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250707.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, July 7, 2025, Vol. 29, No. 187 Headlines 1993 GREEN VALLEY: Seeks Chapter 11 Bankruptcy in California 234 WALNUT: Section 341(a) Meeting of Creditors on August 4 418RE - ONE APPLETON: Case Summary & 10 Unsecured Creditors 418RE - ONE: Seeks Chapter 11 Bankruptcy in Massachusetts 514 THAT WAY: Gets Extension to Access Cash Collateral 5801 PATTON: Seeks Chapter 11 Bankruptcy in Texas 83-85 MADISON: Seeks to Use Cash Collateral 949 FAIR STREET: Seeks Subchapter V Bankruptcy in Georgia 95 MARKET STREET: Seeks to Use Cash Collateral A.T & M.D TRUCKING: Gets Final OK to Use Cash Collateral ADMIRE CARE: Gets Interim OK to Use Cash Collateral Until Aug. 7 ADVANCED TRENCHLESS: Seeks Chapter 11 Bankruptcy in California ADVANET AIR: Gets Final OK to Use Cash Collateral AGEAGLE AERIAL: Stockholders Reject Amendment to 2017 Equity Plan AL DRUGS: Hires Richard S. Feinsilver as Bankruptcy Counsel ALICE'S CREATIVITY: Files Emergency Bid to Use Cash Collateral ALTICE FRANCE: Chapter 15 Recognition Hearing Set for July 25 AMERICAN BOATHOUSE: Seeks Subchapter V Bankruptcy in Florida AMERICAN CANNABIS: Inks Stock Purchase, License Agreements AMICI MONROE: Seeks Subchapter V Bankruptcy in Georgia ANNALEE DOLLS: Court Extends Cash Collateral Access to July 31 ANTHONY'S TRUCK: Lender Seeks to Prohibit Cash Collateral Access ARBOR REALTY: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable ARBOR REALTY: Moody's Assigns First Time 'Ba2' Corp. Family Rating ARCH PRODUCTION: Gets Final OK to Use Cash Collateral ARMELLINO ITALIAN: Section 341(a) Meeting of Creditors on July 30 ART FOR CAUSE: Voluntary Chapter 11 Case Summary ATHENS ANNAPOLIS: Seeks Chapter 11 Bankruptcy in Maryland ATS - AL INC: Files Emergency Bid to Use Cash Collateral AUSTIN WATERJET: Case Summary & 20 Largest Unsecured Creditors AUSTIN WATERJET: Seeks Subchapter V Bankruptcy in Texas AUTO HOUSE: Gets Final OK to Use Cash Collateral AVIANCA HOLDINGS: Asks Court to Address Ch. 11 Lease Obligations AZA TRANSPORTATION: Hires Joel A. Schechter as Legal Counsel B&A CHILDCARE: Section 341(a) Meeting of Creditors on August 11 BAYSIDE LIMO: Amy Denton Mayer Named Subchapter V Trustee BEAN THERE: Gets Interim OK to Use Cash Collateral BEELINE HOLDINGS: Nicholas Liuzza Holds 54.8% Stake as of June 18 BELLEHAVEN ACADEMY: Section 341(a) Meeting of Creditors on Aug. 4 BEYOND AIR: Robert Goodman Appointed to Board BISHOP OF FRESNO: Seeks Chapter 11 Bankruptcy in California BLH TOPCO: July 24, 2025 Disclosures & Plan Hearing Set BLUE DOG: Court Extends Cash Collateral Access to Sept. 30 BOWES IN-HOME CARE: Seeks Subchapter V Bankruptcy in Illinois BOXLIGHT CORP: HIC 2 Holds 9.6% of Class A Common Shares BOXLIGHT CORP: Roystone Entities Hold 9.9% Equity Stake BREWER MACHINE: Gets Final OK to Use Cash Collateral BUCA DI BEPPO: Closes Several Utah Locations in Chapter 11 BUILDER'S CHOICE: Seeks Chapter 11 Bankruptcy in Texas CAMTREN HOLDINGS: Seeks Chapter 11 Bankruptcy in Georgia CAN BROTHERS: Gets Final OK to Use Cash Collateral CANVAS SARASOTA: Taps Mcconnell and Associates Realty as Broker CANYON SPRINGS: Hires Roberts Markel Weinberg as Special Counsel CAREERBUILDER LLC: Moody's Cuts PDR to D-PD Amid Chapter 11 Filing CARNICIERA LOS: Seeks to Use Cash Collateral CARNIVAL CORP: Moody's Raises CFR to 'Ba2', Outlook Positive CARNIVAL PLC: Moody's Rates New Euro Senior Unsecured Notes 'Ba3' CARROLS LLC: Chapter 15 Case Summary CHERRY HILL PORTFOLIO: Seeks Chapter 11 Bankruptcy in New York CLAROS MORTGAGE: Moody's Lowers CFR to B3, Outlook Negative CLAROS MORTGAGE: Unit Amends Wells Fargo Repo Agreement COGLIANO INTEGRATED: Seeks Subchapter V Bankruptcy in Massachusetts CONNEXA SPORTS: Board OKs $60K Annual Pay for CEO, Directors CONNEXA SPORTS: Independent Director Warren Thomson Resigns COZY HARBOR: Case Summary & 20 Largest Unsecured Creditors CRESTWOOD HOSPITALITY: Cash Collateral Access Extended to Sept. 30 DALLAS PARTY: Case Summary & Seven Unsecured Creditors DALLAS PARTY: Seeks Chapter 11 Bankruptcy in Texas DEL MONTE: July 9 Deadline for Panel Questionnaires DENVER BOULDERING: Seeks Subchapter V Bankruptcy in Colorado DICK'S AUTOMOTIVE: Seeks Cash Collateral Access Until July 31 DRAKSIN PROPERTIES: Court Extends Cash Collateral Access to July 31 EARL FREDDY: Section 341(a) Meeting of Creditors on July 28 EL CHILITO MEXICAN: Has Deal on Cash Collateral Access ELEMENTS UES: Gets Another Extension to Access Cash Collateral ELLUCIAN HOLDINGS: Moody's Affirms B3 CFR, Outlook Remains Stable ENERGY FOCUS: All Proposals Approved at Annual Meeting EPIC CRUDE: Moody's Rates Repriced $1.2BB First Lien Loan 'Ba3' EPIQ GLOBAL: Moody's Assigns 'B3' CFR, Outlook Stable EUGENIO MARIA: Moody's Affirms 'Ba1' Revenue Bond Rating EVERI HOLDINGS: S&P Withdraws 'BB-' ICR Following Acquisition FASHIONABLE INC: Gets OK to Use Cash Collateral Until Aug. 29 FLAGSHIP RESORT: Committee Taps Cole Schotz P.C. as Legal Counsel FLAGSHIP RESORT: Committee Taps IslandDundon as Financial Advisor GABHALTAIS TEAGHLAIGH: Gets OK to Use Cash Collateral Until Aug. 7 GANDY'S TRANSPORT: Court Extends Cash Collateral Access to Sept. 29 GC FERRY I: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable GIUSEPPE AND THE LION: Gets Final OK to Use Cash Collateral GLASS MANAGEMENT: Court Extends Cash Collateral Access to July 31 GOOD LIFE: Seeks Cash Collateral Access Thru Nov 21 GOT KIDZ?: Seeks to Use Cash Collateral GREEN COPPERFIELD: Case Summary & 20 Largest Unsecured Creditors HIGHPEAK ENERGY: Fitch Rates New Sr. Unsecured Notes 'B+' HIGHPEAK ENERGY: Moody's Assigns 'B1' CFR, Outlook Stable HILTON DOMESTIC: Moody's Rates New Unsec. Notes Due 2033 'Ba2' HOLYOKE PUBLIC SCHOOLS: Exits State Receivership HYPERSCALE DATA: Sets July 10 Payouts for Series D and E Dividends IG DESIGN: Seeks Chapter 11 Bankruptcy, Plans to Sell Assets INTERNATIONAL DIRECTIONAL: Seeks Chapter 11 Bankruptcy in Florida INVITAE CORP: Bankruptcy Judge Abstains from Contract Fight IROKOS GROUP: Gets Interim OK to Use Cash Collateral IRWIN NATURALS: Seeks to Hire Vessel Advisors as Fractional CFO LANDSEA HOMES: S&P Withdraws 'B' ICR After Acquisition LEISURE INVESTMENTS: Asks Court OK for Chapter 11 Sales Process LIGADO NETWORKS: August 7 Plan Confirmation Hearing Set LINX OF LAKE: Court Extends Cash Collateral Access to July 24 LION RIBBON: Case Summary & 30 Largest Unsecured Creditors LLW CONSTRUCTION: Seeks to Use Cash Collateral MARIN SOFTWARE: July 10 Deadline for Panel Questionnaires MARINE WHOLESALE: Gets Extension to Access Cash Collateral MERIT STREET: Case Summary & 30 Largest Unsecured Creditors MERIT STREET: Clash w/ Christian Network Owner on Chapter 11 Loan METHANEX CORP: Moody's Cuts CFR to 'Ba2', Outlook Stable MEYER BURGER: Gets Interim OK to Obtain DIP Loan From Glas USA MILLERKNOLL INC: Moody's Affirms Ba2 CFR, Outlook Remains Negative MIMOSAS A CALI: Hires Golden Goodrich as Insolvency Counsel MJH HEALTHCARE: S&P Raises ICR to 'B', Outlook Stable MODIVCARE INC: All Proposed Measures Passed at Annual Meeting NCL CORP: S&P Lowers Unsecured Debt Rating to 'B' NOBLE LIFE: Files Emergency Bid to Use Cash Collateral NORTH WHITEVILLE: Seeks Cash Collateral Access ODS INC: July 7 Deadline for Panel Questionnaires OLB TRUCKING: Seeks to Use Cash Collateral ONEDIGITAL BORROWER: Moody's Affirms 'B3' CFR, Outlook Stable ORION ADVISOR: Moody's Affirms 'B3' CFR, Outlook Stable PARDUE COURT: Case Summary & 11 Unsecured Creditors PARKLAND CORP: Moody's Puts 'Ba2' CFR on Review for Upgrade PAVMED INC: Annual Meeting OKs All Proposals PBREIA LLC: Section 341(a) Meeting of Creditors on August 4 PLANET GREEN: Notes Unusual NYSE Trading; No Material Development PORCELANATTO CORP: Seeks Subchapter V Bankruptcy in Florida PRIME ELECTRICAL: Gets OK to Use Cash Collateral Until August 7 PROFESSIONAL DIVERSITY: Annual Meeting Approves All Proposals PTC INC: Moody's Hikes CFR to 'Ba1', Outlook Stable R.W. SIDLEY: Section 341(a) Meeting of Creditors on August 6 RADIATE HOLDCO: S&P Downgrades ICR to 'D' on Distressed Exchange REAVIS REHAB: Seeks to Use Cash Collateral Thru Sept 30 RECEPTION PURCHASER: S&P Lowers ICR to 'CCC', Outlook Negative RED PLANET: Moody's Affirms 'B3' CFR, Outlook Stable REDDIRT ROAD: To Sell Agricultural Assets to Double D for $125K REGIONS PROPERTY: Court OKs Final Use of Cash Collateral RENASCENT DIAGNOSTICS: Public Foreclosure Sale Slated for Sept. 2 RESHAPE LIFESCIENCES: Equity Tops $2.5M Ahead of Nasdaq Hearing RITE AID: To Close 17th York County Store in Chapter 11 RXB HOLDINGS: Moody's Raises CFR to 'B2', Outlook Stable S.E.E.K ARIZONA: Court Extends Cash Collateral Access to Sept. 30 SAFEGUARD PURCHASER: Moody's Alters Outlook on 'B3' CFR to Stable SANTA PAULA: Seeks to Sell Ferrari Vehicle at Auction SCANDIA SPA: Seeks Chapter 11 Bankruptcy in New Jersey SCARFE WHISPERS: Gets Interim OK to Use Cash Collateral SD BACKYARD: Seeks Chapter 11 Bankruptcy in California SEN FITNESS: Seeks to Use Cash Collateral SKYLAR ACQUISITIONS: Section 341(a) Meeting of Creditors on Aug. 8 SOLEIL AT BOWIE: Seeks Chapter 11 Bankruptcy in Maryland SONOMA PHARMACEUTICALS: Reports $3.5 Million Net Loss for FY 2025 SPRAYTECH LLC: Seeks Subchapter V Bankruptcy in Illinois STAR HOLDING: Moody's Alters Outlook on 'B2' CFR to Negative STONE DELUXE: Seeks to Use Cash Collateral SUNNOVA ENERGY: Expands Scope of Solar Power Sale to Lennar Homes SYAGRUS SYSTEMS: Seeks Cash Collateral Access TRACK BARN: Seeks Subchapter V Bankruptcy in Texas TRIMONT ENERGY: Gets Extension to Access Cash Collateral TRIPLESHOT HOLDINGS: Case Summary & Nine Unsecured Creditors U-TELCO UTILITIES: Hearing to Use Cash Collateral Set for July 10 UMAPM HOLDING: Seeks to Use Cash Collateral US ECO PRODUCTS: Gets Extension to Access Cash Collateral VAIL RESORTS: Moody's Rates New Senior Unsecured Notes 'Ba3' VALKEN INC: Gets Interim OK to Use Cash Collateral Until July 30 VALLEJO CITY: Resumes Local Governance After Receivership Exit VALMAR CORP: Seeks Chapter 11 Bankruptcy in Puerto Rico VENTURE GLOBAL: Fitch Gives BB(EXP) Rating on $2.5BB Secured Notes VENTURE GLOBAL: Moody's Rates New $2.5BB Sr. Secured Bonds 'Ba2' VILLAGES HEALTH SYSTEM: Files for Chapter 11 to Sell for $50M VILLAGES HEALTH: In Restructuring, Sells Assets to Centerwell VOIP-PAL.COM: Increases Authorized Common Shares to 10B WALGRE TRANSPORT: Chapter 15 Case Summary WARD ENTERPRISES: Seeks Subchapter V Bankruptcy in Georgia WAVE ASIAN: Gets OK to Use Cash Collateral Until August 7 WI-FI WHEELING: Seeks Chapter 11 Bankruptcy in Illinois WILSONART LLC: Moody's Affirms B3 CFR & Alters Outlook to Negative WISCONSIN & MILWAUKEE: Hires Much Shelist as Special Counsel WORKSPORT LTD: Announces Initial Closing of Offering of 3.1M Units XPO INC: S&P Downgrades ICR to 'BB' on Prolonged Market Weakness ZEN JV: Hires Omni Agent Solutions as Claims and Noticing Agent [] Four Philadelphia Hospital Properties Up for Sale [^] 2025 Distressed Investing Conference: Registration Now Open! ********* 1993 GREEN VALLEY: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------------ On July 2, 2025, 1993 Green Valley Road LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About 1993 Green Valley Road LLC 1993 Green Valley Road LLC is a single asset real estate company operating in Walnut Creek, California. 1993 Green Valley Road LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-41169) on July 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Charles Novack handles the case. 234 WALNUT: Section 341(a) Meeting of Creditors on August 4 ----------------------------------------------------------- On July 1, 2025, 234 Walnut Street 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. A meeting of creditors under Section 341(a) to be held on August 4, 2025 at 02:00 PM via Telephone conference. To attend, Dial 888-330-1716 and enter access code 6960876. About 234 Walnut Street LLC 234 Walnut Street LLC is a single asset real estate company that owns property in Atlanta, Georgia. 234 Walnut Street LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-57351) on July 1, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $100,000 and $500,000. 418RE - ONE APPLETON: Case Summary & 10 Unsecured Creditors ----------------------------------------------------------- Debtor: 418RE - One Appleton, LLC 250 Dorchester Ave Boston, MA 02127 Business Description: 418RE - One Appleton, LLC is a single-asset real estate company that owns a property located at 439 Tremont Street in Boston, Massachusetts. The property was recently valued at $16 million based on an offer. Chapter 11 Petition Date: July 3, 2025 Court: United States Bankruptcy Court District of Massachusetts Case No.: 25-11380 Judge: Hon. Christopher J. Panos Debtor's Counsel: David B. Madoff, Esq. MADOFF & KHOURY LLP 124 Washington Street, Suite 202 Foxborough, MA 02035 Tel: 508-543-0040 Fax: 508-543-0020 Email: alston@mandkllp.com Total Assets: $16,500,000 Total Liabilities: $7,547,260 The petition was signed by Euzenando Azevedo, Jr., Manager, Capital 418 LLC. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VFLRPGY/418RE_-_One_Appleton_LLC__mabke-25-11380__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 10 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Bernkopf Goodman LLP Services Provided $1,000 Attn: Martin Pomeroy 2 Seaport Lane, 9th Floor Boston, MA 02210 2. Casella Waste Services Services Provided $1,723 P.O. Box 1372 Williston, VT 05495-1372 3. Delta Beckwith, Inc. Services Provided $4,363 P.O. Box 33094 Newark, NJ 07188-0094 4. Eversource Utilities $81,384 P.O. Bos 56007 Boston, MA 02205-6007 5. Eversource Utilities $76,102 P.O. Box 56007 Boston, MA 02205-6007 6. Existing Conditions Services Provided $7,840 Surveyors, Inc. 1901 Indian Wood Circle Maumee, OH 43537 7. Infinite Electrical Services Provided $3,151 Services, Inc. 5 Dean St. Norton, MA 02766 8. Kahn, Litwin, Renza Services Provided $10,700 & Co., Ltd 951 North Main St Providence, RI 02904 9. National Grid Utilities $21,935 PO Box 371338 Pittsburgh, PA 15250-7338 10. Pritchard Industries Services Provided $14,986 PO Box 24204 New York, NY 10087-4204 418RE - ONE: Seeks Chapter 11 Bankruptcy in Massachusetts --------------------------------------------------------- On July 3, 2025, 418RE - One Appleton LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Massachusetts. 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 418RE - One Appleton LLC 418RE - One Appleton LLC is a single asset real estate company that owns property at 439 Tremont Street in Boston's South End. 418RE - One Appleton LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11380) on July 3, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Christopher J. Panos handles the case. The Debtors are represented by David B. Madoff, Esq. at Madoff & Khoury LLP. 514 THAT WAY: Gets Extension to Access Cash Collateral ------------------------------------------------------ 514 That Way, LLC and its affiliates received another extension from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use the cash collateral of their secured lender. The fourth interim order authorized the Debtors to use the cash collateral of Federal Home Loan Mortgage Corporation, also known as Freddie Mac, to pay expenses in accordance with their budget. As protection for any diminution in value of its interest in the collateral, Freddie Mac will be granted replacement liens on all property acquired by the Debtors before or after the petition date, with the same validity, priority and extent as its pre-bankruptcy liens. The replacement liens do not apply to any Chapter 5 causes of action. In addition, Freddie Mac will be granted a superpriority claim if the replacement liens prove to be inadequate. As further protection, the lender will receive a cash payment equal to the amount by which the Debtors' remaining cash balance at the end of the prior calendar month exceeded the following: $40,000 for 514 That Way; $20,000 for Latitude DENG, LLC; and $20,000 for Terrain DENG, LLC. The Debtors' authority to use cash collateral will end upon occurrence of so-called termination events including the dismissal or conversion of their Chapter 11 cases; the appointment of a trustee; or entry of an order modifying or vacating the interim order. A final hearing is scheduled for August 21. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/JQN2K from PacerMonitor.com. About 514 That Way 514 That Way, LLC owns Edgewater Apartments located at 514 That Way, Lake Jackson, Texas. 514 That Way and its affiliates filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 25-90013) on February 24, 2025. At the time of the filing, 514 That Way reported between $10 million and $50 million in both assets and liabilities. Judge Christopher M. Lopez oversees the cases. Melissa A. Haselden, Esq., and Elyse M. Farrow, Esq., at Haselden Farrow, PLLC, represent the Debtors as legal counsel. Freddie Mac, as lender, is represented by: Michael P. Cooley, Esq. Tristan Sierra, Esq. Reed Smith LLP 2850 N. Harwood Street, Suite 1500 Dallas, TX 75201 Tel: 469.680.4200 Fax: 469.680.4299 mpcooley@reedsmith.com tsierra@reedsmith.com 5801 PATTON: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------- On July 1, 2025, 5801 Patton Street 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 5801 Patton Street LLC 5801 Patton Street LLC is a single asset real estate company that owns property at 5801 Patton Street in Corpus Christi, Texas. The company operates under NAICS code 5311 (Lessors of Real Estate) and is likely engaged in leasing or managing this commercial property. 5801 Patton Street LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-20203) on July 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtors are represented by William P. Haddock, Esq. at Pendergraft & Simon. 83-85 MADISON: Seeks to Use Cash Collateral ------------------------------------------- 83-85 Madison St, LLC and affiliates asked the U.S. Bankruptcy Court for the District of New Jersey for authority to use cash collateral. The Debtors need to use cash collateral to fund ongoing operations and pay secured lender Pride Funding, LLC. Between 2017 and 2018, each Debtor obtained secured mortgage loans from Pride Funding (formerly Pride Group LLC) to refinance their respective properties. The loans range from $315,000 to $497,000 and are secured by first-position mortgages, assignments of rents, and security interests in the rental income of each property, which constitute cash collateral. Estimated property values suggest that each loan is oversecured, with equity cushions ranging from $35,000 to over $600,000. The Debtors estimate monthly rental income of approximately $22,375 from the portfolio, which supports ongoing expenses and interest payments to Pride Funding totaling about $11,869 per month. Prior to the bankruptcy filing, on October 25, 2024, the Debtors and Pride Funding entered into a consent order in a foreclosure proceeding that authorized the appointment of a limited-purpose receiver and allowed the Debtors continued access to the cash collateral. To comply with 11 U.S.C. section 363, the Debtors proposed to provide Pride Funding with adequate protection in the form of: (i) monthly non-default interest payments; (ii) a replacement lien on post-petition cash collateral; (iii) a superpriority administrative expense claim; and (iv) maintenance of the underlying properties to preserve collateral value. The Debtors assert that because the properties are well-maintained and oversecured, the risk to Pride Funding is minimal. A court hearing is scheduled for July 15. About 83-85 Madison St 83-85 Madison St, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-15717) on May 30, 2025, with $500,001 to $1 million in assets and liabilities. Judge John K. Sherwood presides over the case. Brett Silverman, Esq., at Silveman Law, PLLC represents the Debtor as bankruptcy counsel. Pride Funding, as secured lender, is represented by: Dylan Mruczinski, Esq. Stuart I. Gordon, Esq. Matthew V. Spero, Esq. Rivkin Radler, LLP 25 Main Street Court Plaza North, Suite 501 Hackensack, NJ 07601-7082 Tel: 201-287-2460 Fax: 201-489-0495 949 FAIR STREET: Seeks Subchapter V Bankruptcy in Georgia --------------------------------------------------------- On July 1, 2025, 949 Fair Street 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 949 Fair Street LLC 949 Fair Street LLC is a Georgia limited liability company based in East Point. 949 Fair Street LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-57345) on July 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. Honorable Bankruptcy Judge Lisa Ritchey Craig handles the case. 95 MARKET STREET: Seeks to Use Cash Collateral ---------------------------------------------- 95 Market Street, LLC asked the U.S. Bankruptcy Court for the District of New Jersey for authority to use cash collateral. The Debtor had previously obtained a loan from Pride Funding, LLC in March 2018 in the amount of $980,000, secured by a mortgage on its real property. To further secure its debt, the Debtor granted Pride Funding an assignment of rents and security interest in the income generated by the property. In October 2024, the Debtor and Pride Funding entered into a consent order during foreclosure proceedings that permitted the Debtor to continue using the cash collateral under limited receivership. The Debtor now seeks continued authority to use the cash collateral to preserve its property and business operations. The Debtor argued that Pride Funding is adequately protected by an equity cushion in the property, monthly interest payments of approximately $8,983, a replacement lien on post-petition cash collateral, and a superpriority administrative claim if needed. The property currently generates about $13,610 in monthly income, which the Debtor believes is sufficient to fund operations and protect Pride Funding's interests. A hearing on the matter is set for July 15. About 95 Market Street LLC 95 Market Street, LLC is a limited liability company based in Paterson, New Jersey, operating as a lessor of real estate, specializing in leasing or renting residential properties. 95 Market Street sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-15710) on May 30, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge John K. Sherwood handles the case. The Debtor is represented by Brett Silverman, Esq., at Silverman Law, PLLC. Pride Funding, as secured lender, is represented by: Dylan Mruczinski, Esq. Stuart I. Gordon, Esq. Matthew V. Spero, Esq. Rivkin Radler, LLP 25 Main Street Court Plaza North, Suite 501 Hackensack, NJ 07601-7082 Tel: 201-287-2460 Fax: 201-489-0495 A.T & M.D TRUCKING: Gets Final OK to Use Cash Collateral -------------------------------------------------------- A.T & M.D Trucking, LLC received final approval from the U.S. Bankruptcy Court for the Southern District of Ohio, Eastern Division to use cash collateral to maintain its operations. The court's order authorized the Debtor to use cash collateral in accordance with its budget, which projects total operational expenses of $39,138 for July and $39,138 for August. This authorization will remain effective until the occurrence of so-called termination events. Termination events include (i) the payment or incurrence by the Debtor of any material expense of a type not set forth in the budget; (ii) the payment of any expenses that would cause the aggregate expenditures under the budget for any monthly period to exceed the amount set forth in the budget for such month by 10%; (iii) the failure of the Debtor to pay all undisputed administrative expenses in full; (iv) the failure of the Debtor to timely pay all fees due under 28 U.S.C. Section 1930, if applicable; and (v) the failure of the Debtor to comply with any of its agreements under the final order. First Financial Bank, the U.S. Small Business Administration, and CFG Merchant Solutions, LLC are the creditors, which assert a lien on the cash collateral. Adequate protection provided to these creditors include replacement liens on the cash collateral and a monthly payment of $2,350 to First Financial Bank. First Financial Bank is represented by: Jeffrey M. Hendricks, Esq. Bricker Graydon, LLP 312 Walnut Street, Suite 1800 Cincinnati, OH 45202 Direct: (513) 621-6464 Fax: (513) 651-3836 jhendricks@brickergraydon.com About A.T & M.D Trucking A.T & M.D Trucking, LLC is a trucking contractor based in Columbus, Ohio. It provides freight transportation services and is registered with the U.S. Department of Transportation. A.T & M.D Trucking sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-52131) on May 16, 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 John E. Hoffman Jr. handles the case. The Debtor is represented by John W. Kennedy, Esq., at Strip, Hoppers, Leithart, McGrath & Terlecky Co., LPA. ADMIRE CARE: Gets Interim OK to Use Cash Collateral Until Aug. 7 ---------------------------------------------------------------- Admire Care, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral. The second interim order signed by Judge Tiffany Geyer authorized the Debtor's interim use of cash collateral through August 7 to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts expressly approved in writing by U.S. Small Business Administration, a secured creditor. The Debtor projects total operational expenses of $324,100 for the period from June to September. As protection, SBA and other secured creditors, including Headway Capital, LLC, iAdvance, and RDM Capital Funding, LLC, with inferior interests in the cash collateral will be granted a perfected post-petition lien on the cash collateral to the same extent and with the same validity and priority as their pre-bankruptcy liens. In addition, the Debtor was ordered to keep its property insured as further protection to creditors. The next hearing is scheduled for August 7. About Admire Care LLC Admire Care, LLC is a home healthcare services provider based in Clermont, Florida, that offers medical and non-medical care to patients in their homes. Admire Care sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03163) on May 27, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Judge Tiffany P. Geyer handles the case. The Debtor is represented by Jeffrey Ainsworth, Esq., at BransonLaw, PLLC. ADVANCED TRENCHLESS: Seeks Chapter 11 Bankruptcy in California -------------------------------------------------------------- On July 1, 2025, Advanced Trenchless Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of California. According to court filing, the Debtor reports $4,644,613 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Advanced Trenchless Inc. Advanced Trenchless Inc., d/b/a Sewerinspections.com and f/d/b/a Advanced Construction Supply and Affinity Groundworks, 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. Advanced Trenchless Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No.: 25-41165) on July 1, 2025. In its petition, the Debtor reports total assets of $536,960 and total liabilities of $4,644,613. Honorable Bankruptcy Judge Charles Novack handles the case. The Debtors are represented by David A. Arietta, Esq. at LAW OFFICES OF DAVID A. ARIETTA. ADVANET AIR: Gets Final OK to Use Cash Collateral ------------------------------------------------- Advent Air Conditioning, Inc. received final approval from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral. The final order authorized the Debtor to use cash collateral through the effective date of a confirmed plan or until further court order in accordance with its budget (with up to 10% variance allowed per line item). The three-month budget projects total operational expenses of $322,780.62. As protection, merchant cash advance (MCA) creditors will be granted post-petition liens on the cash collateral and all other post-petition assets of the Debtor to the same extent and with the same validity and priority as their pre-bankruptcy liens. The replacement liens granted are subject to a carveout for; fees payable to the Subchapter V Trustee in the amount of up to $1,000 per month; and fees and expenses of professionals retained by the Debtor to the extent approved by the court. The MCA creditors are BlueVine Capital, Flora Financial, Lawrence Funding Group, Millstone Funding and Rowan Advance. These creditors may assert security interests, liens or other rights in certain assets of the Debtor, including accounts receivable, cash proceeds, and collections under the MCA Agreements, which constitute cash collateral. About Advent Air Conditioning Inc. Advent Air Conditioning Inc. is a family-owned HVAC services company based in Lewisville, Texas, serving the greater Dallas Fort Worth area. Established in 1981, the company specializes in AC repair, heating repair, and HVAC system replacements, offering energy-efficient and indoor air quality solutions. Advent Air Conditioning sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-41696) on May 9, 2025. In its petition, the Debtor reported total assets of $142,986 and total liabilities of $1,333,818. Judge Mark X. Mullin handles the case. The Debtor is represented by Clayton L. Everett, Esq., at Norred Law, PLLC. AGEAGLE AERIAL: Stockholders Reject Amendment to 2017 Equity Plan ----------------------------------------------------------------- AgEagle Aerial Systems Inc. held the 2025 Annual Meeting of Stockholders. Each proposal presented at the Annual Meeting is described in the Company's definitive proxy statement for the Annual Meeting, which was filed with the Securities and Exchange Commission on April 30, 2025. The matters that were voted upon at the Annual Meeting, and the number of votes cast for or against, as well as the number of abstentions and broker non-votes, as to each such matter are: a. Election of Directors. The five director nominees were elected to serve as directors of the Company, with the following votes tabulated: 1. Grant Begley * Votes For: 641,732 * Votes Withheld: 80,099 * Broker Non-Votes: 4,344,332 2. L.B. Day * Votes For: 646,008 * Votes Withheld: 75,823 * Broker Non-Votes: 4,344,332 3. William Irby * Votes For: 643,600 * Votes Withheld: 78,231 * Broker Non-Votes: 4,344,332 4. Brent Klavon * Votes For: 643,159 * Votes Withheld: 78,672 * Broker Non-Votes: 4,344,332 5. Kevin Lowdermilk * Votes For: 641,384 * Votes Withheld: 80,447 * Broker Non-Votes: 4,344,332 b. Advisory Vote on Compensation of Named Executive Officers ("Say-on-Pay"). The compensation of the Company's named executive officers was approved, on an advisory basis, with the following votes tabulated: * Votes For: 561,064 * Votes Against: 137,348 * Abstain: 23,419 * Broker Non-Votes: 4,344,332 c. Ratification of the appointment of Withum as independent registered public accounting firm for the fiscal year ending December 31, 2025. The appointment of Withum as independent registered public accounting firm for the fiscal year ending December 31, 2025 was ratified, with the following votes tabulated: * Votes For: 4,755,273 * Votes Against: 111,303 * Abstain: 199,587 * Broker Non-Votes: 0 d. Approval of an amendment to the 2017 Omnibus Equity Incentive Plan (the "Plan"). The amendment to the Plan was not approved, with the following votes tabulated: * Votes For: 345,857 * Votes Against: 263,969 * Abstain: 112,005 * Broker Non-Votes: 4,344,332 About AgEagle AgEagle Aerial Systems Inc. is headquartered in Wichita, Kansas, and operates through its wholly-owned subsidiaries, focusing on designing and delivering top-tier drones, sensors, and software to address critical customer needs. Founded in 2010, AgEagle initially pioneered proprietary, professional-grade, fixed-wing drones and aerial imagery-based data collection and analytics solutions for the agriculture sector. Today, the company is recognized as a globally respected market leader, offering customer-centric, advanced, autonomous unmanned aerial systems (UAS) that generate revenue at the intersection of flight hardware, sensors, and software across industries, including agriculture, military/defense, public safety, surveying/mapping, and utilities/engineering. AgEagle has achieved numerous regulatory milestones, including government approvals for its commercial and tactical drones to fly Beyond Visual Line of Sight (BVLOS) and/or Operations Over People (OOP) in the United States, Canada, Brazil, and the European Union. It has also received Blue UAS certification from the Defense Innovation Unit of the U.S. Department of Defense. More information can be found at www.ageagle.com. Orlando, Florida-based WithumSmith+Brown, PC, the company's auditor since 2020, issued a "going concern" qualification in its report dated Mar. 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations, has experienced cash used from operations in excess of its current cash position, and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $20.6 million in total assets, $26.3 million in total liabilities, and a total stockholders' deficit of $5.7 million. AL DRUGS: Hires Richard S. Feinsilver as Bankruptcy Counsel ----------------------------------------------------------- Al 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 Al Drugs Al Drugs Inc., doing business as Medicine Cabinet Pharmacy, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42747) on June 5, 2025. Judge Elizabeth S. Stong presides over the case. Richard S. Feinsilver, Esq., represents the Debtor as legal counsel. ALICE'S CREATIVITY: Files Emergency Bid to Use Cash Collateral -------------------------------------------------------------- Alice's Creativity All in One, LLC asked the U.S. Bankruptcy Court for the Western District of Tennessee, Western Division, for authority to use cash collateral. Specifically, the Debtor seeks to use rental income from the property located at 122 Galloway Oaks Cove in Memphis, Tennessee, to pay necessary expenses and provide adequate protection to Wilmington Savings Fund Society FSB (via its servicer, Shellpoint Mortgage). The Debtor, which filed for Chapter 11 on January 13, has been collecting $5,000 in monthly rent but has not used these funds pending court approval. The Debtor proposed a monthly budget of $4,300, which includes $3,000 to Wilmington, $800 for utilities, $200 for insurance, and $300 for lawn care. Additionally, the Debtor requested that any U.S. trustee fees and court-approved professional fees be paid from rental proceeds. All income will be deposited into the debtor-in-possession account, and the property will remain insured. The Debtor acknowledges Wilmington's likely first lien position but does not seek determination on lien validity at this stage. Wilmington Savings Fund is represented by: Craig Smith, Esq. Aldridge Pite, LLP Six Piedmont Center 3525 Piedmont Road, N.E., Suite 700 Atlanta, GA 30305 Telephone: (423) 425-9695 Facsimile: (888) 755-2507 csmith@aldridgepite.com About Alice's Creativity All in One Alice's Creativity All in One, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-20183) on January 15, 2025, listing under $1 million in both assets and liabilities. Judge M. Ruthie Hagan oversees the case. Toni Campbell Parker, Esq., represents the Debtor as counsel. ALTICE FRANCE: Chapter 15 Recognition Hearing Set for July 25 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York scheduled a recognition hearing on July 25, 2025, at 11:00 a.m. (Eastern Time) at the U.S. Bankruptcy Court, Room 617, One Bowling Green, New York, New York 10004, to consider the relief requested in connection with the reorganization proceedings under French law currently pending before the Tribunal des Activites economiques de Paris (Commercial Court of Paris), filed the verified petition under Chapter 15 for recognition of a foreign proceeding and the Chapter 15 petition for recognition of a foreign proceeding for Altice France SA and its debtor-affiliates. Objections to the recognition hearing, if any, must be filed on or before July 18, 2025, at 4:00 p.m. (Eastern Time). Copies of the Petitions and all documents filed in these chapter 15 cases are available to parties in interest on (a) the Court's Electronic Case Filing System, which can be accessed from the Court's website at http://www.nysb.uscourts.gov(a PACER login and password are required to retrieve a document), (b) free of charge by visiting the noticing agent's website at http://cases.ra.kroll.com/alticefrance,or (c) upon written request to the Foreign Representative's counsel (including by facsimile or email) addressed to: Ropes & Gray LLP Attn: Ryan Preston Dahl, Esq. Daniel Gwen, Esq. Lucas Brown, Esq. 1211 Avenue of the Americas New York, NY 10036 Tel: (212) 596-9000 Fax: (212) 596-9090 Email: ryan.dahl@ropesgray.com daniel.gwen@ropesgray.com lucas.brown@ropesgray.com About Altice France SA Altice France provides wireless telecommunication services. The Company offers fiber optic network solutions for all type of media. Altice France serves customers in France. Altice France sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11349) on June 17, 2025. Honorable Bankruptcy Judge Michael E. Wiles handles the case. The Debtor is represented by Ryan Preston Dahl, Esq. at Ropes & Gray LLP. AMERICAN BOATHOUSE: Seeks Subchapter V Bankruptcy in Florida ------------------------------------------------------------ On July 3, 2025, American Boathouse Company LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. 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 American Boathouse Company LLC American Boathouse Company LLC is a Florida-based specialty contractor likely focused on constructing and installing boathouses and marine structures. American Boathouse Company LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla.Case No. 25-04133) on July 3, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Grace E. Robson handles the case. The Debtors are represented by Robert B. Branson, Esq. at Bransonlaw PLLC. AMERICAN CANNABIS: Inks Stock Purchase, License Agreements ---------------------------------------------------------- American Cannabis Company, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors approved entry into the following material definitive agreements: 1. Stock Purchase Agreement The Company entered into a Stock Purchase Agreement with KTEC, LLC. Under the terms of the Stock Purchase Agreement, the Company will issue 500,000,000 shares of common stock, par value of $.00001 per share. The proposed transaction aligns with the Company's strategic goals. This transaction is subject to state and local Marijuana Enforcement Division (MED) approval. 2. Agreement The Company entered into an agreement with Cannabis Depot Colorado Springs Inc., the buyer, to transfer the licenses along with the assets of following medical marijuana licenses 402-00539; and 402-00053 issued by the State of Colorado and corresponding local licenses from the local licensing authority from the Company's subsidiary, Hollister and Blacksmith Inc. This transaction is subject to state and local Marijuana Enforcement Division (MED) approval. About American Cannabis American Cannabis Company, Inc. is based in Colorado Springs, Colorado, and operates alongside its subsidiary as a publicly listed company on the OTC Markets OTCQB Trading Tier under the symbol "AMMJ." The company utilizes a fully integrated business model that offers end-to-end solutions for businesses in the regulated cannabis industry, serving states and countries where cannabis is regulated, decriminalized for medical use, or legalized for recreational use. Houston, Texas-based Hudgens CPA, the company's auditor since 2022, issued a "going concern" qualification in its report dated May 8, 2024. This report, attached to American Cannabis' Form 10-K filed with the U.S. Securities and Exchange Commission for the fiscal year ended December 31, 2023, noted that the company has a working capital deficit, has incurred net losses since its inception, and is expected to continue experiencing further losses. The auditor highlighted that the company requires additional funds to meet its obligations and operational costs, which raises substantial doubt about its ability to continue as a going concern. American Cannabis Company reported a net loss of $3,660,416 for the year ended December 31, 2023, as compared to $633,192 for the year ended December 31, 2022. As of March 31, 2024, American Cannabis Company had $2,628,487 in total assets, $2,759,498 in total liabilities, and $131,001 in total stockholders' deficit. AMICI MONROE: Seeks Subchapter V Bankruptcy in Georgia ------------------------------------------------------ On July 3, 2025, Amici Monroe 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 Amici Monroe LLC Amici Monroe LLC, operating as Amici Cafe in Georgia, operates a casual dining restaurant serving Italian-American cuisine, including pizza, pasta, sandwiches, and wings, as part of the regional Amici restaurant chain. Amici Monroe LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-20945) on July 3, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. The Debtors are represented by Benjamin R. Keck, Esq. at Keck Legal, LLC. ANNALEE DOLLS: Court Extends Cash Collateral Access to July 31 -------------------------------------------------------------- Annalee Dolls, LLC received another extension from the U.S. Bankruptcy Court for the District of New Hampshire to use cash collateral. The interim order penned by Judge Kimberly Bacher authorized the Debtor to use up to $288,210.28 in cash collateral until July 31 consistent with its budget. The Debtor projects total operational expenses of $288,210.28 for July. As protection for lienholders, Annalee Dolls was ordered to maintain insurance policies, naming lienholders as mortgagees or loss payees. The Debtor was also ordered to grant the lienholders replacement liens, with the same priority as their pre-bankruptcy liens. In addition, Customers Bank must receive $36,949.97 by July 15 as further protection. The next hearing is scheduled for July 23. About Annalee Dolls LLC Annalee Dolls, LLC is an American company known for its handcrafted felt dolls that embody holiday themes and whimsical charm. Founded in 1934, the business has become a staple of collectible Americana, with its headquarters and flagship store located in Meredith, New Hampshire. The company continues to attract visitors and collectors with its nostalgic products and scenic gift shop near Lake Winnipesaukee. Annalee Dolls sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10232) on April 11, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Kimberly Bacher handles the case. The Debtor is represented by: William S. Gannon, Esq. William S. Gannon PLLC Tel: 603-621-0833 bgannon@gannonlawfirm.com ANTHONY'S TRUCK: Lender Seeks to Prohibit Cash Collateral Access ---------------------------------------------------------------- Truist Bank, formerly known as Branch Banking and Trust Company, asked the U.S. Bankruptcy Court for the Southern District of West Virginia, to prohibit Anthony's Truck Repair Ltd. Co. from using cash collateral. The bank argued that the Debtor has defaulted on two loans totaling $350,000 (a $275,000 loan and a $75,000 loan), secured by virtually all of the Debtor's business assets, including accounts receivable, inventory, and equipment. Despite a previous forbearance agreement, the Debtor has not made payments since late 2023 and has also failed to pay property taxes since 2020. Truist Bank maintains a perfected first-position lien on the cash collateral through a security agreement and UCC filing. The Debtor filed for Chapter 11 bankruptcy on the eve of a scheduled foreclosure sale on its property. As of the petition date, the Debtor owes Truist over $287,000 in principal, interest, and fees. The bank argued that the Debtor neither sought court approval to use the cash collateral nor has its consent. Under bankruptcy law, such use requires either the secured party's consent or court approval with adequate protection for the creditor. Truist asserted that adequate protection is lacking, citing non-payment, delinquent taxes, and declining asset value, and asked the court to enjoin the Debtor's use of the collateral, require its segregation and accounting, and grant other appropriate relief. A court hearing is scheduled for July 23. About Anthony's Truck Repair Anthony's Truck Repair Ltd. Co. filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. W. Va. Case No. 25-50023) on April 28, 2025, listing up to $1 million in both assets and liabilities. Judge B. McKay Mignault oversees the case. Andrew S. Nason, Esq., at Pepper & Nason serves as the Debtor's counsel. ARBOR REALTY: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has assigned 'BB' Long-Term Issuer Default Ratings (IDRs) to Arbor Realty Trust, Inc. and subsidiary, Arbor Realty SR, Inc. (ARS; together, Arbor). The Rating Outlook is Stable. Fitch has also assigned expected 'BB(EXP)' ratings to ARS's proposed $500 million senior unsecured debt issuance. The fixed rate of interest and maturity date will be determined at the time of issuance. Arbor intends to use the net proceeds from the issuance for general corporate purposes and to repay their outstanding senior unsecured convertible note due August 2025. Key Rating Drivers Franchise Strengths: Arbor's ratings reflect its established platform and market position as a direct commercial real estate (CRE) lender and agency originator, seller and servicer. The ratings also reflect the relative diversity of its business model, limited valuation risk associated with mortgage servicing rights (MSRs), given the presence of prepayment protections, strong asset quality, consistent operating performance, appropriate leverage, well-laddered funding profile, and experienced management team. Challenging Sector Conditions: Rating constraints include Arbor's largely secured funding profile, reliance on wholesale funding sources, and distribution requirements associated with the firm's real estate investment trust (REIT) status, which limits its ability to retain capital. Rating constraints applicable to CRE-focused lenders more broadly, include operating challenges because of adverse economic conditions, elevated rates, declining real estate values, and increased delinquencies, loan modifications and foreclosures. Diversified Business Model: Arbor is one of the largest commercial mortgage REITs in the U.S., with $13.4 billion of assets as of March 31, 2025. Fitch believes the firm benefits from a diverse product line, including direct lending in the multifamily and single-family rental markets, and acting as an originator, seller and servicer of agency multifamily finance products. This enables the company to reallocate capital to segments offering more attractive risk-adjusted returns in different market environments. Low Net Charge-Offs: Historically, Arbor has reported relatively strong asset quality compared to peers given solid collateral coverage and effective asset management. The company has a proven track record of operating and selling assets at gains relative to carrying value, which has resulted in low net charge-offs historically. However, the impaired loans ratio increased to 6% at 1Q25, up from 4% a year ago and compared with a 2.7% average from YE 2021-YE 2024. This was within Fitch's 'bb' asset quality benchmark range of 4%-10% for balance sheet intensive finance and leasing companies with a sector risk operating environment (SROE) score in the 'bbb' category. The uptick resulted from an increase in real estate owned assets, which grew to $302.2 million at 1Q25, up from $176.5 million at YE 2024. Elevated rates, which are driving higher delinquencies, could incrementally increase impairments in the near term. However, these risks are partially mitigated by the meaningful reserves against existing impaired loans, and the firm's asset management capabilities. Fitch does not anticipate these factors to drive material net charge-offs over time. Earnings to Stabilize: For the trailing twelve months (TTM) ended March 31, 2025, the firm generated a pretax ROAA of 2.0%, which is below the average 2.7% from 2021-2024. Fitch also considers distributable earnings (DE) to average assets, adjusted for noncash items recorded in net income in its assessment of profitability. On this basis, Arbor reported a DE to average assets ratio of 2.4% for TTM 1Q25, down from 2.8% a year ago and below the average of 2.6% from 2021-2024. Profitability metrics fall within Fitch's 'bb' category earnings benchmark range of 2% to 6% for finance and leasing companies with high balance sheet usage and a SROE score in the 'bbb' category. Fitch expects earnings to remain near current levels, as higher rates have driven lower origination volumes and the company addresses its problem loans. Appropriate Leverage: Arbor's leverage, calculated as gross debt to tangible equity, including off-balance sheet, non-recourse funding, and giving 50% equity credit to junior subordinated debt and preferred shares, was 3.6x at March 31, 2025. This is within Fitch's 'bbb' category benchmark range of 0.75x-4x for balance sheet intensive finance and leasing companies with a SROE score in the 'bbb' category. At 1Q25, Arbor had $3.3 billion of nonrecourse CLO debt outstanding. Fitch considers CLO debt a core funding source for one of the firm's primary businesses and, therefore, primarily evaluates Arbor's leverage including CLO borrowings. Arbor has historically managed leverage at, or around, 4x on a debt-to-equity basis. Leverage was 3.0x on this measure at 1Q25. As such, Fitch expects Arbor to deploy excess capital and liquidity over the medium term as lending or investing opportunities arise. Largely Secured Funding Profile: At 1Q25, approximately 15.1% of Arbor's debt was unsecured, or 17% proforma for the expected $500 million senior unsecured note issuance. This percentage was at the lower end of Fitch's 'bb' category benchmark range of 10%-35% for finance & leasing companies with an SROE score in the 'bbb' category. Fitch believes this modest level of unsecured funding constrains the firm's rating and would view an increase in the unsecured funding mix favorably, as it would enhance its financial flexibility, particularly in times of stress. Fitch believes Arbor's secured funding is diverse, comprised of repurchase and credit facilities, CLOs and securitizations, and it maintains a well-laddered maturity profile. Proceeds from the expected debt issuance, will be used to repay $287.5 million of convertible notes due in August 2025. Beyond that, there are no debt maturities until March 2026 when $95 million of unsecured notes come due. As of 1Q25, 61% of debt facilities do not permit valuation adjustments based on capital markets events. Instead, margin calls on these facilities are limited to collateral-specific credit marks, which is expected to limit liquidity risks even during periods of market stress given the firm's strong underwriting track record and focus on agency lending. Sufficient Liquidity: Fitch believes Arbor's liquidity profile is sufficient, with $343.8 million of cash and undrawn capacity on committed credit facilities at March 31, 2025. This provided 1.2x coverage of near-term debt maturities. Fitch expects Arbor to maintain sufficient liquidity to address operational funding needs and debt repayment over time. Arbor's liquidity position remains constrained by its REIT tax election, as it must distribute a least 90% of its taxable net income, excluding capital gains, to shareholders each year. Coverage of its dividend has been solid historically, averaging 130% from 2021-2024 and 90% in 1Q25. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A sustained reduction in the proportion of unsecured debt funding to below 10%; - A sustained increase in Fitch-calculated leverage above 5x and/or a sustained increase in company-calculated leverage above 4x; - Material deterioration in credit performance resulting in write-offs above long-term historical levels; - An inability to maintain sufficient liquidity relative to near-term debt maturities, unfunded commitments and margin call potential; - A reduction in business line diversity due to a material change in strategy; - A reduction in core earnings and earnings coverage of the dividend. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A sustained increase in the proportion of unsecured debt approaching 25% of total debt; - The maintenance of leverage at or below 3.5x on a Fitch-calculated basis, including non-recourse debt; - The maintenance of strong asset quality performance; - Consistent core earnings generation; - The maintenance of a solid liquidity profile and strong dividend coverage. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The expected senior unsecured debt rating of ARS is equalized with the Long-Term IDR, reflecting the availability of unencumbered assets and average recovery prospects for creditors under a stress scenario. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The expected unsecured debt rating is primarily sensitive to changes in Arbor and ARS's Long-Term IDRs and are expected to move in tandem. SUBSIDIARY AND AFFILIATE RATINGS: KEY RATING DRIVERS ARS is a wholly owned, debt issuing entity of Arbor. Therefore, the Long-Term IDR is equalized with that of its parent. SUBSIDIARY AND AFFILIATE RATINGS: RATING SENSITIVITIES ARS's rating is sensitive to any change in Arbor's ratings and would be expected to move in tandem. ADJUSTMENTS - The Standalone Credit Profile (SCP) has been assigned below the implied SCP due to the following adjustment reason: Weakest link - Funding, Liquidity & Coverage (negative). - The Business Profile score has been assigned below the implied score due to the following adjustment reason: Business model (negative). - The Asset Quality score has been assigned below the implied score due to the following adjustment reason: Concentrations; asset performance (negative). - The Capitalization & Leverage score has been assigned below the implied score due to the following adjustment reason: Risk profile and business model (negative). Date of Relevant Committee 18 June 2025 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 ----------- ------ Arbor Realty SR, Inc. LT IDR BB New Rating senior unsecured LT BB(EXP) Expected Rating Arbor Realty Trust, Inc. LT IDR BB New Rating ARBOR REALTY: Moody's Assigns First Time 'Ba2' Corp. Family Rating ------------------------------------------------------------------ Moody's Ratings has assigned a Ba2 corporate family rating to Arbor Realty Trust, Inc. (Arbor), and a Ba3 backed senior unsecured debt rating to Arbor Realty Sr, Inc.'s proposed $500 million senior unsecured notes due in 2030. The outlook for both entities is stable. RATINGS RATIONALE Arbor's Ba2 CFR reflects the company's solid competitive position in the multifamily finance sector, characterized by revenue and funding diversity and a solid asset quality record supported by its granular loan portfolio. Arbor's CFR is constrained by its concentration in multifamily lending, reliance on secured funding, sizeable debt maturity concentrations and unfunded commitments, and limitations inherent in the real estate investment trust (REIT) business model, including the ability to build and retain capital. Arbor is a publicly-traded and internally-managed commercial mortgage REIT that provides bridge loans to multifamily and single-family rental (SFR) properties across the US. Arbor's two segments provide the company with greater revenue diversity than most rated commercial real estate (CRE) lenders. The structured business segment, which represents around 90% of the company's $13.4 billion balance sheet as of March 31, 2025, includes loans secured by transitional, non-stabilized multifamily and SFR properties and contributes 55% to 65% of the company's consolidated earnings. The remaining 10% of the company's balance sheet supports the agency mortgage origination and servicing business and includes $360 million in prepayment-protected mortgage servicing rights (MSRs); this segment contributes 35% to 45% of the company's earnings. Arbor's profitability, as measured by net income to average managed assets (NI/AMA), averages around 2.0%, although it declined to an annualized rate of 1.0% in the first quarter from 1.7% in 2024. The recent decline in earnings has been driven by a contracting balance sheet, as the company tightened credit standards in response to the increasingly challenging multifamily finance market following three years of rapid growth. Arbor's total assets decreased to $13.4 billion as of March 31, 2025 from a peak of $17.8 billion as of September 30, 2022. The CFR also reflects Arbor's track record of solid asset quality performance as demonstrated by low historical net charge-offs. The company's diligent investment selection, underwriting discipline and granular portfolio have resulted in loan performance that has resisted significant deterioration through credit cycles. However, over the past three years the multifamily property market has experienced stress due to rising interest rates, which have led to rising capitalization rates and debt servicing costs, and declining property values. These factors have combined to strain profitability and cash flows in the multifamily sector and have led to rising problem loans. As of March 31, 2025, Arbor's ratio of problem loans to total loans was 5.8%, down from 7.9% one year earlier but elevated from historical levels. Arbor also faces certain credit risks as a part of Fannie Mae's Delegated Underwriting and Servicing (DUS) program, which requires underwriters to absorb the first loss on Fannie Mae loans, which incentivizes better underwriting and aligns interest with investors. Under the Fannie Mae DUS program, Arbor commits to a partial guarantee of loan performance, recognizing a liability for the fair value of this guarantee obligation. Arbor maintains a diverse funding base, but primarily relies on secured repurchase facilities provided by banks. Although slightly better than many CRE lending peers, the company's credit profile is constrained by its reliance on secured funding, as evidenced by a secured debt to gross tangible assets ratio of 61%. Arbor's funding arrangements require the pledging of most of its earning assets, reducing the overall stock of unencumbered assets that might be available as a secondary liquidity source. To mitigate dependence on these facilities, Arbor has financed portions of its loan portfolios through the issuance of collateralized loan obligations (CLOs) and securitizations, thereby reducing exposure to confidence-sensitive funding sources. Despite this strategic diversification, a sizeable portion of Arbor's $1.8 billion credit and repurchase facilities are subject to margin call provisions linked to interest rate fluctuations. Arbor's liquidity position is adequate, although the company needs to manage sizeable debt maturities through 2027, along with substantial unfunded commitments. Arbor had an unrestricted cash balance of $308 million and an undrawn working capital line of $35 million as of March 31, 2025. Proceeds from the proposed $500 million senior unsecured notes issuance will be used to redeem $287.5 million of convertible senior unsecured notes due in August 2025 and fund general corporate purposes. The company has $530 million and $525 million in senior unsecured notes, distributed across several tranches, maturing in 2026 and 2027, respectively. Arbor also has $2.17 billion in unfunded commitments, mainly tied to its SFR business, although borrowers must achieve certain construction milestones and show progress in accordance with contractual obligations to receive additional funds. Arbor's capitalization, measured as tangible common equity to tangible managed assets (TCE/TMA), was 22.0% as of March 31, 2025 (including 100% equity credit for Arbor's preferred stock), up modestly from one year earlier. Moody's expects Arbor to operate with a TCE/TMA closer to 18% on a sustained basis when capital is fully deployed and loan balances and earnings are higher. Arbor's current expected credit loss (CECL) allowance as a percentage of gross loans, a cushion for future losses, was to 2.1% as of March 31, 2025. The Ba3 rating assigned to Arbor Realty Sr, Inc. senior unsecured notes reflect their position in the company's capital hierarchy. The stable outlook reflects Moody's expectations that Arbor's asset quality and capitalization will remain stable over the next 12-18 months, and that the company will successfully refinance its upcoming debt maturities. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade Arbor's ratings if the company: 1) further diversifies its funding sources to include additional senior unsecured debt and lowers reliance on market-sensitive repurchase facilities; 2) maintains strong, stable profitability and low credit losses; and 3) improves its capitalization on a sustained basis. Arbor's ratings could be downgraded if the company: 1) experiences a significant deterioration in asset quality or an increase in risk appetite; 2) lowers its TCE/TMA below 16%; 3) reduces its liquidity resources or has trouble refinancing upcoming debt maturities on economically viable terms; 4) suffers a material decline in profitability; or 5) increases its reliance on secured debt. The principal methodology used in these ratings was Finance Companies published in July 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. ARCH PRODUCTION: Gets Final OK to Use Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of New York issued a final order authorizing ARCH Production and Design NYC, Inc. to use cash collateral through the pendency of its Chapter 11 Subchapter V case. The order authorized the Debtor's final use of cash collateral for business operations expenses, in accordance with the approved budget or in accordance with such future budgets as agreed upon by the Debtor the U.S. Small Business Administration and JP Morgan Chase Bank. The Debtor is not allowed to use cash collateral in an amount that exceeds any particular authorized line item by more than 15%, or in excess of 10% of the total budget. As protection, the Debtor will continue to pay $1,236 per month and $3,400 per month to SBA and JP Morgan Chase Bank. The Debtor's authority to use cash collateral will terminate upon the dismissal or conversion of its Chapter 11 case to proceedings under Chapter 7; the appointment of a trustee; or material breach of the final order. SBA and JP Morgan Chase Bank assert secured claims of $491,000 and $62,337, respectively. Both hold liens on the Debtor's assets. About ARCH Production and Design, NYC ARCH Production and Design, NYC, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. N.Y. Case No. 25-10390-1) on April 4, 2025. In the petition signed by Evan Collier, president, the Debtor disclosed up to $500,000 in assets and up to $10,000 in liabilities. Mitchell Canter, Esq., at Law Offices of Mitchell J. Canter, represents the Debtor as legal counsel. ARMELLINO ITALIAN: Section 341(a) Meeting of Creditors on July 30 ----------------------------------------------------------------- On July 1, 2025, Armellino Italian Ices Corp. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Alabama. 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. A meeting of creditors under Section 341(a) to be held on July 30, 2025 at 10:00 AM at 2005 University Blvd Rm 1502 Tuscaloosa. About Armellino Italian Ices Corp. Armellino Italian Ices Corp. which operates Rita's Italian Ice and PJ's Coffee franchises in Tuscaloosa, Alabama, specializes in selling Italian ice, frozen custard, and specialty coffee products through its two branded retail locations on University Boulevard. Armellino Italian Ices Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-70864) on July 1, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. The Debtors are represented by Anthony Brian Bush, Esq. at The Bush Law Firm. ART FOR CAUSE: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Art For Cause Inc 2106 Cropsey Avenue Apt 3B Brooklyn, NY 11214 Business Description: Art For Cause Inc owns a property at 83 Foxwood Drive in Jericho, New York, valued at approximately $1.03 million. Chapter 11 Petition Date: July 3, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-43201 Judge: Hon. Jil Mazer-Marino Debtor's Counsel: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN, P.C. 2799 Coney Island Avenue Suite 202 Brooklyn, NY 11235 Tel: (718) 513-3145 Fax: (347) 342-3156 E-mail: alla@kachanlaw.com Total Assets: $1,049,200 Total Liabilities: $755,805 The petition was signed by Frank Maya as president. The Debtor declared in the petition that there are no unsecured creditor claims. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JSS6Q2Y/Art_For_Cause_Inc__nyebke-25-43201__0001.0.pdf?mcid=tGE4TAMA ATHENS ANNAPOLIS: Seeks Chapter 11 Bankruptcy in Maryland --------------------------------------------------------- On July 1, 2025, Athens Annapolis Property Owner LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Maryland. 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 Athens Annapolis Property Owner LLC Athens Annapolis Property Owner LLC a single asset real estate entity that owns property along Aris Allen Boulevard in Annapolis, Maryland. Athens Annapolis Property Owner LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. MD.Case No. 25-16011) on July 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtors are represented by Michael Patrick Coyle, Esq. at The Coyle Law Group LLC. ATS - AL INC: Files Emergency Bid to Use Cash Collateral -------------------------------------------------------- ATS - AL, Inc. asks the U.S. Bankruptcy Court for the Middle District of Alabama for authority to use cash collateral and provide adequate protection. The Debtor filed for bankruptcy on June 9, 2025, citing financial distress due to three lawsuits and aggressive collection actions by merchant cash advance creditors, including a garnishment order by Maison Capital Group that reduced its bank balance to zero on the petition date. At the time of filing, the Debtor had six employees, including two insiders—President J. Brett Adams and Vice President Amy M. Martin—and it urgently seeks to pay approximately $15,000 in payroll for the pre-petition period ending June 9. The Debtor also needs to cover immediate obligations such as taxes, insurance, utilities, and communication services necessary to continue operations. The Debtor has no available cash on hand, but it holds approximately $76,457 in collectible accounts receivable and has historically generated around $70,000 in monthly revenue. Debtor has submitted a 14-week cash flow budget in support of its request and argues that continued access to cash is vital to preserve operations, maintain vendor relationships, and facilitate reorganization efforts. The Debtor identifies three potential secured creditors—Expansion Capital Group, Maison Capital Group, and Top Tier Financing—who may have an interest in its cash collateral, based on recent UCC filings. However, the Debtor reserves the right to challenge the validity and scope of these claims. As adequate protection, the secured creditors will be granted replacement liens on post-petition receivables and cash flow. A copy of the motion is available at https://urlcurt.com/u?l=KQ7pNx from PacerMonitor.com. About ATS - AL, Inc ATS - AL, Inc filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ala. Case No. 25-31308) on June 9, 2025, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Anthony Brian Bush, Esq. at The Bush Law Firm, LLC represents the Debtor as counsel. AUSTIN WATERJET: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Austin Waterjet, Inc. 8510 Lava Hill Road Austin, TX 78744 Business Description: Austin Waterjet Inc. is a metal cutting and fabrication company based in Austin, Texas, serving customers across Central Texas, including Austin and San Antonio. The Company specializes in waterjet and laser cutting, sheet metal fabrication, and precision forming, with capabilities in aluminum, steel, and stainless steel. Founded in 1997, it supports industries such as aerospace, food equipment, construction, and semiconductors, and offers additional services including raw material stocking, light machining, grinding, welding, and shipping. Chapter 11 Petition Date: July 2, 2025 Court: United States Bankruptcy Court Western District of Texas Case No.: 25-11027 Judge: Hon. Shad Robinson Debtor's Counsel: Jacob J. King, Esq. MUNSCH HARDT KOPF & HARR, P.C. 500 N. Akard St., Ste. 4000 Dallas, TX 75201 Tel: 214-855-7500 Email: jking@munsch.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by David Squires as vice president and secretary. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/H76XOPA/Austin_Waterjet_Inc__txwbke-25-11027__0013.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/EKOWUKQ/Austin_Waterjet_Inc__txwbke-25-11027__0001.0.pdf?mcid=tGE4TAMA AUSTIN WATERJET: Seeks Subchapter V Bankruptcy in Texas ------------------------------------------------------- On July 2, 2025, Austin Waterjet Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Texas. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Austin Waterjet Inc. Austin Waterjet Inc. is a specialized metal fabrication company offering precision waterjet cutting services. The company, based in Austin, Texas, provides cutting services that likely use high-pressure water streams (often mixed with abrasive materials) to precisely cut various materials such as metal, stone, glass, and composites for manufacturing applications. Austin Waterjet Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-11027) on July 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Shad Robinson handles the case. The Debtors are represented by Jacob J. King, Esq. at Munsch Hardt Kopf & Harr, P.C. AUTO HOUSE: Gets Final OK to Use Cash Collateral ------------------------------------------------ The U.S. Bankruptcy Court for the District of Kansas issued a final order authorizing Auto House, Inc. to use the cash collateral of U.S. Small Business Administration. The final order authorized the Debtor to use cash collateral and inventory through September 30, to fund ongoing operations. Access to cash collateral is subject to a court-approved budget. As protection for the Debtor's use of its cash collateral, SBA will be granted replacement security interests in and liens on all property acquired by the Debtor after the petition date that is similar to its pre-bankruptcy collateral. The replacement liens do not apply to any Chapter 5 causes of action. As further protection, the Debtor will continue to maintain insurance on its property and pay $3,000 per month to SBA beginning July 28 until further order of the court. About Auto House Inc. Auto House, Inc. offers 24/7 towing and roadside assistance for all vehicle types across Central Kansas. It also provides heavy truck and off-road recovery, including semi-truck recovery and load management. Through its affiliate Kansas Environmental Cleanup, the company delivers certified HAZMAT cleanup and site remediation services throughout the state. Auto House sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-20726) on May 31, 2025. In its petition, the Debtor reported total assets of $1,825,013 and total liabilities of $4,479,222. Judge Robert D. Berger handles the case. The Debtor is represented by: Colin N. Gotham Evans & Mullinix, P.A. Tel: 913-962-8700 Email: cgotham@emlawkc.comColin N. Gotham AVIANCA HOLDINGS: Asks Court to Address Ch. 11 Lease Obligations ---------------------------------------------------------------- Hilary Russ of Law360 Bankruptcy Authority reports that on Thursday, July 3, 2025, Avianca -- South America's second-largest airline -- asked the U.S. Supreme Court to settle a circuit split over when lease obligations arise in Chapter 11 proceedings, a dispute tied to its 2020 bankruptcy case. About Avianca Holdings SA Avianca -- https://aviancaholdings.com/ -- is the commercial brand for the collection of passenger airlines and cargo airlines under the umbrella company Avianca Holdings S.A. Avianca has been flying uninterrupted for 100 years. With a fleet of 158 aircraft, Avianca serves 76 destinations in 27 countries within the Americas and Europe. Avianca Holdings S.A. and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 20-11133) on May 10, 2020. At the time of the filing, Debtors disclosed $7,273,900,000 in assets and $7,268,700,000 in liabilities. Judge Martin Glenn oversees the cases. The Debtors tapped Milbank LLP as general bankruptcy counsel; Urdaneta, Velez, Pearl & Abdallah Abogados and Gomez-Pinzon Abogados S.A.S. as restructuring counsel; Smith Gambrell and Russell, LLP as aviation counsel; Seabury Securities LLC as financial restructuring advisor and investment banker; FTI Consulting, Inc. as financial restructuring advisor; and Kurtzman Carson Consultants LLC as claims and noticing agent. The U.S. Trustee for Region 2 appointed a committee of unsecured creditors in Debtors' bankruptcy cases on May 22, 2020. The committee is represented by Willkie Farr & Gallagher, LLP. AZA TRANSPORTATION: Hires Joel A. Schechter as Legal Counsel ------------------------------------------------------------ AZA Transportation Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire the Law Offices of Joel A. Schechter as counsel. The firm will render these services: (a) give the Debtor legal advice with respect to its powers and duties in the continued operation of the business and financial affairs; (b) prepare on behalf of the Debtor necessary legal papers; and (c) perform all other legal services for the Debtor which may be necessary in the prosecution of this proceeding. The firm received a retainer of $15,000. Joel Schechter, Esq., an attorney 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: Joel A. Schechter, Esq. Law Offices of Joel A. Schechter 53 W. Jackson Blvd., Suite 860 Chicago, IL 60604 Telephone: (312) 332-0267 Email: joel@jasbklaw.com About AZA Transportation Inc. AZA Transportation Inc. is a trucking and freight transportation company based in Mount Prospect, Illinois. AZA Transportation Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-07409) on May 14, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Michael B. Slade handles the case. The Debtors are represented by Joel A Schechter, Esq. at Law Offices Of Joel Schechter. B&A CHILDCARE: Section 341(a) Meeting of Creditors on August 11 --------------------------------------------------------------- On July 2, 2025, B&A Childcare Services of Atlanta Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filing, the Debtor reports between $50,000 and $100,000 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 11, 2025 at 10:00 AM via Telephone conference. To attend, Dial 888-330-1716 and enter access code 6960876. About B&A Childcare Services of Atlanta Inc. B&A Childcare Services of Atlanta Inc. is a childcare services provider based in Kennesaw, Georgia that provides childcare services in Cobb County. B&A Childcare Services of Atlanta Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-57451) on July 2, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $50,000 and $100,000. BAYSIDE LIMO: Amy Denton Mayer Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 21 appointed Amy Denton Mayer of Stichter Riedel Blain & Postler, P.A. as Subchapter V trustee for Bayside Limo of Tampa, LLC. Ms. Mayer will be paid an hourly fee of $350 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Mayer declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Amy Denton Mayer Stichter Riedel Blain & Postler P.A. 110 East Madison Street, Suite 200 Tampa, FL 33602 Phone: (813)229-0144 Email: amayer@subvtrustee.com About Bayside Limo of Tampa Bayside Limo of Tampa, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No.8:25-bk-03982-CPM) on June 13, 2025. In the petition signed by Kevin New, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Catherine Peek McEwen oversees the case. Buddy D. Ford, Esq., at Ford & Semach, P.A., represents the Debtor as legal counsel. BEAN THERE: Gets Interim OK to Use Cash Collateral -------------------------------------------------- Bean There Done That, LLC got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. At the hearing held on June 30, the court granted the Debtor's motion to use cash collateral on an interim basis and set a further hearing on the motion for August 7. The Debtor intends to use the revenue generated post-petition (cash collateral) to fund its ongoing operating expenses and costs of administration, including payroll, rent, utilities, royalties, taxes, and other essential business costs. To protect the interests of its secured creditor, Cadence Bank, an SBA-backed lender with a blanket lien and an estimated claim of approximately $1.47 million, the Debtor offered to grant replacement liens on post-petition collateral of the same validity and priority as existed pre-petition. Additional adequate protection includes regular financial reporting and the maintenance of insurance coverage on business assets. The Debtor projects gross revenue of $70,000, total disbursements of $65,916, and a net cash flow of $4,084 for July. About Bean There Done That LLC Bean There Done That, LLC operates a drive-thru coffee shop offering specialty beverages and breakfast items. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04265) on June 24, 2025. In the petition signed by Igor D. Bley, manager, the Debtor disclosed $143,453 in total assets and $1,504,704 in total liabilities. Judge Catherine Peek McEwen oversees the case. Jake C. Blanchard, Esq., at Blanchard Law, P.A., represents the Debtor as bankruptcy counsel. BEELINE HOLDINGS: Nicholas Liuzza Holds 54.8% Stake as of June 18 ----------------------------------------------------------------- Nicholas Reyland Liuzza Jr., disclosed in a Schedule 13D/A (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of June 18, 2025, he beneficially owns 8,437,989 shares of common stock of Beeline Holdings, Inc., which includes 8,214,273 shares owned directly and 223,716 shares held by a family trust over which he exercises voting and dispositive control. The securities include shares issuable upon the conversion of Series G Convertible Preferred Stock and the exercise of warrants, subject to shareholder approval and Nasdaq rules. His beneficial ownership represents approximately 54.8% of the 9,061,418 shares of common stock outstanding as of May 19, 2025. Nicholas Reyland Liuzza Jr. may be reached through: Michael Harris, Esq. 3001 PGA Blvd, Ste 305 Palm Beach Gardens, FL 33410 Tel: 561-686-3307 A full-text copy of Nicholas Reyland Liuzza Jr.'s SEC report is available at: https://tinyurl.com/2zh2z36n 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. BELLEHAVEN ACADEMY: Section 341(a) Meeting of Creditors on Aug. 4 ----------------------------------------------------------------- On July 1, 2025, Bellehaven Academy Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of South Carolina. 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 4, 2025 at 09:00 AM at Telephone. About Bellehaven Academy Inc. Bellehaven Academy Inc. is a tax-exempt educational institution operating in Anderson, South Carolina. Bellehaven Academy Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 25-02508) on July 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000. The Debtors are represented by Jason Michael Ward, Esq. at Jason Ward Law, LLC. BEYOND AIR: Robert Goodman Appointed to Board --------------------------------------------- Beyond Air, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors appointed Robert Goodman as a member of the Board. Mr. Goodman's career spans public companies, private equity–backed businesses, and early-stage ventures, where has held leadership roles at BioTelemetry, Philips Healthcare, Cardiocore, Thermo Fisher Scientific, and Pfizer. A retired U.S. Army officer, Mr. Goodman earned his undergraduate degree from Norwich University. The Board has determined that Mr. Goodman qualifies as an independent director under the corporate governance standards of the Nasdaq Stock Market LLC. As of the time of this filing, the Board has not made a determination regarding the committees of the Board, if any, to which Mr. Goodman will be appointed. Mr. Goodman will receive typical compensation for his service as a non-employee member of the Board. There are no arrangements or understandings between Mr. Goodman and any other person pursuant to which he was selected as a director, and there are no transactions in which the Company is a party and in which Mr. Goodman has a material interest subject to disclosure under Item 404(a) of Regulation S-K. About Beyond Air Headquartered in Garden City, N.Y., Beyond Air, Inc. -- www.beyondair.net -- is a commercial-stage medical device and biopharmaceutical company developing a platform of nitric oxide generators and delivery systems (the "LungFit platform") capable of generating NO from ambient air. The Company's first device, LungFit PH, received premarket approval from the FDA in June 2022. The NO generated by the LungFit PH system is indicated to improve oxygenation and reduce the need for extracorporeal membrane oxygenation in term and near term (34 weeks gestation) neonates with hypoxic respiratory failure associated with clinical or echocardiographic evidence of pulmonary hypertension in conjunction with ventilatory support and other appropriate agents. East Brunswick, New Jersey-based WithumSmith+Brown, PC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated June 20, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has suffered recurring losses from operations, has experienced negative cash flows from operating activities since inception, and has an accumulated deficit, that raise substantial doubt about its ability to continue as a going concern. BISHOP OF FRESNO: Seeks Chapter 11 Bankruptcy in California ----------------------------------------------------------- On July 1, 2025, The Roman Catholic Bishop of Fresno filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of California. According to court filing, the Debtor reports between $50 million and $100 million in debt owed to 1,000 and 5,000 creditors. The petition states funds will be available to unsecured creditors. About The Roman Catholic Bishop of Fresno 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. The Roman Catholic Bishop of Fresno sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-12231) on July 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $50 million and $100 million each. Honorable Bankruptcy Judge Rene Lastreto II handles the case. The Debtors are represented by Hagop T. Bedoyan, Esq. at McCORMICK, BARSTOW, SHEPPARD, WAYTE & CARRUTH. DONLIN, RECANO, AND COMPANY, INC. is the Debtor's Claims & Noticing Agent. BLH TOPCO: July 24, 2025 Disclosures & Plan Hearing Set ------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware will hold a combine hearing on July 24, 2025, at 10:00 a.m. (ET) to consider approval of the adequacy of the amended disclosure statement explaining the joint Chapter 11 plan of reorganization of BLH Topco LLC and its debtor-affiliates, and confirm the Debtors' Chapter 11 plan, before the Hon. Craig, T. Goldblatt, 824 North Market Street, 3rd Floor, Courtroom 7, Wilmington, Delaware 19801. Objection to the approval of the disclosure statement and confirmation of the Chapter 11 plan must be filed no later than July 18, 2025. Deadline to vote to accept or reject the Debtors' Chapter 11 plan is July 14, 2025, at 11:59 p.m. (ET). Your Ballot must be submitted either (a) online at https://cases.stretto.com/BarLouie or (b) by mail or courier to the following address: BLH TopCo LLC Claims Processing c/o Stretto Inc. 410 Exchange, Suite 100 Irvine, CA 92602 Under the plan, the Debtors will fund distributions, as applicable, with: (i) as to the Class 4A Recovery Pool Account, (x) Cash in the amount of $25,000.00; (y) 45% of Liquor License Sale Proceeds; and (z) 100% of Preference Recoveries; (ii) as to the Class 4B Recovery Pool Account, Cash in the amount of $25,000.00; and (iii) the conversion of Secured Claims to New Common Equity to be issued pursuant to the Plan. Each distribution and issuance referred to in Article VI of the Plan will be governed by the terms and conditions set forth in the Plan applicable to such distribution or issuance and by the terms and conditions of the instruments or other documents evidencing or relating to such distribution or issuance, which terms and conditions shall bind each Entity receiving such distribution or issuance. The issuance, distribution, or authorization, as applicable, of certain securities in connection with the Plan, including the New Common Equity, will be exempt from SEC registration, as described more fully below. Distributions from the Class 4A Recovery Pool Account will be made quarterly, in consultation with the Oversight Agent, except where the balance of the Class 4A Recovery Pool Account is sufficiently small as to result in undue cost or burden to make such distributions. On the effective Date, the New Common Equity shall be issued and distributed to the Entities entitled to receive the New Common Equity pursuant to the Plan. The issuance of New Common Equity shall be authorized without the need for any further corporate action and without any action by the Holders of Claims or other parties in interest. All of the New Common Equity issued under the Plan shall be duly authorized, validly issued, fully paid, and non-assessable. Treatment of Claims Est. Est. Class Claim Status Amount Recovery ----- ----- ------ ------ -------- 1 Other Unimpaired 0% 100% Priority 2 Other Unimpaired 0% 100% Secured 3 Pre- Impaired $69,573,872 0% Petition Agreement Secured 4 General Impaired $8,756,971 TBD Unsec. Class 4a & 4B 5 Inter- Unimpaired/ -- 0%- Company Impaired Unknown Claim 5 Inter- Unimpaired/ -- 0%- Company Impaired Unknown Interest 6 Interest Impaired 0% 0% in TopCo A full-text copy of the disclosure statement and Chapter 11 plan is available for free at https://tinyurl.com/bddx3def Additional copies of the First Amended Combined Disclosure Statement and Plan, and of all other filings in the above-captioned bankruptcy cases, are available free of charge from the website maintained by Stretto, Inc. at https://cases.stretto.com/BarLouie, by email at BarLouieInquiries@Stretto.com, by phone at (833) 682-8977 (U.S./Canada, toll-free) or (949) 800-5913 (International) or by mail at BLH TopCo LLC Claims Processing, c/o Stretto, 410 Exchange, Suite 100, Irvine, CA 92602. About BLH TopCo BLH TopCo, LLC is the operator and franchisor of locally themed, social gastrobars under the "Bar Louie" brand. Bar Louie is an upscale neighborhood bar and eatery. Established in 1991 in Chicago, Ill., BLH TopCo and its affiliates currently operate 31 locations, franchise an additional 17, and employ roughly 1,400 individuals across 19 states. Bar Louie restaurants are situated in various settings, such as lifestyle centers, conventional shopping malls, event venues, central business districts, and other unique standalone locations. BLH TopCo and its affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-10576) on March 26, 2025. In its petition, BLH TopCo reported between $1 million and $10 million in assets and between $50 million and $100 million in liabilities. Judge Craig T. Goldblatt handles the cases. The Debtors are represented by Thomas J. Francella, Jr., Esq., and Mark W. Eckard, Esq., attorneys at Raines Feldman Littrell, LLP. Bankruptcy Management Solutions, Inc., doing business as Stretto, serves as the Debtors' claims and noticing agent. BLUE DOG: Court Extends Cash Collateral Access to Sept. 30 ---------------------------------------------------------- The Blue Dog in Boca, Inc. received another extension from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division to use cash collateral. The court issued its eighth interim order authorizing the Debtor's interim use of cash collateral through September 30 in accordance with its budget. Square Financial Services, Inc., KYF Global Partners, LLC, AAA Alpha Advisors Alliance, LLC and Sysco Southeast Florida, LLC may have a lien on the cash held by the Debtor. As protection, the creditors were granted replacement liens to the same extent as their pre-bankruptcy liens without prejudice to the rights of the Debtor to seek to void the liens. The next hearing is set for September 9. A copy of the court order and the budget is available at https://shorturl.at/5xiCe from PacerMonitor.com. About The Blue Dog in Boca The Blue Dog in Boca, Inc. is a business located in Boca Raton, Fla., that operates in the hospitality sector. Known for its vibrant atmosphere, the establishment likely serves food and beverages, catering to both locals and tourists in the area. It positions itself as a community-oriented venue, providing entertainment and a social gathering space. Blue Dog in Boca sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-20655) with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Mindy A. Mora oversees the case. The Debtor is represented by: Rachamin Cohen, Esq. Rachamin Cohen Tel: 718-288-9262 Email: rocky@lawcls.com BOWES IN-HOME CARE: Seeks Subchapter V Bankruptcy in Illinois ------------------------------------------------------------- On July 3, 2025, Bowes In-Home Care Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. 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 Bowes In-Home Care Inc. Bowes In-Home Care Inc. is an Illinois-based healthcare provider that specializes in delivering medical and non-medical care services to patients in their homes. Bowes In-Home Care Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10234) on July 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Janet S. Baer handles the case. The Debtors are represented by James A. Young, Esq. BOXLIGHT CORP: HIC 2 Holds 9.6% of Class A Common Shares -------------------------------------------------------- HIC 2, LLC, disclosed in a Schedule 13D filed with the U.S. Securities and Exchange Commission that as of June 11, 2025, it beneficially owns 215,000 shares of Class A common stock, including certain warrants exercisable into Class A common stock, of Boxlight Corp's Class A Common Stock, representing 9.6% of the outstanding shares. HIC 2, LLC may be reached through: Gorr Sahakian, Vice President 4000 Route 66 Tinton Falls, New Jersey 07753 Tel: 732-922-6100 A full-text copy of HIC 2, LLC's SEC report is available at: https://tinyurl.com/sch5969x About Boxlight Corporation Boxlight Corporation, based in Duluth, Georgia, is a technology company that develops, sells, and services interactive solutions primarily for the global education market, as well as for corporate and government sectors. The Company offers a range of products, including interactive and non-interactive flat-panel displays, LED video walls, media players, classroom audio systems, cameras, and STEM solutions like 3D printing and robotics. These products are integrated into a classroom software suite for learning, assessment, and collaboration. Boxlight also provides professional training services to U.S. educational customers. In its report dated Mar. 28, 2025, the Company's auditor, Forvis Mazars, LLP, issued a 'going concern' qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, highlighting that the Company has identified certain conditions relating to its outstanding debt and Series B and C Preferred Stock that are outside the control of the Company. In addition, the Company has generated recent losses. These factors, among others, raise substantial doubt regarding the Company's ability to continue as a going concern. For the years ended Dec. 31, 2024 and 2023, Boxlight Corporation incurred net losses attributable to common stockholders of $29.6 million and $40.4 million, respectively. As of Dec. 31, 2024, Boxlight Corporation had $115.31 million in total assets, $99.69 million in total liabilities, $28.51 million in total mezzanine equity, and a total stockholders' deficit of $12.90 million. BOXLIGHT CORP: Roystone Entities Hold 9.9% Equity Stake ------------------------------------------------------- Roystone Management Holdings LLC, Roystone Fund LP, Roystone Fund GP LLC, RB Management GP LLC, and Richard Barrera, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of February 20, 2025, they beneficially own 236,652 shares of Boxlight Corporation's Class A Common Stock, consisting of 100,000 shares of common stock and 341,000 pre-funded warrants exercisable into Class A Common Stock, subject to a 9.9% beneficial ownership limitation, representing 9.9% of the shares outstanding. Roystone Management Holdings LLC, may be reached through: Richard Barrera, Managing Member 767 Third Avenue, 29th Floor New York, New York 10017 Tel: 212-326-6010 A full-text copy of Roystone Management Holdings LLC's SEC report is available at: https://tinyurl.com/yc9nsnpa About Boxlight Corporation Boxlight Corporation, based in Duluth, Georgia, is a technology company that develops, sells, and services interactive solutions primarily for the global education market, as well as for corporate and government sectors. The Company offers a range of products, including interactive and non-interactive flat-panel displays, LED video walls, media players, classroom audio systems, cameras, and STEM solutions like 3D printing and robotics. These products are integrated into a classroom software suite for learning, assessment, and collaboration. Boxlight also provides professional training services to U.S. educational customers. In its report dated Mar. 28, 2025, the Company's auditor, Forvis Mazars, LLP, issued a 'going concern' qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, highlighting that the Company has identified certain conditions relating to its outstanding debt and Series B and C Preferred Stock that are outside the control of the Company. In addition, the Company has generated recent losses. These factors, among others, raise substantial doubt regarding the Company's ability to continue as a going concern. For the years ended Dec. 31, 2024 and 2023, Boxlight Corporation incurred net losses attributable to common stockholders of $29.6 million and $40.4 million, respectively. As of Dec. 31, 2024, Boxlight Corporation had $115.31 million in total assets, $99.69 million in total liabilities, $28.51 million in total mezzanine equity, and a total stockholders' deficit of $12.90 million. BREWER MACHINE: Gets Final OK to Use Cash Collateral ---------------------------------------------------- Brewer Machine & Parts, LLC received final approval from the U.S. Bankruptcy Court for the Western District of Kentucky, Owensboro Division, to use cash collateral. The final order authorized the Debtor to continue to use cash collateral to operate its business based on its budget, subject to reasonable variances and as and when such expenses become due and payable. As adequate protection, the U.S. Small Business Administration, CIT Finance, Mulligan Funding, Apex Funding Gold, LLC, and Rocket Capital were granted continued security interests in the Debtor's accounts. The secured creditors have claims against the Debtor's assets, including receivables and accounts, arising from their pre-bankruptcy loans totaling approximately $2.7 million. As of the petition date, the Debtor had cash in the approximate amount of $7,000 and receivables in the approximate amount of $52,500. About Brewer Machine & Parts Brewer Machine & Parts, LLC manufactures woodworking and material handling equipment used in industries such as sawmills, pallet production, and cooperage. Based in Central City, Ky., the company serves domestic and international markets including the U.S., Australia, Uruguay, and Saudi Arabia. Established in 1967, Brewer Machine & Parts offers both new and refurbished machinery. Brewer Machine & Parts sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 25-40336) on May 15, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Judge Charles R. Merrill oversees the case. The Debtor is represented by Robert C. Chaudoin, Esq., at Harlin Parker. BUCA DI BEPPO: Closes Several Utah Locations in Chapter 11 ---------------------------------------------------------- 103.5 Kiss FM reports that Buca di Beppo, the popular Italian restaurant chain known for its large family-style dishes and lively dining atmosphere, has permanently closed both of its Utah locations. The Salt Lake City and Midvale restaurants, once favorite spots for group celebrations, have quietly shut down, the report said. According to 103.5 Kiss FM, these closures are part of a larger wave of nationwide shutdowns by the chain. In addition to Utah, Buca di Beppo has closed several restaurants in other states, including Arizona, California, Colorado, Florida, Hawaii, Indiana, Maryland, Michigan, New Jersey, New York, North Carolina, Ohio, and Pennsylvania. The chain's financial troubles reflect broader challenges facing many national restaurant brands. Earlier this year, Red Lobster filed for Chapter 11 bankruptcy, and Buca di Beppo has now followed suit, filing for bankruptcy protection and scaling back its operations, the report states. Both companies blame rising inflation, increased operational costs, and a drop in consumer spending for their financial struggles. As more people reduce discretionary spending, especially dining out, chains like Buca di Beppo have seen declining revenues. In its court filings, Buca di Beppo also pointed to the lingering effects of the COVID-19 pandemic, which caused major disruptions and a sustained decline in customer demand—making it difficult to maintain profitability at many locations, the report states. The List of Closures in the United States are: * Arizona - 7111 West Ray Road, Chandler, AZ * California - 1249 Howe Avenue, Sacramento, CA * Colorado - 615 Flatiron Marketplace Drive, Broomfield, CO * Florida - 351 South Orlando Avenue, Maitland, FL * Hawaii - 1030 Auahi Street, Honolulu, Hi * Indiana - 6045 East 86th Street, Indianapolis, IN * Maryland - 112 Kentlands Blvd, Gaithersburg, MD * Michigan (2) 38888 Six Mile Road, Livonia & 12575 Hall Road, Utica * New Jersey - 44 Wolf Road, Atlantic City, NJ * New York - 1900 Pacific Avenue, Colonie, NY * North Carolina - 10915 Carolina Place Parkway, Pineville, NC * Ohio - 60 East Wilson Bridge, Worthington, OH * Pennsylvania (3) - 3 East Station Square Drive, Pittsburgh, 6600 Robinson Centre Drive, Pittsburgh, & 2745 Paper Mill Road, Wyomissing * Utah (2) - 202 West 200 South, Salt Lake City & 935 East Fort Union Blvd, Midvale, UT About Buca di Beppo Founded in Minneapolis in 1993, Buca di Beppo restaurants embody the Italian traditions of food, friendship, fun, celebration, and hospitality. Dishes enjoyed for generations in villages throughout Italy inspire the menu, which features both Northern and Southern Italian favorites and delicious cocktails inspired by the region. While the food has pleased millions of palates from coast-to-coast, Buca di Beppo is equally famous for its quirky decor and upbeat atmosphere. For more information, visit bucadibeppo.com and follow along on Facebook, Instagram, TikTok or Twitter @bucadibeppo. Buca di Beppo sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-80058) on August 5, 2024. In the petition filed by William Snyder, as chief restructuring officer, the Debtor estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. The Debtor is represented by Amber Michelle Carson, Esq. at Gray Reed & McGraw LLP. BUILDER'S CHOICE: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------------ On July 2, 2025, Builder's Choice Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Builder's Choice Inc. Builder's Choice Inc., also operating as Hannah Cabinetry and Purpose First Group, appears to be a construction industry supplier based on its NAICS code (2389). The company likely specializes in cabinetry manufacturing, millwork, and building materials for residential and commercial construction projects, though specific product details are unavailable without website content from bldrschoice.com. Builder's Choice Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-33831) on July 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtors are represented by Trent D. Stephens, Esq. at Fisher Broyles Et Al. CAMTREN HOLDINGS: Seeks Chapter 11 Bankruptcy in Georgia -------------------------------------------------------- On July 1, 2025, CamTren Holdings 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 CamTren Holdings LLC CamTren Holdings LLC is a real estate services company operating under NAICS code 531390 (Other Activities Related to Real Estate). CamTren Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-57423) on July 1, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. The Debtors are represented by Rountree, Leitman, Klein & Geer, LLC. CAN BROTHERS: Gets Final OK to Use Cash Collateral -------------------------------------------------- CAN Brothers Construction, Inc. received final approval from the U.S. Bankruptcy Court for the District of New Hampshire to use cash collateral to pay its expenses. The final order authorized the Debtor to use up to $259,816.86 in cash collateral for the period from July 1 to August 31 in accordance with its budget. The budget projects total operational expenses of $121,208.43 for July and $138,608.43 for August. Bank of New Hampshire and the U.S. Small Business Association assert interests in the cash collateral. Bank of New Hampshire holds a secured claim, which has been reduced to $101,706 following a $110,000 court-approved equipment sale. Meanwhile, SBA holds a lien for a $523,000 EIDL loan. As protection, the Debtor will continue to pay $1,650 per month and $2,500 per month to Bank of New Hampshire and SBA, respectively. In addition, both creditors will be granted replacement liens on property acquired by the Debtor after the petition date that is similar to their pre-bankruptcy collateral. The replacement liens will have the same priority as the secured creditors pre-bankruptcy liens. The replacement liens do not apply to any Chapter 5 action. About CAN Brothers Construction CAN Brothers Construction, Inc. is a New Hampshire Corporation with the principal place of business located at 120 Ridge Road, Middleton, N.H. The Debtor filed Chapter 11 petition (Bankr. D. N.H. Case No. 24-10115) on February 26, 2024, listing up to $10 million in both assets and liabilities. Charles W. Therriault, Jr., president of CAN Brothers Construction, signed the petition. Judge Kimberly Bacher oversees the case. Eleanor Wm. Dahar, Esq., at Victor W. Dahar Professional Association, represents the Debtor as legal counsel. Bank of New Hampshire, as potential record lienholder, is represented by: Deborah A. Notinger, Esq. Cleveland, Waters and Bass, P.A. Two Capital Plaza, 5th Floor P.O. Box 1137 Concord, NH 03302-1137 Tel: (603) 224-7761 Email: notingerd@cwbpa.com CANVAS SARASOTA: Taps Mcconnell and Associates Realty as Broker --------------------------------------------------------------- Canvas Sarasota, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Mcconnell and Associates Realty as real estate broker. The firm will render these services: a. analyze and determine the market value of the property located at 1734 Wisconsin Lane, Sarasota, FL 34239; b. advertise and show the Property to potential buyers; c. assist with the negotiation of a sale price for the benefit of the Bankruptcy Estate; and d. sell and assist with the closing of the sale of the property The firm will receive a five percent commission fee. Oliver Mcconnell, a broker 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: Oliver Mcconnell Mcconnell and Associates Realty 1225 Iron Street Kansas City, MO 64116 Phone: (816) 441-9610 About Canvas Sarasota, LLC Canvas Sarasota LLC develops single-family homes in Sarasota, Florida. Its portfolio includes three properties in various stages of construction and completion, with a total appraised value of approximately $7.03 million. Canvas Sarasota LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-16411) on June 5, 2025. In its petition, the Debtor reports total assets of $7,027,800 and total liabilities of $6,348,678. Honorable Bankruptcy Judge Robert A. Mark handles the case. The Debtors are represented by Thomas L. Abrams, Esq. at THOMAS L ABRAMS PA. CANYON SPRINGS: Hires Roberts Markel Weinberg as Special Counsel ---------------------------------------------------------------- Canyon Springs Resort Property Owner's Association, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Roberts Markel Weinberg Butler Hailey PC as special counsel. The firm will assist the Debtor in its corporate operations, analysis of the dedicatory instruments and issuing legal opinions on same, the collection of delinquent assessments, enforcement of deed restrictions, and any other corollary tasks as requested by the Debtor. The firm will be paid at these hourly rates: Shareholder $450 Senior Counsel $400 to $425 Associate Attorney $325 Law Clerk $200 Senior Paralegal $200 Paralegal $150 Clinton Brown, attorney with Roberts Marker, assured the court that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. The firm can be reached through: Clinton F Brown, Esq. Roberts Markel Weinberg Butler Hailey PC 317 Grace Lane, Suite 140 Austin, TX 78746 Tel: (512) 279-7344 Email: cbrown@rmwbh.com About Canyon Springs Resort Property Owner's Association Canyon Springs Resort Property Owner's Association, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 25-50385) on February 28, 2025, listing between $100,001 and $500,000 in assets and up to $50,000 in liabilities. Judge Craig A. Gargotta presides over the case. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC represents the Debtor as bankruptcy counsel. CAREERBUILDER LLC: Moody's Cuts PDR to D-PD Amid Chapter 11 Filing ------------------------------------------------------------------ Moody's Ratings downgraded CareerBuilder, LLC's (CareerBuilder) probability of default rating to D-PD from C-PD following the company's announcement of it voluntary prearranged Chapter 11 proceeding. All other existing ratings, including the C corporate family rating and C senior secured bank credit facility rating, remain unchanged. The outlook remains unchanged at stable. The downgrade reflects governance considerations related to the company's decision to file for protection under Chapter 11 of the US Bankruptcy Code after pre-negotiated asset sale agreements. The filing follows a period in which CareerBuilder had been struggling to improve earnings due to the challenging macroeconomic environment and contended with weak liquidity. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. RATINGS RATIONALE On June 24, 2025, CareerBuilder commenced voluntary Chapter 11 proceedings in the US Bankruptcy Court for the District of Delaware. As part of the restructuring plan, the company plans to sell their job board business to JobGet Inc., Monster Media Properties (comprised of www.military.com and www.fastweb.com) to Valnet Inc. and Monster Government Services to Valsoft Corporation. The sale agreements set the baseline for competitive bidding on the company's assets and are subject to court approval. CareerBuilder is also finalizing a debtor-in-possession (DIP) facility of up to $20 million to enable continued operations during the wind-down and sale process. Subsequent to the action, Moody's will withdraw all of CareerBuilder's ratings given the company's bankruptcy filing. CareerBuilder, headquartered in Chicago, IL and controlled by affiliates of private-equity sponsor Apollo Global Management, Inc. operates an online job board and provides related services and software. The principal methodology used in this rating 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. CARNICIERA LOS: Seeks to Use Cash Collateral -------------------------------------------- Carniciera Los Amigos, Inc. asks the U.S. Bankruptcy Court for the District of Nevada for authority to use cash collateral and provide adequate protection. The cash collateral is subject to security interests held by GCM Funding LLC (GCM), DMKA LLC dba The Smarter Merchant (DMKA), ClearFund Solutions LLC (CF), and United First LLC (UF). The Debtor operates a Mexican-themed meat market and grocery store in Reno, Nevada, and asserts that it will be unable to continue operations without access to the cash collateral. Prior to filing for bankruptcy on June 20, 2025, the Debtor obtained merchant cash advance loans from GCM, DMKA, CF, and UF, all of whom filed UCC-1 financing statements asserting security interests in the Debtor's accounts receivable. The Debtor owes GCM approximately $105,462, DMKA $70,000, CF $58,850, and UF $16,000. However, as of the bankruptcy filing, the Debtor states it had no accounts receivable, and its unencumbered assets total $35,572.35. Despite the claims of secured interests, the Debtor reserves the right to challenge the validity of those claims. The Debtor argues that under 11 U.S.C. section 363, it is entitled to use the cash collateral either with creditor consent or court approval and must provide adequate protection to the secured parties. Adequate protection is proposed in the form of continued business operations using the collateral, which maintains the value of the creditors' security interests, and a replacement lien on any post-petition cash received by the Debtor. A court hearing is scheduled for August 19. About Carniciera Los Amigos, Inc. Carniciera Los Amigos, Inc. operates a Mexican-themed meat market and grocery store in Reno, Nevada. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-50559-hlb) on June 20, 2025. In the petition signed by Fidel F. Salas, president, the Debtor disclosed up to $100,000 in assets and up to $500,000 in liabilities. Judge Hilary L. Barnes oversees the case. Kevin A. Darby, Esq., at Darby Law Practice, represents the Debtor as legal counsel. CARNIVAL CORP: Moody's Raises CFR to 'Ba2', Outlook Positive ------------------------------------------------------------ Moody's Ratings upgraded its ratings of Carnival Corporation (Parent); corporate family rating to Ba2 from Ba3, probability of default rating to Ba2-PD from Ba3-PD, backed senior secured notes and backed senior secured bank credit facilities to Baa2 from Baa3 and backed senior unsecured notes to Ba3 from B1. Moody's also upgraded Moody's ratings for Carnival plc (plc); backed senior secured notes to Baa2 from Baa3 and backed senior unsecured notes to Ba3 from B1. Moody's also affirmed the Not Prime backed commercial paper ratings of the Parent and plc and upgraded the rating of the backed taxable revenue bond issued by Long Beach (City of) CA to Ba3 from B1. The speculative grade liquidity (SGL) rating was upgraded to SGL-1 from SGL-2. The outlooks for Carnival Corporation and for Carnival plc remain positive. The upgrades of the ratings and positive outlook reflect Moody's current expectations for faster deleveraging of the capital structure relative to Moody's views heading into 2025 following the company's second quarter performance. The cruise industry's favorable fundamentals and the investments Carnival is making in its land-based resorts will support top-line and earnings growth and good free cash flow generation in upcoming years that will facilitate additional debt reduction. The upgrades also reflect Moody's expectations for debt/EBITDA to fall below 4.0x by the end of 2025 and decline to around 3.5x by the end of 2026. The SGL-1 speculative grade liquidity rating reflects the increase in the company's committed revolver to $4.5 billion, Moody's expectations for ongoing strong annual free cash flow generation of at least $1.5 billion and Moody's projections for the company maintaining minimum cash on hand of about $750 million. Cash and marketable securities were $2.1 billion at May 31, 2025, up from $1.2 billion at November 30, 2024. Moody's expects the revolver to remain undrawn. RATINGS RATIONALE The Ba2 corporate family rating balances the company's leading position in the global ocean cruise industry based on size against its relatively weak operating margin compared to cruise industry competitors, and its still high, albeit improving financial leverage. Carnival operates eight brands, the highest number in the industry. The company accounts for about 40% of the industry's annual revenue, operates the most ships -- representing 37% of industry capacity in 2024 -- and boards the most passengers. Carnival's passenger count reached 13.5 million in 2024, 57% higher than second largest cruise company, Royal Caribbean Cruises Ltd. Carnival's diverse brands offer cruise experiences across a wide range of customer demographics. However, Moody's believes its larger international presence with its AIDA Cruises and Costa Cruises brands serving European customers constrains the company's margins relative to those of industry peers. Specifically, the European market has yet to embrace the breadth and depth of the onboard and other pricing models that have become ubiquitous in the US market. Enhanced marketing initiatives across the cruise industry are expanding the customer base, which will grow the base of recurring cruise customers. Risks include cost inflation, including for fuel, demand's exposure to economic cycles, and competitive capacity increases in certain markets, particularly the Caribbean, which could weigh on pricing. Carnival and the industry selling a majority of a year's capacity by the end of the first quarter of each year helps mitigate risk inherent in financial projections. Moody's projects debt/EBITDA to decline below 4.0x at the end of fiscal 2025 and to be at or below 3.5x at the end of 2026. Operating margin in the mid-teens, strong free cash flow and funds from operations + interest to interest coverage now approaching 5.0x at the end of 2025 will comfortably support the Ba2 rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if Carnival continues to retire debt, resulting in declining financial leverage. Debt/EBITDA that will be sustained below 3.5x and funds from operations plus interest to interest approaching 6.0x could support a ratings upgrade. Ratings could be downgraded if Moody's expects free cash flow will be no better than breakeven, if funds from operations plus interest to interest will be sustained below 4.0x or if debt/EBITDA will approach 4.5x. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The assigned corporate family rating of Ba2 is two notches below the scorecard-indicated outcome of Baa3 based on the company's February 28, 2025 financial reporting. The Ba2 corporate family rating reflects greater emphasis on the company's financial leverage and interest coverage. These factors more than offset the uplift in the scorecard-indicated outcome from the company's large scale and business profile, which Moody's score at investment grade levels in the Business and Consumer Services methodology scorecard. Carnival Corporation & Carnival plc is the largest global cruise company, and among the largest leisure travel companies, with a portfolio of world-class cruise lines – AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises, and Seabourn. Carnival Corporation and Carnival plc operate as a dual-listed company and are headquartered in Miami, Florida, US and Southampton, UK. Gross and net revenue were $26.0 billion and $19.9 billion, respectively, for the 12 months ended May 31, 2025. CARNIVAL PLC: Moody's Rates New Euro Senior Unsecured Notes 'Ba3' ----------------------------------------------------------------- Moody's Ratings assigned a Ba3 rating to the one billion of new euro-denominated senior unsecured notes that Carnival plc announced earlier. The company will use the net proceeds to repay amounts outstanding under Carnival Corporation's 2027 and 2028 term loan facilities. The new notes will mature in 2031. The notes will be fully and unconditionally guaranteed on an unsecured basis by Carnival Corporation and certain of its and Carnival plc's respective subsidiaries. The note issuance does not affect any of Moody's ratings nor the positive outlooks assigned to Carnival Corporation and to Carnival plc. RATINGS RATIONALE The Ba2 corporate family rating balances the company's leading position in the global ocean cruise industry based on size against its relatively weak operating margin compared to cruise industry competitors, and its still high, albeit improving financial leverage. Carnival operates eight brands, the highest number in the industry. The company accounts for about 40% of the industry's annual revenue, operates the most ships -- representing 37% of industry capacity in 2024 -- and boards the most passengers. Carnival's passenger count reached 13.5 million in 2024, 57% higher than second largest cruise company, Royal Caribbean Cruises Ltd. Carnival's diverse brands offer cruise experiences across a wide range of customer demographics. However, Moody's believes its larger international presence with its AIDA Cruises and Costa Cruises brands serving European customers constrains the company's margins relative to those of industry peers. Specifically, the European market has yet to embrace the breadth and depth of the onboard and other pricing models that have become ubiquitous in the US market. Enhanced marketing initiatives across the cruise industry are expanding the customer base, which will grow the base of recurring cruise customers. Operating margin in the mid-teens, strong free cash flow and funds from operations + interest to interest coverage now approaching 5.0x at the end of 2025 will comfortably support the Ba2 rating. Risks include cost inflation, including for fuel, demand's exposure to economic cycles, and competitive capacity increases in certain markets, particularly the Caribbean, which could weigh on pricing. Carnival and the industry selling a majority of a year's capacity by the end of the first quarter of each year helps mitigate risk inherent in financial projections. The positive outlook reflects Moody's expectations for ongoing deleveraging of the capital structure. The cruise industry's favorable fundamentals and the investments Carnival is making in its land-based resorts will support top-line and earnings growth and good free cash flow generation in upcoming years that will facilitate additional debt reduction. Moody's projects debt/EBITDA to fall to around 3.5x by the end of 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if Carnival continues to retire debt, resulting in declining financial leverage. Debt/EBITDA that will be sustained below 3.5x and funds from operations plus interest to interest approaching 6.0x could support a ratings upgrade. Ratings could be downgraded if Moody's expects free cash flow will be no better than breakeven, if funds from operations plus interest to interest will be sustained below 4.0x or if debt/EBITDA will approach 4.5x. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Business and Consumer Services published in November 2021. Carnival Corporation & Carnival plc is the largest global cruise company, and among the largest leisure travel companies, with a portfolio of world-class cruise lines – AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises, and Seabourn. Carnival Corporation and Carnival plc operate as a dual-listed company and are headquartered in Miami, Florida, US and Southampton, UK. Gross and net revenue were $26.0 billion and $19.9 billion, respectively, for the 12 months ended May 31, 2025. CARROLS LLC: Chapter 15 Case Summary ------------------------------------ Chapter 15 Debtor: Carrols LLC 874 Sinclair Road Oakville, ON L6K 2Y1 Canada Foreign Proceeding: Toronto, Ontario, Canada Chapter 15 Petition Date: July 1, 2025 The Chapter 15 petition was dismissed same day. The petition was dismissed due to multiple deficiencies, including failure to identify a foreign proceeding for recognition and nonpayment of the required $1,738 filing fee. The court also questioned the authority of the foreign representative, whose signature dated back to Feb. 4, 2024. Court: United States Bankruptcy Court Southern District of Illinois Case No.: 25-30503 Judge: Hon. Mary E Lopinot Foreign Representative: Restaurant Brands International 65 Sidney St Buffalo, NY 14211 USA Signatory: Robert W. Johnson Foreign Representative's Counsel: Willie Johnson, Esq. ATEM FARMS 65 Sidney St. Buffalo, NY 14211 Tel: 716-445-1734 Email: atem11c2023@gmail.