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250703.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, July 3, 2025, Vol. 29, No. 183 Headlines 123DENTIST INC: Cliffwater CLFX Marks CAD$39.4MM 1L Loan at 31% Off 123DENTIST INC: Cliffwater Corporate Marks CAD$9.6M Loan at 64% Off 23ANDME HOLDING: Court OKs Deal Supporting Equity Panel Formation 250 WYNAH: Janice Seyedin Named Subchapter V Trustee 31 PRINCE STREET: New York Properties Up For Sale on July 24 A&F USA PROPERTIES: Seeks Chapter 11 Bankruptcy in Texas AB CENTERS: Cliffwater Corporate Marks $4.1MM Loan at 70% Off ACENTRA HOLDINGS: Cliffwater Corporate Marks $1.7M Loan at 74% Off ADVANTAGE HCS: Cliffwater Corporate Marks $7.5MM Loan at 40% Off AFFINITY HOSPICE: Cliffwater CLFX Marks $10.9MM 1L Loan at 16% Off AG-TWIN BROOK: Cliffwater Corporate Marks $24.1M 1L Loan at 47% Off AG-TWIN BROOK: Cliffwater Corporate Marks $6.9MM 1L Loan at 94% Off AIR INDUSTRIES: Stockholders Approve All Proposals at 2025 Meeting AL DRUGS: Seeks to Use Cash Collateral AP CORE II: Moody's Affirms 'B3' CFR & Alters Outlook to Stable AP GAMING: S&P Withdraws 'B' ICR on Repayment of Outstanding Debt ASHMARK CONSTRUCTION: Seeks Chapter 11 Bankruptcy in Michigan AT HOME GROUP: U.S. Trustee Appoints Creditors' Committee B-1208 PINE: To Sell Pivot Apartments to Greyhawk in Credit Bid BAYSIDE LIMO: Amy Denton Mayer Named Subchapter V Trustee BEL TEMPO: Seeks Chapter 11 Bankruptcy in Arizona BISHOP OF SAN DIEGO: DiMarco Represents Sexual Abuse Claimants BISHOP OF SAN DIEGO: Gomez Trial Represents Sexual Abuse Claimants BISHOP OF SAN DIEGO: Manly Stewart Advises Sexual Abuse Claimants BISHOP OF SAN DIEGO: Mary Alexander Advises Sexual Abuse Claimants BISHOP OF SAN DIEGO: Panish Shea Represents Sexual Abuse Claimants BISHOP OF SAN DIEGO: Winer Burritt Advises Sexual Abuse Claimants BLOCKFI INC: Gets Court OK to Abandon Remaining Clients, Biz Data BORDEAUX VENTURES: Case Summary & Three Unsecured Creditors BORDEAUX VENTURES: Seeks Chapter 11 Bankruptcy in Tennessee CAMBRIDGE ACQUISITIONS: Secured Party Sets Aug. 12 Auction CASCADE PARENT: Moody's Cuts CFR to Caa1 & Alters Outlook to Stable CELSIUS NETWORK: $4B Tether Bitcoin Clawback Claims Move Forward CHARLIE'S HOLDINGS: Posts Q1 Net Loss of $1.22 Million CK BUILDERS: Voluntary Chapter 11 Case Summary COZY HARBOR: Pricing Woes Cue Chapter 11 Filing COZY HARBOR: Seeks Chapter 11 Protection CP ATLAS: Moody's Affirms 'B3' CFR & Alters Outlook to Negative CPPIB OVM: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable CTF CHICAGO: Court Extends Cash Collateral Access to July 31 DAYTON HOTELS 2: Files Emergency Bid to Use Cash Collateral DECO GROUP: To Sell Restaurant Equipment to The Texan-1836 for $37K DEL MONTE: Files for Chapter 11 to Pursue Going-Concern Sale DELEK LOGISTICS: Moody's Rates New Sr. Unsec. Notes Due 2033 'B2' DESAI HOLDINGS: Case Summary & 18 Unsecured Creditors DI ANTAR: Gets Interim OK to Use Cash Collateral DIAMOND RENOVATIONS: Case Summary & 20 Top Unsecured Creditors DISCOVER QUARTZ: L. Todd Budgen Named Subchapter V Trustee DOLCHE TRUCKLOAD: Seeks DIP Financing, Access to Cash Collateral DP LOUISIANA: Seeks Subchapter V Bankruptcy in Louisiana DVAC HEATING: Seeks to Use Cash Collateral Until September EAZY-PZ LLC: Gets Interim OK to Use Cash Collateral ECHOSTAR CORP: Averts Chapter 11 Resuming Interest Payments EMERGENCY HOSPITAL: Gets Extension to Access Cash Collateral FLORIDA MAGICAL: Unsecureds Will Get 36.31% of Claims in Plan FTX TRADING: Recovery Trust Wants to Recoup $50MM from AZA Finance GEORGIA VASCULAR: U.S. Trustee Unable to Appoint Committee GIANT WASH: Case Summary & Six Unsecured Creditors GLOBAL MEDICAL: S&P Upgrades ICR to 'B', Outlook Stable GOLDEN WEST: Moody's Withdraws 'Caa2' Corporate Family Rating HAYS TABERNACLE: To Sell Kramer Property to S. & E. Onyemauche HEIFER PLEASE: Linda Gore Named Subchapter V Trustee HIDDEN PATH: Case Summary & 11 Unsecured Creditors HIGHER GROUND: Deadline to File Claims Set for Aug. 7, 2025 HILTON DOMESTIC: S&P Rates New Senior Unsecured Notes Rated 'BB+' HUDSON 1702: Secured Party Sets July 25 Auction ICORECONNECT INC: U.S. Trustee Appoints Creditors' Committee JBRI CONSTRUCTION: To Sell Ford Truck to Demetrio Sanchez-Arama L.D. LYTLE: Seeks Subchapter V Bankruptcy in Texas LANDMARK HOLDINGS: Seeks to Sell Hospital Asset at Auction LIGADO NETWORKS: Disclosures Approved; Unsecureds Get 100% MALLINCKRODT PLC: Execs See Securities Fraud Claims Narrowed MARELLI AUTOMOTIVE: U.S. Trustee Appoints Creditors' Committee MARIN SOFTWARE: Seeks Chapter 11 Bankruptcy in Delaware MARKUS CORP: Court Extends Cash Collateral Access to July 31 MARRS CONSTRUCTION: Gets Final OK to Use Cash Collateral MAVERICK GAMING: Moody's Withdraws 'Caa2' Corporate Family Rating MERIT STREET: Big TV Firm Seeks Chapter 11 Bankruptcy in Texas MGT CAPITAL: Posts $404,000 Third Quarter Net Income MMNTAG LLC: Seeks Chapter 11 Bankruptcy in Texas MOBIVITY HOLDINGS: Expands Board Committee Powers in Amended Bylaws MZS PROPERTIES: Court Extends Cash Collateral Access to Sept. 2 NATIONAL FENCE: Seeks to Use Cash Collateral NELROY DRUGS: Seeks Cash Collateral Access NEW AGE: Unsecured Creditors to Split $160K over 5 Years NOBLE GOODNESS: U.S. Trustee Unable to Appoint Committee NORTHLAKE CORNERS: Seeks Chapter 11 Bankruptcy in Texas NORTHVOLT AB: Lyten to Buy Energy Storage Plant in Poland POWIN LLC: U.S. Trustee Appoints Creditors' Committee PREMIER HOLDINGS: Receiver Gains Control of Truist Bank Account QUAD/GRAPHICS INC: Fitch Affirms & Then Withdraws 'B+' LongTerm IDR QUALITY PROPERTIES: Court OKs Deal to Use Lender's Cash Collateral RICHFIELD NURSING: No Committee Formed in Milford Case RITE AID: Closes Adams County Store Permanently ROVER PROPERTIES: Court Extends Cash Collateral Access to July 31 S&G HOSPITALITY: Court Extends Cash Collateral Access to July 30 S3 GROUP: U.S. Trustee Appoints Creditors' Committee SAMPLE TIRE: Unsecureds Will Get 3% of Claims over 60 Months SAR AMERICAN: Seeks Chapter 11 Bankruptcy in Texas SDJ MAYPEARL: Seeks Chapter 11 Bankruptcy in Texas SEVEN SEAS: Unsecureds to Get 5.6 Cents on Dollar in Plan SILVER STATE: Seeks Chapter 11 Bankruptcy in Nevada SINTX TECHNOLOGIES: Buys SiNAPTIC to Enter $1.3B Foot, Ankle Field SLM MILLEDGEVILLE: Court Appoints KCP Advisory Group as Receiver ST CHRISTOPHER'S: Seeks to Sell Jennie Clarkson Property at Auction STERNE WOOD: Gets OK to Use Cash Collateral Until Aug. 30 SUNRISE VILLAS: Appointment of Receiver for Property Stayed TELEFONICA DEL PERU: Secures Chapter 15 Recognition TEXSTAR LUMBER: Seeks Subchapter V Bankruptcy in Texas THE BURGUNDIAN: Gets Interim OK to Use Cash Collateral THG ACQUISITION: Cliffwater Corporate Marks $12.8MM Loan at 98% Off THG ACQUISITION: Cliffwater Corporate Marks $6.4MM Loan at 87% Off TIGHT LINES: Gets OK to Use $10K in Cash Collateral Until July 9 TREES N TRENDS: Closes All Stores With No Bankruptcy TWENTY EIGHT: Gets OK to Use Cash Collateral Until August 31 UNIFIED SCIENCE: U.S. Trustee Unable to Appoint Committee UNISON RISK: Cliffwater Corporate Marks $10.5MM Loan at 93% Off VALE INSURANCE: Cliffwater Corporate Marks $2.4MM Loan at 80% Off VALKEN INC: Deadline for Panel Questionnaires Set for July 7 WANDERLY LLC: Claims to be Paid from Asset Sale Proceeds WASH MULTIFAMILY: S&P Places 'B-' ICR on CreditWatch Negative WATCO COMPANIES: Fitch Affirms 'B' LongTerm IDR, Outlook Stable WATER-MAN SMITH I: Files Emergency Bid to Use Cash Collateral WAVERLY ADVISORS: Cliffwater CLFX Marks $509,000 Loan at 81% Off WAVERLY ADVISORS: Cliffwater Corporate Marks $5.2MM Loan at 86% Off WEALTH ENHANCEMENT: Cliffwater Corporate Marks $12M Loan at 94% Off WEC 98D-7: Court Appoints Chris Neilson of Trigild IVL as Receiver WELCOME PHARMACIES: Court Reappoints Basil Simon as Receiver WHITE CAP: Moody's Rates New $200MM Senior Secured Term Loan 'B2' WING BOSS: Unsecureds Will Get 50% of Claims via Quarterly Payments WOLFSPEED INC: Case Summary & 30 Largest Unsecured Creditors WOLFSPEED INC: Plan to Cut Debt by $4.6B; Unsecureds Unimpaired WOLFSPEED INC: Renesas, Owed $2-Bil., Backs Debt-for-Equity Plan WORLDWIDE INSURANCE: Cliffwater CLFX Marks $1.9MM Loan at 57% Off [] ABI to Hold Mid-Atlantic Bankruptcy Workshop on Aug. 18-20 [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 123DENTIST INC: Cliffwater CLFX Marks CAD$39.4MM 1L Loan at 31% Off ------------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its CAD$39,461,496 loan extended to 123Dentist, Inc. to market at CAD$27,250,513 or 69% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a First Lien Term Loan to 123Dentist, Inc. The loan accrues interest at a rate of 7.72% per annum. The loan matures on August 10, 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 123Dentist, Inc. 123Dentist Inc. provides health care facilities. The Company offers various kinds of dental treatments. 123Dentist serves patients in Canada. 123DENTIST INC: Cliffwater Corporate Marks CAD$9.6M Loan at 64% Off ------------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its CAD$9,656,048 loan extended to 123Dentist, Inc. to market at CAD$3,459,088 or 36% 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 123Dentist, Inc. The loan accrues interest at a rate of 7.72% per annum. The loan matures on August 10, 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 123Dentist, Inc. 123Dentist Inc. provides health care facilities. The Company offers various kinds of dental treatments. 123Dentist serves patients in Canada. 23ANDME HOLDING: Court OKs Deal Supporting Equity Panel Formation ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Missouri approved a stipulation entered into by 23andMe Holding Co., the official committee of unsecured creditors and the ad hoc group of shareholders in support of the appointment of an official committee of equity security holders. Under the stipulation, 23andMe and the unsecured creditors' committee agreed to support the ad hoc group's motion to appoint an equity committee in the company's Chapter 11 case, subject to the court's approval of the sale of substantially all of the company's assets. Upon entry of the sale order, the unsecured creditors' committee's objection to the ad hoc group's request to expedite the hearing on the equity committee motion will be deemed withdrawn. In its objection filed on June 16, the unsecured creditors' committee expressed concern the ad hoc group's request for an expedited hearing would prejudice its ability to conduct discovery and brief the issues raised in the equity committee motion on shortened time. The Bankruptcy Court ordered the U.S. Trustee for Region 13, which oversees 23andMe' s Chapter 11 case, to appoint an equity committee. The Court approved the equity committee's scope of work, which includes the following: (1) Claims Administration. The official equity committee may undertake review of and, if appropriate, raise objections to any proposed settlement or allowance of any claims against the Debtor's estate if the parties are unable to resolve any such objections following good faith negotiations. (2) Asset Sale. The official equity committee's ability to object to the winning bidder at the sale hearing is preserved. (3) Chapter 11 Plan: The official equity committee may engage in negotiations with 23andMe, the unsecured creditors' committee, and other stakeholders regarding the terms, documentation, and confirmation of a Chapter 11 plan, including with respect to provisions governing (i) post-effective date claims administration procedures, and (ii) pursuit of preserved estate claims and causes of action, in each case as implemented or pursued, as applicable, after the effective date of a Chapter 11 plan. The equity committee will have an allowed administrative claim under Section 503(b)(2) of the Bankruptcy Code for compensation and reimbursement of its fees and expenses for services performed by its counsel and any other professional it retains within the scope of work from the appointment of the equity committee through the effective date of a Chapter 11 plan. These fees and expenses must not exceed $2.55 million in the aggregate, according to the stipulation. About 23andMe 23andMe Holding Co. is a genetics-led consumer healthcare and biotechnology company in San Francisco, Calif. 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 and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). 23andMe 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 serve as legal counsel to the Debtors while Alvarez & Marsal North America, LLC serve as the restructuring advisor. The Debtors tapped Reevemark, LLC and Scale Strategy Operations, LLC as communications advisors and Kroll Restructuring Administration Services, LLC as claims agent. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP serve as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Kelley Drye & Warren, LLP and Stinson, LLP as legal counsel and FTI Consulting, Inc. as financial advisor. 250 WYNAH: Janice Seyedin Named Subchapter V Trustee ---------------------------------------------------- The U.S. Trustee for Region 11 appointed Janice Seyedin as Subchapter V trustee for 250 Wynah Lane, LLC. Ms. Seyedin will be paid an hourly fee of $295 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Seyedin declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. 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. Judge Deborah L. Thorne handles the case. The Debtor is represented by Matthew T. Gensburg, Esq., at Gensburg Calandriello & Kanter, P.C. 31 PRINCE STREET: New York Properties Up For Sale on July 24 ------------------------------------------------------------ Wilmington Trust, National Association, as trustee for the benefit of the registered holders of Wells Fargo Commercial Mortgage Trust 2018 C44, Commercial Mortgage Pass Through Certificates, Series 2018 C44, acting by and through its special services, Rialto Capital Advisor LLC, as special servicer under the pooling and servicing agreement dated as of May 1, 2018, plaintiff against 31 Prince Street LLC, et al. (defendants). Pursuant to that certain order & judgment entered herein and dated May 29, 2025, Richard J. Madison, court-appointed referee, with the assistance of Matthew D. Mannion, of Mannion Auctions LLC ("auctioneer"), will sell at a public auction outside the main entrance of 31 Prince Street aka 242-244 Mott Street, New York, New York 10012 on July 24, 2025, at 3:00 p.m. (prevailing Eastern Time) the properties located at (i) 31 Prince Street aka 242 244 Mott Street, New York, New York 10012 ("parcel A"), (ii) 46 Prince Street aka 250 Mulberry Street, New York, New York 10012 ("parcel B"), and (iii) 48 Spring Street aka 207 211 Mulberry Street, New York, New York 10012 ("parcel C"). The approximate amount of lien, pursuant to a judgment, is $60,539,920.44 plus default interest & costs. Parcel A, Parcel B, and Parcel C will be sold together as a single parcel and is further subject to the provisions of the filed judgement and forthcoming terms of sale. Interested bidders must appear at the aforementioned location, time and day of the public auction with at least 10% of the sum bid with all certified and bank checks made payable to Richard J. Madison. A&F USA PROPERTIES: Seeks Chapter 11 Bankruptcy in Texas -------------------------------------------------------- On July 1, 2025, A&F USA Properties LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Texas. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About A&F USA Properties LLC A&F USA Properties LLC is a single-asset real estate debtor whose principal property is located at 621 Highway 146 South in La Porte, Texas. A&F USA Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-51499) on July 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Michael M. Parker handles the case. The Debtors are represented by Ronald Smeberg, Esq. at THE SMEBERG LAW FIRM. AB CENTERS: Cliffwater Corporate Marks $4.1MM Loan at 70% Off ------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $4,147,638 loan extended to AB Centers Acquisition Corporation to market at $1,256,791 or 30% 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 AB Centers Acquisition Corporation. The loan accrues interest at a rate of 9.57% per annum. The loan matures on July 2, 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 AB Centers Acquisition Corporation AB Centers Acquisition Corporation is focused on behavioral health sector, specifically Applied Behavior Analysis (ABA) therapy providers. ACENTRA HOLDINGS: Cliffwater Corporate Marks $1.7M Loan at 74% Off ------------------------------------------------------------------ Cliffwater Corporate Lending Fund (CCLFX) has marked its $1,735,776 loan extended to Acentra Holdings, LLC (fka CNSI Holdings, LLC) loan to market at $452,258 or 26% 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 Acentra Holdings, LLC (fka CNSI Holdings, LLC). The loan accrues interest at a rate of 9.80% per annum. The loan matures on December 17, 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 Acentra Holdings, LLC (fka CNSI Holdings, LLC) Acentra Holdings, LL is a provider of innovative healthcare technology products and solutions. ADVANTAGE HCS: Cliffwater Corporate Marks $7.5MM Loan at 40% Off ---------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $7,500,000 loan extended to Advantage HCS LLC loan to market at $4,488,578 or 60% 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 Advantage HCS LLC. The loan accrues interest at a rate of 13.00% per annum. The loan matures on November 8, 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 Advantage HCS LLC Advantage Health Care Staffing -- https://www.advantagehcs.com/ --specializes in healthcare staffing and travel nursing in Texas and Louisiana. AFFINITY HOSPICE: Cliffwater CLFX Marks $10.9MM 1L Loan at 16% Off ------------------------------------------------------------------ Cliffwater Corporate Lending Fund (CCLFX) has marked its $10,984,454 loan extended to Affinity Hospice Intermediate Holdings, LLC loan to market at $9,212,889 or 84% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a First Lien Term Loan to Affinity Hospice Intermediate Holdings, LLC. The loan accrues interest at a rate of 9.18% per annum. The loan matures on December 17, 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 Affinity Hospice Intermediate Holdings, LLC Affinity Hospice Intermediate Holdings, LLC offers professional, expert, and courteous hospice care with a touch of personal and caring attention. AG-TWIN BROOK: Cliffwater Corporate Marks $24.1M 1L Loan at 47% Off ------------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $24,187,500 loan extended to AG-Twin Brook Healthcare loan to market at $12,897,498 or 53% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a First Lien Term Loan to AG-Twin Brook Healthcare. The loan accrues interest at a rate of 10.35% per annum. The loan matures on September 22, 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 AG-Twin Brook Healthcare AG-Twin Brook Healthcare provides healthcare services. AG-TWIN BROOK: Cliffwater Corporate Marks $6.9MM 1L Loan at 94% Off ------------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $6,904,635 loan extended to AG-Twin Brook Healthcare loan to market at $407,773 or 6% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a First Lien Term Loan to AG-Twin Brook Healthcare. The loan accrues interest at a rate of 10.81% PIK per annum. The loan matures on March 5, 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 AG-Twin Brook Healthcare AG-Twin Brook Healthcare provides healthcare services. AIR INDUSTRIES: Stockholders Approve All Proposals at 2025 Meeting ------------------------------------------------------------------ Air Industries Group held its 2025 Annual Meeting of Stockholders on June 26, 2025, where stockholders approved each of the following proposals: 1. Elected Peter D. Rettaliata, Michael N. Taglich, Robert F. Taglich, David J. Buonanno, Michael Brand, and Michael D. Porcelain as directors to serve for one year or until their successors are duly elected and qualified; 2. Approved an amendment to the Company's Articles of Incorporation to increase the number of authorized shares of Common Stock from 6,000,000 to 20,000,000; 3. Approved an amendment to the Company's 2022 Equity Incentive Plan to increase the number of shares available for issuance by 250,000, raising the total from 650,000 to 900,000; 4. Adopted, on an advisory basis, a resolution approving the compensation of the Company's named executive officers for 2024 as disclosed in the Proxy Statement; and 5. Ratified the appointment of CBIZ CPAs, P.C. as the Company's independent registered public accounting firm for the year ending Dec. 31, 2025. About Air Industries Air Industries Group manufactures precision components and assemblies used in aerospace and defense applications. Based in Bay Shore, New York, the Company supplies landing gear, flight controls, engine mounts, and jet engine components to major contractors, with end-users including the U.S. government, foreign governments, and commercial airlines. Air Industries reported a net loss of $1.37 million for the year ended Dec. 31, 2024, compared to a net loss of $2.13 million for the year ended Dec. 31, 2023. As of March 31, 2025, the Company had $48.39 million in total assets, $33.10 million in total liabilities, and $15.29 million in total stockholders' equity. The Company disclosed in its Quarterly Report for the period ended March 31, 2025, that the expiration of its credit facility with Webster Bank on Dec. 30, 2025, and the lender's rights under the agreement raise substantial doubt about its ability to continue as a going concern over the next year. The lender could increase interest rates or withhold additional funding under the revolving facility if the Company defaults, potentially restricting access to necessary operating funds and adversely impacting financial results. AL DRUGS: Seeks to Use Cash Collateral -------------------------------------- AL Drugs, Inc. asked the U.S. Bankruptcy Court for the Eastern District of New York for authority to use cash collateral. The Debtor sought authorization to use cash collateral under 11 U.S.C. Section 363(c), to continue operations and satisfy post-petition obligations, including payment for ongoing product deliveries and adequate protection to secured creditors. As of the petition date, the Debtor held approximately $3,750 in cash and had total assets of about $152,050, against liabilities of approximately $1.1 million, including a $450,000 secured claim held by McKesson Corporation. McKesson Corporation holds a first-priority lien on substantially all assets, supported by UCC filings. Three additional creditors -- Kinray/Cardinal Health, Credibly of Arizona, and Burlington Drug -- assert junior liens, though the Debtor believes the collateral value only supports McKesson's secured claim. The Debtor intends to file a separate motion under 11 U.S.C. section 506(a) to avoid or reclassify the subordinate liens as unsecured claims. Discussions with McKesson have resulted in a tentative agreement allowing cash collateral use, conditioned on adequate protection, including $1,000 monthly payments and continued post-petition purchases. The Debtor also proposed to grant replacement liens to all lienholders on both pre- and post-petition assets (excluding avoidance actions), subject to the priority existing as of the petition date. These liens would be junior to the claims of court-approved professionals and would not extend to any recoveries from avoidance actions. A hearing on the matter is set for July 8. The Debtor operates a community-based retail pharmacy in Glendale, New York, and filed for Chapter 11 protection on June 5, 2025. The pharmacy has served its neighborhood for over three years, providing essential medical services but is now burdened by substantial debt, increased costs, and reduced reimbursement from third-party payors. McKesson is represented by: Jeffrey K. Garfinkle, Esq. Buchalter, A Professional Corporation 18400 Von Karman Avenue, Suite 800 Irvine, CA 92612 Telephone: (949) 760-1121 jgarfinkle@buchalter.com About AL Drugs, Inc. AL Drugs, Inc. operates a community-based retail pharmacy in Glendale, New York. AL Drugs sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 25-42747) on June 5, 2025. Judge Nancy Hershey Lord oversees the case. The Debtor is represented by Richard S. Feinsilver, Esq. AP CORE II: Moody's Affirms 'B3' CFR & Alters Outlook to Stable --------------------------------------------------------------- Moody's Ratings affirmed AP Core Holdings II, LLC's ("AP Core", d/b/a "Yahoo") B3 corporate family rating, B3 backed senior secured first lien bank credit facility, and B3-PD probability of default rating. The outlook was changed to stable from negative. The affirmation of the ratings and change in the outlook to stable reflect the continued improvement in operating performance, which Moody's expects to continue in 2025 as the migration of traffic to Google ad manager and other initiatives continues to support higher results. While leverage levels are currently high (7.1x as of LTM Q1 2025 including Moody's standard lease adjustments or 7.9x excluding Moody's standard lease adjustment), Moody's expects leverage to decline below 5x in 2025 driven by EBITDA growth and required debt repayment. Liquidity is expected to be adequate and benefit from cash on the balance sheet and improved operating cash flow in 2025. RATINGS RATIONALE AP Core's B3 CFR reflect the company's: (i) very high leverage levels but Moody's expects leverage to continue to decrease in 2025; (ii) significant related party transactions with College Parent (including the removal of AOL assets from the credit group); (iii) low EBITDA margins (Moody's adjusted) partly due to high traffic acquisition costs and expenses associated with restructuring initiatives; (iv) elevated dependence on desktop traffic; and (v) competitive industry conditions, chiefly in search advertising and email. There are also ongoing shifts in technology and consumer behavior driven by AI usage that has the potential to weigh on results and elevate volatility. The credit profile also reflects (i) the company's scale as a leading online content aggregator with a very large online user base; (ii) diversified and personalized content offerings, including mail, search, finance, sports, news, and entertainment; and (iii) operating initiatives that have led to improved operating performance, which is expected to continue in 2025. AP Core's liquidity is adequate as a result of $453 million of cash on the balance sheet as of Q1 2025. Free cash flow has been negative in recent periods, but is expected to improve in 2025 driven by better operating results. However, the company will continue to contend with high interest expense and capex levels in addition to required amortization payments. Availability on the $150 million revolving credit facility ($62 million of L/Cs outstanding) due September 2026 is limited to 35% if the existing leverage levels are above the net first lien leverage covenant ratio. Moody's expects the company to extend the maturity of the revolver in a timely manner. The term loan B-1 and B-2 both mature in September 2027 and the term loan B-1 has quarterly amortization payments of $9.8 million. AP Core has also completed several modest sized acquisitions to improve its service offering and may consider additional purchases going forward. Moody's also expects the company to continue to pursue dispositions of non core assets that could be an additional source of liquidity. There is also the potential for a portion of the cash on the balance sheet to be distributed to the parent company as occurred in 2023 and 2022; however, this is not anticipated over the near term. The term loans are covenant lite. The revolver is subject to a net first lien leverage ratio when more than 35% of the facility is drawn compared to a covenant calculated leverage level of 3.4x as of Q1 2025. The stable outlook reflects recent gains in EBITDA from the migration to Google ad manager that has led to better monetization and lower costs as well as upgrades to the company's service offering including search, mail, finance and sports. Moody's expects leverage to decrease below 5x and for operating cash flow to improve in 2025. However, evolving changes in technology and consumer behavior driven by AI have the potential to increase volatility. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS AP Core's ratings could be downgraded if leverage was expected to be sustained above 7x (as calculated by Moody's) due to continuing declines in EBITDA, additional debt issuance, or removal of additional assets from the credit group. A weakened liquidity position due to negative free cash flow or significant distributions to the parent could also lead to negative rating pressure. AP Core's ratings could be upgraded if the company demonstrates organic revenue growth of at least the low-to-mid-single digits with expanding EBITDA margins. Leverage would also need to be sustained below 5x (Moody's adjusted) and AP Core would have to maintain a good liquidity profile with no material near term debt maturities and an adjusted FCF to debt ratio of at least 5%. Confidence would also be needed that the company would pursue a prudent financial policy and not complete any additional leveraging transactions or transfers of assets outside the credit group. With offices in Mountain View, CA and New York, NY, AP Core Holdings II, LLC ("AP Core" d/b/a "Yahoo") is a subsidiary of College Parent, L,P. (College Parent). AP Core is a leading global online content aggregator and web services provider. The online portal's web properties include: Search, Consumer (Yahoo Mail, Yahoo Finance, Yahoo News, Yahoo Sports, Yahoo Entertainment and Yahoo Lifestyle). In September 2021, the assets of Verizon Media Group ("VMG"), which was a division of Verizon Communications Inc., were reorganized and purchased by Apollo Global Management, Inc. in a buyout transaction totaling approximately $4.6 billion. College Parent, L.P. was formed as a new holding company with no material assets other than the equity interests of its subsidiaries that own the reorganized VMG assets. Apollo and Verizon own approximately 90% and 10%, respectively of the College Parent's common equity. AP Core's revenue totaled approximately $3.7 billion LTM ended Q1 2025. 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. AP GAMING: S&P Withdraws 'B' ICR on Repayment of Outstanding Debt ----------------------------------------------------------------- S&P Global Ratings withdrew all its ratings on AP Gaming Holdings LLC, including the 'B' issuer credit rating, which was on CreditWatch with negative implications, upon the completion of the company's acquisition by Brightstar Capital Partners. Concurrent with the acquisition, AP Gaming Holdings fully repaid all its debt and terminated its existing credit agreement, and the company no longer has any rated debt outstanding. ASHMARK CONSTRUCTION: Seeks Chapter 11 Bankruptcy in Michigan ------------------------------------------------------------- On June 30, 2025, Ashmark Construction LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Michigan. According to court filing, the Debtor reports $510,887 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Ashmark Construction LLC Ashmark Construction LLC is a commercial contractor and developer based in West Bloomfield, Michigan. The Company specializes in commercial construction and motorsport garage projects, offering turnkey solutions with a focus on quality control, scheduling, and client service. Ashmark has completed over 50 projects within private luxury garage communities, delivering customized units designed for automotive enthusiasts. Ashmark Construction LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-46693) on June 30, 2025. In its petition, the Debtor reports total assets of $1,367,166 and total liabilities of $510,887. Honorable Bankruptcy Judge Paul R. Hage handles the case. The Debtors are represented by Kimberly Ross Clayson, Esq. at TAFT STETTINIUS & HOLLISTER LLP. AT HOME GROUP: U.S. Trustee Appoints Creditors' Committee --------------------------------------------------------- The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of At Home Group Inc. and its affiliates. The committee members are: 1. CSC Delaware Trust Company in its capacity as successor Trustee Attn: Gregory Daniels 21 Little Falls Drive Wilmington, DE 19808 Phone: 302-425-9745 Email: gregory.daniels@cscglobal.com 2. Realty Income Corporation Attn: Mike DiGiacomo 11995 El Camino Real San Diego, CA 93130 Phone: 858-284-5382 Email: mdigiacomo@realtyincome.com 3. Brentwood Originals, Inc. Attn: Joy L. Stewart 3780 Kilroy Airport Way, #540 Long Beach, CA 90806 Phone: 310-637-6804 Email: joys@brentwoodoriginals.com 4. Jordan Manufacturing Co., Inc. Attn: Ashley Budd 1200 S. Sixth St. Monticello, IN 47960 Phone: 574-583-6008 Email: ashley.b@jordanmanufacturing.com 5. Loloi Rugs Attn: Michael Tristan 4501 Spring Valley Rd Dallas, TX 75244 Phone: 972 503-5656 ext 169 Email: michael.tristan@loloirugs.com 6. Natco Products Corp. Attn: Michael A. Bucci 155 Brookside Avenue West Warwick, RI 02893 Phone: 401-828-0300, Ext. 1129 Email: mbucci@natcohome.com 7. Oriental Weavers USA Attn: Alex Lopes 3252 Dug Gap Road Dalton, GA 30720 800-832-8020 Email: alopes@owrugs.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About At Home Group Inc. At Home Group Inc. is a home decor and furnishings retailer offering a wide range of everyday and seasonal products for all areas of the home. The Company operates 260 large-format stores across 40 U.S. states and an e-commerce platform. Headquartered in Coppell, Texas, At Home was founded in 1979 and employs 7,170 people. On June 16, 2025, At Home announced it entered a Restructuring Support Agreement (RSA) with certain of its lenders, which will eliminate substantially all of its long-term debt and provide the Company with new financial resources to support the business and position At Home for future success. To implement the terms of the RSA, At Home and 41 of its subsidiaries have commenced voluntary Chapter 11 proceedings in Delaware (Bankr. D. Del. Lead Case No. 25-11120). The proceedings are pending before Judge J. Kate Stickles. In connection with this process, At Home is entering into an agreement for $600 million in debtor-in-possession financing, which includes a $200 million capital infusion from certain of its existing lenders and a "roll up" of $400 million of existing senior secured debt. The Debtors tapped Kirkland & Ellis LLP as restructuring counsel; Young Conaway Stargatt & Taylor, LLP, as Delaware restructuring counsel; AlixPartners LLP as financial advisor; and PJT Partners, Inc., as investment banker. Omni Agent Solutions, Inc., is the claims agent. B-1208 PINE: To Sell Pivot Apartments to Greyhawk in Credit Bid --------------------------------------------------------------- Greyhawk Pivot Lender LLC, Secured Lender of the Debtor, B-1208 Pine LLC, seeks permission from the U.S. Bankruptcy Court for the Western District of Washington, Seattle, to sell Property in a credit bid for $33 million, free and clear of liens, claims, and encumbrances. The Debtor's Property is commonly known as the Pivot Apartments, located at 1208 Pine Street, Seattle, Washington. On March 3, 2025, the Court entered the Order Approving Pivot Apartment Lender LLC's Amended Disclosure Statement, which govern the marketing and sale of the Pivot Apartment and improvements. In accordance with the Bid Procedures, the Secured Lender marketed the Property through its real estate broker, Eastdil Secured. Over 60 parties engaged in the sale and marketing process and executed confidentiality agreements to access the data room. No third party submitted a bid. Pursuant to Section 6.1 of the Plan and the Bid Procedures, the Secured Lender exercised its rights to credit bid for $33 million. Therefore, the Secured Lender's credit bid represents the highest and best offer received for the Property and should therefore be approved by the Court. The Broker had no connection with the Secured Lender, nor does it have any agreement, oral or written, with the Secured Lender. The Broker will not receive any consideration of any kind in connection with the Sale other than the $50,000 fee to be paid by the Secured Lender. As of the filing, the only non-residential lease that the Debtor can assume and assign is that certain lease with Sonder USA Inc. (Sonder Lease) pursuant to section 365 of the Bankruptcy Code. All other non-residential leases and residential leases (as opposed to entities that sublease the residence to others) will be assigned to the Secured Lender by Pine Esker, LLC, the actual party in privity with the counterparties on these contracts and leases. Pine Esker has agreed to assign certain leases to the ultimate purchaser of the Property. About B-1208 Pine LLC B-1208 Pine LLC is the owner of real property and improvements thereon located at 1208 Pine Street, Seattle, WA 98122, commonly known as the Pivot Apartments. The Property is valued at $31.72 million. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 24-10088) on January 16, 2024. In the petition signed by James H. Wong, manager, the Debtor disclosed $32,134,497 in assets and $46,793,638 in liabilities. Judge Marc L. Barreca oversees the case. James L. Day, Esq., at Bush Kornfield, LLP, is the Debtor's legal counsel. BAYSIDE LIMO: Amy Denton Mayer Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 21 appointed Amy Denton Mayer of Stichter Riedel Blain & Postler, P.A. as Subchapter V trustee for Bayside Limo of Tampa, LLC. Ms. Mayer will be paid an hourly fee of $350 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Mayer declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Amy Denton Mayer Stichter Riedel Blain & Postler P.A. 110 East Madison Street, Suite 200 Tampa, FL 33602 Phone: (813)229-0144 Email: amayer@subvtrustee.com About Bayside Limo of Tampa LLC Bayside Limo of Tampa LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03982) on June 13, 2025. In the petition signed by Kevin New, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Catherine Peek McEwen oversees the case. Buddy D. Ford, Esq., at Ford & Semach, P.A., represents the Debtor as legal counsel. BEL TEMPO: Seeks Chapter 11 Bankruptcy in Arizona ------------------------------------------------- On June 30, 2025, Bel Tempo LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Arizona. