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250710.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, July 10, 2025, Vol. 29, No. 190 Headlines 11702 AVE LLC: Seeks Chapter 11 Bankruptcy in New York 121 NORTH COMMON: Seeks Subchapter V Bankruptcy in Massachusetts 163 MAIN STREET: Taps Sherman Silverstein as Bankruptcy Counsel 23ANDME HOLDING: Privacy Reviewer Backs WilmerHale as Legal Counsel 4504 15 AND 1476: Taps Joshua R. Bronstein & Associates as Counsel A TO Z PACKAGING: Seeks Chapter 11 Bankruptcy in Georgia AES CORP: Explores Options Amid Buyout Interest ALLSPRING BUYER: Fitch Alters Outlook on BB- LongTerm IDR to Stable ALTICE USA: Subsidiary Lightpath Plans Sale of Fiber Network ABS AMERICA'S GARDENING: U.S. Trustee Appoints Creditors' Committee AMPLIFYBIO LLC: To Sell All Assets to Battelle Memorial ANTOINE ESTATES: Seeks to Hire Balisok & Kaufman as Attorney AT HOME GROUP: Seeks Approval to Hire KPMG LLP as Tax Advisor ATHLETICO HOLDINGS: S&P Alters Outlook to Neg., Affirms 'CCC+' ICR ATLAS CC: S&P Downgrades ICR to 'CC' on Announced Recapitalization BEC CAPITAL: Seeks to Hire BFSNG Law Group as Bankruptcy Counsel BLUE CROSS: A.M. Best Affirms C++(Marginal) FS Rating BULLER MEDIA: Gets Interim OK to Use Cash Collateral Until July 31 CAREERBUILDER + MONSTER: Gets OK for $35MM Stalking Horse Bid CARNICERIA LOS AMIGOS: Nathan Smith Named Subchapter V Trustee CARNIVAL CORP: Fitch Rates $2BB Unsecured Notes Due 2032 'BB+' CCA CONSTRUCTION: Deadline to File Claims Set for July 30, 2025 CENTER FOR SPECIAL: Largo Property Sale to Blake Hendrickson OK'd CINEMEX HOLDINGS: Seeks to Hire Bast Amron LLP as Legal Counsel CINEMEX HOLDINGS: Seeks to Tap Omni Agent as Administrative Agent COMPAC USA: Deadline to File Claims Set for Aug. 26, 2025 DANIEL TRUCKING: Case Summary & 20 Largest Unsecured Creditor DB ASSETS: U.S. Trustee Unable to Appoint Committee DEL MONTE: Seeks to Hire Stretto Inc as Claims and Noticing Agent EDMONDS WELLNESS: Unsecured Creditors to Split $10K in Plan FELTRIM TUSCANY: Unsecureds to be Paid in Full over 60 Months FLUENT INC: Matthew Conlin Holds 16.1% Stake as of June 18 FLUENT INC: Ryan Schulke Holds 21.1% Equity Stake as of June 18 FLUENT INC: Stockholders OK All Proposals at Annual Meeting FOREST GOOD: Hires Buckmiller & Frost as Bankruptcy Counsel GREEN SAPPHIRE: Hires Adelman & Gettleman as Bankruptcy Counsel GRETNA PLUMBING: Hires McGrath North Mullin & Kratz as Counsel HALL LABS: Court OKs Appointment of Successor Chapter 11 Trustee HARLING INC: Court Extends Cash Collateral Access to July 23 HELIUS MEDICAL: Increases Shares Under 2022 Incentive Plan to 7.1M HERITAGE GRILLE: Hires Buckmiller & Frost as Bankruptcy Counsel HOLYOKE PARKVIEW: Seeks Chapter 11 Bankruptcy in Massachusetts HYPERSCALE DATA: Ault & Co. Reports 721 Shares, Derivative Rights HYPERSCALE DATA: Issues 3.46M Class A Common Shares IG DESIGN: Gets Court Okay to Tap $25MM Post-Bankruptcy Funds IMPACT PAPER: Seeks Chapter 11 Bankruptcy in Texas IOK TECHNOLOGY: Andrew Kight Named Subchapter V Trustee IRECERTIFY: Amends Unsecured Claims Pay Details IVORY MANAGEMENT: U.S. Trustee Unable to Appoint Committee JMKA LLC: Court Extends Cash Collateral Access to July 25 JOANN INC: Asks Court OK for Bankruptcy Liquidation KC PET: Steven Nosek Named Subchapter V Trustee KLIMA CONTROL: Case Summary & 10 Unsecured Creditors KUBERA HOTEL: Seeks to Hire Intero Real Estate Services as Broker LA NOTTE VENTURES: Court Extends Cash Collateral Access to Aug. 6 LASEN INC: Hires Mac Restructuring Advisors as Financial Advisor LAWTON LLC: Seeks Chapter 11 Bankruptcy in Massachusetts LEISURE INVESTMENTS: Miami-Dade Commissioner Enters Chapter 11 Case LINQTO INC: Shareholders Pledge to Challenge Bankruptcy Proceedings LINQTO TEXAS: Case Summary & 30 Largest Unsecured Creditors LR GREENVIEW: Claims to be Paid from Continued Operations M & M BUCKLEY: Court Extends Cash Collateral Access to July 31 MARELLI AUTOMOTIVE: Covestro Steps Down as Committee Member MARIN SOFTWARE: Hires Donlin Recano as Claims and Noticing Agent MIKLAR LLC: Seeks to Hire Michael Matthews as Real Estate Agent MOGULS INDUSTRIES: Case Summary & 16 Unsecured Creditors MOGULS INDUSTRIES: Seeks Subchapter V Bankruptcy in Pennsylvania MOSAIC COS: Seeks Chapter 11 Bankruptcy with Plans to Sell Assets MRS. BETTY'S: Unsecured Creditors to Split $72K over 5 Years MY JOB MATCHER: July 15 Deadline for Panel Questionnaires MY JOB MATCHER: Plans to Sell AI Job Interview Software, Domains NEWBURGH/SIX MILE: JPMBB Wants NAI Farbman as Receiver NIKOLA CORP: Ex-CEO Disputes Plan Discloses Over Funding PENNSYLVANIA ECONOMIC: Fitch Withdraws BB- Rating on Parking Bonds PERASO INC: Regains Nasdaq Compliance on Bid Price Rule PROSPECT INTERMEDIATE: Seeks Chapter 11 After Sale of Astrana PROSPECT MEDICAL: PCo Debtors File Chapter 11 for Wind-Down PROSPECT MEDICAL: Sussman & Moore Represents Utilities & Executor QVC GROUP: 2 Directors Join Board After Larry Romrell's Exit RADIX HAWK: Seeks to Hire Gullett Title Inc as Title Agent RASMALA TRADE: Deloitte & Al Fattan Name as Liquidators REDHAWK LANDING: Hires Swiecicki & Muskett as Bankruptcy Counsel RELIABLE SECURITY: Gary Murphey Named Subchapter V Trustee RICHARD N. BERKSHIRE: UST Wins Bid to Appoint Chapter 11 Trustee RIGHTRX: Seeks Chapter 11 Bankruptcy in Texas ROCKY MOUNTAIN: Posts $6.1M FY25 Loss, Warns of Going Concern Doubt RSHBY 10565: Seeks Chapter 11 Bankruptcy in New York RVFW LLC: Unsecured Creditors Will Get 100% of Claims in Plan RYVYL INC: S8 GlobalHolds 19.43% Stake SELECTIS HEALTH: Commences OTCQB Trading Under 'GBCS' SEXTANT STAYS: Gets Final OK to Use Cash Collateral SMITH ENVIRONMENTAL: To Sell Trucks to AutoNation Dodge for $97K SNOWSHOE MILLWORKS: Manager Loses Bid to Dismiss Bankruptcy Case SOLIGENIX INC: Shareholders OK All Proposals at 2025 Annual Meeting SOUTH TEXAS CORRAL: Catherine Curtis Named Subchapter V Trustee SPARTAN AUTOMOTIVE: Case Summary & 13 Unsecured Creditors STATE OF FLUX: Section 341(a) Meeting of Creditors on August 4 SVB FINANCIAL: Bankruptcy Court Won't Hear Trademark Rift SWAN PIZZA: Unsecured Creditors to Split $23,600 over 3 Years T&S FOOD: U.S. Trustee Unable to Appoint Committee TERRAFORM POWER: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable THE LINDEN: Sullivan to Hold Foreclosure Auction on August 13 TILSON TECHNOLOGY: Gets Court Okay for $37.5MM DIP Financing TREESAP FARMS: Gets Court Okay for Chapter 11 Liquidation Plan TRINITY LEGACY: Court Dismisses Chapter 11 Bankruptcy Case TW MEDICAL: Court Confirms Bankruptcy-Exit Plan TWIN FALLS: Gets OK to Use Additional $1.82M in Cash Collateral USA STAFFING: Affiliate Gets Interim OK to Use Cash Collateral USA STAFFING: Gets Interim OK to Use Cash Collateral VALKEN INC: Seeks to Hire Ciardi Ciardi & Astin as Counsel VENTURE GLOBAL: Fitch Rates $4BB Sr. Secured Notes 'BB' VENUS CONCEPT: Registers 899,870 Common Shares for Resale VERRILL DANA: Taps Bankruptcy Team from Rival Firm Bernstein Shur VIRGINIA PARK: Hires Glenn Agre Bergman & Fuentes LLP as Counsel VOLITIONRX LTD: All Proposals Passed at 2025 Annual Meeting WYTHE BERRY: Court Sustains Objection to Mechanic's Lien Claims XCEL BRANDS: Stockholders OK Warrant Issuance, Reverse Split YELLOW CORP: Postpones Conversion of Chapter 11 to Chapter 7 ZEN JV: U.S. Trustee Appoints Creditors' Committee [] NC Basalt Fiber Facility Up for Sale, July 31 Bid Deadline Set [] ORIX to Acquire Majority Equity Stake in Hilco Global [^] 2025 Distressed Investing Conference: Registration Now Open! [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 11702 AVE LLC: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------------ On July 9, 2025, 11702 Ave LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About 11702 Ave LLC 11702 Ave LLC is a single asset real estate entity that owns property at 117-02 111th Avenue in South Ozone Park, New York. 11702 Ave LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43264) on July 9, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. 121 NORTH COMMON: Seeks Subchapter V Bankruptcy in Massachusetts ---------------------------------------------------------------- On July 8, 2025, 121 North Common LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Massachusetts. 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 121 North Common LLC 121 North Common LLC is a real estate company based in Lynn, Massachusetts. 121 North Common LLCsought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11409) on July 8, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. The Debtors are represented by Michael Walsh, Esq. at Walsh & Walsh LLP. 163 MAIN STREET: Taps Sherman Silverstein as Bankruptcy Counsel --------------------------------------------------------------- 163 Main Street LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Sherman, Silverstein, Kohl, Rose & Podolsky, P.A. as attorneys. The firm's services include: a. advising the Applicant with respect to its rights, duties and powers under the Bankruptcy Code; b. advising the Debtor with respect to preparing and obtaining approval of a disclosure statement and plan of reorganization; c. providing legal advice and services regarding local rules, practices and procedures including Third Circuit law, including reviewing and commenting on drafts of documents to ensure compliance with local rules practices and procedures; d. preparing on behalf of the Debtor, as necessary, applications, motions, complaints, answer, orders, reports, and other pleadings and documents; e. representing the Applicant in its dealings with all parties in interest in the within chapter 11 cases; f. appearing before this Court and other officials and tribunals, if necessary, and protecting the interests of the Debtor in federal, state, and foreign jurisdictions and administrative proceedings; and g. performing any and all such other services as may be necessary or appropriate. The applicable hourly rates for 2025 are as follows: Shareholders $475 to $1,050 Of Counsel $550 to $850 Associates $400 to $525 Paralegals $225 to $375 Sherman is "disinterested" as defined in Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Ross J. Switkes, CPA Sherman, Silverstein, Kohl, Rose & Podolsky, P.A. 308 Harper Drive, #200 Moorestown, NJ 08057 Telephone: (856) 661-2075 Facsimile: (856) 661-2069 Emailrswitkes@shermansilverstein.com About 163 Main Street LLC 163 Main Street LLC is engaged in the business of leasing and managing real estate properties. The Company primarily focuses on renting out residential and nonresidential buildings and structures, including apartment complexes, office spaces, and other commercial properties. 163 Main Street LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-16512) on June 20, 2025. In its petition, the Debtor reports total assets of $4,188,170 and total liabilities of $5,904,326. The Debtors are represented by Arthur J. Abramowitz, Esq. at SHERMAN SILVERSTEIN KOHL ROSE & PODOLSKY, P.A. 23ANDME HOLDING: Privacy Reviewer Backs WilmerHale as Legal Counsel ------------------------------------------------------------------- Benjamin Hernandez of Bloomberg Law reports that the consumer privacy ombudsman overseeing 23andMe's sale of customer genetic data is defending his selection of WilmerHale as legal counsel, pushing back against objections raised by the Justice Department's bankruptcy watchdog. According to the report, Neil Richards, a Washington University law professor appointed by the court to advise on privacy matters in the Chapter 11 case, rejected claims that WilmerHale faces disqualifying conflicts. The U.S. Trustee objected in June, pointing to WilmerHale's unrelated legal work for Regeneron Pharmaceuticals Inc., which was named a backup bidder in the asset sale. In a court filing, Richards argued that the potential conflict is speculative and would set an unworkably high bar for future counsel approvals. "To disqualify WilmerHale now, based on a remote and hypothetical possibility of a conflict that never materialized, would be to create an unworkable rule," the filing stated. The filing contends that WilmerHale's prior work for Regeneron -- which accounted for less than 0.04% of the firm's 2024 revenue -- does not constitute an actual conflict, particularly given that Regeneron was not originally identified as a potential bidder. WilmerHale, the filing says, had no influence over Regeneron’s bid or awareness of its involvement until after the fact. No other parties objected to WilmerHale's retention, and Richards' responsibilities in the case have concluded, the filing notes. On June 27, 2025, Judge Brian C. Walsh of the U.S. Bankruptcy Court for the Eastern District of Missouri approved the sale of 23andMe's genetic data assets to co-founder Anne Wojcicki and TTAM Research Institute, which ultimately outbid Regeneron. The assets include data from more than 13 million users. "The CPO's role, and WilmerHale's representation of the CPO, has concluded," the filing emphasized. "Denying WilmerHale's retention at this point would not alter the Report, the selection of TTAM as the successful bidder, the ombudsmans testimony, or the court's approval of the sale." Husch Blackwell LLP was also named as a proposed counsel for Richards. Case: 23andMe Holding Co., Bankr. E.D. Mo., 4:25-bk-40976 (filed July 8, 2025). 