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250709.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, July 9, 2025, Vol. 29, No. 189 Headlines 1031 SOLUTIONS: Hires Newmark Real as Real Estate Broker 1804 SHACKLEFORD: Hires Compass RE as Real Estate Agent 22ND CENTURY: Registers Warrant Resale for 8.6M Shares 23ANDME HOLDING: Court OKs $305M Asset Sale to TTAM Nonprofit 729-731 MEEKER: Hire Shafferman & Feldman LLP as Counsel A TO Z PACKAGING: Case Summary & 20 Largest Unsecured Creditors AFH AIR PROS: Unsecureds to Recover Up to 1% of Claims in Plan AFM MATTRESS: Case Summary & 20 Largest Unsecured Creditors AFRITEX VENTURES: Hires Driver Stephenson PLLC as Counsel ALACHUA GOVERNMENT: Case Summary & 20 Largest Unsecured Creditors AMBASSADOR VETERANS: Seeks to Hire Financial Consultant AMERICAN IMPACT: Gets Final OK to Use Cash Collateral AMPLIFYBIO LLC: Hilco to Sell CRO Assets in Bankruptcy Deal AMYNTA GROUP: S&P Rates Proposed $350MM Unsecured Notes 'CCC+' ANCHOR CONSTRUCTION: Hires Bruner Wright PA as Counsel APPLE CENTRAL: Applebee's Loses Bid for Discretionary Abstention APPLE CENTRAL: Court Extends Cash Collateral Access to Sept. 30 APPLE CENTRAL: Kansas Bankruptcy Court to Hear Franchise Dispute APPLE CENTRAL: Loses Bid to Dismiss Applebee's Adversary Claims AT HOME GROUP: Hires Kirkland & Ellis LLP as Bankruptcy Counsel AT HOME GROUP: Hires Omni Agent as Administrative Agent AT HOME GROUP: Taps AlixPartners LLP as Financial Advisor AZUL SA: Hire Davis Polk & Wardwell LLP as Attorney AZUL SA: Hire Stretto Inc. as Administrative Advisor AZUL SA: Hires Guggenheim Securities LLC as Investment Banker AZUL SA: Hires Skyworks Capital as Financial Advisor AZUL SA: Hires Togut Segal & Segal LLP as Co-Counsel AZUL SA: Hires White & Case LLP as Special Counsel BAYSHORE SUITES: Gets Extension to Access Cash Collateral BCP V EVERISE: S&P Downgrades ICR to 'CCC+', Outlook Stable BEAN THERE: Hires Blanchard Law P.A. as Counsel BEDMAR LLC: Hires Douglas Wilson Companies as Financial Advisor BEDMAR LLC: Hires Epiq Corporate as Administrative Advisor BEDMAR LLC: Hires Richards Layton & Finger as Counsel BEYOND AIR: Reports FY25 Loss of $48.5M, Flags Going Concern Doubt BISHOP OF FRESNO: Diocese Seeks to Preserve Parish Funds Amid Ch.11 BISHOP OF SANTA ROSA: Committee Hires Real Estate Appraiser BURFORD CAPITAL: S&P Rates New $400MM Senior Unsecured Notes 'BB' BUTLER GROUP: Hires Thompson Premier Homes Group as Realtors C M HEAVY: Court Converts Bankruptcy Case to Chapter 7 CANT COOK: Hires Professor Tax USA Inc. as Accountant CARNIVAL CORP: S&P Rates New $2BB Senior Unsecured Notes 'BB+' CENTER FOR SPECIAL: Court OK's Largo Properties Sale to 21 Property CFMS TEXAS: Seeks to Hire Joyce W. Lindauer as Bankruptcy Counsel CHARTER SCHOOL: Hires Goodwin Procter LLP as Counsel CHARTER SCHOOL: Hires Ordinary Course Professionals CHARTER SCHOOL: Hires Potter Anderson & Corroon LLP as Co-Counsel CHARTER SCHOOL: Seeks to Hire Rock Creek as Financial Advisor CHERRY HILL: Voluntary Chapter 11 Case Summary CINEMEX HOLDINGS: Files Subchapter V to Restructure, Eyes Q3 Exit CMB DATA: Seeks to Extend Plan Filing Deadline to July 14 CNT HOLDINGS: S&P Affirms 'B' Rating on Senior Secured Debt CORINTH AUTUMN: Trustee Taps Property Tax Advocates as Consultant CORVIAS CAMPUS: Georgia Board Requests Bankruptcy Case Transfer COSTELLO SR.-ALLEN: Gets Final OK to Use Cash Collateral COVE CASTLES: Hires KCW Carty & Rogers as Special Counsel COVIAN ENTERPRISES: Hires Barron & Newburger PC as Legal Counsel CRYPTO CO: Borrows $68,000 From AJB Capital CTCHGC LLC: Hires Barron & Newburger P.C. as Counsel CYANOTECH CORP: Posts $3.2M FY25 Loss, Warns of Going Concern Doubt DANIEL TRUCKING: Seeks Chapter 11 Bankruptcy in Illinois DEL MONTE: Gets $912.5MM Funding in Chapter 11 DELTA ABSORBENTS: Hires Hood & Bolen as Bankruptcy Counsel DESIGN GROUP: Begins Ch.11 to Facilitate Going-Concern Sales DIAMOND SURFACE: Unsecureds Will Get 100% of Claims over 5 Years EAZY-PZ LLC: Hires Wadsworth Garber Warner as Counsel EEHF 18: James LaMontagne Named Subchapter V Trustee ELEVATION GOLD: Mako Mining Acquires Debt During CCAA Process ELLIE LANE: Hires Law Offices of Michael Berger as Counsel ESSAR STEEL: Court Denies Request for Earlier Trial in Cliffs Case EXTREME PROFITS: Hires Barker Services Inc. as Accountant EYENOVIA INC: Avenue Venture and Affiliates Hold 9.99% Stake FLOW APARTMENTS: Case Summary & Four Unsecured Creditors FLOWER APARTMENTS: Seeks Chapter 11 Bankruptcy in California FRANCIS FUNERAL: Hires Smith Kane Holman as Counsel FRANCIS FUNERAL: Holly Miller Named Subchapter V Trustee FTX TRADING: Recovery Trust Stops 82% of Payouts in 49 Regions FUTURE FINTECH: Inks $10.2M Settlement Agreement With FT Global GD TRANSPORT: Jerrett McConnell Named Subchapter V Trustee GENERAL MOTORS: Texas Says Co. Can't Escape Data Privacy Suit GENTLE HAND: L. Todd Budgen Named Subchapter V Trustee GIO LIQUOR: Seeks to Hire Robert N. Bassel as Bankruptcy Counsel GOT KIDZ?: Hires Gordon Law Firm PC as Legal Counsel HALO ESTATES: Court OKs Deal on Cash Collateral Access HAWAII STAGE: Bid to Strike Rodrigues' Jury Demand Granted in Part HDLV CONSOLIDATION: Hires D&C Hospitality as Real Estate Broker HEART ESTATES: Hires Lokation Real Estate LLC as Broker HEART ESTATES: Seeks to Hire Keller Williams as Real Estate Broker HERITAGE PORTRAITS: Gets Interim OK to Use Cash Collateral HERMS LUMBER: Seeks to Extend Plan Exclusivity to October 17 HIGHER GROUND: Taps Verita Global as Claims and Noticing Agent HKLTN INVESTMENT: Seeks to Hire Gary G. Lyon as Bankruptcy Counsel HOLYOKE PARKVIEW: Voluntary Chapter 11 Case Summary HORNBLOWER CRUISES: Court Dismisses Shaw, et al. Lawsuit HUMPER EQUIPMENT: Taps James A. Keltner as Wind-Down Manager ICORECONNECT INC: Hires Nelson Mullins Riley as Special Counsel INCAR GROUP: Seeks Chapter 11 Bankruptcy in Puerto Rico IROKOS GROUP: Hires Lipton Law Group LLC as Counsel JAGUAR HEALTH: Registers 507K Shares From May 2025 Warrants JAMES JOSEPH: To Sell Causes of Action to Bloak LLC for $300K JEFRYN PARK: Gerard Luckman Named Subchapter V Trustee JSMITH CIVIL: Fourth Elm Wins Bid to Stay, Compel Arbitration KC PET: Seeks to Hire Sieling Law PLLC as Counsel KINGSBOROUGH ATLAS: Claims to be Paid from Sale Proceeds KPOWER GLOBAL: Hires Hutchinson & Greenberg PC as Accountant LEFEVER MATTSON: Court OKs Deal to Extend Cash Collateral Access LEISURE INVESTMENTS: Attys Can Stop Representing Ex-CEO, Court Says LINQTO INC: Seeks Chapter 11 Bankruptcy in Texas w/ Affiliates LINQTO TEXAS: Files for Chapter 11 to Find "Path Forward" LINQTO TEXAS: Says 13,000 Customers Participated in Platform LLW CONSTRUCTION: Hires Ford & Semach P.A. as Counsel MAKO FORESTRY: Case Summary & Four Unsecured Creditors MAKO FORESTRY: Seeks Chapter 11 Bankruptcy in Alabama MARIN SOFTWARE: Nasdaq Suspends Trading Due to Filing Delays MARINE TRANSPORT: Seeks Chapter 11 Bankruptcy in New York MERIT STREET: Hires Epiq Corporate as Claims and Noticing Agent METAL PARTNERS: To Sell Default Judgments to Intercoastal Financial METATRON HEALTH: Seeks to Extend Plan Exclusivity to July 19 MG LOGISTICS: Case Summary & 20 Largest Unsecured Creditors MIMOSAS A CALI: Susan Seflin Named Subchapter V Trustee MISS BRENDA: Claims to be Paid from Business Revenue MITEL NETWORKS: Moody's Assigns Caa1 CFR on Chapter 11 Emergence MOM CA: Court Extends Cash Collateral Access to July 17 MONARCHY RANCHEROS: Hires IVEE Group LLC as Property Manager MONARCHY RANCHEROS: Hires Ron C de Baca as Water Operator MONTREAL MAINE: Canadian Pacific Entitled to Judgment Reduction MOSAIC SWNG: Gets Extension to Access Cash Collateral MOUNTAIN SPORTS: Seeks to Extend Plan Exclusivity to August 29 MOYVANE-ARABIAN PROPERTIES: Taps de Montluzin Investments as Broker MURPHDOG LLC: Seeks to Hire Robl & Bowen LLC as Attorney NASSAU FINANCIAL: S&P Assigns 'BB-' Long-Term ICR, Outlook Stable NO WAKE ZONE: Ryan Richmond Named Subchapter V Trustee NOBLE LIFE: Hearing on Bid to Use Cash Collateral Set for July 10 NORTEX REDIMIX: Hires Spector & Cox PLLC as Legal Counsel NORTHLAKE CORNERS: Hires Gary G. Lyon as Bankruptcy Counsel OI S.A.: Asks US Court to End Recognition of Chapter 15 Case OVERTON LLC: Hires Law Offices of Chad Hayward as Counsel PEGASUS BUILDERS: Hires Padula Bennardo as Special Counsel PHP HOLDINGS: Case Summary & 30 Largest Unsecured Creditors PLATINUM HEIGHTS: Seeks to Extend Plan Exclusivity to August 19 POWELL 1023: Seeks Chapter 11 Bankruptcy in New York PRIORITY TECHNOLOGY: S&P Alters Outlook to Pos., Affirms 'B' ICR R3CYCLE INDUSTRIES: Hires Essex Richards as Bankruptcy Counsel R3CYCLE INDUSTRIES: Seeks Subchapter V Bankruptcy in North Carolina RE WEALTH: Seeks to Hire Mark S. Roher P.A. as Counsel RE4 GEORGIA: Hires Rountree Leitman Klein & Geer as Attorney RHODIUM ENCORE: Unsecureds Will Get 100% of Claims in Plan RICHFIELD NURSING: Hires Cunningham Chernicoff as Counsel RITE AID: To Close Ashland Location RIVERA FAMILY: Claims to be Paid from Income and Sale Proceeds SAKS GLOBAL: In Talks w/ Minority Creditors for Debt-Deal Support SAMYS OC: Hires Goodwin Johnston LLC as Special Counsel SANTA PAULA: Hires Liv Sotheby's as Real Estate Broker SCARLET KITCHEN: Robert Goe Named Subchapter V Trustee SKIN HEALTH: Hires Robert Bassel as Bankruptcy Counsel SKYLINE EMS: Seeks Chapter 11 Bankruptcy in Texas SMALL FORTUNE: Gets Extension to Access Cash Collateral SOLAR MOSAIC: Somar Lawsuit to Proceed Against NYS Power, Dratel STEWARD HEALTH: Secures $15.5MM Deal w/ Florida Hospital Buyer TARAH THAI: Seeks to Hirs Farsad Law Office as Bankruptcy Counsel TEZCAT LLC: Gets Extension to Access Cash Collateral THREE FISHERMAN: Unsecureds to Get 100 Cents on Dollar in Plan TIGHT LINES: Seeks to Hire J.M. Cook P.A. as Counsel TOG HOTELS: Seeks to Extend Plan Exclusivity to September 18 TWIN CITIES: Seeks to Hire BransonLaw PLLC as Counsel TYSONS CONCEPTS: Seeks Subchapter V Bankruptcy in Texas TZADIK SIOUX: Hires Edelboim Lieberman PLLC as Counsel TZADIK SIOUX: Seeks to Hire Remax Advantage as Broker TZADIK TAYLOR'S PLACE: Seeks Chapter 11 Bankruptcy in Florida TZADIK TAYLOR'S: Case Summary & 20 Largest Unsecured Creditors UNIVERSAL BIOCARBON: Gets Extension to Access Cash Collateral VANTAGE INC: Wyse Group to Sell Assets on August 5 VARIETY ACCESSORIES: Seeks Chapter 11 Bankruptcy in Texas VILLAGES HEALTH: Files Ch.11, Enters TVH Asset Purchase Agreement VISION2SYSTEMS LLC: Seeks to Extend Plan Exclusivity to August 19 VIVA LIBRE: Seeks to Hire Rowland & Abbis CPAs as Accountant WA3 PROPERTIES: Seeks to Sell 3 Properties to Highest Bid WATCHTOWER FIREARMS: Seeks to Extend Plan Exclusivity to Sept. 25 WATCHTOWER FIREARMS: Wins Final DIP Approval, Eyes Ch. 11 Exit WB BRIDGE HOTEL: Court Narrows Claims in 206 Kent, et al. Case WEST COUNSELING: Gets Extension to Access Cash Collateral WHISKEY RANCH: Amends Plan to Resolve Sig & UST's Claim Issues WHITESTONE INDUSTRIAL: Hires Troutman Pepper as Delaware Counsel WINDTREE THERAPEUTICS: Fails to Meet Nasdaq Bid Price Rule WISCONSIN & MILWAUKEE: Hires SSG Advisors as Investment Banker WOLFSPEED INC: Gregor van Issum Appointed Chief Financial Officer WW INTERNATIONAL: Announces New Program to Help Ch. 11 Exit [] Commercial Chapter 11 Filings Decrease 15% from H1 of 2025 [] Ervin Cohen & Jessup Partners Named Top Bankruptcy Lawyers [] U.S. Bankruptcy Filings Rise 10% in H1 2025; Chapter 7s Up 15% ********* 1031 SOLUTIONS: Hires Newmark Real as Real Estate Broker -------------------------------------------------------- 1031 Solutions, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Newmark Real Estate of Arizona, LLC as real estate broker. The firm will market and sell the Debtor's real properties located at 5550 E. Grand Road, Tucson, Arizona, and SWC Preston Road and John Hickman Parkway, Frisco, Texas 75034. The firm will be paid a commission of 5 percent of the gross sales price of each property. As 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: Chase Dorsett Newmark Real Estate of Arizona, LLC 2555 East Camelback Road Suite 600 Phoenix, AZ 85016 Tel: (602) 952-3844 Email: chase.dorsett@nmrk.com About 1031 Solutions, LLC 1031 Solutions LLC is a real estate investment firm located in Los Angeles, CA, specializing in helping clients execute 1031 exchanges to defer capital gains taxes. The Company is committed to offering tailored and effective solutions, guiding investors through the intricacies of tax-deferred exchanges to enhance their real estate portfolios. 1031 Solutions LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11378) on February 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Julia W. Brand handles the case. The Debtor is represented by Gary E. Klausner, Esq. at Levene Neale Bender Yoo & Golubchik, LLP. 1804 SHACKLEFORD: Hires Compass RE as Real Estate Agent ------------------------------------------------------- 1804 Shackleford, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to employ Compass RE as real estate agent. The firm will assist in the sale of the Debtor's real property located at 1802 Shackleford, Nashville, TN. The firm will be paid a commission of 6 percent of the gross sale proceeds, plus reasonable expenses. As 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: Erin Krueger Compass RE 530 W Main Street Hendersonville TN 37075 Tel: (615) 475-5616 Email: erin.krueger@compass.com About 1804 Shackleford 1804 Shackleford, LLC is the fee simple owner of two properties located at 1804 Shackleford Road, Nashville, Tenn. (current value of $1,800,000), and at 1802 Shackleford Road, Nashville, Tenn. (current value of $2,200,000). 1804 Shackleford, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-00742) on February 23, 2025, listing $4,000,000 in assets and $3,131,135 in liabilities. Deepak Chaudhry, chief executive officer, signed the petition. Judge Nancy B. King presides over the case. Jay R. Lefkovitz, Esq., at Lefkovitz & Lefkovitz represents the Debtor as legal counsel. 22ND CENTURY: Registers Warrant Resale for 8.6M Shares ------------------------------------------------------ 22nd Century Group, Inc. filed a Registration Statement on Form S-3 with the U.S. Securities and Exchange Commission regarding a prospectus relating to the resale from time to time by Anson East Master Fund LP, Anson Investments Master Fund LP, Joseph Reda, Dawson James Securities, Inc., Timothy Tyler Berry, Gregory Castaldo, Jonathan Schechter, Richard Molinsky, Robert Forster, SEG Opportunity Fund, LLC, Iroquois Capital Investment Group LLC, and Iroquois Master Fund Ltd., as the selling stockholders, of up to 8,588,811 shares of the Company's common stock, par value $0.00001 per share, or the Shares, comprising up to: (i) 4,851,913 shares of common stock issuable upon the exercise of outstanding warrants issued in a private placement on October 24, 2024, (ii) 300,458 shares of common stock issuable upon the exercise of outstanding Placement Agent Warrants issued in connection with a private placement on October 24, 2024, and (iii) 3,436,440 shares of common stock issuable upon the exercise of outstanding warrants issued in a private placement on April 30, 2025. The Company will not receive any proceeds from the sale of shares being sold by the selling stockholders. Also, it does not expect to receive proceeds on the exercise by the selling stockholders of outstanding warrants for shares of our common stock covered by this prospectus, as the warrants contain an "alternate cashless exercise" provision whereby the holders will receive two shares of common stock for a zero exercise price. The Company have agreed to bear all of the expenses incurred in connection with the registration of these shares. The selling stockholders will pay or assume brokerage commissions and similar charges, if any, incurred for the sale of the warrant shares. The selling stockholders identified in this prospectus may offer the shares from time to time through public or private transactions at fixed prices, at prevailing market prices, at varying prices determined at the time of sale, or at privately negotiated prices. We provide more information about how the selling stockholders may sell their shares of common stock in the section titled "Plan of Distribution" beginning on page 9 of this prospectus. The Company will not be paying any underwriting discounts or commissions in connection with any offering of shares under this prospectus. The Company's common stock is listed on the Nasdaq Capital market under the symbol "XXII." On June 18, 2025, the closing price of common stock was $10.12 per share. Full text copy of the Registration Statement: https://tinyurl.com/5646b4cp About 22nd Century Group Mocksville, N.C.-based 22nd Century Group, Inc. is a tobacco products company specializing in the sales and distribution of its proprietary reduced nicotine tobacco products, which have been authorized as Modified Risk Tobacco Products by the FDA. The company also provides contract manufacturing services for conventional combustible tobacco products for third-party brands. Buffalo, New York-based Freed Maxick P.C. (F/K/A Freed Maxick CPAs, P.C.), the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 20, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024 citing that the Company has incurred significant losses and negative cash flows from operations since inception and expects to incur additional losses until such time that it can generate significant revenue and profit in its tobacco business. This raises substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2024, the Company had $21.7 million in total assets, $17.7 million in total liabilities, and $4 million in total stockholders' equity. 23ANDME HOLDING: Court OKs $305M Asset Sale to TTAM Nonprofit ------------------------------------------------------------- 23andMe Holding Co., a genetics-led consumer healthcare company, announced on June 30, 2025, that it has received approval from the U.S. Bankruptcy Court for the Eastern District of Missouri for the sale of substantially all of the Company's assets and ongoing business operations to TTAM Research Institute, a nonprofit public benefit corporation based in California and led by 23andMe Co-Founder and former CEO Anne Wojcicki. The transaction is expected to close in the coming weeks, subject to customary closing conditions. "This approval marks a significant milestone in our Court proceedings and solidifies the path forward to ensure that 23andMe's founding mission of helping people access, understand and gain health benefits through greater understanding of the human genome lives on globally," said Mark Jensen, Chair of the Board and member of the Special Committee of the Board of Directors of 23andMe. "We remain focused on completing the steps necessary to finalize the transaction in the weeks ahead so the Company can move into its next chapter as a nonprofit." Under the terms of the agreement, TTAM will acquire substantially all of the assets of 23andMe, including the Personal Genome Service (PGS) and Research Services business lines and the Lemonaid Health business, for a purchase price of $305 million. "I am thrilled that TTAM will be able to build on the mission of 23andMe to help people access, understand and benefit from the human genome. As a nonprofit, TTAM will be a champion of improving our knowledge of DNA -- the code of life -- for the public good, creating a resource to advance human health globally," said Ms. Wojcicki. "Core to my beliefs is that individuals should be empowered to have choice and transparency with respect to their genetic data and have the opportunity to continue to learn about their ancestry and health risks as they wish. The future of healthcare belongs to all of us." TTAM is committed to providing customers with choice and transparency with their data, including the option to change their decision on whether to participate in research. To that end, all customers will be emailed in advance of the transaction closing with a notice of the sale. TTAM is committed to adhering to 23andMe's existing privacy policies in perpetuity, and is adopting additional consumer protections and privacy safeguards to enhance protections for customer data and privacy. Additional information regarding 23andMe's Chapter 11 filing, proceedings and claims process is available at https://restructuring.ra.kroll.com/23andMe. Questions about the claims process should be directed to the Company's claims agent, Kroll, at 23andMeInfo@ra.kroll.com or by calling (888) 367-7556. About TTAM Research Institute The TTAM Research Institute is a nonprofit medical research organization dedicated to helping scientists and non-scientists join together to unravel the mysteries of DNA - the code of life. TTAM believes everyone should have the opportunity to access their individual genetic code and be empowered to contribute it to scientific research. The TTAM Research Institute was founded and is led by Anne Wojcicki. 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. 729-731 MEEKER: Hire Shafferman & Feldman LLP as Counsel -------------------------------------------------------- 729-731 Meeker Group LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Shafferman & Feldman LLP as counsel. The firm's services include: a. providing advice to the Debtors with respect to its powers and duties under the Bankruptcy Code in the continued operation of its business and the management of its property; b. negotiating with creditors of the Debtors, preparing a plan of reorganization and taking the necessary legal steps to consummate a plan, including, if necessary, negotiations with respect to financing a plan; c. appearing before the various taxing authorities to work out a plan to pay taxes owing in installments; d. preparing on the Debtors' behalf Debtors necessary applications, motions answers, replies, discovery requests, forms of orders, reports and other pleadings and legal documents; e. appearing before this Court to protect the interests of the Debtors and their estate, and representing the Debtors in all matters pending before this Court; and f. performing all other legal services for the Debtors that may be necessary herein. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. On March 25, 2025, the Debtor paid the firm with a retainer, in the amount of $28,690, inclusive of the filing fees. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Shafferman 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: Joel M. Shafferman, Esq. Shaffferman & Feldman LLP 137 Fifth Avenue 9th Floor New York, NY 10010 Tel: (212) 509-1802 Email: shaffermanjoel@gmail.com About 729-731 Meeker Group LLC 729-731 Meeker Group LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). 729-731 Meeker Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-42846) on July 9, 2024. In the petition filed by Mitchell Steiman, as vice president of restructuring, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by: Joel M. Shafferman, Esq. SHAFFFERMAN & FELDMAN LLP 137 Fifth Avenue, 9th Floor New York, NY 10010 Tel: (212) 509-1802 Email: shaffermanjoel@gmail.com A TO Z PACKAGING: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: A to Z Packaging Enterprises, Inc. 3605 Sandy Plains Road, Suite 240 Marietta, GA 30066 Business Description: A to Z Packaging Enterprises, Inc. provides packaging machinery, hot-melt adhesive systems, and automation solutions for manufacturing sectors such as furniture and bedding. Headquartered in Marietta, Georgia, it owns and operates facilities including a multi-tenant industrial building at 2197 Canton Road used for warehousing, distribution, and support services. Chapter 11 Petition Date: July 4, 2025 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 25-57545 Debtor's Counsel: Paul Reece Marr, Esq. PAUL REECE MARR, P.C. 6075 Barfield Road Suite 213 Sandy Springs, GA 30328-4402 Tel: (770) 984-2255 Fax: (678) 623-5109 E-mail: paul.marr@marrlegal.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Sidney Abramowitz as CEO. 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/UJIW5XA/A_to_Z_Packaging_Enterprises_Inc__ganbke-25-57545__0001.0.pdf?mcid=tGE4TAMA AFH AIR PROS: Unsecureds to Recover Up to 1% of Claims in Plan -------------------------------------------------------------- AFH Air Pros, LLC, and affiliates filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Second Amended Disclosure Statement describing Second Amended Plan of Liquidation dated June 18, 2025. Air Pros was a professional home services provider offering a wide range of solutions for residential and commercial clients, specializing in HVAC (heating, ventilation, and air conditioning) installation, repair, maintenance, and air quality solutions, ensuring optimal comfort and efficiency for its customers. Air Pros was founded in 2017 in Fort Lauderdale, Florida, by Anthony Perera and grew to over 700 employees, more than 600 vehicles, and hundreds of thousands of customers across eight states, Florida, Georgia, Alabama, Mississippi, Louisiana, Texas, Colorado, and Washington, establishing Air Pros and its affiliated business units as a well-known name in the industry. Prior to filing these Chapter 11 Cases, the Debtors undertook two sale processes as described in Article V hereof. The most recent marketing process, which began in October 2024, culminated with the Debtors' entry into six stalking horse asset purchase agreements (the "Stalking Horse APAs") for the sale of all nine of the Debtors' business units to six separate stalking horse purchasers (each, a "Stalking Horse Purchaser"). On May 19, 2025, the Bankruptcy Court entered the Sale Orders, which approved the sales of the Debtors' assets pursuant to the Stalking Horse APAs. As of the date of this Disclosure Statement, five of the six sales have closed, and the Debtors expect the remaining sale to close prior to the Effective Date. Pursuant to the Sale Orders and the Creditors' Committee Settlement, the proceeds from the sales of the Debtors' assets will be used to fund certain expenses under the Plan, including the Wind Down Expense Fund and the Initial Litigation Trust Funding Cash Amount, and the balance of the sale proceeds will be distributed to the DIP Secured Parties and the Prepetition Secured Parties, as applicable, on account of their Secured Claims. The Plan provides for the orderly wind down of the Debtors and liquidation of all of the Debtors' assets not sold during these Chapter 11 Cases. In accordance with the Plan Administration Agreement and the Litigation Trust Agreement, as applicable, and the provisions set forth in the Plan, (a) the Litigation Trustee will pursue prosecution and recovery of the Litigation Trust Claims, review and reconcile applicable Claims of Litigation Trust Beneficiaries (in accordance with the terms of the Plan and the Litigation Trust Agreement), and make distributions from the proceeds of the Litigation Trust Assets to the Litigation Trust Beneficiaries, and (b) the Plan Administrator will make distributions to Holders of certain Allowed Claims, consistent with the priority of claim provisions of the Bankruptcy Code, with proceeds of the Remaining Assets of the Debtors' Estates. Class 4 consists of General Unsecured Claims. In full and final satisfaction of each General Unsecured Claim, each Holder of an Allowed General Unsecured Claim shall receive its Pro Rata share of the Litigation Trust Interests. The allowed unsecured claims total $155 million. This Class will receive a distribution of up to 1% or more depending on recoveries from Litigation Trust Claims. Class 4 is Impaired. Class 7 consists of all Interests in the Debtors. On the Effective Date, (i) all Interests, other than Intercompany Interests, shall be deemed cancelled, extinguished, and of no further force or effect; and (ii) all Intercompany Interests shall, at the option of the Wind Down Debtors, (a) be deemed canceled, extinguished and of no further force or effect, or (b) be reinstated for administrative convenience solely to the extent necessary to maintain the Debtors' corporate structure post-Effective Date, provided that the Holders of Interests shall not be entitled to receive or retain any property on account of such Interest. On the Effective Date, the Plan Administrator shall be appointed without any further action and shall succeed to such powers as would have been applicable to the Debtors' officers, directors, and shareholders, and the Wind Down Debtors shall be authorized to be (and, upon the conclusion of the Wind Down, shall be) dissolved by the Plan Administrator. All Remaining Assets not distributed on the Effective Date shall vest in the Wind Down Debtors and shall be managed and liquidated by the Plan Administrator in accordance with the provisions of the Plan and the Plan Administration Agreement. After the Effective Date, pursuant to the Plan, the Plan Administrator shall effectuate the Wind Down without any further approval by the Bankruptcy Court and free of any restrictions of the Bankruptcy Code or Bankruptcy Rules, provided that the Plan Administrator shall not effectuate the Wind Down in a manner inconsistent with (i) any express requirements of the Plan Administration Agreement or the Plan or (ii) the Approved Budget. The Wind Down (as determined for federal income tax purposes) shall occur in an expeditious but orderly manner after the Effective Date. A full-text copy of the Second Amended Disclosure Statement dated June 18, 2025 is available at https://urlcurt.com/u?l=jJt9Rf from PacerMonitor.com at no charge. Counsel for the Debtors: David B. Kurzweil, Esq. Matthew A. Petrie, Esq. Greenberg Traurig, LLP Terminus 200, 3333 Piedmont Road NE, Suite 2500, Atlanta, GA 30305 Tel: (678) 553-2100 About AFH Air Pros Founded in 2017 in Fort Lauderdale, Florida, Air Pros is a professional home services provider specializing in HVAC installation, repair, maintenance, and air quality solutions for residential and commercial clients. Air Pros also offer plumbing, electrical services, and home warranties at certain locations. Air Pros, which began with one vehicle and two employees, now operates over 600 vehicles, employs more than 700 people, and serves customers in eight states: Florida, Georgia, Alabama, Mississippi, Louisiana, Texas, Colorado, and Washington. AFH Air Pros, LLC, and 19 of its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga.) on March 16, 2025, listing estimated assets of $100 million to $500 million, and estimated liabilities of $100 million to $500 million. The petitions were signed by Andrew D.J. Hede as chief restructuring officer. Judge Paul Baisier presides over the cases. The Debtors tapped David B. Kurzweil, Esq. and Matthew A. Petrie, Esq., at Greenberg Traurig LLP, as bankruptcy counsel; Accordion Partners, LLC as financial advisor; and Jefferies, LLC as investment banker. Kurtzman Carson Consultants, LLC and DBA Verita Global serve as the Debtors' notice, claims and balloting agent and administrative advisor. On March 31, 2025, the Office of the United States Trustee appointed a committee of creditors holding unsecured claims. The committee tapped Pachulski Stang Ziehl & Jones LLP as bankruptcy counsel, Small Herrin LLP as local counsel, and Province LLC as financial advisor. AFM MATTRESS: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: AFM Mattress Company LLC d/b/a American Mattress 1300 Pratt Blvd. Elk Grove Village, IL 60007 Business Description: AFM Mattress Company LLC operates 52 American Mattress retail stores and several warehouses across Illinois and Indiana, with an e-commerce platform serving the region. Headquartered in Elk Grove Village, Illinois, the Company employs around 102 full- and part-time staff and focuses on selling mattresses, sleep accessories, and furniture. Chapter 11 Petition Date: July 6, 2025 Court: United States Bankruptcy Court District of Delaware Case No.: 25-11288 Judge: Hon. Mary F Walrath Debtor's Counsel: Maria Aprile Sawczuk, Esq. GOLDSTEIN & MCCLINTOCK LLLP 501 Silverside Road, Suite 65 Wilmington, DE 19809 Tel: (302) 444-6710 E-mail: marias@goldmclaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Michael Kenna as authorized representative. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6FNEMOA/AFM_Mattress_Company_LLC__debke-25-11288__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZS4CGKA/AFM_Mattress_Company_LLC__debke-25-11288__0001.0.pdf?mcid=tGE4TAMA AFRITEX VENTURES: Hires Driver Stephenson PLLC as Counsel --------------------------------------------------------- Afritex Ventures, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Driver Stephenson, PLLC as counsel. The firm will render these services: a. provide legal advice with respect to the Debtor's powers and duties as debtor-in-possession in the operation of its business and the management of estate property; b. take all necessary steps to protect and preserve the Debtor's bankruptcy estate; c. serve as counsel of record for Debtor in all aspects of this Chapter 11 case, including, without limitation, the prosecution of actions on behalf of the Debtor, and objections to claims filed against the Debtor's estate; d. prepare on behalf of Debtor all necessary motions, orders, reports, and other legal papers in connection with the administration of the Debtor's estate; e. advise the Debtor with respect to corporate and real estate matters; f. consult with the Office of the United States Trustee for the Northern District of Texas, any committee appointed in this Chapter 11 case, and all other creditors and parties-in-interest concerning the administration of this Chapter 11 case, if applicable; and g. provide representation and all other bankruptcy-related legal services required by Debtor in discharging its duties as debtor-in-possession or otherwise in connection with this Chapter 11 case. DriverStep's current hourly rates for restructuring work are: Vickie Driver $895 Cristina Stephenson $845 Paraprofessionals $225-$295 DriverStep is holding $50,000 in post-petition retainer. Ms. Driver assured the court that Driver Stephenson is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code, and neither represents nor holds an interest materially adverse to the interests of the Debtor, or its estate. The firm can be reached through: Vickie L. Driver, Esq. DRIVER STEPHENSON, PLLC 13155 Noel Road, Ste. 900 Dallas, TX 75240 Telephone: (214) 910-9558 Email: vickie@driversteplaw.com About Afritex Ventures, Inc. Afritex Ventures, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-43390) on Sept. 22, 2024. At the time of filing, the Debtor estimated $1,000,001 to $10 million in assets and $10,000,001 to $50 million in liabilities. ALACHUA GOVERNMENT: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Alachua Government Services, Inc. Ology Bioservices, Inc. Resilience Government Services, Inc. OBS Merger Sub, Inc 13200 NW Nano Court Alachua FL 32615 Business Description: Alachua Government Services, Inc. (doing business as Ology Bioservices and Resilience Government Services) operated as a contract development and manufacturing organization specializing in vaccines and biologics. The Company provided services to government agencies and commercial partners from its facility in Alachua, Florida. Chapter 11 Petition Date: July 6, 2025 Court: United States Bankruptcy Court District of Delaware Case No.: 25-11289 Judge: Hon. J Kate Stickles Debtor's Counsel: Michael J. Merchant, Esq. RICHARDS, LAYTON & FINGER, P.A. 920 North King Street Wimington DE 19801 Tel: (302) 651-7700 Email: merchant@rlf.com Debtor's Restructuring Advisor: FTI CONSULTING, INC. Debtor's Investment Banker: JEFFERIES LLC and JEFFERIES INTERNATIONAL LIMITED Debtor's Claims, Noticing Agent and Administrative Advisor: EPIQ CORPORATE RESTRUCTURING, LLC Estimated Assets: $50 million to $100 million Estimated Liabilities: $100 million to $500 million The petition was signed by Janet R. Naifeh as chief restructuring officer. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2ROLBBI/Alachua_Government_Services_Inc__debke-25-11289__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. United States International Loan Guarantee $246,000,000 Development Finance Corporation Claim 1100 New York Ave NW Washington, DC 20527 Contact: Dev Jagadesan Phone: 202-336-8400 Email: notices@dfc.gov 2. Defense Contract Audit Claim $11,950,584 Management Agency 3555 Maguire Boulevard Orlando, FL 32803-3799 Contact: Eric Hensley, Administrative Contracting Officer Phone: 727-405-7791 Fax: 407-228-5264 Email: eric.p.hensley.civ@mail.mil 3. Sigma-Aldrich, Inc. Trade $1,332,029 3050 Spruce Street Saint Louis, MO 63103 Contact: Lihkith D A, Cash Collections, AR Phone: 314-289-6027 Email: likhith.d-a@merckgroup.com 4. Advanced Bioscience Trade $604,124 Laboratories Inc 9800 Medical Center Drive Bldg D Rockville, MD 20850 Contact: Pamela Nepomuceno, AR Supervisor Phone: 301-881-5600 Email: pamela.nepomuceno@ablinc.com 5. Battelle Memorial Institute Trade $371,216 Dept L 998 Columbus, OH 43260 Contact: Michelle Vanzandt Phone: 614-424-3796 Email: vanzandtm@battelle.org 6. Icon-GPHS Trade $278,134 1265 Ridge Road Henkley, OH 44233 Contact: Jody Jackson Phone: 800-431-9640 Email: jody.jackson@iconplc.com 7. Agilent Technologies, Inc. Trade $194,750 4187 Collections Center Drive Chicago, IL 60693 Contact: Nolan Pachciarz Phone: 800-227-9770 Opt 1 Then 5 Email: agreements_lfssupport@agilent.com; nolan.pachciarz@agilent.com 8. Capri/EGM-Va Acquision, LP Trade $183,281 200 West Madison, Suite 2800 Chicago, IL 60606 Phone: 312-827-2270 Email: contact@capri-egm.com 9. Oelrich Const Inc. Trade $137,694 275 NW 137th Drive Suite A Jonesville, FL 32669 Contact: Ashley Oelrich Phone: 352-745-7877 Email: aoelrich@oelrichconstruction.com 10. Bio-Rad Laboratories Trade $84,965 1000 Aldred Noble Drive Hercules, CA 94547 Contact: Kimberly Heeszel Phone: 510-447-0128 Email: kimberly.heeszel@bio-rad.com; lsg_servicecontracts@bio-rad.com 11. Nexa Trade $77,140 4593 Deep Creek Way Doylestown, PA 18902 Contact: Jason White Phone: 508 649 6259 Email: jason.white@nexaeam.com 12. Nexus Pharmaceuticals Trade $64,549 400 Knightsbridge Pkwy Lincolnshire, IL 60069 Contact: Patricia Day Phone: 847-996-3790 Email: pday@nexuspharma.net 13. UES Trade $59,164 5561 Florida Mining Blvd South Jacksonville, FL 32257 Contact: Rick Kushner Phone: 904-296-0757 Email: uesar@teamues.com; rkushner@teamues.com 14. City Wide Facility Solutions Trade $49,521 9799 Us Highway 301 Hampton, FL 32044 Contact: Alex Harms Phone: 904-737-4969 Email: aharms@gocitywide.com 15. G&I IX Marina Village Research Landlord GUC $47,030 Park LP 220 East 42nd Street 27th Floor New York, NY 1001 Contact: Dan J. Poritzky Phone: 415-378-2129 Email: dporitzky@blueriseventures.com 16. Packaging Tech & Insp Trade $38,530 8 Skyline Dr Hawthorne, NY 10532 Contact: Ruth Harvin Phone: 914-337-2005 Email: r.harvin@pti-ccit.com 17. Afton Scientific Trade $35,791 2020 Avon Court Suite 1 Charlottesville, VA 22902 Contact: Katherine Brandt Phone: 434-979-3737 Email: kbrandt@aftonscientific.com 18. Allucent (US) LLC Trade $30,547 20000 Centregreen Way Suite 300 Cary, NC 27513 Contact: Chandana KP Phone: 919-361-2286 Email: rdcfinance@allucent.com 19. Advanced Instruments Trade $30,481 2 Technology Way Norwood, MA 02062 Contact: Nav Labana Phone: 339-206-8939 Email: navl@aicompanies.com; orders@aicompanies.com 20. Genvaiult Transport Services Trade $30,000 1351 Imperial Way West Deptford, NJ 08066 Contact: C. Lavine Phone: 609-206-9307 Email: clavine@genvault.com AMBASSADOR VETERANS: Seeks to Hire Financial Consultant ------------------------------------------------------- Ambassador Veterans Services of Puerto Rico LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Luis R. Carrasquillo & Co., P.S.C. as financial consultant. The firm's services include providing advice in strategic planning and the preparation of Debtor's plan of reorganization, disclosure statement and business plan, and participating in negotiations with Debtor's creditors. The firm will be paid at these rates: Partner $200 per hour External Accountant $200 per hour Senior CPA $160 per hour Accountant $60 to $110 per hour Admin Support $45 per hour The firm will be paid a retainer in the amount of $10,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Carrasquillo Ruiz 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: Luis R. Carrasquillo Ruiz CPA Luis R. Carrasquillo & Co., P.S.C. 28th Street, TI - 26 Turabo Gardens, Caguas PR 00725 Tel: (787) 746-4555 (787) 746-4556 E-mail: luis@cpacarrasquillo.com About Ambassador Veterans Services of Puerto Rico LLC Ambassador Veterans Services of Puerto Rico LLC operates a nursing and intermediate care facility for veterans in Juana Diaz, Puerto Rico. The Company provides residential healthcare services to eligible veterans at its location in Barrio Amuelas. Ambassador Veterans Services of Puerto Rico LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-02690) on June 13, 2025. In its petition, the Debtor reports total assets of $2,567,403 and total liabilities of $4,068,135. The Debtors are represented by Javier Vilarino, Esq. at Vilarino and Associates LLC. AMERICAN IMPACT: Gets Final OK to Use Cash Collateral ----------------------------------------------------- American Impact Windows and Doors, LLC received final approval from the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, to use cash collateral. The final order authorized the Debtor to use cash collateral to pay post-petition operating expenses through the hearing on confirmation of its Subchapter V plan. The confirmation hearing is set for August 27. As protection for the Debtor's use of their cash collateral, secured lenders will have, in their order of priority, a perfected post-petition lien on the cash collateral to the same extent and with the same validity and priority as their pre-bankruptcy liens. In addition, the Debtor was ordered to maintain insurance coverage pursuant to their loan agreements with lenders as further protection. As of the petition date, the Debtor owed $1,107,228.16 to secured lenders, which include MNY Capital, Fox Funding Group, Joseph Rodino, Merk Funding and Parkside Funding. The secured lenders claim to have a security interest in accounts and proceeds from the Debtor, including all accounts receivable and payment rights arising out of or relating to merchant's sale or delivery of goods and services due to Debtor after the date of their security agreement. The Debtor's primary assets consist of inventory, accounts receivables, office furniture, fixtures, equipment and machinery. It also had three bank accounts as of the petition date, with a total balance of $18,864.06. 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. AMPLIFYBIO LLC: Hilco to Sell CRO Assets in Bankruptcy Deal ----------------------------------------------------------- Hilco Global's real estate sales, commercial industrial and intellectual property practices announced August 15, 2025, as the bid deadline for the bankruptcy sale of a premier contract research organization (CRO) facility formerly occupied by AmplifyBio. Strategically located in West Jefferson, Ohio (Columbus MSA), the sale is being conducted under the direction of the U.S. Bankruptcy Court for the Southern District of Ohio, Case No. 25-52140 | In re: AmplifyBio, LLC. This sale includes real estate, intellectual property and machinery and equipment, representing a rare opportunity to acquire a fully integrated, purpose-built CRO facility. Built in 2012, the 205,000+/- SF facility features 65,000+/- SF of specialized lab space, a 64-room vivarium (34,500+/- SF) with a one-way traffic flow design and a fully equipped on-site surgical suite--making it ideal for regulated, high-complexity research. The property also features sophisticated infrastructure and enhanced security for sensitive operations. Engineered to support the development of pharmaceuticals, biotechnology products and medical devices, the facility's integrated laboratories are designed to deliver toxicology, safety pharmacology and bioanalytic characterization capabilities, which are all vital to advancing modern therapeutic innovations. AmplifyBio, founded in 2021 and supported by over $200 million in funding, quickly established itself as a leader in advanced therapy development. The company specialized in cutting-edge technologies, including gene editing, mRNA and T cell-based therapies and operated state-of-the-art facilities in both Ohio and California. AmplifyBio delivered integrated pre-clinical R&D, safety testing and GMP manufacturing services for a wide range of biopharma clients. "This sale creates an exceptional opportunity for a buyer to acquire a turnkey operation with Class-A laboratory and office space, tailored for a wide range of advanced research applications," said Joel Schneider, senior vice president at Hilco Real Estate. Brent Bonham, senior managing director of Hilco Commercial Industrial, added, "This first-class, specialized facility includes an extensive list of highly sophisticated equipment, ideally suited for a broad spectrum of research. It presents a compelling opportunity for CROs and other research companies to acquire well-maintained infrastructure and lab components ready for immediate use." David Peress, executive vice president with Hilco Streambank, included, "The AmplifyBio patent portfolio represents a unique opportunity to acquire cutting-edge, clinically validated IP at the forefront of immunotherapy and cell engineering. With 119 issued and pending patents spanning non-viral gene editing, antigen-specific TCR identification and engineered T cell therapies, this portfolio includes clinically validated innovations with broad applications across oncology and personalized medicine." Bids must be received on or before the deadline of August 15, 2025, at 12:00 p.m. (EST) and must be submitted based on the existing stalking horse Asset Purchase Agreement, which can be found for review and download at Hilco Real Estate Sales' website. Interested bidders should review the court-approved "bid procedures" for requirements to participate in the sale process available on Hilco Real Estate Sales' website. For all inquiries and to request an on-site inspection, please contact Chet Evans at (847) 418-2702 or amplifybio@hilcoglobal.com. For additional details, due diligence access and other critical information, visit Hilco Real Estate Sales' Virtual Data Room. About Hilco Global Hilco Global, based in Northbrook, Illinois, is the world's leading authority on maximizing the value of business assets by delivering valuation, monetization and advisory solutions to an international marketplace. Hilco Global operates more than twenty specialized business units offering services that include asset valuation and appraisal, retail and industrial inventory acquisition and disposition, real estate, and strategic capital equity investments. US offices are located in Boston, Detroit, Chicago, New York and Philadelphia. International offices include Australia, Canada, UK, Germany, Netherlands, Mexico and locations throughout Asia. About AmplifyBio LLC AmplifyBio LLC is a preclinical contract research and manufacturing organization based in Ohio that offers integrated services for therapeutic development, including R&D, preclinical testing, and scalable manufacturing for advanced therapies such as cell and gene therapies, mRNA, and non-viral gene editing platforms. Formed as a 2021 spinout from Battelle Memorial Institute, the Company has expanded through acquisitions and facility investments, including a 350,000-square-foot cGMP manufacturing site in New Albany. Its wholly owned subsidiary, ADOC SSF, LLC, is fully integrated into its operations and participates in scientific, operational, and financial activities. AmplifyBio LLC and affiliate sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Lead Case No. 25 52140) on May 16, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Mina Nami Khorrami handles the case. The Debtor is represented by Scott N. Opincar, Esq. and Maria G. Carr, Esq. at MCDONALD HOPKINS LLC. HUTCHISON PLLC is the Debtor's co-counsel. EPIQ CORPORATE RESTRUCTURING, LLC is the Debtors' Notice, Claims and Balloting Agent. AMYNTA GROUP: S&P Rates Proposed $350MM Unsecured Notes 'CCC+' -------------------------------------------------------------- S&P Global Ratings assigned its 'CCC+' issue rating to Amynta Agency Borrower Inc.'s and Amynta Warranty Borrower Inc.'s (subsidiaries of Amynta Holdings LLC; collectively, Amynta Group) proposed $350 million senior unsecured notes due 2033. S&P also assigned a '6' recovery rating to the notes, indicating its expectation for negligible recovery (0%-10%; rounded estimate: 5%) in the event of default. S&P expects the company to use the proceeds to fund a $220 million shareholder dividend, repay revolver borrowings of $25 million, and set aside cash for general corporate purposes, including opportunistic acquisitions. All existing ratings, including the 'B' long-term issuer credit ratings on Amynta Holdings LLC, Amynta Agency Borrower Inc., and Amynta Warranty Borrower Inc., are unchanged as a result of the proposed new issuance. The outlook remains stable. S&P said, "Pro forma for the proposed transaction, we estimate S&P Global Ratings-adjusted leverage of 7.1x and EBITDA interest coverage around 2.0x, versus leverage of 6.1x and coverage of 2.1x at year-end 2024. While credit metrics are bordering our thresholds for the current rating, we view this as a short-term development. Given our expectations for solid earnings growth and no additional material debt issuances over the next 12 months, we see credit metrics improving by year-end 2025 to levels with modest cushion against our downside thresholds (leverage below 7x and coverage above 2x). We also expect Amynta to maintain a selective and disciplined approach to mergers and acquisitions (M&A) -- deployment of balance sheet cash from this proposed transaction, along with excess cash flows, toward potential M&A could support further improvements to credit metrics. Amynta has not completed any deals so far in 2025. "In April, we raised our ratings on Amynta to 'B' from 'B-' on improved credit metrics stemming from healthy earnings growth and supportive capital management actions. We factored in a likely debt-funded shareholder distribution at the time of this upgrade." Amynta has continued to perform well and has demonstrated favorable results. Total organic growth was robust at nearly 10% for the first quarter of 2025, driven by strong organic growth of 17% in the company's managing general agent (MGA) segment on exposure growth and new business production. The company's warranty segment had lighter organic growth of slightly under 2%, reflecting a return to growth in vehicle warranty (though its smaller consumer warranty business remains pressured). S&P said, "We view this as a positive development after several years of decline in warranty due to persistently challenging market conditions. We expect sustained momentum in MGA and continued modest recovery in warranty to support total top-line growth of 7%-11% through 2026." Amynta's S&P Global Ratings-adjusted EBITDA margin (as a percentage of net revenue) was 28% for the 12 months ended March 31, 2025, flat relative to the same period last year. S&P said, "We think this reflects the company's effective balancing of ongoing internal investments with margin gains from scale efficiencies, along with some modest lift from its recovering higher-margin auto warranty business. We expect margins to remain stable on continued execution." ANCHOR CONSTRUCTION: Hires Bruner Wright PA as Counsel ------------------------------------------------------ Anchor Construction Group, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Bruner Wright, PA to handle its Chapter 11 case. The firm will be paid at these hourly rates: Robert Bruner, Attorney $450 Byron Wright III, Attorney $400 Samantha Kelley, Attorney $375 Paralegal $175 The firm received a retainer of $12,000 from the Debtor. Mr. Wright 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: Byron Wright III, Esq. Bruner Wright, PA 2868 Reminton Green Circle, Suite B Tallahassee, FL 32308 Tel: (850) 385-0342 Fax: (850) 270-2441 About Anchor Construction Group, LLC Anchor Construction Group, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-40273) on June 12, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Byron Wright, III, Esq. at Bruner Wright, P.A. represents the Debtor as legal counsel. APPLE CENTRAL: Applebee's Loses Bid for Discretionary Abstention ---------------------------------------------------------------- Chief Judge Dale L. Somers of the United States Bankruptcy Court for the District of Kansas denied the motion of Applebee's Franchisor, LLC for discretionary abstention in the adversary proceeding captioned as Apple Central KC, LLC, Plaintiff, v. Applebee's Franchisor, LLC, Defendant, Adversary No. 25-6002 (Bankr. D. Kan.). Applebee's Motion is seeking the Bankruptcy Court's abstention from hearing Adversary Proceeding No. 25-06002 in favor of the United States District Court for the District of Kansas. Apple Central KC, LLC opposes the Motion. Applebee's is a franchisor of restaurants known as Applebee's Grill & Bar in the casual dining industry. Applebee's entered into franchise agreements with the Debtor for eight restaurants in the Kansas City area in the years 2015 through 2017. Under the Franchise Agreements, the Debtor was required to operate the Restaurants on the agreed-upon terms and to make regular payments of royalties and advertising fees to Applebee's. The Debtor also took over the leases associated with certain Restaurants by entering into lease assignment and assumption agreements with various Applebee's affiliates. On Oct. 30, 2024, the Debtor closed Restaurants without Applebee's consent and stopped paying royalties and advertising fees. On the same day, Applebee's filed its Complaint in the United States District Court for the District of Kansas, Case No. 2:24-cv-02497. Applebee's named the Debtor's principal and guarantors as defendants, alleging they were liable for the Debtor's breaches of the Franchise Agreements and Lease Assignments. And on that same date, the Debtor filed its Chapter 11 Petition. On Jan. 8, 2025, Applebee's filed its proof of claim in the amount of $10,836,208.80 for damages it sustained from the Debtor's breach of contract. On Jan. 13, 2025, the Debtor initiated the Adversary Proceeding, asserting the following claims: 1) breach of the Franchise Agreements (Count I), 2) breach of the covenant of good faith and fair dealing with respect to the Franchise Agreements (Count II), and 3) an objection to the Proof of Claim (Count III). In its Answer, Applebee's denied the allegations, asserted several affirmative defenses (e.g., failure to state a claim, waiver and estoppel, statute of limitations, and failure to mitigate) and added a counterclaim. Applebee's argues the District Court is best suited to hear the Adversary Proceeding because the counts of breach of contract and breach of the covenant of good faith and fair dealing arise under state law and are non-core. It contends the District Court possesses an intimate knowledge of the Civil Action as a result of the fairly advanced procedural posture of such action. It argues permitting the Adversary Proceeding in the Bankruptcy Court would delay the bankruptcy case and increase administrative expenses. The Debtor counters that the claims it asserts in the Adversary Proceeding are core because they will be considered in the context of the Debtor's objection to the Proof of Claim, and the Bankruptcy Court can enter final judgment on those core claims. In addition, the Debtor argues several other factors weigh in favor of retention of the Adversary Proceeding: 1) no party is entitled to a jury trial, 2) the Bankruptcy Court has significant familiarity with the parties and the issues, 3) nothing in subchapter V precludes a debtor from asserting core claims for damages for the benefit of unsecured creditors, and 4) administrative expenses will not increase because the Debtor's retention of its attorneys is being paid by AFC Apple Parent Holdings, LLC. According to the Bankruptcy Court, because the determination of liability under the Franchise Agreements is inextricably tied to the consideration of the Proof of Claim, severing the contract issues from the claim allowance process would be inefficient. Additionally, presiding over this Adversary Proceeding will not overly burden the Bankruptcy Court's current docket. Furthermore, the Bankruptcy Court finds there is no evidence that administrative costs will increase substantially if the Adversary Proceeding is retained by the District Court. The Bankruptcy Court also notes the defendants in the Civil Case are guarantors being sued on a guaranty claim that is derivative of the claims brought by Applebee's against the Debtor. The guarantors are not named in the Adversary Proceeding. The Bankruptcy Court's judgment in the Adversary Proceeding will be final and capable of being given preclusive effect by the District Court in the Civil Case, thereby minimalizing inconsistent results. A copy of the Court's Memorandum Opinion and Order dated June 30, 2025, is available at https://urlcurt.com/u?l=3UveSq from PacerMonitor.com. About Apple Central KC Apple Central KC LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 24-21427) on October 30, 2024. In the petition signed by Michael Rummel, authorized signatory, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge: Dale L Somers oversees the case. Frank Wendt, Esq., at Brown & Ruprecht, PC represents the Debtor as legal counsel. APPLE CENTRAL: Court Extends Cash Collateral Access to Sept. 30 --------------------------------------------------------------- Apple Central KC, LLC received a three-month extension from the U.S. Bankruptcy Court for the District of Kansas to use the cash collateral of Equity Bank. The court's order extended the Debtor's authority to use cash collateral from June 30 to September 30 to pay its expenses in accordance with its budget. Equity Bank, a secured creditor, was granted replacement security interests in and liens on all property acquired by the Debtor after its Chapter 11 filing that is similar to its pre-bankruptcy collateral. In case the replacement liens prove inadequate, Equity Bank will be granted an administrative expense claim, subject to and subordinate to a $250,000 carveout for professional fees and expenses. As further protection to Equity Bank, the Debtor was ordered to make payments to AGA Kansas City, LLC to avoid triggering a default under the $500,000 letter of credit issued by the bank to secure the Debtor's obligations under its settlement agreement with AGA Kansas City. A default in making those payments is a default by the Debtor of the terms of the cash collateral order. Equity Bank is represented by: Nicholas J. Zluticky, Esq. Stinson LLP 1201 Walnut, Suite 2900 Kansas City, MO 64106 Telephone: (816) 842-8600 Facsimile: (816) 691-3495 nicholas.zluticky@stinson.com About Apple central KC Apple Central KC LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 24-21427) on October 30, 2024. In the petition signed by Michael Rummel, authorized signatory, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge: Dale L Somers oversees the case. Frank Wendt, Esq., at Brown & Ruprecht, PC represents the Debtor as legal counsel. APPLE CENTRAL: Kansas Bankruptcy Court to Hear Franchise Dispute ---------------------------------------------------------------- Chief Judge Dale L. Somers of the United States Bankruptcy Court for the District of Kansas recommends that the United States District Court for the District of Kansas deny Applebee's Franchisor, LLC's motion to withdraw the reference as it relates to claims made by Apple Central KC, LLC against Applebee's in the adversary proceeding captioned as Apple Central KC, LLC, Plaintiff, v. Applebee's Franchisor, LLC, Defendant, Adversary No. 25-6002 (Bankr. D. Kan.). Applebee's is a franchisor of restaurants known as Applebee's Grill & Bar in the casual dining industry. Applebee's entered into franchise agreements with the Debtor for eight restaurants in the Kansas City area in the years 2015 through 2017. Under the Franchise Agreements, the Debtor was required to operate the Restaurants on the agreed-upon terms and to make regular payments of royalties and advertising fees to Applebee's. The Debtor also took over the leases associated with certain Restaurants by entering into lease assignment and assumption agreements with various Applebee's affiliates. On Oct. 30, 2024, the Debtor closed Restaurants without Applebee's consent and stopped paying royalties and advertising fees. On the same day, Applebee's filed its Complaint in the United States District Court for the District of Kansas, Case No. 2:24-cv-02497. Applebee's named the Debtor's principal and guarantors as defendants,2alleging they were liable for the Debtor's breaches of the Franchise Agreements and Lease Assignments. And on that same date, the Debtor filed its Chapter 11 Petition. On Jan. 8, 2025, Applebee's filed its proof of claim in the amount of $10,836,208.80 In the Addendum to the Proof of Claim, Applebee's states the claim is for damages it sustained from the Debtor's breach of contract. On Jan. 13, 2025, the Debtor initiated this adversary proceeding against Applebee's. In its Complaint, the Debtor asserts the following claims: 1) breach of the Franchise Agreements (Count I), 2) breach of the covenant of good faith and fair dealing with respect to the Franchise Agreements (Count II), and 3) an objection to the Proof of Claim (Count III). In its Answer, Applebee's denied the allegations, asserted several affirmative defenses (e.g., failure to state a claim, waiver and estoppel, statute of limitations, and failure to mitigate) and added a counterclaim. Applebee's seeks entry of an order withdrawing the reference of this Adversary Proceeding to the Bankruptcy Court pursuant to 28 U.S.C. Sec. 157(d) and Bankruptcy Rule 5011(a) to consolidate all disputes in the District Court. Applebee's posits the Adversary Proceeding's Contract Claims are noncore actions -- they present state law contract interpretation issues with respect to the Franchise Agreements. They assert the objection to Applebee's Proof of Claim must ultimately be resolved based exclusively on the underlying state law determinations. The Debtor counters that the Contract Claims are "core" (even though they are based on state law) because they present the quintessential scenario of state law claims asserted in bankruptcy that must be resolved in the process of ruling on Applebee's proof of claim, the latter being a core proceeding. Applebee's also invoked the jurisdiction of the Bankruptcy Court by filing its Proof of Claim, the Debtor argues, and the Bankruptcy Court has authority to enter a final judgment on all the claims. While the determination of the parties' obligations under the Franchise Agreements -- as set forth in the Adversary Proceeding's Complaint and Applebee's counterclaim -- may necessarily involve state law issues, those issues must be considered by the Bankruptcy Court as they are inextricably linked to the Proof of Claim and an integral part of the its core function: to resolve the Debtor's objection to the Proof of Claim. Thus, given a bankruptcy court's statutory authority under 28 U.S.C. Sec. 157(b)(2)(B)-(C) and the nature of the Adversary Proceeding, this matter is a core proceeding in which the Bankruptcy Court may enter appropriate orders and judgments. Applebee's contends consolidating the disputes in the Civil Case will promote judicial efficiency because the District Court already has significant familiarity with the parties, the Franchise Agreements, the history of the case, and related items. The Bankruptcy Court, however, finds the record does not support this argument. Because of the consistent activity in the Adversary Proceeding, the Bankruptcy Court has become quite familiar with the parties and their respective positions in the litigation. As a result, judicial economy will be promoted by maintaining the Adversary Proceeding in the Bankruptcy Court. A district court may withdraw any case or proceeding referred under 28 U.S.C. Sec. 157 on a motion of any party for cause shown. The Bankruptcy Court concludes Applebee's has not met its burden to prove cause exists for withdrawal and is of the opinion that the Adversary Proceeding is appropriate for its determination. The Bankruptcy Court therefore requests that the District Court adopt this Report and Recommendation and deny Applebee's Motion. A copy of the Court's Report and Recommendation to dated June 30, 2025, is available at https://urlcurt.com/u?l=Thokmk from PacerMonitor.com. About Apple Central KC Apple Central KC LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 24-21427) on October 30, 2024. In the petition signed by Michael Rummel, authorized signatory, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge: Dale L Somers oversees the case. Frank Wendt, Esq., at Brown & Ruprecht, PC represents the Debtor as legal counsel. APPLE CENTRAL: Loses Bid to Dismiss Applebee's Adversary Claims --------------------------------------------------------------- Chief Judge Dale L. Somers of the United States Bankruptcy Court for the District of Kansas denied the Apple Central KC, LLC's motion to dismiss the claims of Applebee's Restaurants Kansas LLC in the adversary proceeding captioned as Apple Central KC, LLC, Plaintiff, v. Applebee's Franchisor, LLC, Adversary No. 25-6002 (Bankr. D. Kan.) On Jan. 13, 2025, the Debtor initiated this adversary proceeding against Applebee's Franchisor, LLC, asserting breach of contract, breach of the covenant of good faith and fair dealing, and an objection to Applebee's proof of claim. Applebee's denied the allegations and asserted several affirmative defenses. Together with Applebee's Restaurants Kansas LLC ("ARK"), Applebee's also added a counterclaim listing several counts of breach of contract. On March 28, 2025, the Debtor filed a Motion to Dismiss Applebee's Restaurants Kansas LLC contending ARK's claims against the Debtor should be barred because ARK did not file a timely proof of claim. The Debtor makes two supporting arguments: 1) nowhere in the proof of claim does Applebee's state that it is an authorized agent of ARK, or that is is signing the proof of claim on behalf of ARK, and 2) since ARK has demanded a jury trial, it must not have authorized a claim to be filed on its behalf. Applebee's asserts it was not required by law to name the affiliates on whose behalf it filed the Proof of Claim but it expressly named ARK and others, and was authorized to file the claim on ARK's behalf. It also argues ARK's filing of the jury demand has no bearing on whether ARK authorized Applebee's to file the Proof of Claim on its behalf months earlier. In the instant case, the Court finds the Debtor has not met its burden. The Debtor cites no authority for the proposition that a proof of claim must expressly provide that a corporate entity is signing the claim on behalf of its affiliates, nor did the Court find such authority. The Court also agrees with ARK's position that ARK's filing of the request for a jury trial has no bearing on whether Applebee's was authorized to file the Proof of Claim on ARK's behalf months before that request was made. A copy of the Court's Memorandum Opinion and Order dated June 30, 2025, is available at https://urlcurt.com/u?l=EqnHNl from PacerMonitor.com. About Apple Central KC Apple Central KC LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 24-21427) on October 30, 2024. In the petition signed by Michael Rummel, authorized signatory, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge: Dale L Somers oversees the case. Frank Wendt, Esq., at Brown & Ruprecht, PC represents the Debtor as legal counsel. AT HOME GROUP: Hires Kirkland & Ellis LLP as Bankruptcy Counsel --------------------------------------------------------------- At Home Group Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Kirkland & Ellis LLP and Kirkland & Ellis International LLP as their attorneys. The firm's services include: a. advising the Debtors with respect to their powers and duties as debtors in possession in the continued management and operation of their businesses and properties; b. advising and consulting on the conduct of these chapter 11 cases, including all of the legal and administrative requirements of operating in chapter 11; c. attending meetings and negotiating with representatives of creditors and other parties in interest; d. taking all necessary actions to protect and preserve the Debtors' estates, including prosecuting actions on the Debtors' behalf, defending any action commenced against the Debtors, and representing the Debtors in negotiations concerning litigation in which the Debtors are involved, including objections to claims filed against the Debtors' estates; e. preparing pleadings in connection with these chapter 11 cases, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtors' estates; f. representing the Debtors in connection with obtaining authority to continue using cash collateral and post petition financing; g. advising the Debtors in connection with any potential sale of assets; h. appearing before the Court and any appellate courts to represent the interests of the Debtors' estates; i. advising the Debtors regarding tax matters; j. taking any necessary action on behalf of the Debtors to negotiate, prepare, and obtain approval of a disclosure statement and confirmation of a chapter 11 plan and all documents related thereto; and k. performing all other necessary legal services for the Debtors in connection with the prosecution of these chapter 11 cases, including: (i) analyzing the Debtors' leases and contracts and the assumption and assignment or rejection thereof; (ii) analyzing the validity of liens against the Debtors' assets; and (iii) advising the Debtors on corporate and litigation matters. Kirkland's current hourly rates are: Partners $1,295 to $2,675 Of Counsel $875 to $2,245 Associates $785 to $1,625 Paraprofessionals $355 to $705 Kirkland received a retainer in the amount of $450,000. Nicole Greenblatt, Esq., a partner at Kirkland & Ellis LLP, disclosed in court filings that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. Ms. Greenblatt also made the following disclosures in response to the request for additional information set forth in Section D.1 of the U.S. Trustee Guidelines: Question: Did Kirkland agree to any variations from, or alternatives to, Kirkland's standard billing arrangements for this engagement? Answer: No. Kirkland and the Debtors have not agreed to any variations from, or alternatives to, Kirkland's standard billing arrangements for this engagement. The rate structure provided by Kirkland is appropriate and is not significantly different from (a) the rates that Kirkland charges for other non-bankruptcy representations or (b) the rates of other comparably skilled professionals. Question: Do any of the Kirkland professionals in this engagement vary their rate based on the geographic location of the Debtors' chapter 11 cases? Answer: No. The hourly rates used by Kirkland in representing the Debtors are consistent with the rates that Kirkland charges other comparable chapter 11 clients, regardless of the location of the chapter 11 case. Question: If Kirkland has represented the Debtors in the 12 months prepetition, disclose Kirkland's billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If Kirkland's billing rates and material financial terms have changed post petition, explain the difference and the reasons for the difference. Answer: Kirkland's current hourly rates for services rendered on behalf of the Debtors range as follows: Partners $1,295 to $2,675 Of Counsel $875 to $2,245 Associates $785 to $1,625 Paraprofessionals $355 to $705 Kirkland represented the Debtors from June 1, 2024, to December 31, 2024, using the hourly rates listed below: Partners $1,195 to $2,465 Of Counsel $820 to $2,245 Associates $745 to $1,495 Paraprofessionals $325 to $625 Question: Have the Debtors approved Kirkland's budget and staffing plan, and, if so, for what budget period? Answer: Yes, for the period from June 16, 2025 through October 31, 2025. The firms can be reached through: Nicole L. Greenblatt, P.C. Susan D. Golden, Esq. Kirkland & Ellis, LLP Kirkland & Ellis International, LLP 601 Lexington Avenue New York, NY 10022 Telephone: (212) 446-4800 Facsimile: (212) 446-4900 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. AT HOME GROUP: Hires Omni Agent as Administrative Agent ------------------------------------------------------- At Home Group Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Omni Agent Solutions, Inc. as administrative agent. The firm will provide these services: (a) assist with, among other things, solicitation, balloting and tabulation of votes, and prepare any related reports, as required in support of confirmation of a Chapter 11 plan, and in connection with such services, process requests for documents from parties in interest; (b) prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; (c) assist with the preparation of the Debtors' schedules of assets and liabilities and statements of financial affairs and gather data in conjunction therewith; (d) provide a confidential data room, if requested; (e) manage and coordinate any distributions pursuant to a Chapter 11 plan; and (f) provide such other processing, solicitation, balloting, and other administrative services described in the Engagement Agreement. Prior to petition date, the firm received a retainer of $75,000 from the Debtors. Paul Deutch, an executive vice president of Omni Agent Solutions, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Paul H. Deutch Omni Agent Solutions Inc. 5955 De Soto Ave., Suite 100 Woodland Hills, CA 91367 Telephone: (818) 906-8300 Facsimile: (818) 783-2737 Email: lacontact@omniagnt.