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250704.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, July 4, 2025, Vol. 29, No. 184 Headlines 1 SANDPIPER: Seeks Approval to Hire John T. Bass as Consultant 100 PERCENT: Seeks to Tap GCK Accounting as Accountant 154 HIGHLAND: Seeks to Hire Penachio Malara as Counsel 1575 GALENA: Seeks to Tap Allen Vellone Wolf as Bankruptcy Counsel 1808 FRANKFORD: Seeks Chapter 11 Bankruptcy in Pennsylvania 23ANDME HOLDING: ABeeC 2.0 and Affiliates Report 22% Stake 23ANDME HOLDING: California Fights Genetic Data Sale in Ch. 11 Case 3002 NASA ROAD: Seeks Chapter 11 Bankruptcy in Texas 31FO LLC: Seeks to Hire Davidoff Hutcher & Citron as Legal Counsel 3310 HARRISON RD: Seeks Chapter 11 Bankruptcy in Georgia 404 CONCRETE: Seeks Chapter 11 Bankruptcy in Georgia 5801 PATTON STREET: Voluntary Chapter 11 Case Summary 7Q59 AMHERST: Available Cash and Ongoing Operations to Fund Plan A.I. BUILDERS: Seeks to Hire Bradford Law Offices as Counsel ADVANCED TRENCHLESS: Case Summary & 20 Largest Unsecured Creditors ADVANCED URGENT: Gets OK to Use Cash Collateral Until July 31 AHR INTERMEDIATE: Cliffwater Corporate Marks $14.4M Loan at 30% Off ALBERT WHITMAN: Seeks to Hire William J. Factor as Legal Counsel ALCAMI CORP: Cliffwater Corporate Marks $3MM Loan at 93% Off ALIGNED MEDICAL: Court Extends Cash Collateral Access to July 31 ALL DAY: S&P Upgrades ICR to 'B' on Refinancing, Outlook Stable AMATA LLC: Court Extends Cash Collateral Access to Aug. 31 AMERICAN FAMILY: Cliffwater CLFX Marks $795,000 Loan at 93% Off AMERICAN FORKLIFT: Gets Extension to Access Cash Collateral AMERICAN MARICULTURE: Seeks to Sell Commercial Food Trailer ANCHOR CONSTRUCTION: Kathleen DiSanto Named Subchapter V Trustee ANCHOR FUNDING: Seeks to Hire Alexis Fuentes-Hernandez as Counsel APPLIED DNA: President Judith Murrah Succeeds Hayward as CEO, Chair ARROW MANAGEMENT: Cliffwater Corporate Marks $20MM Loan at 52% Off ARTIFICIAL INTELLIGENCE: Inks $30M Equity Deal With AIV Investments ARTIFICIAL INTELLIGENCE: Restructures $4.5M Debt, Eyes FYQ2 Profit ARTIFICIAL INTELLIGENCE: Terminates GHS Equity Agreements ASP GLOBAL: Cliffwater Corporate Marks $1.7MM Loan at 39% Off ASP GLOBAL: Cliffwater Corporate Marks $4.9MM Loan at 29% Off AT HOME GROUP: Hires Hilco Real Estate as Real Estate Consultant AT HOME GROUP: Seeks to Hire PJT Partners as Investment Banker AT HOME GROUP: Seeks to Tap Ernst & Young as Tax Advisory Provider AVON PRODUCTS: Insurers Slam Chapter 11 Plan for Talc Injury Claims AZEK GROUP: S&P Withdraws 'BB-' Issuer Credit Rating BAMBOO US: Cliffwater Corporate Marks $2.3MM Loan at 83% Off BAUSCH RECEIVABLES: Cliffwater Corporate Marks $12M Loan at 50% Off BECKER INC: Court Extends Cash Collateral Access to Aug. 8 BEELINE HOLDINGS: CEO Liuzza Increases Series G Investment to $4M BIO GYMNASTICS: Court Extends Cash Collateral Access to July 25 BISHOP OF FRESNO: Case Summary & 20 Largest Unsecured Creditors BISHOP OF FRESNO: Diocese Files for Chapter 11 Amidst Abuse Claims BISHOP OF SAN DIEGO: Arias Sanguinetti Represents Abuse Claimants BISHOP OF SAN DIEGO: KBA Attorneys Represent Sexual Abuse Claimants BISHOP OF SAN DIEGO: Nye Stirling Represents Sexual Abuse Claimants BISHOP OF SAN DIEGO: Slater Slater Advises Sexual Abuse Claimants BISHOP OF SAN DIEGO: Zalkin Law Represents Sexual Abuse Claimants BLUE CLOUD: Cliffwater Corporate Marks $6.2MM Loan at 33% Off BOSTON BOATWORKS: Unsecureds Will Get 2.75% in Liquidating Plan BOY SCOUTS: Distributes About $164MM to Sex Abuse Claimants BRADBURY DEODAR: Seeks to Hire Michael Jay Berger as Legal Counsel BRIDGE CONSUMER: Cliffwater Corporate Marks $3.3MM Loan at 21% Off BROADWAY REALTY: Court Denies Bid to Use Cash Collateral BROWNIE'S MARINE: Cuts Net Loss to $254K in 2024 BROWNIE'S MARINE: Extends $430K Notes Held by Director to November BURGUNDIAN LLC: Seeks to Tap Madoff & Khoury as Bankruptcy Counsel CAPSTONE GREEN: Sets August 12 for 2025 Annual Meeting CARNICERIA LOS AMIGOS: Hires Darby Law Practice Ltd as Counsel CASCADE PURCHASER: Cliffwater Corporate Marks $1.2M Loan at 65% Off CDL PARENT: Cliffwater Corporate Marks $251,000 Loan at 69% Off CHARLES MONEY: Gets Interim OK to Use Cash Collateral CHARTER SCHOOL: Gets Court Interim OK for $5MM Chapter 11 Financing CK BUILDERS: Seeks Subchapter V Bankruptcy in Texas CODING SOLUTIONS: Cliffwater Corporate Marks $12.2M Loan at 47% Off COLLECTIVE SPEAKERS: Claims to be Paid from Business Revenue CONCORDE METRO: Seeks to Hire Christiansen Commercial as Realtor CONTRACT MANAGED: Michael Wheatley Named Subchapter V Trustee CORA HEALTH: Cliffwater Corporate Marks $769,000 Loan at 46% Off CORVIAS CAMPUS: To Confront Venue Dispute in Chapter 11 Case COVENANT PATHOLOGY: Seeks Chapter 11 Bankruptcy in Michigan CREDIVALORES-CREDISERVICIOS: Court OKs Ch. 11 Conversion to Ch. 7 CRENSHAW & ASSOCIATES: Section 341(a) Meeting of Creditors on Aug.1 CROUSE HEALTH: Fitch Lowers LongTerm IDR to B+, On Watch Negative CURIA GLOBAL: Cliffwater Corporate Marks $10.8MM Loan at 51% Off CVP HOLDCO: Cliffwater Corporate Virtually Writes Off $5.8M Loan DEL MONTE: Case Summary & 30 Largest Unsecured Creditors DEL MONTE: S&P Downgrades ICR to 'D' on Bankruptcy Filing DELEK LOGISTICS: Fitch Lowers IDR to 'B+', Outlook Stable DENTIVE CAPITAL: Cliffwater Corporate Marks $5.7MM Loan at 46% Off DESAI HOLDINGS: Seeks Chapter 11 Bankruptcy in California DIAMOND RENOVATIONS: Seeks Chapter 11 Bankruptcy in Texas DIOCESE OF SYRACUSE: Ch. 11 Plan Paused Pending Insurance Deal Okay DOCS MSO: Cliffwater Corporate Marks $1.6MM Loan at 82% Off DOMAN BUILDING: Moody's Cuts CFR to 'B1', Outlook Remains Negative ELITE SURGERY: Unsecureds Will Get 2.5% of Claims over 3 Years ENT MSO: Cliffwater Corporate Marks $4.7MM Loan at 26% Off ERC TOPCO: Cliffwater Corporate Marks $1.2MM Loan at 33% Off ERESEARCHTECHNOLOGY INC: Cliffwater Virtually Writes Off $2.1M Loan FC COMPASSUS: Cliffwater Corporate Marks $2.3MM Loan at 90% Off FH DMI: Cliffwater Corporate Marks $3MM Loan at 83% Off FINLEY DESIGN: Ellis & Winters Represents Creditor Landlords FIREFLY NEUROSCIENCE: Secures $1.2 Million Through Unit Offering FIRSTBASE.IO INC: Creditor, US Trustee Slam $1.2MM Chapter 11 Fees FRONTIERSMEN INC: Taps Real Estate Shoppe LLC as Broker FTX TRADING: Asks Claims Process Okay for Nations With Crypto Bans FUTURE FINTECH: Peng Lei Resigns as Chief Operating Officer FYI OPTICAL: Cliffwater Corporate Marks $36.7MM Loan at 31% Off FYZICAL BUYER: Cliffwater Corporate Marks $354,000 Loan at 48% Off GAMESTOP CORP: Closes $2.25B Convertible Senior Notes Due 2032 GENUINE FINANCIAL: S&P Alters Outlook to Negative, Affirms 'B' ICR GIANT WASH: Seeks Subchapter V Bankruptcy in Iowa GILL RANCH: To Sell Mitigation Assets to Ecosystems Investment GILL RANCH: To Sell Vineyard Business to PCCP Acquisitions GIRARDI & KEESE: Tom Seeks to Remain Free During Fraud Appeal GREENE FAMILY: Seeks to Hire William G. Haeberle as Accountant H2 HOLDCO: Cliffwater Corporate Marks $2.4MM Loan at 38% Off HAH GROUP: Moody's Cuts CFR to 'B3', Outlook Remains Stable HELIUM ACQUIRER: Cliffwater Corporate Marks $1.6MM Loan at 70% Off HERITAGE PORTRAITS: Linda Gore Named Subchapter V Trustee HIDDEN PATH: Seeks Subchapter V Bankruptcy in Texas HILTS LOGGING: Unsecureds to Get 5 Cents on Dollar in Plan HPS HEALTH: Cliffwater Corporate Marks $262,000 Loan at 78% Off HT INTERMEDIARY: Cliffwater CLFX Virtually Writes Off $1.4M Loan HYPERSCALE DATA: Executive Chairman to Resign After ACG Divestiture ICORECONNECT INC: Gets Interim OK to Use Cash Collateral IVYREHAB INTERMEDIATE: Cliffwater CLFX Marks $15MM Loan at 58% Off J2KE INC: Scott Seidel Named Subchapter V Trustee JERK PIT: Seeks Approval to Hire Milbank LLP as Attorney JKC PARENT: Cliffwater Corporate Marks $1MM Loan at 84% Off JLIFE SCIENCE: Cliffwater Corporate Marks $25.6MM Loan at 17% Off JMSLP INC: Kathleen DiSanto Named Subchapter V Trustee JND TROPICS: Taps At The Table Accounting Services as Bookkeeper LA SALLE UNIVERSITY: S&P Affirms 'BB-' Rating on 2012 Bonds LAWRENCE KATZ: Bankruptcy Firm Heads to Chapter 7 LEISURE INVESTMENTS: Plans to Sell Aquatic Mammals to Cut Costs LOCAL EATERIES: Creditors to Get Proceeds From Liquidation LONESTAR FIBERGLASS: Unsecureds Will Get 5% of Claims over 6 Years MAGIC CAR: Seeks to Hire Anyama Law Firm as Bankruptcy Counsel MAJAB DEVELOPMENT: Gets OK to Tap Morgenstern Phifer as Accountant MAJESTIC MOTORS: Seeks to Tap Rosenberg & Weinberg as Counsel MARVEL LIGHTING: Hires Hester Baker Krebs as Bankruptcy Counsel MB2 DENTAL: Cliffwater Corporate Marks $2.8MM Loan at 88% Off MB2 DENTAL: Cliffwater Corporate Marks $34.2MM Loan at 60% Off MB2 DENTAL: Cliffwater Corporate Marks $4.1MM Loan at 38% Off MB2 DENTAL: Cliffwater Corporate Marks $836,000 Loan at 30% Off MEADOWBROOK SERVICES: Unsecureds Will Get 42% over 5 Years MEME APPAREL: Nathaniel Wasserstein Named Subchapter V Trustee MERIT STREET: Cuts Majority of Staff, Ceases Operations MILAN SAI: Seeks to Hire Marcus & Millichap as Real Estate Broker MIST HOLDING: Cliffwater Corporate Marks $1.4MM Loan at 76% Off MP OCTOPUS: Unsecureds to Split $400K via Quarterly Payments MYRTLE BURGER: Seeks Approval to Hire Estelle Miller as Accountant NELROY DRUGS: Hires Richard S. Feinsilver as Bankruptcy Counsel NEW HOME: S&P Upgrades ICR to 'B+' on Acquisition of Landsea Homes NORTH JERSEY: Seeks Court Approval to Tap Vylla Home as Realtor NORTH WHITEVILLE: Seeks to Hire Felden & Felden as Legal Counsel OFFICE PROPERTIES: All Proposals Passed at Annual Meeting OFFICE PROPERTIES: Elects Timothy Pohl as Independent Trustee ORACLES CAPITAL: Hires Gellert Seitz Busenkell & Brown as Counsel PAGE AVE: Seeks to Hire Davidoff Hutcher & Citron as Legal Counsel PALWAUKEE HOSPITALITY: Cash Collateral Access Extended to Aug. 27 PARAMOUNT INTERMODEL: Hires Hill Farrer & Burill as Estate Counsel PARKERVISION INC: Adds 15M Shares to 2019 Equity Incentive Plan PEGRUM CREEK: Seeks to Hire Capstone Realty as Real Estate Broker PISHPOSH INC: U.S. Trustee Unable to Appoint Committee POWIN LLC: Gets Interim OK for $27.5MM DIP Loan From FlexGen PRECIPIO INC: Stockholders Elect Directors, Ratify CBIZ Appointment PRINCIPLE EQUITY: Seeks Chapter 11 Bankruptcy in Georgia PROFESSIONAL MAIL: Seeks to Hire Bradford Law Offices as Counsel Q TECHNOLOGY: Hires Real Brokerage Technologies as Broker RADIX HAWK: Gets OK to Hire Kelley Kaplan & Eller as Legal Counsel RAFTER H FARM: Frances Smith Named Subchapter V Trustee RAPTOR AUTO: To Sell Volvo Truck to Usarovs Transportation for $80K RECESS HOLDCO: Fitch Alters Outlook on 'BB-' LongTerm IDR to Stable RELIABLE SECURITY: Seeks to Hire Jones & Walden as Legal Counsel ROCK HOME: Seeks to Tap Dunham Hildebrand Payne Waldron as Counsel ROCK N CONCEPTS: Seeks to Extend Plan Exclusivity to September 16 SANCTUARYSPA INC: Arturo Cisneros Named Subchapter V Trustee SANTA PAULA: Seeks to Hire Buxman Group as Real Estate Broker SANTA PAULA: Seeks to Hire Gwyn Goodman Realty as Broker SANTA PAULA: Seeks to Hire Icon Servicing as Automotive Broker SANTA PAULA: Seeks to Hire LIV Sotheby's as Real Estate Broker SANTA PAULA: Seeks to Tap Century 21 Masters as Real Estate Broker SBF VENTURES: Seeks to Tap Dalton & Finegold as Real Estate Counsel SEASONAL LANDSCAPE: Court Extends Cash Collateral Access to July 31 SENDLER FAMILY: Hires MORE Realty Portland as Real Estate Broker SEXTANT STAYS: U.S. Trustee Unable to Appoint Committee SIFAT LLC: Hires Levene Neale Bender Yoo & Golubchik as Counsel SK INDUSTRIES: Seeks to Extend Plan Exclusivity to October 16 SMYRNA READY MIX: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable SOLAR MOSAIC: Revises Bid Submission Schedule SOLEIL AT BOWIE: Case Summary & Three Unsecured Creditors STARKS LAW: Claims to be Paid from Continued Operations STEWARD HEALTH: Prepares Claw Back Suits vs. Cerberus, Others STICKY'S HOLDINGS: Trustee Wants Chapter 11 Converted to Chapter 7 STOLI GROUP: Seeks to Tap Resolute Commercial as Collateral Manager SUNATION ENERGY: Regains Nasdaq Bid Price Compliance SUNNOVA ENERGY: Court OKs Solar Power Deal With Lennar Homes SUNNOVA ENERGY: Court OKs TEPH Credit Pact, Asset Purchase Deal SUNNOVA ENERGY: Executes $90M DIP Facility Due Sept. 22 SUNSET PALM: Hires John Paul Arcia P.A. as Special Counsel SUNSET PALM: Seeks to Hire Robert F. Reynolds as Legal Counsel THERMOPRO INC: Seeks to Hire KD Capital Equipment as Sales Broker TOMS RIVER REGIONAL: Warns of Bankruptcy Amid Property Tax Dispute TSB VENTURES: Claims to be Paid from Disposable Income TURNER OAKWOOD: Taps Country Boys Auction & Realty as Auctioneer WALLOON LAKE: Opposes Private Financing's Receivership Bid WARNER BROS: JPMorgan Anticipates Deal Could Likely Face Opposition WOLFSPEED INC: Ropes & Vinson Represent 26s/28s/29s Ad Hoc Group ZION INC: Completes Redomestication from Delaware to Texas [] Total Bankruptcy Filings Up 10% in First Half of 2025 [] U.S. Bankruptcy Filings Increased 10% from January to June 2025 [^] BOOK REVIEW: The Heroic Enterprise ********* 1 SANDPIPER: Seeks Approval to Hire John T. Bass as Consultant -------------------------------------------------------------- 1 Sandpiper, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ John Bass, a consultant practicing in Elm City, North Carolina. The consultant will aid the Debtor in the preparation of cash-flow analysis and business valuation for use in its disclosure statement and confirmation hearing. Mr. Bass and his assistant will be paid at their hourly rates of $125 and $50, respectively, plus travel and expenses. The consultant received a retainer of $3,000 from the Debtor. Mr. Bass disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The consultant can be reached at: John T. Bass Nobleman Court Elm City, NC 27822 Telephone: (919) 341-7886 Facsimile: (240) 371-1056 About 1 Sandpiper LLC 1 Sandpiper, LLC owns a vacation rental property located at 1 Sandpiper Lane in Marathon, Fla. The property is valued at $3.65 million. 1 Sandpiper sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-01836) on May 15, 2025. In its petition, the Debtor reported total assets of $3,822,330 and total liabilities of $8,836,717. Judge Pamela W. McAfee handles the case. The Debtor is represented by Danny Bradford, Esq., at Paul D. Bradford, PLLC. 100 PERCENT: Seeks to Tap GCK Accounting as Accountant ------------------------------------------------------ 100 Percent Chiropractic Cotto, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ GCK Accounting, LLC as accountant. The firm will prepare the Debtor's 2024 tax returns, review prior years' tax returns for potential amendments, assist counsel and the Debtor with preparation of the Debtor's projections for its Bankruptcy Plan, review the Debtor's financial circumstances surrounding its second PPP for potential application of loan forgiveness, and provide monthly services, including monthly reporting and reconciliation. The firm will receive compensation as follows: a. $375 per month for general accounting services and consultation; b. a flat fee in the amount of $1,200 to assist the Debtor in correcting its payroll and other financial reports; c. a flat fee of $1,200 to assist the Debtor in completing and filing its unfiled 2024 tax returns; d. a flat fee of $600 to review and amend the Debtor's 2023 tax return; e. similar flat fees for addition tax returns; and, f. $375 per hour for assisting the Debtor and counsel with the Debtor's financial projections and PPP Loan forgiveness review and application, if advisable. GCK Accounting is a "disinterested person" as that term is defined in 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Jonathan Geever GCK Accounting, LLC 1776 S. Jackson St. Suite 212 Denver, CO 80210 About 100 Percent Chiropractic Cotto, LLC 100 Percent Chiropractic Cotto, LLC is a family of full-service wellness clinics that offer cutting edge chiropractic care, massage therapy, and a full line of nutritional supplements. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 24-17465) with $915,089 in assets and $1,573,853 in liabilities. Yahdi Cotto-Jorge, manager, signed the petition. Judge Kimberley H. Tyson presides over the case. K. Jamie Buechler, Esq., at Buechler Law Office, LLC represents the Debtor as bankruptcy counsel. 154 HIGHLAND: Seeks to Hire Penachio Malara as Counsel ------------------------------------------------------ 154 Highland Avenue Realty LLC and 31 Columbus Rosa Realty LLC seek approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Penachio Malara LLP as counsel. The firm will render these services: (a) assist in the administration of their Chapter 11 proceeding, the preparation of operating reports and complying with applicable law and rules; (b) review claims and resolve claims which should be disallowed; and (c) assist in reorganizing and confirming a Chapter 11 plan or implementing an alternative exit strategy. The firm's counsel will be paid at these hourly rates: Anne Penachio, Attorney $525 Francis Malara, Attorney $450 Paralegal $225 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $10,000 from the Debtor. Ms. Penachio disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Anne Penachio, Esq. Penachio Malara LLP 245 Main Street, Suite 450 White Plains, NY 10601 Telephone: (914) 946-2889 About 154 Highland Avenue Realty 154 Highland Avenue Realty LLC owns a two-family residential property located at 154 Highland Street in Port Chester, New York. The property, which is currently tenant-occupied, is estimated to be valued at about $900,000. 154 Highland Avenue Realty LLC and 31 Columbus Rosa Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.J. Lead Case No. 25-22418) on May 14, 2025. In its petition, 154 Highland Avenue Realty reports total assets of $905,850 and total liabilities of $829,000. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtors are represented by Anne Penachio, Esq. at Penachio Malara LLP. 1575 GALENA: Seeks to Tap Allen Vellone Wolf as Bankruptcy Counsel ------------------------------------------------------------------ 1575 Galena LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Allen Vellone Wolf Helfrich & Factor P.C. as counsel. The firm's services include: a. providing legal advice and representation in connection with the general administration of the Estate; b. confirming of any proposed plan of reorganization, all other contested and adversary matters that may arise in this case; and c. investigating and litigating any avoidance or other action the Estate may have, and other legal services for the Debtor related to or arising out of contested matters in this bankruptcy case. The firm will be paid at these rates: Jordan Factor $675 per hour Jeffrey A. Weinman $650 per hour Bailey C. Pompea $425 per hour Brenton Gragg $395 per hour Paralegal (Senior) $250 per hour Paralegal (Junior) $195 per hour The firm received $25,000 prepetition in connection with fees and expenses preparing to file the bankruptcy, including the $1,738 filing fee. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Jeffrey A. Weinman, Esq., a partner at Allen Vellone Wolf Helfrich & Factor, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jeffrey A. Weinman, Esq. Allen Vellone Wolf Helfrich & Factor 1600 Stout Street, Suite 1900, Denver, CO 80202 Tel: (303) 534-4499 Email: JWeinman@allen-vellone.com About 1575 Galena LLC 1575 Galena LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). 1575 Galena LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-13853) on June 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Kimberley H. Tyson handles the case. The Debtors are represented by Jeffrey A. Weinman, Esq. at ALLEN VELLONE WOLF HELFRICH & FACTOR, P.C. 1808 FRANKFORD: Seeks Chapter 11 Bankruptcy in Pennsylvania ----------------------------------------------------------- On July 1, 2025, 1808 Frankford LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Pennsylvania. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About 1808 Frankford LLC 1808 Frankford LLC is a single asset real estate company that owns property at 1808 Frankford Avenue in Philadelphia, Pennsylvania. 1808 Frankford LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-12664) on July 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Patricia M. Mayer handles the case. 23ANDME HOLDING: ABeeC 2.0 and Affiliates Report 22% Stake ---------------------------------------------------------- ABeeC 2.0, LLC, The Anne Wojcicki Revocable Trust, and Anne Wojcicki, disclosed in a Schedule 13D/A (Amendment No. 13) filed with the U.S. Securities and Exchange Commission that as of June 13, 2025, they beneficially own 5,722,832 shares of 23andMe Holding Co.'s Class A Common Stock, par value $0.0001 per share, consisting of: (a) 4,931,692 shares held by ABeeC 2.0, LLC, (b) 125,000 shares held by The Anne Wojcicki Foundation, (c) 62,530 shares held directly by Anne Wojcicki, and (d) 603,610 shares issuable upon exercise of vested stock options held by Anne Wojcicki, collectively representing 22% of the 25,431,244 shares outstanding as of June 11, 2025. ABeeC 2.0, LLC, and The Anne Wojcicki Revocable Trust, may be reached through: Anne Wojcicki, Trustee 171 Main Street, Suite 259 Los Altos, Calif., 94022 Tel: 650-209-9500 A full-text copy of ABeeC 2.0, LLC's SEC report is available at: https://tinyurl.com/48u2hjbu About 23andMe 23andMe is a genetics-led consumer healthcare and biotechnology company empowering a healthier future. Through its direct-to-consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The Company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe Holding Co. and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). The Company disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison LLP; Morgan, Lewis & Bockius LLP; and Carmody MacDonald PC are serving as legal counsel to 23andMe and Alvarez & Marsal North America, LLC, as restructuring advisor. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP are serving as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Reevemark and Scale are serving as communications advisors to the Company. Kroll is the claims agent. 23ANDME HOLDING: California Fights Genetic Data Sale in Ch. 11 Case ------------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that the state of California has filed an appeal challenging a bankruptcy court's approval of 23andMe's $305 million sale of its genetic data assets. In a notice submitted Thursday, July 3, 2025, to the U.S. District Court for the Eastern District of Missouri, California is seeking to overturn U.S. Bankruptcy Judge Brian C. Walsh's June 27, 2025 decision authorizing the sale to the nonprofit TTAM Research Institute, which is partnered with 23andMe co-founder Anne Wojcicki. Judge Walsh approved the deal despite objections from several states, including California, and concerns raised by a court-appointed privacy ombudsman. Earlier this week, the California Department of Justice argued that the transaction violates the State's Genetic Information Privacy Act, which bars the transfer or disclosure of genetic data or biological samples to a third party without explicit consent. The agency also indicated it was evaluating further steps to protect residents' sensitive data. Judge Walsh concluded that because the genetic assets would first be transferred to a 23andMe subsidiary before being sold to TTAM, the transaction did not constitute a third-party transfer and therefore did not require additional consent. He also determined that state law does not prohibit changes in ownership, allowing the second part of the transaction to proceed without breaching privacy requirements. 23andMe is represented by Paul Weiss Rifkind Wharton & Garrison and Carmody MacDonald PC. TTAM is represented by Skadden Arps Slate Meagher & Flom LLP, Quinn Emanuel Urquhart & Sullivan LLP, and Bryan Cave Leighton Paisner LLP. 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. 3002 NASA ROAD: Seeks Chapter 11 Bankruptcy in Texas ---------------------------------------------------- On June 30, 2025, 3002 Nasa Road LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About 3002 Nasa Road LLC 3002 Nasa Road LLC is a single asset real estate company that owns property at 3002 NASA Road in Houston, Texas. 3002 Nasa Road LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-33737) on June 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. 31FO LLC: Seeks to Hire Davidoff Hutcher & Citron as Legal Counsel ------------------------------------------------------------------ 31FO LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Davidoff Hutcher & Citron LLP as substitute attorneys in this Chapter 11 case. The firm's hourly rates for this representation are: Attorneys $450 - $850 Legal Assistants/Paralegals $195 - $295 The firm received a retainer of $25,000 from Mid Hudson Property Services LLC, an entity managed by the Debtor's manager, David D. DeRosa. Robert Rattet, Esq., a partner at Davidoff Hutcher & Citro, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert L. Rattet, Esq. Davidoff Hutcher & Citron LLP 120 Bloomingdale Road, Suite 100 White Plains, NY 10605 Telephone: (914) 381-7400 About 31FO LLC 31FO LLC was organized in 2018 as a New York limited liability company to own and develop real property. The Debtor is the fee simple owner of real property located at 31 Fort hill, Lloyd Neck, NY 10073 having an appraised value of $23 million. 31FO LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-73893) on Oct. 10, 2024. In the petition filed by David D. DeRosa, managing member, the Debtor reports total assets of $23,000,000 and total liabilities of $12,841,948. The Honorable Bankruptcy Judge Robert E. Grossman handles the case. The Debtor is represented by Robert L. Rattet, Esq., at Davidoff Hutcher & Citron LLP. 3310 HARRISON RD: Seeks Chapter 11 Bankruptcy in Georgia -------------------------------------------------------- On July 1, 2025, 3310 Harrison Rd LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About 3310 Harrison Rd LLC 3310 Harrison Rd LLC is a real estate company based in East Point, Georgia. 3310 Harrison Rd LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-57341) on July 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. The Debtors are represented by Neal B. Sessions, Esq. at Eastern Closing. 404 CONCRETE: Seeks Chapter 11 Bankruptcy in Georgia ---------------------------------------------------- On June 30, 2025, 404 Concrete LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About 404 Concrete LLC 404 Concrete LLC is concrete services company based in Stonecrest, Georgia. 404 Concrete LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-57235) on June 30, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. 5801 PATTON STREET: Voluntary Chapter 11 Case Summary ----------------------------------------------------- Debtor: 5801 Patton Street, LLC 23901 Calabasas Rd., Suite 1068 Calabasas CA 91302 Business Description: 5801 Patton Street, LLC owns a single real estate asset, consistent with the classification of a single-asset real estate entity under U.S. bankruptcy law. Chapter 11 Petition Date: July 1, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-20203 Debtor's Counsel: William Haddock, Esq. PENDERGRAFT & SIMON LLP 2777 Allen Parkway Suite 800 Houston TX 77019 Tel: 713-528-8555 E-mail: whaddock@pendergraftsimon.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Cole Moscatel as manager. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/EEIMBNI/5801_Patton_Street_LLC__txsbke-25-20203__0001.0.pdf?mcid=tGE4TAMA 7Q59 AMHERST: Available Cash and Ongoing Operations to Fund Plan ---------------------------------------------------------------- 7Q59 Amherst, LLC filed with the U.S. Bankruptcy Court for the District of Massachusetts a Small Business Plan of Reorganization under Subchapter V dated June 16, 2025. The Debtor is a Massachusetts limited liability company that was initially founded on August 4, 2017, by Xian Dole (then known Xian Heng Gu). Since its founding, the Debtor purchased managed several rental real properties, primarily 1-23 Eastern Avenue, Northampton, MA, a 12-unit apartment complex ("Eastern Ave."), and 11 South Whitney Street, Amherst, MA, a single-family rental property building ("South Whitney Street"). The Debtor purchased 1-23 Eastern in April, 2021, although the purchase and sales agreement was executed in November, 2020. The purchase price was for $1,65 million dollars. It was financed with a first mortgage loan of $1.65 million (the "First Mortgage") on Eastern Ave. with Greenfield CoOperative Bank; the Debtor also granted a first mortgage on South Whitney Street as additional security (there was no other mortgage on South Whitney Street). Class 4 consists of Other Priority Claims/Municipal Claims. To the extent that they exist, each holder of a Priority Claim/Municipal Claim shall receive, in full and final satisfaction of such Claim, an amount of cash equal to the amount of such Allowed Priority Claim, payable in equal installments not less frequently than once each fiscal quarter beginning on the later of (i) the Effective Date, or (ii) the date such Priority Claim becomes due and Allowed or as otherwise Allowed by the Bankruptcy Court and ending not later than five years from the Effective Date. Until satisfied, an Allowed Tax Claim shall accrue interest. Class 5 consists of Equity Interests. On the Effective Date, each holder shall retain their Interests in the Debtor in the same proportions that existed on the Petition Date This Plan will be funded from cash on hand, working capital, and cash from ongoing business operations. The Debtor will continue to operate in the ordinary course of business. Pursuant to Section 1190(2) of the Code, the Plan provides for the submission of all or such portion of the future earnings of the Debtor as is necessary for the execution of the Plan. To the extent necessary, the Debtor's principal, Xian Dole, will make additional contributions to account for any shortfalls. A full-text copy of the Plan of Reorganization dated June 16, 2025 is available at https://urlcurt.com/u?l=ZH5p6a from PacerMonitor.com at no charge. Counsel for the Debtor: Louis S. Robin, Esq. Law Offices of Louis S. Robin 1200 Converse Street Longmeadow, MA 01106 Tel. (413) 567-3131 Fax (413) 565-3131 Email: louis.robin@prodigy.net About 7Q59 Amherst LLC 7Q59 Amherst, LLC is a Massachusetts limited liability company that was initially founded on August 4, 2017. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-30150) on March 17, 2025, listing up to $10 million in both assets and liabilities. Xian Dole, manager of 7Q59 Amherst, signed the petition. Judge Elizabeth D. Katz oversees the case. Louis S. Robin, Esq., at Law Offices of Louis S. Robin, represents the Debtor as bankruptcy counsel. A.I. BUILDERS: Seeks to Hire Bradford Law Offices as Counsel ------------------------------------------------------------ A.I. Builders, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Bradford Law Offices to handle its Chapter 11 case. The firm's hourly rates are as follows: Attorney $600 Paralegal $185 The Debtor has agreed to pay the firm an initial deposit of $28,851.21. Danny Bradford, Esq., an attorney at the firm, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Danny Bradford, Esq. Bradford Law Offices 455 Swiftside Drive, #106 Cary, NC 27518 Telephone: (919) 758-8879 Email: Dbradford@bradford-law.com About A.I. Builders A.I. Builders, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02368) on June 23, 2025, listing under $1 million in both assets and liabilities. Honorable Bankruptcy Judge David M. Warren handles the case. The Debtor tapped Bradford Law Offices as counsel. ADVANCED TRENCHLESS: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------------ Debtor: Advanced Trenchless, Inc. d/b/a Sewerinspections.com f/d/b/a Advanced Construction Supply f/d/b/a Affinity Groundworks 4980 Pacheco Blvd., Suite B Martinez, CA 94553 Business Description: Advanced Trenchless, Inc. provides trenchless sewer, plumbing, and drain services across Northern California . The Company specializes in hydro jetting, sewer and drain repairs, trenchless replacements, and camera inspections. Founded in 1978, it has decades of experience addressing sewer infrastructure issues with a focus on non- commission-based, full-service solutions. Chapter 11 Petition Date: July 1, 2025 Court: United States Bankruptcy Court Northern District of California Case No.: 25-41165 Judge: Hon. Charles Novack Debtor's Counsel: David A. Arietta, Esq. LAW OFFICES OF DAVID A. ARIETTA 700 Ygnacio Valley Rd #150 Walnut Creek, CA 94596 Tel: (925) 472-8000 Fax: (925) 472-5925 E-mail: David@Ariettalaw.com Total Assets: $536,960 Total Liabilities: $4,644,613 The petition was signed by Ryan Charles as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MTV7HIY/Advanced_Trenchless_Inc__canbke-25-41165__0001.0.pdf?mcid=tGE4TAMA ADVANCED URGENT: Gets OK to Use Cash Collateral Until July 31 ------------------------------------------------------------- Advanced Urgent Care, LLC and The Pegton Building, LLC got the green light from the U.S. Bankruptcy Court for the District of Colorado to use cash collateral. The stipulated order signed by Judge Joseph Rosania, Jr. authorized the Debtors to use cash collateral through July 31 per a stipulated budget with up to 10% variance per line item. Independent Bank holds valid, perfected first-priority liens on substantially all assets of the Debtors, with a pre-bankruptcy debt exceeding $6.3 million. Independent Bank was granted a first priority replacement lien on all post-petition property of the Debtors and the proceeds thereof, with the same validity, priority and extent as their respective pre-bankruptcy liens. As additional protection, the bank will receive a monthly payment of $44,573.64 due June 1 and July 1, 2025. The Debtors' right to use cash collateral terminates on the earlier of July 31; the appointment of a Chapter 11 trustee or examiner; conversion of the Debtors' Chapter 11 cases to Chapter 7 cases; failure to comply with the requirements set forth in the order; or a material adverse change in the Debtors' financial condition or business operations. About Advanced Urgent Care Advanced Urgent Care, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 24-14536) on August 7, 2024. In the petition signed by Anthony G. Euser, managing member, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, P.C., represents the Debtor as legal counsel. Independent Bank, as lender, is represented by: John F. Young, Esq. Mark us Williams Young & Hunskker, LLC 1775 Sherman Street, Suite 1950 Denver, CO 80203 Phone: 303-830-0800 Fax: 303-830-0809 Email: jyoungffiMarkusWilliaros.com AHR INTERMEDIATE: Cliffwater Corporate Marks $14.4M Loan at 30% Off ------------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $14,472,853 loan extended to AHR Intermediate, Inc. loan to market at $10,194,733 or 70% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to AHR Intermediate, Inc. The loan accrues interest at a rate of 10.05% per annum. The loan matures on December 16, 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 AHR Intermediate, Inc. AHR Intermediate, Inc. is an employee benefits administrator, taking more care of small and mid-market clients by offering a personalized concierge benefits experience. ALBERT WHITMAN: Seeks to Hire William J. Factor as Legal Counsel ---------------------------------------------------------------- Albert Whitman & Co. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ The Law Office of William J. Factor, Ltd. as counsel. The firm will render these services: (a) advise and consult with the Debtor with respect to its powers, rights, and duties; (b) attend meetings and negotiate with creditors, other parties in interest, and their respective representatives; (c) advise and consult with the Debtor on the conduct of the case; (d) take all necessary action to protect and preserve the estate; (e) prepare and file, or defend, adversary proceedings or other litigation involving the Debtor or its interests in property; (f) prepare legal papers necessary to the administration of the case; (g) prepare and negotiate a plan and disclosure statement and all related agreements and/or documents and take any necessary action to obtain confirmation of a plan; (h) perform other necessary legal services and provide other necessary legal advice required by the Debtor in connection with the case. The firm will be paid at these hourly rates: William Factor, Partner $450 Lars Peterson, Partner $400 Alex Whitt, Associate $350 Samuel Rodgers, Paralegal $150 Danielle Mesikapp, Paralegal $150 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $15,000 from Debtor. Mr. Factor disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: William J. Factor, Esq. The Law Office of William J. Factor, Ltd. 105 W. Madison Street, Suite 2300 Chicago, IL 60602 Telephone: (312) 878-0969 Facsimile: (847) 574-8233 Email: wfactor@wfactorlaw.com About Albert Whitman & Company Albert Whitman & Company is a 106-year-old children's book publisher based in Park Ridge, Ill. Albert Whitman & Company sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-06161) on April 22, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Jacqueline P. Cox handles the case. The Law Office of William J. Factor, Ltd. is the Debtor's legal counsel. ALCAMI CORP: Cliffwater Corporate Marks $3MM Loan at 93% Off ------------------------------------------------------------ Cliffwater Corporate Lending Fund (CCLFX) has marked its $3,052,838 loan extended to Alcami Corporation loan to market at $224,314 or 7% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Revolver Loan to Alcami Corporation. The loan accrues interest at a rate of 0.50% per annum. The loan matures on December 21, 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 Alcami Corporation Alcami Corporation is a US-based contract development and manufacturing organization headquartered in NC with 45+ years of experience advancing pharmaceuticals and biologics from development to delivery. ALIGNED MEDICAL: Court Extends Cash Collateral Access to July 31 ---------------------------------------------------------------- Aligned Medical Group, P.C. received third interim approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to use cash collateral. The third interim order penned by Judge Patricia Mayer authorized the interim use of cash collateral for the period from July 1 to 31 to pay the expenses set forth in the budget. Aligned Medical Group may deviate up to ±10% from budgeted disbursements without defaulting. As protection for any diminution in the value of its collateral, the U.S. Small Business Administration, the primary secured creditor, was granted replacement liens on its collateral to the same extent, validity and priority as its pre-bankruptcy liens. The final hearing is set for July 22, with objections due by July 15. A copy of the court's order and the budget is available at https://shorturl.at/Qe4BO from PacerMonitor.com. About Aligned Medical Group Aligned Medical Group, P.C. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-11769-pmm) on May 5, 2025. In the petition signed by Joel Stutzman, D.C., president, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Patricia M. Mayer oversees the case. David B. Smith, Esq., at Smith Kane Holman, LLC, represents the Debtor as legal counsel. ALL DAY: S&P Upgrades ICR to 'B' on Refinancing, Outlook Stable --------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating to 'B' from 'CCC-' on U.S.-based fitness operator All Day AcquisitionCo LLC's (doing business as 24 Hour Fitness). S&P said, "At the same time, we assigned our 'B' issue-level rating and '3' recovery rating on 24 Hour Fitness' senior secured credit facility. The '3' recovery rating indicates our expectation of meaningful (50-70%) recovery in the event of a default. "The stable outlook indicates our expectations for modest growth in 24 Hour Fitness' revenue and EBITDA and for its S&P Global Ratings lease-adjusted leverage to remain below 5.5x. We also expect it to sustain S&P Global Ratings-adjusted free operating cash flow (FOCF) to debt above 5% through 2026." 24 Hour Fitness operating trends will continue to improve in 2025. The company refinanced its capital structure with a new $30 million revolver, $275 million term loan due 2030, and common equity. The company's lower debt decreases its interest expense burden and improves its credit metrics and liquidity. S&P said, "The upgrade reflects 24 Hour Fitness' improved liquidity and capital structure with a lower debt burden, improving credit metrics and our expectation for S&P Global Ratings-adjusted, lease-adjusted leverage of low-4x through 2026. In May 2025, 24 Hour Fitness successfully refinanced its capital structure using a new $275 million term loan and a common equity injection from its sponsors. The new capital structure improves S&P lease-adjusted leverage by about two turns, improving its interest coverage and leverage, and it provides a sustainable capital structure to its current EBITDA base. In addition, the new undrawn $30 million revolver improves the company's liquidity. S&P said, "We expect the company will continue to refine its cost and club base, remove unnecessary costs, and close underperforming clubs, which will modestly improve its reported margins in 2025. In February 2025, the company sold 2 clubs in 2025 in the Washington D.C market to Onelife Fitness and in April 2025, the company sold 9 clubs in the Florida market to Crunch Fitness and we expect the company to close a larger number of clubs in 2025 but while largely retaining its membership base, offsetting the decline in revenues with price increases from remodeled clubs. We also expect 24 Hour Fitness will increase its capital expenditure (capex) as it refreshes its locations and subsequently increases its pricing, which will support a 1%-4% improvement in its revenue in 2025. Furthermore, we project that the company will continue to generate positive FOCF and maintain lease-adjusted leverage of low-4x in 2025." A worse-than-anticipated macroeconomic environment in the U.S., persistent inflationary pressure, and heightened competition could slow revenue and margin improvement through 2026. S&P said, "While our base case incorporates good revenue and EBITDA growth in 2025 and 2026, we believe that 24 Hour Fitness could underperform our revenue and EBITDA forecast in a moderate recession. In addition, persistent inflationary pressure could weaken its EBITDA margin and reduce its cash flow if it cannot offset cost increases with membership-base growth and membership price increases. Competition from low-cost fitness operators could then further exacerbate these weaker credit measures." 24 Hour Fitness operates in the highly competitive fitness club industry, which has low barriers to entry and high customer attrition. S&P said, "We believe the rise of boutique studios and no-frills, low-cost clubs present the greatest risk to member retention over time. Members may choose budget-friendly alternatives with fewer services that still satisfy their fitness needs, a targeted fitness option, or both. Many 24 Hour Fitness clubs offer additional services and amenities, such as pools or classes it believes enhances the member experience. The company generates good cash flow, and we expect it will continue to invest in and remodel clubs over time." However, 24 Hour Fitness' limited geographic diversity relative to other fitness peers increases its exposure to regional economic risk. As of March 31, 2025, the company operated 261 clubs in the U.S., serving about 2.2 million members and 17 markets primarily in suburban areas. With a concentration of clubs and EBITDA in California and the west coast region, 24 Hour Fitness is more affected by events such as state-specific minimum wage increases than more geographically diverse peers. 24 Hour Fitness faces risks from its sponsor ownership and the tendency of financial sponsors to use leverage capacity to fund acquisitions, investments, or cash distributions. S&P said, "Our assessment of the company's financial risk reflects corporate decision-making that could prioritize the interests of controlling owners, in line with our view of most rated entities owned by financial sponsors. 24 Hour Fitness is owned by Cyrus Capital Partners, Monarch Alternative Capital, and Sculptor Capital Management. Our assessment also reflects their generally finite holding periods and a focus on maximizing shareholder returns." The stable outlook on 24 Hour Fitness indicates S&P's expectations for modest growth in revenue and EBITDA, which incorporate our forecast for S&P Global Ratings-adjusted, lease-adjusted leverage to remain below 5.5x and for the company to sustain S&P Global Ratings-adjusted FOCF to debt above 5% through 2026. S&P could lower S&P's rating on 24 Hour Fitness if: -- S&P believes it would sustain S&P Global Ratings-adjusted FOCF to debt below 5%; or -- Its lease-adjusted leverage increases and remains above 5.5x. This would most likely occur due to declines in its membership base or aggressive financial policy decisions, such as significant debt-financed mergers and acquisitions (M&A), aggressive club expansion plans, or debt-funded distributions to the sponsors. Higher ratings are unlikely over the next 12 months, given the uncertainty around the company's long term financial policy and the company's ongoing refinement of its club base, which could include larger-than-expected costs associated with its growth strategy. S&P said, "However, we could raise the rating by one notch if we believe that adjusted debt to EBITDA will remain below 4.5x and its adjusted FOCF to debt above 10% and company begins to grow its membership and club base. A higher rating would also depend on our expectation that its financial sponsors will not engage in any significant leveraging transactions and that the company will fund expansion through internally generated funds, such that adjusted leverage sustains below 4.5x." AMATA LLC: Court Extends Cash Collateral Access to Aug. 31 ---------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Ilinois, Eastern Division, issued a sixth interim order permitting Amata, LLC to use cash collateral until August 31. The Debtor was authorized to use cash collateral to pay expenses in accordance with its projected budget, with a 15% variance. Non-conforming uses require creditor consent. American Commercial Bank and Trust, a secured creditor, will be provided with protection for the Debtor's use of cash collateral in the form of a replacement lien and payments pursuant to the budget. A final hearing is scheduled for August 27, with objections due by August 22. The Debtor has a loan from American Commercial Bank & Trust, secured by its personal property assets. It has approximate balance of $1.147 million. The American loan has co0obligors of the Debtor's affiliates, 161-17 NC, LLC; Amata Management, LLC; Amata Holdings, LLC; Amata 77WW, LLC and is guaranteed by the Ronald Bockstahler. About Amata LLC Amata, LLC is primarily engaged in renting and leasing real estate properties. Amata filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 24-17012) on November 12, 2024, listing up to $50,000 in assets and up to $10 million in liabilities. Judge David D. Cleary oversees the case. Jeffrey C. Dan, Esq., at Goldstein & Mcclintock, LLLP is the Debtor's legal counsel. American Commercial Bank and Trust, as secured creditor, is represented by: John Adam Powers, Esq. Brotschul Potts, LLC 1 Tower Lane, Suite 2060 Oakbrook Terrace, IL 60181 Tel: 312-551-9003 apowers@brotschulpotts.com AMERICAN FAMILY: Cliffwater CLFX Marks $795,000 Loan at 93% Off --------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $795,000 loan extended to American Family Care loan to market at $53,027 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 American Family Care. The loan accrues interest at a rate of 10.40% per annum. The loan matures on February 28, 2026. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About American Family Care American Family Care operates a network of family care/urgent care clinics. It provides primary care, urgent care, family medicine, and occupational health services for various acute conditions, non-life threatening illness, and injuries. AMERICAN FORKLIFT: Gets Extension to Access Cash Collateral ----------------------------------------------------------- American Forklift Rental & Supply, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division to use cash collateral. At the hearing held on July 1, the court extended the Debtor's authority to use cash collateral from July 1 to August 5, the date for the next hearing. The court's previous interim orders issued on June 20 and 25 allowed the Debtor to access cash collateral to pay its operating expenses and granted its secured creditors, Ameris Bank, MCA Rehab, LLC and Forward Financing, LLC., perfected post-petition lien on the cash collateral, with the same validity, priority and extent as their pre-bankruptcy liens. Ameris Bank is represented by: Jason A. Rosenthal, Esq. The Rosenthal Law Firm, P.A. 4767 New Broad Street Orlando, FL 32814 Telephone: (407) 488-1220 Facsimile: (407) 488-1228 jrosenthal@therosenthallaw.com About American Forklift Rental & Supply American Forklift Rental & Supply, LLC provides forklift rentals, sales, parts, service, and safety training across Central Florida, including Orlando, Tampa, and surrounding counties. The company offers new and used forklifts in various fuel types and sizes, with flexible rental terms and included maintenance. Headquartered in Orlando, American Forklift Rental & Supply has served the region for over 25 years and remains owner-operated to ensure personalized customer support. American Forklift Rental & Supply sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02765) on May 5, 2025. In its petition, the Debtor reported total assets of $1,280,342 and total liabilities of $890,93. Judge Lori V. Vaughan handles the case. The Debtor is represented by Melissa Youngman, Esq., at Winter Park Estate Plans & ReOrgs. AMERICAN MARICULTURE: Seeks to Sell Commercial Food Trailer ----------------------------------------------------------- American Mariculture Inc. and its affiliates, American Penaeid Inc. and Sun Shrimp Gourmet Inc., seek permission from the U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, to sell commercial food trailer to the highest bidder, free and clear of liens, claims, and encumbrances. The Debtor owns a commercial food trailer. The Trailer has a kitchen and was previously used to sell food. The Trailer is not encumbered by any liens. The Debtor has received an offer of $11,000 and is continuing to seek to obtain higher offers. The Debtor seeks to sell the Trailer for $11,000 or any higher amounts received before the hearing to consider the Motion. The Debtor has determined that the sale of the Trailer for the Purchase Price is in the best interests of the Debtor, its estate, and all creditors. The Debtor believes that the Purchase Price will be fair, reasonable, and will be the highest and best price for the Trailer. About American Mariculture Inc. American Mariculture Inc. is a food production company located at 9703 Stringfellow Road, Saint James City, Fla. American Mariculture sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00022) on January 8, 2025. In its petition, the Debtor reported assets between $1 million and $10 million and liabilities between $10 million and $50 million. Judge Caryl E. Delano handles the case. Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Postler, P.A. is the Debtors legal counsel. Cargill Financial Services International, as lender, is represented by: Brian Sikes ' President Cargill Financial Services International, Inc. Fax No. (952) 984-3905 -- and -- Will Brunnquell, Esq. In-House Counsel Cargill Financial Services International, Inc. Will_brunnquell@cargill.com ANCHOR CONSTRUCTION: Kathleen DiSanto Named Subchapter V Trustee ---------------------------------------------------------------- The U.S. Trustee for Region 21 appointed Kathleen DiSanto, Esq., at Bush Ross, P.A., as Subchapter V trustee for Anchor Construction Group, LLC. Ms. DiSanto 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. DiSanto declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kathleen L. DiSanto, Esq. Bush Ross, P.A. P.O. Box 3913 Tampa, FL 33601-3913 Phone: (813) 224-9255 Fax: (813) 223-9620 Email: disanto.trustee@bushross.com About Anchor Construction Anchor Construction Group, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-40273) on June 12, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Byron Wright, III, Esq. at Bruner Wright, P.A. represents the Debtor as legal counsel. ANCHOR FUNDING: Seeks to Hire Alexis Fuentes-Hernandez as Counsel ----------------------------------------------------------------- Anchor Funding, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Alexis Fuentes-Hernandez, Esq., an attorney practicing in San Juan, Puerto Rico, to handle its Chapter 11 case. The attorney will be paid at his hourly rate of $250, plus expenses. The attorney received a retainer of $5,000 from the Debtor. Mr. Hernandez disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: Alexis Fuentes-Hernandez, Esq. P.O. Box 9022726 San Juan PR 00902 Telephone: (787) 722-5215 Email: fuenteslaw@icloud.com About Anchor Funding Inc. Anchor Funding Inc. is a financial services firm engaged in credit intermediation activities. Anchor Funding Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-02813) on June 22, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. The Debtor is represented by Alexis Fuentes-Hernandez, Esq. APPLIED DNA: President Judith Murrah Succeeds Hayward as CEO, Chair ------------------------------------------------------------------- Applied DNA Sciences, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Dr. James A. Hayward informed the Company of his intention to retire from the Company and that he will step down from his positions as Chief Executive Officer, member of the Company's board of directors and Chairman of the Board effective June 18, 2025. Dr. Hayward's resignation is not the result of any dispute or disagreement with the Company or the Board on any matter relating to the Company's operations, policies or practices. In connection with Dr. Hayward's retirement, Dr. Hayward and the Company entered into a separation agreement dated June 16, 2025, pursuant to which the Company shall pay to Dr. Hayward, contingent upon his compliance with the terms of the Separation Agreement, the total gross amount of $450,000 to be paid over a period of eight months from the date of first payment, with the first installment being paid on or before July 15, 2025. The Separation Agreement also provides for a customary general release of claims in favor of the Company and customary post-employment covenants, including with respect to confidentiality and non-disparagement. Board Director Robert C. Catell stated, "On behalf of all the employees of the Company and the Board of Directors, I offer sincere thanks to Jim for his many years of scientific innovation, personal contribution, and passion he brought to Applied DNA. His accomplishments and impact are wide-ranging and will endure with the Applied DNA team and the local Long Island community." Following Mr. Hayward's retirement, the Board elected Judith Murrah, the Company's current President, as Chief Executive Officer and as Chairperson and a member of the Board effective June 18, 2025. Continued Mr. Catell, "Judy has played an increasingly key role in recent years and has helped to grow who we are today as a company. Applied DNA is poised for opportunity with an established biotherapeutic manufacturing capability that we believe is proven to address the manufacturing challenges identified by the industry. Driving it to deployment and scale with customers, partners, and regulators is our next mission, and the Board is confident that Judy's leadership will put the Company on the best path forward to maximize long-term shareholder value." Added Ms. Murrah, "I am honored to take on the Chairperson and CEO roles and lead our associates and Applied DNA forward at this important inflection point, as we focus on our most promising aspects of our businesses, drive increased operating efficiency, and navigate the current macro environment." Ms. Murrah, age 67, has served as the Company's Chief Operating Officer since January 19, 2021, Chief Information Officer since June 1, 2013, Secretary since December 22, 2017 and President since December 13, 2024. Before joining the Company, Ms. Murrah was the Senior Director of Information Technology at Motorola Solutions, which had acquired her former firm, Symbol Technologies. Her role at Motorola Solutions included overseeing the global IT program management office, financial and supplier operations and quality assurance. At Symbol Technologies, Ms. Murrah held leadership positions in product line management, global account sales, corporate and marketing communications and IT. Ms. Murrah holds an MBA from Harvard Business School and a B.S. in Industrial Engineering from the University of Rhode Island. She is an inventor on 14 U.S. patents. Ms. Murrah is active in Long Island's business and academic community. She has co-founded and volunteers with non-profits engaging students in science, technology, engineering and math disciplines. She serves on the boards of the Middle Country Library Foundation, the Tesla Science Center at Wardenclyffe, and Stony Brook University's Center for Corporate Education. Ms. Murrah was named to the Top 50 Women of Long Island Hall of Fame in 2023 and received the inaugural 2001 Diamond Award for Long Island Women Leaders in Technology. For serving as the Company's Chief Executive Officer and Chairperson, Ms. Murrah's compensation paid by the Company will continue at its current amount, with an annual base salary of $400,000. She will not receive any additional compensation for serving as a member of the Board. There are no arrangements or understandings between Ms. Murrah and any other persons pursuant to which she was elected as an officer or director. Ms. Murrah does not have any family relationships with any of the Company's directors or executive officers. There are no transactions involving the Company and Ms. Murrah that the Company would be required to report pursuant to Item 404(a) of Regulation S-K. About Applied DNA Sciences Applied DNA Sciences -- adnas.com -- is a biotechnology company developing technologies to produce and detect deoxyribonucleic acid ("DNA"). Using the polymerase chain reaction ("PCR") to enable both the production and detection of DNA, the Company currently operates in three primary business markets: (i) the enzymatic manufacture of synthetic DNA for use in the production of nucleic acid-based therapeutics and the development and sale of a proprietary RNA polymerase ("RNAP") for use in the production of mRNA therapeutics; (ii) the detection of DNA and RNA in molecular diagnostics and genetic testing services; and (iii) the manufacture and detection of DNA for industrial supply chain security services. Melville, NY-based Marcum LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated Dec. 17, 2024, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2024, Applied DNA Sciences had $16 million in total assets, $3.4 million in total liabilities, and $12.5 in total equity. ARROW MANAGEMENT: Cliffwater Corporate Marks $20MM Loan at 52% Off ------------------------------------------------------------------ Cliffwater Corporate Lending Fund (CCLFX) has marked its $20,000,000 loan extended to Arrow Management Acquisition loan to market at $9,659,711 or 48% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to Arrow Management Acquisition. The loan accrues interest at a rate of 9.04% per annum. The loan matures on October 14, 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 Arrow Management Acquisition Arrow Management Acquisition is a profitable enterprise that builds and delivers robust products and attachments for material handling applications. ARTIFICIAL INTELLIGENCE: Inks $30M Equity Deal With AIV Investments ------------------------------------------------------------------- Artificial Intelligence Technology Solutions Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into the Equity Financing Agreement with AIV Investments, LLC, referred to herein as the "Purchase Agreement". The Purchase Agreement between the Company and AIV pertains to the potential sale of up to $30,000,000,000 shares of the Company's common stock to AIV for a two-year term expiring on June 16, 2027. Pursuant to the Purchase Agreement, AITX have the right, in its sole discretion, subject to the conditions and limitations contained therein, to direct AIV, by delivery of a purchase notice to purchase over the 24-month term of the Purchase Agreement, a minimum of $10,000 and up to a maximum of $1,500,000. Puts are further limited to the Investor owning no more than 4.99% of the outstanding stock of the Company at any given time. The aggregate value of Purchase Shares sold to AIV may not exceed $30,000,000. Each Purchase Notice will set forth the Purchase Price and number of Purchase Shares in accordance with the terms of the Purchase Agreement. The maximum dollar amount of each Put will not exceed 250% of the average daily trading volume for the common stock during the 10 consecutive trading days preceding the Put Notice Date. The Purchase Price is defined in the Purchase Agreement as 80% of the Market Price. If the average Closing Price for the Common Stock during the three trading days preceding a Put Notice is equal to or greater than $.01 per share, the applicable Purchase Price shall equal 85% of the Market Price. Following an up-list to the NASDAQ or an equivalent national exchange by the Company, the Purchase price shall equal 90% of the lowest Volume Weighted Average Price for the Common Stock during the Pricing Period, subject to a floor of $4.00 per share, below which the Company shall not deliver a Put. The Purchase Agreement prohibits AIV from purchasing any shares of common stock if those shares, when aggregated with all other shares of AITX's common stock then beneficially owned by AIV would result in AIV having beneficial ownership, at any single point in time, of more than 4.99% of the then total outstanding shares of our common stock. There are no trading volume requirements or restrictions under the Purchase Agreement and AITX will control the timing and amount of any sales of its common stock to AIV. AITX may not deliver a Purchase Notice to AIV and AIV is not obligated to purchase the Purchase Shares unless each of the following conditions are satisfied: there is an effective Registration Statement; the Common Stock is listed or quoted for trading on the Principal Market; the Company is not in breach of in default of the Purchase Agreement or Registration Rights Agreement; no injunction has been issued prohibiting the purchase of the or the issuance of the Securities; and the issuance of the Securities does not violate the Principal Market requirements. The Purchase Agreement is for a term of 24 months but may terminate earlier on the date that AIV has purchased the aggregate Offering Amount of $30,000,000 of the Purchase Shares that are sold to AIV. AITX and AIV each have the right to terminate the Purchase Agreement at any time upon thirty days-notice. The Purchase Agreement will be suspended and remain suspended if any of the following events occur: if the Company's Common Stock is suspended by the applicable authority, our Common Stock ceases to be quoted; we breach a representation, warranty, covenant in the Purchase Agreement;, and upon the occurrence of bankruptcy proceedings by or against us. Subject to the foregoing, actual sales of Purchase Shares to AIV under the Purchase Agreement will depend on a variety of factors to be determined by AITX from time to time, including, among others, market conditions, the trading price of the Common Stock and determinations by the Company as to the appropriate sources of funding for our operations. On June 16, 2025, AITX also entered into a Registration Rights Agreement covering the resale of the Registrable Securities provided for on a Form S-1 Registration Statement. About Artificial Intelligence Technology Headquartered in Ferndale, Mich., Artificial Intelligence Technology Solutions Inc. is an innovator in the delivery of artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges, and fuel new business ideas. Through its next-generation robotic product offerings, AITX's RAD, RAD-R, RAD-M, and RAD-G companies help organizations streamline operations, increase ROI, and strengthen business. AITX technology improves the simplicity and economics of patrolling and guard services, allowing experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staff and gain higher levels of situational awareness, all at drastically reduced costs. AITX solutions are well-suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education, and healthcare. Deer Park, Illinois-based L J Soldinger Associates, LLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated May 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025, citing that the Company had negative cash flow from operating activities of approximately $12.2 million, an accumulated deficit of approximately $156.5 million and negative working capital of approximately $2.5 million as of and for the year ended February 28, 2025, which raises substantial doubt about its ability to continue as a going concern. ARTIFICIAL INTELLIGENCE: Restructures $4.5M Debt, Eyes FYQ2 Profit ------------------------------------------------------------------ Artificial Intelligence Technology Solutions, Inc. announced that it has restructured and settled over $4.5 million in debt for less than 10% of the debt owed. This decisive action is expected to deliver a significant one-time gain for the current quarter, positioning AITX to achieve net profitability for Q2 FY 2026, which began on June 1, 2025. While the restructuring and settlement of over $4.5 million in debt will contribute a significant one-time gain to the Company's financial results for the quarter, AITX's management emphasizes that lasting profitability will be driven by continued revenue growth and operational improvements. The anticipated net profit for Q2 2026, which began June 1, 2025, reflects not only this temporary accounting benefit but also the progress AITX has made in strengthening its recurring revenue base and mana$ging expenses. When a company restructures or settles its debt, it can often recognize a one-time gain if the amount paid is less than the carrying value of the debt. This accounting gain improves net income for the quarter, but it is not a recurring source of profit. Because these gains are non-operational and unlikely to repeat, investors and analysts typically focus on core business performance and ongoing profitability. "We are moving faster than ever to strengthen our financial position and accelerate AITX's journey to profitability," commented Steve Reinharz, CEO/CTO and founder of AITX. "Eliminating millions in debt is a major milestone, but the real story is the momentum we're building through recurring revenue growth and tighter operational discipline. We are committed to driving lasting value for our shareholders as we continue to scale and execute." About Artificial Intelligence Technology Headquartered in Ferndale, Mich., Artificial Intelligence Technology Solutions Inc. is an innovator in the delivery of artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges, and fuel new business ideas. Through its next-generation robotic product offerings, AITX's RAD, RAD-R, RAD-M, and RAD-G companies help organizations streamline operations, increase ROI, and strengthen business. AITX technology improves the simplicity and economics of patrolling and guard services, allowing experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staff and gain higher levels of situational awareness, all at drastically reduced costs. AITX solutions are well-suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education, and healthcare. Deer Park, Illinois-based L J Soldinger Associates, LLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated May 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025, citing that the Company had negative cash flow from operating activities of approximately $12.2 million, an accumulated deficit of approximately $156.5 million and negative working capital of approximately $2.5 million as of and for the year ended February 28, 2025, which raises substantial doubt about its ability to continue as a going concern. ARTIFICIAL INTELLIGENCE: Terminates GHS Equity Agreements --------------------------------------------------------- Artificial Intelligence Technology Solutions Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on June 13, 2025, the Company filed a Form S-1 Registration Statement relating to the sale by the Selling Stockholder, GHS Investments, LLC of up to 10 billion common stock shares, par value $0.0001 per share, pursuant to a June 11, 2025 Equity Financing Agreement and a June 11, 2025 Registration Rights Agreement. On June 16, 2025, GHS and the Company terminated the GHS Agreements. A copy of the Termination Agreement with GHS Investments, LLC is available at https://tinyurl.com/yr4a85h2 About Artificial Intelligence Technology Headquartered in Ferndale, Mich., Artificial Intelligence Technology Solutions Inc. is an innovator in the delivery of artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges, and fuel new business ideas. Through its next-generation robotic product offerings, AITX's RAD, RAD-R, RAD-M, and RAD-G companies help organizations streamline operations, increase ROI, and strengthen business. AITX technology improves the simplicity and economics of patrolling and guard services, allowing experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staff and gain higher levels of situational awareness, all at drastically reduced costs. AITX solutions are well-suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education, and healthcare. Deer Park, Illinois-based L J Soldinger Associates, LLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated May 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025, citing that the Company had negative cash flow from operating activities of approximately $12.2 million, an accumulated deficit of approximately $156.5 million and negative working capital of approximately $2.5 million as of and for the year ended February 28, 2025, which raises substantial doubt about its ability to continue as a going concern. ASP GLOBAL: Cliffwater Corporate Marks $1.7MM Loan at 39% Off ------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $1,713,272 loan extended to ASP Global Holdings, LLC loan to market at $1,050,807 or 61% 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 ASP Global Holdings, LLC. The loan accrues interest at a rate of 9.57% per annum. The loan matures on July 31, 2029. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About ASP Global Holdings, LLC ASP Global Holdings, LLC turns supply chain variables into procurement constants to balance any product equation faced by top hospital systems and distributors. ASP GLOBAL: Cliffwater Corporate Marks $4.9MM Loan at 29% Off ------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $4,933,161 loan extended to ASP Global Holdings, LLC loan to market at $3,485,724 or 71% 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 ASP Global Holdings, LLC. The loan accrues interest at a rate of 9.57% per annum. The loan matures on July 31, 2026. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About ASP Global Holdings, LLC ASP Global Holdings, LLC turns supply chain variables into procurement constants to balance any product equation faced by top hospital systems and distributors. AT HOME GROUP: Hires Hilco Real Estate as Real Estate Consultant ---------------------------------------------------------------- At Home Group Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Hilco Real Estate LLC as real estate consultant and advisor. The firm will provide the following services: (a) meet with the Debtors and the special committee of the board of Debtor Ambience Parent, Inc. to ascertain their goals, objectives, and financial parameters; (b) discuss the Debtors and the special committee, as applicable, a strategic plan for restructuring, extending or shortening the terms of, downsizing, assuming and assigning, or terminating the leases; (c) on the Debtors' behalf, negotiate the terms of restructuring; (d) provide written reports to, and meet periodically with, the Debtors and the special committee regarding the status of such negotiations; (e) provide the Debtors with weekly lease status reports, which shall include updates on the services; (f) assist the Debtors on the preparation of approval reports to their real estate team and attend the real estate team meetings at their request in an advisory capacity; (g) assist the Debtors in closing the pertinent lease restructuring, term shortening, term extension, termination agreements, and lease agreements; and (h) provide general real estate consulting and advisory services with respect to the leases and the implementation of the strategy. The firm will be paid at these following rates: (a) Monthly Consultung Fee of $150,000; (b) Rent Deferred Lease Fee equal to 1.5 percent of any rent that is deferred from when it becomes due, owing, and payable in connection with an applicable Rent Deferred Lease; (c) Rent Deferral – for each lease that becomes a Rent Deferred Lease, Hilco shall earn a fee equal to the Rent Deferred Lease Fee. (d) Restructured Lease Savings Fee - an amount equal to the sum of (x) the aggregate Restructured Lease Savings during the 41 month period from and after the effective date of the Restructured Lease multiplied by 3.25 percent plus (y) the aggregate Restructured Lease Savings thereafter multiplied by 3 percent; (e) Term Extended Lease Fee - an amount equal to 25 percent of one month of gross rent; (f) Term Shortened Lease Fee - an amount equal to one-third of one month of gross rent under such Term Shortened Lease; (g) Restructuring – for each lease that becomes a Restructured Lease, Hilco shall earn a fee equal to the Restructured Lease Savings Fee; (h) Term Shortening - for each lease that becomes a Term Shortened Lease, Hilco shall earn a fee equal to the Term Shortened Lease Fee; (i) Term Extension - for each lease that becomes a Term Extended Lease, Hilco shall earn a fee equal to the Term Extended Lease Fee; (j) Downsize Option - for each lease that becomes a Downsize Option Lease, Hilco shall earn a fee equal to the Downsize Option Lease Fee; and (k) Free and Clear - all fees payable to Hilco hereunder shall be free and clear of any liens, claims, and encumbrances. In addition, the firm will seek reimbursement for expenses incurred. Eric Kaup, an executive vice president at Hilco Real Estate, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Eric W. Kaup Hilco Real Estate LLP 5 Revere Dr., Ste. 410 Northbrook, IL 60062 Telephone: (855) 755-2300 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; Ernst & Young LLP as tax advisory services provider; and PJT Partners, Inc., as investment banker. Omni Agent Solutions, Inc., is the claims agent. AT HOME GROUP: Seeks to Hire PJT Partners as Investment Banker -------------------------------------------------------------- At Home Group Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ the PJT Partners LP as investment banker. The firm will render these services: (a) assist the evaluation of the Debtors' businesses and prospects; (b) assist the development of financial data and presentations to the Debtors' board of directors, various creditors, and/or other third parties; (c) analyze various transaction scenarios and the potential impact of these scenarios on the recoveries of those stakeholders impacted by a transaction; (d) provide strategic advice with regard to any proposed transaction; (e) evaluate the Debtors' debt capacity and alternative capital structures; (f) participate in negotiations among the Debtors, their creditors, and/or potential financing parties; (g) value securities offered by the Debtors in connection with a transaction; (h) advise the Debtors and negotiate with lenders with respect to potential waivers or amendments of various obligations; (i) assist in arranging financing for the Debtors, as requested; (j) provide expert witness testimony concerning any of the subjects encompassed by the other investment banking services; and (k) provide such other advisory services as are customarily provided in connection with the analysis and negotiation of a transaction similar to a potential transaction, as requested and mutually agreed. The firm will be paid at these following fees: (a) Monthly Fee of $175,000; (b) Capital Raising Fee (i) Senior Debt of 1 percent of the total issuance and/or committed amount of senior debt financing; (ii) Structured Financing/Junior Debt/Unsecured Debt Financing of 2.50 percent of the total issuance and/or committed amount of (a) Structured Financing, (b) junior debt financing, or (c) unsecured debt financing; and (iii) Equity Financing of 4 percent of the issuance amount for equity financing. (c) Restructuring Fee equal to $13,500,000, earned and payable upon the consummation of a chapter 11 plan or any other Restructuring pursuant to an order of the Court or other applicable court. In addition, the firm will seek reimbursement for expenses incurred. Jamie Baird, a partner at PJT Partners, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jamie Baird PJT Partners LP 280 Park Avenue New York, NY 10017 Telephone: (212) 364-7800 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; Ernst & Young LLP as tax advisory services provider; and PJT Partners, Inc., as investment banker. Omni Agent Solutions, Inc., is the claims agent. AT HOME GROUP: Seeks to Tap Ernst & Young as Tax Advisory Provider ------------------------------------------------------------------ At Home Group Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Ernst & Young LLP as tax advisory services provider. The firm will rendeer these services: (a) Bankruptcy Tax Advisory Services: (i) assist the Debtors in developing and understanding the tax implications associated with their Chapter 11 filing and restructuring. (b) Tax Credit Services: (i) assist the Debtors in determining eligibility for the work opportunity tax credit. The firm will be paid at these hourly rates: Partner/Principal $1,150 Managing Director $1,400 Senior Manager $1,100 Manager $950 Senior $700 Staff $500 In addition, the firm will seek reimbursement for expenses incurred. The firm received retainer payments of $200,000 and $39,592, respectively, from the Debtors. Molly Ericson, a managing director at Ernst & Young, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Molly Ericson Ernst & Young LLP 395 9th Ave Fl. 1 New York, NY 10001 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; Ernst & Young LLP as tax advisory services provider; and PJT Partners, Inc., as investment banker. Omni Agent Solutions, Inc., is the claims agent. AVON PRODUCTS: Insurers Slam Chapter 11 Plan for Talc Injury Claims ------------------------------------------------------------------- Rick Archer of Law360 reports that several insurers are urging a Delaware bankruptcy judge to block Avon Products' Chapter 11 plan, arguing it would unfairly obligate them to cover potentially unfounded talc injury claims. About AIO US, Inc. AIO US Inc., Avon Products Inc. and some of its affiliates are manufacturers and marketers of beauty, fashion, and home products with operations and customers across the globe. AIO US and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11836) on Aug. 12, 2024. In the petition filed by Philip J. Gund as chief restructuring officer, AIO US disclosed $1 billion to $10 billion in assets and debt. Richards, Layton & Finger, P.A. and Weil, Gotshal & Manges LLP are counsel to the Debtors. Ankura Consulting Group LLC serves as restructuring advisor to the Debtors. Rothschild & Co US Inc is the Debtors' investment banker and financial advisor. Epiq Corporate Restructuring LLC acts as claims and noticing agent to the Debtors. AZEK GROUP: S&P Withdraws 'BB-' Issuer Credit Rating ---------------------------------------------------- S&P Global Ratings removed its ratings on The Azek Group LLC from CreditWatch where S&P placed them with positive implications on March 25, 2025. S&P subsequently withdrew all its ratings on the company, including its 'BB-' issuer credit ratings, following the close of its acquisition by James Hardie International Group Ltd. because all of its rated debt has been repaid. BAMBOO US: Cliffwater Corporate Marks $2.3MM Loan at 83% Off ------------------------------------------------------------ Cliffwater Corporate Lending Fund (CCLFX) has marked its $2,380,000 loan extended to Bamboo US Bidco LLC loan to market at $412,115 or 17% 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 Bamboo US Bidco LLC. The loan accrues interest at a rate of 9.54% per annum. The loan matures on September 30, 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 Bamboo US Bidco LLC Bamboo US Bidco LLC is engaged in the manufacture and supply of medical equipment and supplies. BAUSCH RECEIVABLES: Cliffwater Corporate Marks $12M Loan at 50% Off ------------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $12,000,000 loan extended to Bausch Receivables Funding LP loan to market at $5,981,725 or 50% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Revolver Loan to Bausch Receivables Funding LP. The loan accrues interest at a rate of 10.97% per annum. The loan matures on January 28, 2028. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Bausch Receivables Funding LP Bausch Receivables Funding LP is engaged in the production and supply of pharmaceutical products. BECKER INC: Court Extends Cash Collateral Access to Aug. 8 ---------------------------------------------------------- Becker, Inc. got the green light from the U.S. Bankruptcy Court for the Western District of Kentucky to use cash collateral through August 8, in accordance with its agreement with PNB Bank, NA along with other secured creditors. The court authorized the Debtor to use cash collateral to pay insurance premiums, taxes, utilities, administrative expenses, compensation, adequate protection payments and ordinary trade payables arising after the petition date in accordance with its budget. As protection, PNC Bank and other creditors that may assert interests in the cash collateral will be granted replacement liens on all of the post-petition property of the company that is similar to their pre-bankruptcy collateral. In addition, PNC Bank will receive a monthly payment of $4,395.42 as further protection. Aside from PNC, the other creditors with an interest in the Debtor's cash collateral are Seacoast National Bank, Bluevine Capital Inc., ByzFunder, LLC, On Deck Capital, Inc., CT Corporation System, as representative of unindentified secured party, CAN Capital, Inc. LLSV, Funding Metrics, LLC, and VState Filings, as representative of unidentified secured party. A copy of the motion is available at https://urlcurt.com/u?l=exfHx8 from PacerMonitor.com. About Becker Inc. Becker, Inc. has two convenient superstore locations specializing University of Louisville & University of Kentucky apparel, gifts, and accessories. Becker sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 24-31386) on May 29, 2024, with up to $10 million in both assets and liabilities. Becker President John I. Becker signed the petition. Judge Charles R. Merrill oversees the case. The Debtor is represented by Charity S. Bird, Esq., at Kaplan Johnson Abate & Bird, LLP. PNC Bank, NA, as secured creditor, is represented by Keith J. Larson, Esq. at Morgan Pottinger McGarvey. BEELINE HOLDINGS: CEO Liuzza Increases Series G Investment to $4M ----------------------------------------------------------------- Beeline Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Mr. Nicholas Liuzza, Jr., the principal shareholder, Chief Executive Officer and a director of the Company increased his ownership of the Company's securities by purchasing $151,000 of units comprised of a total of 296,078 shares of Series G Convertible Preferred Stock and five-year Warrants to purchase a total of 145,797 shares of common stock at an exercise price of $0.66 per share (subject to adjustment), in exchange for $151,000 of prior advances made to the Company. Mr. Liuzza had previously purchased $3,897,159 of Series G and accompanying warrants in transactions prior to June 13, 2025, for a total investment in the Series G and accompanying warrants of $4,048,159. The number of underlying shares of common stock and conversion and exercise prices of these securities were adjusted as a result of price protection adjustment provisions set forth therein, and may be subject to further adjustments based on lower priced sales of common stock or common stock equivalents by the Company or if the Company obtains waivers to such adjustment provisions from the holders of these securities. Conversions of Series G and exercise of warrants are subject to shareholder approval as and to the extent required by the rules of The Nasdaq Capital Market. The purchase was approved by the Company's Audit Committee. The purchase prices were on the same terms as paid by other unaffiliated investors. The Company intends to use the proceeds to repay indebtedness, for working capital and general corporate purposes. In connection with the foregoing, the Company entered into a Securities Purchase Agreement and Registration Rights Agreement with Mr. Liuzza. The terms of the Securities Purchase Agreement, Series G, Warrants, and related Registration Rights Agreement were previously disclosed in the Current Report on Form 8-K filed on December 3, 2024. The offers and sales of the units were exempt from registration Section 4(a)(2) of the Securities Act of 1933 and Rule 506(b) promulgated thereunder. About Beeline Holdings Beeline Financial Holdings, Inc. is a trailblazing mortgage fintech transforming the way people access property financing. Through its fully digital, Al-powered platform, Beeline delivers a faster, smarter path to home loans-whether for primary residences or investment properties. Headquartered in Providence, Rhode Island, Beeline is reshaping mortgage origination with speed, simplicity, and transparency at its core. The company is a wholly owned subsidiary of Beeline Holdings and also operates Beeline Labs, its innovation arm focused on next-generation lending solutions. Boca Raton, Florida-based Salberg & Company, P.A., the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred recurring losses and negative cash flows from operations since its inception, has a significant working capital deficit, and is dependent on debt and equity financing. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $66.5 million in total assets, $17.5 million in total liabilities, and a total stockholders' equity of $49 million. BIO GYMNASTICS: Court Extends Cash Collateral Access to July 25 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division issued a second interim order authorizing BIO Gymnastics and Athletics Unlimited, LLC to continue using cash collateral. The second interim order authorized the Debtor to use cash collateral based on the budget filed with the court to fund operations from June 23 to July 25. The interim order granted Tandem Bank and merchant cash advance lenders valid and properly perfected liens on all property (except Chapter 5 avoidance actions) acquired by the Debtor after the petition date similar to their pre-bankruptcy collateral. In addition, the Debtor must make a $6,500 payment to Tandem Bank by July 18 as further protection. A continued hearing is scheduled for July 24. Tandem Bank asserts a first priority lien and interest in the Debtor's assets based on the loan it provided to the Debtor in the principal amount of $730,000. Meanwhile, the Debtor owed $410,960 to the MCA lenders as of the petition date. Tandem Bank is represented by: Leslie M. Pineyro, Esq. Jones & Walden, LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 (404) 564-9300 lpineyro@joneswalden.com About BIO Gymnastics and Athletics Unlimited BIO Gymnastics and Athletics Unlimited, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-20676) on May 14, 2025. Judge James R. Sacca presides over the case. Antoinette C. Martin, Esq., at ACM Law Group, P.C., represents the Debtor as legal counsel. BISHOP OF FRESNO: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: The Roman Catholic Bishop of Fresno Roman Catholic Diocese of Fresno 1550 North Fresno Street Fresno, CA 93703 Business Description: The Roman Catholic Bishop of Fresno, a corporation sole, is a California nonprofit religious organization that administers the temporal affairs of the Roman Catholic Diocese of Fresno. It provides leadership, support services, and resources to 87 parishes, diocesan schools, cemeteries, and Catholic-based social and community service organizations across the diocese. Its operations are primarily funded through parish and school assessments, donations, grants, service fees, cemetery pre-need sales, and investment income. Chapter 11 Petition Date: July 1, 2025 Court: United States Bankruptcy Court Eastern District of California Case No.: 25-12231 Judge: Hon. Rene Lastreto II Debtor's Counsel: Hagop T. Bedoyan, Esq. McCORMICK, BARSTOW, SHEPPARD, WAYTE & CARRUTH 7647 North Fresno Street Fresno, CA 93720 Tel: 559-433-1300 Email: hagop.bedoyan@mccormickbarstow.com Debtor's Claims & Noticing Agent: DONLIN, RECANO, AND COMPANY, INC. Estimated Assets: $50 million to $100 million Estimated Liabilities: $50 million to $100 million The petition was signed by The Most Reverend Joseph V. Brennan as Bishop. A full-text copy of the petition is available for free on PacerMonitor at: List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. JCCP 5108 Pltf. #1450 Tort Claimant Unknown John Doe MR 1431 c/o Jeff Anderson & Associates, PA 12011 San Vicente Blvd. Ste. 700 Los Angeles, CA 90049 Michael Finnegan, Esq. Email: mfinnegan@andersonadvocates.com Phone: (310) 357-2425 2. JCCP 5108 Plft. #1242 Tort Claimant Unknown John Doe MR 1164 c/o Jeff Anderson & Associates PA 12011 San Vicente Blvd. Ste. 700 Los Angeles, CA 90049 Michael Reck, Esq. Email: mreck@andersonadvocates.com Phone: (310) 357-2425 3. JCCP 5108 Pltf. #1172 Tort Claimant Unknown John Doe FR 1903 c/o Jeff Anderson & Assocates PA 12011 San Vicente Blvd. Ste. 700 Los Angeles, CA 90049 Michael Reck, Esq. Email: mreck@andersonadvocates.com Phone: (310) 357-2425 4. JCCP 5108 Pltf. #1328 Tort Claimant Unknown John Doe FR 1211 c/o Jeff Anderson & Associates, PA 12011 San Vicente Blvd. Ste. 700 Michael Finnegan, Esq. Email: mfinnegan@andersonadvocates.com Phone: (310) 357-2425 5. JCCP 5108 Pltf. #630 Tort Claimant Unknown Jane Roe 190 c/o Slater Slater Schulman, LLP 8383 Wilshire Blvd. Suite 255 Beverly Hills, CA 90211 Michael W. Carney Email: MCarney@sssfirm.com Phone: 310-341-2086 6. JCCP 5108 Pltf. #1589 Tort Claimant Unknown Jane Roe 424 c/o Slater Slater Schulman, LLP 8383 Wilshire Blvd., Ste. 255 Beverly Hills, CA 90211 Ryan Camastra, Esq. Email: RCamastra@sssfirm.com Phone: 310-341-2086 7. JCCP 5108 Pltf. #658 Tort Claimant Unknown John Roe 420 c/o Slater Slater Schulman, LLP 8383 Wilshire Blvd., Ste. 255 Beverly Hills, CA 90211 Ryan Camastra, Esq. Email: RCamastra@sssfirm.com Phone: 310-341-2086 8. JCCP 5108 Pltf. #948 Tort Claimant Unknown John Doe MR 438 c/o Joseph George, JR. Law Corp. 601 University Avenue, Suite 270 Sacramento, CA 95825 Joseph George, Jr., Esq. Email: mailbox@psyclaw.com Phone: 916-641-7300 9. JCCP 5108 Pltf. #945 Tort Claimant Unknown Joseph Doe FR 595 c/o Law Offices of Joseph C. George 601 University Avenue, Suite 270 Sacramento, CA 95825 Joseph George, Jr., Esq. Email: mailbox@psyclaw.com Phone: 916-641-7300 10. JCCP 5108 Pltf. #936 Tort Claimant Unknown Jennifer Doe FR 434 c/o Law Offices of Joseph C. George 601 University Avenue, Suite 270 Sacramento, CA 92825 Joseph George, Jr., Esq. Email: mailbox@psyclaw.com Phone: 916-641-7300 11. JCCP 5108 Plft. #289 Tort Claimant Unknown John Doe 138 c/o Winer, Burritt & Scott, LLP 1901 Harrison Street, Suite 1100 Oakland, CA 94612 John D. Winer, Esq. Email: john@wbslawyers.com Phone: 510-433-1000 12. JCCP 5108 Ptlf. #588 Tort Claimant Unknown John Doe 182 c/o Winer, Burritt & Scott, LLP 1901 Harrison Street, Suite 1100 Oakland, CA 94612 Erika Scott, Esq. Email: erika@wbslawyers.com Phone: 510-433-1000 13. JCCP 5108 Pltf. #299 Tort Claimant Unknown John Doe 573 c/o Winer, Burritt & Scott LLP 1901 Harrison Street, Suite 1100 Oakland, CA 94612 John D. Winer, Esq. Email: john@wbslawyers.com Phone: 510-433-1000 14. JCCP 5108 Pltf. 858 Tort Claimant Unknown John Doe GAB c/o Boucher LLP 21600 Oxnard Street, Suite 600 Woodland Hills, CA 91367 Raymond Boucher, Esq. Email: Ray@boucher.ia Phone: 818-340-5400 15. JCCP 5108 Pltf. #1134 Tort Claimant Unknown Jane Doe SRA c/o Boucher LLP 21600 Oxnard Street, Suite 600 Woodland Hills, CA 91367 Raymond Boucher, Esq. Email: Ray@boucher.la Phone: 818-340-5400 16. JCCP 5108 Pltf. #834 Tort Claimant Unknown John Doe CLG03348 c/o Edwards & De La Cerda 3500 Maple Avenue, Suite 1100 Dallas, TX 75219 Peter De La Cerda, Esq. Email: peter@edwardsdelacerda.com Phone: 214-888-6502 17. JCCP 5108 Pltf. #811 Tort Claimant Unknown John Doe CLG03358 c/o Edwards & De La Cerda. 3500 Maple Avenue, Suite 1100 Dallas, TX 75219 Peter De La Cerda, Esq. Email: peter@edwardsdelacerda.com Phone: 214-888-6502 18. JCCP 5108 Pltf. #1512 Tort Claimant Unknown WG c/o Herman Law 9434 Deschutes Road, Suite 1000 Palo Cedro, CA 96073 Justin Felton, Esq. Email: jfelton@hermanlaw.com Phone: 305-931-2200 19. JCCP 5108 Pltf. #1562 Tort Claimant Unknown LL John Doe VM c/o Liakos Law, APC 955 Deep Valley Drive, Suite 3900 Palos Verdes Peninsula, CA 90274 Jennifer R. Liakos, Esq. Email: jenn@JennLaikoslaw.com Phone: 310-961-0066 20. JCCP 5108 Pltf. #352 Tort Claimant Unknown John FR-5 Doe c/o Manly, Stewart & Finaldi 19100 Von Karman Avenue, Ste. 800 Irvine, CA 92612 John C. Manly, Esq. Email: jmanly@manlystewart.com Phone: 949-252-9990 BISHOP OF FRESNO: Diocese Files for Chapter 11 Amidst Abuse Claims ------------------------------------------------------------------ The Roman Catholic Bishop of Fresno ("RCBF"), also known as the Diocese of Fresno, has sought Chapter 11 protection to address over 150 sexual abuse claims. The Diocese said that since 1995, the RCBF has had protocols in place to respond to reports of sexual abuse and related issues. And it continues to atone for the "horrible sin of clergy sexual abuse." In 2002, California enacted one of the first state of limitations revival windows in the U.S. During that period, less than 25 claims were filed against the RCBF. As a result of negotiations and mediation sessions, the parties reached a global settlement of all the pending claims. In 2019, in a further effort to address acts of abuse by church personnel, the RCBF joined five other dioceses in California in establishing an Independent Compensation Program. Eleven individuals accepted settlement offers by the administrators and the RCBF paid out $1.03 million to resolve those claims. Effective Jan. 1, 2020, the California Legislature enacted AB 218, the most recent legislative revival of the statute of limitations, which established a three-year revival window from 2020 to 20222. As part of the window created by AB 218, 160 individuals have filed civil actions in which the RCBF is named as a defendant but 7 of those cases were settled through mediation, leaving approximately 153 currently pending cases. The RCBF says it has not sought relief in Chapter 11 to avoid responsibility for past misconduct by clergy, nor to hide the truth or to deny claimants their day in court. The RCBF enters Chapter 11 as a further step toward fulfilling its moral obligation to try to compensate all abuse survivors fairly and within a reasonable amount of time. It would not be fair for any single plaintiff to recover a disproportionate share of the limited assets available from the RCBF and its insurance simply because that plaintiff's case proceeds to trial first. The RCBF intends to negotiate a plan of reorganization as soon as possible which will (a) provide a process to fully, fairly and expeditiously resolve claims of abuse survivors, (b) allocate compensation fairly among the legitimate competing interests for such property, and (c) permit the RCBC to carry on the RCBF's essential ministries and services to that the RCBF can continue to meet the nedds o catholic entities, parishioners, and others who rely on the RCBF's ministry, education and charitable outreach. For its fiscal year ended June 30, 2024, RCBF's revenues were approximately $42.3 million. The Chapter 11 petition indicates assets exceeding $94 million and liabilities exceeding $798 million. The tort claims on account of the clergy abuses are presently classified as "contingent, unliquidated, and disputed" in the Debtor's list of largest unsecured creditors. About the Diocese of Fresno The Roman Catholic Bishop of Fresno ("RCBF"), also known as the Diocese of Fresno, was erected by the Holy See in Rome in December 1967. The Diocese of Fresno is divided into nine vicariates and encompasses the counties of Fresno, Inyo, Kern, Kings, Madera, Merced, Mariposa and Tulare, covering an area of 35,200 miles and inclues 87 parishes, and 21 Catholic schools operated by the DIoces of Fresno Education Corporation. Approximately 2 bishops, 114 diocesan priests and 89 permanent deacons serve the Fresno Diocese, the parishes and the schools. The RCBF is led by Bishop Joseph V. Brennad, D.D., who was installed as the sixth biooph of the Diocese of Fresno on May 2, 20219. The Roman Catholic Bishop of Fresno filed for Chapter 11 bankruptcy in Fresno, California (Banrk. E.D. Cal. Case No. 25-12231) on July 1, 2025. The Honorable René Lastreto II is the case judge. McCormick, Barstow, Sheppard, Wayte & Carruth LLP is the Debtor's attorney. GlassRatner Advisory & Capital Group, LLC is the Diocese's financial advisor. Donlin, Recano & Company, LLC, is the claims agent. BISHOP OF SAN DIEGO: Arias Sanguinetti Represents Abuse Claimants ----------------------------------------------------------------- The law firm of Arias Sanguinetti Wang & Team, LLP ("ASWT") 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. Arias Sanguinetti Wang & Team, LLP has offices at 6701 Center Drive West, Suite 1400, Los Angeles, CA 90045; 2033 North Main Street, Suite 1000, Walnut Creek, CA 94596; and 7251 West Lake Mead Blvd., Suite 114, Las Vegas, NV 89128. Attorneys Mike Arias, Sahar Malek, and Donna Maryanski, among others at Arias Sanguinetti Wang & Team, LLP, are duly licensed to practice before Courts of the State of California and the United States District Court for the Southern District of California. Arias Sanguinetti Wang & Team, LLP individually represents each Sexual Abuse Claimant listed in this disclosure. Due to confidentiality, each Claimant has been identified by their Sexual Abuse Proof of Claim Form number. Pursuant to individual fee agreements, Arias Sanguinetti Wang & Team, LLP 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. Arias Sanguinetti Wang & Team, LLP's interest relative to each Claimant is outlined in each retainer agreement executed by the Claimant. Each Claimant maintains an individual economic interest against the Debtor. The law firm can be reached at: Mike Arias, Esq. Sahar Malek, Esq. Donna Maryanski, Esq. ARIAS SANGUINETTI WANG & TEAM LLP 6701 Center Drive West, Suite 1400 Los Angeles, California 90045 Telephone: (310) 844-9696 Facsimile: (310) 861-0168 Email: LAService@aswtlawyers.com Email: SILTeam@aswtlawyers.com Email: DMMTeam@aswtlawyers.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. 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: KBA Attorneys Represent Sexual Abuse Claimants ------------------------------------------------------------------- The law firm of Fiore Achermann and Ketterer, Browne & Associates, LLC ("KBA 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. Fiore Achermann has an office at 605 Market Street, Suite 1103, San Francisco, California 94105. Attorneys Sophia Achermann, among others at Fiore Achermann, are duly licensed to practice before the Courts of the State of California and the United States District Court for the Southern District of California. KBA Attorneys has an office at 336 S. Main Street, Suite 2A-C, Bel Air, Maryland 21014. Attorney Andrew G. LeClair has been pro hac viced before the Courts of the State of California and the United States District Court for the Southern District of California. Fiore Achermann and KBA Attorneys dually represent 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. Pursuant to individual fee agreements, KBA 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 firms can be reached at: FIORE ACHERMANN Sophia Achermann, Esq. 605 Market Street, Suite 1103, San Francisco, California 94105 Telephone: (415) 550-0650 Email: Sophia@theFAfirm.com Ketterer, Browne & Associates, LLC Andrew G. LeClair, Esq. 336 S. Main Street, Suite 2A-C Bel Air, Maryland 21014 Email: Andy@KBAAttorneys.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. 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: Nye Stirling Represents Sexual Abuse Claimants ------------------------------------------------------------------- The law firm of Nye, Stirling, Hale, Miller & Sweet, LLP ("NSHMS") 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. NSHMS has offices at 33 West Mission Street, Ste 201, Santa Barbara, CA 93101 and 101 Pennsylvania Boulevard, Ste 2, Pittsburgh, PA 15228. Attorneys Timothy C. Hale, among others at NSHMS, are duly licensed to practice before Courts of the State of California and the United States District Courts for the Central, Eastern, Northern and Southern Districts of California. NSHMS, together with Berger Montague PC and Motley Rice, LLC, 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. Pursuant to individual fee agreements, NSHMS 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. The law firm can be reached at: NYE, STIRLING, HALE, MILLER & SWEET, LLP Timothy C. Hale, Esq. 33 West Mission Street, Ste 201 Santa Barbara, CA 93101 Telephone: (805) 963-2345 Email: tim@nshmlaw.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. 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: Slater Slater Advises Sexual Abuse Claimants ----------------------------------------------------------------- The law firm of Slater Slater Schulman, 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. Slater Slater Schulman has offices at 8383 Wilshire Blvd., Suite 255, Beverly Hills, CA 90211 and 445 Broad Hollow Rd., Suite 419, Melville, NY 11747. Attorneys Alexandra Sagona, among others at Slater Slater Schulman, are duly licensed to practice before Courts of the State of California and the United States District Court for the Southern District of California. Slater Slater Schulman individually represents each Sexual Abuse Claimant listed in this disclosure. Due to confidentiality, each Claimant has been identified by their Sexual Abuse Proof of Claim 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. Slater Slater Schulman 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: SLATER SLATER SCHULMAN, LLP Alexandra Sagona, Esq. Michael Carney, Esq. 8383 Wilshire Blvd, Ste 255 Beverly Hills, CA 90211 Telephone: 310-341-2086 Email: asagona@sssfirm.com mcarney@sssfirm.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. 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: Zalkin Law Represents Sexual Abuse Claimants ----------------------------------------------------------------- The law firm of Zalkin Law LLP and The Zalkin Law Firm P.C. ("ZLF") 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. ZLF has offices at 10590 West Ocean Air Drive, Suite 175, San Diego, CA 92130 and 305 Broadway, 7th Floor, New York City, NY 10007.Attorney Irwin M. Zalkin and other attorneys at ZLF, are duly licensed to practice before Courts of the State of California and the United States District Court for the Southern District of California. ZLF individually represents each Sexual Abuse Claimant listed in this disclosure. Due to confidentiality, each Claimant has been identified by their Sexual Abuse Proof of Claim 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, ZLF 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: ZALKIN LAW LLP/THE ZALKIN LAW FIRM Irwin M. Zalkin, Esq. Devin M. Storey, Esq. 10590 West Ocean Air Drive, Suite 175 San Diego, CA 92130 Telephone: 858-259-3011 Email: Irwin@zalkin.com dms@zalkin.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. 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. BLUE CLOUD: Cliffwater Corporate Marks $6.2MM Loan at 33% Off ------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $6,282,029 loan extended to Blue Cloud Pediatric Surgery Centers, LLC loan to market at $4,235,973 or 67% 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 Blue Cloud Pediatric Surgery Centers, LLC. The loan accrues interest at a rate of 9.32% per annum. The loan matures on January 21, 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 Blue Cloud Pediatric Surgery Centers, LLC Blue Cloud Pediatric Surgery Centers LLC specialize in pediatric dentistry and oral surgery under general anesthesia for pediatric and special needs patients. BOSTON BOATWORKS: Unsecureds Will Get 2.75% in Liquidating Plan --------------------------------------------------------------- Boston Boatworks LLC filed with the U.S. Bankruptcy Court for the District of Massachusetts an Amended Disclosure Statement with respect to Amended Plan of Liquidation dated June 16, 2025. The Debtor is a Massachusetts limited liability company that was formed in 1996, with its principal place of business in Charlestown, Massachusetts. Scott Smith is the CEO of the Debtor and owns all of the membership interests in the Debtor. On the Petition Date, the Debtor's tangible assets consisted principally of (a) various items of heavy equipment used to move boats and other heavy items, including a travel lift, a hydraulic trailer, two (2) gantry cranes and a number of fork lifts, (b) tools, saws, pumps, compressors, painting equipment and other similar items used in the construction of boats, (c) molds for the BB44 yacht and related tooling, (d) a bare hull for a BB44, (e) miscellaneous parts used in the construction of boats, (f) office furniture, computers and printers, (d) miscellaneous items such as boat stands, shelving, racking and the like. The Debtor's intangible assets, consisted primarily of: (a) cash, (b) designs for the BB44, (c) contracts with some of the customers for the service business, (d) a trademarked Boston Boatworks logo, and (e) goodwill associated with the Debtor's service business. Based on the Schedules and the filed proofs of claim, the asserted General Unsecured Claims against the Debtor total approximately $6,100,000. Assuming that CMC does not have an Allowed Secured Claim, General Unsecured Claims will receive a dividend of approximately two and three quarters percent (2.75%) of their claims. The Plan will be funded from the sale of the Debtor's assets that has occurred and from the liquidation of the Debtor's remaining assets. Allowed Secured Claims, Allowed Administrative Expense Claims and Allowed Priority Claims will be paid in full, and it is expected that General Unsecured Claims will receive a dividend. Class 5 consists of the Allowed General Unsecured Claims. In full and complete satisfaction, settlement, discharge and release of their respective Claims, each holder of an Allowed General Unsecured Claim shall receive from the Plan Fund: (i) after the payment in full of any Senior Allowed Claims, Pro Rata payments from the Plan Fund until all Allowed Class 4 Claims are paid in full, or (ii) treatment as agreed between the Debtor or the Reorganized Debtor and the holder of the Allowed Class 4 Claim. Except as otherwise provided for in the Plan, no Insider of the Debtor that holds an Allowed General Unsecured Claim shall receive any distributions or any transfers on account of their Allowed General Unsecured Claims until the Allowed General Unsecured Claims of all non-Insider creditors have been paid in full in accordance with the terms of the Plan. The Class 5 Claims are impaired. Class 6 consists of the Allowed Equity Interests in the Debtor. In full and complete satisfaction, settlement, discharge and release of the Allowed Equity Interests, the holder of an Allowed Equity Interest shall receive, on the later to occur of the Effective Date or the date such Equity Interest becomes Allowed Equity Interest: (i) after the payment in full of any Senior Allowed Claims, payment of any balance remaining in the Plan Fund, or (ii) treatment as agreed between the Debtor or the Reorganized Debtor and the holder of the Allowed Equity Interests. Confirmation of the Plan and the occurrence of the Effective Date shall constitute authorization for the Reorganized Debtor, without a further order of the Bankruptcy Court, to sell, lease, exchange, transfer, convey or otherwise dispose of any Assets remaining after the closing of the Sale free and clear of all liens, claims and interests, with all valid liens against such Assets, if any, attaching the Net Proceeds of the sale of such Assets to the same extent, priority and validity as existed at the time of the sale. Except as otherwise provided in the Plan, the Reorganized Debtor, as of the Effective Date, shall be vested with all of the Debtor's Assets. Except expressly provided in the Plan or in a Final Order of the Bankruptcy Court, no Assets shall be deemed abandoned and none of the Debtor's defenses, set-offs, counterclaims or rights of recoupment shall be deemed waived, released or compromised. Upon the Effective Date, the Reorganized Debtor shall be vested with the standing of and with all rights, powers and benefits afforded to a "trustee" under the Bankruptcy Code. A full-text copy of the Amended Disclosure Statement dated June 16, 2025 is available at https://urlcurt.com/u?l=Q53n5d from PacerMonitor.com at no charge. Counsel to the Debtor: D. Ethan Jeffery, Esq. Conner B. Vereaux, Esq. MURPHY& KING, P.C. 28 State Street, Suite 3101 Boston, MA 02109 Telephone: (617) 423-0400 Email: ejeffery@murphyking.com cverreaux@murphyking.com About Boston Boatworks LLC Boston Boatworks LLC builds ocean-going yachts using composite materials and cutting-edge manufacturing techniques. The company also operates a service business offering boat storage, maintenance, and improvement. For years prior to the Petition Date, the Debtor built luxury yachts for other companies. In 2021, the Debtor began designing its own line of luxury yachts. Boston Boatworks LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-10071) on Jan. 14, 2025. In its petition, the Debtor estimated assets and liabilities between $1 million and $10 million each. Bankruptcy Judge Christopher J. Panos handles the case. The Debtor is represented by D. Ethan Jeffery, Esq., at MURPHY & KING, PROFESSIONAL CORPORATION, in Boston, Massachusetts. BOY SCOUTS: Distributes About $164MM to Sex Abuse Claimants ----------------------------------------------------------- Yun Park of Law360 Bankruptcy Authority reports that the Boy Scouts of America has paid out close to $164 million to survivors of sexual abuse, as detailed in a recent monthly report from its settlement trust. About Boy Scouts of America The Boy Scouts of America -- https://www.scouting.org/ -- is a federally chartered non-profit corporation under title 36 of the United States Code. Founded in 1910 and chartered by an act of Congress in 1916, the BSA's mission is to train youth in responsible citizenship, character development, and self-reliance through participation in a wide range of outdoor activities, educational programs, and, at older age levels, career-oriented programs in partnership with community organizations. Its national headquarters is located in Irving, Texas. The Boy Scouts of America and affiliate Delaware BSA, LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on Feb. 18, 2020, to deal with sexual abuse claims. Boy Scouts of America was estimated to have $1 billion to $10 billion in assets and at least $500 million in liabilities as of the bankruptcy filing. The Debtors have tapped Sidley Austin LLP as their bankruptcy counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel, and Alvarez & Marsal North America, LLC, as financial advisor. Omni Agent Solutions is the claims agent. The U.S. Trustee for Region 3 appointed a tort claimants' committee and an unsecured creditors' committee on March 5, 2020. The tort claimants' committee is represented by Pachulski Stang Ziehl & Jones, LLP, while the unsecured creditors' committee is represented by Kramer Levin Naftalis & Frankel, LLP. The Debtors obtained confirmation of their Third Modified Fifth Amended Chapter 11 Plan of Reorganization (with Technical Modifications) on September 8, 2022. The Order was affirmed on March 28, 2023. The Plan was declared effective on April 19, 2023. The Hon. Barbara J. House (Ret.) has been appointed as trustee of the BSA Settlement Trust. BRADBURY DEODAR: Seeks to Hire Michael Jay Berger as Legal Counsel ------------------------------------------------------------------ Bradbury Deodar LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ the Law Offices of Michael Jay Berger as counsel. The firm will render these services: (a) prepare a Chapter 11 bankruptcy schedules and statements; (b) advise regarding the Debtor's legal rights and obligations in a bankruptcy proceeding; (c) file notices of automatic stay; (d) assist in preparing the documents and reports required by the Office of the United States Trustee; (e) represent at the first meeting of creditors; (f) represent in opposition to any motion for relief from stay that may be filed; (g) assist in preparing the paperwork needed to continue and conclude a Chapter 11 proceeding; (h) respond to creditor inquiries; (i) review proofs of claim filed in your bankruptcy; (j) object to inappropriate claims; (k) respond to all motions filed in your bankruptcy proceeding; (l) negotiate with creditors as needed; and (m) prepare a proposed disclosure statement and plan of reorganization. The firm will be paid at these hourly rates: Michael Berger, Partner $695 Sofia Davtyan, Partner $645 Angela Gill, Senior Associate $595 Robert Poteete, Mid-Level Associate $475 Senior Paralegal and Law Clerk $275 Paralegal $200 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $25,000, plus $1,738 filing fee from the Debtor. Mr. Berger, the sole owner of the firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Boulevard, 6th Floor Beverly Hills, CA 90212 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 Email: Michael.berger@bankruptcypower.com About Bradbury Deodar LLC Bradbury Deodar LLC is a limited liability company. Bradbury Deodar LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-14929) on June 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Vincent P. Zurzolo handles the case. The Debtor is represented by the Law Offices of Michael Jay Berger. BRIDGE CONSUMER: Cliffwater Corporate Marks $3.3MM Loan at 21% Off ------------------------------------------------------------------ Cliffwater Corporate Lending Fund (CCLFX) has marked its $3,352,131 loan extended to Bridge Consumer Healthcare Intermediate LLC loan to market at $2,642,994 or 79% 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 Bridge Consumer Healthcare Intermediate LLC. The loan accrues interest at a rate of 9.49% per annum. The loan matures on December 22, 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 Bridge Consumer Healthcare Intermediate LLC Bridge Consumer Healthcare Intermediate LLC grows consumer healthcare brands with life-changing impact and specializes in pain relief, women's health, and supplements. BROADWAY REALTY: Court Denies Bid to Use Cash Collateral -------------------------------------------------------- Broadway Realty I Co., LLC and its affiliates failed to win court approval to use nearly $30 million in cash collateral intended for Flagstar Bank, N.A. Flagstar is the Debtors' only secured lender, with mortgages on the Debtors' properties consisting of 93 multi-family residential buildings in New York City. In a bench decision, Judge David Jones of the U.S. Bankruptcy Court for the Southern District of New York denied the Debtors' bid to use Flagstar's cash collateral, ruling that the Debtors failed to meet the "adequate protection" requirement. In their supplemental motion filed in June, the Debtors raised multiple contentions supported by the declaration of valuation expert Michelle Zell and the results of the latest appraisal of the properties conducted by Bowery Valuation in June. The Debtors contended that the value of their properties exceeds the debt owed such that there is an adequate equity cushion on each property and that a 15% equity cushion is sufficient as repeatedly held by courts. The bankruptcy judge, however, found this equity cushion inadequate. "As to the asserted equity cushion with respect to each Debtor, Debtors have not met their burden of establishing the existence of an equity cushion, at least a sufficient one, to alone constitute adequate protection of Flagstar's security interests. Even fully crediting the analysis and testimony of Debtors' valuation expert Michelle Zell, Debtors acknowledge that a subset of Debtors has an equity cushion of less than 18%," Judge Jones said. "This court need not decide whether a figure below 20% could be adequate because, for a subset of Debtors, an insufficient equity cushion is present even crediting Ms. Zell's analysis in full," the bankruptcy judge said. Judge Jones also said that the Debtors' suggestion that those with equity cushions higher than 15% could provide intercompany loans to those with lower equity cushions to protect Flagstar's interests "was not developed in detail or accompanied by financial information to show that such a measure could be feasible to implement." "Even if this were so, the court is concerned that leveling all equity cushions at 15% imposes serious risk on Flagstar given Debtors' seeming ongoing negative cash flow even during a period when they ceased paying their mortgage obligations, and given how speculative it is to think that favorable deal terms could be achieved given the acknowledged challenges facing the rent-regulated housing real estate market, and given Ms. Zell's assumption that a robust marketing period would be required to achieve the sale outcomes she projects," Judge Jones said. Another contention raised by the Debtors is that all of their expenditures will increase the value of the properties by preserving them as going concerns such that the payments are permissible surcharges under Section 506(c) and should be credited as adequate protection payments or deemed not to require separate adequate protection. "At a broad level, the court finds it intuitively logical that actual and necessary expenses of maintaining Debtors' properties and operating their businesses will support the market values of the properties in a manner that may ultimately benefit Flagstar at least to some extent," Judge Jones said. "Nevertheless, the court concludes that Debtors' Section 506(c) contention is overbroad and unsupported, particularly insofar as it seeks to deem payment of Debtors' professional fees as a form of adequate protection or surchargeable payment, but also as to the extent of certain other payments," the bankruptcy judge said. The Debtors' argument that they are providing Flagstar adequate protection by using its cash collateral to pay operating expenses was criticized earlier by the lender. Flagstar argued that many of the Debtors' proposed expenses, including the $9.7 million in estimated professional fees, have nothing to do with operating the properties and are not actual and necessary expenses for adequate protection purposes. Judge Jones said that the denial of the Debtors' motion for further use of cash collateral is "without prejudice," meaning the Debtors can refile their motion. Flagstar's cash collateral consists of two components: (i) post-petition rents from the properties as they are received and (ii) approximately $7.4 million transferred before the Chapter 11 filing and currently held by Flagstar. On May 29, the Debtors obtained interim approval to use approximately $7.4 million in cash collateral to fund their operations and administrative expenses, including professional fees. As of the petition date, the Debtors owed Flagstar approximately $564 million, excluding accrued interest, which is secured by the properties and rents from those properties. About Broadway Realty I Co. Broadway Realty I Co., LLC is a real estate investment business and management company headquartered in New York City. The company operates from its principal location at 2 Grand Central Tower in Manhattan, with its main asset property at 4530 Broadway in New York. It specializes in real estate investment and property management activities across the New York metropolitan area. Broadway Realty I Co. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11050) on May 21,2025. In its petition, Broadway Realty I Co. reported between $500 million and $1 billion in both assets and liabilities. Judge David S. Jones, Esq. handles the cases. The Debtors are represented by Gary Holtzer, Esq., at Weil Gotshal & Manges, LLP. Flagstar Bank, N.A., as creditor, is represented by: Harvey A. Strickon, Esq. Brett Lawrence, Esq. Justin Rawlins, Esq. Nicholas A. Bassett, Esq. PAUL HASTINGS LLP 200 Park Avenue New York, New York 10166 Telephone: (212) 318-6000 Facsimile: (212) 319-4090 Emails: harveystrickon@paulhastings.com brettlawrence@paulhastings.com justinrawlins@paulhastings.com nicholasbassett@paulhastings.com BROWNIE'S MARINE: Cuts Net Loss to $254K in 2024 ------------------------------------------------ Brownie's Marine Group, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the year ended December 31, 2024. In its report, the Company disclosed that: * it incurred net losses of $254,066 and $1,248,115, respectively, for the year ended December 31, 2024 and 2023. * On December 31, 2024, it had an accumulated deficit of $17,940,797. Revenues increased by 8.11% for the year ended December 31, 2024, from 2023, and the Company's gross profit margin increased from 27.8% in 2023 to 41.6% in 2024. * The gross profit is not sufficient to cover its operating expenses of $3,573,279 and $3,277,319 for the 12 months ending December 31, 2024 and 2023, respectively. * Operating expenses include non-cash stock compensation expenses of $159,992 and $81,424 for the years ending December 31, 2024 and 2023, respectively. * In the year ended December 31, 2024, the selling, general and administrative expenses, increased 9.2% from 2023. There are no assurances that the Company will be able to increase its revenues to a level which supports profitable operations and provide sufficient capital to pay its operating expenses and other obligations as they become due. Henderson, Nev.-based Bush and Associates CPA LLC, the Company's auditor since 2024, issued a 'going concern' qualification in its report dated June 13, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company had a net loss of approximately $240,599 and cash used in operating activities of approximately $292,314 for the year ended December 31, 2024, as well as an accumulated deficit of approximately $17,927,329 as of December 31, 2024. These factors raise substantial doubt about the Company's ability to continue as a going concern. Brownie's Marine stated: "Our audited consolidated financial statements included in this Annual Report were prepared assuming we will continue as a going concern, and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue in operation. The report of our independent registered public accounting firm on our audited consolidated financial statements for the year ended December 31, 2024 includes an explanatory paragraph stating the Company has net losses and an accumulated deficit which raises substantial doubt about its ability to continue as a going concern. If the Company is unable to raise additional funds when needed, or does not have sufficient cash flows from sales, it may be required to scale back, delay or cease operations, liquidate assets and possibly seek bankruptcy protection. We have a history of losses, and an accumulated deficit of $17,949,435 as of December 31, 2024. Despite a working capital surplus of $105,210 at December 31, 2024, the continued losses and cash used in operations raise substantial doubt as to the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent upon the Company's ability to continue to increase revenues, control expenses, raise capital, and to continue to sustain adequate working capital to finance its operations. The failure to achieve the necessary levels of profitability and cash flows would be detrimental to the Company. We are continuing to engage in discussions with potential sources for additional capital, however, our ability to raise capital is somewhat limited based upon our revenue levels, net losses and limited market for our common stock. If we fail to raise additional funds when needed, or if we do not have sufficient cash flows from operations, we may be required to scale back or cease certain of our operations." A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/yp3f6em5 About Brownie's Marine Pompano Beach, Fla.-based Brownie's Marine Group, Inc., through its wholly owned subsidiaries, designs, tests, manufactures and distributes tankless dive systems, rescue air systems and yacht-based self-contained underwater breathing apparatus air compressor and nitrox generation fill systems and acts as the exclusive distributor in North and South America for Lenhardt & Wagner GmbH compressors in the high-pressure breathing air and industrial gas markets. The Company is also the exclusive United States and Caribbean distributor for Chrysalis Trading CC, a South African manufacturer of fitness and dive equipment, which is doing business as Bright Weights, of a dive ballast system produced in South Africa. As of December 31, 2024, the Company had $5,766,915 in total assets, $4,186,956 in total liabilities, and $1,579,960 in total stockholders' equity. BROWNIE'S MARINE: Extends $430K Notes Held by Director to November ------------------------------------------------------------------ Brownie's Marine Group, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company and Charles Hyatt, a member of the board of directors, executed: (a) a second amendment to a promissory note in the principal amount of $150,000, which was originally issued by the Company to Hyatt on November 7, 2023, to further extend the 2023 Note's maturity date from May 7, 2025 to November 7, 2025, and (b) a second amendment to a promissory note in the principal amount of $280,000, which was originally issued by the Company to Hyatt on February 5, 2024, to further extend the 2024 Note's maturity date from May 5, 2025 to November 5, 2025. Except as specifically amended by the amendments, the terms and conditions of the 2023 Note and 2024 Note remain in full force and effect. About Brownie's Marine Pompano Beach, Fla.-based Brownie's Marine Group, Inc., through its wholly owned subsidiaries, designs, tests, manufactures and distributes tankless dive systems, rescue air systems and yacht-based self-contained underwater breathing apparatus air compressor and nitrox generation fill systems and acts as the exclusive distributor in North and South America for Lenhardt & Wagner GmbH compressors in the high-pressure breathing air and industrial gas markets. The Company is also the exclusive United States and Caribbean distributor for Chrysalis Trading CC, a South African manufacturer of fitness and dive equipment, which is doing business as Bright Weights, of a dive ballast system produced in South Africa. As of December 31, 2024, the Company had $5,766,915 in total assets, $4,186,956 in total liabilities, and $1,579,960 in total stockholders' equity. Henderson, Nev.-based Bush and Associates CPA LLC, the Company's auditor since 2024, issued a 'going concern' qualification in its report dated June 13, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company had a net loss of approximately $240,599 and cash used in operating activities of approximately $292,314 for the year ended December 31, 2024, as well as an accumulated deficit of approximately $17,927,329 as of December 31, 2024. These factors raise substantial doubt about the Company's ability to continue as a going concern. BURGUNDIAN LLC: Seeks to Tap Madoff & Khoury as Bankruptcy Counsel ------------------------------------------------------------------ The Burgundian, LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Madoff & Khoury LLP to handle its Chapter 11 case. The firm will be paid at these rates: Partner $450 per hour Associate $350 per hour Paralegals $160 per hour The firm received a retainer in the amount of $26,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. David B. Madoff, Esq., a partner at Madoff & Khoury LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David B. Madoff, Esq. Steffani M. Pelton, Esq. Madoff & Khoury LLP 124 Washington Street Foxboro, MA 02035 Telephone: (508) 543-0040 Email: madoff@mandkllp.com About The Burgundian, LLC The Burgundian, LLC operates a food service business offering international street food such as Belgian Liege waffles, Japanese chicken sandwiches, Argentinian sausage dogs, and Filipino noodle bowls. The Burgundian, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 25-11287) on June 24, 2025. At the time of filing, the Debtor estimated $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Judge Christopher J Panos presides over the case. David B. Madoff, Esq. at Madoff & Khoury LLP represents the Debtor as counsel. CAPSTONE GREEN: Sets August 12 for 2025 Annual Meeting ------------------------------------------------------ Capstone Green Energy Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors determined that the Company's 2025 annual meeting of stockholders will be held on August 12, 2025. Additional details regarding the Annual Meeting, including the time and location, will be set forth in the Company's definitive proxy statement for the Annual Meeting to be filed with the U.S. Securities and Exchange Commission. About Capstone Green Energy Capstone Green Energy builds microturbine energy systems and battery storage systems that allow customers to produce power on-site in parallel with the electric grid or stand-alone when no utility grid is available. Capstone Green offers microturbines designed for commercial, oil and gas, and other industrial applications. Los Angeles, Calif.-based Marcum LLP, the Company's auditor since 2017, issued a "going concern" qualification in its report dated September 26, 2024, citing that the Company has a significant working capital deficiency, has incurred significant operating losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2024, the Company had $78.4 million in total assets, $86 million in total liabilities, $13.9 million in redeemable noncontrolling interests and $21.5 million in total stockholders' deficiency. CARNICERIA LOS AMIGOS: Hires Darby Law Practice Ltd as Counsel -------------------------------------------------------------- Carniceria Los Amigos, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Nevada to hire Darby Law Practice, Ltd. as counsel. The firm will render these services: (a) advise the Debtor of its rights, powers and duties in the continued operation of business and management of its properties; (b) take all necessary action to protect and preserve the Debtor's estate; (c) prepare on behalf of the Debtor all necessary legal papers in connection with the administration of its estate; (d) attend meetings and negotiations with the Subchapter 5 trustee, representatives of creditors, equity holders or prospective investors or acquirers and other parties in interest; (e) appear before the court, any appellate courts and the Office of the United States Trustee to protect the interests of the Debtor; (f) pursue approval of confirmation of a plan of reorganization and approval of the corresponding solicitation procedures and disclosure statement; and (g) perform all other necessary legal services in connection with the Chapter 11 case. Kevin Darby, Esq., the primary attorney in this representation, will be billed at his hourly rate of $550. Darby Law Practice received a retainer fee in the amount of $10,000. Mr. Darby disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kevin A. Darby, Esq. Darby Law Practice, Ltd. 499 W. Plumb Lane, Suite 202 Reno, NV 89509 Telephone: (775) 322-1237 Facsimile: (775) 996-7290 Email: kevin@darbylawpractice.com About Carniceria Los Amigos, Inc. Carniceria Los Amigos, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 25-50559) on June 20, 2025, listing $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Hilary L Barnes presides over the case. The Debtors are represented by Kevin A. Darby, Esq. at DARBY LAW. CASCADE PURCHASER: Cliffwater Corporate Marks $1.2M Loan at 65% Off ------------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $1,233,871 loan extended to Cascade Purchaser, LLC loan to market at $437,576 or 35% 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 Cascade Purchaser, LLC. The loan accrues interest at a rate of 9.36% per annum. The loan matures on December 9, 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 Cascade Purchaser, LLC Cascade Purchaser, LLC is a financial strategy firm specializing in restructuring, raising capital, and buying/selling businesses. CDL PARENT: Cliffwater Corporate Marks $251,000 Loan at 69% Off --------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $251,889 loan extended to CDL Parent, Inc. loan to market at $78,435 or 31% 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 CDL Parent, Inc. The loan accrues interest at a rate of 9.45% per annum. The loan matures on December 7, 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 CDL Parent, Inc. CDL Parent, Inc. is a company that was recently formed as part of a change of control for CDL Nuclear Technologies, which provides advanced mobile Rubidium generators and Cardiac PET/CT scanners, designed to improve patient care for hospitals. CHARLES MONEY: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court issued a third interim order allowing Charles Money Logging Inc. to continue using cash collateral of Great Southern Wood Preserving, Inc. The third interim order authorized the Debtor to use cash collateral to pay ordinary and necessary business expenses as set forth in the budget prepared with Great Southern, allowing a 5% deviation per line item. As protection for the Debtor's use of its cash collateral, Great Southern will be granted post-petition first-priority replacement liens on its collateral. In addition, the secured creditor will receive a superpriority administrative expense claim in the event the liens granted to it prove inadequate. Great Southern originally loaned $359,786.46 to the Debtor in September 2024, which was later increased to $683,721.38. The loan is secured by all business assets, including cash, inventory, equipment, and receivables. Great Southern is represented by: Wes Bulgarella, Esq. Maynard Nexsen P.C. 1901 Sixth Avenue North 1700 Regions/Harbert Plaza Birmingham, AL 35203 (205) 254-1000 wbulgarella@maynardnexsen.com About Charles Money Logging Inc. Charles Money Logging Inc. offers logging services, including timber cutting, log harvesting, and wood chipping. Charles Money Logging Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ala. Case No. 25-10442) on April 25, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by J. Kaz Espy, Esq., at THE ESPY FIRM. CHARTER SCHOOL: Gets Court Interim OK for $5MM Chapter 11 Financing ------------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge said he will approve, on an interim basis, a $5 million debtor-in-possession loan for Charter School Capital Inc., which finances charter schools nationwide, as the company aims to complete a sale by July 31, 2025. About Charter School Capital Inc. Charter School Capital Inc. is a provider of funding to charter schools across the U.S. Charter School Capital Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11016) on June 8, 2025. In its petition, the Debtor reported between $10 billion and $50 billion in assets and liabilities. Judge Craig T. Goldblatt oversees the case. The Debtor is represented by James R. Risener, III, Esq., Ethan H. Sulik, Esq., Brett Michael Haywood, Esq., and Aaron H. Stulman, Esq., at Potter Anderson & Corroon, LLP. CK BUILDERS: Seeks Subchapter V Bankruptcy in Texas --------------------------------------------------- On June 30, 2025, CK Builders LLCfiled Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Texas. According to court filing, the Debtor reports up to $50,000 in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About CK Builders LLC 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. CK Builders LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-51458) on June 30, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities up to $50,000. Honorable Bankruptcy Judge Craig A. Gargotta handles the case. The Debtors are represented by William R. Davis, Jr. at LANGLEY & BANACK, INC. CODING SOLUTIONS: Cliffwater Corporate Marks $12.2M Loan at 47% Off ------------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $12,264,726 loan extended to Coding Solutions Acquisition, Inc. loan to market at $6,462,289 or 53% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to Coding Solutions Acquisition, Inc. The loan accrues interest at a rate of 9.43% per annum. The loan matures on August 7, 2031. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Coding Solutions Acquisition, Inc. Coding Solutions Acquisition, Inc. is engaged in the health care and services industry. COLLECTIVE SPEAKERS: Claims to be Paid from Business Revenue ------------------------------------------------------------ Collective Speakers, LLC, filed with the U.S. Bankruptcy Court for the District of Colorado a Small Business Plan of Reorganization under Subchapter V dated June 16, 2025. The Debtor is a Delaware limited liability company that is engaged in representing and promoting speakers for public and private events. The Debtor is owned and operated by Sean Lawton who founded the company in 2018 with Darlene DiFrischia. From the time of its founding the primary goal of Collective Speakers has been to represent and promote speakers focusing on diversity, equity, and inclusion for populations that are less visible or marginalized in the United States. By the time of the Debtor's filing, the Debtor was promoting almost 100 speakers covering a variety of topics. Since the filing of its case, the Debtor has undertaken significant efforts to restructure its operations, reduce expenses, and return to being cash flow positive. The Debtor has commenced an arbitration in an effort to recover the funds misappropriated by Strategic and intends to proceed with the arbitration to recover as many of the funds as possible in order to fund operations and repayment of its creditors. Since the filing of the Debtor's case, the Debtor has also had to shift its operations to adapt to the shifting landscape surrounding DEI that has impacted the Debtor's operations. The Debtor has adjusted to still promote diverse speakers and speakers on diverse issues, but has also shifted to also include additional topics that assist in booking additional events. The Debtor's has also reduced its salaried staff size to minimal levels and will be transitioning to commission based staff to further maximize profit and repay creditors through the Plan. Class 4 is comprised of the general unsecured creditors holding claims against the Debtor. Beginning on the one-year anniversary of the Effective Date of the Plan and continuing each month thereafter, the Debtor shall set aside 100% of the Creditor Funds into the Creditor Account. Each time three deposits have been made into the Creditor Account for a period of four years, the Debtor shall distribute 25% of the Creditor Funds to Class 4 Creditors. A total of sixteen distributions shall be made to Class 4 Creditors over the Plan term. Class 5 is comprised of the pre-petition holders of interests in the Debtor. Class 5 is unimpaired by the Plan. On the Effective Date of the Plan, Class 5 interest holders shall retain all interests held on the Petition Date. The Debtor's Plan is feasible based upon the Debtor's prepared projections, which reflect a conservative but optimistic prediction of the Debtor's operations during the term of the Plan. As evidenced by the projections, the Debtor is projecting significant revenue each year of the Plan. As evidenced by the Debtor's projections, the Debtor has nonetheless anticipated positive revenue, particularly after 2025 and increasing more significantly in 2027. As such, the Debtor anticipates that its plan will be feasible, and the Debtor will be able to make all payments necessary under its Plan of Reorganization. On the Effective Date of the Plan, Sean Lawton shall be appointed pursuant to Section 1142(b) of the Bankruptcy Code for the purpose of carrying out the terms of the Plan, and making all actions deemed necessary or convenient to consummating the terms of the Plan. Mr. Lawton shall receive an annual salary in the amount of $120,000, subject to adjustment as the Debtor determines is reasonable and appropriate. Ms. DiFraschia may also provide services to the Debtor and will be compensated at market rates for such services. A full-text copy of the Plan of Reorganization dated June 16, 2025 is available at https://urlcurt.com/u?l=hWwvH2 from PacerMonitor.com at no charge. About Collective Speakers LLC Collective Speakers, LLC is a full-service speakers bureau specializing in organizing impactful spoken word and lecture events. In addition to event organization, Collective Speakers offers coaching services. With over 27 years in the speaking industry, the bureau provides speech coaching sessions and speech writing services to help individuals enhance their speaking skills and craft compelling presentations. Collective Speakers filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-10783) on Feb. 14, 2025. In its petition, the Debtor reported total assets of $25,000 and total liabilities of $1,956,440. Judge Kimberley H. Tyson handles the case. The Debtor is represented by: Keri L. Riley, Esq. Kutner Brinen Dickey Riley, P.C. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Tel: 303-832-2400 Email: klr@kutnerlaw.com CONCORDE METRO: Seeks to Hire Christiansen Commercial as Realtor ---------------------------------------------------------------- Concorde Metro Seguros, LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Christiansen Real Estate, Inc. d/b/a Christiansen Commercial as realtor. The firm will procure the sale of Debtor's commercial office condominium units located within the Metro Medical Center building at the Bayamon Municipality. The broker will receive a commission equal to five percent of property sold, and six percent of the sales price if the services of a cooperating broker are required. Christiansen Commercial is a "disinterested person", as defined in 11 U.S.C. Sec. 101(14), according to court filings. The broker can be reached through: Ryan G. Christiansen Christiansen Real Estate, Inc. d/b/a Christiansen Commercial P.O. Box 6894 San Juan, PR 00914-6894 Email: ryan@christiansencommercial.com About Concorde Metro Seguros Concorde Metro Seguros LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). The Company's primary business involves managing the Metro Medical Center in Bayamon, Puerto Rico, which serves as its principal asset. Concorde Metro Seguros LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-01269) on March 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Javier Vilarino, Esq. at Vilarino and Associates LLC. CONTRACT MANAGED: Michael Wheatley Named Subchapter V Trustee ------------------------------------------------------------- The Acting U.S. Trustee for Region 8 appointed Michael Wheatley as Subchapter V trustee for Contract Managed Services, LLC. Mr. Wheatley will be paid an hourly fee of $275 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Wheatley declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael E. Wheatley P.O. Box 1072 Prospect, KY 40059 Phone: 502-744-6484 Email: mwheatleytr@gmail.com About Contract Managed Services Contract Managed Services, LLC provides third-party logistics services including contract packaging, order fulfillment, warehousing, and distribution. Founded in 1996, the company now operates over 100,000 square feet of modern facilities in Louisville, Kentucky. It is privately owned and managed by professionals with decades of experience in packaging and distribution. Contract Managed Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 25-31420) on June 14, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Judge Joan A. Lloyd handles the case. The Debtor is represented by Charity S. Bird, Esq., at Kaplan Johnson Abate & Bird, LLP. CORA HEALTH: Cliffwater Corporate Marks $769,000 Loan at 46% Off ---------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $769,231 loan extended to CORA Health Holdings Corp. loan to market at $412,334 or 54% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Revolver to CORA Health Holdings Corp. The loan accrues interest at a rate of 10.21% per annum. The loan matures on June 15, 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 CORA Health Holdings Corp. CORA Health Holdings Corp., doing business as CORA Physical Therapy, is an operator of outpatient physical and occupational therapy clinics. In May 2021, H.I.G. Capital, a global alternative investment firm with $44 billion of equity capital under management, announced that one of its affiliates has signed a definitive agreement to acquire CORA. CORVIAS CAMPUS: To Confront Venue Dispute in Chapter 11 Case ------------------------------------------------------------ Vince Sullivan of Law360 Bankruptcy Authority reports that a company that operates dormitories for Georgia's public universities, Corvias Campus, is facing a potential venue change, as the state's Board of Regents plans to request the transfer of its Chapter 11 case from Delaware to a Georgia bankruptcy court. About Corvias Campus Living - USG, LLC Corvias Campus Living is a campus housing operator that manages student living facilities for universities within the University System of Georgia. Corvias Campus Living sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11214) on June 25, 2025. In the petition signed by Thelma Edgell as president, the Debtor reported estimated assets of $10 million to $50,000 and estimated liabilities of $500 million to $1 billion. The Hon. Thomas M. Horan presides over the case. The Debtor is represented by Morris, Nichols, Arsht & Tunnell LLP. Cohnreznick Advisory LLC is the Debtor's financial advisor and Holland & Knight LLP is the Debtor's special counsel. Donlin, Recano & Company LLC is the Debtor's claims and noticing agent. COVENANT PATHOLOGY: Seeks Chapter 11 Bankruptcy in Michigan ----------------------------------------------------------- On June 30, 2025, Covenant Pathology Associates PC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Michigan. According to court filing, the Debtor reports up to $50,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Covenant Pathology Associates PC Covenant Pathology Associates PC is a healthcare business providing pathology diagnostic services. Covenant Pathology Associates PC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-20884) on June 30, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities up to $50,000. Honorable Bankruptcy Judge Daniel S. Opperman handles the case. CREDIVALORES-CREDISERVICIOS: Court OKs Ch. 11 Conversion to Ch. 7 ----------------------------------------------------------------- Yun Park of Law360 reports that a New York bankruptcy judge on Wednesday, July 2, 2025, granted a request to convert Colombian consumer lender Credivalores-Crediservicios' Chapter 11 case to a Chapter 7 liquidation, following petitions from the U.S. Trustee's Office and an ad hoc group of noteholders. About Credivalores-Crediservicios SAS Credivalores-Crediservicios SAS operates as a financial services company. The Company provides credit cards, micro lending, and corporate loans. Credivalores-Crediservicios serves customers in Colombia. Credivalores-Crediservicios SAS sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-10837) on May 16, 2024. In its petition, the Debtor estimated assets and liabilities up to $500 million. Baker Mckenzie LLP is the Debtor's counsel. CRENSHAW & ASSOCIATES: Section 341(a) Meeting of Creditors on Aug.1 ------------------------------------------------------------------- On June 30, 2025, Crenshaw and Associates 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 $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on August 1, 2025 at 03:00 PM by TELEPHONE. About Crenshaw and Associates LLC Crenshaw and Associates LLC is a Fort Worth, Texas-based real estate services company operating under NAICS code 5313 (Activities Related to Real Estate). Crenshaw and Associates LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42398) on June 30, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,000 and $500,000. The Debtors are represented by Thomas Christopher Lewis, Esq. at Law Office Of T. Christopher Lewis. CROUSE HEALTH: Fitch Lowers LongTerm IDR to B+, On Watch Negative ----------------------------------------------------------------- Fitch Ratings has downgraded the Long-Term Issuer Default Rating (IDR) of Crouse Health System (Crouse) to 'B+' from 'BB'. Fitch has also downgraded the ratings on the series 2024A and series 2024B revenue bonds issued by the Onondaga Civic Development Corporation on behalf of Crouse to 'B+' from 'BB'. The ratings have been placed on Rating Watch Negative. Entity/Debt Rating Prior ----------- ------ ----- Crouse Health System, Inc. (NY) LT IDR B+ Downgrade BB Crouse Health System, Inc. (NY) /General Revenues/1 LT LT B+ Downgrade BB The downgrade of Crouse Health's IDR and revenue bond rating to 'B+' from 'BB' reflects considerable uncertainty regarding Crouse Health's ability to stabilize financial operations and balance sheet metrics in the near term, absent either changes to New York State's (NYS) Directed Payment Template (DPT) funding that result in higher DPT revenue for Crouse, or the receipt of alternative grant-supported state funding. DPT changes enacted by NYS in 2024 have placed significant pressure on Crouse's cash flows and balance sheet metrics. Management continues to work with the state to secure alternative, grant-based state funding sources. Absent these alternatives or material near-term operating improvements, Crouse's rating will face downward pressure. Fiscal 2024 operations concluded with a $38 million operating loss (-5.7% operating margin) and negative free cash flow of $10.6 million (a -2% operating EBITDA margin) directly resulting from the year-over-year loss of $28 million of DPT revenues in 2024, which declined to $37 million from $65 million (43%) in 2023. Crouse breached its 1.25x debt service coverage (DSC) covenant in 2024 and has hired a consultant to assist the system in returning to full covenant compliance in 2025. Crouse met its liquidity covenant, which requires it to maintain at least 30 days cash on hand (DCOH). Crouse had 36 days cash on hand at FYE 2024 (Dec. 31, 2024). The Rating Watch Negative reflects the potential for a further weakening in Crouse's balance sheet metrics in the near term if the system is unable to control near-term spending growth and/or secure a partial restoration of 2024's DPT funding cuts. Crouse's current balance sheet-related ratios are relatively weak, with cash-to-adjusted debt of 47% at audited FYE24 and 32% at unaudited March 31, 2025. Balance sheet metrics could improve under Fitch's forward-looking scenario analysis if management is able execute on various operational improvements identified by outside consultants and/or restore lost state funding, but management will need to act quickly. Crouse's capital spending plans can be adjusted depending on the level of state support and the outcome of ongoing philanthropic fundraising efforts. SECURITY Revenue bonds are supported by a revenue pledge and a debt service reserve fund (DSRF). Crouse Health Hospital represents the obligated group (OG). The OG represents about 95% of system assets and 93% of system operating revenue. KEY RATING DRIVERS Revenue Defensibility - 'bb' Local Competition with Somewhat Modest Payor Mix Crouse's revenue defensibility is modest, given the high level of competition in the market and the system's payor mix. Crouse is one of three health systems in the region, competing directly against SUNY Upstate and St. Joseph's Health Hospital (a member of AA- rated Trinity Health). SUNY Upstate is the clear leader for total inpatient admissions, with a 44% share as of 2023, followed by Crouse with nearly 29% and St. Joseph's with just over 27%. Despite the degree of competition, Crouse maintains a clear market leader for key service lines, including OB (58% as of 2023, with St. Joseph's at 27%) and NICU (77%). Crouse operates the only perinatal center for high-risk pregnancies in the central New York region, encompassing 17 counties. Crouse is also the market leader for substance abuse treatment, capturing a 50% share. One area where Crouse lags the market is cardiac care, capturing a just under 18% share, while St. Joseph's is the market leader with nearly 55% and SUNY Upstate captures about 27%. In June 2024, Crouse applied to NYS for a certificate of need (CON) approval to add an open-heart surgery program. Management expects this new service line, if approved by NYS, to add significant cash flows as Crouse currently refers out approximately 600 open heart surgeries per year from its own employed physicians. Crouse is a safety net provider, and its payor mix is modestly weak with combined Medicaid and self-pay accounting for about 20%-25% of gross revenue (including 25% in FY 2024). Demographics in the service area are reasonably stable. Onondaga County represents the primary service area (PSA), and the secondary and tertiary service areas cover a broad section of central upstate New York that reaches south to the Pennsylvania border and north to the Canadian border. The median household income level in the county is just below the national average, and the unemployment rate in the county is in line with the U.S. average. Operating Risk - 'b' Recent Operating Improvements Have Been Derailed by DPT Funding Loss Fitch assesses Crouse's operating risk as very weak and believes it could be pressured further depending on the DPT outcome. In September 2024, Crouse was notified by the state about updates to the DPT funding formula that, as it currently stands, reduced Crouse's program funding from $65 million in state FY 2024 (NYS has a March 31 FYE) to about $37 million in SFY 2025 (Crouse's FY2024). This $28 million reduction had a profoundly negative effect on Crouse's cash flows; to put this in perspective, in FY 2023 (Dec. 31 FYE), Crouse recorded $13.3 million in operating EBITDA (a 2.2% operating EBITDA margin). In other words, all else being equal, the DPT change eliminated Crouse's FY 2024 free cash flow from operations, which resulted Crouse violating its 1.25x DSC covenant. Crouse has been working with the state to develop remedies to make up for the lost DPT funding. One avenue Crouse is pursuing is NYS's new Safety Net Transformation Program (SNTP). Crouse has submitted an application under SNTP, which management believes could at least commensurately restore the loss in DPT funding. While Crouse continues to work with the state, failure to restore the funding will likely place further pressure on the rating. On the other hand, securing SNTP funding commensurate with the lost DPT funding could move the Outlook back to Negative or possibly Stable at the 'B+' level from the current Rating Watch Negative. Outside of the considerable revenue compression from the DPT change, key utilization statistics for Crouse held up reasonably well through year-end FY 2024. Volume trends were positive in 2024 and through the 1Q 2025 interim period, with 2024 discharges up 5.2%, observation stays up 8.5%, and inpatient surgeries up 8.25% compared to 2023 levels. In the quarter ended March 31, 2025, patient discharges were up 4.8%, observation stays up 8.5% and inpatient surgeries down by 0.5% compared to the same period last year. Prior to FY 2024, Crouse's operating margins had been modest. Between FY 2019 and FY 2023 the operating margin averaged -3.1% and the operating EBITDA margin averaged 1.3% (including -1.3% and 2.2%, respectively, in FY 2023). Like the rest of the healthcare industry, Crouse has had to contend with serious macro challenges related labor costs and other inflationary pressures. If Crouse can replace the lost DPT funding, then the system's operating margins may show improvement over the medium term. A number of factors could contribute to this, including: (a) The aforementioned open heart surgery program, which requires limited capex and hiring as the system already has cardiac physicians and surgeons on staff, (b) financial benefits related to the 340b pharmacy program, which Crouse rejoined in 2024, and (c) the Medicare wage index, which was adjusted for the Central New York region effective January 2024 and management estimates this adjustment to be worth a net $28 million annually to Crouse over the medium term. Also of possible benefit is the planned construction of a Micron chip manufacturing plant in Clay, NY (less than 15 miles north of downtown Syracuse) which could help drive population growth and volumes over time. Management is implementing core operating improvements, some of which are being accelerated because of the DPT funding loss. These include enhanced accounts receivable and revenue cycle management, reducing denials, lowering length of stay, and realizing savings from the 2024 debt refinancing. Management's long-term goal is to improve results such that Crouse can generate sufficient operating margins without DPT or SNTP funding, but that will likely take several years. For SFY2026, the state is holding Crouse's DPT funding allocation at the same levels as in SFY2025 with a 5% rate increase (for Crouse's 2025 fiscal year). Crouse anticipates receiving about $42 million of DPT funds from NYS, subject to realized patient volumes. In December 2024, Crouse completed negotiations with a material commercial payor, which are expected to net the hospital $10 million annually in 2025, not counting $7.5 million of capital support payments. Healthcare is inherently a variable operating industry, and while there is some uncertainty as to how beneficial some of these operating initiatives will be practice, Fitch's believes Crouse's financial results could improve over the next two to three years if management is able to execute on its margin enhancement initiatives and secure at least some alternative funding sources. Capital Spending: Crouse's capital spending has been comparatively light in recent years, in part to preserve the balance sheet during a period of negative operating margins. The capital spending ratio averaged less than 40% of depreciation between FY 2020 and FY 2024, and the average age of plant measured a high 19 years at FYE24. Nevertheless, Crouse has invested sufficiently in facilities and technology to remain competitive in its central New York home market. Routine capex is targeted at about $9 million over the next five years, but annual spending could exceed $30 million depending on external support. Financial Profile - 'b' Balance Sheet Metrics Weakened Considerably in FY2024, but Could Improve if State Funding is Restored Crouse's current balance sheet ratios are weak, although metrics could improve if DPT funding is restored or replaced close to prior levels, or if the system is able to successfully execute on operational efficiencies to restore positive cash flow and begin rebuilding balance sheet metrics. Capital spending is largely supported externally. Fitch notes that it is common for NYS hospitals to hold modest liquidity. In the absence of a DPT funding restoration or the securing of a commensurately sized alternative state funding source, Fitch believes Crouse's balance sheet will remain under pressure and is likely to weaken further. At FYE24, Crouse had about $66 million in unrestricted cash and investments versus total adjusted debt measuring approximately $140 million. This numbers translated into very low DCOH of about 35 days and cash-to-adjusted debt of 47%. Ratios continued to narrow at unaudited March 31, 2025, with 21 DCOH and 32% cash-to-adjusted debt. Management expects to meet its liquidity covenant, which requires a minimum of 30 DCOH, at FYE 2025 despite ongoing pressures. The system budgeted for operating EBITDA of negative $15.1 million for FY 2025 factoring in $16.6 million of non-cash depreciation expense. Crouse is working with outside consultants to achieve $30 million in unbudgeted operating efficiencies in 2025 for revenue cycle, work force, and clinical operations. Through March 31, 2025 unaudited, Crouse realized a $10.5 million operating loss (operating margin of -6%) and operating EBITDA of -$4.6 million (-2.6% operating EBITDA margin). Crouse had $40.8 million of unrestricted investments and cash on hand at March 31, 2025. Fitch will be closely monitoring Crouse's quarter-end cash balances in the coming months. Crouse's liquidity profile could improve over time if Crouse receives sufficient SNTP make-up funding or secures an alternative funding source that plugs the gap created by 2024's DPT $28 million funding cut or achieves commensurate financial operating improvements. Fitch's forward-looking stress scenario applies operational and investment stresses. Crouse's balance sheet would weaken rapidly under a stress case scenario, although much depends on the extent to which — if at all — DPT funding is restored or replaced. Otherwise, the balance sheet is likely to continue deteriorating, even under Fitch's base case, which assumes a more stable near-term economic and operating environment. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to restore prior DPT (or a comparable program) annual funding levels; - Failure to improve operating margins, particularly if operating losses persist and the operating EBITDA margin remains below the 2%-4% range; - Failure to sustain current balance sheet ratios, particularly if cash-to-adjusted debt were expected to remain below 30% in a forward-looking stress case. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Reversion of the Outlook to Stable is contingent on Crouse resolving DPT funding issues and demonstrating improved operating margins and cash balances as measured by DCOH above 40 days; - Sustained improvement in operating margins, resulting in an operating EBITDA margin at least in the 5% range; - Improved balance sheet metrics, due either to stronger operations, asset monetization or increased state funding, particularly if cash to adjusted debt is expected to be sustained close to, or above, 50%. PROFILE Crouse is a 355-staffed-bed tertiary referral hospital system based in Syracuse, NY. In addition to its main hospital, Crouse owns and operates several outpatient and ambulatory surgical clinics in Onondaga County, NY and operates the largest neo-natal intensive care unit (NICU) in central New York. The system has a teaching relationship and other affiliations with SUNY Upstate and operates its own nursing school. Crouse recorded operating revenues of $665 million in FY24 (Dec. 31 fiscal year-end). 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. CURIA GLOBAL: Cliffwater Corporate Marks $10.8MM Loan at 51% Off ---------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $10,833,333 loan extended to Curia Global, Inc. loan to market at $5,351,667 or 49% 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 Curia Global, Inc. The loan accrues interest at a rate of 10.57% per annum. The loan matures on January 29, 2029. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Curia Global, Inc. Curia Global, Inc. is a global contract development and manufacturing organization with over 30 years of experience successfully guiding clients through the complexities of drug discovery, development, and manufacturing. CVP HOLDCO: Cliffwater Corporate Virtually Writes Off $5.8M Loan ---------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $5,882,852 loan extended to CVP Holdco, Inc. loan to market at $127,936 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 to CVP Holdco, Inc. The loan accrues interest at a rate of 19.07% per annum. The loan matures on June 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 CVP Holdco, Inc. CVP Holdco, Inc. is a full-service veterinary practice committed to working with each pet owner to help ensure your pet's overall wellness. DEL MONTE: Case Summary & 30 Largest Unsecured Creditors -------------------------------------------------------- Lead Debtor: Del Monte Foods Corporation II Inc. Del Monte Asset Corporation 205 North Wiget Lane Walnut Creek, CA 94598 Eighteen affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Del Monte Foods Corporation II Inc. (Lead Case) 25-16984 DM Intermediate II Corporation 25-16986 DM Intermediate Corporation 25-16987 College Inn Foods 25-16988 Contadina Foods, Inc. 25-16989 Del Monte Chilled Fruit Snacks, LLC 25-16990 Del Monte Foods Holdings II, Inc. 25-16991 Del Monte Foods Holdings, Inc. 25-16993 Del Monte Foods Holdings Limited 25-16994 Del Monte Foods, Inc. 25-16995 Del Monte Mexico Holdings LLC 25-16996 Del Monte Ventures, LLC 25-16998 Green Thumb Foods 25-16999 Hi Continental 25-17000 Joyba, Inc. 25-17001 Kitchen Basics, Inc. 25-17002 S & W Fine Foods, Inc. 25-17004 Sager Creek Foods, Inc. 25-17005 Business Description: Del Monte Foods, Inc. produces, distributes, and markets branded plant-based packaged food products in the United States and Mexico. Its offerings include snacks, meal enhancers, and canned fruits and vegetables sold under brands such as Del Monte, Contadina, and Joyba, as well as private labels. Headquartered in Walnut Creek, California, the Company operates four plants with about 2,780 employees and sources much of its produce locally. It is an indirect subsidiary of Del Monte Pacific Limited, its ultimate parent, and operates separately from affiliated Del Monte entities in other global markets. Chapter 11 Petition Date: July 1, 2025 Court: United States Bankruptcy Court District of New Jersey Judge: Hon. Michael B Kaplan Debtors' Co-Bankruptcy Counsel: Michael D. Sirota, Esq. David M. Bass, Esq. Felice R. Yudkin, Esq. COLE SCHOTZ P.C. Court Plaza North, 25 Main Street Hackensack, New Jersey 07601 Tel: (201) 489-3000 Email: msirota@coleschotz.com dbass@coleschotz.com fyudkin@coleschotz.com – and – Adam C. Rogoff, Esq. Rachael L. Ringer, Esq. Megan M. Wasson, Esq. Ashland J. Bernard, Esq. HERBERT SMITH FREEHILLS KRAMER (US) LLP 1177 Avenue of the Americas New York, New York 10036 Tel: (212) 715-9100 E-mail: Adam.Rogoff@HSFKramer.com Rachael.Ringer@HSFKramer.com Megan.Wasson@HSFKramer.com Ashland.Bernard@HSFKramer.com Debtors' British Virgin Islands Counsel: APPLEBY LAW FIRM Debtors' Financial Advisor: ALVAREZ & MARSAL NORTH AMERICA, LLC Debtors' Investment Banker: PJT PARTNERS LP Debtors' Claims & Noticing Agent: STRETTO, INC. Estimated Assets: $1 billion to $10 billion Estimated Liabilities: $1 billion to $10 billion The petitions were signed by Jonathan Goulding as chief restructuring officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YP7XP4A/Del_Monte_Foods_Corporation_II__njbke-25-16984__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Seneca Foods Trade Payable $ 19,922,633 350 Willow Brook Office Park Fairport, NY 14450 United States Michael Wilcott Chief Financial Officer Email: mwolcott@senecafoods.com Phone: 585-495-4125 2. Transplace Texas LP Trade Payable $9,097,810 3010 Gaylord Pky Suite 200 Frisco, TX 75034 United States Lior Ron Chief Executive Officer Email: laurenth@uberfreight.com Phone: 718-291-3333 3. Steuben Foods Inc Trade Payable $6,982,359 1150 Maple Rd Elma, NY 14059 United States Brian Manka Chief Financial Officer Email: bmanka@steubenfoods.com Phone: (716) 655-4000 4. Es3 LLC Trade Payable $4,043,667 6 Optical Avenue Keene, NH 03431 United States Matt Rzucidlo Vice President Email: matt.rzucidlo@es3.com Phone: (603)354-6119 5. Reser'S Fine Foods, Inc. Trade Payable $3,081,895 15570 Sw Jenkins Rd Beaverton, OR 97006 United States Gary Mcevoy Vice President Operations Email: garym@resers.com Phone: 503-643-6431 6. Accenture International Limited Trade Payable $2,942,818 395 9th Avenue New York, NY 10001 United States Julie Sweet Chief Executive Officer Email: julie.sweet@accenture.com 7. Purcell International Trade Payable $2,456,452 800 Ellinwood Way Pleasant Hill, CA 94523 United States Collen Purcell-Kangas President Email: colleen@purcell-intl.com Phone: 925-933-6100 8. Fort Dearborn Company Trade Payable $1,900,078 6111 N. River Rd Floor 8 Rosemont, IL 60018 United States Linn Harson Chief Legal Officer Email: linn.harson@mcclabel.com Phone: (847) 427-5354 9. Mccall Farms Inc Trade Payable $1,747,422 6615 South Irby Street Effingham, SC 29541 United States Mccall Swink Co-President Email: mswink@mccallfarms.com 10. Venus Growers Agricultural Trade Payable $1,733,071 R.R Station Of Veria Po Box 3 Veria, 59 131 Greece Stelios Theodoulidis Chief Executive Officer Email: s.theodoulidis@venusgrowers.gr Phone: +30 23310 23311 11. Beard New York VII Trade Payable $1,674,032 530 11th Street Modesto, CA 95354 United States Dillon Olvera Chief Executive Officer Email: dolvera@beardland.com 12. Anhui Suzhou Science Foodstuff Trade Payable $1,616,823 Economic Development Zone Dangshan County Suzhou City Anhui, 235099 China Lou Defu, Chairman Email: canfoodhy@163.com Email: Kefu@Qixin.Com Phone: 0557-8036638 13. Circana LLC Trade Payable $1,566,724 203 North Lasalle St Ste 1500 Chicago, IL 60601 United States Stuart Aitken Chief Executive Officer Email: stuart.aitken@circana.com 14. Saddle Creek Corporation Trade Payable $1,352,073 3010 Saddle Creek Road Lakeland, FL 33801 United States Mark Cabrera Chief Executive Officer Email: mark.cabrera@sclogistics.com Phone: (863) 665-0966 15. Sea Watch International Ltd Trade Payable $1,319,823 8978 Glebe Park Dr Easton, MD 21601 United States Bernie Carr Chief Financial Officer Email: bernie.carr@seawatch.com Phone: 410-822-7500 16. Barry-Wehmiller Design Group Inc Trade Payable $1,188,397 8027 Forsyth Blvd Suite 800 St. Louis, MO 63105 United States Dave Stahlman Chief Financial Officer Email: dave.stahlman@barry-wehmiller.com 17. Crites Seed Inc Trade Payable $1,056,324 212 W 8th St Moscow, ID 83843 United States Andy Johnson Chief Executive Officer Email: andy@critesseed.com Phone: 208-882-5519 18. Crown Cork & Seal USA, Inc. Trade Payable $978,985 770 Township Line Road Yardley, PA 19067 United States Kevin Clothier Chief Financial Officer Email: kevin.clothier@crowncork.com 19. Nations Roof Trade Payable $932,123 851 E I-65 Service Road Suite 300 Mobile, AL 36606 United States Chief Executive Officer Email: jhyatt@nationsroof.com 20. Delmo 11/12 (DE) LLC Trade Payable $923,025 One Manhattan West 395 9th Ave 58th Floor New York, NY 10001 United States Jason Fox Chief Executive Officer Email: jfox@wpcarey.com 21. Hintz AP Inc Litigation $881,500 29 Rd 7 NW Ephrata, WA 98823 United States Gilbert Hintz, President Email: eric.davis@benchmarkfarms.com Phone: 509-860-5939 22. Instacart Trade Payable $781,612 50 Beale Street Suite 600 San Francisco, CA 94105 United States Emily Reuter Chief Financial Officer Email: emily.reuter@instacart.com 23. 