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Bel Tempo LLC Bel Tempo LLC is a real estate holding company whose principal asset is a commercial property located at 5701 South 12th Avenue in Tucson, Arizona. Bel Tempo LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-06002) on June 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtors are represented by John C. Smith, Esq. at RUSING, LOPEZ & LIZARDI, PLLC. BISHOP OF SAN DIEGO: DiMarco Represents Sexual Abuse Claimants -------------------------------------------------------------- The law firm of DiMarco, Araujo & Montevideo, APLC ("DAM Firm") filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 case of the Roman Catholic Bishop of San Diego, the firm represents several sexual abuse claimants. DAM firm has offices at 1324 North Broadway, Santa Ana, California 92706 and 324 S. 3rd Street, 2nd Floor, Las Vegas, Nevada 89101. Attorney Anthony C. Modarelli III, among others at DAM Firm, are duly licensed to practice before Courts of the State of California, and Anthony C. Modarelli III is duly licensed to practice before United States District Court for the Southern District of California. DAM Firm individually represents each Sexual Abuse Claimant ("Claimant") listed in Exhibit A attached to this disclosure. Due to confidentiality, each Claimant listed in Exhibit A has been identified by their Sexual Abuse Proof of Claimant number. The names and addresses of the confidential Claimants are available to permitted parties who have executed a confidentiality agreement and have access to the Sexual Abuse Claim Forms. Pursuant to individual fee agreements, DAM Firm was individually retained by each Claimant listed in Exhibit A to pursue claims for damages against The Roman Catholic Diocese of San Diego, California as a result of sexual abuse. This includes representing and acting on behalf of each Claimant in the bankruptcy case. Each Claimant maintains an individual economic interest against the Debtor, The Roman Catholic Diocese of San Diego, California, that has been disclosed in the Confidential Sexual Abuse Claim Supplement or will be disclosed in the future. The law firm can be reached at: DIMARCO | ARAUJO | MONTEVIDEO Anthony C. Modarelli III, Esq. 1324 N. Broadway Santa Ana, California 92706 T: (714) 835-6990 E: amodarelli@damfirm.com About The Roman Catholic Bishop of San Diego The Roman Catholic Bishop of San Diego sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 24-02202) on June 17, 2024. In the petition signed by Rodrigo Valdivia, vice moderator of the Curia, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Christopher B. Latham oversees the case. The Debtor tapped Gordon Rees Scully Mansukhani, LLP, as counsel and GlassRatner Advisory & Capital Group, LLC, doing business as B. Riley Advisory Services, as financial advisor. Donlin, Recano & Company, Inc., is the claims agent and administrative advisor. BISHOP OF SAN DIEGO: Gomez Trial Represents Sexual Abuse Claimants ------------------------------------------------------------------ The law firm of Gomez Trial Attorneys filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 case of the Roman Catholic Bishop of San Diego, the firm represents several sexual abuse claimants. Gomez Trial Attorneys has an office at 755 Front Street, San Diego, CA 92101. Attorneys Patrick J. Hughes, among others at Gomez Trial Attorneys, are duly licensed to practice before Courts of the State of California and the United States District Court for the Southern District of California. Gomez Trial Attorneys individually represents each Sexual Abuse Claimant listed in this disclosure. Due to confidentiality, each Claimant listed has been identified by their Sexual Abuse Proof of Claim Form number. The names and addresses of the confidential Claimants are available to permitted parties who have executed a confidentiality agreement and have access to the Sexual Abuse Claim Forms. Pursuant to individual fee agreements, Gomez Trial Attorneys was individually retained by each Claimant to pursue claims for damages against The Roman Catholic Diocese of San Diego, California as a result of sexual abuse. This includes representing and acting on behalf of each Claimant in the bankruptcy case. Each Claimant maintains an individual economic interest against the Debtor, The Roman Catholic Diocese of San Diego, California, that has been disclosed in the Confidential Sexual Abuse Claim Supplement. The law firm can be reached at: Patrick Hughes, Esq. Gomez Trial Attorneys 755 Front Street San Diego, California 92101 Tel: (619) 237-3490/Fax: (619) 237-3496 About The Roman Catholic Bishop of San Diego The Roman Catholic Bishop of San Diego sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal Case No. 24-02202) on June 17, 2024. In the petition signed by Rodrigo Valdivia, vice moderator of the Curia, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Christopher B. Latham oversees the case. The Debtor tapped Gordon Rees Scully Mansukhani, LLP as counsel and GlassRatner Advisory & Capital Group, LLC, doing business as B. Riley Advisory Services, as financial advisor. Donlin, Recano & Company, Inc., is the claims agent and administrative advisor. The official committee of unsecured creditors formed in the case retained KTBS Law LLP as its counsel; Berkeley Research Group, LLC as its financial advisor; and Morgan, Lewis & Bockius LLP as its special insurance counsel. BISHOP OF SAN DIEGO: Manly Stewart Advises Sexual Abuse Claimants ----------------------------------------------------------------- The law firm of Manly, Stewart & Finaldi filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 case of the Roman Catholic Bishop of San Diego, the firm represents several sexual abuse claimants. MSF has offices at 19100 Von Karman Ave., Suite 800, Irvine, CA 92612, 747 Third Ave., 32nd Floor, Suite 32B, New York, NY 10017, 140 Grand St., White Plains, NY 10601, 300 East Lombard St., Suite 1100, Baltimore, MD 21202, and 11801 Pierce St., St 200, Riverside, CA 92505. Attorney Cristina J. Nolan, among other attorneys with MSF are duly licensed to practice before Courts of the State of California and the United States District Court for the Southern District of California. MSF individually represents each Sexual Abuse Claimant ("Claimant") listed in Exhibit A attached to this disclosure. Due to confidentiality, each Claimant has been identified by their Sexual Abuse Proof of Claim Form number. The names and address of the confidential Claimants are available to permitted parties who have executed a confidentiality agreement and have access to the Sexual Abuse Claim Forms. Pursuant to individual fee agreements, MSF was individually retained by each Claimant to pursue claims for damages against The Roman Catholic Diocese of San Diego, California as a result of sexual abuse. This includes representing and acting on behalf of each Claimant in the bankruptcy case. Each Claimant maintains an individual economic interest against the Debtor, The Roman Catholic Diocese of San Diego, California, that has been disclosed in the Confidential Sexual Abuse Claim Supplement or will be disclosed in the future. The law firm can be reached at: Cristina J. Nolan, Esq. Morgan A. Stewart, Esq. MANLY STEWART FINALDI 19100 Von Karman Avenue, Suite 800 Irvine, California 92612 Telephone: (949) 252-9990 Facsimile: (949) 252-9991 About The Roman Catholic Bishop of San Diego The Roman Catholic Bishop of San Diego sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 24-02202) on June 17, 2024. In the petition signed by Rodrigo Valdivia, vice moderator of the Curia, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Christopher B. Latham oversees the case. The Debtor tapped Gordon Rees Scully Mansukhani, LLP as counsel and GlassRatner Advisory & Capital Group, LLC, doing business as B. Riley Advisory Services, as financial advisor. Donlin, Recano & Company, Inc., is the claims agent and administrative advisor. BISHOP OF SAN DIEGO: Mary Alexander Advises Sexual Abuse Claimants ------------------------------------------------------------------ The law firm of Mary Alexander & Associates, P.C., filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 case of the Roman Catholic Bishop of San Diego, the firm represents several sexual abuse claimants. Mary Alexander & Associates is located at 44 Montgomery Street, Suite 1303, San Francisco, California, 94104. Attorney Mary Alexander, among others at Mary Alexander & Associates, are duly licensed to practice before Courts of the State of California and the United States District Court for the Southern District of California. Mary Alexander & Associates individually represents each Sexual Abuse Claimant ("Claimant") listed in Exhibit A attached to this disclosure. Due to confidentiality, each Claimant has been identified by their Sexual Abuse Proof of Claim Form number. The names and addresses of the confidential Claimants are available to permitted parties who have executed a confidentiality agreement and have access to the Sexual Abuse Claim Forms. Pursuant to individual fee agreements, Mary Alexander & Associates was individually retained by each Claimant listed in Exhibit A to pursue claims for damages against The Roman Catholic Diocese of San Diego, California as a result of sexual abuse. This includes representing and acting on behalf of each Claimant in the bankruptcy case. Each Claimant maintains an individual economic interest against the Debtor, The Roman Catholic Diocese of San Diego, California, that has been disclosed in the Confidential Sexual Abuse Claim Supplement or will be disclosed in the future. The law firm can be reached at: MARY ALEXANDER & ASSOCIATES, P.C. Mary E. Alexander, Esq. Catherine Cawley, Esq. 44 Montgomery Street, Suite 1303 San Francisco, CA 94104 Telephone: 415-433-4440 Email: malexander@maryalexanderlaw.com ccawley@maryalexanderl About The Roman Catholic Bishop of San Diego The Roman Catholic Bishop of San Diego sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 24-02202) on June 17, 2024. In the petition signed by Rodrigo Valdivia, vice moderator of the Curia, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Christopher B. Latham oversees the case. The Debtor tapped Gordon Rees Scully Mansukhani, LLP as counsel and GlassRatner Advisory & Capital Group, LLC, doing business as B. Riley Advisory Services, as financial advisor. Donlin, Recano & Company, Inc., is the claims agent and administrative advisor. BISHOP OF SAN DIEGO: Panish Shea Represents Sexual Abuse Claimants ------------------------------------------------------------------ The law firm of Panish Shea Ravipudi LLP (hereinafter "PSR") filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 case of the Roman Catholic Bishop of San Diego, the firm represents several sexual abuse claimants. PSR has offices at 11111 Santa Monica Blvd, Suite 700, Los Angeles, CA 90025; 145 S. Spring Street, Suite 440, Los Angeles, CA 90012; 300 S. 4th Street, Suite 710, Las Vegas, NV 89101; and 2850 Camelback Road, Suite 315, Phoenix, AZ 85016. Attorney Neda Saghafi, among others at PSR, is duly licensed to practice before Courts of the State of California and the United States Court for the Southern District of California. PSR represents each Sexual Abuse Claimant listed in this disclosure. Due to confidentiality, each Claimant has been identified by their Sexual Abuse Proof of Claim Form number. The names and addresses of the confidential Claimants are available to permitted parties who have executed a confidentiality agreement and have access to the Sexual Abuse Claim Forms. PSR was retained by each Claimant to pursue claims for damages against The Roman Catholic Diocese of San Diego, California as a result of sexual abuse. This includes representing and acting on behalf of each Claimant in the bankruptcy case. Each Claimant maintains an individual economic interest against the Debtor, The Roman Catholic Diocese of San Diego, California, that has been disclosed in the Confidential Sexual Abuse Claim Supplement. About The Roman Catholic Bishop of San Diego The Roman Catholic Bishop of San Diego sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal Case No. 24-02202) on June 17, 2024. In the petition signed by Rodrigo Valdivia, vice moderator of the Curia, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Christopher B. Latham oversees the case. The Debtor tapped Gordon Rees Scully Mansukhani, LLP as counsel and GlassRatner Advisory & Capital Group, LLC, doing business as B. Riley Advisory Services, as financial advisor. Donlin, Recano & Company, Inc., is the claims agent and administrative advisor. The official committee of unsecured creditors formed in the case retained KTBS Law LLP as its counsel; Berkeley Research Group, LLC as its financial advisor; and Morgan, Lewis & Bockius LLP as its special insurance counsel. BISHOP OF SAN DIEGO: Winer Burritt Advises Sexual Abuse Claimants ----------------------------------------------------------------- The law firm of Winer, Burritt, Scott & Jacobs, LLP, filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 case of the Roman Catholic Bishop of San Diego, the firm represents several sexual abuse claimants. WBS&J has an office at 1901 Harrison Street, Suite 1100, Oakland, CA 94612. Attorneys John D. Winer and Erika J. Scott, among others at WBS&J, are duly licensed to practice before Courts of the State of California. Erika J. Scott, among others at WBS&J, is duly licensed to practice before the United States District Court for the Southern District of California. WBS&J individually represents each Sexual Abuse Claimant ("Claimant") listed in Exhibit A attached to this disclosure. Due to confidentiality, each Claimant has been identified by their Sexual Abuse Proof of Claim Form number. The names and addresses of the confidential Claimants are available to permitted parties who have executed a confidentiality agreement and have access to the Sexual Abuse Claim Forms. Pursuant to individual fee agreements, WBS&J was individually retained by each Claimant listed in Exhibit A to pursue claims for damages against The Roman Catholic Diocese of San Diego, California as a result of sexual abuse. This includes representing and acting on behalf of each Claimant in the bankruptcy case. Each Claimant maintains an individual economic interest against the Debtor, The Roman Catholic Diocese of San Diego, California, that has been disclosed in the Confidential Sexual Abuse Claim Supplement or will be disclosed in the future. The law firm can be reached at: WINER, BURRITT, SCOTT & JACOBS, LLP Erika J. Scott, Esq. 1901 Harrison St., Suite 1100, Oakland, CA 94612 Email: erika@wbslawyers.com Telephone: (510)433-1000 About The Roman Catholic Bishop of San Diego The Roman Catholic Bishop of San Diego sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 24-02202) on June 17, 2024. In the petition signed by Rodrigo Valdivia, vice moderator of the Curia, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Christopher B. Latham oversees the case. The Debtor tapped Gordon Rees Scully Mansukhani, LLP as counsel and GlassRatner Advisory & Capital Group, LLC, doing business as B. Riley Advisory Services, as financial advisor. Donlin, Recano & Company, Inc., is the claims agent and administrative advisor. BLOCKFI INC: Gets Court OK to Abandon Remaining Clients, Biz Data ----------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that BlockFi Inc., the former cryptocurrency lender, has been granted court permission to dispose of its remaining corporate and customer data during its bankruptcy wind-down, despite pushback from a concerned customer. In a Tuesday, July 1, 2025, ruling, U.S. Bankruptcy Judge Michael B. Kaplan of the District of New Jersey said the data no longer holds substantial value and would impose additional costs on the estate if preserved. "Maintaining the Data Inventory would require hiring a data custodian and ensuring secure storage," the judge noted. About BlockFi Inc. BlockFi Inc. says it's building a bridge between digital assets and traditional financial and wealth management products to advance the overall digital asset ecosystem for individual and institutional investors. BlockFi was founded in 2017 by Zac Prince and Flori Marquez and in its early days had backing from influential Wall Street investors like Mike Novogratz and, later on, Valar Ventures, a Peter Thiel-backed venture fund as well as Winklevoss Capital, among others. BlockFi made waves in 2019 when it began providing interest-bearing accounts with returns paid in Bitcoin and Ether, with its program attracting millions of dollars in deposits right away. BlockFi grew during the pandemic years and had offices in New York, New Jersey, Singapore, Poland and Argentina. BlockFi worked with FTX US after it took an $80 million hit from the bad debt of crypto hedge fund Three Arrows Capital, which imploded after the TerraUSD stablecoin wipeout in May 2022. BlockFi had significant exposure to the companies founded by former FTX Chief Executive Officer Sam Bankman-Fried. BlockFi received a $400 million credit line from FTX US in an agreement that also gave FTX the option to acquire BlockFi through a bailout orchestrated by Bankman-Fried over the summer. BlockFi also had collateralized loans to Alameda Research, the trading firm co-founded by Bankman-Fried. BlockFi is the latest crypto firm to seek bankruptcy amid a prolonged slump in digital asset prices. Lenders Celsius Network LLC and Voyager Digital Holdings Inc. also filed for court protection this year. Kirkland & Ellis is also advising Celsius and Voyager in their separate Chapter 11 cases. BlockFi Inc. and eight affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 22-19361) on Nov. 28, 2022. In the petitions signed by their chief executive officer, Zachary Prince, the Debtors reported $1 billion to $10 billion in both assets and liabilities. Judge Michael B. Kaplan oversees the cases. The Debtors tapped Kirkland & Ellis and Haynes and Boone, LLP, as general bankruptcy counsels; Walkers (Bermuda) Limited as special Bermuda counsel; Cole Schotz, P.C., as local counsel; Berkeley Research Group, LLC as financial advisor; Moelis & Company as investment banker; and Street Advisory Group, LLC, as strategic and communications advisor. Kroll Restructuring Administration, LLC, is the notice and claims agent. BORDEAUX VENTURES: Case Summary & Three Unsecured Creditors ----------------------------------------------------------- Debtor: Bordeaux Ventures, LLC 2616 Carter Avenue Nashville, TN 37206-1346 Business Description: Bordeaux Ventures, LLC is a single-asset real estate debtor under 11 U.S.C. Section 101(51B). Its principal asset is located at 1501 E Stewarts Lane in Nashville, Tennessee. Chapter 11 Petition Date: June 30, 2025 Court: United States Bankruptcy Court Middle District of Tennessee Case No.: 25-02702 Judge: Hon. Nancy B King Debtor's Counsel: Denis Graham "Gray" Waldron, Esq. DUNHAM HILDEBRAND PAYNE WALDRON, PLLC 9020 Overlook Blvd., Suite 316 Brentwood, TN 37027 Tel: 629-777-6519 Fax: 615-777-3765 E-mail: gray@dhnashville.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $10 million to $50 million The petition was signed by Michael Mattthews as authorized representative. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OQUIIXQ/Bordeaux_Ventures_LLC__tnmbke-25-02702__0001.0.pdf?mcid=tGE4TAMA BORDEAUX VENTURES: Seeks Chapter 11 Bankruptcy in Tennessee ----------------------------------------------------------- On June 30, 2025, Bordeaux Ventures LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Tennessee. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Bordeaux Ventures LLC Bordeaux Ventures LLC is a single-asset real estate debtor under 11 U.S.C. Section 101(51B). Its principal asset is located at 1501 E Stewarts Lane in Nashville, Tennessee. Bordeaux Ventures LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-02702) on June 30, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Nancy B. King handles the case. The Debtors are represented by Denis Graham "Gray" Waldron, Esq. at DUNHAM HILDEBRAND PAYNE WALDRON, PLLC. CAMBRIDGE ACQUISITIONS: Secured Party Sets Aug. 12 Auction ---------------------------------------------------------- Cambridge Charlotte Holdco LLC ("secured party") will offer for sale at public auction 100% of the limited liability interests in Cambridge Acquisitions LLC, Cambridge Acquisitions 2 LLC, Cambridge Acquisitions 3 LLC, and Cambridge Acquisition 4 LLC ("pledged entities") held by Cambridge Mezz LLC, Cambridge Mezz 2 LLC,Cambridge Mezz 3 LLC, and Cambridge Mezz 4 LLC ("mezzanine borrower") as set forth in that certain amended and restated pledged and security agreement dated Nov. 30, 2018. The sale will take place on Aug. 12, 2025, at 3:00 p.m. Eastern Time in compliance with Uniform Commercial Doe Section 9-610 both (i) at Moritt Hock & Hamroff LLP, 1404 Broadway, 39th Floor New York, NY 10018, and (ii) virtually via online video conference. The URL address and password for the online video conference will be provided to all registered participants. The sale is being made in connection with the foreclosure on a pledge of the collateral to the secured party by mezzanine borrower under the pledge agreement, pursuant to which mezzanine borrower has granted to secured party a first priority lien on the collateral as collateral for the loan in the original principal amount of $6.9 million ("mezzanine loan") from the secured party to mezzanine borrower. The mezzanine loan was made pursuant to that certain mezzanine loan agreement dated Oct. 9, 2018, as modified. An online datesite for the sale is available at the following link: https://rimarketplace.com/listing/86343/-6-9-million-charlotte-office-ucc-foreclosure-. All bids must be for cash with no financing conditions and the successful bidder must deliver immediately available good funds for the required deposits on the date of the sale, and for the balance of the purchase price for the collateral on the closing date prescribed by the terms of sale. The winning bidder must pay all transfer taxes, recording fees, stamp duties and similar taxes as may be required to be paid under applicable law in connection with the purchase of the collateral. Further information regarding the sale, contact John Daniels at (312) 224-3260 or john.daniels@nmrk.com. CASCADE PARENT: Moody's Cuts CFR to Caa1 & Alters Outlook to Stable ------------------------------------------------------------------- Moody's Ratings downgraded Cascade Parent Limited's (dba Alludo) corporate family rating to Caa1 from B3 and probability of default rating to Caa1-PD from B3-PD. Moody's also downgraded Corel Corporation's backed senior secured first lien bank credit facility ratings to B3 from B2. The outlook for both entities was changed to stable from negative. "The downgrade largely reflects the refinancing risk of Alludo's January 2026 and July 2026 debt maturities.", said Will Gu, Moody's Ratings analyst. "Moody's continues to expect stable operating performance driven by a recurring revenue model, and a slightly elevated financial leverage." RATINGS RATIONALE The rating action reflects Moody's concerns that the company is facing increased refinancing risk to address its debt maturities including a $60 million backed senior secured first lien revolving credit facility due January 2026 and around $450 million outstanding on its backed senior secured first lien term loan due July 2026. Alludo's Caa1 CFR is constrained by: (1) small size and weak market position relative to larger and better capitalized competitors; (2) low interest coverage (our expectation of 1.4x EBITDA/interest in FY25), a significant portion of debt becoming current, and somewhat high financial leverage (our expectation of 5.5x Debt/EBITDA by the end of FY25); (3) high revenue concentration within its top four niche products (around 80% of revenue); (4) operations in mature and fragmented markets with dependence on acquisitions for growth; and (5) risk of aggressive financial policies under KKR's ownership. The rating benefits from: (1) its diverse and well-known product portfolio offering differentiated software solutions with a sizable active installed base of over 90 million customers globally and (2) recurring maintenance and subscription revenue mix (over 80% of revenue). Moody's assessed the governance of the group to be a key driver for the rating action given the company's need to address its upcoming 2026 maturities in the next few months. Alludo has weak liquidity. Sources of liquidity total about $32 million, consisting of about $12 million in cash as of end of Q1 2025 and Moody's expectations of about $20 million in positive free cash flow throughout the remainder of 2025. Uses of liquidity consists of about $29M of annual debt amortization and almost US$450M of maturing term loan debt in 2026. The revolver has a springing net first lien secured leverage covenant of 7x if drawings exceed the greater of $24 million or 40% of the credit facility capacity. Alternate liquidity is limited, with the assets largely pledged to the secured term loan and revolver. The B3 ratings on the first lien credit facility ($60 million backed senior secured first lien revolving credit facility due January 2026 and around $450 million outstanding backed senior secured first lien term loan due July 2026) is one notch above the parent company's Caa1 CFR, reflecting the support provided by the $100 million privately placed second lien term loan (not rated), which has a subordinate lien on the collateral package relative to the first lien debt. The first lien credit facility benefits from first priority security interest in assets of the borrower and its material domestic subsidiaries, as well as guarantee from Cascade Parent Limited. The stable outlook reflects Moody's expectations that Alludo will maintain steady operating performance over the next 12-18 months as it eventually addresses the refinancing of the senior secured 1st lien term loan (maturing in July 2026) and the senior secured 1st lien revolving credit facility (maturing January 2026). FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company successfully refinances its upcoming 2026 maturities, the company's revenue and EBITDA growth is sustained, and adjusted free cash flow to debt is sustained in the mid-to-high single digit range. The ratings could be downgraded if the company is unable to refinance its 2026 maturities before coming due or if market conditions weaken such that refinancing becomes untenable or if revenue and EBITDA declined. Cascade Parent Limited (Alludo) is a global packaged software vendor that develops and markets software covering virtualization, graphics and productivity solutions through a portfolio of recognizable brands including Parallels, CorelDRAW, MindManager and WinZip. The principal methodology used in these ratings was Software published in June 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. CELSIUS NETWORK: $4B Tether Bitcoin Clawback Claims Move Forward ---------------------------------------------------------------- Randi Love of Bloomberg Law reports that Celsius Network has been allowed to proceed with the majority of its clawback claims -- estimated at over $4 billion -- against top stablecoin issuer Tether Ltd., after a bankruptcy judge found the allegations sufficient to move forward. In a ruling issued Monday, June 30, 2025, U.S. Bankruptcy Judge Martin Glenn said that most of the claims filed by Celsius Network LLC in New Jersey and Celsius Network Ltd. in London involve factual disputes that warrant a trial. Although one claim was dismissed, the remaining claims will continue in the U.S. Bankruptcy Court for the Southern District of New York. About Celsius Network Celsius Network LLC -- http://www.celsius.network/-- is a financial services company that generates revenue through cryptocurrency trading, lending, and borrowing, as well as by engaging in proprietary trading. Celsius helps over a million customers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Celsius has a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. The Celsius Wallet claims to be one of the only online crypto wallets designed to allow members to use coins as collateral to get a loan in dollars, and in the future, to lend their crypto to earn interest on deposited coins (when they're lent out). Crypto lenders such as Celsius boomed during the COVID-19 pandemic, drawing depositors with high interest rates and easy access to loans rarely offered by traditional banks. But the lenders' business model came under scrutiny after a sharp sell-off in the crypto market spurred by the collapse of major tokens terraUSD and luna in May 2022. New Jersey-based Celsius froze withdrawals in June 2022, citing "extreme" market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market. The list of major crypto firms that have filed for bankruptcy protection in 2022 now includes Celsius Network, Three Arrows Capital and Voyager Digital. Celsius Network, LLC and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10964) on July 14, 2022. In the petition filed by CEO Alex Mashinsky, the Debtors estimated assets and liabilities between $1 billion and $10 billion. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as bankruptcy counsels; Fischer (FBC & Co.) as special counsel; Centerview Partners, LLC as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. Stretto is the claims agent and administrative advisor. On July 27, 2022, the U.S. Trustee appointed an official committee of unsecured creditors. The committee tapped White & Case, LLP as its bankruptcy counsel; Elementus Inc. as its blockchain forensics advisor; M3 Advisory Partners, LP as its financial advisor; and Perella Weinberg Partners, LP as its investment banker. Shoba Pillay, Esq., is the examiner appointed in the Debtors' Chapter 11 cases. Jenner & Block, LLP and Huron Consulting Services, LLC, serve as the examiner's legal counsel and financial advisor, respectively. * * * On November 9, 2023, the Bankruptcy Court entered the Findings of Fact, Conclusions of Law, and Order Confirming the Modified Joint Chapter 11 Plan of Celsius Network LLC and Its Debtor Affiliates. The Effective Date of the Plan occurred January 31, 2024. CHARLIE'S HOLDINGS: Posts Q1 Net Loss of $1.22 Million ------------------------------------------------------ Charlie's Holdings, Inc., reported a net loss of $1.22 million for the first quarter ended March 31, 2025, increasing from a $1.05 million loss in the same period a year earlier. Revenue for the three months ended March 31, 2025, decreased by approximately $745,000 or 24.4%, to approximately $2,306,000, as compared to approximately $3,051,000 for same period in 2024 due to a $2,875,000 decrease in sales of the Company's nicotine-based vapor products, and offset by an increase of $551,000 in sales of other alternative products distributed by Don Polly. As of March 31, 2025, the Company had $3.17 million in total assets, $5.98 million in total liabilities, and a total stockholders' deficit of $2.81 million. The Company's cash and cash equivalents balance at March 31, 2025 was approximately $112,000. As of March 31, 2025, Charlie's Holdings had working capital deficit of approximately $2,829,000, which consisted of current assets of approximately $3,000,000 and current liabilities of approximately $5,829,000, as compared to working capital deficit of approximately $1,855,000 at Dec. 31, 2024. The current liabilities include approximately $2,683,000 of accounts payable and accrued expenses, notes payable of $1,405,000, notes payable from related parties of $1,581,000, approximately $130,000 of deferred revenue associated with product shipped but not yet received by customers, and approximately $30,000 of current lease liabilities. Charlie's Holdings generated a loss from operations of approximately $826,000, and a consolidated net loss of approximately $1,217,000 for the three months ended March 31, 2025. Cash used in operations was approximately $409,000. During the three months ended March 31, 2025, the Company's working capital deficit was increased to $2,829,000 from deficit of $1,855,000 as of Dec. 31, 2024. "Considering these facts, the issuance of one or several Marketing Denial Orders ("MDOs") from the FDA would increase the potential for inventory obsolescence and uncollectable accounts receivables and potentially require us to remove products from circulation," the Company mentioned in the report. "These regulatory risks, as well as other industry-specific challenges, our low working capital and cash position remain factors that raise substantial doubt about the Company's ability to continue as a going concern." Charlie's Holding has undergone cost-cutting measures including salary reductions of up to 50% for officers and certain managers and a reduction in headcount for certain departments. During the fourth quarter of 2024, the Company launched SBX, a non-nicotine, disposable vapor product which is not subject to FDA review. The Company said it may need additional financing to develop new product categories and support future or past premarket tobacco product application (PMTA) filings, including potential FDA requests for further testing. It added there is no assurance such funding will be available on acceptable terms, or at all. There is also no certainty that any such arrangement, whether required or pursued, would be commercially viable or in the Company's best interests. The full text of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1134765/000143774925021440/chuc20250331_10q.htm About Charlie's Holdings Charlie's Holdings, Inc. formulates, markets, and distributes nicotine-based and alternative alkaloid vapor products through its subsidiary. Its products are manufactured by contract partners and sold via specialty retailers, distributors, and online resellers across the United States and select international markets. In an audit reported dated May 29, 2025, Urish Popeck & Co., LLC issued a "going concern" qualification citing that the Company has incurred significant operating losses, negative cash flows from operations, and has an accumulated deficit. The Company is dependent on its ability to increase revenues and obtain financing to continue operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Charlie's Holdings posted a net loss of $4.16 million for the year ended Dec. 31, 2024, compared to a net loss of $2.09 million for the year ended Dec. 31, 2023. CK BUILDERS: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: CK Builders, LLC 4521 FM 1283 Pipe Creek, TX 78063 Business Description: CK Builders, LLC provides home improvement and general contracting services in the Pipe Creek and San Antonio areas of Texas. The Company holds a home improvement contractor license and has completed various residential remodeling and repair projects. Chapter 11 Petition Date: June 30, 2025 Court: United States Bankruptcy Court Western District of Texas Case No.: 25-51458 Judge: Hon. Craig A Gargotta Debtor's Counsel: William R. Davis, Jr. LANGLEY & BANACK, INC. 745 E. Mulberry Ave. Suite 700 San Antonio TX 78212 Tel: (210) 736-6600 Email: wrdavis@langleybanack.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $0 to $50,000 The petition was signed by Cynthia K. Schwarz as president. The Debtor filed a list of its 20 largest unsecured creditors, but all entries were left blank. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZJIBLWQ/CK_Builders_LLC__txwbke-25-51458__0001.0.pdf?mcid=tGE4TAMA COZY HARBOR: Pricing Woes Cue Chapter 11 Filing ----------------------------------------------- Cozy Harbor Seafood, Inc., and two affiliates sought Chapter 11 protection. From its headquarters in Portland, Maine, Cozy Harbor, in coordination with Art's Lobster and Casco Bay, buys, processes, and distributes premium-quality lobster tails, lobster meat, and live lobster (among other seafood) throughout the United States, Canada, Asia, and Europe. Cozy Harbor works directly with Canadian and Maine seafood dealers, while Casco Bay Lobster and Art's Lobster work directly with fisherman to purchase the freshest seafood products for the Debtors' customers, including purchasing daily catches from Cundy's Harbor, Boothbay Harbor, Casco Bay, South Bristol, and Tenants Harbor. Casco Bay historically operated as a float-based lobster buying operation at Little Chebeague Island and transported lobster and bait on an owned vessel to and from Cozy Harbor's Union Wharf facility. Casco Bay ceased operations at Little Chebeague Island in 2024 and, today, conducts business at Union Wharf relying on Cozy Harbor's employees and facilities. Art's Lobster operates a land-based lobster buying operation on a wharf in Tenants Harbor, Maine, which it leases from a non-debtor affiliate. Art's Lobster has employees who are paid through the same payroll as Cozy Harbor, but ADP reports Art's Lobster's payroll information separately for tax purposes. As of the Petition Date, Keybank National Association was owed $4.9 million by the Debtors on a line of credit in the original amount of $8 million. In addition, the Debtors owe Camden National Bank $330,000 on a loan secured by certain equipment. "The Debtors' businesses are impacted heavily by the price of seafood that it purchases for processing. Premised on price instability arising first out of the Covid pandemic and then out of uncertainty due to tariff threats, the Debtors have had trouble operating within workable margins," explains John S. Norton, Jr., shareholder of the Debtors. "In the months and years prior to the Petition Date, the Debtors diligently explored a range of options to address their ongoing challenges related to maintaining sufficient cash flow to satisfy their debt and operational obligations. Ultimately, after exploring an out-of-court sale, recapitalization, and other options, the Debtors, together with their advisors, determined to commence these chapter 11 cases to stabilize the Debtors' balance sheets and optimize the value of their estates for the benefit of all parties in interest through a chapter 11 restructuring." About Cozy Harbor Seafood Cozy Harbor Seafood is the oldest and most experienced processor of lobster in the US. It is a primary processor with its main processing plant in Portland, Maine. In business since 1980, Cozy Harbor has established itself in the US and world markets as the most respected source of high-quality seafood products from Maine. Maine lobster and local whitefish keep Cozy Harbor busy year-round producing the best that Maine has to offer. On the Web: http://www.cozyharbor.com/ Cozy Harbor Seafood, Inc., and two affiliates sought Chapter 11 protection (Bankr. D. Maine Lead Case No. 25-20160) on July 1, 2025. Cozy Harbor listed assets of $1 million to $10 million as of the bankruptcy filing. The Company is represented by Bernstein Shur as legal counsel and Corporate Finance Associates as investment banking M&A advisor. COZY HARBOR: Seeks Chapter 11 Protection ---------------------------------------- Cozy Harbor Seafood, Inc., and its companies, Art's Lobster Co., Inc. and Casco Bay Lobster, announced it has voluntarily filed for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Maine. The Company initiated this process to continue operating while it restructures its liabilities and pursues a court-supervised sale to a new owner. Going forward, Cozy Harbor's processing and packing facilities on St. John Street, at the Portland Fish Exchange and on Union Wharf in Portland, Maine, will continue to operate, receive lobster and whitefish deliveries from suppliers, employ staff, and fulfill customer orders. The company anticipates its workforce to remain intact and customers will continue to enjoy Cozy Harbor Seafood products. The Company's decision is best understood in the context of broader market forces that have strained the sector in recent years. Like many businesses, Cozy Harbor Seafood has had to manage many financial challenges in the years since the COVID-19 pandemic. In this environment, even well-established processors have struggled to manage sustained external pressures and market instability. Chapter 11 provides a proven process and legal protection to help Cozy Harbor Seafood efficiently and effectively achieve its long-term financial and operational goals, while providing a level playing field and the opportunity for company value to be maximized in the event of a sale, to the benefit of all creditors. "For more than 45 years, Cozy Harbor Seafood has been a leader in sharing Maine's iconic lobster catch with the world, while being a reliable partner for our local fishermen and working waterfronts," said John Norton, President and Co-Founder of Cozy Harbor Seafood. "Despite the many challenges we’ve faced over the last 45 years, our business is woven into the social, cultural and economic fabric of Maine– and that is worth saving, which is why we have made this difficult, yet important decision. Chapter 11 is a proven process that will help us to continue doing what we do best -- processing, packing and selling premium-quality seafood -- while we position the company for long-term success, potentially under a new owner." About Cozy Harbor Seafood Inc. Cozy Harbor Seafood is the oldest and most experienced processor of lobster in the US. It is a primary processor with its main processing plant in Portland, Maine. In business since 1980, Cozy Harbor has established itself in the US and world markets as the most respected source of high-quality seafood products from Maine. Maine lobster and local whitefish keep Cozy Harbor busy year-round producing the best that Maine has to offer. On the Web: http://www.cozyharbor.com/ Cozy Harbor Seafood, Inc., sought Chapter 11 protection (Bankr. D. Maine Case No. 25-20160) on July 1, 2025. The Debtor listed assets of $1 million to $10 million as of the bankruptcy filing. The Company is represented by Bernstein Shur as legal counsel and Corporate Finance Associates as investment banking M&A advisor. CP ATLAS: Moody's Affirms 'B3' CFR & Alters Outlook to Negative --------------------------------------------------------------- Moody's Ratings affirmed CP Atlas Buyer, Inc. (which is doing business as American Bath Group, LLC)'s B3 corporate family rating, B3-PD probability of default rating, the existing B2 ratings on the senior secured first lien term loans and senior secured first lien revolving credit facilities and the Caa2 rating on the existing senior unsecured notes. At the same time, Moody's assigned B2 ratings to the proposed senior secured first lien revolving credit facility, senior secured first lien term loan B and senior secured first lien notes. Moody's also assigned a Caa2 rating to the proposed senior secured second lien notes. The rating outlook was changed to negative from stable. The negative outlook reflects the heightened integration risks associated with the company's acquisitions and continued weak credit metrics expected in 2025 given end market softness. American Bath has launched a $825 million senior secured first lien term loan due 2030, $825 million senior secured first lien notes due 2030 and $520 million senior secured second lien notes due 2031 with proceeds expected to refinance the company's existing first lien term loans and unsecured notes. In addition to the refinancing, $90 million of the proceeds will be used to fund two acquisitions and $80 million of the proceeds will be used to pay transaction fees, expenses and OID. Concurrent with the debt issuances, American Bath will replace its current first lien revolving credit facility with a new $207 million first lien revolving credit facility due 2030. The existing revolver and term loan ratings will be withdrawn upon close of the transaction. The existing senior unsecured notes rating will be withdrawn upon full repayment as holders of the existing unsecured notes have the option to decline the par-for-par exchange to the second lien notes. Moody's expects the second lien notes will bear cash interest at the same rate as the existing unsecured notes but with an added PIK component. Governance risk considerations are material to the rating action, reflecting an aggressive financial policy evidenced by debt-financed acquisitions despite weak credit metrics and weak end market demand. RATINGS RATIONALE The B3 CFR reflects the highly discretionary nature of bathware and spa products and customer concentration with big box retailers that exposes the company to shifts in its end-market. The company's very high pro forma leverage (over 8.5x debt/EBITDA as of March 31, 2025 and inclusive of the added debt, pre-acquisition EBITDA and one-time line startup/closure costs) is attributable to an approximate 30% decline in Moody's adjusted EBITDA from its peak in 2022 and the recent increase in debt levels following the recent acquisitions. Moody's expects the demand environment to continue to be challenging and for leverage to remain above 8.5x in 2025 before trending below 8x in 2026 as the company realizes a full year of benefits from pricing and cost cutting actions. Interest coverage will likely remain weak at just around 1.0x EBITA/interest expense in 2025 and 2026. The rating is supported by American Bath's solid market position and national footprint and broad bathware product offerings. American Bath's liquidity is adequate and the proposed transaction will extend its nearest maturity to 2030, assuming 100% of the unsecured notes due December 2028 are exchanged for the second lien notes with no stub pieces remaining. Pro forma for the transaction, the company had about $35 million of cash on its balance sheet and no drawings on its proposed $207 million revolver. Moody's expects that American Bath will maintain adequate liquidity over the next 12-18 months and that the company will generate sufficient cash flow to fund its working capital needs, maintenance capital expenditures and debt amortization. The company's proposed $207 million revolver is expected to be undrawn at close. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The rating could be upgraded if: -- Debt/EBITDA below 5.5x -- EBITA/interest expense consistently above 2.0x -- Free cash flow/debt consistently above 5.0% The rating could be downgraded if: -- Debt/EBITDA above 6.5x -- EBITA/interest expense below 1.0x -- A deterioration in liquidity American Bath Group, LLC is a major US and Canadian manufacturer and distributor of bathware constructed from gelcoat, sheet molded compound, porcelain on steel, acrylic and solid surface. The company also manufactures shower doors and shower wall panels. The company is owned by funds advised by Centerbridge Partners, L.P. For the 12 months ended March 2025, the company generated about $1.3 billion in revenue. The principal methodology used in these ratings was Manufacturing published in September 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. CPPIB OVM: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable ----------------------------------------------------------- Fitch Ratings has affirmed CPPIB OVM Member U.S. LLC's (Holdco) Long-Term Issuer Default Rating (IDR) at 'BB-'. Fitch has also affirmed the term loan at 'BB' with a Recovery Rating of 'RR3'. The Rating Outlook is Stable. The ratings of Holdco are based on its ownership stake in Ohio Valley Midstream LLC (JV Opco). This stake provides Holdco (an investee of Canadian Pension Plan Investment Board [CPPIB]) with steady distributions underpinned by fee-based revenue, largely protected by acreage dedications contracts in the favorably viewed Appalachian basin. These strengths are balanced by the company's small size and scale and volumetric exposure. The Stable Outlook is reflective of Holdco's continued expected strong leverage profile and favorable production dynamics in the Utica Shale to support JV Opco's steady volumes. Key Rating Drivers Mature Operations with Acreage Dedications: JV Opco has been operating its entire network for about six years, and the strong, stable volume performance over the two years indicates that these operations are mature. Field area pipelines and pipeline-connected plants often evolve into natural monopolies over time. This recent volume strength is supplemented by acreage dedications that customers provide to JV Opco as part of their standard service contracts. This can help during downturns or times of strong competition. In 2024 JV Opco outperformed processing volumes forecast but missed its target on gathering volumes. JV Opco's three largest customers all provide acreage dedications in their multi-service contracts. EQT Corporation (EQT; BBB-/Stable) is the largest customer by net revenue and has dedicated nearly 700,000 acres in multiple contracts with an average term of five years. Encino Acquisition Partners, LLC (Encino; B/Ratings Watch Positive), the second largest customer, has a three-year term around 530,000 acres. Expand Energy Corporations (EXE; BBB-/Stable) committed just over 400,000 acres for a lifetime dedication. Fitch believes that JV Opco is acceptably positioned to renegotiate adequate new contracts as current contracts expire. Small Size, Single Basin Exposure: JV Opco is a fully integrated midstream services company. Holdco's ratings reflect the company's small size, as measured by its annual EBITDA. Fitch expects Holdco EBITDA to remain below $150 million over the forecast period. Fitch considers the risks associated with only operating in the Appalachian basin to be moderate. Single-basin focused midstream service providers with high geographic, customer and business line concentration as relatively higher risk. This risk is somewhat offset in the Appalachian basin as it is North America's largest natural gas producing basin, and the basin benefits from some of the lowest breakeven and the best expertise and in the world. The Appalachian basin and in particular JV Opco's assets are well situated on offtake pipes to provide hydrocarbons to the Northeast and Midwest markets that maintain a steady base of demand. Improving Counterparty Profile: JV Opco's counterparty credit quality has materially improved, driven by EOG Resources' (EOG) announced acquisition of Encino, which will add a complementary footprint and is expected to enhance Encino's credit profile upon closing. In addition, the formation of Expand Energy Corporation (EXE; BBB-/Stable), following the merger of Southwestern Energy Company and Chesapeake Energy, introduces a new investment-grade counterparty with a substantial 1.2 million net acre position in Appalachia. Both developments strengthen JV Opco's revenue base, and present opportunities for future growth. Holding Company Metrics: Holdco's only asset is its ownership stake in JV Opco. Barring financing in-flows such as an equity infusion, Holdco will service interest expense and the 1% scheduled amortization with distributions from JV Opco. Holdco's leverage metrics continue to remain strong with solid performance of the underlying JV Opco expected to lead to a slight increase in distributions in 2025. This top line reduction in leverage performance is slightly offset by the refinancing and upsizing of the term loan earlier in the year. Barring additional expansions or dividend recapitalizations Holdco's leverage is expected to remain strong for its rating category. Continued-Post 2025 Performance Uncertainty: After 2025, and particularly during 2026-2027, Fitch believes the JV partners may experience some challenges. It may be difficult to keep EBITDA level (in the absence of growth spending) to increase its geographic footprint or take advantage of the high demand for gas processing in the area. Growth spending could become attractive and be financed with debt. Fitch still expects either JV Opco's customers and/or JV Opco itself to create headwinds for Holdco's leverage performance. Fitch takes a "rate through the cycle" approach, including the capex cycle and as a result leverage may rise above negative sensitivities in the short-term. Peer Analysis Oryx Midstream Services Permian Basin LLC (Oryx; BB-/Stable) is a peer of Holdco. Both companies have a large minority stake, a non-operating stake, and a partner with at least a decade of experience operating the assets owned by the JV entity. Based on forecasted dividends received by Oryx and Holdco, Oryx is approximately 2x larger. In 2025 Oryx will have higher proportionately consolidated leverage than Holdco. However, Holdco's ratings incorporate the possibility that Holdco may have higher proportionately consolidated leverage in the out years than Oryx. For mild yet lengthy oil downturns (where Fitch assumes a high correlation for some of JV Opco's natural gas liquids serviced volumes), Fitch expects that Oryx's JV to experience a lower percentage EBITDA decline than JV Opco. Fitch believes that the combination of a warm winter and low oil prices would cause a further divergence. In the near term, Oryx is weakly positioned for its rating category, while Holdco is strongly positioned. Fitch expects Oryx standalone leverage for 2025 to be around 6.3x while Fitch expects Holdco's leverage to be at least a turn stronger than Oryx's for 2025 and 2026. If Holdco pursues a conservative approach to growth (i.e., only doing "no-regrets" projects) and does not pursue additional dividend recapitalizations, it may be able to carry its current low leverage outlook into the medium term. Key Assumptions - Fitch Price Deck for Oil and Gas - SOFR at the forecast of the Fitch Global Economic Outlook; - Processing volumes show a slight material decline from the 2023-2024 run-rate; - About 12 months or more from now, a growth capex program of some type is sanctioned, incremental to the current projection of Holdco's management. - JV Opco will remain unlevered. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Standalone EBITDA leverage below 4.5x on a sustained basis; - Increase in size, as evidenced by a significant increase in size of distribution inflows to Holdco (with such growth not being debt-financed). Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - An expectation that proportionately consolidated EBITDA leverage will be above 4.5x; - Projected standalone EBITDA leverage above 6.5x; - Projected standalone EBITDA interest coverage below 2.0x; - An increase in business risk, such as replacing 100% fee-based status with a meaningful amount of commodity-sensitive revenues. Liquidity and Debt Structure Holdco maintains adequate liquidity. As part of its Credit Agreement, HoldCo has a requirement to maintain a Debt Service Reserve Account equal to the next 6 months' worth of interest and amortization. The JV OpCo is unlevered, and substantially all cashflows are distributed to the owners. Fitch expects HoldCo to receive distributions to comfortably remain above its 1.10x Debt Service Coverage Ratio (DSCR). The credit agreement has a tiered cash flow sweep that comes into effect when distributions are made to CPPIB and consolidated leverage is greater than 4.0x when proportionately consolidated. Issuer Profile CPPIB OVM Member U.S. LLC owns a 35% stake in a company that performs midstream services, i.e., gathering, processing, transporting, fractionating, stabilizing, and terminalling of natural gas and natural gas liquids. Summary of Financial Adjustments Fitch calculates standalone EBITDA leverage using the loan borrowed by Holdco as the numerator and the distributions received by Holdco as the denominator. Fitch calculates proportionately consolidated EBITDA leverage using the loan borrowed by Holdco (the partners in JV Opco have no plans for JV Opco debt) as the numerator, and the denominator is Holdco's 35% share of JV Opco's EBITDA. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- CPPIB OVM Member U.S. LLC LT IDR BB- Affirmed BB- senior secured LT BB Affirmed RR3 BB CTF CHICAGO: Court Extends Cash Collateral Access to July 31 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division extended CTF Chicago, Inc.'s authority to use cash collateral from July 1 to 31. The 10th interim order authorized CTF Chicago to use the cash collateral of Wintrust Bank, a pre-bankruptcy secured lender, to pay the expenses set forth in its budget. The budget shows projected expenses of $128,336 for the interim period. Wintrust Bank holds a senior lien on the Debtor's assets valued at $781,571.93, with a subordinate lien by the U.S. Small Business Administration. As protection, Wintrust Bank was granted a replacement lien on substantially all of the Debtor's assets, including cash collateral equivalents, cash and accounts receivable, to the same extent and with the same validity as its pre-bankruptcy lien. In addition, Wintrust Bank was granted an administrative expense claim under Section 507(b) of the Bankruptcy Code, subordinate only to the administrative claim of the Subchapter V trustee. The next hearing is scheduled for July 30. Wintrust Bank has a senior valid blanket lien on assets of the Debtor as of the petition date and the cash proceeds thereof. It holds a senior security interest in all the assets of the Debtor by way of a valid lien duly filed of which the amount due and owing totals no less than $781,571.93. About CTF Chicago CTF Chicago, Inc. operates within a framework that requires substantial capital and resources. The company is structured to provide specific services or products, likely in a competitive market, given its presence in Chicago. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-15580) with up to $50,000 in assets and up to $10 million in liabilities. Charles Graff, managing member, signed the petition. Judge Janet S. Baer oversees the case. The Debtor is represented by Richard G. Larsen, Esq., at Springer Larsen, LLC. Wintrust Bank, as lender, is represented by: Andrew H. Eres, Esq. Dickinson Wright PLLC 55 W. Monroe, Suite 1200 Chicago, IL 60603 Tel: 312-377-7891 aeres@dickinson-wright.com DAYTON HOTELS 2: Files Emergency Bid to Use Cash Collateral ----------------------------------------------------------- Dayton Hotels 2, LLC asked the U.S. Bankruptcy Court for the Southern District of Ohio, Eastern Division at Columbus, for authority to use cash collateral. The Debtor needs to use cash collateral to maintain ongoing operations and meet necessary expenditures, such as payroll, utilities, insurance, and other ordinary business expenses. RSS WFCM2019-C50 – OH WG2, LLC entered into a loan agreement with the Debtor on April 9, 2019, providing a total loan of $21.3 million. This loan was allocated among several affiliated entities: $4,575,000 to Dayton Hotels 2 (Best Western Plus Englewood); $2,700,000 to Elite Hospitality, LLC (Quality Inn & Suites); $7,800,000 to Hilliard Hotels, LLC (Hampton Inn); $3,750,000 to Dayton Hotels, LLC (Dayton South Hotel); and $2,475,000 to Welcome Group 2, LLC (Super 8 Zanesville). The latter three entities filed Chapter 11 cases in September 2023 and are being jointly administered with the Debtor as “Affiliate Debtors.” To secure the loan, the lender holds a first-priority, properly perfected security interest in substantially all real and personal property of the Debtor, including the hotel located at 20 Rockridge Road. This interest is evidenced through a mortgage recorded with the Montgomery County Recorder (instrument #2019-00018215), an assignment of rents (instrument #2019-00018216), and a UCC-1 financing statement filed with the Ohio Secretary of State (filing #OH00229716850). The lender also initiated a state court lawsuit against the Debtor for defaulting under the loan terms, which resulted in the appointment of a receiver in August 2023. The receiver assumed operational control of the Debtor's property and shut down the hotel shortly thereafter. The Debtor proposed several forms of adequate protection: (1) use of cash collateral strictly in accordance with the submitted budget, (2) replacement liens on post-petition assets to the same extent and priority as pre-petition liens (without extending beyond existing collateral), and (3) monthly adequate protection payments to the secured lender. About Dayton Hotels 2 LLC Dayton Hotels 2, LLC operates a hotel under the Days Inn by Wyndham brand near Dayton International Airport. It manages lodging services at 20 Rockridge Road in Englewood, Ohio, offering accommodations and amenities for both business and leisure travelers. Dayton Hotels 2 sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-52719) on June 20, 2025, listing up to $50,000 in assets and up to $10 million in liabilities. InnVite Opco, Inc., the sole member of the Debtor, signed the petition. Judge Mina Nami Khorrami oversees the case. Denis E. Blasius, Esq., at Thomsen Law Group, LLC, represent the Debtor as bankruptcy counsel. DECO GROUP: To Sell Restaurant Equipment to The Texan-1836 for $37K ------------------------------------------------------------------- Deco Group LLC seeks permission from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, at a hearing on August 12, 2025 at 11:00 a.m., to sell restaurant equipment, free and clear of liens, claims, and encumbrances. The Debtor operates a fast-food style hamburger restaurant, as well as a full-service steakhouse. The Debtor has determined, in its business judgment, that it no longer wishes to continue operating the steakhouse. Debtor believes it will be more efficient to solely operate the hamburger restaurant, and will use the operations from the remaining restaurant to fund the Debtor's reorganization plan. Rather than close the restaurant and surrender the collateral, Debtor has found a potential buyer for all the equipment for the steakhouse restaurant. The Small Business Administration (SBA) has a first-position blanket lien on the all the Debtor's assets. Debtor scheduled the SBA as a secured creditor owed $2,058,816.44 as of the petition date. Debtor believes a sale is a preferable option to closing the restaurant, as it will preserve the jobs of the employees and allow the operations to continue. It also allows the SBA, as the first position lienholder, to receive funds immediately upon closing. If the sale is not approved, the Debtor will cease operations at the steakhouse. The Debtor seeks to sell the restaurant equipment to The Texan – 1836 LLC for the sale price of $37,265.00, which Debtor believes to be the current value of all assets to be sold. The Texan is the current landlord for the steakhouse restaurant. The details of the equipment can be found at: https://urlcurt.com/u?l=GTSShi The sale shall be free and clear of all liens, claims, and encumbrances, and such liens, claims, and encumbrances shall attach to the sales proceeds. All sale proceeds at closing will be turned over and remitted to the SBA. About Deco Group LLC Deco Group, LLC runs and oversees both a quick-service restaurant and a full-service restaurant business in Bryan, Texas. Deco Group sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-31252) on March 4, 2025, listing $106,682 in assets and $2,238,074 in debts. John Mathews, Deco Group manager, signed the petition. Judge Jeffrey P. Norman oversees the case. Robert C. Lane, Esq., at the Lane Law Firm, represents the Debtor as bankruptcy counsel. DEL MONTE: Files for Chapter 11 to Pursue Going-Concern Sale ------------------------------------------------------------ Del Monte Foods Corporation II Inc., a cornerstone of American grocery stores for more than 130 years, has sought Chapter 11 protection in bankruptcy court in New Jersey, as it undertakes a going-concern sale process for all or substantially all of the Company's assets. The Company said it is continuing to engage in discussions with third parties and potential strategic investors on various asset sales. Del Monte only has $9.8 million in cash but existing lenders have agreed to provide $165 million of new funding to provide Del Monte sufficient liquidity during the sale process. As part of a restructuring support agreement, the lenders have agreed to serve as a stalking horse bidder and "credit bid" to purchase all or substantially all of the Debtors' assets as a going-concern business. Based in Walnut Creek, California, Del Monte operates four plants, two in the United States and two in Mexico. Del Monte has canneries across the West Coast and Midwest, including Hawaii, as well as in Florida, the Midwest, and the Philippines. The Company owns the brands Del Monte, Contadina, Joyba, College Inn, Kitchen Basics, S&W, and Take Root Organics. Del Monte has 2,780 employees, with 64% of full-time employees in the United States covered by collective bargaining agreements. Del Monte is privately held, presently owned by Philippines-based Del Monte Pacific Limited ("DMPL"), a public company listed on the Singapore Stock Exchange. DMPL acquired Del Monte from Kohlberg Kravis Roberts in 2014. Road to Chapter 11 Bankruptcy Alvarez & Marsal North America, LLC's Jonathan Goulding, who was appointed as CRO at the end of June, explained in court filings that Del Monte has been highly leveraged for a number of years, with an average balance sheet always exceeding $1 billion in funded debt. In addition, the sharp rise in interest rates in 2023 and 2024 increased the Company's annual cash interest expense to $125 million, which materially exceeds current projected annual EBITDA. The Company reported that it had $1.235 billion in funded debt obligations as of the bankruptcy filing: Facility Maturity Outstanding Amount -------- -------- ------------------ Prepetition ABL Facility Prepetition ABL 2027 $210,000,000 Letters of Credit Various $26,000,000 Super-Senior Credit Facility First Out Term Loan August 2028 $395,500,000 2nd Out Term Loan August 2028 $468,800,000 3rd Out Term Loan August 2028 $135,000,000 -------------- $1,235,300,000 According to Mr. Goulding, the Company has faced substantial market constraints in recent years, and has seen excess inventory in the wake of the COVID-19 pandemic. After the pandemic subsided, consumer demand decreased, and Del Monte was left with substantial excess inventory that it was forced to variously store, write-off, and sell at substantial losses. These inventory write-offs not only decreased potential profits, but reduced the Company's borrowing base under the Prepetition ABL Facility, which further reduced liquidity. Starting in 2024, Del Monte reduced inventory by 30%, and closed canning operations at its Markesan, Wisconsin and Toppenish, Washington facilities. In late 2024 the Company decided to sell its Hanford, California facility. DMPL in 2023 and 2024 explored an initial public offering ("IPO") of Del Monte but did not move forward with the IPO due to headwinds and the financial performance of Del Monte. On May 5, 2025, DMPL publicly announced that it was declining to make the $45,000,000 equity investment in the Company under the transfer agreement reached with the Company's lenders. Vendors began to contract trade terms following the announcement. Chapter 11 Process The Debtors and their advisors have been in near-constant communication with the advisors to the Ad Hoc Term Lender Group and the ABL Lenders for the last few months. In early May 2025, the Company determined, with the assistance of its advisors, that additional liquidity would be necessary to sustain the Company’s operations through the 2025 Pack Season. The Company and its advisors have determined that given the scope of the necessary deleveraging, proceeding through an out-of-court restructuring would not be viable, and that the Company needed to pursue an in-court restructuring through a chapter 11 filing. The Company believes that a drawn-out and protracted bankruptcy process would be value-destructive for the Company and its stakeholders, and that any chapter 11 process must be on an expeditious timeline and supported by a majority of the Company's creditors. To that end, the Company entered into the Restructuring Support Agreement prepetition with the Ad Hoc Term Lender Group holding 73.2% of the aggregate outstanding principal amount of Super-Senior First Out Loans and 61% of the aggregate outstanding principal amount of Super-Senior Second Out Loans that will allow the Company to pursue a swift, value-maximizing restructuring through a going- concern sale of its assets and, in support thereof, conduct a thorough sale process. $165-Mil. New Money DIP Loan Pursuant to the RSA, the Ad Hoc Term Lender Group has agreed to backstop $165,000,000 in additional liquidity through the DIP Term Loan Facility, in connection to which the Company has agreed to roll-up $247,500,000 of First Out Term Loans into DIP obligations. If approved by the Court, all holders of First Out Loans will be offered the opportunity to participate in the DIP Term Loan Facility through a syndication process. The Company has also agreed to roll up the Prepetition ABL Facility into the DIP ABL Facility, in furtherance of which the Prepetition ABL Lenders have agreed to allow the Company to continue to draw on the ABL Facility throughout the pendency of the Chapter 11 Cases. The DIP Facilities are key to ensuring that the Company has sufficient liquidity to operate during the Chapter 11 Cases and will fund necessary working capital, payroll, and vendor payments, as well as the inherent costs of the Chapter 11 cases. The RSA also contemplates that the Debtors will run a postpetition sale process to identify potential third-party bidders for some or all of the Debtors' assets. Subject to reaching agreement on mutually acceptable bidding procedures, the Ad Hoc Term Lender Group would agree to "credit bid" their claims and serve as a stalking horse bidder for all or substantially of the Debtors' assets. The Debtors plan to file their bidding procedures motion within 10 days of the Petition Date, pursuing a value-maximizing sale process with a floor set by the stalking horse bid. About Del Monte Foods Founded in 1886 and headquartered in Walnut Creek, California, the Del Monte business has been a cornerstone of American grocery stores for more than 130 years. Del Monte Foods has been driven by its mission to nourish families with earth's goodness. As the original plant-based food company, Del Monte is always innovating to make nutritious and delicious foods more accessible to consumers across its portfolio of beloved brands, including Del Monte, Contadina, College Inn, Kitchen Basics, JOYBA, Take Root Organics and S&W. On the Web: http://www.delmontefoods.com/or http://www.joyba.com/ On July 1, 2025, Del Monte Foods Corporation II, Inc., and 17 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) to address $1.235 billion in funded debt obligations. The Debtors' bankruptcy cases are pending before the Honorable Michael B. Kaplan. Herbert Smith Freehills Kramer (US) LLP and Cole Schotz P.C. are serving as legal counsel to Del Monte, Alvarez & Marsal North America, LLC is serving as financial advisor, and PJT Partners is serving as investment banker to the Company. Stretto is the claims agent. DELEK LOGISTICS: Moody's Rates New Sr. Unsec. Notes Due 2033 'B2' ----------------------------------------------------------------- Moody's Ratings assigned a B2 rating to Delek Logistics Partners, LP's ("DKL") proposed senior unsecured notes due 2033. DKL's existing ratings, including the B1 Corporate Family Rating, B1-PD Probability of Default Rating and B2 ratings on the existing senior unsecured notes are unchanged. The ratings outlook is stable. "Delek Logistics will use the proceeds of the proposed debt offering to repay revolver borrowings such that the transaction will be leverage neutral, but increase unused revolver borrowing capacity and improve liquidity," stated James Wilkins, Moody's Ratings Vice President. RATINGS RATIONALE The proposed senior unsecured notes are rated B2, one notch below the B1 CFR and the same level as the ratings on the two existing DKL notes issues. The senior unsecured notes B2 rating reflects the contractual subordination of the notes to obligations under DKL's secured credit facility. The revolving credit facility is secured by a first priority lien on substantially all of DKL's assets. The company's total amount of debt and leverage will not be impacted by the issuance of the proposed notes and repayment of secured revolver borrowings. The notes issuance will increase the proportion of senior unsecured debt compared to secured revolver borrowings and provide the company additional liquidity by increasing unused borrowing capacity under the revolving credit facility, which may be used to support its growth initiatives. DKL's B1 CFR reflects its stable cash flow, growing asset base and increased revenues and earnings from third party customers. The stable cash flow from operations is underpinned by long-term, fee-based contracts with minimum volume commitments for pipeline transportation, terminal and storage services. DKL is majority owned and controlled by Delek US Holdings, Inc. (DK, B1 negative), the owner of the general partner, and provides critical infrastructure, a coordinated growth strategy and a source of external financing to DK. It is also supported by demand for its storage and transportation and wholesale marketing and terminalling services, which benefit from long-term contracts. DKL has a goal of developing into a full-service midstream provider with crude oil, natural gas and water handling capabilities. It has potential growth opportunities from organic projects as well as acquisitions of assets dropped down from its parent or sourced from third parties, which have diversified its asset base and will increase third party earnings to over one-half of 2025 earnings. Leverage (debt / EBITDA = 5.2x as of March 31, 2025) is moderate for the rating, but the company does not consistently produce positive free cash flow due to the high distributions and growth capital spending. The credit profile is constrained by high distributions, the modest scale of operations and customer concentration risk with DK as its single largest customer and little ability to replace DK's cash flow should DK experience refinery downtime. The refining and marketing industry profit margins are volatile and DK's profitability has been weak even prior to the industry entering a cyclically lower refining margin environment in the second half of last year. The SGL-3 Speculative Grade Liquidity Rating reflects Moody's expectations DKL will maintain adequate liquidity supported by positive cash flow from operations and unused capacity under its revolving credit facility due in October 2027. As of March 31, 2025, DKL had a modest cash balance ($2 million) and pro forma for the proposed $500 million notes offering and before fees, the $1.15 billion revolver had $205.1 million of borrowings and available borrowing capacity of about $945 million. The revolver has three financial covenants -- a maximum Total Leverage Ratio of 5.25x and maximum Senior Leverage Ratio of 3.75x (with 0.25x step up provisions for up to four quarters for both leverage ratios for certain qualifying growth initiatives) and a minimum Interest Coverage Ratio of 2.0x. Moody's expects the company to remain in compliance with the financial covenants through 2026. The next maturity of notes is in 2028. The stable outlook reflects Moody's expectations that DKL will generate stable earnings and grow through asset acquisitions and modest organic growth projects without significantly increasing leverage. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if DKL continues to increase its scale and grow EBITDA, sources an increasing majority of earnings from third parties and achieves positive free cash flow, while maintaining leverage (Debt / EBITDA) below 4.0x. Given DK's controlling ownership and importance as a counterparty, an upgrade would also require that DK's CFR is sustained at B1 or higher. The ratings could be downgraded if leverage (debt /EBITDA) were to rise above 5.0x on a sustained basis or liquidity were to deteriorate. DK's CFR declining below B2 could also lead to a downgrade of DKL's rating. Delek Logistics Partners, LP, headquartered in Brentwood, Tennessee, is a midstream logistics company with crude oil and product transportation pipelines and crude oil gathering systems, terminals and storage facilities. Its general partner is 100% owned by Delek US Holdings, Inc. (NYSE: DK) and management, and the common units are owned by DK and public unitholders (~36% LP interest as of March 31, 2025). The principal methodology used in this rating was Midstream Energy published in February 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. DESAI HOLDINGS: Case Summary & 18 Unsecured Creditors ----------------------------------------------------- Debtor: Desai Holdings, USA, LLC d/b/a R-Bar 106 W. 3rd Street Long Beach, CA 90802 Business Description: Desai Holdings, USA, LLC, doing business as R-Bar, operates a bar and restaurant in downtown Long Beach, California. The establishment offers craft beers, cocktails, and a food menu that includes items such as chicken wings, beef bulgogi tacos, and chicken curry with rice. Chapter 11 Petition Date: June 30, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-15524 Judge: Hon. Barry Russell Debtor's Counsel: Stella Havkin, Esq. STELLA HAVKIN 21650 Oxnard Street, Suite 1540 Woodland Hills, CA 91367 Email: shavkinesq@gmail.com Total Assets: $175,000 Total Liabilities: $2,171,294 The petition was signed by Rakesh Desai as managing member. A full-text copy of the petition, which includes a list of the Debtor's 18 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RHS7ZNA/Desai_Holdings_USA_LLC__cacbke-25-15524__0001.0.pdf?mcid=tGE4TAMA DI ANTAR: Gets Interim OK to Use Cash Collateral ------------------------------------------------ Di Antar Group, LLC got the green light from the U.S. Bankruptcy Court for the Western District of Washington to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral pay operating expenses pending the final hearing. The Debtor's budget projects total operational expenses of $28,855 for the week ending July 5; $52,251 for the week ending July 12; and $11,100 for the week ending July 19. As protection for the Debtor's use of its cash collateral, GESA Credit Union will be granted replacement liens on the Debtor's post-petition cash, receivables and inventory and the proceeds thereof, with the same priority and extent as its pre-bankruptcy liens. The final hearing is scheduled for July 15. GESA Credit Union, the primary secured creditor, holds a first-position lien on the Debtor's accounts receivable and proceeds, with a secured claim of $322,313 and collateral valued at $74,400. Other creditors, including First Data Merchant Services and Atipana Capital, hold junior UCC-1 filings with no remaining value in the collateral and will be treated as unsecured creditors in the proposed bankruptcy plan. About Di Antar Group LLC Di Antar Group, LLC, doing business as Shaburina Shabu-Shabu Hot Pot and Shaburina, operates restaurant ventures in the United States, including "Shaburina," a Korean/Japanese-style hot pot restaurant offering Shabu Shabu in Redmond, Washington. The restaurant features a self-serve, all-inclusive buffet concept that allows customers to customize their meals. The company also sources and imports restaurant supplies and equipment. Di Antar Group sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-11655) on June 16, 2025. In its petition, the Debtor reported total assets of $78,100 and total liabilities of $1,267,198. Judge Christopher M. Alston handles the case. The Debtor is represented by Thomas D. Neeleman, Esq., at Neeleman Law Group, P.C. DIAMOND RENOVATIONS: Case Summary & 20 Top Unsecured Creditors -------------------------------------------------------------- Debtor: Diamond Renovations, Inc. 9227 Live Oak Ln Fort Worth, TX 76179 Business Description: Diamond Renovations, Inc. provides residential and commercial roofing and remodeling services in the Dallas–Fort Worth area. The Company specializes in roof replacements, repairs, exterior carpentry, and painting. Chapter 11 Petition Date: June 30, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-42386 Judge: Hon. Edward L Morris Debtor's Counsel: Clayton L. Everett, Esq. NORRED LAW, PLLC 515 E. Border Arlington TX 76010 Tel: (817) 704-3984 Email: clayton@norredlaw.com Total Assets: $482,406 Total Liabilities: $1,061,209 Randall Cryer signed the petition as vice president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SRXVVLQ/Diamond_Renovations_Inc__txnbke-25-42386__0001.0.pdf?mcid=tGE4TAMA DISCOVER QUARTZ: L. Todd Budgen Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 21 appointed L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., as Subchapter V trustee for Discover Quartz and Granite, LLC. Mr. Budgen will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Budgen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: L. Todd Budgen, Esq. P.O. Box 520546 Longwood, FL 32752 Tel: (407) 232-9118 Email: Todd@C11Trustee.com About Discover Quartz and Granite Discover Quartz and Granite, LLC fabricates and installs custom countertops using quartz, granite, and natural stone. The Company operates in Florida, with facilities in Ocala and Orlando, serving residential and commercial clients. Discover Quartz and Granite sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01983) on June 15, 2025. In its petition, the Debtor reported total assets of $952,930 and total liabilities of $2,535,353. Judge Jacob A. Brown handles the case. The Debtor is represented by Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler, LLP. DOLCHE TRUCKLOAD: Seeks DIP Financing, Access to Cash Collateral ---------------------------------------------------------------- Dolche Truckload Corp. asked the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, for authority to obtain post-petition financing and use cash collateral. This debtor-in-possession (DIP) loan is structured through an Accounts Purchase Agreement dated March 26, 2024, with Wex Capital, which allows the Debtor to factor its accounts receivable in exchange for immediate liquidity. Under the terms of the APA, the lender may, in its sole discretion, purchase the Debtor's eligible post-petition receivables and advance up to 95% of the face value of such accounts. The maximum amount of credit available under this facility is $1.75 million, and the financing arrangement includes a number of fees such as a 0.9% discount fee, a 1% expedited payment fee, chargeback fees, and various other costs typical of factoring agreements. The advances mature 90 days after issuance, and a reserve account is maintained by the Lender to secure the Debtor's performance, typically retaining 3% of the unpaid balance of the purchased accounts. As security for the DIP financing, the Debtor has agreed to grant Wex Capital a first-priority, continuing security interest in all pre-petition and post-petition receivables, chattel paper, inventory, equipment, and general intangibles, among other collateral. This lien will cover all obligations arising under the APA and is structured to ensure the lender is protected in the event of default. Notably, the APA provides that the Debtor's bankruptcy filing itself does not constitute an event of default, which is unusual and favorable to the Debtor. However, other events such as a motion to dismiss or convert the case, or any relief from the automatic stay affecting the collateral, may trigger a default unless explicitly consented to by the Lender. The Debtor is also obligated to repay all post-petition obligations under the APA by the earlier of conversion, dismissal, or confirmation of a plan unless otherwise agreed. Prior to entering bankruptcy, the Debtor had sold certain receivables to a former factoring partner but entered Chapter 11 without any remaining accounts receivable eligible for factoring under the new APA. The Debtor has reported that it is not aware of any perfected security interest on its post-petition receivables, making this DIP facility viable without priming existing lenders. The Debtor said that it thoroughly explored other financing options both before and after its bankruptcy filing but was unable to secure any alternative lending on an unsecured or administrative priority basis. The terms negotiated with Wex Capital are, therefore, presented as the best and only available option to inject liquidity into the business and preserve ongoing operations. In addition to the financing, the Debtor sought authorization to use existing cash collateral and bank accounts, specifically a Chase business account with an approximate balance of $8,456. The Debtor requested that this account be maintained as a DIP account to avoid the administrative burden and operational disruption of closing and opening new accounts. The Debtor also asked the court to approve continued use of its pre-petition cash management system and business forms, arguing that changes would be costly and unnecessary given the circumstances. The DIP financing is essential to the Debtor's ability to resume operations, particularly to cover critical expenses such as fuel and driver wages. The Debtor has already been forced to pull freight off the roads due to lack of funds and asserts that without this financing, it will be forced into immediate liquidation, leaving little or no recovery for creditors. With the APA in place, the Debtor believes it can stabilize its business, preserve jobs, and formulate a feasible Chapter 11 plan. A hearing on the matter is set for July 9. About Dolche Truckload Corp. Dolche Truckload Corp. provides full truckload transportation services across the United States, including refrigerated, dry van, and hazardous materials freight. The Company operates a fleet of trucks and offers tailored logistics solutions from its headquarters in Palatine, Illinois. Dolche Truckload Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-09093) on June 15, 2025. In its petition, the Debtor reports total assets of $1,944,419 and total liabilities of $3,410,448. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. The Debtors are represented by David Freydin, Esq. at LAW OFFICES OF DAVID FREYDIN. DP LOUISIANA: Seeks Subchapter V Bankruptcy in Louisiana -------------------------------------------------------- On June 30, 2025, DP Louisiana LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Louisiana. 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 DP Louisiana LLC DP Louisiana LLC is engaged in oil and gas extraction operations. The Company is based in Louisiana and uses EAG Services in Houston, Texas, for administrative support. DP Louisiana LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-11366) on June 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Meredith S. Grabill handles the case. The Debtors are represented by Douglas S. Draper, Esq. at HELLER, DRAPER & HORN, LLC. DVAC HEATING: Seeks to Use Cash Collateral Until September ---------------------------------------------------------- DVAC Heating & Air, LLC asked the U.S. Bankruptcy Court for the Western District of Washington for authority to use cash collateral from July to September. The Debtor needs to use cash collateral including current funds and future receivables to continue operating. The U.S. Small Business Administration, the primary secured creditor, has consented to the interim use and agreed to terms for final approval. The SBA holds a first-position lien on the Debtor's assets, including $74,629 in cash and $189,516 in tools, equipment, and office furniture. Nine other creditors filed UCC-1 financing statements, but only the SBA has sufficient collateral coverage. As adequate protection, the Debtor proposed replacement liens and monthly adequate protection payments of $600 until a reorganization plan is confirmed. A court hearing is set for July 11. About DVAC Heating & Air DVAC Heating & Air, LLC is a family-owned company that provides residential, light commercial, and new construction HVAC and plumbing services in the greater Seattle area. Based in Mukilteo, Washington, the company offers installations, repairs, and maintenance for systems such as furnaces, AC, heat pumps, water heaters, and ductless units. Founded in 2014, DVAC emphasizes competitive pricing, customer service, and skilled technicians. DVAC Heating & Air sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-11432) on May 27, 2025. In its petition, the Debtor reported total assets of $350,315 and total liabilities of $3,224,167. Judge Timothy W. Dore handles the case. The Debtor is represented by Thomas D. Neeleman, Esq., at Neeleman Law Group, P.C. EAZY-PZ LLC: Gets Interim OK to Use Cash Collateral --------------------------------------------------- Eazy-PZ LLC got the green light from the U.S. Bankruptcy Court for the District of Colorado to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral in accordance with its budget through the date of the final hearing. The Debtor must only expend cash collateral pursuant to the budget, subject to reasonable fluctuation by no more than 10% for each expense line item per month, according to the court order. As protection for any diminution in the value of their interest in the cash collateral, the U.S. Small Business Administration and other secured creditors will be granted replacement liens on the proceeds of the Debtor's post-petition accounts. The replacement liens do not apply to any Chapter 5 claim. In addition, the Debtor was ordered to keep its personal property insured. As further protection to SBA, the Debtor will continue its monthly loan payments to the agency as per the budget. A final hearing is scheduled for July 24. As of the petition date, the Debtor held approximately $36,000 in various bank accounts, which constitutes cash collateral primarily subject to a perfected lien held by SBA under an Economic Injury Disaster Loan. WebBank may claim a secondary lien through a merchant loan agreement but did not perfect its lien by filing a UCC-1, which the Debtor may challenge under Chapter 5 of the Bankruptcy Code. The SBA is owed approximately $485,000, and WebBank about $23,000. The Debtor's additional assets that may be converted to cash collateral during the case include about $733,000 in accounts receivable and $251,000 in inventory. About Eazy-PZ LLC Eazy-PZ LLC designs and sells silicone mealtime products for infants and toddlers, including plates, bowls, mats, and utensils. The Company operates through online and retail channels from its base in Parker, Colorado. Eazy-PZ LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-13720) on June 18, 2025. In its petition, the Debtor reports total assets of $1,019,774 and total liabilities of $3,881,257. Honorable Bankruptcy Judge Thomas B. Mcnamara handles the case. The Debtors are represented by Aaron J. Conrardy, Esq. at WADSWORTH GARBER WARNER CONRARDY, P.C. ECHOSTAR CORP: Averts Chapter 11 Resuming Interest Payments ----------------------------------------------------------- Jeff Baumgartner of Light Reading reports that EchoStar has narrowly avoided filing for Chapter 11 bankruptcy after announcing it will proceed with previously delayed interest payments, which had been postponed due to ongoing uncertainty surrounding its federal 5G obligations and spectrum holdings. In a filing submitted on June 28, 2025 to the U.S. Securities and Exchange Commission (SEC), the company confirmed it will pay interest originally due several weeks ago. The decision allows EchoStar to avoid a potential bankruptcy filing on Monday, June 30. The company had been operating within a 30-day grace period while it assessed its regulatory and financial situation. Although no agreement has been reached with the Federal Communications Commission (FCC), EchoStar said it would move forward with the payments "in good faith," following recent conversations with FCC Commissioner Brendan Carr and encouragement from former President Donald Trump for both sides to find common ground. EchoStar Chairman Charlie Ergen met with Carr on June 11, 2025, where Carr reportedly urged the company to begin selling off parts of its spectrum portfolio or risk forfeiting licenses. The company has also voiced concerns that possible changes to the 2GHz band’s sharing rules or revised 5G buildout deadlines could jeopardize its operations and future plans, according to Light Reading. In a research note issued on June 28, New Street Research analyst Blair Levin said EchoStar's decision to make the payment likely delays a bankruptcy filing. "The next critical date is the end of the grace period for the second interest payment on July 1," he noted. Levin added that the extension provides time for newly confirmed FCC Commissioner Olivia Trusty to weigh in. Levin concluded, "We can breathe a little easier heading into the weekend, but we’ll need to stay tuned this summer to see if a resolution is reached." Following the FCC's monthly meeting on Thursday, June 26, 2025, Carr signaled urgency, stating the agency would need to act "soon" on the EchoStar situation, according to Bloomberg. About Echostar Headquartered in Englewood, Colorado, EchoStar Corporation is a holding company that was organized in October 2007 as a corporation under the laws of the State of Nevada. Its subsidiaries operate four primary business segments: (1) Pay-TV; (2) Retail Wireless; (3) 5G Network Deployment; and (4) Broadband and Satellite Services. As of December 31, 2024, EchoStar had $60.9 billion in total assets, $40.7 billion in total liabilities, and total stockholders' equity of $20.2 billion. EMERGENCY HOSPITAL: Gets Extension to Access Cash Collateral ------------------------------------------------------------ Allison Byman, the Chapter 11 trustee for Emergency Hospital Systems, LLC, received another extension from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. The court approved a stipulation between the trustee and RDFCB Acquisition, LLC, authorizing the trustee to use the lender's cash collateral from June 24 through September, subject to the lender's agreement on budgets for July, August and September. RDFCB will be granted replacement liens on its collateral to the extent of any cash collateral used without the need to file any UCC or other perfection instrument. In the event of any diminution in the value of its collateral, RDFCB will have an administrative expense pursuant to Section 507(b) of the Bankruptcy Code, subordinate only to the administrative claims of the trustee and her estate professionals. No payment will be made to Deerbrook Holdings, LLC for rent unless expressly agreed to by RDFCB in the applicable monthly budget or otherwise allowed by subsequent court order. RDFCB and the trustee agreed that allowed rent payments must be made directly to Deerbrook's lender that asserts a lien on the hospital building and an assignment of rents. About Emergency Hospital Systems Emergency Hospital Systems LLC, doing business as Cleveland Emergency Hospital, is a system of regional hospitals serving the communities of The Woodlands, Porter, and Deerbrook, Cleveland. These facilities support each other with respect to the services they provide and are united under a common objective to provide quality healthcare professionally and compassionately. Emergency Hospital Systems sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 24-34683) on October 3, 2024, with $10 million to $50 million in both assets and liabilities. Rafael Delaflor, operating officer, signed the petition. Judge Eduardo V. Rodriguez oversees the case. Megan Rapp, Esq., at Kean Miller, LLP is the Debtor's legal counsel. RDFCB Acquisition, LLC, as lender, is represented by: Kell Mercer, Esq. Kell C. Mercer, P.C. 901 S. Mopac Expy, Suite 300, Bldg. 1 Austin, Texas 78746 Telephone: 512-767-3214 FLORIDA MAGICAL: Unsecureds Will Get 36.31% of Claims in Plan ------------------------------------------------------------- Florida Magical Homes LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Second Subchapter V Plan of Reorganization dated June 13, 2025. Florida Magical Homes was originally formed in 2019 by Frederick R. Sundsten, the Debtor's sole-managing member. The Debtor is a short-term vacation rental management company that has been in operation since 2019, which currently manages approximately 20 properties throughout central Florida. The Debtor conducts its operations from an office space located at: 7862 W Irlo Bronson Memorial Hwy, Suite 380, Kissimmee, Florida 34747. For several years FMH has experienced significant financial losses caused by third-party payment processors which failed to release the Debtor's rental proceeds due to intermittent "chargebacks". FMH entered Chapter 11 seeking to preserve its business, recover its rental proceeds for the benefit or its estate and creditors, dispute claims, and ultimately emerge from the reorganization process with restructured obligations enabling cash flow positive operations. Unfortunately, after the Petition Date, a number of property owners terminated their property management agreements with the Debtor (without Bankruptcy Court approval) leaving Debtor with no other choice but to winddown its business. Accordingly, Debtor submits this Plan to effectuate an orderly exit from Chapter 11 and conclusion to its business operations. Class 1 consists of all Allowed General Unsecured Claims against the Debtor. In full satisfaction of the Allowed Class 1 General Unsecured Claims, Holders of Class 1 Claims shall receive a pro rata share of the Debtor's liquidated Causes of Action and cash equivalents after all Administrative Claims and Priority Tax Claims are satisfied in full. The maximum Distribution to Class 1 Claimholders shall be equal to the total amount of all Allowed Class 1 General Unsecured Claims. As of the filing of the Plan, Debtor anticipates a recovery to Class 1 creditors of approximately 36.31% based on a current Allowed Claims pool of $162,481.70 and potential recoveries from Causes of Action or other collections (after payment of Chapter 11 collection expenses) of approximately $59,000.00 (which amount could increase or decrease following discovery and after payment of the costs of collection). The estimated costs of collection for the benefit of Class 1 Claimholders is $10,000.00, whereas in a Chapter 7 liquidation scenario the fees could exceed $10,000.00 due to a trustee's non familiarity with this case, the Debtor’s business and the various accounts which need to be collected. Class 1 is Impaired. Class 2 consists of all equity interests in Florida Magical Homes, LLC. Class 1 Interest Holdersshall retain their respective Interests in Florida Magical Homes, LLC. in the same proportions such Interests were held as of the Petition Date (i.e., 100.00% Interest retained by Frederick Sundsten) until all Distributions are completed under the Plan; after which time FMH will be dissolved and the Class 2 Equity Interests will be extinguished. The Plan contemplates the Debtor will continue to manage its financial affairs to collect outstanding accounts receivable and pursue Causes of Action for the recovery of estate property (if necessary) in order to effectuate Distributions to its creditors; after which FMH will be dissolved, and any Interests in the Debtor will be extinguished. While currently unknown, Debtor anticipates net recoveries (after payment of the costs of collection) of approximately $59,000.00 which may increase or decrease based on additional accounts collected and administrative fees incurred during the process of collection. Debtor estimates the recovery and distribution of recovered proceeds could take up to 12 months. Funds generated from the Debtor's operations through the Effective Date will be used for Plan Payments; however, the Debtor’s cash on hand as of Confirmation will be available for payment of Administrative Expenses. A full-text copy of the Second Amended Plan dated June 13, 2025 is available at https://urlcurt.com/u?l=yEiUsj from PacerMonitor.com at no charge. Counsel to the Debtor: Daniel A. Velasquez, Esq. Latham, Luna, Eden & Beaudine, LLP 201 S. Orange Ave., Suite 1400 Orlando, FL 32801 Telephone: (407) 481-5800 Facsimile: (407) 481-5801 About Florida Magical Homes Florida Magical Homes LLC is a short-term vacation rental management company that has been in operation since 2019, which currently manages approximately 20 properties throughout central Florida. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01093) on February 26, 2025, with $0 to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Tiffany P. Geyer presides over the case. Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP represents the Debtor as legal counsel. FTX TRADING: Recovery Trust Wants to Recoup $50MM from AZA Finance ------------------------------------------------------------------ Benjamin Hernandez of Bloomberg Law reports that the FTX recovery trust has sued Africa-based fintech firm AZA Finance, along with several of its European and African affiliates and executives, accusing them of orchestrating a scheme to defraud FTX of more than $50 million. According to a complaint filed Tuesday, July 1, 2025, in the U.S. Bankruptcy Court for the District of Delaware, the trust alleges AZA Finance used a corporate maneuver called the "Luxembourg Demerger" to wrongfully divert FTX assets. The trust is seeking the return of the funds, as well as damages for breaching the bankruptcy stay, fraudulent transfers, contract violations, and other misconduct. 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. GEORGIA VASCULAR: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------- The U.S. Trustee for Region 21 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Georgia Vascular Specialists, PC. About Georgia Vascular Specialists P.C. Georgia Vascular Specialists, P.C. provides vascular medicine and surgical services, including minimally invasive and traditional procedures for arterial, venous, and lymphatic conditions. The practice operates an accredited vascular ultrasound lab, ambulatory wound care services, and vein treatments, and offers inpatient care at Piedmont Hospital and Atlanta Medical Center. Founded in 1989, the company is based in Georgia. Georgia Vascular Specialists sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55352) on May 13, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Paul W. Bonapfel oversees the case. The Debtor is represented by Benjamin Keck, Esq., at Keck Legal, LLC. GIANT WASH: Case Summary & Six Unsecured Creditors -------------------------------------------------- Debtor: Giant Wash, LLC 116 West Davenport Street Eldridge, IA 52748 Business Description: Giant Wash, LLC, doing business as Giant Laundromats, operates self-service and full-service laundry facilities across Iowa and Illinois. The Company offers drop-off wash-and-fold, pickup and delivery, commercial laundry, and dry cleaning services. Chapter 11 Petition Date: June 30, 2025 Court: United States Bankruptcy Court Southern District of Iowa Case No.: 25-01133 Judge: Hon. Lee M. Jackwig Debtor's Counsel: Jeffrey D. Goetz, Esq. DICKINSON, BRADSHAW, FOWLER & HAGEN, PC 801 Grand Avenue, Suite 3700 Des Moines, IA 50309-8004 Tel: 515-246-5817 E-mail: jgoetz@dickinsonbradshaw.com Total Assets: $1,555,343 Total Liabilities: $2,084,622 The petition was signed by Job Tillis as managing member. A copy of the Debtor's list of six unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YKKB6OY/Giant_Wash_LLC__iasbke-25-01133__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YOM7WRQ/Giant_Wash_LLC__iasbke-25-01133__0001.0.pdf?mcid=tGE4TAMA GLOBAL MEDICAL: S&P Upgrades ICR to 'B', Outlook Stable ------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on pre-hospital healthcare services, including air and ground medical transportation, provider Global Medical Response Inc. (GMR) to 'B' from 'B-' and revised the outlook to stable. At the same time, we raised our issue-level rating on the company's senior secured term loan and senior secured exchange notes to 'B'. The '3' recovery rating remains unchanged, indicating our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery for lenders in the event of a payment default. The stable outlook reflects our expectation that GMR will achieve high-single-digit percent consolidated revenue growth in 2025 (pro forma for divestitures) and beyond due to continued improvement in Net Revenue per Transport (NRPT), led by rate increases and improved capture rate. It also reflects our view that GMR will generate FOCF to debt of over 5% on an annual basis going forward. Pre-hospital healthcare services, including air and ground medical transportation, provider GMR revenue and EBITDA growth outperformed our expectations over the last 12 months. S&P believes the company's S&P Global Ratings-adjusted free operating cash flow (FOCF) to debt will increase and remain above 5% with S&P Global Ratings-adjusted leverage below 6x in 2025. The upgrade reflects GMR's track record of operational improvement supported by an improved reimbursement environment. S&P said, "GMR's organic revenue increased by about 11% in 2024, exceeding our expectation of 7.5% growth. This was due to an increase of about 17.6% in NRPT, resulting from favorable independent dispute resolution (IDR) outcomes, one-time recognition of previously written-off IDR related revenue, and higher deployments. While we continue to expect 2025 revenue will decline in 2025 due to its divestiture of noncore businesses in late 2024, we expect 7% growth in core transport revenue. We expect revenue will grow by about 8% in 2026 because of strong volumes, continued improvement in the reimbursement environment, and stabilization of non-emergent volumes." S&P said, "We expect GMR will generate FOCF to debt of over 5% and maintain leverage below 6x in 2025 and beyond. GMR improved its profitability by 340 basis points (bps) in 2024 by implementing strategies toward improving operational efficiencies including strategic market exits, corporate cost reductions and contract re-negotiations that resulted in rate increases. Moderately alleviated labor and fuel cost pressures also supported profitability. In 2025, the company sharpened its focus toward better collection of accounts receivables (AR), which we expect will result in working capital inflows. In 2026 and beyond, while we expect working capital outflows will exceed inflows, improvement in profitability will offset its impact on free cash. Furthermore, we expect improved EBITDA will enable the company to maintain leverage below 6x going forward." GMR remains exposed to adverse weather conditions, fixed costs, and regulatory pressures. The emergency air transport industry is exposed to some earnings volatility due to adverse weather that may require the company to ground its aircraft. GMR previously mitigated some of this risk through its diversification into emergency ground transportation. However, the company has been pulling back from its non-emergent ground operations due to their lower margins. Therefore, due to the high dependence of its EBITDA on air transport, S&P believes GMR will continue to be substantially exposed to weather-related cancellations and groundings. This is exacerbated by the company's predominantly fixed-cost business model because its pilots, clinical crews, and aircraft must remain idle. Furthermore, GMR remains exposed to regulatory changes due to the nature of its business and payor mix. S&P said, "Our stable outlook on the company reflects our expectation that GMR will achieve high-single-digit percent consolidated revenue growth in 2025 (pro forma for divestitures) and beyond due to continued improvement in NRPT, led by rate increases and improved capture rate. It also reflects our view that GMR will generate FOCF to debt of over 5% on an annual basis going forward. "We could lower the rating on GMR within the next 12 months if we no longer believe the company to be able to maintain S&P Global Ratings-adjusted FOCF to debt of above 5% and leverage below 6x on a sustained basis." This could occur if: -- It faces accelerated wage inflation and other elevated operating costs that erode profitability; -- Increased weather-related cancellations offset the positive mix shift from non-emergent to emergent services; -- High tariff environment for longer could increase the cost of GMR's deliveries of aircraft or parts from Europe; or -- The company refinances its preferred stock and replaces the payment-in-kind (PIK) interest in its capital structure with higher-than-expected cash interest. Although unlikely, S&P could raise its outlook on GMR within the next 12 months if it expects: -- S&P Global Ratings-adjusted debt to EBITDA is maintained below 5x; -- S&P Global Ratings-adjusted FOCF to debt to be sustained above 10%; and -- S&P believes its financial sponsor is committed to maintaining financial policies that will support this improved level of leverage and the risk of future re-leveraging events is low. GOLDEN WEST: Moody's Withdraws 'Caa2' Corporate Family Rating ------------------------------------------------------------- Moody's Ratings has withdrawn all ratings for Golden West Packaging Group LLC, including the Caa2 corporate family rating, Caa3-PD Probability of Default Rating and the Caa2 rating on its backed secured first lien bank credit facilities. At the time of the withdrawal the outlook was negative. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). Golden West Packaging Group LLC, based in City of Industry, CA, is an independent converter of corrugated packaging, serving various end-markets primarily on the West Coast. HAYS TABERNACLE: To Sell Kramer Property to S. & E. Onyemauche -------------------------------------------------------------- Hays Tabernacle CME Church seeks approval from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to sell Property, free and clear of liens, claims, and encumbrances. The Debtor's Property is located at 1407 E. Kramer Drive, Carson, CA 90746. Compass Realty, the Debtor's real estate broker, listed the Kramer Property for sale at $875,000. On June 7, 2025 Debtor accepted an offer of $915,000 for the Kramer from Silas Onyemauche and Eunan Onyemauche as buyers. Mark Sharf is the Debtor's Subchapter V trustee. Debtor owns the Kramer Property and scheduled the value of the Kramer Property at $935,000. The Kramer Property consists of a 4 bedroom, 3 bath, 2,032 square foot single family residence that Debtor formerly used as a parsonage. Debtor no longer needs the parsonage. The Kramer Property is encumbered by approximately $5,700 in property taxes and two deeds of trust to Donnie Burks. Burks filed proof of claim number 3 for $241,941.77. Pursuant to the Plan, Debtor intends to sell the Kramer Property free and clear of the Burks lien to support Plan confirmation and pay the taxes at closing and reserve for the Burks' claim. The Debtor believes that it is exercising sound business judgment in moving to sell the Kramer Property because the property does not generate positive cash flow for the estate and is burdensome to hold and maintain. About Hays Tabernacle CME Church Hays Tabernacle CME Church sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-18171) on October 7, 2024. In the petition filed by Rev. Dr. Phillip D. Washington, the Debtor disclosed estimated assets and liabilities between $1 million and $10 million. The Debtor tapped Shumika T. R. Sookdeo, Esq., at Robinson Sookdeo Law as bankruptcy counsel and Liner Freedman Taitelman + Cooley, LLP as special litigation counsel. GlassRatner Advisory & Capital Group, LLC, doing business as B. Riley Advisory Services, is the Debtor's financial advisor consultant and expert witness. HEIFER PLEASE: Linda Gore Named Subchapter V Trustee ---------------------------------------------------- J. Thomas Corbett, the U.S. Bankruptcy Administrator for the Northern District of Alabama, appointed Linda Gore as Subchapter V trustee for Heifer Please Home Decor, LLC. The Subchapter V trustee can be reached at: Linda B. Gore P.O. Box 1338 Gadsden, AL 35902 Telephone No. 256-546-9262 Email: linda@ch13gadsden.com About Heifer Please Home Decor LLC Heifer Please Home Decor, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-40768) on June 11, 2025, listing up to $50,000 in assets and $50,001 to $100,000 in liabilities. Judge James J Robinson presides over the case. Christopher R Messer, Esq., at Jennings And Messer, P.C. represents the Debtor as counsel. HIDDEN PATH: Case Summary & 11 Unsecured Creditors -------------------------------------------------- Debtor: Hidden Path RV Resort, LLC Hidden Path JV LLC 270 Hidden Path Lockhart, TX 78644-3485 Business Description: Hidden Path RV Resort, LLC operates a recreational vehicle park in Lockhart, Texas. The Company owns and manages multiple real estate assets, including its main RV resort property and several rental properties. It also holds a range of heavy equipment used for property maintenance and operations. Chapter 11 Petition Date: June 30, 2025 Court: United States Bankruptcy Court Western District of Texas Case No.: 25-10997 Judge: Hon. Shad Robinson Debtor's Counsel: Stephen W Sather, Esq. BARRON & NEWBURGER, P.C. 7320 N. MoPac Expressway 400 Austin TX 78731 Tel: (512) 649-3243 E-mail: ssather@bn-lawyers.com Total Assets: $4,913,011 Total Liabilities: $3,551,643 The petition was signed by Roy D. Stephens Jr. signed the petition as authorized agent. A full-text copy of the petition, which includes a list of the Debtor's 11 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OZB3JEY/Hidden_Path_RV_Resort_LLC__txwbke-25-10997__0001.0.pdf?mcid=tGE4TAMA HIGHER GROUND: Deadline to File Claims Set for Aug. 7, 2025 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District set Aug. 7, 2025, as the last date for person or entities to file proofs of claim against Higher Ground Education Inc. and its debtor-affiliates. The Court also set Dec. 15, 2025, as the deadline for all governmental units to file their claims against the Debtors. Persons and entities must file a proof of claim so that it is to received on or before the applicable bar date. Proofs of claim may be submitted: (i) electronically through HGE's website, using the interface available on such website located at https://www.vertiglobal.net/HigherGround, or (ii) by delivering the original proof of claim to, if by first-class mail, hand delivery, or overnight mail: HGE Claims Processing c/o Verita Global 222 N. Pacific Coast Highway Suite 300 El Segundo, CA 90245 If you have questions about this notice, please contact the Debtors' Claims and Noticing Agent, Kurtzman Carson Consultants LLC dba Verita Global, at (888) 733-1431 (U.S./Canada) or (310) 751-2632 (international), or submit an inquiry at http://www.veritaglobal.net/HigherGround/inquiry. About Higher Ground Education Inc. Higher Ground Education Inc. and its subsidiaries operate Montessori schools and provide related training and consulting services worldwide. Founded in 2016, the Group grew to manage more than 150 schools by 2024, with locations across the U.S. and international expansion into Hong Kong and mainland China. It also offers virtual and home-based education, teacher training, and licensing of its content to independent partners. Higher Ground Education Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80121) on June 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Michelle V. Larson handles the case. The Debtors are represented byHolland N. O'Neil, Esq. and Timothy C. Mohan, Esq. at Foley & Lardner LLP and Nora J. McGuffey, Esq. and Quynh-Nhu Truong, Esq. at Foley & Lardner LLP. Sierraconstellation Partners, LLC is the Debtors' Financial Advisor. Verita Global, LLC fka Kurtzman Carson Consultants, LLC is the Debtors' Notice, Claims, Solicitation & Balloting Agent. HILTON DOMESTIC: S&P Rates New Senior Unsecured Notes Rated 'BB+' ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue-level rating and '4' recovery rating to the proposed senior unsecured notes issued by Hilton Worldwide Holdings Inc.'s (BB+/Stable/--) borrowing subsidiary Hilton Domestic Operating Co. Inc. The company is targeting a single $500 million tranche due 2033. Hilton intends to use the proceeds from the notes and cash to repay $515 million outstanding under its revolving credit facility. The '4' recovery rating indicates its expectation for average (30%-50%; rounded estimate: 35%) recovery for lenders in the event of a default. Hilton recently revised its full-year revenue per available room (RevPAR) guidance down, and the company now forecasts growth will be flat to up 2%. RevPAR increased 2.5% in the first quarter because of strong group demand in urban markets and continued strength in business conferences. However, leisure demand softened due to consumer uncertainty around macroeconomic conditions. Management noted that weaker trends have continued into the second quarter and expects RevPAR will be approximately flat in the second quarter. Hilton also reaffirmed its net unit growth guidance of 6%-7% in 2025 after growing its rooms base by 7.2% in the first quarter and expanding its development pipeline to 503,400 rooms. S&P said, "We continue to assume Hilton's S&P Global Ratings-adjusted net debt to EBITDA will be in the mid-3x area through 2025, despite challenged leisure travel demand and an uncertain macroeconomic environment. Hilton remains well-positioned with its sizeable and geographically diverse lodging system, portfolio of brands that targets multiple prices, favorable brand recognition, and strong loyalty program. We also believe Hilton can maintain S&P Global Ratings-adjusted net debt to EBITDA well below our 5x downgrade threshold, given its ability to reduce its share repurchases if needed." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors: -- S&P said, "We assigned our 'BB+' issue-level rating and '4' recovery rating to Hilton's proposed unsecured notes. The '4' recovery rating indicates our expectation for average (30%-50%; rounded estimate: 35%) recovery for noteholders in the event of a default. This is in line with our existing issue-level and recovery ratings on Hilton's existing senior unsecured notes." -- S&P said, "We rate the company's senior secured debt--which consists of a $2 billion revolving credit facility due in 2028 and the $3.1 billion term loan B-4 due in 2030 ('BBB-' with a '1' recovery rating). The '1' recovery rating indicates our expectation for very high (90%-100%; rounded estimate: 95%) recovery for lenders in the event of a default." -- The senior secured debt is collateralized by a perfected security interest in substantially all domestic tangible and intangible assets, and a 65% stock pledge from foreign subsidiaries. -- S&P said, "We cap our issue-level ratings for speculative-grade issuers (other than the secured debt of regulated utilities and real estate firms) at 'BBB-' regardless of our recovery rating. This deemphasizes the weight recovery plays in notching up issue-level ratings for issuers near the investment-grade threshold because recovery is a smaller component of credit risk when default risk is more remote, particularly considering recovery prospects may be less predictable and more variable for these issuers." -- S&P's simulated default considers prolonged economic weakness and significantly reduced transient and group travel volume, leading to a default in 2030. -- S&P assumes a reorganization following the default and use an emergence EBITDA multiple of 7.5x to value the company. This multiple--at the high end of our range for the leisure sector--reflects the quality and scale of Hilton's portfolio of brands. -- S&P assumes the revolving credit facility is 85% drawn at default after excluding the unused portion of letters of credit. Simulated default assumptions: -- Year of default: 2030 -- Emergence EBITDA: $1.1 billion -- Multiple: 7.5x Simplified waterfall: -- Net enterprise value after administrative expenses (5%): $7.8 billion -- Obligor/nonobligor split: 70%/30% -- Estimated senior secured debt claims: $4.7 billion -- Value available for secured debt claims: $7.0 billion --Recovery expectation: 90%-100% (rounded estimate: 95%) -- Estimated senior unsecured debt claims: $8.7 billion -- Value available for unsecured debt claims: $3.1 billion --Recovery expectation: 30%-50% (rounded estimate: 35%) Note: All debt amounts include six months of prepetition interest. HUDSON 1702: Secured Party Sets July 25 Auction ----------------------------------------------- Parkview Financial REIT LP, as the agent under certain loan agreements and a pledged agreement ("secured party"), will offer at a public auction the limited liability company interests ("collateral") in Hudson 1702 LLC ("1702") and Hudson 1701/1706 (together with 1702, "Company"), which entities, upon secured party's information and belief, own a leasehold estate in certain condominium units in the building known as 253 West 57th Street Condominium and by the street number 353-361 West 57th Street aka 356 West 58th Street, New York, New York, said condominium units being designated and described as Unit Nos. 1, 2 and 6 in the declaration relating to such condominium, as amended, recorded in the offices of the City Register of the City of New York, County of New York. The sale of the collateral involves the sale of the equity interests of the Company and does not involve the direct sale of the leasehold estate. The collateral has not been and will not be registered under the Securities Act of 1933 and is being offered for sale in a transaction exempt from the requirements of the Act. The collateral will be offered for sale as a single unit or in separate lots. The public auction will be held in person at the offices of DLA Piper LLP (US) located at 1251 Avenue of the Americas, New York, New York 10020 and virtually via Zoom Meetings, on July 25, 2025 at 3:00 p.m. (ET). The collateral secures indebtedness owning by the Company to secured party in an amount of not less than $201,950,191.64 plus unpaid interest and all other sums due under the applicable loan documents. The collateral will be sold to the highest qualified bidder; provided, however, secured party reserves the right to cancel the sale in its entirety or to adjourn the sale to a future date at any time. Secured Party also reserves the right to bid, including by credit bid. Additional documentation and information regarding the collateral will be made available, including the terms of the public sale, to interested parties that execute a confidentiality agreement. To review and execute such confidentiality agreement, visit the website at https://tinyurl.com/m9njnnnx. Interested parties that intend to bid on the collateral must contact Brock Cannon of Newmark, secured party's broker, at brock.cannon@nmrk.com or (212) 372-2066 no later than 5 days before the date scheduled for the auction to receive information on how to register for the auction. For question and inquiries, contact Brock Cannon or Neal Kronley of DLI Piper LLP (US), counsel to secured party, at neal.kronley@us.dlapiper.com. ICORECONNECT INC: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------------ The U.S. Trustee for Region 21 appointed an official committee to represent unsecured creditors in the Chapter 11 case of iCoreConnect Inc. The committee members are: 1. Lucas Hoppel LGH Investments, LLC Lucas Ventures, LLC 302 Washington Street #1741 San Diego, CA 92103 Telephone No: (858) 232-5110 Email: luke@lukehoppel.com 2. Jeffrey Long 6223 S. Hampshire Court Windermere, FL 34786 Telephone No: (407) 509-3341 Email: jlong3@pm.me 3. Stacey Sewell 4612 Legacy Court Sarasota, FL 34241 Telephone No: (561) 703-1915 Email: staceygracesewell@gmail.com 4. Lee Larson Everstar Aws Strategic Allocation Fund, LP 108 Gateway Boulevard, Suite 204 Mooresville, NC 28117 Telephone No: (440) 376-1629 Email: lee@everstarfunds.com 5. Daniel Miller The Daniel B. Miller Revocable Trust 1415 Westwicke Place Dayton, OH 45459 Telephone No.: (937) 239-6380 Email: dnmiller390@gmail.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About iCoreConnect Inc. iCoreConnect Inc. provides cloud-based software solutions for the healthcare sector across the United States. Its SaaS offerings support functions such as ePrescribing, insurance verification, claims management, analytics, and HIPAA-compliant communication and backup. The company is headquartered in Ocoee, Florida. iCoreConnect sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03390)) on June 2, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Grace E. Robson handles the case. The Debtor is represented by Amy Denton Mayer, Esq., at Stichter, Riedel, Blain & Postler, P.A. JBRI CONSTRUCTION: To Sell Ford Truck to Demetrio Sanchez-Arama --------------------------------------------------------------- JBRI Construction Services LLC seeks permission from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to sell Ford Truck, free and clear of all liens, claims, and encumbrances. The Debtor owns multiple vehicles including a 2020 F-150 Truck, VIN# 1FTEW1EPXLKE34922. The Truck is not necessary for reorganization and the monthly payments and insurance for the truck render it a liability to the Estate. The Debtor solicits an offer from Planet Ford but an employee, Demetrio Sanchez-Arama, offers higher which the Debtor would prefer to accept. The Debtor determines that the overall offer from Demetrio Sanchez-Arama is in the best interest of the Estate. The offers for the Truck are: a. Planet Ford $11,500.00 b. Mr. Sanchez-Arama $13,000.00 Ford Motor Credit holds a lien on the Truck's title. The payoff amount for the Truck is $8,312.21 through June 25, 2025. The per diem is approximately $4.77 after June 25, 2025. The Truck will be sold free and clear of all liens, claims, interests and encumbrances The proceeds from the sale shall be used first to pay off the Lienholder for the Truck in order to give good title through the sale with the remainder or equity used in the ordinary course of the Debtor's business. The Debtor believes the sale is in the best interest of the estate because it is the fastest and easiest way to sell the Truck without broker fees/commissions and advertising expenses. The sale will provide the estate with the best recovery. About JBRI Construction Services LLC JBRI Construction Services, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 24-35173) on November 4, 2024, with total assets of $1,240,722 and total liabilities of $1,597,807. Thomas Benevegnu, president of JBRI, signed the petition. Judge Eduardo V. Rodriguez handles the case. The Debtor is represented by Julie M. Koenig, Esq., at Cooper & Scully, P.C. L.D. LYTLE: Seeks Subchapter V Bankruptcy in Texas -------------------------------------------------- On June 30, 2025, L.D. Lytle Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Texas. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About L.D. Lytle Inc. L.D. Lytle Inc., doing business as Sunshine Kids Academy, operates early childhood education and daycare centers in Texas. The Company provides childcare services at locations in Ennis, Ferris, and Red Oak. L.D. Lytle Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-32454) on June 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Michelle V. Larson handles the case. The Debtors are represented by Joyce Lindauer, Esq. at JOYCE W. LINDAUER ATTORNEY, PLLC. LANDMARK HOLDINGS: Seeks to Sell Hospital Asset at Auction ---------------------------------------------------------- Landmark Holdings of Florida, LLC and its affiliates, seek permission from the U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, to sell Assets and assume and assign certain executory contracts and unexpired leases, free and clear of liens, claims, and encumbrances. The primary goal of the Debtor's chapter 11 cases is to preserve the Debtors' LTAC hospitals and maintain a high-level of patient care for the benefit of the communities the Debtors serve, including their patients, employees, physicians, and suppliers. Since filing of the case, the Debtors have secured agreed use of cash collateral with their prepetition secured lender, Amerant Bank, N.A., to continue operating in the ordinary course of business while pursuing a transaction. On April 1, 2025, the Office of the United States Trustee appointed the Joint Committee of Creditors Holding Unsecured Claims, comprised of the following five members: J&R Fuller, LLC d/b/a PharmaCare Services, Medline Industries, LP, TFG Billing, LLC, Upright Healthcare Workforce, LLC, and LRS Healthcare, LLC. The Debtors own and operate five long-term acute care (LTAC) hospitals located in Missouri and Georgia. Debtor Landmark Management Services of Florida, LLC provides management services to each of the Debtors' hospitals. The Debtors' first hospital was opened in 2006. The Debtors' hospitals provide critical care to patients that require a higher level of care for a longer period of time than typical hospitals provide. The Debtors are parties to numerous executory contracts and unexpired leases in connection with their operations, including, inter alia, various equipment leases as well as service and supply agreements needed to support their ongoing operations. Collectively, these contracts and leases are integral parts of the Assets to be marketed for sale in accordance with the Bidding Procedures, and add substantial value to the Debtors' businesses. The Debtors filed these cases with the intention of continuing their operations in the ordinary course of business and seeking to reorganize their financial affairs. The Debtors, with the support of Raymond James, have marketed for sale substantially all of their assets, including all of the operating assets associated with the Debtors' hospitals. The Debtors are pursuing either a sale of all of the Assets, as an enterprise, or sales of any combination of the Assets, including individual or subsets of the Debtors' hospitals. The Debtors have not yet selected a Stalking Horse Purchaser for their Assets, or any combination of Assets, however, they wish to proceed with a sale process irrespective of whether a Stalking Horse Purchaser is selected. The Debtors request that they be authorized, but not directed, to select a bidder (or more than one, if the LTAC hospitals are sold separately) to act as a stalking horse (each, a Stalking Horse Purchaser), and to enter into an asset purchase agreement with any such Stalking Horse Purchaser for the sale of their Assets. The Debtors may designate a Stalking Horse Purchaser for their Assets, or any combination of their Assets, by July 24, 2025. If the Debtors designate a Stalking Horse Purchaser, the Debtors will file and serve a notice as soon as reasonably practicable after selecting the Stalking Horse Purchaser provided, however, that such notification shall not be filed later than July 25, 2025 at 4:30pm ET. In accordance with the Bidding Procedures, the Stalking Horse Protections may provide a breakup fee and agree to reimburse reasonable and documented out-of-pocket fees and expenses of the Stalking Horse Purchaser in an aggregate amount not to exceed four percent of the Stalking Horse Purchaser's proposed cash purchase price and provide minimum overbid protections in an amount not to exceed $250,000, all as reasonably acceptable to the Debtors, after consultation with the Consultation Parties. Except as set forth below, no other Qualified Bidder or party submitting a Bid shall be entitled to any termination or "break up" fee, expense reimbursement, or any other bidding protections in connection with the submission of a Bid, unless otherwise granted by the Debtors, with the consent of the Consultation Parties, and approved by an order of the Bankruptcy Court. All parties in interest will have until 4:30 p.m. ET on August 1, 2025 to file objections with the Court to the designation of the Stalking Horse Purchaser or any of the terms of the Stalking Horse Agreement, including to any of the proposed Stalking Horse Protections. In order to ensure that the Debtors' estates realize the maximum value for all Assets, the Debtors intend to "test" the marketplace in accordance with the Bidding Procedures. Specifically, as set forth above, Raymond James will continue to market the Assets in accordance with the Bidding Procedures seeking to obtain the highest and best offer for a prompt sale. Thus, any Stalking Horse Bid contained in a Stalking Horse Agreement will be subject to higher or better bids in accordance with the Bidding Procedures. In the event that the Debtors designate a Plan Sponsor as the Stalking Horse Purchaser, such Plan Sponsor Bid will be subject to higher or better bids in accordance with the Bidding Procedures, and the Debtors, in consultation with the Consultation Parties, will determine whether the Qualified Bids, if any, are of greater value than the Plan Sponsor Bid. The Bidding Procedures contemplate the following schedule, subject to Court approval, in connection with the sale process: -- July 24, 2025 at 4:30 p.m. ET Deadline for Debtors to Designate a Stalking Horse Purchaser -- July 25, 2025 at 4:30 p.m. ET Deadline for Debtors to file Stalking Horse Selection Notice -- August 1, 2025 at 4:30 p.m. ET Stalking Horse Objection Deadline -- August 4, 2025 at 4:30 p.m. ET Contract Objection Deadline -- August 7, 2025 at 4:30 p.m. ET Deadline to Submit Bids -- August 11, 2025 at 4:30 p.m. ET Deadline for Debtors to Qualify Bids -- August 12, 2025 at 10:00 a.m. ET Auction (if any) -- August 14, 2025 at 4:30 p.m. ET Deadline for Debtors to file Notice of Auction Results -- August 15, 2025 at 4:30 p.m. ET Sale Objection Deadline and Post-Auction Objection Deadline -- August [__], 2025 at [0:00] [a.m./p.m.] ET Sale Hearing -- August 20, 2025 Deadline for Court to enter Sale Order -- September 9, 2025 Deadline to consummate approved Sale The Debtors are authorized, but not directed, to enter into a Stalking Horse Agreement with a Stalking Horse Purchaser (or Plan Sponsor Agreement with a Plan Sponsor), provided, that the Debtors timely designate a Stalking Horse Purchaser and file the Stalking Horse Selection Notice or Plan Sponsor Selection Notice. The Bidding Procedures shall govern all Bids and bidding procedures relating to the Sale(s) of the Purchased Assets. Any party desiring to submit a Bid shall do so strictly in accordance with the terms of the Bidding Procedures and this Bidding Procedures Order. The Debtor is also directed to designate one or more bidders to act as stalking horse bidders in connection with each Sale and enter into purchase agreements with respect to a Sale with such Stalking Horse Purchaser(s) and in connection with any Stalking Horse Agreement, provide a breakup fee and agree to reimburse reasonable and documented out-of-pocket fees and expenses of the Stalking Horse Purchaser in an aggregate amount not to exceed four percent (4%) of the Stalking Horse Purchaser's proposed cash purchase price and provide minimum overbid protections in an amount not to exceed $250,000, all as reasonably acceptable to the Debtors, after consultation with the Consultation Parties. Except as set forth below, no other Qualified Bidder or party submitting a Bid shall be entitled to any termination or "break up" fee, expense reimbursement, or any other bidding protections in connection with the submission of a Bid, unless otherwise granted by the Debtors, with the consent of the Consultation Parties, and approved by an order of the Bankruptcy Court. In the event the Debtors receive one or more Bids from a proposed plan sponsor, the Debtors may, in consultation with the Consultation Parties, elect to designate the Plan Sponsor as the Stalking Horse Purchaser and the Plan Sponsor Bid as the Stalking Horse Bid. In such event, the Plan Sponsor shall be the Stalking Horse Purchaser for all purposes set forth herein, and shall be entitled to the Stalking Horse Protections described above, and the Plan Sponsor Bid shall be the Stalking Horse Bid for all purposes set forth herein. For the avoidance of doubt, the Debtors will provide notice of any such Plan Sponsor, any proposed protections (including the amount and calculation thereof), and the agreement with such Plan Sponsor as outlined in the Bidding Procedures Order. Each Bid must clearly set forth the cash purchase price and identify any non-cash consideration included in such Bid and which liabilities, if any, of the Debtors such Qualified Bidder is agreeing to assume. A Bid must provide that all Cure Amounts related to the Transferred Contracts will be paid by the Qualified Bidder. The Purchase Price associated with each Bid may include only cash and/or other consideration acceptable to the Debtors, after consultation with the Consultation Parties. The Cash Consideration of the Bid must be no less than an amount necessary to satisfy any Stalking Hose Protections. A Qualified Bidder that desires to make a Bid will deliver written copies of its Bid via email to the following parties: Counsel to the Debtors: Justin F. Paget, Esq. Jennifer E. Wuebker, Esq. Hunton Andrews Kurth LLP 951 E. Byrd Street Richmond, VA 23219 Email: jpaget@hunton.com jwuebker@hunton.com Investment banker to the Debtors: Geoffrey Richards Simon Wein Michael Maceluch Raymond James & Associates, Inc. 320 Park Avenue New York, NY 10022 Email: Geoffrey.Richards@RaymondJames.com Simon.Wein@RaymondJames.com Michael.Maceluch@RaymondJames.com The Debtors will provide copies of all Bids received from Qualified Bidders by the Bid Deadline to: Counsel for the Prepetition Lender: Patricia A. Redmond, Esq. Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. Museum Tower, Suite 2200 150 West Flagler Street Miami, FL 33130 Email: predmond@stearnsweaver.com David S. Garbett, Esq. Garbett, Allen, Roza & Yates, P.A. Brickell City Tower 80 S.W. Eighth Street, Suite 3100 Miami, FL 33130 Email: dgarbett@garlawfirm.com Counsel for the Committee: John D. Elrod, Esq. Allison J. McGregor, Esq. Greenberg Traurig, LLP 3333 Piedmont Road NE, Suite 2500 Atlanta, GA 30305 Email: elrodj@gtlaw.com Allison.McGregor@gtlaw.com The Sale of the Purchased Assets is on an "as is, where is" basis and without representations or warranties of any kind, nature, or description by the Sellers, their agents, or estates, except to the extent set forth in the Asset Purchase Agreement of the Successful Bidder (as defined herein) as approved by the Bankruptcy Court About Landmark Holdings of Florida, LLC Landmark Holdings of Florida, LLC and seven affiliates filed Chapter 11 petitions (Bankr. M.D. Fla. Lead Case No. 25-00397) on March 9, 2025. The petitions were signed by Landmark CEO Bryan Day. At the time of the filing, Landmark reported between $50 million and $100 million in assets and between $50 million and $100 million in liabilities. Judge Caryl E. Delano oversees the cases. Jamie Zysk Isani, Esq., at Hunton Andrews Kurth, LLP is the Debtors' legal counsel. Amerant Bank N.A., as secured creditor, is represented by: Brian P. Yates, Esq. Garbett, Allen, Roza & Yates, P.A. Brickell City Tower 80 S.W. Eighth Street, Suite 3100 Miami, FL 33130 Telephone: (305) 579-0012 Email: byates@garlawfirm.com LIGADO NETWORKS: Disclosures Approved; Unsecureds Get 100% ---------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware approved the adequacy of the disclosure statement for the joint Chapter 11 plan of Ligado Networks LLC and its debtor-affiliates. All votes to accept or reject the Debtors' Plan must be actually received by the Debtors' voting and tabulation agent, Omni Agent Solutions, Inc., by no later than July 24, 2025 at 4:00 p.m. (prevailing Eastern Time). Any failure to follow the voting instructions included with your Ballot may disqualify your vote. The Plan provides for a restructuring of the Debtors capital structure that will eliminate all existing funded indebtedness other than the DIP Loans from its balance sheet. As a result, the Debtors will emerge from the Chapter 11 Cases a stronger company, with a sustainable capital structure that is better aligned with the Debtors’ present and future operating prospects. The Debtors commenced these Chapter 11 Cases following extensive discussions with certain of its key stakeholders. On Jan. 5, 2025, the Company, and certain holders and lenders of approximately (i) 93.3% of Prepetition First Out Term Loans, (ii) 86.9% of Prepetition First Lien Notes, (iii) 99.5% of the Prepetition First Lien Senior Pari Term Loans, (iv) 96.9% of the Prepetition 1.5 Lien Facility, (v) 85.1% of Prepetition Second Lien Notes, (vi) 87.3% of Series A- 0 Preferred Units, (vii) 9.7% of Series A-1 Preferred Units, (viii) 56.8% of Series A-2 Preferred Units, (ix) 68.6% of Series B Preferred Units, (x) 43.8% of Series C Preferred Units, and (xi) 35.4% of Series A Common Unites entered into an agreement whereby the Consenting Stakeholders have agreed, subject to the terms and conditions of the Restructuring Support Agreement, to (i) support the Restructuring and (ii) vote to accept the Plan pursuant to the Restructuring Support Agreement. Contemporaneously with the Restructuring, the Company shall effectuate a transaction with AST SpaceMobile, Inc. and its wholly owned subsidiaries AST & Science, LLC and Spectrum USA I, LLC. The AST Transaction involves, among other things, the Debtors providing to AST certain usage rights with respect to Debtors' L-band MSS spectrum and related assets in exchange for AST (i) contributing certain warrants, convertible notes and/or cash to the Debtors, (ii) making certain annual usage-right payments to the Debtors and (iii) paying the Debtors a certain percentage of revenues derived from AST's use of the L-band MSS spectrum and related assets. AST Sub is also a party to the Restructuring Support Agreement. In accordance with the Restructuring Support Agreement, the outstanding indebtedness of, and equity interests in, the Company will be Restructured through the Plan and these Bankruptcy Cases consistent with the terms and conditions described in the Restructuring Term Sheet and the Restructuring Support Agreement. The Restructuring will be supported by the parties that are signatories to the Restructuring Support Agreement, including, the Consenting Stakeholders. The Plan contemplates an Exit First Lien Facility to be governed by the Exit First Lien Facility Documents consisting of a cashless roll-up of the DIP New Money Loans and the Roll-Up Loans, in an amount of approximately $2.7 billion based on the Outside Date. Treatment of Claims/Interests Estimated Class Claims Voting Status Recovery ----- ------ ------------- -------- 1 Priority Unimpaired 100% Non-Tax 2 Other Unimpaired 100% Secured 3 First Impaired $1,000 New Lien Series A-1 Pref. Units w/ 1.25x Liquidation preference per $1,000 in First Lien Claims 4 1.5 Lien Impaired $1,000 New Series A-2 Pref. Units per $1,000 in First Lien Claims 5 Second Impaired $1,000 New Lien Notes Series A-3 Pref. Units per $1,000 in First Lien Claims 6 General Unimpaired 100% Unsec. 