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250701.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, July 1, 2025, Vol. 29, No. 181 Headlines 1600 WESTERN: Seeks to Hire Special Counsel Chancery Attorney 19 SCHUYLER: Seeks Chapter 11 Bankruptcy in New Jersey 23ANDME HOLDING: Gets $305MM Genetic Data Asset Sale Court Approval 250 WYNAH: Gets Interim OK to Use Cash Collateral 4FRONT VENTURES: Board Members Step Down Amid Receivership 4FRONT VENTURES: U.S. Units in Receivership, 2 Directors Resign 83-85 MADISON: Seeks to Hire Silverman Law as Bankruptcy Counsel 95 MARKET: Seeks to Hire Silverman Law as Bankruptcy Counsel ACADEMY AT PENGUIN: Hires Casner & Edwards as Bankruptcy Counsel ACCESSION RISK: Cliffwater Corporate Marks $1.7M Loan at 92% Off ACCORD LEASE: Court Extends Cash Collateral Access to July 18 ACCURADIO LLC: Gets Interim OK to Use Cash Collateral ACCUSERVE SOLUTIONS: Cliffwater Corporate Marks $6M Loan at 75% Off ACCUSERVE SOLUTIONS: Cliffwater Marks $10.4M Loan at 57% Off ACOSTA HOLDINGS: Moody's Affirms B2 CFR & Lowers Secured Debt to B2 AFORE INSURANCE: Cliffwater Virtually Writes Off $3.1-Mil. Loan ALKEME INTERMEDIARY: Cliffwater Marks $11.9-Mil. Loan at 78% Off ALLWORTH FINANCIAL: Cliffwater Marks $20.4-Mil. Loan at 90% Off AMBA BUYER: Cliffwater Corporate Marks $14.2MM Loan at 67% Off AMERILIFE HOLDINGS: Cliffwater Marks $10.8MM Loan at 35% Off APRIO ADVISORY: Cliffwater Corporate Marks $1.2MM Loan at 36% Off APRIO ADVISORY: Cliffwater Corporate Marks $740,000 Loan at 41% Off AQ SUNSHINE: Cliffwater Corporate Marks $2.2MM Loan at 61% Off AQUA METALS: Amends Bylaws to Change Quorum Requirement AQUABOUNTY TECHNOLOGIES: All Proposals Passed at Annual Meeting ARAX MIDCO: Cliffwater Corporate Marks $7.8MM Loan at 36% Off ARTIFICIAL INTELLIGENCE: GHS May Sell 10B Shares for $11M B.G.P. INC: Claims to be Paid from Continued Operations BENNY AND MARYS: Hires Golden Goodrich LLP as Bankruptcy Counsel BGI COLLINGSWOOD: Seeks Chapter 11 Bankruptcy in New Jersey BLH TOPCO: Recovery for Unsecureds Still to Be Determined BROKEN VESSEL: Hires Russo White & Keller PC as Bankruptcy Counsel BROOKDALE SENIOR: Egan-Jones Retains CC Senior Unsecured Ratings BUILT TO LAST: Hires Rubin & Levin P.C. as Bankruptcy Counsel CAASTLE INC: Seeks Chapter 7 Bankruptcy in Delaware CAREERBUILDER + MONSTER: Files Ch. 11, Agrees to Sell Core Units CAREERBUILDER + MONSTER: Gets Court OK to Tap $20MM DIP CATHETER PRECISION: Files Legal Opinion for $1.9M ATM Offering CATHETER PRECISION: Q2 2025 LockeT Sales Surpass Q2 2024 Figures CFN ENTERPRISES: Chief Sales Officer Anness Ziadeh Resigns CHG US: Committee Taps Dundon Advisers LLC as Financial Advisor CHG US: Committee Taps Lowenstein Sandler LLP as Lead Counsel CHG US: Committee Taps Potter Anderson as Delaware Counsel CMC ADVERTISING: Seeks Subchapter V Bankruptcy in Ohio CORVIAS CAMPUS: Deadline for Panel Questionnaires Set for July 2 CORVIAS CAMPUS: Files Ch. 11 to Restructure GA Student Housing CRYPTO COMPANY: Posts $6.6M FY24 Loss; Going Concern Doubt Remains CYTOSORBENTS CORP: All Proposals OK'd at 2025 Annual Meeting CYTTA CORP: Drops Prager Metis After Dispute Over Fraud Review DIAMOND COMIC: To Liquidate All Consigned Comics, Publisher Oppose DONNELLY GROUP: To Exit CCAA as Founder Reacquires Assets E.F. MARKETING: Seeks to Sell Various Printing Equipment ELITE SCHOOL: Court Extends Cash Collateral Access to July 31 EWA LLC: Seeks Subchapter V Bankruptcy in Texas EYENOVIA INC: Avenue Venture and Affiliates Hold 9.99% Stake FIRSTBASE.IO INC: Court Extends Cash Collateral Access to Nov. 3 FLAME LLC: Unsecured Creditors Will Get 6.4% of Claims in Plan FTX TRADING: Shaquille O'Neal's $1.8MM Settlement Gets Prelim OK FULCRUM LOAN: Hires Atlanta Fine Homes as Real Estate Broker GAMESTOP CORP: Stockholders OK All Proposals at Annual Meeting GARFUNKELUX HOLDCO: S&P Cuts ICR to 'D' on Debt Restructuring GEOSYNTEC HOLDINGS: Moody's Assigns 'B3' CFR, Outlook Stable GO LAB: Exits Chapter 11 Bankruptcy, Changes Name to TimberHP GOLDEN TEMPLE: Seeks Subchapter V Bankruptcy in Wisconsin GPD COMPANIES: Moody's Alters Outlook on 'Caa1' CFR to Positive HADLOCK ENTERPRISES: Taps Cairncross & Hempelmann as Legal Counsel HAWAIIAN ELECTRIC: S&P Upgrades ICR to 'B+', On Watch Positive HELIUS MEDICAL: L1 Capital Global Holds 6.78% Stake HJJM LLC: Seeks to Hire Joseph J. D'Agostino Jr. as Counsel HOLDINGS OF R.J. SEEDS: Hires Sagre Law Firm as Bankruptcy Counsel HUNTINGTON GLEN: Section 341(a) Meeting of Creditors on July 28 HYPERSCALE DATA: Issues Over 350K Class A Shares via Conversions IPA ASSET: Seeks Chapter 11 Bankruptcy in New York IYA FOODS: Court Extends Cash Collateral Access to July 19 JEFDAN PROPERTIES: Taps Grossbart Portney and Rosenberg as Counsel JOANN INC: Closes Grapevine Location Permanently JUBILEE HILLTOP: Seeks Chapter 11 Bankruptcy in Pennsylvania JUBILEE HOSPITALITY: Voluntary Chapter 11 Case Summary KPOWER GLOBAL: Wyatt Tarrant Advises Delta Materials & Keystone LCS UNLIMITED: Unsecureds to Get Share of Income for 5 Years LIKELIHOOD LLC: Unsecureds to Split $240K over 60 Months LONG ISLAND INVESTMENT: Voluntary Chapter 11 Case Summary MAINE CRAFT: Unsecureds to Get Share of Income for 3 Years MELBEN INC: Taps Cornerstone Business as Tax Accountant MEYER BURGER: Deadline for Panel Questionnaires for July 2 MITEL NETWORKS: Davis Polk Advises Secured Lenders MMA LAW: Unsecured Creditors to Recover $100K to $5M in Plan MOFUS DOMUS: Section 341(a) Meeting of Creditors on July 31 MOSAIC SUSTAINABLE: Gets OK to Tap Kroll as Claims, Noticing Agent MOSAIC SUSTAINABLE: Seeks to Hire Ordinary Course Professionals MRC GLOBAL: S&P Places 'B' ICR on CreditWatch Positive NATURAL STATE: Seeks Subchapter V Bankruptcy in Arkansas NEW FORTRESS: Outlines Liquidity Strategy in Late Filing OREGON MUTUAL: A.M. Best Cuts Fin. Strength Rating to B-(Fair) OUR HOMES: State Seeks Receivership for Troubled Residential Homes PALATIN TECHNOLOGIES: Grosses $340K From Securities Offering PARTY CITY: Gets Court Okay for Bankruptcy Plan Disclosures PENNSYLVANIA ECONOMIC: S&P Affirms 'CCC' Rating on 2013A Rev. Bond PET HOTELS: Seeks to Hire Millan Law Offices as Bankruptcy Counsel POTTSVILLE OPERATIONS: Hires Fasten Halberstam as Accountant POWER CITY: Seeks Chapter 11 Bankruptcy in Texas POWIN LLC: Committee Retains Brown Rudnick as Lead Counsel PPS 77: Final Hearing Today on Bid to Use Cash Collateral PRIVATE LENDER: Seeks to Hire Texas Appellate as Special Counsel PROFESSIONAL DIVERSITY: Lisa Fan Named Interim CFO PROS HOLDINGS: Exchanges $187M of 2027 Notes for New 2030 Notes RED RIVER: J&J Wants Amended Suit Tossed Over Ch. 11 Talc Tactics RED ROCK MEGA: Seeks Cash Collateral Access RENAISSANCE CHARTER: Moody's Rates 2025A/B Revenue Bonds 'Ba1' RESHAPE LIFESCIENCES: L1 Capital Holds 9.85% Equity Stake RITE AID: Stark & Stark Files Rule 2019 Statement ROGUE SMOOTHIES: Seeks Subchapter V Bankruptcy in Oregon ROYAL HELIUM: Keranic to Acquire Core Assets via CCAA Deal RYVYL INC: Brett Moyer Named Director After David Montoya's Exit RYVYL INC: Cleared of SPA Damages; Plans $100-Mil. Raise RYVYL INC: Falls Short of Nasdaq's Minimum Bid Price Rule S3 GROUP: Seeks to Hire Pivot Management as Financial Advisor S3 GROUP: Seeks to Tap Keller Benvenutti Kim as Bankruptcy Counsel SANTA ANA NATIONAL: OCC Appoints FDIC as Receiver SCHAFER FISHERIES: Court OKs Continued Use of Cash Collateral SHARPLINK GAMING: Acquires 176,271 ETH for $463 Million SKY GARDENS: N. Miami Beach Ch. 11 Sale Sets July 22 Bid Deadline SPLASH BEVERAGE: Sells Series A Preferred Shares to CEO for $1,000 SPRING VALLEY: Voluntary Chapter 11 Case Summary SRX HEALTH: Appoints New President, CEO and Chairman STAFFING MANAGEMENT: Seeks Chapter 11 Bankruptcy in Florida STEVEN LAYNE: Gets OK to Hire Caddell Reynolds as Attorney STOCKDALE CAPITAL: Court Appoints Campus at Horton Project Receiver SUNNOVA ENERGY: Seeks to Hire Ordinary Course Professionals SYNERGY MEDICAL: Case Summary & Five Unsecured Creditors T&S FOOD: Deadline for Panel Questionnaires Set for July 1 TERRAFORM GLOBAL: S&P Affirms 'BB-' ICR, Outlook Stable TONIX PHARMACEUTICALS: Director Reports Ownership of Stock Options TONIX PHARMACEUTICALS: Welcomes James Hunter to Board of Directors TOP MOBILITY: Seeks Chapter 11 Bankruptcy in Florida UNDER ARMOUR: Egan-Jones Retains BB- Senior Unsecured Ratings USA STAFFING: Seeks Chapter 11 Bankruptcy in Florida VALKEN INC: Seeks Chapter 11 Bankruptcy in New Jersey VAN'S EQUIPMENT: Seeks Chapter 11 Bankruptcy in Washington VENUS CONCEPT: Intracoastal Capital Holds 4.99% Stake VETERANS HOLDINGS: Amends Unsecureds & Richards Secured Claims Pay VIASAT INC: To Receive $568M From Ligado Settlement in FY26 VISHAY INTERTECHNOLOGY: S&P Lowers ICR to 'BB', Outlook Negative VOLTZ INC: Legacy Toys Seeks Chapter 11, Wants to Keep Stores Open WOLFSPEED INC: Seeks Chapter 11 Bankruptcy to Cut $4.6B Debt ZAMA&ZAMA INC: Hires Larson & Zirzow LLC as Bankruptcy Counsel ZEN JV LLC: Represented by Latham & Watkins in APA [] Cle Elum Files Ch. 9 to Protect From $26M Arbitrator's Award [] Haynes Boone Adds Two New Restructuring Partners to NY Office ********* 1600 WESTERN: Seeks to Hire Special Counsel Chancery Attorney ------------------------------------------------------------- 1600 Western Venture LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Robert Habib and Marco Rodriguez as special counsel chancery attorneys. The special counsels will be only representing the estate in the matter of Wells Fargo Bank, National Association v. 1600 Western Venture L.L.C., Case No. 2024 CH 00050, currently pending in the Circuit Court of Cook County, Chancery Division, regarding all claims for foreclosure and to prosecute any claims involving the validity of the mortgage. The special counsel shall be paid $400/hour. The special counsel does not hold or represent any interest and/or connections adverse to the Debtor, according to court filings. The counsels can be reached through: Robert Habib, Esq. Robert Habib Law Offices 77 W Washington St Suite 1506 Chicago, IL 60602 Phone: (312) 201-1421 - and - Marco Rodriguez, Esq. Law Office Of Marco A. Rodriguez 4440 S Ashland Ave. Chicago, IL 60609 Tel: (773) 589-4085 About 1600 Western Venture LLC 1600 Western Venture LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08821) on June 10, 2025. In the petition signed by Dorothy Flisk, managing member, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Jacqueline P. Cox oversees the case. Penelope Bach, Esq., at Bach Law Offices, represents the Debtor as legal counsel. 19 SCHUYLER: Seeks Chapter 11 Bankruptcy in New Jersey ------------------------------------------------------ On June 24, 2025, 19 Schuyler Ave 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 $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About 19 Schuyler Ave LLC 19 Schuyler Ave LLC is a single asset real estate entity that owns and operates the property at 19 Schuyler Ave in Newark, New Jersey. 19 Schuyler Ave LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-16667) on June 24, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Vincent F. Papalia handles the case. 23ANDME HOLDING: Gets $305MM Genetic Data Asset Sale Court Approval ------------------------------------------------------------------- Maria Chutchian of Bloomberg Law reports that 23andMe Holding Co. has gained bankruptcy court approval to sell its genetic data assets for $305 million to co-founder Anne Wojcicki and the affiliated TTAM Research Institute, overcoming objections from numerous states concerned about privacy issues. U.S. Bankruptcy Judge Brian C. Walsh of the Eastern District of Missouri issued the decision in writing on June 27, 2025, the report states. Wojcicki and TTAM secured the winning bid over Regeneron Pharmaceuticals for the data, which includes genetic information from more than 13 million individuals, according to Bloomberg Law. About 23andMe 23andMe is a genetics-led consumer healthcare and biotechnology company empowering a healthier future. Through its direct-to-consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The Company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe Holding Co. and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). The Company disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison LLP; Morgan, Lewis & Bockius LLP; and Carmody MacDonald PC are serving as legal counsel to 23andMe and Alvarez & Marsal North America, LLC, asrestructuring advisor. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP are serving as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Reevemark and Scale are serving as communications advisors to the Company. Kroll is the claims agent. 250 WYNAH: Gets Interim OK to Use Cash Collateral ------------------------------------------------- 250 Wynah Lane, LLC got the green light from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral to pay operating expenses set forth in its budget, with a 10% variance allowed. World Business Lenders and Cape Cod Five Cents Savings Bank are the Debtor's lenders with interests in the cash collateral. As protection for the Debtor's use of the lenders' cash collateral, the Debtor will provide the Lenders with valid and automatically perfected replacement liens on and security interests in all tangible and intangible personal property acquired by the Debtor after the petition date, including all post-petition rents and cash proceeds generated by its property. The replacement liens will have the priority, validity and extent as the lenders' pre-bankruptcy liens. The company's authority to use cash collateral terminates if these events of default are not remedied: (i) if the Debtor exceeds the budget variances without the prior written consent of the lenders or further court approval; (ii) if the Debtor pays obligations not shown on the budget without the lenders' prior written consent or further court approval; (iii) if a trustee or examiner, with authority to affect the operation of the Debtor's business, is appointed without the lenders' consent; or (iv) if the Debtor's Chapter 11 case is dismissed or converted to one under Chapter 7. The next hearing is set for September 24. About 250 Wynah Lane LLC 250 Wynah Lane, LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). 250 Wynah Lane sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-07414) on May 14, 2025. In its petition, the Debtor reported estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. Matthew T. Gensburg, Esq., at Gensburg Calandriello & Kanter, P.C. is the Debtor's legal counsel. World Business Lenders, as lender, is represented by: Stephanie Mulcahy, Esq. Hinshaw & Culbertson, LLP 151 N. Franklin, Suite 2500 Chicago, IL 60606 Telephone: 312-704-3220 smulcahy@hinshawlaw.com Cape Cod Five Cents Savings Bank, as lender, is represented by: Sean P. Williams, Esq. Levenfeld Pearlstein, LLC 120 S. Riverside, Suite 1800 Chicago, IL 60606 Telephone: (312) 346-8380 swilliams@lplegal.com 4FRONT VENTURES: Board Members Step Down Amid Receivership ---------------------------------------------------------- TipRanks reports that Kris Krane and David Daily resigned from 4Front Ventures Corp.'s Board of Directors on June 26, 2025, days after a Massachusetts Superior Court order appointed Jacques Santucci as receiver over the company's U.S. subsidiaries. The receivership follows 4Front's voluntary filing under Canada's Bankruptcy and Insolvency Act. The company stated that the resignations were not due to any disagreements regarding its operations, policies, or practices. 4Front Ventures continues to struggle with severe financial headwinds, including declining revenue, heavy debt, and weak overall performance. Market indicators show a bearish trend, while valuation remains low due to ongoing losses. Although the company reported some progress in wholesale growth and outlined strategic plans during its latest earnings call, those developments have been overshadowed by ongoing retail challenges and mounting operational costs. The situation highlights the urgent need for a comprehensive turnaround strategy, according to TipRanks. About 4Front Ventures Corp. 4Front is a national, vertically integrated multi-state cannabis operator with operations in Illinois and Massachusetts and facilities in Washington. Since its founding in 2011, 4Front has built a strong reputation for its high standards and low-cost cultivation and production methodologies earned through a track record of success in facility design, cultivation, genetics, growing processes, manufacturing, purchasing, distribution, and retail. To date, 4Front has successfully brought to market more than 20 different cannabis brands and over 1,800 products, which are strategically distributed through its fully owned and operated Mission dispensaries and retail outlets in its core markets. For more information, visit https://4frontventures.com 4FRONT VENTURES: U.S. Units in Receivership, 2 Directors Resign --------------------------------------------------------------- 4Front Ventures Corp., a vertically integrated cannabis operator, provides an update on the voluntary receivership proceedings involving its U.S. subsidiaries and changes to its Board of Directors. As previously announced, on May 22, 2025, all U.S. subsidiaries of 4Front filed for voluntary receivership in aid of liquidation under the laws of the Commonwealth of Massachusetts. These filings were made in the Business Litigation Session of the Superior Court for Suffolk County in case no. 2584CV01405. On June 20, 2025, the Court entered an order appointing Opus Consulting Partners, LLC, through its principal Mr. Jacques Santucci, as Receiver for the Subsidiaries and their associated assets. The Receiver has been granted broad authority to operate, manage, and pursue the orderly sale of the Subsidiaries to maximize value for creditors and stakeholders. The Receiver is also authorized to engage Stone Blossom Capital LLC, whose principal is Richard Ormond, as a senior strategic consultant and advisor in connection with the process. With the appointment of the Receiver and 4Front's previously announced assignment pursuant to Canada's Bankruptcy and Insolvency Act, Kris Krane, Chairman of the Board, and David Daily, Director, have tendered their resignations from the Company's Board of Directors effective immediately. Additional information regarding the Receivership may be obtained from the Receiver; additional information regarding the Bankruptcy may be obtained from B. Riley Farber, Inc., the trustee. Legal counsel to the Company is Foley Hoag LLP. For inquiries related to the Receivership, contact: Opus Consulting Partners, LLC About 4Front Ventures Corp. 4Front is a national, vertically integrated multi-state cannabis operator with operations in Illinois and Massachusetts and facilities in Washington. Since its founding in 2011, 4Front has built a strong reputation for its high standards and low-cost cultivation and production methodologies earned through a track record of success in facility design, cultivation, genetics, growing processes, manufacturing, purchasing, distribution, and retail. To date, 4Front has successfully brought to market more than 20 different cannabis brands and over 1,800 products, which are strategically distributed through its fully owned and operated Mission dispensaries and retail outlets in its core markets. For more information, visit 4frontventures.com. 83-85 MADISON: Seeks to Hire Silverman Law as Bankruptcy Counsel ---------------------------------------------------------------- 83-85 Madison St, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Silverman Law PLLC as general bankruptcy counsel. The firm will render these services: a. advise the Debtor of its rights, powers, and duties as debtor in possession in continuing to operate and manage its assets and business; b. prepare on the Debtor's behalf all necessary and appropriate applications, motions, pleadings, orders, notices, petitions, schedules, reports and other documents to be filed in the Debtor's chapter 11 case; c. advise the Debtor concerning, and prepare responses to, applications, motions, pleadings, notices and other pleadings or documents which may be filed in its chapter 11 case; d. advise the Debtor concerning the actions it might take to collect and recover property for the benefit of its estate; e. negotiate with creditors in connection with claims and chapter 11 plan; f. review and object to claims; and g. perform all other legal services for and on behalf of the Debtor which may be necessary or appropriate in the administration of its chapter 11 case and fulfillment of its duties as debtor in possession. The hourly rates of the firm's counsel and staff are: Brett S. Silverman, Esq. $500 Adam N. Love, Esq. $550 Paraprofessionals $90 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $4,000. Brett Silverman, Esq., a managing member at Silverman Law, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Brett Silverman, Esq. Silverman Law PLLC Terry Terrace Livingston, NJ 07039 About 83-85 Madison St 83-85 Madison St, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-15717) on May 30, 2025, with $500,001 to $1 million in assets and liabilities. Judge John K. Sherwood presides over the case. Brett Silverman, Esq., at Silverman Law, PLLC represents the Debtor as bankruptcy counsel. 95 MARKET: Seeks to Hire Silverman Law as Bankruptcy Counsel ------------------------------------------------------------ 95 Market Street LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Silverman Law PLLC as general bankruptcy counsel. The firm will render these services: a. advise the Debtor of its rights, powers, and duties as debtor in possession in continuing to operate and manage its assets and business; b. prepare on the Debtor's behalf all necessary and appropriate applications, motions, pleadings, orders, notices, petitions, schedules, reports and other documents to be filed in the Debtor's chapter 11 case; c. advise the Debtor concerning, and prepare responses to, applications, motions, pleadings, notices and other pleadings or documents which may be filed in its chapter 11 case; d. advise the Debtor concerning the actions it might take to collect and recover property for the benefit of its estate; e. negotiate with creditors in connection with claims and chapter 11 plan; f. review and object to claims; and g. perform all other legal services for and on behalf of the Debtor which may be necessary or appropriate in the administration of its chapter 11 case and fulfillment of its duties as debtor in possession. The hourly rates of the firm's counsel and staff are: Brett S. Silverman, Esq. $500 Adam N. Love, Esq. $550 Paraprofessionals $90 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $4,000. Brett Silverman, Esq., a managing member at Silverman Law, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Brett Silverman, Esq. Silverman Law PLLC Terry Terrace Livingston, NJ 07039 About 95 Market Street LLC 95 Market Street LLC is a limited liability company based in Paterson, New Jersey, operating as a lessor of real estate, specializing in leasing or renting residential properties. 95 Market Street LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-15710) on May 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge John K. Sherwood handles the case. The Debtors are represented by Brett Silverman, Esq. at SILVERMAN LAW PLLC. ACADEMY AT PENGUIN: Hires Casner & Edwards as Bankruptcy Counsel ---------------------------------------------------------------- The Academy at Penguin Hall Inc. seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Casner & Edwards, LLP as counsel. The firm will render these services: a. provide legal advice with respect to the Debtor’s powers and duties as debtor-in-possession in the continued operation of its business and management of its properties; b. prepare on behalf of the Debtor necessary applications, motions, answers, orders, reports and other legal papers; c. appear in, and to protect the interests of the Debtor before this Court; d. pursue Court approval of and consummation of any proposed transaction involving the Debtor or its assets, including through means of a sale or restructuring plan; e. represent the Debtor in litigation matters before this Court; and f. perform all other legal services for the Debtor which may be necessary and proper in this Chapter 11 case. The firm will be paid at these rates: Partners $450 to $750 per hour Counsel $475 to $625 per hour Associates $350 to $525 per hour Paralegals $295 per hour The firm held a retainer in the amount of $54,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. John T. Morrier, Esq., a partner at Casner & Edwards, LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: John T. Morrier, Esq. Casner & Edwards, LLP 303 Congress Street Boston, MA 02210 Tel: (617) 426-5900 Email: morrier@casneredwards.com About The Academy at Penguin Hall Inc. The Academy at Penguin Hall Inc. is a private, college-preparatory day school for young women in grades 9 through 12. Located in Wenham, Massachusetts, the school offers interdisciplinary academic programs and emphasizes leadership, critical thinking, and the arts. The Academy at Penguin Hall Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11191) on June 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtors are represented by John T. Morrier, Esq. at CASNER & EDWARDS, LLP. ACCESSION RISK: Cliffwater Corporate Marks $1.7M Loan at 92% Off ---------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $1,712,511 loan extended to Accession Risk Management Group, Inc. Ltd. to market at $132,994 or 8% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw 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. ACCORD LEASE: Court Extends Cash Collateral Access to July 18 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois issued its ninth interim order extending Accord Lease, Inc.'s authority to use its lenders' cash collateral from June 20 to July 18. The interim order signed by Judge Deborah Thorne authorized the Debtor to use the cash collateral of BMO Bank N.A., and 11 other lenders to pay operating expenses in accordance with its budget and an earlier order issued by the court on Jan. 8. The Debtor projects total operational expenses of $67,276.74. The next hearing is set for July 16. BMO Bank, N.A. and 11 other lenders assert interests in the Debtor's cash collateral, which includes funds on deposit in accounts maintained by the Debtor and lease fees generated by the Debtor's property in which they have liens. The property purportedly secures an indebtedness of approximately of $5,432,758.20. About Accord Lease Inc. Accord Lease Inc. operates an automotive leasing and renting business in Elgin, Ill. Accord Lease filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 24-16518) on November 1, 2024, listing total assets of $3,773,857 and total liabilities of $5,800,404. Igor Tsapar, president of Accord Lease, signed the petition. Judge David D. Cleary handles the case. O. Allan Fridman, Esq., at the Law Office of O. Allan Fridman is the Debtors legal counsel. BMO Bank N.A., as lender, is represented by: James P. Sullivan, Esq. Chapman and Cutler, LLP 320 South Canal Street Chicago, IL 60606 Tel: 312.845.3000 jsullivan@chapman.com ACCURADIO LLC: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- AccuRadio, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The Debtor was authorized to use cash collateral to pay ordinary and necessary business expenses for the period from May 15 to July 25, as set forth in its budget, with a 10% variance allowed. The budget projects monthly operational expenses of $ 478,500. As protection, Sound Exchange, Inc. was granted replacement liens on the Debtor's property, including the secured creditor's cash collateral and pre-bankruptcy collateral. In addition, Sound Exchange will receive monthly royalty payments of $210,000 starting June 1, subject to adjustment. A status hearing is set for July 21. About AccuRadio Inc. AccuRadio Inc. is a Chicago-based company that offers streaming radio service. Accuradio sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-07366) on May 14, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $10 million and $50 million. Judge Michael B. Slade handles the case. The Debtor is represented by Derek D. Samz, Esq., at Golan Christie Taglia, LLP. ACCUSERVE SOLUTIONS: Cliffwater Corporate Marks $6M Loan at 75% Off ------------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $6,022,727 loan extended to Accuserve Solutions, Inc. Ltd. to market at $1,512,222 or 25% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to Accuserve Solutions, Inc. The loan accrues interest at a rate of 9.55% per annum. The loan matures on March 15, 2030. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Accuserve Solutions, Inc. Accuserve Solutions, Inc. offers timely, high-quality, and caring property restoration solutions. ACCUSERVE SOLUTIONS: Cliffwater Marks $10.4M Loan at 57% Off ------------------------------------------------------------ Cliffwater Corporate Lending Fund (CCLFX) has marked its $10,483,221 loan extended to Accuserve Solutions, Inc. Ltd. to market at $4,481,970 or 43% 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 Accuserve Solutions, Inc. The loan accrues interest at a rate of 9.53% per annum. The loan matures on March 15, 2030. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Accuserve Solutions, Inc. Accuserve Solutions, Inc. offers timely, high-quality, and caring property restoration solutions. ACOSTA HOLDINGS: Moody's Affirms B2 CFR & Lowers Secured Debt to B2 ------------------------------------------------------------------- Moody's Ratings affirmed Acosta Holdings Corp.'s (Acosta) corporate family rating at B2 and probability of default rating at B2-PD. At the same time, Moody's downgraded the senior secured debt ratings at Acosta Inc. consisting of a $234 million term loan A due 2029, $499 million term loan B due 2031, and $100 million revolving credit facility due 2029 to B2 from B1 (balances outstanding at March 31, 2025). Moody's also assigned a B2 rating to the company's proposed $200 million incremental term loan B issued at Acosta Inc. The outlook is stable for both companies. Acosta is a provider of outsourced sales and merchandising services to retailers, manufacturers, suppliers, foodservice providers and producers of consumer packaged goods. Proceeds from the incremental term loan B and cash on hand will be used to repay the company's $218 million senior unsecured notes due 2032 and pay related fees & expenses. The downgrade of the company's senior secured debt rating reflects the removal of first-loss absorption provided by the senior unsecured notes. Pro forma for the refinancing, the company will have $102 million of cash on hand. The affirmation of the B2 CFR reflects the slight decrease in total debt and Moody's expectations for modestly lower cash interest expense from the refinancing. Nonetheless, the rating remains constrained by industry headwinds, including consumer spending amid macroeconomic uncertainty, that Moody's expects will pressure revenue in 2025, and near term integration risk following its acquisition of Crossmark in 2024. RATINGS RATIONALE The B2 CFR reflects Acosta's elevated financial leverage, with debt/EBITDA of 4x as of the twelve months ended March 31, 2025 (pro forma for the proposed refinancing, and excluding one-time costs and cost savings initiatives), aggressive financial policies evident by the debt funded acquisition of Crossmark in July 2024, and the highly competitive and cyclical nature of the sales and marketing agency (SMA) industry. Moody's expects that revenue growth will be negligible in 2025 as clients delay or lower project spending amid macroeconomic uncertainty, particularly within brand-to-consumer services (assisted sales and training, and commerce marketing services). Profitability as measured by EBITDA margin is expected be low at around 10.5% in 2025, but should improve from efficiency gains and productivity improvements. The company has a somewhat limited operating history within a portion of its current portfolio of services as a result of the eight acquisitions (including Crossmark) done since 2021, which have materially contributed to more than doubling the company's revenue over the same period. There are integration risks pending the completion of the Crossmark acquisition, which increased the company's revenue by nearly $600 million or 29%. Moody's expects that debt to EBITDA will reduce to 3.5x by 2026 from realization of cost savings despite limited organic revenue growth, which positions the company well compared to other B2-rated services industry companies. The company's credit profile benefits from its size, which positions it as the clear #2 industry player. Moody's expects nearly $2.8 billion of revenue in 2025. The company's clients include large national accounts among well-known retail, consumer electronic, and consumer package goods companies with relationships going back many years. The company has had success in integrating previous acquisitions, which lends support that the Crossmark integration and related cost savings will be completed with minimal disruption. Moody's expects around $80 million of free cash flow in 2025. Unless otherwise noted, all financial metrics cited reflect Moody's standard adjustments. Moody's anticipates that Acosta will maintain a good liquidity profile over the next 12 to 18 months. Pro forma for the June 2025 refinancing, the company will have $102 million of cash on hand and $54.9 million capacity (net of $45.1 million letters of credit at March 31, 2025) under its $100 million revolving credit facility expiring 2029. Moody's expects that the company will generate around $80 million of free cash flow over the next 12 months or 8% of free cash flow-to-debt. The term loan has a net leverage ratio test set at 3.75x that steps down to 3.5x at September 30, 2026 and a fixed charge coverage ratio at 1.25x. The term loan B does not contain any financial maintenance covenants. Moody's expects the company will remain in compliance over the next 12 to 18 months. The B2 rating on Acosta's senior secured credit facility reflects the probability of default rating of B2-PD and is in-line with the B2 corporate family rating. The rating benefits from the loss absorption provided by the unsecured non-debt obligations and from secured guarantees from its direct parent and all existing and subsequently acquired domestic subsidiaries. The stable outlook reflects Moody's expectations for negligible to slightly negative organic revenue growth in 2025 with debt/EBITDA sustained in the mid-to-high 3x range. Earnings will gradually improve during the next 12 to 18 months from the realization of cost savings efficiencies and lower one-time integration costs from the Crossmark acquisition. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Moody's expects Acosta will grow revenue and earnings, maintain conservative financial policies with debt/EBITDA sustained around 4.0x considering its acquisition based growth strategy, increase EBITA/interest expense above 2.5x, and demonstrate free cash flow to debt in the mid-to-high single digit percentages. A ratings downgrade could result if revenue and earnings decline, if Moody's expects debt/EBITDA will be sustained above 6x, EBITA/interest expense approaches 1.75x, free cash flow to debt below 2%, or liquidity deteriorates. The adoption of a more aggressive financial policy through excessive debt-funded acquisitions or dividends could also lead to a ratings downgrade. Acosta is a leading sales and marketing agency providing outsourced marketing and merchandising services to consumer packaged goods companies, consumer electronics manufacturers, and retailers. The company's service offerings include headquarter sales, foodservice sales, digital commerce services, retail merchandising, assisted sales and training, and commerce marketing services. Moody's expects the company will generate nearly $2.8 billion of revenue in 2025. Acosta is privately owned by parties who are former creditors of Acosta, Inc. including affiliates of Elliot Investment Management, Davidson Kempner Capital Management, Oaktree Capital Management, and Nexus Capital Management. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. AFORE INSURANCE: Cliffwater Virtually Writes Off $3.1-Mil. Loan --------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $3,177,000 loan extended to Afore Insurance Services, LLC to market at $112,114 or 4% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to Afore Insurance Services, LLC. The loan accrues interest at a rate of 10.30% per annum. The loan matures on September 6, 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 Afore Insurance Services, LLC Afore Insurance Services, LLC has a network of independent retail insurance agencies offer personal lines, commercial lines, and life and health insurance. ALKEME INTERMEDIARY: Cliffwater Marks $11.9-Mil. Loan at 78% Off ---------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $11,908,310 loan extended to Alkeme Intermediary Holding LLC to market at $2,569,587 or 22% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to Alkeme Intermediary Holding LLC. The loan accrues interest at a rate of 19.57% per annum. The loan matures on October 28, 2026. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Alkeme Intermediary Holding LLC Alkeme Intermediary Holding LLC provides a wide variety of policies, digital services, and risk management tools to benefit a diverse customer base. ALLWORTH FINANCIAL: Cliffwater Marks $20.4-Mil. Loan at 90% Off --------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $20,429,039 loan extended to Allworth Financial Group, L.P. to market at $1,958,080 or 10% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to Allworth Financial Group, L.P. The loan accrues interest at a rate of 9.32% per annum. The loan matures on December 23, 2027. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Allworth Financial Group, L.P. Allworth Financial is a registered investment adviser that provides customized and comprehensive financial guidance. AMBA BUYER: Cliffwater Corporate Marks $14.2MM Loan at 67% Off -------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $14,224,498 loan extended to Amba Buyer, Inc. to market at $4,660,387 or 33% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to Amba Buyer, Inc. The loan accrues interest at a rate of 9.65% per annum. The loan matures on July 30, 2027. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Amba Buyer, Inc. Amba Buyer, Inc. is a national affinity-based membership and marketing insurance agency. AMERILIFE HOLDINGS: Cliffwater Marks $10.8MM Loan at 35% Off ------------------------------------------------------------ Cliffwater Corporate Lending Fund (CCLFX) has marked its $10,835,324 loan extended to AmeriLife Holdings, LLC to market at $7,038,964 or 65% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to AmeriLife Holdings, LLC. The loan accrues interest at a rate of 9.26% per annum. The loan matures on August 31, 2029. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About AmeriLife Holdings, LLC AmeriLife is a national insurance marketing organization (IMO), acting as the primary intermediary in the distribution of health, life and retirement insurance products across the US and Puerto Rico, primarily to the senior market. The company markets and distributes life and health insurance products on behalf of various partner insurance carriers. The company operates through a national distribution network of over 300,000 insurance agents and brokers via more than 48 marketing organizations, and over 45 insurance agency locations. AmeriLife reported GAAP revenues of $339 million in 2020. APRIO ADVISORY: Cliffwater Corporate Marks $1.2MM Loan at 36% Off ----------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $1,233,553 loan extended to Aprio Advisory Group, LLC to market at $787,596 or 64% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Revolver Loan to Aprio Advisory Group, LLC. The loan accrues interest at a rate of 9.07% per annum. The loan matures on August 1, 2031. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Aprio Advisory Group, LLC Aprio Advisory Group, LLC is a future-focused business advisory and accounting services for entrepreneurs, businesses, investors and families. APRIO ADVISORY: Cliffwater Corporate Marks $740,000 Loan at 41% Off ------------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $740,131 loan extended to Aprio Advisory Group, LLC to market at $433,083 or 59% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Revolver Loan to Aprio Advisory Group, LLC. The loan accrues interest at a rate of 9.05% per annum. The loan matures on August 1, 2031. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Aprio Advisory Group, LLC Aprio Advisory Group, LLC is a future-focused business advisory and accounting services for entrepreneurs, businesses, investors and families. AQ SUNSHINE: Cliffwater Corporate Marks $2.2MM Loan at 61% Off -------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $2,274,642 loan extended to AQ Sunshine, Inc. to market at $883,647 or 39% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Revolver Loan to AQ Sunshine, Inc. The loan accrues interest at a rate of 9.55% per annum. The loan matures on July 24, 2030. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About AQ Sunshine, Inc. AQ Sunshine Inc. is in the relation insurance industry. AQUA METALS: Amends Bylaws to Change Quorum Requirement ------------------------------------------------------- Aqua Metals, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors approved an amendment to the Company's Third Amended and Restated Bylaws, effective immediately. The amendment modified the provisions for determining the presence of a quorum at all meetings of stockholders to provide that the presence, in person or by proxy, of the holders of at least one-third (33.33%) of all issued and outstanding shares of common stock entitled to vote at the meeting will constitute a quorum at all meetings of the stockholders for the transaction of business. Prior to the amendment, the presence, in person or by proxy, of the holders of a majority of the outstanding shares of stock entitled to vote would constitute a quorum for the transaction of business. About Aqua Metals Aqua Metals, Inc. -- www.aquametals.com -- is reinventing metals recycling with its patented AquaRefining technology. The Company is pioneering a sustainable recycling solution for materials strategic to energy storage and electric vehicle manufacturing supply chains. AquaRefining is a low-emissions, closed-loop recycling technology that replaces polluting furnaces and hazardous chemicals with electricity-powered electroplating to recover valuable metals and materials from spent batteries with higher purity, lower emissions, and minimal waste. Aqua Metals is based in Reno, NV and operates the first sustainable lithium battery recycling facility at the Company's Innovation Center in the Tahoe-Reno Industrial Center. In its report dated March 31, 2025, the Company's auditor Forvis Mazars, LLP, issued a "going concern" qualification citing that the Company has incurred substantial operating losses and negative cash flows from operations since inception that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Aqua Metals had $26.37 million in total assets, $10.12 million in total liabilities, and $16.24 million in total stockholders' equity. AQUABOUNTY TECHNOLOGIES: All Proposals Passed at Annual Meeting --------------------------------------------------------------- AquaBounty Technologies, Inc. held its Annual Meeting of Stockholders to consider and vote on three proposals, each of which is described in greater detail in the Company's definitive proxy statement filed with the Securities and Exchange Commission on April 4, 2025. The final voting results are: Proposal 1 – Election of Directors The stockholders elected each person named below to serve as a director on the Board of Directors of the Company for a one-year term of office until the next Annual Meeting, with each director to hold office until his or her successor is duly elected and qualified or until his or her earlier resignation or removal. The results of such vote were as follows: 1. Gail Sharps Myers * Votes For: 618,701 * Votes Withheld: 198,468 * Broker Non-Votes: 1,117,965 2. Christine St.Clare * Votes For: 600,268 * Votes Withheld: 216,901 * Broker Non-Votes: 1,117,965 3. Rick Sterling * Votes For: 613,110 * Votes Withheld: 204,059 * Broker Non-Votes: 1,117,965 4. Sylvia A. Wulf * Votes For: 587,783 * Votes Withheld: 229,386 * Broker Non-Votes: 1,117,965 Proposal 2 – Ratification of Appointment of Independent Registered Public Accounting Firm The stockholders ratified the appointment of Deloitte & Touche LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025. The results of such vote were as follows: * Votes For: 1,731,746 * Votes Withheld: 72,542 * Abstentions: 130,846 * Broker Non-Votes: 0 Proposal 3 – Approval, on a Non-Binding, Advisory Basis, of the Compensation of the Company's Named Executive Officers The stockholders approved, on a non-binding, advisory basis, the compensation paid to the Company's named executive officers. The results of such vote were as follows: * Votes For: 521,179 * Votes Withheld: 214,230 * Abstentions: 81,760 * Broker Non-Votes: 1,117,965 About AquaBounty AquaBounty Technologies, Inc. -- www.aquabounty.com -- specializes in land-based aquaculture, focusing on the farming of Atlantic salmon using advanced breeding, genetics, and sustainable farming practices. The company utilizes recirculating aquaculture systems (RAS) to prevent disease, protect wild fish populations, and minimize environmental impact. AquaBounty aims to address food insecurity and climate change by producing antibiotic-free, nutritious salmon close to key consumption markets. As of Dec. 31, 2024, the Company had $34.1 million in total assets, $18.2 million in total liabilities, and a total stockholders' equity of $15.8 million. Baltimore, Maryland-based Deloitte & Touche LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated Mar. 27, 2025, citing that the Company has incurred cumulative net losses that raise substantial doubt about its ability to continue as a going concern. Since inception, the Company has incurred cumulative net losses of $370 million and expects that this will continue for the foreseeable future. As of December 31, 2024, the Company had $230 thousand in cash and cash equivalents on its consolidated balance sheet. ARAX MIDCO: Cliffwater Corporate Marks $7.8MM Loan at 36% Off ------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $7,814,655 loan extended to Arax MidCo, LLC to market at $4,964,509 or 64% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to Arax MidCo, LLC. The loan accrues interest at a rate of 9.55% per annum. The loan matures on April 11, 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 Arax MidCo, LLC Arax MidCo, LLC is a subsidiary of Arax Investment Partners, a buy-and-build platform in wealth and asset management, combining Arax's best-in-class executive team’s vision with RedBird Capital's strong track record, expertise, and network in the financial services sector. ARTIFICIAL INTELLIGENCE: GHS May Sell 10B Shares for $11M --------------------------------------------------------- Artificial Intelligence Technology Solutions Inc. filed a Registration Statement on Form S-1 with the U.S. Securities and Exchange Commission. The preliminary prospectus relates to the sale by the Selling Stockholder, GHS Investments, LLC, of the Company of up to 10,000,000,000 shares of common stock, par value $0.00001 per share. Artificial Intelligence stated: "We will not receive proceeds from the sale of the shares by the Selling Stockholder. However, we may receive aggregate gross proceeds of up to $11.05 million from the sale of our common stock registered herein to the Selling Stockholder, under the shares sold in accordance with the June 11, 2025 Equity Financing Agreement entered into with GHS." "Our common stock is quoted on the OTC Pink under the symbol "AITX." On June 11, 2025 the last reported sales price of our common stock on the OTC Pink was $0.0013 per share." The Purchase Agreement provides that the Company may discretionarily sell to GHS up to $30,000,000 of shares of the Company's common stock upon the Company's issuance of Purchase Notices to GHS. The Selling Stockholder will sell its Purchase Shares at prevailing market prices or in privately negotiated transactions. GHS is an underwriter within the meaning of the Securities Act of 1933 with respect to the Purchase Shares, as amended, and any broker-dealers or agents that are involved in selling the shares may be deemed to be "underwriters" within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any profit on the resale of the shares purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act. The Company will bear all costs, expenses and fees in connection with the registration of the common stock. The Selling Stockholder will bear all commissions and discounts, if any, attributable to its sales of the Company's common stock. A full-text copy of the Registration Statement is available at https://tinyurl.com/yc5vnr55 About Artificial Intelligence Technology Headquartered in Ferndale, Mich., Artificial Intelligence Technology Solutions Inc. is an innovator in the delivery of artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges, and fuel new business ideas. Through its next-generation robotic product offerings, AITX's RAD, RAD-R, RAD-M, and RAD-G companies help organizations streamline operations, increase ROI, and strengthen business. AITX technology improves the simplicity and economics of patrolling and guard services, allowing experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staff and gain higher levels of situational awareness, all at drastically reduced costs. AITX solutions are well-suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education, and healthcare. Deer Park, Illinois-based L J Soldinger Associates, LLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated May 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025, citing that the Company had negative cash flow from operating activities of approximately $12.2 million, an accumulated deficit of approximately $156.5 million and negative working capital of approximately $2.5 million as of and for the year ended February 28, 2025, which raises substantial doubt about its ability to continue as a going concern. B.G.P. INC: Claims to be Paid from Continued Operations ------------------------------------------------------- B.G.P., Inc. and its affiliates filed with the U.S. Bankruptcy Court for the Middle District of Florida a Disclosure Statement for the Joint Plan of Reorganization dated June 13, 2025. Warehouse and Stores are Florida limited liability companies. BGP is a Florida corporation. On the Petition Date, the Debtors operated six retail brick and mortar shoe stores on the west coast of Florida and an e-commerce business with a distribution center in Greenwood, Indiana. The Debtors' corporate headquarters are located at 4525 140th Avenue North, Suite 900, Clearwater, FL 33762, which it leases. The Debtors operate their e-commerce business out of a third party logistics center located at 8377 Candy Road, Suite 194, Plainfield, Indiana. Class 4 consists of all Allowed Unsecured Claims against Inc. and Stores. Each Holder of an Allowed Unsecured Claim in Class 4 shall receive its Pro Rata Share of the net proceeds of the Plan Administrator Estate, which payment shall be made by the Plan Administrator on the Distribution Dates. Class 4 is Impaired by the Plan. Each Holder of an Unsecured Claim in Class 4 is entitled to vote to accept or reject the Plan. Class 5 consists of all Allowed Unsecured Claims against Warehouse. Each Holder of an Allowed Unsecured Claim in Class 5 shall receive its Pro Rata Share of the Warehouse Plan Payment, which payment shall be made by the Reorganized Debtors on the Distribution Date. The Debtors reserve the ability to cancel the Interests in Warehouse on the Effective Date. Class 5 is Impaired by the Plan. Each of the Holders of an Unsecured Claim in Class 5 is entitled to vote to accept or reject the Plan. Class 8 consists of all Interests of the Debtors. The Holders of Interests in the Debtors shall retain their Interests which shall not be affected by the Plan. Holders of Interests in the Debtors shall not be entitled to any Distributions until Holders of Allowed Claims, including all amounts owed to the Class 3 Secured Claim, have received all payments provided for under the Plan. The Debtors reserve the ability to cancel the Interests in Warehouse on the Effective Date. Class 8 is Impaired by the Plan. The Holders of the Class 8 Interests are entitled to vote to accept or reject the Plan. The Plan contemplates that Holders of Allowed Claims will be paid from Cash and funds generated by the Reorganized Debtors' continued operations. Prior to the Confirmation Hearing, the Debtors shall deposit the Inc. and Stores Plan Contribution and the DWB Plan Payment in an escrow account maintained by the Debtors' Bankruptcy Counsel. Such deposits shall be treated as confirmation deposits pursuant to Bankruptcy Rule 3020. Upon the occurrence of the Effective Date, the Inc. and Stores Plan Payment shall be transferred to the Plan Administrator and the DWB Plan Payment shall be paid to DWB. Inc. and Stores, as Reorganized Debtors, shall execute and deliver the DWB Secured Note to DWB on the Effective Date. A full-text copy of the Disclosure Statement dated June 13, 2025 is available at https://urlcurt.com/u?l=Z3LgFB from PacerMonitor.com at no charge. Counsel to the Debtors: Scott A. Stichter, Esq. Daniel R. Fogarty, Esq. Stichter Riedel Blain & Postler, P.A. 110 E. Madison Street, Suite 200 Tampa, Florida 33602 Telephone: (813) 229-0144 Email: sstichter@srbp.com dfogarty@srbp.com About B.G.P. Inc. B.G.P., Inc., and its affiliates, BGP Warehouse Indiana, LLC and B.G.P. Stores, LLC, filed Chapter 11 petitions (Bankr. M.D. Fla. Lead Case No. 25-00412) on Jan. 23, 2025. At the time of the filing, B.G.P., Inc. reported between $10 million and $50 million in both assets and liabilities. Judge Roberta A. Colton oversees the cases. Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Postler, P.A., is the Debtors legal counsel. DWB Holdings Group, LLC, as lender, is represented by: Edward J. Peterson, Esq. Johnson Pope Bokor Ruppel & Burns, LLP 400 N. Ashley Drive, Suite 3100 Tampa, FL 33602 Telephone: (813) 225-2500 Email: edwardp@jpfirm.com BENNY AND MARYS: Hires Golden Goodrich LLP as Bankruptcy Counsel ---------------------------------------------------------------- Benny and Mary's Irvine, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Golden Goodrich LLP as counsel. The firm will render these services: 1. advise the Debtor with respect to the requirements and provisions of the Bankruptcy Code, Federal Rules of Bankruptcy Procedure, Local Bankruptcy Rules, U.S. Trustee Guidelines, and other applicable requirements which may affect the Debtor; 2. assist the Debtor in preparing and filing Schedules and Statement of Financial Affairs, complying with and fulfilling U.S. Trustee requirements, complying with and fulfilling the requirements of the Bankruptcy Code and, in particular, the requirements of Chapter 11 and its Subchapter V of the Bankruptcy Code, and preparing other pleadings and documents as may be required after the initiation of a Chapter 11 case; 3. represent the Debtor at the Initial Debtor Interview and the Bankruptcy Code Sec. 341(a) meeting of creditors, and any continuances thereof; 4. assist the Debtor in identifying and, to the extent necessary, obtaining Court approval of the employment of a financial advisor and any other professional necessary for the Debtor to complete this bankruptcy case; 5. assist the Debtor in negotiations with creditors and other parties-in-interest; 6. assist the Debtor in the preparation and formulation of a Chapter 11, Subchapter V plan, and confirmation of such a plan; 7. advise the Debtor concerning the rights and remedies of the estate and of the Debtor in regard to adversary proceedings which may be removed to, or initiated in, the Bankruptcy Court, and assist the Debtor, if appropriate, in retaining special counsel to litigate such adversary proceedings; 8. prepare all motions, applications, answers, orders, reports, and papers on behalf of the Debtor that are necessary to the administration of the Case; 9. represent the Debtor in any proceeding or hearing in the Bankruptcy Court in any action where the rights of the estate or the Debtor may be litigated, or affected; and 10. otherwise provide those services to the Debtor as are generally provided by general insolvency counsel to a debtor and debtor-in-possession in a Chapter 11 case. The firm's hourly rates range from $250 to $850. The majority of the work will be performed by David M. Goodrich at his current hourly rate of $750. On May 27, 2025, the firm received a $33,000 retainer from the Debtor. Mr. Goodrich assured the court that his firm is disinterested within the meaning of 11 U.S.C. Secs. 327(a) and 101(14). The firm can be reached through: David M. Goodrich, Esq. GOLDEN GOODRICH LLP 3070 Bristol Street, Suite 640 Costa Mesa, CA 92626 Tel: (714) 966-1000 Fax: (714) 966-1002 Email: dgoodrich@go2.law About Benny and Marys Irvine LLC Benny and Marys Irvine LLC, d/b/a Benny and Marys Better Together, operates a full-service restaurant in Irvine, California. The establishment offers brunch, dinner, and craft cocktails, with a menu inspired by global cuisine and California flavors. Its interior features a whimsical, maximalist design aimed at creating a distinctive dining experience. Benny and Marys Irvine LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-14830) on June 6, 2025. In its petition, the Debtor reports total assets of $1,867,887 and total liabilities of $2,612,582. The Debtors are represented by Christopher A. Minier, Esq. at GOLDEN GOODRICH LLP. BGI COLLINGSWOOD: Seeks Chapter 11 Bankruptcy in New Jersey ----------------------------------------------------------- On June 25, 2025, BGI Collingswood Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey. 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 BGI Collingswood Inc. BGI Collingswood Inc., which operates Bistro di Marino, an Italian restaurant located at 492 Haddon Avenue in Collingswood, New Jersey. BGI Collingswood Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-16723) on June 25, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Jerrold N. Poslusny Jr. handles the case. The Debtors are represented by Daniel L. Reinganum, Esq. at Law Offices Of Daniel Reinganum. BLH TOPCO: Recovery for Unsecureds Still to Be Determined --------------------------------------------------------- BLH TopCo, LLC, and its affiliates filed with the U.S. Bankruptcy Court for the District of Delaware a First Amended Combined Disclosure Statement and Joint Plan of Reorganization dated June 13, 2025. Bar Louie is an upscale neighborhood bar and eatery known for a relaxed atmosphere, handcrafted cocktails, a well-curated selection of local and regional beers, high-quality wines, and a robust menu. The Bar Louie concept centers on locally themed bars that cater to the specific demographics within each neighborhood location. Founded in 1991 in Chicago, Illinois, the Debtors now operate 28 locations, franchise another 17 locations. Bar Louie restaurants are located in a variety of locations, including lifestyle centers, traditional shopping malls, event locations, central business districts, and other stand-alone specialty sites. The Debtors acquired the Bar Louie business in May 2020 through a section 363 sale process in a prior bankruptcy proceeding. Before commencing these Chapter 11 Cases, the Debtors solicited third-party lenders for post-petition financing to assess the availability of such financing and confirm appropriate terms for the Debtors to continue to operate and administer these Chapter 11 Cases. Having analyzed the terms of funding from various parties, the Debtors determined that obtaining postpetition financing from the DIP Lender was the only reasonable option available. Accordingly, the Debtors sought the Court's permission to enter into a debtor-in-possession financing facility, consisting of a $1,350,000 New Money DIP Loan and a $1,275,000 Roll Up DIP Loan with consensual use of cash collateral, by motion filed on March 26, 2025. On March 28, 2025, the Bankruptcy Court approved the DIP Facility on an interim basis and scheduled a final hearing for April 24, 2025. The Plan contemplates a comprehensive reorganization, to be implemented through the Plan, that will result in a substantial deleveraging of the Debtors' balance sheet. Under the Plan, the DIP Lender will convert approximately $63,923,8627.97 of its secured debt under the Prepetition Credit Agreement and the DIP Facility into 100% of the new equity interests in the reorganized Debtors. The Debtors continue to operate and are funded by revenues from continued operations and the DIP Facility. The Debtors believe that these assets are sufficient to fund the Plan process and achieve confirmation. Class 4 consists of any General Unsecured Claims against any Debtor and is divided into Class 4A and Class 4B. The allowed unsecured claims total $8,756,971.35. Class 4 is Impaired under the Plan. * Class 4A consists of All General Unsecured Claims: Except to the extent that a Holder of an Allowed General Unsecured Claim agrees to a less favorable treatment of its Allowed General Unsecured Claim, on the Effective Date, in full and final satisfaction, compromise, settlement, release, and discharge of, and in exchange for, its Allowed General Unsecured Claim, each Holder of an Allowed General Unsecured Claim shall receive its Pro Rata share of the Class 4A Recovery Pool. * Class 4B consists of General Unsecured Claims of Releasing General Unsecured Creditors: On the Effective Date, each Holder of an Allowed General Unsecured Claim who affirmatively elects on its ballot to "opt in" to be a Releasing Party, and therefore consents to the Releasing Party Releases, will receive, on account of such Allowed General Unsecured Claim, its Pro Rata share of the Class 4B Recovery Pool. For the avoidance of doubt, its Pro Rata Share of the Class 4B Recovery Pool is in addition to, not instead of, its Pro Rata share of the Class 4A Recovery Pool. The estimated recovery for General Unsecured Claims is "TBD", according to the Disclosure Statement. Class 7 consists of all Interests in TopCo. On the Effective Date, all Interests in TopCo shall be cancelled, released, discharged, and extinguished. Holders of Allowed Interests in TopCo shall not receive any distribution on account of such Allowed Interests in TopCo. The Debtors or the Reorganized Debtors, as the case may be, shall manage the sale of liquor licenses, in their own sole and absolute discretion and there shall be no guaranteed or otherwise represented minimum amount of Liquor License Proceeds. The Debtors do not herein make any representation, warranty, promise or guarantee concerning the gross amount of Liquor License Proceeds to be divided between the Class 4A Recovery Pool and the Debtors or Reorganized Debtors, as the case may be. The Debtors shall report the results of all sales of liquor licenses to the Oversight Agent. The Debtors shall fund distributions under the Plan, as applicable, with: (i) as to the Class 4A Recovery Pool Account, (x) Cash in the amount of $25,000.00; (y) 45% of Liquor License Sale Proceeds; and (z) 100% of Preference Recoveries; (ii) as to the Class 4B Recovery Pool Account, Cash in the amount of $25,000.00; and (iii) the conversion of Secured Claims to New Common Equity to be issued pursuant to the Plan. Each distribution and issuance referred to in Article VI of the Plan shall be governed by the terms and conditions set forth in the Plan applicable to such distribution or issuance and by the terms and conditions of the instruments or other documents evidencing or relating to such distribution or issuance, which terms and conditions shall bind each Entity receiving such distribution or issuance. The issuance, distribution, or authorization, as applicable, of certain securities in connection with the Plan, including the New Common Equity, will be exempt from SEC registration. Distributions from the Class 4A Recovery Pool Account shall be made quarterly, in consultation with the Oversight Agent, except where the balance of the Class 4A Recovery Pool Account is sufficiently small as to result in undue cost or burden to make such distributions. A full-text copy of the First Amended Combined Disclosure Statement and Plan dated June 13, 2025 is available at https://urlcurt.com/u?l=CWFFHH from Stretto, Inc., claims agent. Counsel to the Debtor: Thomas J. Francella, Jr., Esq. Raines Feldman Littrell LLP 824 North Market Street, Suite 805 Wilmington, DE 19801 Telephone: (302) 772-5803 Email: tfrancella@raineslaw.com About BLH TopCo BLH TopCo, LLC is the operator and franchisor of locally themed, social gastrobars under the "Bar Louie" brand. Bar Louie is an upscale neighborhood bar and eatery. Established in 1991 in Chicago, Ill., BLH TopCo and its affiliates currently operate 31 locations, franchise an additional 17, and employ roughly 1,400 individuals across 19 states. Bar Louie restaurants are situated in various settings, such as lifestyle centers, conventional shopping malls, event venues, central business districts, and other unique standalone locations. BLH TopCo and its affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-10576) on March 26, 2025. In its petition, BLH TopCo reported between $1 million and $10 million in assets and between $50 million and $100 million in liabilities. Judge Craig T. Goldblatt handles the cases. The Debtors are represented by Thomas J. Francella, Jr., Esq., and Mark W. Eckard, Esq., attorneys at Raines Feldman Littrell, LLP. Bankruptcy Management Solutions, Inc., doing business as Stretto, serves as the Debtors' claims and noticing agent. BROKEN VESSEL: Hires Russo White & Keller PC as Bankruptcy Counsel ------------------------------------------------------------------ Broken Vessel United Missionary, Full Gospel Baptist Church, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to employ 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 $7,500. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert 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 Broken Vessel United Missionary Full Gospel Baptist Church Broken Vessel United Missionary, Full Gospel Baptist Church, Inc. is a community focused religious organization that offers worship services, prayer meetings, and outreach programs. Broken Vessel United Missionary, Full Gospel Baptist Church sought Chapter 11 bankruptcy protection (Bankr. N.D. Ala. Case No. 24-02611) on Aug. 28, 2024. In the petition signed by Donald Moulton, president, the Debtor disclosed $1 million to $10 million in both assets and liabilities. Judge Tamara O. Mitchell oversees the case. Frederick M. Garfield, Esq., serves as the Debtor's counsel. BROOKDALE SENIOR: Egan-Jones Retains CC Senior Unsecured Ratings ---------------------------------------------------------------- Egan-Jones Ratings Company on June 16, 2025, maintained its 'CC' foreign currency and local currency senior unsecured ratings on debt issued by Brookdale Senior Living Inc. EJR also withdrew the rating on commercial paper issued by the Company. Headquartered in Brentwood, Tennessee, Brookdale Senior operates independent living and assisted living facilities, continuing care retirement communities, and a skilled nursing. BUILT TO LAST: Hires Rubin & Levin P.C. as Bankruptcy Counsel ------------------------------------------------------------- Built to Last Construction LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Indiana to hire Rubin & Levin, P.C. as counsel. The firm's services include: a. preparing pleadings and applications and conducting of examinations incidental to administration; b. advising the Debtor of its rights, duties and obligations as a debtor in possession; c. performing all legal services incidental and necessary to the day-to-day operations of the business in the chapter 11 case, all of which are necessary to the proper preservation and administration of the estate; d. consulting with the Debtor concerning potential opportunities for sales pursuant to section 363(b) of the Bankruptcy Code and preparation of motions related to any such proceedings; e. negotiating and preparing of a plan of reorganization, and all matters relating to confirmation and consummation of such plan; and f. providing any and all other necessary action incident to the proper preservation and administration of the estate in the conduct of Debtor's business. The firm will be paid at these rates: Meredith R. Theisen $375 per hour Morgan A. Decker $350 per hour Paralegals $185 per hour Rubin & Levin received a retainer of $15,000, which was reduced to $7,500 in connection with prepetition fees and the filing fee. As disclosed in the court filing, Rubin & Levin is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code. The firm can be reached through: Meredith R. Theisen, Esq. Morgan A. Decker, Esq. RUBIN & LEVIN, P.C 135 N. Pennsylvania Street, Suite 1400 Indianapolis, IN 46204 Telephone: (317) 634-0300 Facsimile: (317) 453-8602 Email: mtheisen@rubin-levin.net mdecker@rubin-levin.net About Built to Last Construction LLC Built to Last Construction LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-03452) on June 16, 2025, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Andrea K Mccord presides over the case. Meredith R. Theisen, Esq. at Rubin & Levin, P.C. represents the Debtor as counsel. CAASTLE INC: Seeks Chapter 7 Bankruptcy in Delaware --------------------------------------------------- Maurie Backman of The Street reports that CaaStle has filed for Chapter 7 bankruptcy less than three months after founder Christine Hunsicker's exit, signaling its intent to shut down operations and liquidate its assets instead of reorganizing. According to the report, court documents show the company reported between $10 million and $50 million in assets and liabilities at the time of filing. The filing follows earlier controversy, including a letter from the board accusing Hunsicker of presenting "misstated financial statements and falsified audit opinions." The accusations have sparked comparisons to high-profile corporate scandals involving figures like Elizabeth Holmes and Bernie Madoff. Proceeds from the asset sale may provide limited recovery for unsecured creditors, the report states. While CaaStle's downfall is significant, the concept of clothing rental is expected to endure through other industry players, according to report. About CaaStle Inc. CaaStle Inc. is a fashion-technology startup. CaaStle Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11187) on June 20, 2025. In its petition, the Debtor reports between $10 million and $50 million in assets and liabilities. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtor is represented by Brendan Joseph Schlauch at Richards, Layton & Finger, P.A. CAREERBUILDER + MONSTER: Files Ch. 11, Agrees to Sell Core Units ---------------------------------------------------------------- CareerBuilder + Monster announced on June 24, 2025, that it has initiated a court-supervised sale process to maximize value, preserve jobs and seamlessly transition ownership of its businesses. Specifically, the Company: -- Entered into an asset purchase agreement with JobGet Inc. for the sale of the Company's job board business, which provides a talent marketplace connecting employers with job candidates; -- Entered into an asset purchase agreement with Valnet Inc. for the sale of Monster Media Properties, which is comprised of www.military.com and www.fastweb.com; and -- Entered into an asset purchase agreement with Valsoft Corporation for the sale of Monster Government Services, which provides human capital management software services to state and federal governments. With the support of each of the "stalking horse" buyers and to facilitate the sales, the Company initiated a voluntary Chapter 11 process in the U.S. Bankruptcy Court for the District of Delaware. The Company is providing clients with cutting edge solutions and unmatched service during the court-supervised sale process. Jeff Furman, CEO of CareerBuilder + Monster, said "For over 25 years, we have been a proud global leader in helping job seekers and companies connect and empower employment across the globe. However, like many others in the industry, our business has been affected by a challenging and uncertain macroeconomic environment. In light of these conditions, we ran a robust sale process and carefully evaluated all available options. We determined that initiating this court-supervised sale process is the best path toward maximizing the value of our businesses and preserving jobs." The Company's sale process is complemented by related restructuring actions that are in the process of being implemented across its U.S. businesses. The Company is also conducting a comprehensive evaluation of the strategic alternatives available for certain of its international businesses. Mr. Furman said, "As we work to complete the sale process, we are making difficult but necessary decisions to reduce costs and help ensure a seamless transition of our businesses. As a company in the business of people and talent management, reducing our workforce is always a painful step to take. I greatly appreciate our people, their contributions to CareerBuilder + Monster and the commitment and passion they have shown to our company, our clients and our colleagues." Additional Information About the Court-Supervised Sale Process The Company intends to conduct the sale process under Section 363 of the U.S. Bankruptcy Code, pursuant to which Valnet Inc., Valsoft Corporation and JobGet Inc. would serve as the "stalking horse" bidders in a court-supervised sale process. The proposed transactions are subject to higher and better offers, among other conditions. Subject to court approval, the sales of the Company's businesses are expected to close in the coming weeks. CareerBuilder + Monster is in the process of finalizing an agreement with Blue Torch Capital for up to $20 million in debtor-in-possession ("DIP") financing. This DIP financing is expected to provide the Company with the necessary funds to continue to operate the business for purposes of effectuating the sales. The Company has filed a number of customary motions seeking court authorization to support its operations during the court-supervised process, including the continued payment of employee wages and other benefits. The Company intends to pay vendors and suppliers to its U.S. businesses in full under normal terms for goods and services provided on or after the Chapter 11 filing date. Court filings and other information related to the proceedings, including instructions on how to file a proof of claim, are available on a website administered by the Company's claims agent, Omni Agent Solutions ("Omni") at https://omniagentsolutions.com/CareerBuilderMonster, by calling Omni toll-free at (888) 841-0525 or (818) 924-2298 for calls originating outside of the U.S. or Canada, or by sending an email to CareerBuilderMonsterInquiries@OmniAgnt.com. Advisors Latham & Watkins LLP is serving as legal counsel, PJT Partners is serving as investment banker, and AlixPartners is serving as financial advisor to CareerBuilder + Monster. About CareerBuilder + Monster CareerBuilder + Monster is a global talent marketplace and workforce solutions leader, combining over 50 years of expertise and the legacy of two trusted brands to connect the right people with the right jobs. With innovative digital, social, and mobile solutions powered by proprietary data and insights, CareerBuilder + Monster helps employers find, hire, and onboard exceptional talent while empowering job seekers to build skills and pursue meaningful careers in a rapidly evolving world of work. CareerBuilder + Monster is committed to making workplaces happier, more productive, and future ready. CAREERBUILDER + MONSTER: Gets Court OK to Tap $20MM DIP ------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that on Friday, June 27, 2025, a Delaware bankruptcy judge granted interim approval for CareerBuilder + Monster's $20 million Chapter 11 financing, allowing the company to access $12.5 million to expedite asset sales during its bankruptcy process. About CareerBuilder + Monster Venture CareerBuilder + Monster is an online job searching company. CareerBuilder + Monster sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11200) on June 24, 2025. In its petition, the Debtor reports between $50 million and $100 million in assets and owes between $100 million and $500 million. Honorable Bankruptcy Judge J Kate Stickles handles the case. The Debtor is represented by Daniel J. DeFranceschi, Esq. and Zachary I. Shapiro, Esq. at Richards, Layton & Finger, P.A. CATHETER PRECISION: Files Legal Opinion for $1.9M ATM Offering -------------------------------------------------------------- Catheter Precision, Inc. filed a Form 8-K with the U.S. Securities and Exchange Commission to submit the legal opinion of Arnall Golden Gregory LLP dated June 13, 2025 in connection with the Prospectus Supplement dated June 13, 2025 of the Company, in order that it may be incorporated by reference into the Company's Registration Statement on Form S-3 (Registration No. 333-284217). Arnall Golden Gregory LLP stated in the legal opinion: "We have acted as counsel to Catheter Precision, Inc., a Delaware corporation, in connection with the registration of the offer and sale of up to an additional $1,895,679 of shares of the Company's common stock, $0.0001 par value per share, pursuant to the Company's shelf Registration Statement on Form S-3 (File No. 333-284217), filed on January 10, 2025 and declared effective by the Securities and Exchange Commission on January 22, 2025. "The offering and sale of the Shares are being made pursuant to the At Market Offering Agreement dated as of May 19, 2025 by and between the Company and Ladenburg Thalmann & Co. Inc. "We have examined copies of the Sales Agreement, the Registration Statement, the base prospectus that forms a part thereof and the prospectus supplements thereto related to the offering of the Shares, including the prospectus supplement dated May 19, 2025 and the prospectus supplement dated as of the date hereof and filed by the Company in accordance with Rule 424(b) promulgated under the Securities Act of 1933, as amended. We have also examined instruments, documents and records which we deemed relevant and necessary for the basis of our opinion hereinafter expressed. "In such examination, we have assumed (i) the authenticity of original documents and the genuineness of all signatures, (ii) the conformity to the originals of all documents submitted to us as copies, and (iii) the truth, accuracy, and completeness of the information, representations and warranties contained in the records, documents, instruments and certificates we have reviewed. "Based on and subject to the foregoing, we are of the opinion that the Shares have been duly authorized by the Company and, when issued and delivered by the Company against payment therefor in accordance with the terms of the Sales Agreement, the applicable prospectus and prospectus supplements, and the Board's authorizing resolutions, will be validly issued, fully paid and nonassessable. "We express no opinion as to the laws of any other jurisdiction other than the federal laws of the United States of America and the General Corporation Law of the State of Delaware. "We hereby consent to the filing of this opinion as an exhibit to the Company's Current Report on Form 8-K filed on or about June 13, 2025 for incorporation by reference into the Registration Statement. "We consent to the reference to our firm under the caption "Legal Matters" in the base prospectus dated January 22, 2025 and prospectus supplement dated May 19, 2025. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission thereunder." About Catheter Precision Inc. Headquartered in the U.S., Catheter Precision, Inc. is a medical device company focused on improving the treatment of cardiac arrhythmias. The Company, which was reincorporated as Ra Medical Systems, Inc. in Delaware in 2018 and changed its name to Catheter Precision, Inc. on August 17, 2023, develops technology for electrophysiology procedures through collaborations with physicians and continuous product advancements. As of Dec. 31, 2024, the Company had $27.8 million in total assets, $16 million in total liabilities, and a total stockholders' equity of $11.8 million. East Brunswick, New Jersey-based WithumSmith+Brown, PC., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 28, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred recurring losses from operations and negative cash flows from operations and expects to continue to incur operating losses that raise substantial doubt about its ability to continue as a going concern. CATHETER PRECISION: Q2 2025 LockeT Sales Surpass Q2 2024 Figures ---------------------------------------------------------------- Catheter Precision, Inc. announced that LockeT sales for Q2 2025 are on track to be the highest to date. Second quarter 2025 sales are already outpacing Q2 2024 sales by more than $84,000. Catheter Precision now has three US hospitals that are on track to issue more than $100,000 in purchase orders each for LockeT by the end 2025. These hospitals include Montefiore (Bronx, NY), Eisenhower Health (Rancho Mirage, CA), and Overland Park Regional Medical Center (Overland Park, KS). As previously announced, LockeT received the CE Mark enabling sales in Europe. Catheter Precision has secured a new distributor in Italy and anticipates additional distributors in the coming days for Spain, Portugal and the UK and is actively searching for the right partner in other EU countries. About LockeT Catheter Precision's LockeT is a suture retention device intended to assist in wound closure after percutaneous venous punctures. LockeT is a Class 1 device registered with the FDA and has received CE Mark approval. About Catheter Precision Inc. Headquartered in the U.S., Catheter Precision, Inc. is a medical device company focused on improving the treatment of cardiac arrhythmias. The Company, which was reincorporated as Ra Medical Systems, Inc. in Delaware in 2018 and changed its name to Catheter Precision, Inc. on August 17, 2023, develops technology for electrophysiology procedures through collaborations with physicians and continuous product advancements. As of Dec. 31, 2024, the Company had $27.8 million in total assets, $16 million in total liabilities, and a total stockholders' equity of $11.8 million. East Brunswick, New Jersey-based WithumSmith+Brown, PC., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 28, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred recurring losses from operations and negative cash flows from operations and expects to continue to incur operating losses that raise substantial doubt about its ability to continue as a going concern. CFN ENTERPRISES: Chief Sales Officer Anness Ziadeh Resigns ---------------------------------------------------------- CFN Enterprises Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Anness Ziadeh, Chief Sales and Marketing Officer of the Company and its wholly owned subsidiary Ranco LLC, resigned from his position. About CFN Enterprises Inc. CFN Enterprises Inc owns and operates as a media agency. The Company offers creative and media network solutions for cannabis industry. CFN Enterprises serves customers in the United States. As of Dec. 31, 2024, the Company had $8,672,137 in total assets, $26,502,338 in total liabilities, and a total stockholders' deficit of $17,830,201. Los Angeles, Calif.-based RBSM LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and will require additional capital to continue as a going concern. This raises substantial doubt about the Company's ability to continue as a going concern. CHG US: Committee Taps Dundon Advisers LLC as Financial Advisor --------------------------------------------------------------- The Official Committee of Unsecured Creditors of CHG US Holdings LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Dundon Advisers LLC as its financial advisor. The firm will render these services: (a) assist in the analysis, review, and monitoring of the restructuring and/or liquidation process, including, but not limited to, an assessment of the unsecured claims pool and potential recoveries for unsecured creditors; (b) develop a complete understanding of the Debtors' businesses and their valuations; (c) determine whether there are viable alternative paths for the disposition of the Debtors' assets to those paths currently or in the future proposed by the Debtors; (d) monitor and, to the extent appropriate, assist the Debtors in efforts to develop and solicit transactions which would support unsecured creditor recovery; (e) assist the Committee in identifying, valuing and pursuing estate causes of action, including, but not limited to, relating to prepetition transactions, control person liability and lender liability; (f) assist the Committee in analyzing, classifying and addressing claims against the Debtors and participating effectively in any effort in these Chapter 11 Cases to estimate (in any formal or informal sense) contingent, unliquidated and disputed claims; (g) assist the Committee in identifying, preserving, valuing and monetizing tax assets of the Debtors, if any; (h) advise the Committee in negotiations with the Debtors, certain of the Debtors' creditors and third parties; (i) assist the Committee in reviewing the Debtors' financial reports, including, but not limited to, statements of financial affairs, schedules of assets and liabilities, cash budgets and monthly operating reports; (j) assist the Committee in reviewing the Debtors' cost/benefit analysis with respect to the assumption or rejection of various executory contracts and leases; (k) assist the Committee in evaluating and analyzing avoidance actions, including fraudulent conveyances and preferential transfers; (l) review and provide analysis of any proposed disclosure statement and chapter 11 plan and, if appropriate, assist the Committee in developing an alternative chapter 11 plan; (m) attend meetings and assist in discussions with the Committee, the Debtors, the U.S. Trustee and other parties in interest and professionals; (n) present at meetings of the Committee, as well as meetings with other key stakeholders and parties; (o) perform such other advisory services for the Committee as may be necessary or proper in these proceedings, subject to the aforementioned scope; and (p) provide testimony on behalf of the Committee as and when may be deemed appropriate. Through and including June 30, 2025, Dundon Advisers professionals will be billed as follows: Principal $960 Managing Director $850 Senior Adviser $850 Senior Director $755 Director $700 Associate Director $590 Senior Associate $485 Associate $350 From and after July 1, 2025, Dundon Advisers professionals will be billed as follows: Principal $1,090 Managing Director $960 Senior Adviser $960 Senior Director $850 Director $755 Associate Director $650 Senior Associate $495 Associate $350 In addition, the firm will seek reimbursement for expenses incurred. Peter Hurwitz, principal at Dundon Advisers, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Peter Hurwitz Dundon Advisers LLC Ten Bank Street, Suite 1100 White Plains, New York 10606 Phone: (914) 341-1188 Email: ph@dundon.com 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 company'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. CHG US: Committee Taps Lowenstein Sandler LLP as Lead Counsel ------------------------------------------------------------- The Official Committee of Unsecured Creditors of CHG US Holdings LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Lowenstein Sandler LLP as its lead counsel. The firm's services include: (a) advising the Committee with respect to its rights, duties, and powers in the Chapter 11 Cases; (b) assisting and advising the Committee in its consultation with the Debtors relative to the administration of the Chapter 11 Cases; (c) assisting the Committee and providing advice concerning the proposed sale of substantially all of the Debtors' assets, including issues concerning any potential competing bidders and the auction process; (d) assisting the Committee in analyzing the claims of the Debtors' creditors and the Debtors' capital structure and in negotiating with holders of claims and equity interests; (e) assisting the Committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtors and of the operation of the Debtors' businesses; (f) assisting the Committee in analyzing the adequacy of the Debtors' financing and proposed budget; (g) assisting the Committee in its analysis of, and negotiations with, the Debtors or any third party concerning matters related to, among other things, the assumption or rejection of certain leases of nonresidential real property and executory contracts, asset dispositions, sale of assets, financing of other transactions and the terms of one or more plans of liquidation or reorganization for the Debtors and accompanying disclosure statements and related plan documents; (h) assisting and advising the Committee as to its communications to unsecured creditors regarding significant matters in the Chapter 11 Cases; (i) representing the Committee at hearings and other proceedings; (j) reviewing and analyzing applications, orders, statements of operations, and schedules filed with the Court and advising the Committee as to their propriety; (k) assisting the Committee in preparing pleadings and applications as may be necessary in furtherance of the Committee's interests and objectives in the Chapter 11 Cases, including without limitation, the preparation of retention papers and fee applications for the Committee's professionals, including Lowenstein Sandler; (l) preparing, on behalf of the Committee, any pleadings, including without limitation, motions, memoranda, complaints, adversary complaints, objections, or comments in connection with any of the foregoing; and (m) performing such other legal services as may be required or are otherwise deemed to be in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law. Lowenstein Sandler’s hourly rates are: Partners $775 to $2,175 Of Counsel $890 to $1,575 Senior Counsel and Counsel $675 to $1,595 Associates $550 to $1,150 Paralegals, Practice Support and Assistants $225 to $505 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Gianfranco Finizio, a partner of Lowenstein Sandler LLP, assured the court 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: Gianfranco Finizio, Esq. Lowenstein Sandler LLP 1251 Avenue of the Americas New York, NY 10020 Tel: (212) 262-6700 Fax: (212) 262-7402 Email: GFinizio@lowenstein.com 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 company'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. CHG US: Committee Taps Potter Anderson as Delaware Counsel ---------------------------------------------------------- The Official Committee of Unsecured Creditors of CHG US Holdings LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Potter Anderson & Corroon LLP as its Delaware counsel. The firm's services include: a. providing legal advice regarding local rules, practices, and procedures and providing substantive and strategic advice on how to accomplish Committee goals, bearing in mind that the Court relies on Delaware counsel such as Potter Anderson to be involved in all aspects of each bankruptcy proceeding; b. drafting, reviewing, and commenting on drafts of documents to ensure compliance with the Local Rules, local practices, and local procedures; c. drafting, filing, and service of documents, as requested by Lowenstein and/or the Committee; d. preparing certificates of no objection, certifications of counsel, and notices of fee applications; e. printing of documents and pleadings for hearings, and preparing binders of documents and pleadings for hearings; f. appearing in Court and at any meetings of creditors on behalf of the Committee in its capacity as Delaware counsel with Lowenstein; g. monitoring the dockets in these Chapter 11 Cases for filings and coordinating with Lowenstein on pending matters that may need responses; h. participating in calls with the Committee; i. providing additional administrative support to Brown Rudnick, as requested; and j. taking on any additional tasks or projects the Committee may assign. The current standard hourly rates are: Partners $850 to $1,075 Associates $475 to $540 Paraprofessionals $390 In addition, the firm will seek reimbursement for expenses incurred. Christopher M. Samis, a partner at Potter Anderson & Corroon, 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: Christopher M. Samis, Esq. Potter Anderson & Corroon LLP 1313 N Market St., Ste. 6 Wilmington, DE 19801 Telephone: (302) 984-6000 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 company'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. CMC ADVERTISING: Seeks Subchapter V Bankruptcy in Ohio ------------------------------------------------------ On June 27, 2025, CMC Advertising Ltd. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Ohio. According to court filing, the Debtor reports $2,333,323 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About CMC Advertising Ltd. CMC Advertising Ltd., d/b/a Mailworks II, provides integrated direct mail and digital marketing solutions across the U.S. The Company offers a campaign platform called Mail Works DI, which combines traditional mail with digital channels such as Google, Facebook, Instagram, and USPS Informed Delivery to increase engagement and attribution. It also offers a range of print services including wide-format printing, dye sublimation, and signage from its Toledo facility. CMC Advertising Ltd. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-31341) on June 27, 2025. In its petition, the Debtor reports total assets of $389,597 and total liabilities of $2,333,323. Honorable Bankruptcy Judge John P. Gustafson handles the case. The Debtor is represented by Eric R. Neuman, Esq. at DILLER AND RICE, LLC CORVIAS CAMPUS: Deadline for Panel Questionnaires Set for July 2 ---------------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of Corvias Campus Living-USG, LLC. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/47dxwxw8 and return by email it to Timothy Fox -- timothy.fox@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than July 2, 2025 at 4:00 pm. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About 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 the petition signed by Thelma Edgell as president, the Debtor reported estimated assets of $10 million to $50,000 and estimated liabilities of $500 million to $1 billion. The Hon. Thomas M. Horan presides over the case. The Debtor is represented by Morris, Nichols, Arsht & Tunnell LLP. Cohnreznick Advisory LLC is the Debtor's financial advisor and Holland & Knight LLP is the Debtor's special counsel. Donlin, Recano & Company LLC is the Debtor's claims and noticing agent. CORVIAS CAMPUS: Files Ch. 11 to Restructure GA Student Housing -------------------------------------------------------------- Corvias Campus Living -- USG, LLC, the project-specific concessionaire and manager of a portfolio of student housing properties, as part of a public-private partnership with the University System of Georgia, on June 25, 2025, has commenced a Chapter 11 process to restructure the partnership and achieve a long-term solution for the program following extensive, multi-year efforts to make the program with USG's Board of Regents financially viable. CCL USG remains committed to delivering an award-winning housing experience for students throughout the process. The action pertains only to the single-purpose entity, CCL USG. No other entity is included in the proceedings, and all Corvias businesses are operating as usual. Over the past decade, CCL USG has been a dedicated and responsible steward of a student housing program at USG, serving as a steadfast partner to the BOR. Through the partnership, CCL USG is responsible for certain student housing facilities at nine Georgia campuses. It is proud to have been recognized recently for the outstanding quality of its student housing management at these campuses as part of the SatisFacts Community Award for 2024. As currently structured, this student housing program is no longer sustainable. The operating landscape has shifted dramatically since the partnership was formed and, in response, CCL USG has gone above and beyond its contractual requirements -- even forgoing its management fee for all but two months over the past five years. The impact of COVID, an escalating cost environment, and lower-than-expected housing revenue and student occupancy across Georgia's University System, among other factors, have left this student housing program operating at a significant loss. Despite previous attempts led by CCL USG to work collaboratively on a solution that would make the partnership viable now and into the future, progress has not been made. CCL USG is now turning to a proven legal process with the objective of returning this student housing program to financial viability through constructive engagement with the BOR and holders of notes issued by CCL USG in connection with the project's 2015 launch. CCL USG takes its commitment to USG students seriously, viewing the restructuring process as the best way to drive toward a long-term solution while protecting and maintaining this USG program for the benefit of the residents who rely on CCL USG to deliver an exceptional student housing experience. While the process moves forward, CCL USG plans to provide the same high-quality operations and maintenance services. The program intends to meet its go-forward obligations to employees, vendors, and other partners utilizing cash on hand, subject to approval as part of the process. Additional information about the proceedings filed in the U.S. Bankruptcy Court for the District of Delaware is available at www.donlinrecano.com/CCLUSG. Morris, Nichols, Arsht & Tunnell LLP is serving as legal advisor and CohnReznick Advisory LLC is serving as financial advisor to CCL USG. About Corvias Campus Living -- USG, LLC Corvias Campus Living -- USG, LLC is a single-purpose entity that operates and manages certain student housing properties at nine USG campuses: Abraham Baldwin Agricultural College; Georgia Southern University -- Armstrong Campus; Augusta University; College of Coastal Georgia; Columbus State University; Dalton State College; East Georgia State College; Georgia State University; and University of North Georgia. CRYPTO COMPANY: Posts $6.6M FY24 Loss; Going Concern Doubt Remains ------------------------------------------------------------------ The Crypto Company filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The Company has incurred significant losses and experienced negative cash flows since inception. As of December 31, 2024, the Company had cash of $1,763. In addition, the Company's net loss was $6,643,709 for the year ended December 31, 2024, compared to a net loss of $7,231,317 in 2023, and the Company's had a working capital deficit of $6,685,767. As of December 31, 2024, the accumulated deficit amounted to $53,406,461. As a result of the Company's history of losses and financial condition, there is substantial doubt about the ability of the Company to continue as a going concern. Henderson, Nev.-based Bush & Associates CPA LLC, the Company's auditor since 2025, issued a 'going concern' qualification in its report dated June 13, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has suffered recurring losses from operations, negative cash flows from operations and has a significant accumulated deficit, that raises substantial doubt about its ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management 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 strategies may include, but are not limited to, private placements of capital stock, debt borrowings, partnerships and/or collaborations. There can be no assurance that any of these future-funding efforts will be successful. As of December 31, 2024, the Company had $1,763 in total assets, $6,700,155 in total liabilities, and total stockholders' deficit of $6,698,392. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/3pjwfezx About Crypto Company Malibu, Calif.-based The Crypto Company -- https://www.thecryptocompany.com -- is engaged in the business of providing consulting services and education for blockchain technology and for the building of technological infrastructure and enterprise blockchain technology solutions. During 2023, the Company generated revenues and incurred expenses solely through these consulting operations. In February 2022, the Company acquired bitcoin mining equipment and entered into an arrangement with a third party to host and operate the equipment. However, by the end of 2022, the Company had exited that Bitcoin mining business. * * * This concludes the Troubled Company Reporter's coverage of The Crypto Company until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. CYTOSORBENTS CORP: All Proposals OK'd at 2025 Annual Meeting ------------------------------------------------------------ CytoSorbents Corporation held its 2025 Annual Meeting of Stockholders during which the following matters were submitted to a vote of stockholders: 1. The election of Dr. Phillip P. Chan, Dr. Edward R. Jones, Michael Bator, Alan D. Sobel, and Jiny Kim as directors to serve until the Company's 2026 Annual Meeting of Stockholders, or until their respective successors are elected, except in the case of the death, resignation or removal of any director; 2. The approval of, on a non-binding, advisory basis, the compensation of the Company's named executive officers, disclosed pursuant to Item 402 of Regulation S-K; and 3. The ratification of the appointment of WithumSmith+Brown, PC, as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025. At the close of business on April 17, 2025, the record date for the determination of stockholders entitled to vote at the Annual Meeting, there were 62,610,376 shares of the Company's Common Stock outstanding and entitled to vote at the Annual Meeting. The holders of 40,071,481 shares of the Company's Common Stock were represented in person or by proxy at the Annual Meeting, constituting a quorum. At the Annual Meeting: (i) the five directors were elected, (ii) the compensation of the Company's named executive officers, disclosed pursuant to Item 402 of Regulation S-K, was approved, on a non-binding, advisory basis, and (iii) the appointment of the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025 was ratified. About CytoSorbents Based in Monmouth Junction, N.J., CytoSorbents Corporation is engaged in critical care immunotherapy, specializing in blood purification. Its flagship product, CytoSorb, is approved in the European Union with distribution in more than 75 countries around the world as an extracorporeal cytokine adsorber designed to reduce the "cytokine storm" or "cytokine release syndrome" seen in common critical illnesses that may result in massive inflammation, organ failure, and patient death. East Brunswick, New Jersey-based WithumSmith+Brown, PC, the Company's auditor since 2004, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations, has experienced cash used in operations, and has an accumulated deficit, which raise substantial doubt about its ability to continue as a going concern. CYTTA CORP: Drops Prager Metis After Dispute Over Fraud Review -------------------------------------------------------------- Cytta Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on May 19, 2025, the Company dismissed its Auditor Prager Metis CPAs, LLC which was currently serving as Cytta's independent registered public accounting firm. This occurred following a determination by PM that they could not continue as the Company's Auditors unless an independent forensic accounting firm was retained to examine the fraudulent and/or negligent Sales Orders provided to the Company by an independent third-party consultant and recorded in the December 31, 2024, Quarterly Statements. This requirement by PM was in addition to the independent review which the Company separately commissioned, which determined the Sales Orders provided by the third-party consultant were fraudulent and/or negligent and that they should be reversed. Due solely to the costs of this additional procedure, the Board of Directors of Cytta chose not to continue with the engagement of PM. Cytta notified PM on May 19, 2025, that it would be immediately dismissed as Cytta's independent registered public accounting firm, The decision to change independent registered public accounting firms was recommended by and approved by the Board of Directors of Cytta. PM's reports on Cytta's financial statements for the years ended September 30, 2024, and 2023 did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles. The report of PM on the financial statements of Cytta for the fiscal years ended September 30, 2024, and September 30, 2023, do, however, contain an expression of substantial doubt regarding Cytta's ability to continue as a going concern. During Cytta's two most recent fiscal years ended September 30, 2024 and 2023 and the subsequent interim periods through December 31, 2024, there were no disagreements, within the meaning of Item304(a)(1)(iv) of Regulation S-K promulgated under the Exchange Act and the related instructions thereto, with PM on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of PM, would have caused it to make reference to the subject matter of the disagreements in connection with its reports. Also, during this same period, there were no reportable events within the meaning of Item 304(a)(1)(v) of Regulation S-K and the related instructions thereto, except for the material weakness in Cytta's internal control over financial reporting, previously reported in Item 9A of Cytta's Annual Report on Form 10-K for the fiscal year ended September 30, 2024. On June 9, 2025, the Board of Directors of Cytta approved the appointment of Sadler, Gibb & Associates, LLC as Cytta's new independent registered public accounting firm, and executed the engagement agreement(s), for the audit of Cytta's financial statements for the year ended September 30, 2025, and related interim periods beginning with the March 31, 2025, Quarterly Report. During Cytta's two most recent fiscal years ended September 30, 2024, and 2023, and the subsequent interim periods through December 31, 2024, neither Cytta nor anyone acting on its behalf consulted with SG regarding any of the matters described in Items 304(a)(2)(i) and (ii) of Regulation S-K. 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 ended Sept. 30, 2023. DIAMOND COMIC: To Liquidate All Consigned Comics, Publisher Oppose ------------------------------------------------------------------ Rich Johnston of bleedingcool.com reports that Diamond Comic Distributors plans to liquidate consigned inventory, drawing strong publisher opposition. Fantagraphics described the situation as being "held hostage" -- referring to Diamond Comic Distributors' refusal to return unsold inventory it held on consignment from Fantagraphics and other publishers, according to the report. The products, including comics, graphic novels, and merchandise, were shipped to Diamond but never paid for, nor returned. Now, Diamond intends to liquidate that inventory as part of its Chapter 11 bankruptcy process. In newly submitted court filings, Diamond Comic Distributors Inc. -- the debtor in the case -- outlined plans to sell the consigned goods "free and clear of all liens, claims, interests, and encumbrances," claiming the move is aimed at "maximizing value" for the bankruptcy estate. But since many of Diamond's creditors are the very publishers whose inventory would be sold, the proposal has sparked serious concerns about whether it serves those actually owed money. The matter is expected to face scrutiny in bankruptcy court. Under typical consignment agreements, publishers allowed Diamond to warehouse and distribute products without requiring upfront payment, ensuring fast delivery to comic shops. Unsold inventory was generally expected to be returned or sold through a mutually agreed process, according to bleedingcool.com. Diamond now argues that many publishers failed to properly "perfect" their legal claims to the inventory, giving the distributor the right to transfer ownership and sell the goods without consent. The company has proposed "Consignment Sale Procedures" to carry out the liquidation in a way it says will benefit the estate—not the publishers. In effect, Diamond is seeking to dispose of inventory it never owned, with proceeds going to satisfy broader estate obligations rather than being returned to the original consignors. This has drawn immediate criticism and is likely to face pushback from publishers, the report states. The bankruptcy court has not yet ruled on the motion, but significant opposition is expected. Attention is turning to Titan Comics, which sits on the Unsecured Creditors Committee, as the industry gears up to challenge Diamond's controversial plan, according to report. About Diamond Comic Distributors, Inc. Founded in 1982, Diamond Comic Distributors Inc. offers a multi-channel platform of publishing, marketing and fulfillment services, coupled with an unparalleled global distribution Network for its retailers, publishers and vendors. Diamond Comic Distributors and its affiliates filed Chapter 11 petitions (Bankr. D. Md. Case No. 25-10308) on January 14, 2025. At the time of the filing, Diamond Comic Distributors reported between $50 million and $100 million in both assets and liabilities. Judge David E. Rice handles the case. The Debtors tapped Saul Ewing, LLP as legal counsel; Getzler Henrich & Associates, LLC as financial advisor; Raymond James & Associates, Inc. as investment banker; and Stephenson Harwood, LLP as U.K. counsel. Omni Agent Solutions is the Debtors' claims and noticing agent and administrative agent. DONNELLY GROUP: To Exit CCAA as Founder Reacquires Assets --------------------------------------------------------- The Donnelly Group, including much of its flagship hospitality portfolio under Freehouse Collective, is preparing to exit Companies' Creditors Arrangement Act (CCAA) proceedings in early July, marking a major milestone in its corporate restructuring. Founder and CEO Jeff Donnelly recently reacquired key assets from the Bank of Montreal, becoming the senior secured creditor and regaining control of the petitioner companies. With a court-approved Plan of Arrangement and the Stay of Proceedings set to expire on July 4th, a formal discharge is expected imminently. "While CCAA has been a necessary tool during a complex period, it's also been a distraction from what we do best" said Donnelly. "We've continued to design and operate some of the most compelling hospitality concepts in Canada, it's a relief to have reacquired those in creditor protection and returned to a full complement of brands, we can now focus fully on the business of creating standout spaces and experiences." Notably, not all Donnelly Group businesses were petitioners in the CCAA filing. Over the past several years the group has continued to grow and evolve, launching new successful locations while maintaining the quality and personality that define the brand. "We're a boutique hospitality group with a track record of building unique, culturally connected spaces," Donnelly added. "With the restructuring behind us we can reinvest in what makes our business successful--great hospitality fuelled by strong teams and thoughtful spaces." Despite sector headwinds, Donnelly Group maintained operational stability thanks to resilient staff, steadfast guest loyalty and the lasting appeal of its concepts. The company is now positioned to emerge from CCAA leaner, stronger, and fully aligned for growth. About Donnelly Group Donnelly Group is a boutique hospitality management company rooted in publican culture. Its hospitality arm, Freehouse Collective, operates a unique portfolio of public houses, cocktail clubs, and restaurants in Vancouver and Toronto. Each venue is designed to spark conversation and connection--drawing influence from music, art, sport, travel, and modern culture. E.F. MARKETING: Seeks to Sell Various Printing Equipment -------------------------------------------------------- E.F. Marketing Group LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, to sell Property, free and clear of liens, interests, and encumbrances. The Debtor owns printing equipment, supplies, and inventory. A list of the equipment with their suggested sales price is available at https://tinyurl.com/3uxtz43v The Debtor seeks to sell the printing equipment free and clear of all liens to reduce debt and proposes to sell the property using the assistance of Ed Bajec as sales agent. The Debtor will also pay Ed Bajec a 6% commission for the sale of the Mark Andy machine on which Encore Bank has a lien. Any other equipment and supplies and attachments Debtor will pay Ed Bajec at 13% commission. The commission will be paid off of the gross sales price and will be assessed as a necessary cost of expense of disposing of the equipment. The proposed commissions are reasonable and will provide a benefit to Live Oak Bank and Encore Bank. Part of the list of equipment attached includes hand written suggested sales price. If the equipment is sold for the suggested sales price or more, the sale will go forth without need to notify any party except to report that the sale has occurred and the sale price. If the proposed sales price is less than the suggested sales price, either the sales agent, Ed Bajec or debtor's counsel will either email or call (no voice mail) Jessicaa Hanzlik, Mike O'Connor, Russell Mills and Kristin A. Zilberstein of the proposed price and they will have 24 hours to send an objection by email or by phone call. If an objection is raised, the sale will not proceed. If there is no objection, then the sale will proceed. The sales proceed will be deposited in the Debtor's DIP account. Debtor will pay Ed Bajec his commission, pay the Ad Valorem Taxes and disburse the net sales proceeds to Live Oak Bank, except for the sale of the Mark Andy, which will be paid to Encore Bank. The ad valorem tax claim is $18,041.43. About E.F. Marketing Group LLC E.F. Marketing Group, LLC is a full-service advertising and marketing agency based in San Antonio, Texas. It designs and executes data-driven direct-mail and digital campaigns for regional colleges and small to mid-sized businesses. E.F. Marketing Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 25-50842) on April 23, 2025. In its petition, the Debtor reported assets between $500,000 and $1 million and liabilities between $1 million and $10 million. Judge Craig A. Gargotta handles the case. The Debtor is represented by Steven G. Cennamo, Esq., at the Law Office of Cennamo & Werner. ELITE SCHOOL: Court Extends Cash Collateral Access to July 31 ------------------------------------------------------------- Elite School Bus Company, LLC received fifth interim approval from the U.S. Bankruptcy Court for the District of Maryland, Baltimore Division, to use cash collateral. The fifth interim order signed by Judge David Rice authorized the Debtor to use cash collateral to pay its expenses for the period from July 1 to 31. The Debtor projects total operational expenses of $11,797.83 for the week ending July 5; $3,166.02 for the week ending July 12; $25,576.00 for the week ending July 19; $3,932.08 for the week ending July 26; and $21,392.00 for the period from July 27 to 31. The U.S. Small Business Administration and the Debtor's junior lien creditors assert interest in the cash collateral, which consists of accounts receivables. As protection, SBA and the junior lien creditors were granted a replacement lien on and security interest in the cash collateral and other assets acquired by the Debtor after its bankruptcy filing, with the same priority and extent as their pre-bankruptcy security interests. In addition, SBA will receive a monthly payment of $2,481 as further protection. The next hearing is scheduled for July 31. In 2020, the Debtor obtained a COVID Economic Injury Disaster loan from SBA in the original principal amount of $41,600. To secure the loan, the Debtor executed an agreement granting SBA a lien on all of its tangible and intangible property including, but not limited to, tools, equipment and accounts receivable. The only assets to which SBA's lien did not attach are the Debtor's bank accounts and vehicles. In 2022, the loan agreement was amended to increase the principal indebtedness to $500,000. Pursuant to the modified agreement, the outstanding principal indebtedness accrued interest at the rate of 3.750% and the Debtor was required to make monthly payments of $2,481 until the maturity date. The Debtor believes that the outstanding balance owed to SBA is approximately $467,841.31. Meanwhile, the approximate value of SBA's collateral is $108,413, according to court papers filed on February 25. About Elite School Bus Company Elite School Bus Company, LLC operates a school bus company that provides services primarily to Cecil County public schools. With 23 bus routes, the company is responsible for transporting children on 23 buses to and from school. Elite School Bus Company filed Chapter 11 petition (Bankr. D. Md. Case No. 25-11526) on February 25, 2025, listing up to 10 million in both assets and liabilities. Rebecca Minks, manager of Elite School Bus Company, signed the petition. Judge David E. Rice oversees the case. Mary Fran Ebersole, Esq., at Tydings & Rosenberg LLP, represents the Debtor as legal counsel. EWA LLC: Seeks Subchapter V Bankruptcy in Texas ----------------------------------------------- On June 24, 2025, EWA LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Texas. 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 EWA LLC EWA LLC is a business support services provider based in Plano, Texas. The company operates in the administrative and support services sector (NAICS code 5614). EWA LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42283) on June 24, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Edward L. Morris handles the case. The Debtors are represented by Robert Thomas DeMarco, Esq. at DeMarco Mitchell, PLLC. EYENOVIA INC: Avenue Venture and Affiliates Hold 9.99% Stake ------------------------------------------------------------ Avenue Venture Opportunities Fund, L.P. and its affiliates: Avenue Venture Opportunities Fund II, L.P., Avenue Capital Management II, L.P., Avenue Venture Opportunities Partners, LLC, Avenue Venture Opportunities Partners II, LLC, GL Venture Opportunities Partners, LLC, GL Venture Opportunities Partners II, LLC, and Marc Lasry, disclosed in a Schedule 13D/A (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of June 11, 2025, they beneficially own an aggregate of 435,438 shares of Eyenovia, Inc.'s Common Stock, $0.0001 par value per share, representing 9.99% of the 4,358,755 shares outstanding as of June 5, 2025. The total includes shares held directly by the funds and shares issuable upon conversion of loans, subject to a 9.99% ownership blocker limitation. Avenue Capital Group may be reached through: Andrew Schinder 11 West 42nd Street, 9th Floor New York, NY 10036 Tel: (212) 878-3520 A full-text copy of Avenue Venture's SEC report is available at: https://tinyurl.com/4mzhff48 About Eyenovia New York, N.Y.-based Eyenovia, Inc. is an ophthalmic technology company commercializing Mydcombi (tropicamide and phenylephrine HCL ophthalmic spray) for inducing mydriasis for routine diagnostic procedures and in conditions where short-term pupil dilation is desired, preparing for the commercialization of clobetasol propionate ophthalmic suspension 0.05% ("clobetasol propionate"), for the treatment of post-operative inflammation and pain following ocular surgery, and developing the Optejet delivery system both for use in combination with its own drug-device therapeutic programs and for out-licensing for use in combination with therapeutics for additional indications. The Company's aim is to improve the delivery of topical ophthalmic medication through the ergonomic design of the Optejet, which facilitates ease-of-use and delivery of a more physiologically appropriate medication volume, with the goal to reduce side effects and improve tolerability and introduce digital health technology to improve therapy compliance and ultimately medical outcomes. New York, N.Y.-based Marcum LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $3.7 million in total assets, $16.8 million in total liabilities, and a total stockholders' deficit of $13.1 million. FIRSTBASE.IO INC: Court Extends Cash Collateral Access to Nov. 3 ---------------------------------------------------------------- Firstbase.io, Inc. received a five-month extension from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral. The court's fourth interim order authorized the Debtor to use cash collateral for the period from July 1 to November 3 to pay the expenses set forth in its budget, with a 10% variance. As protection for any diminution in the value of its collateral, CFT Clear Finance Technology Corp. will be granted replacement liens on the cash collateral, to the extent that its pre-bankruptcy liens were valid, perfected, and enforceable. In addition, CFT will receive payment of $20,000 per month as further protection. A final hearing is scheduled for October 21. Subject to the Debtor's investigation prior to any final order, the Debtor entered into a series of nine separate agreements with CFT Clear, which were structured as a purchase of all of the Debtor's right, title and interest in and to future receivables, in exchange for a series of advances made by CFT to the Debtor. CFT asserts a duly perfected senior security interest in all of the Debtor's right, title and interest in and to future receivables, by the filing of a UCC-1 financing statement evidencing such interests. The Debtor believes CFT is a secured creditor holding a valid first priority security interest in all of its right, title and interest in and to future receivables, entitling CFT to adequate protection payments. Subject to further investigation, the Debtor is indebted to Clearco in the approximate amount of $231,000 as of the petition date. About Firstbase.io Inc. Firstbase.io, Inc. is a technology company that provides business formation services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-11647) on September 25, 2024, with $1 million to $10 million in assets and $10 million to $50 million in liabilities. Judge Lisa G. Beckerman oversees the case. The Debtor is represented by Dawn Kirby, Esq., at Kirby Aisner & Curley, LLP. FLAME LLC: Unsecured Creditors Will Get 6.4% of Claims in Plan -------------------------------------------------------------- Flame, LLC, filed with the U.S. Bankruptcy Court for the Western District of Washington a Disclosure Statement describing Chapter 11 Plan. The Debtor is a corporation. Since 2018, the Debtor has been in the business of interstate freight transportation. Karandeep Pannu is the CEO/President of the Debtor. The company began having financial problems in late 2021. It had expanded rapidly during the beginning of the COVID pandemic and had insufficient oversight of safety, compliance measures and financial planning. This resulted in accumulation of Federal Motor Carrier Safety Administration (FMCSA) violations which resulted in penalties and increased insurance costs. These additional costs created a financial strain and cash flow disruptions leading to delayed payments to vendors and general financial instability. The Debtor attempted but failed to negotiate an agreement with its former factoring company to continue the relationship. Since all of the current accounts receivable had been sold to the factoring company prior to the filing this left the Debtor with next to no cash flow from long term contracts, until the factoring company had collected on the outstanding accounts. The Debtor was able to keep operating on short term and one time accounts, but is only now starting to collect post-filing account, leaving the Debtor with uncharacteristically gross income in the period through the end of April 2025. The Debtor has negotiated Adequate Protection Agreements with the secured creditors, ReadyCap and BMO Bank. The Court has approved the Adequate Protection Order for ReadyCap and the agreement with BMO Bank will be submitted shortly. Class 12 consists of General Unsecured Claims. This Class shall be paid $1000 per month thru Feb 2026, then increasing to $2500 per month, additionally funds allotted to tax delinquency will be added to this class as tax delinquency is paid in full. This Class will receive a distribution of 6.4% of their allowed claims. This Class is impaired. Akaal Group LLC owns 100% of Flame LLC, Karandeep Pannu is the sole owner of Akaal Group LLC. Aside from the draw paid in lieu of salary, no payments will be made to this class during the pendency of the bankruptcy. Payments and distributions under the Plan will be funded by the Debtor's cash flow from operations and future income including the leasing of equipment to other nonaffiliated companies when that equipment is not in use by the Debtor. A full-text copy of the Disclosure Statement dated June 13, 2025 is available at https://urlcurt.com/u?l=ITLzB6 from PacerMonitor.com at no charge. Counsel to the Debtor: Joy Lee Barnhart, Esq. THE LAW OFFICE OF JOY LEE BARNHART 15 South Grady Way, Suite 535 Renton, WA 98057 Tel: (425) 255-5535 Fax: (425) 255-5609 Email: joylee@joybarnhart.com About Flame LLC Flame, LLC has been in the business of interstate freight transportation. The Debtor filed a Chapter 11 petition (Bankr. W.D. Wash. Case No. 25-10193) on Jan. 24, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Christopher M. Alston oversees the case. Joy Lee Barnhart, Esq., at the Law Offices of Joy Lee Barnhart, is the Debtor's bankruptcy counsel. FTX TRADING: Shaquille O'Neal's $1.8MM Settlement Gets Prelim OK ---------------------------------------------------------------- Isaiah Poritz of Bloomberg Law reports that a federal judge in Florida on Monday, June 30, 2025, granted preliminary approval to a $1.8 million settlement agreement between former NBA star Shaquille O'Neal and investors who lost money in the collapse of the FTX cryptocurrency exchange. The proposed class-action settlement would resolve claims alleging that O'Neal, along with other celebrities and athletes, helped promote the now-defunct exchange through endorsement deals and partnerships, according to Bloomberg Law. U.S. District Judge K. Michael Moore stated the settlement appears "fundamentally fair, reasonable, adequate, and in the best interests of Class Members," and is likely to receive final approval. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. FULCRUM LOAN: Hires Atlanta Fine Homes as Real Estate Broker ------------------------------------------------------------ Fulcrum Loan Holdings, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Atlanta Fine Homes Sotheby's International as real estate broker. The firm will market and sell the Debtors' assets. Sotheby's will be paid a commission of 6 percent with respect to the sale of any real property assets. Sotheby's is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, as modified by section 1107(b) of the Bankruptcy Code, according to court filings. The firm can be reached through: Chase Mizell Atlanta Fine Homes Sotheby's International 1555 Peachtree St NE Ste 100 Atlanta GA 30309 Office: (404) 874-0300 Mobile: (770) 289-2780 Email: chasemizell@atlantafinehomes.com About Fulcrum Loan Holdings Fulcrum Loan Holdings, LLC is engaged in activities related to real estate. Fulcrum Loan Holdings and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 24-56114) on June 11, 2024, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. Judge Paul W. Bonapfel oversees the case. The Debtors tapped Benjamin Keck, Esq., at Keck Legal, LLC, as bankruptcy counsel and F. Beau Howard, Esq., at Fox Rothschild LLP as special counsel. GAMESTOP CORP: Stockholders OK All Proposals at Annual Meeting -------------------------------------------------------------- GameStop Corp. held its 2025 Annual Meeting of Stockholders during which the stockholders voted on (1) the election of directors; (2) an advisory, non-binding resolution regarding the compensation of the Company's named executive officers; and (3) the ratification of the appointment of KPMG LLP as the Company's independent registered public accounting firm for the fiscal year ending January 31, 2026. Proposal 1: Election of Directors The Company's stockholders elected each of the five nominees listed below for director to serve until the next annual meeting and until such director's successor is elected and qualified, by the vote indicated below: 1. Alain (Alan) Attal * Votes For: 204,509,756 * Votes Against: 25,375,290 * Abstentions: 644,478 * Broker Non-Votes: 90,408,014 2. Lawrence (Larry) Cheng * Votes For: 223,520,850 * Votes Against: 6,575,150 * Abstentions: 433,524 * Broker Non-Votes: 90,408,014 3. Ryan Cohen * Votes For: 226,263,041 * Votes Against: 4,008,783 * Abstentions: 257,568 * Broker Non-Votes: 90,408,014 4. James (Jim) Grube * Votes For: 227,590,111 * Votes Against: 1,994,634 * Abstentions: 944,647 * Broker Non-Votes: 90,408,014 5. Nathaniel (Nat) Turner * Votes For: 218,435,244 * Votes Against: 11,240,209 * Abstentions: 854,071 * Broker Non-Votes: 90,408,014 Proposal 2: Advisory Non-binding Vote on Executive Compensation The Company's stockholders approved, on an advisory, non-binding basis, the compensation of the named executive officers of the Company, by the vote indicated below: * Votes For: 223,596,899 * Votes Against: 5,957,352 * Abstentions: 975,273 * Broker Non-Votes: 90,408,014 Proposal 3: Ratification of the Appointment of Independent Registered Public Accounting Firm The Company's stockholders approved the ratification of the appointment of KPMG LLP as the Company's independent registered public accounting firm for the Company's fiscal year ending January 31, 2026, by the vote indicated below: * Votes For: 318,627,345 * Votes Against: 1,139,753 * Abstentions: 1,170,440 * Broker Non-Votes: - About GameStop Grapevine, Texas-based GameStop Corp. is a specialty retailer offering games and entertainment products through its E-Commerce platforms and thousands of stores. As of August 3, 2024, GameStop had $5.5 billion in total assets, $1.2 billion in total liabilities, and $4.4 billion in total stockholders' equity. * * * Egan-Jones Ratings Company on January 15, 2025, downgraded the foreign currency and local currency senior unsecured ratings on debt issued by GameStop Corporation to CCC- from CC. GARFUNKELUX HOLDCO: S&P Cuts ICR to 'D' on Debt Restructuring ------------------------------------------------------------- S&P Global Rating lowered its issuer credit rating on debt collector Garfunkelux Holdco 2 S.A. (Lowell) to 'D' (default) from 'CC'. At the same time, S&P lowered its issue-level rating on the company's senior unsecured notes to 'D'. On June 25, 2025, Lowell announced that it had completed the restructuring of its outstanding debt. Lowell extended the maturity of its senior secured notes and its revolving credit facility (RCF) by three years, and partially exchanged the SSNs for new payment-in-kind (PIK) notes issued by the new holdco. In our view, this is tantamount to default, because we consider the proposed restructuring to be distressed and noteholders will receive less than they were promised in the documentation for the original senior secured notes. Rating Action Rationale The downgrade follows the restructuring and recapitalization of GBP1.64 billion in senior secured notes. Lowell announced the proposal to its bondholders in December 2024. It has now completed the exchange of its senior secured notes for: EUR1.43 billion (about GBP1.22 billion) of new senior secured notes issued by Garfunkelux Holdco 3 S.A., split into notes maturing in November 2028 that pay a fixed rate of 9.5% and notes maturing in May 2029 that pay a floating rate (based on EURIBOR plus 7.446%). EUR292 million (about GBP250 million) of new notes due in May 2030 and pay a PIK coupon of 10.48%. These new notes issued by a new holding company Garfunkelux Holdco 4 S.A. and are structurally subordinated to the EUR1.43 billion of senior secured notes issued by Garfunkelux Holdco 3. GBP165 million of cash paid down at par on the day the transaction takes effect. In addition to the exchange, Lowell has amended the conditions of its existing RCF to extend its maturity by three years to May 1, 2028. It repaid GBP30 million of the amount drawn down from the RCF and converted EUR355.5 million (GBP303 million) into term loans. Lowell has also issued EUR250 million (GBP213 million) of notes that are ringfenced for debt management purposes (the new money notes). The proceeds will be held at escrow and could be used to repay the new senior secured notes over next 12 months. Therefore, we view the issuance of the new money notes as leverage neutral. Lowell also had GBP548 million in securitized loans that were excluded from the restructuring. These bankruptcy-remote financial obligations continued to be serviced. S&P said, "We view the finalized restructuring as tantamount to a default because it meets our definition of a distressed restructuring. Lowell would have struggled to refinance its public and bank debt at normal market terms and, as a result of the restructuring, Lowell's noteholders received less value than promised in the documentation for the original senior secured notes. In addition, the new notes that were issued by a new holding company are now not only subordinated to the other senior secured notes but also have a PIK coupon. We believe bondholders received only modest compensation for these changes, via a higher coupon and incentive fee. We consider the restructuring as a generalized default because Lowell amended the terms on all its financial debt, except the securitized loans. Therefore, we lowered our issuer credit rating on Garfunkelux HoldCo 2 to 'D'. "We will review Lowell's creditworthiness and will likely raise its credit rating in the coming days, after considering its new financial situation and expected performance." GEOSYNTEC HOLDINGS: Moody's Assigns 'B3' CFR, Outlook Stable ------------------------------------------------------------ Moody's Ratings assigned a B3 corporate family rating and a B3-PD probability of default rating to Geosyntec Holdings, LLC (Geosyntec), with a stable outlook. Moody's also affirmed Geosyntec Consultants, Inc.'s $110 million backed senior secured revolving credit facility expiring July 2029 and $440 million backed senior secured term loan B due July 2031 at B3. Moody's withdrew Geosyntec Consultants, Inc.'s B3 CFR and B3-PD PDR ratings. The outlook for Geosyntec Consultants, Inc. is stable. Geosyntec is a leading provider of environmental consulting and engineering services. RATINGS RATIONALE Geosyntec's B3 CFR is constrained by the company's high financial leverage, with debt/EBITDA of 6.2x as of March 31, 2025 which is expected to gradually improve below 6.0x over the next 12 to 18 months. The rating is also pressured by its modest scale, compared to other B3-rated issuers, while operating in a fragmented, competitive market and facing competition from larger, well-capitalized firms. Its project-based revenue model means that any project delays or cancellations could adversely affect cash flow. Additionally, Geosyntec may struggle to retain a skilled workforce, crucial for growth and efficiency, and to accurately forecast contract costs, project timing, and meeting required standards. Governance risk is considered high due to Geosyntec's acquisitive growth strategy and concentrated ownership. The credit profile is supported by the company's good position in the industry, which will permit Geosyntec to benefit from long-term industry tailwinds driven by increasing relevance of sustainability considerations and tightening environmental regulation. The company's credit quality also benefits from strong organic backlog growth, allowing for roughly 10 months of revenue visibility, in addition to high employee retention rates. Geosyntec has established long-standing relationships with its diverse client base across various industries, including manufacturing, energy, and government. Moody's anticipates that the company will continue its solid operating performance with organic revenue growth in the low teens, expansion of EBITDA margins in the mid-to-high teens percent area, and improved free cash flow above breakeven levels over the next 12 to 18 months. Liquidity is good and Moody's expects that free cash flow will improve from breakeven levels. The B3 ratings on the senior secured credit facilities are in line with Geosyntec's B3 CFR, and reflect its preponderance position in the capital structure. This credit facility is secured on a first priority basis by substantially all tangible and intangible assets and capital stock of the borrowers and the guarantors, which include existing and future domestic subsidiaries and parent holding companies. The rated debts are issued by Geosyntec Holdings, LLC's indirect subsidiary, Geosyntec Consultants, Inc. (the borrower). Although Geosyntec Holdings does not guarantee the rated debts, since it has no assets other than its 100% ownership of the borrower's direct parent, which has no assets other than its 100% ownership in the borrower, Moody's considers the Geosyntec Holdings, LLC financial statements as fully and fairly representative of the borrower. The debts are guaranteed by each material US subsidiary of the borrower, other than any excluded subsidiary as defined by the credit agreement. Moody's expects that Geosyntec will maintain a good liquidity profile over the next 12 to 15 months. Liquidity is principally supported by $25 million of cash as of March 31, 2025 and Moody's expectations for improved cash flow generation, with free cash flow/debt above breakeven levels. The company has minimal capital expenditure needs, accounting for about 2% of revenue, and it requires minimal liquidity of around $20 million. The company typically experiences negative cash flow in Q1 due to bonus expenses, which are usually paid in March, and strong cash flow generation in the second half of the year. Geosyntec has access to a $110 million revolving credit facility expiring July 2029. These sources provide adequate coverage for the required annual first-lien term loan amortization payments of $4.4 million. The revolver is subject to a maximum first-lien leverage ratio set at 9.8x, and it is tested when revolver drawings exceed 40% of availability. Moody's expects the company will continue to have a comfortable cushion relative to the covenant limit. The stable outlook reflects Moody's expectations for mid to high single-digit revenue growth and modest profit margin expansion over the next 12 to 18 months. Moody's also anticipates debt/EBITDA will improve below 6.0x and the company will generate modest free cash flow over the same period. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Geosyntec continues to demonstrate revenue and EBITDA growth, with debt/EBITDA sustained below 6.0x (based on Moody's calculations) and free cash flow-to-debt approaching the mid-single-digit percentage range. The ratings could be downgraded if revenue growth slows or there is a material decline in profitability due to increased competition, or diminished liquidity, including Moody's expectations that free cash flow will be negative. The ratings could also be downgraded if the company's debt/EBITDA remains above 7.0x (based on Moody's calculations), indicating that financial strategies have become more aggressive. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Geosyntec, based in Boca Raton, FL, is a leading provider of environmental consulting and engineering services, addressing complex challenges related to environmental operations and remediation, natural resources management, and infrastructure development and rehabilitation. The company provides innovative solutions across the infrastructure project lifecycle, including planning, permitting, design, and construction management. In 2022, private equity firm Blackstone Energy Transition Partners acquired 60% of the company, while remaining 40% is owned by Geosyntec management and employees. GO LAB: Exits Chapter 11 Bankruptcy, Changes Name to TimberHP ------------------------------------------------------------- Following its successful reorganization, GO Lab, Inc. has officially rebranded as TimberHP, Inc., marking a new chapter for the company with a strategic focus on accelerated growth and execution across key business areas, the company said in a press release. The name change reflects TimberHP's renewed direction and commitment to expanding its operations. In Madison, Maine, general contractor Cianbro Corporation has resumed work at the company's mill and is nearing completion of the production line for TimberBoard, TimberHP's third insulation product. The company expects TimberBoard to be certified and available for sale by the end of the year. "We're incredibly grateful for the strong support from creditors, financial partners, the Finance Authority of Maine, and other lenders, all of whom helped make our successful restructuring possible," said Matthew O'Malia, CEO of TimberHP. "Our team's dedication throughout this transition has positioned us with a stronger balance sheet and greater liquidity, enabling us to move forward with our vision of making TimberFill, TimberBatt, and TimberBoard leading insulation solutions for residential, light commercial, and multifamily projects." Despite the Chapter 11 process, TimberFill and TimberBatt continued to sell without interruption. With enhanced products and increased production capacity, TimberHP expects sales to grow significantly as it strengthens its marketing efforts and expands its sales force across the Northeast and Mid-Atlantic regions. About Go Lab, Inc. GO Lab, Inc. and GO Lab Madison, LLC are a start-up manufacturer based in Madison, Maine, specializing in high-performing, dry-process wood fiber construction insulation. Founded in 2017, the Company produces three commercial products: TimberBatt, TimberFill, and TimberBoard, all made from clean softwood residuals sourced from sawmills and small-diameter trees. GO Lab, Inc. and GO Lab Madison, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-10557) on March 25, 2025. In the petition, the Debtors reported total assets of $500,000 to $1 million and total debts of $10 million to $50 million. The petitions were signed by Matthew O'Malia as president and CEO. The Honorable Bankruptcy Judge Karen B Owens handles the case. The Debtors tapped Cozen O'Connor to serve as their general bankruptcy counsel. Pierce Atwood LLP is the Debtors' special counsel for corporate matters. Nixon Peabody LLP is the Debtors' special counsel for tax and bond matters. Jefferies LLC acts as investment banker to the Debtors, and Berry Dunn McNeil & Parker LLC acts as accountants to the Debtors. The Debtors' claims and noticing agent is Omni Agent Solutions. GOLDEN TEMPLE: Seeks Subchapter V Bankruptcy in Wisconsin --------------------------------------------------------- On June 27, 2025, Golden Temple Investment LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Wisconsin. 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 Golden Temple Investment LLC Golden Temple Investment LLC is a limited liability company. Golden Temple Investment LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-23716) on June 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Rachel M. Blise handles the case. The Debtors are represented by Claire Ann Richman, Esq. at RICHMAN & RICHMAN LLC. GPD COMPANIES: Moody's Alters Outlook on 'Caa1' CFR to Positive --------------------------------------------------------------- Moody's Ratings affirmed GPD Companies, Inc.'s (GPD) Caa1 corporate family rating. Concurrently, Moody's affirmed the Caa1-PD Probability of Default Rating and appended a limited default (LD) designation, changing it to Caa1-PD/LD from Caa1-PD following completion of the debt exchange transaction. The PDR will be revised to Caa1-PD in about three business days. Moody's assigned a Caa2 rating to the new 12.5% senior secured notes due December 2029, which were issued as part of the debt exchange. The Caa2 rating on GPD's existing 10.125% senior secured notes that did not participate in the exchange has been withdrawn. The rating outlook has been revised to positive from stable. RATINGS RATIONALE On June 18, GPD closed the previously announced debt exchange transaction, with 99.64% of the holders participating. As part of the transaction, GPD exchanged holders of its existing 10.125% senior secured notes due April 2026 into a combination of cash and new 12.5% senior secured notes due December 2029. The new notes will have a cash coupon of 10.125%, and an additional PIK coupon of 2.375%. The company also received the requisite consents to substantially eliminate all covenants associated with its existing 10.125% senior secured notes. The "/LD" designation reflects Moody's views that the debt exchange was a distressed exchange, which is a default under Moody's definitions, given the priming of existing debt and Moody's views that the capital structure was untenable. The "/LD" designation will be removed in about three business days. The revision of GPD's rating outlook to positive from stable reflects various recent credit positive developments including: a maturity extension for the senior secured notes, approximately $175 million reduction in the notes balance through the application of Distrupol sale proceeds, $40 million of new sponsor equity infusion to partially fund the cash portion of the debt exchange, and various initiatives currently underway targeting organic growth, cost reduction, and working capital improvement. However, the affirmation of the Caa1 CFR reflects continued elevated leverage and weak interest coverage, which are still commensurate with the current Caa1 rating despite these credit positive developments. That said, Moody's expects metrics to improve over the next 12-18 months, as the full benefit of the various internal initiatives underway takes effect. GPD's Caa1 CFR is supported by its asset-light model that requires minimal capex and supports free cash flow generation, the company's leading market share position in plastics distribution in North America, good end-market and customer diversification, long-term relationships with customers and broad product offering, including engineered thermoplastics and prime branded resins. The rating is constrained by weak credit metrics, low operating margins, supplier concentration risk, consistent negative free cash flow generation, and reduced scale following the sale of Distrupol. GPD's liquidity is adequate. At March 31, 2025, GPD had a cash balance of $114 million, availability of $156.5 million under its $270 million US ABL facility (unrated), and availability of $6.7 million under its $25 million EMEA ABL facility (unrated). This was a result of receipt of proceeds from the sale of Distrupol, which was completed in February. Proforma for the debt exchange, GPD's cash balance is expected to be around $20 million, and availability under its US ABL facility will be around $87 million. GPD made a $66 million draw on the US ABL facility, along with the use of $85 million of balance sheet cash and $40 million of sponsor equity contribution to fund the cash portion of the debt exchange and other transaction expenses. The main revolver contains a springing 1.0x fixed charge coverage ratio test if excess availability is less than $20 million. Additionally, the new notes contain a maximum net first lien leverage ratio test of 6.0x, which will be tested beginning the quarter ended September 30, 2028. Moody's do not expect the covenants will be tested in the near term. Most assets are encumbered by the ABL facilities and the senior secured notes, leaving little alternative liquidity sources. The positive outlook reflects Moody's expectations for a gradual improvement in GPD's credit metrics as the impact of various internal initiatives, mainly around cost reduction and working capital improvement, take effect over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could consider an upgrade if leverage is sustained below 6.0x, EBITDA/Interest is sustained above 1.5x, the company consistently generates free cash flow and liquidity is good with no refinancing risk. Moody's could consider a downgrade if leverage is sustained above 7.0x, EBITDA/Interest fails to improve above 1.0x, margins declined further and liquidity deteriorated. Debt funded M&A activity amid already stressed credit metrics could also lead to a downgrade. GPD Companies, Inc., based in The Woodlands, Texas, is a holding company formed by One Rock Capital Partners LLC. Its operational entity, Nexeo Plastics, is a leading plastics distributor in North America, Europe and Asia. Revenue for the LTM period ending March 31, 2025 was roughly $1.7 billion. The principal methodology used in these ratings was Chemicals published in October 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. HADLOCK ENTERPRISES: Taps Cairncross & Hempelmann as Legal Counsel ------------------------------------------------------------------ Hadlock Enterprises LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to hire Cairncross & Hempelmann, P.S. as legal counsel. The firm's services include: a. assisting the Debtor in the investigation of the financial affairs of the estate; b. providing legal advice and assistance to the Debtor with respect to matters relating to this case and creditor distribution; c. preparing all pleadings necessary for proceedings arising under this case; and d. performing all necessary legal services for the estate in relation to this case. The firm will be paid at these rates: Steven M. Palmer $575 per hour Associates $400 per hour Paralegals $265 to 240 per hour Cairncross received a retainer in the amount of $25,000. Steven Palmer, Esq., of counsel with Cairncross, 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: Steven M. Palmer, Esq. Ryan R. Cole, Esq. CAIRNCROSS & HEMPELMANN, P.S 524 Second Avenue, Suite 500 Seattle, WA 98104-2323 Tel: (206) 587-0700 Fax: (206) 587-2308 E-mail: spalmer@cairncross.com rcole@cairncross.com About Hadlock Enterprises LLC Hadlock Enterprises LLC, doing business as Autoglass Clinic and Mobile Radio, provides auto glass repair and replacement, car audio installation, and window tinting services. The Company serves individual and commercial clients across automotive, residential, and marine sectors. Its offerings include RV and boat glass services as well as home and commercial glass solutions. Hadlock Enterprises LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-11654) on June 16, 2025. In its petition, the Debtor reports total assets of $275,750 and total liabilities of $2,170,473. The Debtors are represented by Steven M. Palmer, Esq. at CAIRNCROSS & HEMPELMANN, P.S. HAWAIIAN ELECTRIC: S&P Upgrades ICR to 'B+', On Watch Positive -------------------------------------------------------------- S&P Global Ratings raised its issuer credit ratings on Hawaiian Electric Industries Inc. (HEI) and subsidiaries Hawaiian Electric Co. Inc. (HECO), Hawaii Electric Light Co. (HELCO), and Maui Electric Co. (MECO) to 'B+' from 'B-'. S&P affirmed its 'B' short-term rating on HEI and HECO, including HEI's commercial paper. Furthermore, S&P placed the issuer credit ratings on the entities on CreditWatch with positive implications. The CreditWatch placement reflects the high likelihood that Senate Bill (SB) 897, which establishes liability caps on wildfire-related economic damages and approves securitization for financing wildfire mitigation investments, will become law over the next several weeks. Recently, Hawaii courts issued several favorable decisions, including preliminary approval of the class settlement that highly increases likelihood that the global settlement between Hawaiian Electric Industries Inc. (HEI) and several third parties related to the 2023 Maui wildfire litigation will be finalized in its current form. Separately, in May 2025, the Hawaii legislature passed House Bill (HB) 1001, which appropriates funds for the state's share of the global settlement and reduces risk by increasing the likelihood that the global settlement will be implemented. The two-notch upgrade reflects the rising likelihood that the $4 billion global settlement will be finalized in its current form. On June 19, 2025, the Second Circuit Court of Hawaii overseeing cases related to the 2023 Maui fires granted preliminary approval to the class settlement and certified the class. Additionally, on May 28, 2025, the court approved the individual plaintiffs' plan of distribution (individual settlement plan), establishing a clear timeline for claims submission beginning June 30, 2025, with a deadline of Oct. 1, 2025. The court also granted the defendants' motion for a good faith settlement determination related to the individual settlement and denied a motion by certain subrogation insurers to intervene in the class case. Separately, in May 2025, Hawaii's legislature approved HB 1001, which appropriates approximately $807.5 million from the state's general fund to pay the State of Hawaii's share of the $4 billion global settlement. These developments greatly increase the likelihood that the global settlement will be finalized in its current form, which we assess as significantly reducing credit risks for HEI and its subsidiaries. It limits HEI's liability exposure related to the 2023 Maui wildfires at $1.99 billion. S&P said, "While individual plaintiffs can still opt out of the settlement by September 2025, which could increase costs if a substantial percentage do so, we believe this risk is limited because of the high inconvenience and cost for opting out. The global settlement allocates $500 million to potentially address plaintiff opt-outs. Accordingly, we expect that the $4 billion global settlement will fully account for the tort cases and that our base-case assumptions fully capture the event risks. We therefore revised our financial policy modifier for HEI to neutral from negative. "We believe passage of SB 897 supports credit quality for HEI and its subsidiaries. The legislation directs Hawaii's Public Utilities Commission (HPUC) to establish liability caps on economic damages arising from future wildfires. We view this as potentially reducing wildfire liability risk exposure for Hawaii's utilities. SB 897 also authorizes securitization to finance wildfire safety investments, which we also view as supporting credit quality. In general, we view securitization as favorable because we assess such financing as off the balance sheet, improving financial measures. We expect the HPUC to work through a rulemaking process to establish key details of the liability cap over the next several months. "We expect HEI to take steps and remain focused on reducing its wildfire risk. In June, HECO filed an updated three-year safety strategy with the HPUC to spend approximately $350 million over the next three years on grid hardening, asset inspections, vegetation management, and increasing installation of weather stations and hazard-detection cameras. Furthermore, we expect the company will continue to refine use of its public safety power shutoff program (established in July 2024) to mitigate wildfire risk. "The CreditWatch positive listing reflects the high likelihood that SB 897, which establishes liability caps on wildfire related economic damages and approves securitization for financing wildfire mitigation costs, will become law within the next several weeks. We subsequently expect the HPUC will work through a rulemaking process to establish key details of the liability cap over the next several months. As such, we expect to resolve the CreditWatch listing as key provisions of the law are established." HELIUS MEDICAL: L1 Capital Global Holds 6.78% Stake --------------------------------------------------- L1 Capital Global Opportunities Master Fund, Ltd. disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of June 6, 2025, it beneficially owns 214,050 shares of Helius Medical Technologies, Inc.'s common stock, $0.001 par value per share, representing 6.78% of the 3,155,111 shares outstanding as disclosed in the Company's June 6, 2025 prospectus. The beneficial ownership does not include an additional 214,050 warrants, which are subject to a 4.99% ownership limitation. L1 Capital may be reached through: David Feldman, Director 161A Shedden Road, 1 Artillery Court, PO Box 10085, Grand Cayman, Cayman Islands KY1-1001 Tel: 646-688-5654 A full-text copy of L1 Capital's SEC report is available at: https://tinyurl.com/yv8v5a9h About Helius Medical Headquartered in Newtown, Pennsylvania, Helius Medical Technologies, Inc. (www.heliusmedical.com) is a neurotechnology company dedicated to neurological wellness. The Company's mission is to develop, license, or acquire non-implantable technologies aimed at reducing the symptoms of neurological disease or trauma. Its flagship product, the Portable Neuromodulation Stimulator (PoNS), is an innovative, non-implantable medical device consisting of a controller and a mouthpiece that delivers mild electrical stimulation to the surface of the tongue, offering treatment for gait deficits and chronic balance deficits. In its report dated March 25, 2025, the Company's auditor since 2022, Baker Tilly US, LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has recurring losses from operations and an accumulated deficit, expects to incur losses for the foreseeable future, and requires additional working capital. These factors raise substantial doubt about their ability to continue as a going concern. As of March 31, 2025, Helius Medical Technologies had $3.5 million in total assets, $2.2 million in total liabilities, and total stockholders' equity of $1.3 million. HJJM LLC: Seeks to Hire Joseph J. D'Agostino Jr. as Counsel ----------------------------------------------------------- HJJM LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Connecticut to hire Joseph J. D'Agostino, Jr., LLC, as its counsel. The firm will render these services: (a) advise the Debtor regarding its rights, duties and powers in the operation and management of its affairs; (b) advise and assist the Debtor with respect to financial agreements, debt restructuring, cash collateral orders, and other financial transactions; (c) review and advise the Debtor regarding the validity of liens asserted against its property; (d) advise the Debtor as to actions to collect and recover property for the benefit of its estate; (e) prepare on behalf of the Debtor the necessary legal documents, as well as review all financial reports and other reports filed in its Chapter 11 case; (f) counsel the Debtor in connection with all aspects of a plan of reorganization and related documents; and (g) perform all other legal services for the Debtor which may be necessary in its Chapter 11 case. The firm will be paid at these hourly rates: Joseph D'Agostino, Jr., Attorney $350 Support Staff $150 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $5,000 from the Debtor. Mr. D'Agostino 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: Joseph J. D'Agostino, Jr. Joseph J. D'Agostino, Jr., LLC 1062 Barnes Rd. 108 Wallingford, CT 06492 Telephone: (203) 265-5222 About HJJM LLC HJJM LLC is the fee simple owner of the property at 7 Hart Landing in Guilford, Connecticut, which has been valued at approximately $1.38 million according to an expert appraisal. HJJM LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Conn. Case No. 25-30571) on June 20, 2025. In its petition, the Debtor reports total assets of $1,400,000 and total liabilities of $1,251,815, Honorable Bankruptcy Judge Ann M. Nevins handles the case. The Debtors are represented by Joseph J. D'Agostino, Jr., Esq. at ATTORNEY JOSEPH J. D'AGOSTINO, JR., LLC. HOLDINGS OF R.J. SEEDS: Hires Sagre Law Firm as Bankruptcy Counsel ------------------------------------------------------------------ The Holdings of R.J. Seeds, LLC 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 The Holdings of R.J. Seeds, LLC The Holdings of R.J. Seeds, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-17003) on June 20, 2025, listing up to $50,000 in both assets and liabilities. Judge Corali Lopez-Castro presides over the case. The Debtor is represented by Ariel Sagre, Esq. at SAGRE LAW FIRM, P.A. HUNTINGTON GLEN: Section 341(a) Meeting of Creditors on July 28 --------------------------------------------------------------- On June 25, 2025, Huntington Glen Swng TIC 1 LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors filed by the Office of the United States Trustee under Section 341(a) to be held on July 28, 2025 at 02:00 PM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 1165157. About Huntington Glen Swng TIC 1 LLC Huntington Glen Swng TIC 1 LLC and affiliate own the property at 12023 Bissonnet Street, Houston, Texas 77099. Huntington Glen Swng TIC 1 LLC and affiliate sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42991) on June 25, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Hon. Elizabeth S. Stong handles the case. The Debtors are represented by Eric H. Horn, Esq. at A.Y. STRAUSS LLC. HYPERSCALE DATA: Issues Over 350K Class A Shares via Conversions ---------------------------------------------------------------- Hyperscale Data, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that between June 9 and June 12, 2025, the Company issued an aggregate of 205,000 shares of Class A Common Stock upon conversion of approximately 720.26925 shares of Series B Convertible Preferred Stock. Between June 5 and June 11, 2025, the Company issued an aggregate of 359 shares of Class A Common Stock upon conversion of an equal number of shares of Class B Common Stock. The shares of Class A Common Stock were issued in reliance upon exemption from the registration requirements under Section 4(a)(2) under the Securities Act of 1933, as amended. On June 5, 2025, the Company issued 145,000 shares of Class A Common Stock upon conversion of $281,521 of an outstanding convertible note. The Class A Common Stock were offered and sold in reliance upon an exemption from the registration requirements under Section 3(a)(9) under the Securities Act. About Hyperscale Data Headquartered in Las Vegas, NV, Hyperscale Data, Inc., formerly known as Ault Alliance, Inc., is transitioning from a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact to becoming solely an owner and operator of data centers to support high performance computing services. Through its wholly and majority-owned subsidiaries and strategic investments, Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging artificial intelligence ecosystems and other industries. It also provides, through its wholly owned subsidiary, Ault Capital Group, Inc., mission-critical products that support a diverse range of industries, including an artificial intelligence software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, Hyperscale Data is actively engaged in private credit and structured finance through a licensed lending subsidiary. New York, New York-based Marcum LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated Apr. 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. IPA ASSET: Seeks Chapter 11 Bankruptcy in New York -------------------------------------------------- On June 27, 2025, IPA Asset Management LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filing, the Debtor reports 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 IPA Asset Management LLC IPA Asset Management LLC is a real estate holding company that owns four residential properties in Suffolk County, New York. It is affiliated with 31FO LLC, which owns property at 31 Fort Hill in Lloyd Harbor, NY. IPA Asset Management LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43102) on June 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtors are represented by Kevin Nash, Esq. at GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP. IYA FOODS: Court Extends Cash Collateral Access to July 19 ---------------------------------------------------------- Iya Foods Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral in which Village Bank and Trust and the Small Business Administration may claim an interest. The seventh interim order extended the Debtor's authority to use cash collateral from June 21 to July 19. The Debtor must use cash collateral in accordance with its budget, which projects total operational expenses of $91,769.69 for the period from June 23 to July 20. The next hearing is scheduled for July 16. The Debtor believes that Village Bank and SBA are the only entities that may have an interest in the cash collateral. The SBA and the Debtor are parties to a loan agreement dated June 11, 2020, in the aggregate principal amount of $1,349,900. The Debtor's obligations under the SBA Note are secured by a lien on all of the Debtor's tangible and intangible assets. In addition to the SBA Loan, the Debtor also is obligated pursuant to two secured credit facilities to Village Bank, consisting of an equipment loan in the aggregate principal amount of $2,348,000 and a line of credit in the aggregate amount of $500,000, with just over $449,000 owed thereon. The equipment loan is evidenced by a Business Loan Agreement dated July 28, 2022. The $500,000 line of credit is evidenced by a revolving loan agreement dated June 30, 2023. In connection with the financing provided by Village Bank, the Debtor granted Village Bank a security interest in substantially all of its assets. As of the petition date, the Debtor believes it owes the aggregate sum of approximately $2.9 million to Village Bank. About Iya Foods Inc. Iya Foods Inc. is a company that specializes in producing and offering African superfoods. Its products are plant-based, gluten-free, non-GMO, kosher, and free from preservatives, additives, or artificial ingredients. The company focuses on creating nutritious and delicious ingredients that can be used in a variety of recipes, making them accessible to people with dietary preferences or restrictions, such as those following vegan or gluten-free diets. Iya Foods filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-00341) on January 10, 2025, listing between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Deborah L. Thorne handles the case. The Debtor is represented by Justin R. Storer, Esq., at the Law Office of William J. Factor. Village Bank and Trust, N.A., a secured creditor, is represented by: Andrew H. Eres, Esq. Dickinson Wright PLLC 55 W. Monroe, Suite 1200 Chicago, IL 60603 Phone; 312-377-7891 Email: aeres@dickinson-wright.com JEFDAN PROPERTIES: Taps Grossbart Portney and Rosenberg as Counsel ------------------------------------------------------------------ Jefdan Properties, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Grossbart, Portney and Rosenberg, PA as counsel. The firm will render these services: (a) file the required schedules, statements, and reports, settlement negotiations; (b) advise concerning administration of the estate; (c) file necessary motions, defense of any contested matters or adversary proceedings involving the Debtor in this court; and (d) confirm the Disclosure Statement and Plan. The firm will charge 645 per hour for its services. Robert Grossbart, Esq., an attorney at Grossbart, Portney and Rosenberg, 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 N. Grossbart, Esq. Grossbart, Portney and Rosenberg P.A. One Charles Center 100 N. Charles St. 20th Floor Baltimore, MD 21201 Telephone: (410) 837-0590 About Jefdan Properties Jefdan Properties, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-12364) on March 19, 2025, listing under $1 million in both assets and liabilities. Robert N. Grossbart, Esq., at Grossbart, Portney and Rosenberg P.A. represents the Debtor as bankruptcy counsel. JOANN INC: Closes Grapevine Location Permanently ------------------------------------------------ Patricia Ortiz of Community Impact reports that Joann Inc., the national fabric and craft retailer, permanently closed its Grapevine store in early June 2025. The closure follows Joann's February 23 announcement that it would be sold to GA Group after filing for bankruptcy for the second time in less than a year. While the company initially planned to shutter 500 locations, it later confirmed that all 800 stores would close, according to previous Community Impact reporting. On June 5, 2025, Michaels Companies Inc. revealed it had acquired Joann's intellectual property and private label brands. The Joann website now redirects customers to the Michaels website. "We're excited to welcome Joann customers to the Michaels community," said Michaels CEO David Boon in a statement. "This acquisition enhances our ability to meet growing demand, expand our offerings, and solidify Michaels as the leading creative destination across North America." For residents in Grapevine, the nearest Michaels store is located in Southlake. About Joann Inc. JOANN operates in the fabric and sewing industry with one of the largest assortments of arts and crafts products. JOANN has transformed itself into a fully-integrated, digitally-connected omni-channel retailer. JOANN reported a net loss of $200.6 million for the year ended Jan. 28, 2023. On March 18, 2024, JOANN Inc. and 9 affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-10418). JOANN listed $2,257,700,000 in assets against $2,440,700,000 in liabilities as of Oct. 28, 2023. Judge Craig T. Goldblatt oversees the case. The Debtors tapped Latham & Watkins, LLP as legal counsel; Houlihan Lokey Capital, Inc. as investment banker; and Alvarez & Marsal North America, LLC, as financial advisor. Kroll Restructuring Administration, LLC is the noticing agent. JOANN Inc., on April 30, 2024 successfully emerged from its court-supervised financial restructuring process. 2nd Attempt Joann Inc. sought voluntary Chapter 11 petition for the second time under U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25 10068) on Jan. 15, 2025. Kirkland & Ellis is serving as legal counsel to JOANN, with Centerview Partners LLC serving as financial advisor and Alvarez & Marsal North America, LLC serving as restructuring advisor. JUBILEE HILLTOP: Seeks Chapter 11 Bankruptcy in Pennsylvania ------------------------------------------------------------ On June 26, 2025, Jubilee Hilltop Ranch LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Pennsylvania. 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 Jubilee Hilltop Ranch LLC Jubilee Hilltop Ranch LLC is a family-run farm based in Osterburg, Pennsylvania, producing grass-finished beef, pastured pork, and eggs. The farm operates using all-natural, organically managed practices and supplies meat products to households, restaurants, and grocery stores. It emphasizes sustainable agriculture and community collaboration without formal organic certification. Jubilee Hilltop Ranch LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-70267) on June 26, 2025. In its petition, the Debtor reports estimated asses between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Jeffery A. Deller handles the case. The Debtors are represented by Kevin Petak, Esq. at SPENCE CUSTER. JUBILEE HOSPITALITY: Voluntary Chapter 11 Case Summary ------------------------------------------------------ Debtor: Jubilee Hospitality ILP, Inc. d/b/a DaVinci's 118 Long Beach Road Island Park, NY 11558 Business Description: Jubilee Hospitality ILP, Inc. is a family- owned and operated company that runs DaVinci's, a restaurant in Island Park, New York, offering Italian-American cuisine such as pizza, pasta, and other traditional dishes. The establishment features a separate pizzeria, a full-service bar and dining area, and a catering space for private events. Chapter 11 Petition Date: June 26, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-72506 Judge: Hon. Alan S Trust Debtor's Counsel: Richard J. McCord, Esq. CERTILMAN BALIN ADLER & HYMAN, LLP 90 Merrick Avenue East Meadow, NY 11554 Tel: (516) 296-7000 Fax: (516) 296-7801 E-mail: rmccord@certilmanbalin.com Estimated Assets: $50,000 to $100,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Sajay Jain as president. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VH3TY6A/Jubilee_Hospitality_ILP_Inc_dba__nyebke-25-72506__0001.0.pdf?mcid=tGE4TAMA KPOWER GLOBAL: Wyatt Tarrant Advises Delta Materials & Keystone --------------------------------------------------------------- The law firm of Wyatt Tarrant & Combs, 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 KPower Global Logistics, LLC, the firm represents: 1. Delta Materials Handling, Inc. 4676 Clarke Road Memphis, TN 38141 2. Keystone Automotive Operations, Inc. successor by merger with Earl Owen Co. c/o LKQ Corporation 500 West Madison Street Suite 2800 Chicago, IL 60661 Delta is the Lessor of equipment to the Debtor under a Master Rental Agreement dated March 13, 2018 as further documented by three Rental Supplement Agreements with long terms lease for eight pieces of equipment and one short term Rental Agreement for one piece of equipment. The total amount of the pre-petition amounts due under all agreements is $107,152.05. Keystone is Sublessor to the Debtor under the Sublease Agreement dated October 2, 2024 relating to the building located at 1135 W. Trinity Road, Carrollton, Texas 75006. The total amount of the pre-petition amount due under the sublease is $193,943.38. Wyatt does not hold any claim against or own any interest in the Debtor, nor has it at any time held any such claim or owned any such interest. The law firm can be reached at: Douglas M. Alrutz, Esq. Wyatt, Tarrant & Combs, LLP 6070 Poplar Ave., Suite 300 Memphis, TN 38119 Phone (901) 537-1000 Fax (901)537-1010 About KPower Global Logistics KPower Global Logistics LLC provides third-party logistics services specializing in customized supply chain solutions across the United States. The Company offers staffing, warehousing, bulk storage, consulting, packaging, and special project services for distribution centers and manufacturing operations. KPower Global Logistics sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-22294) on May 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge M. Ruthie Hagan handles the case. The Debtor is represented by the Law Offices of Craig M. Geno, PLLC. LCS UNLIMITED: Unsecureds to Get Share of Income for 5 Years ------------------------------------------------------------ L.C.S. Unlimited, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Alabama a Disclosure Statement describing Plan of Reorganization dated June 13, 2025. The Debtor is a limited liability company founded in 2012 in the State of Louisiana. The Debtor was duly registered as a foreign limited liability company in the State of Alabama on August 1, 2020. The Debtor is in the business of excavating and/or mining certain aggregate materials from real estate owned by third parties pursuant to leases and/or royalty agreements and thereafter stockpiling said excavated or mined materials for sale to and retrieval by certain construction materials and/or aggregate supply companies for resale. The membership interests of the Debtor are owned solely and exclusively by Lisa C. Sweeney. The Debtor experienced financial hardship related, at least in part, to the economic downturn that resulted from the COVID-19 Pandemic and the resulting decrease in capital expenditures related to construction and development. Further, the Debtor experienced financial hardship with the exorbitant costs associated with petroleum-based products including, but not limited to, diesel fuel, hydraulic fluid and/or oil. These events precipitated the filing of this bankruptcy case. The Debtor continues to operate its business and manage its property as debtor in possession pursuant to Sections 1107(a) and 1108 of the Bankruptcy Code. The Debtor's cash position has improved over the course of the Chapter 11 case and/or will improve as the Debtor has surrendered equipment to certain Lenders and/or worked out adequate protection agreements with others. The Debtor is current in post-petition payments to employees, taxing authorities, insurance providers, the Bankruptcy Administrator, and to Lenders with adequate protection orders. Class 4 consists of all Unsecured Claims not otherwise classified in the Plan. Under the Plan, Holders of Allowed Class 4 Claims shall be paid their Pro-Rata Share of the Debtor's Net Disposable Income. The Debtor will make annual payments to Class 4 Allowed Claims beginning one year from the Effective Date and will continue on the same date each year thereafter for a total of five payments over five years. The timing and procedures for, and amount of, distributions to Holders of Allowed Class 4 Claims shall be in accordance with the Plan, the Confirmation Order, and the Projections. Class 4 is Impaired. Class 5 consists of all Equity Interests held by the Holders of Shares of Stock. The Equity Interests will not be affected by the Plan and the Holders will retain their Stock. No Distributions will be made under the Plan on account of the Stock. Class 5 is Unimpaired by the Plan. The Holder of the Class 5 Equity Interests are conclusively presumed to have accepted the Plan and are not entitled to vote to accept or reject the Plan. The only Holder in Class 5 is Lisa C. Sweeney. The Plan provides for the continued operation of the Debtor as the Reorganized Debtor. The Plan provides for Cash payments to Holders of Allowed Claims, except Holders of Equity Interests, all as more particularly described in Articles 3, 4 and 5 of the Plan. The Debtor will retain its property (excepting the surrendered collateral identified herein), subject to the encumbrances and liens thereon as provided herein, which will allow the Debtor to operate its business, earn revenue and pay its creditors holding priority, secured and/or unsecured claims from future earnings from such operations. The Plan shall be implemented on the Effective Date, and the primary source of the funds necessary to implement the Plan initially will be the cash receipts of the Reorganized Debtor, as shown on the Projections. At the present time, the Debtor believes that the Reorganized Debtor will have sufficient funds, as of the Effective Date, to pay in full the expected payments required under the Plan. A full-text copy of the Disclosure Statement dated June 13, 2025 is available at https://urlcurt.com/u?l=OzGnBu from PacerMonitor.com at no charge. L.C.S. Unlimited, LLC is represented by: Anthony B. Bush, Esq. The Bush Law Firm, LLC Parliament Place Professional Center 3198 Parliament Circle 302 Montgomery, AL 36116 Tel: (334) 263-7733 Fax: (334) 832-4390 Email: anthonybbush@yahoo.com abush@bushlegalfirm.com About L.C.S. Unlimited L.C.S. Unlimited, LLC is in the business of excavating and/or mining certain aggregate materials from real estate owned by third parties pursuant to leases and/or royalty agreements. The Debtor filed a Chapter 11 petition (Bankr. M.D. Ala. Case No. 24-32330) on Oct. 15, 2024, with $1 million to $10 million in both assets and liabilities. The petition was signed by Lisa C. Sweeney as member. Judge Christopher L. Hawkins oversees the case. Anthony B. Bush, Esq., at The Bush Law Firm, LLC is the Debtor's bankruptcy counsel. LIKELIHOOD LLC: Unsecureds to Split $240K over 60 Months -------------------------------------------------------- Likelihood, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Washington a Disclosure Statement describing Plan of Reorganization dated June 13, 2025. Likelihood is a specialty sneaker and fashion boutique founded by Aaron DelGuzzo and Daniel Carlson in 2015 in the Capitol Hill neighborhood of Seattle, Washington. Numerous factors led to Likelihood's Chapter 11 filing. One factor was crime. By 2023, the Debtor had filed more than 30 police reports related to break-in attempts, vandalism, and broken windows at its Capitol Hill location, and had experienced more than 50 such events in total, or more than 5 per year since the Debtor opened for business. On October 24, 2024, KeyBank filed a collection lawsuit against Likelihood in King County Superior Court. After service of the summons and complaint, the Debtor engaged KeyBank in an effort to arrange an out-of-court restructuring of Likelihood's liability to KeyBank. Despite the parties' best efforts, the negotiations proved unsuccessful. During that time period, KeyBank filed a Motion for Replevin and set that matter for hearing on January 31, 2025. The Debtor filed its Chapter 11 petition on that date in order to avoid potential loss of our assets to the detriment of all creditors. The Plan provides for payments to all creditors from income generated from the Debtor's operations or from contributions to the Reorganized Debtor by its equity holders. Class 2 consists of all Unsecured Claims. Each Class 2 Claim shall be allowed or disallowed, as the case may be, whether prior to or following Confirmation, in such amount as to which the Debtor and the Holder of the Claim may agree or the Court may approve following Notice and Hearing (each, a "Class 2 Allowed Claim"). Class 2 is impaired under the Plan. The Debtor shall pay to the Holders of Class 2 Claims an amount equal to $240,000. Payments on Class 2 Claims shall be made in 60 equal monthly installments. The first monthly payment shall be due on the first day of the first full calendar month that begins at least fourteen days after the Effective Date of the Plan. Each subsequent payment shall be due on the first day of each subsequent month. There shall be a seven-day grace period for all payments due on Class 2 Claims. Class 5 consists of Equity Interests held by Aaron DelGuzzo (65%) and Daniel Carlson (35%). Mr. DelGuzzo and Mr. Carlson shall contribute $32,500 and $17,500, respectively, to the Reorganized Debtor within 30 days of the Effective Date. The DIP Lender has agreed that, instead of being repaid pursuant to the terms of the DIP Loan Order, the DIP Lender will accept equity in the Debtor as full repayment of amounts owed to the DIP Lender. Upon the contributions outlined in this paragraph being made, the Equity Interests in the Reorganized debtor will be held by Mr. Aaron DelGuzzo (55%), Mr. Daniel Carlson (30%); and Mr. Anthony DelGuzzo (15%). The Plan provides for payments to all creditors from income generated from the Debtor's operations or from contributions to the Reorganized Debtor by its equity Holders. A full-text copy of the Amended Disclosure Statement dated June 13, 2025 is available at https://urlcurt.com/u?l=F93z2I from PacerMonitor.com at no charge. Counsel to the Debtor: Thomas A. Buford, Esq. Jason Wax, Esq. BUSH KORNFELD LLP 601 UNION STREET, SUITE 5000 SEATTLE, WA 98101 Tel: (206) 292-2110 Emails: tbuford@bskd.com jwax@bskd.com About Likelihood LLC Likelihood, LLC is a retail company in Seattle, Wash., specializing in footwear, apparel, accessories, and home goods. Some of its products include Maison Mihara Yasuhiro, Black Comme des Garcons, Converse, Martine Rose, Crystal Haze, Reebok, and Teddy Vonranson. Likelihood filed a Chapter 11 petition (Bankr. E.D. Wash. Case No. 25-00202) on Jan. 31, 2025, listing total assets of $382,721 and total liabilities of $5,058,663. Jason Wax, Esq., at Bush Kornfeld, LLP, is the Debtor's legal counsel. KeyBank, National Association, as secured lender, is represented by: Michael M. Sperry, Esq. 575 S. Michigan Street Seattle, WA 98108 Phone: 206-381-0133 michaels@shweetlaw.com LONG ISLAND INVESTMENT: Voluntary Chapter 11 Case Summary --------------------------------------------------------- Debtor: Long Island Investments, LLC 47 Sarah Drive Farmingdale, NY 11735 Business Description: Long Island Investments, LLC is a single- asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: June 26, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-72499 Judge: Hon. Alan S Trust Debtor's Counsel: Robert L. Rattet, Esq. DAVIDOFF HUTCHER & CITRON LLP 605 Third Avenue 34th Floor New York, NY 10158 Tel: 212-557-7200 Fax: 212 286 1884 E-mail: rlr@dhclegal.