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. 4504 15 AND 1476: Taps Joshua R. Bronstein & Associates as Counsel ------------------------------------------------------------------ 4504 15 and 1476 45 Equity Partners LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Joshua R. Bronstein & Associates PLLC as attorney. The firm will render these services: (a) analyze the financial situation, and rendering advice and assistance to the Debtor under Chapter 11 of the Bankruptcy Code; (b) prepare and file the petition, schedules, statement of financial affairs and other documents required by the court; (c) represent the Debtor in Court and any meetings; (d) prepare motions, documents, and applications in connection with the case; and (e) render legal advice to the Debtor in connection with all matters pending before the Court. Bronstein's billing rates are as follows: Joshua Bronstein $350 per hour The firm received a retainer in the amount of $2,500. As disclosed in the court filings, Joshua R. Bronstein & Associates PLLC is a disinterested person within the meaning of §101(14) of the Bankruptcy Code. The firm can be reached through: Joshua Bronstein, Esq. Joshua R. Bronstein & Associates PLLC 46 Grace Ave Apt 3n Great Neck, NY 11021-2626 Phone: (516) 698-0202 Email: jbrons5@yahoo.com About 4504 15 and 1476 45 Equity Partners LLC 4504 15 and 1476 45 Equity Partners LLC is involved in activities related to real estate. 4504 15 and 1476 45 Equity Partners LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41415) on March 26, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million to $10 million. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Joshua R. Bronstein, Esq. at JOSHUA R. BRONSTEIN & ASSOCIATES, PLLC. A TO Z PACKAGING: Seeks Chapter 11 Bankruptcy in Georgia -------------------------------------------------------- On July 4, 2025, A to Z Packaging Enterprises Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About A to Z Packaging Enterprises Inc. 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. A to Z Packaging Enterprises Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-57545) on July 4, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. The Debtors are represented by Paul Reece Marr, Esq. at PAUL REECE MARR, P.C. AES CORP: Explores Options Amid Buyout Interest ----------------------------------------------- David Carnevali, David Carnevali, Dinesh Nair, and Eyk Henning of Bloomberg News report that AES Corp., which supplies renewable energy to major tech companies including Microsoft Corp., is weighing strategic alternatives -- potentially including a sale -- amid growing takeover interest, according to people familiar with the matter. Brookfield Asset Management Ltd. and BlackRock Inc.'s Global Infrastructure Partners are among the infrastructure investors said to be reviewing the company, following a roughly 50% drop in AES's share price over the past two years, according to the report. With an estimated enterprise value of $40 billion, a buyout of the Arlington, Virginia-based firm would rank among the largest leveraged acquisitions ever, the report states. About AES Corp. Arlington, Virginia-based AES Corporation is a holding company that operates a portfolio of electricity generation and distribution businesses. AES acquired the assets of Indianapolis Power & Light, Ipalco, in 2000; the Chilean-based subsidiary Gener in 2000; DPL Inc. known as Dayton Power & Light in 2011; and subsidiary Power in 2018. Power is one of the largest operators and developers of utility-scale solar in the United States. ALLSPRING BUYER: Fitch Alters Outlook on BB- LongTerm IDR to Stable ------------------------------------------------------------------- Fitch Ratings has affirmed Allspring Buyer LLC's Long-Term Issuer Default Rating (IDR) and senior secured debt rating at 'BB-'. The Rating Outlook has been revised to Stable from Negative. Key Rating Drivers Stable Outlook: The Outlook revision to Stable reflects Allspring's improved leverage and interest coverage metrics given cost rationalization efforts in 2024 and solid fee-related EBITDA (FEBITDA) generation. The Outlook also reflects Fitch's expectation that Allspring's strategic initiatives will continue to improve operating performance, resulting in incremental deleveraging and improved interest coverage metrics. Fitch also expects Allspring to continue executing on its business and investment strategies, leading to further product offering diversification and greater customer net flow consistency. Growing Franchise: Allspring's ratings are supported by its growing, mid-tier franchise as a traditional investment manager (IM), appropriate assets under management (AUM) diversification, its cash-generative business model, and a long-term distribution agreement with Wells Fargo & Co. (Wells Fargo; A+/Stable). Weaker Than Peer Financial Metrics: The ratings are constrained by Allspring's limited track record as a standalone IM post spinoff from Wells Fargo and its private equity ownership, which entails some uncertainty around financial policies and the potential for more opportunistic growth strategies. Additionally, profitability margins, cash flow leverage, interest coverage, and available liquidity compare unfavorably to higher-rated IM peers. Liquidity Products Drive Flows: At March 31, 2025 (1Q25), AUM was $533 billion, up 6% from prior year. For the trailing-12-months (TTM) ended 1Q25, Allspring had net inflows of 3.0%, driven primarily by inflows into liquidity products. Over 2021-2024, since the Wells Fargo spin-off, net client outflows averaged 3.3%, corresponding to Fitch's 'bbb' category asset performance range of negative 5% to 5% for IMs charging fees on NAV. Fitch expects Allspring's ongoing investments into distribution platforms and product refinements will improve net flow stability. However, overall asset performance remains susceptible to market volatility, given that liquidity products, which Fitch considers somewhat transitory in nature and more sensitive to market demand, accounted for nearly 40% of AUM at 1Q25. Cost Rationalization Supports Margins: Allspring's TTM FEBITDA margin was 23.6% at 1Q25, improved relative to the four-year (2021-2024) average of 21.1%. The improvement was driven primarily by higher advisory fees, given AUM growth and cost savings realization. Allspring's profitability remains below larger publicly rated peers and tracks towards the low end of Fitch's 'bbb' category benchmark range of 20%-30%. Fitch's FEBITDA metric does not include performance fees and is adjusted for non-recurring costs. However, this metric is sensitive to cost overruns and Fitch's reclassification of these costs as recurring. Declining Leverage; Remains Rating Constraint: Cash flow leverage (gross debt to FEBITDA) improved to 3.9x for the TTM ended 1Q25, from 4.1x and 5.6x at YE 2024 and YE 2023, respectively. Fitch expects Allspring to maintain leverage below 5x over the Outlook horizon, in line with management's expectation, supported by systemic cost base improvements and a measured approach to distributions, with no non-tax distributions anticipated in the foreseeable future. If Allspring maintains leverage below 4.5x consistently, Fitch would view this positively and could result in a positive rating action. Improved Interest Coverage: Interest coverage (FEBITDA to interest expense) for the TTM ended 1Q25 was 2.5x, up from 1.7x at YE 2023, but below the rated peer average. Interest coverage averaged 2.5x since the Wells Fargo spin-off, which was within Fitch's 'b' and below rating category of 1.0x-3.0x for funding, liquidity and coverage. Failure to sustain interest coverage above 2.0x could result in negative rating pressure. Modest Liquidity: As of 1Q25, liquidity comprised $96 million in balance sheet cash and $170 million in revolver capacity, with availability on the revolver subject to a net leverage covenant of 6.5x at 35% utilization. There is no near-term refinancing risk, with the next term debt maturity in 2030. However, Allspring's secured term loan has a 1% annual amortization requirement, which is sufficiently covered by the firm's liquidity sources. Fitch views the firm's fully secured funding profile as a rating constraint, given it limits financial flexibility, especially during times of stress. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to sustainably improve interest coverage above 2.0x or a notable decline in available balance sheet liquidity; - An inability to sustain cash flow leverage below 5.0x; - Sustained material investment underperformance or meaningful long-term AUM outflows; - An inability to execute on the operating strategy, leading to excessive costs or operational failures, or a decline in the FEBITDA margin below 10%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A sustained improvement in reported cash flow leverage below 4.5x; - Sustained interest coverage above 3.0x; - Sustained FEBITDA margins above 25%; - Favorable investment performance and material improvements of net flows, in particular, long-term net client flows; - A sustained sound execution against management's business plan and financial targets, particularly regarding FEBITDA generation and AUM. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The secured debt rating is equalized with Allspring's Long-Term IDR, reflecting the current funding mix and Fitch's expectations for average recovery prospects under a stressed scenario. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The secured debt rating is primarily sensitive to changes in Allspring's Long-Term IDR and, secondarily, to material changes in Allspring's funding mix or changes in Fitch's assessment of the recovery prospects for the debt instrument. ADJUSTMENTS - The Standalone Credit Profile (SCP) has been assigned in line with the implied SCP. - The Business Profile score has been assigned below the implied score due to the following adjustment reason: Market position (negative). - The Asset Performance score has been assigned below the implied score due to the following adjustment reason: Historical and future metrics (negative). - The Earnings and Profitability score has been assigned below the implied score due to the following adjustment reason: Earnings stability (negative). - The Capitalization & Leverage score has been assigned below the implied score due to the following adjustment reason(s): Profitability, pay-outs and growth (negative). - The Funding, Liquidity and Coverage score has been assigned below the implied score due to the following adjustment reason: Historical and future metrics (negative). ESG Considerations Allspring Buyer LLC has an ESG Relevance Score of '4' for Governance Structure due to private equity ownership, which may result in more opportunistic growth strategies or shareholder-friendly financial policies, which has a negative impact on the credit profile, and is highly relevant to the ratings resulting in a lower Long-Term IDR. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Allspring Buyer LLC LT IDR BB- Affirmed BB- senior secured LT BB- Affirmed BB- ALTICE USA: Subsidiary Lightpath Plans Sale of Fiber Network ABS ---------------------------------------------------------------- Scott Carpenter and Reshmi Basu of Bloomberg News report that Cablevision Lightpath LLC, a fiber-optic communications provider majority owned by Altice USA Inc., is planning to issue up to $2.8 billion in asset-backed securities. According to a July 3, 2025 filing with the New York Public Service Commission, the securities will be backed by the company's fiber network assets, including conduit, fiber-optic cables, and customer contracts. The move comes as Lightpath faces $7.2 billion in debt maturing in 2027, followed by another $5.4 billion due in 2028. Shares of Altice USA rose 16% on Tuesday following the news, the report states. About Altice USA Inc. Altice USA, Inc. is an American cable television provider. As of December 31, 2024, Altice USA had $31.7 billion in total assets, $32.16 billion in total liabilities, and a total deficiency of $456.8 million. * * * As reported by the TCR on May 17, 2024, S&P Global Ratings lowered all its ratings on Altice USA Inc. one notch, including the Company credit rating to 'CCC+', and removed them from Credit Watch, where it placed them with negative implications on May 2, 2024. The negative outlook reflects that S&P could lower its ratings if the company opts to pursue a debt restructuring over the next year. S&P said, "We believe Altice USA's capital structure is unsustainable. We believe the company is vulnerable to nonpayment long term and depends on favorable business, financial, and economic conditions to meet its financial obligations as they come due in 2027 and beyond. We believe it is more likely than not that Altice USA will enter into a distressed debt restructuring that we consider tantamount to default, or it could face bankruptcy long term." AMERICA'S GARDENING: U.S. Trustee Appoints Creditors' Committee --------------------------------------------------------------- The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of America's Gardening Resource, Inc. and its affiliates. The committee members are: 1. Prides Corner Farms, Inc. Attn: Lisa Preger Sellew, Vice President 122 Waterman Road Lebanon, CT 06249 Phone: 860-468-6004 lsellew@pridescorner.com 2. Jolly Farmer Products US Inc. Attn: Elisabeth Keeler P.O. Box 787 Houlton, ME 04730 Phone: 506-243-1490 elisabeth.keeler@jollyfarmer.com 3. Arett Sales Corp. Attn: Michael Tuterice 9285 Commerce Highway Pennsauken, NJ 08110 Phone: 856-751-1224 mtuterice@arett.com 4. Pleasant View Gardens, Inc. Attn: Matthew Greenberg 7316 Pleasant Street Loudon, NH 03307 Phone: 603-435-1747 mattg@pwpvg.com 5. Overdevest Nurseries, LP Attn: Ryan Overdevest 578 Bowentown Road Bridgeton, NJ 08302 Phone: 856-451-3179 ryan@overdevest-nurseries.com 6. Green Mountain Mulch Attn: Daniel St. Onge P.O. Box 129 Derby, VT 05829 Phone: 802-334-5733 accounting@greenmountainmulch.com 7. Greenes Fence Company Attn: Adam Greenes 24455 Aurora Road Bedford Heights, OH 44146 Phone: 216-464-3160 adam@greenesfence.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About America's Gardening Resource Inc. America's Gardening Resource, Inc. develops, manufactures, and distributes gardening products and eco-friendly equipment through direct-to-consumer, retail, and wholesale channels across the United States. America's Gardening and four of its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11180-BLS) on June 20, 2025. In the petition signed by David M. Baker, chief restructuring officer, the Lead Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Brendan Linehan Shannon oversees the cases. Patrick J. Reilley, Esq., at Cole Schotz, PC, represents the Debtors as legal counsel. Tower Partners serves as investment banker to the Debtors, and Aurora Management Partners serves as chief restructuring officer. Bank of America, as lender, is represented by: Carl N. Kunz, III, Esq. Eric J. Monzo, Esq. Morris James, LLP 500 Delaware Avenue, Suite 1500 Wilmington, DE 19899-2306 Telephone: (302) 888-6800 Facsimile: (302) 571-1750 ckunz@morrisjames.com emonzo@morrisjames.com -- and -- Daniel F. Flores, Esq. J. Alex Kress, Esq. Chapman and Cutler, LLP 1270 Avenue of the Americas, 30th Fl. New York, NY 10020 Telephone: (212) 655-6000 Facsimile: (212) 697-7210 dflores@chapman.com akress@chapman.com AMPLIFYBIO LLC: To Sell All Assets to Battelle Memorial ------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Ohio approved bidding procedures for the sale of substantially all assets of AmplifyBio LLC and ADOC SSF LLC, free and clear of liens, claims, encumbrances, and interests other than assumed liabilities, permitted liens, and permitted exceptions. The Debtors said they have entered into an asset purchase agreement ("APA") dated as of June 12, 2025, with Battelle Memorial Institute. On June 12, 2025, the Debtors entered into the Stalking Horse APA with the Stalking Horse Bidder. As set forth more fully in the Stalking Horse APA, the consideration to be provided by the Stalking Horse Bidder under the Stalking Horse APA is (i) a credit bid of Twenty Million and No/100 Dollars ($20,000,000.00); (ii) the assumption by the Stalking Horse Bidder of the Cure Costs associated with any Assumed Contracts; and (iii) the payment of all fees and expenses due to Hilc The Debtors will conduct the auction for their assets on Aug. 19, 2025, at 10:00 a.m. (ET) virtually via telephone and/or video conference pursuant to information to be timely provided by the Debtors to the auction participants. The sale hearing will be held in the Court on Aug. 28, 2025 at 10:00 a.m. (ET), unless otherwise determined by this Court. Objections to the sale must be filed no later than 5:00 p.m. (ET) on Aug. 22, 2025. Any party interested in bidding on the assets should contact (a) The Debtors' sales and marketing agent: Brent Bonham of Hilco Commercial industrial LLC at 616-304-2358 or bbonham@hilcoglobal.com, and (b) the Debtors' counsel: Scott Opincar and Maria Carr, Mcdonald Hopkins LLC 216-348-5400; nmiller@mcdonaldhopkins.com; mcarr@mcdonaldhopkins.com 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 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. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of AmplifyBio, LLC and its affiliates. ANTOINE ESTATES: Seeks to Hire Balisok & Kaufman as Attorney ------------------------------------------------------------ Antoine Estates LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Balisok & Kaufman, PLLC as its attorneys. The professional services the firm will render: a. give advice to the Debtor with respect to its powers and duties as Debtor-in-Possession and the continued management of its property and affairs; b. negotiate with creditors of the Debtor and work out a plan of reorganization and take the necessary legal steps in order to effectuate such a plan including, if need be, negotiations with the creditors and other parties in interest; c. prepare the necessary answers, orders, reports and other legal papers required for the Debtor who seeks protection from its creditors under Chapter 11 of the Bankruptcy Code; d. appear before the Bankruptcy Court to protect the interest of the Debtor and to represent the Debtor in all matters pending before the Court; e. attend meetings and negotiate with representatives of creditors and other parties in interest; f. advise the Debtor in connection with any potential refinancing of secured debt and any potential sale of the business; g. represent the Debtor in connection with obtaining post-petition financing; h. take any necessary action to obtain approval of a disclosure statement and confirmation of a plan of reorganization; and i. perform all other legal services for the Debtor which may be necessary for the preservation of the Debtor's estate and to promote the best interests of the Debtor, its creditors and its estate. The firm will be paid at these rates: Attorneys $350 to $650 per hour Paraprofessionals $175 per hour Prior to the Chapter 11 filing, Balisok & Kaufman received a retainer from the Debtor's principal in the amount of $10,000. Balisok & Kaufman does not hold or represent any interest adverse to the Debtor's estate, and is a "disinterested person" as defined in Bankruptcy Code Sec. 101(14), according to court filings. The firm can be reached through: Joseph Y. Balisok, Esq. Balisok & Kaufman, PLLC 251 Troy Avenue Brooklyn, NY 11213 Phone: (718) 928-9607 Fax: (718) 534-9747 Email: joseph@lawbalisok.com About Antoine Estates LLC Antoine Estates LLC owns a residential apartment building at 9021 Antoine Drive in Houston, Texas. The property's current estimated value is $4 million. Antoine Estates LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42188) on May 6, 2025. In its petition, the Debtor reports total assets of $4,000,101 and total liabilities of $3,009,000. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtors are represented by Joseph Y. Balisok, Esq. at BALISOK & KAUFMAN PLLC. AT HOME GROUP: Seeks Approval to Hire KPMG LLP as Tax Advisor ------------------------------------------------------------- At Home Group Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ KPMG LLP to provide accounting advisory, valuation, tax provision, tax consulting, and tax compliance services. KPMG will provide these services: Tax Provision Services A. KPMG will provide the following tax provision services to the Debtors as requested for the tax years and quarters end for 2023, 2024 and 2025: i. Assist in gathering necessary year-end tax and financial information and schedules; ii. Assist in the identification and computation of temporary and permanent differences; iii. Compute a preliminary income tax provision for the Debtors' review and approval; iv. Prepare income tax related balance sheet accounts and footnote disclosures for the Debtors' review and approval; and v. Assist the Debtors in their efforts to work with their independent auditors to draft income tax provision work papers. vi. KPMG will provide the following tax services in relation to fresh-start reporting: a) Assist in determining deferred taxes as a result of fresh-start accounting, including deferred taxes for any loss or tax credit carryforwards; b) Assist in the analysis and preparation of the valuation allowance and uncertain tax positions documentation as a result of fresh-start accounting; c) Compute preliminary income tax related balance sheet account adjustments; d) Assist in the preparation of draft footnote disclosures if requested; e) Assist in the preparation of draft income tax provision workpapers if requested; and f) Assist the Debtors in their efforts to work with their independent auditors to draft income tax provision work papers, if requested. Tax Compliance Services A. KPMG will prepare federal and state and local income tax returns and supporting schedules for tax years 2022, 2023, and 2024.7 The tax returns are identified on the revised attachment A of the addendum dated May 5, 2023 related to the original engagement letter dated April 10, 2023. i. If KPMG does not receive all of the requested information by mid-April of each respective year KPMG will automatically prepare, for the Debtors' filing, a request for extension of time to file the applicable return(s); and ii. KPMG will automatically file (either electronically or by paper) the extensions for which there are no tax payments due. B. KPMG will prepare the computation of the self-constructed UNICAP adjustment for the Debtors' review; C. KPMG will assist Debtors' management with preparing the U.S. federal, state, and local income and franchise tax returns, and supporting schedules for the predecessor and successor periods, on an as needed basis; D. KPMG will prepare additional income tax returns for any state or local jurisdictions and additional entities as requested by the Debtors; E. KPMG will prepare, for filing by the Debtors, requests for extensions of time to file the returns should additional time be required to prepare such filing; and F. If requested, KPMG will prepare the Debtors' federal and state quarterly estimated tax payments for the predecessor and successor periods. Tax Consulting Services A. KPMG will represent the Debtors in state income and franchise tax, gross receipts tax, and sales and use tax examinations for the specified years (collectively "state tax examinations") as requested and agreed to between the Debtors and KPMG. B. KPMG will provide tax consulting services with respect to the Debtors' previously filed state income, franchise, and gross receipts tax returns for years open under the statute of limitations through March 27, 2024 (additional years can be added via a clarifying addendum). To the extent a refund opportunity exists for these returns, KPMG will prepare amended returns to be submitted to the states. i. KPMG will review and analyze the years open under the statute of limitations for potential tax refunds; ii. KPMG will provide the Debtors with a summary of identified tax refund opportunities; iii. KPMG will discuss with the Debtors and agree upon which items will be included in a "claim for refund" to be filed with state taxing authorities; iv. KPMG will prepare one or more "claim for refund" package(s) or amended returns for the Debtors' review and approval. KPMG will prepare the above return based on the information the Debtors submits to KPMG. KPMG will not audit or independently verify the data the Debtors submit to KPMG; v. KPMG will coordinate processing of the "claim for refund" packages with the state taxing authority; vi. KPMG will assist the Debtors in responding to questions related to the refund claims from the state taxing authority; and vii. KPMG will represent the Debtors before the state taxing authority during the review of the Debtors' claims for refund pursuant to the state taxing authority's established formal or informal procedures. KPMG's representation will include any necessary administrative appeals unless such appeals are required to be handled by an attorney. C. KPMG will provide general tax consulting on matters