7 Inter. Unimpaired/ 0%-100% Any Claims Impaired 8 Inter. Unimpaired/ 0%-100% In Impaired Interest 9 Existing Impaired 100% Series A-0 Pref. 10 Existing Impaired 100% Series A-1 Pref. 11 Existing Unimpaired 100% Series A-2 Pref. 12 Existing Unimpaired 100% Series B Pref. 13 Existing Unimpaired 100% Series A-0 Pref. 14 Existing Unimpaired 100% Series A-0 Pref. 15 Existing Unimpaired 100% Series A-0 Pref. A full-text copy of the Chapter 11 plan is available for free at https://tinyurl.com/yc58bf2t A full-text copy of the Disclosure Statement is available for free at https://tinyurl.com/u43j8pu7 Any party in interest wishing to obtain information about the solicitation procedures or copies of the Disclosure Statement or the Plan should contact the Debtors' voting and tabulation agent, Omni, by (i) writing: Ligado Networks, LLC Ballot Processing c/o Omni Agent Solutions, Inc. 5955 De Soto Ave., Suite 100 Woodland Hills, CA 91367, (ii) by email at LigadoInquiries@OmniAgnt.com, or (iii) at the following telephone numbers: (866) 956-2139 (domestic toll free) or (747) 288-6357 (international). Interested parties may also review the Disclosure Statement and the Plan free of charge at https://omniagentsolutions.com/Ligado or by scanning the QR code below. In addition, the Disclosure Statement and Plan are on file and may be reviewed by accessing the Bankruptcy Court's website: https://www.deb.uscourts.gov. Note that a PACER password and login are needed to access documents on the Bankruptcy Court's website. A PACER password can be obtained at: https://www.pacer.psc.uscourts.gov. Copies of the Disclosure Statement and Plan may also be examined by interested parties during normal business hours at the office of the Clerk of the Bankruptcy Court. About Ligado Networks Ligado Networks, formerly LightSquared, provides mobile satellite services. The Debtor's satellite and terrestrial solutions, combined with powerful, lower mid-band spectrum, serve to supplement and broaden mobile coverage across the United States and Canada. On the Web: http://www.ligado.com/ On Jan. 5, 2025, Ligado Networks LLC and certain of its affiliates each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10006). Perella Weinberg Partners LP is serving as investment banker to Ligado, FTI Consulting, Inc., is serving as financial advisor, Milbank LLP is serving as legal counsel, and Richards, Layton & Finger P.A. is serving as co-counsel. Omni Agent Solutions LLC is the claims agent. An ad hoc group of first lien creditors is being advised by Guggenheim Securities, LLC, as financial advisor, and by Sidley Austin LLP as counsel. An ad hoc group of crossholding creditors is being advised by Kirkland & Ellis LLP. MALLINCKRODT PLC: Execs See Securities Fraud Claims Narrowed ------------------------------------------------------------ Emilie Ruscoe of Law360 Bankruptcy Authority reports that Mallinckrodt Pharmaceuticals executives will remain defendants in a lawsuit accusing them of concealing the company's looming 2023 bankruptcy and stock cancellations. However, a New Jersey federal judge on Monday, June 30, 2025, issued a partial dismissal, scaling back claims against two executives and trimming portions of the investor suit, the report states. About Mallinckrodt plc Mallinckrodt (OTCMKTS: MNKTQ) -- http://www.mallinckrodt.com/-- is a global business consisting of multiple wholly-owned subsidiaries that develop, manufacture, market and distribute specialty pharmaceutical products and therapies. The Company's Specialty Brands reportable segment's areas of focus include autoimmune and rare diseases in specialty areas like neurology, rheumatology, nephrology, pulmonology and ophthalmology; immunotherapy and neonatal respiratory critical care therapies; analgesics; and gastrointestinal products. Its Specialty Generics reportable segment includes specialty generic drugs and active pharmaceutical ingredients. On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates sought Chapter 11 protection in Delaware (Bankr. D. Del. Lead Case No. 20-12522) to seek approval of a restructuring that would reduce total debt by $1.3 billion and resolve opioid-related claims against them. Mallinckrodt in mid-June 2022 successfully completed its reorganization process, emerged from Chapter 11 and completed the Irish Examinership proceedings. Mallinckrodt Plc said in a regulatory filing in early June 2023 that it was considering a second bankruptcy filing and other options after its lenders raised concerns over an upcoming $200 million payment related to opioid-related litigation. Mallinckrodt plc and certain of its affiliates again sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 23-11258) on Aug. 28, 2023. Mallinckrodt disclosed $5,106,900,000 in assets and $3,512,000,000 in liabilities as of June 30, 2023. Judge John T. Dorsey oversees the new cases. In the prior Chapter 11 cases, the Debtors tapped Latham & Watkins, LLP and Richards, Layton & Finger, P.A. as their bankruptcy counsel; Arthur Cox and Wachtell, Lipton, Rosen & Katz as corporate and finance counsel; Ropes & Gray, LLP as litigation counsel; Torys, LLP as CCAA counsel; Guggenheim Securities, LLC as investment banker; and AlixPartners, LLP, as restructuring advisor. In the new Chapter 11 cases, the Debtors tapped Latham & Watkins, LLP and Richards, Layton & Finger, P.A., as their bankruptcy counsel; Arthur Cox and Wachtell, Lipton, Rosen & Katz as corporate and finance counsel; Guggenheim Securities, LLC as investment banker; and AlixPartners, LLP, as restructuring advisor. Kroll is the claims agent. MARELLI AUTOMOTIVE: U.S. Trustee Appoints Creditors' Committee -------------------------------------------------------------- The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Marelli Automotive Lighting USA, LLC and its affiliates. The committee members are: 1. Nissan North America, Inc. Attn: Joseph Hession 1 Nissan Way Franklin, TN 37067 Phone: 615-725-1000 Email: joseph.hession@nissan-usa.com 2. Robert Bosch LLC Attn: Adam Wienner 38000 Hills Tech Drive Farmington Hills, MI 48331 Phone: 248-876-6651 Email: adam.wienner@us.bosch.com 3. Mazda North American Operations Attn: Christopher Wilson 200 Spectrum Center Drive, Suite 100 Irvine, CA 92618 Email: cwilso70@mazdausa.com 4. Tesla, Inc. Attn: Keith Porapaiboon Giga Texas, 1 Tesla Road Austin, TX 78725 Phone: 650-681-5000 Email: contractnotices@tesla.com 5. Covestro LLC Attn: Joseph Fischer 1 Covestro Circle Pittsburgh, PA 15205 Phone: 412 413-5619 Email: joseph.fischer@covestro.com 6. Avnet, Inc. Attn: Dennis Losik 2211 S. 47th Street Phoenix, AZ 85034 Phone: 847-396 7401 Email: dennis.losik@avnet.com 7. Johnson Matthey Plc Attn: Amy Donohue-Babiak 1397 King Road West Chester, PA 19380 Phone: 610-971-3084 Email: amy.donohue-babiak@matthey.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Marelli Automotive Lighting USA Marelli Automotive Lighting USA LLC is a global automotive parts supplier based in Saitama, Japan. The Company designs and manufactures advanced technologies for leading automakers, including lighting systems, electronic components, software solutions, and interior products. Operating in 24 countries with a workforce of over 46,000, Marelli also collaborates with motorsports teams and industry partners on high-performance component development. Marelli Automotive Lighting USA LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11034) on June 11. 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtors are represented by Kirkland & Ellis LLP, Kirkland & Ellis International LLP, and Pachulski Stang Ziehl & Jones LLP. Alvarez & Marsal North America, LLC is the Debtors' Restructuring Advisor. PJT Partners Inc. is the Debtors' Investment Banker. Kurtzman Carson Consultants, LLC, dba VERITA GLOBAL, is the Debtors' notice and claims agent. MARIN SOFTWARE: Seeks Chapter 11 Bankruptcy in Delaware ------------------------------------------------------- On July 1, 2025, Marin Software Incorporated filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware. According to court filing, the Debtor reports $2,767,237 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Marin Software Incorporated Marin Software Incorporated provides a software-as-a-service platform for managing digital advertising across search, social, and eCommerce channels. Its platform offers analytics, workflow, and optimization tools designed to help performance marketers and agencies improve returns on advertising spend. Marin Software Incorporated sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11263) on July 1, 2025. In its petition, the Debtor reports total assets of $5,656,853 and total debts of $2,767,237. The Debtor's bankruptcy counsel is James E. O'Neill, Esq. at PACHULSKI STANG ZIEHL & JONES LLP. The Debtor's Corporate Counsel is FENWICK & WEST LLP. ARMANINO ADVISORY LLC is the Debtor's Financial Advisor and DONLIN, RECANO & COMPANY, LLC is the Debtor's Claims, Noticing & Solicitation Agent and Administrative Advisor. MARKUS CORP: Court Extends Cash Collateral Access to July 31 ------------------------------------------------------------ Markus Corp received interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral until July 31, marking the fifth extension since its Chapter 11 filing. The Debtor needs to use its lenders' cash collateral to pay the expenses set forth in its budget, which shows total operational expenses of $19,325 for the interim period. Markus owes $426,224.08 and $264,476.06 to the U.S. Small Business Administration and Village Bank & Trust, N.A., respectively. These creditors have perfected liens on the Debtor's assets, including cash, bank deposits and accounts receivable, which constitute cash collateral. As protection, both lenders were granted a replacement lien on substantially all of the Debtor's assets to the same extent and with the same validity as their pre-bankruptcy liens. The lenders will also be granted an administrative expense claim as additional protection. The next hearing is scheduled for July 30. SBA and Village Bank & Trust has a valid blanket lien on assets of the Debtor as of the petition date including the cash proceeds. Both hold a security interest in all assets of the Debtor by way of a valid lien. The Debtor believes SBA's lien has the first priority position. The Debtor owes $426,224.08 and $264,476.06 to SBA and Village Bank & Trust, respectively. About Markus Corporation Markus Corp is an owner and operator of three semi-trucks and hauls cargo for its client. Markus filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-03310) on March 4, 2025, listing up to $100,000 in assets and up to $1 million in liabilities. Markus President Marek Kusmierczyk signed the petition. Judge Timothy A. Barnes oversees the case. Arthur Corbin, Esq., at Corbin Law Firm, LLC, represents the Debtor as bankruptcy counsel. Secured lender Village Bank & Trust, N.A. is represented by: Jeffrey S. Burns, Esq. Markoff Leinberger, LLC 200 S. Wacker Drive, FL 31 Chicago, IL 60606 Tel: (312) 589-7600 jeff@markleinlaw.com MARRS CONSTRUCTION: Gets Final OK to Use Cash Collateral -------------------------------------------------------- Marrs Construction, Inc. received final approval from the U.S. Bankruptcy Court for the District of Arizona to use cash collateral. The final order authorized the Debtor to utilize cash collateral to pay operating expenses in accordance with its budget, with a 15% variance per line item. Unless extended further with the written consent of KS StateBank, the Debtor's authority to use cash collateral will terminate upon the earliest of (i) July 16; (ii) the date upon which it is no longer a debtor-in-possession or is otherwise limited or excluded from the management and operation of its business; (iii) the date that the Debtor ceases to operate its business without prior written consent of KSSB; (iv) the granting of relief from the automatic stay to any party that claims an interest in any of KSSB's collateral; (v) the Debtor seeks approval for, or the court grants, any party other than KSSB a lien or security interest in the collateral equal or senior to that of KSSB; or (vi) the Debtor fails to comply with the terms of the final order and KSSB serves a notice of termination. KSSB holds valid, perfected liens on the Debtor's collateral, including accounts, equipment and life insurance policies, securing loans totaling $6,179,799.09 as of June 13. As protection, KSSB will be granted replacement liens on all of the Debtor's real and personal property described in their loan agreement. These replacement liens do not apply to any avoidance actions and the proceeds thereof. In the event the protection granted to KSSB is not enough, KSSB, upon application to the court, may be awarded a superpriority administrative expense claim under Section 507(b) of the Bankruptcy Code. Meanwhile, the U.S. Small Business Administration will be granted replacement liens on and security interests in all assets of the Debtor, with the same validity, priority and enforceability as its pre-bankruptcy liens and security interests. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/lT7Fk from PacerMonitor.com. About Marrs Construction Inc. Marrs Construction, Inc. is a Phoenix-based contractor that provides demolition, excavation, earthwork, site preparation, civil utility, and paving services. The Company serves both residential and commercial projects across the greater Phoenix area. Marrs Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-04964) on May 30, 2025. In its petition, the Debtor reported total assets of $10,177,042 and total liabilities of $12,177,492. Christopher C. Simpson, Esq., at Osborn Maledon, P.A. is the Debtor's legal counsel. KS StateBank, as secured creditor, is represented by: Brian Sirower, Esq. Jason D. Curry, Esq. Anthony F. Pusateri, Esq. Quarles & Brady, LLP Renaissance One Two North Central Avenue Phoenix, AZ 85004-2391 Phone: 602-229-5200 brian.sirower@quarles.com jason.curry@quarles.com anthony.pusateri@quarles.com MAVERICK GAMING: Moody's Withdraws 'Caa2' Corporate Family Rating ----------------------------------------------------------------- Moody's Ratings withdrew the ratings of Maverick Gaming LLC, including the company's Caa2 corporate family rating, Caa2-PD probability of default rating. Moody's also withdrew the ratings of the company's senior secured term loans rated B1, Caa2, and Ca, and the negative outlook. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) because Moody's believes Moody's have insufficient or otherwise inadequate information to support the maintenance of the rating(s). Maverick Gaming LLC, headquartered in Kirkland, Washington, is a regional casino and cardroom operator across Washington State, Nevada, and Colorado. The company operates a portfolio of 31 properties, with 1,800 slot machines, 350 table games, 1,020 hotel rooms, and 30 restaurants. Maverick was founded in 2017 by Eric Persson and Justin Beltram, who hold over 70% ownership in the company. MERIT STREET: Big TV Firm Seeks Chapter 11 Bankruptcy in Texas -------------------------------------------------------------- Daniel Kline of The Street reports that Merit Street Media, Inc., a Fort Worth, Texas-based television and media content company, has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Northern District of Texas, according to RK Consulting. The company, which operates in the motion picture and video industry, reported assets and liabilities each between $100 million and $500 million. Merit Street Media develops, produces, and distributes television programming, maintaining distribution deals with major providers including DirecTV and DISH Network, along with a range of local TV stations and production partners. The filing does not disclose any pre-arranged restructuring support agreement or debtor-in-possession financing, according to report. While Dr. Phil McGraw is the public face of the network, he is not its majority stakeholder. Ownership is held primarily by Peteski Productions, Inc. (66.5%) and Trinity Broadcasting Network of Texas, Inc. (28.5%), with SHG Partnership, LLC owning the remaining 5%, the report states. The company listed between one and 49 creditors in its bankruptcy petition. Top unsecured claims include DirecTV ($1.68 million), Mountain Broadcasting Corporation ($1.35 million), and OLY Media LLC ($1.29 million), according to RK Consulting. Following the filing, Merit Street Media released a statement to TheStreet addressing an internal legal dispute: "Merit Street Media (MSM) has filed suit against Trinity Broadcasting Network (TBN) for failing to fulfill clearly agreed-upon national distribution and other key commitments essential to the network's continued viability. This legal action is part of the broader restructuring effort initiated by MSM." About Merit Street Media Merit Street Media is a television and media content production and distribution company based in Fort Worth, Texas. It appears to focus on creating, producing, and distributing television content, maintaining business relationships with major cable providers including DIRECTV and DISH Network, as well as numerous television stations and production companies. Merit Street Media sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80156) on July 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million. The Debtor is represented by Sidley Austin LLP. MGT CAPITAL: Posts $404,000 Third Quarter Net Income ---------------------------------------------------- MGT Capital Investments, Inc., reported net income of $404,000 on $62,000 in revenue for the three months ended Sept. 30, 2024, compared with net income of $701,000 on $92,000 in revenue during the same period a year earlier. Revenue fell 33%, though cryptocurrency mining revenue rose to $47,000 from $17,000, driven by a modest increase in mining activity. For the nine months ending Sept. 30, 2024, the Company reported net income of $5.97 million on total revenue of $252,000 compared to a net loss of $679,000 on $297,000 of total revenue for the nine months ended Sept. 30, 2023. As of Sept. 30, 2024, the Company had $798,000 in total assets, $2.99 million in total liabilities, and a total stockholders' deficit of $2.19 million. The Company had incurred significant operating losses since inception and continues to generate losses from operations. As of Sept. 30, 2024, the Company had an accumulated deficit of $426,067,000. As of Sept. 30, 2024, MGT's cash and cash equivalents were $0. MGT said it may require additional funding to support operational growth and working capital needs. Its ability to raise capital will depend on future profitability, and there is no assurance that such funding will be available on acceptable terms, or at all. The Company also stated that its ability to raise additional capital is affected by factors such as volatility in Bitcoin mining economics, inflation, elevated interest rates, banking sector instability, the war in Ukraine, cryptocurrency market conditions, and regulatory developments. These factors remain highly uncertain, unpredictable, and may adversely impact the Company's business and financial condition. Since January 2023, the Company has secured working capital through the issuance of a convertible note, the sale of equity and warrants, the sale of assets and related party notes. "We have historically financed our business through the sale of debt and equity interests," MGT mentioned. "The issuance of any additional shares of common stock, preferred stock or convertible securities could be substantially dilutive to our shareholders. Such factors raise substantial doubt about the Company's ability to sustain operations for at least one year from the issuance of these unaudited condensed financial statements," it added. The complete text of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1001601/000164117225016942/form10-q.htm About MGT MGT Capital Investments, Inc. operates a Bitcoin mining facility in LaFayette, Georgia, where it engages in self-mining and leases space to third parties. The several-acre site, adjacent to a utility substation, has access to approximately 20 megawatts of electrical power. The Company is incorporated in Delaware and maintains its corporate office in LaFayette. MMNTAG LLC: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------ On June 30, 2025, MMNTAG 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 MMNTAG LLC MMNTAG LLC, operating as Marco's Pizza, has filed for Chapter 11 bankruptcy protection in the Northern District of Texas. Marco's Pizza is a national pizza chain that specializes in authentic Italian pizza with fresh dough made daily, a proprietary cheese blend, and secret pizza sauce recipe. It offers a menu of pizza, subs, salads, and other Italian-inspired dishes in their restaurants. MMNTAG LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42360) on June 30, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. DeMarco Mitchell, PLLC is the Debtor' bankruptcy counsel and Akerman LLP is its counsel. MOBIVITY HOLDINGS: Expands Board Committee Powers in Amended Bylaws ------------------------------------------------------------------- Mobivity Holdings Corp. adopted amended and restated bylaws on June 23, expanding the powers of board committees and making other conforming and administrative updates, according to a filing with the Securities and Exchange Commission. About Mobivity Holdings Mobivity Holdings Corp. develops and operates proprietary platforms that enable brands and enterprises to run data-driven marketing campaigns at both national and local levels. The Company's flagship product, Recurrency, is a self-service SaaS platform that empowers businesses to optimize promotions, media, and marketing spend. On average, Recurrency delivers a 13% increase in guest spend and a 26% improvement in visit frequency resulting in a 10X Return on Marketing Spend. In other words, for every dollar invested, retailers using Recurrency generate approximately ten dollars in incremental revenue. In its report dated April 7, 2025, the Company's auditor M&K CPAS, PLLC, issued a "going concern" qualification citing that the Company has suffered net losses from operations and has a net capital deficiency, which raises substantial doubt about its ability to continue as a going concern. Mobivity Holdings has incurred net losses from operations resulting in an accumulated deficit of $142.8 million as of March 31, 2025. The Company expects continued losses in developing its business, raising substantial doubt about its ability to continue as a going concern, according to its quarterly report for the period ended March 31, 2025. The Company said its 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 plans to fund operating costs over the next 12 months through proceeds from securities sales and/or revenue from operations. MZS PROPERTIES: Court Extends Cash Collateral Access to Sept. 2 --------------------------------------------------------------- MZS Properties, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral. The Debtor was authorized to use cash collateral until September 2 under the terms set by the bankruptcy court in its prior orders. A status hearing is scheduled for September 2. The Debtor's principal asset is real estate in Chicago, Ill., secured by a mortgage in which the initial lender was Sharestates Investments, DACL LLC. The lender holds a first priority lien on the property in the initial amount of $113,000. As of the petition date, the lender claims an amount owed of approximately $226,211. Rents collected from the property are the sole source of revenue of the Debtor. The value of the property is scheduled at $325,000. Sharestates is represented by: Timothy R. Yueill, Esq. Law Offices of Ira T. Nevel, LLC 175 N. Franklin St., Ste. 201 Chicago, IL 60606 Telephone: 312-357-1125 TimothyY@nevellaw.com About MZS Properties MZS Properties, LLC filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-01523) on January 31, 2025, listing up to $500,000 in both assets and liabilities. Mouzma Syed, manager of MZS Properties, signed the petition. Judge Jacqueline Cox oversees the case. Bradley Foreman, Esq., at the Law Offices of Bradley H. Foreman, P.C., represents the Debtor as bankruptcy counsel. NATIONAL FENCE: Seeks to Use Cash Collateral -------------------------------------------- National Fence and Supply Co asked the U.S. Bankruptcy Court for the District of Massachusetts, Eastern Division, for authority to use cash collateral. The request concerns collateral securing debts owed to Citizens Bank, N.A. which holds two secured claims based on a Small Business Administration loan and a commercial revolving loan. National Fence and Supply filed for relief under Subchapter V of Chapter 11 on May 1 and continues to operate as a debtor-in-possession, with Stephen Darr appointed as the Subchapter V trustee. National Fence, a Massachusetts LLC that has existed in various forms since 1946, installs, services, and supplies fencing. The Debtor's recent financial struggles stem from both poor management decisions and the health issues of its principal, Richard D. Cathcart. The Debtor estimates it will generate $8,000–$10,000 per week in revenue going forward. Citizen's Bank's secured claims are as follows: 1. SBA Loan: $423,800 principal (as of filing: $385,308.83 unpaid), co-signed by R.C. Charles Street, LLC and personally guaranteed by Cathcart. The loan is secured by all tangible and intangible personal property of the Debtor via a security agreement and a perfected UCC-1. 2. Commercial Revolving Loan: $50,000 principal (claim amount: $54,894.09), also secured by a security agreement and UCC-1. While there may be additional secured claims from Santander Bank, TD Bank, Ford Motor Credit, and Kubota Tractors, this request only addresses Citizens Bank's collateral, which includes inventory, two inoperable vehicles (not used in business operations), and cash collateral derived from fence materials estimated to be worth $15,000–$20,000. The currently used vehicles are financed by Ford and are not part of Citizen Bank's collateral. The Debtor has no accounts receivable at this time but does possess other business equipment. The Debtor argued that any use of cash collateral will be limited to maintaining business operations and generating equivalent or greater cash flow, ensuring no net loss to the secured creditor. To provide adequate protection to Citizens Bank, the Debtor proposed the following: 1. Granting replacement liens and security interests to the same extent and priority as pre-petition; and 2. Operating within a budget (attached to the motion) with a 10% variance margin. A court hearing is set for July 9. About National Fence and Supply Co. National Fence and Supply Co. is a specialized contractor operating in the fencing industry that provides fence installation services and supplies various fencing materials and related products to residential and commercial customers throughout the region. National Fence and Supply sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-10914) on May 1, 2025. In its petition, the Debtor reported estimated assets between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Hilmy Ismail, Esq., at the Law Office of Hilmy Ismail. Citizens Bank, N.A., as lender, is represented by: Jack J. Mikels, Esq Michael A. Wirtz, Esq. Jack Mikels & Associates, LLP 1 Batterymarch Park, Suite 309 Quincy, MA 02169-7454 Tel: 617.472.5600 lawoffice@jackmikels.com NELROY DRUGS: Seeks Cash Collateral Access ------------------------------------------ Nelroy Drugs, Inc. asked the U.S. Bankruptcy Court for the Eastern District of New York for authority to use cash collateral. The Debtor needs to use cash collateral to fund ongoing operations, pay post-petition invoices, and provide adequate protection to secured creditors. The use period would extend until either confirmation of a Chapter 11 plan or termination. As of the petition date, the Debtor's cash on hand was $5,250. Meanwhile, the Debtor had $229,250 in assets and $1.7 million in debt, of which $225,000 is owed to Kinray Inc. (now Cardinal Health). Kinray holds the first priority lien on the Debtor's assets. The U.S. Small Business Administration, Credibly of Arizona, and Healthsource Distributors assert junior liens. Kinray has conditionally agreed to allow use of the cash collateral, supported by monthly adequate protection payments of $1,000. The Debtor will also grant replacement liens to Kinray and other lienholders in the same priority as pre-petition, subject to validation. A hearing on the matter is set for July 8. Kinray is represented by: Scott A. Zuber, Esq. Chiesa Shahinian & Giantomasi PC 105 Eisenhower Parkway Roseland, NJ 07068 Telephone: (973) 530-2046 Fax: (973) 325-1501 szuber@csglaw.com About Nelroy Drugs Inc. Nelroy Drugs, Inc. is a retail pharmacy located in Jamaica, New York. Nelroy Drugs sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 25-42745) on June 5, 2025. Judge Nancy Hershey Lord oversees the case. The Debtor is represented by Richard S. Feinsilver, Esq. NEW AGE: Unsecured Creditors to Split $160K over 5 Years -------------------------------------------------------- New Age Leasing LLC filed with the U.S. Bankruptcy Court for the Northern District of Illinois a Disclosure Statement describing Plan of Reorganization dated June 16, 2025. The Debtor was established in 2020 as an asset holding company to provide equipment to the operating companies, VL Trucking, Inc. and Ace Transportation. Over the next 4 years, New Age acquired over 100 units of equipment. Beginning with the third quarter of 2023, the operating companies began experiencing difficulties in obtaining lucrative load contracts. In addition, operating costs such as fuel, contract drivers, insurance and registration, increased twofold. As a result, VL Trucking and Ace Transportation were not able to fully pay their lease obligations to New Age Leasing. After surrendering some equipment, New Age sought protection under Ch. 11 in order to reorganize its operations. Through the Chapter 11 and proposed Plan, the Debtor intends to surrender more equipment which has no value to the Estate, thereby reducing its current financial obligations. The Debtor maintains that with its remaining fleet, the Debtor will be able to restructure and remain profitable. The principals of the Debtor, Mr. Volodymyr Lynevych and Ms. Alina Mollova, are retaining their respective 50% equity interests in the Debtor. They are jointly contributing the sum of $10,000 toward payment of general unsecured claims under the Plan over a period of 5 years (at $2,000 per year); and (3) they are maintaining and not increasing their respective current salaries of $72,00 per year for the next two years. In light of these new value contributions by the principals, the Debtor maintains that the new value of the shares in the Reorganized Debtor are sufficient and equivalent to the value of those shares. The Debtor's Plan of Reorganization provides for distribution to the holders of allowed claims and interests from cash, cash equivalents and other funds and income derived the continued operations of the Debtor. Class 2 consists of General NonPriority Unsecured Claims. Class 2 Claims including unsecured deficiency claims shall be paid pro rata distributions of deferred cash payments aggregating $160,000 from (i) the General Unsecured Creditor Fund in the amount of $150,000; and (ii) $10,000 from New Value Contribution, payable in five equal payments of $32,000 with the first installment due 6 months following the Effective Date (or December 30, 2025, whichever sooner) and $32,000 payable annually on December 30, 2026, 2027, 2028 and 2029. The allowed unsecured claims total $12 Million. All equity interests shall be deemed to be terminated and canceled upon the Effective Date. Membership interests in the Reorganized Debtor shall be issued as follows: 50% to Volodymyr Lynevych and 50% to Alina Mollova, as coMember and Managers of the Reorganized Debtor upon the Effective Date. The co-members shall each contribute new value in the Reorganized Debtor in the amount of $10,000, payable over 5 years at $2,000 per year, which shall be added to the General Unsecured Creditor Fund to be distributed to Class 2 general unsecured claims. Except as otherwise provided in the Plan or the Confirmation Order, all cash necessary for the Debtor to make payments pursuant to the Plan to Allowed Administrative Claims, Priority Claims, Priority Tax Claims, Secured Claims and General Unsecured Non- Priority Claims will be from the continued operations of the Debtor in addition to the new equity contribution by the Debtor's principals. A full-text copy of the Disclosure Statement dated June 16, 2025 is available at https://urlcurt.com/u?l=LYdI3f from PacerMonitor.com at no charge. New Age Leasing, LLC is represented by: Miriam Stein Granek Gutnicki LLP 4711 Golf Road, Suite 200 Skokie, IL 60076 Tel: (847) 745-6592 Email: mgranek@gutnicki.com About New Age Leasing New Age Leasing, LLC was established in 2020 as an asset holding company to provide equipment to the operating companies, VL Trucking, Inc. and Ace Transportation. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-18710) on December 16, 2024, listing under $1 million in both assets and liabilities. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. The Law Offices of David Freydin PC serves as the Debtor's counsel. NOBLE GOODNESS: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- The U.S. Trustee for Region 14 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 cases of Noble Goodness, LLC and its affiliates. About Noble Goodness Noble Goodness, LLC operates a bakery and eatery in Phoenix, Ariz. Noble Goodness and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Lead Case No. 25-04874) on May 29, 2025. Christopher Simpson, Esq., at Osborn Maledon P.A. as Subchapter V trustee. At the time of the filing, Noble Goodness listed up to $10 million in both assets and liabilities. Jason Raducha, a member of Noble Goodness, signed the petition. Judge Eddward P. Ballinger, Jr. oversees the cases. Wesley D. Ray, Esq., at Sacks Tierney, PA, represents the Debtor as legal counsel. NORTHLAKE CORNERS: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------------- On June 30, 2025, Northlake Corners LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Texas. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About Northlake Corners LLC Northlake Corners LLC, doing business as NLC Truck Parking, offers daily, weekly, and monthly parking solutions for commercial trucks. The facility provides secure and well-lit parking spaces with 24/7 surveillance and backup-powered lighting, catering to both short- and long-term needs. Northlake Corners LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-41894) on June 30, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimted liabilities between $1 million and $10 million. The Debtors are represented by Gary G Lyon, Esq. at BAILEY JOHNSON & LYON, PLLC. NORTHVOLT AB: Lyten to Buy Energy Storage Plant in Poland --------------------------------------------------------- Anna Koper and Marek Strzelecki of Reuters report that Silicon Valley-based startup Lyten will take full control of Northvolt Dwa ESS, Europe's largest energy storage systems facility, as part of its effort to scale up production and expand its portfolio, the company announced on Tuesday, July 1, 2025. The acquisition follows Northvolt's bankruptcy filing in March, one of the largest corporate failures in Sweden's history, which effectively ended the region's most promising attempt to compete with Chinese battery giants. The Gdańsk facility had been slated for closure since November 2024. "We plan to immediately restart operations in Poland and fulfill both existing and new customer orders," said Lyten CEO and co-founder Dan Cook in a statement. The Gdańsk plant, which opened in 2023, spans 25,000 square meters (269,000 square feet) and houses a manufacturing and R&D center for battery energy storage systems. It currently includes equipment capable of producing up to 6 gigawatt-hours (GWh) annually, with expansion potential to 10 GWh. Lyten also noted that it has customer orders secured through 2026, according to Reuters. Financial details of the deal were not disclosed, but the transaction is expected to close in the third quarter of 2025, the report states. About Northvolt AB Northvolt AB was established in 2016 in Stockholm, Sweden. Pioneering a sustainable model for battery manufacturing, the company has received orders from several leading automotive companies. The company is currently delivering batteries from its first gigafactory, Northvolt Ett, in Skelleftea, Sweden and from its R&D and industrialization campus, Northvolt Labs, in Vasteras, Sweden. On Nov. 21, 2024, Northvolt AB and eight affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90577). The cases are before the Honorable Alfredo R. Perez. Northvolt is being advised by Teneo as its restructuring and communications advisor. Kirkland & Ellis LLP, A&O Shearman and Mannheimer Swartling Advokatbyra AB are serving as legal counsel. The company has also engaged Rothschild & Co to run its marketing process. Stretto is the claims agent. POWIN LLC: U.S. Trustee Appoints Creditors' Committee ----------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Powin LLC and its affiliates. The committee members are: 1. ACE Engineering & Co. Ltd 400 Kelby Street, Suite 1701 Fort Lee, NJ 07024 Attn: Carl Kim Tel: (949) 333-9088 carl.kim@aceengineering.com 2. Celestica LLC 11 Continental Blvd. Bldg. 300, Suite 103 Merrimack, NH 03054 Attn: Michael Paul Giallella Tel: (508) 243-2926 mgiallella@celestica.com 3. Contemporary Amperex Technology Co., Limited (CATL) No. 2 Xingang Road Zhangwan Town, Jiaocheng District, Ningde City Fujian 352100 China Attn: Micah Siegal Tel: (937) 469-1442 micahsiegal@catl.com 4. Kupono Solar, LLC c/o Ameresco, Inc. 111 Speen Street Farmingham, MA 01701 Attn: Rebecca McIntyre Tel: (508) 661-2241 rmcintyre@ameresco.com 5. Formosa Electronic Industries Inc. 5F, No. 8, Ln. 130, Minquan Rd. Xindian District New Taipei City, Taiwan (R.O.C.) Attn: Vodka Lee Tel: 886-2-22188888 vodka.lee@feii.com.tw 6. JMS Wind Energy, LLC 8022 S. Rainbow Blvd. Suite 406 Las Vegas, NV 89139 Attn: Will Douglas Tel: (541) 483-0920 will.douglas@jmsenergy.net 7. R.H. Shipping & Chartering S de RL de CV Av. Paseo De La Reforma No. 222 Piso 15, Col. Juarez Cuauhtemoc CX06600, Mexico, Ciudad De Mexico Attn: Rudolf Hess Tel: (832) 431-8121 rudolf@rh-shipping.com 8. Brian Palomino c/o Jack A. Raisner, Esq. Raisner Roupinian LLP 270 Madison Avenue, Suite 1801 New York, NY 10016 Tel: (212) 221-1747 jar@raisnerroupinian.com 9. GreEnergy Resources LLC 1405 4th Avenue NW, #312 Ardmore OK 73401 Attn: Adam Fenner Tel: (580) 768-9534 adam.fenner@greenergyresources.