchisor with two corporate-owned centers and 23 franchises across 13 U.S. states, offering seniors medical care, daily activities, and other supportive services. In an auditor report dated Oct. 15, 2025, Tampa, Florida-based Astra Audit & Advisory, LLC, the Company's auditor since 2024, issued a "going concern" qualification, citing that the Company has incurred net losses and working capital deficits. These factors, along with the need for additional financing to meet its business plans, raise substantial doubt about the Company's ability to continue as a going concern. For the years ended June 30, 2024 and 2023, the Company reported a net loss of $7,938,897 and $3,647,947, respectively. As of June 30, 2024, the Company maintained total assets of $651,881, total liabilities including long-term debt of $6,134,843 along with an accumulated deficit of $44,561,210. INNOVETIVE PETCARE: Cliffwater Marks $1.9MM Loan at 15% Off ----------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $1,918,068 loan extended to Innovetive Petcare, LLC to market at $1,634,727 or 85% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to Innovetive Petcare, LLC. The loan accrues interest at a rate of 9.44% per annum. The loan matures on June 30, 2028. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 bout Innovetive Petcare, LLC Innovetive Petcare LLC is an operator of general practice and specialty/emergency veterinary hospitals serving small companion animals in the Southeast and Texas. INNOVETIVE PETCARE: Cliffwater Marks $2.7-Mil. Loan at 31% Off -------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $2,750,254 loan extended to Innovetive Petcare, LLC to market at $1,891,100 or 69% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to Innovetive Petcare, LLC. The loan accrues interest at a rate of 9.48% per annum. The loan matures on June 30, 2028. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Innovetive Petcare, LLC Innovetive Petcare LLC is an operator of general practice and specialty/emergency veterinary hospitals serving small companion animals in the Southeast and Texas. INTEGRATED POWER: Cliffwater Corporate Marks $8.6MM Loan at 88% Off ------------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $8,602,086 loan extended to Integrated Power Services Holdings, Inc. to market at $1,066,064 or 12% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to Integrated Power Services Holdings, Inc. The loan accrues interest at a rate of 8.94% per annum. The loan matures on November 22, 2028. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Integrated Power Services Holdings, Inc. Integrated Power Services Holdings, Inc. is a solution provider for driven equipment and power management systems. INTEGRATED POWER: Cliffwater Virtually Writes Off $2.5MM Loan ------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $2,579,122 loan extended to Integrated Power Services Holdings, Inc. to market at $161,192 or 6% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Revolver Loan to Integrated Power Services Holdings, Inc. The loan accrues interest at a rate of 11.00% per annum. The loan matures on November 22, 2027. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Integrated Power Services Holdings, Inc. Integrated Power Services Holdings, Inc. is a solution provider for driven equipment and power management systems. IRWIN NATURALS: Claims to be Paid from Asset Sale Proceeds ---------------------------------------------------------- Irwin Naturals and affiliates submitted a Third Amended Disclosure Statement describing Third Amended Plan of Reorganization dated June 9, 2025. The Plan described in this Disclosure Statement is a liquidating plan, which will be funded by the sale proceeds from the Debtors' pending 363 sale process (the "Sale"). The Plan provides for (a) the appointment of a Liquidating Trustee and creation of the Liquidating Trust that will administer and liquidate all remaining Assets of the Debtors, including certain Cash, Causes of Action which will not be sold, and other Retained Assets, and (b) the distribution of payments by the Debtors or Liquidating Trustee, as the case may be, in accordance with the Plan. The Plan further provides for the cancellation of all equity interests in Irwin Canada, 5310 and DAI, with shareholders of Irwin Canada retaining a beneficial interest in the Liquidating Trust equivalent to their current interest in Irwin Nevada. The Plan also provides for the satisfaction of all Allowed Secured Claims, Allowed Administrative Claims, Allowed Priority Claims and Allowed General Unsecured Claims with the balance of funds/assets going to equity, and provides for the funding of the Liquidating Trust. The Debtors originally planned to reorganize their business; however, the Bankruptcy Court terminated exclusivity pursuant to Bankruptcy Court order entered on March 31, 2025. Subsequently, two parties filed competing plans attempting to acquire the Debtors' business and the Debtors determined that a structured sale process made more sense under the circumstances. Consequently, the Debtors are in the process of seeking Bankruptcy Court approval of a sale process that, if approved, will culminate with a sale hearing on July 29, 2025 at 10:00 a.m. and an estimated sale closing on or around August 1, 2025. The sale proceeds, which are currently estimated to be at least $36 million plus Estate cash estimated to be approximately $5 million, will be used to fund the Plan. The Debtors believe that $41 million is more than sufficient to pay all allowed claims in full and generate a return to equity. Class 3 consists of General Unsecured Claims [Excluding Insider Claims]. Estimated at approximately $5 to $7 million. (This number may change based upon resolution of objections to Disputed Claims). Allowed General Unsecured Claims will be paid in full within fourteen days of the Effective Date (assuming the Liquidating Trustee is in possession of a W-9 for each creditor holding an Allowed Claim).9 With respect to disputed claims, estimated at $_______, $______ will be placed into a reserve account for the benefit of general unsecured creditors. Any surplus shall revert to the Liquidating Trust. Interest shall accrue at the contractual or default state law rate on all Allowed General Unsecured Claims commencing as of the Petition Date. Upon resolution of the Debtors' objections to disputed General Unsecured Claims, the respective claimants shall be paid their Allowed General Unsecured Claim in full within ten days of a final order allowing such claim. This Class is impaired. Class 4 consists of the General Unsecured Claim of Insider Klee Irwin ($1,035,682.49 – plus 4.43% interest). Subordinated to Allowed General Unsecured Claims of non-insiders. Paid in full within fourteen days of the Effective Date after the payment in full of Class 3 Allowed Claims. Class 5 consists of the General Unsecured Claim of Insider Mark Green ($1 million claim upon a New Equity Investor acquiring 50% or more of Irwin Nevada's shares). Subordinated to Allowed General Unsecured Claims of non-insiders. Late filed. If allowed, payment in full after allowance and after payment in full of Class 3 Allowed Claims. The Plan will be funded by the Sale of substantially all of the Debtors' assets, which sale is currently scheduled for July 29, 2025 at 10:00 a.m. On the Effective Date and except for Allowed Claims paid by the Debtors pursuant to the Plan, the Liquidating Trust Assets shall be transferred to the Liquidating Trust. To the extent necessary and subject to the authority set forth in the Liquidating Trust Agreement, the Liquidating Trustee may seek to fund the administration of the Liquidating Trust Assets by way of, without limitation, (i) Cash on hand, (ii) Retained Assets, and (iii) net proceeds (i.e., gross proceeds less all costs expected to be incurred or advanced) from the sale, settlement, or other liquidation or disposition of any of the Liquidating Trust Assets. A full-text copy of the Third Amended Disclosure Statement dated June 9, 2025 is available at https://urlcurt.com/u?l=5y5t7B from Omni Agent Solutions, Inc., claims agent. Counsel to the Debtors: David M. Poitras, Esq. Susan K. Seflin, Esq. Jessica S. Wellington, Esq. BG LAW LLP 21650 Oxnard Street, Suite 500 Woodland Hills, CA 91367 Telephone: (818) 827-9000 Facsimile: (818) 827-9099 Email: dpoitras@bg.law sseflin@bg.law jwellington@bg.law About Irwin Naturals Irwin Naturals is a provider of business support services. Irwin Naturals and affiliates, 5310 Holdings, LLC, DAI US HoldCo, Inc. and Irwin Naturals, Inc., filed Chapter 11 petitions (Bankr. C.D. Calif. Lead Case No. 24-11323) on Aug. 9, 2024. At the time of the filing, Irwin Naturals reported $10 million to $50 million in both assets and liabilities. Judge Victoria S. Kaufman oversees the cases. The Debtors tapped BG Law, LLP as bankruptcy counsel; Beach, Freeman, Lim & Clelland, LLP as accountant; Province, LLC as financial advisor; and Marula Capital Group, LLC as valuation consultant. Omni Agent Solutions, Inc., is the Debtors' administrative agent. The U.S. Trustee for Region 16 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Golden Goodrich, LLP. IVF ORLANDO: Gets Interim OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, is set to hold a hearing on July 8 to consider another extension of IVF Orlando, Inc.'s authority to use cash collateral. The Debtor previously received interim approval to use the cash collateral of its secured creditors to pay the expenses set forth in its budget. The June 16 order granted protection to FNB Community Bank and other secured creditors in the form of a post-petition lien on the cash collateral and insurance coverage for the Debtor's property. Prior to the petition date, the Debtor obtained financing from FNB, which obligation is purportedly secured by a lien on the Debtor's cash and cash equivalents. In addition, there may be other creditors that assert interest in the Debtor's cash equivalents, which interest is inferior to that of FNB. About IVF Orlando IVF Orlando Inc. -- https://theivfcenter.com/ -- is one of the longest established IVF programs in the Winter Park, Orlando, Florida area. IVF Orlando sought relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-05475) on October 8, 2024, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., serves as Subchapter V trustee. Judge Tiffany P. Geyer handles the case. The Debtor is represented by Daniel A. Velasquez, Esq., at Latham Luna Eden & Beaudine, LLP. J NET TRANSPORTATION: Hires Michael Jay Berger as Counsel --------------------------------------------------------- J Net Transportation, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ the Law Offices 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 The firm received from the Debtor 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 Tel: (310) 271-6223 Fax: (310) 271-9805 Email: Michael.Berger@bankruptcypower.com About J Net Transportation, Inc. J Net Transportation, Inc., filed a Chapter 11 bankruptcy petition (Bankr. C.D. Cal. Case No. 2:25-bk-14752) on June 4, 2025. The Debtor hires the Law Offices of Michael Jay Berger as counsel. J.B. POINDEXTER: S&P Affirms 'B+' ICR on Improved Diversity ----------------------------------------------------------- S&P Global Ratings affirmed its 'B+' issuer credit rating on J.B. Poindexter & Co. Inc. (JBP). At the same time, S&P affirmed out 'B+' issue-level ratings and revised its recovery rating to '4' from '3' on the company's existing $600 million senior unsecured notes. The '4' recovery rating indicates its expectation for average (30%-50%; rounded estimate: 40%) recovery in the event of a payment default. S&P said, "The stable outlook reflects our expectation that JBP will reduce its S&P Global Ratings-adjusted leverage below 3.5x through 2026 on the successful integration of Demers, which will support enhanced EBITDA growth and continued positive free operating cash flow (FOCF) generation." JBP recently closed on the acquisition of Demers Braun Ambulance Manufacturer Inc. (Demers), a leading North American ambulance designer and manufacturer, through a transaction valued at $500 million. The company funded the proposed transaction with a new $175 million 364-day senior secured bridge facility, a $100 million draw on its upsized $250 million asset-based lending (ABL) revolver, and about $225 million of cash on hand. S&P said, "Following the acquisition of Demers, we revised our assessment of JBP's business risk profile to fair, which incorporates its enhanced market position, increased exposure to less-cyclical end markets, and improved margin profile. Demers holds a leading market position in the North American ambulance design and manufacturing space (about 50%). The acquisition expands JBP's market position in the commercial and specialty vehicle manufacturing space and improve the diversity of its product portfolio by increasing its exposure to less-cyclical end markets. The spending of the largest customers in the ambulance manufacturing space, which include government-funded emergency medical services (EMS) and qualified ambulance dealers, is not tied directly to economic cycles and is much less volatile than in the other end markets the company operates in. In addition, Demers' high revenue growth rates and multiyear backlog modestly improve both the stability and visibility of JBP's revenue base. Alongside its realization of synergies, we also believe Demers' favorable margins will enable JBP to sustain improved EBITDA margins. "These improvements in the company's business are partially offset by its smaller scale relative to the other companies we rate in the U.S. capital goods space and assess as having fair business risk profiles. In 2024, the average reported revenue among that peer group was roughly $4 billion, which compared with our forecast for JBP's pro forma revenue of less than $3 billion in 2025. In addition, Demers will only account for roughly 25% of the company's pro forma EBITDA. We continue to view JBP's overall business as volatile due to its exposure to highly cyclical end markets. Although we expect the acquisition and management's completed cost-savings actions will improve the company's margins, its margin profile will likely remain lower than those of its other rated peers we assess as having fair business risk profiles. "While JBP's leverage will be pressured in 2025 due to the increase in its debt to fund the acquisition and the decline in its organic revenue, we forecast its leverage will remain below 5.0x. Despite a high single-digit percent decline in its organic revenue this year, we expect the company's efforts to improve its underlying business--including by increasing its productivity rates through plant consolidation and shutdowns in the LEER group, the sale of its underperforming MIC business in May, and other cost savings initiatives--will cause the reported EBITDA margins of its legacy business to contract by less than 100 basis points (bps) in 2025. The combination of a modest contraction in its margin and the organic revenue declines will likely reduce its organic nominal EBITDA in 2025. However, we expect the nominal EBITDA contribution from Demers over the next six months will cause JBP's S&P Global Ratings-adjusted nominal EBITDA to remain relatively flat year over year while it maintains leverage of below 5.0x. "In 2026, we believe a continued improvement in the company's operating leverage, its realization of synergies, and a full year of EBITDA contribution from Demers will improve its S&P Global Ratings-adjusted EBITDA margins to about 11.5%. We expect JBP will increase its organic revenue year over year driven by a rise in U.S. GDP, leading to S&P Global Ratings-adjusted nominal EBITDA of between $330 million and $350 million in 2026 and reduced leverage of well below 4.0x by the end of 2026. "There is a risk that the negative effects of tariffs could lead to a larger reduction in construction and housing starts over the next six months, which would likely cause the company's organic revenue to decline below our current forecast and potentially lead its S&P Global Ratings-adjusted leverage to increase above 5.0x in 2025. If this occurs, we still believe JBP would be able to reduce its leverage below 5.0x in 2026 supported by the improvement in its underlying business and a full year of EBITDA contributions from Demers. "We expect the company will keep the 364-senior secured bridge temporarily and refinance it with incremental senior unsecured debt in the near term. "We assume the company will increase its revenue by the low single-digit percent area in 2025 and by between 15.5% and 16.5% in 2026. We expect JBP's organic revenue will decline by between 9% and 10% in 2025 due to weaker order trends and continued softness in its end markets, which will be more than offset by the incremental revenue from Demers over the next six months. We believe the Morgan business will experience significant declines due to lower fleet orders from Penske and Ryder, while partially offset by increased order volumes at U-Haul. We also expect another large year-over-year drop in Morgan Olson's revenue due to the continued suspension of UPS orders, which will be slightly offset by rising revenue in the second half of the year from increased FedEx demand. In addition, we expect lower nonresidential and residential construction will negatively affect the LEER and Reading businesses, leading to single-digit percent revenue declines in both segments." Demers has expanded its revenue by the double-digit percent area over the past few years, on market share increases in North America (to about 50% in 2024 from about 25% in 2019) and the highly regulated ambulance manufacturing space, causing its demand to outpace its supply. In 2025, S&P believes the incremental revenue from Demers will more than offset the revenue decline across all of JBP's legacy business segments, resulting in a single-digit percent rise in its overall revenue for the year. S&P said, "In 2026, we believe growth in U.S. equipment investment, residential and non-residential construction, and overall GDP will support a rebound in the volumes across the company's legacy business segments. In addition, we expect increased demand from FedEx, coupled with FedEx and other companies picking up volumes from the suspension of UPS deliveries, will solidly improve Morgan Olson's revenue year over year. Specifically, we believe the recovery in the segment's volumes will increase its organic revenue by the low-single digit percent area in 2026. In addition, we expect JBP will focus on expanding Demers' existing capacity, enabling it to convert more of its multi-year backlog. We believe the Demers business is well positioned, given its strong market position, solid multi-year backlog, and the aging North American population, which we expect will support another year of double-digit percent revenue gains in 2026. We expect an increase in JBP's organic revenue, combined with a full year of revenue contributions from Demers, will expand its revenue by the mid-teens percent area in 2026. "The stable outlook reflects our view that JBP's S&P Global Ratings-adjusted leverage will remain below 5.0x in 2025 and improve below 4.0x by the end of 2026, supported by a single-digit percent increase in its revenue, management's cost-savings actions to improve its operating leverage, the favorable EBITDA margin contribution from Demers, and its successful integration of the acquisition. We believe this will provide the company with nominal EBITDA growth and lead to continued positive FOCF generation over the next 18 months. "We could lower our ratings on JBP if we expect its leverage will increase above 5x on a sustained basis or it generates negative FOCF on a sustained basis. This could occur because of a pressured operating performance, a weaker macroeconomic environment, or an inability to successfully integrate the newly acquired Demers business. We could also lower our ratings if JBP's liquidity position materially deteriorates. "We could raise our ratings on JBP if it improves its S&P Global Ratings-adjusted debt to EBITDA below 3x, its FOCF to debt to 5%-10% or higher, and maintains a track record of stable financial performance. This could occur if the company converts its backlog--supported by the sustained improvement in its supply chain--experiences a recovery in its Morgan Olson division, and increases the earnings of its LEER division." JAL OUTLET: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor: JAL Outlet, Inc. Carretera 2, KM 165.2 Hormigueros, PR 00660 Business Description: JAL Outlet, Inc. is a wholesale distributor of motor vehicles and automotive parts operating out of Hormigueros, Puerto Rico. The Company supplies products such as vehicle components, accessories, and related equipment to retailers and service providers. Chapter 11 Petition Date: June 23, 2025 Court: United States Bankruptcy Court District of Puerto Rico Case No.: 25-02796 Judge: Hon. Maria De Los Angeles Gonzalez Debtor's Counsel: Charles A. Cuprill, Esq. CHARLES A. CUPRILL, PSC LAW OFFICES 356 Fortaleza St. (2nd Floor) San Juan, PR 00901 Tel: 787-977-0515 E-mail: cacuprill@cuprill.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jose A. Lugo Alverio as president. 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/4G4TO5I/JAL_Outlet_Inc__prbke-25-02796__0001.0.pdf?mcid=tGE4TAMA JHCC HOLDINGS: Cliffwater Corporate Marks $2.3MM Loan at 62% Off ---------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $2,345,338 loan extended to JHCC Holdings LLC to market at $887,672 or 38% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to JHCC Holdings LLC. The loan accrues interest at a rate of 9.55% per annum. The loan matures on September 9, 2027. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About JHCC Holdings LLC JHCC Holdings, LLC, doing business as Joe Hudson's Collision Center, operates an auto repair collision centers. The Company offers collision and dent repair, automotive painting, rental car assistance, and maintenance services. Joe Hudson's Collision Center serves customers in the United States. JTM FOODS: Cliffwater Corporate Marks $3.6MM Loan at 75% Off ------------------------------------------------------------ Cliffwater Corporate Lending Fund (CCLFX) has marked its $3,616,601 loan extended to JTM Foods, LLC to market at $894,865 or 25% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Revolver Loan to JTM Foods, LLC. The loan accrues interest at a rate of 9.72% per annum. The loan matures on May 14, 2029. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About JTM Foods, LLC JTM Foods, LLC, has been producing lush, premium quality snack pies and other sweet treats in the U.S. KAM REALTY: Amends Duquesne Light Unsecured Claim Pay ----------------------------------------------------- Kam Realty, LLC, submitted an Amended Disclosure Statement to accompany Chapter 11 Plan dated June 9, 2025. The Debtor will continue renting the property (Duplex) at 372 Atlantic Avenue, Monaca, PA 15601. The rent received from the one side is $1,325.00 per month. The other source of income that Debtor receives is from the note receivable and/or the mortgage that is maintained on 6 Deemer Avenue, Forest Hills, PA. The amount of $583.00 is received and will continue to be paid until the $35,000.00 balance is paid off. The monthly plan payment is approximately $2,000.84. American Express in Class 4 will receive a monthly payment of $60.57 over 84 months on its unsecured balance of $5,087.83. Duquesne Light in Class 4 will receive no monthly payment on its claim due to the objection filed by the Debtor and the order of Court dated May 6, 2025. The claim of unsecured creditors is minimal and therefore will be paid at 100% under the Plan, and they would also receive 100% under a Chapter 7 liquidation. The Debtor receives $1,325.00 monthly rent from 372 Atlantic Avenue, Monaca, PA 15061 and $583.00 from a note receivable and/or mortgage payment on the property at 6 Demmer Avenue, Forest Hills, PA 15221 paid by 6 Demmer Avenue, LLC. The Debtor pays about $1,343.87 per year or $111.99 per month for materials on the property at 372 Atlantic Avenue, Monaca, PA 15601 and $592.62 per year or $49.39 per month for insurance on the property of 372 Atlantic Avenue, Monaca, PA 15061. A full-text copy of the Amended Disclosure Statement dated June 9, 2025 is available at https://urlcurt.com/u?l=2I6wui from PacerMonitor.com at no charge. Counsel to the Debtor: Rodney D. Shepherd, Esq. 2403 Sidney Street Suite 208 Pittsburgh, PA 15203 Tel: (412) 471-9670 About Kam Realty LLC Kam Realty, LLC, filed a Chapter 11 bankruptcy petition (Bankr. W.D. Pa. Case No. 24-22697) on Nov. 1, 2024. The Debtor tapped Rodney D. Shepherd, Esq., as counsel. KBP INVESTMENTS: Cliffwater Corporate Marks $27.4M Loan at 16% Off ------------------------------------------------------------------ Cliffwater Corporate Lending Fund (CCLFX) has marked its $27,472,000 loan extended to KBP Investments LLC to market at $23,162,567 or 84% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to KBP Investments LLC. The loan accrues interest at a rate of 10.56%, 0.50% PIK per annum. The loan matures on May 26, 2027. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About KBP Investments LLC KBP Investments, LLC is an investment services company based in Kansas KOLSTEIN MUSIC: Andrew Layden Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 21 appointed Andrew Layden as Subchapter V trustee for Kolstein Music, Inc. Mr. Layden will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Layden declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Andrew Layden 200 S. Orange Avenue, Suite 2300 Orlando, FL 32801 Telephone: 407-649-4000 Email: alayden@bakerlaw.com About Kolstein Music Inc. Kolstein Music, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03511) on June 8, 2025. In the petition signed by Manny Alvarez, sole shareholder, the Debtor disclosed up to $1 million in both assets and liabilities. Judge Tiffany P. Geyer oversees the case. Daniel A. Velasquez, Esq., at Latham Luna Eden and Beaudine LLP, represents the Debtor as legal counsel. LADDER CAPITAL: S&P Rates New $500MM Senior Unsecured Notes 'BB' ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue rating to Ladder Capital Finance Holdings LLLP's proposed issuance of $500 million of senior unsecured notes due 2030. Ladder intends to use the net proceeds for general corporate purposes, which may include the repayment of $288 million senior unsecured notes due October 2025. As of March 31, 2025, the company's debt to adjusted total equity (ATE) was 1.8x, and S&P expects it to remain below 3x as Ladder ramps up originations this year. Pro forma for the transaction and assuming no debt repayment, the company's leverage would rise to 2.1x. Like Ladder's unsecured revolving credit facility, the proposed notes have financial covenant requirements of minimum debt to net worth of 3.50x, a minimum fixed-charge coverage ratio of 1.25x, and minimum unencumbered assets to unsecured debt of 120%. As of March 31, 2025, the unencumbered assets to unsecured debt ratio was 1.84x. S&P said, "The positive outlook on the issuer credit rating reflects our expectation that over the next 12 months, despite challenging conditions in the commercial real estate markets that pressure Ladder's asset quality, the company will work through its older-vintage loans while growing the loan portfolio and keeping debt to ATE below 3x. Our outlook also considers Ladder maintaining its existing funding mix and ample liquidity." LAKE COUNTY: Hires Bach Law Offices Inc. as Attorney ---------------------------------------------------- Lake County Hospitality, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Bach Law Offices, Inc. as attorneys. The firm will provide these services: a. represent the Debtor in matters concerning negotiation with creditors; and b. prepare a plan and disclosures statement, examining and resolving claims filed against the estate, preparation and prosecution of adversary matters, and otherwise to represent each Debtor in matters before the bankruptcy court. The firm will be paid at $425 per hour. The firm received from the Debtor a retainer of $10,000, plus filing fee of $1,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Paul M. Bach, Esq., a partner at Bach Law Offices, Inc., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Paul M. Bach, Esq. Penelope N. Bach, Esq. Bach Law Offices, Inc. P.O. BOX 1285 Northbrook, IL 60062 Tel: (847) 564 0808 About Lake County Hospitality, LLC Lake County Hospitality, LLC operates in the hotel and lodging sector and is associated with properties in Illinois. It manages hospitality assets and has been linked to hotels such as Four Points by Sheraton in Buffalo Grove. Lake County Hospitality sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08293) on May 30, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Timothy A. Barnes handles the case. The Debtor is represented by Paul M. Bach, Esq., at Bach Law Offices. LAWN CARE: Cliffwater Corporate Marks $3.3MM Loan at 75% Off ------------------------------------------------------------ Cliffwater Corporate Lending Fund (CCLFX) has marked its $3,344,000 loan extended to Lawn Care Holdings Purchaser, Inc. to market at $845,880 or 25% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to Lawn Care Holdings Purchaser, Inc. The loan accrues interest at a rate of 9.55%, 0.50% PIK per annum. The loan matures on October 24, 2028. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Lawn Care Holdings Purchaser, Inc. Lawn Care Holdings Purchaser, Inc. is part of an investment group that acquires lawn care businesses or their assets, often as part of a larger consolidation strategy in the lawn care industry. LEGENDS HOSPITALITY: Cliffwater Marks $8MM Loan at 55% Off ---------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $8,059,280 loan extended to Legends Hospitality Holding Company, LLC to market at $3,644,864 or 45% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to Legends Hospitality Holding Company, LLC. The loan accrues interest at a rate of 9.32% per annum. The loan matures on August 22, 2030. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Legends Hospitality Holding Company, LLC Legends Hospitality Holding Company, LLC (Legends) is a leading provider of outsourced facilities services, and consulting for professional and college sports teams, live entertainment venues, and attractions. The company was founded in 2008 by the Dallas Cowboys and New York Yankees organizations to provide a premium gameday food and beverage experience for fans. LIFESTYLE GROUP: Cliffwater Corporate Marks $5.4M Loan at 38% Off ----------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its AUD5,408,746 loan extended to Fitness and Lifestyle Group Bidco Pty. Ltd. to market at AUD3,350,911 or 62% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a First Lien Term Loan to Fitness and Lifestyle Group Bidco Pty. Ltd. The loan accrues interest at a rate of 11.51%, 7.25% PIK per annum. The loan matures on June 30, 2026. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Fitness and Lifestyle Group Bidco Pty. Ltd Fitness & Lifestyle Group is Asia Pacific's leading health & wellness group, with headquarters in Australia. LJB LLC: Court Extends Cash Collateral Access to July 31 -------------------------------------------------------- Mark DeGiacomo, the Chapter 11 trustee for LJB, LLC, received another extension from the U.S. Bankruptcy Court for the District of Massachusetts, Eastern Division, to use cash collateral. The court issued a proceeding memorandum and order authorizing the interim use of cash collateral until July 31 on the same terms and conditions set forth in its March 10 interim order. The bankruptcy trustee may seek further court authorization to access cash collateral if the Debtor's asset sale is not completed by July 31. The Debtor owns and operates several parcels of real estate that constitutes substantially all of its assets. There is in excess of $5 million in equity in the Debtor's real property, and it generates approximately $26,470 in net income each month, exclusive of debt service to its lender, Alpha Debt Partners I, LLC. The equity cushion and the positive cash flow generated by the Debtor's real property provides ample adequate protection for any use of cash collateral. All of the properties are fully insured which provides additional adequate protection to the lender, according to court filings. About LJB LLC LJB, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 24-12236) on November 7, 2024, with $1 million to $10 million in both assets and liabilities. Kenneth L. Brown, manager, signed the petition. Judge Janet E. Bostwick oversees the case. Gary W. Cruickshank, Esq., at the Law Office of Gary W. Cruickshank is the Debtor's bankruptcy counsel. Alpha Debt Partners I, LLC, as lender, is represented by: Alex F. Mattera, Esq. Pierce Atwood LLP 100 Summer Street, 22nd Floor Boston, MA 02110 Telephone: (617) 488-8112 Facsimile: (617) 824-2020 amattera@pierceatwood.com LLW CONSTRUCTION: Seeks Chapter 11 Bankruptcy in Florida -------------------------------------------------------- On June 23, 2025, LLW Construction Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filing, the Debtor reports $1,865,048 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About LLW Construction Inc. LLW Construction Inc., d/b/a Adeline Custom Homes, 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. LLW Construction Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04229) on June 23, 2025. In its petition, the Debtor reports total assets of $63,757 and total liabilities of $1,865,048. Honorable Bankruptcy Judge Roberta A. Colton handles the case. The Debtors are represented by Buddy D. Ford, Esq. at FORD & SEMACH, P.A. LOCALS ONLY: Court Extends Cash Collateral Access to July 17 ------------------------------------------------------------ Locals Only Gifts, LLC received second interim approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee, Chattanooga to use cash collateral. The second interim order penned by Judge Nicholas Whittenburg authorized the Debtor to use cash collateral to pay the expenses set forth in its budget, with a 15% variance allowed. The Debtor was granted a carveout and was authorized to pay from the cash collateral fees and disbursements to bankruptcy professionals; fees and disbursements, including monies to be escrowed, to the Subchapter V trustee; and any fees payable to the Clerk of the Bankruptcy Court. Secured creditors include the U.S. Small Business Administration and Brightbridge, Inc., which assert a lien on the cash collateral. As protection, both creditors were granted replacement liens on the Debtor's post-petition property (excluding avoidance powers) and proceeds thereof, to the same extent and with the same priority as their pre-bankruptcy liens. As further protection, Locals Only Gifts was ordered to keep the secured creditors' collateral insured. A final hearing is scheduled for July 17. As of the petition date, Brightbridge and SBA are the only entities the Debtor is aware of that may rightfully claim a security interest in cash collateral. Based on a lien review conducted by the Debtor prior to the petition date, SBA filed a UCC-1 financing statement on May 13, 2020, with an alleged security interest in substantially all the Debtor's assets. The UCC is believed to be filed in relation to an SBA EIDL loan to Debtor in the initial principal amount of $150,000. As of the petition date, the principal balance of the SBA loan is approximately $150,000. Brightbridge also filed a UCC-1 financing statement on January 27, 2023, with an alleged security interest in substantially all the Debtor's assets, including cash collateral. The UCC is believed to be filed in relation to an SBA-backed business loan to the Debtor in the principal amount of $240,600, with a note dated January 20, 2023, and a principal balance of approximately $232,757.12. About Locals Only Gifts Locals Only Gifts, LLC, a Tennessee limited liability company, operates a retail store that sells locally sourced gifts and goods to the local community. Locals Only Gifts filed Chapter 11 petition (Bankr. E.D. Tenn. Case No. 25-10943) on April 16, 2025, listing between $50,001 and $100,000 in assets and between $500,001 and $1 million in liabilities. Judge Nicholas W. Whittenburg oversees the case. Amanda M. Stofan, Esq., at Farinash & Stofan is the Debtor's legal counsel. Brightbridge is represented by: Douglas R. Johnson, Esq. Johnson & Mulroony, P.C. 428 McCallie Avenue Chattanooga, TN 37402 (423) 266-2300 djohnson@johnsonmulroony.com MAJCO LLC: Cliffwater Corporate Marks $9.7MM Loan at 91% Off ------------------------------------------------------------ Cliffwater Corporate Lending Fund (CCLFX) has marked its $9,799,999 loan extended to Majco LLC to market at $907,841 or 9% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to Legends Majco LLC. The loan accrues interest at a rate of 9.43% per annum. The loan matures on December 3, 2028. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Majco LLC Majco LLC, doing business as Big Brand Tire & Service, retails auto parts. The Company offers new automobile tires, wheels, engine oil, batteries, and other auto parts and accessories, as well as provides repair, washing, and maintenance services. Big Brand Tire & Service serves customers in States of California, Arizona, Colorado, and Nevada. MARIN SOFTWARE: Explores Asset Sale Over Approved Dissolution Plan ------------------------------------------------------------------ Marin Software Incorporated disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it has entered into a non-binding letter of intent with a private equity firm to explore a potential transaction whereby the Counterparty would acquire substantially all of the assets of the Company, which may be through a voluntary reorganization transaction. The Company's Board of Directors believes that the Potential Transaction, if consummated on the terms set forth in the LOI, will result in greater liquidating distributions to the Company's stockholders than the currently contemplated voluntary dissolution of the Company, as described in the Company's Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on May 7, 2025, for a Special Meeting of Stockholders that occurred on June 11, 2025. Entry into Secured Promissory Note On June 6, 2025, the Company issued a demand secured promissory note to an affiliate of the Counterparty, in the principal amount of $300,000, with the Company receiving gross proceeds of $300,000, to be used for the Company's legal and other expenses to pursue the Potential Transaction as contemplated by the LOI. The Promissory Note is secured by the Company's intellectual property, bears interest at a rate of 10% per annum, and has a maturity date of August 5, 2025. The outstanding principal amount and any unpaid accrued interest may be prepaid at any time, upon two business days' notice, without premium or penalty. The Promissory Note includes customary representations, warranties, and covenants and sets forth certain events of default after which the outstanding principal may be declared immediately due and payable in advance of the Maturity Date and an additional default interest rate of 3% per annum will accrue on the then-outstanding balance. The Promissory Note shall be forgiven, and the Company shall have no obligation to repay the Promissory Note in the event that A. (i) the Company does not initiate certain steps related to the Proposed Transaction by June 30, 2025, provided that the Company uses commercially reasonable best efforts with respect thereto, or (ii) the Proposed Transaction is terminated by the Company and the Counterparty or by either of them, other than if the termination of the Proposed Transaction is (x) by the Counterparty (1) due to a material breach of the LOI or a definitive agreement for the Potential Transaction by the Company or (b) the Company's exercise of certain rights not to proceed with the Potential Transaction or (y) by the Company absent a material breach by the Counterparty of the LOI or a definitive agreement for the Potential Transaction; B. the Counterparty elects not to proceed with the Proposed Transaction as a result of the Company's failure to achieve certain milestones; or C. the Company and the Counterparty not reaching an agreement with respect to definitive agreements for the Potential Transaction following good faith negotiations. At the Special Meeting, 488,916 shares of Common Stock voted in favor of the Dissolution Proposal. In addition, the number of shares that voted in favor of the Dissolution Proposal was greater than the number of shares that voted against or abstained on the Dissolution Proposal, and therefore, the Preferred Share was entitled to vote together with the holders of the Common Stock, as a single class, on the matters presented. As a result, the total voting power at the Special Meeting represented 6,377,036 votes. A total of 3,775,059 votes were cast, in person or by proxy, representing 59.20% of the eligible votes, and a quorum was present. At the Special Meeting, stockholders voted on the proposals set forth below, each of which is described in greater detail in the Proxy Statement. The results of the voting at the Special Meeting were as follows: (1) To approve the voluntary dissolution and liquidation of the Company pursuant to a Plan of Dissolution, but subject to the Company's ability to abandon or delay the Plan of Dissolution in accordance with the terms thereof: 1. Common Stock * For: 488,916 * Against: 95,137 * Abstain: 2,488 2. Series A Preferred Stock * For: 3,188,518 * Against: - * Abstain: - 3. Total Votes * For: 3,677,434 * Against: 95,137 * Abstain: 2,488 Pursuant to the foregoing votes, the Dissolution Proposal was approved. (2) To grant discretionary authority to the Company's board of directors to adjourn the Special Meeting, from time to time, to a later date or dates, even if a quorum is present, to solicit additional proxies in the event there are insufficient shares present in person (including virtually) or by proxy voting in favor of the Dissolution Proposal: Here's the information in numeral bullet form without bold words: 1. Common Stock * For: 502,831 * Against: 81,000 * Abstain: 2,710 2. Series A Preferred Stock * For: 3,188,518 * Against: - * Abstain: - 3. Total Votes * For: 3,691,349 * Against: 81,000 * Abstain: 2,710 Pursuant to the foregoing votes, the Adjournment Proposal was approved. The Company is currently exploring a transaction with a private equity firm whereby the Counterparty would acquire substantially all of the assets of the Company, which may be through a voluntary reorganization transaction. In accordance with the Plan of Dissolution, the Company currently plans to delay the filing the Certificate of Dissolution with the Secretary of State of the State of Delaware to negotiate the Potential Transaction in the near term. There can be no assurance that the Potential Transaction will be entered into or ultimately be successful, and the Company may abandon pursuing the Potential Transaction and instead file the Certificate of Dissolution with the Delaware SOS and implement the Plan of Dissolution. About Marin Software Marin Software Incorporated is a provider of digital marketing solutions for search, social, and eCommerce advertising channels, offered as a unified SaaS, advertising management platform for performance-driven advertisers and agencies. The Company's platform is an analytics, workflow, and optimization solution for marketing professionals, enabling them to maximize the performance of their digital advertising spend. The Company markets and sells its solutions to advertisers directly and through leading advertising agencies, and its customers collectively manage billions of dollars in advertising spend on its platform globally across a wide range of industries. As of September 30, 2024, the Company had $12.2 million in total assets, $4.5 million in total liabilities, and $7.7 million in total stockholders' equity. Marin Software's history of recurring losses and negative operating cash flows raise substantial doubt about its ability to continue as a going concern unless it can increase its revenue, further reduce its expenses or raise additional capital to meet its obligations in the near term. As of September 30, 2024, the Company had an accumulated deficit of $351.0 million and cash and cash equivalents of $5.6 million. The losses and accumulated deficit were due largely to declining revenue and the investments the Company has made to attempt to grow its business and acquire customers. Management expects to incur additional losses and experience negative operating cash flows into the foreseeable future. The Company's revenue has decreased over the last several years, decreasing from $24.4 million in 2021, $20.0 million in 2022, to $17.7 million in 2023. Historically, the Company has relied primarily on the sale of its capital stock to fund operating activities. The Company has not yet filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2024. MARRA AIR: Jerrett McConnell Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq., at McConnell Law Group, P.A. as Subchapter V trustee for Marra Air Conditioning Services Inc. Mr. McConnell will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. McConnell declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jerrett M. McConnell, Esq. McConnell Law Group, P.A. 6100 Greenland Rd., Unit 603 Jacksonville, FL 32258 Phone: (904) 570-9180 Email: info@mcconnelllawgroup.com About Marra Air Conditioning Services Marra Air Conditioning Services, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03488) on June 6, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Lori V. Vaughan presides over the case. Jeffrey Ainsworth, Esq., at BransonLaw, PLLC represents the Debtor as bankruptcy counsel. MERCY FALLS: Obtains CCAA Initial Stay Order -------------------------------------------- The Supreme Court of British Columbia granted an order ("Initial Order") under the Companies' Creditors Arrangement Act ("CCAA") for Mercy Falls BC Inc. MNP Ltd. was appointed Monitor of the Company pursuant to the Initial Order. The Company will continue to operate during the CCAA proceedings in accordance with the terms of the Initial Order. No claims procedure has been submitted to, or approved by, the Court and creditors are therefore not required to submit a proof of claim at this time. Should you require any further information, please contact our office at insolvencyclaimstbg@mnp.ca or call 604-689-8939. A copy of the Initial Order and further documents related to the CCAA proceedings can be found on the Monitor's Website at https://mnpdebt.ca/en/corporate/corporate-engagements/mercy-falls-bc-inc. Mercy Falls BC Inc. is a British Columbia-based production company. MIDWEST CHRISTIAN: Seeks to Extend Plan Exclusivity to Sept. 30 --------------------------------------------------------------- Midwest Christian Villages, Inc., and its affiliates asked the U.S. Bankruptcy Court for the Eastern District of Missouri to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to September 30 and November 29, 2025, respectively. The Debtors explain that the requested extension of the Exclusive Periods will enable them to continue to focus on the closing of the remaining sales of their facilities and the ongoing discussions regarding possible Chapter 11 plans for one or more of the bankruptcy estates and/or structured dismissal of one or more of the cases. Further, an extension will allow the Debtors to keep their attention on their operations, and allow for the continued review and analysis of claims and sale of remaining assets, which will be relevant to formulating a chapter 11 plan and drafting a substantive disclosure statement for one or more of the bankruptcy estates. The Debtors cite that they have selected certain Successful Bidders for their Assets. Sales for 9 of the facilities have now closed. Sales for 3 of the other facilities are pending and expected to close in the next week or so. As demonstrated further, granting an extension of the Exclusive Periods will help progress these cases and allow the Debtors to focus on completing the sale process and closing the sales of their facilities. Further, the Debtors are collecting and forwarding certain payor receivables to the applicable buyers post-closing as part of the transition of those facilities. The Debtors are moving forward with final claims processing and rejection of certain remaining executory contracts over this summer. The Debtors assert that the Exclusive Periods established by Congress were incorporated into the Bankruptcy Code to afford a full and fair opportunity for a debtor to propose a chapter 11 plan and solicit acceptances of such plan without the deterioration and disruption of a debtor's business that might be caused by the filing of multiple competing plans. The Debtors are seeking an early extension of the Exclusive Periods in order to ensure that their focus remains on maximizing the value of their estates through the marketing and sale process. Co-Counsel to the Debtors: Stephen O'Brien, Esq. DENTONS US LLP 211 N Broadway Ste 3000 St. Louis, MO 63102 Telephone: (314) 241-1800 Email: stephen.obrien@dentons.com Robert E. Richards, Esq. Samantha Ruben, Esq. DENTONS US LLP 233 S. Wacker Drive, Suite 5900 Chicago, Illinois 60606-6404 Telephone: (312) 876-8000 Email: robert.richards@dentons.com samantha.ruben@dentons.com - and - David A. Sosne, Esq. SUMMERS COMPTON WELLS LLC 903 South Lindbergh Blvd., Suite 200 St. Louis, Missouri 63131 Telephone: (314) 991-4999 Email: dsosne@scw.law 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. MIRAMAR TOWNHOMES: Unsecured Claims Under $1K to Recover 30% ------------------------------------------------------------ Miramar Townhomes SWNG 2 LLC and its affiliates submitted a Second Amended Joint Disclosure Statement in support of Third Amended Joint Plan of Reorganization dated June 9, 2025. The Debtors are each special purpose entities which own separate multi-family properties. The Debtors' own apartment and townhome complexes located in Houston, Texas and share common, indirect ownership. The MTS2 Property was acquired at the height of the most recent real estate boom when rental prices were at historically elevated levels. When the MTS2 Property was acquired, its condition presented numerous operational and financial challenges. At that time, occupancy levels were approximately 96%, turnover was approximately 44%, and collections were approximately 99%. The property was significantly outdated, in only fair condition, and burdened with numerous outstanding code violations. It required substantial repairs, deferred maintenance remediation, and comprehensive modernization to bring it into compliance with applicable standards. For the period from June 1, 2024 through May 31, 2025, the MTS2 Debtor experienced tenant turnover of approximately 31%, representing 15 tenant move-outs. The majority of these move-outs were attributable to routine factors such as tenant relocation, home purchases, and employment changes, rather than financial distress or property-related issues. Importantly, newly leased units have been filled without the rent concessions previously offered, resulting in increased rental income and improved revenue stability. These trends reflect strengthening property performance and support the reasonableness of MTS2 Debtor's revenue projections and the overall feasibility of the Plan. Class 4A consists of MTS2 Debtor's General Unsecured ($1,000 or Less). Approximately $5,640 in general unsecured claims less than $1,000 have been asserted. This Class shall be paid with 45 days of the Effective Date. This Class will receive a distribution of 30% of their allowed claims. Class 4B consists of AST Debtors' General Unsecured ($1,000 or Less). Approximately $6,316.78 in general unsecured claims less than $1,000 have been asserted. This Class shall be paid with 45 days of the Effective Date. This Class will receive a distribution of 30% of their allowed claims. Class 4C consists of Toro Debtor's General Unsecured ($1,000 or Less). Approximately $8,424 in general unsecured claims less than $1,000 have been asserted. This Class shall be paid with 45 days of the Effective Date. This Class will receive a distribution of 30% of their allowed claims. Class 5A consists of MTS2 Debtor's General Unsecured Claims (Greater than $1,000). Approximately $269,072 in general unsecured claims greater than $1,000 have been asserted. his Class shall be paid in quarterly payment over a period of twenty (20) quarters. This Class will receive a distribution of up to 16.38%of their allowed claims. Class 5B consists of AST Debtors' General Unsecured Claims (Greater than $1,000). Approximately $903,038.05 in general unsecured claims greater than $1,000 have been asserted. This Class shall be paid in quarterly payment over a period of twenty quarters. This Class will receive a distribution of up to 19.79% of their allowed claims. Class 5C consists of Toro Debtor's General Unsecured Claims (Greater than $1,000). Approximately $1,017,235.69 in general unsecured claims greater than $1,000 have been asserted. This Class shall be paid in quarterly payment over a period of twenty quarters. This Class will receive a distribution of 17.70% of their allowed claims. The Debtors' ability to continue operations and generate revenue provides the greatest return to creditors holding Allowed Claims. The Debtors project that they will generate a continuing stream of revenue in excess of its expenses and capital requirements which will be available to pay its creditors Allowed Claims. The principals will also provide postconfirmation funding to cover operational shortfalls. The Debtors have prepared their revenue projections utilizing independent, objective market research, including reports and data published by Moody's Analytics for the Houston Market, which are widely recognized as authoritative within the industry. These projections incorporate current market trends, anticipated demand, and economic conditions, and reflect a conservative approach to estimating future revenue. Accordingly, the Debtors believe that the projections are reasonable, credible, and demonstrate that the Plan is not likely to be followed by liquidation or further financial reorganization, thereby satisfying the feasibility requirement. The Debtors also believe that the return to creditors reflected in these projections provides the best return to creditors in the Bankruptcy Cases. A full-text copy of the Second Amended Joint Disclosure Statement dated June 9, 2025 is available at https://urlcurt.com/u?l=I0rv8m from PacerMonitor.com at no charge. The Debtors' Counsel: Melissa A. Haselden, Esq. Elyse M. Farrow, Esq. HASELDEN FARROW PLLC 708 Main Street 10th Floor Houston, Texas 77002 Tel: (832) 819-1149 Email: MHaselden@HaseldenFarrow.com About Miramar Townhomes SWNG 2 Miramar Townhomes SWNG 2, LLC is owned by Miramar Townhomes SWNG GP, LLC and Miramar Townhomes LP SWNG, LLC. Avenue SWNG TIC, 1 and Avenue SWNG TIC, 2 are both owned by The Avenue SWNG, LLC while Toro Place, LLC is owned by Toro Place Holdings, LLC. Miramar owns the Miramar Townhomes located at 2380 Bering Drive, Houston, Texas, while Toro owns the Toro Place Apartments located at 12101 Fondren Road, Houston, Texas. The Avenue SWNG TIC companies own The Avenue Apartments located at 5050 Yale Street, Houston, Texas. On November 27, 2024, the Debtors filed Chapter 11 petitions (Bankr. S.D. Tex. Lead Case No. 24-90608). At the time of the filing, each Debtor reported $10 million to $50 million in assets and liabilities. Judge Christopher M. Lopez handles the cases. The Debtors tapped Melissa A. Haselden, Esq., at Haselden Farrow, PLLC as bankruptcy counsel and O'ConnorWechsler, PLLC as litigation counsel. MODE ELEVEN: Paul Jordan of NP3 Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 19 appointed Paul Jordan of NP3 LLC as Subchapter V trustee for Mode Eleven Bancorp. Mr. Jordan will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Jordan declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Paul A. Jordan, P.E. NP3 LLC - Energy Advisory & Interim Management 5 Tamarade De. Littleton, CO. 80127 (303) 809-1273 About Mode Eleven Bancorp Mode Eleven Bancorp sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Wyo. Case No. 25-20240) on June 9, 2025, listing up to $50 million in assets and up to $10 million in liabilities. Judge Cathleen D. Parker oversees the case. The Debtor tapped Covington & Burling LLP and Markus Williams Young & Hunsicker LLC as counsel. MOVATI ATHLETIC: Cliffwater Corporate Marks $41.1MM at 31% Off -------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its CAD41,198,437 loan extended to Movati Athletic Group, Inc. to market at CAD28,369,938 or 69% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a First Lien Term Loan to Legends Movati Athletic Group, Inc. The loan accrues interest at a rate of 7.73% per annum. The loan matures on May 29, 2030. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Movati Athletic Group, Inc. Movati Athletic Group, Inc. operates fitness clubs that feature hundreds of weekly fitness, yoga, and aquatics classes. MOVATI ATHLETIC: Cliffwater Marks CAD$937,000 Loan at 75% Off ------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its CAD$937,500 loan extended to Movati Athletic Group, Inc. to market at CAD$236,844 or 25% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Revolver Loan to Legends Movati Athletic Group, Inc. The loan accrues interest at a rate of 10.32% per annum. The loan matures on May 29, 2030. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Movati Athletic Group, Inc. Movati Athletic Group, Inc. operates fitness clubs that feature hundreds of weekly fitness, yoga, and aquatics classes. MPIRE REAL: Hires Joy O. Robinson P.C. as Counsel ------------------------------------------------- Mpire Real Estate Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Joy O. Robinson, P.C. as counsel. The firm's services include: -- preparing and filing the Chapter 11 petition, schedules, and related documents; -- advising and representing the Debtor during the meeting of creditors and throughout the case; -- counseling the Debtor in plan formulation and negotiation; -- evaluating lien validity and claims; -- negotiating financing and restructuring; -- drafting motions, applications, and orders; and -- performing such other legal services as may be required in connection with the Debtor's reorganization. The firm will be paid at these rates: Partner $350 per hour Paralegal $95 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Joy P. Robinson, Esq., a partner at Joy P. Robinson, 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: Joy P. Robinson, Esq. Joy P. Robinson, P.C. 9701 Apollo Drive, Suite 100 Upper Marlboro, MD 20774 Tel: (301) 322-3170 Fax: (301) 263-6888 Email: joy@joyrobinsonlaw.com About Mpire Real Estate Holdings, LLC Mpire Real Estate Holdings, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Md. Case No. 25-14069) on May 6, 2025. The Debtor hires Joy O. Robinson, P.C. as counsel. NEW GREATER GENERATION: Gets Interim OK to Use Cash Collateral -------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division issued an interim order authorizing New Greater Generation Family Funeral Group, LLC to use the cash collateral of its secured lenders. The court's order authorized the Debtor's interim use of cash collateral through July 8 in accordance with its budget, which projects total operational expenses of $244,871. As protection for the Debtor's use of their cash collateral, the lenders will be granted post-petition liens on the cash collateral and all other assets acquired by the Debtor after the petition date, to the same extent and with the same priority as their pre-bankruptcy liens. In addition, the Debtor was ordered to pay $6,000 to Itria Ventures, Inc.; $2,000 to GCM Funding, LLC; and $12,500 to Foundation Capital Resources, Inc. The payments are due by June 30. The final hearing is scheduled for July 8. GCM Funding assert interest in the cash collateral pursuant to its 2024 Forward Revenue Purchase Agreement with the Debtor in the original amount of $50,000. Meanwhile, Itria Ventures has interest in the collateral pursuant to 2024 Receivables Sale Agreement in the original amount of $200,000. About New Greater Generation Family Funeral Group New Greater Generation Family Funeral Group LLC operates funeral and cremation services under the name Eternal Rest Funeral Chapel in DeSoto, Texas. The Company is part of a broader network with locations in Dallas, Plano, and Ennis. New Greater Generation Family Funeral Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-32027) on May 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Judge Stacey G. Jernigan handles the case. The Debtor is represented by Marilyn D. Garner, Esq., at the Law Office of Marilyn D. Garner. NEW WORLD: Frances Smith Named Subchapter V Trustee --------------------------------------------------- The U.S. Trustee for Region 6 appointed Frances Smith, Esq., at Ross, Smith & Binford, PC, as Subchapter V trustee for New World Contracting, LLC. Ms. Smith will be paid an hourly fee of $475 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Smith declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Frances A. Smith, Esq. Ross, Smith & Binford, PC 700 N. Pearl Street, Ste. 1610 Dallas, TX 75201 Phone: 214-593-4976 Fax: 214-377-9409 Email: frances.smith@rsbfirm.com About New World Contracting , New World Contracting, LLC is a construction company specializing in public infrastructure projects including schools, parks, historic restorations, highways, bridges, and hospitals. Based in Rockwall, Texas, New World Contracting has worked with government entities such as the U.S. Army Corps of Engineers and the Department of Defense. It was founded in 2013 and is woman-owned, minority-owned, and certified as a disadvantaged business enterprise. New World Contracting sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-31944) on May 28, 2025. In its petition, the Debtor reported total assets of $9,329 and total liabilities of $1,567,984. The Debtor is represented by Kevin S. Wiley, Sr., at WIiley Law Group, PLLC. NIKOLA CORP: Seeks to Extend Plan Exclusivity to September 17 ------------------------------------------------------------- Nikola Corp., and affiliates asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to September 17 and November 17, 2025, respectively. Here, cause exists to extend the Exclusive Periods given the progress the Debtors have made thus far. Having sold significant portions of their assets, the Debtors are looking ahead to their exit from chapter 11 by diligently working with key stakeholders to negotiate and continue preparation of a combined plan and disclosure statement with the goal of proposing a plan to this Court in the coming weeks on a consensual basis. The Debtors explain that extensive resources have been required of them and their professionals to achieve the measures reached thus far in these chapter 11 cases. In light of these circumstances, the Debtors seek the extension described herein to preserve the status quo while they continue to negotiate the combined plan and disclosure statement. If a competing chapter 11 plan is filed during the Exclusive Periods, there would be a disruptive and detrimental effect on these chapter 11 cases and all interested parties. In addition, the filing of any competing plan could greatly complicate and increase the cost of administering these chapter 11 cases. Accordingly, the relief requested will not result in a delay of the plan process and will simply permit the process to move forward in an orderly fashion at significantly less cost to the estates. The Debtors claim that this motion is their first request to extend the Exclusive Periods. In the nearly four months since the Petition Date, the Debtors have addressed critical case issues in an effort to maximize the value of the Debtors' estates and sell substantially all their assets. The complexity of the various issues addressed, and the time, effort, and planning required to obtain the progress made thus far warrant the requested extension of the Exclusive Periods. The Debtors believe that, in light of the progress that the Debtors have made in these chapter 11 cases over the past four months, and the Debtors' efforts to work cooperatively with their stakeholders, it is reasonable and appropriate that the Debtors be granted an extension of the Exclusive Periods. Accordingly, the Debtors submit that this factor weighs in favor of extending the Exclusive Periods. The Debtors assert that they are not seeking the extension of the Exclusive Periods to delay administration of these chapter 11 cases or to exert pressure on their creditors, but rather to facilitate the continued negotiation and formulation of a chapter 11 plan. Thus, this factor also weighs in favor of the requested extension of the Exclusive Periods. The Debtors further assert that termination of the Exclusive Periods would adversely impact their efforts to preserve and maximize the value of the estates and the progress in these chapter 11 cases. In effect, if the Court were to deny the Debtors' request for an extension of the Exclusive Periods, any party in interest would be free to propose an alternative chapter 11 plan for the Debtors. Terminating the Exclusive Periods would only create a chaotic environment and cause opportunistic parties to engage in counterproductive behavior in pursuit of alternatives that are neither value-maximizing nor feasible under the circumstances of these chapter 11 cases. Counsel to the Debtors: M. Blake Cleary, Esq. Brett M. Haywood, Esq. Maria Kotsiras, Esq. Shannon A. Forshay, Esq. Sarah R. Gladieux, Esq. POTTER ANDERSON & CORROON LLP 1313 N. Market Street, 6th Floor Wilmington, Delaware 19801 Tel: (302) 984-6000 Fax: (302) 658-1192 Email: bcleary@potteranderson.com bhaywood@potteranderson.com mkotsiras@potteranderson.com sforshay@potteranderson.com sgladieux@potteranderson.com Joshua D. Morse, Esq. Jonathan R. Doolittle, Esq. PILLSBURY WINTHROP SHAW PITTMAN LLP Four Embarcadero Center, 22nd Floor San Francisco, California 94111-5998 Tel: (415) 983-1000 Fax: (415) 983-1200 Email: joshua.morse@pillsburylaw.com jonathan.doolittle@pillsburylaw.com - and - Andrew V. Alfano, Esq. Caroline Tart, Esq. Chazz C. Coleman, Esq. PILLSBURY WINTHROP SHAW PITTMAN LLP 31 West 52nd Street New York, New York 10019 Tel: (212) 858-1000 Fax: (212) 858-1500 Email: andrew.alfano@pillsburylaw.com caroline.tart@pillsburylaw.com chazz.coleman@pillsburylaw.com About Nikola Corp. Nikola Corporation and affiliates specialize in the design and manufacture of zero-emissions commercial vehicles, including battery-electric and hydrogen fuel cell trucks. The companies operate in two business units: Truck and Energy. The Truck business unit is commercializing heavy-duty commercial hydrogen-electric (FCEV) and battery-electric (BEV) Class 8 trucks that provide environmentally friendly, cost-effective solutions to the short, medium and long-haul trucking sectors. The Energy business unit is developing hydrogen fueling infrastructure to support FCEV trucks covering supply, distribution and dispensing. Founded in 2015, Nikola is headquartered in Phoenix, Ariz. Nikola and nine of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-10258) on February 19, 2025. In the petitions, the Debtors reported total assets as of Jan. 31, 2025 of $878,094,000 and total debts as of Jan. 31, 2025 of $468,961,000. Bankruptcy Judge Thomas M. Horan handles the cases. Potter Anderson & Corroon LLP serves as general bankruptcy counsel to the Debtors, and Pillsbury Winthrop Shaw Pittman LLP serves as bankruptcy co-counsel. Houlihan Lokey Capital, Inc. acts as investment banker to the Debtors; M3 Advisory Partners LP acts as financial advisor to the Debtors; while EPIQ Corporate Restructuring LLC is the Debtors' claims and noticing agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Morrison & Foerster LLP and Morris James, LLP as legal counsels; Ducera Securities, LLC as investment banker; and FTI Consulting, Inc. as financial advisor. NL1 ACQUIRE: Cliffwater Corporate Marks CAD$1.3MM Loan at 66% Off ----------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its CAD$1,330,000 loan extended to NL1 Acquire Corp. to market at CAD$449,121 or 34% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Revolver Loan to Legends NL1 Acquire Corp. The loan accrues interest at a rate of 8.48% per annum. The loan matures on May 26, 2026. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About NL1 Acquire Corp. NL1 Acquire Corp. is a company engaged in the consumer discretionary sector. NL1 ACQUIRE: Cliffwater Corporate Marks CAD$1.9MM Loan at 31% Off ----------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its CAD$1,904,934 loan extended to NL1 Acquire Corp. to market at CAD$1,321,683 or 69% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to Legends NL1 Acquire Corp. The loan accrues interest at a rate of 6.98% per annum. The loan matures on May 26, 2028. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About NL1 Acquire Corp. NL1 Acquire Corp. is a company engaged in the consumer discretionary sector. NL1 ACQUIRE: Cliffwater Corporate Marks CAD$9.6M 1L Loan at 31% Off ------------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its CAD$9,654,031 loan extended to NL1 Acquire Corp. to market at CAD$6,698,164 or 69% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a First Lien Term Loan to Legends NL1 Acquire Corp. The loan accrues interest at a rate of 8.98%, 2.00% PIK per annum. The loan matures on May 26, 2028. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About NL1 Acquire Corp. NL1 Acquire Corp. is a company engaged in the consumer discretionary sector. NORTHPOINT DEVELOPMENT: Hires SVN Chicago as Real Estate Broker --------------------------------------------------------------- Northpoint Development Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ SVN Chicago Commercial as real estate broker. The firm will market and sell the Debtor's real property known as 1800 North Bloomington Street, Streator, Illinois. The firm will be paid a commission of 5 percent of the gross purchase price. 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: Reid Bennett SVN Chicago Commercial 940 W Adams St STE 200 Chicago, IL 60607 Telephone: (312) 529-5793 About Northpoint Development Holdings, LLC Northpoint Development Holdings, LLC is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). It is the fee simple owner of real property located at 1800 North Bloomington St., Streator, Ill., valued at $6.8 million. Northpoint filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 24-13265) on September 9, 2024, with total assets of $6,800,000 and total liabilities of $5,176,241. Keith Weinstein, manager of Greystone Develpment Holdings, LLC, signed the petition. Judge Deborah L. Thorne oversees the case. Gregory K. Stern, Esq., at Gregory K. Stern, P.C. is the Debtor's legal counsel. First National Bank of Ottawa is represented by: Cindy M. Johnson, Esq. Johnson Legal Group, LLC 140 S. Dearborn St., Ste. 1510 Chicago, IL 60603 Tel: (312) 345-1306 Email: Cjohnson@jnlegal.net OAK AND FORT: Gets CCAA Initial Stay Order; KSV as Monitor ---------------------------------------------------------- The Supreme Court of British Columbia entered an order ("Initial Order") granting Oak and Fort Corp., 1282339 BC Ltd., Oak and Fort US Group, Inc., Oak and Fort Enterprise (U.S.), Inc., NYM Merger Holdings LLC, and Oak and Fort California, LLC, relief pursuant to the Companies’ Creditors Arrangement Act ("CCAA"). Pursuant to the Initial Order, KSV Restructuring Inc. was appointed as monitor. On June 9, 2025, the Monitor, as the foreign representative of the Companies, commenced proceedings in the United States Bankruptcy Court for the Southern District of New York pursuant to Chapter 15 of title 11 of the United States Bankruptcy Code, in order to recognize the CCAA proceedings and enforce in the United States, among other things, the Initial Order, including a stay of proceedings. Pursuant to the Initial Order, there is a stay of proceedings until June 16, 2025. An application to the Court is scheduled to be heard on June 16, 2025, to, among other matters, extend the stay of proceedings. The stay of proceedings may be extended, as necessary thereafter, pursuant to further orders of the Court. Relevant information regarding the CCAA proceedings, including a copy of the Initial Order, is available on the Monitor's case website at: https://www.ksvadvisory.com/experience/case/oakandfort. The Monitor will also post on its website any orders issued at the Comeback Hearing, as well as other materials filed with the Court or orders granted in these proceedings. The Monitor can be reached at: KSV Restructuring Inc. Attn: Noah Goldstein Murtaza Tallat Dean Perlman 220 Bay Street, Suite 1300 Toronto, ON M5J 2W4 Email: ngoldstein@ksvadvisory.com mtallat@ksvadvisory.com dperlman@ksvadvisory.com Counsel for the Companies: Fasken Martineau DuMoulin LLP Attn: Kibben Jackson Lisa Hiebert Tiffany Bennett 2900- 550 Burrard Street Vancouver, BC V6C 0A3 Email: kjackson@fasken.com lhiebert@fasken.com tbennett@fasken.com svolkow@fasken.com jbeaulieu@fasken.com Counsel for the Monitor: Bennett Jones LLP Attn: Sean Zweig Jesse Mighton Andrew Froh 2500 Park Place 666 Burrard Street Vancouver, BC V6C 2X8 Email: zweigs@bennettjones.com mightonj@bennettjones.com froha@bennettjones.com morenoe@bennettjones.com Oak and Fort Corp. -- https://oakandfort.com/ -- is a Canadian-based specialty retailer operating on a consolidated basis and offering a broad range of fashion apparel, accessories, jewelry and homeware under the "Oak + Fort" brand through its e-commerce website and retail stores across Canada and the United States. ONDAS HOLDINGS: Airobotics Gets $14.3M Order for Optimus System --------------------------------------------------------------- Ondas Holdings Inc. announced that its subsidiary, Airobotics Ltd., has secured a $14.3 million purchase order from a major defense customer for multiple units of its Optimus System, the Company's advanced autonomous drone platform. The Optimus System enables fully autonomous data captured across a variety of applications, and we believe the system stands out as one of the most advanced platforms available on the market. This order represents Ondas' largest single purchase order for the Optimus System. "We're proud to expand our partnership with a key defense customer through this strategic order," said Eric Brock, Chairman and CEO of Ondas Holdings. "Our Optimus platform is proving to be a critical enabler for modern security operations, particularly in military applications requiring autonomous, round-the-clock coverage to secure borders and strategic facilities under complex and constrained conditions." The purchase order marks a significant milestone in Ondas Holdings' strategic roadmap, underscoring its accelerated expansion into the global defense and homeland security markets. Building on its commitment to deliver advanced autonomous drone solutions, Ondas is focused on leveraging cutting-edge technology to enhance critical infrastructure protection, border security, and strategic surveillance capabilities. This deal validates the competitive strengths and operational maturity of the Optimus System and also reinforces Ondas' position as a trusted provider of sophisticated, autonomous platforms capable of performing in complex, high-stakes military environments. Moving forward, the Company intends to further deepen its relationships with defense customers globally, which should drive revenue growth and expand its market presence through continued innovation and strategic partnerships. "We believe our Optimus System represents the pinnacle of drone-in-a-box technology, providing unmatched autonomy and operational reliability for governmental entities worldwide," said Oshri Lugassy, Co-CEO of Ondas Autonomous Systems. "We see significant potential for further adoption across global defense and public safety sectors, as more agencies recognize the compelling advantages of deploying a robust, fully autonomous aerial platform capable of persistent, real-time monitoring and data collection in demanding operational environments." This purchase order significantly increases Ondas' current revenue backlog to $28.7 million, net of VAT impacts on orders – from $10 million at the start of 2025. The increasing order book and an expanding customer pipeline for Ondas' drone business underscores the growing market adoption of the Company's Optimus and Iron Drone Raider systems and supports the Company's optimistic outlook for sustained growth through 2025 and beyond. About Ondas Holdings Marlborough, Mass.-based Ondas Holdings Inc. provides private wireless data solutions through its subsidiary, Ondas Networks Inc., and commercial drone solutions through Ondas Autonomous Systems Inc. (OAS), which includes wholly owned subsidiaries American Robotics, Inc. and Airobotics LTD. OAS focuses on the design, development, and marketing of autonomous drone solutions, while Ondas Networks specializes in proprietary, software-based wireless broadband technology for both established and emerging commercial and government markets. Together, Ondas Networks, American Robotics, and Airobotics deliver enhanced connectivity, situational awareness, and data collection capabilities to users in defense, homeland security, public safety, and other critical industrial and government sectors. In an audit report dated March 12, 2025, the Company's auditor, Rosenberg Rich Baker Berman, P.A., issued a "going concern" qualification, citing that the Company has experienced recurring losses from operations, negative cash flows from operations and a working capital deficit as of Dec. 31, 2024. As of Dec. 31, 2024, Ondas Holdings had $109.62 million in total assets, $73.68 million in total liabilities, $19.36 million in redeemable noncontrolling interest, and $16.58 million in total stockholders' equity. OVG BUSINESS: S&P Downgrades ICR to 'B-', Outlook Stable -------------------------------------------------------- S&P Global Ratings lowered its issuer credit and issue-level ratings on venue services and hospitality management company OVG Business Services LLC (OVG) to 'B-' from 'B'. S&P's '3' recovery rating is unchanged. The stable outlook reflects S&P's expectation for leverage to remain above 7x over the next 12 months and break-even to slightly positive free operating cash flow (FOCF), while OVG sees steady revenue and EBITDA growth as a result of favorable demand trends in the live entertainment sector, the outsourcing of venue management services, and new contract wins and acquisitions. S&P said, "The rating downgrade reflects our view that OVG's leverage will likely remain above 7x through fiscal year 2026. Despite our forecast for revenue and EBITDA growth, both organically and through acquisitions, we project its S&P Global Ratings-adjusted debt to EBITDA will be in the 8x-9x in fiscal 2025 (ending June 30, 2025), materially above our prior debt leverage forecast of about 7x. The increase in leverage is primarily attributable to a substantial draw on OVG's revolving credit facility to fund a distribution to its management team as part of a previously established equity plan, unbudgeted contract fulfilment costs in its Food & Beverage segment, and, to a lesser extent, the company's growing preferred equity balance, which has a payment-in-kind (PIK) interest feature. "Silver Lake Partners owns preferred stock that is held at the ultimate parent, OVG Holdings LLC. The preferred equity is debt-like based on our criteria. In addition to the preferred stock, we include operating and finance leases as well as contingent payments for acquisition-related obligations in calculating OVG's total debt obligation. We expect FOCF to debt of about 1% in fiscal 2025 compared with our prior forecast of about 7% for the same period, reflecting a recognition of the contract fulfillment costs. "Though OVG's FOCF could weaken further in fiscal year 2026, we believe the company will maintain adequate liquidity. OVG generates good FOCF given its low capital spending requirements. However, unpredictable large cash outflows to fund contract fulfilment expenses will occur in some years, which could pressure cash flow generation. For that reason, we project negligible FOCF to debt (including preferred equity) in fiscal 2025 versus our prior expectation for FOCF to debt of about 7%. Assuming a similar amount of cash outlay for contract acquisition costs in fiscal year 2026, we forecast FOCF to debt of roughly 1%. We view the company's liquidity position as adequate and forecast liquidity sources will cover uses by more than 1.2x in the next 12 months. As of March 31, 2025, the company had $91 million of unrestricted cash on its balance sheet, along with approximately $35 million available under its $250 million revolving credit facility." There is uncertainty around OVG's financial policy, which increases financial risk. Although management has indicated it is actively evaluating repayment options for its revolver, the timing, structure, and funding sources for repayment have not yet been decided. S&P said, "We have not incorporated any equity infusion or other new sources of funds in our base-case scenario. Moreover, debt repayment may be de-prioritized as cash is allocated to support new account wins or contract fulfilment costs and acquisitions, and we believe there is a risk that future distributions could pressure ratings. Lastly, it is uncertain at this time how OVG will refinance the preferred equity (along with accrued interest). We note, however, that OVG's credit agreement does not provide flexibility under the restricted payment covenant specifically for cash payments to the parent to fulfill debt or debt-like obligations in addition to the general restricted payment flexibility." S&P said, "We assume OVG will continue to adhere to its stated financial policies governing the relationship with its parent company Oak View Group LLC (Oak View) and its subsidiaries. OVG is majority owned by Silver Lake Partners through the sponsor's ownership of its parent company, Oak View, which also owns and operates numerous arenas through majority and minority interests in these arenas. OVG is established as a separate credit group. However, OVG's financial performance and funding are independent from Oak View and its owned and operated arena entities (O&O). OVG does not commingle funds, or depend on Oak View or O&O, which are both financed separately. Each individual O&O entity is a project-specific, special-purpose vehicle, which is financed with nonrecourse, project financing debt, and there are no downstream guarantees to these O&O facilities. Therefore, there are no cross defaults or cross guarantees between OVG and O&O. It is also our understanding that there is no other debt within Oak View and O&O other than this nonrecourse debt. We also believe there is a strong economic basis for Oak View to preserve OVG's credit quality given its majority ownership, and we do not expect that, in the event of a default of other Oak View entities, this would directly lead to a default of OVG. "While slower GDP growth and inflation could weigh on secular growth trends in the live entertainment sector, we view OVG's revenue visibility, underpinned by its long-term contracts, as a relative credit strength. We expect the company's operating performance to remain stable over the next 12-18 months, supported by consumer spending weighted toward experiences and ongoing client demand for outsourced venue management services. We forecast revenues and EBITDA will expand in 2025 and 2026 on the back of continued strong demand for live events and new contract wins. "Year-to-date revenues increased 11.3% compared with the same period in fiscal year 2024, driven by the acquisition of The Brewery, a large-scale event venue in London, new account wins, and an increased number of services for some existing OVG clients, with S&P Global Ratings-adjusted EBITDA margins increasing to 10.2%. Higher margins are due to a revenue mix, i.e., a higher percentage of high fee income (sponsorship, venue management, less food and beverage) and a reduction in operating expense. We forecast revenue for fiscal 2026 in the high-single-digit percent area, driven by solid demand for live events, a full year's benefit of new management contracts, and fee escalations, resulting in modest S&P Global Ratings-adjusted EBITDA margin expansion in 2025 and 2026 to 11.5%-12.0%. "The stable outlook reflects our expectation for leverage to remain above 7x and break-even to slightly positive FOCF over the next 12- 18 months, while OVG sees steady revenue and EBITDA growth." S&P could lower its rating on OVG if: -- The company fails to address its revolver borrowings, a growing debt balance causes us to view its capital structure as unsustainable, or the company's interest burden materially increases, causing liquidity to become strained. -- The company significantly underperforms compared with our base-case assumptions due to factors not limited to weakening economic conditions, intensifying competition, reputational damage, increased regulatory scrutiny, or the inability to pass on higher sales and operating costs effectively. S&P could raise OVG's rating if: -- The company addresses the maturities of its preferred equity or otherwise materially reduces the amount of debt outstanding such that S&P Global Ratings-adjusted debt to EBITDA improves to and remains below 7x and FOCF to debt remains above 3%; and -- Operating performance continues to improve through organic and inorganic growth that strengthens scale and geographic diversity. PAW ORIGINS: Paul Jordan of NP3 Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 19 appointed Paul Jordan of NP3, LLC as Subchapter V trustee for Paw Origins, LLC. Mr. Jordan will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Jordan declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Paul A. Jordan, P.E. NP3 LLC - Energy Advisory & Interim Management 5 Tamarade De. Littleton, CO. 80127 (303) 809-1273 About Paw Origins Paw Origins, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Wyo. Case No. 25-20234) on June 5, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Cathleen D. Parker presides over the case. Clark D. Stith, Esq., represents the Debtor as legal counsel. PAW ORIGINS: Seeks to Hire Clark Stith Esq. as Counsel ------------------------------------------------------ Paw Origins LLC seeks approval from the U.S. Bankruptcy Court for the District of Wyoming to employ Clark Stith, Esq. as counsel. Mr. Smith will provide these services: a. preparation of pleadings and applications; b. advice regarding its rights, duties and obligations as a debtor in possession; c. performance of legal services incidental to operation of the Debtor's business; d. negotiation, preparation and confirmation of a plan of reorganization; and e. provision of other necessary and proper action in the preservation and administration of the bankruptcy estate. Mr. Smith will be paid at the rate of $400 per hour. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Smith 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: Clark Stith, Esq. 505 Broadway Rock Springs, WY 82901 Tel: (307) 382-5565 Fax: (307) 382-5552 Email: clarkstith@yahoo.com About Paw Origins LLC Paw Origins LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Wyo. Case No. 25-20234) on June 5, 2025. The Debtor hires Clark Stith, Esq. as counsel. PET RINSE: Final Hearing to Use Cash Collateral Set for July 1 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Missouri is set to hold a hearing on July 1 to consider final approval of Pet Rinse Repeat, LLC's bid to use cash collateral. The Debtor's authority to use cash collateral pursuant to the court's June 3 interim order expires on July 1. The interim order approved the payment of the Debtor's expenses from the cash collateral in accordance with the budget it filed with the court. The Debtor offers protection to Arvest Equipment Finance, a secured creditor, in the form of a replacement lien on cash collateral generated after the petition date and monthly payments totaling $6,167.88 for the three separate loans it obtained from the secured creditor. Arvest asserts a first priority security interest in and liens on the Debtor's assets, including, but not limited to, cash, bank accounts and accounts receivable, which constitute its cash collateral. As of the petition date, Arvest is owed $310,976.79 by the Debtor. About Pet Rinse Repeat LLC Pet Rinse Repeat, LLC operates a mobile and in-store dog grooming and boarding business in the Kansas City area. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 25-40747-btf11) on May 19, 2025. In the petition signed by Amy Ramatowski, managing member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Brian T. Fenimore oversees the case. Erlene W. Krigel, Esq., at Krigel, Nugent + Moore, P.C., represents the Debtor as legal counsel. PHOTO HOLDINGS: S&P Upgrades ICR to 'B-', Outlook Stable -------------------------------------------------------- S&P Global Ratings raised all ratings one-notch including its issuer credit rating on U.S. based personalized picture-related product and service provider Photo Holding LLC (Shutterfly) to 'B-' from 'CCC+'. The stable outlook reflects S&P's view that the company will continue to demonstrate operating improvement, resulting in interest coverage of about 1.5x and adjusted leverage in the low-7x range over the next 12 months. Shutterfly's cash flow generation should support a sustainable capital structure. Free operating cash flow (FOCF), excluding working capital swings, was sufficient to cover all interest expenses, including interest paid-in-kind (PIK) in 2024. More specifically, FOCF of about $71 million in 2024 benefitted from lower cash interest expense of $142 million versus $212 million in 2023, following the conversion of roughly 54% of the company's debt to PIK in 2023, and lower capital expenditure (capex) of $66.0 million (down from $71 million in 2023). Cash flow was temporarily pressured by large working capital outflows of $87 million, reflecting elevated prior-year accruals paid out as bonuses in 2024. Although the timing of working capital can be difficult to predict, S&P expects that over time these will normalize. Therefore, after adjusting for working capital and assuming that PIK interest was cash, the company would have generated about $26 million (after finance lease payments and sale-leaseback payments of about $20 million total). S&P said, "We view this as sufficient to fulfill higher cash interest obligations, combined, and expect capex (excluding capitalized software development costs) of about $35 million annually to drive FOCF of $139 million in 2025 ($50 million to $55 million when adjusted for noncash interest) and $119 million in 2026. Additionally, we believe free cash flow will remain positive even as temporary PIK provisions lapse on its debt and cash interest payments fully resume in 2028. We expect cash interest expense of $160 million-$170 million in 2025 and $180 million-$190 million in 2026, up from $142 million in 2024 and increasing each year with further PIK conversion to cash interest payments. "Weaker-than-expected consumer discretionary spending is a risk to our forecast. On May 1, 2025, S&P Global economists lowered their baseline U.S. consumer spending forecast for 2025 to 2.2% from 2.6%, given macroeconomic uncertainty and reflecting the potential for tariff-led consumer price inflation that could weaken household real disposable income materially. Shutterfly's consumer segment, which contributes more than 60% of total revenue, offers personalized, picture-related products including home decor, prints, and fabrics. If discretionary income tightens, we would expect consumer spending on nonessentials to drop, which would weaken demand and overall results. Therefore, our base-case forecast assumes minimal to no revenue increases in 2025 to account for weaker sequential growth in consumer spending, averaging about 1.3% for the rest of the year. That said, we expect improvement to 1.9% growth for 2026 will drive modestly rising top line of 3%, augmented by stronger sales in Shutterfly Business Solutions (SBS) and from affiliates, particularly Snapfish and Spoonflower. Additionally, direct labor savings, ongoing operating leverage improvement stemming from past cost initiatives, and a more favorable business mix should result in significant adjusted EBITDA margin expansion. "Based on our updated projections, we now expect higher adjusted EBITDA of about $353 million in 2025 to offset a $50 million-$55 million rise in adjusted debt (from PIK interest accrued), reducing S&P Global Ratings-adjusted leverage to about 7.3x in 2025 from 8.6x in 2024. "We assume an extension of the company's revolving credit facility will ensure sufficient liquidity over the next 12-24 months. Shutterfly's revolver comes due in October 2026. We expect the recent earnings growth and trading prices around par should enable the company to extend the revolver maturity before it comes current. Historically, Shutterfly has drawn heavily on its revolver to fund seasonal cash flow deficits typically incurred through the first three quarters of the year. However, with the improvement in earnings in 2024, the company has not yet drawn on the revolver through the first quarter of 2025 and we do not expect it will need to in 2025. Still, if the company cannot extend the revolver maturity, its liquidity cushion would be tighter than we expected in 2026. "The stable outlook reflects our view that the company will generate sufficient cash flow to service debt, with interest coverage of about 1.5x and adjusted leverage in the low-7x range over the next 12 months." S&P could lower the rating on Shutterfly if: -- It is unable to extend the maturity of its revolver and its liquidity position deteriorates to the point where it would depend on favorable business, financial, and economic conditions to meet its financial commitments, absent support from its private-equity sponsor; -- Profitability and cash flow weaken such that S&P considers the capital structure to be unsustainable and a distressed debt exchanged or default as probable; or -- S&P views its capital structure as no longer sustainable over the longer term. While unlikely over the next 12 months due to the company's high adjusted leverage and significant operating risk, S&P could raise the rating on Shutterfly if: -- Profitability continues to improve, such that leverage declines and remains well below 5.5x; and -- FOCF/debt stays comfortably above 5%. PINEAPPLE PROPERTIES: Gets Extension to Access Cash Collateral -------------------------------------------------------------- Pineapple Properties of SA, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to use cash collateral. The court's third interim order authorized the Debtor to continue to use the cash collateral of its lender, South State Bank/U.S. Small Business Administration, to pay the expenses set forth in its budget. The lender's cash collateral consists of cash and accounts receivable generated by the operation of the Debtor's business. As protection for the Debtor's use of its cash collateral, the lender will be granted a replacement lien to the same nature, priority, and extent that it may have had immediately prior to the petition date. In addition, the lender will be granted a replacement lien on and security interest in property acquired by the Debtor on or after the petition date. As further protection, the lender will receive a monthly payment of $4,415.04. The next hearing is set for July 1. As of the petition date, the Debtor owed the lender approximately $590,000. The Debtor had pledged cash collateral to the lender as security for its loan. The pledged cash collateral is crucial for the Debtor's ability to reorganize and maintain business operations. The Debtor estimates the value of its real estate, inventory, equipment, cash, and accounts receivable to be approximately $1.1 million. About Pineapple Properties of SA Pineapple Properties of SA, LLC operates the 44 Spanish Street Inn located in St. Augustine, Fla. Originally built in 1920, the Inn offers guests a historic setting with modern amenities. The Inn has eight guest rooms, each featuring private baths, and provides convenient access to local attractions. Pineapple Properties of SA sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. M.D. Fla. Case No. 25-00647) on March 5, 2025, listing $13,172 in assets and $1,184,420 in liabilities. Brian A. Funk as managing member, signed the petition. Judge Jacob A Brown oversees the case. Bryan K. Mickler, Esq., at Mickler & Mickler is the Debtor's legal counsel. SouthState Bank N.A., as secured creditor, is represented by: Christian P. George, Esq. 50 North Laura Street, Suite 3100 Jacksonville, FL 32202 Telephone: (904) 798-3700 Facsimile: (904) 798-3730 christian.george@akerman.com PIVOTAL ANALYTICS: Court Extends Cash Collateral Access to July 23 ------------------------------------------------------------------ Pivotal Analytics, Inc. received second interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division to use cash collateral. The second interim order penned by Judge Caryl Delano authorized the Debtor's interim use of cash collateral until July 23 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 senior lender, UDLR Capital, LLC. As protection, UDLR was granted replacement liens on the Debtor's real and personal property, with the same validity, extent and priority as its pre-bankruptcy liens. Other creditors may receive conditional replacement liens if their interest in the cash collateral is later determined by the court to be superior in priority to the senior lender's. The next hearing is scheduled for July 23. As of the petition date, the scheduled value of the Debtor's cash and cash equivalents totals $76,000, and the Debtor's scheduled accounts receivable have a face value totaling $332,765. About Pivotal Analytics Inc. Pivotal Analytics Inc. is a data analytics and insights company seeking to redefine how healthcare systems and their partners identify growth opportunities and optimize real estate investment decisions in a value-based care market. The Company offers a range of services, including market evaluation, competitive analysis, and assessments of consumer demand, provider supply, and productivity. These insights help optimize healthcare assets and services. Pivotal Analytics sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00608) on April 7, 2025. In its petition, the Debtor reported total assets of $760,589 and total liabilities of $5,105,176. Judge Caryl E. Delano handles the case. Michael Dal Lago, Esq., at Dal Lago Law is the Debtor's bankruptcy counsel. UDLR Capital, LLC, as senior lender, is represented by: Benjamin B. Brown, Esq. Quarles & Brady LLP 1395 Panther Lane, Suite 300 Naples, FL 34109 239-659-5026 Benjamin.Brown@quarles.com PRIME MARKETING: Unsecureds Will Get 1.7% of Claims in Plan ----------------------------------------------------------- Prime Marketing, LLC, submitted an Amended Plan of Reorganization for Small Business under Subchapter V. This Plan is a reorganizing plan. As described in detail, all allowed claims will be paid on a pro rata basis from the Debtor's cash on hand as of the Effective Date and revenues generated by the Debtor's ongoing business activities over the 40-month period following the Bankruptcy Court's confirmation of the Debtor's Plan and the Debtor's commencement of making Payments under the Plan. Overall, the Debtor has been performing well during the course of this Case. As is shown on the Debtor's Profit and Loss statement for the first four months of 2025, the Debtor has generated net income during this period totaling $89,233.66. However, the Debtor's net income during this period is artificially inflated because the Debtor has not been required to make any payments of professional fees and costs associated with its bankruptcy case accrued during this period. Nevertheless, the financial projections for the ongoing operation of the Debtor's business, show that the Debtor will be able to pay the administrative expenses of its bankruptcy Estate (including the fees and costs of its professionals), pay its post-petition and post-confirmation operating expenses, and make quarterly pro rata distributions to its General Unsecured Creditors in the amount of $7,000 each, and with a final quarterly payment of $9,000 at the end of its Plan payment period. Thus, over the Plan payment period, the Debtor will pay all of its accrued professionals fees and costs and will distribute a total of $100,000 to General Unsecured Creditors. Although the $598,902.00 total that the Debtor will pay under its Plan significantly exceeds its projected net disposable income of $298,776 over the 40-month Plan payment period, the Debtor should have sufficient cash to make all payments required of it under its Plan. If necessary, Leonard Aguilar, the sole owner and managing member of the Debtor's co-managing member Fath, LLC, will make a loan to the Debtor of up to $50,000 to sustain the Debtor's business operations and Plan payments. The payments to administrative professionals and pro rata distributions to its prepetition unsecured creditors will be made from the Debtor's cash on hand as of the Effective Date of the Plan, and revenues generated from the ongoing operation of the Debtor's business and, if necessary, the aforementioned loan by Mr. Aguilar to the Debtor. Class 1 consists of General Unsecured Claims. Allowed general unsecured claims will receive 13 quarterly payments each in the amount of $7,000.00 and a final quarterly payment of $9,000.00 over the 40-month duration of the Plan (totaling $100,000 over the entire duration of the Plan), which will equals approximately 1.7% of the total amount of Class 1 Claims. Class 1 creditors will receive pro rata quarterly payments beginning the first month following the Effective Date. In this case, it is anticipated that the first quarterly payment to creditors in this Class will be made in September of 2025. The Reorganized Debtor shall have the right to pay the allowed claims in Class 1 in full at any time without premium or penalty of any kind. The allowed unsecured claims total $5,914,943.80. This Class is impaired. This is a reorganizing Plan. In other words, the Debtor intends to make payments under the Plan from its cash on hand as of the Effective Date, and through the proceeds generated by the ongoing operation of its business following the Effective Date. A full-text copy of the Amended Plan dated June 10, 2025, is available at https://urlcurt.com/u?l=Gdscei from PacerMonitor.com at no charge. General Counsel for the Debtor: Jeffrey I. Golden, Esq. Christopher A. Minier, Esq. GOLDEN GOODRICH, LLP 3070 Bristol Street, Suite 640 Costa Mesa, CA 92626 Tel: (714) 966-1000 Fax: (714) 966-1002 Email: jgolden@go2.law cminier@go2.law General Local Counsel for the Debtor: L. Edward Humphrey, Esq. Patrick O'Rourke, Esq. HUMPHREY O'ROURKE PLLC 201 W. Liberty Street, Suite 350 Reno, Nevada 89501 Tel: (775) 420-3500 Fax: (775) 683-9917 Email: ed@hlawnv.com patrick@hlawnv.com About Prime Marketing Prime Marketing, LLC, is a provider of smart IT tools for a business of global organizations of any sizes. From developing exclusive strategies to delivering the products, services and expertise, the company helps its clients' business run more competently and revise through technology Solutions. Prime Marketing filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nev. Case No. 24-50091) on Jan. 29, 2024, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Katharine M. Samson oversees the case. The Debtor tapped Jeffrey I. Golden, at Golden Goodrich, LLP as bankruptcy counsel; L. Edward Humphrey, Esq., at Humphrey O'Rourke, PLLC as local counsel; and Theodore Slater, at Slater Law, APC as special litigation counsel.` PRO MACH: S&P Raises ICR to 'B' on Solid Projected Credit Metrics ----------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on packaging machinery manufacturer and aftermarket products and services provider Pro Mach Group Inc. to 'B' from 'B-'. At the same time, S&P raised its issue-level ratings on the company's revolving credit facility and first-lien term loan to 'B' from 'B-'. The '3' recovery rating is unchanged. The stable outlook reflects S&P's expectation that Pro Mach will maintain S&P Global Ratings-adjusted leverage below 7x during the next 12 months even as it pursues modest tuck-in acquisitions. Pro Mach's increased EBITDA base supports the 'B' rating and should keep adjusted debt-leverage below 7x. Across the last five-years, its revenues and S&P Global Ratings-adjusted EBITDA have more the doubled. Revenue increased 15% in 2024 and S&P Global Ratings-adjusted EBITDA 33%. The company's expansion in scale is buoyed by a mix of organic and inorganic activity. Pro Mach has invested significantly toward its merger and acquisition strategy during this period and maintained average adjusted EBITDA margins, similar to those of a wider range of capital goods peers. Including debt-funded acquisitions or shareholder returns, S&P expects the company's S&P Global Ratings-adjusted EBITDA base of about $400 million - $450 million should support sustained leverage well below 7x, which is appropriate for the current rating. The company's ability to generate positive free operating cash flow (FOCF) supports its growth by acquisition strategy. S&P said, "We expect Pro Mach will continue to pursue inorganic expansion opportunities, using a combination of internally generated cash and revolver draws as it strengthens its capabilities across the fragmented packaging and processing industry. Its low capital expenditure (capex) needs, about 2% of revenues, and solid projected earnings support our view of continued positive FOCF. While its interest burden is somewhat onerous given its large outstanding debt balance and floating interest costs, we forecast FOCF to debt in the mid- to high-single-digit percent area during upcycles and in the low-single-digit area in downcycles, mainly because of increased working capital needs to support its aftermarket business." Pro Mach's large aftermarket business should provide earnings stability through the cycle. S&P estimates the aftermarket business to contribute about 50% of consolidated revenues, fueled by the company's increased installed base. Contribution from this higher-margin business should provide earnings stability when capital investments lag or new equipment orders slow. S&P said, "While not in our base case, we acknowledge the increasing uncertainty caused by evolving U.S. trade policy and its potential impact on U.S. economic activity, including increased caution around capital investments. Nonetheless, given Pro Mach's high aftermarket mix and solid credit metrics, we believe there is sufficient ratings cushion if demand is weaker than our base case scenario for the next 12-18 months." S&P Global Ratings believes there is a high degree of unpredictability around policy implementation by the U.S. administration and possible responses—specifically with regard to tariffs—and the potential effect on economies, supply chains, and credit conditions around the world. S&P said, "As a result, our baseline forecasts carry a significant amount of uncertainty, magnified by ongoing regional geopolitical conflicts. As situations evolve, we will gauge the macro and credit materiality of potential shifts and reassess our guidance accordingly." S&P said, "We believe adjusted leverage will settle above 5x. Affiliates of Leonard Green & Partners and BDT Capital Partners own Pro Mach. Our assessment of the company's financial risk reflects corporate decision-making that prioritizes the interests of its controlling owners. This is in line with our view of most rated entities owned by private-equity sponsors. Our assessment also reflects controlling owners generally finite holding periods and focus of maximizing shareholder returns. Though we anticipate adjusted leverage will fall below 5x during 2025, we believe Pro Mach will use debt (along with available cash) to fund opportunistic mergers and acquisitions and shareholder returns that will likely increase its S&P Global Ratings-adjusted leverage above 5x. "The stable outlook on Pro Mach reflects our view that its S&P Global Ratings-adjusted leverage will remain below 7x over the next 12 months, even as the company pursues growth by acquisition." S&P could lower its rating on Pro Mach if: -- S&P Global Ratings-adjusted leverage increases above 7x and remains there without clear prospects for improvements; or -- The company records consistent FOCF deficits. While unlikely over the next 12 months, S&P could raise its rating on Pro Mach if: -- Adjusted leverage improves below 5x; and -- Its owners commit to maintaining such leverage, including while pursuing mergers, acquisitions, and shareholder returns. PROFESSIONAL MAIL: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Professional Mail Services, Inc. 2012 TW Alexander Drive Suite C Durham, NC 27709 Business Description: Professional Mail Services, Inc. provides billing, printing, and mailing services, offering end-to-end solutions that include First Class mail, direct mail, offset printing, fulfillment, and high-speed laser printing. The company serves clients across various industries and integrates technology with in-house programming to support document management and customer service needs. Chapter 11 Petition Date: June 23, 2025 Court: United States Bankruptcy Court Eastern District of North Carolina Case No.: 25-02371 Judge: Hon. Pamela W. Mcafee Debtor's Counsel: Danny Bradford, Esq. PAUL D. BRADFORD, PLLC 455 Swiftside Drive Suite 106 Cary, NC 27518-7198 Tel: (919) 758-8879 Fax: (919) 803-0683 E-mail: dbradford@bradford-law.com Total Assets: $1,412,148 Total Liabilities: $7,299,380 Paul Hamilton, III signed the petition as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MNSI47Y/Professional_Mail_Services_Inc__ncebke-25-02371__0001.0.pdf?mcid=tGE4TAMA QIN'S BUFFALO: Cliffwater Corporate Marks $1MM Loan at 58% Off -------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $1,038,001 loan extended to Qin's Buffalo, LLC to market at $437,257 or 42% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to Qin’s Buffalo, LLC. The loan accrues interest at a rate of 10.07% per annum. The loan matures on May 5, 2027. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Qin’s Buffalo, LLC Qin's Buffalo, LLC is passionate about providing customers with the highest quality food and service. QUANTUM HEALTH: S&P Alters Outlook to Positive, Affirms 'B-' ICR ---------------------------------------------------------------- S&P Global Ratings revised the outlook on Quantum Health Inc. to positive from stable and affirmed its 'B-' issuer credit rating on the company. S&P said, "At the same time, we affirmed our 'B-' issue-level rating, with a '3' recovery rating, on Quantum's existing first-lien term loan and revolver and assigned our 'B-' issue-level rating and '3' recovery rating to the company's new $100 million incremental first-lien term loan. The '3' recovery rating reflects our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of default. "The positive outlook reflects our expectation that Quantum's margin improvement will further aide cash flow, although we expect the company could maintain S&P Global Ratings-adjusted leverage above 5x. "We expect the Embold acquisition will increase Quantum's scale and create additional selling opportunities with both existing and new customers. Embold specializes in health care analytics and provider solutions. The acquisition will provide Quantum with enhanced provider search capabilities, particularly regarding quality analytics. We also expect Embold's AI capabilities will enable members to find the highest quality and lowest cost providers. This could benefit Quantum since about 5% of its revenues are tied to performance measures split between achieving cost-saving targets and plan-participant satisfaction. The combination will also increase Quantum's membership base to 8 million members nationwide, up from the current membership of about 3 million. "We anticipate the acquisition will increase Quantum's leverage in 2026 (fiscal-year ending Feb. 28) above our previous expectation of 4.0x-4.5x. Although Quantum has reduced leverage in recent years to its current level of 3.9x in 2025 due to rapid EBITDA growth, it has not yet demonstrated a track record that it will sustain lower leverage. In addition, S&P Global Ratings believes the company could consider other debt-financed acquisitions or debt-financed sponsor dividends. "The company has limited scale and a narrow focus on care coordination services in a market dominated by large health insurance companies. Our rating on Quantum reflects the company's small scale and narrow focus as a third-party provider of care navigation and care coordination services to self-insured employer health insurance plans in the U.S. It also reflects the inherent vulnerability of competing with giant health insurance companies that provide related services (and their affiliates that administer self-insured plans). Although we expect limited instances of customers moving to competitors, we continue to believe the greatest risk to the company's business model is the potential for insurers to exclude third-party service providers, such as Quantum, from handling part of their insurance-administration contracts with employers. That said, we believe health insurers have competitive disadvantages given participant satisfaction and distrust of care coordination efforts managed directly by the insurance company. "Quantum's 2025 revenue growth of 14% surpassed our expectations of about 11%, although we expect 2026 revenues will grow at about 8.5%-9.0%, including a partial year contribution from Embold. This revenue growth assumption includes about a 2% revenue increase in the base business, in line with our previous expectations. Although we anticipate membership retention will remain stable and exceed 90%, we expect contract renewals might lag as customers (employers offering health plans) slow decision-making in the face of macroeconomic uncertainty. Further decline in contract renewals could adversely affect our view of the company's business risk profile. However, Quantum's multiyear contracts (typically three-year terms) help guarantee volumes and good contract retention rates. We expect the company will maintain a strong backlog in fiscal 2026 and that fiscal 2027 revenue growth will remain relatively stable at 8%-9%. "We expect margin enhancements from technology investments and operational improvements will lead to strong free operating cash flow generation in 2026 and 2027. Quantum generated S&P Global Ratings-adjusted EBITDA margins of 21% in 2025, compared with our previous expectation of 19%-20%. We believe the company will continue to realize operating efficiencies from its cost-saving initiatives in 2026. Inclusive of costs related to Embold, we expect Quantum will generate adjusted EBITDA margins of about 21.5% in 2026 and 23%-24% in 2027. As a result of improved profitability, the company became cash flow positive in fiscal 2025. We anticipate the company could generate reported free operating cash flow (FOCF) of $30 million-$35 million in 2026 and $40 million-$45 million in 2027. This compares favorably with FOCF of $27 million in 2025. "We expect the additional interest expense from the incremental first-lien term loan will have minimal impact on Quantum's cash flow generation. In addition, we expect the company will maintain adequate liquidity over the next 12 months, mainly backed by availability under its revolver (which matures in December 2027) of about $85 million ($5 million outstanding) as of Feb. 28, 2025. "The positive outlook on Quantum reflects the possibility for an upgrade if the company meets our base-case forecast for growth and it sustains reported FOCF to debt above 3%. However, the company might keep leverage elevated, whether via additional debt-financed acquisitions or dividend payments. "We could consider revising the outlook to stable over the next 12 months if the company's growth prospects weaken, including the potential continuation of lagging renewal rates or increased competitive pressures weighing on margins, or if reported FOCF to debt declines below 3% for a sustained period. We could also revise the outlook if the company undertakes excessive shareholder-rewarding activities or pursues a more aggressive acquisition strategy that increases its leverage. "We could raise our rating to 'B' if the company meets our expectation for organic growth such that it sustains its reported FOCF-to-debt ratio above 3%." QUICK QUACK: Cliffwater Corporate Marks $8.1MM Loan at 30% Off -------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $8,166,666 loan extended to Quick Quack Car Wash Holdings, LLC to market at $5,750,896 or 70% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw to Quick Quack Car Wash Holdings, LLC. The loan accrues interest at a rate of 9.07% per annum. The loan matures on June 10, 2031. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Quick Quack Car Wash Holdings, LLC Quick Quack Car Wash Holdings, LLC is a company that provides exterior car washes based in Roseville, California. QVC GROUP: Regains Nasdaq Compliance on Bid Price Rule ------------------------------------------------------ As previously disclosed, QVC Group, Inc. received written notice from The Nasdaq Stock Market of its non-compliance with the minimum bid price requirement for continued listing of the Company's Series A common stock and was given until June 9, 2025, to comply with the minimum bid price requirement for continued listing of QVCGA, subject to the Company's confirmation that, if necessary to regain compliance with the Minium Bid Price Requirement prior to the Compliance Date, the Company would effect a reverse stock split of QVCGA. As previously disclosed, the Company effected a reverse stock split of QVCGA and the Company's Series B common stock at a ratio of 1-for-50 after market close on May 22, 2025. On June 9, 2025, the Company received written notice from Nasdaq that it had regained compliance with the Minimum Bid Price Requirement prior to the Compliance Date, as the closing bid price for QVCGA had been $1.00 or greater for the prior 10 consecutive business days (from May 23, 2025 to June 6, 2025). About QVC Group QVC Group, Inc., formerly known as Qurate Retail, Inc. -- https://www.qvcgrp.com/ -- owns interests in subsidiaries and other companies which are primarily engaged in the video and online commerce industries. Through our subsidiaries and affiliates, we operate in North America, Europe and Asia. Its principal businesses and assets include our consolidated subsidiaries QVC, Inc., Cornerstone Brands, Inc., and other cost method investments. As of Dec. 31, 2024, QVC Group had $9.24 billion in total assets, $10.13 billion in total liabilities, and $885 million in total stockholders' equity. * * * In June 2025, Fitch Ratings has downgraded QVC Group, Inc.'s (QVC) Long-Term Issuer Default Rating (IDR) to 'CCC+' from 'B-'. The downgrade reflects heightened risk regarding QVC's ability to stabilize operations and support its capital structure amid accelerating revenue declines and a challenged operating environment. QVF ACQUISITION: Cliffwater Virtually Writes Off $1.8MM Loan ------------------------------------------------------------ Cliffwater Corporate Lending Fund (CCLFX) has marked its $1,818,182 loan extended to QVF Acquisition, Inc. to market at $60,909 or 3% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Revolver Loan to QVF Acquisition, Inc. The loan accrues interest at a rate of 9.55% per annum. The loan matures on December 23, 2030. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About QVF Acquisition, Inc. QVF Acquisition, Inc. operates as a food producer and engages in the production, processing and packaging of potatoes and vegetables. RACE WINNING: Cliffwater Corporate Marks $3.1MM Loan at 30% Off --------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $3,125,000 loan extended to Race Winning Brands, Inc. to market at $2,219,461 or 70% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Revolver to Race Winning Brands, Inc. The loan accrues interest at a rate of 9.98% per annum. The loan matures on November 16, 2027. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Race Winning Brands, Inc. Race Winning Brands is the leading manufacturer and marketer of racing and high-performance engine components sold to the automotive and powersports markets. RWB is the leader in pistons, engine blocks, cylinder heads, intake manifolds, valves, connecting rods, crankshafts, clutches and rotating assembly components. REDWOOD SERVICES: Cliffwater Corporate Marks $1.7MM Loan at 60% Off ------------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $1,745,731 loan extended to Redwood Services, LLC to market at $692,300 or 40% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw to Redwood Services, LLC. The loan accrues interest at a rate of 10.95% per annum. The loan matures on December 31, 2027. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Redwood Services, LLC Redwood Services, LLC is a family-owned people-focused essential home service company, actively investing in the HVAC, plumbing and electrical trades throughout the United States. RESHAPE LIFESCIENCES: Prices $2.6M Public Offering of Common Stock ------------------------------------------------------------------ As previously disclosed, on May 30, 2025, ReShape Lifesciences Inc. entered into an Equity Distribution Agreement with Maxim Group LLC to act as the Company's exclusive sales agent with respect to the issuance and sale of up to $9,700,000 of the Company's shares of common stock, par value $0.001 per share, from time to time in an at-the-market public offering. The Shares will be sold and issued pursuant to the Company's shelf registration statement on Form S-3 (File No. 333-287168), which was previously declared effective by the Securities and Exchange Commission, and a related prospectus. On June 9, 2025, the Company announced the pricing of its public offering of 1,054,604 shares of common stock at a public offering price of $2.50 per share. Gross proceeds from the offering are expected to be $2,636,510 before deducting placement agent fees and other offering expenses. Since the commencement of the ATM Offering, the Company has sold $3,642,564 of Shares under the ATM Offering. Accordingly, after taking into account the $2,636,510 of shares to be sold in the Public Offering, the maximum amount available under the ATM Offering will be reduced to $3,420,926. About Reshape Lifesciences Headquartered in Irvine, California, Reshape Lifesciences Inc. -- www.reshapelifesciences.com -- is a premier physician-led weight-loss solutions company, offering an integrated portfolio of proven products and services that manage and treat obesity and associated metabolic disease. The Company's primary operations are in the following geographical areas: United States, Australia and certain European and Middle Eastern countries. Its current portfolio includes the Lap-Band Adjustable Gastric Banding System, the Obalon Balloon System, and the Diabetes Bloc-Stim Neuromodulation device, a technology under development as a new treatment for type 2 diabetes mellitus. There has been no revenue recorded for the Obalon Balloon System, or the Diabetes Bloc-Stim Neuromodulation as these products are still in the development stage. In its report dated April 4, 2025, the Company's auditor Haskell & White LLP, issued a "going concern" qualification attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and negative cash flows. The Company currently does not generate revenue sufficient to offset operating costs and anticipates such shortfalls to continue. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, Reshape Lifesciences had $4.79 million in total assets, $5.05 million in total liabilities, and a total stockholders' deficit of $253,000. RHODIUM ENCORE: Akin Gump Updates List of Ad Hoc Group Members -------------------------------------------------------------- The law firm of Akin Gump Strauss Hauer & Feld LLP filed a third supplemental verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 cases of Rhodium Enterprises Inc. ("REI") and affiliates, the firm represents the Ad Hoc Group of SAFE Parties (the "Ad Hoc Group"). Infinite Mining LLC recently resigned from the SAFE AHG following its appointment as a member of the Official Committee of Unsecured Creditors ("UCC"). Ranger Private Investment Partners, L.P., party to a $3,000,000 SAFE agreement, and Winchester Partners L.P., party to a $1,500,000 SAFE agreement, have since joined the SAFE AHG. With the addition of Ranger and Winchester, and following the departure of Infinite for the UCC, the membership of the SAFE AHG comprises a total aggregate Cash Out Amount value of $71,857,341.00. That is approximately 82.7% of all $87,000,000 in outstanding SAFE Cash Out Amounts. The SAFE AHG was initially formed on November 14, 2024, and retained Akin to represent the SAFE AHG in connection with these chapter 11 cases. The SAFE AHG currently consists of the parties in-interest set forth on Exhibit A (each a "SAFE AHG Member"). Each SAFE AHG Member has represented to Akin that it is a party-in-interest, is party to a Simple Agreement for Future Equity ("SAFE") with REI, and holds claims against the Debtors that may include, but are not necessarily limited to, unsecured claims, and administrative claims in unliquidated amounts. Akin does not make any representation regarding the validity, amount, allowance, or priority of such claims and reserves all rights with respect thereto. Akin does not own, nor has Akin ever owned, any claims against or interests in the Debtors, except for claims for services rendered in connection with these chapter 11 cases. The Ad Hoc Group Members' address and the nature and amount of disclosable economic interests held in relation to the Debtors are: 1. Blockchain Recovery Investment Consortium, LLC, acting in its capacity as the Complex Asset Recovery Manager and Litigation Administrator for Celsius Holding LLC (the "BRIC") 7301 SW 57th Court Suite 515 Miami, Florida 33143 * Litigation Administrator for party to non-executory SAFE agreement with REI * $50,000,000.00 2. James M. Farrar and Adda B. Delgadillo-Farrar 2805 Kings Park Lane, Modesto, CA 95355 * Party to non-executory SAFE agreement with REI * $160,000.00 3. Thomas Lienhart 660 Evening Star Lane, Cincinnati, OH 45220 * Party to non-executory SAFE agreement with REI * $100,000.00 4. Pepper Grove Holdings Limited 45 Reid Street, 2nd Floor Hamilton HM 12, Bermuda * Party to non-executory SAFE agreement with REI * $5,000,000.00 5. Private Investor Club Feeder Fund 2021-H LLC 1111 Isobel Reserve Lane, Tampa, FL 33613 * Party to non-executory SAFE agreement with REI * $6,632,340.98 6. Emil Stefkov 108 7th Ave. South, 2nd Floor, 10014 NY, New York * Party to non-executory SAFE agreement with REI * $3,000,000.00 7. Robert Schoemaker 2465 Mangum Ct., Sarasota, FL 34237 * Party to non-executory SAFE agreement with REI * $50,000.00 8. Russell's Bromeliads EQRP 401K 15104 Lost Lake Rd., Clermont, FL 34711 * Party to non-executory SAFE agreement with REI * $150,000.00 9. Ten R Ten, LLC 68 White St., Ste. 7-278 Redbank, NJ 07701 * Party to non-executory SAFE agreement with REI * $50,000.00 10. Brad Weber 1493 Red Tide Rd., Mount Pleasant, SC 29466 * Party to non-executory SAFE agreement with REI * $140,000.00 11. General Global Capital 1302 Pacific Ave., San Francsico, CA 94109 * Party to non-executory SAFE agreement with REI * $1,500,000.00 12. JWS QRP Holdings LLC 650 Ponce de Leon Ave., Ste. #213 Atlanta, GA 30308 * Party to non-executory SAFE agreement with REI * $75,000.00 13. Permit Ventures LLC 9 Cliff Rd., Weston, MA 02493 * Party to non-executory SAFE agreement with REI * $500,000.00 14. Ranger Private Investment Partners, L.P. 1850 Second Street Ste. #201, Highland Park, IL 60035 * Party to non-executory SAFE agreement with REI * $3,000,000.00 15. Winchester Partners L.P 1850 Second Street, Ste. #201, Highland Park, IL 60035 * Party to non-executory SAFE agreement with REI * $1,500,000.00 Counsel to the Ad Hoc Group: AKIN GUMP STRAUSS HAUER & FELD LLP Sarah Link Schultz, Esq. Elizabeth D. Scott, Esq. 2300 N. Field Street, Suite 1800 Dallas, TX 75201-2481 Telephone: (214) 969-2800 E-mail: sschultz@akingump.com E-mail: edscott@akingump.com - and - Mitchell P. Hurley, Esq. One Bryant Park New York, NY 10036-6745 Telephone: (212) 872-1000 E-mail: mhurley@akingump.com About Rhodium Encore Rhodium Encore LLC is a founder-led, Texas based, digital asset technology company utilizing proprietary tech to self-mine bitcoin. The Company creates innovative technologies with the goal of being the most sustainable and cost-efficient producer of bitcoin in the industry. Rhodium Encore sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 24-90448) on Aug. 24, 2024. In the petition filed by Michael Robinson, as co-CRO, the Debtor reports lead debtor's estimated assets between $100 million and $500 million and estimated liabilities between $50 million and $100 million. The Honorable Bankruptcy Judge Alfredo R. Perez oversees the case. The Debtor tapped QUINN EMANUEL URQUHART & SULLIVAN, LLP, as counsel, and PROVINCE as restructuring advisor. RICHMOND BELLY: Seeks to Hire Hirschler Fleischer as Counsel ------------------------------------------------------------ Richmond Belly Ventures, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Hirschler Fleischer, P.C. as bankruptcy counsel. The firm's services include: -- advising the Debtors of their rights, powers, and duties as a debtor and debtor-in-possession while operating and managing their businesses and properties under Chapter 11, Subchapter V of the Bankruptcy Code; -- preparing on behalf of the Debtors all necessary and appropriate applications, motions, proposed orders, other pleadings, notices, schedules, and other documents, and reviewing all financial and other reports to be filed in their Chapter 11 Cases; - advising the Debtors concerning, and preparing responses to, applications, motions, other pleadings, notices, and other papers that may be filed b other parties in the Chapter 11 Cases; -- advising the Debtors with respect to, and assisting in the negotiation and documentation of any necessary financing agreements and related transactions; -- reviewing the nature and validity of any liens asserted against the Debtors' properties and advising the Debtors concerning the enforceability of such liens; -- advising the Debtors concerning executory contracts and/or unexpired lease assumptions, assignments, and rejections as well as contract restructurings and recharacterizations; -- advising the Debtors in connection with the formulation, negotiation and promulgation of a plan of reorganization, and related transactional documents; -- assisting the Debtors in reviewing, estimating, and resolving claims asserted against the Debtors' estate; -- commencing and conducting litigation necessary and appropriate to asset rights held by the Debtors, protect assets of the Debtors' Chapter 11, Subchapter V estates, or otherwise further the goal of completing the Debtors' successful reorganization; and -- providing non-bankruptcy services for the Debtors to the extent requested by the Debtors and necessary for the proper and efficient administration of the bankruptcy case. The firm will be paid at these rates: Robert S. Westermann, Shareholder $665 per hour Kollin G. Bender, Associate $375 per hour Brittany B. Falabella, Principal $435 per hour Allison P. Klena, Associate $400 per hour Robin Henderson, Legal Assistant $160 per hour The firm received from the Debtors the amount of $137,500 in the ordinary course of business. As of May 29, 2025, the firm holds $35,265 in retainer, which will be used for fees and expenses as approved by the Court. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Bender 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 S. Westermann, Esq. Kollin G. Bender, Esq. Hirschler Fleischer, PC The Edgeworth Building 2100 East Cary Street Post Office Box 500 Richmond, VA 23218-0500 Tel: (804) 771-9500 Fax: (804) 644-0957 E-mail: rwestermann@hirschlerlaw.com kender@hirschlerlaw.com About Richmond Belly Ventures, LLC Richmond Belly Ventures, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-32131) on May 29, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. John Bokel, managing member of Richmond Belly Ventures, signed the petition. Kollin G. Bender, Esq., at Hirschler Fleischer, P.C., represents the Debtor as legal counsel. RITHUM HOLDINGS: S&P Affirms 'B-' ICR, Outlook Stable ----------------------------------------------------- S&P Global Ratings affirmed its 'B-' issuer credit rating on cloud-based e-commerce services provider Rithum Holdings Inc. The outlook is stable. S&P said, "At the same time, we assigned a 'B-' issue-level rating and '3' recovery rating to the proposed first-lien facilities. The '3' recovery rating reflects our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a default. We will discontinue the existing issue-level ratings on Rithum following the proposed transaction and repayment of debt. "The stable outlook reflects our expectation that Rithum will generate healthy free operating cash flow (FOCF) annually, with sufficient liquidity over the next 12 months to withstand a modest decline in consumer spending. It also reflects our belief that leverage will remain above 8x in 2025 and 2026 as high payment-in-kind (PIK) interest on the new preferred shares offsets EBITDA growth." Rithum plans to issue a new $805 million first-lien term loan, $80 million first-lien revolving credit facility, and $350 million in preferred equity to refinance its capital structure. S&P said, "We view the transaction as a credit positive since the reduction in cash interest-bearing debt will save more than $30 million in annual cash interest, although S&P Global Ratings-adjusted leverage will increase slightly since we view the new preferred equity as debt. "The affirmation reflects our expectation that the proposed transaction will provide ample cushion at the 'B-' rating. The payoff of more costly second-lien debt with noncash PIK interest payments from the preferred equity significantly improves our cash flow forecast. We estimate total cash interest savings of about $30 million, assuming more favorable effective cash interest rate under the proposed capital structure. Cash savings, coupled with margin expansion and revenue growth of about 3% each of the next two years will allow for more than $45 million in FOCF annually starting in 2026. While macroeconomic uncertainty remains a key risk to our forecast, the proposed transaction will allow flexibility to invest in growth initiatives and minimize the risk to cash flow if tariff-related headwinds affect e-commerce sales volumes. "The proposed transaction is slightly leveraging, and high PIK interest on the new preferred equity issuance will limit sustained deleveraging. In addition to refinancing its term loans, Rithum plans to raise additional debt to add cash to the balance sheet. While this will bolster liquidity, it will also raise S&P Global Ratings-adjusted leverage to 8.7x at transaction close, from 8.1x as of March 31, 2025. Earnings growth will help the company deleverage toward 8.5x by year-end, but any more will require stronger earnings growth. "Rithum is poised to continue promising operating trends in 2025 despite an uncertain macroeconomic backdrop. We expect drop-shipping strength to continue to support operations amid ongoing churn in multichannel commerce. Following a notable 13% year-over-year increase in drop-shipping revenue in 2024, driven by a price hike and the roll-off of Bed Bath & Beyond headwinds, Rithum anticipates another year of 11%-12% growth despite tariff uncertainties that could affect consumer spending. We expect first-half 2025 drop-shipping revenue to remain strong, but growth in the second half will be lower as the impact from 2024 price increases start to roll off and we factor in some slowdown in consumer spending. Despite our expected segment revenue declines of about 5% in multichannel commerce, Rithum's focus on larger, more profitable enterprise clients will facilitate a return to growth by late 2026, in our view. The company's margin profile will improve from a favorable revenue mix and planned cost cuts, leading to estimated FOCF of at least $45 million annually starting in 2026. "The stable outlook reflects our expectation that Rithum will generate healthy FOCF annually, with sufficient liquidity over the next 12 months to withstand a modest decline in consumer spending. It also reflects our belief that leverage will remain above 8x for the next few years as high PIK interest on the new preferred shares offsets EBITDA growth." S&P could lower the rating if: -- A deterioration in operating performance or unforeseen liquidity pressures lead to sustained FOCF deficits; or -- S&P concludes the capital structure is unsustainable. This scenario could include large debt-financed dividends, weak revenue contributions from new customers, high customer attrition from increased competitive intensity, or declining margins. While unlikely over the next year, S&P could raise the rating if: -- The company increases earnings and applies excess cash flow toward debt reduction such that S&P Global Ratings-adjusted leverage declines below 6.5x sustainably. This would require the financial sponsors to commit to a more conservative financial policy that would sustain leverage below 6.5x; and -- S&P expects it to sustain S&P Global Ratings-adjusted FOCF to debt above 5%. RIVERSIDE ASSESSMENTS: Cliffwater Marks $6MM Loan at 58% Off ------------------------------------------------------------ Cliffwater Corporate Lending Fund (CCLFX) has marked its $6,000,000 loan extended to Riverside Assessments, LLC to market at $2,514,179 or 42% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Revolver to Riverside Assessments, LLC. The loan accrues interest at a rate of 9.47%\ per annum. The loan matures on March 191, 2031. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Riverside Assessments, LLC Riverside Insights is a provider of educational and clinical assessments that play a key role in helping individuals elevate their learning potential. SBLA INC: Unsecured Creditors to Split $30K in Plan --------------------------------------------------- SBLA, Inc. filed with the U.S. Bankruptcy Court for the Southern District of Florida a Chapter 11 Plan of Reorganization dated June 9, 2025. The Debtor is a Delaware corporation with its principal place of business located at 1711 Huntington Park Way, Boca Raton, FL 33496; however, the Debtor's employees all work remotely. The Debtor manufactures and sells beauty and anti-aging products. The Debtor filed for bankruptcy as a result of its unsustainable reliance on merchant cash advance (MCA) financing. It initially sought what it believed to be short-term financing from 8Fig, Inc. Unfortunately, the debt service to 8Fig became untenable, and the Debtor had to take out additional loans from new MCA lenders in order to service the prior lenders. Prepetition, the Debtor's MCA lenders issued UCC § 9-406 notices to Amazon, Shopify, and Paypal, all of which collect funds from the Debtor's customers and remit those funds to the Debtor. Accordingly, the Debtor's cash flow evaporated. The Debtor's MCA lenders also demanded repayment and filed lawsuits against the Debtor. Accordingly, the Debtor filed this Case to reorganize and regain control of its cash flow. Class 2 consists of Allowed General Unsecured Claims. This Class includes the 8Fig Deficiency Claim and the Unsecured MCA Claims. Without prejudice, the Debtor estimates that Class 2 may consist of Allowed General Unsecured Claims in an amount as high as $8,083,635.92. The holders of the Unsecured MCA Claims each allege a perfected security interest in, variously, the Debtor's assets and accounts. The relevant UCC-1 filings were all later in time than the UCC-1 filings by 8Fig. Accordingly, the security interests securing the Unsecured MCA Claims are junior to the security interests of 8Fig. Accordingly, the Unsecured MCA Claims are wholly undersecured and shall receive treatment as Allowed Class 2 General Unsecured Claims. Except to the extent that a holder of an Allowed Class 2 Claim has been paid prior to the Effective Date or agrees to a different treatment, in full satisfaction, settlement, release, extinguishment and discharge of such Claim, each holder of an Allowed Class 2 Claim shall receive a Pro Rata Distribution from a total of $30,000 payable on the third anniversary of the Effective Date. The Allowed Class 2 Claims are Impaired. Accordingly, each holder of an Allowed Class 2 Claim is entitled to vote to accept or reject the Plan. Class 3 consists of 100% of the Equity Interest in the Debtor held by SBLA Brands, Inc. Upon the Effective Date, unless otherwise provided in the Plan or the Confirmation Order, SBLA Brands, Inc shall retain its 100% Equity Interest in the Debtor. The Allowed Class 3 Equity Interest is unimpaired and is deemed to have accepted the Plan. Upon confirmation of the Plan, and in accordance with the Confirmation Order, the Debtor or Reorganized Debtor will be authorized to take all necessary steps, and perform all necessary acts, to consummate the terms and conditions of the Plan. In addition to the provisions set forth elsewhere in the Plan, the following shall constitute the means for implementation of the Plan. The sources of consideration for Distributions under the Plan is the Debtor's operating income. Historically, the Debtor offered products solely to the U.S. market. Post-confirmation, the Reorganized Debtor will offer products to all markets which will result in increased revenues compared to the Debtor's historical performance, for the benefit of the Debtor's estate and creditors. A full-text copy of the Plan of Reorganization dated June 9, 2025 is available at https://urlcurt.com/u?l=9fXpQK from PacerMonitor.com at no charge. Attorneys for the Debtor: SHRAIBERG PAGE P.A. Bradley S. Shraiberg, Esq. Samuel W. Hess, Esq. 2385 NW Executive Center Drive, Suite 300 Boca Raton, Florida 33431 Telephone: 561-443-0800 Facsimile: 561-998-0047 Email: bss@slp.law Email: shess@slp.law About SBLA Inc. SBLA, Inc. focuses on providing non-invasive, at-home anti-aging solutions through its innovative "sculpting wands." Its product line includes items like the Neck, Chin & Jawline Sculpting Wand, Facial Instant Sculpting Wand, and Lip Plump & Sculpt to help firm, lift, and rejuvenate various areas of the face and body. Known for its collaboration with Christie Brinkley, SBLA emphasizes effective, science-backed skincare to offer alternatives to invasive procedures. SBLA sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-12606) on March 11, 2025, listing $801,858 in assets and $3,252,917 in liabilities. Leonard Cogan, chief financial officer of SBLA, signed the petition. Judge Mindy A. Mora oversees the case. Bradley S. Shraiberg, Esq., at Shraiberg Page PA, is the Debtor's legal counsel. SINOBECH GROUP: Seeks Restructuring Under CCAA ---------------------------------------------- The Superior Court of Quebec issued an initial order under the Companies' Creditors Arrangement in respect of Sinobec Group Inc. and its affiliates. The initial order provides for an initial stay of all proceedings until June 5, 2025, and appoints PricewaterhouseCoopers Inc. as monitor of the business and financial affairs of the Debtors. The Monitor applied for the recognition of the CCAA proceedings in the United States by filing a petition under Chapter 15 of the U.S. Bankruptcy Code before the U.S. Bankruptcy Court for the Northern District of Illinois, Western Division and on May 28, 2025, the U.S. Court entered an order provisionally enforcing the initial order in the United States pending a hearing on the merits of recognition on June 20, 2025. A copy of the initial order and the relevant materials pertaining to the CCAA proceedings and to the Chapter 15 proceedings are available on the Monitor's Website at https://www.pwc.com/ca/en/sinobecgroup. The Monitor can reached at: PricewaterhouseCooper Inc. 1250 Rene-Levesque Boulevard West Montreal, Quebec H3B 4Y1 Philippe Jordan Email: philippe.jordan@pwc.com Ryan Moncarz Email: ryan.moncarz@pwc.com Alexandra Dassios Email: alexandra.dassios@pwc.com Simon Normand Email: simon.p.normand@pwc.com Counsel for the Companies: Osler, Hoskin & Harcourt LLP 1100 - 1000 De La Gauchetiere Street West Montreal, QC H3B 4W5 Sandra Abitan Tel: 514-904-5648 Email: sabitan@osler.com Ilia Kravstov Tel: 514-904-5398 Email: jlittle@osler.com Khaoula bansaccal Tel: 514-904-8109 Email: kbansaccal@osler.com Counsel for the Monitor: Stikeman Elliot LLP Canadian Counsel 4100-1155 Rene-Levesque Boulevard West Montreal, QC H3B 3V2 Joseph Renaud Tel: 514-397-3019 Email: jreynaud@stikeman.com Darien Bahry Tel: 514-397-2441 Email: DBhary@stikeman.com Melis Celikaksoy Tel: 514-397-3279 Email: mcelikaksoy@stikeman.com and McDonald Hopkins LLC US Counsel 1400-300 North LaSalle Street Chicago, Illinois 60654 David A. Agay Tel: 312-642-2217 Email: dagay@mcdonaldhopkins.com Joshua Gadharf Tel: 312-502-6586 Email: jgadharf@mcdonaldhopkins.com Sinobec Group Inc. is a privately held North American suppliers of niche aluminum and related products, operating from its headquarters in St-Laurent, Quebec, with assets across Canada and the United States. SJ HOLDINGS: Hires Law Offices of Alla Kachan PC as Counsel ----------------------------------------------------------- SJ Holdings Group LLC d/b/a Walden Pointe Apartments seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Law Offices of Alla Kachan, PC as counsel. The firm will provide these services: A) assist the Debtor in administering the case; B) make such motions or taking such action as may be appropriate or necessary under the Bankruptcy Code; C) represent the Debtor in prosecuting adversary proceedings to collect assets of the estate and such other actions as Debtor deem appropriate; D) take such steps as may be necessary for Debtor to marshal and protect the estate's assets; E) negotiate with Debtor's creditors in formulating a plan of reorganization for Debtor in this case; F) draft and prosecute the confirmation of Debtor's plan of reorganization in this case; and G) render such additional services as Debtor may require in this case. The firm will be paid at these rates: Attorneys $550 per hour Paraprofessional $250 per hour Atlantic Avenue Development LLC, paid to the Kachan Law Office the initial retainer of $15,000.00 on June 9, 2025. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Kachan 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: Alla Kachan, Esq. Law Offices of Alla Kachan 2799 Coney Island Avenue, Suite 202 Brooklyn, NY 11235 Tel.: (718) 513-3145 About SJ Holdings Group LLC d/b/a Walden Pointe Apartments SJ Holdings Group, LLC, doing business as Walden Pointe Apartments, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42207) on May 7, 2025, with up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Nancy Hershey Lord presides over the case. SOUND VISION: Case Summary & Largest Unsecured Creditors -------------------------------------------------------- Seven affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Sound Vision Care, Inc. 25-72421 1224 Ostrander Ave Riverhead, NY 11901 SVC of Coram, LLC 25-72422 1721 North Ocean Ave, Suite A Medford, NY 11763-2684 SVC of East Setauket, LLC 25-72423 215 Hallock Rd, Suite 2 Stony Brook, NY 11790-3077 SVC of Fresh Meadows, LLC 25-72424 61-30A 190th St, Suite A Fresh Meadows, NY 11365-2721 SVC of Mahasset, LLC 25-72425 433 Plandome Rd Manhasset, NY 11030-1942 SVC of Riverhead, LLC 25-72426 1224 Ostrander Ave Riverhead, NY 11901 SVC of Southold, LLC 25-72428 44210 County Rd 48, Suite 1 Southold, NY 11971-5032 Business Description: Sound Vision Care, Inc. provides comprehensive eye care services, including eye exams, treatment for various eye conditions, and personalized fittings for eyeglasses and contact lenses. Operating in Riverhead, Southold, and Southampton, New York, the practice serves patients of all ages and needs. The clinic is staffed by trained professionals and led by Dr. Jeffrey Williams, who offers referrals to ophthalmologists for surgical care. Chapter 11 Petition Date: June 23, 2025 Court: United States Bankruptcy Court Eastern District of New York Judge: Hon. Louis A Scarcella (25-72421, 25-72422, 25-72423, 25-72424, 25-72525) Hon. Alan S Trust (25-72426 and 25-72428) Debtors' Counsel: Robert L. Rattet, Esq. DAVIDOFF HUTCHER & CITRON LLP 605 Third Avenue 34th Floor New York, NY 10158 Tel: 212-557-7200 Fax: 212-286-1884 E-mail: rlr@dhclegal.com Each Debtor's Estimated Assets: $50,000 to $100,000 Each Debtor's Estimated Liabilities: $1 million to $10 million The petitions were signed by Jeffrey Williams Jr. as owner. Full-text copies of the petitions, which include lists of the Debtors' largest unsecured creditors, are available for free on PacerMonitor at: https://www.pacermonitor.com/view/APRBUOI/Sound_Vision_Care_Inc__nyebke-25-72421__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/AR5GCFQ/SVC_of_Coram_LLC__nyebke-25-72422__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/AZBAQSA/SVC_of_East_Setauket_LLC__nyebke-25-72423__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/BDATELI/SVC_of_Fresh_Meadows_LLC__nyebke-25-72424__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/BJ4RQLY/SVC_of_Manhasset_LLC__nyebke-25-72425__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/GIVO5MA/SVC_of_Riverhead_LLC__nyebke-25-72426__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/G7HQ2HI/SVC_of_Southold_LLC__nyebke-25-72428__0001.0.pdf?mcid=tGE4TAMA SOUTHERN AIR: Cliffwater Corporate Marks $34.9M 1L Loan at 68% Off ------------------------------------------------------------------ Cliffwater Corporate Lending Fund (CCLFX) has marked its $34,905,050 loan extended to Southern Air & Heat Holdings, LLC to market at $11,321,690 or 32% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a First Lien Term Loan to Southern Air & Heat Holdings, LLC. The loan accrues interest at a rate of 9.74% per annum. The loan matures on October 1, 2027. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Southern Air & Heat Holdings, LLC Southern Air & Heat Holdings, LLC is a provider of HVAC repair, service and installation in Florida and North Carolina. SPINDRITT BEVERAGE: Cliffwater Virtually Writes Off $324,000 Loan ----------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $324,342 loan extended to Spindrift Beverage Co., Inc. to market at $18,333 or 6% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Revolver Loan to Spindrift Beverage Co., Inc. The loan accrues interest at a rate of 9.53% per annum. The loan matures on December 19, 2032. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Spindrift Beverage Co., Inc. Spindrift is an American soda and seltzer company. SPIRIT AIRLINES: Says United-JetBlue Pact Will Affect Competition ----------------------------------------------------------------- Mary Schlangenstein of Bloomberg News reports that Spirit Airlines has called on federal regulators to block the proposed Blue Sky partnership between United Airlines Holdings Inc. and JetBlue Airways Corp., arguing the deal would limit competition, drive up prices, and divert passengers from budget carriers. In a filing submitted Tuesday, June 24, 2025, Spirit urged the U.S. Department of Transportation to extend the public comment and review period by 60 days to allow for a thorough examination of the venture's potential anticompetitive impact. The proposed alliance was announced on May 29, 2025. Blue Sky represents the first airline partnership put forward since President Donald Trump's reelection, the report states. About Spirit Airlines Spirit Airlines, Inc. (SAVE) is a low-fare carrier committed to delivering the best value in the sky by offering an enhanced travel experience with flexible, affordable options. Spirit serves destinations throughout the United States, Latin America and the Caribbean with its Fit Fleet, one of the youngest and most fuel-efficient fleets in the U.S. On the Web: http://wwww.spirit.com/ Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 24-11988) on Nov. 18, 2024, after reaching terms of a pre-arranged plan with bondholders. At the time of the filing, Spirit Airlines reported $1 billion to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell, LLP as legal counsel; Alvarez & Marsal North America, LLC, as financial advisor; and Perella Weinberg Partners LP as investment banker. Epiq Corporate Restructuring, LLC, is the claims agent. Paul Hastings, LLP and Ducera Partners, LLC serve as legal counsel for the Ad Hoc Group of Convertible Noteholders. Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC represent the Ad Hoc Group of Senior Secured Noteholders. The official committee of unsecured creditors retained Willkie Farr & Gallagher LLP as counsel. Citigroup Global Markets, Inc., is serving as financial advisor and Latham & Watkins LLP is serving as legal counsel to Frontier. SSR HOSPITALITY: Seeks to Extend Plan Exclusivity to September 30 ----------------------------------------------------------------- SSR Hospitality, LLC, asked the U.S. Bankruptcy Court for the Northern District of Illinois to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to September 30 and December 30, 2025, respectively. The instant bankruptcy proceeding was filed under Chapter 11 of the Bankruptcy Code on February 13, 2025. The Debtor explains that it has been working towards achieving a plan that is acceptable to creditors and will provide the most benefit to the Bankruptcy Estate. In order to achieve this goal, the Debtor needs additional time to retain professionals and to work with creditors. The Debtor claims that the extension of times will not prejudice any creditors or the United States Trustee. SSR Hospitality, LLC is represented by: Paul M. Bach, Esq. Penelope N. Bach, Esq. Bach Law Offices, Inc. P.O. BOX 1285 Northbrook, IL 60062 Telephone: (847) 564 0808 About SSR Hospitality SSR Hospitality, LLC is a hospitality management company in Skokie, Ill., specializing in owning, operating, and managing hotels and related properties. SSR Hospitality filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-02208) on February 13, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Deborah L. Thorne handles the case. Penelope Bach, Esq., at Bach Law Offices, is the Debtor's bankruptcy counsel. ST ATHENA: Cliffwater Corporate Marks $1.2MM Loan at 79% Off ------------------------------------------------------------ Cliffwater Corporate Lending Fund (CCLFX) has marked its $1,207,211 loan extended to ST Athena Global LLC to market at $256,198 or 21% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to ST Athena Global LLC. The loan accrues interest at a rate of 9.56% per annum. The loan matures on August 20, 2030. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About ST Athena Global LLC ST Athena Global LLC is a parent company with various subsidiaries operating in different sectors, including manufacturing, consulting, and security services, with a strong presence in both the UK and the U.S. ST ATHENA: Cliffwater Corporate Marks $3.7MM Loan at 68% Off ------------------------------------------------------------ Cliffwater Corporate Lending Fund (CCLFX) has marked its $3,761,471 loan extended to ST Athena Global LLC to market at $1,201,149 or 32% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Revolver Loan to ST Athena Global LLC. The loan accrues interest at a rate of 9.55% per annum. The loan matures on August 20, 2029. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About ST Athena Global LLC ST Athena Global LLC is a parent company with various subsidiaries operating in different sectors, including manufacturing, consulting, and security services, with a strong presence in both the UK and the U.S. STEPPING STONES: Cliffwater Corporate Marks $3.9MM Loan at 73% Off ------------------------------------------------------------------ Cliffwater Corporate Lending Fund (CCLFX) has marked its $3,998,000 loan extended to Stepping Stones Healthcare Services, LLC to market at $1,091,912 or 27% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to Stepping Stones Healthcare Services, LLC. The loan accrues interest at a rate of 9.30% per annum. The loan matures on January 2, 2029. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Stepping Stones Healthcare Services, LLC Stepping Stones Healthcare Services LLC in Reynoldsburg, OH, offers home care services. STEWARD HEALTH: Seeks More Time to Ward Off Rival Chapter 11 Plans ------------------------------------------------------------------ Alex Wolf of Bloomberg Law reports that Steward Health Care System LLC has requested a bankruptcy court extension of its exclusive right to file a Chapter 11 wind-down plan, citing strong support from key creditor groups. The company said it is seeking the additional time "out of an abundance of caution" to finalize and implement its liquidation strategy ahead of a July 14, 2025 hearing on plan approval. In a filing Monday, June 23, 2025, with the U.S. Bankruptcy Court for the Southern District of Texas, Steward -- having sold or closed all of its hospitals since entering Chapter 11 last year -- argued that extending its exclusivity period would help maximize value for creditors and streamline the remaining process. About Steward Health Care Steward Health Care System, LLC, owns and operates the largest private physician-owned for-profit healthcare network in the U.S. Headquartered in Dallas, Texas, Steward's operations include 31 hospitals in eight states, approximately 400 facility locations, 4,500 primary and specialty care physicians, 3,600 staffed beds, and nearly 30,000 employees. Steward Health Care provides care to more than two million patients annually. Steward and 166 affiliated debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024. Judge Christopher M. Lopez oversees the proceeding. The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy counsel; McDermott Will & Emery as special corporate and regulatory counsel; AlixPartners, LLP as financial advisor and John Castellano of AlixPartners as chief restructuring officer. Lazard Freres & Co. LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc Capital Markets Inc., provide investment banking services to the Debtors. Kroll is the claims agent. Susan N. Goodman has been appointed as patient care ombudsman in the Debtors' Chapter 11 cases. STONECREST CONTRACTORS: Tamara Ogier Named Subchapter V Trustee --------------------------------------------------------------- The U.S. Trustee for Region 21 appointed Tamara Miles Ogier, Esq., at Ogier, Rothschild & Rosenfeld, PC as Subchapter V trustee for Stonecrest Contractors, LLC. Ms. Ogier will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Ogier declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tamara Miles Ogier, Esq. Ogier, Rothschild & Rosenfeld, PC P.O. Box 1547 Decatur, GA 30031 Phone: (404) 525-4000 About Stonecrest Contractors Stonecrest Contractors LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-56490) on June 10, 2025, with $100,001 to $500,000 in assets and liabilities. STONEX ESCROW: S&P Rates Senior Secured Second-Lien Notes 'BB-' --------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue rating to the $625 million senior secured second-lien notes due 2032 being issued by StoneX Escrow Issuer LLC, a wholly-owned subsidiary of StoneX Group Inc. (BB-/Positive/--). The proceeds from the notes combined with the issuance of $275 million in StoneX common stock will be used to fund the acquisition of R.J. O'Brien (RJO) for $900 million. Upon close of the acquisition, StoneX Escrow Issuer LLC--created solely for the purpose of raising debt--will merge with StoneX Group Inc., which will assume the new senior secured second-lien notes. The outlook on StoneX remains positive because S&P thinks that its strong earnings retention should allow its risk-adjusted capital (RAC) ratio to rebound from the effects of the RJO acquisition by year-end 2025. StoneX's pro forma total adjusted capital declined to approximately $1.5 billion from $1.7 billion as of Dec. 31, 2024, because of goodwill related to the acquisition. As a result of this, as well as the consolidation of RJO, S&P's pro forma RAC ratio will decrease to 7.4% from 10.4%. Nevertheless, S&P expects management to focus on building capitalization, with no dividends and limited stock buybacks (less than the dilution from stock-based compensation), allowing the company to build equity by retaining earnings. This should help StoneX return the RAC ratio to above 8.5% by year-end 2025. S&P also believes the acquisition of RJO has the potential to significantly improve StoneX's market position in derivatives and strengthen its earnings through revenue and cost synergies. The combination of the firms will create the largest nonbank futures commission merchant (FCM), and it will improve StoneX's FCM ranking in the U.S. to eighth from 15th, based on customer funds. SUMMIT BUYER: Cliffwater Corporate Marks $24.4MM Loan at 47% Off ---------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $24,432,617 loan extended to Summit Buyer, LLC to market at $12,850,850 or 53% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to Summit Buyer, LLC. The loan accrues interest at a rate of 9.05% per annum. The loan matures on May 31, 2026. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Summit Buyer, LLC Summit Property Buyers buys, renovates, and sells single-family homes and multi-family properties across the Midwest. SUN ORCHARD: Cliffwater Corporate Marks $1.5MM Loan at 92% Off -------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $1,593,012 loan extended to Sun Orchard, LLC to market at $135,406 or 8% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to Sun Orchard, LLC. The loan accrues interest at a rate of 9.80% per annum. The loan matures on July 8, 2028 CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Sun Orchard, LLC Sun Orchard, LLC is one of the leading full-service providers of all-natural not from concentrate citrus ingredients and refreshments. SUNNOVA ENERGY: Chapter 11 Triggers Defaults Under Key Agreements ----------------------------------------------------------------- As previously disclosed, on June 8, 2025, Sunnova Energy International Inc., Sunnova Energy Corporation and Sunnova Intermediate Holdings, LLC each filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of Texas. The filing of the Chapter 11 Cases constitutes an event of default that automatically accelerated and, as applicable, increased certain obligations under the following debt instruments and agreements: * Indenture, dated as of August 17, 2021, by and among SEC, each of the guarantors from time to time party thereto and Wilmington Trust, National Association, as Trustee; * Indenture, dated as of September 26, 2023, by and among SEC each of the guarantors from time to time party thereto and Wilmington Trust, National Association, as Trustee; * Warehouse Facility under that certain Third Amended and Restated Credit Agreement, dated as of March 20, 2025, by and among Sunnova EZ-Own Portfolio, LLC, as borrower and pledgor, the guarantors party thereto, Sunnova SLA Management, LLC, as manager and servicer, ASPA, as administrative agent, and the other parties from time to time party thereto; and * Warehouse Facility under that certain Second Amended and Restated Credit Agreement, dated as of August 22, 2024, by and among Sunnova TEP Holdings, LLC, as borrower, Sunnova TE Management, LLC, as facility administrator, Computershare Trust Company, National Association, as paying agent, U.S. Bank National Association, as verification agent, and ASPA, as administrative agent, and the other parties from to time party thereto. The Debtors have requested that the Chapter 11 Cases be jointly administered under the caption "In re Sunnova Energy International Inc., et al." The Debtors will seek to continue to operate their businesses and manage their properties as "debtors in possession" while undertaking a sale process for certain of the Debtors' assets under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. To this end, the Debtors are seeking approval of certain operational and administrative motions containing customary first-day relief intended to minimize the effect of bankruptcy on the Debtors' employees, vendors, and other stakeholders, including motions seeking authority to pay employee wages and benefits, to pay certain vendors and suppliers for goods and services provided both before and after the Petition Date, and to continue honoring insurance and tax obligations as they come due. About Sunnova Energy Sunnova Energy International Inc. (NYSE: NOVA) is an industry-leading adaptive energy services company focused on making clean energy more accessible, reliable, and affordable for homeowners and businesses. Through its adaptive energy platform, Sunnova provides a better energy service at a better price to deliver its mission of powering energy independence. Sunnova Energy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90160) on June 8, 2025. In its petition, the Debto reports estimated assets and liabilities between $10 billion and $50 billion each. The Debtor is represented by Jason Gary Cohen, Esq. at Bracewell LLP. SUNSET PALM: Voluntary Chapter Case Summary ------------------------------------------- Debtor: Sunset Palm Villas Condominium Association, Inc. 406 NW 85th Street Road Miami FL 33150 Business Description: Sunset Palm Villas Condominium Association, Inc. oversees the management and maintenance of the Sunset Palm Villas residential complex located in Miami, Florida. The association handles property operations, common area upkeep, and enforces community regulations on behalf of unit owners. Chapter 11 Petition Date: June 21, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-17036 Judge: Hon. Corali Lopez-Castro Debtor's Counsel: Robert Reynolds, Esq. LAW OFFICES OF ROBERT E. REYNOLDS, P.A. 515 East Las Olas Blvd. 850 Fort Launderdale, FL 33301 Tel: 954-755-9928 E-mail: rreynolds@robertreynoldspa.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $10 million to $50 million The petition was signed by Julio Martinez as property manager. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PYUWOKA/Sunset_Palm_Villas_Comdominium__flsbke-25-17036__0001.0.pdf?mcid=tGE4TAMA TELUS CORP: S&P Rates New Fixed-To-Fixed Rate Sub Notes 'BB' ------------------------------------------------------------ S&P Global Ratings assigned its 'BB' issue-level rating to Telus Corp.'s (BBB-/Stable/ A-3) proposed USD-denominated fixed-to-fixed rate subordinated notes (Series A [30NC5] and Series B [30NC10]) due 2055. The company intends to use the net proceeds from this issuance to fund tender offers for existing notes, repayment of debt (including commercial paper), and for other general corporate purposes. S&P said, "We classify these notes as hybrid securities with intermediate equity content (50%). This reflects the notes' permanence, subordination, and deferability features. In line with our criteria, we will reclassify the notes as having minimal equity content after 2035 because the remaining period until maturity will be less than 20 years. "We rate the securities two notches below our 'BBB-' long-term issuer credit rating on Telus to reflect their subordination and management's ability to defer the interest payments on the notes." The long-term nature of the subordinated debentures, along with the company's limited ability and lack of incentives to redeem them, meets S&P's standards for permanence. Telus has emphasized its willingness to maintain the instruments as part of its permanent capital structure. If the company redeems either of the instruments before the effective maturity date, it must replace them with an equivalent or stronger equity content instrument issued up to or on the date the original hybrid is redeemed. The instruments are subordinated to all of Telus' existing and future senior debt obligations, thereby satisfying the condition for subordination. In addition, the interest payments on the notes are deferrable by up to five years, which fulfills the deferability element. Pro forma for the transaction, hybrids receiving intermediate equity treatment are 12%-13% of the company's 2024 S&P Global Ratings-adjusted capitalization. TENET HEALTHCARE: S&P Raises ICR to 'BB-' on Improved Performance ----------------------------------------------------------------- S&P Global Ratings raised its ratings, including its issuer credit rating, to 'BB-' from 'B+' on Tenet Healthcare Corp (Tenet). S&P said, "In addition, we raised our rating on Tenet's first-lien senior secured debt to 'BB' from 'BB-'. The '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 80%) recovery in the event of a default. We also raised our rating on Tenet's second-lien and unsecured debt to 'B' from 'B-'. The '6' recovery rating indicates our expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of a default. "We believe that given our assumptions for industry risk, growth prospects, cash flow, and financial policy, the company's leverage (S&P Global Ratings-adjusted) will hover at about 4x for the next couple of years. "The positive outlook reflects our view that Tenet can manage the balance between its operating performance and financial policy in a manner that has potential to keep leverage below 4x, and that it will not experience a significant adverse impact from pending health policy developments." Tenet's strategic investments have positioned it well for further success. Tenet's multiyear investments to expand its higher-margin ambulatory surgery center (ASC) business while downsizing its acute-care hospital portfolio through an asset rationalization process, and allocating more capital to higher-acuity services, has improved its credit profile. This has improved its prospects for future success, as more procedures will likely shift to outpatient settings. The ASC business now generates about 24% of Tenet's total consolidated revenue, but a higher percentage of profitability. Coupled with the $5 billion of hospital sales proceeds generated in the past two years that the company used primarily to repay debt and boost cash reserves, Tenet's leverage decreased significantly to 3.5x as of March 31, 2025, from 3.6x as of Dec. 31, 2024, and 5.2x as of Dec. 31, 2023. Continued investments in ASC, operating initiatives in acute care, and relatively good industry conditions provide a foundation for improved margins and cash flow. Tenet has indicated the growth of its ASC business remains a top priority, albeit at a slower pace than during the past few years. Absent any further significant divestitures and assuming relatively good conditions for patient volume in the acute-care sector continues into 2026, the hospital segment will likely resume a normal organic growth rate in the low-to-mid single-digit percentage area. S&P said, "We expect solid margin and cash flow prospects. We also believe the company will refrain from aggressive acquisition activity." Tenet's still-uncertain financial policy is an important consideration. The company's financial policy will be an important consideration in determining prospects for its credit profile, including how aggressively Tenet will expand its ASC business via acquisitions and its share repurchases. S&P said, "In addition to the $3 billion of remaining asset sales proceeds on its balance sheet, we expect the company will produce annual free cash flow of $1.2 billion-$1.4 billion (after distributions to noncontrolling interests) in 2025 and 2026. How the company deploys these resources, and assuming Tenet's operating performance remains relatively in line with our base case, will be instrumental in determining whether its credit profile will improve further." S&P said, "We do not expect a large adverse impact from pending health policy. The Reconciliation bill has been passed by the House, and the Senate recently released its proposed version. Although there could be some risk, depending on what's included in the final bill, we believe Tenet has cushion at this rating level and could also implement mitigating steps. In addition, the ASC segment has very little Medicaid-related risk. "The positive outlook reflects the possibility of an upgrade if there's no meaningful disruption of recent operating performance, we view the business risk profile more favorably, or the company pursues a financial policy that will keep credit metrics consistently near current levels. "We could revise the outlook on Tenet to stable if operating performance weakens, and/or financial policy becomes aggressive such that we expect leverage will increase to above 4x. "We could raise our rating on Tenet if we believe the company will maintain leverage below 4x while continuing to pursue its plan to expand its ASC business and mitigating margin pressure from potential policy risks. We could also raise the rating if Tenet's strategies to strengthen its performance, and continued growth in its ASC segment further improve its overall business risk profile." THASSOS INC: Gets OK to Use Cash Collateral Until July 17 --------------------------------------------------------- Thassos, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral through July 17 to pay the operating expenses set forth in its budget. Use of funds for extraordinary expenses in excess of the budget requires further court order or prior written approval of the U.S. Small Business Administration. The budget projects total operational expenses of $87,162 for the period from June 18 to July 17. As protection for any diminution in value of its cash collateral, SBA was granted replacement liens on and security interests in its collateral, to the same extent and with the same validity and priority held by the secured lender prior to the petition date. As further protection, the Debtor was ordered to keep the lender's collateral insured. The next hearing is scheduled for July 16. SBA) holds a perfected lien and first position security interest in the Debtor's accounts and cash collateral, which had a value of approximately $15,000 as of the petition date. Pursuant to the EIDL loan from SBA, the Debtor still owes approximately $500,000. About Thassos Inc. Thassos Inc. operates a Greek restaurant in Clarendon Hills, Illinois. The establishment specializes in authentic Greek cuisine and offers dine-in, catering, and online ordering services. Thassos sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08021) on May 27, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Judge Janet S. Baer handles the case. The Debtor is represented by Konstantine Sparagis, Esq., at the Law Offices of Konstantine Sparagis. THORNCO HOSPITALITY: Files Amendment to Disclosure Statement ------------------------------------------------------------ Thornco Hospitality LLC submitted a Second Amended Disclosure Statement for the Second Amended Plan of Reorganization dated June 10, 2025. The Debtor believes that the feasibility requirement for confirmation of the Plan is satisfied by the fact that the future operating revenues will be sufficient to satisfy the obligations under the Plan in addition to supporting sustainable growth of the enterprise. As shown by the chart, in a Chapter 7 liquidation Secured Claims would be paid only in part and Unsecured Claims would receive nothing. Under this Plan, however, Allowed Secured Claims will be paid. Therefore, Creditors will receive at least as much under this Plan as they would in a Chapter 7 liquidation. Class 1 consists of the Allowed Secured Claim of State Bank of Texas. SBT's Claim was scheduled by the Debtor as a disputed, contingent and unliquidated Secured Claim in the amount of $23,000,000. SBT did not file a proof of claim by the Bar Date. The Debtor scheduled the value of the Collateral securing the claim at $30,000,000. Recent appraisals indicate the current fair market value is closer to $25,000,000. The Court has not yet determined the value of the Collateral. The Class 1 Claimant did not make the election under Section 1111(b) of the Code. The Allowed Secured Claim in the agreed upon amount of $24,000,000 shall be paid in full in 36 months following the Effective Date based on an amortization of 30 years in equal monthly installments of principal with interest thereon at the Plan Rate per annum with a lump sum payment at the end of 3 years. Payments shall commence on the first day of the first month following Confirmation. The existing note will be modified to reflect these terms. The Class 1 Claimant shall also be paid its Allowed Administrative Claim in the amount of $1,151,550.93 on the Effective Date. Class 2 consists of Allowed Secured Claim of Lincoln Capital Management, LLC. Lincoln's Claim was scheduled by the Debtor as a disputed, contingent and unliquidated claim in the amount of $6,000,000. Lincoln timely filed a proof of claim in the amount of $6,228,146.75. The proof of claim noted that the amount that was secured and unsecured was unknown until the Court determined the value of the Collateral. Lincoln shall have an Allowed Secured Claim in the amount of $1,100,000. The Allowed Secured Claim shall be treated as follows: The Reorganized Debtor will pay Lincoln on its Allowed Secured Claim a total of $1,100,000 payable as follows: $100,000 within 45 days of the Effective Date; monthly payments of $10,000 a month for 12 months commencing on the 1st day of the first month following the Effective Date and continuing on the 1st day of each month thereafter for 12 months; and then $15,000 per month for 24 months with payments due on the 1st day of each month; and then a final payment 36 months after the Effective Date of $535,000.00. All payments will be made to Lincoln by a wire transfer or ACH transfer, at Lincoln’s sole discretion. Class 3 consists of Allowed Secured Claim of Tax Authorities. Holders of Allowed Secured Claims in Class 3 will be treated under Section 1129(a)(9)(D) of the Bankruptcy Code as a secured tax claim and will receive payment over the 6 months following the Effective Date with interest thereon at the Statutory Rate. Holders of Class 3 Claims will retain their liens until paid in full. The Debtor will be post petition current, including all taxes and interest, prior to the Confirmation Date, as a necessary condition of confirmation. Debtor's failure to make payments consistent with the plan and/or to timely file and pay all post-petition taxes and otherwise remain tax compliant post-petition will be an event of default. Class 4 consists of Allowed Unsecured Claims. Allowed Unsecured Claims in Class 4 will receive their Pro Rata share of $1,000 a month paid during the Plan Term commencing on the first day of the month following the Effective Date of the Plan. These Claims are Impaired, and the holders of these Claims are entitled to vote to accept or reject the Plan. The Debtor does not believe there are any unsecured claims that will be paid under the Plan. The Debtor intends to make all payments required under the Plan from the net profits earned from the operation of the Hotel and Investor contributions. A full-text copy of the Second Amended Disclosure Statement dated June 10, 2025 is available at https://urlcurt.com/u?l=mb7rgP from PacerMonitor.com at no charge. Counsel to the Debtor: Joyce W. Lindauer, Esq. Joyce W. Lindauer, PLLC 1412 Main Street, Suite 500 Dallas, TX 75202 Telephone: (972) 503-4033 Facsimile: (972) 503-4034 About Thornco Hospitality Thornco Hospitality, LLC, owns and operates a hotel identified as Homewood Suites by Hilton Thornton Denver. Thornco Hospitality filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-33596) on Nov. 5, 2024, listing $10 million to $50 million in both assets and liabilities. The petition was signed by Nimrat Kaur as managing member. Judge Scott W Everett presides over the case. Joyce W. Lindauer, Esq., at JOYCE W. LINDAUER ATTORNEY, PLLC, is the Debtor's counsel. TIDEWATER INC: S&P Assigns 'B+' ICR, Outlook Stable --------------------------------------------------- S&P Global Ratings assigned its 'B+' issuer credit rating to Houston-based offshore support vessel (OSV) operator Tidewater Inc., reflecting the company's above-average profitability and good geographic diversification, partially offset by meaningful volatility associated with its dependence on offshore oil and gas activity. S&P said, "We also assigned our 'BB-' issue-level rating, and '2' recovery rating, to Tidewater's proposed senior unsecured notes. The recovery rating of '2' (capped rounded estimate: 85%) indicates our expectation for substantial (70%-90%) recovery for debtholders under our simulated default scenario. "The stable outlook reflects our expectation that relatively flat offshore activity and limited newbuild ships entering the market over the next 12 months will support similar or stronger day rates. We project funds from operations (FFO) to debt of about 55% in the next 12-24 months, with debt to EBITDA of 1.3x and positive discretionary cash flow (DCF). "We assigned our 'B+' issuer credit rating to Tidewater. The rating reflects the company's strong profitability profile, good geographic diversification, and moderate financial policy, partially offset by Tidewater's exposure to the highly cyclical offshore oil and gas industry. Our rating also considers the company's advantaged EBITDA margins of about 40%, robust free operating cash flow (FOCF) profile, and limited use of debt." Relatively flat offshore activity and Tidewater's improved fleet quality will underpin strong profitability and FOCF over the next two years. The supportive oil price environment in 2024 encouraged growth in the offshore oil and gas market across most major basins globally. S&P Global Ratings' forecast incorporates our expectation of global offshore capital spending decreasing modestly in 2025 with an uptick in activity levels in 2026 based on our current hydrocarbon price deck. Furthermore, global OSV supply has remained constrained as current day rates, although increased, are not yet supporting substantial newbuild activity and current shipyard capacity to build new vessels is limited. Although the economics of newbuilds will likely become more attractive as day rates improve beyond 2025, we estimate a three to four-year lead time on newbuild construction would limit OSV supply increases over our forecast period and support utilization and day rates, assuming relatively flat demand. Tidewater has a high degree of operating leverage to capture the benefit of improving day rates given its minimal long-term contracts (average contract length is about 18 months) and the high fixed-cost structure of operating its vessels. In addition, Tidewater has focused on improving the quality of its fleet through acquisitions and divestitures. Platform supply vessels (PSVs) make up about 65% of its current fleet and about half of these PSVs are classified as ultra-high-spec (more than 900 square meters of deck space). Accordingly, Tidewater's share of the global ultra-high-spec market is markedly higher than the company's share of the broader PSV market. Not only do these higher-spec vessels contribute to higher margins, but we also see higher and relatively more stable utilization in this vessel class. S&P said, "Accordingly, we assess Tidewater's absolute profitability as above average relative to the global oilfield services peer group based on our calculated five-year (2023-2027) average EBITDA margin of 40.5%. We anticipate these factors will allow the company to improve profitability, with S&P Global Ratings-adjusted EBITDA margins of 38%-43% for 2025 and 2026, up from 36% in 2023." Tidewater's dependence on offshore oil and gas activity and the fragmented nature of the OSV market contribute to significant volatility in the company's cash flow generation. Although S&P anticipates strong S&P Global Ratings-adjusted funds from operations (FFO) generation of $340 million-$390 million annually over the next two years, Tidewater remains vulnerable to unanticipated declines in offshore oil and gas production and drilling activity as well as supply additions from smaller independent OSV operators, both of which could meaningfully compress day rates and cash flow generation. For example, reduced offshore activity in 2021 resulted in S&P Global Ratings-adjusted FFO of negative $1.3 million for the year. S&P said, "Moreover, while Tidewater is the largest global OSV operator, we believe its overall market share is modest because the industry is highly fragmented given limited barriers to entry, as well as the commoditized nature of OSVs and the services they provide. As a result, we believe the company could see unanticipated customer attrition or day-rate volatility should new market participants emerge or the number of active vessels increase (either from new builds or the return of idled vessels)." S&P said, "We expect the company's financial policy will remain supportive of the rating. In our view, Tidewater's moderate financial policy offsets some downside risk associated with the company's reliance on offshore activity. Although Tidewater remains exposed to volatility inherent with the OSV market, we believe its moderate financial policy will limit its use of debt and support credit metrics commensurate with the rating. Assuming the proposed issuance is used to refinance the company's existing term loan facilities, senior secured notes due 2026, and senior unsecured notes due 2028, we forecast S&P Global Ratings-adjusted debt of about $680 million for 2025 and 2026. Pro forma the transaction, Tidewater will also have no meaningful maturities until 2030. "We also believe Tidewater's financial policies will limit material debt-funded acquisitions without line of sight to immediate deleveraging, while also keeping share repurchases well within free cash flow. In addition, the company has a good liquidity cushion with cash on hand of about $340 million as of March 31, 2025, and an upsized $250 million revolving credit facility (RCF; expected to remain undrawn at close and through our forecast period). We assume Tidewater will use the projected strong cash balance to fund potential tuck-in acquisitions or increase shareholder returns, so we do not net cash in our calculation of adjusted debt for the company. "We forecast strong financial metrics over the next two years. We expect that, supported by relatively strong day rates and flat-to-increasing demand over our forecast period, Tidewater's FFO to debt (S&P Global Ratings-adjusted) will be about 55% and debt to EBITDA will be 1.3x for 2025-2026. We anticipate the company will generate about $150 million of FOCF this year and about $240 million next year. With our projected share buybacks of $100 million-$150 million annually, we forecast positive DCF generation over our forecast period. "The stable outlook reflects our expectation that Tidewater's financial measures will remain appropriate for the rating given the relatively flat demand from offshore drilling activity and expectation of limited newbuild ships entering the market over the next 12 months. We expect this will enable the company to reprice its vessels at similar or higher day rates as existing contracts roll off. We also expect Tidewater will maintain its moderate financial policy and not pursue material debt-funded acquisitions. Based on our current assumptions, we anticipate FFO to debt of about 55% in the next 12-24 months, with debt to EBITDA of 1.3x and positive DCF. "We could lower our rating on Tidewater if its FFO to debt fell well below 45% on a sustained a basis. This could occur if commodity prices decline and demand for offshore drilling services softens, resulting in lower demand for OSVs, or if the global supply of OSVs materially increases, compressing day rates and cash flow generation. It could also occur if the company pursues further large, debt-funded acquisitions or shareholder returns increase meaningfully above our current expectations. "We could raise our rating on Tidewater if it strengthens and sustains its revenue and EBITDA to levels comparable with those of higher-rated peers, while sustaining FFO to debt above 60%." TROPICAL BIDCO: Cliffwater Corporate Marks $2.7MM Loan at 85% Off ----------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $2,727,272 loan extended to Tropical Bidco, LLC to market at $409,216 or 15% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Revolver Loan to Tropical Bidco, LLC. The loan accrues interest at a rate of 9.05% per annum. The loan matures on December 10, 2030. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Tropical Bidco, LLC Tropical Bidco, part of Bidco Africa, is a major player in the East African consumer goods market, particularly in edible oils and soap. UPTOWN WINE: Hires Vivia L. Joseph Esq. as Counsel -------------------------------------------------- Uptown Wine Pantry, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Vivia L. Joseph, Esq. as counsel. The firm will provide: (a) analysis of the financial situation, and rendering advice and assistance to the Debtor in determining whether to file a petition under title 11 of the United States Code; (b) preparation and filing of the petition, schedules, statement of affairs, and other documents required by this Court; (c) representation of the Debtor at the meeting of creditors; (d) preparation of motions, documents and applications in connection with the case; and (e) legal advice to the Debtor in connection with all matters pending before this Court. The firm will be paid at these rates: Attorneys $450 per hour Paralegals $150 per hour The Debtor paid the firm a retainer of $2,500. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Vivia L. Joseph, Esq. 229-22 Linden Boulevard Cambria Heights NY 11411 Tel: (718) 977-4132 Email: vjoseph@att.net About Uptown Wine Pantry, Inc. Uptown Wine Pantry Inc. is a self-serve liquor store located at 63 East 125th Street in New York City. Established in 2002, it offers a diverse selection of wines, liquors, and specialty items, along with convenient delivery and curbside pickup services. Uptown Wine Pantry Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10770) on April 2, 2025. In its petition, the Debtor reports total assets of $350,000 and total debts of $1,557,997. Honorable Bankruptcy Judge Lisa G. Beckerman handles the case. The Debtor is represented by Vivia L. Joseph, Esq. US FITNESS: Cliffwater Corporate Marks $2.2MM Loan at 84% Off ------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $2,205,731 loan extended to US Fitness Holdings, LLC to market at $346,667 or 16% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Revolver Loan to US Fitness Holdings, LLC. The loan accrues interest at a rate of 10.16% per annum. The loan matures on September 4, 2030. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About US Fitness Holdings, LLC US Fitness Holdings, LLC owns and manages sports and fitness clubs. The Company offers pools, basketball courts, and spa facilities, as well as provides personal training programs. US Fitness Holdings serves customers in the United States. VELSICOL CHEMICAL: Aug. 5, 2025 Hearing to Confirm 3rd Amended Plan ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois will hold a hearing on Aug. 5, 2025, at 10:00 a.m. (prevailing Central Time) to consider confirmation of the Third Amended SubChapter V Joint Chapter 11 Plan of Reorganization of Velsicol Chemical LLC and its debtor-affiliates. Objections to the confirmation of the Plan, if any, is July 16, 2025, at 4:00 p.m. (prevailing Central Time). The confirmation hearing can also be access by Zoom or in-person, at the Dirksen Federal Building, 219 South Dearborn Street, Courtroom No. 644, Chicago, Illinois 60604. To appear by Zoom using the internet, go to https://zoomgov.com/; then enter the meeting ID and passcode. To appear by Zoom using a telephone, call Zoom for Government at 1-669-254-5252 or 1-646-828-7666; then enter the meeting ID and passcode. The meeting ID for this hearing is 161 122 6457, and the passcode is Cleary644. The Debtors propose this Third Amended Subchapter V Joint Plan of Reorganization, under sections 1129 and 1191 of chapter 11 of the Bankruptcy Code. The Debtors project that Velsicol will have $2,132,000 in disposable income from operations earned over a five-year period following confirmation of this Plan to be distributed to holders of Velsicol Allowed Priority Unsecured Claims, Velsicol Allowed Priority Tax Claims in Class 2, and Velsicol Allowed General Unsecured Claims in Class 3. Pursuant to the Plan, Velsicol will make payments to creditors, as described more fully herein, in the cumulative amount of the Velsicol Disposable Income Amount. Velsicol Holdings will have $38,000 to distribute to holders of Velsicol Holdings Allowed Claims and Resnovae will have $4,500 to distribute to holders of Resnovae Allowed Claims. At this time, because of contingent claims filed against the Debtors, the Debtors are unable to estimate the recovery stated as a percentage distribution to general unsecured claims. The Debtors believe that confirmation of the Plan is in the best interest of all parties, including the Debtors' Creditors and Estates especially in light of the Debtors payment of Velsicol's projected disposable income over a five-year period rather than a three-year period. Accordingly, the Debtors urge each Creditor that is Impaired hereunder, and entitled to vote, to vote to accept the Plan. According to the Debtors, the Plan constitutes a separate Plan for each Debtor, and the classification of Claims and Interests set forth herein shall apply separately to each of the Debtors. Certain of the Debtors may not have Claims or Interests in a particular Class, and such Claims or Interests shall be treated as set forth herein. For all purposes under the Plan, each Class will contain sub-Classes for each Debtor. Tabulation of votes accepting or rejecting the Plan shall be conducted on a Debtor-by-Debtor basis To be counted, a ballot containing your vote to accept or to reject the Plan must be received by the Notice and Claims Agent, BMC Group, Inc., by no later than 4:00 p.m. prevailing Central Time on July 16, 2025. If you are entitled to vote to accept or reject the Plan, a ballot is enclosed for the purpose of voting on the Plan. Please carefully follow the instructions set forth in the ballot and vote and return your ballot(s), by first class mail, hand or overnight courier or electronically to: If by first class mail: BMC Group Attn: Velsicol Ballot Processing PO Box 90100 Los Angeles, CA 90009 If by overnight mail or hand delivery: BMC Group Attn: Velsicol Ballot Processing 3732 West 120th Street Hawthorne, CA 90250 If electronically: ballots.bmcgroup.com/velsicol About Velsicol Chemical LLC Velsicol Chemical LLC is a technology company in the industrial intermediate chemicals industry serving the global polymer additives as well as flame retardant markets. Velsicol Chemical LLC and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Lead Case No. 23-12544) on Sep. 21, 2023. The petitions were signed by Timothy Horn as authorized representative of the Debtors. At the time of filing, Velsicol estimated $1 million to $10 million in assets and $10 million to $50 million in liabilities. Judge David D. Cleary oversees the case. Much Shelist PC, led by Jeffrey M. Schwartz, is the Debtors' counsel. GlassRatner Advisory & Capital Group, LLC, d/b/a B. Riley Advisory Services, is the financial advisor. VERTEX SERVICE: Cliffwater Corporate Marks $19.1MM Loan at 17% Off ------------------------------------------------------------------ Cliffwater Corporate Lending Fund (CCLFX) has marked its $19,123,122 loan extended to Vertex Service Partners, LLC to market at $15,810,613 or 83% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to Vertex Service Partners, LLC The loan accrues interest at a rate of 10.30% per annum. The loan matures on November 8, 2030. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Vertex Service Partners, LLC Vertex Service Partners empowers home service brands with expert support in marketing, training, and operations across the U.S. VERTEX SERVICE: Cliffwater Corporate Marks $1MM Loan at 37% Off --------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $1,009,668 loan extended to Vertex Service Partners, LLC to market at $635,477 or 63% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Revolver Loan to Vertex Service Partners, LLC The loan accrues interest at a rate of 10.30% per annum. The loan matures on November 8, 2030. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Vertex Service Partners, LLC Vertex Service Partners empowers home service brands with expert support in marketing, training, and operations across the U.S. VERTEX SERVICE: Cliffwater Corporate Marks $5.8MM Loan at 81% Off ----------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $5,800,000 loan extended to Vertex Service Partners, LLC to market at $1,114,056 or 19% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to Vertex Service Partners, LLC The loan accrues interest at a rate of 9.55% per annum. The loan matures on August 31, 2028. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Vertex Service Partners, LLC Vertex Service Partners empowers home service brands with expert support in marketing, training, and operations across the U.S. VWS HOLDCO: Hires Mr. Agran of Carl Marks Advisory as CRO --------------------------------------------------------- VWS Holdco, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Carl Marks Advisory Group LLC and designate Steven Agran as chief restructuring officer. The firm's services include: Bankruptcy Administration -- assist the Company and its counsel in bankruptcy including the review of motions such as DIP, 1st Day Motions, Bid and Sale procedures; -- review the Company's performance against any DIP budget, analyze variances, and oversee reporting as required by the DIP financing agreement; -- manage and coordinate the Company's compliance with milestones as may be set forth in the DIP credit agreement; -- assist counsel with overseeing administration of the Company's bankruptcy estate, including: --- attend US Trustee's Section 341 meeting of creditors; --- review the Company's Statement of Financial Affairs and Schedules to be submitted to the Bankruptcy Court; --- review and File Monthly Operating Reports (MORs); --- support US Trustee information requests; --- attend hearings and testify to matters related to the case as reasonably required; and --- lead efforts to classify and resolve claims asserted against the Company as required by the Bankruptcy Code; -- If a creditor's committee is appointed, assist in responding to reasonable requests from the committee and its professionals; and -- Following closing of a sale, assist with any requested estate wind-down activities. Support of the 363 Sale Process -- assist the Company and counsel negotiate any "stalking horse" bid(s) and review go to market strategy by IB for identifying prospective acquirers; -- assist the Company in soliciting and negotiating with prospective acquirers; -- assist the Company and counsel in negotiating appropriate bid and sale procedures, and assist in preparation and prosecution of the bid and sale procedure motion; -- assist and support the Company in the coordination of the sales effort; -- in coordination with Company counsel and Financial Advisor: --- analyze the relative merits of competing Transaction proposals for the Company's evaluation; --- hold any auction required by any entered Bid Procedures Order; and --- prepare for, attend, and testify as necessary, at any sale hearing or related hearing required to obtain a sale order from the Bankruptcy Court; and -- assist with any sale closing requirements. The firm will be paid a fixed $75,000 monthly fee. The firm will be paid a retainer in the amount of $75,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Agran 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 Agran Carl Marks Advisory Group LLC 900 Third Avenue New York, NY 10022 Tel: (212) 909-8400 About VWS Holdco, Inc. VWS Holdco, Inc. owns and operates the Shoosmith Landfill located in Chester, Virginia in Chesterfield County. VWS Holdco sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10979) on June 1, 2025, listing up to $50,000 in assets and $100 million to $500 million in liabilities. Fred Nichols, president of VWS Holdco, signed the petition. Judge J. Kate Stickles presides over the case. John W. Weiss, Esq. and Leah M. Eisenberg, Esq., at Pashman Stein Walder Hayden P.C., represent the Debtor as legal counsel. Teneo Securities LLC as investment banker, and Teneo Capital LLC as financial advisor. Carl Marks Advisory Group LLC as CRO. Kurtzman Carson Consultants, LLC, doing business as Verita Global, as claims, noticing, and solicitation agent. VWS HOLDCO: Hires Teneo Securities LLC as Investment Banker ----------------------------------------------------------- VWS Holdco, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Teneo Securities LLC as investment banker, and Teneo Capital LLC as financial advisor. The firm will provide these services: -- assist the Company in analyzing and evaluating the business, operations and financial position of the Company; -- assist the Company in the preparation of an offering memorandum relating to the proposed Transaction for distribution and presentation to potential purchasers; -- assist the Company in the preparation and implementation of a marketing plan with respect to the proposed Transaction; -- assist the Company in screening and contacting interested prospective purchasers; -- assist the Company in evaluating proposals which are received from potential purchasers; -- advise the Company on tactics and strategies for negotiating with the Company’s creditors, stakeholders, parties in interest and potential buyers or capital providers and participate in negotiations relating to the proposed Transaction or debt restructuring proposals; -- advise the Company with respect to the form and structure of, and consideration to be received in the proposed Transaction; -- assist the Company and its professionals in the review and negotiation of any proposed Transaction; and -- provide the Company such other financial advisory services as may be mutually agreed by Teneo Securities and the Company in furtherance of consummating the proposed Transaction. The firm will be paid at these rates: Senior Managing Directors, Managing $925 to $1,300 per hour Directors, and Senior Advisors Senior Directors, Directors, $550 to $925 per hour and Vice Presidents Associates and Analysts $375 to $550 per hour Administrative Staff $200 to $375 per hour The firm will be paid a retainer in the amount of $100,000. 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. Charles Boguslaski, a senior managing director at Teneo Capital, LLC, 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: Charles Boguslaski Teneo Capital LLC 280 Park Avenue, 4th Floor New York, NY 10017 Tel: (212) 886-1600 Email: charles.boguslaski@teneo.com About VWS Holdco, Inc. VWS Holdco, Inc. owns and operates the Shoosmith Landfill located in Chester, Virginia in Chesterfield County. VWS Holdco sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10979) on June 1, 2025, listing up to $50,000 in assets and $100 million to $500 million in liabilities. Fred Nichols, president of VWS Holdco, signed the petition. Judge J. Kate Stickles presides over the case. John W. Weiss, Esq. and Leah M. Eisenberg, Esq., at Pashman Stein Walder Hayden P.C., represent the Debtor as legal counsel. Teneo Securities LLC as investment banker, and Teneo Capital LLC as financial advisor. Carl Marks Advisory Group LLC as CRO. Kurtzman Carson Consultants, LLC, doing business as Verita Global, as claims, noticing, and solicitation agent. VWS HOLDCO: Seeks to Hire Pashman Stein Walder as Counsel --------------------------------------------------------- VWS Holdco, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Pashman Stein Walder Hayden, P.C. as bankruptcy counsel. The firm will render these services: (a) perform all necessary services as the Debtors' bankruptcy counsel; (b) take all necessary actions to protect and preserve the Debtors' estate during this Chapter 11 case; (c) prepare or coordinate preparation on behalf of the Debtors, any necessary legal papers in connection with the administration of the Chapter 11 case; (d) counsel the Debtors with regard to its rights and obligations; (e) coordinate with the Debtors' other professionals in representing the Debtor in connection with this Chapter 11 case; and (f) perform all other necessary or requested legal services. The hourly rates of the firm's counsel and staff are: Partners $695 to $975 Counsel $460 to $690 Associates $465 to $485 Paraprofessionals $395 to $430 In addition, the firm will seek reimbursement for expenses incurred. The firm held as post-petition advance retainer in the amount of $73,049. John W. Weiss, Esq., a partner at Pashman Stein Walder Hayden, 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: John W. Weiss, Esq. Richard W. Riley, Esq. Pashman Stein Walder Hayden, P.C. 824 North Market Street, Suite 800 Wilmington, DE 19801 Tel: (302) 592-6496 Email: jweiss@pashmanstein.com rriley@pashmanstein.com About VWS Holdco, Inc. VWS Holdco, Inc. owns and operates the Shoosmith Landfill located in Chester, Virginia in Chesterfield County. VWS Holdco sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10979) on June 1, 2025, listing up to $50,000 in assets and $100 million to $500 million in liabilities. Fred Nichols, president of VWS Holdco, signed the petition. Judge J. Kate Stickles presides over the case. John W. Weiss, Esq. and Leah M. Eisenberg, Esq., at Pashman Stein Walder Hayden P.C., represent the Debtor as legal counsel. Teneo Securities LLC as investment banker, and Teneo Capital LLC as financial advisor. Carl Marks Advisory Group LLC as CRO. Kurtzman Carson Consultants, LLC, doing business as Verita Global, as claims, noticing, and solicitation agent. VWS HOLDCO: Seeks to Tap Verita Global as Administrative Advisor ---------------------------------------------------------------- VWS Holdco, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Kurtzman Carson Consultants, LLC, doing business as Verita Global, as administrative advisor. The firm will provide these services: (a) assist with, among other things, the preparation of the Debtors' schedules of assets and liabilities, schedules of executory contracts and unexpired leases, and statements of financial affairs; (b) generate, provide, and assist with claims objections, exhibits, claims reconciliation, and related matters; (c) assist, with, among other things, solicitation, balloting, tabulation, and calculation of votes, as well as preparing any appropriate reports required in furtherance of confirmation of any Chapter 11 plan; (d) generate an official ballot certification and testify, if necessary, in support of the ballot tabulation results for any Chapter 11 plan(s) in the Chapter 11 cases; and (e) provide such other claims processing, noticing, solicitation, balloting, and administrative services. The firm will be paid at its standard hourly rates and will be reimbursed for expenses incurred. Evan Gershbein, an executive vice president at Verita Global, 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: Evan J. Gershbein Verita Global 2335 Alaska Ave. El Segundo, CA 90245 Telephone: (310) 823-9000 About VWS Holdco, Inc. VWS Holdco, Inc. owns and operates the Shoosmith Landfill located in Chester, Virginia in Chesterfield County. VWS Holdco sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10979) on June 1, 2025, listing up to $50,000 in assets and $100 million to $500 million in liabilities. Fred Nichols, president of VWS Holdco, signed the petition. Judge J. Kate Stickles presides over the case. John W. Weiss, Esq. and Leah M. Eisenberg, Esq., at Pashman Stein Walder Hayden P.C., represent the Debtor as legal counsel. Teneo Securities LLC as investment banker, and Teneo Capital LLC as financial advisor. Carl Marks Advisory Group LLC as CRO. Kurtzman Carson Consultants, LLC, doing business as Verita Global, as claims, noticing, and solicitation agent. VWS HOLDCO: Seeks to Tap Verita Global as Claims & Noticing Agent ----------------------------------------------------------------- VWS Holdco, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Kurtzman Carson Consultants, LLC, doing business as Verita Global, as claims, noticing, and solicitation agent. Verita Global will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. The firm will be paid at its standard hourly rates and will be reimbursed for expenses incurred. Evan Gershbein, an executive vice president at Verita Global, 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: Evan Gershbein Verita Global LLC 222 N. Pacific Coast Highway, 3rd Floor El Segundo, CA 90245 Telephone: (310) 823-9000 Facsimile: (310) 823-9133 About VWS Holdco, Inc. VWS Holdco, Inc. owns and operates the Shoosmith Landfill located in Chester, Virginia in Chesterfield County. VWS Holdco sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10979) on June 1, 2025, listing up to $50,000 in assets and $100 million to $500 million in liabilities. Fred Nichols, president of VWS Holdco, signed the petition. Judge J. Kate Stickles presides over the case. John W. Weiss, Esq. and Leah M. Eisenberg, Esq., at Pashman Stein Walder Hayden P.C., represent the Debtor as legal counsel. Teneo Securities LLC as investment banker, and Teneo Capital LLC as financial advisor. Carl Marks Advisory Group LLC as CRO. Kurtzman Carson Consultants, LLC, doing business as Verita Global, as claims, noticing, and solicitation agent. WALDENCAST PLC: Cliffwater Corporate Marks $4.2MM Loan at 52% Off ----------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $4,203,256 loan extended to Waldencast PLC to market at $2,007,054 or 48% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Revolver Loan to Waldencast PLC. The loan accrues interest at a rate of 10.80% per annum. The loan matures on March 18,2030. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Waldencast PLC Waldencast PLC is a holding company and investment fund that incubates and accelerates early stage beauty and wellness brands. WALKER AREA: Unsecured Creditors to Split $44K over 4 Years ----------------------------------------------------------- Walker Area Community Center, Inc., filed with the U.S. Bankruptcy Court for the District of Minnesota a Plan of Reorganization for Small Business dated June 10, 2025. The Debtor is a Minnesota non-profit corporation formed on August 23, 2001. Its principal place of business is in Walker, Minnesota. The Debtor's mission is to provide civic, cultural, educational, and recreational opportunities to the Walker, Minnesota/Leech Lake area, and surrounding communities. The Debtor engaged in negotiations with Arvig and FNBN prior to the Petition Date and reached tentative agreements with both secured lenders regarding a reorganization of the obligations owed to Arvig and FNBN, including the waiver of a portion of FNBN's obligations. Both Arvig and FNBN conditioned their agreement on the Debtor seeking and receiving approval of a reorganization plan that established the necessary plan payments under the Bankruptcy Code, including payments to the SBA. In connection with these negotiations, an unrelated third-party agreed to donate $1,000,000 to the Debtor to fund a reorganization of the Debtor's debt obligations and business. The donation was similarly conditioned upon the Debtor seeking and receiving approval of a reorganization plan by the Bankruptcy Court. The Debtor believes that this proposed Plan ensures the long term viability of the Debtor and its continued service to the Walker and Leech Lake area community. The Debtor's financial projections show that the Debtor will have sufficient revenues to make payments on the secured portions of Allowed claims in Class 1- A, Class 1-B, and Class 1-C and disposable income of $44,000 for payments to holders of Allowed Class 2-A claims. The final Plan payment is expected to be paid in June 2028. This Plan under chapter 11 of the Bankruptcy Code proposes to pay creditors of the Debtor from cash flow generated from the operation of the Debtor's business. Non-priority unsecured creditors holding Allowed claims will receive an annual distribution of their respective pro rata shares of $44,000. The Plan provides for the payment of all Allowed administrative and priority claims. Class 2-A consists of all Allowed unsecured claims against the Debtor that are not entitled to priority and are not classified elsewhere in this Plan, including, without limitation, the SBA's unsecured deficiency claim in the estimated amount of $434,850.75. Pursuant to the Schedules and the filed proofs of claim, the Debtor does not believe any other unsecured claims exist in this Bankruptcy Case. On the Effective Date, the SBA shall be deemed to have an Allowed Class 2-A claim in the amount of $436,241. Holders of Allowed Class 2-A claims shall receive annual payments of their pro rata share of the Reorganized Debtor's disposable income, which the Debtor estimates shall total $44,000 pursuant to the Debtor's projections in Exhibit B, which shall follow the payment schedule: Payment 1 Payment 2 Payment 3 Payment 4 December 2025 December 2026 December 2027 June 2028 $8,000 $11,000 $13,000 $12,000 The annual payments shall be paid on a pro rata basis to each holder of an Allowed Class 2-A claim. Nothing contained in this Plan shall restrict the Debtor or the Reorganized Debtor from objecting to, contesting, or seeking to avoid a Class 2-A claim as permitted under the Bankruptcy Code or otherwise applicable law. The payments to the holder of the Class 2-A claims pursuant to this Article 6.4 shall be in exchange for, and in full satisfaction, settlement, release, and discharge of, the Class 2-A claims. On the Effective Date, all of the property of the estate shall vest in the Reorganized Debtor. The Reorganized Debtor shall continue to exist and continue to operate its business on and after the Effective Date. Distributions provided for under the Plan shall be funded by (a) an initial donation made to the Reorganized Debtor in the estimated amount of $1,000,000 and (b) the operating revenue, which may contain additional donations, of the Debtor over the term of the Plan. A full-text copy of the Plan of Reorganization dated June 10, 2025 is available at https://urlcurt.com/u?l=nFY5hB from PacerMonitor.com at no charge. The Debtor's Counsel: Steven R. Kinsella, Esq. FREDRICKSON & BYRON, P.A. 60 South 6th Street, Suite 1500 Minneapolis, MN 55402 Tel: 612-492-7000 E-mail: skinsella@fredlaw.com About Walker Area Community Center Inc. Walker Area Community Center Inc. operates a community facility in Walker, Minnesota, located at 105 Tower Ave E. The light industrial property includes a gym, exercise space, seasonal ice arena, locker rooms, meeting rooms, and offices. It supports activities for the Boys & Girls Club, Rotary meetings, hockey and curling leagues, as well as year-round basketball, pickleball, and fitness programs. As of Nov. 18, 2024, the property was appraised at $1.25 million based on comparable sales. Walker Area Community Center Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-50310) on May 2, 2025. In its petition, the Debtor reported total assets of $1,409,049 and total liabilities of $1,956,152. Judge William J. Fisher handles the case. The Debtor is represented by Steven R. Kinsella, Esq., at Fredrickson & Byron, P.A. WARNER BROS: Bondholders Seek to Sell Back $30 Billion in Debt -------------------------------------------------------------- Ethan M. Steinberg and Josyana Joshua of Bloomberg News report that bondholders submitted over $30 billion worth of notes for repurchase by Warner Bros. Discovery Inc., significantly surpassing the amount the company agreed to buy back, according to a statement issued Tuesday, June 24, 2025. The offer comes as the media giant gears up for a major debt restructuring and a planned corporate split. Despite the strong response, the company has not increased its buyback limit, and investors said Tuesday it's becoming less likely that it will. Earlier in June 2025, Warner Bros. Discovery said it would repurchase notes valued at up to $14.6 billion. About Warner Bros. Discovery Warner Bros. Discovery (WBD) is a global media and entertainment company that provides a portfolio of content, brands, and franchises across television, film, streaming, and gaming outlets. WDT ACQUISITION: S&P Withdraws 'B-' Issuer Credit Rating -------------------------------------------------------- S&P Global Ratings withdrew its 'B-' issuer credit rating on mammography service provider WDT Acquisition Corp. (dba Solis Mammography) at the issuer's request. At the same time, S&P discontinued its 'B-' issue-level rating and '3' recovery rating on Solis' senior secured first-lien debt and its 'CCC' rating and '6' recovery rating on its senior secured second-lien debt because the company has repaid all of its rated debt facilities. At the time of withdrawal, S&P's outlook on the company was stable. WEBER-STEPHEN PRODUCTS: Cliffwater Marks $4.1MM Loan at 18% Off --------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $4,166,666 loan extended to Weber-Stephen Products, LLC to market at $3,404,156 or 82% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Revolver Loan to Weber-Stephen Products, LLC The loan accrues interest at a rate of 10.05% per annum. The loan matures on December 19, 2026. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Weber-Stephen Products, LLC Headquartered in Palatine, Illinois, Weber-Stephen Products LLC is a global manufacturer, marketer and distributor of barbecue grills and accessories. WINDRIDGE A2A: Hires Reed Smith LLP as Counsel ---------------------------------------------- Windridge A2A Developments, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Reed Smith LLP as counsel. The firm will provide 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 their 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 chapter 11 case, including all of the legal and administrative requirements of operating in chapter 11; (c) take all necessary action to protect and preserve the Debtor's estate, including the prosecution of actions on their behalf, the defense of any actions commended against the estate, and negotiations concerning all litigation in which the Debtor may be involved and objections to claims filed against the estates; (d) prepare, on behalf of the Debtor, motions, applications, answers, orders, reports, and papers necessary to the administration of the estates; (e) appear in the Bankruptcy Court and any appellate courts and before the U.S. Trustee, and protect the interests of the Debtor's estate before such courts and the U.S. Trustee; (f) take any necessary action on behalf of the Debtor to obtain confirmation of the Debtor's plan of reorganization and/or one or more sales of the Debtor's assets; and (g) perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with the chapter 11 case. The firm will be paid at these rates: Partners $1,205 to $1,295 per hour Associates $820 to $845 per hour Legal Staffs $430 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Cooley 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: Michael P. Cooley, Esq. Keith M. Aurzada, Esq. Taylre C. Janak, Esq. REED SMITH LLP 2850 N. Harwood Street, Suite 1500 Dallas, TX 75201 Tel: (469) 680-4200 Fax: (469) 680-4299 Email: mpcooley@reedsmith.com kaurzada@reedsmith.com tjanak@reedsmith.com About Windridge A2A Developments, LLC Windridge A2A Developments LLC is a single asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Windridge A2A Developments LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-40920) on March 17, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by: Michael P. Cooley, Esq. REED SMITH 2850 N. Hardwood Street Dallas, TX 75201 Tel: (469) 680-4213 E-mail: mpcooley@reedsmith.com WOLFSPEED INC: Represented by Latham & Watkins in Restructuring --------------------------------------------------------------- Wolfspeed, Inc., has announced 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 US$4.6 billion, and reduce the company's annual total cash interest payments by approximately 60%. Latham & Watkins LLP represents Wolfspeed in the process with a restructuring & special situations team led by New York partners Ray Schrock, Alexander Welch, and Keith Simon, with associates Eric Einhorn, Brian Rosen, Alexandra Zablocki, Isaac Ashworth, Thomas Fafara, Rebekah Presley, Ryan Lindsey, Richard Cantoral, Saadia Naeem, and Sahib Singh. Advice on corporate matters was provided by Bay Area partners Tad Freese and Richard Kim, with associates Annie Kim, Chelsi DeTurk, Eduardo Magana, and Keran Huang; on capital markets matters by New York/Los Angeles partner Greg Rodgers and New York partner John Sobolewski, with associates Ryan Gold and Claire Solimine; on finance matters by Bay Area/New York partner Haim Zaltzman, Los Angeles partners Elizabeth Oh and Kenneth Askin, and New York partner Seniz Yakut, with associates Tony Noh and Marc Lim; on tax matters by New York partner Elena Romanova, Bay Area partners Grace Lee and James Metz, and New York counsel Rifka Singer, with associates Nimra Syed and Jacob Meninga, with assistance from Jack Santoro; and on CFIUS matters by Washington D.C. partners Les Carnegie, Patrick English, and Damara Chambers, and Bay Area partner Joshua Holian, and counsel Zachary Eddington, with associates Amulya Vadapalli and Dillon Curtis. About Wolfspeed Inc. Wolfspeed, Inc. (NYSE: WOLF) 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. WOOF INTERMEDIATE: S&P Raises ICR to 'CCC+' on Debt Restructuring ----------------------------------------------------------------- S&P Global Ratings upgraded U.S.-based Woof Intermediate Inc. (dba Wellness Pet) to 'CCC+' from 'SD' (selective default). At the same time, S&P assigned its 'B-' issue-level rating to the $534 million FLFO term loan due 2029, with '2' recovery rating, indicating its expectation for substantial (70%-90%; rounded estimate 70%) recovery in the event of a payment default. S&P assigned 'CCC-' issue-level rating to the $356 million FLSO term loan due 2029, with a '6' recovery rating, indicating its expectation of negligible (0-10%; rounded estimate 0%) recovery. The $105 million FLTO term loan due 2029 is not rated. The negative outlook reflects S&P's expectation that operational challenges will lead to continued cash flow deficits and potential for a lower rating if S&P envisions a default within 12 months. Wellness Pet recently completed a distressed debt restructuring, which improved its liquidity and debt maturity profile. Through the transaction, the company extended the maturities on its term loans to December 2029. Separately, the maturity of the asset-based lending (ABL) facility was also extended to October 2029 from December 2025. The restructuring increased Wellness Pet's liquidity because it used a portion of the new money proceeds to add cash to its balance sheet. S&P said, "At the close of transaction, we estimate the company had about $75 million in cash and cash equivalents. Its new capital structure does not require any amortization. We expect the company's cash interest burden will decrease modestly due to lower debt balances pro forma for the transaction. However, EBITDA interest coverage will remain weak near 1x. We believe Wellness Pet's improved liquidity position and extended maturity profile will provide it with some time to undertake its turnaround strategy." S&P said, "We view the company's capital structure as unsustainable because we believe credit metrics will remain pressured and continued cash burn will erode the company's liquidity position over time. Wellness Pet's revenues declined by more than 10% in the first quarter of 2025 after declining 4% in fiscal 2024. This was attributable to inventory destocking, pricing violations at retailers like Amazon and Chewy and softer demand for branded dry dog food and premium wet cat offerings. Softer category demand is partly due to the uncertain macroeconomic environment, which has led to increased value-seeking behavior by consumer and intensifying competition from private label. S&P Global Ratings-adjusted EBITDA margin increased by 60 basis points (bps) on a trailing 12 month basis ended March 31, 2025, benefitting from the recent consolidation of its manufacturing network, favorable commodity prices, and cost savings. Operating performance during the quarter also benefitted from a timing shift in marketing expenses, which will pressure profitability for the rest of the year. Pro forma for the transaction, we estimate leverage remains elevated at about 11.8x and EBITDA interest coverage is depressed at 0.8x, which we view as unsustainable." The company has outlined various initiatives including the rollout of new product lines such as Whimzees Freshzees, Core+, and Complete Heath Sensitive Skin & Stomach, as well as higher marketing and promotional spend aimed at matching prices with competitors to help spur growth and improve its cash flow generation. S&P said, "While we believe these initiatives will likely benefit the company's operating trajectory by reducing revenue declines and improving margins over the next 12-18 months, we anticipate it will continue to generate negative free operating cash flow (FOCF). Moreover, the company imports a significant percentage of goods from China, Thailand and other Asian and European countries as well as packaging materials from Canada. The company plans to offset the incremental tariff on imported goods by assessing its cost-sharing arrangements with vendors and seeking to source the goods from other countries. Although the company forward-bought some inventory, we expect inventory costs to increase in the second half of 2025 and beyond due to incremental tariffs on new inventory purchases. Moreover, it is uncertain if the company will be able to pass through a portion of the incremental costs via price increases without having a detrimental impact on demand for its discretionary product offerings." S&P said, "We forecast revenues will decline 3% in fiscal 2025 due to continued category weakness and aggressive competitive activity. We expect revenue will begin to grow in fiscal 2026. Furthermore, we expect Wellness Pet's initiatives related to productivity improvements and cost management, as well as the consolidation of its dry dog network, will likely offset higher advertising and promotional spending and increased costs from tariffs, leading to about 150 bps rise in its EBITDA margin in 2025 and a further 50 bps improvement in 2026. While we believe the company has sufficient near-term liquidity to implement its turnaround initiatives, we expect it will continue to generate FOCF deficits for at least the next two years, albeit with an improving trend. This is because we believe the company's high cash interest expense will continue to outweigh improvement in performance. Modest working capital outflows and about $8 million of capital expenditure (capex) will further deteriorate its liquidity position. "The negative outlook reflects the risk that macroeconomic or business conditions will not improve or could worsen further, leading Wellness Pet to generate larger-than-expected FOCF deficits, and the potential for a lower rating if we believe a default appears imminent over the subsequent 12 months." S&P could lower its ratings on Wellness Pet if we envision a default over the next 12 months. This could occur if: -- The company continues to make advertising and promotional investments without an improvement in sales volumes and profitability; -- Worsening macroeconomic conditions continue to dampen its profitability, leading to larger FOCF deficits that further weaken its liquidity position; or -- S&P believes the company is likely to announce a distressed exchange or restructuring of its debt that it would view as tantamount to a default. S&P could take a positive rating action if: -- The company's profitability initiatives expand its S&P Global Ratings-adjusted EBITDA margins and support positive FOCF generation prospects and improved liquidity. S&P believes this could occur if macroeconomic conditions improve and the company is able to stabilize its sales volumes and improve profitability. WPP BULLET: Cliffwater Corporate Marks $3.8MM Loan at 23% Off ------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $3,868,280 loan extended to WPP Bullet Buyer, LLC to market at $2,978,300 or 77% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Revolver Loan to WPP Bullet Buyer, LLC. The loan accrues interest at a rate of 9.56% per annum. The loan matures on December 7, 2029. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About WPP Bullet Buyer, LLC WPP Bullet Buyer, LLC is a creative transformation company that uses the power of creativity to build better futures for people, planet, clients and communities. WU HOLDCO: Cliffwater Corporate Marks $359,000 Loan at 42% Off -------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $359,159 loan extended to WU Holdco, Inc. to market at $206,542 or 58% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Revolver Loan to WU Holdco, Inc. The loan accrues interest at a rate of 9.30% per annum. The loan matures on March 26, 2027. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About WU Holdco, Inc. WU Holdco, Inc., doing business as Weiman Products LLC, provides household cleaning products. The Company offers stainless steel, granite and stone, glass cook top, leather, wood furniture, stone floor, and other related services. Weiman Products serves customers in the State of Illinois. X-LASER LLC: Monique Almy Named Subchapter V Trustee ---------------------------------------------------- Gerard Vetter, Acting U.S. Trustee for Region 4, appointed Monique Almy, Esq., as Subchapter V trustee for X-Laser, L.L.C. Ms. Almy, a partner at Crowell & Moring, LLP, will be paid an hourly fee of $800 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Almy declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Monique D. Almy, Esq. Crowell & Moring, LLP 1001 Pennsylvania Avenue, NW Washington, DC 20004 Phone: (202) 624-2935 malmy@crowell.com About X-Laser L.L.C. X-Laser, L.L.C. designs and supplies laser light show systems and related support services for a range of users, from mobile DJs to major entertainment companies like Disney. Since 2007, the company has offered touring-grade and entry-level laser projectors, including versatile models like the LaserCube and specialty series such as Aurora, along with advanced products like the Radiator and Ether Dream 4. X-Laser also provides training and resources to help clients enhance their live production setups. X-Laser sought protection under U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-15178) on June 7, 2025. In the petition signed by Adam Raugh, managing member, the Debtor disclosed $257,408 in assets and $3,293,527 in liabilities. Judge David E. Rice oversees the case. Brett Weiss, Esq., at The Weiss Law Group, represents the Debtor as bankruptcy counsel. YOUR BATH: Hires SKC Accounting LLC as Accountant ------------------------------------------------- Your Bath & Kitchen, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ SKC Accounting, LLC as accountant. The firm will assist the Debtor with preparation of bookkeeping, financial statements, tax returns, and other related matters. The firm will be paid at the rate of $225 per hour. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Coy 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 Coy SKC Accounting, LLC 3819 Market Street Camp Hill, PA 17011 Tel: (717) 761-8072 About Your Bath & Kitchen, LLC 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. [] John Storz Joins Pillsbury's Insolvency Practice in New York --------------------------------------------------------------- Pillsbury has welcomed another leading practitioner to its growing Chambers- and Legal 500-ranked Insolvency & Restructuring practice with the arrival of highly regarded Partner John Storz in New York. Mr. Storz works closely with funds clients and adds new facets to Pillsbury's strong existing Private Capital capabilities. He joins from Paul Hastings. "The business community faces uncertainty due to evolving tariff policies, inflation, and geopolitical instability in different parts of the world," said Firm Chair David Dekker. "Against that backdrop, it is essential that we can provide clients with all the insight necessary to navigate restructurings, out-of-court reorganizations, distressed asset transactions and the like. John is well-suited for that role and expands our offer to private capital entities, making him a strong addition to our outstanding team of financial restructuring professionals." Mr. Storz advises clients on high-profile financial restructurings, out-of-court reorganizations, and distressed asset acquisitions, with a focus on representing ad hoc bondholder groups, official creditor committees, institutional investors, and investment funds, particularly those active in convertible debt arbitrage and distressed debt investing. He regularly advises clients in industries ranging from finance and energy to technology and manufacturing, and provides guidance on debt-related issues, securities law, corporate governance, M&A, and joint ventures. "John's specialized expertise in distressed debt, convertible debt arbitrage, and ad hoc group representations is an exceptional fit for our practice," said Andrew Troop, Pillsbury's Global Section Head of Insolvency & Restructuring. "His track record in navigating complex restructurings and managing creditor-senior lender conflicts is second to none, and his arrival significantly enhances our capabilities and reach in this space." Mr. Storz joins a Pillsbury Insolvency & Restructuring group that was recently recognized as one of the leading practices in the country by Legal 500:US and which has Chambers USA-ranked partners based in California, New York, Texas and Washington, DC. His arrival also continues the growth of Pillsbury's Insolvency & Restructuring team over the past 12 months, with recent additions including leading cross-border restructuring practitioner Natasha Atkinson in London; corporate partner Samuel Ng -- who as part of his practice advises cllients on delistings and restructurings -- in Hong Kong; and Michael Burke, a New York-based corporate restructuring lawyer with an emphasis on distressed aviation assets. "Pillsbury's excellent team of restructuring lawyers, its focus on expanding its offer to private capital clients, and its collaborative culture make this an ideal platform," said Mr. Storz. "I look forward to being a part of the firm's continued expansion and to leveraging the firm's diverse strengths to better serve clients." Pillsbury's Insolvency & Restructuring lawyers represent clients in all aspects of restructurings, both in and out of court. Their innovative approaches have won numerous external awards and recognition. The clientele they serve includes banks and other financial institutions, funds, debtors and borrowers, indenture trustees, distressed investors, as well as owners and executives of companies undergoing restructuring and acquirers of distressed companies and assets. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Fresh Start Development, Inc. Bankr. M.D. Fla. Case No. 25-04008 Chapter 11 Petition filed June 13, 2025 See https://www.pacermonitor.com/view/2ZTGC7Q/Fresh_Start_Development_Inc__flmbke-25-04008__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Kaleidoscope School Bankr. W.D. Wash. Case No. 25-11658 Chapter 11 Petition filed June 16, 2025 See https://www.pacermonitor.com/view/LW7ZWSA/Kaleidoscope_School__wawbke-25-11658__0001.0.pdf?mcid=tGE4TAMA represented by: Clyde Shavers, Esq. LYDA LAW FIRM E-mail: clyde@lydagroup.com In re Brett Alan Vandeberg Bankr. D. Ariz. Case No. 25-05508 Chapter 11 Petition filed June 17, 2025 represented by: Nathan Finch, Esq. CROSS LAW FIRM, PLC In re Scarlet Kitchen & Lounge LLC Bankr. C.D. Cal. Case No. 25-11641 Chapter 11 Petition filed June 17, 2025 See https://www.pacermonitor.com/view/W7QTVSI/Scarlet_Kitchen__Lounge_LLC__cacbke-25-11641__0001.0.pdf?mcid=tGE4TAMA represented by: Donald Reid, Esq. LAW OFFICE OF DONALD W. REID E-mail: don@donreidlaw.com In re Cecil Tyrone Ward Bankr. D. Ariz. Case No. 25-05519 Chapter 11 Petition filed June 18, 2025 represented by: D. Hawkins, Esq. GUIDANT LAW, PLC In re Rebuild Paradise Home and Value Inc. Bankr. E.D. Cal. Case No. 25-23035 Chapter 11 Petition filed June 18, 2025 See https://www.pacermonitor.com/view/GTYP3OY/Rebuild_Paradise_Home_and_Value__caebke-25-23035__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re New Earth Yoga LLC Bankr. M.D. Fla. Case No. 25-03782 Chapter 11 Petition filed June 18, 2025 See https://www.pacermonitor.com/view/K2WIMUY/New_Earth_Yoga_LLC__flmbke-25-03782__0001.0.pdf?mcid=tGE4TAMA represented by: L. Todd Budgen, Esq. BUDGEN LAW E-mail: TBudgen@MyBankruptcyFirm.com In re John Eric Young Bankr. M.D. Fla. Case No. 25-04093 Chapter 11 Petition filed June 18, 2025 represented by: Buddy Ford, Esq. FORD & SEMACH, P.A. In re Sinnsearan LLC Bankr. S.D. Fla. Case No. 25-16863 Chapter 11 Petition filed June 18, 2025 See https://www.pacermonitor.com/view/YWSNJTQ/Sinnsearan_LLC__flsbke-25-16863__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Trudell Antonnette Doctor Bankr. S.D. Fla. Case No. 25-16865 Chapter 11 Petition filed June 18, 2025 represented by: Alan Crane, Esq. In re Cleveland Mark Auzenne, Jr. and Latonya Auzenne Bankr. W.D. La. Case No. 25-50533 Chapter 11 Petition filed June 18, 2025 represented by: Thomas St. Germain, Esq. WEINSTEIN & ST. GERMAIN, LLC In re Johnson Pharmacy, LLC Bankr. E.D. Mich. Case No. 25-31298 Chapter 11 Petition filed June 18, 2025 See https://www.pacermonitor.com/view/C5XG2FA/Johnson_Pharmacy_LLC__miebke-25-31298__0001.0.pdf?mcid=tGE4TAMA represented by: George E. Jacobs, Esq. BANKRUPTCY LAW OFFICES E-mail: george@bklawoffice.com In re KC Pet, Inc. Bankr. D. Minn. Case No. 25-41990 Chapter 11 Petition filed June 18, 2025 See https://www.pacermonitor.com/view/OLJB6MY/KC_Pet_Inc__mnbke-25-41990__0001.0.pdf?mcid=tGE4TAMA represented by: Mary Sieling, Esq. SIELING LAW, PLLC E-mail: mary@sielinglaw.com In re Latter House of Glory, Inc. Bankr. D.N.J. Case No. 25-16426 Chapter 11 Petition filed June 18, 2025 See https://www.pacermonitor.com/view/MDCFAII/Latter_House_of_Glory_Inc__njbke-25-16426__0001.0.pdf?mcid=tGE4TAMA represented by: Darren Baldo, Esq. BALDO LAW FIRM E-mail: darren@baldolaw.com In re JZAI Investments LLC Bankr. D.R.I. Case No. 25-10490 Chapter 11 Petition filed June 18, 2025 See https://www.pacermonitor.com/view/2CSIV2A/JZAI_Investments_LLC__ribke-25-10490__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Jimmy E. Henderlight, Jr Bankr. E.D. Tenn. Case No. 25-31154 Chapter 11 Petition filed June 18, 2025 represented by: Maurice Guinn, Esq. GENTRY, TIPTON & MCLEMORE, P.C. Email: mkg@tennlaw.com In re Michael John Fox Bankr. N.D. Cal. Case No. 25-10368 Chapter 11 Petition filed June 19, 2025 represented by: Gina Klump, Esq. In re Chicago Sports and Entertainment Group, Inc. Bankr. N.D. Ill. Case No. 25-09337 Chapter 11 Petition filed June 19, 2025 See https://www.pacermonitor.com/view/XVEQJ5Q/Chicago_Sports_and_Entertainment__ilnbke-25-09337__0001.0.pdf?mcid=tGE4TAMA represented by: John H. Redfield, Esq. CRANE, SIMON, CLAR & GOODMAN E-mail: jredfield@cranesimon.com In re Chicago Sports and Entertainment Group, Inc. Bankr. N.D. Ill. Case No. 25-09337 Chapter 11 Petition filed June 19, 2025 See https://www.pacermonitor.com/view/XVEQJ5Q/Chicago_Sports_and_Entertainment__ilnbke-25-09337__0001.0.pdf?mcid=tGE4TAMA represented by: John H. Redfield, Esq. CRANE, SIMON, CLAR & GOODMAN E-mail: jredfield@cranesimon.com In re IOK Technology, LLC Bankr. S.D. Ind. Case No. 25-90702 Chapter 11 Petition filed June 19, 2025 See https://www.pacermonitor.com/view/Y3HSTZY/IOK_Technology_LLC__insbke-25-90702__0001.0.pdf?mcid=tGE4TAMA represented by: KC Cohen, Esq. KC COHEN, LAWYER, PC E-mail: kc@esoft-legal.com In re Serene Health & Wellness LLC Bankr. E.D. La. Case No. 25-11276 Chapter 11 Petition filed June 19, 2025 See https://www.pacermonitor.com/view/NA4BNGY/Serene_Health__Wellness_LLC__laebke-25-11276__0001.0.pdf?mcid=tGE4TAMA represented by: Robin R. De Leo, Esq. THE DE LEO LAW FIRM, LLC E-mail: lisa@northshoreattorney.com In re Cameron the Sandman Inc. Bankr. E.D. Mich. Case No. 25-46278 Chapter 11 Petition filed June 19, 2025 See https://www.pacermonitor.com/view/ESMVORA/Cameron_the_Sandman_Inc__miebke-25-46278__0001.0.pdf?mcid=tGE4TAMA represented by: George E. Jacobs, Esq. BANKRUPTCY LAW OFFICES E-mail: george@bklawoffice.com In re 109-16 34th Ave. Corp. Bankr. E.D.N.Y. Case No. 25-42927 Chapter 11 Petition filed June 19, 2025 See https://www.pacermonitor.com/view/STGFRTQ/109-16_34th_Ave_Corp__nyebke-25-42927__0001.0.pdf?mcid=tGE4TAMA represented by: Peter M. Zirbes, Esq. PETER M. ZIRBES, ESQ. P.C. E-mail: pmzesq@gmail.com In re Southern Gourmet Kitchen LLC Bankr. E.D. Tex. Case No. 25-41761 Chapter 11 Petition filed June 19, 2025 See https://www.pacermonitor.com/view/R6R3CDI/SOUTHERN_GOURMET_KITCHEN_LLC__txebke-25-41761__0001.0.pdf?mcid=tGE4TAMA represented by: Robert K. Frisch, Esq. LAW OFFICE OF ROBERT K. FRISCH E-mail: rkfrischlaw@msn.com In re Juan Castillo and Blanca Abigail Castillo Bankr. N.D. Tex. Case No. 25-42207 Chapter 11 Petition filed June 19, 2025 represented by: Andrew Nichols, Esq. In re Texas Star Land Works, LLC Bankr. W.D. Tex. Case No. 25-10928 Chapter 11 Petition filed June 19, 2025 See https://www.pacermonitor.com/view/ENVEHVQ/Texas_Star_Land_Works_LLC__txwbke-25-10928__0001.0.pdf?mcid=tGE4TAMA represented by: Robert C Lane, Esq. THE LANE LAW FIRM E-mail: notifications@lanelaw.com In re Elizabeth Rodriguez and Rodrigo Rodriguez Bankr. E.D. Wash. Case No. 25-01095 Chapter 11 Petition filed June 19, 2025 represented by: Amy Wilburn, Esq. In re Harvey S Polan and Jill Polan Bankr. D. Ariz. Case No. 25-05655 Chapter 11 Petition filed June 20, 2025 represented by: Patrick Keery, Esq. KEERY MCCUE, PLLC In re Reginald Kim Anderson and Michelle Rena Anderson Bankr. M.D. Fla. Case No. 25-04166 Chapter 11 Petition filed June 20, 2025 represented by: Buddy Ford, Esq. FORD & SEMACH, P.A. In re The Holdings of R.J. Seeds, L.L.C. Bankr. S.D. Fla. Case No. 25-17003 Chapter 11 Petition filed June 20, 2025 See https://www.pacermonitor.com/view/665QKCQ/THE_HOLDINGS_OF_RJ_SEEDS_LLC__flsbke-25-17003__0001.0.pdf?mcid=tGE4TAMA represented by: Ariel Sagre, Esq. SAGRE LAW FIRM, P.A. E-mail: law@sagrelawfirm.com In re John Thomas Bankr. N.D. Ill. Case No. 25-09405 Chapter 11 Petition filed June 20, 2025 represented by: Claudia Cabrales, Esq. In re Jason Shuster Bankr. E.D. Mich. Case No. 25-31317 Chapter 11 Petition filed June 20, 2025 represented by: George Jacobs, Esq. In re Carniceria Los Amigos, Inc. Bankr. D. Nev. Case No. 25-50559 Chapter 11 Petition filed June 20, 2025 See https://www.pacermonitor.com/view/ZU5W25Q/CARNICERIA_LOS_AMIGOS_INC__nvbke-25-50559__0001.0.pdf?mcid=tGE4TAMA represented by: Kevin A Darby, Esq. DARBY LAW PRACTICE E-mail: kevin@darbylawpractice.com In re Charlita Treniece George Bankr. D.N.J. Case No. 25-16526 Chapter 11 Petition filed June 20, 2025 Filed Pro Se In re Kenneth Richard Shields and Cloressa Annette Shields Bankr. W.D. Pa. Case No. 25-21607 Chapter 11 Petition filed June 20, 2025 represented by: Andrew Pratt, Esq. In re Norman R. Candelore, Jr. Bankr. W.D. Pa. Case No. 25-21608 Chapter 11 Petition filed June 20, 2025 represented by: Donald Calaiaro, Esq. In re JJJ Convoy LLC Bankr. S.D. Tex. Case No. 25-20187 Chapter 11 Petition filed June 20, 2025 See https://www.pacermonitor.com/view/4PZPP4I/JJJ_Convoy_LLC__txsbke-25-20187__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Grace & Favor, LLC Bankr. D.N.J. Case No. 25-16554 Chapter 11 Petition filed June 21, 2025 See https://www.pacermonitor.com/view/E5T3XZA/Grace__Favor_LLC__njbke-25-16554__0001.0.pdf?mcid=tGE4TAMA represented by: Jenee K Cicciarelli, Esq. LAW OFFICES OF WENARSKY & GOLDSTEIN LLC E-mail: jenee@wg-attorneys.com In re Basic Wholesale Floral Distributors LLC Bankr. E.D. Mich. Case No. 25-46352 Chapter 11 Petition filed June 22, 2025 See https://www.pacermonitor.com/view/6LKXDBY/Basic_Wholesale_Floral_Distributors__miebke-25-46352__0001.0.pdf?mcid=tGE4TAMA represented by: Kurt Thornbladh, Esq. THORNBLADH LEGAL GROUP, PLLC E-mail: kthornbladh@gmail.com In re Jersey Wings Unlimited, Inc. Bankr. D.N.J. Case No. 25-16570 Chapter 11 Petition filed June 22, 2025 See https://www.pacermonitor.com/view/DX5BF5Y/Jersey_Wings_Unlimited_Inc__njbke-25-16570__0001.0.pdf?mcid=tGE4TAMA represented by: Brett Silverman, Esq. SILVERMAN LAW PLLC E-mail: brett@getconciergelaw.com In re 166 Washington LLC Bankr. S.D.N.Y. Case No. 25-11378 Chapter 11 Petition filed June 23, 2025 See https://www.pacermonitor.com/view/H23M3QA/166_Washington_LLC__nysbke-25-11378__0001.0.pdf?mcid=tGE4TAMA represented by: Julio E. Portilla, Esq. JULIO E. PORTILLA E-mail: jp@julioportillalaw.com In re HKLTN Investment LLC Bankr. E.D. Tex. Case No. 25-41780 Chapter 11 Petition filed June 22, 2025 See https://www.pacermonitor.com/view/7OESM6A/HKLTN_INVESTMENT_LLC__txebke-25-41780__0001.0.pdf?mcid=tGE4TAMA represented by: Gary G Lyon, Esq. BAILEY JOHNSON & LYON, PLLC E-mail: glyon.attorney@gmail.com In re MTS Suites, LLC Bankr. D. Virgin Islands Case No. 25-30006 Chapter 11 Petition filed June 21, 2025 See https://www.pacermonitor.com/view/GUGF6XQ/MTS_Suites_LLC__vibke-25-30006__0001.0.pdf?mcid=tGE4TAMA represented by: Kevin F. D'Amour, Esq. BARNES, D'AMOUR & VOGEL E-mail: kdamour@usvilawfirm.com In re Vidlot LLC Bankr. D. Virgin Islands Case No. 25-30007 Chapter 11 Petition filed June 21, 2025 See https://www.pacermonitor.com/view/P6FMSMY/Vidlot_LLC__vibke-25-30007__0001.0.pdf?mcid=tGE4TAMA represented by: Kevin F. D'Amour, Esq. BARNES, D'AMOUR & VOGEL E-mail: kdamour@usvilawfirm.com In re Nakeisha Monette Duckworth Bankr. E.D. Ark. Case No. 25-12084 Chapter 11 Petition filed June 23, 2025 represented by: Mary Beth Mansfield, Esq. In re Joey Lamar Burtrain Bankr. E.D. Ark. Case No. 25-12080 Chapter 11 Petition filed June 23, 2025 represented by: Mary Beth Mansfield, Esq. In re Lori Beth Bankson and Brian Martin Bankson Bankr. N.D. Ill. Case No. 25-80831 Chapter 11 Petition filed June 23, 2025 represented by: Paul Bach, Esq. In re Irokos Group, LLC Bankr. D. Mass. Case No. 25-11270 Chapter 11 Petition filed June 23, 2025 See https://www.pacermonitor.com/view/75VZXUQ/Irokos_Group_LLC__mabke-25-11270__0001.0.pdf?mcid=tGE4TAMA represented by: Marques Lipton, Esq. LIPTON LAW GROUP, LLC E-mail: marques@liptonlg.com In re Ocular Development, LLC Bankr. N.D.N.Y. Case No. 25-10716 Chapter 11 Petition filed June 23, 2025 See https://www.pacermonitor.com/view/GSKA57Y/Ocular_Development_LLC__nynbke-25-10716__0001.0.pdf?mcid=tGE4TAMA represented by: Michael Boyle, Esq. BOYLE LEGAL LLC E-mail: mike@boylebankruptcy.com In re A.I. Builders, LLC Bankr. E.D.N.C. Case No. 25-02368 Chapter 11 Petition filed June 23, 2025 See https://www.pacermonitor.com/view/PFFPGKA/AI_Builders_LLC__ncebke-25-02368__0001.0.pdf?mcid=tGE4TAMA represented by: Danny Bradford, Esq. PAUL D. BRADFORD, PLLC E-mail: dbradford@bradford-law.com In re Lonna Mae Lewis Blodgett Bankr. N.D. Cal. Case No. 25-50946 Chapter 11 Petition filed June 24, 2025 represented by: Arasto Farsad, Esq. FARSAD LAW OFFICE, P.C. Email: FarsadLaw1@gmail.com In re Margaret Angella Williams Bankr. S.D. Fla. Case No. 25-17135 Chapter 11 Petition filed June 24, 2025 represented by: Mark Roher, Esq. In re Kraig John Kucaba Bankr. E.D. La. Case No. 25-11311 Chapter 11 Petition filed June 24, 2025 represented by: Robin DeLeo, Esq. In re Roberto Leon Llopis and Wendy R. Llopis Bankr. W.D. La. Case No. 25-50555 Chapter 11 Petition filed June 24, 2025 See https://www.pacermonitor.com/view/XQUMP7Y/Roberto_Leon_Llopis_and_Wendy__lawbke-25-50555__0001.0.pdf?mcid=tGE4TAMA represented by: Tom St. Germain, Esq. WEINSTEIN & ST. GERMAIN In re Maurice Myron Jenkins Bankr. D. Md. Case No. 25-15681 Chapter 11 Petition filed June 24, 2025 See https://www.pacermonitor.com/view/V4W3YAA/Maurice_Myron_Jenkins__mdbke-25-15681__0001.0.pdf?mcid=tGE4TAMA represented by: Jisoo Kim, Esq. PARE & ASSOCIATES, LLC Email: jisoo@alicelaw.com ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. 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