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250627.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, June 27, 2025, Vol. 29, No. 177 Headlines 1140 REALTY: Seeks Approval to Tap Northgate as Real Estate Advisor 1300 DESERT: Seeks Chapter 11 Bankruptcy in New York 1700 EDGEWATER: Unsecureds to be Paid in Full in Liquidating Plan 26 YATES: Seeks Chapter 11 Bankruptcy in New Jersey 339 RIVER ROAD: Hires Levitt & Slafkes as Bankruptcy Counsel 4069 - 4089 MINNESOTA: Gets OK to Use Cash Collateral Until Nov. 30 A & A TAXI: Charles Persing of Bederson Named Subchapter V Trustee ACCESSION RISK: Cliffwater Corporate Marks $12.6MM Loan at 62% Off ACCESSION RISK: Cliffwater Corporate Marks $19.5MM Loan at 50% Off ADVANTACLEAN OF METRO: Accounts Receivable & Income to Fund Plan AGEAGLE AERIAL: Alpha Invests $1.5M via Series F Stock, Warrants AI DRUGS: Jolene Wee of JW Infinity Named Subchapter V Trustee AIO US: Seeks to Extend Plan Exclusivity to September 8 ALDRICH PUMP: Asbestos Claimants Taps Brattle Group as Expert ALLIANCE FARM: Trustee Seeks Approval to Tap Howley Law as Counsel AMENTUM HOLDINGS: S&P Assigns 'BB-' ICR, Outlook Stable AORS REALTY: Hires Scura Wigfield Heyer as Attorney AT HOME GROUP: Seeks to Hire Omni as Claims and Noticing Agent BALERNO CASTLE: Voluntary Chapter 11 Case Summary BAYOU TECHNOLOGIES: Seeks to Hire Patrick Gros as Accountant BAYSIDE LIMO: Hires Ford & Semach P.A. as Bankruptcy Counsel BISHOP OF SAN DIEGO: Boucher LLP Advises Sexual Abuse Claimants BLACKBUSH INVESTMENTS: Taps NRG Realty Group as Real Estate Broker BMX TRANSPORT: Seeks to Hire Keck Legal LLC as Bankruptcy Counsel BOXLIGHT CORP: Kazazian Asset and Affiliates Hold 9.4% Stake BOXLIGHT CORP: Second Board Exit Worsens Nasdaq Compliance Issues BUFFALO NEWSPRESS: Hires Pyramid Brokerage as Real Estate Broker BURGUNDIAN LLC: Seeks Subchapter V Bankruptcy in Massachusetts CADUCEUS PHYSICIANS: No Patient Care Concern, PCO Report Says CARE PAVILION: PCO Reports Staffing Shortages CAROLINA'S CONTRACTING: Smith Debnam Represents Creditors CBRM REALTY: Hires Kurtzman Carson as Administrative Advisor CHAMPION IRON: S&P Assigns 'BB-' ICR, Outlook Stable CHERRY & CANDLEWOOD: Taps Commercial Real Estate as Broker CHG US: Seeks to Hire Cassel Salpeter as Investment Banker CITIUS PHARMACEUTICALS: Raises $6M in Registered Direct Offering CITY OF CLE ELUM, WA: Chapter 9 Case Summary CORVIAS CAMPUS: Case Summary & 20 Largest Unsecured Creditors CORVIAS CAMPUS: Seeks Chapter 11 Bankruptcy in Delaware CP ATLAS BUYER: S&P Downgrades ICR to 'CCC+' on Elevated Leverage CRYPTO CO: Reports Q1 Loss of $612K on $2.9K Revenue CYTTA CORP: Drops Prager Metis After Fake AI-Driven Sales Orders DANIMER SCIENTIFIC: Unsecureds to Recover Up to 2% of Claims DARKPULSE INC: Taps Ex-CBP Exec via Kraken for Border Tech Deal DELEK LOGISTICS: Fitch Lowers IDR to 'B+', Outlook Stable DELEK LOGISTICS: S&P Assigns 'BB-' Rating on Sr. Unsecured Notes DELEK US: Fitch Lowers IDR to 'B+', Outlook Stable DIOCESE OF BURLINGTON: Catholic Abuse Claims Data Breach Reported DIOCESE OF SAN DIEGO: Law Office of James Files Rule 2019 Statement DISCOVER QUARTZ: Seeks to Hire Mickler & Mickler as Legal Counsel DISCOVER QUARTZ: Seeks to Use Cash Collateral DOUBLE HELIX: Steven Wallace Named Subchapter V Trustee EEHF 18: Gets Interim OK to Use Cash Collateral EEHF 18: Seeks to Hire John F. Sommerstein as Legal Counsel ELETSON HOLDINGS: 2nd Circ. Stays Reed Smith Doc. Disclosure Order ELIS HOLDINGS: Seeks Approval to Tap J. Zac Christman as Counsel ENVISION HEALTHCARE: Reaches Debt Agreement with Lenders EPIC COMPANIES: Files Amendment to Disclosure Statement ESSENTIALS MASSAGE: Seeks to Hire Feher Law as Bankruptcy Counsel EXCELL COMMUNICATIONS: Committee Hires Porzio Bromberg as Counsel FIBERCO GENERAL: Unsecureds to Get Share of Income for 5 Years FINGER LAKE: Trustee Taps WNW Management as Manager of Best Western FINLEY DESIGN: Seeks to Hire Sasser Law Firm as Bankruptcy Counsel FLIP LLC: Seeks to Hire the Law Offices of Ali K LLC as Counsel FRED RAU: Seeks to Hire Fear Waddell as General Insolvency Counsel FRONTIER COMMUNICATIONS: Fitch Keeps 'B+' LongTerm IDR on Watch Positive FUNDIMENSION LLC: Unsecureds to Get 7.63% of Claims over 36 Months GILDED GATHERINGS: Michael Carmel Named Subchapter V Trustee GLOBAL ALARM: Seeks Approval to Hire Han Fife & Co as Tax Expert GLOBAL CONCESSIONS: Gets Extension to Access Cash Collateral HAPPY HOME: Seeks to Hire Hacker Law Firm as Bankruptcy Counsel HARVEST SHERWOOD: Court Gives $104MM Final DIP Approval HARVEY CEMENT: Gets Extension to Use Cash Collateral HENDERSON RECOVERY: Gets Interim OK to Use Cash Collateral HERITAGE PORTRAITS: Hires Russo White & Keller PC as Counsel HOLDEN I LLC: Seeks Court Approval to Hire CRE-Mobile as Realtor HONEY DO FRANCHISING: Taps Muhammed Zubairy as Accountant HOOTERS OF AMERICA: Creditors Object to $6MM Breakup Fee HOP-HEDZ INC: Hires Renaissance Consulting as Financial Advisor HOP-HEDZ INC: Seeks to Hire Erik Johanson PLLC as Special Counsel HOUSE OF PRAYER: Seeks to Hire Sagre Law Firm P.A. as Counsel HUDSON RIVER: $250MM Term Loan Upsize No Impact Moody's 'Ba2' CFR ILLUMINATE PROPERTIES: Seeks Chapter 11 Bankruptcy in California IMERYS TALC: Insurers Maintain Objections to Chapter 11 Plan INNOVATE CORP: Shareholders Approve All Proposals at Annual Meeting IWC OIL & REFINERY: Seeks Chapter 11 Bankruptcy in Texas JAL OUTLET: Seeks Chapter 11 Bankruptcy in Puerto Rico JOE'S PIZZA: Seeks Subchapter V Bankruptcy in California JSP MANAGEMENT: U.S. Trustee Unable to Appoint Committee JULZ DEVELOPMENT: Unsecured Creditors to be Paid in Full in Plan KIDZ TYME: Seeks Approval to Tap Hixson Law Group as Legal Counsel KOLSTEIN MUSIC: Hires Latham Luna Eden & Beaudine as Counsel L & H PHARMA: Claims to be Paid From Available Cash and Income LAKE COUNTY: Court Extends Cash Collateral Access to July 31 LAVISH LIFESTYLES: U.S. Trustee Unable to Appoint Committee LAZARUS INDUSTRIES: Hearing to Use Cash Collateral Set for June 30 LEISURE INVESTMENTS: Taps Greenhill & Co. as Investment Banker LEISURE INVESTMENTS: Taps Keen-Summit as Real Estate Advisor LILYDALE PROGRESSIVE: Gets Extension to Access Cash Collateral MARCO'S PIZZA: Unsecureds Will Get 100% of Claims in Plan MARELLI HOLDINGS: Nissan, Tesla Selected for Creditors' Committee MARK'S POOL: Hires EisnerAmper LLP as Financial Consultant MARVEL LIGHTING: Judy Wolf Weiker Named Subchapter V Trustee MASS POWER: Unsecured Creditors Will Get 15% of Claims in Plan MAVENIR PRIVATE: S&P Withdraws 'CC' Issuer Credit Rating MEYER BURGER: Swiss Company Seeks Chapter 11 Bankruptcy MISSION POINT: Quality of Care Maintained, PCO Reports MY GEORGIA PLUMBER: Taps Jones Lang LaSalle as Real Estate Broker NELROY DRUGS: Samuel Dawidowicz Named Subchapter V Trustee NEWS DIRECT: Gets OK to Use $60K in Cash Collateral Until July 2 NICK'S PIZZA: Court Extends Cash Collateral Access NOAHCO LLC: Voluntary Chapter 11 Case Summary NORMAN REGIONAL: S&P Lowers Bond Rating to 'CCC', Outlook Negative NORTHPOINT DEVELOPMENT: Gets Extension to Access Cash Collateral NORTIA LOGISTICS: Hires David Freydin PC as Bankruptcy Counsel NV FREIGHT: Voluntary Chapter 11 Case Summary OMEGA THERAPEUTICS: Seeks to Extend Plan Exclusivity to September 8 OMEGA THERAPEUTICS: Unsecureds Will Get 32% to 57% of Claims OMIMEX PETROLEUM: 60-Day Extension for Plan Filing Granted ONESOURCE COMMUNITY: No Decline in Patient Care, PCO Report Says OSTENDO TECHNOLOGIES: Case Summary & 20 Top Unsecured Creditors OUTLAW STEAKBURGERS: Hires CGP and Profit Builders as Accountants PARLEMENT TECHNOLOGIES: Unsecureds to Recover Up to 2% of Claims PRIME CAPITAL: Trustee Hires Geron Legal Advisors as Legal Counsel PRIME CAPITAL: Trustee Taps Klestadt Winters as Litigation Counsel PRIMERO SPINE: Unsecureds to Get $8K per Quarter over 60 Months PROFESSIONAL MAIL: Seeks Chapter 11 Bankruptcy in North Carolina QT HAU: Court Extends Cash Collateral Access to July 31 QT HAU: Seeks to Hire Century 21 Commercial as Real Estate Broker QXC COMMUNICATIONS: Seeks to Use $27,271 in Cash Collateral RESHAPE LIFESCIENCES: Raises $2.6M via Public Stock Offering RGN-GROUP: Teachers Insurance Appeal Can't Proceed to Mediation SAKS GLOBAL: In Talks to Secure $600MM Fresh Debt as Payment Looms SANCTUARYSPA INC: Seeks to Tap Michael Jay Berger as Legal Counsel SEABORNE AIRLINES: Seeks Court OK for 'Going Concern' Sale SILVER AIRWAYS: Court Pauses Trustee Appointment, Auction Proceeds SKYSKOPES INC: Seeks to Tap Cavanagh Law Firm as Bankruptcy Counsel SLM SERVICES: Case Summary & 20 Largest Unsecured Creditors SOLANO HOME: Seeks to Tap Peter G. Macaluso as Bankruptcy Counsel SOLANO HOME: Seeks to Use Cash Collateral Thru Aug 15 SOUTH JEFFERSON: Alomari, et al. Case Remanded to State Court SOYUZ MEDIA: Plan Exclusivity Period Extended to July 6 STELLA SIOMKOS: Court Won't Stay Turnover Order Pending Appeal STERNE WOOD: Seeks to Tap Marcus & Millichap as Real Estate Broker STOLI GROUP: Gets Court OK to Solicit Chapter 11 Plan Votes TECHNO TOY: Unsecureds Will Get 5% of Claims over 60 Months TEHUM CARE: Ch. 11 Can't Protect Spinoff from Suits, Say Inmates TOWER HEALTH: Fitch Affirms 'CCC' LongTerm IDR TRAINSET'S EFFECTS: Claims to be Paid from Continued Operations TWIN CITIES: Seeks to Hire Darlene Burke CPA PA as Accountant VEGAS TREASURES: Seeks Subchapter V Bankruptcy in Nevada VINCENT GALLO: Seeks to Hire Eugene D. Roth as Bankruptcy Counsel WHITESTONE CROSSING: Taps Abhijit Modak and James Miller as Counsel WINTHROP STREET: Seeks to Hire Murphy & King as Bankruptcy Counsel WOODBURY LEADERSHIP: S&P Rates 2025A/B Lease Revenue Bonds 'BB-' WYNN RESORTS: Extends Debt Maturities to 2030, Adds $500M Revolver YELLOW CORP: Fights Pension Withdrawal Ruling w/ MFN at 3rd Circuit ZEN JV LLC: CareerBuilder + Monster in Chapter 11 to Sell Sites ZEN JV: Case Summary & 30 Largest Unsecured Creditors [] O'Melveny Launches Special Credit & Liability Management Group ********* 1140 REALTY: Seeks Approval to Tap Northgate as Real Estate Advisor ------------------------------------------------------------------- 1140 Realty Group LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Northgate Real Estate Group as real estate advisor. The Debtor needs an agent to market and sell its property. The firm is entitled to the following compensation: (a) a 6 percent commission in the form of the buyer's premium; (b) a $40,000 commission if the secured creditor credit bids and closed on its bid; (c) a 6 percent refinancing fee if the property is refinanced; or (d) a minimum of $40,000 fee. Greg Corbin, president at Northgate Real Estate Group, 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: Greg Corbin Northgate Real Estate Group 1633 Broadway 46th Floor New York, NY 10019 Telephone: (212) 369-4000 Email: info@northgatereg.com About 1140 Realty Group 1140 Realty Group LLC is a Brooklyn-based real estate company, operates as a single asset real estate entity with its principal property located at 1140 Bushwick Avenue in Brooklyn. 1140 Realty Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40318) on January 23, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. Joel M. Shafferman, Esq. at Shafferman & Feldman LLP represents the Debtor as counsel. 1300 DESERT: Seeks Chapter 11 Bankruptcy in New York ---------------------------------------------------- On June 22, 2025, 1300 Desert Willow Road LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About 1300 Desert Willow Road LLC 1300 Desert Willow Road LLC owns a property at 1300 Desert Willow Road in Los Lunas, New Mexico, valued at $40 million. 1300 Desert Willow Road LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11375) on June 22, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtors are represented by H Bruce Bronson, Esq. at BRONSON LAW OFFICES PC. 1700 EDGEWATER: Unsecureds to be Paid in Full in Liquidating Plan ----------------------------------------------------------------- 1700 Edgewater LLC filed with the U.S. Bankruptcy Court for the District of Oregon a First Amended Disclosure Statement describing First Amended Plan of Liquidation dated June 11, 2025. The Debtor was formed for the purpose of owning, developing, and managing real property in Oregon on November 18, 2021. The Debtor owns 63.10 acres of real property that contains developable land area of approximately 39.14 acres, located at 1750 Edgewater Road N, Salem, Oregon (the "Property"). The Debtor filed bankruptcy to prevent AMR's foreclosure sale of the Property, to preserve Debtor's significant equity in the Property. The Debtor's most recent appraisal for the Property from BBG Real Estate Services values the Debtor's Property at $15,300,000, based on a 12 to 24 months exposure and marketing time. However, the $15,300,000 appraised value assumes that the Debtor will be able to acquire an additional 10 acres of land neighboring the Property. Debtor previously had signed a purchase and sale agreement in 2023, to purchase the neighboring 10 acres. The purchase and sale agreement expired, but Debtor has been in negotiations with the owner to execute a new purchase and sale agreement, which the Debtor believes is imminent. Since the petition date, Debtor has been seeking financing to refinance AMR's debt, to allow development and construction to proceed. Debtor has also employed Hilco Real Estate, LLC to market and sell the Property. Class 2 consists of General Unsecured Creditors. All allowed Class 2 Claims shall be paid in full on the Effective Date, with all interest accrued from the petition date, at the federal judgment interest rate in effect as of the date the Plan is confirmed. At the time of filing of this disclosure statement the federal judgment rate was 3.97% per annum, but the rate may change prior to confirmation. This Class is unimpaired. Class 3 consists of Interest Holders. Equity/Interest Holders shall retain their interests in the Debtor. The Debtor shall generate the funds necessary to make the payments under the Plan by selling its property or refinance to pay off all outstanding debts. The Debtor, creditors, and interest holders will take all actions and execute whatever documents are necessary and appropriate to effectuate the terms of the Plan. The Debtor does not have income, and will not have income until a Capital Event occurs. Prior to the Effective Date, Debtor shall pay operational expenses—primarily insurance and property taxes with funds contributed to the Debtor by Debtor's sole member, Charles Sides. Such contributions will be capital contributions by a member, and not loans. A full-text copy of the First Amended Disclosure Statement dated June 11, 2025 is available at https://urlcurt.com/u?l=zAM0I3 from PacerMonitor.com at no charge. About 1700 EDGEWATER, LLC 1700 Edgewater LLC was formed for the purpose of owning, developing, and managing real property in Oregon on November 18, 2021. The Debtor sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 24-62194) on Sept. 30, 2024. In the petition filed by Charles A. Sides, as member, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. The Honorable Bankruptcy Judge David W. Hercher handles the case. The Debtor is represented by: Nicholas J. Henderson, Esq. ELEVATE LAW GROUP 6000 SW Meadows Road, Suite 450 Lake Oswego, OR 97035 Tel: (503) 417-0500 Email: nick@elevatelawpdx.com 26 YATES: Seeks Chapter 11 Bankruptcy in New Jersey --------------------------------------------------- On June 23, 2025, 26 Yates LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About 26 Yates LLC 26 Yates LLC leases residential and commercial real estate properties. 26 Yates LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-16592) on June 23, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtors are represented by Solomon Rosengarten, Esq. 339 RIVER ROAD: Hires Levitt & Slafkes as Bankruptcy Counsel ------------------------------------------------------------ 339 River Road Holdings LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Levitt & Slafkes, P.C. to handle its Chapter 11 case. The hourly rates of the firm's counsel and staff are: Partners $500 Associates $300 The firm will received a retainer fee of $30,000 from the Debtor, plus $1,738 filing fee. Bruce Levitt, Esq., an attorney at Levitt & Slafkes, disclosed in a court filing that his firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Bruce H. Levitt, Esq. LEVITT & SLAFKES, PC 515 Valley Street, Suite 140 Maplewood, NJ 07040 Telephone: (973) 313-1200 Email: blevitt@lsbankruptcylaw.com About 339 River Road Holdings LLC 339 River Road Holdings LLC is a real estate company that owns a single property located at 339 River Road in Edgewater, New Jersey. The property has an appraised value of $80 million. 339 River Road Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-16275) on June 12, 2025. In its petition, the Debtor reports total assets of $80 million and total liabilities of $55,569,838. The Debtors are represented by Bruce H. Levitt, Esq. at LEVITT & SLAFKES, P.C. 4069 - 4089 MINNESOTA: Gets OK to Use Cash Collateral Until Nov. 30 ------------------------------------------------------------------- H. Jason Gold, the Chapter 11 trustee for 4069-4089 Minnesota Ave, NE, LLC, got the green light from the U.S. Bankruptcy Court for the District of Columbia to use cash collateral. The court's order authorized the Debtor to utilize cash collateral to pay the expenses set forth in its budget for the period from May 5 to November 30 or until the date on which the court enters an order confirming the occurrence of an event of default. The Debtor's cash collateral consists of rents, profits and other proceeds generated by its property -- an apartment complex located at 4069-4089 Minnesota Ave NE, Washington, District of Columbia. The property is encumbered by a first priority lien to secure the $15,500,000 loan made to the Debtor by ROCF IV Series, a Series of Red Oak Capital Fund Series, LLC. In case the cash collateral is insufficient to pay the expenses specified in the budget, Red Oak may advance to the trustee additional funds from the $2,289,988.99 held by the secured lender in a reserve fund. All funds advanced by Red Oak will be added to claims arising in connection with the loan agreement, will be secured by the lender's lien in the collateral, and will be repaid out of the proceeds of any sale of the Minnesota property, provided that the property generates a price sufficient to repay the lender's claims in full. As protection for the Debtor's use of its cash collateral, Red Oak will be granted, continuing replacement liens on the Debtor's real and personal property and the proceeds thereof, with the same validity and priority as the lender's pre-bankruptcy liens. The replacement liens do not apply to any Chapter 5 causes of action and are junior and subordinate only to the "carveout." As additional protection, Red Oak will be granted superpriority administrative expense claims in the amount of any shortfall in collateral securing the replacement liens. The court will hold a status conference on July 30 to address certain unresolved issues. Red Oak and the trustee have stipulated that the outstanding balance of the loan as of the petition date was $14,215,433.37, with $2,289,988.99 being held by the lender in a reserve fund. Pursuant to the loan agreement, the reserves are subject to the lender's first priority lien and security interest and the lender has agreed that the reserves constitute cash collateral. Red Oak is represented by: Adam D. Herring, Esq. Nelson Mullins Riley & Scarborough, LLP 201 17th Street, NW, Suite 1700 Atlanta, GA 30363 Phone: (404) 322-6000 Fax: (404) 322-6050 adam.herring@nelsonmullins.com About 4069 - 4089 Minnesota Ave NE 4069 - 4089 Minnesota Ave, NE, LLC is a debtor with a single real estate asset, as outlined in 11 U.S.C. Section 101(51B). 4069 - 4089 Minnesota Ave sought filed Chapter 11 petition (Bankr. D. D.C. Case No. 25-00070) on Feb. 27, 2025, listing between $10 million and $50 million in both assets and liabilities. Oscar Portillo, managing member, signed the petition. Judge Elizabeth L Gunn oversees the case. The Law Offices of Richard B. Rosenblatt, PC serves as the Debtor's bankruptcy counsel. A & A TAXI: Charles Persing of Bederson Named Subchapter V Trustee ------------------------------------------------------------------ The U.S. Trustee for Region 2 appointed Charles Persing, a certified public accountant at Bederson, LLP, as Subchapter V trustee for A & A Taxi, Inc. Mr. Persing 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. Persing declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Charles N. Persing, CPA/CFF, CVA, CIRA, CFE Bederson LLP 100 Passaic Avenue, Suite 310 Fairfield, NJ 07004 Phone: (973) 530-9181 Fax: (862) 926-2481 Email: cpersing@bederson.com About A & A Taxi Inc. A & A Taxi, Inc. provides taxi transportation services in the New York area. A & A Taxi sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11297) on June 9, 2025. In its petition, the Debtor reported up to $50,000 in assets and $3,338,573 in liabilities. The Debtor is represented by Thomas A. Farinella, Esq., at the Law Office of Thomas A. Farinella, PC. ACCESSION RISK: Cliffwater Corporate Marks $12.6MM Loan at 62% Off ------------------------------------------------------------------ Cliffwater Corporate Lending Fund (CCLFX) has marked its $12,600,000 loan extended to Accession Risk Management Group, Inc. Ltd. to market at $4,830,490 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 to Accession Risk Management Group, Inc. Ltd. The loan accrues interest at a rate of 9.05% per annum. The loan matures on November 1, 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 Accession Risk Management Group, Inc. Ltd. Accession Risk Management Group is a family of insurance distribution and specialty risk management companies, powered by a shared vision - where a focus on employee and client needs drives its value and success. ACCESSION RISK: Cliffwater Corporate Marks $19.5MM Loan at 50% Off ------------------------------------------------------------------ Cliffwater Corporate Lending Fund (CCLFX) has marked its $19,521,708 loan extended to Accession Risk Management Group, Inc. Ltd. to market at $9,783,773 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 to Accession Risk Management Group, Inc. Ltd. The loan accrues interest at a rate of 9.04% per annum. The loan matures on November 1, 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 Accession Risk Management Group, Inc. Ltd. Accession Risk Management Group is a family of insurance distribution and specialty risk management companies, powered by a shared vision - where a focus on employee and client needs drives its value and success. ADVANTACLEAN OF METRO: Accounts Receivable & Income to Fund Plan ---------------------------------------------------------------- Advantaclean of Metro New Orleans, LLC filed with the U.S. Bankruptcy Court for the Eastern District of Louisiana an Original Subchapter V Plan of Reorganization dated June 11, 2025. The Debtor operates a business specializing in light environmental services, primarily focused on moisture control, mold remediation, air duct cleaning, water damage restoration, and related indoor air quality solutions. The Debtor sought bankruptcy protection because of, among other things, the seizure of its operating account at Gulf Coast Bank & Trust Company by ARG on or about March 7, 2025. The Debtor was able to recover the entirety of the $67,000.00 seized and deposited this amount into its debtor-in-possession bank account. This case was commenced under Subchapter V of Chapter 11 of the Bankruptcy Code. Subchapter V enables small business debtors to effectively reorganize in Chapter 11. The Debtor has formulated this Plan of Reorganization. The Debtor intends to distribute its Projected Disposable Income and the Net Proceeds of Causes of Action relating to uncollected accounts receivables to holders of Allowed Claims over the Commitment Period. Class 7 contains holders of Allowed General Unsecured Claims. Each holder of an Allowed General Unsecured Claim shall receive, in full and final satisfaction, settlement, release, and discharge of its Allowed General Unsecured Claim, a Pro Rata share of: * Thirty-six monthly deferred Cash payments in the amount of $2,000.00 beginning on the latter of: (a) the Initial Distribution Date; or (b) the first Distribution Date after the order allowing such General Unsecured Claim becomes a Final Order; and * Ten percent of the Net Proceeds from the liquidation of the Debtor's uncollected accounts receivable. Class 7 is Impaired. Holders of Class 8 Claims are entitled to vote to accept or reject this Plan. Class 8 consists of Equity Security Holders Scott Phillips and Jonathan Porter. As the sole holders of Equity Securities in the Debtor, Scott Phillips and Jonathan Porter shall retain their membership interests. Scott Phillips and Jonathan Porter are Unimpaired, and thus, is deemed to accept this Plan. The Debtor shall fund the Plan from two sources: Projected Disposable Income and the Net Proceeds of the Accounts Receivable. The Debtor estimates that its Projected Disposable Income during the Commitment Period will be an average of $18,500.00 per month. The monthly payments under this Plan was $15,546.56. Reorganized Debtor will distribute its Projected Disposable Income is accordance with this Plan. To the extent necessary to meet Plan obligations, Reorganized Debtor shall maintain reasonable business expenses and control overhead to preserve Projected Disposable Income available for distribution. Reorganized Debtor shall operate in the ordinary course of business, including acquiring inventory for resale, managing operating expenses, and maintaining its lease arrangement with the auto repair shop. The Debtor believes that its historical revenue and cost structure will support the proposed Plan payments and provide sufficient cash flow during the Commitment Period. A full-text copy of the Original Subchapter V Plan dated June 11, 2025 is available at https://urlcurt.com/u?l=eM5hbv from PacerMonitor.com at no charge. Counsel to the Debtor: Ryan J. Richmond, Esq. Sternberg, Naccari & White, LLC 935 Gravier St. New Orleans, LA 70112 Telephone: (504) 324-2141 Facsimile: (225) 286-3046 Email: ryan@snw.law About AdvantaClean of Metro New Orleans AdvantaClean of Metro New Orleans LLC is a provider of mold remediation, water damage restoration, air duct cleaning, and moisture management services for both homes and businesses. With an emphasis on fostering healthier living spaces, the Company offers solutions for problems such as flooding, mold issues, and crawl space sealing. As a locally owned and managed business, AdvantaClean is dedicated to offering professional, dependable, and top-quality services to the New Orleans area. AdvantaClean of Metro New Orleans LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No.: 25-10439) on March 13, 2025. In its petition, the Debtor reports estimated assets up to $50,000 ad estimated liabilities between $1 million to $10 million. Honorable Bankruptcy Judge Meredith S. Grabill handles the case. Ryan J. Richmond, Esq., at Sternberg, Naccari & White, LLC serves as the Debtor's counsel. Hancock Whitney Bank, as lender, is represented by: Peter J. Segrist, Esq. David J. Scotton, Esq. Carver, Darden, Koretzky, Tessier, Finn, Blossman & Areaux, L.L.C. 1100 Poydras Street, Suite 3100 New Orleans, Louisiana 70163 Telephone: (504) 585-3800 Fax: (504) 585-3801 Email: segrist@carverdarden.com scotton@carverdarden.com AGEAGLE AERIAL: Alpha Invests $1.5M via Series F Stock, Warrants ---------------------------------------------------------------- As previously reported on a Current Report on Form 8-K filed on June 30, 2022, AgEagle Aerial Systems Inc. entered into a Securities Purchase Agreement, dated June 26, 2022, as subsequently amended by the Series F SPA Amendment Agreement dated February 8, 2024 and the Series F SPA Amendment Agreement dated July 25, 2024, with Alpha Capital Anstalt, pursuant to which Alpha purchased 10,000 shares of the Company's Series F 5% Convertible Preferred Stock and a warrant to purchase 5,212,510 shares of the Company's Common Stock. Pursuant to the terms of the SPA, Alpha had the right to purchase up to an aggregate of $25,000,000 stated value of the Series F Preferred Stock and accompanying warrants, at a purchase price equal to the volume-weighted average prices of the Company's common stock for three trading days prior to the date Alpha gives notice to the Company that it will exercise its Additional Investment Right. On June 6, 2025, Alpha exercised its Additional Investment Right for the aggregate purchase of 500 shares of Series F Preferred Stock convertible into 418,831 shares of Common Stock, in the aggregate, at a conversion price of $1.1938 and warrants to purchase up to 418,831 shares of Common Stock at an exercise price of $1.1938 per share for an aggregate purchase price of $500,000. The Warrants will be immediately exercisable upon issuance and have a three-year term. On June 9, 2025, Alpha exercised its Additional Investment Right for the aggregate purchase of 1,000 shares of Series F Preferred Stock convertible into 838,864 shares of Common Stock, in the aggregate, at a conversion price of $1.1928 and warrants to purchase up to 838,864 shares of Common Stock at an exercise price of $1.1928 per share for an aggregate purchase price of $1,000,000. The Warrants will be immediately exercisable upon issuance and have a three-year term. The Series F Preferred Stock and Warrants are being issued and sold in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506 promulgated thereunder. About AgEagle AgEagle Aerial Systems Inc. is headquartered in Wichita, Kansas, and operates through its wholly-owned subsidiaries, focusing on designing and delivering top-tier drones, sensors, and software to address critical customer needs. Founded in 2010, AgEagle initially pioneered proprietary, professional-grade, fixed-wing drones and aerial imagery-based data collection and analytics solutions for the agriculture sector. Today, the company is recognized as a globally respected market leader, offering customer-centric, advanced, autonomous unmanned aerial systems (UAS) that generate revenue at the intersection of flight hardware, sensors, and software across industries, including agriculture, military/defense, public safety, surveying/mapping, and utilities/engineering. AgEagle has achieved numerous regulatory milestones, including government approvals for its commercial and tactical drones to fly Beyond Visual Line of Sight (BVLOS) and/or Operations Over People (OOP) in the United States, Canada, Brazil, and the European Union. It has also received Blue UAS certification from the Defense Innovation Unit of the U.S. Department of Defense. More information can be found at www.ageagle.com. Orlando, Florida-based WithumSmith+Brown, PC, the company's auditor since 2020, issued a "going concern" qualification in its report dated Mar. 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations, has experienced cash used from operations in excess of its current cash position, and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $20.6 million in total assets, $26.3 million in total liabilities, and a total stockholders' deficit of $5.7 million. AI DRUGS: 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 Al Drugs Inc., d/b/a Medicine Cabinet Pharmacy. 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 Al Drugs Al Drugs Inc., doing business as Medicine Cabinet Pharmacy, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42747) on June 5, 2025. Judge Elizabeth S. Stong presides over the case. Richard S. Feinsilver, Esq., represents the Debtor as legal counsel. AIO US: Seeks to Extend Plan Exclusivity to September 8 ------------------------------------------------------- AIO US, Inc. and its debtor 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 8 and November 10, 2025, respectively. The Debtors explain that they seek a further ninety-day extension of the Exclusive Periods so as not to disrupt the progress made with the Creditors' Committee and Insurance Companies and confirm a plan that maximizes value for all creditors. Allowing another party to file a competing plan at this time is likely to derail negotiations, lead to less favorable plan terms for creditors, create unnecessary complexity and delay, and result in significant additional professional fees, increasing administrative expenses and lowering recoveries for creditors. The Debtors claim that they have devoted significant time and resources to progressing these chapter 11 cases. The Debtors expect to reach confirmation and consummate the Plan on or around their scheduled hearing on July 21, 2025 and make distributions shortly thereafter. A further extension of the Exclusive Periods is warranted to allow the Debtors to achieve these goals without the interference of a competing chapter 11 plan. The Debtors assert that they have put forth a chapter 11 plan that fairly and equitably distributes the Debtors' remaining assets to their various creditor constituencies. This is particularly complicated in chapter 11 cases such as these where the Debtors face substantial mass tort liabilities and seek to confirm a plan that will administer hundreds of potential Talc Claims through complex trust distribution procedures. Accordingly, the Debtors believe the size and complexity of these chapter 11 cases warrant the extension of the Exclusive Periods requested herein. Further, an extension of the Exclusive Periods will not prejudice the Debtors' stakeholders. On the contrary, an extension of the Exclusive Periods will enable the Debtors to seek confirmation and consummation of the Plan for the benefit of all stakeholders. Allowing another party to propose a competing plan at this juncture will only hamper the Debtors' chances of confirming the Plan on a consensual basis, may have the effect of confusing creditors, including Talc Claimants, and will significantly increase the burden on the Debtors' estates. The Debtors' Counsel: Zachary I. Shapiro, Esq. Mark D. Collins, Esq. Michael J. Merchant, Esq. David T. Queroli, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 North King Street Wilmington, Delaware 19801 Tel: (302) 651-7700 E-mail: collins@rlf.com merchant@rlf.com shapiro@rlf.com queroli@rlf.com - and - Ronit J. Berkovich, Esq. Matthew P. Goren, Esq. Alejandro Bascoy, Esq. WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, New York 10153 Tel: (212) 310-8000 E-mail: ronit.berkovich@weil.com matthew.goren@weil.com alejandro.bascoy@weil.com About AIO US, Inc. AIO US Inc., Avon Products Inc. and some of its affiliates are manufacturers and marketers of beauty, fashion, and home products with operations and customers across the globe. AIO US and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11836) on Aug. 12, 2024. In the petition filed by Philip J. Gund as chief restructuring officer, AIO US disclosed $1 billion to $10 billion in assets and debt. Richards, Layton & Finger, P.A. and Weil, Gotshal & Manges LLP are counsel to the Debtors. Ankura Consulting Group LLC serves as restructuring advisor to the Debtors. Rothschild & Co US Inc is the Debtors' investment banker and financial advisor. Epiq Corporate Restructuring LLC acts as claims and noticing agent to the Debtors. ALDRICH PUMP: Asbestos Claimants Taps Brattle Group as Expert ------------------------------------------------------------- Joseph W. Grier, III, the court-appointed legal representative for future asbestos claimants against Debtors Aldrich Pump LLC and Murray Boiler LLC, seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina to employ The Brattle Group, Inc. as his claims testifying expert. Brattle will provide expert testimony with respect to estimating future claims and related economic issues. The firm will be paid at these rates: Principals $1,000 to $1,425 Consultants $800 to $1,100 Sr. Associates $850 to $950 Associates $650 to $750 Research Analysts & $425 to $550 Sr. Research Analysts $425 to $550 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: David McKnight The Brattle Group, Inc. 1800 M Street NW Suite 700 North Washington, DC 20036 Tel: (202) 955-5050 Fax: (202) 330-5220 About Aldrich Pump LLC Aldrich Pump LLC and Murray Boiler LLC are subsidiaries of Trane Technologies, a publicly traded company. Trane Technologies is a global climate innovator that brings efficient and sustainable climate solutions to buildings, homes, and transportation. The North American headquarters of Trane Technologies, as well as the Debtors, are located in Davidson, North Carolina. Aldrich Pump and Murray Boiler sought Chapter 11 protection (Bankr. W.D.N.C. Lead Case No. 20-30608) on June 18, 2020. The Hon. Craig J. Whitley oversees the case. In the petition signed by Allan Tananbaum, chief legal officer, the Debtor was estimated to have $100 million to $500 million in both assets and liabilities. The Debtors tapped Rayburn Cooper & Durham, P.A. and Jones Day as legal counsel; Bates White, LLC, Evert Weathersby Houff, and K&L Gates, LLP as special counsel; AlixPartners, LLP as financial advisor; and Kurtzman Carson Consultants, LLC as claims and noticing agent. The Office of the U.S. Trustee appointed a committee of asbestos personal injury claimants. The committee tapped Robinson & Cole, LLP and Caplin & Drysdale, Chartered as its bankruptcy counsel. The Committee also selected FTI as its financial advisor. On October 14, 2020, the Court entered the order appointing Joseph W. Grier, III, as legal representative for future asbestos claimants. He tapped Orrick, Herrington & Sutcliffe LLP and GrierWright Martinez, PA as counsel and Ankura Consulting Group, LLC as asbestos claims consultant and financial advisor. ALLIANCE FARM: Trustee Seeks Approval to Tap Howley Law as Counsel ------------------------------------------------------------------ Tom A. Howley, the trustee appointed in the Chapter 11 cases of Alliance Farm and Ranch, LLC and Alliance Energy Partners, LLC, seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Howley Law PLLC as his counsel. The firm will provide these services: (a) advise and consult on the conduct of the cases; (b) attend meetings and negotiate with representatives of creditors and other parties in interest; (c) take all necessary actions to protect and preserve the estates; (d) prepare on behalf of the trustee all necessary and appropriate legal documents that are necessary in connection with the cases or the administration of the estates; (e) advise and represent the trustee in connection with any sale of assets of the estates; (f) analyze and, as appropriate, challenge the validity of liens against assets of the estates; (g) appear before the court and any other court to represent the interests of the estates; (h) formulate, draft, and obtain confirmation of a Chapter 11 plan and all documents related thereto; and (i) perform all other legal services as may be necessary or appropriate in connection with representing the trustee in the cases. The firm's hourly rates for this representation are as follows: Eric Terry, Of Counsel $650 Roland G. Rodriguez, Paralegal $275 In addition, the firm will seek reimbursement for expenses incurred. Eric Terry, Esq., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Eric Terry, Esq. Howley Law PLLC TC Energy Center 700 Louisiana Street Suite 4545 Houston, TX 77002 Telephone: (713) 333-9125 Email: eric@howley-law.com About Alliance Farm and Ranch Alliance Farm and Ranch, LLC filed voluntary Chapter 7 petition (Bankr. S.D. Texas Case No. 25-30155) on January 7, 2025, listing between $1 million and $10 million in both assets and liabilities. On March 19, 2025, the case was converted to one under Chapter 11. Alliance Energy Partners LLC, a directional drilling service provider in Spring, Texas, filed Chapter 11 petition (Bankr. S.D. Tex. Case No. 25-31937) on April 7, 2025. In its petition, Alliance Energy Partners reported total assets of $1 million and total liabilities of $2,614,465. On April 23, 2025, the court ordered the joint administration of the Debtors' Chapter 11 cases. Judge Alfredo R. Perez oversees the cases. The Debtors are represented by Okin Adams Bartlett Curry, LLP. Tom A. Howley is appointed as trustee in these Chapter 11 cases. He tapped Howley Law PLLC as his counsel. AMENTUM HOLDINGS: S&P Assigns 'BB-' ICR, Outlook Stable ------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' issue-level rating on the Amentum Holdings Inc.'s senior secured debt. The '3' recovery rating unchanged and indicates its expectation of meaningful recovery (50%-70%; rounded estimate: 50%) in our simulated default scenario. S&P said, "We also affirmed our 'B' issue-level rating on the company's senior unsecured debt. The '6' recovery rating is unchanged and indicates our expectation for negligible recovery (0%-10%; rounded estimate: 5%) in our simulated default scenario. "The stable outlook reflects our expectation that credit metrics will remain appropriate for the rating over the next 12 months as Amentum works through integration of Jacobs Solutions Inc.'s Critical Mission Solutions (CMS) and Cyber & Intelligence (C&I) businesses." Amentum Holdings Inc. was created as Amentum Holdings LLC merged with Jacobs Solutions Inc.'s Critical Mission Solutions (CMS) and Cyber & Intelligence (C&I) businesses in 2024. S&P said, "We assigned our 'BB-' issuer credit rating to Amentum Holdings Inc. The entity was created to facilitate the Reverse Morris Trust merger between Amentum Holdings LLC and Jacobs' CMS and C&I businesses, which closed September 2024. Therefore, we withdrew our issuer credit rating on Amentum Holdings LLC and assigned ratings to Amentum Holdings Inc. Our view of the company's business risk profile and financial risk profile remains consistent with those outlined in this research update. "Pro forma for the merger, we expect revenue growth of 0%-2% in 2025. While this is slightly lower than the 2%-4% revenue growth assumed previously, we note the lower growth rate is relative to a higher-than-expected revenue base in fiscal 2024 (period ended Sept. 27). Therefore, our revenue assumption remains $13.8 billion-$14.1 billion for fiscal 2025. Through the first half of fiscal 2025 Amentum generated $6.9 billion, which is up about 2% year over year. Growth has been somewhat muted due to the timing of contracts ramping down in global engineering solutions and digital solutions with somewhat muted new award activity in the first half. Further, the company has several consolidated joint ventures that will become unconsolidated and thus will result in lower topline revenue. Lastly, Amentum has agreed to divest its rapid solutions business (which Amentum has outlined as 1% of total revenue). We do not believe these will have a material effect Amentum's credit quality. The company expects growth to accelerate somewhat in the second half of the year, which we believe is likely given typical seasonality of government services activity. "There is near term uncertainty related to defense spending and timing for new awards. We believe Amentum's portfolio is meaningfully diversified with minimal exposure to consulting-related services that we view as more likely to experience reduced funding given stated priorities of the current administration. Furthermore, we believe Amentum's position on energy, space, and intelligence programs will continue to see stable demand from government and commercial customers. However, we believe there is some risk that award activity could slow to the extent contracting officers become part of headcount reduction as the department of government efficiency looks to reduce federal spending. Despite this uncertainty, we believe Amentum is positioned for longer-term growth given its backlog was nearly $45 billion at the end of the second quarter. "Amentum continues to target leverage of 3x by the end of fiscal 2026. The company has communicated that it expects to divest its rapid solutions business for $360 million ($325 million after-taxes) and use proceeds to fund the $70 million Jacobs working capital payment (which was a condition for the transaction to close) with the balance of proceeds potentially going toward debt repayment. While we do not include this voluntary debt repayment in our forecast due to uncertainty in the amount of repayment and timing, we would view debt repayment as a meaningful step toward reaching its stated leverage target. We await clarity on the company's financial policy beyond fiscal 2026, specifically its dividend and share repurchase policy, in addition to appetite for additional debt funded M&A. "Amentum's credit metrics remain in line with the rating, and we expect improvement over time. We forecast S&P Global Ratings-adjusted debt to EBITDA of 4x in fiscal 2025. The improvement in leverage relative to our previous forecast of 4.7x is largely due to the timing of transaction expenses. We previously expected Amentum would recognize about $150 million of transaction expenses in fiscal 2025, and this has been recognized in fiscal 2024 because the transaction closed on the last day of the reporting period. As such, we also revised our S&P Global Ratings-adjusted EBITDA margin to 7%-8% in fiscal years 2025 and 2026. The company generated about $155 million of reported free operating cash flow (FOCF) through six months ended March 28, 2025. We expect full year reported FOCF will be $450 million-$500 million as working capital and earnings improve in the second half of the fiscal year. "The stable outlook on Amentum reflects our expectation that its credit metrics will remain in line with the rating as the company improves profitability and expands its contract base through the integration of the Jacobs business. We expect S&P Global Ratings-adjusted debt to EBITDA around 4x in fiscal 2025, improving to the mid-3x area in fiscal 2026." S&P could lower the ratings on Amentum within the next 12 months if debt to EBITDA deteriorates toward 5x, and it expects it will remain there on a sustained basis. This would likely occur if the company: -- Does not win new business in line with S&P's forecast to offset potential contract losses, or if contract delays or award protests delay EBITDA generation; or -- Cannot realize the expected cost savings during the integration period, which could cause margins to be lower than it expects. S&P could raise its ratings on Amentum if debt to EBITDA improves below 4x, and it expects it to sustain that. This would likely occur if the company: -- Repays debt as it works toward its net leverage target of 3x (within 24 months of transaction close) and does not pursue debt-funded acquisitions or shareholder returns in line with its stated financial policy; and -- Improves profitability through award wins that improve its mix or realizes higher than expected synergies in the integration period. AORS REALTY: Hires Scura Wigfield Heyer as Attorney --------------------------------------------------- AORS Realty LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Scura, Wigfield, Heyer, Stevens & Cammarota LLP as attorneys. The firm's services include: (a) advise the Debtor regarding its powers and duties in the operation of its business; (b) represent the Debtor in bankruptcy matters and adversary proceedings; and (c) perform all legal services for the Debtor which may be necessary. The firm's counsel and staff will be paid at these rates: Partners $550 Associates $395 Law Clerk $275 Paralegals $195 Legal Assistants $150 David Stevens, Esq., an attorney at Scura, Wigfield, Heyer, Stevens & Cammarota, 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 L. Stevens, Esq. Diana M Woody, Esq. Scura, Wigfield, Heyer, Stevens & Cammarota LLP 1599 Hamburg Turnpike Wayne, NJ 07470 Telephone: (973) 696-8391 Email: dstevens@scura.com dwoody@scura.com About AORS Realty LLC AORS Realty LLC leases real estate properties for rental operations. AORS Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-16292) on June 13, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,000 and $500,000. The Debtors are represented by Diana Woody, Esq. at SCURA WIGFIELD, HEYER, STEVENS & CAMMAROTA LLP. AT HOME GROUP: Seeks to Hire Omni as Claims and Noticing Agent -------------------------------------------------------------- At Home Group Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Omni Agent Solutions, Inc. as claims and noticing agent. Omni will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. Prior to the petition date, the Debtors provided Omni a retainer in the amount of $75,000. Paul Deutch, an executive vice president at Omni, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Paul Deutch Omni Agent Solutions, Inc. 5955 De Soro Ave., Ste. 100 Woodland Hills, CA 91367 Telephone: (917) 364-0508 About At Home Group Inc. At Home Group Inc. is a home decor and furnishings retailer offering a wide range of everyday and seasonal products for all areas of the home. The Company operates 260 large-format stores across 40 U.S. states and an e-commerce platform. Headquartered in Coppell, Texas, At Home was founded in 1979 and employs 7,170 people. On June 16, 2025, At Home announced it entered a Restructuring Support Agreement (RSA) with certain of its lenders, which will eliminate substantially all of its long-term debt and provide the Company with new financial resources to support the business and position At Home for future success. To implement the terms of the RSA, At Home and 41 of its subsidiaries have commenced voluntary Chapter 11 proceedings in Delaware (Bankr. D. Del. Lead Case No. 25-11120). The proceedings are pending before Judge J. Kate Stickles. In connection with this process, At Home is entering into an agreement for $600 million in debtor-in-possession financing, which includes a $200 million capital infusion from certain of its existing lenders and a "roll up" of $400 million of existing senior secured debt. The Debtors tapped Kirkland & Ellis LLP as restructuring counsel; Young Conaway Stargatt & Taylor, LLP, as Delaware restructuring counsel; AlixPartners LLP as financial advisor; and PJT Partners, Inc., as investment banker. Omni Agent Solutions, Inc., is the claims agent. BALERNO CASTLE: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Balerno Castle LLC 8261 Birchbark Ave Pico Rivera, CA 90660 Business Description: Balerno Castle LLC owns a multifamily residential building located at 253 S. Carondelet Street in Los Angeles, California. The two-story property comprises six rental units and is classified as single-asset real estate under 11 U.S.C. Section 101(51B). The Company also owns a separate property at 3912 Eagle Street in Los Angeles. Chapter 11 Petition Date: June 24, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-15322 Judge: Hon. Julia W Brand Debtor's Counsel: Kevin Tang, Esq. TANG & ASSOCIATES 17011 Beach Blvd Suite 900 Huntington Beach, CA 92647 Tel: 714-594-7022 E-mail: kevin@tang-associates.com Total Assets: $3,804,000 Total Liabilities: $2,074,239 The petition was signed by Hector Contreras as managing member. The petition states that the Debtor has no creditors with unsecured claims. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/32IAQRI/Balerno_Castle_LLC__cacbke-25-15322__0001.0.pdf?mcid=tGE4TAMA BAYOU TECHNOLOGIES: Seeks to Hire Patrick Gros as Accountant ------------------------------------------------------------ Bayou Technologies, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Louisiana to employ Patrick Gros, CPA, APAC as accountant. The firm will be paid at these hourly rates: Partner $275 Manager $175 Senior Accountant $150 Staff Accountant $105 The firm received a pre-petition retainer of $5,000 from the Debtor. Patrick Gros, CPA, 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 through: Patrick Gros, CPA Patrick Gros, CPA, APAC 651 River Highland Blvd. Covington, LA 70433 Telephone: (985) 898-3512 Facsimile: (985) 871-9600 About Bayou Technologies 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 Debtor tapped Wade N. Kelly, Esq., at Wade N. Kelly LLC as counsel and Patrick Gros, CPA, APAC as accountant. BAYSIDE LIMO: Hires Ford & Semach P.A. as Bankruptcy Counsel ------------------------------------------------------------ Bayside Limo of Tampa LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Ford & Semach, P.A. as bankruptcy counsel. The firm will render these services: a. analyze the financial situation, and rendering advice and assistance to the Debtor in determining whether to file a petition under Title 11, United States Code; b. advise the Debtor with regard to the powers and duties of the debtor and as Debtor-in-Possession in the continued operation of the business and management of the property of the estate; c. prepare and file the petition, schedules of assets and liabilities, statement of affairs, and other documents required by the Court; d. represent the Debtor at the Section 341 Creditors' meeting; e. give the Debtor legal advice with respect to its powers and duties as Debtor and as Debtor-in Possession in the continued operation of its business and management of its property, if appropriate; f. advise the Debtor with respect to its responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; g. prepare, on the behalf of your Applicant, necessary motions, pleadings, applications, answers, orders, complaints, and other legal papers and appear at hearings thereon; h. protect the interest of the Debtor in all matters pending before the court; i. represent the Debtor in negotiation with its creditors in the preparation of the Chapter 11 Plan; and j. perform all other legal services for Debtor as Debtor-in-Possession which may be necessary, and it is necessary for Debtor as Debtor-in-Possession to employ this attorney for such professional services. Ford & Semach's professionals will be paid at these hourly rates: Buddy D. Ford, Attorney $550 Jonathan Semach, Attorney $500 Heather Reel, Attorney $450 Paralegal $150 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $8,750. Buddy D. Ford, Esq., an attorney at Ford & Semach, disclosed in court filings that their firms are "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firms can be reached through: Buddy D. Ford, Esq. Jonathan A. Semach, Esq. Heather M. Reel, Esq. FORD & SEMACH, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Telephone: (813) 877-4669 Email: Buddy@tampaesq.com Jonathan@tampaesq.com Heather@tampaesq.com About Bayside Limo of Tampa LLC Bayside Limo of Tampa LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03982) on June 13, 2025, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Catherine Peek Mcewen presides over the case. Buddy D Ford, Esq. at Ford & Semach, P.A. represents the Debtor as counsel. BISHOP OF SAN DIEGO: Boucher LLP Advises Sexual Abuse Claimants --------------------------------------------------------------- The law firm of Boucher LLP filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 case of the Roman Catholic Bishop of San Diego, the firm represents several sexual abuse claimants. Boucher LLP has offices at 21600 Oxnard Street, Suite 600, Woodland Hills, CA 91367, and 555 Montgomery Street, Suite 1205, San Francisco, CA 94111. Attorney Kelsey Campbell is duly licensed to practice before Courts of the State of California and the United States District Court for the Southern District of California. Boucher LLP individually represents each Sexual Abuse Claimant listed in this disclosure. Due to confidentiality, each Claimant has been identified by their Sexual Abuse Proof of Claim number. The names and addresses of the confidential Claimants are available to authorized parties who have executed a confidentiality agreement and have access to the Sexual Abuse Claim Forms. Pursuant to individual retainer agreements, Boucher LLP was retained by each Claimant to pursue claims for damages against The Roman Catholic Bishop of San Diego, as a result of sexual abuse. The retention includes representing and acting on behalf of each Claimant in the instant bankruptcy case. Each Claimant maintains an individual economic interest against the Debtor, The Roman Catholic Bishop of San Diego, that has been disclosed in the Confidential Sexual Abuse Claim Supplement. The law firm can be reached at: Raymond P. Boucher, Esq. Kelsey L. Campbell, Esq. BOUCHER LLP 21600 Oxnard Street, Suite 600 Woodland Hills, California 91367-4903 Tel: (818) 340-5400 Fax: (818) 340-5401 About The Roman Catholic Bishop of San Diego The Roman Catholic Bishop of San Diego sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal Case No. 24-02202) on June 17, 2024. In the petition signed by Rodrigo Valdivia, vice moderator of the Curia, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Christopher B. Latham oversees the case. The Debtor tapped Gordon Rees Scully Mansukhani, LLP as counsel and GlassRatner Advisory & Capital Group, LLC, doing business as B. Riley Advisory Services, as financial advisor. Donlin, Recano & Company, Inc., is the claims agent and administrative advisor. The official committee of unsecured creditors formed in the case retained KTBS Law LLP as its counsel; Berkeley Research Group, LLC as its financial advisor; and Morgan, Lewis & Bockius LLP as its special insurance counsel. BLACKBUSH INVESTMENTS: Taps NRG Realty Group as Real Estate Broker ------------------------------------------------------------------ Blackbrush Investments, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ NRG Realty Group as real estate broker. The Debtor needs a broker to market and sell its property located at 1690 W. Basin St., Odessa, Texas. The broker will receive a commission of 6 percent of the property's sales price. Justin Dodd, an agent at NRG Realty Group, 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: Justin Dodd NRG Realty Group 6191 Highway, 161 Suite 430 Irving, TX 75038 Telephone: (214) 534-7976 Email: justin@ngrealtygroup.com About Blackbrush Investments Blackbrush Investments LLC is a limited liability company. Blackbrush Investments LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-11092) on March 4, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Craig A. Gargotta handles the case. J. Seth Moore, Esq., at Snell & Wilmer serves as the Debtor's counsel. BMX TRANSPORT: Seeks to Hire Keck Legal LLC as Bankruptcy Counsel ----------------------------------------------------------------- BMX Transport LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Keck Legal, LLC as counsel. The firm's services include: a. giving the Debtor legal advice with respect to its powers and duties as debtor-in-possession in the management of its property; b. preparing on behalf of the Debtor as debtor-in-possession necessary schedules, applications, motions, answers, orders, reports and other legal matters; c. assisting in examination of the claims of creditors; d. assisting with formulation and preparation of the disclosure statement and plan of reorganization and with the confirmation and consummation thereof; and e. performing all other legal services for Debtor as debtor-in-possession that may be necessary. The firm will be paid at these hourly rates: Benjamin R. Keck $465 Jonathan Clements $350 Omar Esquivel $195 Katie Meadows $150 Jackson Grabill $150 Selah Owusu $125 Miguel Quinonez $105 Ashleigh Rucker $95 Silvia Laguado $95 The firm received a retainer in the total amount of $25,000. 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 BMX Transport LLC BMX Transport LLC provides long-distance specialized freight trucking services across the United States, focusing on goods that require unique handling or equipment. The Company offers full truckload transport using dry vans and refrigerated trailers, supported by warehousing and 24/7 logistics operations. Headquartered in Georgia, it operates a federally authorized fleet of trucks and trailers. BMX Transport LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-20705) on May 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge James R. Sacca handles the case. The Debtors are represented by Benjamin Keck, Esq. at KECK LEGAL, LLC. BOXLIGHT CORP: Kazazian Asset and Affiliates Hold 9.4% Stake ------------------------------------------------------------ Kazazian Asset Management, LLC, Kazazian Capital Master Fund, L.P., and Kirk Kazazian, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of June 5, 2025, they beneficially owned 224,500 shares of Boxlight Corporation's Class A Common Stock, par value $0.0001 per share, representing 9.4% of the 2,230,379 shares reported as outstanding by the Company in its Form 10-Q filed on May 14, 2025, and including shares issuable upon exercise of warrants subject to a 9.99% ownership blocker. Kazazian Asset may be reached through: Kirk Kazazian, Chief Compliance Officer 188 Nurmi Drive Fort Lauderdale, FL 33301 Tel: 212-581-8800 A full-text copy of Kazazian Asset's SEC report is available at: https://tinyurl.com/5su3m9hj About Boxlight Corporation Boxlight Corporation, based in Duluth, Georgia, is a technology company that develops, sells, and services interactive solutions primarily for the global education market, as well as for corporate and government sectors. The Company offers a range of products, including interactive and non-interactive flat-panel displays, LED video walls, media players, classroom audio systems, cameras, and STEM solutions like 3D printing and robotics. These products are integrated into a classroom software suite for learning, assessment, and collaboration. Boxlight also provides professional training services to U.S. educational customers. In its report dated Mar. 28, 2025, the Company's auditor, Forvis Mazars, LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, highlighting that the Company has identified certain conditions relating to its outstanding debt and Series B and C Preferred Stock that are outside the control of the Company. In addition, the Company has generated recent losses. These factors, among others, raise substantial doubt regarding the Company's ability to continue as a going concern. For the years ended Dec. 31, 2024 and 2023, Boxlight Corporation incurred net losses attributable to common stockholders of $29.6 million and $40.4 million, respectively. As of Dec. 31, 2024, Boxlight Corporation had $115.31 million in total assets, $99.69 million in total liabilities, $28.51 million in total mezzanine equity, and a total stockholders' deficit of $12.90 million. BOXLIGHT CORP: Second Board Exit Worsens Nasdaq Compliance Issues ----------------------------------------------------------------- Boxlight Corporation disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Charles P. Amos resigned as director on June 6, 2025. The Company is grateful for Mr. Amos's service. As previously reported in the Company's Current Report on Form 8-K filed on June 4, 2025, R. Wayne Jackson resigned as a director of the Company on May 23, 2025. Also as previously reported, as a result of Mr. Jackson's resignation, the Company is not in compliance with Nasdaq Rule 5605(c)(2)(A), which requires, among other things, that audit committees have at least three members and that at least one member have past employment experience in finance or accounting, requisite professional certification in accounting, or any other comparable experience or background which results in the individual's financial sophistication. Pursuant to Nasdaq Rule 5605(c)(4)(B), the Company has 180 days from the date of Mr. Jackson's resignation, or until November 19, 2025, to cure the noncompliance. Mr. Jackson's resignation has also resulted in the Company not being in compliance with Nasdaq Rule 5605(b)(1), which requires that a majority of the Board of Directors must be comprised of independent directors as defined in Nasdaq listing standards. Pursuant to Nasdaq Rule 5605(b)(1)(A), the Company also has 180 days from the date of Mr. Jackson's resignation, or until November 19, 2025, to cure this noncompliance. The Company currently expects to recruit another director with the requisite qualifications to serve on the Audit Committee and succeed Mr. Jackson. Due to Mr. Amos' resignation, regaining compliance with Nasdaq's majority-independent board requirement will require additional action beyond replacing Mr. Jackson with a suitable successor. The Board of Directors is currently considering near-term changes to its composition to address the ratio of independent to non-independent directors. About Boxlight Corporation Boxlight Corporation, based in Duluth, Georgia, is a technology company that develops, sells, and services interactive solutions primarily for the global education market, as well as for corporate and government sectors. The Company offers a range of products, including interactive and non-interactive flat-panel displays, LED video walls, media players, classroom audio systems, cameras, and STEM solutions like 3D printing and robotics. These products are integrated into a classroom software suite for learning, assessment, and collaboration. Boxlight also provides professional training services to U.S. educational customers. In its report dated Mar. 28, 2025, the Company's auditor, Forvis Mazars, LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, highlighting that the Company has identified certain conditions relating to its outstanding debt and Series B and C Preferred Stock that are outside the control of the Company. In addition, the Company has generated recent losses. These factors, among others, raise substantial doubt regarding the Company's ability to continue as a going concern. For the years ended Dec. 31, 2024 and 2023, Boxlight Corporation incurred net losses attributable to common stockholders of $29.6 million and $40.4 million, respectively. As of Dec. 31, 2024, Boxlight Corporation had $115.31 million in total assets, $99.69 million in total liabilities, $28.51 million in total mezzanine equity, and a total stockholders' deficit of $12.90 million. BUFFALO NEWSPRESS: Hires Pyramid Brokerage as Real Estate Broker ---------------------------------------------------------------- Buffalo Newspress Inc., doing business as BNP Empowered Print, seeks approval from the U.S. Bankruptcy Court for the Western District of New York to employ Pyramid Brokerage Company of Buffalo Inc. as real estate broker. The Debtor needs a broker to market and sell its property located at 230 Broadway, Buffalo, New York. Pyramid will be paid in accordance with the agreement and has not agreed to share any of its compensation in this case with any other person. Robert T. Schell, president of Pyramid Brokerage Company of Buffalo, 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: Robert T. Schell Pyramid Brokerage Company of Buffalo Inc. 14 Lafayette Square Suite 1900 Buffalo, NY 14203 Telephone: (716) 852-7500 Facsimile: (716) 852-0890 Email: buffalo@pyramidbrokerage.com About Buffalo Newspress Inc. Buffalo Newspress Inc., also known as BNP Empower, is a full-service printing solutions provider based in Buffalo, N.Y., offering digital, web offset, and other printing services with 24/7 operations. Buffalo Newspress filed Chapter 11 petition (Bankr. W.D.N.Y. Case No. 25-10125) on February 5, 2025, listing up to $10 million in both assets and liabilities. Thomas J. Majerski, president of Buffalo Newspress, signed the petition. Judge Carl L. Bucki oversees the case. Kevin R. Lelonek, Esq., at Gross Shuman, PC, represents the Debtor as legal counsel. BURGUNDIAN LLC: Seeks Subchapter V Bankruptcy in Massachusetts -------------------------------------------------------------- On June 24, 2025, The Burgundian LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Massachusetts. According to court filing, the Debtor reports $1,019,679 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About The Burgundian LLC 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. The Burgundian LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11287) on June 24, 2025. In its petition, the Debtor reports total assets of $255,148 and total liabilities of $1,019,679. Honorable Bankruptcy Judge Christopher J. Panos handles the case. The Debtors are represented by David B. Madoff, Esq. at MADOFF & KHOURY LLP. CADUCEUS PHYSICIANS: No Patient Care Concern, PCO Report Says ------------------------------------------------------------- Stanley Otake, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Central District of California his fourth report regarding the quality of patient care provided by Caduceus Physicians Medical Group. On November 8 and December 16, 2024, PCP performed site inspections on the Caduceus Practices. All sites were inspected, and all were compliant with health and safety requirements. Previous concerns regarding expired medications were addressed and none were found on inspections of exam and treatment rooms. The PCO reviewed staff scheduling reports and is satisfied that staffing meets patient volume and acuity requirements. He was informed of the relocation of certain services in the Yorba Linda office and has no concerns regarding impact to patient care by the changes made. The PCO observed that all facilities appeared to have ample supplies and medications. Review and discussions related to negative social media postings were conducted and the PCO is satisfied with the feedback regarding patient complaints. On May 8, the Debtor successfully closed a sale to a new buyer, Anchor Medical Group, P.C. (AMG). AMG simultaneously entered into an agreement with the Debtor to provide certain administrative services until licensing, credentialing and billing details with payors are completed. The Debtor remains in charge of the medical care of patients until the end of the transition period which is estimated to last anywhere from six to twelve months. In addition, communication with the Debtor regarding scheduling site visits and questions regarding the patient complaints were routinely handled until recently as roles apparently have changed within the organization. The Debtor shared that staffing key back-office positions and customer service positions have been challenged by the uncertainty of future employment and stability of a company in bankruptcy. The PCO finds that the care being provided to the patients of Caduceus' practice is within the standard of care in the community. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=Cl7h6P from PacerMonitor.com. The ombudsman may be reached at: Stanley Otake 225 N. Deerwood Street Orange, CA 92869 562-225-1934 Email: ucla1000@aol.com About Caduceus Physicians Medical Group Caduceus Physicians Medical Group, a Professional Medical Corporation, d/b/a Caduceus Medical Group, is a physician owned and managed multi-specialty medical group with locations in Yorba Linda, Anaheim, Orange, Irvine, and Laguna Beach. It specializes in primary care, pediatrics, and urgent care. Caduceus Physicians Medical Group and Caduceus Medical Services, LLC, filed Chapter 11 petitions (Bankr. C.D. Cal. Lead Case No. 24-11946) on August 1, 2024. The petitions were signed by CRO Howard Grobstein. At the time of the filing, Caduceus Physicians reported $1 million to $10 million in both assets and liabilities while Caduceus Medical reported up to $50,000 in both assets and liabilities. Judge Theodor Albert presides over the cases. David A. Wood, Esq., at Marshack Hays Wood, LLP, is the Debtors' legal counsel. Stanley Otake is the patient care ombudsman appointed in the Debtor's Chapter 11 case. CARE PAVILION: PCO Reports Staffing Shortages --------------------------------------------- Margaret Barajas, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania her third report regarding the quality of patient care provided by Care Pavilion, LLC. On January 30, the regional ombudsman specialist reported that Maplewood Nursing and Rehabilitation Center had been sold to Focus Health on November 28, 2024. The facility has a capacity of 180 beds, of which 169 beds were occupied as of an ombudsman facility visit of May 16. No serious concerns were reported during this 60-day period. Local ombudsmen conduct regular visits to York Nursing and Rehabilitation Center facility. In an earlier Abbreviated Survey in response to three complaints completed on April 3, it was determined that York Nursing was not in compliance with the following Requirements of 42 CFR Part 483, Subpart B, Requirements for Long Term Care Facilities and the 28 Pa. Code, Commonwealth of Pennsylvania Long Term Care Licensure Regulations related to the health portion of the survey process. Staffing shortages were also cited. Local ombudsman records show that Cliveden Nursing and Rehabilitation Center facility has a capacity of 180 beds, of which 152 beds were occupied as of April 17, which indicate that this census, based on the number of available beds, is consistent with other skilled nursing facilities in the area. Local ombudsmen conduct regular visits to the facility. No serious concerns were identified in this 60-day period. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=WNcqyY from Stretto, Inc., claims agent. The ombudsman may be reached at: Margaret Barajas PA Long-Term Care Ombudsman | Ombudsman Office Pennsylvania Department of Aging 555 Walnut St. 5th Floor Harrisburg, PA 17101 Phone: (717) 783-7096 | Fax: (717) 772-3382 Email: mbarajas@pa.gov About Pottsville Operations Pottsville Operations LLC and its affiliates own and operates six skilled nursing facilities in Pennsylvania. Collectively, Pottsville has 925 beds across the six facilities, and 759 residents currently at the Facilities as of the Petition Date. Pottsville acquired the facilities in May of 2021. Pottsville Operations and its 10 affiliates sought relief under sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Lead Case No. 24-70418) on Oct. 15, 2024. In the petition signed by Neil Luria, as chief restructuring officer, Pottsville reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge Jeffery A Deller handles the cases. The Debtors tapped Baker & Hostetler, LLP as general bankruptcy counsel; and RAaines Feldman Littrell, LLP as local counsel. SOLIC Capital Advisors LLC is serving as financial advisor, and Solic's Neil Luria has been tapped as CRO of the Debtors. Stretto, Inc. is the claims agent. Margaret Barajas is the patient care ombudsman appointed in the Debtors' cases. CAROLINA'S CONTRACTING: Smith Debnam Represents Creditors --------------------------------------------------------- The law firm of Smith Debnam Narron Drake Saintsing & Myers, LLC filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 case of Carolina's Contracting, LLC, the firm represents Ferguson Enterprises, LLC d/b/a Ferguson Enterprises, LLC of Virginia, De Lage Landen Financial Services, Inc. and Orion First Financial, LLC. Smith Debnam is a limited liability partnership located in Raleigh, North Carolina. Smith Debnam was retained by Ferguson to represent their interests in this case related to the breach of the terms of the Debtor's credit application with Ferguson and the subsequent filing of mechanic's lien claims and lawsuits against several projects to which Ferguson supplied materials and/or service to the Debtor and was not paid. Smith Debnam was retained by DLL to represent their interests in this case related to Loan and Security Agreement numbers: 500-50626629; 500-50578383 and 500-50626629, on which there remains a balance to be paid and pursuant to which DLL retains a security interest against certain equipment in the possession of the Debtor. Smith Debnam was retained by Midland to represent their interests in this case related to Loan and Security Agreement number: 826-226568-004, on which there remains a balance to be paid and pursuant to which Midland retains a security interest against certain equipment in the possession of the Debtor. The Creditors' names, addresses, the nature and amounts of claims are as follows: 1. Ferguson Enteprises, LLC c/o Byron L. Saintsing Smith Debnam Narron Drake Saintsing & Myers, LLP PO Box 176010 Raleigh, NC 27619-6010 * Breach of credit application terms and filing of lien claims and lawsuits against several projects to which Ferguson Enterprises, LLC supplies materials and was not paid. * $130,260.14 2. De Lage Landen Financial Services, Inc. c/o Byron L. Saintsing Smith Debnam Narron Drake Saintsing & Myers, LLP PO Box 176010 Raleigh, NC 27619-6010 * Breach of three Loan and Security Agreements. * $685,49.10 3. Orion First Financial, LLC as servicer for Midland States Bank c/o Thomas A. Gray Smith Debnam Narron Drake Saintsing & Myers, LLP PO Box 176010 Raleigh, NC 27619-6010 * Breach of Loan and Security Agreement * $183,759.84 The law firm can be reached at: Byron L. Saintsing, Esq. SMITH DEBNAM NARRON DRAKE SAINTSING & MYERS, LLP P.O. Box 176010 Raleigh, North Carolina 27619-6010 Telephone: (919)-250-2000 Facsimile: (919) 250-2100 Email: bsaintsin@smithdebnamlaw.com About Carolina's Contracting Carolina's Contracting LLC is a licensed general contractor based in Davidson, North Carolina, specializing in land development and grading services. Established in 2013, Company offers a range of services including grading, storm drainage, sanitary sewer, waterline installation, culverts, and stone base work. Carolina's Contracting sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D.N.C. Case No. 25-50284) on April 28, 2025. In its petition, the Debtor reported total assets of $31,405,291 and total liabilities of $25,942,522. Judge Lena M. James oversees the case. The Debtor is represented by: Dirk W. Siegmund, Esq. Ivey, Mcclellan, Siegmund, Brumbaugh & Mcdonough, LLP Tel: 336-274-4658 dws@iveymcclellan.com CBRM REALTY: Hires Kurtzman Carson as Administrative Advisor ------------------------------------------------------------ CBRM Realty Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Kurtzman Carson Consultants, LLC dba Verita Global as administrative advisor. The firm's services include: (a) assist with, among other things, solicitation, balloting, and tabulation of votes, and prepare any related reports; (b) prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; (c) assist with the preparation of the Debtors' schedules of assets and liabilities and statements of financial affairs and gather data in conjunction therewith; (d) provide a confidential data room, if requested; (e) manage and coordinate any distributions pursuant to a Chapter 11 plan; and (f) provide such other processing, solicitation, balloting, and administrative services. Kurtzman Carson Consultants will be paid at its standard hourly rates and will be reimbursed for expenses incurred. Evan Gershbein, executive vice president of Kurtzman, disclosed in a court filing that the firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Evan Gershbein Kurtzman Carson Consultants LLC 222 N. Pacific Coast Highway, 3rd Floor El Segundo, CA 90245 Telephone: (310) 823-9000 Email: egershbein@kccllc.com About CBRM Realty CBRM Realty Inc. is a Somerset, New Jersey-based real estate investment firm. CBRM Realty Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-15343) on May 19, 2025. In its petition, the Debtor reports estimated assets and liabilities (on a consolidated basis) between $100 million to $500 million each. Honorable Bankruptcy Judge Michael B. Kaplan handles the case. The Debtors tapped White & Case LLP and Ken Rosen Advisors PC as counsel, Islanddundon LLC as financial advisor, and Kurtzman Carson Consultants, LLC, doing business as Verita Global, as claims, noticing, and solicitation agent. CHAMPION IRON: S&P Assigns 'BB-' ICR, Outlook Stable ---------------------------------------------------- S&P Global Ratings assigned its 'BB-' issuer credit rating to Quebec-based iron ore producer Champion Iron Ltd. S&P also assigned its 'BB-' issue-level rating and '3' recovery rating to the company's proposed senior unsecured notes due 2032. The stable outlook reflects S&P's expectation that Champion Iron will generate S&P Global Ratings-adjusted debt to EBITDA of about 2x while maintaining at least C$200 million of cash on its balance sheet. It also reflects its expectation for S&P Global Ratings-adjusted free operating cash flow (FOCF) to debt to increase to above 10% beyond this year as it completes its DRPF project on time and on budget. Champion Iron produces high-grade iron ore at its Bloom Lake mine in Quebec and is investing in a project to upgrade half of its iron ore capacity to Direct Reduction (DR) grade. S&P said, "We expect Champion Iron will sell about 15 million dry metric tons (Mdmt) of iron ore per year, and by fiscal 2028, about half of the concentrate sold would be at about 66% Fe (used mostly in blast furnace steelmaking) with the other half at about 69% Fe (used in Direct Reduction Iron-Electric Arc Furnace; DPI-EAF steelmaking). We expect the pricing of different iron ore grades to remain highly correlated, thereby offering very little diversification benefit. That said, demand growth for DR grade iron ore will likely outpace that of lower-grade iron ore as DRI-EAF steelmaking capacity growth outpaces that from blast furnaces because most economies focus on reducing greenhouse gas emissions." S&P said, "We believe this trend and the premium attached to its DR grade iron ore will improve the company's cost profile and lead to a more diversified customer base with a significant portion of existing sales to China (currently about 60% of sales) shifting to prospective customers in the Middle East and North Africa. We also expect the company will generate relatively average profitability levels, including S&P Global Ratings-adjusted EBITDA margins of about 30% over the next few years, supported by its high-grade iron ore and our assumption for C1 cash costs of about $55/dmt and 62% iron ore prices of $90/dmt to US$100/dmt. "The rating reflects our view of the company's narrow product focus and significant operating concentration. In our opinion, Champion Iron's asset concentration is a key credit risk, because it is a pure play iron ore producer dependent on a single mine at Bloom Lake that has three open pits and two processing plants that are 100 meters apart. We believe this dependence on a single mine increases the earnings risk from operating disruptions that could include equipment failure, unplanned or prolonged shutdowns or outages, or more. Champion Iron is also dependent on a single rail line (about 400km long) and the port of Sept-Îles to transport its product, neither of which it owns or operates. While Champion Iron has in place a contract with the rail and port operators that last the duration of the mine's operating life, the company remains exposed to potential service disruptions owing to work stoppage, forest fires, adverse weather, or equipment issues. For instance, in fiscal 2024 (fiscal year-end March 31), forest fires in northern Quebec interrupted rail operations, resulting in delays that negatively affected revenue. "Our view of Champion Iron's financial risk profile incorporates our expectation for S&P Global Ratings-adjusted debt to EBITDA of about 2x while recognizing that earnings and cash flows could be volatile. We expect S&P Global Ratings-adjusted debt to EBITDA will average about 2x and S&P Global Ratings-adjusted funds from operations (FFO) to debt will average 30% to 35% over the next couple of years. This assumes 62% Fe benchmark iron ore prices will average $100/dmt for the rest of 2025 and $90/dmt beyond then. It also assumes this modest decline is partially offset by higher realized premiums (stemming from higher average grade iron ore sold) and by lower unit costs for mining and processing. We also incorporate the company's narrow product focus and asset concentration, which leaves its earnings and cash flows sensitive to fluctuating iron ore prices and potential operating disruptions. For instance, according to our forecast and keeping all else equal, we estimate a $10 decrease in 62% iron ore prices (about 10%) would reduce adjusted EBITDA by about C$190 EBITDA (about 33%) and increase S&P Global Ratings-adjusted debt to EBITDA by about a full turn. "We assume Champion Iron completes its DRPF project by the end of the year, contributing to higher FOCF. Champion Iron's capital expenditure (capex) has been elevated since 2020 with significant investments at Bloom Lake, including a C$471 million project to upgrade half of its iron ore capacity to DR grade. The project involves installing additional grinding and flotation equipment at one of the company's two concentrators. We estimate the project is about 60% complete as of March 31, 2025, with about C$150 million of capex remaining in fiscal 2026. As a result, we believe annual capex will normalize over the next 12 months to about C$200 million-C$250 million (12%-15% of revenue), comprised mostly of sustaining capex. We assume this will strengthen annual FOCF generation to at least C$120 million, or above 10% of S&P Global Ratings-adjusted debt beyond fiscal 2026. "While we assume only modest FOCF generation this year as the company completes its DRPF project, we also anticipate it will have about C$350 million of cash on hand immediately after the proposed transaction. We do not net this against debt, and it provides some cushion for possible shortfalls in operating cash flow generation or cost overruns. We also incorporate our view that the company is likely to maintain at least C$200 million cash on its balance sheet over the next few years based on the proposed debt structure, our EBITDA forecast, and our understanding of the company's internal net leverage target of 1x. While our forecast assumes Champion Iron would maintain an annual dividend of about C$102, we think it could be cut to reduce net leverage if 62% iron ore prices decline to $90/dmt consistent with our estimates. "The stable outlook reflects our expectation that Champion Iron will generate S&P Global Ratings-adjusted debt to EBITDA of about 2x while maintaining at least C$200 million of cash on its balance sheet. It also reflects our expectation for S&P Global Ratings-adjusted FOCF to debt to increase to above 10% beyond this year as it completes its DRPF project on time and on budget." S&P could downgrade Champion Iron over the next 12 months if: -- S&P expects S&P Global Ratings-adjusted debt to EBITDA will sustain at or above 2.5x or S&P Global Ratings-adjusted FOCF to debt below 10%. This could occur if operating cash flow deteriorates from its base case, potentially following a decline in volumes or iron ore prices or from operating challenges that drive up unit cash costs; or -- Its liquidity position deteriorates, potentially from higher-than-anticipated distributions or capital investments. S&P views an upgrade as highly unlikely over the next 12 months due in large part to the credit risk inherent with the company's concentrated operations and high sensitivity of its credit measures to volatile iron ore prices. However, S&P could upgrade Champion Iron if: -- The company materially diversifies its product mix and asset base, most likely from an acquisition that does not weaken its prospective credit measures; and -- The company maintains S&P Global Ratings-adjusted debt to EBITDA well below 2x and solid FOCF generation. CHERRY & CANDLEWOOD: Taps Commercial Real Estate as Broker ---------------------------------------------------------- Cherry & Candlewood Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Mitchell Allan Roden, dba Commercial Real Estate Services Company as real estate agent. The broker will market and sell the Debtor's property located at 3027 to 3029 E. South Street, CA, 92545. The firm will render these services: a. develop a sales strategy with the Debtor; b. solicit interested parties for the sale (or lease) of the Property and marketing of the Property for sale (or lease) through a managed qualifying bid process including creating an offering package; c. conduct negotiations, at the Debtor's direction, for the sale (or lease) of the Property; and d. handle all paperwork necessary to accomplish a sale (or lease) of the property. The broker will receive, upon consummation of a sale, an amount equal to 6 percent of the purchase price which it will be required to share with the buyer's agent (4 percent if there is no cooperating broker). Commercial Real Estate Services Company is a disinterested person within the meaning of 11 U.S.C. Section 101(14), according to court filings. The firm can be reached through: Mitchell Allan Roden Commercial Real Estate Services Company 4304 Raintree Circle Culver City, CA 90230 Phone: (951) 285-3000 Email: mitchrosen951@gmail.com About Cherry & Candlewood Inc. Cherry & Candlewood Inc., doing business as Aamco Transmission, is an American transmission-repair franchise founded by Robert Morgan and Anthony A. Martino in 1957 in Philadelphia. Cherry & Candlewood sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-19874) on December 3, 2024, with $1 million to $10 million in both assets and liabilities. Michael J. Long, chief executive officer, signed the petition. Judge Barry Russell handles the case. The Debtor is represented by Summer Shaw, Esq. at Shaw & Hanover, PC. CHG US: Seeks to Hire Cassel Salpeter as Investment Banker ---------------------------------------------------------- CHG US Holdings LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Cassel Salpeter & Co., LLC to provide investment banking services. The firm will render these services: a) General Advisory Services i. reviewing and analyzing the Debtor's business, operations and financial projections; ii. attending meetings of the Board of Directors of the Debtor (whether in person or telephonically); and iii. providing testimony. b) Sale Transaction Services i. assisting in the preparation of materials describing the Debtor's industry, business strategy, business and management, and incorporating current financial and other appropriate information furnished by the Debtor (which may be amended and/or supplemented from time to time); ii. assisting the Debtor in identifying and evaluating prospective buyers for any potential Sale Transaction; iii. canvassing the market and providing outreach to and communicating with prospective buyers regarding any potential Sale Transaction; iv. coordinating and assisting the management of the Debtor in preparing for and hosting management presentations, as well as conference and diligence calls; v. evaluating transaction proposals and providing Debtor management with guidance on Transaction valuation and structure and terms; vi. advising with regards to divestitures of non-strategic assets. c) Restructuring Services i. assisting in connection with any debtor-in possession financing and/or use of cash collateral (the "DIP Financing"), including the application or treatment of any such DIP financing in connection with any proposed Restructuring; ii. advising the Debtor on tactics and strategies for negotiations with the stakeholders; iii. rendering financial advice to the Debtor and participating in meetings or negotiations with the stakeholders and/or other appropriate parties in connection with any Restructuring; iv. assisting the Debtor in developing a comprehensive financial restructuring program and plan of reorganization; v. advising the Debtor on the timing, nature, and terms of new securities, other consideration or other inducements to be offered pursuant to any Restructuring; and vi. assisting the Debtor in preparing documentation within our area of expertise that is required in connection with any Restructuring. The firm will receive compensation as follows: a) Monthly Fee. A non-refundable monthly cash fee of $45,000, payable by check or wire transfer in immediately available U.S. funds paid on the Engagement Date and on each monthly anniversary thereafter. b) Sale Transaction Fee. If, whether in connection with the consummation of a Restructuring, or otherwise, the Debtors consummate a Sale Transaction to any party, including a stalking horse purchaser or credit bid or a qualified overbid to a stalking horse purchaser and/or credit bid, the Debtors shall pay to Cassel Salpeter a sale transaction fee (the "Sale Transaction Fee"), payable by check or wire transfer in immediately available U.S. funds at the closing of the Sale Transaction: I. If the DIP Lender is the winning bidder via credit bid for the entire Planta Business: a. And the Debtors have not received a bona-fide bid from a third-party buyer that repays the DIP in full in cash at closing and provides the estate with at least $250,000 of additional cash consideration (a "Qualified Bid"), then (a) all monthlies are credited against the Sale Transaction Fee, (b) the Sale Transaction Fee is $350,000 with no additional incentive fee, and (c) to be clear, there shall be no incremental incentive fee on cash consideration paid by the DIP Lender to fund wind down expenses, the Sale Transaction Fee, etc. b. And the Debtors have received a Qualified Bid, then (a) no monthlies are credited against the Cassel Salpeter's success fee, and (b) the Sale Transaction Fee is $350,000 plus an additional 5 percent incentive fee on the cash consideration provided by the DIP Lender in addition to its credit bid (excluding any cash consideration paid by the DIP Lender to fund wind down expenses, the Sale Transaction Fee, etc.). II. If the DIP Lender is a winning credit bidder via credit bid for a portion of the Planta Business, a. And there is no other winning bidder for any portion of the Planta Business, then (a) all monthlies are credited against the Sale Transaction Fee, (b) the Sale Transaction Fee is $350,000 with no additional incentive fee, and (c) to be clear, there shall be no incremental incentive fee on cash consideration paid by the DIP Lender to fund wind down expenses, the Sale Transaction Fee, etc. b. And another bidder is a winning bidder for a portion of the Planta Business, then (a) the first monthly will be credited against the Sale Transaction Fee, (b) no further monthlies beyond the first monthly are credited against the Sale Transaction Fee, and (b) the Sale Transaction Fee is $350,000 plus an additional 5 percent incentive fee on the cash consideration provided by the other bidder. III. If the DIP Lender is not a winning bidder for any portion of the Planta Business, a. And the winning bid for the Planta Business (or any portion thereof) is a Qualified Bid, then (a) no monthlies are credited against the Sale Transaction Fee, and (b) the Sale Transaction Fee is $350,000 plus an additional 5 percent incentive fee on the cash consideration in excess of the amount that repays the DIP in full in cash at closing. b. And the winning bid for the Planta Business (or any portion thereof) is not a Qualified Bid, then (a) no monthlies are credited against the Sale Transaction Fee, and (b) the Sale Transaction Fee is $350,000 with no additional incentive fee. IV. For assets that do not constitute the Planta Business (e.g., assets related to restaurants that are closed or will soon be closed), the Sale Transaction Fee 5 percent of the cash consideration paid for such assets, in addition to any amounts payable in the above scenarios. *The "Planta Business" means the restaurants at the following locations: Chicago, New York (Nomad), Marina del Rey, Washington D.C. (New Hampshire Ave.), Bethesda, Toronto (Queen St.), and Toronto (Bay St.). To the extent a Sale Transaction Fee is due to Cassel Salpeter hereunder, no Restructuring Fee shall also be due to Cassel Salpeter under Paragraph 5(c) of the Engagement Agreement. c) Restructuring Fee. If the Company consummates a Restructuring, the Company shall pay to Cassel Salpeter a restructuring fee (the "Restructuring Fee"), payable by check or wire transfer in immediately available U.S. funds upon the consummation of the Restructuring equal to $300,000. The first monthly fee paid to Cassel Salpeter pursuant to the Engagement Agreement shall be credited against any Restructuring Fee payable in accordance with the Engagement Agreement. d) Multiple Closings. If more than one Sale Transaction is consummated, Cassel Salpeter shall be compensated based on the aggregate Consideration of all Sale Transactions, calculated in the manner set forth above. e) Fee Obligation. Cassel Salpeter shall be entitled to the fees set forth in Paragraph 5(b) and/or 5(c) of the Engagement Agreement if any Sale Transaction or Restructuring is consummated during the Term, or within two (2) years after the date of any termination or expiration of the Engagement Agreement (the "Tail Period"), or the Debtors, or their securityholders, enter into any definitive agreement regarding a Sale Transaction and/or Restructuring during the Term or the Tail Period that subsequently closes (whether during or after the Tail Period), regardless of whether Cassel Salpeter actually procured the agreement regarding the Sale Transaction and/or Restructuring. f) Reasonableness. The Debtors and Cassel Salpeter acknowledge that the engagement will require a substantial professional commitment of time and effort by Cassel Salpeter. Moreover, the amount of time and effort may vary substantially during different periods of the engagement. As a result, in order to ensure the availability of all necessary professional resources, whenever required, Cassel Salpeter may be foreclosed from pursuing other alternative engagement opportunities. In light of the foregoing, the Debtors and Cassel Salpeter agree that the fee arrangement provided for under the Engagement Agreement is reasonable and fairly compensates Cassel Salpeter. All fees due to Cassel Salpeter shall not be subject to offsets, are non-refundable and noncancelable. No fee payable to any third party, by the Debtors or any other person or entity, shall reduce or otherwise affect any fee payable to Cassel Salpeter. Steven Salm, Esq., a managing partner at Cassel Salpeter & Co., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Steven Salm Cassel Salpeter & Co., LLC 801 Brickell Ave. Miami, FL 33131 Telephone: (30) 438-7700 About CHG US Holdings LLC CHG US Holdings LLC, operating as PLANTA GROUP, operates a chain of plant-based restaurants with 18 locations across major U.S. cities. The Debtor's restaurants are located in Miami Beach, Brooklyn, SOHO, Nomad, Washington DC, Atlanta, Denver, Los Angeles, West Palm Beach, Chicago, and other metropolitan areas. These restaurants likely offer exclusively plant-based cuisine based on the PLANTA brand name and food vendor creditors listed in the filing. CHG US Holdings LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10851) on May 12, 2025. In its petition, the Debtor reports assets between $50,000 and $100,000, and liabilities ranging from $10 million to $50 million. Honorable Bankruptcy Judge Mary F. Walrath handles the case. The Debtor is represented by Joseph C. Barsalona II, Esq. and Michael J. Custer, Esq. at Pashman Stein Walder Hayden. CITIUS PHARMACEUTICALS: Raises $6M in Registered Direct Offering ---------------------------------------------------------------- Citius Pharmaceuticals, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a securities purchase agreement with a certain institutional investor for the issuance and sale, in a registered direct offering by the Company, of 540,000 shares of the Company's common stock, par value $0.001 per share, and pre-funded warrants to purchase up to 4,380,000 shares of common stock at an offering price of $1.22 and $1.2199, respectively. The Company also issued to the investor warrants to purchase up to 9,840,000 shares of common stock. The Offering closed on June 11, 2025. The Warrants have an exercise price equal to $1.00 per share, are exercisable immediately upon issuance and will expire twenty-four months after the initial exercise date. The exercise price and number of shares of common stock issuable upon exercise are subject to appropriate adjustment in the event of stock dividends, stock splits, reorganizations or similar events affecting the common stock and the exercise price. If there is no effective registration statement for the resale of the shares issuable upon exercise of the Warrants, holders of Warrants may elect a "cashless" exercise, whereby they would receive the net number of shares of common stock determined according to a formula set forth in the Warrants. On the expiration date of the Warrants, any Warrants outstanding and unexercised will be automatically exercised via cashless exercise. The Pre-funded Warrants are exercisable immediately, at an exercise price of $0.0001 per share, and will remain valid and exercisable until all the Pre-funded Warrants are exercised in full. A holder of a Warrant or a Pre-funded Warrant will not have the right to exercise any portion of its warrants if the holder, together with its affiliates, would beneficially own in excess of 4.99% (or 9.99% at the election of the holder prior to the date of issuance) of the number of shares of common stock outstanding immediately after giving effect to such exercise; provided, however, that upon 61 days' prior notice to the Company, the holder may increase or decrease the Beneficial Ownership Limitation, provided that in no event shall the Beneficial Ownership Limitation exceed 9.99%. The exercise price and number of shares of common stock issuable upon exercise are subject to appropriate adjustment in the event of stock dividends, stock splits, reorganizations or similar events affecting the common stock and the exercise price. H.C. Wainwright and Co., LLC acted as the Company's exclusive placement agent in connection with the Offering. In connection with the Offering, the Company agreed to pay Wainwright a cash fee of 7% of the gross proceeds the Company received in the Offering. The Company agreed to also reimburse Wainwright up to $50,000 for fees and expenses of legal counsel, $35,000 for non-accountable expenses and $15,950 for a clearing fee. In addition, the Company granted placement agent warrants to Wainwright, or its designees, to purchase up to 344,400 shares of common stock. The terms of the Placement Agent Warrants are substantially the same as the terms of the Warrants, except that the exercise price is $1.525 per share. The gross proceeds to the Company from the Offering were approximately $6.0 million. Net proceeds are expected to be approximately $5,455,000, after deducting placement agent fees and other offering expenses payable by the Company. The Company anticipates using the net proceeds to support the commercial launch of LYMPHIR, including milestone, regulatory and other payments, and general corporate purposes. Pursuant to the Purchase Agreement, the Company agreed for a period of 60 days following the closing of the Offering not to issue, enter into an agreement to issue or announce the issuance or proposed issuance of the shares or any other securities convertible into, or exercisable or exchangeable for, shares of common stock, subject to certain exceptions; provided that after 30 days after the closing, the Company may issue shares of common stock in an "at the market" offering with Wainwright as sales agent at an offering price equal to or greater than $1.75 per share. The Offering was made pursuant to the Company's effective registration statement on Form S-3 (File No. 333-277319), which was previously declared effective by the Securities and Exchange Commission on March 1, 2024, including a prospectus supplement filed with the SEC on June 11, 2025. 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. CITY OF CLE ELUM, WA: Chapter 9 Case Summary -------------------------------------------- Debtor: City of Cle Elum 119 West First Street Cle Elum, WA 98922 About the Debtor: Cle Elum is a city in Kittitas County, Washington, known as the "Heart of the Cascades". The city was incorporated in 1902 and developed around coal mining and lumber industries, with the railroad playing a key role. Recently, Cle Elum has faced financial challenges, including declaring bankruptcy due to a large debt related to a housing development On Nov. 5, 2024, an arbitration award was granted by Judge Paris K. Kallas in favor of City Heights Holdings, LLC, against the City in the amount of $22,230,175. On Dec. 9, 2024, a judgment in the combined amount of $22,6751,525 based on the award was entered in King County Superior Court. Due to the judgement, the City is unable to pay its debts as they become due and is therefore installment. On the Web: https://cleelum.gov/ Chapter 9 Petition Date: June 24, 2025 Court: United States Bankruptcy Court Eastern District of Washington Case No.: 25-01128-9 Debtor's Counsel: John S Kaplan Stoel Rives LLP 600 University Street, Suite 3600 206-386-7524 john.kaplan@stoel.com City's Financial Advisor: GlassRatner Advisory & Capital Group d/b/a B. Riley Advisory Services City's Claims Agent: Stretto Inc. Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Matthew Lundh, mayor of the city. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7GIJH5Y/City_of_Cle_Elum__waebke-25-01128__0001.0.pdf?mcid=tGE4TAMA CORVIAS CAMPUS: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Corvias Campus Living - USG, LLC 301 Metro Center Blvd. Suite 204 Warwick, RI 02886 Case No.: 25-11214 Business Description: Corvias Campus Living - USG, LLC manages student housing under a public-private partnership with the Board of Regents of the University System of Georgia. The Company oversees the design, construction, and operations of student residences across nine Georgia campuses, covering about 10,000 beds and 3 million square feet. It is a Delaware-based, member-managed entity wholly owned by Corvias, LLC, which in turn is owned by Corvias Group, LLC. Chapter 11 Petition Date: June 25, 2025 Court: United States Bankruptcy Court District of Delaware Judge: Hon. Thomas M Horan Debtor's Restructuring Counsel: Derek C. Abbott, Esq. Matthew O. Talmo, Esq. Tamara K. Mann, Esq. Brenna A. Dolphin, Esq. Brianna N.V. Turner, Esq. MORRIS NICHOLS ARSHT & TUNNELL, LLP 1201 North Market Street #1600 Wilmington DE 19081 Tel: (302) 658-9200 Fax: (302) 658-3989 Email: dabbott@morrisnichols.com mtalmo@morrisnichols.com tmann@morrisnichols.com bdolphin@morrisnichols.com bturner@morrisnichols.com Debtors' Financial Advisor: COHNREZNICK ADVISORY LLC Debtor's Special Counsel: HOLLAND & KNIGHT LLP Debtor's Notice, Claims & Administrative Agent: DONLIN, RECANO & COMPANY, LLC Estimated Assets: $10 million to $50,000 Estimated Liabilities: $500 million to $1 billion The petition was signed by Thelma Edgell as president. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LZVIJPA/Corvias_Campus_Living_-_USG_LLC__debke-25-11214__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. US Bank National Association 5.3% Senior Undetermined 1420 Fifth Avenue Secured Notes Seattle WA 98101 Due July 1, 2050 Shipman & Goodwin LLP: Kimberly S. Cohen Tel: 860-251-5804 Email: kcohen@goodwin.com 2. Swerling Milton Winnick Insurance $1,330,230 Public Insurance Adjusters, Inc. 36 Washington St Suite 310 Wellesley Hills MA 02481-1917 Tel: 781-416-1000 Email: Paul@swerling.com 3. Full Circle Restoration & Insurance $551,476 Construction S and CR&R 4325 River Green Pkwy Duluth GA 30096 Tel: 770-393-7230 Email: uliana.radionov@cottonteam.com 4. Boldyn Networks Higher Ed LLC Operating $353,960 1905 A Kramer Lane Expenses Austin TX 78758 Tel: 678-644-7185 Email: debra.eubanks@boldyn.com 5. Georgia State University Operating $330,118 Office of Legal Affairs Expenses 75 Piedmont Avenue Suite 100 Atlanta GA 30303 Tel: 404-413-0500 Email: sbrandenburg@gsu.edu 6. IPFS Corporation Operating $312,993 1055 Broadway Expenses Kansas City MO 64105 Tel: 855-891-2585 Email: tammy.lewis@ipfs.com 7. Sis & Associates, LLC., Operating $292,162 Magic Maid Expenses 110 High Garden Terrace Newnan GA 30263 Tel: 770-780-2185 Email: sisj4060@yahoo.com 8. HD Supply Facilities Operating $88,168 Maintenance Expenses PO Box 509058 San Diego CA 92150-9058 Tel: 800-798-8888 Email: fmeft@hdsupply.com 9. Caldwell & Gregory LLC Operating $65,425 129 Broad St Rd Expenses Manakin Sabot VA 23103 Tel: 804-784-6100 Email: ar@caldwellandgregory.com 10. City Of Atlanta Operating $57,963 Department of Watershed Expenses Management PO Box 105275 Atlanta GA 30348-5275 Tel: 404-546-0311 11. Jani-King of Augusta Operating $55,785 621 NW Frontage Rd Expenses Ste 105 Augusta GA 30907 Tel: 706-790-5977 Email: accounting@janikingofaugusta.com 12. I-Shine Cleaning Services LLC Operating $46,965 5355 Watkins Road Expenses Valdosta GA 31601 Tel: 229-412-1487 Email: ashleysmith5355@yahoo.com 13. University Of North Georgia Operating $43,851 82 College Cir Expenses Dahlonega GA 30597 Elene Garrison, General Counsel Email: elene.garrison@ung.edu 14. A2A Energy International, LLC Operating $41,500 3620 Harlem Rd., Suite 12 Expenses Buffalo NY 14215-2042 Tel: 718-854-2135 Email: ar@a2aenergy.com 15. Capital City Mechanical Operating $34,833 Services, Inc Expenses and 4955 Avalon Ridge Pkwy CR&R Ste 100 Norcross GA 30071 Tel: 770-449-0200 Email: accounting@ccmech.com 16. Lillie's Professional Operating $34,775 Cleaning Service Expenses 3062 Damascus Road Augusta GA 30909 Tel: 706-339-6423 Email: info@lilliesprocleaning.com 17. EEC Environmental, Inc. Operating $30,000 One City Blvd West Expenses Ste 1800 Orange CA 92868 Tel: 714-667-2300 Email: AR@eecenvironmental.com 18. Co-Operative Co. Operating $29,037 dba Roofman Expenses and 194 Andrews Subdivision CR&R Lavonia GA 30553 Tel: 678-615-2065 Email: cooperative.company@gmail.com 19. Amazon Capital Services, Inc Operating $28,167 PO Box 81207 Expenses Seattle WA 98108-1207 Tel: 617-922-7396 Email: ar-businessinvoicing@amazon.com 20. SCANA Energy Marketing, LLC Operating $24,285 PO Box 105046 Expenses Atlanta GA 30348 Tel: 614-659-5083 Email: accountsreceivable@igs.com CORVIAS CAMPUS: Seeks Chapter 11 Bankruptcy in Delaware ------------------------------------------------------- Rick Archer of Law360 reports that on Wednesday, June 24, 2025, the Georgia affiliate of student and military housing provider Corvias filed for Chapter 11 bankruptcy in Delaware, citing an unviable contract with Georgia's public universities that has left it unable to manage its $532 million debt burden. About Corvias Campus Living - USG, LLC Corvias Campus Living is a campus housing operator that manages student living facilities for universities within the University System of Georgia. Corvias Campus Living sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11214) on June 25, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $500 million and $1 billion. The Debtor is represented by Derek C. Abbott, Esq. at Morris, Nichols, Arsht & Tunnell. CP ATLAS BUYER: S&P Downgrades ICR to 'CCC+' on Elevated Leverage ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on CP Atlas Buyer Inc.'s (dba American Bath Group; ABG) to 'CCC+' from 'B-' and revised its outlook to stable. S&P said, "At the same time, we assigned our 'CCC+' issue-level rating and '3' recovery rating to its proposed first-lien debt due 2030 and our 'CCC-' and '6' recovery rating to the company's proposed second-lien notes due 2031. "The stable outlook on ABG reflects our view that while we expect elevated leverage in the next 12 months, we expect debt-to-EBITDA to decline toward 9x by 2026 and believe the company's proposed capital structure with no near-term maturities will mitigate the risk of specific default scenarios within the next 12 months. "The rating action reflects our view that ABG's credit metrics will remain under pressure, with leverage above 10x during the next 12 months, as lower volumes exacerbated by subdued demand persist. The company's revenue decreased about 5% during the first three months of fiscal year 2025 (ended April 5, 2025), relative to the same period in fiscal year 2024. This is due to sales volumes declining amid the persistently weak activity in the R&R and new housing construction markets as big-ticket R&R spend decreases and a downward trend toward opening price points in new housing construction persist. ABG's lower volumes also continue to impair its credit metrics. As of the RTM ended April 5, 2025, the company's S&P Global Ratings-adjusted leverage was above 10.5x and its EBITDA interest coverage was near 1x, compared with 7.5x and 1.5x, respectively, during the same period in March 2024. We expect the softness in R&R and new housing construction will persist over the next 12 months with marginal improvement possible in 2026. Therefore, we forecast ABG's leverage will remain above 10x during that period, with the potential for improvement in 2026 if consumer borrowing rates and its product demand and mix improve. "Despite our expectations for elevated leverage and negative FOCF over the next 12 months, we believe ABG's proposed updated capital structure and liquidity position mitigate further downside rating risk. As of April 2025, the company had about $35 million of cash on its balance sheet and its $130 million revolving credit facility was undrawn. In addition, we expect ABG will generate funds from operations (FFO) of $18 million-$20 million over the next 12 months. While we expect the company's FOCF generation to remain negative in the upcoming quarters, we believe its liquidity position will enable it to fund operations over the next 12 months. We also do not anticipate ABG will undertake any dividends through the forecast period and note the company's proposed capital structure with no near-term maturities helps mitigate further downside rating risk. "The stable outlook reflects our expectation that while ABG will continue to operate at a modest cash burn, it has no immediate maturities and will have sufficient liquidity to operate over the next 12 months." S&P could lower its rating on ABG over the next 6-12 months if: -- Operating performance worsens such that its liquidity position and negative FOCF generation causes elevated draws on the revolver facility, pressuring the revolver covenant (which is tested when utilization exceeds 35%); -- The company's operating performance continues to weaken such that EBITDA interest coverage declines below 1x, or we no longer view its liquidity as sufficient because of significant negative FOCF, tighter covenant headroom, or if a violation of its covenants limits access to the revolving credit facility; or -- The company announces a debt exchange or restructuring that S&P deems tantamount to a default. Although unlikely in the next 12 months, S&P could raise its rating on ABG if its performance improves such that its S&P Global Ratings-adjusted leverage improves toward 8x, its EBITDA interest coverage is above 1.5x, and FOCF is sustainably positive. CRYPTO CO: Reports Q1 Loss of $612K on $2.9K Revenue ---------------------------------------------------- The Crypto Company reported a net loss of $611,582 on $2,856 in services revenue for the first quarter of 2025, narrowing from a $1.09 million loss on $15,806 in services revenue a year earlier, according to a Form 10-Q filing with the Securities and Exchange Commission. The decline in revenue was primarily driven by reduced demand for blockchain training services, as free artificial intelligence tools became more widely available. Revenue for the 2025 period consisted of fees received for blockchain training and consulting generated by the Company's BTA subsidiary. As of March 31, 2025, the Company had $6,933 in total assets, $6.90 million in total liabilities, and a total stockholders' deficit of $6.90 million. The Company has incurred significant losses and experienced negative cash flows since inception. As of March 31, 2025, the Company had cash of $6,933. As of March 31, 2025 the accumulated deficit amounted to $54,018,043. The Company said its recurring losses and financial condition raise substantial doubt about its ability to continue as a going concern. The Crypto Company stated its ability to continue as a going concern depends on generating future profits and securing financing to meet obligations and repay liabilities as they come due. Management is evaluating different strategies to obtain financing to fund the Company's expenses and achieve a level of revenue adequate to support the Company's current cost structure. Financing options may include private placements, debt borrowings, partnerships or collaborations. The Company said there is no assurance its funding efforts will succeed. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1688126/000164117225015699/form10-q.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. 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. CYTTA CORP: Drops Prager Metis After Fake AI-Driven Sales Orders ---------------------------------------------------------------- Cytta Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into a material definitive agreement on January 7, 2023, with Michael Elliott pursuant to which Mr. Elliott through his dba's CEO Roadshow and Capital Markets Connect agreed to provide Cytta with live webinar services and ancillary marketing, sales and promotional services based upon AI technology funded by Cytta. During the course of the Agreement, Mr. Elliott utilized AI technology to create marketing, sales and promotional materials that were then distributed throughout social media platforms. Ultimately, Mr. Elliott reported to Cytta that he had engaged many Police Departments and Sheriff's Offices to enter into trials uses of the Company's CyttaCOMMS software for drone streaming and collaboration. Ultimately, Mr. Elliott delivered 33 Law Enforcement executed Sales Orders to the Company which were included as revenues and accounts receivable in the Company's December 31, 2024, Quarterly Financial Report. When the Company sent email confirmations to the email addresses of the purported purchasers, Mr. Elliott used his AI skills to provide fraudulent confirmation responses to Cytta and ultimately to its Auditors, Prager Metis CPAs, LLC. When questions about the veracity of the Orders arose, the Company immediately suspended Mr. Elliott and requested answers to the outstanding questions regarding the Sales Orders, among other matters. Cytta Corp. on March 26, 2025, retained an experienced and independent National Sales professional, Mr. Stuart Brame, to contact each Police Department and Sheriff's Office and determine whether the Sales Orders provided by Mr. Elliott were valid. Mr. Brame's report of May 14, 2025, determined that none of the purported Sales Orders were verifiable and thus were fraudulently and/or negligently provided to Cytta by Mr. Elliott. Mr. Elliott provided no justification or explanation for the results Mr. Brame provided. On May 28, 2025, Mr. Elliott was terminated for cause. The accounts receivable resulting from the unverifiable Sales Orders recorded on December 31, 2024, Quarterly Statements needed to be reversed in the March 31, 2025, Quarterly Statements. Unfortunately, pursuant to their policies its Auditors required the Company to also hire a formal Forensic Auditor, in addition to the Brame Report, before PM could continue as the Company's Auditors. The Board of Directors determined that the significant additional expense of retaining a forensic auditing firm was unnecessary and the Board determined to sever its relationship with PM over this issue and seek new Auditors. About Cytta Corp Cytta Corp., headquartered in Las Vegas, Nevada, is focused on developing and marketing advanced streaming and integrated communication products, using technology based upon the SUPR (Superior Utilization of Processing Resources) video compression codec/algorithm and its IGAN (Incident Global Area Network) incident command proprietary software solutions. Cytta currently develops, markets, and distributes proprietary video streaming products and services that improve how video is streamed, consumed, transferred, and stored in enterprise environments. Hackensack, New Jersey-based Prager Metis CPAs, LLC, the Company's auditor since 2020, issued a "going concern" qualification in its report dated Jan. 14, 2025. The report cited that, as of Sept. 30, 2024, the Company had an accumulated deficit of $36,867,892 and has generated losses since inception. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. The Company incurred a net loss of $4.26 million for the year ended Sept. 30, 2024, following a net loss of $4.73 million for the year ended Sept. 30, 2023. DANIMER SCIENTIFIC: Unsecureds to Recover Up to 2% of Claims ------------------------------------------------------------ DSI Winddown, Inc. (f/k/a Danimer Scientific, Inc.) and affiliates filed with the U.S. Bankruptcy Court for the District of Delaware a Combined Disclosure Statement and Chapter 11 Plan of Liquidation dated June 11, 2025. Founded in 2004 and headquartered in Bainbridge, Georgia, the Debtors are a publicly traded, performance-polymer company specializing in renewable and biodegradable bioplastic replacements for traditional petroleum-based plastics that are used to produce products such as straws, food containers, and cutlery, among other things. Since the Petition Date, with the help of Livingstone, the Debtors conducted a further robust Sales Process to identify a purchaser of some or all of the Debtors' Assets, which was governed by the Bidding Procedures Order entered on April 17, 2025, by the Bankruptcy Court. In connection with the Sales Process, Livingstone directly interacted with over 35 potential buyers, each of which was either continuing work from involvement in the prepetition marketing process or new to the process following Livingstone's involvement. Ultimately, the Debtors received only one Qualified Bid (as defined in the Bidding Procedures Order) for substantially all of their Assets for a Cash purchase price of $19 million, plus the assumption of certain liabilities, including up to $500,000 in cure costs associated with the assumption and assignment of Executory Contracts and Unexpired Leases. No other Qualified Bids were received for substantially all of the Debtors' Assets. Further information regarding the Sale Process can be found in the Declaration of Adam Green in Support of the Debtors' Proposed Sale of Substantially All of Their Assets to Teknor Apex Company, and the relevant motion, Bidding Procedures Order, and related notice can be found at Docket Nos. 93, 196, and 200. On May 20, 2025, the Bankruptcy Court entered the Sale Order approving and authorizing the Debtors to consummate the 363 Asset Sale to the Purchaser. The 363 Asset Sale closed on May 30, 2025. Additionally, the Debtors may sell certain De Minimis Assets in accordance with De Minimis Asset Sale Order. Any proceeds from such De Minimis Asset Sales will be distributed in accordance with the Bankruptcy Code and this Disclosure Statement and Plan. Upon the closing of the 363 Asset Sale, and in accordance with the Final DIP Order and Sale Order, the Debtors were required to repay the DIP Facility. The Debtors also created Reserves to satisfy certain estimated Claims, which repayments and reserves are set forth in paragraph 44 of the Sale Order. The Debtors repaid the total balance of the DIP Facility upon the closing of the 363 Asset Sale, which was approximately $14.58 million. Pursuant to the Committee Settlement, (x) $750,000 plus (y) any remaining Cash that was previously allocated for Professional fees in the Approved Budget (with the total sum of (x) and (y) not to exceed $1 million), will be used first to fund the costs and expenses of preparing, implementing and confirming this Disclosure Statement and Plan, with any remaining Cash being distributed to the Liquidation Trust, whose primary task will be to pursue the Liquidation Trust Retained Causes of Action. The Liquidation Trust will distribute any proceeds from the Liquidation Trust Retained Causes of Action in accordance with the terms of the Committee Settlement as embodied in this Disclosure Statement and Plan to Holders of Super Senior Bridge Loan Claims, IP Term Loan Claims and General Unsecured Claims. Class 4 consists of all General Unsecured Claims. Each Holder of an Allowed General Unsecured Claim shall receive on the Effective Date or as soon as reasonably practicable thereafter its Pro Rata share of the Liquidation Trust Series C Interests. Holders of Allowed General Unsecured Claims against more than one Debtor shall be treated as having a single Allowed General Unsecured Claim solely for purposes of any distribution. Class 5 is Impaired. The allowed unsecured claims total $240.98 million. This Class will receive a distribution of 0% to 2% of their allowed claims. The Debtors recently completed the process of selling substantially all of their Assets pursuant to the Bidding Procedures Order and the Sale Order. The 363 Asset Sale closed on May 30, 2025. Unless otherwise specified in this Disclosure Statement and Plan, all Assets not sold pursuant to such process (or any De Minimis Asset Sales) will be contributed to the Wind Down Estate and/or the Liquidation Trust, as applicable, pursuant to this Disclosure Statement and Plan. A full-text copy of the Combined Disclosure Statement and Plan dated June 11, 2025 is available at https://urlcurt.com/u?l=A3TglZ from Stretto Inc., claims agent. The Debtors' Counsel: Daniel J. DeFranceschi, Esq. Zachary I. Shapiro, Esq. Matthew P. Milana, Esq. Alexander R. Steiger, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 North King Street Wilmington, Delaware 19801 Tel: (302) 651-7700 Fax: (302) 651-7701 Email: defranceschi@rlf.com shapiro@rlf.com milana@rlf.com steiger@rlf.com George R. Howard, Esq. David S. Meyer, Esq. VINSON & ELKINSLLP The Grace Building 1114 Avenue of the Americas, 32nd Floor New York, New York 10036-7708 Tel: (212) 237-0000 Fax: (212) 237-0100 Email: ghoward@velaw.com dmeyer@velaw.com - and - Trevor G. Spears, Esq. Sara Zoglman, Esq. 2001 Ross Avenue, Suite 3900 Dallas, Texas 75201 Tel: (214) 220-7700 Fax: (214) 220-7716 Email: tspears@velaw.com szoglman@velaw.com About Danimer Scientific Inc. Danimer Scientific, Inc. is a performance polymer company specializing in bioplastic replacement for traditional petroleum-based plastics. The company is based in Bainbridge, Ga. Danimer Scientific and its affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-10518) on March 18, 2025. In its petition, Danimer Scientific reported assets between $500 million and $1 billion and liabilities between $100 million and $500 million. Judge Mary F. Walrath handles the cases. The Debtor tapped Vinson & Elkins, LLP as general bankruptcy counsel; Richards, Layton & Finger, P.A. as Delaware local counsel; and AlixPartners, LLP as financial advisor. Stretto, Inc. is the Debtor's notice, claims and solicitation agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Brown Rudnick, LLP and Porzio, Bromberg & Newman, P.C. as legal counsel and Dundon Advisers, LLC as financial advisor. DARKPULSE INC: Taps Ex-CBP Exec via Kraken for Border Tech Deal --------------------------------------------------------------- DarkPulse, Inc. announced the signing of a contract for services with Kraken International Security Solutions and its founder Boone Smith, a former Executive Director at U.S. Customers and Border Protection. Boone's more than 24 years of dedicated service with the Department of Homeland Security, Customs and Border Protection, and the U.S. Border Patrol--where he held numerous leadership roles across national and border security efforts--adds to the Company's team of local, state and federal border experts focused on national border and perimeter security technology deployment opportunities. "Kraken's team, including Boone Smith the company's founder, brings a wealth of border security expertise that will assist DarkPulse with its endeavor to deploy its sensor systems along national borders," said Dennis O'Leary, DarkPulse founder and CEO. He continued, "I personally look forward to working with Boone and the rest of his team." Mr. Smith stated, "As the founder of Kraken International Security Solutions LLC, I am excited to partner with DarkPulse Inc. in this important effort to enhance our nation's border security. DarkPulse's innovative sensing technology will play a crucial role in providing real-time surveillance and threat detection and helping to secure America's borders more effectively. We look forward to working together to create a safer future for all Americans." About Kraken International Founded in 2024 by Mr. Boone Smith, Kraken International Security Solutions LLC draws on decades of expertise in homeland security, border enforcement, and strategic security initiatives. Boone's more than 24 years of dedicated service with the Department of Homeland Security, Customs and Border Protection, and the U.S. Border Patrol--where he held numerous leadership roles across national and border security arenas--guides the company's commitment to delivering innovative, effective security solutions and operational excellence. His comprehensive experience at various levels of government service enables Kraken to understand and address complex security challenges leveraging a proven combination of skilled personnel, established relationships, advanced technology, and infrastructure positioning Kraken to focus on strengthening security at domestic borders and beyond. Boone's deep government background allows the firm to develop collaborative, beneficial solutions across all sectors of homeland security, improving response and resilience. With a focus on operational effectiveness, Kraken is dedicated to safeguarding critical assets and enhancing national security through innovative strategies and proven expertise. About DarkPulse Inc. Houston, Texas-based DarkPulse, Inc. is a technology-security company incorporated in 1989 as Klever Marketing, Inc. Its wholly-owned subsidiary, DarkPulse Technologies Inc., originally started as a technology spinout from the University of New Brunswick, Fredericton, Canada. The Company's security and monitoring systems will initially be delivered in applications for border security, pipelines, the oil and gas industry, and mine safety. Current uses of fiber optic distributed sensor technology have been limited to quasi-static, long-term structural health monitoring due to the time required to obtain the data and its poor precision. The Company's patented BOTDA dark-pulse sensor technology allows for the monitoring of highly dynamic environments due to its greater resolution and accuracy. Lagos, Nigeria-based Boladale Lawal & Co., the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 14, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company suffered an accumulated deficit of $(71,259,677), net loss of $(3,893,859) and a negative working capital of $(17,160,706). The Company is dependent on obtaining additional working capital funding from the sale of equity and/or debt securities to execute its plans and continue operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. DELEK LOGISTICS: Fitch Lowers IDR to 'B+', Outlook Stable --------------------------------------------------------- Fitch Ratings has downgraded the Issuer Default Rating (IDR) of Delek Logistics Partners, LP's (DKL) to 'B+' from 'BB-' and the unsecured debt co-issued by DKL and Delek Logistics Finance Corp. to 'B+' from 'BB-'with a Recovery Rating of 'RR4'. The Rating Outlook is Stable. DKL's Standalone Credit Profile (SCP) remains consistent with a 'B+' rating. Upon the downgrade of Delek US Holdings (B+/Stable) DKL no longer receives a one-notch uplift from its relationship with the parent as they each have the same SCP. As per Fitch's Parent Subsidiary Linkage Criteria if the entities are determined to have the same SCP the PSL analysis process ends at that point. DKL's rating is supported by its location-advantaged assets, growing size and scale, and ongoing initiatives in diversifying its customer base and service offerings. This is balanced by the partnership's high distribution, elevated capital needs and business risk associated with the acquired assets. The downgrade is driven by the change in the Parent Subsidiary Linkage due to the downgrade of Delek US Holdings. Key Rating Drivers Leverage Elevated by Aggressive Growth: Fitch considers leverage to be a crucial aspect of DKL's credit profile due to the partnership's counterparty and geographic concentration, as well as the significant distributions inherent in the master limited partnership (MLP) model. Fitch projects that leverage will remain between 4.5x and 5x throughout its forecast and Distribution Coverage will remain modestly above 1x. Fitch does not anticipate a significant reduction in leverage in the near term through internally generated FCF and the recently approved $150 million share buyback authorization. The partnership's post-dividend FCF has been consistently negative, and Fitch expects this trend to continue due to high capital requirements and a steady increase in shareholder distributions. Fitch also assumes that there will be some execution risk associated with integrating the newly acquired assets. Growth Supported by Strategic Location: DKL benefits from its strategic location in the Permian Basin, where oil production has remained resilient through various commodity price cycles. The acquisitions of the Delaware Gathering System, H2O Midstream, and Gravity assets have expanded DKL's asset base in the Permian Basin. Fitch notes that midstream service providers with a single-basin focus are exposed to significant risks if there are any substantial disruptions or slowdowns in the region's refining markets or hydrocarbon production. Counterparty Exposure: Delek Holdings remains the largest counterparty for DKL, accounting for approximately 55% of DKL's net revenues and approximately 37% of gross margin as of 2024. Fitch anticipates that this cash flow concentration will persist in the near term until the recently announced growth initiatives and contract amendments take effect and diversify DKL's customer base. While DKL's customer concentration risk is expected by Fitch to decrease due to higher third-party EBITDA, the partnership maintains significant exposure to non-investment grade (non-IG) and/or unrated counterparties. Volumetric Risk and Direct Commodity Price Exposure: The partnership's revenues are supported by long-term fixed-fee contracts with minimum volume commitments (MVCs) from Delek Holdings and some other customers. Increasing third-party EBITDA contribution may potentially expose the partnership to higher volumetric risk as gathering and processing contracts in the Permian Basin typically lack MVCs. Direct commodity price exposure historically accounted for about 5% of EBITDA. Fitch anticipates that commodity price exposure will slightly increase with the sale of skim oil from the wastewater disposal business. Peer Analysis Fitch views DKL's SCP as consistent with 'B+' rated midstream issuers. Peers include Harvest Midstream I, L.P. (HMI; BB-/Stable), Howard Midstream Energy Partners, LLC (BB-/Stable), and NGL Energy Partners LP (B/Stable). DKL is smaller than all but Howard and higher levered than all but natural gas liquid (NGL). Delek is somewhat more exposed to volumetric risk than peers with the exception of NGL. DKL is somewhat less diversified than these peers and more exposed to volumetric risk. Key Assumptions - Fitch price deck for West Texas Intermediate (WTI) oil price of $60/bbl in 2025, 2026 and 2027, and $57/bbl thereafter; - Fitch price deck for Henry Hub prices of $3.25/mcf in 2025, $3.0/mcf in 2026, and $2.75/mcf thereafter; - Fitch's Global Economic Outlook interest rate assumptions; - One refinery turnaround each year; - Capex and distributions for 2025 largely in line with management guidance; - No significant acquisition, asset sales or drop down from Delek Holdings assumed over the forecast; - $150 million of share buybacks over the 2025-2026 time frame; - No additional contract amendment with Delek Holdings. Recovery Analysis Fitch examined Delek Logistics on both a going concern (GC) and liquidation value basis and expects it would be reorganized as a GC in the event of bankruptcy. Fitch assumed an 100% draw on the $1.15 billion credit facility. Fitch applied a 10% administrative claim to the GC enterprise value (EV). Fitch's GC EBITDA reflects DKL's recovery from a scenario in which near-term liquidity constraints result in default and bankruptcy. Fitch uses a 6.0x EBITDA multiple to arrive at its GC EV, which is in line with other similar midstream companies. Fitch's GC standalone EBITDA of $360 million represents the emergence EBITDA after poor execution of acquisitions and growth projects leading to lowered liquidity and financial market access. Delek's distribution of value results in the credit facility recovering at 'RR1' and the unsecured notes recovering at 'RR4'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Expected leverage above 5.0x and/or Distribution Coverage below 1.0x on a sustained basis; - A material changes in contractual arrangements or operating practices, or a significant deterioration in customer quality with Delek Holdings, which negatively affect DKL's cash flow and earnings profile, as long as Delek Holdings remains a significant counterparty; - Weakening of the Parent Subsidiary Linkage with Delek US Holdings; - Impairments to liquidity. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade is unlikely in the near term. However, Fitch may consider positive rating action if: - Demonstrated ability to maintain the EBITDA leverage at or below 4.0x, together with a favorable rating action at Delek US Holdings. Liquidity and Debt Structure As of March 31, 2025, DKL had approximately $417 million in available liquidity. Cash on balance sheet was $2.1 million. The partnership had about $445 million available under its $1.15 billion senior secured revolving credit facility, maturing in October 2027. The credit facility is secured by first priority liens on substantially all of the partnerships and its subsidiaries assets. The credit facility includes restrictions on total leverage, senior leverage and interest coverage, which must remain below 5.25x (5.50x for certain acquisitions), 3.75x (4.0x for certain acquisitions) and above 2.0x, respectively. As of March 31, 2025, DKL was in compliance with its covenants, and Fitch expects this to continue through the forecast period. Issuer Profile Delek Logistics Partners, LP (DKL) is a limited partnership formed in 2012 by Delek US Holdings, Inc. The partnership owns and operates crude oil, intermediate and refined products pipelines and transportation, storage, wholesale marketing and terminalling and offloading assets. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations Delek Logistics Partners, LP has an ESG Relevance Score of '4' for Group Structure due to material related party transactions with its sponsor Delek U.S. Holdings, LLC, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Delek Logistics Finance Corp. senior unsecured LT B+ Downgrade RR4 BB- Delek Logistics Partners, LP LT IDR B+ Downgrade BB- senior unsecured LT B+ Downgrade RR4 BB- DELEK LOGISTICS: S&P Assigns 'BB-' Rating on Sr. Unsecured Notes ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '4' recovery rating to Delek Logistics Partners L.P.'s announced $500 million eight-year senior unsecured notes. The '4' recovery rating indicates its expectation for average (30%-50%; rounded estimate 30%) recovery in the event of a payment default. The partnership will use proceeds to repay outstanding borrowings on the revolving credit facility and pay transaction related fees. DELEK US: Fitch Lowers IDR to 'B+', Outlook Stable -------------------------------------------------- Fitch Ratings has downgraded Delek U.S. Holdings, Inc.'s Issuer Default Rating (IDR) to 'B+' from 'BB-', affirmed its ABL issue rating at 'BB+' with a Recovery Rating of 'RR1', and downgraded the term loan issue rating to 'BB-'/'RR3' from 'BB+'/'RR2'. The Rating Outlook is Stable. The rating reflects Delek's medium size, location-advantaged assets near the Permian Basin and Gulf of Mexico (Gulf of America), and adequate liquidity. These strengths are tempered by its relatively low asset complexity, small scale and geographic concentration within the Petroleum Administration for Defense District III. The downgrade was driven by elevated leverage, increased business and cash flow risk following the divestiture of the retail business, and lack of meaningful debt repayment from asset sales proceeds. Key Rating Drivers Reduced Diversification: In Fitch's view, the sale of the company's retail business and the subsequent purchases of the water handling and gas processing assets have increased the company's cash flow volatility. Fitch considers the water handling and gas processing businesses as more variable, with at least some volume risk, whereas the retail business is typically less volatile and often countercyclical. Volatile Refining Margins: Delek's Fitch-calculated consolidated EBITDA leverage rose significantly to 20.5x in 2024 following the weak refining environment. Crack spreads have partially recovered, but crude spreads remain somewhat compressed. Fitch forecasts EBITDA will improve only moderately in the near term given the soft demand environment. Delek's Enterprise Optimization Plan may, over time, provide sustainable through-the-cycle improvements in its refining margin. The refining sector's inherent cyclicality and emerging challenges, such as the rise of electric vehicles potentially diminishing hydrocarbon demand, present ongoing risks. Moderating but Elevated Leverage: Leverage is expected to improve from very high 2024 levels but remain at somewhat elevated levels. Fitch forecasts consolidated leverage to remain above 5x throughout the forecast and sees standalone leverage declining to 3.7x in 2026 and decreasing modestly thereafter. Relatively Small, Average-Quality Asset Base: With 302,000 barrels per day (bbl/d) of refining capacity, Delek is larger than 'B' rated peers CVR Energy, Inc. (CVI; B+/Stable) at 207,000 bbl/d and Par Pacific Holdings Inc. (B+/Stable) at 219,000 bbb/d, and smaller than higher-rated peers. Quality is limited by Delek's lower Nelson Complexity Indexed refineries, ranging from 8.7-10.5, compared with more complex peers. This lack of refinery complexity is offset by Delek's flexibility, as its access to low-cost Permian and regional crudes has benefited from stronger price differentials. Adequate Liquidity: Liquidity remains adequate after a year of weak refining market conditions, with $624 million of cash and $717 million of revolver availability at the end of March 2025. The company benefits from less traditional liquidity levers, such as drop-downs to Delek Logistics Partners, LP (DKL; B+/Stable) and sales of DKL equity in the market. DKL has authorization to buy up to $150 million of Delek shares over the next two years and has already purchased $10 million in 2025. While the revolver's borrowing base may vary with working capital levels, Fitch expects Delek to maintain sufficient liquidity. Logistics Diversification: Fitch views the integrated logistics segment as a credit positive that helps to stabilize financial performance against the volatility of the refining sector. Delek's 62.6% ownership stake in DKL has been declining over time as DKL uses its shares to acquire assets. Delek's ownership stake in DKL will likely continue to decline as DKL buys back shares from Delek and continues to grow through equity-funded acquisitions. Challenging Regulatory Environment: U.S. refiners face unfavorable regulatory headwinds that will cap long-term demand for refined product in the U.S. The Environmental Protection Agency (EPA) has denied petitions for small refinery exemptions (SREs), which Delek historically received. Litigation is ongoing and a positive resolution may moderate the risk of Delek needing to purchase Renewable Identification Numbers (RINs) and/or provide for some form of recovery of past RIN purchase costs. Fitch's forecasts do not currently assume a renewal of the exemption or recovery, given the uncertainty around the timing and form of resolution. Peer Analysis At 302,000 bbl/d, Delek operates on a smaller scale than Fitch-rated peers, such as HF Sinclair's 678,000 bbl/d and PBF's 1.02 million bbl/d, but has higher nameplate capacity than CVI's 206,500 bbl/d. Delek benefits from material cash flow diversification from the midstream segment and historically from the retail segment. The volatility of Delek's cash flow profile has increased with the divestiture of the retail business. Consolidated leverage is higher than peers due to the inclusion of the higher-levered logistics business. Similar to peers, the company has the ability to process discounted regional crudes, with recent benefits from increased crude spreads. Historically, Delek received EPA SREs for all four of its facilities. However, the EPA has denied petitions for these exemptions to continue. Delek idled its ethanol and biodiesel production facilities in 2Q24. Key Assumptions - West Texas Intermediate oil prices of $60.00/bbl in 2025 through 2027 and $57.00/bbl thereafter; - Crack spreads remain around 2024 levels; - Delek Logistics buys back $150 million of shares from Delek U.S. Holdings over the 2025-2026 period; - Capex ranges from $300 million to $400 million throughout the model. Recovery Analysis Fitch examined Delek on both a going concern (GC) and liquidation value (LV) basis and expects it would be reorganized as a GC in the event of bankruptcy. Fitch assumed an 80% draw on the $1.1 billion ABL facility and a full draw of the $25million bank revolver. Fitch deducts inventory held by third parties under Delek's inventory intermediation agreement in equivalent amounts from both the inventory figure in the LV and the corresponding balance sheet liability as Delek does not hold title to this inventory, and it is not considered collateral for the benefit of general creditors. The company records the Citigroup Energy Inc. (Citi) titled inventory amount as inventory on the balance sheet with a corresponding liability until final sale to a third party. The remaining inventories' titles are held by Delek. Fitch has assumed this portion of the inventory recovers at an advance rate of 80%. Fitch applied a 10% administrative claim to the GC enterprise value (EV). Fitch's GC EBITDA reflects Delek's recovery from a scenario in which near-term liquidity constraints result in default and bankruptcy. The EBITDA that is used for the analysis is the standalone Delek U.S. Holdings EBITDA, not inclusive of Delek Logistics EBITDA and only the debt at Delek U.S. Holdings is considered in this analysis. Fitch uses a 5.5x EBITDA multiple to arrive at its GC EV, reflecting diversification through the logistics segment. Fitch's GC standalone EBITDA of $300 million includes assumptions for the likely need of a super senior working capital facility in a bankruptcy scenario, excludes the value of Citi titled inventory and reflects financing expenses related to current intermediation agreements. The figure is based on a recovery year after trough year in its stress case scenario. The GC EBITDA also reflects increased long-term midcycle price expectations and material investment into energy transition projects. Delek's distribution of value results in the ABL facility recovering at 'RR1', ahead of the first lien term loan, which recovers at 'RR3'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Erosion of liquidity buffers resulting from prolonged negative cash flow and/or material downward borrowing base redetermination; - Standalone EBITDA leverage above 4.0x and/or net leverage above 2.0x sustained through the cycle; - Regulatory changes that increase costs, including RINs and other federal and state regulations; - Change in stated financial policy that prioritizes shareholder returns over sustaining the liquidity profile. Factors that Could Individually or Collectively, Lead to Positive Rating Action/Downgrade - Material increase in size, scale or asset quality, as evidenced by an increase in refining capacity and/or asset complexity; - Standalone total EBITDA leverage sustained below 2.5x through the cycle; - Successful track record as an operator of acquired assets and sustained improvement in refining margins from cost/efficiency gains, or other factors. Liquidity and Debt Structure As of March 31, 2025, Delek had $623.8 million of cash on hand and availability of $717 million under its revolving credit facilities. Delek has exhibited sufficient liquidity buffers, and Fitch expects the company will be able to cover necessary maintenance and growth capex. The company's debt structure as of March 31, 2025 consisted primarily of a $950 million first lien term loan and a $1.1 billion first lien revolver maturing in 2029 and 2027, respectively, with a smaller facility ($25 million) United Community Bank, Inc. revolver due in June 2026. Fitch believes Delek's location-advantaged, albeit small, asset base and midstream assets inform a robust business model and reduce refinancing risk. Issuer Profile Delek U.S. Holdings, Inc. is a small U.S.-based downstream energy company with petroleum refining assets, logistics and terminaling assets, mainly in Texas, Arkansas and Louisiana (all refineries are in the PADD 3 region). MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Delek US Holdings, Inc. LT IDR B+ Downgrade BB- senior secured LT BB+ Affirmed RR1 BB+ senior secured LT BB- Downgrade RR3 BB+ DIOCESE OF BURLINGTON: Catholic Abuse Claims Data Breach Reported ----------------------------------------------------------------- Kevin O'Connor of vtdigger reports that a cyberattack on Berkeley Research Group, a firm managing clergy abuse claims for multiple Catholic dioceses, may have exposed sensitive data -- including confidential allegations -- tied to bankruptcy proceedings across the U.S., court records show. The Vermont Roman Catholic Diocese, one of a dozen religious entities that hired the firm, was collecting abuse reports when Berkeley discovered the breach in early March 2025. In court filings in Burlington, the California-based firm confirmed the incident but said it could not share further details due to an ongoing FBI investigation. It added that it is actively monitoring the internet and dark web for leaks, but has so far found no signs that stolen data has been published, according to vtdigger. Attorneys representing over 100 survivors in Vermont said they're unsure whether any confidential claims were compromised. They noted, however, that the breach occurred about a month before the April 4, 2025 deadline to submit abuse reports—suggesting that the firm may not have been in possession of those claims at the time. According to report, the Vermont diocese, which became the 40th Catholic institution in the U.S. to seek Chapter 11 protection due to clergy misconduct dating back to the 1950s, referred inquiries to its legal counsel at Fredrikson & Byron, who declined to comment. The U.S. Trustee Program, a branch of the Department of Justice that oversees bankruptcy cases, flagged the potential exposure of confidential information as "very concerning" in recent filings. As part of the bankruptcy process, the Burlington court paused ongoing abuse lawsuits and invited survivors to file confidential claims as potential creditors. A total of 118 new claims were submitted just before or shortly after the cyberattack—nearly doubling the number of past settlements in the state over two decades, the report relays. According to The Wall Street Journal, a hacker posing as an IT employee infiltrated the firm's systems and installed ransomware. Court filings revealed Berkeley Research Group paid an undisclosed amount to the attacker in exchange for a “destruction log” confirming that any stolen data had been deleted and would not be released. The Burlington bankruptcy court is set to hold a hearing on the breach on June 24, 2025, vtdigger reports. The breach affected 12 Catholic entities, including the dioceses of Vermont; Oakland, San Diego, San Francisco, and Santa Rosa in California; the Franciscan Friars; the Archdiocese of New Orleans in Louisiana; the Diocese of Baltimore in Maryland; and the dioceses of Albany, Ogdensburg, Rochester, and Rockville Centre in New York. While Berkeley has not specified what data was taken from each diocese, it emphasized that the attack also impacted corporate clients, suggesting the breach was not religiously targeted, the report states. About Roman Catholic Diocese Of Burlington Vermont Roman Catholic Diocese of Burlington sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Vt. Case No. 24-10205) on Sept. 30, 2024. In the petition signed by Reverend John Joseph McDermott, bishop, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Heather Z. Cooper oversees the case. The Debtor tapped James Baillie, Esq., at Fredrikson & Byron, P.A. as bankruptcy counsel and Obuchowski Law Office as local counsel. DIOCESE OF SAN DIEGO: Law Office of James Files Rule 2019 Statement ------------------------------------------------------------------- The Law Office of James Byrnes filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 case of The Roman Catholic Bishop of San Diego, the firm represents Sexual Abuse Claimant. The Law Office of James Byrnes is located at 424 F Street, Suite 201, San Diego, CA 92107. Attorney James Byrnes is duly licensed to practice before Courts of the State of California and the U.S. District Court for the Southern District of California. The Law Office of James Byrnes individually represents each Sexual Abuse Claimant. Due to confidentiality, each Claimant listed in Exhibit A has been identified by their Sexual Abuse Proof of Claim Form number. The names and addresses of the confidential Claimants are available to permitted parties who have executed a confidentiality agreement and have access to the Sexual Abuse Claim Forms. Pursuant to individual fee agreements, the Law Office of James Byrnes was individually retained by each Claimant listed in Exhibit A to pursue claims for damages against the Debtor as a result of sexual abuse. This includes representing and acting on behalf of each Claimant in the bankruptcy case. The law firm can be reached at: Law Office of James Byrnes James Byrnes, Esq. 424 F Street, Suite 201 San Diego, CA 92101 Telephone: (619) 544-1477 Email: lawbyrnes@yahoo.com About The Roman Catholic Bishop of San Diego The Roman Catholic Bishop of San Diego sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 24-02202) on June 17, 2024. In the petition signed by Rodrigo Valdivia, vice moderator of the Curia, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Christopher B. Latham oversees the case. The Debtor tapped Gordon Rees Scully Mansukhani, LLP, as counsel and GlassRatner Advisory & Capital Group, LLC, doing business as B. Riley Advisory Services, as financial advisor. Donlin, Recano & Company, Inc., is the claims agent and administrative advisor. DISCOVER QUARTZ: Seeks to Hire Mickler & Mickler as Legal Counsel ----------------------------------------------------------------- Discover Quartz & Granite, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ the Law Offices of Mickler & Mickler LLP to handle its Chapter 11 case. The firm will be paid at its hourly range from $300 to $400. Bryan Mickler, Esq., an attorney at Mickler & Mickler, 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: Bryan K. Mickler, Esq. Law Offices of Mickler & Mickler, LLP 5452 Arlington Expressway Jacksonville, FL 322211 Telephone: (904) 725-0855 Facsimile: (904) 725-0855 Email: bkmickler@planlaw.com About Discover Quartz and Granite Discover Quartz and Granite LLC fabricates and installs custom countertops using quartz, granite, and natural stone. The Company operates in Florida, with facilities in Ocala and Orlando, serving residential and commercial clients. Discover Quartz and Granite LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01983) on June 15, 2025. In its petition, the Debtor reports total assets of $952,930 and total liabilities of $2,535,353. Honorable Bankruptcy Judge Jacob A. Brown handles the case. The Debtor is represented by Bryan K. Mickler, Esq. at the Law Offices of Mickler & Mickler, LLP. DISCOVER QUARTZ: Seeks to Use Cash Collateral --------------------------------------------- Discover Quartz and Granite, LLC asked the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, for authority to use cash collateral. The request is necessary to sustain ongoing business operations and to meet essential post-petition obligations, including property taxes and insurance. The Debtor previously executed promissory notes, mortgages, and security agreements pledging assets such as rents, accounts receivable, chattel paper, contracts, bank accounts, and other forms of cash collateral to several lenders. Of these, only the U.S. Small Business Administration, which filed its lien on December 8, 2021, is currently treated as a secured creditor. Other entities, including PNC Bank, Unique Funding Solutions, Channel Partners Capital, Funding Futures LLC, and Top Tier Capital, are being treated as unsecured creditors despite more recent lien filings. The Debtor acknowledges that the pledged cash collateral is property of the Chapter 11 estate under 11 U.S.C. Section 541 and is essential to maintaining business continuity. Without access to this collateral, the Debtor's operations would come to a halt. To protect the interests of the SBA and any other secured creditors, the Debtor is willing to grant a post-petition replacement lien on all cash collateral generated after the filing date. A court hearing is set for July 1. About Discover Quartz and Granite LLC Discover Quartz and Granite, LLC fabricates and installs custom countertops using quartz, granite, and natural stone. The Company operates in Florida, with facilities in Ocala and Orlando, serving residential and commercial clients. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01983) on June 15, 2025. In the petition signed by Angelica De Souza, manager, the Debtor disclosed $952,930 in assets and $2,535,353 in liabilities. Judge Jacob A. Brown oversees the case. Bryan K. Mickler, Esq. at the Law Offices of Mickler & Mickler, LLP, represents the Debtor as bankruptcy counsel. DOUBLE HELIX: Steven Wallace Named Subchapter V Trustee ------------------------------------------------------- The Acting U.S. Trustee for Region 13 appointed Steven Wallace as Subchapter V trustee for Double Helix Corporation. Mr. Wallace will be paid an hourly fee of $325 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Wallace declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Steven M. Wallace Goldenberg Heller & Antognoli P.C. 2227 South State Route 157 Edwardsville, Illinois 62025 Telephone: (618) 656-5150 Facsimile: (618) 656-6230 Email: steven@ghalaw.com About Double Helix Corporation Double Helix Corporation, doing business as KDHX Community Media, is a nonprofit organization based in St. Louis, Missouri, that operates an independent, non-commercial radio station at 88.1 FM. The station offers a wide variety of programming, including music, as well as public affairs shows and educational content. In addition to its radio broadcasts, KDHX engages with the local community through events, educational programs, and support for independent artists. Double Helix Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Miss. Case No. 25-40745) on March 10, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Bonnie L. Clair handles the case. The Debtor is represented by Robert Eggmann, Esq., at Carmody MacDonald, P.C., in Saint Louis, Missouri. EEHF 18: Gets Interim OK to Use Cash Collateral ----------------------------------------------- EEHF 18, Inc. got the green light from the U.S. Bankruptcy Court for the District of Massachusetts, Eastern Division, to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral to pay the expenses set forth in its budget pending a final hearing. The Debtor's cash collateral includes cash on hand and proceeds of its pre-bankruptcy accounts receivable. The Debtot has four secured creditors with UCC-1 lien, which are J&M Bakeries, Legend Funding, Parkview Advance, and Quick Funding, which assert lien on the cash collateral. As protection for any diminution in the value of their cash collateral, the secured creditors will be granted replacement liens, with the same validity, priority and enforceability as their pre-bankruptcy liens. The next hearing is set for July 9. Objections are due by July 8. About EEHF 18 Inc. EEHF 18 Inc., doing business as A Sunrise Bakery and Coffee Shop, operates a bakery and coffee shop under the name Sunrise Bakery & Coffee Shop in New Bedford, Massachusetts. The Company offers Portuguese-style pastries, breads, and other baked goods through its retail locations. EEHF 18 sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass.Case No. 25-11218) on June 15, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Judge Christopher J. Panos handles the case. The Debtor is represented by John Sommerstein, Esq. EEHF 18: Seeks to Hire John F. Sommerstein as Legal Counsel ----------------------------------------------------------- EEHF 18 Inc. seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Law Offices of John F. Sommerstein as general bankruptcy counsel. The firm's services include: (a) advise the Debtor with respect to its powers and duties in the continued management and operation of its business and assets; (b) attend meetings and negotiate with representatives of creditors and other parties-in-interest and respond to creditors inquiries; (c) advise the Debtor regarding its ability to initiate actions to collect and recover property for the benefit of its estate; (d) advise and assist the Debtor in connection with any potential property disposition; (e) assist the Debtor in reviewing, estimating and resolving claims asserted against its estate; (f) negotiate and prepare on behalf of the Debtor a feasible plan of reorganization and all related documents; (g) prepare necessary legal documents necessary for the administration of the estate; and (h) perform all other bankruptcy-related legal services and provide all other legal advice to the Debtor that may be necessary and proper in this proceeding. John Sommerstein, the owner of the Law Offices of John F. Sommerstein, will be paid at his hourly rates of $475 plus reimbursement for expenses incurred. The firm requested a retainer in the amount of $16,000 from the Debtor. Mr. Sommerstein disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: John F. Sommerstein, Esq. Law Offices of John F. Sommerstein 1091 Washington Street Gloucester, MA 01930 Telephone: (617) 523-7474 About EEHF 18 Inc. EEHF 18 Inc., doing business as A Sunrise Bakery and Coffee Shop, operates a bakery and coffee shop under the name Sunrise Bakery & Coffee Shop in New Bedford, Massachusetts. The Company offers Portuguese-style pastries, breads, and other baked goods through its retail locations. EEHF 18 Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11218) on June 15, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Christopher J. Panos handles the case. The Debtors are represented by John Sommerstein, Esq. at JOHN F. SOMMERSTEIN. ELETSON HOLDINGS: 2nd Circ. Stays Reed Smith Doc. Disclosure Order ------------------------------------------------------------------ Emily Sawicki of Law360 Bankruptcy Authority reports that on Wednesday, June 26, 2025, the Second Circuit granted Reed Smith LLP's emergency request to pause a Manhattan federal judge's order requiring the firm to turn over client files, as a legal dispute continues over the rightful ownership of international shipping company Eletson, which is embroiled in a conflict with rival Levona. About Eletson Holdings Eletson Holdings Inc. is a family-owned international shipping company, which touts itself as having a global presence with headquarters in Piraeus, Greece as well as offices in Stamford, Connecticut, and London. At one time, Eletson claimed to own and operate one of the world's largest fleets of medium and long-range product tankers and boasted a fleet consisting of 17 double hull tankers with a combined capacity of 1,366,497 dwt, 5 LPG/NH3 carriers with a combined capacity of 174,730 cbm and 9 LEG carriers with capacity of 108,000 cbm. Eletson Holdings, a Liberian company, is Eletson's ultimate parent company and is the direct parent and owner of 100% of the equity interests in the two other debtors, Eletson Finance (US) LLC, and Agathonissos Finance LLC. Eletson and its two affiliates were subject to involuntary Chapter 7 bankruptcy petitions (Bankr. S.D.N.Y. Case No. 23-10322) filed on March 7, 2023 by creditors Pach Shemen LLC, VR Global Partners,L.P. and Alpine Partners (BVI), L.P. The petitioning creditors are represented by Kyle J. Ortiz, Esq., at Togut, Segal & Segal, LLP. On Sept. 25, 2023, the Chapter 7 cases were converted to Chapter 11 cases. The Honorable John P. Mastando, III is the case judge. Derek J. Baker, Esq., represents the Debtors as bankruptcy counsel. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors. The committee tapped Dechert, LLP as its legal counsel. ELIS HOLDINGS: Seeks Approval to Tap J. Zac Christman as Counsel ---------------------------------------------------------------- Elis Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ J. Zac Christman, Esq., an attorney practicing in Stroudsburg, Pa., as counsel. The attorney will render these services: (a) guide the Debtor on compliance with the bankruptcy code, its rights, powers and responsibilities; (b) prepare required applications and motions; (c) file required reports, anticipated defense of contested matters; and (d) prepare and anticipate negotiation of a plan of reorganization. The attorney will be paid at his hourly rate of $300 and paralegal services are billed at $120 per hour. The attorney received a retainer of $4,262 from Elizabeth Shewdat, the Debtor's sole member. Mr. Christman disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: J. Zac Christman, Esq. 538 Main Street, Suite 102 Stroudsburg, PA 18360 Telephone: (570) 234-3960 Email: zac@jzacchristman.com About Elis Holdings LLC Elis Holdings LLC is a limited liability company. Elis Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-01519) on May 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Mark J. Conway handles the case. The Debtor is represented by J. Zac Christman, Esq. ENVISION HEALTHCARE: Reaches Debt Agreement with Lenders -------------------------------------------------------- Jill R. Shah of Bloomberg News reports that Envision Healthcare Corp. has struck a deal with its lenders to reduce borrowing costs as it continues its business turnaround. The physician staffing company plans to refinance its existing $400 million term loan into a smaller $295 million facility, according to sources familiar with the matter. The new loan will carry an interest rate of 6.5 percentage points over SOFR and be issued at 99 cents on the dollar—making it more cost-effective than the original financing, the sources said. About Envision Healthcare Corporation Envision Healthcare Corporation -- http://www.EnvisionHealth.com/ -- is a national medical group that delivers physician and advanced practice provider services, primarily in the areas of emergency and hospitalist medicine, anesthesiology, radiology, teleradiology and neonatology. As a leader in ambulatory surgical care, AMSURG holds ownership in more than 250 surgery centers in 41 states and the District of Columbia, with medical specialties ranging from gastroenterology to ophthalmology and orthopedics. In total, the medical group offers a differentiated suite of clinical solutions on a national scale with a local understanding of communities, creating value for health systems, payers, providers and patients. On May 15, 2023, Envision and affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 23-90342). Envision reported $1 billion to $10 billion in both assets and liabilities. Judge Christopher M. Lopez oversees the cases. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as bankruptcy counsels; Jackson Walker, LLP as conflict counsel and co-counsel with Kirkland & Ellis; Alvarez & Marsal North America, LLC as restructuring advisor; PJT Partners, LP as investment banker; and KPMG, LLP as tax consultant. Kroll Restructuring Administration, LLC is the claims, noticing and solicitation agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped White & Case, LLP as legal counsel and Force Ten Partners, LLC as financial advisor. Daniel T. McMurray is the patient care ombudsman appointed in the Debtors' cases. EPIC COMPANIES: Files Amendment to Disclosure Statement ------------------------------------------------------- EPIC Companies Midwest, LLC, and affiliates submitted an Amended Disclosure Statement describing Amended Plan of Liquidation dated June 11, 2025. As of the effective date of the Plan, the Debtors shall be substantively consolidated and all assets of the Debtors' bankruptcy estates shall transfer to a liquidating trust (the "Liquidating Trust") to be administered by the CRO, as the liquidating trustee (the "Liquidating Trustee"). The Liquidating Trustee will liquidate all remaining non-cash assets, undertake resolution of claims, pursue any viable avoidance actions and other causes of action, make distributions to holders of Allowed claims, and take any such other action as necessary to wind down the Debtors' businesses and distribute assets of the Liquidating Trust to holders of Allowed claims. The Debtors propose the Plan to facilitate the most efficient and timely liquidation of the Debtors' remaining assets as well as the fastest distribution of proceeds to holders of Allowed claims. The Debtors believe that the Liquidating Trustee, and the committee appointed to oversee the Liquidating Trustee (the "Liquidating Trust Advisory Committee"), have the familiarity with the Debtors' assets and the liquidating expertise needed to realize the maximum value for the remaining assets in a reasonable period of time. The Debtors believe that the Plan will provide the greatest recovery for, and the fastest payment to, holders of Allowed claims. As of March 31, 2025, the Debtors collectively hold approximately $282,535 in cash. The Debtors and/or Liquidating Trustee expect to, among other things: (a) litigate or settle all pending adversary proceedings; (b) evaluate and pursue any and all Causes of Action; and (c) liquidate any remaining assets. The Debtors estimate that holders of Allowed general unsecured claims will receive between approximately 18.9% and 28.8% of the value of their Allowed claims. The purpose of the Plan is to create a mechanism for the liquidation of remaining property of the estates, the disposition of Causes of Action, the resolution of claim disputes, and the distributions to holders of Allowed claims in accordance with the priority scheme created by the Bankruptcy Code. The Debtors believe that the Liquidating Trust created under the Plan and the Liquidating Trustee and Liquidating Trust Advisory Committee will do this in a more cost effective and timely manner than any other alternative, including the conversion of the case and the appointment of a Chapter 7 trustee. Like in the prior iteration of the Plan, Class 1 consists of the general unsecured claims asserted against the Debtors. Except to the extent that a holder of a Class 1 claim: (a) has been paid by the Debtors prior to the Effective Date; or (b) agrees to a less favorable classification and treatment, each holder of an Allowed Class 1 claim shall receive a pro rata distribution from the Liquidating Trust after the payment of all Allowed Administrative Expense Claims, statutory fees and costs, Allowed priority claims, and all costs and expenses of the Liquidating Trust. On and after the Effective Date: (a) all assets and liabilities of the Debtors shall be treated as though they were pooled; (b) each claim filed or to be filed against any of the Debtors, as to which two or more of the Debtors are co-liable as a legal or contractual matter, shall be deemed filed as a single claim against, and a single obligation of, the Debtors; (c) all claims held by one of the Debtors against one or more of the other Debtors shall be cancelled or extinguished; (d) no distributions shall be made under the Plan on account of any claim held by one of the Debtors against one or more of the other Debtors; (e) all guarantees of any of the Debtors of the obligations of one or more of the other Debtors shall be eliminated so that any claim against any of the Debtors and any claim based upon a guarantee thereof executed by one or more of the other Debtors shall be treated as one claim against the substantively-consolidated Debtors; and (f) any joint and several liability of any of the Debtors shall be one obligation of the substantively-consolidated Debtors and any claims based upon such joint or several liability shall be treated as one claim against the substantively-consolidated Debtors. On the Effective Date, the Debtors and the Liquidating Trustee shall enter into the Liquidating Trust Agreement. Additionally, on the Effective Date, the Debtors shall irrevocably transfer to the Liquidating Trust all right, title, and interest in and to the Liquidating Trust Assets in accordance with the Plan, including, without limitation, Article 8.5 of the Plan. In its capacity as Liquidating Trustee, the Liquidating Trustee shall accept all Liquidating Trust Assets on behalf of the beneficiaries of the Liquidating Trust, and be authorized to obtain, seek the turnover, liquidate, and collect all of the Liquidating Trust Assets not in its possession. A full-text copy of the Amended Disclosure Statement dated June 11, 2025 is available at https://urlcurt.com/u?l=BL7TLz from PacerMonitor.com at no charge. Attorneys for the Debtors: Michael S. Raum, Esq. FREDRIKSON & BYRON, P.A. 51 Broadway, Suite 400 Fargo, ND 58102-4991 701.237.8200 Email: mraum@fredlaw.com Steven R. Kinsella, Esq. Katherine A. Nixon, Esq. FREDRIKSON & BYRON, P.A. 60 South 6th Street, Suite 1500 Minneapolis, MN 55402-4400 Tel: 612.492.7000 E-mail: skinsella@fredlaw.com knixon@fredlaw.com About EPIC Companies Midwest EPIC Companies Midwest, LLC is a real estate investing and development firm in Minot, N.D. EPIC and its affiliates filed voluntary Chapter 11 petitions (Bankr. D.N.D. Lead Case No. 24-30281) on July 8, 2024. Patrick Finn, chief restructuring officer, signed the petitions. At the time of the filing, EPIC reported $10 million to $50 million in both assets and liabilities. Judge Shon Hastings oversees the cases. Steven Kinsella, Esq., at Fredrikson & Byron, PA represents the Debtors as legal counsel. The U.S. Trustee for Region 12 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by the law firm of Stinson, LLP. ESSENTIALS MASSAGE: Seeks to Hire Feher Law as Bankruptcy Counsel ----------------------------------------------------------------- Essentials Massage and Facials of Trinity 54 LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Feher Law, P.L.L.C. as its counsel. The firm will render these services: a. give advice to the Debtor with respect to its powers and duties as a Debtor and Debtor-in-Possession; b. take all necessary actions to protect and preserve the estate of the Debtor; c. advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; d. prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; e. protect the interest of the Debtor in all matters pending before the court; and f. represent the Debtor in negotiation with its creditors in the preparation of a Chapter 11 plan. Feher Law's currently hourly rates are $300 per hour for attorneys and $85 for legal assistants. Feher Law, P.L.L.C. is a disinterested party, as disclosed in the court filings. The firm can be reached through: Kristina E. Feher, Esq. Feher Law, P.L.L.C. 1275 66th Street N., #40042 St. Petersburg, FL 33743 Tel: (727) 359-0367 About Essentials Massage and Facials of Trinity 54 LLC Essentials Massage and Facials of Trinity 54 LLC operates a wellness and beauty spa offering massages, facials, body sculpting, and spa packages. The Company provides customized, results-focused treatments that blend relaxation with aesthetic goals. It serves clients from its location in Trinity, Florida. Essentials Massage and Facials of Trinity 54 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03987) on June 13, 2025. In its petition, the Debtor reports total assets of $33,228 and total liabilities of $8,225,240. Honorable Bankruptcy Judge Roberta A. Colton handles the case. The Debtors are represented by Kristina Feher, Esq. at FEHER LAW, PLLC. EXCELL COMMUNICATIONS: Committee Hires Porzio Bromberg as Counsel ----------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 cases of Excell Communications, Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Porzio, Bromberg & Newman, PC as counsel. The firm will provide the following services: (a) advise the committee with respect to its power and duties under Bankruptcy Code; (b) assist the committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtors; (c) assist the committee in connection with any proposed sale of the Debtors' assets; (d) assist the committee in connection with any proposed Chapter 11 plan or other disposition of these cases; (e) assist the committee in analyzing the claims of the Debtors' creditors and their capital structure and in negotiating with holders of claims; (f) advise and represent the committee in connection with matters generally arising in these cases; (g) review and analyze all applications, motions, orders, statements of operations and schedules filed with the Court by the Debtors or third parties, advise the committee as to their propriety, and, after consultation, take appropriate action; (h) prepare necessary legal papers on behalf of the committee; and (i) represent the committee at hearings held before the Court and communicate with it regarding the issues raised, as well as the decisions of the Court. The firm will be paid at these rates: Warren Martin, Principal $1,400 Rob Schechter, Principal $925 Brett Moore, Principal $925 Rachel Parisi, Principal $875 Cheryl Santaniello, Principal $875 Kelly Curtin, Principal $875 Christopher Mazza, Principal $750 Kimberly Pageau, Counsel $750 Michael Medved, Associate $560 Jenny Zhou, Associate $500 Jessica O'Connor, Paralegal $425 Peri Balala, Legal Assistant $375 Kayla Dunn, Legal Assistant $245 In addition, the firm will seek reimbursement for expenses incurred. Ms. Curtin 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: Kelly D. Curtin, Esq. Porzio, Bromberg & Newman, PC 1675 Broadway, Suite 1810 New York, NY 10019 Telephone: (646)-348-6723 Email: kdcurtin@pbnlaw.com About Excell Communications Excell Communications, Inc. is a project management firm engaged in the installation of network infrastructure for the wireless, fiber and utility industries in the State of New York. Excell Communications, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-71444) on April 14, 2025. The Plaintiff is represented by Peter A. Romero, Esq. at Law Office of Peter A. Romero PLLC. On May 16, 2025, the U.S. Trustee for the Eastern District of New York appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Porzio, Bromberg & Newman, PC as counsel. FIBERCO GENERAL: Unsecureds to Get Share of Income for 5 Years -------------------------------------------------------------- Fiberco General Engineering Contractors, Inc., filed with the U.S. Bankruptcy Court for the Central District of California a First Amended Plan of Reorganization for Small Business dated June 11, 2025. The Debtor is a California corporation engaged in the business of general engineering contracting specializing in fiber optic construction. The Debtor has been in business since 1996. The role of Debtor's business is to create pathways in the public right of way for placing fiber-optic communication cables. A couple of years ago Debtor began experiencing financial difficulties relating to a slowdown in new job orders. To assist with Debtor's cash flow issues, the Debtor sought additional funding for its operations in the form of merchant cash advance "MCA" loans. These sources of funding proved disastrous for Debtor. Debtor commenced this case to protect its business from the predatory MCA lenders. This Plan is intended to provide the structure and method by which Debtor will reorganize its debts. It provides for the reorganization of Debtor's finances and proposes to pay creditors through Debtor's cash on hand and income generated over the five-year life of the Plan. Debtor is dedicating all its projected disposable income over five years to pay its creditors. The Debtor's projections demonstrate that Debtor will have the ability to make all the payments due under the Plan, including (1) on the Effective Date, (2) to administrative claim holders, (3) to Class 1 through Class 30 secured claim holders, (4) to priority claim holders, (4) to Class 32 general unsecured claim holders. Class 32 consists of General Unsecured Claims. Any Allowed Claim in this Class shall be paid pro rata with other Class claims. The Debtor is dedicating all of its projected disposable income for a period of five years. The amount of Debtor's projected disposable income is intended to be cash in excess of its operational costs and cash reserves. Distributions to Class 32 claimants will be made after allowed administrative claims and priority unsecured claims are paid in full. Distributions will be made twice per year by the Disbursing Agent, with the first distribution projected to begin on or before Dec. 31, 2029. The remaining distributions will be made on or before June 30 and Dec. 31 of each subsequent year. Equity Interest holders will retain their Equity Interests. Distributions to creditors under the Plan will be funded from cash on hand and income generated by Debtor over the life of the Plan. Debtor's projections demonstrate that Debtor will have the ability to make the payments due (1) on the Effective Date, (2) to administrative claim holders, (3) to Class 1 through Class 30 secured claim holders, (4) to priority claim holders, (4) to Class 32 general unsecured claim holders. The Debtor is dedicating all its projected disposable income over five years to pay its creditors. A schedule showing the financial projections and projected disposable income which is expected to be available for payment to creditors. Debtor will segregate its projected disposable income monthly into a separate distribution account from which the Disbursing Agent will make the payments under the Plan. A full-text copy of the First Amended Plan dated June 11, 2025 is available at https://urlcurt.com/u?l=51cD4u from PacerMonitor.com at no charge. Counsel to the Debtor: David A. Wood, Esq. Aaron E. De Leest, Esq. Sarah R. Hasselberger, Esq. MARSHACK HAYS WOOD LLP 870 Roosevelt Irvine, CA 92620-3663 Tel: (949) 333-7777 Fax: (949) 333-7778 Email: dwood@marshackhays.com About Fiberco General Engineering Contractors Fiberco General Engineering Contractors Inc., established in 1995, is a general engineering contractor based in Riverside, California. The Company specializes in utility system construction and heavy and civil engineering projects. Fiberco General Engineering Contractors sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10912) on Feb. 18, 2025. In its petition, the Debtor reports total assets of $2,451,262 and total liabilities of $2,989,654. Honorable Bankruptcy Judge Scott H. Yun handles the case. The Debtor is represented by Michael R. Totaro, Esq., at TOTARO & SHANAHAN, LLP. FINGER LAKE: Trustee Taps WNW Management as Manager of Best Western ------------------------------------------------------------------- Mark J. Schlant, as Chapter 11 Trustee of Finger Lake LLC, seeks approval from the U.S. Bankruptcy Court for the Western District of New York to hire WNW Management LLC as manager of the Best Western Plus Inn & Suites Horseheads. WNW will manage, supervise, direct and control the management and operation of the Hotel in accordance with its standard administrative, budgeting, marketing, personnel and operational policies and practices. The manager shall have discretion and control in all matters relating to management and operation of the Hotel (including) its accounting and inventory control systems, including payroll administration for all Hotel personnel and employees, and payroll tax filings, all of which relate to or affect Hotel operations. The firm will receive these fees: (1) an amount equal to four percent of Gross Revenue, or $4,500, whichever is greater; and (2) an additional monthly fee of $1,000 for the accounting services. WNW Management is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Jonathan Reiss WNW Management, LLC 8 North Ravine Road Great Neck, NY 11023 Email: jreiss@wnwhospitality.com About Finger Lake LLC Finger Lake LLC is an accommodation and food services business operating in Horseheads, New York. Finger Lake LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.Y. Case No. 25-20007) on January 4, 2025. In its petition, the Debtor reports estimated assets and liabilities between $50,000 and $100,000 each. Kevin Tung, Esq. of Kevin Kerveng Tung, P.C. represents the Debtor as counsel. FINLEY DESIGN: Seeks to Hire Sasser Law Firm as Bankruptcy Counsel ------------------------------------------------------------------ Finley Design, PA seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to Sasser Law Firm as bankruptcy counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties and the continued operation of its business and management of its owned property; (b) prepare and file necessary monthly reports, plan of reorganization and disclosure statement; (c) prepare on behalf of the Debtor necessary legal papers; (d) perform all other legal services for the Debtor which may be necessary herein until and through the case's confirmation, dismissal, or conversion; (e) undertake necessary action, if any, to avoid liens against the Debtor's property obtained by creditors and to recover preferential payments within 90 days of the filing of said petition under Chapter 11; (f) perform a search of the public records to locate liens and assess validity; and (g) represent at hearings, confirmation, and any 2004 examination. The firm's attorney will be paid at an hourly rate of $350, plus reimbursement for expenses incurred. The firm received a retainer of $10,000, plus $1,738 filing fee from the Debtor. Philip Sasser, Esq., an attorney Sasser Law Firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Philip Sasser, Esq. Sasser Law Firm 2000 regency Parkway, Suite 230 Cary, CA 27518 Telephone: (919) 319-7400 Email: philip@sasserbankruptcy.com About Finley Design Finley Design P.A., d/b/a Finley Design PA Architecture + Interiors, provides architectural, interior, and master planning services for retail, office, medical, mixed-use, residential, and environmental design projects. The firm focuses on client-centered solutions, offering design leadership and project execution across various commercial and residential sectors. Finley Design P.A. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02252) on June 2, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Philip M. Sasser, Esq., at Sasser Law Firm. FLIP LLC: Seeks to Hire the Law Offices of Ali K LLC as Counsel --------------------------------------------------------------- Flip, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ the Law Offices of Ali K, LLC as counsel. The firm will render these services: (a) give the Debtor legal advice with respect to its powers and duties; (b) prepare, as necessary, legal papers filed by the Debtor; (c) prepare a disclosure statement and plan of reorganization; and (d) perform all other legal services for the Debtor which may be necessary herein. The firm will be paid at its hourly rate of $425. The firm received a retainer of $15,000 from the Debtor. Duane Demers, Esq. an attorney at the firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Duane R. Demers, Esq. Law Offices of Ali K, LLC 6328 Baltimore national Pike, Suite 200 Catonsville, MA 21228 Telephone: (443) 274-1002 Email: demers@7474law.com About Flip LLC Flip, LLC leases real estate properties across residential, commercial, and industrial sectors. The Company operates as a lessor, providing rental and leasing services for various types of real property. Flip, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-14842) on May 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Duane R. Demers, Esq., at the Law Offices of Ali K, LLC. FRED RAU: Seeks to Hire Fear Waddell as General Insolvency Counsel ------------------------------------------------------------------ Fred Rau Dairy, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to employ Fear Waddell, PC as general insolvency counsel. The firm will provide these services: (a) consult with the Debtor concerning its present financial situation, its realistic achievable goals, and the efficacy of bankruptcy as a means to achieve its goals; (b) prepare the documents necessary to commence the bankruptcy case; (c) advise the Debtor concerning its duties as debtor-in-possession in a Chapter 11 case; (d) identify, prosecute, and defend claims and causes of actions assertable by or against the estate; (e) prepare applications, motions, answers, briefs, records, reports, notices, proposed orders, and other papers in connection with administration of the estate; (f) if necessary, prepare and prosecute such pleadings as complaints to avoid preferential transfers or transfers deemed fraudulent as to creditors, motions for authority to borrow money, sell property, or compromise claims and objections to claims; and (g) take all necessary action to protect and preserve the estate, and all other legal services requested. The firm received a pre-petition retainer of $100,000 from the Debtor. The firm will seek reimbursement for expenses incurred. Peter Fear, Esq., an attorney at Fear Waddell, disclosed in a court filing that the firm is a "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Peter L. Fear, Esq. Fear Waddell, PC 7650 North Palm Avenue, Suite 101 Fresno, CA 93711 Telephone: (559) 436-6575 Facsimile: (559) 436-6580 About Fred Rau Dairy Inc. Fred Rau Dairy, Inc. operates a large-scale dairy farm in Fresno, California. The family-owned business utilizes advanced robotic milking systems and automated feeding technologies. It has been part of the regional agricultural sector since 1976. Fred Rau Dairy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-11791) on May 29, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge Jennifer E. Niemann handles the case. The Debtor is represented by Peter Fear, Esq., at Fear Waddell, PC. FRONTIER COMMUNICATIONS: Fitch Keeps 'B+' LongTerm IDR on Watch Positive ------------------------------------------------------------------------ Fitch Ratings has maintained Frontier Communications Parent, Inc.'s (Frontier) and its rated subsidiaries' Long-Term Issuer Default Ratings (IDRs) at 'B+'. The ratings remain on Ratings Watch Positive (RWP) following Verizon Communications, Inc.'s (A-/Stable) pending acquisition of the company, which is expected to close by 1Q26. Fitch expects Verizon to refinance all of Frontier's outstanding debt. Fitch expects to resolve the Rating Watch at closing or if the transaction does not go through as expected. The ratings impact approximately $11.7 billion of outstanding debt at March 2025. All issue-level ratings have also been maintained, except senior unsecured issuances at Frontier Florida LLC that Fitch upgraded to 'BB+' with a Recovery Rating of 'RR1' from 'B+'/'RR4', as the agency expects the debt could be repaid or defeased upon the company drawing on its new $1.5 billion delayed draw term loan in a default scenario. A full list of ratings follows at the end of this release. Key Rating Drivers Verizon Acquisition Credit Positive: The pending acquisition by 'A-' rated Verizon has positive credit implications for Frontier and would reduce its liquidity and leverage risk. Verizon has a strong balance sheet and generates significant pre-dividend FCF that Fitch projects could range from $18 billion to $19 billion annually in the next few years. This provides Frontier with significantly more capital access as it scales its fiber network to its 10 million passings target and beyond. Verizon also has a much stronger national brand that could benefit the operator and has indicated it would refinance all of Frontier's outstanding debt upon deal closing. Elevated Leverage: On a standalone basis before considering the Verizon acquisition, EBITDA leverage is near 5.4x as of March 2025. It could increase to the high-5.0x range through Fitch's forecast period. EBITDA net leverage is modestly lower near 5.1x, but the company is aggressively spending on its fiber expansion and so its cash does not provide meaningful protection to repay existing debt. Frontier's leverage increased materially since 2021 due to heavy capital spending to fund its fiber deployment. Verizon's acquisition will enable the company to continue pace with its fiber expansion strategy and shift away from copper network and legacy services offerings. However, it is unclear what the future financing path would look like if the Verizon deal is not completed. Fiber-Focused Capital Allocation: Frontier's capital allocation policy following its April 2021 bankruptcy emergence largely centers on accelerated investment in fiber to the home (FTTH) and targeting fiber deployment to small and medium businesses, enterprises and the wholesale market. Management targets net leverage in the mid-3x range, but it is already well above this range (reported 4.9x at March 2025). Frontier's aggressive investment plan will expand the deployment of fiber to more than 10 million locations, or two-thirds of its current footprint, versus 8.1 million as of March 2025. Fiber Opportunity Mitigates Risks: Fiber expansion comes with execution risks, mitigated by secular growth, and opportunity demonstrated through fiber customer growth and several years of consecutive net adds with lower churn rates. Since 2022, broadband fiber churn for consumer/business customers has been in the 1.2%-1.5% range versus 1.7%-2.5% for copper customers. Potential to capture additional broadband share is underscored by its footprint, with limited competition in roughly 85% of its markets. Fiber-served locations offer significant upside, as fiber penetration rates are near 31% versus 47% for its base markets (markets in which it has had fiber longer). Negative Cash Flows: Heavy capital intensity and cash burn related to its fiber build-out are negative for the credit profile, although the Verizon acquisition solves for FCF issues. FCF deficits accelerated meaningfully in recent years and Fitch calculates was nearly $4.5 billion cumulatively in 2022-2024. Nearly all cash flow deterioration is from significantly increased capex spend of $2.7 to $3.0 billion annually from 2022-2024 versus low-$1.0 billion in 2019-2020. FCF deficits will continue in the next few years and Frontier is reliant on the capital markets to fund its expansion strategy, if the acquisition were terminated. Margins Improving: Accelerated fiber deployments are improving profitability, and the ongoing fiber mix shift could help drive future margin expansion. Reported EBITDA margins increased 90 basis points in 2024. Management has indicated EBITDA margins could expand to the mid- to high-40% range over time, although Fitch estimates margins expanding only to low-40% by 2027-2028. Fiber comprised 70% of 2024 EBITDA and the ongoing mix shift to fiber should help profitability, as fiber requires fewer on-site service calls versus copper and lower call volumes generally. Frontier has also been aggressively cutting costs since mid-2021. Competition Intense: Competition in telecom is intense and increasingly diverse as more providers and technology solutions have entered Frontier's end markets. This is further evidenced by Verizon's move to bulk up in wireline offerings via its acquisition of Frontier. Frontier has a strong presence within its footprint, but other providers have also been scaling out their own networks and broadband service offerings. Additionally, U.S. wireless companies have now become a viable alternative internet solution with fixed wireless access offerings. Parent-Subsidiary Relationship: Fitch links the IDRs of Frontier and its subsidiaries based on a strong parent/weak subsidiary approach. The IDRs are equalized under Fitch's criteria based on an analysis incorporating high strategic and operational incentives and low legal incentives. Peer Analysis Frontier has higher exposure to the consumer market compared with wireline peer Lumen Technologies, Inc. (CCC+), and Windstream Services, LLC (B/Ratings Watch Evolving). The consumer market faces secular challenges (particularly in voice/video), with legacy revenue declines in older copper-based communication technologies being only somewhat offset by growth in faster, fiber-based technology. Incumbent wireline operators face competition for broadband customers from cable operators, including Comcast Corp. (A-/Stable) and Charter Communications Inc. (BB+/RWP). Frontier also faces emerging broadband competition from 5G wireless operators offering fixed wireless access, including T-Mobile U.S. Inc. (BBB+/Stable) and Verizon Communications Inc.. Fitch expects Frontier's aggressive fiber investments to have long-term benefits, but it will require significant near-term costs that will weigh on cash flow generation. Frontier is less competitive in the enterprise market, although its enterprise business is less exposed to large enterprise accounts than its larger peers. In enterprise, Frontier is smaller than AT&T Inc. (BBB+/Stable), Verizon and Lumen. All three companies have an advantage as national or multinational companies due to their extensive footprints in the U.S. and abroad. Windstream Services, LLC is somewhat smaller than Frontier and is a hybrid that operates as an incumbent in rural markets and as a business services provider with its enterprise and wholesale units, which compete nationally. Compared with Frontier, AT&T and Verizon have significantly larger scale, greater business diversification and meaningfully lower financial leverage as investment grade operators. Key Assumptions - Revenues grow modestly in the next few years, with fiber growth offset by copper revenue declines. Assumes high single-digit growth in data/internet services, offset by double-digit declines in voice/video; - EBITDA margins expand to low-40% over ratings horizon, benefiting from a mix shift to fiber (higher margin); - Cash taxes and restructuring costs comprise a modest use of cash flow in the next few years, with taxes kept low due to operating losses and tax loss carryforwards; - Verizon acquisition is not modeled into Fitch's base case forecast, but the company projects the deal to be completed in early 2026. Recovery Analysis For entities rated 'B+' and below (where default is closer and recovery prospects are more meaningful to investors) Fitch undertakes a tailored, or bespoke, analysis of recovery upon default for each issuance. The resulting debt instrument rating includes a Recovery Rating (from RR1 to RR6) and is notched from the IDR accordingly. In this analysis, there are three steps: (i) estimating the distressed enterprise value (EV); (ii) estimating creditor claims; and (iii) distribution of value. Fitch assumed Frontier would emerge from a default scenario under the going concern approach versus liquidation. Key assumptions used in the recovery analysis are as follows: - Fitch assumes a going-concern EBITDA of approximately $1.7 billion, which is roughly 20% below the company's current run-rate EBITDA (less certain EBITDA from Texas and Florida that have been securitized). Reduced EBITDA of this magnitude in a bankruptcy scenario could imply increased competition has pressured revenue or profitability. - Fitch excludes from its recovery waterfall debt amounts outstanding at Frontier's issuer subsidiary for its Texas securitization, Frontier Issuer LLC, and the $1.5 billion DDTL outstanding at Frontier Tampa Bay FL Fiber 1 LLC. The Texas ABS debt and the Florida DDTL were issued out of bankruptcy remote subsidiaries, which Fitch assumes would not be part of a corporate-level bankruptcy. Fitch has, however, included residual cash flows (discounted for a stressed scenario) from the Texas portfolio as part of Fitch's recovery EBITDA assumptions as well as a portion of the EBITDA from the Florida portfolio. - Fitch assumes a 6.0x multiple, using a blended approach of part of the business being copper-based (legacy) at 4.0x and the larger part of EBITDA now being fiber (growth) at 7.0x. This multiple is validated based upon historic industry trading multiples, M&A transactions in the industry, and Fitch bankruptcy case studies. - Fitch assumes a fully drawn $925 million revolver and $1.5 billion Frontier Tampa Bay DDTL. - For instruments issued by Frontier Florida LLC, Fitch's Corporates Recovery Ratings and Instrument Ratings Criteria indicates unsecured instruments for 'B+' IDR issuers are capped at 'RR3' but this cap may be exceeded in instances when the issuer is a structurally senior subsidiary issuer in a multi-level corporate group structure, which Fitch believes applies in this scenario. RATING SENSITIVITIES Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Verizon acquisition is terminated; - EBITDA leverage sustained above 5.5x; - A weakening of operating results, including deteriorating margins and an inability to stabilize revenue erosion in key product areas or offset EBITDA pressure through cost reductions; - More aggressive capital or financial policies that Fitch views as negative for the credit profile Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Verizon completes the acquisition as planned. If the Verizon acquisition is terminated, the following are factors that could lead to positive rating action/upgrade: - EBITDA leverage, defined as debt/EBITDA, sustained below 4.5x; - Revenue and/or EBITDA growth expected to be sustained at mid-single digit percentage or higher; - Sustained positive FCF generation could also lead Fitch to reassess the rating. Liquidity and Debt Structure Frontier had $506 million of unrestricted cash at March 2025, undrawn capacity on its $925 million revolving credit facility and warehouse facilities that include a $1.5 billion delayed draw term loan (DDTL) facility (with the ability to increase up to $750 million). Fitch expects Frontier to have material FCF deficits of nearly $4 billion cumulatively in 2025-2027, but the Verizon acquisition will notably improve its access to liquidity and capital. Fitch expects Frontier would remain heavily reliant on the capital markets in the future if the Verizon acquisition were not completed. Frontier has roughly $11.7 billion of debt outstanding as of March 2025, including: $2.4 billion of securitization debt (asset-backed debt collateralized by the company's Texas and Florida fiber footprints), roughly $5.7 billion of senior secured debt, $2.8 billion of second-lien debt and $750 million of unsecured subsidiary debt. There is also a small portion of other debt. It has a $925 million senior secured revolving credit facility and warehouse facilities including: a $1.5 billion DDTL and an incremental TL facility that allows for an increase of up to $750 million. Nearly all debt matures between 2027-2031 and, thus, there is some maturity risk although Verizon expects to refinance all existing debt upon acquisition closing. Issuer Profile Frontier was founded in the 1930s and is the fourth largest U.S. incumbent local exchange carrier providing data and Internet services (67% of 2024 revenue), wireline voice (21%), and wireline video service (6%) to residential and business customers. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Frontier North Inc. LT IDR B+ Rating Watch Maintained B+ senior unsecured LT BB+ Rating Watch Maintained RR1 BB+ Frontier Florida LLC LT IDR B+ Rating Watch Maintained B+ senior unsecured LT BB+ Upgrade RR1 B+ Frontier California, Inc. LT IDR B+ Rating Watch Maintained B+ senior unsecured LT BB+ Rating Watch Maintained RR1 BB+ Frontier Communications Holdings, LLC LT IDR B+ Rating Watch Maintained B+ senior secured LT BB+ Rating Watch Maintained RR1 BB+ Senior Secured 2nd Lien LT BB- Rating Watch Maintained RR3 BB- Frontier Communications Parent, Inc. LT IDR B+ Rating Watch Maintained B+ Frontier West Virginia Inc. LT IDR B+ Rating Watch Maintained B+ senior unsecured LT BB+ Rating Watch Maintained RR1 BB+ FUNDIMENSION LLC: Unsecureds to Get 7.63% of Claims over 36 Months ------------------------------------------------------------------ Fundimension LLC filed with the U.S. Bankruptcy Court for the Southern District of Florida a Disclosure Statement for Small Business describing Chapter 11 Plan dated June 11, 2025. The Debtor, a Florida corporation, was founded in July 2016 and owns and operates an arcade and entertainment center located at 2129 NW 1st Court, Miami, Florida 33127. The Debtor is owned by eight individuals and/or entities, who jointly own 42.14% and by NBF Corp., a Florida corporation, which owns 57.86%. Joyce Alarcon-Frohman is the president of NBF Corp, and with her husband, Gary J. Frohman, the vice president of NBF, own 100% of NBF Corp. Class 5 consists of Seven General Unsecured Creditors in the amount of $1,194,106.84. Two creditors hold two claims that total $1,139,583.00 or 94% of the class dollar amount. West Town (now Capital) holds a claim in the agreed amount of $650,497.68. This number resulted from the bifurcation of a loan, with a balance of $954,417.38 (POC-9) into a secured portion, treated in Class 1 of the Plan in the amount of $303, 919.70 and an unsecured portion in the amount of $650,497.68. The other large unsecured claim is held by the SBA in the amount of $489,086.56 (POC-3). The SBA loan was entered into in May 2020 (and then modified in August 2020, to increase the loan amount from $150,000.00 to $500,00.00), with the customary Note and Modified Note, Security Agreement and Modified Security Agreement and UCC-1 filing. The intent was to secure the SBA loan with all of Debtor's unencumbered assets, but there were none. West Town Bank's (now Capital) UCC lien dates from 2017 and has priority over the SBA 2020 loan and its UCC-1. This class will receive a total distribution of $92,040.16 or 7.63%, which is more than they would receive in a chapter 7 liquidation. Distribution will be made in 12 quarterly payments over 36 months commencing in month 25 of the Plan. Payments for the first 12 months of payment will be in the amount of $5,000.00 per quarter, with 8 quarterly payments of $9,005.02 each for the last 24 months. Payments and distributions under the Plan will be funded by income generated from the revenues received from the Debtor's operation of its arcade and entertainment center as shown in the attached Projections. Accordingly, the Debtor is able to perform all of its obligations under the Plan and the Plan satisfies the requirements or conditions set forth in Section 1129(a)(11) of the Code. The post-confirmation management of the Debtor will remain Joyce Alarcon-Frohman as Managing Partner. A full-text copy of the Disclosure Statement dated June 11, 2025 is available at https://urlcurt.com/u?l=AVNVUC from PacerMonitor.com at no charge. About FunDimension LLC FunDimension LLC offers a wide range of attractions including arcade games, laser tag, bumper cars, duckpin bowling, rock climbing, virtual reality, and an e-gaming. FunDimension LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-20351) on Oct. 4, 2024. In the petition filed by Joyce Alarcon-Frohman, as managing partner, the Debtor reported total assets of $514,619 and total liabilities of $1,773,782. Bankruptcy Judge Corali Lopez-Castro oversees the case. The Debtor is represented by: Chad Van Horn, Esq. VAN HORN LAW GROUP, P.A. 500 NE 4th Street, Suite 200 Fort Lauderdale, FL 33301 Tel: (954) 765-3166 Email: chad@cvhlawgroup.com GILDED GATHERINGS: Michael Carmel Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 14 appointed Michael Carmel of Michael W. Carmel, Ltd. as Subchapter V trustee for Gilded Gatherings, LLC. Mr. Carmel will be paid an hourly fee of $550 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Carmel 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 W. Carmel Michael W. Carmel, Ltd. 80 E. Columbus Ave Phoenix, AZ 85012-4965 Phone: 602-264-4965 Fax: 602-277-0144 Email: michael@mcarmellaw.com About Gilded Gatherings Gilded Gatherings, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-05257) on June 10, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. James F. Kahn, Esq., at Kahn & Ahart, PLLC represents the Debtor as legal counsel. GLOBAL ALARM: Seeks Approval to Hire Han Fife & Co as Tax Expert ---------------------------------------------------------------- Global Alarm Protection seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Han Fife & Co, LLP as tax expert. The firm will render these services: (a) analyze the Debtor's cash flow projections for plan of reorganization purposes; (b) calculate net taxable income for each year of the projected income/expenses; and (c) prepare supporting declaration, and related work. The firm will be paid at a flat fee of $2,500. Donald Fife, a certified public accountant at han Fife & Co, disclosed in a court filing that the firm is a "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Donald T. Fife, CPA Han Fife & Co, LLP 1055 E. Colorado Blvd. 5th Floor Pasadena, CA 91106 Telephone: (949) 888-1010 Facsimile: (949) 766-9896 Email: dhahn@hahnfife.com About Global Alarm Protection Global Alarm Protection filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-18117) on Dec. 7, 2023, with $1 million to $10 million in both assets and liabilities. Louis Fizli, chief operating officer, signed the petition. Judge Sandra R. Klein oversees the case. The Debtor tapped RHM Law, LLP as bankruptcy counsel and Donald T. Fife, CPA, at Han Fife & Co, LLP as tax expert. GLOBAL CONCESSIONS: Gets Extension to Access Cash Collateral ------------------------------------------------------------ Global Concessions, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral. The court's fourth interim order authorized the Debtor to utilize cash collateral from June 18 through and including three business days after the final hearing on July 23. The Debtor intends to use funds generated from its operations to cover ongoing operational expenses in accordance with its budget. In addition to the amounts set forth in the budget, the Debtor was authorized to make additional post-petition rent payments to its landlords not to exceed $50,000 per month; and make payments not to exceed a total of $13,412.38 per week to holders of certain claims under the Perishable Agricultural Commodities Act of 1930. As protection for the Debtor's use of their cash collateral, lenders will be granted valid and properly perfected liens on all property acquired by the Debtor after the petition date, with the same priority and validity as their pre-bankruptcy liens. The final hearing is set for July 23. The Debtor owes significant sums to lenders, including First Horizon Bank, the U.S. Small Business Administration, Performance Food Group, and Hanover Insurance Group. The Debtor has outstanding loans with First Horizon Bank totaling approximately $8.6 million, along with other financing arrangements with the SBA, Performance Food Group, and Hanover Insurance Group, all of which may claim a security interest in the cash collateral. About Global Concessions Inc. Global Concessions Inc. established in 1990 and headquartered in Atlanta, Georgia, specializes in operating food and beverage concessions, primarily within major transportation hubs across the United States. The Company has expanded its portfolio to include a diverse range of dining experiences, from quick-service partnerships with renowned brands like IHOP Express, Ben & Jerry's, and Nathan's Famous, to unique, stand-alone restaurants such as Sweet Georgia's Juke Joint and One Flew South. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-53640) on April 2, 2025. In the petition signed by Terrance D. Harps, president and chairman, the Debtor disclosed up to $50 million in both assets and liabilities. Benjamin Keck, Esq., at Keck Legal, LLC, represents the Debtor as legal counsel. First Horizon Bank, as lender, is represented by: Kevin A. Stine, Esq. Baker Donelson 1500 Monarch Plaza 3414 Peachtree Road, N.E. Atlanta, GA 30326 Tel: (404) 577-6000 kstine@bakerdonelson.com Hanover Insurance Group, as lender, is represented by: M. Steele Cantey, Esq. Melissa J. Lee, Esq. Christina Gabriella Buru, Esq. Manier & Herod, P.C. 1201 Demonbreun St., Ste. 900 Nashville, TN 37203 Tel: (615) 244-0030 Fax: (629) 500-1137 scantey@manierherod.com mlee@manierherod.com cburu@manierherod.com HAPPY HOME: Seeks to Hire Hacker Law Firm as Bankruptcy Counsel --------------------------------------------------------------- Happy Home Builder LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Hacker Law Firm as its legal counsel. The firm will render these services: (a) advise and consult with Debtor as to its powers and duties in the continued operation of its business and management of its properties during bankruptcy; (b) take actions as may be necessary to preserve and protect the Debtor's assets; (c) prepare, on behalf of the Debtor, necessary legal papers in connection with matters affecting it and its estate; and (d) assist the Debtor in the development, negotiation and confirmation of a plan of reorganization and the preparation of a disclosure statement or statements in respect thereof. The hourly rates of the firm's counsel and staff are as follows: Heide McLeod, Of Counsel $450 Paul S. Hacker, Lead Counsel $425 Tammy Haugabrook, Legal Assistant $125 In addition, the firm will seek reimbursement for expenses incurred. Mr. Hacker disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Paul S. Hacker, Esq. Hacker Law Firm 3355 Cherry Ridge, Ste. 214 San Antonio, TX 78230 Telephone: (210) 595-2045 Facsimile: (210) 595-2037 Email: steve@hackerlawfirm.com About Happy Home Builder LLC Happy Home Builder LLC operates as Stay at Canyon Lake, offering event hosting services for graduations, special occasions, corporate retreats, conferences, workshops, reunions, weddings, retirements, family gatherings, and team-building events. The venue is pet-friendly and accommodates up to 100 guests. Located in the Texas Hill Country, Canyon Lake provides a scenic setting for outdoor activities and a diverse dining scene featuring Italian and American cuisine. The area also hosts a variety of community events, making it a popular destination for both recreation and celebrations. Happy Home Builder LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-51268) on June 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Craig A. Gargotta handles the case. The Debtors are represented by Paul Steven Hacker, Esq. at HACKER LAW FIRM, PLLC. HARVEST SHERWOOD: Court Gives $104MM Final DIP Approval ------------------------------------------------------- Yun Park of Law360 Bankruptcy Authority reports that a Texas bankruptcy judge said Thursday, June 26, 2025, that she intends to give final approval for Harvest Sherwood Food Distributors Inc. to tap into a $104 million debtor-in-possession financing facility, which includes $25 million in fresh capital. About Harvest Sherwood Food Distributors Harvest Sherwood Food Distributors, Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80109) on May 5, 2025, listing up to $10 billion in assets and up to $1 billion in liabilities. The Debtors tapped Sidley Austin LLP as counsel and Epiq Corporate Restructuring, LLC as claims, noticing, and solicitation agent. HARVEY CEMENT: Gets Extension to Use Cash Collateral ---------------------------------------------------- Harvey Cement Products Incorporated received interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral until August 31, marking the fourth extension since its Chapter 11 filing. The fourth interim order authorized the Debtor to use the cash collateral of its secured creditors, Old National Bank and the U.S. Small Business Administration, to pay the expenses set forth in its budget, plus a 10% variance. As protection, SBA and Old National Bank were granted replacement liens on all of the Debtor's property whether acquired before or after the bankruptcy filing. In addition, Harvey was ordered to keep the secured creditors' collateral insured. The next hearing is scheduled for August 26. Objections are due by August 19. As of the petition date, the Debtor had $20,000 in cash, $159,000 in accounts receivable, and $63,500 in inventory. These assets constitute the secured creditors' cash collateral. Old National Bank is represented by: Kristopher A. Capadona, Esq. Grogan Hesse & Uditsky, P.C. 2 Mid America Plaza, Suite 100 Oakbrook Terrace, IL 60181 Telephone: (630) 359-8197 kcapadona@ghulaw.com About Harvey Cement Products Incorporated Founded in 1947, Harvey Cement Products Incorporated has grown over the years to be one of the leading manufacturers of over 200 varieties and sizes of masonry products and is able to deliver customer orders to virtually any job site in the contiguous United States. Harvey filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-18335) on December 5, 2024, listing between $1 million and $10 million in both assets and liabilities. Gordon Steck, vice president of Harvey, signed the petition. Judge Jacqueline P. Cox handles the case. The Debtor is represented by Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman. HENDERSON RECOVERY: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- Henderson Recovery Inc. got the green light from the U.S. Bankruptcy Court for the Western District of Tennessee to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral until August 8 to pay operating expenses in accordance with its 60-day budget. A further hearing is scheduled for August 8. The Debtor identifies accounts receivable as the primary form of cash collateral, which may be subject to liens by secured creditors including Samson Funding, Lenducity, and GEM Funding, all of whom have filed UCC-1 financing statements. Several account debtors are currently withholding payments due to lien notices, including Credit Acceptance Corporation, Resolvion, PKWillis, PAR North America, MVConnect, Inc., and Secure Collateral Management. These withheld receivables represent a significant portion of the Debtor's operational cash flow. The Debtor believes Samson Funding holds the first-priority lien on these accounts. As adequate protection to secured creditors, the Debtor offers monthly payments of $6,000 to Samson, replacement liens on post-petition accounts receivable, ongoing insurance coverage, and regular financial reporting to secured creditors and the U.S. Trustee. About Henderson Recovery Inc. Henderson Recovery Inc. provides motor vehicle transportation and towing services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-22820) on June 9, 2025. In the petition signed by Julie Henderson, president, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Denise E. Barnett oversees the case. Toni Campbell Parker, Esq., at the Law Firm of Toni Campbell Parker, represents the Debtor as bankruptcy counsel. HERITAGE PORTRAITS: Hires Russo White & Keller PC as Counsel ------------------------------------------------------------ Heritage Portraits and Albums, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to hire Russo White & Keller, P.C. as counsel. The firm will provide these services: a. provide the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the continued management of its financial affairs and property; b. prepare on behalf of the Debtor necessary schedules, lists, applications, motions, answers, orders, and reorganization paperwork as is or may become necessary; c. review all leases and other corporate papers and other documents and prepare any necessary motions to assume unexpired leases or executor contracts and assist in preparation of corporate authorizations and resolutions regarding the Chapter 11 cases; and d. perform any and all other legal services for the Debtor as Debtor-in-Possession as may be necessary to achieve confirmation of a Chapter 11 plan. The firm will be paid at the rate of $350 per hour. The firm received a retainer in the amount of $5,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert C. Keller, Esq., a partner at Russo White & Keller, 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: Robert C. Keller, Esq. Russo White & Keller, P.C. 315 Gadsden Highway, Suite D Birmingham, AL 35235 Tel: (205) 833-2589 Email: rjlawoff@bellsouth.net About Heritage Portraits and Albums, Inc. Heritage Portraits and Albums, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-40780) on June 13, 2025, listing $100,001 to $500,000 in both assets and liabilities. Judge James J Robinson presides over the case. Robert C Keller, Esq. at Russo, White & Keller represents the Debtor as counsel. HOLDEN I LLC: Seeks Court Approval to Hire CRE-Mobile as Realtor ---------------------------------------------------------------- Holden I LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ CRE-Mobile, LLC as realtor. The Debtor needs a realtor to sell its immovable property located at 67 St. Michael Street, Mobile, Alabama. The realtor will receive a commission of 5 percent of the property's sale price. The firm represents no interest adverse to the Debtor or to the estate on the matters upon which it is to be engaged. The firm can be reached at: CRE-Mobile, LLC 164 St. Francis St., Ste. 200 Mobile, AL 36602 Telephone: (251) 438-4312 Facsimile: (251) 438-4318 About Holden I LLC Holden I LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-11125) on June 2, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Meredith S. Grabill presides over the case. Robin R. DeLeo, Esq., represents the Debtor as legal counsel. HONEY DO FRANCHISING: Taps Muhammed Zubairy as Accountant --------------------------------------------------------- Honey Do Franchising Group, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to hire Muhammed Zubairy, CPA PC to provide accounting services. The firm will provide accounting services to this bankruptcy estate, specifically, the preparation of the audited financial statements and reports contained in the Debtor's 2025 Franchise Disclosure Document. The firm will charge the Debtor a total fee of $5,250 for preparation of 2024 audited financial statements contained in the Franchise Disclosure Documents and $150 per hour for consulting on financial and tax matters. The firm holds a retainer fee of $2,801. Muhammed Zubairy, CPA Muhammed Zubairy, CPA PC Westbury, NY Phone: (646) 327-7013 About Honey Do Franchising Group Honey Do Franchising Group, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Tenn. Case No. 24-50596) on June 14, 2024, with up to $50,000 in assets and up to $10 million in liabilities. Thomas Brad Fluke, chief executive officer, signed the petition. Judge Rachel Ralston Mancl presides over the case. Brenda G. Brooks, Esq., at Moore & Brooks represents the Debtor as legal counsel. HOOTERS OF AMERICA: Creditors Object to $6MM Breakup Fee -------------------------------------------------------- Alex Wolf of Bloomberg Law reports that the creditors of Hooters of America LLC are challenging a proposed $6 million breakup fee for franchisees planning to acquire the bankrupt chain, arguing it's unwarranted if their cashless bid falls through. In a Tuesday, June 24, 2025, filing with the U.S. Bankruptcy Court for the Northern District of Texas, a committee of unsecured creditors said the fee doesn't meet standard criteria, which typically require the bidder to establish a competitive floor price -- something not present in the proposed sale of 103 company-owned locations to two existing franchise operators. About Hooters of America Hooters of America, LLC, owner and operator of a restaurant chain with hundreds of locations in the United States, and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80078) on March 31, 2025. Founded in 1983, the Debtors own and operate Hooters, a renowned brand in the casual dining and sports entertainment industries. Their global portfolio includes 151 company-owned and operated locations and 154 franchised locations across 17 countries. Known for their world-famous chicken wings, beverages, live sports, and legendary hospitality, the Debtors also partner with a major food products licensor to offer Hooters-branded frozen meals at 1,250 grocery store locations. The case is before the Hon. Scott W Everett. The Debtors Co-Bankruptcy Counsel are Holland N. O'Neil, Esq., Stephen A. Jones, Esq., and Zachary C. Zahn, Esq., at FOLEY & LARDNER LLP, in Dallas, Texas. The Debtors' General Bankruptcy Counsel are Ryan Preston Dahl, Esq., at ROPES & GRAY LLP, in New York, and Chris L. Dickerson, Esq., Rahmon J. Brown, Esq., and Michael K. Wheat, Esq., at ROPES & GRAY LLP, in Chicago, Illinois. The Debtors' Investment Banker is SOLIC CAPITAL, LLC. The Debtors' Financial Advisor is ACCORDION PARTNERS, LLC. The Debtors' Notice, Claims, Solicitation & Balloting Agent is KROLL RESTRUCTURING ADMINISTRATION LLC. HOP-HEDZ INC: Hires Renaissance Consulting as Financial Advisor --------------------------------------------------------------- Hop-Hedz, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Renaissance Consulting and Development, LLC as a financial advisor. The firm will assist the Debtor by providing financial data, models, and interpretations essential to formulating and presenting the Debtor’s objection effectively. The firm's current hourly rates are $115/hr for bookkeeping, $245/hr for general consulting, and $295/hr for court appearances or testimony and associated preparation. The firm is requesting to be paid a $2,500 advance fee deposit/retainer. As disclosed in the court filings, Renaissance Consulting and Development, LLC does not hold or represent any interest adverse to the Debtor or its estate. The firm can be reached through: Kevin E. Riggs, MBA, CPA, EA Renaissance Consulting and Development, LLC 17411 Bridge Hill Court Tampa, FL 33647 Phone: (813) 435-5585 About Hop-Hedz Tampa, Fla.-based Hop-Hedz, Inc. filed a petition for Chapter 11 protection (Bankr. M.D. Florida Case No. 20-09249) on Dec. 20, 2020, listing up to $10 million in assets and up to $1 million in liabilities. Judge Caryl E. Delano oversees the case. W. Bart Meacham, Esq., is the Debtor's legal counsel. HOP-HEDZ INC: Seeks to Hire Erik Johanson PLLC as Special Counsel ----------------------------------------------------------------- Hop-Hedz, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Erik Johanson PLLC to handle this Chapter 11 case. The firm will be paid at these hourly rates: Attorneys $275 to $395 Paraprofessional Staff $125 to $175 Erik Johanson, Esq. disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Erik Johanson, Esq. Joseph R. Boyd, Esq. Erik Johanson PLLC 4532 West Beachway Drive Tampa, FL 33609 Telephone: (813) 210-9442 Email: erik@johanson.law jr@johanson.law2148 About Hop-Hedz Tampa, Fla.-based Hop-Hedz, Inc. filed a petition for Chapter 11 protection (Bankr. M.D. Florida Case No. 20-09249) on Dec. 20, 2020, listing up to $10 million in assets and up to $1 million in liabilities. Judge Caryl E. Delano oversees the case. W. Bart Meacham, Esq., is the Debtor's legal counsel. HOUSE OF PRAYER: Seeks to Hire Sagre Law Firm P.A. as Counsel ------------------------------------------------------------- House of Prayer Church of South Florida Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Sagre Law Firm, P.A. as counsel. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties in the continued management of its business operations; (b) advise the Debtor with respect to its responsibilities in complying with the U.S Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) prepare legal papers; (d) protect the interest of the Debtor in all matters pending before the court; and (e) represent the Debtor in negotiations with its creditors in the preparation of the plan. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received a retainer of $30,000, plus $1,738 filling fee. Ariel Sagre, Esq., president and owner of Sagre Law Firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ariel Sagre, Esq. Sagre Law Firm PA 5201 Blue Lagoon Drive, Suite 892 Miami, FL 33126 Telephone: (305) 266-5999 Facsimile: (305) 265-6223 About House of Prayer Church of South Florida Inc. House of Prayer Church of South Florida Inc. operates as a Pentecostal church in Opa-Locka, Florida. The organization offers religious services and community programs from its facility, which also houses a school and daycare. House of Prayer Church of South Florida Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-16711) on June 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. The Debtors are represented by Ariel Sagre, Esq. at SAGRE LAW FIRM, P.A. HUDSON RIVER: $250MM Term Loan Upsize No Impact Moody's 'Ba2' CFR ----------------------------------------------------------------- Moody's Ratings said that the Ba3 rating assigned to Hudson River Trading LLC's (HRT) senior secured first lien term loan B is unchanged following HRT's proposed loan upsize of around $250 million. The upsize also does not affect HRT's Ba3 issuer rating, Ba2 corporate family rating and positive outlook. HRT's Ba2 CFR and positive outlook reflect its strong performance since 2022, characterized by consistent trading profits across a diverse range of products and strategies. This strong performance has occurred across different periods of varying market volatility and volumes, a testament to HRT's broad and diverse range of trading strategies that profit in a variety of market environments. Sturdy and consistent trading profits have also led to improvements in HRT's funding and liquidity, evidenced by consistent growth in trading capital, equity capital, and related improvements in its trading capital/debt and the relative mix of equity and debt in its capital structure. HRT has also maintained a highly liquid balance sheet. HRT's strong partnership culture and sustained oversight of a highly-engaged leadership team help mitigate its inherently high level of operational and market risk in its activities and from its rapid global expansion, especially into regions with weaker capital market conditions than the firm's core US operations. The proposed $250 million upsize brings the balance of HRT's senior secured term loan due March 2030 to around $2.3 billion. HRT plans to use the incremental proceeds to increase its trading capital and for general corporate purposes. HRT's ratings could be upgraded if it: (1) continued to report strong financial performance across a range of market conditions while maintaining its risk appetite, risk awareness and risk management capabilities; and (2) continues to increase its retained capital relative to its long-term debt and strengthen liquidity while reducing reliance on key prime brokerage relationships outside of US equities trading. HRT's ratings could be downgraded should evidence emerge that HRT's risk appetite is accelerating at a faster pace than its long-term capital, liquidity and controls, particularly with respect to its growth ambitions in regions and markets that have heightened market, operational and liquidity risks. The ratings could also be downgraded with evidence that HRT's risk awareness and risk management capabilities are not operating at a level commensurate with its evolving risk environment. ILLUMINATE PROPERTIES: Seeks Chapter 11 Bankruptcy in California ---------------------------------------------------------------- On June 23, 2025, Illuminate Properties & Investments Capital Group filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of California. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Illuminate Properties & Investments Capital Group Illuminate Properties & Investments Capital Group leases real estate assets, including buildings, dwellings, and other types of properties. Illuminate Properties & Investments Capital Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-41103) on June 23, 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 Debtor is represented by Lewis Phon, Esq. at LAW OFFICE OF LEWIS PHON. IMERYS TALC: Insurers Maintain Objections to Chapter 11 Plan ------------------------------------------------------------ Vince Sullivan of Law360 Bankruptcy Authority reports that the insurers opposing Imerys Talc America's revised Chapter 11 plan told a Delaware judge on Thursday, June 26, 2025, that rushing toward confirmation could lead to the same outcome as a previous attempt, which was halted just a week into proceedings at the debtor's request. About Imerys Talc America Imerys Talc America, Inc. and its subsidiaries -- https://www.imerys-performance-additives.com/ -- are in the business of mining, processing, selling and distributing talc. Its talc operations include talc mines, plants and distribution facilities located in Montana (Yellowstone, Sappington, and Three Forks); Vermont (Argonaut and Ludlow); Texas (Houston); and Ontario, Canada (Timmins, Penhorwood, and Foleyet). It also utilizes offices located in San Jose, Calif., and Roswell, Ga. Imerys Talc America and its subsidiaries, Imerys Talc Vermont, Inc., and Imerys Talc Canada Inc., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-10289) on Feb. 13, 2019. TheDebtors were estimated to have $100 million to $500 million in assets and $50 million to $100 million in liabilities as of the bankruptcy filing. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Richards, Layton & Finger, P.A., and Latham & Watkins LLP as their legal counsel, Alvarez & Marsal North America, LLC as financial advisor, and CohnReznick LLP as restructuring advisor. Prime Clerk, LLC, is the claims agent. The U.S. Trustee for Region 3 appointed an official committee of tort claimants in the Debtors' Chapter 11 cases. The tort claimants' committee is represented by Robinson & Cole, LLP. INNOVATE CORP: Shareholders Approve All Proposals at Annual Meeting ------------------------------------------------------------------- nnovate Corp. held its Annual Meeting of Stockholders. The final voting results for each of the matters submitted to a vote of stockholders at the Annual Meeting are as follows: Proposal 1: Election of Directors The stockholders voted to elect the following four nominees as members of the Board of Directors of the Company, each to hold office until the Company's 2026 Annual Meeting of Stockholders and until his or her successor is duly elected and qualified. The results of the vote were as follows: 1. Avram A. Glazer * For: 8,857,180 * Against: 98,198 * Abstain: 6,567 * Broker Non-Votes: - 2. Warren H. Gfeller * For: 8,803,101 * Against: 153,637 * Abstain: 5,207 * Broker Non-Votes: - 3. Brian S. Goldstein * For: 8,876,050 * Against: 75,392 * Abstain: 10,503 * Broker Non-Votes: - 4. Amy M. Wilkinson * For: 8,879,076 * Against: 72,096 * Abstain: 10,773 * Broker Non-Votes: - Proposal 2: Approval, on a non-binding, advisory basis, of the compensation of the Company's named executive officers ("Say on Pay Vote") The stockholders voted to approve the non-binding, advisory proposal on the compensation of the Company's named executive officers. The results of the vote were as follows: * For: 8,651,492 * Against: 113,777 * Abstain: 196,676 * Broker Non-Votes: - Proposal 3: Approval, on a non-binding, advisory basis, whether the Say on Pay Vote should be held every one, two or three years (the "Say on Frequency Vote") The stockholders voted on a non-binding, advisory basis to have the Company hold Say on Pay Votes every ONE YEAR. The results of the vote were as follows: * For: 8,784,603 * Against: 13,150 * Abstain: 153,787 * Broker Non-Votes: 10,405 Proposal 4: Ratification of the appointment of BDO USA, P.C., as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025. The stockholders voted to ratify the appointment of BDO USA, P.C., as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025. The results of the vote were as follows: * For: 10,704,242 * Against: 56,756 * Abstain: 910 * Broker Non-Votes: 0 About Innovate New York-based Innovate Corp. -- innovatecorp.com -- is a diversified holding company that has a portfolio of subsidiaries in a variety of operating segments. The Company seeks to grow these businesses so that they can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders. As of Dec. 31, 2023, its three operating platforms or reportable segments, based on management's organization of the enterprise, are Infrastructure, Life Sciences, and Spectrum, plus its other segment, which includes businesses that do not meet the separately reportable segment thresholds. New York, N.Y.-based BDO USA, P.C., the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2024, citing the Company has maturities of certain debt obligations that exceed its current and forecasted cash balances within one year from the date of this report. These conditions raise substantial doubt about its ability to continue as a going concern. * * * In May 2025, S&P Global Ratings lowered its long-term issuer credit rating on Innovate Corp. to 'CCC-' from 'CCC' and its issue rating on the company's senior notes due 2026 to 'CCC' from 'CCC+'. The recovery rating on the notes remains '2', indicating its expectation for meaningful (75%) recovery in the event of a default. The negative outlook reflects S&P Global's view that the company's liquidity will be under stress in the next six months, such that sources are unlikely to meet uses absent unforeseen positive developments. IWC OIL & REFINERY: Seeks Chapter 11 Bankruptcy in Texas -------------------------------------------------------- On June 23, 2025, IWC Oil & Refinery LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Texas. According to court filing, the Debtor reports between $10 million and$50 million in debt owed to 200 and 999 creditors. The petition states funds will not be available to unsecured creditors. About IWC Oil & Refinery LLC IWC Oil & Refinery LLC is an energy supplier that trades, markets, and sells petroleum products. The Company operates a vertically integrated network that includes shipping, storage infrastructure, and transportation logistics such as marine, rail, and trucking services. It also provides product sourcing, supply, and consulting solutions. IWC Oil & Refinery LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-51378) on June 23, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Craig A. Gargotta handles the case. The Debtors are represented by Steven G. Cennamo, Esq. at LAW OFFICE OF CENNAMO & WERNER JAL OUTLET: Seeks Chapter 11 Bankruptcy in Puerto Rico ------------------------------------------------------ On June 23, 2025, JAL Outlet 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 $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About JAL Outlet Inc. 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. JAL Outlet Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-02796) on June 23, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Maria De Los Angeles Gonzalez handles the case. The Debtors are represented byCharles A. Cuprill, Esq. at CHARLES A. CUPRILL, PSC LAW OFFICES. JOE'S PIZZA: Seeks Subchapter V Bankruptcy in California -------------------------------------------------------- On June 23, 2025, Joe's Pizza Santa Monica 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 Joe's Pizza Santa Monica Inc. Joe's Pizza Santa Monica Inc. operates a pizza restaurant in Santa Monica, California. The Company offers dine-in and takeaway services and serves a variety of pizzas, salads, appetizers, and beverages at its Broadway location. Joe's Pizza Santa Monica Inc.sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-15242) 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 Vincent P. Zurzolo handles the case. The Debtors are represented by Bradley E. Brook, Esq. at LAW OFFICES OF BRADLEY E. BROOK, APC. JSP MANAGEMENT: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of JSP Management Company, LLC, according to court dockets. About JSP Management Company JSP Management Company LLC owns property located at 1029 NE 104 Street in Miami Shores, Florida. The property's estimated value is $2.28 million, according to Zillow. JSP Management Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-15486) on May 16, 2025. In its petition, the Debtor reported total assets of $2,277,602 and total liabilities of $1,563,883. Judge Robert A. Mark handles the case. The Debtor is represented by Rachamin "Rocky" Cohen, Esq., at Cohen Legal Services, PA. JULZ DEVELOPMENT: Unsecured Creditors to be Paid in Full in Plan ---------------------------------------------------------------- Julz Development Group LLC filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania a Plan of Reorganization for Small Business under Subchapter V dated June 11, 2025. The Debtor is in the business of building and selling homes based in Johnstown, Pennsylvania. The Debtor owns real estate that is ready for sale as well as lots that can be developed or sold as lots. The Debtor is in the business of building and selling homes based in Johnstown, Pennsylvania. The Debtor owns real estate that is ready for sale as well as lots that can be developed or sold as lots. Before the Petition Date, the 1st Summit Bank had a pending foreclosure on property of the Debtor. The Debtor filed this bankruptcy to restructure its finances and provide for a structured payment that will allow payment to creditors. The Plan will be implemented through the continued operations of the Debtor's business and the sale of property. The Plan proposes to pay administrative and priority claims in full unless otherwise agreed. The Debtor estimates approximately 100% will be paid on account of general unsecured claims pursuant to the Plan. Class 2 consists of General Unsecured Claims. General Unsecured Claims shall consist of all other creditors who are not in the Subordinated Unsecured Claims Class with Allowed Claims not secured by property of the estate and that are not entitled to priority under Section 507(a) of the Bankruptcy Code. The creditors in this Class must have had a claim against the Debtor as of March 13, 2025. The total amount for this Class is approximately $7,654.09. The Creditors in this Class will be paid in full by the sale of the Debtor's real estate. The claims in this Class are not entitled to post-petition interest, attorney's fees, or costs. This Class is impaired. Class 3 consists of Equity Interests. Equity Interests will be retained under the Plan. The Plan will be implemented through the sale of real estate. The Plan currently proposes the sale of Debtor's assets. The Debtor has filed one Motion to Sell real estate and has shown the remaining properties to interested parties. Some of the properties are incomplete and the Debtor is attempting to sell these properties "as is." In the event that an interested party is willing to enter into a sales contract, but wants the property completed, the Debtor will consider obtaining a Debtor in Possession loan to finish the construction and sell the property. If the Debtor cannot find interested buyers for the real estate, the properties will be listed with a real estate agent and offered for sale. All sales will be open to higher and better offers. The Debtor, in its absolute discretion, reserves the right to conduct sales of its assets to fund the Plan without court approval in the event that the Debtor's business judgment supports such sales. A full-text copy of the Plan of Reorganization dated June 11, 2025 is available at https://urlcurt.com/u?l=vH9Vd3 from PacerMonitor.com at no charge. Counsel to the Debtor: David Z. Valencik, Esq. Calaiaro Valencik 555 Grant Street, Suite 300 Pittsburgh, PA 15219 Telephone: (412) 232-0930 Facsimile: (412) 232-3858 Email: dcalaiaro@c-vlaw.com About Julz Development Group Julz Development Group LLC is in the business of building and selling homes based in Johnstown, Pennsylvania. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. W.D. Pa. Case No. 25-70092) on March 13, 2025. The Debtor tapped Calaiaro Valencik as counsel. KIDZ TYME: Seeks Approval to Tap Hixson Law Group as Legal Counsel ------------------------------------------------------------------ Kidz Tyme Foundation Incorporated seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Hixson Law Group as legal counsel. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties and the continued management of its business operations; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) prepare legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the court; and (e) represent the Debtor in negotiation with its creditors in the preparation of a plan. Christopher Hixson, Esq., an attorney at Hixson Law Group, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Christopher Hixson, Esq. Hixson Law Group 18167 U.S. Hwy. 19 N, Suite 250 Clearwater, FL 33764 Telephone: (833) 203-5294 Email: chris@hixlawgroup.com About Kidz Tyme Foundation Kidz Tyme Foundation Incorporated operates as a lessor of residential properties in Miami, Florida. The organization manages and leases residential buildings, providing housing solutions within the local community. Kidz Tyme Foundation Incorporated sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-15578) on May 5, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. Judge Corali Lopez-Castro handles the case. The Debtor is represented by Christopher Hixson, Esq., at Hixson Law Group. KOLSTEIN MUSIC: Hires Latham Luna Eden & Beaudine as Counsel ------------------------------------------------------------ Kolstein Music, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Latham, Luna, Eden & Beaudine, LLP as counsel. The firm will render these services: (a) advise the Debtor of its rights and duties in this case; (b) prepare pleadings related to this case; and (c) take any and all other necessary action incident to the proper preservation and administration of this estate. The firm's professionals will be paid at these hourly rates: Daniel Velasquez, Esq. $275 - $475 Attorneys $500 Paralegals $105 Prior to the petition date, the firm received an advance fee of $26,738 from the Debtor. Mr. Velasquez 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 A. Velasquez, Esq. Latham, Luna, Eden & Beaudine, LLP 201 S. Orange Ave., Suite 1400 Orlando, FL 32801 Telephone: (407) 481-5800 Facsimile: (407) 481-5801 Email: dvelasquez@lathamluna.com About Kolstein Music, Inc. Kolstein Music, Inc. sought Chapter 11 protection (Bankr. M.D. Fla. Case No. 25-03511) on June 8, 2025, listing $500,001 to $1 million in both assets and liabilities. Judge Tiffany P Geyer presides over the case. Daniel A Velasquez, Esq. at Latham, Luna, Eden & Beaudine, LLP represents the Debtor as counsel. L & H PHARMA: Claims to be Paid From Available Cash and Income -------------------------------------------------------------- L & H Pharma Corp. filed with the U.S. Bankruptcy Court for the Middle District of Florida an Amended Plan for Small Business under Subchapter V dated June 10, 2025. The Debtor is a Florida corporation organized by Articles of Incorporation filed with the Florida Secretary of State on December 26, 2013. The Debtor operates a retail pharmacy in Cape Coral, Florida. The Debtor's business is located at 428 Del Prado Boulevard, Suite 111, Cape Coral, Florida 33909. Payments to Inderika, Inc., as the holder of all Class 4 claims, will be made as set forth in Article 4.01 of the Plan under the terms contained in the Inderika Settlement Agreement. In summary, the Debtor shall pay Inderika, Inc. a total of $860,000, consisting of one $200,000 payment on or before July 31, 2025, followed by twelve quarterly payments of $55,000 commencing on December 30, 2025, with final payment on September 30, 2028. The Plan provides for: 1 class of priority claims, 1 class of secured claims, 3 classes of unsecured claims; and 1 class of equity security holders. Class 3 consists of Non-Priority Unsecured Claims. Class 3 claim consists of the IRS's claims including filed Claim 1-2. Class 3 Claims will be paid in full on the effective date from the Debtor's cash. Class 3 is unimpaired by the Plan. Class 6 is comprised of all equity interests in the Debtor, which are owned by Laila Abouzeid. Laila Abouzeid will retain her equity interests in the Debtor. Upon payment of the Initial Settlement Payment, Laila Abouzeid is uncontested 100% owner of the Debtor. Payments required under the Plan will be funded from: (i) existing cash on hand on the Effective Date; and (ii) projected disposable income remaining after the payment of operating expenses. A full-text copy of the Amended Plan dated June 10, 2025 is available at https://urlcurt.com/u?l=7PglGd from PacerMonitor.com at no charge. Attorney for the Debtor: Michael Stavros, Esq. JENNIS MORSE 606 East Madison Street Tampa, Florida 33602 Telephone: (813) 229-2800 Email: mstavros@jennislaw.com About L & H Pharma L & H Pharma Corp. operates a retail pharmacy in Cape Coral, Florida. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-07692) on December 31, 2024, with $500,001 to $1 million in assets and liabilities. Judge Roberta A. Colton presides over the case. Michael A. Stavros, at Jennis Morse, is the Debtor's legal counsel. LAKE COUNTY: Court Extends Cash Collateral Access to July 31 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Illinois extended Lake County Hospitality, LLC's authority to use cash collateral from June 30 to July 31. The court's second order authorized the Debtor's interim use of cash collateral to pay operating expenses in accordance with its budget. As protection, Albany Bank & Trust Company, N.A, a senior secured creditor, was granted replacement liens on all of the categories and types of collateral in which it held a security interest and lien as of the petition date. This includes, without limitation, cash in the possession of Debtor and the proceeds thereof, resulting from the Debtor's operations. All of Albany Bank & Trust Company, N.A's rights as senior secured creditor are otherwise unimpaired by the second interim order and are preserved. The next hearing is set for July 30. Objections are due by July 29. About Lake County Hospitality Lake County Hospitality, LLC operates in the hotel and lodging sector and is associated with properties in Illinois. It manages hospitality assets and has been linked to hotels such as Four Points by Sheraton in Buffalo Grove. Lake County Hospitality sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08293) on May 30, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Timothy A. Barnes handles the case. The Debtor is represented by Paul M. Bach, Esq., at Bach Law Offices. LAVISH LIFESTYLES: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Lavish Lifestyles Capital Investment Group, LLC, according to court dockets. About Lavish Lifestyles Capital Investment Group Lavish Lifestyles Capital Investment Group LLC is a Fort Lauderdale-based real estate investment firm. Lavish Lifestyles Capital Investment Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-10320) on January 14, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Law Office of Mark S. Roher, PA serves as the Debtor's counsel. LAZARUS INDUSTRIES: Hearing to Use Cash Collateral Set for June 30 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Western District of New York is set to hold a hearing on June 30 to consider final approval of Lazarus Industries, LLC's bid to use cash collateral. The Debtor's authority to utilize cash collateral pursuant to the court's June 18 fourth interim order expires on June 30. The fourth 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 order granted Tompkins Community Bank and other secured creditors "rollover" replacement liens on post-petition cash, accounts receivable, bank accounts and other assets, with the same validity, extent and priority as their pre-bankruptcy liens. These replacement liens do not apply to any Chapter 5 causes of action. Tompkins originally extended a $500,000 line of credit to the Debtor in 2019, which was later converted into a guaranteed promissory note of approximately $495,852, with about $203,000 remaining unpaid. The bank holds a first-priority secured interest in the Debtor's tangible and intangible assets. The property securing the claims of Tompkins includes cash and assets, valued at approximately $475,000 but junior to purchase money secured loans against certain assets in the approximate amount of $325,000. Aside from Tompkins, other creditors include the U.S. Small Business Administration with a second-priority lien ($500,000 owed), Rapid Finance, Vox Funding, Velocity Capital Group, and the Internal Revenue Service, which collectively hold lower-priority secured interests through various loans and federal tax liens. About Lazarus Industries Lazarus Industries, LLC is a construction, fabrication, and manufacturing company based in Buffalo, N.Y. Lazarus Industries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.Y. Case No. 25-10417) on April 16, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Frank Lazarus, managing member of Lazarus Industries, signed the petition. Judge Carl L. Bucki oversees the case. Frederick J. Gawronski, Esq., at Colligan Law, LLP, is the Debtor's legal counsel. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. Tompkins Community Bank, as secured creditor, is represented by: John K. McAndrew, Esq. Woods, Oviatt, Gilman, LLP 1900 Bausch & Lomb Place Rochester, NY 14604 Direct: 585-987-2885 Office: 585.987.2800 Fax: 585.454.3968 jmcandrew@woodsoviatt.com LEISURE INVESTMENTS: Taps Greenhill & Co. as Investment Banker -------------------------------------------------------------- Leisure Investments Holdings, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Greenhill & Co., LLC as investment banker. The firm will render these services: a. review and analyze the Debtor's assets, liabilities, capital structure and the historical financial performance of the Debtor, including its liquidity; b. analyze the Debtor's financial results and key operating performance indicators; c. review and analyze the business plan and financial projections prepared by the Debtor; d. evaluate the Debtor's potential debt capacity in light of projected cash flows; e. assist in the determination of an appropriate capital structure for the Debtor and its affiliates; f. assist in the determination of a range of values for the Debtor, its equity interests, and/or its assets, in whole or multiple parts, either as: a going concern; one or more assets or equity interests sold on an "as is, where is" basis; or otherwise; and, if determined to be appropriate by Greenhill, based on various economic and business scenarios; g. assist the Debtor in raising, structuring and effecting new debt, equity or other securities, including, but not limited to, bridge, debtor-in-possession and/or exit financing; h. assist in evaluating strategic alternatives of the Debtor, and develop Transaction frameworks; i. provide advice and coordinate with management and counsel to develop a strategy for any Transaction; j. provide financial advice and assistance to the Debtor in structuring any new securities, other consideration or instruments to be offered and/or issued in connection with a Transaction; k. assist the Debtor and its other professionals in reviewing the terms of any proposed Transaction; l. assist and/or participate in negotiations with the parties in interest, including, without limitation, any current or prospective creditors of the Debtor and/or their respective representatives in connection with a Transaction; m. advise the Debtor with respect to, and attend, meetings of the Debtor's senior-management, board of directors, audit committees (as necessary), creditor groups (including ad hoc groups and statutory committees of creditors or equity holders) and other interested parties, as necessary, with respect to matters on which Greenhill has been engaged to advise hereunder; n. if requested by the Debtor, participate in hearings in the Bankruptcy Case before the Bankruptcy Court and provide relevant testimony with respect to Greenhill's services and the matters described herein, as well as issues arising in connection with any proposed chapter 11 plan in Greenhill's area of expertise concerning a Transaction; o. assist the Debtor with respect to the development of a Sec. 363 sale process and/or private sale by developing optimal views on packaging assets to maximize value; developing marketing materials for assets or packages of assets, as appropriate; and assist in developing bid procedures to maximize value for the estate; p. assist the Debtor with conducting a Sec. 363 and/or private sale process by identifying and contacting buyers and investors, assisting prospective buyers and investors with their due diligence, reviewing and evaluating non-binding letters of intent, reviewing and evaluating binding bids, conducting an auction (if appropriate or necessary), assisting the Debtor with the selection of winning bids and backup bids, and assisting with the closing(s); and q. provide such other general advisory services and investment banking services as are customary for similar transactions and as may be mutually agreed upon by the Debtor and Greenhill. The firm will receive these fees: a. Monthly Advisory Fee. A non-refundable monthly fee of $125,000 per month (the "Monthly Advisory Fee"), which shall be due and paid promptly by the Company on a monthly basis in advance, provided that solely the initial Monthly Advisory Fee shall be pro-rated to the date hereof. The initial Monthly Advisory Fee shall be payable upon execution of this Agreement and each subsequent Monthly Advisory Fee shall be payable at the beginning of each month thereafter. After six full Monthly Advisory Fees have been received by Greenhill, 50 percent of any Monthly Advisory Fees received by Greenhill shall be credited once, without duplication, against any Restructuring Transaction Fee or M&A Fee payable to Greenhill under the Engagement Letter; provided, that the amount credited shall not exceed the amount of the fee(s) credited against. b. M&A Fee. Promptly upon the consummation of any M&A Transaction, a fee (an "M&A Fee") equal to the greater of (a) $250,000 and (b) the amount determined in accordance with Schedule B of the Engagement Letter. Such M&A Fee shall be payable from the proceeds of such applicable M&A Transaction prior to any other use or distribution of such proceeds. Any M&A Fees earned up to, but not exceeding, $2,250,000 may be credited once, without duplication, against any Restructuring Transaction Fee payable to Greenhill under the Engagement Letter; provided, that the amount credited shall not exceed the amount of the fee(s) credited against. a. Notwithstanding anything to the contrary in the Engagement Letter, for purposes of determining the M&A Fee, and in lieu of the fees contemplated under this Agreement and the Retention Agreement for Keen-Summit: i. with respect to properties located in the United States of America that are jointly marketed by both Greenhill and Keen-Summit ("U.S. Jointly Marketed Properties"), and 1. purchased in connection with a going concern sale of some portion of assets of the Debtors, Greenhill and Keen-Summit shall each be entitled to a fee in the amount of (x) the applicable M&A Fee under this Agreement, multiplied by (y) one-hundred fifty percent (150.0 percent), and (z) divided by two (2), or 2. otherwise purchased in connection with any other process not covered by section (i) immediately above, Greenhill and KeenSummit shall each be entitled to an aggregate fee in the amount of (x) the applicable Transaction Fee under the Keen-Summit Agreement, multiplied by (y) one-hundred fifty percent (150.0 percent), and (z) divided by two (2); and ii. with respect to properties located outside of the United States of America that are jointly marketed by both Greenhill and Keen-Summit ("Foreign Jointly Marketed Properties"), each of Greenhill and KeenSummit shall be entitled to a fee in the amount of (i) the applicable M&A Fee under this Agreement, multiplied by (ii) one-hundred thirty percent (130 percent), and (iii) divided by two (2). c. Restructuring Transaction Fee. Promptly upon the consummation of a Restructuring Transaction, a fee (the "Restructuring Transaction Fee") equal to $2,250,000. For the avoidance of doubt, no Restructuring Transaction Fee shall be due or payable in connection with the refinancing of existing obligations of the Company in a transaction that includes a Financing for which a Financing Fee becomes due and payable; provided that, in such a scenario, the Financing Fee will be the greater of $2,250,000 and the amount that would otherwise be calculated under section (d) of Engagement Letter paragraph 4. d. Financing Fee. Promptly upon the consummation of any Financing, a fee (a "Financing Fee") equal to an amount to be determined according to this schedule: (i) With respect to any senior secured Private Credit or senior secured Debt Securities of any Financing: a. If such new capital is raised from third parties and/or a combination of third parties and existing creditors, the Financing Fee earned will be 1.0 percent of the aggregate principal amount raised, subject to a minimum fee of $500,000; b. If such new capital is raised solely from The Prudential Insurance Company of America, Prudential Legacy Insurance Company of New Jersey, and/or Cigna Health and Life Insurance Company, or some combination of these parties, no Financing Fee shall be earned. (ii) 3.0 percent of the aggregate principal amount raised of any Private Credit or Debt Securities of any Financing which is unsecured; (iii) 4.0 percent of the aggregate principal amount raised of any hybrid capital; and (iv) 5.0 percent of any equity capital or capital convertible into equity raised, including, without limitation, equity underlying any warrants, purchase rights or similar contingent equity securities. A 50 percent discount shall be applied to any Financing Fee earned if the capital is provided by parties who, as of March 31, 2025, were the beneficial owners of Debt Securities or Private Credit issued or borrowed, respectively, by the Company; provided, that such discount shall only be applied to the Financing Fee earned on account of the capital provided by such parties. For the avoidance of doubt, the terms "aggregate principal amount" and "raised" include the amount committed or otherwise made available to the Company, whether or not such amount (or any portion thereof) is drawn down at closing or is ever drawn down and whether or not such amount (or any portion thereof) is used to refinance existing obligations of the Company. As disclosed in court filings, Greenhill is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. Greenhill & Co can be reached through: Jakub Mleczko Greenhill & Co., LLC 1271 Avenue of the Americas, New York, NY 10020 Tel: (212) 389-1500 Fax: (212) 389-1700 About Leisure Investments Holdings Leisure Investments Holdings LLC and affiliates are operating under the name "The Dolphin Debtor," manage over 30 attractions, including dolphin habitats, marinas, water parks, and adventure parks, located in eight countries across three continents. Their primary operations are based in Mexico, the United States, and the Caribbean, with locations in Jamaica, the Cayman Islands, the Dominican Republic, and St. Kitts. These attractions are home to approximately 2,400 animals from more than 80 species of marine life, including a variety of marine mammals such as dolphins, sea lions, manatees, and seals, as well as birds and reptiles. As of 2023, the marine mammal population at the Debtors' parks includes roughly 295 dolphins, 51 sea lions, 18 manatees, and 18 seals. Leisure Investments Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case 25-10606) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as counsel; Riveron Management Services, LLC as restructuring advisor; and Kurtzman Carson Consultants, LLC d/b/a Verita Global, as claims & noticing agent. LEISURE INVESTMENTS: Taps Keen-Summit as Real Estate Advisor ------------------------------------------------------------ Leisure Investments Holdings, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Keen-Summit Capital Partners LLC as their real estate advisor and broker. The firm will render these services: a. Marketing Services with Respect to Properties 1. on request, review pertinent documents and consult with the Debtors' counsel, as appropriate; 2. coordinate with the Debtors for the development of due diligence materials; 3. develop, subject to the Debtors' review and approval and in consultation with the Prepetition First Lien Noteholders and DIP Lenders, a marketing plan and implement each facet of the marketing plan; 4. communicate regularly with prospects and maintain records of communications; 5. solicit offers for one or more Transactions; 6. assist the Debtors, in consultation with the Prepetition First Lien Noteholders and DIP Lenders, in evaluating, structuring, negotiating and implementing the terms and conditions of a proposed Transaction; 7. develop and implement, subject to the Debtors' review and approval, an auction plan, including arranging auction logistics, assisting Debtors' counsel with auction bid procedures, assisting the Debtors to qualify bidders, and running the auction at the offices of the Debtors' counsel or such other location that may be designated by the Debtors; 8. communicate regularly with the Debtors and their professional advisors in connection with the status of its efforts; 9. track and report to the Company any agreed to, earned, due and payable and/or paid fees and commissions to brokers pursuant to this Agreement; and 10. work with the Debtors' attorneys responsible for the implementation of the proposed Transactions, reviewing documents, negotiating and assisting in resolving problems which may arise. b. Master Brokerage Services with Respect to Foreign Properties 1. identify the best real estate broker in each market for this project, including by factoring in cost of brokerage services, experience in the industry and other pertinent factors; 2. engage each broker on a subcontracting basis and subject to Debtors' prior review and approval, in consultation with the Prepetition First Lien Noteholders and DIP Lenders; 3. coordinate with Debtors' counsel on the debtor's retention of local real estate counsel; 4. understand, in conjunction with Debtors' counsel and the local broker and real estate counsel, the ability in the market to use a stalking-horse-overbid-process; 5. supervise the development and implementation of each broker's marketing plan, including leaving open the opportunity for bulk purchases; 6. assist foreign local brokers and their prospects in their understanding of and comfort with the bankruptcy sale process (depending upon whether the firm can or cannot sign up a stalking horse and run an overbid process); 7. obtain weekly status reports from local brokers; 8. communicate regularly with Debtors and their professional advisors in connection with the status of Keen's master brokerage efforts; 9. use Keen's proprietary database, supplementing the marketing of the local brokers by marketing outside of the United States for sale on an individual and package basis; and 10. assist with offer solicitations; negotiations; documentation; overbid process, if and as applicable; and Court approval. Keen has agreed on the following terms of compensation: a. Transaction Fee. As and when the Debtors close a Transaction, whether such Transaction is completed individually or as part of a package or as part of a sale of all or a portion of the Debtors' business or as part of a plan of reorganization, Keen shall earn the following fee: 1. 