55 Oakwc Owner LLC Trade Payable $706,734 865 South Figueroa Street Suite 2800 Los Angeles, CA 90017 United States Rachel M. Sanders Allen Matkins Leck Gamble Mallory & Natsis LLP Email: rsanders@allenmatkins.com Phone: (213) 622 - 5555 24. Workday Inc Trade Payable $557,364 6110 Stoneridge Mall Rd Pleasanton, CA 94588 United States Carl Eschenbach Chief Executive Officer Email: carl.eschenbach@workday.com 25. Mekanism Inc Trade Payable $515,084 570 Pacific Ave 3rd Floor San Francisco, CA 94133 United States Nancy Kapplow Chief Financial Officer Email: nancy.kapplow@mekanism.com Phone: 212-463-1000 26. SPC Operations Pty Ltd Trade Payable $486,246 3 Bristol Street Suite 4 Level 1 Essendon Fields Vic, 3041 Australia Robert Lervasi Chief Executive Officer Email: robert.iervasi@spc.com.au 27. Donnelley Financial Solutions Trade Payable $481,796 35 W Wacker Dr Chicago, IL 60601 United States Dan Leib Chief Executive Officer Email: dan.leib@dfinsolutions.com 28. CHEP USA Trade Payable $469,812 5897 Windward Pkwy Alpharetta, GA 30005 United States Xavier Garijo Chief Executive Officer Email: xavier.garijo@chep.com 29. Pension Benefit Pension Undetermined Guaranty Corporation Obligations 445 12th Street SW Washington, DC 20024-2101 United States Karen Morris Chief Legal Officer Email: kim.erin@pbgc.gov 30. Gatling-Lee V. DMFI Class Action- Undetermined Dovel & Luner, LLP Litigation 201 Santa Monica Blvd., Suite 600 Santa Monica, CA 90401 Broslavsky & Weinman, LLP 1500 Rosecrans Ave., Suite 500 Manhattan Beach, CA 90266 Simon Franzini & Jonas B. Jacobson Partners At Dovel & Luner Email: simon@dovel.com jonas@dovel.com Phone: (310) 656 - 7066 Broslavsky & Weinman Zack Broslavsky, Co-Founder Email: zbroslavsky@bwcounsel.com Phone: (310) 575 - 2550 DEL MONTE: S&P Downgrades ICR to 'D' on Bankruptcy Filing --------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on U.S.-based Del Monte Foods Inc. to 'D' from 'CCC'. Concurrently, S&P lowered its issue-level rating on the debt tranches under the super-facility issued by the company's subsidiary, DMFC II to 'D'. These include $236.4 million first-out term loan (previously rated 'CCC+'), $467.4 million second-out term loan (previously rated 'CC'), and $139.4 million of third-out term loan (previously rated 'CC'). S&P's recovery ratings on the facilities are unchanged. S&P expects to withdraw all its ratings on Del Monte in the next 30 days. S&P downgraded Del Monte after it filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code. Del Monte entered into a restructuring support agreement with most its creditors, including equitization of about $1.3 billion of its existing debt upon emergence. Under the agreement, the company intends to undertake a sale process for substantially all of its assets. It has also filed motions to ensure business continuity under Chapter 11 as the company navigates through its peak pack season, which is typically June through October. Del Monte intends to finance its operations throughout Chapter 11 proceedings with current cash on hand plus a $912.5 million debtor-in-possession facility, which includes $165 million of new money from existing lenders, subject to bankruptcy court approval. Del Monte's bankruptcy filing follows persistently weak operating performance with declines in revenues and EBITDA resulting from lower demand for its products because of consumer pullback, trade down to private-label offerings, and a shift to healthier alternatives. The company also incurred higher costs related to excess inventory after demand fell after a boost during the COVID-19 pandemic. S&P believes the implementation of multiple tariffs on steel and aluminum imports to the U.S. also increased the company's costs related to the cans used for packaging its shelf-stable products. The company's turnaround initiatives, which included increased promotional spending, implementing cost cuts, and closing facilities to reduce its manufacturing footprint, were insufficient to materially improve its performance. Moreover, the company's highly leveraged capital structure and high debt costs hampered its ability to generate positive free operating cash flow. Del Monte completed a debt restructuring last year that provided additional liquidity to fund its 2024 pack season. Earlier this year, the company issued an incremental term loan to repay its $102.2 million residual term loan and pay associated fees and expenses as part of the settlement of the outstanding litigation filed by a representative of a group of its lenders alleging certain defaults and events of default under the 2022 term loan agreement. This transaction increased its interest expense by about $4 million annually. DELEK LOGISTICS: Fitch Lowers IDR to 'B+', Outlook Stable --------------------------------------------------------- Fitch Ratings has downgraded the Issuer Default Rating (IDR) of Delek Logistics Partners, LP's (DKL) to 'B+' from 'BB-' and the unsecured debt co-issued by DKL and Delek Logistics Finance Corp. to 'B+' from 'BB-'with a Recovery Rating of 'RR4'. The Rating Outlook is Stable. DKL's Standalone Credit Profile (SCP) remains consistent with a 'B+' rating. Upon the downgrade of Delek US Holdings (B+/Stable) DKL no longer receives a one-notch uplift from its relationship with the parent as they each have the same SCP. As per Fitch's Parent Subsidiary Linkage Criteria if the entities are determined to have the same SCP the PSL analysis process ends at that point. DKL's rating is supported by its location-advantaged assets, growing size and scale, and ongoing initiatives in diversifying its customer base and service offerings. This is balanced by the partnership's high distribution, elevated capital needs and business risk associated with the acquired assets. The downgrade is driven by the change in the Parent Subsidiary Linkage due to the downgrade of Delek US Holdings. Key Rating Drivers Leverage Elevated by Aggressive Growth: Fitch considers leverage to be a crucial aspect of DKL's credit profile due to the partnership's counterparty and geographic concentration, as well as the significant distributions inherent in the master limited partnership (MLP) model. Fitch projects that leverage will remain between 4.5x and 5x throughout its forecast and Distribution Coverage will remain modestly above 1x. Fitch does not anticipate a significant reduction in leverage in the near term through internally generated FCF and the recently approved $150 million share buyback authorization. The partnership's post-dividend FCF has been consistently negative, and Fitch expects this trend to continue due to high capital requirements and a steady increase in shareholder distributions. Fitch also assumes that there will be some execution risk associated with integrating the newly acquired assets. Growth Supported by Strategic Location: DKL benefits from its strategic location in the Permian Basin, where oil production has remained resilient through various commodity price cycles. The acquisitions of the Delaware Gathering System, H2O Midstream, and Gravity assets have expanded DKL's asset base in the Permian Basin. Fitch notes that midstream service providers with a single-basin focus are exposed to significant risks if there are any substantial disruptions or slowdowns in the region's refining markets or hydrocarbon production. Counterparty Exposure: Delek Holdings remains the largest counterparty for DKL, accounting for approximately 55% of DKL's net revenues and approximately 37% of gross margin as of 2024. Fitch anticipates that this cash flow concentration will persist in the near term until the recently announced growth initiatives and contract amendments take effect and diversify DKL's customer base. While DKL's customer concentration risk is expected by Fitch to decrease due to higher third-party EBITDA, the partnership maintains significant exposure to non-investment grade (non-IG) and/or unrated counterparties. Volumetric Risk and Direct Commodity Price Exposure: The partnership's revenues are supported by long-term fixed-fee contracts with minimum volume commitments (MVCs) from Delek Holdings and some other customers. Increasing third-party EBITDA contribution may potentially expose the partnership to higher volumetric risk as gathering and processing contracts in the Permian Basin typically lack MVCs. Direct commodity price exposure historically accounted for about 5% of EBITDA. Fitch anticipates that commodity price exposure will slightly increase with the sale of skim oil from the wastewater disposal business. Peer Analysis Fitch views DKL's SCP as consistent with 'B+' rated midstream issuers. Peers include Harvest Midstream I, L.P. (HMI; BB-/Stable), Howard Midstream Energy Partners, LLC (BB-/Stable), and NGL Energy Partners LP (B/Stable). DKL is smaller than all but Howard and higher levered than all but natural gas liquid (NGL). Delek is somewhat more exposed to volumetric risk than peers with the exception of NGL. DKL is somewhat less diversified than these peers and more exposed to volumetric risk. Key Assumptions - Fitch price deck for West Texas Intermediate (WTI) oil price of $60/bbl in 2025, 2026 and 2027, and $57/bbl thereafter; - Fitch price deck for Henry Hub prices of $3.25/mcf in 2025, $3.0/mcf in 2026, and $2.75/mcf thereafter; - Fitch's Global Economic Outlook interest rate assumptions; - One refinery turnaround each year; - Capex and distributions for 2025 largely in line with management guidance; - No significant acquisition, asset sales or drop down from Delek Holdings assumed over the forecast; - $150 million of share buybacks over the 2025-2026 time frame; - No additional contract amendment with Delek Holdings. Recovery Analysis Fitch examined Delek Logistics on both a going concern (GC) and liquidation value basis and expects it would be reorganized as a GC in the event of bankruptcy. Fitch assumed an 100% draw on the $1.15 billion credit facility. Fitch applied a 10% administrative claim to the GC enterprise value (EV). Fitch's GC EBITDA reflects DKL's recovery from a scenario in which near-term liquidity constraints result in default and bankruptcy. Fitch uses a 6.0x EBITDA multiple to arrive at its GC EV, which is in line with other similar midstream companies. Fitch's GC standalone EBITDA of $360 million represents the emergence EBITDA after poor execution of acquisitions and growth projects leading to lowered liquidity and financial market access. Delek's distribution of value results in the credit facility recovering at 'RR1' and the unsecured notes recovering at 'RR4'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Expected leverage above 5.0x and/or Distribution Coverage below 1.0x on a sustained basis; - A material changes in contractual arrangements or operating practices, or a significant deterioration in customer quality with Delek Holdings, which negatively affect DKL's cash flow and earnings profile, as long as Delek Holdings remains a significant counterparty; - Weakening of the Parent Subsidiary Linkage with Delek US Holdings; - Impairments to liquidity. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade is unlikely in the near term. However, Fitch may consider positive rating action if: - Demonstrated ability to maintain the EBITDA leverage at or below 4.0x, together with a favorable rating action at Delek US Holdings. Liquidity and Debt Structure As of March 31, 2025, DKL had approximately $417 million in available liquidity. Cash on balance sheet was $2.1 million. The partnership had about $445 million available under its $1.15 billion senior secured revolving credit facility, maturing in October 2027. The credit facility is secured by first priority liens on substantially all of the partnerships and its subsidiaries assets. The credit facility includes restrictions on total leverage, senior leverage and interest coverage, which must remain below 5.25x (5.50x for certain acquisitions), 3.75x (4.0x for certain acquisitions) and above 2.0x, respectively. As of March 31, 2025, DKL was in compliance with its covenants, and Fitch expects this to continue through the forecast period. Issuer Profile Delek Logistics Partners, LP (DKL) is a limited partnership formed in 2012 by Delek US Holdings, Inc. The partnership owns and operates crude oil, intermediate and refined products pipelines and transportation, storage, wholesale marketing and terminalling and offloading assets. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations Delek Logistics Partners, LP has an ESG Relevance Score of '4' for Group Structure due to material related party transactions with its sponsor Delek U.S. Holdings, LLC, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Delek Logistics Finance Corp. senior unsecured LT B+ Downgrade RR4 BB- Delek Logistics Partners, LP LT IDR B+ Downgrade BB- senior unsecured LT B+ Downgrade RR4 BB- DENTIVE CAPITAL: Cliffwater Corporate Marks $5.7MM Loan at 46% Off ------------------------------------------------------------------ Cliffwater Corporate Lending Fund (CCLFX) has marked its $5,721,528 loan extended to Dentive Capital, LLC loan to market at $3,098,001 or 54% 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 Dentive Capital, LLC. The loan accrues interest at a rate of 11.05% per annum. The loan matures on May 3, 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 Dentive Capital, LLC Dentive Capital, LLC is an innovative daily sales outstanding (DSO) that partners with entrepreneurial general and specialty dental practices. DESAI HOLDINGS: Seeks Chapter 11 Bankruptcy in California --------------------------------------------------------- On June 30, 2025, Desai Holdings, USA LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filing, the Debtor reports $2,171,294 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Desai Holdings, USA LLC 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. Desai Holdings, USA LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-15524) on June 30, 2025. In its petition, the Debtor reports total assets of $175,000 and total liabilities of $2,171,294. Honorable Bankruptcy Judge Barry Russell handles the case. The Debtors are represented by Stella Havkin, Esq. at STELLA HAVKIN. DIAMOND RENOVATIONS: Seeks Chapter 11 Bankruptcy in Texas --------------------------------------------------------- On June 30, 2025, Diamond Renovations Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Texas. According to court filing, the Debtor reports $1,061,209 in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About Diamond Renovations Inc. 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. Diamond Renovations Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42386) on June 30, 2025. In its petition, the Debtor reports total assets of $482,406 and total liabilities of $1,061,209. Honorable Bankruptcy Judge Edward L. Morris handles the case. The Debtors are represented by Clayton L. Everett, Esq. at NORRED LAW, PLLC. DIOCESE OF SYRACUSE: Ch. 11 Plan Paused Pending Insurance Deal Okay ------------------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that on Wednesday, July 2, 2025, a New York bankruptcy judge postponed the confirmation hearing for the Roman Catholic Diocese of Syracuse's Chapter 11 plan by two months to allow time for arguments on key insurance settlements tied to the plan. About The Roman Catholic Diocese of Syracuse The Roman Catholic Diocese of Syracuse, New York -- http://www.syracusediocese.org/-- through its administrative offices (a) provides operational support to the Catholic parishes, schools and certain other Catholic entities that operate within the territory of the Diocese in support of their shared charitable humanitarian and religious missions; (b) conducts school operations by managing tuition and scholarship payments, employee payroll, and other school-related operating expenses for separately incorporated Diocesan schools, as well as providing parish schools with financial, operational and educational support; and (c) provides comprehensive risk management services to the OCEs through the Diocese's insurance program. The Roman Catholic Diocese of Syracuse, New York filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bank. N.D.N.Y. Case No. 20-30663) on June 19, 2020. Stephen A. Breen, chief financial officer, signed the petition. At the time of filing, the Debtor estimated $10 million to $50 million in assets and $50 million to $100 million in liabilities. Judge Margaret M. Cangilos-Ruiz oversees the case. Bond, Schoeneck and King, PLLC, serves as the Debtor's bankruptcy counsel. The Debtor also tapped Mullen Coughlin LLC as special counsel, Arete Advisors LLC as cybersecurity consultant, and Moxfive LLC as technical advisor. Stretto is the claims agent and administrative advisor. The U.S. Trustee for Region 2 appointed a committee to represent unsecured creditors in the Debtor's bankruptcy case. The committee tapped Stinson, LLP, Saunders Kahler, LLP and Berkeley Research Group, LLC, as its bankruptcy counsel, local counsel and financial advisor, respectively. DOCS MSO: Cliffwater Corporate Marks $1.6MM Loan at 82% Off ----------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $1,612,903 loan extended to DOCS MSO LLC loan to market at $298,387 or 18% 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 DOCS MSO LLC. The loan accrues interest at a rate of 10.13% per annum. The loan matures on June 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 DOCS MSO LLC DOCS DOCS MSO LLC is a global healthcare company that provides access to comprehensive healthcare for schools, military service branches, government agencies. DOMAN BUILDING: Moody's Cuts CFR to 'B1', Outlook Remains Negative ------------------------------------------------------------------ Moody's Ratings downgraded Doman Building Materials Group Ltd.'s (Doman) corporate family rating to B1 from Ba3, probability of default rating to B1-PD from Ba3-PD, and senior unsecured notes ratings to B2 from B1. The company's SGL-4 speculative grade liquidity rating (SGL) remains unchanged. The outlook remains negative. The downgrade reflects Moody's concerns over Doman's refinancing risk, as its CAD272 million (outstanding) senior unsecured notes are now due within the next 12 months, maturing in May 2026. The proximity of this maturity in the absence of a liquidity backstop heightens the company's exposure to near-term liquidity risk. However, Moody's expects Doman's continued strong operational performance will support the company's refinancing efforts. Governance considerations were a key ESG driver of the rating action, reflecting the company's tolerance for financial strategies that lead to increasing refinancing risk. RATINGS RATIONALE Doman's rating (B1 negative) benefits from: (1) strong positions in the Canadian building materials distribution and North American pressure treated lumber markets; (2) good geographical diversification with some vertical integration; (3) good repair, renovation and remodeling market fundamentals with decent long-term growth prospect; (4) Moody's expectations that financial leverage will decline but remain around 4x over the next 12-18 months. The rating is constrained by: (1) weak liquidity as a result of upcoming notes maturity and seasonally high revolver utilization at the end of Q1 (utilization expected to decline through 2025); (2) concentration in the North American renovation, repair and remodel end market (primarily decking and fencing); (3) exposure to sudden and sharp drops in wood products prices that negatively impact its building materials distribution business segment; (4) expected weaker demand as the rate of new housing starts decline in both the US and Canada; (5) potential integration and financial challenges as the company pursues growth through acquisition; and (6) low operating margins mainly driven by its building materials distribution segment. The negative outlook reflects Doman's weakened liquidity that is driven by approaching debt maturity of 2026 notes that needs to be refinanced. Moody's also expects the company's financial leverage will remain around 4x in 2025 and 2026. Doman has weak liquidity (SGL-4) with about CAD165 million of liquidity sources compared to uses of CAD272 million. Sources of liquidity consist of CAD18 million of cash (as of March 2025), about CAD92 million of availability under its CAD580 million revolving credit facility maturing in April 2028, and Moody's expectations of positive free cash flow of about CAD55 million through mid-2026. The liquidity uses are comprised of CAD272 million notes that mature in May 2026. Doman's covenants for the revolver require the company to maintain a minimum EBITDA, which Moody's expects the company to comfortably maintain. The B2 ratings on the company's CAD325 million (CAD272 million outstanding) senior unsecured notes maturing in 2026 and the CAD365 million senior unsecured notes due 2029 are one notch below the B1 CFR, reflecting the noteholders' subordinate position in the company's capital structure behind the secured CAD580 million asset based revolving credit facility expiring in 2028 (unrated). FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company's market position grows, adjusted debt to EBITDA is sustained below 4x, retained cash flow to net debt is sustained above 10%, liquidity improves to good and management commits to maintaining prudent financial policy which prioritizes maintenance of good liquidity. The ratings could be downgraded if the company doesn't refinance the 2026 notes in a timely manner, the company's operational performance deteriorates significantly, leverage is sustained above 5.5x, retained cash flow to net debt is sustained below 5%, or liquidity weakens. Headquartered in Vancouver, Doman Building Materials Group Ltd. is a distributor of building materials and home renovation products and a leading producer of pressure treated wood products in North America. The principal methodology used in these ratings was Paper and Forest Products published in August 2024. 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. ELITE SURGERY: Unsecureds Will Get 2.5% of Claims over 3 Years -------------------------------------------------------------- Elite Surgery Center, LLC, filed with the U.S. Bankruptcy Court for the Central District of California a Subchapter V Plan of Reorganization dated June 16, 2025. Before this bankruptcy case was filed, the Debtor provided medical surgery services. This entity was formed in the year 2017 and during the years of 2017-2025, the Debtor conducted 100 percent of its business activity in the city of Palmdale, California. The Debtor is now about $3.6 million in debt which includes about $1,830,000 in general unsecured claims. Several issues caused Debtor to have financial problems including (i) the pandemic created long expensive delays in accreditation and start up, (ii) Kaiser Permanente was extremely aggressive in finding reasons to not reimburse Debtor which resulted in hundreds of bills either not being paid or being short paid, (iii) Debtor's billing company National Medical Billing Services, LLC poorly performed its services which caused many Debtor invoices to not be paid, and (iv) National Billing sued Debtor. Although Debtor is doing much less surgeries a month (from about 120 to now 50), Debtor's contract employee expenses have been drastically reduced and a much larger portion of its billings to insurance companies are getting paid. Debtor is also now doing work for patients under Community Family Care, is also setting up to accept cash payments from uninsured or underinsured patients, and expects to apply for grants to provide services to the underserved population. Class #2a consists of Nominal Unsecured Claims. These include "nominal" claims of $500.00 or less, and any larger unsecured claims whose claimant agreed to reduce its claim to this amount. Creditors will be paid the nominal amount on the Effective Date, or as soon as practicable thereafter. Estimated total payments are $682.36. Creditors are not entitled to vote to accept or reject the Plan. Class #2b consists of General Unsecured Claims. Each creditor in Class #2b will be paid 2.5% of its claim beginning the first relevant date after the Effective Date. Over 3 years in equal quarterly installments, due on the first day of each calendar month/quarter; Except Debtor to make payments of $20,000 a month for months 1 through 3. Thereafter $2,500 a month for months 4 through 36, or $7,500 per quarter. Creditors are entitled to vote to reject or accept the Plan. A full-text copy of the Subchapter V Plan dated June 16, 2025 is available at https://urlcurt.com/u?l=U3ur41 from PacerMonitor.com at no charge. Counsel to the Debtor: Marc A. Lieberman, Esq. Alan W. Forsley, Esq. FLP LAW Group LLP 1875 Century Park Eat, Ste 2230 Los Angeles, CA 90067 Tel: (310) 284-7350 Fax: (310) 432-5999 Email: marc.lieberman@flpllp.com alan.forsley@flpllp.com About Elite Surgery Center, LLC Elite Surgery Center, LLC doing business as Elite Robotic Surgery and Elite Robotic Surgery Center, is an ambulatory surgery center specializing in outpatient surgical procedures that do not require overnight hospitalization. The center offers advanced, minimally invasive surgeries, often utilizing robotic technology to enhance precision and recovery times. Elite Surgery Center sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-12149) on March 17, 2025, listing $716,715 in assets and $2,833,257 in liabilities. David Groves, chief financial officer of Elite Surgery Center, signed the petition. Judge Vincent P. Zurzolo oversees the case. Alan W. Forsley, Esq. at FLP Law Group, LLP, is the Debtor's bankruptcy counsel. ENT MSO: Cliffwater Corporate Marks $4.7MM Loan at 26% Off ---------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $4,786,239 loan extended to ENT MSO LLC loan to market at $3,519,030 or 74% 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 ENT MSO LLC. The loan accrues interest at a rate of 10.66% per annum. The loan matures on December 31, 2025. 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 ENT MSO LLC ENT MSO, LLC, doing business as Elevate ENT Partners, provides healthcare services. The Company offers ear, nose, and throat treatments, audiology, allergy, sinus, head, neck, voice, swallowing, sleep cure treatments, and facial plastic surgery services. Elevate ENT Partners serves patients in the United States. ERC TOPCO: Cliffwater Corporate Marks $1.2MM Loan at 33% Off ------------------------------------------------------------ Cliffwater Corporate Lending Fund (CCLFX) has marked its $1,289,316 loan extended to ERC TOPCO Holdings, Inc. loan to market at $859,544 or 67% 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 ERC TOPCO Holdings, Inc. The loan accrues interest at a rate of 10.66% per annum. The loan matures on March 31, 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 ERC TOPCO Holdings, Inc. ERC Topco Holdings, LLC provides nursing and residential care services. ERESEARCHTECHNOLOGY INC: Cliffwater Virtually Writes Off $2.1M Loan ------------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $2,175,229 loan extended to eResearchTechnology, Inc. loan to market at $31,415 or 1% 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 eResearchTechnology, Inc. The loan accrues interest at a rate of 19.07% per annum. The loan matures on January 17, 2032. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About eResearchTechnology, Inc. eResearchTechnology, Inc., doing business as Clario, operates as a clinical trial data management company. FC COMPASSUS: Cliffwater Corporate Marks $2.3MM Loan at 90% Off --------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $2,377,257 loan extended to FC Compassus, LLC loan to market at $247,669 or 10% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to FC Compassus, LLC. The loan accrues interest at a rate of 10.07%, 1.50% PIK per annum. The loan matures on November 26, 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 FC Compassus, LLC FC Compassus, LLC is a healthcare company providing comfort and support to patients and their families facing end-of-life issues. FH DMI: Cliffwater Corporate Marks $3MM Loan at 83% Off ------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $3,055,096 loan extended to FH DMI Buyer, Inc. loan to market at $516,006 or 17% 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 FH DMI Buyer, Inc. The loan accrues interest at a rate of 9.22% per annum. The loan matures on October 11, 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 FH DMI Buyer, Inc. FH DMI Buyer, Inc. specializes in offering various goods and services to its clients. FINLEY DESIGN: Ellis & Winters Represents Creditor Landlords ------------------------------------------------------------ The law firm of Ellis & Winters 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 Finley Design, P.A., the firm represents Creditor Landlords: 1. Desh, LLC Ketan M. Shah, Manager 10321 Sporting Club Drive Raleigh NC 27617 * Description: Co-owner of property (WestPoint At 751 Business Center, Suite 110, 7806 NC Hwy 751, Durham, NC 27713) as tenants in common, jointly leasing the property to the Debtor. 2. Ruchi and Aesha II, LLC Pratik Desai, Manager 2017 Giovanni Court Cary NC 27518 * Description: Co-owner of property (WestPoint At 751 Business Center, Suite 110, 7806 NC Hwy 751, Durham, NC 27713) as tenants in common, jointly leasing the property to the Debtor. 3. Capital Associates Managing Agent 1501 Sunrise Avenue, Suite 100 Raleigh NC 27608 * Description: Managing agent for Creditor Landlords with regard to payments under the lease of the Property leased by the Debtor. Ellis & Winters LLP is a North Carolina limited liability partnership headquartered in Raleigh, North Carolina, with an office located at 4131 Parklake Avenue, Suite 400, Raleigh, NC 27612. Prepetition, the Creditor Landlords were parties to certain Agreements and Amendments leasing the Property to the Debtor. The exact nature and amount of each disclosable economic interest held in relation to the Debtor as of the date of this Statement has not been determined. On or about June 24, 2025, the Creditor Landlords retained Ellis & Winters LLP to represent them in this Bankruptcy Case. Consistent with N.C. R. Prof. Cond. Rule 1.7, Ellis & Winters LLP has advised the Creditor Landlords with respect to its concurrent representation in the Bankruptcy Case and the Creditor Landlords have given informed consent to such joint and concurrent representation. Ellis & Winters LLP's representation of the Creditor Landlords is not prohibited by applicable North Carolina law, does not involve the assertion of a claim by any individual Creditor Landlord, and Ellis & Winters LLP reasonably believes that it can, and will be able to, provide competent and diligent representation to the Creditor Landlords. Ellis & Winters LLP does not hold, and did not hold at the time of engagement, any claims against, or interest in, the Debtor. The law firm can be reached at: Ellis & Winters LLP Charles N. Anderson, Jr., Esq. P.O. Box 33550 Raleigh, North Carolina 27636 Telephone: (919) 865-7000 Facsimile: (919) 865-7010 Email: chuck.anderson@elliswinters.com About Finley Design P.A. Finley Design P.A., doing business as Finley Design PA Architecture + Interiors, provides architectural, interior, and master planning services for retail, office, medical, mixed-use, residential, and environmental design projects. The firm focuses on client-centered solutions, offering design leadership and project execution across various commercial and residential sectors. Finley Design sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02252) on June 2, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge Pamela W. McAfee oversees the case. The Debtor is represented by Philip M. Sasser, Esq., at Sasser Law Firm. FIREFLY NEUROSCIENCE: Secures $1.2 Million Through Unit Offering ---------------------------------------------------------------- Firefly Neuroscience, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a securities purchase agreement with certain accredited investors, pursuant to which the Company agreed to issue and sell $2,000,000 of units, at a purchase price of $3.00 per Unit. Each Unit consists of: (i) either (A) one share of common stock, par value $0.0001 per share, or (B) a prefunded warrant to purchase one share of Common Stock at a nominal exercise price of $0.0001 per share, to the extent that acquiring the shares of Common Stock instead of the Pre-Funded Warrants would have caused the Investors to own in excess of 4.99% of the outstanding Common Stock on a post-issuance basis; (ii) one common stock purchase warrant (the "$3.50 Warrant") to purchase one share of Common Stock over five years at an exercise price of $3.50 per share; (iii) one common stock purchase warrant (the "$4.00 Warrant", together with the Pre-Funded Warrants and $3.50 Warrants, the "Warrants") to purchase one share of Common Stock over five years at an exercise price of $4.00 per share; and (iv) the issuance of the Common Stock upon the exercise of the Warrants. The Warrants include a beneficial ownership limitation, which provides that the Company shall not effect any exercise, and a holder shall not have the right to exercise any portion of the Warrants, to the extent that, after giving effect to such exercise, the holder (together with the holder's affiliates) would beneficially own more than 4.99% of the outstanding shares of Common Stock immediately after the issuance of the Common Stock issuable upon exercise. On June 16, 2025, the closing under the Purchase Agreement occurred, and the Company issued 400,000 Units to the Investors at a total purchase price of $1,200,000. About Firefly Firefly (NASDAQ: AIFF) (formerly WaveDancer, Inc.) is an Artificial Intelligence company developing innovative solutions that improve brain health outcomes for patients with neurological and mental disorders. The FDA-510(k)-cleared Brain Network Analytics (BNA) software platform is designed to advance diagnostic and treatment approaches for individuals with mental illnesses and cognitive disorders, such as depression, dementia, anxiety, concussions, and attention-deficit/hyperactivity disorder (ADHD). Toronto, ON, Canada-based Marcum Canada LLP, the Company's auditor since 2012, issued a "going concern" qualification in its report dated Apr. 2, 2025, attached on the Company's Annual Report on Form 10-K for the year ended Dec. 30, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $4,601,000 in total assets, $4,976,000 in total liabilities, and a total stockholders' deficit of $375,000. FIRSTBASE.IO INC: Creditor, US Trustee Slam $1.2MM Chapter 11 Fees ------------------------------------------------------------------ Clara Geoghegan of Law360 Bankruptcy Authority reports that the U.S. Trustee's Office and Firstbase.io's largest creditor have called on a New York bankruptcy judge to reject $1.2 million in fee requests from three law firms, arguing the company has made little headway in its Chapter 11 case and is at risk of becoming administratively insolvent. About Firstbase.io Inc. Firstbase.io, Inc. is a technology company that provides business formation services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-11647) on September 25, 2024, with $1 million to $10 million in assets and $10 million to $50 million in liabilities. Judge Lisa G. Beckerman oversees the case. The Debtor is represented by Dawn Kirby, Esq., at Kirby Aisner & Curley, LLP. FRONTIERSMEN INC: Taps Real Estate Shoppe LLC as Broker ------------------------------------------------------- Frontiersmen, Inc seeks approval from the U.S. Bankruptcy Court for the Northern District of Indiana to employ The Real Estate Shoppe, LLC as broker. The broker will market and sell the Debtor's real property located at 210 N Third St., Kentland, IN 47951. The firm will receive a commission equal to 3.5 percent of the total purchase price. Ladonna Davidson, a broker with The Real Estate Shoppe, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ladonna Davidson The Real Estate Shoppe, LLC 106 N. 4th St. Kentland IN 47951 Phone: (219) 613-6917 About Frontiersmen, Inc. Frontiersmen Inc., doing business as Funk's Frontiersmen, is a seed company based in Kentland, Indiana. Founded in 1979, the family-owned business provides hybrid corn and soybean varieties tailored for local agricultural needs. Frontiersmen Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ind. Case No. 25-40144) on May 13, 2025. In its petition, the Debtor reports total assets of $296,040 and total liabilities of $6,972,465. The Debtors are represented by Jeffrey Hester, Esq. at HESTER BAKER KREBS LLC. FTX TRADING: Asks Claims Process Okay for Nations With Crypto Bans ------------------------------------------------------------------ Ben Zigterman of Law360 Bankruptcy Authority reports that the estate of the failed cryptocurrency exchange FTX has petitioned a Delaware bankruptcy judge to authorize distribution procedures for claimants in 49 countries, citing regulatory restrictions in those jurisdictions that may limit crypto-related transactions. 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. FUTURE FINTECH: Peng Lei Resigns as Chief Operating Officer ----------------------------------------------------------- Future FinTech Group Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on June 13, 2025, it received a resignation letter from Mr. Peng Lei to resign from his position as the Chief Operating Officer, effective on June 15, 2025. Mr. Lei's resignation is not because of any disagreement with the Company, its management and directors. About Future FinTech Group New York, N.Y.-based Future FinTech Group Inc. is a holding company incorporated under the laws of the State of Florida. The Company historically engaged in the production and sale of fruit juice concentrates (including fruit purees and fruit juices) and fruit beverages (including fruit juice beverages and fruit cider beverages) in the PRC. Due to drastically increased production costs and tightened environmental laws in China, the Company transformed its business from fruit juice manufacturing and distribution to financial technology-related service businesses. The main business of the Company includes supply chain financing services and trading in China, asset management business in Hong Kong, and cross-border money transfer service in the UK. Orange, Calif.-based Fortune CPA, Inc., the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered losses from operations. Therefore, the Company has stated substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon its ability to successfully execute its new business strategy and eventually attain profitable operations. As of Dec. 31, 2024, the Company had $25.9 million in total assets, $13.3 million in total liabilities, and a total stockholders' equity of $12.6 million. FYI OPTICAL: Cliffwater Corporate Marks $36.7MM Loan at 31% Off --------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $36,758,217 loan extended to FYI Optical Acquisitions, Inc. & FYI USA Inc. loan to market at $25,503,605 or 69% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to FYI Optical Acquisitions, Inc. & FYI USA Inc. The loan accrues interest at a rate of 9.38% per annum. The loan matures on March 4, 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 FYI Optical Acquisitions, Inc. & FYI USA Inc. FYI Optical Acquisitions, Inc. provides healthcare services. FYZICAL BUYER: Cliffwater Corporate Marks $354,000 Loan at 48% Off ------------------------------------------------------------------ Cliffwater Corporate Lending Fund (CCLFX) has marked its $354,000 loan extended to Fyzical Buyer, LLC loan to market at $185,496 or 52% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Revolver Loan to Fyzical Buyer, LLC. The loan accrues interest at a rate of 9.82% per annum. The loan matures on June 26, 2028. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Fyzical Buyer, LLC Fyzical Buyer, LLC is the leader in the health and wellness space, providing private practices with business systems, operational support, and clinical education. GAMESTOP CORP: Closes $2.25B Convertible Senior Notes Due 2032 -------------------------------------------------------------- GameStop Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on June 17, 2025, the Company completed its previously announced private offering of $2.25 billion aggregate principal amount of 0.00% Convertible Senior Notes due 2032. Pursuant to the purchase agreement between the Company and the initial purchaser of the Notes, the Company granted the initial purchaser an option to purchase, for settlement within a period of 13 days from, and including, the date the Notes are first issued, up to an additional $450 million aggregate principal amount of Notes. The Notes are general unsecured obligations of the Company. The Notes were issued pursuant to an Indenture, dated June 17, 2025, between the Company and U.S. Bank Trust Company, National Association, as trustee. The Notes will mature on June 15, 2032, unless earlier converted, redeemed or repurchased. The Notes will not bear regular interest and the principal amount of the notes will not accrete. Holders may convert all or any portion of their Notes at their option at any time prior to the close of business on the business day immediately preceding March 15, 2032 only upon satisfaction of one or more of the following conditions: (1) during any fiscal quarter commencing after the fiscal quarter ending on November 1, 2025 (and only during such fiscal quarter), if the last reported sale price of the Company's Class A common stock, par value $.001 per share, for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price for the Notes on each applicable trading day; (2) during the five business day period after any ten consecutive trading day period in which the trading price (as defined in the Indenture) per $1,000 principal amount of Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Common Stock and the conversion rate on each such trading day; (3) if the Company calls such Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date, but only with respect to the Notes called (or deemed called) for redemption; and (4) upon the occurrence of specified corporate events as set forth in the Indenture. On or after March 15, 2032 until the close of business on the scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their Notes at any time, in multiples of $1,000 principal amount, at any time, regardless of the foregoing conditions. Upon conversion, the Company will satisfy its conversion obligation by paying and/or delivering, as the case may be, cash, shares of Common Stock or a combination of cash and shares of Common Stock, at the Company's election, in the manner and subject to the terms and conditions set forth in the Indenture. The conversion rate for the Notes will initially be 34.5872 shares of Common Stock per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $28.91 per share of Common Stock. The initial conversion price of the Notes represents a premium of approximately 32.5% over the U.S. composite volume weighted average price of the Common Stock from 1:00 p.m. through 4:00 p.m. Eastern Daylight Time on The New York Stock Exchange on June 12, 2025. The conversion rate is subject to adjustment under certain circumstances in accordance with the terms of the Indenture but will not be adjusted for any accrued and unpaid special interest. In addition, following certain corporate events that occur prior to the maturity date or if the Company delivers a notice of redemption, the Company will, in certain circumstances, increase the conversion rate for a holder who elects to convert its Notes in connection with such a corporate event or convert its Notes called (or deemed called) for redemption during the related redemption period (as defined in the Indenture), as the case may be. The Company may not redeem the Notes prior to June 20, 2029. The Company may redeem for cash all or any portion of the Notes (subject to the partial redemption limitation set forth in the Indenture), at its option, on or after June 20, 2029 if the last reported sale price of the Common Stock has been at least 130% of the conversion price for the Notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid special interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the Notes. Noteholders may require the Company to repurchase their Notes on December 15, 2028, at a cash repurchase price equal to 100% the principal amount of the Notes to be repurchased, plus accrued and unpaid special interest, if any, to, but excluding, the repurchase date. In addition, if the Company undergoes a fundamental change (as defined in the Indenture), then, subject to certain conditions and except as set forth in the Indenture, holders may require the Company to repurchase for cash all or any portion of their Notes at a fundamental change repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid special interest, if any, to, but excluding, the fundamental change repurchase date. The Indenture includes customary terms and covenants and sets forth certain events of default after which the Notes may be declared immediately due and payable and sets forth certain types of bankruptcy or insolvency events of default involving the Company or any of its significant subsidiaries (as defined in the Indenture) after which the Notes become automatically due and payable. The following events are considered "events of default" under the Indenture: * default in any payment of special interest on any Note when due and payable and the default continues for a period of 30 days; * default in the payment of principal of any Note when due and payable at its stated maturity, upon optional redemption, upon any required repurchase, upon declaration of acceleration or otherwise; * failure by the Company to comply with its obligation to convert the Notes in accordance with the Indenture upon exercise of a holder's conversion right, and such failure continues for three business days; * failure by the Company to give: (i) a notice of a fundamental change or make-whole fundamental change (as defined in the Indenture), in either case when due and such failure continues for four business days, or (ii) notice of certain specified corporate transactions or events when due and such failure continues for one business day; * failure by the Company to comply with its obligations in respect of any consolidation, merger or sale of assets; * failure by the Company for 60 days after written notice from the Trustee or the holders of at least 25% in principal amount of the Notes then outstanding has been received to comply with any of the Company's other agreements contained in the Notes or Indenture; * default by the Company or any of its significant subsidiaries with respect to any mortgage, agreement or other instrument under which there may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed with a principal amount in excess of $100 million (or its foreign currency equivalent) in the aggregate for the Company and/or any such significant subsidiary, whether such indebtedness now exists or shall hereafter be created: (i) resulting in such indebtedness becoming or being declared due and payable prior to its stated maturity date or (ii) constituting a failure to pay the principal of any such debt when due and payable (after the expiration of all applicable grace periods) at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise, and in the cases of clauses (i) and (ii), such acceleration shall not have been rescinded or annulled or such failure to pay or default shall not have been cured or waived, or such indebtedness is not paid or discharged, as the case may be, within 60 days after written notice of such failure to the Company by the Trustee or to the Company and the Trustee by holders of at least 25% in aggregate principal amount of Notes then outstanding in accordance with the Indenture; and * certain events of bankruptcy, insolvency or reorganization with respect to the Company or any of its significant subsidiaries. If certain bankruptcy and insolvency-related events of default occur with respect to the Company or any of its significant subsidiaries, the principal of, and accrued and unpaid special interest, if any, on, all of the then outstanding Notes shall automatically become due and payable. If an event of default other than certain bankruptcy and insolvency-related events of default with respect to the Company or any of its significant subsidiaries occurs and is continuing, the Trustee by notice to the Company, or the holders of at least 25% in principal amount of the outstanding Notes by notice to the Company and the Trustee, may, and the Trustee at the request of such holders shall, declare 100% of the principal of, and accrued and unpaid special interest, if any, on, all of the then outstanding Notes to be due and payable. Notwithstanding the foregoing, the Indenture provides that, to the extent the Company elects, the sole remedy for an event of default relating to certain failures by the Company to comply with certain reporting covenants in the Indenture will, for the first 365 days after the occurrence of such an event of default, consist exclusively of the right of holders to receive special interest on the Notes. The Indenture provides that the Company shall not consolidate with or merge with or into, or sell, convey, transfer or lease all or substantially all of the consolidated properties and assets of the Company and its subsidiaries, taken as a whole, to, another person (other than any such sale, conveyance, transfer or lease to one or more of the Company's direct or indirect wholly owned subsidiaries) unless: (1) the resulting, surviving or transferee person (if not the Company) is a "qualified successor entity" (as defined in the Indenture) (such qualified successor entity, the "successor entity") organized and existing under the laws of the United States of America, any state thereof or the District of Columbia, and such successor entity (if not the Company) expressly assumes by supplemental indenture all of the Company's obligations under the Notes and the Indenture; and (2) immediately after giving effect to such transaction, no default or event of default has occurred and is continuing under the Indenture. Proceeds: The net proceeds from the Offering were $2.23 billion, after deducting the initial purchaser's discounts and commission and the estimated Offering expenses payable by the Company. The Company intends to use the net proceeds from the offering for general corporate purposes, including making investments in a manner consistent with the Company's Investment Policy and potential acquisitions. The Company offered and sold the Notes to the initial purchaser in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended, and for resale by the initial purchaser to persons reasonably believed to be qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A under the Securities Act. The Company relied on these exemptions from registration based in part on representations made by the initial purchaser in the purchase agreement, dated June 12, 2025, between the Company and the initial purchaser named therein. The Notes and the shares of Common Stock issuable upon conversion of the Notes, if any, have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. To the extent that any shares of Common Stock are issued upon conversion of the Notes, they will be issued in transactions anticipated to be exempt from registration under the Securities Act by virtue of Section 3(a)(9) thereof, because no commission or other remuneration is expected to be paid in connection with conversion of the Notes, and any resulting issuance of shares of Common Stock. Initially, a maximum of 101,625,975 shares of Common Stock (or 121,951,170 shares of Common Stock if the initial purchaser exercises its option to purchase up to an additional $450 million principal amount of Notes) may be issued upon conversion of the Notes based on the initial maximum conversion rate of 45.1671 shares of Common Stock per $1,000 principal amount of the Notes, which is subject to customary anti-dilution adjustment provisions. About GameStop Grapevine, Texas-based GameStop Corp. is a specialty retailer offering games and entertainment products through its E-Commerce platforms and thousands of stores. As of August 3, 2024, GameStop had $5.5 billion in total assets, $1.2 billion in total liabilities, and $4.4 billion in total stockholders' equity. * * * Egan-Jones Ratings Company on January 15, 2025, downgraded the foreign currency and local currency senior unsecured ratings on debt issued by GameStop Corporation to CCC- from CC. GENUINE FINANCIAL: S&P Alters Outlook to Negative, Affirms 'B' ICR ------------------------------------------------------------------ S&P Global Ratings revised its outlook on Genuine Financial Holdings LLC (dba HireRight) to negative from stable and affirmed all its ratings, including its 'B' issuer credit rating. The negative outlook reflects S&P's expectations that S&P Global Ratings-adjusted leverage to elevate to 10.9x by the end of 2025 as the company heavily invests in its technology platforms and go-to-market initiatives amid a weak macroeconomic hiring environment. HireRight, a provider of background screening services, announced plans to accelerate investments in technology and go-to-market initiatives, which S&P expects will pressure operating performance and increase leverage in fiscal 2025 to 10.9x by year-end. For now, S&P expects free operating cash flow (FOCF) to remain above 3% during the heavy investment period and that leverage will quickly decrease as the company begins to realize returns. Leverage will increase and remain outside our rating tolerance throughout 2025 and into 2026. Management will opportunistically make strategic investments in its technology and go-to-market capabilities. S&P said, "As such, we expect S&P Global Ratings-adjusted EBITDA margins to decline meaningfully during 2025. In our view, the refreshed sales teams and technology investments are needed for HireRight to remain competitive over the long term, particularly with major competitor First Advantage in the background screening industry. First Advantage recently completed its acquisition of Sterling Check and is in an integration