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250708.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, July 8, 2025, Vol. 29, No. 188 Headlines 11 7 TAMBAYAN: Hires Darby Law Practice as Bankruptcy Counsel 23ANDME HOLDING: California's Bid to Pause Data Transfer Denied 25350 PLEASANT: Gets Court OK to Use Cash Collateral Until Aug. 30 A/C DUCTOLOGIST: Unsecureds Will Get 17.1028% of Claims in Plan ADDENTAX GROUP: Pan-China Singapore PAC Raises Going Concern Doubt ADVENTURES IN LEARNING: Unsecureds Will Get 18.98% over 60 Months AFM MATTRESS: Seeks Chapter 11 Bankruptcy in Delaware ALACHUA GOVERNMENT: Seeks Chapter 11 Bankruptcy in Delaware ALL SEASON: Unsecured Creditors to be Paid in Full in Plan ALLEGHENY COLLEGE: Moody's Cuts Issuer & Rev. Bond Ratings to Ba1 ALTAR PDX: Seeks to Hire Elevate Law Group as Bankruptcy Counsel AMERICAN IMPACT: Unsecureds Will Get 5% of Claims over 60 Months ANGELA'S BRIDALS: Unsecured Creditors to Split $82.7K in Plan ANKER PLAY: Seeks Chapter 11 Bankruptcy in Texas ART FOR CAUSE: Seeks Chapter 11 Bankruptcy in New York ART OLDCO: Claims to be Paid from Asset Sale Proceeds ASH GROVE: Gets Final OK to Use Cash Collateral Until Sept. 26 AT HOME GROUP: Taps Young Conaway Stargatt & Taylor as Co-Counsel ATHENS ANNAPOLIS: Case Summary & Two Unsecured Creditors ATIF HOLDINGS: Ongoing Losses, Cash Use Raise Going Concern Doubt BALLY'S CORP: Fitch Puts 'CCC' Rating on Watch Negative BENNY AND MARYS: Mark Sharf Named Subchapter V Trustee BLH TOPCO: Bar Louie Closes Clinton Township Location in Chapter 11 BLOCKFI INC: Court Authorizes Disposal of Customer Data, Inventory BOWES IN-HOME: Case Summary & 20 Largest Unsecured Creditors BRADFORD MEDIA: Taps Sheila Campbell P.A. as Legal Counsel BROAD STREET: Debt Maturities Raise Going Concern Doubt BUILDER'S CHOICE: Voluntary Chapter 11 Case Summary BUILT TO LAST: Andrew Kight Named Subchapter V Trustee CGA CORP: Gets Interim OK to Use Cash Collateral Until Sept. 26 CHAR GRILL: Gets Extension to Access Cash Collateral CINEMAWORLD OF FLORIDA: Voluntary Chapter 11 Case Summary CMC ADVERTISING: Gets Interim OK to Use Cash Collateral COGLIANO INTEGRATED: Case Summary & 16 Unsecured Creditors COLD SPRING: No Decline in Resident Care, 2nd PCO Report Says COLONIAL GARDENS: Amends Unsecured Claims Pay Details CORVIAS CAMPUS: Court OKs Continued Use of Cash Collateral CRYSTAL AND FAMILY: Seeks Subchapter V Bankruptcy in Georgia D & B PHARMACY: Gets OK to Use Cash Collateral Until July 25 D LASSEN: Gets Interim OK to Use Cash Collateral Until July 18 DAV SUB: Creditors to Get Proceeds From Liquidation DEL MONTE: Del Monte Pacific Will be Able to Refinance Debt DEL MONTE: Moody's Lowers CFR to Ca Following Chapter 11 Filing DOLCHE TRUCKLOAD: Matthew Brash Named Subchapter V Trustee DR. JOHN DAIGNAULT: Case Summary & 10 Unsecured Creditors DR. JOHN DAIGNAULT: Seeks Subchapter V Bankruptcy in Massachusetts DS PARENT: Moody's Cuts CFR to 'B3', Outlook Stable DVAC HEATING: Hires CFO Consultants LLC as Bookkeeper DVAC HEATING: Hires Neeleman Law Group as Bankruptcy Counsel E.F. MARKETING: Seeks to Hire Edward Bajec as Sales Agent ENNIS I-45: Court Extends Cash Collateral Access to July 31 FINLEY DESIGN: Gets 30-Day Extension to Access Cash Collateral FTX TRADING: Bahamas Liquidators Reach $377MM Claim Withdrawal Deal GENERAC POWER: Moody's Rates New $1.7BB First Lien Loans 'Ba1' GLOBAL CONCESSIONS: Comm. Taps Dundon Advisers as Financial Advisor GOLDEN TEMPLE: Seeks to Hire Richman & Richman LLC as Counsel GREEN COPPERFIELD: Seeks Subchapter V Bankruptcy in Texas GREENWICH RETAIL: Court Extends Cash Collateral Access to July 25 GRESHAM WORLDWIDE: Court Extends Cash Collateral Access to Sept. 30 GUARDIAN HEALTHCARE: PCO Reports No Resident Care Complaints GYP HOLDINGS III: Moody's Puts 'Ba1' CFR Under Review for Upgrade HEALTHSTAR FAMILY: Gets Interim OK to Use Cash Collateral HEALTHSTAR FAMILY: Hires Lane Law Firm PLLC as Bankruptcy Counsel HEATHERWOOD CONDOMINIUM: Unsecureds Will Get 60% of Claims in Plan HUNTSMAN CORP: Moody's Assigns 'Ba1' CFR, Outlook Negative INTEGRAL EXPRESS: Neema Varghese Named Subchapter V Trustee INTERNATIONAL DIRECTIONAL: Case Summary & 20 Unsecured Creditors JACKSON HOSPITAL: Bid Deadline Moved to July 22 JACKSON HOSPITAL: PCO Reports Staffing Challenges JERK PIT: Hires Joseph W. Wilson III CPA as Tax Preparer JERK PIT: Seeks to Tap A&R Accounting and Tax Service as Advisor JM GROVE: Court Extends Cash Collateral Access to Oct. 31 JUBILEE HILLTOP: Gets Court OK to Use Cash Collateral Until Aug. 6 KLIMA CONTROL: Seeks Subchapter V Bankruptcy in Florida LAFLEUR NURSERIES: L. Todd Budgen Named Subchapter V Trustee LASEN INC: Affiliate Gets Interim OK to Use Cash Collateral LION RIBBON: Seeks Chapter 11 Bankruptcy in Texas MARINE TRANSPORT: Case Summary & Three Unsecured Creditors MERIT STREET: Dr. Phil Joint Venture Sues TBN for Breach MERIT STREET: July 14 Deadline for Panel Questionnaires MG LOGISTICS: Seeks Chapter 11 Bankruptcy in Illinois MY JOB MATCHER: Case Summary & 20 Largest Unsecured Creditors MY JOB MATCHER: Job.com Seeks Chapter 11 to Sell to Lenders MY JOB MATCHER: Seeks Chapter 11 Bankruptcy Along w/ Affiliates NEW FORTRESS: Liquidity Risks, Losses Raise Going Concern Doubt NEW FORTRESS: Moody's Cuts CFR to Ca, Outlook Remains Negative NOBLE GOODNESS: Gets OK to Use Cash Collateral Until July 15 NORTH JERSEY TIRE: Unsecureds Will Get 100% in Liquidating Plan OEJ ELECTRIC: Seeks Chapter 11 Bankruptcy in Arizona ONAR HOLDING: Losses, Cash Needs Raise Going Concern Doubt ORION PORTFOLIO: Seeks Chapter 11 Bankruptcy in Pennsylvania PACIFIC GREEN: Grant Thornton Raises Going Concern Doubt PARDUE COURT: Seeks Chapter 11 Bankruptcy in Oregon PBREIA LLC: Case Summary & Seven Unsecured Creditors POLOMAR HEALTH: Losses, Cash Shortfall Raise Going Concern Doubt POWIN LLC: Mayer Brown & Pashman Stein Represent Licensees PRINCETON SEARCH: Seeks Chapter 11 Bankruptcy in Delaware PROJECT PIZZA: Case Summary & 20 Largest Unsecured Creditors PUBLISHERS CLEARING: Court Okays Sale of Assets to ARB Interactive R.W. SIDLEY: Case Summary & 20 Largest Unsecured Creditors R3CYCLE INDUSTRIES: Voluntary Chapter 11 Case Summary RAD TECHNOLOGIES: Artesian CPA Raises Going Concern Doubt RANGER BEARINGS: Seeks to Hire E. J. Saad PC as Special Counsel RCJ2 ENTERPRISES: Gold's Gym Closes 2 San Antonio, Tex. Locations RCM MANUFACTURING: Court OKs Continued Use of Cash Collateral RED METAL: DMCL LLP Raises Going Concern Doubt REDSTONE BUYER: Moody's Cuts CFR to Caa3 & Alters Outlook to Neg. RELIANT LIFE: Unsecureds Will Get 100% in Liquidating Plan REMAX CONSTRUCTION: Hires BransonLaw PLLC as Bankruptcy Counsel RESONATE BLENDS: Victor Mokuolu CPA PLLC Raises Going Concern Doubt RITE AID: Chap. 11 Prompts Delaware to Protect Prescription Access SCARFE WHISPERS: Andrew Layden Named Subchapter V Trustee SENSATA TECHNOLOGIES: Moody's Alters Outlook on Ba2 CFR to Stable SHREE AMRITAYA: Gets OK to Use Cash Collateral Until Sept. 30 SIMPLICITY CREATIVE: Seeks Chapter 11 Bankruptcy in Texas SPARTAN AUTOMOTIVE: Seeks Chapter 11 Bankruptcy in Florida STRATEGIC ENVIRONMENTAL: LJ Soldinger Raises Going Concern Doubt STREAMLINE HEALTH: Losses, Debt Covenants Raise Going Concern Doubt SUNNOVA ENERGY: Unsecured Creditors Object to KKR's Loan Releases SUNSHINE PEDIATRICS: Christopher Simpson Named Subchapter V Trustee SWAN PIZZA: Court Extends Cash Collateral Access to Aug. 7 TELLICO RENTALS: Hires Tarpy Cox Fleishman as Bankruptcy Counsel TEZCAT LLC: Unsecureds to Get Share of Income for 4 Years THREE CHEFS: Seeks Subchapter V Bankruptcy in Illinois TOMS RIVER REGIONAL: Expected to Prevent Bankruptcy Due to Tax Hike TRIPLE-G-GUNITE INC: Hires Gabriel Liberman as Bankruptcy Counsel TRIPLESHOT HOLDINGS: Seeks Subchapter V Bankruptcy in Florida VACATION OWNERSHIP: Unsecureds to Split $117K over 36 Months VARSITY BRANDS: Moody's Ups CFR to B2, Outlook Stable VEGAS TREASURES: Gets Interim OK to Use Cash Collateral VILLAGES HEALTH: Case Summary & 20 Largest Unsecured Creditors VIPER ENERGY: Moody's Raises Unsecured Notes to Ba1, Outlook Stable VIVOSIM LABS: Rosenberg Raises Going Concern Doubt VOLTZ INC: Gets Interim OK to Use Cash Collateral Until Oct. 31 WATCHTOWER FIREARMS: Hires SSG Advisors as Investment Banker WAVE SUSHI: Gets OK to Use Cash Collateral to Thru August 7 WELLPATH HOLDINGS: Court Lifts Stay in Bonilla-Bonilla Case WHITNEY OIL & GAS: Gets Extension to Access Cash Collateral WI-FI WHEELING: Case Summary & Nine Unsecured Creditors WOLFSPEED INC: Appoints Gregor van Issum as CFO WYNDSTON MILLWORK: Gets Final OK to Use Cash Collateral ZEN JV: Gets Interim OK to Obtain DIP Loan From JMB Capital ZIPRECRUITER INC: Moody's Cuts CFR to 'B2', Outlook Stable ZRG INC: Seeks to Hire GD Tax Solutions as Accountant [] Eugene Park Joins Gibson Dunn's New York Restructuring Practice [] Farm Bankruptcies Increase Across Arkansas [] Tariff Uncertainty to Fuel Bankruptcy Filings in Some Sectors ********* 11 7 TAMBAYAN: Hires Darby Law Practice as Bankruptcy Counsel ------------------------------------------------------------- 11 7 Tambayan Inc. seeks approval from the U.S. Bankruptcy Court for the District of Nevada to hire Darby Law Practice, Ltd as bankruptcy counsel. The firm will render these services: (a) advise the Debtor of its rights, powers and duties in the continued operation of business and management of its properties; (b) take all necessary action to protect and preserve the Debtor's estate; (c) prepare on behalf of the Debtor all necessary legal papers in connection with the administration of its estate; (d) attend meetings and negotiations with the Subchapter 5 trustee, representatives of creditors, equity holders or prospective investors or acquirers and other parties in interest; (e) appear before the court, any appellate courts and the Office of the United States Trustee to protect the interests of the Debtor; (f) pursue approval of confirmation of a plan of reorganization and approval of the corresponding solicitation procedures and disclosure statement; and (g) perform all other necessary legal services in connection with the Chapter 11 case. Kevin Darby, Esq., the primary attorney in this representation, will be billed at his hourly rate of $550. The firm received from the Debtor a retainer of $9,238. Mr. Darby disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kevin A. Darby, Esq. Darby Law Practice, Ltd. 499 W. Plumb Lane, Suite 202 Reno, NV 89509 Tel: (775) 322-1237 Fax: (775) 996-7290 Email: kevin@darbylawpractice.com About 11 7 Tambayan Inc. 11 7 Tambayan Inc. is a Nevada corporation operating in Reno. 11 7 Tambayan Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev.Case No. 25-50581) on June 25, 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 Hilary L. Barnes handles the case. The Debtors are represented by Kevin A. Darby, Esq. at Darby Law Practice, Ltd. 23ANDME HOLDING: California's Bid to Pause Data Transfer Denied --------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that a bankruptcy judge has denied California's request to halt the sale of 23andMe's extensive genetic data assets while the state appeals the decision. On Monday, July 7, 2025, Judge Brian C. Walsh of the U.S. Bankruptcy Court for the Eastern District of Missouri ruled that the state is unlikely to succeed in its appeal, citing a lack of standing. He had previously approved the $305 million sale on June 27, 2025 to the nonprofit TTAM Research Institute, which submitted a joint bid with 23andMe co-founder Anne Wojcicki, according to Bloomberg Law. "I don't believe California has made a strong showing that it's likely to succeed on the merits," Walsh said during the hearing. About 23andMe 23andMe Holding Co. is a genetics-led consumer healthcare and biotechnology company in San Francisco, Calif. Through its direct-to-consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). 23andMe disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison, LLP, Morgan, Lewis & Bockius, LLP and Carmody MacDonald, PC serve as legal counsel to the Debtors while Alvarez & Marsal North America, LLC serve as the restructuring advisor. The Debtors tapped Reevemark, LLC and Scale Strategy Operations, LLC as communications advisors and Kroll Restructuring Administration Services, LLC as claims agent. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP serve as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Kelley Drye & Warren, LLP and Stinson, LLP as legal counsel and FTI Consulting, Inc. as financial advisor. 25350 PLEASANT: Gets Court OK to Use Cash Collateral Until Aug. 30 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of Virginia, Alexandria Division, issued a consent order allowing 25350 Pleasant Valley Drive, LLC to use cash collateral through August 30. The court authorized the Debtor to use cash collateral as per the approved budget, with a 10% variance allowed for each line item. The budget projects total operational expenses of $33,400 for July and $35,400 for August. As protection for the Debtor's use of their cash collateral, Northwest Federal Credit Union and Mainstreet Bank will be granted replacement liens on post-petition assets and the proceeds thereof. As further protection, both creditors will receive payments as reflected in the budget. The Debtor's authority to use cash collateral terminates upon the occurrence of so-called events of default, including the dismissal or conversion of its Chapter 11 case to one under Chapter 7 and failure to timely make the payments set forth in the budget. The next hearing is scheduled for August 26. About 25350 Pleasant Valley Drive LLC 25350 Pleasant Valley Drive, LLC filed Chapter 11 bankruptcy petition (Bankr. E.D. Va. Case No. 23-11983) on Dec. 6, 2023, listing $500,001 to $1 million in both assets and liabilities. Judge Klinette H. Kindred presides over the case. The Debtor is represented by: John P. Forest, II, Esq. 11350 Random Hills Rd., Suite 700 Fairfax, VA 22030 Telephone: (703) 691-4940 Email: john@forestlawfirm.com A/C DUCTOLOGIST: Unsecureds Will Get 17.1028% of Claims in Plan --------------------------------------------------------------- The A/C Ductologist, LLC, filed with the U.S. Bankruptcy Court for the Southern District of Florida a Plan of Reorganization dated June 17, 2025. The Debtor is an air conditioning installation company. The Debtor was formed as a limited liability company and its sole manager is Thomas Mouradian. The Debtor was unable to meet its financial obligations, including to various trade creditors and its secured debt obligations, which resulted in multiple civil proceedings being filed against the Debtor. The Debtor filed this Chapter 11 case in order to resolve these obligations pursuant to the Bankruptcy Code and to provide creditors with a distribution greater than what such creditors would receive in a liquidation. Creditors have filed general unsecured claims (and/or there exist general unsecured scheduled claims) in this bankruptcy proceeding totaling approximately $2,327,370.08. By this Plan, the Debtor will be restructuring these obligations, such that the Debtor can remain viable as a going concern. This Plan provides for 1 class of priority tax claims, 1 class of other priority claims, 1 class of secured claims (SBA), 2 classes of secured vehicle claims, 1 class of general unsecured claims and 1 class of equity security holders. General unsecured creditors holding allowed claims will receive distributions, which the Debtor has valued at approximately 17.1028 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. The Debtor's financial projections show that the Debtor will have projected disposable income of $1,122,587.00. The financial projections include the full 60-month period. The final Plan payment is expected to be paid no later than August 31, 2030. Class 6 consists of all allowed general unsecured claims, including any undersecured claims and the unsecured portion of the U.S. Small Business Administration claim. The allowed unsecured claims total $2,327,370.08. The Class 6 Creditors shall share pro rata in a total distribution in the amount of $398,046.00, representing approximately 17.1028% of their allowed claims. General unsecured creditors will receive monthly distributions based on the Debtor's available disposable income after payment of all secured claims, priority claims, and administrative expenses. The distribution amounts will vary by month based on cash flow availability. Each creditor will receive their pro rata share of the available monthly distribution amount. The Debtor may prepay these amounts at any time without penalty, with any such prepayments to be applied pro rata among the eligible Class 6 creditors. This Class is impaired. Class 7 consists of all allowed equity interests in the Debtor, which includes interest in any membership interest(s), or other instruments evidencing an ownership interest in the Debtor. All Equity Security Holders of the Debtor will retain their interest(s) in the Debtor as such interest(s) existed prior to the Petition Date, with Thomas Mouradian retaining a 100% membership interest. The means necessary for the implementation of this Plan include the Debtor's cash flow from operations for a period of 5 years. The Debtor's financial projections show that the Debtor will have sufficient cash over the life of the Plan to make the required Plan payments and operate its business. The estimated cash on hand necessary as of the First Payment Date of this Plan is $3,500.00, which is consistent with the projections in the financial projections. A full-text copy of the Plan of Reorganization dated June 17, 2025 is available at https://urlcurt.com/u?l=PgBg3N from PacerMonitor.com at no charge. The Debtor's Counsel: Zach B. Shelomith, Esq. LSS LAW 2699 Stirling Rd # C401 Fort Lauderdale, FL 33312 Tel: (954) 920-5355 E-mail: zbs@lss.law About The A/C Ductologist LLC The A/C Ductologist, LLC is a Florida-based HVAC contractor, specializing in duct replacement and repair, air conditioning installation and maintenance, and indoor air quality assessments for both residential and commercial clients. Additionally, it offers insulation installation services for homes. The A/C Ductologist sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-12944) on March 19, 2025. In its petition, the Debtor reported total assets of $433,330 and total liabilities of $1,891,442. Judge Peter D. Russin handles the case. The Debtor is represented by Zach B. Shelomith, Esq., at LSS Law. ADDENTAX GROUP: Pan-China Singapore PAC Raises Going Concern Doubt ------------------------------------------------------------------ Addentax Group Corp. disclosed in a Form 10-K Report filed with the U.S. Securities and Exchange Commission for the fiscal year ended March 31, 2025, that its auditor has expressed substantial doubt about the Company's ability to continue as a going concern. Pan-China Singapore PAC issued a "going concern" qualification in its report dated June 30, 2025, attached to the Company's Annual Report on Form 10-K for the year ended March 31, 2025, citing that the Company has incurred operating losses for the past two financial years, which raises concerns about the Company's ability to continue as a going concern. These conditions indicate that a material uncertainty exists that raise substantial doubt on the Company's ability to continue as a going concern. The Group has a history of operating losses, $5,094,198 and $3,109,418 and for the years ended March 31, 2025 and 2024. Historically, the Group has relied principally on both operational sources of cash and non-operational sources of equity and debt financing to fund its operations and business development. The Group's ability to continue as a going concern depends on management's ability to successfully execute its business plan which includes increasing the utilization rate of existing staff and potential financing from public market or private placement. However, there is no assurance that the measures can be achieved as planned. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/2vjnz3bx About Addentax Group Corp. Addentax Group Corp. is an integrated service provider specializing in garment manufacturing, logistics services, and property management and subleasing. For more information about the Company, please visit the website: https://www.addentax.com/. As of March 31, 2025, the Company had $49,167,337 in total assets, $27,435,529 in total liabilities, and total equity of $21,731,808. ADVENTURES IN LEARNING: Unsecureds Will Get 18.98% over 60 Months ----------------------------------------------------------------- Adventures In Learning Daycare Bayonne, LLC, filed with the U.S. Bankruptcy Court for the District of New Jersey a Small Business Plan of Reorganization dated June 16, 2025. The Debtor is a New Jersey Limited Liability Company with its last known premises located at 1 Flagship Street, Bayonne, NJ 07002 (the "Property"). The Property consists of a ground floor commercial unit of approximately 6,000 square feet (including the playground) for a daycare and child development facility that holds a current maximum capacity of 75 children. The business and Property are in a relatively new building development in the City of Bayonne in an area of redevelopment for Hudson County. The Debtor proposes to pay all allowed Administrative Claims in full on the Effective Date of the Plan. The Debtor proposes to pay the allowed claim of all allowed and undisputed Priority Claims in full on the Effective Date of the Plan or within ten days from the Effective Date of the Plan. The Debtor proposes to reclassify the Mahalaxmi Flagship Urban Renewal, LLC, Secured Claim 2-1, as a separately classified general unsecured claim of the Landlord ("Landlord Claim"). The Debtor lists the claim in its schedules as a contingent, disputed claim unliquidated general unsecured claim with a right to a set off and negotiations with the Landlord to attempt to settle this claim are still ongoing as of the date of this filed Plan of Reorganization. The parties have decided to halt all further potential protracted litigation for thirty days pending ongoing settlement discussions. The Debtor is currently still in active ongoing settlement discussions with the Landlord as of the date of this filed Plan and a settlement is still very possible. If a settlement is met, the Debtor shall assume the Commercial Lease and cure any defaults and provide adequate assurances pursuant to the Settlement Agreement resolving the Landlord Claim which shall be incorporated herein to this Plan. The Debtor will also stay current with all rental obligations in connection with the Debtor's business premises and the Commercial Lease. The Debtor proposes to treat all other allowed claims against the Debtor, as general unsecured claims under Bankruptcy Code Sec. 506(a), pro rata. The Plan will be funded by the income derived from AIL's business operations and also the Managing Members of the Debtor, Angel Alicea and Wanda Alicea, from their personal funds and income derived from other business interests they own to ensure all obligations under the Plan are met. Angel Alicea and Wanda Alicea, Individually, to also make a nonrecourse capital contribution towards administrative expenses and/or initial Plan funding upon confirmation of the Plan (if necessary). Class 3 consists of General Unsecured Claims. Claimants to share pro rata in a total fund of $150,000.00 (Projected Disposable Income, To Be Updated Prior To Plan Confirmation). The Debtor will contribute that amount over a five-year term. Commencing 30 days after the Effective Date, for a period of 60 months, the Debtor will make the following monthly payments toward the fund for payment of Class 3 Claims: Months 1 – 60: $2,500.00 per month; This Class will receive a distribution of 18.98% of their allowed claims. The LLC Members of the Debtor will retain all equity interests in the Debtor and shall be providing new value needed at the time of confirmation and for Plan funding. Any potential monies owed by the Debtor to this class shall be affirmatively waived. The Debtor, AIL, will fund the payments to Classes 1 through 3 by income from normal business operations of the Debtor and with nonrecourse capital contributions from the LLC Members, Angel Alicea and Wanda Alicea, as they are personal guarantors of all of the Debtor's liabilities. The Debtor, AIL, will fund the payments to all administrative and priority claims, by (1) normal business operations of the Debtor; and (2) Angel Alicea and Wanda Alicea, Individually, to also make a nonrecourse capital contribution towards administrative expenses and Plan funding on a regular basis (when necessary) upon confirmation of the Plan. A full-text copy of the Plan of Reorganization dated June 16, 2025 is available at https://urlcurt.com/u?l=2Pq7jo from PacerMonitor.com at no charge. Counsel to the Debtor: Steven D. Pertuz, Esq. THE LAW OFFICES OF STEVEN D. PERTUZ, LLC 111 Northfield Avenue, Suite 304 West Orange, NJ 07052 (973) 669-8600 About Adventures In Learning Daycare Adventures In Learning Daycare Bayonne, LLC is a New Jersey Limited Liability Company with its last known premises located at 1 Flagship Street, Bayonne, NJ 07002. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-12790) on March 18, 2025, listing up to $50,000 in assets and between $100,000 and $500,000 in liabilities. Judge Vincent F. Papalia presides over the case. Steven D. Pertuz, Esq. at the Law Offices of Steven D. Pertuz, LLC, is the Debtor's bankruptcy counsel. AFM MATTRESS: Seeks Chapter 11 Bankruptcy in Delaware ----------------------------------------------------- On July 6, 2025, AFM Mattress Company LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 100 and 199 creditors. The petition states funds will be available to unsecured creditors. About AFM Mattress Company LLC AFM Mattress Company LLC, doing business as American Mattress, a retail mattress company based in Elk Grove Village, Illinois. AFM Mattress Company LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11288) on July 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtors are represented by Maria Aprile Sawczuk, Esq. at Goldstein & Mcclintock LLLP. ALACHUA GOVERNMENT: Seeks Chapter 11 Bankruptcy in Delaware ----------------------------------------------------------- rkc.llc reports that Alachua Government Services, Inc. has sought Chapter 11 bankruptcy protection in the District of Delaware, disclosing assets between $50 million and $100 million and liabilities ranging from $100 million to $500 million. Its largest creditor is the U.S. International Development Finance Corporation, which holds a $246 million contingent loan guarantee claim. Other key creditors include the Defense Contract Management Agency with a disputed $11.9 million audit claim, along with suppliers such as Sigma-Aldrich ($1.3 million) and Advanced Bioscience Laboratories ($604,000), according to rkc.llc. While the filing does not outline the exact reasons for the bankruptcy, the significant exposure to government-related debt and the contested audit claim point to possible issues involving federal contracts or funding. The case involves an estimated 1,000 to 5,000 creditors, the report states. About Alachua Government Services Inc. Alachua Government Services Inc., is a pharmaceutical and medicine manufacturing company formerly known as Ology Bioservices. The company, based in Alachua, Florida, operates in the pharmaceutical manufacturing sector. Alachua Government Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11289) on July 6, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. The Debtor is represented by Michael J. Merchant, Esq. at Layton & Finger, P.A. ALL SEASON: Unsecured Creditors to be Paid in Full in Plan ---------------------------------------------------------- All Season Adventures, Inc., filed with the U.S. Bankruptcy Court for the District of Colorado a Small Business Plan of Reorganization under Subchapter V dated June 17, 2025. All Season is a Colorado corporation that operates snowmobile tours in the winter and ATV tours in the summer. The Debtor has licenses to operate those tours in certain national forests, mainly in Saguache County, Colorado. High Country Bank is the Debtor's largest creditor. Prior to the Petition Date, High Country obtained the appointment of a state court receiver over the Debtor's assets. In order to stay in control of its operations, the Debtor filed this bankruptcy case. The Debtor's plan is to continue its operations and to fund its plan via its projected net disposable income. The plan will provide for payment of all of its creditors via an infusion of new value from the Debtor's owner, Steven Criswell, and through the sale of Mr. Criswell's real estate. Class 8 consists of those unsecured creditors of Debtor who hold Allowed Claims that were either scheduled by Debtor as undisputed, or subject to timely proofs of claim to which Debtor does not successfully object. Under this proposed plan, there are two general unsecured creditors: Midland Credit Management who holds a general unsecured claim in the sum of $20,393.07 and the IRS who holds a general unsecured claim in the sum of $133.58. Both unsecured claims shall be paid in full at the closing of the sale of Mr. Criswell's real property, prior to any funds being disbursed to Mr. Criswell individually. Class 9 includes the Interests in the estate held by Mr. Criswell, the sole shareholder of the Debtor. Class 9 is not impaired by this Plan. On the Effective Date of the Plan, Class 9 shall retain its Interests in Debtor which they owned prior to the Confirmation Date, subject to the terms of the Plan. The Debtor's assets are primarily its fleet of vehicles, snowmobiles and ATVs, which the Debtor values at roughly $360,000.00. In addition to those assets, the Debtor has miscellaneous other items, such as clothing and other accessories for its customers use, and the Debtor had two bank accounts on the Petition Date. Post-petition, those funds were moved into the Debtor's Debtor-in-Possession account. Mr. Criswell's real property contains sufficient equity to satisfy all of the unsecured claims in this case, in full, at closing of the sale of his real property. As noted, the projections show that the Debtor has sufficient cash flow to implement the plan as drafted. A full-text copy of the Plan of Reorganization dated June 17, 2025 is available at https://urlcurt.com/u?l=CDDGcA from PacerMonitor.com at no charge. Counsel to the Debtor: Jonathan M. Dickey, Esq. Kutner Brinen Dickey Riley, PC 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Tel: (303) 832-2400 Email: klr@kutnerlaw.com About All Season Adventures All Season Adventures, Inc., is a Colorado corporation with its principal place of business located in Saguache County, Colorado. The Debtor has licenses to operate tours in certain national forest lands. In the winter, the Debtor operates snowmobile tours and in the summer the Debtor operates ATV tours. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D, Colo. Case No. 25-11437-MER) on March 19, 2025. In the petition signed by Steven Criswell, president, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Michael E. Romero oversees the case. Jonathan M. Dickey, Esq., at Kutner Brinen Dickey Riley P.C, represents the Debtor as legal counsel. High Country Bank, as secured creditor, is represented by: Lisa K. Shimel, Esq. Otteson Shapiro, LLP 7979 E. Tufts Avenue, Suite 1600 Denver, CO 80237 Telephone: (720) 488-0220 Facsimile: (720) 488-7711 lshimel@os.law ALLEGHENY COLLEGE: Moody's Cuts Issuer & Rev. Bond Ratings to Ba1 ----------------------------------------------------------------- Moody's Ratings has downgraded Allegheny College's (PA) issuer and revenue bond ratings to Ba1 from Baa3. The outlook is revised to stable from negative. At June 30, 2024 the college had $48.8 million of debt outstanding. The downgrade of Allegheny College's issuer rating to Ba1 is driven by persistent operating deficits. Social and governance risks are key drivers of the rating action under Moody's ESG framework, including demographic challenges that are contributing to ongoing enrollment declines and elevated endowment draws that further strain credit quality. RATINGS RATIONALE The Ba1 issuer rating reflects the college's difficult student market, incorporating a highly competitive landscape and unfavorable demographics. Financial operations remain deeply unbalanced, and strained student demand poses further challenges with suppressed pricing power. Although unrestricted liquidity remains adequate, deficit operations and ongoing supplemental endowment draws will place pressure on liquidity over time. A high age of plant and limited ability to make significant capital investments funded from operating cash flow could further erode the college's competitiveness. While first-year enrollment in Fall 2025 is expected to rise, total FTE will decline, making sustainable operating improvements difficult without increased net student charges, especially given the college's limited economies of scale and high educational costs. The rating also acknowledges the college's sizeable total wealth of nearly $293 million, of which $161 million is considered spendable. Strong donor support and manageable leverage also support credit quality. The Ba1 revenue bond ratings incorporate the issuer rating and general obligation characteristics of the bonds. RATING OUTLOOK The stable outlook reflects the college's financial cushion and donor support, providing management with some time to make budgetary adjustments. Failure to improve operating performance and meet fall 2025 enrollment targets could lead to credit pressure. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Strengthened student demand, reflected in an ability to reach targeted enrollment levels and grow net tuition revenue on a sustained basis -- Sustained EBIDA margins at 10% or above -- Significant and sustained improvement in debt service coverage FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Inability to meet Fall 2025 enrollment targets -- Erosion in liquidity leading to a move below 200 days cash on hand -- Inability to stabilize margins and return to EBIDA margins in the high single digits by fiscal 2027 PROFILE Allegheny College, founded in 1815, is one of the nation's oldest private liberal arts colleges and is located in western Pennsylvania. The college has several unique programmatic characteristics, including a senior project and a requirement for students to declare a minor from a different division of knowledge than their intended major. METHODOLOGY The principal methodology used in these ratings was Higher Education published in July 2024. ALTAR PDX: Seeks to Hire Elevate Law Group as Bankruptcy Counsel ---------------------------------------------------------------- Altar PDX LLC seeks approval from the U.S. Bankruptcy Court for the District of Oregon to hire Elevate Law Group as its general bankruptcy counsel. The firm's services include: (i) consulting with it concerning the administration of the case; (ii) advising it with regard to its rights, powers and duties as a debtor in possession; (iii) investigating and, if appropriate, prosecuting on behalf of the estate claims and causes of action belonging to the estate; (iv) advising it concerning alternatives for restructuring its debts and financial affairs pursuant to a plan or, if appropriate, liquidating its assets; and (v) preparing the bankruptcy schedules, statements and lists required to be filed by the Debtor under the Bankruptcy Code and applicable procedural rules. The firm will be paid at these rates: Nicholas J. Henderson, Partner $540 per hour Alex C. Trauman, Partner $540 per hour Troy G. Sexton, Partner $465 per hour Jeremy Tolchin, Associate $450 per hour Sean Glinka, Associate $450 per hour Ryan Ripp, Associate $310 per hour Noah Maurer, Associate $310 per hour Leona Yazdidoust, Associate $290 per hour Paralegals, Paralegal $210 per hour Legal Assistant $195 per hour The firm will be paid a retainer in the amount of $7,500. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Nicholas Henderson, a partner at Elevate Law Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Troy G. Sexton, Esq. Elevate Law Group 6000 Meadows Road, Suite 450 Lake Oswego, OR 97035 Tel: (503) 417-0508 E-mail: nick@elevatelawpdx.com About Altar PDX LLC Altar PDX LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Ore. Case No. 25-32203) on June 27, 2025, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Peter C Mckittrick presides over the case. Nicholas J. Henderson, Esq. at Elevate Law Group represents the Debtor as counsel. AMERICAN IMPACT: Unsecureds Will Get 5% of Claims over 60 Months ---------------------------------------------------------------- American Impact Windows & Doors LLC filed with the U.S. Bankruptcy Court for the Southern District of Florida a Plan of Reorganization dated June 17, 2025. The Debtor is engaged in the business of manufacturing, distributing, selling and installing impact windows and doors for residential and commercial use in South Florida. This Chapter 11 filing was not only precipitated by an imminent eviction from the Debtor's principal and only place of operation, but also from a large number of defaults of sales contracts caused by the slowdown in business and cashflow crunch, all of which resulted in the Debtor defaulting on its obligations to its secured lenders. By this Plan, the Debtor will be restructuring these obligations, such that the Debtor can remain viable as a going concern. Creditors will receive equal monthly payments from the Debtor's cash flow from operations over a period of 60 months. This Plan provides for 2 classes of administrative claims, 5 classes of secured claims, 2 class of priority claims, 1 class of general unsecured claims, and 1 class of equity security holders. General unsecured creditors holding allowed claims will receive distributions of five percent. This Plan also provides for the payment of administrative and priority claims. Class 10 consists of all allowed general unsecured claims. The allowed unsecured claims total $3,967,447.21. The Class 10 Creditors shall share pro rata in a total distribution in the amount of $198,372.36. Any Class 10 allowed general unsecured claimant scheduled to receive a total distribution of $500.00 or less shall be paid in a lump sum on the First Payment Date. The Debtor estimates that the lump sum payment(s) will total $3,271.67. Any Class 10 allowed general unsecured claimants scheduled to receive a total distribution of more than $500.00 shall collectively receive payment over 5 years (60 months), in 60 monthly payments totaling $3,256.32 per payment, with the first payment due on the First Payment Date and continuing on the first day of every month thereafter until fully paid. Unsecured creditors will be receiving a distribution of 5% of their allowed claim(s), which is an amount in excess of what claimants would receive in a hypothetical Chapter 7 proceeding, in which case such claimants would receive 0.00%. Class 11 consists of all allowed equity interests in the Debtor, which includes interest in any membership interests, classes of membership interest or other instruments evidencing an ownership interest in the Debtor. All Equity Security Holders of the Debtor will retain the same interest(s) in the Debtor as such interest(s) existed prior to the Petition Date, with Mr. Emil Rosado retaining his 100% membership interest in the Debtor. The means necessary for the implementation of this Plan include the Debtor's cash flow from operations for a period of 5 years and Exit Financing. The Debtor's financial projections show that the Debtor will have sufficient cash over the life of the Plan to make the required Plan payments and operate its business. As can be seen, The Debtor or the Reorganized Debtor, as applicable, will use the (i) Available Cash on the Effective Date, (ii) the net cash flow generated on and after the Effective Date and (iii) the proceeds from the Exit Financing (as applicable) to operate its business and make all distributions required to be made by the Debtors or the Reorganized Debtors, as applicable, on and after the Effective Date in accordance with the Plans. A full-text copy of the Plan of Reorganization dated June 17, 2025 is available at https://urlcurt.com/u?l=YpCq4I from PacerMonitor.com at no charge. About American Impact Windows & Doors American Impact Windows & Doors LLC installs and replaces impact-resistant windows and doors for residential and commercial clients. The Company's products are built to withstand severe weather, including hurricanes, making them perfect for the region's tough climate. The Company offers easy installations, a variety of window and door options, and financing plans. It also provides custom solutions like glass rails and storefront doors, along with permit expediting services. American Impact Windows & Doors LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-12943) on March 19, 2025. In its petition, the Debtor reported estimated asserts up to $50,000 and estimated liabilities between $1 million and $10 million. Judge Laurel M. Isicoff handles the case. The Debtor is represented by: Carlos E. Sardi, Esq Tel: 305-697-8690 Email: carlos@sardilaw.com ANGELA'S BRIDALS: Unsecured Creditors to Split $82.7K in Plan ------------------------------------------------------------- Angela's Bridals, Inc., submitted an Amended Small Business Subchapter V Plan of Reorganization dated June 17, 2025. The Debtor's goal in this reorganization is to maintain ongoing operations in order to satisfy the secured portion of its debt with Pursuit Lending and the Small Business administration and provide a reasonable dividend to its general unsecured creditors. The Plan shall be funded from ongoing revenues derived by the Debtor's ongoing business operations. The final Plan payment is expected to be paid 60-months from date of Confirmation. Non-priority unsecured creditors holding allowed claims will receive distributions of no less than 1%. Class 3 consists of All General Unsecured Creditors. If allowed, shall receive their pro rata share of $82,703.71. This number represents the Debtor's projected net income after accounting for ongoing expenses, and necessary payments to the SBA, Priority amounts to Taxing Authorities, and Administrative Expenses. Disputed Claims that have failed to file a claim will receive no distribution. This Class is impaired. Class 4 Equity Shareholders shall make additional contributions, as necessary, to further fund the Debtor's operations. Class 4 Equity Shareholders may hold pre-petition general unsecured claims against the Debtor. If so, they shall share in the distribution as articulated under Class 3 Creditors in the Plan. The Plan will be implemented by the Debtor remitting payment to creditors as provided for herein from the Debtor's cash flow as well as ongoing capital contributions (as necessary) from the Debtor's membership. A full-text copy of the Amended Plan dated June 17, 2025 is available at https://urlcurt.com/u?l=N7ZGku from PacerMonitor.com at no charge. Counsel to the Debtor: Michael L. Boyle, Esq. Boyle Legal, LLC 64 2nd Street Troy NY 12180 Telephone: (518) 407-3121 Email: mike@boylebankruptcy.com About Angela's Bridals Inc. Angela's Bridals, Inc., operates a brick-and-mortar bridal shop that sells dresses and other accessories. Angela's Bridals filed a Chapter 11 petition (Bankr. N.D.N.Y. Case No. 25-10119) on Feb. 4, 2025, listing between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Janet M. Cooper, president of Angela's Bridals, signed the petition. Michael Boyle, Esq., at Boyle Legal LLC, is the Debtor's legal counsel. ANKER PLAY: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------ On July 3, 2025, Anker Play Products 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 $100 million and $500 million in debt owed to 1,000 and 5,000 creditors. The petition states funds will be available to unsecured creditors. About Anker Play Products LLC Anker Play Products LLC is a manufacturer of miscellaneous play products and toys based in Berwick, PA. The Anker Play Products LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90166) on July 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. The Debtors are represented by Caroline A. Reckler, Esq. at Latham & Watkins LLP. ART FOR CAUSE: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------------ On July 3, 2025, Art For Cause Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York According to court filing, the Debtor reports $755,805 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Art For Cause Inc. Art For Cause Inc. owns a property at 83 Foxwood Drive in Jericho, New York, valued at approximately $1.03 million. Art For Cause Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43201) on July 3, 2025. In its petition, the Debtor reports total assets of $1,049,200 and total liabilities of $755,805. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtors are represented by Alla Kachan, Esq. at LAW OFFICES OF ALLA KACHAN, P.C. ART OLDCO: Claims to be Paid from Asset Sale Proceeds ----------------------------------------------------- ART Oldco, Inc. filed with the U.S. Bankruptcy Court for the Southern District of Florida an Amended Plan of Liquidation dated June 17, 2025. ART Oldco, Inc. f/k/a Atlantic Radio Telephone, Inc. was a Florida corporation and operated continuously since 1976. The Debtor’s sole shareholder is its founder, Conrad J. Webber, Sr. The Debtor's day-to-day operations were managed by Conrad J. ("CJ") Webber, Jr. CJ Webber had been employed by the Debtor since 1993 and managed the day-to-day operations for approximately eight years leading to the Filing Date. The Debtor provided navigation and communication solutions to the marine community and maintained a factory certified technical service and installation team with decades of experience. The Debtor employed thirty-five people consisting of customer service, finance, installation, marketing, operations, purchasing, sales, and warehouse personnel. The Debtor operated from leased premises located at 2495 NW 35th Avenue, Miami, Florida 33142. In accordance with the Sale Motion, the Debtor requested, among other relief, approval of the stalking horse bid received from Network Innovations US, Inc. ("NI US") for substantially all of the Debtor's assets. In accordance with the Sale Order, the Court authorized the sale (the "Sale") of substantially all of the Debtor's assets to Network Innovations FL Inc. ("NI FL"), the designee of NI US. The Sale to NI FL closed effective June 30, 2024. Following the closing of the Sale, the Debtor requested and received authorization to disburse Sale proceeds to Popular Bank and the SBA. Thus, the Credit Line and EIDL Loan were fully satisfied. The Debtor requested and received authorization to sell certain obsolete inventory, which resulted in the receipt of funds in the amount of $28,250.00. The Debtor pursued a refund from a vendor which was ultimately received on March 21, 2025 in the amount of approximately $133,000.00. Finally, in light of the Sale to NI FL, the Debtor requested and received authorization to change its name to ART Oldco, Inc., as well as to change the name in the Case caption. Class 3 consists of the Allowed Unsecured Claims against the Debtor. Each holder of an Allowed Class 3 Claim shall be entitled to receive an initial Distribution and paid its Pro Rata share of Net Liquidating Trust Assets on the later of (i) forty-five days after the Effective Date, or (ii) the date on which any such Claim becomes an Allowed Class 3 Claim by Final Order. Thereafter, each holder of an Allowed Class 3 Claim shall be entitled to receive its Pro Rata share of any subsequent Distributions of any other Net Liquidating Trust Assets and any unused portion of the Reserve received by the Liquidating Trustee following the Effective Date of the Plan. The Class 3 Claims are Impaired. Class 4 consists of Allowed Equity Interests in the Debtor. The holders of Allowed Class 4 Interests shall retain their Interests in the Debtor. Each holder of an Allowed Class 4 Interest shall receive such holder's Pro Rata share of Net Liquidating Trust Assets following satisfaction in full of Allowed Administrative Claims, Allowed Class 1 Claims, Allowed Class 2 Claims, and Allowed Class 3 Claims. It is not anticipated that holders of Allowed Class 4 Interests shall receive any Distributions under the Plan. Distributions under the Plan shall be made from (a) the Cash held in trust by Debtor's counsel, as of the Effective Date of the Plan, and Net Proceeds of Actions; and (b) Net Liquidating Trust Assets available for Distributions in accordance with the Plan. A full-text copy of the Amended Liquidating Plan dated June 17, 2025 is available at https://urlcurt.com/u?l=zBqGAk from PacerMonitor.com at no charge. Counsel to the Debtor: Michael D. Seese, Esq. SEESE, P.A. 101 N.E. 3rd Avenue Suite 1500 Ft. Lauderdale, FL 33301 Telephone: 954-745-5897 About ART Oldco, Inc. ART Oldco, Inc., filed its voluntary petition for relief under Chapter of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-15483) on July 13, 2024, listing $1,000,001 to $10 million in both assets and liabilities. Judge Laurel M. Isicoff presides over the case. Michael D. Seese, Esq., represents the Debtor as counsel. ASH GROVE: Gets Final OK to Use Cash Collateral Until Sept. 26 -------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Minnesota approved a stipulation authorizing Ash Grove Dairy, LLP to use the cash collateral of Dacotah Bank, a secured creditor, on a final basis. The stipulation allows the Debtor to use the cash collateral of its secured creditor until September 26 to fund business operations in line with its budget. As protection to Dacotah Bank, the Debtor agrees to keep its property insured and fulfill all reporting requirements. The order expires on the earlier of September 26 or upon occurrence of the following: (i) entry of a further cash collateral court order; (ii) appointment of a Chapter 11 trustee; dismissal or conversion of the Debtor's Chapter 11 case to one under Chapter 7; lifting of the automatic stay as to Dacotah Bank's collateral; and confirmation of a Chapter 11 plan of reorganization. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/fuTaR from PacerMonitor.com. Dacotah Bank is represented by: Michael S. Dove, Esq. Gislason & Hunter, LLP 2700 South Broadway P.O. Box 458 New Ulm, MN 56073-0458 Phone: 507-354-3111 Fax: 507-354-8447 mdove@gislason.com About Ash Grove Dairy LLP Ash Grove Dairy, LLP operates a commercial Holstein dairy farm in Lake Benton, Minnesota. It manages approximately 2,000 milking cows on a 55-acre property, focusing on milk production and the breeding of high-quality Registered Holsteins. It also operates a renewable natural gas facility that converts manure into pipeline-grade fuel. Ash Grove Dairy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-31794) on June 2, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Judge Katherine A. Constantine handles the case. The Debtor is represented by David C. McLaughlin, Esq., at Fluegel, Anderson, McLaughlin and Brutlag. AT HOME GROUP: Taps Young Conaway Stargatt & Taylor as Co-Counsel ----------------------------------------------------------------- At Home Group Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Young Conaway Stargatt & Taylor, LLP as co-counsel. The firm will provide these services: (a) provide legal advice and services regarding the Local Rules, practices, and procedures and providing substantive and strategic advice on how to accomplish the Debtors' goals in connection with the prosecution of the Chapter 11 cases, bearing in mind that the court relies on counsel such as Young Conaway to be involved in all aspects of each bankruptcy proceeding; (b) review comment, and/or prepare drafts of documents to be filed with the court as counsel to the Debtors; (c) appear in court and at any meeting with the U.S. Trustee and any meeting of creditors at any given time on behalf of the Debtors as their counsel; (d) advise the Debtors on corporate, bankruptcy, litigation, and other matters; (e) perform various services in connection with the administration of the Chapter 11 cases; and (f) perform all other services assigned by the Debtors to Young Conaway as their counsel. The firm's counsel and staff will be paid at these hourly rates: Robert S. Brady, Partner $1,500 Edwin J. Harron, Partner $1,425 Joseph M. Mulvihill, Partner $860 Timothy Powell, Associate $680 Andrew M. Lee, Associate $545 Debbie Laskin, Paralegal $395 In addition, the firm will seek reimbursement for expenses incurred. Young Conaway received an initial retainer of $150,000. Consistent with the U.S. Trustee's Appendix B—Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed Under 11 U.S.C. Sec. 330 by Attorneys in Larger Chapter 11 Cases, which became effective on November 1, 2013, Young Conaway state as follows: a. Young Conaway has not agreed to a variation of its standard or customary billing arrangements for this engagement; b. None of the Firm's professionals included in this engagement have varied their rate based on the geographic location of these chapter 11 cases; c. Young Conaway was retained by the Debtors for restructuring work and to represent the Special Committee pursuant to an engagement agreement dated May 12, 2025. The billing rates and material terms of the prepetition engagement are the same as the rates and terms described in this Application; and d. The Debtors have approved or will be approving a prospective budget and staffing plan for Young Conaway's engagement for the post-petition period as appropriate. In accordance with the U.S. Trustee Guidelines, the budget may be amended as necessary to reflect changed or unanticipated developments. Mr. Mulvihill disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joseph M. Mulvihill, Esq. Young Conaway Stargatt & Taylor LLP Rodney Square 100 North King Street Wilmington, DE 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1253 Email: jmulvihill@ycst.com About At Home Group Inc. At Home Group Inc. is a home decor and furnishings retailer offering a wide range of everyday and seasonal products for all areas of the home. The Company operates 260 large-format stores across 40 U.S. states and an e-commerce platform. Headquartered in Coppell, Texas, At Home was founded in 1979 and employs 7,170 people. On June 16, 2025, At Home announced it entered a Restructuring Support Agreement (RSA) with certain of its lenders, which will eliminate substantially all of its long-term debt and provide the Company with new financial resources to support the business and position At Home for future success. To implement the terms of the RSA, At Home and 41 of its subsidiaries have commenced voluntary Chapter 11 proceedings in Delaware (Bankr. D. Del. Lead Case No. 25-11120). The proceedings are pending before Judge J. Kate Stickles. In connection with this process, At Home is entering into an agreement for $600 million in debtor-in-possession financing, which includes a $200 million capital infusion from certain of its existing lenders and a "roll up" of $400 million of existing senior secured debt. The Debtors tapped Kirkland & Ellis LLP as restructuring counsel; Young Conaway Stargatt & Taylor, LLP, as Delaware restructuring counsel; AlixPartners LLP as financial advisor; and PJT Partners, Inc., as investment banker. Omni Agent Solutions, Inc., is the claims agent. ATHENS ANNAPOLIS: Case Summary & Two Unsecured Creditors -------------------------------------------------------- Debtor: Athens Annapolis Property Owner LLC 10411 Motor City Dr #350 Bethesda, MD 20817 Business Description: Athens Annapolis Property Owner LLC holds a single real estate asset consisting of 48 residential lots and Parcels A through D under the Final Plat for a subdivision along Aris Allen Boulevard in Maryland, with an estimated value of $9 million. Chapter 11 Petition Date: July 1, 2025 Court: United States Bankruptcy Court District of Maryland Case No.: 25-16011 Debtor's Counsel: Michael P. Coyle, Esq. THE COYLE LAW GROUP 7061 Deepage Drive Columbia, MD 21045 Tel: (443) 545-1215 Email: mcoyle@thecoylelawgroup.com Total Assets: $9,000,000 Estimated Liabilities: $8,664,885 The petition was signed by Obakoleola O. Epega as manager. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PLM4CUA/Athens_Annapolis_Property_Owner__mdbke-25-16011__0001.0.pdf?mcid=tGE4TAMA ATIF HOLDINGS: Ongoing Losses, Cash Use Raise Going Concern Doubt ----------------------------------------------------------------- ATIF Holdings Ltd. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended April 30, 2025, that there is substantial doubt about its ability to continue as a going concern. For the nine months ended April 30, 2025 and 2024, the Company reported a net loss of approximately $3.9 million and $1.8 million, respectively, and operating cash outflows approximately $2.1 million and approximately $0.08 million. In assessing the Company's ability to continue as a going concern, the Company monitors and analyzes its cash and its ability to generate sufficient cash flow in the future to support its operating and capital expenditure commitments. Because of a history of net losses from operations, cash out from operating activities, and the requirement of additional capital to fund the Company's current operating plan at April 30, 2025, these factors indicate the existence of an uncertainty that raises substantial doubt about the Company's ability to continue as a going concern. In January 2025, the Company issued and sold 3,820,000 ordinary shares to certain non-affiliated institutional investors at a price of US$1.25 per share for gross proceeds of US$4.8 million. The Company recorded net proceeds of approximately $4.8 million. In February 2025, the Company issued and sold 1,580,000 ordinary shares at a price of US$1 per share, and pre-funded warrants to purchase up to 887,553 Ordinary Shares, and in a concurrent private placement, restricted warrants to purchase an aggregate of up to 2,467,553 Ordinary Shares to certain non-affiliated institutional investors for gross proceeds of US$2.5 million. The Company recorded net proceeds of approximately $2.1 million. As of April 30, 2025, the Company had cash of approximately $6.7 million, short-term investments in trading securities of approximately $1.1 million and due from a related party of $0.6 million, which were highly liquid. On the other hand, the Company had current liabilities of approximately $0.3 million. The Company's cash and short-term investments in trading securities could well cover the current liabilities. The Company's ability to continue as a going concern is dependent on management's ability to successfully execute its business plan, which includes increasing revenue while controlling operating cost and expenses to generate positive operating cash flows and obtain financing from outside sources. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/4kernuwt About ATIF Holdings ATIF Holdings Limited, formerly known as Eternal Fairy International Limited and Asia Times Holdings Limited, was incorporated under the laws of the British Virgin Islands on January 5, 2015, as a holding company to develop business opportunities in the People's Republic of China. The Company adopted its current name on March 7, 2019. The Company is primarily engaged in providing business advisory and financial consulting services to small and medium-sized enterprise customers. As of April 30, 2025, the Company had $8.7 million in total assets, $278,073 in total liabilities, and total shareholders' equity of $8.4 million. BALLY'S CORP: Fitch Puts 'CCC' Rating on Watch Negative ------------------------------------------------------- Fitch Ratings has placed Bally's Corporation and its debt on Rating Watch Negative (RWN). The RWN reflects elevated EBITDAR leverage from the pending combination of its international interactive business with Intralot (CCC+; Rating Watch Positive) and execution risk regarding the Twin River sale-leaseback transaction. Proceeds are expected to be used to repay a large portion of its senior secured 2028 term loan and increase financial flexibility for Bally's Chicago project commitments. However, if leverage remains elevated or Bally's is unable to release the Twin River property from its collateral pool, the rating could be downgraded. Bally's 'B-' Issuer Default Rating (IDR) reflects relatively high leverage, which exceeds Fitch's downgrade sensitivities. Execution risks in the Chicago project and other potential developments, and continued EBITDA pressure in the North American Interactive segment, further weigh on the rating. The resolution of the RWN may occur after six months due to the transactions' complexity. Key Rating Drivers Leveraging Transaction: Bally's is combining its international interactive business with Intralot for cash proceeds of $1.76 billion and an approximate 60% equity stake in the new Intralot entity. The company plans to use the proceeds to prepay a large portion of its term loan B due in 2028. The international interactive business contributed approximately 55% of total EBITDAR in 2024. Despite the expected use of proceeds to repay secured debt, EBITDAR leverage is expected to exceed 10x on a standalone basis. The closing of the transaction may also result in Fitch applying its Parent Subsidiary Linkage criteria to the entity impacting its calculated EBITDAR leverage. Chicago Casino Development: Bally's should have sufficient funding to complete the project through sale-leasebacks of the Chicago permanent casino and its Twin River property. Fitch estimates lease expense will approach $100 million annually when fully funded. The property's scale, location in the city, and strong demographics should result in win-per-unit metrics that are in line with or stronger than comparable Chicago properties. Challenges include a saturated Chicago gaming market, the higher-than-average gaming tax rate, and the typical ramp-up of a new casino development. Shrinking Liquidity: Bally's currently has adequate liquidity, with $135 million outstanding on its $620 million revolver as of March 31, 2025, and no material maturities until 2028. The company is obligated to contribute up to $450 million of additional funding to complete the Chicago project. Fitch expects the revolver to likely be used for funding, absent any potential asset sales. The revolver matures in October 2026, introducing elevated refinancing risks. Twin River Potential Sale, Leaseback: Bally's has an agreement to sell and lease back the Twin River Casino to Gaming & Lodging Leisure Properties, Inc. (GLPI) by Sept. 30, 2026. Bally's needs consent from its bank lenders or must refinance the credit facility to remove a covenant restricting the property sale. Starting Oct. 1, 2026, GLPI can purchase the property even if Bally's has not obtained consents or refinanced. The agreed sale price is $735 million, and GLPI will receive an annual rent payment of approximately $58.8 million with escalators. While the sale proceeds could ease Bally's Chicago contribution burden, the covenant resolution remains uncertain. Strong Diversification: Bally's currently operates 19 properties in 11 states, one casino in the UK, a golf course in NY and a racetrack in Colorado. The company's M&A strategy focuses primarily on acquiring underperforming properties at discounted valuations. While its properties are typically not market leaders, ongoing growth capex will support their competitiveness. In addition to the regional properties, Bally's has a strong presence in its International Interactive segment, which has maintained a relatively stable market share in its U.K. operations. The company's customer base is conservative, and Fitch believes Bally's is not exposed to extreme volatility in its operations. Lagging Domestic Interactive Business: The momentum in U.S. sports betting and online gaming has led to multiple land-based and digital operators entering the market, including Bally's. Although the U.S. interactive business benefits the company's product diversification, Fitch does not expect it to be a material credit driver in the near to medium term. Bally's is currently generating negative EBITDA in the segment, and Fitch remains uncertain as to how long it will take to achieve profitability given the number and intensity of its competitors. Peer Analysis The 'B-' rating reflects Bally's diversified U.S. regional gaming footprint and international digital presence, as well as its high EBITDAR leverage. Bally's aggressive development program offers further growth opportunities but also poses execution and financing risks. MGM Resorts International (MGM; BB-/Stable) has higher-quality properties, broader diversification with a strong presence on the Las Vegas Strip, strong liquidity, and a greater normalized FCF profile. Both companies lease most of their gaming properties. Wynn Resorts, Limited (BB-/Stable) is less diversified but holds a strong market position in two of the largest gaming markets in the world, Macau and Las Vegas, and maintains strong liquidity to fund future development projects. DraftKings Inc. (BB+/Stable) has one of the leading market shares in the U.S. online sports betting segment and a very conservative capital structure. Bally's Gamesys segment in the U.K. enjoys strong profitability and stability, but the U.S. iGaming business continues to generate negative EBITDA. Key Assumptions Assumptions do not reflect the Intralot transaction - Same-store land-based revenue increases by 11% in 2025 and 6% in 2026 from the addition of the Casino Queen properties, with flat to 2% growth at regional properties. The Chicago property is fully reflected in 2027 and 2028 results; - International Interactive is expected to decline by 4% in 2025 from the sale of certain assets and stabilize at 1% growth thereafter; - Total company EBITDAR margins at 25% to 26%; - The Twin River casino is assumed to be sold in 2025 through a sale-leaseback arrangement for $735 million; - The permanent casino is expected to open in late 2026. Fitch expects a slow ramp up at the property, which may take several years to reach an adequate return on investment; - Bally's U.S. interactive business will remain EBITDA-negative in 2025, but forecasts a neutral EBITDA result in 2026; - Base interest rates applicable to the company's outstanding variable-rate debt obligations reflect the current SOFR forward curve; - Maintenance and non-development capex of $80 million per year, plus spending on the Chicago permanent casino of $250 million in 2025 and $200 million in 2026. Recovery Analysis The recovery analysis assumes that Bally's would be considered a going concern in bankruptcy, and the company would be reorganized rather than liquidated. Fitch has assumed a 10% administrative claim and a full draw on its $620 million revolver. The recovery ratings contemplate roughly $3.0 billion of secured debt claims and approximately $1.485 billion of unsecured debt claims. Fitch uses an aggregate going-concern EBITDA of about $430 million The enterprise value (EV) multiple of 5.75x, which includes land-based gaming and online gaming, and excludes unrestricted subsidiaries, equates to $2.5 billion of EV. The 5.75x multiple is a discount to traditional gaming assets' M&A and slightly lower than the 6.0x to 7.0x range used for other gaming companies. This reflects the asset-light strategy, material lease costs, the relatively weaker competitive position of some of the company's regional casinos, potential funding requirements of unrestricted subsidiaries, and the weak performance of the U.S. interactive business. As the interactive business grows and becomes a more meaningful part of overall cash flow, it could support a higher EV multiple. Under the waterfall, the first lien secured credit facilities and notes would be rated 'B+' with a Recovery Rating of 'RR2' and the unsecured notes would be rated 'CCC'/'RR6'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to a Resolution of the Rating Watch - Completion of the Intralot sales transaction according to stated terms; - Completion of the Twin River sale-leaseback with proceeds used to fund Chicago commitments and reduce debt; - Further enhancements in liquidity without a material impact on future earnings. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Inability to make progress on the revolver maturity or Twin River sale-leaseback, leading to deteriorating financial flexibility; - EBITDAR leverage sustained above 7.0x; - EBITDAR fixed charge coverage ratio at 1.0x or below. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDAR leverage sustained below 6.0x; - EBITDAR fixed charge coverage ratio above 1.5x; - Resolution on Chicago funding commitments and revolver maturity. Liquidity and Debt Structure As of March 31, 2025, Bally's had $135 million borrowed on its $620 million revolver and $210 million in cash. The revolver matures in October 2026, while the term loan matures in October 2028. The next bond maturity for Bally's involves the senior secured notes maturing in October 2028. The company is expected to generate negative FCF in 2025 and 2026 as it meets its remaining funding requirements for the Chicago permanent facility. Fitch expects funding needs to be met by a combination of revolver borrowings, the sale of the 25% initial public offering (IPO) stake in the Chicago property, and the potential sale-leaseback of the Twin Rivers casino in Rhode Island. Issuer Profile Bally's Corporation is a U.S. regional gaming operator. It owns 19 land-based casinos in 11 states, a UK casino, an iGaming business operating in Europe (primarily the UK) and Asia, and a growing iGaming business in the U.S. and Canada. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Bally's Corporation LT IDR B- Rating Watch On B- senior unsecured LT CCC Rating Watch On RR6 CCC senior secured LT B+ Rating Watch On RR2 B+ BENNY AND MARYS: Mark Sharf Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 17 appointed Mark Sharf, Esq., a practicing attorney in Los Angeles, as Subchapter V trustee for Benny and Marys Irvine, LLC. Mr. Sharf will charge $660 per hour for his services as Subchapter V trustee and $150 per hour for his trustee administrator's services. In addition, the Subchapter V trustee will seek reimbursement for work-related expenses incurred. Mr. Sharf declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark Sharf, Esq. 6080 Center Drive, 6th Floor Los Angeles, CA 90045 Telephone: (323) 612-0202 Email: mark@sharflaw.com About Benny and Marys Irvine Benny and Marys Irvine LLC, doing business as Benny and Marys Better Together, operates a full-service restaurant in Irvine, California. The establishment offers brunch, dinner, and craft cocktails, with a menu inspired by global cuisine and California flavors. Its interior features a whimsical, maximalist design aimed at creating a distinctive dining experience. Benny and Marys Irvine sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-14830) on June 6, 2025. In its petition, the Debtor reports total assets of $1,867,887 and total liabilities of $2,612,582. The Debtors are represented by Christopher A. Minier, Esq., at Golden Goodrich, LLP. BLH TOPCO: Bar Louie Closes Clinton Township Location in Chapter 11 ------------------------------------------------------------------- Susan Selasky of Detroit Free Press reports that The Bar Louie restaurant at the Mall at Partridge Creek in Clinton Township has permanently closed. The location is no longer listed on either Bar Louie's official website or the mall's restaurant directory, according to the report. Attempts to contact the store by phone result in an error message stating the call cannot be completed. With the Clinton Township location shuttered, the only remaining Bar Louie in Michigan is the franchise -- owned Royal Oak spot at 510 S. Main St., which opened in 2019, the report said. The Clinton Township closure took place in June, following earlier shutdowns in March of Bar Louie locations at Laurel Park Place in Livonia and Great Lakes Crossing in Auburn Hills. Those closures were reportedly sudden, with social media posts indicating that employees were given little notice, according to Detroit Free Press. Shortly after the March 2025 closures, Bar Louie filed for Chapter 11 bankruptcy. In a press release, the Addison, Texas-based chain said it was closing underperforming stores to strengthen its financial footing. The restructuring plan covered 31 corporate-owned locations. When the company first filed for bankruptcy in January 2020, it shut down over 30 underperforming pubs, including one in Flint, and listed eight Michigan locations at the time, the report states. 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. BLOCKFI INC: Court Authorizes Disposal of Customer Data, Inventory ------------------------------------------------------------------ The Honorable Michael B. Kaplan of the United States Bankruptcy Court for the District of New Jersey granted the motion of BlockFi Inc., and its debtor affiliates for an order authorizing the abandonment and disposal of all remaining customer data and inventory. In August 2023, the Claims, Noticing, and Solicitation Agent for BlockFi, Kroll, suffered a data breach that compromised various data and information pertaining to BlockFi and BlockFi customers. Following the Kroll Data Breach, BlockFi notified regulators of numerous jurisdictions of the breach. On Oct. 3, 2023, the Court entered its Revised Findings of Fact, Conclusions of Law, and Order (I) Approving the Disclosure Statement Relating to the Third Amended Joint Chapter 11 Plan of BlockFi Inc. and its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code on a Final Basis and (II) Confirming the Third Amended Joint Chapter 11 Plan of BlockFi Inc. and Its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code confirming the Plan, which went effective on Oct. 24, 2023. As this wind-down proceeds, the Wind-Down Debtors continue to maintain personal and financial information on various BlockFi customers and parties that obtained services from BlockFi, as well as financial, employee, human resources, operational, legal, compliance, and intellectual property data and information. On Feb. 20, 2025, the Court entered a preliminary disposal order, thereby authorizing the Wind-Down Debtors to initiate disposal of certain Data Inventory, specifically, certain inactive physical inventory and closure of the WeWork office. By way of this Motion, the Wind-Down Debtors now seek permission to dispose of all remaining data and inventory. Dereje Lakew -- a creditor and party in interest -- opposes this request. According to the Court, retention of the Data Inventory presents a burden to the continuing post-confirmation administration of the bankruptcy estate. Judge Kaplan explains, "The costs associated with continued storage and security of the Data Inventory will further deplete estate assets that would otherwise have been preserved. To date, the Wind-Down Debtors have expended millions of dollars to store, maintain, and protect the customer data. Continued retention of the Data Inventory would necessitate hiring a data custodian and secure storage/security capacities. Likewise, the indefinite retention of personally identifiable information and other sensitive customer data presents unnecessary exposure to potential cybersecurity breaches, which itself burdens the estate, and disposal of the Data Inventory is necessary to mitigate such risk." Moreover, the Court defers to the Wind-Down Debtors' judgment that there is little need for the Data Inventory at this late stage in the case. The Data Inventory is therefore of no significant value to the Wind-Down Debtors and presents a burden to the continuing post-confirmation administration of the estate, the Court concludes. Mr. Lakew raises multiple arguments in support of his Objection, including that: i) allowing the Wind-Down Debtors to dispose of records could significantly prejudice creditors by eliminating critical evidence necessary for investigating potential misconduct, mismanagement, or fraudulent activities that occurred prior to or during the bankruptcy case; ii) the Wind-Down Debtors are obligated to preserve and maintain financial records pursuant to Secs. 521 and 727(a)(3) of the Bankruptcy Code; and iii) 17 CFR Sec. 240.17a-4 mandates that BlockFi retain certain records for six or seven years. Mr. Lakew also submits that the Internal Revenue Service recommends retention of financial records for at least seven years. The Court is not persuaded by any these assertions. The Court adopts the arguments advanced by the Wind-Down Debtors and finds that the requested relief is both appropriate and necessary to limit the risk of possible future data breaches and conclude these chapter 11 cases in an orderly, lawful, and efficient manner. The Wind-Down Debtors' proposed notice and disposal procedures fully protect the interests of customers, regulators, and other parties in interest. Indeed, as noted by the Wind-Down Debtors, certain laws, regulations, Bankruptcy Code provisions, Chapter 11 Plan Provisions, and BlockFi's own Privacy Policy strongly point to disposal of Data Inventory upon case closure. Given the anticipated near-term completion of BlockFi's wind-down, BlockFi will no longer have a clear need to retain any of its Data Inventory. Of equal, if not paramount concern to the Court is the ongoing cybersecurity risks facing the WindDown Debtors' storage and post-confirmation administration as a result of continued retention of the information. Therefore, the Court holds the objection is overruled, and the Debtors' Motion Authorizing the Abandonment and Disposal of all Remaining Data is granted. A copy of the Court's Order dated July 1, 2025, is available at https://urlcurt.com/u?l=blGBrs from PacerMonitor.com. About BlockFi Inc. BlockFi Inc. was founded in 2017 by Zac Prince and Flori Marquez and in its early days had backing from influential Wall Street investors like Mike Novogratz and, later on, Valar Ventures, a Peter Thiel-backed venture fund as well as Winklevoss Capital, among others. BlockFi said it was building a bridge between digital assets and traditional financial and wealth management products to advance the overall digital asset ecosystem for individual and institutional investors. BlockFi made waves in 2019 when it began providing interest-bearing accounts with returns paid in Bitcoin and Ether, with its program attracting millions of dollars in deposits right away. BlockFi grew during the pandemic years and had offices in New York, New Jersey, Singapore, Poland and Argentina. BlockFi worked with FTX US after it took an $80 million hit from the bad debt of crypto hedge fund Three Arrows Capital, which imploded after the TerraUSD stablecoin wipeout in May 2022. BlockFi had significant exposure to the companies founded by former FTX Chief Executive Officer Sam Bankman-Fried. BlockFi received a $400 million credit line from FTX US in an agreement that also gave FTX the option to acquire BlockFi through a bailout orchestrated by Bankman-Fried over the summer. BlockFi also had collateralized loans to Alameda Research, the trading firm co-founded by Bankman-Fried. BlockFi Inc. and eight affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 22-19361) on Nov. 28, 2022. In the petitions signed by their chief executive officer, Zachary Prince, the Debtors reported $1 billion to $10 billion in both assets and liabilities. Judge Michael B. Kaplan oversees the cases. The Debtors tapped Kirkland & Ellis and Haynes and Boone, LLP, as general bankruptcy counsels; Walkers (Bermuda) Limited as special Bermuda counsel; Cole Schotz, P.C., as local counsel; Berkeley Research Group, LLC as financial advisor; Moelis & Company as investment banker; and Street Advisory Group, LLC, as strategic and communications advisor. Kroll Restructuring Administration, LLC, is the notice and claims agent. On Oct. 3, 2023, the Court confirmed BlockFi's Third Amended Joint Chapter 11 Plan. BOWES IN-HOME: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Bowes In-Home Care, Inc. 3506 Carlise Lane Carpentersville, IL 60110 Business Description: Bowes In-Home Care, Inc. is a Medicare- certified home health agency that provides skilled nursing, therapy, and care management services in home settings. Operating with a multidisciplinary approach, the Company offers programs aimed at managing chronic conditions, preventing hospital readmissions, and promoting patient independence. Services include wound care, infusion therapy, physical and occupational therapy, and tele-health, with 24/7 nurse intake and coordination with hospital teams. Chapter 11 Petition Date: July 3, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-10234 Judge: Hon. Janet S Baer Debtor's Counsel: James A.Young, Esq. JAMES YOUNG LAW 85 Market Street Elgin, IL 60123 Tel: 847-608-9526 Fax: 847-841-3672 E-mail: jyoung@jamesyounglaw.com Total Assets: $1,028,214 Total Liabilities: $3,546,860 The petition was signed by Michael Collura as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/R32S5RQ/Bowes_In-Home_Care_Inc__ilnbke-25-10234__0001.0.pdf?mcid=tGE4TAMA BRADFORD MEDIA: Taps Sheila Campbell P.A. as Legal Counsel ---------------------------------------------------------- Bradford Media Group, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas to hire Sheila F. Campbell, P.A. to handle its Chapter 11 proceedings. The firm will charge its standard hourly rate of $250 per hour. The Debtor has paid the filing fee of $1,900. Sheila Campbell, P.A. is a "disinterested person" as the term is defined in the 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Sheila F. Campbell, Esq. Sheila Campbell, P.A. P.O. Box 939 North Little Rock, AR 72115 Phone: (501) 372-5375 Email: campbl@sbcglobal.net About Bradford Media Group, LLC Bradford Media Group, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-11999) on June 13, 2025. Judge Richard D. Taylor presides over the case. Sheila F. Campbell, Esq. at Sheila Campbell, P.A. represents the Debtor as counsel. BROAD STREET: Debt Maturities Raise Going Concern Doubt ------------------------------------------------------- Broad Street Realty, Inc. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended March 31, 2025, that there is substantial doubt about its ability to continue as a going concern. Liquidity, Management's Plan and Going Concern The Company's rental revenue and operating results depend significantly on the occupancy levels at its properties and the ability of its tenants to meet their rent and other obligations to the Company. The Company depends substantially on financing activities to provide it with the liquidity and capital resources needed to meet its working capital requirements and to make capital investments in connection with ongoing operations. The Company projects it will not have sufficient cash flow to cover its obligations over the next 12 months. The Company's financing is generally comprised of mortgage loans secured by the Company's properties that typically mature within three to five years of origination. The Company is currently in contact with lenders and brokers in the marketplace to restructure the Company's debt. Specifically, as of March 31, 2025, the Company had three mortgage loans with a combined principal balance outstanding of approximately $24 million that mature within twelve months of the date that these condensed consolidated financial statements are issued. On May 6, 2025, the Company entered into an agreement to extend the maturity date of one of the three mortgage loans from June 1, 2025 to December 1, 2025, and, on May 20, 2025, the Company entered into an agreement to extend the maturity date of the second mortgage loans from April 30, 2025 to July 29, 2025. Also, in May 2025, the Company reached a verbal agreement with the lender to extend the maturity date of the third mortgage loan from June 1, 2025 to September 1, 2025 with an option to extend it for an additional 90 days, but the Company can provide no assurance that the lender will enter into a definitive agreement to effect this extension. The Company sought only a short-term extension with the current lender as the Company and the Fortress Member are seeking to sell the property that secures the mortgage loan. The Company projects that it will not have sufficient cash available to pay off the mortgage loans upon maturity and, therefore, the Company and the Fortress Member are seeking to sell the properties that secure the mortgage loans. Although the Company has a history of demonstrating its ability to successfully refinance its loans as they come due, there can be no assurances that the Company will be successful in its efforts to refinance the loans on favorable terms or at all. The Company also has the option to sell the properties securing the loans and use the proceeds to satisfy the outstanding loan obligations. If the Company is ultimately unable to repay or refinance these loans or sell the properties prior to maturity, the lender has the right to place the loans in default and ultimately foreclose on the properties securing the loans. Under this circumstance, the Company would not have any further financial obligations to the lenders as the current estimated market values of these properties are in excess of the outstanding loan balances. On May 21, 2024, the Company agreed with CF Flyer PE Investor LLC, an affiliate of Fortress Investment Group LLC, that, after revision of the total yield calculation as of March 31, 2024, the Company did not meet the minimum total yield requirement under the Amended and Restated Limited Liability Company Agreement of Broad Street Eagles JV LLC, by and between the Operating Partnership and the Fortress Member, which would constitute a Trigger Event (as defined in the Eagles Sub-OP Operating Agreement). Effective May 21, 2024, the Fortress Member and the Operating Partnership entered into a temporary waiver agreement to waive the total yield failure and the existence of the Trigger Event until such time as the Fortress Member elected to revoke such waiver, which the Fortress Member was entitled to do at any time in its sole discretion. On April 8, 2025, the Fortress Member rescinded the Temporary Waiver and removed the Operating Partnership as the managing member of the Eagles Sub-OP in accordance with the terms of the Eagles Sub-OP Operating Agreement. As a result of the Rescission and Removal Notice, the Fortress Member automatically became the managing member of the Eagles Sub-OP in accordance with the terms of the Eagles Sub-OP Operating Agreement. The Rescission and Removal Notice also resulted in: (i) the removal of any representatives of the Operating Partnership serving on any board of management of a subsidiary of the Eagles Sub-OP and (ii) the rescission of the rights of any agent or officer of the Eagles Sub-OP designated by the Operating Partnership, as the managing member of the Eagles Sub-OP. All of the Company's properties are owned by subsidiaries of the Eagles Sub-OP. As a result of the Rescission and Removal Notice, the Fortress Member has full control of all cash accounts owned by the Eagles Sub-OP and its subsidiaries, which accounts hold substantially all cash of the Company. Any use of such cash by the Company or the Operating Partnership requires the consent of the Fortress Member, and the Company can provide no assurance that the Fortress Member will provide such consent. On May 20, 2025, the Fortress Member informed the Company's board of directors that it will fund the Company's general and administrative expenses for key personnel, licenses, software and other expenses to be approved by the Fortress Member for the next two months, up to a total of $750,000, after which the Fortress Member will determine the appropriate next steps. The Fortress Member, in its capacity as managing member of Eagles Sub-OP, intends to cause Eagles Sub-OP to sell one or more properties to third-party buyers unaffiliated with the Fortress Member until the Preferred Equity Investment has been redeemed for the Redemption Amount and the entire outstanding principal balance of the Fortress Mezzanine Loan and the Prepayment Premium has been repaid. Further, the Company and the Fortress Member are currently marketing certain of the properties for sale. The Company can provide no assurances as to the timing of the sales of the properties or that the properties will be successfully sold. As of March 31, 2025, the Redemption Amount was $111.9 million and the outstanding principal balance of the Fortress Mezzanine Loan and the Prepayment Premium was $19.1 million. The combined carrying amount of the Preferred Equity Investment and the Fortress Mezzanine Loan was approximately $118.3 million at March 31, 2025. Based on the above, there is substantial doubt about the Company's ability to continue as a going concern for a period of one year after the date that these condensed consolidated financial statements are available to be issued. The Company's ability to continue as a going concern is dependent on the Company's ability to find third-party equity and/or debt financing to pay off the Preferred Equity Investment and the Fortress Mezzanine Loan or the Company's and the Fortress Member's ability to sell properties as described above. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. If the Company cannot obtain third-party equity and/or debt financing or if the Company and the Fortress Member cannot sell properties as described above, the Company will not be able to satisfy its debt and preferred equity obligations. The accompanying condensed financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty. Under the Company's debt agreements, the Company is subject to certain covenants. In the event of a default, the lenders could accelerate the timing of payments under the applicable debt obligations and the Company may be required to repay such debt with capital from other sources, which may not be available on attractive terms, or at all, which would have a material adverse effect on the Company's liquidity, financial condition and results of operations. Other than the event of default under the mezzanine loan agreement for the Fortress Mezzanine Loan, the Company was in compliance with all covenants under its debt agreements as of March 31, 2025. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/5b9ck63p About Broad Street Realty Broad Street Realty, Inc. is focused on owning and managing essential grocery-anchored and mixed-use assets located in densely populated technology employment hubs and higher education centers within the Mid-Atlantic, Southeast and Colorado markets. For the three months ended March 31, 2025 and 2024, the Company recognized a net loss of $5.6 million and a net loss of $1.9 million, respectively. As of March 31, 2025, the Company had $340.3 million in total assets, $264.2 million in total liabilities, $101.6 million in redeemable noncontrolling Fortress preferred interest, and total permanent deficit of $25.5 million. BUILDER'S CHOICE: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: Builder's Choice, Inc. 252 Fallbrook Drive Suite 300 Houston TX 77038 Business Description: Builder's Choice, Inc. provides cabinets, countertops, flooring, and wetwall solutions, offering end-to-end services including design, ordering, handling, and installation. Based in Houston, Texas, the Company serves homebuilders, developers, and contractors, supplying materials to over 6,000 homes annually. Founded in 1999, it operates with a team of more than 50 professionals and emphasizes customer experience through process efficiency and LEAN Six Sigma practices. Chapter 11 Petition Date: July 2, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-33831 Debtor's Counsel: Trent D. Stephens, Esq. FISHERBROYLES, LLP 2925 Richmond Avenue, Suite 1200 Houston, Texas 77098 Tel:(713) 425-3730 Email: Trent.Stephens@fisherbroyles.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Ivan Madrigal as CEO. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KF5L5SA/Builders_Choice_Inc__txsbke-25-33831__0001.0.pdf?mcid=tGE4TAMA BUILT TO LAST: Andrew Kight Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 10 appointed Andrew Kight as Subchapter V trustee for Built to Last Construction, LLC. The Subchapter V trustee can be reached at: Andrew T. Kight 108 E. 9th Street Indianapolis, IN 46202 317-608-1130 trusteekight@jhklegal.com About Built to Last Construction Built to Last Construction, LLC provides services ranging from roofing jobs, bathroom and kitchen remodels, to constructing decks, updating and replacing windows and remodeling basements. Built to Last Construction sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-03452) on June 16, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Bradley Ford, managing member, signed the petition. Judge Andrea K. McCord oversees the case. Morgan A. Decker, Esq., at Rubin and Levin, PC, represents the Debtor as legal counsel. CGA CORP: Gets Interim OK to Use Cash Collateral Until Sept. 26 --------------------------------------------------------------- CGA Corporation got the green light from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral through September 26 to pay the expenses set forth in its budget, subject to approved variances. As protection for any diminution in value of their collateral, lenders will be granted superpriority claims, with priority over all other administrative expenses and claims asserted against the Debtor or its bankruptcy estate; and liens on post-petition assets, with the same priority as their pre-bankruptcy liens. The next hearing is scheduled for September 18. The Debtor attributes its financial distress to three main factors: significant revenue loss during the COVID-19 pandemic, increased labor costs due to California's new minimum wage laws in April 2024, and expenses related to mandatory store remodeling as a Subway franchisee. To cope, the Debtor borrowed $250,000 from the U.S. Small Business Administration, $35,000 from its corporate bank, and $75,000 from merchant cash advance lenders, leading to unsustainable repayment obligations of nearly $15,000 monthly. Because of limited cash flow and lack of new financing options, the Debtor became unable to cover payroll, insurance, and operating expenses without capital infusions from its owner. It now relies on ongoing food sales at its Subway locations, which may be subject to recorded liens. The Debtor argued that court authorization to use this income is critical to continue operations, and that the use of cash collateral will benefit the estate and all stakeholders. About CGA Corporation CGA Corporation sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-15352) on June 25, 2025. In the petition signed by Rosalina Acosta, chief executive officer, the Debtor disclosed up to $100,000 in assets and up to $500,000 in liabilities. Judge Deborah J. Saltzman oversees the case. Thomas B. Ure, Esq., at Ure Law Firm, represents the Debtor as bankruptcy counsel. CHAR GRILL: Gets Extension to Access Cash Collateral ---------------------------------------------------- Char Grill Benson, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to use its secured creditors' cash collateral. The court's sixth order authorized the Debtor's interim use of cash collateral in accordance with its budget, with a 10% variance. The budget shows total operational expenses of $128,035.67 for the period from July 2 to August 1. As protection for the use of their cash collateral, secured creditors including Northeast Bank, the U.S. Small Business Administration, BayFirst National Bank, Kapitus, LLC, and BoomFundedwere were granted a lien on the Debtor's revenue and other assets acquired post-petition to the same extent and priority as they had prior to the Debtor's bankruptcy filing. Char Grill Benson owes $239,624 to Northeast Bank, $500,000 to SBA, $314,203 to BayFirst, $132,086 to Kapitus, and $97,371 to BoomFunded. The next hearing is scheduled for July 23. About Char Grill Benson Char Grill Benson, LLC is a local fast-food chain in Benson, N.C., serving charcoal-grilled burgers, fries and shakes. Char Grill Benson filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-00459) listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Jennifer K. Bennington serves as Subchapter V trustee. Judge David M. Warren presides over the case. Philip Sasser, Esq., at Sasser Law Firm is the Debtor's bankruptcy counsel. BayFirst National Bank, as secured creditor, is represented by: Phillip M. Fajgenbaum, Esq. Parker Poe Adams & Bernstein, LLP 620 South Tryon Street, Suite 800 Charlotte, NC 28202 Telephone: (704) 372-9000 phillipfajgenbaum@parkerpoe.com Kapitus, LLC, as secured creditor, is represented by: Kylie L. Hamilton, Esq. Smith Debnam Narron Drake Saintsing & Myers, LLP P.O. Box 176010 Raleigh, NC 27619-6010 Telephone: (919) 250-2000 khamilton@smithdebnamlaw.com CINEMAWORLD OF FLORIDA: Voluntary Chapter 11 Case Summary --------------------------------------------------------- Debtor: Cinemaworld of Florida, Inc. d/b/a The Majestic 11 d/b/a CW Lanes & Games 970 16th Place Vero Beach, FL 32960 Business Description: Cinemaworld of Florida, Inc., doing business as The Majestic 11 and CW Lanes & Games, operates movie theaters and family entertainment centers. The Company manages locations in Florida, Rhode Island, and Massachusetts, offering cinema screenings, bowling, arcade games, and other recreational activities. It is based in Vero Beach, Florida. Chapter 11 Petition Date: July 3, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-17693 Judge: Hon.Mindy A Mora Debtor's Counsel: Harley E. Riedel, Esq. STICHTER, RIEDEL, BLAIN & POSTLER, P.A. 110 E. Madison St. Suite 200 Tampa, FL 33602 Tel: (813) 229-0144 E-mail: hriedel@srbp.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Richard N. Starr, Sr. as president. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/O2WDSMA/Cinemaworld_of_Florida_Inc__flsbke-25-17693__0001.0.pdf?mcid=tGE4TAMA CMC ADVERTISING: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- CMC Advertising, Ltd received interim approval from the U.S. Bankruptcy Court for the Northern District of Ohio to use the cash collateral of its secured creditors. The court's interim order authorized the Debtor to use cash collateral in accordance with its budget from June 27 until the occurrence of so-called termination events. The main secured creditors that assert interest in the cash collateral include Huntington National Bank, Idea 247, Inc., the U.S. Small Business Administration and several merchant cash advance (MCA) creditors. The total value of the Debtor's cash and receivables was approximately $135,297 as of the petition date. As protection for any diminution in the value of their collateral, the secured creditors will be granted a replacement lien with the same priority and extent as their pre-bankruptcy liens on the Debtor's property. In addition, Huntington and SBA will receive monthly payments of $12,694.92 and $2,505, respectively, as further protection. Payments will start on August 5. The other creditors will not receive any "adequate protection" payments, according to the interim order. The next hearing is set for July 29. Huntington holds two loans totaling over $752,000, while the SBA holds a COVID-19 Economic Injury Disaster Loan of $500,000, with roughly $480,000 outstanding. Idea 247 and the MCA lenders have security interests that are considered junior and may not constitute secured claims under Section 506(a) of the Bankruptcy Code. About CMC Advertising Ltd. CMC Advertising, Ltd. operating as Mailworks II, is an Ohio-based advertising company. CMC Advertising sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-31341) on June 27, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Claude R. Montgomery, Jr., managing member of CMC Advertising, signed the petition date. Judge John Gustafson oversees the case. Eric R. Neuman, Esq., at Diller and Rice, LLC, represents the Debtor as legal counsel. COGLIANO INTEGRATED: Case Summary & 16 Unsecured Creditors ---------------------------------------------------------- Debtor: Cogliano Integrated Technologies Inc. a/k/a CIT Inc 128 Main St., Suite GG Carver, MA 02330 Business Description: Cogliano Integrated Technologies Inc. provides low voltage installation and integration services, including cloud solutions, smart building systems, tele- data, fiber infrastructure, security integration, and audiovisual setups. The Company manages all phases of low voltage integration projects, from design through commissioning, with a focus on reducing costs and streamlining project execution. Chapter 11 Petition Date: July 3, 2025 Court: United States Bankruptcy Court District of Massachusetts Case No.: 25-11384 Debtor's Counsel: Kate E Nicholson, Esq. NICHOLSON DEVINE LLC 21 Bishop Allen Drive Cambridge, MA 02139 Tel: (857) 600-0508 Email: kate@nicholsondevine.