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. AT HOME GROUP: Taps AlixPartners LLP as Financial Advisor --------------------------------------------------------- At Home Group Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ AlixPartners, LLP as financial advisor. The firm will render these services: -- assist the Debtors with development of their rolling 13-week cash receipts and disbursements forecasting, including through the use of a tool designed to provide on time information related to the Debtors' liquidity; -- support the Debtors' financial and treasury functions including, without limitation, by assisting in cash management strategies, planning, general accounting, financial reporting information management and strengthening the core competencies of the finance organization; -- work with Debtors' management to obtain covenant relief from its bank lenders and other creditors; -- work with the Debtors to identify, implement, and monitor both short-term and long-term liquidity generating initiatives; -- assist the Debtors with analyzing performance improvement and cash enhancement opportunities, including assisting with cost reduction initiatives, operational improvement initiatives, accounts receivable management and accounts payable process improvement opportunities; -- provide assistance to management in connection with the Debtors' development of their revised business plan, and such other related forecasts as may be required by lenders in connection with negotiations or by the Debtors for other corporate purposes; -- assist the Debtors in the design and implementation of a restructuring strategy designed to maximize enterprise value, taking into account the unique interests of all constituencies; -- work with management to develop a restructuring strategy and evaluate, negotiate, and implement restructuring initiatives and strategic alternatives; -- assist the Debtors with their communications and/or negotiations with outside parties including the Debtors' stakeholders, banks, and potential acquirers of the Debtors' assets and advisors to the foregoing; -- assist Debtors' management and its professionals specifically assigned to sourcing, developing, negotiating, and implementing any financing, including DIP and exit financing facilities, in conjunction with a plan of reorganization and the overall restructuring; -- assist in preparing for and filing a bankruptcy petition, coordinating and providing administrative support for the proceedings, and developing the Debtors' disclosure statement and plan of reorganization or other appropriate case resolution, if necessary; -- advise the Debtors on the financial reporting requirements attendant to a bankruptcy filing, including but not limited to court orders, court-approved transactions, emergence, and fresh-start reporting; -- assist management in preparing and testing accounting systems in order to perform appropriate accounting cut-off after the Petition Date; -- assist with the preparation of documents such as a liquidation analysis, the statements of financial affairs, schedules of assets and liabilities, potential preference analysis, claims analysis, monthly operating reports and other regular reports required by the Court; -- manage the claims and claims reconciliation processes; -- conduct eDiscovery, document review and forensic data services required in conjunction with any document requests or other discovery; -- provide testimony and litigation support services regarding any of the matters to which AlixPartners is providing services; -- meet with lenders, unsecured creditors' committee and other statutory or unofficial committees, if any, in connection with any bankruptcy filing, as necessary, to provide general process updates and other information as may be requested by the Debtors; -- provide post confirmation services, as may be necessary, to support the chapter 11 plan and emergence; and -- assist the Debtors with such other matters as may be requested that fall within AlixPartners' expertise and that are mutually agreeable. AlixPartners' current standard hourly rates are: Partner/ Partner & Managing Director $1,225 to $1,540 Senior Vice President/ Director $850 to $1,150 Vice President $650 to $835 Analyst / Consultant $250 to $640 AlixPartners received a retainer in the amount of $700,000. David Orlofsky, managing director of AlixPartners, 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: David Orlofsky AlixPartners, LLP 909 Third Avenue, Floor 30 New York, NY 10022 Telephone: (212) 490-2500 Facsimile: (212) 490-1344 Email: dorlofsky@alixpartners.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. AZUL SA: Hire Davis Polk & Wardwell LLP as Attorney --------------------------------------------------- Azul S.A. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Davis Polk & Wardwell LLP as attorney. The firm's services include: a. preparing, on behalf of the Debtors all necessary or appropriate motions, applications, objections, replies, answers, orders, reports, and other papers in connection with the administration of the Debtors' estates; b. counseling the Debtors with regard to their rights and obligations as debtors in possession and their powers and duties in the continued management and operation of their businesses and properties; c. providing advice, representation, and preparation of necessary documentation and pleadings and taking all necessary or appropriate actions in connection with debt restructuring, statutory bankruptcy issues, post-petition financing, strategic transactions, securities laws, and real estate, environmental, intellectual property, employee benefits, business and commercial litigation, and corporate and tax matters; d. taking all necessary or appropriate actions to protect and preserve the Debtors' estates, including the prosecution of actions on the Debtors' behalf, the defense of any actions commenced against the Debtors, the negotiation of disputes in which the Debtors are involved, and the preparation of objections to claims filed against the Debtors' estates; e. taking all necessary or appropriate actions in connection with any chapter 11 plan, any related disclosure statement, and all related documents and such further actions as may be required in connection with the administration of the Debtors' estates; and f. acting as general restructuring counsel for the Debtors and performing all other necessary or appropriate legal services in connection with the Chapter 11 Cases. The firm will be paid at these rates: Partners $2,140 to $2,645 per hour Counsels $1,790 to $2,040 per hour Associates 730 to $1,780 per hour Paraprofessionals $505 to $715 per hour Prior to the Petition Date, the firm received from the Debtor an advance retainer in the amount of $5,000,000. As of the Petition Date, the remaining Retainer balance held by the firm was $466,950.51. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The following is provided in response to the request for additional information set forth in Section D.1 of the UST Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: Davis Polk has agreed to a discount off of its standard rates. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: As of the Petition Date, the applicable rates for timekeepers on this matter were as follows: $2,140 to $2,645 per hour for partners; $1,790 to $2,040 per hour for counsel; $730 to $1,780 per hour for associates; and $505 to $715 per hour for paraprofessionals. Davis Polk represented the Debtors during the 12-month period prior to the Petition Date and, during that time, the range of Davis Polk's rates were as follows: $1,915 to $2,645 per hour for partners; $1,725 to $2,040 per hour for counsel; $695 to $1,780 per hour for associates; and $460 to $715 per hour for paraprofessionals. Davis Polk's billing rates and material financial terms have not changed post-petition. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: The Debtors and Davis Polk have discussed the staffing requirements of these Chapter 11 Cases and have agreed that a formal budget and staffing plan are not necessary given the anticipated scope and duration of these proceedings. The Court has approved a general 13-week Debtor budget on an interim basis, which includes Davis Polk's engagement and which budget is set forth in set forth in Exhibit 2 to the Motion of Debtors for Entry of Interim and Final Orders. Timothy Graulich, Esq., a partner at Davis Polk & Wardwell LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Timothy Graulich DAVIS POLK & WARDWELL LLP 450 Lexington Avenue New York, NY 10017 Tel: (212) 450-4000 About Azul S.A. Azul S.A. (B3: AZUL4, NYSE: AZUL), the largest airline in Brazil by number of flight departures and cities served, offers 900 daily flights to over 150 destinations. With an operating fleet of over 200 aircrafts and more than 15,000 Crewmembers, the Company has a network of 300 non-stop routes. Azul was named by Cirium (leading aviation data analysis company) as the most on-time airline in the world in 2023. In 2020, Azul was awarded best airline in the world by TripAdvisor, the first time a Brazilian flag carrier earned the number one ranking in the Traveler's Choice Awards. On the Web: http://www.voeazul.com.br/imprensa On May 28, 2025, Azul S.A. and 19 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11176). The cases are pending before Judge Sean H. Lane. The Company is supported by Davis Polk & Wardwell LLP, White & Case LLP, and Pinheiro Neto Advogados as legal counsel; FTI Consulting as financial advisor; Guggenheim Securities, LLC as investment banker; SkyWorks Capital LLC as fleet advisor; and FTI Consulting, C Street Advisory Group, and MassMedia as strategic communications advisors. Stretto is the claims agent. The Participating Lenders are supported by Cleary Gottlieb Steen & Hamilton LLP and Mattos Filho as legal counsel and PJT Partners as investment banker. United Airlines is supported by Hughes Hubbard & Reed LLP and Sidley Austin LLP as legal counsel and Barclays Investment Bank as investment banker. American Airlines is supported by Latham & Watkins LLP as legal counsel. AerCap is supported by Pillsbury Winthrop Shaw Pittman LLP as legal Counsel. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Azul S.A. and its affiliates. AZUL SA: Hire Stretto Inc. as Administrative Advisor ---------------------------------------------------- Azul S.A. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Stretto, Inc. as administrative advisor. The firm will provide these services: a. assist with, among other things, solicitation, balloting, and tabulation of votes; prepare any related reports, as required in support of confirmation of a chapter 11 plan; b. prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; c. assist with the preparation of the Debtors' schedules of assets and liabilities and statements of financial affairs and gather data in conjunction therewith; d. assist with the preparation of the Debtors' monthly operating reports and gather data in conjunction therewith; e. manage and coordinate any distributions pursuant to a chapter 11 plan if designated as distribution agent under such plan; and f. provide claims analysis and reconciliation, case research, and any related services otherwise required by applicable law, governmental regulations, or court rules or orders in connection with these Chapter 11 Cases. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received an advance retainer in the amount of $225,000. Sheryl Betance, a partner at Stretto, Inc., 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: Sheryl Betance Stretto, Inc. 410 Exchange, Ste. 100 Irvine, CA 92602 Tel: (714) 716-1872 Email: sheryl.betance@stretto.com About Azul S.A. Azul S.A. (B3: AZUL4, NYSE: AZUL), the largest airline in Brazil by number of flight departures and cities served, offers 900 daily flights to over 150 destinations. With an operating fleet of over 200 aircrafts and more than 15,000 Crewmembers, the Company has a network of 300 non-stop routes. Azul was named by Cirium (leading aviation data analysis company) as the most on-time airline in the world in 2023. In 2020, Azul was awarded best airline in the world by TripAdvisor, the first time a Brazilian flag carrier earned the number one ranking in the Traveler's Choice Awards. On the Web: http://www.voeazul.com.br/imprensa On May 28, 2025, Azul S.A. and 19 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11176). The cases are pending before Judge Sean H. Lane. The Company is supported by Davis Polk & Wardwell LLP, White & Case LLP, and Pinheiro Neto Advogados as legal counsel; FTI Consulting as financial advisor; Guggenheim Securities, LLC as investment banker; SkyWorks Capital LLC as fleet advisor; and FTI Consulting, C Street Advisory Group, and MassMedia as strategic communications advisors. Stretto is the claims agent. The Participating Lenders are supported by Cleary Gottlieb Steen & Hamilton LLP and Mattos Filho as legal counsel and PJT Partners as investment banker. United Airlines is supported by Hughes Hubbard & Reed LLP and Sidley Austin LLP as legal counsel and Barclays Investment Bank as investment banker. American Airlines is supported by Latham & Watkins LLP as legal counsel. AerCap is supported by Pillsbury Winthrop Shaw Pittman LLP as legal Counsel. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Azul S.A. and its affiliates. AZUL SA: Hires Guggenheim Securities LLC as Investment Banker ------------------------------------------------------------- Azul S.A. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Guggenheim Securities, LLC as investment banker. The firm will provide these services: a. review and analysis of the business, financial condition and prospects of the Company; b. evaluation of the liabilities of the Company, its debt capacity and its strategic and financial alternatives; c. In connection with any Transaction: i. evaluation from a financial and capital markets point of view of alternative structures and strategies for implementing the Transaction; ii. preparation of offering, marketing, disclosure or other transaction materials concerning the Company and the Transaction for distribution and presentation to the applicable Transaction Counterparties; iii. development and implementation of a marketing plan with respect to such Transaction; iv. identification and solicitation of, and the review of proposals received from, the Investors and other prospective Transaction Counterparties; and v. Negotiation of the Transaction; d. In connection with any Transaction the Company determines to pursue or effect in connection with a Bankruptcy Case, evaluation, from a financial point of view, of alternative strategies for implementing and seeking approval of any such Transaction; and e. Such other matters as may be agreed upon by Guggenheim Securities and the Company in writing (including without limitation via email) during the term of the engagement. The firm will be paid at these rates: a) Monthly Fees. i. The Company will pay Guggenheim Securities a non-refundable cash fee of $250,000 per month (each, a "Monthly Fee"), which will be due and paid by the Company in advance promptly upon the first day of each calendar month during the period from June 1, 2025 until the termination of Guggenheim Securities' engagement under the Engagement Letter, in each case, whether or not any Transaction is consummated. ii. With respect to (and solely with respect to) the first through (and including) the third full Monthly Fees actually paid under the Engagement Letter, an amount equal to 100% of such Monthly Fees shall be credited against any Restructuring Transaction Fee or Sale Transaction Fee that thereafter becomes payable pursuant to Sections 4(b) or 4(d) of the Engagement Letter, respectively (it being understood that, once credited against any one of the foregoing fees, any such amount of the Monthly Fee so credited cannot be credited again against any other fee payable under the Engagement Letter). b) Restructuring Transaction Fee. i. If any Restructuring Transaction is consummated, then the Company will pay Guggenheim Securities a cash fee (each, a "Restructuring Transaction Fee") in an amount equal to: A. In connection with any Restructuring Transaction consummated at any time prior to February 1, 2026, $15,750,000; or B. In connection with any Restructuring Transaction consummated as of or at any time following February 1, 2026, $21,000,000. ii. Any such Restructuring Transaction Fee will be payable promptly upon the consummation of any Restructuring Transaction; provided, however, that the Restructuring Transaction Fee in connection with any Restructuring Transaction that is contemplated to be effectuated pursuant to Section 3(a)(9) of the Securities Act of 1933, as amended (the "Securities Act"), will be fully earned and payable on the date that definitive offer documents for the related exchange offer under Section 3(a)(9) of the Securities Act are first distributed to creditors whose claims would be affected thereby, without regard to the results of such exchange offer or any other contingency. For the avoidance of doubt, with respect to (and solely with respect to) any Restructuring Transaction effectuated pursuant to Section 3(a)(9) of the Securities Act, the only Restructuring Transaction Fee payable under the Engagement Letter on account of each such Restructuring Transaction shall be the fee payable pursuant to the proviso clause in the immediately preceding sentence. c) Financing Fee(s). i. If any Financing Transaction is consummated, then, in each case, the Company will pay Guggenheim Securities one or more cash fees (each, a "Financing Fee") in an amount equal to the sum of: A. 125 basis points (1.25%) of the aggregate face amount of any debt obligations to be issued or raised by the Company (including the face amount of any related commitments) in any Debt Financing that (x) is secured by first priority liens over the Company's assets and/or (y) constitutes "debtor in possession financing" effectuated in connection with a Bankruptcy Case, plus B. 250 basis points (2.50%) of the aggregate face amount of any debt obligations to be issued or raised by the Company (including the face amount of any related commitments) in any Debt Financing that is not covered by Section 4(c)(i)(A) of the Engagement Letter, plus C. 350 basis points (3.50%) of the aggregate amount of gross proceeds raised by the Company in any Equity Financing (including the face amount of any related commitments); plus D. With respect to any other securities or indebtedness issued that is not otherwise covered by Sections 4(c)(i)(A) to 4(c)(i)(C) of the Engagement Letter, such financing fees, underwriting discounts, placement fees or other compensation as customary under the circumstances and mutually agreed in advance by the Company and Guggenheim Securities. ii. Without limiting any of the foregoing or other provisions of Section 4(c) of the Engagement Letter (including without limitation the Company's obligation to pay Guggenheim Securities the Financing Fees as and when specified above), with respect to (and solely with respect to) any Excluded Financing, the Company shall not, solely on account of the consummation of any such Excluded Financing, be required to pay Guggenheim Securities any Financing Fee under the Engagement Letter. iii. Financing Fees for any Financing Transaction will be payable upon the consummation of the related Financing Transaction. iv. An amount equal to 100% of any Creditor-Related DIP Fee actually paid to Guggenheim Securities under the Engagement Letter shall be credited against any Creditor-Related Exit Fee that thereafter becomes payable under the Engagement Letter; it being understood that any such amount of such Creditor-Related DIP Fee can only be credited once against (and solely up to the amount of) any such Creditor-Related Exit Fee and, once so credited, cannot be credited against any other fee payable under the Engagement Letter (nor, for the avoidance of doubt, can any portion of any Creditor-Related DIP Fee be credited against any portion of any Exit-Related Fee that does not also constitute a Creditor Related Exit Fee). d) Sale Transaction Fees. i. If any Sale of Control Transaction is consummated, then, in each case, the Company will pay Guggenheim Securities a cash fee (each, a "Sale Transaction Fee") in an amount equal to: A. In connection with any Sale of Control Transaction consummated at any time prior to February 1, 2026, $15,750,000; or B. In connection with any Sale of Control Transaction consummated as of or at any time following February 1, 2026, $21,000,000. ii. Any such Sale Transaction Fee will be payable promptly upon the consummation of any Sale of Control Transaction. e) Expense Reimbursement. i. In addition to any fees payable by the Company to Guggenheim Securities under the Engagement Letter, the Company will, whether or not any Transaction contemplated by the Engagement Letter will be proposed or consummated, reasonably promptly reimburse Guggenheim Securities, upon request, for its reasonable and documented travel and all other reasonable and documented out-of-pocket expenses incurred in connection with or arising out of the Engagement Letter, including Guggenheim Securities' entering into the Engagement Letter, Guggenheim Securities' activities under or as contemplated by the Engagement Letter or Guggenheim Securities' enforcing its rights under the Engagement Letter, including all reasonably incurred (and documented) fees, disbursements and other charges of (x) any legal counsel retained by Guggenheim Securities and (y) any other consultants and advisors reasonably required to be retained by Guggenheim Securities. Homer Parkhill, a Senior Managing Director at Guggenheim Securities, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Homer Parkhill Guggenheim Securities, LLC 330 Madison Avenue New York, NY 10017 Tel: (212) 739-0700 About Azul S.A. Azul S.A. (B3: AZUL4, NYSE: AZUL), the largest airline in Brazil by number of flight departures and cities served, offers 900 daily flights to over 150 destinations. With an operating fleet of over 200 aircrafts and more than 15,000 Crewmembers, the Company has a network of 300 non-stop routes. Azul was named by Cirium (leading aviation data analysis company) as the most on-time airline in the world in 2023. In 2020, Azul was awarded best airline in the world by TripAdvisor, the first time a Brazilian flag carrier earned the number one ranking in the Traveler's Choice Awards. On the Web: http://www.voeazul.com.br/imprensa On May 28, 2025, Azul S.A. and 19 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11176). The cases are pending before Judge Sean H. Lane. The Company is supported by Davis Polk & Wardwell LLP, White & Case LLP, and Pinheiro Neto Advogados as legal counsel; FTI Consulting as financial advisor; Guggenheim Securities, LLC as investment banker; SkyWorks Capital LLC as fleet advisor; and FTI Consulting, C Street Advisory Group, and MassMedia as strategic communications advisors. Stretto is the claims agent. The Participating Lenders are supported by Cleary Gottlieb Steen & Hamilton LLP and Mattos Filho as legal counsel and PJT Partners as investment banker. United Airlines is supported by Hughes Hubbard & Reed LLP and Sidley Austin LLP as legal counsel and Barclays Investment Bank as investment banker. American Airlines is supported by Latham & Watkins LLP as legal counsel. AerCap is supported by Pillsbury Winthrop Shaw Pittman LLP as legal Counsel. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Azul S.A. and its affiliates. AZUL SA: Hires Skyworks Capital as Financial Advisor ---------------------------------------------------- AZUL S.A. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Skyworks Capital, LLC as fleet restructuring financial advisor. The firm will provide these services: A. General Financial Advisory Services. In connection with the Debtors' Chapter 11 Cases, SkyWorks shall provide assistance to the Debtors with certain fleet related financial advisory services (collectively, the "Fleet Related Financial Advisory Services") as outlined below: (i) Provide the Debtors its general views for creating savings or other benefits for the Debtors with respect to its fleet lease and debt obligations as well as aircraft and engine manufacturer ("OEM") agreements; (ii) SkyWorks will acquaint itself, to the extent required to perform its duties under the Engagement Letter, with the business, operations, properties and condition (financial or otherwise) and prospects of the Debtors, including performing a review and assessment of the existing terms and conditions of its aircraft and engine lease and debt obligations as well as all OEM fleet related obligations ("Fleet Obligations") with information and documentation surrounding such Fleet Obligations, including maintenance status of the aircraft; (iii) SkyWorks, in conjunction with the Debtors, will review and understand the business and fleet plan that has been developed by the Debtors and analyze and advise the Debtors in respect of the same; (iv) SkyWorks will coordinate and participate in strategy discussions with the Debtors, investment banks and other advisors to the Company as appropriate to ensure coordination amongst all parties; (v) Skyworks will prepare analysis and recommendations of additional measures on current leases and financings, if any, that the Debtors may wish to seek on its Fleet Obligations, taking into account factors such as existing lease terms, current maintenance conditions, MRO7 access/spare engine availability, deferred liabilities, etc.; (vi) SkyWorks will provide the Debtors with a plan to reduce capacity and facilitate the Debtors' preferred fleet transition based on the Debtors' latest fleet plan, including rejection and abandonment planning for certain aircraft, identifying aircraft that can potentially be sold, refinanced, etc., in order to raise cash, or which could be used for a DIP (or similar) financing; (vii) SkyWorks will work with the Debtors to develop a comprehensive plan for the restructuring of the Debtors' Fleet Obligations and provide the cash flow changes associated with such targeted revised Fleet Obligations to be included in the Debtors' business plan and DIP sizing forecast, taking into account the effects of cross-default and cross-collateralization provisions, letters of credit and other documentation terms that may have an effect on negotiations and potential savings; (viii) SkyWorks will recommend various courses of action to the Debtorsfor each fleet-related creditor, subject in all cases to the Debtors' approval; (ix) SkyWorks will lead negotiations with lessors and lenders to achieve concessions and/or support for the Debtors to reduce its current obligations, including by means of amendments to the Debtors' leases and financing documents, working with the Company and its legal advisors to best utilize the Company's participation in such discussions; (x) SkyWorks will assist the Debtors' legal team and external legal counsel to document amendments to the Debtors' existing lease and debt-related agreements, consistent with the above and assist the Debtors' legal counsel and other advisors to prepare a list of aircraft creditors and related exposure and generally work with Company's legal counsel to help prepare any necessary court filings; (xi) SkyWorks will meet with the unsecured creditors committee and other statutory or unofficial committees, if any, in connection with the Chapter 11 Cases, as necessary to provide general process updates and to provide such information as may be requested by the Debtors; and (xii) Prepare a summary of all fleet-related cost savings achieved, in a presentation that can be shared with management and/or the Board, the committee of unsecured creditors and other constituents to confirm savings obtained. B. Additional Consulting Services. SkyWorks will provide the following services in connection with the Chapter 11 Cases (the "Additional Consulting Services"): (i) SkyWorks shall assist the Debtors in arranging sale/leasebacks (each, a "Sale/Leaseback Financing"), Pre-Delivery Financing ("PDP Financing") or other debt financing as the Debtors may elect (each, a "Financing"); (ii) SkyWorks shall assist the Debtors in determining an unsecured/pre-petition aircraft claims methodology, reviewing submitted claims and negotiating claims with creditors and monitoring the aircraft claims pool (the "Claims Process") and working with the committee of unsecured creditors to convey the Debtors' approach as to the Claims Process; (iii) SkyWorks shall assist with the potential lease-in of additional aircraft to the Debtors ("Lease-In Services"), including conducting a request for proposal ("RFP") process; calling upon and working with lessors with orderbooks, for the lease-in of desired aircraft; providing the Debtors with analysis on the aircraft that would best suit the Debtors' needs from a technical and cost perspective; and negotiating letters of intent ("LOI") and lease agreements on any aircraft that the Debtors desire to lease-in; and (iv) SkyWorks shall assist with the renegotiation of existing and/or the creation and negotiation of new aircraft or engine orders and /or maintenance contracts for the Debtors ("OEM and Maintenance Contract Services"), including reviewing up to four OEM or maintenance contracts, understanding that certain of the contracts may be interconnected, and evaluating the cost effectiveness of each; evaluating possible cost savings that may be available through negotiation of such contracts; assisting the Debtors and the Debtors' legal counsel in developing the commercial terms of OEM agreements or maintenance and repair agreements, as may be necessary or advisable, for the Debtors to reduce payments to OEMs and/or maintenance performers and, if applicable, related maintenance reserves or expected financial adjustments at lease end. C. Financial Planning & Analysis Services. Upon request of the Debtors and agreement by SkyWorks, SkyWorks shall assist the Debtors with respect to financial planning and analysis related to Azul's fleet, including but not limited to, aircraft maintenance obligations, business plan forecasting for current and renegotiated maintenance contracts, maintenance planning support, maintenance, repair, and overhaul provider induction analysis, and aircraft lessor maintenance obligations (collectively, the "Other Services" and together with the Fleet Related Financial Advisory Services and Additional Consulting Services, the "Services"). The firm will be paid as follows: (i) General Financial Advisory Fees. From the commencement of the engagement on May 12, 2025 until the 10 th monthly anniversary of the commencement of the engagement, the Debtors agree to pay to SkyWorks for Services outlined in Section 1(A) of the Engagement Letter a monthly fee (the "Initial Monthly Fee") of $475,000 per month, payable in advance, with the first such payment due upon execution of this Agreement, and each subsequent payment of an Initial Monthly Fee being due on the monthly anniversary of the commencement of the engagement. For the avoidance of doubt, there shall be 9 payments paid in advance at the rate of $475,000 per month. (ii) Commencing at the beginning of the 10 th monthly anniversary of the commencement of the Engagement and thereafter, the Initial Monthly Fee shall be reduced to $350,000 per month (the "Continuing Monthly Fee"), payable in advance. The obligation to pay a Continuing Monthly Fee shall continue until the Debtors no longer wish to engage SkyWorks. (iii) Transaction Fees. SkyWorks will be paid transaction fees (the "Transaction Fees") equal to: (A) $100,000 for each aircraft and each engine restructured or returned (including rejection or abandonment) that provides liquidity relief or savings to the Company and (B) $200,000 for each OEM or maintenance agreement rejected, that provides liquidity relief or savings to the Company. Transaction Fees will be paid upon execution of documentation evidencing the savings and/or liquidity relief or court approval of any rejected or abandoned contracts. (iv) Financing Fees. In connection with the Services outlined in Section 1(B)(i) as it pertains to a Financing, SkyWorks will be paid a fee of 35 basis points multiplied by the sales price of any aircraft sold or aggregate debt financing raised, subject to a floor of $150,000 per aircraft (the "Financing Fee"). Such Financing Fees will be paid as and when a lease or mortgage or PDP agreement is completed between the Debtors and the financing party. (v) Claims Advisory Fees. In connection with the Services rendered under Section 1(B)(ii) as it pertains to the Claims Process, the Debtors shall pay SkyWorks fees (the "Claims Advisory Fees"), commencing on the date SkyWorks begins working on the Claims Process, with such Claims Advisory Fees billed hourly in accordance to the rates set forth in Schedule Bof the Engagement Letter, 9 through the date that SkyWorks finishes such Claims Process work or is terminated with respect thereto by the Debtors. (vi) Lease In Services Fees. In connection with the Services rendered under Section 1(B)(iii) of the Engagement Letter as it pertains to the Lease-In Services, the Company shall pay SkyWorks a fee (the "Lease In Services Fee") of $150,000 for each related aircraft for which the Debtors executes a lease, payable when each such lease is executed. (vii) OEM and Maintenance Contract Services Fee. For the Services provided under Section 1(B)(iv) of the Engagement Letter as it pertains to the OEM and Maintenance Contract Services, the Debtors shall pay SkyWorks as follows (collectively, the "OEM and Maintenance Contract Services Fee" and together with the Financing Fee, the Claims Advisory Fees, and the Lease In Services Fee, the "Additional Consulting Services Fees"): (a) an additional monthly fee of $75,000 per month, payable in advance, for the months during which SkyWorks is performing the OEM and Maintenance Contract Services; plus (b) a fee of $200,000 for each new or restructured OEM or maintenance contract, payable upon execution of each such contract. (viii) Other Services Fee. For Services provided by SkyWorks under Section 1(C) of the Agreement, the Debtors shall pay SkyWorks fees billed hourly (the "Other Services Fees") calculated using the rates set forth in Schedule B of the Engagement Letter through the date that SkyWorks finishes such services or such services are terminated by the Debtors. (viii) Fee Cap. The aggregate of (y) the first six payments of the Initial Monthly Fees set forth in Section 2(i) and (z) the Transaction Fees set forth in Section 2(iii) of the Engagement Letter payable to SkyWorks shall be capped at $10,000,000 (the "Fee Cap"). For the avoidance of doubt, any Initial Monthly Fees payable after six (6) months of Initial Monthly Fees are paid, Continuing Monthly Fees set forth in Section 2(ii) of the Engagement Letter, and any Additional Consulting Services Fees set forth in Section 2(iv) of the Engagement Letter shall not be subject to the Fee Cap. (ix) On the date of execution of the Engagement Letter, SkyWorks held an advance payment retainer in the amount of $1,000,000 (the "Retainer"). (x) Expenses. The Debtors shall reimburse SkyWorks within thirty (30) days of receipt of an invoice for its approved (in writing for expenses in excess of $2,000, exclusive of legal fees and expenses) customary, reasonable and documented out-of-pocket expenses incurred in connection with the Engagement Letter. Mr. Landess 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: Matthew A. Landess Skyworks Capital, LLC 283 Greenwich Avenue, 4th Floor Greenwich, CT 06830 Tel: (203) 983-6677 About Azul S.A. Azul S.A. (B3: AZUL4, NYSE: AZUL), the largest airline in Brazil by number of flight departures and cities served, offers 900 daily flights to over 150 destinations. With an operating fleet of over 200 aircrafts and more than 15,000 Crewmembers, the Company has a network of 300 non-stop routes. Azul was named by Cirium (leading aviation data analysis company) as the most on-time airline in the world in 2023. In 2020, Azul was awarded best airline in the world by TripAdvisor, the first time a Brazilian flag carrier earned the number one ranking in the Traveler's Choice Awards. On the Web: http://www.voeazul.com.br/imprensa On May 28, 2025, Azul S.A. and 19 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11176). The cases are pending before Judge Sean H. Lane. The Company is supported by Davis Polk & Wardwell LLP, White & Case LLP, and Pinheiro Neto Advogados as legal counsel; FTI Consulting as financial advisor; Guggenheim Securities, LLC as investment banker; SkyWorks Capital LLC as fleet advisor; and FTI Consulting, C Street Advisory Group, and MassMedia as strategic communications advisors. Stretto is the claims agent. The Participating Lenders are supported by Cleary Gottlieb Steen & Hamilton LLP and Mattos Filho as legal counsel and PJT Partners as investment banker. United Airlines is supported by Hughes Hubbard & Reed LLP and Sidley Austin LLP as legal counsel and Barclays Investment Bank as investment banker. American Airlines is supported by Latham & Watkins LLP as legal counsel. AerCap is supported by Pillsbury Winthrop Shaw Pittman LLP as legal Counsel. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Azul S.A. and its affiliates. AZUL SA: Hires Togut Segal & Segal LLP as Co-Counsel ---------------------------------------------------- Azul S.A. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Togut, Segal & Segal LLP as co-counsel. The firm's services include: a. assisting the Debtors with the retention of ordinary course professionals ("OCP") and the preparation / filing of their verified statements and fees statements as needed; b. assisting certain of the Debtors' professionals, particularly their non U.S. based professionals with preparing monthly fee statements and interim fee applications; c. assisting the Debtors and their financial advisors with preparing their Schedules and Statements; d. analyzing the pre-petition transfers made by the Debtors for an assessment of potential avoidance claims under chapter 5 of the Bankruptcy Code; e. assisting the Debtors with the review, reconciliation and where appropriate, the objection to proofs of claims f. assisting with the assumption and/ or rejection of contracts and unexpired leases; g. assisting with matters concerning the U.S. Trustee such as filing operating reports; h. advising the Debtors regarding their powers and duties as debtors in possession for the tasks assigned; i. preparing and filing on the Debtors' behalf motions, applications, answers, proposed orders, reports, and papers necessary for the Assigned Matters; j. attending meetings and negotiations with representatives of creditors and other parties in interest that affect the Assigned Matters; k. appearing before this Court and any appellate courts to protect the interests of the Debtors' estates in connection with the Assigned Matters; l. responding to inquiries and calls from creditors and counsel to interested parties regarding pending Assigned Matters; and m. performing other necessary legal services for assigned matters, or any other discrete matters assigned to the Togut Firm, and providing other necessary legal advice to the Debtors in connection with these Chapter 11 Cases. The firm will be paid at these rates: Partners $1,190 to $1,830 per hour Counsel $1,140 to $1,375 per hour Associates $535 to $1,225 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The following is provided in response to the request for additional information set forth in Paragraph D.1. of the Appendix B Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: The Togut Firm did not represent the Debtors in connection with the commencement of these Chapter 11 Cases. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Response: The Debtors expect to develop a specific prospective budget and staffing plan to comply with the U.S. Trustee's requests for information and additional disclosures, and any orders of this Court. Frank A. Oswald, Esq., a senior member at Togut, Segal & Segal LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Frank A. Oswald Togut, Segal & Segal LLP One Penn Plaza New York, NY 10119 Tel: (212) 594-5000 Email: frankoswald@teamtogut.com About Azul S.A. Azul S.A. (B3: AZUL4, NYSE: AZUL), the largest airline in Brazil by number of flight departures and cities served, offers 900 daily flights to over 150 destinations. With an operating fleet of over 200 aircrafts and more than 15,000 Crewmembers, the Company has a network of 300 non-stop routes. Azul was named by Cirium (leading aviation data analysis company) as the most on-time airline in the world in 2023. In 2020, Azul was awarded best airline in the world by TripAdvisor, the first time a Brazilian flag carrier earned the number one ranking in the Traveler's Choice Awards. On the Web: http://www.voeazul.com.br/imprensa On May 28, 2025, Azul S.A. and 19 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11176). The cases are pending before Judge Sean H. Lane. The Company is supported by Davis Polk & Wardwell LLP, White & Case LLP, and Pinheiro Neto Advogados as legal counsel; FTI Consulting as financial advisor; Guggenheim Securities, LLC as investment banker; SkyWorks Capital LLC as fleet advisor; and FTI Consulting, C Street Advisory Group, and MassMedia as strategic communications advisors. Stretto is the claims agent. The Participating Lenders are supported by Cleary Gottlieb Steen & Hamilton LLP and Mattos Filho as legal counsel and PJT Partners as investment banker. United Airlines is supported by Hughes Hubbard & Reed LLP and Sidley Austin LLP as legal counsel and Barclays Investment Bank as investment banker. American Airlines is supported by Latham & Watkins LLP as legal counsel. AerCap is supported by Pillsbury Winthrop Shaw Pittman LLP as legal Counsel. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Azul S.A. and its affiliates. AZUL SA: Hires White & Case LLP as Special Counsel -------------------------------------------------- Azul S.A. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of New York to employ White & Case LLP as special counsel. The firm will provide services to the extent necessary and as requested by the Debtors, with respect to issues that may arise during the Chapter 11 Cases related to: (i) the aircraft owned by the Debtors, including any prepetition, postpetition, and/or exit financings related to such aircraft, and any restructuring, negotiation, or termination of such financings; (ii) aircraft leased by the Debtors, including the lease documentation relating to such aircraft and any prepetition, postpetition, and exit financings related to such leases, including the restructuring, negotiation, or termination of such leases or financings; (iii) any contracts relating to the purchase, maintenance, or lease of aircraft by the Debtors, including the financing of such orders and any restructuring, negotiation, or termination of such order contracts, maintenance contracts, or financings; (iv) the application of provisions of the Bankruptcy Code (including, without limitation, sections 362, 363, 364, and 365 of the Bankruptcy Code) to the treatment of aircraft financings, leases, and transactions and related contracts and claims; (v) necessary applications, motions, complaints, answers, orders, reports, and other pleadings and documents, together with any related litigation, in connection with the foregoing; (vi) advising the Debtors in connection with obtaining authority to continue using cash collateral and postpetition financing, as such matters relate to the Debtors' fleet, aviation collateral securing any financing obligations, and related agreements; and (vii) certain other matters in or related to the Chapter 11 Cases to the extent necessary and as requested by the Debtors, including, but not limited to, the Debtors' aircraft, leases, lessors and lessees, financing facilities, ongoing operations and related issues, as well as general aviation and asset-related assistance. The firm will be paid at these rates: Partners $1,690 to $2,500 per hour Counsel $1,630 per hour Associates $870 to $1,580 per hour Paraprofessionals $355 to $700 per hour Prior to the Petition Date, White & Case received an advance retainer of $2,500,000 from the Debtors. The Debtors increased the retainer and made a further deposit of $500,000 on May 20, 2025. The amount of the retainer held by White & Case as of the Petition Date was approximately $425,014. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The following information is provided pursuant to Paragraph D.1 of the U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: White & Case did not agree to any variations or alternatives to its standard or customary billing arrangements for this engagement. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the twelve (12) months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the twelve (12) months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Answer: As set forth above, White & Case is billing the client at its standard hourly rates. White & Case's standard hourly rates are subject to periodic review and adjustment in the normal course of White & Case's business, typically on January 1st of each year, and often due to the increased experience of a particular professional. Such adjustments were last made in January 2025 and White & Case's currently hourly rates are disclosed in paragraph 16 of this Declaration. In 2024, White & Case's standard hour rates ranged from $1,510 to $2,150 for partners, $1,470 for counsel, $795 to $1,430 for associates, and $345 to $650 for paraprofessionals. White & Case's billing rates and material financial terms have not changed postpetition. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: The parties in the process of developing a prospective budget and staffing plan for these Chapter 11 Cases. We will work with the Debtors to finalize such budget. Mr. Wolynski 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: Todd K. Wolynski, Esq. White & Case LLP 1221 Avenue of the Americas New York, NY 10020 About Azul S.A. Azul S.A. (B3: AZUL4, NYSE: AZUL), the largest airline in Brazil by number of flight departures and cities served, offers 900 daily flights to over 150 destinations. With an operating fleet of over 200 aircrafts and more than 15,000 Crewmembers, the Company has a network of 300 non-stop routes. Azul was named by Cirium (leading aviation data analysis company) as the most on-time airline in the world in 2023. In 2020, Azul was awarded best airline in the world by TripAdvisor, the first time a Brazilian flag carrier earned the number one ranking in the Traveler's Choice Awards. On the Web: http://www.voeazul.com.br/imprensa On May 28, 2025, Azul S.A. and 19 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11176). The cases are pending before Judge Sean H. Lane. The Company is supported by Davis Polk & Wardwell LLP, White & Case LLP, and Pinheiro Neto Advogados as legal counsel; FTI Consulting as financial advisor; Guggenheim Securities, LLC as investment banker; SkyWorks Capital LLC as fleet advisor; and FTI Consulting, C Street Advisory Group, and MassMedia as strategic communications advisors. Stretto is the claims agent. The Participating Lenders are supported by Cleary Gottlieb Steen & Hamilton LLP and Mattos Filho as legal counsel and PJT Partners as investment banker. United Airlines is supported by Hughes Hubbard & Reed LLP and Sidley Austin LLP as legal counsel and Barclays Investment Bank as investment banker. American Airlines is supported by Latham & Watkins LLP as legal counsel. AerCap is supported by Pillsbury Winthrop Shaw Pittman LLP as legal Counsel. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Azul S.A. and its affiliates. BAYSHORE SUITES: Gets Extension to Access Cash Collateral --------------------------------------------------------- Bayshore Suites, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, to use cash collateral. The court's second interim order authorized the Debtor to utilize its cash collateral to pay the expenses set forth in its budget (plus an amount not to exceed 10% for each line item); and additional amounts subject to approval by secured creditor, SHC-ET Funding VII, LLC. The Debtor's 20-week budget projects total operational expenses of $26,960. SHC-ET will be granted replacement liens on its pre-bankruptcy collateral and all property acquired by the Debtor after its bankruptcy filing that is similar to SHC-ET's pre-bankruptcy collateral. The replacement liens will have the same priority, validity and extent as the pre-bankruptcy liens of SHC-ET. In addition, SHC-ET will be granted a superpriority administrative expense claim and will receive a monthly payment of $27,562.00 per month, including forced place insurance premiums. The Debtor's authority to use cash collateral terminates on September 26 or upon occurrence of so-called termination events, which include seeking financing that does not satisfy the claims of SHC in full. The next hearing is scheduled for September 23. The Debtor continues to operate its business and manage its property and affairs as a debtor-in-possession. In that capacity, the Debtor uses property which may qualify as cash collateral. As of the petition date, the Debtor's scheduled deposits and prepayments totaled $1,222. However, the Debtor expects it will receive rental income from its real property. About Bayshore Suites LLC Bayshore Suites, LLC owns two properties: one at 3200-3248 Bayshore Dr., Naples, Fla., valued at $4.6 million in liquidation, and another at 2836 Shoreview Dr., Naples, FLa., with a liquidation value of $1 million. Bayshore Suites sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00218) on February 11, 2025. In its petition, the Debtor reported total assets of $5,631,222 and total liabilities of $7,297,236. Judge Caryl E. Delano handles the case. Michael R. Dal Lago, Esq., serves as the Debtor's legal counsel. SHC-ET Funding VII, LLC, as secured creditor, is represented by: Jaime B. Leggett, Esq. Jeremy J. Hart, Esq. Bast Amron, LLP One Southeast Third Avenue, Suite 2410 Miami, FL 33131 Telephone: 305.379.7904 jleggett@bastamron.com jhart@bastamron.com BCP V EVERISE: S&P Downgrades ICR to 'CCC+', Outlook Stable ----------------------------------------------------------- S&P Global Ratings lowered its ratings on Delaware-based customer experience service provider BCP V Everise Acquisition LLC (Everise), including its issuer credit rating to 'CCC+' from 'B-'. The stable outlook reflects S&P's belief that liquidity, though tightening, is sufficient to cover fixed charges, and that the absence of near-term maturities will mitigate the risk of a specific default scenario within the next 12 months. Everise reported weaker than expected operating performance and a free operating cash flow (FOCF) deficit in the first quarter of 2025. S&P Global Ratings expects credit metrics to worsen as industry headwinds continue, leading to cash flow deficits and liquidity declining in 2025. S&P said, "We believe Everise's liquidity could worsen and remain tight due to cashflow deficits, higher debt amortization, and an extended higher interest rate environment. As of May 31, 2025, Everise had revolver availability of $45 million and cash balances of about $38 million. However, we forecast the company will burn cash this year as ailing market conditions weigh on performance trends. Higher seasonal working capital outflows will also result in the company utilizing its revolver, which could stress its already worsening liquidity. The company also has a remaining payment due next year as part of the CGS acquisition, which will weigh further on cash flows. Its term loan A is trading at well below par, which we believe limits its access to debt markets should it need to raise debt to bolster liquidity. Still, we expect the company's existing resources are enough to meet its debt service costs in the next year. "We believe industry pressures in health care insurance will constrain operating performance. Everise faces heavy customer concentration with its top five clients constituting about 67% of revenues and being concentrated in the health care space. The company's top clients have faced increased costs due to higher utilization rates, lower enrollments, and drops in star ratings. As a result, Everise's revenue declined 14% and its margin contracted by about 300 basis points (bps) at year-end 2024. The company made a sizable acquisition at year end that we forecast will contribute to total revenue growth of 46% in 2025, but organic revenue will be largely subdued as the industry continues to face pressures. We expect recovery should come in 2026 driven by higher enrollments from an aging population and as clients seek to lower costs, which will favor outsourcing customer service needs. Regulation such as the "One Big Beautiful Bill Act" remain a credit risk that could worsen an already pressured industry especially in Medicaid, although Everise's exposure to Medicaid remains modest at mid-single digit percent. We believe Everise is dependent on favorable business conditions to mitigate further liquidity declines. "The stable outlook reflects our expectation that while Everise will continue to operate at a modest cash burn, it has no near-term debt maturities and will have sufficient liquidity to operate over the next 12 months." S&P could lower its rating on Everise if: -- Industry challenges lead to weak operating performance, further cash flow deficits, and liquidity declining to a point where S&P envisions a specific default scenario within 12 months. -- The company undertakes any liability management transaction that S&P would view as a distressed debt exchange or a restructuring. S&P could take a positive rating action on Everise in the coming quarters if performance improves such that it believes the capital structure is sustainable, demonstrated by positive cash flow generation after fixed charges and seasonal working capital swings, and liquidity improves to sufficient levels. BEAN THERE: Hires Blanchard Law P.A. as Counsel ----------------------------------------------- Bean There Done That, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Blanchard Law, P.A. as counsel. The firm will render these services: (a) give the Debtors legal advice with respect to their powers and duties in the continued operation of their business and management of their property; (b) prepare, on the behalf of the Debtors, necessary legal papers and appear at hearings thereon; and (c) perform all other legal services for the Debtors. The firm will be paid at these rates: Attorney $350 Associates $300 Paralegal $100 In addition, both firms will seek reimbursement for expenses incurred. The firm received from the Debtor a retainer of $15,000, and filing fee of $1,738. Mr. Blanchard disclosed in court filings that their firms are "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firms can be reached through: Jake C. Blanchard, Esq. Blanchard Law, P.A. 8221 49th Street North Pinellas Park, FL 33781 Tel: (727) 531-7068 Fax: (727) 535-2086 Email: Jake@jakeblanchardlaw.com About Bean There Done That, LLC Bean There Done That LLC operates a drive-thru coffee shop offering specialty beverages and breakfast items. Bean There Done That LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04265) on June 24, 2025. In its petition, the Debtor reports total assets of $143,453 and total liabilities of $1,504,704. Honorable Bankruptcy Judge Catherine Peek McEwen handles the case. The Debtors are represented by Jake C. Blanchard, Esq. at BLANCHARD LAW, P.A. BEDMAR LLC: Hires Douglas Wilson Companies as Financial Advisor --------------------------------------------------------------- Bedmar, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Douglas Wilson Companies as financial advisor. The firm's services include: A. Financial Services -- Assisting with the development of weekly cash flow forecasts; -- Assisting with the development of weekly reports to present the Company's actual results versus cash flow forecasts on a weekly basis; -- Assisting with accounting and operating procedures regarding business transactions, including managing the Company's financial statements; -- Reviewing contracts, including leases to understand liabilities; -- Assisting with reconciliation and reporting required by any DIP financing; -- Assisting with accounting and analysis; B. Restructuring Services -- Assisting the Company in its Chapter 11 proceeding, including preparation and oversight of its financial statements and schedules related to the bankruptcy process, monthly operating reports, and other information required in bankruptcy; -- Supporting the preparation of first day motions and developing procedures and processes necessary to implement such motions; -- Assisting in obtaining approval for financing, including developing forecasts and information; -- Assisting with communications and negotiations with the Company's landlords and other key stakeholders; -- Assisting with the claims management and reconciliation process; -- Assisting in prosecution of plan of reorganization; -- Preparing for court hearings, for the argument of motions and objections and providing testimony as required. C. Accounting Services -- Assisting with opening bank accounts and managing cash flow, including monitoring DIP funding; -- Assist with the filing of any tax returns, as applicable; -- Assist with providing any financial reports, including the balance sheet, income statement and statement of the capital account, as applicable; -- Rendering such other restructuring and general consulting or such other assistance for the Company as the Company's independent manager or counsel may request. The firm will be paid at these rates: Advisor $650 per hour Executive Management/CPA $500 per hour Project Director $425 per hour Project Associate Director/Sr. Staff Accountant $295 per hour Accounting Support/ $250 per hour Jr. Staff Accountant Administrative Support $150 per hour Prior to the Petition Date, the firm received a retainer in the amount of $75,000 from the Debtor. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Ms. Vives 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: Michele Vives Douglas Wilson Companies 1620 Fifth Avenue, Suite 400 San Diego, CA 92101 Tel: (619) 906-4376 Email: mvives@douglaswilson.com About Bedmar, LLC Bedmar LLC is a real estate company based in San Diego, California, that owns and manages manufacturing, laboratory, and office properties across several U.S. locations, including Massachusetts, California, and Florida. Its portfolio includes multiple sites in Bedford, Allston, Marlborough, San Diego, Fremont, and Alachua. The Company's current operations are primarily focused on managing and winding down these sites. Bedmar LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Del. Case No. 25-11027) on June 9, 2025. In its petition, the Debtor reported estimated assets and liabilities of $50 million to $100 million. The petition was signed by Christopher S. Sontchi as independent manager. The Honorable J Kate Stickles handles the case. Richards Layton & Finger, P.A. is the Debtors' counsel. The Debtor's financial and restructuring advisor is Douglas Wilson Companies. The Debtor's claims and noticing agent is Epiq Corporate Restructuring LLC. BEDMAR LLC: Hires Epiq Corporate as Administrative Advisor ---------------------------------------------------------- Bedmar, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Epiq Corporate Restructuring, LLC as administrative advisor. The firm will provide these services: (a) Assist with, among other things, serving, receiving, and processing Release Opt-Out forms, pursuant to which parties in interest may opt-out of the releases set forth in Article IX.C of the Prepackaged Plan of Reorganization of Bedmar, LLC under Chapter 11 of the Bankruptcy Code (as may be modified, amended, or supplemented from time to time, the "Plan"); (b) Prepare a certification regarding opt-out elections and if necessary, testify in support of such certification; (c) Process requests for documents from parties in interest; (d) While not contemplated, if solicitation of the Plan is ultimately required, assist with balloting and tabulation of votes in connection with confirmation of the Plan, prepare an official ballot certification, and testify in support of tabulation results; (e) Assist with the preparation of the Debtor's schedules of assets and liabilities and statements of financial affairs and gather data in connection therewith; (f) Provide a confidential data room, if requested; (g) Manage and coordinate any distributions pursuant to the Plan; and (h) Provide such other administrative services described in the Engagement Agreement, but not included in the Section 156(c) Application, as may be requested from time to time by the Debtor, the Court or the Office of the Clerk of the Bankruptcy Court (the "Clerk"). The firm will be paid at these rates: IT / Programming $45-$70 Case Managers $85-$170 Project Managers/Consultants/ $170-$185 Directors Solicitation Consultant $190 Executive Vice President, $190 Solicitation Executives No Charge The Debtor paid the firm a retainer of $25,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Ms. Frodsham 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: Sophie Frodsham Epiq Corporate Restructuring, LLC 777 3rd Ave., 12th Floor New York, NY 10017 Tel: (212) 225-9200 About Bedmar, LLC Bedmar LLC is a real estate company based in San Diego, California, that owns and manages manufacturing, laboratory, and office properties across several U.S. locations, including Massachusetts, California, and Florida. Its portfolio includes multiple sites in Bedford, Allston, Marlborough, San Diego, Fremont, and Alachua. The Company's current operations are primarily focused on managing and winding down these sites. Bedmar LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Del. Case No. 25-11027) on June 9, 2025. In its petition, the Debtor reported estimated assets and liabilities of $50 million to $100 million. The petition was signed by Christopher S. Sontchi as independent manager. The Honorable J Kate Stickles handles the case. Richards Layton & Finger, P.A. is the Debtors' counsel. The Debtor's financial and restructuring advisor is Douglas Wilson Companies. The Debtor's claims and noticing agent is Epiq Corporate Restructuring LLC. BEDMAR LLC: Hires Richards Layton & Finger as Counsel ----------------------------------------------------- Bedmar, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Richards, Layton & Finger, P.A. as counsel. The firm's services include: a. advising the Debtor of its rights, powers, and duties as a debtor and debtor in possession under chapter 11 of the Bankruptcy Code; b. preparing on behalf of the Debtor motions, applications, answers, orders, reports, and papers in connection with the administration of the Debtor's estate; c. taking action to protect and preserve the Debtor's estate, including the prosecution of actions on the Debtor's behalf, the defense of actions commenced against the Debtor in the Chapter 11 Case, the negotiation of disputes in which the Debtor is involved, and the preparation of objections to claims filed against the Debtor; d. assisting with any sale or sales of assets, including preparing any necessary motions and papers related thereto; e. prosecuting on behalf of the Debtor the proposed plan of reorganization and seeking approval of all transactions contemplated therein and in any amendments thereto; and f. performing all other necessary and desirable legal services in connection with the Chapter 11 Case. The firm will be paid at these rates: Mark D. Collins $1,500 per hour Robert J. Stearn, Jr. $1,500 per hour Michael J. Merchant $1,250 per hour Amanda R. Steele $1,175 per hour James F. McCauley $800 per hour Nicholas A. Franchi $575 per hour Erin N. Weyl $425 per hour The firm received from the Debtor an initial payment of $350,000 for service rendered prior to the petition date. The firm received a retainer of $300,000 in connection with the Debtor's restructuring and commencement of the Chapter 11 Case. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. In addition, consistent with the Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed Under 11 U.S.C. § 330 by Attorneys in Larger Chapter 11 Cases Effective as of November 1, 2013, the following information are hereby submitted: a. The firm did not agree to any variations from, or alternatives to, 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 for this Chapter 11 Case; c. The firm has advised the Debtor in connection with its restructuring efforts since its formation in early June 2025. In addition, in connection with the Corporate Transactions, the firm reviewed relevant transactional and other documents in anticipation of the firm's potential engagement by the Debtor upon its formation. The billing rates, except for the firm's standard and customary periodic rate adjustments as set forth above, and material financial terms have not changed postpetition from the prepetition arrangement; d. The firm, in conjunction with the Debtor, is developing a prospective budget and staffing plan for this Chapter 11 Case. Mr. Merchant 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: Michael J. Merchant, Esq. Mark D. Collins, Esq. Amanda R. Steele, Esq. James F. McCauley, Esq. RICHARD, LAYTON & FINGER, P.A. One Rodney Square 920 North King Street Wilmington, DE 19801 Telephone: (302) 651-7700 Email: merchant@rlf.com collins@rlf.com steele@rlf.com mccauley@rlf.com About Bedmar, LLC Bedmar LLC is a real estate company based in San Diego, California, that owns and manages manufacturing, laboratory, and office properties across several U.S. locations, including Massachusetts, California, and Florida. Its portfolio includes multiple sites in Bedford, Allston, Marlborough, San Diego, Fremont, and Alachua. The Company's current operations are primarily focused on managing and winding down these sites. Bedmar LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Del. Case No. 25-11027) on June 9, 2025. In its petition, the Debtor reported estimated assets and liabilities of $50 million to $100 million. The petition was signed by Christopher S. Sontchi as independent manager. The Honorable J Kate Stickles handles the case. Richards Layton & Finger, P.A. is the Debtors' counsel. The Debtor's financial and restructuring advisor is Douglas Wilson Companies. The Debtor's claims and noticing agent is Epiq Corporate Restructuring LLC. BEYOND AIR: Reports FY25 Loss of $48.5M, Flags Going Concern Doubt ------------------------------------------------------------------ Beyond Air, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting net losses, including a net loss of $48.5 million for the year ended March 31, 2025, compared to $64.3 million for the year ended March 31, 2024. As of March 31, 2025, the Company had $30.1 million in total assets, $15.7 million in total liabilities, and total equity of $14.3 million. East Brunswick, N.J.-based WithumSmith+Brown, PC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 20, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2024, citing that the Company has suffered recurring losses from operations, has experienced negative cash flows from operating activities since inception, and has an accumulated deficit, that raise substantial doubt about its ability to continue as a going concern. The Company's operations have not provided net positive cash flows in the year ended March 31, 2025. The Company's continuation as a going concern is dependent upon its ability to generate positive cash flows from operations and to secure additional sources of equity and/or debt financing. Despite the Company's intent to fund operations through equity and debt financing arrangements, there is no assurance that such financing will be available on terms acceptable to the Company, if at all. The Company is actively pursuing strategies to mitigate these risks. However, there can be no assurance that these efforts will prove successful or that the Company will achieve its intended financial stability. The Company used cash in operating activities of $38.2 million for the year ended March 31, 2025, and has an accumulated deficit attributable to the stockholders of Beyond Air, Inc. of $286.3 million. The Company had cash and cash equivalents and marketable securities of $6.9 million as of March 31, 2025. In addition, $4.4 million of cash is held on deposit by the Company's contract manufacturer to be applied against future purchases. The Company expects to incur net losses and have significant cash outflows for at least the next year, including making significant investments in research and development. Management believes these factors raise substantial doubt about the Company's ability to meet its obligations with cash on hand and concluded that the Company will require additional funding within one year from the date these financial statements are issued. Management is confident that the efforts to arrange financing, while not assured, will enable the Company to meet its obligations. The Company's future capital needs and the adequacy of its available funds will depend on many factors, including, but not necessarily limited to, the success and costs of commercialization of the Company's approved product and the actual cost and time necessary for current and anticipated preclinical studies, clinical trials and other actions needed to obtain certification or regulatory approval of the Company's product candidates. On November 1, 2024, the Company entered into a Loan and Security Agreement for a secured loan with certain lenders, including its Chief Executive Officer Steven Lisi and director Robert Carey, for an aggregate principal balance of $11.5 million. The Loan Agreement was approved by each of the Company's independent and disinterested directors, following the receipt of a recommendation from an independent investment bank. The Loan Agreement provides for the following terms: (i) principal amount of $11,500,000; (ii) ten-year term; (iii) interest of 15% per annum of which 3% shall be payable in cash and 12% payable in kind through June 30, 2026 and thereafter all in cash; (iv) a royalty interest of 8% of the Company's net sales on a quarterly basis from July 2026 until the facility is repaid in full; (v) the Company's obligations will be secured by substantially all of the Company's assets and (vi) the Company shall issue the lenders warrants to purchase shares of the Company's common stock at an exercise price of $0.3793 per share. Subsequent to March 31, 2025, the Company received commitments from certain lenders under the Loan Agreement to provide additional financing of at least $2.0 million in aggregate principal. The additional loans are expected to be issued on terms and conditions that are materially consistent with those of the Loan Agreement. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/4pxx55tm About Beyond Air Headquartered in Garden City, N.Y., Beyond Air, Inc. -- www.beyondair.net -- is a commercial-stage medical device and biopharmaceutical company developing a platform of nitric oxide generators and delivery systems (the "LungFit platform") capable of generating NO from ambient air. The Company's first device, LungFit PH, received premarket approval from the FDA in June 2022. The NO generated by the LungFit PH system is indicated to improve oxygenation and reduce the need for extracorporeal membrane oxygenation in term and near term (34 weeks gestation) neonates with hypoxic respiratory failure associated with clinical or echocardiographic evidence of pulmonary hypertension in conjunction with ventilatory support and other appropriate agents. BISHOP OF FRESNO: Diocese Seeks to Preserve Parish Funds Amid Ch.11 ------------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that the bankrupt Roman Catholic Bishop of Fresno informed a California judge on Monday, July 7, 2025, that it will submit additional evidence in support of its cash management motion to ensure the bank accounts of its non-debtor parishes are safeguarded from closure. About The Roman Catholic Bishop of Fresno The Roman Catholic Bishop of Fresno, a corporation sole, is a California nonprofit religious organization that administers the temporal affairs of the Roman Catholic Diocese of Fresno. It provides leadership, support services, and resources to 87 parishes, diocesan schools, cemeteries, and Catholic-based social and community service organizations across the diocese. Its operations are primarily funded through parish and school assessments, donations, grants, service fees, cemetery pre-need sales, and investment income. The Roman Catholic Bishop of Fresno sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-12231) on July 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $50 million and $100 million each. Honorable Bankruptcy Judge Rene Lastreto II handles the case. The Debtors are represented by Hagop T. Bedoyan, Esq. at McCORMICK, BARSTOW, SHEPPARD, WAYTE & CARRUTH. DONLIN, RECANO, AND COMPANY, INC. is the Debtor's Claims & Noticing Agent. BISHOP OF SANTA ROSA: Committee Hires Real Estate Appraiser ----------------------------------------------------------- The official committee of unsecured creditors of Roman Catholic Bishop of Santa Rosa seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Stout Risius Ross, LLC as real estate appraiser. The firm will provide these services: a. provide expert consulting services and expert testimony regarding the appropriate value of real estate assets; b. perform an appraisal or otherwise analyze value of real property; c. prepare and draft an appraisal report; d. conduct one or more inspections of real property; e. perform all necessary due diligence, background investigation and preparation (including, for example, examination of comparable properties) that is customarily associated with the valuation of real property in order to determine the market value and liquidation value for the properties; f. consult with the Committee and its counsel concerning valuation matters generally; g. testify, if necessary, before the Court concerning the valuation of the real property; and h. such other expert consulting and advisory services as may be requested by the Committee. The firm will be paid at these rates: Managing Director $450 to $675 per hour Director $325 to $450 per hour Senior Vice President $300 to $400 per hour Vice President $225 to $325 per hour Analysts/Associates $150 to $275 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Rosen 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: Randi Rosen Stout Risius Ross, LLC 1 S. Wacker Dr. Chicago, IL 60606 Telephone: (312) 546-3426 Email: kmcnally@stout.com About Roman Catholic Bishop of Santa Rosa The Roman Catholic Bishop of Santa Rosa is a diocese, or ecclesiastical territory, of the Roman Catholic Church in the Northern California region of the United States, named in honor of St. Rose of Lima. Abuse victims filed hundreds lawsuits after the state of California paused for three years its statute of limitation on claims for child sexual abuse. The pause ended on Dec. 31, 2022. Facing more than 200 new legal claims over childhood sexual abuse, the Roman Catholic Bishop of Santa Rosa, also known as the Diocese of Santa Rosa, filed a Chapter 11 petition (Bankr. N.D. Calif. Case No. 23-10113) on March 13, 2023. The Debtor estimated $10 million to $50 million in both assets and liabilities. The Hon. Charles Novack is the case judge. The Debtor tapped Felderstein Fitzgerald Willoughby Pascuzzi & Rios, LLP as bankruptcy counsel; GlassRatner Advisory & Capital Group, LLC as financial advisor; and Donlin, Recano & Company, Inc. as claims agent. Shapiro Galvin Shapiro & Moran, Weinstein & Numbers, LLP, and Foley & Lardner, LLP serve as special counsels. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. Stinson, LLP and Berkeley Research Group, LLC serve as the committee's legal counsel and financial advisor, respectively. BURFORD CAPITAL: S&P Rates New $400MM Senior Unsecured Notes 'BB' ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue rating to Burford Capital Global Finance LLC's proposed $400 million senior unsecured notes due 2033. Burford Capital Global Finance is a financing subsidiary of Burford Capital Ltd. (BB/Stable/--). The company intends to use net proceeds to repay its $123 million senior unsecured notes due 2025 and the remainder for general corporate purposes, including the potential repayment or retirement of existing debt, including its $226 million senior unsecured notes due 2026. S&P said, "Pro forma assuming no debt repayment, we expect leverage, measured by debt to adjusted total equity (ATE), will be about 0.97x, up from 0.79x as of March 31, 2025. We do not include the $726 million of non-controlling interest in our calculation of ATE because those are investments in Burford-managed funds from third-party investors." Burford is unable to use those funds for general corporate purposes like paying off debt. S&P said, "The stable outlook reflects our expectation that in the next 12 months, Burford will maintain a robust level of portfolio realizations, sufficient liquidity to meet its operational needs, and leverage, as measured by debt to ATE, of well below 1.5x, with our base-case expectation of about 1.0x. We also expect that as Burford continues to expand its balance sheet, successful investments will continue to provide more-than-sufficient returns to offset the relatively high number of failed investments because of their asymmetric return profile." BUTLER GROUP: Hires Thompson Premier Homes Group as Realtors ------------------------------------------------------------ Butler Group, LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to employ Thompson Premier Homes Group as realtors. To market and sell the Debtor's real property located at 1601 N. Portal Dr. NW, Washington, DC 20012. The firm will be paid a commission of 5 percent of the sales price. As 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: Eboneese Thompson Thompson Premier Homes Group 519 C St NE Washington, DC 20002 Tel: (240) 480-1616 About Butler Group LLC Butler Group LLC owns a real estate property at 1601 North Portal Drive NW, Washington, D.C., with an estimated value of $1.2 million. Butler Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00181) on May 14, 2025. In its petition, the Debtor reports total assets of $1,275,339 and total liabilities of $2,163,145. The Debtors are represented by William C. Johnson, Jr., Esq. at THE JOHNSON LAW GROUP, LLC. C M HEAVY: Court Converts Bankruptcy Case to Chapter 7 ------------------------------------------------------ Judge Paul R. Thomas of the United States Bankruptcy Court for the Eastern District of Oklahoma granted the motion of Great Plains National Bank to convert C M Heavy Machinery, LLC's bankruptcy case to Chapter 7 pursuant to 11 U.S.C. Sec. 1112(b). Debtor is an Oklahoma limited liability corporation formed in 2007 and located in Okemah, Oklahoma. It furnishes heavy machinery and equipment to job sites nationwide, primarily servicing the oil industry. Clint Meadors is Debtor's sole owner and president. Debtor filed a chapter 11 bankruptcy petition in this Court on Aug. 8, 2024, just before a state court hearing where it stood to potentially lose most -- if not all -- of its property to a collection action. This state court action was filed on June 6, 2024, in Okfuskee County, Oklahoma by Great Plains National Bank to foreclose on a promissory note and security agreement entered in December of 2019 between Great Plains, Debtor and Meadors. The purpose of the loan was to provide funds for Debtor to purchase a large quantity of digging mats. Great Plains was granted a security interest in all the Debtor's assets, including any insurance proceeds received from the sale, destruction, loss or other disposition of the Debtor's assets. Debtor also mortgaged its real estate to Great Plains. In its schedules, Debtor identified Great Plains as its primary secured creditor with a debt of $4,574,359.20 secured by most of its assets. The U.S. Trustee filed a Motion to Convert to Chapter 7 based on Debtor's failure to close its prepetition bank account, failure to comply with 11 U.S.C. Sec. 345 by maintaining funds in a bank account in excess of the amount insured by the FDIC, Meadors' use of a debit card for unauthorized purchases and failure to provide receipts for those purchases, and Meadors' use of estate funds for personal expenses. The UST and Debtor entered a Stipulation, agreeing to defer a hearing on the UST's motion to the confirmation hearing. They also agreed that Debtor would open a separate Debtor-in-Possession bank account, cease utilizing Debtor's Mabrey Bank account and transfer monies in that account to its new DIP account, ensure that any account receivable deposited into the Mabrey Bank account would be swept into the DIP account, that Debtor would attach receipts to its Monthly Operating Report regarding debit card purchases, and immediately cease using estate funds for Meadors' personal purposes. Great Plains also filed a Motion to Dismiss Case, or Alternatively, to Convert to Chapter 7. The Court held an evidentiary hearing on Great Plains' Motion. At the conclusion of this evidence, Debtor moved for judgment in its favor on Great Plains' motion to dismiss or convert. The Court denied that motion. Great Plains urged the Court to convert this case to Chapter 7. Great Plains asserts that cause exists for conversion pursuant to Sec. 1112(b)(4)(A) and (D) for gross mismanagement of the estate, continuing diminution of the estate and the absence of a reasonable likelihood of rehabilitation. It also alleges that Meadors has breached his fiduciary duty to the estate which constitutes equitable grounds to convert. Debtor's failure to take prompt action to correct financial records and schedules, Meador's revelations that he, not Debtor, is the actual owner of valuable equipment listed on Debtor's schedules, as well as other evidence of mismanagement cited, give the Court and creditors no confidence that Debtor is accurately reporting income and expenses, that it will be able to maintain proper accounting practices throughout the case, or will be able to properly manage distributions under a confirmed plan. The Court finds that Great Plains established cause for dismissal or conversion by a preponderance of the evidence due to gross mismanagement. Great Plains argues that cause to convert also exists pursuant to Sec. 1112(b)(4)(A) because of a continuing diminution of the estate and Debtor's inability to show a reasonable likelihood of rehabilitation. The record shows by a preponderance of the evidence that Debtor's estate is suffering a continuing diminution since filing bankruptcy and that rehabilitation is unlikely. Therefore, the Court finds cause to dismiss or convert this case pursuant to Sec. 1112(b)(4)(A). Moreover, Debtor identified no unusual circumstances that exist postpetition that demonstrate dismissal or conversion is not in the best interest of creditors. Although it has initiated legal action to recover insurance proceeds for the loss of the digging mats, there was no information regarding its merits or likelihood of success which might convince the Court to continue the case. Debtor's position is that no cause exists to dismiss or convert, therefore it presented no evidence at the hearing addressing the requirements set forth in Sec. 1112(b)(2). Debtor did not address whether there is a reasonable likelihood that a plan will be confirmed within a reasonable time frame. Its Plan proposes to pay all claims in full using the recovery from its insurance claim for the digging mats, ongoing business operations, and liquidation of equipment and machinery. Its Disclosure Statement and Supplement admit that it can only expect some recovery from its insurance litigation and recovery is not certain. It offered no timeline or prediction regarding how long the litigation would last. Debtor never explained how it would generate income to fund a plan other than its insurance claim and sale of its equipment. Therefore, it is not reasonably likely that Debtor can successfully reorganize and confirm a plan within a reasonable time, the Court concludes. At the hearing, Great Plains urged the Court to convert the case to chapter 7 rather than dismiss. Debtor has identified a substantial amount of accounts receivable, has initiated a lawsuit to recover insurance placed on its digging mats which has been joined by Meadors, has equipment located at its Okemah yard, on other job sites, and perhaps in other states, and may have an interest in additional equipment that is not listed on its schedules. Additionally, Meadors claims ownership of some assets originally listed as Debtor's on its schedules. Given that there may be assets available for liquidation and distribution by a chapter 7 trustee, there is pending litigation that could be managed by a chapter 7 trustee, and that an investigation into the ownership of certain property may be necessary, the Court concludes that conversion to chapter 7 is in the best interests of creditors and the estate. The Court finds that good cause exists to convert this case to chapter 7. A copy of the Court's Order dated June 27, 2025, is available at https://urlcurt.com/u?l=jEJmvH About C M Heavy Machinery C M Heavy Machinery, LLC sells and rents a full range of heavy machinery and equipment. It is based in Okemah, Okla. C M Heavy Machinery filed Chapter 11 petition (Bankr. E.D. Okla. Case No. 24-80617) on August 8, 2024, with total assets of $19,152,335 and total liabilities of $5,491,300. Clint Meadors, president, signed the petition. Judge Paul R. Thomas oversees the case. The Debtor tapped Maurice VerStandig, Esq., at The Verstanding Law Firm, LLC as counsel and Zachary Richardson as accountant. CANT COOK: Hires Professor Tax USA Inc. as Accountant ----------------------------------------------------- Cant Cook Right, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Professor Tax USA Inc. as accountant. The firm will provide these services: a. give the Debtor financial and accounting advice with respect to its powers and duties as Debtor-in-Possession and with respect to the continued management of its property; b. prepare on behalf of Applicant as Debtor-in-Possession necessary applications, answers, reports, and other financial papers; c. prepare operating reports and financial projections regarding the administration of Applicant estate; d. take any and all necessary action instant to the proper preservation and administration of the estate; e. perform all other accounting and financial services for Applicant as Debtor-in-Possession to employ Professor Tax USA Inc to perform such other professional services. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Daryl Baurley, a partner at Professor Tax USA Inc., 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: Daryl Baurley Professor Tax USA Inc. 400 W 11st Street Panama City, FL 32401 About Can't Cook Right Can't Cook Right, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-50074) on April 21, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Karen K. Specie oversees the case. The Debtor is represented by: Michael Austen Wynn, Esq. Wynn & Associates, PLLC Tel: (850) 303-7800 Email: michael@wynnlaw-fl.com CARNIVAL CORP: S&P Rates New $2BB Senior Unsecured Notes 'BB+' -------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue-level rating and '3' recovery rating to Carnival Corp.'s proposed $2 billion senior unsecured notes due 2032. The notes will be guaranteed by Carnival plc and certain subsidiaries. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 65%) recovery for noteholders in the event of a payment default. Carnival will use the net proceeds from these notes to repay the remaining balance outstanding under its 2028 term loan facility. The company intends to use the remaining proceeds and cash on hand to partially redeem its 5.75% senior unsecured notes due 2027. Assuming that the final size of the notes offering is $2 billion, Carnival expects to redeem $1.4 billion of its 5.75% unsecured notes due 2027. The company recently used cash on hand and proceeds from its euro bond issuance to repay in full its 2027 term loan facility and repay a portion of its 2028 term loan facility. The proposed transaction further reduces the quantum of secured debt in the capital structure. The proposed notes issuance will also improve the company's maturity profile, given its sizable debt maturities in 2027 and 2028. Pro forma for the repayment of its 2027 and 2028 term loan facilities and a portion of its 5.75% notes, Carnival's debt maturities in 2027 and 2028 will be about $3 billion and $5 billion, respectively, compared with $5 billion and $7 billion, respectively, as of May 31, 2025. The proposed notes issuance, debt repayment, and other refinancing transactions completed earlier in 2025, will reduce Carnival's interest expense and improve funds from operations (FFO) to debt. However, S&P anticipates Carnival's S&P Global Ratings-adjusted FFO to debt will remain below its 25% upgrade threshold over the next 12 months. As a result, the transaction does not affect its 'BB+' issuer credit rating or stable outlook. Issue Ratings--Recovery Analysis Key analytical factors -- S&P said, "We assigned our 'BB+' issue-level rating and '3' recovery rating to Carnival's proposed $2 billion senior unsecured notes due 2032. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery for noteholders." -- S&P said, "Our 'BBB-' issue-level rating and '1' recovery rating on Carnival's first-lien secured debt are unchanged. The '1' recovery rating indicates our expectation for very high (90%-100%; rounded estimate: 95%) recovery. We cap our issue-level ratings on the debt of most companies we rate in the speculative-grade category at 'BBB-' regardless of our recovery rating." -- S&P said, "Our 'BB+' issue-level rating and '3' recovery rating on Carnival's other unsecured debt with subsidiary guarantees are unchanged. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery." -- S&P said, "Our 'BB+' issue-level rating and '4' recovery rating on Carnival's unsecured debt without subsidiary guarantees are unchanged. The '4' recovery rating indicates our expectation for average (30%-50%; rounded estimate: 45%) recovery." Simulated default assumptions -- S&P's simulated default scenario considers a default occurring in 2030 due to a significant decline in cash flow stemming from a prolonged economic downturn, a significant health or safety event, escalating geopolitical conflicts, or increased competitive pressures that substantially reduce the demand for cruising. -- S&P estimates a gross enterprise value (EV) at emergence of about $24.6 billion by applying a 7.0x multiple to its estimate of the company's EBITDA at emergence. This multiple is at the high end of its range for leisure companies, reflecting Carnival's good position in the cruise industry, which is a small but underpenetrated segment of the overall travel and vacation industry. -- S&P allocate its estimate of gross EV at emergence among the secured and unsecured claims based on its understanding of the contributions, by asset value, from parents Carnival Corp. and Carnival PLC and the subsidiary guarantors. -- S&P assumes about 53% of our estimated gross EV at emergence is available to cover the first-priority secured claims, about 30% is at remaining unencumbered vessels and available to cover the unsecured claims that benefit from subsidiary guarantees, and about 18% is at remaining unencumbered vessels and available to cover the unsecured claims that benefit from parent guarantees. -- S&P said, "Under our analysis, about $12 billion of the net EV would be available to cover secured claims. After satisfying the first-priority secured claims, the remaining value we estimate at about $8.9 billion would be allocated among the claims that benefit from subsidiary guarantees and those that benefit only from parent guarantees. We understand substantial collateral sits at the subsidiary guarantors." -- S&P said, "We estimate that about $11.9 billion of the EV at default will be directly available to the unsecured debt benefiting from subsidiary guarantees. This includes $5.1 billion of residual collateral value, after satisfying various secured claims, and an additional $6.8 billion (our estimated value of the remaining unencumbered vessels at subsidiaries). The $11.9 billion of total value only partially covers our estimate of the unsecured debt with subsidiary guarantees at default. We assume these deficiency claims rank pari passu with the unsecured debt that only benefits from parent guarantees." -- S&P said, "We estimate about $7.9 billion of EV at default will be available to the unsecured debt that has only parent guarantees. This includes about $3.8 billion of residual collateral value, after satisfying various secured claims, and an additional $4.1 billion that reflects the value of the remaining unencumbered vessels held at the parent. The total value of $7.9 billion only partially covers our estimate of those unsecured claims and pari passu deficiency claims at default." -- Carnival recently entered into a new $4.5 billion revolving credit facility, due June 2030, that replaced its previous $3 billion revolving credit facility issued by Carnival Holdings II. -- S&P assumes the facility is 85% drawn at default. Simplified waterfall -- Emergence EBITDA: $3.5 billion -- EBITDA multiple: 7.0x -- Gross EV: $24.6 billion -- Net EV (after 7% administrative expenses): $22.9 billion -- Value attributable to collateral/noncollateral: $12.0 billion/$10.9 billion -- Value available to first-lien secured claims: $12.0 billion -- Estimated first-lien secured claims at default: $3.2 billion --Recovery expectations: 90%-100% (rounded estimate: 95%) -- Residual value available from collateral after satisfying first-lien secured claims: $8.9 billion -- Residual value available from collateral for unsecured claims that benefit from subsidiary guarantees: $5.1 billion -- Residual value available from collateral for unsecured debt that benefits from parent guarantees: $3.8 billion -- Value available to unsecured claims that benefit from subsidiary guarantees: $11.9 billion -- Pro rata share of parent value: $7.4 billion -- Total value available to unsecured claims that benefit from subsidiary guarantees: $19.3 billion -- Estimated unsecured claims that benefit from subsidiary guarantees at default: $27.6 billion --Recovery expectations: 50%-70% (rounded estimate: 65%) -- Value available to unsecured debt with only parent guarantees: About $420 million -- Unsecured claims with only parent guarantees at default: $892 million --Recovery expectations: 30%-50% (rounded estimate: 45%) Note: All debt amounts include six months of prepetition interest. CENTER FOR SPECIAL: Court OK's Largo Properties Sale to 21 Property ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, has approved Michael Goldberg, the Chapter 11 Trustee of Artspace Properties LLC, an affiliate of The Center for Special Needs Trust Administration Inc., to sell Property, free and clear of liens, claims, and encumbrances. The Debtor is a 501(c)(3) non-profit Florida corporation that administers pooled trusts and special needs trusts. The Debtor is the trustee or co-trustee of numerous special needs trusts, including both stand-alone trusts and pooled trusts for approximately 2,000 beneficiaries who suffer from various levels of disability. The Debtor's primary service as trustee of the Trusts is to manage the Trusts, maintain records for assets managed by third party investment managers, respond to request for distributions from Beneficiaries, and make distributions in a manner that still ensures that the applicable beneficiary meets the income and asset thresholds to qualify for certain public assistance benefits, such as Medicaid, Social Security, or Supplemental Security Income. The Debtor's services help to ensure that Beneficiaries maintain their qualification for these critical public assistance benefits. The Debtor was initially established by Leo Govoni, who served on the Debtor's Board of Directors until he resigned in 2008 or early to mid-2009. However following his resignation, Govoni allegedly continued to control and exert his influence over the Debtor's operation and finances through a web of corporate entities. The Chapter 11 Trustee, through its Final Judgment against Boston Finance Group, LLC (BFG), has established that BFG received numerous transfers of funds from the Debtor totaling well over $100 million between 2009 and 2020. The funds utilized to make these transfers were allegedly taken from over 1,000 Trusts managed by the Debtor and the transfers were documented as a purported loan from the Debtor to BFG. Until June 3, 2025, Govoni owned interests in many other companies that also allegedly received transfers from the Debtor over the years, including but not limited to Artspace. Artspace is a Florida limited liability company formed in 2011 that maintains a principal office at 12707 49th Street N., Suite 300, Clearwater, FL 33762. The Court recognized that the proposed sale of 3256 Adrian Ave, Largo, FL 33774 and 3258 Adrian Ave, Largo, FL 33774 between the Trustee and the purchaser, 21 Property Group, for a total purchase price of $375,000 was the result of arm's-length, good-faith negotiations. The Court has authorized the Debtor to sell the Properties to 21 Property Group for $375,000. The Court also ordered to transfer all of Mr. Govon's LLC membership interests to the Chapter 11 Trustee, the Chapter 11 Trustee is the sole member of Artspace Properties LLC. As the Chief Restructuring Officer of Artspace Properties, LLC, Bill Long has the authority to hire a real estate professional, negotiate the sale of real property, and sign the purchase and sale agreement. Moreover, the Chapter 11 Trustee, on behalf of Artspace Properties LLC, is authorized to execute transfer and conveyance documents and any other required documentation in order to complete the sale of the Real Properties. The Proposed Sale of the Real Properties is approved, with 100% of the net sale proceeds to go to the Teal Holdings, LLC. About The Center for Special Needs Trust Administration The Center for Special Needs Trust Administration, Inc. filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 24-00676) on Feb. 9, 2024, with $100 million to $500 million in both assets and liabilities. Judge Roberta A. Colton oversees the case. Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Postler, PA is the Debtor's legal counsel. On March 4, 2024, the U.S. Trustee appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Underwood Murray, PA as bankruptcy counsel and Gilbert Garcia Group, PA as special counsel. CFMS TEXAS: Seeks to Hire Joyce W. Lindauer as Bankruptcy Counsel ----------------------------------------------------------------- CFMS Texas Properties LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Joyce W. Lindauer Attorney, PLLC to handle its Chapter 11 case. The firm will be paid at these rates: Joyce W. Lindauer $595 per hour Laurance Boyd $295 per hour Dian Gwinnup $250 per hour Paralegal $125 to $250 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Joyce W. Lindauer, Esq., a partner at Joyce W. Lindauer Attorney, 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: Joyce W. Lindauer, Esq. Joyce W. Lindauer Attorney, PLLC 1412 Main Street, Suite 500 Dallas, TX 75202 Tel: (972) 503 4033 Fax: (972) 503-4034 About CFMS Texas Properties LLC CFMS Texas Properties LLC is a single-asset real estate company whose principal asset is located at 6001 Tension Drive, Fort Worth, TX 76112. CFMS Texas Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42027) on June 2, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated assets between $100,000 and $500,000. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtors are represented by Joyce W. Lindauer, Esq. at JOYCE W. LINDAUER ATTORNEY, PLLC. CHARTER SCHOOL: Hires Goodwin Procter LLP as Counsel ---------------------------------------------------- Charter School Capital, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Goodwin Procter LLP as counsel. The firm's services include: (a) advising the Debtor with respect to its powers and duties as debtor and debtor in possession in the continued management and operation of its business and properties; (b) attending meetings and negotiating with representatives of creditors and other parties-in-interest, and advising and consulting on the conduct of the Chapter 11 Case, including all of the legal and administrative requirements of operating in chapter 11; (c) taking approved necessary action to protect and preserve the Debtor's estate, including the prosecution of actions on the Debtor's behalf, the defense of any actions commenced against the Debtor's estate, negotiations concerning litigation in which the Debtor may be involved and objections to claims filed against the Debtor's estate; (d) preparing on behalf of the Debtor all requested motions, applications, answers, orders, reports and papers necessary to the administration of its estate; (e) advising the Debtor in connection with any sales of assets; (f) advising the Debtor concerning executory contract and unexpired lease assumptions, assignments and rejections; (g) assisting the Debtor in reviewing, estimating and resolving claims asserted against the Debtor's estate; (h) preparing and negotiating on the Debtor's behalf a plan of reorganization, a disclosure statement and all related agreements and/or documents and taking any necessary action on behalf of the Debtor to obtain confirmation of such plan; (i) appearing before this Court, any appellate courts, and the U.S. Trustee (as defined herein) and protecting the interests of the Debtor's estate before such courts and the U.S. Trustee; and (j) performing as requested all other necessary legal services and providing all other necessary legal advice to the Debtor in connection with the Chapter 11 Case. The firm will be paid at these rates: Partner $1,400 to $2,450 per hour Counsels $1,300 to $2,280 per hour Associates $870 to $1,370 per hour Paralegals $380 to $740 per hour Prior to the Petition Date, the Debtor paid the firm the amount of $450,000 as retainer. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Jarashow 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: Howard S. Steel, Esq. Stacy Dasaro, Esq. Kizzy L. Jarashow, Esq. James Lathrop, Esq. Goodwin Procter LLP The New York Times Building 620 Eighth Avenue New York, NY 10018-1405 Tel: (212) 813-8800 Fax: (212) 355-3333 Email: hsteel@goodwinlaw.com kjarashow@goodwinlaw.com sdasaro@goodwinlaw.com jlathrop@goodwinlaw.com About Charter School Capital, Inc. Charter School Capital Inc. is a provider of funding to charter schools across the U.S. Charter School Capital Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11016) on June 8, 2025. In its petition, the Debtor reported between $10 billion and $50 billion in assets and liabilities. Judge Craig T. Goldblatt oversees the case. The Debtor is represented by James R. Risener, III, Esq., Ethan H. Sulik, Esq., Brett Michael Haywood, Esq., and Aaron H. Stulman, Esq., at Potter Anderson & Corroon, LLP. CHARTER SCHOOL: Hires Ordinary Course Professionals --------------------------------------------------- Charter School Capital, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ the following ordinary course professionals. Professional Services Provided Monthly Fee Cap Delap LLP Accounting and Auditing $25,000 Services As 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. About Charter School Capital, Inc. Charter School Capital Inc. is a provider of funding to charter schools across the U.S. Charter School Capital Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11016) on June 8, 2025. In its petition, the Debtor reported between $10 billion and $50 billion in assets and liabilities. Judge Craig T. Goldblatt oversees the case. The Debtor is represented by James R. Risener, III, Esq., Ethan H. Sulik, Esq., Brett Michael Haywood, Esq., and Aaron H. Stulman, Esq., at Potter Anderson & Corroon, LLP. CHARTER SCHOOL: Hires Potter Anderson & Corroon LLP as Co-Counsel ----------------------------------------------------------------- Charter School Capital, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Potter Anderson & Corroon LLP as co-counsel. The firm's services include: a. advising the Debtor of its rights, powers, and duties as a debtor and debtor in possession under chapter 11 of the Bankruptcy Code; b. taking action to protect and preserve the Debtor's estate, including the prosecution of actions on the Debtor's behalf, the defense of actions commenced against the Debtor in the Chapter 11 Case, the negotiation of disputes in which the Debtor is involved, and the preparation of objections to claims filed against the Debtor; c. appearing in Court and at any meeting required by the Office of the United States Trustee for the District of Delaware (the "U.S. Trustee") and any meeting of creditors at any given time on behalf of the Debtor as its counsel; d. assisting with any disposition of the Debtor's assets by sale or otherwise; e. preparing, on behalf of the Debtor, motions, applications, answers, orders, reports, and papers in connection with the administration of the Debtor's estate; f. preparing any plan of reorganization; g. preparing the disclosure statement and any related documents and pleadings necessary to solicit votes on any plan of reorganization; h. prosecuting on behalf of the Debtor any proposed plan and seeking approval of all transactions contemplated therein and, in any amendments, thereto; and i. performing all other services assigned by the Debtor or Goodwin Procter to Potter Anderson. To the extent Potter Anderson determines that such services fall outside of the scope of services historically or generally performed by the firm in a bankruptcy proceeding, Potter Anderson will file a supplemental declaration pursuant to Bankruptcy Rule 2014. The firm will be paid at these rates: Partner $850 per hour Counsel $775 per hour Associates $495 to $590 per hour Paraprofessionals $360 to $390 per hour The firm received from the Debtor a retainer of $150,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Stulman 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: Aaron H. Stulman, Esq. Brett M. Haywood, Esq. James R. Risener III, Esq. Ethan H. Sulik, Esq. Potter Anderson & Corroon LLP 1313 North Market Street, 6th Floor Wilmington, DE 19801 Tel: (302) 984-6000 Fax: (302) 658-1192 Email: astulman@potteranderson.com bhaywood@potteranderson.com jrisener@potteranderson.com esulik@potteranderson.com About Charter School Capital, Inc. Charter School Capital Inc. is a provider of funding to charter schools across the U.S. Charter School Capital Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11016) on June 8, 2025. In its petition, the Debtor reported between $10 billion and $50 billion in assets and liabilities. Judge Craig T. Goldblatt oversees the case. The Debtor is represented by James R. Risener, III, Esq., Ethan H. Sulik, Esq., Brett Michael Haywood, Esq., and Aaron H. Stulman, Esq., at Potter Anderson & Corroon, LLP. CHARTER SCHOOL: Seeks to Hire Rock Creek as Financial Advisor ------------------------------------------------------------- Charter School Capital, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Rock Creek Advisors, LLC as financial advisor and sales agent. The firm will provide these services: (a) assist the Debtor in evaluating strategic restructuring alternatives; (b) assist the Debtor with preparation of a 13-week cash forecast including professional fees related to potential restructuring alternatives; (c) assist the Debtor in obtaining and negotiating debtor-in-possession financing; (d) assist the Debtor and its counsel in negotiations with various parties-in-interest; (e) provide guidance to the Debtor in completing the necessary schedules to accompany restructuring alternatives; (f) assist the Debtor with the preparation of data in order to prepare the petition, schedules, pleadings and fiduciary filings required in a bankruptcy proceeding; (g) assist the Debtor and counsel to provide the Debtor and/or the court any information necessary to confirm and consummate a plan in a bankruptcy proceeding; and (h) support the Debtor in such matters as the board of directors of the Debtor shall request or require from time to time. The firm will be paid at these rates: Managing Directors $450 to $610 per hour Managers and Senior Managers $325 to $450 per hour Associates and Staffs $200 to $325 per hour The Debtor paid the firm a retainer of $50,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Ayers 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: Brian Ayers Rock Creek Advisors, LLC 1738 Belmar Blvd. Belmar, NJ 07719 Tel: (201) 315-2521 About Charter School Capital, Inc. Charter School Capital Inc. is a provider of funding to charter schools across the U.S. Charter School Capital Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11016) on June 8, 2025. In its petition, the Debtor reported between $10 billion and $50 billion in assets and liabilities. Judge Craig T. Goldblatt oversees the case. The Debtor is represented by James R. Risener, III, Esq., Ethan H. Sulik, Esq., Brett Michael Haywood, Esq., and Aaron H. Stulman, Esq., at Potter Anderson & Corroon, LLP. CHERRY HILL: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: Cherry Hill Portfolio LLC 199 Lee Avenue Suite 1000 Brooklyn, NY 11211 Business Description: Cherry Hill Portfolio LLC is a real estate lessor with principal assets located at 119 Cherry Hill Road in Parsippany, New Jersey. Chapter 11 Petition Date: July 2, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-43199 Judge: Hon. Jil Mazer-Marino Debtor's Counsel: Eric H. Horn, Esq. A.Y. STRAUSS, ATTORNEYS AT LAW 290 W Mount Pleasant Ave., Suite 3260 Livingston, New Jersey 07039 Tel: (973) 287-5006 E-mail: ehorn@aystrauss.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million David Goldwasser, in his capacity as chief restructuring officer, signed the petition. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2WBAC4I/Cherry_Hill_Portfolio_LLC__nyebke-25-43199__0001.0.pdf?mcid=tGE4TAMA CINEMEX HOLDINGS: Files Subchapter V to Restructure, Eyes Q3 Exit ----------------------------------------------------------------- Cinemex Holdings USA, Inc., and certain affiliates, an operator of premium cinemas across the U.S., announced on July 1, 2025, that it has commenced proceedings under Subchapter V in the United States Bankruptcy Court for the Southern District of Florida. As part of these Subchapter V proceedings, CMX, with the support of its secured lender, will seek to reduce its obligations, strengthen its balance sheet, and restructure its business while protecting its employees and emerging in a stronger and more viable long-term financial position to continue serving customers across the United States. CMX expects to file a proposed plan of reorganization with the Court in due course and to meet the necessary requirements to emerge from Subchapter V as expeditiously as possible. CMX currently anticipates emerging from Subchapter V during the first part of the third quarter of 2025 and is confident that a comprehensive financial restructuring is in the best interests of CMX, its stakeholders, and business partners overall. CMX looks forward to working with its creditors and stakeholders to advance efforts to restructure its balance sheet. As part of the restructuring process, CMX intends to evaluate its lease portfolio and engage in collaborative discussions with landlords to improve lease terms and better position CMX for long-term growth. Subchapter V is a court-supervised streamlined process that provides a forum for the efficient reorganization of CMX's business and balance sheet. CMX will remain in possession and control of its assets. Existing management and the board of directors will remain in control of the business, and CMX's operations will continue without interruption. BUSINESS AS USUAL: During the restructuring process, CMX expects to operate its business and cinemas without interruption. In conjunction with the Subchapter V filings, CMX has submitted certain customary "first-day" motions to obtain the necessary court authority to continue honoring commitments with business partners and operating in the ordinary course of business--without disruption to customers, vendors, suppliers, or employees, as much as practicable. CMX intends to pay all vendors and suppliers in full and on normal terms for valid amounts owed for goods and services received during the Subchapter V process. In addition, CMX expects employees will continue to receive their usual wages and benefits without interruption. CMX's available cash reserves, along with cash generated by operations, are expected to provide sufficient liquidity to meet ongoing obligations--including post-petition payments to vendors and suppliers, as well as wages, salaries, and employee benefits. CMX continues to welcome customers to its cinemas as usual, and this will not change during the Subchapter V proceedings. CMX expects to continue honoring the terms of all existing customer membership programs, including CMX Rewards and CMX Passport. Additional information on the Subchapter V proceedings can be found at: https://omniagentsolutions.com/CMXCinemas GlassRatner is providing financial advisory services, while Quinn Emanuel Urquhart & Sullivan, LLP, and Bast Amron LLP are serving as legal counsel. About Cinemex Holdings USA Cinemex Holdings USA, Inc. is a holding company for cinema operations including CMX Cinema. Cinemex Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-17559) on June 30, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $500,000, with liabilities under $50,000. Honorable Bankruptcy Judge Corali Lopez-Castro handles the case. The Debtor is represented by Jeffrey P. Bast, Esq. at Bast Amron LLP. CMB DATA: Seeks to Extend Plan Filing Deadline to July 14 --------------------------------------------------------- CMB Data Entry Services, LLC, asked the U.S. Bankruptcy Court for the Western District of Pennsylvania to extend its period to file a Chapter 11 Plan and Disclosure Statement to July 14, 2025. The Debtor explains that its counsel has prepared a draft Chapter 11 Plan and Disclosure Statement and has submitted it to the company's principal for review. The principal of the Debtor is also continuing to finalize the budget projections to be included with the filed Chapter 11 Plan and Disclosure Statement. The Debtor and counsel believe that a Chapter 11 Plan can be filed by July 14, 2025, which will give the Debtor and counsel time to meet and make any necessary changes to the drafts prior to filing. The Debtor does not anticipate needing any additional time to file a Plan and Disclosure Statement after this extension. The Debtor has met and continues to meet all operating requirements of a Chapter 11 Debtor including the filing of monthly operating reports and payment of US Trustee fees. The Debtor believes that no parties will be harmed or prejudiced by the extension of the exclusivity period to file a Chapter 11 Plan. There are no pending motions for relief, dismissal requests, or any other litigation happening in the case at this time that would impact the ability to reorganize. CMB Data Entry Services, LLC is represented by: Christopher M. Frye, Esq. Steidl & Steinberg, P.C. Koppers Building, Suite 322 436 Seventh Avenue Pittsburgh, PA 15219 Telephone: (412) 391-8000 Email: chris.frye@steidl-steinberg.com About CMB Data Entry Services CMB Data Entry Services, LLC, doing business as Axion Data Services, is a limited liability company in Bethel Park, Pa. CMB filed a Chapter 11 petition (Bankr. W.D. Pa. Case No. 24-23131) on December 27, 2024. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge John C. Melaragno oversees the case. The Debtor is represented by Christopher M. Frye, Esq., at Steidl & Steinberg. CNT HOLDINGS: S&P Affirms 'B' Rating on Senior Secured Debt ----------------------------------------------------------- S&P Global Ratings affirmed its 'B' issue-level rating on CNT Holdings I Corp.'s (doing business as 1-800 Contacts) senior secured debt in light of its proposed $250 million first-lien fungible add-on to its term loan. The recovery rating was revised to '3' from '4'. The '3' recovery rating indicates its expectation for meaningful recovery (50%-70%; rounded estimate 55%) in the event of a payment default. Our 'B' rating on CNT and stable outlook are unchanged. S&P said, "The upward revision of our recovery rating reflects CNT's market share gains and expanded customer base following greater adoption of online retail during the COVID-19 pandemic, as well as continued growth in the last two years that shows a durable customer value-proposition. It also reflects stronger brand recognition, substantial software assets, a sizable distribution infrastructure, and relationships with vendors, among other factors. We believe these improved characteristics more than offset the increase in debt and shareholder distributions in the current transaction. Additionally, we believe our updated recovery assumptions are comparable to other eyecare vendors and select online retailers. "Our 'B' rating on CNT and stable outlook are unchanged as we project leverage will remain largely unchanged from 5.7x in 2024 despite additional debt, given solid EBITDA growth. Furthermore, our current issuer credit rating assumes the company will prioritize shareholder distributions over permanent deleveraging. However, we believe that CNT will keep leverage below our downside trigger, including adjusted debt to EBITDA sustained above 7x. "Furthermore, our 'B' rating on CNT continues to reflect its outsized growth, nondiscretionary and largely recurring revenue profile, high retention rates, and improving EBITDA margins, as well as our expectation of continued growth. These strengths are mostly offset by the company's niche focus, geographic concentration in the U.S., and competition with both much larger, better capitalized retailers and independent eye doctors who have a personal connection to patients. We expect growth to continue to be driven by the ongoing secular shift in consumer purchasing habits toward online platforms and the increasing prevalence of myopia." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- Following the proposed transaction, CNT's capital structure will be comprised of a $150 million senior secured revolving credit facility (assumed 85% drawn at hypothetical default) and $1.75 billion of senior secured term loans. -- S&P's simulated default considers a default in 2028, driven by competitive pressures from other industry participants and strategic missteps that lead to lost customers. -- S&P's simulated default assumes CNT reorganizes as a going concern to maximize lenders' recovery prospects. -- S&P uses an enterprise valuation approach to assess recovery prospects and apply a 6.0x multiple to our assumed emergence level EBITDA, which is higher than most brick-and-mortar retailers and reflects the company's capital-lite operations and solid industry growth tailwinds. Simulated default assumptions -- Simulated year of default: 2028 -- EBITDA at emergence: $188 million -- EBITDA multiple: 6.0x -- Estimated gross enterprise value (EV) at emergence: $1,128 million Simplified waterfall -- Net EV (after 5% administrative costs): $1,072 million -- Valuation split (obligors/nonobligors/unpledged): 100%/0%/0% -- First-lien credit facility claims: $1.875 billion --Recovery expectations: 50%-70% (rounded estimate: 55%) *All debt amounts include six months of prepetition interest CORINTH AUTUMN: Trustee Taps Property Tax Advocates as Consultant ----------------------------------------------------------------- Stuart Walker, the Trustee for Corinth Autumn Oaks, L.P., seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Property Tax Advocates, Inc. as property-tax consultants. The firm will render these services: (a) serve as the Trustee's agent in connection with all real and personal property tax-valuation appeal(s) for the 2025 tax year to the appropriate governing authority, appraisal-review board, or court of law with respect to the Property; and (b) provide advice, information, or other assistance to the Trustee's other professionals in connection with attempting to obtain tax savings for the 2025 tax year. PTA will receive the following compensation: (a) 25 percent contingency of the amount of tax savings resulting from any appeal(s) for 2025 and the advice, information, or assistance provided by PTA (with a maximum fee of $5,000 for such work); (b) If the Trustee appeals an assessment in a court of law or by binding arbitration, the contingency fee shall increase by 50 percent. (c) The Trustee shall reimburse PTA for all filing fees. Scott Biggs, a consultant at PTA, assured the court that the firm is a "disinterested person" as the term is defined in 11 U.S.C. 101(14). The consultant can be reached through: Scott Biggs Property Tax Advocates, Inc. 6500 N. Belt Line Road Ste 260 Irving, TX 75063 Telephone: (972) 550-8877 Facsimile: (972) 550-8919 Email: sbiggs@proptaxadv.com About Corinth Autumn Oaks L.P. Corinth Autumn Oaks L.P. is a senior care community and a member of the National Association of Activity Professionals. As trained and specialized caregivers, Corinth Autumn Oaks provides personalized assistance in activities of daily living, supportive services, and compassionate care to its assisted living residents. Creditor Corinth AO GP, LLC filed involuntary Chapter 11 petition against Corinth Autumn Oaks (Bankr. N.D. Texas Case No. 24-44464) on December 2, 2024. The creditor is represented by: Gregory W. Mitchell, Esq. Freeman Law, PLLC 7011 Main Street Frisco TX 75034 Tel: (214) 924-3124 Email: gmitchell@freemanlaw.com Judge Edward L. Morris oversees the case. CORVIAS CAMPUS: Georgia Board Requests Bankruptcy Case Transfer --------------------------------------------------------------- James Nani of Bloomberg Law reports that the governing body of the University System of Georgia has asked a federal court to move the bankruptcy case of Corvias Campus Living – USG LLC, a student housing manager, from Delaware to Georgia. In a motion filed July 3, 2025 in the U.S. Bankruptcy Court for the District of Delaware, the Board of Regents argued that the company's ties to Delaware -- its state of incorporation -- are minimal compared to its deep connections to Georgia. The board said the outcome of the case could have "profound implications" for Georgia's students, colleges and universities, workforce, and taxpayers. About Corvias Campus Living - USG, LLC Corvias Campus Living is a campus housing operator that manages student living facilities for universities within the University System of Georgia. Corvias Campus Living sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11214) on June 25, 2025. In the petition signed by Thelma Edgell as president, the Debtor reported estimated assets of $10 million to $50,000 and estimated liabilities of $500 million to $1 billion. The Hon. Thomas M. Horan presides over the case. The Debtor is represented by Morris, Nichols, Arsht & Tunnell LLP. Cohnreznick Advisory LLC is the Debtor's financial advisor and Holland & Knight LLP is the Debtor's special counsel. Donlin, Recano & Company LLC is the Debtor's claims and noticing agent. COSTELLO SR.-ALLEN: Gets Final OK to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of New York issued a final order authorizing Costello Sr.-Allen Optometrists, PLLC to use cash collateral. The final order authorized the Debtor to use cash collateral as per an approved monthly budget for payroll, operations, and administrative costs. The U.S. Small Business Administration and other secured creditors will be granted retain valid, binding and perfected replacement liens on and security interests in their collateral. As further protection, SBA will receive a monthly payment of $2,471 until its Subchapter V plan becomes effective. Payments will start on July 15. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/i1SPJ from PacerMonitor.com. About Costello Sr.-Allen Optometrists Costello Sr.-Allen Optometrists, PLLC, doing business as Allen Eye Associates, is an optometry practice based in Oneida, N.Y. The clinic provides comprehensive eye care services including routine eye exams, contact lens fittings, dry eye therapy, and disease management. Costello Sr.