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Chapter 15 petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/UWYJ7DQ/Carrols_LLC__ilsbke-25-30503__0001.0.pdf?mcid=tGE4TAMA CHERRY HILL PORTFOLIO: Seeks Chapter 11 Bankruptcy in New York -------------------------------------------------------------- On July 2, 2025, Cherry Hill Portfolio LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Cherry Hill Portfolio LLC Cherry Hill Portfolio LLC is a real estate company operating in New York and New Jersey. Cherry Hill Portfolio LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43199) on July 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtors are represented by Eric H. Horn, Esq. at A.Y. Strauss. CLAROS MORTGAGE: Moody's Lowers CFR to B3, Outlook Negative ----------------------------------------------------------- Moody's Ratings has downgraded Claros Mortgage Trust, Inc.'s (CMTG) corporate family rating and senior secured bank credit facility rating to B3 from B2. The outlook is negative. Previously, the ratings were on review for downgrade. This action concludes the review for downgrade that commenced on February 31, 2025. RATINGS RATIONALE The rating downgrade reflects the continued headwinds facing CMTG, with reported losses over the last two years resulting from increasing asset quality pressures. CMTG has been subject to challenges seen in the broader commercial real estate (CRE) market, as a secular shift in the demand for office real estate and elevated interest rates over the last several years have resulted in a higher proportion of delinquent loans among commercial mortgage REITs such as CMTG. Nevertheless, CMTG's performance over this credit and rate cycle has lagged that of peers, with the company experiencing higher GAAP losses, a higher proportion of non-accrual loans, and a higher proportion of loans assessed at the highest internal risk rating categories ("4" and "5"-rated loans, according to the internal risk rating scale of most commercial mortgage REITs, with 1 being the lowest risk category and 5 being the highest). The ratings also reflect refinancing risks stemming from the $716 million term loan B maturity in August 2026. Moody's also considered elevated governance risks, given CMTG's recent performance track record and proximity to covenant thresholds. At the same time, the ratings reflect certain mitigants. CMTG's ratio of tangible common equity to tangible managed assets (TCE/TMA) stood at 29.1% as of March 31, 2025, little changed from 28.6% a year earlier, and represents the highest such metric among peers, providing a measure of loss absorption aiding creditors. While Moody's expects CMTG will recognize further losses on its portfolio, the company's capitalization positions it to better weather these asset quality pressures. CMTG continues to manage challenges in its portfolio by managing repayment activity and executing asset sales and discounted payoffs, which has allowed it to improve liquidity and reduce indebtedness under repurchase facilities. The firm also suspended its dividend in Q4 2024, allowing it to better build and retain capital and liquidity. The negative outlook reflects the ongoing pressure on CMTG's loan portfolio, which Moody's expects to continue to negatively impact the company's performance over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Given the negative outlook, an upgrade is unlikely at this time. Over time, CMTG's ratings could be upgraded or the outlook could return to stable if the company is able to successfully refinance its term loan and improve asset quality, for example by reducing non-accrual loans and maintaining low charge-offs, while maintaining strong capitalization and demonstrating improved earnings. CMTG's ratings could be downgraded if Moody's determines loan performance is likely to deteriorate further, or if liquidity is likely to remain constrained. The ratings could also be downgraded if the company fails to refinance its term loan comfortably before its maturity date, or if its ability to access funding sources is impeded due to lost access or breaches of covenants. The principal methodology used in these ratings was Finance Companies published in July 2024. CMTG's "Assigned Standalone Assessment" score of b3 is set two notches below the "Financial Profile" initial score of b1, reflecting CMTG's asset quality challenges, debt maturity profile, and limited operating history through a full credit cycle. CLAROS MORTGAGE: Unit Amends Wells Fargo Repo Agreement ------------------------------------------------------- Claros Mortgage Trust, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that CMTG WF Finance LLC, a wholly-owned subsidiary of the Company, modified certain terms of its repurchase agreement with Wells Fargo Bank, National Association. The modification was effective June 13, 2025 and, among other things, decreased the maximum facility amount to $250 million. About Claros Mortgage Trust Inc. CMTG -- https://www.clarosmortgage.com/ -- is a real estate investment trust that is focused primarily on originating senior and subordinate loans on transitional commercial real estate assets located in major markets across the U.S. CMTG is externally managed and advised by Claros REIT Management LP, an affiliate of Mack Real Estate Credit Strategies, L.P. * * * In Feb. 2025, S&P Global Ratings lowered its issuer credit rating on Claros Mortgage Trust Inc. (CMTG) to 'CCC+' from 'B-'. The outlook is negative. S&P also lowered its issuer credit rating on CMTG's senior secured debt to 'CCC+' from 'B-'. The downgrade follows the company's increased liquidity pressures and its ongoing asset sales to raise liquidity. CMTG's total available liquidity further declined to $98 million as of Feb. 17, 2024, from $102 million at year-end 2024 and $238 million as of year-end 2023. Additionally, the company modified its minimum cash liquidity covenant related to its secured funding to 3% of total recourse indebtedness (from 5% of total recourse indebtedness) for the first two quarters of 2025. COGLIANO INTEGRATED: Seeks Subchapter V Bankruptcy in Massachusetts ------------------------------------------------------------------- On July 3, 2025, Cogliano Integrated Technologies Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Massachusetts. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Cogliano Integrated Technologies Inc. Cogliano Integrated Technologies Inc., (also known as CIT Inc.), an administrative and support services company based in Carver, Massachusetts. Cogliano Integrated Technologies Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11384) on July 3, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $10 million and $50 million. The Debtors are represented by Kate E. Nicholson, Esq. at Nicholson Devine LLC. CONNEXA SPORTS: Board OKs $60K Annual Pay for CEO, Directors ------------------------------------------------------------ Connexa Sports Technologies Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors, as part of a change in compensation to all members of the Board, approved a change in the compensation of the Company's employee director, Chief Executive Officer of the Company, Thomas Tarala, for his services as a director of the Company, from cash payments of $7,500 per financial quarter and a quarterly grant of restricted common stock with a market value of $12,500 under the Slinger Bag Inc. Global Share Incentive Plan (2020), as amended, to cash compensation of $60,000 per financial year. The cash payments are retroactive to when Mr. Tarala became a member of the Board and, as a result, the Company currently owes Mr. Tarala a total of $30,000 for his service on the Board ($15,000 for the quarter that began on November 1, 2024 and $15,000 for the quarter that began on February 1, 2025). On June 18, 2025, the Board also approved a change in the compensation of the Company's non-employee directors, from cash payments of $7,500 per financial quarter and a quarterly grant of restricted common stock with a market value of $12,500 under the Plan, to cash compensation of $60,000 per financial year. As with the amount owed to Mr. Tarala, the cash payments are retroactive to when each person became a member of the Board and, as a result, the Company currently owes each director a total of $30,000. About Connexa Sports Headquartered in Windsor Mill, Maryland, Connexa Sports Technologies Inc. -- www.connexasports.com -- is a connected sports company delivering products, technologies and services across a range of activities in sports. Connexa's mission is to reinvent sports through technological innovation driven by an unwavering focus on today's sports consumer. Connexa reported $21,583,761 in total assets, $13,542,980 in total liabilities, and $8,040,781 in total stockholders' equity as of October 31, 2024. Lagos, Nigeria-based Olayinka Oyebola & Co., the Company's former auditor 2023, issued a "going concern" qualification in its report dated July 24, 2024, citing that the Company suffered an accumulated deficit of $(167,387,028), net loss of $(15,636,418), and decline in net sales. These matters raise substantial doubt about the Company's ability to continue as a going concern. On October 30, 2024, the Board of Directors and the audit committee of the Company approved the engagement of Bush & Associates CPA as the Company's independent registered public accounting firm for the fiscal year ended April 30, 2025, effective immediately, and dismissed Olayinka Oyebola & Co as the Company's independent registered public accounting firm. The reason for the dismissal of OOC and the engagement of B&A is that due to the charges brought by the U.S. Securities and Exchange Commission against OOC for allegedly aiding and abetting a securities fraud, the risk of continuing with OOC as the Company's auditor is no longer tolerable to the Company. CONNEXA SPORTS: Independent Director Warren Thomson Resigns ----------------------------------------------------------- Connexa Sports Technologies Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Warren Andrew Thomson resigned from the board of directors and all committees thereof, effective immediately. As an independent director, Mr. Thomson was a member of the nominations, audit, and compensation committees. Mr. Thomson has confirmed to the Company that he did not resign on account of any disagreement with the Company on any matter relating to its operations, policies, or practices. About Connexa Sports Headquartered in Windsor Mill, Maryland, Connexa Sports Technologies Inc. -- www.connexasports.com -- is a connected sports company delivering products, technologies and services across a range of activities in sports. Connexa's mission is to reinvent sports through technological innovation driven by an unwavering focus on today's sports consumer. Connexa reported $21,583,761 in total assets, $13,542,980 in total liabilities, and $8,040,781 in total stockholders' equity as of October 31, 2024. Lagos, Nigeria-based Olayinka Oyebola & Co., the Company's former auditor 2023, issued a "going concern" qualification in its report dated July 24, 2024, citing that the Company suffered an accumulated deficit of $(167,387,028), net loss of $(15,636,418), and decline in net sales. These matters raise substantial doubt about the Company's ability to continue as a going concern. On October 30, 2024, the Board of Directors and the audit committee of the Company approved the engagement of Bush & Associates CPA as the Company's independent registered public accounting firm for the fiscal year ended April 30, 2025, effective immediately, and dismissed Olayinka Oyebola & Co as the Company's independent registered public accounting firm. The reason for the dismissal of OOC and the engagement of B&A is that due to the charges brought by the U.S. Securities and Exchange Commission against OOC for allegedly aiding and abetting a securities fraud, the risk of continuing with OOC as the Company's auditor is no longer tolerable to the Company. COZY HARBOR: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Lead Debtor: Cozy Harbor Seafood, Inc. 75 St. John Street Portland ME 04102 Business Description: Cozy Harbor Seafood, Inc., based in Portland, Maine, purchases, processes, and distributes lobster products and other seafood across the United States, Canada, Asia, and Europe. The Company works with Canadian and Maine seafood dealers, while affiliates Art's Lobster Co., Inc. and Casco Bay Lobster Co., Inc. source seafood directly from fishermen in coastal Maine. Art's Lobster operates from a leased wharf in Tenants Harbor, while Casco Bay conducts operations from Cozy Harbor's Union Wharf facility. Chapter 11 Petition Date: July 1, 2025 Court: United States Bankruptcy Court District of Maryland Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Cozy Harbor Seafood, Inc. (Lead Case) 25-20160 Casco Bay Lobster Co., Inc. 25-20161 Art's Lobster Co., Inc. 25-20162 Debtors' Counsel: Sam Anderson, Esq. Adam R. Prescott, Esq. BERNSTEIN, SHUR, SAWYER & NELSON, P.A. 100 Middle Street PO Box 9729 Portland, Maine 04104 Tel: (207) 774-1200 Fax: (207) 774-1127 Email: sanderson@bernsteinshur.com aprescott@bernsteinshur.com Cozy Harbor Seafood, Inc.'s Estimated Assets: $1 million to $10 million Cozy Harbor Seafood, Inc.'s Estimated Liabilities: $1 million to $10 million Casco Bay Lobster Co., Inc.'s Estimated Assets: $0 to $50,000 Casco Bay Lobster Co., Inc.'s Estimated Liabilities: $1 million to $10 million Art's Lobster Co., Inc.'s Estimated Assets: $100,000 to $500,000 Art's Lobster Co., Inc.'s Estimated Liabilities: $1 million to $10 million The petitions were signed by John S. Norton, Jr., as authorized party. Full-text copies of the petitions, which include lists of the Debtors' 20 largest unsecured creditors, are available for free on PacerMonitor at: https://www.pacermonitor.com/view/GMIWK5I/Cozy_Harbor_Seafood_Inc__mebke-25-20160__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/KXZZXUY/Casco_Bay_Lobster_Co_Inc__mebke-25-20161__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/L7RON6Q/Arts_Lobster_Co_Inc__mebke-25-20162__0001.0.pdf?mcid=tGE4TAMA CRESTWOOD HOSPITALITY: Cash Collateral Access Extended to Sept. 30 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Arizona issued its 18th stipulated order authorizing Crestwood Hospitality, LLC to use cash collateral. The order authorized the Debtor to use the cash collateral of First-Citizens Bank & Trust Company (as successor by merger to CIT Bank, N.A.) until September 30 to pay its operating expenses as set forth in the budget, with a 10% variance allowed. First-Citizens holds liens and security interests in the Debtor's real property in Tucson, Ariz., and other assets including cash, revenues and proceeds, which constitute its cash collateral. As of the petition date, the lender is owed $6,248,371.66. As protection for the use of its cash collateral, First-Citizens was granted replacement liens on the Debtor's post-petition assets. In addition, the lender will receive a monthly payment of $35,754.17. The Debtor's authority to use cash collateral terminates on September 30 unless extended or upon occurrence of certain events including the appointment of a Chapter 11 trustee or examiner; the filing of a motion granting another party a lien on the collateral; and the cessation of the Debtor's business operations. About Crestwood Hospitality LLC Crestwood Hospitality, LLC operates the Holiday Inn Express & Suites Tucson Mall, an "all suite" hotel built in 2004 pursuant to a license agreement with Holiday Hospitality Franchising, LLC. Crestwood filed Chapter 11 petition (Bankr. D. Ariz. Case No. 21-03091) on April 23, 2021, listing between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Sukhbinder Khangura, vice president and member of Crestwood, signed the petition. Judge Brenda Moody Whinery oversees the case. Sacks Tierney P.A. represents the Debtor as legal counsel. DALLAS PARTY: Case Summary & Seven Unsecured Creditors ------------------------------------------------------ Debtor: Dallas Party Bike LLC 3909 Elm Street Dallas, TX 75226 Business Description: Dallas Party Bike LLC operates pedal-powered party bike tours in Dallas, Texas. The Company offers private group rentals and individual pub crawl bookings, accommodating up to 105 people across seven bikes. Its services are used for events such as bachelorette parties, corporate outings, and sightseeing tours, often featuring BYOB options, LED lighting, and onboard sound systems. Chapter 11 Petition Date: July 2, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-32509 Debtor's Counsel: Melissa S. Hayward, Esq. HAYWARD PLLC 10501 N. Central Expressway Suite 106 Dallas, TX 75231 Tel: 972-755-7100 Email: mhayward@haywardfirm.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Shawn Kint as sole member. A copy of the Debtor's list of seven unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QDBYUXA/Dallas_Party_Bike_LLC__txnbke-25-32509__0005.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/TRZ2Z7A/Dallas_Party_Bike_LLC__txnbke-25-32509__0001.0.pdf?mcid=tGE4TAMA DALLAS PARTY: Seeks Chapter 11 Bankruptcy in Texas -------------------------------------------------- On July 2, 2025, Dallas Party Bike LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Texas. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Dallas Party Bike LLC Dallas Party Bike LLC, likely operating pedal-powered tour vehicles for entertainment and transportation services in Dallas, Texas. Dallas Party Bike LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-32509) on July 2, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtors are represented by Melissa S. Hayward, Esq. at Hayward PLLC. DEL MONTE: July 9 Deadline for Panel Questionnaires --------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy cases of Del Monte Foods Corporation II, Inc., et al. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/y4wbkzu3 and return by email it to Tina L. Oppelt -- Tina.L.Oppelt@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than 1:00 p.m., on July 9, 2025. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Del Monte Foods Founded in 1886 and headquartered in Walnut Creek, California, the Del Monte business has been a cornerstone of American grocery stores for more than 130 years. Del Monte Foods has been driven by its mission to nourish families with earth's goodness. As the original plant-based food company, Del Monte is always innovating to make nutritious and delicious foods more accessible to consumers across its portfolio of beloved brands, including Del Monte, Contadina, College Inn, Kitchen Basics, JOYBA, Take Root Organics and S&W. On the Web: http://www.delmontefoods.com/or http://www.joyba.com/ On July 1, 2025, Del Monte Foods Corporation II, Inc., and 17 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) to address $1.235 billion in funded debt obligations. The Debtors' bankruptcy cases are pending before the Honorable Michael B. Kaplan. Herbert Smith Freehills Kramer (US) LLP and Cole Schotz P.C. are serving as legal counsel to Del Monte, Alvarez & Marsal North America, LLC is serving as financial advisor, and PJT Partners is serving as investment banker to the Company. Stretto is the claims agent. DENVER BOULDERING: Seeks Subchapter V Bankruptcy in Colorado ------------------------------------------------------------ On July 3, 2025, Denver Bouldering Club LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Colorado. 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 Denver Bouldering Club LLC Denver Bouldering Club LLC operates an indoor bouldering and climbing facility in Denver, Colorado. The company provides specialized climbing facilities and training for bouldering enthusiasts at its location at 2485 W 2nd Ave in Denver. Denver Bouldering Club LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-14161) on July 3, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities betwee $500,000 and $1 million. Honorable Bankruptcy Judge Thomas B. Mcnamara handles the case. DICK'S AUTOMOTIVE: Seeks Cash Collateral Access Until July 31 ------------------------------------------------------------- Dick's Automotive Transport, Inc. asks the U.S. Bankruptcy Court for the Northern District of California, San Jose Division, for authority to use cash collateral and provide adequate protection. The U.S. Small Business Administration holds a senior lien on the company's assets. The cash collateral is necessary to fund the Debtor’s limited remaining operations, preserve the liquidation value of its business, and prepare for a structured wind-down. The Debtor proposes to use cash collateral according to an 8-week operating budget, totaling $59,758—with $48,272 allocated for June 2025 and $11,486 for July. The SBA is the only creditor with a secured interest in the cash collateral, and the Debtor offers to continue monthly adequate protection payments of $985.30 to the SBA. The authority to use the cash collateral would terminate by July 31, or earlier upon certain events such as case dismissal, appointment of a trustee, or confirmation of a reorganization plan. The Debtor ceased towing operations on May 12, 2025, after losing insurance coverage, and has since limited operations to maintaining impounded vehicles. The company intends to wind down operations after vehicles are claimed or auctioned and is negotiating the sale of its equipment to third parties. A court hearing is scheduled for July 10. About Dick's Automotive Transport Dick's Automotive Transport, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 24-51752) on Nov. 18, 2024, with $1 million to $10 million in both assets and liabilities. Judge M. Elaine Hammond oversees the case. The Debtor tapped Robert G. Harris, Esq., at the Law Offices of Binder and Malter as counsel and Barry Drake at Drake Business Services Inc. as accountant. DRAKSIN PROPERTIES: Court Extends Cash Collateral Access to July 31 ------------------------------------------------------------------- Draksin Properties, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of New York to use cash collateral. The third interim order penned by Judge Wendy Kinsella authorized the Debtor's interim use of cash collateral through July 31 in accordance with its budget. Generations Bank and other secured creditors of the Debtor will be granted continuing rollover liens on and security interests in all collateral in which such creditors hold liens and security interests pursuant to their loan documents with the Debtor. As additional protection, Generations Bank will continue to receive monthly payments of $1,850 until the effective date of the Debtor's Subchapter V plan. The monthly payments started in April 30. The Debtor was also ordered to continue its monthly payment of $500 to the Subchapter V trustee for payment of his fees, with such funds to be held in escrow pending further court order. The next hearing is scheduled for July 31. The Debtor owns several parcels of rental properties. Beginning in 2017, the Debtor took out a series of mortgages with Generations Bank, secured by various parcels of real property. During the Covid pandemic, the Debtor was unable to collect consistent rents from its tenants and was legally prohibited from evicting non-paying tenants. As a result, the Debtor was unable to pay its ongoing obligations to Generation Bank. The two entered into some forbearance agreements but the Debtor was unable to keep up on its monthly mortgage payments. Generations Bank began foreclosure proceedings against the Debtor's properties, leading to the Debtor's filing of its bankruptcy case. Based on a UCC search, the following have been filed against cash collateral of the Debtor, which have not yet lapsed or have not yet been terminated: (i) UCC-1 on November 27, 2017, secured by a blanket lien on all of the Debtor's personal property and assets; (ii) UCC-1 on October 17, 2022, secured by 323, 325, and 333-335 Rowland Street, Syracuse, N.Y.; and (iii) UCC-1 on October 19, 2022, secured by all goods, which are or are to become fixtures, now owned or hereafter acquired on the real property located at 825 S Wilbur Ave., and 316 and 408 Rowland Street, Syracuse, N.Y. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/bY7mj from PacerMonitor.com. About Draksin Properties Draksin Properties, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-30159) on March 6, 2025, listing up to $1 million in both assets and liabilities. Judge Wendy A. Kinsella oversees the case. Peter Alan Orville, Esq., at Orville & Mcdonald Law, PC is the Debtor's legal counsel. Generations Bank, as secured creditor, is represented by: Curtis A. Johnson, Esq. Bond, Schoeneck & King, PLLC 350 Linden Oaks, Third Floor Rochester, New York 14625 Tel: (585) 362-4812 cjohnson@bsk.com EARL FREDDY: Section 341(a) Meeting of Creditors on July 28 ----------------------------------------------------------- On July 1, 2025, Earl Freddy Invest LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors with 341(a) meeting to be held on July 28, 2025 at 01:00 PM via UST Teleconference, Call in number/URL: 1-877-991-8832 Passcode: 41012. About Earl Freddy Invest LLC Earl Freddy Invest LLC is a single asset real estate company based in Danville, California. Earl Freddy Invest LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-41166) on July 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge William J. Lafferty handles the case. EL CHILITO MEXICAN: Has Deal on Cash Collateral Access ------------------------------------------------------ El Chilito Mexican Food, Inc. asked the U.S. Bankruptcy Court for the Central District of California, Northern Division, for authority to use cash collateral in accordance with its agreement with the U.S. Small Business Administration. The parties agree that the Debtor may use cash collateral until a Chapter 11 plan is confirmed, or the case is dismissed or converted, whichever occurs first. The Debtor has consistently made monthly adequate protection payments to the SBA, with June's paid and July's expected on time. The SBA is the senior secured creditor with a lien on the Debtor's personal property (e.g. cash, accounts receivable). The Debtor asserted that all junior lienholders are fully unsecured due to the SBA's lien value exceeding the business's asset value. As a condition, the Debtor must make monthly adequate protection payments to the SBA by the 15th of each month, using the SBA loan number and following the payment instructions in the SBA's proof of claim. These payments may be made via mail, wire transfer, or through the SBA's MySBA portal. As further adequate protection, the SBA will be granted a replacement lien on all post-petition revenues to the extent of any diminution in the value of its collateral resulting from the use of cash collateral. This lien is valid, perfected, and enforceable without the need for further recording, and the SBA may file the stipulation to further evidence its rights. The SBA will also receive a superpriority claim under 11 U.S.C. sections 503(b) and 507(b), again limited to the extent of any diminution in its collateral. The Debtor agrees not to use any cash collateral to pay insiders without prior court approval and compliance with applicable rules and guidelines. A hearing on the matter is set for July 15. About El Chilito Mexican Food El Chilito Mexican Food, Inc. is a local taqueria serving a selection of Tex-Mex and interior Mexican style tacos, coffee, frozen sangria/mimosas, and draft beer. El Chilito sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-11032) on September 11, 2024, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Ronald A. Clifford III oversees the case. The Debtor is represented by Matthew D. Resnik, Esq., at Rhm Law, LLP. ELEMENTS UES: Gets Another Extension to Access Cash Collateral -------------------------------------------------------------- Elements UES, LLC received another extension from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral. The seventh interim order authorized the company to use cash collateral in accordance with its budget pending entry of a further interim or final order. As protection for the use of their cash collateral, Fund-Ex Solutions Group and the U.S. Small Business Administration were granted replacement liens on the company's assets, including cash collateral, to the same extent, validity, priority, and nature as their pre-bankruptcy liens. As additional protection, Fund-Ex and SBA will continue to receive monthly payments of $6,500 and $455.25, respectively. The monthly payments started in March. A final hearing is scheduled for August 5. About Elements UES Elements UES, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10033) on January 12, 2025, listing between $1 million and $10 million in both assets and liabilities. Andrea Fornarola Hunsberger, president and chief executive officer of Elements UES, signed the petition. Judge Michael E. Wiles presides over the case. Ralph E. Preite, Esq., at Cullen and Dykman, LLP represents the Debtor as legal counsel. Fund-Ex Solutions Group, as secured creditor, is represented by: Michele K. Jaspan, Esq. Chuhak & Tecson, P.C. 265 Sunrise Highway, Suite 50 Rockville Centre, NY 11570 Phone: (646) 532-4636 / (646) 532-4621 Fax: (516) 599-0889 mjaspan@chuhak.com ELLUCIAN HOLDINGS: Moody's Affirms B3 CFR, Outlook Remains Stable ----------------------------------------------------------------- Moody's Ratings has affirmed Ellucian Holdings Inc.'s (Ellucian) corporate family rating at B3 and probability of default rating at B3-PD in connection with the company's proposed dividend recapitalization transaction. At the same time, Moody's also affirmed the B2 rating on the company's first-lien senior secured bank credit facilities due 2029, which comprises a $200.5 million revolving credit facility and a $1.75 billion term loan B (pro forma for the approximately $150 million proposed add-on). Moody's also affirmed the B2 rating on the company's $700 million senior secured notes due 2029, and the Caa2 rating on the $585 million senior secured second-lien term loan due 2032. The outlook remains stable. Ellucian is a Virginia-based provider of software and services to the higher education industry. The proceeds from the incremental first-lien term loan add-on will be allocated to fund a distribution to shareholders. Moody's notes that this sponsor-friendly transaction follows closely after Ellucian paid a $475 million sponsor distribution in November 2024. The transaction is credit negative and pressures the rating but Moody's affirmed the B3 CFR and maintained a stable outlook, despite the pro forma increase in debt/EBITDA leverage to approximately 9.1x from 8.7x for the twelve months ended March 31, 2025 because Moody's expects the company will be able to reduce its financial leverage through sustained growth and margin improvement. These leverage measures are similar to those observed in November 2024, following Ellucian's first dividend recapitalization transaction since the company was acquired by its current sponsors in a leveraged buyout in late 2021. However, the timing of the recapitalization raises concerns, given significant uncertainties in the regulatory environment under the new administration, which is causing delays in decision-making and complicating approval processes for some EdTech providers. It remains unclear whether these factors will impact Ellucian's ability to secure new contracts and potentially affect net retention rates. Nonetheless, considering the mission-critical nature of Ellucian's solutions and the ongoing transition by educational institutions toward SaaS to manage costs and cybersecurity needs, Moody's anticipates the company will sustain organic revenue growth of 3-5% over the next 12 to 18 months. Moody's projects Ellucian's debt/EBITDA will decrease to around 8.0x by end of 2026, with interest coverage, measured by EBITDA-Capex/interest expense, remaining above 1.5x. RATINGS RATIONALE Ellucian's B3 CFR is constrained by the company's: (1) very high pro forma debt/EBITDA (based on Moody's calculations) leverage of around 9.1x for the twelve months ended March 31, 2025, which Moody's projects will decline towards 8.0x over the next 12 to 18 months; (2) an aggressive financial strategy under financial sponsor ownership that delays the pace of deleveraging; (3) narrow market focus and revenue concentration within the US higher-education market that faces budgetary pressures and enrollment challenges; (4) ongoing competitive pressures from large enterprise and niche higher-education software providers in a rapidly evolving education technology landscape; and (5) revenue and cash flow volatility from the transition of customers to a SaaS subscription revenue model. The rating is supported by: (1) the mission-critical nature of the company's solutions and its strong niche position as a provider of student information system (SIS), full enterprise resource planning (ERP) and customer relationship management (CRM) software to the US higher education market; (2) growing operating scale and good recurring revenue generated from a diversified customer base, with customer retention rates that Moody's expects will remain in a high-90% range; (3) high EBITDA margins (based on Moody's adjustments) that Moody's anticipates will remain in the low 30% range over the next 12 to 18 months; (4) rapidly growing SaaS revenue that increases revenue visibility; (5) Moody's expectations the company will maintain at least adequate liquidity over the next 12 to 15 months. Moody's expects Ellucian to have adequate liquidity over the next 12 to 15 months. Pro forma at close, sources of liquidity consist of cash balances of around $86 million as of March 31, 2025 and full access to its $200.5 million senior secured revolving credit facility due 2029. The size of the revolver is modest relative to annual interest expenses, taxes and capital expenditures. The company's business shows a distinct seasonality, correlating with the onset of the new academic year in the fall. This is when the company gathers payments from its education-based clients. Moody's projects the company will have moderate first-half drawings under its revolver, which will be paid down in the third quarter. Despite the expected increase in debt service costs following the dividend recapitalization transactions and the expiration of the interest hedge contract in 2025, Moody's projects that Ellucian will generate annual free cash flow of at least $70 million over the next 12 to 18 months. Moody's believes that all available liquidity sources to the company provide adequate coverage relative to the annual mandatory term loan amortization of approximately $17.5 million, paid quarterly. The company's access to the revolver is subject to a consolidated first-lien net leverage covenant ratio, set at 9.75x, whenever revolver borrowings are greater than 40% of the total commitment (approximately $80.2 million). The covenant is for the benefit of revolver lenders only. Moody's expects that Ellucian will maintain covenant compliance over the next 12 to 15 months, with a comfortable cushion, should the covenant be tested. The B2 first-lien senior secured debt ratings (revolver, term loan, notes) are positioned one notch above the company's B3 CFR, reflecting their priority position in the capital structure that benefit from loss absorption provided by the second-lien term loan and non-debt obligations. The senior secured first-lien credit facility is secured by a first-priority perfected lien on substantially all of the present and future acquired assets of the borrower and the guarantors. The Caa2 second-lien senior secured term loan rating is two notches below the company's B3 CFR, reflecting its junior ranking and lien subordination to the first-lien credit facility and notes. The second-lien term loan is secured on a second priority basis by the same collateral securing the first lien credit facility and notes. The stable outlook reflects Moody's expectations for steadily improving financial performance, declining debt/EBITDA and adequate liquidity. The company should realize EBITDA margin expansion from positive top-line growth and lower one-time expenses, which Moody's expects to drive the company's debt/EBITDA to around 8.0x by end of 2026. The stable outlook assumes the company will abstain from issuing additional debt for subsequent shareholder distributions or acquisitions until leverage is reduced to a level that aligns with a B3 rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade Ellucian's ratings if the company can sustain positive organic revenue growth and margin expansion, and improve its liquidity. Metrics that could support a higher rating include debt/EBITDA below 6.5x, EBITDA-Capex/interest expense above 1.5x, and free cash flow-to-debt sustained at 5% or better. Moody's could downgrade Ellucian's ratings if revenue growth slows, liquidity weakens, or free cash flow approaches breakeven. The ratings could also be downgraded if operating challenges or more aggressive financial policy leads to debt/EBITDA sustained above 9.0x or EBITDA-Capex/interest expense falls below 1.25x. The principal methodology used in these ratings was Software published in June 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Ellucian, a provider and host of administrative ERP and SIS to a wide range of higher education institutions, including universities, community colleges, and technical schools. Product offerings, deployed on premise or in the cloud via SaaS or managed cloud models, include software for human resources, finance and accounting functions, student transcript data and course registration and, to a smaller extent, student-lifecycle management. Moody's expects Ellucian's annual revenue to approach $1.1 billion in 2025. The company is majority owned by affiliates of Blackstone Inc and Vista Equity Partners. ENERGY FOCUS: All Proposals Approved at Annual Meeting ------------------------------------------------------ Energy Focus, Inc. held its annual meeting of the stockholders for its fiscal year ended December 31, 2024. Four proposals were voted on at the Annual Meeting and the stockholder votes on each such proposal, as certified by the inspector of elections for the Annual Meeting. These proposals are described in further detail in the Company's Definitive Proxy Statement filed with the Securities and Exchange Commission on April 28, 2025. As of April 15, 2025, the record date for the Annual Meeting, there were 5,364,368 shares of Common Stock, par value $0.0001 per share, entitled to one vote per share and 876,447 shares of the Company's Series A Convertible Preferred Stock, par value $0.0001 per share, entitled to 0.01582 of a vote per share issued, outstanding and entitled to vote. Holders of 4,061,345 shares of the Company's Common Stock and Series A Convertible Preferred Stock were present in person or by proxy at the Annual Meeting, representing 75.51% of the voting power of the Company's stockholders were represented at the meeting. With respect to the proposals, the results of the voting were as follows: Proposal 1: Election of Directors: 1. Kin-Fu Chen * Votes For: 3,681,120 * Votes Withheld: 26,557 * Broker Non-Votes: 353,668 2. Jay (Chiao-Chieh) Huang * Votes For: 3,681,793 * Votes Withheld: 25,884 * Broker Non-Votes: 353,668 3. Wen-Jeng Chang * Votes For: 3,681,120 * Votes Withheld: 26,557 * Broker Non-Votes: 353,668 4. Shou-Jang Lee * Votes For: 3,681,120 * Votes Withheld: 26,557 * Broker Non-Votes: 353,668 5. Chao-Jen Huang * Votes For: 3,679,885 * Votes Withheld: 27,792 * Broker Non-Votes: 353,668 6. Wen-Cheng Chen * Votes For: 3,681,120 * Votes Withheld: 26,557 * Broker Non-Votes: 353,668 7. Gina (Mei-Yun) Huang * Votes For: 3,681,772 * Votes Withheld: 25,905 * Broker Non-Votes: 353,668 The seven directors were elected to serve until the next annual meeting or until their respective successors are duly elected or appointed. Proposal 2: Ratification of the appointment of GBQ Partners LLC as the Company's independent registered public accounting firm for the year ending December 31, 2025: * Votes For: 3,905,706 * Votes Against: 154,432 * Abstain: 1,207 Ratification of the appointment of GBQ Partners LLC as the Company's independent registered public accounting firm for the year ending December 31, 2025 was approved and adopted. Proposal 3: Approval, on an advisory basis, of the compensation of the Company's named executive officers: * Votes For: 3,197,023 * Votes Against: 32,897 * Abstain: 477,757 * Broker Non-Votes: 353,668 The compensation of the Company's named executive officers was approved and adopted. Proposal 4: Approval, on an advisory basis, of the frequency of future advisory votes on compensation of the Company's named executive officers: * 1 Year: 114,096 * 2 Years: 3,086,337 * 3 Years: 483,029 * Abstain: 24,215 Conducting stockholder advisory votes on named executive officer compensation for every two years was approved and adopted. About Energy Focus Solon, Ohio-based Energy Focus -- http://www.energyfocus.com-- engages primarily in the design, development, manufacturing, marketing, and sale of energy-efficient lighting systems and controls. The Company develops, markets, and sells high-quality light-emitting diode ("LED") lighting and controls products in the commercial market and military maritime market. Columbus, Ohio-based GBQ Partners, LLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated Mar. 25, 2025, attached in the Company's Annual Report on Form 10-K for the year ended Dec. 25, 2024, citing that the Company has suffered recurring losses from operations and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. EPIC CRUDE: Moody's Rates Repriced $1.2BB First Lien Loan 'Ba3' --------------------------------------------------------------- Moody's Ratings assigned a Ba3 rating to EPIC Crude Services, LP's (EPIC Crude) repriced $1,200 million backed senior secured 1st lien term loan due 2031. EPIC's other ratings, including its Ba3 Corporate Family Rating, and stable outlook were unchanged. Concurrently the company will prepay $80 million of the term loan with cash on balance sheet. On a proforma basis, company credit metrics are expected to remain in line with Moody's expectations for the rating. RATINGS RATIONALE EPIC Crude's Ba3 CFR reflects its solid business risk profile supported by Minimum Volume Commitments (MVC), management's plans to reduce financial net leverage to below 4x and, support from its strategic shipper partners through long-term volume commitments. The company's contractual position provides strong visibility on projected free cash flow and deleveraging. Existing minimum volume commitments (MVC) and dedication contracts account for 75-85% of pipeline capacity through 2027. The ratings are still constrained by the company's relative small scale compared to peers in the category and exposure to medium term re-contracting risks. Longer-term demand for crude transportation depends on production volumes in the Permian, transportation capacity from alternative pipelines and potential development of competing export facilities on the US Gulf Coast. The stable outlook reflects the company's MVCs and strong revenue visibility provided to 2026, supportive market fundamentals since Corpus Christi is one of the primary export outlets for Permian oil and management's plans to prioritize debt reduction. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if EPIC increases revenues and EBITDA while maintaining limited volumetric risk, and demonstrates a solid track record of debt reduction and declining leverage approaching 4.0x. The ratings could be downgraded if the shipper credit quality deteriorates, volumetric risk increases, or the company increases debt to fund expansion projects or distributions. Leverage maintained above 5x could result in a rating downgrade. EPIC Crude Services, LP (a subsidiary of EPIC Crude Holdings, LP), based in Houston, Texas, is a privately owned midstream energy business with oil pipelines running from the Permian and Eagle Ford Basins to Corpus Christi, Texas. EPIC Crude is owned by affiliates of Ares Management Corporation (45%), Diamondback Energy, Inc. (27.5%) and Kinetik Holdings LP (27.5%). The principal methodology used in this rating was Midstream Energy published in February 2022. EPIQ GLOBAL: Moody's Assigns 'B3' CFR, Outlook Stable ----------------------------------------------------- Moody's Ratings assigned a B3 corporate family rating and B3-PD probability of default rating to Epiq Global, Inc. (collectively dba Epiq) and a stable outlook. Concurrently, Moody's affirmed DTI Holdco, Inc.'s senior secured first-lien bank credit facilities, which includes a $200 million revolver due 2029 and a $1.3 billion term loan due 2029, at B3. DTI Holdco, Inc.'s B3 CFR and B3-PD PDR were withdrawn. The outlook on DTI Holdco, Inc. is stable. RATINGS RATIONALE The B3 CFR of Epiq Global, Inc. (dba "Epiq") is constrained by its elevated financial leverage with current debt/EBITDA (including Moody's adjustments and expensing all capitalized software development costs) of about 6.0x as of LTM March 31, 2025. The company's class action and settlement administration business drove the majority of the company's outperformance and EBITDA growth over the last 12 months as a result of a large episodic contract. However, Moody's expects revenue and EBITDA growth to taper back down in 2025 to normalized levels as the positive boost from the contract rolls off. Moody's expects this will lead to slightly increasing leverage in 2025, reverting to a declining trend in 2026. The credit profile also reflects the risks to creditors from the company's elevated debt service cost given the high interest rate environment. The event-driven nature of a portion of Epiq's business, modest EBITDA margins, as well as the risk for debt-funded acquisitions and shareholder distributions also weighs on the ratings. Evolving technologies such as artificial intelligence (AI) could increase competition in the long term, however Moody's don't anticipate a material negative impact in the near term given the company's continued push in growing and utilizing its own AI and tech-enabled tools on its platform over the past few years. The credit profile benefits from the company's position as a leading global alternative legal service provider (ALSP) for corporations and law firms in North America, Europe, Asia, and Australia. High customer retention rates with blue-chip corporate and large law firm clients, and business line diversification are also positive credit considerations. Although Moody's anticipates a slight pullback in near term revenue and EBITDA for 2025, Moody's expects operations to remain strong for the company with forward looking revenue growth to revert back to the low to mid single-digit range in 2026, driven by positive long-term industry trends such as increased legal spend and outsourcing to ALSP's by law firms, as well as through existing and new customer bookings. Moody's views Epiq's liquidity profile as good, supported by the company's $200 million revolving credit facility and cash balance of over $100 million as of March 31, 2025. Moody's also expects the company may at times draw on its revolver throughout the year for working capital needs, paying it down towards the end of the year from internally generated cash. Epiq also has additional support in the form of a $100 million accounts receivable securitization facility due 2028 (unrated by us) that has $50 million of availability following the company's recent $50 million repayment during Q2 2025. The company's cash flow generation has improved in 2024 and going forward Moody's expects Epiq will generate annual free cash flow of around 2% to 3% of total debt during the next 12 to 15 months. These cash sources provide good coverage for required annual term loan amortization of approximately $13 million, paid quarterly. There are no financial maintenance covenants applicable to the term loans, but the revolver is subject to a springing maximum first-lien net leverage ratio of 7.4x, tested quarterly if the amount of revolver usage exceeds more than 35% ($70 million) of the committed amount. Moody's expects the company to maintain covenant compliance over the next 12-15 months if the covenant utilization threshold is triggered. Debt capital consists of a $200 million senior secured first-lien revolving credit facility expiring January of 2029 and a $1.3 billion senior secured first-lien term loan due April 2029.The B3 ratings on Epiq's senior secured first-lien revolver and term loan are in line with the company's B3 CFR as there is no other material debt in the capital structure. The credit facility is secured jointly and severally by perfected first-priority security interests in substantially all the personal property of the borrower and each guarantor, first priority mortgages on material fee-owned real property of the borrower and each guarantor, and all proceeds and products of the property and assets. The credit facility is unconditionally guaranteed on a secured, first-priority basis by its direct parent (DTI Intermediate Sub, Inc.) and all of the borrower's present and future, direct and indirect domestic restricted subsidiaries. The stable outlook reflects Moody's expectations that Epiq's credit metrics will weaken slightly in 2025 due to the roll-off of a large and profitable contract in the company's ECAR segment. However, Moody's expects overall leverage metrics to remain strong in the 6.0x range with EBITDA margins approaching 20% over the next 18 months (including Moody's adjustments). Moody's also expects the company will maintain good liquidity and generate positive free cash flow in 2025. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company sustains debt/EBITDA leverage under 6.0x. A ratings upgrade would also require Moody's expectations of continued revenue and EBITDA growth, as well as sustained FCF/debt of over 5%. The ratings could be downgraded if Moody's expects Epiq's debt/EBITDA leverage to be sustained above 7.5x or if liquidity weakens. The ratings could also be downgraded if Moody's expects sustained negative free cash flow generation, or if profitability declines materially. Epiq Global, Inc., which is the direct parent of DTI Intermediate Sub, Inc., is the audited entity, but it does not guarantee the debt instruments. The rated debts are issued by DTI Holdco, Inc. (the borrower). Although Epiq Global, Inc. does not guarantee the rated debts, since it has no assets other than its material ownership of the borrower's direct parent, DTI Intermediate Sub, Inc., which has no assets other than its 100% ownership in the borrower, Moody's considers the Epiq Global, Inc. financial statements as fully and fairly representative of the borrower. 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. Headquartered in New York City and majority owned by an investor group controlled by OMERS Private Equity, Inc., Harvest Partners, L.P., and management, Epiq is a leading global alternative legal service provider that offers litigation and administrative support services for corporations and law firms in North America, Europe, Asia and Australia. The company is organized across three segments across the entirety of the ALSP market, including Legal Solutions, Epiq Class Action and Restructuring (ECAR), and global business transformation services (GBTS). In the Legal Solutions segment, Epiq provides legal advisory, electronic discovery services (eDiscovery), data management, flexible legal talent, and document review solutions. The ECAR segment consists of claims administration services to law firms, trustees, and debtors to support legal settlements & restructuring. Epiq's GBTS segment consists of managed services to law firms and other businesses. The company generated total revenue of approximately $1.3 billion during the LTM period ended March 31, 2025. EUGENIO MARIA: Moody's Affirms 'Ba1' Revenue Bond Rating -------------------------------------------------------- Moody's Ratings has affirmed Eugenio Maria de Hostos Charter School (EMHCS), NY's Ba1 revenue bond rating. The outlook is stable. EMHCS has approximately $52.4 million in outstanding revenue-backed debt. RATINGS RATIONALE The Ba1 rating reflects the school's moderately-sized operating scale and satisfactory competitive position as a long-term provider of alternative bilingual K-12 education for students in and around the City of Rochester, NY (A1 stable). Enrollment trends are positive though continued growth is needed for the school to reach full capacity. The rating also factors management's track record of conservative financial planning and performance, which has helped maintain robust operational liquidity. Management estimates closing the current 2025 fiscal year with approximately $10.6 million in spendable liquidity, equal to approximately 213 days cash on hand. Fiscal 2025 debt service coverage is projected at roughly 1.3x. The school faces ongoing credit challenges, including the need to enhance academic outcomes and boost student and staff retention. Although EMHCS's ongoing capital projects that it financed with revenue bonds have significantly increase its debt levels, the anticipated improvements to school facilities should enhance enrollment demand. Moody's credit assessment also considers EMHCS's relatively low charter renewal risk, supported by its consistent history of charter renewals from its authorizer, including a recent 5-year renewal of its charter through June 30, 2030. RATING OUTLOOK The stable outlook reflects Moody's expectations that the school will successfully manage its ongoing capital projects resulting in steady to improved student enrollment while also maintaining healthy financial operations and spendable cash levels. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Sustained strengthening of competitive considerations including enrollment and waitlist growth and improved academic performance -- Maintenance of cash levels exceeding 200 days of annual operations, operating margins of over 20%, with debt service coverage consistently over 1.5x -- Material reduction to the school's debt leverage FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Inability to meet enrollment targets or significant weakening of academic performance -- Deterioration to the school's annual days cash, or a material narrowing of operating margins or debt service coverage -- Further increases to the school's debt leverage PROFILE Eugenio Maria de Hostos Charter School (EMHCS) is a non-profit charter school located in the City of Rochester, NY. The school was authorized in 2000 by the New York State Board of Regents and operates a pursuant to a charter contract with the State University of New York (SUNY, Aa2 stable). EMHCS is governed by a ten-member board of trustees and provides bilingual education to roughly 1,000 students in grades K-12. The school currently operates under a five-year charter contract with its authorizer which has been approved/renewed six times and is currently valid through June 30, 2030. METHODOLOGY The principal methodology used in these ratings was US Charter Schools published in April 2024. EVERI HOLDINGS: S&P Withdraws 'BB-' ICR Following Acquisition ------------------------------------------------------------- S&P Global Ratings withdrew all its ratings on Everi Holdings Inc., including the 'BB-' issuer credit rating, which was on CreditWatch with negative implications, upon the completion of the company's acquisition by funds managed by Apollo affiliates. Concurrent with the closing of the transaction, Everi fully repaid all outstanding debt under its existing credit agreement and terminated it. In addition, on July 1, 2025, Everi irrevocably deposited with the trustee for the noteholders sufficient funds to redeem its outstanding unsecured notes. As a result, its obligations under the notes indenture have been discharged, and the company no longer has any rated debt outstanding. FASHIONABLE INC: Gets OK to Use Cash Collateral Until Aug. 29 ------------------------------------------------------------- Fashionable, Inc. received another extension from the U.S. Bankruptcy Court for the Middle District of Tennessee, Nashville Division, to use cash collateral. The order authorized the Debtor's interim use of cash collateral to pay its operating expenses from June 27 to August 29. CFT Clear Finance Technology Corp. and other lienholders will be granted replacement liens on all property acquired by the Debtor after the petition date, with the same priority as their pre-bankruptcy liens. As additional protection, CFT will continue to receive biweekly payments of $10,000, subject to disgorgement pursuant to further order of the court. The next hearing is scheduled for August 26. CFT is represented by: Justin Sveadas, Esq. Baker, Donelson, Bearman, Caldwell & Berkowitz, PC 633 Chestnut Street, Suite 1900 Chattanooga, TN 37450 Phone: 423.209.4184 Fax: 423.752.9589 jsveadas@bakerdonelson.com About Fashionable Inc. Fashionable, Inc., doing business as ABLE, is a Nashville-based women's clothing and accessories brand offering a thoughtfully curated range of apparel, leather goods, jewelry, and footwear. Fashionable sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-01501) on April 8, 2025, listing between $1 million and $10 million in both assets and liabilities. Misti Blasko, chief executive officer of fashionable, signed the petition. Judge Randal S. Mashburn oversees the case. R. Alex Payne, Esq., at Dunham Hildebrand Payne Waldron, PLLC is the Debtor's legal counsel. FLAGSHIP RESORT: Committee Taps Cole Schotz P.C. as Legal Counsel ----------------------------------------------------------------- The official committee of unsecured creditors of Flagship Resort Development Corporation seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Cole Schotz P.C. as counsel. The firm's services include: (a) advising the Committee with respect to its rights, duties and powers in this Chapter 11 Case; (b) assisting and advising the Committee in its consultations with the Debtor relative to the administration of this Chapter 11 Case; (c) assisting the Committee in analyzing the claims of the Debtor's creditors and in negotiating with holders of claims and equity interests; (d) assisting the Committee in its investigation of the Debtor's acts, conduct, assets, liabilities and financial condition, and of the operation of the Debtor's business; (e) assisting the Committee in its analysis of, and negotiations with, the Debtor or any third party concerning matters related to, among other things, asset dispositions and the terms of a plan of reorganization or liquidation for the Debtor and accompanying disclosure statement and related plan documents; (f) assisting and advising the Committee in communicating with unsecured creditors regarding significant matters in this Chapter 11 case; (g) representing the Committee at hearings and other proceedings; (h) reviewing and analyzing applications, orders, statements of operations and schedules filed with the Court and advise the Committee as to their propriety; (i) preparing, on behalf of the Committee, any pleadings, including without limitation, motions, memoranda, complaints, objections, or comments in connection with any of the foregoing as may be necessary in furtherance of the Committee's interests and objectives; and (j) performing such other legal services as may be required or are otherwise deemed to be in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules or other applicable law. The firm will be paid at these rates: Members $615 to $1,475 per hour Special Counsel $625 to $840 per hour Associates $380 to $675 per hour Paralegals $315 to $460 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The following is provided in response Paragraph D.1. of the U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Cole Schotz professionals working on this matter will bill at their standard hourly rates. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: Cole Schotz did not represent the Committee during the 12 months preceding the filing of the Chapter 11 Case. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: Cole Schotz expects to develop a prospective budget and staffing plan to reasonably comply with the U.S. Trustee's request for information and additional disclosures, as to which Cole Schotz reserves all rights. WARREN A. USATINE, Esq., an attorney at Cole Schotz, 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: WARREN A. USATINE, Esq. Cole Schotz, P.C. 500 Delaware Avenue, Suite 1410 Wilmington, Delaware 19801 Telephone: (302) 652-3131 Facsimile: (302) 652-3117 Email: jalberto@coleschotz.com About Flagship Resort Development Flagship Resort Development Corporation, a privately held hospitality and resort development company based in New Jersey, specializes in timeshare vacation ownership in the Atlantic City region. It operates 774 living units across three properties -- Flagship All-Suites Resort, Atlantic Palace, and La Sammana Resort -- offering a mix of deeded timeshare interests, club memberships, and exchange-based travel benefits. The company is a wholly owned subsidiary of FantaSea Resorts Group, Inc. Flagship Resort Development Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-15047) on May 10, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million. Honorable Bankruptcy Judge Jerrold N. Poslusny Jr. handles the case. The Debtor is represented by Warren J. Martin Jr., Esq. at Porzio, Bromberg & Newman, P.C. Kroll Restructuring Administration LLC is the Debtor's Notice, claims, solicitation, balloting and administrative agent. FLAGSHIP RESORT: Committee Taps IslandDundon as Financial Advisor ----------------------------------------------------------------- The official committee of unsecured creditors of Flagship Resort Development Corporation seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ IslandDundon LLC as financial advisor. The firm will provide these services: a. assist in the analysis, review, and monitoring of the restructuring process, including, but not limited to, an assessment of the unsecured claims pool and potential recoveries for unsecured creditors; b. develop a complete understanding of the Debtors' businesses and their valuations; c. determine whether there are viable alternative paths for the disposition of the Debtors' assets from those currently or in the future proposed by any Debtor; d. monitor and, to the extent appropriate, assist the Debtors in efforts to develop and solicit transactions that would support unsecured creditor recovery; e. assist the Committee in identifying, valuing, and pursuing estate causes of action, including, but not limited to, relating to prepetition transactions, control person liability, and lender liability; f. assist the Committee to analyze, classify and address claims against the Debtors and to participate effectively in any effort in these chapter 11 cases to estimate, in any formal or informal sense, contingent, unliquidated, and disputed claims; g. assist the Committee to identify, preserve, value, and monetize tax assets of the Debtors, if any; h. advise the Committee in negotiations with the Debtors, certain of the Debtors' lenders, and third parties; i. assist the Committee in reviewing the Debtors' financial reports; j. assist the Committee in reviewing the Debtors' cost/benefit analysis with respect to the assumption or rejection of various executory contracts and leases; k. review and provide analysis of the present and any subsequently proposed debtor-in-possession financing or use of cash collateral; l. assist the Committee in evaluating and analyzing avoidance actions, including fraudulent conveyances and preferential transfers; m. assist the Committee in investigating alleged encumbrances upon assets; n. review and provide analysis of any proposed disclosure statement and chapter 11 plan and, if appropriate, assist the Committee in developing an alternative chapter 11 plan; o. attend meetings and assist in discussions with the Committee, the Debtors, the secured lenders, the U.S. Trustee and other parties in interest and professionals; p. present at meetings of the Committee, as well as meetings with other key stakeholders and parties; q. perform such other advisory services for the Committee as may be necessary or proper in these proceedings, subject to the aforementioned scope; and r. provide testimony on behalf of the Committee as and when may be deemed appropriate. IslandDundon proposes to render its services on an hourly fee basis as follows: Through and including June 30, 2025 Principal $960 Managing Director $850 Senior Adviser $850 Senior Director $755 Director $700 Associate Director $590 Senior Associate $485 Associate $350 From and after July 1, 2025: Principal $1,090 Managing Director $960 Senior Adviser $960 Senior Director $850 Director $755 Associate Director $650 Senior Associate $495 Associate $350 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Joshua Nahas, a principal at Dundon Advisers, disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joshua Nahas Dundon Advisers, LLC Ten Bank Street, Suite 1100 White Plains, NY 10606 Telephone: (917) 650-2968 Email: jn@dundon.com About Flagship Resort Development Flagship Resort Development Corporation, a privately held hospitality and resort development company based in New Jersey, specializes in timeshare vacation ownership in the Atlantic City region. It operates 774 living units across three properties -- Flagship All-Suites Resort, Atlantic Palace, and La Sammana Resort -- offering a mix of deeded timeshare interests, club memberships, and exchange-based travel benefits. The company is a wholly owned subsidiary of FantaSea Resorts Group, Inc. Flagship Resort Development Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-15047) on May 10, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million. Honorable Bankruptcy Judge Jerrold N. Poslusny Jr. handles the case. The Debtor is represented by Warren J. Martin Jr., Esq. at Porzio, Bromberg & Newman, P.C. Kroll Restructuring Administration LLC is the Debtor's Notice, claims, solicitation, balloting and administrative agent. GABHALTAIS TEAGHLAIGH: Gets OK to Use Cash Collateral Until Aug. 7 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Massachusetts issued an interim order authorizing Gabhaltais Teaghlaigh, LLC to use cash collateral until August 7. The interim order authorized the Debtor to use cash collateral in the ordinary course of business as per the budget, with a 10% variance on any line item. As protection for the Debtor's use of their cash collateral, OHP, LLC and Synergy Funding, LLP will be granted replacement liens on the same property securing the Debtor's obligations to the secured creditors. The replacement liens do not apply to any Chapter 5 causes of action and the proceeds, thereof. A further hearing is scheduled for August 7. About Gabhaltais Teaghlaigh LLC Gabhaltais Teaghlaigh, LLC is a real estate rental company that immediately prior to the petition date, owned six residential or commercial properties. Gabhaltais Teaghlaigh sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 22-10839) on June 15, 2022. In the petition filed by Virginia Hung, as member, Gabaltais Teaghlaigh listed under $50,000 in both assets and liabilities. Judge Elizabeth D. Katz oversees the case. David G. Baker, Esq., at Baker Law Offices is the Debtor's bankruptcy counsel. Synergy Funding is represented by: Alex F. Mattera, Esq. Pierce Atwood, LLP 100 Summer Street, 22nd Floor Boston, MA 02110 Telephone: (617) 488-8112 amattera@pierceatwood.com GANDY'S TRANSPORT: Court Extends Cash Collateral Access to Sept. 29 ------------------------------------------------------------------- Gandy's Transport, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral. The fifth interim order authorized the Debtor to use cash collateral until September 29 to pay ordinary and necessary business expenses as set forth in its budget. The interim order includes provisions granting secured creditors replacement liens on the Debtor's property and requiring the Debtor to keep the collateral held by secured creditors insured. The replacement liens do not apply to any Chapter 5 causes of action and the proceeds thereof. The Debtor's authority to use cash collateral will terminate on September 29 or upon the occurrence of certain events, including the entry of an order dismissing or converting its Chapter 11 case to one under Chapter 7 and violation by the Debtor of the interim order. A copy of the court's order and the budget is available at https://shorturl.at/8i0bj from PacerMonitor.com. A final hearing is scheduled for September 24. The Debtor receives its income from servicing its customers and making deliveries to either grocery stores or distribution centers. Mitsubishi HC Capital America, Inc., Balboa Capital Corp., Huntington National Bank, Navitas Credit Corp., Tandem Finance, Inc. and Pawnee Leasing Corp. may hold liens on various equipment while Transport Factoring, Inc., doing business as Traffic Service Bureau, may have a lien on all of the Debtor's unencumbered assets. These liens may constitute cash collateral. The Debtor believes only Transport Factoring may have a lien on its cash or income. Mitsubishi is represented by: James W. King, Esq. Offerman & King LLP 6420 Wellington Place Beaumont, TX 77706 Telephone: (409) 860-9000 Facsimile: (409) 860-9199 Balboa Capital is represented by: Mark W. Stout, Esq. Owen C. Babcock, Esq. Jessica N. Alt, Esq. Padfield & Stout, LLP 100 Throckmorton Street, Suite 700 Fort Worth, TX 76102 Telephone: 817-338-1616 Facsimile: 817-338-1610 abp@padfieldstout.com obabcock@padfieldstout.com jalt@padfieldstout.com About Gandy's Transport Gandy's Transport, LLC is a transportation company that specializes in freight and logistics services. Based in Fort Worth, Texas, the company operates within the trucking industry, providing reliable transport solutions for various goods and cargo. Gandy's Transport sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 24-43354) on September 19, 2024, listing under $1 million in both assets and liabilities. Judge Edward L. Morris oversees the case. M. Jermaine Watson, Esq. -- jwatson@canteyhanger.com -- at Cantey Hanger LLP, serves as the Debtor's legal counsel. GC FERRY I: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable ------------------------------------------------------------ Fitch Ratings has assigned a Long-Term Issuer Default Rating (IDR) of 'BB-' to GC Ferry Acquisition I, Inc. (GCF). The Rating Outlook is Stable. Fitch has also assigned expected ratings of 'BB-(EXP)' to the company's proposed $2.05 billion senior secured term loan, $450 million revolving credit facility (RCF), and $350 million delayed draw term loan (DDTL). The coupons and final maturities will be determined at the time of issuance. The rating actions are in connection with Genstar Capital's announced plans to take a majority ownership position in First Eagle Holdings, Inc. (First Eagle; BB-/Stable). As part of the transaction, Genstar established GCF as a merger vehicle which will be the initial borrower of the proposed debt. GCF's IDR is equalized with that of First Eagle. Fitch expects to assign final debt ratings following the close of the transaction and receipt of final documents. Key Rating Drivers GCF's Long-Term IDR is equalized with First Eagle, which reflects GCF's role as a shell merger vehicle established to facilitate the acquisition and financing of the Genstar Capital transaction. Upon closing of the transaction, which is expected in the second half of 2025, GCF will be merged into First Eagle, which will continue as the surviving entity and become the new borrower of the outstanding debt. At that point, the ratings assigned to GCF will be withdrawn. First Eagle's ratings reflect its long-tenured franchise as an investment manager (IM), solid investment performance within its public market funds, experienced management team, and above-average fee-based EBITDA (FEBITDA) margins. Ratings constraints include First Eagle's elevated leverage, weaker interest coverage, smaller but growing platform scale and diversity relative to peers. Constraints also include net asset value (NAV)-based fees, which increase FEBITDA volatility, and the company's private equity ownership, which introduces some uncertainty around financial policies and strategic objectives. As part of the transaction, which was announced in March 2025, First Eagle's existing debt will be refinanced and replaced with the proposed term loan, DDTL and RCF issued by GCF. Both the DDTL and RCF will be initially undrawn. The Stable Outlook reflects Fitch's expectation that First Eagle's strategic initiatives will be supportive of continued solid operating performance, which should lead to gradual deleveraging and improvement in interest coverage. Fitch also expects First Eagle to continue executing on its business and investment strategies such that it leads to further diversification of product offerings and supports greater consistency of customer net flows. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Negative rating sensitivities for First Eagle include: - A sustained increase in cash flow leverage above 6.0x; - Failure to sustainably improve interest coverage above 2.5x or a notable decline in available liquidity; - Sustained material investment underperformance or meaningful long-term AUM outflows; and/or - A material deviation in the investment or operational strategy such that it leads to a more substantial balance sheet exposure or funding risks. The rating assigned to GCF is linked to the IDR of First Eagle and is, therefore, expected to move in tandem. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Positive rating sensitivities for First Eagle include: - A sustained improvement in reported cash flow leverage below 4.5x; - Sustained interest coverage above 4.5x; - Favorable investment performance and sustained improvements of net flows, in particular long-term net client flows; and/or - Sound execution against management's business plan and financial targets, in particular pertaining to FEBITDA generation and AUM. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The expected secured debt ratings are equalized with GCF's Long-Term IDR, reflecting the current funding mix and Fitch's expectations for average recovery prospects under a stressed scenario. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The expected secured debt rating is primarily sensitive to changes in GCF's Long-Term IDR, and secondarily to material changes in funding mix or changes in Fitch's assessment of the recovery prospects for the debt instrument. Public Ratings with Credit Linkage to other ratings The rating assigned to GCF is equalized with First Eagle's IDR and is expected to move in tandem. ESG Considerations First Eagle has an ESG Relevance Score of '4' for Governance Structure due to private equity ownership, which may result in more opportunistic growth strategies or shareholder-friendly financial policies, which has a negative impact on the credit profile and is highly relevant to the ratings resulting in a lower Long-Term IDR. 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 ----------- ------ GC Ferry Acquisition I, Inc. LT IDR BB- New Rating senior secured LT BB-(EXP) Expected Rating GIUSEPPE AND THE LION: Gets Final OK to Use Cash Collateral ----------------------------------------------------------- Giuseppe and the Lion, Inc. received final approval from the U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division to use cash collateral. The order signed by Judge Caryl Delano authorized the Debtor's final use of cash collateral to pay the amounts expressly authorized by the court, including Subchapter V trustee interim compensation; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts expressly approved in writing by secured creditors. As protection, secured creditors will receive post-petition liens on the cash collateral and all other assets acquired by the Debtor after the petition date, to the same extent and with the same validity and priority as their pre-bankruptcy liens. In addition, the Debtor was ordered to maintain insurance as required under its loan agreements with the secured creditors. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/GYlnL from PacerMonitor.com. About Giuseppe And The Lion Inc. Giuseppe And The Lion, Inc. operates an Italian and sushi restaurant in Naples, Florida, offering live entertainment alongside its dining experience. Established in 1991, the restaurant blends Italian and Japanese cuisines, serving signature dishes such as Chicken and Artichoke Hearts Pasta and Pasta Bayou. It has become a popular destination for both locals and visitors. Giuseppe And The Lion sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00871) on May 5, 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 Caryl E. Delano handles the case. The Debtor is represented by Michael Dal Lago, Esq., at Dal Lago Law. GLASS MANAGEMENT: Court Extends Cash Collateral Access to July 31 ----------------------------------------------------------------- Glass Management Services, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use the cash collateral of Old National Bank. The court extended the Debtor's authority to use cash collateral from June 30 to July 31 to pay the expenses set forth in its budget, plus an amount not to exceed 10% for each line item. The Debtor projects total operational expenses of $207,828.51. Old National Bank's interest in the assets will be protected by replacement liens on post-petition assets, according to the interim order penned by Judge Janet Baer. The bank will also be granted a superpriority administrative expense claim in case of diminution in value of its collateral and will continue to receive monthly payments of $30,000 from the Debtor, which the bank can automatically debit from the Debtor's account. The monthly payments started in December last year. As further protection, the Debtor was ordered to keep the bank's collateral insured. The next hearing is scheduled for July 30. Old National Bank is the holder of two loans made to the Debtor. The loans are secured by a first priority security interest over all business assets of the Debtor granted to the bank. As of September 25, 2024, the balance due in the aggregate against each of the loans was not less than $4,046,480.56. About Glass Management Glass Management Services, Inc. is a construction contractor based in Illinois, specializing in glazing services. Established with a focus on high-profile projects, the company has been involved in significant developments, including the Obama Presidential Library, Terminal 5 at O'Hare Airport, and multiple Chicago Public Schools and CTA transit stations. Glass Management Services sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-14036) with $3,029,997 in assets and $11,989,444 in liabilities. Ernest B. Edwards, president of Glass Management Services, signed the petition. Judge Janet S. Baer presides the case. David P. Leibowitz, Esq., at Leibowitz, Hiltz & Zanzig, LLC is the Debtor's legal counsel. Old National Bank, as secured creditor, is represented by: Adam B. Rome, Esq. Greiman, Rome, & Griesmeyer, LLC 205 W. Randolph St., Ste. 2300 Chicago, IL 60606 Phone: 312-428-2750 arome@grglegal.com GOOD LIFE: Seeks Cash Collateral Access Thru Nov 21 --------------------------------------------------- Good Life, Inc. asked the U.S. Bankruptcy Court for the District of Oregon for authority to use cash collateral. The Debtor's assets include approximately $11,867.11 in bank accounts and $25,670 in accounts receivable, totaling $37,537 in cash collateral at the time of filing. The Debtor intends to use this and future cash collateral pursuant to an operating budget through November 21. The creditors that may assert interests in the cash collateral are Ouiby, Inc. (Kickfurther), Channel Partners Capital, LLC, WebBank (Shopify), and Cascade Prosper, LLC. The Debtor does not intend to use consignment proceeds owed to Kickfurther or Cascade Prosper but proposed to use the remaining funds for essential operations. It requested authority to use up to $515,019 in cash collateral through November 21, including $112,883 needed in the next six weeks for critical expenses such as payroll, utilities, insurance, marketing, and inventory purchases. The Debtor offered adequate protection to secured creditors in the form of regular operating expense payments and actions to preserve the value of their collateral. The proposed orders would allow spending within the budget, with flexibility for minor variances (up to 15% or 12.5% depending on the category). A hearing on the matter is set for July 16. About Good Life Inc. Good Life, Inc. develops and sells ultrasonic bark control and pest repellent products. The company operates through its primary e-commerce site -- ultimatebarkcontrol.com -- and is based in Medford, Oregon. Its offerings include devices such as the Dog Silencer MAX, BarkWise, and Pest Repeller Ultimate. Good Life sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 25-61636) on June 11, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Kathy Alexander, secretary, signed the petition. Judge Thomas M. Renn oversees the case. Keith Y. Boyd, Esq., at Keith Y Boyd, PC, represents the Debtor as legal counsel. GOT KIDZ?: Seeks to Use Cash Collateral --------------------------------------- Got Kidz?, Inc. asks the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, for authority to use cash collateral and provide adequate protection. The Debtor requires the use of cash collateral to fund maintenance and repair of commercial real estate that serves as collateral for a loan held by APEX Mortgage Corp dba APEX Commercial Capital. The Debtor asserts that the use of these funds is essential to its reorganization efforts and requests that the Court schedule a hearing to consider the motion. Notice of the proposed use of cash collateral will be sent to all creditors and interested parties via U.S. Mail or the court's electronic filing system. A hearing on the matter is set for July 31, 2025 at 11 a.m. A copy of the motion is available at https://urlcurt.com/u?l=ZY6bAG from PacerMonitor.com. About Got Kidz? Inc. Got Kidz? Inc. owns two commercial properties totaling roughly 17,000 square feet on a 5.5-acre site at 1581 Fairburn Road in Atlanta, Georgia. Got Kidz? Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55074) on May 6, 2025. In its petition, the Debtor reports total assets of $1,500,000 and total liabilities of $700,000. Judge Jeffery W. Cavender oversees the case. The Debtors are represented by Sims W Gordon Jr., Esq. at THE GORDON LAW FIRM, PC. GREEN COPPERFIELD: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Green Copperfield, LLC d/b/a Trailer King Builders 7130 Pinemont Dr. Houston, TX 77040 Business Description: Green Copperfield, LLC, doing business as Trailer King Builders, designs, manufactures, and modifies custom food trucks and concession trailers. Chapter 11 Petition Date: July 3, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-33860 Judge: Hon. Jeffrey P Norman Debtor's Counsel: Bennett G. Fisher, Esq. LEWIS BRISBOIS 24 Greenway Plaza 1400 Houston TX 77046 Tel: (713) 659-6767 E-mail: bennett.fisher@lewisbrisbois.com Total Assets: $135,933 Total Liabilities: $3,764,017 The petition was signed by Patrick Bolanos as authorized representative of the Debtor. 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/KACCUHI/Green_Copperfield_LLC_dba_Trailer__txsbke-25-33860__0001.0.pdf?mcid=tGE4TAMA HIGHPEAK ENERGY: Fitch Rates New Sr. Unsecured Notes 'B+' --------------------------------------------------------- Fitch Ratings has assigned HighPeak Energy Inc. 's (HPK) proposed senior unsecured notes a 'B+' rating with a Recovery Rating of 'RR3'. Management intends to use the proceeds from the notes offering and incremental borrowings on the new senior secured reserve-based lending (RBL) facility to fully repay the outstanding $1.05 billion senior secured term loan due 2026. Fitch has also affirmed HPK's Long-Term Issuer Default Rating (IDR) at 'B' and assigned a 'BB'/'RR1' rating to its new RBL facility. The Rating Outlook is Stable. HPK's rating reflects its Permian basin assets with high liquid exposure, high netbacks, solid drilling inventory, 12-month hedge book and clear maturity profile following the new issuance. These factors are partially offset by the company's small production size and reserve base. The Stable Outlook reflects Fitch's expectation of continued positive FCF, reduction of RBL borrowings and maintenance of 1.5x mid-cycle EBITDA leverage. Key Rating Drivers Reduced Refinancing Risk: Fitch expects HPK's near-term refinancing risk to decrease following the proposed note issuance and upsized RBL which will be used to fully repay its 2026 term loan. HPK had a cash balance of approximately $52 million at 1Q25 and is projected to have around $385 million available under its upsized $720 million senior secured RBL at closing. Fitch expects the company will maintain adequate liquidity going forward given the agency's expectation for positive FCF aimed at reducing pro forma RBL borrowings. Small but Increased Size: The rating reflects the company's small but increased production size concentrated in the Northern Midland basin. HPK's asset base (approximately 143,000 net acres) includes two large contiguous blocks in Flat Top and Signal Peak, with the opportunity for more than 12,000-foot laterals. The assets are liquids oriented with 53.1 thousand barrels of oil equivalent per day (mboepd) production in 1Q25, with about 86% liquids and about 72% oil. Management has identified about 2,700 total locations in FY24 and estimates 108.1 mmboe total proved developed reserves at FYE 2024. Fitch believes HPK's acreage is less de-risked than other companies, and well results could vary across the region. Reduced Execution Risk: Fitch believes execution risk for HPK's development strategy has eased as production is expected to remain relatively stable around 50 mboepd. In FY24, HPK operated with an average of two drilling rigs and one frac crew, reduced from four rigs in 2023. Management plans to temporarily reduce the rig count from two rigs to one rig from May to August 2025, with the intention of reinstating it in September. This adjustment is expected to result in a minimal change to the 2025 production guidance, adjusting from a range of 47 mboepd to 50.5 mboepd to a new range of 48 mboepd to 50.5 mboepd. Positive FCF: Fitch projects HPK to generate positive FCF over the forecast at Fitch's price assumptions, which is expected to be used to pay down RBL borrowings. The short-term nature of the company's rig contracts means management could scale back its rig count to preserve liquidity in a weakened oil price environment. Fitch expects HPK's decline rate in the high-30% level, which results in Fitch assumed annual capex of $420 million-490 million in the forecast, may pressure the company's FCF generation. The company also continues to evaluate its strategic alternatives to maximize shareholder value, including a potential sale. Improved Near-Term Hedge Book: Fitch believes HPK's current hedging coverage reduces the company's downside risks from weakened commodity prices. The proposed RBL requires a minimum hedging of 50% of forecast proved developed producing of crude oil and gas production for 18 months. HPK has used swaps, collars, and deferred premium puts as its hedging strategy for 2025 and 2026. HPK has around 45% of its oil production hedged at around $65/bbl for the remainder of 2025 and around 80% of its gas hedged at $4.43/mcf for the same period, which Fitch views favorably. 1.5x Leverage Profile: Fitch forecasts HPK's leverage about 1.5x in FY 2025 and throughout the rating horizon. Management has stated its priorities are balance sheet protection and conservative financial policy, reinforced by equity contributions and minimal shareholder returns to-date. Fitch expects further deleveraging over time as the production profile stabilizes and as FCF is used to reduce gross debt in the near term. Peer Analysis HPK is a relatively small, growth-oriented operator with average daily production of approximately 53 mboepd in 1Q25, which is smaller than its Permian peers, Moss Creek Resources Holdings, Inc. (B/Stable; 62.4mboepd in 3Q24), Matador Resources Company (Matador; BB/Stable; 199 mboepd in 1Q25), Crescent Energy Company (BB-/Stable; 258 mboepd in 1Q25), Northern Oil and Gas, Inc. (NOG; B+/Positive; 135 mboepd in 1Q25) and SM Energy Company (BB/Stable; 197 mboepd in 1Q25). In terms of profitability, HPK maintains among the highest Fitch-calculated unhedged netbacks within the peer group given its high oil cut and adequate cost structure. HPK incurs the highest interest expense per barrel among its peers, which should decline alongside reduction of the RBL borrowings. The company's forecast leverage of 1.5x is similar to peers. Key Assumptions - WTI oil price of $65/bbl in 2025, $60/bbl in 2026 and 2027, and $57/bbl thereafter; - Henry Hub natural gas price of $3.60/mcf in 2025, $3.50/mcf in 2026, $3.00/mcf in 2027 and $2.75/mcf thereafter; - Successful unsecured notes issuance and term loan refinancing in 2025 along with an extension and upsizing of the revolver in-line with expectations. - 2025 forecast production around the mid-point of guidance and relatively flat thereafter; - Annual capex of around $420 million-$490 million over the forecast period. Recovery Analysis Key Recovery Rating Assumptions The recovery analysis assumes that HPK Energy would be reorganized as a going-concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. GC Approach - Fitch assumed a bankruptcy scenario exit EBITDA of $400 million. This GC EBITDA reflects Fitch's projections under a stressed case price deck with a prolonged commodity price downturn. - The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation (EV), which reflects the decline from current pricing levels to stressed levels and then a partial recovery coming out of a troughed pricing environment. Fitch believes that a lower-for-longer price environment, causing liquidity constraints and inability to access capital markets to refinance debt, could pose a plausible bankruptcy scenario for HPK. - An EV multiple of 3.0x EBITDA is applied to the GC EBITDA to calculate a post-reorganization enterprise value. The choice of this multiple considered the following factors: - The historical bankruptcy case study exit multiples for peer companies ranged from 2.8x to 7.0x, with an average of 5.2x and a median of 5.4x; - The lower multiple takes into consideration HPK's oil-weighted Midland Permian asset base, which has increased risk since it is less developed. Liquidation Approach - The liquidation estimate reflects Fitch's view of the value of balance sheet assets that can be realized in sale or liquidation processes conducted during a bankruptcy or insolvency proceeding and distributed to creditors; - Fitch considers valuations such as SEC PV-10 and M&A transactions for each basin, including multiples for production per flowing barrel, proved reserves valuation, value per acre and value per drilling location. Waterfall Analysis - The revolver is assumed to be 80% drawn upon default. The senior secured RBL facility is senior to the senior unsecured note in the waterfall; - The allocation of value in the liability waterfall results in recovery corresponding to 'RR1' for the senior secured RBL facility and 'RR3' for the senior unsecured note, which is consistent with Fitch's Notching and Recovery Rating Criteria. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to complete the refinancing as proposed; - Material reduction in liquidity and/or negative FCF, which limits the ability to repay gross debt; - Failure to maintain production, resulting to production sustained below 35 mboepd; - Mid-cycle EBITDA leverage sustained above 3.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Consistent track record of reserve replacement and total production sustained above 70 mboepd; - Continued positive FCF generation allocated to gross debt reduction; - Mid-cycle EBITDA leverage sustained below 2.5x. Liquidity and Debt Structure Pro forma the proposed refinancing, HPK's liquidity will consist of approximately $50 million of cash on its balance sheet and around $385 million available under its new $720 million RBL facility (includes letters of credit outstanding of $7 million). The announced transaction extends the maturity wall to 2029 and 2030 for the RBL and the unsecured notes, respectively. Fitch believes the company's capital structure is appropriate given their size and scale, the expected positive FCF over the forecast, and the availability under the RBL facility. Concurrent with announced unsecured note offering, HPK will complete a new four-year $2 billion senior secured RBL facility, which will have a borrowing base and elected commitment amount of $720 million at closing. The RBL is expected to have around $325 million outstanding at closing. Issuer Profile HPK is an independent energy exploration and production company operating primarily in Howard and Borden Counties in the Northern Midland Basin of the Permian in west Texas. 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 HighPeak Energy Inc. has an ESG Relevance Score of '4' for Energy Management due to the company's cost competitiveness and financial and operational flexibility due to scale, business mix, and diversification. This factor has a negative impact on the credit profile and is relevant to the rating 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 ----------- ------ -------- ----- HighPeak Energy Inc. LT IDR B Affirmed B senior secured LT BB New Rating RR1 senior unsecured LT B+ New Rating RR3 HIGHPEAK ENERGY: Moody's Assigns 'B1' CFR, Outlook Stable --------------------------------------------------------- Moody's Ratings assigned new ratings to HighPeak Energy, Inc. (HighPeak), including a B1 Corporate Family Rating, a B1-PD Probability of Default Rating, a SGL-2 Speculative Grade Liquidity Rating, and a B2 rating to its proposed senior unsecured notes. The outlook is stable. HighPeak is a publicly listed independent oil and gas exploration and production company headquartered in Fort Worth, Texas. The company holds around 143 thousand net acres in the Northern Midland part of the Permian Basin in West Texas and produced 50 thousand barrels of oil equivalent per day (boe/d) (76% oil) in 2024. HighPeak intends to use the proceeds of the proposed senior unsecured notes to refinance outstanding indebtedness and for general corporate purposes. "HighPeak's B1 CFR reflects high production margins from its oil-weighted production and a competitive cost structure," commented Thomas Le Guay, a Moody's Ratings Senior Analyst. "Moody's expects the company to apply positive free cash flow towards debt reduction until it reaches its long-term net leverage target of under 1x." RATINGS RATIONALE HighPeak's B1 CFR is supported by its production and reserve base in the Permian's Midland Basin that benefits from high oil content and a competitive cost structure, as well as a high degree of operational control which underpins high cash margins and good capital efficiency. The company seeks to maintain its current production levels and apply free cash flow towards debt reduction until it reaches its long-term net leverage target of under 1x. Its consistent commodity hedging program of 50% of proved developed production for the next 12 months and 25% for the next 13 to 24 months increases cash flow visibility and mitigates risks from oil and gas price volatility. The CFR is constrained by HighPeak's small scale and higher leverage, particularly on production, than similarly rated peers. The company also has geographically concentrated acreage in two areas of the Midland basin with relatively less development history, particularly its Signal Peak acreage. The company's governance, including its concentrated ownership and decision-making and relatively short track record of operating under its current strategy and financial policies, is also an important consideration in the CFR. The stable outlook reflects Moody's expectations that the company will maintain its current production levels and apply free cash flow towards debt reduction. HighPeak has good liquidity, reflected in its SGL-2 rating. Liquidity as of March 31, 2025 is supported by around $52 million of cash on hand and $358 million of availability under the company's $720 million committed reserve based lending (RBL) facility maturing in 2029 (unrated, $750 million borrowing base) pro forma for the transaction and around $100 million of free cash flow in 2025 under Moody's current base case price assumptions ($55/barrel WTI and $3/MMBtu Henry Hub for 2025). The RBL facility's maintenance covenants include a 3.0x maximum net leverage ratio and a 1.0x minimum current ratio. Moody's expects HighPeak to remain well in compliance with these covenants. HighPeak's proposed senior unsecured notes are rated B2, one notch below the B1 CFR, because of their subordination to the company's $720 million RBL facility, which is secured by a first lien security interest on substantially all assets of the company and its restricted subsidiaries in priority to the unsecured notes. The notes are fully and unconditionally guaranteed on a senior unsecured basis by all of HighPeak's subsidiaries that are borrowers or guarantors under the secured revolving credit facility. Moody's notes that if elected commitments were to significantly increase or if the facility is more heavily utilized than anticipated, then the senior notes could be downgraded to B3. ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS The assigned ESG Credit Impact Score of CIS-4 indicates the rating is lower than it would have been if ESG risk exposures did not exist. HighPeak's exposure to governance risks is primarily driven by the company's short operating track record under its current strategy and financial policies, combined with its concentrated ownership that creates potential for event risk and decisions that favor shareholders over creditors. Carbon transition, and demographic & societal trend risk factors may also cause greater potential for future negative credit impact over time, but there is limited credit impact to date. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if HighPeak builds a track record of successful development in its Signal Peak acreage, substantially increases its production scale and free cash flow generation, while reducing its leverage on production, maintaining strong cash margins and fully replacing its proved reserves organically at competitive costs. A leveraged full cycle ratio (LFCR) maintained above 2.0x and RCF to Debt ratio sustained above 50% would be supportive of an upgrade. The ratings could be downgraded if leverage fails to move towards management's stated target as result of acquisitions or more aggressive financial policies; production volumes declines materially; RCF to debt ratio falls below 25%; or if liquidity deteriorates significantly. HighPeak Energy, Inc. (NAS:HPK) is a publicly listed independent exploration and production (E&P) company headquartered in Fort Worth, Texas. Chairman and CEO Jack Hightower indirectly owns around 78% of the company. The principal methodology used in these ratings was Independent Exploration and Production published in December 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. HILTON DOMESTIC: Moody's Rates New Unsec. Notes Due 2033 'Ba2' -------------------------------------------------------------- Moody's Ratings assigned a Ba2 rating to the new backed senior unsecured notes due 2033 that Hilton Domestic Operating Company Inc.'s (Hilton) announced earlier. Hilton will use the net proceeds for general corporate purposes, which will include the repayment of amounts outstanding under its backed senior secured revolving credit facility. Hilton's direct parent, Hilton Worldwide Parent LLC (HWP), HWP's direct parent, Hilton Worldwide Holdings Inc. and certain wholly-owned domestic subsidiaries will guarantee the new notes obligations on a senior unsecured basis. The company's existing ratings, including the Ba1 corporate family rating, the Ba1-PD probability of default rating, the Baa2 backed senior secured rating and the Ba2 senior unsecured rating and the stable outlook are unaffected by the notes issuance. RATINGS RATIONALE Hilton's Ba1 corporate family rating reflects the company's large scale, well-recognized brands, good geographic diversification and the benefits of its asset-light lodging operating model. Approximately 99% of the rooms in Hilton's system are in properties owned by third parties who license or franchise Hilton brands and/or contract Hilton to manage the operations. Asset-light property model operators typically realize less volatile earnings over economic cycles. Their need for capital investment for growth and maintenance of existing properties is also relatively low, which promotes free cash flow generation. The ratings also reflect Hilton's moderately high leverage relative to cross-industry peers and Moody's expectations that the company will use its free cash flow for shareholder returns in lieu of debt reduction. Debt/EBITDA was 3.6x and EBITA/Interest was 5.1x at March 31, 2025. The stable outlook reflects Hilton's very good liquidity and Moody's expectations that the company will maintain debt/EBITDA between 3.5x and 4.5x. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The rating could be upgraded if the capital structure becomes more investment grade like, with secured debt as a proportion of total debt sustained below about 25%. With such a change to the debt structure, the rating could be upgraded if debt/EBITDA is sustained below 3.5x and EBITA/interest expense is sustained above 4.0x. The rating could be downgraded if debt/EBITDA is sustained above 4.5x or EBITA/interest expense below 3.0x. The principal methodology used in this rating was Business and Consumer Services published in November 2021. Headquartered in McLean, Virginia, Hilton Worldwide Holdings Inc., the ultimate parent company of Hilton Domestic Operating Company Inc., is a leading hospitality company with about 8,600 managed, franchised, owned and leased hotels, and resorts comprising over 1.28 million rooms. Net revenue for the twelve months ended March 31, 2025 was approximately $4.8 billion. HOLYOKE PUBLIC SCHOOLS: Exits State Receivership ------------------------------------------------ Michael Jonas of CommonWealth Beacon reports that during Massachusetts Board of Elementary and Secondary Education meeting, officials announced that Holyoke Public Schools would exit state receivership after a decade of oversight. But the move came with a candid admission from board member Michael Moriarty. "Academic outcomes are not the reason we're coming out of receivership," Moriarty said, the report cited. "We all acknowledge it, and we all know there's still significant work ahead." While the state's press release celebrated gains in graduation rates and increased enrollment in advanced high school courses, it made no mention of core academic results -- an omission some observers see as telling. According to the most recent MCAS data, only 8% of Holyoke students in grades 3 through 8 met or exceeded expectations in English, and just 6% did so in math. That's particularly notable given that the 2010 Achievement Gap Act -- the legislation that enabled the state to take over chronically underperforming districts -- was designed to improve student outcomes by empowering state-appointed receivers to bypass local governance constraints and make sweeping changes, according to CommonWealth Beacon. However, the evidence on the effectiveness of state takeovers remains mixed. A 2021 study by researchers Beth Schueler of the University of Virginia and Joshua Bleiberg of Brown University analyzed 35 state takeovers across 14 states, including Lawrence and Holyoke in Massachusetts. They found no overall improvement in academic achievement under state control. Some districts, such as Lawrence, did see early academic gains, particularly in math, that were largely sustained. Others, like Holyoke and Southbridge, showed minimal progress. Schueler's more recent research suggests that models allowing for shared governance -- where local stakeholders maintain some decision-making power -- may yield better results. She pointed to the Springfield Empowerment Zone as a promising example, where collaboration between state and local officials has led to "generally positive to neutral effects" on student outcomes. Paul Reville, the former state education secretary who authored the 2010 law, said shared governance could enhance the effectiveness of state interventions. Still, he cautioned that improving schools alone is insufficient to address the root causes of the achievement gap in high-poverty districts like Holyoke, where 84% of students come from low-income households and nearly 20% are English learners. "It's a good step in the right direction," Reville said of the district's recent progress, including expanded dual-language programs, added pre-K seats, and a redesigned high school. "But a schools-only solution isn't going to do it." Reville, now a professor at Harvard's Graduate School of Education, leads the EdRedesign Lab, which advocates for comprehensive, community-based approaches to learning. He stressed the importance of addressing out-of-school factors such as housing instability, access to healthcare, and enrichment opportunities. "If we're serious about closing achievement gaps, we have to tackle the broader social inequities that hold students back," he said. "Educating children facing deep poverty takes more—and we don’t want to reckon with that because of the cost." Holyoke Mayor Joshua Garcia, who served on the school committee when the district entered receivership in 2015, acknowledged the need for state intervention at the time. "The district was in crisis," he said. "The temporary pivot was necessary." As Holyoke returns to local control, both state and local leaders agree: the end of receivership is just one step in a longer journey toward true academic progress. About Holyoke Public Schools Holyoke Public Schools is a PreK-12 public school district serving nearly 5,100 students, of whom 80 percent are Latino/Latina. HYPERSCALE DATA: Sets July 10 Payouts for Series D and E Dividends ------------------------------------------------------------------ Hyperscale Data, Inc. announced that its Board of Directors has declared a monthly cash dividend of $0.2708333 per share of the Company's outstanding 13.00% Series D Cumulative Redeemable Perpetual Preferred Stock. The record date for this dividend is June 30, 2025, and the payment date is Thursday, July 10, 2025. Link to NYSE quote for the Company's 13.00% Series D Cumulative Redeemable Perpetual Preferred Stock: https://www.nyse.com/quote/XASE:GPUSpD The Company also announced that the Board has declared a monthly cash dividend of $0.20833 per share of the Company's outstanding 10.00% Series E Cumulative Redeemable Perpetual Preferred Stock. The record date for this dividend is June 30, 2025, and the payment date is Thursday, July 10, 2025. 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. IG DESIGN: Seeks Chapter 11 Bankruptcy, Plans to Sell Assets ------------------------------------------------------------ Janine Phakdeetham of Bloomberg News reports that IG Design Group Americas Inc. has voluntarily filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas to launch a court-supervised sale and marketing process, the company announced. As part of the restructuring, the company aims to sell select business segments as going concerns and will wind down its U.S.-based woven ribbon operations and associated assets. To support the process, IG Design has secured approximately $53 million in committed financing from a Hilco affiliate, according to Bloomberg News. The filing does not impact its non-U.S. affiliates, which will continue normal operations, the report states. About IG Design Group Americas Inc. IG Design Group Americas Inc. is a manufacturer of gift packaging, stationery, craft products, and seasonal decorations headquartered in Berwick, Pennsylvania. IG Design Group Americas Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90165) on July 3, 2025. In its petition, the Debtor reports estimated $100 million and $500 million each. The Debtor is represented by Caroline A. Reckler, Esq. at Latham & Watkins LLP. INTERNATIONAL DIRECTIONAL: Seeks Chapter 11 Bankruptcy in Florida ----------------------------------------------------------------- On July 2, 2025, International Directional Drilling Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. 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 International Directional Drilling Inc. International Directional Drilling Inc. is a company specializing in directional drilling services that provides specialized drilling services for oil and gas exploration, utility installation, or other underground infrastructure projects where non-vertical well drilling techniques are required. International Directional Drilling Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-17606) on July 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Scott M. Grossman handles the case. The Debtors are represented by Chad T. Van Horn, Esq. INVITAE CORP: Bankruptcy Judge Abstains from Contract Fight ----------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that a New Jersey bankruptcy judge has deferred ruling on a motion to dismiss an adversary lawsuit filed by genetic testing company Natera against bankrupt competitor Invitae over a 2024 asset purchase, stating that Delaware's Chancery Court is the more suitable venue due to related litigation already underway there. About Invitae Corp. Invitae Corporation is a medical genetics company that is in the business of delivering genetic testing services, digital health solutions, and health data services that support a lifetime of patient care and improved outcomes. Invitae Corp. and five of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 24-11362) on Feb. 13, 2024. In the petition filed by Ana Schrank, chief financial officer, disclosed $535,115,000 in assets against $1,618,519,000 in debt. Judge Michael B. Kaplan oversees the case. Kirkland & Ellis LLP and Kirkland & Ellis International LLP are the Debtors' bankruptcy counsel and Cole Schotz, P.C. is the Debtors' co-bankruptcy counsel. Moelis & Company LLC is the Debtors' investment banker. FTI Consulting Inc is the Debtors' restructuring advisor. Kurtzman Carson Consultants LLC is the Debtors's notice and claims agent. Deloitte Touche Tohmatsu Limited serves as the Debtors' tax advisor. * * * This concludes the Troubled Company Reporter's coverage of Invitae Corporation until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. IROKOS GROUP: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- Irokos Group, LLC got the green light from the U.S. Bankruptcy Court for the District of Massachusetts to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral to pay the expenses set forth in its budget pending a final hearing. The Debtor's cash collateral includes cash on hand and any proceeds of pre-bankruptcy accounts receivable. As protection for any diminution in value of their collateral, North Shore Bank, the U.S. Small Business Administration and other secured creditors that may have a lien on the cash collateral will be granted continuing replacement liens and security interests, with the same validity, priority and extent as their pre-bankruptcy liens. The secured creditors are entitled to seek allowance of an administrative expense claim if the replacement liens prove to be inadequate. The next hearing is set for July 17. Objections are due by July 15. The Debtor filed for bankruptcy after a series of financial setbacks, including a costly defective order in 2023 that resulted in a $176,000 loss and increased competition that caused a sharp decline in sales. These challenges led to the Debtor falling behind on vendor payments, taxes, and secured debt owed to its primary lender, North Shore Bank. After failed attempts to renegotiate loan terms or refinance the debt, North Shore Bank accelerated its loan and initiated a legal action to seize Irokos' assets. A court hearing on North Shore Bank's motion for default judgment that was scheduled for June 24 prompted Irokos to file for bankruptcy the day before the hearing to prevent asset seizure and business closure. The Debtor believes that secured creditors, including North Shore Bank (with a secured claim of approximately $324,754) and SBA (with a junior secured claim of $485,165), will be adequately protected through replacement liens on its assets. The Debtor argued that no diminution in the value of the collateral is expected and that any used inventory or supplies will be replenished through revenue from sales. The Debtor reported current assets of approximately $38,500 in bank accounts, $192,000 in equipment, $21,000 in receivables under 90 days old, and inventory of undetermined value. Since encountering financial difficulties, the Debtor has made operational changes to cut costs, including reducing its workforce from 12 to 4 full-time employees, using temporary labor as needed, and shifting to just-in-time purchasing strategies to avoid carrying excessive inventory. About Irokos Group LLC Irokos Group, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11270) on June 23, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Sidiki Fadiki, manager of Irokos Group, signed the petition. Judge Christopher J. Panos oversees the case. Marques Lipton, Esq., at Lipton Law Group, LLC, represents the Debtor as bankruptcy counsel. North Shore Bank, as lender, is represented by: John F. Morello, Esq. Morello & Associates, P.C. 220 Broadway, Unit 402 Lynnfield, MA 01940 Phone: 781-477-1822 Fax. 781-477-1811 jmorello@morellolaw.com IRWIN NATURALS: Seeks to Hire Vessel Advisors as Fractional CFO --------------------------------------------------------------- Irwin Naturals and affiliates asked the U.S. Bankruptcy Court for the Central District of California to employ Larry Bitton of Vessel Advisors LLC as a professional utilized in the ordinary course of the business to provide fractional CFO services. The Debtors have agreed to pay Vessel $6,825 per week for Mr. Bitton's services, which equates to an hourly rate of $210 for 32.5 hours per week. Brennan de Raad, the CEO and managing director of Vessel Advisors LLC, assured the court that the firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Larry Bitton Vessel Advisors LLC 2535 Victory Boulevard Staten Island, NY 10314 Phone: (212) 558-6500 About Irwin Naturals Irwin Naturals Inc. is a provider of business support services. Irwin Naturals Inc. and its affiliates sought relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Lead Case No. 24-11324) on Aug. 9, 2024. In the petitions filed by Klee Irwin, chief executive officer, Irwin Naturals disclosed between $10 million and $50 million in both assets and liabilities. Judge Victoria S. Kaufman oversees the cases. The Debtors tapped BG Law LLP as bankruptcy counsel, Jerrel G. John CPA as tax accountant, and Province LLC as financial advisor. Omni Agent Solutions, Inc., is the Debtors' administrative agent. LANDSEA HOMES: S&P Withdraws 'B' ICR After Acquisition ------------------------------------------------------ S&P Global Ratings withdrew all its ratings on Landsea Homes Corp., including the 'B' issuer credit rating, following the close of its acquisition by New Home Co. and repayment of its outstanding rated debt. The outlook was stable at the time of withdrawal. LEISURE INVESTMENTS: Asks Court OK for Chapter 11 Sales Process --------------------------------------------------------------- Emily Lever of Law360 reports that Leisure Investments Holdings LLC, a provider of dolphin encounter experiences, has requested approval from a Delaware bankruptcy court to begin marketing its worldwide assets. The company said it has regained "some measure of control" over its operations through litigation since entering Chapter 11. 