process, which we expect to take up to 18 months to complete. We note that HireRight's investments, specifically in go-to-market strategies, may take up to 12 months to realize returns, given the timeframe for new sales representatives to become productive." Additionally, the hiring market is suppressing demand for background checks, which could make meaningful growth in new logos and cross-sell/upsell opportunities difficult. On the technology side, HireRight's management is investing in areas such as robotic process automation and AI to drive down data collection and personnel costs longer term. S&P said, "Of note, we expect capitalized development costs (which we expense through our EBITDA adjustments) to rise over 65% in 2025. We model these capitalized development costs remaining elevated after 2025 as well." S&P said, "Expectations for good FOCF during the heightened investment period and deleveraging support our ratings. We expect prudent working capital measures, as well as the deferral of tax receivable agreement (TRA) liability payments to its financial sponsors (announced in February 2025 and estimated to save approximately $30 million annually), to enable HireRight to generate at least $40 million of FOCF during 2025. Since there is no further cash outflow for now, the company has flexibility to continue pursuing small tuck in mergers and acquisitions (such as the two completed this year), while servicing its debt amortization of $10 million annually. Its undrawn $160 million revolver due in 2027 and $72 million cash balance at the end of the first quarter support liquidity. Because the TRA remains a significant liability and could convert to a call on cash at the owners' option, we include it as debt in our adjusted metrics. The liability will accrue at a rate of SOFR plus 5% annually. "The hiring market remains a headwind for background screener services. We expect new hiring growth to remain challenging this year as companies await certainty on several macroeconomic factors, including the direction of interest rates, tariffs, and geopolitical risks. The Job Openings and Labor Turnover Survey showed total job openings declining 8%-11% through the first three months of 2025 compared to the same period last year. HireRight has performed better than the overall trend due to the increase of new logos and its reduced exposure to more cyclical sectors, such as services (10% of annual revenue), retail and hospitality (7%), and manufacturing (10%). Revenue declined 3% during the first quarter, and we model a similar rate for the year. "The negative outlook reflects our expectations that S&P Global Ratings-adjusted leverage will increase to 10.9x by the end of 2025 as the company heavily invests in its technology platforms and go-to-market capabilities amid a weak macroeconomic hiring environment." S&P could lower its rating on HireRight over the coming year if S&P expects FOCF to debt under 3% and leverage maintained over 7x. This could occur from: -- Higher than expected investment without meaningful short-term returns; or -- Significant market share loss. S&P could revise the rating outlook to stable if the company realizes returns on its investments with demonstrated sustained margin improvements, such that: -- S&P Global Ratings-adjusted leverage approaches the 7x area; and -- FOCF to debt is maintained above 3%. GIANT WASH: Seeks Subchapter V Bankruptcy in Iowa ------------------------------------------------- On June 30, 2025, Giant Wash LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Iowa. According to court filing, the Debtor reports between $1 million and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Giant Wash LLC Giant Wash LLC is an Iowa-based laundromat operator with multiple locations across Dubuque and Cascade, Iowa provides self-service laundry facilities. Giant Wash LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-01133) on June 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Lee M. Jackwig handles the case. The Debtors are represented by Jeffrey Douglas Goetz, Esq. GILL RANCH: To Sell Mitigation Assets to Ecosystems Investment -------------------------------------------------------------- Gill Ranch, LLC, seeks approval from the U.S. Bankruptcy Court for the Northern District of California, San Francisco Division, to sell Mitigation Assets, free and clear of liens, claims, and encumbrances. The Debtor previously entered into a proposed purchase and sale agreement (Stalking Horse PSA) with Ecosystems Investment Partners V, LLC (EIP) for the sale of substantially all of the Debtor's assets contingent upon resolving certain diligence items by April 6, 2025. However, the parties could not resolve the contingencies and did not consummate the sale as contemplated. The Debtor has since pivoted and spent a substantial amount of time and effort negotiating with EIP and the Debtor's secured creditors to structure a tentative resolution (Global Settlement) that contemplates separate sales of the Mitigation Assets and Vineyard Business and resolution of certain disputes with secured creditor Environmental Stewardship Foundation (ESF). Under the proposed Global Settlement and subject to Court approval, EIP will waive certain conditions to close on the sale of Mitigation Assets for the reduced purchase price of $18,000,000, free and clear of all liens, claims, interests, and encumbrances. AgWest extended credit to the Debtor through a series of loans and credit facilities to the Debtor totaling over $17,800,000. ESF holds a judgment lien against the Debtor for approximately $10,560,000. The Debtor also obtained a bridge loan from Bluefin for $200,000. The Debtor uses the Assets to operate two primary lines of business: The Vineyard and Mitigation Bank Businesses. The Debtor holds fee simple title to approximately 525 acres of real property from and on which it grows, harvests, and sells crops (Vineyard Business). The Debtor also owns interests in real property, which interests are used and monetized as a conservation and mitigation bank to provide high-quality and sustainable mitigation alternatives for developers that are required to mitigate the environmental impacts of development as a condition of approval for their permitted activity (Mitigation Bank Business). The Mitigation Bank Business consists of: i. an equitable interest in approximately 3,200 acres of real property located in Sacramento County, California, commonly referred to as Assessor's Parcel Numbers 128-0110- 005-0000, 128-0110-006-0000, 128-0110-007-0000, 128-0110-012-0000, 128-0110-013-0000, 128-0110-014-0000, 128-0110-015-0000, and 128-0110-016-0000; and ii. fee simple ownership of approximately 2,273.06 acres of real property located in Sacramento County, California, commonly referred to as Assessor’s Parcel Numbers 140-0010-004, 140-0010-011-0000, 140-0010-013-0000, 136-0430-008-000, 136-0430-007-0000, 136-0430-006-0000, 136-0430-002-0000, 136-0430-001-0000, and 136-0280-049-0000. Had the originally proposed sale of all Assets to EIP under the Stalking Horse PSA closed, the Debtor would have generated enough net proceeds to satisfy AgWest's claims in full and substantial recoveries to the Debtor’s other creditors. The Debtor has brokered a resolution for which the Debtor expects obtaining the Secured Creditors’ support and consent, even if their respective secured claims will not be paid in full. The Debtor will sell the Mitigation Assets to EIP and the Vineyard Business to a Bluefin affiliate. Under the proposed Mitigation Assets Sale, EIP will waive certain conditions to close on the sale of Mitigation Assets and Mitigation Banking Business for the reduced purchase price of $18,000,000, free and clear of all liens, claims, interests, and encumbrances. In furtherance of the Mitigation Assets PSA, the Debtor reserves all rights and seeks Court authorization to assume and assign to EIP any unexpired non-residential real property leases and executory contracts that EIP may ultimately designate. The Assumed Contracts include the following, each of which has no outstanding cure amount associated with it: -- Additional Conservation Restrictions Agreement - Angelo K. Tsakopoulos Holdings, LP -- Additional Conservation Restrictions Agreement - Russell-Promontory, LLC -- Purchase and Sale Agreement - South Sacramento Conservation Agency -- Additional Conservation Restrictions Agreement - The John C. & Lesley Ann Kemp Family Trust The proceeds of the Mitigation Assets Sale to EIP will benefit the Debtor and its creditors by eliminating substantial outstanding secured obligations to AgWest, as well as ongoing costs associated with the Mitigation Bank Business. The proposed purchase price of the Mitigation Assets comprises about 87% of AgWest's secured debt. Accordingly, the Debtor continues to engage with AgWest and the other Secured Creditors to obtain their respective consent to the Global Settlement, a key component of which is the Mitigation Assets Sale. Although the Brokers worked closely with the Debtor and interested parties to solicit a Qualified Competing Bid, the Debtor received none and cancelled the Auction. Only EIP – after continued negotiations following its refusal to waive conditions to close and at a significantly reduced purchase price – has offered to purchase the Mitigation Assets. The proposed sale price of $18,000,000 is indicative of the fair market value of the Mitigation Assets and confirms that the proposed Mitigation Assets Sale to EIP is a sound exercise of the Debtor’s business judgment under the circumstances. The Debtor previously gave notice to all contract counterparties of the potential assumption and assignment or rejection of their respective unexpired non-residential real property leases and executory contracts in furtherance of the Bid Procedures and Sale Motion. The Debtor believes that the proposed Mitigation Assets Sale to EIP is a part of the Global Settlement, subject to Court approval of the Vineyard Sale and the ESF Settlement vis-a-vis concurrently filed motions for such relief. The Debtor anticipates that if the Court is inclined to approve the Vineyard Sale and ESF Settlement, each Secured Creditor ultimately will consent to the Mitigation Assets Sale. About Gill Ranch, LLC Gill Ranch, LLC is a limited liability company in San Francisco, Calif. Gill Ranch sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 24-30886) on November 25, 2024, with $10 million to $50 million in both assets and liabilities. Andrew De Camara, chief restructuring officer of Gill Ranch, signed the petition. Judge Hannah L. Blumenstiel oversees the case. The Debtor is represented by Ori Katz, Esq., at Sheppard Mulllin Richter & Hampton, LLP. GILL RANCH: To Sell Vineyard Business to PCCP Acquisitions ---------------------------------------------------------- Gill Ranch LLC seeks permission from the U.S. Bankruptcy Court for the Northern District of California, San Francisco Division, at a hearing on July 30, 2025 at 1:00 p.m., to sell substantially all of its Assets, free and clear of liens, claims, and encumbrances. The Debtor uses the Assets to operate two primary lines of business: The Vineyard and Mitigation Bank Businesses. The Debtor holds fee simple title to approximately 525 acres of real property from and on which it grows, harvests, and sells crops (Vineyard Business). The Debtor also owns interests in real property, which interests are used and monetized as a conservation and mitigation bank to provide high-quality and sustainable mitigation alternatives for developers that are required to mitigate the environmental impacts of development as a condition of approval for their permitted activity (Mitigation Bank Business). The Mitigation Bank Business consists of the Debtor's equitable interest in approximately 3,200 acres of certain real property located in Sacramento County, California; and fee simple ownership of approximately 2,273.06 acres of real property located in Sacramento County, California (Mitigation Assets). The Debtor wants to sell the Vineyard Property to PCCP Acquisitions Holdings, LLC or its nominee or assignee. The Debtor secures bridge loan from Bluefin Partners, LLC amounting to $420,000, exclusive of interest and fees. The Debtor had entered into a nonbinding letter of intent with Ecosystems Investment Partners V, LLC (EIP) for an "all assets" purchase, the Debtor spent time negotiating with EIP and documenting such a proposed purchase and sale agreement (Stalking Horse PSA). The Stalking Horse PSA, which was subject to overbid and Court approval, was contingent upon resolution between the parties of certain diligence items by April 6, 2025. When the parties could not resolve the contingencies by such date, EIP indicated that it would not proceed with the proposed purchase and sale transaction as originally contemplated. The Debtor has actively engaged with EIP and the Debtor's secured creditors AgWest, Environmental Stewardship Foundation (ESF), and Bluefin the Secured Creditors), and other major stakeholders to determine whether it is possible to effectuate a value-maximizing transaction that resolves the majority of the secured claims asserted against the Debtor and other disputes. After fielding additional inquiries for such sale after the Bid Deadline established under the Bid Procedures and Sale Motion, the Debtor received an offer from PCCP Acquisitions Holdings, LLC, an affiliate of Bluefin, to purchase the Vineyard Business. Multiple rounds of negotiations with the Vineyard Buyer later, and after extensive discussions with AgWest and ESF, the Debtor has structured a tentative resolution with the Secured Creditors (Global Settlement) that contemplates separate sales of the Mitigation Assets and Vineyard Business and resolution of certain disputes with ESF. Under the Global Settlement, the PCCP has offered to purchase the Vineyard Business for $4,100,000, which purchase price shall be structured as a credit bid for the Bluefin Debt, inclusive of interest, plus cash for the remainder, free and clear of all liens, claims, interests, and encumbrances except as otherwise agreed with the United States and as set forth with the Vineyard Sale. The Debtor believes that, by the time of the hearing on the Motion and motions to approve the Secured Creditor Settlements and Mitigation Assets Sale, it will have obtained the Secured Creditors' collective support and consent of to the proposed Sales. The Debtor anticipates offering the bulk of the combined proceeds to be generated to pay AgWest, the senior secured creditor, in an amount sufficient to garner its consent to the proposed Sales. AgWest Farm Credit, PCA and AgWest Farm Credit, FCLA, together with Bluefin and ESF, have extended credit to the Debtor through a series of loans and credit facilities to the Debtor totaling over $17,800,000. Had the originally proposed sale of all Assets to EIP under the Stalking Horse PSA closed, the Debtor would have generated enough net proceeds to satisfy AgWest's claims in full and substantial recoveries to the Debtor's other creditors. Unfortunately, EIP refused to waive certain conditions to close and said it would not move forward under the Stalking Horse PSA. The Debtor will sell, and the Vineyard Buyer will purchase, the entire Vineyard Business, including: -- Real property located in Sacramento County, California, commonly referred to as APN 140-0010-014, comprised of approximately 525 gross acres including approximately 300 acres of planted grapevines; -- Any equipment, buildings, tools and the like used in the operation of the Vineyard; and -- Any contracts the Vineyard Buyer designates for assumption and assignment to the Vineyard Buyer, including, in particular, any contracts with Constellation Brands U.S. Operations, Inc. and Delicato Family Vineyards, to sell the harvest from the Vineyard. The proposed purchase price for the Vineyard Sale is $4,100,000, structured as a credit bid for the Bluefin Debt plus cash for the remainder, subject to overbid but free and clear of all claims, interests, liens and encumbrances. Buyer shall be entitled to a combined break-up fee and expense reimbursement of $35,000 (Break-Up Fee), if the Debtor receives a higher or better offer for the Vineyard Assets at or before the Sale Hearing and the proposed Vineyard Sale to the Vineyard Buyer fails to close. The Debtor has determined in its business judgment that the proposed Global Settlement, including the Vineyard Sale is the best – and likely only – way to achieve its goal in chapter 11. About Gill Ranch LLC Gill Ranch, LLC is a limited liability company in San Francisco, Calif. Gill Ranch sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 24-30886) on November 25, 2024, with $10 million to $50 million in both assets and liabilities. Andrew De Camara, chief restructuring officer of Gill Ranch, signed the petition. Judge Hannah L. Blumenstiel oversees the case. The Debtor is represented by Ori Katz, Esq., at Sheppard Mulllin Richter & Hampton, LLP. GIRARDI & KEESE: Tom Seeks to Remain Free During Fraud Appeal ------------------------------------------------------------- Lauren Berg of Law360 reports that on Wednesday, July 2, 2025, disbarred attorney Tom Girardi asked a California federal judge to let him stay out on bond during his appeal of a wire fraud conviction. He argued that he is neither a flight risk nor a threat to the community and pointed to several appealable issues that could potentially lead to a reversal or resentencing, the report states. About Girardi & Keese Girardi and Keese or Girardi & Keese was a Los Angeles-based law firm founded in 1965 by lawyers Thomas Girardi and Robert Keese. It served clients in California in a variety of legal areas. It wasknown for representing plaintiffs against major corporations. An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No. 20-21022) was filed in December 2020 against GIRARDI & KEESE by alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian, Erika Saldana, Virginia Antonio, and Kimberly Archie. The petitioners' attorneys is Andrew Goodman, at Goodman Law Offices, Apc. Elissa D. Miller, a member of the firm SulmeyerKupetz, has been appointed as Chapter 7 trustee for GIRARDI KEESE. GREENE FAMILY: Seeks to Hire William G. Haeberle as Accountant -------------------------------------------------------------- Greene Family Enterprises, LLC, doing business as Rita's Italian Ice, seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ William G. Haeberle, CPA as accountant. The Debtor needs an accountant to timely complete its monthly operating reports. The firm will be paid $300 per month. William Haeberle, CPA, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: William G. Haeberle, CPA 1440 Peachtree St. Jacksonville, FL 32207 About Greene Family Enterprises Greene Family Enterprises, LLC, doing business as Rita's Italian Ice, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01910) on June 9, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Jerrett McConnell, Esq., at McConnell Law Group, PA, serves as Subchapter V trustee. Judge Jacob A. Brown presides over the case. The Debtor tapped Donald M. DuFresne, Esq., at Parker & Dufresne as counsel and William G. Haeberle, CPA, as accountant. H2 HOLDCO: Cliffwater Corporate Marks $2.4MM Loan at 38% Off ------------------------------------------------------------ Cliffwater Corporate Lending Fund (CCLFX) has marked its $2,484,000 loan extended to H2 Holdco, Inc. loan to market at $1,536,634 or 62% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to H2 Holdco, Inc. The loan accrues interest at a rate of 10.55% per annum. The loan matures on May 5, 2028. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About H2 Holdco, Inc. H2 Holdco, Inc. offers our customers outpatient physical, occupational, and speech therapy services HAH GROUP: Moody's Cuts CFR to 'B3', Outlook Remains Stable ----------------------------------------------------------- Moody's Ratings downgraded its ratings assigned to HAH Group Holding Company, LLC ("HAH"). The corporate family rating was downgraded to B3 from B2, the probability of default rating to B3-PD from B2-PD, and the senior secured ratings on the first lien bank credit facility and the notes due 2031 to B3 from B2. The rating outlook remains stable. The rating downgrades reflect Moody's views that HAH's deleveraging efforts will be hindered by lost business and one-time costs triggered by the recent changes to the New York Consumer Directed Personal Assistance Program (CDPAP). Consequently, Moody's expects that the company's financial leverage will remain above 6.0x through at least 2026. New York CDPAP has historically relied on a network of fiscal intermediaries to manage administrative functions. However, starting April 1, 2025, the state shifted the program to a single fiscal intermediary. Following this change, HAH has shifted its focus to an agency model and has exited the New York CDPAP, which generated $412 million in net revenues for the company in 2024. Moody's do not expect revenues from the agency model in New York to fully replace the revenue associated with the former, New York CDPAP. RATINGS RATIONALE HAH's B3 CFR reflects its high financial leverage, uncertain reimbursement environment, and a substantial concentration of revenue in New York, Illinois and Pennsylvania. Moody's calculates HAH's proforma financial leverage near 7.0x at the end of March 2025 assuming material reduction in one-time costs associated with prior acquisitions, strategic initiatives, process optimization and legal expenses among other items. As the company implements measures to accelerate organic growth and to counter the impact of the loss of New York CDPAP, Moody's expects its debt/EBITDA to fall below 7.0x by the end of 2026, absent any significantly-sized debt-funded acquisitions. HAH's leading position in the highly fragmented home care market, growing demand for home-based services, and a significant cost advantage compared to less preferred facility-based care support the B3 rating. Further, HAH's rating reflects its consistent track record of good organic revenue growth and M&A integration. Moody's anticipates HAH to have adequate liquidity over the next 12 months. Free cash flow will be near breakeven with a skew to slightly positive in the next 12 months. Cash on hand of $61 million and the $250 million revolving credit facility being undrawn at March 31, 2025 support the liquidity profile. The company's debt instruments ($250 million revolving credit facility due 2029, $825 million term loan due 2031 and $675 million senior secured notes due 2031) represent the preponderance of the company's debt. These instruments are secured by the same collateral on a pari passu basis and rated the same as the corporate family rating. The stable outlook reflects Moody's views that HAH's financial leverage will remain high, with Moody's adjusted debt/EBITDA in the 6.0-7.0 times range over the next 12 to 18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if HAH experiences significant profit declines due to unfavorable regulatory changes affecting reimbursements. Ratings could also be downgraded if the company undertakes an aggressive debt-funded acquisition strategy or large shareholder dividends. A material weakening of liquidity, including persistent negative free cash flow, could also result in a ratings downgrade. HAH's ratings could be upgraded if the company further increases its scale while also improving its geographic diversification. Ratings could be upgraded if the company achieves and sustains positive free cash flow of at least 2.5% and debt/EBITDA is sustained below 6.0 times. HAH Group Holding Company, LLC, headquartered in Chicago, IL, is one of the largest providers of home personal care and support services to the elderly and people with disabilities in their homes and community-based settings. Revenue was $2.3 billion for the twelve months ended March 31, 2025. HAH is owned by CenterBridge Partners, L.P., The Vistria Group, L.P., Wellspring Capital Partners, L.P. and certain executive officers, employees and other minority investors. 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. HELIUM ACQUIRER: Cliffwater Corporate Marks $1.6MM Loan at 70% Off ------------------------------------------------------------------ Cliffwater Corporate Lending Fund (CCLFX) has marked its $1,656,810 loan extended to Helium Acquirer Corporation loan to market at $490,2194 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 Revolver Loan to Helium Acquirer Corporation. The loan accrues interest at a rate of 11.40% per annum. The loan matures on May 5, 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 Helium Acquirer Corporation Helium Acquirer Corporation is an affiliate of Alpine Investors, a financial service company, involved in the acquisition of Medusind Holdings and its group companies, including its Indian subsidiary, Medusind Solutions India. HERITAGE PORTRAITS: 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 Heritage Portraits amd Albums, Inc. 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 Heritage Portraits amd Albums Heritage Portraits amd Albums, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-40780) on June 13, 2025, with $100,001 to $500,000 in assets and liabilities. Judge James J. Robinson presides over the case. Robert C. Keller, Esq. at Russo, White & Keller represents the Debtor as legal counsel. HIDDEN PATH: Seeks Subchapter V Bankruptcy in Texas --------------------------------------------------- On June 30, 2025, Hidden Path RV Resort LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Texas. According to court filing, the Debtor reports $3,551,643 in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About Hidden Path RV Resort LLC 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. Hidden Path RV Resort LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-10997) on June 30, 2025. In its petition, the Debtor reports total assets of $4,913,011 and total liabilities of $3,551,643. Honorable Bankruptcy Judge Shad Robinson handles the case. The Debtors are represented by Stephen W Sather, Esq. at BARRON & NEWBURGER, P.C. HILTS LOGGING: Unsecureds to Get 5 Cents on Dollar in Plan ---------------------------------------------------------- Hilts Logging & Excavating, LLC filed with the U.S. Bankruptcy Court for the Northern District of New York a Plan of Reorganization for Small Business dated June 16, 2025. The Debtor is a limited liability company. Since 2007, the Debtor has been in the business of logging and excavating, including cutting and selling timber and digging ponds, foundations, etc. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $4,891.93 The final Plan payment is expected to be paid on October 1, 2030. Class 5 consists of Non-priority unsecured creditors. Unsecured creditors will receive a total of $22,684.46 which will be distributed pro rata to all allowed unsecured claims. Debtor will pay a total of $378.07 per month to be distributed to unsecured creditors pro rata. It is anticipated that this will yield approximately 5 cents on the dollar of all unsecured allowed claims. This Class is impaired. Class 6 consists of Equity security holders of the Debtor. Equity interest holders shall receive 100% of the shareholder interests in the reorganized Debtor. The Plan will be implemented by the Debtor remitting payment to creditors from the Debtor's cash flow derived from income. Upon Confirmation of the Plan, all property of the Debtor, tangible and intangible, including, without limitation, licenses, furniture, fixtures, and equipment, will revert free and clear of all Claims and Equitable Interests except as provided in the Plan, to the Debtor. The Debtor expects to have sufficient cash on hand to make the payments required on the Effective Date. A full-text copy of the Plan of Reorganization dated June 16, 2025 is available at https://urlcurt.com/u?l=bD4XLB from PacerMonitor.com at no charge. Counsel to the Debtor: Peter A. Orville, Esq. Orville & McDonald Law, P.C. 30 Riverside Drive Binghamton, NY 13905 Tel: (607) 770-1007 Fax: (607) 770-1110 About Hilts Logging & Excavating Hilts Logging & Excavating, LLC specializes in logging services, including timber harvesting and land clearing, utilizing a range of heavy machinery for forestry operations. Hilts Logging & Excavating sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-60199) on March 16, 2025. In its petition, the Debtor reported total assets of $612,385 and total liabilities of $1,404,316. Judge Patrick G. Radel handles the case. The Debtor tapped Orville & McDonald Law, PC as bankruptcy counsel and John Maya, Esq., as real estate counsel. HPS HEALTH: Cliffwater Corporate Marks $262,000 Loan at 78% Off --------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $262,889 loan extended to HPS Health Care loan to market at $58,177 or 22% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to HPS Health Care. The loan accrues interest at a rate of 21.25% PIK per annum. The loan matures on October 27, 2025. 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 HPS Health Care HPS Health Care provides healthcare solutions focused on improving the patient experience through simplified healthcare billing, particularly for high-deductible health plans. HT INTERMEDIARY: Cliffwater CLFX Virtually Writes Off $1.4M Loan ---------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $1,443,505 loan extended to HT Intermediary III, Inc. loan to market at $49,715 or 3% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Revolver Loan to HT Intermediary III, Inc. The loan accrues interest at a rate of 9.07% PIK per annum. The loan matures on November 12, 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 HT Intermediary III, Inc. HT Intermediary III, Inc. offers tailored lending solutions designed to meet the specific needs of their clients, potentially including those with complex financial situations. HYPERSCALE DATA: Executive Chairman to Resign After ACG Divestiture ------------------------------------------------------------------- Hyperscale Data, Inc. announced that its Founder and Executive Chairman, Milton "Todd" Ault III, has informed the Company that he will resign as the Company's Executive Chairman but remain as a director upon the effectiveness of the planned divestiture of Ault Capital Group, Inc., a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Hyperscale Data expects to divest itself of ACG on or about December 31, 2025. Following the Divestiture, Mr. Ault, who is also the Executive Chairman of ACG, will focus almost exclusively on leading ACG and its growing portfolio of businesses, including private credit, an artificial intelligence software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. Upon Mr. Ault's departure, William Horne, Hyperscale Data's Chief Executive Officer, is expected to continue as such and assume the position of Chairman of the Board. Mr. Horne, who has led the Company's operational and strategic initiatives, will continue guiding Hyperscale Data's transformation into an owner and operator of data centers to support high-performance computing ("HPC") services, though it may for a time continue to mine Bitcoin. "This is a natural next step in Hyperscale Data's evolution," said Mr. Ault. "With Will at the helm, the Company is well-positioned to deliver on our vision of it becoming a leading pure-play AI data center platform. I'll be turning virtually all my attention to ACG, where we see significant opportunities across our portfolio and new ventures. In my view, Hyperscale Data's AI-centric data center represents tremendous untapped value for stockholders." For more information on Hyperscale Data and its subsidiaries, Hyperscale Data recommends that stockholders, investors and any other interested parties read Hyperscale Data's public filings and press releases available under the Investor Relations section at hyperscaledata.com or available at www.sec.gov. About Hyperscale Data Headquartered in Las Vegas, NV, Hyperscale Data, Inc., formerly known as Ault Alliance, Inc., is transitioning from a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact to becoming solely an owner and operator of data centers to support high performance computing services. Through its wholly and majority-owned subsidiaries and strategic investments, Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging artificial intelligence ecosystems and other industries. It also provides, through its wholly owned subsidiary, Ault Capital Group, Inc., mission-critical products that support a diverse range of industries, including an artificial intelligence software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, Hyperscale Data is actively engaged in private credit and structured finance through a licensed lending subsidiary. New York, New York-based Marcum LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. ICORECONNECT INC: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division issued an interim order authorizing iCoreConnect Inc. and iCore Midco Inc. to use cash collateral pending a further hearing on July 9. The Debtors may use cash collateral of Element SaaS Finance (USA) LLC to fund operational expenses in accordance with their budget. As protection for any diminution in the value of its interest in the cash collateral, Element will be granted a replacement lien on all assets of the Debtors similar to its pre-bankruptcy collateral, with the same validity and priority as existed as of the petition date. Other creditors with valid pre-bankruptcy liens, including PIGI Solutions, LLC will also receive replacement liens. As further protection, the Debtors were ordered to keep their property insured per existing lender agreements. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/BC2nG from PacerMonitor.com. About Lake County Hospitality Lake County Hospitality, LLC operates in the hotel and lodging sector and is associated with properties in Illinois. It manages hospitality assets and has been linked to hotels such as Four Points by Sheraton in Buffalo Grove. Lake County Hospitality sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08293) on May 30, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Timothy A. Barnes handles the case. The Debtor is represented by Paul M. Bach, Esq., at Bach Law Offices. IVYREHAB INTERMEDIATE: Cliffwater CLFX Marks $15MM Loan at 58% Off ------------------------------------------------------------------ Cliffwater Corporate Lending Fund (CCLFX) has marked its $15,000,000 loan extended to IvyRehab Intermediate II, LLC loan to market at $6,328,352 or 42% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to IvyRehab Intermediate II, LLC. The loan accrues interest at a rate of 9.91% PIK per annum. The loan matures on September 20, 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 IvyRehab Intermediate II, LLC IvyRehab Intermediate II, LLC offers world-class outpatient physical therapy, occupational therapy, speech therapy and ABA therapy to kids and adults. J2KE INC: Scott Seidel Named Subchapter V Trustee ------------------------------------------------- The U.S. Trustee for Region 6 appointed Scott Seidel as Subchapter V trustee for J2KE Inc. Mr. Seidel will be paid an hourly fee of $520 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Seidel declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Scott Seidel 6505 West Park Blvd., Suite 306 Plano, TX 75093 214-234-2500-main 214-234-2503-direct Email: scott@scottseidel.com About J2KE Inc. J2KE Inc. operates a Scooter's Coffee franchise located at 2137 W. Washington St., Stephenville, Texas 76401. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42129) on June 11, 2025. In the petition signed by Kelly Dortch, member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Brandon Tittle, Esq., at Tittle Law Firm, PLLC, represents the Debtor as legal counsel. JERK PIT: Seeks Approval to Hire Milbank LLP as Attorney -------------------------------------------------------- The Jerk Pit, LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to hire Milbank LLP as its attorneys. The firm will render these services: a. advise the Debtors with respect to their rights, powers, and duties as debtors in possession in operating their business; b. advise and consult on the administration of these Chapter 11 Cases, including all of the legal and administrative requirements of operating in chapter 11; c. appear before the Court and any appellate courts to represent the interests of the Debtors' estates; d. draft all necessary or appropriate pleadings, including motions, applications, answers, responses, orders, reports, and other papers necessary or beneficial to the administration of the Debtors' estates; e. represent the Debtors in connection with obtaining post-petition financing and authority to use cash collateral; f. advise the Debtors concerning assumptions, assignments, and rejections of executory contracts and unexpired leases; g. advise the Debtors and take all necessary or appropriate actions to protect and preserve the Debtors' estates, including the defense of any actions commenced against the Debtors, the negotiation of disputes in which the Debtors are involved, and the preparation of objections to claims filed against and by the Debtors' estates; h. attend meetings and negotiate with representatives of creditors and other parties in interest, including governmental authorities, as necessary; i. advise the Debtors, prepare the necessary documentation and pleadings, and take all necessary or appropriate actions in connection with statutory bankruptcy issues, strategic transactions, asset sale transactions, real estate, intellectual property, employee benefits, business and commercial litigation, regulatory, corporate, and tax matters; j. advise the Debtors, prepare the necessary documentation and pleadings, and take all necessary or appropriate actions in connection with a potential agreement to sell access to the Debtors' spectrum; and k. perform all other necessary legal services in connection with these Chapter 11 Cases as may be required in connection with the administration of the Debtors' estates, including, without limitation, any general corporate legal services. Milbank will provide its professional services to the Debtor on a pro bono basis. To the extent that Milbank seeks reimbursement of any out-of-pocket expenses. Erin Dexter, a Milbank partner, disclosed in court filings that the firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Erin Dexter, Esq. MILBANK LLP 1850 K St NW, Suite 1100 Washington, DC 20009 Telephone: (202) 835-7500 Email: EDexter@milbank.com About The Jerk Pit The Jerk Pit, LLC is a Caribbean restaurant business operating in College Park, Maryland. The Jerk Pit sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00201) on May 28, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Elizabeth L. Gunn handles the case. The Debtor is represented by John Gordon Colan, Jr, Esq., at Sinoberg Raft. JKC PARENT: Cliffwater Corporate Marks $1MM Loan at 84% Off ----------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $1,046,958 loan extended to JKC Parent, Inc. loan to market at $162,870 or 16% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Revolver Loan to JKC Parent, Inc. The loan accrues interest at a rate of 9.32% PIK per annum. The loan matures on February 13, 2032. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About JKC Parent, Inc. JKC Parent, Inc. provides a summer camp experience for children. JLIFE SCIENCE: Cliffwater Corporate Marks $25.6MM Loan at 17% Off ----------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $25,645,878 loan extended to JLife Science Intermediate Holdings, LLC loan to market at $21,274,685 or 83% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to Life Science Intermediate Holdings, LLC. The loan accrues interest at a rate of 9.92% PIK per annum. The loan matures on June 10, 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 Life Science Intermediate Holdings, LLC Life Science Intermediate Holdings, LLC is engaged in the research of living organisms and their interactions, with applications in health, agriculture, medicine, and the food industry. JMSLP INC: Kathleen DiSanto Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 21 appointed Kathleen DiSanto, Esq., at Bush Ross, P.A., as Subchapter V trustee for JMSLP, Inc. Ms. DiSanto 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. DiSanto declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kathleen L. DiSanto, Esq. Bush Ross, P.A. P.O. Box 3913 Tampa, FL 33601-3913 Phone: (813) 224-9255 Fax: (813) 223-9620 Email: disanto.trustee@bushross.com About JMSLP Inc. JMSLP, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03989) on June 13, 2025, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Catherine Peek Mcewen presides over the case. Edward J. Peterson, III, Esq. at Berger Singerman LLP represents the Debtor as legal counsel. JND TROPICS: Taps At The Table Accounting Services as Bookkeeper ---------------------------------------------------------------- JND Tropics LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ At The Table Accounting Services as bookkeeper. The firm will provide bookkeeping services, specifically bookkeeping, preparation of financial statements, bank reconciliations, and assisting the Debtor in preparing the Monthly Operating Reports. The firm will be charging an hourly rate of $50 to $125. Bookkeeping fees will be approximately $4,000 to $6,000 per month. Cheryl Miller, a principal at At The Table Accounting Services, assured the court that the firm does not hold or represent any interest adverse to the Debtor or the estate. The firm can be reached through: Cheryl Miller At The Table Accounting Services 301 W. Platt Street, Suite 414 Tampa, FL. 33606 Tel: (813) 251-4242 Email: cmiller@atthetableaccountingservices.com About JND Tropics LLC JND Tropics LLC in Phoenix AZ, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Ariz. Case No. 25-05356) on June 12, 2025, listing as much as $1 million to $10 million in both assets and liabilities. Daniel Rudolph as member, signed the petition. Judge Madeleine C Wanslee oversees the case. MICHAEL W. CARMEL, LTD. serve as the Debtor's legal counsel. LA SALLE UNIVERSITY: S&P Affirms 'BB-' Rating on 2012 Bonds ----------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' rating on Philadelphia Authority for Industrial Development's series 2017 and 2024 bonds and Pennsylvania Higher Educational Facilities Authority's series 2012 bonds, issued for La Salle University. S&P Global Ratings revised its outlook to negative from stable on debt issued for La Salle University. The outlook revision is based on persistent operating deficits and high endowment draws which have weakened financial resources. Continued declines in financial resources could result in a lower rating. S&P said, "We have analyzed environmental, social, and governance credit factors pertaining to La Salle's market position, management and governance, and financial performance. In our view, the university is affected by demographic pressures in the Commonwealth of Pennsylvania, which we view as an elevated social risk, with a lower number of graduating high school students in Pennsylvania expected for the next several years combined with a high number of competitive institutions in the region We view La Salle's environmental and governmental credit factors as neutral in our credit-rating analysis. "The negative outlook reflects our expectation that operations will remain pressured and endowment draws will remain elevated, which could worsen financial resource ratios and result in balance sheet metrics inconsistent with the current rating. "We could lower the rating if enrollment and net tuition revenues continue to decline materially, or if financial resource levels erode due to persistent operational pressures. "We could revise the outlook to stable if enrollment and demand metrics improve, full-accrual operating margins improve, or if financial resource ratios are maintained or improved." LAWRENCE KATZ: Bankruptcy Firm Heads to Chapter 7 ------------------------------------------------- New York-based lawyer Lawrence Katz has sent his own law firm to Chapter 7 bankruptcy. The Law Offices of Lawrence Katz P.C. filed a petition for a Chapter 7 liquidation (Bankr. E.D.N.Y. Case No. 25-72555) on July 1, 2025, listing less than $50,000 in assets against $500,000 to $1 million in liabilities. According to the firm's Web site, the firm helps victims of foreclosure and bankruptcy and wronged consumers throughout the state of NY. Its headquarters, located in Valley Stream, Melville and New Rochelle, handle cases over the state of New York. On the Web: http://www.lawkatz.com/ The firm's principal, Lawrence Katz, Esq., has represented individuals for over 30 years, protecting their rights against major corporations. The practice areas include bankruptcies, foreclosures, consumer class actions, and consumer rights. Mr. Katz is a 1985 graduate of the Boston University School of Law and has represented consumers in hundreds of cases within both the state and federal system at both the trial and appellate level. He is admitted to the courts of the state of New York as well as the Federal Courts within New York including the Second Circuit Court of Appeals. He is also admitted to the United States District Court for the District of New Jersey as well as the United States District Court for the District of Connecticut. LEISURE INVESTMENTS: Plans to Sell Aquatic Mammals to Cut Costs --------------------------------------------------------------- Jonathan Randles and Steven Church of Bloomberg News report that the bankrupt aquatic park operator The Dolphin Company is asking the court to approve the sale of hundreds of dolphins and other marine animals, citing a lack of funds to continue their care. In a filing on Wednesday, July 2, 2025, the company said it also intends to sell assets such as real estate, noting that its liquidity is severely limited and the cost of caring for its approximately 2,400 animals is "extraordinarily high." About Leisure Investments Holdings Leisure Investments Holdings LLC and affiliates are operating under the name "The Dolphin Company," manage over 30 attractions, including dolphin habitats, marinas, water parks, and adventure parks, located in eight countries across three continents. Their primary operations are based in Mexico, the United States, and the Caribbean, with locations in Jamaica, the Cayman Islands, the Dominican Republic, and St. Kitts. These attractions are home to approximately 2,400 animals from more than 80 species of marine life, including a variety of marine mammals such as dolphins, sea lions, manatees, and seals, as well as birds and reptiles. As of 2023, the marine mammal population at the Debtors' parks includes roughly 295 dolphins, 51 sea lions, 18 manatees, and 18 seals. Leisure Investments Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case 25-10606) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as counsel; Riveron Management Services, LLC as restructuring advisor; and Kurtzman Carson Consultants, LLC d/b/a Verita Global, as claims & noticing agent. LOCAL EATERIES: Creditors to Get Proceeds From Liquidation ---------------------------------------------------------- Local Eateries, Inc., and affiliates filed with the U.S. Bankruptcy Court for the Middle District of Tennessee a Joint Chapter 11 Plan of Liquidation dated June 16, 2025. Porter Road is a modern meat company that blends traditional butchery with ethical sourcing and digital convenience. Porter Road was founded by two Nashville chefs in 2010 as a brick-and mortar butcher shop with a commitment to sourcing high-quality, pasture-raised meats from local family farms. As of the Petition Date, the primary assets of Debtors consisted of a parcel of real property in Kentucky and personal property including (i) cash and the balance of an operating checking account, (ii) furniture, fixtures, and equipment ("FF&E"), (iii) inventory on hand; (iv) leasehold interests; and (v) potential preference and avoidance action Claims against various lenders (the "Causes of Action"). The Debtors filed for Chapter 11 relief with the support of Chris Roach (the "DIP Lender"), who provided a post-petition Debtor-in-Possession line of credit (the "DIP Financing") in addition to a prepetition line of credit which was, in part, rolled into the DIP Financing. After extensive negotiation with the DIP Lender, Porter Road filed the Sale Motion, seeking approval of the sale of substantially all of the Debtors' operating assets free and clear of liens, Claims, and encumbrances (the "Asset Sale"), commencing the wind-down of operations and liquidation of the estates' assets. Porter Road remains hopeful for a turnaround, but recognizes that under the current circumstances, liquidation is the best option to preserve any estate value and Porter Road's mission. Class 7 consists of General Unsecured Claims. The Class 7 Claims shall be satisfied by the Asset Sale, the sale of any excluded assets after conclusion of the Asset Sale, the Debtors' pursuit of the Causes of Action, and the Debtors' sale of 1402 Hopkinsville Street, Princeton, KY 42445, to the extent proceeds are available after satisfaction of approved administrative expense Claims, the Claims in Classes 2 through 5, and priority tax Claims. To the extent proceeds are unavailable to satisfy the Class 7 Claimants in full, each of the Class 7 Claimants will each receive a pro rata percentage of the net cash remaining for distribution. Class 9 consists of Equity Interests in Debtors. The Debtors' equity structure shall not be changed under the Plan. The Debtors propose to liquidate all assets remaining in the estate after the closing of the Asset Sale (the "Remaining Assets") by marketing and selling the Debtors' real property in Princeton, Kentucky and liquidating any remaining personal property, likely though auction. The Debtors shall be entitled to exclusively market and advertise the Remaining Assets, or any portions thereof, through December 31, 2025 (the "Marketing Period"). During the Marketing Period, the Debtors shall use commercially reasonable efforts to market the Remaining Assets, or portions thereof, to obtain offers to purchase the Remaining Assets. The Debtors shall be authorized to: (i) retain any real estate professionals deemed necessary to market and sell the Remaining Assets and (ii) execute any document accepting a bona fide offer indicating that, except as limited herein, the Remaining Assets shall be sold free and clear of all liens and encumbrances at closing thereof. A full-text copy of the Joint Liquidating Plan dated June 16, 2025 is available at https://urlcurt.com/u?l=ZSO9KL from PacerMonitor.com at no charge. Counsel for the Debtor: R. Alex Payne, Esq. Dunham Hildebrand Payne Waldron PLLC 9020 Overlook Blvd., Ste. 316 Brentwood, TN 37027 Telephone: (629) 777-6539 Email: alex@dhnashville.com About Local Eateries Inc. Local Eateries Inc., operating as Porter Road, is a Nashville based butcher shop, specializing in US pasture-raised meats such as beef, pork, chicken, and other market products, all free from hormones and antibiotics. The Company operates a retail shop and provides nationwide delivery via its online platform, offering premium, dry-aged meats to customers across the U.S. Local Eateries Inc. and its affiliates sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Lead Case No. 25-01131) on March 17, 2025. In its petition, Local Eateries reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Charles M. Walker handles the case. Dunham Hildebrand Payne Waldron PLLC serves as the Debtors' counsel. LONESTAR FIBERGLASS: Unsecureds Will Get 5% of Claims over 6 Years ------------------------------------------------------------------ LoneStar Fiberglass Components of Texas, LLC filed with the U.S. Bankruptcy Court for the Western District of Texas a First Amended Disclosure Statement describing First Amended Plan of Reorganization dated June 16, 2025. The Debtor is a Texas incorporated entity, located in New Braunfels, Texas, consisting of other entities, related and affiliated, all owned by its principal, Christopher Owens, and merged into the Debtor in November, 2024. The Debtor manufactures fiberglass swimming pools and spas and sells them directly and through dealers to the public. Its season runs from the spring to the fall each year. The Debtor will remain in business and pay monies to creditors. General unsecured creditors are placed in Class 9 and will receive a distribution of $521,373 which the Debtor estimates to be 5% or less of their allowed claim, to be distributed in monthly payments, over 6 years, beginning in month 7 and through month 72. No percentage is offered only set amount to members of this class. Claims in this class, Class 9, are unsecured claims and have no priority. Based upon filed unsecured claims of $2,959,330.12 plus amounts reclassified as unsecured in the amount of $7,146,028.64, the Debtor estimates total unsecured debt of $10,105,358.76. The unsecured claims are paid at an estimated 5% over the 6-year plan though the actual percentage is not presently known. Monthly payments begin in month 7, and in years 1-2 are $3062, year 3 payments are $6890, in year 4 payments are $7656, in years 5-6 payments are $11,483. Total unsecured payments paid during the plan are $505,268. Should Class 9 vote to reject the Plan, then the Debtor will employ one of three options: (1) ask the Court to confirm the Plan with Class 9 becoming the owner of the Debtor; (2) the principal will inject sufficient monies for a new value contribution; (3) or the Debtor will conduct an auction for the ownership interest in the Reorganized Debtor. In addition, if the Debtor does bring actions post-confirmation and recovers monies, then monies recovered shall first pay down all legal fees and expenses owed on account of the chapter 11 case and the adversary proceeding(s). Thereafter two thirds of the recovery shall be paid to members of the unsecured class and one third shall be paid to the Debtor with the monies paid to the unsecured creditor class in addition to the monies to be distributed in their treatment box. If any unsecured claims are held by insiders, they shall receive a total of $100 paid in month 72 in satisfaction of their claims against the Debtor. Interest holders are parties who hold ownership interest in the Debtor, here, Chris Owens. Mr. Owens will acquire the equity in the Reorganized Debtor. However, the equity in the Reorganized Debtor shall not vest in Mr. Owens until 24 months following the Effective Date. He shall operate the company with full authority to operate the company as its managing member. If the general unsecured class rejects the Plan and if Mr. Owens is not able to obtain sufficient new value monies to acquire the equity interest, then the Debtor will either market the equity in the Reorganized Debtor via an auction or the Debtor will request that the Court confirm the Plan, vesting ownership of the Reorganized Debtor in the general unsecured creditor class. Payments and distributions under the Plan will be funded by the following: * Funding on the Effective Date will be funded from the cash on hand from operations. * Funding after the Effective Date. These funds will be obtained from: (a) any and all remaining cash retained by the Reorganized Debtor after the Effective Date; and (b) Cash generated from the post-Effective Date operations of the reorganized Debtor. * Post-Confirmation Management. A full-text copy of the First Amended Disclosure Statement dated June 16, 2025 is available at https://urlcurt.com/u?l=YckL4Y from PacerMonitor.com at no charge. Attorneys for the Debtor: Morris E. "Trey" White III, Esq. Villa & White LLP 1100 NW Loop 410 Ste 802 San Antonio, TX 78213 Tel: (210) 625-4313 Steven R. Fox, Esq. The Fox Law Corporation Inc. 17835 Ventura Blvd., Ste. 306 Encino, CA 91316 Telephone. (818) 774-3545 Facsimile: (818) 774-3707 Email: Srfox@Foxlaw.com About LoneStar Fiberglass Lonestar Fiberglass Components of Texas, LLC, manufactures fiberglass swimming pools and spas and sells them directly and through dealers. The company is based in New Braunfels, Texas. Lonestar filed a Chapter 11 bankruptcy petition (Bankr. W.D. Tex. Case No.24-52593) on December 19, 2024, listing up to $10 million in both assets and liabilities. Chris Owens, managing member, signedthe petition. Judge Michael M. Parker oversees the case. The Debtor is represented by Morris Eugene White, III, Esq. at Villa & White, LLP. Comerica Bank, as creditor, is represented by: Richard G. Dafoe, Esq. Waddell Serafino Geary Rechner Jenevein, PC 1717 Main Street, 25th floor