-Allen Optometrists sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-60379) on May 1, 2025. In its petition, the Debtor reported total assets of $583,120 and total liabilities of $2,622,871. Judge Patrick G. Radel oversees the case. The Debtor tapped Peter A. Orville, Esq., at Orville & McDonald Law, P.C. and Gregory F. Wilt CPA, PC as tax and payroll accountant. COVE CASTLES: Hires KCW Carty & Rogers as Special Counsel --------------------------------------------------------- Cove Castles Development Corporation seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ KCW Carty & Rogers as special counsel. The Debtor needs the firm to provide advise under Anguillan law concerning the sale of the Resort, a 10 acres of land at the West End Section of Shoal Bay on the Caribbean island of Anguilla, called "Cove Castles Resort" and negotiations with the GOA, as well as other issues of Anguillan law that may come up involving the Debtor. The firm will be paid at these rates: Keesha Carty $400 per hour Nakishma Rogers $350 per hour Legal Assistant $150 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. As 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: Keesha Carty KCW Carty & Rogers Suite #2 Pat Ban Building The Valley, Anguilla Tel: (264) 497-7240 About Cove Castles Development Corporation Cove Castles Development Corporation is primarily engaged in renting and leasing real estate properties. Cove Castles Development Corporation sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-11667) on August 6, 2024. In the petition signed by Michael H. Steinhardt, as Board Member, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $10 million and $50 million. The Honorable Bankruptcy Judge Thomas M. Horan oversees the case. The Debtor is represented by Garvan F. McDaniel, Esq. of HOGAN MCDANIEL. COVIAN ENTERPRISES: Hires Barron & Newburger PC as Legal Counsel ---------------------------------------------------------------- Covian Enterprises, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Barron & Newburger, PC as legal counsel. The firm will render these services: (a) advise the Debtor of its rights, powers, and duties in the continued management of its assets; (b) review the nature and validity of claims asserted against the property of the Debtor and advise concerning the enforceability of such claims; (c) prepare on behalf of the Debtor all necessary and appropriate legal documents, and review all financial and other reports to be filed in the Chapter 11 case; (d) advise the Debtor concerning and prepare responses to, legal papers which may be filed in the Chapter 11 case; (e) counsel the Debtor in connection with the formulation, negotiation, and promulgation of a plan of reorganization and related documents; (f) perform all other legal services for and on behalf of the Debtor which may be necessary and appropriate in the administration of the Chapter 11 case and its business; and (g) work with professionals retained by other parties in interest in this case to attempt to obtain approval of a consensual plan of reorganization for the Debtor. The firm will be paid at these rates: Stephen Sather, Attorney $650 per hour Other Attorneys $250 to $450 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $15,000 from Debtor on March 26, 2025. Mr. Sather 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: Stephen Sather, Esq. Barron & Newburger, PC 7320 N. MoPac Expwy., Suite 400 Austin, TX 78731 Telephone: (512) 649-3243 Email: ssather@bn-lawyers.com About Covian Enterprises, Inc. Covian Enterprises, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 25-10783) on May 28, 2025, listing up to $50,000 in assets and up to $10 million in liabilities. James J. Covian, vice president and co-owner of Covian Enterprises, signed the petition. Judge Shad Robinson oversees the case. Stephen W. Sather, Esq., at Barron & Newburger, P.C., represents the Debtor as legal counsel. CRYPTO CO: Borrows $68,000 From AJB Capital ------------------------------------------- The Crypto Company entered into a Securities Purchase Agreement with AJB Capital Investments LLC, issuing a $68,000 promissory note and a pre-funded warrant to acquire up to 50 million shares of its common stock. Executed June 30, the deal brought in net proceeds of $51,381.35 after fees, with funds accessible upon the Company's borrowing request, according to a Form 8-K filed with the Securities and Exchange Commission. The maturity date of the AJB Note is Dec. 11, 2025. The AJB Note bears interest at a rate of 12% per calendar year from the date of issuance. Interest accrues monthly and is payable at maturity, upon acceleration, prepayment, or otherwise. The Company may prepay the AJB Note at any time without penalty. Under the terms of the AJB Note, the Company may not issue additional debt that is not subordinate to AJB, must comply with the Company's reporting requirements under the Securities Exchange Act of 1934, and must maintain the listing of the Company's common stock on the OTC Market or other exchange, among other restrictions and requirements. The Company's failure to make required payments under the AJB Note or to comply with any of these covenants, among other matters, would constitute an event of default. Upon an event of default under the AJB SPA or AJB Note, the AJB Note will bear interest at the lesser of 18% per annum or the maximum amount permitted under law, AJB may immediately accelerate the AJB Note due date, AJB may convert the amount outstanding under the AJB Note into shares of Company common stock at a discount to the market price of the stock, and AJB will be entitled to its costs of collection, among other penalties and remedies. The AJB Warrant entitles AJB to subscribe for and purchase from the Company up to 50,000,000 shares of the Company's common stock. The aggregate exercise price of the AJB Warrant was pre-funded to the Company. Consequently, AJB need not pay any additional consideration to exercise the AJB Warrant, other than a nominal exercise price of $.00001 per share. If the Company, while the AJB Warrant is outstanding, engages in a fundamental transaction, including, but not limited to, a merger, a disposition of all or substantially all of its assets, or a consummation of a stock purchase agreement that results in a change of control, then AJB will have the right to receive, for each share of common stock that would have been issuable prior to the occurrence of such a fundamental transaction, the number of shares of capital stock of the successor, of the acquiring corporation, or of the Company if it is the surviving corporation, and any additional consideration receivable as a result of such a fundamental transaction by a holder of the number of shares of common stock for which the AJB Warrant is immediately exercisable prior to such a fundamental transaction. The Company provided various representations, warranties, and covenants to AJB in the AJB SPA. The Company's breach of any representation or warranty, or failure to comply with the covenants would constitute an event of default. Crypto Co also entered into a Security Agreement with AJB pursuant to which the Company granted to AJB a security interest in all of the Company's assets to secure the Company's obligations under the AJB SPA and AJB Note. About Crypto Co The Crypto Company provides consulting and educational services focused on blockchain technology, including enterprise solutions and infrastructure development. It operates solely through these consulting activities and is headquartered in Malibu, California. In an audit report dated June 13, 2025, Bush & Associates CPA LLC issued a "going concern" qualification citing that the Company has suffered recurring losses from operations, negative cash flows from operations and has a significant accumulated deficit, that raises substantial doubt about its ability to continue as a going concern. The Company's net loss was $6,643,709 for the year ended Dec. 31, 2024. Its working capital was negative $6,685,767 as of Dec. 31, 2024. The Company said in its quarterly report for the period ended March 31, 2025, that its ability to continue as a going concern depends on generating future profits and securing financing to meet obligations as they come due. Management is exploring options including private placements, debt financing, partnerships, and collaborations, but noted there is no guarantee these efforts will succeed. CTCHGC LLC: Hires Barron & Newburger P.C. as Counsel ---------------------------------------------------- CTCHGC, LLC d/b/a Central Texas Gun Works and its affiliates seek approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Barron & Newburger, P.C. as counsel. The firm will render these services: (a) advise the Debtor of its rights, powers, and duties in the continued management of its assets; (b) review the nature and validity of claims asserted against the property of the Debtor and advise concerning the enforceability of such claims; (c) prepare on behalf of the Debtor all necessary and appropriate legal documents, and review all financial and other reports to be filed in the Chapter 11 case; (d) advise the Debtor concerning and prepare responses to, legal papers which may be filed in the Chapter 11 case; (e) counsel the Debtor in connection with the formulation, negotiation, and promulgation of a plan of reorganization and related documents; (f) perform all other legal services for and on behalf of the Debtor which may be necessary and appropriate in the administration of the Chapter 11 case and its business; and (g) work with professionals retained by other parties in interest in this case to attempt to obtain approval of a consensual plan of reorganization for the Debtor. The firm will be paid at these hourly rates: Stephen Sather, Attorney $650 per hour Attorneys $250 to $450 per hour Legal Assistants $40 to $100 per hour In addition, the firm will seek reimbursement for expenses incurred. Mr. Sather 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: Stephen Sather, Esq. Barron & Newburger, PC 7320 N. MoPac Expwy., Suite 400 Austin, TX 78731 Tel: (512) 649-3243 Email: ssather@bn-lawyers.com About CTCHGC, LLC d/b/a Central Texas Gun Works CTCHGC LLC, doing business as Central Texas Gun Works, Centex Guns, and CTGW, is a firearms academy in Austin, Texas. The Company offers a straightforward and hassle-free way of obtaining Texas license to carry a handgun and various gun safety classes, including Identogo fingerprint services. Central Texas Gun Works also has a great selection of handguns, rifles, shotguns, knives and accessories in stock at the gun store showroom. CTCHGC LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-11072) on September 2, 2024. In the petition filed by Michael D. Cargill, as manager, the Debtor reports total assets of $363,309 and total liabilities of $2,677,635. The Honorable Bankruptcy Judge Shad Robinson handles the case. The Debtor is represented by Kell C. Mercer, Esq. at KELL C. MERCER, P.C. CYANOTECH CORP: Posts $3.2M FY25 Loss, Warns of Going Concern Doubt ------------------------------------------------------------------- Cyanotech Corporation filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $3.2 million for the year ended March 31, 2025, compared to a net loss of $5.3 million for the year ended March 31, 2024. As of March 31, 2025, Cyanotech had an accumulated deficit of approximately $26.1 million, primarily as a result of current and prior year losses. Historically, the Company have relied upon cash from operations and financing activities to fund all of the cash requirements of its business. However, no assurance can be provided that the Company will return to profitability and, even if the Company does return to profitability, extended periods of profitability and net income do not assure positive cash flows. Future periods of net losses from operations could result in negative cash flow, may cause the Company to default on certain covenants in its existing debt instruments, and may hamper ongoing operations and prevent the Company from sustaining or expanding business. The Company cannot assure that it will achieve, sustain or increase profitability on a quarterly or annual basis in the future. If the Company does not achieve, sustain or increase profitability, its business will be adversely affected and our stock price may decline. As of March 31, 2025, the Company had $23.5 million in total assets, $14.6 million in total liabilities, and total stockholders' equity of $8.9 million. Walnut Creek, Calif.-based BPM LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 20, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2024, citing that the Company has suffered recurring losses from operations and negative cash flows from operations, including for the fiscal year ended March 31, 2025. Further, the Company was not in compliance with two debt covenant requirements as of March 31, 2025. These conditions, along with other matters raise substantial doubt about the Company's ability to continue as a going concern. Liquidity and Going Concern: Cyanotech stated: "We sustained operating losses and negative cash flows from operations for these same periods. Furthermore, we were not in compliance with two debt covenant requirements as of March 31, 2024 and 2025. In June 2023, the Bank instituted a freeze on additional advances from the Revolving Credit Agreement." "As of March 31, 2025, we had cash of $0.3 million and working capital of $0.3 million compared to $0.7 million and $2 million, respectively, as of March 31, 2024. We had the Line of Credit with the Bank that provided for borrowings up to $2 million on a revolving basis, however, as part of the covenant waiver as of March 31, 2023, the borrowings under the Line of Credit were frozen. On October 13, 2023, the Bank converted the Line of Credit to a term loan in the amount of $1.48 million with an original maturity date of August 30, 2024. As of March 31, 2025 and 2024, we had $0.8 million and $1.2 million, respectively, outstanding on the 2023 Loan." "We also have a loan facility with a related party that allows us to borrow up to $4 million on a revolving basis. As of March 31, 2025 and 2024, we had $3 million and $1.25 million, respectively, of outstanding borrowings on the Revolver, which were included in line of credit - related party on the consolidated balance sheets. The Revolver expires on April 12, 2026." "As of March 31, 2025, we had $3 million of debt payable to the Bank that requires the payment of principal and interest monthly through August 2032. Pursuant to the 2012 Loan and 2023 Loan, we are subject to annual financial covenants, customary affirmative and negative covenants and certain subjective acceleration clauses. As of March 31, 2025, our debt service coverage ratio and current ratio fell short of the Bank's annual requirement. On June 4, 2025, the Bank provided us with a letter waiving the covenant violations as of March 31, 2025, but noting that the Bank reserves its right to declare a default in the future if any covenants remain out of compliance at applicable measurement dates. As of March 31, 2024, our debt service coverage ratio and current ratio fell short of the Bank's annual requirement. On September 12, 2024, the Bank provided us with a letter waiving the covenant violations as of March 31, 2024. " "In April 2019, we obtained a loan in the amount of $1.5 million from a related party. The proceeds were used to pay down accounts payable and for general operating capital purposes. On April 12, 2021, December 14, 2022, August 14, 2023, and August 9, 2024, we amended this loan (see Note 5 and 15 in the notes to consolidated financial statements). As of both March 31, 2025 and 2024, we had $1 million outstanding on the related party note. The loan matures on April 12, 2027." "We continue to experience a loss from operations and continue to rely on our funding source to provide liquidity. To address the resulting continued cash flow challenges, we continue to monitor cost savings initiatives implemented in fiscal year 2023. This includes: stopping or slowing production of inventory in alignment with current customer demand throughout the year, maintaining a reduced headcount and compensation, primarily through attrition and furloughs, respectively, and eliminating certain discretionary selling, general and administrative and research and development expenses. We have made some additional changes in the sales and marketing team by hiring a Head of Sales to strengthen our eCommerce footprint, optimize our marketing efforts and improve our retail strategy." "Funds generated by operating activities and available cash are our most significant sources of liquidity for working capital requirements, debt service and funding of maintenance levels of capital expenditures. We have developed our operating plan to produce a significant portion of the cash flows necessary to meet all financial requirements, with the remaining need for capital raising. Although we have a history of either being in compliance with debt covenants, or obtaining the necessary waivers, execution of our operating plan is dependent on many factors, some of which are not within our control. However, no assurances can be provided that we will achieve our operating plan and cash flow projections for the next fiscal years or our projected consolidated financial position as of March 31, 2026. Such estimates are subject to change based on future results and such change could cause future results to vary significantly from expected results." A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/4sthe9k8 About Cyanotech Corp. Cyanotech Corporation, located in Kailua-Kona, Hawaii, was incorporated in the state of Nevada on March 3, 1983, and is listed on the NASDAQ Capital Market under the symbol "CYAN." The Company is engaged in the production of natural products derived from microalgae for the nutritional supplements market. DANIEL TRUCKING: Seeks Chapter 11 Bankruptcy in Illinois -------------------------------------------------------- On July 7, 2025, Daniel Trucking International Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Daniel Trucking International Inc. Daniel Trucking International Inc. is a Wheeling, Illinois-based transportation company. Daniel Trucking International Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10329) on July 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. The Debtors are represented by David Freydin, Esq. at Law Offices of David Freydin Ltd. DEL MONTE: Gets $912.5MM Funding in Chapter 11 ---------------------------------------------- ShaCamree Gowdy of AfroTech reports that Del Monte Foods has filed for voluntary Chapter 11 bankruptcy protection as part of a strategic initiative to restructure its debt and explore a possible sale, the company announced in a recent statement. To support its operations throughout the restructuring process, Del Monte has secured $912.5 million in financing from existing lenders, including $165 million in new capital. The funding is subject to approval by the U.S. Bankruptcy Court for the District of New Jersey. The filing excludes certain non-U.S. subsidiaries, which will continue their normal operations. "This filing represents a key move in repositioning Del Monte Foods for long-term success," said President and CEO Greg Longstreet, as cited by the report. "Following a thorough evaluation, we concluded that a court-supervised sale process is the most effective way to drive our turnaround and strengthen the company's future. With a restructured capital base and new ownership, we'll be better equipped for sustainable growth." In court documents, Del Monte listed estimated liabilities and assets each between $1 billion and $10 billion. The company also filed standard “first day” motions to ensure the uninterrupted delivery of products and business continuity. "Del Monte has remained committed to feeding families for nearly 140 years, even as we’ve faced increasing economic pressures," Longstreet added. "We're grateful to our employees, growers, customers, vendors, and lenders for their continued support as we take this necessary step forward." The company's bankruptcy filing comes amid widespread challenges in the food sector, including rising costs, labor shortages, changing consumer preferences, and lingering tariffs. Del Monte joins a growing list of food and restaurant companies seeking bankruptcy protection. 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. DELTA ABSORBENTS: Hires Hood & Bolen as Bankruptcy Counsel ---------------------------------------------------------- Delta Absorbents of America, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Mississippi to hire Hood & Bolen, PLLC to serve as legal counsel in its Chapter 11 case. The firm will be paid at these rates: Attorneys $450 per hour Paralegals $125 per hour In addition, the firm will be reimbursed for out-of-pocket expenses incurred. The retainer is $20,000. R. Michael Bolen, Esq., a partner at Hood & Bolen, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: R. Michael Bolen, Esq. Hood & Bolen, PLLC 3770 Hwy. 80 West Jackson, MS 39209 Tel: (601) 923-0788 Email: rmb@hoodbolen.com About Delta Absorbents of America, Inc. Delta Absorbents of America, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-11985) on June 25, 2025, listing up to $50,000 in assets and $500,001 to $1 million in liabilities. R. Michael Bolen, Esq. at Hood & Bolen, Attorneys At Law represents the Debtor as counsel. DESIGN GROUP: Begins Ch.11 to Facilitate Going-Concern Sales ------------------------------------------------------------ IG Design Group Americas, Inc. and its domestic subsidiaries, a design, manufacturing, sourcing, and distribution company of branded and private label consumer products, announced on July 3, 2025, that it has voluntarily filed for Chapter 11 relief in the United States Bankruptcy Court for the Southern District of Texas to facilitate a court-supervised marketing and sale process pursuant to section 363 of the Bankruptcy Code. The Company intends to pursue a value maximization strategy by engaging with buyers who are interested in purchasing certain of the Company's business segments as a going concern, while concurrently winding down its domestically manufactured woven ribbon products business and supporting assets. DGA includes over 50 product categories and brands, some of which were established over a century ago. Like many companies in the consumer products sector, DGA has been navigating a challenging operating landscape for several years, compounded by the loss of a major customer, who entered liquidation and significantly impacted DGA's revenue as well as new trade tariffs imposed in 2025 that increased operational costs, affected pricing strategies, and contributed to reduced customer orders. The Company's decision to pursue an in-court process was driven by liquidity constraints, substantial working capital requirements, and the seasonal nature of significant portions of its business. "Following DGA's sale to an affiliate of Hilco Capital Group, we have worked diligently with our advisors to evaluate the optimal path forward for the business," said Sue Buchta, Chief Executive Officer of DGA. "We enter the court-supervised sale process in dialogue with multiple interested parties for certain of our business segments as a going concern and intend to leverage chapter 11 to maximize the value of our assets. We thank our employees, customers, and partners for their support and will work diligently to minimize any potential impact during the process." Additional Information about the Court-Supervised Process DGA has secured an agreement for approximately $53 million in committed debtor-in-possession ("DIP") financing from an affiliate of Hilco to support its value maximizing strategy throughout its Chapter 11 cases, subject to Court approval. Additionally, to uphold its commitments to its stakeholders, DGA has filed several customary "first day" motions. These motions, upon approval by the Court, will provide authorization for the continued payment of employee wages and benefits arising under programs that were in effect as of the petition date, the maintenance of certain customer programs, payments to certain critical vendors for prepetition amounts owed, payment to vendors for amounts owed on post-petition goods and services delivered to the Company, and other relief measures standard in these circumstances. DGA's non-U.S. affiliates are not part of the chapter 11 cases and will continue to operate while the Company considers the impact of asset sales and the optimal plan to maximize the value of the interests it holds in those subsidiaries. Additional information is available at https://cases.ra.kroll.com/DGA. Stakeholders with questions may call the Company's claims agent Kroll, toll-free at (877) 307-2977 (U.S. and Canada) or (646) 290-6127 (International), or email at dgateam@ra.kroll.com. Advisors Latham & Watkins LLP is serving as legal counsel, Huron Consulting Group LLC is serving as financial advisor and investment banker, and C Street Advisory Group is serving as strategic communications advisor to DGA. About DGA Design Group Americas (DGA) is a diverse group of companies operating across multiple regions, categories, seasons, and brands. The company employs over 1,400 people and works with customers in the US and around the world, with offices and operations in the United States, UK, Australia and Asia. DGA products are found in over 100,000 retail outlets internationally, with products reaching millions of consumers of all ages. Design Group Americas creates, designs, and manufactures products that help the world celebrate life's special occasions. They are proud to serve the best retailers around the globe with a complete end-to-end service from design to distribution. DIAMOND SURFACE: Unsecureds Will Get 100% of Claims over 5 Years ---------------------------------------------------------------- Diamond Surfaces and Supply, Inc. filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization dated June 18, 2025. The Debtor was established in 2018 by Gabriel Rinehart. Mr. Rinehart was a seasoned flooring professional with over twenty years of flooring experience. Diamond has a solid customer base and a solid supply chain often purchasing directly from far east sources. The Debtor currently operates from two locations: (1) 3935 W. Hillsborough Ave., Unit C, Tampa, Florida; and (2) 5415 Pioneer Park Blvd., Tampa, Florida. The Debtor leases both locations and remains current on its rent obligations. The Plan under Subchapter V of 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; one class 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 3 consists of General Unsecured Creditors. The Debtor will pay 100% of all allowed general unsecured claims to the extent such claims have not already been paid in full in the ordinary course of business during the pendency of this case. Any unpaid allowed unsecured claims will be paid, without interest, in fourteen equal quarterly distributions, with payments commencing on the start of the calendar quarter immediately following the Effective Date of Confirmation and continuing for a total of twenty consecutive quarters. In the event that this quarter starts less than thirty days after the entry of the Confirmation Order, payment shall not commence until the following quarter. 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 4 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 3 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 18, 2025 is available at https://urlcurt.com/u?l=HMfqmY from PacerMonitor.com at no charge. Counsel to the Debtor: Buddy D. Ford, Esq. Jonathan A. Semach, Esq. Heather M. Reel, Esq. Ford & Semach, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Tel: (813) 877-4669 Email: Buddy@tampaesq.com Jonathan@tampaesq.com Heather@tampaesq.com About Diamond Surfaces and Supply Diamond Surfaces and Supply Inc. offers high-quality flooring products, including engineered wood and AquaShield options. The Company works with trusted suppliers like AquaShield for water-resistant flooring, Sika Adhesives for strong bonding, True Touch for engineered wood, Titan Surfaces for durable options, and Top Star Underlayment for added stability and noise reduction. Focused on innovation and customer satisfaction, Diamond Surfaces provides a flooring visualizer to help clients choose the best products for their needs. Diamond Surfaces and Supply Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01682) on March 20, 2025. In its petition, the Debtor reports total assets of $3,413,291 and total liabilities of $1,733,616. Honorable Bankruptcy Judge Roberta A. Colton handles the case. The Debtor is represented by Buddy D. Ford, Esq., at BUDDY D. FORD, P.A. EAZY-PZ LLC: Hires Wadsworth Garber Warner as Counsel ----------------------------------------------------- Eazy-PZ LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Wadsworth Garber Warner Conrardy, P.C. as bankruptcy counsel. The firm's services include: a. preparation on behalf of the Debtor all necessary reports, orders, and other legal papers required in this Chapter 11 proceeding; b. performance of all legal services for the Debtor as a debtor-in-possession which may become necessary; and c. representation of the Debtor in any litigation which the Debtor determines is in the best interest of the estate whether in state or federal court(s). The firm will be paid at these rates: David Wadsworth, Attorney $500 per hour Aaron Garber, Attorney $500 per hour David Warner, Attorney $425 per hour Aaron Conrardy, Attorney $425 per hour Hallie S. Cooper, Attorney $225 per hour Law Clerks $125 per hour Paralegals $125 per hour The firm received a retainer in the amount of $75,000. Mr. Warner 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: David J. Warner, Esq. Wadsworth Garber Warner Conrardy, P.C. 2580 W. Main St., Ste. 200 Littleton, CO 80120 Tel: (303) 296-1999 Email: dwarner@wgwc-law.com About Eazy-PZ LLC Eazy-PZ LLC designs and sells silicone mealtime products for infants and toddlers, including plates, bowls, mats, and utensils. The Company operates through online and retail channels from its base in Parker, Colorado. Eazy-PZ LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-13720) on June 18, 2025. In its petition, the Debtor reports total assets of $1,019,774 and total liabilities of $3,881,257. Honorable Bankruptcy Judge Thomas B. Mcnamara handles the case. The Debtors are represented by Aaron J. Conrardy, Esq. at WADSWORTH GARBER WARNER CONRARDY, P.C. EEHF 18: James LaMontagne Named Subchapter V Trustee ---------------------------------------------------- The U.S. Trustee for Region 1 appointed James LaMontagne of Sheehan Phinney Bass & Green as Subchapter V trustee for EEHF 18, Inc. Mr. LaMontagne will be paid an hourly fee of $475 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. LaMontagne declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: James S. LaMontagne, Esq. Sheehan Phinney Bass & Green 75 Portsmouth Boulevard, Suite 110 Portsmouth, NH 03801 Phone: (603) 627-8102 jlamontagne@sheehan.com About EEHF 18 Inc. EEHF 18, Inc., doing business as A Sunrise Bakery and Coffee Shop, operates a bakery and coffee shop under the name Sunrise Bakery & Coffee Shop in New Bedford, Massachusetts. It offers Portuguese-style pastries, breads, and other baked goods through its retail locations. EEHF 18 sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11218) on June 15, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Judge Christopher J. Panos handles the case. The Debtor is represented by John Sommerstein, Esq. ELEVATION GOLD: Mako Mining Acquires Debt During CCAA Process ------------------------------------------------------------- Mako Mining Corp. announced that it has acquired for $1.8 million in cash approximately $49.5 million in indebtedness owing by Elevation Gold Mining Corporation and affiliated companies to Maverix Metals Inc., a subsidiary of Triple Flag Precious Metals Corp., the secured creditor of Elevation under its Companies' Creditors Arrangement Act proceedings before the Supreme Court of British Columbia. Mako completed the acquisition of the Debt and all related security pursuant to the terms of an assignment and assumption agreement executed on July 2, 2025. The Debt is owing pursuant to the terms of various promissory notes, a loan agreement, a streaming agreement and related guarantees, deeds and security agreements, which transaction documents and all rights and obligations thereunder have now been assigned to and assumed by Mako. The Monitor under Elevation's CCAA proceedings will now facilitate any distributions to Mako as the principal secured creditor in place of Maverix, with expectations for distributions to be materially less than the amount of the Debt. Furthermore, to the extent that Mako is successful in the litigation with the two remaining royalty holders who own a net smelter return royalty on the Moss gold mine of 3% and 1% respectively (see press release dated December 31, 2024), the up to $1.5 million contingent liability associated with the royalty status determination will no longer need to be paid to the Elevation creditors by Mako or its subsidiary Golden Vertex Corporation. Akiba Leisman, Chief Executive Officer of Mako states, "purchasing the remainder of the senior secured claims is a tactical investment for Mako, which, in addition to be an attractively priced investment, will consolidate control of our litigation with the two remaining royalty holders in the Arizona Chapter 15 bankruptcy process for Moss. In addition, we are announcing our intent to list on the Nasdaq, while making a change to the board, which will help us navigate that process. I want to personally thank John Pontius, who has been a member of the board of Mako and its predecessors since 2015, and welcome Asheef Lalani, a shareholder of Mako who will provide invaluable oversight to the Company." Nasdaq Listing The Company is advancing a listing application to apply to list its common shares on the Nasdaq in the coming months; however, there can be no assurance that the Company will receive listing approval from the Nasdaq to complete such listing. Mako believes that listing on the Nasdaq will provide the Company with, among other things, access to a broader investor audience, increased sources of potential capital, improved trading liquidity in Mako's common shares, increased research coverage from U.S. investment banks and potentially provide the opportunity for broader index inclusion. Board Changes The Company also announces that Mr. John Pontius will step down from the Company's board, and the board has appointed Mr. Asheef Lalani to the board, effective July 2, 2025. Mr. Lalani is a Certified Financial Analyst and a Chartered Accountant and holds a Bachelor of Mathematics (Hons) in Math Accountancy and a Master of Accounting from the University of Waterloo. Mr. Lalani is currently Chief Investment Officer at Canadian based family office Berczy Park Capital, a director at Sailfish Royalty Corp. and has previously held various positions in Toronto and New York at UBS Securities and was previously a senior audit associate at PricewaterhouseCoopers LLP. RSU Grant Additionally, the Company announces that the board has approved the grant of an aggregate of 6,500 restricted share units (the "RSUs") to the Company's Chairman, Eric Fier, with having a grant date of July 4, 2025 and a restrict period ending on July 4, 2026. About Mako Mako Mining Corp. is a publicly listed gold mining, development and exploration company. The Company operates the high-grade San Albino gold mine in Nueva Segovia, Nicaragua, which ranks as one of the highest-grade open pit gold mines globally and offers district-scale exploration potential. Mako also owns the Moss Mine in Arizona, an open pit gold mine in northwestern Arizona. Mako also holds a 100% interest in the PEA-stage Eagle Mountain Project in Guyana, South America. Eagle Mountain is the subject of engineering, environmental and mine permitting activity. About Elevation Gold Mining Corporation Elevation Gold Mining Corporation -- https://elevationgold.com/ -- is a publicly listed gold and silver producer, engaged in the acquisition, exploration, development and operation of mineral properties located in the United States. Elevation Gold's common shares are listed on the TSX Venture Exchange in Canada under the ticker symbol ELVT and on the OTCQB in the United States under the ticker symbol EVGDF. The Company's principal operation is its 100% owned Moss Mine in the Mohave County of Arizona. Elevation also holds the title to the Hercules exploration property, located in Lyon County, Nevada. ELLIE LANE: Hires Law Offices of Michael Berger as Counsel ---------------------------------------------------------- Ellie Lane Capital, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of California to employ Law Offices of Michael Berger as general bankruptcy counsel. The firm will provide these services: a. communicate with creditors of the Debtor; b. review the Debtor's Chapter 11 bankruptcy petition and all supporting schedules; c. advise the Debtor of its legal rights and obligations in a bankruptcy proceeding; d. work to bring the Debtor into full compliance with reporting requirements of the Office of the U.S. Trustee; e. prepare status reports as required by the Court; f. respond to any motions filed in the Debtor's bankruptcy proceeding; g. respond to creditor inquiries; h. review proofs of claim filed in the Debtor's bankruptcy; i. object to inappropriate claims; j. prepare Notices of Automatic Stay in all state court proceedings in which the Debtor is sued during the pendency of its bankruptcy proceedings; and k. prepare a Chapter 11 Plan of Reorganization for the Debtor. The firm will be paid at these rates: Michael Jay Berger, Attorney $645 per hour Sofya Davtyan, Partner $595 per hour Robert Poteete, Associate Attorney $475 per hour Senior Paralegals/Law Clerks $200 to $275 per hour The firm was paid a retainer in the amount of $25,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael Berger, Esq., a partner at Law Offices of Michael Berger, 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: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Blvd., 6th Floor Beverly Hills, CA 90212 Tel: (310) 271-6223 Fax: (310) 271-9805 Email: Michael.Berger@bankruptcypower.com About Ellie Lane Capital Ellie Lane Capital, LLC, doing business as Your SolarMate, offers solar PV or energy storage system installers and contractors services that simplify the interconnection and rebate processes. The Debtor acts as representative/applicant in order to complete all applications required by the utility companies in order to quickly receive permission to operate (PTO) letters and rebate approvals. Ellie Lane Capital sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Calif. Case No. 24-02207) on June 17, 2024, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. David Wood of Marshack Hays Wood serves as Subchapter V trustee. Judge J. Barrett Marum oversees the case. The Debtor is represented by Vanessa M Haberbush, Esq. at Haberbush, LLP. ESSAR STEEL: Court Denies Request for Earlier Trial in Cliffs Case ------------------------------------------------------------------ Judge Gregory B. Williams of the United States District Court for the District of Delaware denied with prejudice Mesabi Metallics Company LLC's motion to reconsider the May 2027 trial date in the adversary proceeding captioned as MESABI METALLICS COMPANY LLC (f/k/a ESSAR STEEL MINNESOTA LLC), Plaintiff, Civil Action No. 24-1117-GBW v. CLEVELAND-CLIFFS, INC. (f/k/a CLIFFS NATURAL RESOURCES, INC.); CLEVELAND-CLIFFS MINNESOTA LAND DEVELOPMENT LLC; GLACIER PARK IRON ORE PROPERTIES LLC; and DOES 1-10, Defendants, Adv. No. 17-51210-CTG (D. Del.). On June 3, 2025, the Court resolved what, at the time, were the remaining scheduling issues in this action. One of those issues regarded when trial would begin and, in that respect, the Court instructed the parties to file a revised proposed scheduling order stating: "The pre-trial conference is scheduled for April 22, 2027 at 3:00 pm and a ten (10) day jury trial, inclusive of voir dire, is scheduled to begin on May 5, 2027." On June 17, 2025, Mesabi filed a Motion to Reconsider the May 2027 Trial Date. Mesabi points to tremendous uncertainty surrounding its land rights, an uncertainty of which has allegedly impeded planning and investment for its mine and will persist until this case is resolved. Mesabi contends that waiting two years to try this case only deepens the effect of Cliffs' anticompetitive actions because it will not be able to obtain any value from this land until after this case has concluded. As such, it seeks the Court's assistance in accommodating an earlier trial, beginning at the earliest possible date when the Court has availability (after allowing sufficient time for the parties to complete the necessary pretrial work). To increase the likelihood of finding availability, Mesabi consents to a jury trial on non-consecutive days. It is also willing to consent to a jury trial before Magistrate Judge Burke or a jury trial before Judge Goldblatt in the bankruptcy court. The Court has a demanding and full schedule. That schedule is replete with trials scheduled through October 2027. Thus, the Court cannot grant Mesabi's requested relief and denies Mesabi's Motion without prejudice. To the extent both parties are interested in consenting to, for example, a Magistrate Judge presiding over their trial, the parties are welcome to do so by jointly filing the necessary form (a completed form AO 85) consenting to the jurisdiction of a Magistrate Judge to conduct all proceedings in this case including trial, the entry of final judgment, and all post-trial proceedings. A copy of the Court's Memorandum Order dated June 24, 2025, is available at https://urlcurt.com/u?l=xzBNhi from PacerMonitor.com. About Essar Steel Minnesota Essar Steel Minnesota LLC, now known as Mesabi Metallics Company LLC, and ESML Holdings Inc. filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case Nos. 16-11627 and 16-11626) on July 8, 2016. Madhu Vuppuluri, president and CEO, signed the petitions. ESML Holdings Inc. estimated assets at $1 billion to $10 billion and debt at $500 million to $1 billion. Essar Steel Minnesota LLC estimated assets and debt at $1 billion to $10 billion. Judge Brendan Linehan Shannon presided over the bankruptcy cases. Lawyers at White & Case LLP and Fox Rothschild LLP served as counsel to the Debtors. Epic Bankruptcy Solutions, LLC, served as claims and noticing agent. Andrew Vara, acting U.S. trustee for Region 3, on July 20, 2016, appointed the official committee of unsecured creditors of ESML Holdings, Inc., and its affiliates. The Committee retained Kasowitz Benson Torres & Friedman LLP, to act as counsel. Hogan McDaniel served as Delaware counsel and Zolfo Cooper, LLC, served as the Committee's financial advisor. * * * In June 2017, the Bankruptcy Court approved the Chapter 11 exit plan that, according to the Duluth News Tribune, would allow the stalled Essar Steel Minnesota taconite mine and pellet plant to proceed to completion. Duluth News Tribune said the plan allows Chippewa Capital Partners to take control of the project, partially payback more than $1 billion in claims and resume construction, with an eye to beginning production by early 2020. EXTREME PROFITS: Hires Barker Services Inc. as Accountant --------------------------------------------------------- Extreme Profits, Inc. d/b/a X-Stream Power Washing seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Barker Services, Inc. as accountant. The firm will prepare the Debtor's 1120 tax return and K-1s for 2024. The firm will be paid the amount of $325 as advance payment, and $50 per hour. Mr. Barker 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: Ronald A. Barker Barker Services, Inc. 3 Arbutus Dr. Key West, FL 33040 Tel: (305) 295-0580 About Extreme Profits, Inc. d/b/a X-Stream Power Washing Extreme Profits Inc., operating as X-Stream Power Washing and Cleaning Services, is a pressure washing and cleaning company based in Key West, Florida. Extreme Profits Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-15709) on May 21, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Corali Lopez-Castro handles the case. The Debtors are represented by Kevin C Gleason, Esq. EYENOVIA INC: Avenue Venture and Affiliates Hold 9.99% Stake ------------------------------------------------------------ Avenue Venture Opportunities Fund, L.P. and its affiliates: Avenue Venture Opportunities Fund II, L.P., Avenue Capital Management II, L.P., Avenue Venture Opportunities Partners, LLC, Avenue Venture Opportunities Partners II, LLC, GL Venture Opportunities Partners, LLC, GL Venture Opportunities Partners II, LLC, and Marc Lasry, disclosed in a Schedule 13D/A (Amendment No. 3) filed with the U.S. Securities and Exchange Commission that as of June 17, 2025, they beneficially own a total of 435,438 shares of common stock, par value $0.0001 per share, of Eyenovia, Inc., representing 9.99% of the 4,358,755 shares of common stock outstanding as of June 5, 2025. The breakdown of beneficial ownership is as follows: * Avenue Venture Opportunities Fund, L.P. owns 174,175 shares, representing 4.0% of the class (excluding 40,000 shares issuable upon exercise of a warrant). * Avenue Venture Opportunities Fund II, L.P. owns 261,263 shares, representing 5.99% of the class (excluding 210,000 shares issuable upon exercise of a warrant). * Avenue Capital Management II, L.P., the investment manager to the funds, beneficially owns 435,438 shares, representing 9.99%, with sole voting and dispositive power (excluding warrants due to a 9.99% blocker). * Avenue Venture Opportunities Partners, LLC, the general partner of Fund I, beneficially owns 174,175 shares, representing 4.0%. * Avenue Venture Opportunities Partners II, LLC, the general partner of Fund II, beneficially owns 261,263 shares, representing 5.99%. * GL Venture Opportunities Partners, LLC, the managing member of the general partner of Fund I, beneficially owns 174,175 shares, representing 4.0%. * GL Venture Opportunities Partners II, LLC, the managing member of the general partner of Fund II, beneficially owns 261,263 shares, representing 5.99%. * Marc Lasry, the ultimate beneficial owner, reports 435,438 shares, representing 9.99%, but disclaims voting or dispositive power over the shares. Avenue Capital Group may be reached through: Andrew Schinder 11 West 42nd Street, 9th Floor New York, NY 10036 Tel: (212) 878-3520 A full-text copy of Avenue Venture's SEC report is available at: https://tinyurl.com/yc4h7frc About Eyenovia New York, N.Y.-based Eyenovia, Inc. is an ophthalmic technology company commercializing Mydcombi (tropicamide and phenylephrine HCL ophthalmic spray) for inducing mydriasis for routine diagnostic procedures and in conditions where short-term pupil dilation is desired, preparing for the commercialization of clobetasol propionate ophthalmic suspension 0.05% ("clobetasol propionate"), for the treatment of post-operative inflammation and pain following ocular surgery, and developing the Optejet delivery system both for use in combination with its own drug-device therapeutic programs and for out-licensing for use in combination with therapeutics for additional indications. The Company's aim is to improve the delivery of topical ophthalmic medication through the ergonomic design of the Optejet, which facilitates ease-of-use and delivery of a more physiologically appropriate medication volume, with the goal to reduce side effects and improve tolerability and introduce digital health technology to improve therapy compliance and ultimately medical outcomes. New York, N.Y.-based Marcum LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $3.7 million in total assets, $16.8 million in total liabilities, and a total stockholders' deficit of $13.1 million. FLOW APARTMENTS: Case Summary & Four Unsecured Creditors -------------------------------------------------------- Debtor: Flower Apartments, LLC 1420 S. Flower Street Los Angeles, CA 90015 Business Description: Flower Apartments LLC owns and manages a multi-unit residential property located at 1420 South Flower Street in Los Angeles, California. The property offers furnished and unfurnished studio apartments with flexible lease terms, catering to both short- and long-term tenants. Chapter 11 Petition Date: July 7, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-15724 Judge: Hon. Julia W Brand Debtor's Counsel: Matthew D. Resnik, Esq. RHM LAW LLP 17609 Ventura Blvd., Suite 314 Encino, CA 91316 Tel: (818) 285-0100 Fax: (818) 855-7013 E-mail: matt@rhmfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by David Ben Eliyahu as managing member. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/TU6CZMQ/Flower_Apartments_LLC__cacbke-25-15724__0001.0.pdf?mcid=tGE4TAMA FLOWER APARTMENTS: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------------ On July 7, 2025, Flower Apartments LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Flower Apartments LLC Flower Apartments LLC is a Los Angeles-based real estate company that appears to own or operate an apartment property located at 1420 S. Flower Street in downtown Los Angeles. Flower Apartments LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-15724) on July 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Julia W. Brand handles the case. The Debtors are represented by Matthew D. Resnik, Esq. at Rhm Law LLP. FRANCIS FUNERAL: Hires Smith Kane Holman as Counsel --------------------------------------------------- Francis Funeral Home, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ Smith Kane Holman, LLC as counsel. The firm will render these services: (a) advise the Debtor with respect to its rights and obligations pursuant to the Bankruptcy Code; (b) assist the Debtor in the preparation of the schedules and statement of financial affairs and any amendments thereto; (c) represent the Debtor at its first meeting of creditors and any and all Rule 2004 examinations; (d) prepare any and all necessary applications, motions, answers, responses, orders, reports and any other type of pleading or document regarding any proceeding instituted by or against the Debtor with respect to this case; (e) assist the Debtor in the formulation and seeking confirmation of a Chapter 11 plan and disclosure materials; and (f) perform all other legal services for the Debtor which may be necessary or desirable in connection with this case. The firm will be paid at these hourly rates: Partners $475 - $535 Associates $325 - $400 Paralegals $75 - $100 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. David Smith, Esq., an attorney at Smith Kane Holman, 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: David B. Smith, Esq. Smith Kane Holman LLC 112 Moores Road, Suite 300 Malvern, PA 19355 Telephone: (610) 407-7217 Facsimile: (610) 407-7218 Email: dsmith@skhlaw.com About Francis Funeral Home, Inc. Francis Funeral Home Inc. provides funeral and memorial services, including private viewings, video tributes, and personalized arrangements. The Company serves families through professional, affordable care and culturally sensitive offerings. It operates as a family-owned and operated business. Francis Funeral Home Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-12439) on June 2, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Ashely M. Chan handles the case. The Debtors are represented by David B. Smith, Esq. at SMITH KANE HOLMAN, LLC. FRANCIS FUNERAL: Holly Miller Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Holly Miller, Esq., at Gellert Scali Busenkell & Brown, LLC as Subchapter V trustee for Francis Funeral Home, Inc. Ms. Miller will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Miller declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Holly S. Miller, Esq. Gellert Scali Busenkell & Brown, LLC 1628 John F. Kennedy Boulevard, Suite 1901 Philadelphia, PA 19103 Telephone: (215) 238-0012 Facsimile: (215) 238-0016 Email: hsmiller@gsbblaw.com About Francis Funeral Home Inc. Francis Funeral Home, Inc. provides funeral and memorial services, including private viewings, video tributes, and personalized arrangements. It serves families through professional, affordable care and culturally sensitive offerings. The company operates as a family-owned and operated business. Francis Funeral Home sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-12439) 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 Ashely M. Chan handles the case. The Debtor is represented by David B. Smith, Esq., at Smith Kane Holman, LLC. FTX TRADING: Recovery Trust Stops 82% of Payouts in 49 Regions -------------------------------------------------------------- Coin World reports that the FTX Recovery Trust has suspended payments to creditors in 49 restricted jurisdictions, according to a July 2025 court filing. The move highlights the legal and regulatory complexities involved in repaying creditors following the cryptocurrency exchange's collapse, particularly in regions with strict crypto regulations. Of the affected claims, 82% originate from China, underscoring the outsized impact on that jurisdiction, the report said. Established as part of the exchange's post-bankruptcy restructuring process, the trust has halted distributions in countries such as China, Nigeria, and Pakistan, pending legal clearance. These jurisdictions represent a significant portion of FTX's $16.5 billion repayment plan. The pause affects a wide range of claimants, from institutional investors to small retail holders. The trust's cautious approach has drawn mixed reactions. Some creditors view the suspension as an unnecessary delay, while others see it as a necessary step to ensure compliance with local laws. Legal reviews are currently underway to assess eligibility and determine a path forward, according to Coin World. "This reflects the complex global regulatory landscape surrounding cryptocurrency," the trust said in its filing, noting that it remains committed to a thorough and legally sound distribution process. The pause on payments is also viewed as a measure to prevent potential legal violations that could arise from unauthorized transactions in certain countries. Chief Restructuring Officer John J. Ray III has already overseen more than $5 billion in initial distributions and is preparing for additional rounds. However, the ongoing legal uncertainty in key jurisdictions remains a significant challenge, the report relays. The situation has prompted concerns from creditor representatives about possible financial setbacks and delays, as well as the risk that unclaimed funds may revert to the trust. These developments serve as a reminder of the complexities involved in cross-border bankruptcies, especially in an emerging and often opaque regulatory environment like crypto, the report states. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. FUTURE FINTECH: Inks $10.2M Settlement Agreement With FT Global --------------------------------------------------------------- Future FinTech Group Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a Settlement and Forbearance Agreement with FT Global Capital, Inc., pursuant to which the parties agreed to settle four judgments totaling approximately $10.2 million entered against the Company in federal courts in Georgia, New York, Florida, and Ohio. Under the Agreement, FT Global agreed to forbear from enforcement and collection of the Judgments, including suspending an auction of shares of common stock of the Company, in exchange for the Company's payment obligations and issuance of securities. Under the Agreement, the Company is required to make cash settlement payments totaling $4 million in installments over 18 months, beginning with an initial payment of $500,000. In addition, the Company agreed to issue an aggregate of 400,000 shares of its common stock to FT Global and its legal counsel, and to issue rights entitling FT Global to receive up to 1.3 million additional shares of common stock, exercisable over time. These securities will be issued pursuant to a court order under Section 3(a)(10) of the Securities Act of 1933, as amended. If the Company is unable to issue the shares as contemplated, it is required to file a registration statement to register the securities at FT Global's request. Full text of Settlement and Forbearance Agreement: https://tinyurl.com/yc5h7upk About Future FinTech Group New York, N.Y.-based Future FinTech Group Inc. is a holding company incorporated under the laws of the State of Florida. The Company historically engaged in the production and sale of fruit juice concentrates (including fruit purees and fruit juices) and fruit beverages (including fruit juice beverages and fruit cider beverages) in the PRC. Due to drastically increased production costs and tightened environmental laws in China, the Company transformed its business from fruit juice manufacturing and distribution to financial technology-related service businesses. The main business of the Company includes supply chain financing services and trading in China, asset management business in Hong Kong, and cross-border money transfer service in the UK. Orange, Calif.-based Fortune CPA, Inc., the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered losses from operations. Therefore, the Company has stated substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon its ability to successfully execute its new business strategy and eventually attain profitable operations. GD TRANSPORT: Jerrett McConnell Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq., at McConnell Law Group, P.A. as Subchapter V trustee for GD Transport, LLC. Mr. McConnell will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. McConnell declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jerrett M. McConnell, Esq. McConnell Law Group, P.A. 6100 Greenland Rd., Unit 603 Jacksonville, FL 32258 Phone: (904) 570-9180 Email: info@mcconnelllawgroup.com About GD Transport LLC GD Transport, LLC provides transportation and logistics services for national and international shipments. It operates with a modern fleet and offers customized logistics solutions across land, sea, and air. Founded in 2006, GD Transport focuses on timely delivery, safety, and client-focused service. GD Transport sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03699) on June 16, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Lori V. Vaughan handles the case. The Debtor is represented by Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP. GENERAL MOTORS: Texas Says Co. Can't Escape Data Privacy Suit ------------------------------------------------------------- Allison Grande of Law360 reports that the Texas Attorney General is asking a New York bankruptcy court to deny General Motors' attempt to avoid a data privacy lawsuit brought by the state, arguing the court lacks jurisdiction over the attorney general's office and that the case is not blocked by previous bankruptcy proceedings. The lawsuit accuses GM of unlawfully collecting and selling drivers’ personal data, the report states. About General Motors With its global headquarters in Detroit, Michigan, General Motors -- http://www.gm.com/-- is one of the world's largest automakers, traces its roots back to 1908. General Motors Co. was formed to acquire the operations of General Motors Corp. through a sale under 11 U.S.C. Sec. 363 following Old GM's bankruptcy filing. The U.S. government provided financing. The deal was closed July 10, 2009, and Old GM changed its name to Motors Liquidation Co. Old GM -- General Motors Corporation -- filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on June 1, 2009. The Honorable Robert E. Gerber presides over the Chapter 11 cases. The Debtors tapped Weil, Gotshal & Manges LLP Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as counsel; and Morgan Stanley, Evercore Partners and the Blackstone Group LLP as financial advisor. Garden City Group is the claims and notice agent of the Debtors. The U.S. Trustee appointed an Official Committee of Unsecured Creditors and a separate Official Committee of Unsecured Creditors Holding Asbestos-Related Claims. Lawyers at Kramer Levin Naftalis & Frankel LLP served as bankruptcy counsel to the Creditors Committee. Attorneys at Butzel Long served as counsel on supplier contract matters. FTI Consulting Inc. served as financial advisors to the Creditors Committee. Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, represented the Asbestos Committee. Legal Analysis Systems, Inc., served as asbestos valuation analyst. The Bankruptcy Court entered an order confirming the Debtors' Second Amended Joint Chapter 11 Plan on March 29, 2011. The Plan was declared effect on March 31. On Dec. 15, 2011, Motors Liquidation was dissolved. On the Dissolution Date, pursuant to the Plan and the Motors Liquidation Company GUC Trust Agreement, dated March 30, 2011, between the parties thereto, the trust administrator and trustee -- GUC Trust Administrator -- of the Motors Liquidation Company GUC Trust, assumed responsibility for the affairs of and certain claims against MLC and its debtor subsidiaries that were not concluded prior to the Dissolution Date. * * * The Troubled Company Reporter, on Aug. 29, 2014, reported that Fitch Ratings has affirmed the Issuer Default Ratings (IDRs) of General Motors Company (GM) and its General Motors Holdings LLC (GM Holdings) subsidiary at 'BB+'. In addition, Fitch has affirmed GM Holdings' secured revolving credit facility rating at 'BBB-' and GM's senior unsecured notes rating at 'BB+'. The Rating Outlook for GM and GM Holdings is Positive. GENTLE HAND: 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 Gentle Hand, 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 Gentle Hand LLC Gentle Hand LLC, doing business as Gentle Hand of Palm Bay ALF, LLC, operates an assisted living facility in Palm Bay, Florida. It provides residential care services in a licensed setting with a six-bed capacity. Gentle Hand sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03727) on June 17, 2025. In its petition, the Debtor reported total assets of $2,060,651 and total liabilities of $1,015,547. Judge Lori V. Vaughan handles the case. The Debtor is represented by Jeffrey S. Ainsworth, Esq., at BransonLaw, PLLC. GIO LIQUOR: Seeks to Hire Robert N. Bassel as Bankruptcy Counsel ---------------------------------------------------------------- Gio Liquor Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to hire Robert N. Bassel, Esq., an attorney serving Clinton, Michigan, to handle its bankruptcy proceedings. Mr. Bassel will be paid at the hourly rate of $350. Mr. Bassel received a retainer of $16,738. Mr. Bassel will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Bassel assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Robert N. Bassel can be reached at: Robert N. Bassel, Esq. P.O. Box T Clinton, MI 49236 Tel: (248) 835-7683 E-mail: bbassel@gmail.com About Gio Liquor Inc. Gio Liquor Inc., a Michigan-based liquor retailer, filed Chapter 11 petition (Bankr. E.D. Mich. Case No. 25-45091) on May 18, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. Judge Maria L. Oxholm handles the case. The Debtor is represented by Robert N. Bassel, Esq. at Robert Bassel, Attorney At Law. GOT KIDZ?: Hires Gordon Law Firm PC as Legal Counsel ---------------------------------------------------- Got Kidz?, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Gordon Law Firm, PC as counsel. The firm will provide these services: a. analyzing Debtor's financial situation, and b. advising Debtor in determining whether to file a petition in bankruptcy; c. preparing and filing of any petition, schedules, statements of affairs, disclosure statement, and plan which may be required; and d. representation of Debtor at the IDI, meeting of creditors and confirmation hearing, and any adjourned hearings thereof; e. drafting all necessary pleadings; responding to all pleadings filed by the trustee and creditors; f. attending all hearings; litigating at trial; and counseling Debtor. The firm will be paid at these rates: Attorneys $395 per hour Office administrator $195 per hour Litigation specialists $175 per hour Senior legal assistants $155 per hour The firm received a retainer in the amount of $5,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Sims W. Gordon, Jr., a partner at Gordon Law Firm, PC, 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: Sims W. Gordon, Jr., Esq. The Gordon Law Firm, PC 400 Galleria Parkway, SE, Suite 1500 Atlanta, GA 30339 Tel: (770) 955-5000 Fax: (770) 955-5010 Email: law@gordonlawpc.com About Got Kidz? Inc. Got Kidz? Inc. owns two commercial properties totaling roughly 17,000 square feet on a 5.5-acre site at 1581 Fairburn Road in Atlanta, Georgia. Got Kidz? Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55074) on May 6, 2025. In its petition, the Debtor reports total assets of $1,500,000 and total liabilities of $700,000. The Debtors are represented by Sims W Gordon Jr., Esq. at THE GORDON LAW FIRM, PC. HALO ESTATES: Court OKs Deal on Cash Collateral Access ------------------------------------------------------ The U.S. Bankruptcy Court for the Central District of California approved a stipulation granting Halo Estates, LLC a 90-day extension to use the cash collateral of its secured creditor Wilmington Trust, National Association. The stipulation allows the Debtor to use cash collateral for the period from July 1 to September 30 in accordance with its budget. As protection, Wilmington Trust was granted a replacement lien on all post-petition cash collateral, to the same extent and with the same validity and priority as its pre-bankruptcy lien. The next hearing is set for September 26. Wilmington Trust holds a first-priority lien and assignment of rents on a loan of $1.056 million. The loan is secured by a deed of trust on the property at 521 South Breed St., Los Angeles, Calif. The Debtor failed to meet loan payments, maintain insurance, and cure defaults since February 2024, leading to foreclosure proceedings. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/S5Eez from PacerMonitor.com. About Halo Estates LLC Halo Estates LLC is a Los Angeles-based real estate company. Halo Estates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-10025) on January 7, 2025, listing up to $50,000 in both assets and liabilities. Judge Martin R. Barash handles the case. The Debtor is represented by: Alla Tenina Alla Tenina Tel: 213-596-0265 Email: alla@teninalaw.com HAWAII STAGE: Bid to Strike Rodrigues' Jury Demand Granted in Part ------------------------------------------------------------------ Judge Robert J. Faris of the United States Bankruptcy Court for the District of Hawaii granted in part and denied in part the motion of Hawaii Stage and Lighting Rentals, Inc. to strike Kalani Rodrigues's jury demand in the adversary proceeding captioned as HAWAII STAGE AND LIGHTING RENTALS, INC., Plaintiff, vs. KALANI RODRIGUES, et al., Defendants, Adversary Proceeding No. 25-90002 (Bankr. D. Hawaii). The defendants' motion to determine that all of the claims in this adversary proceeding are "non-core" is also granted in part and denied in part. Hawaii Stage and Lighting Rentals, Inc. contends that its former employee, Kalani Rodrigues, and his company, Onstage Hawaii, have misappropriated its business. HSLR filed a lawsuit against Onstage and Mr. Rodrigues in state court on February 8, 2024. The complaint did not include a jury demand. Mr. Rodrigues answered the complaint and made a counterclaim on March 22, 2024. He did not include a jury demand in his answer. HSLR answered the counterclaim on April 11, 2024, and did not demand a jury. Mr. Rodrigues filed a demand for a jury trial only on his counterclaim on April 22, 2024. Because April 21, 2024, was a Sunday, this demand was filed within 10 days after HSLR answered the counterclaim. Onstage filed its answer to the initial complaint on July 15, 2024. Onstage and Mr. Rodrigues filed a jury demand for all issues triable to a jury on July 24, 2024. HSLR filed a chapter 11 bankruptcy petition on Dec. 14, 2024. On Jan. 13, 2025, Onstage and Mr. Rodrigues filed the complaint that commenced this adversary proceeding and removed HSLR's lawsuit to the bankruptcy court from state court pursuant to 28 U.S.C. Sec. 1452(a). Mr. Rodrigues filed a proof of claim in HSLR's bankruptcy case. HSLR objected to that claim. The Bankruptcy Court has not formally consolidated the adversary proceeding, the removed case, and the objection to claim, but it has set all of those matters for trial on the same day. On March 19, 2025, the defendants filed a motion to withdraw the reference which was transmitted to the United States District Court for the District of Hawaii and is pending there as Civil No. 25-00132 MWJS-RT. The Bankruptcy Court entered an order confirming HSLR's small business plan of reorganization on May 1, 2025. The order provides that it will retain jurisdiction over claim objections and "any cause of action which may exist in favor of the debtor." Jury Demand HSLR moves to strike Mr. Rodrigues's jury demand, arguing that it was untimely and that Mr. Rodrigues waived his right to a jury trial by filing a proof of claim in HSLR's bankruptcy case. The Bankruptcy Court finds Mr. Rodrigues has waived his right to a jury trial on certain issues. When a creditor submits a claim against the bankruptcy estate, that claim is part of the process of allowance and disallowance of claims and there is no right to a jury trial. Judge Faris explains, "Mr. Rodrigues has filed a proof of claim in the main bankruptcy case. The basis for his proof of claim is 'services performed' for HSLR. Mr. Rodrigues does not have a right to a jury trial on any issues presented by his proof of claim because adjudicating the claim is a part of the 'allowance and disallowance of claims. Therefore, HSLR's motion to strike Mr. Rodrigues's jury demand is granted in part and denied in part because some of the issues in this adversary proceeding are triable to a jury." Core vs. Non-core Proceeding Mr. Rodrigues and Onstage move the Bankruptcy Court to determine that all of the claims in this adversary proceeding are "non-core." According to the Bankruptcy Court, HSLR's claims against Onstage and Mr. Brill are not core. They have not filed proofs of claim. HSLR's claims against them do not implicate bankruptcy law. However, the Bankruptcy Court finds HSLR's affirmative claims against Mr. Rodrigues are partly core and partly noncore. HSLR argues that its claims against Mr. Rodriguez are functionally counterclaims against Mr. Rodriguez's proof of claim. Judge Faris holds, "Mr. Rodrigues's proof of claim and HSLR's claims against Mr. Rodrigues overlap significantly, but not perfectly. Resolving HSLR's counterclaims would not entirely resolve Mr. Rodrigues's proof of claim. Both HSLR and Mr. Rodrigues could conceivably prevail on portions (at least) of their claims. Therefore, HSLR's claims against Mr. Rodrigues are partly non-core, and Mr. Rodrigues's and Onstage's motion is granted in part and denied in part." Withdrawal of the Reference Portions of this case are triable to a jury and the bankruptcy court lacks authority to conduct a jury trial. To promote judicial efficiency and expedite this case, Judge Faris recommends that the district court enter an order setting a date for a trial of this matter (including the adversary proceeding, the case removed from state court, and the objection to Mr. Rodrigues's proof of claim) before a district judge. A copy of the Court's Order dated July 1, 2025, is available at https://urlcurt.com/u?l=aPEMRt About Hawaii Stage and Lighting Rentals Hawaii Stage and Lighting Rentals Inc., doing business as Hawaii Stage and Hawaii Stage Event Production Company, is a full service event production company serving the Hawaiian Islands since 1976. Hawaii Stage and Lighting Rentals Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Hawaii Case No. 24-01132) on Dec. 14, 2024. In the petition filed by Joseph Kuhio Lewis, president, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Judge Robert J. Faris handles the case. Allison A. Ito, Esq., at Choi & Ito, serves as the Debtor's counsel. HDLV CONSOLIDATION: Hires D&C Hospitality as Real Estate Broker --------------------------------------------------------------- HDLV Consolidation, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire D&C Hospitality Investments, LLC d/b/a HREC Investment Advisors as its real estate broker and advisor. The broker will market and auction the Debtor's property known as Hotel de L'Eau Vive located at 307, 315 and 327 Tchoupitoulas, New Orleans, Louisiana 70130. The broker will receive a commission equal to 2.75 percent of the gross proceeds. Leonard Wormser, senior vice president of HREC Investment Advisors, assured the court that his firm is disinterested as the term is defined in 11 U.S.C. Sec. 101(14). The firm can be reached through: Leonard Vance Wormser D&C Hospitality Investments, LLC d/b/a HREC Investment Advisors 840 Carondelet Street New Orleans, LA 70130 Phone: (850) 830-4595 Email: lwormser@hrec.com About HDLV Consolidation, LLC HDLV Consolidation, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-33540) on August 2, 2024, listing $500,001 to $1 million on both assets and liabilities. Judge Jeffrey P Norman presides over the case. Aaron James Power, Esq. at Porter Hedges LLP represents the Debtor as counsel. HEART ESTATES: Hires Lokation Real Estate LLC as Broker ------------------------------------------------------- Heart Estates LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Lokation Real Estate, LLC as broker. The firm will market and sell the Debtor's real property located at 5621 Zanola Drive, Mableton, GA 30126. The firm will be paid $1,500, plus reasonable out-of-pocket expenses incurred. As 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: Doris Armstrong Lokation Real Estate, LLC 13010 Morris Road Deerfield Centre 1, Suite 650 Alpharetta, GA 30004 Tel: (404) 348-0420 About Heart Estates LLC Heart Estates, LLC is a real estate company incorporated on August 5, 2010. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-51291) on February 6, 2025. Judge Paul Baisier presides over the case. Paul Reece Marr represents the Debtor as legal counsel. HEART ESTATES: Seeks to Hire Keller Williams as Real Estate Broker ------------------------------------------------------------------ Heart Estates, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Keller Williams Elite Properties as brokers and Theresa Bowe as listing agent. The firm will market and sell the Debtor's property located at 5131 Monroe Street, Hollywood, FL 33021. The broker will receive a commission equal to 4 percent of the gross sales price plus $599. As 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: Theresa Bowe Keller Williams Elite Properties 20801 Biscayne Blvd Ste 101 Aventura, FL 33180 Office: (786) 771-8363 Mobile: (786) 771-8363 Email: mrsrealtor305@gmail.com About Heart Estates Heart Estates, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-51291) on February 6, 2025. HERITAGE PORTRAITS: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- Heritage Portraits and Albums, Inc. got the green light from the U.S. Bankruptcy Court for the Northern District of Alabama, Eastern Division, to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral pending conclusion of the final hearing, which is scheduled for August 14. As protection for the Debtor's use of its cash collateral, the U.S. Small Business Administration will be granted a replacement lien on assets acquired by the Debtor after the petition similar to its pre-bankruptcy collateral. This replacement lien will have the same priority as SBA's pre-bankruptcy lien. As further protection, SBA will receive a monthly payment of $731 until its Chapter 11 plan is confirmed. The Debtor was ordered to escrow $900 per month with its bankruptcy counsel to cover the Subchapter V trustee's compensation and expenses. These escrowed funds are not subject to the replacement lien. About Heritage Portraits and Albums Inc. Heritage Portraits and Albums, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-40780) on June 13, 2025, listing $100,001 to $500,000 in both assets and liabilities. Judge James J Robinson presides over the case. Robert C Keller, Esq. at Russo, White & Keller represents the Debtor as counsel. HERMS LUMBER: Seeks to Extend Plan Exclusivity to October 17 ------------------------------------------------------------ Herms Lumber Sales, Inc., asked the U.S. Bankruptcy Court for the Central District of California to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to October 17 and December 16, 2025, respectively. The Debtor explains that it has made significant progress towards reorganization. The Debtor is actively working on a plan of reorganization that will provide a meaningful distribution to creditors. The Debtor claims that it simply requires additional time to finalize its plan and projections. The Debtor is also hopeful that its efforts to negotiate and formulate a plan will result in a consensual plan and Debtor will continue to negotiate with creditors in the hopes of reaching an accord. The Debtor believes that it is necessary to know the full extent of the claims asserted against it in order to propose a feasible plan of reorganization. If Debtor were provided additional time to propose a plan after the Claims Bar Date, it would give Debtor an opportunity to analyze the timely-filed claims and modify its plan as necessary. Accordingly, Debtor needs to understand the full extent of the claims filed against it in order to properly analyze and formulate its Plan. Herms Lumber Sales, Inc. is represented by: Aaron E. De Leest, Esq. Laila Rais, Esq. Sarah R. Hasselberger, Esq. Marshack Hays Wood LLP 870 Roosevelt Irvine, CA 92620 Telephone: (949) 333-7777 Facsimile: (949) 333-7778 Email: adeleest@marshackhays.com About Herms Lumber Sales Inc. Herms Lumber Sales, Inc. specializes in the wholesale distribution of lumber and related construction materials. The Company offers a variety of products, including dense mixed hardwoods, softwoods, and plywood/OSB, catering to industries such as pallet manufacturing and construction. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10403) on Feb. 19, 2025. In the petition signed by Mark C. Herms, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Theodor Albert oversees the case. Aaron E. De Leest, Esq., at Marshack Hays Wood, LLP, is the Debtor's legal counsel. HIGHER GROUND: Taps Verita Global as Claims and Noticing Agent -------------------------------------------------------------- Higher Ground Education, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Kurtzman Carson Consultants, LLC, doing business as Verita Global, as claims, noticing, and solicitation agent. Verita Global will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. The firm will be paid at its standard hourly rates and will be reimbursed for expenses incurred. The Debtors paid the firm an advance retainer of $30,000. Evan Gershbein, an executive vice president at Verita Global, 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: Evan Gershbein Verita Global LLC 222 N. Pacific Coast Highway, 3rd Floor El Segundo, CA 90245 Tel: (310) 823-9000 Fax: (310) 823-9133 About Higher Ground Education, Inc. Higher Ground Education Inc. and its subsidiaries operate Montessori schools and provide related training and consulting services worldwide. Founded in 2016, the Group grew to manage more than 150 schools by 2024, with locations across the U.S. and international expansion into Hong Kong and mainland China. It also offers virtual and home-based education, teacher training, and licensing of its content to independent partners. Higher Ground Education Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80121) on June 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Michelle V. Larson handles the case. The Debtors are represented byHolland N. O'Neil, Esq. and Timothy C. Mohan, Esq. at Foley & Lardner LLP and Nora J. McGuffey, Esq. and Quynh-Nhu Truong, Esq. at Foley & Lardner LLP. Sierraconstellation Partners, LLC is the Debtors' Financial Advisor. Verita Global, LLC fka Kurtzman Carson Consultants, LLC is the Debtors' Notice, Claims, Solicitation & Balloting Agent. HKLTN INVESTMENT: Seeks to Hire Gary G. Lyon as Bankruptcy Counsel ------------------------------------------------------------------ HKLTN Investment LLC seeks approval from the Eastern District of Texas to hire Gary G. Lyon, an attorney practicing in McKinney, Texas, as general bankruptcy counsel. The firm will render these services: (a) furnish legal advice to the Debtor with regard to its powers, duties and responsibilities as a debtor-in-possession and the continued management of its affairs and assets under chapter 11; (b) prepare, for and on behalf of the Debtor, all necessary applications, motions, answers, orders, reports and other legal papers; (c) prepare a disclosure statement and plan of reorganization and other services incident thereto; (d) investigate and prosecute preference and fraudulent transfers actions arising under the avoidance powers of the Bankruptcy Code; and (e) perform all other legal services for the Debtor which may be necessary. Gary G. Lyon will be paid at these hourly rates: Attorneys $500 Paralegals $75 The Debtor paid Gary G. Lyon a retainer in the amount of $4,738. Gary G. Lyon will also be reimbursed for reasonable out-of-pocket expenses incurred. Gary G. Lyon, Esq. assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Gary G. Lyon can be reached at: Gary G. Lyon, Esq. 6401 W. Eldorado Parkway, Ste 234 McKinney, TX 75070 Tel: (214) 620-2034 Fax: (469) 521-7219 E-mail: glyon.attorney@gmail.com About HKLTN Investment LLC HKLTN Investment LLC is a limited liability company. HKLTN Investment LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 24-41310) on June 3, 2024. In the petition filed by Hai Nguyen, as president, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. HOLYOKE PARKVIEW: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: Holyoke Parkview Apartments LLC 183 High Street Holyoke MA 01040 Business Description: Holyoke Parkview Apartments LLC owns and manages the Park View residential community located at 859-861 Main Street in Holyoke, Massachusetts. The property comprises multiple apartment units offering housing options within the local market. Chapter 11 Petition Date: July 8, 2025 Court: United States Bankruptcy Court District of Massachusetts Case No.: 25-30411 Debtor's Counsel: James P. Ehrhard, Esq. 27 Mechanic Street Worcester MA 01608 Tel: 508-791-8411 E-mail: ehrhard@ehrhardlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Harrison Bonner as manager. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/D75FPJY/Holyoke_Parkview_Apartments_LLC__mabke-25-30411__0001.0.pdf?mcid=tGE4TAMA HORNBLOWER CRUISES: Court Dismisses Shaw, et al. Lawsuit -------------------------------------------------------- Judge Victor Marrero of the United States District Court for the Southern District of New York dismissed with prejudice the case captioned as CLYVE SHAW and KENARDRO PRESS, on behalf of themselves and those similarly situated, Plaintiffs,- against - HORNBLOWER CRUISES & EVENTS, LCC, Defendant, Case No. 21-cv-10408-VM (S.D.N.Y.) pursuant to Federal Rule of Procedure 41(a)(2). On Feb. 29, 2024, this action was stayed because Hornblower Holdings LLC and certain of its direct and indirect subsidiaries -- including Defendant Hornblower Cruises and Events, LLC -- initiated Chapter 11 bankruptcy proceedings in the United States Bankruptcy Court for the Southern District of Texas. On June 26, 2025, the parties jointly informed the District Court that the Bankruptcy Court issued an Order confirming the Third Amended Joint Chapter 11 Plan of Reorganization of Hornblower Holdings LLC and its Debtor Affiliates. Pursuant to the Plan, Plaintiffs are permanently enjoined from continuing this action against the Defendant. Thus, the parties requested that the Court dismiss this action with prejudice. A copy of the Court's Order dated June 27, 2025, is available at https://urlcurt.com/u?l=lABqjk from PacerMonitor.com. About Hornblower Holdings Hornblower Holdings, LLC and its affiliates filed Chapter 11 petitions (Bankr. S.D. Tex. Lead Case No. 24-90061) on Feb. 21, 2024. At the time of the filing, Hornblower reported $500 million to $1 billion in assets and $1 billion to $10 billion in liabilities. Judge Marvin Isgur oversees the cases. The Debtors tapped Porter Hedges, LLP and Paul, Weiss, Rifkind, Wharton & Garrison, LLP as bankruptcy counsels; Borden Ladner Gervais, LLP as Canadian counsel; Guggenheim Securities, LLC as investment banker; and Alvarez & Marsal North America, LLC as restructuring advisor. Omni Agent Solutions, Inc., is the Debtor's notice and claims agent and administrative advisor. Hornblower Group emerged from its Chapter 11 bankruptcy in July 2024 approximately five months after filing a "prepackaged deal" designed to restructure the company. As part of the deal that was presented to the bankruptcy court, Hornblower narrowed its focus of operations and received a new majority owner. HUMPER EQUIPMENT: Taps James A. Keltner as Wind-Down Manager ------------------------------------------------------------ Humper Equipment, LLC seek approval from the U.S. Bankruptcy Court for the Western District of Missouri to employ James A. Keltner as wind-down manager. Mr. Keltner will render these services: a. review of claims; b. assistance with the claim objections; c. assistance with worker’s compensation claims; d. assistance with accident liability claims; e. certain bookkeeping functions; f. completion of monthly operating reports; g. winding down of the corporate entities; h. assistance with post-closing transactions such as the assembly or coordination of return of collateral; and i. supervise remaining limited staff in winding down. Mr. Keltner, would forego his regular salary and in 2024 and thus far in 2025, has taken approximately 50 percent of his regular salary. Mr. Keltner assured the court that he does not represent or hold any interest adverse to the estate and are considered "disinterested person[s]" as the phrase is defined in section 101(14) of the Bankruptcy Code, as modified by section 1107(b) of the Bankruptcy Code. The firm can be reached through: James A. Keltner Humper Equipment, LLC RBX, Inc. PO Box 2118 Springfield, MO 65801 About Humper Equipment, LLC Humper Equipment LLC, a company in Strafford, Mo., filed Chapter 11 petition (Bankr. W.D. Mo. Case No. 24-60818) on December 12, 2024, with up to $50,000 in assets and $10 million to $50 million in liabilities. James A. Keltner, sole member of Humper Equipment, signed the petition. Judge Brian T. Fenimore oversees the case. The Debtor is represented by Sharon L. Stolte, Esq. at Sandberg Phoenix & Von Gontard. ICORECONNECT INC: Hires Nelson Mullins Riley as Special Counsel --------------------------------------------------------------- iCoreConnect Inc. and its affiliate seek approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Nelson Mullins Riley & Scarborough, LLP as special counsel. The Debtor needs the firm's legal assistance in connection business immigration matters of the Debtors specifically with regard to H-1B work visas, the permanent labor certification program and extensions as well as any other business immigration items for foreign nationals employed by the Debtors. The firm is owed $7,132.30 for prepetition services rendered to the Debtors. The firm will be paid at these rates: Jay Ruby $775 per hour Paralegals $350 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Ruby 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: Jay Ruby, Esq. Nelson Mullins Riley & Scarborough, LLP 201 17th Street NW Suite 1700 Atlanta, GA 30363 Tel: (404) 322-6065 About iCoreConnect Inc. iCoreConnect Inc. provides cloud-based software solutions for the healthcare sector across the United States. Its SaaS offerings support functions such as ePrescribing, insurance verification, claims management, analytics, and HIPAA-compliant communication and backup. The company is headquartered in Ocoee, Florida. iCoreConnect sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03390)) on June 2, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Grace E. Robson handles the case. The Debtor is represented by Amy Denton Mayer, Esq., at Stichter, Riedel, Blain & Postler, P.A. INCAR GROUP: Seeks Chapter 11 Bankruptcy in Puerto Rico ------------------------------------------------------- On July 7, 2025, INCAR Group LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Puerto Rico. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About INCAR Group LLC INCAR Group LLC is a construction contractor based in Cidra, Puerto Rico. INCAR Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-03067) on July 1, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million . The Debtors are represented by Carlos A. Ruiz Rodriguez, Esq. IROKOS GROUP: Hires Lipton Law Group LLC as Counsel --------------------------------------------------- Irokos Group, LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Lipton Law Group LLC as counsel. The firm will provide these services: (a) advise the Debtor with respect to its duties; (b) advise the Debtor with respect to any plan of reorganization and any other matters relevant to the formulation and negotiation of a plan of reorganization; (c) represent the Debtors at all hearings in this matter; (d) prepare all necessary and appropriate legal documents, and review all financial and other reports to be filed in the Chapter 11 proceeding; (e) review and analyze the nature and validity of any liens asserted against the Debtor's property; (f) review and analyze claims against the Debtor, the treatment of such claims and the preparation, filing or prosecution of any objections to claims; and (g) perform all other legal services as may be necessary or appropriate during the course of the Debtor's bankruptcy proceeding. Marques Lipton, Esq., the primary attorney in this representation, will be paid at his hourly rate of $350. In addition, the firm will seek reimbursement for expenses incurred. Prior to the Petition Date, the Debtor paid the firm a retainer in the amount of $20,000. Mr. Lipton 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: Marques C. Lipton, Esq. Lipton Law Group, LLC 945 Concord Street Framingham, MA 01701 Tel: (508) 202-0681 Email: marques@liptonlg.com About Irokos Group, LLC Irokos Group, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Mass. Case No. 25-11270) on June 23, 2025. The Debtor hires Lipton Law Group LLC as counsel. JAGUAR HEALTH: Registers 507K Shares From May 2025 Warrants ----------------------------------------------------------- Jaguar Health, Inc. filed a Registration Statement on Form S-3 with the U.S. Securities and Exchange Commission regarding a prospectus relating to the resale of up to 507,390 shares of the Company's voting common stock, par value $0.0001 per share, by Intracoastal Capital LLC, Anson Investments Master Fund LP, CVI Investments, Inc., Noam Rubinstein, Craig Schwabe, Michael Vasinkevich, and Charles Worthman, as the Selling Stockholders. The shares of Common Stock registered for resale pursuant to this prospectus consist of: (i) 492,612 shares of Common Stock issuable upon the exercise of common warrants, and (ii) 14,778 shares of Common Stock issuable upon the exercise of certain warrants issued to our placement agent. The Warrants were issued to the Selling Stockholders in a private placement offering that closed on May 22, 2025. Private Placement: On May 20, 2025, the Company entered into securities purchase agreements with selected accredited investors, pursuant to which Jaguar agreed to issue and sell, in a registered direct offering by the Company directly to the Investors priced at-the-market under the rules of The Nasdaq Market, an aggregate of 246,306 shares of Common Stock at an offering price of $6.09 per share, for aggregate gross proceeds from the Offerings of approximately $1.5 million before deducting the placement agent fee and related offering expenses. The Shares were offered by the Company pursuant to a registration statement on Form S-3 (333-278861), which was declared effective by the Securities and Exchange Commission on May 1, 2024, including the related base prospectus contained therein and a prospectus supplement filed on May 21, 2025. In a concurrent private placement, Jaguar agreed to issue to the Investors unregistered warrants to purchase up to 492,612 shares of Common Stock at an exercise price of $5.84 per share. The Common Warrants are exercisable immediately upon issuance and will expire on the earlier of: (i) the 24-month anniversary of the date of issuance, (ii) the consummation of a fundamental transaction and (iii) the consummation of a liquidation event. H.C. Wainwright & Co., LLC served as the Company's exclusive placement agent in connection with the Private Placement, pursuant to that certain engagement letter entered into by and between the Company and the Placement Agent dated as of March 3, 2025. Pursuant to the Engagement Letter, the Companny paid the Placement Agent: (i) a cash fee equal to 7% of the aggregate gross proceeds of the Offerings, (ii) a management fee of 1% of the aggregate gross proceeds of the Offerings, (iii) a non-accountable expense allowance of $20,000, (iv) $35,000 for its fees and expenses of legal counsel, and (v) $15,950 for clearing expenses. In addition, in connection with the Private Placement, the Company issued the Placement Agent or its designees the Placement Agent Warrants to purchase up to 14,778 shares of Common Stock . The Placement Agent Warrants have substantially the same terms as the Common Warrants, except that the Placement Agent Warrants have an exercise price of $7.6125 per share. In addition, upon any exercise for cash of any Common Warrants issued to the Investors in the Private Placement, the Company shall: (i) pay the Placement Agent a cash fee of 7% of the aggregate gross exercise price paid in cash with respect thereto, and (ii) issue to the Placement Agent (or its designees) warrants to purchase that number of shares of Common Stock equal to 6% of the aggregate number of such shares of Common Stock underlying the Common Warrants that have been so exercised. Full text copy of the Registration Statement: https://tinyurl.com/yxcy9cc8 About Jaguar Health Jaguar Health, Inc. -- http://www.jaguar.health-- is a commercial-stage pharmaceuticals company focused on developing novel, plant-based, sustainably derived prescription medicines for people and animals with gastrointestinal ("GI") distress, including chronic, debilitating diarrhea. Jaguar Health's wholly owned subsidiary, Napo Pharmaceuticals, Inc., focuses on developing and commercializing proprietary plant-based human pharmaceuticals from plants harvested responsibly from rainforest areas. The Company's crofelemer drug product candidate is the subject of the OnTarget study, a pivotal Phase 3 clinical trial for prophylaxis of diarrhea in adult cancer patients receiving targeted therapy. Larkspur, California-based RBSM, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has an accumulated deficit, recurring losses, and expects continuing future losses. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company, since its inception, has incurred recurring operating losses and negative cash flows from operations and has an accumulated deficit of $346.5 million as of December 31, 2024. As of Dec. 31, 2024, the Company had $53.4 million in total assets, $44.4 million in total liabilities, $2.5 million in commitments and contingencies and a total stockholders' equity of $6.5 million. JAMES JOSEPH: To Sell Causes of Action to Bloak LLC for $300K ------------------------------------------------------------- Shawn K. Brown, Chapter 7 Trustee for James Joseph Sanctified Spirits, LLC, seeks permission from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to approve the sale and settlement agreement with Bloack LLC. As authorized by the Financing Order, Bloak, LLC made a post-petition loan to the Debtor in the amount of $300,000.00 secured by perfected liens on all assets of the Debtor, except for chapter 5 causes of action or any proceeds recovered therefrom, as more particularly described in the Financing Order. Bloak contends that it foreclosed on all assets of the Debtor, except for chapter 5 causes of action, on March 29, 2025 as authorized by the Financing Order, the DIP Loan Documents, and applicable law. On April 17, 2025, the Bankruptcy Court entered an Order which converted the Bankruptcy Case to a case under chapter 7 of the United States Bankruptcy Code, thus, the Trustee was appointed. The Trustee is not holding any funds in the Debtor's bankruptcy estate to fund litigation to pursue Motion for Determination or the Adversary Proceeding. John J. Kane, a Director of the law firm of Kane Russell Coleman Logan PC, filed the Motion for Determination as counsel for a group of equity holders of the Debtor's parent company and filed the Adversary Proceeding as proposed special counsel for the Debtor. After the Bankruptcy Case was converted to chapter 7, Mr. Kane declined to represent the Trustee on a contingent fee basis. In an effort to monetize the bankruptcy estate's claims and causes of action against Bloak and possible causes of action under chapter 5 of the Bankruptcy Code, the Trustee negotiated with a group of equity holders of the Debtor's parent company who were represented by Mr. Kane and Bloak to sell and/or compromise those causes of action. The Trustee negotiated with the Equity Group and Bloak for approximately six weeks. The Trustee determined that the deal he negotiated with Bloak was the highest and best deal for the Debtor's bankruptcy estate, particularly in light of Bloak's substantial rights under the existing Financing Order. The Trustee and Bloak have negotiated a Sale and Settlement Agreement to resolve all claims and defenses between themselves, including complete resolution of the Motion for Determination and the Adversary Proceeding, and for the Trustee to sell all of the Debtor’s bankruptcy estate's causes of action arising under chapter 5 of the Bankruptcy Code to Bloak. Following is a summary of the proposed Agreement: a. Bloak will pay the Trustee $300,000.00; b. the Trustee will convey all of the Debtor’s bankruptcy estate's causes of action arising under chapter 5 of the Bankruptcy Code to Bloak; c. the Trustee and Bloak stipulate that Bloak effectively and validly foreclosed on all assets of the Debtor, except for chapter 5 causes of action, on March 29, 2025 as authorized by the Financing Order, the DIP Loan Documents, and applicable law; d. the Trustee will file a notice to dismiss the Adversary Proceeding with prejudice; e. the Trustee will file a notice to withdraw the Motion for Determination with prejudice; f. Bloak, to the extent it possesses the information, will give the Trustee and his professionals access to review and copy the Debtor's documents and data to the extent that the Trustee does not already have access via Debtor's counsel, and the Trustee may take possession of the Debtor's documents and data if he so elects; and g. broad mutual releases between the Debtor’s bankruptcy estate and Bloak, including a release of all claims against Bloak's insiders. The Trustee believes that the sale all of the Debtor's bankruptcy estate’s causes of action arising under chapter 5 of the Bankruptcy Code to Bloak satisfies section 363(b) in that a sound business justification exists to sell those causes of action on the terms included in the Agreement. About James Joseph Sanctified Spirits LLC James Joseph Sanctified Spirits, LLC is in the business of whiskey manufacturing in Southlake, Texas. James Joseph sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 24-44468) on December 2, 2024. Amir Giryes, manager of James Joseph, signed the petition. As of November 27, 2024, James Joseph reported total assets of $3,942,406 and total liabilities of $3,575,009. Judge Mark X. Mullin oversees the case. The Debtor is represented by J. Robert Forshey, Esq., at Forshey Prostok, LLP. JEFRYN PARK: Gerard Luckman Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 2 appointed Gerard Luckman, Esq., at Forchelli Deegan Terrana, LLP as Subchapter V trustee for Jefryn Park Realty, LLC. Mr. Luckman will be paid an hourly fee of $695 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Luckman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gerard R. Luckman, Esq. Forchelli Deegan Terrana, LLP 333 Earle Ovington Blvd., Suite 1010 Uniondale, NY 11553 Tel: (516) 812-6291 Email: gluckman@ForchelliLaw.com About Jefryn Park Realty Jefryn Park Realty, LLC, through its affiliate, manufactures custom metal hardware including hinges, locks, and handles. It leases and operates from a 40,000-square-foot industrial facility in Deer Park, New York. Jefryn Park Realty sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-72381) on June 18, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Alan S. Trust handles the case. The Debtor is represented by James C. Vandermark, Esq., at White and Williams, LLP. JSMITH CIVIL: Fourth Elm Wins Bid to Stay, Compel Arbitration ------------------------------------------------------------- Judge Joseph N. Callaway of the United States Bankruptcy Court for the Eastern District of North Carolina granted Fourth Elm Construction, LLC's motion to stay proceeding in the adversary proceeding captioned as JSMITH CIVIL, LLC, Plaintiff, v. FOURTH ELM CONSTRUCTION, LLC, Defendant, Adversary Proceeding Case No. 25-00043-5-JNC (Bankr. E.D.N.C.) and compel arbitration. This adversary proceeding was filed in the bankruptcy court on Feb. 25, 2025. JSmith seeks to obtain judgment against Fourth Elm and collect proceeds on state law claims of breach of contract and quantum meruit. It also makes a claim for a declaratory judgment. In essence, the Complaint maintains that JSmith was a subcontractor party to a construction contract with Fourth Elm as contractor, and that the Contract was wrongfully terminated by Fourth Elm resulting in damages suffered by JSmith. Fourth Elm seeks to stay this adversary proceeding and force JSmith to pursue its breach of contract and other claims in private arbitration as directed in Article 24 of the Contract. Because this action was filed in a federal bankruptcy court, Section 3 of the Federal Arbitration Act is invoked. According to the Court, the arbitration language in Article 24 of the Contract is clear and unequivocal concerning the applicability of arbitration unless both parties agree otherwise. It reflects the intent of the two experienced and sophisticated construction companies. The Complaint does not contain allegations of adhesion or support for one party taking advantage of an unsophisticated party. Fourth Elm and JSmith are long-time commercial construction companies, and no one forced either entity to enter the Contract. JSmith freely acknowledges it signed the Contract, admits to the presence of language in the Contract requiring arbitration, and does not contend Article 24 provides a voluntary arbitration opt-out by one party. Instead, it makes two policy exception arguments. JSmith maintains the arbitration provision of the Contract is void as a matter of law because the Contract contains an unacceptable waiver of claims and limitation of liabilities. It contends Article 22 effectively waives the right to assert claims beyond breach of contract such as treble damages under North Carolina's Unfair and Deceptive Trade Practices Act, N.C. Gen. Stat. Sec. 75-1.1, et seq. or for punitive damages under N.C. Gen. Stat. Sec. 1D-1, et seq. This argument might carry some weight had JSmith made a viable extra-contractual claim under either statute or asserted fraud, but no such claims are asserted in this case, the Court finds. JSmith also contends that because it is a debtor in bankruptcy, the case against Fourth Elm necessarily requires application of Bankruptcy Code provisions beyond the scope of an arbitration panel. According to the Court, the argument fails because the Complaint does not go beyond facts supporting a claim for breach of contract and quantum meruit. Judge Callaway explains, "It makes no reference to the Bankruptcy Code beyond the fact that JSmith is a post-confirmation chapter 11 debtor; it does not delve into bankruptcy-centric legal claims or policies. No Bankruptcy Code chapter 5 causes of action are asserted, nor has Fourth Elm filed a proof of claim in the chapter 11 case that could be used to assert a counterclaim or other basis of liability (including setoff) in the arbitration, thereby potentially invoking chapter 3 of the Bankruptcy Code. To override the arbitration provision solely because of a later bankruptcy case filing by one of the parties would negate the mutual agreement and intent of the Contract when it was signed, an agreement that one of the parties now seeks to enforce." Having made this representation, Fourth Elm will be held to its acknowledgment and will not be permitted to counterclaim, seek offset in the arbitration process, or otherwise affirmatively recover of JSmith upon pain of possible sanctions and imposition of costs for violation of the automatic stay, the Court concludes. For these reasons, the Motion is granted granted and this matter is ordered and compelled to arbitration. The Court, however, retains jurisdiction over core bankruptcy issues should they later arise, including but not limited to the effect of Sections 362 and 553 of the Bankruptcy Code. A copy of the Court's Order dated June 30, 2025, is available at https://urlcurt.com/u?l=s7x1WF from PacerMonitor.com. About JSmith Civil LLC JSmith Civil LLC is a Goldsboro contractor. JSmith Civil LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 23-02734) on Sept. 19, 2023. In the petition filed by Jeremy Smith, as president, the Debtor estimated assets and liabilities between $10 million and $50 million each. Judge Joseph N. Callaway oversees the case. The Debtor is represented by at Joseph Zachary Frost, Esq., at Buckmiller, Boyette & Frost, PLLC. KC PET: Seeks to Hire Sieling Law PLLC as Counsel ------------------------------------------------- KC Pet, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Minnesota to employ Sieling Law, PLLC as counsel. The firm will represent the Debtor in all legal matters arising during the bankruptcy case, including but not limited to the determination of claims, negotiations with creditors and third parties, the drafting and handling of necessary motions, the preparation and formation of a plan of reorganization. The firm will be paid at these rates: Attorneys $300 per hour Paralegals $130 per hour The Debtor paid the firm a retainer of $10,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Ms. Sieling 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: Mary F. Sieling, Esq. Sieling Law, PLLC 12800 Whitewater Dr, Ste. 100, #3201 Minnetonka, MN 55343 Tel: (612) 325-1191 Email: mary@sielinglaw.com About KC Pet, Inc. KC Pet, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-41990) on June 18, 2025. In the petition signed by Kristina Clay, president and owner, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Katherine A. Constantine oversees the case. Mary Sieling, Esq., at Sieling Law, PLLC, represents the Debtor as legal counsel. KINGSBOROUGH ATLAS: Claims to be Paid from Sale Proceeds -------------------------------------------------------- Kingsborough Atlas Tree Surgery, Inc., filed with the U.S. Bankruptcy Court for the Northern District of California a Disclosure Statement in support of Plan of Reorganization dated June 18, 2025. The Debtor has been operating a tree surgery/landscape business since 1994. In June of 2023, Debtor entered an Asset Purchase Agreement ("APA") with Anvil builders and related entities wherein Debtor intended to sell its tree surgery/landscape business to Anvil. Debtor contends Anvil failed to perform under the APA and it was that breach that directly lead Debtor to file this Chapter 11 on February 20, 2025. On January 29, 2025, Debtor filed a civil action against Anvil in the Sonoma County Superior Court, in and for the State of California, Case No. 25CV00751. The Complaint states causes of action for (1) Breach of Contract; (2) Breach of the Implied Covenant of Good Faith and Fair Dealing; (3) Unfair Competition; (4) Conversion; (5) Intentional Misrepresentation; (6) Negligent Misrepresentation; (7) Conspiracy to Defraud; (8) Accounting; (9) Declaratory Relief; and (10) Injunctive Relief. The Debtor scheduled $72,575,650 in assets of which $61,000,000 is the damage claim against Anvil. Subtracting the damage claim from the total value of the assets, Debtor estimates the value of the assets on the day was filed is $11,000,000. This total has been reduced by the assets that have been sold with the approval of court and the assets that were recovered and liquidated by First Financial Holdings. The Debtor scheduled $4,856,748 in claims secured by Debtor's assets, which has been reduced as assets have been sold and the secured creditors paid. The Debtor scheduled $16,241,974 in unsecured claims, $5,000,000 or more of which are disputed. Debtor will not know the exact total of unsecured claims until the bar date for filing claims has passed. The Debtor will employ Grafe Auction Co., as online auctioneer to evaluate and liquidate Debtor's equipment, trucks and automobiles on terms to be approved by the court. The liquidation process is expected to take five to seven months. The sale will be "free and clear of liens" pursuant to Section 363(f) of the Bankruptcy Code. The undisputed claims of Classes 1 to 10 will be paid in full upon the sale of the equipment securing each of the claimants. After the payment of the undisputed claims, Anvil's disputed lien will attach to the sale proceeds, with the proceeds to be held in an interest bearing trust account until Anvil's rights in the sale proceeds has been adjudicated. The sale proceeds and any recovery from the litigation against Anvil will be distributed pro rata to the Allowed Unsecured Claim until no funds remain. A full-text copy of the Disclosure Statement dated June 18, 2025 is available at https://urlcurt.com/u?l=G3udGd from PacerMonitor.com at no charge. Counsel to the Debtor: Michael Fallon, Esq. Michael Fallon, Jr., Esq. 100 E Street, Suite 219 Santa Rosa, CA 95404 Tel: (707) 546-6770 Email: mcfallon@fallonlaw.net Email: fallonmcf@fallonlaw.net About Kingsborough Atlas Tree Surgery Kingsborough Atlas Tree Surgery Inc. is a Santa Rosa, California-based tree surgery company. Kingsborough Atlas Tree Surgery Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-10088) on February 20, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge William J. Lafferty handles the case. The Debtor tapped the Law Offices of Michael C. Fallon as bankruptcy counsel and Carle Mackie Power Ross LLP as special counsel. KPOWER GLOBAL: Hires Hutchinson & Greenberg PC as Accountant ------------------------------------------------------------ KPower Global Logistics, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to employ Hutchinson & Greenberg, PC as accountant. The firm will provide these services: i. assume primary responsibility for the filing of necessary tax returns; ii. prepare financial statements in accordance with the tax basis of accounting and apply accounting and financial reporting expertise to assist the Debtor in the presentation of financial statements; and iii. provide other general accountant services as the Debtor may require from time-to-time. The firm will be paid $12,500 for the services rendered. Mr. Greenberg disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David M. Greenberg Hutchinson & Greenberg, PC 6363 Poplar Avenue, Suite 108 Memphis, TN 38119 Tel: (901) 763-4308 Fax: (901) 763-0047 About KPower Global Logistics, LLC KPower Global Logistics LLC provides third-party logistics services specializing in customized supply chain solutions across the United States. The Company offers staffing, warehousing, bulk storage, consulting, packaging, and special project services for distribution centers and manufacturing operations. KPower Global Logistics sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-22294) on May 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge M. Ruthie Hagan handles the case. The Debtor is represented by the Law Offices of Craig M. Geno, PLLC. LEFEVER MATTSON: Court OKs Deal to Extend Cash Collateral Access ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of California approved a stipulation allowing LeFever Mattson and its affiliates, Red Cedar Tree, LP and Red Mulberry Tree, LP, to use the cash collateral of Federal Home Loan Mortgage Corporation (Freddie Mac). The stipulation authorizes the use of cash collateral from June 30 to September 30 to pay the expenses of operating and maintaining the Carmichael Apartments owned by Red Cedar and Courtyard Cottages owned by Red Mulberry; make the monthly debt service payments of $23,797.30 for Red Cedar; and make the monthly debt service payments of $18,158.20 for Red Mulberry. As protection for any diminution in the value of its interest in the collateral, Freddie Mac was granted replacement liens on the properties co-extensive with its pre-bankruptcy liens. The Debtors are not allowed to use cash collateral to pay any of their insiders without Freddie Mac's prior written consent or court order. About LeFever Mattson LeFever Mattson, a California corporation, manages a large real estate portfolio. Timothy LeFever and Kenneth W. Mattson each owns 50% of the equity in the company. Based in Citrus Heights, Calif., LeFever Mattson manages a portfolio of more than 200 properties, comprised of commercial, residential, office, and mixed-use real estate, as well as vacant land, located throughout Northern California, primarily in Sonoma, Sacramento, and Solano Counties. It generates income from the properties through rents and use the proceeds to fund its operations. LeFever Mattson and its affiliates filed voluntary Chapter 11 petitions (Bankr. N.D. Calif. Lead Case No. 24-10545) on September 12, 2024. At the time of the filing, LeFever Mattson listed $100 million to $500 million in assets and $10 million to $50 million in liabilities. Judge Charles Novack oversees the cases. Thomas B. Rupp, Esq., at Keller Benvenutti Kim LLP represents the Debtors as counsel. Kurtzman Carson Consultants, LLC is the Debtors' claims and noticing agent. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Freddie Mac, as lender, is represented by: Marsha A. Houston, Esq. Reed Smith LLP 355 South Grand Avenue, Suite 2900 Los Angeles, CA 90071 Telephone: 213-457-8000 Facsimile: 213-457-8080 Mhouston@reedsmith.com -- and -- Paul D. Moak, Esq. Devan J. Dal Col, Esq. Reed Smith LLP 1221 Mckinney Street, Suite 2100 Houston, TX 77010 Telephone: 713-469-3800 Facsimile: 713-469-3899 Pmoak@reedsmith.com Ddalcol@reedsmith.com LEISURE INVESTMENTS: Attys Can Stop Representing Ex-CEO, Court Says ------------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that on Monday, July 7, 2025, a Delaware bankruptcy judge granted two law firms permission to withdraw from representing the former CEO of Leisure Investments Holdings—the lead debtor and parent company of aquatics park operator The Dolphin Co. The firms cited nonpayment and "irreconcilable differences" with their former client as grounds for the withdrawal, according to report. About Leisure Investments Holdings Leisure Investments Holdings LLC and affiliates are operating under the name "The Dolphin Company," manage over 30 attractions, including dolphin habitats, marinas, water parks, and adventure parks, located in eight countries across three continents. Their primary operations are based in Mexico, the United States, and the Caribbean, with locations in Jamaica, the Cayman Islands, the Dominican Republic, and St. Kitts. These attractions are home to approximately 2,400 animals from more than 80 species of marine life, including a variety of marine mammals such as dolphins, sea lions, manatees, and seals, as well as birds and reptiles. As of 2023, the marine mammal population at the Debtors' parks includes roughly 295 dolphins, 51 sea lions, 18 manatees, and 18 seals. Leisure Investments Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case 25-10606) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as counsel; Riveron Management Services, LLC as restructuring advisor; and Kurtzman Carson Consultants, LLC d/b/a Verita Global, as claims & noticing agent. LINQTO INC: Seeks Chapter 11 Bankruptcy in Texas w/ Affiliates -------------------------------------------------------------- Linqto, Inc., along with affiliates Linqto Texas LLC, Linqto Liquidshares LLC, and Linqto Liquidshares Manager LLC (collectively, "Linqto"), has voluntarily filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas. The filing is intended to facilitate a court-supervised restructuring process aimed at preserving and maximizing value for stakeholders. Linqto expects to maintain business operations throughout the proceedings. According to Siciliano, after evaluating all options, the company's board determined that a court-supervised restructuring was in the best interest of customers and stakeholders to protect and enhance the value of its assets. Linqto is facing major operational and legal hurdles stemming from serious alleged violations of securities laws and related investigations by the U.S. Securities and Exchange Commission and other regulatory agencies. The company also recently identified significant issues with its corporate structure, raising concerns about customer asset ownership -- problems management believes can only be resolved through formal restructuring, according to Businesswire. "When our new leadership took over in early 2025, we were clear that we could not move forward without addressing past legal issues. We are committed to restructuring the business lawfully and in a way that protects customer interests," Siciliano added. Linqto has filed several initial motions seeking court approval for typical "first day" relief, including continued payment of essential employee wages and benefits. Approval is expected in the near term. To support operations during the restructuring, Linqto has secured a commitment for up to $60 million in debtor-in-possession (DIP) financing from Sandton Capital Partners, LP. The funding, once approved by the court, along with existing cash reserves, will provide liquidity to meet critical business needs. As part of its restructuring efforts, Linqto has appointed Jeffrey S. Stein, Managing Partner at Breakpoint Partners LLC, as Chief Restructuring Officer. Stein brings decades of experience in financial restructurings, operational turnarounds, and corporate transformation initiatives across public and private companies, according to report. "Jeff's deep expertise and leadership will be vital in guiding Linqto through this process and helping us reemerge as a compliant, customer-first organization," Siciliano said. About Linqto Inc. Linqto Inc. is a San Jose-based financial technology company operating in the alternative investment space. Linqto Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90187) on July 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500 million and $1 billion. The Debtor is represented by Gabrielle A. Hamm, Esq. at Schwartz, PLLC. Breakpoint Partners LLC is the Debtor's restructuring advisor. Epiq Corporate Restructuring, LLC is the Debtor's claims agent. ThroughCo Communications, LLC is the Debtor's public relations agent. LINQTO TEXAS: Files for Chapter 11 to Find "Path Forward" --------------------------------------------------------- Linqto, the investment platform that allows users access to shares of privately held companies, filed for Chapter 11 bankruptcy, citing challenges stemming from alleged securities law violations. CEO Dan Siciliano said in a statement the company is under investigation by the Securities and Exchange Commission and other regulators. Mr. Siciliano, co-founder and CEO of Nikkl, Inc., was named as CEO of Lingto on Jan. 2, 2025, and shut down the platform in March 2025 after finding numerous violations. Linqto Platform Founded in 2010 by Bill Sarris as a technology and software development company providing services to financial technology firms, Linqto evolved into a leading financial technology platform that was intended to enable investors to indirectly invest in private-market startups and pre-IPO companies. From February of 2020, until March 14, 2025, Linqto operated a platform that purported to allow customers to indirectly invest in private companies, with a focus on the technology sector. More specifically, Linqto Liquidshares, a Delaware limited liability company, would purchase and hold securities of privately held companies, or equity in a fund that owns shares of an issuing company. Liquidshares then purported to allocate an economic interest in the securities to a special purpose vehicle in the form of a series limited liability company and offered customers the opportunity to purchase an indirect economic interest in the securities of particular issuing companies by purchasing units in the series LLC. As of the Petition Date, the Company said its affiliate Linqto Liquidshares, LLC, held securities in 111 issuing companies with an estimated fair market value of in excess of $500 million. SEC & FINRA Investigations Upon their appointment at the beginning of 2025, the Company's new management learned of pending investigations by the U.S. Securities and Exchange Commission and Financial Industry Regulatory Authority, Inc., along with allegations of serious regulatory compliance failures. Linqto's former Chief Revenue Officer, Gene Zawrotny, commenced a lawsuit on Oct. 7, 2024, against Linqto Inc., Bill Sarris, and Joe Endoso (Linqto's President at that time), alleging serious compliance failures and retaliation. Mr. Siciliano determined that prior management had knowingly failed to cure extensive and serious securities law violations that began as early as 2020. In light of these violations, the new CEO removed a number of senior executives from their roles. In February of 2025, the Company engaged Sullivan & Cromwell LLP to, among other things, facilitate full cooperation with the SEC investigation and other investigations, assess the Platform's regulatory compliance and advise on how the company could operate in a compliant manner going forward. Among myriad other compliance issues, Linqto's management also discovered that Linqto failed to maintain an effective system for verifying the accredited status of its Customers with respect to offerings available only to accredited investors. Mr. Siciliano relates that as a result of the misinformation provided to Customers and the improper operating structure, the Debtors face substantial contingent liabilities to their Customers, which, taken together, may render the Debtors insolvent on a balance sheet basis. The Company shut down the Platform on March 13, 2025, effectively ceasing its revenue-generating operations. Following the shutdown of the Platform, the Company generated revenue through the sales of Securities held in Liquidshares' inventory to sophisticated purchasers. From March 6, 2025, through the Petition Date, the Debtors generated $10,221,635 in net revenue from block trades. Between January and June of 2025, the Company implemented three reductions in force ("RIFs") and several terminations, reducing its total number of full-time employees from 87 to 28 and reducing its monthly payroll by approximately $1,070,000, or 68%, compared to January of 2025. Path Forward When the depth and extent of the Debtors' historical non-compliance with the securities laws became apparent and revenue-generating operations were suspended, in addition to hiring S&C, the Debtors retained Schwartz, PLLC, and other advisors, including Jefferies LLC and Triple P TRS, LLC, to assist with efforts to evaluate restructuring options. All of the estates' professionals will seek approval of their retention in accordance with Section 327 of the Bankruptcy Code. The Company, with the assistance of its professionals, has concluded that the best way to preserve value for the benefit of all parties in interest is to seek protection under Chapter 11 of the Bankruptcy Code, which will afford the Company the opportunity to: (a) preserve the value of its assets, (b) deliberately asses strategic alternatives to maximize the value of its business, (c) explore restructuring alternatives that bring its operations and structure into compliance with applicable securities laws, (d) negotiate a path forward with the SEC and other regulators that will facilitate a fair resolution of government and customer litigation in a manner that treats everyone equitably and fairly, (e) address the Debtors' outstanding liabilities, including the claims of Customers, the SEC, and other regulators, and (f) secure financing to achieve the foregoing objectives. The Debtors have evaluated, and are continuing to evaluate, a variety of alternatives for addressing their organizational structure, obtaining the requisite regulatory approvals and licenses to operate, and distributing value to their stakeholders. Because of the defects in the Debtors' corporate structure, violations of the securities laws, and the nature of the Debtors' assets, the Debtors believe that a number of these potential alternatives are not feasible and will not maximize the value of the Debtors' assets for the benefit of their Customers or other creditors. Instead, by restructuring through Chapter 11, Linqto will be better positioned to address its historical regulatory compliance issues and related liabilities, protect Customers' interests, and potentially resume operations through a compliant structure. The Company is proactively engaging with various stakeholders and is prepared to work expeditiously during the Chapter 11 process to reach consensual agreements with parties. About Linqto Linqto is a global investing platform designed to give accredited investors indirect access to investments in private companies and unicorns. Linqto's platform has provided customers with access to a range of pre-IPO companies with an approximate value in excess of $500 million. On the Web: http://www.linqto.com/ On July 7, 2025, Linqto Texas, LLC and three affiliated companies, including Linqto, Inc., and Linqto Liquidshares LLC, each filed petitions seeking relief under chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90186). The Debtors' cases have been assigned to Judge Alfredo R. Perez. Schwartz, PLLC is serving as bankruptcy counsel to the Debtors. Portage Point Partners is serving as restructuring advisor and Jefferies is serving as investment banker. ThroughCo Communications LLC is serving as communications advisor. Epiq Systems is the claims and noticing agent. LINQTO TEXAS: Says 13,000 Customers Participated in Platform ------------------------------------------------------------ Linqto in March shut its platform that allowed customers to buy shares of privately held companies and sought Chapter 11 protection on Monday, to, among other things, address its outstanding liabilities to customers and regulators. From February of 2020 until March 14, 2025, Linqto operated a platform designed to provide customers with indirect access to investments in the equity of private companies, with a focus on the technology sector. Lingto said in court filings that more than 13,000 customers from across the globe participated through the Linqto platform. The Company did not disclose the total number of investors that have outstanding claims against the Company or if it has enough funds to pay investors in full. The Company did provide a list of 100 customers with the largest claims, a copy of which is available at http://bankrupt.com/misc/txsb25-90186_Petition_List_Customers.pdf The top 100 customers have claims between $5 million and $440,000 and are comprised mostly of individual investors. The customers with the 10 largest claims are: Creditor Unsecured Claim -------- --------------- Sky Ventures Limited $5,035,002 Cunningham, Rob $4,134,707 Hejny, Charles $4,120,484 Ledesma, Ricardo $1,965,584 Tubre, Shane $1,738,418 Abramson, James $1,557,533 Pazderka, Robert $1,478,607 Preet, Surinder $1,315,150 Beer, Eric $1,277,028 [Name On File] $1,274,172 The Debtors have filed a motion to extend by 21 days, until Aug. 11, 2025, its deadline to file its complete schedules of assets and liabilities and statement of financial affairs. As of the Petition Date, the Company said its affiliate Linqto Liquidshares, LLC, held securities in 111 issuing companies with an estimated fair market value of in excess of $500 million. "After carefully evaluating Linqto's alternatives, the Board of Directors made the decision that seeking a court-supervised restructuring was in the best interests of all Linqto customers to preserve, protect, and maximize the value of Linqto's assets for the benefit of its stakeholders," said Dan Siciliano, who took over as Linqto CEO in January this year. About Linqto Linqto is a global investing platform designed to give accredited investors indirect access to investments in private companies and unicorns. Linqto's platform has provided customers with access to a range of pre-IPO companies with an approximate value in excess of $500 million. On the Web: http://www.linqto.com/ On July 7, 2025, Linqto Texas, LLC and three affiliated companies, including Linqto, Inc., and Linqto Liquidshares LLC, each filed petitions seeking relief under chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90186). The Debtors' cases have been assigned to Judge Alfredo R Perez. Schwartz, PLLC is serving as bankruptcy counsel to the Debtors. Portage Point Partners is serving as restructuring advisor and Jefferies is serving as investment banker. ThroughCo Communications LLC is serving as communications advisor. Epiq Systems is the claims and noticing agent. LLW CONSTRUCTION: Hires Ford & Semach P.A. as Counsel ----------------------------------------------------- LLW Construction, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Ford & Semach, P.A. as counsel. The firm will render these services: a. analyze the financial situation, and rendering advice and assistance to the Debtor in determining whether to file a petition under Title 11, United States Code; b. advise the Debtor with regard to the powers and duties of the debtor and as Debtor-in-Possession in the continued operation of the business and management of the property of the estate; c. prepare and file the petition, schedules of assets and liabilities, statement of affairs, and other documents required by the Court; d. represent the Debtor at the Section 341 Creditors' meeting; e. give the Debtor legal advice with respect to its powers and duties as Debtor and as Debtor-in Possession in the continued operation of its business and management of its property, if appropriate; f. advise the Debtor with respect to its responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; g. prepare, on the behalf of the Debtor, necessary motions, pleadings, applications, answers, orders, complaints, and other legal papers and appear at hearings thereon; h. protect the interest of the Debtor in all matters pending before the court; i. represent the Debtor in negotiation with its creditors in the preparation of the Chapter 11 Plan; and j. perform all other legal services for Debtor as Debtor-in-Possession which may be necessary, and it is necessary for Debtor as Debtor-in-Possession to employ this attorney for such professional services. The firm will be paid at these hourly rates: Buddy D. Ford, Attorney $550 per hour Jonathan Semach, Attorney $500 per hour Heather Reel, Attorney $450 per hour Paralegal $150 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received from the Debtor $3,000 as pre-filing retainer, $15,000 as post filing retainer, and $2,000 filing fee. Buddy D. Ford, Esq., an attorney at Ford & Semach, disclosed in court filings that their firms are "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firms can be reached through: Buddy D. Ford, Esq. Jonathan A. Semach, Esq. Heather M. Reel, Esq. Ford & Semach, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Telephone: (813) 877-4669 Email: Buddy@tampaesq.com Jonathan@tampaesq.com Heather@tampaesq.com About LLW Construction, Inc. LLW Construction Inc., d/b/a Adeline Custom Homes, is a construction company specializing in residential and commercial projects. It operates with a network of experienced project managers, subcontractors, and suppliers. Founded by Michal and Mary Winiarek, the Company emphasizes hands-on expertise and client-centered service in its operations. LLW Construction Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04229) on June 23, 2025. In its petition, the Debtor reports total assets of $63,757 and total liabilities of $1,865,048. Honorable Bankruptcy Judge Roberta A. Colton handles the case. The Debtors are represented by Buddy D. Ford, Esq. at FORD & SEMACH, P.A. MAKO FORESTRY: Case Summary & Four Unsecured Creditors ------------------------------------------------------ Debtor: Mako Forestry Corporation 1349 W. Fairway Dr. Gulf Shores, AL 36547 Business Description: Mako Forestry provides forestry mulching, land clearing, and wetland management services across residential and large tracts of land. The Company also offers excavation, site work, road construction, demolition, utility installation, and right- of-way clearing. Founded in 1997, it operates as a locally owned business. Chapter 11 Petition Date: July 7, 2025 Court: United States Bankruptcy Court Southern District of Alabama Case No.: 25-11769 Judge: Hon. Henry A. Callaway Debtor's Counsel: Alexandra K Garrett, Esq. SILVER VOIT GARRETT & WATKINS 23210 Highway 98, Suite B2 Fairhope, AL 36532 Tel: (251) 343-0800 E-mail: agarrett@silvervoit.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Michael Manning as president. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7JAQ3RA/Mako_Forestry_Corporation__alsbke-25-11769__0001.0.pdf?mcid=tGE4TAMA MAKO FORESTRY: Seeks Chapter 11 Bankruptcy in Alabama ----------------------------------------------------- On July 7, 2025, Mako Forestry Corporation filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Alabama. 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 Mako Forestry Corporation Mako Forestry Corporation is a forestry company based in Gulf Shores, Alabama. It provides timber management, harvesting, or related forestry services in the region. Mako Forestry Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ala.Case No. 25-11769) on July 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtors are represented by Alexandra K. Garrett, Esq., at Silver Voit Garrett & Watkins. MARIN SOFTWARE: Nasdaq Suspends Trading Due to Filing Delays ------------------------------------------------------------ As previously reported, on April 16, 2025, Marin Software Incorporated, a Delaware corporation, received a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC advising the Company that it was not in compliance with Nasdaq's continued listing requirements under Nasdaq Listing Rule 5250(c)(1) as a result of its failure to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2024. On May 21, 2025, the Company received an additional notification letter from Nasdaq advising the Company that it was not in compliance with Nasdaq's continued listing requirements under the Rule as a result of its failure to timely file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 and continued failure to file its Form 10-K, as previously communicated in the Initial Notice. In response to the Initial Notice and the Second Notice, on June 16, 2025, the Company submitted a letter to Nasdaq requesting an exception to extend the Company's listing on Nasdaq for 180 days, until October 13, 2025. On June 17, 2025, the Company received a letter from Nasdaq stating that Nasdaq had determined that the Company did not provide a definitive plan evidencing its ability to achieve compliance with the Rule, and as a result: (i) the Company's request for continued listing on Nasdaq was denied; (ii) the Company's securities will be delisted from Nasdaq; (iii) trading of the Company's common stock will be suspended; and (iv) a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Company's securities from listing and registration on Nasdaq, unless the Company appeals these determinations. The Company does not expect to appeal Nasdaq's determinations and expects Nasdaq to file a Form 25-NSE (Notification of Removal from Listing) with the SEC to remove the Company's common stock from listing and registration on Nasdaq. Further, the Company does not currently intend to apply for its common stock to be traded on any of the markets operated by the OTC Markets Group Inc. due to the associated costs and in light of both the previously announced potential transaction the Company is currently exploring whereby a private equity firm would acquire substantially all of the assets of the Company, which may be through a voluntary reorganization transaction, as well as the voluntary dissolution and liquidation of the Company that was previously approved by the Company's stockholders. There can be no assurance that the Potential Transaction will be entered into or ultimately be successful, and the Company may abandon pursuing the Potential Transaction and instead pursue the Dissolution as previously described in the Company's Definitive Proxy Statement on Schedule 14A filed with the SEC on May 7, 2025. Once the Company's common stock is delisted, the Company's stockholders may find it difficult to obtain accurate quotations of the Company's common stock, experience a lack of liquidity with difficulty finding buyers to purchase the stock, a lack of market makers to support the stock price, and the Company's common stock is classified as a "penny stock" which requires brokers trading in the Company's common stock to adhere to more stringent rules, which may result in a reduced level of trading activity in the secondary trading market for the Company's common stock. About Marin Software Marin Software Incorporated -- https://www.marinsoftware.com/ -- provides a software-as-a-service platform for managing digital advertising across search, social, and eCommerce channels. Its platform offers analytics, workflow, and optimization tools designed to help performance marketers and agencies improve returns on advertising spend. On July 1, 2025, Marin Software Incorporated and its affiliated entities filed voluntary Chapter 11 petitions in the United States Bankruptcy Court for the District of Delaware (Case No. 25-11263). The petition was signed by Robert Bertz, the Company's Chief Financial Officer. James E. O'Neill of Pachulski Stang Ziehl & Jones LLP is serving as bankruptcy counsel to the Debtor. Fenwick & West LLP is acting as corporate counsel. Armanino Advisory LLC is serving as financial advisor, and Donlin, Recano & Company, LLC is the Debtor's claims, noticing, solicitation, and administrative advisor. As of the filing date, Marin reported total assets of $5,656,853 and total debts of $2,767,237. MARINE TRANSPORT: Seeks Chapter 11 Bankruptcy in New York --------------------------------------------------------- On July 3, 2025, Marine Transport Logistic 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 $11,228,169 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Marine Transport Logistic Inc. 