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by David DeRosa as managing member. The Debtor declared in the petition that there are no unsecured creditor claims. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XYXMIJY/Long_Island_Investments_LLC__nyebke-25-72499__0001.0.pdf?mcid=tGE4TAMA MAINE CRAFT: Unsecureds to Get Share of Income for 3 Years ---------------------------------------------------------- Maine Craft Distilling LLC, filed with the U.S. Bankruptcy Court for the District of Maine a Plan of Reorganization dated June 12, 2025. The Debtor is a limited liability company organized and existing under the laws of the State of Maine. Historically, the Debtor manufactured alcoholic beverages (the "Products") at a leased facility located at 123 Washington Avenue, Portland, Maine (the "Facility"). In the Fall of 2024, the Debtor decided to modify its business structure. Instead of manufacturing the Product at the Facility, the Debtor began contracting with a third-party, Fabrizia Spirits, to produce the Product. Currently, the Debtor provides the recipes for its Products and certain ingredients to Fabrizia and Fabrizia manufacturers the Products and delivers the Products to the wholesalers. The Debtor, however, continues to have the direct relationship with the wholesalers. As a small business debtor proceeding under the Small Business Reorganization Act, the Debtor seeks to reorganize through this Plan by restructuring its debt obligations so that the Debtor will achieve sufficient cash flow from business operations to satisfy operational expenses and payment obligations under the Plan. Class Four shall consist of all Allowed Unsecured Claims against the Debtor, which shall include, but are not limited to, all Allowed Claims of Hilscher and all Allowed Unsecured Claims of the SBA. In full and final satisfaction of all Allowed Unsecured Claims in Class Four, and regardless of whether Class Four votes to accept or reject the Plan, the Debtor shall make three Pro Rata payments of Projected Net Disposable Income to Holders of Allowed Class Four Claims (the "Class Four Payment Period"), with the payments to made in accordance with the following schedule: (a) within thirty days of the first anniversary of the Effective Date; (b) within thirty days of the second anniversary of the Effective Date; and (c) within thirty days of the third anniversary of the Effective Date (the total amount to be paid during the Class Four Payment Period, the "Class Four Payment Amount"). The Class Four Payment Amount shall equal the amount of Projected Net Disposable Income. At any time during the Class Four Payment Period, the Debtor shall be entitled to pay the net present value of the remaining amount of the Class Four Payment Amount in full satisfaction of the Class Four Claims. The discount rate for calculating the net present value shall be the usual and customary rate for debt obligations of the type at issue in Class Four. Class Four Claims are impaired under the Plan and Holders of Class Four Claims are entitled to vote to accept or reject this Plan. The payments required under the Plan shall be made primarily from the following sources: (a) Cash on hand; (b) the proceeds generated from the ongoing operation of the Debtor's business; (c) the proceeds of any Causes of Action and Claims which the Debtor and/or the Estate have brought and/or may elect to bring, including without limitation, any proceeds of such Causes of Action; and (d) the proceeds of the sale of any Assets. A full-text copy of the Plan of Reorganization dated June 12, 2025 is available at https://urlcurt.com/u?l=8qTfMz from PacerMonitor.com at no charge. The Debtor's Counsel: Sam Anderson, Esq. Letson D. Boots, Esq. BERNSTEIN, SHUR, SAWYER & NELSON, P.A. 100 Middle Street, P.O. Box 9729 Portland, ME 04101 Tel: 207-774-1200 Email: sanderson@bernsteinshur.com About Maine Craft Distilling Maine Craft Distilling, LLC, produces and sells artisanal spirits like Blueshine Blueberry Liquor, Ration Expedition Style Rum, Sprigge Barrel Rested Gin, Black Cap Vodka, Whipple Tree Apple Brandy, and Alchemy Dry Gin. The company offers its products online and at its physical public house location, where it also hosts public events featuring live music. Maine Craft Distilling sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 25-20062) on March 21, 2025. In its petition, the Debtor reported total assets of $593,878 and total liabilities of $1,281,429 as of March 17, 2025. D. Sam Anderson, Esq., at Bernstein Shur Sawyer & Nelson, is the Debtor's legal counsel. Coastal Enterprises, as lienholder, is represented by: Jeremy R. Fischer, Esq. Drummond Woodsum 84 Marginal Way, Suite 600 Portland, ME 04101-2480 Telephone: (207) 772-1941 jfischer@dwmlaw.com MELBEN INC: Taps Cornerstone Business as Tax Accountant ------------------------------------------------------- Melben, Inc seeks approval from the U.S. Bankruptcy Court for the District of Columbia to employ Rowena Moyer of Cornerstone Business and Accounting Solutions and Gerald Goldman, CPA as tax professionals. The professionals will assist the Debtor in the preparation and filing of its 2022 and 2023 Federal Income Tax Returns. To initiate the project, a non-refundable deposit of $7,500 is payable to Cornerstone Business Accounting Solutions for the accounting services and $5,000 payable to Gerald Goldman for tax filing services. The firm will issue invoices for services rendered at the following: a. Firm: $65 per hour, with an estimated task completion of 230 hours and a total engagement fee of $15,000. b. Tax Accountant: $250 per hour, with an estimated task completion of 40 hours and a total engagement fee of $10,000. Ms. Moyer and Mr. Goldman assured the court that they are "disinterested" as the term is defined in 11 U.S.C. 101(14). The accountant can be reached at: Rowena Moyer, CMA Cornerstone Business Accounting Solution River Road Unit 1816 Bethesda, MD 20816 Tel: (202) 922-8719 - and - Gerald Goldman, CPA Rubino 6903 Rockledge Drive, Suite 300 Bethesda, MD 20817 Tel: (301) 564-3636 About Melben, Inc. Melben, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.D.C. Case No. 24-00232) on July 2, 2024, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Elizabeth L. Gunn oversees the case. James Bacon, Esq., at Mahdavi, Bacon, Halfhill & Young, PLLC represents the Debtor as legal counsel. MEYER BURGER: Deadline for Panel Questionnaires for July 2 ---------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy cases of Meyer Burger (Holding) Corp., et al. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/25u245bx and return by email it to Joseph McMahon -- joseph.mcmahon@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than Wednesday, July 2, 2025 at 5:00 p.m. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Meyer Burger (Holding) Corp. Meyer Burger (Holding) Corp. is a Delaware-based non-operating holding company for the U.S. operations of Meyer Burger Technology AG, a Swiss solar technology company. Through its subsidiaries -- Meyer Burger (Arizona) LLC, Meyer Burger (Americas) Ltd., and Meyer Burger (Americas) Lease Co., LLC -- the Group operates a solar module manufacturing facility in Goodyear, Arizona. The facility uses proprietary SmartWire Connection Technology to produce photovoltaic modules for the U.S. market. Meyer Burger (Holding) Corp. and its affiliates 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 Debtors reported estimated assets of 100 million to $500 million, and liabilities of $500 million to $1 billion. The Honorable Bankruptcy Judge Craig T. Goldblatt presides over the cases. The Debtors tapped Richards, Layton & Finger, P.A. as counsel. FTI Management Inc. serves as the Debtors' financial restructuring advisor, Jefferies LLC is the Debtors' investment banker, and Kroll Restructuring Administration LLC is the Debtors' claims and noticing agent. MITEL NETWORKS: Davis Polk Advises Secured Lenders -------------------------------------------------- Davis Polk advised an ad hoc group of holders of Mitel's priority and non-priority secured debt in connection with the company's chapter 11 restructuring. Certain members of the ad hoc group backstopped a $60 million new-money DIP financing facility to fund the chapter 11 cases, which were filed in the United States Bankruptcy Court for the Southern District of Texas on March 9 and 10, 2025. On April 17, 2025, the Bankruptcy Court confirmed Mitel's prepackaged plan of reorganization, approving the comprehensive restructuring supported by the ad hoc group as well as all other major case constituents. Under the terms of the consensual plan, Mitel deleveraged its balance sheet by approximately $1.15 billion and gained access to significant new capital to fund its go-forward operations through, among other things: the exchange of the DIP new money term loans into new secured exit term loans at emergence; the roll-up and equitization of an aggregate principal amount of approximately $62 million of priority lien loans held by the DIP lenders; the receipt of $64.5 million of new money exit term loans funded on the effective date; and the equitization of allowed priority lien claims and non-priority lien deficiency claims. The plan also provided for the full and final resolution and dismissal of all claims asserted in litigation proceedings brought in New York court challenging an October 2022 financing transaction undertaken by MLN TopCo Ltd. and related entities. Mitel emerged from chapter 11 on June 20, 2025. Mitel is a global leader in business communications, providing businesses with advanced communication, collaboration and contact center solutions. Mitel is headquartered in Ottawa, Canada, with a global footprint that includes more than 70 million users in over 100 countries. The Davis Polk restructuring team included partners Damian S. Schaible and Adam L. Shpeen, counsel Michael Pera and associates Katharine Somers, James Nirappel, Trevor D. Jones, Sijia (Scarlett) Huang and Sophie Liao. Partner Elliot Moskowitz, counsel Marc J. Tobak and associate Adam M. Greene provided litigation advice. Partners Leonard Kreynin and Will Pearce, counsel Jacob S. Kleinman and associate Sophie Vacikar Bessisso provided corporate advice. The finance team included counsel Jon Finelli and associates Christopher Martin, Linyang Wu and Benjamin J. Carlin. Partners Lucy W. Farr and Dominic Foulkes, counsel Tracy L. Matlock and Freddie Schwier and associates Yueyu Yang and David J. Beer provided tax advice. Counsel Matthew Yeowart and associates Ciara Agnew and Dylan Jones provided antitrust advice. Members of the Davis Polk team are based in the New York, Washington DC and London offices. Davis Polk refers to Davis Polk & Wardwell LLP, a New York limited liability partnership, and its associated entities. About Mitel Networks Inc. Mitel Networks Inc. provides communication solutions. Mitel Networks Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90094) on March 10, 2025. In its petition, the Debtor estimated assets and liabilities between $1 billion and $10 billion each. MMA LAW: Unsecured Creditors to Recover $100K to $5M in Plan ------------------------------------------------------------ MMA Law Firm, PLLC, filed with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement describing Chapter 11 Plan dated June 13, 2025. MMA Law Firm, formerly McClenny Moseley & Associates PLLC, is a boutique law firm based out of Houston, Texas, managed by Zach Moseley. MMA focuses on first-party storm damage cases, assisting clients with resolving claims against their insurance companies following a severe storm. MMA was founded in May 2016 by James McClenny and Zach Moseley. Currently, the Debtor is focused on collecting the fees for worked performed and the reimbursable expenses from the fallout in Louisiana. The Debtor has more than 20,000 cases from which to collect attorneys' fees from the subsequent firms. Since the commencement of this Chapter 11 case, the Debtor has navigated an extraordinarily litigious and contested post-petition landscape. Despite near-constant objections and aggressive litigation tactics by multiple creditors, and ongoing scrutiny from the Office of the United States Trustee, the Debtor has consistently met its obligations under the Bankruptcy Code. The Debtor filed the Case to preserve the value of its estate and to restructure its financial and legal affairs. To such end, the Debtor has continued to manage its business as debtor in possession in accordance with Sections 1107 and 1108 of the Code. A joint committee of unsecured creditors has been appointed. The Debtor is proposing a plan in which Holders of Allowed Claims will be paid a percentage or portion of their Claim either on the Effective Date as set forth in the Plan or periodically over time pursuant to the specific treatment of such Class of Claims. Distributions shall be upon resolution of the any causes of action the Debtor is currently pursuing against law firms for earned fees and costs, as well as the proposed sale of the Debtor's significant mass tort docket. Class 5 consists of any Allowed Unsecured Claims against the Debtor. Except to the extent that a Holder of a Class 5 Claim and the Debtor agree to less favorable treatment for such Holder, each Holder of an Allowed Unsecured Claim shall receive, in full and final satisfaction, compromise, settlement, release, and discharge of and in exchange of such Claim, periodic pro rata distributions from the Debtor. The Debtor shall continue to prosecute Causes of Action until all claims are either determined to be not cost effective or they have been resolved. Once all Causes of Action have been resolved or determined to be not cost effective, the Debtor shall distribute all remaining funds in excess of $600,000.00 pursuant to the provisions of this Plan up to payment in full of all Allowed Claims. The Holders of Claims in Class 5 are Impaired. The allowed unsecured claims total $10,000,000.00. This Class will receive a distribution of $100,000.00 to $5,000,000.00. The Debtor has no tangible assets beyond office furniture and computer equipment. The assets of value are the pending litigation and additional claims to be brought, and the value to be generated form the existing Mass Tort Docket. The Debtor must remain a viable law firm to receive fees. In addition, the data and institutional knowledge necessary to prove entitlement to fees and costs in the thousands of cases requires the presence and knowledge of Mr. Moseley and the remaining staff of 6. A conversion would render those potential assets worthless. The value of the claims is not capable of precise valuation. The proceeds will be utilized to pay ongoing and expenses and make distributions pursuant to the Plan. Conversion likely results in no return to any creditor. Thus, the Debtor reasonably believes the it will be able to make distributions under the Plan. Therefore, the Debtor believes the Plan is feasible and is not likely to be followed by subsequent liquidation or the need for further financial reorganization of the Debtor. A full-text copy of the Disclosure Statement dated June 13, 2025 is available at https://urlcurt.com/u?l=Na5lBa from PacerMonitor.com at no charge. MMA Law Firm PLLC is represented by: Johnie Patterson, Esq. Walker & Patterson, P.C. P.O. Box 61301 Houston, TX 77208-1301 Tel: (713) 956-5577 Fax: (713) 956-5570 Email: jjp@walkerandpatterson.com About MMA Law Firm MMA Law Firm, PLLC is a Houston-based law firm specializing in insurance claim management, negotiation and litigation. MMA Law Firm filed Chapter 11 petition (Bankr. S.D. Tex. Case No. 24-31596) on April 9, 2024, with $100 million to $500 million in assets and $10 million to $50 million in liabilities. Zach Moseley, managing member, signed the petition. Judge Eduardo V. Rodriguez oversees the case. The Debtor is represented by Johnie Patterson, Esq., at Walker & Patterson, P.C. MOFUS DOMUS: Section 341(a) Meeting of Creditors on July 31 ----------------------------------------------------------- On June 25, 2025, Mofus Domus LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Oregon. 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. A meeting of creditors under Section 341(a) to be held on July 31, 2025 at 01:30 PM via 341 Meeting via Telephone (UST). Dial 866-564-0532, passcode 8835427. About Mofus Domus LLC Mofus Domus LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Mofus Domus LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Or. Case No. 25-32147) on June 2, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Peter C. McKittrick handles the case. The Debtors are represented by Keith Y. Boyd, Esq. at KEITH Y BOYD, PC. MOSAIC SUSTAINABLE: Gets OK to Tap Kroll as Claims, Noticing Agent ------------------------------------------------------------------ Mosaic Sustainable Finance Corporation and its affiliates received approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Kroll Restructuring Administration LLC as claims, noticing and solicitation agent. Kroll will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 case of the Debtor. Prior to the petition date, the Debtor provided Kroll an advance in the amount of $100,000. Benjamin Steele, a managing director at Kroll, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Benjamin Steele Kroll Restructuring Administration LLC One World Trade Center 285 Fulton Street, 31st Floor New York, NY 10007 Telephone: (212) 871-2000 About Mosaic Sustainable Finance Corporation Mosaic Sustainable Finance Corporation filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90156) on June 6, 2025. At the time of petition, the Debtor listed $1,000,000,001 to $10 billion in both assets and liabilities. Judge Christopher M Lopez presides over the case. Charles Martin Persons, Esq. at Paul Hastings LLP and Maegan Quejada, Esq. at Sidley Austin LLP represent the Debtors as counsel. MOSAIC SUSTAINABLE: Seeks to Hire Ordinary Course Professionals --------------------------------------------------------------- Mosaic Sustainable Finance Corporation and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to retain non-bankruptcy professionals in the ordinary course of business. The Debtors need ordinary course professionals to perform services for matters unrelated to this Chapter 11 case. The Debtors seek to pay OCPs 100 percent of the fees and expenses incurred. The Debtors do not believe that any of the OCPs have an interest materially adverse to them, their estates, creditors, or other parties in interest in connection with the matter upon which they are to be engaged. The OCPs include: Tier 1 Sheppard, Mullin, Richter & Hampton LLP Four Embarcadero Center, 17th Floor San Francisco, CA 94111 --Legal Services Troutman Pepper Locke LLP 301 S. College Street 34th Floor Charlotte, NC 28202 --Legal Services Tier 2 Deloitte 1015 2nd Ave Suite 500 Seattle, WA 98104 --Accounting Services (Tax and Audit) Frost Brown Todd LLP 150 3rd Ave. South Suite 1900 Nashville, TN 37201 --Legal Services Jackson & Hertogs LLP 909 Montgomery Suite 200 San Francisco, CA 94133 --Legal Services (Immigration Counsel) McGlinchey Stafford PLLC 3401 Tuttle Road Suite 200 Cleveland, OH 44122 --Legal Services (Licensing/Regulatory Counsel) Ogletree, Deakins, Nash, Smoak & Stewart PC One Embarcadero Center Suite 900 San Francisco, CA 94111 --Legal Services (Employment Counsel) Stinson LLP 50 South Sixth St. Suite 2600 Minneapolis, MN 55402 --Legal Services About Mosaic Sustainable Finance Corporation Mosaic Sustainable Finance Corporation filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90156) on June 6, 2025. At the time of petition, the Debtor listed $1,000,000,001 to $10 billion in both assets and liabilities. Judge Christopher M Lopez presides over the case. Charles Martin Persons, Esq. at Paul Hastings LLP and Maegan Quejada, Esq. at Sidley Austin LLP represent the Debtors as counsel. MRC GLOBAL: S&P Places 'B' ICR on CreditWatch Positive ------------------------------------------------------ S&P Global Ratings placed its 'B' issuer credit rating on MRC Global (US) Inc. and issue-level rating on its first-lien term loan on CreditWatch with positive implications pending regulatory approval of the transaction, possibly in the fourth quarter of 2025. On June 26, 2025, MRC Global (US) Inc. and DNOW Inc. entered into a definitive merger agreement. If completed, S&P could view the combined company's competitive position more favorably than MRC. S&P also anticipates the combined company's S&P Global Ratings-adjusted debt to EBITDA could be lower than MRC's current 2.6x because DNOW has little funded debt. S&P said, "A broader end market and product range and a larger footprint could strengthen our view of MRC's competitive position. Though the two companies provide similar products, like pipes, fittings, and valves to energy and industrial customers, each has different strengths. For example, DNOW offers pumps and focuses on upstream applications, while MRC provides specialized equipment to gas distribution utilities. This provides the combined company the opportunity to cross sell. It can also cut duplicate costs. A larger branch network and sales force likely offers efficiency opportunities. However, the volatility of oil and gas production could offset some of these benefits. "The combined company could have lower leverage than MRC's current level. DNOW has no funded debt and modest operating lease and pension liabilities as of March 31, 2025. That said, our ratings would incorporate our expectations for the combined company's capital allocation priorities and our view of its financial policy. "We expect to resolve the CreditWatch placement upon the completion of the transaction, which we anticipate will occur in the fourth quarter of 2025. At that time, we will reassess the combined entity's competitive position, credit metrics, and financial policy. We could raise our issuer credit rating on MRC if the merger with DNOW provides significant scale advantages and diversifies its product portfolio and we expect it will maintain credit metrics and a financial policy that support a higher rating." NATURAL STATE: Seeks Subchapter V Bankruptcy in Arkansas -------------------------------------------------------- On June 25, 2025, Natural State Contractors Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Arkansas. According to court filing, the Debtor reports $1,839,890 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Natural State Contractors Inc. Natural State Contractors Inc. is a construction firm based in Hot Springs National Park, Arkansas. The Company specialized in residential remodeling projects, including kitchen and bathroom renovations, custom home building, and countertop installations. Natural State Contractors Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ark. Case No. 25-71062) on June 25, 2025. In its petition, the Debtor reports total assets of $839,049 and total liabilities of $1,839,89. Honorable Bankruptcy Judge Richard D. Taylor handles the case. The Debtors are represented by Marc Honey, Esq. at HONEY LAW FIRM, P.A. NEW FORTRESS: Outlines Liquidity Strategy in Late Filing -------------------------------------------------------- Ruth Liao of Bloomberg Law reports that New Fortress Energy, in its first-quarter 10-Q, revealed that its management has approved a plan aimed at strengthening the company's liquidity. The filing states that, as of March 2025, the company has access to a $100 million backstop agreement to help support its financial position. The company had previously flagged concerns about its ability to continue as a going concern earlier this year. As of December 31, 2024, New Fortress had invested $3.3 billion in its LNG liquefaction facilities, with a significant portion of the costs attributed to budget overruns on its offshore Mexico floating LNG project, Fast LNG, the report states. About New Fortress Energy Inc. New Fortress Energy Inc. is a US listed energy infrastructure company operating natural gas liquefaction, re-gasification and distribution assets in Puerto Rico, Mexico, Jamaica, Nicaragua and Brazil. The company operates one floating LNG production facility (FLNG) and is constructing the second onshore facility in Mexico, expected to come to production in 2026. OREGON MUTUAL: A.M. Best Cuts Fin. Strength Rating to B-(Fair) -------------------------------------------------------------- AM Best has downgraded the Financial Strength Rating to B- (Fair) from B++ (Good) and the Long-Term Issuer Credit Ratings to "bb-" (Fair) from "bbb" (Good) of Oregon Mutual Insurance Company and Western Protectors Insurance Company, which are domiciled in McMinnville, OR and collectively referred to as Oregon Mutual Group. The outlooks of these Credit Ratings (ratings) have been revised to negative from stable. The ratings reflect Oregon Mutual Group's balance sheet strength, which AM Best assesses as adequate, as well as its marginal operating performance, limited business profile and marginal enterprise risk management (ERM). The rating actions reflect the continued deterioration in Oregon Mutual Group's balance sheet metrics, which has been primarily driven by continued surplus erosion in three consecutive years that continued into first-quarter 2025. The surplus decline in 2025, was a result of continued adverse loss reserve development from several large claims, impacted by economic and social inflation, in addition to smoke related claims attributed to the California wildfires. Through first-quarter 2025, the group's surplus position declined by $6.5 million (12.8%) which led the overall risk-adjusted capitalization to decline to adequate levels. Despite Oregon Mutual Group's undertaking initiatives to improve profitability, efforts have not gained meaningful traction and have not effectively insulated the group's condition, which led to its ERM assessment being lowered to marginal. Oregon Mutual Group's operating performance is assessed as marginal due to volatile underwriting results in recent years, which have been driven by economic and social inflations. While the group has undertaken initiatives to improve profitability, recent results have trailed its peer composite. Oregon Mutual Group's underwriting and operating ratios, as well as its return-on-revenue and return-on-equity measures, compare unfavorably to the composite averages. The group's business profile is assessed as limited, reflecting its focus on commercial lines, with over half its book in California on a direct written premium basis. California has historically had a challenging regulatory environment that has impacted the group's results in recent years. OUR HOMES: State Seeks Receivership for Troubled Residential Homes ------------------------------------------------------------------ Colin Flanders of Seven Days reports that Vermont state regulators are once again seeking to place a group of troubled eldercare homes in Rutland under the control of a court-appointed receiver, following new reports of abuse and neglect. This would be the second time in four years the facilities -- collectively known as Our House -- would be placed under outside oversight, according to the report. According to Seven Days, the three residential care homes were at the center of a 2019 investigative series by Seven Days and Vermont Public exposing widespread issues across the eldercare industry. In 2021, they were placed under temporary receivership due to ongoing problems, including inadequate staffing and poor training. Despite that intervention, state officials say conditions at the facilities have not improved. Most recently, former residential manager Dexter Agasi, 55, was criminally charged with two misdemeanor counts of abusing a vulnerable adult after an incident in April at Our House Too. According to court documents, Agasi allegedly shouted at and forcefully grabbed an elderly woman with advanced dementia, leaving visible marks on her neck before isolating her in her room. Witnesses -- two teenage employees -- said the woman screamed for several minutes while Agasi blocked the door. When they finally gained access, they found her distressed and crying. Though the incident was captured on security footage, the home's longtime owner, Paula Patorti, failed to report it to the state as required by law. Instead, she defended Agasi's actions as a calming “pressure point” technique. The teenage employees escalated the report to another staff member, who then notified the state. Following the report, the Department of Disabilities, Aging and Independent Living (DAIL) halted new admissions and launched an investigation. It wasn't the first time violence against residents had been documented. In 2020, a caregiver was charged with assaulting a dementia patient. In another incident the following year, a resident died two days after a caregiver knocked them to the ground during an altercation, the report states. In May 2025, the Attorney General's Office filed a motion on behalf of DAIL asking a judge to reappoint a receiver to oversee the three homes. The filing cites numerous ongoing violations since the previous receivership ended in late 2022, including inadequate staffing, lack of required employee training, and patients left in soiled clothing for extended periods. Agasi told investigators he often used physical restraint techniques to manage residents, despite never receiving formal training. He also admitted to filming the woman on his personal cellphone -- a clear violation of patient privacy rules. Patorti declined to comment publicly but told investigators she was aware of Agasi’s approach and saw no cause for concern after reviewing the video. If approved, the receiver would assume full control of operations and could recommend the closure of the homes. A decision from the court is expected in the coming weeks, according to report. About Our House Residential Care Homes Our House Residential Care Homes is a residential care home that provides homelike environment for individusals with dementia. PALATIN TECHNOLOGIES: Grosses $340K From Securities Offering ------------------------------------------------------------ Palatin Technologies, 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 certain accredited investors, pursuant to which the Company agreed to sell and issue, in a private placement: (i) an aggregate of 3,400 shares of the Company's newly designated Series D Convertible Preferred Stock, par value $0.01, with a stated value of $100 per share, initially convertible into up to 3,090,909 shares of the Company's common stock, par value $0.01 per share at an initial conversion price of $0.11, and (ii) Series I common stock purchase warrants to purchase up to an aggregate of 6,181,818 shares of Common Stock. The Preferred Stock and Warrants were sold at a combined offering price of $0.11 per share of Preferred Stock and accompanying Warrants. The Purchasers in the Private Placement consisted of Carl Spana, the Company's President and Chief Executive Officer, Stephen T. Wills, the Company's Executive Vice President, Chief Financial Officer, and Chief Operating Officer, John K.A. Prendergast, a director on and Chairman of the Company's board of directors, and Alan W. Dunton, a director on the Company's board of directors. The Private Placement closed on June 13, 2025. The gross proceeds from the Private Placement, before deducting offering expenses, were $340,000. The Company intends to use the net proceeds received from the Private Placement for general working capital purposes. On June 10, 2025, the Company filed a Certificate of Designation of the Rights, Powers, Preferences, Privileges, and Restrictions, of the Series D Convertible Preferred Stock with the Secretary of State of the State of Delaware to create the Preferred Stock. The Preferred Stock is convertible into Conversion Shares at the election of the holder, and without the payment of additional consideration by the holder, at any time at an initial conversion price of $0.11 per share. The Conversion Price is subject to customary adjustments for stock dividends, stock splits, reclassifications, and the like. The Preferred Stock is not subject to redemption by the Company or the holders. Dividends on the Preferred Stock accrue and accumulate on a daily basis in arrears during each Dividend Period (as defined in the Certificate of Designation) at a rate of 8% per annum, whether or not such dividends are earned or are declared by the Board or the Company is permitted by law to pay dividends. The holders of Preferred Stock are entitled to vote with holders of the Common Stock on an "as converted to common stock" on all matters to which the holders of Common Stock are entitled or required to vote. The Preferred Stock has a liquidation preference in the event of any liquidation, dissolution, or winding up of the Company. There is no established public trading market for the Preferred Stock and the Company does not intend to list the Preferred Stock on any national securities exchange or nationally recognized trading system. About Palatin Headquartered in New Jersey, Palatin Technologies Inc. -- www.Palatin.com -- is a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin receptor systems, with targeted, receptor-specific product candidates for the treatment of diseases with significant unmet medical need and commercial potential. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders to maximize their commercial potential. Philadelphia, Pennsylvania-based KPMG LLP, the Company's auditor since 2002, issued a "going concern" qualification in its report dated Sept. 30, 2024, citing that the Company has incurred operating losses and negative cash flows from operations since inception and will need additional funding to complete planned product development efforts that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2024, Palatin Technologies had $4,310,018 in total assets, $10,691,127 in total liabilities, and $6,381,109 in total stockholders' deficit. PARTY CITY: Gets Court Okay for Bankruptcy Plan Disclosures ----------------------------------------------------------- Benjamin Hernandez of Bloomberg Law reports that Party City Holdco Inc. has been granted conditional approval to begin seeking creditor approval for its proposed liquidation plan, after agreeing to revise its disclosure statement to address concerns from the Justice Department's bankruptcy watchdog. At a hearing on Friday, June 27, 2025. in the U.S. Bankruptcy Court for the Southern District of Texas, Judge Alfredo R. Perez approved the disclosure documents but emphasized that further changes are necessary to ensure administrative claimants are properly protected. About Party City Holdco Party City Holdco Inc. (NYSE: PRTY) is the global leader in the celebrations' industry, with its offerings spanning more than 70 countries around the world. It is also the largest designer, manufacturer, distributor, and retailer of party goods in North America. Party City Holdco had 761 company-owned stores as of September 2022. It is headquartered in Woodcliff Lake, N.J. with additional locations throughout the Americas and Asia. Party City Holdco and its domestic subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 24-90621) on Dec. 21, 2025. As of Petition date, the Debtor estimated $1 billion to $10 billion in both assets and liabilities. The petitions were signed by Deborah Rieger-Paganis as chief restructuring officer. Judge Alfredo R Perez oversees the cases. The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP, and Porter Hedges LLP as legal counsel; AlixPartners, LLP as financial advisor; A&G Realty Partners as real estate advisor; and Kroll as the claims agent. Gordon Brothers Retail Partners, LLC and Gordon Brothers Commercial & Industrial, LLC represents the Debtors as Store Closing Advisor. The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Chapter 11 cases. The committee is represented by Pachulski Stang Ziehl & Jones, LLP. PENNSYLVANIA ECONOMIC: S&P Affirms 'CCC' Rating on 2013A Rev. Bond ------------------------------------------------------------------ S&P Global Ratings affirmed its 'CCC' rating on the Pennsylvania Economic Development Financing Authority's (PEDFA, or the authority) series 2013A senior parking revenue bonds. The outlook is stable. S&P subsequently withdrew its rating on the bonds at the issuer's request. S&P said, "We analyzed the parking system's risks and opportunities related to environmental, social, and governance credit factors relative to the system's market position, management and governance, and financial performance. Although demand might continue to gradually recover during the next few years, we believe social capital factors present ongoing operational challenges and constrain the parking system's rate-setting flexibility and financial performance given relatively high parking rates within a price-sensitive service area. Furthermore, we believe evolving work trends could result in a modest sustained loss in parking system demand longer term. We consider environmental and governance credit factors neutral in our credit rating analysis. "The rating and stable outlook reflect our view that PEDFA is at risk of a payment default on all of its financial obligations, due to the reimbursement obligations owed to AGM for the series 2013C junior-line DSRF draws, due May 31, 2026. "We could lower the rating if we believe there is a virtual certainty of nonpayment on all of the parking system's financial obligations, including the reimbursement owed to AGM, if it is not extended. Furthermore, we could lower the rating if there is a waiver of indenture provisions, including acceleration, default, announcement of expected default, or any type of distressed exchange of senior-lien bonds. "We could raise the rating if the parking system is able to regain structural balance and maintain DSC, per our calculations, near or above 1.0x on all of its financial obligations on a sustainable basis and repay the reimbursement obligations owed to AGM in the near term." PET HOTELS: Seeks to Hire Millan Law Offices as Bankruptcy Counsel ------------------------------------------------------------------ Pet Hotels LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Robert Millan, Esq., at Millan Law Offices to handle the bankruptcy proceedings. Mr. Millan charges $200 per hour for work performed. His paralegals bill $50 per hour. The firm received a retainer in the amount of $3,000. Mr. Millan assures the court that he is a disinterested person as that term is defined in 11 U.S.C., Section 101(14). Mr. Millan can be reached at: Robert Millan, Esq. ROBERT MILLAN Calle San Jose No. 250 San Juan, PR 00901 Tel: (787) 725-0946 Fax: (787) 725-0946 E-mail: rmi3183180@aol.com About Pet Hotels LLC Pet Hotels LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 25-02627) on June 10, 2025. At the time of filing, the Debtor estimated $1,000,001 to $10 million in both assets and liabilities. Robert Millan, Esq., at Millan Law Offices serves as the Debtor's bankruptcy counsel. POTTSVILLE OPERATIONS: Hires Fasten Halberstam as Accountant ------------------------------------------------------------ Pottsville Operations, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Fasten Halberstam LLP as accounting and tax services provider. Fasten will advise and assist the Pottsville Debtors in connection with preparing and filing their federal, state, and local business income tax returns and supporting schedules and documents that any applicable jurisdiction requires and perform any necessary related research with respect thereto. Fasten's hourly rates are: Partner $475 to $550 Manager $300 to $425 Senior $200 to $300 Associate $150 to $200 The following information is provided in response to the request for additional information set forth in paragraph D.1 of the U.S. Trustee Guidelines. Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Response: Fasten has provided services within the past 12 months, but the rates and terms have not materially changed. Question: Has your client approved your prospective budget and staffing plans, and if so, for what budget period? Response: The client has approved the Fee Structure set forth in the Engagement Letter for the time period necessary for preparing and filing the federal, state, and local business income taxes for the calendar year 2024. The Pottsville Debtors have not requested a specific staffing plan. Fasten does not hold any interest adverse to the Pottsville Debtors' estates and 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: Efroim Fasten, CPA Fasten Halberstam LLP Trump Bldg, 40 Wall St Suite 3602 New York, NY 10005 Telephone: (212) 751-8337 Facsimile: (718) 799-5576 About Pottsville Operations, LLC 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 LLC 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. Bankruptcy 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. POWER CITY: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------ On June 25, 2025, Power City Technologies LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. 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 Power City Technologies LLC Power City Technologies LLC is an industrial machinery manufacturing company based in La Marque, Texas. Power City Technologies LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-80281) on June 25, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. The Debtors are represented by Gabe Perez, Esq. at Zendeh Del & Associates PLLC. POWIN LLC: Committee Retains Brown Rudnick as Lead Counsel ---------------------------------------------------------- Brown Rudnick has been retained as lead counsel to the Official Committee of Unsecured Creditors in the Chapter 11 case of Powin, a global clean energy storage integrator based in Oregon. Powin filed for bankruptcy protection under Chapter 11 in New Jersey on June 11, 2025 after suffering supply chain issues impacted by increased tariffs. Powin, one of the world's largest grid-scale battery energy storage system suppliers, manufactures large-capacity batteries that store energy generated by solar plants and wind farms. The Brown Rudnick team representing the Official Committee is led by partner Ken Aulet. The team includes partners Robert Stark, Jeff Jonas, Ben Silverberg, Eric Goodman, and associates Matthew Sawyer, Maria DeOliveira and Elizabeth Castano. About Powin, LLC Powin LLC is a U.S.