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. LIGADO NETWORKS: August 7 Plan Confirmation Hearing Set ------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware will hold a hearing on Aug. 7, 2025, at 2:00 p.m. (prevailing Eastern Time) in the U.S. Bankruptcy Court, 824 North Market Street, 3rd Floor, Courtroom 7, Wilmington, Delaware 19801, to confirm the joint Chapter 11 plan of Ligado Networks LLC and its debtor-affiliates. Objections to the confirmation of the Debtors' Chapter 11 plan, if any, s July 24, 2025, at 4:00 p.m. (prevailing Eastern Time). About Ligado Networks Ligado Networks, formerly LightSquared, provides mobile satellite services. The Debtor's satellite and terrestrial solutions, combined with powerful, lower mid-band spectrum, serve to supplement and broaden mobile coverage across the United States and Canada. On the Web: http://www.ligado.com/ On January 5, 2025, Ligado Networks LLC and certain of its affiliates each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10006). Perella Weinberg Partners LP is serving as investment banker to Ligado, FTI Consulting, Inc. is serving as financial advisor, Milbank LLP is serving as legal counsel, and Richards, Layton & Finger P.A. is serving as co-counsel. Omni Agent Solutions LLC is the claims agent. An ad hoc group of first lien creditors is being advised by Guggenheim Securities, LLC as financial advisor, and by Sidley Austin LLP as counsel. An ad hoc group of crossholding creditors is being advised by Kirkland & Ellis LLP. LINX OF LAKE: Court Extends Cash Collateral Access to July 24 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida issued a fourth interim order extending Linx of Lake Mary, LLC's authority to use cash collateral until July 24. The Debtor was authorized to use cash collateral to meet payroll, trustee fees and other necessary expenses set forth in its budget, plus an amount not to exceed 10% for each line item. HLI Investments and Funding-Fund 2, LLC, a secured creditor, was granted a perfected post-petition lien on cash collateral to the same extent and with the same validity and priority as its pre-bankruptcy lien. As additional protection, Linx of Lake Mary will maintain insurance coverage for its property. The next hearing will be conducted on July 24. The cash collateral, which the Debtor intends to use is comprised of cash on hand and funds to be received from sales during its normal operations that are encumbered by the liens of HLI. HLI may assert a first priority security interest in the Debtor's cash and cash equivalents. It is owed approximately $630,000. As of the petition date, the Debtor owns cash and cash equivalents of approximately $18,000 and accounts receivable in the face amount of $ 143,249.41 (books show approximately $130,000 of this owed from prior owner's companies). A copy of the court's order and the Debtor's budget is available at https://shorturl.at/189Ce from PacerMonitor.com. About Linx of Lake Mary Linx of Lake Mary, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06781) on December 13, 2024, listing up to $10 million in both assets and liabilities. Patrick Schneider, manager of Linx of Lake Mary, signed the petition. Judge Grace E. Robson oversees the case. Justin M. Luna, Esq., at Latham, Luna, Eden & Beaudine, LLP is the Debtor's legal counsel. HLI Investments and Funding-Fund 2, as secured creditor, is represented by: Jeffrey S. Ainsworth, Esq. BransonLaw, PLLC 1501 E. Concord St. Orlando, FL 32803 Phone: 407-894-6834 Fax: 407-894-8559 jeff@bransonlaw.com jacob@bransonlaw.com jacob@flentkelegal.com lisa@bransonlaw.com tammy@bransonlaw.com LION RIBBON: Case Summary & 30 Largest Unsecured Creditors ---------------------------------------------------------- Lead Debtor: Lion Ribbon Texas Corp. 2015 W. Front Street Berwick PA 18603 Business Description: The Debtors and their non-debtor subsidiaries design, manufacture, and distribute consumer crafting, gifting, and stationery products for celebrations, hobbies and creative play. They operate globally, with facilities across North America and supporting operations in India, Hong Kong, China, the United Kingdom, and Australia. They supply both branded and private-label products to consumers and major corporate clients. Chapter 11 Petition Date: July 3, 2025 Court: United States Bankruptcy Court Southern District of Texas Twenty-two affiliates that concurrently filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Lion Ribbon Texas Corp. (Lead Case) 25-90164 IG Design Group Americas, Inc. 25-90165 Anker Play Products, LLC 25-90166 Berwick Management LLC 25-90167 Berwick Offray LLC 25-90168 BOC Distribution, Inc. 25-90169 C.R. Gibson, LLC 25-90170 CRG Distribution, Inc. 25-90171 CSS Industries, Inc. 25-90172 IG Design Group (Lang), Inc. 25-90173 Impact Innovations, Inc. 25-90174 Impact Paper Products, LLC 25-90175 Lion Ribbon Company, LLC 25-90176 McCall Distribution, Inc. 25-90177 Paper Magic Distribution, Inc. 25-90178 Paper Magic Group, LLC 25-90179 Philadelphia Industries, LLC 25-90180 Simplicity Creative Corp. 25-90181 The Lang Companies, Inc. 25-90182 The McCall Pattern Company, Inc. 25-90183 Variety Accessories, LLC 25-90184 W.J.S. Furniture, Inc. 25-90185 Judge: Hon. Christopher M Lopez Debtors' Bankruptcy Counsel: Caroline A. Reckler, Esq. LATHAM & WATKINS LLP 330 North Wabash Avenue, Suite 2800 Chicago, IL 60611 Tel: (312) 876-7633 Email: caroline.reckler@lw.com - and - Ray C. Schrock, Esq. Adam S. Ravin, Esq. Randall Carl Weber-Levine, Esq. Meghana Vunnamadala, Esq. LATHAM & WATKINS LLP 1271 Avenue of the Americas New York, NY 10020 Phone: (212) 906-1200 Email: ray.schrock@lw.com adam.ravin@lw.com randall.weber-levine@lw.com meghana.vunnamadala@lw.com Debtors' Investment Banker & Financial Advisor: HURON CONSULTING SERVICES LLC Debtors' Claims, Noticing & Solicitation Agent: KROLL RESTRUCTURING ADMINISTRATION LLC Debtors' Tax Services Provider: DELOITTE TAX LLP Debtors' Conflicts Counsel: LISKOW & LEWIS, APLC Debtors' Communications Advisor: C STREET ADVISORY GROUP, LLC Estimated Assets (on a consolidated basis): $100 million to $500 million Estimated Liabilities (on a consolidated basis): $100 million to $500 million Brett M. Anderson signed the petitions in his capacity as chief strategy officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LMSAU4Q/Lion_Ribbon_Texas_Corp__txsbke-25-90164__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Hatfield & Associates LLC Trade Payables $1,811,937 5100 Poplar Ave, Ste 3119 Po Box. 770868 Memphis, TN 38117 Tiffany Osbahr Phone: 901-507-2615 Email: tosbahr@hatfieldandassociates.com 2. Hong Kong Rui Sheng Trade Payables $1,506,544 Yuan Limited Flat/RM 1001 10/F Easey Commercial Bldg, 253-261 Hennessey Rd Hong Kong, CN Phone: 011-86-20-34776121 Email: ls_tia@126.com 3. Star Moon Toys (HK) Trade Payables $767,680 Company Limited Western Longquan Road, Northen Xuefu Road, Tafeng Town Lanshan County Hunan Province China Lx Phone: 13532396331 Fax: 852-2314-8922 Email: lx@starmoonchina.com 4. Max Fame Group Trade Payables $733,420 Chong-Ho Industrial Area, Qing-Ting Town, Dongguan, Gd China Grace Lin Tel: 86-15924263658 Fax: 86-769-87313080 Email: gracelin@max-fame.com 5. Dear Year Brothers Mfg Co Trade Payables $716,887 12 F, No 107-7 Sec 2, Keelung Rd, Taipei, Taiwan Emily Wang Phone: 011-886-27360683 Fax: 886-49-2251538 Email: emilywang@dearyear.com.tw 6. Novelty Handicrafts Co Ltd Trade Payables $682,350 Rm 2, 1F, No 446, Shihguan Rd, Caotun Township Nantou County, 54254 Taiwan Sandy Chang Phone: 88- 649-2313345 Email: group7@noveltyhandicrafts.com 7. Dongguan Zhonghao Color Trade Payables $673,514 No 8, Wusong Third St, Yuwu Vlg, Dongchinang Dist Dongguan, Gd, 523071 China Vivian Yip Phone: 86-769-38839001 Email: vivianyyip@163.com 8. Qingdao Deepack Co Ltd Trade Payables $658,502 No 61 Wangxin Rd, Prov High & New Tech Ind Devt Zone, Jimo Qingdao, Shandong China Boris Huang Phone: 86-532-84557668 Email: boris@deepack.com.cn 9. Ningbo Reyui Economic & Trade Payables $644,329 Trade Co Ltd 18th Fl, Jinshan Bldg, No 555 Changshou South Rd, Ningbo, Zhejiang, China Maggie Luo Phone: 57482809137 Email: betty@chinareyda.com 10. MIT-Lasertech Corp Trade Payables $598,974 No. 6, Road 34, Industrial Park, Taichung, Taiwan Gina Hsiao Phone: 886-4-23581533 Fax: 886-4-23581532 Email: gina@mitter.com.tw 11. Xianju Chengfeng Craft Co Ltd Trade Payables $559,555 The Exit Of Taijin Expressway, Hengxi, Xianju Zhejiang China Annie Xu Phone: 0576-87073838 Email: annie@chengfengarts.com 12. Outlook Group LLC Trade Payables $532,469 Po Box 714516 Cincinnati, Oh 45271-4516 Marsha Malnory Phone: 920-727-8547 Email: mmalnory@outlookgroup.com 13. Fairton Asia Limited Trade Payables $501,819 Unit 01, 13/F, Paramount Bldg 12 Ka Yip St, Chai Wan Hong Kong, China Beryl Zhang/Helen Phone: 86-574-28827088 Fax: 86-562-983-7215 Email: helen@guangbo.net oversea1@guangbo.net 14. Connemara Converting Trade Payables $496,641 544 Territorial Drive Bolingbrook, IL, 60440 Nancy Miller Tel: 630-771-1209 Fax: 630-771-9358 Email: nmiller@cmaraconverting.com 15. Hunan Limei Printing Co Trade Payables $491,911 No 206 Huanggu Rd Huanghua Tower Changsha, Hu, China Ji Yong, Chen Phone: 13873122412 Email: tianyuan-scb@Vip.163.com 16. Sun Power International Ltd Trade Payables $477,243 Unit B, 12/F Success Commercial Bldg 245-251 Hennessy Rd, WN Hong Kong, China Cherry Li Phone: 86 574 2266 7688 Email: cherry@feihong.sina.net 17. Tyoga Container Company Inc Trade Payables $462,726 9 Fish St Po Box 517 Tioga, PA, 16946 Marc Sortman Tel: 570-835-5296 Fax: 570-835-5045 Email: marc@tyogacontainer.com 18. Wenzhou Fujie Polytron Trade Payables $458,830 Technologies Inc Block 5, Demonstration Industry Park, Longgang Town Wenzhou, ZJ, 325802 China Jacky Zhou Phone: 86-577-59921983 Email: jackyzhou@chinafujie.com 19. Gould Paper Corporation Trade Payables $446,687 360 Madison Avenue 9th Floor New York, NY 10017 Rosanne Burns Tel: 212-547-3440 Fax: 212-481-0392 Email: rburns@ovol.us 20. Poly Craft Industries Corp Trade Payables $443,650 40 Ranick Rd Hauppauge, NY, 11788 James Freiberg Tel: 216-496-9252 Fax: 951-296-0867 Email: james.freiberg@polycraftind.com 21. Ningbo Freewill Plastic Co Ltd Trade Payables $429,151 No 1504 Hengye Bldg No 158 Taian Rd Ningbo, 315000, China Juicy Zhu Phone: 86-015968907406 Email: juicyzhu@nbfreewill.com 22. Pratt Industries Trade Payables $419,581 1975 Sarasota Pkwy Conyers, GA, 30013 Vicki Morris Phone: 678-607-1472 Fax: 470-704-6986 Email: vmorris@prattindustries.com 23. Jinjin Limited Trade Payables $415,464 29F Glass Tower 946-1 Deachi-Dong Seoul, , 04535 South Korea Ricky Lim Tel: 82-2-5677711 Fax: 82-2-567-3211 Email: ricky_lim@Dualtrade.co.kr 24. Lion Industrial Properties LP Rent Payable $410,890 6250 North River Road Suite 11-100 Rosemont, IL 60018 Keith Retterer Phone: 630-217-0408 Email: keith.retterer@colliers.com 25. Sun Chemical Corporation Trade Payables $401,689 Po Box 2193 Carol Stream, IL, 60132-2193 La Tonya Ellis Tel: 800-874-7950 Fax: 513-681-4797 Email: latonya.ellis@sunchemical.com 26. R&H Trading Co Ltd Trade Payables $390,309 Xindacheng Room 916 No.888 East Fengqi Road, Shangcheng District Hangzhou City Zhejiang Province, China Mary Wang Phone: 0571-8653 5806 Email: mary_wang@hzlandr.com 27. MPD Manufacturing Inc Trade Payables $388,762 7011 Market Ave El Paso, TX 7991 Lex Noriega Phone: 915-892-3755 Email: anoriega@edcms.com 28. Mass Polymers Corporation Trade Payables $385,256 1140 Route 22 Easat Suite 109 Bridgewater, NJ, 08807 Jill Blecher Tel: 908-725-3133 Fax: 908-725-9677 Email: j.blecher@masspolymers.com 29. GPFM Holdings LLC Trade Payables $353,298 133 Peachtree St Ne Atlanta, GA, 30303 US Vianey Casillas Phone: 404-652-2677 Email: vianey.casillas@kochcc.com 30. Mckee & Mcfarland Inc Rent Payable $336,235 Po Box 171133 Memphis, TN 38187-1133 Tina Croom Phone: 901-680-7700 Email: tina.croom@colliers.com LLW CONSTRUCTION: Seeks to Use Cash Collateral ---------------------------------------------- LLW Construction, Inc. got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. At the hearing held on June 30, the court granted the Debtor's motion to use cash collateral on an interim basis and set a further hearing on the motion for August 7. The Debtor intends to use cash collateral, including cash and accounts receivable totaling approximately $33,982, to cover essential business operations and administrative costs as outlined in its budget. The U.S. Small Business Administration is identified as a secured creditor with a claim of nearly $400,000 based on a UCC-1 filing, though the Debtor reserves the right to dispute the validity and scope of the lien. The Debtor offered the SBA adequate protection through: 1. Post-petition replacement liens on the collateral to the same extent and priority as pre-petition; 2. Access to inspect collateral with 48 hours' notice, and 3. Monthly financial reporting. About LLW Construction Inc. LLW Construction Inc., doing business as Adeline Custom Homes, is a construction company specializing in residential and commercial projects. It operates with a network of experienced project managers, subcontractors, and suppliers. Founded by Michal and Mary Winiarek, the company emphasizes hands-on expertise and client-centered service in its operations. LLW Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04229) on June 23, 2025. In its petition, the Debtor reported total assets of $63,757 and total liabilities of $1,865,048. Judge Roberta A. Colton handles the case. The Debtor is represented by Buddy D. Ford, Esq., at Ford & Semach, P.A. MARIN SOFTWARE: July 10 Deadline for Panel Questionnaires --------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of Marin Software Incorporated. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/yurx94ve and return by email it to Jane M. Leamy -- Jane.M.Leamy@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than 4:00 p.m., on Thursday, July 10, 2025. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Marin Software Incorporated Marin Software Incorporated provides a software-as-a-service platform for managing digital advertising across search, social, and eCommerce channels. Its platform offers analytics, workflow, and optimization tools designed to help performance marketers and agencies improve returns on advertising spend. Marin Software Incorporated sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11263) on July 1, 2025. In its petition, the Debtor reports total assets of $5,656,853 and total debts of $2,767,237. The Debtor's bankruptcy counsel is James E. O'Neill, Esq. at PACHULSKI STANG ZIEHL & JONES LLP. The Debtor's Corporate Counsel is FENWICK & WEST LLP. ARMANINO ADVISORY LLC is the Debtor's Financial Advisor and DONLIN, RECANO & COMPANY, LLC is the Debtor's Claims, Noticing & Solicitation Agent and Administrative Advisor. MARINE WHOLESALE: Gets Extension to Access Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division granted the motion by Marine Wholesale and Warehouse, Co., to use cash collateral on an interim basis. The Debtor was authorized to use cash collateral until December 31; the conversion or dismissal of the Debtor's Chapter 11 case, or the effective date of a Chapter 11 plan. All secured creditors with valid pre-petition liens in the cash collateral will be granted replacement liens on post-petition assets (excluding avoidance action recoveries), with the same priority and validity as their original liens. The Debtor will continue its monthly payments of $731 to the U.S. Small Business Administration per their pre-petition agreement. The Alcohol and Tobacco Tax and Trade Bureau (TTB) may continue to hold without penalty approximately $213,699.30 that was levied pre-bankruptcy, pending further court orders. About Marine Wholesale and Warehouse Co. Marine Wholesale and Warehouse Co. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-13785) on July 12, 2022. In the petition signed by Jennifer Hartry, vice president and secretary, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Sheri Bluebond oversees the case. David R. Haberbush, Esq., at Haberbush, LLP is the Debtor's counsel. MERIT STREET: Case Summary & 30 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Merit Street Media, Inc. APG Ventures, Inc. 5501 Alliance Gateway FWY Fort Worth TX 76177 Business Description: Merit Street Media, Inc. operates a Texas- based multicast television network and streaming service under the brand MeritTV, offering family-oriented programming, news, sports, true crime, and entertainment. Founded in partnership with Dr. Phil McGraw, the Company distributes content nationwide via free-to-air broadcast, cable, satellite, and digital platforms. Chapter 11 Petition Date: July 2, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-80156 Judge: Hon. Scott W Everett Debtor's Counsel: Thomas R. Califano, Esq. SIDLEY AUSTIN LLP 2021 McKinney Avenue, Suite 2000 Dallas, TX 75201 Tel: (214) 981-3300 E-mail: Tom.Califano@Sidley.com Debtor's Restructuring Advisor: TRIPLE P TRS, LLC Debtor's Investment Banker: TRIPLE P SECURITIES, LLC Debtor's Claims, Noticing & Solicitation Agent: EPIQ SYSTEMS, INC. Estimated Assets: $100 million to $500 million Estimated Liabilities: $100 million to $500 million The petition was signed by Gary Broadbent as chief restructuring officer. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Q7YVJ6Y/Merit_Street_Media_Inc__txnbke-25-80156__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Directv Trade Payable $1,680,000 2260 E Imperial Hwy El Segundo, CA 90245 United States Contact: Michael Hartman Phone: 888-388-4249 Email: masha.gaidouk@directv.com 2. Mountain Broadcasting Corporation Trade Payable $1,353,917 21-31 Clinton Rd West Caldwin, NJ United States Phone: 973-852-0300 Email: vicjoo@wmbctv.com 3. Oly Media LLC Trade Payable $1,288,807 477 S Rosemary Ave, Ste 306 West Palm Beach, FL 33401 United States Phone: 561-684-5657 Email: hello@ily-media.com 4. KVMD TV LLC Trade Payable $936,000 2323 Corinth Ave Los Angeles, CA 90064 United States Phone: 310-4780055 Email: amontero@kxlatv.com 5. DISH Network Trade Payable $900,000 9601 S Meridian Blvd Englewood, CO 80112 United States Contact: Timothy A. Messner Phone: 303-723-2117 Email: scott.boxler@dish.com 6. Peteski Productions, Inc. Trade Payable $700,000 4245 Kemp Blvd Ste 406 Wichita Falls, TX 76308 United States Phone: 214-755-7133 Email: barbara@greenchairproductions.com 7. Greenville (KTXD-TX) Inc Trade Payable $675,000 13619 Inwood Rd, Ste 330 Farmers Branch, TX 75244 United States Phone: 469-941-4230 Email: info@ktxdtv.com 8. Mercury Studios Trade Payable $500,000 4 Pancras Square Kings Cross London United Kingdom Contact: Andrea Dunn Phone: 217-747-7464 Email: enquiries@mercurystudios.com 9. Entravision Communications Trade Payable $481,250 Corporation 1 Estrella Way Burbank, CA 91504 United States Contact: Jeff Demartino Phone: 310-447-3870 Email: jliberman@entravision.com 10. Langley Television Trade Payable $471,250 Distribution, LLC 1111 Broadway Santa Monica, Ca 90401 United States Phone: 310-449-7118 Email: tatyana@cops.com 11. Stryker Media 2 LLC Trade Payable $456,717 15200 Sunset Blvd, Ste 202 Pacific Palisades, Ca 90272 United States Phone: 310-573-1600 Email: emmyzuniga@cnzcommunications.com 12. RSV NG, LLC Trade Payable $430,768 129 W 29th St, Rm 600N New York, NY 10001 United States Phone: 908-675-7468 Email: cbalfe@redseatventures.com 13. CNZ Communications SE LLC Trade Payable $377,278 15200 W Sunset Blvd, Ste 202 Pacific Palisades, CA 90272 United States Phone: 310-573-1600 Email: emmyzuniga@cnzcommunications.com 14. ACM Production LLC Trade Payable $372,384 25 SE 2nd Ave 205 Miami, FL 33131 United States Contact: Howard Chen Phone: 615-564-9624 Email: antonio@acmproductions.com 15. The Nielsen Company (US), LLC Trade Payable $226,668 40 Media Dr Queensbury, NY 12804 United States Phone: 855-425-8844 Email: nmrbilling@nielsen.com 15. The Nielsen Company (US), LLC Trade Payable $226,668 40 Media Dr Queensbury, NY 12804 United States Phone: 855-425-8844 Email: nmrbilling@nielsen.com 16. Wonder Love Inc Trade Payable $168,652 5665 New Northside Dr, Ste 110 Atlanta, GA 30328 United States Contact: Erika Winkler Phone: 424-317-6971 Email: christel@steveharvey.com 17. Nexstar Diginet Trade Payable $166,668 545 E John Carpenter Fwy, Ste 700 Irving, TX 75062 United States Contact: Rachel Morgan Phone: 773-883-6279 Email: charles@sportsgrid.com 18. Beacon Hill Solutions Group, LLC Trade Payable $160,483 20 Ashburton Pl Boston, Ma United States Phone: 817-840-9210 Email: ar@bhsg.com 19. Caballero III LLC Trade Payable $134,510 15233 La Cruz Dr Pacific Palisades, CA 90272 United States Email: randynonberg@cnzcommunications.com 20. Stage 29 Productions, LLC Trade Payable $131,012 137 N Larchmont Blvd, Ste 705 Los Angeles, CA 90004 United States Phone: 818-967-3192 Email: jenni.heckscher@stage29tv.com 21. Borden Media Consulting, LLC Trade Payable $123,750 16133 Ventura Blvd, Ste 670 Encino, CA 91436 United States Phone: 310-268-1100 Email: tammy@bordenmedia.com 22. Stryker Media LLC Trade Payable $100,672 1099 Autumn Hill Ct Crozet, VA United States Phone: 310-573-1600 Email: randynonberg@cnzcommunications.com 23. Next Chapter Productions Trade Payable $81,818 29 Powers Rd Concord, MA United States Phone: 310-312-4175 Email: sbignone@manatt.com 24. Edge Technology Services Inc Trade Payable $63,500 116 Washington Ave, Ste 2 North Haven, CT United States Phone: 203-764-1201 Email: lmasse@edgets.com 25. Londonaire, LLC Trade Payable $60,000 4245 Kemp Blvd, Ste 406 Wichita Falls, TX United States Phone: 214-755-7133 Email: barbara@greenchairproductions.com 26. CNN Newsource Sales, Inc. Trade Payable $43,195 190 Mariette St, NW Atlanta, GA United States Phone: 404-263-5421 Email: arspecialist@turner.com 27. Boon-Chapman Benefit Trade Payable $40,529 Administrators Inc 9401 Amberglen Blvd Building I, Ste 100 Austin, TX 78729 United States Phone: 512-454-2681 Email: tonys@boonchapman.com 28. Industrious NYC 11 Trade Payable $39,325 Park Place LLC 11 Park Pl New York, NY 10007 United States Phone: 646-687-0160 Email: saoirse.kennedy@industriousoffice.com 29. Digital Glue Trade Payable $34,661 30100 Town Center Dr, Ste O444 Laguna Niguel, CA 92677 United States Phone: 949-388-9078 Email: sales@digitalglue.com 30. High Score, LLC Trade Payable $25,000 1 Oak Dr Litchfield, NH United States Phone: 310-801-3817 MERIT STREET: Clash w/ Christian Network Owner on Chapter 11 Loan ----------------------------------------------------------------- Rick Archer of Law360 reports that on Thursday, July 3, 2025, a Texas bankruptcy judge authorized a media company to access Chapter 11 financing from its founder, television personality Phil McGraw, and scheduled an expedited hearing on efforts to recover a $25 million note from the company's Christian network co-owner. 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. METHANEX CORP: Moody's Cuts CFR to 'Ba2', Outlook Stable -------------------------------------------------------- Moody's Ratings downgraded Methanex Corporation's (Methanex) corporate family rating to Ba2 from Ba1, the probability of default rating to Ba2-PD from Ba1-PD and the senior unsecured shelf rating to (P)Ba2 from (P)Ba1. The senior unsecured notes issued by Methanex Corporation were downgraded to Ba2 from Ba1. The outlook is stable. Previously, the ratings were under review for downgrade. This concludes the review initiated on September 09, 2024. Methanex's speculative grade liquidity (SGL) rating remains SGL-1 (very good). The $600 million backed senior unsecured notes issued by Methanex US Operations Inc. to partially finance the recent acquisition were affirmed at Ba2. Methanex US Operations Inc.'s outlook remains stable. The conclusion of the review follows the June 27, 2025 announcement that Methanex has closed the acquisition of OCI N.V.'s (OCI, Ba2, under review for downgrade) global methanol business, including methanol and ammonia operations based in Beaumont, Texas, idled capacity in the Netherlands and 50% ownership in the Natgasoline LLC (Natgasoline, B3 positive) joint venture with Proman USA through Consolidated Energy Limited (B2 negative). The $2.05 billion transaction is funded with about $1.15 billion of debt and around $450 million of rollover equity. The deal includes the assumption of about $450 million of debt and leases from OCI and Natgasoline. The downgrade reflects the company's higher exposure to operational and industry volatility given the mix of a higher debt load and historically inconsistent operating rates at the newly acquired facilities. The company will prioritize paying down debt in coming quarters, supported by stronger free cash flow compared to prior years given reduced capital spend following the buildout of G-3. However, the pace of debt reduction will be dependent on prices and post transaction, the company has less cushion to sustain strong credit metrics in a downside scenario while facing execution risks associated with its new assets. In addition, the ramp up of G-3 has encountered repeat setbacks, most recently during Q2-25, and limited visibility on natural gas supplies at international operations underpin additional ongoing risks. RATINGS RATIONALE Methanex's Ba2 CFR is supported by: 1) its position as the largest methanol supplier with a leading international market share; 2) diversified geographic presence and robust logistics infrastructure including a company-leased fleet of shipping vessels supporting high sales volumes globally; 3) North American facilities benefitting from cost-advantaged natural gas and a flexible gas cost structure at international plants, with natural gas costs linked to methanol prices; and 4) very good liquidity supported by Moody's forecasts for strong free cash flow in most price environments. The rating is challenged by: 1) debt levels limiting near-term flexibility in a low price environment; 2) outsized exposure to a single commodity in a fragmented market subject to volatile pricing; 3) execution risks following the debt-funded acquisition of new assets with uneven operating track records; and 4) ongoing natural gas supply constraints for plants in Trinidad, New Zealand and Chile. Methanex has very good liquidity (SGL-1). Following the transaction and pro-forma as of Q1-25, sources total over $1.7 billion, consisting of about $1 billion in cash, full availability under the $600 million revolver ($400 million due 2030 and $200 million due in 2028) and Moody's expectations for over $100 million in free cash flow through Q2-26. Upcoming maturities include $700 million in unsecured notes due October 2027 and $275 million under the term loan A due 2028. Moody's expects Methanex to remain in compliance with its two financial covenants. Methanex's senior unsecured notes are rated Ba2, the same as the CFR, because unsecured debt will represent the preponderance of liabilities in the capital structure with the repayment of the term loan A over time. The stable outlook reflects Moody's expectations that Methanex will allocate substantial free cash flow toward debt reduction while sustaining sufficient financial flexibility to navigate potential operational or industry-driven volatility as it integrates acquired facilities. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Methanex is able to sustain leverage well under 4x through the cycle, executes on a consistent operating track record and maintains retained cash flow to debt above 25%. The ratings could be downgraded if leverage goes above 4.5x, retained cash flow to debt falls under 15% or the company encounters additional operational setbacks leading to negative free cash flow. The principal methodology used in these ratings was Chemicals published in October 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. MEYER BURGER: Gets Interim OK to Obtain DIP Loan From Glas USA -------------------------------------------------------------- Meyer Burger (Holding) Corp. and its affiliates received interim approval from the U.S. Bankruptcy Court for the District of Delaware to obtain debtor-in-possession financing to get through bankruptcy. The interim order authorized the Debtors to obtain an initial $2.5 million from GLAS USA, LLC, which has committed to provide up to $10 million in DIP financing. GLAS USA acts as administrative agent for various lenders. The DIP facility will be governed by a DIP Financing Agreement dated June 25 and the obligations will be secured by liens on substantially all of the Debtors' assets and granted super-priority administrative claims. The financing will be used for operational needs such as paying utilities, landlords, consultants, and taxes, as well as covering administrative costs. The DIP facility also includes a roll-up of prepetition loans totaling approximately $4.83 million. The DIP facility is due and payable on the earliest to occur of: (i) the date that is six months after the petition date, (ii) if the final order has not been entered, by July 18, (iii) the acceleration of the Loans and the termination of the Commitments upon the occurrence, and during the continuance of an Event of Default, (iv) the effective date of any Chapter 11 plan, (v) the date the Bankruptcy Court converts any of the Chapter 11 Cases to a case under chapter 7 of the Bankruptcy Code, (vi) the date the Bankruptcy Court dismisses any of the Chapter 11 Cases, (vii) the consummation of any sale or other disposition of all or substantially all of the assets of the Debtors pursuant to Section 363 of the Bankruptcy Code, and (viii) the date an order is entered in any bankruptcy case appointing a Chapter 11 trustee or examiner with enlarged powers. The Debtors are required to comply with these milestones: Budget Milestones 1. As of immediately prior to the petition date, the Debtors have provided the DIP agent with the initial approved budget. 2. As of 11:59 p.m. prevailing Eastern Time on June 25, 2025, the Debtors have commenced the Chapter 11 Cases. DIP Facility Milestones 3. As of 11:59 p.m. prevailing Eastern Time on the date that is three days following the petition date, the Bankruptcy Court has entered the Interim Order, in form and substance reasonably acceptable to the DIP agent. 4. As of 11:59 p.m. prevailing Eastern Time on the date that is 23 days following the petition date, the Court has entered the final order, in form and substance reasonably acceptable to the DIP agent. Sale Milestones 5. As of 11:59 p.m. prevailing Eastern Time on the date that is 23 days following the petition date, the Court has entered an order, in form and substance reasonably acceptable to the DIP agent, approving bidding procedures for the sale of all or substantially all of the Debtors' assets, setting a deadline for the submissions of bids in connection with the sale, scheduling an auction in connection with the sale, and granting relied relief. 6. As of 11:59 p.m. prevailing Eastern Time on the date that is 28 days following the petition date, the Debtors have received at least one indication of interest, in form and substance reasonably acceptable to the DIP agent, for the Acquired Assets. 7. As of 11:59 p.m. prevailing Eastern Time on the date that is 44 days following the petition date, the Bid Deadline has occurred. 8. As of 11:59 p.m. prevailing Eastern Time on the date that is 47 days following the petition date, the Auction, if any, has commenced. 9. As of 11:59 p.m. prevailing Eastern Time on the date that is 49 days following the petition date, the Court has entered an order, in form and substance reasonably acceptable to the DIP agent, approving the sale and granting related relief. 10. As of 11:59 p.m. prevailing Eastern Time on the date that is 56 days following the petition date, the Debtors have consummated the sale. The Debtors affirm that no alternative financing was available—secured or unsecured—due to the nature of their assets and halted operations. After consulting with financial advisors, they determined that the proposed DIP loan was the only viable option. About Meyer Burger (Holding) Corp. Meyer Burger (Holding) Corp. is an industrial manufacturer of solar cells and solar modules. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11217-CTG) on June 25, 2025. In the petition signed by Justin D. Pugh, chief restructuring officer, the Debtor disclosed up to $500 million in assets and up to $1 billion in liabilities. Judge Craig T. Goldblatt oversees the case. Paul N. Heath, Esq., at Richards, Layton & Finger, P.A., represents the Debtor as legal counsel. GLAS USA LLC, as DIP lender, is represented by: John W. Weiss, Esq. Pashman Stein Walder Hayden, P.C. 824 North Market Street, Suite 800 Wilmington, DE 19801 Telephone: (302) 592-6496 Facsimile: (201) 488-5556 Email: jweiss@pashmanstein.com -- and -- William Hao, Esq Alston & Bird LLP 90 Park Avenue New York, New York 10016 Telephone: (212) 210-9400 Facsimile: (212) 210-9444 Email: William.Hao@alston.com -- and -- Anna Nolan, Esq. Alston & Bird LLP 6th Floor, 3 Noble Street London, EC2V 7EE United Kingdom Telephone: +44 20 8161 4000 Email: anna.nolan@alston.com MILLERKNOLL INC: Moody's Affirms Ba2 CFR, Outlook Remains Negative ------------------------------------------------------------------ Moody's Ratings affirmed MillerKnoll, Inc.'s (MillerKnoll) ratings including its Ba2 Corporate Family Rating, Ba2-PD Probability of Default Rating, and the Ba2 rating on the company's senior secured first lien bank credit facilities. The first lien facilities consists of a $725 million revolver due 2030, a $400 million original principal amount term loan A due 2030, and a $625 million original principal amount term loan B due 2028. The company's speculative grade liquidity is unchanged at SGL-2 and the outlook remains negative. The ratings affirmation reflects MillerKnoll's shift in focus to reducing debt and leverage while de-emphasizing share repurchases. MillerKnoll indicated on its fourth quarter 2025 earnings call that it would like to reduce its net debt to EBITDA leverage which was at around 2.9x (as per company's calculation) as of fiscal year ending May 31, 2025. The affirmation also reflects the company's positive top line performance in fiscal 2025, particularly its strong revenue and order growth in 4Q-2025, and the company's expectations for revenue growth in fiscal 1Q-2026. These factors point to a tentative stabilization of revenue. Moody's expects that stable to growing revenue will support good positive operating cash flow that will help fund growth investments including expansion of the retail network, as well as debt reduction over the next 12-18 months. The company is targeting to offset the increased costs related to tariffs with pricing actions, including a tariff surcharge, which it expects to improve profitability, mostly in the second half of fiscal 2026. The outlook remains negative because MillerKnoll's profitability is being pressured by tariff-related cost increases and new store opening expenses. Soft economic conditions also create uncertainty about the strength of the office furniture market and the company's ability to grow earnings. The company's debt/EBITDA leverage is high at around 4.3x as of fiscal 2025 (incorporating Moody's adjustments) and a combination of debt reduction and earnings growth will likely be necessary to reduce leverage to below 4x over the next year. Moody's continues to believe there is some downside risk due to challenges within the office space market with ongoing high vacancy rates. There is also macroeconomic uncertainty related to the US tariffs that negatively impacts business confidence and could lower volumes in the contract office furniture industry. In addition, there is risk that MillerKnoll's pricing actions may not fully mitigate the additional costs or may result in volume declines. RATINGS RATIONALE MillerKnoll's Ba2 CFR broadly reflects its strong market position in the office furniture sector and good liquidity. The company benefits from strong office furniture brands synonymous with modern design and innovation. The company also has strong end market diversification and good geographic reach throughout the Americas, Europe, and Asia. Offices will remain an important contributor to workplace culture and collaboration. However, the secular shifts toward higher remote work and less office space demand accentuated by the pandemic are key rating factors because they create significant uncertainty regarding the level of recurring demand for office furniture. MillerKnoll operates in highly competitive end markets with design driven demand and reliance on independent contract channels that fosters high competitive risks and results in a low operating profit margin. MillerKnoll's earnings and cash flow are susceptible to economic downturns, variability in raw material prices and increasing labor costs. The company's good liquidity provides some flexibility to navigate the economic and demand challenges and is supported by its $194 million cash balance, $382 million of availability on its revolver as of May 31, 2025, and Moody's expectations of positive free cash flow of at least $50 million over the next 12 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The negative outlook reflects MillerKnoll's high financial leverage and Moody's views that elevated business risks and economic challenges could keep leverage elevated over the next year despite the company's focus on reducing debt. This is based on Moody's views that the office space market will remain challenging, and due to the company's exposure to cyclical downturns and tariffs. The ratings could be upgraded if there is stability and sustained growth visibility in the office market sector and MillerKnoll successfully navigates through the secular changes. The company would also need to improve its operating performance including generating a meaningfully higher operating profit margin along with strong and consistent free cash flow, and maintain a conservative financial strategy with debt/EBITDA sustained below 3.25x. The ratings could be downgraded if the company is unable to grow earnings due to soft office furniture market demand, pricing pressure, or cost increase, or debt/EBITDA is sustained above 4.0x. The ratings could also be downgraded if liquidity deteriorates for any reason, including modest free cash flow or higher reliance on revolver borrowings, or the company distributes meaningful cash to shareholders or pursues debt-financed acquisitions. MillerKnoll, Inc. designs, manufactures and distributes seating products, office furniture systems, other freestanding furniture elements, textiles, home furnishings and related services used in office, healthcare, educational and residential settings. The company sells its products through independent contract office furniture dealers, owned retail studios and e-commerce platforms, direct mail catalogs, independent retailers, and an owned contract office furniture dealership. The company is a combination of Herman Miller, Inc., established in 1905, and the July 2021 acquisition of Knoll, Inc., established in 1938. MillerKnoll is publicly traded (Nasdaq: MLKN) and has presence in over 100 countries. The company reported around $3.7 billion in revenue for the fiscal year ending May 31, 2025. The principal methodology used in these ratings was Consumer Durables published in September 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. MIMOSAS A CALI: Hires Golden Goodrich as Insolvency Counsel ----------------------------------------------------------- Mimosas A Cali Life LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Golden Goodrich LLP as its general insolvency counsel. The firm will render these services: 1. advise the Debtor with respect to the requirements and provisions of the Bankruptcy Code, Federal Rules of Bankruptcy Procedure, Local Bankruptcy Rules, U.S. Trustee Guidelines, and other applicable requirements which may affect the Debtor; 2. assist the Debtor in preparing and filing Schedules and Statement of Financial Affairs, complying with and fulfilling U.S. Trustee requirements, complying with and fulfilling the requirements of the Bankruptcy Code and, in particular, the requirements of Chapter 11 and its Subchapter V of the Bankruptcy Code, and preparing other pleadings and documents as may be required after the initiation of a Chapter 11 case; 3. represent the Debtor at the Initial Debtor Interview and the Bankruptcy Code Sec. 341(a) meeting of creditors, and any continuances thereof; 4. assist the Debtor in identifying and, to the extent necessary, obtaining Court approval of the employment of a financial advisor and any other professional necessary for the Debtor to complete this bankruptcy case; 5. assist the Debtor in negotiations with creditors and other parties-in-interest; 6. assist the Debtor in the preparation and formulation of a Chapter 11, Subchapter V plan, and confirmation of such a plan; 7. advise the Debtor concerning the rights and remedies of the estate and of the Debtor in regard to adversary proceedings which may be removed to, or initiated in, the Bankruptcy Court, and assist the Debtor, if appropriate, in retaining special counsel to litigate such adversary proceedings; 8. prepare all motions, applications, answers, orders, reports, and papers on behalf of the Debtor that are necessary to the administration of the Case; 9. represent the Debtor in any proceeding or hearing in the Bankruptcy Court in any action where the rights of the estate or the Debtor may be litigated, or affected; and 10. otherwise provide those services to the Debtor as are generally provided by general insolvency counsel to a debtor and debtor-in-possession in a Chapter 11 case. The firm's hourly rates range from $250 to $850. The majority of the work will be performed by David M. Goodrich at his current hourly rate of $750. On May 27, 2025, the firm received a $33,000 retainer from the Debtor. Mr. Goodrich assured the court that his firm is disinterested within the meaning of 11 U.S.C. Secs. 327(a) and 101(14). The firm can be reached through: David M. Goodrich, Esq. GOLDEN GOODRICH LLP 3070 Bristol Street, Suite 640 Costa Mesa, CA 92626 Tel: (714) 966-1000 Fax: (714) 966-1002 Email: dgoodrich@go2.law About Mimosas A Cali Life LLC Mimosas A Cali Life LLC, d/b/a Mimosas and Story Anaheim, operates bar and restaurant venues under the names Mimosas and Story Anaheim. The establishments offer a variety of food and beverage services, including brunch, lunch, dinner, and cocktails, with a focus on spirits, wine, and beer. They are based in California and cater to weekday and weekend dining experiences. Mimosas A Cali Life LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-14956) on June 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Vincent P. Zurzolo handles the case. The Debtors are represented by David Goodrich, Esq. at GOLDEN GOODRICH LLP. MJH HEALTHCARE: S&P Raises ICR to 'B', Outlook Stable ----------------------------------------------------- S&P Global Ratings placed its 'B-' issuer credit rating on MJH Healthcare Holdings LLC (MJH) under criteria observation (UCO). After completing S&P's review of MJH, on July 3 it raised the rating by one notch to 'B' and removed it from UCO. S&P said, "At the same time, we raised the issue-level ratings on the company's $709 million term loan B due 2029 and $75 million revolving credit facility due 2026 one notch to 'B', in line with the issuer credit rating. "The stable outlook reflects our expectation that MJH will grow revenue and EBITDA by about 4%-5% over the next 12 months. We also expect the company will reduce S&P Global Ratings-adjusted leverage to 4.0x-4.5x and generate discretionary cash flow (DCF) to debt of 4.0%-4.5% in 2025. "Our updated controlling shareholder financing criteria removed MJH's preferred shares from our adjusted debt metric, improving the company's credit metrics. At the end of 2024, our measure of the company's adjusted debt primarily included its $709 million term loan B and $666 million preferred equity. Since the publication of our updated shareholder financing criteria, we no longer treat the preferred equity as debt-like. This is because the cash interest payments aren't mandatory due to the PIK interest optionality and our view that the equity's maturity wouldn't lead to a deterioration of the company's credit metrics. As a result, MJH's preferred shares no longer qualify as debt for our adjusted debt, leverage, and coverage metrics. Therefore, we now estimate MJH's S&P Global Ratings-adjusted debt to EBTIDA and discretionary cash flow (DCF) to debt to be about 4.1x lower and 2.5% higher, respectively compared to our previous (2024) metrics. In addition, the company's S&P Global Ratings-adjusted EBITDA increased about 5.4% in the 12-month period ended March 31, 2025, driven by revenue growth and higher margins from a shift away from the print business. As a result of the recent operating performance and MJH's financial policy decisions, which have supported leverage reduction, in 2025 we now expect DCF to debt and S&P Global Ratings-adjusted debt to EBITDA to improve to about 4.0x-4.5x and 4.0%-4.5%, respectively, in line with the 'B' issuer credit rating "We expect MJH's market-leading events business and stable relationships with blue-chip pharmaceutical clients to drive revenue growth in 2025, even as economic challenges remain a headwind for pharmaceutical advertising. MJH's year-over-year revenue increased about 2.5% in 2024 and 1.5% in the first quarter of 2025, largely due to the expansion of its live meetings, offset by headwinds from pharmaceutical advertising spending. Its events business contributes about 40% to total revenues. We expect this segment and the digital offerings business, which contributes about 45% to total revenues, will continue driving top-line expansion in 2025 as the pharmaceutical advertising market recovers. "We expect economic challenges to remain a headwind for pharmaceutical advertising in 2025, which could lead to some ad-spending pullback. Nevertheless, we forecast the company's revenue will grow about 4%-5% in 2025, driven by growth in its digital offerings business and in-person live meeting events, even amid a challenging pharma economic environment. Finally, we believe MJH's near-term initiatives on leveraging its data assets and pursuing accretive acquisitions could further bolster its 2025--and possibly 2026--revenue growth. "Our rating incorporates MJH's acquisitive growth strategy, which could increase leverage over time. Despite our expectation for MJH's leverage to be below our 5x upgrade threshold, we believe the company's leverage could increase over time due to its financial-sponsor ownership. This could result in leveraging acquisitions or shareholder rewarding activities. The company has recently grown through its acquisitions of Mesmerize Media (2023) and NewBeauty (2025). We expect MJH to continue to prioritize investing in growth and use cash flow and debt issuance to fund acquisitions. For this reason, we don't expect it to use cash for debt repayment. However, if the company does use any excess cash to pay-down debt and improve its credit metrics faster than expected, we could revise our view of the company's financial risk profile. "The stable outlook reflects our expectation that MJH will grow revenue and EBITDA by 4%-5% over the next 12 months. We also expect the company will reduce S&P Global Ratings-adjusted leverage to 4.0x-4.5x and generate DCF to debt of 4.0%-4.5% in 2025. "8&P could lower the issuer credit rating if we believe MJH's DCF to debt will remain below 5% (our measure of DCF to debt includes the company's expected tax distributions to its owners.). This would likely be the result of a loss of market share or an unfavorable shift in the company's revenue and margin." Although unlikely, S&P could raise its ratings on MJH over the next 12 months if: -- It is able to sustain leverage comfortably below 5x; and -- S&P believes it's able to sustain DCF to debt approaching 10%, including potential acquisitions or shareholder returns. MODIVCARE INC: All Proposed Measures Passed at Annual Meeting ------------------------------------------------------------- ModivCare Inc. held its 2025 annual meeting of stockholders. At the 2025 Annual Meeting, all proposed measures passed, and the recommended director nominees were elected. The final voting results for each of the matters and candidates submitted to a vote of stockholders at the 2025 Annual Meeting are as follows: a. The election of seven directors, each to serve for a one-year term until the 2026 annual meeting of stockholders: 1. Todd J. Carter * Votes For: 10,519,361 * Votes Against: 120,740 * Abstentions: 4,329 * Broker Non-Votes: 1,617,087 2. Alec Cunningham * Votes For: 10,542,529 * Votes Against: 97,559 * Abstentions: 4,342 * Broker Non-Votes: 1,617,087 3. David Mounts Gonzales * Votes For: 10,571,043 * Votes Against: 69,244 * Abstentions: 4,143 * Broker Non-Votes: 1,617,087 4. Leslie V. Norwalk * Votes For: 5,757,177 * Votes Against: 4,881,910 * Abstentions: 5,343 * Broker Non-Votes: 1,617,087 5. Erin L. Russell * Votes For: 10,529,576 * Votes Against: 109,517 * Abstentions: 5,337 * Broker Non-Votes: 1,617,087 6. L. Health Sampson * Votes For: 10,459,206 * Votes Against: 180,368 * Abstentions: 4,856 * Broker Non-Votes: 1,617,087 7. Daniel B. Silvers * Votes For: 10,535,292 * Votes Against: 103,687 * Abstentions: 5,451 * Broker Non-Votes: 1,617,087 b. The non-binding advisory vote to approve the Company's named executive officer compensation: * Votes For: 10,257,557 * Votes Against: 378,006 * Abstentions: 8,867 * Broker Non-Votes: 1,617,087 c. The ratification of the appointment of KPMG LLP as the Company's independent registered public accounting firm for the 2025 fiscal year: * Votes For: 12,221,230 * Votes Against: 31,165 * Abstentions: 9,122 * Broker Non-Votes: Not Applicable About ModivCare ModivCare Inc. is a technology-enabled healthcare services company that provides a suite of integrated supportive care solutions for public and private payors and their members. At December 31, 2024, ModivCare had 1,654,332,000 in total assets, 1,692,806,000 in total liabilities, and 38,474,000 in total stockholders' deficit. * * * As reported by the Troubled Company Reporter in March 2025, S&P Global Ratings lowered its Company credit rating on ModivCare Inc. to 'CCC+' from 'B'. The outlook is negative. NCL CORP: S&P Lowers Unsecured Debt Rating to 'B' ------------------------------------------------- S&P Global Ratings lowered its issue-level rating on global cruise operator NCL Corp. Ltd.'s unsecured debt to 'B' from 'B+' and revised the recovery rating to '5' from '4'. This reflects increased secured debt in S&P's assumed recovery waterfall for the company, which reduces the value available to unsecured lenders in its simulated default scenario. The '5' recovery rating indicates its expectation for modest (10%-30%; rounded estimate: 20%) recovery for noteholders in the event of a default. NCL upsized its revolving credit facility (RCF) due 2030 to $2.486 billion from $1.7 billion. S&P said, "In our recovery analysis, we assume the company's revolver is 85% drawn at the time of default. As a result, the larger revolver results in approximately $700 million more assumed secured debt outstanding in our simulated default scenario. We affirmed our 'BB' issue-level rating on the RCF and secured notes due 2029. The '1' recovery rating indicates our expectation for very high (90%-100%; rounded estimate: 95%) recovery for lenders in the event of a payment default." S&P said, "We also affirmed our 'BB-' issue-level rating on NCL's 2027 secured notes. Our recovery rating remains '2', indicating our expectation for substantial (70%-90%; rounded estimate: 80%) recovery for noteholders in the event of a payment default. "The larger revolver enhances the company's liquidity position and is leverage neutral. As a result, our 'B+' issuer credit rating and positive outlook on NCL are unchanged. We expect leverage will decline to the low-5x area and funds from operations (FFO) to debt will increase to 13%-15% in 2025 and above 15%, the upgrade threshold, in 2026." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P lowered its issue-level rating on NCL's unsecured debt to 'B' from 'B+' and revised the recovery rating to '5' from '4'. The '5' recovery rating indicates its expectation for modest (10%-30%; rounded estimate: 20%) recovery for noteholders in the event of a default. -- The upsized revolver results in higher assumed secured debt outstanding in our simulated default scenario, and consequently lower recovery prospects for unsecured lenders. -- In conjunction with the upsize, NCL pledged five previously unencumbered ships (Pride of America, Jewel, Nautica, and Regatta, and Getaway) to its amended credit facility and 2029 secured notes and unencumbered the Norwegian Star that previously served as collateral to that secured debt. While the net addition of four ships to the collateral package increases the collateral value available to the credit facility and 2029 secured notes, this debt was already overcollateralized in S&P's analysis. -- S&P said, "We affirmed our 'BB' issue-level rating on NCL's upsized $2.486 billion RCF due 2030 and secured notes due 2029. The '1' recovery rating indicates our expectation for very high (90%-100%; rounded estimate: 95%) recovery for lenders in the event of a payment default." -- S&P said, "We also affirmed our 'BB-' issue-level rating on NCL's 2027 secured notes. Our recovery rating remains '2', indicating our expectation for substantial (70%-90%; rounded estimate: 80%) recovery for noteholders in the event of a payment default." Simulated default assumptions -- S&P's simulated default scenario contemplates a payment default occurring by 2029 due to a significant decline in the company's cash flow. This would stem from impaired demand for cruises because of a prolonged economic downturn or increased competitive pressures. -- It assumes any debt maturing between now and its assumed year of default is extended to the year of default on similar terms. -- S&P uses a discrete asset valuation (DAV) approach for NCL because its debt structure provides certain creditors with priority claims against specific assets, and S&P expects its lenders would pursue the specific collateral pledged to them. -- S&P said, "To calculate our DAV, we apply discounts to the appraised values of NCL's existing ships and to the costs of planned ships. We apply discounts ranging from 40%-50% to appraisals depending on the customer segment and age of the ship. In addition, where no appraisals are available, we apply discounts to the cost of the ships ranging from 15%-50% depending on when they were placed in service or are scheduled for delivery and whether they operate in the contemporary or premium class." -- In S&P's analysis, it includes all ships--and associated financing--to be delivered through 2028, the year prior to its assumed year of default. -- S&P assumes administrative claims total 7% of gross DAV due to the complexity of NCL's capital structure, which includes multiple classes of debt at the parent and ship financings at various subsidiaries that benefit from different collateral pools, as well as our expectation multijurisdictional considerations will result in higher administrative costs. -- S&P assumes NCL's $2.486 billion revolver is 85% drawn at the time of default. Simplified waterfall -- Gross asset value: $16 billion -- Net asset value (after 7% administrative costs): $14.9 billion -- Value ascribed to the credit agreement and secured notes due 2029/ship loans/senior secured notes due 2027: 25%/69%/6% -- Net value available to the revolving credit facility and $790 million secured notes due 2029 (including residual value from unpledged ships after satisfying ship-level debt): $4.3 billion -- Estimated claims under the revolving credit facility and $790 million secured notes due 2029 at default: $3 billion --Recovery expectations: 90%-100% (rounded estimate: 95%) -- Remaining value available to unsecured and pari passu claims: $1.3 billion -- Net value available to the $1 billion senior secured notes due 2027 (including collateral value pledged to the senior secured notes and a portion of the remaining value after satisfying claims under the credit agreement): $860 million -- Senior secured notes due 2027: $1.03 billion --Recovery expectations: 70%-90% (rounded estimate: 80%) -- Net value available to senior unsecured debt: $1.2 billion -- Unsecured debt, including senior notes and convertible notes: $5.6 billion --Recovery expectations: 10%-30% (rounded estimate: 20%) Note: All debt amounts include six months of prepetition interest. NOBLE LIFE: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------ Noble Life Sciences, Inc. asks the U.S. Bankruptcy Court for the District of Maryland, Baltimore Division, for authority to use cash collateral and provide adequate protection. The Debtor entered bankruptcy due to financial strain following a downturn in life science sector investments during 2023–2024, despite recent improvements in operations and sales projections. The Debtor's primary secured creditor is Fulton Bank, which holds a first-position lien on all assets and cash collateral, backed by a $3.7 million SBA loan and perfected UCC filings. As of the petition date, Fulton Bank held $54,774.33 in the Debtor' operating accounts. Additional equipment-based secured creditors include U.S. Bank Equipment Finance, Mitsubishi HC Capital, Apex Commercial Capital Corp., and others. However, these lenders are not believed to have a claim on general cash collateral. To stabilize operations and protect the value of the estate, the Debtor seeks court approval to use cash collateral immediately to avoid "irreparable harm." The Debtor asserts it has no insider creditor relationships and offers adequate protection to Fulton Bank via replacement liens on post-petition receivables. The Debtor's ultimate goal is to reorganize and restore profitability, supported by new business momentum and improved 2025 sales projections. A copy of the motion is available at https://urlcurt.com/u?l=66M5ts from PacerMonitor.com. About Noble Life Sciences Inc. Noble Life Sciences Inc. is a pre-clinical contract research organization that provides GLP and non-GLP services, including safety and efficacy testing, for drugs, vaccines, and medical devices. The Company offers capabilities in pharmacology, bioanalysis, analytical testing, and preclinical development across a range of therapeutic areas such as oncology, infectious diseases, and cardiovascular conditions. Noble Life Sciences Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-15637) on June 22, 2025. In its petition, the Debtor reports total assets of $488,456 and total liabilities of $5,160,511. The Debtors are represented by Robert B. Scarlett, Esq. at SCARLETT & CROLL, P.A. NORTH WHITEVILLE: Seeks Cash Collateral Access ---------------------------------------------- North Whiteville Urgent Care & Family Practice, PA asks the U.S. Bankruptcy Court for the Eastern District of North Carolina, Wilmington Division, for authority to use cash collateral and provide adequate protection. Despite ongoing medical services and expected revenue from accounts receivable, the Debtor is unable to make current payments on several secured debts and seeks court approval to use cash collateral to cover ordinary operating expenses, including payroll and rent. Several creditors have secured interests in North Whiteville's assets, including MCA Servicing Company, Broadway Advance, LLC, and Amsterdam Capital Group, Inc., along with CT Corporation System and First Corporate Solutions—though the amounts owed to these latter parties remain undetermined due to unclear assignor information. All these creditors have liens secured by UCC-1 financing statements covering accounts receivable, inventory, equipment, and general intangibles. However, none have consented to the use of their respective cash collateral. A copy of the motion is available at https://urlcurt.com/u?l=Y70IqY from PacerMonitor.com. About North Whiteville Urgent Care & Family Practice, PA North Whiteville Urgent Care & Family Practice, PA is a medical services provider. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-02217-5-DMW) on June 12, 2025. In the petition signed by https://urlcurt.com/u?l=u1l0zO from PacerMonitor.com. Judge David M. Warren oversees the case. Christian B. Felden, Esq., at Felden and Felden, P.A., represents the Debtor as legal counsel. ODS INC: July 7 Deadline for Panel Questionnaires ------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of ODS, Inc. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/nn3zj8e5 and return by email it to Tina L. Oppelt -- Tina.L.Oppelt@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than 1:00 p.m., on July 7, 2025. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About ODS, Inc. ODS, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-16371) on June 16, 2025, listing up to $50,000 in assets and $1 million to $10 million in liabilities. Judge Jerrold N Poslusny Jr presides over the case. E. Richard Dressel, Esq. at Lex Nova Law, LLC represents the Debtor as counsel. OLB TRUCKING: Seeks to Use Cash Collateral ------------------------------------------ OLB Trucking LLC asks the U.S. Bankruptcy Court for the Southern District of Georgia, Dublin Division, for authority to use cash collateral and provide adequate protection. The LCF Group, Inc. is a creditor that claims a security interest in various debtor assets through a UCC-1 filing dated December 10, 2024. While the Debtor questions the full scope of this security agreement, it acknowledges that LCF may have a valid claim to its accounts receivable from freight brokers, qualifying those funds as "cash collateral." The Debtor argues that it urgently needs access to this cash collateral to cover critical business expenses such as fuel, insurance, licensing, salaries, and equipment maintenance. Without access, the business operations would cease, causing irreparable harm and loss of going concern value. The Debtor asserts that The LCF Group's interests will be adequately protected because continued operations are essential to formulate and fund a feasible reorganization plan. The Debtor projects $47,460.31 in revenue and $37,257 in expenses for one month. A court hearing is scheduled for July 16. About OLB Trucking, LLC OLB Trucking, LLC, filed a Chapter 11 bankruptcy petition (Bankr. S.D. Ga. Case No. 25-30060-SDB) on May 23, 2025. In the petition signed by Olin Lee Bell, managing member, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Susan D. Barrett oversees the case. Calvin L. Jackson, Esq., at Calvin L. Jackson, P.C., represents the Debtor as legal counsel. ONEDIGITAL BORROWER: Moody's Affirms 'B3' CFR, Outlook Stable ------------------------------------------------------------- Moody's Ratings has affirmed the B3 corporate family rating and B3-PD probability of default rating of OneDigital Borrower LLC (OneDigital), along with the B2 rating on the company's backed first-lien senior secured term loan due 2031 and the Caa2 rating on the backed second-lien senior secured term loan due 2032. Moody's also affirmed the B2 rating on OneDigital's backed first-lien senior secured revolving credit facility due 2029. The rating outlook for OneDigital is stable. RATINGS RATIONALE OneDigital's ratings reflect its expertise in employee benefits, retirement and wealth management, and HR advisory services along with its consistent EBITDA margins. OneDigital derives most of its revenue from a growing national retail benefits business targeting small to midsize market employers. The company serves its customers through a proprietary technology platform, a national call center, and locally based insurance professionals in selected markets across the country. Over the years, OneDigital has diversified its revenue sources through acquisitions focused on employee benefits, retirement and wealth, Medicare Advantage, Professional Employer Organizations, pharmacy services, and property/casualty insurance, which have facilitated cross-sell opportunities. Credit challenges for OneDigital include aggressive financial leverage, low interest coverage, significant cash outflows to pay contingent earnout liabilities, and execution and integration risks associated with debt-funded acquisitions. Such leverage leaves OneDigital little room for error in managing its existing and newly acquired operations. OneDigital's leverage has consistently been elevated to finance acquisitions. Moody's estimates the pro forma leverage to be about 7.5x, with (EBITDA - capex) interest coverage and a free-cash-flow-to-debt ratio in the low single digits. These pro forma metrics reflect Moody's adjustments for operating leases, contingent earnout liabilities, run-rate earnings from acquisitions, and certain non-recurring costs and other items. For the 12 months through March 2025, OneDigital reported revenue of $1.3 billion, up from $1.2 billion in 2024, driven by a combination of acquisitions and organic growth. Moody's expects the company to continue making acquisitions across its various business lines while maintaining EBITDA margins in the mid-20s. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade of OneDigital's ratings include: (i) debt-to-EBITDA ratio below 6x, (ii) (EBITDA - capex) interest coverage above 2x, (iii) free cash-flow-to-debt ratio above 5%, and (iv) successful integration of acquisitions. Factors that could lead to a rating downgrade include: (i) debt-to-EBITDA above 7.5x, (ii) (EBITDA - capex) interest coverage below 1.2x, (iii) free-cash-flow-to-debt ratio below 2%. The principal methodology used in these ratings was Insurance Brokers and Service Companies published in February 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. Founded in 2000, OneDigital provides HR advisory services including employee benefits, retirement and wealth management, Medicare Advantage distribution services and property/casualty insurance to clients across the US. Based in Atlanta, Georgia, the company generated revenue of $1.3 billion for the 12 months through March 2025. ORION ADVISOR: Moody's Affirms 'B3' CFR, Outlook Stable ------------------------------------------------------- Moody's Ratings affirmed Orion Advisor Solutions, Inc. ("Orion") B3 corporate family rating and its B3-PD probability of default rating. Concurrently, Moody's affirmed the B2 ratings on the company's first lien senior secured bank credit facility, comprised of an $80 million revolver expiring 2029 and a $930 million term loan due 2030. The outlook is stable. The company is a provider of software solutions and other services to wealth/asset managers in the US market. RATINGS RATIONALE Orion's B3 CFR is principally constrained by the company's very high debt to EBITDA of approximately 8.2x for the trailing 12-month period ending March 31, 2025 (based on Moody's calculations including adjustments for operating leases). The credit profile is also negatively impacted by the company's small scale relative to larger competitors within the financial services vertical market, industry concentration risk, and exposure to capital markets volatility. Additionally, corporate governance concerns related to Orion's concentrated ownership by private equity firms Genstar Capital ("Genstar") and TA Associates ("TA") weigh on the company's credit profile, particularly with respect to the potential for a continuation of aggressive financial strategies including debt funded acquisitions and dividends. These concerns associated with the issuer's credit profile position Orion weakly in the B3 rating category, but are partially offset by the company's highly recurring revenue business model with strong sales growth supported by SaaS offerings and secular demand for Orion's Turnkey-Asset Management Program ("TAMP") services. Additionally, the company's credit quality is bolstered by strong profitability metrics and Moody's expects Orion to sustain adequate liquidity in the coming 12-15 months. The B2 ratings for Orion's first lien bank debt are one notch above the CFR and take into account the first lien bank debt's priority in the collateral and senior ranking in the capital structure relative to the company's second lien debt (unrated). Despite a modest cash balance of $2.6 million as of March 31, 2025 and Moody's expectations of 1%-2% free cash flow generation over the next 12-15 months, Orion's liquidity is considered adequate. The company has access to an undrawn $80 million revolving credit facility but Moody's views the size as small relative to fixed charges and anticipate Orion will periodically access the capacity over the next 12-15 months to cover approximately $9 million of annual required first lien term loan amortization during this time frame. While Orion's term loans are not subject to financial covenants, the revolving credit facility has a springing covenant based on a maximum net leverage ratio of 8.7x which the company should be in compliance with over the next 12-18 months. The stable rating outlook reflects Moody's expectations that Orion's revenue will increase at a high single digit annual rate over the next 12-18 months. Moody's expects a degree of pressure on margins resulting in muted EBITDA growth in 2025, before more robust gains in 2026. Moody's expects debt to EBITDA to approach the low 7x level by the end of 2025 and the mid 6x level by 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Orion realizes consistent revenue and EBITDA growth while adhering to a conservative financial policy such that debt to EBITDA (based on Moody's calculations) is expected to approach 6.0x and annual free cash flow is maintained at approximately 5% of debt. The ratings could be downgraded if Orion were to experience a weakening competitive position, sustained free cash flow deficits, or the company maintains aggressive financial policies that results in an increase in debt leverage from current levels. 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. Orion, owned principally by TA and Genstar, provides software solutions and other services to wealth/asset managers in the US market. Moody's expects the company to generate annual revenue of approximately $540 million in 2025. PARDUE COURT: Case Summary & 11 Unsecured Creditors --------------------------------------------------- Debtor: Pardue Court, LLC 2233-2243 NW Flanders Street Portland, OR 97210 Business Description: Pardue Court LLC is a single-asset real estate company that owns an apartment building located at 2233–2243 NW Flanders Street in Portland, Oregon. The property was appraised at $3.44 million as of June 4, 2024. Chapter 11 Petition Date: July 3, 2025 Court: United States Bankruptcy Court District of Oregon Case No.: 25-32271 Judge: Hon. Teresa H Pearson Debtor's Counsel: Theodore J. Piteo, Esq. MICHAEL D. O'BRIEN & ASSOCIATES PC 12909 SW 68th Parkway, Suite 160 Portland, OR 97223 Email: ted@pdxlegal.com Total Assets: $3,447,630 Total Liabilities: $1,541,638 The petition was signed by Karen Pardue as manager. A full-text copy of the petition, which includes a list of the Debtor's 11 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/AP276JQ/Pardue_Court_LLC__orbke-25-32271__0001.0.pdf?mcid=tGE4TAMA PARKLAND CORP: Moody's Puts 'Ba2' CFR on Review for Upgrade ----------------------------------------------------------- Moody's Ratings has placed the ratings for Parkland Corporation ("Parkland") on review for upgrade. Ratings placed on review for upgrade include the company's Ba2 corporate family rating, its Ba2-PD probability of default rating and its Ba3 senior unsecured notes ratings. The speculative grade liquidity rating ("SGL") remains unchanged at SGL-2. Previously, the outlook was stable. This action follows the announcement on June 24, 2025 that Parkland shareholders accepted Sunoco LP's (Ba1 rating under review for downgrade; Sunoco) acquisition offer of $9.1 billion. The transaction is subject to regulatory approvals and is expected to close in the second half of 2025. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's have placed the ratings of Parkland on review for upgrade because upon completion of the acquisition, Parkland and its debt will become part of a higher rated entity, subject to the outcome of Sunoco's rating review. The review will conclude once the transaction has closed and Moody's have assessed the credit impact on Sunoco ratings, which are under review for downgrade. The potential implications for Parklands' debt will also be evaluated, whether it be repaid, assumed or guaranteed by Sunoco or remain Parkland's obligation. Parkland, headquartered in Calgary, Alberta, is a large retailer, marketer and distributor of fuel and petroleum products servicing both retail and commercial customers across Canada, USA and the Caribbean regions. Parkland's retail and commercial network includes close to 3,500 retail service stations, 315 M&M Food Market locations and 210 commercial cardlock sites. Furthermore, the company owns and operates the Burnaby refinery (55,000 barrels per day capacity) in the Greater Vancouver Area, and manages strategic distribution and storage infrastructure across North America. Sunoco is a diversified midstream master limited partnership with a large motor fuel distribution network and crude oil, refined products, renewable fuels, and ammonia pipeline, storage and terminalling operations. Sunoco's general partner is owned by Energy Transfer LP (ET). ET also owns 21% of SUN's common units. Sunoco is headquartered in Dallas, Texas. The principal methodology used in these ratings was Retail and Apparel published in November 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. PAVMED INC: Annual Meeting OKs All Proposals -------------------------------------------- PAVmed Inc. held an annual meeting of stockholders. Stockholders representing approximately 77.2% of the shares outstanding and entitled to vote (including shares of the Company's preferred stock, on an "as converted" to common stock basis subject to the limitations set forth in the applicable certificate of designations) were present in person or by proxy. At the Annual Meeting, the stockholders elected each of management's nominees for director and approved the other matters considered. A description of the matters considered by the stockholders and a tally of the votes on each such matter are: a. The election of two members of the Company's board of directors as Class C directors, to hold office until the third succeeding annual meeting and until their respective successors are duly elected and qualified. The Board is divided into three classes, Class A, Class B and Class C. As of the Annual Meeting, there were two directors in Class C, Lishan Aklog, M.D. and Michael J. Glennon, whose terms expired at the Annual Meeting, two directors in Class A, Ronald M. Sparks and Timothy Baxter, whose terms expire at the 2026 annual meeting of stockholders, and two directors in Class B, Sundeep Agrawal, M.D. and Debra J. White, whose terms expire at the 2027 annual meeting of stockholders. The board nominated Dr. Aklog and Mr. Glennon for re-election as Class C directors. Each of the board's nominees for director was elected, as follows: 1. Lishan Aklog, M.D. * Votes For: 7,153,661 * Authority Withheld: 2,077,858 * Broker Non-Votes: 5,323,902 2. Michael J. Glennon * Votes For: 7,224,432 * Authority Withheld: 2,007,087 * Broker Non-Votes: 5,323,902 b. A proposal to approve, for the purposes of Listing Rule 5635 of The Nasdaq Stock Market LLC, the issuance of shares of the Company's common stock upon exercise of the pre-funded warrants to purchase common stock sold by the Company in a private offering in February 2025. Pursuant to the rules of Nasdaq, the shares of common stock issued in the Private Placement were not entitled to vote on the Stock Issuance Proposal. The issuance was approved, as follows: * Votes For: 4,653,595 * Votes Against: 293,887 * Abstain: 1,709,687 * Broker Non-Votes: 5,323,902 A more complete description of the Pre-Funded Warrants and the Private Placement is set forth under "The Stock Issuance Proposal" in the Company's definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on April 30, 2025, which description is incorporated herein by reference. The description of the Pre-Funded Warrants and the Private Placement from the Definitive Proxy Statement does not purport to be complete and is qualified in its entirety by reference to the full text of the related agreements, which are included as exhibits to the Quarterly Report on Form 10-Q filed by the Company on May 15, 2025. c. A proposal to approve an amendment to the Company's 2014 Long-Term Incentive Equity Plan to increase the total number of shares of the Company's common stock available under the 2014 Plan by an additional 2,500,000 shares, from 2,412,140 shares to 4,912,140 shares. The amendment was approved, as follows: * Votes For: 6,356,699 * Votes Against: 1,165,569 * Abstain: 1,709,251 * Broker Non-Votes: 5,323,902 d. A proposal to approve, on an advisory basis, the compensation of the Company's principal executive officer and two highest-paid executive officers other than the principal executive officer as disclosed in the Definitive Proxy Statement. The compensation was approved, as follows: * Votes For: 7,114,007 * Votes Against: 379,014 * Abstain: 1,738,498 * Broker Non-Votes: 5,323,902 e. A proposal to ratify the appointment of Marcum LLP as the Company's independent registered certified public accounting firm for the year ending December 31, 2025. The ratification of the appointment of Marcum LLP was approved, as follows: * Votes For: 14,215,004 * Votes Against: 314,828 * Abstain: 25,589 * Broker Non-Votes: - About PAVmed Headquartered in New York, NY, PAVmed Inc. -- http://www.pavmed.com -- is a commercial-stage medical technology company operating across the medical device, diagnostics, and digital health sectors. Its subsidiaries include Lucid Diagnostics Inc., which offers tools for early detection of esophageal precancer, and Veris Health Inc., which focuses on remote cancer care monitoring using implantable sensors and connected health devices. In its report dated March 24, 2025, Marcum LLP, the Company's auditor since 2019, issued a "going concern" qualification, 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 aiblity to continue as a going concern. PavMed reported a net income attributable to common stockholders of $31.97 million for the year ending Dec. 31, 2024, compared to a net loss attributable to common stockholders of $66.27 million for the year ending Dec. 31, 2023. PavMed has reported in its 2024 Annual Report that it has incurred net losses since its inception in June 2014, primarily funding operations through the issuance of common and preferred stock, warrants, and debt. The Company noted that its ability to generate sufficient revenue from products in development and achieve profitability depends on factors beyond its control. Despite efforts to reduce operating expenses, PavMed expects to continue incurring losses as it maintains its commercial infrastructure, develops products, and faces public company-related costs. PBREIA LLC: Section 341(a) Meeting of Creditors on August 4 ----------------------------------------------------------- On July 2, 2025, PBREIA 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 4, 2025 at 02:00 PM by TELEPHONE. About PBREIA LLC PBREIA LLC is a single asset real estate company with its principal place of business in Arlington, Texas, and its primary real estate asset located in San Diego, California. PBREIA LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42439) on July 2, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtors are represented by Thomas C. Scannell, Esq. at Foley & Lardner LLP. PLANET GREEN: Notes Unusual NYSE Trading; No Material Development ----------------------------------------------------------------- Planet Green Holdings Corp. announced that the Company had become aware of unusual trading activity in its common stock on the New York Stock Exchange American on June 17, 2025. The Company has made inquiries and has been unable to determine whether corrective actions are appropriate at this time. The Company is further announcing that there has been no material development in its business and affairs not previously disclosed or, to its knowledge, any other reason to account for the unusual market action. About Planet Green Planet Green Holdings Corp., headquartered in Flushing, NY, functions as a Nevada-incorporated holding company rather than an operating entity in mainland China. Its business operations are conducted through subsidiaries based in the PRC, Hong Kong, and Canada. The Company engages in diverse sectors, including consumer goods, chemical products, and online advertising. In an April 11, 2025 report, auditor YCM CPA Inc. issued a "going concern" qualification, citing Planet Green's accumulated deficit, working capital deficit, continued net losses, and negative operating cash flows. These conditions raise substantial doubt about the company's ability to continue as a going concern. PORCELANATTO CORP: Seeks Subchapter V Bankruptcy in Florida ----------------------------------------------------------- On July 3, 2025, Porcelanatto Corp. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. 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 Porcelanatto Corp. Porcelanatto Corp. is a Miami-based importer and distributor of porcelain and ceramic tiles. Porcelanatto Corp. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-17669) on July 3, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Corali Lopez-Castro handles the case. The Debtors are represented by Diego Mendez, Esq. PRIME ELECTRICAL: Gets OK to Use Cash Collateral Until August 7 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, issued a fourth preliminary order extending Prime Electrical Services, LLC's authority to use cash collateral through August 7. The order authorized the company to use cash collateral to pay its expenses, including payments of U.S. trustee quarterly fees, and those expenses set forth in its budget, with a 10% variance for each line item. The budget projects net operational expenses of $31,450 for July and August. Secured creditors were granted a post-petition lien on cash collateral to the same extent and with the same validity and priority as their pre-bankruptcy liens. The next hearing is scheduled for August 7. About Prime Electrical Services Prime Electrical Services, LLC manufactures relays and industrial controls. It offers engineering, procurement, fabrication, and field construction services for the drilling, industrial, heat trace, production, and petrochemical industries. The company serves customers in the United States. Prime Electrical Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06663) on December 8, 2024, with total assets of $256,996 and total liabilities of $5,419,312. Camell D. Williams, manager of Prime Electrical Services, signed the petition. Judge Tiffany P. Geyer handles the case. The Debtor is represented by: Jeffrey S. Ainsworth, Esq. BransonLaw, PLLC 1501 E. Concord Street Orlando, FL 32803 Tel: 407-894-6834 Email: jeff@bransonlaw.com PROFESSIONAL DIVERSITY: Annual Meeting Approves All Proposals ------------------------------------------------------------- Professional Diversity Network, Inc. held its Annual Meeting of Stockholders. A total of 1,333,797‎ shares of common stock, constituting a quorum, were represented in person or by valid proxies at the Annual Meeting. The results for each of the matters submitted to a vote of stockholders at the Annual Meeting, as set forth in the Definitive Proxy Statement filed with the Securities and Exchange Commission on May 1, 2025, are as follows: Proposal 1: The Company's stockholders elected the following five nominees as directors, to serve until the next annual meeting of stockholders of the Company and until their respective successors are duly elected and qualified, by the following vote: 1. Katherine Lauderdale * Votes For: 1,122,637 * Votes Withheld: 1,101 * Broker Non-Votes: 210,059 2. Eloisa Sultan * Votes For: 1,122,443 * Votes Withheld: 1,295 * Broker Non-Votes: 210,059 3. Ge Yi * Votes For: 1,122,635 * Votes Withheld: 1,103 * Broker Non-Votes: 210,059 4. Long Yi * Votes For: 1,122,476 * Votes Withheld: 1,262 * Broker Non-Votes: 210,059 5. Hao (Howard) Zhang * Votes For: 1,122,637 * Votes Withheld: 1,101 * Broker Non-Votes: 210,059 Proposal 2: The Company's stockholders voted to ratify the appointment of Sassetti, LLC as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025 by the following vote: * Votes For: 1,332,612 * Votes Against: 520 * Abstentions: 665 Proposal 3: The Company's stockholders voted to ratify, on a non-binding basis, the compensation of its named executive officers by the following vote: * Votes For: 1,122,556 * Votes Against: 1,181 * Abstentions: 1 * Broker Non-Votes: 210,059 Proposal 4: The Company's stockholders voted to recommend, on a non-binding basis, the frequency of future advisory votes on the compensation of its named executive officers (the "Say on Frequency" vote) by the following vote: * 1 Year: 1,059,697 * 2 Years: 63,303 * 3 Years: 43 * Abstentions: 695 In light of the outcome of the Say on Frequency vote (Proposal 4), the Board of Directors has determined to hold future advisory votes on the compensation of its named executive officers on an annual basis until the next required Say on Frequency vote. About Professional Diversity Headquartered in Chicago, Illinois, Professional Diversity Network, Inc. -- https://www.prodivnet.com/ -- is a global developer and operator of online and in-person networks that provides access to networking, training, educational, and employment opportunities for diverse professionals. The Company operates subsidiaries in the United States, including National Association of Professional Women (NAPW) and its brand, International Association of Women (IAW), which is one of the largest, most recognized networking organizations of professional women in the country, spanning more than 200 industries and professions. Through an online platform and its relationship recruitment affinity groups, the Company provides its employer clients a means to identify and acquire diverse talent and assist them with their efforts to comply with the Equal Employment Opportunity Office of Federal Contract Compliance Program. The Company's mission is to utilize the collective strength of its affiliate companies, members, partners, and unique proprietary platform to be the standard in business diversity recruiting, networking, and professional development for women, minorities, veterans, LGBTQ+, and disabled persons globally. Oak Brook, Illinois-based Sassetti LLC, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred recurring operating losses, has a significant accumulated deficit, and will need to raise additional funds to meet its obligations and the costs of its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, Professional Diversity Network had $7,981,801 in total assets, $3,140,897 in total liabilities, and a total stockholders' equity of $4,840,904. PTC INC: Moody's Hikes CFR to 'Ba1', Outlook Stable --------------------------------------------------- Moody's Ratings upgraded PTC Inc.'s (PTC) corporate family rating to Ba1 from Ba2 and probability of default rating to Ba1-PD from Ba2-PD. Moody's also upgraded its 4% senior unsecured notes due 2028 to Ba2 from Ba3. The speculative grade liquidity rating (SGL) was upgraded to SGL-1 from SGL-2. The outlook is stable. PTC is a provider of CAD (computer-aided design) and PLM (product lifecycle management) application software and services. The upgrade of the CFR to Ba1 from Ba2 is driven by the decrease in financial leverage from debt repayment and expanding EBITDA margins, as well as Moody's anticipations for balanced financial strategies and robust free cash flow generation over the next 12 to 18 months. "Following the close and assimilation of the ServiceMax acquisition in 2023, PTC has demonstrated ongoing consistency by increasing and applying free cash flow to debt reduction while growing earnings, thereby reducing debt/EBITDA one full turn to 2.1x for the twelve months ended March 31, 2025 from 3.1x in early 2024," said Michael Aroian, Moody's Ratings Vice President - Senior Analyst. Aroian continued: "While there is some uncertainty regarding the effect of potential tariffs on their business, Moody's ultimately believe PTC will manage this headwind given the company's track record of resilience during past macroeconomic challenges, as well as their prudent approach in regulating short term growth expectations." Governance risk considerations, specifically from Moody's expectations for the company to maintain its capital policy of swift de-leveraging and debt repayment, with debt/EBITDA returning to below 2.5x within 12 to 18 months following any opportunistic debt funded acquisitions, were a key driver of the rating action. RATINGS RATIONALE PTC's Ba1 CFR is supported by Moody's anticipations for moderate financial leverage, with debt/EBITDA of about 2.0x and strong interest coverage as measured by EBITDA-capex to interest expense of over 6.0x over the next 12 to 18 months, as well as its solid market position as a CAD and PLM software provider that benefits from its sticky franchise customer base that has been established for years and has high switching costs. Additionally, PTC's largely high margin recurring revenue model, coupled with modest capital expenditures, allows the company to generate predictable profitability and healthy free cash flow, as evidenced by free cash flow of over $800 million (52% of debt) for the twelve month period ended March 31, 2025. All financial metrics cited reflect Moody's standard adjustments. Moody's do not add back non-cash compensation to EBITDA and other profit measures. The Ba1 rating considers the negative credit impact from the company's financial strategy via debt funded acquisitions, as evidenced by the past purchases of ServiceMax and pure systems GmbH both in 2023. After each purchase, PTC's debt nearly doubled; however, the company applied its strong free cash flow paid down acquisition debt while expanding earnings, reducing financial leverage quickly to its pre-acquisitions levels. Moody's anticipations for rapid restoration of debt/EBITDA and other credit metrics following any future transactions provides support to the rating. Other factors constraining the rating include PTC's exposure to economic cyclicality specifically among certain sectors that could face short term headwinds such as in automotive and aerospace & defense, and challenges to PTC's market position from larger, more mature, and well capitalized competitors, including Siemens Aktiengesellschaft (Aa3 stable), Oracle Corporation (Baa2 stable), SAP SE (A1 stable) and Autodesk, Inc. (A3 stable), as well as numerous smaller providers. Moody's also considers the impact of US tariffs on foreign products and retaliation by affected countries could present short term challenges for the company if customers scale back demand for new projects and contracts. This near term risk is mitigated by PTC's track record of managing through past down cycles since incorporating its SAAS (software as a service) revenue model in which it has still been able to maintain growth in the mid single-digit range. PTC's $2 billion share buyback program is also a risk considered in the ratings as the company intends to use 50% of its free cash flow to repurchase stock. The upgrade of PTC's unsecured notes to Ba2 from Ba3 is driven by the CFR upgrade, and remains one notch below the Ba1 CFR. The notes are subordinated to the unrated senior secured credit facilities ($1,250 million revolving line of credit expiring January, 2025 and $480 million term loan due January, 2028). Moody's views PTC's liquidity as very good, as reflected in the SGL-1 liquidity rating, supported by a cash balance of $235 million as of March 31, 2025 and Moody's expectations for the company to generate close to $700 million of annual free cash flow over the next 12 to 15 months, corresponding to free cash flow/debt of at least 35%. The availability from the $1,250 million revolver, with $411 million drawn as of March 31, 2025, also supports liquidity. The revolver might be used to fund acquisitions and retire maturing debt. The revolver and term loan are subject to maintenance covenants which include a 4.5x maximum total leverage ratio, a 3.0x maximum senior secured leverage ratio, and a 3.0x minimum interest coverage ratio. Moody's expects that the company would be able to maintain an ample cushion under its financial covenant if it is tested over the next 12 to 15 months. The stable outlook reflects Moody's expectations that PTC will continue to demonstrate prudent financial policies, balancing share repurchases and debt repayment, with debt/EBITDA in a 2.0x to 2.5x range, while generating low to mid-single digits percentage rate organic revenue and EBITDA growth over the next 12-18 months. The stable outlook also incorporates Moody's anticipations for opportunistic debt-funded acquisitions, with debt leverage returning to pre-transaction levels within 12 to 18 months of any purchase. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if PTC expands revenues and EBITDA such that the company realizes meaningfully greater scale while maintaining high profit margins and strong free cash flow generation. Achieving greater financial flexibility through a predominantly unsecured debt capital structure would also be supportive of higher ratings. The ratings could be downgraded if operating performance weakens, or if Moody's expects debt/EBITDA will be sustained above 2.5x or free cash flow/debt will remain below 30%. The adoption of more aggressive financial strategies, including the use of debt to repurchase shares in excess of internally generated free cash flow, could also lead to lower ratings. The principal methodology used in these ratings was Software published in June 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. PTC Inc. (NYSE: PTC), headquartered in Boston, MA is a provider principally of CAD and PLM application software and services used to design products, manage product information, and improve product development processes. For the LTM period ended September 30, 2025, Moody's forecasts that PTC will generate revenue of close to $2.5 billion. R.W. SIDLEY: Section 341(a) Meeting of Creditors on August 6 ------------------------------------------------------------ On July 2, 2025, R.W. Sidley Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Ohio. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 200 and 999 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on August 6, 2025 at 01:30 PM via remotely. About R.W. Sidley Inc. R.W. Sidley Inc. is a construction materials company based in Thompson, Ohio. R.W. Sidley Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-12797) on July 2, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Jessica E. Price Smith handles the case. The Debtors are represented by Anthony J. DeGirolamo, Esq. RADIATE HOLDCO: S&P Downgrades ICR to 'D' on Distressed Exchange ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Radiate Holdco LLC to 'D' from 'CC'. At the same time, S&P lowered its issue-level rating on the company's first-lien debt to 'D' from 'CC'. S&P also lowered its issue-level rating on the company's unsecured debt to 'D' from 'C'. S&P said, "We plan to review the new capital structure over the coming days and will likely raise the ratings. "We view the transaction as a distressed exchange. We view these transactions as distressed and tantamount to a default because existing lenders did not receive adequate compensation to offset the more junior ranking to the company's extended maturities and super senior issuance. In addition, the exchange price for the unsecured and first-lien noteholders is below par. Furthermore, we believe if the debt restructuring had not happened, there was a realistic possibility of a conventional default over the near to medium term." On June 30, 2025, Radiate executed a series of exchange transactions to restructure its outstanding first-lien and unsecured debt. The transactions included the exchange of $3,309 million of first-lien term loan debt, $900 million of first-lien notes, and $391 million of revolver debt ($4,600 million in total) for $4,517 million in new first-lien first-out debt, which is structurally subordinate (in lien and payment priority) to a new $300 million super senior basket available for future debt raises. Also, $1 billion of unsecured notes were exchanged for $830 million of first-lien second-out (FLSO) notes and $182 million of first-lien sponsor term loan was exchanged for $109 million of first-lien second-out term loan and $73 million of first-lien third-out (FLTO) term loan. Furthermore, the transaction included $400 million of new money from sponsor Stonepeak. S&P said, "We intend to review our ratings over the coming days to incorporate the debt exchanges, recent developments, and our forward-looking opinion of Radiate's creditworthiness. We will most likely raise our issuer credit rating on Radiate to 'CCC+', reflecting the improved liquidity profile but also incorporating our view that the company will continue to face issues surrounding the sustainability of its capital structure. We will also likely assign ratings to the company's new debt and withdraw our ratings on the debt the company has restructured." REAVIS REHAB: Seeks to Use Cash Collateral Thru Sept 30 ------------------------------------------------------- Reavis Rehab & Wellness Center, Inc. asks the U.S. Bankruptcy Court for the Western District of Texas, Austin Division, for authority to use cash collateral and provide adequate protection. The Debtor filed for Chapter 11 bankruptcy after the U.S. Treasury began intercepting government payments, making the Debtor unable to pay rent and risking eviction. The Debtor now seeks an extension of its court-approved use of cash collateral through September 30, 2025, in order to continue operations and pay essential expenses. Secured creditors with a potential interest in the Debtor's cash collateral include the Internal Revenue Service, which holds multiple blanket liens totaling over $210,000, and the U.S. Small Business Administration, which also has a blanket lien. The Court had previously authorized cash collateral use through June 30, 2025. The Debtor has submitted a projected budget for the July–September 2025 period and confirms that counsel for both the IRS and SBA has consented to the continued use of cash collateral. A copy of the motion is available at https://urlcurt.com/u?l=XyuNTI from PacerMonitor.com. About Reavis Rehab & Wellness Center Inc. Reavis Rehab & Wellness Center Inc. is a family-owned and operated therapy practice founded in 1984 specializing in the treatment of pain, injuries, and discomfort. The center offers a range of therapy programs provided by licensed physical, speech, and occupational therapists. Each treatment plan is tailored to meet individual patient goals, taking into account their symptoms, medical history, and any relevant health restrictions. Reavis Rehab & Wellness Center Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No.: 25-10126) on January 30, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Shad Robinson handles the case. The Debtor is represented by Stephen W. Sather, Esq. at BARRON & NEWBURGER, P.C. RECEPTION PURCHASER: S&P Lowers ICR to 'CCC', Outlook Negative -------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Reception Purchaser LLC (dba STG Logistics) to 'CCC' from 'CCC+', anticipating the company may not have sufficient liquidity to address its upcoming financial obligations for the next 12 months and could enter into another distressed exchange transaction. S&P said, "At the same time, we lowered our issue-level rating on the company's first-lien first-out term loan to 'B-', the first-lien second-out term loan to 'CCC', and the first-lien second-out term loan to 'CC'. We also lowered our issue-level rating on STG's pre-exchange first-lien debt to 'CCC-'. "The negative outlook reflects our belief that absent an improvement in the freight market conditions, STG's continued free cash flow deficits will render it vulnerable to a liquidity shortfall, which could lead to a payment default or cause management to consider undertaking distressed restructuring within the next 12 months." STG has continued to generate negative free cash flows since completing its distressed debt exchange in November 2024, wherein it had raised about $175 million of net new capital. S&P said, "We believe depleting cash balances amid continued weaker financial performance will constrain STG's ability to meet its obligations over the next 12 months. During the first quarter of 2025, challenging freight market conditions resulted in incremental price declines, while tariff-related uncertainties led to reduced import volumes in STG's container freight station (CFS) segment. These factors more than offset the low- to mid-teen percent volume growth STG achieved in its transportation segment. Alongside rising overhead costs associated with wages, and insurance claims, STG's EBITDA margins deteriorated further over the same quarter last year, resulting in negative free cash flow of about $21 million during the first quarter of 2025. We believe uncertainty surrounding trade policy and tariffs have dampened the prospects of a freight market recovery in 2025 that will likely constrain profitability improvement for STG. "Our revised base case estimates indicate a reported free cash flow deficit of about $110 million for fiscal 2025, which would reduce STG's cash balances of $145 million as of March 31, 2025, to $50 million-$55 million by year end. For 2026, once policy-driven uncertainty abates and supply-demand conditions gradually improve, we expect freight market conditions could improve marginally. Even then, we believe STG's financial performance will remain subdued and free cash flow deficits will continue at about $85 million, leading to an increased likelihood of a payment default or a distressed debt exchange within the first six months of 2026. We note STG's distressed debt exchange in October 2024 occurred while it had about $45 million of cash and no availability on its $60 million revolving credit facility (RCF). Vide the transaction, almost the entire RCF facility was exchanged into a term facility with only $1.9 million remaining (currently fully utilized). "We believe recent measures STG has undertaken to improve profitability are insufficient in preserving its liquidity throughout 2026. Although STG's transportation segment volumes grew in the low- to mid-teen percent area during the first quarter of 2025, we expect volume growth to stabilize in the low- to mid-single-digit percent area for the full year as the company is redirecting its focus toward yield management and network balancing. The company has also negotiated better pricing with its drayage trucking carriers, which we expect will bolster transportation segment yield improvements through the remainder of fiscal 2025 from new contracts. "Nonetheless, heightened competitive intensity in its CFS segment is pressuring gross margins, more than offsetting the gains in its transportation segment. Additionally, rising overhead costs are exerting additional pressures on profitability. We estimate STG's S&P Global Ratings-adjusted EBITDA for 2025 to weaken slightly over 2024 (pro forma for transaction-related costs). Despite accruing about $60 million of interest for 2025 on term facilities by opting to pay in kind (PIK) and obtaining a year's deferral on financial lease-related principal payments that save about $17 million of cash outflow, we forecast STG's cash balances will be exhausted sometime in 2026." STG's operational improvement is contingent upon an increase in contract rates. Following a sequential decline in intermodal contract rates during the 2023 and 2024 bid season, caused by weakening freight demand conditions, STG's 2024 profitability declined to unsustainable levels. S&P said, "We believe absent price-linked variability in the cost of procuring transportation capacity, the company's profitability improvement is highly dependent on the increase in intermodal contract rates during the subsequent bid cycle in 2026. STG managed to sustain the previous season's rates during the recently concluded 2025 bid cycle, though this remains significantly lower than the peak rates it realized during 2022, when freight demand was significantly stronger. We therefore estimate its 2025 profitability to remain equally subdued. Additionally, we think that even if freight trucking rates improve by early 2026, STG could find it challenging to obtain contract price increases during the 2026 bid cycle, as intermodal rates tend to lag trucking rates by one to two quarters, and 2026 bid negotiations may conclude before any significant rate improvements occur." S&P said, "The negative outlook reflects our belief that absent an improvement in the freight market conditions, STG's continued free cash flow deficits and weakening liquidity profile could lead to a payment default or distressed debt exchange within the next 12 months. "We could lower our ratings if a default, including distressed exchange, appears inevitable within the next six months due to liquidity constraints. This could happen if a sustained low freight rate environment and weak consumer demand continue to hinder STG's profitability and further deplete its cash balances. "We could revise our outlook to stable or raise the rating if STG's operating performance improves and free cash flow shortfalls are curtailed such that the company can maintain sufficient liquidity and we no longer envision a default and/or distressed exchange within the next 12 months." RED PLANET: Moody's Affirms 'B3' CFR, Outlook Stable ---------------------------------------------------- Moody's Ratings affirmed Red Planet Borrower, LLC's (d/b/a "Liftoff" or the "company") B3 corporate family rating and B3-PD probability of default rating. Concurrently, Moody's affirmed the B3 ratings on the company's senior secured first-lien bank credit facilities. The outlook is stable. RATINGS RATIONALE The affirmation of Liftoff's B3 CFR largely reflects the company's elevated financial leverage, currently around 6.6x total debt to EBITDA (Moody's adjusted at LTM March 31, 2025). The CFR also considers Liftoff's small scale relative to Big Media-Tech, including social media providers, concentrated ownership by financial sponsors, exposure to cyclical advertising revenue, and competitive pressures in a rapidly changing environment. Consequently, the company will need to continue to exercise technical focus and financial discipline while navigating potential operational challenges amid the industry's fast pace of innovation, which requires constant monitoring and investment to stay competitive. Despite Liftoff's small size, Moody's expects the company will benefit from its position as one of the largest independent mobile marketing platforms providing both demand-side and supply-side growth solutions for advertisers and publishers, powered by its proprietary neural net technology, as well as diversification across gaming and many other verticals. Following the programmatic advertising industry's demand recovery in 2023, Liftoff has continued to exhibit strong revenue and EBITDA growth due to the current management team's efforts to expand the product portfolio and better align the company's R&D cadence with targeted customer solutions. Liftoff's core ad revenue accounts for roughly 98% of total revenue as of LTM March 31, 2025 driven by strong user demand in the mobile app ecosystem. Reflecting solid revenue growth, cost discipline and merger synergies, Liftoff's Moody's adjusted EBITDA margins have strengthened and free cash flow (FCF) was positive $66 million on a LTM basis (excluding the $339 million debt-financed shareholder dividend paid in Q4 2024). Moody's expects the company will grow faster than the overall digital ad market as advertisers continue to diversify their budgets away from the Big Media-Tech walled garden publishers to performance-based marketers with a presence in the rapidly growing in-app mobile advertising markets. The stable outlook reflects Moody's expectations for continued growth in the in-app mobile advertising market, leading to Liftoff producing around 15%-20% organic annual revenue growth, on average, over the rating horizon with improving EBITDA margins, solid FCF and deleveraging. While Moody's anticipates that organic growth investments and potential acquisitions will be funded primarily with excess cash, to the extent incremental debt is issued to finance M&A or additional shareholder distributions, leverage reduction will be delayed. In such a scenario, Moody's expects credit metrics on a Moody's adjusted basis will be appropriately managed to return debt protection measures to levels suitable for the rating category within at least one year. Moody's expects Liftoff to maintain good liquidity, reflecting solid cash balances, full revolver availability and good FCF generation. At March 31, 2025, the company had access to unrestricted cash balances totaling $134 million and a $150 million revolving credit facility (RCF) due September 2026, which Moody's expects to remain undrawn over the next 12-18 months. Moody's expects positive FCF in the range of $75 - $100 million over the next twelve months. While the term loan lacks financial maintenance covenants, the RCF has a springing first-lien net leverage ratio of 8.75x at 35% utilization, which Moody's do not expect to be tested. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if organic revenue growth is sustained in the high single-digit to double-digit percentage range and EBITDA margins increase to the 45%-50% range, leading to total debt to EBITDA sustained below 6x. Upward ratings pressure would also occur if Moody's expects sustained positive free cash flow generation as measured by free cash flow to adjusted debt of at least 6.5% (all metrics calculated and adjusted by Moody's). Ratings could be downgraded if Liftoff experienced client losses, declines in organic revenue growth and/or operating margin erosion. Downward pressure on ratings could also occur if Moody's expects financial leverage will be sustained above 8x total debt to EBITDA or EBITDA growth will be insufficient to maintain free cash flow to adjusted debt of at least 1% (all metrics calculated and adjusted by Moody's). If Moody's expects the company will shift to more aggressive financial policies resulting in higher financial leverage from M&A or sizable shareholder distributions and/or a weakened liquidity profile, this could also lead to downward ratings pressure. With headquarters in Redwood City, CA, Red Planet Borrower, LLC is an independent mobile app performance-based marketing and advertising platform. The company was formed in September 2021 through the combination of Liftoff Mobile, Inc. and Vungle Inc., both portfolio holdings of Blackstone Inc., which retains majority ownership of the combined entity with General Atlantic as a minority investor. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. Liftoff's B3 corporate family rating is two notches below the scorecard-indicated outcome of B1. The difference reflects the company's small scale, elevated financial leverage, and event risk associated with financial sponsor ownership and financial policies that could result in incremental debt and delayed deleveraging. The variance also reflects Liftoff's exposure to cyclical ad spending that could experience pullback during periods of macroeconomic uncertainty. REDDIRT ROAD: To Sell Agricultural Assets to Double D for $125K --------------------------------------------------------------- Reddirt Road Partners, LLC, seeks permission from the U.S. Bankruptcy Court for the Northern District of Florida, Panama City Division, to sell Assets, free and clear of liens, claims, encumbrances, and interests. The Debtor owns and operates an outdoor equipment dealership. The Debtor sells and repairs tractors, commercial lawn mowers, and other related equipment. The Debtor operates its dealership on leased real property, which is leased from Hopkins Motor Cars, Inc. (Landlord, and the lease expires in January 2029. The Debtor does not own any real property. Quickly after filing the case, the Debtor sought and obtained the Court's approval to conduct an auction of substantially all of its tangible and intangible assets, and the Bidding Procedures Order. Double D Capital Group, LLC submitted the lone bid in the amount of $125,000.00. After further negotiations, Double D Capital agreed to increase its bid to a total of $150,000.00. Of that amount, $100,000.00 is to be paid into the estate for the Debtor's assets, and $50,000.00 is to be paid directly to the Debtor's professionals for fees and costs incurred, subject to any such fees and costs being approved by the Court as required. Double D Capital Group has also agreed to use its best efforts to reach financing terms with the Debtor’s floorplan lenders, manufacturers to whom the Debtor owes money for parts inventory, and/or entities with which the Debtor has Dealer Agreements so that the buyer can immediately begin selling inventory and parts; and the Debtor's obligations to its creditors will be substantially lessened. The Assets to be sold include the following: a. Intangible Assets, including going business concern, and goodwill; b. Parts Inventory and Equipment Inventory that are not subject to purchase money security interests or outstanding, post-petition invoices; c. Work in process existing on the Closing Date; and d. Fixed Assets used in operations, which shall three pickup trucks and trailers. Details of the Assets can be found in the attached Schedule 1 page located at https://urlcurt.com/u?l=cccE2f The Debtor believes that the following entities may claim to hold valid liens against the purchased Assets: a. Dae-Dong USA, Inc. b. Wells Fargo Commercial Distribution Finance, LLC c. Regions Bank d. U.S. Small Business Administration e. Mahindra Finance USA, LLC f. Huntington Distribution Finance g. Northpoint Commercial Finance, LLC h. Florida Outdoor Equipment, Inc The Debtor proposes that any such liens, security interests, claims, charges, and/or encumbrances, other than liabilities expressly assumed or otherwise dealt with by the Purchaser, shall attach to the amounts payable to the Debtor from the sale. At or near the Closing date, Double D Capital Group, LLC will provide the Purchase Price and complete all final documentation associated with becoming an approved dealer for Mahindra, Kioti, and/or Ariens. About Reddirt Road Partners, LLC Reddirt Road Partners, LLC filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-50049) on March 12, 2025, listing between $500,001 and $1 million in both assets and liabilities. Judge Karen K. Specie oversees the case. Byron Wright, III, Esq., at Bruner Wright, P.A. represents the Debtor as legal counsel. REGIONS PROPERTY: Court OKs Final Use of Cash Collateral -------------------------------------------------------- Regions Property Management & Construction, Inc. received final approval from the U.S. Bankruptcy Court for the Southern District of Florida to use cash collateral. The order penned by Judge Erik Kimball authorized the Debtor's final use of cash collateral to pay its expenses. As protection for any diminution in value of their cash collateral, Flash Funding Services, ERTC Express, LLC and the U.S. Small Business Administration will receive replacement liens on post-petition assets from the Debtor's Boynton Beach location. The replacement liens do not apply to any avoidance actions and the proceeds, thereof. In case the replacement liens prove to be inadequate, the secured creditors will receive a superpriority administrative expense claim. As further protection, SBA will continue to receive a monthly payment of $1,640. The monthly payment started on May 1. SBA holds a first-priority lien on all of the Debtor's assets, including accounts, receivables, equipment, and inventory, and is owed approximately $329,000. As of the petition date, the total estimated value of the secured assets was $198,540. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/V56MG from PacerMonitor.com. About Regions Property Management & Construction Regions Property Management & Construction, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14015) on April 12, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Erik P. Kimball oversees the case. The Debtor is represented by Brian K. McMahon, Esq. RENASCENT DIAGNOSTICS: Public Foreclosure Sale Slated for Sept. 2 ----------------------------------------------------------------- In accordance with applicable provisions of the Uniform Commercial Code and that certain agreed second amended order authorizing public foreclosure sale of collateral dated June 9, 2025, and entered in Case No. 2024-45505; Michael Stewart v. Scion Partners LLC and Evermore Rising LLC; in the 190th District Court of Harris County, Texas ("Lawsuit"), that a public foreclosure sale of 1.2 million membership units ("pledged units") of Renascent Diagnostics LLC will be conducted according to the following terms: The sale will be conducted by: Bryon Rice, Esq. Duly Licensed Texas Attorney Appointed Sale Administrator 3555 Timons Lane Suite 1000 Houston, Texas 77027 Tel: 713-518-1635 The sale of the pledged units will be conducted by the sale administrator on Sept. 2, 2025, at 10:00 a.m., at the offices of the sale administrator at 3555 Timons Lane, Suite 1000, Houston, Texas 77027. On or before the date and time scheduled for the sale, each bidder will deliver to the sale administrator a sealed bid, stating: (i) the name and address of the bidder, (ii) the amount bid, in dollar and cents, for all pledged units, and (iii) enclosing a cashiers's check in the full amount of the bid, payable to Michael Stewart, who is the plaintiff in the lawsuit and the party secured by the pledged units. The sale administrator will sell and convey the pledged units to the highest bona fide bidder of the fourth day following the sale date, and deliver that the bidder's cashier's check to Michael Stewart, unless with three days of the sale date, Evermore Rising LLC exercises its contractual right of first refusal, as set forth in that certain letter agreement dated Aug. 7, 2023, by paying the sale administrator, in cash, 110% of the highest bona fide written offer received by the sale administrator, and should Evermore fully and timely comply, the sale administrator will deliver the cash payment to Michael Stewart on the fourth day following the sale date, in exchange for the pledged units which the sale administrator will deliver to Evermore. Potential purchaser may contact the sale administrator for any information he may possess, or they may contact Renascent for information it may possess, subject to the entry of appropriate confidentiality agreements, by contacting Dr. Matthew Gombrich, 431 Pine St., Suite 314, Burlington, VT 05401. His number can be obtained by contacting the sale administrator. Upon the conveyance of the pledged units to the highest bona fide bidder, or to Evermore as the case may be, the sale administrator will return, via FedEx, the cashier's checks submitted by each unsuccessful bidder. Renascent Diagnostics LLC operates as a developer of diagnostic assays for urinary tract infections. RESHAPE LIFESCIENCES: Equity Tops $2.5M Ahead of Nasdaq Hearing --------------------------------------------------------------- As previously disclosed, on May 28, 2025, ReShape Lifesciences Inc. received a written notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC notifying the Company its securities are subject to delisting from Nasdaq based on the Company's continued non-compliance with Nasdaq Listing Rule 5550(b)(1), which requires companies listed on The Nasdaq Capital Market to maintain a minimum of $2.5 million in stockholders' equity for continued listing. As of March 31, 2025, the Company's stockholders' equity was $1.2 million. However: (a) between June 3, 2025 and June 6, 2025, the Company sold 593,000 shares of common stock for gross proceeds of $3,642,564 pursuant to an equity distribution agreement with Maxim Group LLC in an "at-the-market" offering, as previously disclosed in the Company's prospectus supplement filed with the Securities and Exchange Commission on June 9, 2025 and (b) on June 9, 2025, the Company completed an offering of 1,054,604 shares of common stock for gross proceeds of $2,636,510, as previously disclosed in the Company's Form 8-K filed with the SEC on June 12, 2025. As a result, on June 18, 2024, the Company's stockholders' equity is greater than $2.5 million. The fact that the Company's stockholders' equity is currently in excess of the minimum required for continued listing on The Nasdaq Capital Market does not guarantee that the Company's securities will not be delisted from Nasdaq. The Company timely requested a hearing before a Nasdaq Hearings Panel, which will stay any suspension or delisting action pending the issuance of the Panel's decision following the hearing and the expiration of any additional extension period granted by the Panel. About Reshape Lifesciences Headquartered in Irvine, California, Reshape Lifesciences Inc. -- www.reshapelifesciences.com -- is a premier physician-led weight-loss solutions company, offering an integrated portfolio of proven products and services that manage and treat obesity and associated metabolic disease. The Company's primary operations are in the following geographical areas: United States, Australia and certain European and Middle Eastern countries. Its current portfolio includes the Lap-Band Adjustable Gastric Banding System, the Obalon Balloon System, and the Diabetes Bloc-Stim Neuromodulation device, a technology under development as a new treatment for type 2 diabetes mellitus. There has been no revenue recorded for the Obalon Balloon System, or the Diabetes Bloc-Stim Neuromodulation as these products are still in the development stage. In its report dated April 4, 2025, the Company's auditor Haskell & White LLP, issued a "going concern" qualification attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and negative cash flows. The Company currently does not generate revenue sufficient to offset operating costs and anticipates such shortfalls to continue. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, Reshape Lifesciences had $4.79 million in total assets, $5.05 million in total liabilities, and a total stockholders' deficit of $253,000. RITE AID: To Close 17th York County Store in Chapter 11 ------------------------------------------------------- Daniel Urie of Penn Live reports that Rite Aid is set to shut down its 17th store in York County amid an ongoing wave of closures tied to its bankruptcy proceedings. The store located at 43-47 Baltimore Street in Hanover is included in the latest list of closures revealed in a bankruptcy filing on Thursday, July 3, 2025. This newest round adds 114 stores to Rite Aid's total closures, which now exceed 1,190 as the company works through its second bankruptcy and plans to wind down most of its more than 1,200 remaining locations. In its filing, Rite Aid said it is pursuing "a strategic and value-maximizing sale process for substantially all of its assets." As part of that effort, the company has entered into agreements to transfer pharmacy assets from more than 1,000 stores. CVS Pharmacy will acquire the prescription records from 625 Rite Aid locations in 15 states, and will take over operations at 64 stores in Idaho, Oregon, and Washington. Giant Eagle is purchasing prescription files from stores in Pennsylvania and Ohio. Weis Markets will acquire prescription records from 11 Rite Aid pharmacies in Pennsylvania and New York. Walgreens will buy prescription files from stores in nine states. Albertsons and Kroger are also set to purchase prescription data, according to Penn Live. According to Reuters, the U.S. Bankruptcy Court has approved all of these agreements. The Hanover store joins a growing list of Rite Aid locations in York County that have closed or are preparing to close. * Carroll Township * Dover Township * Fairview Township * Hanover (Eisenhower Drive) * Hopewell Township * Jackson Township * Manchester Township * Newberry Township * Penn Township * Shrewsbury * Springettsbury Township * West York * Windsor Township * York * York Township (Leader Heights Road) * York Township (West Broadway) Rite Aid is also laying off 501 people who work at or report to the company's Valley Green Office Facility at 200 Newberry Commons in Newberry Township, the report states. About Rite Aid Rite Aid is a full-service pharmacy committed to improving health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of solutions that offer convenience, including retail and delivery pharmacy, as well as services offered through the Company's wholly owned subsidiary Bartell Drugs. On the Web: http://www.riteaid.com/ Rite Aid and certain of its subsidiaries previously filed for Chapter 11 bankruptcy in October 2023 and emerged from bankruptcy in August 2024. On May 5, 2025, New Rite Aid, LLC and its subsidiaries, including Rite Aid Corporation, commenced voluntary Chapter 11 proceedings (Bankr. D.N.J. Lead Case No. 25-14861). As of the 2025 bankruptcy filing date, Rite Aid operates 1,277 stores and 3 distribution centers in 15 states and employs approximately 24,500 people. Rite Aid is using the Chapter 11 process to pursue a sale of its prescriptions, pharmacy and front-end inventory, and other assets. The cases are being administered by the Honorable Michael B. Kaplan. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor, Guggenheim Securities, LLC is serving as investment banker, and Alvarez & Marsal is serving as financial advisor to the Debtors. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to the Debtors. Kroll is the claims agent and maintains the page https://restructuring.ra.kroll.com/RiteAid2025 Bank of America, N.A., as DIP Agent, is represented by lawyers at Greenberg Traurig, LLP; and Choate Hall & Stewart LLP. RXB HOLDINGS: Moody's Raises CFR to 'B2', Outlook Stable -------------------------------------------------------- Moody's Ratings upgraded RXB Holdings, Inc.'s ("RxBenefits") corporate family rating to B2 from B3 and probability of default rating to B2-PD from B3-PD. Concurrently, Moody's upgraded the ratings on the company's backed senior secured first lien bank credit facilities, including the backed senior secured first lien revolving credit facility and backed senior secured first lien term loans, to B2 from B3. The outlook remains stable. The ratings upgrade reflects ongoing and significant deleveraging over the last two years and strong free cash flows. Debt to EBITDA was approximately 3.6x at March 31, 2025, down from over 6.0x in 2022 with EBITDA growth largely due to increased member count, pricing and utilization and more recently, voluntary debt repayment. Moody's expects Debt to EBITDA to trend into the low to mid 3.0x range over the next 12 to 18 months. RATINGS RATIONALE RxBenefits' B2 CFR is constrained by the company's modest size with $371 million of annual revenue, moderately high financial leverage, and heavy reliance on pharmacy benefit managers (PBMs). Debt to EBITDA was approximately 3.6x for the twelve months ended March 31, 2025 and Moody's expects modest improvement over the next 12 to 18 months. RxBenefits relies heavily on the three largest PBMs for a majority of its revenue. While RxBenefits' back-office connectivity with its PBM partners is a competitive advantage for the company, the market for managing pharmacy benefits is highly competitive. RxBenefits' rating is supported by high EBITDA margins and a strong earnings outlook driven by meaningful growth in new lives under contract that utilize RxBenefits' services. The rating is also supported by RxBenefits' good liquidity profile. Moody's expects RxBenefits to maintain very good liquidity over the next 12 to 18 months. Cash was $421 million at March 31, 2025, a majority tied to working capital float representing claims costs and rebates that are passed between PBMs and employers. Moody's do not view this balance as a benefit to creditors, but it is a source of operating liquidity to manage quarterly working capital fluctuations. Moody's estimates operating cash of approximately $110 million at March 31, 2025 adjusting for the above dynamic. Moody's expects RxBenefits will generate more than $60 million of free cash flow over the next 12 months. Mandatory debt amortization is modest at $5.5 million per year. RxBenefits' liquidity is further supported by access to an undrawn $40 million revolver that expires in 2027. The revolver has a 7.7x springing maximum first lien net leverage financial covenant that is tested once borrowings exceed 35%. The senior secured first lien bank credit facilities represent the entirety of RxBenefits' funded debt structure. The senior secured bank credit facilities are rated B2, in line with the corporate family rating. The bank credit facilities are comprised of a $40 million senior secured revolver and $565 million of senior secured term loans due December 2027. The credit facilities are secured by substantially all of the borrower's and guarantor's assets. The stable outlook reflects Moody's views that leverage will decline moderately and the company will maintain very good liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade include RxBenefits sustaining strong earnings growth while meaningfully increasing its scale. Quantitatively, Moody's would consider an upgrade if debt to EBITDA was sustained below 4.0x, while the company maintained very good liquidity. Factors that could lead to a downgrade include aggressive financial policies including sizable debt funded shareholder distributions or acquisitions, or if RxBenefits' liquidity weakens. Additionally, ratings could be downgraded if the net number of newly implemented lives are weak on a sustained basis, or if claims volumes materially decline. Ratings could also be downgraded in the event of changes to the PBM business model that Moody's believes would pressure RxBenefits' earnings. Quantitatively, ratings could be downgraded if debt to EBITDA is sustained above 5.5x. Headquartered in Birmingham, Alabama, RXB Holdings, Inc. ("RxBenefits") is a benefits consultant and administrator of pharmacy benefits for self-insured small and mid-sized employers. RxBenefits was acquired by Advent International Corporation and Great Hill Partners in December 2020. For the twelve months ending March 31, 2025, the company generated pro forma revenues of approximately $371 million. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The CFR is two notches lower than the scorecard indicated outcome for the twelve months ending March 31, 2025, reflecting the company's high reliance on the three largest PBMs, small absolute size, and a scorecard factor that is upwardly skewed by the company's significant cash balance tied to PBM rebate passthroughs. S.E.E.K ARIZONA: Court Extends Cash Collateral Access to Sept. 30 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Arizona approved a stipulated order authorizing S.E.E.K. Arizona LLC to use cash collateral through September 30, 2025. The Debtor may use funds per a court-approved budget and may not exceed it by more than 10%. The budget projects total operational expenses of $505,182 for the period from June to September. As adequate protection, National Loan Investment, L.P. (NLI), successor to Wells Fargo, will receive replacement liens on post-petition revenues to the extent of any diminution in pre-bankruptcy collateral. Replacement lien is deemed valid without additional filings and is enforceable under the UCC. Other secured creditors will also be granted replacement liens consistent with their pre-bankruptcy interests. The Debtors' right to use cash collateral will terminate on September 30 or until the parties enter into an amended or renewed stipulated order; a Chapter 11 plan is confirmed; or (the Debtor's Chapter 11 case is converted or dismissed. According to the Debtor's schedules, all of its assets total $186,912.63 in value as of the petition date. Secured debt includes approximately $192,000 owed to NLI, $560,000 EIDL loan, and a $161,534 IRS tax lien. About S.E.E.K. Arizona LLC S.E.E.K. Arizona LLC provides behavioral health services including Applied Behavior Analysis (ABA) and counseling for individuals of all ages. The Company operates in Arizona, with its primary facility located in Mesa. Its services focus on supporting clients in developing positive behavior, emotional regulation, and communication skills. S.E.E.K. Arizona LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-04625) on May 21, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. The Debtors are represented by LaShawn D. Jenkins, Esq. at Jenkins Law Firm, PLLC. SAFEGUARD PURCHASER: Moody's Alters Outlook on 'B3' CFR to Stable ----------------------------------------------------------------- Moody's Ratings affirmed Safeguard Purchaser, LLC's B3 corporate family rating and B3-PD probability of default rating. Additionally, Moody's affirmed Crisis Prevention Institute, Inc.'s (CPI) senior secured bank credit facilities rating at B3 (consisting of an upsized $445 million first lien term loan due 2031, and a $35 million revolving credit facility expiring 2029). The outlook on both entities was changed to stable from positive. Proceeds from the proposed $60 million incremental term loan, along with balance sheet cash, will be used to fund a management incentive plan buyout, a shareholder distribution, and related transaction fees and expenses. The change in outlook to stable from positive reflects the company's increase in pro forma debt/EBITDA leverage to over 6.5x (including Moody's adjustments) following the incremental term loan issuance. Although debt/EBITDA leverage will be higher following the announced debt funded distribution and management buyout, the ratings affirmation also reflects Moody's expectations that CPI will continue to produce strong revenue growth with EBITDA margins of over 40% during the next 12 to 18 months, which will drive the company's debt/EBITDA leverage to under 6.0x. However, Moody's views CPI's debt funded distribution as an example of aggressive financial strategies and a negative credit development, given the increase in debt that weakens the company's credit metrics. ESG considerations were key drivers of the actions, especially with respect to governance, driven by financial strategies that favor shareholders over creditors. RATINGS RATIONALE The credit profile of CPI, a training company specialized in crisis de-escalation methods for healthcare and educational personnel, is characterized by the company's small scale as measured by less than $200 million in annual revenue, narrow product scope, dependance on budgets of customers that include healthcare facilities and educational agencies, and elevated leverage. Pro forma for the transaction, debt/EBITDA leverage was over 6.5x (including Moody's adjustments) as of the last twelve months ended March 31, 2025, which Moody's expects will decline to under 6.0x during the next 12 to 18 months through additional revenue growth and stable profit margins of over 40%. The company enjoys good brand awareness but operates in a marketplace with several small competitors. The product scope is narrow and all programs are focused on de-escalation methods. There is revenue concentration in particular programs including the Non-Violent Crisis Intervention© ("NCI") program that makes up over half of revenue. The credit profile is supported by good brand awareness among healthcare and educational end markets, very strong and stable EBITDA margins, a good track record of revenue growth that is underpinned by the ability to consistently increase prices on programs and learning materials, and recurring revenue that is supported by certification renewals and continued education for certified instructors. Moody's believes that given its market position, CPI will be able to maintain pricing power, grow into adjacent markets, and expand internationally, which will drive earnings growth. Moody's considers CPI's liquidity profile is good. Pro forma for the transaction, liquidity will be supported by about $3 million of balance sheet cash and full availability under the $35 million revolver expiring 2029 at close. Moody's expects free cash flow to further support liquidity and expect FCF/debt in the low to mid single-digits during the next 12 months. There is roughly $4.4 million of annual term loan amortization, due quarterly, which Moody's anticipates CPI can fund with free cash flow. The revolver is subject to a springing maximum first-lien net leverage ratio financial covenant of 9.5x when utilization is 40% or more. Moody's do not anticipate that the covenant will be tested, but expect that CPI would maintain compliance if it were tested over the next 12 to 15 months. The company's senior secured credit facilities, consisting of the $35 million revolver expiring 2029 and the $445 million term loan due 2031, are rated B3, the same as the B3 CFR, reflecting the predominance of the credit facilities in CPI's debt capital structure. There are two co-borrowers - TEI Holdings, Inc. that is based in Delaware and Crisis Prevention Institute, Inc. that is based in Wisconsin. A little over 10% of CPIs revenue and a very small portion of assets are outside the US. The credit facilities are guaranteed by each of Borrower's (generally US) direct and indirect subsidiaries and by the holdings company Safeguard Purchaser, LLC. All guarantees are secured by the assets of the guarantor and borrowers. Certain immaterial subsidiaries do not provide guarantees. The stable outlook reflects Moody's expectations that CPI will continue to produce strong revenue growth with EBITDA margins of over 40% and good cash flow during the next 12 to 18 months, which will drive the company's debt/EBITDA leverage to under 6.0x. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if CPI expands its revenue scale via diversification and expansion of end markets, and EBITDA margins are stable at current levels such that Moody's expects Debt/EBITDA to decrease to below 5.5x and FCF/debt is sustained above 5%. Demonstration of balanced financial strategies as it pertains to leverage, M&A and shareholder distributions would also be required for a ratings upgrade. A sustained good liquidity profile would also be required for an upgrade. The ratings could be downgraded if CPI's revenue and earnings decline and margins erode, with an expectation that Debt/EBITDA leverage would increase and remain above 7.0x. FCF/Debt approaching break-even or turning negative could also lead to negative ratings pressure. The adoption of a more aggressive financial policy by management, including additional leveraging acquisitions, dividends or share repurchases being a priority over debt reduction, and a deterioration in the liquidity position could also result in a ratings downgrade. CPI is a provider of de-escalation and crisis prevention training and certification. CPI uses a train-the-trainer model to teach and certify individuals to instruct staff at their organizations to directly address workplace daily crisis moments The company was purchased by Wendel Group in 2019. The company generated over $151 million in revenues during the last twelve months ended March 31, 2025. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. SANTA PAULA: Seeks to Sell Ferrari Vehicle at Auction ----------------------------------------------------- Santa Paula Hay & Grain and Ranches seeks permission from the U.S. Bankruptcy Court for the Central District of California, Northern Division, to sell a 1990 Ferrari F40 vehicle, free and clear of liens, claims, and encumbrances. The Debtor owns the 1990 Ferrari F40, VIN ZFFMN34A9L0086230. The Debtor was approached by a party interested in purchasing the Asset. Negotiations have resulted in an offer by RM Auctions Inc. d.b.a. RM Sotheby's (Stalking Horse Bidder and/or Buyer) to purchase the Asset for $2,555,000 with no financing contingency. The Debtor determines that the best means for it to obtain the most favorable recovery from the sale of the Asset is to present Stalking Horse Bidder as the initial offer to purchase and then allow overbidding for the Asset at the hearing. The Debtor proposes the sale and bidding procedures in connection with the hearing on the Motion to Sell are fair and provide for a level playing field for prospective bidders with respect to the purchase and sale of the Asset. The Stalking Horse Bidder has required no Breakup Fee, to ensure there will be no chill any competitive bidding in the case. The hearing of the Motion will be on August 12, 2015 1:00 p.m. Pacific Time to enable the Debtor to effectuate an expeditious sale of the Asset, thereby facilitating an arrangement of the Debtor's financial affairs through a Chapter 11 plan. The Debtor employs Icon Servicing Inc. to assist in the sale of the Asset. The Debtor aims for a "buy it now" price for the Asset of $5,000,000 without further Court order. The Debtor's broker also advised that a "buy it now" price well in excess of the expected market price for the Asset will generate substantial interest for the sale and therefore draw many bidders to the auction sale. 3 The Debtor proposes and the Stalking Horse Bidder requests that the Court establish and approve the sale and bidding procedures set forth as follows: -- Parties interested in purchasing the Assets may obtain diligence materials and arrange for inspection of the Assets by contacting Thomas C. Lawson at 949-633-4981 or tom@iconservicing.com or Debtor's attorneys. -- Assuming no one purchases the Asset for the "buy it now" price and there are Qualified Bidders, the Debtor will conduct an Auction on August 19, 2025 at 1:00 p.m. Pacific Time. The Buyer's offer will be the opening bid. The first bid over the Buyer's offer will be not less than$2,600,000. All subsequent overbids after the first overbid shall be in minimum increments of at least $10,000 higher than the previous bid. All bidders wishing to submit an overbid must attend the Hearing. Any person or entity who desires to participate in the Auction for the purchase of the Asset must qualify to be an authorized bidder and satisfy the following requirements: -- Deliver the Deposit of $500,00 to the Escrow Holder no later than 3 business days prior to the Auction. -- Execute and deliver an offer on terms substantially identical to the those of the Agreement to Escrow Holder. -- The monetary deposit shall be a single installment in the amount of $500,000. -- The purchase price shall not be less than $2,600,000. -- The offer will not be subject to any contingencies and will not be subject to the satisfaction of any conditions. The Debtor submits that the proposed notice for the hearing provided to creditors and parties-in-interest is well-designed to attract the most interest in the acquisition of the Asset, and thereby to maximize the value of the Asset. 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. SCANDIA SPA: Seeks Chapter 11 Bankruptcy in New Jersey ------------------------------------------------------ On July 1, 2025, Scandia Spa Center for the Performing Arts Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Scandia Spa Center for the Performing Arts Inc. Scandia Spa Center for the Performing Arts Inc. is a a New Jersey corporation operating a combined spa facility and performing arts center in Newton, NJ. Scandia Spa Center for the Performing Arts Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-16960) on July 1, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $100,000 and $500,000. The Debtors are represented by Erin Kennedy, Esq. at Forman Holt. SCARFE WHISPERS: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Scarfe Whispers Oyster Bar and Seafood Lounge, LLC got the green light from the U.S. Bankruptcy Court for Middle District of Florida, Jacksonville Division to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral, which consists of cash and accounts receivable, to pay its operating expenses. The Debtor estimates the value of the accounts receivable to be approximately $1,391 based on a current aging report of receivables less than 90 days old. Vader Mountain Capital asserts an interest in the cash collateral and is owed approximately $25,000 as of the petition date. As protection for the Debtor's use of its cash collateral, the lender will be granted a replacement lien on property acquired by the Debtor's estate after the petition date, with the same priority and extent as its pre-bankruptcy lien. The Debtor's right to use cash collateral terminates immediately upon order of the court; the dismissal or conversion of its Chapter 11 case; the entry of an order that alters the validity or priority of the replacement liens granted to the lender; cessation of operation; the lifting of automatic stay that allows any entity to proceed against assets of the Debtor that constitute cash collateral; or the entry of an order authorizing a security interest in the collateral to secure any credit obtained or debt incurred that would be senior to or equal to the replacement lien. The final hearing is set for July 24. About Scarfe Whispers Oyster Bar and Seafood Lounge Scarfe Whispers Oyster Bar and Seafood Lounge, LLC filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-01951) on June 12, 2025, listing between $100,001 and $500,000 in assets and between $100,001 and $500,000 in liabilities. Judge Jason A. Burgess oversees the case. The Debtor is represented by: Bryan K. Mickler, Esq. Mickler & Mickler Tel: 904-725-0822 Email: court@planlaw.com SD BACKYARD: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------ On July 1, 2025, SD Backyard LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of California. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About SD Backyard LLC SD Backyard LLC is a San Diego-based restaurant group that operates multiple Asian cuisine restaurants including Steamy Piggy, Formoosa, Yun, Viet Nom, and Oi Shiba. SD Backyard LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-02776) on July 1, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $500,000 and $1 million. The Debtors are represented by Gary B. Rudolph, Esq. at Fennemore LLP. SEN FITNESS: Seeks to Use Cash Collateral ----------------------------------------- SEN Fitness Group asks the U.S. Bankruptcy Court for the Central District of California for authority to use cash collateral and provide adequate protection. The Debtor voluntarily initiated this bankruptcy case and believes that the continued operation of the business—specifically, a fitness center located in Oxnard, California—depends on using funds that may be considered cash collateral. Operations are managed by UG Management Company, LLC, under a pre-existing management agreement, which requires access to revenues to handle payroll, rent, utilities, insurance, and vendor payments. The collateral at issue includes gym equipment, point-of-sale systems, computer hardware, office furniture, and leasehold improvements, collectively valued at approximately $2.27 million. Secured parties with potential claims to the collateral include Navitas Credit Corp. (claiming about $1.4 million), Transportation Alliance Bank, Inc. (approximately $115,000), and an unidentified creditor represented by CT Corporation System. No objections have been raised by the third party to date. The Debtor argues that adequate protection is not legally required under the circumstances and has provided a memorandum supporting that position. A copy of the motion is available at https://urlcurt.com/u?l=uk8JA4 from PacerMonitor.com. About SEN Fitness Group SEN Fitness Group operates a UFC Gym franchise in Oxnard, California, offering mixed martial arts-inspired fitness programs, personal training, and wellness services. The facility provides group classes, youth programs, recovery treatments, and gym amenities for a broad range of members. SEN Fitness Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10820) on June 19, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtors are represented by Eric Bensamochan, Esq. at THE BENSAMOCHAN LAW FIRM, INC. SKYLAR ACQUISITIONS: Section 341(a) Meeting of Creditors on Aug. 8 ------------------------------------------------------------------ On July 1, 2025, Skylar Acquisitions Inc. 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. A meeting of creditors under Section 341(a) to be held on 8/8/2025 at 09:30 AM via Telephone conference. To attend, Dial 888-330-1716 and enter access code 6960876. About Skylar Acquisitions Inc. Skylar Acquisitions Inc. is an Atlanta-based corporation, has filed for Chapter 11 bankruptcy protection in the Northern District of Georgia (Case No. 25-57354) on July 1, 2025. Skylar Acquisitions Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-57354) on July 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000 each. SOLEIL AT BOWIE: Seeks Chapter 11 Bankruptcy in Maryland -------------------------------------------------------- On July 1, 2025, Soleil at Bowie LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Maryland. According to court filing, the Debtor reports $4,276,221 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Soleil at Bowie LLC Soleil at Bowie LLC owns 21 lots on Fletchertown Road in Bowie, Maryland, with a current estimated value of $5 million. Soleil at Bowie LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-16012) on July 1, 2025. In its petition, the Debtor reports total assets of $5,000,000 and total liabilities of $4,276,221. The Debtors are represented by Michael P. Coyle, Esq. at THE COYLE LAW GROUP. SONOMA PHARMACEUTICALS: Reports $3.5 Million Net Loss for FY 2025 ----------------------------------------------------------------- Sonoma Pharmaceuticals, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended March 31, 2025. The Company reported a net loss of $3,457,000 and $4,835,000 for the years ended March 31, 2025 and 2024, respectively. At March 31, 2025 and 2024, the Company's accumulated deficit amounted to $197,806,000 and $194,349,000, respectively. The Company had working capital of $8,552,000 and $8,829,000 as of March 31, 2025 and 2024, respectively. During the years ended March 31, 2025 and 2024, net cash used in operating activities amounted to $88,000 and $2,398,000, respectively. Henderson, Nev.-based Frazier & Deeter, LLC, the Company's auditor since 2021, issued a 'going concern' qualification in its report dated June 17, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, citing that the Company has incurred significant losses and negative operating cash flows and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about its ability to continue as a going concern. Management believes that the Company has access to additional capital resources through possible public or private equity offerings, debt financings, corporate collaborations or other means; however, the Company cannot provide any assurance that other new financings will be available on commercially acceptable terms, if needed. If the economic climate in the U.S. deteriorates, the Company's ability to raise additional capital could be negatively impacted. If the Company is unable to secure additional capital, it may be required to take additional measures to reduce costs in order to conserve its cash in amounts sufficient to sustain operations and meet its obligations. These measures could cause significant delays in the Company's continued efforts to commercialize its products, which is critical to the realization of its business plan and the future operations of the Company. This uncertainty along with the Company's history of losses indicates that there is substantial doubt about the Company's ability to continue as a going concern within the next 12 months. As of March 31, 2025, the Company had $13,693,000 in total assets, $9,282,000 in total liabilities, and total stockholders' equity of $4,411,000. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/c6udzr36 About Sonoma Pharmaceuticals Sonoma Pharmaceuticals, Inc. (NASDAQ: SNOA) -- http://www.sonomapharma.com-- is a global healthcare company developing and producing stabilized hypochlorous acid, or HOCl, products for a wide range of applications, including wound care, eye care, oral care, dermatological conditions, podiatry, animal health care, and non-toxic disinfectants. The Company's products reduce infections, itch, pain, scarring, and harmful inflammatory responses in a safe and effective manner. In-vitro and clinical studies of HOCl show it to safely manage skin abrasions, lacerations, minor irritations, cuts, and intact skin. The Company sells its products either directly or via partners in 55 countries worldwide. SPRAYTECH LLC: Seeks Subchapter V Bankruptcy in Illinois -------------------------------------------------------- On July 1, 2025, Spraytech LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. 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 Spraytech LLC Spraytech LLC is a Gurnee, Illinois-based company. Spraytech LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10140) on July 1, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities $500,000 and $1 million. Honorable Bankruptcy Judge Jacqueline P. Cox handles the case. The Debtors are represented by David Freydin, Esq. at Law Offices Of David Freydin Ltd. STAR HOLDING: Moody's Alters Outlook on 'B2' CFR to Negative ------------------------------------------------------------ Moody's Ratings affirmed Star Holding LLC's B2 Corporate Family Rating, B2-PD Probability of Default Rating and backed senior secured term loan B2, senior secured revolving credit facility and senior secured notes ratings at B2. The rating outlook was revised to negative from stable. RATINGS RATIONALE The change of Star Holding's outlook to negative reflects the company's rising debt leverage driven by declining EBITDA from the negative impact of lower oil prices on drilling activity and in a well-supplied proppants market. The company's high debt levels makes it more vulnerable to the inherent volatility of the oil and gas sector and the potential for further declines in its cash flow generation. Star Holding's Corporate Family Rating of B2 reflects the company's volatility from its significant exposure to the oil and gas industry, highly competitive nature of its business and its relatively elevated leverage. The ratings also incorporate the company's strategically located footprint and revenue diversification through its Industrial and Specialty Products segment. The company's leverage (Debt / EBITDA) increased to 3.9x at Dec 2024 driven lower EBITDA as the company renegotiated prices with its clients in the second half of 2024. Moody's forecasts leverage to further rise to around 4.6x by year end 2025 assuming no material changes in demand for proppants. Moody's don't expect improvements in the drilling activity for the rest of the year given uncertainty in oil prices, and Moody's sees downside risks that could cause even further declines in EBITDA and higher leverage. The company's reduction in EBITDA has been driven by underperformance of its oil and gas segment. The company's average sale price of proppants in 1Q25 was 24% lower than in 1Q24; this reduction has partly mitigated by a 13% increase in sold volumes. By contrast, the gross contribution margin of the Industrial Segment increased 9% over the same period, demonstrating the better stability of that segment's demand. Star Holding's $350 million senior secured notes, $775 million senior secured term loan and $175 million senior secured revolving credit facility rank pari passu and are rated at the same level of the CFR since they represent all of the company's debt. The rated instruments are secured by the first priority security interests in substantially all material assets of the company, its Parent (Star Parent Holding I LLC) and its subsidiary guarantors (US Silica Holdings, Inc. and others). Moody's considers Star Holding's liquidity as adequate and supported by $175 million revolving credit facility (RCF), with $164 million available and a cash balance of around $51 million at March 2025. The RCF has a springing leverage covenant based on facility utilization, requiring net first lien leverage to remain below 5.5x or below 9.2x in the event that the O&G segment is sold. Moody's expects the company to remain in compliance with covenants through 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if debt/EBITDA rises above 5x on a sustained basis, including as a result of the reduction in scale; or if its liquidity position deteriorates or free cash flow becomes negative. An upgrade of B2 CFR could be considered if Star Holding sustains leverage (debt/EBITDA) below 3x, maintains positive free cash flow even on the down cycle, reduces exposure to volatile industries. Based in Katy, Texas, Star Holding LLC and its subsidiaries operates silica, diatomaceous earth and specialty clay mining and processing facilities. It is one of the largest producers of commercial silica and engineered materials derived from minerals in North America. The company has two operating segments Oil and Gas Proppants (O&G, representing about 61% of total revenues) and Industrial & Specialty Products (ISP, with about 39% of revenues). The principal methodology used in these ratings was Building Materials published in September 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. STONE DELUXE: Seeks to Use Cash Collateral ------------------------------------------ Stone Deluxe, Inc. asks the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, for authority to use cash collateral and provide adequate protection. The Debtor needs to use of cash collateral for payroll, operating expenses, and project-related costs. The U.S. Small Business Administration holds a security interest in all the Debtor's assets. While other creditors may assert interests, there are insufficient assets to exceed the SBA's claim The Debtor proposes to provide such protection by continuing contractual monthly payments to the SBA, maintaining ongoing operations that generate revenue, and preserving enterprise value. The Debtor believes that preserving itself as a going concern offers more value than liquidation, especially since its assets, valued at $152,437, fall short of the SBA's secured claim of approximately $492,148. The Debtor has also agreed to provide the SBA with replacement liens and continue monthly payments of $2,509. Stone Deluxe, Inc. is a design studio based in Fountain Valley, California, with 23 years of experience in residential and commercial remodeling. It filed for Chapter 11 bankruptcy under Subchapter V on May 19, 2025, due to financial pressure from pandemic-era loan repayments and rising competition. The company operates a showroom and averages $119,690 per month in gross receipts. The bankruptcy aims to restructure debt and cure a $9,239 rent deficiency within one year. A hearing on the matter is set for July 16. About Stone Deluxe Inc. Stone Deluxe Inc., operating as Stone Deluxe Tile, is a specialized design services company focusing on stone and tile products. Stone Deluxe sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11348) on May 20, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. Judge Scott C. Clarkson handles the case. The Debtor is represented by Andy C. Warshaw, Esq. SUNNOVA ENERGY: Expands Scope of Solar Power Sale to Lennar Homes ----------------------------------------------------------------- As previously disclosed in the Current Report on Form 8-K filed by Sunnova Energy International Inc. with the U.S. Securities and Exchange Commission, on June 9, 2025, Sunnova TEP Developer, LLC, a Delaware limited liability company, entered into that certain Solar Power System Purchase Agreement with Lennar Homes, LLC, a Florida limited liability company, pursuant to which, subject to the terms and conditions set forth in the Solar Power System Purchase Agreement, Lennar agreed to acquire: (i) certain liabilities pertaining to certain system leases, system sale contracts and storage system sale contracts, and (ii) certain assets related to installed systems, warranties from manufacturers or suppliers of the installed systems, and rights to use easements. On June 16, 2025, Sunnova Energy Corporation, a Delaware corporation, MoonRoad Services Group, LLC, a Delaware limited liability company (, Sunnova TEP 8-A, LLC, a Delaware limited liability company, Sunnova TEP Developer and Lennar entered into that certain Bill of Sale, Assignment and Assumption Agreement and Amendment to Purchase Agreement to, among other things, amend the definition of "Seller" under the Solar Power System Purchase Agreement to include SEC, TEP 8-A and MoonRoad Services. On the same date, the previously announced New Home WIP Transaction closed. On the Closing Date, pursuant to the terms of the Solar Power System Purchase Agreement, as amended, Lennar acquired the New Home WIP Assets for aggregate consideration in an amount in cash equal to approximately $15.2 million. 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. SYAGRUS SYSTEMS: Seeks Cash Collateral Access --------------------------------------------- Syagrus Systems, LLC asked the U.S. Bankruptcy Court for the District of Minnesota for authority to use cash collateral. As of the petition date, the Debtor held cash collateral consisting of approximately $15,000 in cash deposits, $182,900 in accounts receivable, and $250,000 in inventory, totaling an estimated $447,900. Two primary secured creditors -- the U.S. Small Business Administration (owed approximately $536,322) and North Star Bank (owed about $375,566) -- hold validly perfected blanket liens on substantially all of the Debtor’' assets. Several other creditors claim lien rights but their interests are subordinate to those of SBA and North Star, and due to a lack of equity in the collateral, these claims are treated as unsecured. The Debtor proposed adequate protection to SBA and North Star. This includes monthly payments of $2,505 to SBA and $7,192 to North Star beginning July 15, as well as granting post-petition replacement liens equivalent in nature and scope to their pre-petition liens. The Debtor also commits to operating within a 30-day budget and maintaining insurance policies that list the secured creditors as additional insureds. These payments mirror pre-petition loan obligations and are intended to fairly protect the secured creditors' interests while allowing the Debtor to continue its business activities. North Star Bank is represented by: Jacob B. Sellers, Esq. Greenstein Sellers, PLLC 121 South 8th Street, Suite 1450 Minneapolis, MN 55402 (612) 345-7492 jacob@greensteinsellers.com About Syagrus Systems LLC Syagrus Systems, LLC provides silicon wafer backend processing services and die-sorting equipment manufacturing. Based in the Twin Cities of Minneapolis and St. Paul, Minnesota, the company offers capabilities such as ultra-thin wafer backgrinding, dicing, wafer bonding, and die sorting, as well as support for engineering runs and multi-die wafers. Syagrus Systems sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-31901) on June 19, 2025. In its petition, the Debtor reported total assets of $476,000 and total liabilities of $4,502,535. Judge William J. Fisher handles the case. The Debtor is represented by Joseph Dicker, Esq., at Joseph W. Dicker, PA. TRACK BARN: Seeks Subchapter V Bankruptcy in Texas -------------------------------------------------- On July 2, 2025, Track Barn 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. About Track Barn LLC Track Barn LLC is a company likely specializing in track and field equipment retail. Track Barn LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42441) on July 2, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Mark X Mullin handles the case. The Debtors are represented by Robert Thomas DeMarco, Esq. at DeMarco Mitchell, PLLC. TRIMONT ENERGY: Gets Extension to Access Cash Collateral -------------------------------------------------------- Trimont Energy (NOW), LLC and its affiliates received another extension from the U.S. Bankruptcy Court for the Eastern District of Louisiana to use cash collateral. The court's 17th interim order approved the use of cash collateral for the period from Oct. 25, 2023, through the date which is five business days following a declaration to terminate, reduce or restrict the ability to use cash collateral by Trimont Energy (NOW) and its affiliates, Whitney Oil & Gas, LLC and Trimont Energy (GIB), LLC. Certain entities may possess oil and gas liens under the Louisiana Oil Well Lien Act (LOWLA) on oil and gas assets owned by the Debtors. As protection against any diminution in value of their interests in the pre-bankruptcy collateral, the LOWLA lienholders will be granted valid and perfected security interests in, and liens on, the Debtors' assets. These liens do not apply to any Chapter 5 causes of action and the proceeds, thereof. To the extent the liens granted prove to be inadequate, the LOWLA lienholders will receive allowed superpriority administrative expense claims, subject to a carveout. The next hearing is set for July 23. About Trimont Energy (Now) Trimont Energy (NOW) LLC, a company in Houston, Texas, filed its voluntary petition for Chapter 11 protection (Bankr. E.D. La. Case No. 23-11868) on October 25, 2023, listing as much as $1 million to $10 million in both assets and liabilities. Christopher O. Ryals, chief restructuring officer, signed the petition. Judge Meredith S. Grabill oversees the case. The Debtor tapped Heller, Draper, & Horn, LLC as legal counsel; Chaffe & Associates, Inc. as financial advisor; and Christopher O. Ryals of RCO Capital, LLC as chief operating officer. TRIPLESHOT HOLDINGS: Case Summary & Nine Unsecured Creditors ------------------------------------------------------------ Debtor: Tripleshot Holdings LLC 4425 Conchfish Lane Osprey, FL 34229 Business Description: Tripleshot Holdings LLC, doing business as Carver's Olde Iron, imports and sells cast- iron home decor products through its online storefront. Its offerings include doorstops, bookends, ashtrays, candle holders, and novelty pieces in rustic, western, vintage, and industrial styles. Chapter 11 Petition Date: July 3, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-04544 Judge: Hon. Roberta A Colton Debtor's Counsel: Samantha L Dammer, Esq. BLEAKLEY BAVOL DENMAN & GRACE 15316 N. Florida Avenue Tampa, FL 33613 Tel: (813) 221-3759 Email: sdammer@bbdglaw.com Total Assets: $15,000 Total Liabilities: $1,173,564 The petition was signed by Mark Krajcir as managing member. A full-text copy of the petition, which includes a list of the Debtor's nine unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SEUTFRY/Tripleshot_Holdings_LLC__flmbke-25-04544__0001.0.pdf?mcid=tGE4TAMA U-TELCO UTILITIES: Hearing to Use Cash Collateral Set for July 10 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of New York is set to hold a hearing on July 10 to consider another extension of U-Telco Utilities's authority to use cash collateral. The Debtor's authority to utilize cash collateral pursuant to the court's June 27 third interim order expires on July 10. The third interim order approved the payment of the Debtor's expenses from the cash collateral in accordance with the budget it filed with the court. The budget projects total operational expenses of $76,135.62 from March to August. The order granted the U.S. Small Business Administration and other secured creditors rollover liens on and security interests in all collateral in which such creditors hold liens and security interests pursuant to their existing loan documents with the Debtor. SBA filed its UCC-1 on June 29, 2020, secured by a blanket lien on all of the Debtor's personal property and assets. To the extent that SBA's lien and security interest is properly perfected, all of the Debtor's cash on hand and to be collected from its customers may constitute proceeds of the collateral and, therefore, may be deemed to be cash collateral of SBA. About U-Telco Utilities Inc. U-Telco Utilities Inc. specializes in the rental of commercial and industrial machinery and equipment, including heavy construction machinery such as dozers, excavators, and compact track loaders. The Company provides a diverse range of equipment for construction and mining operations, offering machinery for rent to support grading, excavation, and material screening projects. U-Telco Utilities Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-30126) on February 25, 2025. In its petition, the Debtor reported total assets of $544,250 and total liabilities of $1,184,527. Judge Wendy A. Kinsella handles the case. The Debtor is represented by Peter A. Orville, Esq. at Orville & McDonald Law, P.C. UMAPM HOLDING: Seeks to Use Cash Collateral ------------------------------------------- UMAPM Holding Company, LLC asked the U.S. Bankruptcy Court for the District of Minnesota for authority to use cash collateral. The court previously granted two interim orders allowing use of cash collateral through the week of May 5. Although that authority has expired, no party has objected to the Debtor's continued use of cash collateral since then. In the current motion, the Debtor asked for authorization to use cash collateral until either a Subchapter V plan is confirmed or the end of the period covered in the Debtor's budget, whichever occurs first. The Debtor argued that continued use of this collateral is critical to business operations and to avoid irreparable harm. Immediate access to funds is needed to pay employees, recurring expenses, and to fund court-ordered adequate protection payments to secured creditors. Additionally, the Debtor sought to purchase a replacement CNC Mill for approximately $130,000, as the current machine is inoperable. Weekly payments of $7,500 for the new machine are reflected in the budget beginning June 9 through September. Choice Financial Group is the only party asserting a lien in cash collateral but its lien rights have been challenged. A lawsuit to avoid those liens was filed on March 28, and has since been settled. Choice has control over some accounts but there are no proper Deposit Account Control Agreements in place, meaning the security interests are likely unperfected. As of the petition date, the Debtor held $44,952.61 in cash and $146,636 in accounts receivable. It later obtained post-petition credit, previously approved by the court. While the Debtor does not believe any creditor has an unavoidable security interest in the cash collateral, it proposed to provide adequate protection if required. This includes (i) granting replacement liens for any used collateral, (ii) monthly reporting on use of proceeds, and (iii) maintaining insurance coverage on the collateral. Financial projections indicate that cash, accounts receivable, and inventory will always exceed the value of those assets on the petition date, plus the amount of post-petition credit—ensuring that any pre-petition creditor will not be impaired. By the end of the projected period, the Debtor is expected to have approximately $701,897 in cash and receivables. The Debtor also reserves the right to enter into a stipulation with any party claiming an interest in cash collateral and will seek court approval of any such agreement under Bankruptcy Rule 4001(d)(4) without additional notice. A hearing on the matter is set for July 10. Choice Financial Group is represented by: Amy J. Swedberg, Esq. Michael A. Rosow, Esq. Maslon, LLP 225 South Sixth Street, Suite 2900 Minneapolis, MN 55402 Telephone: (612) 672-8367 amy.swedberg@maslon.com michael.rosow@maslon.com About UMAPM Holding Company UMAPM Holding Company, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.M. Case No. 24-43262) with up to $50,000 in assets and up to $10 million in liabilities. Judge Katherine A Constantine oversees the case. The Debtor is represented by Karl J. Johnson, Esq. and Alexander J. Beeby, Esq. of Sapientia Law Group. US ECO PRODUCTS: Gets Extension to Access Cash Collateral --------------------------------------------------------- US Eco Products Corporation received another extension from the U.S. Bankruptcy Court for the District of Massachusetts to use cash collateral. The proceeding memorandum and order extended the Debtor's authority to use cash collateral under the same terms and conditions through the conclusion of the hearing scheduled for August 7. The Debtor generates various accounts receivable in the course of its business, the proceeds of which are the source of cash for its operations. The receivables are encumbered by various validly perfected security interests held by lenders of record as follows: a. A first priority security interest in favor of Eastern Bank by UCC financing statement file November 30, 2021. The current balance to EB is approximately $357,477 plus $15,741 for a term loan. b. A second priority security interest in favor of US Small Business Administration by UCC financing statement file June 4, 2020. The current balance to the SBA is approximately $45,000. About US Eco Products Corporation US Eco Products Corporation filed Chapter 11 petition (Bank. D. Mass. Case No. 24-41263) on December 9, 2024, listing $320,830 in assets and $1,249,695 in liabilities. Doreen Blades, president of US Eco Products, signed the petition. Judge Elizabeth D. Katz oversees the case. The Debtor is represented by Michael B. Feinman, Esq., at Feinman Law Offices. Eastern Bank, as lender, is represented by: Joseph M. DiOrio, Esq. Pannone Lopes Devereaux & O'Gara LLC Northwoods Office Park 1301 Atwood Avenue, Suite 215N Johnston, RI 02919 (401) 824-5180 (401) 824-5123 fax jdiorio@pldolaw.com VAIL RESORTS: Moody's Rates New Senior Unsecured Notes 'Ba3' ------------------------------------------------------------ Moody's Ratings assigned a Ba3 rating to Vail Resorts, Inc.'s (Vail) proposed new backed senior unsecured notes. All other ratings remain unchanged including the company's Ba2 Corporate Family Rating, Ba2-PD Probability of Default Rating, and Ba3 backed senior unsecured notes. The outlook remains stable and the speculative grade liquidity rating (SGL) remains unchanged at SGL-2. Vail plans to issue $400 million senior unsecured notes with a five year maturity and use the proceeds to repay $200 million of outstanding borrowings under its revolving credit facility and to fund cash on balance sheet to partially repay its $525 million zero-coupon convertible notes due January 2026. Vail previously borrowed a portion of the revolver to fund share repurchases, which Moody's considers aggressive. The company also plans to cancel $100 million of its existing $450 million delayed draw term loan A facility (DDTLA) issued in January 2025. The availability under the DDTLA is expected to be used to repay the remaining amount of the zero-coupon convertible notes. The offering is credit positive because it will modestly enhance liquidity, extend the debt maturity profile while marginally increasing leverage and cash interest costs. Over the next 12 months, Moody's expects Vail Resorts to generate low double-digit RCF/net debt even as the company incurs higher interest costs from refinancing the zero coupon convertible notes and continues consistent shareholder distributions. The high dividend payout and active share repurchases, including the $200 million spent since the third quarter of 2025 that brings the total over the last 12 months to $295 million, limit Vail's financial flexibility. Vail recently announced a CEO transition, following visitation growth that lagged industry trends during the most recent ski season. Through April 30, 2025, skier visitation was flat in the 2024-2025 ski season, while lift revenue rose 4.4% from the prior ski season, driven primarily by higher prices on Epic Pass products. Vail increased pricing on its Epic Pass products by approximately 7% for the 2025-2026 ski season. As of May 27, 2025, pass product sales for the upcoming ski season declined approximately 1% in units but rose 2% in sales dollars compared to the same period last year. The third quarter (ended April), when the company launches its early-bird sales campaign, is a key period for pass sales. This year, the campaign coincided with heightened financial markets volatility and increased macroeconomic concerns, which may have delayed purchasing decisions. The first quarter (ended October) is another important sales window, as it leads into the ski season. Moody's expects reported EBITDA to grow modestly in FY 2026 to between $875 million and $925 million. Despite initial softness in total unit volume and the potential for reduced discretionary spending, strong demand for snow sports (2024 marked the second-highest visitation year), greater disposable income among Vail's customers, cost savings, and the execution of new strategies under recently appointed leadership is expected to offset these pressures. The leadership change has prompted a moderate shift in strategic priorities. The company now emphasizes a more disciplined approach to capital allocation, indicating that any increase in dividends will require a meaningful improvement in cash flow generation. Management remains focused on executing its $100 million cost-saving program while prioritizing investments that enhance the guest and employee experience. Vail also aims to modernize its marketing strategy by adopting new tools and technologies. Vail has good liquidity, supported by approximately $660 million in cash pro forma for the proposed offering and access to multiple revolving credit and DDTL facilities. The revolvers consist of $433 million available under Vail Holdings' $600 million revolver and $215 million available under the Whistler facility. The company also has $350 million available under the DDTLA. The cash sources provide sufficient resources to fund the planned repayment of the $525 million convertible notes due January 2026, capital spending and seasonal needs. RATINGS RATIONALE Vail's Ba2 CFR reflects it's good geographic diversification, leading market position in the high-barrier-to-entry ski industry, and enhanced earnings stability driven by the Epic Pass. The credit profile is constrained by operating results that are highly seasonal and exposed to varying weather conditions and discretionary consumer spending. The geographic diversification only partially mitigates exposure to weather. The credit profile reflects Vail's reputation for providing a premium experience, requiring heavy investments in capital expenditures and operating initiatives to maintain and enhance operations. These investments include higher capacity and faster lifts, snowmaking equipment, and revamped restaurants. Good consumer demand for snow sports and growing penetration of the Epic Pass is contributing to higher visitations but at times longer lift lines that could negatively impact customer satisfaction. An inability to maintain high customer satisfaction could hurt the premium service positioning and the company's earnings and cash flow. Vail does not have a publicly stated leverage target but has kept leverage in a moderate range. Moody's expects Vail's debt-to-EBITDA leverage (3.25x as of April 2025 incorporating Moody's adjustments) will remain within Moody's expectations for the rating. A high dividend payout along with sizable capital spending is contributing to moderate free cash flow and the company has also been actively repurchasing shares. Moody's assumes in the ratings that reinvestment will grow earnings and improve free cash flow. However, the shareholder distributions constrain Vail's financial flexibility to reinvest and reduce financial leverage. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The stable outlook reflects Moody's expectations that Vail will continue to maintain good reinvestment to grow earnings and improve free cash flow, and maintain leverage in a mid-3x range. The stable outlook also reflects Moody's views that the company will maintain good liquidity including sufficient cash, revolver and delayed draw term loan to fund the January 2026 convertible note maturity. The ratings could be upgraded if Vail reduces cyclical volatility, is able to sustain a strong EBITDA margin, and maintains good facility reinvestment. Vail would also need to sustain gross debt-to-EBITDA below 3.0x, generate consistently strong positive free cash flow and maintain very good liquidity to be upgraded. The ratings could be downgraded if there is weak reinvestment, visitation or customer satisfaction declines, or margin deterioration. Gross debt-to-EBITDA sustained above 4x, a deterioration in liquidity, weak free cash flow, or a shift to more aggressive financial policies, including undertaking a large debt-funded acquisition, could also lead to a downgrade. The principal methodology used in this rating was Business and Consumer Services published in November 2021. Vail Resorts, Inc. is the leading operator of mountain resorts and regional ski areas. The company operates 42 mountain resorts, with 37 in the North America, 3 in Australia and 2 in Switzerland (controlling interest of 55% in Andermatt and 84% in Crans Montana). The company is publicly traded (NYSE: MTN) and reported revenue of approximately $3.0 billion for the trailing 12 months ended April 30, 2025. VALKEN INC: Gets Interim OK to Use Cash Collateral Until July 30 ---------------------------------------------------------------- Valken Incorporated got the green light from the U.S. Bankruptcy Court for the District of New Jersey to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral from June 25 to July 30 in accordance with its budget, with up to a 10% variance per line item. The Debtor requires the use of cash collateral to maintain operations, meet payroll, cover equipment leases, and pay other essential expenses. The Debtor is heavily leveraged, with multiple secured creditors, including WSFS Bank (owed $4.8 million and believed to be nearly fully secured) and other lenders with disputed or junior liens. The Debtor also has about $5.7 million in unsecured trade debt and several equipment leases. As protection for the Debtor's use of their cash collateral, the lenders will be granted replacement liens on property acquired by the Debtor after the petition date and the proceeds thereof, to the same extent and with the same validity and priority as their pre-bankruptcy liens. In addition, the lenders will receive a super-priority administrative expense claim in case the replacement liens are not sufficient to protect their interests. The Debtor said it has $522,585 in accounts receivable and over $7 million in equipment and inventory, which will support ongoing operations and seasonal inventory buildup for its peak fall season. The next hearing is scheduled for July 17. About Valken Incorporated Valken Incorporated sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-16742) on June 25, 2025, listing up to $50 million in both assets and liabilities. Valken President Eugenio Postorivo signed the petition. Judge Jerrold N. Poslusny Jr. Esq. oversees the case. Albert A. Ciardi, III, Esq., at Ciardi Ciardi and Astin, represents the Debtor as legal counsel. VALLEJO CITY: Resumes Local Governance After Receivership Exit -------------------------------------------------------------- Diana Lambert of EdSource reports that Vallejo City Unified School District has officially resumed local governance, ending 20 years of state oversight. The district was placed under state receivership in 2004 after a financial collapse that prompted a $60 million bailout. Since then, the district has taken steps to restore financial stability and rebuild community trust. "This marks more than just a leadership change -- it represents a major milestone for a district that has worked diligently to restore credibility, achieve fiscal stability, and prioritize student success," said Superintendent Rubén Aurelio. "Our recovery has been a collective effort from educators, families, students, and partners, and we’re ready to move ahead with focus and intention." Vallejo repaid the state loan in August 2024, completed required audits, cut spending, and strengthened its accountability systems as part of its path to regaining local control, the report states. About Vallejo City Unified School District Vallejo City Unified School District is a public school district that provides educational services to students in Vallejo, California, and nearby areas. VALMAR CORP: Seeks Chapter 11 Bankruptcy in Puerto Rico ------------------------------------------------------- On July 2, 2025, VALMAR Corp. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Puerto Rico. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About VALMAR Corp. VALMAR Corp. is a food service business operating in Cabo Rojo, Puerto Rico. VALMAR Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R.Case No. 25-03044) on July 2, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. The Debtors are represented by Homel Mercado Justiniano. VENTURE GLOBAL: Fitch Gives BB(EXP) Rating on $2.5BB Secured Notes ------------------------------------------------------------------ Fitch Ratings has assigned an expected rating of 'BB(EXP)' to the $2.5 billion par amount of senior secured notes to be issued by Venture Global Plaquemines LNG, LLC (VGPL) to partially refinance its existing bank loan facility. Fitch has also affirmed VGPL's outstanding 7.50% senior secured notes due 2033 and 7.75% senior secured notes due 2035 with an aggregate par amount of $2.5 billion at 'BB'. The Rating Outlook on all of the debt is Stable. RATING RATIONALE The 'BB' rating on Venture Global Plaquemines LNG, LLC's (VGPL) senior secured notes reflects a financial profile underpinned by contracted cash flows under 20-year, take-or-pay sales and purchase agreements (SPAs) for 19.7 million tonnes per annum (mtpa) capacity with mostly creditworthy offtakers. Construction is approximately 96% complete as of April 30, 2025, but all contingency has been used to cover construction costs. As of April 2025, remaining construction costs and interest during construction were approximately $1.7 billion. The funding shortfall will be covered from the sale of commissioning cargoes, which have commenced in December 2024 and are estimated to generate proceeds that significantly exceed the remaining funding requirement. Approximately 10% of the revenues will come from an SPA with an unrated subsidiary of a highly rated corporate entity, which provides a limited parent guarantee. Fitch evaluated several mitigating factors: VGPL's low dependency on these cash flows, the level of parent credit support, the importance of the project to the counterparties, and SPA pricing compared to Fitch merchant prices. These factors support assessing the cash flows from this SPA under contracted metric thresholds. The self-operated project is exposed to operating cost volatility and lacks major maintenance reserve accounts. This is offset by the use of proven technology, long-term service agreements (LTSAs) with the original equipment manufacturer (OEM) for the liquefaction trains and Fitch's higher cost stresses in the financial analysis. In the rating case, the production level is 2.5 mtpa above the nameplate capacity, in line with the stressed downside case provided by the independent engineer (IE) and equipment performance guarantees. The debt structure is similar to other rated liquified natural gas (LNG) projects, featuring refinancing risk and permissive additional debt provisions. In April 2025 VGPL placed $2.5 billion of inaugural bonds that were used to partially refinance its existing loan facility. Fitch's rating case stresses capacity, fuel use, gas prices, operating costs and refinancing rates and results in a minimum project life coverage ratio (PLCR) of 1.21x during the refinancing period. KEY RATING DRIVERS Completion Risk - Midrange Advanced Completion, Mitigated Funding Shortfalls Construction works are advanced, with Phase I completion at 99% and Phase II completion at 90% as of April 30, 2025, which substantially minimizes overall completion risk. The completion risk assessment accounts for remaining capital expenditures of approximately $900 million and exposure to cost overruns, which have added roughly 30% to the initial budget. VGPL is utilizing a multi-contractor structure with experienced specialized contractors such as Baker Hughes (BHGE), General Electric, UOP Honeywell, Kellogg Brown and Root (KBR), and CB&I. BHGE is supplying the project with the key equipment and is a highly experienced OEM supported by an investment-grade parent. The joint venture (JV) between KBR and Zachry Industrial Inc. (KZJV) plays an integral role as the engineering, procurement and construction (EPC) contractor responsible for the integration of the facility components, testing and commissioning. The EPC contract is largely structured on a reimbursable basis, exposing the project to cost escalation. The project has allocated all its contingency. However, due to the phased completion plan, the project has begun selling commissioning cargoes, which management expects will generate sufficient revenue to cover remaining project costs. Additionally, there is a significant buffer between the projected completion date and the SPA commercial operation date (COD) windows to accommodate schedule delays. Operation Risk - Midrange Self-Operated with Some Operating Experience Similar to other LNG projects in the U.S., VGPL relies on affiliate companies to operate and manage the facilities. As of June 2025, these affiliates have an operating track record of more than two years of ramping up production and generating LNG at Venture Global Calcasieu Pass (VGCP), which declared COD on April 15, 2025. The project has hired experienced staff from within the LNG industry and is coordinating with its contractors to provide training support prior to COD. Technical risk is mitigated by world-class OEMs that test, fabricate, ship and assist in the installation of their equipment. The project design includes built-in redundancies for major equipment, self-generated power insulated from grid-related outages and performance guarantees that allow production levels above nameplate capacity. Unexpected operational problems that arise after the start of commercial operation are expected to be covered by warranties provided by the OEMs and contractors. The LTSA with Baker Hughes Company (BHC), along with maintenance budgets and the modularity of the project design, should allow for predictable and phased maintenance costs, mitigating the risk related with the lack of a mandatory maintenance reserve requirement. The IE reported that the project has developed an adequate operating plan. Fitch addresses the lack of operating history by incorporating additional cost stresses in its financial analysis. The IE also reported that using electric motors instead of turbines in the liquefaction process should reduce downtime. While the project's reliance on its own power generation adds operational complexity, it may provide greater supply certainty by avoiding weather-related grid outages. Supply Risk - Midrange Access to Adequate Gas Supplies, Firm Transportation Capacity The project's supply risk is mitigated by operating in an area with abundant gas supply, the establishment of an experienced gas procurement team that is already purchasing gas for commissioning cargos and offtake contracts that include gas cost recovery components. VGPL has signed precedent agreements for firm transportation capacity at fixed rates across four pipelines, providing sufficient access to supply quantities of feed-gas in excess of the nameplate production capacity for the term of the assumed debt profile. The project relies on two lateral segments of the Gator Express Pipeline to transport gas from other pipelines to the project site, thereby removing single point of failure risk. According to the market consultant, the project's approach to gas procurement should ensure sufficient near- to medium-term contracted volumes while maintaining appropriate flexibility for long-term needs. Revenue Risk - Composite - Midrange Largely Contracted Profile VGPL has entered into 13 long-term SPAs for the sale of 19.7 mtpa of LNG with creditworthy offtakers, covering almost the entire nameplate capacity of 20 mtpa. Additionally, there is a shorter-term contract for 0.3 mtpa. Any capacity exceeding these contractual commitments is sold to a Venture Global LNG, Inc. (Venture Global; B+/Stable) affiliate. Each SPA provides revenue from a capacity payment, which is paid regardless of the LNG volumes lifted, and a commodity-based payment per unit of LNG lifted. The project effectively passes variable fuel costs through the commodity payment linked to gas prices at Henry Hub, while fixed costs are covered by the fixed capacity fees of the SPAs. This structure insulates the project from broader trends in LNG demand. Flexible delivery contractual features and excess production capacity above the volumes contracted with these offtakers mitigate the risk of the project failing to meet its SPA delivery obligations in the event of unplanned outages. There is no merchant exposure since VGPL's capacity is fully contracted. However, Fitch applies a merchant threshold to revenues from counterparties that are unrated or below the project rating. Debt Structure - 1 - Midrange Refinance Exposure Mitigated by Staggered Maturity Profile The project is significantly exposed to the risk of rising interest rates. The new senior notes have bullet maturities and account for approximately 20% of the project's debt including the bank loan and previously issued senior notes in the amount of $2.5 billion. The bank loan matures in 2029 and has limited amortization prior to maturity. The project must hedge at least 75% of its variable rate exposure. The debt structure includes a senior debt coverage ratio test of 1.4x for additional debt issuances and an equity distribution test of 1.20x for senior notes and 1.25x for the bank loan. Any termination of an SPA without replacement would require mandatory prepayment to maintain 1.40x and 1.45x coverage, accounting for the loss of that SPA under the senior notes and the bank loan respectively. Financial Profile Fitch's financial analysis is based on partial refinancing in July 2025 of the remaining $10.2 billion term loan with non-amortizing bonds in an aggregate amount of around $2.5 billion. This is a second issuance for VGPL this year. In April 2025 VGPL issued bonds in the amount of $2.5 billion. Fitch applies a stressed refinancing interest rate and assumes the debt is fully amortized within the 20-year term of the SPAs, once both sets of bonds are refinanced. Fitch assumes a base case production capacity of 24 mtpa based on IE estimates and plant performance during commissioning. Contracts for 19.7 mtpa are secured with creditworthy third-party offtakers for a 20-year term. The project generates $0.50 per million British thermal units (MMBtu) in liquefaction fees on the excess capacity above the nameplate, which is contracted to Venture Global's marketing affiliate. In this scenario, the minimum PLCR is 1.32x in 2032. Fitch's rating case assumes full SPA lifting and lower production capacity at 22.5 mtpa. Fitch applies higher operating expenses, higher fuel gas use and lower gas prices. Under these assumptions, the minimum PLCR is 1.21x in 2033. PEER GROUP Fitch publicly rates several LNG projects that share similar features with VGPL. However, these have established operating histories that lead to moderated rating case stresses and demonstrate stronger financial profiles, resulting in investment-grade ratings. Cheniere Corpus Christi Holdings, LLC (CCH; BBB+/Stable) utilizes widely proven liquefaction technology with large-scale trains powered by gas turbines. CCH is undertaking an expansion project that relies on mid-scale technology powered by electric motors similar to VGPL. It sources power from the local grid, which may be less complex than generating its own power (as VGPL does) but may expose the project to grid outages. Both CCH and VGPL have contracted the majority of their capacity with creditworthy entities under SPAs and are responsible for gas procurement and transportation. Fitch views below-investment-grade counterparties as merchant exposure for CCH. For VGPL, a small amount of capacity is contracted with below-investment grade counterparties, which Fitch does not view as a rating constraint. CCH has a rating case minimum PLCR of 3.1x. Sabine Pass Liquefaction, LLC (Sabine Pass; BBB+/Stable) is a fully operational LNG project owned and developed by Cheniere Energy Inc. (CEI; BBB/Stable), as well as other investors. Similar to Venture Global, Sabine Pass has SPAs with counterparties of adequate credit quality, receives a fixed capacity fee and Henry Hub-tied fees for lifting, and manages the gas supply. Sabine Pass uses ConocoPhilips Optimized Cascade liquefaction technology, similar to CCH, but relies on its own power generation, akin to VGPL. Fitch's financial analysis for Sabine Pass incorporates merchant revenues, with a rating case minimum PLCR is 3.1x. FLNG Liquefaction 2, LLC (FLIQ2; BBB/Stable) is an independently financed project that is part of a multi-train development. The rating reflects FLIQ2's long-term tolling agreement, which provides a direct pass-through of gas procurement costs to a single investment-grade offtaker for nearly all of its capacity and no refinance risk. The strength of the revenue stream suggests a lower debt service coverage ratio (DSCR) threshold for any given rating level compared with VGPL. FLIQ2's rating case DSCRs average is 1.4x. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deterioration in Fitch's credit view for a material SPA offtaker or SPA guarantor; - A decline in the minimum PLCR to below 1.2x in the Fitch rating case due to cost escalation, negative Henry Hub basis or production shortfalls; - Higher refinancing costs, the issuance of incremental senior debt or failure to apply mark-to-market proceeds from swap breakage to pay down project debt. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Project reaches commercial operations date and demonstrates an operating profile with higher production or lower operating costs resulting in PLCR above 1.3x in the Fitch rating case; - A reduction in refinancing exposure leading to lower assumed debt costs and rating case financial metrics above 1.3x. TRANSACTION SUMMARY VGPL expects to issue $2.5 billion of 144A senior secured notes to partially refinance the outstanding $10.2 billion term loan facility. The fixed-rate notes are expected to be issued in two series of $1.25 billion each with bullet maturities of 8.5 and 10.5 years. The notes will rank pari passu with the term loan and outstanding $2.5 billion in senior secured notes. SECURITY A first-priority security interest is established in substantially all assets of the issuer, VGGE as guarantor, and any future subsidiaries. This includes a pledge of 100% of the equity in the issuer and guarantor. Additionally, it encompasses all contracts, agreements (including material project agreements) and rights thereunder, as well as certain accounts, cash flow and other revenues. These arrangements are subject to customary exceptions to be agreed upon, consistent with existing credit facilities. ASSET DESCRIPTION VGPL is a 20 MTPA nameplate capacity LNG project under construction in Plaquemines Parish, approximately 35 miles south of New Orleans. The project is being built in two phases, 13.3 MTPA in phase 1 and 6.7 MTPA in phase 2. The project also entails the construction of the Gator Express Pipeline via project company VGGE to supply natural gas to the LNG facility. VGPL is the sole shipper on this pipeline, allowing for dedicated operations. VGPL has reserved the entire available firm transportation capacity on VGGE for 20 years, as well as over 5.37 Bcf/d of combined transport capacity on TETCO, Columbia Gulf, Tennessee Gas Pipeline and TC Louisiana Intrastate Pipelines. Contracted pipeline capacity is sufficient to accommodate full production in the sponsor case with peak of ~27 MTPA. VGGE is also a guarantor on the term loan, the existing notes, and these senior notes. Phase 1 reached final investment decision (FID) in May 2022. VGPL expects to reach Phase 1 substantial completion in March 2026 and is targeting to reach COD in Q4 2026. Phase 2 reached FID in March 2023 and should reach substantial completion in July 2026 with COD in mid-2027. 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 Prior ----------- ------ ----- Venture Global Plaquemines LNG, LLC Venture Global Plaquemines LNG, LLC/Project Revenues - Senior Secured Debt/1 LT BB(EXP) Expected Rating Venture Global Plaquemines LNG, LLC/Project Revenues - Senior Secured Debt/1 LT LT BB Affirmed BB VENTURE GLOBAL: Moody's Rates New $2.5BB Sr. Secured Bonds 'Ba2' ---------------------------------------------------------------- Moody's Ratings assigned Ba2 to Venture Global Plaquemines LNG, LLC's (VGPL) proposed $2.5 billion of senior secured bonds due 2034 and 2036. The outlook is stable. The new $2.5 billion of senior secured bonds will be fully parity with VGPL's outstanding $2.5 billion of senior secured bonds due 2033 and 2035, $10.2 billion of senior secured bank debt, and a $2.1 billion working capital facility. Net proceeds from the new bond issuance along with interest rate hedge termination proceeds will be used to repay a portion of VGPL's outstanding $10.2 billion of senior secured bank debt that was used to fund around $24 billion of total construction costs for VGPL excluding any netting from expected credits and backcharges. A separate $2.1 billion working capital facility (WC facility) provides liquidity for working capital and letter of credit requirements. RATINGS RATIONALE Venture Global Plaquemines LNG, LLC's (VGPL: Ba2 stable) credit profile considers its 20-year liquefied natural gas (LNG) sale and purchase agreements (SPA) with counterparties that have a strong investment grade weighted average credit quality, the project's competitive position, manageable operating risk, and project finance lender protections such as a 1st lien on assets, a 6-month debt service reserve (DSRA), and minimum 1.20x debt service coverage ratio (DSCR) included in the restricted payment test for the bonds. Among the SPA counterparties, an affiliate of New Fortress Energy Inc (NFE, Caa1 negative) has low speculative grade credit quality. While NFE's low credit quality is a credit weakness, this risk is partially mitigated by the SPA's competitive pricing relative to US peers and NFE's limited 5% share of VGPL's long term SPA revenue stream. The borrower also benefits from the sponsor's large equity investment in the project, early indications of production being well above its nameplate capacity and attractive market conditions whereby international prices for LNG are much higher than US natural gas prices. The Ba2 credit profile also recognizes continuing construction risk at VGPL, exposure to carbon transition risk, natural gas procurement risk, some covenant weaknesses applicable to the bonds, high consolidated leverage, and refinancing risk. Regarding construction, the project has encountered multiple issues including higher costs, schedule delays, and the May 2024 bankruptcy filing of Zachry Holdings, Inc. (Zachry). Affiliates of KBR, Inc (Ba2 stable) and Zachry own KZJV, LLC, which is VGPL's main construction contractor. That said, substantial amount of additional equity have been contributed to the project and other remedial on-site actions have been taken. As of April 2025, 20 out of 36 of VGPL's LNG trains are producing LNG in the commissioning stage and VGPL reports the project construction is approximately 96% complete excluding any commissioning and required remediation. Moody's understands VGPL's power islands represent a key focus of the remaining construction. Currently, the project is utilizing a combination of permanent and temporary power generation to support commissioning sales. VGPL expects to realize a substantial amount of commissioning cash flow of which a portion will be used to fund construction. For Q1 2025, VGPL reported revenue of around $1.18 billion and $412 million of operating income due to commissioning sales. The project's target start of commercial operations under the SPAs remain Q4 2026 for Phase 1 (13.3 mtpa) and mid 2027 for Phase 2 (6.7 mtpa). High consolidated leverage and refinancing risk are also significant risks to the project. Total expected debt of around $12.5 billion after refinancing leads to moderate forecasted cash flow metrics. Under management's base case cash flow forecast and assuming a non-amortizing debt structure, the project has an average interest coverage ratio of 2.1x and Project CFO to Debt of around 7%. Under more conservative assumptions utilized in the Moody's Case, VGPL is forecasted to have average interest coverage ratio of around 1.7x and consolidated Project CFO to Debt of around 5%. The combination of high leverage and refinancing risk also results in sensitivity to interest rates, which is partially mitigated by the benefits of VGPL's 20-year SPAs. RATING UTLOOK VGPL's stable outlook reflects Moody's assumptions that VGPL will continue to make substantial progress on construction through Q1 2026 for Phase 1 and that VGPL should generate sufficient net commissioning cash flow to equity fund expected construction costs. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that Could Lead to an Upgrade VGPL's rating could be upgraded if VGPL is able to demonstrate substantially greater certainty around construction funding, schedule, and cost by achieving Phase 1 completion. Factors that Could Lead to a Downgrade The project's rating could be downgraded if VGPL incurs major construction problems that are not mitigated by sufficient net commissioning cash flow, if the project faces challenges refinancing its obligations, or if any of the SPAs are challenged or terminated without a comparable replacement. PROFILE Venture Global Plaquemines LNG, LLC (VGPL) owns an approximately 20 million tonnes per annum (mtpa) nameplate LNG liquefaction facility under construction in Plaquemines Parish, Louisiana. VGPL will be comprised of 18 liquefaction blocks (36 trains), four 200,000 cubic meter LNG storage tanks, six pre-treatment facilities, three marine loading berths, two lateral pipelines, and two 720 MW combined cycle power plants using GE 7EA turbines. Tennessee Gas Pipeline Company, L.L.C. (TGP: Baa2 positive), Texas Eastern Transmission L.P. (TETCO; Baa1 stable), and Columbia Gulf Transmission Storage (CGT) provides natural gas transportation services up to the lateral pipelines connecting to VGPL. VGPL currently expects the commercial start of its Phase 1 SPAs will be in Q4 2026 and the commercial start of its Phase 2 SPAs will be in mid 2027. VGPL is 100% indirectly owned by Venture Global LNG, Inc. (VGI, B1 positive). The principal methodology used in these ratings was Generic Project Finance published in October 2024. VILLAGES HEALTH SYSTEM: Files for Chapter 11 to Sell for $50M ------------------------------------------------------------- The Villages Health System, LLC, has sought Chapter 11 protection to finally carry out a sale of its business to CenterWell Senior Primary Care, Inc., for $50 million in cash, absent higher and better offers in a court-sanctioned auction. TVH is a premier health care provider in North Central Florida that operates primary and specialty care centers. TVH was formed in 2012 as the result of a collaboration between The Villages and The University of South Florida. TVH currently operates ten primary and specialty care clinics known as (a) Brownwood Care Center, (b) Colony Care Center, (c) Creekside Care Center, (d) Eastport Care Center, (e) Lake Deaton Care Center, (f) Mulberry Grove Care Center, (g) Pinellas Care Center, (h) Santa Barbara Care Center, (i) Specialty Care at Spanish Springs, and (j) The Center for Advanced Healthcare at Brownwood. As of the Petition Date, TVH's workforce is comprised of more than 800 employees, including more than 80 primary and specialty care physicians, with the vast majority of TVH's employees serving in full-time roles. TVH is a party to one prepetition secured credit facility, a secured line of credit held by PMA Lender LLC, a Florida limited liability company, with a principal balance of $15 million as of the bankruptcy filing. TVH has no other material secured debt other than equipment leases. For multiple years, TVH has been working to find a strategic partner to acquire TVH's business or assets and continue TVH's mission of providing high-quality healthcare to residents in the surrounding communities. Since September 2022, Evercore Group, LLC has worked with TVH as its investment banker and advisor. In April 2024, CenterWell Senior Primary Care, Inc., signed a term sheet and emerged as the party most seriously interested in acquiring the Debtor. The sale process was suspended due to the discovery of coding issues for Medicare payments. Coding Issues TVH is a health care provider that primarily serves Medicare patients, accepting Medicare payment primarily through Medicare Advantage ("MA") and some traditional Medicare. TVH receives a monthly payment per member ("PMPM"), with payment from Centers for Medicare and Medicaid Services ("CMS") depending on a number of risk adjustments factors ("RAF Scores") that are meant to reflect the illness level of patients. Hierarchical Condition Categories ("HCC") codes are a significant input in the calculation of RAF Scores. Through its contracts with MA plans, TVH generally receives larger payments for beneficiaries with higher RAF Scores. In approximately August 2024, TVH became aware of a potential issue with respect to its HCC guidance. Upon learning of the potential coding issue, TVH immediately engaged with the law firm of Foley & Larder LLP and thereafter retained Goodwin Procter LLP to conduct an investigation into TVH's coding practices and the scope of the issue. Additionally, through Goodwin, FTI Consulting Inc. was engaged to evaluate the accuracy of TVH's HCC coding and to assist in assessing the scope of any potential overpayment. The investigation determined that TVH's coding practices appear to have been inconsistent with Medicare guidance. As soon as reasonably practicable after discovery of the issue, TVH terminated its retrospective amendments and related practices. TVH has worked with Goodwin and FTI to ensure it has appropriate policies and procedures, training, and review with respect to future coding and any amendments to medical records. Additionally, TVH retained Alvarez and Marsal to advise on its compliance functions. Recently, TVH, retained Christina Steiner, who previously led TVH's outside compliance team at Alvarez and Marsal, as its Chief Compliance Officer. TVH has enhanced and formalized its compliance functions, which included the formation of a board compliance committee in or about November 2024. In December 2024, TVH initiated a voluntary self-disclosure to the Office of Inspector General ("OIG") for the Department of Health & Human Services ("HHS"). In April 2025, TVH, through its counsel, provided FTI's preliminary analysis to OIG and DOJ. This preliminary analysis indicated that TVH's potential overpayments arising from its historical coding practices could be at or above $350 million. On May 5, 2025, the Board of Managers unanimously approved the appointment of Anna Phillips as an independent manager of TVH and formed a restructuring committee with Ms. Phillips as its sole member. The Restructuring Committee retained Winter Park, Florida-based financial advisory firm SOLIC Holdco, LLC, to provide the services of Neil Luria as CRO of TVH and certain additional support staff. Since TVH's self-disclosure, CenterWell has engaged in further due diligence efforts, and after extensive negotiations with TVH and its retained professionals, an affiliate of CenterWell, CenterWell Senior Primary Care (Vitality), Inc. has entered into a stalking horse Asset Purchase Agreement and related documents to acquire substantially all of TVH's assets. Sale to CenterWell Among other terms, the Stalking Horse APA with CenterWell (i) contemplates CenterWell and TVH working together on continuing to provide high-quality and seamless health care to patients during any transition period; (ii) contemplates CenterWell offering employment to all or substantially all current employees of TVH on competitive and market rate terms, (iii) contemplates an all cash purchase price for TVH's assets and no financing contingencies; and (iv) is conditioned on TVH filing this Chapter 11 Case and obtaining approval of the proposed transaction through a Court approving bidding and sale process on a timeline with appropriate milestones acceptable to TVH. CenterWell has agreed to (i) pay cash in the amount of $50,000,000 without any financing contingencies; (ii) assume certain liabilities, including certain contracts, accrued PTO, and all liabilities relating to the ownership, operation, or conduct of the Purchased Assets or the Business following the Closing; and (iii) pay any cure costs associated with the assumed liabilities. CenterWell has experience purchasing similar distressed assets in bankruptcy proceedings. For example, CenterWell's sister brand, Conviva Senior Primary Care, has entered into an agreement to purchase substantially all assets in MBMG Holding, LLC (d/b/a Clinical Care Medical Centers) and its affiliates' bankruptcy cases pending in the Southern District of Florida under lead case 24-20576. The Debtor and Evercore have agreed on a strategy to re-market the Debtor's assets following the Petition Date to maximize value for the Debtor. Evercore will work quickly to ensure any interested buyers can conduct as much due diligence as possible within the Court approved sale timeline. Under the proposed bid procedures, interested bidders have until Aug. 20, 2025 to submit initial binding bids for the Debtor's business. If a qualified bid is submitted in addition to CenterWell's, an auction will be conducted on Aug. 25. First Day Motions To minimize any adverse effects on the estate from the commencement of the Chapter 11 case, TVH has filed customary First Day Motions seeking relief on an immediate basis. This includes requests that the Court: (a) approve TVH's entry into a debtor-in-possession loan facility and use of cash collateral, which will provide the liquidity necessary for TVH to continue operating its business during the Chapter 11 case; (b) authorize TVH to pay in full and in the ordinary course of business certain prepetition claims, including employee wages, benefits, and expense reimbursements; (c) authorize TVH to continue using its existing bank accounts and cash management system, and (d) authorize the implementation of certain administrative procedures to minimize any disruption to TVH's operations. About The Villages Health The Villages Health ("TVH") is a premier healthcare provider in North Central Florida that operates primary and specialty care centers, helping its patients live healthy lives through a team-based approach to patient care. In addition to primary care, TVH's healthcare providers provide specialty care services in the fields of audiology, behavioral and mental health, cardiology, dietetics, endocrinology, gastroenterology, gynecology, international pain, neurology, podiatry, rheumatology, and urology. On the Web: http://thevillageshealth.com/ On July 3, 2025, The Villages Health System, LLC, filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04156) with a deal to sell the business as a going concern for $50 million. The case is pending before the Honorable Judge Lori V. Vaughan. The Debtor tapped Baker & Hostetler LLP as counsel. Stretto is the claims agent. Counsel to the buyer, Humana Inc.'s CenterWell Senior Primary Care (Vitality), Inc.: Brian Mangino, Esq. Amber Banks, Esq. Latham & Watkins LLP 555 Eleventh Street, NW, Suite 1000 Washington, D.C. 20004-1304 E-mail: brian.mangino@lw.com amber.banks@lw.com VILLAGES HEALTH: In Restructuring, Sells Assets to Centerwell ------------------------------------------------------------- The Villages Health (TVH), the healthcare provider serving The Villages retirement community in Florida, announced on July 3,2025, it is undergoing a strategic restructuring to sustain operations and enhance patient care. As part of this process, TVH has voluntarily filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division. The organization also filed First Day Motions to maintain uninterrupted services during the restructuring. TVH has signed a "stalking horse" Asset Purchase Agreement with CenterWell Senior Primary Care, the nation's largest senior-focused, value-based primary care provider and part of Humana Inc. The proposed transaction includes the acquisition of TVH's assets -- eight primary care clinics and two specialty centers. The sale is subject to court approval and an auction process that allows for competing bids, according to PR Newswire. TVH will continue full operations throughout the sale process. Due to CenterWell's payor-agnostic model, patients are expected to retain access to their existing providers regardless of insurance coverage after the transition, the report states. "TVH has always been committed to clinical excellence," said Dr. Elliot Sussman, Chairman of the Board and physician founder. "This plan ensures we can continue to serve patients, staff, and the community while positioning TVH for a stronger future under CenterWell's leadership." CenterWell President Dr. Sanjay Shetty added, "We're excited to support TVH patients through our integrated and personalized approach to care." TVH CEO Bob Trinh emphasized that the restructuring will not impact patient care: "This was not an easy decision, but it was necessary. Patient care remains our top priority." Dr. Jim Flaherty, Chief Medical Officer, assured patients: "Our clinicians remain the same, and our commitment to quality care is unchanged." "TVH's providers share our passion for helping seniors lead healthier, more active lives," said Renee Buckingham, President of CenterWell Senior Primary Care. "We look forward to welcoming the TVH team and serving The Villages community together." TVH currently serves more than 55,000 patients, primarily Medicare and Medicare Advantage beneficiaries, and has been a trusted provider in North Central Florida for over 13 years, the report states. In fall 2024, TVH discovered potential issues with its Medicare billing practices. Following an internal investigation, the organization reported the discrepancies to federal agencies and began working toward a resolution, which remains ongoing. The matter—estimated to involve hundreds of millions in overpayments and potential penalties—is separate from the CenterWell transaction, according to report. About The Villages Health ("TVH") The Villages Health (TVH) is a leading healthcare provider in North Central Florida, offering comprehensive primary and specialty care through a collaborative, team-based approach. In addition to primary care, TVH delivers specialized services in audiology, behavioral and mental health, cardiology, dietetics, endocrinology, gastroenterology, gynecology, interventional pain management, neurology, podiatry, rheumatology, and urology. To learn more, visit thevillageshealth.com. The Village Health sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04156) on July 3, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Lori V. Vaughan handles the case. The Debtor is represented by Elizabeth A. Green at Baker & Hostetler LLP. About CenterWell CenterWell is a leading healthcare services organization dedicated to delivering integrated, patient-centered care experiences. By placing patients at the heart of everything it does, CenterWell provides high-quality, accessible, and personalized care. As the nation's largest provider of senior-focused primary care and a top provider of home health services, CenterWell also offers comprehensive pharmacy solutions—including home delivery, specialty, hospice, and retail pharmacy services. Focused on whole-person health, CenterWell addresses the physical, emotional, and social well-being of its patients. CenterWell is a part of Humana Inc. (NYSE: HUM). Learn more at CenterWell.com VOIP-PAL.COM: Increases Authorized Common Shares to 10B ------------------------------------------------------- VoIP-Pal.Com Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the board of directors approved an increase in the Company's authorized capital from 9,000,000,000 shares of common stock, par value $0.001 per share, to 10,000,000,000 shares of common stock, par value $0.001 per share, which action was subsequently approved by the holders of a majority of the Company's issued and outstanding stock effective June 12, 2025. Pursuant to applicable securities laws, the Company does not plan to effect the Authorized Capital Increase until at least 20 days after a definitive information statement on Schedule 14C has been transmitted to the Company's stockholders who did not previously consent to the Authorized Capital Increase. About VoIP-PAL.com Inc. Since March 2004, VoIP-PAL.com Inc. has been in the development stage of becoming a Voice-over-Internet Protocol ("VoIP") re-seller, a provider of a proprietary transactional billion platform tailored to the points and air mile business, and a provider of anti-virus applications for smartphones. All business activities prior to March 2004 have been abandoned and written off to deficit. Vancouver, Canada-based Davidson & Company LLP, the Company's auditor since 2015, issued a "going concern" qualification in its report dated Dec. 23, 2024, citing that the Company is in various stages of product development and continues to incur losses and, as at Sept. 30, 2024, had an accumulated deficit of $103,357,782 (Sept. 30, 2023 - $93,185,588). These material uncertainties raise substantial doubt about its ability to continue as a going concern. The Company reported a net loss of $10,172,194 for the year ended Sept. 30, 2024 compared to a net loss of $23,109,009 for the year ended Sept. 30, 2023. The decrease in net loss of $12,936,815 or 56% less than the previous year was primarily due to a decrease in stock-based compensation and legal and professional fees. As of Sept. 30, 2024, the Company had working capital of $2,158,351 as compared to working capital of $2,198,010 at Sept. 30, 2023. WALGRE TRANSPORT: Chapter 15 Case Summary ----------------------------------------- Two affiliates that concurrently filed voluntary petitions for relief under Chapter 15 of the Bankruptcy Code: Debtor Case No. ------ -------- Walgre Transport Inc. (Lead Case) 25-30284 2568 Royal Windsor Dr. Mississauga, ON L5J 1K7 Canada 2793309 Ontario, LTD. 25-30285 Business Description: The Debtors specialize in cross-border transportation and logistics of consumer goods between Canada and the United States. Their assets, operations, and senior leadership team are based in Canada, while their drivers and vehicles operate regularly throughout the continental U.S. Foreign Proceeding: Bankruptcy and Insolvency Act in the District of Ontario, Canada, Division No. 9 - Mississauga, bearing Court Nos. 32-3241505 and 32-3241506 Chapter 15 Petition Date: June 28, 2025 Court: United States Bankruptcy Court District of North Dakota Judge: Hon. Shon Hastings Foreign Representative: Grant Thornton Limited Licensed Insolvency Trustee Signatory: Bruce Bando Foreign Representative's Counsel: Kesha L. Tanabe, Esq. VOGEL LAW FIRM 318 Northern Pacific Ave. Fargo ND 58107 Tel: (701) 356-6342 Email: ktanabe@vogellaw.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Chapter 15 petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/K4HEGSY/Walgre_Transport_Inc__ndbke-25-30284__0001.0.pdf?mcid=tGE4TAMA WARD ENTERPRISES: Seeks Subchapter V Bankruptcy in Georgia ---------------------------------------------------------- On July 1, 2025, Ward Enterprises Group Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filing, the Debtor reports between $50,000 and $100,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Ward Enterprises Group Inc. Ward Enterprises Group Inc. is an Atlanta-based corporation, has filed for Chapter 11 bankruptcy protection in the Northern District of Georgia. The company operates from Fulton County with headquarters at 1329 Allene Ave SW in Atlanta. Ward Enterprises Group Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-57373) on July 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $50,000 and $100,000 each. WAVE ASIAN: Gets OK to Use Cash Collateral Until August 7 --------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, issued a third preliminary order extending Wave Asian Bistro, LLC's authority to use cash collateral through August 7. The order authorized the company to use cash collateral to pay its expenses, including payments of U.S. trustee quarterly fees, and those expenses set forth in its budget, with a 10% variance for each line item. The budget projects net operational expenses of $329,304 for June, July and August. Secured creditors were granted a post-petition lien on cash collateral to the same extent and with the same validity and priority as their pre-bankruptcy liens. The next hearing is scheduled for August 7. About Wave Asian Bistro Wave Asian Bistro, LLC filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-02112) on April 11, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. Judge Tiffany P. Geyer oversees the case. The Debtor is represented by: Jeffrey Ainsworth, Esq. Bransonlaw, PLLC Tel: 407-894-6834 Email: jeff@bransonlaw.com WI-FI WHEELING: Seeks Chapter 11 Bankruptcy in Illinois ------------------------------------------------------- On July 2, 2025, WI-FI Wheeling Dealing LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. 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 WI-FI Wheeling Dealing LLC WI-FI Wheeling Dealing LLC is a single asset real estate company that owns and manages commercial property at 1400 S. Wolf Road in Wheeling, Illinois. WI-FI Wheeling Dealing LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10181) on July 2, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Donald R. Cassling handles the case. The Debtors are represented by Gregory K. Stern, Esq. at Gregory K. Stern, P.C. WILSONART LLC: Moody's Affirms B3 CFR & Alters Outlook to Negative ------------------------------------------------------------------ Moody's Ratings affirmed Wilsonart LLC's corporate family rating at B3 and probability of default rating at B3-PD. At the same time, Moody's affirmed the B2 ratings on the backed senior secured bank credit facilities, including the $250 million revolving credit facility and $1.06 billion term loan B, and affirmed the Caa2 rating on the $500 million senior unsecured notes. The outlook was changed to negative from stable. The negative outlook reflects the company's high leverage above 9x adjusted debt/EBITDA, weak interest coverage below 1x adjusted EBITA/interest expense, and Moody's expectations for a continued muted demand environment that could impede the pace of recovery in the company's operating metrics. The ratings affirmation reflects Wilsonart's adequate liquidity with no near term debt maturities, solid end market diversification, and Moody's expectations that profitability will remain resilient as order lead times return to normal levels and the impact from cost saving initiatives are realized. RATINGS RATIONALE Wilsonart's B3 CFR reflects its high leverage of 9.2x and its weak interest coverage of 0.8x EBITA/interest expense for the 12 months that ended March 31, 2025. The rating takes into account the company's exposure to the cyclicality of the residential and commercial end markets and Moody's views that demand in these end markets will remain subdued over the next 12 months. Wilsonart has also experienced steady declines in its international markets, which represents over 20% of total revenue. At the same time, the rating is supported by Wilsonart's market position as a leading manufacturer and distributor of decorative engineered surfaces for commercial and residential end markets, broad geographic footprint across North America and EMEA, and a diversified product offering and customer base. Moody's anticipates cost reduction initiatives to improve profitability over the next 12 months. Moody's expects Wilsonart to maintain adequate liquidity over the next 12 to 18 months, despite negative free cash flow projected in 2025 due to limited top line growth and an elevated interest burden compared to prior years from the new capital structure put in place in late 2024. The company has $21 million of cash on the balance sheet as of March 31, 2025 and $77 million drawn on its revolving credit facility expiring in 2029, a balance Moody's expects to decline by the end of 2025. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the ratings if the company maintains adjusted debt/EBITDA below 6.0x and adjusted EBITA/interest expense above 2.0x. Moody's could also upgrade the ratings if the company preserves its good liquidity and further improves its profitability. Moody's could downgrade the ratings if adjusted debt/EBITDA remains above 7.0x and adjusted EBITA/interest expense remains near 1.0x. A deterioration in liquidity including negative free cash flow, an aggressive acquisition with additional debt or significant shareholder return activity could result in downward ratings pressure. The principal methodology used in these ratings was Manufacturing published in September 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Wilsonart LLC, headquartered in Austin, Texas, is a manufacturer and distributor of decorative engineered surfaces for commercial and residential markets. The company's product offerings include high pressure laminates, solid surfaces, quartz, adhesives, and worktops designed for construction and repair and remodeling. Revenue for the 12 months ended March 31, 2025 was approximately $1.4 billion. WISCONSIN & MILWAUKEE: Hires Much Shelist as Special Counsel ------------------------------------------------------------ Wisconsin & Milwaukee Hotel LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Wisconsin to employ Much Shelist, P.C. as special counsel. The firm will assist the Debtor in the structuring, preparation and implementation of the Equity Rights offering. The firm will be paid at these rates: Partners $725 to $995 per hour Associates $450 to $600 per hour Paraprofessionals $280 to $390 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received an advance retainer of $50,000 from the Debtor. David Brown, Esq., a principal at Much Shelist, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David T. Brown, Esq. Much Shelist, P.C. 191 North Wacker Drive, Suite 1800 Chicago, IL 60606 Tel: (312) 521-2754 Cell: (312) 618-2226 Email: dbrown@muchlaw.com About Wisconsin & Milwaukee Hotel Wisconsin & Milwaukee Hotel LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Wis. Case No. 24-21743) on April 9, 2024. In the petition signed by Mark Flaherty, manager, the Debtor disclosed up to $50 million in both assets and liabilities. Judge G. Michael Halfenger oversees the case. The Debtor tapped Michael P. Richman, Esq., at Richman & Richman LLC as bankruptcy counsel and Mallery S.C. as special corporate counsel. WORKSPORT LTD: Announces Initial Closing of Offering of 3.1M Units ------------------------------------------------------------------ Worksport Ltd. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company, completed the initial closing of its Regulation A offering of up to 3,100,000 units, each consisting of one share of the Company's 8% Series C Convertible Preferred Stock, and one warrant to purchase one share of the Company's common stock. The Offering is being conducted pursuant to the Company's Offering Statement on Form 1-A, as amended, which was qualified by the U.S. Securities and Exchange Commission on May 27, 2025. In connection with the initial closing, the Company issued an aggregate of 49,335 Units to investors that were placed by Digital Offering LLC, the Company's placement agent, for aggregate gross proceeds of $160,338.75. After deducting Placement Agent commissions and offering-related expenses of $11,223.71, the Company received net proceeds of $149,115.04. The Units were issued pursuant to the terms of that certain Selling Agency Agreement dated as of May 27, 2025, by and between the Company and the Placement Agent. The Preferred Stock and Warrants were issued in accordance with the terms of the Subscription Agreement, and the rights, preferences and privileges of the Preferred Stock are set forth in the Certificate of Designation of the Preferred Stock. The material terms of the Preferred Stock include: (i) an annual cumulative dividend rate of 8% of the $3.25 per share liquidation preference, payable quarterly in arrears; (ii) a liquidation preference of $3.25 per share, plus accrued and unpaid dividends; (iii) the right to convert each share into one share of common stock at any time, subject to a 9.99% beneficial ownership limitation; (iv) mandatory automatic conversion into common stock on the second anniversary of the original issue date; and (v) limited voting rights, including approval rights over the creation of senior securities and adverse amendments. In connection with the Offering, the Company filed the Certificate of Designation of the 8% Series C Convertible Preferred Stock with the Secretary of State of the State of Nevada, designating 3,100,000 shares of such series. About Worksport Ltd. West Seneca, N.Y.-based Worksport Ltd., through its subsidiaries, designs, develops, manufactures, and owns intellectual property on a portfolio of tonneau cover, solar integration, portable power station, and NP (Non-Parasitic), Hydrogen-based green energy products and solutions for the automotive aftermarket accessories, power storage, residential heating, and electric vehicle-charging industries. Buffalo, N.Y.-based Lumsden & McCormick, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated Mar. 27, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has an accumulated deficit, that raise substantial doubt about its ability to continue as a going concern. The Company recorded a net loss of $16,163,789 for the year ended December 31, 2024, and has an accumulated deficit of $64,476,966 as of December 31, 2024. As of Dec. 31, 2024, the Company had $25,736,660 in total assets, $8,323,029 in total liabilities, and a total stockholders' equity of $17,413,631. XPO INC: S&P Downgrades ICR to 'BB' on Prolonged Market Weakness ---------------------------------------------------------------- S&P Global Ratings lowered the issuer credit rating on XPO Inc. to 'BB' from 'BB+'. S&P said, "At the same time, we downgraded our issue-level rating on the senior unsecured debt by one notch to 'B+', reflecting the lower issuer credit rating. We affirmed our 'BBB-' issue-level rating on the company's senior secured debt. "We revised the outlook to stable from negative, reflecting that while prolonged softness in the freight industry will likely constrain revenue growth over the next 12 months, stable margins driven by stronger yields and ongoing cost discipline should allow XPO to maintain funds from operations (FFO) to debt of about 27%, with gradual improvement beyond 2025 as volumes recover. "We don't expect XPO's metrics to recover to levels commensurate with the intermediate financial risk profile until late 2026 or early 2027. XPO's FFO to debt has been below our 30% downside threshold since our outlook revision to negative in December 2023, when the company acquired 28 terminals previously operated by Yellow Corp., resulting in elevated leverage projected over the near term. At the time, we believed the freight market was nearing an inflection after operating at trough levels since mid-2023; however, market conditions have yet to show meaningful improvement, and we no longer anticipate conditions will improve over the next 12 months." Tonnage has continued to decline for North American less-than-truckload (LTL) through both decreasing shipment per day and weight per shipment, a meaningful departure from our previous expectation for tonnage growth inflecting positive back in 2024. XPO's revenues declined by about 3% year over year in the six-month-ended March 31, 2025 (flat year over year excluding fuel surcharge), with rolling-12-months S&P Global Ratings-adjusted EBITDA margins stagnant at 17%-18%. While not carrying significant incremental costs, the acquired terminals have now left XPO with excess capacity of 30% as volumes remain muted. While FFO to debt has improved since the December 2023 transaction (23%), it has been about 27% for the past four quarters and remains below our 30% downside trigger. S&P said, "We expect a mid-single-digit percent decline in tonnage for the full year coupled with lower fuel surcharge revenue, partially offset by mid-single-digit percent yield growth and about 3% revenue growth in the European segment, resulting in roughly flat revenues year over year. Coupled with S&P Global Ratings-adjusted EBITDA margins of about 17%, we project FFO to debt to remain at about 27% through the rest of 2025." S&P said, "We believe tonnage could return to growth in 2026, albeit not at a pace sufficient for XPO's metrics to recover within the time frame needed to maintain the 'BB+' rating. Ongoing uncertainty around trade policies and potential effects on economic growth further clouds visibility into macroeconomic conditions that could weigh on demand. Our current base case projects FFO to debt in the high-20% area by the end of 2026 before reaching the low-30% area by the end of 2027. "Despite persistently soft market conditions, we note XPO continues to outperform the industry with quarterly yield growth consistently in the mid- to high-single-digit percent area over the past couple years. XPO has grown accessorial revenue from value-add services and expanded its higher-margin local channel. Furthermore, the company has significantly increased the insourcing of linehaul miles and reduced purchase transportation expense, which we believe is now approaching a steady state. While we view management as committed to improving its operating ratio (as evidenced by a 260bps improvement in S&P Global Ratings-adjusted EBITDA margins in 2024), we believe lower volumes across the industry will preclude any material improvement in XPO's overall margin profile over the next 12 months. Nevertheless, even as tonnage remains weak, we expect the acquired terminals to provide some cost benefit in terms of linehaul, pickup and delivery, and dock operations. Over the longer term, we continue to believe they will be incrementally margin accretive when the market inevitably recovers. "We believe lower capex levels going forward should support free operating cash flow (FOCF) generation and we expect management to deploy cash toward both debt repayment and opportunistic share repurchases. XPO spent nearly $800 million in capex in 2024 primarily to refresh its fleet and invest in trailers and tractors to insource more linehaul, with additional one-time spend to bring the acquired terminals online. We expect capex levels to moderate in 2025 to about 8.5% of total revenues (compared with 10% in 2024). As a result, we project reported FOCF to improve to about $90 million, up from about $15 million in 2024." XPO targets net debt leverage of 1x-2x (about a quarter-turn higher on an S&P Global Ratings-adjusted basis), and net debt leverage as of the end of first-quarter 2025 was 2.5x on a trailing-12-month basis. While this is an improvement from a year ago (2.9x), we note leverage has consistently been above management's target. In addition, management has stated its intention to repurchase shares opportunistically this year, which, coupled with the weak market conditions, could slow down the deleveraging path. S&P said, "On the other hand, we believe XPO is less likely to pursue merger and acquisition opportunities given the consolidated nature of LTL, especially since Yellow's bankruptcy. While not currently incorporated into our base case, we expect management to continue to pursue a divestment of its European business, which could eventually lead to debt repayment and improvement in credit metrics." S&P said, "The stable outlook reflects our expectation that, although prolonged freight industry softness will likely limit revenue growth over the next 12 months, steady margins supported by stronger yields and cost controls will enable XPO to maintain FFO to debt of about 27%, with gradual improvement as volumes begin to recover beyond 2025." S&P could lower its ratings on XPO over the next 12 months if its FFO to debt falls below 20% on a sustained basis. This could occur if: -- Freight market demand deteriorates further than we currently expect; or -- The company adopts a more aggressive financial policy, including pursuing a greater-than-expected level of shareholder returns or significant debt-financed acquisitions. S&P could raise its ratings on XPO if S&P expects its FFO to debt can remain above 30% on a sustained basis. This could occur if: -- Its performance improves from a recovery in the freight market that's more pronounced or earlier than we currently expect; and -- S&P believes management's financial policy supports metrics at this level on a sustained basis, including capital allocation between debt repayment and shareholder returns. ZEN JV: Hires Omni Agent Solutions as Claims and Noticing Agent --------------------------------------------------------------- Zen JV, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Omni Agent Solutions, Inc. as claims, noticing, and solicitation agent. Omni will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. Prior to the petition date, the Debtors provided Omni an advance payment in the amount of $50,000. Paul Deutch, an executive vice president at Omni, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Paul Deutch Omni Agent Solutions, Inc. 1120 Avenue of the Americas, 4th Floor New York, NY 10036 Telephone: (212) 302-3580 Facsimile: (212) 302-3820 About Zen JV, LLC Zen JV, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 25-11195) on June 24, 2025, listing $50,000,001-$100 million in assets and $100,000,001-$500 million in liabilities. Zachary I. Shapiro, Esq. at Richards, Layton & Finger, P.A represents the Debtor as counsel. [] Four Philadelphia Hospital Properties Up for Sale ---------------------------------------------------- Keen-Summit Capital Partners LLC places portfolio of hospital properties in Philadelphia up for sale. The properties include: Crozer Chester-Medical Center, Taylor Hospital, Delaware County Memorial Hospital, and Springfield Hospital. Further information regarding the sale contact Keen-Summit at (646) 381-9222 or visit its website at https://www.keen-summit.com. [^] 2025 Distressed Investing Conference: Registration Now Open! ---------------------------------------------------------------- Registration is now open for the 32nd Annual Distressed Investing Conference, presented by Beard Group, Inc. This two-day affair kicks off with the Opening Night Cocktail Reception on Dec. 2nd from 5:00-7:00 PM and followed by the Full Day Conference on Dec. 3rd. Venue is the Harmonie Club in New York City. Visit https://www.distressedinvestingconference.com/ for more information. Contact Will Etchison, Conference Producer, at Tel: 305-707-7493 or will@beardgroup.com for sponsorship opportunities. Thank you to last year's conference sponsors: The 2024 Conference Co-Chairs: * Kirkland & Ellis, LLP, as conference co-chair; and * Foley & Lardner LLP, as conference co-chair The 2024 Major Sponsors: * Davis Polk & Wardwell LLP; * Hilco Global; * Locke Lord LLP; * Morrison & Foerster LLP; * Proskauer Rose LLP; * Skadden, Arps, Slate, Meagher & Flom LLP; * Wachtell, Lipton, Rosen & Katz; and * Weil, Gotshal & Manges LLP The 2024 Patron Sponsors were: * Katten Muchin Rosenman LLP; * Kobre & Kim; and * Resolution Financial Advisors The 2024 Supporting Sponsors were: * C Street Advisory Group; * Development Specialists, Inc.; * Gilbert + Tobin; * Paul Hastings; * RJReuter; * Sherwood Partners, Inc.; * SSG Capital Advisors; and * Stein Advisors LLC The 2024 Media Partners were: * BankruptcyData; * CreditSights; * Debtwire; * The National Law Review; * PacerMonitor; * Pari Passu Newsletter; * Reorg; and * WSJ Pro Bankruptcy The 2024 Knowledge Partner was: * Creditor Rights Coalition The 2024 Conference Replays are available for Purchase at https://www.distressedinvestingconference.com/2024-video-replays--photos.html ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. 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