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. Marine Transport Logistic Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43215) on July 3, 2025. In its petition, the Debtor reports total assets of $11,228,169 and total liabilities of $476,401. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtors are represented by Alla Kachan, Esq. at LAW OFFICES OF ALLA KACHAN, P.C. MERIT STREET: Hires Epiq Corporate as Claims and Noticing Agent --------------------------------------------------------------- Merit Street Media, Inc. sought and obtained permission from the U.S. Bankruptcy Court for the Northern District of Texas in Dallas to employ Epiq Corporate Restructuring, LLC as Claims, Noticing, and Solicitation Agent, effective as of the Petition Date. According to Merit Street, the retention of Epiq as the Claims, Noticing, and Solicitation Agent will expedite the distribution of notices and the processing of claims, facilitate other administrative aspects of this chapter 11 case, and relieve the Clerk of Court, the Debtor, and its retained professionals of these administrative burdens. The Debtor proposes to compensate Epiq for the services in accordance with the Services Agreement and a rate structure. Epiq's professionals charge these rates: CLAIM ADMINISTRATION HOURLY RATES Title Rates IT / Programming $65 - $95 Case Managers $150 - $185 Consultants/ Directors/Vice Presidents $185 - $195 Solicitation Consultant $205 Executive Vice President, Solicitation $215 Executives No Charge Prior to the Petition Date, the Debtor initiated a $25,000 retainer to Epiq. The balance of the Retainer, if any, may be applied by Epiq to any postpetition invoice or held during the pendency of this Chapter 11 case as security for the payment of fees and expenses incurred under the Services Agreement. Under the terms of the Services Agreement, the Debtor has agreed, subject to certain exceptions, to indemnify, defend and hold harmless Epiq and its affiliates, parent, officers, members, directors, agents, representatives, managers, consultants and employees, under certain circumstances specified in the Services Agreement, except in circumstances resulting from Epiq's gross negligence or willful misconduct or as otherwise provided in the Services Agreement or the Proposed Order. Alex Warso, a Consulting Director with Epiq, attests that Epiq and the professionals working on this matter: (a) are not creditors, equity security holders, or insiders of the Debtor; (b) are not, and within two years prior to the Petition Date were not, directors, officers, or employees of the Debtor; (c) have no connection with the Debtor, any of the Debtor's creditors, any other party in interest, any of its respective attorneys or accountants, the U.S. Trustee, or any judge of the Court; and (d) do not hold or represent any interest materially adverse to the Debtor's estate. Epiq is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code. 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, before the Hon. Scott W. Everett. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million. The Debtor is represented by Sidley Austin LLP as bankruptcy counsel. Epiq Corporate Restructuring, LLC serves as Claims, Noticing, and Solicitation Agent, effective as of the Petition Date. METAL PARTNERS: To Sell Default Judgments to Intercoastal Financial ------------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Nevada has approved Troy S. Fox, Chapter 7 Trustee of Metal Partners Rebar LLC and its affiliates, to sell Default Judgments. The Trustee determines the post-conversion assets of the Debtors' bankruptcy estate included numerous claims for avoidance and recovery of certain transfers pursuant to Chapter V of the Bankruptcy Code, and the Trustee accordingly pursued and litigated those claims with the assistance of his special litigation counsel. The Trustee's Litigation Claims have resulted in the following default judgments in favor of the Trustee against third parties, but the Trustee and his counsel have determined it is not cost-effective for the MPR bankruptcy estate to continue pursuing collection of these default judgments; -- AMP/CPL - The Property LLC 23-01017-abl $25,818.07 -- Kelz Transport, Inc. 23-01024-abl $27,300.00 -- Mike's Towing and Trucking LLC 23-01047-abl $25,750.00 -- LSRI, LLC 23-01026-abl $36,414.00 -- Western States Wholesale, Inc. 23-01035-abl $38,673.38 -- Skateboard Transport LLC 23-01032-abl $51,050.00 -- Schnell North America, Inc. 23-01031-abl $32,938.16 -- Wire Mesh Corp. 23-01036-abl $127,586.28 -- Valor Building Materials LLC 23-01070-abl $338,857.16 -- F&M Transportation, LLC 23-01059-abl $4,245,236.97 The Trustee has reviewed the Default Judgments with his general counsel and special litigation counsel and concluded: a. The Trustee's general counsel and his special litigation counsel are not willing to pursue these claims on a contingency fee basis; b. The Trustee's discussions with counsel for other parties resulted in no higher purchase offers, and no offers to fund the cost of collection litigation to pursue these claims; and c. Based on available information relating to collectability, pursuing collection of these judgments will not result in a net benefit for the bankruptcy estate. The Trustee has concluded the Default Judgments do, however, have value as assets for purchase by other parties. The Trustee receives an offer from Intercoastal Financial to purchase the Estate's Interest in the Default Judgments, as is, where is, without warranty, free and clear of liens and encumbrances, for the total sum of $8,000.00 cash. The Trustee concludes that selling the Debtors' bankruptcy estate's interest in the Default Judgments to Intercoastal for the sum of $8,000.00, or such higher bid as the Trustee may receive, is in the best interest of the Debtors bankruptcy estate. To maximize the potential recovery, however, the Trustee proposes that the Court also consider any higher qualified overbids that may be made for the Default Judgments before approval of the proposed sale to the Buyer. About Metal Partners Rebar LLC Metal Partners Rebar, LLC and four affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Lead Case No. 20-12878) on June 16, 2020. The petitions were signed by Joseph Tedesco, chief financial officer. At the time of the filing, Metal Partners Rebar, LLC, was estimated to have assets of $10 million to $50 million and liabilities of $50 million to $100 million; BGD LV Holding, LLC was estimated to have assets of $0 to $50,000 and liabilities of the same range; BRG Holding, LLC, was estimated to have assets of $1 million to $10 million and liabilities of $10 million to $50 million; and BCG Ownco, LLC, was estimated to have assets of $1 million to $10 million and liabilities of $10 million to $50 million. Judge August B. Landis presides over the case. Michael L. Gesas at Saul Ewing Arnstein & Lehr LLP, represents as counsel of the Debtors. METATRON HEALTH: Seeks to Extend Plan Exclusivity to July 19 ------------------------------------------------------------ Metatron Health, LLC asked the U.S. Bankruptcy Court for the District of Oregon to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to July 19 and August 19, 2025, respectively. The Debtor explains that it has been working diligently on the formation of a viable plan and disclosure statement, including accurate income and expense projections for the next five years of operations. The Debtor claims that it is also in negotiations with creditors and parties in interest to resolve potential objections to confirmation, and additional time is needed for such negotiations to be completed. Debtor believes that no more than 30 days is needed to conclude the negotiations or determine that negotiations will not be fruitful. Metatron Health LLC is represented by: Nicholas J. Henderson, Esq. Elevate Law Group 6000 Meadows Road, Suite 450 Lake Oswego, OR 97035 Tel:(503) 417-0508 E-mail: nick@elevatelawpdx.com About Metatron Health LLC Metatron Health LLC, d/b/a Portland Regenerative Medicine, specializes in cutting-edge regenerative medicine and aesthetic treatments to enhance health and wellness. The Company offers services such as bioidentical hormone replacement therapy, sexual health treatments, pelvic health solutions, and advanced facial and body aesthetic procedures like Botox, fillers, CoolSculpting, and hair restoration. With a patient-centered approach, Metatron strives to improve and extend the quality of life for both women and men through personalized care and innovative therapies. Metatron Health LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Or. Case No. 25-30533) on Feb. 20, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge David W. Hercher handles the case. The Debtor is represented by Nicholas J. Henderson, Esq. at ELEVATE LAW GROUP. MG LOGISTICS: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: MG Logistics Incorporated 13400 FYH Drive Huntley, IL 60142 Business Description: MG Logistics Incorporated provides freight transportation services across the United States. The Company operates from Huntley, Illinois, and is authorized for interstate trucking. Chapter 11 Petition Date: July 4, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-10269 Judge: Hon. Donald R. Cassling Debtor's Counsel: Jeffrey C. Dan, Esq. GOLDSTEIN & MCCLINTOCK LLLP 111 W Washington Street, Suite 1221 Chicago, IL 60602 Tel: (312) 337-7700 Fax: (312) 277-2315 E-mail: jeffd@goldmclaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Vassil Bayraktarov as authorized representative of the Debtor. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6XYPSII/MG_Logistics_Incorporated__ilnbke-25-10269__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. American Express $83,509 P.O. Box 53800 Phoenix, AZ 85072 2. Amtrust Wesco Insurance Co. $108,510 800 Superior Ave East 21st Floor Cleveland, OH 44114 3. Bank Midwest Trucks $250,000 1580 N. Church Rd. Liberty, MO 64068 4. Bestpass by Fleetworty $150,000 P.O. Box 786587 Philadelphia, PA 19178-6587 5. Comdata $260,000 5301 Maryland Way Brentwood, TN 37027 6. Daimler Truck Trucks $2,150,000 Financial Services 14372 Heritage Parkway Suite 400 Fort Worth, TX 76177 7. Huntley Center LLC Lease $487,807 Entre Property Management LLC 3550 Salt Creek Lane Suite 104 Arlington Heights, IL 60005 8. Huntley LLC Lease $368,918 Entre Property Management LLC 3550 Salt Creek Lane Suite 104 Arlington Heights, IL 60005 9. Imperial Supplies $32,285 300 North Madison St. P.O. Box 11008 Green Bay, WI 54307 10. IPFS Corporation $37,914 301 West 11th St. Kansas City, MO 64141 11. Lytx, Inc. $50,750 9785 Towne Center Drive San Diego, CA 92121 12. M&K Truck Centers $73,298 8800 Byron Commerce Dr. Byron Center, MI 49315 13. M&T Equipment Finance Trucks $90,000 4225 Naperville R. Suite 175 Lisle, IL 60532 14. Omnitracs/Solara $211,841 Omnitacs LLP File No. 54210 Los Angeles, CA 90074-4210 15. Pegasus TransTech $39,575 a/k/a Treanflow P.O. Box 88319 Milwaukee, WI 53288 16. PNC Bank Trucks $120,000 655 Business Center Dr. Suite 250 Horsham, PA 19044 17. Pomps Tire Service $78,425 P.O. Box 88697 Milwaukee, WI 53288 18. Stoughton Trailer Dry Box Trailers $4,700,000 Acceptance Company 1901 S. Academy St. Stoughton, WI 53589 19. Truck Country of Illinois $79,000 P.O. Box 734619 Chicago, IL 60673 20. Volvo Financial Services Trucks $250,000 8003 Piedmont Triad Parkway Greensboro, NC 27409 MIMOSAS A CALI: Susan Seflin Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 16 appointed Susan Seflin as Subchapter V trustee for Mimosas A Cali Life, LLC. Ms. Seflin will be paid an hourly fee of $650 for her services as Subchapter V trustee, an hourly fee of $250 for trustee administrator and will be reimbursed for work-related expenses incurred. Ms. Seflin declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Susan K. Seflin 21650 Oxnard St., Suite 500 Woodland Hills, CA 91367 Main: (818)827-9210 Direct (310) 429 8255 sseflin@bg.law About Mimosas A Cali Life Mimosas A Cali Life, LLC, doing business as Mimosas and Story Anaheim, operates bar and restaurant venues under the names Mimosas and Story Anaheim. The establishments offer a variety of food and beverage services, including brunch, lunch, dinner, and cocktails, with a focus on spirits, wine, and beer. They are based in California and cater to weekday and weekend dining experiences. Mimosas A Cali Life sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-14956) on June 12, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Vincent P. Zurzolo handles the case. The Debtor is represented by David Goodrich, Esq., at Golden Goodrich, LLP. MISS BRENDA: Claims to be Paid from Business Revenue ---------------------------------------------------- Miss Brenda, LLC and Sea West, Inc., filed with the U.S. Bankruptcy Court for the District of Alaska a Joint Plan of Reorganization dated June 17, 2025. Each Debtor owns and operates a fishing vessel as its principal business. As of the Petition Date, the Debtor Miss Brenda, LLC conducted its commercial fishing operations by way of the vessel Miss Brenda, Official No. 634181, including two twenty-foot aluminum skiffs. During the present bankruptcy case, the Debtor, Miss Brenda, LLC entered into a stipulation with secured creditor, Trident Seafoods Corporation lifting the automatic stay as it relates to the vessel, Miss Brenda. The vessel and one of the skiffs have since been sold and the proceeds applied to the outstanding balance due. Debtor Sea West, Inc. conducts its commercial fishing operations by way of the Northern Dawn, Official No. 528191, including one eighteen-foot aluminum skiff. The Northern Dawn has operated since 2007 and intends to continue to do so. Jack D. Bernsten is the manager and 100% owner of the Debtors. Jack Bernsten served as Manager of the Debtors prior to the Petition Date and will continue to serve as manager of the Debtors during the plan term for which he will be compensated the net revenue payment of expenses and Plan payments. Class 2 consists of General Unsecured claims. Class 2 claims consist of the following: Bush Kornfeld, LLP - $32,061.27 (Sea West, Inc.) Bush Kornfeld, LLP - $45,546.30 (Miss Brenda, LLC). Class 2 claims will be paid pro rata with administrative fees owed to Neeleman Law Group, P.C. Payments will be made in the amount of $25,000.00 on October 15 and April 15 each year of the plan after fully satisfying the claim to Trident. Payments to Class 2 claims will be applied first to any claims owed by Sea West, Inc. and then claims owed by Miss Brenda, LLC. In the event, Class 1 is paid in full prior to the potential sale of the Permit/LLP owned by Miss Brenda, LLC, proceeds from the sale of the Permit/LLP will be paid on a prorata basis to Class 2 claims and the administrative claim of Neeleman Law Group, P.C. If at any time during the Plan term and after payment in full to Class 1, the Debtor elects to sell the Northern Dawn, Class 2 claims and the administrative claim of Neeleman Law Group, P.C. will be paid in full from proceeds derived from the sale. Parties reserve the right to discount the outstanding amounts if agreed upon. The Plan will be funded with revenue from the Debtor, Sea West, Inc.'s, fishing operation. The projections are supported by the accompanying declaration of Jack Bernsten (Bernsten Decl.). It is anticipated the Debtor's income and expenses will remain relatively constant moving forward. In addition to payments from regular income, the Debtor, Miss Brenda, LLC, holds a Federal Fisheries Permit/LLP, #LLG1277 ("Permit"). Debtor intends to sell the Permit and has actively listed it with Dock Street Brokers, an independent third-party brokerage. Debtor's Permit is 1 of 5 permits issued with the combination of endorsements. It has an estimated value of $75,000.00. It is difficult to ascertain when, or if, the Permit will sell as the buyer would be one looking for such combination of endorsements. A full-text copy of the Joint Plan dated June 17, 2025 is available at https://urlcurt.com/u?l=X6PLQu from PacerMonitor.com at no charge. About Miss Brenda LLC Miss Brenda, LLC is a commercial fishing business located in Sand Point, Alaska, focusing on the use of fishing nets, crab and cod traps, and various other equipment to catch marine species. Miss Brenda sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Alaska Case No. 25-00036) on March 19, 2025. In its petition, the Debtor reported total assets of $1,572,000 and total Liabilities of $842,546. The Debtor is represented by: Jennifer L. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. 1403 8th Street Marysville, WA 98270 Tel: (425) 212-4800 Fax: (425) 212-4802 Email: courtmail@expresslaw.com MITEL NETWORKS: Moody's Assigns Caa1 CFR on Chapter 11 Emergence ---------------------------------------------------------------- Moody's Ratings assigned a Caa1 corporate family rating and Caa1-PD probability of default rating to Mitel Networks (International) Limited (Mitel) upon emerging from bankruptcy. Moody's also assigned a B3 rating to MLN US Holdco LLC's (MLN US Holdco) new $20 million senior secured exit term loan Tranche A-1 facility and a Caa2 rating to its new $124 million senior secured exit term loan Tranche A-2 facility. The outlook is stable for both Mitel and MLN US Holdco. On March 9, 2025, Mitel and certain of its subsidiaries filed for Chapter 11 bankruptcy protection in the Southern District of Texas. Mitel and its subsidiaries emerged from the Chapter 11 process on June 20, 2025 with $161 million of debt, which constituted about 12% of pre-emergence debt. Mitel did raise approximately $125 million of new money during the bankruptcy process and at emergence. RATINGS RATIONALE Mitel's Caa1 CFR is constrained by: (1) ongoing revenue decline in its core Unified Communications (UC) business, which raises business risk; (2) execution risks as the company focuses on driving incremental revenue from enterprise customers with hybrid solutions; and (3) vulnerability to competition from large and well established peers. The rating benefits from: (1) improved financial leverage due to material debt reduction upon emergence from bankruptcy, which will provide flexibility to invest in its business for growth; (2) a good market position with a large installed UC base of more than 65 million seats in over 100 countries; (3) positive free cash flow potential over time due to the low capital intensity of its business, material reduction in interest expense, and benefits from cost reduction efforts; and (4) adequate liquidity. Mitel's post-emergence capital structure consists of two classes of secured debt, with MLN US Holdco as the borrower: (1) unrated $17 million ABL term loan facility expiring in May 2027 and B3-rated $20 million exit term loan Tranche A-1 facility due June 2028; and (2) Caa2-rated $124 million exit term loan Tranche A-2 facility due June 2030. The ABL is secured by a first out on inventory and the Tranche A-1 facility is secured by a first out on accounts receivable and first lien on substantially all assets. Because the Tranche A-1 facility has first out on accounts receivable, Moody's have ranked the Tranche A-2 facility behind the Tranche A-1 facility. The B3 rating on the Tranche A-1 facility is one notch above the CFR to reflect their priority ranking while the Caa2 rating on the Tranche A-2 facility is one notch below the CFR to reflect their junior ranking relative to the Tranche A-1 and ABL facilities. The new credit facilities include the following: incremental pari passu debt capacity up to the greater of $60 million and 0.8x of EBITDA, plus unlimited amounts subject to 2.50x first lien net leverage. There is no inside maturity sublimit. The credit agreement prohibits the designation of unrestricted subsidiaries, preventing collateral "leakage" to such subsidiaries. Amendments authorizing the incurrence of additional debt for the purpose of influencing voting thresholds require 100% lender consent, unless participation is offered to all lenders, in which case 66.67% lender consent is required. Any intercompany debt owed to non-guarantors must be subordinated and unsecured. The credit agreement provides some limitations on up-tiering transactions, requiring affected lender consent for amendments that subordinate or have the direct or indirect effect of subordinating the debt or liens unless such lenders can ratably participate in such priming debt, in which case 66.67% lender consent is required. Loan parties are prohibited from assigning, delegating or transferring any material intellectual property or any other material property or material assets to any non-loan party. Moody's assigned an ESG credit impact score of CIS-5 to Mitel to reflect Moody's views that despite the company having exited from bankruptcy with improved financial flexibility, it has high business risk given its ongoing revenue decline, uncertain business prospects and consequently a weak track record of execution. Mitel has adequate liquidity through June 30, 2026 with sources approximating $175 million versus uses of about $73 million. Sources of liquidity include cash of $110 million at March 31, 2025 and $65 million of new money at emergence. Uses of liquidity consist of $2.3 million of term loan amortization and Moody's free cash flow consumption estimate of about $70 million through the next twelve months. Mitel has no revolving credit facility. Mitel has limited ability to generate liquidity from asset sales as its assets are encumbered and not readily divisible. The outlook is stable because Moody's expects Mitel to maintain at least adequate liquidity while gradually improving its operating and financial performance in the next 12 to 18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company expands revenue and EBITDA on a consistent basis and improves its liquidity position, including generating consistent positive free cash flow while sustaining debt/EBITDA below 6x. The ratings could be downgraded if the company's revenue and EBITDA declines do not reverse or if its liquidity position worsens, possibly due to negative free cash flow generation on a consistent basis. The principal methodology used in these ratings was Diversified Technology published in February 2022. Mitel's Caa1 rating is two notches above the scorecard-indicated outcome of Caa3 at LTM Q1/2025, which reflects the pre-bankruptcy capital structure. However, based on the post-bankruptcy capital structure, the rating is in line with the forward-looking scorecard-indicated outcome. Mitel, headquartered in Ottawa, Ontario, Canada, provides phone systems, collaboration applications (voice, video calling, audio and web conferencing, instant messaging etc.) and contact center solutions through on-site and cloud offerings. Prior to the Chapter 11 filing, Mitel was majority-owned by Searchlight Capital Partners but is now owned by its pre-petition lenders. MOM CA: Court Extends Cash Collateral Access to July 17 ------------------------------------------------------- MOM CA Investco, LLC and affiliates received another extension from the U.S. Bankruptcy Court for the District of Delaware to use cash collateral. The court's order authorized the Debtors' interim use of cash collateral from July 1 to 17 to pay operating expenses in accordance with their budget. Enterprise Bank & Trust, PMF CA REIT, LLC, Lone Oak Fund, LLC, Wilshire Quinn Income Fund, LLC, Preferred Bank, and Banc of California are the lenders with interests in the cash collateral. As protection for any diminution in value of their pre-bankruptcy collateral, the lenders were granted replacement liens on, and security interests in, all assets of the Debtors, with the same validity, priority and extent as their pre-bankruptcy liens. The Debtors' obligations to the lenders and the liens and security interests granted under the interim order are subject and subordinate to a carveout for certain fees and expenses. The Debtors' right to use cash collateral terminates on July 17 unless extended by court order or lender agreement. The final hearing is scheduled for July 17. The Debtors' properties consist of a mix of hotels, an apartment complex, office buildings, other commercial real estate, and individual homes used as luxury vacation rentals. Some of these properties are developed and they generate revenue from operations. Based on an initial review of their books and records, the Debtors believe that the lenders hold liens in the properties, which may also include liens in personal property related to the operation of the Debtors' businesses. As of the petition date, the Debtors have cash collateral, including cash and cash equivalents located at those operating properties. About MOM CA Investco LLC MOM CA Investco LLC and affiliates constitute a real estate joint venture comprised of a portfolio of commercial properties owned by the Debtors. The properties that make up the portfolio include hotels, an apartment complex, office buildings, other commercial real estate, and individual homes used as luxury vacation rentals. The Debtors have requested joint administration of their Chapter 11 cases under lead Case No. 25-10321 (Bankr. D. Del. in MOM CA Investco LLC). In the petition signed by Mark Shinderman, chief restructuring officer, the Debor disclosed up to $500 million in both assets and liabilities. Judge Brendan Linehan Shannon oversees the case. The Debtors tapped Buchalter, A Professional Corporation as lead bankruptcy counsel; Potter Anderson & Corroon, LLP as bankruptcy co-counsel; and FTI Consulting, Inc. as restructuring advisor. MONARCHY RANCHEROS: Hires IVEE Group LLC as Property Manager ------------------------------------------------------------ Monarchy Rancheros de Santa Fe, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Mexico to employ IVEE Group LLC as property manager. The firm will provide these services: a. manage the RV Park that is an asset to the Debtor in all daily operations such as taking reservations and assisting clients with their visit to Debtor's Santa Fe RV Park; b. assist the Debtor in the maintenance and repair of the Santa Fe RV Park, including but not limited to, cleaning, painting, decorating, plumbing, carpentry, grounds care, and such other and further maintenance and repair work necessary for property operations; c. assist the Debtor in any and all utility and service contracts, such as water, electricity, gas, fuel oil, sewage and trash disposal, vermin exterminations, telephone services, and such other utilities and services as may be required for property operations; d. assist the Debtor in monitoring and processing for payment all real property taxes, personal property taxes, special assessments and other levies and charges of local and state authorities, sales taxes, use taxes, permit and license fees or taxes, and other such taxes and charges due for the property; e. assist the Debtor in keeping and maintaining books and records for the Debtor's property, including but not limited to: operating budgets, monthly operating reports, audit support, and any such other books and records as are necessary for the operation of the property; and f. assist the Debtor in the marketing of the property in order to draw in new and recurring clients. The firm will be paid as follows: -- the greater of 7 percent of gross collected revenue each month or the minimum fee of $3,500 per month for each separate property managed by IVEE; -- once the RV Park reaches $750,000 in one calendar year the monthly management fee shall be lowered to 5 percent the minimum fee will also be lowered to $2,500 the greater of which will be billed as the property management fee. As 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: Thomas Mason IVEE Group LLC 1170 Peachtree Street NE Suite 1150 Atlanta, GA 30309 Tel: (404) 477-6189 Email: tmason@ivee.com About Monarchy Rancheros de Santa Fe, LLC Monarchy Racheros de Santa Fe, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D.N.M. Case No. 25-10691) on June 5, 2025. The Debtor hires Gatton & Associates, P.C. as attorney. MONARCHY RANCHEROS: Hires Ron C de Baca as Water Operator --------------------------------------------------------- Monarchy Racheros de Santa Fe, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Mexico to employ Ron C de Baca as certified water operator. Mr. de Baca will assist the Debtor with testing of the Santa Fe RV Park E.Coli outbreak and continue water testing during the pendency of the bankruptcy case. Mr. de Baca will be paid $250 per month flat rate, plus $50 per hour worked and an additional $40 per hour for any assistant, to be invoiced to the Debtor upon completion of work. As 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. About Monarchy Racheros de Santa Fe, LLC Monarchy Racheros de Santa Fe, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D.N.M. Case No. 25-10691) on June 5, 2025. The Debtor hires Gatton & Associates, P.C. as attorney. MONTREAL MAINE: Canadian Pacific Entitled to Judgment Reduction --------------------------------------------------------------- In the appellate case styled as Joe R. Whatley, Jr., solely in his capacity as the WD Trustee of the WD Trust other WD Trust, Plaintiff - Appellant v. Canadian Pacific Railway Company; Soo Line Railroad Company Defendants - Appellees, World Fuel Services, Corp., Intervenor below, No. 24-1109; and Joe R. Whatley, Jr., solely in his capacity as the WD Trustee of the WD Trust other WD Trust, Plaintiff - Appellee v. Canadian Pacific Railroad Company; Soo Line Railroad Company, Defendants - Appellants World Fuel Services, Corp., Intervenor, No. 24-1477 (8th Cir.), Judges Raymond W. Gruender, Duane Benton and Bobby E. Shepherd of the United States Court of Appeals for the Eighth Circuit reverse the decision of the United States District Court for the District of North Dakota that denied the motion of Canadian Pacific to apply the judgment reduction provision under the Montreal Maine & Atlantic Railway's approved bankruptcy plan. The Circuit Judges also remand for a complete reduction of the judgment against Canadian Pacific. On June 29, 2013, a Canadian Pacific train carrying crude oil left New Town, North Dakota, bound for an oil refinery in New Brunswick, Canada. World Fuel Entities was the shipper. Canadian Pacific transported the cars as far as Quebec and then turned them over to the Montreal Maine & Atlantic Railway. On the evening of July 5, while still en route, MMA parked the train overnight, set the hand brakes improperly, and left it unattended. Early the next morning, the lead locomotive -- which provided additional braking force -- caught fire due to a non-standard repair and was shut down. The unattended train began rolling downhill toward the town of Lac-Megantic. There, 63 of its 72 cars derailed, spilling their crude oil and causing a series of massive explosions that took the lives of 47 people and destroyed the center of town. MMA's negligence is the undisputed sole cause of the derailment and disaster. Shortly thereafter, MMA filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of Maine. Its approved bankruptcy plan established a trust "for the sole purpose of liquidating and distributing" its assets to wrongful death claimants. Around the same time, various parties, including the shipper, WFE, entered into settlement agreements with MMA. Canadian Pacific did not settle. Canadian Pacific was a non-settling defendant and WFE was a released party. Under the plan, non-settling defendants were barred from asserting a derailment-related claim against the released parties. This appeal concerns a consequent suit brought by Joe R. Whatley, Jr. -- as trustee of a trust for the wrongful death claimants -- against Canadian Pacific Railroad Company and various related companies. In 2016, Whatley sued Canadian Pacific, asserting WFE's assigned Carmack Amendment claims. The district court ultimately determined that Canadian Pacific was liable under the Carmack Amendment for the value of the train's crude oil cargo. Whatley and Canadian Pacific submitted a joint stipulation to the district court. This joint stipulation contained two key provisions: (1) that the crude oil cargo had been worth one of three possible, specified amounts, and (2) that the district court "shall decide whether the Judgment Reduction Provision applies in this action, and if so how, prior to entry of final judgment." Canadian Pacific accordingly moved to apply the judgment reduction provision and Whatley cross-moved for the value of the crude oil and for prejudgment interest. In a single order resolving both motions, the district court found the value of the crude oil to be $3,950,464 and granted Whatley that amount, along with prejudgment interest. However -- despite accepting the parties' joint stipulation in its entirety -- the district court declined to address whether the judgment reduction provision applied, concluding that it was "a matter properly reserved to the Bankruptcy Court" that had approved the plan. Canadian Pacific filed a motion for reconsideration, asking the court to reconsider its decision not to apply the judgment reduction provision, which the court denied. The MMA bankruptcy plan provided that a trial court should, before entering a judgment against Canadian Pacific, reduce its initial damages determination by the "Judgment Reduction Amount." The plan provided for three possible methods of calculating the judgment reduction amount, depending on the situation. The parties agree that the appropriate method requires the court to calculate the value of the "Contribution/Indemnity Credit." The approved bankruptcy agreement and order prevent Canadian Pacific from asserting a contribution or indemnity claim against MMA or against any of the released parties that settled with MMA. Thus, the "Contribution/Indemnity Credit" acts to ensure that Canadian Pacific pays no more than its proportionate liability for the Lac-Megantic derailment tragedy. The agreement provides that the credit should equal the value "of all contribution or indemnification claims" that Canadian Pacific "would be entitled to" from a released party "but for operation of the Order." According to the Eighth Circuit, the value of these claims should be calculated in accordance with the holding in, and methodology adopted by, Austin v. Raymark Indus., 841 F.2d 1184 (1st Cir. 1988). The Eighth Circuit concludes, "Here, the district court already determined -- and the parties do not dispute -- that MMA was solely liable for the Lac-Megantic derailment tragedy. Thus, under Austin, 100% of the liability belongs to MMA. Unlike in Austin, there are no joint tortfeasors who share liability with MMA. Thus, no other party can fairly be made to take on MMA's share of the liability. Therefore, Canadian Pacific is entitled to a 100% judgment reduction credit; regardless of the ultimate damages determination under the Carmack Amendment, any judgment against Canadian Pacific must be reduced to zero." A copy of the Eighth Circuit Court's decision dated July 3, 2025, is available at https://urlcurt.com/u?l=i3Jfem About Montreal Maine Montreal, Maine & Atlantic Railway Ltd., operated the train that derailed and exploded in July 2013, killing 47 people and destroying part of Lac-Megantic, Quebec. The Company sought bankruptcy protection (Bankr. D. Maine Case No.13-10670) on Aug. 7, 2013, with the aim of selling its business. Its Canadian counterpart, Montreal, Maine & Atlantic Canada Co., meanwhile, filed for protection from creditors in Superior Court of Quebec in Montreal. Montreal, Maine & Atlantic Canada Co. ("MMA Canada"), the Canadian unit of Chapter 11 debtor Montreal, Maine & Atlantic Railway Ltd. ("MMA"), on July 20, 2015, filed Chapter 15 bankruptcy petition (Bankr. D. Maine Case No. 15-20518) in Portland, Maine, to seek recognition and enforcement in the U.S. of the order by the Quebec Court approving MMA Canada's plan to pay off victims of the July 2013 derailment. The law firm of Verrill Dana served as counsel to the Debtor. Robert J. Keach, Esq., at Bernstein, Shur, Sawyer, and Nelson, P.A., is the Chapter 11 trustee. Lindsay K. Zahradka and and D. Sam Anderson, Esq. served as his counsel. Development Specialists, Inc., served as his financial advisor; and Gordian Group, LLC, served as his investment banker. Justice Martin Castonguay oversaw the case in Canada. Andrew Adessky at Richter Consulting was named CCAA monitor. The CCAA Monitor was represented by Sylvain Vauclair at Woods LLP. MM&A Canada was represented by Patrice Benoit, Esq., at Gowling LaFleur Henderson LLP. The U.S. Trustee appointed a four-member official committee of derailment victims. The Committee was represented by lawyers at Perkins Olson; and Paul Hastings LLP. The unofficial committee of wrongful death claimants was represented by lawyers at Gross, Minsky & Mogul, P.A.; Murtha Cullina LLP; Meyers & Flowers, LLC; The Webster Law Firm; and Weller, Green Toups & Terrell LLP. The Debtor's Revised First Amended Plan of Liquidation, which created a C$446 million settlement fund for the benefit of all victims of the train derailment in 2013 that killed 47 people, became effective Dec. 22, 2015. MOSAIC SWNG: Gets Extension to Access Cash Collateral ----------------------------------------------------- Mosaic SWNG, LLC received sixth interim approval from the U.S. Bankruptcy Court for the Southern District of Texas to use its secured lender's cash collateral. The sixth interim order signed by Judge Christopher Lopez authorized the Debtor to use the cash collateral of Fannie Mae to pay the expenses set forth in its budget, with a 10% variance allowed. The budget shows total expenses of $28,410 for the week ending June 26; $44,000 for the week ending July 3; $29,000 for the week ending July 10; $66,000 for the week ending July 17; $73,650 for the week ending July 24; $48,500 for the week ending July 31; $33,500 for the week ending August 7; $70,500 for the week ending August 14; $77,400 for the week ending August 21. The lender's cash collateral consists of rents and accounts receivable generated from the Debtor's assets, including a 504-unit multifamily residential real property located in Pasadena, Texas. As protection, Fannie Mae was granted post-petition replacement liens on all property of the Debtor, whether acquired before or after the petition date. To the extent the replacement liens are insufficient to provide protection against the diminution, if any, in value of the lender's interest in the collateral, Fannie Mae will be granted a superpriority claim. The Debtor was ordered to remit to the secured lender a cash payment equal to the amount by which its remaining cash balance at the end of the prior calendar month exceeded $80,000. A final hearing is scheduled for August 27. Fannie Mae is represented by: Keith M. Aurzada, Esq. Michael P. Cooley, Esq. Dylan T.F. Ross, Esq. 2850 N. Harwood Street, Suite 1500 Dallas, TX 75201 Telephone: (469) 680.4200 Facsimile: (469) 680.4299 kaurzada@reedsmith.com mpcooley@reedsmith.com dylan.ross@reedsmith.com About Mosaic SWNG LLC Mosaic SWNG LLC, doing business as Mosaic Apartments, was established in October 2021 with the exclusive purpose of acquiring and owning the 504-unit multifamily residential property known as "Mosaic Apartments." The apartment complex, built in 1981, is located at 4025 Burke Road, Pasadena, Texas, in Harris County. Mosaic SWNG sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90010) on January 30, 2025, listing between $50 million and $100 million in both assets and liabilities. Judge Christopher M. Lopez handles the case. Melissa A. Haselden, Esq., at Haselden Farrow, PLLC is the Debtor's legal counsel. MOUNTAIN SPORTS: Seeks to Extend Plan Exclusivity to August 29 -------------------------------------------------------------- Mountain Sports, LLC and its affiliates asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to August 29 and October 28, 2025, respectively. The Debtors explain that extension of the Exclusive Periods is justified by the good faith progress the Debtors are making toward liquidating their remaining assets, reviewing filed and scheduled claims, and formulating the basis of a viable plan in these cases. Further, the Debtors and Committee are in agreement as to the parameters of, and are drafting, the joint plan to be submitted to the Court. The Debtors assert that there is sufficient "cause" for an extension of the Exclusive Periods. The Debtors claim that the extension of the Exclusive Periods will afford the companies, Committee, and all other parties in interest an opportunity to fully develop the grounds upon which a plan can be based following the payment in full of PNC. Terminating the Exclusive Periods prematurely would defeat the very purpose of section 1121 of the Bankruptcy Code – to afford the Debtors a meaningful and reasonable opportunity to negotiate with creditors and propose and confirm a consensual plan. Accordingly, the Debtors should be afforded a full and fair opportunity to propose, negotiate, and seek acceptance of a chapter 11 plan. The Debtors believe that the requested extension of the Exclusive Periods is warranted and appropriate under the circumstances. The Debtors submit that the requested extension is realistic and necessary, will not prejudice the legitimate interests of creditors and other parties in interest, and will afford it a meaningful opportunity to pursue a consensual plan, all as contemplated by chapter 11 of the Bankruptcy Code. The Debtors assert that they are paying their bills as they become due, have resolved and paid, or are working to resolve, administrative claims that were filed with the Court. Additionally, the Debtors are reviewing the claims filed with their claims agent, some of which include an administrative claim portion, and will pay such administrative claims as they are reviewed and adjudicated, if necessary. This factor favors the Debtors' request for an extension of exclusivity. Counsel for the Debtors: GOLDSTEIN & MCCLINTOCK LLLP Maria Aprile Sawczuk, Esq. 501 Silverside Road, Suite 65 Wilmington, DE 19809 Telephone: (302) 444-6710 Email: marias@goldmclaw.com - and - Matthew E. McClintock, Esq. William Thomas, Esq. 111 W. Washington Street, Suite 1221 Chicago, IL 60602 Telephone: (312) 337-7700 Email: mattm@goldmclaw.com willt@goldmclaw.com About Mountain Sports Mountain Sports LLC, doing business as Bob's Stores, Eastern Mountain Sports, EMS, and Sport Chalet, is a sporting goods, hobby and musical instrument retailer. Mountain Sports LLC and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11385) on June 18, 2024. In the petitions filed by David Barton, authorized representative, Mountain Sports disclosed between $10 million and $50 million in both assets and liabilities. Judge Mary F. Walrath oversees the cases. The Debtors tapped Goldstein & McClintock LLLP as counsel and Silverman Consulting as financial advisor. The Office of the United States Trustee for the District of Delaware appointed an official committee of unsecured creditors. The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel and Morris James LLP as Delaware counsel. MOYVANE-ARABIAN PROPERTIES: Taps de Montluzin Investments as Broker ------------------------------------------------------------------- Moyvane-Arabian Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ de Montluzin Investments Realtors, LLC as broker. The firm will market and sell the Debtor's real property located at 1022-24 Orange Street, New Orleans, Louisiana. The firm will be paid a commission of 6 percent of the gross sales price. Ann de Montluzin Farmer, a partner at Ann de Montluzin Farmer of de Montluzin Investments Realtors, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Ann de Montluzin Farmer Montluzin Investments Realtors, LLC 719 Napoleon Ave New Orleans, LA 70115 Tel: (504) 895-1493 About Moyvane-Arabian Properties Moyvane-Arabian Properties, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No. 25-10694) on April 9, 2025. At the time of filing, the Debtor estimated $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Meredith S Grabill presides over the case. Patrick S. Garrity, Esq. at The Derbes Law Firm, LLC represents the Debtor as counsel. MURPHDOG LLC: Seeks to Hire Robl & Bowen LLC as Attorney -------------------------------------------------------- MurphDog LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Robl & Bowen LLC as its counsel. The firm's services include: a. advising the Debtor regarding potential benefits and potential disadvantages of the Chapter 11 process, as applicable to Debtor's circumstances; b. preparing the bankruptcy Petition, Schedules of Assets and Liabilities, Statement of Financial Affairs, company Resolution, and similar documents; c. reviewing the Debtor's governing corporate agreements and preparing a Resolution authorizing a bankruptcy filing consistent with the requirements of those agreements; d. assisting the Debtor with the preparation of such "first day motions" as may be necessary, including any motions regarding authorization to utilize cash collateral, motions to authorize payment of pre-petition claims, and similar filings; e. assisting the Debtor in providing documents to the United States Trustee's ("U.S. Trustee's") office for review in advance of the Initial Debtor Interview ("IDI"); f. assisting Debtor in preparing for the IDI and participating in the IDI with Debtor's representative; g. assisting Debtor in preparing for the examination provided for by Bankruptcy Code Section 341 (the "341 Meeting") and participating in the 341 Meeting with Debtor's representative; h. preparing the status report required in a Subchapter V case; i. participating the status conference required in a Subchapter V case; j. advising Debtor of Debtor's rights, duties and obligations as debtor-in-possession; k. reviewing claims filed in the case and assisting Debtor in evaluating such claims for potential objections; l. conducting or defending examinations pursuant to Rule 2004 of the Federal Rules of Bankruptcy Procedure as may be deemed desirable or necessary; m. consulting with Debtor and representing Debtor with respect to formulating a Chapter 11 plan of reorganization, and in the Chapter 11 plan confirmation process; n. assisting Debtor with the preparation of monthly operating reports; o. performing legal services incidental and necessary to carrying out the day-to-day operations of Debtor's business activities; p. instituting and prosecuting necessary adversary proceedings and contested matters; and q. taking any and all other actions incident to the proper preservation and administration of Debtor's estate and business. The firm will be paid at these rates: Michael Robl, Esq. $475 per hour Maxwell Bowen, Esq. $425 per hour Rene Pennington, Esq. $425 per hour Dejanae Bridges (paralegal) $175 per hour The firm received a retainer in the amount of $20,000. Robl & Bowen is "disinterested" and does "not hold or represent an interest adverse to the estate" within the meaning of Section 327 of the bankruptcy code, according to court filings. The firm can be reached through: Michael D. Robl, Esq. Maxwell W. Bowen, Esq. ROBL & BOWEN, LLC 3754 Lavista Road, Suite 250 Tucker, GA 30084 Tel: (404) 373-5153 Fax: (404) 537-1761 Email: max@roblgroup.com Email: michael@roblgroup.com About MurphDog LLC MurphDog LLC, d/b/a Ironmonger Brewing Company, Naughty Soda, Ironmonger Brewing & Distilling, and Ironmonger Taproom + Axe Throwing, operates in Marietta, Georgia, under various trade names including Ironmonger Brewing Company, Naughty Soda, Ironmonger Brewing & Distilling, and Ironmonger Taproom + Axe Throwing. The Company is engaged in the beverage and entertainment industry, offering craft brewing, soda production, and recreational services. MurphDog LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-56326) on June 5, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtors are represented by Michael D. Robl, Esq. at ROBL & BOWEN LLC. NASSAU FINANCIAL: S&P Assigns 'BB-' Long-Term ICR, Outlook Stable ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' long-term issuer credit rating to Nassau Financial Group L.P. and The Nassau Cos. of New York and its 'BBB-' issuer credit and financial strength ratings to core operating subsidiaries Nassau Life Insurance Co., Nassau Life and Annuity Co., and Nassau Life Insurance Co. of Kansas (collectively, Nassau). S&P said, "At the same time, we assigned a 'BB-' issue-level rating to NCNY's existing senior unsecured debt and a 'BB' subordinated debt rating to Nassau Life Insurance Co.'s existing surplus note. In addition, we assigned our 'BB-' issue-level rating to NCNY's $400 million senior unsecured debt issuance due 2030." The outlook on the issuer credit and financial strength ratings is stable. S&P's ratings on NFG reflect its upward trajectory in its core markets, largely from its fixed annuity and indexed annuity products (and, to a lesser extent, its Multi Year Guaranteed Annuity (MYGA) product). The business risk profile also reflects the growing asset management business, which manages Nassau's general account and also generates fee income through its third-party assets under management. NFG distributes its products primarily through small Independent Market Organizations (IMOs). Nassau has seen strong growth in its annuity sales, to $1.6 billion in 2024 from $601 million in 2020. However, it ranks outside the top 20 companies in the overall fixed annuity, fixed indexed annuity, and MYGA markets (though it did break into the top 20 in fixed indexed annuity sales, per the LIMRA rankings as of March 31, 2025). The company's fair competitive position also accounts for its operating performance. S&P said, "We expect the trend in the company's earnings to continue, and we expect it to generate stable operating earnings (adjusted EBITDA) of about $150 million-$200 million in next two years." The improvement in operating performance in recent years was based on EBITDA rising to about $230 million in 2024 from -$32 million in 2020. Return on equity also improved during that period, to 13.6% from -11.2%. Challenges for the company have historically included large one-time expenses and underwriting mortality losses (primarily driven by universal life policies held by institutional investors through PHL Variable Insurance Co., an operating entity the group no longer owns). However, in recent years, the profitable growth of its annuity and asset management businesses has offset these challenges. The vast majority of management's view of earnings, referred to as adjusted operating income (AOI), is generated by its annuity lines (43% of AOI) -- a limiting factor in the overall business risk profile. Offsetting the concentration are the earnings generated from the company's regulatory closed block of participating whole life (16% of AOI) -- which S&P views as low risk (though it isn't part of the company's go-forward strategy) -- as well as its growing asset management business (12% of AOI). S&P said, "Our ratings also reflect NFG's satisfactory financial risk profile because of excess capital above our 99.50% confidence level per our risk-based capital model. In our analysis of capitalization, we include the affiliated reinsurers: Lynbrook Re Inc., Sunrise Re Inc., and Nassau Re (Cayman). We project that the group will produce organic earnings that will support capitalization above our 99.50% confidence level in the next two years. S&P assesses NFG's risk exposure as moderately low. The company's investment portfolio is well diversified and is of high credit quality, with an average rating of 'A'--and this benefits its risk position. Historically, the company has had a significant unfunded status of its pension obligations. However, the ratio of unfunded pension obligations to total adjusted capital--2.8% as of year-end-2024--supports a moderately low risk profile. S&P said, "We view the company's funding structure as neutral to our ratings. Based on our calculations, NFG's financial leverage on a reported basis was 32.4%, and its fixed-charge coverage ratio was 4.7x as of year-end 2024. Excluding accumulated other comprehensive income (AOCI), financial leverage was 21.6%. "With the anticipated debt offering--which will add approximately $300 million of incremental debt--we expect that the company will report financial leverage that's slightly above 40% on a reported equity basis and below 30% excluding AOCI. But with organic earnings generation and a subsequent increase in retained earnings, we expect that financial leverage will be less than 40% on a reported equity basis and below 30% excluding AOCI, with fixed-charge coverage above 4x in the next two years. "These figures would be within our thresholds for financial leverage and fixed charge coverage and therefore supportive of our ratings. "Governance is neutral to the ratings. The company has an experienced management team with a formalized growth plan that we believe is consistent with its capabilities. The group has an independent board consisting of seven directors, with four of the seven directors being independent. "The company has established a formal risk appetite--reviewed by the management team and approved by the CEO--and we expect the company to keep its risk profile consistent with its risk appetite. "Our ratings also reflect our views regarding the recent regulatory intervention of PHL Variable Insurance, the insurance operating entity that was part of the Nassau Group until 2021. (That year, it separated from the group and became a subsidiary of GG Holding Co. after working with and receiving approval from the Connecticut Insurance Department.) In 2024, PHL entered rehabilitation proceedings in Connecticut. "While we view the Nassau Group's overall enterprise management as sufficient, we will remain cautious until we see a longer-term track record of effective enterprise risk management actions relative to the company's risk controls and risk appetite--for example, hedging effectiveness--as well as further demonstration of quantitative risk reporting over time that ensures that risks remain within the company's tolerances. "Our 'BB-' ratings on NFG and NCNY are three notches below our 'BBB-' ratings on the operating entities. The holding companies primarily depend on dividends from the operating subsidiaries for their cash flow needs. This is our standard subordination for U.S. insurance holding companies. "The stable outlook reflects our expectations that NFG will continue to grow its earnings while it expands its platform in the annuity space and sees complementary earnings from its asset management business, while keeps its capitalization at the 99.50% level in our forecast. We expect the company to maintain financial leverage below 40% and fixed-charge coverage above 4x." S&P could lower its ratings in the next 12-24 months if: -- S&P's view of NFG's capitalization deteriorates to the point where it no longer anticipates that capital redundancy would be sustainable at the 99.50% or satisfactory stress level; -- Earnings deteriorate, weakening S&P's view of the company's competitive position (all because of unexpected outsize underwriting losses or investment losses--as an example--or negative earnings from its asset management business); or -- Fixed-charge coverage falls below 4x or leverage materially increases above our 40% threshold for a sustained period of time. S&P could raise the ratings if: -- Nassau continues to execute on its strategic growth plan, leading to increased sales and net inflows as well as improved financial performance; -- Improved organic net capital generation leads to capitalization that's sustained at the 99.80% level, supported by an effective enterprise risk management framework that demonstrates sufficient risk controls for its actuarial, asset/liability, and investment risks; or -- Product lines and distribution become sufficiently diversified (for example, with asset management of third-party assets sustainably becoming more than 20% of operating earnings, or with the company's market position materially improving beyond its top 20 position in the fixed indexed annuity market). NO WAKE ZONE: Ryan Richmond Named Subchapter V Trustee ------------------------------------------------------ The Acting U.S. Trustee for Region 5 appointed Ryan James Richmond of Sternberg, Naccari & White, LLC as Subchapter V trustee for No Wake Zone, LLC. Mr. Richmond will be paid an hourly fee of $390 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Richmond declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Ryan James Richmond Sternberg, Naccari & White, LLC 450 Laurel Street Suite 1450 Batton Rouge, LA 70801 Tel: 225-412-3667 Fax: 225-286-3046 Email: ryan@snw.law About No Wake Zone Wake Zone, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-11248) on June 17, 2025, with up to $50,000 in assets and liabilities. Judge Meredith S. Grabill presides over the case. Robin R. DeLeo, Esq. represents the Debtor as legal counsel. NOBLE LIFE: Hearing on Bid to Use Cash Collateral Set for July 10 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Maryland, Baltimore Division, is set to hold an evidential emergency hearing on July 10 on Noble Life Sciences, Inc.'s bid to use cash collateral. The Debtor's authority to utilize cash collateral pursuant to the court's June 30 order expires on July 10. The June 30 order authorized the Debtor to use up to $60,000 in cash collateral held at Fulton Bank, N.A. to pay for employee health insurance and payroll checks that did not clear post-petition. Fulton Bank was granted a post-petition lien and security interest as protection for any cash collateral used. Fulton Bank is represented by: Michael D. Nord, Esq. Gebhardt & Smith, LLP One South Street, Suite 2200 Baltimore, MD 21202 Tel: (410) 385-5072 mnord@gebsmith.com About Noble Life Sciences Inc. Noble Life Sciences, Inc. is a pre-clinical contract research organization that provides GLP and non-GLP services, including safety and efficacy testing, for drugs, vaccines, and medical devices. It offers capabilities in pharmacology, bioanalysis, analytical testing, and preclinical development across a range of therapeutic areas such as oncology, infectious diseases, and cardiovascular conditions. Noble Life Sciences sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-15637) on June 22, 2025. In its petition, the Debtor reported total assets of $488,456 and total liabilities of $5,160,511. The Debtor is represented by Robert B. Scarlett, Esq., at Scarlett & Croll, P.A. NORTEX REDIMIX: Hires Spector & Cox PLLC as Legal Counsel --------------------------------------------------------- Nortex Redimix, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to employ Spector & Cox, PLLC as counsel. The firm's services include: a. providing legal advice with respect to their powers and duties as Debtor-in-possession; b. preparing and pursuing confirmation of a plan and approval of a disclosure statement to the extent required; c. preparing on behalf of the Debtor necessary applications, motions, answers, orders, reports and other legal papers; d. appearing in Court and protecting the interests of the Debtor before the Court; and e. performing all other legal services for the Debtor which may be necessary and proper in these proceed The firm will be paid at these rates: Howard Marc Spector $435 per hour Other member $395 per hour Paralegals $150 per hour The firm tendered a retainer in the amount of $50,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Howard Marc Spector, Esq., a partner at Spector & Cox, 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: Howard Marc Spector Spector & Cox, PLLC Banner Place 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel: (214) 365-5377 Fax: (214) 237-3380 Email: hspector@spectorcox.com About Nortex Redimix, LLC Nortex Redimix, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Texas Case No. 25-41505) on May 28, 2025, listing up to $50,000 in both assets and liabilities. Judge Brenda T. Rhoades oversees the case. The Debtor is represented by: Howard Marc Spector, Esq. Spector & Cox, PLLC Tel: (214) 365-5377 Email: hspector@spectorcox.com NORTHLAKE CORNERS: Hires Gary G. Lyon as Bankruptcy Counsel ----------------------------------------------------------- Northlake Corners LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire Gary G. Lyon, an attorney practicing in McKinney, Texas, as general bankruptcy counsel. Mr. Lyon will render these services: (a) furnish legal advice to the Debtor with regard to its powers, duties and responsibilities as a debtor-in-possession and the continued management of its affairs and assets under chapter 11; (b) prepare, for and on behalf of the Debtor, all necessary applications, motions, answers, orders, reports and other legal papers; (c) prepare a disclosure statement and plan of reorganization and other services incident thereto; (d) investigate and prosecute preference and fraudulent transfers actions arising under the avoidance powers of the Bankruptcy Code; and (e) perform all other legal services for the Debtor which may be necessary. Gary G. Lyon will be paid at these hourly rates: Attorneys $500 Paralegals $75 The Debtor paid him a retainer in the amount of $6,738. He will also be reimbursed for reasonable out-of-pocket expenses incurred. Gary G. Lyon, Esq. assured the Court that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Gary G. Lyon can be reached at: Gary G. Lyon, Esq. 6401 W. Eldorado Parkway, Ste 234 McKinney, TX 75070 Tel: (214) 620-2034 Fax: (469) 521-7219 E-mail: glyon.attorney@gmail.com About Northlake Corners LLC Northlake Corners LLC, doing business as NLC Truck Parking, offers daily, weekly, and monthly parking solutions for commercial trucks. The facility provides secure and well-lit parking spaces with 24/7 surveillance and backup-powered lighting, catering to both short-and long-term needs. Northlake Corners LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-41894) on June 30, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. The Debtors are represented by Gary G Lyon, Esq. at BAILEY JOHNSON & LYON, PLLC. OI S.A.: Asks US Court to End Recognition of Chapter 15 Case ------------------------------------------------------------ Jose Orozco of Bloomberg News reports that Oi, which remains under judicial recovery in Brazil, has requested the termination of its Chapter 15 case in the U.S. court system following the implementation of several restructuring measures, the company said in a filing. The request, submitted to the U.S. Bankruptcy Court for the Southern District of New York, seeks to end the recognition of Oi's Chapter 15 case as its primary foreign judicial recovery proceeding, as well as to formally close the Chapter 15 process, Bloomberg News reports. According to the company, the move follows a "strategic evaluation" of the relevance of Chapter 15 in light of its current recovery stage and recent restructuring developments. About Oi SA Headquartered in Rio de Janeiro, and operating almost exclusively within Brazil, the Oi Group provides services like fixed-line data transmission and network usage for phones, internet, and cable, Wi-Fi hot-spots in public areas, and mobile phone and data services, and employs approximately 142,000 direct and indirect employees. On June 20, 2016, pursuant to Brazilian Law No. 11.101/05 (the 'Brazilian Bankruptcy Law'), Oi S.A. and certain of its subsidiaries filed for recuperao judicial (judicial reorganization) in Brazil. On June 21, 2016, OI SA and its affiliates Telemar Norte Leste S.A. and Oi Brasil Holdings Cooperatief U.A. commenced Chapter 15 proceedings (Bankr. S.D.N.Y. Lead Case No. 16-11791). Ojas N. Shah, as foreign representative, signed the petitions. Coop and PTIF are also subject to proceedings in the Netherlands. The Chapter 15 cases are assigned to Judge Sean H. Lane. In the Chapter 15 cases, the Debtors are represented by John K. Cunningham, Esq., and Mark P. Franke, Esq., at White & Case LLP, in New York; and Jason N. Zakia, Esq., Richard S. Kebrdle, Esq., and Laura L. Femino, Esq., at White & Case LLP, in Miami, Florida. On July 22, 2016, the New York Court recognized the Brazilian Proceedings as foreign main proceedings with respect to the Chapter 15 Debtors, and granted certain additional related relief. The company exited bankruptcy protection in December 2022. OVERTON LLC: Hires Law Offices of Chad Hayward as Counsel --------------------------------------------------------- Overton, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Law Offices of Chad Hayward as counsel. The firm will represent and assist the Debtor in carrying out its duties and responsibilities under the provisions of chapter 11 of the Bankruptcy Code and advise and represent the estate and its interests generally throughout the administration of the bankruptcy case. The Debtor paid the firm a flat fee in the amount of $7,500, plus filing fees. Mr. Hayward 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: Chad Hayward, Esq. Law Offices of Chad Hayward 35 S. Washington St., Suite 304 Naperville, IL 60540 E-mail: chayward@haywardlawoffices.com About Overton, LLC Overton LLC is a single-asset real estate entity under 11 U.S.C. Section 101(51B), with its principal assets situated at 3619 South State Street, Chicago, Illinois 60609. Overton LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08509) on June 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Janet S. Baer handles the case. The Debtors are represented by Chad Hayward, Esq. at LAW OFFICES OF CHAD HAYWARD. PEGASUS BUILDERS: Hires Padula Bennardo as Special Counsel ---------------------------------------------------------- Pegasus Builders, Inc. and its affiliate seek approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Padula Bennardo Levine, LLP, as special litigation counsel. The Debtor needs the firm's legal assistance in connection with a case captioned as Pegasus Builders, Inc., et al. v. Christopher Welling, et al., (Case No. 2019 CA 002587 XXXX MB) which is consolidated with Case No. 50 2019 CA 003598 XXXX MB, both pending in the Circuit Court of the Fifteenth Judicial Circuit in and for Palm Beach County, Florida. The firm will be paid at these rates: Attorneys $400 to $500 per hour Paralegals $150 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm is owed a total of $88,112.14 for prepetition legal fees, and is holding a retainer in the amount of $25,000. Mr. Padula 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: Stephen J. Padula, Esq. Padula Bennardo Levine, LLP 3837 NW Boca Raton., Suite 200 Boca Raton, FL 33431 Tel: (561) 544-8999 E-mail: sjp@pbl-law.com About Pegasus Builders, Inc. Pegasus Builders Inc. is a licensed general contractor specializing in luxury custom homes and equestrian estates across Wellington and South Florida. The Company holds licenses in general contracting, engineering, and roofing, backed by over 25 years of experience in the Florida market. It serves both residential and commercial clients and actively participates in philanthropic initiatives supporting various local and national organizations. Pegasus Builders Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-16181) on May 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Mindy A. Mora handles the case. The Debtors are represented by Aaron Wernick, Esq. at WERNICK LAW PLLC. PHP HOLDINGS: Case Summary & 30 Largest Unsecured Creditors ----------------------------------------------------------- Lead Debtor: PHP Holdings, LLC f/k/a PHP Holdings, Inc. 3824 Hughes Ave. Culver City, CA 90232 Business Description: The Debtors and their non-Debtor affiliates provide regional healthcare services across California, Connecticut, Pennsylvania, and Rhode Island. Their operations are divided into hospital services -- operating 16 acute care and behavioral hospitals offering inpatient and outpatient care -- and, prior to the Astrana sale, physician-related services through owned and managed medical groups, independent physician associations, managed services organizations, and risk- bearing entities. Chapter 11 Petition Date: July 7, 2025 Court: United States Bankruptcy Court Northern District of Texas Twenty-five affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- PHP Holdings, LLC 25-80157 Prospect Intermediate Holdings, LLC 25-80158 Prospect Provider Group TX, Inc. 25-80159 Prospect Health Services TX, Inc 25-80160 ProMed Health Care Administrators 25-80161 Prospect Medical Systems, LLC 25-80162 Prospect Health Services AZ, LLC 25-80163 Prospect West Coast ACO Holdings, LLC 25-80164 RightRX 25-80165 Prospect Medical Group AZ, LLC 25-80166 Prospect ACO, LLC 25-80167 Prospect CA Holdings (Physicians), Inc 25-80168 Prospect Intermediate Physician Holdings, Inc. 25-80169 Prospect Medical Group, Inc. 25-80170 New Genesis Medical Associates, Inc. 25-80171 Primary and Multi-Specialty Clinics of Anaheim, Inc 25-80172 Care@Home Solutions CA, Inc 25-80173 Upland Medical Group, a Professional Medical Corp 25-80174 Pomona Valley Medical Group, Inc. 25-80175 Prospect NWOC Medical Group, Inc. 25-80176 Prospect Professional Care Medical Group, Inc. 25-80177 StarCare Medical Group, Inc. 25-80178 Nuestra Familia Medical Group, Inc. 25-80179 Genesis HealthCare of Southern California, Inc. 25-80180 Prospect Health Source Medical Group, Inc. 25-80181 Judge: Hon. Stacey G Jernigan Debtors' Bankruptcy Counsel: Thomas R. Califano, Esq. Rakhee V. Patel, Esq. Maegan Quejada, Esq. SIDLEY AUSTIN LLC 2021 McKinney Avenue, Suite 2000 Dallas, TX 75201 Tel: (214) 981-3300 Fax: (214) 981-3400 E-mail: tom.califano@sidley.com rpatel@sidley.com mquejada@sidley.com - and - William E. Curtin, Esq. Patrick Venter, Esq. Anne G. Wallice, Esq. SIDLEY AUSTIN LLP 787 Seventh Avenue New York, New York 10019 Tel: (212) 839-5300 Fax: (212) 839-5599 E-mail: wcurtin@sidley.com pventer@sidley.com anne.wallice@sidley.com Debtors' Financial Advisor: ALVAREZ & MARSAL NORTH AMERICA, LLC Debtors' Investment Banker: HOULIHAN LOKEY, INC. Debtors' Claims, Noticing & Solicitation Agent: OMNI AGENT SOLUTIONS, INC. PHP Holdings, LLC's Estimated Assets: $10 million to $50 million PHP Holdings, LLC's Estimated Liabilities: $500 million to $1 billion The petitions were signed by Paul Rundell as chief restructuring officer. A full-text copy of PHP Holdings, LLC's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/P4LJN5Y/PHP_Holdings_LLC__txnbke-25-80157__0002.