-based global energy storage integrator on a mission to become the world's most trusted energy storage provider, enabling clean and reliable energy. With data-driven software controls, proven hardware, and experienced end-to-end project execution, Powin delivers scalable systems tailored to meet the needs of modern energy demand. Supported by a globally diversified, ethically sourced supply chain, Powin bolsters energy distribution to alleviate grid congestion, reduce costs, and strengthen aging infrastructure. Relentlessly focused on innovation and lasting value, Powin optimizes energy management, mitigates risk, and ensures predictable energy throughout the lifetime of its projects. On June 9, 2025 and June 10, 2025, Powin, LLC, and affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16137). The cases are pending before the Honorable Michael B. Kaplan. Powin is advised in this matter by Dentons as legal counsel, Uzzi & Lall as financial and restructuring advisor, and Huron as investment banker. Verita Global is the claims agent and maintains the page https://www.veritaglobal.net/powin PPS 77: Final Hearing Today on Bid to Use Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York is set to hold a hearing on July 1 to consider final approval of PPS 77, LLC's bid to use cash collateral. The Debtor's authority to use cash collateral pursuant to the court's June 18 interim order expires on July 1. The interim order approved the payment of the Debtor's expenses from the cash collateral in accordance with the budget it filed with the court. The order provided New York State Department of Taxation and Finance with protection in the form of a replacement lien on property acquired by the Debtor's estate after the petition date and a monthly payment of $1,600. The tax agency has filed warrants relating to the Debtor's New York State tax obligations and has filed a secured claim of $102,197.49. About PPS 77 LLC PPS 77, LLC operates a parking garage providing vehicle parking services at 433 East 76th Street, New York, N.Y. PPS 77 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10550) on March 25, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Judge Martin Glenn handles the case. The Debtor is represented by H. Bruce Bronson, Esq., at Bronson Law Offices, PC. PRIVATE LENDER: Seeks to Hire Texas Appellate as Special Counsel ---------------------------------------------------------------- Private Lender Network, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Texas Appellate Counsel PLLC as special counsel. The firm will pursue an appeal on these cases: a. Case No.14-25-00059-CV Noble Capital Servicing, LLC, v. House Mosaic Holdings, LLC, Amelia Jarmon, Phillis A. Jarmon, and Shawn R. Clark in the Texas Fourteenth Court of Appeals; b. Case No. 01-25-00278-CV Noble Capital Servicing, LLC v. House Mosaic Holdings, LLC, in the Texas First Court of Appeals; and c. Case No. 03-24-00178-CV Noble Capital Servicing, LLC, v. David Quy, Beth Quy, John David Matson, and Elizabeth Chunn Matson, in the Texas Third Court of Appeals. The attorney who will be primarily responsible is D. Todd Smith, whose current hourly rate is $595. Paralegals will charge $125 per hour. Mr. Smith assured the court that his firm has no interest adverse to this estate regarding the appeal. The firm can be reached through: D. Todd Smith, Esq. Texas Appellate Counsel PLLC 3201 Bee Caves Road Suite 120 #160157 Austin, TX 78746 Tel: (737) 802-1800 Email: Todd@TexAppCounsel.com About Private Lender Network Private Lender Network, LLC operates in the credit intermediation sector, providing financing solutions for fix-and-flip, new construction, and multifamily projects, along with bridge loan services. Headquartered in Austin, Texas, the company primarily functions as a wholesale lender, partnering with brokers and leveraging investor capital to fund loans. Private Lender Network sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-10742) on May 20, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. The Debtor is represented by Ron Satija, Esq., at Hayward, PLLC. PROFESSIONAL DIVERSITY: Lisa Fan Named Interim CFO -------------------------------------------------- Professional Diversity Network, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Megan Bozzuto notified the board of directors of her decision to resign as the interim chief financial officer, effective upon acceptance by the Board, June 9, 2025. Ms. Bozzuto's decision to resign is not a result of any disagreement with the Company. Ms. Bozzuto will continue to work with the Company by serving as the president of the International Association of Women, a subsidiary of the Company. Following Ms. Bozzuto's resignation, on June 12, 2025, upon the recommendation of the Company's Nominating and Corporate Governance Committee, the Board appointed Lisa Fan to serve as the new interim CFO of the Company. In connection with her appointment as Interim Chief Financial Officer, Ms. Fan will receive an annual salary of $60,000 during the interim period, which will increase to $72,000 upon the conclusion of the interim term. Additionally, she has been granted stock awards valued at $20,000 annually. Ms. Fan is a seasoned financial consultant and audit specialist with over 15 years of experience in corporate finance, internal auditing, and IPO readiness. She has served at Baizan Consulting in Shanghai since May 2022, where she leads IPO structuring and ensures financial compliance for private enterprises. Previously, from July 2019 to April 2022, she was Director of Internal Audit at Souche Group, where she built group-wide internal control systems and managed financial operations in preparation for dual listings in the U.S. and Hong Kong. Lisa holds a Bachelor's degree in Accounting from Zhejiang Institute of Finance and Economics and is a CPA in China. There is no family relationship between Ms. Fan and any of the Company's other officers and directors. Except for the CFO Employment Agreement described above, Ms. Fan has not had any transactions with the Company since the beginning of the Company's last fiscal year. About Professional Diversity Headquartered in Chicago, Illinois, Professional Diversity Network, Inc. -- https://www.prodivnet.com/ -- is a global developer and operator of online and in-person networks that provides access to networking, training, educational, and employment opportunities for diverse professionals. The Company operates subsidiaries in the United States, including National Association of Professional Women (NAPW) and its brand, International Association of Women (IAW), which is one of the largest, most recognized networking organizations of professional women in the country, spanning more than 200 industries and professions. Through an online platform and its relationship recruitment affinity groups, the Company provides its employer clients a means to identify and acquire diverse talent and assist them with their efforts to comply with the Equal Employment Opportunity Office of Federal Contract Compliance Program. The Company's mission is to utilize the collective strength of its affiliate companies, members, partners, and unique proprietary platform to be the standard in business diversity recruiting, networking, and professional development for women, minorities, veterans, LGBTQ+, and disabled persons globally. Oak Brook, Illinois-based Sassetti LLC, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred recurring operating losses, has a significant accumulated deficit, and will need to raise additional funds to meet its obligations and the costs of its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, Professional Diversity Network had $7,981,801 in total assets, $3,140,897 in total liabilities, and a total stockholders' equity of $4,840,904. PROS HOLDINGS: Exchanges $187M of 2027 Notes for New 2030 Notes --------------------------------------------------------------- PROS Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into privately-negotiated agreements with a limited number of existing holders of the Company's 2.250% Convertible Senior Notes due 2027 who are "qualified institutional buyers" (as defined in Rule 144A under the Securities Act of 1933, as amended) to exchange approximately $186.9 million aggregate principal amount of the Exchange Participants' existing 2027 Notes for $185.0 million aggregate principal amount of the Company's newly-issued 2.50% Convertible Senior Notes due 2030 and cash in an amount equal to the accrued and unpaid interest on the 2027 Notes. The 2030 Notes will be unsecured, unsubordinated obligations of the Company and will pay interest semiannually at an annual rate of 2.50% and will be convertible into cash, shares of the Company's common stock or a combination of cash and shares of the Company's common stock, at the Company's election, based on the applicable conversion rate at such time. The 2030 Notes have an initial conversion price that is approximately equal to 135% of the greater of: (i) the average of the "Daily VWAPs" (as defined in the indenture governing the 2027 Notes) per share of the Company's common stock for each of the five consecutive Trading Days (as defined in the indenture governing the 2027 Notes) beginning on, and including, June 13, 2025 (such period, the "Reference Period"); and (ii) $15.17 (such greater number, the "Reference Price"). The conversion rate will be subject to adjustment in certain circumstances, including in connection with specified fundamental changes or the calling of the 2030 Notes for redemption. Holders of the 2030 Notes will have the right to require the Company to repurchase all or a portion of their 2030 Notes upon the occurrence of a fundamental change (as defined in the indenture governing the 2030 Notes) at a purchase price of 100% of their principal amount plus any accrued and unpaid interest. The 2030 Notes will mature on July 1, 2030, unless converted, redeemed or repurchased in accordance with their terms prior to such date. Prior to April 1, 2030, the 2030 Notes will be convertible only upon the satisfaction of certain conditions and during certain periods, and thereafter, at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date regardless of these conditions. Securities Purchase Agreement On June 12, 2025, the Company also entered into a Securities Purchase Agreement with a limited number of investors. Pursuant to the Purchase Agreement, subject to certain conditions precedent contained therein, the Company agreed to sell to the Investors $50.0 million aggregate principal amount of 2030 Notes at a cash purchase price of 100% of their principal amount. The Purchase Agreement contains customary representations and warranties and agreements of the Company and the Investors and customary obligations of the parties. Pursuant to the Purchase Agreement and subject to exceptions, each of the Company's executive officers and directors has agreed, subject to certain exceptions, not to dispose of or hedge any shares of the Company's common stock or securities convertible into or exchangeable for shares of the Company's common stock during the 60-day period following the date of the Purchase Agreement. The Company currently intends to use the net proceeds from the Purchase Offering to purchase the capped calls and for general corporate purposes. The Company expects that some or all of the holders of the 2027 Notes that are exchanged by the Company in the Exchange may purchase shares of the Company's common stock in open market transactions or enter into or unwind various derivatives with respect to the Company's common stock to unwind hedge positions that they have with respect to their investments in the 2027 Notes. The Company also expects that some or all holders of the 2030 Notes may sell shares of the Company's common stock in open market transactions or enter into various derivatives with respect to the Company's common stock to hedge their investments in the 2030 Notes. These transactions may cause or avoid an increase or decrease in the market price of the Company's common stock, the effect of which may be material. Capped Call Transactions In connection with the Exchange and Purchase Offering, on June 12, 2025, the Company entered into capped call transactions with certain option counterparties. The Company will pay a premium to the Option Counterparties for the Capped Call Transactions in an aggregate amount equal to approximately $27.9 million, which payment is anticipated to occur concurrently with the settlement of the Exchange. The Capped Call Transactions will cover, subject to customary anti-dilution adjustments, a number of shares of the Company's common stock approximately corresponding with the number of shares of the Company's common stock underlying the 2030 Notes. The capped call transactions entered into by the Company in connection with the 2030 Notes are intended to reduce potential dilution to the Company's common stock and/or offset any cash payments the Company will be required to make in excess of the principal amount upon any conversion of the 2030 Notes, with such reduction or offset subject to a cap. The strike price of the Capped Call Transactions will initially correspond to the initial conversion price of the 2030 Notes and the cap price of the Capped Call Transactions will initially be equal to 100% of the Reference Price, in each case, subject to adjustment in accordance with the terms of the Capped Call Confirmations. The Company will not be required to make any cash payments to the Option Counterparties upon the exercise of the options that are evidenced by any of the Capped Call Transactions. In connection with establishing their initial hedges of the Capped Call Transactions, the Option Counterparties or their respective affiliates expect to purchase shares of the Company's common stock and/or enter into various derivative transactions with respect to the Company's common stock concurrently with or shortly after the Reference Period. This activity could cause an increase or reduce the size of any decrease in the market price of the Company's common stock or the 2030 Notes at that time. In addition, the Option Counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to the Company's common stock or purchasing or selling the Company's common stock in secondary market transactions following their entry into the Capped Call Transactions (including during the Reference Period) and prior to the maturity of the 2030 Notes (and are likely to do so during the relevant valuation period under the Capped Call Transactions or following any early conversion of the 2030 Notes, any repurchase of the 2030 Notes by the Company on any fundamental change repurchase date, any redemption date or otherwise, in each case if the Company exercises its option to terminate the relevant portion of the Capped Call Transactions). This activity could also cause or avoid an increase or decrease in the market price of the Company's common stock or the 2030 Notes, which could affect the holders' ability to convert the 2030 Notes and, to the extent the activity occurs during any observation period related to a conversion of the 2030 Notes, it could affect the amount and value of the consideration that the holder will receive on conversion of the 2030 Notes. In connection with the issuance of the 2027 Notes, the Company entered into capped call transactions with certain option counterparties. In connection with the Exchange, the Company may enter into agreements with the Existing Option Counterparties concurrently with or shortly after the Reference Period to unwind a portion of the Existing Capped Call Transactions in a notional amount corresponding to the principal amount of the 2027 Notes exchanged in the Exchange. In connection with the termination of the Existing Capped Call Transactions, and the related unwinding of the existing hedge positions of the Existing Option Counterparties with respect to such transactions, the Company expects that the Existing Option Counterparties or their respective affiliates may purchase or sell shares of the Company's common stock in the open market or enter into or unwind various derivative transactions with respect to the Company's common stock concurrently with or shortly after such termination. These transactions may cause or avoid an increase or decrease in the market price of the Company's common stock, the effect of which may be material. About PROS Holdings Headquartered in Houston, Texas, PROS Holdings, Inc. (NYSE: PRO), is a provider of AI-powered SaaS pricing, CPQ, revenue management, and digital offer marketing solutions. As of March 31, 2025, PROS Holdings had $427.2 million in total assets, $493 million in total liabilities, and total stockholders' deficit of $65.8 million. * * * Egan-Jones Ratings Company, on August 22, 2024, maintained its 'CCC-' foreign currency and local currency senior unsecured ratings on debt issued by PROS Holdings, Inc. RED RIVER: J&J Wants Amended Suit Tossed Over Ch. 11 Talc Tactics ----------------------------------------------------------------- Benjamin Hernandez of Bloomberg Law reports that Johnson & Johnson has asked a court to dismiss a revised proposed class action accusing the company of fraudulent asset transfers intended to evade payouts to plaintiffs in talc-related litigation. In a motion filed June 27, 2025, J&J argued that the plaintiffs lack standing, asserting they did not allege any concrete harm or injury. The lawsuit was originally filed last year, ahead of the company's third unsuccessful attempt in March to resolve its talc liabilities through the bankruptcy of a subsidiary. About J&J Talc Units LLT Management, LLC (formerly known as LTL Management LLC) was a subsidiary of Johnson & Johnson that was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management first filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. In the 2021 case, LTL Management tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, served as the claims agent. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. Re-Filing of Chapter 11 Petition On Jan. 30, 2023, a panel of the Third Circuit issued an opinion directing this Court to dismiss the 2021 Chapter 11 Case on the basis that it was not filed in good faith. Although the Third Circuit panel recognized that the Debtor "inherited massive liabilities" and faced "thousands" of future claims, it concluded that the Debtor was not in financial distress before the filing. On March 22, 2023, the Third Circuit entered an order denying the Debtor's petition for rehearing. The Third Circuit entered an order denying LTL's stay motion on March 31, 2023, and, on the dame day, issued its mandate directing the Bankruptcy Court to dismiss the 2021 Chapter 11 Case. The Bankruptcy Court entered an order dismissing the 2021 Case on April 4, 2023. Johnson & Johnson on April 4, 2023, announced that its subsidiary LTL Management LLC (LTL) has re-filed for voluntary Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain approval of a reorganization plan that will equitably and efficiently resolve all claims arising from cosmetic talc litigation against the Company and its affiliates in North America. In the new filing, J&J said it has agreed to contribute up to a present value of $8.9 billion, payable over 25 years, to resolve all the current and future talc claims, which is an increase of $6.9 billion over the $2 billion previously committed in connection with LTL's initial bankruptcy filing in October 2021. LTL also has secured commitments from over 60,000 current claimants to support a global resolution on these terms. In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that the second bankruptcy case should be dismissed. 3rd Try In May 2024, J&J announced its subsidiary LLT Management LLC is soliciting support for a consensual prepackaged bankruptcy plan to resolve its talc-related liabilities. Under the terms of the plan, a trust would be funded with over $5.4 billion in the first three years and more than $8 billion over the course of 25 years, which J&J calculates to have a net present value of $6.475 billion. If the Plan is accepted by at least 75% of voters, a bankruptcy was to be filed under the case name In re Red River Talc LLC. Epiq Corporate Restructuring, LLC is serving as balloting and solicitation agent for LLT. On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 24-90505). Porter Hedges LLP and Jones Day serve as counsel in the new Chapter 11 case. Epiq is the claims agent. Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting Counsel. Randi S. Ellis is the proposed prepetition legal representative of future claimants. RED ROCK MEGA: Seeks Cash Collateral Access ------------------------------------------- Red Rock Mega Storage, LLC asked the U.S. Bankruptcy Court for the District of Nevada for authority to use the cash collateral of its secured lender, The Rodney Family Trust. The Debtor intends to use its cash, primarily rents and receivables secured by RFT, to continue operating its business -- a partially constructed self-storage facility in Reno, Nevada. RFT is adequately protected by a 46% equity cushion (property valued at $23 million with $12.5 million in debt); the use of cash collateral to maintain and improve the property; and a replacement lien on all post-petition cash proceeds, according to the Debtor. Prior to its Chapter 11 filing, the Debtor obtained two loans from RFT, which are secured by two separate deeds of trust against its real property and an assignment of rents generated by that property. As of the petition date, the Debtor's Reno property and improvements were valued at $23 million and the Debtor had cash on hand of approximately $21,905. Rodney Family Trust is represented by: Amy N. Tirre, Esq. Law Offices of Amy N. Tirre, A Professional Corporation 1495 Ridgeview Drive, Suite 90 Reno, NV 89519 Telephone: (775) 828-0909 Facsimile: (775) 828-0914 amy@amytirrelaw.com; admin@amytirrelaw.com About Red Rock Mega Storage Red Rock Mega Storage, LLC operates a storage facility offering a range of unit sizes, including climate-controlled spaces and enclosed units for RV and boat storage. It serves customers in Reno, Nevada, with 24/7 access and on-site amenities. Red Rock Mega Storage sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-50549) on June 17, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. The Debtor is represented by Kevin A. Darby, Esq., at Darby Law Practice. RENAISSANCE CHARTER: Moody's Rates 2025A/B Revenue Bonds 'Ba1' -------------------------------------------------------------- Moody's Ratings has assigned an initial Ba1 to Renaissance Charter School, Inc., FL's proposed $82.9 million Educational Facilities Revenue Bonds (Renaissance Charter School, Inc. Projects), Series 2025A and $11.3 million Taxable Educational Facilities Revenue Bonds (Renaissance Charter School, Inc. Projects), Series 2025B. The bonds will be issued on behalf of the charter school network by the Florida Development Finance Corporation. The outlook is stable. RATINGS RATIONALE The initial Ba1 rating reflects the obligated group's strong financial performance in fiscal 2024 and fiscal 2025, supported by a recent legal decision that has entitled the schools in the obligated group to substantial local tax revenues. The additional revenue boosted annual debt service coverage to a strong 2.8x in fiscal 2024. Coverage will remain strong going forward as the Series 2025 transaction will result in substantial savings on lease inclusive debt service requirements going forward. The obligated group's financial position is hampered by liquidity that is currently low at 62 days cash on hand. While preliminary results indicate an increase to liquidity in fiscal 2025, it will remain below 100 days cash on hand. Leverage is high with the cash to debt ratio at 11% for fiscal 2024. Leverage should remain stable given a lack of immediate borrowing plans. Governance is a key driver of all initial rating actions. Governance of the obligated group schools is good, lead by a six-member board of trustees that contracts out with a large charter school operator (Charter Schools USA) to manage the schools. With 8,300 employees and 90 schools under management, Charter Schools USA provides strong management to the schools under its control. RATING OUTLOOK The stable outlook reflects the school's improved financial performance, driven by additional local tax revenues over a three-year period. However, when these revenues return to their baseline level, management may be challenged to bolster liquidity beyond 60 days cash on hand. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Sustained increase in liquidity to over 100 days cash on hand -- Continuation of strong financial performance once referendum tax revenue falls to baseline levels beginning in fiscal 2027 -- Boosted demand for the each of the schools in the obligated group FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Significant enrollment declines -- Failure to adjust expenditures when tax revenue returns to baseline levels, resulting in debt service coverage at or below 1.2x -- Issuance of substantial additional debt PROFILE Renaissance Charter School, Inc. is a charter network serving Florida that was established in 1998 and currently governs 38 schools. The Series 2025 obligated group represents six schools serving an enrollment of around 6,100 students in grades K-12. METHODOLOGY The principal methodology used in these ratings was US Charter Schools published in April 2024. RESHAPE LIFESCIENCES: L1 Capital Holds 9.85% Equity Stake --------------------------------------------------------- L1 Capital Global Opportunities Master Fund, Ltd. disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of June 9, 2025, it beneficially owns 235,000 shares of ReShape Lifesciences Inc.'s common stock, $0.001 par value per share, representing 9.85% of 2,385,960 shares outstanding as reported in the Company's prospectus supplement filed on the same date. L1 Capital may be reached through: David Feldman, Director 161A Shedden Road, 1 Artillery Court PO Box 10085 Grand Cayman, Cayman Islands KY1-1001 Tel: 646-688-5654 A full-text copy of L1 Capital's SEC report is available at: https://tinyurl.com/mr9etdwd 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. RITE AID: Stark & Stark Files Rule 2019 Statement ------------------------------------------------- In the Chapter 11 cases of New Rite Aid LLC and its debtor affiliates, the law firm of Stark & Stark, P.C. filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure. Stark & Stark each currently represents the following entities (the "Clients") as creditors and/or parties-in-interest with respect to the above-captioned bankruptcy case. Stark & Stark believes that it does not hold prepetition unsecured claims against the Debtors. Stark & Stark has represented Levin Management Corporation, the Trust for the Benefit of Catherine M. Levin, et als., LS Morrell LLC, Robert Marin and Celeset de Schulthess Marin Family Trust, Felos Associates, LLC, the Yoko C. Gates Trust, SADG-1 Limited Partnership, SADG-3 Limited Partnership, SADG-4 Limited Partnership, RAP Hamlin LP, RAP Dallas LP, The Libman Company, Joseph Murphy Corporation, ALD Realty PA, LLC, Edgemark Littleton, LLC, Harbor Center Partners, L.P. and Conopco, Inc. d/b/a Unilever prior to the date of commencement of the Case (the "Petition Date"). Stark & Stark has not represented Mt. Lebanon Cooke, LP, Bethel Park Library, LLC, Red Lion Broadway, LLC, and 569 Broadway Associates prior to the Petition Date. The Clients currently hold claims, including unsecured pre petition claims, Section 503(b)(9) priority claims, post-petition administrative claims and potentially other claims, including service claims, rejection claims for unpaid rent and other charges. The full amount of each of the Client's claims is undetermined at this time. The Clients have all retained Stark & Stark as counsel, to represent them with respect to their interests in connection with the case. All parties are being billed on a monthly basis. All parties are aware of Stark & Stark represents other clients in this case. The Clients' name and address in relation to the Debtors are: 1. Levin Management Corporation 975 US-22 Plainfield, NJ 07060 2. LS Morrell, LLC c/o Levin Management Corporation 975 US-22 Plainfield, NJ 07060 3. Conopco, Inc. d/b/a Unilever 800 Sylvan Avenue Englewood Cliffs, NJ 007632 4. Trust for the Benefit of Catherine M. Levin, et als. c/o Levin Management Corporation 975 US-22 Plainfield, NJ 07060 5. Robert Marin and Celeste de Schulthess Marin Family Trust 12728 Parkyns Street Los Angeles, CA 90049 6. ALD Realty PA, LLC P.O. Box 3106 679 Broadway Bayonne, NJ 07022 7. Edgemark Littleton, LLC c/o Charles Dunn Real Estate 800 West 6th Street, Suite 600 Los Angeles, CA 90017 8. Felos Associates, LLC 7928 East Dr., Apt. 1008 North Bay Village, FL 33141 9. Joseph Murphy Corporation P.O. Box 2740 Santa Rosa, CA 95405 10. Yoko C. Gates Trust 441 Nevada Ave. San Mateo, CA 94402 11. The Libman Company c/o Meyer Capel 306 West Church Street Champaign, IL 61820 12. Bethel Park Library, LLC c/o Arctrust 1401 Broad Street Clifton, NJ 07013 13. 569 Broadway Associates c/o Arctrust 1401 Broad Street Clifton, NJ 07013 14. SADG-3 Limited Partnership 100 Colliery Road Dickson City, PA 18519 15. Mt. Lebanon Cooke, LP c/o Arctrust 1401 Broad Street Clifton, NJ 07013 16. Red Lion Broadway, LLC c/o Arctrust 1401 Broad Street Clifton, NJ 07013 17. SADG-1 Limited Partnership 100 Colliery Road Dickson City, PA 18519 18. SADG-4 Limited Partnership 100 Colliery Road Dickson City, PA 18519 19. RAP Hamlin LP 100 Colliery Road Dickson City, PA 18519 20. Harbor Center Partners, L.P. 2300 Harbor Blvd., Ste. G Costa Mesa, CA 92626 21. RAP Dallas LP 100 Colliery Road Dickson City, PA 18519 The law firm can be reached at: STARK & STARK, P.C. Thomas S. Onder, Esq. Joseph H. Lemkin, Esq. 100 American Metro Blvd. Hamilton, NJ 08619 (609) 219-7458 (Telephone) (609) 895-7395 (Facsimile) Email: tonder@stark-stark.com About Rite Aid Rite Aid is a full-service pharmacy committed to improving health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of solutions that offer convenience, including retail and delivery pharmacy, as well as services offered through the Company's wholly owned subsidiary Bartell Drugs. On the Web: http://www.riteaid.com/ Rite Aid and certain of its subsidiaries previously filed for chapter 11 bankruptcy in October 2023 and emerged from bankruptcy in August 2024. On May 5, 2025, New Rite Aid, LLC and its subsidiaries, including Rite Aid Corporation, commenced voluntary Chapter 11 proceedings (Bankr. D.N.J. Lead Case No. 25-14861). As of the 2025 bankruptcy filing date, Rite Aid operates 1,277 stores and 3 distribution centers in 15 states and employs approximately 24,500 people. Rite Aid is using the Chapter 11 process to pursue a sale of its prescriptions, pharmacy and front-end inventory, and other assets. The cases are being administered by the Honorable Michael B. Kaplan. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor, Guggenheim Securities, LLC is serving as investment banker, and Alvarez & Marsal is serving as financial advisor to the Company. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to the Company. Kroll is the claims agent and maintains the page https://restructuring.ra.kroll.com/RiteAid2025 Bank of America, N.A., as DIP Agent, is represented by lawyers at Greenberg Traurig, LLP; and Choate Hall & Stewart LLP. ROGUE SMOOTHIES: Seeks Subchapter V Bankruptcy in Oregon -------------------------------------------------------- On June 25, 2025, Rogue Smoothies Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Oregon. 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 Rogue Smoothies Inc. Rogue Smoothies Inc., d/b/a Auntie Anne's and Jamba Juice, operates franchise locations of Jamba and Auntie Anne's in Medford, Oregon. The Company provides smoothies, juices, fruit bowls, and baked pretzel products through its retail outlets. Rogue Smoothies Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Or. Case No. 25-61778) on June 25, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Thomas M. Renn handles the case. The Debtors are represented by Keith Y Boyd, Esq. at KEITH Y. BOYD, PC. ROYAL HELIUM: Keranic to Acquire Core Assets via CCAA Deal ---------------------------------------------------------- Keranic Industrial Gas Inc. has entered into a binding 60-day exclusivity agreement with Royal Helium Ltd., Royal Helium Exploration Limited, and Imperial Helium Corp. for a proposed business combination, subject to the approval of the Court of King's Bench of Alberta and conditional approval from the TSX Venture Exchange. The Transaction includes Royal Helium's four core areas with multiple helium discoveries and widespread helium concentrations across a large, 600,000-acre land position strategically located across Saskatchewan's and Alberta's helium corridors, alongside the recently built Steveville plant facility and pipeline infrastructure capable of processing 15,000 mcf/day of raw gas. The Steveville plant facility will be restarting production within 12 weeks following the completion of the Transaction, leveraging on a helium-focused management team and past commercial relationships to secure offtake agreements. The proposed Transaction, if completed, would involve a reverse vesting structure under the Companies' Creditors Arrangement Act (Canada), whereby Keranic would assume control of Royal Helium, while excluding certain non-core assets and all the liabilities into a residual entity. The exclusivity agreement provides for: -- A 60-day period during which Royal Helium will not solicit or engage in alternative transactions; -- Execution of the definitive agreement; -- Court application for the approval of the Transaction and reverse vesting order, which is required to effect the proposed structure; -- Conditional TSXV approval for the listing of the resulting issuer's common shares following completion of the Transaction under the name of Keranic Industrial Gas Inc. In accordance with the proposed Definitive Agreement, Keranic will assume control of the amalgamated group and will continue development and commercialization of the helium fields in Saskatchewan and Alberta, advancing projects currently owned by Royal Helium. The Definitive Agreement proposes for Keranic to acquire Class A common shares of Royal Helium in the Sale Investment and Solicitation Process in the CCAA proceedings to be funded by a combination of debt and equity. The final terms and conditions of the Transaction will be set out in the Definitive Agreement such that Royal Helium will acquire all of the then issued and outstanding common shares of Keranic pursuant to a reverse takeover transaction and the common shares of the resulting issuer will be listed for trading on the TSX Venture Exchange or such other recognized Canadian stock exchange. "This exclusivity agreement sets the stage for a transformative opportunity," said Andrew Davidson, President and CEO of Keranic. "We believe the combination of Royal Helium's assets with Keranic's industrial gas expertise and financial backing positions Keranic to be a leader within the Canadian helium sector and its next phase of growth." The Transaction will be fully funded by a combination of: (i) a secured term loan, provided by a private lender, and (ii) equity financing. Keranic has entered into an agreement with Research Capital Corporation to act as the sole agent and sole bookrunner on a commercially reasonable efforts basis, private placement of subscription receipts of Keranic at a price of $0.50 per Subscription Receipt. Each Subscription Receipt will entitle the holder thereof, without payment of any additional consideration and without further action on the part of the holder, upon the satisfaction of the Escrow Release Conditions to receive one unit of Keranic. Each Unit will consist of one common share of Keranic and one common share purchase warrant. Each Keranic Warrant will entitle the holder to purchase one Keranic Share (a "Warrant Share") at an exercise price of $0.65 per Warrant Share until the date that is 36 months following the satisfaction or waiver of the Escrow Release Conditions (defined herein). Core Area #1: Steveville Helium Purification Facility, Alberta Since commercial production in December 2023, Royal Helium has delivered multiple trailers of high purity helium to its end customer in the aerospace and defence industry. Royal Helium had previously entered into offtake agreements with end customers that purchased all of the helium volumes from this flagship facility; these two offtake agreements were at an average net sales price of approximately USD $500 per mcf or approximately CAD $700 per mcf. Keranic is planning to execute a "turnkey" recommissioning plan to restart the Steveville plant facility with the original plant engineering firm that designed the facility. Keranic is targeting to recommission the facility to restart production within 12-15 weeks following the completion of the Transaction, ramping up its throughput volumes and reach maximum capacity of 15,000 Mcf/day in a few months thereafter. The processing facility at Steveville will be fed by highly productive Devonian horizons that will provide material cash flow. The Steveville plant is designed to process 15,000 Mcf/day of raw gas fed by the two 100% owned helium wells at Steveville, Alberta and produce 22,000 mcf of 99.999% helium per year. The engineered life of the plant is 25 years, produces enough fuel gas to power the plant itself, and is capable of producing up to 22,000,000 pounds of commercial CO2. Core Area #2: 40-Mile Project, Alberta - High Impact New Appraisal Drilling The 40 Mile project is comprised of one historic well that was drilled, flow tested and assayed. This well flowed at exceptionally high rates during initial testing and returned helium concentrations exceeding anything that Royal has tested or produced to date. Seismic work at 40 Mile was completed in 2023, producing multiple seismically defined drill targets across multiple prospective zones. Core Area #3: Climax/Cadillac Project, Saskatchewan - Developing in the Existing Helium Fairway The core of Royal's Saskatchewan lands are located within the prolific Southwestern Saskatchewan Helium fairway that features highly economic helium concentrations coupled with multiple helium purification facilities near its borders. Extensive geological and geophysical subsurface work has been completed in the Climax/Cadillac corridor and, with many new analog wells adjacently offsetting these core lands, the team has identified and selected numerous new drilling targets among these three project areas. The amount of drilling and testing data available in the area has helped verify the subsurface model and increased the understanding of the different Helium play types that are found in Saskatchewan and more importantly on Royal leasehold. Core Area #4: Val Marie Project, Saskatchewan - Testing of an Already Drilled Well The Val Marie helium project comprises a 21-year lease land package representing approximately 3 per cent of the current helium permit and lease lands across Saskatchewan and Alberta. Val Marie is located immediately north of the Saskatchewan-Montana border sitting atop the Bowdoin Dome, a large geological uplift system that has been a prolific natural gas production area with successful helium production wells recently drilled on the Montana side of the structure. The Val Marie project was drilled in August of 2022 with some of the highest helium showings to date from drill bit gas detection equipment from multiple stacked zones - the Duperow, Souris River and Deadwood formations. Additional Details on Equity Offering In addition, Keranic has granted the Agent an option to offer up to an additional number of Subscription Receipts for gross proceeds of up to 15% of the gross proceeds of the Offering at any time up to 48 hours prior to closing of the Offering. The net proceeds of the Offering will be used to partially fund the Transaction, restart operations at the Steveville helium processing facility. The Offering is anticipated to close on or about July 21, 2025, or such later date as Keranic and the Agent may agree upon. The closing of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals. The gross proceeds of the Offering, less the Agents' expenses and 50% of the cash commission will be deposited and held by a licensed Canadian trust company or other escrow agent mutually acceptable to RCC and, Keranic in an interest bearing account pursuant to the terms of a subscription receipt agreement to be entered into on the Closing Date among Keranic and RCC, and the Escrow Agent. The Escrowed Funds (less 50% of the remaining cash commission and any remaining costs and expenses of the Agent) will be released from escrow to the Combined Company, as applicable, upon satisfaction of the following conditions no later than the 90(th) day following the Closing Date, or such other date as may be mutually agreed to in writing between Keranic and RCC, including: (A) the completion, satisfaction or waiver of all conditions precedent to the Transaction and RTO in accordance with the Definitive Agreement, to the satisfaction of RCC; (B) the completion and funding of a debt financing to fund the Transaction; (C) the completion of the Share Consolidation; (D) the receipt of all required shareholder and regulatory approvals, including, without limitation, the court approval for the Transaction; (E) the representations and warranties of the Company contained in the agency agreement to be entered into in connection with the Offering being true and accurate in all material respects, as if made on and as of the escrow release date; and (F) the Company and RCC having delivered a joint notice and direction to the Escrow Agent, confirming that the conditions set forth in (A) to (E) above have been met or waived. If: (i) the satisfaction of the Escrow Release Conditions does not occur on or prior to the Escrow Release Deadline, or such other date as may be mutually agreed to in writing among Keranic and RCC, or (ii) Keranic has advised RCC and the public that it does not intend to proceed with the Transaction (in each case, the earliest of such times being the "Termination Time"), then all of the issued and outstanding Subscription Receipts shall be cancelled and the Escrowed Funds shall be used to pay holders of Subscription Receipts an amount equal to the issue price of the Subscription Receipts held by them (plus an amount equal to a pro rata share of any interest or other income earned thereon). This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available. Transaction Details Completion of any transaction remains subject to the negotiation and execution of definitive agreements, Court approval of the transaction structure, conditional acceptance of the TSXV, and other customary conditions. There is no assurance that a definitive agreement will be entered into or that the transaction will be completed as proposed or at all. Further updates on the Transaction will be provided as material developments occur. Advisors Research Capital Corporation acted as financial advisors in connection with the Transaction. About Keranic Industrial Gas Inc. Keranic is a Canadian industrial gas company focused on the production, purification, and commercialization of high-purity helium and associated gases. The Company is building a vertically integrated platform to serve strategic sectors such as aerospace, healthcare, and critical manufacturing, with a strong emphasis on carbon efficiency and regulatory alignment. About Royal Helium Ltd. Royal Helium is a publicly listed helium exploration and production company with a strategic portfolio of assets across Western Canada. The company holds significant infrastructure and resource positions in known helium-producing formations. RYVYL INC: Brett Moyer Named Director After David Montoya's Exit ---------------------------------------------------------------- RYVYL Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that David Montoya resigned as a member of the Board of Directors, including all committee appointments, of the Company effective June 10, 2025. On June 12, 2025, the Board appointed Brett Moyer as a director of the Company and member of the Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee to fill the vacancies created by Mr. Montoya's resignation. Mr. Moyer will serve until the date of the Company's 2025 Annual Meeting of Shareholders and until his successor is duly elected and qualified. Brett Moyer has served as a Director since June 2025. Mr. Moyer has served as the Chief Financial Officer of Datavault AI Inc., a data sciences technology company, since December 2024. Mr. Moyer was a founder of WiSA Technologies and served as President and Chief Executive Officer of WiSA and Chairperson of its board of directors from August 2010 to December 31, 2024, at which time, it acquired Data Vault Holdings Inc.'s assets and Nathaniel T. Bradley, CEO of Data Vault Holdings, became CEO of the newly named Datavault AI. From August 2002 to July 2010, Mr. Moyer served as president and chief executive officer of Focus Enhancements, Inc., a developer and marketer of proprietary video technology. From February 1986 to May 1997, Mr. Moyer worked at Zenith Electronics Inc. a consumer electronic company, where he had most recently been the vice president and general manager of its Commercial Products Division. Since June 2016, Mr. Moyer has also served as a member of the board of directors of Alliant International University, a private university offering graduate study in psychology, education, business management, law and forensic studies, and bachelor's degree programs in several fields. From 2003 to December 2015, he served on the board of directors of HotChalk, Inc., a developer of software for the educational market, and from March 2007 to September 2008, he was a member of the board of directors of NeoMagic Corporation, a developer of semiconductor chips and software that enable multimedia applications for handheld devices. Mr. Moyer received a Bachelor of Arts in Economics from Beloit College in Wisconsin and a Master's of Business Administration with a concentration in finance and accounting from Thunderbird School of Global Management. About Ryvyl Inc. San Diego, Calif.-based RYVYL Inc., together with its subsidiaries, is a financial technology company that develops, markets, and sells innovative blockchain-based payment solutions, which offer significant improvements for the payment solutions marketplace. The Company's core focus is to develop and monetize disruptive blockchain-based applications, integrated within an end-to-end suite of financial products, capable of supporting a multitude of industries. In its report dated March 28, 2025, the Company's auditor, Simon & Edward, LLP, issued a 'going concern' qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, noting that the transitioning of the Company's QuickCard product in North America led to a significant decline in processing volume and revenue, the recovery of these lost revenues is not expected until late 2025. The loss of revenue resulting from this business reorganization has jeopardized its ability to continue as a going concern. As of Dec. 31, 2024, RYVYL had $122.28 million in total assets, $123.77 million in total liabilities, and a total stockholders' deficit of $1.49 million. RYVYL INC: Cleared of SPA Damages; Plans $100-Mil. Raise -------------------------------------------------------- As reported in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission, on January 23, 2025, in connection with RYVYL Inc.'s securing financing, the Company entered into a stock purchase agreement which provides for the sale to the purchaser of all of the issued and outstanding shares of capital stock of the Company's indirect subsidiary domiciled in Bulgaria, Ryvyl (EU) EAD, by Transact Europe Holdings EOOD, the Company's wholly owned subsidiary, also domiciled in Bulgaria for an aggregate purchase price of $15,000,000. Among other terms included in the SPA, there is a provision that provides that if the Purchaser is unable to close for any reason other than the Company's breach, including the inability to obtain any regulatory clearances required for such transfer, then the Company is liable for damages in the amount of $16.5 million. In the event that the Purchaser is unable to close on the transfer of the Ryvyl EU Shares, as a result of the Company's breach, then the Company is liable for damages in an amount equal to the appraised value of the Ryvyl EU Shares. On June 13, 2025, the Company received a letter from the Purchaser which provides that the Company's obligation to pay any of such damages, as provided in the SPA, shall cease to apply. * Enhanced Business Plan and Digital Asset LOI The Company is in the process of consummating the sale of Ryvyl EU. As a result, the Company's management is actively pursuing steps to enhance its existing business plan. Specifically, the Company has entered into a non-binding letter of intent to acquire an entity with existing technology (the "Acquisition") that is complementary to the Company's technology, with a view to acquire digital assets that they expect will support the Enhanced Plan. There are no assurances that the Company will close the Acquisition or that the Enhanced Plan would result in a significant benefit to the Company. The terms of any potential Acquisition would be contingent on certain conditions, including completion of a due diligence review and the negotiation of definitive transaction documents. In addition, the Acquisition and Enhanced Plan would be dependent upon the Company raising a minimum of $100 million which would require shareholder approval of: (i) the Acquisition, (ii) a potential increase in the authorized amount of common stock of the Company, and (iii) a potential reverse split of the common stock of the Company. About Ryvyl Inc. San Diego, Calif.