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $10 million to $50 million The petition was signed by Richard Cogliano as president. A full-text copy of the petition, which includes a list of the Debtor's 16 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RW7PADY/Cogliano_Integrated_Technologies__mabke-25-11384__0001.0.pdf?mcid=tGE4TAMA COLD SPRING: No Decline in Resident Care, 2nd PCO Report Says ------------------------------------------------------------- David Crapo, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Southern District of New York his second report regarding the quality of patient care provided at Cold Spring Acquisition, LLC's skilled nursing and rehabilitation facility. During the second reporting period (March 18 to June 20), in the performance of his duties, the PCO: (i) visited the facility; (ii) inspected the facility; (iii) spoke with line staff during that inspection; (iv) spoke with the Debtor's new Administrator and Director of Nursing; and (v) conferred Lisa Wickens-Alteri ("Monitor"), the Independent Health Monitor appointed by the New York State Department of Health ("NYDOH"). At the time of the PCO's visit on May 29, new management had been operating the debtor for approximately six weeks. The facility has been renamed Woodbury Heights Nursing and Rehabilitation Center. Residents are housed in only two of the five buildings at the facility: (i) Norwich and (ii) Woodcrest. The PCO started his tour of the facility with the Norwich building. He began with one of the long-term care floors. Rooms (including Residents' rooms and the food serving facility in the day room) and floors were clean. Residents were using the day room. They were appropriately supervised. The medication room was appropriately stocked, and medications were kept properly secured. The PCO also visited the Woodcrest building. The third floor houses long term care residents. The PCO was advised by the Charge Nurse that staffing and supplies were adequate. The medicine room was properly stocked and medications were appropriately secured. The medicine room itself was kept locked when not in use. The day room was clean and spacious. The PCO noted that he has not received any information indicating that quality of care provided to the Debtor's residents (including resident safety) is not acceptable and is currently declining or is otherwise being materially compromised, but reserves making an actual finding in that regard pending the receipt of: (i) additional information to be requested from the Debtor; and (ii) further interviews of residents and staff in the future. The PCO cited that the oversight and supervision provided by the senior staff at the Facility, the diligence and experience of the Monitor, the decline in resident census, the attentiveness and loyalty of the Debtor's clinical staff will likely uncover quality of care deficits if they arise. However, the PCO will continue monitor the situation at the Facility. The ombudsman may be reached at: David N. Crapo, Esq. Gibbons P.C. One Gateway Center Newark, NJ 07102 (973) 596-4500 Email: dcrapo@gibbonslaw.com About Cold Spring Acquisition Cold Spring Acquisition LLC operates a 588-bed skilled nursing and rehabilitation facility in Woodbury, N.Y. In particular, the senior care facility provides hospice, dementia care, medical needs, as well as short-term and long-term rehabilitation care. The senior care facility also runs a senior day program. Cold Spring Acquisition sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22002) on January 2, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and between $50 million and $100 million in liabilities. Judge Sean H. Lane handles the case. Russell E. Potter, Esq., and Schuyler Carroll, Esq., at Manatt, Phelps & Phillips represent the Debtor as legal counsels. COLONIAL GARDENS: Amends Unsecured Claims Pay Details ----------------------------------------------------- Colonial Gardens Trenton Proud, LLC, and affiliates submitted a First Amended Disclosure Statement describing First Amended Joint Plan of Reorganization dated June 17, 2025. This is a plan of reorganization. In other words, the Debtors seek to make payments under the Plan and to continue operations. Generally speaking, the Plan calls for the Debtors to cure mortgage arrearages and extend the maturity date of their respective mortgages to September 1, 2026 (the "Forbearance Period"), pursuant to the loan modification agreements (the "Loan Modification Agreements"). In the event that the Colonial Loan and the Edgewood Loan are refinanced during the Forbearance Period, holders of General Unsecured Claims will receive any net proceeds of such refinancing after satisfaction of mortgages and other encumbrances against the Properties, as well as any net disposable income from operations until the fifth anniversary of the effective date of the Plan. Further, the Debtors' equity interest holder will make an aggregate contribution of not less than $40,000 (the "New Value Contribution"), which shall fund the Plan. Class A-2 consists of General Unsecured Claims against Colonial Gardens. The allowed unsecured claims total $225,000. To the extent any portion of the New Value Contribution remains after payment of Administrative Expense Claims, Priority Tax Claims and Priority Non-Tax Claims, holders of Class A-2 Claims will receive, on a pro rata basis, a pro-rated share of such remaining New Value Contribution (which share shall be pro-rated based on the aggregate allowed amount such claims in this Class in relation to the aggregate amount of allowed general unsecured claims against the other Debtors). Class B-3 consists of General Unsecured Claims against Edgewood Gardens. The allowed unsecured claims total $25,000. To the extent any portion of the New Value Contribution remains after payment of Administrative Expense Claims, Priority Tax Claims and Priority Non-Tax Claims, holders of Class B-3 Claims will receive, on a pro rata basis, a pro-rated share of such remaining New Value Contribution. Class C-3 consists of General Unsecured Claims against Edgewood Commons. The allowed unsecured claims total $40,000. To the extent any portion of the New Value Contribution remains after payment of Administrative Expense Claims, Priority Tax Claims, and Priority Non-Tax Claims, holders of Class C-3 Claims will receive, on a pro rata basis, a pro-rated share of such remaining New Value Contribution. Class D-3 consists of General Unsecured Claims against Edgewood Manor. The allowed unsecured claims total $43,000. To the extent any portion of the New Value Contribution remains after payment of Administrative Expense Claims, Priority Tax Claims, and Priority Non-Tax Claims, holders of Class D-3 Claims will receive, on a pro rata basis, a pro-rated share of such remaining New Value Contribution. Class E-3 consists of General Unsecured Claims against Bruce Park. The allowed unsecured claims total $40,000. To the extent any portion of the New Value Contribution remains after payment of Administrative Expense Claims, Priority Tax Claims and Priority Non-Tax Claims, holders of Class E-3 Claims will receive, on a pro rata basis, a pro-rated share of such remaining New Value Contribution. Class F-3 consists of General Unsecured Claims against Sanhican. The allowed unsecured claims total $55,000. To the extent any portion of the New Value Contribution remains after payment of Administrative Expense Claims, Priority Tax Claims, and Priority Non-Tax Claims, holders of Class F-3 Claims will receive, on a pro rata basis, a pro-rated share of such remaining New Value Contribution. The Plan will be funded through each of the Debtors' continued operation of their respective real properties and collection of rents in connection therewith. A full-text copy of the First Amended Disclosure Statement dated June 17, 2025 is available at https://urlcurt.com/u?l=vLnGOz from PacerMonitor.com at no charge. Counsel to the Debtors: Douglas J. McGill, Esq. Webber McGill LLC 100 E. Hanover Avenue, Suite 401 Cedar Knolls, NJ 07927 Telephone: (973) 739-9559 Email: dmcgill@webbermcgill.com About Colonial Gardens Trenton Proud Colonial Gardens Trenton Proud LLC is primarily engaged in renting and leasing real estate properties. Colonial Gardens Trenton Proud and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 24-16185) on June 20, 2024. In the petitions signed by Thomas J. Caleca, managing member, Colonial Gardens Trenton Proud disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Vincent F. Papalia oversees the cases. The Debtors tapped Douglas J. McGill, Esq., at Webber McGill LLC, as counsel and The Meglio Group, PC, as accountant. CORVIAS CAMPUS: Court OKs Continued Use of Cash Collateral ---------------------------------------------------------- Corvias Campus Living-USG, LLC received second interim approval from the U.S. Bankruptcy Court for the District of Delaware to use cash collateral. The second interim order authorized the Debtor to utilize cash collateral, primarily student housing revenues, in accordance with its budget for general corporate and working capital purposes, for payment of costs to administer its Chapter 11 case, for funding of the carveout, and for "adequate protection" payments to pre-bankruptcy secured creditors. The Debtor initially obtained court approval to use $2,274,872 in cash collateral for capital repair and replacement payment to the Board of Regents of the University System of Georgia. The secured creditors consented to such payment. The secured creditors in this case are the holders of the 5.30% senior secured notes issued by the Debtor under the note purchase agreement dated May 14, 2015. These notes were originally issued in the aggregate principal amount of approximately $548,319,527 and, as of the petition date, had an outstanding principal balance of about $526,724,975. The notes are held by approximately 20 financial institutions. U.S. Bank National Association serves as the collateral agent. In consideration for the Debtor's use of their cash collateral, the secured creditors will receive protection in the form of superpriority claims against the Debtor, with priority in payment over all unsecured claims and administrative expense claims against the Debtor; and security interests and liens on the Debtor's property, subject to and subordinate only to the carveout. In addition, secured creditors will receive cash payment immediately after entry of the second interim order. Starting seven calendar days after the second interim order, and continuing weekly during this Chapter 11 case, the secured creditors will receive cash payment in immediately available funds each in the amount of $250,000 in accordance with the approved budget, which amounts must be held in escrow by advisors to the secured creditors. Moreover, the Debtor was authorized to pay the amounts as set forth in the approved budget and such payments in the interim period must not exceed $9 million. The bankruptcy court will hold a hearing on July 28 to consider final approval of the Debtor's bid to use cash collateral. Objections are due by July 21. The Debtor operates and manages approximately 10,000 student housing beds across nine campuses in the University System of Georgia, with operations governed by a Master Concession Agreement and related lease documents with the Board of Regents of the USG. These lease agreements represent the Debtor's primary revenue source and the noteholders' primary collateral, as the real estate is owned by the Board of Regents and is not subject to foreclosure. About Corvias Campus Living-USG Corvias Campus Living-USG, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11214 on June 25, 2025, listing between $10 million and $50 million in assets and between $500 million and $1 billion in liabilities. Thelma Edgell, president of Corvias, signed the petition. Judge Laurie Selber Silverstein oversees the case. Derek C. Abbott, Esq., at Morris Nichols Arsht & Tunnell, LLP represents the Debtor as legal counsel. CRYSTAL AND FAMILY: Seeks Subchapter V Bankruptcy in Georgia ------------------------------------------------------------ On July 7, 2025, Crystal And Family Capital LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filing, the Debtor reports up to $50,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Crystal And Family Capital LLC Crystal And Family Capital LLC is a single asset real estate company based in Atlanta, Georgia. Crystal And Family Capital LLC relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-57554) on July 7, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities up to $50,000. D & B PHARMACY: Gets OK to Use Cash Collateral Until July 25 ------------------------------------------------------------ D and B Pharmacy Corporation got the green light from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral until July 25 to pay operating expenses in accordance with its budget, subject to a 10% variance per line-item. As protection for any diminution in value of their collateral, McKesson Corporation, a senior lienholder, will receive $5,000 monthly while Burlington, also a senior lienholder, will receive $2,000 monthly. In addition, both senior lienholders will be granted post-petition replacement lien on and security interest in all of the Debtor's assets constituting their pre-bankruptcy collateral and the proceeds thereof. The replacement liens do not apply to avoidance claims. In case the replacement liens prove to be inadequate, the senior lienholders will be granted superpriority administrative expense claims. The Debtor's authority to use cash collateral will terminate upon the Debtor's failure to comply with the interim order, which is not resolved after three days written notice; entry of an order terminating the interim order; or the Debtor granting, creating, incurring or suffering to exist any post-petition liens or security interests other than those granted pursuant to the interim order. A final hearing is scheduled for July 24. About D and B Pharmacy Corporation D and B Pharmacy Corporation offers pharmacy services, vaccines, and health screenings. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-22402) on May 9, 2025. In the petition signed by Paul Roldan, president, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Kyu Young Paek oversees the case. Anne Penachio, Esq., at Penachio Malara LLP, represents the Debtor as legal counsel. D LASSEN: Gets Interim OK to Use Cash Collateral Until July 18 -------------------------------------------------------------- D Lassen, LLC got the green light from the U.S. Bankruptcy Court for the Northern District of California, Oakland Division, to use cash collateral. The court authorized the Debtor's interim use of cash collateral through July 18 to pay operating expenses in accordance with its budget. As protection for the Debtor's use of its cash collateral, State Bank of Texas will receive payment of $25,000. The next hearing is scheduled for July 18. The Debtor needs to use the cash collateral of State Bank of Texas and other secured creditors to maintain motel operations during reorganization. The business -- a 104-room Super 8 by Wyndham motel in Livermore, Calif. -- is owned by Jagmohan and Amandeep Dhillon. State Bank of Texas is represented by: Christopher J. Conant, Esq. Hatch Ray Olsen Conant, LLC 730 17TH Street, Suite 200 Denver, CO 80202 Telephone: (303) 298-1800 cconant@hatchlawyers.com About D Lassen LLC D Lassen, LLC operates the Super 8 Livermore motel and owns the property at 4673 Lassen Road, Livermore, California. The property is estimated to be worth $5.5 million. D Lassen sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-40887) on May 21, 2025. In its petition, the Debtor reported total assets of $5,630,234 and total liabilities of $112,331,714. The Debtor is represented by: Michael Jay Berger Law Offices Of Michael Jay Berger Email: michael.berger@bankruptcypower.com DAV SUB: Creditors to Get Proceeds From Liquidation --------------------------------------------------- DAV SUB, Inc., d/b/a Continuum Health Technologies, Corp., filed with the U.S. Bankruptcy Court for the Northern District of Texas a Plan of Liquidation dated June 17, 2025. The is a Delaware corporation providing high quality, comprehensive revenue cycle management for healthcare providers through its proprietary software product, Continuum Health Technologies Suite. The Debtor provides high scalability to effectively manage unlimited processing power and storage, application agility, speed-to-market, and variable pay-per-use cost structures. The Debtor delivers real-time, actionable intelligence that empowers organizations to analyze, manage, and automate the entire revenue cycle for optimized financial outcomes. As of the filing of this Plan, the Debtor has disposed of substantially all of its assets and has ceased business operations. The Debtor's estate is holding the net proceeds from the sale of assets which proceeds will constitute the primary source of funds to fund the obligations in this Plan. Class 3 consists of all General Unsecured Claims. Each holder of an Allowed General Unsecured Claim shall receive, on the applicable Distribution Date, a Pro Rata Share with other Allowed General Unsecured Claims, of the Distributable Cash remaining after Classes 1 and 2 have been paid in full in accordance with the treatment provided in the Plan to such Classes. Class 3 is impaired, and holders of Class 3 Claims are entitled to vote to accept or reject the Plan. The Debtor will solicit the votes of Class 3 Claimants regarding the Plan. Class 4 consists of Equity Security Interests. DAV Acquisitions Corp. owns 100% of the equity interest of the Debtor. DAV Acquisition Corp. shall retain its interest in the Liquidating Debtor from and after the Effective Date. The Debtor shall continue to exist, as the Liquidating Debtor, after the Effective Date, with all powers available to such legal entity, in accordance with applicable law and pursuant to its constituent documents in effect prior to the Effective Date. Upon the Effective Date, the Liquidating Debtor may, within its sole and exclusive discretion, take such actions as permitted by applicable law and its constituent documents as it determines is reasonable and appropriate. The entry of the Confirmation Order shall constitute all necessary authorization for the Debtor and the Liquidating Debtor to take or cause to be taken all actions necessary or appropriate to consummate, implement or perform all provisions of this Plan on and after the Effective Date, and all such actions taken or caused to be taken shall be deemed to have been authorized and approved by the Bankruptcy Court without further approval, act or action under any applicable law, order, rule or regulation. The cost and expenses of, and obligations under the Plan shall be funded by Cash on hand as of the Effective Date, proceeds from liquidation of any remaining Assets, and the Litigation Recoveries (if any). A full-text copy of the Liquidating Plan dated June 17, 2025 is available at https://urlcurt.com/u?l=D05Rql from PacerMonitor.com at no charge. Counsel to the Debtor: Jeff P. Prostok, Esq. Emily Chou, Esq. VARTABEDIAN HESTER & HAYNES LLP 301 Commerce Street, Suite 3635 Fort Worth, TX 76102 Tel: (817) 214-4990 Fax: (817) 214-4988 Email: jeff.prostok@vhh.law Email: emily.chou@vhh.law About DAV SUB, Inc. d/b/a Continuum Health Technologies, Corp. DAV SUB, Inc., d/b/a Continuum Health Technologies, Corp. is a Delaware corporation providing high quality, comprehensive revenue cycle management for healthcare providers through its proprietary software product, Continuum Health Technologies Suite. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-40968) on March 20, 2025, listing $1 million to $10 million in both assets and liabilities. Judge Edward L Morris presides over the case. Jeff P. Prostok, Esq. at Vartabedian Hester & Haynes LLP, is the Debtor's counsel. DEL MONTE: Del Monte Pacific Will be Able to Refinance Debt ----------------------------------------------------------- Bernadette Toh of Bloomberg Law reports that Del Monte Pacific said in a filing that it remains confident in its ability to repay or refinance its liabilities as they become due. The company clarified that it has not guaranteed any loans of Del Monte Foods Holdings Limited (DMFHL) or its subsidiaries, nor does it have any contingent liabilities tied to their financial obligations, according to the report. It anticipates that the long-term loans of both Del Monte Pacific and Del Monte Philippines, including scheduled amortizations, will be either refinanced or extended. The company has already obtained an extension agreement from a key lender and is in ongoing discussions with other creditors to secure similar arrangements, according to Bloomberg Law. About Del Monte Foods Inc. Del Monte Foods manufactures and distributes packaged food products. The Company provides canned fruits and vegetables, as well as a wide range of snacks. Del Monte Foods serves customers worldwide. Del Monte Foods Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-16995) on July 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Herbert Smith Freehills Kramer (US) LLP and Cole Schotz P.C. are serving as legal counsel, Alvarez & Marsal North America, LLC is serving as financial advisor, and PJT Partners is serving as investment banker to the Company. DEL MONTE: Moody's Lowers CFR to Ca Following Chapter 11 Filing --------------------------------------------------------------- Moody's Ratings downgraded Del Monte Foods Corporation II Inc.'s ("Del Monte" or "DMFC II") Corporate Family Rating to Ca from Caa2 and Probability of Default Rating to D-PD from Caa2-PD. At the same time, Moody's downgraded ratings on DMFC II's backed senior secured first lien first-out ("FLFO") term loans to Caa3 from Caa2, backed senior secured first lien second-out ("FLSO") term loan to C from Caa3, and backed senior secured first lien third-out ("FLTO") term loan to C from Ca. The outlook remains negative. These actions follow Del Monte's announcement on July 01, 2025 that the company and certain subsidiaries initiated Chapter 11 proceedings in in the US Bankruptcy Court for the District of New Jersey. The Chapter 11 filing resulted in the downgrade of Del Monte's CFR to Ca and PDR to D-PD. The Ca CFR reflects the default and Moody's expectations for an average family recovery for debt holders. The downgrade of the ratings on the company's FLFO term loans, FLSO term loan, and FLTO term loan reflect Moody's views on potential recoveries across the capital structure given the very high leverage and challenges to executing an operational turnaround in a period of weak packaged food volume. Governance risk was a key factor in the rating action due to the high leverage and debt restructuring. Subsequent to this rating action, Moody's will withdraw all of Del Monte Foods Corporation II Inc.'s ratings. RATINGS RATIONALE Del Monte's capital structure is unsustainable due to very high leverage, negative free cash flow and weak liquidity. The company's financial position deteriorated over the last two years due to earnings pressure and elevated inventory levels amid softer-than-expected consumer demand. Liquidity is constrained, especially as the company enters its pack season (July–October), a period of higher cash needs. On July 01, 2025, Del Monte filed for Chapter 11 bankruptcy protection and announced that it has entered into a Restructuring Support Agreement (RSA) with a group of its lenders. The company stated that the RSA outlines a going-concern sale process for all or substantially all of the company's assets, and that it has secured a $912.5 million debtor-in-possession (DIP) financing commitment, including $165 million in new funding, from certain existing lenders, subject to court approval. The company expects this financing, along with cash from operations, to support liquidity needs during the sale process and to fund operations through the pack season. The negative outlook reflects the risk that recovery values could deteriorate further if the company is unable to stabilize its operating performance. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Consumer Packaged Goods published in June 2022. Del Monte's Ca CFR is two notches below the Caa2 scorecard-indicated outcome, reflecting that the company filed for bankruptcy and that its high leverage, weak earnings and soft packaged food demand diminish debt recovery prospects. COMPANY PROFILE Del Monte, headquartered in Walnut Creek, California, is a manufacturer and marketer of branded and private label food products, primarily in the United States. Brands include Del Monte(TM) in shelf stable fruits, vegetables and tomatoes; Contadina(TM) in tomato-based products; College Inn(TM) and Kitchen Basics(TM) in broth and stock products; and S&W(TM) in shelf stable fruit, vegetable and tomato products. The company generated sales of $1.7 billion in the LTM period ended January 26, 2025. Del Monte Foods, Inc. is an indirect wholly owned subsidiary of Del Monte Foods Holdings Limited, which is in turn approximately 94% indirectly owned by Del Monte Pacific Ltd ("DMPL"). Del Monte Foods Corporation II Inc. is an indirect wholly owned subsidiary of Del Monte Foods, Inc. DMPL is publicly traded on the Philippine and Singapore stock exchanges. DMPL is 71%-owned by NutriAsia Pacific Ltd and Bluebell Group Holdings Limited, which are beneficially-owned by the Campos family of the Philippines. Public investors and Lee Pineapple Group (a pineapple supplier in Malaysia) hold the remaining 29% stake. DOLCHE TRUCKLOAD: Matthew Brash Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 11 appointed Matthew Brash of Newpoint Advisors Corporation as Subchapter V trustee for Dolche Truckload Corp. Mr. Brash will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Brash declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Matthew Brash Newpoint Advisors Corporation 655 Deerfield Road, Suite 100-311 Deerfield, IL 60015 Tel: (847) 404-7845 About Dolche Truckload Corp. Dolche Truckload Corp. provides full truckload transportation services across the United States, including refrigerated, dry van, and hazardous materials freight. The Company operates a fleet of trucks and offers tailored logistics solutions from its headquarters in Palatine, Illinois. Dolche Truckload Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-09093) on June 15, 2025. In its petition, the Debtor reports total assets of $1,944,419 and total liabilities of $3,410,448. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. The Debtors are represented by David Freydin, Esq. at LAW OFFICES OF DAVID FREYDIN. DR. JOHN DAIGNAULT: Case Summary & 10 Unsecured Creditors --------------------------------------------------------- Debtor: Dr. John Daignault, P.C. 100 Grandview Road Suite 311 Braintree, MA 02184 Business Description: Dr. John Daignault, P.C., doing business as a forensic psychology practice, provides psychological evaluations and consultations in criminal, civil, family, juvenile, federal, and administrative court matters. Based in Massachusetts, the firm is led by Dr. John Daignault, a senior forensic psychologist with over 35 years of experience and appointments at McLean Hospital and Harvard Medical School. The practice specializes in cases involving competency, criminal responsibility, sexual dangerousness, custody, and psychological injury, among others. Chapter 11 Petition Date: July 3, 2025 Court: United States Bankruptcy Court District of Massachusetts Case No.: 25-11389 Judge: Hon. Christopher J Panos Debtor's Counsel: Kate E Nicholson, Esq. NICHOLSON DEVINE LLC 21 Bishop Allen Drive Cambridge, MA 02139 Tel: (857) 600-0508 E-mail: kate@nicholsondevine.com Total Assets: $64,882 Total Liabilities: $1,881,771 The petition was signed by John Daignault as president. A full-text copy of the petition, which includes a list of the Debtor's 10 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NHRMZMI/Dr_John_Daignault_PC__mabke-25-11389__0001.0.pdf?mcid=tGE4TAMA DR. JOHN DAIGNAULT: Seeks Subchapter V Bankruptcy in Massachusetts ------------------------------------------------------------------ On July 3, 2025, Dr. John Daignault P.C. 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 Dr. John Daignault P.C. Dr. John Daignault P.C. is a professional corporation based in Braintree, Massachusetts. Dr. John Daignault P.C. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11389) on July 3, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Christopher J. Panos handles the case. The Debtors are represented by Kate E. Nicholson, Esq. at Nicholson Devine LLC. DS PARENT: Moody's Cuts CFR to 'B3', Outlook Stable --------------------------------------------------- Moody's Ratings downgraded its ratings for DS Parent, Inc. (Davis-Standard), including the corporate family rating to B3 from B2 and probability of default rating to B3-PD from B2-PD. Concurrently, Moody's downgraded the ratings on the company's senior secured first lien bank credit facilities to B3 from B2. The outlook is stable. The downgrade reflects Davis-Standard's high leverage and weak cash flow generation driven by lower demand in various end-markets and elevated costs. Moody's expects the company's leverage to remain high while free cash flow is modestly positive over the next 12-18 months. Liquidity is adequate and the revolver will be only modestly drawn. Governance considerations are also reflected in this action. RATINGS RATIONALE The B3 CFR reflects Davis-Standard's scale relative to other rated manufacturers, high leverage of around 6.0x adjusted debt/EBITDA, and Moody's expectations of modest free cash flow generation over the next 12-18 months. The ratings are supported by Davis-Standard's good competitive standing within the fragmented global polymer processing systems industry and its globally diversified customer base. The company has a significant installed base that provides good aftermarket opportunities. Davis-Standard's recent performance reflects weakening earnings and declining cash flow driven by lower demand in various end-markets, restructuring costs, facility downtime, working capital swings and limited realization of synergies related to the 2024 acquisition of Extrusion Technology Group (ETG). This has resulted in adjusted debt/EBITDA of roughly 6.0x as of March 31, 2025. Total revenue in 2024 had declined by ~11% year-over-year, with free cash flow declining from $28 million in 2023 to negative $91 million in 2024. The first quarter of 2025 has shown signs of improvement with orders up materially year-over-year and sequentially. Moody's expects the company will improve operating efficiencies, consolidate its footprint, and realize synergies from the prior ETG acquisition over time. The stable outlook reflects the expectation of high, albeit improving leverage over the next 12-18 months. The stable outlook also reflects the expectation that Davis-Standard will maintain adequate liquidity. Liquidity remains adequate with the revolver remaining moderately drawn. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be downgraded if free cash flow remains negative or liquidity weakens further such that cash declines materially or revolver utilization remains sustained at elevated levels. Ratings could also be downgraded if debt/EBITDA is sustained above 7.0x. Ratings could be upgraded if the company is able to consistently generate positive free cash flow. Ratings could also be upgraded if debt/EBITDA is sustained below 5.5x or funds flow from operations + interest expense to interest expense is sustained above 2.0x. DS Parent, Inc. ("Davis-Standard"), headquartered in Pawcatuck, Connecticut, is a provider of polymer processing systems, used by customers in the power, water & distribution, construction, food & beverage, and consumer packaged goods industries. The company also provides a variety of aftermarket services for its installed base of systems, including spare parts, retrofits, rebuilds, and parts servicing. 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. DVAC HEATING: Hires CFO Consultants LLC as Bookkeeper ----------------------------------------------------- DVAC Heating & Air LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to hire CFO Consultants, LLC as bookkeeper. The bookkeeper will reconcile checking account with the bank statement, review, analyze, and reconcile general ledger accounts, record depreciation, review payroll records, record all income and expenses, deposits, and adjusting entries needed, and preparation and filing of tax returns related to the Chapter 11 case. The firm will charge these discounted hourly rates: Tax Consulting Work $300 CFO/Controller Level Work $225 Bookkeeping Level Work $85 Business Property Tax Listing $150 Corporate 1120/1120 $2,000 (minimum/return) 1099 Issuance $100 minimum (5 or less) As disclosed in the court filings, CFO Consultants is "disinterested" and does not hold or represent an interest adverse to the Debtor's estate. The firm can be reached through: Matthew Capozzi CFO Consultants, LLC 295 Olmsted Blvd Pinehurst, NC 28374 Phone: (910) 295-3697 About DVAC Heating & Air LLC DVAC Heating & Air LLC is a family-owned company that provides residential, light commercial, and new construction HVAC and plumbing services in the greater Seattle area. Based in Mukilteo, Washington, the Company offers installations, repairs, and maintenance for systems such as furnaces, AC, heat pumps, water heaters, and ductless units. Founded in 2014, DVAC emphasizes competitive pricing, customer service, and skilled technicians. DVAC Heating & Air LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-11432) on May 27, 2025. In its petition, the Debtor reports total assets of $350,315 and total liabilities of $3,224,167. Honorable Bankruptcy Judge Timothy W. Dore handles the case. The Debtors are represented by Thomas D. Neeleman, Esq. at NEELEMAN LAW GROUP, P.C. DVAC HEATING: Hires Neeleman Law Group as Bankruptcy Counsel ------------------------------------------------------------ DVAC Heating & Air LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to hire Neeleman Law Group, P.C. as legal counsel. The firm's services include: a. assisting the Debtor in the investigation of the financial affairs of the estate; b. providing legal advice and assistance to the Debtor with respect to matters relating to this case and creditor distribution; c. preparing all pleadings necessary for proceedings arising under this case; and d. performing all necessary legal services for the estate in relation to this case. The firm will charge its standard rates: Principals $600 per hour Associate $475 per hour Paralegals $250 per hour In addition, the firm will seek reimbursement for expenses incurred. Neeleman Law Group received a retainer in the amount of $11,738. Jennifer Neeleman, Esq., a partner at Neeleman Law Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jennifer L. Neeleman, Esq. Neeleman Law Group, PC 1403 8th Street Marysville, WA 98270 Telephone: (425) 212-4800 Email: jennifer@neelemanlaw.com About DVAC Heating & Air LLC DVAC Heating & Air LLC is a family-owned company that provides residential, light commercial, and new construction HVAC and plumbing services in the greater Seattle area. Based in Mukilteo, Washington, the Company offers installations, repairs, and maintenance for systems such as furnaces, AC, heat pumps, water heaters, and ductless units. Founded in 2014, DVAC emphasizes competitive pricing, customer service, and skilled technicians. DVAC Heating & Air LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-11432) on May 27, 2025. In its petition, the Debtor reports total assets of $350,315 and total liabilities of $3,224,167. Honorable Bankruptcy Judge Timothy W. Dore handles the case. The Debtors are represented by Thomas D. Neeleman, Esq. at NEELEMAN LAW GROUP, P.C. E.F. MARKETING: Seeks to Hire Edward Bajec as Sales Agent --------------------------------------------------------- E.F. Marketing Group LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Edward Bajec as sales agent. Mr. Bajec will assist in the sale of equipment, furniture and other personal property owned by Debtor and located a 3503 Crosspoint, San Antonio, Texas. The agent will at the rate of 6 percent of the sales price of the Mark Andy Printer and 13 percent of the sales price of all other equipment. The firm can be reached through: Edward Bajec 9350 Canyon Mist Helotes, TX Phone: (210) 789-9011 About E.F. Marketing Group LLC E.F. Marketing Group, LLC is a full-service advertising and marketing agency based in San Antonio, Texas. It designs and executes data-driven direct-mail and digital campaigns for regional colleges and small to mid-sized businesses. E.F. Marketing Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 25-50842) on April 23, 2025. In its petition, the Debtor reported assets between $500,000 and $1 million and liabilities between $1 million and $10 million. Judge Craig A. Gargotta handles the case. The Debtor is represented by Steven G. Cennamo, Esq., at the Law Office of Cennamo & Werner. ENNIS I-45: Court Extends Cash Collateral Access to July 31 ----------------------------------------------------------- Ennis I-45 11 ACRE, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Texas to use cash collateral. The fourth interim order authorized the company to use up to $$30,183.23 in cash collateral through July 31 to pay the expenses set forth in its budget. Ennis projects total operational expenses of $30,183.23 for July. Lienholders Real Estate Holdings, LLC and Bay Point Capital Partners II, LP will receive replacement liens as protection for the company's use of their cash collateral, and a super-priority administrative expense claim in case such liens are not sufficient to protect their interests. The next hearing is scheduled for July 21. About Ennis I-45 Ennis I-45 11 Acre, LLC (doing business as Ennis Luxury RV Resort) is an upscale RV park located just outside of Dallas, Texas, in Ennis. Ennis I-45 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-31219) on April 1, 2025. In its petition, the Debtor reported estimated assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million. The petition was signed by John McGaugh as manager. The Debtor is represented by: Kyung S. Lee, Esq. Shannon And Lee LLP Tel: 713-301-4751 Email: klee@shannonleellp.com FINLEY DESIGN: Gets 30-Day Extension to Access Cash Collateral -------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division issued a second interim order authorizing Finley Design, P.A. to use cash collateral through July 31, 2025. The court order authorized the Debtor to use cash collateral for another 30 days to pay its business expenses in accordance with its budget, with up to 10% variance. The budget projects total operational expenses of $157,660.40 for July. First Citizens Bank & Trust Co. and five other creditors hold UCC-perfected security interests. As protection for the Debtor's use of their cash collateral, secured creditors will be granted a replacement lien on the Debtor's post-petition property to the same extent and with the same validity and priority as their pre-bankruptcy lien. The Debtor must maintain insurance of its property, with First Citizens listed as loss payee. The next hearing is scheduled for July 30. About Finley Design P.A. Finley Design P.A., doing business as Finley Design PA Architecture + Interiors, provides architectural, interior, and master planning services for retail, office, medical, mixed-use, residential, and environmental design projects. The firm focuses on client-centered solutions, offering design leadership and project execution across various commercial and residential sectors. Finley Design sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02252) on June 2, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge Pamela W. Mcafee oversees the case. The Debtor is represented by Philip M. Sasser, Esq., at Sasser Law Firm. FTX TRADING: Bahamas Liquidators Reach $377MM Claim Withdrawal Deal ------------------------------------------------------------------- Neil Hartnell of Tribune Business reports that the liquidators of FTX Digital Markets, the Bahamian arm of the collapsed crypto exchange, have reached a settlement with Celsius Network's litigation administrator that will lead to the withdrawal of a $377.4 million claim. In court documents filed on June 30, 2025, Brian Simms KC of Lennox Paton and PwC partners Kevin Cambridge and Peter Greaves asked both the Delaware Bankruptcy Court and the Supreme Court of The Bahamas to approve the settlement. They said the deal would help maximize returns for FTX Digital Markets' creditors. Under the terms of the agreement, both parties will drop all claims and legal actions against each other. In a Delaware court affidavit, Greaves emphasized that the settlement would avoid "significant time, money, and other resources" that would otherwise be spent on litigation -- resources that could instead go toward repaying former FTX customers. According to Tribune Business, Greaves warned that continuing the legal dispute would drain estate funds and likely yield only limited recoveries, such as legal fees. He said resolving the matter would allow FTX Digital Markets to focus on its liquidation efforts in The Bahamas, improving prospects for creditor distributions. Celsius, a former crypto lending platform, allowed users to deposit digital assets like Bitcoin and Ethereum in exchange for interest or collateral-backed loans. By May 2022, the company had $12 billion in assets under management and had lent out $8 billion. It filed for Chapter 11 bankruptcy in July 2022. After emerging from bankruptcy in January 2024, Celsius litigation administrator Mohsin Meghji pursued clawback claims against customers who withdrew funds within 90 days before the filing. He claimed that 538 of those withdrawals -- totaling $377.4 million -- were linked to FTX Digital Markets accounts, the report states. At the center of the dispute was the question of whether those funds should be returned to the Celsius estate or remain with FTX's customers. Celsius filed its claim with the Bahamian liquidators but argued that the issue should instead be handled in the New York bankruptcy court, citing concerns about third-party recipients who may fall outside the jurisdiction of Bahamian courts, according to report. Greaves stated in his affidavit that, after months of negotiations, the parties agreed on a global resolution that fully settles all claims without either side admitting fault. The agreement includes a mutual release of liabilities and clears the way for FTX Digital Markets to return assets to customers without further challenge from Celsius. Both sides have agreed to dismiss all litigation related to the matter with prejudice, ensuring that no future legal action can be brought. Greaves said the settlement was reached through "extensive, good-faith negotiations" and is in the best interest of FTX Digital Markets' creditors. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. GENERAC POWER: Moody's Rates New $1.7BB First Lien Loans 'Ba1' -------------------------------------------------------------- Moody's Ratings assigned Ba1 ratings to Generac Power Systems, Inc.'s (Generac) new $1.0 billion senior secured first lien revolving credit facility and $700 million senior secured first lien term loan A. Generac's other ratings, including the Ba1 corporate family rating, Ba1-PD probability of default rating and Ba1 ratings on the existing senior secured bank credit facilities, are not affected by the transaction. The stable outlook is unchanged. The SGL-1 speculative grade liquidity rating remains unchanged. The company intends to use the proceeds from the new senior secured term loan A to refinance its existing $700 million senior secured first lien term loan A due in June 2027. Therefore, the refinancing transaction will not increase its total debt. Moody's will withdraw the rating on the existing $1.2 billion senior secured first lien revolving credit facility expiring in June 2027 when the transaction closed. RATINGS RATIONALE Generac's Ba1 CFR reflects its solid brand strength in the North American residential, commercial and industrial standby generator markets. End user demand for home standby generators will remain strong driven by the risk of future power outages, low penetration rates of home standby generators and greater dependence on a continuous power supply. The company has low leverage and Moody's expects Generac's debt-to-EBITDA to decrease to 1.7x over the next 12-18 months, driven by higher earnings. Generac has very good liquidity underpinned by Moody's expectations for solid free cash flow and its access to revolving credit facility. However, Generac has very high product concentration in home standby generators and a high reliance on the North American market. Generac is also in the clean energy solar and storage markets, but standby generators will continue to account for most of its revenue. Weakness in the commercial and industrial products class, including industrial and rental generators, will limit its revenue growth over the next 12-18 months amid the weak economic environment. The company also has an all secured capital structure and is likely to be more shareholder friendly as free cash flow remains strong. Moody's expects organic revenue growth of 3.5% per year over the next 12-18 months, underpinned by strong demand for home standby generators in North America. Moody's also expects EBITDA margin to improve to 17.1% over the next 12-18 months, underpinned by revenue growth from home standby generators, which have higher gross margins, and strong cost and expense controls. Generac's liquidity will remain very good over the next 12 months as reflected by its SGL-1 speculative grade liquidity rating. Liquidity is supported by Moody's expectations for free cash flow of more than $310 million over the next 12 months. Additional liquidity is provided by the new $1.0 billion revolving credit facility expiring in July 2030. Moody's expects the facility to be largely undrawn. Generac has no significant debt maturities over the next 12 months. The stable outlook reflects Moody's expectations that Generac will grow revenue and earnings modestly such that debt-to-EBITDA declines to 1.7x over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Generac can continue to grow its scale and improve its product diversity. Moody's would also expect a long term commitment by management to conservative financial policies, including steps to maintain stable credit metrics and a capital structure that allows for maximum financial flexibility. The ratings could be downgraded if debt-to-EBITDA is sustained above 3x, EBITDA margin deteriorates and is sustained below 20% or there is a material deterioration in liquidity. In addition, the rating could be downgraded with a shift towards more aggressive financial practices, including a change in shareholder friendliness or a large, transformational debt funded acquisition. The principal methodology used in these ratings was Manufacturing published in September 2021. Generac Power Systems, Inc. (Generac), headquartered in Waukesha, WI, is a leading designer and manufacturer of energy technology solutions including a wide range of power generation equipment, energy storage systems and other power products, including mobile light towers, serving the residential, commercial and industrial markets. Its products are sold globally through independent dealers, distributors, retailers, wholesalers, equipment rental companies, e-commerce partners and in some cases direct to end users. GLOBAL CONCESSIONS: Comm. Taps Dundon Advisers as Financial Advisor ------------------------------------------------------------------- The official committee of unsecured creditor of Global Concessions, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Dundon Advisers, LLC as its financial advisors. The services of Dundon Advisers are necessary to enable the Committee to assess and monitor the efforts of the Debtors and their professionals to maximize the value of the Debtors' estates and reorganize successfully. The firm will be paid at these rates: Peter Hurwitz $960 per hour Alejandro Mazier $850 per hour Irene Byun $485 per hour In addition, the firm will seek reimbursement for expenses incurred. Peter Hurwitz, principal at Dundon Advisers, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Peter Hurwitz Dundon Advisers LLC Ten Bank Street, Suite 1100 White Plains, New York 10606 Phone: (914) 341-1188 Email: ph@dundon.com About Global Concessions, Inc. Global Concessions Inc., established in 1990 and headquartered in Atlanta, Georgia, specializes in operating food and beverage concessions, primarily within major transportation hubs across the United States. The Company has expanded its portfolio to include a diverse range of dining experiences, from quick-service partnerships with renowned brands like IHOP Express, Ben & Jerry's, and Nathan's Famous, to unique, stand-alone restaurants such as Sweet Georgia's Juke Joint and One Flew South. Global Concessions Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-53640) on April 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. The Debtor tapped Benjamin Keck, Esq., at Keck Legal, LLC as counsel and GlassRatner Advisory & Capital Group, LLC, doing business as B. Riley Advisory Services, as restructuring advisor. GOLDEN TEMPLE: Seeks to Hire Richman & Richman LLC as Counsel ------------------------------------------------------------- Golden Temple Investment LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Wisconsin to hire Richman & Richman LLC as counsel. The firm's services include: (a) advising Debtor with respect to its powers and duties as a debtor in possession and the continued management and operation of its businesses and properties; (b) assisting Debtor with the continuation of debtor in possession operations and monthly reporting requirements; (c) advising Debtor and taking all necessary action to protect and preserve Debtor's estate, including prosecuting actions on behalf of the Debtor, defending any actions commenced against Debtor, and representing Debtor's interests in negotiations concerning litigation in which Debtor is involved; (d) preparing bankruptcy schedules, statements of financial affairs, and all related documents as necessary; (e) assisting with the preparation of a plan of reorganization and the related negotiations and hearings; (f) working with Sub V Trustee, as necessary, to successfully reorganize Debtor's estate; (g) preparing pleadings in connection with the chapter 11 case, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of Debtor's estate; (h) analyzing executory contracts and unexpired leases, and the potential assumptions, assignments, or rejections of such contracts and leases; (i) advising Debtor in connection with any potential sales of assets; (j) appearing at and being involved in various proceedings before this Court or other courts to assert or protect the interests of Debtor and its estate; (k) analyzing claims and prosecuting any meritorious claim objections; and (l) performing other legal services for Debtor that may be necessary and proper in connection with this Case. The firm's counsel and staff will be paid at these hourly rates: Michael Richman, Member $795 Claire Ann Richman, Member $625 Eliza Reyes, Senior Associate $495 James Soo, Associate $325 David Fowle, Paralegal $250 Kiran Hayer, Paralegal $225 Law Clerks $195 - $225 Paraprofessionals $100 - $150 In addition, the firm will seek reimbursement for expenses incurred. The firm received an initial retainer of $40,000 from the Debtor. Ms. Richman 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: Claire Ann Richman, Esq. Michael P. Richman, Esq. Richman & Richman LLC 122 W. Washington Ave., Ste. 850 Madison, WI 53703 Telephone: (608) 889-2322 About Golden Temple Investment LLC Golden Temple Investment LLC is a limited liability company. Golden Temple Investment LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-23716) on June 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Rachel M. Blise handles the case. The Debtors are represented by Claire Ann Richman, Esq. at RICHMAN & RICHMAN LLC. GREEN COPPERFIELD: Seeks Subchapter V Bankruptcy in Texas --------------------------------------------------------- On July 3, 2025, Green Copperfield LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filing, the Debtor reports $3,764,017 in debt owed to 50 and 99 creditors. The petition states funds will not be available to unsecured creditors. About Green Copperfield LLC Green Copperfield LLC, doing business as Trailer King Builders, designs, manufactures, and modifies custom food trucks and concession trailers. Green Copperfield LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-33860) on July 1, 2025. In its petition, the Debtor reports total assets of $135,933 and total liabilities of $3,764,017. Honorable Bankruptcy Judge Jeffrey P. Norman handles the case. The Debtors are represented by Bennett G. Fisher, Esq. at LEWIS BRISBOIS. GREENWICH RETAIL: Court Extends Cash Collateral Access to July 25 ----------------------------------------------------------------- Greenwich Retail Group, LLC and Madison Avenue Westside, LLC received second interim approval from the U.S. Bankruptcy Court for the Southern District of New York to use the cash collateral of secured creditors. The second interim order authorized the Debtors to use up to $400,000 in cash collateral through July 25 in accordance with their budget, with a 10% variance allowed. Hanover Community Bank, the U.S. Small Business Administration and six merchant cash advance (MCA) lenders are the creditors identified by the Debtors with security interests in or liens on the Debtors' assets. As protection for any diminution in value of their collateral, the secured creditors will be granted replacement liens on all assets of the Debtors and the proceeds thereof. Replacement liens will have the same priority, validity, extent and status of perfection, if any, as their pre-bankruptcy liens. In addition, secured creditors will have the right to assert a superpriority claim. The Debtors were ordered to pay $8,000 to Hanover Bank by July 31 as further protection. The final hearing is scheduled for July 25. Hanover Bank asserts it is owed $2,906,100.34 as of the petition date. As security, the bank was granted a first priority lien on substantially all of the Debtors' assets, including its cash. Meanwhile, SBA provided an EIDL loan to the Debtors in the amount of $500,000 and was granted a lien on substantially all of the Debtors' assets. SBA agreed to subordinate the EIDL loan to the Hanover loans. The merchant cash advance lenders identified by the Debtor include Moby Capital, LLC, Capitalize Group, LLC, Itria Ventures, Smart Business, Newco Capital Group and Square Advance. About Greenwich Retail Group LLC Greenwich Retail Group, LLC operates retail clothing stores under brands including Everafter, which focuses on children's and teen apparel, and The Westside, a women's fashion boutique. Greenwich Retail Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11295) on June 9, 2025. In its petition, the Debtor reported assets between $500,000 and $1 million and liabilities between $1 million and $10 million. Judge Michael E. Wiles oversees the case. Robert L. Rattet, Esq., at Davidoff Hutcher & Citron, LLP is the Debtor's legal counsel. Hanover Bank, as secured creditor, is represented by: Mitchell Seidman, Esq. Andrew Pincus, Esq. Seidman & Pincus, LLC 777 Terrace Avenue, Suite 508 Hasbrouck Heights, NJ 07604 Tel: (201) 473-0047 ms@seidmanllc.com ap@seidmanllc.com GRESHAM WORLDWIDE: Court Extends Cash Collateral Access to Sept. 30 ------------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Arizona granted Gresham Worldwide, Inc. a three-month extension to use its cash collateral. The court issued its fifth order extending the Debtor's authority to use cash collateral from June 30 to September 30 to pay its expenses in accordance with its budget. The court ordered the Debtor to continue its monthly payment of $60,000 to Arena Investors, LP, a senior secured lender, as provided in the budget. The replacement liens granted to Arena Investors, LP and Ault Lending, LLC remain in full force and effect. Arena Investors acts as agent for itself and pari passu secured creditor, Walleye Opportunities Master Fund Ltd. Both hold secured, convertible promissory notes under which the Debtor is the obligor and pursuant to which the Debtor has granted the lenders a blanket security interest in its personal property. Arena and Walleye claim they are collectively owed approximately $6 million. Arena and Walleye claim a first position security in interest in all of Debtor's assets including, without limitation, equity interests the Debtor holds in its subsidiaries and the Debtor's cash, accounts, and revenues, which constitute cash collateral. Meanwhile, Ault Lending is the holder of junior secured, convertible notes and obligations pursuant to which the Debtor has granted Ault Lending a security interest in Arena and Walleye's collateral. Ault Lending claims to be owed approximately $15.6 million. About Gresham Worldwide Gresham Worldwide, Inc. designs, manufactures, and distributes purpose-built electronics equipment, automated test solutions, power electronics, supply and distribution solutions, as well as radio, microwave, and millimeter wave communication systems and components for a variety of applications with a focus on the global defense industry and the healthcare market. Gresham Worldwide sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 24-06732) on Aug. 14, 2024. In the petition filed by Lutz P. Henckels, chief financial officer, the Debtor disclosed $32,859,000 in assets and $39,786,000 in liabilities as of June 30, 2024. Judge Scott H. Gan oversees the case. Patrick A. Clisham, Esq., at Engelman Berger, PC serves as the Debtor's legal counsel. The U.S. Trustee appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Stinson, LLP as legal counsel. Arena Investors, LP, as lender, is represented by: Robert P. Harris, Esq. Jason D. Curry, Esq. Quarles & Brady, LLP 2 North Central Avenue, Suite 600 Phoenix, AZ 85004 Telephone: (602) 229-5200 robert.harris@quarles.com jason.curry@quarles.com Ault Lending, LLC, as lender, is represented by: Christopher C. Simpson, Esq. Warren J. Stapleton, Esq. Andrew B. Haynes, Esq. Osborn Maledon, P.A. 2929 North Central Avenue, 20th Floor Phoenix, AZ 85012-2793 (602) 640-9000 csimpson@omlaw.com wstapleton@omlaw.com ahaynes@omlaw.com GUARDIAN HEALTHCARE: PCO Reports No Resident Care Complaints ------------------------------------------------------------ Margaret Barajas, the patient care ombudsman, filed her fifth report regarding the quality of patient care provided by Guardian Healthcare. Local ombudsmen have continued to conduct regular visits to these facilities. There are no resident concerns directly related to the bankruptcy proceedings, accoridng to the report. The local ombudsman began casework for a resident at Walnut Creek Nursing and Rehab on May 8. The resident reported abusive and disrespectful aides, a lack of follow-up on grievances, and a lack of lunch choices before the meal. Upon meeting with administrator Joshua Velez, the ombudsman was told that an aide in question has been temporarily removed from the resident's rotation. However, the resident said they didn't want the aide removed; they just wanted the administrator to be aware of what occurred when updated. The administrator said they have addressed an issue of aides wearing ear buds while working. He also told the ombudsman that they would look into meal choices. The local ombudsman attended a Department of Health exit survey at Titusville Health and Rehabilitation Center on June 6. The DOH surveyor reported concerns of medication security (a cart was left unlocked with pills on the cart while the nurse left to get milk for a resident), infection control for wound care, and a failure to pass medications on time. Based on an Abbreviated survey in response to two complaints completed May 7, it was determined that Hillcrest Rehabilitation and Healthcare Center was not in compliance with the following requirements of 42 CFR Part 483, Subpart B, Requirements for Long Term Care Facilities and the 28 PA Code, Commonwealth of Pennsylvania Long Term Care Licensure Regulations. The facility failed: * To follow their plan of correction for citations issued at the completion of a survey ending March 7, which created the potential for the facility to fail to identify and investigate an allegation of neglect for one resident. * To properly document a resident grievance. * To implement an abuse/neglect policy that thoroughly investigated allegations. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=SV3gM0 from Omni Agent Solutions, Inc., claims agent. About Guardian Healthcare Guardian Healthcare LLC, doing business as Richland Healthcare and Rehabilitation Center, provides healthcare services. The Company offers services including case management, nursing, wound care, residential healthcare, occupational therapy, speech therapy, and mental health care. Guardian Healthcare serves patients in the United States. Guardian Elder Care at Johnstown, LLC, doing business as Richland Healthcare and Rehabilitation Center, along with 19 affiliated entities sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 24-70299) on July 29, 2024. In its petition, the Lead Debtor reports estimated assets and liabilities between $1 million and $10 million. The Debtors tapped Saul Ewing, LLP as legal counsel and Eisner Advisory Group, LLC as financial advisor. Omni Agent Solutions is the claims agent. GYP HOLDINGS III: Moody's Puts 'Ba1' CFR Under Review for Upgrade ----------------------------------------------------------------- Moody's Ratings placed the ratings of GYP Holdings III Corp. ("GMS") on review for upgrade, including the Ba1 corporate family rating, Ba1-PD probability of default rating, Ba1 backed senior secured first lien term loan rating and Ba2 senior unsecured notes rating. This action follows the announcement that the company will be acquired by Home Depot, Inc. (The) (A2 stable). GMS's SGL-1 Speculative Grade Liquidity Rating remains unchanged. Previously, the outlook was stable. On June 30, 2025, GMS announced that it has entered into a definitive agreement to be acquired by The Home Depot, Inc. The Home Depot, through its SRS distribution subsidiary, entered into a definitive agreement to acquire all outstanding shares of GMS common stock for $110 per share, reflecting a total equity value of approximately $4.3 billion and implying a total enterprise value (including net debt) of approximately $5.5 billion. The transaction is targeted to close by the end of The Home Depot's current fiscal year, ending January 2026, and is subject to regulatory approvals. The review for upgrade reflects governance considerations related to the change in GMS's ownership that will result from this transaction, as well as The Home Depot's stronger credit profile and its larger size and scale. The review for upgrade will focus on the completion of the transaction once all necessary approvals take hold, the combined entity's future capital structure including its liquidity, and whether GMS's debt will be fully repaid at closing. Moody's ability to maintain ratings on GMS following closing of the transaction will consider whether its debt remains outstanding, and adequacy of financial and operational disclosures available. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS GMS's existing Ba1 CFR reflects Moody's expectations of very good liquidity and low leverage over the next two years. GMS is well positioned to take advantage of long-term trends in new single-family home construction, the main demand driver of wallboard, despite recent market softness. Adjusted debt-to-EBITDA of around 3x demonstrates the company's commitment to conservative financial strategies. Moody's expects leverage to be maintained at about 3x over the next two years. The US Homebuilding sector and the commercial construction sector are both very cyclical and pose a significant credit risk. At the same time, GMS faces execution risk to its operating plan amid strong competition, making it difficult to expand market share organically. The company has had success in growing through acquisitions but this strategy adds operational and integration risk. Also, GMS is modestly sized in terms of revenue, limiting absolute levels of earnings and dictating that the company maintain low leverage and fixed charges. Notwithstanding the ratings review, the ratings could be upgraded if end markets remain supportive of organic growth. Specifically, the ratings could be downgraded with debt to EBITDA below 2x, with a capital structure that ensures maximum financial flexibility, including a predominantly unsecured capital structure and with conservation of very good liquidity and conservative financial policies. The ratings could be downgraded if operating margins or liquidity experiences sustained erosion, debt to EBITDA is sustained above 3x or if the company pursues more aggressive financial strategies. GMS Inc., headquartered in Tucker, Georgia, is a North American distributor of wallboard, steel framing, ceiling systems and other related building products. Revenue was around $5.5 billion for the twelve months ended April 30, 2025. The principal methodology used in these ratings was Distribution and Supply Chain Services published in December 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. HEALTHSTAR FAMILY: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- Healthstar Family Rehab Center, LLC got the green light from the U.S. Bankruptcy Court for the Western District of Texas, El Paso Division, to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral to pay the expenses set forth in its budget. The Debtor is not allowed to pay professionals under Section 327 from the cash collateral. Creditors that may have interests in the cash collateral will be granted replacement liens on property, including cash collateral, acquired by the Debtor after the petition date, with the same validity, priority and extent as their pre-bankruptcy liens. The replacement liens do not apply to any Chapter 5 causes of action or their proceeds. Moreover, the replacement liens are subject and subordinate to a carveout of funds for certain fees. The next hearing is scheduled for July 24. Four creditors have potential secured interests in cash collateral based on recent UCC filings, which include JPMorgan Chase Bank and three unidentified creditors. About Healthstar Family Rehab Center Healthstar Family Rehab Center, LLC operates a Medicare-certified outpatient rehabilitation facility offering speech, physical, and occupational therapy. Healthstar sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 25-30803) on June 26, 2025, listing up to $50,000 in assets and up to $1 million in liabilities. Staci Carlson, president of Healthstar, signed the petition. Judge Christopher G. Bradley oversees the case. Robert C. Lane, Esq., at The Lane Law Firm, represents the Debtor as bankruptcy counsel. HEALTHSTAR FAMILY: Hires Lane Law Firm PLLC as Bankruptcy Counsel ----------------------------------------------------------------- Healthstar Family Rehab Center LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire The Lane Law Firm, PLLC as counsel. The firm will render these services: a. assist, advise and represent the Debtor relative to the administration of the chapter 11 case; b. assist, advise and represent the Debtor in analyzing the Debtor’s assets and liabilities, investigating the extent and validity of lien and claims, and participating in and reviewing any proposed asset sales or dispositions; c. attend meetings and negotiate with the representatives of the secured creditors; d. assist the Debtor in the preparation, analysis and negotiation of any plan of reorganization and disclosure statement accompanying any plan of reorganization; e. take all necessary action to protect and preserve the interests of the Debtor; f. appear, as appropriate, before this Court, the Appellate Courts, and other Courts in which matters may be heard and to protect the interests of Debtor before said Courts and the United States Trustee; and g. perform all other necessary legal services in these cases. The firm will be paid at these rates: Robert Lane, Partner $650 per hour Joshua Gordon, Partner $625 per hour Zach Casas, Partner $575 per hour Kyle Garza, Partner $450 per hour Grant Bullwinkel, Partner $450 per hour Paralegals $250 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received retainer payments in the amount of $35,000 from the Debtor. Mr. Lane disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Tel: (713) 595-8200 Fax: (713) 595-8201 Email: notifications@lanelaw.com About Healthstar Family Rehab Center LLC Healthstar Family Rehab Center LLC is a Medicare-certified outpatient rehabilitation facility providing speech, physical, and occupational therapy services to children and adults. Healthstar Family Rehab Center LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-30803) on June 26, 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 Christopher G. Bradley handles the case. The Debtors are represented by Robert Chamless Lane, Esq. at The Lane Law Firm PLLC. HEATHERWOOD CONDOMINIUM: Unsecureds Will Get 60% of Claims in Plan ------------------------------------------------------------------ Heatherwood Condominium Association, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Disclosure Statement for Plan of Reorganization dated June 17, 2025. The Debtor is a non-profit homeowner's association, formed in 1982. The Association is an organization of homeowners in the Heatherwood Condominium community (the "Heatherwood Community") located in Palmetto, Georgia and has been in existence since 1982. Since the Association's inception, it has had a historically high delinquency rate. The delinquency rate combined with the increase in the cost of insurance coverage made it difficult for Heatherwood to satisfy its current ongoing monthly expenses. In conjunction with its Chapter 11 petition filing, the Debtor filed several motions seeking what is commonly referred to as "first day" relief. This first day relief was designed to meet the goals of (1) continuing the Debtor's business operations in Chapter 11 with as little disruption as possible and (2) establishing procedures for the smooth and efficient administration of the Chapter 11 case. The distributions contemplated by the Plan shall be funded by the available Cash on hand the Debtor's Projected Disposable Income. Starting on the Confirmation Date, the Debtor will make monthly payments to the Disbursing Agent, who will make quarterly disbursements to creditors according to the Plan. The first quarterly disbursement will be made by the Disbursing Agent approximately 60 days after the Effective Date of the Plan. The Debtor estimates, based on its schedules and proofs of claims that have been filed that there will be approximately $119,183.64 in Allowed General Unsecured Claims, which accounts for likely claim objections and assumes that all such objections are unopposed or sustained. The Debtor proposed to pay 60% of the amount of all Allowed General Unsecured Claims, in quarterly installments, beginning on the Initial Distribution Date, of which Holders of General Unsecured Claims will receive a pro rata share based on the Allowed amount of their Claim. The amount of such distributions will be based on the Projected Available Income available for distribution (after payment of distributions to Holders of Convenience Class Claims), of which 50% will be paid to Holders of Professional Claims until such claims are paid in full, at which time 100% of the Debtor's Projected Disposable income will be paid to Holders of General Unsecured Claims until such time that 60% of the Allowed amount of such claims have been paid. The Debtor estimates, based on its schedules and proofs of claims that have been filed, that there will be approximately $583.00 in Allowed Convenience Class Claims. The Debtor proposes to pay Holders of Convenience Class Claims 90% of the Allowed amount of such claims on the Initial Distribution Date. A full-text copy of the Disclosure Statement dated June 17, 2025 is available at https://urlcurt.com/u?l=RcvETR from PacerMonitor.com at no charge. Heatherwood Condominium Association, Inc. is represented by: KECK LEGAL, LLC Benjamin R. Keck, Esq. 2801 Buford Highway NE, Suite 115 Atlanta, GA 30329 Tel. (470) 826-6020 Email: bkeck@kecklegal.com About Heatherwood Condominium Association Heatherwood Condominium Association, Inc., is a non-profit homeowner's association, formed in 1982. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-52840) on March 19, 2024, with $0 to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Lisa Ritchey Craig presides over the case. Benjamin R. Keck, Esq., at Keck Legal, LLC, is the Debtor's legal counsel. HUNTSMAN CORP: Moody's Assigns 'Ba1' CFR, Outlook Negative ---------------------------------------------------------- Moody's Ratings has downgraded Huntsman International LLC's senior unsecured ratings to Ba1 from Baa3. At the same time, Moody's have assigned a Ba1 Corporate Family Rating, a Ba1-PD Probability of Default Rating and an SGL-2 Speculative Grade Liquidity Rating to Huntsman Corporation. Moody's have withdrawn the Baa3 Long-term Issuer Ratings of Huntsman International LLC and Huntsman Corporation. The outlooks on both Huntsman International LLC and Huntsman Corporation ("Huntsman") remain negative. Governance consideration is a key driver for the rating action. In particular, the company's large dividend payments despite ongoing earnings weakness adds to its financial strain. RATINGS RATIONALE The rating downgrade reflects Moody's expectations of Huntsman's reduced earnings, elevated debt leverage, limited operational and financial flexibility to meaningfully restore credit quality in the next two years. A significant downturn in the commodity chemical sector resulted in Huntsman's earnings erosion over the last three years. The potential for demand recovery is obscured by weak construction and automotive demand amid high interest rates in the US, a sluggish property sector in China, and subdued industrial activities in Europe. Escalating trade tensions dented business sentiment and slowed customer orders in the seasonally strongest second quarter, making 2025 likely to be another year of earnings decline for Huntsman. A demand pickup in 2026 appears likely, given the cyclical nature of MDI, maleic anhydride, and epoxy resins, and the fact that the current downturn will have lasted over three years by then. However, price competition and suboptimal plant utilization will persist in light of the large capacity additions in the last several years. Huntsman's disadvantaged cost position relative to Asian competitors and its larger exposure to Europe will make it difficult to regain its prior mid-cycle earnings. The company's shareholder friendly financial policy was another reason for the downgrade. Dividend payments have been a key driver for cash consumption in the last two years. In the absence of a meaningful demand recovery, the continuation of dividends will increase debt level and weaken Huntsman's credit profile. Moreover, Huntsman has sold a number of assets and returned proceeds to shareholders in the last five years, leaving it with a smaller asset base and a lower cash balance to cope with an extended downturn. Moody's expects the company to undertake necessary actions to reduce spending and preserve financial flexibility, including the reevaluation of its shareholder distribution policy, should earnings fall short of expectation in the coming quarters. Moody's expects adjusted debt/EBITDA to remain volatile, averaging around 4.0x based on Moody's updated view of its through-the-cycle earnings. Such leverage is higher than Moody's prior assumption and no longer supports a Baa3 rating. Adjusted debt/EBITDA rose to 5.7x at the end of March 2025, up from 2.1x at the end of 2022, mainly due to earnings erosion amid a deep downturn. Huntsman's ratings incorporate expectations of earnings volatility driven by fluctuations in MDI pricing and credit metrics outside the rating boundaries for several quarters before reversal. Huntsman operates in a very competitive environment and is challenged by its Asian competitor's expanded low-cost production capacity despite the relatively concentrated MDI market by five major producers globally (i.e. Wanhua, BASF, Covestro, Dow and Huntsman). Its specialty amines and advanced materials are less volatile than polyurethanes but represent a small share of the total business. Moreover, nearly half of its sales are exposed to Europe and Asia Pacific with lackluster business fundamentals. The Ba1 rating is supported by Huntsman's leading positions in formulated urethanes and epoxy resins, which have relatively good margins and growth rates, and management's target of unadjusted net leverage close to 2.0x (4.0x as of March 2025). Moody's also expects management efforts to reduce cost, lower capital spending and refrain from share buybacks will help lower leverage. Huntsman's SGL-2 Speculative Grade Liquidity Rating is mainly supported by about $1 billion in liquidity. As of March 31, 2025, its liquidity included $334 million cash on hand, $924 million availability under its unrated $1.2 billion Revolving Credit Facility due May 2027. The company also had approximately $163 million borrowing outstanding under its unrated $150 million US and EURO 100 million EU A/R Programs due 2027. In April, the company drew its Revolver to redeem EUR300 million senior notes. Total liquidity will buffer cash uses in the next 12 months. The $1.2 billion revolving credit facility will mature in May 2027. Timely extension of such revolver will be key to maintaining liquidity and financial flexibility. The negative outlook reflects Huntsman's stressed credit metrics, negative free cash flow and the uncertain trajectory of its earnings recovery amid a volatile macroeconomic environment. Huntsman's ESG Credit Impact Score of CIS-3 indicates that ESG considerations have a limited impact on the current credit rating with greater potential for negative impact over time. The company's corporate governance offsets significant environmental and social risks. Environmental risks are very high for chemical companies due to the amount of waste and pollution generated on an annual basis relative to most other industries. Social risks are typically high primarily due to responsible production and health and safety. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The rating could be upgraded if management is able to improve adjusted Debt/EBITDA to below 3.0x and Retained Cash Flow/Net Debt (RCF/Net Debt) above 20% on a sustainable basis. An upgrade would also require that Huntsman can maintain strong liquidity given the volatility in its financial performance. A downgrade would be considered if its earnings fail to improve from the trough, adjusted Debt/EBITDA is sustained above 4.0x and RCF/Net Debt stays below 15% consistently, or its liquidity weakens. 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. Huntsman is a global manufacturer of specialty and differentiated intermediate chemicals, including polyurethanes, amines, maleic anhydride and advanced thermoset resins. Huntsman's products are used in a wide range of applications, including those in the adhesives, aerospace, automotive, coatings and construction, construction products, durable and non-durable consumer products, electronics, insulation, power generation and refining. Huntsman generates revenues in the range of $6 billion to $8 billion per annum. Huntsman International LLC is a wholly owned subsidiary of Huntsman Corporation, the principal operating company and the primary issuer of debt. INTEGRAL EXPRESS: Neema Varghese Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 11 appointed Neema Varghese of NV Consulting Services as Subchapter V trustee for Integral Express Inc. Ms. Varghese will be paid an hourly fee of $400 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Varghese declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Neema T. Varghese NV Consulting Services 701 Potomac, Ste. 100 Naperville, IL 60565 Tel: (630) 697-4402 Email: nvarghese@nvconsultingservices.com About Integral Express Inc. Integral Express Inc. is a freight carrier that provides interstate transportation services across the United States. The Company operates a fleet of trucks and trailers to haul general freight, including refrigerated goods and hazardous materials. Integral Express Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-09090) on June 15, 2025. In its petition, the Debtor reports total assets of $626,000 and total liabilities of $2,092,677. Honorable Bankruptcy Judge Jacqueline P. Cox handles the case. The Debtors are represented by David Freydin, Esq., at the Law Offices of David Freydin. INTERNATIONAL DIRECTIONAL: Case Summary & 20 Unsecured Creditors ---------------------------------------------------------------- Debtor: International Directional Drilling, Inc. 11950 Watermark Way Parkland, FL 33076 Business Description: International Directional Drilling, Inc. provides horizontal directional drilling services for the installation of underground utilities, including fiber-optic cables, power lines, water lines, and conduits. The Company operates across the Americas, offering minimally invasive, environmentally friendly solutions for projects such as road crossings, utility undergrounding, and forced relocations. Chapter 11 Petition Date: July 2, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-80156 Judge: Hon. Scott M. Grossman Debtor's Counsel: Chad Van Horn, Esq. VAN HORN LAW GROUP, P.A. 500 NE 4th Street, Suite 200 Fort Lauderdale, FL 33301 Tel: (954) 765-3166 E-mail: chad@cvhlawgroup.com Total Assets: $2,399,972 Total Liabilities: $3,382,162 The petition was signed by Luiz Murilo Cardoso as chief financial officer/owner. 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/246QQNQ/International_Directional_Drilling__flsbke-25-17606__0001.0.pdf?mcid=tGE4TAMA JACKSON HOSPITAL: Bid Deadline Moved to July 22 ----------------------------------------------- Jackson Hospital & Clinic, Inc. and JHC Pharmacy, LLC, after consulting with major parties-in-interest in their bankruptcy case, will continue to accept bids for the debtors' assets until July 22, 2025, at 4 p.m. (CDT). Derek F. Meek, Esq., at BURR & FORMAN LLP, the Debtors' counsel, says the Debtors and the DIP Lender have negotiated the terms of an amendment to the DIP Loan in order to accommodate the extension of certain dates, including the Bid Deadline, the terms and details of which will be set forth in a supplemental pleading to be filed by the Debtors. As reported by Troubled Company Reporter on July 2, 2025, the Debtors extended the Bid Deadline from June 30, 2025, at 4:00 p.m. (CT) to July 3 at 4:00 p.m. (CT). The Court has already entered an Order (I) Scheduling a Hearing to Consider Approval of the Sale or Sales of Substantially All Assets of Jackson Hospital & Clinic, Inc. and JHC Pharmacy, LLC and the Assumption and Assignment of Certain Executory Contracts and Unexpired Leases, (II) Approving Certain Bidding Procedures, Assumption and Assignment Procedures, and the Form and Manner of Notice Thereof, (III) Establishing Procedures in Connection With the Selection of and Protections Afforded to Any Stalking Horse Purchasers, and (IV) Granting Related Relief. About Jackson Hospital & Clinic Inc. Jackson Hospital & Clinic, Inc. is a non-membership, non-profit corporation based in Alabama. JHC is the direct or indirect parent company of JHC Pharmacy, LLC, an Alabama limited liability company that provides pharmacy services to JHC patients. JHC owns 100% of JHC Pharmacy. Additionally, JHC is a direct or indirect parent company of certain other entities that have not filed for bankruptcy. JHC operates a 344-bed healthcare facility in Montgomery, Ala., with a rich history dating back to 1894. Since its official opening in 1946, JHC has grown into one of the largest hospitals in Alabama, offering specialized services in cardiac care, cancer treatment, neurosciences, orthopedics, women's care, and emergency services. JHC's service area includes 16 counties across central Alabama. JHC and JHC Pharmacy filed Chapter 11 petitions (Bankr. M.D. Ala. Lead Case No. 25-30256) on February 4, 2025. In its petition, JHC reported between $100 million and $500 million in both assets and liabilities. Judge Christopher L. Hawkins handles the cases. The Debtors are represented by Derek F. Meek, Esq. at Burr & Forman, LLP. Ronald Dreskin, principal of Eisner Advisory Group LLC, serves as Interim CEO; and SSG Advisors, LLC serves as investment banker. The official committee of unsecured creditors tapped FTI Consulting, Inc. as its financial advisors; and Rumberger, Kirk & Caldwell, P.C. and Sills Cummis & Gross P.C. as co-counsel. Suzanne Koenig of SAK Healthcare serves as patient care ombudsman. JACKSON HOSPITAL: PCO Reports Staffing Challenges ------------------------------------------------- Suzanne Koenig, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Middle District of Alabama her second report regarding the quality of patient care provided by Jackson Hospital & Clinic, Inc., and affiliates. In the report which covers the period April 21 to June 20, the Ombudsman representatives met with the Chief Operating Officer and the Chief Nursing Officer during the unannounced visit to Jackson Hospital. The ombudsman explained how the Chief Nursing Officer and Chief Operating Officer reported challenges with recruitment due to uncertainty related to the Chapter 11 filing. However, she reported that there have not been many resignations and that turnover in the clinical areas is minimal. She also reported that there has been success hiring into the nursing float pool to provide support across the inpatient units. The ombudsman observed that the supply room was neat and organized, well-stocked, and no expired items were located at the time of visit. The medication room was clean and organized, and the staff reported that they have not had issues obtaining medications for patient care. A Pharmacy staff member is present in the ED to perform medication reconciliation on patients requiring admission and can assist with other medication related concerns. Ms. Koenig noted that the surgical and recovery units at the PACU/ENDO department are clean and free from clutter. The admission, pre-operative, and post-operative areas are organized. Patients can be moved between the areas as needed to adjust to daily flow and volumes as needed. The PACU uses a numbering system to efficiently manage patient flow and readiness. The endoscopy scope cleaning room is open and spacious. The ombudsman cited that the kitchen is clean and organized. There has been a deep clean since the previous visit. Staff were welcoming and engaging. All were wearing appropriate hair and beard coverings. Dry food storage bins were labeled with expiration dates that were legible. The floors were free from clutter, and boxes were stored on shelves and/or palettes. The ombudsman explained how the Lab Manager stated that staffing is a challenge, partly due to the Chapter 11 filing, which has led to staff turnover and difficulty filling key positions. Specifically, phlebotomists tend to have a high turnover rate, and she has had difficulty hiring a blood bank supervisor. She reports that despite staffing challenges, the lab generally meets test result goals, and results are delivered within appropriate timeframes. Ms. Koenig did not observe any significant concerns during this report period. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=3WClWT from PacerMonitor.com. The PCO can be reached at: Suzanne Koenig SAK Healthcare 300 Saunders Road, Suite 300 Riverwoods, IL 60015 Phone: 847-446-8400 Fax: 847-446-8432 skoenig@sakhealthcare.com About Jackson Hospital & Clinic Inc. Jackson Hospital & Clinic, Inc. is a non-membership, non-profit corporation based in Alabama. JHC is the direct or indirect parent company of JHC Pharmacy, LLC, an Alabama limited liability company that provides pharmacy services to JHC patients. JHC owns 100% of JHC Pharmacy. Additionally, JHC is a direct or indirect parent company of certain other entities that have not filed for bankruptcy. JHC operates a 344-bed healthcare facility in Montgomery, Ala., with a rich history dating back to 1894. Since its official opening in 1946, JHC has grown into one of the largest hospitals in Alabama, offering specialized services in cardiac care, cancer treatment, neurosciences, orthopedics, women's care, and emergency services. JHC's service area includes 16 counties across central Alabama. JHC and JHC Pharmacy filed Chapter 11 petitions (Bankr. M.D. Ala. Lead Case No. 25-30256) on February 4, 2025. In its petition, JHC reported between $100 million and $500 million in both assets and liabilities. Judge Christopher L. Hawkins handles the cases. The Debtors are represented by Derek F. Meek, Esq. at Burr & Forman, LLP. JERK PIT: Hires Joseph W. Wilson III CPA as Tax Preparer -------------------------------------------------------- Jerk Pit, LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to hire Joseph W. Wilson III CPA, a solo practitioner based in Maryland, as its tax preparer. Mr. Wilson will continue to act as the Debtor's tax preparer during its Chapter 11 Case. To date, he has completed the preparation of The Jerk Pit's 2023 corporate income taxes, and he is currently in the process of preparing its 2024 return. Mr. Wilson charges a flat fee of $1,000 for each year's corporate tax return. His rate for services other than tax filings is $95 per hour. Mr. Wilson assured the court that he is a "disinterested" person within the meaning of section 101(14) of the Bankruptcy Code. Mr. Wilson can be reached at: Joseph W. Wilson, III, CPA 902 Woodmont Ct Bowie, MD 20721 Phone: (301) 350-3722 About The Jerk Pit The Jerk Pit, LLC is a Caribbean restaurant business operating in College Park, Maryland. The Jerk Pit sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00201) on May 28, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Elizabeth L. Gunn handles the case. The Debtor is represented by John Gordon Colan, Jr, Esq., at Sinoberg Raft. JERK PIT: Seeks to Tap A&R Accounting and Tax Service as Advisor ---------------------------------------------------------------- Jerk Pit, LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to hire A&R Accounting and Tax Service as its accounting and bookkeeping advisor. A&R will continue to provide accounting and bookkeeping services as necessary during its Chapter 11 Case, at a rate of $75 per hour. As disclosed in the court filings, A&R Accounting and Tax Service is a "disinterested" person within the meaning of section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert Davis A&R Accounting and Tax Service 133 Kingston Ave Brooklyn, NY 11213 Phone: (718) 484-3395 About The Jerk Pit The Jerk Pit, LLC is a Caribbean restaurant business operating in College Park, Maryland. The Jerk Pit sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00201) on May 28, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Elizabeth L. Gunn handles the case. The Debtor is represented by John Gordon Colan, Jr, Esq., at Sinoberg Raft. JM GROVE: Court Extends Cash Collateral Access to Oct. 31 --------------------------------------------------------- JM Grove, LLC received another extension from the U.S. Bankruptcy Court for the District of Kansas to use cash collateral. The court issued a supplemental final order extending the Debtor's authority to access cash collateral until October 31 or until its Chapter 11 plan of reorganization is confirmed or its bankruptcy case is dismissed, whichever comes first. As protection for the Debtor's continued use of their cash collateral, the U.S. Small Business Administration and Kansas Department of Revenue will be granted replacement security interests in and liens on property acquired by the Debtor after its bankruptcy filing that is similar to their pre-bankruptcy collateral. As further protection, the Kansas Department of Revenue will continue to receive a monthly payment of $1,000. The monthly payments started in March. About JM Grove LLC JM Grove, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-20111) on February 4, 2025, listing between $50,001 and $100,000 in assets and between $100,001 and $500,000 in liabilities. Jordan Grove, a member of JM Grove, signed the petition. Judge Dale L. Somers oversees the case. The Debtor is represented by: Colin N. Gotham, Esq. Evans & Mullinix, P.A. Tel: 913-962-8700 Email: cgotham@emlawkc.com JUBILEE HILLTOP: Gets Court OK to Use Cash Collateral Until Aug. 6 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Western District of Pennsylvania issued an interim order allowing Jubilee Hilltop Ranch, LLC to use cash collateral. The interim order authorized the Debtor to use cash collateral to pay its expenses nunc pro tunc to the petition date until August 6. As adequate protection for the Debtor's use of its cash collateral, secured creditor Mid Penn Bank will receive interest-only monthly payments of $15,000, beginning 30 days after the order becomes final and non-appealable. In addition, Mid Penn Bank will be granted replacement liens on all farm-related assets (e.g., inventory, equipment, crops, livestock, government program payments), with the same priority and validity as the bank's pre-bankruptcy liens. The replacement liens do not apply to any Chapter 5 claims. Financial Agent Services, another secured creditor, will not receive "adequate protection" payment as the Debtor believes that no amount is due and owing. A final hearing will be held on August 6. Objections must be filed by July 30. Jubilee Hilltop Ranch does not own the real estate it operates from and relies heavily on regular income to cover critical expenses. Two secured creditors, Mid Penn Bank and Financial Agent Services, assert interests in the cash collateral. Mid Penn Bank holds a comprehensive security interest in the Debtor's assets under a UCC financing statement and is owed approximately $2.53 million while Financial Agent Services holds a broad lien but is not currently owed any outstanding balance. The Debtor estimates its current assets, including inventory, equipment, and receivables, to be worth approximately $672,850, with an additional $134,812 in accounts receivable. About Jubilee Hilltop Ranch Jubilee Hilltop Ranch, LLC is a Pennsylvania-based family farm specializing in grass-finished beef, pastured pork, and eggs for the restaurant industry. Jubilee Hilltop Ranch sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-70267) on June 26, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Neal Salyards, president of Jubilee Hilltop Ranch, signed the petition. Judge Jeffrey A. Deller oversees the case. Kevin Petak, Esq., at Spence Custer, represents the Debtor as legal counsel. KLIMA CONTROL: Seeks Subchapter V Bankruptcy in Florida ------------------------------------------------------- On July 7, 2025, Klima Control Air Conditioning & Heating 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 Klima Control Air Conditioning & Heating Klima Control Air Conditioning & Heating is an air conditioning and heating services provider operating as Super Cool in Florida. The company specializes in HVAC installation, maintenance, and repair services with locations in Pompano Beach and West Palm Beach. Klima Control Air Conditioning & Heating sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-17717) on July 7, 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 Shirley Palumbo, Esq. LAFLEUR NURSERIES: L. Todd Budgen Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 21 appointed L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., as Subchapter V trustee for Lafleur Nurseries and Garden Center, LLC. Mr. Budgen will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Budgen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: L. Todd Budgen, Esq. P.O. Box 520546 Longwood, FL 32752 Tel: (407) 232-9118 Email: Todd@C11Trustee.com About Lafleur Nurseries and Garden Center Lafleur Nurseries and Garden Center, LLC operates a retail garden center in Sanford, Florida. The Company offers a wide selection of plants, trees, and landscaping materials, and provides related services such as landscape design, installation, and irrigation system support. Lafleur Nurseries and Garden Center sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03734) on June 17, 2025. In its petition, the Debtor reported total assets of $568,637 and total liabilities of $3,283,410. Judge Lori V. Vaughan handles the case. The Debtor is represented by Jeffrey S. Ainsworth, Esq., at BransonLaw, PLLC. LASEN INC: Affiliate Gets Interim OK to Use Cash Collateral ----------------------------------------------------------- Skykopes, Inc., an affiliate of Lasen, Inc., received interim approval from the U.S. Bankruptcy Court for the District of Arizona to use cash collateral. The interim order authorized Skykopes to use cash collateral until July 17 to pay the expenses set forth in its budget, with a 10% variance allowed. As protection for the use of its cash collateral, Bremer Bank, National Association was granted a replacement lien on assets acquired by Skykopes after the petition date, including cash collateral. The replacement lien will have the same validity, priority and extent as the bank's pre-bankruptcy lien. Customers must continue to remit payments to Skykopes in the ordinary course regardless of any directives from merchant cash advance (MCA) creditors. SkySkopes filed for Chapter 11 on June 13, shortly after its affiliate Lasen filed on June 11. Both companies are strategically aligned in providing aerial inspection services, with SkySkopes originally founded in 2014 and acquiring Lasen in 2023. Lasen specializes in methane leak detection using proprietary LiDAR technology, while SkySkopes began as a drone services provider and expanded to include GIS and manned aviation services, growing revenue from $8 million to $23 million by 2024. Despite growth, both companies have operated at a loss, funded by SkySkopes Holdings and its owner Jeff Farstad. In early 2025, the companies attempted to raise equity but were misled by several financial groups and failed to secure anticipated investments or loans. A key disruption occurred when Ace Funding wrongfully declared a default on a merchant cash advance agreement and directed SkySkopes' clients to reroute payments, freezing receivables and triggering operational damage. SkySkopes now faces a critical cash shortfall exacerbated by its seasonal business cycle. To avoid business collapse and preserve going concern value, SkySkopes intends to use the cash collateral, which consists of post-petition revenues, to pay expenses. About Lasen Inc. Lasen Inc. develops and operates airborne LiDAR systems for leak detection and pipeline inspections across North America. Its proprietary Airborne LiDAR Pipeline Inspection System (ALPIS) identifies methane leaks with high accuracy and efficiency, supporting right-of-way and transmission line monitoring. Founded in 1989, LaSen has inspected over 500,000 miles of pipeline and specializes in remote sensing technologies adapted from U.S. defense applications. Lasen sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-05316) on June 11, 2025, listing between $1 million and $10 million in assets and liabilities. On June 13, 2025, Lasen's affiliate, SkySkopes, Inc., filed Chapter 11 petition (Bankr. D. Ariz. Case No. 25-05420) listing between $10 million and $50 million in assets and liabilities. The cases are jointly administered under Case No. 25-05316. The Debtors are represented by Randy Nussbaum, Esq., at The Cavanagh Law Firm, P.A. LION RIBBON: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------- On July 3, 2025, Lion Ribbon Texas Corp. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filing, the Debtor reports between $100 million and $500 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Lion Ribbon Texas Corp. Lion Ribbon Texas Corp. and affiliates 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. Lion Ribbon Texas Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90164) on July 3, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million each on consolidated basis. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtors are represented by Caroline A. Reckler, Esq.,Ray C. Schrock, Esq., Adam S. Ravin, Esq., Randall Carl Weber-Levine, Esq., and Meghana Vunnamadala, Esq. at LATHAM & WATKINS LLP. HURON CONSULTING SERVICES LLC is the Debtors' Investment Banker & Financial Advisor. KROLL RESTRUCTURING ADMINISTRATION LLC is the Debtors' Claims, Noticing & Solicitation Agent. DELOITTE TAX LLP is the Debtors' Tax Services Provider. LISKOW & LEWIS, APLC is the Debtors' Conflicts Counsel. C STREET ADVISORY GROUP, LLC is the Debtors' Communications Advisor. MARINE TRANSPORT: Case Summary & Three Unsecured Creditors ---------------------------------------------------------- Debtor: Marine Transport Logistic Inc 20 Peare Place Staten Island, NY 10312 Business Description: Marine Transport Logistic Inc., doing business as a vehicle and freight shipping company, operates as a Non-Vessel Operating Common Carrier (NVOCC), providing international transportation services for cars, motorcycles, boats, heavy equipment, and general cargo. The Company runs facilities in Staten Island, New York, and Bayonne, New Jersey, and serves clients through major U.S. ports and global destinations. Chapter 11 Petition Date: July 3, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-43215 Judge: Hon. Nancy Hershey Lord 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 Email: alla@kachanlaw.com Total Assets: $11,228,169 Total Liabilities: $476,401 The petition was signed by Alla Solovyeva as president. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/W6PYYZI/Marine_Transport_Logistic_Inc__nyebke-25-43215__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Three Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Commonwealth Leasing, Inc. $231,000 209-4 Carriage Lane Riverside, NJ 08075 2. Crocus Investments, LLC $0 18401 Collins Ave 100-241 North Miami Beach, FL 33160 3. Svetlana Anuchina Judgment $245,401 2729 Brown Street 2nd FL Brooklyn, NY 11235 MERIT STREET: Dr. Phil Joint Venture Sues TBN for Breach -------------------------------------------------------- Merit Street Media, Inc., a joint venture formed to produce new shows for TV personality Dr. Phillip C. McGraw, sought Chapter 11 protection and immediately sued the owner of the Trinity Broadcasting Network, asserting "multiple breaches of contract and fiduciary duties that gravely impaired Merit Street's ability to succeed and ultimately led to its failure." Dr. Phil is a prominent television personality, podcast host, and author. Dr. Phil created Peteski Productions, Inc., a Texas corporation, in 2002. Beginning in 2002 and until January 2023, Dr. Phil hosted his talk show Dr. Phil, with Oprah Winfrey's Harpo Productions and CBS Media Ventures. Trinity Broadcasting of Texas, Inc. is a not-for-profit corporation that operates the Trinity Broadcasting Network, based in Fort Worth, Texas. American televangelist Paul Crouch and his wife Jan Crouch founded TBN in late 1973. TBN says it is the "world's most-watched faith and family broadcasting network, available in 98% of U.S. households, reaching over 175 nations with inspirational programming in 17 languages on over 30 global networks, allowing TBN to reach a potential 2 billion viewers daily." Dr. Phil was prepared to continue his highly successful program with CBS until TBN's Matthew Crouch approached him about the prospects of a Joint Venture which eventually became Merit Street. In January 2023, Dr. Phil's Peteski and TBN executed the Joint Venture Agreement to form a joint venture, "NewCo," which later would become Merit Street -- through which Peteski and TBN would launch a new television network in 2024. Ownership of Merit Street allocated 70% to TBN, and 30% to Peteski. Under the Joint Venture Agreement, Peteski agreed to provide new, topical programming -- specifically, 160 new ninety-minute episodes of the "Dr. Phil" show, and further, agreed that Merit Street would serve as the exclusive broadcaster of those Dr. Phil shows. Additionally, Peteski agreed to provide two primetime specials or documentaries for Merit Street to air on the new network. For its part, TBN assumed full responsibility for all behind-the-scenes operations to produce Dr. Phil's programming. "While Peteski has gone above and beyond to ensure Merit Street's success, including by continuing to loan on an unsecured basis over $25 million to Merit Street throughout 2024 and 2025 to keep its operations afloat, TBN has not held up its end of the bargain. TBN shirked its financial and operational commitments, and engaged in extensive self-dealing, all with the goal to benefit and enrich TBN, not Merit Street," counsel to Merit, Thomas R. Califano of Sidley Austin LLP, explained in court filings. According to Mr. Califano, shortly after Merit Street was formed, TBN reneged on its obligations. He adds that TBN began to abuse its power as a controlling shareholder to advance its own interests and those of its CEO Matthew Crouch, while causing Merit Street to assume responsibility of TBN's obligations under the Joint Venture Agreement and to otherwise enrich itself at Merit Street's expense: -- TBN caused Merit Street to enter into expensive distribution agreements with third parties to distribute Dr. Phil's new content. Those distribution agreements have aggregate monthly expense of approximately $2.6 million and total expenses during the life of those agreements of approximately $96 million. However, it was TBN -- not Merit Street -- that should have incurred those expenses. -- TBN caused Merit Street to sign a five-year, multi-million-dollar studio lease with TBN to produce Dr. Phil's shows, even though TBN was responsible under the Joint Venture Agreement for paying for those studio production expenses. -- TBN caused Merit Street to pay to license TBN content on the new Merit Street network, even though the Joint Venture Agreement required TBN to license that content at no cost to Merit Street. -- TBN also caused Merit Street to pay TBN for Merit Street's production expenses, such as employee and marketing expenses, even though those production expenses were the sole responsibility of TBN under the Joint Venture Agreement. Additionally, TBN caused CrossSeed, Inc. -- a party with whom TBN is closely connected -- to make a $25 million loan to Merit Street, which is reflected in a September 2024 promissory note. CrossSeed then assigned that note to another associated party, TCT, on March 5, 2025. Even though TBN refused to honor its commitments to Merit Street and refused to pay Peteski the amounts it was owed, Peteski and Dr. Phil continued to support Merit Street to keep it afloat. Between December 2024 and May 2025, Peteski advanced additional funds to Merit Street, totaling approximately $25.4 million. "Merit Street was formed by TBN to create a new network, with TBN being required to transfer its must carry rights to Merit Street and provide distribution and all production services as well as to make certain payments to Peteski. Certain new programming was to be and was provided by Peteski. Peteski went above and beyond its contractual duties in an effort to save the network, including funding the expenses (including payroll) that should have been borne by TBN. Importantly, TBN long ago stopped paying Peteski for Dr. Phil's services and he has thus been providing world class programs without compensation," Merit said in court filings. In its six-count complaint against TBN, Merit Street asks the Bankruptcy Court to enter a judgment against TBN and TCT Ministries, Inc., as follows: A. Awarding Merit Street damages suffered as a result of TBN's breach of the Joint Venture Agreement and December 2024 Agreement, including prejudgment interest and punitive damages. B. Awarding Merit Street damages suffered as a result of TBN's breach of its fiduciary duties, including prejudgment interest and punitive damages. C. Entering judgment in favor of Merit Street and declaring that the March 5, 2025 transfer of the CrossSeed Convertible Note to TCT is an avoidable preference under 11 U.S.C. Sec. 547(b), and, or in the alternative, that TCT has no perfected security interest in Merit Street's litigation proceeds. D. Entering judgment in favor of Merit Street and declaring that the CrossSeed Convertible Note should be equitably subordinated under Section 510(c) of the Bankruptcy Code; E. Granting Merit Street its attorneys' fees and costs; and F. Granting Merit Street such other and further relief as the Court may deem just and proper. About Merit Street Media Merit Street Media, Inc., was formed in 2023 and in April 2024 launched MeritTV -- a Texas-based multicast television network and streaming service to provide a platform to embrace core American values of hard work, talent, and respect. MeritTV is available nationwide 24/7 via FTA Broadcast TV, Basic Cable, Satellite & FAST2, among other platforms. Merit Street has faced operating challenges, starting since its launch, largely due to Christian outlet Trinity Broadcasting Network of Texas, Inc.'s failed performance under its contracting obligations under the Joint Venture Agreement with Dr. Phil McGraw's production company, Peteski Productions, Inc. On July 2, 2025, Merit Street Media sought Chapter 11 protection (Bankr. N.D. Tex. Case No. 25-80156). The Hon. Scott W Everett is the case judge. The Debtor listed $100 million to $500 million in assets and liabilities as of the bankruptcy filing. The Debtor tapped SIDLEY AUSTIN LLP as counsel, TRIPLE P TRS, LLC, as restructuring advisor, and TRIPLE P SECURITIES, LLC, as investment banker. EPIQ SYSTEMS, INC., is the claims agent. MERIT STREET: July 14 Deadline for Panel Questionnaires ------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of Merit Street Media. 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/bdhxnsds and return by email it to Fernando Garnica -- Fernando.Garnica@usdoj.gov -- and/or Asher Bublick -- Asher.Bublick@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than 4:00 p.m., on Monday, July 14, 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 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 estimated assets and liabilities of $100 million to $500 million. The Hon. Scott W Everett presides over the case. The Debtor is represented by Sidley Austin LLP. Triple P TRS serves as restructuring advisor of the Debtor, Triple P Securities, LLC acts as investment banker, and Epiq Systems, Inc. acts as claims and noticing agent. MG LOGISTICS: Seeks Chapter 11 Bankruptcy in Illinois ----------------------------------------------------- rkc.llc reports that MG Logistics Incorporated has sought Chapter 11 bankruptcy protection in the Northern District of Illinois. Based in Kane County, the company reported both its assets and liabilities to be between $10 million and $50 million, according to the report. The filing highlights significant debt owed to equipment financiers and truck-related service providers. Daimler Truck Financial Services holds the largest partially secured claim at $7.65 million. Additional major creditors include Bank Midwest, PNC Bank, M&T Equipment Finance, as well as property lessors and fleet service vendors. The bankruptcy appears to stem from ongoing fleet financing difficulties and escalating operational costs -- common issues within the trucking industry. The company also cited substantial lease commitments and unsecured debts to technology providers supporting its fleet management systems. MG Logistics indicated that funds will be available to repay unsecured creditors, according to rkc.llc. About MG Logistics Inc. MG Logistics Inc. is a Huntley, Illinois–based general freight carrier that offers transportation services through its fleet of trucks, primarily serving clients in the logistics and transportation industry. MG Logistics Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10269) on July 4, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Donald R. Cassling handles the case. The Debtor is represented by Jeffrey C. Dan, Esq. at Goldstein & Mcclintock LLLP. MY JOB MATCHER: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Lead Debtor: My Job Matcher, Inc. d/b/a Job.com, Active Hire 1743 Sidewinder Drive, 1st Floor Park City, UT 84060 Business Description: The Debtors operate an AI-driven recruitment platform under the Job.com brand and provide traditional staffing services across the IT, healthcare, and industrial sectors through HireVergence, Fortus, and Endevis. Their technology suite includes tools for automated candidate matching, virtual interviewing, and job placement, supported by a portfolio of patents, trade secrets, and domain names. Founded in 2015 as a subsidiary of UK-based MJM Tech Ltd., the Debtors combine recruitment technology with staffing operations across the United States. Chapter 11 Petition Date: July 6, 2025 Court: United States Bankruptcy Court District of Delaware Eight affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- My Job Matcher, Inc. (Lead Case) 25-11280 Job.com-HV, Inc. (DE) 25-11281 Job.com-HV, Inc. (FL) 25-11282 Job.com-Fortus, Inc. 25-11283 Job.com-Endevis, Inc. 25-11284 Job.com-QCI, Inc. 25-11285 PrincetonOne-Job.com, Inc. 25-11286 Princeton Search, L.L.C. 25-11287 Judge: Hon. Karen B Owens Debtors' Bankruptcy Counsel: Jeffrey R. Waxman, Esq. Carl N. Kunz, III, Esq. Christopher M. Donnelly, Esq. Samantha L. Rodriguez, Esq. MORRIS JAMES LLP 500 Delaware Avenue Suite 1500 Wilmington, DE 19801 Tel: (302) 888-6800 Fax: (302) 571-1750 E-mail: jwaxman@morrisjames.com ckunz@morrisjames.com cdonnelly@morrisjames.com srodriguez@morrisjames.com Debtors' Investment Banker: CONFIGURE PARTNERS, LLC Debtors' Notices, Claims, Solicitation & Balloting Agent: STRETTO, INC. Provider of CEO, COO Administrative Officer and Support Personnel to the Debtors: CORLISSMOORE & ASSOCIATES Lead Debtor's Estimated Assets: $10 million to $50 million Lead Debtor's Estimated Liabilities: $50 million to $100 million Robert J. Corliss signed the petition as chief executive officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JRUMVHY/My_Job_Matcher_Inc__debke-25-11280__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Riveron Consulting, LLC Professional $2,109,020 2515 McKinney Avenue Services Ste 1200 Dallas, TX 75201 Attn: Brett Thames Email: brett.thames@riveron.com Phone: 214-668-0210 2. SOJA Ventures Unsecured Note $1,608,410 444 Madison Avenue Suite 300 New York, NY 10022-6980 Attn: David Hulshof Email: dhulshof@sojaventures.com Phone: 913-515-3868 3. Lucosky Brookman LLP Professional $864,286 111 Broadway Services Suite 807 New York, NY 10006 Attn: Joseph Lucosky Email: jlucosky@lucbro.com Phone: 732-395-4402 4. MDJGroup Trade Claim $807,595 9644 Linebaugh Avenue Tampa, FL 33626 Attn: Michael Stanton Email: mstanton@sclawyergroup.com Phone: 813-444-0155 5. LinkedIn Trade Claim $561,579 62228 Collections Center Drive Chicago, IL 60693-0622 Attn: Rodolfo Gaba Email: updates@garab.law Phone: 888-391-1228 ex 105 6. AHS Staffing Settlement $403,159 2200 Ross Avenue Agreement Suite 5200 Dallas, TX 75201 Attn: Zachary Tobolowsky Email: Zachary.tobolowsky@gtlaw.com Phone: 214-665-3756 7. Cary Levine Independent $333,333 108 Wild Basin Road Contract Claim Suite 250 Austin, TX 78746 8. Moss Adams Trade Claim $323,295 2040 Main Street Suite 900 Irvine, CA 92614 Attn: Larry Shultz Email: Larry.Schultz@mossadams.com Phone: 949-428-0287 9. Indeed, Inc. Trade Claim $218,064 200 W. 6th Street Austin, TX 78701 Attn: Ron Means Email: rmeans@indeed.com 10. Bullhorn Inc. Trade Claim $185,076 100 Summer St. 17th Floor Boston, MA 02110 Attn: Ustav Saini Email: usaini@ghr-global.com Phone: 978-651-1327 11. Caldwell Intellectual Trade Claim $154,027 Property Law 200 Clarendon Street 59th Floor Boston, MA 02116 Attn: Ashleigh Bell Email: abell@gardnerrosenberg.com Phone: 857-465-7112 12. Bell & Associates Ltd Trade Claim $149,300 38 Pittengullies Brae Peterculter, KS AB 14 0QU United Kingdom Attn: Graeme Bell Email: graeme@bellandassociates.co.uk Phone: +44 1224 289727 13. Marsh & McLennan Trade Claim $119,645 Agency LLC 1166 Avenue of the Americas New York, NY 10036 Attn: Tony Colucci Email: Tony.Colucci@MarshMMA.com Phone: 847-463-7327 14. Commercial Investigations Judgment $115,990 622 Loudon Road Suite 2021 Latham, NY 12110 Attn: Elliot Hallak Email: ehallak@harrisbeachmurtha.com Phone: 518-701-2748 15. Okta, Inc. Trade Claim $104,216 100 First Street 6th Floor San Francisco, CA 94105 Attn: Frank J Vecchio Email: fvecchio@commer cialcollection.com Phone: 800-873-5212 ext. 1060 16. Newbury Settlement $102,165 c/o Pierson Agreement Ferdinand LLP 1270 Avenue of the Americas 7th Fl. -1050 New York, NY 10020 Attn: Tony.Onorato Email: tony.onorato@pierferd.com 17. Core Cloud LLC Trade Claim $101,200 22583 Norwalk SQ Ashburn, VA 20148 Attn: Mani Chodisetty Email: hr@corecloudgroup.com Phone: 703-387-6892 18. Fortus Group, Pending Unliquidated Michael Maurizio Litigation Tully Rinckey PLLC Attn: Allen A. Shoikhetbrod, Esq. 1203 Troy-Schenectady Road Suite 101 Latham, NY 12110 Email: ashoikhetbrod@fedattorney.com 19. Dave Campeas c/o Norris Pending Unliquidated McLaughlin, P.C. Litigation Attn: Patrick T. Collins, Esq. 400 Crossing Blvd., 8th Floor Bridgewater, NJ 08807 Email: ptcollins@norris-law.com 20. Gary Suskin Pending Unliquidated c/o Norris Litigation McLaughlin, P.C. Attn: Patrick T. Collins, Esq. 400 Crossing Blvd., 8th Floor Bridgewater, NJ 08807 Email: ptcollins@norris-law.com MY JOB MATCHER: Job.com Seeks Chapter 11 to Sell to Lenders ----------------------------------------------------------- My Job Matcher, Inc., owner of the Job.com platform, sought Chapter 11 with a deal to sell the business to an entity formed by its prepetition lenders for a credit bid of $35 million. The deal with the lenders is subject to higher and better offers in a bidding and auction process approved by the Court. The lenders have agreed to provide a $6.065 million of new money loans, subject to a roll up of $3.865 million of existing debt. The Company owns the Job.com platform, which has been developed to a cutting-edge, AI-driven recruitment platform. Job.com originally offered a job-matching system that intelligently matched jobs to candidates using their uploaded resumes. Job.com expanded its operations beginning in 2020 through the acquisition of various job search and staffing companies, including HireVergence in 2020, Fortus, Endevis and QCI in 2021, and Princeton Search in 2022. The Company has been granted dozens of patents relating to its development of this suite of technology assets. The Company's patents involve AI-enabled extraction of content and data from candidate video interviews which is then analyzed through software that provides prospective employers with job-matching analytics to match job seekers with their job openings with superior results to traditional hiring models. To compliment, and continue to build and develop, its technology platform, in September 2023, non-debtor affiliate Job.com-Team.ai Inc. (a Delaware corporation) acquired the stock of an unrelated, third-party technology developer, Team.AI Corp. Team.AI Corp. had developed a video-based hiring operating system. The Company also provides traditional staffing services, operating three staffing businesses: HireVergence (for IT professionals), Fortus (healthcare staffing), and Endevis (temporary staffing services). The Debtors currently have 21 full- and part-time employees and/or independent contractors that support the business in further developing its technology suite, managing and operating its traditional staffing and recruiting business and operating the "back office." In addition, the Debtors have 60 employees employed by the Debtors on a seasonal or temporary basis. The Debtors previously operated QCI, which provided per diem healthcare workers, and PrincetonOne, a talent solutions provider with an emphasis on recruitment process outsourcing and permanent recruitment services. However, the Debtors sold the assets of PrincetonOne in June of 2024 to Hueman People Solutions. In addition, the Debtors were forced to close QCI in February of 2025. The Debtors entered into senior secured term loans pursuant to a Credit and Security Agreement dated Nov. 4, 2022, with Ankura Trust Company, LLC, as administrative agent, and lenders Serengeti Multi-Series Master LLC-Series ARR, GT Partners Private Credit Finance LLC and GT Monterey Cypress Finance LLC. As of the Petition Date, the Debtors were indebted and liable to the lenders in an aggregate principal amount of not less than $42.24 million, plus any other accrued and accruing unpaid interest. The lenders were granted a stock pledge of the entire equity interest in debtor Job.com. Road to Bankruptcy Robert J. Corliss, who took over as CEO in May at the behest of the Debtors' lenders, explains that the Debtors' financial difficulties stem, in part, from over-expansion into the job search and staffing industry. Between 2020 and 2022, the Debtors acquired five recruitment and staffing businesses. The Debtors expended significant resources acquiring these entities, and, once acquired, failed to control the costs of these business lines. In addition, while the Debtors saw growth in revenue as the result of the high demand for healthcare staffing during the COVID-19 pandemic, the staffing and recruitment industry as a whole saw major realignment during 2023. The Debtors paused their acquisition strategy, and focused instead on the development of their technology portfolio, aligning their current staffing companies into one brand, Job.com, and reducing operating expenses. In an effort to generate cash, the Debtors divested their recruitment process outsourcing business, albeit at a loss. However, with this divestiture came a drop in revenue. While the Debtors had revenue exceeding $100 million in the year ending December 2022, revenue for the year ending December 2024 was $33 million and they are projecting 2025 fiscal year revenue of $15 million. The Debtors' first quarter 2025 gross revenue was approximately $3.5 million. Mr. Corliss adds that to compound matters further, it appears that the Debtors' operations and management suffered from disorganized and, at times chaotic, stewardship under their former management. For example, it appears payroll and payroll tax withholdings were not properly done, the Company entered into numerous transactions where it purported to sell or pledge the sale collateral multiple times, and the Company's records appear to be significantly de-centralized and disorganized. It appears that prior management's approach to running the Company has had a deleterious impact on the Company, its operations, its internal culture, and viability. Beginning in 2023, the Debtors were unable to make various payments of principal and interest under the Prepetition Credit Agreement due to constrained liquidity, resulting in the secured lenders declaring events of default. The lenders signed a forbearance agreement, agreeing to forbear from exercising their rights and remedies with respect to these events of default until January 31, 2024. Nevertheless, the Debtors continued to face financial and operational pressures, resulting in the loss of key vendors. With the loss of several important vendors, the Company's job search and staffing businesses suffered greatly, and essential employees began to quit. In February of 2025, the Debtors were forced to shutter their per diem healthcare staffing business, QCI, when all of QCI's employees quit due to the Company's failure to timely pay wages. The Debtors also became unable to make payments to the merchant cash advance providers (MCAs), resulting in one MCA, Gold Capital USA, garnishing certain of the Debtors' bank accounts. Two of the Debtors' bank accounts were also garnished as the result of a judgment against the Company obtained by Commercial Investigations LLC in the amount of $104,415. In February of 2025, the Debtors retained CorlissMoore to assist in assessing its business operations and collaborate on financial and operational alternatives, among other things. Due to this worsening situation and the existence of one or more Events of Default under the Prepetition Credit Agreement, on May 7, 2025, the Prepetition Agent exercised its rights under the Stock Pledge to: (a) remove all then-existing members of the Debtors' board of directors with immediate effect, (b) appoint David Mack of Drivetrain, LLC, a seasoned professional independent fiduciary with over twenty years of experience in bankruptcy, restructuring, and complex litigation, as the sole independent director of each of the Debtors' boards, and (c) install Robert J. Corliss, as the Chief Executive Officer of Job.com in place of the former CEO. Thereafter, the Debtors appointed Benjamin Gross and Robert Corliss, Jr. (both of CorlissMoore) as the Debtors' Chief Administrative Officer and Chief Operating Officer, respectively. Chapter 11 Sale of Business The Independent Director, with the assistance of the Company's management and advisors, considered several potential restructuring alternatives before ultimately concluding that commencing the chapter 11 cases and a court-approved sale process was the only viable path to preserving and maximizing the value of the Debtors' assets. In furtherance thereof, the Debtors selected Configure Partners, LLC, an experienced investment banking firm, to assist with the sale process. Leading up to the Petition Date, the Debtors also engaged in discussions with the Prepetition Secured Lenders regarding the sale process and the commencement of the Chapter 11 Cases, which culminated in the execution of a stalking horse asset purchase agreement by Job.com Acquisition Co., LLC, an affiliate of the Prepetition Secured Lenders, and a debtor-in-possession financing facility. The Stalking Horse APA contemplates a credit bid for a total purchase price of $35,000,000, including (x) the balance outstanding under the DIP Credit Agreement and (y) a portion of the amount due under the Existing Credit Agreement on the closing date. As part of the purchase price, the Prepetition Lenders have also agreed to assume certain liabilities (including contract cure costs). The Debtors are pursuing a value-maximizing transaction in the first approximately 90 days of these Chapter 11 Cases. To finance the Chapter 11 case and sale process, the Prepetition Secured Lenders agreed to fund the DIP Facility, comprising of: (a) new money loans in the aggregate principal amount of $6,065,000, and (b) subject to entry of a Final DIP Order roll-up loans in the aggregate principal amount of $3,865,148 representing a roll up and conversion on a dollar-for-dollar basis of a corresponding amount of the Prepetition Bridge Loans. Of this amount, $2,000,000 shall be made available on an interim basis upon entry of an interim order and $9,900,000 will be made available on a final basis upon entry of a final order. The Prepetition Secured Lenders also agreed, in connection with the DIP Facility, to the consensual use of prepetition cash collateral. About Job.com My Job Matcher, Inc. owns the Job.com platform, which has been developed to a cutting-edge, AI-driven recruitment platform. On July 6, 2025, My Job Matcher, Inc., and seven affiliates filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11280). The case is pending before the Honorable Karen B. Owens. The Debtors tapped Morris James, LLP, as counsel, and Corliss Moore & Associates, as financial advisor. Stretto is the claims agent. MY JOB MATCHER: Seeks Chapter 11 Bankruptcy Along w/ Affiliates --------------------------------------------------------------- On July 6, 2025, My Job Matcher, Inc. and seven of its subsidiaries filed for Chapter 11 bankruptcy protection in the District of Delaware. The company reported assets between $10 million and $50 million and liabilities ranging from $50 million to $100 million, with an estimated 200 to 999 creditors. According to rkc.llc, the filing appears to be the result of financial difficulties stemming from obligations to various trade creditors and service providers. Significant creditors include Riveron Consulting ($2.1 million), SOJA Ventures ($1.6 million), Lucosky Brookman LLP ($864,000), MDJGroup ($807,000), and LinkedIn ($561,000), pointing to operational struggles within its recruitment technology and services business, the report states. About My Job Matcher Inc. My Job Matcher Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11280) on July 6, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and liabilities ranging from $50 million to $100 million. Honorable Bankruptcy Judge Karen B. Owens handles the case. The Debtor is represented by Jeffrey R. Waxman, Esq.,Carl N. Kunz, III, Esq., and Christopher M. Donnelly, Esq. at Morris James LLP. NEW FORTRESS: Liquidity Risks, Losses Raise Going Concern Doubt --------------------------------------------------------------- New Fortress Energy Inc. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended March 31, 2025, that there is substantial doubt about its ability to continue as a going concern. During the first quarter of 2025, the Company recognized an operating loss and negative operating cash flows. The Company's forecasted cash flows are expected to be impacted by, among other things: (i) reduced earnings following the sale of the Jamaica Business, (ii) increased interest expense and collateral requirements for certain debt instruments, (iii) cash tax payments resulting from the taxable gain on the sale of our Jamaica business in May 2025, and (v) recent declines in commodity prices. As such, management has concluded that, absent successfully executing on one or more of the strategies, the Company's current liquidity and forecasted cash flows from operations may not be sufficient to support, in full, obligations as they become due, and there is substantial doubt as to the Company's ability to continue as a going concern. The Company's forecast excludes certain items that management expects to occur but are not fully in management's control, including, among other things: (1) settlement of our claims resulting from the termination of the emergency power services contract in Puerto Rico in the first quarter of 2024, (2) realization of up to $110,000 in proceeds from the modification of Genera's Operation and Maintenance Agreement; (3) receipt of proceeds from the Jamaica Sale that are currently in escrow of approximately $98,635; and (4) expected cash flows from new business in Puerto Rico and Brazil, among others. Additionally, the Company continues to evaluate asset sales, capital raising, debt amendments and refinancing transactions and other strategic transactions that seek to optimize the value of its portfolio while providing additional liquidity and cash flow. Management has also approved a plan to support its liquidity position by: (i) delaying certain discretionary payments, including planned capital expenditures and dividends, that are within management's control, and (ii) continuously renewing the LNG cargo financing facility over the succeeding 12 months. There are inherent uncertainties, as the occurrence of the events and transactions described above are outside management's control and therefore there are no assurances that these events and transactions will occur. Furthermore, there are inherent risks with the Company's ability to continue to implement plans in future periods that will support our liquidity position, such as its ability to further extend the terms of vendor payments and other obligations. There can be no assurances that these transactions will sufficiently improve its liquidity needs or that it will otherwise realize the anticipated benefits. For the three months ended March 31, 2025 and 2024, the Company recognized a net loss of $197.4 million and a net income of $56.7 million, respectively. As of March 31, 2025, the Company had $13 billion in total assets, $11.1 billion in total liabilities, $40.708 million in commitments and contingencies, and total stockholders' equity of $1.9 billion. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/w6aw4tyd About New Fortress Energy Inc. New Fortress Energy Inc., a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. NEW FORTRESS: Moody's Cuts CFR to Ca, Outlook Remains Negative -------------------------------------------------------------- Moody's Ratings downgraded the ratings of New Fortress Energy Inc. (NFE), including its corporate family rating to Ca from Caa1, probability of default rating to Ca-PD from Caa1-PD, its senior secured term loans B to Ca from B3 and legacy 2026 and 2029 senior secured notes to C from Caa2. Concurrently, Moody's also downgraded the senior secured notes under NFE Financing LLC to Ca from B3. The Speculative Grade Liquidity rating is downgraded to SGL-4 from SGL-3. The outlook remains negative. RATINGS RATIONALE The downgrade of NFE's CFR to Ca is a result of the downgrade of the probability of default rating to Ca-PD, indicating a high risk of default, and Moody's views on overall recovery. NFE's operating results for Q1 2025 showed lower than expected performance, adding to Moody's existing concerns about the company's ability to generate sufficient cash flow to meet its debt service obligations in 2025-26 and an unsustainable capital structure that could lead to transactions that Moody's would view as a distressed exchange and a default. The company has a very complicated capital structure and the downgrade of the debt instrument ratings reflects Moody's views on potential recovery. NFE's management identified and continues to execute on a number of remedial measures, that include pursuing the settlement of NFE's claims resulting from the termination of its emergency power services contract in Puerto Rico; realization of up to $110 million in proceeds from the modification of Genera's Operation and Maintenance Agreement; receipt of remaining $98 million in proceeds from the Jamaica asset sale; and improvement in expected cash flows from new business in Puerto Rico, where NFE was just awarded a new long term LNG supply contract replacing the emergency power services contract terminated in 2024. The timing and effectiveness of these measures are inherently uncertain. NFE's high governance risks are reflected in its G-5 score and CIS-5 credit impact score and are an important consideration in these rating actions. The latest 10-Q report for Q1 2025 revealed a material weakness in internal controls over financial reporting as of March 31, 2025. Management indicates the company may not be able to continue operating unless it completes the remedial measures and addresses the material weakness promptly. The negative outlook on the ratings reflects significant execution risks and substantial uncertainty concerning the timing and adequacy of the remediation measures proposed by the management team. NFE has weak liquidity, reflected in its SGL-4 liquidity assessment. NFE relies on its sizable cash balances and expected proceeds from various claims to support its liquidity amid lower operating cash flow. To support the liquidity position, the management team has also delayed certain discretionary payments, including planned capital expenditures and dividends. In Q1 2025, NFE generated operating loss and negative operating cash flow (before capital expenditures). To support the liquidity position, the management team has delayed certain discretionary payments, including planned capital expenditures and dividends. At the end of Q1 2025, NFE reported that it had $447 million in unrestricted cash (and further $379 million in cash restricted under terms of loan agreements) prior to the closing of the divestment of its operations in Jamaica that brought about $678 million in net cash proceeds (with the remaining $98 million retained in escrow accounts pending completion of certain conditions of sale). The company used some of the proceeds to repay $270 million outstanding under its fully drawn senior secured revolver facility and to repay $55 million out of $324 million outstanding under its senior secured Term loan A facility. The company's next maturity is about $511 million notes due in September 2026. If more than $100 million of the 2026 Notes remain outstanding 91 days prior to this maturity date, the outstanding principal of $2.7 billion under the 2029 Notes issued by NFE Financing LLC becomes due. Also, if any of the 2026 Notes remains outstanding 91 days prior to the maturity date, the outstanding balanced under the revolving facility, which was $750.0 million as of March 31, 2025, becomes due. NFE's term loan B matures in 2028. However, this maturity will also accelerate to July 2026, in advance of the 2026 secured notes maturity, if these notes remain outstanding. The senior secured 2029 notes issued by NFE Financing LLC and the senior secured term loan B are rated Ca, in line with the Ca CFR. The legacy 2026 and 2029 notes are rated C, reflecting their lower collateral coverage and recovery expectations, relative to the security and guarantees packages supporting the term loan B and NFE Financing LLC notes; which is why Moody's views the C rating as more appropriate than the rating suggested by Moody's Loss Given Default for Speculative-Grade Companies Methodology model. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Failure to execute on the remediation plans, address the forthcoming refinancing requirements and improve operating cash flow generation and affordability of debt may lead to the downgrade of the ratings. The ratings may also be downgraded if Moody's views on instrument recovery is lowered. An upgrade of the ratings would require an improvement in operating cash flow generation, reduction in default risks or increased recovery expectations for the company's debts. New Fortress Energy Inc. is a US-listed, energy infrastructure company with liquefaction, regasification and distribution natural gas operations in Puerto Rico, Mexico, Nicaragua and Brazil. The principal methodology used in these ratings was Midstream Energy published in February 2022. NFE's Ca CFR is four notches below the scorecard-indicated outcome of B3. The assigned rating reflects the company's high risk of default and Moody's views on overall recovery. NOBLE GOODNESS: Gets OK to Use Cash Collateral Until July 15 ------------------------------------------------------------ Noble Goodness, LLC and Noble Eats, LLC received second interim approval from the U.S. Bankruptcy Court for the District of Arizona to use cash collateral. The court authorized the Debtors' interim use of cash collateral until July 15 to pay their expenses in accordance with their respective budgets, with a 10% variance allowed. Banc of California and other creditors with an interest in cash collateral will be granted a replacement lien on assets acquired by the Debtors after the petition date, with the same validity and priority as their pre-bankruptcy liens. As additional protection, the court approved the payment of $7,500 to Banc of California in accordance with their loan agreement. Neither Sacks Tierney P.A. nor Resolute Commercial Services, LLC will receive payment for services rendered or costs incurred as a bankruptcy professional during the term of the order. Resolute may receive the retainers and compensation for the ordinary course accounting services provided to the Debtors as provided in the court's separate orders approving the firm's employment. The next hearing is scheduled for July 15. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/Ok5rP from PacerMonitor.com. About Noble Goodness LLC Noble Goodness, LLC operates a bakery and eatery in Phoenix, Arizona. Noble Goodness sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-04874) on May 29, 2025, listing up to $10 million in both assets and liabilities. Jason Raducha, a member of Noble Goodness, signed the petition. Judge Eddward P. Ballinger, Jr. oversees the case. Wesley D. Ray, Esq., at Sacks Tierney, PA, represents the Debtor as legal counsel. NORTH JERSEY TIRE: Unsecureds Will Get 100% in Liquidating Plan --------------------------------------------------------------- North Jersey Tire, Auto and Truck Repair, LLC filed with the U.S. Bankruptcy Court for the District of New Jersey a Small Business Plan of Liquidation dated June 16, 2025. The Debtor was formed in or around 2015 to operate an automotive repair business in Irvington, New Jersey. The Debtor is the sole owner of the commercial real property located at 59–61 Western Parkway, Irvington, NJ 07111 (Block 62, Lot 22) (the "Property"), which has served as the business's operating location since inception. Over time, the Debtor experienced growing financial pressure, particularly due to the nonpayment of real estate taxes on the property. These delinquencies resulted in the issuance of tax sale certificates, which were subsequently enforced through a tax foreclosure action in the Superior Court of New Jersey. Despite collecting modest weekly license fees, the Debtor was unable to satisfy the accumulated tax obligations and address other accrued liabilities. In early 2025, with a sheriff's sale of the property imminent, the Debtor determined that a Chapter 11 filing was necessary to prevent the forced loss of its principal asset, preserve equity in the estate, and enable an orderly liquidation for the benefit of creditors. The Debtor filed its petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code on March 17, 2025, in the Newark Vicinage of the United States Bankruptcy Court for the District of New Jersey. Class 3 consists of General Unsecured Claims. This class includes nonpriority, unsecured creditors, including credit card and collection claims totaling approximately $18,127.00 and will be paid 100% on allowed claims. Distributions will be made from remaining sale proceeds after payment of secured and priority claims. This Class is impaired. Class 4 consists of the Debtor's equity interest holders: Jose Aguirre and Barbaro Arango, each listed as holding a 50% ownership interest. To the extent funds remain after payment of all Allowed Claims, such funds will be distributed pro rata to holders of Allowed Equity Interests. The Debtor reserves all rights to object to, recharacterize, or seek subordination of Mr. Arango's equity interest based on his lack of participation in the Debtor's business and reorganization. No distribution shall be made on account of his interest unless and until it is allowed by the Court or resolved by agreement. The primary means for implementation of this Plan shall be the sale of substantially all of the Debtor's assets, including the real property located at 59–61 Western Parkway, Irvington, New Jersey (Block 62, Lot 22), together with all equipment, tools, fixtures, and personal property owned by the Debtor and used in connection with the premises. The Debtor has entered into a listing agreement and has received a signed Letter of Intent (LOI) dated May 29, 2025, from a prospective purchaser offering to acquire the assets for a total purchase price of $650,000.00, subject to contract and customary contingencies. The Debtor anticipates filing a motion to approve the sale under Section 363 of the Bankruptcy Code. The net proceeds of the sale, after payment of closing costs and satisfaction of valid secured liens (including tax sale certificates), shall be used to fund all distributions required under the Plan. The Debtor believes the Plan is feasible under Section 1191(c)(3)(B) of the Bankruptcy Code because all payments to creditors will be funded from the net proceeds of a pending sale of substantially all of the Debtor's assets. A signed Letter of Intent has been received reflecting a $650,000 purchase price, which the Debtor anticipates is sufficient to pay all Allowed Claims in full. Accordingly, the Debtor anticipates no need for future income or post-confirmation operations to satisfy plan obligations. Allowed Claims shall be paid from the sale proceeds in accordance with the terms of this Plan and the priority provisions of the Bankruptcy Code. To the extent surplus funds remain after payment of all Allowed Claims, such funds shall be distributed to holders of Allowed Equity Interests, subject to the reservation of rights set forth in this Plan. A full-text copy of the Liquidating Plan dated June 16, 2025 is available at https://urlcurt.com/u?l=kboc3Y from PacerMonitor.com at no charge. Counsel to the Debtor: Justin M. Gillman, Esq. GILLMAN CAPONE LLC 770 Amboy Avenue Edison, New Jersey 08837 (732) 661-1664 (Tel.) (732) 661-1707 (Fax) ecf@gillmancapone.com (E-Mail) About North Jersey Tire Auto and Truck Repair North Jersey Tire, Auto and Truck Repair, LLC was formed in or around 2015 to operate an automotive repair business in Irvington, New Jersey. The Debtor sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-12719) on March 17, 2025, listing $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Michael B Kaplan presides over the case. Justin M Gillman, Esq. at Gillman Capone LLC, is the Debtor's counsel. OEJ ELECTRIC: Seeks Chapter 11 Bankruptcy in Arizona ---------------------------------------------------- On July 6, 2025, OEJ Electric LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Arizona. 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 OEJ Electric LLC OEJ Electric LLC is an electrical contractor based in Vail, Arizona that specializes in electrical services. OEJ Electric LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-06142) on July 6, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $100,000 and $500,000. The Debtors are represented by Charles R. Hyde, Esq. at LAW OFFICES OF C.R. HYDE, PLC. ONAR HOLDING: Losses, Cash Needs Raise Going Concern Doubt ---------------------------------------------------------- ONAR Holding Corporation disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended March 31, 2025, that there is substantial doubt about its ability to continue as a going concern. The Company has incurred losses since inception, has negative working capital and has not generated positive cash flows from operations since inception. The Company generated a loss of $1,287,502 for the period ended March 31, 2025 and has a working capital deficiency of $4,747,392. These matters, among others, raise substantial doubt about the Company's ability to continue as a going concern. For the three months ended March 31, 2025 and 2024, the Company recognized a net loss of $5.6 million and a net loss of $1.9 million, respectively. Revenue was $1,072,595 for the three months ended March 31, 2025, compared to revenue of $600,542 for the three months ended March 31, 2024, an increase of $472,053 or 79% from the prior period. The Company's ability to continue in existence is dependent on its ability to develop additional sources of capital, and/or achieve profitable operations and positive cash flows. Management's plans with respect to operations include aggressive marketing and raising additional capital through sales of equity or debt securities as may be necessary to pursue its business plans and sustain operations until such time as the Company can achieve profitability. Management believes that aggressive marketing combined with additional financing, as necessary, will result in improved operations and cash flows in the future. However, there can be no assurance that management will be successful in obtaining additional funding or in attaining profitable operations. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/4fp6rcvy About ONAR Holding ONAR (OTCQB: ONAR) is a leading marketing technology company and marketing agency network, now publicly traded as Onar Holding Corporation. ONAR's mission is to provide unparalleled marketing services that drive revenue growth through an integrated, AI-driven approach. Committed to honor, candor, and best-in-class results, ONAR aims to lead the industry by example, ensuring every client relationship is deeply rooted in trust and excellence. As of March 31, 2025, the Company had $2,229,675 in total assets, $5,610,848 in total liabilities, and total stockholders' deficit of $3,381,173. ORION PORTFOLIO: Seeks Chapter 11 Bankruptcy in Pennsylvania ------------------------------------------------------------ On July 3, 2025, Orion Portfolio Management LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Pennsylvania. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Orion Portfolio Management LLC Orion Portfolio Management LLC is a single asset real estate company that owns and manages property at 714-714 Armandale Street in Pittsburgh, Pennsylvania. Orion Portfolio Management LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-21767) on July 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. The Debtors are represented by Brian C. Thompson, Esq. at Thompson Law Group, PC. PACIFIC GREEN: Grant Thornton Raises Going Concern Doubt -------------------------------------------------------- Pacific Green Technologies, Inc. disclosed in a Form 10-K Report filed with the U.S. Securities and Exchange Commission for the fiscal year ended March 31, 2024, that its auditor has expressed substantial doubt about the Company's ability to continue as a going concern. London, United Kingdom-based Grant Thornton LLP, the Company's auditor since 2022, 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 year ended March 31, 2024, citing that the Company has not secured necessary funding from lenders and has uncertainty regarding forecasted project sales. These conditions, along with the other matters as set forth in Note 1, raise substantial doubt about the Company's ability to continue as a going concern. Going Concern The assessment of liquidity and going concern requires the Company to make judgments about its ability to meet its obligations as they fall due for at least one year after the date that the consolidated financial statements are issued. The directors have reviewed a fiscal year 2026 budget extended through 12 months from the date the financial statements are issued, based on management's operating plan and anticipated financing arrangements. In order for the Company to meet its ongoing obligations, including repayment of short-term debt of principal $16.7 million due for repayment within the next 12 months, and also develop BESS projects from its pipeline at scale, management have been in discussion with several parties, including the existing AUD 11.0 million lender to Pacific Green Technologies Australia, to establish a larger development loan facility. This facility is anticipated to be approximately AUD 50 million. The facility will ensure the Company can meet its obligations as they fall due until at least twelve months from the date the financial statements are issued and increase its pace of pipeline development and cash generation from BESS project sales at Ready to Build stage. The fact that the additional funding required has not yet been fully secured indicates the existence of an event that may cause substantial doubt on their ability to continue as a going concern. Whilst the funding has not yet been secured, the Company is confident that it will be successful, based on: * Existing loan relationship with one of the prospective lenders, supportive of the Company's growth plans. * Positive interest in the loan facility from prospective lenders. * An independent study confirming the current value of the Australian BESS project pipeline sufficient to act at as loan security. The Company also notes that Limestone Coast West BESS project does not yet have any firm sale offers. This project is currently budgeted to be sold in the second half of fiscal year 2026, and is a major component of overall cash receipts through twelve months from the date the financial statements are issued. The lack of firm offers indicates the existence of an event that may cause substantial doubt on their ability to continue as a going concern. Management are confident of completing this sale effectively and timely, based on: * Recent success in the sale of Limestone North project. * Interest has already received from prospective buyers. * The project has secured a fixed price 7-year offtake agreement for 50% of the battery capacity. The directors have also reviewed possible downside scenarios to test the Company's liquidity in the event of adverse circumstances. Based on the above, the Directors have concluded that the Company remains a going concern. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/4u8ake7b About Pacific Green Technologies Pacific Green Technologies, Inc. is a global energy storage and environmental technology company, on a mission to advance the transition to sustainable energy solutions. For the year ended March 31, 2024, the Company had a net profit of $31,000 compared to a net loss of $11,794,000 for the year ended March 31, 2023. As of March 31, 2024, the Company had $28,466,000 in total assets, $22,458,000 in total liabilities, and total equity of $6,008,000. PARDUE COURT: Seeks Chapter 11 Bankruptcy in Oregon --------------------------------------------------- On July 3, 2025, Pardue Court LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Oregon. According to court filing, the Debtor reports $1,541,638 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Pardue Court LLC 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. Pardue Court LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 25-32271) on July 3, 2025. In its petition, the Debtor reports total assets of $3,447,630 and total liabilities of $1,541,638. Honorable Bankruptcy Judge Teresa H. Pearson handles the case. The Debtors are represented by Theodore J. Piteo, Esq. at MICHAEL D. O'BRIEN & ASSOCIATES PC. PBREIA LLC: Case Summary & Seven Unsecured Creditors ---------------------------------------------------- Debtor: PBREIA, LLC 6001 W. Interstate 20 Suite 200 Arlington, TX 76017 Business Description: PBREIA, LLC is a single-asset real estate company whose principal property is located in San Diego, California. Chapter 11 Petition Date: July 2, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-42439 Judge: Hon. Mark X Mullin Debtor's Counsel: Thomas Scannell, Esq. FOLEY & LARDNER, LLP 2021 McKinney Avenue, Suite 1600 Dallas, TX 75201 Tel: 214-999-4289 Email: tscannell@foley.com Debtor's Real Estate Broker and Advisor: HILCO REAL ESTATE, LLC 5 Revere Drive, Suite 320 Northbrook, Illinois 60062 Estimated Assets: $1 million to $10 million Estimated Liabilities: $100,000 to $500,000 The petition was signed by Lynn Boyer as member. A full-text copy of the petition, which includes a list of the Debtor's seven unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FJLAOLY/PBREIA_LLC__txnbke-25-42439__0001.0.pdf?mcid=tGE4TAMA POLOMAR HEALTH: Losses, Cash Shortfall Raise Going Concern Doubt ---------------------------------------------------------------- Polomar Health Services, Inc. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended March 31, 2025, that there is substantial doubt about its ability to continue as a going concern. Polomar Health stated, "To date, we have not generated material revenues from operations. We have incurred losses since inception and negative cash flows from operating activities for all periods presented. As of March 31, 2025, we had total current assets of $201,200 and total current liabilities of $1,660,382. We had working capital of ($1,459,182) as of March 31, 2025, as compared with ($1,260,965) as of March 31, 2024." "We currently do not have sufficient cash to fund our operations for the next 12 months and we require additional working capital for ongoing operating expenses, which has been funded during the three-month period ended March 31, 2025, by related party loans. We anticipate adding consultants or employees for the corresponding operations of the Company, but this will not occur prior to obtaining additional capital." "Management is currently in the process of looking for additional investors. Currently, loans from banks or other traditional lending sources for lines of credit or similar short-term borrowings are not available to us. We have been able to raise working capital to fund operations through related party debt or through the issuance of our restricted common stock. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business." "Management evaluated all relevant conditions and events that are reasonably known or reasonably knowable, in the aggregate, as of the date the consolidated financial statements are issued and determined that substantial doubt exists about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent on the Company's ability to generate revenues and raise capital. The Company has not generated revenues to provide sufficient cash flows to enable the Company to finance its operations internally. As of March 31, 2025, the Company had $129,331 cash on hand and had an accumulated deficit of $3,368,018. For the three months ended March 31, 2025, the Company had a net loss of $456,855 and cash used in operations of $45,577." "Over the next 12 months management plans to raise additional capital and to invest its working capital resources in its existing business and other potential business opportunities. However, there is no guarantee the Company will raise sufficient capital to continue operations," the Company concluded." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/3u5pc5t6 About Polomar Health Services Polomar Health Services, Inc., through its wholly owned subsidiary, Polomar Specialty Pharmacy, LLC operates a State of Florida licensed retail compounding pharmacy, located in Palm Harbor, Fla., pursuant to license #PH35196. Polomar Specialty Pharmacy is also licensed as a Special Sterile Compounding Pharmacy, permit #PH35277, which authorizes the licensed entity to dispense injectable and other sterile compounds upon receipt of a valid prescription. As of March 31, 2025, the Company had $9,808,644 in total assets, $1,666,368 in total liabilities, and total stockholders' equity $8,142,276. POWIN LLC: Mayer Brown & Pashman Stein Represent Licensees ---------------------------------------------------------- The law firms of Mayer Brown LLP and Pashman Stein Walder Hayden, P.C. filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 cases of Powin, LLC and affiliates, the firms represent Licensees. The Licensees hold claims, including unsecured pre-petition claims and potentially other claims, including for potential rejection damages in the event their license or other agreements are rejected. The full amount of each of the Licensees' claims is undetermined at this time. Counsel has no prepetition claims against or equity interest in the Debtors. Counsel does not currently represent or purport to represent any other parties in these Chapter 11 Cases. In addition, Counsel does not represent the Licensees as a "committee" and does not undertake to represent the interests of, and is not a fiduciary for, any other creditor, party in interest, or other entity that has not signed an engagement letter with Counsel. In addition, the Licensees do not represent or purport to represent any other entities in connection with these Chapter 11 Cases. Each of the Licensees do not represent the interests of, nor act as a fiduciary for, any person or entity other than itself in connection with the Chapter 11 Cases. While certain of the Licensees have been joint signatories to certain filings in these Chapter 11 Cases where they believe they have similar interests, they are not, at this time, generally acting as a formal ad hoc group or "committee." The name and address of each of the Licensees represented by Counsel are as follows: 1. Leeward Renewable Energy, LLC, on behalf of: Antelope Valley BESS, LLC; Chaparral Springs, LLC; and Rabbitbrush Solar, LLC 6688 N. Central Expressway Suite 500 Dallas, TX 75206 2. Longroad Development Company, LLC, on behalf of: Serrano Solar, LLC; Sun Streams PVS, LLC; and Sun Streams Expansion, LLC 125 High Street High Street Tower Suite 1705 Boston, MA 02110 3. DTE Electric Company One Energy Plaza 1500 WCB Detroit, MI 48226 4. Poblano Energy Storage, LLC c/o Strata Solar, LLC 800 Taylor St. Suite 200 Durham, NC 27701 The law firms can be reached at: John W. Weiss, Esq. Leah M. Eisenberg, Esq. David E. Sklar, Esq. PASHMAN STEIN WALDER HAYDEN, P.C. 21 Main Street, Suite 200 Hackensack, New Jersey 07601 Telephone: (201) 270-5477 Email: jweiss@pashmanstein.com leisenberg@pashmanstein.com dsklar@pashman -and- Joaquin C. de Baca, Esq. Richard A. Stieglitz, Esq. Youmi Kim, Esq. MAYER BROWN LLP 1221 Avenue of the Americas New York, New York 10020-1001 Telephone: (212) 506-2500 Facsimile: (212) 262-1910 Email: jcdeBaca@mayerbrown.com rstieglitz@mayerbrown.com ykim@mayerbrown.com About Powin LLC Powin, LLC is a manufacturer of utility-scale battery energy storage systems. It specializes in designing and manufacturing advanced energy storage solutions for utility, commercial, and industrial applications. Powin sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-16137) on June 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Michael B. Kaplan handles the case. The Debtor is represented by Frank A. Oswald at Togut, Segal & Segal LLP. PRINCETON SEARCH: Seeks Chapter 11 Bankruptcy in Delaware --------------------------------------------------------- On July 6, 2025, Princeton Search LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware. According to court filing, the Debtor reports between $50 million and $100 million in debt owed to 200 and 999 creditors. The petition states funds will be available to unsecured creditors. About Princeton Search LLC Princeton Search LLC is operating as PrincetonOne, is a recruitment and staffing services company specializing in employment placement and workforce solutions. Princeton Search LLCsought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11287) on July 6, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. The Debtors are represented by Carl N. Kunz, III, Esq. and Jeffrey R. Waxman, Esq. at Morris James LLP. PROJECT PIZZA: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Project Pizza Polk LLC d/b/a Fiorella Polk 2238 Polk Street San Francisco, CA 94109 Business Description: Fiorella Polk, operated by Project Pizza Polk LLC, is a neighborhood Italian restaurant offering wood-fired pizza, handmade pasta, and seasonal dishes. It operates in Noe Valley and is part of a family of four Fiorella restaurants serving San Francisco, including the original location in the Richmond District. Chapter 11 Petition Date: July 2, 2025 Court: United States Bankruptcy Court Northern District of California Case No.: 25-30521 Judge: Hon. Dennis Montali Debtor's Counsel: Matthew D. Metzger, Esq. BELVEDERE LEGAL, PC 1777 Borel Place, Suite 314 San Mateo, CA 94402 Tel: 415-513-5980 Fax: 415-513-5985 E-mail: info@belvederelegal.com Total Assets: $206,216 Total Liabilities: $1,053,818 The petition was signed by Boris Nemchenok as CEO of Manager. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/345V6UA/Project_Pizza_Polk_LLC__canbke-25-30521__0001.0.pdf?mcid=tGE4TAMA PUBLISHERS CLEARING: Court Okays Sale of Assets to ARB Interactive ------------------------------------------------------------------ At the behest of Publishers Clearing House LLC, Chief Judge Martin Glenn of the United States Bankruptcy Court for the Southern District of New York entered an order approving the sale of the Debtors' assets to ARB Interactive, Inc., the winning bidder at an auction. PCH Interactive, LLC was the next-highest bidder. The Court previously entered a Bidding Procedures Order on May 29, 2025. The Debtor subsequently filed a Notice of Successful Bidder and Next Highest Bidder for the Debtor's Assets, confirming that a virtual auction was held on June 17, 2025, and that, after the bidding concluded, the Debtor declared ARB Interactive, Inc. as the winning bidder for the Debtor's assets, and PCH Interactive, LLC as the next-highest bidder. On June 27, 2025, the Debtor filed a revised proposed Sale Order incorporating comments from the Successful Bidder and other parties in interest, the proposed Asset Purchase Agreement, by and between the Debtor and the Successful Bidder, and the Declaration of J. Scott Victor in Support of Debtor's Motion for Entry of Order (A) Authorizing the Sale of All or Substantially All of the Debtor's Assets Free and Clear of Liens, Claims, Encumbrances and Other Interests; and (B) Granting Related Relief. Also pending before the Court is the Debtor's Notice Regarding Assumption and Assignment of Executory Contracts and Unexpired Leases and Establishment of Cure Claims Bar Date for Non-Debtor Counterparties to Executory Contracts and Unexpired Leases, filed on June 13, 2025. Cigna Health and Life Insurance Company filed an Objection to the Assumption and Assignment Notice on June 20, 2025. On June 27, 2025, counsel for the Debtor advised that the Cigna Assumption and Assignment Objection has been resolved. The Court held a hearing on the Motion on June 30, 2025. The Debtor indicated that it intends to submit a further revised proposed order following the Sale Hearing. On Feb. 9, 2025, prior to the Petition Date, the Debtor retained SSG Advisors, LLC as its exclusive investment banker, to advise and assist the Debtor with a potential sale, financing or other restructuring transaction. Pursuant to the Notice of Auction, with the assistance of SSG, the Debtor qualified three bidders in accordance with the Bidding Procedures to participate in the Auction on June 17, 2025. Following the conclusion of bidding, the Debtor declared ARB Interactive, Inc. as the Successful Bidder since it submitted the highest and best bid during the Auction consisting of a purchase price of: (i) $7,100,000 in cash, plus (ii) approximately $378,096.75 in cure costs related to contracts that the Successful Bidder seeks to have assumed and assigned to it under section 365 of the Bankruptcy Code, plus (iii) the assumption of certain prize winner liabilities. The Court finds the Debtor has satisfied the requirements of section 363(f) and should be permitted to sell the property free and clear of all liens and interests. The Debtor indicates that the Successful Bidder would not have entered into the Purchase Agreement and would not consummate the Sale Transaction, thus adversely affecting the Debtor's estate and its creditors, if the Acquired Assets were not sold to it free and clear of all Liens or if the Successful Bidder would, or in the future could, be liable for any Liens against the Acquired Assets. Additionally, one of the grounds for selling a property free and clear is that the lienholder consents. In this case, the DIP Lender has consented to the Sale of the Assets upon the terms set forth in the DIP PSA. All other holders of Liens who did not object or withdrew their objections to the Sale Transaction are deemed to have consented to the Sale pursuant to section 363(f)(2) of the Bankruptcy Code. The Debtor submits that the Successful Bidder is purchasing the Acquired Assets in good faith, and that the Asset Purchase Agreement was negotiated, proposed and entered into by the Debtor and the Successful Bidder without collusion, in good faith and from arms' length bargaining positions. Accordingly, the Successful Bidder has been adequately afforded the protections available under section 363(m) of the Bankruptcy Code, the Court concludes. With respect to Cigna's Assumption and Assignment Objection, as set forth in the Revised Proposed Order, the Cigna Contracts (as defined in the Assumption and Assignment Objection) "shall not be assumed and assigned to the Successful Bidder pursuant to this Order." The Debtor submits that this "resolves" the Assumption and Assignment Objection. The Objection was withdrawn at the hearing. A copy of the Court's Memorandum Opinion dated June 30, 2025, is available at https://urlcurt.com/u?l=ZSYO4b from PacerMonitor.com. About Publishers Clearing House Publishers Clearing House LLC is a direct-to-consumer company offering free-to-play digital entertainment. Through its PCH/Media division, PCH helps brands and advertisers connect with qualified, responsive audiences across its extensive chance-to-win gaming platforms. PCH has evolved into a multi-channel media company, combining digital entertainment, direct-to-consumer marketing, and commerce to create compelling experiences for users and brands alike. Publishers Clearing House filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10694) on April 9, 2025. The case is pending before the Honorable Martin Glenn. Klestadt Winters Jureller Southard & Stevens, LLP is serving as legal advisor, William H. Henrich and Laurence Sax from Getzler Henrich & Associates LLC are serving as co-chief restructuring officers, SSG Capital Advisors, LLC, is serving as investment banker, and C Street Advisory Group is serving as strategic communications advisor to the Company. Omni Agent Solutions is the claims agent. On April 24, 2025, the Office of the United States Trustee for the Southern District of New York appointed an official committee of unsecured creditors appointed in this Chapter 11 case. The committee tapped Rimon PC as counsel. R.W. SIDLEY: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: R.W. Sidley Inc. 6900 Madison Rd Thompson, OH 44086-9774 Business Description: R.W. Sidley Inc. provides construction materials and precast concrete products across Ohio and surrounding regions. Founded in 1933, the Company manufactures architectural and structural precast components, supplies aggregates and industrial minerals, and operates a fleet for material transport. Chapter 11 Petition Date: July 2, 2025 Court: United States Bankruptcy Court Northern District of Ohio Case No.: 25-12797 Judge: Hon. Jessica E Price Smith Debtor's Counsel: Anthony J. DeGirolamo, Esq. ANTHONY J. DEGIROLAMO, ATTORNEY AT LAW 3930 Fulton Dr., N.W., Ste.100B Canton OH 44718 Tel: (330) 305-9700 Email: tony@ajdlaw7-11.com Debtor's Special Counsel: BRENNAN MANNA DIAMOND LLC Debtor's Financial Advisor: CENTRUS LLC Debtor's Consultant: ROBERT BUESCHER Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Robert J. Buescher as chairman. 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/3VCGZMQ/RW_Sidley_Inc__ohnbke-25-12797__0001.0.pdf?mcid=tGE4TAMA R3CYCLE INDUSTRIES: Voluntary Chapter 11 Case Summary ----------------------------------------------------- Debtor: R3CYCLE Industries, LLC 4417 Helms Road Waxhaw, NC 28173 Business Description: R3CYCLE Industries reprocesses post- industrial and post-consumer polyethylene terephthalate (PET) containers into PET flakes used in the production of new beverage bottles, fibers, and food packaging. Based in Waxhaw, North Carolina, the Company supports closed-loop recycling systems and promotes the use of recycled PET content across industries. It combines technology and sustainability efforts to reduce plastic waste and contribute to the circular economy. Chapter 11 Petition Date: July 1, 2025 Court: United States Bankruptcy Court Western District of North Carolina Case No.: 25-30685 Judge: Hon. Ashley Austin Edwards Debtor's Counsel: John C. Woodman, Esq. ESSEX RICHARDS PA 1701 South Boulevard Charlotte, NC 28203 Tel: (704) 377-4300 Fax: (704) 372-1357 Email: jwoodman@essexrichards.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Julian Ochoa as owner/CEO. The Debtor did not submit the required list of its 20 largest unsecured creditors when filing the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6ULV3II/R3CYCLE_Industries_LLC__ncwbke-25-30685__0001.0.pdf?mcid=tGE4TAMA RAD TECHNOLOGIES: Artesian CPA Raises Going Concern Doubt --------------------------------------------------------- Rad Technologies, Inc. in a Form 1-K Report filed with the U.S. Securities and Exchange Commission for the fiscal year ended December 31, 2024, that its auditor expressed substantial doubt about the Company's ability to continue as a going concern. Denver, Colo.-based Artesian CPA, LLC, issued a "going concern" qualification in its report dated May 5, 2025, attached to the Company's Annual Report on Form 1-K for the fiscal year ended December 31, 2024, citing that the Company has not generated profits since inception and has sustained net losses of $8,539,470 and $5,452,951 for the years ended December 31, 2024 and 2023, respectively, and has incurred negative cash flows from operations for the years ended December 31, 2024 and 2023. As of December 31, 2024, the Company had an accumulated deficit of $35,869,007 and cash of $277,938, relative to negative operating cash flows of $5,330,016 in 2024. The Company has a working capital deficit of $1,337,998 as of December 31, 2024, including a secured convertible note that was demandable in 2024. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern in the next twelve months following the date the consolidated financial statements were available to be issued is dependent upon its ability to produce revenues and/or obtain financing sufficient to meet current and future obligations and deploy such to produce profitable operating results. Management has evaluated these conditions and plans to generate revenues and raise capital as needed to satisfy its capital needs. During the next twelve months, the Company intends to fund its operations through debt and/or equity financing. There are no assurances that management will be able to raise capital on terms acceptable to the Company. If it is unable to obtain sufficient amounts of additional capital, it may be required to reduce the scope of its planned development, which could harm its business, financial condition, operating results, and ability to continue as a going concern. A full-text copy of the Company's Form 1-K is available at: https://tinyurl.com/jz4vcry9 About Rad Technologies RAD Technologies, Inc. is a technology company incorporated on July 6, 2018 based on the thesis that content marketing, which includes influencer activations, is rampant with inefficient processes that drive bloated fee structures. Historically, the influencer marketing industry leveraged these difficulties to bill for more time. RAD Technologies is part of the Dalkotech group, a company specializing in the manufacture of mechanically welded parts and steel tanks, primarily intended for original manufacturers (OEMs) of machinery and industrial equipment. As of December 31, 2024, the Company has $2,590,425 in total assets, $2,504,697 in total liabilities, and $85,728 in total stockholders' equity. RANGER BEARINGS: Seeks to Hire E. J. Saad PC as Special Counsel --------------------------------------------------------------- Ranger Bearings, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to hire E. J. Saad, PC d/b/a E. J. Saad Law Firm as special counsel. The firm will gather application information and conduct the analysis necessary to calculate the Employee Retention Tax Credit as well as delivery of the necessary documents to the Internal Revenue Service to apply for such federal tax credits. The firm will receive a contingency fee equal to 20 percent of all Employee Retention Tax Credit funds. Matthew Andrews, partner at E.J. Saad Law Firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm may be reached at: Matthew Andrews, Esq. E. J. SAAD LAW FIRM 6207 Cottage Hill Road, Suite G Mobile, AL 36609 Tel: (251) 660-0888 Email: mandrews@ejsaadlaw.com About Ranger Bearings, LLC Ranger Bearings, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tenn. Case No. 24-25657) on Nov. 13, 2024, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Haines O'Neil as managing member of American Railway Services, LLC. Judge Denise E Barnett presides over the case. Craig M. Geno, Esq. at Law Offices Of Craig M. Geno, PLLC represents the Debtor as counsel. RCJ2 ENTERPRISES: Gold's Gym Closes 2 San Antonio, Tex. Locations ----------------------------------------------------------------- Priscilla Aguirre of msn reports that Gold's Gym has notified members that it will be closing two of its San Antonio branches -- Nacogdoches and Lockhill Selma -- this summer, according to an email obtained by MySA. The Nacogdoches gym, located at 4319 Thousand Oaks Drive, will close on August 3, 2025 while the Lockhill Selma location at 2323 Lockhill Selma Road will shut down on August 17, 2025, according to the report. "Gold's Gym has proudly been part of the San Antonio community for over 25 years, and with more than 15 remaining locations in the area, we remain a leading and trusted fitness brand," the company stated in its message. "We're committed to continuing our presence in the region for years to come." To support members impacted by the closures, Gold's Gym is offering free membership upgrades at no additional cost, along with two complimentary months of Gold's STUDIO classes, a 20% discount on merchandise at the closing gyms' ProShops, and the ability to bring a guest for free through September 2025. Members were also encouraged to visit other nearby locations, including those in Live Oak and Fiesta Trails, the report states. These closures follow the shutdown of Gold's Gym's final two locations in El Paso in April 2025, reportedly due to "unforeseen circumstances," as reported by ABC-7. That same month, the chain's parent company, RCJ2 Enterprises, LLC, filed for Chapter 7 bankruptcy. Gold's Gym was acquired by Germany-based RSG Group in 2020 after filing for Chapter 11 bankruptcy during the COVID-19 pandemic. The brand is now part of RSG's portfolio, which also includes McFIT and JOHN REED Fitness, according to report. MySA has reached out to Gold's Gym for further comment on the San Antonio closures. About RCJ2 Enterprises LLC RCJ2 Enterprises is the parent company of Gold's Gym. RCJ2 Enterprises sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-30518) on April 30, 2025. Honorable Bankruptcy Judge Christopher G. Bradley handles the case. The Debtor is represented by Carlos A. Miranda, Esq. at Miranda & Maldonado, P.C. RCM MANUFACTURING: Court OKs Continued Use of Cash Collateral ------------------------------------------------------------- RCM Manufacturing Incorporated and its affiliates received approval from The U.S. Bankruptcy Court for the District of Minnesota to use cash collateral to pay their expenses. The court's order authorized RCM Manufacturing, RCM Specialties, Inc. and RCM Equipment Company, LLC to use the cash collateral of their secured creditors, including Vermillion State Bank and the U.S. Small Business Administration in accordance with their budget. As protection, the secured creditors will be granted replacement liens on post-petition accounts and assets, with the same priority and effect as their pre-bankruptcy liens. The replacement liens do not apply to any bankruptcy causes of action. As further protection, Vermillion State Bank will receive a monthly payment of $10,185 while SBA will receive a monthly payment of $2,427. Payments will start on July 15. Other forms of protection include insurance coverage and timely submission of financial reports and updates to the secured creditors. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/3yGGt from PacerMonitor.com. About RCM Manufacturing Incorporated RCM Manufacturing Incorporated sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-30979) on April 4, 2025. In the petition signed by Franklin E. Connelly, president, the Debtor disclosed up to $1 million in assets and up to $500,000 in liabilities. Judge Katherine A. Constantine oversees the case. Brian A. Gravely, Esq., at Dudley and Smith PA, represents the Debtor as legal counsel. RED METAL: DMCL LLP Raises Going Concern Doubt ---------------------------------------------- Red Metal Resources Ltd. disclosed in a Form 20-F Report filed with the U.S. Securities and Exchange Commission for the fiscal year ended January 31, 2025, that its auditor has expressed substantial doubt about the Company's ability to continue as a going concern. The Company was incorporated on January 10, 2005, and to date has been involved primarily in organizational activities, acquiring and exploring mineral claims and obtaining financing. Vancouver, Canada-based Dale Matheson Carr-Hilton Labonte LLP, the Company's auditor since 2010, issued a "going concern" qualification in its report dated June 2, 2025, attached to the Company's Annual Report on Form 20-F for the year ended January 31, 2025, citing that the Company has not advanced its mineral properties to commercial production, has incurred losses in developing its business, and further losses are anticipated. The Company requires additional funds to meet its obligations and the costs of its operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. The Company incurred a comprehensive loss of $889,006 for the year ended January 31, 2025, and, as at January 31, 2025, the Company had a deficit of $15,445,791, and its current liabilities exceeded its current assets by $1,145,222. The continuation of the Company's operations depends on its ability to complete equity or debt financings as needed or generate capital from profitable operations. Whether the Company will be successful as a mining company must be considered in light of the costs, difficulties, complications and delays associated with its proposed exploration programs. These potential problems include, but are not limited to, identifying claims with mineral deposits that can be mined cost-effectively, the costs associated with acquiring such properties, and the availability of human or equipment resources. The Company cannot assure that it will ever generate significant revenue from its operations or realize a profit. The Company expects to continue incurring operating losses over the next 12 months. A full-text copy of the Company's Form 20-F is available at: https://tinyurl.com/2wmn3fs About Red Metal Resources Ltd. Vancouver, British Columbia-based Red Metal Resources Ltd. is involved in acquiring and exploring mineral properties in Chile through its wholly-owned subsidiary, Minera Polymet SpA, organized under the laws of the Republic of Chile, and in Canada, in the provinces of Quebec and Ontario. As of January 31, 2025, the Company had $1,354,439 in total assets, $3,171,998 in total liabilities, and total shareholders' deficit of $1,817,559. REDSTONE BUYER: Moody's Cuts CFR to Caa3 & Alters Outlook to Neg. ----------------------------------------------------------------- Moody's Ratings downgraded Redstone Buyer LLC 's (RSA Security or RSA) ratings including its corporate family rating to Caa3 from Caa1. The downgrade was driven by continuing performance challenges, near term maturing of the revolver and lower than expected proceeds from business divestitures. Moody's also downgraded the senior secured first lien bank credit facilities to Caa2 from B3 and the senior secured second lien bank credit facilities to Ca from Caa3. In addition, the probability of default rating has been downgraded to Caa3-PD from Caa1-PD. The outlook has been revised to negative from stable. The recent sale of the NetWitness business at a much lower than expected price increases the likelihood that remaining asset proceeds will not be sufficient to cover the outstanding debt. No debt was repaid with the NetWitness proceeds. The credit thesis for the overall company has been based on the orderly sale of business units to pay off debt. While the remaining RSA and Outseer businesses have substantial value, they likely cannot support the current capital structure without substantial growth. Leverage pro forma for the NetWitness sale is around 13x based on January 2025 trailing results. In addition, uncertainty remains around what proportion of asset sale proceeds would actually pay down debt. RATINGS RATIONALE RSA's Caa3 CFR reflects the still very high financial leverage and continuing challenges at the remaining businesses. The company has the potential to sell the remaining two businesses but given the challenges at the segments, it remains uncertain whether net proceeds will be sufficient to repay all the debt. Cash flow remains negative and the revolver matures in 2026. The credit profile benefits from RSA's solid positions across various enterprise cybersecurity and risk management software markets and favorable demand drivers in the security software industry. RSA has been updating and modernizing its platforms including cloud security and AI capabilities over the past several years after falling behind several of its competitors. Though the company has made progress in new product development, the competitive environment remains challenging and continued investment will likely be required to grow the business. Despite the challenges, RSA has made significant progress establishing its different business units to be separable. While sales of the remaining RSA and Outseer businesses have the potential to repay the majority of the debt, past liberal use of asset sale proceeds for operating shortfalls, taxes and shareholder distributions leaves some uncertainty about debt repayment from future asset sales. Liquidity is weak based on $37 million of cash as of January 2025 and expectations of continued negative free cash flow. The company has an undrawn $175 million revolver that matures in April 2026. Although separation, restructuring and stand up costs continue to wind down, free cash flow will likely continue to be negative over the next 12 months, and likely longer exacerbated by elevated interest costs. The revolving credit facility contains a springing first lien net leverage ratio covenant of 7.50x when utilization exceeds 35%. Moody's expects the company to remain well within compliance until maturity. The negative outlook reflects the weakening liquidity and likelihood that the company will need to restructure its debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade RSA's ratings if the company stabilizes operations, reduces debt and generates sustained positive free cash flow, while maintaining ample liquidity. This could be achieved with the sale of one of the remaining businesses if debt repayment leaves a business with a manageable capital structure. The ratings could be downgraded if performance continues to weaken, cash flow does not show signs of reaching breakeven levels, The ratings could also face downward pressure if future asset sale proceeds are not used to permanently pay down debt. Redstone Buyer LLC (RSA Security) is an enterprise security software company with approximately $458 million of revenue for the fiscal year ended January 31, 2025. RSA was acquired from Dell in September 2020 by a group of funds led by private equity firm Symphony Technology Group (STG). After the April 2021 recapitalization, Clearlake Capital Group (Clearlake) became a controlling shareholder along with STG. The principal methodology used in these ratings was Software published in June 2022. RSA's Caa3 rating is two notches below the scorecard-indicated outcome of Caa1. The difference reflects among other factors, the liquidity challenges and uncertainty over net asset sale proceeds. RELIANT LIFE: Unsecureds Will Get 100% in Liquidating Plan ---------------------------------------------------------- Reliant Life Shares, LLC, filed with the U.S. Bankruptcy Court for the Central Distict of California a Disclosure Statement describing Chapter 11 Plan of Liquidation dated June 17, 2025. The Debtor is a limited liability company organized under California law in 2011 to indirectly buy life insurance policies on the secondary market from entities that purchased them from the original owners, who could no longer afford to pay the premiums or otherwise did not want to continue to maintain the policy. The Debtor's assets consist primarily of (a) Cash held in its bank accounts, (b) Accounts Receivable, (c) Residual Interests, and (d) Estate Claims. As of the Effective Date, the Debtor expects to hold cash of approximately $750,000 and Accounts Receivable with the face amount of approximately $1,098,798. The value of the Residual Interests will depend on the value and marketability of the Life Settlement Policies. Similarly, the value of the Estate Claims and identification of all Potential Litigation Targets is presently unknown because the forensic accounting of the transactions that occurred prior to the appointment of the Receiver has not yet been completed, and will also depend on the collectability of any judgments that might be obtained. However, the Debtor believe that these assets are sufficient to fund the Plan process, stabilize the portfolio of Life Settlement Policies, achieve confirmation, and appropriately pursue the Estate Claims. The Plan is a liquidating plan and provides for all Assets of the Debtor to vest in the Liquidating Trust and be administered by the Liquidating Trustee for the benefit of Holders of Allowed Claims as set forth in the Plan. On the Effective Date, all Plan Assets will be vested in the Liquidating Trust. Class 3a consists of Allowed General Unsecured Claims filed by Investors related to Active Positions in the Original Trust or the New Trust, including those with a beneficial interest in the sub trust that held matured life insurance policy LH6768 who were active as of the Effective Date and stay current/active after the Effective Date. The allowed unsecured claims total $54,000,000. This Class will receive a distribution of 100% of their allowed claims. On the Effective Date, the Life Settlement Policies shall be pooled within the New Trust and each Holder of an Allowed Class 3a Claim who holds an Active Position on the Effective Date shall be allocated the same amount of death benefit that they held as of the Effective Date or the date of maturity of policy LH6768, as applicable, as a beneficiary of the New Trust. If they continue to pay premiums and their allocation of an administrative fee, then they will receive their pro rata share of the death benefits as the Life Settlement Policies mature. This will be in full and final satisfaction, settlement, release and discharge of such Claim. Holders of Class 3a Claims may elect to forfeit their positions after the Effective Date but will be entitled to no further distribution(s) from the Liquidating Trust unless they elected on their ballot to assign any Personal Claims to the Estate, in which case they will be treated as a Class 3d Subordinated General Unsecured Creditor following such forfeiture and entitled to share in any Distributions made to holders of Allowed Class 3d Claims after the date of forfeiture. Class 3b consists of Allowed Unsecured Claim of the Cooper Parties. The allowed unsecured claims total $5,000,000 to $10,000,000, depending on the solvency of the Estate. The Allowed Unsecured Claim of the Cooper Parties is Allowed in the amount of $10 million. On the Effective Date, the Cooper Parties shall receive a pro rata share of the beneficial interest in the Liquidating Trust in full satisfaction, settlement, discharge, and release of, and in exchange for its Allowed Unsecured Claim, which shall entitle the Cooper Parties to their Pro Rata Distribution of the Available Trust Proceeds after senior Classes are Paid in Full, subject to any applicable cap under and otherwise in accordance with the Cooper Stipulation, with all Pro Rata Distributions on the Allowed Class 3b Unsecured Claim to be made on a Pro Rata basis with the Allowed General Unsecured Claims in Class 3c. Class 3c consists of All General Unsecured Claims unrelated to either Active Positions in the Original Trust or the New Trust or to Forfeited Positions in the Original Trust or the New Trust and who, if they are held by an Investor, elected on their ballot to assign their Personal Claims to the Liquidating Trust. The allowed unsecured claims total $5,000,000 to $7,000,000. On the Effective Date, each Holder of an Allowed Class 3C General Unsecured Claim shall receive a pro rata share of the beneficial interest in the Liquidating Trust in full satisfaction, settlement, discharge, and release of, and in exchange for its Allowed Unsecured Claim, which shall entitle such Holder to their Pro Rata Distribution of the Available Trust Proceeds after all senior Classes are Paid in Full. Class 4 consists of all Equity Interests. On the Effective Date, all Equity Interests shall be canceled and extinguished with no Distributions thereon. On the Effective Date, all Assets of the Debtor will vest in the Liquidating Trust. The Liquidating Trustee will fund Distributions to creditors with Allowed Claims, prosecute the Estate Claims. In addition, on the Effective Date, all of the Life Settlement Policies held by the Original Trust or the New Trust will be deemed pooled into the New Trust and all sub-trusts will be deemed dissolved. Last, the entry of the Confirmation Order will be deemed a ratification of all actions taken by the Receiver and the Debtor to initiate this Bankruptcy Case. On the Effective Date, all Plan Assets shall vest in the Liquidating Trust free and clear of all Claims, Liens or interests other than the Liens held by holders of Allowed Secured Claims. On the Effective Date, the Liquidating Trustee shall make all Distributions required under the Plan on the Effective Date on Administrative Claims, Priority Tax Claims, and Other Secured Claims that are Allowed on or prior to the Effective Date. All Distributions to be made pursuant to the Plan shall be funded from the Plan Assets. A full-text copy of the Disclosure Statement dated June 17, 2025 is available at https://urlcurt.com/u?l=sHfrqQ from Stretto, claims agent. Reliant Life Shares, LLC is represented by: Hamid R. Rafatjoo, Esq. RAINES FELDMAN LITTRELL LLP 1900 Avenue of the Stars 19th Floor Los Angeles, CA 90067 Tel: 310-440-4100 Email: hrafatjoo@raineslaw.com About Reliant Life Shares Reliant Life Shares LLC is an investment service in Los Angeles, California. Reliant Life Shares sought relief under Chapter 11 of the U.S. Bankruptcy Code {Bankr. C.D. Cal. Case No. 24-11695) on Oct. 7, 2024. In the petition filed by CRO Nicholas Rubin, Reliant estimated assets and liabilities between $10 million and $50 million each. The Honorable Bankruptcy Judge Martin R. Barash oversees the case. The Debtor tapped Raines Feldman Littrell LLP as counsel, and Force Ten Partners LLC as restructuring advisor. Stretto is the claims agent. REMAX CONSTRUCTION: Hires BransonLaw PLLC as Bankruptcy Counsel --------------------------------------------------------------- Remax Construction, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire BransonLaw, PLLC as counsel. The professional services the firm is to render include: a. prosecute and defend any causes of action on behalf of the Debtor; prepare, on behalf of the Debtor, all necessary applications, motions, reports and other legal papers; b. assist in the formulation of a plan of reorganization; and c. provide all other services of a legal nature. The firm's attorneys and paralegals will be paid at their hourly rates between $655 to $150 plus out-of-pocket expenses. The firm also received an advance fee of $9,475 for post-petition services from the Debtor. Jeffrey Ainsworth, Esq., an attorney at BransonLaw, 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: Jeffrey Ainsworth, Esq. BransonLaw, PLLC 1501 E. Concord Street Orlando, FL 32803 Telephone: (407) 894-6834 Email: jeff@bransonlaw.com About Remax Construction Remax Construction, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03336) on May 30, 2025, with up to $50,000 in assets and $50,001 to $100,000 in liabilities. Judge Grace E. Robson presides over the case. Robert B. Branson, Esq., and Jeffrey Ainsworth, Esq., at Bransonlaw PLLC represents the Debtor as bankruptcy counsel. RESONATE BLENDS: Victor Mokuolu CPA PLLC Raises Going Concern Doubt ------------------------------------------------------------------- Resonate Blends, Inc. disclosed in a Form 10-K Report filed with the U.S. Securities and Exchange Commission for the fiscal year ended December 31, 2024 that its auditor has expressed substantial doubt about the Company's ability to continue as a going concern. Houston, Texas-based Victor Mokuolu, CPA PLLC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated June 6, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring operating losses, has working capital deficit of $2,150,975 and $1,170,940, as of December 31, 2023, and December 31, 2022, respectively. The Company also had accumulated deficit of $26,736,403 and $25,320,424 as of December 31, 2023, and December 31, 2022, respectively. These factors raise substantial doubt about its ability to continue as a going concern. For the year ended December 31, 2024, the Company reported a net loss of $2.1 million, compared to a net loss of $1.4 million for the year prior. The Company's ability to continue as a going concern is contingent upon the successful completion of additional financing arrangements and its ability to achieve and maintain profitable operations. While the Company is expanding its best efforts to achieve the above plans, there is no assurance that any such activity will generate funds that will be available for operations. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/5n7wp2f7 About Resonate Blends North Bergen, N.J.