that may arise for which the Debtors seek our advice and that are not the subject of a separate engagement contract. Accounting Advisory Services A. KPMG will assist the Debtors with planning an approach, consideration of alternatives, research, analysis, implementation, and documentation related to accounting and reporting during the Debtors' bankruptcy proceedings, upon emergence from bankruptcy, and upon applying fresh-start reporting, if applicable. Upon request and at the direction of the Debtors, KPMG will support management in its consideration or evaluation of the following areas: i. Accounting and Reporting Areas of Focus for debtor-in-possession ("DIP") reporting: Assistance with accounting positions: a) Basis of presentation under Accounting Standards Codification (ASC) 852 and determining debtor and non-debtor entity disclosures; b) Evaluating consolidation considerations with respect to any non-debtor entities and variable interest entities; c) Classification and measurement of liabilities subject to compromise ("LSTC"); d) Classification of which expenses (income) are part of reorganization items; e) Treatment of debt and debt attributes determined not subject to compromise; f) Treatments of pensions and other post-retirement implications; g) Evaluation of stock compensation or deferred compensation plans; h) Treatment of any defaults or modifications to derivatives or hedges as a result of chapter 11; and i) Treatment of any defaults or modifications on leases, long-term contracts, guarantees, surety performances, or other contractual matters that changed as a result of chapter 11 reorganization (including customer and vendor contracts). Assistance with reorganization-related processes: a) Collaborate with the Debtors and their restructuring advisors to monitor and track executory contract assumptions, modifications and rejections for assessing the accounting implications and timing of when such events would be recognized; b) Reconciliation of claims register to the underlying books and records as well as assisting management with setting a policy for recording claims and disclosing such balances in the Debtors' financial statements; and c) Tracking the timing and recognition of events related to any restructuring support agreement, rights offering, backstop commitments or any other contractual arrangement arising or ending with respect to any parties of any consensual restructuring plan. Assistance with DIP financial reporting: a) Draft bankruptcy and reorganization footnotes per ASC 852 - inclusive of LSTC, reorganization items, and debtor/non-debtor disclosure; b) Reconciliation of claims register to balances and financial captions in LSTC for completeness; and c) Produce updates to commonly impacted footnotes, such as description of business, debt, deferred compensation, and equity. Other common assistance, which may or may not be required: a) Assistance with evaluating the effects of a reorganization step-plan and recognizing such steps in your general ledger; b) Assistance with evaluating accounting and reporting impacts of transactions (e.g., divestitures, acquisitions, abandonments, etc.) while reorganizing within chapter 11 bankruptcy protection; and c) Assistance with technical accounting evaluations associated with impairment testing and financial reporting under ASC 350: Intangibles Goodwill and Other ("ASC 350") and ASC 360: Property, Plant and Equipment ("ASC 360"). ii. Accounting and Reporting Areas of Focus for emergence and fresh-start reporting Assisting with evaluating and drafting of fresh-start accounting positions: a) Perform preliminary assessment of fresh-start applicability criteria - well before emergence to gauge and plan for impacts; finalize fresh-start applicability test post-emergence; b) Determination of reorganization gain on settlement of LSTC, inclusive of all settlements of classes of creditors per the plan of reorganization ("POR"); c) Determination of fresh-start reporting date, which tracks the conditions precedent to effectiveness; also depending on the planned date of emergence, the evaluation and use of convenience date; d) Summary of fair value approach at account-by-account level which presents the Debtors' fair value approach to arriving at its fresh-start fair value balance sheet, including accounts not explicitly addressed in the valuation scope of work (e.g., working capital, other assets, and liabilities, etc.); e) Determination of intangible contracts that arise with respect to applying fair value; including documentation of controls of completeness; and f) Accounting for issuance of new capital, related costs, issuance discounts and timing of recognition of such events if such events do not occur concurrently with emergence. Assistance with preparing schedules and reconciliations to support your accounting positions, balances and financial statement disclosures, including: a) Four column fresh-start tools or schedules, which is used to present the effects of the plan and fresh-start accounting; b) Reconciliations of investment banker enterprise value estimates from the disclosure statement to emergence reorganization value, which is an ASC 852 concept; c) Reconciliations of emergence reorganization value to emergence equity value; d) Reconciliations of final claims to expected recoverability percentages as stated by the plan of reorganization; e) Fair value account by account schedule that outlines every balance sheet caption and presents the fair value approach applied; f) Preparation of schedules to support reorganization items expense (income), and changes to predecessor equity accounts; and g) Reconciliation of professional fees to be accrued or recognized at emergence and the distinction between balances paid at emergence or transferred to escrow, if applicable. Assistance with recording the effects of the plan and fresh-start fair values into the Debtors' general ledger and related financial reporting for US GAAP a) Preparation of journal entry templates at the level of the legal entities of relevance for removing the compromised debt, payment of cash, and issuance of new equity (and perhaps equity warrants) as part of the terms of the plan of reorganization and related legal step-plan; and b) Preparation of journal entries to apply reorganization value to the underlying assets, liabilities and equity instruments at an account-by account and trial balance-by-trial balance level to support emergence and post-emergence reporting of depreciation, amortization, accretion, etc. Preparation of fresh-start accounting footnote, bankruptcy overview footnote and updates to other commonly impacted footnotes beyond fresh-start accounting. Other common assistance, which may or may not be required: a) Assistance with the assessment and benchmarking of the Debtors' technical accounting policies to develop a plan for modifying certain policies at the direction of management upon application of fresh-start reporting; and b) If necessary, the preparation of disclosures for reporting the Debtors' emergence without fresh-start if fresh-start reporting does not apply due to the criteria in ASC 852. Valuation Services A. Valuation Services Related to Fresh-Start i. Reorganization value: Review and identify potential issues with reconciling the enterprise value approved by the Court and adjustments necessary to arrive at reorganization value, which is a concept under ASC 852. Additionally, determine the reconciliation of enterprise value to the Debtors' reporting units as part of post-emergence segment reporting; ii. Fair values: KPMG will discuss the aforementioned assets and liabilities with Debtors' management to determine which assets and liabilities will be valued by KPMG and those that are not within scope. KPMG will prepare fair value estimates for each identified asset and liability (the "Subject Assets and Liabilities") by reporting unit within the scope as of the fresh-start reporting date associated with the Debtors' emergence from bankruptcy (the "Valuation Date"); iii. Goodwill: Determine the difference, if any, between reorganization value and the fair value of the Subject Assets and Liabilities identified and valued by reporting unit; iv. Equity method investments or non-controlling interests: Prepare fair value estimates for any equity method investments or non-controlling interests and if required, allocate the fair values to identified tangible and intangible assets; v. Remaining useful lives: Estimate remaining useful lives for the tangible and identified intangible assets; and vi. Valuation report: Issue a valuation report covering the fair value estimates of the Subject Assets and Liabilities, goodwill and equity method investments or non-controlling interests and business enterprise values for each reporting unit of the Debtors. B. Valuation Services Related to Tax Reporting Purposes In addition to the initially proposed scope, KPMG understands valuations may also be required for certain legal entities, as well as the underlying tangible and intangible assets, in accordance with various Internal Revenue Codes, such as Internal Revenue Code ("IRC") 382, Section 165, or IRC 108. The work plan developed to complete the scope of these valuations, include the following general elements: i. Consider the historical financial condition and operating results of the subject interest being valued; ii. Consider the economic and competitive environment, including the industry in which the subject interest being valued operates, to assess current and anticipated trends; iii. Consider the performance and market position of the subject interest being valued relative to its competitors and/or similar private and publicly traded companies; iv. Evaluate information gathered in interviews and discussions with Debtors' management to gain a more thorough understanding of the nature and operations of the subject interest being valued, including historical and estimated trends and prospects for future growth; v. Evaluate business plans, future performance estimates or budgets and, if available: a) assumptions underlying the business plans, estimates or budgets; b) risk factors that could affect planned performance; and vi. Estimate the fair market value ("FMV") of any identified tangible and intangible assets of the subject interest being valued if required or requested by Debtors' management. The firm will receive compensation as follows: a. Tax Provision Services Partners $550 - $1,110 Managing Directors $540 - $1,025 Directors/Senior Managers $500 - $950 Managers $390 - $830 Senior Associates $280 - $670 Associates $210 - $490 b. Tax Compliance Services KPMG and the Debtors have agreed to a fixed fee of $150,000 tax compliance services relating to the 2024 tax year and prior. For the 2025 tax year: Partners $1,110 Managing Directors $1,025 Directors/Senior Managers $950 Managers $830 Senior Associates $670 Associates $490 c. Tax Consulting Services Partners $894 - $1,110 Managing Directors $878 - $1,025 Directors/Senior Managers $813 - $950 Managers $634 - $830 Senior Associates $385 - $670 Associates $236 - $490 d. Accounting Advisory Services Partners $1,110 Managing Directors $1,025 Directors/Senior Managers $950 Managers $830 Senior Associates $670 Associates $490 e. Valuation Services Partners $1,110 Managing Directors $1,025 Directors/Senior Managers $950 Managers $830 Senior Associates $670 Associates $490 KPMG received a retainer in the amount of $20,000. As disclosed in the court filings, KPMG is "disinterested" as such term is defined in section 101(14) of the Bankruptcy Code and as modified by section 1107(b) of the Bankruptcy Code. The firm can be reached through: Bradley Lancy KPMG LLP Suite 1400, 2323 Ross Avenue Dallas, TX 75201-2721 Tel: +1 214 840 2000 Fax: +1 214 840 2297 About At Home Group Inc. At Home Group Inc. is a home decor and furnishings retailer offering a wide range of everyday and seasonal products for all areas of the home. The Company operates 260 large-format stores across 40 U.S. states and an e-commerce platform. Headquartered in Coppell, Texas, At Home was founded in 1979 and employs 7,170 people. On June 16, 2025, At Home announced it entered a Restructuring Support Agreement (RSA) with certain of its lenders, which will eliminate substantially all of its long-term debt and provide the Company with new financial resources to support the business and position At Home for future success. To implement the terms of the RSA, At Home and 41 of its subsidiaries have commenced voluntary Chapter 11 proceedings in Delaware (Bankr. D. Del. Lead Case No. 25-11120). The proceedings are pending before Judge J. Kate Stickles. In connection with this process, At Home is entering into an agreement for $600 million in debtor-in-possession financing, which includes a $200 million capital infusion