Dallas, TX 75201 Tel: (214) 979-7400 Email: rdafoe@wslawpc.com MAGIC CAR: Seeks to Hire Anyama Law Firm as Bankruptcy Counsel -------------------------------------------------------------- Magic Car Rental Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Anyama Law Firm, A Professional Law Corporation as bankruptcy counsel. The firm will provide these services: a. advise the Debtor on matters relating to administration of the Estate, and on the Debtor's rights and remedies with regard to the Estate's assets and the claims of secured and unsecured creditors; b. appear for, prosecute, defend and represent the Debtor's interest in suits arising in or related to this case, including any adversary proceedings against the Debtor; c. assist in the preparation of such pleadings, applications, schedules, orders, and other documents as are required for the orderly administration of this estate. The firm will be paid at these rates: Attorneys $400 to $450 per hour Paralegals $150 to $200 per hour The firm received a pre-petition retainer of $10,000. Onyinye Anyama, Esq., a partner at Anyama Law Firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Onyinye Anyama, Esq. Anyama Law Firm, A Professional Law Corporation 18000 Studebaker Road, Suite 325 Cerritos, CA 90703 Telephone: (562) 645-4500 Facsimile: (562) 318-3669 Email: info@anyamalaw.com About Magic Car Rental Inc. Magic Car Rental Inc. offers vehicle rental services. Magic Car Rental Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11013) on June 9, 2025. In its petition, the Debtor reports total assets of $5,872,742 and total liabilities of $5,453,356. Honorable Bankruptcy Judge Victoria S Kaufman handles the case. The Debtors are represented by Onyinye N Anyama, Esq. at ANYAMA LAW FIRM, APC. MAJAB DEVELOPMENT: Gets OK to Tap Morgenstern Phifer as Accountant ------------------------------------------------------------------ Majab Development, LLC received approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Morgenstern Phifer & Messina, PA as accountant. The firm will assist the Debtor in preparing its 2025 federal tax return, which is due on September 15, 2026, and any estate tax returns that may come due during the pendency of this Chapter 11 case. The firm will be paid at a flat fee of $2,500 to prepare tax returns and an hourly rate of $500 to provide accounting services. Jonathan Milton, a certified public accountant at Morgenstern Phifer & Messina, disclosed in a court filing that the firm is a "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jonathan L. Milton, CPA Morgenstern Phifer & Messina, PA 202 South Rome Avenue, Suite 150 Tampa, FL 33606 About Majab Development LLC Majab Development, LLC is a Florida-based construction and real estate development company, primarily focusing on land subdivision and heavy civil engineering projects. Founded in 2015, the company operates in the Naples, Florida area and has been involved in various residential developments. Majab Development sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00835) on May 8, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Judge Caryl E. Delano handles the case. The Debtor tapped Kathleen L. DiSanto, Esq., at Bush Ross, PA as counsel and Morgenstern Phifer & Messina, PA as accountant. MAJESTIC MOTORS: Seeks to Tap Rosenberg & Weinberg as Counsel ------------------------------------------------------------- Majestic Motors, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Rosenberg & Weinberg to handle its Chapter 11 case. The firm received a retainer of $5,000, plus reimbursement for expenses incurred. Herbert Weinberg, Esq., a partner at Rosenberg & Weinberg, disclosed in a court filing that the firm is a "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Herbert Weinberg, Esq. Rosenberg & Weinberg 805 Turnpike Street, Suite 201 North Andover, MA 01845 Telephone: (978) 683-2479 Email: hweinberg@jrhwlaw.com About Majestic Motors Majestic Motors, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-10654) on April 1, 2025, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Herbert Weinberg, Esq., at Rosenberg & Weinberg represents the Debtor as counsel. MARVEL LIGHTING: Hires Hester Baker Krebs as Bankruptcy Counsel --------------------------------------------------------------- Marvel Lighting, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Indiana to hire Hester Baker Krebs LLC as counsel. The firm will provide these services: a. give the Debtor legal advice with respect to its powers and duties as debtor-in-possession and management of its property; b. take necessary action to avoid the attachment of any lien against the Debtor's property threatened by secured creditors holding liens; c. prepare on behalf of the Debtor as debtor-in-possession necessary petitions, answers, orders, reports, and other legal papers; and d. perform all other legal services for the Debtor as debtor-in-possession which may be necessary, inclusive of the preparation of petitions and orders respecting the sale or release of equipment not found to be necessary in the management of its property, to file petitions and orders for the borrowing of funds; and it is necessary for the Debtor as debtor-in-possession to employ counsel for such professional services. Hester Baker Krebs LLC will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm will be paid a retainer in the amount of $16,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. John Allman, a partner at Baker Krebs LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: John Allman, Esq. Baker Krebs LLC One Indiana Square, Suite 1330 Indianapolis, IN 46204 Tel: (317) 608-1128 Email: jallman@hbkfirm.com About Marvel Lighting Marvel Lighting, LLC is a lighting designer and distributor based in Carmel, Indiana. Marvel Lighting sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-03349) on June 10, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. John Ansted, principal at Marvel Lighting, signed the petition. Judge Jeffrey J. Graham oversees the case. John Allman, Esq., at Hester Baker Krebs, LLC, represents the Debtor as legal counsel. MB2 DENTAL: Cliffwater Corporate Marks $2.8MM Loan at 88% Off ------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $2,821,750 loan extended to MB2 Dental Solutions, LLC loan to market at $340,143 or 12% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Revolver Loan to MB2 Dental Solutions, LLC. The loan accrues interest at a rate of 9.82% PIK per annum. The loan matures on February 13, 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 MB2 Dental Solutions, LLC MB2 Dental Solutions, LLC is a dental support organization and dental partnership organization that provide partners with the tools they need to reach goals . MB2 DENTAL: Cliffwater Corporate Marks $34.2MM Loan at 60% Off -------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $34,259,952 loan extended to MB2 Dental Solutions, LLC loan to market at $13,549,921 or 40% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to MB2 Dental Solutions, LLC. The loan accrues interest at a rate of 9.82% PIK per annum. The loan matures on February 13, 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 MB2 Dental Solutions, LLC MB2 Dental Solutions, LLC is a dental support organization and dental partnership organization that provide partners with the tools they need to reach goals. MB2 DENTAL: Cliffwater Corporate Marks $4.1MM Loan at 38% Off ------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $4,184,475 loan extended to MB2 Dental Solutions, LLC loan to market at $2,576,721 or 62% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to MB2 Dental Solutions, LLC. The loan accrues interest at a rate of 9.82% PIK per annum. The loan matures on January 29, 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 MB2 Dental Solutions, LLC MB2 Dental Solutions, LLC is a dental support organization and dental partnership organization that provide partners with the tools they need to reach goals . MB2 DENTAL: Cliffwater Corporate Marks $836,000 Loan at 30% Off --------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $836,896 loan extended to MB2 Dental Solutions, LLC loan to market at $583,972 or 70% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Revolver Loan to MB2 Dental Solutions, LLC. The loan accrues interest at a rate of 9.82% PIK per annum. The loan matures on January 29, 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 MB2 Dental Solutions, LLC MB2 Dental Solutions, LLC is a dental support organization and dental partnership organization that provide partners with the tools they need to reach goals. MEADOWBROOK SERVICES: Unsecureds Will Get 42% over 5 Years ---------------------------------------------------------- Meadowbrook Services, LLC, submitted a Second Amended Small Business Subchapter V Plan of Reorganization dated June 16, 2025. The Plan represents the means by which the Debtor will exit bankruptcy. The Debtor believes that the Plan provides the best, and perhaps the only, means for its successful emergence from bankruptcy. The primary objectives of the Plan are: (a) to alter the Debtor's capital structure to permit it to emerge from its chapter 11 case with a viable capital structure; (b) to maximize the value of the ultimate recoveries to all creditors on a fair and equitable basis; and (c) to settle, compromise or otherwise dispose of certain claims and interests on the terms that the Debtor believes to be fair and reasonable and in the best interests of its estate and creditors. The Plan provides for, among other things: (a) the cancellation of certain indebtedness in exchange for cash or other property of the Debtor, (b) the assumption or rejection of executory contracts and unexpired leases to which the Debtor is a party, and (c) the restructuring of obligations the Debtor owe to certain secured and creditors. Class B consists of Claims treated as Wholly Unsecured Claims & General Unsecured Claims. The alleged secured claim of Pearl Delta Funding, LLC [Claim No. 2] in the amount of $57,299.20 shall be treated as a wholly unsecured claim in Class B. All other Allowed Claims that are General Unsecured Claims shall be included in Class B. The Debtor estimates total claims in Class B to be $89,673.46. Scheduled secured and unsecured claims that have been marked in the Debtor's scheduled as disputed and have not filed a proof of claim in this case, shall be treated as Disputed Claims and not receive any distribution under the Plan. In full satisfaction of all Class B Nonpriority Unsecured Claims and the Wholly Unsecured Claims treated as Class B Claims, such creditors shall receive a pro-rata portion of Distributable Cash Estimated to be not less than ($37,931.32) for an estimated pro rata distribution of (42%) and paid in quarterly installments starting within 12 months of the Effective Date. The payment under this Plan to holders of Allowed Class B Claims shall be made in quarterly payments for a period of no greater than five years and commencing within twelve months of the Effective Date. Class C consists of Holders of Interests in Debtor. Holders of Class C claims shall not receive a distribution under the Plan but shall retain ownership interest in the Debtor. If the Plan is confirmed under section 1191(a) the holders of Allowed Claims in Class B shall be paid in quarterly payments from the Debtor's disposable income for a period of not more than five years but in no event, commencing within twelve months of the Effective Date. Distributions of Distributable Cash shall be each holder's Pro Rata share of Distributable Cash from (i) the Debtor's disposable income; (ii) the potential sale of certain assets of the Debtor; and (iii) any funds recovered by the Debtor, less any costs associated with recovering such funds, with respect to those claims, demands, and causes of action retained pursuant to Article IX of this Plan from the preceding calendar year. The Debtor estimates that Distributable Cash to be not less than $37,931.32, after deduction for amounts paid for administrative claims over the life of this Plan. Administrative expenses for the Debtor's retained professionals, the Trustee's fees and expenses, and other costs of reorganization are estimated to be approximately $25,000. A full-text copy of the Second Amended Plan dated June 16, 2025 is available at https://urlcurt.com/u?l=WMArOk from PacerMonitor.com at no charge. Counsel for the Debtor: Michael A. Steel, Esq. 2950 W. Market St. Suite G Fairlawn, Ohio 44333 Telephone: 330. 223. 5050 Facsimile: 330. 223. 5509 Email: msteel@steelcolaw.com About Meadowbrook Services Meadowbrook Services, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 24-51266) on August 21, 2024, with $100,001 to $500,000 in assets and liabilities. Judge Alan M. Koschik presides over the case. Michael A. Steel, Esq., is the Debtor's legal counsel. MEME APPAREL: Nathaniel Wasserstein Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Region 2 appointed Nathaniel Wasserstein, Esq., at Lindenwood Associates, LLC as Subchapter V trustee for MEME Apparel LLC. Mr. Wasserstein will be paid an hourly fee of $525 for his services as Subchapter V trustee and will be reimbursed for work related expenses incurred. Mr. Wasserstein declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Nat Wasserstein, Esq. Lindenwood Associates, LLC 328 North Broadway, 2nd Floor Upper Nyack, New York 10960 Telephone: (845) 398-9825 Facsimile: (212) 208-4436 Email: nat@lindenwoodassociates.com About MEME Apparel MEME Apparel LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42851) on June 12, 2025, with $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Judge Jil Mazer-Marino presides over the case. Thomas Weiss, Esq. represents the Debtor as legal counsel. MERIT STREET: Cuts Majority of Staff, Ceases Operations ------------------------------------------------------- Steven Church of Bloomberg News reports that television startup Merit Street Media, founded by celebrity psychologist Phil McGraw, laid off all but six employees the day it filed for bankruptcy, saying it was no longer able to produce new content after a dispute with its broadcast partner effectively shut down operations. In a court filing, the company said its clash with religious network Trinity Broadcasting Network had cut off access to a large portion of its audience, which relied on cable, streaming platforms, and traditional broadcast channels. The fallout from the dispute triggered a series of layoffs in recent weeks and left the company unable to continue production, the report states. 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. MILAN SAI: Seeks to Hire Marcus & Millichap as Real Estate Broker ----------------------------------------------------------------- Milan Sai Joint Venture, LLC filed an amended application seeking approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Marcus & Millichap as its real estate broker. The firm's services include: (a) representing the Debtor as its agent in all aspects of identifying and communicating with prospective purchasers of the property located at Super 8 Motel on land it owns at 3432 IH-20, Stanton, Texas 79782; (b) participating in meetings with the Debtor and potential purchasers; (c) providing necessary information to prospective purchasers; (d) negotiating the terms and conditions of sale with any prospective purchasers of the Property; and (e) generally taking any reasonable actions and initiatives necessary to sell the property. The broker will receive a commission equal to six percent of the purchase price. Tim Speck, a senior vice present of Marcus & Millichap Real Estate Investment Services, disclosed in a court filing that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Tim A. Speck Marcus & Millichap Real Estate Investment Services 5001 Spring Valley Road, Suite 100W Dallas, TX 75244 Telephone: (972) 755-5200 Email: tim.speck@marcusmillichap.com About Milan Sai Joint Venture, LLC Milan Sai Joint Venture, LLC operates in the traveler accommodation industry. Milan Sai Joint Venture sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 24-33560) on November 4, 2024, with up to $10 million in both assets and liabilities. Sunil Kumar Patel, managing member, signed the petition. Judge Michelle V. Larson oversees the case. The Debtor is represented by Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC. MIST HOLDING: Cliffwater Corporate Marks $1.4MM Loan at 76% Off --------------------------------------------------------------- Cliffwater Corporate Lending Fund (CCLFX) has marked its $1,424,727 loan extended to Mist Holding Co. loan to market at $339,787 or 24% 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 Mist Holding Co. The loan accrues interest at a rate of 9.55% PIK per annum. The loan matures on December 23, 2030. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About Mist Holding Co. Mist Holding Co. is engaged in real estate investment. MP OCTOPUS: Unsecureds to Split $400K via Quarterly Payments ------------------------------------------------------------ MP Octopus Pizza, LLC, and affiliates filed with the U.S. Bankruptcy Court for the Middle District of Florida a Joint Disclosure Statement describing Joint Plan of Reorganization dated June 16, 2025. The first of the Applicable Debtors was opened in December 2012. Since then, the Applicable Debtors principals have opened or purchased a total of 23 stores. In July of 2020, the principals acquired 5 underperforming stores. Shortly thereafter, the Applicable Debtors suffered delays in opening several stores in southwest Florida. As result, the Applicable Debtors began to suffer substantial cash flow issues and were no longer able to debt service their secured debt. The Applicable Debtors have closed one underperforming store and are in the process of selling four other locations. This Joint Plan of Reorganization proposes to pay creditors of the Applicable Debtors from the sale of assets, equity infusions, and the Applicable Debtors' future earnings. This Plan provides for one class of priority claims; seventeen classes of secured claims; one class of general unsecured claims, and one class of equity security holders. Unsecured creditors holding allowed claims will receive payment a pro rata distribution on their allowed claim over twenty quarterly payments. This Plan also provides for the payment of administrative and priority claims under the terms to the extent permitted by the Code or by agreement between the Debtor and the claimant. Class 19 consists of General Unsecured Claims. The Debtor will fund a total of $400,000 for payment of claims in this class. Claimants in this class will be paid a pro rata share of their allowed claim without interest, in sixteen equal quarterly payments of $25,000 commencing on the start of the calendar quarter immediately following the one-year anniversary of the Effective Date of the Plan and continuing quarterly thereafter. Promissory notes will be issued to each creditor in this class with allowed claims to evidence payments, which promissory notes shall be enforceable in any court of competent jurisdiction. The amount of the pro rata distribution will be considered final and binding thirty days after the filing of the Certificate of Substantial Consummation by the Debtor. This Class is impaired. Class 20 consists of Equity Secured Holders. Equity will retain ownership in the Debtor post-confirmation. No distributions will be made to equity until such time as all payments in Class 19 have been made. The Plan will be funded by the income generated through the Applicable Debtors' regular business income, the sale of equity interests in several of the Applicable Debtors, and the sale of several underperforming locations. A full-text copy of the Joint Disclosure Statement dated June 16, 2025 is available at https://urlcurt.com/u?l=hIF5eR from PacerMonitor.com at no charge. Counsel to the Debtors: FORD & SEMACH, P.A., Buddy D. Ford, Esq. Jonathan A. Semach, Esq. 9301 West Hillsborough Avenue Tampa, Florida 33615-3008 Telephone #: (813) 877-4669 Facsimile #: (813) 877-5543 Email: Buddy@tampaesq.com Email: Jonathan@tampaesq.com About MP Octopus Pizza LLC MP Octopus Pizza LLC, doing business as Marco's Pizza, filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 24-06739) on Nov. 15, 2024, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Terry Burkholder, manager of MP Octopus Pizza, signed the petition. Judge Catherine Peek McEwen oversees the case. The Debtor is represented by Buddy D. Ford, Esq., at BUDDY D. FORD, P.A. MYRTLE BURGER: Seeks Approval to Hire Estelle Miller as Accountant ------------------------------------------------------------------ Myrtle Burger Urway LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Estelle Miller, a certified public accountant practicing in Bellmore, New York, as accountant. The accountant will render these services: (a) gather and verify all pertinent information required to compile and prepare monthly operating reports; and (b) prepare monthly operating reports for the Debtor. The accountant will be paid at a rate of $300 per report, plus expenses incurred. The accountant received an initial retainer fee of $3,000 from the Debtor. Ms. Miller disclosed in a court filing that she is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The accountant can be reached at: Estelle Miller, CPA Bellmore, NY 11710 Telephone: (347) 570-7002 Email: estellemillercpa@gmail.com About Myrtle Burger Urway LLC Myrtle Burger Urway LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42591) on May 27, 2025, listing under $1 million in both assets and liabilities. Judge Nancy Hershey Lord presides over the case. The Debtor tapped the Law Offices of Alla Kachan, PC as counsel and Estelle Miller, CPA as accountant. NELROY DRUGS: Hires Richard S. Feinsilver as Bankruptcy Counsel --------------------------------------------------------------- Nelroy Drugs Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire the firm of Richard S. Feinsilver to handle its Chapter 11 case. The firm will be paid at these hourly rates: Richard Feinsilver, Attorney $500 Legal Assistants $100 In addition, the firm will seek reimbursement for expenses incurred. Prior to petition date, the firm received a retainer of $10,000 from the Debtor. Richard S. Feinsilver, Esq., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Richard S. Feinsilver, Esq. One Old Country Road, S 347 Carle Place, NY 11514 Tel: (516) 873-6330 About Nelroy Drugs Nelroy Drugs Inc., doing business as Glenridge Pharmacy, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42745) on June 5, 2025. Judge Nancy Hershey Lord presides over the case. Richard S. Feinsilver, Esq., represents the Debtor as legal counsel. NEW HOME: S&P Upgrades ICR to 'B+' on Acquisition of Landsea Homes ------------------------------------------------------------------ S&P Global Ratings upgraded its issuer credit rating and its issue-level ratings on Irvine-based The New Home Co. Inc.'s senior unsecured debt to 'B+' from 'B' and removed the ratings from CreditWatch, where they had been placed with positive implications May 14, 2025. S&P said, "Our stable outlook reflects our view that New Home Co. will maintain leverage comfortably below 4x through incremental earnings as it grows the size of its home closing volumes and geographic expansion that will exceed our prior forecasts such that the company is more in line with its higher rated peers." The New Home Co. Inc. has closed its acquisition of Landsea Homes Corp. for $11.30 per share in an all-cash transaction that represents an enterprise value of approximately $1.2 billion. S&P said, "We believe New Home will maintain S&P Global Ratings-adjusted leverage between 2x-3x proforma for the transaction for the next 12 months. Following the acquisition, we expect proforma leverage to be about 2x-3x by the end of 2025 compared to stand alone New Home leverage of 6.2x at the end of 2024. This is absent any consideration for the financial sponsor, Apollo Global, to undertake a debt-financed transaction or extract returns through sponsor dividends, which it has not done to date. We expect the company will direct its excess cash flow toward organic growth rather than debt reduction, through the purchase of land and land development. We also believe the agreement with Millrose for optioned land and controlled takedowns of a portion of Landsea's inventory assets alleviate any near-term leverage and liquidity constraints and has strengthened New Home's overall credit profile, while providing growth to its near-term land and lot pipeline. "We believe the company can deliver over 4,000 homes due to its acquisition of Landsea. In our view, this improves its business risk profile due to its increased scale and competitive advantage. We previously forecast the company could deliver about 1,300-1,400 homes. We expect consolidated revenues will increase to over $3 billion, with EBITDA increasing over $260 million. We expect debt will remain approximately $675 million-$700 million compared to $387 million in 2024. Given our forecast, we expect New Home Co. will sustain debt to EBITDA comfortably below 3x over the next 12 months." Homebuilders face increasing margin pressure due to cost headwinds and limited ability to pass on higher costs. The 30-year mortgage rate remains close to 7% and prospects of higher unemployment and lack of consumer confidence amid tariff uncertainty is stalling home purchases. Re-sale supply is rising, and in the Florida and Texas markets, that supply outweighs demand. This supply-demand imbalance is hindering pricing as house prices decelerate and incentives continue to increase in some of these communities. Since builders' expectations for the spring selling season was slower than expected, the level of incentives will likely remain elevated heading into the second half of the year; builders will move inventory, prioritizing pace over price. This activity will pressure gross margins through the year. Although S&P expects revenues and deliveries to be modestly higher in 2025 year over year, declining gross margins will impair EBITDA. S&P said, "We expect New Home Co.'s financial policy actions will be commensurate with our thresholds for the 'B+' rating. We do not expect any significant debt reduction over the next 12-24 months. Therefore, we expect New Home will maintain S&P Global Ratings-adjusted leverage comfortably under 3x through most normal business conditions. Furthermore, we expect the company will continue to remain opportunistic toward growth. Nonetheless, we expect New Home Co. will remain prudent while pursuing its financial policy actions and stay within the S&P Global Ratings-adjusted leverage tolerance for the rating. "The outlook is stable, reflecting our expectation for leverage to remain comfortably below 4x through the end of 2026. "We could lower our rating on The New Home Co. if its leverage exceeds 4x on a sustained basis over the next 12 months. This could occur if the company significantly underperforms our expectations, chose to undertake additional aggressive debt-financed acquisitions, or pursues shareholder-friendly actions such that it elevates leverage beyond our expectations." Although highly unlikely, S&P could take a positive rating action over the next 12 months if: -- The company and its financial sponsor were committed to maintaining leverage comfortably below 3x on a sustained basis and through most market conditions. -- If its home closing volumes, margins, and geographic expansion exceed S&P's forecast such that the company were to be more in line with its higher rated peers. NORTH JERSEY: Seeks Court Approval to Tap Vylla Home as Realtor --------------------------------------------------------------- North Jersey Tire, Auto and Truck Repair, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Vylla Home as realtor. The Debtor needs a realtor to market and sell its property located at 59-61 Western Parkway, Irvington, New Jersey. The realtor will receive a commission of 2 percent of the property's sale price. Derrick Logan Alfonso, a real estate agent at Vylla Home, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Derrick Logan Alfonso Vylla Home 3540 Atlantic Avenue, Suite 203 Atlantic City, NJ 08401 Telephone: (609) 428-6647 About North Jersey Tire Auto and Truck Repair North Jersey Tire, Auto and Truck Repair, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-12719) on March 17, 2025, listing $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Michael B. Kaplan presides over the case. Justin M Gillman, Esq., at Gillman Capone LLC represents the Debtor as counsel. NORTH WHITEVILLE: Seeks to Hire Felden & Felden as Legal Counsel ---------------------------------------------------------------- North Whiteville Urgent Care & Family Practice, PA seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Felden & Felden, PA to handle its Chapter 11 case. The firm received a retainer of $15,000 from the Debtor. Christian Felden, Esq., an attorney at Felden & Felden, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Christian B. Felden, Esq. Felden & Felden, PA P.O. Box 1399 Jacksonville, NC 28541 Telephone: (910) 777-5464 Facsimile: (888) 808-9991 Email: cbfelden@feldenandfelden.com About North Whiteville Urgent Care & Family Practice North Whiteville Urgent Care & Family Practice, PA sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02217) on June 12, 2025, listing under $1 million in both assets and liabilities. Honorable Bankruptcy Judge David M. Warren handles the case. The Debtor is represented by Christian B. Felden, Esq., at Felden & Felden, PA. OFFICE PROPERTIES: All Proposals Passed at Annual Meeting --------------------------------------------------------- At the 2025 Annual Meeting of Shareholders, Office Properties Income Trust reported that its shareholders voted on the election of eight Trustees to the Board each for a one-year term of office continuing until the Company's 2026 annual meeting of shareholders and until her, his or their respective successor is duly elected and qualifies. The following persons were elected as Trustees and received the following votes: 1. Jennifer B. Clark * Votes For: 30,355,567 * Votes Withheld: 7,671,819 * Broker Non-Votes: 14,176,735 2. Donna D. Fraiche * Votes For: 30,236,333 * Votes Withheld: 7,791,053 * Broker Non-Votes: 14,176,735 3. Barbara D. Gilmore * Votes For: 30,301,013 * Votes Withheld: 7,726,373 * Broker Non-Votes: 14,176,735 4. William A. Lamkin * Votes For: 30,323,740 * Votes Withheld: 7,703,646 * Broker Non-Votes: 14,176,735 5. Elena B. Poptodorova * Votes For: 24,746,599 * Votes Withheld: 13,280,787 * Broker Non-Votes: 14,176,735 6. Adam D. Portnoy * Votes For: 24,785,763 * Votes Withheld: 13,241,623 * Broker Non-Votes: 14,176,735 7. Jeffrey P. Somers * Votes For: 23,153,944 * Votes Withheld: 14,873,442 * Broker Non-Votes: 14,176,735 8. Mark A. Talley * Votes For: 30,531,297 * Votes Withheld: 7,496,089 * Broker Non-Votes: 14,176,735 The Company's shareholders also voted on a non-binding advisory resolution on the compensation paid to the Company's named executive officers as disclosed pursuant to Item 402 of Regulation S-K in the 2025 Proxy Statement. This proposal received the following votes: * Votes For: 22,066,964 * Votes Against: 13,138,210 * Abstain: 2,822,212 * Broker Non-Votes: 14,176,735 The Company's shareholders also voted on and approved the Second Amended and Restated Office Properties Income Trust 2009 Incentive Share Award Plan, or the Share Award Plan, which amended and restated the predecessor Amended and Restated Office Properties Income Trust 2009 Incentive Share Award Plan to increase by 2,000,000 the total number of common shares of beneficial interest, $.01 par value per share, available for grant under the plan and to extend the term of the plan until June 12, 2035, the tenth anniversary of the 2025 Annual Meeting. The Company's Trustees and officers, employees of The RMR Group LLC, consultants, advisors and other persons providing management, administrative or other services to the Company or to its subsidiaries are eligible to receive awards under the Share Award Plan. This proposal received the following votes: * Votes For: 28,828,534 * Votes Against: 6,595,842 * Abstain: 2,603,010 * Broker Non-Votes: 14,176,735 The Company's shareholders also ratified the appointment of Deloitte & Touche LLP as the Company's independent auditors to serve for the 2025 fiscal year. This proposal received the following votes: * Votes For: 50,012,372 * Votes Against: 1,793,117 * Abstain: 398,632 * Broker Non-Votes: N/A About Office Properties Office Properties Income Trust is a REIT organized under Maryland law. As of Dec. 31, 2023, its wholly owned properties were comprised of 152 properties, and it had noncontrolling ownership interests of 51% and 50% in two unconsolidated joint ventures that owned three properties containing approximately 468,000 rentable square feet. As of Dec. 31, 2023, the Company's properties are in 30 states and the District of Columbia and contain approximately 20,541,000 rentable square feet. As of Dec. 31, 2023, its properties were leased to 258 different tenants, with a weighted average remaining lease term (based on annualized rental income) of approximately 6.4 years. The U.S. government is its largest tenant, representing approximately 19.5% of its annualized rental income as of Dec. 31, 2023. * * * In May 2025, S&P Global Ratings raised its issuer credit rating on Office Properties Income Trust (OPI) to 'CCC-' from 'SD' (selective default) and its issue-level ratings on the senior unsecured notes that were part of the exchange to 'CC' from 'D'. S&P lowered its issue-level rating on the company's 2050 senior unsecured notes, which were not part of the debt exchange, to 'CC' from 'CCC-'. The recovery rating on all the unsecured notes without guarantees remains '5'. S&P said, "We also lowered our issue-level rating on the company's March 2027 and March 2029 senior secured notes to 'CCC+' from 'B-', with the recovery rating remaining '1'. We also lowered our issue-level rating on the company's September 2029 senior secured notes to 'CCC-' from 'CCC', with the recovery rating remaining '3'. "We also assigned our 'CCC+' and '1' recovery rating to the company's new senior priority guaranteed unsecured notes due 2030. The negative outlook on OPI reflects our view that an event of default (perhaps via another distressed debt exchange or a debt restructuring) is likely over the near term." S&P Global Ratings completed its review of OPI following its debt exchange. Significant near-term debt commitments remain and the company's liquidity is constrained. As such, specific events of default are envisioned, including another debt exchange, over the next six months. OFFICE PROPERTIES: Elects Timothy Pohl as Independent Trustee ------------------------------------------------------------- Office Properties Income Trust disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that pursuant to the recommendation of the Nominating and Governance Committee, the Board of Trustees elected Timothy R. Pohl as an Independent Trustee with a term expiring at the Company's 2025 annual meeting of shareholders, or the 2025 Annual Meeting, and, upon the conclusion of the 2025 Annual Meeting, with a term expiring at our 2026 annual meeting of shareholders. Mr. Pohl has been appointed to serve on the Compensation Committee and a newly formed special committee of the Board. Mr. Pohl, age 58, is the founder of TRP Advisors, LLC, where he currently serves as Senior Advisor and Consultant advising companies, financial institutions, and private equity firms on distressed situations, portfolio challenges and acquisition opportunities. Prior to founding TRP Advisors in 2019, he was a Managing Director in the Restructuring and Capital Solutions Group at Lazard, Freres & Co. LLC from 2009 to 2019, and earlier, was a partner and co-head of the global corporate restructuring practice at Skadden, Arps, Slate, Meagher & Flom LLP. Mr. Pohl has served on the board of directors of TPI Composites, Inc. since 2025 and served on the board of directors of Mondee Holdings, Inc. from 2024 to 2025 and Libbey, Inc. from May to November 2020 and a number of boards of privately owned companies. Mr. Pohl received a B.A. from Amherst College and a J.D. from the University of Chicago School of Law. The Board concluded that Mr. Pohl is qualified to serve as an Independent Trustee in accordance with the requirements of The Nasdaq Stock Market LLC, the Securities and Exchange Commission, or the SEC, and the Company's governing documents. There is no arrangement or understanding between Mr. Pohl and any other person pursuant to which Mr. Pohl was selected as a Trustee. There are no transactions, relationships or agreements between Mr. Pohl and us that would require disclosure pursuant to Item 404(a) of Regulation S-K promulgated under the Securities Exchange Act of 1934, as amended. Mr. Pohl does not have a family relationship with any member of the Board or any of the Company's executive officers. In connection with Mr. Pohl's election as an Independent Trustee, the Company agreed to pay as trustee fees to Mr. Pohl: (a) $50,000 per month, (b) a per diem amount of $7,500 under certain specified limited circumstances, and (c) reimbursement of all reasonable and documented expenses incurred in connection with his service as an Independent Trustee, in each case, until the termination of his service as an Independent Trustee. The Company will also enter into an indemnification agreement with Mr. Pohl, which agreement will be on substantially the same terms as the indemnification agreements it have entered with other Trustees and executive officers. The Company have previously filed a form of indemnification agreement as Exhibit 10.8 to its Annual Report on Form 10-K for the year ended December 31, 2023, which form is incorporated herein by reference. About Office Properties Office Properties Income Trust is a REIT organized under Maryland law. As of Dec. 31, 2023, its wholly owned properties were comprised of 152 properties, and it had noncontrolling ownership interests of 51% and 50% in two unconsolidated joint ventures that owned three properties containing approximately 468,000 rentable square feet. As of Dec. 31, 2023, the Company's properties are in 30 states and the District of Columbia and contain approximately 20,541,000 rentable square feet. As of Dec. 31, 2023, its properties were leased to 258 different tenants, with a weighted average remaining lease term (based on annualized rental income) of approximately 6.4 years. The U.S. government is its largest tenant, representing approximately 19.5% of its annualized rental income as of Dec. 31, 2023. * * * In May 2025, S&P Global Ratings raised its issuer credit rating on Office Properties Income Trust (OPI) to 'CCC-' from 'SD' (selective default) and its issue-level ratings on the senior unsecured notes that were part of the exchange to 'CC' from 'D'. S&P lowered its issue-level rating on the company's 2050 senior unsecured notes, which were not part of the debt exchange, to 'CC' from 'CCC-'. The recovery rating on all the unsecured notes without guarantees remains '5'. S&P said, "We also lowered our issue-level rating on the company's March 2027 and March 2029 senior secured notes to 'CCC+' from 'B-', with the recovery rating remaining '1'. We also lowered our issue-level rating on the company's September 2029 senior secured notes to 'CCC-' from 'CCC', with the recovery rating remaining '3'. "We also assigned our 'CCC+' and '1' recovery rating to the company's new senior priority guaranteed unsecured notes due 2030. The negative outlook on OPI reflects our view that an event of default (perhaps via another distressed debt exchange or a debt restructuring) is likely over the near term." S&P Global Ratings completed its review of OPI following its debt exchange. Significant near-term debt commitments remain and the company's liquidity is constrained. As such, specific events of default are envisioned, including another debt exchange, over the next six months. ORACLES CAPITAL: Hires Gellert Seitz Busenkell & Brown as Counsel ----------------------------------------------------------------- Oracles Capital Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Gellert Seitz Busenkell & Brown, LLC as counsel. The firm will render these services: (a) provide the Debtor with advice and prepare all necessary documents regarding debt restructuring, bankruptcy and asset dispositions; (b) take all necessary actions to protect and preserve the Debtor's estate during the pendency of this Chapter 11 case; (c) prepare on behalf of the Debtor, all necessary legal papers in connection with the administration of this Chapter 11 case; (d) counsel the Debtor with regard to its rights and obligations; (e) appear in court and to protect the interests of the Debtor before the court; and (f) perform all other legal services for the Debtor which may be necessary and proper in this proceeding. The hourly rates of the firm's counsel and staff are as follows: Ronald S. Gellert $525 Associates/Of Counsel $400 Paraprofessionals $150 - $275 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $40,000. Ronald Gellert, Esq., a member at Gellert Seitz Busenkell & Brown, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ronald S. Gellert, Esq. Gellert Seitz Busenkell & Brown LLC 1201 N. Orange St., Ste. 300 Wilmington, DE 19801 Telephone: (302) 425-5800 Email: rgellert@gsbblaw.com About Oracles Capital Inc. Oracles Capital Inc., through Oracles Craft Brands, imports, distributes, and supplies beer, wine, and distilled spirits across the United States. The Company owns a portfolio of brands and supports its distribution partners with a national sales team to strengthen market presence and brand longevity. Oracles Capital Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10870) on May 11, 2025. In its petition, the Debtor reports total assets of $1,254,476 and total liabilities of $245,221. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtor is represented by Ronald S. Gellert, Esq., at Gellert Seitz Busenkell & Brown LLC. PAGE AVE: Seeks to Hire Davidoff Hutcher & Citron as Legal Counsel ------------------------------------------------------------------ Page Ave Partners, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Davidoff Hutcher & Citron LLP to handle its Chapter 11 case. The firm will be paid at these hourly rates: Attorneys $450 - $850 Legal Assistants/Paralegals $195 - $275 Prior to the filing date, the firm received a third party retainer in the amount of $21,750 from Isaac Genuth, the Debtor's principal. Jonathan Pasternak, Esq., a partner at Davidoff Hutcher & Citron, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jonathan S. Pasternak, Esq. Davidoff Hutcher & Citron, LLP 120 Bloomingdale Road, Suite 100 White Plains, NY 10605 Telephone: (914) 381-7400 Email: jsp@dhclegal.com About Page Ave Partners LLC Page Ave Partners LLC owns a single real estate asset located on Richmond Valley Road in Staten Island, New York. The property has an estimated value of $1.5 million. Page Ave Partners LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42844) on June 2, 2025. In its petition, the Debtor reports total assets of $1,500,000 and total liabilities of $4,000,000. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Jonathan S. Pasternak, Esq., at Davidoff Hutcher & Citron LLP. PALWAUKEE HOSPITALITY: Cash Collateral Access Extended to Aug. 27 ----------------------------------------------------------------- Palwaukee Hospitality, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The fifth interim order extended the Debtor's authority to use cash collateral through August 27 to pay the expenses set forth in its budget, with a 10% variance. As protection for any diminution in the value of its collateral, Albany Bank & Trust Company, N.A., the Debtor's senior secured lender, will be granted a replacement security interest in, and lien on, all of the categories and types of collateral in which it held a security interest and lien as of the Petition Date. The next hearing is scheduled for August 27. The Debtor owns and operates a hotel located in Prospect Heights, Illinois. The value of the hotel and real estate is approximately $6 million. A lien exists for the hotel and real estate in favor of Albany Bank and Trust and another secured creditor, Holiday Hospitality Franchising, LLC. Albany Bank and Trust has one term loan with Debtor for $5,113,535.43. About Palwaukee Hospitality Palwaukee Hospitality, LLC operates a hotel property located at 600 N. Milwaukee Avenue in Prospect Heights, Illinois. Palwaukee Hospitality sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-02685) on February 23, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Deborah L. Thorne handles the case. Penelope N. Bach, Esq., at Bach Law Offices is the Debtor's bankruptcy counsel. Albany Bank and Trust Company, N.A., as lender, is represented by: David A. Golin, Esq. Saul Ewing LLP 161 North Clark Street, Suite 4200 Chicago, IL 60601 Phone: (312) 876-7100 david.golin@saul.com PARAMOUNT INTERMODEL: Hires Hill Farrer & Burill as Estate Counsel ------------------------------------------------------------------ Paramount Intermodal Systems, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Hill Farrer & Burill LLP as real estate counsel. The firm will review, negotiate and execute real estate documents including leases, lease amendments, purchase and sale agreements, and various other documents related to the Debtor's real estate transactions. Brian Weinhart, Esq., the primary attorney in this representation, will be billed at his hourly rate of $610. Mr. Weinhart disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Brian Weinhart, Esq. Hill Farrer & Burill LLP 300 S. Figuero St. Los Angeles, CA 90071 About Paramount Intermodal Systems Paramount Intermodal Systems Inc. is a logistics company focused on import and export transportation, providing services like dry and refrigerated transloading, port and rail truck drayage, and transporting oversized loads. The Company manages a fleet of owner-operator trucks and prioritizes efficiency through automated reporting using its Transportation Management System (TMS). With several locations across California and operations at key ports, Paramount Intermodal caters to industries in need of dependable, specialized freight solutions, including the transportation of perishable items. Paramount Intermodal Systems Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-12098) on March 14, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Deborah J. Saltzman handles the case. The Debtor is represented by Ron Bender, Esq., at Levene, Neale, Bender, Yoo & Golubchik LLP. PARKERVISION INC: Adds 15M Shares to 2019 Equity Incentive Plan --------------------------------------------------------------- ParkerVision, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors approved an amendment to the Company's 2019 Long-Term Incentive Plan to increase the number of shares of the Company's common stock reserved for issuance under the 2019 Plan from 30 million shares to 45 million shares. The amendment was adopted to ensure that the Company has a sufficient number of shares available for future equity-based awards. No awards were granted to executive officers or directors in connection with the approval of this amendment. About ParkerVision Jacksonville, Fla.-based ParkerVision, Inc., and its wholly-owned German subsidiary, ParkerVision GmbH is in the business of innovating fundamental wireless hardware technologies and products. The Company has designed and developed proprietary RF technologies and integrated circuits based on those technologies, and the Company licenses its technologies to others for use in wireless communication products. Atlanta, Ga.-based Frazier & Deeter, LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 24, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company's current resources are not sufficient to meet their liquidity needs for the next 12 months, the Company has losses from operations, negative operating cash flows and an accumulated deficit. These factors raise substantial doubt about the Company's ability to continue as a going concern. Parkervision disclosed $5,879,000 in total assets, $52,291,000 in total liabilities, and $46,412,000 in total shareholders' deficit at December 31, 2024. PEGRUM CREEK: Seeks to Hire Capstone Realty as Real Estate Broker ----------------------------------------------------------------- Pegrum Creek LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to hire Capstone Realty as realtor. The firm will market and sell the Debtor's property located in Madison County, Alabama. The realtor will receive a commission equal to three percent commission on the total sales price. Martie Robison, associate broker at Capstone Realty, assured the court that the firm is a "disinterested person" with the meaning of 11 U.S.C. 101(14). The realtor can be reached through: Martie Robison Capstone Realty 7 Town Center Dr. #201 Huntsville, AL 35806 Phone: (256) 604-6986 About Pegrum Creek LLC Pegrum Creek is engaged in activities related to real estate. Pegrum Creek LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 24-81037) on June 3, 2024, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. The petition was signed by William E. Taylor, Jr., as president. Judge Clifton R Jessup Jr. presides over the case. Stuart Maples, Esq. at Thompson Burton PLLC represents the Debtor as counsel. PISHPOSH INC: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------ The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of PishPosh, Inc. About PishPosh Inc. PishPosh Inc. is an online retailer focused on premium baby products such as strollers, car seats, feeding devices, bedding, and nursery items. Based in Lakewood, New Jersey, the company operates a flagship boutique in the state and distributes products through its e-commerce site as well as third-party platforms like Amazon. PishPosh sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-15424) on May 21, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge Christine M. Gravelle oversees the case. The Debtor is represented by Sari B. Placona, Esq., at McManimon, Scotland & Baumann, LLC. POWIN LLC: Gets Interim OK for $27.5MM DIP Loan From FlexGen ------------------------------------------------------------ Powin, LLC and affiliates received interim approval from the U.S. Bankruptcy Court for the District of New Jersey to obtain debtor-in-possession financing from FlexGen Power Systems, LLC to get through bankruptcy. The financing consists of a delayed draw term loan facility in the aggregate principal amount of up to $27.5 million, with an initial $10 million advance available immediately. The Debtors said the financing is essential to maintain business operations, fund administrative expenses, and pursue a sale process, with FlexGen also acting as the stalking horse bidder. The Debtors previously negotiated for financing with private investment funds managed by Keyframe Capital Partners, L.P. and filed a motion on June 21 to approve such financing. On June 23, the Debtors announced that they had negotiated for better financing terms and identified FlexGen as the new DIP lender. A condition to the DIP financing is the Debtors' compliance with these milestones, the failure of which constitutes an event of default: (i) entry of a final order approving DIP financing by no later than July 15; (ii) entry of an order approving the bidding procedures governing the sale of the Debtors' assets by July 15; (iii) entry of an order approving the sale by no later than August 8, 2025, and acceptable to the DIP lender in form and substance; and (vi) closing of the sale and payment in full of the pre-bankruptcy secured obligations by no later than August 11. The DIP financing automatically terminates on the earliest to occur of: (i) the scheduled maturity date or August 8; (ii) the date of termination of the commitments or acceleration of any outstanding borrowings under the DIP financing, in each case, by the lender following the occurrence of an event of default and upon the delivery of a termination notice; (iii) the first business day on which the interim DIP financing order expires by its terms or is terminated, unless the final DIP financing order has been entered and become effective prior thereto; (iv) the conversion of any of the Chapter 11 cases to a case under Chapter 7 unless otherwise consented to in writing by the DIP lender; (v) the dismissal of any of the Chapter 11 cases unless otherwise consented to in writing by the DIP lender; or (vi) the repayment in full in cash of all obligations and termination of all commitments under the DIP financing. Prior to the commencement of their Chapter 11 proceedings, the Debtors entered into a Loan Agreement dated October 1, 2024, with certain prepetition secured parties. Under this agreement, the Debtors were extended a total credit commitment of up to $200 million. This prepetition loan was secured by a first-priority lien on substantially all of the Debtors' assets, including cash, accounts, inventory, equipment, intellectual property, and other collateral. As of the petition date, the outstanding secured obligations under this prepetition credit facility totaled approximately $25 million. These obligations remain unpaid and are secured by valid, perfected liens. About Powin LLC Powin LLC is a U.S.-based global energy storage integrator on a mission to become the world's most trusted energy storage provider, enabling clean and reliable energy. With data-driven software controls, proven hardware, and experienced end-to-end project execution, Powin delivers scalable systems tailored to meet the needs of modern energy demand. Supported by a globally diversified, ethically sourced supply chain, Powin bolsters energy distribution to alleviate grid congestion, reduce costs, and strengthen aging infrastructure. Relentlessly focused on innovation and lasting value, Powin optimizes energy management, mitigates risk, and ensures predictable energy throughout the lifetime of its projects. On June 9, 2025 and June 10, 2025, Powin, LLC, and affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code. The cases are jointly administered under Bankr. D.N.J. Case No. 25-16137 before the Honorable Michael B. Kaplan. Powin is advised in this matter by Dentons as legal counsel, Uzzi & Lall as financial and restructuring advisor, and Huron as investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the claims agent, and maintains the page https://www.veritaglobal.net/powin PRECIPIO INC: Stockholders Elect Directors, Ratify CBIZ Appointment ------------------------------------------------------------------- Precipio, Inc. convened its Annual Meeting of stockholders for the purpose of holding a stockholder vote. At the Annual Meeting, the stockholders of the Company voted: 1. To elect Ilan Danieli and David S. Cohen as Class I directors for terms to expire in 2028; and 2. To ratify the appointment of CBIZ CPAs, P.C. as independent registered public accounting firm for the year ending December 31, 2025. The proposals are described in detail in the Company's definitive proxy statement for the Annual Meeting filed with the Securities and Exchange Commission on April 30, 2025. The number of shares of common stock entitled to vote at the Annual Meeting was 1,516,296. The number of shares of common stock present or represented by valid proxy at the Annual Meeting was 805,111, representing 53.09% of the total number of outstanding shares of the Company. Proposals One and Two submitted to a vote of the Company's stockholders at the Annual Meeting were approved. The votes cast with respect to each matter voted upon are: Proposal One: To elect Ilan Danieli and David S. Cohen as Class I directors for terms to expire in 2028, as set forth in the Proxy Statement: Total Shares Voted: * Votes For: 387,281 * Votes Against: 0 * Withheld: 11,643 * Broker Non-Votes: 406,187 1. Ilan Danieli * Votes For: 385,237 * Votes Against: 0 * Withheld: 13,687 2. David S. Cohen * Votes For: 345,810 * Votes Against: 0 * Withheld: 53,114 Proposal Two: To ratify the appointment of CBIZ CPAs, P.C. as independent registered public accounting firm for the year ending December 31, 2025 as set forth in the Proxy Statement: * Votes For: 775,147 * Votes Against: 29,783 * Abstain: 181 No other matters were submitted to or voted on by the Company's shareholders at the Annual Meeting. About Precipio Omaha, Neb.