3.5 percent of the first $10,000,000 of "Gross Proceeds" from the Transaction, plus 2. Three percent of the next $5,000,000 of Gross Proceeds from the Transaction, plus 3. One percent of Gross Proceeds in excess of $15,000,000, (the "Transaction Fee"), plus 4. The reimbursement of its reasonable and documented out of pocket expenses. b. Master Broker Transaction Fee. As and when Company closes a Foreign Property Transaction, whether such Transaction is completed individually or as part of a package or as part of a sale of all or a portion of Company's business or as part of a plan of reorganization, then Keen shall have earned compensation per Transaction equal to one percent of Gross Proceeds (the "Master Broker Transaction Fee"); plus the reimbursement of its reasonable and documented out of pocket expenses, as set forth in Section VIII of the Engagement Letter. c. Local Broker Commissions. As and when Company closes a Foreign Property Transaction, whether such Transaction is completed individually or as part of a package or as part of a sale of all or a portion of Company's business or as part of a plan of reorganization, then Local Broker shall have earned compensation per Transaction equal to the terms and conditions of such Local Broker's subcontracting agreement with Keen (the "Local Broker Transaction Fee"), such fees to be payable by Company; provided, however, if and to the extent the Company intends to retain a Local Broker whose Local Broker Transaction Fee will exceed 6 percent, then such subcontracting agreement and the terms of the Local Broker Transaction Fee shall be approved by the Prepetition First Lien Noteholders and DIP Lenders. d. Come Hell or Highwater Fee with respect to Properties. It is the intention of the parties that once engaged and work has commenced on a Property; Keen shall earn a fee for such Property. If a Transaction Fee is not earned, and if, during the Term, and subsequent to Keen commencing work on the applicable Property: 1. Company transfers a property to a secured lienholder or a subsidiary or affiliated entity, or a liquidating trust or other entity created for the benefit of the creditors, however such transfer is effectuated, whether by means of a deed in lieu, credit bid, or otherwise; or 2. Company designates a Property as a Removed Property or otherwise withdraws a property from the scope of the engagement or cancels an auction; or 3. the highest and best Transaction offer does not cover the secured liens on the Property and the secured lienholder(s) does/do not consent to the Transaction, then Keen shall be due a Fee (in lieu of any Transaction Fee) equal to the greater of $50,000 or, in the event of a credit bid, one percent of the credit bid plus the amount of the existing mortgage. Notwithstanding the foregoing, the Come Hell or Highwater Fee shall be capped at $150,000 per Property; plus the reimbursement of any unpaid reasonable and documented out-of-pocket expenses. Such fee and expense reimbursement shall be due and payable within 10 days of invoicing (subject to a final fee application). e. Come Hell or Highwater Fee with Respect to Foreign Properties. It is the intention of the parties that once engaged and work has commenced on a Foreign Property, Keen and the Local Broker shall earn a fee for such Foreign Property. If a Transaction Fee is not earned, and if, during the Term, and subsequent to Keen commencing work on the applicable Foreign Property: 1. Company transfers a Foreign Property to a secured lienholder or a subsidiary or affiliated entity, or a liquidating trust or other entity created for the benefit of the creditors, however such transfer is effectuated, whether by means of a deed in lieu, credit bid, or otherwise; or 2. Company designates a Foreign Property as a Removed Property or otherwise withdraws a Foreign Property from the scope of the engagement or cancels an auction; or 3. the highest and best Transaction offer does not cover the secured liens on the Foreign Property and the secured lienholder(s) does/do not consent to the Transaction, then Keen shall be due a Fee (in lieu of any Transaction Fee) equal to the greater of $100,000 or, in the event of a credit bid, one percent of the credit bid plus the amount of the existing mortgage. Notwithstanding the foregoing, the Come Hell or Highwater Fee shall be capped at $250,000 per Foreign Property; plus the reimbursement of any unpaid reasonable and documented out-of-pocket expenses. Such fee and expense reimbursement shall be due and payable within 10 days of invoicing (subject to a final fee application). f. Joint Marketing with Greenhill & Co., LLC. Notwithstanding anything to the contrary in the Engagement Letter, for purposes of determining the Transaction Fee, and in lieu of the fees contemplated under this Agreement and the Agreement (the "Greenhill Agreement"), dated as of May 15, 2025, between the Company and Greenhill & Co., LLC ("Greenhill"): 1. With respect to properties located in the United States of America that are jointly marketed by both Greenhill and Keen ("U.S. Jointly Marketed Properties"), and a) purchased in connection with a going concern sale of some portion of assets of the Debtors, Greenhill and Keen shall each be entitled to a fee in the amount of (x) the applicable M&A Fee under the Greenhill Agreement, multiplied by (y) 150 percent, and (z) divided by two (2), or b) otherwise purchased in connection with any other process not covered by section (i) immediately above, Greenhill and Keen shall each be entitled to an aggregate fee in the amount of (x) the applicable Transaction Fee under the Engagement Letter, multiplied by (y) 150 percent, and (z) divided by two (2); and 2. With respect to properties located outside of the United States of America that are jointly marketed by both Greenhill and Keen ("Foreign Jointly Marketed Properties"), each of Greenhill and Keen shall be entitled to a fee in the amount of (i) the applicable M&A Fee under the Greenhill Agreement, multiplied by (ii) 130 percent, and (iii) divided by two (2). Harold Bordwin, a principal at Keen-Summit Capital Partners, disclosed in a court filing that the firms are a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Harold Bordwin Keen-Summit Capital Partners LLC 1 Huntington Quad Melville, NY 11747 Telephone: (914) 980-8555 Email: hbordwin@ken-summit.com About Leisure Investments Holdings Leisure Investments Holdings LLC and affiliates are operating under the name "The Dolphin Debtor," manage over 30 attractions, including dolphin habitats, marinas, water parks, and adventure parks, located in eight countries across three continents. Their primary operations are based in Mexico, the United States, and the Caribbean, with locations in Jamaica, the Cayman Islands, the Dominican Republic, and St. Kitts. These attractions are home to approximately 2,400 animals from more than 80 species of marine life, including a variety of marine mammals such as dolphins, sea lions, manatees, and seals, as well as birds and reptiles. As of 2023, the marine mammal population at the Debtors' parks includes roughly 295 dolphins, 51 sea lions, 18 manatees, and 18 seals. Leisure Investments Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case 25-10606) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as counsel; Riveron Management Services, LLC as restructuring advisor; and Kurtzman Carson Consultants, LLC d/b/a Verita Global, as claims & noticing agent. LILYDALE PROGRESSIVE: Gets Extension to Access Cash Collateral -------------------------------------------------------------- Lilydale Progressive Missionary Baptist Church received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The court's eighth interim order authorized the Debtor to use cash collateral for the period from June 18 to July 24 to operate and maintain its property in accordance with its budget. The Debtor projects total monthly operational expenses of $34,363.14. As protection for any diminution in value of its collateral, CadleRock III, LLC was granted a replacement lien on the Debtor's accounts and accounts receivables (excluding causes of action). In addition, the Debtor will make monthly payments to CadleRock in the amount of $10,000 and will remit to CadleRock all revenues for the 30-day period that exceed $45,000. The Debtor will also keep its property insured as further protection. The Debtor's authority to use cash collateral will terminate on July 24; upon entry of a court order modifying or otherwise altering the effectiveness of the eighth interim order; or upon occurrence of an event of default, whichever comes first. A status hearing is set for July 23. Cadlerock is the successor in interest to Park National Bank, the original lender. It has a mortgage on the Debtor's property in Chicago, Ill., which is valued at approximately $2 million. The property generates income through tithes and offerings, which qualify as cash collateral under Section 363(a) of the Bankruptcy Code. As of the petition date, Cadlerock is owed not less than $504,401.05. About Lilydale Progressive Missionary Lilydale Progressive Missionary Baptist Church sought protection under Chapter 11 of the U.S. Bankruptcy Code (Banker. N.D. Ill. Case No. 24-12502) on August 26, 2024, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Janet S. Baer presides over the case. The Debtor tapped the Law Office William E. Jamison & Associates as bankruptcy counsel and Chitwood & Chitwood Financial Services as accountant. CadleRock III, LLC, as secured creditor, is represented by: Cynthia G. Feeley, Esq. Feeley & Associates, P.C. 161 North Clark Street, Suite 1600 Chicago, IL 60601 Tel: 312-541-1200 feeleypc@aol.com MARCO'S PIZZA: Unsecureds Will Get 100% of Claims in Plan --------------------------------------------------------- Marco's Pizza of N.Y. Corp. and Josulianaa, Inc. filed with the U.S. Bankruptcy Court for the Southern District of New York a Small Business Plan of Reorganization under Subchapter V dated June 10, 2025. Marco's is a New York State corporation engaged in the business of being the lessee of the ground floor and basement space at 145 East 49th Street, New York, New York (the "Premises"). Marco's landlord is 145 East 49th St L.L.C. (the "Landlord"). Josulianaa is a New York State corporation that, along with Marco's, operates a restaurant named La Bellezza Pizzeria at the Premises. The Debtor intends to implement the Plan with income generated from their businesses. Under the Plan, the Debtor will pay the class of general unsecured creditors, in full, on the Effective Date, and will treat the other class in this case, the Landlord, pursuant to the provisions of a settlement agreement by and between the Debtors and the Landlord. Class 1 consists of General Unsecured Claims of Josulianaa Inc. This Class shall be paid one hundred percent of their Allowed Claims on the Effective Date. Class 1 is not impaired and not entitled to vote to accept or reject the Plan. The Plan shall be funded by income generated by the cash on hand and income generated by Josulianaa Inc. A full-text copy of the Plan of Reorganization dated June 10, 2025 is available at https://urlcurt.com/u?l=iaSuK2 from PacerMonitor.com at no charge. Counsel for the Debtors: SHAFFERMAN & FELDMAN LLP Joel Shafferman, Esq. 137 Fifth Avenue, 9th Floor New York, NY 10010 Tel.: (212) 509-1802 About Marco's Pizza of N.Y., Corp. Marco's Pizza of N.Y., Corp. is a corporation engaged in the business of being the lessee of the ground floor and basement space at 145 East 49th Street, New York, New York (the "Premises"). The Debtor sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10468) on March 13, 2025, listing $500,001 to $1 million in both assets and liabilities. Judge John P. Mastando III presides over the case. Joel Shafferman, Esq. at Shafferman & Feldman, LLP, is the Debtor's counsel. MARELLI HOLDINGS: Nissan, Tesla Selected for Creditors' Committee ----------------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that Carmakers Nissan and Tesla are among seven unsecured creditors appointed by the U.S. Trustee's Office to serve on the creditors' committee in auto parts manufacturer Marelli Corp.'s Chapter 11 bankruptcy case. About Marelli Marelli is a "Tier 1" automotive supplier and one of the largest automotive components suppliers in the world. Headquartered in Saitama, Japan, Marelli operates in 24 countries around the world and supplies over 65 OEMs and brands such as Stellantis, Nissan, Volkswagen, BMW, and Mercedes Benz. With around 45,000 employees worldwide, the Marelli footprint includes over 150 sites globally. In 2024, Marelli generated over $10 billion of revenue. On June 11, 2025, Marelli Holdings Co. Ltd. and its affiliates commenced voluntary chapter 11 cases (Bankr. D. Del. Lead Case No. 25-11034). The cases are pending before the Honorable Judge Craig T. Goldblatt in Delaware. Around 80% of the Company's lenders have signed an agreement to support the Company' Chapter 11 restructuring in the U.S., which will deleverage Marelli's balance sheet and strengthen its liquidity position. Kirkland & Ellis LLP is serving as legal counsel to Marelli. PJT Partners Inc. is serving as financial advisor, and Alvarez & Marsal LLC is serving as restructuring advisor to Marelli. Verita Global, formerly KCC, is the claims agent. Akin Gump Strauss Hauer & Feld LLP, Houlihan Lokey, and AlixPartners LLP are serving as advisors to the ad hoc group of lenders. MARK'S POOL: Hires EisnerAmper LLP as Financial Consultant ---------------------------------------------------------- Mark's Pool Service, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ EisnerAmper LLP as financial consultants. The firm will render these services: a. assist management and other professionals with its liquidity, financial, operational, and strategic planning, including the development of Chapter 11 strategy; b. assist in monitoring cash balance and cash requirements; c. provide support in the development of a rolling cash flow budget and variance analysis; d. assist with the preparation of monthly operating reports, projections, and claim analysis; e. assist in the negotiations with various stakeholders; f. develop and negotiate viable plan of reorganization; g. provide additional assistance; and h. coordinate with stakeholders to ensure no duplication of work. EisnerAmper will be paid at these hourly rates: Partners/Directors $640 - $850 Managers/Senior Managers $385 - $555 Paraprofessionals/Staffs $195 - $375 EisnerAmper will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert Katz, managing director at EisnerAmper, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. The firm can be reached through: Robert Katz EisnerAmper LLP One Logan Square 130 North 18th Street, Suite 3000 Philadelphia, PA 19103 Phone: (215) 881-8800 (215) 881-8828 About Mark's Pool Service, LLC Mark's Pool Service, LLC, doing bsuiness as MPS Custom Pools, is a pool contractor serving the Lehigh Valley area. It specializes in a variety of services, from custom pool design and construction to regular maintenance. Its offerings include concrete pools, custom above-ground pools, custom inground pools, semi-inground pools, fiberglass pools, pool renovations, tile work, upgrades, vinyl pools, and weekly cleaning services. Mark's Pool Service sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-10348) on January 28, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Mark D. Reynard, president of Mark's Pool Service, signed the petition. Judge Patricia M. Mayer presides over the case. Frank S. Marinas, Esq. at Maschmeyer Marinas, P.C. represents the Debtor as legal counsel. MARVEL LIGHTING: Judy Wolf Weiker Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 10 appointed Judy Wolf Weiker of Manewitz Weiker Associates, LLC as Subchapter V trustee for Marvel Lighting, LLC. Ms. Weiker will be paid an hourly fee of $375 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Weiker declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Judy Wolf Weiker Manewitz Weiker Associates, LLC P.O. Box 40185 Indianapolis, IN 46240 Phone: 973-768-2735 Email: JWWtrustee@manewitzweiker.com About Marvel Lighting Marvel Lighting, LLC is a lighting designer and distributor based in Carmel, Indiana. Marvel Lighting sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-03349) on June 10, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. John Ansted, principal at Marvel Lighting, signed the petition. Judge Jeffrey J. Graham oversees the case. John Allman, Esq., at Hester Baker Krebs, LLC, represents the Debtor as legal counsel. MASS POWER: Unsecured Creditors Will Get 15% of Claims in Plan -------------------------------------------------------------- Mass Power Solutions LLC filed with the U.S. Bankruptcy Court for the District of Massachusetts a Plan of Reorganization dated June 10, 2025. Mass Power Solutions was formed in 2018 and began operations in 2019 by establishing relations in the solar panel industry. The Debtor became a full service solar panel installer for residential homeowners. The Debtor sought relief under Chapter 11 because it was unable to continue business operations because Fox Funding, a receivable lender/purchaser, has asserted claims to debtor's payments from Lightreach Solar. The Debtor's Plan is a three-year bootstrap plan. The Debtor will continue operating and will repay creditors from future income. The Debtor will use its ERC credit in excess of the IRS setoff to pay the priority wage claims, the priority tax claims and then general unsecured creditors. The Plan provides for quarterly payments to general unsecured creditors. The Debtor's projections assume a modest increase in sales year over year and provide for a return to normal operating expenses, including increased staffing, marketing, and capital expenditures. If the Debtor's sales do not increase as projected, the Debtor likewise will not increase its expenses. Class 8 consists of the Allowed General Unsecured Claims against the Debtor in the estimated amount of $1,300,000 inclusive of the Class 6 and 7 Claims of Elevation Capital and Fox Funding. The claims of the General Unsecured Creditors are impaired under the Plan. Any holder of an Allowed General Unsecured Claim shall be entitled to vote under the Plan. In full and complete satisfaction, settlement, release and discharge of all Class 8 claims, each holder of an Allowed Class 8 claim shall receive a pro rata distribution of quarterly payments averaging $17,000 a quarter commencing as soon as the priority wage claims and priority tax claims have bene paid in full. In addition, any net proceeds recovered by the Debtor from any Avoidance Actions or other claim will be contributed to the Plan. The Debtor estimates that each holder of a Class 8 Claim will receive at least 15% of its Claim through the Plan. The Plan will be funded from the Debtor's net income and its ERC Tax Credit. Upon the Effective Date, the Debtor is authorized to take all action permitted by law, including, without limitation, to use its cash and other Assets for all purposes provided for in the Plan and in its operations, to borrow funds, to transfer funds between itself and any other entity for any legitimate purpose, including but not limited to cash management, to refinance its obligations under the Plan or to sell its existing Assets. A full-text copy of the Plan of Reorganization dated June 10, 2025 is available at https://urlcurt.com/u?l=BpEBLL from PacerMonitor.com at no charge. Counsel to the Debtor: John O. Desmond, Esq. 5 Edgell Road, Suite 30A Framingham, MA 01701 Telephone: (508) 879-9638 Email: attorney@jdesmond.com About Mass Power Solutions Mass Power Solutions LLC is an electrical contracting company specializing in renewable energy solutions, including solar project design, installation, and management, serving both residential and commercial clients. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-40234) on March 5, 2025. In the petition signed by Ryan Lane, manager, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Elizabeth D. Katz oversees the case. John O. Desmond, Esq., is the Debtor's legal counsel. MAVENIR PRIVATE: S&P Withdraws 'CC' Issuer Credit Rating -------------------------------------------------------- S&P Global Ratings withdrew all of its ratings on Mavenir Private Holdings II Ltd., including the 'CC' issuer credit rating, at the issuer's request. At the time of the withdrawal, S&P's outlook was negative. MEYER BURGER: Swiss Company Seeks Chapter 11 Bankruptcy ------------------------------------------------------- Gnaneshwar Rajan of Reuters reports that Swiss solar panel producer Meyer Burger has sought Chapter 11 bankruptcy protection in the U.S., the company revealed in a court filing on Wednesday, June 25, 2025. The firm has faced significant financial pressure, with its European and American operations struggling to compete against cheaper Asian imports. At the end of May 2025, Meyer Burger announced the closure of its Arizona plant due to financial challenges, followed by insolvency filings for its German units, the report states. According to the U.S. filing, the company reported estimated assets between $100 million and $500 million, and liabilities between $500 million and $1 billion. About Meyer Burger (Holding) Corp. Meyer Burger (Holding) Corp. is a manufacturer of solar photovoltaic equipment and systems. Meyer Burger (Holding) Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11217) on June 25, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million, and liabilities between $500 million and $1 billion. Honorable Bankruptcy Judge Craig T. Goldblatt handles the case. The Debtor is represented by Zachary Javorsky, Esq., Paul Noble Heath, Esq., Brendan Joseph Schlauch, Esq.,Nicholas Franchi, Esq., and Jason M. Madron, Esq. at Richards, Layton & Finger, P.A. MISSION POINT: Quality of Care Maintained, PCO Reports ------------------------------------------------------ Deborah Fish, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Eastern District of Michigan her report regarding the quality of patient care provided by Mission Point of Detroit, LLC. The report covers the period from April 24 to June 17, and is based upon site visits, observations at the facility, communications with Human Resources, and discussions with staff and residents. The PCO cited that the Debtor has maintained all of its services and is delivering similar quality care to essentially the same patient population as it did pre-petition. The PCO observed that the facility is newer and has a welcoming look and feel. The facility is adequately maintained, the floors and gathering rooms are clean, and the residents' rooms are clean. The residents' rooms are located off of one main one main hallway on three levels. There were no foul odors to report. Ms. Fish noted that the facility has a primary physician, and the physician has physician assistant make rounds during the week. Any follow-up care, change in medication or questions are managed at this time. The PCO spoke with the residents during the visits and found them to be responsive and pleased or satisfied with the care given. The PCO stated that the administration has confirmed that the Debtor has maintained its relationship with its pre-bankruptcy suppliers. There was one brief issue with the ordering and delivery of pharmaceuticals, which was resolved immediately and caused no resident issues. The Debtor continues to order from the vendor. The PCO found out that the Debtor has continued the same quality of care post-petition as it did pre-bankruptcy. Monitoring will continue. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=8BsfkU from PacerMonitor.com. The ombudsman may be reached at: Allard & Fish, P.C. Deborah L. Fish 211 W Fort St. Suite 705 Detroit MI 48226 (313) 309.3171 Email: dfish@allardfishpc.com About Mission Point of Detroit Mission Point of Detroit, LLC is a skilled nursing and rehabilitation facility located in Detroit, Mich. It operates under the Mission Point Healthcare Services network, which manages post-acute care centers across the state. The facility provides short-term rehabilitation, long-term care, and specialized nursing services. Mission Point of Detroit sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-43883) on April 16, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Maria L. Oxholm handles the case. Ryan Heilman, Esq., at Heilman Law, PLLC is the Debtor's bankruptcy counsel. The Huntington National Bank, as secured creditor, is represented by: Douglas C. Bernstein, Esq. Plunkett Cooney 38505 Woodward Avenue, Suite 100 Bloomfield Hills, MI 48304 (248) 901-4091 dbernstein@plunkettcooney.com Deborah L. Fish is the patient care ombudsman appointed in the Debtor's case. MY GEORGIA PLUMBER: Taps Jones Lang LaSalle as Real Estate Broker ----------------------------------------------------------------- My Georgia Plumber, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Jones Lang LaSalle Brokerage, Inc. as real estate broker. The broker will market and sell the Debtor's real property located at 3050 Marietta Hwy, Canton, Georgia 30114. The broker's a standard commission is 7 percent. Paul Hanna, Esq., a broker at Jones Lang LaSalle Brokerage, Inc., assured the court that the firm is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Paul Hanna Jones Lang LaSalle Brokerage, Inc. 3344 Peachtree Road NE Suite 1100 Atlanta, GA 30326 Tel: (404) 461-9992 Fax: (770) 559-2021 About My Georgia Plumber My Georgia Plumber, Inc., a company in Canton, Ga., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 23-61266) on Nov. 13, 2023. In the petition signed by its chief executive officer, Katrina Rief-Derrico, the Debtor reported up to $50,000 in assets and $1 million to $10 million in liabilities. Cameron M. McCor, Esq., at Jones & Walden, LLC, is the Debtor's legal counsel. NELROY DRUGS: Samuel Dawidowicz Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 2 appointed Samuel Dawidowicz as Subchapter V trustee for Nelroy Drugs, Inc. Mr. Dawidowicz will be paid an hourly fee of $565 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Dawidowicz declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Samuel Dawidowicz 215 East 68th Street New York, NY 10065 Phone: (917) 679-0382 About Nelroy Drugs Nelroy Drugs Inc., doing business as Glenridge Pharmacy, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42745) on June 5, 2025. Judge Nancy Hershey Lord presides over the case. Richard S. Feinsilver, Esq., represents the Debtor as legal counsel. NEWS DIRECT: Gets OK to Use $60K in Cash Collateral Until July 2 ---------------------------------------------------------------- News Direct Corp. received sixth interim approval from the U.S. Bankruptcy Court for the District of Connecticut to use up to $60,772.09 in cash collateral to pay its expenses. The sixth interim order authorized the Debtor to use cash collateral for the period from June 19 to July 2 in accordance with its budget, with a permitted line-item variance of up to 10%. As protection for any diminution in value of its interest, Old National Bank was granted replacement liens on the Debtor's personal property, with the same validity, extent, and priority as its pre-bankruptcy liens. In addition, Old National Bank will receive payments totaling $15,000 as further protection. The next hearing is scheduled for July 1. News Direct's business is serving as a messenger service for its business customers, distributing its customer's press releases and other information across a wide variety of business news outlets such as Bloomberg Financial, Dow Jones, and Yahoo Finance. The Debtor derives its income from the fees it charges its customers for these services. Its current monthly revenue is estimated to be $115,000-$130,000 per month. Old National Bank appears to be the only entity with a present interest in the cash collateral. About News Direct Corp. News Direct Corp. is a news and content distribution platform in Norwalk, Conn. News Direct sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Conn. Case No. 25-50005) on January 3, 2025, with up to $50,000 in assets and $1 million to $10 million in liabilities. Judge Julie A. Manning handles the case. The Debtor is represented by Scott M. Charmoy, Esq., at Charmoy & Charmoy. Old National Bank, as secured creditor, is represented by: Kristin B. Mayhew, Esq. Pullman & Comley, LLC 850 Main Street P.O. Box 7006 Bridgeport, CT 06601-7006 Phone: 203-330-2000 Fax: 203-576-8888 kmayhew@pullcom.com NICK'S PIZZA: Court Extends Cash Collateral Access -------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois issued its fourth interim order authorizing Nick's Pizza & Pub, Ltd. to use cash collateral. The Debtor was authorized to continue to use its lenders' cash collateral to pay the expenses set forth in its budget. To the extent funds are available from operations after creating a $75,000 reserve and after paying attorneys' fees pursuant to Section 330 of the Bankruptcy Code, the Debtor was authorized to make monthly partial rent payments for its Crystal Lake and Elgin restaurant in an amount in excess of the reserve amount. The Debtor's right to use the lenders' cash collateral will expire on August 18 or the date of the final hearing. The next hearing is scheduled for August 13. The Debtor's lenders are St. Charles Bank & Trust Company, N.A., Rewards Network Establishment Services, Inc. and On Deck Capital, Inc. St. Charles Bank & Trust, successor by merger with First Community Bank, asserts that it holds a lien on assets of the Debtor pursuant to UCC-1 financing statements it filed against the Debtor. The lender provided a $5.725 million loan to the Debtor to, among other things, assist in the refinancing of the Debtor's real property and construction of a restaurant. Similar security interests may be asserted by Rewards pursuant to its 2017 Receivables Purchase and Marketing Agreement with the Debtor. The agreement included language granting a security interest in certain property owned by the Debtor. A copy of the court's order and the budget is available at https://shorturl.at/ctN4F from PacerMonitor.com. About Nick's Pizza & Pub, Ltd. Nick's Pizza & Pub, Ltd. is a family-friendly restaurants in Crystal Lake and Elgin, serving thin-crust Chicago pizza. Nick's Pizza & Pub filed Chapter 11 petition (Bankr. N.D. Texas Case No. 24-18037) on December 2, 2024, with assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Nicholas Sarillo, president of Nick's, signed the petition. Judge Janet S. Baer handles the case. Matthew T. Gensburg, Esq., at Gensburg Calandriello & Kanter, P.C. is the Debtor's legal counsel. St. Charles Bank & Trust Company, N.A., as lender, is represented by: John Adam Powers, Esq. Brotschul Potts, LLC 1 Tower Lane, Suite 2060 Oak Brook Terrace, IL 60181 Phone: (312) 551-9003 apowers@brotschulpotts.com NOAHCO LLC: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor: Noahco LLC 590 N Lake Ave Pasadena, CA 91101 Business Description: Noahco LLC leases nonresidential buildings, excluding miniwarehouses and self-storage units. The Company operates in the commercial real estate sector, focusing on properties not used as residences or dwellings. Chapter 11 Petition Date: June 24, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-15291 Judge: Hon. Barry Russell Debtor's Counsel: Yoon O. Ham, Esq. LAW OFFICE OF YOON O. HAM 1425 W. Foothill Blvd. Suite 235 Upland, CA 91786 Tel: 909-256-2920 Fax: 909-256-2927 E-mail: hamyesq@gmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Essa Rabadi as managing member. The Debtor did not submit the required list of its 20 largest unsecured creditors when filing the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/3GFMM2Q/Noahco_LLC__cacbke-25-15291__0001.0.pdf?mcid=tGE4TAMA NORMAN REGIONAL: S&P Lowers Bond Rating to 'CCC', Outlook Negative ------------------------------------------------------------------ S&P Global Ratings lowered its long-term rating three notches to 'CCC' from 'B' on the Norman Regional Hospital Authority (NRHA), Okla.'s series 2016, 2017, and 2019 revenue bonds, issued for Norman Regional Health System (NRHS). The outlook is negative. The downgrade reflects continued deterioration in NRHS' extremely slim liquidity position and increased reliance on a fully drawn $35 million line of credit (LOC) that expires Nov. 18, 2025. Failure to renew the LOC could prompt a liquidity crisis. This uncertainty also underpins the negative outlook. S&P expects NRHS will make its Sept. 1, 2025, bond principal and interest payments, but it also believes positive developments will be required to prevent an eventual default. S&P said, "We view NRHS' governance risks as elevated in our analysis. Our management and governance assessment is vulnerable, which we believe reflects the failure to execute on strategic initiatives, specifically the facilities transformation plan, and weaknesses in governing body oversight. NRHS is a public trust, and the City of Norman is the beneficiary. The board is not self-perpetuating (which we view as a best practice), and we understand that the board was not adequately aware to intervene amid the recent financial deterioration. The city must approve any new hospital or ambulatory surgery center in Norman, which we view favorably as it helps limit immediate competition in the service area. "We view NRHS' overall environmental factors as moderately negative in our analysis, given its location in a market prone to tornadoes, which have caused disruption in the past. Specifically, in May 2013, NRHS' Moore hospital was destroyed by a tornado, then rebuilt in 2016 as an outpatient facility. There is little NRHS can do to mitigate the risk of tornadoes beyond stronger construction of facilities, and it has incorporated additional infrastructure reinforcements in its new buildings. We view NRHS' social factors as neutral, although it remains exposed to human capital risks related to labor and other inflationary pressures that contributed to recent operating losses." Environmental, social, and governance (ESG) credit factors for this change in credit rating/outlook and/or CreditWatch status: -- Risk management, culture, and oversight. The negative outlook reflects NRHS' negative operating margins, thin cash flow, and reliance on external sources of liquidity that are subject to renewal risk. The outlook further reflects S&P's view that a liquidity crisis is possible. S&P said, "We could lower the rating if we view payment default or bankruptcy risk as increasingly certain over the near term, which could include further declines in reserves or failure to renew the LOC. We understand that leadership is not considering bankruptcy at this time. Even if rated bond payments are made in full and on time, we would lower the rating if NRHS does not repay its LOC draw absent a renewal or extension. "We could revise the outlook to stable if NRHS meets key targets and milestones over the next year while improving coverage such that ongoing operations appear more capable of supporting near term debt service and unrestricted reserve stability." NORTHPOINT DEVELOPMENT: Gets Extension to Access Cash Collateral ---------------------------------------------------------------- Northpoint Development Holdings, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral to pay its operating expenses. The 10th interim order authorized the Debtor to use cash collateral until August 8 in accordance with its budget, with a 10% variance. Any further use of cash collateral beyond August 8 requires court approval. The budget shows projected total operating expenses of $67,874 for July. The First National Bank of Ottawa, a secured creditor, was granted replacement liens on the cash collateral and all property acquired by the Debtor after the petition date that is similar to its pre-bankruptcy collateral. These replacement liens will have the same priority and extent as the bank's pre-bankruptcy liens. The next hearing is set for August 6. The Debtor owns a commercial property at 1800 North Bloomington Street, Streator, Illinois, which serves as collateral for multiple loans from The First National Bank of Ottawa. The total amount owed under these loans is approximately $4.37 million while the property is valued at around $6.8 million, according to court filings. About Northpoint Development Holdings 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 NORTIA LOGISTICS: Hires David Freydin PC as Bankruptcy Counsel -------------------------------------------------------------- Nortia Logistics Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire the Law Offices of David Freydin PC as its bankruptcy counsel. The firm's services include: (a) negotiation with creditors; (b) preparation of a plan and financial statements; and (c) examination and resolution of claims filed against the estate. The firm will be paid at these rates: David Freydin $450 per hour Jan Michael Hulstedt $425 per hour Derek V. Lofland $425 per hour Jeremy Nevel $425 per hour The firm received a $15,000 pre-petition retainer prior to the filing of the case. Mr. Freydin 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 Freydin, Esq. Law Offices of David Freydin 8707 Skokie Blvd, Suite 312 Skokie, IL 60077 Telephone: (847) 972-6157 Facsimile: (866) 897-7577 Email: david.freydin@freydinlaw.com About Nortia Logistics Inc. Nortia Logistics Inc. is a privately held, asset-based logistics provider founded in 2012 and headquartered in Franklin Park, IL. It specializes in multimodal freight transportation -- covering full-truckload (FTL), less-than-truckload (LTL), and intermodal services -- as well as warehousing, with operations across the U.S. and Canada. Nortia Logistics Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08699) on June 2, 2025. In its petition, the Debtor reports estimated assets of $1,357,500 and total liabilities of $5,793,218. Honorable Bankruptcy Judge Timothy A. Barnes handles the case. The Debtors are represented by David Freydin, Esq. at LAW OFFICES OF DAVID FREYDIN. NV FREIGHT: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor: NV Freight, Inc. 9400 S. 79th Ave., Apt. 1K Hickory Hills, IL 60457 Business Description: NV Freight, Inc. provides long-distance freight transportation services. The Company operates in the trucking industry, handling non-local cargo transport across various regions in the United States. Chapter 11 Petition Date: June 24, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-09610 Judge: Hon. Michael B Slade Debtor's Counsel: Saulius Modestas, Esq. MODESTAS LAW OFFICES, P.C. 401 S. Frontage Rd., Ste. C Burr Ridge, IL 60527-7115 Tel: 312-251-4460 Fax: 312-277-2586 E-mail: smodestas@modestaslaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Ljiljana Milisic as president. The Debtor failed to provide a list of its 20 largest unsecured creditors in the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/35Z26OA/NV_Freight_Inc__ilnbke-25-09610__0001.0.pdf?mcid=tGE4TAMA OMEGA THERAPEUTICS: Seeks to Extend Plan Exclusivity to September 8 ------------------------------------------------------------------- OMGA Liquidating, Inc. f/k/a Omega Therapeutics, Inc. asked the U.S. Bankruptcy Court for the District of Delaware to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to September 8 and November 11, 2025, respectively. The Debtor explains that cause exists to extend the Exclusive Periods for three reasons. First, the Debtor and its professionals have made significant progress in moving the cases to a successful completion, including spending considerable time addressing numerous issues involving creditors and other parties in interests. Since the Petition Date, the Debtor has devoted significant resources and efforts to maximizing the value of its estate by negotiating with creditors, preparing and filing the Debtor's schedules of assets and liabilities and statement of financial affairs, facilitating the sale of substantially all of the Debtor's assets, filing a combined disclosure statement and plan, and meeting the general requirements under the chapter 11 process. Second, while significant progress has been made and the Debtor is approaching its Solicitation Hearing scheduled for June 17, 2025, the Exclusive Filing Period is currently set to expire on June 10, 2025, just one week before the Solicitation Hearing and well before the anticipated Confirmation Hearing, which the Debtor has proposed to be held on July 30, 2025. The Debtor also projects the Plan's Effective Date to occur shortly thereafter. The Debtor believes it is both prudent and an efficient use of estate resources to extend the Exclusive Periods to avoid any potential disruption to the confirmation process or consummation of the Plan. Extending the Exclusive Periods will ensure clarity as to the Debtor's and other parties' rights during this critical phase and mitigate the risk of competing plans that could derail the path to confirmation. Allowing the Exclusive Periods to lapse now would defeat the purpose of section 1121 and deprive the Debtor and its creditors of the benefit of a meaningful and reasonable opportunity to negotiate and confirm a consensual plan. Third, creditors will not be harmed by extending exclusivity. This is the Debtor's first motion to extend the Exclusive Periods. The Debtor is seeking this extension out of an abundance of caution and fully intends to reach confirmation on July 30, 2025 and go effective shortly after. As such, the Debtor submits that creditors will not be prejudiced by an extension of the Exclusive Periods. Omega Therapeutics Inc. is represented by: MORRIS, NICHOLS, ARSHT & TUNNELL LLP Eric D. Schwartz, Esq. Derek C. Abbott, Esq. Andrew R. Remming, Esq. Daniel B. Butz, Esq. Echo Yi Qian, Esq. Luke Brzozowski, Esq. 1201 N. Market Street, 16th Floor Wilmington, Delaware 19801 Telephone: (302) 658-9200 Email: eschwartz@morrisnichols.com dabbott@morrisnichols.com aremming@morrisnichols.com dbutz@morrisnichols.com eqian@morrisnichols.com lbrzozowski@morrisnichols.com About Omega Therapeutics Omega Therapeutics Inc. is a biotechnology company in its development stages, leading innovation in a novel approach to leverage mRNA therapeutics as programmable epigenetic treatments through its OMEGA Epigenomic Programming platform. The OMEGA platform harnesses the power of epigenetics, the mechanism that controls gene expression and every aspect of an organism's life from cell genesis, growth, and differentiation to cell death. The OMEGA platform enables control of fundamental epigenetic processes to correct the root cause of disease by returning aberrant gene expression to a normal range without altering native nucleic acid sequences. Omega Therapeutics Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10211) on February 10, 2025. In its petition, the Debtor reported total assets as of Jan. 28, 2025 amounting to $137,529,941 and total debts as of Jan. 28, 2025 of $140,421,354. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtor is represented by Derek C. Abbott, Esq., Eric D. Schwartz, Esq., Andrew R. Remming, Esq., Daniel B. Butz, Esq., Jonathan M. Weyand, Esq., and Luke Brzozowski, Esq., at Morris, Nichols, Arsht & Tunnell LLP in Wilmington, Delaware. The Debtor's special counsel is Latham & Watkins LLP. The Debtor tapped Triple P RTS, LLC as restructuring advisor and Triple P Securities LLC as investment banker. The Debtor's claims agent and administrative advisor is Kroll Restructuring Administration LLC. OMEGA THERAPEUTICS: Unsecureds Will Get 32% to 57% of Claims ------------------------------------------------------------ OMGA Liquidating, Inc., f/k/a Omega Therapeutics, Inc., filed with the U.S. Bankruptcy Court for the District of Delaware a Combined Disclosure Statement and Chapter 11 Plan of Liquidation dated June 11, 2025. The Debtor was a development-stage biotechnology company that pioneered a new systematic approach to use mRNA therapeutics as programmable epigenetic medicines through its OMEGA Epigenomic Programming platform (the "OMEGA Platform"). Founded in 2016, as of the Petition Date, Omega was a publicly traded company with its shares listed on the Nasdaq Global Market (ticker symbol: OMGA). Omega was and continues to be a corporation organized under the laws of the State of Delaware. Presently, since the post-petition asset sales, the Debtor's address is 675 VFW Pkwy, Ste 417, Chestnut Hill, MA 02467-3656. The Debtor filed the chapter 11 case in order to pursue a sale of all or substantially all of its assets with the goal of maximizing the recovery for its Estate and creditors. Prior to the Petition Date, the Debtor and PM08-B negotiated the approximately $11.4 million DIP Financing Facility (with approximately $1.5 million as part of the Bridge Loan to fund the Debtor into bankruptcy with an additional $9.8 million to fund the chapter 11 case as well as the "stalking horse" Asset Purchase Agreement, whereby PM08-B agreed to credit bid he DIP Financing Facility in exchange for substantially all of the Debtor's assets. Pursuant to the Bidding Procedures Order, no competing bids other than the Stalking Horse Bid, were received on or before the respective bid deadlines. The Debtor, in sound exercise of its business judgment, determined that the PM08-B's Stalking Horse Bid was the highest and best bid for the assets and therefore the winning proposal. On April 25, 2025, the Bankruptcy Court entered the Sale Order. Also on April 25, 2025, the Sale closed. In connection with the closing of the Sale, the DIP Financing Facility was satisfied in full. Following the sale of substantially all of the Debtor's assets to the Purchaser, the Debtor is focused principally on winding down its business and preserving Cash held in the Estate. This Plan provides for the Debtor's Retained Assets to be distributed to Holders of Allowed Claims in accordance with the terms of the Plan. Class 3 consists of General Unsecured Claims. Except to the extent that the Holder of an Allowed Claim in Class 3 agrees to less favorable treatment (or such other treatment which the Debtor (with the consent of the Creditors' Committee), Plan Administrator, and the Holder of such Holder of an Allowed Class 3 Claim have agreed upon in writing), each holder of an Allowed Claim in Class 3 shall receive, on the Effective Date, its Pro Rata Share of the General Unsecured Claim Distribution Fund. The allowed unsecured claims total $4,330,000 to $7,729,000. This Class will receive a distribution of 32% to 57% of their allowed claims. Class 5 consists of Equity Interests. On the Effective Date, all Equity Interests shall be cancelled and each Holder of an Equity Interest in the Debtor shall receive no Distribution pursuant to the Plan. A full-text copy of the Combined Disclosure Statement and Plan dated June 11, 2025 is available at https://urlcurt.com/u?l=dLG8KA from Kroll Restructuring Administration LLC, claims agent. The Debtor's Counsel: Derek C. Abbott, Esq. Eric D. Schwartz, Esq. Andrew R. Remming, Esq. Daniel B. Butz, Esq. Jonathan M. Weyand, Esq. Luke Brzozowski, Esq. MORRIS, NICHOLS, ARSHT & TUNNELL LLP 1201 N. Market Street, 16th Floor P.O. Box 1347 Wilmington, DE 19801 Tel: 302-351-9357 Fax: 302-658-3989 Email: dabbott@morrisnichols.com eschwartz@morrisnichols.com aremming@morrisnichols.com dbutz@morrisnichols.com jweyand@morrisnichols.com lbrzozowski@morrisnichols.com About Omega Therapeutics Omega Therapeutics Inc. is a biotechnology company in its development stages, leading innovation in a novel approach to leverage mRNA therapeutics as programmable epigenetic treatments through its OMEGA Epigenomic Programming platform. The OMEGA platform harnesses the power of epigenetics, the mechanism that controls gene expression and every aspect of an organism's life from cell genesis, growth, and differentiation to cell death. The OMEGA platform enables control of fundamental epigenetic processes to correct the root cause of disease by returning aberrant gene expression to a normal range without altering native nucleic acid sequences. Omega Therapeutics Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10211) on February 10, 2025. In its petition, the Debtor reported total assets as of Jan. 28, 2025 amounting to $137,529,941 and total debts as of Jan. 28, 2025 of $140,421,354. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtor is represented by Derek C. Abbott, Esq., Eric D. Schwartz, Esq., Andrew R. Remming, Esq., Daniel B. Butz, Esq., Jonathan M. Weyand, Esq., and Luke Brzozowski, Esq., at Morris, Nichols, Arsht & Tunnell LLP in Wilmington, Delaware. The Debtor's special counsel is Latham & Watkins LLP. The Debtor tapped Triple P RTS, LLC as restructuring advisor and Triple P Securities LLC as investment banker. The Debtor's claims agent and administrative advisor is Kroll Restructuring Administration LLC. OMIMEX PETROLEUM: 60-Day Extension for Plan Filing Granted ---------------------------------------------------------- Judge Scott Everett of the U.S. Bankruptcy Court for the Northern District of Texas extended Omimex Petroleum, Inc.'s exclusive period to file Chapter 11 plan and solicit acceptances thereof for additional sixty days. As shared by Troubled Company Reporter, the Debtor explains that the case is complex in terms of addressing and planning for which of the 339 wells shall continue production under a plan and which wells shall be plugged and/or abandoned. The Debtor claims that it has identified and has been developing a solution that would resolve some and perhaps all of the P&A work and liabilities without expense to the State of Colorado, with respect to the P&A wells. Working thorough this scenario on the P&A piece of the puzzle has required additional time for the Debtor. The Debtor anticipates filing a plan well before the end of the proposed 60-day extension. Omimex has a plan substantially prepared that may require additional time, in terms of a matter of a few days, beyond April 9, 2025 to refine and complete. Furthermore, the proposed 60-day extension will account for potentially scheduling a confirmation hearing beyond the 180-day window of Section 1121(c)(3) of the Bankruptcy Code, and provide flexibility to accommodate summertime scheduling issues. Omimex Petroleum Inc. is represented by: Jeff Carruth, Esq. Weycer, Kaplan, Pulaski & Zuber, P.C. 24 Greenway Plaza, Suite 2050 Houston, TX 77046 Tel: (713) 341-1158 Fax: (713) 961-5341 E-mail: jcarruth@wkpz.com About Omimex Petroleum Omimex Petroleum Inc. provides energy and fertilizer services. It focuses on the exploration, development, acquisition and operation of oil and gas properties, and production of various fertilizers. Omimex Petroleum serves oil and gas industry internationally. Omimex sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 24-34018) on Dec. 10, 2024, with $1 million to $10 million in both assets and liabilities. Christopher Chambers, sole director of Omimex, signed the petition. The Debtor is represented by Jeff Caruth, Esq., at Weycer, Kaplan, Pulaski & Zuber, P.C. ONESOURCE COMMUNITY: No Decline in Patient Care, PCO Report Says ---------------------------------------------------------------- Arthur Peabody, Jr., the court-appointed patient care ombudsman, filed with the U.S. Bankruptcy Court for the Eastern District of Virginia his third report regarding the quality of patient care provided by OneSource Community Mental Health Services of Virginia, Inc. In the report which covers the period April 4 to June 13, the PCO requested the Director of Compliance to select three records at random for review in lieu of a site visit to the program that had been planned for May 15. Based on the review, the Ombudsman found that patients on admission were receiving timely assessments and individualized service or treatment plans. Service plans were periodically reviewed based on an assessment of the patient's then current needs; plans were maintained or updated based on the professional judgment of the professionals assigned to the patient's treatment team. In addition, the review indicated that plans for the discharge of the patient were developed as early as the initial individual service plan and prior to discharge there were notes indicating how to support the patient on his or her return to the community. The review also indicated that medications are likewise periodically reviewed. The records reflected no incidents of patient injury or adverse incidents. The Ombudsman found no evidence of any deterioration or significant decline in the level of care afforded to patients or that patients were subjected to undue risks to their personal safety. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=DqFLwK from PacerMonitor.com. The ombudsman may be reached at: Arthur E. Peabody, Jr. 600 Cameron Street Alexandria, VA 22314 Phone: (703) 798-1002 Email: arthurpeabody@mindspring.com About OneSource Community Mental Health Services of Virginia OneSource Community Mental Health Services of Virginia, Inc. is a full-service counseling and drug-treatment business in Richmond, Va. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 24-34038) on October 24, 2024, with up to $1 million in assets and up to $10 million in liabilities. Stephen A. Parson, Jr., chief executive officer, signed the petition. Christopher M. Winslow, Esq., at Winslow, McCurry & MacCormac , PLLC, represents the Debtor as legal counsel. Arthur Peabody, Jr., is the patient care ombudsman appointed in the Debtor's case. OSTENDO TECHNOLOGIES: Case Summary & 20 Top Unsecured Creditors --------------------------------------------------------------- Debtor: Ostendo Technologies, Inc. Campus@ Warner Center 21255 Burbank Blvd. Suite 120 Woodland Hills, CA 91367 Business Description: Ostendo Technologies, Inc. develops advanced display and imaging technologies, including micro-LED and quantum photonic imagers. The Company operates in the semiconductor sector and maintains facilities in California. Chapter 11 Petition Date: June 24, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-11111 Judge: Hon. Victoria S Kaufman Debtor's Counsel: Ron Bender, Esq. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. 2818 La Cienega Ave. Los Angeles, CA 90034 Tel: (310) 229-1234 Fax: (310) 229-1244 Email: rb@lnbyg.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Barak Bussel as chairman of the Board of Directors. 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/HRH67CQ/Ostendo_Technologies_Inc__cacbke-25-11111__0001.0.pdf?mcid=tGE4TAMA OUTLAW STEAKBURGERS: Hires CGP and Profit Builders as Accountants ----------------------------------------------------------------- Outlaw Steakburgers, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to employ CGP Group, LLC and Profit Builders, Inc. as accountants. The Debtor needs CGP Group and Profit Builders to provide accounting services including, but not limited to tax preparation and payroll services and bookkeeping, respectively. CGP will be paid at a fixed annual fee of $3,200 with potentially some additional work at hourly rates which range from $150 to $350 per hour. Profit Builders will receive weekly payment amounts, which include payroll fees and 25 percent of periodic accounting fees. The firms represent no interest adverse to the Debtor or to the estate on the matters upon which they are to be engaged. The firms can be reached at: CGP Group LLC 740 W. 2nd St. N Wichita, KS 67203 - and - Profit Builders, Inc. 2872 North Ridge Road, Suite 201 Wichita, KS 67205 About Outlaw Steakburgers Outlaw Steakburgers, LLC filed Chapter 11 petition (Bankr. E.D. Tex. Case No. 25-60236) on April 22, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Esther Yeager, corporate representative, signed the petition. Judge Joshua P. Searcy oversees the case. The Debtor tapped Robert C. Lane, Esq., at The Lane Law Firm as counsel and CGP Group, LLC and Profit Builders, Inc. as accountants. PARLEMENT TECHNOLOGIES: Unsecureds to Recover Up to 2% of Claims ---------------------------------------------------------------- Parlement Technologies, Inc., filed with the U.S. Bankruptcy Court for the District of Delaware an Amended Combined Chapter 11 Plan of Liquidation and Disclosure Statement dated June 10, 2025. The Debtor is a privately owned corporation formed under the laws of Delaware, on June 21, 2022, and was the parent company of the conservative social media platform Parler. The Parler platform was a microblogging service that was both a website and app. The Debtor filed the Chapter 11 Case to market and sell all of the Debtor's assets. On October 25 and October 28, 2024, pursuant to the Bidding Procedures Order, the Debtor commenced the Auction for the sale of the Assets. Mr. Vuong was named as the successful bidder for the Assets, as described in the Vuong Asset Purchase Agreement. With respect to the assets of Alchemy and Dynascale included in Mr. Vuong's successful bid, Mr. Vuong conducted an Article 9 foreclosure sale. Mr. Vuong's bid consisted of $6.35 million, comprising a combination of cash and credit applied in connection with the Vuong Prepetition Secured Debt and Mr. Vuong's entitlements under the DIP Facility, as set forth in the Vuong Asset Purchase Agreement. After a successful auction and a hearing to approve the Sale, on November 1, 2024, the Bankruptcy Court entered the Order (A) Approving Asset Purchase Agreement by and Among the Debtor, Dynascale Inc., Alchemy Data Center, LLC and Vinh Vuong; (B) Authorizing the Sale of the Parlement Assets to Vinh Vuong or his Designee, Free and Clear of All Liens, Claims, Encumbrances and Interests, and (C) Granting Related Relief. The Sale closed on November 26, 2024. On June 10, 2025, the Debtor and Mr. Vuong entered into the Vuong Settlement Term Sheet, a copy of which is attached hereto as Exhibit A and incorporated into this Combined Plan and Disclosure Statement as if fully set forth herein. The Vuong Settlement Term Sheet memorializes the terms of the Vuong Settlement, pursuant to which the Debtor has agreed to, among other things, (i) allow the Remaining Vuong Prepetition Secured Claim in the amount of $8,090,294.90; (ii) provide a release of Mr. Vuong and his related persons or entities from any and all claims, objections, challenges, and other causes of action that the Debtor may have asserted against Mr. Vuong and his affiliates arising, accruing, or existing at any time prior to the Effective Date; and (iii) engage counsel for the Thurston and Olympic litigation claims, which may be different counsel, acceptable to Mr. Vuong to manage and prosecute the litigation of the Debtor's claims against Thurston and Olympic. The Combined Plan and Disclosure Statement is a liquidating chapter 11 plan for the Debtor. The Purchased Assets from the Sale have been transferred from the Debtor to the Purchaser as part of closing of the Sale. The Combined Plan and Disclosure Statement provides that, upon the Effective Date, the Liquidating Trust Assets will be transferred to the Liquidating Trust and the Debtor will be dissolved. The Liquidating Trust Assets will be administered and distributed as soon as practicable pursuant to the terms of the Combined Plan and Disclosure Statement and Liquidating Trust Agreement. Holders of Miscellaneous Secured Claims (classified in Class 1) are not Impaired and will receive, either (a) such other treatment as may be agreed upon by any such holder of a Miscellaneous Secured Claim, the Debtor (prior to the Effective Date), and the Liquidation Trustee (after the Effective Date); or (b) at option of the Debtor or the Liquidating Trustee: (i) payment in cash of the allowed amount of such Miscellaneous Secured Claim (as determined by settlement or order of the Bankruptcy Court), (ii) return of all collateral secured by a valid, perfected, first-priority unavoidable lien securing such Miscellaneous Secured Claim, or (iii) treatment consistent with the provisions of section 1129(a)(9) of the Bankruptcy Code. Holders of Non-Tax Priority Claims (classified in Class 3) are not Impaired and will be paid in full in cash on the Effective Date, the allowed amount of such claim, or receive such other treatment as may be agreed upon by the holder of a Non-Tax Priority Claim, the Debtor (prior to the Effective Date), and the Liquidation Trustee (after the Effective Date). Holders of General Unsecured Claims (classified in Class 4) are Impaired and will receive their Pro Rata share of Liquidation Trust Interests, net of the Remaining Vuong Prepetition Secured Claim, Allowed Professional Fee Claims, Allowed Administrative Expense Claims, Allowed Priority Tax Claims, Allowed Non-Tax Priority Claims, and the administrative expenses of the Liquidating Trustee and his professionals. Holders of Existing Equity (classified in Class 5) are Impaired, are deemed to reject the Combined Plan and Disclosure Statement, and are not entitled to receive any Distribution. Class 4 consists of the General Unsecured Claims. In full and complete satisfaction of an Allowed General Unsecured Claim against the Debtor, each Holder of an Allowed Class 4 General Unsecured Claim shall receive its Pro Rata share of Liquidating Trust Interests, net of the Remaining Prepetition Vuong Secured Claim, Allowed Professional Fee Claims, Allowed Administrative Expense Claims, Allowed Priority Tax Claims, Allowed Non-Tax Priority Claims, and Liquidating Trust Expenses. Holders of General Unsecured Claims in Class 4 are Impaired. The allowed unsecured claims total $6,000,000 to $1,610,450,000. This Class will receive a distribution of 0% to 2% of their allowed claims. The Combined Plan and Disclosure Statement and the process for confirming the same is subject to the Debtor's and its Estate's use of its Assets. To the extent that the Debtor or its Estate incurs costs beyond the cash held by the Debtor, the Holders of Administrative Expense Claims, Professional Fee Claims, Priority Tax Claims, Remaining Vuong Prepetition Secured Claims, and Non Tax Priority Claims may not be paid in full. A full-text copy of the Amended Combined Plan and Disclosure Statement dated June 10, 2025 is available at https://urlcurt.com/u?l=0LWRL9 from PacerMonitor.com at no charge. Parlement Technologies, Inc. is represented by: Jeremy W. Ryan, Esq. R. Stephen McNeill, Esq. Sameen Rizvi, Esq. Potter Anderson & Corroon, LLP Hercules Plaza 1313 North Market Street, 6th Floor P.O. Box 951 Wilmington, DE 19801 Telephone: (302) 984-6108 Email: jryan@potteranderson.com About Parlement Technologies Parlement Technologies, Inc., is a technology services company in Nashville, Tenn., serving businesses and organizations of all sizes. Parlement Technologies filed a Chapter 11 petition (Bankr. D. Del. Case No. 24-10755) on April 15, 2024, listing up to $50 million in both assets and liabilities. Craig Jalbert, chief restructuring officer, signed the petition. Judge Craig T. Goldblatt oversees the case. Jeremy W. Ryan, Esq., at Potter Anderson & Corroon, LLP serves as the Debtor's bankruptcy counsel. PRIME CAPITAL: Trustee Hires Geron Legal Advisors as Legal Counsel ------------------------------------------------------------------ Yann Geron, the trustee appointed in the Chapter 11 case of Prime Capital Ventures, LLC, seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to employ Geron Legal Advisors LLC as counsel. The firm will provide these services: (a) advise the trustee with respect to his rights, powers and duties as trustee of the Debtor's estate in the liquidation of its assets; (b) attend meetings and negotiate with governmental authorities and representatives of creditors and other parties in interest and advise and consult on the conduct of the bankruptcy case; (c) take all necessary action to protect the trustee and the Debtor's estate and preserve its estate; (d) prepare on behalf of the trustee legal papers necessary to the administration of the estate; (e) assist the trustee in analysis and negotiations with any third-party concerning matters related to the realization by creditors of a recovery on claims and other means of realizing value; (f) draft plan or disclosure statement to be proposed by the trustee; (g) represent the trustee at all hearings and other proceedings; (h) assist the trustee in analysis of matters relating to the legal rights and obligations of the Debtor with respect to various agreements and applicable laws; (i) review and analyze all applications, orders, statements, and schedules filed with the Court and advise the trustee as to their propriety; (j) assist the trustee in preparing pleadings and applications as may be necessary in furtherance of his and the Debtor's estate's interests and objectives; (k) assist and advise the trustee regarding communications to governmental authorities and the general creditor body regarding any proposed Chapter 11 plan or other significant matters in the bankruptcy case; (l) assist the trustee with respect to consideration by the Court of any disclosure statement or plan prepared or filed pursuant to Sections 1125 or 1121 of the bankruptcy code and take any necessary action on behalf of the trustee and the Debtor's estate to obtain confirmation of such plan; and (m) perform such other legal services as may be required and/or deemed to be in the interest of the trustee in accordance with its powers and duties as set forth in the Bankruptcy Code. Mr. Geron 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: Yann Geron, Esq. Geron Legal Advisors LLC 370 Lexington Avenue, Suite 1208 New York, NY 10017 Telephone: (646) 560-3224 Email: ygeron@geronlegaladvisors.com About Prime Capital Ventures Prime Capital owns a residential property located at 600 Linkhorn Drive, Virginia Beach, VA 23451, valued at $4.02 million. Prime Capital Ventures, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D.N.Y. Case No. 24-11029) on Sept. 16, 2024, listing $6,452,230 in assets and $244,529,327 in liabilities. The petition was signed by Christian H. Dribusch as manager. Christian H. Dribusch, Esq., at Dribusch Law Firm, is the Debtor's counsel. Yann Geron is appointed as trustee in this Chapter 11 case. He tapped Geron Legal Advisors LLC as bankruptcy counsel and Klestadt Winters Jureller Southard & Stevens LLP as special litigation counsel. PRIME CAPITAL: Trustee Taps Klestadt Winters as Litigation Counsel ------------------------------------------------------------------ Yann Geron, the trustee appointed in the Chapter case of Prime Capital Ventures, LLC, seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to employ Klestadt Winters Jureller Southard & Stevens LLP as special litigation counsel. The firm will render thee services: (a) investigate any potential claims and causes of action against various recipients of transfers made by the Debtor, and other parties which may have inappropriately damaged it and its assets, by review of its books and records, and/or any informal or formal discovery device; (b) work with the trustee's general counsel, Geron Legal Advisors LLC, in the investigation and prosecution of any claims; (c) analyze any claims that the trustee may have against third parties and/or equity holders, former directors or officers, or other insiders of the Debtor as designated by the trustee, and advise the trustee with respect to same; (d) negotiate with the target of any claims in an effort to reach an advantageous settlement; (e) draft complaints seeking recovery of any claims and if necessary, file those complaints with the court and commence actions; (f) conduct all discovery related activities in the actions; (g) represent the trustee at all hearings and other proceedings in the actions; (h) conduct a trial of the action(s) if necessary; (i) prosecute and/or defend any appeal from any final judgment or order entered in the actions; (j) prosecute the actions and otherwise take such other actions as directed by the trustee to protect his and the estate's rights and interests in any claim(s), action(s) and case; and (k) represent the trustee in any other matter or action as directed where he believes such matter or action falls under the umbrella of litigation. The hourly rates of the firm's counsel and staff are as follows: Fred Stevens, Esq. $875 Partners $750 - $995 Associates $495 - $595 Paralegals $275 In addition, the firm will seek reimbursement for expenses incurred. Fred Stevens, Esq., a partner at Klestadt Winters Jureller Southard & Stevens, 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: Fred Stevens, Esq. Klestadt Winters Jureller Southard & Stevens LLP 200 West 41st Street, 17th Floor New York, NY 10036 Telephone: (212) 972-3000 Facsimile: (212) 972-2245 Email: fstevens@klestadt.com About Prime Capital Ventures Prime Capital owns a residential property located at 600 Linkhorn Drive, Virginia Beach, VA 23451, valued at $4.02 million. Prime Capital Ventures, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D.N.Y. Case No. 24-11029) on Sept. 16, 2024, listing $6,452,230 in assets and $244,529,327 in liabilities. The petition was signed by Christian H. Dribusch as manager. Christian H. Dribusch, Esq., at Dribusch Law Firm, is the Debtor's counsel. Yann Geron is appointed as trustee in this Chapter 11 case. He tapped Geron Legal Advisors LLC as bankruptcy counsel and Klestadt Winters Jureller Southard & Stevens LLP as special litigation counsel. PRIMERO SPINE: Unsecureds to Get $8K per Quarter over 60 Months --------------------------------------------------------------- Primero Spine and Joint, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Florida a Chapter 11 Plan of Reorganization dated June 11, 2025. The Debtor primarily operates from a medical office in Jacksonville, Florida. It provides chiropractic services and therapy. This Plan provides for one classes of Secured claims and one class of unsecured claims. Unsecured creditors holding allowed claims will receive distribution under this Plan as determined by Section 1129(a)(15) and pursuant to this Plan. This Plan also provides for the payment of administrative and priority claims either upon the effective date of the Plan, as agreed or as allowed under the Bankruptcy Code. Class 6 consists of Unsecured Claims. The Debtor will pay this class at $7,874.88 per quarter over 60 months. * Consensual Plan Treatment: The liquidation value or amount that unsecured creditors would receive in a hypothetical chapter 7 case is $0.00. However, the Debtor is proposing to pay these creditors at 100%. Payments shall commence on the fifteenth day of the month, on the first month that begins after the Effective Date. Pursuant to Section 1191 of the Bankruptcy Code, the value to be distributed to unsecured creditors is greater than the Debtor's projected disposable income to be received in the 5-year period beginning on the date that the first payment is due under the Plan. * Nonconsensual Plan Treatment: The liquidation value or amount that unsecured creditors would receive in a hypothetical chapter 7 case is $0.00. If the Debtor remains in possession, plan payments shall include the Subchapter V Trustee's administrative fee which will be billed hourly at the Subchapter V Trustee's then current allowable blended rate, which shall not exceed the Disposable Income. Plan Payments shall commence on the fifteenth day of the month, on the first month that is thirty days after the Effective Date and shall continue quarterly payments for 60 months. The Debtor will retain all property of the estate and such property shall re-vest in the Debtor at discharge. Thereafter, the Debtor may use, acquire and dispose of their property free of any restrictions of the Bankruptcy Code, the Bankruptcy Rules, and the Bankruptcy Court. As of the effective date of this Plan, all property retained by the Debtors and sold shall be free and clear of any and all liens and interests except as specifically provided in the Plan or the order confirming the Plan. A full-text copy of the Plan of Reorganization dated June 11, 2025 is available at https://urlcurt.com/u?l=8GUWRP from PacerMonitor.com at no charge. Counsel for the Debtor: PARKER & DUFRESNE, P.A. Donald M. DuFresne, Esq. 8777 San Jose Blvd., Suite 301 Jacksonville, FL 32217 Telephone: (904) 733-7766 Email: dufresne@pdlawcenter.com About Primero Spine and Joint Primero Spine and Joint, LLC primarily operates from a medical office in Jacksonville, Florida. The Debtor filed Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 25-01017) on April 1, 2025, listing between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Jerrett McConnell, Esq., at McConnell Law Group, P.A., serves as Subchapter V trustee. Judge Jacob A. Brown oversees the case. The Debtor tapped Donald M. DuFresne, Esq., at Parker & DuFresne, P.A., as legal counsel and William G. Haeberle, CPA, LLC, as accountant. PROFESSIONAL MAIL: Seeks Chapter 11 Bankruptcy in North Carolina ---------------------------------------------------------------- On June 23, 2025, Professional Mail Services Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of North Carolina. According to court filing, the Debtor reports $7,299,380 in debt owed to 200 and 999 creditors. The petition states funds will be available to unsecured creditors. About Professional Mail Services Inc. 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. Professional Mail Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02371) on June 23, 2025. In its petition, the Debtor reports total assets of $1,412,148 and total liabilities of $7,299,380. Honorable Bankruptcy Judge Pamela W. Mcafee handles the case. The Debtors are represented by Danny Bradford, Esq. at PAUL D. BRADFORD, PLLC QT HAU: Court Extends Cash Collateral Access to July 31 ------------------------------------------------------- The U.S. Bankruptcy Court for the District of Maryland, Baltimore Division extended QT Hau, LLC's authority to use cash collateral from June 30 to July 31. The court's order authorized the Debtor to utilize the cash collateral of its secured creditor, Open Bank, to pay the expenses set forth in its budget. The budget projects total monthly expenses of $29,846.42. As protection for any diminution in the value of its collateral, Open Bank was granted a first priority security interest in and lien on all property acquired by the Debtor after its bankruptcy filing. This replacement lien does not apply to any Chapter 5 causes of action. As additional protection, the Debtor was ordered to pay Open Bank the sum of $24,456.48 by July 15. The payment, which represents 10.25% contractual non-default interest, will be applied against interest due under the loan. The Debtor's authority to access cash collateral terminates on July 31 or upon occurrence of so-called events of default, whichever comes first. Events of default include the Debtor's failure to comply with the order and cure the default; conversion of the Debtor's Chapter 11 case to one under Chapter 7; appointment of a trustee; and entry of an order vacating or reversing the cash collateral order. The next hearing is scheduled for July 23. The Debtor is indebted to Open Bank under a promissory note dated December 10, 2021, in the original principal amount of $2,975,000. Payment of the note is secured by a first priority lien on the Debtor's real property in Baltimore, Maryland. The rents generated with respect to the property constitute cash collateral. Open Bank claims that as of May 29, there is due under the note principal of $2,863,198.46, interest of $477,475.96, late charges of $28,360.02, delinquent real estate taxes advanced by the bank of $106,868.72, and other fees of $1,026.63. Open Bank is represented by: Owen Hare, Esq. Cohn, Goldberg & Deutsch, LLC 1099 Winterson Road, Suite 301 Linthicum Heights, MD 21090 (410) 296-2550 ohare@cgd-law.com About QT Hau LLC QT Hau, LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). QT Hau sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.) on May 29, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. The Debtor is represented by David S. Musgrave, Esq., at Gordon Feinblatt, LLC. QT HAU: Seeks to Hire Century 21 Commercial as Real Estate Broker ----------------------------------------------------------------- QT Hau LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire Century 21 Commercial New Millenium as real estate broker. The firm will market and sell the Debtor's real property located at 3226-3240 Greenmount Avenue, Baltimore, Maryland 21218. The firm's services include: a. preparing and implementing a marketing plan to sell the property; b. conducting a sale or auction process for the property, if necessary; c. representing the Debtor in and negotiating the sale of the property; d. providing testimony or other evidence for the Debtor in support of any relief sought by the Debtor from the Bankruptcy Court in connection with the sale of the property; e. assisting the Debtor and its counsel in the documentation of sale transactions involving the property; and f. reporting periodically to the Debtor regarding the status of the project. Century 21 will receive a commission equal to three percent of the gross sales price of the property. Century 21 is a disinterested person with respect to the services that are proposed to be rendered for and on behalf of the bankruptcy estate, according to court filings. The firm can be reached through: Stephen Karbelk CENTURY 21 Commercial New Millennium 6631 Old Dominion Drive McLean, VA 22101 Phone: (571) 481-1037 Email: stephen.karbelk@c21nm.com About QT Hau LLC QT Hau LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). QT Hau LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.) 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 David S. Musgrave, Esq. at GORDON FEINBLATT LLC. QXC COMMUNICATIONS: Seeks to Use $27,271 in Cash Collateral ----------------------------------------------------------- QXC Communications, Inc. asked the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, for authority to use $27,271 in cash collateral. The Debtor requires the use of cash collateral to pay unsecured pre-bankruptcy tax claims owed to the Florida Department of Revenue. The payment is necessary to obtain a tax clearance certificate required to close an $11 million court-approved asset sale to Hotwire Communications, Ltd., the winning bidder at a public auction held on June 6. The sale proceeds will primarily benefit secured creditors who are expected to receive over $9.3 million. The failure to pay the tax claims could jeopardize the sale closing. The Debtor argued that the use of cash collateral is justified under Section 363 of the Bankruptcy Code because it protects secured creditors' interests, and the payment of the taxes is supported by the "necessity of payment" doctrine, given its importance to the successful closing of the sale. The Debtor has already secured partial consent from some creditors and seeks the court's approval to proceed with the payment to avoid losing the sale and harming creditor recoveries. The Debtor had earlier obtained a court order extending its authority to use cash collateral until July 8 to pay the expenses set forth in its budget. The court's fourth interim order issued on June 18 granted lenders post-petition liens on cash collateral and all other assets (excluding avoidance actions) acquired by the Debtor after the petition date, with the same extent, validity and priority as their pre-bankruptcy liens. About QXC Communications Inc. QXC Communications, Inc. specializes in designing and deploying fiber-optic networks that offer high-speed internet, WiFi, HD TV, and VoIP voice services. It caters to a range of clients, residential communities, military bases, businesses, and outdoor venues. The company uses AON (Active Optical Network) technology to ensure the highest quality connectivity with minimal interruptions. QXC Communications sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-12256) on February 28, 2025, listing $11,677,760 in assets and $13,912,001 in liabilities. John Von Stein, chief executive officer of QXC Communications, signed the petition. Judge Mindy A. Mora oversees the case. John E. Page, Esq., at Shraiberg Page PA, represents the Debtor as legal counsel. RESHAPE LIFESCIENCES: Raises $2.6M via Public Stock Offering ------------------------------------------------------------ ReShape Lifesciences Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a Placement Agency Agreement with Maxim Group LLC, pursuant to which the Company agreed to issue and sell to certain investors 1,054,604 shares of the Company's common stock, par value $0.001 per share at a price of $2.50 per share. The offering closed on June 9, 2025. The offering was made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-287168), previously filed with the U.S. Securities and Exchange Commission on May 9, 2025 and subsequently declared effective by the SEC on May 14, 2025. A preliminary prospectus supplement and accompanying prospectus relating to the offering and describing the terms thereof has been filed with the SEC and forms a part of the effective registration statement and is available on the SEC's website at http://www.sec.govor from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, NY 10022, at (212) 895-3745. The gross proceeds from the offering were approximately $2.6 million, before deducting the placement agent fees and offering expenses. The Company intends to use the net proceeds from the offering for general corporate purposes, including expenses related to the Company's previously announced proposed merger with Vyome Therapeutics, Inc. and sale of substantially all of the Company's assets to Ninjour Health International Limited. The Company's exclusive placement agent in connection with the offering, Maxim Group LLC, received a cash fee equal to up to 7.0% of the gross proceeds received by the Company from the sale of the Common Stock in the offering, as well as reimbursement for certain expenses, and warrants to purchase up to 52,730 shares of Common Stock, which is equal to 5.0% of the aggregate amount of shares of Common Stock issued in the offering, at an exercise price of $2.75 per share. 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. RGN-GROUP: Teachers Insurance Appeal Can't Proceed to Mediation --------------------------------------------------------------- The Honorable Jennifer L. Hall of the United States District Court for the District of Delaware accepted Magistrate Judge Laura D. Hatcher's recommendation that the case captioned as TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA, Appellant, v. RGN-GROUP HOLDINGS, LLC, et al., Appellees, Case No. 24-cv-01305-JLH (D. Del.) be withdrawn from the mandatory referral for mediation and proceed through the appellate process of this Court. Briefing on this bankruptcy appeal shall proceed in accordance with the following schedule: 1. Appellant's brief in support of the appeal is due on or before July 11, 2025. 2. Appellees' brief in opposition to the appeal is due on or before Aug. 11, 2025. 3. Appellant's reply brief is due on or before Aug. 25, 2025. A copy of the Court's Order dated June 11, 2025, is available at https://urlcurt.com/u?l=w1W83G from PacerMonitor.com. About RGN-Group Holdings Headquartered in Chertsey, UK, Regus Group Plc was founded by CEO Mark Dixon in 1989 and is the world's largest provider of serviced offices and videoconferencing facilities. Following the acquisition of HQ Global Workplaces in 2004, it runs a network of approximately 80,000 workstations in 55 countries around the world. RGN-Group Holdings, LLC and its affiliates are primarily engaged in renting and leasing real estate properties in the U.S. On Aug. 17, 2020, RGN-Group Holdings and and other U.S. affiliates of Regus Group sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 20-11961). At the time of the filing, RGN-Group Holdings disclosed total assets of $1,005,956,000 and total liabilities of $946,016,000. Judge Brendan Linehan Shannon presided over the Chapter 11 cases. The Debtors tapped Faegre Drinker Biddle & Reath LLP as their bankruptcy counsel, AlixPartners as financial advisor, Duff & Phelps LLC as restructuring advisor, and Epiq Corporate Restructuring LLC as claims and noticing agent. * * * RGN-Group and its affiliates won court approval of their bankruptcy plan in August 2021, allowing the company to keep operating in most of its approximately 1,000 North American locations. Parent company Regus was slated to provide a $163.5 million exit loan and contribute $2.25 million to landlords and another $1.5 million to pay other creditors. SAKS GLOBAL: In Talks to Secure $600MM Fresh Debt as Payment Looms ------------------------------------------------------------------ Reshmi Basu, Eliza Ronalds-Hannon, Jill R. Shah of Bloomberg News report that Saks Global Enterprises is in advanced talks to raise additional funding as it faces its first interest payment on the debt used to acquire Neiman Marcus Group. According to sources familiar with the matter, the luxury retailer is negotiating with some holders of its $2.2 billion in senior secured bonds to secure up to $600 million in new financing. While the discussions are well underway, the deal has not yet been finalized, the sources said. About Saks Global Enterprises Saks Global Enterprises operates as an investment and wealth management company. The Company invests in a set of stocks that are associated with historically high dividend payments to their shareholders. Saks Global Enterprises serves clients worldwide. SANCTUARYSPA INC: Seeks to Tap Michael Jay Berger as Legal Counsel ------------------------------------------------------------------ Sanctuaryspa 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 provide 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 proceeding; (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. The firm will be paid at these hourly rates: Michael Jay Berger, Partner $695 Sofya Davtyan, Partner $645 Angela Gill, Senior Associate $595 Robert Poteete, Associate $475 Senior Paralegals $275 Paralegals $200 The firm received a retainer of $25,000 plus $1,738 filing fee from the Debtor. Mr. Berger disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Blvd., 6th Floor Beverly Hills, CA 90212 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 Email: Michael.Berger@bankruptcypower.com About Sanctuaryspa Inc. Sanctuaryspa Inc. is a boutique day spa in Long Beach offering a range of services including facials, massages, body treatments, dermaplaning, chemical peels, and DiamondGlow treatments. The spa customizes services to individual needs and emphasizes a holistic approach to skincare. It operates in a tranquil setting designed to promote wellness and relaxation. Sanctuaryspa Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-14964) on June 12, 2025. In its petition, the Debtor reports total assets of $50,397 and total liabilities of $1,032,222. The Debtor is represented by the Law Offices of Michael Jay Berger. SEABORNE AIRLINES: Seeks Court OK for 'Going Concern' Sale ---------------------------------------------------------- Janeka Simon of The Virgin Islands Consortium reports that Seaborne Airlines is seeking court approval to begin an auction process, according to a motion filed this week in its bankruptcy case. The company warned in the filing that without immediate authorization to pursue a sale, "Seaborne Virgin Islands, Inc. will be irreparably harmed," and requested a hearing to consider the proposal, the report related. Seaborne is aiming for a going-concern sale to keep its operations running. A similar strategy by its sister airline, Silver Airways, fell through after the carrier ran out of operating funds. Seaborne says a quick auction -- targeted for July 1 -- followed by a timely sale is crucial to avoid a similar collapse. A stalking horse bidder, STK I US LLC, has offered $200,000 in cash and agreed to take on approximately $625,000 in post-bankruptcy debt. Competing bidders must match the bid, add at least $100,000 in cash, and include a breakup fee of 3% of the offer, ranging from $27,750 to $60,000. Bidding increments are set at $50,000, according to The Virgin Islands Consortium. Seaborne noted it had reached out to more than 30 potential buyers for a joint Seaborne-Silver sale and to 15 others for a standalone Seaborne deal. The airline received five offers -- two were disqualified for failing to submit a deposit, one lacked a draft purchase agreement, and another was only interested in the company's commercial assets. The remaining offer became the stalking horse bid, but Seaborne said discussions with other interested parties are ongoing, the report states. Phil Lambrechts, Seaborne's Executive Director of Operations, voiced optimism in an email to the Consortium, stating that unlike the failed Silver Airways bid, the current buyer has committed to covering payroll and regular operating expenses, supporting uninterrupted service. He also noted that the stalking horse bidder has agreed to waive standard closing conditions to help ensure a smooth transition away from Silver dependency. Lambrechts added that further talks are planned to understand the bidder's long-term vision for Seaborne. About Seaborne Airlines Seaborne Airlines provides passenger air transportation services. The Company offers car rental, airport, and letter and freight services. Seaborne Airlines serves customers in Puerto Rico. SILVER AIRWAYS: Court Pauses Trustee Appointment, Auction Proceeds ------------------------------------------------------------------ Rick Archer of Law360 Bankruptcy Authority reports that on Thursday, June 26, 2025, a Florida bankruptcy judge temporarily halted his order to appoint a trustee in Silver Airways' Chapter 11 case after being informed that a trustee could not be installed in time to manage the auction of the airline's remaining assets before it runs out of cash. About Silver Airways Silver Airways, LLC is a regional U.S. airline operating flights between gateways in Florida, the Southeast and The Bahamas. The Silver Airways fleet is comprised of modern, state of the art aircraft with reliable, fuel-efficient turbo-prop engines. In the summer of 2018, Silver completed the acquisition of Seaborne Airlines, a San Juan, Puerto Rico-based air carrier serving destinations throughout Puerto Rico, the U.S. Virgin Islands, and other countries in the Caribbean. Seaborne provides connections throughout the Caribbean via the carrier's hub in San Juan, while also serving as the most critical link between St. Croix and St. Thomas with the carrier's seaplane operation. Silver Airways and Seaborne Virgin Islands, Inc. filed Chapter 11 petitions (Bankr. S.D. Fla. Lead Case No. 24-23623) on Dec. 30, 2024. At the time of the filing, Silver Airways reported $100 million to $500 million in assets and liabilities while Seaborne reported $1 million to $10 million in assets and liabilities. Judge Peter D. Russin oversees the cases. Brian P. Hall, Esq., is the Debtors' legal counsel. Brigade Agency Services, LLC, as lender, is represented by Frank P. Terzo, Esq., at Nelson Mullins Riley & Scarborough, LLP. Argent Funding LLC and Volant SVI Funding LLC, as lenders, are represented by Regina Stango Kelbon, Esq. at Blank Rome, LLP. Lawyers at Tucker Arensberg, P.C. represent Argentum Acquisition Co., LLC, emerged as the winning bidder for the airline's assets with an offer of $5,755,000 in cash plus additional amounts and the assumption of certain liabilities. SKYSKOPES INC: Seeks to Tap Cavanagh Law Firm as Bankruptcy Counsel ------------------------------------------------------------------- Skyskopes, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ The Cavanagh Law Firm, PA as counsel. The firm will provide these services: (a) assist the Debtor in all matters associated with its Chapter 11 bankruptcy proceeding; (b) represent the Debtor in all hearings before the Bankruptcy Court; and (c) negotiate and resolve all issues related to the Debtor's Chapter 11 proceeding. The firm will be paid at these hourly rates: Partners $395 - $600 Associates $300 - $400 Paralegals $125 - $245 Randy Nussbaum, Esq., an attorney at The Cavanagh Law Firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Randy Nussbaum, Esq. The Cavanagh Law Firm, PA 1850 North Central Avenue, Suite 1900 Phoenix, AZ 85004 Telephone: (602) 322-4000 Facsimile: (602) 322-4100 Email: rnussbaum@cavanaghlaw.com About SkySkopes Inc. SkySkopes Inc. provides aviation and geospatial services to clients in the oil and gas, infrastructure, electric utility, and geospatial sectors. The Company operates a fleet of drones, helicopters, and fixed-wing aircraft, and offers data-driven solutions through a team of industry professionals. SkySkopes Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-05420) on June 13, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Daniel P. Collins handles the case. The Debtor is represented by Randy Nussbaum, Esq., at Cavanagh Law Firm, PA. SLM SERVICES: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: SLM Services, LLC DBA Northeast Horticultural Services 25 Radel Street Bridgeport, CT 06607 Business Description: Northeast Horticultural Services, operated by SLM Services, LLC, provides tree care and organic landscaping services in Fairfield County, Connecticut, including Fairfield, Weston, and Westport. The Company offers plant health care, tree removal, landscape design, and organic lawn care, with a focus on environmentally friendly practices. It serves both residential and commercial clients. Chapter 11 Petition Date: June 24, 2025 Court: United States Bankruptcy Court District of Connecticut Case No.: 25-50514 Debtor's Counsel: Jeffrey Hellman, Esq. LAW OFFICES OF JEFFREY HELLMAN, LLC 195 Church Street, 10th Floor New Haven, CT 06510 Tel: 203-691-8762 Fax: 203-823-4401 Email: jeff@jeffhellmanlaw.com Total Assets: $2,855,436 Total Liabilities: $1,054,349 The petition was signed by Stacey Marcell as member/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/HRKHOMQ/SLM_Services_LLC__ctbke-25-50514__0001.0.pdf?mcid=tGE4TAMA SOLANO HOME: Seeks to Tap Peter G. Macaluso as Bankruptcy Counsel ----------------------------------------------------------------- Solano Home Solutions LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire Law Offices of Peter G. Macaluso as general insolvency counsel The firm's services include: a. consulting with Debtor concerning its present financial situation, Debtor's realistic achievable goals, and the efficacy of various forms of bankruptcy as a means to achieve its goals; b. preparing the documents necessary to commence the bankruptcy case; c. advising Debtor concerning its duties as debtor-in-possession in a Chapter 11 case; d. identifying, prosecuting, and defending claims and cause of actions by or against the estate; e. preparing applications, motions, answers, briefs, records, reports, notices, proposed orders, and other papers in connection with administration of the estate, including the formulation of the Chapter 11 plan, drafting the plan, and prosecuting legal proceedings to seal confirmation of the plan; f. if necessary, preparing and prosecuting such pleadings as complaints to avoid preferential transfers or transfers deemed fraudulent as to creditors, motions for authority to borrow money, sell property, or compromise claims and objections to claims; g. taking all necessary action to protect and preserve the estate, and all other legal services requested. The firm estimates that fees of $25,000 will be incurred throughout the life of the plan. Peter Macaluso, Esq., an attorney at the firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Peter G. Macaluso, Esq. Law Offices of Peter G. Macaluso 7230 South Land Park Drive #127 Sacramento, CA 95831 Telephone: (916) 392-6591 Facsimile: (916) 392-6590 About Solano Home Solutions LLC Solano Home Solutions LLC is a real estate company classified as a single-asset real estate Debtor. Solano Home Solutions LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-22931) on June 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Christopher D. Jaime handles the case. The Debtor is represented by Peter G. Macaluso, Esq. at LAW OFFICE OF PETER G. MACALUSO. SOLANO HOME: Seeks to Use Cash Collateral Thru Aug 15 ----------------------------------------------------- Solano Home Solutions, LLC asked the U.S. Bankruptcy Court for the Eastern District of California, Sacramento Division, for authority to use cash collateral, on an interim basis, through August 15. The Debtor argued that immediate use of cash collateral is essential to pay necessary expenses such as insurance, utilities, property taxes, and janitorial services for its Airbnb business. The total cash collateral available includes $6 in hand, $1,814 on deposit, and $12,000 in accounts receivable, for a total of $13,820. The Debtor intends to use $10,452 on a revolving basis, including $5,637 for a secured creditor payment to John Carl & Carol J. Bender, along with monthly operating expenses. The four secured creditors with interests in the cash collateral are the Bender Family Trust, San Joaquin County Tax Collector, Percy T. Kilmsch, and Catherine Fox. The Debtor maintains that these creditors are adequately protected by a significant equity cushion, noting that its total assets are valued at approximately $4.95 million while secured debt obligations total only about $1.56 million. As further adequate protection, the Debtor will grant replacement liens and affirms that it has been unable to secure alternative financing through unsecured or secured credit. The underlying cause of the bankruptcy includes unpaid property taxes and mortgage arrears resulting from COVID-19 disruptions, and a pending fraud lawsuit related to undisclosed property damage caused by a prior owner. A hearing on the matter is set for July 15. About Solano Home Solutions Solano Home Solutions, LLC is a real estate company classified as a single-asset real estate Debtor. Solano Home Solutions sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Calif. Case No. 25-22931) on June 12, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Christopher D. Jaime handles the case. The Debtor is represented by Peter G. Macaluso, Esq., at the Law Office of Peter G. Macaluso. SOUTH JEFFERSON: Alomari, et al. Case Remanded to State Court ------------------------------------------------------------- Judge Debra M. Brown of the United States District Court for the Northern District of Mississippi granted the plaintiffs' motion to remand the case captioned as AKEED ALOMARI and MOHAMED ALQAIFI, PLAINTIFFS V. SOUTH JEFFERSON APARTMENTS, LLC, DEFENDANT, CASE NO. 4:24-CV-81-DMB-JMV (N.D. Miss.) to the Circuit Court of Montgomery County, Mississippi. The motion to dismiss is denied as moot. On Nov. 3, 2023, Akeed Alomari and Mohamed Alqaifi filed a complaint in the Circuit Court of Montgomery County, Mississippi, against South Jefferson Apartments, LLC. Alleging they sold real property to South Jefferson and South Jefferson failed to fulfill its obligations under the installment promissory note and associated land deed of trust, the plaintiffs demand $190,000 for delinquent payments and insurance coverage, plus any and all costs of collection, attorneys fees and interest at the contract rate, until paid. On Aug. 30, 2024, South Jefferson removed the case to the United States District Court for the Northern District of Mississippi: (1) pursuant to 28 U.S.C. Sec. 1367 based on allegations that it filed its Chapter 11, Subchapter V bankruptcy case on June 2, 2024, in the Southern District of Mississippi and this case constitutes a core matter pertaining to property of the