-based RYVYL Inc., together with its subsidiaries, is a financial technology company that develops, markets, and sells innovative blockchain-based payment solutions, which offer significant improvements for the payment solutions marketplace. The Company's core focus is to develop and monetize disruptive blockchain-based applications, integrated within an end-to-end suite of financial products, capable of supporting a multitude of industries. In its report dated March 28, 2025, the Company's auditor, Simon & Edward, LLP, issued a 'going concern' qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, noting that the transitioning of the Company's QuickCard product in North America led to a significant decline in processing volume and revenue, the recovery of these lost revenues is not expected until late 2025. The loss of revenue resulting from this business reorganization has jeopardized its ability to continue as a going concern. As of Dec. 31, 2024, RYVYL had $122.28 million in total assets, $123.77 million in total liabilities, and a total stockholders' deficit of $1.49 million. RYVYL INC: Falls Short of Nasdaq's Minimum Bid Price Rule --------------------------------------------------------- RYVYL Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company received a notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC, notifying the Company that, because the closing bid price for its common stock has fallen below $1.00 per share for 30 consecutive business days prior to June 12, 2025, the Company no longer complies with the minimum bid price requirement for continued listing on the Nasdaq Global Market under Nasdaq Lising Rule 5550(a)(2). Nasdaq's notice has no immediate effect on the listing of the Company's common stock on the Nasdaq Capital Market and the common stock will continue to trade on The Nasdaq Capital Market under the symbol "RVYL" at this time. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided an initial compliance period of 180 calendar days, or until December 9, 2025, to regain compliance with the Minimum Bid Price Requirement. To regain compliance, the closing bid price of the Company's common stock must meet or exceed $1.00 per share for a minimum of 10 consecutive business days prior to December 9, 2025; provided, however, pursuant to Nasdaq Listing Rule 5810 (c)(3)(H), Nasdaq may, in its discretion, require the Company to satisfy the Minimum Bid Price Requirement for a period in excess of 10 consecutive business days, but generally not more than 20 consecutive business days, before determining that the Company has demonstrated an ability to maintain long-term compliance with the Minimum Bid Price Requirement. If the Company does not regain compliance by December 9, 2025, the Company may be eligible for an additional grace period. To qualify, the Company would be required to meet the continued listing requirements for all other continuing listing standards for the Nasdaq Capital Market, with the exception of the minimum bid price requirement, including regaining compliance with the continuing listing standards mentioned below of which it is currently not in compliance, and provide written notice of its intention to cure the minimum bid price deficiency during the second compliance period. If the Company meets these requirements, the Nasdaq staff will grant an additional 180 calendar days for the Company to regain compliance with the Minimum Bid Price Requirement. If the Nasdaq staff determines that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible for such additional compliance period, Nasdaq will provide notice that the Company's common stock will be subject to delisting. The Company would have the right to appeal a determination to delist its common stock, and the common stock would remain listed on the Nasdaq Capital Market until the completion of the appeal process. Existing Noncompliance with Nasdaq Continuing Listing Standards As previously reported in a Current Report on Form 8-K filed with the Securities and Exchange Commission, on April 8, 2025, the Company received written notice from Nasdaq notifying the Company that, based on the Company's stockholders' equity of ($1,492,000) as of December 31, 2024, it was no longer in compliance with the minimum stockholders' equity requirement of $2.5 million for continued listing on the Nasdaq Capital Market under Nasdaq Listing Rule 5550(b)(1). The Notice also provided the Company until May 23, 2025, to submit a compliance plan to Nasdaq, which, if accepted, would result in an extension of up to 180 calendar days from the date of the Prior Notice for the Company to evidence compliance. On May 21, 2025, the Company submitted a compliance plan to Nasdaq to regain compliance with Equity Rule, which was accepted by Nasdaq. For more information on the Company's noncompliance with the Equity Rule see the April 11th Form 8-K. About Ryvyl Inc. San Diego, Calif.-based RYVYL Inc., together with its subsidiaries, is a financial technology company that develops, markets, and sells innovative blockchain-based payment solutions, which offer significant improvements for the payment solutions marketplace. The Company's core focus is to develop and monetize disruptive blockchain-based applications, integrated within an end-to-end suite of financial products, capable of supporting a multitude of industries. In its report dated March 28, 2025, the Company's auditor, Simon & Edward, LLP, issued a 'going concern' qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, noting that the transitioning of the Company's QuickCard product in North America led to a significant decline in processing volume and revenue, the recovery of these lost revenues is not expected until late 2025. The loss of revenue resulting from this business reorganization has jeopardized its ability to continue as a going concern. As of Dec. 31, 2024, RYVYL had $122.28 million in total assets, $123.77 million in total liabilities, and a total stockholders' deficit of $1.49 million. S3 GROUP: Seeks to Hire Pivot Management as Financial Advisor ------------------------------------------------------------- S3 Group LLC filed seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Pivot Management Group, LLC as financial advisor. The firm's services include: (a) in coordination with the Debtors' proposed general bankruptcy counsel, Keller Benvenutti Kim LLP (KBK), devising various restructuring strategies and assessing the business and financial impact of those strategies; (b) negotiating with the Debtors' relevant stakeholders in connection with such strategies. (c) developing and implementing cash management and cash flow forecasting processes. (d) preparing and maintaining liquidity and cash projections and reporting of actual results. (e) providing strategic communication services, including but not limited to, assessment and development of a strategic communications plan; development of communications materials; coordination of media contacts, interviews, and other placements; and guidance in interactions with media outlets, customers/clients, suppliers/vendors, and other business partners, as appropriate; (f) assisting with the administration of the Chapter 11 Cases; (g) assisting with negotiations and other interactions with the Debtors' stakeholders and their respective advisors in connection with the Chapter 11 Cases; and (h) providing advice and recommendations with respect to other related matters as the Debtors or their professionals may request from time to time. Pivot's standard hourly billing rates are: Partners $1,300 Managing Directors $1,100 Senior Directors $825 Directors $675 Senior Analysts $575 Analysts $425 Lance Miller, Managing Partner of Pivot, assured the court 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: Lance Miller Pivot Management Group, LLC 6852 Shangrila Way Riverdale, GA, 30296-2130 Tel: (434) 343-1023 Email: Pivotmanagementgroupllc@gmail.com About S3 Group LLC S3 Group LLC operates as part of Sran Family Orchards, a California-based almond grower and processor. The Company is located in Kerman, California, and is involved in sustainable almond farming practices. S3 Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-50765) on May 20, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million. The Debtors are represented by Jane Kim, Esq. at KELLER BENVENUTTI KIM LLP. S3 GROUP: Seeks to Tap Keller Benvenutti Kim as Bankruptcy Counsel ------------------------------------------------------------------ S3 Group LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to hire Keller Benvenutti Kim LLP as general bankruptcy counsel. The firm's services include: (a) advising the Debtors of their rights, powers, and duties as debtors and debtors in possession continuing to operate and manage their business and affairs under chapter 11 of the Bankruptcy Code; (b) preparing on behalf of the Debtors all necessary and appropriate applications, motions, proposed orders, other pleadings, notices, schedules, and other documents, and reviewing all financial and other reports to be filed in the Chapter 11 Cases; (c) advising the Debtors concerning, and preparing responses to, applications, motions, other pleadings, notices, and other papers that may be filed by other parties in the Chapter 11 Cases; (d) advising the Debtors with respect to, and assisting in the negotiation of, any financing agreements, sale agreements, and related transactions that may be necessary in the Chapter 11 Cases; (e) advising the Debtors regarding their ability to initiate actions to collect and recover property for the benefit of their estates; (f) advising and assisting the Debtors in connection with any asset dispositions; (g) advising and representing the Debtors with respect to employment related issues; (h) advising and assisting the Debtors in negotiations with the Debtors' stakeholders; (i) advising the Debtors concerning executory contract and unexpired lease assumptions, assignments and rejections; (j) advising the Debtors in connection with the formulation, negotiation, and promulgation of a plan under the Bankruptcy Code, and related transactional documents; (k) assisting the Debtors in reviewing, estimating, and resolving claims asserted against the Debtors' estates; (l) commencing and conducting in this Court litigation that is necessary and appropriate to assert rights held by the Debtors, protect assets of the Debtors' estates, or otherwise further the goal of completing the Debtors' forthcoming plan; (m) providing non-bankruptcy services for the Debtors to the extent requested by the Debtors, including, among other things, advice related to corporate governance; and (n) performing all other necessary and appropriate legal services in connection with the Chapter 11 Cases for or on behalf of the Debtors. The firm's current hourly rates are: Tobias S. Keller (Partner) $1,100 Jane Kim (Partner) $1,000 David Taylor (Partner) $1,000 Berry Spears (Partner) $975 Traci L. Shafroth (Partner) $850 Dara L. Silveira (Partner) $725 Peter J. Benvenutti (Partner Emeritus) $900 George H. Kalikman (Of Counsel) $1,185 Jeremy Richards (Of Counsel) $950 Scott J. Friedman (Of Counsel) $750 Thomas B. Rupp (Senior Counsel) $675 Gabrielle Albert (Senior Counsel) $675 Tyler Davis (Associate) $550 Alice Giang (Associate) $500 Colin Mitsuoka (Paralegal Trainee) $300 Priscila Chen Hsu (Paralegal Trainee) $300 Marian Walker (Paralegal Trainee) $275 The firm was paid a retainer in the amount of $50,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Jane Kim, a partner at Keller Benvenutti Kim LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Tobias S. Keller, Esq. JANE KIM, Esq. TRACI L. SHAFROTH, Esq. KELLER BENVENUTTI KIM LLP 101 Montgomery Street, Suite 1950 San Francisco, CA 94104 Tel: (415) 496-6723 Fax: (650) 636-9251 Email: tkeller@kbkllp.com jkim@kbkllp.com tshafroth@kbkllp.com About S3 Group LLC S3 Group LLC operates as part of Sran Family Orchards, a California-based almond grower and processor. The Company is located in Kerman, California, and is involved in sustainable almond farming practices. S3 Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal.Case No. 25-50765) on May 20, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million. The Debtors are represented by Jane Kim, Esq. at KELLER BENVENUTTI KIM LLP. SANTA ANA NATIONAL: OCC Appoints FDIC as Receiver ------------------------------------------------- On June 27, 2025, the Office of the Comptroller of the Currency (OCC) appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for The Santa Anna National Bank in Santa Anna, Texas. The bank reported total assets of approximately $77 million as of March 31, 2025. The OCC took action after the bank had suffered significant losses in both assets and earnings due to unsafe or unsound practices. It also concluded that the institution was no longer in a condition to conduct business safely, with liabilities exceeding its assets. The FDIC is expected to release further details regarding the bank’s resolution process. About Santa Ana National Bank Santa Ana National Bank was established in 1933 served the Coleman and Brown county area. SCHAFER FISHERIES: Court OKs Continued Use of Cash Collateral ------------------------------------------------------------- Schafer Fisheries, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Western Division, to use the cash collateral of Newtek Small Business Finance, LLC. The court's order authorized the Debtor's interim use of cash collateral through July 31 under the same terms and conditions as previously authorized for the expenses listed in its latest budget, which covers the period from July to August. The next hearing is scheduled for July 30. As of the petition date, Newtek, in coordination with a loan guaranteed by the U.S. Small Business Administration, held a blanket lien on substantially all of the Debtor's assets, including accounts receivable constituting cash collateral. The Debtor requires the continued utilization of cash collateral, representing the proceeds of accounts receivable in order to conduct its business on an ongoing basis. About Schafer Fisheries Schafer Fisheries Inc. is a seafood processor and distributor in Fulton, Ill. Schafer Fisheries filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-80824) on June 20, 2024, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Jennifer Schank of Fuhrman & Dodge, S.C. serves as Subchapter V trustee. Judge Thomas M. Lynch oversees the case. Schafer Fisheries tapped The Golding Law Offices PC and Leibowitz, Hiltz & Zanzig, LLC as bankruptcy counsel, and Philip Firrek as consultant. Newtek Small Business Finance, LLC, as secured creditor, is represented by: Paulina Garga-Chmiel, Esq. Dykema Gossett, PLLC 10 South Wacker Drive, Suite 2300 Chicago, IL 60606 Tel: 312-876-1700 pgarga@dykema.com SHARPLINK GAMING: Acquires 176,271 ETH for $463 Million ------------------------------------------------------- SharpLink Gaming, Inc. announced on June 13, 2025, the strategic acquisition of 176,270.69 ETH for an aggregate purchase price of $462,947,816 (inclusive of fees and expenses), at an average acquisition price of $2,626 per ETH (inclusive of fees and expenses). This acquisition positions the Company as the largest publicly-traded holder of ETH in the world, and the second largest holder behind the Ethereum Foundation. In addition to the initial PIPE transaction from May 26, 2025, the Company also disclosed it raised an additional $79 million in approximate gross proceeds through its at-the-market facility. With a majority of the ATM proceeds used to fund further purchases of ETH, contributing to the total above, these collective purchases have generated ETH per share growth of 11.8% since June 2, 2025. As of June 13, 2025, over 95% of SharpLink's ETH holdings are actively deployed in staking and liquid staking solutions, contributing to Ethereum's network security while generating native yield. "This is a landmark moment for SharpLink and for public company adoption of digital assets," said Rob Phythian, Chief Executive Officer of SharpLink Gaming. "We believe Ethereum is foundational infrastructure for the future of digital commerce and decentralized applications. Our decision to make ETH our primary treasury reserve asset reflects deep conviction in its role as programmable, yield-bearing digital capital." "SharpLink's bold ETH strategy represents a pivotal milestone and innovative approach to the institutional adoption of Ethereum. It comes at a unique time when the United States Congress is moving towards passing significant stablecoin and digital asset market structure legislation. Hopefully, such legislation will serve as a catalyst for adoption of Ethereum technology, a decentralized network capable of many functions in the onboarding of the global economy," added Joseph Lubin, Chairman of SharpLink Gaming, Co-Founder of Ethereum and Founder and CEO of Consensys. "By allocating significant capital to ETH and deploying it in network activities such as staking, SharpLink is both contributing to Ethereum's long-term security and trust properties while earning additional ETH for that work." Treasury Strategy and Market Impact: SharpLink is the first Nasdaq-listed company to adopt a treasury reserve policy centered on ETH. Through this initiative, SharpLink aims to provide shareholders with meaningful economic exposure to ETH, while reinforcing its belief in blockchain's role in transforming industries globally. From May 30, 2025 through June 12, 2025, SharpLink sold shares under its $1 billion ATM equity program, and thus far has raised approximately $79 million in gross proceeds, a majority of which it intends to allocate toward additional ETH purchases. About SharpLink Gaming SharpLink Gaming, Inc., operates as a marketing partner to sportsbooks and online casino gaming operators globally. SharpLink Gaming operates as a marketing partner to sportsbooks and online casino gaming operators globally. Based in Minneapolis, Minnesota, the Company operates PAS.net, an affiliate marketing network that facilitates player acquisition and engagement for regulated iGaming operators. It also manages a portfolio of state-specific affiliate websites targeting local sports betting and online casino audiences. It also manages a portfolio of state-specific affiliate websites targeting local sports betting and online casino audiences. Cherry Bekaert LLP, the Company's auditor since 2022, included a "going concern" qualification in its audit report dated March 14, 2025, for the fiscal year ended December 31, 2024. The firm cited recurring losses and negative operating cash flows as factors that raise substantial doubt about the Company's ability to continue operating. The Company has a track record of net losses and noted that it may be unable to achieve or sustain profitability going forward. The Company experienced net income of $10,099,619 for the year ending Dec. 31, 2024, compared to a net loss of $14,243,182 for the years ended Dec. 31, 2023. As of Dec. 31, 2024, the Company had an accumulated deficit of $(77,808,959). SKY GARDENS: N. Miami Beach Ch. 11 Sale Sets July 22 Bid Deadline ----------------------------------------------------------------- Hilco Real Estate Sales announces July 22, 2025, as the qualifying bid deadline for the 0.86+/- AC, fully entitled development parcel located at 16300 NE 19th Ave in North Miami Beach, Florida. The Chapter 11 bankruptcy sale, Petition No: 1:25-bk-11136-LMI -- In re: Sky Gardens Residences, LLC, is subject to approval by the United States Bankruptcy Court for the Southern District of Florida, Miami Division. Strategically located at the corner of NE 163rd Street and NE 19th Avenue, the shovel-ready site is fully entitled for a 20+-story, 341-unit, Class-A multifamily development with over 400 structured parking spaces and 11,600+/- SF of commercial space. This site offers strong access to Dixie Highway and I-95 and sits within 15 miles of both Miami International and Fort Lauderdale International Airports. With zoning under the MU/TC (Fulford Mixed-Use Town Center) designation, this flexible district allows for a blend of residential and commercial uses. Skygarden Miami is designed as a modern residential community featuring studios, one-bedroom and two-bedroom layouts (averaging 752+/- SF per unit) with private terraces, in-unit laundry and upscale finishes. The building will offer residents a full suite of luxury amenities including a rooftop garden, resort-style pool and spa, fitness center and various lounge spaces. The four ground-floor retail spaces will activate the street front, contributing to the area's ongoing transformation. The property also presents a rare financial advantage: it is eligible for participation in a Community Redevelopment Agency (CRA) tax incentive program, which could provide up to 75% property tax exemption over 20 years if workforce housing criteria are met--significantly enhancing long-term investor returns. The surrounding area is experiencing a development boom with over 3,500 units approved or completed within a three-mile radius. The site's location within a dense, evolving urban corridor, strong local rental demand and zoning flexibility make it a prime target for institutional investors and developers focused on long-term growth and income. Jeff Azuse, executive vice president at Hilco Real Estate Sales, stated, "Skygarden Miami offers the rare combination of design approvals, CRA tax incentives and a location poised for long-term appreciation. It's a turnkey opportunity in one of South Florida's most rapidly evolving markets." Azuse continued, "From its future skyline visibility to the strategic zoning and strong demand drivers, Skygarden is ready to deliver the next wave of high-quality rental housing in North Miami Beach." Qualifying bids must be received on or before the deadline of July 22, 2025, at 12:00 p.m. (ET) and must be based on the Asset Purchase Agreement (APA) document available for review and download from Hilco Real Estate Sale's website. Interested bidders should review the requirements in order to participate in the bankruptcy sale process available on Hilco Real Estate Sale's website. For further information, please contact Steve Madura at (847) 504-2478 or smadura@hilcoglobal.com, Michael Kneifel at (847) 201-2322 or mkneifel@hilcoglobal.com or Jeff Azuse at (847) 418-5032 or jazuse@hilcoglobal.com. For additional details, due diligence access and terms of sale, visit Hilco Real Estate Sales or call (855) 755-2300. About Hilco Real Estate Sales Successfully positioning the real estate holdings within a company's portfolio is a material component of establishing and maintaining a strong financial foundation for long-term success. At Hilco Real Estate Sales (HRE), a Hilco Global company (HilcoGlobal.com), we advise and execute strategies to assist clients seeking to optimize their real estate assets, improve cash flow, maximize asset value and minimize liabilities and portfolio risk. We help clients traverse complex transactions and transitions, coordinating with internal and external networks and constituents to navigate ever-challenging market environments. About Sky Gardens Residences, LLC Sky Gardens Residences LLC is a single asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Sky Gardens Residences LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-11136) on January 31, 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 Laurel M. Isicoff handles the case. Michael D. Seese, Esq., at Seese, PA represents the Debtor as counsel. SPLASH BEVERAGE: Sells Series A Preferred Shares to CEO for $1,000 ------------------------------------------------------------------ Splash Beverage Group, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company filed a Certificate of Designation, classifying and designating the Series A Preferred Shares with the Secretary of State of Nevada, which Certificate of Designation became effective on June 9, 2025. The Certificate of Designation provides that each Series A Preferred Share will have 25,000 votes and will vote together with the Company's outstanding common shares, par value $0.001, as a single class, only with respect to the proposal related to the increase of authorized shares at the Special Meeting. The holder of the Series A Preferred Shares has granted an irrevocable proxy to certain officers of the Company to vote the Series A Preferred Shares in accordance with the terms of the Issuance Documents, in connection with the Special Meeting. Per the terms of the Issuance Documents, if voted, the Series A Preferred Shares are required to vote on the applicable proposals in the same "mirrored" proportion aggregate votes cast "FOR" and "AGAINST" on the proposal to increase the authorized shares by the holders of the Common Shares who properly vote on such proposal (but excluding any abstentions). The Series A Preferred Shares are not convertible into, or exchangeable for, shares of any other class or series of stock or other securities of the Company. Other than a right to receive a liquidation preference equal to the Purchase Price, the Series A Preferred Shares have no rights with respect to any distribution of assets of the Company, including upon a liquidation, bankruptcy, reorganization, merger, acquisition, sale, change-of-control, dissolution or winding up of the Company, in each case whether voluntarily or involuntarily. The Series A Preferred Shares do not entitle its holder to receive dividends of any kind. The outstanding Series A Preferred Shares are required to be redeemed in whole, but not in part, upon the earliest of: (i) if such redemption is authorized and directed by the Board in its sole discretion, automatically and effective on such time and date specified by the Board in its sole discretion, (ii) automatically upon the approval by the Company's shareholders of the increase of the authorized shares at any meeting of shareholders o (iii) immediately prior to the record date for the 2025 Annual Meeting of Shareholders of the Company Upon such redemption, the holder of the Series A Preferred Shares will receive aggregate consideration equal to the Purchase Price. On June 10, 2025, the Company entered into a Subscription and Investment Representation Agreement with CEO Robert Nistico, pursuant to which the Company agreed to issue and sell 1,000 Series A Preferred Shares, par value $0.001 per share, to the Purchaser for an aggregate purchase price of $1,000. The sale closed on June 9, 2025. The Series A Preferred Shares were issued to the Purchaser in connection with a prospective special meeting of the shareholders of the Company. As disclosed in the preliminary proxy statement filed today with the Securities and Exchange Commission in connection with the Special Meeting, the Purchaser only has the right to vote on the following items at the Special Meeting: * To approve an increase in the number of authorized shares of the Company, in light of the Company's 1-for-40 reverse stock split of the Company's outstanding and authorized common stock on March 27, 2025, to maintain flexibility to issue shares of common stock to raise cash in one or more equity financings to fund our operations, to effect future awards under stockholder-approved equity incentive plans or for other general corporate purposes; The Series A Preferred Shares would be automatically redeemed following the Company's shareholders approval of the Conversion Proposals at the Special Meeting. About Splash Beverage Group Fort Lauderdale, Florida-based Splash Beverage Group, Inc. is a portfolio company specializing in managing multiple brands across various growth segments within the consumer beverage industry. The Company focuses on incubating and acquiring brands with the aim of accelerating them to higher volumes and increased sales revenue. Rose, Snyder & Jacobs, based in Encino, California, and the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 29, 2024. The qualification highlighted that the Company has experienced recurring losses from operations, an accumulated deficit, and a working capital deficiency, which raise substantial doubt about its ability to continue as a going concern. The Company has not yet filed its Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2024. SPRING VALLEY: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Spring Valley Partners, LLC 86 Spring Valley Road Park Ridge NJ 07656 Business Description: Spring Valley Partners, LLC operates as a single-asset real estate entity under the definition set by 11 U.S.C. Section 101(51B). The Company is primarily engaged in leasing residential buildings and dwellings, focusing on the management and rental of housing properties. Chapter 11 Petition Date: June 26, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-16770 Judge: Hon. Vincent F Papalia Debtor's Counsel: Ernest Ianetti, Esq. ERNEST G. IANETTI, ESQ. 8 Campus Drive Suite 105 Parsippany, NJ 07054 Tel: 862-242-6567 E-mail: eianetti@ianetti.legal Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Joachim Costagliola as member. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KB6MRNA/Spring_Valley_Partners_LLC__njbke-25-16770__0001.0.pdf?mcid=tGE4TAMA SRX HEALTH: Appoints New President, CEO and Chairman ---------------------------------------------------- SRx Health Solutions, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company accepted the voluntary resignation of Davender Sohi as the President of the Company, effective immediately. Mr. Sohi's resignation is not the result of any dispute or disagreement with the Company on any matters relating to the Company's financial statements, internal controls, operations, policies, or practices. On June 11, 2025, the Company announced that Kent Cunningham, 54, has been appointed as President of the Company; Adesh Vora, 49, has been appointed as Chief Executive Officer of the Company; and Lionel Conacher, 62, has been appointed as Chairman of the Board, in each case effective June 11, 2025. There is no change to the base compensation of any of the foregoing individuals, each of whom already held an officer position and/or directorship with the Company. In each case the individual remains eligible for additional compensation under the Company's existing plans and policies. About Better Choice Company Inc. SRx Health Solutions, Inc. formerly known as Better Choice Company Inc., is headquartered in Tampa, Florida, and focuses on pet health and wellness. The company is known for its premium pet products under the Halo brand, including Halo Holistic, Halo Elevate, and the rebranded TruDog products. Tampa, Fla.-based Marcum LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred significant losses and has an accumulated deficit and may need to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $15.8 million in total assets, $7.2 million in total liabilities, and a total stockholders' equity of $8.6 million. STAFFING MANAGEMENT: Seeks Chapter 11 Bankruptcy in Florida ----------------------------------------------------------- On June 27, 2025, Staffing Management Group LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filing, the Debtor reports $1,979,487 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Staffing Management Group LLC Staffing Management Group LLC provides consulting services to recruiting firms, staffing agencies, and entrepreneurs across the United States. It offers solutions including EOR support, technology integration, staffing web tools, payroll funding, payrolling services, and recruiting support to improve workforce and organizational performance. Staffing Management Group LLCsought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04366) on June 27, 2025. In its petition, the Debtor reports total assets of $744,318 and total liabilities of $1,979,487. Honorable Bankruptcy Judge Catherine Peek McEwen handles the case. The Debtors are represented by Daniel Etlinger, Esq. at UNDERWOOD MURRAY, P.A. STEVEN LAYNE: Gets OK to Hire Caddell Reynolds as Attorney ---------------------------------------------------------- Steven Layne Properties LLC received approval from the U.S. Bankruptcy Court for the Western District of Arkansas to hire Caddell Reynolds Law Firm as attorney. The firm will render these services: a) give Debtor legal advice with respect to their powers and duties as Debtor in Possession of their business and management of their property; and b) prepare on behalf of Debtor, as Debtor in Possession, any Petition, Schedules, Statement of Financial Affairs, any necessary deficient schedules and other documents, applications, answers, orders, reports, complaints, motions, etc., file such required documents, and appear before this Court and any other court in reference thereto; and c) perform all other legal services for Debtor in Possession that may be necessary to effectuate a reorganization of Debtor's financial affairs. The firm charges $350 per hour for attorney's services and $125 per hour for paralegal services. Joel Hargis, Esq., an attorney at Caddell Reynolds, disclosed in court filings 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: Joel G. Hargis, Esq. CADDELL REYNOLDS LAW FIRM P.O. Box 184 Fort Smith, AR 72902 Telephone: (501) 214-0814 Facsimile: (501) 222-8824 Email: jhargis@caddellreynolds.com About Steven Layne Properties LLC Steven Layne Properties LLC is a specialty construction contractor based in Mansfield, Arkansas. Steven Layne Properties LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D Ark. Case No. 25-70880) on May 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000 each. Honorable Bankruptcy Judge Bianca M. Rucker handles the case. The Debtors are represented by Joel G. Hargis, Esq. at Caddell Reynolds. STOCKDALE CAPITAL: Court Appoints Campus at Horton Project Receiver ------------------------------------------------------------------- Jennifer Van Grove of The San Diego Union-Tribune reports that a court-appointed real estate expert will assume control of The Campus at Horton development in downtown San Diego, as Stockdale Capital Partners attempts to resolve a dispute with its lender over hundreds of millions in unpaid debt. On June 26, 2025, San Diego Superior Court Judge Michael Smyth named Matthew Mason, senior vice president at Hilco Real Estate, as the receiver for the stalled project and the neighboring Horton Plaza Park. The judge also issued a temporary restraining order requiring Stockdale to surrender all relevant records and prohibiting the company or its affiliates from obstructing the receiver's duties. According to The San Diego Union-Tribune, the request for a receiver came from AllianceBernstein, the Luxembourg-based investment firm that financed the redevelopment. In court filings, the lender argued the move was necessary to protect the property during foreclosure. Stockdale did not contest the decision. In a court declaration, Managing Partner Dan Michaels said the firm lacked the funds to proceed with construction and that the receivership would allow time to negotiate a long-term solution with the lender. The Campus at Horton is a redevelopment of the former Horton Plaza shopping center. Spanning 10 acres across seven city blocks, the property was purchased by Stockdale in 2018 for $175 million. A year later, the firm secured approval to convert the mall into a mixed-use office and retail hub. In 2020, Stockdale took out a $328.5 million construction loan from AllianceBernstein -- later increased to $398.5 million -- with a maturity date of July 10, 2024. The lender began foreclosure proceedings in February 2025, citing $365.7 million in outstanding principal and interest. Work on the site has since stalled, and recent inspections uncovered serious issues, including water damage and safety hazards caused by incomplete construction. A leak affecting a major electrical conduit was among the concerns raised in court filings. Mason will officially take control once he files the required $50,000 bond and oath of office. According to court documents, Mason has served as receiver on more than 200 commercial real estate cases. His rate is $850 an hour, with staff billing between $275 and $850 per hour. In an unusual move, the court order also requires the receiver to retain Stockdale's property management services for a 65-day transition period -- an indication that the developer and lender are working cooperatively toward a resolution, the report states. "This receivership order is a bit unique because Stockdale Management will remain involved under the receiver," said attorney Gordon Gerson, whose firm represents lenders in foreclosure cases. "But otherwise, the receiver now has full control of the property." Contractors Turner Construction Company and JB Pacific Inc., both of which have filed lawsuits and liens over unpaid work, also participated in the court hearing. Turner's attorney said the company is owed $10.8 million and expressed concern that loan funds could be used to pay receiver-related expenses despite a stop payment notice meant to freeze disbursements. About Stockdale Capital Partners LLC Stockdale Capital Partners, LLC provides real estate investment services. The Company invests, owns, and operates multiple asset classes. Stockdale Capital Partners serves customers in the States of California, Arizona, and Texas. [BN] About Campus at Horton The Campus at Horton is the reincarnation of Horton Plaza, the 1980s-era, post-modern mall famous for helping to revitalize downtown. The 10-acre property consists of seven blocks between First and Fourth avenues, starting with the city-owned Horton Plaza Park along Broadway to the north and cascading south to G Street. SUNNOVA ENERGY: Seeks to Hire Ordinary Course Professionals ----------------------------------------------------------- Sunnova Energy International Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to retain non-bankruptcy professionals in the ordinary course of business. The Debtors need ordinary course professionals to perform services for matters unrelated to this Chapter 11 case. The Debtors seek to pay OCPs 100 percent of the fees and expenses incurred. The Debtors do not believe that any of the OCPs have an interest materially adverse to them, their estates, creditors, or other parties in interest in connection with the matter upon which they are to be engaged. The OCPs include: Baker Botts LLP Legal -- Adhoc Requests Cap (USD): $100,000 Steptoe LLP Legal -- Audit Investigation Cap (USD): $100,000 CohnReznick LLP Accounting -- Provides HLBV Services Cap (USD): $30,000 Estrella LLC Legal -- Puerto Rico Consumer Affairs Cap (USD): $20,000 Shipman & Goodwin LLP Legal -- Regulatory counsel in NE Cap (USD): $20,000 Greenberg Traurig Legal -- Licensing and Regulatory Services Cap (USD): $20,000 McConnell Valdes LLC Legal -- Puerto Rico Regulatory, Tax, and Licensing Services Cap (USD): $20,000 Weaver Accounting -- Advisory Services for Fair Value Assessment Cap (USD): $10,000 Ernst & Young LLP Accounting -- Quarterly Credit Valuation Adjustment (CVA) Services Cap (USD): $12,000 Marianas Legal Strategy Group LLC Tax -- Legal and Compliance Services for CNMI Activities Cap (USD): $10,000 Law Offices of Donald H Williams PC Legal -- NV Contractor Board complaints and licensing issues. Cap (USD): $10,000 Stearns Weaver Miller Legal -- Florida Attorney General Case Representation Cap (USD): $20,000 The Dunning Law Firm APC Legal -- Customer Collections Work Cap (USD): $20,000 Reed Smith LLP Legal -- Claims Assessment Cap (USD): $10,000 Berman & Rabin, P.A Legal -- Customer Collections Work Cap (USD): $10,000 Loyens & Loeff USA BV Tax -- Tax Compliance Services Cap (USD): $10,000 Ryan LLC Tax -- Multistate Personal Property Tax Compliance Cap (USD): $10,000 Zabel Schellenberg, PLLC Tax -- CT indirect tax matters Cap (USD): $20,000 Grant Thornton LLP Tax -- Tax and Advisory Services Cap (USD): $20,000 About Sunnova Energy Sunnova Energy International Inc. (NYSE: NOVA) is an industry-leading adaptive energy services company focused on making clean energy more accessible, reliable, and affordable for homeowners and businesses. Through its adaptive energy platform, Sunnova provides a better energy service at a better price to deliver its mission of powering energy independence. Sunnova Energy International and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90160) on June 8, 2025. In the petitions signed by Ryan Omohundro, chief restructuring officer, Sunnova Energy disclosed between $10 billion and $50 billion in both assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Bracewell LLP, Kirkland & Ellis LLP, and Kirkland & Ellis International LLP as counsel; Moelis & Company LLC as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. Kroll Restructuring Administration LLC is the Debtors' claims, noticing and solicitation agent. SYNERGY MEDICAL: Case Summary & Five Unsecured Creditors -------------------------------------------------------- Debtor: Synergy Medical Services, LLC 115 Beverly Pkwy Pensacola, FL 32505 Business Description: Synergy Medical Services Inc. provides home healthcare services across Florida. The Company offers skilled nursing, specialized nursing services, physical therapy, and home health aides. Its team of registered nurses and therapists delivers in-home care focused on professional, round-the-clock support. Chapter 11 Petition Date: June 27, 2025 Court: United States Bankruptcy Court Northern District of Florida Case No.: 25-30599 Judge: Hon. Karen K Specie Debtor's Counsel: Byron W. Wright III, Esq. BRUNER WRIGHT, P.A. 2868 Remington Green Circle, Suite B Tallahassee, FL 32308 Tel: (850) 385-0342 Fax: (850) 270-2441 E-mail: twright@brunerwright.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by James Young as Manager/Authorized Member. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/P24PVUY/Synergy_Medical_Services_LLC__flnbke-25-30599__0001.0.pdf?mcid=tGE4TAMA T&S FOOD: Deadline for Panel Questionnaires Set for July 1 ---------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of T&S Food Services II LLC. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/yc7h9z3n and return by email it to Jon Lipshie -- Jon.Lipshie@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than Tuesday, July 1, 2025 at 4:00 p.m. Eastern Time. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About T&S Food Services II LLC T&S Food Services II LLC operates franchise locations of national restaurant brands, including Starbucks and Denny's. T&S Food Services II LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11178) on June 19, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by Karen M. Grivner, Esq. at Clark Hill. Reliable Companies dba Reliable is the Debtor's claims and noticing agent. TERRAFORM GLOBAL: S&P Affirms 'BB-' ICR, Outlook Stable ------------------------------------------------------- S&P Global Ratings revised its view on Renewable generation owner TerraForm Global Inc.'s (GLBL) competitive position, S&P affirmed all its ratings, including its 'BB-' issuer credit rating the company and its 'BB-' issue-level rating on GLBL's senior unsecured debt. The recovery rating is unchanged at '3'. S&P said, "We also revised the company's liquidity assessment to 'less than adequate', given the upcoming March 2026 maturity of its unsecured notes. The assessment reflects our expectation that GLBL will successfully refinance any outstanding amount as it continues to monetize its portfolio of assets and use proceeds to pay debt. "The stable outlook reflects our view that GLBL will continue to produce stable and predictable cash flows supported by long-term contracts with creditworthy counterparties and successfully manage its upcoming debt maturities. Under our base-case scenario, we expect debt to EBITDA of about 4.5x and funds from operations (FFO) to debt of about 10% over the next 12 months., under a P90 generation scenario." GLBL continues to monetize its portfolio of operating assets, recently completing the sale of assets in India, reducing the scale and diversity of the business. GLBL continues to use proceeds from asset sales to reduce outstanding debt, maintaining S&P Global Ratings-adjusted debt to EBITDA in the 4.0x-4.5x range. S&P said, "We revised down our view on GLBL's competitive position given recent asset sales, though we affirmed our ratings on the company because proceeds from the sales were used to paydown debt. GLBL launched the sale of its assets in India in January 2024, which consisted of 201 megawatts (MW) of solar and 101 MW of wind assets, generating about 450 GWh on an annual basis. The company completed the sale in the first quarter of 2025, with total proceeds of about $71 million. The company allocated about $33 million to reduce the outstanding amount on its 6.125% senior unsecured notes. "Given this recent sale and a solar asset sale in Uruguay in 2023, the company's scale and diversity have decreased. We expect S&P Global Ratings-adjusted EBITDA will be $65 million in 2025, compared to $100 million in 2022. As such, we revised our assessment on GLBL's business to weak from fair. We believe GLBL is more susceptible to cash flow interruptions if any operational failures or availability issues arise at its key assets. In addition, we view wind projects as more volatile than solar resource projects, and GLBL is nearly 95% concentrated in wind generation. Furthermore, GLBL's portfolio largely consists of unhedged assets in Brazil and China, resulting in foreign exchange risk. "We revised our assessment of GLBL's liquidity to less than adequate because its upcoming maturity due March 1, 2026, will require refinancing. GLBL has $156 million outstanding on its notes as of March 31, 2025, down from about $189 million as of Dec. 31, 2024. This reflects the paydown of about $33 million from the sale of its India assets, and we expect proceeds from its committed incremental project financing at the Brazil subsidiary (raised in December 2024) will further reduce the outstanding amount to around $120 million. While GLBL's revolver has a maturity of July 2026, the facility contains a 91-day springing maturity if there is an outstanding balance on the bonds. Given the notes maturity within the next 12 months, coupled with the springing maturity of the revolver, we no longer reflect the revolver as a source of liquidity for GLBL. Therefore, we revised our liquidity assessment to less than adequate from our prior view of adequate. "Despite the pressure on the entity's quantitative liquidity metrics, we anticipate GLBL will likely look to refinance the outstanding notes within the next three to six months. Simultaneously, we expect it will look to monetize its existing assets, and use proceeds to reduce debt in line with its track record. Additionally, we believe GLBL's parent, Brookfield Renewable Partners (BBB+/Stable/A-2), will likely support the company with alternative sources of funding in the event it is unable to refinance the outstanding maturity within the next three to six months. This is because we believe there is residual equity value at GLBL's remaining assets, and as such, BEP is incentivized to fulfill GLBL's debt obligations to unlock that value. As a result, we continue to view GLBL as moderately strategic to its parent and incorporate a one-notch uplift to our rating on GLBL. "We forecast performance will improve through the rest of the year. In the first quarter of 2025, GLBL's leverage was 5.9x, and FFO to debt was 8.9%. Debt to EBITDA has risen over the past few quarters, largely due to underperformance and timing of one-time events, such as raising nonrecourse debt at its Brazil subsidiary. In Q4 2024, GLBL raised $129 million of non-recourse debt, secured by its Brazil assets through a project financing structure. The facility includes an annual amortization of $14 million, maturing in 2032. The proceeds from the issuance were used to repay about a portion of the outstanding 6.125% senior unsecured notes at the Holdco. We consolidate this nonrecourse borrowing within Terraform Global Inc. because of the strategic importance of its Brazil assets, which contribute about 80% to GLBL's EBITDA." For the year ended 2024, generation in Brazil was at 81% of LTA, due to a combination of lower resource from adverse weather, high curtailment due to flooding leading to record levels of hydro storage impacting demand for other power sources. S&P said, "However, we expect a sequential improvement in performance, notably at its Brazil assets, and we forecast debt to EBITDA in the 4.5x range and FFO to debt in the 10% area by year-end 2025, improving to the 4x area and 13% area in 2026 respectively." S&P said, "We expect GLBL could continue to monetize its portfolio as it approaches the end of the fund hold period and use proceeds to repay debt. Brookfield launched its Brookfield Infrastructure Fund III (BIF III) in 2018, which typically have a 12-year life. At time of inception, the assets were bought out of bankruptcy. The sponsor's strategy is centered on optimizing the operations at the asset level, while simultaneously refining and right-sizing the capital structure. After which, the sponsor would look to monetize its investment through asset sales and use proceeds for debt reduction. However, we have not incorporated this possibility into our base-case scenario given the uncertainty of size and timing of the proceeds. "The stable outlook reflects our view that GLBL will continue to produce stable and predictable cash flows supported by long-term contracts with creditworthy counterparties and successfully manage its upcoming debt maturities. Under our base-case scenario, we expect debt to EBITDA of about 4.5x and funds from operations (FFO) to debt of about 10% over the next 12 months., under a P90 generation scenario. "We would lower the rating on GLBL if debt to EBITDA rises and stays above 5.0x on sustained basis or we believe there is an increasing likelihood that refinancing of its upcoming maturities could be challenged." This could happen due to: -- Stressed capital market conditions; -- Weak operational or financial performance such as a material decline in generation levels; -- A significant change in the portfolio's contractual profile; or -- S&P no longer believes its parent Brookfield Renewable Partners would provide support in most foreseeable circumstances. S&P said, "It is unlikely that we would upgrade GLBL within the outlook horizon given its small size and scale relative to higher-rated peers, and exposure to foreign currency risk in the countries in which it operates. However, we could raise the rating if we anticipate debt to EBITDA will decline below 3.5x on a sustained basis and GLBL increases its size and scale and continues to mitigate its foreign currency risk. Under this scenario we would expect better-than-expected cash flow generation, deleveraging, and growth projects or acquisitions financed largely with equity." TONIX PHARMACEUTICALS: Director Reports Ownership of Stock Options ------------------------------------------------------------------ James Randolph Hunter Jr., Director at Tonix Pharmaceuticals Holding Corp., disclosed in a Form 3 filed with the U.S. Securities and Exchange Commission that as of June 13, 2025, he beneficially owns stock options to acquire 7,742 shares of common stock, consisting of: (i) 2 fully vested options exercisable at $6,240 per share and (ii) 7,740 options exercisable at $34.54 per share, which vest on the date of the Company's 2026 annual meeting of stockholders. A full-text copy of Mr. Hunter's SEC report is available at: https://tinyurl.com/33tdw29w About Tonix Pharmaceuticals Chatham, N.J.-based Tonix Pharmaceuticals Holding Corp., through its wholly owned subsidiary Tonix Pharmaceuticals, Inc., is a fully integrated biopharmaceutical company focused on developing and commercializing therapeutics to treat and prevent human disease and alleviate suffering. As of December 31, 2024, the Company had $162.9 million in total assets, $23.3 million in total liabilities, and $139.6 million in total stockholders' equity. Iselin, N.J.-based EisnerAmper LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 18, 2025, citing that the Company has continuing losses and negative cash flows from operating activities that raise substantial doubt about its ability to continue as a going concern. TONIX PHARMACEUTICALS: Welcomes James Hunter to Board of Directors ------------------------------------------------------------------ Tonix Pharmaceuticals Holding Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors, on the recommendation of its Nominating and Corporate Governance Committee, appointed James "Jim" Hunter as a member of the Board. Based on Mr. Hunter's prior employment with the Company, the Board has determined that Mr. Hunter is not independent under the NASDAQ corporate governance listing standards and Item 407(a) of Regulation S-K. Mr. Hunter was the Company's Executive Vice President, Commercial Operations, from June 2023 to December 2024, and was the founder and Chief Executive Officer of Validus Pharmaceuticals LLC, a privately-held pharmaceutical company, from January 2007 to June 2018. Mr. Hunter's commercial, sales, marketing and market access experience were instrumental in his selection as a member of the Board. In his role as Executive Vice President of Commercial Operations at Tonix Pharmaceuticals and President of Tonix Medicines from June 2023 to December 2024, Mr. Hunter was responsible for managing all aspects of Tonix's commercial efforts, including sales, marketing, market access and other operational and strategic initiatives. In addition to its ongoing commercial activities with respect Tosymra and Zembrance, Tonix Medicines is actively involved in TNX-SL 102 pre-launch activities including launch strategy, market analysis, product positioning, and market access initiatives. "Jim's appointment to our Board comes at a pivotal moment as we continue to expand our commercial footprint and intensify our pre-commercial efforts for the potential launch of TNX-102 SL for fibromyalgia later this year," said Seth Lederman, M.D., Chief Executive Officer of Tonix Pharmaceuticals. "Having successfully built Tonix Medicines from the ground up, Jim brings a unique operational perspective and deep commercial expertise that will be invaluable as we advance our commercial strategy and long-term growth." "I'm honored to join Tonix's Board at such an exciting juncture," said Mr. Hunter. "It's been a privilege to help build Tonix Medicines and launch the Company's commercial capabilities. I look forward to continuing to support Tonix's mission as a member of the Board and contributing to its next phase of growth." "I'm grateful to Jim for creating and building our commercial department which has positioned us well to launch TNX-102 SL for the management of fibromyalgia," said Thomas Englese, EVP of Commercial Operations and leader of Tonix Medicines. "Jim's continued strategic involvement as we prepare for the launch and continue to build our commercial infrastructure will be incredibly valuable." Mr. Hunter will be compensated in accordance with the Company's standard non-employee director compensation plan and received a stock option grant on June 12, 2025, of 7,740 options, having an exercise price of $34.54, and which vests on the day of the Company's 2026 annual shareholder meeting. In connection with his employment with the Company, Mr. Hunter received approximately $25,000 in consulting fees during the period beginning January 1, 2025 and ending June 1, 2025, and approximately $215,000 in compensation during the year ended December 31, 2024. About Tonix Pharmaceuticals Chatham, N.J.-based Tonix Pharmaceuticals Holding Corp., through its wholly owned subsidiary Tonix Pharmaceuticals, Inc., is a fully integrated biopharmaceutical company focused on developing and commercializing therapeutics to treat and prevent human disease and alleviate suffering. As of December 31, 2024, the Company had $162.9 million in total assets, $23.3 million in total liabilities, and $139.6 million in total stockholders' equity. Iselin, N.J.-based EisnerAmper LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 18, 2025, citing that the Company has continuing losses and negative cash flows from operating activities that raise substantial doubt about its ability to continue as a going concern. TOP MOBILITY: Seeks Chapter 11 Bankruptcy in Florida ---------------------------------------------------- On June 26, 2025, Top Mobility Scooters Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. About Top Mobility Scooters Inc. Top Mobility Scooters Inc. is a Florida-based retailer specializing in mobility products such as scooters, power wheelchairs, lift chairs, vehicle lifts, and related accessories. The Company operates both online and through a showroom in Hudson, offering personalized service, on-site repairs, and in-home labor warranties. Founded in 2009, Top Mobility partners with leading brands in the industry to serve customers across the United States. Top Mobility Scooters Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04323) on June 26, 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 Roberta A. Colton handles the case. The Debtors are represented by Michael A. Stavros, Esq. at DAVID JENNIS, PA D/B/A JENNIS MORSE. UNDER ARMOUR: Egan-Jones Retains BB- Senior Unsecured Ratings ------------------------------------------------------------- Egan-Jones Ratings Company on June 17, 2025, maintained its 'BB-' foreign currency and local currency senior unsecured ratings on debt issued by Under Armour, Inc. EJR also withdrew the rating on commercial paper issued by the Company. Headquartered in Baltimore, Maryland, Under Armour, Inc. develops, markets, and distributes branded athletic performance apparel, footwear, and accessories. USA STAFFING: Seeks Chapter 11 Bankruptcy in Florida ---------------------------------------------------- On June 27, 2025, USA Staffing Services LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filing, the Debtor reports $3,239,607 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About USA Staffing Services LLC USA Staffing Services LLC provides staffing solutions across the United States through a network of locally owned partner offices. The Company offers temporary staffing, direct hire, and customized workforce solutions for businesses across various industries and locations. USA Staffing Services LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04358) on June 27, 2025. In its petition, the Debtor reports total assets of $6,315,418 and total liabilities: $3,239,607. Honorable Bankruptcy Judge Catherine Peek McEwen handles the case. The Debtors are represented by Daniel Etlinger, Esq. at UNDERWOOD MURRAY, P.A. VALKEN INC: Seeks Chapter 11 Bankruptcy in New Jersey ----------------------------------------------------- On June 25, 2025, Valken Incorporated filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 100 and 199 creditors. The petition states funds will be available to unsecured creditors. About Valken Incorporated Valken Incorporated, formed in 2008, provides equipment and technology for paintball, airsoft, defense protection, and other shooting sports. The Company supplies a broad range of products across the United States and Europe and operates Victory as a division. Valken Incorporated sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-16742) on June 25, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million to $50 million each. Honorable Bankruptcy Judge Jerrold N. Poslusny Jr. handles the case. The Debtors are represented by Albert A. Ciardi, III, Esq. at CIARDI CIARDI & ASTIN. VAN'S EQUIPMENT: Seeks Chapter 11 Bankruptcy in Washington ---------------------------------------------------------- On June 26, 2025, Van's Equipment Co. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Washington. 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 Van's Equipment Co. Van's Equipment Co. sells and rents new and used heavy equipment, specializing in dirt equipment such as excavators, loaders, and dozers. Based in Burlington, Washington, the Company serves contractors and homeowners and operates as an authorized dealer for Yanmar, Canycom, Okada, and Felling Trailers. Its services include equipment sales, rentals, maintenance, and customization. Van's Equipment Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-11750) on June 26, 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 M. Alston handles the case. The Debtors are represented by Thomas D. Neeleman, Esq. at NEELEMAN LAW GROUP, P.C. VENUS CONCEPT: Intracoastal Capital Holds 4.99% Stake ----------------------------------------------------- Intracoastal Capital LLC, together with Mitchell P. Kopin and Daniel B. Asher, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of June 6, 2025, it beneficially owns 120,474 shares of Venus Concept Inc.'s common stock, par value $0.0001 per share, representing 4.99% of the class, based on 2,414,317 shares outstanding, which includes shares outstanding prior to and issued upon closing of the referenced transaction, as well as shares issuable upon exercise of a warrant held by Intracoastal Capital LLC. Intracoastal Capital LLC may be reached through: Mitchell P. Kopin, Manager 245 Palm Trail, Delray Beach, Florida 33483 Tel: 847-562-9030 A full-text copy of Intracoastal Capital LLC's SEC report is available at: https://tinyurl.com/yjtddf8x About Venus Concept Toronto, Ontario-based Venus Concept Inc. is an innovative global medical technology company that develops, commercializes, and delivers minimally invasive and non-invasive medical aesthetic and hair restoration technologies and related services. The Company's systems have been designed on cost-effective, proprietary, and flexible platforms that enable the Company to expand beyond the aesthetic industry's traditional markets of dermatology and plastic surgery, and into non-traditional markets, including family medicine and general practitioners and aesthetic medical spas. Mississauga, Canada-based MNP LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has reported recurring net losses and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2024, Venus Concept had $72.28 million in total assets, $61.65 million in total liabilities, $520,000 in non-controlling interests, and $10.11 million in total stockholders' equity. VETERANS HOLDINGS: Amends Unsecureds & Richards Secured Claims Pay ------------------------------------------------------------------ Veterans Holdings, LLC, submitted an Amended Disclosure Statement describing Plan of Reorganization dated June 13, 2025. The Plan contemplates payments to all holders of Allowed Claims against the Debtor based upon the cash flow created through the business operations of the Debtor or, alternatively, liquidation of the Debtor's assets. The holders of Equity Interests will not receive any distribution until all other Allowed Claims have been paid in accordance with the Plan. Class 2 consists of the Secured Claim of Richards Clearview City Center, LLC. The Secured Claim of Richards Clearview City Center, LLC shall be allowed in the approximate amount of $2,058,241.17 or an amount determined by this Court. The Class 2 Claim shall be amortized over 30 years at (a) the market rate of 8.5%, or (b) such rate, as determined by the Bankruptcy Court pursuant to Section 1129(b)(2)(A)(i)(II) of the Bankruptcy Code, or (c) upon such other terms as may be mutually agreed upon by the Holder of the Class 2 Claim and the Debtor. Quarterly interest-only will be paid for the first year. Payments will commence on the last day of the third month after the Distribution Date and continue through the 12th month after the Distribution Date. Commencing the last day of the 13th month after the Distribution Date, the Debtor will make monthly payments of principal and interest, with payments continuing for the next 48 months. A balloon payment for the remaining balance of the Class 2 Claim shall be paid on the last day of the 61st month after the Distribution Date. The balloon payment will be funded through Richards' Collateral being refinanced with a third party lender, payoff by an equity holder, or a sale of the Collateral. The Class 2 claim is secured by Richards' Collateral, including a mortgage on the Debtor's real property and an assignment of rents. Richards shall retain its lien on its Collateral until paid in full. This Class will receive a distribution of 100% of their allowed claims. Class 4 consists of General Unsecured Claims. The total estimate of the Class 4 Claims is $2,124,640.00. Each holder of an Allowed General Unsecured Claim shall receive quarterly cash payments equal to its pro rata share of $180,000.00, to be paid over a period of 84 months. Payments shall commence on the first day of the fifteenth month after the Distribution Date. Class 4 will also receive 50% of the Litigation Funds and 75% percent of the Richards Litigation Funds (net of attorneys fees and expenses) after payment of all Allowed Administrative Expense Claims, Priority Claims, and Priority Tax Claims. Any distributions of Litigation Funds or funds from the Richards Litigation will not be applied towards the quarterly payment amounts. Class 4 is impaired. This Class will receive a distribution of 8.5% of their allowed claims. The Plan contemplates payments to all holders of Allowed Claims against the Debtor based upon the cash flow created through the business operations of the Debtor or, alternatively, liquidation of the Debtor's assets. A full-text copy of the Amended Disclosure Statement dated June 13, 2025 is available at https://urlcurt.com/u?l=EYtYOv from PacerMonitor.com at no charge. Attorneys for the Debtor: Patrick S. Garrity, Esq. Albert J. Derbes, Esq. Derbes Law Firm, L.L.C. 3027 Ridgelake Drive Metairie, LA 70002 Telephone: (504) 207-0913 Facsimile: (504) 832-0327 Email: pgarrity@derbeslaw.com About Veterans Holdings LLC Veterans Holdings, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 24-12453) on December 17, 2024, with $1 million to $10 million in both assets and liabilities. Cullan Maumus, manager of Veterans Holdings, signed the petition. Judge Meredith S. Grabill represents the Debtor as legal counsel. Patrick Garrity, Esq., at the Derbes Law Firm, LLC, is the Debtor's bankruptcy counsel. VIASAT INC: To Receive $568M From Ligado Settlement in FY26 ----------------------------------------------------------- Viasat, Inc. announced that its subsidiary Inmarsat Global Ltd. has agreed to a binding term sheet with Ligado Networks and AST & Science, LLC to settle Inmarsat's opposition to Ligado's planned restructuring. Under the conditions set forth in the term sheet, Viasat anticipates receiving $568 million from Ligado in fiscal year 2026, which will primarily be used to manage near term maturities and address its extended maturity profile. Subject to Bankruptcy Court approval, Inmarsat, Ligado and AST agreed to the following: * Starting on September 30, 2025, Ligado will resume making quarterly payments of $16 million per quarter to Inmarsat. The quarterly payment amount increases 3% per year for the life of the contract (through 2107). * Ligado will make a $420 million lump sum payment to Inmarsat on October 31, 2025. * Ligado will pay a lump sum payment of $100 million to Inmarsat on March 31, 2026. Including the December and March quarterly payments, Inmarsat expects to receive a total of $568 million by March 31, 2026. * Ligado's lawsuit against Inmarsat is stayed effective immediately and will be dismissed under conditions set forth in the term sheet. * Viasat's considerable ability to provide essential mobile satellite services (MSS) globally remains unaffected. The agreement reflects Viasat's continued commitment to facilitate innovation that enables new MSS services while ensuring the interference-free provision of existing services, including vital safety services. The agreement also demonstrates the ability to introduce new satellite configurations within existing spectrum sharing terms that have provided critical stability in the industry for decades. "We are pleased that our patient and disciplined approach to Ligado's bankruptcy paid off, resulting in a positive outcome for Viasat and our employees, customers, and shareholders," said Mark Dankberg, Chairman and CEO, Viasat. "We saw the opportunity of a favorable outcome when completing the Inmarsat acquisition and not only anticipated the potential of utilizing the cash proceeds from such an agreement to repay debt, which will soon further strengthen our capital position, but to also advance our growth strategy. To that end, we look forward to continuing our activities with the MSSA to ensure an open architecture, standards based multi-orbit approach to MSS based on continued cooperation mechanisms among MSS operators." About Viasat Inc. Headquartered in Carlsbad, California, Viasat, Inc. operates a consumer satellite broadband internet business, an in-flight connectivity business, and provides satellite and related communications, networking systems, and services to government and commercial customers. Inmarsat operates a satellite communications network using L-band, Ka-band, and S-band spectrum and provides voice and data services to customers on land, at sea, and in the air. * * * Egan-Jones Ratings Company on November 5, 2024, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Viasat, Inc. VISHAY INTERTECHNOLOGY: S&P Lowers ICR to 'BB', Outlook Negative ---------------------------------------------------------------- S&P Global Ratings lowered S&P's issuer credit rating on electronic component provider Vishay Intertechnology Inc. to 'BB' from 'BB+'. S&P also lowered its issue-level rating on the company's senior unsecured notes to 'BB' from 'BB+'. S&P said, "The outlook remains negative, reflecting our expectation that Vishay's S&P Global Ratings-adjusted leverage will increase to the mid-2x area and free cash flow will remain negative during fiscal 2025 due to ongoing revenue and profitability weakness as well as elevated capital expenditure (capex). Although we expect Vishay's business performance to rebound in fiscal 2026 and the company to generate sequential revenue and EBITDA growth, the negative outlook captures the risk that free cash flow will remain weak in 2026 and 2027, which would result in a downgrade." Macroeconomic weakness, pricing pressure in semiconductors, and softer industrial demand continue to challenge discrete semiconductor and passive electronic component provider Vishay Intertechnology Inc.'s financial results. S&P said, "We project Vishay will generate negative free operating cash flow (FOCF) in fiscal 2025, with risk of additional cash flow weakness in 2026 if business recovery takes longer or the company does not realize its investment goals. Our base-case also assumes its S&P Global Ratings-adjusted leverage will peak around the mid-2x area in 2025 and remain above 2x in 2026." The driver of the downgrade is our expectation that Vishay's leverage will remain above 2x and FOCF will be negative over the next 12 months. Vishay's S&P Global Ratings-adjusted EBITDA margin fell to about 10% for the 12-month-period ended in the first quarter of 2025, down from 21% at the close of fiscal 2023. S&P said, "We primarily attribute this decline to lower average selling prices (ASPs), inventory correction, and rising expenses. Increased operating costs related to the Newport wafer fab acquisition have further pressured margins by approximately 200 basis points. Vishay is also undergoing a structural business transformation through a multiyear investment cycle, resulting in elevated capex over several years (planned capex of total $2.6 billion between 2023 and 2028). We now expect leverage to be in the mid-2x area and a 10% FOCF to debt deficit in fiscal 2025, which drive the downgrade." S& said, "We expect market challenges to ease and revenues and margins to improve in 2026, but not enough to generate meaningful positive FOCF. In 2024, Vishay experienced a significant decline in sales volume across various end markets, reflecting a broader market slowdown and reduced customer demand due to elevated distributor inventory levels. Nonetheless, Vishay hasn't seen any demand destruction, and its backlog is growing as of early 2025. The company guided to a stronger second half of 2025, pointing to a trough in financial metrics with improvements in 2026. The company also has natural defenses against tariffs due to number of locations out of which the company operates. Our base case assumes Vishay's revenues grow about 5% and EBITDA margins improve 2% in fiscal 2026. Nonetheless, we continue to expect FOCF to be under pressure during fiscal 2026." Vishay has adequate liquidity to fund its growth initiatives. Vishay plans to invest $2.6 billion in manufacturing capabilities from 2023 to 2028, focusing on high-demand areas like silicon carbide (SiC) technology and AI applications, particularly in sectors such as smart grid infrastructure and automotive. However, due to macroeconomic challenges, the company has slowed its investment pace, with capex projections lowered to about $325 million in 2025. Despite the cash flow weakness, the company has access to more than $600 million in cash and a $750 million revolving credit facility maturing in May 2028, ensuring adequate funding for its expansion. S&P views the company's long-term success tied to the execution of its "Vishay 3.0" plan, which aims to improve customer engagement and capitalize on growth areas. S&P said, "The negative outlook reflects our expectation S&P Global Ratings-adjusted leverage will increase to the mid-2x area and free cash flow will continue to be negative during fiscal 2025 due to ongoing revenue and profitability weakness as well as elevated capex. Although we expect Vishay's business performance to rebound in fiscal 2026 and the company to generate sequential revenue and EBITDA growth, the negative outlook captures the risk that free cash flow will remain weak in 2026 and 2027, which would result in a downgrade." S&P could lower its rating on Vishay to 'BB-' if: -- Vishay is unable to generate revenue growth and improve profitability despite ongoing growth investments; -- S&P expects its S&P Global Ratings-adjusted leverage to increase and remain above the 3x area; or -- Free cash flow to debt stays below 10% over a multi-year horizon. S&P could revise its outlook on Vishay to stable if: -- The company can improve its revenues and EBITDA over the next 12 months; -- S&P's projections point to S&P Global Ratings-adjusted leverage well under 3x; and -- Free cash flow to debt to improves to 10% or better. VOLTZ INC: Legacy Toys Seeks Chapter 11, Wants to Keep Stores Open ------------------------------------------------------------------ Mike Hughlett of The Minnesota Star Tribune reports that Legacy Toys, the Minnesota-based toy retailer that began in Ely and expanded into the Twin Cities, has filed for Chapter 11 bankruptcy protection following a series of financial setbacks. The Edina-headquartered company has shuttered three stores in the past 18 months but continues to operate five locations in Ridgedale, Southdale, Rosedale, and at the Miller Hill and West Acres malls in Duluth and Fargo. "It wasn't one thing -- it was a lot of small things that built up," said Brad Ruoho, Legacy Toys' owner and president, the report cited. He added that while tariffs weren't the sole cause, they were "the final straw." With most toys manufactured in China, U.S. tariffs -- currently at 30% -- have significantly raised costs. "A toy we used to spend $10 on now costs us about $30," Ruoho said. Legacy Toys opened its first store in Ely in 2012, expanding to Duluth and Fargo in 2014 and 2015, then entering the Twin Cities in 2019. Ruoho said he was partly motivated by the closure of Creative Kidstuff, a well-known local chain that shut down in 2019 after more than three decades in business. The retailer has emphasized a hands-on, interactive experience for kids. "We're not a big box store -- we offer demos, and kids can play with everything," Ruoho said. But challenges have mounted. In January 2024, the company closed its Ely store. In August 2025, it shut down its Mall of America location following an eviction lawsuit from MOAC Mall Holdings, which claimed missed rent payments and a lease violation due to another store opening within five miles. A judge ruled in the mall's favor, ordering Legacy Toys to pay $876,842 -- a judgment that remains unpaid, according to The Minnesota Star Tribune. The Mall of America location was Legacy's top-performing store. Its closure caused revenue to fall from $4.72 million in 2023 to $3.05 million in 2024. So far in 2025, the company has generated $815,000 in sales, the report states. In March 2025, Legacy Toys also closed its Rochester store, citing low foot traffic and significant losses from theft. Online sales continue, but they account for just 10% of revenue and have limited profit margins, Ruoho said. According to its bankruptcy filing, the company has $620,600 in assets and $1.79 million in liabilities. Its largest creditor is Bremer Bank, now Old National Bank, which is owed $1.1 million -- with more than half of that secured by company assets. Legacy also owes $499,000 to the U.S. Small Business Administration in unsecured debt. Despite the challenges, Ruoho remains hopeful. "We believe that with time and relief through bankruptcy, we can emerge stronger on the other side," he said. About Voltz Inc. Voltz Inc., doing business as Legacy Toys, a specialty toy retailer selling children's toys, games, puzzles, and educational products through physical retail locations and e-commerce. Voltz Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-42086) on June 25, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by John D. Lamey, III, Esq. at Lamey Law Firm, P.A. WOLFSPEED INC: Seeks Chapter 11 Bankruptcy to Cut $4.6B Debt ------------------------------------------------------------ On June 30, 2025, Wolfspeed, Inc. (NYSE: WOLF), a global leader in silicon carbide technologies, has filed for Chapter 11 bankruptcy to carry out its previously announced Restructuring Support Agreement (RSA) with key financial stakeholders. The agreement has secured the backing of more than 97% of Wolfspeed's senior secured noteholders, Renesas Electronics Corporation’s U.S. subsidiary, and over 67% of its convertible noteholders. Through this court-supervised process, Wolfspeed aims to reduce its total debt by around 70% -- approximately $4.6 billion -- and lower its annual cash interest expenses by roughly 60%. The company anticipates completing the restructuring and emerging from bankruptcy by the end of the third calendar quarter of 2025. "This is a decisive step to reinforce our financial foundation and accelerate our growth trajectory," said CEO Robert Feurle. "With strong lender support, we’re in a solid position to advance our strategic initiatives and sustain our leadership in the silicon carbide space." Wolfspeed continues to operate without disruption during the restructuring, maintaining normal delivery of products to customers and timely payments to vendors. The company has also filed customary motions with the court to ensure the continuation of employee compensation and benefits programs. An "All-Trade Motion" has been submitted to ensure vendors remain unaffected by the proceedings, with court approval expected soon. Feurle added, "We're fully focused on serving our customers, supporting our partners, and driving innovation. I'm especially grateful to our employees for their ongoing commitment. This restructuring will allow Wolfspeed to better meet growing semiconductor demand with our purpose-built, automated 200mm manufacturing platform." About Wolfspeed Inc. Wolfspeed, Inc. is an innovator of wide bandgap semiconductors, focused on silicon carbide materials and devices for power applications. Its product families include silicon carbide materials and power devices targeted for various applications such as electric vehicles, fast charging and renewable energy and storage. Wolfspeed Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90163) on June 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Latham & Watkins LLP and Hunton Andrews Kurth LLP are serving as legal counsel to Wolfspeed, Perella Weinberg Partners is serving as financial advisor and FTI Consulting is serving as restructuring advisor. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the senior secured noteholders and Moelis & Company is serving as the senior secured noteholders’ financial advisor. Kirkland & Ellis LLP is serving as legal counsel to Renesas Electronics Corporation, PJT Partners is serving as its financial advisor, and BofA Securities is serving as its structuring advisor. Ropes & Gray LLP is serving as legal counsel to the convertible debtholders and Ducera Partners is serving as financial advisor to the convertible debtholders. ZAMA&ZAMA INC: Hires Larson & Zirzow LLC as Bankruptcy Counsel -------------------------------------------------------------- Zama&Zama Inc. seeks approval from the U.S. Bankruptcy Court for the District of Nevada to hire Larson & Zirzow, LLC as its bankruptcy counsel. The firm will render these services: (a) prepare on behalf of the Debtor all necessary or appropriate legal papers in connection with the administration of its bankruptcy estate; (b) take all necessary or appropriate actions in connection with a plan of reorganization and all related documents, and such further actions as may be required in connection with the administration of the Debtor's estate; (c) take all necessary actions to protect and preserve the Debtor's estate; and (d) perform all other necessary legal services in connection with the prosecution of the Chapter 11 case. The firm will be paid at these hourly rates: Matthew Zirzow, Principal $650 Benjamin Chambliss, Associate $500 Patricia Huelsman, Paralegal $295 In addition, the firm will seek reimbursement for expenses incurred. The firm received a total pre-petition retainer of $35,000 from the Debtor. Mr. Zirzow disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew C. Zirzow, Esq. Larson & Zirzow, LLC 850 E. Bonneville Ave. Las Vegas, NV 89101 Telephone: (702) 382-1170 Facsimile: (702) 382-1169 Email: mzirzow@lzlawnv.com About Zama&Zama Inc. Zama&Zama Inc., doing business as Karma and Luck, operates a retail business specializing in spiritual jewelry and home decor. Its product offerings include bracelets, necklaces, solid gold pieces, earrings, rings, charms, and anklets, as well as Tree of Life displays, ceramic decor, sage kits, wooden home blessings, large ceramics, and singing bowls. The Company is based in Las Vegas, Nevada, and sources its merchandise internationally, including from India and China. Zama&Zama Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-13501) on June 18, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge August B. Landis handles the case. The Debtors are represented by Matthew C. Zirzow, Esq. at LARSON & ZIRZOW, LLC. ZEN JV LLC: Represented by Latham & Watkins in APA -------------------------------------------------- CareerBuilder + Monster, a global talent marketplace and workforce solutions leader, has announced the initiation of a court-supervised sale process aimed at maximizing value, preserving jobs, and seamlessly transitioning ownership of their businesses. The company has entered into an asset purchase agreement with JobGet Inc. for the sale of its job board business, which provides a talent marketplace connecting employers with job candidates. Additionally, CareerBuilder and Monster have entered into an asset purchase agreement with Valnet Inc. for the sale of Monster Media Properties, and an asset purchase agreement with Valsoft Corporation for the sale of Monster Government Services. With the support of each of the "stalking horse" buyers and to facilitate the sales, the company initiated a voluntary Chapter 11 process in the U.S. Bankruptcy Court for the District of Delaware. The sales are subject to any higher or otherwise better bids during the Chapter 11 process. Latham & Watkins LLP represents CareerBuilder + Monster in the process with a restructuring & special situations team led by New York partners Ray Schrock and Candace Arthur and London partner Jessica Walker, with associates Jonathan Gordon, Allie Lisner, Alex McKenzie, John Zhang, and Ben Russell, with assistance from Montana Licari. Advice on corporate matters was provided by New York partners Rick Press and Michael Anastasio, and New York counsel Ben Kaplan and Richard Quay, with associates Victor Wang, Christopher Lim, Josh Barkow, and Mary Ann Gallucci, with assistance from Shoumick Hasan and Wendy Li; on tax matters by Chicago partner Joseph Kronsnoble, with associates Lukas Kutilek and Joyce Shin; on intellectual property matters by Washington, D.C. partner Morgan Brubaker, with associate Julian Savelski; on antitrust matters by San Francisco partner Joshua Holian, with associate Doug Tifft; on executive compensation, employment, & benefits matters by Washington, D.C. partner Erin Murphy and New York counsel Rifka Singer; on CFIUS matters by counsel Catherine Hein; on banking matters by New York partner Scott Ollivierre, with associate Kate Waterman; on data privacy matters by Houston partner Robert Brown, with associate Stuart Cobb; on real estate matters by counsel Jeffrey Anderson; on labor & employment matters by Chicago partner Nineveh Alkhas and counsel Laura Waller; and on insurance matters by San Diego partner Drew Gardiner. 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. [] Cle Elum Files Ch. 9 to Protect From $26M Arbitrator's Award --------------------------------------------------------------- The City of Cle Elum on June 24, 2025, filed for Chapter 9 bankruptcy protection, a legal mechanism designed specifically for municipalities, after negotiations with developer City Heights Holdings, LLC failed to reach a sustainable resolution. The filing comes in response to a $25.9 million damages award issued by an arbitrator following a legal dispute relating to a development agreement entered in 2011, which accrues interest at 12%. The City made increasingly generous offers during the 3 months' long mediation process, but the City's final offer was rejected by City Heights. The City was willing to make significant concessions to avoid a bankruptcy filing, but it could go no further without jeopardizing the ability to pay for necessary city services over the next 20 years. City Heights initiated garnishments to seize the City's bank accounts prior to the final mediation session, which forced the City to seek Chapter 9 protection when its final offer at the June 16 mediation session was rejected. Why Chapter 9? The City's decision to seek Chapter 9 protection was made to preserve essential public services and protect residents' interests, ensuring that the City of Cle Elum remains financially stable while working toward a fair resolution with City Heights. The timing was necessary to free the City's bank accounts from garnishments that City Heights refused to release. "We did not make this decision lightly," said Mayor Matthew Lundh. "For months, we pursued every reasonable avenue to reach a fair and responsible settlement with City Heights. Unfortunately, we were unable to do so. Our priority continues to be protecting Cle Elum's residents, essential services, and our financial future. Chapter 9 allows us to do just that." What This Means for Cle Elum: The Chapter 9 filing does not eliminate the City of Cle Elum's financial obligation to City Heights, but it allows the City, subject to Bankruptcy Court review and approval, to work toward a more sustainable resolution--likely reducing the City's total payment obligations to reflect the City's financial realities. This process ensures that the City can continue to provide vital services for its residents--including those who may eventually live in the City Heights development. Next Steps: The City remains committed to good-faith negotiations and will work through the legal process to find a balanced resolution that safeguards the City's financial future. [] Haynes Boone Adds Two New Restructuring Partners to NY Office ---------------------------------------------------------------- Haynes Boone is continuing its strategic expansion in New York with the addition of financial restructuring partners Ingrid Bagby and Michele Maman. The arrival of Ms. Bagby and Ms. Maman brings the firm to nine new partners in New York since the beginning of the year, notably following the additions of Insurance Recovery Partner Carrie DiCanio and Real Estate Finance Partner Moni Sarmadi within the past month. Ms. Bagby and Ms. Maman are two well-established restructuring attorneys with decades of collective experience working together representing sophisticated financial institutions, private lenders and other market participants in complex and high-value distressed situations. They bring an integrated practice with a focus on creditor-side restructurings and special situations across a variety of industries. "Ingrid and Michele are leaders in the restructuring space and their ability to spot nontraditional, value-driven opportunities aligns perfectly with how Haynes Boone approaches client service," said New York Office Managing Partner Craig Unterberg. They strengthen Haynes Boone's international Restructuring Practice Group and further enhance the firm's ability to advise on bespoke, multidisciplinary matters that often fall outside the traditional bankruptcy mold. Richard Kanowitz, a New York restructuring partner who led the firm's representation of BlockFi in its bankruptcy proceedings, added, "they are collaborative, entrepreneurial and bring the kind of strategic thinking that defines our New York office and our firm." Both Ms. Bagby and Ms. Maman have a long track record of working together to advise secured and unsecured creditors, private credit funds, ad hoc groups, insurers and asset acquirors in a wide range of restructurings, as well as in related litigation. Their experience spans traditional restructuring as well as distressed matters intersecting with structured finance, derivatives, CLOs and other complex financial products. "Haynes Boone's strength in a wide array of different practice areas makes the firm an ideal platform to continue building our practice," Ms. Bagby said. "We see significant opportunity to grow the firm's destination restructuring shop in New York, performing high-impact work and providing practical, client-focused solutions." Ms. Bagby and Ms. Maman have earned reputations as skilled practitioners and thoughtful leaders, receiving industry recognition throughout their careers. Their addition supports Haynes Boone's broader investment in expanding its New York footprint across key practices. "We are thrilled to be joining such a dynamic team that shares our commitment to delivering strategic results for clients through multi-disciplinary collaboration," Ms. Maman added. "Haynes Boone's current momentum and solid track record of growth -- particularly here in New York -- makes this an exciting next chapter. We are looking forward to contributing meaningfully to a forward-thinking institution that has positioned itself for long-term success." Since the beginning of 2024, Haynes Boone has welcomed more than 20 lateral partners firmwide, strengthening the firm's capabilities in private credit, capital markets, M&A, energy, intellectual property and litigation. The additions underscore the firm's ongoing focus on building depth in core practices across the United States and internationally. ********* 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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