-based Precipio, Inc., formerly known as Transgenomic, Inc. -- http://www.precipiodx.com/-- is a healthcare solutions company focused on cancer diagnostics. Its business mission is to address the pervasive problem of cancer misdiagnoses by developing solutions to mitigate the root causes of this problem in the form of diagnostic products, reagents, and services. New Haven, Conn.-based Marcum LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated Mar. 27, 2025, attached to the Form 10-K, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company has incurred substantial operating losses and has used cash in its operating activities for the past several years. For the year ended December 31, 2024, the Company had a net loss of $4.3 million, compared to $5.9 million in 2023, and net cash provided by operating activities of $0.4 million. As of Dec. 31, 2024, the Company had $17 million in total assets, $4.9 million in total liabilities, and a total stockholders' equity of $12.1 million. PRINCIPLE EQUITY: Seeks Chapter 11 Bankruptcy in Georgia -------------------------------------------------------- On June 30, 2025, Principle Equity Group LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Principle Equity Group LLC Principle Equity Group LLC is a single asset real estate company with property located at 1363 Jonesboro Road S.E. in Atlanta, Georgia. Principle Equity Group LLCsought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-57322) on June 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000. The Debtors are represented by Paul Reece Marr, Esq. at Paul Reece Marr, PC. PROFESSIONAL MAIL: Seeks to Hire Bradford Law Offices as Counsel ---------------------------------------------------------------- Professional Mail Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Bradford Law Offices to handle its Chapter 11 case. The firm's hourly rates are as follows: Attorney $600 Paralegal $185 The Debtor has agreed to pay the firm an initial deposit of $37,932.53. Danny Bradford, Esq., an attorney at Bradford Law Offices, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Danny Bradford, Esq. Bradford Law Offices 455 Swiftside Drive, #106 Cary, NC 27518 Telephone: (919) 758-8879 Email: Dbradford@bradford-law.com About Professional Mail Services Professional Mail Services Inc. provides billing, printing, and mailing services, offering end-to-end solutions that include First Class mail, direct mail, offset printing, fulfillment, and high-speed laser printing. The company serves clients across various industries and integrates technology with in-house programming to support document management and customer service needs. Professional Mail Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02371) on June 23, 2025. In its petition, the Debtor reports total assets of $1,412,148 and total liabilities of $7,299,380. Honorable Bankruptcy Judge Pamela W. McAfee handles the case. The Debtor is represented by Danny Bradford, Esq., at Bradford Law Offices. Q TECHNOLOGY: Hires Real Brokerage Technologies as Broker --------------------------------------------------------- Q Technology Direct LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of California to hire Real Brokerage Technologies as brokers. The broker will market and sell the Debtor's property located at Old Highway 395 and Dulin Road, Bonsall, San Diego California 92003. The firm will receive a commission equal to two percent of the purchase price. Thomas Stewart, a broker of Real Brokerage Technologies, assured the court that his firm is a "disinterested person" with the meaning of 11 U.S.C. 101(14). The broker can be reached through: Thomas E. Stewart Real Brokerage Technologies 20 Beaulieu Lane Lake Forest, CA 92610 About Q Technology Direct LLC Q Technology Direct LLC is a limited liability company. Q Technology Direct LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-01994) on May 16, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. The Debtors are represented by Michael Jay Berger, Esq. at LAW OFFICES OF MICHAEL JAY BERGER. RADIX HAWK: Gets OK to Hire Kelley Kaplan & Eller as Legal Counsel ------------------------------------------------------------------ Radix Hawk Holdings, LLC received approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Kelley Kaplan & Eller, PLLC as general counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties and the continued management of its business operations; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) prepare legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the court; and (e) represent the Debtor in negotiation with its creditors in the preparation of a plan. The firm will be paid at these hourly rates: Attorneys $550 Paralegals $155 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $50,000, which includes the filing fee of $1,738 from the Debtor. Craig Kelley, Esq., an attorney at Kelley Kaplan & Eller, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: 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 Radix Hawk Holdings Radix Hawk Holdings, LLC is a real estate holding company primarily owning hotel and motel complexes located at 5859 American Way, Orlando, Fla. Radix Hawk Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01631) on March 24, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $10 million and $50 million in liabilities. Judge Lori V. Vaughan handles the case. The Debtor is represented by Craig I. Kelley, Esq., at Kelley Kaplan & Eller, PLLC. RAFTER H FARM: Frances Smith Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 6 appointed Frances Smith, Esq., at Ross, Smith & Binford, PC, as Subchapter V trustee for Rafter H Farm and Ranch, LLC. Ms. Smith will be paid an hourly fee of $425 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Smith declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Frances A. Smith, Esq. Ross, Smith & Binford, PC 700 N. Pearl Street, Ste. 1610 Dallas, TX 75201 Phone: 214-593-4976 Fax: 214-377-9409 Email: frances.smith@rsbfirm.com About Rafter H Farm and Ranch LLC Rafter H Farm and Ranch, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-10112-bwo11) on June 11, 2025. In the petition signed by Sam Hemphill, managing member, the Debtor disclosed up to $1 million in assets and up to= $10 million in liabilities. Judge Brad W. Odell oversees the case. Joseph Fredrick Postnikoff, Esq., at Rochelle McCullough, LLP, represents the Debtor as legal counsel. RAPTOR AUTO: To Sell Volvo Truck to Usarovs Transportation for $80K ------------------------------------------------------------------- Raptor Auto Transport Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York, to sell truck free and clear of liens, claims and encumbrances. The Debtor owns the 2023 Volvo Truck (V.I.N. 4V4NC9EH1PN617408). Volvo Financial Services LLC is a secured creditor and the holder of a duly perfected security interest in the equipment. The Debtor and Usarovs Transportation Inc. execute a Bill of Sale with respect to the truck with the total purchase price of $80,000. The Debtor determines that the proposed purchase price constitutes fair market value based on the condition of the equipment. The closing date will take place at a time and place mutually agreeable to the Seller and the Buyer. All of the sale proceeds will be received by the Debtor, with all liens, claims, and encumbrances to attach to the proceeds in accordance with the Bankruptcy Code. About Raptor Auto Transport Inc. Raptor Auto Transport Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-41140) on March 14, 2024, listing up to $50,000 in assets and $1,000,001 to $10 million in liabilities. Judge Jil Mazer-Marino presides over the case. Alla Kachan, Esq., at the Law Offices Of Alla Kachan P.C., is the Debtor's counsel. RECESS HOLDCO: Fitch Alters Outlook on 'BB-' LongTerm IDR to Stable ------------------------------------------------------------------- Fitch Ratings has affirmed Recess HoldCo LLC's and First Student BidCo, Inc.'s Long-Term Issuer Default Ratings (IDRs) at 'BB-'. Fitch has also affirmed First Student's senior secured debt at 'BB+' with a Recovery Rating of 'RR2'. The Rating Outlook has been revised to Stable from Negative. The Stable Outlook reflects improvements in the company's cash flow profile due to strong pricing execution for FY2025 and year-to-date FY2026. The greater financial flexibility will also be more supportive of growth priorities. Fitch expects credit metrics to improve including EBITDA leverage declining to the high 4.0x to low-5.0x range and EBITDA interest coverage in the high 2.0x to low 3.0x range from 2025 to 2026. The rating considers the fundamentally stable demand profile of school bus services and diversified large scale of operations. It is weighed against low barriers to entry on a local scale and municipal budget constraints that can lead to a price-competitive landscape. Key Rating Drivers Pricing Execution Supports Profitability: Good execution on multi-period contract pricing resets has allowed First Student to recover from recent heightened cost inflationary environment that lasted through 2022. The tail end of these contract resets occurred in 2025, and execution to date provides greater visibility to operating margins. Fitch expects strong pricing to increase EBITDA margin by over 100bps to reach 15% in FY2025. Margin improvement is expected to continue but at a more moderate level in FY2026, partly due to its sale and leaseback transactions that add lease costs. The company has reported low teen pricing growth for FY2025 and comparable growth so far for its FY2026 renewal bids. Improving FCF, Sufficient Coverage: First Student's cash flow profile is recovering, and Fitch expects FCF generation to improve to around $50 million in FY2026 (before any large growth investments), a shift from negative FCF over the last few years. This underlying strengthening provides greater financial flexibility and aids in growth priorities. Fitch also expects EBITDA Interest Coverage to be around high 2x in FY2025 before improving to around 3.0x in FY2026. This is consistent with the 'BB' rating. Leverage Around 5x: Fitch forecasts leverage to be around 5x in FY2025 and trend toward the high 4x range in FY2026, consistent with the rating profile. Earnings growth has lowered leverage from 6x in FY2024. Fitch believes growth through tuck-in M&A could accelerate following recent periods of deleveraging focus. However, increasing FCF and a balanced capital allocation plan should keep leverage around the mid to high 4x range going forward. Stable Demand and Multi-Year Contracts: First Student's demand profile benefits from the essential nature of student transportation services and multi-year contracts with high renewal rates. Contracts are typically structured on a per route, per hour, or per mile basis and often include price escalators and fuel purchasing provisions to account for cost inflation and fuel exposure. Customer relationships have generally been stable, with overall customer retention around 95% and an average tenure of over 10 years for around 85% of customers. Leading Market Position: First Student is the largest provider of outsourced student transportation in North America and is estimated to be nearly twice the size of the next largest competitor. However, it competes on a local basis, typically against smaller operators or school or municipality-provided transportation services. Its large scale reduces regional and customer-specific risks and can offer some market benefits, such as the ability to move drivers to short-staffed locations, which maintains good customer relations, and economies of scale in purchasing equipment Peer Analysis Fitch compares First Student with other transportation issuers such as Garda World Security (B+/Stable) and Waste Pro USA, Inc. (B+/Stable). Similar to First Student, Garda and Waste Pro business profile benefit from their contracted services and relatively steady demand that support stable cash flow profiles. Relative to First Student's credit metrics, Garda's EBITDA leverage in the mid-6.0x to 7x and EBITDA interest coverage of 2.0x are weaker. Waste Pro has slightly stronger metrics, with leverage in the high 4x range and coverage in the high 3x, though its rating reflects regional concentration and an anticipated active M&A strategy. Key Assumptions - Pricing drives organic revenue growth in the mid-single-digits in FY2026. Revenue growth is supplemented by additional bolt-on M&A; - EBITDA margin around 15% in FY 2025 and increases to 15.5% in FY2026, supported by pricing and partially offset by additional lease costs from sales and leaseback transactions; - Capital intensity around 7-8% over the medium term, before any meaningful growth-oriented programs; - Financial and capital allocation priorities shift toward growth but continue to balance its leverage profile. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDAR leverage and EBITDA leverage sustained above 5.0x; - EBITDA interest coverage below 2.5x; - EBITDA margin consistently below 10% or expectations of sustained neutral to negative FCF. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Commitment to deleveraging with EBITDAR leverage and EBITDA leverage sustained below 4.0x; - Adherence to a disciplined revenue and cost management approach that enhances margin and cash flow resiliency; - FCF margin sustained above the low single digits. Liquidity and Debt Structure As of March 2025, First Student's total liquidity was $764 million, comprised of $61 million in unrestricted cash, the full $505 million available under its revolver, and $198 million available under its working capital facility. The company does not face any material debt maturities until the working capital facility comes due in 2027, followed by its term loans in 2028. The term loan is scheduled to amortize at $22 million per year. Fitch does not treat Term Loan C as debt, as the proceeds from Term Loan C are collateralized on a one-to-one basis by cash held in a restricted account. These funds are used solely to cash collateralize letters of credit that support the company's self-insurance program and are not accessible to First Student for other purposes. Issuer Profile First Student is the largest national provider of essential K-12 student transport services in North America, operating roughly 42,000 school buses. 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 ----------- ------ -------- ----- First Student Bidco Inc. LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR2 BB+ Recess HoldCo LLC LT IDR BB- Affirmed BB- RELIABLE SECURITY: Seeks to Hire Jones & Walden as Legal Counsel ---------------------------------------------------------------- Reliable Security Staffing LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Jones & Walden LLC as its legal counsel. The firm will provide these services: (a) prepare pleadings and applications; (b) conduct of examination; (c) advise the Debtor of its rights, duties and obligations; (d) consult the Debtor and represent it with respect to a Chapter 11 plan; (e) perform legal services incidental and necessary to the day-to-day operations of the Debtor's business; and (f) take any and all other action incident to the proper preservation and administration of the Debtor's estate and business. The firm will be paid at these hourly rates: Attorneys $300 - $500 Paralegals/Law Clerks $150 - $250 In addition, the firm will seek reimbursement for expenses incurred. As of the petition date, the firm holds a $29,675 security retainer for purposes of this case and its representation of the Debtor in which the firm holds a lien. Leon Jones, Esq., a partner at Jones & Walden, disclosed in a court filing that the firm is "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Leon S. Jones, Esq. Jones & Walden LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Telephone: (404) 564-9300 Email: ljones@joneswalden.com About Reliable Security Staffing LLC Reliable Security Staffing LLC provides security guard services across Georgia, serving clients in retail, corporate, residential, event, and construction sectors. Reliable Security Staffing LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-56853) on June 20, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Paul Baisier handles the case. The Debtor is represented by Mark D. Gensburg, Esq., at Jones & Walden LLC. ROCK HOME: Seeks to Tap Dunham Hildebrand Payne Waldron as Counsel ------------------------------------------------------------------ Rock Home, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to employ Dunham Hildebrand Payne Waldron PLLC as counsel. The firm will provide these services: (a) render legal advice with respect to the rights, power, and duties of the Debtor in the management of its assets; (b) investigate and, if necessary, institute legal action on behalf of the Debtor to collect and recover assets of the estate; (c) prepare all necessary pleadings, orders and reports with respect to this proceeding and render all other necessary or proper legal services; (d) assist and counsel the Debtor in the preparation, presentation, and confirmation of a plan of reorganization; (e) represent the Debtor as may be necessary to protect its interests; and (f) perform all other legal services that may be necessary and appropriate in the general administration of the Debtor's estate. The firm's counsel will be paid at these following hourly rates: Attorneys $450 - $550 Paralegals $175 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $12,000 from the Debtor. Gray Waldron, Esq., an attorney at Dunham Hilderbrand Payne Waldron, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Gray Waldron, Esq. Dunham Hildebrand Payne Waldron, PLLC 9020 Overlook Blvd., Ste. 316 Brentwood, TN 37027 Telephone: (629) 777-6519 Email: gray@dhnashville.com About Rock Home LLC Rock Home, LLC is a privately held company with principal real estate assets located in Nashville, Tenn. Rock Home sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-01934) on May 5, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Nancy B. King handles the case. The Debtor is represented by Denis Graham Waldron, Esq., at Dunham Hildebrand Payne Waldron, PLLC. ROCK N CONCEPTS: Seeks to Extend Plan Exclusivity to September 16 ----------------------------------------------------------------- Rock N Concepts, LLC and Lava Cantina The Colony, LLC asked the U.S. Bankruptcy Court for the Eastern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to September 16 and November 17, 2025, respectively. The Debtors explain that they are paying their bills as they come due. The Debtors are negotiating a potential sale of the majority of their assets. The parties to the potential sale have drafted a term sheet and are working towards a final sale contract. Assuming a sale comes together, the Debtors would then be in a position to file a plan of reorganization. The Debtors claim that they are also negotiating with their creditors with respect to the potential sale of the Debtors' assets. Specifically, the sale transaction being contemplated would include a sale of the real estate by the Debtors' landlord to the potential buyer of the Debtors' other assets. Since the Debtors are actively negotiating with a potential buyer, the Debtors requests that the Court extend the exclusive period for (i) filing a plan of reorganization for approximately 90 days, until September 16; and (ii) soliciting acceptances until sixty days after that time, i.e. until November 17. The Debtors assert that they are not seeking this extension to pressure creditors in any way. Rather the extension of exclusivity periods beyond the initial 120-day period allows the Debtors and stakeholders have all the information needed to evaluate the Debtors' Plan, including a potential sale. An objective analysis of the relevant factors demonstrates that the Debtors are doing everything that they should be doing as a chapter 11 debtors to facilitate a successful conclusion to this chapter 11 case. Thus, the Debtors respectfully submit that sufficient cause exists to extend the exclusivity periods as requested. Counsel to the Debtors: Sarah M. Cox, Esq. Spector & Cox, PLLC 12770 Coit Road, Suite 850, Dallas, TX 75251 Tel: (214) 310-1321 About Rock N Concepts LLC Rock N Concepts, LLC and Lava Cantina The Colony, LLC, a live entertainment venue and restaurant located in The Colony, Texas, filed Chapter 11 petitions (Bankr. E.D. Tex. Lead Case No. 25-40416) on February 18, 2025. At the time of the filing, both Debtors reported between $1 million and $10 million in assets and liabilities. Sarah M. Cox, Esq., at Spector & Cox, PLLC is the Debtor's legal counsel. Regions Bank, as secured creditor, is represented by: Jason T. Rodriguez, Esq. Higier Allen & Lautin, PC The Tower at Cityplace 2711 N. Haskell Ave., Suite 2400 Dallas, TX 75204 Telephone: (972) 716-1888 Facsimile: (972) 716-1899 jrodriguez@higierallen.com SANCTUARYSPA INC: Arturo Cisneros Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 16 appointed Arturo Cisneros as Subchapter V trustee for Sanctuaryspa Inc. Mr. Cisneros will be paid an hourly fee of $600 for his services as Subchapter V trustee while the trustee administrator will be compensated at $200 per hour. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Mr. Cisneros declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Arturo Cisneros 3403 Tenth Street, Suite 714 Riverside, CA 92501 Phone: (951) 682-9705/(951) 682-9707 Email: Arturo@mclaw.org About Sanctuaryspa Inc. Sanctuaryspa Inc. is a boutique day spa in Long Beach offering a range of services including facials, massages, body treatments, dermaplaning, chemical peels, and DiamondGlow treatments. The spa customizes services to individual needs and emphasizes a holistic approach to skincare. It operates in a tranquil setting designed to promote wellness and relaxation. Sanctuaryspa sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C. D. Calif. Case No. 25-14964) on June 12, 2025. In the petition signed by Crista Rossi, chief executive officer, the Debtor disclosed $50,397 in assets and $1,032,222 in liabilities. Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger, is the Debtor's bankruptcy counsel. Five Star Bank, as secured creditor, is represented by: Thomas P. Griffin, Jr., Esq. Hefner, Stark & Marois, LLP 2150 River Plaza Drive, Suite 450 Sacramento, CA 95833 Telephone: (916) 925-6620 Facsimile: (916) 925-1127 tgriffin@hsmlaw.com SANTA PAULA: Seeks to Hire Buxman Group as Real Estate Broker ------------------------------------------------------------- Santa Paula Hay & Grain and Ranches seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Buxman Group as real estate broker. The broker will market and sell the Debtor's real properties commonly known as Ranch 66 (10 Acres), Ranch 66 (29 Acres), Ranch 2, Avenue 2 Ranch, Ranch 4, Ranch 10, Ranch 25, Bull Ranch, Jasmine Ranch, Ranch 65, Ranch 3, Ranch 5, and Blythe Ranch. Buxman Group is a disinterested person as defined in § 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Carl J. Buxman Buxman Group 10425 S. Kings River Rd. Reedley, CA 93654 Phone: (559) 318-0818 About Santa Paula Hay & Grain and Ranches Santa Paula Hay & Grain and Ranches specializes in providing a variety of hay and grain products to meet the needs of farmers and animal owners. The Company offers high-quality feed options for livestock and pets. Santa Paula Hay & Grain and Ranches sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10314) on March 12, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and between $10 million and $50 million. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtor is represented by: Reed Olmstead, Esq. LAW OFFICES OF REED H. OLMSTEAD 5142 Hollister Ave #171 Santa Barbara, CA 93111 Tel: (805) 963-9111 Email: reed@olmstead.law SANTA PAULA: Seeks to Hire Gwyn Goodman Realty as Broker -------------------------------------------------------- Santa Paula Hay & Grain and Ranches seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Gwyn Goodman Realty, Inc. as real estate broker. The broker will market and sell the Debtor's real properties commonly known as: a. 6770 Wheeler Canyon Road, Santa Paula, California; b. Sand Canyon Road, Somis, California; c. 4104 Wheeler Canyon Road, Santa Paula, California; d. Waters X Stockton Rd., Moorpark, California; and e. Grimes Canyon Road, Moorpark, California. Broker will receive a real estate broker's commission in an amount equal to: -- Five percent for 6770 Wheeler Canyon Road, Santa Paula, California; Sand Canyon Road, Somis, California; 4104 Wheeler Canyon Road, Santa Paula, California; and Waters X Stockton Rd., Moorpark, California; and -- Two and one half percent for Grimes Canyon Rd., Moorpark, CA, with two and one half percent designated to the buyer's broker, as was previously customary. Gwyn Goodman, a broker with Gwyn Goodman Realty, Inc., disclosed in the court filings that the firm is disinterested within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Gwyn Goodman Gwyn Goodman Realty, Inc. 8106 Posita Avenue Somis, CA 93066 Phone: (805) 987-6695 (805) 443-5650 Email: ggoodmanrealty@aol.com About Santa Paula Hay & Grain and Ranches Santa Paula Hay & Grain and Ranches specializes in providing a variety of hay and grain products to meet the needs of farmers and animal owners. The Company offers high-quality feed options for livestock and pets. Santa Paula Hay & Grain and Ranches sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10314) on March 12, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and between $10 million and $50 million. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtor is represented by: Reed Olmstead, Esq. LAW OFFICES OF REED H. OLMSTEAD 5142 Hollister Ave #171 Santa Barbara, CA 93111 Tel: (805) 963-9111 Email: reed@olmstead.law SANTA PAULA: Seeks to Hire Icon Servicing as Automotive Broker -------------------------------------------------------------- Santa Paula Hay & Grain and Ranches seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Icon Servicing, Inc. as automotive broker. The firm will market and sell the Debtor's property, a 1990 Ferrari F40. Icon Servicing is a disinterested person as defined in Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Thomas C. Lawson Icon Servicing, Inc. 488 E. Ocean Blvd., Unit 201 Long Beach, CA 90802 Tel: (949) 633-4981 Email: tom@iconservicing.com About Santa Paula Hay & Grain and Ranches Santa Paula Hay & Grain and Ranches specializes in providing a variety of hay and grain products to meet the needs of farmers and animal owners. The Company offers high-quality feed options for livestock and pets. Santa Paula Hay & Grain and Ranches sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10314) on March 12, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and between $10 million and $50 million. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtor is represented by: Reed Olmstead, Esq. LAW OFFICES OF REED H. OLMSTEAD 5142 Hollister Ave #171 Santa Barbara, CA 93111 Tel: (805) 963-9111 Email: reed@olmstead.law SANTA PAULA: Seeks to Hire LIV Sotheby's as Real Estate Broker -------------------------------------------------------------- Santa Paula Hay & Grain and Ranches seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ LIV Sotheby's International Realty as broker. The broker will market and sell the Debtor's real property commonly known as 10980 Ventura Ave., Oakview, California. The broker will receive a commission equal to 2.5 percent of the total purchase price. Erik Wilde, a broker at LIV Sotheby's International Realty, assured the court that the firm is disinterested within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Erik Wilde LIV Sotheby's International Realty 727 West Ojai Ave. Ojai, CA 93023 Phone: (805) 646-7288 About Santa Paula Hay & Grain and Ranches Santa Paula Hay & Grain and Ranches specializes in providing a variety of hay and grain products to meet the needs of farmers and animal owners. The Company offers high-quality feed options for livestock and pets. Santa Paula Hay & Grain and Ranches sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10314) on March 12, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and between $10 million and $50 million. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtor is represented by: Reed Olmstead, Esq. LAW OFFICES OF REED H. OLMSTEAD 5142 Hollister Ave #171 Santa Barbara, CA 93111 Tel: (805) 963-9111 Email: reed@olmstead.law SANTA PAULA: Seeks to Tap Century 21 Masters as Real Estate Broker ------------------------------------------------------------------ Santa Paula Hay & Grain and Ranches seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Century 21 Masters as realtor. The firm will market and sell the Debtor's property located at 606 Sespe Avenue, Fillmore, California. The realtor's commission is equal to 2.5 percent of the total purchase price. Cynthia C. Aguilar, a broker at Century 21 Masters, assured the court that the firm is a "disinterested person" with the meaning of 11 U.S.C. 101(14). The firm can be reached through: Cynthia C. Aguilar Century 21 Masters 744 E. Main STreet Santa Paula, CA 93060 Tel: (805) 256-5088 About Santa Paula Hay & Grain and Ranches Santa Paula Hay & Grain and Ranches specializes in providing a variety of hay and grain products to meet the needs of farmers and animal owners. The Company offers high-quality feed options for livestock and pets. Santa Paula Hay & Grain and Ranches sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10314) on March 12, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and between $10 million and $50 million. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtor is represented by: Reed Olmstead, Esq. LAW OFFICES OF REED H. OLMSTEAD 5142 Hollister Ave #171 Santa Barbara, CA 93111 Tel: (805) 963-9111 Email: reed@olmstead.law SBF VENTURES: Seeks to Tap Dalton & Finegold as Real Estate Counsel ------------------------------------------------------------------- SBF Ventures, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Massachusetts to employ the firm of Dalton & Finegold as special counsel. The firm will assist the Debtor with seller responsibilities relative to the sale of a real estate located at 41 John Street, Newton, Massachusetts. The firm will be paid at a flat fee of $1,750. Kerri Donovan Tolman, Esq., an attorney at Dalton & Finegold, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kerri Donovan Tolman, Esq. Dalton & Finegold 24 Markey Street Amesbury, MA 01913 Telephone: (978) 994-5396 Email: ktolman@dfllp.com About SBF Ventures LLC SBF Ventures LLC is a limited liability company. SBF Ventures LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No.: 25-10217) on February 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Christopher J. Panos handles the case. The Debtor tapped Gary W. Cruickshank, Esq., as bankruptcy counsel and Dalton & Finegold as real estate counsel. SEASONAL LANDSCAPE: Court Extends Cash Collateral Access to July 31 ------------------------------------------------------------------- Seasonal Landscape Solutions, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The 14th interim order authorized the Debtor to use cash collateral in accordance with its budget, which projects total operational expenses of $365,125 from July 1 to 31. The Debtor is not allowed to make any payments or distributions other than the itemized projected disbursements set forth in the budget without the prior written consent of its pre-bankruptcy secured lender, BMO Harris Bank, N.A. BMO Harris Bank holds a senior lien on the Debtor's assets totaling at least $495,000, with a subordinate lien by the U.S. Small Business Administration. As protection, BMO Harris 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, BMO Harris Bank was granted an administrative expense claim under Section 507(b) of the Bankruptcy Code. The next hearing is scheduled for July 30. BMO Harris 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 $495,000. About Seasonal Landscape Solutions Seasonal Landscape Solutions, Inc. is a company in Algonquin, Ill., which specializes in residential design-build landscaping. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-08880) on June 17, 2024, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Ira Bodenstein serves as Subchapter V trustee. Judge Janet S. Baer presides over the case. The Debtor is represented by Richard G. Larsen, Esq., at Springer Larsen Greene, LLC. SENDLER FAMILY: Hires MORE Realty Portland as Real Estate Broker ---------------------------------------------------------------- Sendler Family Truss Ltd seeks approval from the U.S. Bankruptcy Court for the District of Oregon to hire MORE Realty Portland as its real estate agent. The broker will market and sell the Debtor's property located at 199 NW Camp Ireland St., Hillsboro, OR 97124. The broker will receive a commission equal to 2 percent of the selling price of the property. As disclosed in the court filings, MORE Realty Portland is a disinterested person within the meaning of Sec. 101(4) of the Bankruptcy Code and does not represent or hold any interest adverse to the interests of the estate or of any class of creditors or equity security holders. The realtor can be reached through: Merri Ott MORE Realty Portland 16037 SW Upper Boones Ferry Rd. Suite 150 Tigard, OR 97224 Tel: (503) 310-2429 Fax: (503) 680-5043 Email: merriottgroup@gmail.com About Sendler Family Truss Ltd Sendler Family Truss Ltd filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Oregon Case No. 25-31097) on April 1, 2025, listing $500,001 to $1 million in both assets and liabilities. Judge David W Hercher presides over the case. Troy G. Sexton, Esq. at Elevate Law Group represents the Debtor as counsel. SEXTANT STAYS: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Sextant Stays, Inc., according to court dockets. About Sextant Stays Inc. Sextant Stays, Inc., doing business as Roami, is a hospitality company that offers urban group travel accommodations in cities such as Miami and New Orleans. Founded in 2016, the company manages entire buildings to provide consistent, design-forward spaces aimed at delivering memorable and connected travel experiences. Sextant Stays' approach bridges the gap between traditional hotels and inconsistent vacation rentals, catering to modern travelers seeking comfort, reliability, and style. Sextant Stays sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-15908) on May 27, 2025, listing $5,033,274 in assets and $15,895,759 in liabilities. Andreas King-Geovanis, chief executive officer of Sextant Stays, signed the petition. Judge Robert A. Mark oversees the case. Brett Lieberman, Esq., at Edelboim Lieberman, PLLC represents the Debtor as legal counsel. SIFAT LLC: Hires Levene Neale Bender Yoo & Golubchik as Counsel --------------------------------------------------------------- Sifat, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Levene, Neale, Bender, Yoo & Golubchik LLP as general bankruptcy counsel. The firm will render these services: (a) advise the Debtor with regard to the requirements of the bankruptcy court, bankruptcy code, bankruptcy rules and the Office of the United States Trustee as they pertain to it and interact with and cooperate with any committee appointed in its bankruptcy case; (b) advise the Debtor with regard to certain rights and remedies of its bankruptcy estate and the rights, claims and interests of creditors; (c) represent the Debtor in any proceeding or hearing in the Bankruptcy Court involving its estate unless it is represented in such proceeding or hearing by other special counsel; (d) conduct examinations of witnesses, claimants or adverse parties and represent the Debtor in any adversary proceeding except to the extent that any such adversary proceeding is in an area outside of the firm's expertise or which is beyond its staffing capabilities; (e) prepare and assist the Debtor in the preparation of reports, applications, pleadings and orders; (f) represent the Debtor with regard to obtaining use of debtor-in-possession financing and/or cash collateral; (g) assist the Debtor in any asset sale process; (h) assist the Debtor in the negotiation, formulation, preparation and confirmation of a plan of reorganization and the preparation and approval of a disclosure statement in respect of the plan; and (i) perform any other services which may be appropriate in the firm's representation of the Debtor during its bankruptcy case. The firm will be paid at these hourly rates: David Neale, Attorney $750 Ron Bender, Attorney $750 Timothy Yoo, Attorney $750 David Golubchik, Attorney $750 Eve Karasik, Attorney $750 Gary Klausner, Attorney $750 Eric Israel, Attorney $750 Brad Krasnoff, Attorney $750 Edward Wolkowitz, Attorney $750 Beth Ann Young, Attorney $750 Monica Kim, Attorney $725 Philip Gasteier, Attorney $725 John Tedford, IV, Attorney $725 Daniel Reiss, Attorney $725 Todd Frealy, Attorney $725 Kurt Ramlo, Attorney $725 Richard Steelman, Jr., Attorney $725 Juliet Oh, Attorney $725 Todd Arnold, Attorney $725 Krikor Meshefejian, Attorney $725 John-Patrick Fritz, Attorney $725 Jeffrey Kwong, Attorney $725 Joseph Rothberg, Attorney $725 Michael D'Alba, Attorney $725 Carmela Pagay, Attorney $725 Anthony Friedman, Attorney $725 Lindsey Smith, Attorney $650 Robert Carrasco, Attorney $550 Paraprofessionals $300 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $75,000 from the Debtor. Mr. Meshefejian disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Krikor J. Meshefejian, Esq. Levene, Neale, Bender, Yoo & Golubchik LLP 2818 La Cienega Avenue Los Angeles, CA 90034 Telephone: (310) 229-1234 Facsimile: (310) 229-1244 Email: kjm@lnbyg.com About Sifat LLC Sifat LLC owns and manages a single commercial real estate asset, an office building located at 2115 Winnie Street in Galveston, Texas. The Company operates from Newport Beach, California, and is affiliated with the Cantour Group, which oversees property development and leasing activities for the building. Sifat LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11513) on June 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtor is represented by David B. Golubchik, Esq., at Levene, Neale, Bender, Yoo & Golubchik LLP. SK INDUSTRIES: Seeks to Extend Plan Exclusivity to October 16 ------------------------------------------------------------- SK Industries, LLC, d/b/a Pensacola Athletic Center asked the U.S. Bankruptcy Court for the Northern District of Florida to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to October 16 and December 12, 2025, respectively. The Debtor submits that cause exists for the extension requested in the instant Motion. More specifically: * This case involves potentially a few complex legal issues; * The Debtor is generally paying post-petition debts as they come due; * The Debtor is in compliance with all of the operating guidelines of the United States Trustee; * The Debtor has made substantial progress in negotiating with creditors; * The Debtor seeks this extension of exclusivity in good faith, and not for the purpose of pressuring or otherwise attempting to prejudice the rights of any creditors; * The resolution of plan treatment for Regions Bank is necessary to drafting a viable Chapter 11 Plan. * The Debtor submits that no creditor or party in interest will be prejudiced by granting the relief requested herein. SK Industries, LLC is represented by: Byron Wright, III, Esq. Bruner Wright, P.A. 2868 Remington Green Circle, Suite B Tallahassee, FL 32308 Telephone: (850) 385-0342 Facsimile: (850) 270-2441 About SK Industries LLC SK Industries, LLC, doing business as Pensacola Athletic Center, is a comprehensive fitness facility offering 24-hour gym access, personal training, childcare services, tennis courts, swimming pools, and group fitness classes. The family-owned business has been serving the Pensacola community since 1985, with a focus on health and wellness for individuals of all ages. SK Industries filed a Chapter 11 petition (Bankr. N.D. Fla. Case No. 25-30138) on Feb. 18, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Jerry C. Oldshue, Jr. oversees the case. The Debtor is represented by Byron W. Wright III, Esq., at Bruner Wright, P.A. SMYRNA READY MIX: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has affirmed the 'BB-' Long-Term Issuer Default Ratings (IDRs) of Smyrna Ready Mix Concrete, LLC (Smyrna) and Hollingshead Holding Company, LLC. Fitch has also affirmed Smyrna's ABL credit facility at 'BB+' with a Recovery Rating of 'RR1' and its senior secured notes and term loan facility at 'BB+'/'RR2'. The Rating Outlook is Stable. The 'BB-' IDR reflects Smyrna's leading market positions, good liquidity, moderate barriers to entry, vertically integrated operating model, and modest geographic diversity. Credit risks include its high leverage, the construction industry's seasonal and cyclical nature, high fixed costs, and management's willingness to increase leverage with an aggressive growth strategy. Smyrna's credit metrics are currently weak and leverage levels exceed negative sensitivities for the 'BB-' IDR. Despite this, the Outlook is Stable, reflecting the company's improving margins and Fitch's expectation that leverage levels will decline within the 'BB-' IDR sensitivities by YE 2026. Key Rating Drivers Margin Improvement: Smyrna's cost-optimization initiatives are yielding results, with EBITDA margins improving 230 bps during 1Q25 despite significantly lower revenues. Fitch forecasts EBITDA margin growth of 200-225 bps in 2025, followed by a 125-175 bps improvement in 2026 as volumes increase. Elevated Leverage: Fitch expects Smyrna's leverage to remain elevated and above the negative sensitivity for the 'BB-' IDR through at least the next 12 months. EBITDA leverage is expected to reach around 5x at YE 2025 before declining to 4.3x by YE 2026. Fitch's rating case forecast assumes margin improvement in 2025 and 2026 and modest debt reduction next year. A sharper decline in demand, a lack of further margin improvement, or delayed debt reduction could lead to negative rating actions. Large debt-funded acquisitions that keep leverage elevated beyond 2026 could also prompt negative rating actions. Subdued Demand Environment: Fitch expects continued softness in the operating environment in 2025 as overall U.S. construction activity remains weak. Fitch forecasts revenues will decline 3%-4% in 2025 as lower volumes more than offset modestly higher pricing and contributions from acquisitions. Fitch expects modest revenue growth in 2026 as construction activity improves. A weaker demand environment could derail expected margin improvement during the remainder of 2025 and in 2026. Leadership Position: Smyrna is the largest ready-mix producer with 560 concrete plants, 35 aggregates quarries, and 11 cement terminals. The company is vertically integrated in key markets and derives a portion of its revenue from aggregates and cement distribution. Fitch believes Smyrna's scale and vertical integration provide competitive advantages, including lower costs from economies of scale, consistent raw material supply, and flexibility during economic and construction downturns. Free Cash Flow: Smyrna typically generates positive FCF, owing to its strong EBITDA margin despite high capex. Fitch expects the company to generate flat to slightly negative FCF in 2025 before generating FCF margin of 3%-4% in 2026 as EBITDA margins improve. Fitch expects capex to be 9%-9.5% of revenue, down from the 10%-10.5% reported in 2023 and 2024. Additionally, Fitch expects FCF to be used for debt reduction in 2026. Focus on Strategic Growth: Since 2005, Smyrna has actively pursued acquisitions, completing 116 acquisitions for about $2.9 billion. These acquisitions have meaningfully improved the company's scale and geographic diversity, but have resulted in significantly higher debt levels. Fitch views this growth strategy positively over the long term as it provides Smyrna economies of scale and diversification to withstand regional downturns. Fitch expects Smyrna to continue to execute on bolt-on acquisitions in 2025 and 2026. Diverse Revenue Sources: Smyrna's revenue is balanced between residential and non-residential construction, with some public construction exposure. While private construction's cyclicality poses profitability risks, market diversity helps insulate the company from downturns, as residential and non-residential construction cycles differ. Fitch also expects the company will increase its exposure to public construction during weak private construction demand periods. Smyrna's modest geographic diversity offers additional protection against regional downturns, positioning it to benefit from high-growth construction markets like Texas and the Southeast. Barriers to Entry: Barriers to entry in the ready-mix concrete industry are moderate due to the high initial capital investment required for production facilities. In contrast, the aggregates industry has higher barriers due to stringent zoning and environmental restrictions that limit new quarry development. Fitch believes these conditions can deter new entrants and somewhat limit competition, thereby supporting the sustainability of the company's leading market positions and modest pricing power over the medium to long term. Ownership Structure: Smyrna is a privately held company with concentrated ownership, which poses an increased risk of shareholder-friendly activities relative to publicly traded peers. Management has so far been disciplined with its capital allocation strategy, including refraining from significant cash distributions to its shareholders. Its rating case forecast assumes modest cash distributions in 2025 and beyond. Peer Analysis Smyrna's EBITDA leverage and EBITDA margin are comparable to Eco Material Technologies Inc. (B/Stable). Smyrna is meaningfully larger than Eco Material and generates more consistent cash flow. Smyrna also has better product diversification, but Eco Material has a more diversified geographic footprint. Smyrna is more exposed to the private construction market, while the majority of Eco Material's products are for the public infrastructure sector. Smyrna's credit metrics are weaker than those of its large investment-grade peers Martin Marietta Materials, Inc. (BBB/Positive) and Vulcan Materials Company (BBB/Positive). These companies are significantly larger than Smyrna and have more balanced end-market diversification. Both Martin Marietta and Vulcan are focused on their aggregates businesses, which have demonstrated more stable pricing than concrete and cement over the construction cycle. Key Assumptions - Revenues fall 3%-4% in 2025 and mid-single digits organic growth in 2026; - EBITDA margin of 19%-19.5% in 2025 and 20%-21% in 2026; - EBITDA leverage of 5.0x-5.3x at YE 2025 and 4.0x-4.5x at YE 2026; - (CFO-capex)/debt is flat to slightly positive 2025 and around 4% in 2026; - Flat to slightly negative FCF in 2025 and 3%-4% in 2026. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustained above 4.3x; - FCF margin consistently neutral or negative; - (CFO-capex)/debt sustained below 3%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained below 3.8x; - (CFO-capex)/debt consistently above 7%. Liquidity and Debt Structure Smyrna has a good liquidity position, supported by $300 million of availability under its $425 million ABL facility that matures in October 2027 and $93.8 million of cash as of March 31, 2025. Smyrna's debt maturities are well-laddered, with no major debt maturities until November 2028 when $1.1 billion of senior secured notes mature. The next maturity is in 2029, when its $720 million term loan facility becomes due. However, the term loan also matures in 2028 if the senior secured notes due 2028 is not refinanced. Annual principal amortization under the term loan facility is manageable at $7.4 million annually. Issuer Profile Founded in 1999, Hollingshead Holding Company, LLC (dba Smyrna Ready Mix Concrete, LLC) is the largest producer of ready-mix concrete with 560 concrete plants, 35 quarries and 11 cement terminals serving customers across 22 states. 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 ----------- ------ -------- ----- Smyrna Ready Mix Concrete, LLC LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR2 BB+ senior secured LT BB+ Affirmed RR1 BB+ Hollingshead Holding Company, LLC LT IDR BB- Affirmed BB- SOLAR MOSAIC: Revises Bid Submission Schedule --------------------------------------------- Georgia Hall of Bloomberg Law reports that Mosaic Sustainable Finance Corp. is giving potential buyers an extra week to submit bids for its assets after reaching an agreement with unsecured creditors. On Wednesday, July 2, 2025, Bankruptcy Judge Christopher M. Lopez approved changes to the DIP financing agreement, extending the bid deadline to July 28 and rescheduling the auction for August 11, 2025, according to Bloomberg Law. Earlier in the week, a group of unsecured creditors objected to the originally proposed timeline, arguing it allowed lenders "substantial power to control" the sales process, the report states. About Solar Mosaic Mosaic is an industry-leading fintech platform for sustainable home improvements. Founded in 2010, Mosaic is a pioneer in clean energy lending providing innovative solutions for financing solar, battery storage, and more. Mosaic has funded $15 billion in loans to date, helping more than 500,000 households make their homes more sustainable and efficient. On June 6, 2025, Mosaic Sustainable Finance Corporation and four affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90156). The cases are pending before the Honorable Christopher M. Lopez. The Company tapped Paul Hastings LLP as legal counsel, BRG for managing director Mark A. Renzi as chief restructuring officer, and C Street Advisory Group as strategic communications advisor. Kroll, formerly Prime Clerk LLC, is the claims agent. Blank Rome LLP is serving as legal counsel and Huron Consulting Group is serving as financial advisor to Forbright Bank. SOLEIL AT BOWIE: Case Summary & Three Unsecured Creditors --------------------------------------------------------- Debtor: Soleil at Bowie LLC 10411 Motor City Dr #STE350 Bethesda, MD 20817 Business Description: Soleil at Bowie LLC owns 21 lots on Fletchertown Road in Bowie, Maryland, with a current estimated value of $5 million. Chapter 11 Petition Date: July 1, 2025 Court: United States Bankruptcy Court District of Maryland Case No.: 25-16012 Debtor's Counsel: Michael P. Coyle, Esq. THE COYLE LAW GROUP 7061 Deepage Drive Columbia, MD 21045 Tel: (443) 545-1215 E-mail: mcoyle@thecoylelawgroup.com Total Assets: $5,000,000 Total Liabilities: $4,276,221 Obakoleola O. Epega signed the petition as owner. 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/PRH5PQA/Soleil_at_Bowie_LLC__mdbke-25-16012__0001.0.pdf?mcid=tGE4TAMA STARKS LAW: Claims to be Paid from Continued Operations ------------------------------------------------------- Starks Law, PC filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania an Amended Small Business Plan of Reorganization under Subchapter V dated June 16, 2025. The Debtor is a multi-practice area law firm. The Debtor's practice areas include consumer protection, FDCPA, landlord tenant, DUI, Criminal Defense, and contract disputes. The Debtor has two primary locations of operations – Pittsburgh, Pennsylvania and Philadelphia, Pennsylvania. Prior to the bankruptcy filing, the Debtor had a third location in Warminster, Pennsylvania. The Warminster location was shut down following the passing of Noah Gladstone, a minority shareholder of the Debtor. All property from this office is currently in storage. The Plan will be primarily implemented through the continued operations of the Debtor's business. The Plan proposes to pay administrative and priority claims in full unless otherwise agreed. The Debtor estimates approximately 4.51% will be paid on account of general unsecured claims pursuant to the Plan. This percentage does factor in that at least $400,770 owed to the SBA participating as a general unsecured claim. The percentage is subject to change based on the allowance of claims, litigation proceeds, or the proceeds from any sales that may occur. Class 5 General Unsecured Claims shall consist of all other creditors who are not in the Subordinated Unsecured Claims. The creditors in this Class must have had a claim against the Debtor as of December 13, 2024. The total amount for this Class is approximately $662,217.05, plus any Allowed Unsecured Claim held by an undersecured creditor that is to be determined. The Creditors in this Class will be paid by regular monthly payments made by the Debtor and distributed on a Quarterly basis. Beginning on the Plan Effective Date, the Debtor will pay the Class a fixed monthly payment of $500.00. Distributions to this Class will be made on a quarterly basis. Each creditor will receive a pro rata distribution of all funds distributed to the Class. This Class will not be entitled to interest on their claims. The claims in this Class are not entitled to post-petition interest, attorney's fees, or costs. In addition to regular payments, this Class may receive payments through the proceeds of sale, if any, and through litigation proceeds. This Class is impaired. Equity Interests will be retained under the Plan. The Plan will be implemented through the continuation of business. The Debtor is no longer burdened by some of the financing debt that it was paying prior to the bankruptcy filing. The Debtor has also continued its marketing efforts to solicit new clients. Currently, the Debtor has seen some growth which expected to continue in the coming months as cases continue, settlements are paid, and new clients are brought in. The Debtor has also explored the possibility of leasing space in its Pittsburgh Office condo. This would allow for additional revenue to be generated to fund payments to Firstrust and creditors in the Plan. The Debtor is continuing to work with its creditors on its restructuring efforts. A full-text copy of the Amended Plan dated June 16, 2025 is available at https://urlcurt.com/u?l=jBKoYe from PacerMonitor.com at no charge. Counsel to the Debtor: Donald R. Calaiaro, Esq. Law firm of Calaiaro Valencik 938 Penn Avenue, 5th Fl. Suite 501 Pittsburgh, PA 15222 Tel: (412) 232-0930 Fax: (412) 232-3858 Email: dcalaiaro@c-vlaw.com About Starks Law PC Starks Law, PC, is a multi-practice area law firm. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 24-23028) on Dec. 13, 2024, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge John C. Melaragno oversees the case. Donald R. Calaiaro, Esq., at Calaiaro Valencik, is the Debtor's legal counsel. Firstrust Bank is represented by: Joseph S. Sisca, Esq. Grenen & Birsic, P.C. One Gateway Center, 9th Floor Pittsburgh, PA 15222 Phone: 412-281-7650 Fax: 412-281-7657 jsisca@grenenbirsic.com STEWARD HEALTH: Prepares Claw Back Suits vs. Cerberus, Others ------------------------------------------------------------- Soma Biswas of The Wall Street Journal reports that an internal probe of bankrupt Steward Health Care System has found that former owner Cerberus Capital Management and ex-CEO Ralph de la Torre improperly extracted over $1 billion from the hospital network over the past decade, despite the company's insolvency. In court documents filed Friday, June 27, 2025, independent manager Alan Carr outlined potential legal actions the company's bankrupt shell intends to pursue to recover funds for senior lenders and other creditors. Several of the report's findings, including payouts to Cerberus, de la Torre, and other insiders, were first reported by The Wall Street Journal last 2024. About Steward Health Care Steward Health Care System, LLC, owns and operates the largest private physician-owned for-profit healthcare network in the U.S. Headquartered in Dallas, Texas, Steward's operations include 31 hospitals in eight states, approximately 400 facility locations, 4,500 primary and specialty care physicians, 3,600 staffed beds, and nearly 30,000 employees. Steward Health Care provides care to more than two million patients annually. Steward and 166 affiliated debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024. Judge Christopher M. Lopez oversees the proceeding. The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy counsel; McDermott Will & Emery as special corporate and regulatory counsel; AlixPartners, LLP as financial advisor and John Castellano of AlixPartners as chief restructuring officer. Lazard Freres & Co. LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc Capital Markets Inc., provide investment banking services to the Debtors. Kroll is the claims agent. Susan N. Goodman has been appointed as patient care ombudsman in the Debtors' Chapter 11 cases. STICKY'S HOLDINGS: Trustee Wants Chapter 11 Converted to Chapter 7 ------------------------------------------------------------------ Benjamin Hernandez of Bloomberg Law reports that the U.S. Trustee is urging that New York City-based fried chicken chain Sticky's Finger Joint convert its Chapter 11 bankruptcy to a Chapter 7 liquidation. In a motion filed Monday, June 30, 2025, in the U.S. Bankruptcy Court for the District of Delaware, U.S. Trustee Andrew R. Vara said a court-supervised liquidation is in the best interest of creditors. He pointed to the "substantial and/or continuing loss or diminution" of the company's estate as justification for the shift. About Sticky's Holdings Sticky's Holdings LLC and its affiliates operate a chain of restaurants in New York and New Jersey. The Debtors filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 24-10856) on April 25, 2024. In the petitions signed by Jamie Greer, CEO, Sticky's Holdings disclosed $5,754,177 in total assets and $4,677,476 in liabilities. Judge J. Kate Stickles oversees the cases. The Debtors tapped John W. Weiss, Esq., at Pashman Stein Walder Hayden, PC as legal counsel and Kurtzman Carson Consultants LLC as administrative advisor. STOLI GROUP: Seeks to Tap Resolute Commercial as Collateral Manager ------------------------------------------------------------------- Stoli Group (USA), LLC and Kentucky Owl, LLC seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Resolute Commercial Services LLC as collateral manager. The firm will inspect, evaluate, and sell the designated assets of Kentucky Owl, and otherwise take steps reasonably necessary to perform such services with respect to such designated assets of Kentucky Owl. The firm will be paid a non-contingent fee based on the number of hours worked at its standard hourly billing rate and expense reimbursement for its reasonable out-of-pocket and direct expenses incurred in connection with the services. Jeremiah Foster, the president of Resolute Commercial Services, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeremiah Foster Resolute Commercial Services LLC 6750 E Camelback Rd Ste 103 Scottsdale, AZ 85250 Telephone: (480) 947-3321 About Stoli Group (USA) LLC Stoli Group (USA), LLC is a producer, manager, and distributor of a global portfolio of spirits and wines. Stoli Group (USA) and Kentucky Owl, LLC filed Chapter 11 petitions (Bankr. N.D. Tex. Lead Case No. 24-80146) on November 27, 2024. At the time of the filing, Stoli Group (USA) reported $100 million to $500 million in assets and $10 million to $50 million in liabilities, while Kentucky Owl reported $50 million to $100 million in assets and $50,000,001 to $100 million in liabilities. Judge Scott W. Everett handles the cases. Holland N. O'Neil, Esq., at Foley & Lardner, LLP is the Debtors' counsel. SUNATION ENERGY: Regains Nasdaq Bid Price Compliance ---------------------------------------------------- As previously reported, on April 11, 2025 and May 13, 2025, SUNation Energy, Inc. had received respective Nasdaq non-compliance letters regarding: (i) a Minimum Bid Price Deficiency notice from the Listing Qualifications Department of The Nasdaq Stock Market notifying the Company that, for the 30 consecutive business day period immediately preceding April 11, 2025 deficiency letter, the Company's common stock had not maintained a minimum closing bid price of $1.00 per share and, as a result, did not comply with Listing Rule 5550(a)(2); and (ii) the Staff's additional delisting notice pursuant to its discretionary authority under Listing Rule 5101 based on public interest concerns related to the Company's securities offering announced on February 27, 2025. Following receipt of the April 2025 deficiency notice, the Company timely requested a hearing before the Nasdaq Hearing Panel. The hearing request automatically stayed any suspension or delisting action pending the outcome of the hearing. The Company appeared before the Nasdaq Hearing Panl on May 27, 2025 to address the above-noted compliance matters. As of the hearing date, the Company had been in Compliance with the Minimum Bid Price for not less than 25 consecutive trading days, and has since maintained Minimum Bid Price compliance to date. On June 10, 2025, the Company received the Nasdaq Hearing Panel's decision in which it notified the Company that it did not find the Company to be in violation of Listing Rules 5100 and 5550(a)(2), the "Public Interest Concern" and "Bid Price Rule", respectively. Accordingly, the June 10, 2025 letter further provided that the Company is deemed to be in full compliance with the applicable Nasdaq Listing Rules, and that the above-referenced matter was closed. About SUNation Energy SUNation Energy Inc., formerly known as Pineapple Energy Inc., is focused on growing leading local and regional solar, storage, and energy services companies nationwide. Melville, N.Y.-based UHY LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company's current financial position and forecasted future cash flows for 12 months beyond the date of issuance of the financial statements indicate substantial doubt around the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $45.7 million in total assets, $37.2 million in total liabilities, and a total stockholders' equity of $8.5 million. SUNNOVA ENERGY: Court OKs Solar Power Deal With Lennar Homes ------------------------------------------------------------ Sunnova Energy International Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that as previously disclosed in Form 8-K Report filed on June 9, 2025, Sunnova TEP Developer entered into that certain Solar Power System Purchase Agreement with Lennar Homes, LLC, a Florida limited liability company. On June 12, 2025, the U.S. Bankruptcy Court for the Southern District of Texas approved the Solar Power System Purchase Agreement. About Sunnova Energy Sunnova Energy International Inc. (NYSE: NOVA) is an industry-leading adaptive energy services company focused on making clean energy more accessible, reliable, and affordable for homeowners and businesses. Through its adaptive energy platform, Sunnova provides a better energy service at a better price to deliver its mission of powering energy independence. Sunnova Energy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90160) on June 8, 2025. In its petition, the Debto reports estimated assets and liabilities between $10 billion and $50 billion each. The Debtor is represented by Jason Gary Cohen, Esq. at Bracewell LLP. SUNNOVA ENERGY: Court OKs TEPH Credit Pact, Asset Purchase Deal --------------------------------------------------------------- Sunnova Energy International Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that as previously disclosed in the June 9 Report, on June 8, 2025, Sunnova TEP Holdings, LLC, a Delaware limited liability company, entered into that certain Third Amended and Restated Credit Agreement with Sunnova TE Management, LLC, as facility administrator, Computershare Trust Company, National Association, as paying agent, U.S. Bank National Association, as verification agent, and Atlas Securitized Products Administration, L.P., as administrative agent. On June 11, 2025, the U.S. Bankruptcy Court for the Southern District of Texas approved the TEPH Credit Agreement. On the same date, the Bankruptcy Court also approved that certain Asset Purchase Agreement, the "TEPH Asset Purchase Agreement" with SEC, Sunnova TEP Developer, LLC, Sunnova TEP Holdings and Sunnova TEP Holdings Subsidiary, LLC. About Sunnova Energy Sunnova Energy International Inc. (NYSE: NOVA) is an industry-leading adaptive energy services company focused on making clean energy more accessible, reliable, and affordable for homeowners and businesses. Through its adaptive energy platform, Sunnova provides a better energy service at a better price to deliver its mission of powering energy independence. Sunnova Energy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90160) on June 8, 2025. In its petition, the Debto reports estimated assets and liabilities between $10 billion and $50 billion each. The Debtor is represented by Jason Gary Cohen, Esq. at Bracewell LLP. SUNNOVA ENERGY: Executes $90M DIP Facility Due Sept. 22 ------------------------------------------------------- Sunnova Energy International Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that in connection with the Chapter 11 Cases, the Company, as borrower, and certain subsidiaries of the borrower from time to time party thereto, including the other Debtors, as guarantors entered into that certain Superpriority Senior Secured Debtor-in-Possession Credit Agreement with the lenders from time to time party thereto and Alter Domus (US) LLC, as administrative agent and collateral agent, on the terms and conditions set forth therein. Pursuant to the DIP Credit Agreement, the DIP Lenders have agreed, upon the terms and conditions set forth therein, to make available to the DIP Borrower loans pursuant to a $90 million senior secured debtor-in-possession term loan credit facility, which shall consist of: a) $15 million of DIP Loans which shall be funded upon entry of the Interim DIP Order; and b) $75 million of DIP Loans which shall be funded upon entry of the Final DIP Order. The DIP Loans will be used, in accordance with the DIP Orders, the Loan Documents and the Approved Budget to: (i) pay obligations arising from or related to the Carve Out and Wind-Down Budget, (ii) pay certain costs, fees, and expenses, and (iii) fund the working capital needs and expenditures of the Debtors during the Chapter 11 Cases, including to fund the costs of the administration of the Chapter 11 Cases. Borrowings under the DIP Facility will bear interest at the rate of 12.00%. Interest on the DIP Facility is payable in-kind. In addition, the DIP Borrower agreed to pay a funding fee which shall be payable on: (i) the DIP Interim Funding Date and (ii) the DIP Final Funding Date, in each case, in an amount equal to 12.00% of the aggregate amount of the DIP Loans actually funded to the Borrower on such date with the Funding Fee payable paid-in-kind. The DIP Credit Agreement is secured by substantially all of the assets of the Loan Parties excluding any Excluded Property. The DIP Credit Agreement includes customary negative covenants for debtor-in-possession loan agreements of this type, including covenants limiting the Loan Parties and their restricted subsidiaries' ability to, among other things, incur additional indebtedness, create liens on assets, make investments, advances or guarantees, engage in mergers, consolidations, sales of assets and acquisitions, use the proceeds of the DIP Facility for any purpose not permitted by the DIP Credit Agreement, and pay dividends and distributions, in each case subject to customary exceptions for debtor-in-possession loan agreements of this type. The DIP Credit Agreement also includes representations and warranties, mandatory prepayments, affirmative covenants, and events of default customary for financings of this type. Certain bankruptcy-related events are also events of default, including, but not limited to, the dismissal by the Bankruptcy Court of any of the Chapter 11 Cases, the conversion of any of the Chapter 11 Cases to a case under chapter 7 of the Bankruptcy Code, the appointment of a trustee pursuant to Chapter 11, and certain other events related to the impairment of the DIP Lenders' rights or liens granted under the DIP Credit Agreement, including the noncompliance by any Loan Party with the terms of the Interim DIP Order or Final DIP Order. The DIP Credit Agreement has a scheduled maturity date of September 22, 2025. The DIP Credit Agreement will also terminate and all obligations thereunder will become due on the date that is the earliest of the following: (i) the Scheduled Maturity Date, (ii) Plan Effective Date, (iii) the date of termination of the Lenders' commitments and the acceleration of any outstanding Loans under the Loan Documents, (iv) the date of dismissal of the Chapter 11 Cases, conversion of the Chapter 11 Cases into cases under chapter 7 of the Bankruptcy Code or appointment of an examiner with expanded powers by the Bankruptcy Court and (v) the date that is 30 days after the Petition Date or such later date as agreed by the Administrative Agent (acting at the direction of the Required Lenders) unless the Final DIP Order has been entered by the Bankruptcy Court on or prior to such date. The foregoing description of the DIP Credit Agreement does not purport to be complete and is qualified in its entirety by the full text of the DIP Credit Agreement, a copy of which is available at https://tinyurl.com/yzd3wcj6 About Sunnova Energy Sunnova Energy International Inc. (NYSE: NOVA) is an industry-leading adaptive energy services company focused on making clean energy more accessible, reliable, and affordable for homeowners and businesses. Through its adaptive energy platform, Sunnova provides a better energy service at a better price to deliver its mission of powering energy independence. Sunnova Energy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90160) on June 8, 2025. In its petition, the Debto reports estimated assets and liabilities between $10 billion and $50 billion each. The Debtor is represented by Jason Gary Cohen, Esq. at Bracewell LLP. SUNSET PALM: Hires John Paul Arcia P.A. as Special Counsel ---------------------------------------------------------- Sunset Palm Villas Condominium Association Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire John Paul Arcia, P.A. as special counsel. The counsel will represent the Debtor with regard to certain condominium law issues that have or may arise in this case with regard to the Debtor’s negotiations with its creditors and the proposal and implementation of any plan the Court confirms. The firm agreed to be compensated at the rate or $400 an hour for attorneys, associates at $250 an hour and for paralegals at $175 an hour. It will also be reimbursed for out-of-pocket expenses incurred. John Arcia, Esq., a partner at John Paul Arcia, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. John Paul Arcia can be reached at: John P. Arcia, Esq. JOHN PAUL ARCIA, P.A. 175 SW 7th Street Suite 2000 Miami, FL 33130 Tel: (786) 429-0410 Email: parcia@arcialaw.com About Sunset Palm Villas Condominium Association Inc. Sunset Palm Villas Condominium Association Inc. oversees the management and maintenance of the Sunset Palm Villas residential complex located in Miami, Florida. The association handles property operations, common area upkeep, and enforces community regulations on behalf of unit owners. Sunset Palm Villas Condominium Association Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-17036) on June 21, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Corali Lopez-Castro handles the case. The Debtors are represented by Robert Reynolds, Esq. at LAW OFFICES OF ROBERT E. REYNOLDS, P.A. SUNSET PALM: Seeks to Hire Robert F. Reynolds as Legal Counsel -------------------------------------------------------------- Sunset Palm Villas Condominium Association Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire the Law Offices of Robert F. Reynolds, P.A. to handle the bankruptcy proceedings. The firm will render these services: (a) advise the Debtor as to the timing of the filing of the bankruptcy petition; (b) assist the Debtor with ascertaining information to be included in the petition, schedules and statement of financial affairs; (c) complete the petition, schedules and statement of financial affairs and other necessary documents required to be filed with the Bankruptcy Court; (d) file petition, schedules and statement of financial affairs and other necessary documents required to be filed with the Bankruptcy Court; (e) respond to creditor and U.S. Trustee inquiries; (f) inform the Debtor and assist with satisfying the reporting and other requirements of the Office of the United States Trustee; (g) respond to creditor inquiries; (h) communicate with any creditors and any committee(s) established by the Office of the United States Trustee or Bankruptcy Court; (i) appear at the first meeting of creditors and other hearings before the Bankruptcy Court; (j) bring and/or defend Debtor in an adversary proceedings or contested matters brought before the bankruptcy court; (k) prepare and solicit the approval of the disclosure statement and plan of reorganization; (l) address any objections to the disclosure statement and plan and prepare any necessary amendments to such; (m) appear at the confirmation hearing and post-confirmation status hearings; (n) assist with the consummation of the confirmed plan of reorganization; and (o) perform any and all other matters customarily associated with representation of the Debtor in Chapter 11 case. The firm will be paid at these rates: Attorneys $550 per hour Paralegals $175 per hour The firm received an initial retainer of $35,000. Robert Reynolds, Esq., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert F. Reynolds, Esq. Law Offices of Robert Reynolds, P.A. 515 East Las Olas Blvd., Suite 850 Fort Lauderdale, FL 33301 Telephone: (954) 766-9928 Email: rreynolds@robertreynoldspa.com About Sunset Palm Villas Condominium Association Inc. Sunset Palm Villas Condominium Association Inc. oversees the management and maintenance of the Sunset Palm Villas residential complex located in Miami, Florida. The association handles property operations, common area upkeep, and enforces community regulations on behalf of unit owners. Sunset Palm Villas Condominium Association Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-17036) on June 21, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Corali Lopez-Castro handles the case. The Debtors are represented by Robert Reynolds, Esq. at LAW OFFICES OF ROBERT E. REYNOLDS, P.A. THERMOPRO INC: Seeks to Hire KD Capital Equipment as Sales Broker ----------------------------------------------------------------- ThermoPro, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ KD Capital Equipment, LLC as equipment sales broker. The Debtor needs a broker to market the Debtor's equipment. The firm will be paid on a commission basis which represents a percentage of the equipment's gross sales price. Nick Kirby, an account manager at KD Capital Equipment, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Nick Kirby KD Capital Equipment LLC 7918 East McClain Drive Scottsdale, AZ 85260 Telephone: (480) 922-1674 Email: support@kdcapital.com About ThermoPro Inc. ThermoPro Inc., d/b/a Prize Wheels R Fun, Games People Play, and The Golf Target, is a plastics thermoforming manufacturer based in the metro Atlanta, Georgia area, specializing in heavy gauge vacuum forming, pressure forming, drape forming, plastic fabrication, and secondary assembly. ThermoPro serves a wide range of industries, including office products, medical devices, recreational vehicles, kiosks, and more. Additionally, the Company offers design and development services to help clients create high-quality, engineered plastic parts. ThermoPro Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-53612) on April 1, 2025. In its petition, the Debtor reports total assets of $2,127,245 and total liabilities of $1,634,653. Honorable Bankruptcy Judge Barbara Ellis-Monro handles the case. The Debtor is represented by Michael Pugh, Esq., at Thompson, O'brien, Kappler & Nasuti, PC. TOMS RIVER REGIONAL: Warns of Bankruptcy Amid Property Tax Dispute ------------------------------------------------------------------ Amanda Albright and Sri Taylor of Bloomberg News report that a New Jersey school district is considering filing for bankruptcy following years of state funding cuts, intensifying a standoff with Governor Phil Murphy's administration. At its June 30, 2025 board meeting, the Toms River Regional School District -- based along the Jersey Shore -- chose not to adopt a budget that would raise taxes. Instead, Board President Ashley Lamb authorized district staff to consult bankruptcy attorneys and begin preparing for a possible Chapter 9 filing. The move would give the district "protection from creditors while developing a debt-adjustment plan," Lamb said during the meeting. About Toms River Regional School District Toms River Regional School District is a full-service regional public school district serving the rapidly growing coastal community of Toms River. TSB VENTURES: Claims to be Paid from Disposable Income ------------------------------------------------------ TSB Ventures, LLC filed with the U.S. Bankruptcy Court for the Eastern District of Louisiana a First Amended Subchapter V Plan of Reorganization dated June 16, 2025. The Debtor is a private equity fund that invests in early to mid stage companies. The Debtor primarily invests in small businesses and startups with a focus on the public safety sector. The Debtor is a Louisiana limited liability company that was organized in 2007. Currently, its sole member is CA Recovery Master Fund, LLC, a Delaware limited liability company. The Debtor's current co-managers are Follis and Soonthornsima. The Debtor sought relief under subchapter V because of a lack of liquidity which arose, in part, from a dispute with its former co manager and 2%-member, Jose S. Canseco. Prior to the Petition Date, the Debtor was involved in litigation with several of its insiders and affiliates. The parties ultimately settled these disputes through two separate, but related, settlement agreements, the Global Settlement Agreement and the Multi-Party Agreement. On June 12, 2025, the Debtor, Canseco, Trahan, and others participated in a day-long mediation with the Hon. Selene Maddox. The Debtor proposed a settlement framework that was accepted by Canseco but was rejected by Trahan. Although parties intend to have a follow-up conference with Judge Maddox to discuss further negotiations and means of settlement, they have not yet reached a binding agreement to resolve their dispute. The Debtor has formulated a plan of reorganization. Under this Plan, the Debtor intends to distribute its Projected Disposable Income to holders of Allowed Claims. The Debtor proposes to pay all Allowed Non-Insider General Unsecured Claims within the 60-month period following the Effective Date of this Plan. Class 1 contains Non-Insider General Unsecured Claims. Holders of Allowed Non-Insider General Unsecured Claims shall receive, in full satisfaction, settlement, release, and discharge of and in exchange for such Claims, and until such Claims are paid in full, a Pro Rata share of Projected Disposable Income. Each holder of an Allowed Non-Insider General Unsecured Claim may make the Convenience Class Election. By making such an election, each such holder affirmatively and irrevocably agrees to: (i) waive their right to Class 1 treatment; (ii) receive treatment as a Class 3 Convenience Claim; and (iii) vote to accept the Plan as the holder of a Class 3 Convenience Claim. Class 2 is Impaired. Class 2 contains Insider General Unsecured Claims. Holders of Allowed Insider General Unsecured Claims shall not receive any distribution on account of such Claims unless and until all Allowed Non-Insider General Unsecured Claims have been paid in full under the terms of this Plan. Thereafter the holder of each Allowed Insider General Unsecured Claim shall receive, in full satisfaction, settlement, release, and discharge of and in exchange for such Claim, its Pro Rata share of Projected Disposable Income. Class 3 consists of Convenience Claims. On the Effective Date, each holder of an Allowed Convenience Claim shall receive, in full and final satisfaction, settlement, release and discharge of and in exchange for its Allowed Convenience Claim, a single Cash payment in an amount equal to the lesser of: (i) $100,000.00; or (ii) the Allowed Amount of its Claim. Each holder of an Allowed Non-Insider Unsecured Claim that makes a Convenience Class Election is deemed to accept the Plan. Class 4 consists of Equity Security Holders. The Debtor's sole Equity Security Holder is CA Recovery. As the sole holders of Equity Securities in the Debtor, CA Recovery shall retain its membership interests. The Debtor will have sufficient Projected Disposable Income to make distributions to holders of Allowed Non-Insider Claims. Projected Disposable Income will come from multiple sources. A full-text copy of the First Amended Subchapter V Plan dated June 16, 2025 is available at https://urlcurt.com/u?l=DDT2aD from PacerMonitor.com at no charge. About TSB Ventures, LLC TSB Ventures, LLC operates as a securities and commodity contracts intermediation firm headquartered in Baton Rouge, LA. TSB Ventures sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-10117) on January 20, 2025, with $1 million to $10 million in both assets and liabilities. Judge Meredith S. Grabill handles the case. The Debtor is represented by: Ryan James Richmond, Esq. Sternberg, Naccari & White, LLC 450 Laurel Street, Suite 1450 Baton Rouge, LA 70801 Tel: (225) 412-3667 Fax: (225) 286-3046 Email: ryan@snw.law TURNER OAKWOOD: Taps Country Boys Auction & Realty as Auctioneer ---------------------------------------------------------------- Turner Oakwood Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Country Boys Auction & Realty, Inc. as auctioneer and liquidation agent. The firm will market and sell the Debtor's real property located at 404 E. Edenton Street, 6 N. Bloodworth Street, and 10 N. Bloodworth Street. The firm will receive the standard auctioneers' commission, which is as follows: Personal Property 1. 20 percent of the first $20,000 of personal property sold; 2. 10 percent of the next $50,000 of personal property sold; and 3. 8 percent of the remaining balance of personal property sold. Real Property 1. 10 percent of the next $25,000 of real property sold; and 2. 6 percent of the remaining balance of real property sold. Michael Gurkins, a member at Country Boys Auction & Realty, disclosed in a court filing that the firm is a "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael Gurkins Country Boys Auction & Realty, Inc. 1211 West 5th Street Washington, NC 27889 Telephone: (252) 946-6007 Email: mgurkins@countryboysauction.com About Turner Oakwood Properties Turner Oakwood Properties, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 22-02049) on Sept. 12, 2022. In the petition signed by its manager, Augusta Bernadette Turner, the Debtor disclosed up to $1 million in both assets and liabilities. Judge David M. Warren oversees the case. William Kroll, Esq., at Everett Gaskins Hancock, LLP, is the Debtor's counsel. WALLOON LAKE: Opposes Private Financing's Receivership Bid ---------------------------------------------------------- In the case styled PRIVATE FINANCING ALTERNATIVES, LLC, Plaintiff v. WALLOON LAKE HOLDINGS, LLC, et al., Defendants, Case No. 1:25-cv-00165-HYJ-MV (W.D. Mich.), the Defendants respond in opposition to Plaintiff's motion for appointment of receiver. As reported in the Trouble Company Reporter, this action presents claims against: -- Walloon Lake Holdings, LLC ("Borrower," "Assignor," or "Landlord"); -- Matthew Allen Borisch as Trustee of Matthew Allen Borisch Trust u/a/d September 19, 2006; -- Matthew Allen Borisch; -- Jonathan L. Borisch; -- Mary K. Borisch; -- JLB Restaurant Holdings, LLC; and -- Hotel Walloon, LLC. Walloon Holdings is a Michigan limited liability company. This action arises out of Borrower/Assignor's failure to make required payments due Private Financing Alternatives pursuant to the terms of a September 29, 2023 commercial loan in the stated principal amount of $10,000,000 as memorialized inter alia by: (a) a September 29, 2023 commercial promissory note reflecting Borrower/Assignor's legal obligation to repay the Loan; (b) unlimited, continuing, unconditional guarantees from the guarantors: (i) the Trust, (ii) Matthew Borisch, (iii) Jonathan Borisch, and (iv) Mary Borisch. The Plaintiff seeks appointment of a receiver pendente lite to: (1) collect Rents and all other payments due to Landlord from tenants Hotel Walloon, LLC and from JLB Restaurant Holdings, LLC; and (2) manage, preserve, protect and, if necessary, operate the Demised Property for the benefit of Lender/Assignee in accordance with the Assignment of Leases and Rents. The Defendants contend that factors governing the appointment of a receiver weigh in favor of the Defendants including adequacy of security and financial position of the borrower, fraudulent conduct, imminent danger of loss, balance of harms, likelihood of success and possibility of irreparable harm, and adequacy of other remedies. According to the Defendants, the Plaintiff is asking the Court for the extraordinary relief afforded by appointment of a receiver, but less drastic remedies are available. The Defendants stand willing and able to provide adequate security for the debt via escrow or bond. Plaintiff's bad-faith refusal to consider this proposal serves no other purpose than to needlessly increase Defendants' damages from this suit. Walloon Lake Holdings, LLC is a Michigan-based company associated with the Borisch family, who own multiple businesses in the Walloon Lake area, including Hotel Walloon and the Walloon Lake Inn. The Plaintiff is represented by: Stanford R. Solomon, Esq. Robert G. May, Esq. THE SOLOMON LAW GROUP, P.A. 1881 West Kennedy Boulevard, Suite D Tampa, FL 33606-1611 Telephone: (813) 225-1818 Facsimile: (813) 225-1050 E-mail: Ssolomon@solomonlaw.com Rmay@solomonlaw.com - and - Samuel P. Mauch, Esq. Brian Witus, Esq. SARETSKY HART MICHAELS & GOULD PC 995 S. Eton St. Birmingham, MI 48009 Telephone: (248) 502-3300 Facsimile: (248) 502-3301 E-mail: SMauch@Saretsky.com BWitus@Saretsky.com The Defendants are represented by: James Grant Semonin, Esq. Floyd E. Gates, Jr., Esq. Cameron D. Ritsema, Esq. BODMAN PLC 99 Monroe Avenue NW, Suite 300 Grand Rapids, MI 49503 Telephone: (616) 205-3314 E-mail: gsemonin@bodmanlaw.com fgates@bodmanlaw.com critsema@bodmanlaw.com WARNER BROS: JPMorgan Anticipates Deal Could Likely Face Opposition ------------------------------------------------------------------- Michelle F. Davis and Reshmi Basu of Bloomberg News report that bankers at JPMorgan Chase & Co. knew the deal they were structuring would spark significant backlash. The plan -- to split Warner Bros. Discovery Inc. into two companies -- could cost creditors billions, despite the debt's investment-grade rating, which is typically meant to shield against such losses, according to the report. To counter the anticipated resistance, the bankers engineered a novel approach to secure approval, the report states. About Warner Bros. Discovery Warner Bros. Discovery (WBD) is a global media and entertainment company that provides a portfolio of content, brands, and franchises across television, film, streaming, and gaming outlets. WOLFSPEED INC: Ropes & Vinson Represent 26s/28s/29s Ad Hoc Group ---------------------------------------------------------------- The law firms of Ropes & Gray LLP and Vinson & Elkins LLP filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 cases of Wolfspeed, Inc. and Wolfspeed Texas LLC, the firms represent 26s/28s/29s Ad Hoc Group. Starting in April 2025, members of the 26s/28s/29s Ad Hoc Group retained Ropes & Gray LLP, as primary counsel, to represent them in connection with their holdings of the outstanding indebtedness of the Debtors. In connection with the Debtors' potential filing of chapter 11 cases in the United States Bankruptcy Court for the Southern District of Texas. The 26s/28s/29s Ad Hoc Group also retained Vinson & Elkins LLP ("V&E," and together with Ropes & Gray, "Counsel") as Texas counsel in June 2025. As of June 26, 2025, the members of the 26s/28s/29s Ad Hoc Group hold, or are the investment advisors, sub-advisors, or managers of funds or accounts that hold: (a) approximately $231,300,000 in convertible notes under the 2026 Notes Indenture, (b) approximately $579,671,000 in convertible notes under the 2028 Notes Indenture, and (c) approximately $1,314,071,000 in convertible notes under the 2029 Notes Indenture. Counsel does not represent the 26s/28s/29s Ad Hoc Group as a "committee" (as such term is used in the Bankruptcy Code and the Bankruptcy Rules) and does not undertake to represent the interests of, and is not a fiduciary for, any creditor, party-in interest, or other entity that has not signed a retention agreement with Counsel. No member of the 26s/28s/29s Ad Hoc Group represents or purports to represent any other person or entity in connection with the Debtors' chapter 11 cases. In addition, each member of the 26s/28s/29s Ad Hoc Group (a) does not assume any fiduciary or other duties to any other person or entity and (b) does not purport to act or speak on behalf of any other member of the 26s/28s/29s Ad Hoc Group in connection with these chapter 11 cases. The 26s/28s/29s Ad Hoc Group Members' address and the nature and= amount of disclosable economic interests held in relation to the Debtors are: 1. BlackRock Financial Management, Inc. – Leveraged Finance Group, on behalf of certain funds and accounts under management BlackRock Financial Management, 1 University Square Drive, Princeton, NJ 08540 * 2026 Convertible Notes: $15,226,000 * 2028 Convertible Notes: $6,950,000 * 2029 Convertible Notes: $16,193,000 2. Calamos Advisors LLC, a Delaware limited liability company, as investment adviser to certain Calamos sponsored registered investment companies 2020 Calamos Court, Naperville, IL 60563 * 2028 Convertible Notes: $38,018,000 * 2029 Convertible Notes: $61,670,000 3. Certain funds and accounts managed by Capital Research Global Investors, a division of Capital Research and Management Company 333 S. Hope Street, 55th Floor Los Angeles, CA 90071 * 2029 Convertible Notes: $170,518,000 4. Capital Ventures International c/o Susquehanna Advisors Group, Inc. – 401 City Avenue, Suite 220, Bala Cynwyd, PA 19004 * 2028 Convertible Notes: $23,729,000 * 2029 Convertible Notes: $45,131,000 * 136,651 shares of common equity sold short. 5. CastleKnight Management, on behalf of funds and accounts managed or advised by it 888 Seventh Avenue, 24 Floor, New York, NY 10019 * 2026 Convertible Notes: $7,000,000 * 2028 Convertible Notes: $46,000,000 * 2029 Convertible Notes: $14,868,000 6. Context Capital Management, LLC, on behalf of funds and accounts managed or advised by it 7724 Girard Avenue, Third Floor, La Jolla, CA 92037 * 2026 Convertible Notes: $43,650,000 * 2028 Convertible Notes: $8,049,000 * 2029 Convertible Notes: $18,263,000 * 1,657,839 shares of common equity sold short. 7. CSS, LLC, on behalf of funds and accounts managed or advised by it 1 North Wacker Drive, Suite 3075, Chicago, IL 60606 * 2026 Convertible Notes: $3,000,000 * 2028 Convertible Notes: $4,900,000 * 2029 Convertible Notes: $5,939,000 * 291,203 shares of common equity sold short. * 258 put option contracts on common equity. * Short 291 put option contracts on common equity. 8. Cygnus Opportunity Fund, LLC, on behalf of funds and accounts managed or advised by it 3060 Peachtree Road NW, Suite 1080, Atlanta, GA 30305 * 2029 Convertible Notes: $11,473,000 * 287,540 shares of common equity sold short. 9. Davidson Kempner Capital Management LP, on behalf of certain funds and accounts managed or advised by it 9 W. 57th Street, Floor 29, New York, NY 10019 * 2029 Convertible Notes: $105,000,000 10. Empyrean Capital Partners, LP, on behalf of funds and accounts managed or advised by it 10250 Constellation Boulevard, Suite 2950, Los Angeles, CA 90067 * 2029 Convertible Notes: $4,250,000 11. Fidelity Management & Research Company LLC, for and on behalf of certain funds and accounts managed or advised by it and its affiliates 245 Summer Street, Boston, MA 02210 * 2026 Convertible Notes: $3,700,000 * 2028 Convertible Notes: $28,000 * 2029 Convertible Notes: $337,589,000 * $100,282,032.75 in principal amount of senior secured notes due June 23, 2030, issued pursuant to that certain Amended and Restated Indenture, dated as of October 11, 2024, by and between Wolfspeed, Inc., and the parties thereto. * 496,265 shares of common equity. 12. Franklin Advisers, Inc., on behalf of funds and accounts managed or advised by it One Franklin Parkway, San Mateo, CA 94403 * 2028 Convertible Notes: $38,000,000 * 2029 Convertible Notes: $45,000,000 13. Healthcare of Ontario Pension Plan Trust Fund 1 York Street, Suite 1900, Toronto, Ontario, Canada M5J 0B6 * 2026 Convertible Notes: $9,000,000 * 2028 Convertible Notes: $8,925,000 * 2029 Convertible Notes: $3,000,000 * 174,000 shares of common equity sold short. * Long cash-settled total return swap for 174,000 shares of common equity. 14. Jefferies LLC, solely in respect of the convertibles desk and its managed positions and not any other unit, group, division, line of business or affiliate of Jefferies LLC 520 Madison Avenue, New York, NY 10022 * 2028 Convertible Notes: $48,000 * 2029 Convertible Notes: $15,039,000 * 784,000 shares of common equity sold short. * 2,545 call option contracts on common equity. 15. J.H. Lane Partners Master Fund, LP, on behalf of its investment funds 126 East 56th Street, Suite 1002, New York, NY 10022 * 2028 Convertible Notes: $9,112,000 16. Kore Advisors L.P., on behalf of its investment funds 1501 Corporate Drive, Suite 120, Boynton Beach, FL 33426 * 2026 Convertible Notes: $10,000,000 * 2028 Convertible Notes: $4,500,000 * 2029 Convertible Notes: $30,461,000 * 19,227 put option contracts on common equity. 17. LMR Partners LLC, on behalf of certain funds and accounts managed or advised by it 412 West 15th Street, 9th Floor, New York, NY 10011 * 2026 Convertible Notes: $10,000,000 * 2028 Convertible Notes: $17,125,000 * 2029 Convertible Notes: $32,500,000 * 77,519 put option contracts on common equity. * Short 5,819 call option contracts on common equity. 18. Loomis, Sayles & Company, L.P., as investment manager on behalf of its investment funds One Financial Center, Boston, MA 02111 * 2028 Convertible Notes: $4,500,000 * 2029 Convertible Notes: $27,970,000 19. Nuveen Asset Management, LLC, on behalf of certain funds and accounts managed or advised by it 730 Third Avenue, New York, NY 10017 * 2026 Convertible Notes: $39,318,000 * Short 29,270 call option contracts on common equity. * Short 4,949 put option contracts on common equity. 20. Paloma Partners Management Company, on behalf of certain funds and accounts managed or advised by it Two American Lane, Greenwich, CT 06836-2571 * 2026 Convertible Notes: $38,938,000 * 2028 Convertible Notes: $12,438,000 * 2029 Convertible Notes: $3,947,000 21. PenderFund Capital Management Ltd. on behalf of its investment funds 1830-1066 West Hastings Street, Vancouver, BC V6E 3X2 * 2026 Convertible Notes: $25,329,000 * 2028 Convertible Notes: $10,000,000 * 2029 Convertible Notes: $12,500,000 22. Sculptor Capital LP, solely on behalf of its and its affiliates managed accounts 9 West 57th Street, 40th Floor, New York, NY 10019 * 2026 Convertible Notes: $6,500,000 * 2028 Convertible Notes: $32,836,000 * 2029 Convertible Notes: $22,500,000 * 500 shares of common equity sold short. * Short 500 call option contracts on common equity. * 5,582 put option contracts on common equity. 23. Silverback Asset Management, LLC, on behalf of its investment funds 1414 Raleigh Road, Suite 250, Chapel Hill, NC 27517 * 2029 Convertible Notes: $42,000,000 24. System 2 Master Fund Limited 190 Elgin Avenue, George Town, Grand Cayman KY1-9008, Cayman Islands * 2026 Convertible Notes: $8,500,000 * 2028 Convertible Notes: $5,000,000 * 2029 Convertible Notes: $27,558,000 25. Tenor Capital Management Company, L.P., on behalf of its investment funds 810 Seventh Avenue, Suite 1905, New York, NY 10019 * 2026 Convertible Notes: $3,500,000 * 2028 Convertible Notes: $20,000,000 * 2029 Convertible Notes: $4,000,000 * 78,600 shares of common equity sold short. 26. T. Rowe Price Associates, Inc., in its capacity as investment advisor or subadvisor, solely with respect to the portion of assets of any such subadvised entity that is subadvised by T. Rowe Price Associates, Inc., as applicable, for and on behalf of certain funds and accounts managed or advised by it 1307 Point Street, Baltimore, MD 21231 * 2028 Convertible Notes: $37,968,000 * 2029 Convertible Notes: $170,702,000 27. Voya Investment Management Co. LLC, solely on behalf of certain funds and accounts managed or advised by it 600 West Broadway, San Diego, CA 92101 * 2028 Convertible Notes: $251,545,000 * 16,762 shares of common equity 28. Whitebox Advisors LLC, on behalf of certain funds as investment manager 3033 Excelsior Boulevard, Suite 500, Minneapolis, MN 55416 * 2026 Convertible Notes: $7,639,000 * 2029 Convertible Notes: $86,000,000 * 1,632,875 shares of common equity sold short. * 6,000 call option contracts on common equity. * 25,000 put option contracts on common equity. The law firm can be reached at: VINSON & ELKINS LLP Paul E. Heath, Esq. Elias M. Medina, Esq. 845 Texas Tower, Suite 4700 Houston, Texas 77002 Telephone: (713) 758-2222 Fax: (713) 758-2346 Email: pheath@velaw.com emedina@velaw.com - and – ROPES & GRAY LLP Matthew M. Roose, Esq. Husam Badawi, Esq. Christine Joh, Esq. 1211 Avenue of the Americas New York, New York 10036-8704 Telephone: (212) 596-9000 Facsimile: (212) 596-9090 Email: matthew.roose@ropesgray.com sam.badawi@ropesgray.com christine.joh@ropesgray.com - and – Ryan Preston Dahl, Esq. 191 North Wacker Drive Chicago, Illinois 60606-4302 Telephone: (312) 845-1200 Facsimile: (312) 845-5500 Email: ryan.dahl@ropesgray.com About Wolfspeed Inc. Wolfspeed, Inc. is an innovator of wide bandgap semiconductors, focused on silicon carbide materials and devices for power applications. Its product families include silicon carbide materials and power devices targeted for various applications such as electric vehicles, fast charging and renewable energy and storage. Wolfspeed Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90163) on June 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Latham & Watkins LLP and Hunton Andrews Kurth LLP are serving as legal counsel to Wolfspeed, Perella Weinberg Partners is serving as financial advisor and FTI Consulting is serving as restructuring advisor. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the senior secured noteholders and Moelis & Company is serving as the senior secured noteholdersâ€™ 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. ZION INC: Completes Redomestication from Delaware to Texas ---------------------------------------------------------- Zion Oil and Gas, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Certificate of Conversion with the Delaware Secretary of State was filed on June 11, 2025. The Certificate of Conversion from Delaware to Texas was duly adopted in accordance with Section 266 of the Delaware General Corporation Law. The Certificate of Conversion to a Texas Filing Entity with the Plan of Conversion and the Certificate of Formation was filed with the Texas Secretary of State on June 11, 2025. The Certificate of Conversion to a Texas Filing Entity with the Plan of Conversion and the Certificate of Formation was adopted in accordance with Sections 10.102, 10.154 and 10.155 of the Texas Business Organizations Code. On March 17, 2025, the Company's Board of Directors approved the redomestication from Delaware to Texas by conversion with the Plan of Conversion, the Certificate of Formation and the Bylaws as described in Proposal No. 4 and Annexes A, B and C in the Proxy Statement filed with the SEC on April 10, 2025. On June 4, 2025, the common stockholders at the 2025 Annual Shareholders' Meeting approved the Company's Certificates of Conversion from Delaware to Texas, the Certificate of Formation, the Plan of Conversion and the Bylaws [incorporate by reference to the Proxy Statement as filed with the SEC on April 10, 2025 and to Form 8-K as filed with the SEC on June 4, 2025]. The Certificates of Conversion of Zion Oil & Gas, Inc. are attached to the Company's report on Form 8-K available at https://tinyurl.com/4jbt879v About Zion Oil Headquartered in Dallas, TX, Zion Oil and Gas, Inc. -- www.zionoil.com -- is an oil and gas exploration company dedicated to exploring for oil and gas onshore in Israel under its Megiddo Valleys License 434 which covers approximately 75,000 acres. In its report dated March 27, 2025, the Company's auditor RBSM LLP, issued a "going concern" qualification citing that the Company has suffered recurring losses from operations and had an accumulated deficit that raises substantial doubt about its ability to continue as a going concern. [] Total Bankruptcy Filings Up 10% in First Half of 2025 -------------------------------------------------------- Total bankruptcy filings were 276,126 during the first six months of 2025, a 10% increase from the 251,069 total filings during the same period a year ago, according to data provided by Epiq AACER, the leading provider of U.S. bankruptcy filing data. Total individual filings registered an 11% increase, as the 260,938 filings during the first half of 2025 were up from the 235,849 filings during the first six months of 2024. Individual chapter 7 filings climbed to 163,219 during the first half of 2025, an increase of 15% over the 141,566 chapter 7 filings in the first half of 2024. The 97,125 individual chapter 13s filed in the first six months of 2025 represent a 3% increase over the 93,870 filings during the same period in 2024. "The strong 15% increase in individual Chapter 7 bankruptcy filings underscores the growing financial pressure facing American households," said Michael Hunter, vice president of Epiq AACER. "Elevated interest rates, record-high credit card and household debt, and the resumption of student loan repayments and collections are all contributing factors driving more individuals to seek bankruptcy protection." "As of April 2025, the student loan delinquency rate has more than tripled compared to pre-pandemic levels," Mr. Hunter added. "With collections resuming this year and nearly 9 million loans currently delinquent, we anticipate the upward trend in individual filings to continue." Overall commercial filings registered 15,188 for the first half of 2025, representing a slight decrease from the commercial filing total of 15,220 for the first half of 2024. The 3,576 total commercial chapter 11 bankruptcies filed during the first six months of 2025 represented a 15% decrease from the 4,205 filed during the same period in 2024. Small business filings, captured as subchapter V elections within chapter 11, totaled 1,183 in the first six months of 2025, a 4% decrease from the 1,234 elections during the same period in 2024. Total and consumer bankruptcy filings increased comparing the figures from June 2025 to June 2024, while commercial filing categories declined. Total filings in June 2025 were 46,226, representing a 15% increase from the 40,293 filed in 2024. Total individual filings were up 16% in June 2025 to 43,655 from 37,512. The 27,219 individual chapter 7s in June 2025 grew 23% over the 22,183 chapter 7 filings in June 2024, and individual chapter 13s increased 7% to 16,316 in June 2025 from the 15,232 in June 2024. "Elevated prices, increased borrowing costs and uncertain geopolitical events continue to add to the growing debt loads shouldered by financially distressed families and small businesses," said ABI Executive Director Amy Quackenboss. "ABI looks forward to providing Congress with research, information and statistics to re-establish higher debt thresholds for subchapter V and chapter 13 to provide greater access for struggling small businesses and consumers to reorganize their finances." Overall commercial filings decreased 8% in June 2025, as the 2,571 filings were down from the 2,781 commercial filings registered in June 2024. The 622 commercial chapter 11 filings in June represented a 38% decrease from the 996 filings in June 2024. Total subchapter V elections within chapter 11 experienced a 23% decrease from 277 in June 2024 to 214 in June 2025. ABI has partnered with Epiq Bankruptcy to provide the most current bankruptcy filing data for analysts, researchers, and members of the news media. Epiq AACER is a division of Epiq and is the leading provider of data, technology, and services for companies operating in the business of bankruptcy. Its Bankruptcy Analytics subscription service provides on-demand access to the industry's most dynamic bankruptcy data, updated daily. Learn more at https://bankruptcy.epiqglobal.com/analytics. About Epiq Epiq, a technology and services leader, takes on large-scale and complex tasks for corporate legal departments, law firms, and business professionals by integrating people, process, technology, and data. Clients rely on Epiq to streamline legal and compliance, settlement, and business administration workflows to drive efficiency, minimize risk, and improve cost savings. Epiq has a presence in 19 countries and employs 6,100 people worldwide. Learn more at www.epiqglobal.com. About ABI ABI --- http://www.abi.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. For additional conference information, visit http://www.abi.org/calendar-of-events. [] U.S. Bankruptcy Filings Increased 10% from January to June 2025 ------------------------------------------------------------------ U.S. bankruptcy filings totaled 276,126 during the first half of 2025, reflecting a 10% rise from 251,069 during the same period in 2024, according to data from Epiq AACER, a leading source for bankruptcy filing statistics. Individual bankruptcies saw an 11% increase, climbing to 260,938 from 235,849 year over year. Chapter 7 filings accounted for the largest share, rising 15% to 163,219 from 141,566. Chapter 13 filings grew 3%, reaching 97,125 compared to 93,870 in the first six months of 2024, Epiz AACER reports. "The notable 15% rise in Chapter 7 filings highlights the mounting financial strain on U.S. households," said Michael Hunter, vice president at Epiq AACER. "Higher interest rates, historic levels of credit card and household debt, and the restart of student loan payments and collections are key factors driving more individuals toward bankruptcy." Hunter also noted that, as of April 2025, student loan delinquency rates have more than tripled from pre-pandemic levels, with nearly 9 million loans currently in default. "With collections back in motion, we expect individual filings to continue trending upward," he said. Commercial bankruptcies remained relatively stable. A total of 15,188 were filed in the first half of 2025 — slightly below the 15,220 filed during the same period last year. Chapter 11 commercial filings dropped 15% to 3,576 from 4,205. Subchapter V filings, used by small businesses under Chapter 11, decreased 4% to 1,183 from 1,234, according to report. Looking at June 2025 specifically, total and consumer bankruptcy filings continued to rise, while commercial filings declined. Total filings rose 15% to 46,226 from 40,293 in June 2024. Individual filings increased 16%, reaching 43,655 from 37,512. Chapter 7 filings surged 23% to 27,219, while Chapter 13s climbed 7% to 16,316, the report states. In contrast, commercial bankruptcies dropped 8% in June to 2,571 from 2,781 a year earlier. Chapter 11 filings fell 38% to 622 from 996, while subchapter V filings declined 23% to 214 from 277, the report relays. "Rising prices, steeper borrowing costs, and global economic uncertainties are weighing heavily on consumers and small businesses," said Amy Quackenboss, executive director of the American Bankruptcy Institute. "ABI will continue to support legislative efforts to raise the debt eligibility limits for subchapter V and chapter 13, expanding access to financial relief and reorganization." [^] BOOK REVIEW: The Heroic Enterprise -------------------------------------- The Heroic Enterprise: Business and the Common Good Author: John Hood Publisher: Beard Books (reprint of book published by The Free Press/Division of Simon and Schuster in 1996). Paperback: 266 pages List Price: $34.95 Order your copy at https://bit.ly/3awLUV3 Hood writes as a counterbalance to ideas that business should be expected to contribute to the common good along the lines of charities, say, or public health. He writes too against the highly partisan, pernicious perspective that business activity is antisocial and disruptive which at times gains some degree of credibility. Critiques of business have been around as long as commerce and business have been around. These come usually from religious or political zealots seeking dictatorial hold over all significant kinds of human activity and enterprise. In this work, Hood aims to counterbalance latter-day versions of such critiques arising in American society. The counterculture, antiestablishment 1960s was a time when such critiques were particularly strong. They have moderated since, yet remain a persistent chorus which influences politics and imagery and public affairs of business. Hood does not aim to stifle or eliminate debate about the effects of business on society or how business should engage in business. What he aims for is dismissing once and for all myopic and almost utopian conceptions about business and related erroneous purposes and values of it. Such conceptions are worrisome to businesspersons not because they believe they have any foundation, but because they waste resources and energy in having to continually correct them so business can function properly. And to the extent such myopic conceptions are believed or entertained by the public, they hamper the public and politicians in working out policies by which the greatest benefits of business can be reaped by society. The author clarifies the place and role of business by contrasting business with other parts of society. A standard, self-evident tenet of sociologists going back to the time of Plato is that society is made up of different parts fulfilling different roles for the varied needs of society and so that a society will function smoothly and survive. Business is distinguished from government and philanthropy. "Businesses exist to make and sell things, whereas by contrast "governments exist to take and protect things [and] charities exist to give things away." The social responsibility for each category of institution is inherent in its purposes and activities. For example, businesses alone cannot solve environmental problems. Whatever problems which can be attached to business are related to government policies and business's operations to satisfy consumer interests. Hence, business alone cannot solve environmental problems, and should not be expected to. Critics requiring that business solve environmental problems without similarly requiring changes in government policies and consumer interests are shortsightedly and unreasonably tarnishing business while not making any relevant or productive arguments for dealing with environmental problems. In elucidating business's proper place in and contributions to society, Hood is not unmindful that some businesses fail to fulfill their role in good faith and beneficially. But instead of criticizing business fundamentally, he proffers questions critics can ask before targeting particular businesses. Two of these are "Are corporations obtaining their profits through force or fraud?" and "Are corporations putting investments at their disposal to the most economically productive use?" Hood's perspective in support of business against unfair and irrelevant criticisms is based on the acknowledgment that business is operating productively, for the common good, and is open to cooperative activities with other parts of society in trying to resolve common problems. "The Heroic Enterprise" is not an argument for business -- for as a fundamental aspect of any society, business does not need an argument to justify it. The book mostly takes the approach of reviewing why business is necessary and therefore must be naturally, easily accepted -- namely, because of the manifold benefits business provides for society and because it along with good government and respectable morals has been a primary engine for the betterment of human life. John Hood has much experience in the media and communication as a syndicated columnist, TV commentator, and radio host. Author of seven nonfiction books on subjects as business, advertising, public policy, and political history, and many articles for national publications such as the Wall Street Journal, Hood is President of the John William Pope Foundation, a Raleigh, N.C.-based grantmaker that supports public policy organizations, educational institutions, arts and cultural programs, and humanitarian relief in North Carolina and beyond. Hood also serves on the board of the John Locke Foundation, the state policy think tank he helped found in 1989 and led as its president for more than two decades. He teaches at Duke University's Sanford School of Public Policy. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***