from certain of its existing lenders and a "roll up" of $400 million of existing senior secured debt. The Debtors tapped Kirkland & Ellis LLP as restructuring counsel; Young Conaway Stargatt & Taylor, LLP, as Delaware restructuring counsel; AlixPartners LLP as financial advisor; Ernst & Young LLP as tax advisory services provider; and PJT Partners, Inc., as investment banker. Omni Agent Solutions, Inc., is the claims agent. ATHLETICO HOLDINGS: S&P Alters Outlook to Neg., Affirms 'CCC+' ICR ------------------------------------------------------------------ S&P Global Ratings revised its outlook on Athletico Holdings LLC to negative from stable. S&P affirmed its 'CCC+' issuer credit rating on Athletico and 'CCC+' issue-level rating on its senior secured debt. The recovery rating remains '4' (35%). The negative outlook reflects ongoing cash flow deficits and slower-than-expected progress in operating improvements that increases prospects for a debt restructuring ahead of its debt maturing in 2027. Following underperformance in 2024, S&P expects persistent staffing challenges and a strategic adjustment to the clinic operating model to further pressure Athletico Holdings LLC's revenue throughout the year. Ongoing reliance on external funding sources to cover persistent cash flow deficits, such as sponsor funding, AR financing, and noncore asset sales, signal limited internal cash flow, raising doubts about the company's ability to self-fund operations and meet its debt obligations. New management's strategy shift aimed at long-term improvement has been slower than anticipated. S&P said, "We believe the pace of improvement will remain slow, such that the company may not achieve our earlier expectations. In 2024, Athletico continued to fall short of expectations, with revenue growing only 2.5%, well below our 6%-7% projection. We primarily attributed the underperformance to ongoing staffing challenges that have pressured visit volume since 2022. Athletico is navigating a multi-year operational reset following the poorly integrated 2022 acquisition of Pivot Health Solutions." Labor challenges, such as turnover, burnout, and staffing shortfalls have weighed on productivity and revenue and remain a core issue. In addition, the Medicare reimbursement environment has been challenging, with the company experiencing low-single-digit rate declines annually since 2021. However, new senior management is finalizing integration of Pivot Health Solutions and is shifting its focus from volume to workforce development and patient care to support long-term stability but will pressure near-term revenue. S&P revised its forecast downward for 2025, leading to an extended period of cash flow deficits and greater difficulty sustaining its capital structure. For the past three years, the company has relied on external liquidity levers to fund cash flow deficits such as sponsor funding (2023), AR financing (2024), and noncore asset sales (2025) largely out of necessity. S&P said, "Similarly, we expect the company will repay revolver borrowings with the proceeds from the sale of Onsite. With little balance sheet cash, the company's revolver is their primary source of liquidity. Considering our expectation that cash flow deficits will persist through 2025 and possibly into 2026, we believe liquidity will weaken because external sources may no longer be an option. Still, we believe the company has sufficient liquidity to fund cash flow deficits for the next 12 months." S&P said, "We believe the capital structure may be unsustainable. While we believe management will achieve some success with its operating initiatives, we have increasing doubt it will achieve the level of success necessary to manage this level of debt leverage long term. We project S&P Global Ratings-adjusted debt leverage of 11x-12x in 2025, declining to 10x-11x in 2026. Hence, with its revolver and AR financing loan maturing in 2027 and its sponsor term loan accreting at 15%, we believe refinancing risk is elevated, raising the prospects for a distressed debt restructuring we would view as a default." The negative outlook reflects the risk of a lower rating if expected operating improvement is insufficient to increase cash flow to a level whereby the company can sustain its capital structure and avoid a distressed debt restructuring or payment default. S&P said, "We could lower the rating on Athletico if the risk of a near-term default increases (including a distressed exchange that we would deem tantamount to a default), or its liquidity deteriorates and becomes insufficient to cover fixed charges over the next 12 months. "We could revise our outlook to stable if Athletico increases revenue and improves margins such that reported cash flow from operations is sufficient to cover tax distributions, maintenance capital expenditure (capex), and mandatory debt amortization on a sustained basis." Included in this scenario is improved likelihood for a successful refinancing. ATLAS CC: S&P Downgrades ICR to 'CC' on Announced Recapitalization ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating to 'CC' from 'CCC+', with the expectation that S&P will lower its ratings to 'SD' (selective default) once the contemplated transaction closes. S&P also placed the rating on CreditWatch with negative implications. S&P said, "Shortly following the completion of the transaction, we expect to raise our rating, which will consider its significantly improved capital structure. The exact rating level will depend on our assessment of company's capital structure, liquidity, and business prospects. "At the same time, we lowered our issue-level rating on its senior secured credit facilities to 'CC' from 'B-'. "The CreditWatch negative placement reflects our expectation that we will lower the ratings to 'SD' when the proposed transaction closes, which we expect to happen this month." Atlas CC Holding LLC, also known as Cubic Corp., has announced a pending balance sheet recapitalization of its debt that we view as distressed to support liquidity and cash flow. S&P said, "We view the proposed transaction, if completed, as distressed and tantamount to a default based on significant changes to its debt obligations that eliminate debt, reduce interest, and extend maturities. "We view the proposed recapitalization as a distressed exchange and tantamount to a default. The company expects to reduce its funded debt by $370 million and lower its cash interest obligations by about $70 million annually, which should improve its cash flow profile. Meanwhile, the debt exchange will also extend maturities by a year to May 2029. We believe the transaction offers lenders less than the original promise because original interest and principal terms are being amended downward while payment terms are being extended. "The transaction will improve Cubic's liquidity profile with $275 million of new liquidity, including a $170 million cash infusion from its sponsors. We think the additional liquidity and reduced debt burden should improve the sustainability of its capital structure after the transaction closes. This will be a primary consideration for our ratings following the completion of the recapitalization. We will also reassess our expectations its future financial performance, which we believe is likely to improve relative to prior years. "The CreditWatch negative placement reflects our expectation that we will lower the issuer credit rating to 'SD' once the company completes its proposed transaction. Subsequently, we expect to review our issuer credit rating on Cubic and issue-level rating on its restructured debt facilities, focusing on a forward-looking assessment of the company's credit profile including liquidity, capital structure, and business prospects." BEC CAPITAL: Seeks to Hire BFSNG Law Group as Bankruptcy Counsel ---------------------------------------------------------------- BEC Capital Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire BFSNG Law Group, LLP as attorney. The firm will render these services: a. provide legal advice to the powers and duties of the Debtor-in-Possession in the continued management of its business and property; b. represent the Debtor before the Bankruptcy Court; c. advise and assist the Debtor in the preparation and negotiation of a Plan of Reorganization with its creditors; d. prepare all necessary or desirable applications, answers, orders, reports, documents and other legal papers; and e. perform all other legal services. The firm will be paid at these rates: Partners $585 to $685 per hour Associates $500 to $550 per hour Paralegals $210 per hour The firm received a retainer in the amount of $20,000 plus $1,738 filing fee. Heath Berger, Esq., a member of BFSNG Law Group, assured the court that the firm is a "disinterested person" within the meaning of Sec. 101(14) of the Bankruptcy Code, as required by Sec. 327(a) of the Bankruptcy Code and does not hold or represent any interest adverse to the Debtors. The firm can be reached through: Heath S. Berger, Esq. Gary C. Fischoff, Esq. BFSNG Law Group, LLP 6901 Jericho Turnpike, Suite 230 Syosset, NY 11791 Tel: (516) 747-1136 Email: hberger@bfslawfirm.com About BEC Capital Corp. BEC Capital Corp. operates the Blink Fitness franchise in Lindenhurst, New York. The gym offers affordable membership options and personal training for all fitness levels. BEC Capital Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-71685) on April 30, 2025. In its petition, the Debtor reports total assets of $170,262 and total liabilities of $1,040,100. Honorable Bankruptcy Judge Alan S. Trust handles the case. The Debtor is represented by Heath S. Berger, Esq. at BFSNG LAW GROUP, LLP. BLUE CROSS: A.M. Best Affirms C++(Marginal) FS Rating ----------------------------------------------------- AM Best has removed from under review with negative implications and affirmed the Financial Strength Rating (FSR) of C++ (Marginal) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of "b+" (Marginal) of Blue Cross and Blue Shield of Vermont (BCBSVT) and its subsidiary, The Vermont Health Plan, LLC, collectively known as Blue Cross and Blue Shield of VT Group (BCBSVT Group). The outlook assigned to the FSR is stable, while the outlook assigned to the Long-Term ICRs is negative. The Credit Ratings (ratings) reflect BCBSVT Group's balance sheet strength, which AM Best assesses as weak, as well as its marginal operating performance, limited business profile and marginal enterprise risk management. The negative outlook assigned to the Long-Term ICRs reflects AM Best's concern regarding the continued pressure on BCBSVT Group's balance sheet strength driven by very weak risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), and deteriorating balance sheet strength metrics due to sizable operating losses through 2024. BCBSVT Group's balance sheet strength remains challenged due to the group's level of capital, both absolute and risk-adjusted, which has declined over the past few years. BCBSVT's capital and surplus was supported in late 2024 with a surplus note issued by Blue Cross Blue Shield of Michigan Mutual Insurance Company, an affiliated company. Even with the surplus note, the company remains under a capital restoration plan by Vermont's Department of Financial Regulation. As a result of the surplus note, the overall quality of capital has declined, as over 50% of capital is in the form of a surplus note. Additionally, liquidity metrics have had a declining trend from 2020 to 2024, driven by poor underwriting performance. BCBSVT Group has reported underwriting losses in four out of the past five years driven by higher utilization, as well as medical and pharmacy costs, which have been higher than expected. All insured segments were impacted negatively by higher medical and pharmacy claim trends in 2024. The company is focused on improving underwriting profitability via rate increases and other initiatives that should lead ultimately to an increase in its capital position. The limited business profile reflects the challenging regulatory environment in Vermont, with the Department of Financial Regulation overseeing regulatory capital while the Vermont Green Mountain Care Board has oversight on rate increases. The objectives of the two regulatory authorities have a history of not being aligned, which historically has hindered BCBSVT Group's ability to obtain requested rate increases. BCBSVT Group maintains a large market share in Vermont, where a large majority of businesses are small in scale, and maintains a large presence in the Affordable Care Act marketplace. However, the group faces limited competition in these markets due to few companies participating. BULLER MEDIA: Gets Interim OK to Use Cash Collateral Until July 31 ------------------------------------------------------------------ Buller Media