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Gateway Medical Group of Trade Payable $259,604 San Diego, Inc. 610 Euclid Avenue Suite 302 National City, CA 91950 Title: Office Manager Email: office@gatewaymedicalgroupsd.com Phone: (619) 527-7700 2. Medpoint Management Inc. Trade Payable $244,484 15301 Ventura Blvd. Building D, Suite 200 Sherman Oaks, CA 91403 Attn: Manish Dugar Title: Chief Financial Officer Email: mdugar@medpointmanagement.com 3. Riverside University Health System Trade Payable $242,076 4095 County Circle Drive Riverside, CA 92503 Attn: Frederick Drewette Title: Chief Financial Officer Email: fdrewette@ruhealth.org Phone: (951) 486-4000 4. Helton Law Group APC Trade Payable $240,000 1590 Corporate Drive Costa Mesa, CA 92626 Attn: Carrie McLain Title: Chief Executive Officer Email: cmclain@heltonlawgroup.com 5. Transtreme LLC Trade Payable $218,249 2570 Lynn Road Chappell Hill, TX 77426 Attn: Rick Michel Title: Chief Executive Officer Email: rick.michel@transtreme.com 6. Dao Medical Group Inc. Trade Payable $208,426 9191 Westminster Ave. Garden Grove, CA 92844 Title: Office Manager Email: Info@daomedicalgroup.com Phone: (714) 899-2000 7. Healthedge Software Inc. Trade Payable $150,655 30 Corporate Drive Suite 150 Burlington, MA 01803 Attn: Matt McLaughlin Title: Chief Financial Officer Email: mmclaughlin@healthedge.com Phone: (855) 437-4067 8. Canon U.S.A. Inc. Trade Payable $146,986 One Canon Park Melville, NY 11747 Attn: Peter Kowalczuk Title: Executive Vice President Email: pkowalczuk@cusa.canon.com 9. Name on File Trade Payable $138,178 Address on File Contact Information on File 10. Herald Christian Health Center Trade Payable $117,449 3401 Aerojet Avenue El Monte, CA 91731 Title: Practice Administrator Email: contact@heraldchristianhc.org Phone: (626) 286-8700 11. The Oncology Institute CA Trade Payable $104,153 18000 Studebaker Road Suite 800 Cerritos, CA 90703 Attn: Rob Carter Title: Chief Financial Officer Email: rob.carter@theoncologyinstitute.com 12. Aetna Better Health of California Trade Payable $99,198 10260 Meanley Drive San Diego, CA 92131 Title: Provider Services Email: ProviderServices_CA@aetna.com Phone: (855) 772-9076 13. Chaparral Medical Group Inc. Trade Payable $94,513 840 Towne Center Drive Pomona, CA 91767 Title: Practice Administrator Email: info@chaparralmedicalgroup.com Phone: (714) 221-6301 14. Imagenet LLC Trade Payable $94,212 10014 N. Dale Mabry Hwy. Suite 110 Tampa, FL 33618 Attn: Matt Crockett Title: Chief Financial Officer Email: matt.crockett@imagenetllc.com 15. Rai Care Centers of Santa Ana LLC Trade Payable $93,363 2740 S Bristol Street Suite 110 Santa Ana, CA 92704 Title: Clinic Manager Email: contact@raicarecenters.com 16. Pka Medical Corporation Trade Payable $92,986 1610 W Edinger Ave. Suite B Santa Ana, CA 92704 Title: Office Manager Email: info@pkamedical.com 17. ADP Trade Payable $92,532 1 ADP Blvd Roseland, NJ 07068 Attn: Peter Hadley Title: Chief Financial Officer Email: pHadley@adp.com 18. Joseph L. Lin M.D. Inc. Trade Payable $87,363 160 E. Artesia Street Suite 140 Pomona, CA, 91767 Title: Office Manager Email: info@drjosephlinmd.com 19. Office Ally Inc Trade Payable $83,399 1300 SE Cardinal Court Suite 190 Vancouver, WA 98683 Attn: James Oliff Title: Chief Financial Officer Email: joliff@officeally.com 20. Magnolia Medical Imaging Center Trade Payable $81,436 14571 Magnolia Street Westminster, CA, 92683 Title: Office Manager Email: contact@magnoliamedicalimaging.com Phone: (714) 893-1915 21. Caremark Trade Payable Undetermined 100 Great Meadow Road Wethersfield, CT, 06106 and One CVS Drive Woonscocket, RI, 02895 Attn: Samantha Swerdlin Title: Director Email: samantha.swerdlin@caremax.com 22. Neuehealth Advantage ACO, LLC Litigation Undetermined c/o: Finlayson Toffer Roosevelt & Lilly LLP 15615 Alton Parkway Suite 270 Irvine, CA 92618 Attn: T. Kevin Roosevelt And Kalya Y. Wales Title: Counsel Email: kroosevelt@ftrlfirm.com Phone: (949) 759-3810 23. Healthcare Justice Litigation Undetermined Coalition De Corp c/o: Law Offices of Gary L. Tysch 16133 Ventura Boulevard Suite 580 Encino, CA 91436 Attn: Gary L. Tysch Email: gary.tysch@healthcarejusticecoalition.org Phone: (818) 995-9555 24. Name on File Litigation Undetermined c/o: The Law Offices of Mary A. Dannelley 160 Newport Center Drive Suite 120 Newport Beach, CA 92660 Attn: Mary A. Dannelley Title: Founder Email: mary@dannellylaw.com Phone: (949) 252-1600 25. Name on File Litigation Undetermined c/o: Smith Clinesmith, LLP 633 West Fifth Street Los Angeles, CA 90017 Attn: Dawn Smith Title: Managing Partner Email: dawn@fightingelderabuse.com Phone: (214) 953-1900 26. Name on File Litigation Undetermined c/o: Law Offices of Kirk Edward Schenck, PC 11811 San Vincente Boulevard Third Floor Los Angeles, CA 90049 Attn: Kirk Edward Schenck Title: Founder Email: kirkschenck@schenckpc.com Phone: (310) 600-3800 27. Name on File Litigation Undetermined c/o: Law Offices of Scott Glovsky, APC 343 Hardvard Avenue Claremont, CA 91711 Attn: Scott C. Glovsky Title: Founder Email: sglovsky@scottglovskylaw.com Phone: (626) 323-8351 28. Prime Healthcare Services Litigation Undetermined c/o: King Spalding LLP 633 West Fifth Street Suite 1600 Los Angeles, CA 90071 Attn: Daron L. Tooch & Kathryn T. Han Title: Partner Email: dtooch@kslaw.com Phone: (213) 443-4355 29. Keck Medical Center of USC Litigation Undetermined 3551 Trousdale Parkway ADM 352 Los Angeles, CA 90089 Attn: Marty Sargeant Title: Chief Executive Officer Email: marty.sargeant@med.usc.edu 30. Name on File Litigation Undetermined c/o: The Law Offices of Jonathan A. Stieglitz 11845 W. Olympic Blvd Suite 800 Los Angeles, CA 90064 Attn: Jonathan A. Stieglitz Title: Founder Email: jonathan.a.stieglitz@gmail.com Phone: (323) 979-2063 The Debtors seek joint administration of their Chapter 11 cases with Prospect Medical Holdings, Inc. and its affiliates' jointly administered cases filed with the U.S. Bankruptcy Court for the Northern District of Texas on Jan. 11, 2025 (Case No. 25-80002 (SGJ)). PLATINUM HEIGHTS: Seeks to Extend Plan Exclusivity to August 19 --------------------------------------------------------------- Platinum Heights, LP asked the U.S. Bankruptcy Court for the Southern District of Texas to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to August 19 and October 20, 2025, respectively. The Debtor explains that the size and complexity of the Chapter 11 Case warrants extension of the Exclusive Periods. The Chapter 11 Case required the Debtor's principal to extend two unsecured loans postpetition to the Debtor as a result of ongoing issues and negotiations with the Debtor's tenants. The requested extension will enable the Debtor to secure consensus for a chapter 11 plan that will maximize the value of the Debtor's estate for the benefit of all stakeholders, without the risk of competing plans and the attendant disruption, expense, and delay. The Debtor claims that it continues to work toward proposing a plan that will be accepted by its major stakeholders. The Debtor, therefore, requires additional time to propose a plan (whether consensual or not) and solicit its acceptance. The Debtor's progress in working with key stakeholders in the Chapter 11 Case supports the extension of the Exclusive Periods. The Debtor asserts that extending the Exclusive Periods benefits all parties in interest by preventing a drain on time and resources, which inevitably occurs when multiple parties with potentially divergent interests compete for the consideration of their own respective plans. This Motion is not filed for purposes of delay but to afford the Debtor an opportunity to further develop a plan favorable with major stakeholders. The extension requested is reasonable and realistic in view of the circumstances of this case. The Debtor further asserts that it seeks to maintain exclusivity so parties with competing interests do not impede the Debtor's efforts to obtain stakeholder support for a value-maximizing plan. Extending exclusivity benefits all parties in interest by preventing the drain on time and the resources of the Debtor's estate that will occur when multiple parties, with potentially diverging interests, pursue the consideration of their own respective plans. Platinum Heights, LP is represented by: REED SMITH LLP Omar J. Alaniz, Esq. 2850 n. Harwood Street, Suite 1500 Dallas, Texas 75201 Telephone: (469) 680-4200 Facsimile: (469) 680-4299 E-mail: oalaniz@reedsmith.com About Platinum Heights LP Platinum Heights, LP filed a Chapter 11 petition (Bankr. S.D. Texas Case No. 25-90012) on Feb. 20, 2025, listing between $50 million and $100 million in both assets and liabilities. Judge Alfredo R. Perez oversees the case. Omar Jesus Alaniz, Esq., at Reed Smith, LLP is the Debtor's legal counsel. B1 Bank, as secured lender, is represented by Michael P. Menton, Esq. and Danika L. Lopez, Esq. at SettlePou. POWELL 1023: Seeks Chapter 11 Bankruptcy in New York ---------------------------------------------------- Powell 1023 Corp., a Brooklyn-based company formed to sell and finance residential real estate for consumer Achan Chowdhury, has filed for Chapter 11 bankruptcy protection in the Eastern District of New York on July 6, 2025. The company listed both its assets and liabilities in the $500,001 to $1 million range and reported having fewer than 50 creditors. The filing states that funds are expected to be available for distribution to unsecured creditors after administrative costs, rkc.llc reports. About Powell 1023 Corp. Powell 1023 Corp. is a corporation established to sell and finance residential real property to consumer Achan Chowdhury. Powell 1023 Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43219) on July 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Karamvir Dahiya, Esq. at Dahiya Law Offices LLC. PRIORITY TECHNOLOGY: S&P Alters Outlook to Pos., Affirms 'B' ICR ---------------------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on U.S.-based payment technology company Priority Technology Holdings Inc. Concurrently, S&P assigned its 'B' issue-level rating on its proposed first-lien debt facilities. The '3' recovery rating reflects our expectation of meaningful (50%-70%; rounded estimate: 55%) recovery in the event of default. Priority revenue, profitability, and free operating cash flow (FOCF) improvement, allowing it to reduce leverage to 5.3x for the trailing 12 months ended March 2025. The company is proposing to issue a new revolving credit facility and term loan B. It plans to use proceeds to repay debt, settle contingent considerations from a previous acquisition, and for a new acquisition. S&P's positive outlook reflects the potential of a higher rating if Priority sustains good performance, leading to leverage below 5x. Priority's higher revenue and earnings have continued to strengthen its credit metrics, which could support an upgrade. Priority has maintained solid growth in its small and midsize business focused merchant acquiring segment, as well as more rapid expansion of its higher-margin business-to-business and enterprise segments. Overall, revenue increased 9.2% year over year for the three-month period ended March 31, 2025. Priority has benefitted from operating leverage improvement, higher interest income, and lower cost to service its unified commerce platform. S&P Global Ratings-adjusted EBITDA margins reached 19.9% for the trailing-12-months period ended March 31, improving 90 basis points (bps) from the same period last year. With revenue and margin improvements increasing EBITDA, S&P Global Ratings-adjusted debt to EBITDA for the trailing 12 months ended March 31 was 5.3x, down from 6.2x in the same period last year. S&P said, "For the full year 2025, we project about 10% revenue growth and margin expansion of approximately 110 bps, which should reduce leverage to about 4.9x by year-end. If Priority demonstrates good performance and deleveraging at least in line with our forecast, we could raise our rating." S&P said, "Priority's in-market transaction is leverage neutral, and we think its financial policy will likely support deleveraging. We expect it will use a portion of the transaction proceeds to pay off contingent considerations--which we treat as debt. Priority will also acquire a partner independent sales organization that we believe will be accretive to EBITDA. Consequently, we consider the transaction roughly leverage neutral. "While cash flow and leverage have continued to benefit from strong performance, our base case assumes Priority adheres to its long-term target. We also believe large leveraging acquisitions will be less likely, with targets likely either smaller tuck-in additions or niche technologies that Priority could quickly scale. These could be funded through internally generated cash. We also expect continued restraint regarding dividends and share repurchases. "We think cash flow will benefit from a lower interest rate environment and improving spreads on new debt. This should lead to total interest expense of about $85 million for 2025, down about $15 million from last year, despite a modest increase (about $65 million) in debt. As the company continues to expand EBITDA while capital expenditure (capex) remains moderate at $20 million-25 million, we expect FOCF of about $100 million (up from $56 million in 2024), leading to FOCF to debt of 10% (versus 6.1%)." The positive outlook reflects the potential of a higher rating if Priority sustains good performance, leading to leverage below 5x. S&P could revise its outlook to stable if: -- Priority demonstrates a more aggressive financial policy than S&P anticipates; or -- Operating underperformance amid an economic slowdown raises leverage to or above 5x. S&P could raise its rating on Priority if: -- Leverage continues to decline; and -- Its financial policy will support leverage sustained below 5x. R3CYCLE INDUSTRIES: Hires Essex Richards as Bankruptcy Counsel -------------------------------------------------------------- R3CYCLE Industries, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina to hire Essex Richards, PA as bankruptcy counsel. The firm will render these services: (a) provide legal advice concerning the Debtor's responsibilities and the continued management of its business; (b) negotiate, prepare, and pursue confirmation of a Chapter 11 plan and approval of disclosure statement, and all related reorganization agreements and/or documents; (c) prepare all necessary motions, applications, reports, orders, objections and the like associated with prosecuting the Chapter 11 case; (d) prepare and appear in Bankruptcy Court to protect the interest of the Debtor; (e) perform all other legal services for the Debtor which may become necessary in this Chapter 11 case; and (f) prosecute and defend the Debtor in all adversary proceedings related to the base case. The firm will be paid at these hourly rates: John Woodman, Attorney $400 Paralegal $175 Staff $65 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $15,000 from Debtor. Mr. Woodman 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: John Woodman, Esq. Essex Richards, PA 1701 South Blvd. Charlotte, NC 28203 Telephone: (704) 377-4300 About R3CYCLE Industries, LLC R3CYCLE Industries, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-30685) on July 1, 2025, listing $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Judge Ashley Austin Edwards presides over the case. John C. Woodman, Esq, at Essex Richards represents the Debtor as counsel. R3CYCLE INDUSTRIES: Seeks Subchapter V Bankruptcy in North Carolina ------------------------------------------------------------------- On July 1, 2025, R3CYCLE Industries LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of North Carolina. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. About R3CYCLE Industries LLC R3CYCLE Industries LLC 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. R3CYCLE Industries LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-30685) on July 1, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Ashley Austin Edwards handles the case. The Debtors are represented by John C. Woodman, Esq. at ESSEX RICHARDS PA. RE WEALTH: Seeks to Hire Mark S. Roher P.A. as Counsel ------------------------------------------------------ RE Wealth Advisors, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ the law firm of Mark S. Roher, P.A. as counsel. The attorney will render these professional services: (a) give advice to the Debtor with respect to its powers and duties as Debtor in possession and the continued management of its finances; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; (c) prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the Court; and (e) represent the Debtor in negotiation with his creditors in the preparation of a plan. Mark Roher, Esq., the primary attorney in this representation, will be billed at his hourly rate of $400. The firm received received retainers of $5,000 from Loren Gill and $5,000 from Simon Gill. Mr. Roher 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 S. Roher, Esq. Law Office of Mark S. Roher, P.A. 1806 N. Flamingo Road, Suite 300 Pembroke, FL 33028 Telephone: (954) 353-2200 Facsimile: (877) 654-0090 Email: mroher@markroherlaw.com About RE Wealth Advisors, LLC Wealth Advisors is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). RE Wealth Advisors, LLC in Fort Lauderdale, FL, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Fla. Case No. 24-22910) on Dec. 11, 2024, listing as much as $1 million to $10 million in both assets and liabilities. Patrick Dean as manager, signed the petition. Judge Scott M. Grossman oversees the case. SHAIBGERG PAGE PA serve as the Debtor's legal counsel. RE4 GEORGIA: Hires Rountree Leitman Klein & Geer as Attorney ------------------------------------------------------------ RE4 Georgia LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Rountree, Leitman, Klein & Geer, LLC as its attorneys. The firm's services include: a. giving the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the management of its property b. preparing on behalf of the Debtor as Debtor-in-Possession necessary schedules, applications, motions, answers, orders, reports and other legal matters; c. assisting in examination of the claims of creditors; d. assisting with formulation and preparation of the disclosure statement and plan of reorganization and with the confirmation and consummation thereof; and e. performing all other legal services for the Debtor as Debtor-in-Possession that may be necessary. The firm will be paid at these rates: Attorneys William A. Rountree $595 per hour Will B. Geer $595 per hour Michael Bargar $535 per hour Hal Leitman $425 per hour William Matthews $425 per hour David S. Klein $495 per hour Elizabeth Childers $395 per hour Ceci Christy $425 per hour Caitlyn Powers $375 per hour Shawn Eisenberg $300 per hour Paralegals Elizabeth Miller $295 per hour Dorothy Sideris $200 per hour Megan Winokur $175 per hour Catherine Smith $150 per hour Law Clerk $175 per hour The firm received a retainer in the amount of $35,0000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Rountree 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: William A. Rountree, Esq. Century I Plaza 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Tel: (404) 584-1238 Email: wrountree@rlkglaw.com About RE4 Georgia LLC RE4 Georgia LLC leases residential, commercial, and self-storage properties, operating primarily as a property lessor in the real estate sector. RE4 Georgia LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Case No. 25-56171) on June 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. The Debtors are represented by William Rountree, Esq. at ROUNTREE, LEITMAN, KLEIN & GEER, LLC. RHODIUM ENCORE: Unsecureds Will Get 100% of Claims in Plan ---------------------------------------------------------- Rhodium Encore LLC and affiliates filed with the U.S. Bankruptcy Court for the Southern District of Texas an Amended Disclosure Statement for the Amended Joint Plan of Liquidation dated June 18, 2025. The Debtors were industrial scale digital asset technology companies utilizing proprietary technologies to mine Bitcoin. The Company achieved sustainability and cost-effectiveness through the use of a fully integrated infrastructure platform, access to low cost power, and directly owning and operating a majority of the components of its customized mining site. The Company owned some of the largest liquid-cooling mining sites in the world, with approximately 227.5 MW of deployed capacity with mostly liquid-cooled miners across two operational data centers in Texas (the "Data Centers"). The Company's principal operations were conducted at a facility in Rockdale, Texas owned by Whinstone with significant infrastructure investment from the Debtors (the "Rockdale Site"). The Amended Plan is funded in large part by a settlement agreement with the landlord at the Rockdale Site, Whinstone, which concluded time consuming and expensive litigation (the "Whinstone Settlement"). The Whinstone Settlement was approved by the Bankruptcy Court, after a hearing, on April 10, 2025, and the Transaction was consummated on April 28, 2025. In addition, as part of their restructuring efforts, on December 18, 2024, the Debtors closed the sale (the "Temple Sale") of the Temple Site to Temple Green Data, LLC ("Temple Green"). The Temple Sale is the result of an arm's length auction, that was approved by the Bankruptcy Court, after a hearing on November 26, 2024. See Order (I) Authorizing the Sale of the Debtors' Temple Lease; and (II) Granting Related Relief (the "Sale Order"). A portion of the proceeds from the Temple Sale were used to pay off all amounts outstanding under the DIP Facility, which was subsequently terminated. The remainder of the proceeds were partially used to fund the continued operations of the Debtors, with any remainder being used to fund distributions under the Amended Plan. The Amended Plan is the product of extensive negotiations among the Special Committee of Rhodium Enterprises, Inc.'s Board of Directors (the "Special Committee") and its advisors (Barnes & Thornburg LLP), working together with the Debtors' restructuring advisors (Province, LLC) and a number of the Debtors' key stakeholders, including the Transcend Parties (as Holders of various Claims against and Interests in the Debtors), Holders of a significant portion of the Rhodium Enterprises Class A Interests, Imperium, and the Founders (collectively, the "Consenting Stakeholders"), together with each of those parties' respective advisors. The Amended Plan provides for payment in full to all Holders of Allowed Secured Claims, Priority Non-Tax Claims, Guaranteed Unsecured Claims, General Unsecured Claims, Intercompany Claims, and Late Filed Claims, in each case with the exception of any such Claims as to which the Holders have agreed to accept other or lesser treatment. Many of such Claims have already been paid in accordance with the Payment Orders previously entered by the Bankruptcy Court. Where such Claims have already been paid, no further payment will be made under the Amended Plan. The Amended Plan additionally provides for an allocation of value among the Holders of Transcend Parties Claims, SAFE Claims, LTIP Claims, Rhodium Technologies Interests, and Rhodium Enterprises Class A Interests. In the case of SAFE Claims and Rhodium Enterprises Class A Interests, the amounts to be received by the Holders thereof depends in part on whether the Holders of SAFE Claims vote as a Class to accept the Plan. Class 5b consists of General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim agrees to a less favorable treatment of such Claim, each such Holder shall receive, in full and final satisfaction, settlement, release, and discharge of such Claim, on the later of (as applicable) (i) the Effective Date or as soon as reasonably practicable thereafter and (ii) on or before the first Business Day after the date that is thirty calendar days after the date such General Unsecured Claim becomes an Allowed General Unsecured Claim, payment in Cash in an amount equal to such Allowed General Unsecured Claim. The allowed unsecured claims total $6,714,404.44. This Class will receive a distribution of 100% of their allowed claims. Provided that to the extent that a Holder of an Allowed General Unsecured Claim against a Debtor holds any joint and several liability claims, guaranty claims, or other similar claims against any other Debtors arising from or relating to the same obligations or liability as such General Unsecured Claim, such Holder shall only be entitled to a distribution on one General Unsecured Claim against the Debtors in full and final satisfaction of all such Claims; provided, further, that the aggregate amount of all Allowed General Unsecured Claims shall be reduced by the amount of Cash received by Holders of such Claims in accordance with the Payment Orders. The Amended Plan will be funded by the Debtors' existing Cash, proceeds from the Temple Sale, the Whinstone Settlement, the proceeds from the liquidation of the Debtors' Remaining Assets, the proceeds from the D&O Insurance Settlement (if approved and funded), and the proceeds of any Causes of Action assigned to the Rhodium Litigation Trust, if established. A full-text copy of the Amended Disclosure Statement dated June 18, 2025 is available at https://urlcurt.com/u?l=YZeSyM from PacerMonitor.com at no charge. Counsel to the Debtors: QUINN EMANUEL URQUHART & SULLIVAN, LLP Patricia B. Tomasco, Esq. Joanna D. Caytas, Esq. Cameron Kelly, Esq. Alain Jaquet, Esq. 700 Louisiana Street, Suite 3900 Houston, Texas 77002 Telephone: 713-221-7000 Facsimile: 713-221-7100 Email: pattytomasco@quinnemanuel.com Email: joannacaytas@quinnemanuel.com Email: cameronkelly@quinnemanuel.com Email: alainjaquet@quinnemanuel.com - and- Eric Winston, Esq. Razmig Izakelian, Esq. 865 S. Figueroa Street, 10th Floor Los Angeles, California 90017 Telephone: 213-443-3000 Facsimile: 213-443-3100 Email: ericwinston@quinnemanuel.com Email: razmigizakelian@quinnemanuel.com About Rhodium Encore Rhodium Encore LLC is a founder-led, Texas based, digital asset technology company utilizing proprietary tech to self-mine bitcoin. The Company creates innovative technologies with the goal of being the most sustainable and cost-efficient producer of bitcoin in the industry. Rhodium Encore sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 24-90448) on Aug. 24, 2024. In the petition filed by Michael Robinson, as co-CRO, the Debtor reports lead debtor's estimated assets between $100 million and $500 million and estimated liabilities between $50 million and $100 million. The Honorable Bankruptcy Judge Alfredo R. Perez oversees the case. The Debtor tapped QUINN EMANUEL URQUHART & SULLIVAN, LLP, as counsel, and PROVINCE as restructuring advisor. RICHFIELD NURSING: Hires Cunningham Chernicoff as Counsel --------------------------------------------------------- Richfield Nursing and Rehabilitation LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ Cunningham, Chernicoff & Warshawsky, PC as counsel. The firm will provide these services: (a) give the Debtor legal advice regarding its powers and duties in the continued operation of its business and management of its property; (b) prepare and file on behalf of the Debtor the original Petition and Schedules, and all necessary legal papers; and (c) perform all other legal services for the Debtor which may be necessary. The firm will be paid at these rates: Robert Chernicoff, Lead Counsel $450 per hour Partners $400 to $450 per hour Associate Attorneys $225 to $350 per hour Paralegals $100 to $175 per hour Debtor paid the firm $33,462, plus the Chapter 11 filing fees of $8,690. Mr. Chernicoff disclosed in a court filing that the firm is a "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert E. Chernicoff, Esq. Cunningham, Chernicoff & Warshawsky, PC 2320 North Second Street P.O. Box 60457 Harrisburg, PA 17106-0457 Tel: (717) 238-6570 About Richfield Nursing and Rehabilitation LLC Richfield Nursing and Rehabilitation, LLC and affiliates are operators of skilled nursing and rehabilitation centers across Pennsylvania. Each location provides a range of services, including short-term rehabilitation, long-term care, and therapy. Richfield Nursing and Rehabilitation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Lead Case No. 25-01599) on June 4, 2025. In its petition, Richfield Nursing and Rehabilitation reported between $1 million and $10 million in assets and liabilities. Judge Henry W. Van Eck handles the cases. The Debtors are represented by Robert E. Chernicoff, Esq., at Cunningham, Chernicoff & Warshawsky, P.C. RITE AID: To Close Ashland Location ----------------------------------- Skook News reports that Rite Aid announced Thursday, July 3, 2025, the closure of its Ashland store, marking the sixth and final location in Schuylkill County to be shut down as part of the company's Chapter 11 bankruptcy restructuring. The store, located at 129 East Centre Street, follows the previously announced closures of five other county locations since Rite Aid filed for bankruptcy in October 2023: * 15 West Centre Street, Mahanoy City * 205 Center Street, Tamaqua * 44 Kings Village, Minersville * 452 South Lehigh Avenue, Frackville * 15 South Main Street, Shenandoah While a specific closing date for the Ashland store has not been disclosed, liquidation sales are expected to begin in the coming weeks, the report states. About Rite Aid Rite Aid is a full-service pharmacy committed to improving health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of solutions that offer convenience, including retail and delivery pharmacy, as well as services offered through the Company's wholly owned subsidiary Bartell Drugs. On the Web: http://www.riteaid.com/ Rite Aid and certain of its subsidiaries previously filed for Chapter 11 bankruptcy in October 2023 and emerged from bankruptcy in August 2024. On May 5, 2025, New Rite Aid, LLC and its subsidiaries, including Rite Aid Corporation, commenced voluntary Chapter 11 proceedings (Bankr. D.N.J. Lead Case No. 25-14861). As of the 2025 bankruptcy filing date, Rite Aid operates 1,277 stores and 3 distribution centers in 15 states and employs approximately 24,500 people. Rite Aid is using the Chapter 11 process to pursue a sale of its prescriptions, pharmacy and front-end inventory, and other assets. The cases are being administered by the Honorable Michael B. Kaplan. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor, Guggenheim Securities, LLC is serving as investment banker, and Alvarez & Marsal is serving as financial advisor to the Debtors. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to the Debtors. Kroll is the claims agent and maintains the page https://restructuring.ra.kroll.com/RiteAid2025 Bank of America, N.A., as DIP Agent, is represented by lawyers at Greenberg Traurig, LLP; and Choate Hall & Stewart LLP. RIVERA FAMILY: Claims to be Paid from Income and Sale Proceeds -------------------------------------------------------------- Rivera Family Holdings, LLC, filed with the U.S. Bankruptcy Court for the Western District of Wisconsin an Amended Plan of Reorganization dated June 17, 2025. Since the operations began, the Debtor has been the owner of the building housing Manny's Mexican Cocina, Inc. at 301 Hampton Court, Onalaska, Wisconsin 54650 and Manny's Cocina of Eau Claire, 4207 Oakwood Hills Parkway, Eau Claire, WI 54701. Manny's Cocina LLC in Eau Claire, Wisconsin is listed for sale at a sale price of $2.2 million dollars. There have been some offers and some of these contained contingencies that were never met. It is hopeful, with the economy revitalizing, that the Manny's Cocina in Eau Claire will be sold with a price range of anywhere between $1.8 million and $2.2 million dollars. Currently there is no pending offer. There are no unsecured creditors. All secured creditors are being paid in full at a current interest rate on each claim. The priority creditor will be paid. The Chapter 11 debtors, Rivera Family Holdings, LLC (With revenues from Manny's Mexican Conica, Inc. and Manny's Cocina of Eau Claire, Wisconsin) is in the process of preparing a cash flow basis to over the 60 months of the Plan to show that there's sufficient income and cash flow to meet the requirements of the Plan. In addition, the Liquidating Analysis shows that there are sufficient assets for full payments to all creditors. The Plan of Reorganization proposed to pay the creditors of Rivera Family from current distributions from the corporation and from the sale of Manny's Cocina of Eau Claire, Wisconsin upon the sale thereof. The Plan shall be implemented by weekly/monthly payments to the secured creditors as set forth in the Plan as well as payments to Administrative expenses as set forth in the Plan or other agreements provided for including Chapter 11 Subchapter V Trustee. All payments in this Plan are made by Rivera Family Holdings, LLC. A full-text copy of the Amended Plan dated June 17, 2025 is available at https://urlcurt.com/u?l=peYLC2 from PacerMonitor.com at no charge. Counsel to the Debtor: Galen W. Pittman, Esq. Pittman & Pittman Law Offices, LLC 712 Main Street La Crosse, WI 54601 Telephone: (608) 784-0841 Email: Info@PittmanandPittman.com About Rivera Family Holdings Rivera Family Holdings LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 24-12559) on Dec. 20, 2024. In the petition filed by Lynnae Rivera and Filiberto Rivera, partners, the Debtors estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Catherine J. Furay handles the case. The Debtor is represented by Galen W. Pittman, Esq. at pittman & Pittman law offices, LLC. SAKS GLOBAL: In Talks w/ Minority Creditors for Debt-Deal Support ----------------------------------------------------------------- Reshmi Basu of Bloomberg News reports that Saks Global Enterprises is in negotiations with creditors over the terms of a previously announced debt restructuring plan, aiming to bolster support for a deal that would reallocate repayment priorities if the company defaults, according to sources familiar with the matter. Last June 2025, Saks secured $600 million in committed financing from an ad hoc group of creditors representing a narrow majority of its $2.2 billion in 11% bonds issued in December 2024. Creditors outside the majority group will have the opportunity to participate in providing up to an additional $300 million, according to Bloomberg News. About Saks Global Enterprises Saks Global Enterprises operates as an investment and wealth management company. The Company invests in a set of stocks that are associated with historically high dividend payments to their shareholders. Saks Global Enterprises serves clients worldwide. SAMYS OC: Hires Goodwin Johnston LLC as Special Counsel ------------------------------------------------------- Samys OC, LLC seeks approval from the U.S. Bankruptcy Court for the District of Kansas to employ Goodwin Johnston LLC as special counsel. The firm will represent the Debtor in various adversary proceedings pending before the bankruptcy court. The firm will be paid at these rates: Andrew J. Goodwin $400 per hour Paralegals $175 per hour The Debtor owed the firm a pre-petition claim in the amount of $21,917.91, which will be waived and the claim withdrawn, provided that the Bankruptcy Court approves the application. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Andrew J. Goodwin, Esq., a partner at Goodwin Johnston LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Andrew J. Goodwin, Esq. Goodwin Johnston LLC 1100 Main Street Ste 2201 Kansas City, MO 64105 Tel: (816) 624-3115 About Samys OC LLC Samys OC, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Kansas Case No. 24-11166) on Nov. 14, 2024, listing up to $50,000 in assets and $10 million to $50 million in liabilities. The petition was signed by Amro M. Samy as managing member. Judge Mitchell L Herren presides over the case. Lora J. Smith, Esq., at Hinkle Law Firm is the Debtor's bankruptcy counsel. Dream First Bank, as secured creditor, is represented by: Scott M. Hill, Esq. Hite, Fanning & Honeyman, LLP 100 N. Broadway, Ste. 950 Wichita, KS 67202-2216 Telephone: (316) 265-7741 Facsimile: (316) 267-7803 E-mail: hill@hitefanning.com SANTA PAULA: Hires Liv Sotheby's as Real Estate Broker ------------------------------------------------------ Santa Paula Hay & Grain and Ranches seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ LIV Sotheby's International Realty as real estate broker. The firm will market and sell the Debtor's real property located at 10980 Ventura Ave., Oakview, California. The firm will be paid a commission of 2.5 percent of the gross sales price. Erik Wilde, a broker at LIV Sotheby's International Realty, assured the court that the firm is disinterested within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Erik Wilde LIV Sotheby's International Realty 727 West Ojai Ave. Ojai, CA 93023 Phone: (805) 646-7288 About Santa Paula Hay & Grain and Ranches Santa Paula Hay & Grain and Ranches specializes in providing a variety of hay and grain products to meet the needs of farmers and animal owners. The Company offers high-quality feed options for livestock and pets. Santa Paula Hay & Grain and Ranches sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10314) on March 12, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and between $10 million and $50 million. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtor is represented by: Reed Olmstead, Esq. LAW OFFICES OF REED H. OLMSTEAD 5142 Hollister Ave #171 Santa Barbara, CA 93111 Tel: (805) 963-9111 Email: reed@olmstead.law SCARLET KITCHEN: Robert Goe Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 16 appointed Robert Goe, Esq., a practicing attorney in Irvine, Calif., as Subchapter V trustee for Scarlet Kitchen & Lounge, LLC. Mr. Goe will be paid an hourly fee of $545 for his services as Subchapter V trustee while his case administrator, Arthur Johnston, will be paid an hourly fee of $195. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Mr. Goe declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Robert P. Goe, Esq. 17701 Cowan Building D, Suite 210 Irvine, CA 92614 Telephone: (949) 798-2460 Facsimile: (949) 955-9437 bktrustee@goeforlaw.com About Scarlet Kitchen & Lounge Scarlet Kitchen & Lounge, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11641) on June 17, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Paige Riordan, owner and executive chef, signed the petition. Judge Scott C. Clarkson oversees the case. Donald Reid, Esq., at the Law Office of Donald W. Reid, represents the Debtor as legal counsel. SKIN HEALTH: Hires Robert Bassel as Bankruptcy Counsel ------------------------------------------------------ Skin Health Partners LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to hire Robert Bassel, Esq. to handle its Chapter 11 case. The firm will be paid at $350 per hour. The firm received from the Debtor a retainer in the amount of $15,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert N. Bassel, Esq., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert N. Bassel, Esq. P.O. Box T Clinton, MI 49236 Telephone: (248) 835-7683 Email: bbassel@gmail.com About Skin Health Partners LLC Skin Health Partners LLC operating in the skincare or dermatology services industry. Skin Health Partners LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-31145) on May 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000 each. Honorable Bankruptcy Judge Joel D. Applebaum handles the case. The Debtors are represented by Robert N. Bassel, Esq. at Robert Bassel, Attorney at Law. SKYLINE EMS: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------- On July 7, 2025, Skyline EMS Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filing, the Debtor reports $2.86 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Skyline EMS Inc. Skyline EMS Inc., an emergency medical services provider operating across the Rio Grande Valley in Texas. It provides ambulance and emergency medical response services from its base in Mission, Texas. Skyline EMS Inc.sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-70188) on July 7, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities of $2.86 million. The Debtors are represented by Antonio Martinez, Jr., Esq. at the Law Office Of Antonio Martinez, Jr. P.C. SMALL FORTUNE: Gets Extension to Access Cash Collateral ------------------------------------------------------- Small Fortune Hunter, LLC received fourth interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to use cash collateral. The order penned by Judge David Warren authorized the Debtor's interim use of cash collateral to pay the expenses set forth in its 30-day budget, which covers the period July 1 to 31. The budget projects total operational expenses of $70,112.33 for July. BayFirst National Bank, BriteCap, WebBank and The LCF Group are the creditors that may assert a lien on the cash collateral. As protection, secured creditors will be granted a lien on revenue generated and assets acquired by the Debtor after its Chapter 11 filing to the same extent and with the same priority as their pre-bankruptcy liens. The next hearing is set for July 23. About Small Fortune Hunter Small Fortune Hunter, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-01203) on April 1, 2025, listing up to $50,000 in assets and up to $500,000 in liabilities. Michael Seighman, member-manager of Small Fortune Hunter, signed the petition. Judge David M. Warren oversees 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 SOLAR MOSAIC: Somar Lawsuit to Proceed Against NYS Power, Dratel ---------------------------------------------------------------- Judge Valerie Caproni of the United States District Court for the Southern District of New York declined to extend the automatic stay to NYS Essential Power Inc. and Matthew Dratel in the case captioned as RENNIE SOMAR, Plaintiff, -against- SOLAR MOSAIC, LLC, NYS ESSENTIAL POWER INC. & MATTHEW DRATEL, Defendants, Case No. 24-cv-08637-VEC (S.D.N.Y.). On June 10, 2025, Defendant Solar Mosaic LLC informed the Court that it had filed a voluntary petition for relief under Chapter 11 of the United States Code, 11 U.S.C. Secs. 101–1330, with the United States Bankruptcy Court for the Southern District of Texas, No. 25-90155, to be jointly administered under In re Mosaic Sustainable Finance Corporation, No. 25-90156. At the Court's directive, Plaintiff on June 18, 2025, filed a letter opposing the extension of the stay to the remaining Defendants because he has direct claims for liability and damages against the non-debtor defendants that are separate from claims he asserted against Solar Mosaic. Plaintiff argued that automatic stays under section 362 apply only to the debtor and that the non-debtor defendants cannot meet the limited exception to show that a claim against the non-debtor will have an immediate adverse economic consequence for the debtor's estate, citing Stih v. Rockaway Farmers Mkt., Inc., 656 B.R. 308, 312 (E.D.N.Y. 2024). The Court ordered Defendants NYS Essential Power Inc. and Matthew Dratel to state whether claims again them will have an immediate adverse economic consequence for Solar Mosaic. Dratel is in default and has not appeared in the litigation. NYS Power filed a letter stating that an extension of the stay to the non-debtor defendants is warranted, as the claims and cross claims between Solar Mosaic, NYS Power, and Dratel are intertwined. NYS Power stated that Solar Mosaic has cross claims against NYS Power, and if NYS Power is required to litigate this case, and then litigate the cross claims once the stay is lifted, it will be required to essentially litigate the same issues twice. The Court finds NYS Power's assertion that Solar Mosaic has cross claims against NYS Power is factually inaccurate. The Amended Complaint alleges that Solar Mosaic provided a loan to Plaintiff for solar panels. NYS Power installed the solar panels. Dratel was the salesperson working on behalf of Solar Mosaic and NYS Power. Plaintiff brings count one against Solar Mosaic under the Truth in Lending Act, count two against all defendants under New York's General Business Law Sec. 349, count three against NYS Power under New York's General Business Law Sec. 770, count four against all defendants for fraudulent concealment, count five against NYS Power and Dratel under the Credit Repair Organization Act, and count six against all defendants under the Fair Credit Reporting Act. The Court ordered that the stay in this case is only as to Solar Mosaic and does not extend to NYS Power and Dratel. Judge Caproni holds, "Although the claims alleged in the Amended Complaint involve facts that bear on conduct of all Defendants, Plaintiff brings five claims against NYS Power, two of which are not brought against Solar Mosaic. The burden is on the party seeking extension of the stay to put forth real evidence demonstrating an actual impact upon, or threat to, the reorganization efforts if the stay is not extended. Without evidence which demonstrates any impact upon the debtor's reorganization effort, the stay cannot be extended to a solvent co-defendant. NYS Power has not met its burden nor even given an explanation why proceeding with this case would affect Solar Mosaic's reorganization. Accordingly, the case against NYS Power and Dratel will proceed with discovery." The Initial Pretrial Conference will be held on Aug. 15, 2025, at 10:00 A.M. in Courtroom 20C of the Daniel Patrick Moynihan Courthouse, 500 Pearl Street, New York, New York, 10007. The parties' joint letter and proposed case management plan must be filed by no later than Aug. 7, 2025. A copy of the Court's Order dated June 27, 2025, is available at https://urlcurt.com/u?l=bApCRP from PacerMonitor.com. About Solar Mosaic Mosaic is an industry-leading fintech platform for sustainable home improvements. Founded in 2010, Mosaic is a pioneer in clean energy lending providing innovative solutions for financing solar, battery storage, and more. Mosaic has funded $15 billion in loans to date, helping more than 500,000 households make their homes more sustainable and efficient. On June 6, 2025, Mosaic Sustainable Finance Corporation and four affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90156). The cases are pending before the Honorable Christopher M. Lopez. The Company tapped Paul Hastings LLP as legal counsel, BRG for managing director Mark A. Renzi as chief restructuring officer, and C Street Advisory Group as strategic communications advisor. Kroll, formerly Prime Clerk LLC, is the claims agent. Blank Rome LLP is serving as legal counsel and Huron Consulting Group is serving as financial advisor to Forbright Bank. STEWARD HEALTH: Secures $15.5MM Deal w/ Florida Hospital Buyer -------------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that Steward Health Care informed a Texas bankruptcy judge on Monday, July 7, 2025, that it had reached an agreement with the buyer of eight of its hospitals to settle a dispute over $55 million in Medicaid payments. Under the deal, Steward is set to recover $15.5 million, the report states. About Steward Health Care Steward Health Care System, LLC, owns and operates the largest private physician-owned for-profit healthcare network in the U.S. Headquartered in Dallas, Texas, Steward's operations include 31 hospitals in eight states, approximately 400 facility locations, 4,500 primary and specialty care physicians, 3,600 staffed beds, and nearly 30,000 employees. Steward Health Care provides care to more than two million patients annually. Steward and 166 affiliated debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024. Judge Christopher M. Lopez oversees the proceeding. The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy counsel; McDermott Will & Emery as special corporate and regulatory counsel; AlixPartners, LLP as financial advisor and John Castellano of AlixPartners as chief restructuring officer. Lazard Freres & Co. LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc Capital Markets Inc., provide investment banking services to the Debtors. Kroll is the claims agent. Susan N. Goodman has been appointed as patient care ombudsman in the Debtors' Chapter 11 cases. TARAH THAI: Seeks to Hirs Farsad Law Office as Bankruptcy Counsel ----------------------------------------------------------------- Tarah Thai, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to hire Farsad Law Office, P.C. as its general bankruptcy counsel. The firm's services include: 1. advising the Debtor on bankruptcy duties and obligations; 2. preparing necessary schedules, statements, monthly operating reports, and the Plan of Reorganization; 3. representing the Debtor in hearings, negotiations, and communications with creditors and the Subchapter V Trustee; 4. preparing and responding to motions, applications, and objections as required. The firm's billing rates are: Arasto Farsad (Managing Partner) $400/hour Nancy Weng (Partner) $400/hour Paralegals $100/hour The firm received a retainer in the amount of $20,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Arasto Farsad, Esq., a partner at Farsad Law Office, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Arasto Farsad, Esq. Nancy Weng, Esq. Farsad Law Office, P.C. 1625 The Alameda, Suite 525 San Jose CA 95126 Tel: (408) 641-9966 Fax: (408) 866-7334 Email: farsadlaw1@gmail.com About Tarah Thai, LLC Tarah Thai, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-50944) on June 23, 2025, listing $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Stephen L Johnson presides over the case. Arasto Farsad, Esq. at Farsad Law Office, P.C, represents the Debtor as counsel. TEZCAT LLC: Gets Extension to Access Cash Collateral ---------------------------------------------------- Tezcat, LLC received third interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to use the cash collateral of its secured creditors. The third interim order signed by Judge Jason Burgess authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court; the expenses set forth in its budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by secured creditors. IncredibleBank, Honeycomb Collateral and Webbank are the secured creditors with interest in the cash collateral. As protection, these secured creditors will be granted replacement liens on post-petition cash collateral, with the same priority and validity as their pre-bankruptcy liens. As additional protection, IncredibleBank will continue to receive a monthly payment of $1,868.25. The payments started in May. The next hearing is set for August 21. About Tezcat LLC Tezcat LLC, operating as Tepeyolot Cervecerias, is a family-owned brewery and restaurant in Jacksonville, Fla., offering fresh Mexican cuisine paired with craft lagers brewed on-site. In addition to its dine-in and takeout options, the business provides catering services for events like birthdays, weddings, and corporate functions. It also offers online ordering and party booking services. Tezcat filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-00803) on March 17, 2025, listing total assets of $22,708 and total liabilities of $1,001,540. Judge Jason A. Burgess handles the case. Buddy D. Ford, Esq., at Buddy D. Ford, P.A. is the Debtor's legal counsel. IncredibleBank, as secured creditor, is represented by: Daniel A. Miller, Esq. Daniel A. Miller, P.A. 11987 Southern Blvd., No. 1 Royal Palm Beach, FL 33411 Telephone: (561) 463-5929 daniel@damillerlaw.com service@damillerlaw.com THREE FISHERMAN: Unsecureds to Get 100 Cents on Dollar in Plan -------------------------------------------------------------- Three Fisherman Seafood, LLC, submitted a First Amended Plan of Reorganization under Subchapter V dated June 18, 2025. The Plan Proponent financial projections show that the Debtor will have projected disposable income of $900,000. This Plan of Reorganization proposes to pay creditors of the Debtor from cash flow from the Debtor's operations as well as a Guarantee from Vadim Andreyec (the "Plan Sponsor"). Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 100 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 3 consists of Non-Priority Unsecured Claims. Each non-priority unsecured claim will be paid in 60 equal monthly payments beginning on the 14 days after the effective date of the Plan. This Class is impaired. Class 4 consists of Equity Security Holders of the Debtor. Each security holder shall retain their interest in the Debtor. No distributions or dividends shall be made by the Debtor to any Class 3 Equity Security Holder until such time as all allowed administrative expense claims, priority tax claims, statutory fees, Class 1 Priority Claims and Class 2 Non-Priority unsecured creditors are paid in full. Payments required under this Plan will be funded from revenues generated by the Debtor's continued operations, and cash on hand. A full-text copy of the First Amended Plan dated June 18, 2025 is available at https://urlcurt.com/u?l=2k1CrX from PacerMonitor.com at no charge. Counsel to the Debtor: John M. Weinberg, Esq. WEINBERG LAW FIRM, P.A. 2000 Palm Beach Lakes Blvd., Ste. 701 West Palm Beach, Florida 33409 Phone: (561) 355-0901 Fax: (561) 557-8991 Email: Weinberglawpa@gmail.com About Three Fisherman Seafood Three Fisherman Seafood, LLC is a seafood restaurant. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-01761) on November 18, 2024, with as much as $50,000 in both assets and liabilities. Judge Caryl E. Delano presides over the case. John Weinberg, Esq., at Weinberg Law Firm, PA represents the Debtor as bankruptcy counsel. TIGHT LINES: Seeks to Hire J.M. Cook P.A. as Counsel ---------------------------------------------------- Tight Lines Family Medicine, PA seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ J.M. Cook, P.A. as counsel. The firm will provide these services: (A) prepare on behalf of the Debtor, necessary applications, complaints, answers, orders, reports, motions, notices, plan of reorganization, disclosure statement and other papers necessary in Debtor's reorganization case; (B) assist the Debtor in evaluating the legal basis for, and effect of, the various pleadings that will be filed in the Chapter 11 case by the Debtor and other parties in interest; (C) perform all necessary legal services in connection with the Debtor's reorganization, including Court appearances, research, opinions and consultations on reorganization options, direction and strategy; (D) assist the Debtor in preparing the monthly operating reports and evaluating and negotiating the Debtor's or any other party's Plan of Reorganization and any associated Disclosure Statement; (E) commence and prosecute any and all necessary and appropriate actions and/or proceedings on behalf of the Debtor; and (F) perform all other legal services for the Debtor which may be necessary and proper in these proceedings and in keeping with his fiduciary duty. The firm will be paid at these rates: Attorneys $300 per hour Paralegals $175 per hour The firm received from the Debtor a retainer of $2,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Cook 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: J.M. Cook, Esq. J.M. Cook, P.A 5886 Faringdon Place Suite 100 Raleigh, NC 27609 Tel: (919) 675-2411 Fax: (919) 882-1719 Email: J.M.Cook@jmcookesq.com About Tight Lines Family Medicine, PA Tight Lines Family Medicine, PA filed Chapter 11 petition (Bankr. E.D. N.C. Case No. 25-02137) on June 6, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Max Brandon Ludlum, president of Tight Lines Family Medicine, signed the petition. Judge Joseph N. Callaway oversees the case. JM Cook, Esq., at J.M. Cook, P.A., represents the Debtor as legal counsel. TOG HOTELS: Seeks to Extend Plan Exclusivity to September 18 ------------------------------------------------------------ TOG Hotels Downtown Dallas LLC asked the U.S. Bankruptcy Court for the Northern District of Texas to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to September 18 and November 17, 2025, respectively. The Debtor accomplished a great deal in the first few months of this case and is well-positioned for the next phase of this proceeding, which includes negotiating a resolution of the Lender's claim and formulating the Debtor's plan of reorganization, which proposes to pay all creditors their allowed claims in full. The Debtor explains that it is not prepared to file a plan by the expiration of the Debtor's current exclusive period, which expires on June 20, 2025. Accordingly, an extension of the exclusive period would enable the Debtor and the Lender additional time to continue its substantive plan discussions with the Lender. Based on a weighing of the relevant factors, there is more than sufficient cause to approve the extension of the Exclusive Periods requested by the Debtor: * The Debtor requires additional time to gather and share the information with the Lender needed to negotiate a consensual plan of reorganization. Further, the universe of potential claims against the Debtor will not be known until the claims bar date has been reached on June 30, 2025. * The Debtor has made good faith progress toward reorganization by, among other things, resolving its dispute with HHF. * Since filing this Chapter 11 Case, the Debtor believes that it has continued to pay substantially all of its undisputed, postpetition expenses and invoices in the ordinary course of business or as otherwise provided by order of the Court. * The requested extension of the Exclusive Periods is the first such request made in this Chapter 11 Case and is approximately four months after the Petition Date. This amount of time is not long given the complexity of the issues involved, the fact that the Debtor has changed counsel and continues to work with the Lender to negotiate a consensual plan. * The Debtor is not seeking an extension of the Exclusive Periods to pressure or prejudice any of its stakeholders. Rather, the Debtor is seeking an extension of the Exclusive Periods to preserve and build upon the progress made to date by securing adequate time to develop a plan of reorganization. TOG Hotels Downtown, LLC is represented by: M. Jermaine Watson, Esq. Tiereney Bowman, Esq. Emily M. Campbell, Esq. Cantey Hanger LLP 600 West 6th Street, Suite 300 Tel: (817) 877-2800 Fax: (817) 333-2961 Email: jwatson@canteyhanger.com Email: tbowman@canteyhanger.com Email: ecampbell@canteyhanger.com About TOG Hotels Downtown Dallas LLC TOG Hotels Downtown, LLC, operates the Crowne Plaza Dallas Downtown hotel, located at 1015 Elm Street in Dallas, Texas. TOG Hotels Downtown filed Chapter 11 petition (Bankr. N.D. Tex. Case No. 25-30600) on Feb. 20, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge Scott W. Everett handles the case. The Debtor is represented by M. Jermaine Watson, Esq. at Cantey Hanger LLP. TWIN CITIES: Seeks to Hire BransonLaw PLLC as Counsel ----------------------------------------------------- Twin Cities Family Practice, P.A. seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ BransonLaw, PLLC as counsel. The firm will provide these services: a. prosecute and defend any causes of action on behalf of the Debtor, and 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 will be paid at the rates of $150 to $500 per hour. Prior to the commencement of this case the Debtor paid an advance fee of $21,447.50 for post-petition services and expenses in connection with this case and the filing fee of $1,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Ainsworth disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jeffrey S. Ainsworth, Esq. BransonLaw, PLLC 1501 East Concord Street Orlando, FL 32803 Tel: (407) 894-6834 Email: amanda@bransonlaw.com About Twin Cities Family Practice, P.A. Twin Cities Family Practice, P.A. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-30539) on June 10, 2025, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Karen K. Specie presides over the case. Jeffrey Ainsworth, Esq., at Bransonlaw, PLLC represents the Debtor as bankruptcy counsel. TYSONS CONCEPTS: Seeks Subchapter V Bankruptcy in Texas ------------------------------------------------------- Tysons Concepts Corporation has filed for Chapter 11 bankruptcy protection in the Eastern District of Texas on July 6, 2025, opting to proceed under Subchapter V as a small business debtor. According to the filing, the company reports estimated assets and liabilities each ranging between $100,001 and $500,000, with fewer than 50 creditors. Court documents indicate that funds are expected to be available for distribution to unsecured creditors after administrative expenses are covered. The company is primarily owned by President Masoud Aboughaddareh, who holds a 45% stake, with the remaining ownership divided among ten other individual shareholders, rkc.llc reports. Attorney John P. Forest, II is representing the debtor in the case, the report states. About Tysons Concepts Corporation Tysons Concepts Corporation, operating as Greenhouse Bistro in Vienna, Virginia. Tysons Concepts Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-11362) on July 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000 each. The Debtors are represented by John P. Forest, II, Esq. TZADIK SIOUX: Hires Edelboim Lieberman PLLC as Counsel ------------------------------------------------------ Tzadik Sioux Falls Portfolio I, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Edelboim Lieberman PLLC as counsel to Tzadik Sioux Falls I, LLC, and Tzadik Sioux Falls Portfolio III, LLC. The firm will provide these services: a. advise the Debtors with respect to their powers and duties as debtors and debtors-in-possession in the continued management and operation of its business and properties; b. attend meetings and negotiate with representatives of creditors and other parties-in-interest and advise and consult on the conduct of the cases, including all of the legal and administrative requirements of operating in Chapter 11; c. advise the Debtors in connection with post-petition financing arrangements and draft documents relating thereto; d. take all necessary action to protect and preserve the Debtors' estates, including the prosecution of actions on their behalf, the defense of any actions commenced against the estates, negotiations concerning all litigation in which the Debtors may be involved and objections to claims filed against the estates; e. prepare on behalf of the Debtors all motions, applications, answers, orders, reports and papers necessary to the administration of the estates; f. negotiate and prepare on the Debtors' behalf plans of reorganization, disclosure statements and all related agreements and/or documents, and take any necessary action on behalf of the Debtors to obtain confirmation of such plans; g. attend meetings with third parties and participate in negotiations with respect to the above matters; h. appear before this Court, any appellate courts, and the U.S. Trustee, and protect the interests of the Debtor's estates before such courts and the U.S. Trustee; and i. perform all other necessary legal services and provide all other necessary legal advice to the Debtors in connection with this Chapter 11 case. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. On March 28, 2025, the firm received $175,000, funded by insider/affiliate, Adam Hendry. Morgan B. Edelboim, Esq., a partner at Edelboim Lieberman 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: Morgan B. Edelboim, Esq. Edelboim Lieberman PLLC 2875 NE 191st Street Penthouse One, Suite 905 Miami, FL 33180 Tel: (305) 768-9909 E-mail: morgan@elrolaw.com About Tzadik Sioux Falls Portfolio I, LLC Tzadik Sioux Falls Portfolio I, LLC possesses several multi-family properties in Sioux Falls, SD. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-13865) on April 9, 2025. In the petition signed by Adam Hendry, authorized representative, the Debtor disclosed $65 million in assets and $46.775 million in liabilities. Judge Peter D. Russin oversees the case. Morgan Edelboim, Esq., at Edelboim Lieberman, PLLC, represents the Debtor as legal counsel. TZADIK SIOUX: Seeks to Hire Remax Advantage as Broker ----------------------------------------------------- Debtor-In-Possession, Tzadik Rapid City Portfolio I, LLC one of the affiliate in the bankruptcy case of Tzadik Sioux Falls Portfolio I, LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Remax Advantage as broker. The firm will market and sell the real property known as Aspen Park which is located at 426-434 East Fairmont Boulevard Rapid City, SD 57701. The firm will be paid a commission of 2.5 percent of the final purchase price of Aspen Park with an additional 1.5 percent payable if the buyer is unrepresented. As 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: Ed Dreyer Remax Advantage 1331 W. Omaha St., Suite 200 Rapid City, SD 57701 Tel: (605) 343-7653 About Tzadik Sioux Falls Portfolio I, LLC Tzadik Sioux Falls Portfolio I, LLC possesses several multi-family properties in Sioux Falls, SD. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-13865) on April 9, 2025. In the petition signed by Adam Hendry, authorized representative, the Debtor disclosed $65 million in assets and $46.775 million in liabilities. Judge Peter D. Russin oversees the case. Morgan Edelboim, Esq., at Edelboim Lieberman, PLLC, represents the Debtor as legal counsel. TZADIK TAYLOR'S PLACE: Seeks Chapter 11 Bankruptcy in Florida ------------------------------------------------------------- On July 7, 2025, Tzadik Taylor's Place LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for theSouthern 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 Tzadik Taylor's Place LLC Tzadik Taylor's Place LLC is a real estate holding company that appears to operate an apartment complex in Sioux Falls, South Dakota. Tzadik Taylor's Place LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-17742-PDR) on July 7, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Peter D. Russin handles the case. The Debtors are represented by Brett D. Lieberman, Esq. TZADIK TAYLOR'S: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Tzadik Taylor's Place, LLC 2450 Hollywood Blvd Ste 503 Hollywood, FL 33020 Business Description: Tzadik Taylor's Place, LLC is a real estate entity affiliated with Tzadik Management, operating from its office in Hollywood, Florida. The Company is part of a broader group involved in property ownership and management activities. Chapter 11 Petition Date: July 7, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-17742 Judge: Hon. Peter D. Russin Debtor's General Bankruptcy Counsel: Brett Lieberman, Esq. EDELBOIM LIEBERMAN PLLC 2875 NE 191st Street, Penthouse One Suite 905 Miami, FL 33180 Tel: 305-768-9909 Email: brett@elrolaw.com Total Assets: $34,350,000 Total Liabilities: $17,308,397 The petition was signed by Adam Hendry as authorized agent. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SYCUYNQ/Tzadik_Taylors_Place_LLC__flsbke-25-17742__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Apartments, LLC Trade Debt $4,860 2563 Collection Center Drive Chicago, IL 60693 2. Berman Hopkins $3,305 Wright & LaHam, LLP 8035 Spyglass Hill Rd Melbourne, FL 32940 3. Breit & Boomsma, P.C. Trade Debt $59,956 606 E. Tan Tara Circle Sioux Falls, SD 57108 4. City Glass & Glazing, Inc. Trade Debt $2,493 5003 W. 12th Street Sioux Falls, SD 57106 5. Condo Experts USA Inc. Trade Debt $21,652 dba Apartment Lea Fort Lauderdale, FL 33315 6. Conservice LLC Trade Debt $12,602 P.O. Box 1500 Hemet, CA 92546 7. CT Corporation Trade Debt $1,665 PO Box 4349 Carol Stream, IL 60197 8. Haber Law Trade Debt $2,240 251 NW 23 Street Miami, FL 33127 9. MidAmerican Energy Company - UM Trade Debt $6,246 PO Box 8020 Davenport, IA 52808 10. Nybergs Ace Hardware, Inc. Trade Debt $4,990 330 W. 41st Street Sioux Falls, SD 57105 11. Plunkett's Pest Trade Debt $1,948 Control, Inc. 40 52nd Way Northeast Minneapolis, MN 55421 12. Presto X Trade Debt $12,018 27113 Independence Avenue Sioux Falls, SD 57108 13. RentPath Holdings, Business $3,238 Inc., dba Apart Guide Operations 950 East Paces Ferry Road NE Atlanta, GA 30326 14. Sioux Falls Utilities - UM Business $19,391 224 West 9th Street Operations Sioux Falls, SD 57117 15. Sioux Merchant Trade Debt $9,125 Patrol Inc. DBA SMP Secur 1501 N Cleveland Ave Sioux Falls, SD 57104 16. Thornton Carpet, Inc Trade Debt $22,118 2300 N. Bakker Landing Avenue Tea, SD 57064 17. Waste Solution Services Trade Debt $7,192 26 Columbia Ave. Cedarhurst, NY 11516 18. Xcel Energy - UM Trade Debt $6,748 PO Box 9477 Minneapolis, MN 55484 19. Xtreme Cleaning Services Business $4,311 311 E Norton Ave Operations Salem, SD 57058 20. Xtremely Clean LLC Trade Debt $4,651 809 Sunnyside Ave. Valley Springs, SD 57068 UNIVERSAL BIOCARBON: Gets Extension to Access Cash Collateral ------------------------------------------------------------- Universal Biocarbon, Inc. received interim approval from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to use cash collateral pending a final hearing on August 13. The interim order authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including any required payments to the U.S. trustee; and the expenses set forth in its budget, plus an amount not to exceed 10% for each line item. The budget shows total monthly expenses ranging from $115,546.36 to $195,799.36. As protection, each creditor with a security interest in cash collateral will be granted a post-petition lien on the cash collateral to the same extent and with the same validity and priority as its pre-bankruptcy lien. As additional protection, the Debtor was ordered to keep the secured creditors' collateral insured. About Universal Biocarbon Inc. Universal Biocarbon Inc. transforms vegetative biomass such as yard waste and tree trimmings, into high-quality carbon products like compost, mulch, biochar, and activated carbon. Through a partnership with the Sunshine State Biomass Cooperative, UBC creates a cycle of beneficial reuse, sharing profits with the suppliers of biomass feedstock. The company is based in Canal Point, Fla. Universal Biocarbon filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 25-10987-EPK) on January 30, 2025, listing up to $1million in assets and up to $10 million in liabilities. David Disbrow, chairman and founder of Universal Biocarbon, signed the petition. Judge Erik P. Kimball oversees the case. Craig I. Kelley, Esq., at Kelley Kaplan & Eller, PLLC, represents the Debtor as legal counsel. VANTAGE INC: Wyse Group to Sell Assets on August 5 -------------------------------------------------- The Wyse Group ("Broker") is selling all rights, title and interests in certain assets of Vantage Inc. and of certain of its direct and indirect subsidiaries, which operate as an aggregator hosting a portfolio of 18 Amazon brands with operational hubs in the U.S. and Asia, over $12 million in inventory on hand, and approximately 3,000 SKUs ("assets"). The assets will be sold to the highest qualified bidder at a public auction to take place at 10:00 a.m. ET on Aug. 5, 2025, at the Law offices of Seward & Kissel LLP, One Battery Park Plaza, New York, New York 10004. The deadline to submit an indication of interest is July 15, 2025, and the deadline to submit a binding bid for the assets to qualify for the auction is July 29, 2025, at 5:00 p.m. ET. For additional information, contact the broker at: The Wyse Group Attn: Mike Wyse 671 Headquarters Plaza West Tower, Floor 6 Morristown, NJ 07960 Email: mwyse@thewysegrp.com VARIETY ACCESSORIES: Seeks Chapter 11 Bankruptcy in Texas --------------------------------------------------------- On July 3, 2025, Variety Accessories 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 Variety Accessories LLC Variety Accessories LLC manufactures and distributes miscellaneous accessories and craft products. The company operates in the specialty consumer products sector that produces items such as ribbons, gift packaging, craft supplies, and seasonal decorations. Variety Accessories LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90184) 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. VILLAGES HEALTH: Files Ch.11, Enters TVH Asset Purchase Agreement ----------------------------------------------------------------- The Villages Health, the trusted healthcare system for The Villages retirement community in Florida, announced on July 3, 2025, that it is proceeding with a strategic restructuring to preserve the business's day-to-day operations and further enhance patient care. As part of this strategy, TVH voluntarily filed for bankruptcy in the United States Bankruptcy Court for the Middle District of Florida, Orlando Division, under Chapter 11 of the U.S. Bankruptcy Code, and filed customary First Day Motions seeking relief on an immediate basis to minimize any adverse delays or disruptions to its daily operations. In addition, after extensive negotiations and discussions, CenterWell Senior Primary Care, the nation's largest senior-focused value-based primary care provider, has entered into a "stalking horse" Asset Purchase Agreement with TVH. The agreement provides for CenterWell, the healthcare services business of Humana Inc., to acquire TVH's assets as a going concern, including eight primary care centers and two specialty care centers. A Court order approving the sale, following an auction process during which other parties may submit an offer to purchase TVH's assets, will be a condition of the transaction moving forward and closing. In the meantime, TVH will continue to fully operate its business and manage its affairs without interruption during the sale process, providing high-quality healthcare services to patients during this transition period. Given CenterWell's payor-agnostic structure, TVH patients are expected to have continued access to their current provider following the closing of the transaction, regardless of their selected insurance plan. "TVH is a clinically excellent healthcare system. We believe this plan of reorganization and planned transaction with CenterWell is in the best interests of our patients, physicians, other clinicians, employees, partners and community members, and will ultimately result in a more promising future," said Dr. Elliot Sussman, Chairman of the Board and physician founder of The Villages Health. "Under CenterWell, this healthcare system will continue to be a leading provider of patient-centered, primary care-driven and community-based healthcare. Our primary goal remains to keep our patients healthy and to heal them quickly, as it has always been from the inception of TVH." "CenterWell is excited to enter into this agreement with The Villages Health and we look forward to helping TVH patients achieve their best health through our personalized and integrated approach to care," said Sanjay Shetty, M.D., President of CenterWell. "This was by no means an overnight decision, nor has it been an easy one. We want to reassure our community that there will not be any effects on patient care experienced by our patient population," said Bob Trinh, Chief Executive Officer of The Villages Health." "We will do everything we can to make this transition as seamless as possible for our community. We are still the same doctors and clinicians caring for our patients," said Dr. Jim Flaherty, Chief Medical Officer at The Villages Health. "The clinicians and staff at The Villages Health share our passion for making sure each patient they see feels cared for and supported as they seek to enjoy a healthy and active lifestyle," said Renee Buckingham, President of CenterWell Senior Primary Care. "We look forward to welcoming the TVH team to CenterWell Senior Primary Care and working together to improve the health of the residents of The Villages and the surrounding communities." TVH is known for providing exemplary, patient-focused healthcare to residents of North Central Florida, The Villages, and surrounding communities, and TVH's medical providers have been fixtures in their communities and trusted healthcare providers to their patients for the past 13 years. TVH currently provides essential care to more than 55,000 patients--many of whom are beneficiaries of Medicare and Medicare Advantage plans. In the Fall of 2024, TVH identified and immediately investigated a potential set of problems with its Medicare billing practices, and based on the results of that investigation, took immediate action on several fronts to report and correct the situation, while also proactively self-reporting the identified billing discrepancies to relevant U.S. Government agencies. TVH has spent the past six months working diligently with the Medicare program. This work toward a resolution with the U.S. Government, estimated at hundreds of millions of dollars in overpayments and likely significant accompanying penalties, continues without interruption and is independent of, and being conducted separately from, the transaction with CenterWell. About CenterWell CenterWell is a leading health care services business focused on creating integrated and differentiated experiences that put our patients at the center of everything we do. The result is high quality healthcare that is accessible, comprehensive, and, most of all, personalized. As the largest provider of senior-focused primary care, a leading provider of home healthcare, and a leading integrated home delivery, specialty, hospice, and retail pharmacy, CenterWell is focused on whole health and addressing the physical, emotional and social wellness of our patients. CenterWell is part of Humana Inc. (NYSE: HUM). Learn more about what we offer at CenterWell.com. About The Villages Health The Villages Health is a premier healthcare provider in North Central Florida that operates primary and specialty care centers, helping its patients live healthy lives through a team-based approach to patient care. In addition to primary care, TVH's healthcare providers provide specialty care services in the fields of audiology, behavioral and mental health, cardiology, dietetics, endocrinology, gastroenterology, gynecology, international pain, neurology, podiatry, rheumatology, and urology. For more information, please visit thevillageshealth.com. VISION2SYSTEMS LLC: Seeks to Extend Plan Exclusivity to August 19 ----------------------------------------------------------------- Vision2Systems LLC asked the U.S. Bankruptcy Court for the Northern District of Texas to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to August 19 and October 17, 2025, respectively. The Debtor explains that it has sent a draft plan to counsel for the Official Committee of Unsecured Creditors (the "Committee") and counsel for Cypress Growth Capital, LLC ("CGC"), Debtor's largest secured creditor. Since then, the Debtor has been actively engaged in talks and negotiations with the U.S. Trustee and counsel for the Committee and counsel for CGC regarding the terms of its proposed plan, in an attempt to circumvent any potential objections thereto, and is awaiting comments from the parties related to the same. As a result, the plan has not yet been filed. As of the time of filing, the Committee has indicated it does not oppose the relief requested herein. Both the U.S. Trustee's Office and CGC have indicated that they take no position on the relief requested at this time. The Debtor claims that its efforts to propose a confirmable plan require further conversations and negotiations with parties in interest and such negotiations are ongoing. The Debtor is actively working toward the prompt filing of a confirmable plan. Vision2Systems LLC: Jason P. Kathman, Esq. Camber M. Jones, Esq. Alex S. Anderson, Esq. Spencer Fane LLP 5700 Granite Parkway, Suite 650 Plano, TX 75024 Tel: (972) 324-0300 Fax: (972) 324-0301 Email: jkathman@spencerfane.com Email: cjones@spencerfane.com Email: alanderson@spencerfane.com About Vision2systems LLC Vision2Systems LLC founded in 2012, is a software company based in Dallas, Texas, that provides online giving and membership management platforms tailored for churches. The platform offers solutions for accounting, donations, event planning, and overall church management. Vision2Systems LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-40583) on Feb. 19, 2025. In its petition, the Debtor estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Jason P. Kathman, Esq., at SPENCER FANE. VIVA LIBRE: Seeks to Hire Rowland & Abbis CPAs as Accountant ------------------------------------------------------------ Viva Libre Restaurant Concepts, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Rowland & Abbis CPAs, LLP as its accountant. The firm's services include: a. reconciling Debtor's general book-keeping on a monthly basis; and b. preparing and providing financial reporting to be made in connection with this case, including but not limited to income and expense reports, financial statements, tax returns, monthly operating reports and providing data necessary for interim statements and operating reports. The firm will charge $300 per hour for its services. As disclosed in the court filings, Rowland & Abbis CPAs is a "disinterested person" as defined by 11 U.S.C. Section 101(14). The firm can be reached through: Gerard Rowland, CPA Rowland & Abbis CPAs, LLP 2082 Business Center Drive, Suite 172 Irvine, CA 92612 Phone: (949) 752-1040 About Viva Libre Restaurant Concepts Viva Libre Restaurant Concepts Inc. operates Blue Agave Southwest Grill, a Mexican and Southwestern fusion restaurant based in Yorba Linda, California. The restaurant offers dishes like Mahi Mahi, Mazatlan Mango Wrap and Montego Bay Coconut Shrimp. Viva Libre filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11186) on May 1, 2025. In its petition, the Debtor reported between $500,000 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Theodor Albert handles the case. The Debtor is represented by Christopher James Langley, Esq., at Shioda Langley & Chang, LLP. WA3 PROPERTIES: Seeks to Sell 3 Properties to Highest Bid --------------------------------------------------------- WA3 Properties Renton LLC and its affiliates, WA3 Properties Talbot LLC and WA3 Properties Univ LLC, seek approval from the U.S. Bankruptcy Court for the Eastern District of New York, to sell Properties, free and clear of liens, claims, and encumbrances. The Debtors' Properties that are up for sale are: 80 SW 2nd Street, Renton, Washington 98057 (Renton Property); 4430 Talbot Rd S, Renton, Washington 98055 (Talbot Property); and 5520 Bridgeport Way W, University Place, Washington 98467 (University Property). Each of Renton, Talbot, Univ, and Prest are under the ultimate common control of Goldner Capital Management LLC, of which Samuel Goldner is the manager. Each of Renton, Talbot, and Univ is owned by Wash Three Propco Holdings LLC, which is owned by GCM Wash LLC, which is ultimately owned by Goldner Capital Management LLC. Prest is owned by Parkside Union Propco Holdings LLC, which is owned by GCM Parkside LLC,3 which is ultimately owned by Goldner Capital Management LLC. Each Debtor's Plan is a liquidating plan with the centerpiece being the sale of the Debtor's Properties. The Properties are offered for sale either as a package or individually, with the exception of the Renton and Talbot Properties, which must be sold together, as they are encumbered by a blanket mortgage. Offers to purchase the Properties as a group must include an allocation of the Purchase Price for each Property. The Debtors seek to reserve the right to enter into a stalking horse contract with a potential purchaser or purchasers (Stalking Horse Bidders). If such a Bidder is selected, approval of same shall be sought from the Bankruptcy Court on shortened notice and all parties that have expressed an interest in the Properties shall be given notice. The Debtors retain Blueprint Healthcare Real Estate Advisors, LLC as brokers in the cases. The Lenders, tenants and the Debtors have cooperated in assembling the information needed for the Data room and documents continue to be added to it as they become available. Renton and Talbot are indebted to Merchants Bank of Indiana pursuant to that certain Promissory Note in the original principal amount of $35,000,000 dated May 5, 2022. Univ is indebted to Merchants Bank of Indiana pursuant to that certain Promissory Note in the original principal amount of $15,110,000 dated July 19, 2022. Pursuant to loan documents, that certain Loan Agreement, dated November 18, 2022, by and among the Debtor, Prest OP, LLC, and Greystone Servicing Company LLC as predecessor-in-interest to Secured Creditor of the Property. The Debtors seek authority to sell the Properties together or separately at auction without a Stalking Horse Offer, to the extent an acceptable Stalking Horse Offer cannot be achieved before the auction, and is also requesting the right to designate, on a later date, a Stalking Horse Purchaser for the sale of the Properties, with such Stalking Horse Offer being subject to approval of the Court in advance of the auction pursuant to the terms in the Stipulated Bid Procedure. The Successful Bidder or Bidders shall be required to close title, provided title is clear to close and as provided for herein, within 60 days following the date of entry of a Bankruptcy Court Order approving the Sale. The Successful Bidder or Bidders are solely responsible for the payment of any and all Transfer/Recording Fees/Taxes/Mansion Taxes in connection with the sale of the Properties unless these closings take place after the confirmation of the Debtors' plans of reorganization, in which case the terms of those plans control. The Debtors maintain that the procedures constitute appropriate bidding procedures under the facts and circumstances of the case. In order to maximize the benefit to the Debtors' estates, and seek to implement the competitive bidding process given the nature of the proposed transaction. Debtors request that the Court allow them to sell the estate's interest in the Properties free and clear of all liens, claims, encumbrances and other interests with such liens, claims, encumbrances and other interests attaching to the proceeds of sale in the order, priority and validity that they may exist. About WA3 Properties Renton LLC WA3 Properties Renton, LLC owns a 99-bed skilled nursing facility at 80 SW 2nd Street, Renton, Wash., in fee simple title, with a valuation of $10 million. WA3 filed Chapter 11 petition (Bankr. E.D. N.Y. Case No. 25-71121) on March 24, 2025, listing $11,887,584 in assets and $8,129,000 in liabilities. Samuel Goldner, manager of WA3, signed the petition. Judge Louis A. Scarcella oversees the case. Avrum J. Rosen, Esq., at Law Offices of Avrum J. Rosen, PLLC represents the Debtor as bankruptcy counsel. WATCHTOWER FIREARMS: Seeks to Extend Plan Exclusivity to Sept. 25 ----------------------------------------------------------------- Watchtower Firearms LLC asked the U.S. Bankruptcy Court for the Northern District of Texas to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to September 25 and November 25, 2025, respectively. Here, the relevant factors strongly favor initial extensions of the Exclusivity Periods. * The size and complexity of the case. As the Court has noted on a couple of occasions, while this case is not the largest, it is complicated by, among other things, numerous interested parties' active participation and numerous allegations. Indeed, the Debtor qualified as a complex chapter 11 case under the Court's Local Rules. * The terms of a chapter 11 plan will depend on the outcome of the Sale Motion. Through the Sale Motion, the Debtor proposes to sell all of its assets, the proceeds of which will be used to satisfy the obligations owed to all of the Debtor's stakeholders. The Debtor also has pending litigation against the Landlord that can be used to fund a chapter 11 plan. Furthermore, the Debtor's ongoing obligations, including its lease obligations, will impact the terms of a plan of reorganization. * The Debtor has made significant progress in negotiating in good faith with all creditors and working towards a viable chapter 11 plan. The Debtor negotiated with the Committee, secured lenders and the DIP Lender to accomplish the relief requested in the Sale Motion, which contains agreed-upon terms for a sale within 60 days. The Debtor also reached a global resolution with the Committee, secured lenders and the DIP Lender on agreed-upon terms for the DIP Facility, which will provide necessary funding for the Debtor to be sold at the highest value. * The Debtor is not seeking to extend exclusivity to pressure creditors, and an extension of the exclusivity periods will not prejudice creditors. The Debtor has not sought an extension of exclusivity to pressure creditors or other parties in interest. On the contrary, all creditor constituencies are benefitted by providing the Debtor with sufficient time to continue to negotiate the terms of a chapter 11 plan and determine what transaction or combination of transactions will provide the greatest value to its estate and the greatest recovery to its creditors. * The Debtor has demonstrated reasonable prospects for filing a viable plan of reorganization. Through its strategic planning, efficient management of operations and open discussions with all its stakeholders, the Debtor a quick exit from bankruptcy. The Debtor's chapter 11 case has thus far been successful, and there is no reason to doubt it will continue in an upward trajectory. * Significant time has not elapsed in these chapter 11 cases. This is the Debtor's first request for an extension of the Exclusivity Periods and will result in a total extension of the Exclusivity Periods by approximately 93 days. Moreover, as set forth in the Sale Motion, the proposed Sale of the Debtor's assets should be approved by August 24, 2025, which timing should provide the Debtor with sufficient time to meet the proposed extended Exclusivity Period. Watchtower Firearms LLC is represented by: H. Joseph Acosta, Esq. CONDON TOBIN SLADEK THORNTON NERENBERG PLLC 8080 Park Lane, Suite 700 Dallas, TX 75231 Tel: (214) 265-3852 Fax: (214) 265-3800 Email: jacosta@condontobin.com 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 Feb. 27, 2025. In its petition, the Debtor estimated assets and liabilities between $10 million and $50 million each. Joseph Acosta, Esq., at CONDON TOBIN, represents the Debtor as counsel. WATCHTOWER FIREARMS: Wins Final DIP Approval, Eyes Ch. 11 Exit -------------------------------------------------------------- WATCHTOWER Firearms is proud to announce that the United States Bankruptcy Court for the Northern District of Texas, Fort Worth Division, has granted final approval for a significant amount of Debtor-in-possession financing. This financial support is substantial and empowers WATCHTOWER Firearms to maintain operational continuity, reinforce the Company's position as it moves forward in its growth trajectory, and drive it towards a near-term exit from Chapter 11. The approved DIP financing will be used to maintain essential business operations, including the purchase of materials and parts necessary for manufacturing WATCHTOWER firearms, along with providing top-tier sales and service to customers. WATCHTOWER Firearms is exploring strategic options to enhance and maximize value for all its stakeholders. "WATCHTOWER Firearms is an excellent company with great people known for its high-quality products and well-earned reputation for excellence," stated Jason Colosky, Founder and CEO. "To navigate the current challenges facing the company, we determined that decisive action is necessary to re-position and grow the company. We are confident that these steps will position the business for long-term success. "We want to thank our customers, vendors, lenders, and stakeholders for their unwavering support, which reflects their confidence in our business and our team. This support will enable us to navigate swiftly through the court-supervised process. We remain committed to maintaining the highest standards of operational excellence across all our products. We are continuing our operations without compromise to our high standards and customer service. The Company remains dedicated to working collaboratively with its stakeholders -- employees, customers, and creditors -- to achieve a successful and effective restructuring outcome." WATCHTOWER Firearms is dedicated to transparency and open communication with all stakeholders as it navigates this restructuring phase. The company anticipates emerging from this process as a stronger and more nimble entity, prepared to meet the evolving needs of its customers and the market. 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. WB BRIDGE HOTEL: Court Narrows Claims in 206 Kent, et al. Case -------------------------------------------------------------- The Honorable Kyu Y. Paek of the United States Bankruptcy Court for the Southern District of New York granted in part and denied in part 206 Kent Investor II LLC, et al.'s motion to dismiss the adversary proceeding captioned as NAT WASSERSTEIN, as TRUSTEE of the WB BRIDGE CREDITOR TRUST, Plaintiff, -against- 206 KENT INVESTOR II LLC, et al., Defendants, Adv. Pro. No. 22-07059 (KYP) (Banrk. S.D.N.Y.). The Defendants are: -- 206 Kent Investor II LLC, 206 Kent Investor III LLC, 206 Kent Investor LLC, 206 Kent Mezz LLC; -- Cornell 46 LLC, Cornell 159 LLC, Cornell 245-247 LLC, Cornell 251-247 LLC, Cornell 251-253 LLC, Cornell 251253 LLC, Cornell 257 LLC, Cornell 259 LLC, Cornell 46 LLC, Cornell Bedford Holdings LLC, Cornell Bedford Member DE LLC, Cornell Crown LLC, Cornell Keap Holdings LLC, Cornell Kent Holdings LLC, Cornell Meeker Holdings LLC, Cornell Meserole DE LLC, Cornell Meserole Holdings LLC, Cornell Myrtle II LLC, Cornell Myrtle LLC, Cornell Realty Management LLC, Cornell Scholes Holdings LLC, Cornell West 34 II LLC, Cornell West 34 Owner LLC; and -- Isaac Hager The Defendants have moved to dismiss the claims asserted against them in the Amended Complaint, dated Oct. 25, 2024. Wasserstein, as trustee of the WB Bridge Creditor Trust, opposes the Motion to Dismiss. WB Bridge Hotel LLC was the fee owner of real property located at 159 Broadway, Brooklyn, New York and was developing the Property into a 26-story hotel with retail space. At the onset of the COVID-19 pandemic, the Debtor and its parent company 159 Broadway Member LLC, attempted to consensually restructure their debts but were unsuccessful. Hager -- either directly or through entities he owns and/or controls -- is the beneficial owner of most of the equity interests in (i) each of the Entity Defendants, (ii) 159 Broadway, and (iii) the Debtor. Prior to the Petition Date, Hager caused the Debtor to transfer funds to the Entity Defendants without causing the transferees to provide fair consideration or reasonably equivalent value in return. The Amended Complaint alleges that the Debtor was insolvent and owed debts to unsecured creditors when each transfer was made. The transfers totaling $2,862,550 were made to one of three bank accounts owned by a non-party entity identified in the Amended Complaint as "Cornell Realty LLC" with bank account numbers ending in 0290, 2276, and 3971. In addition to the Cornell Transfers, the Debtor made certain transfers totaling $103,100.00 to the 0290 Account and 3971 Account with a notation in the Debtor's books and records indicating that those transfers were for the benefit of one or more of the Kent Defendants. The first amended plan of liquidation in the Debtors' Chapter 11 cases was confirmed on July 7, 2022, and became effective on Nov. 16, 2022. The plan created the Creditor Trust and empowered the Trustee to assert certain causes of action. The Trustee commenced this adversary proceeding on Dec. 20, 2022, and filed the Amended Complaint on Oct. 25, 2024. The Amended Complaint contained nineteen Counts. The Defendants filed the Motion to Dismiss the claims in the Amended Complaint on Jan. 7, 2025. The Defendants argue that the Amended Complaint fails to cure the deficiencies in the original complaint. They point out that the only transferee identified in the Amended Complaint is "Cornell Realty LLC" -- an unknown entity that is not a party to this action. According to the defendants, the Intentional Fraud Claims should be dismissed because the Amended Complaint fails to allege fraud with particularity. They further contend the Amended Complaint did not sufficiently allege that the Kent Defendants were the intended beneficiaries of the FBO Kent Transfers. They also assert that Unjust Enrichment Claims were insufficiently pled, and such a claim cannot be used as a catchall when other claims fail. The Trustee filed his objection on March 4, 2025. Initially, the Trustee states that the entity referred to as "Cornell Realty LLC" in the Amended Complaint is actually Entity Defendant "Cornell Realty Management LLC." He argues that the Constructive Fraud Claims meet the pleading requirements under Federal Civil Rule 8(a), the Intentional Fraud Claims meet the pleading requirements under Federal Civil Rule 9(b), and the Unjust Enrichment Claims are sufficiently pled. Counts 2, 3, 4, and 6 seek avoidance of the Pre-Petition Transfers from the Cornell Defendants on the basis that they were the recipients of the transfers. The Pre-Petition Transfers were transferred into one of the three Bank Accounts. The issue is whether the Trustee's typographical error identifying the wrong transferee should result in the dismissal of his claims against Cornell Realty Management LLC. According to the Court, the circumstances suggest that the Trustee committed the lesser sin of mislabeling the right defendant. There are 23 Cornell Defendants, all of which have the word "Cornell" in the name. These entities share employees and a principal place of business, and, according to the Trustee, maintained their books and records in a manner that made it difficult, if not impossible, to determine which of his entities was receiving each transfer. According to the Court, although it would have been highly preferable for the Trustee to have identified the correct transferee in the Amended Complaint, some confusion on his part is understandable. The Court also finds the allegations against the remainder of the Cornell Defendants are deficient. The Amended Complaint states that the Cornell Defendants enjoyed a beneficial and equitable interest in each Cornell Account because Hager disregarded corporate formalities among the entities. Whereas the Amended Complaint (as clarified in the Trustee Brief and at oral argument) alleges that Cornell Realty Management LLC was the owner of the Bank Accounts, it fails to include any non-conclusory allegation that the other Cornell Defendants exercised dominion over the funds in the Bank Accounts. Therefore, Counts 2, 3, 4, and 6 are dismissed except to the extent the claims seek avoidance and recovery of transfers made to Cornell Realty Management LLC as initial transferee, the Court holds. Counts 9, 10, and 11 seek avoidance and recovery of the FBO Kent Transfers on the theory that those transfers were made for the benefit of the Kent Defendants. As alleged in the Amended Complaint, the Debtor's books and records indicate that the FBO Kent Transfers were made into the Bank Accounts for the benefit of one or more of the Kent Defendants. According to the Court, at the pleading stage, this generalized allegation regarding indicative notations in the books and records is sufficient to plausibly plead claims against the Kent Defendants, particularly where, as in this case, the Debtor's books and records are difficult to understand. Thus, the Motion to Dismiss is denied as to Counts 9, 10, and 11. Counts 14, 15, 16, and 18 seek avoidance and recovery of the Pre-Petition Transfers from Hager on the basis that Hager was an intended beneficiary of each of the Pre-Petition Transfers. The Court finds the Amended Complaint does not allege that these transfers extinguished debts or obligations owed by Hager or otherwise explain how Hager was the intended beneficiary of these transfers. An ownership interest in the transferor and transferee, without more, does not give rise to an assumption that the owner is the intended beneficiary of the transfer. Thus, Counts 14, 15, 16, and 18 are dismissed. The Intentional Fraud Claims comprising Counts 1, 5, 8, 13, and 17 rely on section 548(a)(1)(A) of the Bankruptcy Code or N.Y. DCL Sec. 276 (repealed 2019). According to the Court, the allegations in this case fall short of meeting the relaxed version of the Rule 9(b) pleading standard. There is no particularized allegation to support the conclusion that the transfers were made with an intent to hinder, delay, or defraud creditors. Therefore, Counts 1, 5, 8, 13, and 17 are dismissed. Counts 7, 12, and 19 seek recovery from the Cornell Defendants, Kent Defendants, and Hager, respectively, on the theory that they were unjustly enriched by the Pre-Petition Transfers. In this case, the Unjust Enrichment Claims duplicate the fraudulent transfer claims. Therefore, the Unjust Enrichment Claims are dismissed. In sum, the Court ruled as follows: * the Intentional Fraud Claims (Counts 1, 5, 8, 13, and 17) are dismissed; * the Unjust Enrichment Claims (Counts 7, 12, and 19) are dismissed; * the Constructive Fraud Claims against the Cornell Defendants (Counts 2, 3, 4, and 6) are dismissed except to the extent that the claims seek to avoid and recover transfers from Cornell Realty Management LLC as initial transferee; * the Constructive Fraud Claims against Hager (Counts 14, 15, 16, and 18) are dismissed; and * the Motion to Dismiss is denied as to the Constructive Fraud Claims against the Kent Defendants (Counts 9, 10, and 11). A copy of the Court's Memorandum Decision dated June 30, 2025, is available at https://urlcurt.com/u?l=MvCjkw from PacerMonitor.com. Counsel to Nat Wasserstein, Trustee of the WB Bridge Creditor Trust: Anthony C. Acampora, Esq. David J. Mahoney, Esq. Brian Powers, Esq. RIMON P.C. 100 Jericho Quadrangle, Suite 300 Jericho, NY 11753 E-mail: anthony.acampora@rimonlaw.com brian.powers@rimonlaw.com Counsel to Defendants: Scott A. Steinberg, Esq. Kimberly A. Ahrens, Esq. MELTZER, LIPPE, GOLDSTEIN & BREITSTONE, LLP 190 Willis Avenue Mineola, NY 11501 E-mail: kahrens@meltzerlippe.com About WB Bridge Hotel WB Bridge Hotel LLC and 159 Broadway Member LLC are the owners of a hotel and residential tower project in Brooklyn's hip Williamsburg neighborhood. The project covers a planned 26-story tower at 159 Broadway in Brooklyn, N.Y., that includes apartments and a 235-room hotel across the street from the legendary Peter Luger Steakhouse. The Debtors are affiliated with Hollywood, Fla.-based GC Realty Advisors LLC. They are also affiliated with 85 Flatbush RHO Mezz LLC, the owner of the Tillary Hotel Brooklyn, located at 85 Flatbush Extension, Brooklyn, N.Y. WB Bridge Hotel and 159 Broadway Member sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-23288) on Dec. 21, 2020. The Debtors were each estimated to have $10 million to $50 million in assets and liabilities. Judge Robert D. Drain oversees the cases. Robinson Brog Leinwand Greene Genovese & Gluck PC is the Debtors' legal counsel. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped SilvermanAcampora, LLP, as its legal counsel. Secured creditor 159 Broadway 1 LLC is represented by KRISS & FEUERSTEIN LLP. WEST COUNSELING: Gets Extension to Access Cash Collateral --------------------------------------------------------- West Counseling, PLLC received another extension from the U.S. Bankruptcy Court for the Western District of North Carolina, Charlotte Division, to use cash collateral. At the hearing held on July 8, the court granted the Debtor's motion to use cash collateral on an interim basis and set a further hearing on the motion for August 5. The court's previous interim order issued on July 1 allowed the Debtor to access cash collateral to pay its operating expenses in line with its budget and provided protection to secured creditors in the form of replacement liens on post-petition assets. The secured creditors, identified through UCC filings, include the Carolina Small Business Development Fund, the U.S. Small Business Administration, and Corporation Service Company. The Debtor's bank, Truist, is believed not to hold a secured claim. About West Counseling PLLC West Counseling, PLLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.C. Case No. 25-30504) on May 18, 2025. In the petition signed by Andrew West, chief executive officer, the Debtor disclosed up to $100,000 in assets and up to $500,000 in liabilities. Judge Ashley Austin Edwards oversees the case. John C. Woodman, Esq., at Essex Richards PA, represents the Debtor as legal counsel. WHISKEY RANCH: Amends Plan to Resolve Sig & UST's Claim Issues -------------------------------------------------------------- Whiskey Ranch Estates, LLC, submitted an Amended Disclosure Statement describing Chapter 11 Plan dated June 18, 2025. Whiskey Ranch Estates filed its initial disclosure statement on May 6, 2025. At the core of the plan confirmation process lies resolving the value of the property and extent of equity in the property, both issues that will be determined at the upcoming June 30, 2025 trial. Since then, the UST and Sig Ventures have objected to the disclosure statement. This document reflects changes required to address the UST's objections, but before a finalized plan and final-form disclosure statement can be completed, the Court needs to complete its claims estimation process regarding the Sig Ventures' senior secured claim. While the amended disclosure statement evidences progress in plan confirmation, the Debtor-in-Possession does not plan to advocate at the hearing for the adoption or approval of the current amended disclosure statement. Whiskey Ranch Estates needs more input from the Court which will occur after the motion for partial summary judgment, and after the upcoming trial, after which it will be ready to finalize its plan and amended disclosure statement. The cornerstone of the Plan is to sell the Property free and clear of liens for the highest cash price, once horizontal completion of the lots is completed and the Plat has been approved. Like in the prior iteration of the Plan, Class 5 non-priority unsecured claimants will receive their pro rata share of the proceeds available following the sale of the Property pursuant to the Plan. The allowed unsecured claims total $1,510,293.74. This Class will receive a distribution of 100% of their allowed claims. Plan payments will be funded by the proceeds of a sale of the Real Property. The sale is expressly contemplated to occur prior to the 12th month following the Effective Date. Upon sale, all allowed claims under this Plan shall be paid. The Debtor reasonably projects that there will be sufficient funds from the foregoing sources to pay each class of claims in full, subject to the anticipated favorable outcome of the adjudication of the Class 2 claim. The expected sale value of the 39 lots is $9.75 million, which reflects the range discussed and agreed to by Gregg Smith historically of $250k average per lot. The tax assessed value of the properties is a floor on value, and even it exceeds $10 million. There further is a Builders Capital appraisal indicating that the property in completed horizontal state, has a value of $13.75 million. The value of the property has not fallen over time. By contrast, the accurate value of Gregg Smith's secured claim, after offsets and the deletion of interest is perhaps $5 million. By undertaking a sales process in bankruptcy with completed horizontal construction, the highest and best price would be achieved. In a chapter 7 liquidation, you would not get the $200,000 savings of excise tax, and a hypothetical trustee would not, as the receiver before him, complete construction or get a sales price that paid out anyone other than Gregg Smith/Sig Ventures. That would cause perhaps a million dollars of loss. A full-text copy of the Amended Disclosure Statement dated June 18, 2025 is available at https://urlcurt.com/u?l=sKhY8e from PacerMonitor.com at no charge. About Whiskey Ranch Estates Whiskey Ranch Estates, LLC, owns 39 lots of undeveloped property in Chelan, WA 98816, located at Northshore Division II Lots 2-40. On Jan. 17, 2025, a group of creditors including Mi Tierra Real Estate Investments, Inc., J&K Earthworks, Inc. and Triumph Asset Management, LLC, filed involuntary Chapter 11 petition against Whiskey Ranch Estates (Bankr. E.D. Wash. Case No. 25-00095) on January 17, 2025. The Debtor did not oppose the involuntary petition, saying that it now wishes to proceed with a Chapter 11 bankruptcy. As a result, an order for relief for the Chapter 11 case was entered on Jan. 22, 2025. Whiskey Ranch Estates is represented by: Benjamin A. Ellison, Esq. Salish Sea Legal, PLLC 2212 Queen Anne Ave N., No. 719 Seattle, WA 98109 Tel: 206-257-9547 Email: salishsealegal@outlook.com WHITESTONE INDUSTRIAL: Hires Troutman Pepper as Delaware Counsel ---------------------------------------------------------------- Frances A. Smith, plan agent of Whitestone Industrial-Office LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Troutman Pepper Locke LLP as his Delaware counsel. Troutman will be employed to represent Mr. Smith for the limited purpose of advising him in connection with a case pending in the Court of Chancery of the State of Delaware styled Whitestone REIT Operating Partnership, L.P. v. Pillarstone Capital REIT, Case No. C.A. No. 2022-0607-LWW, and any appeals therefrom. The firm will be paid at these rates: David M. Fournier $1,480 Joanna J. Cline $1,330 Emily L. Wheatley $960 Monica A. Molitor (paralegal) $470 Joanna J. Cline, Esq., an attorney at Troutman Pepper Locke, 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: Joanna J. Cline, Esq. Emily L. Wheatley, Esq. Troutman Pepper Locke LLP 1313 N. Market Street, Suite 1000 Wilmington, DE 19801 Tel: (302) 777-6500 Email: joanna.cline@troutman.com emily.wheatley@tourtman.com About Whitestone Industrial-Office LLC Whitestone Industrial-Office LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-30653) on March 4, 2024, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. The petition was signed by Bradford Johnson as authorized representative. Judge Scott W. Everett presides over the case. Joyce W. Lindauer, Esq. at Joyce W. Lindauer Attorney, PLLC represents the Debtor as counsel. WINDTREE THERAPEUTICS: Fails to Meet Nasdaq Bid Price Rule ---------------------------------------------------------- Windtree Therapeutics, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company received a deficiency letter from the Nasdaq Listing Qualifications Department notifying the Company that, for 30 consecutive business days from June 18, 2025, the closing bid price for the Company's common stock, par value $0.001 per share, has been below the minimum $1.00 per share required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2). Normally, a company would be afforded a 180-calendar day period to demonstrate compliance with the Minimum Bid Price Requirement. However, as previously disclosed, the Company is subject to a Discretionary Panel Monitor until March 20, 2026, pursuant to Listing Rule 5815(4)(A). Moreover, pursuant to Listing Rule 5810(c)(3)(A)(iv), the Company is not eligible for any compliance period specified in Rule 5810(c)(3)(A) because the Company effected two reverse stock splits over the prior two-year period with a cumulative ratio of more than 250 shares to one. Accordingly, unless the Company requested a hearing before a Hearings Panel, the Company's securities would be subject to suspension/delisting. The Company intends to timely request a hearing before the Panel. The hearing request will automatically stay any suspension or delisting action pending the hearing and the expiration of any additional extension period granted by the Panel following the hearing. There can be no assurance that the Panel will grant the Company an additional extension period or that the Company will ultimately regain compliance with all applicable requirements for continued listing on The Nasdaq Capital Market. The Bid Price Deficiency Letter will not have an immediate effect on the listing of the Common Stock, and the Common Stock will continue to trade on The Nasdaq Capital Market under the symbol "WINT" at this time. About Windtree Therapeutics Headquartered in Warrington, Pennsylvania, Windtree Therapeutics, Inc. -- windtreetx.com -- is a biotechnology company focused on advancing early and late-stage innovative therapies for critical conditions and diseases. The Company's portfolio of product candidates includes: (a) istaroxime, a Phase 2 candidate that inhibits the sodium-potassium ATPase and also activates sarco endoplasmic reticulum Ca2+ -ATPase 2a, or SERCA2a, for acute heart failure and associated cardiogenic shock; preclinical SERCA2a activators for heart failure; rostafuroxin for the treatment of hypertension in patients with a specific genetic profile; and a preclinical atypical protein kinase C iota, or aPKCi, inhibitor (topical and oral formulations), being developed for potential application in rare and broad oncology indications. The Company also has a licensing business model with partnership out-licenses currently in place. Philadelphia, Pennsylvania-based EisnerAmper LLP, the company's auditor since 2022, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and expects to incur losses for the foreseeable future, that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Windtree Therapeutics had $27.9 million in total assets, $14.7 million in total liabilities, $3.2 million in total mezzanine equity, and a total shareholders' equity of $10 million. WISCONSIN & MILWAUKEE: Hires SSG Advisors as Investment Banker -------------------------------------------------------------- Wisconsin & Milwaukee Hotel LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Wisconsin to employ SSG Advisors, LLC as investment banker. The firm will assist in the structuring, preparation and implementation of an equity rights offering (the "Offering"), to be made as part of the Debtor's Chapter 11 plan, involving existing equity holders and general unsecured creditors. The firm will be paid at these rates: a. Initial Fee. An initial fee (the "Initial Fee") equal to $30,000, payable upon Bankruptcy Court approval of this Engagement Agreement. b. Monthly Fees. Monthly fees (the "Monthly Fees") of $30,000 per month payable beginning July 15, 2025 and on the fifteenth (15th) of each month thereafter throughout the Engagement Term (as such term is hereafter defined). c. Transaction Fee. Upon the consummation of an Offering, SSG shall be entitled to a fee (the "Transaction Fee"), payable in cash, in federal funds via wire transfer or certified check, prior in right to any pre- and post-petition secured debt, equal to the greater of (a) $300,000; or (b) five percent (5.0%) of new value raised through a rights offering, and capped at $400,000. The Transaction Fee shall be reduced by 50% of the Initial Fee and the Monthly Fees paid. d. In addition to the foregoing Initial Fee, Monthly Fee and Transaction Fee noted above whether or not an Offering is consummated, SSG will be entitled to reimbursement for all of SSG's reasonable and documented out-of-pocket expenses incurred in connection with services provided to the Debtor pursuant to its engagement, in accordance with the ordinary and customary rates which are in effect on the date the services are rendered by SSG, including, but not limited to, photocopies, postage, mileage (charged at the IRS rate in effect on the date of travel), and any other incidental costs advanced by SSG specifically for these matters, at the rates commonly charged for such costs to other SSG clients J. Scott Victor, 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: J. Scott Victor SSG Advisors LLC 300 Barr Harbor Drive, Suite 420 West Conshohocken, PA 19428 Telephone: (610) 940-5802 Email: jsvictor@ssgca.com About Wisconsin & Milwaukee Hotel Wisconsin & Milwaukee Hotel LLC is a Wisconsin limited liability company with its principal place of business in Milwaukee, Wisconsin. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Wisc. Case No. 24-21743) on April 9, 2024. In the petition signed by Mark Flaherty, as manager, the Debtor disclosed up to $50 million in both assets and liabilities. Judge G. Michael Halfenger oversees the case. Michael P. Richman, at RICHMAN & RICHMAN LLC, is the Debtor's legal counsel. WOLFSPEED INC: Gregor van Issum Appointed Chief Financial Officer ----------------------------------------------------------------- Wolfspeed, Inc. announced the appointment of Gregor van Issum as Chief Financial Officer (CFO), effective September 1, 2025, following a comprehensive review of internal and external candidates. Van Issum succeeds Kevin Speirits, who is serving as Interim Chief Financial Officer and will remain with Wolfspeed to support the Company and ensure a smooth transition. He will be relocating to North Carolina and be based at company headquarters in Durham, NC, reporting to Wolfspeed CEO, Robert Feurle. Van Issum brings more than 20 years of experience in transformational restructuring and strategic financing positions across the technology industry. Through senior roles at semiconductor manufacturers ams-OSRAM AG and NXP Semiconductors N.V., he gained an in-depth understanding of how to lead organizations through dynamic business cycles. Most recently, van Issum served as Executive Vice President, Group Controller at ams-OSRAM, where he was deeply involved in driving the financial performance of this multi-billion Euro revenue company. He also led ams-OSRAM's cost savings programs and sales initiatives in his dual role as the company's Chief Transformation and Performance Officer. "We are excited to welcome Gregor to our team as Wolfspeed enters a new era," said Robert Feurle, Chief Executive Officer. "I witnessed Gregor's strong analytical and leadership skills firsthand during our time working together at ams-OSRAM. Gregor has helped lead large, multibillion euro businesses with complex manufacturing operations, which will be invaluable to Wolfspeed as we unlock the potential of our purpose-built 200mm platform. The Board and I look forward to collaborating with Gregor as we position Wolfspeed for long-term growth and profitability." Van Issum gained valuable M&A and IT experience at ams-OSRAM, where he was responsible for executing and delivering on the business targets for the transactions and managing the strategic direction of the company's systems. He previously served as Vice President, Strategy of NXP Semiconductors' Secure Transactions and Identification Solutions segment and served as the CFO of the Secure Identification Solutions and Analog Mixed Signal units. "In this new role, my priority will be providing Wolfspeed's investors with transparency and clarity, especially during this transformative period," said van Issum. "Building on recent steps to restructure Wolfspeed's balance sheet, I will draw on my experience navigating complex business cycles to help create a capital structure that offers agility to respond to rapid shifts in the market. My background in transformation and restructuring also positions me to support Wolfspeed's strategic focus on improving profitability. At this pivotal time in the Company's life cycle, I am honored to help guide Wolfspeed as it leverages its competitive advantages--world-class facilities, exceptional talent, and robust intellectual property--to advance the incredible progress that Robert and the Wolfspeed team have made in recent months and solidify its leadership in silicon carbide technology." Van Issum's appointment follows the addition of Dr. David Emerson, who joined Wolfspeed in May in the newly created role of Chief Operating Officer. With a refreshed leadership team, Wolfspeed is well positioned to navigate near-term market dynamics and seize opportunities to expand its leadership in silicon carbide technologies. About Wolfspeed Inc. Wolfspeed, Inc. is an innovator of wide bandgap semiconductors, focused on silicon carbide materials and devices for power applications. Its product families include silicon carbide materials and power devices targeted for various applications such as electric vehicles, fast charging and renewable energy and storage. Wolfspeed Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90163) on June 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Latham & Watkins LLP and Hunton Andrews Kurth LLP are serving as legal counsel to Wolfspeed, Perella Weinberg Partners is serving as financial advisor and FTI Consulting is serving as restructuring advisor. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the senior secured noteholders and Moelis & Company is serving as the senior secured noteholders' financial advisor. Kirkland & Ellis LLP is serving as legal counsel to Renesas Electronics Corporation, PJT Partners is serving as its financial advisor, and BofA Securities is serving as its structuring advisor. Ropes & Gray LLP is serving as legal counsel to the convertible debtholders and Ducera Partners is serving as financial advisor to the convertible debtholders. WW INTERNATIONAL: Announces New Program to Help Ch. 11 Exit ----------------------------------------------------------- Rieka Rahadiana of Bloomberg News reports that WeightWatchers is set to announce a new program on Tuesday, July 8, 2025, focused on helping women navigate menopause and the stages beyond, as part of its post-bankruptcy growth strategy, Reuters reports. The initiative expands on the company's efforts to offer comprehensive weight management support, including access to medications such as Wegovy and Zepbound, CEO Sima Sistani told Reuters. Dr. Spencer Boyd, who previously held roles as national medical director at One Medical and chief medical officer at weight-loss company Calibrate, is involved in leading the effort, the report states. About WW International Inc. WW International, Inc. provides weight control programs. It offers subscriptions for commitment plans that give their clients access to meetings and online subscriptions and give their members guidance and access to a supportive community to help enable them for healthy habits. WW International filed Chapter 11 petition (Bankr. D. Del. Case No. 25-10829) on May 6, 2025. In the petition signed by Felicia DellaFortuna, chief financial officer, the Debtor disclosed between $1 billion and $10 billion in both assets and liabilities. Judge Craig T. Goldblatt oversees the case. The Debtor is represented by Christin Cho, Esq. and Simon Franzini, Esq., at Dovel & Luner, LLP. [] Commercial Chapter 11 Filings Decrease 15% from H1 of 2025 ------------------------------------------------------------- ABL Advisor reports that the bankruptcy filings in the United States reached 276,126 during the first six months of 2025 -- a 10% increase compared to the 251,069 filings during the same period in 2024, according to data from Epiq AACER, a leading provider of U.S. bankruptcy filing statistics. Individual filings rose 11% year-over-year, totaling 260,938 through June 2025, up from 235,849 in the first half of 2024. Chapter 7 individual bankruptcies saw the sharpest increase, rising 15% to 163,219, compared to 141,566 a year earlier. Chapter 13 filings also increased modestly, with 97,125 filings -- a 3% uptick from 93,870 in the same period last 2024, according to ABL Advisor. "The strong 15 percent rise in individual Chapter 7 filings reflects the mounting financial strain on American households," said Michael Hunter, Vice President of Epiq AACER. "High interest rates, historic levels of credit card and household debt, and the resumption of student loan repayments are major contributors." Hunter noted that as of April 2025, the student loan delinquency rate had tripled compared to pre-pandemic levels. "With collections resuming and nearly 9 million loans delinquent, we expect this upward trend in personal bankruptcy filings to continue," he added. Commercial bankruptcy filings totaled 15,188 for the first half of 2025 -- essentially flat compared to the 15,220 filings recorded during the same period in 2024. However, commercial Chapter 11 filings dropped 15%, falling to 3,576 from 4,205. Subchapter V elections -- typically used by small businesses -- also declined by 4%, with 1,183 filings compared to 1,234 a year ago, the report states. June 2025 alone recorded 46,226 total filings, a 15% increase over the 40,293 filings in June 2024. Individual filings jumped 16% year-over-year, reaching 43,655 compared to 37,512. Chapter 7 filings surged 23% to 27,219, up from 22,183 in June 2024, while Chapter 13 filings rose 7% to 16,316, according to report. "Persistent inflation, high borrowing costs, and geopolitical uncertainty continue to weigh heavily on families and small businesses," said Amy Quackenboss, Executive Director of the American Bankruptcy Institute (ABI). "ABI is committed to supporting Congress with data and analysis to help raise the debt limits for subchapter V and chapter 13, making it easier for financially distressed individuals and small businesses to reorganize." June 2025 also saw an 8% drop in overall commercial bankruptcies, falling to 2,571 from 2,781 in June 2024. Commercial Chapter 11 filings dropped sharply by 38%, with 622 filings in June 2025 compared to 996 a year earlier. Subchapter V filings declined 23% year-over-year, from 277 to 214, the report relays. [] Ervin Cohen & Jessup Partners Named Top Bankruptcy Lawyers ------------------------------------------------------------- Ervin Cohen & Jessup LLP announced that Partners Byron Moldo and Blake Alsbrook have been recognized in Lawdragon's "500 Leading Global Bankruptcy & Restructuring Lawyers" guide. "Whether massive fraud, market changes, mismanagement, or competition, it's survival of the fittest and these are the lawyers who help organizations move forward," states the publisher. "They dazzle with the breadth of experience in law and life they bring to the practice of tuning out the noise and finding the path forward through tough negotiation, litigation or complex financial arrangements." Byron Moldo chairs the firm's Receivership, Bankruptcy, and Creditors' Rights Department. He frequently serves as a court-appointed Receiver in both state and federal cases, as well as an assignee for the benefit of creditors and in other fiduciary roles. Moldo also provides counsel to receivers, bankruptcy trustees, and fiduciaries, and has represented creditors' committees and secured creditors. He currently serves as the Global Chairperson of the Debt Collection, Restructuring & Insolvency practice group for Geneva Group International. Blake Alsbrook is a seasoned fiduciary and litigator who serves as both a receiver and counsel to prominent receivers across California in equity, family law, rents and profits, health and safety, and regulatory matters. He also acts in key fiduciary roles, including partition referee, successor trustee, and provisional director in complex real estate and business disputes. Alsbrook advises clients on the intersection of state and federal law and has substantial civil litigation experience representing receivers and businesses in high stakes matters. He frequently appears before the California Court of Appeal and U.S. Bankruptcy Court. Alsbrook has been recognized as a "Legal Visionary" by the Los Angeles Times. About Ervin Cohen & Jessup LLP Ervin Cohen & Jessup LLP is a full-service firm that provides a broad range of business-related legal services including corporate law; litigation; intellectual property & technology law; real estate transactions and finance; construction & environmental law; tax planning and controversies; employment law; health care law; bankruptcy, receivership and reorganization; and estate planning. For more information, visit http://www.ecjlaw.com/ [] U.S. Bankruptcy Filings Rise 10% in H1 2025; Chapter 7s Up 15% ----------------------------------------------------------------- A data provided by Epiq AACER, the leading provider of U.S. bankruptcy filing, total bankruptcy filings were 276,126 during the first six months of 2025, a 10 percent increase from the 251,069 total filings during the same period a year ago. Total individual filings registered an 11 percent increase, as the 260,938 filings during the first half of 2025 were up from the 235,849 filings during the first six months of 2024. Individual chapter 7 filings climbed to 163,219 during the first half of 2025, an increase of 15 percent over the 141,566 chapter 7 filings in the first half of 2024. The 97,125 individual chapter 13s filed in the first six months of 2025 represent a 3 percent increase over the 93,870 filings during the same period in 2024. "The strong 15 percent increase in individual Chapter 7 bankruptcy filings underscores the growing financial pressure facing American households," said Michael Hunter, vice president of Epiq AACER. "Elevated interest rates, record-high credit card and household debt, and the resumption of student loan repayments and collections are all contributing factors driving more individuals to seek bankruptcy protection." "As of April 2025, the student loan delinquency rate has more than tripled compared to pre-pandemic levels," Hunter added. "With collections resuming this year and nearly 9 million loans currently delinquent, we anticipate the upward trend in individual filings to continue." Overall commercial filings registered 15,188 for the first half of 2025, representing a slight decrease from the commercial filing total of 15,220 for the first half of 2024. The 3,576 total commercial chapter 11 bankruptcies filed during the first six months of 2025 represented a 15 percent decrease from the 4,205 filed during the same period in 2024. Small business filings, captured as subchapter V elections within chapter 11, totaled 1,183 in the first six months of 2025, a 4 percent decrease from the 1,234 elections during the same period in 2024. Total and consumer bankruptcy filings increased comparing the figures from June 2025 to June 2024, while commercial filing categories declined. Total filings in June 2025 were 46,226, representing a 15 percent increase from the 40,293 filed in 2024. Total individual filings were up 16 percent in June 2025 to 43,655 from 37,512. The 27,219 individual chapter 7s in June 2025 grew 23 percent over the 22,183 chapter 7 filings in June 2024, and individual chapter 13s increased 7 percent to 16,316 in June 2025 from the 15,232 in June 2024. Overall commercial filings decreased 8 percent in June 2025, as the 2,571 filings were down from the 2,781 commercial filings registered in June 2024. The 622 commercial chapter 11 filings in June represented a 38 percent decrease from the 996 filings in June 2024. Total subchapter V elections within chapter 11 experienced a 23 percent decrease from 277 in June 2024 to 214 in June 2025. "Elevated prices, increased borrowing costs and uncertain geopolitical events continue to add to the growing debt loads shouldered by financially distressed families and small businesses," said ABI Executive Director Amy Quackenboss. "ABI looks forward to providing Congress with research, information and statistics to re-establish higher debt thresholds for subchapter V and chapter 13 to provide greater access for struggling small businesses and consumers to reorganize their finances." ABI has partnered with Epiq Bankruptcy to provide the most current bankruptcy filing data for analysts, researchers, and members of the news media. Epiq AACER is a division of Epiq and is the leading provider of data, technology, and services for companies operating in the business of bankruptcy. Its Bankruptcy Analytics subscription service provides on-demand access to the industry's most dynamic bankruptcy data, updated daily. Learn more at https://bankruptcy.epiqglobal.com/analytics. About Epiq Epiq, a technology and services leader, takes on large-scale and complex tasks for corporate legal departments, law firms, and business professionals by integrating people, process, technology, and data. Clients rely on Epiq to streamline legal and compliance, settlement, and business administration workflows to drive efficiency, minimize risk, and improve cost savings. With a presence in 19 countries, our values define who we are and how we partner with clients and communities. Learn how Epiq and our 6,100 people worldwide create meaningful change at www.epiqglobal.com. About ABI ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes nearly 10,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abi.org. For additional conference information, visit http://www.abi.org/calendar-of-events. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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