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Powin LLC Powin, LLC is a manufacturer of utility-scale battery energy storage systems. It specializes in designing and manufacturing advanced energy storage solutions for utility, commercial, and industrial applications. Powin sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-16137) on June 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Michael B. Kaplan handles the case. The Debtor is represented by Frank A. Oswald at Togut, Segal & Segal LLP. PREMIER HOLDINGS: Receiver Gains Control of Truist Bank Account --------------------------------------------------------------- In the case styled FIRST HORIZON BANK, Plaintiff v. PREMIER HOLDINGS, LLC; JOGINDER SIDHU, AS PERSONAL REPRESENTATIVE OF THE ESTATE OF MANRAJ SIDHU, AND IN HIS INDIVIDUAL CAPACITY; JAIPAL GILL; and JOHN A. HOWARD, Defendants, Case No. 2:24-cv-00605-RAH-SMD (M.D. Ala.), the Receiver, Moore Company Realty, has moved to expand the scope of its receivership to gain control over the Truist Bank account (XX8007, "Bank Account") of Defendant Premier Holdings, LLC and to investigate and potentially pursue allegedly avoidable transfers. First Horizon Bank filed this action for the appointment of a receiver to assume control over Premier Holdings LLC and its assets, including its real properties, accounts, records, and ownership interests. First Horizon holds a mortgage interest in real properties located in Montgomery, Alabama and Harpersville, Alabama. Over the years, Premier Holdings LLC has owned and/or leased the ground on which Burger King and Popeye's Chicken restaurants operated. At its peak, Premier Holdings LLC's operations included almost 400 restaurant locations. Premier Holdings LLC and several related entities have, of recent, experienced difficulty in their business operations, with Premier Holdings LLC's operations becoming significantly reduced, and as for its related Burger King and Popeyes operating entities, bankruptcy filings. For all practical purposes, Premier Holdings LLC is in wind-down mode, with approximately a dozen restaurant locations remaining. First Horizon's dispute involves loans it provided to Premier Holdings LLC for the acquisition of and/or construction of Burger King restaurants on parcels of land located in Montgomery (4010 Atlanta Highway, Montgomery, Alabama 36109) and Harpersville (5482 US-280, Harpersville, Alabama 35078). The loans are in default and in an accelerated status, with the last payment having been made in March or April 2024. According to First Horizon, it is owed over $2.6 million on the defaulted loans. Premier Holdings LLC does not dispute that the loans are in default, and it acknowledges that it has no present intent to pay on the loans because the properties are not generating enough money to service the First Horizon debt. The Court granted the Receiver's motion in part by allowing read-only access to the Bank Account and scheduled a hearing on June 11, 2025, to consider further relief sought by the Receiver. In advance of that hearing, the Receiver withdrew its motion to the extent it had not already been granted, and it filed an Interim Report detailing its findings to that point in time. At the hearing, the Court directed the Receiver to solely focus on the two properties subject to mortgages held by First Horizon Bank and to liquidate the Harpersville Property and assist in settling the conflicting leases and leasehold interest in the Montgomery Property unless further directed by the Court. The Receiver requested an amended order to that effect which the Court granted on June 24. Accordingly, the Court amended the Order appointing the Receiver as follows: A. Moore Company Realty (c/o Darrell Ragan and Eric Higgins) is appointed as Receiver of the "Receivership Assets and Operations" meaning: a. The real property (particularly, the leasehold interest, building, improvements, and fixtures) located at 4010 Atlanta Highway, Montgomery, Alabama 36109, including all royalties, leases, rents, and profits arising from the property (also known as the "Montgomery Property"); and, b. The real property (particularly, the building, improvements, and fixtures) located at 5482 US-280, Harpersville, Alabama 35078, including all royalties, leases, rents, and profits arising from the property (also known as the "Harpersville Property"). B. The Receiver shall be paid an hourly fee based on the Receiver’s normal hourly rates, in addition to the Receiver's standard property/account onboarding fees. The Receiver shall use its best efforts to minimize its own costs and fees. In any month where the Receiver's monthly fees are expected to be in excess of $7,500, the Receiver shall file a notice with the Court concerning the status of its fees and the expected amount of fees to be incurred for the remaining part of the month. C. The Receiver shall provide the Court with its written acceptance to perform the Receiver's duties as set forth in this Order and shall post, if it has not already done so, a bond in the amount of $25,000. Receiver Moore Company Realty is represented by: Stuart H. Memory, Esq. THE LAW OFFICES OF MEMORY & DAY 469 South McDonough Street Montgomery, AL 36104 Telephone: (334) 834-8000 E-mail: smemory@memorylegal.com - and - William Wesley Causby, Esq. MEMORY MEMORY & CAUSBY, LLP 469 South McDonough Street Montgomery, AL 36104 Telephone: (334) 834-8000 E-mail: wcausby@memorylegal.com Plaintiff Horizon Bank is represented by: Clarence A. Wilbon, Esq. Danielle Elysees Douglas, Esq. ADAMS AND REESE LLP Telephone: (901) 524-5324 E-mail: clarence.wilbon@arlaw.com danielle.douglas@arlaw.com - and - Thomas William Lawless, Esq. LAWLESS & ASSOCIATES, P.C. Telephone: (615) 351-7839 E-mail: tomlawless@comcast.net QUAD/GRAPHICS INC: Fitch Affirms & Then Withdraws 'B+' LongTerm IDR ------------------------------------------------------------------- Fitch Ratings has affirmed and withdrawn the ratings on Quad/Graphics, Inc. (Quad), including the Long-Term Issuer Default Rating (IDR) at 'B+' and the first-lien senior secured facilities at 'BB' with a Recovery Rating of 'RR2'. The Rating Outlook is Stable. The ratings reflect Fitch's expectation that Quad's EBITDA leverage will remain below 2x and its FCF margin will be in the low single-digit range. The ratings also reflect Quad's deleveraging capacity via significant debt reduction and its leading market position. Despite the company's substantial improvement in EBITDA leverage, the ratings are limited by revenue pressures from secular industry headwinds. Fitch has withdrawn the ratings on Quad due to commercial reasons. Fitch will therefore no longer provide rating or analytical coverage on Quad/Graphics, Inc. Key Rating Drivers Leading Market Position: Quad's ratings reflect its leading market position as the second-largest commercial printer in the U.S. and as one of the 25 largest marketing agencies, according to the Ad Age Agency Report. Fitch believes the company's significant scale and size provide economies of scale in a highly competitive and fragmented printing industry. Quad also benefits from longstanding relationships with its clients, with its largest clients averaging over 22 years as customers, a highly contracted revenue base, and low customer concentration. Low Leverage: Fitch anticipates that Quad will continue to reduce its debt by utilizing proceeds from plant closures and cash flow, and estimates EBITDA leverage to be below 2.0x over the forecast period. Fitch expects management to persist in its strategy of allocating capital towards debt repayments, dividend distribution and shareholder returns. Quad had recently lowered its long-term net leverage target to 1.5x-2.0x from 1.75x-2.25x. Additionally, the company reinstated dividends in 2024 after a gap of more than three years. Fitch expects the company to continue its dividend and share buyback practices over the forecast period. Secular Industry Headwinds: Fitch believes Quad's business profile will continue to face secular headwinds that limit revenue growth over the forecast period; volume decline will continue in the print industry as digital substitution reduces demand for printed products. According to a recent IBIS report, printing revenue has fallen at a CAGR of 2.8% over the past five years, with expected revenues of $76.8 billion in 2025. The pandemic and increased postage rates have accelerated the shift to digital media. The declining demand has led to overcapacity and pricing pressures in the U.S. print industry. Profitability & Financial Flexibility: Fitch expects EBITDA margins to be in the mid-8% range over the forecast period, despite the secular decline in print revenues. The ratings are supported by sufficient liquidity from cash balances, availability under the Quad's revolver, and its expectation of low single-digit FCF margins over the forecast period. Fitch expects Quad to continue with the ongoing cost rationalization and deleveraging to continue through the sale of non-core assets, thereby, enhancing financial flexibility. Diversifying Revenue: Quad is diversifying its revenue base by expanding its higher-growth marketing solutions with new and existing clients. Quad's transformation into a marketing solutions provider began in 2014 when the company started making several growth acquisitions and investments. This revenue diversification, combined with continued cost rationalization, will continue to transform Quad's operating profile over the long term. Peer Analysis Quad's rating reflects its low leverage, financial flexibility, supported by sufficient liquidity, cost rationalization efforts, and low single-digit FCF. The ratings are constrained by secular industry headwinds from digital substitution that limit revenue growth. Fitch rates R.R. Donnelley (B/Stable), which has a relatively strong competitive position based on the scale and size of its operations. However, R.R. Donnelley's ratings are constrained by its moderately high leverage, low FCF, and secular industry headwinds. Fitch also rates Deluxe Corporation (B/Stable), which specializes in print and payment solutions. Compared with Quad, Deluxe has higher EBITDA margins. However, it operates with higher leverage and lower interest coverage. Fitch believes Quad is well-positioned with EBITDA leverage below the 2.0x range, positive FCF and strong interest coverage relative to other industry peers at the 'B+' rating level. Key Assumptions - Fitch expects a high-single-digit revenue decline in 2025, driven by a 5% decline from the European divestiture and an organic decline in the printing segment due to secular industry headwinds. - Fitch expects a low-single-digit revenue decline to continue in 2026 and 2027; - EBITDA margins in the mid 8% range over the forecast period based on cost-reduction initiatives and plant closures; - Capex of $60 million-$65 million range annually; - Dividends and share buybacks in the $10 million to $15 million range; - Debt reduction in 2025, with cash flow prioritized toward dividend and share-repurchases, resulting in gross EBITDA leverage in below 2.0x range. Recovery Analysis For entities rated 'B+' and below, where default is closer and recovery prospects are more substantial to investors, Fitch undertakes a tailored, or bespoke, analysis of recovery upon default for each issuance. The resulting debt instrument rating includes a Recovery Rating or published 'RR' (graded from 'RR1' to 'RR6') and is notched from the IDR accordingly. In this analysis, there are three steps: (i) estimating the distressed enterprise value (EV); (ii) estimating creditor claims; and (iii) distribution of value. Key Recovery Rating Assumptions: Fitch assumes that Quad would be reorganized as a going concern in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. Going-Concern (GC) Approach: Quad's GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation. The GC EBITDA of $160 million reflects Quad's ability to maintain EBITDA due to the revenue pressures from the secular decline in commercial printing and divestiture. Additionally, the GC EBITDA also captures the highly competitive and fragmented nature of the industry. An EV multiple of 4x EBITDA is applied to the GC EBITDA to calculate a post-reorganization EV. The choice of this multiple considered the following factors: (i) the historical bankruptcy case study exit multiples in TMT sector have ranged from 4.0x-7.0x, with a median of 5.9x; (ii) the recovery analysis assumes that the company's revolving credit facility is fully drawn to provide liquidity in a distress situation; and (iii) the waterfall results in a recovery rating of 'RR2' for senior secured credit facility. RATING SENSITIVITIES Rating sensitivities are not applicable, as the ratings have been withdrawn. Liquidity and Debt Structure Fitch views liquidity as sufficient, supported by cash balances of $8.1 million and $201 million availability under the revolving facility as of March 31, 2025. Fitch expects FCF margin in low-single-digit range over the forecast period. Quad's debt structure includes a revolving credit facility totaling $325 million, comprising $17 million maturing in November 2026 and $306.9 million maturing in October 2029. Additionally, the company has a term loan outstanding of $356 million, of which $8.7 million will be due in November 2026. Issuer Profile Quad/Graphics, Inc. (Quad) is the second-largest commercial printing company in the U.S. and one of the largest globally in the very fragmented printing industry. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Quad/Graphics, Inc. LT IDR B+ Affirmed B+ LT IDR WD Withdrawn senior secured LT BB Affirmed RR2 BB senior secured LT WD Withdrawn QUALITY PROPERTIES: Court OKs Deal to Use Lender's Cash Collateral ------------------------------------------------------------------ Quality Properties USA, LLC received court approval for a deal that allows it to use the cash collateral of Velocity Commercial Capital, LLC until Oct. 1. The U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division, approved a stipulation authorizing Quality Properties USA to use the lender's cash collateral for payment of expenses incurred after its Chapter 11 filing. Velocity's cash collateral consists of rents and other proceeds generated by the Debtor's real property located at 22128 Burton Street, Canoga Park, Calif. The Canoga Park property, along with the Debtor's personal property, secures the $697,500 loan, which the Debtor obtained from Velocity and used to purchase the real property. As protection for the Debtor's use of its cash collateral, Velocity will receive a replacement lien on revenues generated by the Debtor after the petition date, to the same extent, priority and validity that its lien attached to the cash collateral. In addition, Velocity will receive a monthly payment of $7,550.44 and a secured claim during the pendency of the Debtor's bankruptcy case in case of any diminution in the value of its collateral. About Quality Properties USA Quality Properties USA, LLC filed voluntary Chapter 7 petition (Bankr. C.D. Calif. Case No. 25-10021) on January 6, 2025. The case was converted to one under Chapter 11 on April 4, 2025. In its petition, the Debtor disclosed up to $1 million in both assets and liabilities. Judge Martin R. Barash oversees the case. Anthony O. Egbase, Esq., and Shana Y. Stark, Esq., at A.O.E. Law and Associates, APC, represents the Debtor as legal counsel. Velocity Commercial Capital, LLC, as lender, is represented by: Brett H. Ramsaur, Esq. Joshua M. Nyman, Esq. Ramsaur Law Office 3070 Bristol Street, Suite 640 Costa Mesa, CA 92626 Telephone: 949.200.9114 Facsimile: 949.222.3453 brett@ramsaurlaw.com josh@ramsaurlaw.com RICHFIELD NURSING: No Committee Formed in Milford Case ------------------------------------------------------ The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Milford Nursing and Rehabilitation, LLC, an affiliate of Richfield Nursing and Rehabilitation, LLC. About Richfield Nursing and Rehabilitation Richfield Nursing and Rehabilitation, LLC and affiliates are operators of skilled nursing and rehabilitation centers across Pennsylvania. Each location provides a range of services, including short-term rehabilitation, long-term care, and therapy. Richfield Nursing and Rehabilitation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 25-01599) on June 4, 2025. In its petition, Richfield Nursing and Rehabilitation reported between $1 million and $10 million in assets and liabilities. Judge Henry W. Van Eck handles the cases. The Debtors are represented by Robert E. Chernicoff, Esq., at Cunningham, Chernicoff & Warshawsky, P.C. RITE AID: Closes Adams County Store Permanently ----------------------------------------------- Daniel Urie of Penn Live reports that Rite Aid will permanently close its store at 5675 York Road in Oxford Township, near New Oxford, as part of the company's latest round of shutdowns announced in a bankruptcy filing on Friday, June 27, 2025. The Oxford Township location is one of 123 additional stores slated for closure, adding to the 947 previously announced, as Rite Aid works through its second Chapter 11 bankruptcy. The company is in the midst of a large-scale restructuring and sale process aimed at maximizing value for creditors and stakeholders. In a bankruptcy filing, Rite Aid revealed plans to close the majority of its more than 1,200 remaining locations nationwide while pursuing the sale of key assets. As part of that process, the company has entered into agreements to sell pharmacy records from more than 1,000 stores. CVS Pharmacy will acquire prescription files from 625 Rite Aid locations in 15 states and assume control of 64 physical stores in Idaho, Oregon, and Washington, according to Penn Live. Additional agreements include: * Giant Eagle: purchasing prescription files from stores in Pennsylvania and Ohio * Weis Markets: acquiring prescription records from 11 stores in Pennsylvania and New York * Walgreens: buying files across nine states * Albertsons and Kroger: also securing deals to acquire prescription records According to Reuters, these transactions have received approval from the U.S. Bankruptcy Court. 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 Debtors. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to the Debtors. 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. ROVER PROPERTIES: Court Extends Cash Collateral Access to July 31 ----------------------------------------------------------------- Rover Properties, LLC obtained a consent order extending its authority to use the cash collateral of Fulton Bank, N.A. The consent order, signed by Judge Michelle Harner of the U.S. Bankruptcy Court for the District of Maryland, authorized the Debtor to use its secured creditor's cash collateral until July 31 to pay the expenses related to its real property in Hampstead, Md. The bank's consent to the use of cash collateral terminates at 5:00 p.m. on July 31, or upon the occurrence of an event of default, whichever comes first. As protection for the Debtor's use of its cash collateral, Fulton Bank will be granted a first priority position security interest in and lien on all rental income and rent receivables acquired, generated, or received by the Debtor after the bankruptcy filing. In addition, Fulton Bank will receive payment of $6,954.01 for June and another for July 7, as further protection. The next hearing is scheduled for July 30. About Rover Properties Rover Properties, LLC owns a gas station, a convenience store, and three apartments located at 201 Hanover Pike, Hampstead, Md., valued at $1.5 million. Rover Properties sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 24-18524) on October 9, 2024, with total assets of $1,593,000 and total liabilities of $968,000. Nikunj M. Patel, company owner, signed the petition. Judge Michelle M. Harner oversees the case. William Edward Sherwood, Jr., Esq., at Fns Law Group is the Debtor's bankruptcy counsel. Fulton Bank, N.A., as secured creditor, is represented by: David S. Musgrave, Esq. Gordon Feinblatt LLC 1001 Fleet Street, Suite 700 Baltimore, MD 21202 Tel/Fax: (410) 576-4194 dmusgrave@gfrlaw.com S&G HOSPITALITY: Court Extends Cash Collateral Access to July 30 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Ohio, Eastern Division approved a stipulation between S&G Hospitality, Inc. and RSS COMM2015-PC1-OH BL, LLC, authorizing the use of cash collateral. The stipulation allows S&G Hospitality and its affiliated debtors to use cash collateral through July 30 in accordance with the terms of the revised budget, which shows $324,500 in total undistributed operating expense and $154,609.95 in other expenses. The budget reflects the Debtors making an adequate protection payment of $90,000 for RSS COMM2015-PC1-OH, BL, LLC. Of this amount, $17,673.40 is being escrowed for real property taxes and $8,277.39 for insurance while the balance will go towards RSS's obligations in accordance with the terms of the loan documents. Any such internal allocation by RSS does not bind the court in determining the allowed amount of RSS's claim or the value of its collateral. All provisions of prior cash collateral orders remain in effect. About S&G Hospitality Inc. S&G Hospitality, Inc. operates in the traveler accommodation industry. S&G Hospitality filed Chapter 11 petition (Bankr. S.D. Ohio Case No. 23-52859) on August 18, 2023, listing up to $10 million in assets and up to $1 million in liabilities. Abijit Vasani, president of S&G Hospitality, signed the petition. Judge Mina Nami Khorrami oversees the case. David Alan Beck, Esq., at Carpenter Lipps & Leland, LLP is the Debtor's legal counsel. RSS COMM2015-PC1-OH BL, LLC, as secured creditor, is represented by: Tami Hart Kirby, Esq. Walter Reynolds, Esq. Porter Wright Morris & Arthur LLP One South Main Street, Suite 1600 Dayton, OH 45402-2028 Telephone: (937) 449-6721 Facsimile: (937) 449-6820 tkirby@porterwright.com wreynolds@porterwright.com S3 GROUP: U.S. Trustee Appoints Creditors' Committee ---------------------------------------------------- The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Chapter 11 case of S3 Group, LLC. The committee members are: 1. BeeHero Inc. 550 California Ave., Suite 1 Palo Alto, CA 94306 Phone: (559) 515-1301 Email: orly@beehero.io 2. Buttonwillow Warehouse Company, Inc. 3430 Unicorn Rd. Bakersfield, CA 93308 Phone: (661) 695-6500 Email: jzavala@techag.com Counsel: Brett T. Abbott Gubler & Abbott Phone: (559) 625-9600 Email: brett@thecalifornialawyers.com 3. Performance Grading Inc. 6582 W. Shields Ave. Fresno, CA 93723 Phone: (559) 999-4065 Email: russf.pgi@gmail.com Counsel: Steven Belasiano Balasiano and Associates, PLLC Phone: None provided Email: steven@balasianolaw.com 4. Farmit RX, Inc. 3683 W. Ashcroft Ave. Fresno, CA 93722 Phone: (559) 776-8502 Email: brianb@farmitrx.com 5. 3H AG Services, Inc. 14262 Road 23 1/2 Madera, CA 93637 Phone: (559) 507-6841 Email: 3haginc87@gmail.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About 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 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-50765) on May 20, 2025. In its petition, the Debtor reported estimated assets and liabilities between $100 million and $500 million. The Debtor is represented by Jane Kim, Esq., at Keller Benvenutti Kim, LLP. SAMPLE TIRE: Unsecureds Will Get 3% of Claims over 60 Months ------------------------------------------------------------ Sample Tile and Stone Inc., filed with the U.S. Bankruptcy Court for the Central District of California a Second Amended Disclosure Statement describing Second Amended Plan of Reorganization dated June 16, 2025. The Debtor was formed in 2011 by Curtis Sample who is the Debtor's President and a 100% shareholder. The Debtor is a leading tile and stone countertop installation and fabrication contractor with over 35 years of experience in the commercial and residential industry. The Debtor specializes in projects including high-end restaurants and bars, delivering custom stonework and finishes, mosaic installations (such as those in the downtown LA subway), hotel remodels, including projects for Grand California and Pixar Place for Disney, and installing countertops for large-scale housing projects. The management of the Debtor has remained the same before and after the bankruptcy filing. Curtis Sample (Debtor's President) runs the Debtor's business and handles the operation of the business. The proposed Disclosure Statement and Plan do not modify the rights and ownership interest of Mr. Sample. The present case was filed to reorganize the business obligations and resolve the dispute between the Debtor and Tile Industry Health and Welfare for contributions. In summary, this is a reorganizing plan that provides for payment to holders of allowed claims over time. The timing of plan payments to particular creditor groups will depend upon their classification under the Second Amended Plan. The Effective Date of the Second Amended Plan shall be the first business day that is fourteen calendar days after the entry of the order confirming the Second Amended Plan, with payment beginning by the first day of the following month. Class 2 consists of General Unsecured Claims. In the present case, the Debtor estimates that there are approximately $1,974,165.61. Holders of General Unsecured Claims will receive 3% of their claims over 60 months of Debtor's confirmed Second Amended Plan. The first payment of $987.08 will be due on the Effective Date, followed by 59 monthly consecutive payments thereafter, each in the amount of $987.08 to satisfy the proposed 3% pro-rata distribution. The Debtor's interest holder is Curtis Sample, who is the Debtor's President and 100% shareholder. Mr. Sample is not a creditor of the Debtor and will retain his equity interest in the Debtor. The Debtor will fund the Second Amended Plan from the continued operation of its business. A full-text copy of the Second Amended Disclosure Statement dated June 16, 2025 is available at https://urlcurt.com/u?l=6zlNij from PacerMonitor.com at no charge. About Sample Tile and Stone Inc. Sample Tile and Stone Inc. is based in Los Angeles, Calif., and operates as a tile contractor with ongoing projects including work at WB Ranch TI and The Ranch Lot Studios. Sample Tile and Stone filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 25-10137) on January 8, 2025, with assets between $500,000 and $1 million and liabilities between $1 million and $10 million. Judge Barry Russell handles the case. The Debtor is represented by: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Boulevard, 6th Floor Beverly Hills CA 90212 Tel: (310) 271-6223 Fax: (310) 271-9805 Email: michael.berger@bankruptcypower.com SAR AMERICAN: Seeks Chapter 11 Bankruptcy in Texas -------------------------------------------------- On June 30, 2025, SAR American Properties LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Texas. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About SAR American Properties LLC SAR American Properties LLC operates as a real estate brokerage firm, facilitating the buying, selling, and leasing of properties in the San Antonio area. The Company primarily earns revenue through commissions and transactional services. SAR American Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-51470) on June 30, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Michael M. Parker handles the case. The Debtors are represented by Ronald Smeberg, Esq. THE SMEBERG LAW FIRM. SDJ MAYPEARL: Seeks Chapter 11 Bankruptcy in Texas -------------------------------------------------- On June 30, 2025, SDJ Maypearl 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 $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About SDJ Maypearl LLC SDJ Maypearl LLC is classified as a single-asset real estate debtor under 11 U.S.C. Section 101(51B), with its principal property located at the intersection of Highway 157 and Diamondcrest Drive in Maypearl, Texas. SDJ Maypearl LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42368) on June 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtors are represented by Joyce Lindauer, Esq. at JOYCE W. LINDAUER ATTORNEY, PLLC. SEVEN SEAS: Unsecureds to Get 5.6 Cents on Dollar in Plan --------------------------------------------------------- Seven Seas Roasting Co., LLC submitted a Second Amended Plan of Reorganization dated June 13, 2025. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $147,071.28. Plan payments will be paid on a quarterly basis commencing on September 30, 2025, with each quarterly payment due not later than the last day of each calendar quarter (March 31, June 30, September 30, December 31). While Debtor is allowed to propose a three-year repayment period, the Plan makes payments over five years to provide additional disposable income to maximize the dividend to General Unsecured Creditors. The final Plan payment is expected to be paid on June 30, 2030. Under the Plan, the Debtor proposes to pay $147,071.28 to creditors. This Plan of Reorganization proposes to pay creditors of the Debtor from disposable operating income from normal business operations. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at 5.6 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 3 consists of non-priority unsecured creditors. Class 3 is impaired by this Plan, and each holder of an allowed Class 3 claim will be paid a pro rata distribution of quarterly payments from Q3 2026 through Q2 2030. The holders of each Class 4 Interest will retain their rights and interests without impairment and will not receive any payments on account for their Class 4 Interests during the life of the Plan. The Plan will be funded with cash on hand, Debtor's projected disposable income over the 60-month life of the plan, and estate claims and causes of action, if any. A full-text copy of the Second Amended Plan dated June 13, 2025 is available at https://urlcurt.com/u?l=ROhyw8 from PacerMonitor.com at no charge. Counsel to the Debtor: Gregory T. Highnote, Esq. Bankruptcy Legal Group 501 W Broadway #510 San Diego, CA 92101 Phone: (619) 233-4415 Email: greg@bankruptcysd.com About Seven Seas Roasting Co. LLC Seven Seas Roasting Co. LLC is a San Diego-based specialty coffee roaster with coffee sourced from micro lot farms from around the world. Seven Seas Roasting Co. LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 24-02183) on June 14, 2024. In the petition filed by Eric Dobbs, as managing member, the Debtor reports total assets as of May 31, 2024 amounting to $768,017 and total liabilities as of May 31, 2024 amounting to $1,360,580. The Honorable Bankruptcy Judge Christopher B. Latham oversees the case. The Debtor is represented by Gregory T. Highnote, Esq. at BANKRUPTCY LEGAL GROUP. SILVER STATE: Seeks Chapter 11 Bankruptcy in Nevada --------------------------------------------------- On June 30, 2025, Silver State Hydraulics Services filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Nevada. According to court filing, the Debtor reports $14,421,602 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Silver State Hydraulics Services Silver State Hydraulics Services provides hydraulic and air cylinder repair services, including in-house machining and component fabrication. The Company operates out of Las Vegas, Nevada, and was founded in 1994. Silver State Hydraulics Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-13746) on June 30, 2025. In its petition, the Debtor reports total assets of $503,465 and total liabilities of $14,421,602. Honorable Bankruptcy Judge Mike K. Nakagawa handles the case. The Debtors are represented by David J. Winterton, Esq. at DAVID WINTERTON & ASSOCIATES, LTD. SINTX TECHNOLOGIES: Buys SiNAPTIC to Enter $1.3B Foot, Ankle Field ------------------------------------------------------------------ SINTX Technologies, Inc., announced it executed a definitive agreement to acquire the surgical business assets of SiNAPTIC Holdings LLC, a private firm focused on silicon nitride ceramics. The deal marks a step in SINTX's strategy to boost commercial revenue and broaden its portfolio in the foot and ankle fusion segment. Under the agreement, SINTX acquired all intellectual property, product designs, and development assets tied to six foot and ankle implant systems. These designs are backed by clinical development and mechanical testing and a 510(k) pre-submission that is expected to accelerate near-term commercial launch activities. The global ankle fusion market, currently valued at approximately $750.5 million, is expected to grow to $1.38 billion by 2032, representing a CAGR of 9.1%, according to industry research. "This acquisition is transformative for SINTX by adding a family of FDA-reviewed implants, portfolio of new technologies, and capital, accelerating our shift from R&D to revenue generation and commercial scale," said Eric Olson, CEO of SINTX Technologies. "Additionally, the SiNAPTIC team brings deep expertise in product development, regulatory strategy, and commercialization to support our existing commercial product portfolio—key elements in driving increased value for our shareholders." As part of the transaction, key members of the SiNAPTIC Surgical executive team and board of directors will join SINTX in the following roles: * Chairman of SINTX Clinical Advisory Board, Bryan Scheer, M.D. * Managing Director of Business Development, Hugh Roberts * Chief Commercial Officer, Lisa Marie Del Re, MPE, ATC, NASM-PES * Senior Vice President of Regulatory and Quality Affairs, Brian Hockett * Senior Design Engineer, Basil Tharu, M.S. In consideration for the acquired assets, SINTX issued $750,000 in common shares, priced at $3.465 per share which represents a 10% premium to the closing price of the Company's common stock on Friday, June 20, 2025, along with 325,000 performance-based common stock purchase warrants. The common shares are subject to a six-month lock-up agreement and the Company has committed to file a resale registration statement with the Securities and Exchange Commission registering the resale of the common shares and the common shares issuable on exercise of the common stock purchase warrants. These warrants are exercisable over five years at a strike price of $6.30, and vest upon achieving specific regulatory and commercial milestones, including FDA clearance and revenue targets. SINTX will manufacture all devices under its FDA-registered and ISO-certified quality system and leverage existing FDA clearances and Master Files to streamline regulatory approvals. In addition, Dr. Bryan Scheer, Chairman and CEO of SiNAPTIC, will lead a newly formed Clinical Advisory Board to guide ongoing product development and surgeon engagement. "This acquisition reflects our shared belief in the transformative potential of silicon nitride ceramic-enhanced implants and the strength of our combined teams," said Dr. Scheer. "Together, we can accelerate the development of disruptive products and deliver meaningful clinical value." About SINTX Technologies, Inc. SINTX Technologies, based in Salt Lake City, Utah, develops and manufactures advanced ceramic materials and components for medical and agribiotech applications. The Company specializes in silicon nitride, which has been used in human implants since 2008. SINTX has expanded into new markets through acquisitions and strategic partnerships. SINTX reported a net loss of $11.02 million in 2024, compared with $8.26 million in 2023, $12.04 million in 2022, and $9.31 million in 2021. As of March 31, 2025, the Company had $11.45 million in total assets, $5.36 million in total liabilities, and $6.09 million in total stockholders' equity. For the three months ended March 31, 2025, and 2024, the Company incurred a net loss of $2.3 million and $0.9 million, respectively, and used cash in operating activities of $1.3 million and $2.7 million, respectively. The Company had an accumulated deficit of $284 million and $282 million as of March 31, 2025, and Dec. 31, 2024, respectively. The Company said it will need significant additional capital to continue operations, advance research and development, obtain regulatory approvals, and build marketing and sales capabilities. Current capital resources are insufficient to complete development and commercialization of all product candidates. The Company stated in its Form 10-Q for the period ended March 31, 2025, that it has primarily financed operations through preferred and common stock issuances, with limited revenue from product sales. It expects to continue incurring operating losses and using cash in operations. The Company's ability to continue as a going concern depends on increasing sales, cutting costs, and securing additional funding. It added the timing and likelihood of achieving profitability or obtaining financing remain uncertain. SLM MILLEDGEVILLE: Court Appoints KCP Advisory Group as Receiver ---------------------------------------------------------------- In the case styled Valley National Bank, Plaintiff v. SLM Milledgeville, LLC; SLM Camilla, LLC; Senior Living Properties - Milledgeville, LLC; Senior Living Properties - Camilla, LLC; Uri Rubin; Dennis L. Wagner; Chuan S. Wang; and Andrew Hsu, Defendants, Case No. 1:25-cv-03824-JHR (S.D.N.Y.), the Court granted Plaintiff's motion for the appointment of KCP Advisory Group, LLC as a receiver to take possession and control of the Defendants' real and associated personal property. On December 12, 2019, Plaintiff's predecessor-in-interest, Bank Leumi USA made a loan to SLM Milledgeville and SLM Camilla in the principal amount of $5,200,000. In connection with the Loan, on December 12, 2019, the Borrowers executed a promissory note in the principal amount of $5,200,000. The Plaintiff brings this action alleging that Defendants (i) breached a 2019 loan agreement and promissory note by failing to timely make payments and failing to repay the Loan after its maturity date; (ii) violated related guaranties; and (iii) defaulted on an agreement for a credit card facility. KCP Advisory Group will take control of the real and associated personal property as well as all improvements, leases, equipment, fixtures, personal property, rents, income, and all other collateral of Plaintiff including all of the collateral that secures the obligations due to Plaintiff under the Loan Agreement, Note, Mortgage, and other Loan Documents, all as identified and defined in in the Verified Complaint filed on May 7, 2025 by Plaintiff against Defendants SLM Milledgeville, LLC and SLM Camilla, LLC, and Senior Living Properties - Milledgeville, LLC, Senior Living Properties - Camilla, LLC, Uri Rubin, Dennis L. Wagner, Chuan S. Wang, and Andrew Hsu (collectively, "Guarantors"), including, without limitation, the Real Properties located at 61 Marshall Road, Milledgeville, Georgia 31061 and 161 E. Broad Street, Camilla, Georgia 31730, as well as all improvements, leases, equipment, fixtures, personal property, rents, income, and all other collateral of Plaintiff. The Court notes that the Application and Complaint sufficiently demonstrate that (i) Borrowers are in default of their obligations under the Loan as a result of its failure to remit the balance of the amounts due and owing under the Loan Documents on the Maturity Date, December 12, 2024; (ii) Guarantors have failed to properly manage and operate the businesses located on the Properties; and (iii) that immediate and irreparable injury may result in the event a receiver is not appointed. KCP maintains an office at 700 Technology Park Drive, Billerica, Massachusetts 01821. SLM Milledgeville, LLC owns and operates two senior living facilities in Georgia. Plaintiff Valley National Bank is represented by: William L. Waldman, Esq. Benjamin Rubinstein, Esq. K&L GATES LLP Telephone: (973) 848-4019 E-mail: william.waldman@klgates.com benjamin.rubinstein@klgates.com ST CHRISTOPHER'S: Seeks to Sell Jennie Clarkson Property at Auction ------------------------------------------------------------------- St. Christopher's, Inc. and its affiliate, The McQuade Foundation, seek permission from the U.S. Bankruptcy Court for the Southern District of New York, at a hearing on July 22, 2025 at 10:00 a.m. (prevailing Eastern Standard Time), to sell Jennie Clarkson Campus Real Estate at auction, free and clear of lien, claim, and encumbrances. The Debtor's Property is approximately 35 acres of real property located in North Castle, New York 10604, as described more specifically in the Tortorici Declaration and sometimes described as the Valhalla, New York Jennie Clarkson Campus Real Estate (Jennie Clarkson Campus or, interchangeably, Jennie Clarkson Real Estate). Heidi J. Sorvino is the Subchapter V Trustee of the case. St. Christopher's was established in 1881 – and incorporated as a not-for-profit New York corporation in 1885 as St. Christopher's Home – as a refuge for homeless, orphaned and neglected children. St. Christopher's has evolved over time such that now, its mission became to empower children and youth with special needs with the social-emotional coping skills and strengths they need, and the healthcare, mental health and social support services they require, to enter adulthood confident and equipped to meet life's challenges and opportunities, and live happy, healthy and meaningful lives. McQuade is a not-for-profit New York organization leasing its land and buildings to St. Christopher's and Greenburgh-North Castle (GNC) Union Free School District, formerly known as School District Number 12 of the Towns of Greenburgh and North Castle for two programs: the ORR program previously operated by St. Christopher’s and the Kaplan School currently operated by GNC. St. Christopher's and GNC have been affiliated with each other to provide programs to service, care for and educate troubled children and teenagers at the Debtors’ various locations. This alliance goes to the core of St. Christopher's mission. The Jennie Clarkson Real Estate is unencumbered as of the Petition Date and does not serve as the collateral for the DIP Loan. The Debtor engages Michael Tortorici of Ariel Property Advisors, LLC to help with the marketing and sale process. The Debtor has determined that a bid deadline of September 12, 2025 for the purchase of the Jennie Clarkson Real Estate would provide parties in interest with sufficient time to perform due diligence and thereby maximize value, while also meeting St. Christopher's need to conclude the Sale process in line with the broker's marketing strategy. The Debtors aim to proceed toward the solicitation of bids and an Auction in accordance with the following schedule: --Deadline to Object to Bid Procedures Order on or before Tuesday, July 15, 2025 at 5:00 p.m. -- Hearing on Bid Procedures Relief On Tuesday, July 22, 2025 at 10:00 a.m. -- Deadline to File Notice Designating Stalking Horse Bidder, if any on or before Tuesday, July 29, 2025 -- Hearing on Approval of Designation of Stalking Horse Bidder, if any on or before Tuesday, August 5, 2025 -- Deadline to Object to Sale (for all objections other than stemming from the identity of the Successful Bidder) on or before Tuesday, August 26, 2025 at 5:00 p.m. -- Bid Deadline On or before Friday, September 12, 2025 at 5:00 p.m. -- Deadline to Designate Qualified Bids On Monday September 15, 2025 at 5:00 p.m. -- Auction (if necessary) On Thursday, September 18, 2025 at 11:00 a.m. -- Deadline to File Notice Designating Successful Bidder: If no auction is held: Friday, September 19, 2025. If auction is held: one business day following conclusion of the Auction -- Deadline to Object to Sale Based Solely on Identity of Successful Bidder (if different from the Stalking Horse Bidder) on or before Thursday, September 25, 2025 at 5:00 p.m. -- Sale Hearing: On Friday, September 26, 2025 at 10:00 a.m. -- Deadline to Close on Sale: On or before Friday, October 3, 2025 The Debtors' proposed Bid Procedures are intended to establish a sale process that will maximize the value of the Jennie Clarkson Real Estate for the benefit of the Debtors' estates and their creditors. The Debtors will solicit bids for the Jennie Clarkson Real Estate in accordance with the Bid Procedures and, if multiple bids are received in conformance with the Bid Procedures, the Debtors will conduct the Auction to determine the highest and best bid for the Assets. Bids must provide for a minimum purchase price equal to or greater than $4,250,000.00; and if there is a stalking horse bidder, the minimum purchase price must be equal to or greater than the stalking horse purchase price plus the amount of any break-up fee and plus the amount of any expense reimbursement, plus a minimum overbid amount over any stalking horse bid $50,000.00. The Bid Procedures recognize the Debtors' fiduciary obligations to maximize value, and, as such, do not impair the Debtors' ability to consider all Qualified Bids. To ensure maximum flexibility in the sale process, the Debtors also seek authority to select a stalking horse bidder for the Jennie Clarkson Real Estate prior to the Bid Deadline, subject to Court approval. The Debtors may wish to offer customary bid protections by agreeing to pay a break-up fee and/or expense reimbursement to a stalking horse bidder as an allowed administrative-expense priority claim in the event the Debtors consummate an alternative transaction, which the Debtors will take into account when evaluating bids. The Debtors believe that the allowance of a break-up fee and/or expense reimbursement as bid protections may be in the best interests of the Debtors' estates and their creditors, as any stalking horse bid would establish a floor for further bidding that may increase the consideration given for the Jennie Clarkson Real Estate. About St. Christopher's, Inc. St. Christopher's, Inc. is a residential treatment center providing services to children with special needs. It empowers children and youth with special needs with the social emotional coping skills and strengths they need -- and the healthcare, mental health and social support services they require -- to enter adulthood confident and equipped to meet life's challenges and opportunities. St. Christopher's and The McQuade Foundation filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 24-22373) on April 29, 2024. Heidi Sorvino, Esq., at White and Williams, LLP serves as Subchapter V trustee. At the time of the filing, St. Christopher's reported $10 million to $50 million in assets and $1 million to $10 million in liabilities while McQuade reported $1 million to $10 million in both assets and liabilities. Judge Sean H. Lane presides over the cases. Janice B. Grubin, Esq., at Barclay Damon, LLP represents the Debtors as legal counsel. STERNE WOOD: Gets OK to Use Cash Collateral Until Aug. 30 --------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of California approved the amended stipulation between Sterne Wood, LLC and Innovative Capital REIT, LLC authorizing the continued use of cash collateral. The stipulation authorizes the Debtor's interim use of cash collateral until August 30. The Debtor is also authorized to make monthly, interest only payments of $11,678.54 to Innovative Capital, including the amount due on June 1, as protection of the secured creditor's interest. As additional protection, Innovative Capital will have a full replacement lien on and security interest in all personal property described in its security agreements with the Debtor, which the Debtor acquires after the petition date. The replacement lien will have the same priority and extent as Innovative Capital's pre-bankruptcy lien. This lien does not apply to any Chapter 5 causes of action. Innovative Capital is represented by: Meredith King, Esq. Shelby A. Poteet, Esq. Franklin Soto Leeds, LLP 444 West C Street, Suite 300 San Diego, CA 92101 Tel: 619.872.2520 spoteet@fsl.law mking@fsl.law About Sterne Wood LLC Sterne Wood, LLC is a limited liability company in San Diego, Calif. Sterne Wood sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Calif. Case No. 25-01945) on May 13, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge J. Barrett Marum oversees the case. The Debtor is represented by Donald Reid, Esq., at the Law Office of Donald W. Reid. SUNRISE VILLAS: Appointment of Receiver for Property Stayed ----------------------------------------------------------- In the case styled FEDERAL NATIONAL MORTGAGE ASSOCIATION, Plaintiff v. SUNRISE VILLAS, LLC, MATTY WERCBERGER, & SHIMON WEINBERGER, Defendants, Case No. 2:25-cv-02217-JPM-cgc (W.D. Tenn.), Judge Jon P. McCalla entered an Order staying the appointment of receiver and setting a hearing for July 9, 2025. On October 26, 2022, Defendant Sunrise Villas, LLC obtained a loan from Arbor Commercial Funding I, LLC -- "Original Lender" or "Servicer" -- pursuant to a Multifamily Note in the original principal sum of $7,274,000. In connection with this transaction, Borrower executed a "Multifamily Loan and Security Agreement (NonRecourse)". As security, Borrower granted Original Lender a "first priority security interest in, among other things and without limitation, the real property, all buildings, structures, improvements, and alterations constructed or at any time in the future constructed or placed upon the Property, together with all rents, revenues, and income thereof as well as all personal property including equipment, inventory, and general intangibles used in connection with the ownership, management, or operation of the Property." In May 2024, Original Lender notified Borrower that Original Lender would conduct an inspection of the interior of at least six units and the exterior and common areas of the Mortgaged Property on June 25, 2024. At that time, Original Lender requested Borrower complete a Management Assessment Questionnaire and provide current rent rolls prior to the June 25 inspection. Borrower completed the Management Assessment Questionnaire and provided its July 2024 rent roll. On February 26, 2025, the Plaintiff filed its lawsuit against the Defendants. On May 29, the Plaintiff filed an Amended Complaint -- the operative complaint in the case. The Plaintiff asserts separate causes of action for breach of contract against Borrower and Wercberger & Weinberger. On March 7, the Plaintiff filed an Emergency Motion for Temporary Restraining Order and Preliminary Injunctive Relief, seeking access to the Mortgaged Property to conduct a property condition assessment inspection. On April 10, the Plaintiff sent a Notice of Demand to Borrowers, stating Borrowers (1) were required to deposit $1,418,730.152 with Servicer as additional security for the Loan within ten days of the Notice of Demand; and (2) needed to correct the deficiencies found in the PCA inspection. Borrowers failed to make the $1,418,730.15 deposit. On April 29, the Plaintiff sent a Notice of Default and Acceleration to counsel for Borrower and Guarantors. Through the Notice of Acceleration, Plaintiff "notified Borrower of the Events of Default, accelerated the Indebtedness due and owing under the Loan Documents, terminated the right of Borrower to collect Rents, and demanded that Borrower hold any Rents received by Borrower after the occurrence of the Event of Default in trust for the benefit of Plaintiff." On May 29, the Plaintiff moved for issuance of (1) TRO; (2) preliminary injunction; and (3) appointment of a receiver over the Property. On June 20, the Court issued an Order Granting Receivership and Denying TRO & Preliminary Injunction. The Defendants filed an emergency motion to stay appointment of receiver and to reconsider order of appointment on June 23. On June 27, Judge McCalla ordered that appointment of a receiver for the property is stayed. The Court sets a hearing for July 9, 2025, at 10:30 a.m. CDT. Any additional briefing the Parties wish to submit must be done so by July 3, at 12 PM CDT. Sunrise Villas, LLC is a real estate company. The Plaintiff is represented by: Robert F. Tom, Esq. Kelly L. Hagy, Esq. Locke H. Waldrop, Esq. BAKER DONELSON BEARMAN CALDWELL & BERKOWITZ 165 Madison Avenue Suite 2000 Memphis, TN 38103 E-mail: rtom@bakerdonelson.com khagy@bakerdonelson.com lwaldrop@bakerdonelson.com The Defendants are represented by: S. Joshua Kahane, Esq. Aubrey B. Greer, Esq. GLANKLER BROWN, PLLC 6000 Poplar Ave., Suite 400 Memphis, TN 38119 Telephone: (901) 525-1322 Facsimile: (901) 525-2389 E-mail: jkahane@glankler.com agreer@glankler.com TELEFONICA DEL PERU: Secures Chapter 15 Recognition --------------------------------------------------- Marco Schaden of Latin Lawyer reports that a telecommunications company based in Lima has received full U.S. recognition for the restructuring it began in Peru in February 2025, after telling a Texas court it needed protection from creditor lawsuits in the U.S., citing that a substantial share of its debt is subject to U.S. law. About Telefonica del Peru Telefonica del Peru sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90022) on February 25, 2025. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. Foreign Representative is Timothy O'Connor and is represented by Charles R. Koster, Esq., at WHITE & CASE LLP, in Houston, Texas. As reported in the Troubled Company Reporter-Latin America on March 17, 2025, Moody's Ratings has downgraded Telefonica del Peru S.A.A. (TdP)'s corporate family rating and senior unsecured ratings to C from Caa3. The outlook was revised to stable from negative. TEXSTAR LUMBER: Seeks Subchapter V Bankruptcy in Texas ------------------------------------------------------ On June 30, 2025, TexStar Lumber Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Texas. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About TexStar Lumber Inc. TexStar Lumber Inc. is engaged in the lumber manufacturing business and operates a facility in Kountze, Texas. TexStar Lumber Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-10296) on June 30, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtors are represented by Lloyd A. Lim, Esq. at KEAN MILLER LLP. THE BURGUNDIAN: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ The Burgundian, LLC got the green light from the U.S. Bankruptcy Court for the District of Massachusetts, Eastern Division, to use cash collateral held or restrained by secured creditors Elevation Capital Group, LLC and Samson MCA, LLC. The court authorized the Debtor's interim use of cash collateral, which includes proceeds of accounts receivable and cash on hand in accordance with the Debtor's budget. As protection for any diminution in the value of their cash collateral, the secured creditors will have replacement liens and security interests. If provided in a final order, the Debtor will make monthly payments of $588 and $687 to Elevation and Samson, respectively, as protection. The court ordered both secured creditors to release restraints on all accounts receivable generated on or after June 24, and Block Inc. and Toast Inc., the Debtor's point-of-sale processors, to remit 100% of all proceeds from such receivables to the Debtor. The court also ordered Elevation to release the restraint on $20,000 of accounts receivable and Samson on $5,000 of accounts receivable generated prior to June 24, with the proceeds to be remitted to the Debtor through its point-of-sale processors. The next hearing is set for July 17. Objections are due by July 15. Elevation asserts a claim of approximately $66,907, secured by the Debtor's receivables processed through the Toast point-of-sale system, and currently has over $50,000 in those funds restrained. Samson claims $82,427 based on a similar agreement involving Block (formerly Square) and has restrained over $8,000, although there is uncertainty as to whether Samson properly perfected its security interest through a UCC-1 filing. The Debtor also owes priority tax debts of over $93,000 to the Massachusetts Department of Revenue and Department of Unemployment Assistance, and approximately $1 million in general unsecured debt, including a $514,345 EIDL loan that is no longer secured due to a terminated UCC-1. The Debtor, which operates a restaurant in Attleboro, Massachusetts, filed for Subchapter V Chapter 11 bankruptcy protection due to severe financial distress caused by the COVID-19 pandemic and the subsequent seizure of its receivables by these creditors. Founded in 2017 by Shane Matlock, a U.S. Army veteran, the restaurant had operated successfully prior to the pandemic, but incurred substantial debt during and after the shutdowns, including a large Economic Injury Disaster Loan and two merchant cash advance agreements that ultimately triggered the bankruptcy filing. About The Burgundian LLC The Burgundian LLC operates a restaurant in Attleboro, Massachusetts. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11287) on June 24, 2025. In the petition signed by Shane T. Matlock, manager, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Christopher J. Panos oversees the case. David B. Madoff, Esq., at Madoff and Khoury LLP, represents the Debtor as legal counsel. THG ACQUISITION: Cliffwater Corporate Marks $12.8MM Loan at 98% Off ------------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $12,814,318 loan extended to THG Acquisition, LLC to market at $198,601 or 2% 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 Superior THG Acquisition, LLC. The loan accrues interest at a rate of 9.07% per annum. The loan matures on October 31, 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 THG Acquisition, LLC THG Acquisition, LLC is a provider of a global technology platform specializing in taking brands direct to consumers. THG ACQUISITION: Cliffwater Corporate Marks $6.4MM Loan at 87% Off ------------------------------------------------------------------ Cliffwater Corporate Lending Fund (CCLFX) has marked its $6,407,159 loan extended to THG Acquisition, LLC to market at $811,940 or 13% 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 Superior THG Acquisition, LLC. The loan accrues interest at a rate of 9.07% per annum. The loan matures on October 31, 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 THG Acquisition, LLC THG Acquisition, LLC is a provider of a global technology platform specializing in taking brands direct to consumers. TIGHT LINES: Gets OK to Use $10K in Cash Collateral Until July 9 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of North Carolina, Wilmington Division, granted Tight Lines Family Medicine, PA a brief extension to use cash collateral. The court's third interim order issued on July 1 authorized the Debtor to utilize up to $10,000 in cash collateral until July 9, when the motion filed by the U.S. Bankruptcy Administrator to dismiss the Debtor's Chapter 11 case is set to be heard. Jeff Cook, Esq., the Debtor's attorney, disclosed at the latest hearing that a cash infusion that was previously proposed had not materialized and the collection of medical receivables were falling far short of projections. As a result, the continued operation of the Debtor's business is no longer viable. However, a short window of time is necessary to seek placement of patients with other medical practices before the dismissal or conversion of the Debtor's bankruptcy case, according to the attorney. Mr. Cook disclosed that the Debtor has cash on hand available to remain open until the July 9 hearing on the proposed dismissal of its case. About Tight Lines Family Medicine, PA Tight Lines Family Medicine, PA filed Chapter 11 petition (Bankr. E.D. N.C. Case No. 25-02137) on June 6, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Max Brandon Ludlum, president of Tight Lines Family Medicine, signed the petition. Judge Joseph N. Callaway oversees the case. JM Cook, Esq., at J.M. Cook, P.A., represents the Debtor as legal counsel. TREES N TRENDS: Closes All Stores With No Bankruptcy ---------------------------------------------------- Daniel Kline of The Street reports that Trees n Trends, a longtime regional retailer known for its wide selection of home décor, furniture, fashion, and seasonal items, is closing its doors for good after more than three decades in business. The company, which operates multiple 30,000-square-foot stores across six southeastern states, announced the decision on June 30, 2025 via its Facebook page. Its headquarters and flagship location are based in Paducah, Kentucky. "Trees n Trends – Home, Fashion & MORE!" has long been recognized for offering a diverse mix of products -- from indoor and outdoor furniture to floral arrangements, artificial plants, holiday decorations, women's apparel, and gifts. The business grew over the years by responding to the evolving needs of its customers since opening its first store in 1992, the report states. In the Facebook post, the Wallace family, who owns the chain, shared the emotional decision: "We, all of us, here at Trees n Trends love what we do. But the time has come for us to say goodbye. Over the coming weeks and months, we'll wind down our operations and close all 6 of our locations." They added that updates on store closings and sales would be shared on their Facebook page. The announcement drew hundreds of heartfelt responses from loyal customers, many expressing shock and sadness. Some commenters urged the owners to consider selling the business instead of closing it entirely. Others speculated that rising operational costs may have left the company with no viable path forward, according to The Street. The company has not yet announced exact closing dates or full details regarding liquidation sales, the report relays. About Trees n Trends Trees N Trends Inc. manufactures and distributes outdoor furniture, plants, rugs, and carpeting. The Company markets its products to retail and corporate customers through retail outlets in Kentucky, Missouri, Arkansas, Tennessee, Mississippi, and Alabama. TWENTY EIGHT: Gets OK to Use Cash Collateral Until August 31 ------------------------------------------------------------ Twenty Eight Hundred Lafayette, Inc. received another extension from the U.S. Bankruptcy Court for the District of New Hampshire to use its secured creditors' cash collateral. The order signed by Judge Kimberly Bacher authorized the Debtor's interim use of up to $514,154.98 in cash collateral for the period from July 1 to August 31 to pay the expenses in accordance with its budget. As protection for the Debtor's use of their cash collateral, secured creditors including Enterprise Bank & Trust, Rockingham Economic Development Corp. and the U.S. Small Business Administration will be granted replacement liens on property acquired by the Debtor after the petition date that is similar to their pre-bankruptcy collateral. The replacement liens do not apply to any Chapter 5 action. As further protection, the Debtor will continue to make monthly payments of $3,156.11 to SBA, $3,232.12 to Enterprise Bank & Trust, and $1,509.26 to Rockingham. The next hearing is scheduled for August 27. Enterprise Bank & Trust holds a blanket lien in first priority position on the Debtor's collateral in the amount of $373,465.00. The Debtor believes that SBA holds a similar secured position on the collateral in the form of secured loans and security agreements in the amounts of $480,000 and $311,000. The Debtor also believes that Rockingham holds a blanket security lien on the collateral in the amount of $35,369.06. About Twenty Eight Hundred Lafayette Established in 1992, Twenty Eight Hundred Lafayette, Inc. is a seafood restaurant with locations in Epping, Portsmouth, Salem, and North Hampton (seasonal) in New Hampshire. It conducts business under the names The Beach Plum 2 Portsmouth and The Beach Plum 3 Epping. Twenty Eight Hundred Lafayette filed Chapter 11 petition (Bankr. D.N.H. Case No. 25-10046) on January 27, 2025. In its petition, the Debtor reported assets between $50,000 and $100,000 and liabilities between $1 million and $10 million. Judge Kimberly Bacher handles the case. Eleanor Wm. Dahar, Esq., at Victor W. Dahar Professional Association is the Debtor's legal counsel. Enterprise Bank & Trust, as secured creditor, is represented by: Patricia J. Ballard, Esq. Preti, Flaherty, Beliveau & Pachios, PLLP P.O. Box 1318 Concord, NH 03302-1318 (603) 410-1500 pballard@preti.com UNIFIED SCIENCE: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- The U.S. Trustee for Region 11 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Unified Science, LLC. About Unified Science LLC Unified Science LLC, doing business as United Science, provides services, consulting, and manufacturing for the pharmaceutical and nutraceutical industries. The company offers product development, process engineering, analytical development, and compliance services. It positions itself as a scientific partner supporting clients from development through to product launch. Unified Science sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-11162) on May 19, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge Catherine J. Furay handles the case. The Debtor is represented by Evan M. Swenson, Esq., at Swenson Law Group, LLC. UNISON RISK: Cliffwater Corporate Marks $10.5MM Loan at 93% Off --------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $10,595,120 loan extended to Unison Risk Advisors Inc. to market at $788,830 or 7% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to Unison Risk Advisors Inc. The loan accrues interest at a rate of 9.07% per annum. The loan matures on October 17, 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 Unison Risk Advisors Inc. Unison Risk Advisors is a high-growth platform of independent firms delivering risk management and insurance brokerage solutions to clients worldwide. VALE INSURANCE: Cliffwater Corporate Marks $2.4MM Loan at 80% Off ----------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $2,419,355 loan extended to Vale Insurance Services LLC to market at $480,186 or 20% 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 Vale Insurance Services LLC. The loan accrues interest at a rate of 9.67% per annum. The loan matures on December 1, 2027. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Vale Insurance Services LLC Vale Insurance Services LLC is a specialty underwriters focused on transactional liability risks, including representations, warranties and indemnities given in merger and acquisition agreements, tax exposures and contingent liability. VALKEN INC: Deadline for Panel Questionnaires Set for July 7 ------------------------------------------------------------ The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of Valken Incorporated. 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/2hwhdbs9 and return by email it to Tina L Oppelt -- Tina.L.Oppelt@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than 1:00 p.m., on July 7, 2025. 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 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 the petition, the Debtor reported estimated assets and liabilities of $10 million to $50 million each. The Honorable Bankruptcy Judge Jerrold N. Poslusny Jr. handles the case. The Debtors are represented by Albert A. Ciardi, III, Esq. at CIARDI CIARDI & ASTIN. WANDERLY LLC: Claims to be Paid from Asset Sale Proceeds -------------------------------------------------------- Wanderly, LLC filed with the U.S. Bankruptcy Court for the Southern District of Florida a Disclosure Statement describing Plan of Liquidation dated June 16, 2025. The Debtor operates an online marketplace platform that assists travel nurses in locating, applying for, and being hired to fill nursing positions throughout the United States (the "Wanderly Platform"). The Wanderly Platform is a one-stop shop for travel nurses seeking employment in both hospitals and other healthcare facilities. In particular, the Wanderly Platform publishes available nursing positions at hospitals and other healthcare facilities from which travel nurses can select, apply for, and secure employmentdirectly through the platform. The Debtor, MyBasePay and HWL have had two Judicial Settlement Conference sessions during the week of March 24, 2025, in an attempt to amicably resolve these various issues. The first conference occurred on March 24, 2025, which was continued to March 26, 2025, and a further conference scheduled for March 28, 2025. This Plan filed herein is dependent on whether the issues are resolved using this process or whether the above matters must go to evidentiary hearings. Although to date the various disputes have not settled, the hold up is that the Debtor is in the process of selling its assets and, understandably, MBP, HWL and Jackson do not want to enter into a settlement agreement until they have a clear understanding of what they will receive from the sale. Class Three consists of General Unsecured Creditors. The general unsecured claims prior to the filing of any objections total the amount of $11,530,006.98. Since the amount to be received by MyBasePay claim significantly affects how much remains to pay the general unsecured claims, payment to the unsecured class cannot be determined until the sale closes. These claims are impaired. Class Four consists of Equity Interest Holders. There shall be no distribution to the equity holders of WANDERLY under the confirmed Plan and no dividends to this class of claimants. This class does not include the general unsecured claims filed by the equity holders or their members or officers. The equity members shall retain their currently held equity interest in the WANDERLY; however, WANDERLY shall have no future operations. The Debtor shall be liquidated and there shall be no continuing operations after the sale. The Debtor has determined that it must sell the entirety of its assets to fund a plan and pay creditors. The Debtor is in the process of completing negotiations for the sale of its assets to an entity known as StaffDNA. Upon closing of the sale, the funds will be transmitted from the closing agent to the Kelley, Kaplan & Eller Trust Account to fund the plan. In addition, there currently is $1,141,034.02 held in the Court Registry in the MyBasePay USA, LLC v. Rahman, et al., Case No. 2024–018085–CA–01 matter pending in the Circuit Court of the Eleventh Judicial Circuit in and for Miami-Dade County, Florida (the "State Court") and $1,123,983.00 held by HWL. These funds shall be turned over to the Kelley, Kaplan & Eller, PLLC Trust Account to fund this Plan. A full-text copy of the Disclosure Statement dated June 16, 2025 is available at https://urlcurt.com/u?l=vos811 from PacerMonitor.com at no charge. Counsel to the Debtor: Craig I. Kelley, Esq. Kelley Kaplan & Eller, PLLC 1665 Palm Beach Lakes Blvd., Suite 1000 West Palm Beach, FL 33401 Telephone: (561) 491-1200 Facsimile: (561) 684-3773 Email: bankruptcy@kelleylawoffice.com About Wanderly LLC Wanderly, LLC is a technology marketplace platform created for traveling healthcare professionals and healthcare staffing companies. Wanderly filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 24-23477) on Dec. 26, 2024, listing between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Linda Leali, Esq., serves as Subchapter V trustee. Judge Erik P. Kimball handles the case. The Debtor is represented by Craig I. Kelley, Esq., at Kelley Kaplan & Eller, PLLC. WASH MULTIFAMILY: S&P Places 'B-' ICR on CreditWatch Negative ------------------------------------------------------------- S&P Global Ratings placed all its ratings on WASH Multifamily Acquisition Inc., including the 'B-' issuer credit rating and its 'B-' issue-level rating on its senior secured notes, on CreditWatch with negative implications. S&P said, "We could resolve the CreditWatch and affirm the rating if the company refinances its upcoming maturities at par and maintains a sustainable capital structure. Conversely, if WASH cannot refinance its senior secured facilities over the next 90 days, we could lower our ratings, likely at least two notches." North American outsourced laundry services provider WASH Multifamily Acquisition Inc.'s revolving credit facility matures Jan. 14, 2026, and its senior secured notes mature on April 15, 2026. These upcoming maturities reflect high refinancing risk dependent on market conditions because WASH's liquidity is insufficient to cover approaching obligations. WASH faces heightened refinancing risk given its need to address fast-approaching debt maturities. The company's $105 million revolving credit facility (not rated) ($43 million drawn as of March 31, 2025) is due Jan. 14, 2026, and its $850 million fixed-rate senior secured notes mature on April 15, 2026. S&P said, "We believe WASH is continuing to work toward a refinancing that will alleviate these maturities over the coming weeks and the 'B-' rating continues to reflect our expectation for a successful transaction. However, we think the company faces significant risk that a potential transaction could fail amid deteriorating market sentiment, uncertain market conditions, and WASH's tightening refinancing window." If WASH encounters difficulty in addressing its upcoming maturities, it will likely face a liquidity shortfall. WASH's continued growth and profitability support refinancing prospects. The company has expanded revenue consistently over the past several years. In the first quarter of 2025, WASH's revenues increased 3.6% versus the same period the previous year. This growth was driven by the company's ongoing expansion of its fleet and strategic price increases across its offerings, partially offset by foreign exchange headwinds. Much of the price increases was facilitated by the digitization of its fleet, which is now over 55% complete. S&P said, "We expect remote price increases will continue modestly to avoid significant disruption of utilization, enabling modest top-line increases in 2025. We think price increases combined with fleet expansion will help WASH outpace overall GDP growth rates and reach 2025 revenue improvement near 5.2%, despite potential continued foreign exchange headwinds." S&P said, "A refinancing at current interest rates would likely impede cash flow, though we expect sustained positive free operating cash flow (FOCF) and that credit metrics will remain appropriate for the rating. The favorable cash interest burden from WASH's 5.75% fixed-rate senior secured notes has bolstered historical cash flow, enabling the company to increase growth-related capital investments and maintain positive FOCF. We anticipate a refinancing transaction will raise its debt service burden and somewhat hinder its cash generation profile, though expected declining interest rates, continued growth, and margin expansion should still drive positive FOCF. We forecast unadjusted FOCF of about $10 million per year following a potential leverage-neutral refinancing based on our forward rate expectations, down from about $27 million of FOCF in 2024. "We expect ongoing EBITDA growth to reduce S&P Global Ratings-adjusted leverage to about the low- to mid-4x area by the end of 2025. Our adjustments, which include adding lease obligations to our measure of debt and adding back lease payments to EBITDA, reduce leverage by 1x-1.5x from unadjusted figures. "If WASH cannot refinance its revolver and senior secured notes over the next 90 days, we could lower our ratings by multiple notches. Conversely, we could resolve the CreditWatch placement and affirm the rating if WASH refinances its upcoming maturities within the next 90 days while maintaining a sustainable capital structure." WATCO COMPANIES: Fitch Affirms 'B' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed Watco Companies, LLC's (Watco) Long-Term Issuer Default Rating (IDR) at 'B' and upgraded its senior unsecured debt to 'BB-' with a Recovery Rating of 'RR2' from the previous rating of 'B+'/'RR3'. The Rating Outlook is Stable. The upgrade reflects Watco's acquisition of Industrial Rail Services, L.P, which was primarily funded by equity due to the related $600 million common equity issuance, adding assets and cash flows that benefit the recovery rating of the unsecured notes. The funding structure reflects management's credit-conscious approach to larger, growth-oriented investment to manage funded debt-to-EBITDA, excluding preferred shares, in the 3.5x-4.5x range. Fitch's rating case forecasts EBITDA leverage in the 7x range, including preferred shares, and EBITDA coverage and FFO fixed-charge coverage in the 3x and 2x range, respectively, consistent with 'B' rating tolerances. Key Rating Drivers Leverage Sub-8x; Coverage Above 3x: Fitch forecasts EBITDA leverage, including preferred shares, to decline toward the 7x range following the upsizing of Watco's unsecured notes in 2024 and recently announced acquisitions. Watco has historically funded most of its growth through equity raises, and the evolution of its leverage profile will depend on its future funding mix. The low burden of cash distributions from the preferred share structure results in forecast EBITDA interest coverage and FFO fixed-charge coverage in the 3x and 2x range, respectively. Short-Line Rail Freight Resilience: Rail freight transportation plays a key role in the economy's supply chains and has historically shown resilience to economic cycles, which are influenced by industrial, commodity, and consumer markets. Rail is the most cost-effective transportation mode with continuous national reach, and short-line rails are a critical link for the first and last mile of the rail freight network. Watco's stability is underpinned by its established portfolio of diverse, non-replicable rail assets. Short-line railroads provide more bespoke services to customers to ensure that rail is an efficient option for shippers, reinforcing its core supply chain role. Watco's stability in this sector is supported by management's strategic focus on lower-cost producers and the fact that the average customer relationship tenure is more than 30 years, including those predating Watco ownership. Debt-Like Preferred Shares: The preferred shares structure contains debt-like features, including maturity and coupon characteristics, under Fitch's "Corporate Hybrids Treatment and Notching Criteria," which increases Fitch-calculated leverage metrics. Fitch recognizes that the preferred shares provide flexibility to defer cash dividends in a stressed scenario and benefit recovery for secured and unsecured debt. Watco has a history of incorporating series of preferred shares within its capital structure. Its financial profile could strengthen if existing shares are replaced with equity-like securities. Contracts Moderate Margin Risks: Watco's Port & Terminal segment has moderated through-the-cycle margin and cash flow variability through its contract mix, cost-linked terms, and ties to low-cost supply sources. These features help shield against fluctuations in commodity price-linked volumes. More than half of EBITDA in this area is from fixed/minimum volume contracts with an average length of nine years, providing a stable revenue base. Watco enters contracts that limit volume risk when investing in site-specific infrastructure to support a return on invested capital. It is not directly exposed to commodity price risk but can be affected by the economics in certain geographies. Positive Discretionary FCF: Fitch forecasts mildly positive FCF, excluding growth capex and associated grants, with excess cash allocated toward capital reinvestment and measured dividends. Cash flow is supported by the unique operational capabilities and efficiency-oriented services at the company's terminals that enhance pricing and increase switching costs. Watco's resilient rail pricing structure also supports cash flow. The size and timing of growth investment relative to revenue can result in prolonged periods of negative FCF. However, Watco's approach to risk management, including returns-based investment decisions and contractual terms, is favorable. Diversification Mitigates Cyclicality: Watco is highly diversified across markets and customers, mitigating the impact of idiosyncratic risks on cash flow. Individual markets are exposed to cyclicality from industrial production and changes in commodity flows across geographies in which it operates. However, cash flows have proven resilient through macroeconomic shocks due to strategic diversification. Short-line rails do not carry intermodal freight, which is subject to competition from trucking and discretionary consumer demand. Fitch believes Watco's diverse transportation network is well-positioned to maintain operational and cash flow stability through economic cycles. Peer Analysis Fitch compares Watco to NA Transportation Hold Co. LLC (dba: Patriot Rail; B+/Stable), another a short-line rail operator, as both companies benefit from the defensibility of their asset network leading to a favorable through-the-cycle cash flow profile. Watco's rail operations are larger and consequently more diversified than Patriot's. However, it derives a larger portion of earnings from non-rail operations, which can be comparatively more variable. Watco's credit metrics include preferred shares that Fitch treats as 100% debt under its criteria. Watco's EBITDA leverage is expected to trend in the 7x range, and its FFO coverage and EBITDA coverage are forecast in the 2x and 3x range, respectively. Patriot's leverage in the mid-5x range and its EBITDA coverage around 2.5x are stronger than Watco's metrics, leading to the one-notch differential. Fitch also compares Watco to truck-based transportation and environmental services peers Forward Air (B/Negative) and Waste Pro USA, Inc. (B+/Stable). Watco's rail, port, and terminal transportation services have advantages over trucking due to high barriers to entry afforded by its expansive asset network and lower cost base relative to truck operators. Waste Pro's collection model also has lower barriers to entry, but its multiyear contracts with customers are a relative strength. Forward Air is expected to operate with leverage between 4x and 5x at the 'B' rating level, and Waste Pro in the high-4x range at 'B+'. Key Assumptions - Organic revenue growth is forecast in the low-to-mid-single-digit range, driven by a mix of yield improvements, low-single-digit growth in volumes, and in-progress network expansion; - EBITDA margin is forecast to remain in the high teens, supported by continued pricing improvements and contract renegotiations at main sites; - Preferred and common equity cash distributions held at historical rates; - Gross maintenance capex (before grants or subsidies) at about 9%-10% of revenue through the forecast, and expansionary capex expected to remain opportunistic; - SOFR rates assumed at 4.3% in 2025, stabilizing around 3.7% thereafter. Recovery Analysis The Recovery Rating assumes that Watco would be reorganized as a going concern in a bankruptcy scenario rather than liquidated. A 10% administrative claim on the enterprise value is assumed. The going concern EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level on which Fitch bases the enterprise valuation. The going concern EBITDA estimate of $260 million reflects a hypothetical scenario in which the business faces a material, sustained decline in demand at one or more of its subsectors/markets or a severe downturn in North American industrial production. An enterprise valuation multiple of 7x is applied to the going concern EBITDA to calculate post-reorganization enterprise value. This multiple considers Watco's through-the-cycle cash flow profile derived from its diversified geographic and end market mix, advantaged asset network, and strong position in the North American industrial supply chain. It also considers valuation multiples for comparable rail and terminal assets. The secured credit facility receives priority above the unsecured notes in the distribution of value in the recovery waterfall. Fitch has excluded the remaining 2027 notes not redeemed as part of the 2024 tender offer from the recovery waterfall. The outstanding 2027 notes are expected to be redeemed in 2H25 after the par call date, per the initial use of proceeds. The Recovery Rating analysis results in a 'BB-'/'RR2' recovery for the unsecured notes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA interest coverage sustained below 2x; - Heightened liquidity risk indicated by sustained revolver availability below 25% or a shift toward payment-in-kind-only distributions; - Fitch-defined EBITDA leverage sustained above 8.5x, including a material change in funding strategy; - A shift in the funding mix toward secured or unsecured debt could impact the recovery on unsecured notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch-defined EBITDA leverage sustained below 6.5x, including a material change in funding strategy or capital structure mix; - EBITDA interest coverage or FFO fixed-charge coverage sustained above 2.5x; - Stronger liquidity position, including at least 75% available on the revolver. Liquidity and Debt Structure Watco had adequate liquidity as of 1Q25, consisting of $400 million available on the revolver (approximately $315 million net available based on leverage following the transaction) and $5 million cash on hand. The 2027 senior unsecured notes mature in 2027, followed by the revolver in 2029 and 2032 senior unsecured notes. Issuer Profile Watco provides a diverse set transportation and supply chain services across North America and Australia. The company owns and operates over 7,000 miles of short-line railroad and 78 terminals and ports. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Watco Companies, LLC LT IDR B Affirmed B senior unsecured LT BB- Upgrade RR2 B+ WATER-MAN SMITH I: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------------- Waterman-Smith I, L.L.C. asked the U.S. Bankruptcy Court for the Eastern District of Louisiana for authority to use cash collateral. The Debtor requested permission to use cash collateral, specifically rental income from its commercial property in Mobile, Alabama, in order to continue operating as a debtor-in-possession during its Chapter 11 bankruptcy case. The request includes the approval of a four-week budget outlining essential expenditures such as utilities, insurance, maintenance, and administrative costs. Additionally, the Debtor proposed to provide adequate protection to its pre-bankruptcy secured lender, 22nd State Bank, which holds two loans secured by the Debtor's property and rental income. Adequate protection will include replacement liens on current and future rents, maintaining the same priority as existing liens, as well as financial reporting and a $75,000 carve-out for the Debtor's professionals. The Debtor believes the property is worth approximately $4 million while the debt owed is around $2.5 million, indicating an equity cushion that further supports its request. About Waterman-Smith I LLC Waterman-Smith I, LLC is a real estate lessor whose principal assets are located at 61 St. Joseph Street in Mobile, Alabama. Waterman-Smith I sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-11190) on June 11, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $50,000 and $100,000. Judge Meredith S. Grabill handles the case. The Debtor is represented by Douglas S. Draper, Esq., at Heller, Draper & Horn, LLC. WAVERLY ADVISORS: Cliffwater CLFX Marks $509,000 Loan at 81% Off ---------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $509,436 loan extended to Waverly Advisors, LLC to market at $95,737 or 19% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Revolver Loan to Waverly Advisors, LLC. The loan accrues interest at a rate of 10.20% per annum. The loan matures on March 1, 2028. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Waverly Advisors, LLC Waverly Advisors, LLC is a financial planning and investment advisory firm. WAVERLY ADVISORS: Cliffwater Corporate Marks $5.2MM Loan at 86% Off ------------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $5,226,840 loan extended to Waverly Advisors, LLC to market at $750,601 or 14% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to Waverly Advisors, LLC. The loan accrues interest at a rate of 9.45% per annum. The loan matures on March 11, 2028. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Waverly Advisors, LLC Waverly Advisors, LLC is a financial planning and investment advisory firm. WEALTH ENHANCEMENT: Cliffwater Corporate Marks $12M Loan at 94% Off ------------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $12,096,774 loan extended to Wealth Enhancement Group, LLC to market at $708,549 or 6% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to Wealth Enhancement Group, LLC. The loan accrues interest at a rate of 9.32% per annum. The loan matures on October 2, 2028. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Wealth Enhancement Group, LLC Wealth Enhancement Group LLC is an independent wealth management firm in the U.S. WEC 98D-7: Court Appoints Chris Neilson of Trigild IVL as Receiver ------------------------------------------------------------------ Judge Nancy G. Edmunds entered an Order granting Wilmington Trust's motion to appoint Chris Neilson of Trigild IVL as receiver in the case styled Wilmington Trust, National Association, as Trustee for the Benefit of the Registered Holders of Wells Fargo Commercial Mortgage Trust 2021-C59, Commercial Mortgage Pass-Through Certificates, Series 2021-C59, Commercial Mortgage PassThrough Certificates, Series 2021-C59, through its special servicer Argentic Services Company LP, Plaintiff v. WEC 98D-7 LLC, WEC 98D-16 LLC, WEC 98D17 LLC, WEC 98D-18 LLC, WEC 98D-21 LLC, WEC 98D-23 LLC, each a Texas limited liability company; and RX Ashland Investors, L.L.C. and RA2 Stuarts Draft L.L.C., each a Delaware limited liability company, Defendants, Case No. 2:25-cv-11620-NGE-APP (E.D. Mich.). The Court finds that there is good cause to appoint a receiver in this action in order to protect the parties' respective interests in the properties, including all rights, title and interest, including leasehold interests, of WEC 98D-7 LLC, WEC 98D-16 LLC, WEC 98D-17 LLC, WEC 98D-18 LLC, WEC 98D-21 LLC, WEC 98D-23 LLC, RX Ashland Investors, L.L.C. and RA2 Stuarts Draft L.L.C ("Defendants" or "Borrowers"). The Court further finds that the proposed Receiver has sufficient competence, qualification and experience to administer the Receivership Property. The Receiver will have the powers and authority of a receiver at equity, and the powers conferred upon a receiver by the provisions of 28 U.S.C. Sec. 754 and 28 U.S.C. Sec. 1692 and Fed. R. 66 and MCL. Mr. Neilson of Trigild IVL will post a bond in the amount of $50,000. He will be compensated at these rates: -- Receivership: $1,500/month per occupied property; -- $2,500 per dark/vacant property; -- $350/hour for Litigation Related Issues; -- $450/hour for In-House Counsel; and -- $500/month for Accounting. WEC 98D-7 LLC is a Texas limited liability company. Plaintiff Wilmington Trust, National Association is represented by: Cara M. Houck, Esq. HOLLAND & KNIGHT LLP 150 N. Riverside Plaza Chicago, IL 60606 Tel: (312) 715-6805 E-mail: Cara.houck@hklaw.com WELCOME PHARMACIES: Court Reappoints Basil Simon as Receiver ------------------------------------------------------------ In the case styled PRESCRIPTION SUPPLY INC, Plaintiff v. WELCOME PHARMACIES, INC., et al., Defendants, Case No. 2:19-cv-12938-SJM-DRG (E.D. Mich.), Judge E. Stephen J. Murphy, III entered an Order granting Prescription Supply's motion to reappoint Basil Simon to serve as a receiver in aid of executing its judgment against the Defendants. One June 1, 2012, the Defendants filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Bankruptcy Code under the caption In re Welcome Pharmacies, Inc., Case No. 12-53620 (Bankr. E.D. Mich). To facilitate Defendants' reorganization and emergence from Chapter 11, the Plaintiff extended debtor-in-possession financing to the Defendants pursuant to the terms and conditions of the Order Authorizing Post-Petition Financing entered as Doc. 414 in the Bankruptcy Case. The DIP Loan was further memorialized and is evidenced by the Senior Secured Super-Priority Debtor-In-Possession Loan and Security Agreement dated June 25, 2014 between Defendants, as borrowers, and Plaintiff, as lender, and the $1,050,000 promissory note made by Defendants in favor of Plaintiff. All of the Defendants' obligations to Plaintiff are secured by the following, among other collateral: (a) A senior Mortgage from Daycom in favor of Plaintiff on the real property and improvements located at 303 W. Prospect, Jackson, Michigan 49203 dated June 25, 2014 and recorded with the Jackson County Register of Deeds on July 14, 2014 in Liber 2037, Page 0537; (b) A senior Mortgage from Ro-Lyn in favor of Plaintiff on the real property and improvements located at 4646 Page Avenue, Michigan Center, Michigan 49254 dated June 25, 2014 and recorded with the Jackson County Register of Deeds on July 14, 2014 in Liber 2037, Page 0538; (c) A properly perfected, super-priority purchase money security interest in the Debtors' inventory and proceeds of inventory sales, including accounts pursuant to the Inventory Financing Order, DIP Financing Order, and Loan Agreement; (d) Properly perfected, first-priority security interests in all other personal property of the Debtors pursuant to the Inventory Financing Order, DIP Financing Order, Loan Agreement, and Supply Agreement; and (e) A Collateral Assignment of Lessee Interest in Lease for the property leased by Defendant Welcome located at 826 W. Bellevue, Leslie, Michigan. On October 28, 2019, Judge Arthur J. Tarnow appointed Basil Simon as Receiver in this case. Mr. Simon is the Senior Shareholder and President of Simon, Stella & Zingas, P.C. On March 16, 2023, this Court entered a Consent Judgment in favor of Plaintiff against Defendants, Welcome Pharmacies, Inc.; Commet Welcome Pharmacies, Inc.; Daycom Investments, LLC; Ro-Lyn Investments, LLC; and Robert Paul Commet in the amount of $500,000. The judgment remains unsatisfied, and Plaintiff believes that Defendant Daycom Investments, LLC still maintains a liquor license. The Plaintiff would like to sell the liquor license to help satisfy its judgment. To that end, the Plaintiff requested that the Court reappoint Basil Simon to serve as a receiver in aid of executing its judgment against Defendants. On June 23, 2025, the Court Ordered that: (1) Basil Simon is reappointed as Receiver of Daycom Investments LLC's liquor license. The Receiver shall have the power and authority, immediately upon entry of this Order, to: (a) take all action reasonably necessary to facilitate the transfer of Daycom Investments, LLC's liquor license and ultimate sale to a third party; (b) employ or engage, at their normal hourly rates, salaries, or other compensation structure, consultants, administrative support, attorneys, brokers, clerks, or other employees or agents or contractors deemed reasonably necessary to facilitate the transfer and sale of the liquor license; (2) Receipts received from the sale of the liquor license by the Receiver SHALL be applied and disbursed by the Receiver in the following order of priority, with any surplus to be held pending further court order: (a) To payment and reimbursement of the Receiver and his Agents for all fees, costs, and expenses properly and reasonably incurred in connection with the sale of the liquor license; (b) To satisfaction of the consent judgment against Defendants. (3) After the sale of the Receivership assets, the Receiver must promptly file a final report and move for approval of final compensation. Unless otherwise ordered by the Court, the Receiver and his Agents must be compensated for their services consistent with the fee schedule from the prior appointment. Upon approval of the final report and motion, the Receiver will be discharged. Welcome Pharmacies, Inc. operates retail pharmacy stores located at 303 W. Prospect, Jackson, Michigan and 826 Belleview, Leslie, Michigan. Commet Welcome operates a retail pharmacy store located at the Michigan Center Property. The Plaintiff is represented by: D. Rodman Cooper, Esq. Benjamin Z. Heywood, Esq. MARSHALL & MELHORN, LLC Four Seagate, 8th Floor Toledo, OH 43604 Telephone: (419) 249-7100 Facsimile: (419) 249-7151 E-mail: rcooper@marshall-melhorn.com heywood@marshall-melhorn.com The Defendants are represented by: Christopher Jason Cardasis, Esq. WILLIAM ORLOW ASSOC. 