Corporation received interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The Debtor was authorized to utilize cash collateral from the petition date through July 31 as per the approved budget. The Debtor's budget shows total cash disbursements of $29,091 for June and $22,265.75 for July. As protection for any diminution in value of its collateral, Bay First National Bank will be granted a continuing lien on post-petition property and the proceeds thereof. A final hearing is scheduled for July 30. Buller Media has two outstanding loans with Bay First totaling over $230,000, secured by personal property such as equipment, accounts, and other business assets. The Debtor has about $30,151 in bank accounts, $4,389 in accounts receivable, and approximately $25,855 in equipment. About Buller Media Corporation Buller Media Corporation sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-09018) on June 13, 2025. In the petition signed by Steven E. Buller, president, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Timothy A. Barnes oversees the case. The Debtor is represented by: Joel A Schechter, ESQ Law Office Of Joel A. Schechter Tel: 312-332-0267 Email: joel@jasbklaw.com CAREERBUILDER + MONSTER: Gets OK for $35MM Stalking Horse Bid ------------------------------------------------------------- Jonathan Randles of Bloomberg News reports that CareerBuilder and Monster won approval from a Delaware bankruptcy judge on Tuesday, July 8, 2025, to advance with the proposed $35.5 million sale of their business divisions. According to the report, the deals, designated as stalking horse bids, set a minimum price for the company's assets ahead of a potential Chapter 11 auction. Judge J. Kate Stickles said she would approve the three initial bids, which were unveiled when the companies filed for bankruptcy last June 2025. Stalking horse bids are used to establish a baseline offer and encourage higher bids during the auction process. About CareerBuilder + Monster Venture CareerBuilder + Monster is an online job searching company. CareerBuilder + Monster sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11200) on June 24, 2025. In its petition, the Debtor reports between $50 million and $100 million in assets and owes between $100 million and $500 million. Honorable Bankruptcy Judge J Kate Stickles handles the case. The Debtor is represented by Daniel J. DeFranceschi, Esq. and Zachary I. Shapiro, Esq. at Richards, Layton & Finger, P.A. CARNICERIA LOS AMIGOS: Nathan Smith Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Region 17 appointed Nathan Smith, Esq., as Subchapter V trustee for Carniceria Los Amigos, Inc. Mr. Smith, a partner at Malcolm & Cisneros, will be paid an hourly fee of $550 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Smith declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Nathan F. Smith, Esq. Malcolm & Cisneros 2112 Business Center Drive Irvine, CA 92612 Phone: (949) 252-9400 Email: nathan@mclaw.org About Carniceria Los Amigos Carniceria Los Amigos, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 25-50559) on June 20, 2025, listing $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Hilary L Barnes presides over the case. The Debtors are represented by Kevin A. Darby, Esq. at DARBY LAW. CARNIVAL CORP: Fitch Rates $2BB Unsecured Notes Due 2032 'BB+' -------------------------------------------------------------- Fitch Ratings has assigned Carnival Corporation's (Carnival) anticipated $2 billion senior unsecured notes issuance due 2032 a 'BB+' rating with a Recovery Rating of 'RR4'. Fitch currently rates Carnival's Long-Term Issuer Default Rating (IDR) at 'BB+' with a Positive Rating Outlook. Proceeds will be used, along with cash on hand to prepay the remaining Term Loan B due 2028 and $1.4 billion of 5.75% notes due 2027. This transaction represents a material step in achieving a total unsecured and non-guaranteed capital structure, positioning Carnival for an investment grade rating. Any excess proceeds are expected to be used for debt repayment. Carnival benefits from its scale, high operating margins, strong liquidity, and its expectations of continued deleveraging. Potential risks include an economic downturn that reduces leisure demand and higher fuel prices. The Positive Outlook reflects Fitch's belief that solid booking activity will continue and management's commitment to debt reduction will lead to stronger credit metrics. Key Rating Drivers Cruise Demand Remains Strong: Cruise companies benefit from offering a better value proposition relative to resort vacations and having a large base of repeat customers. Carnival, along with Royal Caribbean and Norwegian Cruise Lines, has announced historically high bookings for both 2025 and 2026. The long-term nature of cruise bookings provides strong visibility, as cancellations are not typically material. Carnival is guiding net yield growth to rise by approximately 5.0% (constant currency) in 2025. Continued Debt Reduction: Carnival's debt materially increased during the pandemic to fund ship deliveries and cover operating costs. Fitch expects debt to decline to $27 billion in 2025, from $35.6 billion in 2022. Fitch also expects FCF growth and management's commitment to investment-grade metrics to lead to a rapid improvement in credit metrics. The decline in new ship deliveries over the next three years should lead to greater FCF growth and further debt reduction. Carnival also has approximately $1.1 billion of convertible notes, which Fitch expects to be largely settled through share exchanges. Increased FCF Growth: Fitch expects EBITDA growth, lower interest costs from debt reduction, and lower growth capex to result in higher FCF through the forecast horizon. Fitch estimates FCF will grow to $1.6 billion in 2025 and materially thereafter. Carnival should also benefit from higher customer deposits due to the continued growth in bookings. Fitch does not anticipate any material shareholder returns until the company achieves investment-grade status. Leader in Cruise Industry: Carnival is the world's largest cruise operator with multiple brands. Due to its brand acceptance and market leading capacity, the company holds the top market share in the North American and European markets, which contribute most of its EBITDA. Historically, the company's scale has been a credit positive, but pandemic-related disruptions severely impacted Carnival due to its high fixed-cost structure and resulted in delayed ship deliveries. Under normal cruise operating conditions, Fitch considers Carnival's scale a positive factor. Moderate Industry Capacity Growth: Capacity growth is expected to be somewhat muted over the next several years due to the reduction of new ship orders during the pandemic, as industry credit metrics weakened. However, Fitch believes lower supply growth will support net yield growth in the near term. Recent announcements of new ship builds will mostly not affect the market until the end of the decade, although capacity growth would still be modest. Favorable Industry Dynamics: The top players in the cruise line industry benefit from high barriers to entry due to significant ship capex spend, low global market penetration rates relative to other leisure activities, mobile assets that allow companies to move to other markets when existing markets are facing uncertain economic or geopolitical issues, and favorable tax treatment due to their incorporation outside the U.S. Peer Analysis Carnival is the largest cruise ship operator in terms of berths and passengers carried compared to Royal Caribbean Cruises Ltd. (BBB-/Positive) and Norwegian Cruise Line Holdings, Ltd. (NR). Carnival is also compared to other high-'BB' and low-'BBB' leisure credits, such as Hyatt Hotels Corporation (BBB-/Stable) and Wyndham Hotels & Resorts Inc. (BB+/Stable). Carnival has materially greater scale and geographic diversification than its comparable peers, although leverage is higher. Fitch believes Carnival's scale and FCF generation will result in materially improved credit metrics that will be more indicative of an investment-grade credit over the forecast horizon. Key Assumptions - Passengers carried expected to grow in the low single digits during the forecast horizon. Occupancy expected to increase to 106% in 2026 and beyond; - Net yields are expected to increase 5% in 2025 and in the low- to mid-single digits over the remainder of the forecast horizon, which is below management guidance; - Adjusted cruise costs per available lower berth days, excluding fuel, are forecast to increase in the low- to mid-single digits over the forecast horizon; - Capex, including new ship deliveries, is expected to drop to $3.7 billion in 2025 and $3.6 billion in 2026; - There are no assumptions for share repurchases, common dividends, acquisitions or asset sales; - FCF is expected to be applied to debt reduction through the forecast horizon. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA Leverage sustaining above 4.5x; - Economic or geopolitical event that lasts for an extended period and results in a deterioration of the capital structure (i.e. increased debt, use of secured or priority guaranteed financing); - A more aggressive financial policy that includes accelerated ship building plans or increased shareholder allocations that would allow for credit metrics to become vulnerable during a weaker economic environment. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Sustainable positive FCF with application to debt payment; - EBITDA leverage approaching 4.0x; - A debt structure that does not include secured or guaranteed debt; - (CFO-Capex)/Debt is greater than 10%. Liquidity and Debt Structure As of May 31, 2025, Carnival had $2.1 billion of cash and. $8.4 billion of undrawn export credit facilities to fund ship deliveries planned through 2033. The company also has $4.5 billion of borrowings available under its current RCF, maturing in June 2030. Fitch expects Carnival to be FCF positive through the forecast horizon, which further enhances liquidity. Proceeds from the $2 billion senior unsecured issuance will be used, along with cash on hand to prepay the remaining Term Loan B due 2028 and $1.4B of 5.75% notes due 2027. The make whole premium on the 2027 notes will be paid from cash on hand. Carnival has material debt repayments due over the next several years, including $3.0 billion due in 2027 and $5.2 billion due in 2028 pro forma the refinancing. Fitch believes debt reduction, potential conversion of convertible debt exchanged into shares, and refinancing opportunities should allow the company to address its debt repayment schedule. Fitch expects new ship deliveries to decline over the forecast horizon. The company plans no ship additions in 2026, and will add one each in 2027 and 2028. The company recently announced three new ships for the Carnival brand and two ships for the Aida brand, but the first delivery is not until 2029. Issuer Profile Carnival Corporation and Carnival plc (together, Carnival) is the largest global cruise company and among the largest leisure travel companies, with a portfolio of world-class cruise lines. Date of Relevant Committee May 9, 2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Carnival Corporation senior unsecured LT BB+ New Rating RR4 CCA CONSTRUCTION: Deadline to File Claims Set for July 30, 2025 --------------------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey set July 30, 2025, at 5:00 p.m. (prevailing Eastern Time) as the last date and time for person and entities, and all governmental units to file proofs of claim against CCA Construction Inc. Each Proof of Claim, including supporting documentation, must be submitted so that the Notice and Claims Agent actually receives the Proof of Claim on or before the applicable Bar Date by: i) electronically using the interface available on the Notice and Claims Agent's website at https://www.veritaglobal.net/CCAConstruction, or ii) first-class U.S. Mail, which Proof of Claim must include an original signature, at the following address: CCA Construction Claims Processing Center c/o KCC dba Verita 222 N Pacific Coast Highway, Suite 300 El Segundo, CA 90245 iii) overnight mail, or other hand-delivery system, which Proof of Claim must include an original signature, at the following address: By First-Class U.S. Mail, Overnight Courier or Hand Delivery to: CCA Construction Claims Processing Center c/o KCC dba Verita 222 N Pacific Coast Highway, Suite 300 El Segundo, CA 90245 Proofs of claim submitted by facsimile or email will not be accepted and will not be deemed timely submitted. Additional Proof of Claim Forms may be obtained by contacting the Debtor's notice and claims agent, Kurtzman Carson by calling (866) 506-4002 (Toll Free) for callers or by calling +1 (781) 575-2094 for callers outside the United States