bankruptcy estate; and (2) pursuant to 28 U.S.C. Sec. 1332(a) based on allegations that this case disputes a sum greater than $75,000.00 and all the parties thereto are acknowledged residents and citizens of the State of Mississippi. After the plaintiffs filed a motion to remand, South Jefferson failed to respond to the motion to remand, failed to file the state court record as required by local rule, and failed to comply with the Court's order to file the state court record. The plaintiffs then filed a motion for dismissal and remand. In seeking remand, the plaintiffs argue South Jefferson's removal was improper because: (1) diversity jurisdiction under 28 U.S.C. Sec. 1332 does not exist since, based on South Jefferson's own admission, all the parties are acknowledged residents and citizens of the State of Mississippi; and (2) this case is not core to South Jefferson's bankruptcy proceeding and is not sufficiently related to the bankruptcy proceeding. The Court finds this case clearly is not a core proceeding. The plaintiffs' claims -- breach of the installment promissory note and breach of the deed of trust -- are all based on state law. According to the Court, none of the plaintiffs' claims invoke a substantive right created by a federal bankruptcy statute or federal bankruptcy law. As for related-to bankruptcy jurisdiction, South Jefferson's notice of removal does not allege this case is related to its bankruptcy proceeding. And because South Jefferson failed to respond to the motion to remand, it does not even attempt to negate the plaintiffs' argument that this case is not sufficiently related to its bankruptcy case. This Court declines to address a basis for jurisdiction that South Jefferson does not raise in its notice of removal, especially since South Jefferson has taken no action to challenge the motion to remand. The Court concludes South Jefferson's bankruptcy filing presents no cause to evade the remand of this case. The Court finds South Jefferson's failure to file the state court record warrants remand too. While failure to comply with removal procedures is not a jurisdictional basis to remand a case because the failure can be cured, South Jefferson has been given multiple opportunities to comply with Local Rule 5(b) but has not done so. A copy of the Court's Order dated June 23, 2025, is available at https://urlcurt.com/u?l=pvccSa from PacerMonitor.com. About South Jefferson Apartments South Jefferson Apartments, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 24-01282) on June 2, 2024. In the petition signed by Faisal Alsabahi, managing member, the Debtor disclosed up to $1 million in assets and up to $500,000 in liabilities. Judge Jamie A. Wilson presides over the case. C. Gaines Baker & Associates, LLC, is the Debtor's legal counsel. SOYUZ MEDIA: Plan Exclusivity Period Extended to July 6 ------------------------------------------------------- Judge Jil Mazer-Marino of the U.S. Bankruptcy Court for the Eastern District of New York extended Soyuz Media Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to July 6 and September 5, 2025, respectively. As shared by Troubled Company Reporter, this is the Debtor's first request for an extension of the exclusivity periods. It is self-evident that the Debtor is not seeking these extensions to artificially delay the conclusion of this chapter 11 case or to hold creditors hostage to an unsatisfactory plan proposal. The Debtor simply needs time to reorganize its business operations, to reach an agreement with the U.S. Small Business Administrative, to obtain Court approval for the settlement terms and to file a feasible plan of reorganization and disclosure statement, offering treatment to the creditors of the estate. The Debtor explains that an extension of the Exclusive Periods will give the company a reasonable opportunity to negotiate and obtain confirmation of a consensual plan with its creditors. Further, the Debtor needs the requested extended period in order for all parties to file their respective claims within the deadlines to be established by the Court and for the Debtor to review said claims once filed. The Debtor claims that the requested extensions of the exclusivity period to file a plan and disclosure statement will not harm any economic stakeholder. Rather, the time will be used to negotiate a resolution of claims filed in this case, in order to propose feasible plan and disclosure statement. Soyuz Media Inc. is represented by: Alla Kachan, Esq. Law Offices of Alla Kachan, PC 2799 Coey Island Avenue, Suite 202 Brooklyn, NY 11235 Telephone: (718) 513-3145 About Soyuz Media Inc. Soyuz Media Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40074) on January 7, 2025, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Nancy Hershey Lord presides over the case. Alla Kachan, Esq. at Law Offices Of Alla Kachan P.C. is the Debtor's counsel. STELLA SIOMKOS: Court Won't Stay Turnover Order Pending Appeal -------------------------------------------------------------- Judge Dale E. Ho of the United States District Court for the Southern District of New York denied the appeal by Stella Siomkos from the Oct. 24, 2024 order converting her Chapter 11 case (Case No. 24-10619) to Chapter 7. Before the Court is Siomkos's motion for emergency relief related to a recent order of the Bankruptcy Court compelling Siomkos to turn over her apartment to the Chapter 7 Trustee. The Court concludes that Siomkos has not shown that she faces irreparable injury that would be prevented by a stay pending appeal. Siomkos has not shown that she will be unable to find another place to live. According to the Court, any economic injury from having to move is not irreparable because it can be compensated by money damages, which would include the price of rent plus moving expenses. Although the Court is sympathetic to her situation, it is not clear that any relief this Court can order would prevent Siomkos from ultimately having to sell her apartment. Even the Chapter 11 reorganization plan she previously proposed included the sale of the apartment. The Court finds Siomkos has also not shown a substantial possibility that she will prevail on appeal, which ultimately requires her to demonstrate that the Bankruptcy Court abused its discretion in converting the case to Chapter 7. A copy of the Court's Order dated June 11, 2025, is available at https://urlcurt.com/u?l=jL0KUb from PacerMonitor.com. Stella Siomkos filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 24-10619) on April 11, 2024, listing under $1 million in both assets and liabilities. The Debtor is represented by Karamvir Dahiya, Esq. On October 27, 2024, the Court converted the case to Chapter 7. STERNE WOOD: Seeks to Tap Marcus & Millichap as Real Estate Broker ------------------------------------------------------------------ Sterne Wood, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of California to employ Marcus & Millichap Real Estate Investment Services as real estate broker. The Debtor needs a broker to sell its properties located at: (a) 3967-3969 8th Avenue, San Diego, (b) 3973 8th Avenue, San Diego; and (c) 3975-3977 8th Avenue, San Diego. The broker will receive a commission of 4 percent of the properties' purchase price. Aaron Bove Burns, a real estate agent at Marcus & Millichap, 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: Aaron Bove Burns Marcus & Millichap 12544 High Bluff Drive, Suite 100 San Diego, CA 92130 Telephone: (858) 373-3100 About Sterne Wood LLC Sterne Wood LLC is a limited liability company in San Diego, California. Sterne Wood sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-01945) on May 13, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge J. Barrett Marum oversees the case. The Debtor is represented by the Law Office of Donald W. Reid. STOLI GROUP: Gets Court OK to Solicit Chapter 11 Plan Votes ----------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that on Tuesday, June 24, 2025, a Texas bankruptcy judge conditionally approved Stoli Group USA’s Chapter 11 disclosure statement, clearing the way for the vodka maker's U.S. arm to begin soliciting creditor votes on its reorganization plan following a settlement with unsecured creditors. About Stoli Group (USA) LLC Stoli Group (USA), LLC is a producer, manager, and distributor of a global portfolio of spirits and wines. Stoli Group (USA) and Kentucky Owl, LLC filed Chapter 11 petitions (Bankr. N.D. Texas Lead Case No. 24-80146) on November 27, 2024. At the time of the filing, Stoli Group (USA) reported $100 million to $500 million in assets and $10 million to $50 million in liabilities while Kentucky Owl reported $50 million to $100 million in assets and $50,000,001 to $100 million in liabilities. Judge Scott W. Everett handles the cases. Holland N. O'Neil, Esq., at Foley & Lardner, LLP is the Debtor's legal counsel. Fifth Third Bank, N.A., as lender, is represented by Brent McIlwain, Esq. and Christopher A. Bailey, Esq. at Holland & Knight, LLP and Jeremy M. Downs, Esq. and Steven J. Wickman, Esq. at Goldberg Kohn, Ltd. TECHNO TOY: Unsecureds Will Get 5% of Claims over 60 Months ----------------------------------------------------------- Techno Toy Tuning LLC filed with the U.S. Bankruptcy Court for the Eastern District of California a Plan of Reorganization for Small Business under Subchapter V. One of the largest in California, the Debtor owns, operates, and manufactures automotive performance parts for vintage Japanese sports cars. Debtor also offers powder coating for steel, cast iron, and aluminum. The Debtor filed the instant case to try to reorganize a burdensome debt load. Mr. Walter Dahl has been appointed as Subchapter V Trustee. Debtor intends to continue operations of the subject business if the Plan is confirmed. The Debtor commenced its Chapter 11 Subchapter V bankruptcy case on May 10, 2025. Sixty-month repayment plans at reasonable interest rates work perfectly (as proposed) to allow the Debtor to continue operations and sustain its business. Through reorganizing, all creditors' claims will be addressed, the business will keep its doors open with the goal of restoring itself to its previously successful state of operating free from unmanageable debt. Class 2 consists of General Unsecured Claims. Class 2 General Unsecured Creditors will receive a pro-rata share of a fund totaling 5% of $2,181,975.35= $109,098.77 (i.e., $1,818.31 per month over a 60-month period). Pro-rata means the entire amount of the claim divided by the entire amount owed to Class 2 creditors with allowed claims in this class. Disbursements commence on the 1st day of the month after the Effective Date of the Plan and continue the first day of the month for 60 months. Disbursements in this class are estimated at $1,818.31 per month total and the breakdown of each class claimant and the amount they will likely receive is attached. Creditors in Class 2 may not take any collection action against Debtor so long as Debtor is not in material default under the Plan. This class is impaired. The sole member, Gabriel Tyler, retains 100% equity in the reorganized Debtor. The Plan will be funded from the continued operation of Debtor's business. This Exhibit 4 shows that the Debtor expects to generate approximately $11,000.00 per month in net income, which will be used to fund Plan payments. A full-text copy of the Plan of Reorganization dated June 10, 2025 is available at https://urlcurt.com/u?l=VXkzlf from PacerMonitor.com at no charge. Counsel to the Debtor: Arasto Farsad, Esq. Nancy Weng, Esq. Farsad Law Office, P.C. 1625 The Alameda, Suite 525 San Jose CA 95126 Tel: (408) 641-9966 Fax: (408) 866-7334 Email: farsadlaw1@gmail.com About Techno Toy Tuning LLC Techno Toy Tuning LLC designs and manufactures performance parts for vintage and classic cars, specializing in modifications for brands such as Toyota, Datsun/Nissan, Mazda, Mitsubishi, Lotus, BMW, Chevrolet, and Ford. Founded by a pair of automotive enthusiasts, the Company initially began with a custom short shift kit for an AE86 Corolla, which led to the creation of the brand. Over time, Techno Toy Tuning's products have evolved through customer feedback, with many parts developed in response to requests from dedicated car enthusiasts working on rare or obscure vehicles. Techno Toy Tuning LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-22317) on May 10, 2025. In its petition, the Debtor reports total assets of $398,243 and total liabilities of $2,538,539. Honorable Bankruptcy Judge Christopher M. Klein handles the case. The Debtors are represented by Arasto Farsad, Esq. at FARSAD LAW OFFICE, P.C. TEHUM CARE: Ch. 11 Can't Protect Spinoff from Suits, Say Inmates ---------------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that the current and former Maryland prison inmates have urged a Texas bankruptcy judge to rule that the Chapter 11 plan of prison healthcare provider Tehum Care Services does not prevent them from pursuing lawsuits against a company that was spun off before Tehum filed for bankruptcy. About Tehum Care Services Tehum Care Services Inc., doing business as Corizon Health Services Inc., is a privately held prison healthcare contractor in the United States. It is based in Brentwood, Tenn. Tehum Care Services filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-90086) on Feb. 13, 2023. In the petition filed by Russell A. Perry, as chief restructuring officer, the Debtor reported assets between $1 million and $10 million and liabilities between $10 million and $50 million. Judge Christopher M. Lopez oversees the case. The Debtor tapped Gray Reed & McGraw, LLP as bankruptcy counsel; Bradley Arant Boult Cummings, LLP, as special litigation counsel; and Ankura Consulting Group, LLC, as financial advisor. Russell A. Perry, senior managing director at Ankura, serves as the Debtor's chief restructuring officer. Kurtzman Carson Consultants, LLC, is the claims, noticing and solicitation agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. Stinson, LLP and Dundon Advisers, LLC, serve as the committee's legal counsel and financial advisor, respectively. TOWER HEALTH: Fitch Affirms 'CCC' LongTerm IDR ---------------------------------------------- Fitch Ratings has affirmed Tower Health System, PA's Long-Term Issuer Default Rating (IDR) at 'CCC'. Fitch has also affirmed the following bonds issued by, or on behalf of, Tower at 'CCC': - $32.51 million of The Berks County Municipal Authority (Reading Hospital & Medical Center Project) series 2012A bonds; - $46.16 million of The Berks County Industrial Development Authority revenue bonds series 2017 bonds; - $325,000 of The Berks County Municipal Authority fixed rate revenue bonds series 2020A bonds; - $760,000 of The Berks County Municipal Authority fixed rate revenue put bonds combined series 2020B-2 and 2020B-3 bonds; - $3.203 million of Tower Health taxable fixed rate revenue bonds series 2020. Fitch does not typically assign Rating Outlooks to 'CCC' category ratings. Tower Health has approximately $1.245 billion in various unrated 2024 series of debt after a debt exchange on most of their prior 2020 series of debt. Entity/Debt Rating Prior ----------- ------ ----- Tower Health (PA) LT IDR CCC Affirmed CCC Tower Health (PA) /General Revenues/1 LT LT CCC Affirmed CCC Tower's 'CCC' rating primarily reflects its still-weak, albeit improved, unrestricted liquidity position. Unrestricted liquidity rose to $212.3 million based on unaudited results for the nine months ending March 31, 2025. This led to a better, although still weak, cash-to-total debt ratio of 13.6%, and 39.4 days' cash on hand (DCOH) as calculated by Fitch). Fiscal 2024 cash flow results were positive for the first time in several years, with an operating loss of $17.8 million, and an operating EBITDA margin of 5.0%. This was a significant improvement from fiscal 2023, which saw an operating loss of $182.1 million and a negative 3.3% operating EBITDA margin. Tower's operating margin was marginally positive through the first three quarters of fiscal 2025 at $4.2 million, which translated to a 6.5% operating EBITDA margin. There was a significant debt structure change in 2024, with Tower negotiating with a majority of bondholders (approximately 92%) to exchange its outstanding debt. In exchange for additional liquidity of approximately $125 million in net proceeds, Tower agreed to several terms as part of a new bond issuance. These include: - Relief from prior mandatory bond redemptions: $65 million due in February 2025, $82 million in 2027, and $73 million in 2029, extending through 2034. - A lien on substantially all of Tower's real estate and other assets. - New financial covenants with quarterly Days Cash on Hand (DCOH) and Debt Service Coverage Ratio (DSCR) tests. - An excess cash flow sweep mechanism activated when DCOH exceeds 60 days. The sweep mechanism cannot force DCOH below 60 days, which will be used to pay down Tower's debt. New financial covenants include quarterly DSCR tests (1.0x), starting the fourth full quarter post-transaction, and quarterly DCOH test (30 days). A first violation of either covenant requires a meeting with bond trustees, a second violation is an event of default, but only if on either of the subsequent two tests. Financial covenants on the various series 2024 debt are measured system wide, not only on the original obligated group entity. The DSCR definition permits certain one-time/non-recurring event add-backs. The cash sweep mechanism is structured such that 75% of the excess cash flow sweep will repay the 2024A-1 bonds (new money) until the DSCR is greater than 2.25x, then 50% thereafter. Then 50% of the excess cash flow sweep will repay the 2024B bonds until the DSCR is greater than 3.0x. The small number of bondholders that either could not be found, or that did not wish to participate, have their pro-rata debt still in place, under the original legal structure. Fitch views the additional flexibility provided by the bond-holder transaction as favorable. Fitch believes Tower has gained additional time to keep improving recent financial results until it can further solidify operations and rebuild absolute unrestricted liquidity levels. SECURITY The rated 2020 and prior bonds are secured by a pledge of gross revenues of the obligated group (OG). The OG consists of Tower, Reading Hospital, Phoenixville Hospital and Pottstown Hospital. The OG does not include St. Christopher's Hospital for Children or the Tower Health Medical Group. All Tower debt is fixed-rate. KEY RATING DRIVERS Revenue Defensibility - 'bbb' Solid Inpatient Market Share Tower's revenue defensibility remains mid-range and reflects their leading inpatient market share in its primary service area (PSA) of Reading, PA, of around 68%, which is focused on the Reading and 422-corridor. A demographically strong population in the immediate service area has only moderate levels of Medicaid and self-pay payor mix of around 20.2% in 2024, below Fitch's threshold of 25% and consistent with the prior year. Fitch believes there is no threat of payor mix deterioration in the near term. Operating Risk - 'b' Multiple Years of Operational Losses; Signs of Improvement YTD Tower's operating risk profile assessment still remains very weak, despite recent significant improvement, based on the system's negative operating income levels for the seventh year in a row, including fiscal 2024 year-end results. Financial disruption over the last several years was due to initial integration difficulties from acquired CHS hospitals, pandemic-related affects, and to volume and staffing challenges affecting the industry. However, third-quarter results through March 31, 2025, indicate Tower Health has achieved break-even operating income levels, with an operational gain of approximately $4.2 million. This built on fiscal 2024's financial results with just a loss of $17.5 million. Tower is now cash flow positive for the first time in several years, with further improvement expected in subsequent fiscal years. In addition to the debt exchange with bondholders, Tower Health has entered into a significant partnership with Ensemble Health Partners, a healthcare revenue cycle management company, outsourcing revenue cycle operations to Ensemble. Tower Health expects the Ensemble partnership to improve net patient revenues, improve annual operating expenses, and aid in cash build-up acceleration. Given operational challenges in recent years, Tower's capital spending requirements have been curtailed, even as average age of plant has risen to a very high 24.5 years as of fiscal 2024. Fitch expects capital spending to be approximately $50 million for the near term. This is enough to cover spending for necessary capital (e.g., break/fix related) and routine needs. Fitch expects that capital spending needs will continue to grow and that the average age of plant will rise, because deferred capital needs will ultimately need to be addressed. As operations improve, Tower will likely slowly but steadily increase spending above $60 million per year and address near-term capital needs. Financial Profile - 'b' Light Liquidity Position Remains Weak; Future Debt Issuance Expected Tower's leverage and liquidity positions while weak, have marginally improved, and remain comparable to DCOH and estimated cash to total debt metrics incorporated into Fitch's last review. Tower has approximately $1.56 billion of total debt outstanding at audited FYE 2023, which includes long-term bond debt, short-term notes and operating leases. At FYE 2024, the system's unrestricted cash fell to $162.6.5 million from $207.4 million the prior year (and $342.1 million in 2022), resulting in cash to total debt falling to 9.7%. DCOH, as measured by Fitch, was at 31 days at FYE 2024. Unrestricted liquidity has improved thus far in fiscal 2025YTD, with $212.3 million in unrestricted liquidity, equal to 39.4 DCOH and 13.6% cash to debt. Tower's long-term rating will likely stay in the lower "below investment grade" rating categories until liquidity reserves are at least partially restored and stabilized, or until a proven track record of improved operations is established. Fitch's base case scenario analysis is its best estimate of the most likely scenario of financial performance over the next five years given current operating performance expectations in the current economic climate. Fitch does not perform a stress case scenario analysis on credits in this rating category. Fitch expects that Tower will have an improved 50 DCOH (or slightly higher) in fiscal 2027, incorporating the bondholder debt exchange, and incorporating additional operational improvements. Further growth of DCOH and cash to total debt is limited due to the 'cash sweep' mechanism, which is an integral part of the bondholder debt exchange. Asymmetric Additional Risk Considerations There are no additional asymmetric risk considerations not already factored into this rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to generally remain in line with articulated future operational expectations with continued year over year improvement in operating income levels. - Although not likely, any balance sheet dilution beyond what is currently anticipated could result in negative rating action. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A sustained operating improvement, with a sustained operating EBITDA margin of 5% or greater. - Improved balance sheet metrics (e.g., cash to total rises above 40%); although material improvement in cash to total debt and/or DCOH will be limited over the near-term due to the cash sweep put into place with 2024 debt transaction. PROFILE Tower Health currently consists of three fully owned acute care hospitals including Tower Health's flagship in Reading, PA, Phoenixville Hospital and Pottstown Hospital along the 422-corridor. Tower had approximately $2.0 billion in total revenues in fiscal 2024. Sources of Information In addition to the sources of information identified in Fitch's applicable criteria specified below, this action was informed by data from DIVER by Solve. ESG Considerations Tower Health (PA) has an ESG Relevance Score of '4' for Management Strategy due to due to its current inability to secure operations above break-even levels, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. TRAINSET'S EFFECTS: Claims to be Paid from Continued Operations --------------------------------------------------------------- Trainset's Effects, LLC, filed with the U.S. Bankruptcy Court for the Western District of North Carolina a Plan of Reorganization dated June 10, 2025. The Debtor is a North Carolina limited liability corporation formed on May 26, 2020. The sole member and manager of the Debtor is Steven Curtis. The Debtor has headquarters in Cleveland County, NC, at the residence of Curtis. The business of the Debtor consists of lot clearing, small grading jobs, and sale of dirt. The only full time worker is Curtis. As other persons are needed to operate machinery, they are engaged as independent contractors. Class 5 consists of all Allowed General Unsecured Claims. These Claims shall be treated as unsecured obligations of the Reorganized Debtor. Subject to payment of Claims of higher priority, if any, each holder of an Allowed General Unsecured Claim shall be paid its pro rata share of the Reorganized Debtor's remaining PDI, based upon and not to exceed the Allowed Amount of such Claim as of the petition date, in six semi-annual installments. Each such installment shall be paid commencing in July of calendar ear 2026, and each 6 months thereafter, until a total of 6 payments have been made. Class 5 is impaired by the Plan. Class 6 consists of the Equity Interests in the Debtor. All Equity Interests in the Debtor held prior to the petition date shall be retained by the Debtor's member as equity interests in the Reorganized Debtor. Distributions to Creditors will be funded from revenues generated during the Debtor's post-petition operations and the Reorganized Debtor's post-confirmation PDI. A full-text copy of the Plan of Reorganization dated June 10, 2025 is available at https://urlcurt.com/u?l=IJCHyY from PacerMonitor.com at no charge. Attorney for the Debtor: R. KEITH JOHNSON, P.A. R. Keith Johnson, Esq. 1275 S NC 16 Business Hwy Stanley, NC 28164 Telephone: (704) 827-4200 Facsimile: (704) 827-4477 About Trainset's Effects Trainset's Effects, LLC filed a Chapter 11 petition (Bankr. W.D.N.C. Case No. 25-40009) on Jan. 23, 2025, listing up to $50,000 in assets and up to $500,000 in liabilities. Steven Lane Curtis, manager of Trainset's Effects, signed the petition. Judge George R. Hodges oversees the case. The Law Offices of R. Keith Johnson, P.A., is the Debtor's bankruptcy counsel. TWIN CITIES: Seeks to Hire Darlene Burke CPA PA as Accountant ------------------------------------------------------------- Twin Cities Family Practice, P.A. seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to hire Darlene Burke CPA PA as accountant. The firm will be paid at these rates: (a) an hourly rate of $ 90 is charged for general ledger maintenance, and preparation of Chapter 11 monthly operating reports, and payroll; (b) an annual fee of $850 is charged in the preparation and filing of federal and state (if applicable) annual tax returns; and (c) an hourly rate of $90 per case is to be charged for any Worker's Compensation audits that may happen. Darlene Burke CPA PA is a "disinterested person" as the term is defined in 11 USC 101(14), according to court filings. The firm can be reached through: Darlene Burke, CPA Darlene Burke CPA PA 1005 W College Blvd., Suite A Niceville, FL 32578 About Twin Cities Family Practice, P.A. Twin Cities Family Practice, P.A. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-30539) on June 10, 2025, listing $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Karen K Specie presides over the case. Jeffrey Ainsworth, Esq. at Bransonlaw, PLLC represents the Debtor as counsel. VEGAS TREASURES: Seeks Subchapter V Bankruptcy in Nevada -------------------------------------------------------- On June 23, 2025, Vegas Treasures Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Nevada. 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 Vegas Treasures Inc. Vegas Treasures Inc., doing business as Paymon's Fresh Kitchen & Lounge, operates a restaurant and lounge in Las Vegas, Nevada. The Company offers international cuisine with vegan, vegetarian, and gluten-free options, emphasizing health-conscious ingredients. It also runs a lounge known for its cocktails, entertainment, and community-focused atmosphere. Vegas Treasures Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-13582) on June 23, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million. Honorable Bankruptcy Judge Natalie M. Cox handles the case. The Debtors are represented by Zachariah Larson, Esq. at LARSON & ZIRZOW, LLC. VINCENT GALLO: Seeks to Hire Eugene D. Roth as Bankruptcy Counsel ----------------------------------------------------------------- Vincent Gallo & Sons, Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire the Law Office Of Eugene D. Roth, as counsel to the Debtor. The Debtor requires Eugene D. Roth to: a. advise the Debtor as to its rights and obligations as a Debtor-in-Possession; b. appear for the Debtor-in-Possession before the Court when required; and c. assist in formulating and filing a plan of reorganization and to negotiate with creditors. Eugene D. Roth will be paid at these hourly rates: Attorneys $525 Associates $350 Legal Assistants $115 Eugene D. Roth will be paid a retainer in the amount of $7,500. Eugene D. Roth will also be reimbursed for reasonable out-of-pocket expenses incurred. Eugene D. Roth, Esq., a partner of the Law Office Of Eugene D. Roth, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Eugene D. Roth can be reached at: Eugene D. Roth, Esq. LAW OFFICE OF EUGENE D. ROTH 2520 Highway 35, Ste. 307 Manasquan, NJ 08736 Tel: (732) 292-9288 About Vincent Gallo & Sons Vincent Gallo & Sons, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-15384) on May 20, 2025, listing between $100,001 and $500,000 in assets and up to $50,000 in liabilities. Judge Stacey L. Meisel presides over the case. Eugene D. Roth, Esq., at the Law Office of Eugene D. Roth represents the Debtor as bankruptcy counsel. WHITESTONE CROSSING: Taps Abhijit Modak and James Miller as Counsel ------------------------------------------------------------------- Whitestone Crossing Austin LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Abhijit Modak, Esq., and James Miller, Esq., attorneys practicing in Tex., to handle its Chapter 11 case. The attorneys will be paid based on their hourly rates, plus reimbursement for expenses incurred. Mr. Modak and Mr. Miller disclosed in a court filing that they are "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The attorneys can be reached at: Abhijit Modak, Esq. 21227 Albany Park Lane Spring, TX 77379 Telephone: (281) 802-1900 Facsimile: (281) 205-8117 Email: ovmodaklaw@gmail.com - and - James H. Miller, Esq. 4265 San Felipe, Suite 1030 P.O. Box 540848 Houston, TX 77027 About Whitestone Crossing Austin Whitestone Crossing Austin LLC operates Whitestone Crossing, an apartment community located in Cedar Park, Texas. The property offers one- and two-bedroom units featuring modern amenities such as 9-foot ceilings, fiber-ready internet, and in-home washers and dryers. The community also provides facilities including a swimming pool, clubhouse, and fitness center. Whitestone Crossing Austin LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-31768) on May 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtor is represented by Abhijit Modak, Esq., and James H. Miller, Esq. WINTHROP STREET: Seeks to Hire Murphy & King as Bankruptcy Counsel ------------------------------------------------------------------ Winthrop Street - Morra Solar, LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Murphy & King, Professional Corporation as counsel. The firm will render these services: (a) advise the Debtor with respect to any plan of reorganization and any other matters relevant to the formulation and negotiation of a plan or plans of reorganization in this Chapter 11 case; (b) represent the Debtor at all hearings and matters pertaining to its affairs, assets and operations; (c) prepare, on the Debtor's behalf, all necessary and appropriate legal documents, and review all financial and other reports filed in this case; (d) advise the Debtor with respect to, and assist in the negotiation and documentation of, financing agreements, debt and related transactions; (e) advise the Debtor regarding its ability to initiate actions to collect and recover property for the benefit of its estate; (f) advise the Debtor concerning executory contract and unexpired lease assumptions, lease assignments, rejections, restructurings and recharacterization of contracts and leases; (g) review and analyze the claims of the Debtor's creditors, the treatment of such claims and the preparation, filing or prosecution of any objections to claims; (h) commence and conduct any and all litigation necessary or appropriate to assert rights held by the Debtor, protect assets of its Chapter 11 estate or otherwise further the goal of effectuating the successful completion of this case; and (i) perform all other legal services and provide all other necessary legal advice to the Debtor as may be necessary in this bankruptcy case. The firm will be paid based upon its normal and usual hourly billing rates, and will seek reimbursement for expenses incurred. As of the petition date, the firm held a retainer balance from the Debtor in the amount of $16,766.50. D. Ethan Jeffrey, Esq., a shareholder at Murphy & King, 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: D. Ethan Jeffrey, Esq. Murphy & King, Professional Corporation 28 State Street, Suite 3101 Boston, MA 02109 Telephone: (617) 423-0400 Facsimile: (617) 423-0498 Email: ejeffery@murphyking.com About Winthrop Street - Morra Solar Winthrop Street - Morra Solar LLC is a limited liability company. Winthrop Street - Morra Solar sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11014) on May 18, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Christopher J. Panos handles the case. The Debtor is represented by D. Ethan Jeffery, Esq., at Murphy & King, Professional Corporation. WOODBURY LEADERSHIP: S&P Rates 2025A/B Lease Revenue Bonds 'BB-' ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' long-term rating to the City of Woodbury, Minn.'s $14.095 million series 2025A and series 2025B lease revenue bonds, issued for the Woodbury Leadership Academy (WLA) through its affiliate, Friends of WLA. At the same time, S&P Global Ratings affirmed its 'BB-' long-term rating on the city's series 2021 charter school lease revenue bonds. The outlook is stable. S&P said, "We analyzed WLA's environmental, social, and governance factors and consider them neutral in our credit rating analysis. "The stable outlook reflects our expectation that WLA will hit enrollment targets over the outlook period such that it generates at least breakeven operations and stabilizes lease-adjusted maximum annual debt service (MADS) coverage, while maintaining current liquidity levels. "We could consider a negative rating action should management fail to execute its expansion, such that the academy does not reach its enrollment target, or if there is a significant deterioration in operations and lease-adjusted MADS coverage or deviations from projected operations. We could also consider a negative rating action if cash materially declines or if covenant violations occur. "A positive rating action is unlikely during the one-year outlook period, given WLA's highly leveraged position. However, we could consider one over time if the academy is able to establish its high school facility, meet its growth targets, and strengthen lease-adjusted MADS coverage and cash to levels comparable with those of higher-rated peers and medians." WYNN RESORTS: Extends Debt Maturities to 2030, Adds $500M Revolver ------------------------------------------------------------------ Wynn Resorts, Limited disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Wynn Resorts Finance, LLC, an indirect wholly owned subsidiary of the Company, and certain of its subsidiaries entered into an amendment to the credit agreement dated as of September 20, 2019, as amended by Amendment No. 1, dated as of April 10, 2020, Amendment No. 2, dated as of November 27, 2020, Amendment No. 3 dated as of May 17, 2023 and Amendment No. 4, dated as of September 16, 2024 (as further amended, restated, amended and restated, replaced, supplemented, or otherwise modified prior to giving effect to the amendments contemplated by the Credit Agreement Amendment, the "Existing Credit Agreement" and, after giving effect to the amendments contemplated by the Credit Agreement Amendment, the "Credit Agreement"), among Deutsche Bank AG New York Branch, as administrative agent and collateral agent, and the lenders party thereto. The Credit Agreement Amendment amends the Existing Credit Agreement to, among other things: (i) extend the final maturity date with respect to all or a portion of the Extended Term A Facility Loans (as defined in the Credit Agreement) to June 12, 2030; (ii) extend the termination date with respect to all or a portion of the existing Extended Revolving Commitments and the maturity date with respect to the corresponding Extended Revolving Loans (as defined in the Credit Agreement) to June 12, 2030 and (iii) obtain $500 million in incremental extended revolving commitments with a stated maturity date of June 12, 2030. The foregoing description of the Credit Agreement Amendment is qualified in its entirety by reference to the full text of the Credit Agreement Amendment and Exhibit A thereto, which are filed as Exhibits in the 8-K Report: https://tinyurl.com/ycynwku4 About Wynn Resorts Ltd. Headquartered in Las Vegas, Nevada, Wynn Resorts, Limited owns and operates hotels and casino resorts. As of December 31, 2024, Wynn Resorts had $12.98 billion in total assets, $13.95 billion in total liabilities, and a total stockholders' deficit of $968.60 million. * * * Egan-Jones Ratings Company on January 14, 2025, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Wynn Resorts. YELLOW CORP: Fights Pension Withdrawal Ruling w/ MFN at 3rd Circuit ------------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that Yellow Corp. and its largest shareholder, MFN Partners LP, are urging the U.S. Court of Appeals for the Third Circuit to overturn a bankruptcy court ruling they say is based on inflated pension withdrawal liability estimates. During oral arguments Wednesday, June 25, 2025, attorneys for the bankrupt trucking company and MFN argued that the calculation—potentially amounting to billions—is significantly overstated. The appeal challenges how withdrawal liability is determined, particularly in cases where pension plans have received special financial assistance. Yellow and MFN filed the appeal together, the report states. About Yellow Corporation Yellow Corporation -- http://www.myyellow.com/-- operates logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and international shipping services throughout. Yellow's principal office is in Nashville, Tenn., and is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics. Yellow Corporation and 23 affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corporation had $2,152,200,000 in total assets against $2,588,800,000 in total liabilities. The petitions were signed by Matthew A. Doheny as chief restructuring officer. The Debtors tapped Kirkland & Ellis, LLP as restructuring counsel; Pachulski Stang Ziehl & Jones, LLP as Delaware local counsel; Kasowitz, Benson and Torres, LLP as special litigation counsel; Goodmans, LLP as special Canadian counsel; Ducera Partners, LLC, as investment banker; and Alvarez and Marsal as financial advisor. Epiq Bankruptcy Solutions is the claims and noticing agent. Milbank LLP serves as counsel to certain investment funds and accounts managed by affiliates of Apollo Capital Management, L.P. while White & Case, LLP and Arnold & Porter Kaye Scholer, LLP serve as counsels to Beal Bank USA and the U.S. Department of the Treasury, respectively. On Aug. 16, 2023, the U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Chapter 11 cases. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Benesch, Friedlander, Coplan & Aronoff, LLP as counsels; Miller Buckfire as investment banker; and Huron Consulting Services, LLC, as financial advisor. ZEN JV LLC: CareerBuilder + Monster in Chapter 11 to Sell Sites --------------------------------------------------------------- Zen JV, LLC, operator of platforms and related digital media services through brands such as CareerBuilder, Monster, Fastweb, and Military.com, sought Chapter 11 protection with deals to sell its key assets. Purchase Price Asset to Be Sold -------------- ---------------- $22,500,000 Valnet US Inc. is buying the Debtors' Monster Media Properties business, which is comprised of www.military.com and www.fastweb.com. $6,000,000 Valsoft Corporation, Inc., is buying the Debtors' Monster Government Services business, which provides human capital management software services to state and federal governments. $7,000,000 JobGet Inc. is purchasing the Debtors' CareerBuilder + Monster job board business. The deals with the purchasers are "stalking horse" bids that are subject to competitive bidding in sale process to be approved by the Bankruptcy Court. The Debtors have proposed a July 15, 2025 deadline for initial bids by other parties, and an auction, if necessary, on July 17. Zen JV only had $2.2 million in cash as of the bankruptcy filing. It's negotiating DIP financing of up to $20 million that would allow it to complete the sale process in 35 days. The Debtors do not believe that a lengthier marketing process will yield higher or better bids. About Zen JV LLC Zen JV, LLC, operates online employment platforms and related digital media services through brands such as CareerBuilder, Monster, Fastweb, and Military.com. The Company also provides human capital software solutions to government agencies via Monster Government Services. On June 24, 2025, Zen JV, LLC and 9 affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 25-11195) with deals to sell key assets to three parties. Latham & Watkins LLP and Richards, Layton & Finger, P.A., are counsel to the Debtors. AlixPartners, LLP, is the Debtors' financial advisor, and PJT Partners LP is the investment banker. Omni Agent Solutions is the claims agent. Duane Morris LLP is advising buyer JobGet. Stoel Rives LLP is advising purchaser Valnet. Proskauer Rose LLP is advising purchaser Valsoft. ZEN JV: Case Summary & 30 Largest Unsecured Creditors ----------------------------------------------------- Lead Debtor: Zen JV, LLC 200 N. LaSalle Street #900 Chicago, IL 60601 Business Description: Zen JV, LLC operates online employment platforms and related digital media services through brands such as CareerBuilder, Monster, Fastweb, and Military.com. The Company also provides human capital software solutions to government agencies via Monster Government Services. Chapter 11 Petition Date: June 24, 2025 Court: United States Bankruptcy Court District of Delaware Ten affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Zen JV, LLC (Lead Case) 25-11195 Monster Worldwide LLC 25-11196 Military Advantage, LLC 25-11204 FastWeb, LLC 25-11197 Monster Government Solutions, LLC 25-11198 Camaro Acquisition, LLC 25-11199 CareerBuilder, LLC 25-11200 CareerBuilder France Holding LLC 25-11203 CareerBuilder Government Solutions LLC 25-11201 Luceo Solutions, LLC 25-11202 Judge: Hon. J Kate Stickles Debtors' Bankruptcy Counsel: Zachary I. Shapiro, Esq. Daniel J. DeFranceschi, Esq. Huiqi Liu, Esq. Clint M. Carlisle, Esq. Colin A. Meehan, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square, 920 North King Street Wilmington DE 19801 Tel: (302) 651-7700 Fax: (302) 651-7701 Email: shapiro@rlf.com defranceschi@rlf.com liu@rlf.com carlisle@rlf.com meehan@rlf.com Debtors' Bankruptcy Co-Counsel: Ray C. Schrock, Esq. Candace M. Arthur, Esq. LATHAM & WATKINS LLP 1271 Avenue of the Americas New York, New York 10020 Tel: (212) 906-1200 Fax: (212) 751-4864 Email: ray.schrock@lw.com candace.arthur@lw.com - and - Jonathan C. Gordon, Esq. 330 North Wabash Avenue, Suite 2800 Chicago, Illinois 60611 Tel: (312) 876-7700 Fax: (312) 993-9767 Email: jonathan.gordon@lw.com Debtors' Financial Advisor: ALIXPARTNERS, LLP Debtors' Investment Banker: PJT PARTNERS LP Debtors' Claims, Noticing & Solicitation Agent: OMNI AGENT SOLUTIONS Estimated Assets (on a consolidated basis): $50 million to $100 million Estimated Liabilities (on a consolidated basis): $100 million to $500 million The petitions were signed by Jeff Furman as chief executive officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5TEGRRY/Zen_JV_LLC__debke-25-11195__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. JOBVERSE INC. Marketing $2,731,559 1913 Championship Franklin, TN 37064 United States Kevin McCarthy Phone: 312-469-0020 Email: kevin@oneredcent.com 2. TEXTKERNEL BV Professional $2,203,181 Asterweg 15D Services Amsterdam, 1031 HL Netherlands Joost Verschoor Phone: +31-0204942496 Email: verschoor@textkernel.nl 3. GOOGLE LLC Marketing $1,938,081 1600 Amphitheatre Pkwy Mountain View, CA 94043 United States Ty Suwalski Phone: 650-253-0000 Email: tysuwalski@google.com; collections@google.com 4. TALROO INC Marketing $1,675,849 6433 Champion Grandview Way Bldg 2, Suite 100 Austin, TX 78750 United States Allison Yager Phone: 512-364-0271; 512-717-0630 Email: ayager@talroo.com 5. JOBGET INC Marketing $1,479,348 50 MILK St 16th Flr Boston, MA 02109 United States Rachel Essenfeld Phone: 916-866-8002 Email: rachel@jobget.com 6. AHEAD INC IT $1,179,989 444 W Lake St, Suite 3000 Chicago, IL 60606 United States Chris Dagg, Jordan Price Phone: 508-414-8993 Email: chris.dagg@ahead.com; jordan.price@ahead.com 7. VERINEXT CORP IT $1,156,379 510 Township Line Road, Suite 120 Blue Bell, PA 19422 United States Brian Hull Phone: 678-990-1593 Email: brian.hull@verinext.com 8. RACKSPACE US INC IT $1,073,765 1 Fanatical Place San Antonio, TX 78218 United States Irene Ali Phone: 210-312-4000 Email: irene.ali@rackspace.com 9. APPCAST INC Marketing $899,174 10 Water St Ste 150, Lebanon, NH 03766-1657 United States Tod Dillon Phone: 603-678-1620 Email: tod.dillon@appcast.io 10. AKIN GUMP STRAUSS Professional $718,785 HAUER & FELD Services One Bryant Park, Bank of America Tower New York, NY 10036 United States Eli Miller Phone: 212-872-7493 Email: emiller@akingump.com 11. JOBCASE INC Marketing $701,355 201 Broadway St, 7th Floor Cambridge, MA 02139 United States Samuel Torff Phone: 713-304-7505 Email: storff@jobcase.com 12. BRAZEN TECHNOLOGIES INC IT $510,200 3033 Wilson Boulevard, Suite 470 Arlington, VA 22201 United States Ashley O'Connor Phone: 202-525-7924 Email: ashley@brazen.com 13. VEDDER PRICE PC Professional $469,434 222 North LaSalle Street, Services Suite 2600 Chicago, IL 60601 United States Juan A. Cruz Phone: 312-609-5053 Email: jcruz@vedderprice.com 14. RECRUITICS INC Marketing $438,633 230 East Ave, Suite 101 Norwalk, CT 06855 United States Kayla Sorice Phone: 877-410-8004 Email: billing@recruitics.com; info@recruitics.com 15. WINSTON & STRAWN LLP Professional $421,062 35 West Wacker Drive Services Chicago, IL 60601 United States Matt Stevens Phone: 312-558-6116 Email: mstevens@winston.com 16. NEXXT INC Marketing $407,211 676 E Swedesford Rd Wayne, PA 19087 United States David Brensilber Phone: 516-669-0016 Email: davidb@beyond.com 17. ORACLE AMERICA INC IT $380,281 500 Oracle Parkway Redwood Shores, CA 94065 United States Chad Ogiba, Delphine Oursaire Phone: 508.317.9236 Email: chad.ogiba@oracle.com; delphine.oursaire@oracle.com 18. IKOKAS TECHNOLOGIES PRIVATE LTD IT $378,254 1917/19 Govindpuri Extension Kalkaji, New Delhi 110019 India Parvinder Singh Phone: 987-309-7024 Email: parvinder@ikokas.com 19. SECUREIT CONSULTING GROUP INC IT $376,841 12110 Sunset Hills Rd, #600 Reston, VA 20190 United States Keli Colon; David Trout Phone: 703-774-6292; 703-981-0145 Email: kcolon@secureit.com; dtrout@secureit.com 20. SALESFORCE.COM INC IT $372,602 Salesforce Tower, 415 Mission Street, 3rd floor San Francisco, CA 94105 United States Randi Farage Phone: 901-264-2424 Email: rfarage@salesforce.com 21. EVERLONG MEDIA LLC Marketing $314,720 4025 Spencer St. #103 Torrance, CA 90503 United States Chad Grohman; Amy Adams Phone: 310-214-9509 Email: chad@everlongmedia.com; amy@everlongmedia.com 22. AMPLITUDE INC IT $286,875 201 3rd St, Suite 200 San Francisco, CA 94103 United States Ken Barrette Phone: 510-473-5668 Email: ken.barrette@amplitude.com 23. PWC US TAX LLP Professional $273,000 4040 W. Boy Scout Blvd. Services Tampa, FL 33607 United States Robert Jensen Phone: 312-286-3266 Email: robert.a.jensen@pwc.com 24. MICROSOFT ONLINE INC Marketing $257,111 6880 Sierra Center Pkwy Reno, NV 89511 United States Ben Orndorff Phone: 775-823-5600 Email: naonlineadv@microsoft.com; atlascol@microsoft.com 25. JOVEO INC Marketing $254,317 101 Jefferson Drive, 1st Floor Menlo Park, CA 94025 United States Nirala Arun Phone: 647-531-3399; 408-896 -9030 Email: nirala@joveo.com; accounting@joveo.com 26. AIMWEL B.V. Marketing $252,349 Capellalaan 65 Hoofddorp, 2132 JL Netherlands Dennis Van Allemeersch Phone: +31-610005942 Email: dennis.van.allemeersch@persgroep.net 27. CAMELOT COMMUNICATIONS LTD Marketing $250,767 2845 West 7th St Fort Worth, TX 76107 United States Jennifer Hooper Phone: 214-373-6999 Email: jennifer.hooper@pmg.com 28. ADWORKS LTD Marketing $245,781 Ha-Yetzira 31 Ramat Gan, 5252173 Israel Dan Gorlitsky Phone: +972-502135856 Email: dan@botson.ai 29. ACOUSTIC LP Marketing $232,098 1125 Oak Street, Suite 201 Conway, AR 72032 United States Kelly Gesselman Phone: 949-285-8536 Email: kelly.gesselman@acoustic.com 30. EQUINIX INC IT $187,686 1 Lagoon Drive, 4th floor Redwood City, CA 94065 United States David Howes; Brian Decker Phone: 978-771-1223; 650-513-7000 Email: dhowes@equinix.com; bdecker@equinix.com [] O'Melveny Launches Special Credit & Liability Management Group ----------------------------------------------------------------- O'Melveny on June 24 announced the formation of its new cross-disciplinary Special Credit & Liability Management Group, reflecting growing client demand for integrated, end-to-end support across the credit cycle, particularly as capital solutions become increasingly complex and bespoke. The newly formed group draws on O'Melveny's award-winning strengths in front-end lending, M&A, capital markets, corporate governance, bankruptcy and restructuring, and litigation --including bankruptcy litigation -- offering clients a powerful partner in creating, preserving, and protecting value in distressed and event-driven situations. "While we've been at the leading edge of specialized credit and liability management transactions for many years, clients are increasingly facing issues that require integrated, strategic solutions," said O'Melveny partner Matthew Kremer. "Together, this team delivers a blend of corporate and litigation expertise that allows us to assist from origination of a deal all the way to the courtroom, if necessary, and achieve positive, long-term results for our clients." "We have a successful track record of helping clients navigate high-stakes, fast-evolving situations, from novel liability management transactions and tailored capital solutions to contentious scenarios," said O'Melveny partner Jennifer Taylor. "Clients have turned to us, time and again, to structure and implement solutions when facing their most daunting challenges. Formalizing this interdisciplinary group underscores the innovative, collaborative, and wide-lens approach we've always brought to bear." The Special Credit & Liability Management Group taps the collective knowledge of a deeply experienced, international team that has handled headline-making matters, including advising an ad hoc group of lenders to Robertshaw in successfully defending the company's liability management transaction -- one of just a handful of such transactions to be litigated to trial. The team has also counseled multiple companies, banks, and ad hoc lender groups on successful debt restructurings and liability management exercises, including Isagenix, Babcock & Wilcox, K&N Engineering, and 24 Hour Fitness. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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