24100 Woodward Avenue Pleasant Ridge, MI 48069 Telephone: (248) 584-2100 E-mail: bocecf@boclaw.com WHITE CAP: Moody's Rates New $200MM Senior Secured Term Loan 'B2' ----------------------------------------------------------------- Moody's Ratings assigned a B2 rating to White Cap Supply Holdings, LLC's (White Cap) proposed $200 million senior secured delayed-draw term loan maturing 2029. White Cap's B2 corporate family rating and B2-PD probability of default rating are not impacted by the proposed transaction. The B2 ratings on White Cap's senior secured revolving credit facility expiring in 2029 and senior secured first lien term loan maturing 2029 and the Caa1 rating on the company's senior unsecured notes are also not affected. The outlook remains unchanged at negative. Moody's expects the proposed delayed-draw term loan to have terms and conditions similar to White Cap's existing senior secured term loan. The terms loans and revolving credit facility rank pari passu to each other. Although by repaying loans outstanding under its revolving credit facility with a new term loan while maintaining revolver availability the company increases its potential financial leverage, which is a negative credit development, Moody's views the proposed delayed-draw term loan as a positive for liquidity because White Cap's external liquidity sources from revolver availability will be increased. A portion of the proceeds will be used to redeem borrowings used for both working capital and bolt-on acquisitions under the company's asset-based revolving credit facility due 2029 (unrated). As of May 05, 2025, pro forma revolver availability totaled about $1 billion, after considering no borrowings, some letters of credit issuances and the borrowing base formula. The balance of proceeds may be used to put cash on the balance sheet and to pay related fees and expenses. The change in higher interest expense from the transaction is not material relative to White Cap's cash interest payments approaching $400 million per year. RATINGS RATIONALE White Cap's credit profile is constrained by the company's high debt leverage and weak interest coverage because of softer operating conditions and past debt-financed returns of capital to shareholders and bolt-on acquisitions. Moody's forecasts debt/EBITDA remaining near 7x, which includes the proposed debt increase from the proposed delayed-draw term loan, and EBITDA/interest expense of around 2x over the next 12-18 months. White Cap operates in the competitive distribution sector, with some reliance on commodity-like products, which are easily available from other companies and making significant operating margin improvements difficult to achieve. Uncertainty remains regarding White Cap's future financial policy and commitment to deleveraging over the near term relative to growth through acquisitions and providing a future return of capital to its shareholders. These credit challenges are offset by White Cap's good operating performance, with EBITDA margin at around 11.5% for fiscal-year 2025 (ending January 2026). White Cap's meaningful scale as the largest rated distributor of concrete accessories and specialty construction products in North America favorably positions the company with suppliers in realizing discounted pricing and ensuring product availability to serve customer needs. End market dynamics support some modest long-term growth despite near-term volatility. White Cap will benefit from ongoing public funding for infrastructure projects from which the company derives about 25% of its revenue and exposure to favorable trend in non-residential mega-projects and data centers. All financial metrics cited reflect Moody's standard adjustments. The company's good liquidity is a credit strength, including Moody's anticipations for around $65 million of free cash flow in fiscal-year 2025. White Cap has no material debt maturities over the next three years. The negative outlook reflects Moody's expectations that leverage will remain above 6.5x adjusted debt/EBITDA over the next 12-18 months due to ongoing economic uncertainties, slowing of construction projects in North America and weak consumer confidence that is negatively impacting domestic residential construction. The B2 senior secured bank credit facility rating, which is the same as the B2 corporate family rating (CFR), results from its subordination to company's asset-based revolving credit facility but priority of payment relative to the company's senior unsecured notes. The bank credit facility consists of a revolving credit facility and term loans. The revolving credit facility and term loans are pari passu. All have a first lien on substantially all noncurrent assets and a second lien on assets securing the company's asset based revolving credit facility (ABL priority collateral). The Caa1 senior unsecured notes rating, which is two notches below the B2 CFR, results from their subordination to the company's considerable amount of secured debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Stabilization of the outlook could occur if end markets improve and become more supportive of organic revenue growth. White Cap executing its operating plan that results in better credit metrics and cash flow would also support stabilizing the outlook. A ratings upgrade is unlikely over the next 12-18 months on account of White Cap's high debt leverage. However, upwards rating movement over the long term could occur if end markets remain supportive of long-term organic growth such that debt/EBITDA nears 4.5x. Preservation of good liquidity and predictable financial policies regarding capital deployment would also support an upgrade. A ratings downgrade could occur if debt/EBITDA remains above 6.5x and EBITDA/interest stays around 2x. Negative ratings pressure may also develop if the company experiences deteriorating liquidity or adopts increasingly aggressive acquisition or shareholder-return initiatives. The principal methodology used in this rating was Distribution and Supply Chain Services published in December 2024 and available at https://ratings.moodys.com/rmc-documents/434125. Alternatively, please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology. White Cap, headquartered in Doraville, Georgia, is a North American industrial distributor of specialty construction products. Through their respective affiliates, Clayton, Dubilier & Rice (CD&R) owns on a pro forma basis about 77% (on a fully diluted basis) of White Cap and The Sterling Group owns around 10%, with the remainder owned by current management and retirees. Moody's projects White Cap's fiscal-year 2025 revenue of $6.5 billion. WING BOSS: Unsecureds Will Get 50% of Claims via Quarterly Payments ------------------------------------------------------------------- The Wing Boss, LLC filed with the U.S. Bankruptcy Court for the Southern District of Texas a First Disclosure Statement describing Plan of Reorganization dated June 15, 2025. The Debtor is a Limited Liability Company organized in Texas as a restaurant with two facilities located at 7820 Almeda Rd, Houston, Texas 77054 and 24110 Northwest Freeway, Cypress, Texas 77429. Anthony Jones is the owner/founder of Wing Boss. In late 2024, Debtor began opening its second Wing Boss location, in Cypress, Texas. The Debtor anticipated launching operations at the Cypress facility in May 2024, necessitating a significant build-out period to prepare the location for operations. However, the expansion encountered immediate operational challenges that would prove financially detrimental to the company as it was significantly hampered by permit-related issues that delayed the planned May 2024 opening. The combination of permit delays, premature lease obligations, inadequate revenue generation from the new location, burdensome factoring loan terms, and restricted access to operating funds due to the delivery company lien, created an untenable financial situation. These factors collectively led to the Debtor's inability to meet its financial obligations and necessitated the filing of this Chapter 11 case to reorganize its affairs and preserve the going concern value of the business. Since the filing of this case, the Debtor has generated income and paid post-petition expenses in the regular course of business. The Debtor's source of income continues to be revenue produced by the operations of its two restaurant locations. Class 6 consists of General Unsecured Claims (Small Claims). The Debtor proposes to pay Class 6 claimants' Fifty Percent of each allowed claim. These Class 6 (Small Claims) shall be paid in four quarterly installments of $1,899.54, beginning 60 days after confirmation of Debtor's Plan. The allowed unsecured claims total $14,932.34. Class 7 consists of General Unsecured Claims. The Debtor proposes to pay Class 7 claimants' Fifty Percent of each allowed claim. These Class 7 claims shall be paid in twenty quarterly installments of $4804.77, beginning 60 days after confirmation of Debtor's Plan. The allowed unsecured claims total $192,191.08. The Debtor plans to finance its repayment plan of reorganization through the ongoing operations of its two Restaurants. A full-text copy of the Disclosure Statement dated June 15, 2025 is available at https://urlcurt.com/u?l=TS83ej from PacerMonitor.com at no charge. Counsel to the Debtor: Aaron W. McCardell, Sr., Esq. The McCardell Law Firm, PLLC 440 Louisiana Street, Suite 1575 Houston, TX 77002 Telephone: (713) 236-8736 Facsimile: (713) 236-8990 Email: amccardell@mccardelllaw.com About The Wing Boss The Wing Boss, LLC is a registered Limited Liability Company organized in Texas that operates as a Restaurant and Food Service establishment. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-35350) on November 13, 2024, with up to $500,000 in assets and up to $1 million in liabilities. Anthony James, company owner, signed the petition. Judge Jeffrey P Norman presides over the case. Aaron W. McCardell, Sr., Esq., at The McCardell Law Firm, PLLC, represents the Debtor as counsel. WOLFSPEED INC: Case Summary & 30 Largest Unsecured Creditors ------------------------------------------------------------ Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Wolfspeed, Inc. (Lead Case) 25-90163 4600 Silicon Drive Durham NC 27703 Wolfspeed Texas, LLC 25-90162 Business Description: Wolfspeed, Inc. designs and manufactures wide-bandgap semiconductors, focusing on silicon carbide and gallium nitride materials for power and radio frequency applications. Its products serve electric vehicles, renewable energy, data centers, and industrial and military sectors. Established in 1987, the Company operates globally with manufacturing facilities in North Carolina, New York, and Arkansas. Chapter 11 Petition Date: June 30, 2025 Court: United States Bankruptcy Court Southern District of Texas Judge: Hon. Christopher M Lopez Debtors' Bankruptcy Counsel: Timothy A. ("Tad") Davidson II, Esq. Ashley L. Harper, Esq. Philip M. Guffy, Esq. HUNTON ANDREWS KURTH LLP 600 Travis Street, Suite 4200 Houston, TX 77002 Tel: (713) 220-4200 Email: taddavidson@HuntonAK.com ashleyharper@HuntonAK.com pguffy@HuntonAK.com - and - Ray C. Schrock, Esq. Alexander W. Welch, Esq. Keith A. Simon, Esq. Eric L. Einhorn, Esq. LATHAM & WATKINS LLP 1271 Avenue of the Americas New York, New York 10020 Tel: (212) 206-1200 Email: ray.schrock@lw.com alex.welch@lw.com keith.simon@lw.com eric.einhorn@lw.com Debtors' Financial Advisor: FTI CONSULTING, INC. Debtors' Tax Consultant: KPMG LLP Debtors' Investment Banker: PERELLA WEINBERG PARTNERS LP Debtors' Claims, Noticing & Solicitation Agent: EPIQ CORPORATE RESTRUCTURING LLC Total Assets as of March 30, 2025: $7,574,200,000 Total Debts as of March 30, 2025: $6,743,000,000 The petitions were signed by Daniel Hugo as deputy chief restructuring officer . Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/E5DE5VA/Wolfspeed_Inc__txsbke-25-90163__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/BA2VSPA/Wolfspeed_Texas_LLC__txsbke-25-90162__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Renesas Electronics Corporation Debt $2,068,000,000 For 6.000 Senior Unsecured Customer Refundable Deposit Due 2033 Toyosu Foresia, 3-2-24 Toyosu, Koto-Ku Tokyo, Japan Contact: Satoshi Noguchi Phone: 03-6773-3000 / +81 367733000 Email: satoshi.noguchi.uw@renesas.com 2. US Bank NA, As Trustee Debt $1,750,000,000 For 1.875 Senior Unsecured Convertible Notes Due 2029 214 N. Tryon Street, 27th Floor Charlotte, NC 28202 Contact: Ryan Riggleman Phone: 704-995-4705 Email: ryan.riggleman@usbank.com 3. US Bank NA , As Trustee Debt $750,000,000 For 0.250 Senior Unsecured Convertible Notes Due 2028 214 N. Tryon Street, 27th Floor Charlotte, NC 28202 Contact: Ryan Riggleman Phone: 704-995-4705 Email: ryan.riggleman@usbank.com 4. US Bank NA, As Trustee Debt $575,000,000 For 1.750 Senior Unsecured Convertible Notes Due 2026 214 N. Tryon Street, 27th Floor Charlotte, NC 28202 Contact: Ryan Riggleman Phone: 704-995-4705 Email: ryan.riggleman@usbank.com 5. Microsoft Corporation Trade Vendor $15,678,739 One Microsoft Way Redmond, WA 98052-6399 Contact: Scott Douglass Phone: 775-823-5600 Email: scott.douglass@microsoft.com 6. Trustees Of Purdue University Litigation $12,750,000 5646 Milton Street, Suite 430 Dallas, TX 75206 Contact: Michael Shore (The Shore Firm, As Counsel) Phone: 214-593-9110 Email: mshore@shorefirm.com 7. Mersen USA BN Corporation Trade Vendor $6,710,444 900 Harrison Street Bay City, MI 48708-8244 Contact: Matthieu Elriz Phone: 989-894-2911 Email: matthieu.elriz@mersen.com 8. The Whiting-Turner Trade Vendor $5,998,195 Contracting Company 8529 Six Forks Road Forum IV Suite Raleigh, NC 27615-4974 Contact: Sean Noonan Phone: 410-821-1100 Email: sean.noonan@whiting-turner.com 9. Dynamic Systems, Inc. Trade Vendor $5,178,646 3901 South Lamar Blvd. Austin, TX 78704-8718 Contact: Brett Randall Phone: 800-224-2724 Email: brandall@dsi.us 10. JR Automation Technologies LLC Trade Vendor $5,025,342 13365 Tyler Street Holland, MI 49424-9421 Contact: Shawn Smith Phone: 650-440-4805/678-497-1012 Email: shawnsmith@jrautomation.com 11. Washington Mills Electro Trade Vendor $4,800,000 Minerals C 1801 Buffalo Avenue PO Box 423 Niagara Falls, NY 14302-0423 Ontact: Alden Harris Phone: 864-397-9198 / Cell: 864-380-9271 Email: aharris@washingtonmills.com 12. Materion Advanced Materials Trade Vendor $3,364,802 2978 Main Street Buffalo, NY 14214-1004 Contact: Rich Oliveri Phone: 716-278-6600 Email: richard.oliveri@materion.com 13. Rovisys Building Trade Vendor $2,997,157 Technologies, LLC 480 Green Oaks Pkwy Holly Springs, NC 27540-7975 Contact: Jose Proano Phone: 716-446-2223 Email: jose.proano@rovisysbt.com 14. Axcelis Technology, Inc. Trade Vendor $2,813,729 108 Cherry Hill Drive Beverly, MA 01915-1066 Contact: Chris Tatnall Phone: 919-548-6447 Email: chris.tatnall@axcelis.com 15. Camtek Trade Vdndor $2,726,000 Hopewell Centre 183 999077 Hong Kong Contact: Guy Smith Phone: 978-787-8401 Email: guys@camtek.com 16. ASM America, Inc Trade Vendor $2,648,574 3440 E University Drive Phoenix, AZ 85034-7200 Contact: Ankush Kumar Phone: 510-624-9905 / 408-464-4282 Email: ankush.kumar@asm.com 17. Canon USA, Inc. Trade Vendor $2,372,633 One Canon Park Melville, NY 11747-3036 Contact: David Sheehan Phone: 480-859-8956 Email: dsheehan@cusa.canon.com 18. Yield Engineering Systems, Inc. Trade Vendor $2,304,534 3178 Laurelview Court Fremont, CA 94538-6535 Contact: Pierre Mitchell Phone: 631-330-5657 Email: pmitchell@yes.tech 19. Tokyo Electron Trade Vendor $2,239,694 2400 Grove Blvd Austin, TX 78741-6500 Contact: Mark Dougherty Phone: 925-373-8353 Email: mark.dougherty@us.tel.com 20. Aixtron Trade Vendor $2,161,212 1700 Wyatt Drive Suite 15 Santa Clara, CA 95054-1526 Contact: Dennis Dougherty Phone: 512-424-1279 Email: d.dougherty@aixtron.com 21. SGL Carbon Corporation Trade Vendor $2,134,914 900 Theresia Street St. Marys, PA 15857-1832 Contact: Peter Zimmer Phone: 669-228-3759 Email: peter.zimmer@sglcarbon.com 22. Infosys Limited Trade Vendor $2,093,872 Plot No. 44/97 A, 3rd Cross, Electr Bengaluru, 10 560100 Contact: Venkat Srinivasan Phone: 814-781-2611 Email: venkat_srinivasan@infosys.com 23. Ana Trading Corp USA Trade Vendor $1,976,494 3625 Del Amo Blvd Suite 300 M/S 20 Torrance, CA 90503-1693 Contact: Mark Nishimura Phone: 346-220-7331 Email: m.nishimura@anatu.net 24. Messer LLC Trade Vendor $1,934,501 200 Somerset Corporate Blvd Suite 7 Bridgewater Township, NJ 08807-2882 Contact: Tammy Hotte Phone: 310-698-8550 / (424) 352-9951 Email: tammy.hotte@messer-us.com 25. Starr Electric Company, Trade Vendor $1,537,959 Incorporate 6 Battleground Court Greensboro, NC 27408-0000 Contact: Stephen Hurysz Phone: 908-508-2467 Email: areid@starrelectric.net 26. D.H. Griffin Infrastructure LLC Trade Vendor $1,482,621 4716 Hilltop Road Greensboro 27407-5217 Contact: Kirsten Petrini Phone: 336-275-0241 / 919-819-4409 Email: kpetrini@dhgriffin.com 27. Fabsouth LLC Trade Vendor $1,368,177 114 E Warehouse Ct. Taylors, SC 29687-2756 Contact: Michael Russell Phone: 336-389-5439 Email: mrussell@scsteel.com 28. Suss Microtec Trade Vendor $1,261,633 2520 Palisades Drive Corona, CA 92882-0632 Contact: Gary Choquette Phone: 954-651-0954 Email: gary.choquette@suss.com 29. Milara Inc Trade Vendor $1,220,252 49 Maple Street Milford, MA 01757-3650 Contact: Raycho Spilkov Phone: 951-817-3700 Email: raycho.spilkov@milarasmt.com 30. Mckinsey & Company Professional $1,200,000 175 Greenwich Street Services New York, NY 10007-2439 Contact: Wade Toller Phone: 508-422-9555 Email: w_toller@mckinseyusd.com WOLFSPEED INC: Plan to Cut Debt by $4.6B; Unsecureds Unimpaired --------------------------------------------------------------- Wolfspeed, Inc. and Wolfspeed Texas, LLC, sought Chapter 11 protection to seek confirmation of their Joint Prepackaged Chapter 11 Plan of Reorganization The Debtors filed Chapter 11 cases to implement a comprehensive financial restructuring that will reduce the Company's funded debt (including accrued but unpaid interest) by approximately $4.6 billion, reduce run rate cash interest expense by approximately $240 million on an annual basis, and allow it to continue operating on a go-forward basis with a substantially healthier balance sheet and liquidity profile: Petition Date Capital Structure ($ in millions) Tranche Amount ------- ------ Senior Secured Notes $1,525 2026 Convertible Senior Notes 577 2028 Convertible Senior Notes 751 2029 Convertible Senior Notes $1,769 Renesas Unsecured CRD Agreement $2,127 --------- Total Funded Debt $6,749 Plan Effective Date Capital Structure ($ in millions) Tranche Amount ------- ------ Senior Secured Notes $1,286 New 2L Convertible Notes 331 New Renesas 2L Takeback Convertible Notes 204 New 2L Takeback Notes 296 --------- Total Funded Debt $2,118 Pursuant to a Restructuring Support Agreement dated as of June 22, 2025, the Debtors' restructuring is supported by holders of approximately (i) more than 97% of the aggregate outstanding principal amount under the Senior Secured Notes, (ii) more than 67% of the aggregate outstanding principal amount under the Convertible Notes, and (iii) 100% of the aggregate outstanding principal amount under the Renesas Customer Refundable Deposit Agreement. Under the Plan, holders of general unsecured claims are expected to be paid in full, and the Company's operations are expected to continue as usual and with minimal interruption during the Chapter 11 cases. Unsecureds Unimpaired, Some Recovery for Equity Holders The only classes entitled to vote under the Plan are: (i) Senior Secured Notes Claims, (ii) Convertible Notes Claims, and (iii) Renesas Claims. As set forth in greater detail in the Plan, the restructuring provides for the following treatment of claims and interests: -- Holders of an Allowed Other Secured Claim and an Allowed Other Priority Claim will be unimpaired under the Plan. -- Holders of an Allowed Senior Secured Notes Claim shall receive, in full and final satisfaction of such Claim in accordance with the Restructuring Transactions, their Pro Rata Share of (i) the New Senior Secured Notes; and (ii) the Effective Date Cash Payment. -- Holders of an Allowed Convertible Notes Claim shall receive, in full and final satisfaction of such Claim in accordance with the Restructuring Transactions, their Pro Rata Share of (i) the New 2L Convertible Notes Rights (subject to the Initial Backstop Parties' Premium and the Backstop Holdback Allocation); (ii) the New 2L Takeback Notes; and (iii) 56.3% of the New Common Stock (subject to dilution from, where applicable, the conversion of the New 2L Convertible Notes (including those issued on account of the Backstop Premium), the conversion of the New Renesas 2L Takeback Convertible Notes, the Incentive Plans, and the exercise of the Renesas Warrants). -- Renesas shall receive, in full and final satisfaction of Allowed Renesas Claims in accordance with the Restructuring Transactions, (i) the Base Consideration; (ii) if applicable, and without duplication with clause (i) above, the Base Consideration Proceeds; and (iii) if the Regulatory Trigger Deadline occurs prior to the receipt of the Regulatory Approvals, the Contingent Additional Consideration. -- Holders of an Allowed General Unsecured Claim will be unimpaired under the Plan. -- Holders of an Allowed Intercompany Claim and Allowed Intercompany Interest will be unimpaired and presumed to accept / impaired and deemed to reject the Plan. -- Holders of an Allowed 510(b) Claim will be unimpaired under the Plan. -- Holders of Existing Equity Interests shall receive, in full and final satisfaction of such Claim in accordance with the Restructuring Transactions, their Pro Rata Share of the Equity Recovery (subject to dilution from the conversion of the New 2L Convertible Notes (including those issued on account of the Backstop Premium), the conversion of the New Renesas 2L Takeback Convertible Notes, Incentive Plans, and the exercise of the Renesas Warrants); provided, that, if the Distribution Event occurs, the Equity Recovery shall be reduced from 5.0% to 3.0% of New Common Stock. Under the Plan, each Holder of Convertible Notes Claims will be provided the opportunity to participate in a rights offering in an aggregate principal amount equal to $301.125 million (the "Rights Offering"), the proceeds of which will be used to fund the Effective Date Cash Payment. After extensive arm's-length negotiations, the Ad Hoc 26s/28s/29s Noteholder Group (as defined below) agreed to backstop the Rights Offering in accordance with the terms of the Backstop Agreement. In addition, the Plan provides that collectively 15% of New Common Stock of the Reorganized Parent will be reserved for a Management Incentive Plan and Long Term Incentive Plan, subject to dilution from the conversion of the New Renesas 2L Takeback Convertible Notes and exercise of the Renesas Warrants, providing Wolfspeed with the means to retain and attract talented employees who are crucial to the Company's go-forward success. Pursuant to the milestones provided in the RSA, the Debtors aim to seek confirmation of the Plan within 75 days after the Petition Date, and exit Chapter 11 bankruptcy within 4 months from the Petition Date. About Wolfspeed Inc. Wolfspeed, Inc. (NYSE:WOLF) is an innovator of wide bandgap semiconductors, focused on silicon carbide materials and devices for power applications. Its product families include silicon carbide materials and power devices targeted for various applications such as electric vehicles, fast charging and renewable energy and storage. On June 30, 2025, Wolfspeed, Inc. and Wolfspeed Texas, LLC each filed petitions seeking relief under chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90163), with Judge Christopher M. Lopez presiding. The Debtors sought Chapter 11 protection after reaching a deal with lenders on a debt-for-equity plan that would reduce debt by $4.6 billion. 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. Epiq is the claims agent. 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. WOLFSPEED INC: Renesas, Owed $2-Bil., Backs Debt-for-Equity Plan ---------------------------------------------------------------- Renesas Electronics Corporation (TSE: 6723), a Japanese supplier of advanced semiconductor solutions, said its U.S. unit has entered into a Restructuring Support Agreement with Wolfspeed, Inc. (NYSE: WOLF) and its principal creditors. To implement the terms of the RSA, Wolfspeed has sought Chapter 11 bankruptcy protection to seek confirmation of a Plan that would cut Wolfspeed's total debt by $4.6 billion, and grant Renesas convertible notes and shares in the reorganized company in satisfaction of its more than $2 billion claim against the Debtor. Under the Plan, Holders of General Unsecured Claims are expected to be paid in full, and the Company's operations are expected to continue as usual and with minimal interruption during the Chapter 11 cases. To recall, in July 2023, Renesas entered into the silicon carbide wafer supply agreement with Wolfspeed, and through Renesas' wholly owned subsidiary in the United States, it provided a deposit of US$2 billion (approximately JPY292.0 billion) to Wolfspeed. In October 2024, Renesas and Wolfspeed amended their agreement and increased the outstanding principal amount of the Deposit to US$2.062 billion (approximately JPY301.1 billion). According to court filings, Wolfspeed is the borrower under an Unsecured Customer Refundable Deposit Agreement, dated July 5, 2023, between Wolfspeed and Renesas Electronics America Inc., as lender, pursuant to the which, Renesas made available to Wolfspeed unsecured term loans in an aggregate principal amount of $2 billion. As of the Petition Date, the principal amount plus accrued and unpaid interest under the Renesas loans is approximately $2.127 billion. To address an upcoming maturity of the 2026 convertible notes and deleverage its balance sheet, Wolfspeed in March began talks with Renesas and convertible bondholders. The Company pursued an out-of-court, public-markets style exchange transaction but the talks did not culminate in any transaction. In April, the Company began talks with the ad hoc senior secured group and other parties on proposals that provided for a comprehensive restructuring of the Company's balance sheet. In late April 2025, the Debtors received a transaction proposal from Renesas, but the Debtors determined that the proposal was not actionable. Following months of extensive, good faith, arm's-length negotiations, on June 22, 2025, Wolfspeed entered into the Restructuring Support Agreement with holders of the senior secured notes, holders of convertible notes, and Renesas. Pursuant to the RSA, Renesas agreed to, among other things, convert the Deposit of US$2.062 billion into convertible notes, common stock, and warrants issued by Wolfspeed as follows: (i) Wolfspeed convertible notes US$204 million (approximately JPY29.8 billion) in aggregate principal amount, convertible to Wolfspeed common stock, maturing in June 2031. These notes are convertible into 13.6% of Wolfspeed's total issued shares on a non-diluted basis at the time of the completion of the Restructuring. On a fully diluted basis, and prior to the exercise of the warrants to be granted to Renesas, this corresponds to 11.8%. (ii) Wolfspeed common stock Equivalent to 38.7% (17.9% on a fully diluted basis, prior to Renesas warrants exercise) of the total number of issued shares of Wolfspeed at the completion of the Restructuring. (iii) Wolfspeed warrants Equivalent to 5% (on a fully diluted basis) of the total number of issued shares of Wolfspeed at the completion of the Restructuring. In connection with the signing of the RSA, Renesas said in a June 23 statement that it expects to record a loss on the deposited receivables related to the Deposit in its consolidated financial statements. Renesas believes that there is a possibility of recording a loss of approximately JPY250 billion in the consolidated financial statements for the six months ending June 30, 2025. Counsel to Renesas: Steven N. Serajeddini, P.C. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, NY 10022 Telephone: (212) 446-4800 E-mail: steven.serajeddini@kirkland.com Yusuf Salloum Claire Stephens KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 333 West Wolf Point Plaza Chicago, IL 60654 Telephone: (312) 862-2000 E-mail: yusuf.salloum@kirkland.com claire.stephens@kirkland.com - and – Charles A. Beckham, Jr. David Trausch Re'Necia Sherald HAYNES AND BOONE, LLP 1221 McKinney Street, Suite 4000 Houston, TX 77010 Telephone: (713) 547-2000 E-mail: charles.beckham@haynesboone.com david.trausch@haynesboone.com renecia.sherald@haynesboone.com About Renesas Electronics Corporation Renesas Electronics Corporation (TSE: 6723) is a Japanese semiconductor manufacturer headquartered in Tokyo. The Company has a diverse team of over 21,000 professionals in more than 30 countries, and aims to develop sustainable, power-efficient solutions 'To Make Our Lives Easier.' On the Web: http://renesas.com/ About Wolfspeed Inc. Wolfspeed, Inc. (NYSE:WOLF) is an innovator of wide bandgap semiconductors, focused on silicon carbide materials and devices for power applications. Its product families include silicon carbide materials and power devices targeted for various applications such as electric vehicles, fast charging and renewable energy and storage. On June 30, 2025, Wolfspeed, Inc. and Wolfspeed Texas, LLC each filed petitions seeking relief under chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90163), with Judge Christopher M. Lopez presiding. The Debtors sought Chapter 11 protection after reaching a deal with lenders on a debt-for-equity plan that would reduce debt by $4.6 billion. 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. Epiq is the claims agent. 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. WORLDWIDE INSURANCE: Cliffwater CLFX Marks $1.9MM Loan at 57% Off ----------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $1,990,837 loan extended to Worldwide Insurance Network, LLC to market at $851,864 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 Loan to Worldwide Insurance Network, LLC. The loan accrues interest at a rate of 9.32% per annum. The loan matures on May 28, 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 Worldwide Insurance Network, LLC Worldwide Insurance Network, LLC offers personal, commercial, life, and health insurance services. [] ABI to Hold Mid-Atlantic Bankruptcy Workshop on Aug. 18-20 ------------------------------------------------------------- Bankruptcy judges and leading practitioners from the Third and Fourth U.S. Judicial Circuits will head the faculty for ABI's 2025 Mid-Atlantic Bankruptcy Workshop, being held Aug. 18-20 at the Hershey Lodge in Hershey, Pa. More than 200 attendees are expected to take part in the event, which brings together the region's top insolvency professionals for three days of current developments and networking. There are 7.75 hours of general CLE credit pending in states calculating CLE on a 60-minute hour, and 9.3 hours of general CLE credit are pending in 50-minute-hour states. Program co-chairs for the Mid-Atlantic Bankruptcy Workshop are Edward T. Gavin of Gavin/Solmonese LLC (Wilmington, Del.) and Amanda R. Steele of Richards, Layton & Finger, P.A. (Wilmington, Del.). The judicial co-chairs for the workshop are Bankruptcy Judges Maria Ellena Chavez-Ruark (D. Md.; Greenbelt) and Thomas M. Horan (D. Del.; Wilmington). Topics to be discussed at the Mid-Atlantic Bankruptcy Workshop include: Economic Impact of Current Trends in Policies and Politics Preferences: What's New? Plan Confirmation Issues and Challenges Litigation Issues: Discovery in Contested Matters My Plan Is Confirmed – Now What? Chapter 15 Issues Post-Purdue Pharma The Head-On Collision of 23andMe and Data Privacy The Use (and Misuse) of Expert Witnesses Restaurant and Franchise Issues in Chapter 11 Ethics: Retention Issues For more information about ABI's 2025 Mid-Atlantic Bankruptcy Workshop, visit https://www.abi.org/hybrid/conference/ma25/page ABI -- http://www.abiworld.org/-- is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes nearly 10,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. 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Case No. 25-16723 Chapter 11 Petition filed June 25, 2025 See https://www.pacermonitor.com/view/ZNQNEBI/BGI_Collingswood_Inc__njbke-25-16723__0001.0.pdf?mcid=tGE4TAMA represented by: Daniel Reinganum, Esq. LAW OFFICES OF DANIEL REINGANUM E-mail: daniel@reinganumlaw.com In re 556 Hart Street LLC Bankr. E.D.N.Y. Case No. 25-42984 Chapter 11 Petition filed June 25, 2025 See https://www.pacermonitor.com/view/TDMQ67A/556_Hart_Street_LLC__nyebke-25-42984__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Bryce Edward Adkins Bankr. M.D. Tenn. Case No. 25-02627 Chapter 11 Petition filed June 25, 2025 represented by: Henry Hildebrand, Esq. DUNHAM HILDEBRAND PAYNE WALDRON, PLLC In re Power City Technologies, LLC Bankr. S.D. Tex. Case No. 25-80281 Chapter 11 Petition filed June 25, 2025 See https://www.pacermonitor.com/view/4R7JDMA/Power_City_Technologies_LLC__txsbke-25-80281__0001.0.pdf?mcid=tGE4TAMA represented by: Gabe Perez, Esq. ZENDEH DEL & ASSOCIATES, PLLC E-mail: gabe@zendehdel.com In re Gloria Benevidez Bankr. D. Ariz. Case No. 25-05841 Chapter 11 Petition filed June 26, 2025 In re Jose A Barragan Bankr. C.D. Cal. Case No. 25-14281 Chapter 11 Petition filed June 26, 2025 represented by: Summer Shaw, Esq. In re John Joseph Paladin Bankr. C.D. Cal. Case No. 25-15400 Chapter 11 Petition filed June 26, 2025 represented by: Giovanni Orantes, Esq. In re Wayne F. Yakes Bankr. D. Colo. Case No. 25-13937 Chapter 11 Petition filed June 26, 2025 represented by: Jenny Fujii, Esq. KUTNER BRINEN DICKEY RILEY, P.C. E-mail: JMF@KutnerLaw.com In re PI Ishan LLC Bankr. M.D. Fla. Case No. 25-01199 Chapter 11 Petition filed June 26, 2025 See https://www.pacermonitor.com/view/JY6PMYQ/PI_ISHAN_LLC__flmbke-25-01199__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re PI Garuda LLC Bankr. M.D. Fla. Case No. 25-01198 Chapter 11 Petition filed June 26, 2025 See https://www.pacermonitor.com/view/HQCJ5WY/PI_GARUDA_LLC__flmbke-25-01198__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Endless Possibilities Therapy and Learning, LLC Bankr. M.D. Fla. Case No. 25-03966 Chapter 11 Petition filed June 26, 2025 See https://www.pacermonitor.com/view/SC2BASA/Endless_Possibilities_Therapy__flmbke-25-03966__0001.0.pdf?mcid=tGE4TAMA represented by: Daniel A. Velasquez, Esq. LATHAM LUNA EDEN & BEAUDINE LLP E-mail: dvelasquez@lathamluna.com In re PI Estates LLC Bankr. M.D. Fla. Case No. 25-01197 Chapter 11 Petition filed June 26, 2025 See https://www.pacermonitor.com/view/TOBZCWY/PI_ESTATES_LLC__flmbke-25-01197__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Triple L Transport, LLC Bankr. S.D. Ind. Case No. 25-03729 Chapter 11 Petition filed June 26, 2025 See https://www.pacermonitor.com/view/IMNXCOQ/Triple_L_Transport_LLC__insbke-25-03729__0001.0.pdf?mcid=tGE4TAMA represented by: KC Cohen, Esq. KC COHEN, LAWYER, PC E-mail: kc@esoft-legal.com In re Redhawk Land & Hospitality, LLC Bankr. E.D. Mo. Case No. 25-42427 Chapter 11 Petition filed June 26, 2025 See https://www.pacermonitor.com/view/DJUSAEA/Redhawk_Land__Hospitality_LLC__moebke-25-42427__0001.0.pdf?mcid=tGE4TAMA represented by: Christopher S. Swiecicki, Esq. SWIECICKI & MUSKETT, LLC E-mail: chris@swiecickilaw.com In re Mark Goris Bankr. E.D.N.Y. Case No. 25-43000 Chapter 11 Petition filed June 26, 2025 represented by: Marc Pergament, Esq. In re Jobie D. Wright Bankr. W.D. Pa. Case No. 25-21671 Chapter 11 Petition filed June 26, 2025 represented by: David Valencik, Esq. In re Healthstar Family Rehab Center, LLC Bankr. W.D. Tex. Case No. 25-30803 Chapter 11 Petition filed June 26, 2025 See https://www.pacermonitor.com/view/LWSVJJY/HEALTHSTAR_FAMILY_REHAB_CENTER__txwbke-25-30803__0001.0.pdf?mcid=tGE4TAMA represented by: Robert C Lane, Esq. THE LANE LAW FIRM E-mail: notifications@lanelaw.com In re Achievers Dynamic Systems International LLC Bankr. D. Ariz. Case No. 25-05941 Chapter 11 Petition filed June 27, 2025 See https://www.pacermonitor.com/view/HRS3WCQ/ACHIEVERS_DYNAMIC_SYSTEMS_INTERNATIONAL__azbke-25-05941__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Ryan Omowale Deane Bankr. M.D. Fla. Case No. 25-02159 Chapter 11 Petition filed June 27, 2025 In re MK Ultra Investments, LLC Bankr. M.D. Fla. Case No. 25-04368 Chapter 11 Petition filed June 27, 2025 See https://www.pacermonitor.com/view/TQGSANQ/MK_Ultra_Investments_LLC__flmbke-25-04368__0001.0.pdf?mcid=tGE4TAMA represented by: Daniel Etlinger, Esq. UNDERWOOD MURRAY, P.A. E-mail: detlinger@underwoodmurray.com In re BMI Smart Parking Lots LLC Bankr. M.D. Fla. Case No. 25-04004 Chapter 11 Petition filed June 27, 2025 See https://www.pacermonitor.com/view/SYEA2NA/BMI_Smart_Parking_Lots_LLC__flmbke-25-04004__0001.0.pdf?mcid=tGE4TAMA represented by: Daniel A. Velasquez, Esq. LATHAM LUNA EDEN & BEAUDINE LLP E-mail: dvelasquez@lathamluna.com In re Ryan Omowale Deane Bankr. M.D. Fla. Case No. 25-02159 Chapter 11 Petition filed June 27, 2025 In re Debbie Denise Granger Bankr. N.D. Ga. Case No. 25-57174 Chapter 11 Petition filed June 27, 2025 represented by: William A. Rountree, Esq. In re Elma Transport, Inc. Bankr. N.D. Ill. Case No. 25-09866 Chapter 11 Petition filed June 27, 2025 See https://www.pacermonitor.com/view/4HHNV2Y/Elma_Transport_Inc__ilnbke-25-09866__0001.0.pdf?mcid=tGE4TAMA represented by: Saulius Modestas, Esq. MODESTAS LAW OFFICES, P.C. E-mail: smodestas@modestaslaw.com In re Jonathan Haile Cagle Bankr. W.D. La. Case No. 25-50565 Chapter 11 Petition filed June 27, 2025 represented by: Thomas St. Germain, Esq. WEINSTEIN & ST. GERMAIN, LLC In re Mikhail Fukshansky Bankr. E.D.N.Y. Case No. 25-43101 Chapter 11 Petition filed June 27, 2025 represented by: Alla Kachan, Esq. In re Antonio Nulud (Investor's Genie LLC) Bankr. E.D.N.Y. Case No. 25-43103 Chapter 11 Petition filed June 27, 2025 See https://www.pacermonitor.com/view/RJBUVNY/Antonio_Nulud_Investors_Genie__nyebke-25-43103__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Mikhail Fukshansky Bankr. E.D.N.Y. Case No. 25-43101 Chapter 11 Petition filed June 27, 2025 represented by: Alla Kachan, Esq. In re Altar PDX LLC Bankr. D. Ore. Case No. 25-32203 Chapter 11 Petition filed June 27, 2025 See https://www.pacermonitor.com/view/IWEQFHA/Altar_PDX_LLC__orbke-25-32203__0001.0.pdf?mcid=tGE4TAMA represented by: Nicholas J. Henderson, Esq. ELEVATE LAW GROUP E-mail: Nick@elevatelawpdx.com In re Mid South Mattress Co. Bankr. E.D. Tenn. Case No. 25-11620 Chapter 11 Petition filed June 27, 2025 See https://www.pacermonitor.com/view/HHV5ETA/Mid_South_Mattress_Co__tnebke-25-11620__0001.0.pdf?mcid=tGE4TAMA represented by: Roy Michael Roman, Esq. RMR LEGAL PLLC E-mail: Roymichael@rmrlegal.com In re DNR Real Estate, LLC Bankr. E.D. Va. Case No. 25-11304 Chapter 11 Petition filed June 27, 2025 See https://www.pacermonitor.com/view/N2LNDNY/DNR_Real_Estate_LLC__vaebke-25-11304__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Binford Farms, LLC Bankr. N.D. Ala. Case No. 25-81317 Chapter 11 Petition filed June 30, 2025 See https://www.pacermonitor.com/view/GDKHPGQ/Binford_Farms_LLC__alnbke-25-81317__0001.0.pdf?mcid=tGE4TAMA represented by: Stuart Maples, Esq. THOMPSON BURTON PLLC E-mail: smaples@thompsonburton.com In re Blossom Logan Bankr. N.D. Ga. Case No. 25-57287 Chapter 11 Petition filed June 30, 2025 In re Principle Equity Group, LLC Bankr. N.D. Ga. Case No. 25-57322 Chapter 11 Petition filed June 30, 2025 See https://www.pacermonitor.com/view/LQXZK6Y/Principle_Equity_Group_LLC__ganbke-25-57322__0001.0.pdf?mcid=tGE4TAMA represented by: Paul Reece Marr, Esq. PAUL REECE MARR, P.C. E-mail: paul.marr@marrlegal.com In re Covenant Pathology Associates, P.C. Bankr. E.D. Mich. Case No. 25-20884 Chapter 11 Petition filed June 30, 2025 See https://www.pacermonitor.com/view/2ITO6TI/Covenant_Pathology_Associates__miebke-25-20884__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Newbury Palace Pizza, LLC Bankr. D.N.J. Case No. 25-10453 Chapter 11 Petition filed June 30, 2025 See https://www.pacermonitor.com/view/MBCWATI/Newbury_Palace_Pizza_LLC__nhbke-25-10453__0001.0.pdf?mcid=tGE4TAMA represented by: Eleanor Wm. Dahar, Esq. VICTOR W. DAHAR PROFESSIONAL ASSOCIATION E-mail: vdaharpa@att.net In re WN Restaurant Group, LLC Bankr. D.N.J. Case No. 25-16848 Chapter 11 Petition filed June 30, 2025 See https://www.pacermonitor.com/view/RZXWWXY/WN_Restaurant_Group_LLC__njbke-25-16848__0001.0.pdf?mcid=tGE4TAMA represented by: Lawrence Luttrell, Esq. LAW OFFICE OF LAWRENCE W. LUTTRELL, P.C. E-mail: larry@lwlpc.com In re JHRG Manufacturing LLC Bankr. E.D.N.C. Case No. 25-02484 Chapter 11 Petition filed June 30, 2025 See https://www.pacermonitor.com/view/FEOBWEA/JHRG_Manufacturing_LLC__ncebke-25-02484__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re MMNTAG,LLC Bankr. N.D. Tex. Case No. 25-42360 Chapter 11 Petition filed June 30, 2025 See https://www.pacermonitor.com/view/MW5DZHQ/MMNTAGLLC__txnbke-25-42360__0001.0.pdf?mcid=tGE4TAMA represented by: Robert T DeMarco, Esq. DEMARCO MITCHELL, PLLC E-mail: robert@demarcomitchell.com In re True Foundations Non Denominational Church Bankr. N.D. Tex. Case No. 25-32429 Chapter 11 Petition filed June 30, 2025 See https://www.pacermonitor.com/view/YVNEQYI/True_Foundations_Non_Denominational__txnbke-25-32429__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Crenshaw and Associates, LLC Bankr. N.D. Tex. Case No. 25-42398 Chapter 11 Petition filed June 30, 2025 See https://www.pacermonitor.com/view/XJOU4JY/Crenshaw_and_Associates_LLC__txnbke-25-42398__0001.0.pdf?mcid=tGE4TAMA represented by: T. Christopher Lewis, Esq. LAW OFFICE OF T. CHRISTOPHER LEWIS E-mail: tcl@yourjusticematters.com In re Beames Enterprises, LLC Bankr. W.D. Wash. Case No. 25-11808 Chapter 11 Petition filed June 30, 2025 See https://www.pacermonitor.com/view/TA4GJVQ/Beames_Enterprises_LLC__wawbke-25-11808__0001.0.pdf?mcid=tGE4TAMA represented by: Thomas D. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. E-mail: courtmail@expresslaw.com ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. 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