and/or visiting the Debtor's restructuring website at: https://www.veritaglobal.net/CCAConstruction. About CCA Construction CCA Construction Inc., doing business as China Construction America Inc., ProServ Shared Services, and Plaza Construction, was established in 1993 as a Delaware corporation, and it is a direct subsidiary of CSCEC Holding Company, Inc., also a Delaware corporation. CSCEC Holding, CCA, and CCA's subsidiaries are discrete pieces of CSCEC's broader business, which is operated by more than 100 distinct entities located throughout the world, eight of which are publicly traded. Together, the group of affiliated entities makes up the largest construction company in the world, operating in more than 100 countries and regions globally, covering investment, development, construction engineering, survey and design. CCA Construction Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 24-22548) on December 22, 2024. In the petition filed by Yan Wei, chairman and chief executive officer, the Debtor reports reports estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. Honorable Bankruptcy Judge Christine M. Gravelle handles the case. The Debtor tapped M. Natasha Labovitz, Esq., Sidney P. Levinson, Esq., Elie J. Worenklein, Esq., and Rory B. Heller, Esq., at Debevoise & Plimpton LLP, in New York as general bankruptcy counsel; Michael D. Sirota, Esq., Ryan T. Jareck, Esq., Warren A. Usatine, Esq., and Felice R. Yudkin, Esq., at Cole Schotz PC in Hackensack, New Jersey as bankruptcy co-counsel; and BDO Consulting Group, LLC as financial advisor. Kurtzman Carson Consultants, LLC, dba Verita Global, is the administrative advisor. CENTER FOR SPECIAL: Largo Property Sale to Blake Hendrickson OK'd ----------------------------------------------------------------- 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. Originally, the Property was purchased by another Govoni affiliate, Broadleaf Property Management LLC in February 22, 2010, then transferred to another Govoni affiliate, Broadleaf Properties LLC, and finally to Artspace in January 5, 2022. Artspace's purchase of the Real Property was part of a larger transaction involving other real property which transaction was funded by the Bank OZK, who issued a promissory note totaling $3,690,082.00 secured by a mortgage on the various properties that were part of the transaction, including the Real Property at issue in this Motion. The Bank of OKZ eventually sold their note and mortgage encumbering the Real Property to Teal Holdings, LLC. The Court has approved the Trustee to sell the Property located at 752 2nd Avenue, Northeast Largo, FL 33770 to Blake M. Hendrickson for a total purchase price of $380,000. The Court also ordered to transfer all of Mr. Govoni's LLC membership interests to the Chapter 11 Trustee, the Chapter 11 Trustee is the sole member of Artspace Properties LLC. As as 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. The 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 Property is approved, with 100% of the net sale proceeds to go to the Teal Holdings, LLC. The Court held that The Proposed Sale of the Real Property is undertaken by the Purchaser in good faith. 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. CINEMEX HOLDINGS: Seeks to Hire Bast Amron LLP as Legal Counsel --------------------------------------------------------------- Cinemex Holdings USA, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Bast Amron LLP as counsel. The firm's services will include: a. advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's guidelines and reporting requirements and with the rules of the bankruptcy court; b. prepare legal documents; c. protect the interests of the Debtor in all matters pending before the court; and d. represent the Debtor in negotiations with its creditors and in the preparation and confirmation of a Chapter 11 plan. Jeffrey P. Bast's current standard rate is $825 per hour. The rest of Bast Amron's paralegals and attorneys have standard rates of $130 to $825 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received a retainer of $50,000. Jeffrey Bast, Esq., a partner at Bast Amron 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 through: Jeffrey Bast, Esq. Hunter J. Grasso, Esq. BAST AMRON LLP One Southeast Third Avenue, Suite 1400 Miami, FL 33131 Tel: (305) 379-7904 Fax: (305) 379-7905 Email: jbast@bastamron.com hgrasso@bastamron.com 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. CINEMEX HOLDINGS: Seeks to Tap Omni Agent as Administrative Agent ----------------------------------------------------------------- Cinemex Holdings USA, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Omni Agent Solutions, Inc. to serve as noticing, balloting, and 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 $12,000 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 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. COMPAC USA: Deadline to File Claims Set for Aug. 26, 2025 --------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida set Aug. 26, 2025, at 5:00 p.m. (ET) as the last date and time for persons to file proofs of claim against Compac USA Inc. to keep their right compensation for silicosis or other related illnesses. The Debtor has been sued by parties that allegedly were exposed to silica found in the Debtor's product in the course of cutting or manipulating the products. The Debtor is one of many defendants in the lawsuits, and most defendant are much large than the Debtor. The Debtor denies its products were the cause of any harm and believes it properly warned all parties of risks of manipulating the products without the disclosed safety precautions. No plaintiff has obtained judgment against the Debtor. To submit a proof of claim online, go to https//www.flsb.uscourts.gov/file-proof-claim-electronically. For paper proof of claim contact Pack Law at joe@packlaw.com or call (305) 916-4500. To file a paper proof of claim, mail to the clerk's offices: C. Clyde Atkins United State Courthouse 301 N. Miami Ave. Room 150 Miami, FL 33128 If you wold like copies of the Debtor's bankruptcy documents and other information contact the Company's counsel at (305) 916-4500, email at joe@packlaw.com and jessey@packlaw.com or letter to Pack Law, 51 NE 24th St., #108, Miami, FL 33137. About Compac USA Inc. Compac USA Inc. is a Florida entity incorporated in 2002 to market and sell Compac stone products. The Debtor specializes in obsidian, terrazzo, and quartz surfaces for architecture and design. The Debtor maintains showrooms in Miami, Florida and New York, New York. Compac USA sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-23372) on Dec. 21, 2024. Francisco A. Sanchis-Brines, president of Compac USA, signed the petition. As of November 24, 2024, Compac USA reported total assets of $5,342,926 and total liabilities of $739,872. Judge Corali Lopez-Castro handles the case. The Debtor is represented by Joseph A. Pack, Esq. at Pack Law. DANIEL TRUCKING: Case Summary & 20 Largest Unsecured Creditor ------------------------------------------------------------- Debtor: Daniel Trucking International, Inc. 555 Allendale Drive, Suite D Wheeling, IL 60090 Business Description: Daniel Trucking International, Inc. provides refrigerated freight transportation services across the contiguous United States. Based in Wheeling, Illinois, the Company operates a fleet authorized for interstate hauling and serves clients in the logistics and trucking industry. Chapter 11 Petition Date: July 7, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-10329 Judge: Hon. Deborah L Thorne Debtor's Counsel: David Freydin, Esq. LAW OFFICES OF DAVID FREYDIN 8707 Skokie Blvd., Suite 305 Skokie, IL 60077 Tel: 888-536-6607 Fax: 866-575-3765 E-mail: david.freydin@freydinlaw.com Total Assets: $3,268,500 Total Liabilities: $8,274,592 The petition was signed by Pavel Pavlov as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7YPN4MI/Daniel_Trucking_International__ilnbke-25-10329__0001.0.pdf?mcid=tGE4TAMA DB ASSETS: U.S. Trustee Unable to Appoint Committee --------------------------------------------------- The U.S. Trustee for Region 21 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of DB Assets, LLC. About DB Assets DB Assets, LLC, a company in Marietta, Ga., engages in residential building construction, focusing on the development of new single-family and multi-family housing. It also undertakes remodeling and renovation projects for existing homes. DB Assets sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55062) on May 5, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated Liabilities between $500,000 and $1 million. Judge Paul Baisier oversees the case. The Debtor is represented by Charles N. Kelley, Jr., Esq., at Kelley Law, LLC. DEL MONTE: Seeks to Hire Stretto Inc as Claims and Noticing Agent ----------------------------------------------------------------- Del Monte Foods Corporation II Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Stretto, Inc. as claims and noticing agent. Stretto 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 seek reimbursement for expenses incurred. Sheryl Betance, a senior managing director at Stretto, 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: Sheryl Betance Stretto Inc. 410 Exchange, Ste. 100 Irvine, CA 92602 Telephone: (714) 716-1872 Email: sheryl.betance@stretto.com About Del Monte Foods Corporation II Inc. Del Monte Foods, Inc. produces, distributes, and markets branded plant-based packaged food products in the United States and Mexico. Del Monte Foods Corporation II Inc. and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) on July 1, 2025, listing $1,000,000,001 to $10 billion in both assets and liabilities. Judge Michael B Kaplan presides over the case. Michael D. Sirota, Esq. at Cole Schotz P.C. represents the Debtor as counsel. EDMONDS WELLNESS: Unsecured Creditors to Split $10K in Plan ----------------------------------------------------------- Edmonds Wellness Clinic, Inc., filed with the U.S. Bankruptcy Court for the Western District of Washington a Plan of Reorganization dated June 18, 2025. The Debtor operates as a wellness clinic which started in early 2001 in Edmonds, WA. Over the years the Debtor has had a variety of providers work at the clinic including doctors, chiropractors, mental health therapists, massage therapists, NDs, and acupuncturists. In an effort to keep the business open and continue servicing the outstanding debt, the Debtor obtained multiple merchant cash advance loans, all of which carried a high interest rate. The loans were obtained with the hope of seeing a shift in revenue that would put the business back on track. While 2024 has seen moderate changes, due to the outstanding debt incurred and large required payments, it has become increasingly difficult to service the debt incurred. Facing mounting collection pressure, including a lien sent to patients by one of the Debtor's creditors, an emergency petition was filed under Chapter 11, Subchapter V on March 20, 2025 (herein the "Petition Date") in an effort to reorganize the outstanding debt owed and allow the Debtor to continue operating. This Plan provides for unclassified administrative claims, one class of secured claims, one class of unsecured claims, and one class of equity security holders. Class 2 consists of General Unsecured Claims. Allowed Class 2 claims will be paid a prorata share of $10,000.00. This will be paid at $190.00 per month beginning October 20, 2025. To maximize efficiency for Class 2 claims and the Debtor, the Debtor may pay the total amount to be received under the plan to each creditor as a lump sum payment. In addition to the scheduled claims on Schedule F, this class includes the claims of: * Bankers Healthcare Group, LLC pursuant to the unsecured proof of claim filed by creditor; * The Fundworks, LLC pursuant to the unsecured proof of claim filed by creditor; * Marlin Leasing pursuant to unsecured proof of claim filed by creditor; * Kapitus, LLC and United First, LLC/Global Funding Experts, as no value exists in Debtor's assets to pay the claim as a secured claim after payment to Celtic Bank Corporation. * QL Tilting Trust, LTD as a deficiency claim after surrender of the collateral pursuant to the amounts shown on the filed schedules. The Plan will be funded with revenue from the Debtor's operation. It is anticipated the Debtor's fixed expenses will remain relatively constant moving forward with variable expenses increasing proportionately with revenue. Debtor expects the income and expenses to remain consistent through the life of the Plan. A full-text copy of the Plan of Reorganization dated June 18, 2025 is available at https://urlcurt.com/u?l=ERfrDc from PacerMonitor.com at no charge. Counsel to the Debtor: Jennifer L. Neeleman, Esq. Neeleman Law Group, PC 1403 8th Street