-based Resonate Blends, Inc. discovery, development and marketing. The Company is focusing its current efforts on marketing licensed patent-pending natural stem cell mobilizing agents capable of enhancing each individual's ability to mobilize their own adult stem cells from their bone marrow. Also, the Company is licensed under a patent-pending application to market a dual acting all natural diet aid designed to help control hunger through normal body signals to the brain and stomach. Products are being developed for consumer and professional markets. Research and development activities center on exploring other areas, such as Secretogues that can naturally enhance a person's own growth hormone production and similar all natural bioactive formulations to enhance human performance safely, ethically, legally and utilizing known body mechanisms without the use of drugs. As of December 31, 2024, the Company had $1,854,461 in total assets, $5,054,040 in total liabilities, and total shareholders' deficit of $3,199,579. RITE AID: Chap. 11 Prompts Delaware to Protect Prescription Access ------------------------------------------------------------------ Jarek Rutz of Delaware Live reports that in response to the wave of pharmacy closures across Delaware triggered by Rite Aid's Chapter 11 bankruptcy, state officials are enacting emergency measures to ensure residents retain access to essential medications. Delaware Insurance Commissioner Trinidad Navarro released Bulletin No. 153, directing health insurers and pharmacy benefit managers (PBMs) to take immediate steps to reduce service disruptions and maintain continuity of care. "Minimizing interruptions in pharmacy services is crucial to protecting the health and well-being of Delawareans," Navarro said, the report cited. "Insurers and PBMs must provide coverage for emergency refills, simplify the transfer of prescriptions and prior authorizations, ensure fair reimbursement for pharmacies absorbing new patients, and maintain robust pharmacy networks." With thousands of patients potentially losing convenient pharmacy access, state officials are urging prompt action. Navarro encouraged individuals to transfer prescriptions without delay and called on healthcare providers to assist patients in navigating the change. The Delaware Department of Insurance expects a significant spike in prescription transfer activity. To help manage the transition, the Board of Pharmacy has authorized one-time emergency refills, which insurers are now required to cover -- even if the original prescriber is temporarily unavailable due to the closures. Verification can be done using patient records or pharmacy databases, according to Delaware Live. Insurers are also obligated to: * Streamline the prescription transfer process * Notify policyholders about impacted pharmacy locations * Provide customer support tools, including hotlines and online resources * Automatically transfer prior authorizations, particularly for specialty medications and controlled substances PBMs are instructed to offer reasonable reimbursement rates to pharmacies taking on new patients and to avoid tactics that direct patients to specific providers or mail-order services -- actions that violate Delaware's Pharmacy Access Act. Officials emphasized the importance of maintaining access in rural and underserved communities. The emergency provisions will stay in place for 120 days, unless extended or updated. The Department of Insurance will monitor compliance closely and may issue further guidance as conditions evolve, the report relays. 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. SCARFE WHISPERS: Andrew Layden Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 21 appointed Andrew Layden as Subchapter V trustee for Scarfe Whispers Oyster Bar & Seafood Lounge, LLC. Mr. Layden will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Layden declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Andrew Layden 200 S. Orange Avenue, Suite 2300 Orlando, FL 32801 Telephone: 407-649-4000 Email: alayden@bakerlaw.com About Scarfe Whispers Oyster Bar & Seafood Lounge Scarfe Whispers Oyster Bar & Seafood Lounge, LLC filed a Chapter 11 bankruptcy petition (Bankr. D. Fla. Case No. 25-01951) on June 12, 2025, listing between $100,001 and $500,000 in assets and liabilities. Judge Jason A. Burgess oversees the case. The Debtor tapped the Law Offices of Mickler & Mickler, LLP as bankruptcy counsel. SENSATA TECHNOLOGIES: Moody's Alters Outlook on Ba2 CFR to Stable ----------------------------------------------------------------- Moody's Ratings affirmed the ratings of Sensata Technologies B.V. (Sensata), including the Ba2 corporate family rating, Ba2-PD probability of default rating and Ba2 senior unsecured notes ratings. Moody's also affirmed the ratings of Sensata Technologies, Inc. (Sensata Technologies), including the Baa2 senior secured bank credit facility rating, Ba2 backed senior unsecured notes ratings and Ba2 senior unsecured notes rating. The outlooks were changed to stable from positive. The company's speculative grade liquidity rating of SGL-1 is unchanged. The affirmations and change in outlooks to stable reflect Moody's expectations that weak demand from Sensata's core automotive and heavy vehicle off-road (HVOR) end markets will constrain revenue and earnings in 2025 and that the high debt load will keep debt-to-EBITDA elevated in 2025. The stable outlook reflects Moody's expectations Sensata's earnings will grow in 2026 as greater revenue and strong cost and expense control measures will drive higher earnings, generate solid free cash flow and lower debt leverage throughout 2026. RATINGS RATIONALE Sensata's Ba2 CFR reflects its good scale in the specialized and fragmented sensors and controls market. Its product offerings are deeply entrenched in its customer's products. The company is winning new business from its differentiated product offerings in key megatrend areas for its customers. The exit of less profitable businesses, better productivity and strong cost and expense controls will improve EBITA margin to about 15.5% over the next 12-18 months. Moody's also expects Sensata to generate over $300 million per year in free cash flow over the next 12-18 months from solid earnings and better working capital management. However, Sensata is exposed to cyclical end markets, the largest being automotive. The company has a history of leveraging acquisitions resulting in high debt-to-LTM EBITDA of 4.6x at March 31, 2025. Moody's expects leverage to decline to 4.25x over the next 12-18 months driven by improved earnings. Moody's estimates that revenue will decline by 7.5% per year in 2025, due in part to the exit of businesses with weak profitability in 2024 and 1Q 2025. Moody's also estimates that organic revenue will decline by about 2% in 2025 because of soft demand from its core automotive and HVOR end markets amid the weak economic environment. However, Moody's expects organic revenue growth of 3.0% in 2026, underpinned by the need for higher sensor content per vehicle across vehicle end markets and strong demand from the aerospace and defense industry. Sensata's SGL-1 speculative grade liquidity rating reflects Moody's expectations of very good liquidity. Liquidity is largely supported by Moody's expectations for free cash flow of more $300 million over the next 12 months. In addition, substantially all of the company's $750 million revolving credit facility was available at March 31, 2025, net of $4.2 million of letters of credit. Moody's do not expect revolver drawings in the near term because of the company's large cash balance. The company has no significant debt maturities over the next 12 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if debt/EBITDA is sustained below 3.5x, free cash flow-to-debt is above 13% and an EBITA margin is maintained in excess of 20%. The ratings could be downgraded if debt/EBITDA is sustained above 4.25x, free cash flow-to-debt is below 10%, or EBITDA/interest is below 4.5x. In addition, the ratings could be downgraded with a shift towards a more aggressive financial policy or if there is a material weakening of liquidity. 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. Sensata Technologies B.V. and Sensata Technologies, Inc., are indirect wholly-owned subsidiaries of Sensata Technologies Holding plc, which is a global manufacturer of sensors and controls products for the automotive, industrial, heating ventilation and air conditioning (HVAC), and aerospace markets. The company's products include sensors measuring pressure, force, speed, thermal and magnetic-hydraulic circuit breakers and switches. The company is publicly traded on the NYSE under the symbol ST. SHREE AMRITAYA: Gets OK to Use Cash Collateral Until Sept. 30 ------------------------------------------------------------- Shree Amritaya, LLC received second interim approval from the U.S. Bankruptcy Court for the District of Connecticut to use the cash collateral of ReadyCap Lending, LLC. The second interim order authorized the Debtor to use up to $6,865.28 in cash collateral for the period from July 1 to September 30. Cash collateral must be used in accordance with the budget. ReadyCap Lending was granted replacement liens on the collateral to protect against any diminution in the value of its collateral. The following constitute an event of default: (i) any failure to make payments; (ii) any failure to maintain appropriate insurance coverage on the Debtor's property; (iii) any failure by Debtor to comply with the terms of the second interim order; (iv) the appointment of a trustee in Debtor's Chapter 11 case; (v) the dismissal or conversion of the Debtor's Chapter 11 case; and (vi) the termination or cessation of the Debtor's business operations. The next hearing is scheduled for September 17. About Shree Amritaya LLC Shree Amritaya LLC is a real estate firm based in Branford, CT, focusing on single-asset properties. The company owns the property at 315-317 East Main Street, Branford, CT 06405, which is valued at $500,000. Shree Amritaya sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Conn. Case No. 25-30181) on February 28, 2025. In its petition, the Debtor reported total assets of $525,000 and total liabilities of $1,145,000. The Debtor is represented by: Joseph J. D'Agostino, Jr., Esq. Attorney Joseph J. D'Agostino, Jr. 1062 Barnes Road, Suite 108 Wallingford, CT 06492 Tel: 203-265-5222 Fax: 203-774-1269 Email: joseph@lawjjd.com SIMPLICITY CREATIVE: Seeks Chapter 11 Bankruptcy in Texas --------------------------------------------------------- On July 3, 2025, Simplicity Creative Corp. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filing, the Debtor reports between $100 million and $500 million in debt owed to 1,000 and 5,000 creditors. The petition states funds will be available to unsecured creditors. About Simplicity Creative Corp. Simplicity Creative Corp. is a manufacturer of miscellaneous creative products based in Berwick, Pennsylvania. Simplicity Creative Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90181) on July 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million. The Debtors are represented by Caroline A. Reckler, Esq. at Latham & Watkins LLP. SPARTAN AUTOMOTIVE: Seeks Chapter 11 Bankruptcy in Florida ---------------------------------------------------------- Spartan Automotive Technology Group Corporation, located in Jacksonville, Florida, has filed for Chapter 11 bankruptcy protection in the Middle District of Florida. The company reported assets between $500,001 and $1 million, with liabilities significantly higher, ranging from $10 million to $50 million. A key debt listed in the filing is a $15.3 million judgment owed to VBI Group LLC. The presence of multiple commission-related claims from various entities suggests the company operates under a business-to-business model. rkc.llc reports that additional creditors include Ti Hoa Nguyen, who is owed $300,000 for a business loan, and The Clark Firm, with a $250,000 claim for legal services. Several marketing and consulting firms also hold commission-based claims. The bankruptcy petition was signed by Lawrence A. Jones, the company's Director and President, according to rkc.llc. About Spartan Automotive Technology Group Corp. Spartan Automotive Technology Group Corp. operates in the automotive technology sector. Spartan Automotive Technology Group Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02254) on July 4, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Jacob A. Brown handles the case. The Debtor is represented by Rehan N. Khawaja, Esq. at Law Offices Of Rehan N. Khawaja. STRATEGIC ENVIRONMENTAL: LJ Soldinger Raises Going Concern Doubt ---------------------------------------------------------------- Strategic Environmental & Energy Resources, Inc. disclosed in a Form 10-K Report filed with the U.S. Securities and Exchange Commission for the fiscal year ended December 31, 2025, that its auditor has expressed substantial doubt about the Company's ability to continue as a going concern. Deer Park, Ill.-based LJ Soldinger Associates, LLC, the Company's auditor since 2013, issued a "going concern" qualification in its report dated June 6, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has: (i) incurred significant losses since inception, (ii) has an accumulated deficit of approximately $36.2 million as of December 31, 2024 and (iii) needs to raise substantial amounts of additional funds to meet its obligations as well as afford it time to develop profitable operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Realization of a major portion of the Company's assets as of December 31, 2024, is dependent upon continued operations. The Company is dependent on generating additional revenue or obtaining adequate capital to fund operating losses until it becomes profitable. For the year ended December 31, 2024, the Company raised approximately $1.2 million from the issuance of short-term and long-term debt, offset by payments of principal on short term notes of $0.3 million, for net cash provided by financing activities of approximately $0.9 million. In addition, the Company has undertaken a number of specific steps to continue to operate as a going concern. The Company continues to focus on developing organic growth in our operating companies and improving gross and net margins through increased attention to pricing, aggressive cost management and overhead reductions. Critical to achieving profitability will be the ability to license and or sell, permit and operate through the Company's joint ventures. The Company has increased business development efforts to address opportunities identified in expanding markets attributable to increased interest in energy conservation and emission control regulations. In addition, the Company is evaluating various forms of financing which may be available to it. There can be no assurance that the Company will secure additional financing for working capital, increase revenues and achieve the desired result of net income and positive cash flow from operations in future years. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/ypj2uvyd About Strategic Environmental Broomfield, Colo.-based Strategic Environmental & Energy Resources, Inc., a Nevada corporation, is a provider of next-generation clean-technologies, waste management innovations and related services. SEER has two wholly owned operating subsidiaries and three majority-owned subsidiaries; all of which together provide technology solutions and services to companies primarily in the oil and gas, refining, landfill, food, beverage & agriculture, and renewable fuel industries. The two wholly owned subsidiaries are: 1) MV, LLC (d/b/a MV Technologies), which designs and builds biogas conditioning solutions for the production of renewable natural gas, odor control systems and natural gas vapor capture primarily for landfill operations, waste-water treatment facilities, oil and gas fields, refineries, municipalities and food, beverage & agriculture operations throughout the U.S.; and 2) Strategic Environmental Materials, LLC, a materials technology company previously focused on the development of cost-effective chemical absorbents. As of December 31, 2024, the Company had $1.5 million in total assets, $16.4 million in total liabilities, and total deficit of $15 million. STREAMLINE HEALTH: Losses, Debt Covenants Raise Going Concern Doubt ------------------------------------------------------------------- Streamline Health Solutions, Inc. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended April 30, 2025, that there is substantial doubt about its ability to continue as a going concern. To date, the Company has not generated sufficient revenues to allow it to generate cash flow from operations and the Company anticipates the need for additional liquidity in the next 12 months. The Company has historically accumulated losses and used cash from its financing activities to supplement its operations. For the three months ended April 30, 2024, the Company incurred a net loss of $1.6 million on $4.8 million in total revenue, compared to a net loss of $2.7 million on $4.3 million of revenue for the same period in 2023. The Company's current forecast projects that it is probable that the Company will not maintain compliance with certain of its financial covenants under its current credit agreement with the term loan lender in the next twelve months. Further, our recent private placement notes payables have cross-default conditions with the senior term loan debt. These conditions raise substantial doubt about the ability of the Company to continue as a going concern within the next 12 months. In view of these matters, continuation as a going concern is dependent upon the Company's ability to achieve cash from operations and raise additional debt or equity capital to fund its ongoing operations. As of April 30, 2025, the Company had approximately $14 million of total outstanding debt associated with its term loan, line of credit and private placement notes payables, which is classified as a current liability. The Company's ability to refinance its existing debt is based upon credit markets and economic forces that are outside of its control. There can be no assurance that the Company will be successful in raising additional capital or that such capital, if available, will be on terms that are acceptable to the Company. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/ye22etdt About Streamline Health Streamline Health Solutions, Inc. is a provider of solutions and services in the middle of the revenue cycle for healthcare providers throughout the United States and Canada. Streamline Health's technology helps hospitals improve their financial performance by optimizing data and coding for every patient encounter prior to bill submission. The Company provides software solutions, professional consulting, and auditing services, which capture, aggregate, and translate structured and unstructured data to deliver intelligently organized, easily-accessible predictive insights to its clients. As of April 30, 2025, the Company had $35.8 million in total assets, $24.8 million in total liabilities, and total stockholders' equity of $11.1 million. SUNNOVA ENERGY: Unsecured Creditors Object to KKR's Loan Releases ----------------------------------------------------------------- Dorothy Ma of Bloomberg Law reports that a group of unsecured creditors of Sunnova Energy is opposing the final approval of the company's proposed debtor-in-possession (DIP) financing, which includes a legal release for pre-petition lender KKR & Co. The $90 million DIP facility is intended to support Sunnova's bankruptcy proceedings and ongoing operations. However, under the proposed terms, the company would waive its right to bring any claims against KKR, court filings show. The initial portion of the loan has already received court approval. In filings submitted Thursday, July 3, 2025, the creditor group argued that the financing agreement was entered into at a time when the company's solvency was already in serious doubt. 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. SUNSHINE PEDIATRICS: Christopher Simpson Named Subchapter V Trustee ------------------------------------------------------------------- The U.S. Trustee for Region 14 appointed Christopher Simpson, Esq., at Osborn Maledon P.A. as Subchapter V trustee for Sunshine Pediatrics, PC. Mr. Simpson will be paid an hourly fee of $495 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Simpson declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Christopher C. Simpson Osborn Maledon, P.A. 2929 N. Central Avenue, 21st Fl. Phoenix, AZ 85012 Phone: (602) 640-9349 Fax: (602) 640-9050 Email: csimpson@omlaw.com About Sunshine Pediatrics PC Sunshine Pediatrics PC provides pediatric healthcare services in Phoenix, Arizona. The clinic offers routine checkups, immunizations, and specialized care for infants, children, and adolescents. Sunshine Pediatrics PC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-05458) on June 16, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. The Debtors are represented by Lawrence D. Hirsch, Esq., at Parker Schwartz, PLLC. SWAN PIZZA: Court Extends Cash Collateral Access to Aug. 7 ---------------------------------------------------------- Swan Pizza, Inc. received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral. The seventh interim order authorized the Debtor to use 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 its budget, plus an amount not to exceed 10% for each line item; and such additional amounts as may be expressly approved in writing by its secured creditors. The three-month budget projects total operating expenses of $214,827 from June to August. Secured creditors Channel Partners Capital, LLC and the Department of Revenue will be granted post-petition liens on the cash collateral, with the same priority and validity as their pre-bankruptcy liens. The next hearing is scheduled for August 7. As of the petition date, the Debtor had approximately $3,000 of cash in deposit accounts. The Debtor does not have accounts receivable and the property inside its Port Orange restaurant is valued at approximately $20,000. About Swan Pizza Swan Pizza, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-03735) on July 22, 2024, with up to $50,000 in assets and up to $500,000 in liabilities. Judge Tiffany P. Geyer presides over the case. The Debtor is represented by Robert H. Zipperer, Esq. TELLICO RENTALS: Hires Tarpy Cox Fleishman as Bankruptcy Counsel ---------------------------------------------------------------- Tellico Rentals, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to hire Tarpy, Cox, Fleishman & Leveille, PLLC as general bankruptcy counsel. The firm will include all matters dealing with the Chapter 11 bankruptcy including, but not limited to, litigation in the bankruptcy, federal, and state courts. The firm will be paid at these rates: Lynn Tarpy $385 per hour Ed Shultz $350 per hour Kelli Holmes $250 per hour Paralegal/law clerk $70 to $90 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Edward Shultz, a partner at Tarpy, Cox, Fleishman & Leveille, PLLC, 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: Edward J. Shultz, Esq. Lynn Tarpy, Esq. Tarpy, Cox, Fleishman & Leveille, PLLC 1111 N. Northshore Drive, Suite N-290 Knoxville, TN 37919 Tel: (865) 588-1096 Email: eshultz@tcflattorneys.com About Tellico Rentals LLC Tellico Rentals, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 3:25-bk-31173-SHB) on June 19, 2025. In the petition signed by Mohit Mankad. Manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Suzanne H. Bauknight oversees the case. Edward J. Shultz, Esq., at Tarpy, Cox, Fleishman & Leveille, PLLC, represents the Debtor as legal counsel. TEZCAT LLC: Unsecureds to Get Share of Income for 4 Years --------------------------------------------------------- Tezcat, LLC d/b/a Tepeyolot Cervecerias filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization dated June 16, 2025. The Debtor was formed in 2019. The Debtor operates a brewery and Mexican restaurant doing business as Tepeyolot Cerveceria. The brewery, restaurant, and food truck - located at 2130 Kings Avenue, Jacksonville, Florida - offer both dine-in and take-out, live music, private events, and craft beers. The Plan under Chapter 11 of the Bankruptcy Code proposes to pay creditors of the Debtor from the Debtor's current and future earnings. This Plan provides for one class of priority claims; three classes of secured claims; one class of general unsecured claims; and one class of equity security holders. Unsecured creditors holding allowed claims will receive a pro-rata share of their allowed claim payable over five years. This Plan also provides for the payment of administrative and priority claims under the terms to the extent permitted by the Code or by agreement between the Debtor and the claimant. Class 5 consists of General Unsecured Creditors. The Debtor will pay its projected net disposable income for the period described in Section 1191(c)(2) of the Bankruptcy Code to claimants in this class with allowed claims. The Debtor presently projects this amount to be approximately $200,000. Creditors in this class will receive a pro rata distribution of their claim, without interest, in sixteen equal quarterly distributions, with payments commencing on the date that is one full calendar year following the Effective Date of Confirmation and continuing for a total of four consecutive years. There is no prepayment penalty. Promissory notes will be issued to each creditor in this class with allowed claims to evidence payments, which promissory notes shall be enforceable in any Court of Competent Jurisdiction. The amount of the distribution will be considered final thirty-one days the entry of the Confirmation Order, unless there is an objection to claim pending at that time, in which the distribution shall be final upon the entry of a final, non-appealable order on the objection to claim. Class 6 consists of Equity Security Holders of the Debtor. Equity will retain ownership in the Debtor postconfirmation. No distributions will be made to equity until such time as all payments in Class 5 have been made. Current management will continue to manage the Debtor post confirmation. The Plan will be funded by the continued operations of the Debtor. A full-text copy of the Plan of Reorganization dated June 16, 2025 is available at https://urlcurt.com/u?l=b223XD from PacerMonitor.com at no charge. About Tezcat, LLC d/b/a Tepeyolot Cervecerias Tezcat LLC, operating as Tepeyolot Cervecerias, is a family-owned brewery and restaurant in Jacksonville, Florida, offering fresh Mexican cuisine paired with craft lagers brewed on-site. In addition to its dine-in and takeout options, the business provides catering for events like birthdays, weddings, and corporate functions. Tepeyolot also offers online ordering and party booking services, ensuring a convenient experience for its customers. Guests can enjoy a wide range of beverages, including margaritas, sangria, wine, and mixed drinks. Tezcat LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00803) on March 17, 2025. In its petition, the Debtor reports total assets of $22,708 and total liabilities of $1,001,540. Honorable Bankruptcy Judge Jason A. Burgess handles the case. The Debtor is represented by: Buddy D. Ford, Esq. BUDDY D. FORD, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Tel: (813) 877-4669 Fax: (813) 877-5543 E-mail: All@tampaesq.com THREE CHEFS: Seeks Subchapter V Bankruptcy in Illinois ------------------------------------------------------ On July 3, 2025, Three Chefs 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 $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Three Chefs Inc. Three Chefs Inc. is a restaurant business operating in Aurora, Illinois. The company, which does business as "3 Chefs, Inc." and "Three Chefs Aurora," operates from its location at 1521 Ogden Ave. in Aurora. Three Chefs Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10268) 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 Jacqueline P. Cox handles the case. The Debtors are represented by David Freydin, Esq. at Law Offices Of David Freydin Ltd. TOMS RIVER REGIONAL: Expected to Prevent Bankruptcy Due to Tax Hike ------------------------------------------------------------------- Kevin Kingsbury and Sri Taylor at Bloomberg Law report that the Toms River School District is expected to avoid bankruptcy following New Jersey's approval of a budget that includes a 15% increase in local property taxes. The district has long battled state lawmakers over school funding, facing a $175 million reduction in aid in recent years -- a shortfall that has triggered tax hikes and significant staffing cuts, according to the report. The New Jersey Department of Education approved a budget for the Toms River Regional School District late last week, implementing a general fund tax levy of approximately $222.9 million, the report said. The plan includes a 15.4% tax increase, according to a July 3, 2025 letter from Susan Naples, acting executive county superintendent for Ocean County, the report added. About Toms River Regional School District Toms River Regional School District is a full-service regional public school district serving the rapidly growing coastal community of Toms River. TRIPLE-G-GUNITE INC: Hires Gabriel Liberman as Bankruptcy Counsel ----------------------------------------------------------------- Triple-G-Gunite, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire the Law Offices of Gabriel Liberman, APC as its bankruptcy counsel. The firm will be paid at these rates: Gabriel E. Liberman $425 per hour Paraprofessionals $150 per hour The firm received a retainer in the amount of $47,500. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Gabriel E. Liberman, Esq., a partner at Law Offices Of Gabriel Liberman, APC, 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: Gabriel E. Liberman, Esq. Law Offices Of Gabriel Liberman, APC 1545 River Park Drive, Ste 530 Sacramento, CA 95815 Tel: (916) 485-1111 Email: attorney@4851111.com About Triple-G-Gunite Inc. Triple-G-Gunite Inc., doing business as Triple G Gunite Inc., Triple G Gunite, Triple-G-Gunite, and TripleGGunite, specializes in gunite application, providing custom concrete solutions for residential, commercial, and industrial projects in Sacramento and surrounding areas. The Company offers services including pool and spa construction, erosion control, and structural foundations, using shotcrete and advanced techniques. It partners with homeowners, contractors, and developers to deliver durable and tailored concrete structures. Triple-G-Gunite relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-22625) on May 28, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Christopher M. Klein handles the case. The Debtor is represented by Gabriel E. Liberman, Esq., at the Law Offices of Gabriel Liberman, APC. TRIPLESHOT HOLDINGS: Seeks Subchapter V Bankruptcy in Florida ------------------------------------------------------------- On July 3, 2025, Tripleshot Holdings LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filing, the Debtor reports $1,173,564 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Tripleshot Holdings LLC 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. Tripleshot Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04544) on July 3, 2025. In its petition, the Debtor reports total assets of $15,000 and total liabilities of $1,173,564. Honorable Bankruptcy Judge Roberta A. Colton handles the case. The Debtors are represented by Samantha L Dammer, Esq. at BLEAKLEY BAVOL DENMAN & GRACE. VACATION OWNERSHIP: Unsecureds to Split $117K over 36 Months ------------------------------------------------------------ Vacation Ownership Consultants, LLC ("VOC") filed with the U.S. Bankruptcy Court for the District of Arizona a Plan of Reorganization under Subchapter V dated June 16, 2025. The Debtor was formed as a California entity in August of 2014 by Jeremy Russo and Michael Cantrell. Mr. Russo and Mr. Cantrell were 50/50 partners at that time. VOC's purpose was to assist people with unwanted, unsellable Timeshares. VOC did extensive research and interviewed multiple law firms, real estate brokers and rental companies who could assist its customers. In an effort to expand its customer base and "get the word out", VOC began a marketing campaign by setting up booths at Horne and Garden shows, state fairs, and other festivals. Mr. Russo works 24/7. He does the majority of the sales and marketing and assists with customer service. Despite his efforts, eventually it got to a point where VOC could no longer make the required weekly payments on the high interest loans. He attempted to work with the lenders but was unsuccessful in those efforts. His only alternative was to have VOC seek protection under Chapter 11. Creditors holding allowed claims will receive distributions based upon Debtor's projected net disposable income over a period not to exceed a 36-month term. Class 2 consists of General Unsecured Claims. The allowed unsecured claims total $524,516.43. This Class will receive a distribution of $117,108.14 dividend. The projected dividend is to be paid over a period of thirty-six months, commencing in month 5 of the Plan. This dividend shall be reduced by the Court approved administrative expense claims of the Debtor's counsel, Court appointed accounting professional (if any) and the Chapter 11 Subchapter V Trustee to the extent that said administrative expense claims exceed the amounts listed in this Plan. The Debtor may pre-pay any amounts due any creditor in this Class prior to the due dates in the Plan of Reorganization without penalty and without prior notice or Court approval unless otherwise provided for in the Plan of Reorganization. This Class is impaired. Class 3 consists of Equity Interest Holders/Debtor's Interest. Equity Holder shall retain its shareholder/membership interest in the Debtor and the Debtor shall retain all legal and equitable interest in assets of this estate as all reconciliation issues have been met. Post Confirmation ownership and control shall remain with the Equity Security Holders, World VIP Travel, Inc., and DMC Strategies, LLC. This is a 36-month Plan with a total projected Plan yield of approximately $137,500.00. The total projected yield includes payment of Administrative Expenses and Priority Tax Claims. Debtor agrees that it will make payments of not less than $137,500.00 over the life of the Plan which represents the Debtor's projected disposable income for that time period as required under the Code. A full-text copy of the Plan of Reorganization dated June 16, 2025 is available at https://urlcurt.com/u?l=QxylMf from PacerMonitor.com at no charge. Counsel to the Debtor: Allan D. NewDelman, Esq. Allan D. Newdelman, P.C. 80 East Columbus Avenue Phoenix, AZ 85012 Tel: (602) 264-4550 Email: anewdelman@adnlaw.net About Vacation Ownership Consultants Vacation Ownership Consultants, LLC filed Chapter 11 bankruptcy petition (Bankr. D. Ariz. Case No. 25-02295) on March 19, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. Judge Brenda K. Martin oversees the case. The Debtor tapped Allan D. NewDelman, P.C. as legal counsel. VARSITY BRANDS: Moody's Ups CFR to B2, Outlook Stable ----------------------------------------------------- Moody's Ratings upgraded Varsity Brands, Inc.'s ("Varsity" or "Varsity Brands") Corporate Family Rating to B2 from B3 and its Probability of Default Rating to B2-PD from B3-PD. Moody's also upgraded the rating on the company's senior secured first lien term loan to B2 from B3. The outlook is stable. The upgrade reflects the company's improving EBITDA margin, stronger free cash flow generation, and declining leverage. Revenue and the EBITDA margin are expanding, supported by solid demand in both the BSN and Varsity Spirit businesses. Varsity continues to expand its customer base and increase its market penetration both organically and through acquisitions. Investment in its digital sales platfroms are also promoting customer satisfaction and growth. Expansion of higher-margin private label products is contributing to EBITDA margin improvement. In addition, recently signed licensing arrangements with leading apparel brands will further add to the EBITDA margin improvement starting late 2025. The divestiture of the underperforming Herff Jones business in 2023 has helped to reduce earnings and cash flow volatility. Legal expenses have also declined significantly as the company has resolved the majority of litigation filed since 2020. These factors are contributing to stronger cash flow generation and an improvement in Moody's-adjusted debt-to-EBITDA that Moody's expects to decline to below 5.5x by year-end 2025 from 6.2x as of March 2025. RATINGS RATIONALE Varsity Brands' B2 CFR reflects its high financial leverage and aggressive financial policies expected under private equity ownership. Varsity's ratings are supported by the company's strong position within niche school uniform and team apparel, athletic and achievement markets and good diversification across its segments. The company's extensive relationships with K-12 schools and growing penetration of private sports clubs, good design and customization capabilities, partnership with leading apparel brands, and mix of in-house and outsourced manufacturing support its strong market position. Moody's expects BSN Sports and Varsity Spirit will generate mid-single digit revenue growth over the next 12 to 18 months because the company continues to expand distribution into new schools and organizations and shift its product mix towards higher margin products and cheer events. Tariffs on imported raw materials and goods will raise costs and could pressure margins. Moody's nevertheless anticipate that revenue growth and realized efficiencies from supply chain investments will improve the EBITDA margin and help mitigate the impact of tariff and other cost pressures. The sale of the Herff Jones' graduation business, which closed on October 2, 2023, reduced seasonality and improved the EBITDA margin by disposing of the discretionary and low profit jewelry and fine paper products business. Varsity retained the yearbook business. BSN Sports is resilient to changes in economic conditions due to the product utilization in sporting events. Because sales are reliant on school budgets and discretionary consumer spending, shifts in economic conditions and extracurricular activities can negatively affect sales. School sports and cheer are important to the school experience and participation tends to be relatively stable even during economic downturns. But schools and consumer may cut back on order size and frequencies when budgets are tighter. Operations remain somewhat seasonal related to the timing of specific sports activities and school calendars. Debt-to-EBITDA leverage is high but Moody's projects it will decline to below 5.5x (incorporating Moody's adjustments) by year-end 2025 from a 6.2x level for the last 12 months ended March 2025. Liquidity is good including $57 million of cash as of March 2025 and Moody's expectations that the company will generate free cash flow exceeding $100 million over the next 12 months. Liquidity is also supported by good unused capacity to manage business seasonality on its $400 million revolver, of which $95 million was drawn as of Q1 2025. The cash and revolver balance as of March 2025 already reflect the sizable litigation settlement payment made in the first quarter. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's expectations that demand for the company's products over the next 12-18 months will remain strong due to the high levels of in-person school activities, sporting and cheer events, and cheer camps, resulting in growth in revenue and earnings. The stable outlook also reflects Moody's expectations of positive free cash flow exceeding $100 million over the next 12 months and that the company will maintain good liquidity in 2025, excluding the final settlement payment in 2021, due to improvement in the EBITDA margin. The ratings could be upgraded if Varsity Brands' generates steady organic revenue growth with a stable to higher EBITDA margin, sustains free cash flow at least in a high single digit percentage range of debt and reduces and maintains debt/EBITDA (incorporating Moody's adjustments) in a low 4.0x range. An upgrade would also require good liquidity and financial policies that support credit metrics sustained at the aforementioned levels. The ratings could be downgraded if the company's operating performance deteriorates due to factors such as market share losses, volume declines, pricing pressure or cost increases including if Varsity is unable to mitigate tariffs costs. Ratings could also be downgraded if debt-EBITDA is sustained above 6.5x or the company does not maintain consistently good free cash flow. A debt-funded shareholder dividend or acquisition that increase financial leverage, or increase in litigation risk could also lead to a downgrade. 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. Headquartered in Farmers Branch, Texas, Varsity Brands, Inc. (New) ("Varsity" or "Varsity Brands"), through its affiliates, is a provider of sports, cheerleading and achievement related products to schools, colleges and youth organizations in the US. The company operates through two complementary businesses: BSN Sports, providing sports apparel and equipment to schools and consumers; and Varsity Spirit, offering cheerleading uniforms and apparel and hosting cheerleading camps and competitions. Varsity Spirit also includes the Herff Jones Yearbook business. KKR & Co. acquired Varsity Brands from Bain Capital in August 2024. The company reported revenue of roughly $2.6 billion for the 12 months ended March 2025. On October 2, 2023, the company divested its Herff Jones' graduation business to Atlas Holdings. Varsity consolidated the retained yearbook business under the Varsity Spirit segment. VEGAS TREASURES: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Vegas Treasures, Inc. got the green light from the U.S. Bankruptcy Court for the District of Nevada to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral for the period from June 23 to July 31 in accordance with its budget. The U.S. Small Business Administration, a secured creditor, will be provided with protection in the form of a superpriority claim against the Debtor; a monthly payment of $5,115; and replacement security interests in and liens on the Debtor's assets and proceeds thereof, in case of any diminution in the value of its security interests. The final hearing is scheduled for July 31. The Debtor, which operates a Mediterranean café and hookah lounge in Las Vegas, filed for bankruptcy under Subchapter V of Chapter 11 in order to restructure approximately $1 million in Economic Injury Disaster Loans obtained from SBA in 2020 and 2022. These loans are currently in default, and SBA has referred them to the U.S. Department of the Treasury for collection. About Vegas Treasures Inc. Vegas Treasures, Inc. dba Paymon's Fresh Kitchen & Lounge, operates a restaurant and lounge in Las Vegas, Nevada. The company offers international cuisine with vegan, vegetarian, and gluten-free options, emphasizing health-conscious ingredients. It also runs a lounge known for its cocktails, entertainment, and community-focused atmosphere. Vegas Treasures sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-13582) on June 23, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Paymon Raouf, president and director of Vegas Treasures, signed the petition. Judge Natalie M. Cox oversees the case. Zachariah Larson, Esq., at Larson & Zirzow, LLC, represents the Debtor as legal counsel. VILLAGES HEALTH: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: The Villages Health System, LLC 600 Sunbelt Road The Villages, FL 32159 Business Description: The Villages Health System, LLC provides primary and specialty health care services across North Central Florida. It operates ten care centers offering services in cardiology, neurology, rheumatology, podiatry, urology, gynecology, pain management, and behavioral health. Founded in 2012 through a collaboration between The Villages and the University of South Florida, the Company serves over 55,000 patients, primarily Medicare Advantage participants. Chapter 11 Petition Date: July 3, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-04156 Judge: Hon. Lori V Vaughan Debtor's Counsel: Elizabeth A. Green, Esq. BAKER HOSTETLER LLP 200 S. Orange Ave. Suite 2300 Orlando, FL 32801 Tel: 407-649-4000 E-mail: egreen@bakerlaw.com Debtor's Claims & Noticing Agent: STRETTO, INC. Estimated Assets: $50 million to $100 million Estimated Liabilities: $100 million to $500 million The petition was signed by Neil F. Luria as chief restructuring officer. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/3R6DL4I/The_Villages_Health_System_LLC__flmbke-25-04156__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Ahmad, Sobia $14,934 7661 Blue Quail Ln Orlando, FL 32835-5809 2. Alpha Source Inc. Trade Debt $9,800 PO Box 809203 Chicago, IL 60680 Email: asg-billingfcb@promedical.com Phone: 800-654-9845 3. Assa Abloy Trade Debt $5,434 Entrance Systems US Inc. 1900 Airport Road Monroe, ND 28110 Email: InvoiceInquiry.us.entrance@assaabloy.com Phone: 866-237-2687 4. Boston Scientific Corporation $3,250 PO Box 951653 Dallas, TX 75395-1653 Email: BSXInvestorRelations@bsci.com 5. Business Techs Inc. $4,510 421 North Palmetto Street Leesburg, FL 34748 Email: it@business-techs.com 6. Busto Mary $3,000 4150 Burgess Drive The Villages, FL 32163 7. Connective Health Inc. Trade Debt $14,000 348 Cambridge Rd Suite 162 Woburn, MA 01801 Email: inance@connectivehealth.io 8. Estochen, Samuel $2,836 5252 Grove Mnr Lady Lake, FL 32159 9. Miguel Mantilla $3,669 5371 Compass Point Oxford, FL 34484 Email: miguel.mantilla-vill amizar@thevillageshealth.com 10. Olympus America Inc. Trade Debt $6,376 PO Box 120600 Dallas, TX 75312-0600 Email: cash.application@olympus.com Phone: 800-848-9024 11. OnePacs LLC Trade Debt $6,800 PO Box 773186 Detroit, MI 48277-3186 Email: accounts@onepacs.com Phone: 877-881-7227 12. Perfectserve $5,379 PO Box 92015 Las Vegas, NV 89193-2015 Email: collections@perfec tservesupport.zendesk.com 13. SECO Energy $5,546 Customer Service Dept #3035 Orlando, FL 32855-3035 Email: customerservice@secoenergy.com 14. Solventum Health Trade Debt $6,005 Information Systems, Inc LBX #:844394 Dallas, TX 75284-3398 Email: mdblount@solventum.com Phone: 612-842-1263 15. Starkey Laboratories, Inc. $18,757 PO Box 856915 Minneapolis, MN 55485-6915 Email: starkeycares@starkey.com 16. The Sourcing Group Inc Trade Debt $8,402 PO Box 6568 Carol Stream, IL 60197-6568 Email: tmckenzie@tsgerp.com Phone: 407-682-1400 17. The Villages Chilled Water $4,284 3619 Kiessel Rd The Villages, FL 32163 Email: Utilities@DistrictGov.org 18. United States of America $361,000,000 U.S. Attorney's Office MDFL 400 N. Tampa St., Ste. 3200 Tampa, FL 33602 Christopher Emden, AUSA Email: cemden@usdoj.gov 19. Veytec, Inc Trade Debt $21,617 2301 Silver Star Road Orlando, FL 32804 Phone: 407-849-0461 20. Wells Fargo $3,023 P.O. Box 105743 Atlanta, GA 30348-5743 Email: wfef@wellsfargo.com VIPER ENERGY: Moody's Raises Unsecured Notes to Ba1, Outlook Stable ------------------------------------------------------------------- Moody's Ratings upgraded Viper Energy, Inc.'s backed senior unsecured notes to Ba1 from Ba2. Moody's affirmed Viper's Ba1 Corporate Family Rating and Ba1-PD Probability of Default Rating, and maintained the stable outlook. Viper's SGL-1 Speculative Grade Liquidity rating remains unchanged. "Viper's notes upgrade equalizes those ratings with Viper's Ba1 CFR to reflect an unsecured capital structure following the release of liens securing the company's prior revolving credit facility," commented Amol Joshi, Moody's Ratings Vice President and Senior Credit Officer. RATINGS RATIONALE Viper's senior unsecured notes rank pari passu with the new unsecured revolving credit facility. Viper Energy Partners LLC is the new revolver borrower, which has a downstream guarantee from the parent company, Viper. The notes on the other hand, were issued by Viper but have an upstream guarantee from Viper Energy Partners LLC. The new unsecured revolver has $1.5 billion of commitments and it expires in June 2030. Viper's Ba1 CFR is supported by its significant mineral and royalty interests that produce strong margins and free cash flow; low operating costs and no capital expenditure requirements; oil-weighted assets in the Permian Basin operated by financially strong E&P companies; and its successful growth history. The credit profile also reflects management's track-record of conservative financial policies, including maintaining low leverage, adjusting shareholder distributions as warranted, funding acquisitions with considerable amount of equity and reducing debt following leveraging acquisitions. Additionally, Viper's ratings benefit from significant uplift from its operating and strategic importance to Diamondback Energy, Inc. (Diamondback, Baa2 stable), which controls and manages Viper and consolidates Viper for financial reporting. Viper's ratings are restrained by its smaller production and cash flow base compared to similarly rated E&Ps; dependence on E&P operators for its non-operated passive mineral and royalty interests while lacking control over drilling and development decisions; the need to make periodic acquisitions to maintain production and reserves, which introduces valuation and financing risks; and a high distribution business model. Viper's agreement to acquire Sitio Royalties Corp. (Sitio, B1 ratings under review) in an all-equity transaction will benefit its credit profile, but doesn't impact Viper's rating or stable outlook. Viper has agreed to acquire Sitio for roughly $4.1 billion, including Sitio's net debt of about $1.1 billion as of March 31, 2025. This acquisition will boost Viper's production by roughly 50%, add significant drilling inventory, further diversify its exposure to E&P operators, and provide meaningful synergies reducing its overall breakeven cost. However, the acquisition will mildly increase Viper's financial leverage given Sitio has more debt than Viper. Viper will also need to successfully integrate Sitio's operations after executing two other major acquisitions in the first quarter of 2025. The stable outlook reflects Viper's low leverage and ability to generate free cash flow at low oil prices. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Viper's ratings could be upgraded if Diamondback's rating were upgraded and Viper substantially increased its scale, maintained strong leverage metrics and remained core to Diamondback's operations. Viper growing production above 150,000 boe/day, sustaining retained cash flow (RCF) to Debt above 40% and Debt to proved developed (PD) reserves below $4/boe would be supportive of an upgrade. A downgrade could occur if Viper executes a large debt funded acquisition or experiences a sharp and sustained decline in production. The ratings could be downgraded if RCF to Debt falls below 20% or Debt to PD reserves rises above $6/boe. The ratings could also be downgraded if Diamondback's ratings were downgraded. Viper Energy, Inc. is a publicly traded company based in Midland, Texas, which is engaged in owning and acquiring mineral and royalty interests in oil and natural gas properties. 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. VIVOSIM LABS: Rosenberg Raises Going Concern Doubt -------------------------------------------------- VivoSim Labs, Inc. disclosed in a Form 10-K Report filed with the U.S. Securities and Exchange Commission for the fiscal year ended March 31, 2025, that its auditor has expressed substantial doubt about the Company's ability to continue as a going concern. Vancouver, Canada-based Rosenberg Rich Baker Berman, P.A., the Company's auditor since 2023, issued a "going concern" qualification in its report dated June 5, 2025, attached to the Company's Annual Report on Form 10-K for the year ended March 31, 2025, citing that the Company has incurred recurring losses and negative cash flows from operations and is dependent on additional financing to fund operations. These conditions raise substantial doubt about its ability to continue as a going concern. For the year ended March 31, 2025, the Company reported a net loss of $2.5 million on $144 thousand of revenue, compared to a net loss of $14.7 million on $109 thousand of revenue for the year prior. As of March 31, 2025, the Company had cash and cash equivalents of approximately $11.3 million, restricted cash of approximately $0.1 million and an accumulated deficit of approximately $342.2 million. The restricted cash was pledged as collateral for a letter of credit that the Company is required to maintain as a security deposit under the terms of the lease agreements for its facilities. The Company also had negative cash flows from operations of approximately $9.5 million during the year ended March 31, 2025. As of March 31, 2025, the Company had total current assets of approximately $12.1 million and current liabilities of approximately $3.7 million, resulting in working capital of $8.4 million. Through March 31, 2025, the Company has financed its operations primarily through the sale of common stock through public and at-the-market offerings, the private placement of equity securities, from revenue derived from the licensing of intellectual property, products and research-based services, grants, and collaborative research agreements, the sale of the Company's FXR program, and from the sale of convertible notes. During the year ended March 31, 2025, the Company issued 493,372 shares of its common stock through its ATM facility, for net proceeds of approximately $4.9 million. On March 25, 2025, the Company sold its FXR program for $10 million, with $9 million paid at closing and $1 million held in escrow for a period of 15 months, with future milestones of up to $50 million to be paid if the lead asset, FXR314, hits key regulatory and commercial milestones. Based on the Company's current operating plan and available cash resources, the Company will need substantial additional funding to support future operating activities. The Company has concluded that the prevailing conditions and ongoing liquidity risks faced by the Company raise substantial doubt about its ability to continue as a going concern for at least one year following the date these Consolidated Financial Statements are issued. The accompanying Consolidated Financial Statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. As the Company continues its operations and is focusing its efforts on services, research, and development, the Company will need to raise additional capital to implement this business plan. The Company cannot predict with certainty the exact amount or timing for any future capital raises. The Company will seek to raise additional capital through debt or equity financings, or through some other financing arrangement. However, the Company cannot be sure that additional financing will be available if and when needed, or that, if available, it can obtain financing on terms favorable to its stockholders. Any failure to obtain financing when required will have a material adverse effect on the Company's business, operating results, and financial condition. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/369yu3jy About VivoSim Labs Inc. San Diego, Calif.-based VivoSim Labs, Inc., formerly known as Organovo Holdings, Inc., is a pharmaceutical and biotechnology services company that is focused on providing testing of drugs and drug candidates in three-dimensional human tissue models of liver and intestine. As of March 31, 2025, the Company had $14.7 million in total assets, $4.2 million in total liabilities, and total stockholders' equity of $10.5 million. VOLTZ INC: Gets Interim OK to Use Cash Collateral Until Oct. 31 --------------------------------------------------------------- Voltz, Inc. got the green light from the U.S. Bankruptcy Court for the District of Minnesota to use its secured creditors' cash collateral. The court authorized the Debtor's interim use of cash collateral until October 31 to pay business and administrative expenses in accordance with its budget. Secured creditors including Bremer Bank, Northeast Entrepreneur Fund, Inc., and Shopify, Inc. will receive replacement liens on post-petition inventory, accounts, equipment, and intangibles, with the same priority as their pre-bankruptcy liens. The replacement liens do not apply to any Chapter 5 causes of action. As additional protection to secured creditors, the Debtor was ordered to keep its assets insured. The final hearing is scheduled for July 22. The Debtor has secured debt held by Bremer Bank, Northeast Entrepreneur Fund, and Shopify, Inc., all of which have UCC filings covering the Debtor's assets, including cash and receivables. About Voltz, Inc. Voltz, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-42086) on June 25, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Brad Ruoho, president of Voltz, Inc., signed the petition. John D. Lamey, III, Esq., at Lamey Law Firm, PA, represents the Debtor as bankruptcy counsel. WATCHTOWER FIREARMS: Hires SSG Advisors as Investment Banker ------------------------------------------------------------ Watchtower Firearms LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire SSG Advisors, LLC as investment banker. The firm will provide these services: (a) advise the Debtors on, and assist them in preparing an information memorandum describing them, their management, and financial status for use in discussions with prospective purchasers and to assist in the due diligence process for a potential sale transaction; (b) assist the Debtors in developing a list of suitable potential buyers who will be contacted on a discreet and confidential basis after approval by the Debtors; (c) coordinate the execution of confidentiality agreements for potential buyers wishing to review the information memorandum; (d) assist the Debtors in coordinating management calls and site visits for interested buyers and working with management to develop presentations for such calls and visits; (e) solicit competitive offers from potential buyers; (f) advise and assist the Debtors in structuring a sale transaction, negotiating a sale transaction agreement with potential buyers, and evaluating the proposals from potential buyers; (g) provide testimony in support of a sale transaction, as necessary; (h) assist the Debtors, their attorneys, and accountants, as necessary, through closing of a sale transaction on a best efforts basis; and (i) advise and assist the Debtors in negotiations with various stakeholders in regard to a possible restructuring of their balance sheet. The firm will be paid at these fees: a. Initial Fee. An initial fee of $25,000, which was due upon signing the Engagement Agreement. b. Monthly Fees. Monthly fees of $25,000 per month payable beginning July 15, 2025 and on the 15th of each month thereafter throughout the Engagement Term. c. Sale Fee. Upon the consummation of a Sale Transaction to any party, a fee equal to the greater of (a) $375,000 or (b) 4 percent of Total Consideration. d. Restructuring Fee. Upon the closing of a Restructuring Transaction, SSG shall be entitled to a fee payable in cash, in federal funds via wire transfer or certified check, at and as a condition of closing of such Restructuring equal to $375,000. e. Financing Fee. Upon the closing of a Financing Transaction to any party, SSG shall be entitled to a fee payable in cash, in federal funds via wire transfer or certified check, at and as a condition of closing of such Financing equal to the greater of (a) $375,000 or (b) 4 percent of the committed Financing, regardless of whether the Company chose to draw down the full amount of the committed Financing. However, in the event that the Company's debtor-in-possession ("DIP") lender provides up to $10,000,000 of DIP Financing, then SSG will NOT be owed a Financing Fee as it relates to such Financing. f. Duplication of Transaction Fees. SSG will only be entitled to either a Sale Fee or a Restructuring Fee or a Financing Fee (each, a "Transaction Fee"), the greater of the three fees. g. In addition to the foregoing Initial Fee, Monthly Fees and Transaction Fee, SSG will be entitled to reimbursement for all of SSG's reasonable and documented out-of-pocket expenses incurred in connection with the Engagement Agreement whether or not a sale transaction or restructuring transaction is consummated. In addition, the firm will seek reimbursement for expenses incurred. Mark Chesen, a managing director at SSG Advisors, 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: Mark E. Chesen SSG Advisors LLC 300 Barr Harbor Drive, Suite 420 West Conshohocken, PA 19428 Telephone: (610) 940-1094 Facsimile: (810) 940-4719 About Watchtower Firearms LLC Watchtower Firearms LLC is a veteran-owned company offering a diverse range of firearms, including custom rifles, special edition rifles, and handguns. The Company serves military, law enforcement, hunting, and personal use markets. In addition to firearms, it provides suppressors, components, and specialized gear tailored to meet the needs of its customers. Watchtower Firearms LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-40684) on February 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Joseph Acosta, Esq. at CONDON TOBIN represents the Debtor as counsel. WAVE SUSHI: Gets OK to Use Cash Collateral to Thru August 7 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division issued a third preliminary order authorizing Wave Sushi Maitland, LLC to continue using cash collateral through August 7. The third preliminary order signed by Judge Tiffany Geyer authorized the Debtor to use cash collateral 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 secured creditor, TRF Capital Services, LLC. The Debtor projects total operational expenses of $166,120 for the period from June to August. As protection for the Debtor's use of their cash collateral, TRF and Avion Funding (if applicable) will receive replacement post-petition liens with the same priority and extent as their pre-bankruptcy liens. The Debtor will also keep its property insured as further protection to the secured creditors. The next hearing is scheduled for August 7. As of the petition date, the Debtor has approximately $9,115.58 cash in deposit accounts. The Debtor has no accounts receivable. The Debtor owes approximately $50,000 to TRF and $200,000 to Avion. About Wave Sushi Maitland Wave Sushi Maitland, LLC filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-02113) 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 WELLPATH HOLDINGS: Court Lifts Stay in Bonilla-Bonilla Case ----------------------------------------------------------- Magistrate Judge Amelia G. Helmick of the United States District Court for the Middle District of Georgia lifted the stay in the case captioned as MARVIN BONILLA-BONILLA, Plaintiff, v. JOHN BARFIELD, et al., Defendants, Case No. 5:23-cv-15-TES-AGH (M.D. Ga.). On Jan. 10, 2025, the Court stayed this case due to a bankruptcy petition filed by Wellpath, LLC. On May 1, 2025, the United States Bankruptcy Court for the Southern District of Texas confirmed Wellpath's Chapter 11 bankruptcy plan. Defendants John Barfield, Tameika Monday, and Eni Nwabueze must file a report with the Court within 21 days as to the effect of the bankruptcy court's confirmation order on Plaintiff's claims. A copy of the Court's Order dated July 2, 2025, is available at https://urlcurt.com/u?l=r4doMz from PacerMonitor.com. About Wellpath Holdings Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc., is a provider of medical and mental healthcare in jails, prisons, and inpatient and residential treatment facilities. Wellpath Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief restructuring officer and chief financial officer, signed the petitions. At the time of the filing, the Debtors reported $1 billion to $10 billion in assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Marcus A. Helt, Esq. at McDermott Will & Emery, LLP, as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as investment banker. WHITNEY OIL & GAS: Gets Extension to Access Cash Collateral ----------------------------------------------------------- Whitney Oil & Gas, 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. 26, 2023, through the date which is five business days following a declaration to terminate, reduce or restrict the ability to use cash collateral by Whitney Oil & Gas and its affiliates, Trimont Energy (NOW), 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, subject to a carveout. 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 the carveout. The next hearing is set for July 23. About Whitney Oil & Gas Whitney Oil & Gas, LLC operates in the oil and gas extraction industry. The company is based in Houston, Texas. Whitney Oil & Gas filed Chapter 11 petition (Bankr. E.D. La. Case No. 23-11873) on Oct. 26, 2023, with $1 million to $10 million in both assets and liabilities. Judge Meredith S. Grabill oversees the case. Douglas S. Draper, Esq., at Heller, Draper & Horn, LLC is the Debtor's legal counsel. WI-FI WHEELING: Case Summary & Nine Unsecured Creditors ------------------------------------------------------- Debtor: WI-FI Wheeling Dealing LLC 8170 McCormick Blvd. Suite 100 Skokie, IL 60076 Business Description: Wi-Fi Wheeling Dealing LLC is a single asset real estate entity that owns an office complex at 1400 S. Wolf Road in Wheeling, Illinois. The property comprises 113,475 square feet of rentable space across two adjacent buildings, which have an appraised value of $13 million. Chapter 11 Petition Date: July 2, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-10181 Judge: Hon. Donald R Cassling Debtor's Counsel: Gregory K. Stern, Esq. GREGORY K. STERN, P.C. 53 West Jackson Boulevard Suite 1442 Chicago, IL 60604 Tel: (312) 427-1558 Fax: (312) 427-1289 Email: greg@gregstern.com Total Assets: $13,000,200 Total Liabilities: $9,107,432 The petition was signed by Isaac J. Weiss as manager. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LTHPDHA/WI-FI_Wheeling_Dealing_LLC__ilnbke-25-10181__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Nine Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Abe Brimm Leasing $45,304 c/o Weiss Properties Inc. Commissions 8170 McCormick Blvd., Suite 100 Skokie, IL 60076 2. Accounting Professional $7,600 Associates LLC Services 7548 St. Louis Avenue Skokie, IL 60076 3. Boneh Fide Building Serv. Construction $193,500 8707 Skokie Blvd Services Skokie, IL 60077 4. Howard M. Zavell Professional $39,176 Dickler, Kahn, Services Sloikowski & Zavell, Ltd. 85 West Algonquin Road Suite 420 Arlington Heights, IL 60005 5. Ira B. Lauter, Reciever Management $0 L&B All Star Fees Management, LLC 950 Skokie Blvd., Suite 310 Northbrook, IL 60062 6. Isaac J. Weiss Loans/Advances $1,039,924 8170 McCormick Blvd., Suite 100 Skokie, IL 60076 7. Noonan & Lieberman Ltd. Professional $10,775 33 North LaSalle Street Services Suite 1150 Chicago, IL 60602 8. Thompson Coburn LLC Professional $0 55 East Monroe Street Services 37th Floor Chicago, IL 60603 9. Vanessa E. Seiler Attorney's Fees $0 Manetti Aguilera for Receiver Seiler LLC 2213 Lakeside Drive Deerfield, IL 60015 WOLFSPEED INC: Appoints Gregor van Issum as CFO ----------------------------------------------- Cameron Baker of Bloomberg Law reports that chipmaker Wolfspeed Inc., which filed for Chapter 11 bankruptcy late last June 2025, has appointed Gregor van Issum as Chief Financial Officer and Executive Vice President, effective September 1, 2025. Van Issum will take over from Kevin Speirits, who will resume his previous position as Senior Vice President of Finance. His compensation package includes a $500,000 base salary and a $450,000 signing bonus, the report states. About Wolfspeed Inc. Wolfspeed, Inc. (NYSE:WOLF) is an innovator of wide bandgap semiconductors, focused on silicon carbide materials and devices for power applications. Its product families include silicon carbide materials and power devices targeted for various applications such as electric vehicles, fast charging and renewable energy and storage. On June 30, 2025, Wolfspeed, Inc. and Wolfspeed Texas, LLC each filed petitions seeking relief under chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90163), with Judge Christopher M. Lopez presiding. The Debtors sought Chapter 11 protection after reaching a deal with lenders on a debt-for-equity plan that would reduce debt by $4.6 billion. Latham & Watkins LLP and Hunton Andrews Kurth LLP are serving as legal counsel to Wolfspeed, Perella Weinberg Partners is serving as financial advisor and FTI Consulting is serving as restructuring advisor. Epiq is the claims agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the senior secured noteholders and Moelis & Company is serving as the senior secured noteholders' financial advisor. Kirkland & Ellis LLP is serving as legal counsel to Renesas Electronics Corporation, PJT Partners is serving as its financial advisor, and BofA Securities is serving as its structuring advisor. Ropes & Gray LLP is serving as legal counsel to the convertible debtholders and Ducera Partners is serving as financial advisor to the convertible debtholders. WYNDSTON MILLWORK: Gets Final OK to Use Cash Collateral ------------------------------------------------------- Wyndston Millwork, LLC received final approval from the U.S. Bankruptcy Court for the Middle District of Louisiana to use cash collateral to pay its business expenses. The court's order authorized the Debtor's final use of cash collateral to pay ordinary and necessary business expenses as per an amended 13-week budget, with a 10% variance allowed. The budget projects weekly total operational expenses of $33,311.56. The Debtor's cash collateral consists of cash in its bank accounts and cash generated by the operations of its business in which American Bank and Trust Company, a secured lender, asserts liens. As protection for the use of its cash collateral, American Bank will be granted replacement security interests in and liens on all post-petition assets of the Debtor including proceeds of that property, accounts and cash to the extent that the lender possessed a valid and perfected security interest and lien in any such assets prior to the petition date. As further protection, the Debtor will continue to pay American Bank $5,000 per month and an additional $1,000 for every $100,000 in receivables collected by the Debtor. About Wyndston Millwork LLC Wyndston Millwork LLC, doing business as Acadian Architectural Woodwork, specializes in custom architectural millwork and woodworking services. Based in Ponchatoula, Louisiana, the Company offers a range of products including doors, windows, mouldings, columns, corbels, furniture, hardware, and pre-hung interior and exterior door units. Wyndston Millwork LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. La. Case No. 25-10353) on April 28, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Judge Michael A. Crawford handles the case. Ryan J. Richmond, Esq., at Sternberg, Naccari & White, LLC is the Debtor's legal counsel. American Bank and Trust Company, as secured lender, is represented by: Wayne A. Maiorana, Jr., Esq. Newman, Mathis, Brady & Spedale A Professional Law Corporation 3501 N. Causeway Blvd., Suite 300 Metairie, LA 70002 Telephone: (504) 837-9040 Tmaiorana@newmanmathis.com ZEN JV: Gets Interim OK to Obtain DIP Loan From JMB Capital ----------------------------------------------------------- Zen JV, LLC 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 $12.5 million from JMB Capital Partners Lending, LLC, which has committed to provide up to $20 million in DIP financing. The remaining $7.5 million will be available upon entry of a final order. The order also approved the Debtors' interim use of cash collateral. The DIP loan will be secured by senior superpriority liens on substantially all of the Debtors' assets and will be used to maintain operations, fund necessary expenses, and support a Section 363 sale process aimed at maximizing the value of the Debtors' business segments. The Debtors, formed from the 2024 merger of CareerBuilder and Monster, faced ongoing financial strain despite achieving cost synergies. Macroeconomic challenges, including a global slowdown in job openings and hiring, led to persistent revenue declines and ultimately left the Debtors with only $2.2 million in cash on hand at the time of filing. After exploring internal cost reductions and external financing options, the Debtors determined that the $20 million DIP loan offered the best terms and was essential to preserving the value of their estates. Efforts to secure funding included outreach to approximately 20 potential lenders. While Blue Torch Finance, LLC initially proposed a $16.5 million facility, JMB Capital's $20 million proposal offered superior economic terms and flexibility, prompting the Debtors to proceed with JMB. In connection with the DIP financing, the Debtors also negotiated a limited consensual priming arrangement with their pre-petition lenders, who agreed to allow the DIP lender senior lien priority on up to $1 million of collateral and to the use of cash collateral, in exchange for a $1 million consent fee and certain allocation provisions on sale proceeds. The Debtors' pre-petition capital structure includes approximately $135.2 million in term loans and $226.1 million in senior secured notes, in addition to about $31.2 million in unsecured debt, totaling approximately $392.5 million in obligations. The Debtors also offered to provide superpriority administrative claims and liens to the DIP lender, to grant adequate protection to existing secured creditors, and to waive certain rights such as the ability to surcharge DIP collateral under Bankruptcy Code §506(c) (subject to final order). The Debtors argued that immediate access to DIP financing and use of cash collateral is crucial to preserving operations, paying employees and vendors, maintaining customer relationships, and funding the Chapter 11 process. A final hearing is set for July 24. Objections are due by July 17. About Zen JV LLC Zen JV, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11195) on June 24, 2025, listing up to $100 million in assets and up to $500,000 in liabilities. Jeff Furman, chief executive officer of Zen JV, signed the petition. Judge Kate Sickles oversees the case. Zachary I. Shapiro, Esq., at Richards, Layton & Finger, P.A., represents the Debtor as legal counsel. JMB Capital Partners Lending, LLC, as DIP lender, is represented by: Matthew B. Lunn, Esq. Robert F. Poppiti, Jr., Esq. Young Conaway Stargatt & Taylor, LLP 1000 North King Street Wilmington, DE 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1253 mlunn@ycst.com rpoppiti@ycst.com -- and -- Robert M. Hirsh, Esq. James A. Copeland, Esq. NORTON ROSE FULBRIGHT US LLP 1301 Avenue of the Americas New York, NY 10019-6022 Telephone: (212) 318-3000 Facsimile: (212) 408-5100 robert.hirsh@nortonrosefulbright.com james.copeland@nortonrosefulbright.com ZIPRECRUITER INC: Moody's Cuts CFR to 'B2', Outlook Stable ---------------------------------------------------------- Moody's Ratings downgraded ZipRecruiter, Inc.'s Corporate Family Rating to B2 from B1 and Probability of Default Rating to B2-PD from B1-PD. Moody's also downgraded the Senior Unsecured Global Notes rating to B3 from B2. The speculative grade liquidity (SGL) rating has been downgraded to SGL-2 from SGL-1. The outlook is stable. ZipRecruiter is a California-based online job marketplace. The rating action reflects the ongoing challenging business conditions for the online job marketplace industry as a result of declining hiring volumes across the economy. The downturn in hiring has persisted longer than expected and Moody's think an environment of tepid hiring will continue over the next 12-18 months given an uncertain macroeconomic environment. As a result of lower levels of jobs being placed, credit metrics for ZipRecruiter have deteriorated with leverage increasing significantly and cash flow declining. The ratings are bolstered by a robust liquidity profile, backed by substantial cash & equivalents reserves. RATINGS RATIONALE ZipRecruiter benefits from a strong market position as one of the leading providers of online recruiting services in the US. Its well-known brand, deep resume database and extensive client relationships result in a network effect that attracts recruiters and job seekers to its online marketplace. Cyclical swings in job opening volumes create revenue volatility during economic downturns but the migration of recruiting spend from traditional employment and staffing agencies to online platforms supports long-term growth. The company's strategy to integrate its database with employers' applicant tracking systems should improve customer retention and increase revenue. A highly variable cost structure, along with good end-market diversification and a strong liquidity position mitigate exposure to the cyclical demand characteristics of recruiting services. Debt/EBITDA leverage is impacted by high stock-based compensation, which Moody's do not add back, but cash-based EBITDA and free cash flow metrics support the credit profile. Debt/EBITDA has increased significantly over the last two years as a result of revenue declines and the continued need to spend on advertising, which resulted in leverage of over 10.0x as of the 12 month period ending March 31, 2025, and around 7.5x including stock-based compensation as an add-back. Sustained share repurchases in excess of free cash flow would diminish liquidity and signal more aggressive financial policies, which would in turn pressure the ratings. The company's small scale relative to other issuers in its rating category, limited product diversification, and geographic concentration in the US market weigh on the credit. ZipRecruiter operates in the competitive online job board services industry against larger peers with deep pockets. Revenue is largely dependent on subscriptions that can vary from a day to annual subscription periods. Smaller employers may migrate to shorter subscription periods if they are looking to reduce costs. Despite a weakening top line, the company has reported relatively stable profitability over the last couple of years, driven by reduced marketing spend among other cost reduction initiatives. However, higher spending levels could be required to sustain revenue growth in a more balanced US jobs market. Profit margins and cash flow generation weakened over the past 12 months and Moody's expects them to be around current levels for the next 12 months as job openings in the US labor market remain tepid. The stable outlook reflects Moody's expectations that the company will be able to generate long-term revenue growth and maintain its market position in the online job market sector. A very strong liquidity position also supports the stable outlook. Liquidity is a key credit consideration given the company's exposure to cyclical swings in the US jobs market. The Speculative Grade Liquidity (SGL) rating of SGL-2 reflects good liquidity, supported by cash and cash equivalents (including short term investments) of approximately $468 million as of March 30, 2025. Given the uncertain macroeconomic environment and sudden drop in revenue over the last two years, the company's strong liquidity, supported by its large cash balances is key to the rating. Moody's anticipates the company will sustain a strong liquidity position and generate some free cash flow, with FCF/debt in the mid-single digit area over the next 12 months. The $290 million revolver is due April 2026 and had $287 million of available capacity (net of letters of credit) as of June 30, 2025. The revolver is now current but Moody's expects that the company will be able to refinance and extend the maturity of the revolver this year. The revolving credit facility (unrated) includes a financial covenant that limits the total net leverage ratio to 3.5x. The definition of EBITDA under the credit agreement includes stock-based compensation and other non-cash add-backs. The covenant threshold could be increased to 4.0x for material acquisitions. Moody's believes the company will sustain an ample headroom against the financial covenant limit. ZipRecruiter, Inc. is the borrower of the $550 million senior unsecured notes and the $290 million senior secured credit facility. The B3 rating for the senior unsecured notes reflects ZipRecruiter's B2-PD Probability of Default and the Loss Given Default assessment. The rating and Loss Given Default expectations reflect the subordination of the notes to any borrowings under the revolving credit facility (unrated). The unsecured notes provide little covenant protection and do not include any limitations on additional unsecured debt, restricted payments, investments or asset sales. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS ZipRecruiter's ratings could be upgraded if business conditions for the online job marketplace industry improve and the company is able to generate revenue growth and raise EBITDA margins such that leverage declines to 4.5x (excluding stock based compensation as an add-back) and is expected to remain at around that level. Further, the company would need to maintain its solid competitive position such that Moody's expects it to generate strong long-term revenue growth while balancing marketing spend and other operating costs. Maintenance of balanced financial policies and very good liquidity would also be required for a ratings upgrade. The ratings could be downgraded if revenue continues to decline such that leverage remains at elevated levels at over 7.5x (excluding stock based compensation as an add-back) and FCF/ debt is expected to be 3% or lower. A decline in the company's liquidity position, which is an important consideration for the rating, would also lead to a downgrade. Further, the ratings would be pressured if the company were to pursue more aggressive financial policies, such as sustained share repurchases in excess of free cash flow, or other strategies that increase leverage or weaken liquidity. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. ZipRecruiter's B2 rating is two notches above the scorecard indicated outcome of Caa1 and reflects the expectation that the company will maintain its leading position in the online job marketplace sector. The rating difference also reflects the strong liquidity of the company and expectations for improving credit metrics from the current cyclical trough. Headquartered in Santa Monica, CA, ZipRecruiter is an online job marketplace that connects job seekers and recruiters. The company also offers adjacent solutions such as applicant tracking systems. Revenue for the trailing twelve months ending March 30, 2025 was $462 million. ZRG INC: Seeks to Hire GD Tax Solutions as Accountant ----------------------------------------------------- ZRG Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire GD Tax Solutions as accountants. The firm will file delinquent tax returns. Geoffrey Dancziger, a partner of GD Tax Solutions, 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: Geoffrey Dancziger GD Tax Solutions 474 Oak Avenue Cedarhurst, NY 11516 Phone: (917) 861-4463 Email: geoffrey@gdtaxsolutions.com About ZRG Inc. ZRG Inc. holds 100% of the membership interests in two limited liability companies: 90 Nassau Street LLC, which owns the real property located at 90 Nassau Street, New York, NY; and 385 Greenwich Street LLC, which owns the real property located at 385 Greenwich Street, New York, NY. ZRG Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40464) on January 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Kevin Nash, Esq., at GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP, in New York. [] Eugene Park Joins Gibson Dunn's New York Restructuring Practice ------------------------------------------------------------------ Gibson Dunn announced that Eugene Y. Park has joined the firm's New York office as a partner in the Business Restructuring and Reorganization and the Liability Management and Special Situations Practice Groups. Eugene leads high-profile and complex financing transactions in the rescue and distressed space. Commenting on Mr. Park's arrival, Scott J. Greenberg, Global Chair of the Business Restructuring and Reorganization Practice Group, said: "Eugene is one of the industry's next-generation stars -- a well-known and highly respected distressed financing and restructuring advisor. His rare combination of experience in both areas will be invaluable to our market-leading platform. As restructurings and distressed financings continue their sharp upward trajectory, Eugene brings significant depth --particularly on the lender side—positioning us to meet the incredible global demand from our clients." "Gibson Dunn's momentum is palpable, and I'm excited to join a growth-minded and incredibly ambitious team to supercharge my practice," said Mr. Park. "Gibson Dunn has built its restructuring practice -- representing both debtors and creditors -- into a leading global powerhouse that is best positioned for today and the future. Having worked across the table from Gibson Dunn lawyers, I know firsthand the team's impressive bench strength, collaborative approach, and unparalleled market knowledge. I look forward to working alongside my new colleagues to guide clients through complex restructurings." Steven Domanowski, Chair of the firm's Liability Management and Special Situations Practice Group, added, "In this highly active distressed environment, Eugene's addition will deepen our bench with an exceptionally skilled and experienced professional who will help clients address a variety of complex credit challenges." The firm's Business Restructuring and Reorganization Practice Group has expanded its global offering over the past few years, with Eugene as the most recent addition to the team. In May, restructuring partner Andrew Cheng rejoined the firm in Los Angeles; and in March, senior restructuring partners Chris Howard and Presley Warner joined in London. The group's additions also include partners Lisa Stevens (London), Caith Kushner (New York), and Ryan Kim (New York), as well as the promotions of Stephen D. Silverman (New York) and Melissa L. Barshop (Century City) to partner. Gibson Dunn's Business Restructuring and Reorganization Practice Group advises on the largest and most complex restructurings globally, dominating the market in the U.S. and Europe. It was named Lead Counsel in Debtwire's Restructuring Advisory Mandates Report for North America in both 2023 and 2024. Within the practice, the Liability Management and Special Situations team has emerged as a pioneer in liability management, focused on devising and executing tailored solutions for ad hoc groups of debt holders and other debt investors. About Eugene Y. Park Mr. Park's practice focuses on special situation and opportunistic financing transactions. He represents borrowers, equity sponsors, and credit investors in a wide range of liability management matters, opportunistic and distressed financings, and restructurings. Prior to joining Gibson Dunn, Mr. Park served as a partner at another international law firm. He earned his law degree from the University of Chicago Law School in 2016. About Gibson Dunn Gibson, Dunn & Crutcher LLP -- https://www.gibsondunn.com/ -- is an international law firm. Consistently ranking among the world's top law firms in industry surveys and major publications, Gibson Dunn is distinctively positioned in today's global marketplace with more than 2,000 lawyers, and 21 offices, in Abu Dhabi, Beijing, Brussels, Century City, Dallas, Denver, Dubai, Frankfurt, Hong Kong, Houston, London, Los Angeles, Munich, New York, Orange County, Palo Alto, Paris, Riyadh, San Francisco, Singapore, and Washington, D.C. [] Farm Bankruptcies Increase Across Arkansas --------------------------------------------- Mark Friedman of Arkansas Business reports that Arkansas sees sharp rise in farm bankruptcies as crop prices drop and production costs climb. Bankruptcy filings are rising steadily across Arkansas, with family farm bankruptcies experiencing a particularly steep increase, according to attorneys and agricultural experts. Jake Fair, an attorney with Wright Lindsey Jennings in Little Rock who represents creditors in bankruptcy matters, said he's recently seen more Chapter 12 filings than at any time in his 11-year career. "It seems clear that lenders are now facing more issues in their farm loan portfolios than in years past," he noted. Joel Hargis, a bankruptcy attorney at Caddell Reynolds Law Firm in Jonesboro, described the situation as dire. "Family farm bankruptcies are skyrocketing," said Hargis, who frequently handles Chapter 12 cases, a type of bankruptcy designed specifically for family farmers and fishermen with regular income. "I have three more Chapter 12 cases in the pipeline for filing within the next two weeks," he added. "My row crop clients are really struggling—statewide." According to the Administrative Office of the U.S. Courts, 15 Chapter 12 bankruptcies were filed in Arkansas during the first quarter of 2025—nearly matching the total of 16 for all of 2024. The sharp increase has alarmed economists and industry observers alike. "Commodity prices have fallen dramatically, but input costs like fertilizer, fuel, and equipment continue to rise," said Ryan Loy, an extension economist with the University of Arkansas System Division of Agriculture. "To see a full year's worth of Chapter 12 filings in one quarter is eye-opening." The spike in agricultural bankruptcies is part of a wider rise in filings across Arkansas. Chapter 11 bankruptcies—used primarily by companies to reorganize—jumped 67% in the first quarter of 2025 compared to the same period last 2024, with 15 filings recorded in the state, according to the American Bankruptcy Institute (ABI). Nationwide, Chapter 11 filings increased 62% from April to May 2025, with 733 cases filed in May alone, according to data from Epiq AACER. "The surge in commercial Chapter 11 filings reflects persistent economic pressure from high borrowing costs, looming tariffs, and geopolitical uncertainty," said Epiq AACER Vice President Michael Hunter. However, filings in May were still down 4% compared to the same month in 2024. ABI consultant Ed Flynn said he expects filings to climb nationally as 2025 progresses. "Tariffs, inflation, and reduced government support could all contribute to rising bankruptcy numbers," he said. “But these effects usually take time to show up in the courts—people don't file bankruptcy the day their financial situation deteriorates." Last July 2025, several agriculture industry leaders warned the U.S. House Committee on Agriculture about mounting financial pressures facing American farmers. "Falling crop prices, rising input costs, worsening credit access, and continued natural disasters are creating a perfect storm for farm country," said committee chair Rep. Glenn "GT" Thompson, R-Pa. David Dunlow, chair of the American Cotton Producers, called it the worst climate in his 40 years of farming. "The cost of labor, equipment, supplies, land, fuel, and seed has surged—some have nearly doubled," he testified. "We're now at the point where even a bumper crop only lets you break even." Chapter 12 filings in Arkansas had already started increasing in 2024, doubling to 16 from just seven the year before. Loy said that trend correlates with a growing gap between farm revenues and operating expenses. "Even if your input costs stay flat, when your crop prices fall, you lose the ability to service your debt the way you did when you took out that loan." Larger commercial farms are often better positioned to absorb losses, but smaller family-run farms are especially vulnerable in the current environment. "Many farmers tell me they just can't make it without federal help," Hargis said. Congress extended the 2018 Farm Bill through September 2025 via the American Relief Act passed in December. The extension maintains key support programs intended to provide price protections and credit access for producers navigating uncertain markets, according to the USDA. Still, economic pressures continue to mount. The USDA projected that net farm income would decline to $139.1 billion in 2024—down from $147.3 billion in 2023 and well below 2021 levels. Although total farm expenses were forecast to dip slightly in 2024 to $452.9 billion, they remain nearly 22% higher than in 2021. "There are multiple factors driving up costs across the board," Loy said. Chapter 12 bankruptcy allows eligible family farmers to propose a plan to repay all or part of their debts over three to five years. Total debts must be under $12.56 million to qualify, according to the U.S. Courts. Hargis said the flexibility of Chapter 12 can offer critical relief. "You don't always have to cure the default during the plan period—we just need to show creditors are getting paid," he explained. Once the court approves the plan, the farmer makes payments through a trustee who distributes them to creditors. As financial pressures mount, attorneys expect the number of Chapter 12 and Chapter 11 filings in Arkansas—and across the country—to continue rising well into 2026. Farmers who take early steps toward Chapter 12 bankruptcy have a stronger chance of reorganizing successfully, said Joel Hargis of Caddell Reynolds Law Firm. "When farmers wait until creditors start suing and loans are called in, it becomes much more difficult to restructure," Hargis explained. "At that point, they're often at risk of losing key assets." Jake Fair of Wright Lindsey Jennings added that many lenders want to work with borrowers. "It's usually in the lender’s best interest to see the farmer succeed," he said. Still, Fair urges creditors to stay alert. "Lenders should know exactly what their collateral is, where it's located, and ensure all the documentation is in place," he said. For real estate, he emphasized the importance of verifying value and legal records. "With bankruptcy filings rising, preparation is critical." He also noted that no lender wants to be left holding property or equipment they have to sell. "That's not what they signed up for." Despite current challenges, farmers are known for their resilience, said economist Ryan Loy of the University of Arkansas System Division of Agriculture. "Farmers are tough and persistent," he said. However, Loy warned that the financial outlook will depend heavily on the upcoming harvest. "If the gap between what farmers pay to grow crops and what they earn continues, bankruptcies won't slow down," he said. "Eventually, the only reason for fewer filings may be that there are no farms left to file." [] Tariff Uncertainty to Fuel Bankruptcy Filings in Some Sectors ---------------------------------------------------------------- Randi Love of Bloomberg Law reports that restructuring professionals are closely watching a convergence of economic and geopolitical factors -- rising U.S. interest rates, trade tensions with China, instability in the Middle East, and uncertain tariff policies -- as they evaluate the bankruptcy outlook for the second half of 2025. According to the report, citing legal analysts, with shifting regulations and global pressures creating unpredictability for U.S. businesses, industries reliant on imported goods -- such as automotive, solar energy, retail, and casual dining -- are expected to face heightened financial strain. According to Bloomberg Law, the conflicting comments from Treasury Secretary Scott Bessent and President Donald Trump regarding tariff deadlines have added to the confusion, just as a crucial July 9, 2025 trade deal deadline approaches. Attorneys warn that companies already on shaky ground may be forced to consider restructuring options, including out-of-court settlements or Chapter 11 proceedings. "We're now starting to feel the delayed effects of macroeconomic changes," said Robert Stark, chair of Brown Rudnick's bankruptcy and restructuring group. He noted that ongoing uncertainty over tariffs could lead businesses to pass increased costs on to consumers, potentially fueling a rise in both corporate and individual bankruptcy filings. Solar and Auto Sectors Under Growing Financial Pressure The solar industry has seen a surge in bankruptcy filings in recent months, largely driven by reduced government support and policy shifts under the Trump administration. Robert Gayda, a partner at Seward & Kissel LLP, said more filings are likely as green energy incentives continue to shrink. At the end of June, solar panel manufacturer Meyer Burger placed its U.S. subsidiaries into bankruptcy, blaming high European production costs and competition from Chinese companies. Earlier filers include Sunnova Energy International Inc. and Solar Mosaic Inc., both of which sought Chapter 11 protection in June 2025, the report states. "It's become harder to sustain solar operations under current policy conditions," said Mariaelena Gayo-Guitian, a partner at Venable LLP. In the automotive sector, rising interest rates and new tariffs are compounding affordability issues. Marelli Holdings Co., a supplier to Nissan and Stellantis, filed for bankruptcy last month, citing tariffs as a major factor exacerbating its financial challenges. Small manufacturers are feeling the impact as well. Michigan-based SMT Automation, which makes industrial equipment, was forced to lay off staff after expanding operations. The company's customers—mostly automakers and suppliers—are delaying purchases until trade policies become clearer, according to report. "There's a hesitation across the market tied directly to tariff uncertainty," said Seth Lieberman, head of Pryor Cashman LLP’s bankruptcy and creditors' rights practice. Wider Industry Impact and Consumer Risk Professionals expect a rise in consumer bankruptcies as companies reduce headcount and restructure in response to financial pressures. Alongside high interest rates and tariff complications, additional stressors like AI integration, workforce disruption, and rising debt loads are weighing on businesses. Daniel Gielchinsky, co-founder of DGIM Law, pointed to labor shortages linked to voluntary and involuntary deportations as another challenge affecting staffing in industries like hospitality, retail, and healthcare, the report cites. Healthcare providers are also seeing increased bankruptcy risk, driven by declining insurance reimbursements, rising payroll and lease costs, and funding cuts proposed in President Trump's budget plan. While interest rate cuts may come later, they offer little immediate relief to struggling businesses and consumers. "People are already losing jobs," Gayo-Guitian said. Meanwhile, geopolitical instability in the Middle East could lead to spikes in oil and gas prices, worsening financial conditions for businesses and consumers alike. Attorneys warn that logistics providers, trucking companies, and big-box retailers may face additional strain as global disruptions ripple through supply chains, the report relays. Liability Management Remains a Key Strategy Despite a ruling from the Fifth Circuit Court of Appeals limiting parts of Serta Simmons Bedding LLC's high-profile liability management transaction (LMT), attorneys say companies will continue exploring aggressive debt restructuring strategies to avoid formal bankruptcy filings. "Many businesses are opting for creative liquidity solutions outside of court," said Leah Eisenberg, a restructuring partner at Pashman Stein Walder Hayden LLP. However, she noted that out-of-court efforts don’t always stave off bankruptcy and may lead to future Chapter 11 cases. So-called liability management exercises (LMEs), where new financing is granted in exchange for priority repayment—often to the detriment of existing lenders—are usually negotiated privately and revealed only after completion, according to report. "There's increasing concern about how repeated use of LMEs could destabilize a company's financial structure," Lieberman said. Even when these deals ultimately result in bankruptcy, some companies may view them as successful if they provide more time to manage financial obligations, the report relays. "Bankruptcy is becoming just one piece of the broader corporate restructuring process," Stark added. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***