Marysville, WA 98270 Telephone: (425) 212-4800 Email: jennifer@neelemanlaw.com About Edmonds Wellness Clinic Edmonds Wellness Clinic Inc. is a comprehensive naturopathic and alternative medicine center located in Edmonds, Washington. Edmonds Wellness Clinic sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-10741) on March 20, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $500,000 and $1 million in liabilities. Judge Christopher M. Alston handles the case. The Debtor is represented by Thomas D. Neeleman, Esq., at Neeleman Law Group. FELTRIM TUSCANY: Unsecureds to be Paid in Full over 60 Months ------------------------------------------------------------- Feltrim Tuscany Preserve, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan for Small Business under Subchapter V dated June 18, 2025. The Debtor is a Florida limited liability company organized in 2014 by Garrett Kenny. From its inception until approximately 2020, the Debtor developed a gated community of 225 townhomes within the Tuscany Preserve master development known as Tuscany Preserve by Feltrim at Lake Marion. Beginning in or about 2022, the Debtor acquired six residential rental properties located in the Balmoral Resort Vacation community in Haines City, Florida from an affiliate, Balmoral Estates, LP ("BELP") in consideration for the Debtor obtaining third-party financing to take out BELP's existing, matured construction loans. As of the Petition Date, the Debtor owned and leased the following properties: (a) 199 Kenny Boulevard, (b) 124 Angela's Avenue; (c) 147 Angela's Avenue, (d) 149 Angela's Avenue, (e) 164 Angela's Avenue, and (f) 134 McCaulay's Cove (the "Properties"). The Properties are now fully occupied with tenants who are timely paying rent. With the Debtor's operational issues remedied, the Debtor filed this case to restructure its obligations with its secured lenders and to pay other creditors from its projected disposable income. The Debtor's financial projections show that the Debtor will be able to distribute projected disposable income to the holders of allowed administrative, priority tax, secured, and unsecured creditors. The Debtor anticipates that the Plan will be confirmed in August 2025, and distributions to administrative, priority, secured, and unsecured creditors will commence in September 2025. The distributions under the Plan will be derived from: (i) existing cash on hand on the Effective Date, (ii) revenues generated by continued business operations, (iii) sales or refinancings of the Properties, and (iv) contributions from Garrett Kenny. Class 8 consists of All NonPriority, Non-Insider Unsecured Claims. Each holder of an allowed Class 8 Claim will be paid in full in equal monthly installments over a period of sixty months commencing on the first day of the month following the Effective Date. Class 8 is impaired by the Plan. Class 9 consists of All NonPriority, Insider and Affiliate Unsecured Claims. All Class 9 Claims are subordinated to Class 8 and no holder of an allowed Class 9 Claim shall receive any distribution under the Plan until the holders of all allowed Class 8 Claims have been paid in full. Class 9 is impaired by the Plan. Class 10 is comprised of all equity interests in the Debtor, which are owned by Garrett Kenny. Mr. Kenny will retain his equity interests in the Debtor. No distributions will be made to Mr. Kenny until the payments under Article 3 of the Plan and the distributions to Classes 1 to 8 have been made. Payments required under the Plan will be funded by: (i) existing cash on hand on the Effective Date, (ii) revenues generated by continued business operations, (iii) sales or refinancings of the Properties, and (iv) contributions from Garrett Kenny. A full-text copy of the Plan of Reorganization dated June 18, 2025 is available at https://urlcurt.com/u?l=yJcdJr from PacerMonitor.com at no charge. Attorneys for the Debtor: Amy Denton Mayer, Esq. STICHTER, RIEDEL, BLAIN & POSTLER, P.A. 110 East Madison Street, Suite 200 Tampa, Florida 33602 Telephone: (813) 229-0144 Email: amayer@srbp.com About Feltrim Tuscany Preserve Feltrim Tuscany Preserve, LLC, a company in Haines City, Fla., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01693) on March 20, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Catherine Peek Mcewen handles the case. Amy Denton Mayer, Esq., at Stichter Riedel Blain & Postler, P.A., is the Debtor's legal counsel. FLUENT INC: Matthew Conlin Holds 16.1% Stake as of June 18 ---------------------------------------------------------- Matthew Conlin disclosed in a Schedule 13D (Amendment No. 6) filed with the U.S. Securities and Exchange Commission that as of June 18, 2025, he beneficially owns 3,797,607 shares of common stock of Fluent, Inc., including shares held directly and indirectly through family trusts and investment entities, as well as shares issuable upon conversion of a subordinated promissory note and the exercise of pre-funded warrants. These shares represent 16.1% of the 21,853,756 shares of common stock outstanding. Matthew Conlin may be reached through: Daniel J. Barsky, Esq. 300 Vesey Street, 9th Floor New York, NY 10282 Phone: (646) 669-7272 A full-text copy of Matthew Conlin's SEC report is available at: https://tinyurl.com/4t39rsx4 About Fluent Inc. Fluent, Inc. -- https://www.fluentco.com -- Fluent, Inc. provides commerce media solutions that connect brands with consumers through customer acquisition and digital marketing campaigns. The Company utilizes proprietary machine learning, first-party data, and diverse ad inventory across partner ecosystems and owned sites. Headquartered in the U.S., Fluent has operated in the performance marketing sector since 2010. The Company warned in its quarterly report for the period ended March 31, 2025, that it may adopt cost-cutting measures if it cannot raise sufficient capital to support operations. Management said there is substantial doubt about its ability to continue as a going concern for the 12 months following the report's issuance. New York, New York-based Grant Thornton LLP issued a "going concern" qualification in its report dated March 31, 2025, citing that as of Dec. 31, 2024, the Company was not in compliance with financial covenants of the SLR Credit Agreement. On March 10, 2025, the Company entered into the Fourth Amendment to the SLR Credit Agreement, which among other things, waived the non-compliance with the financial covenants as of Dec. 31, 2024. The Company's business plan for 2025, contemplates reduced operating losses, maintaining compliance with the revised financial covenants under the SLR Credit Agreement and obtaining additional working capital. The Company's ability to achieve the foregoing elements of its business plan and maintaining compliance with its financial covenants is uncertain and raises substantial doubt about its ability to continue as a going concern. FLUENT INC: Ryan Schulke Holds 21.1% Equity Stake as of June 18 --------------------------------------------------------------- Ryan Schulke, disclosed in a Schedule 13D (Amendment No. 7) filed with the U.S. Securities and Exchange Commission that as of June 18, 2025, he beneficially owns 4,934,295 shares of common stock of Fluent, Inc., including shares held directly and indirectly through trusts and investment entities, as well as shares issuable upon conversion of a subordinated promissory note and the exercise of pre-funded warrants. These shares represent 21.1% of the 21,853,756 shares of common stock outstanding as of the same date. Ryan Schulke may be reached through: Daniel J. Barsky, Esq. 300 Vesey Street, 9th Floor New York, NY 10282 Phone: (646) 669-7272 A full-text copy of Ryan Schulke's SEC report is available at: https://tinyurl.com/35vpd3mu About Fluent Inc. Fluent, Inc. -- https://www.fluentco.com -- Fluent, Inc. provides commerce media solutions that connect brands with consumers through customer acquisition and digital marketing campaigns. The Company utilizes proprietary machine learning, first-party data, and diverse ad inventory across partner ecosystems and owned sites. Headquartered in the U.S., Fluent has operated in the performance marketing sector since 2010. The Company warned in its quarterly report for the period ended March 31, 2025, that it may adopt cost-cutting measures if it cannot raise sufficient capital to support operations. Management said there is substantial doubt about its ability to continue as a going concern for the 12 months following the report's issuance. New York, New York-based Grant Thornton LLP issued a "going concern" qualification in its report dated March 31, 2025, citing that as of Dec. 31, 2024, the Company was not in compliance with financial covenants of the SLR Credit Agreement. On March 10, 2025, the Company entered into the Fourth Amendment to the SLR Credit Agreement, which among other things, waived the non-compliance with the financial covenants as of Dec. 31, 2024. The Company's business plan for 2025, contemplates reduced operating losses, maintaining compliance with the revised financial covenants under the SLR Credit Agreement and obtaining additional working capital. The Company's ability to achieve the foregoing elements of its business plan and maintaining compliance with its financial covenants is uncertain and raises substantial doubt about its ability to continue as a going concern. FLUENT INC: Stockholders OK All Proposals at Annual Meeting ----------------------------------------------------------- Fluent, Inc. held its 2025 Annual Meeting of Stockholders virtually. The total number of shares represented in person or by proxy at the Annual Meeting was 13,987,707 of the 20,643,660 shares of the Company's common stock outstanding and entitled to vote at the Annual Meeting as of the April 24, 2025 record date. The following matters were voted upon at the Annual Meeting: (a) The election of seven directors to serve for a one-year term until the 2026 Annual Meeting of Stockholders or until their successors are duly elected and qualified: 1. Matthew Conlin * Votes For: 6,051,573 * Votes Against: 115,897 * Abstain: 909 * Broker Non-Votes: 3,559,872 2. James P. Geygan * Votes For: 6,059,085 * Votes Against: 108,384 * Abstain: 910 * Broker Non-Votes: 3,559,872 3. David A. Graff * Votes For: 6,056,020 * Votes Against: 111,450 * Abstain: 909 * Broker Non-Votes: 3,559,872 4. Barbara Shattuck Kohn * Votes For: 5,998,291 * Votes Against: 169,179 * Abstain: 909 * Broker Non-Votes: 3,559,872 5. Donald Mathis * Votes For: 6,000,914 * Votes Against: 166,556 * Abstain: 909 * Broker Non-Votes: 3,559,872 6. Richard Pfenniger, Jr. * Votes For: 5,977,632 * Votes Against: 189,845 * Abstain: 902 * Broker Non-Votes: 3,559,872 7. Ryan Schulke * Votes For: 6,059,399 * Votes Against: 108,070 * Abstain: 910 * Broker Non-Votes: 3,559,872 (b) The approval, on an advisory basis, of the 2024 Compensation of the Company's named executive officers (Say-on-Pay): * Votes For: 5,990,687 * Votes Against: 119,944 * Abstain: 57,748 * Broker Non-Votes: 3,559,872 (c) The ratification of the appointment of Grant Thornton LLP as the Company's independent registered public accounting firm for the year ending December 31, 2024: * Votes For: 9,368,031 * Votes Against: 350,451 * Abstain: 9,769 (d) The approval, or purposes of complying with Nasdaq Listing Rules 5635(b) and 5635(c), pre-funded warrants issued pursuant to those certain securities purchase agreements dated as of November 29, 2024 to certain of the Company's directors and/or officers and any shares of the Company's common stock issuable upon exercise thereof: * Votes For: 6,049,521 * Votes Against: 117,114 * Abstain: 1,744 * Broker Non-Votes: 3,559,872 (e) The approval, for purposes of complying with Nasdaq Listing Rules 5635(b) and 5635(c), pre-funded warrants issued pursuant to those certain securities purchase agreements dated as of March 19, 2025 to certain of the Company's directors and/or officers and any shares of the Company's common stock issuable upon exercise thereof: * Votes For: 6,050,654 * Votes Against: 115,880 * Abstain: 1,845 * Broker Non-Votes: 3,559,872 (f) The approval, for the purposes of complying with Nasdaq Listing Rules 5635(b), 5635(c) and 5635(d), the convertible subordinated promissory notes issued pursuant to those certain securities purchase agreements dated as of August 19, 2024 to certain of the Company's directors and/or officers, and in certain cases affiliates of such persons, and a principal stockholder of the Company and the conversion of such notes into shares of the Company's common stock in excess of the share cap on conversion and any future adjustments of the Conversion Price (as defined in the notes) of such notes: * Votes For: 6,050,405 * Votes Against: 116,390 * Abstain: 1,584 * Broker Non-Votes: 3,559,872 (g) The approval of an amendment to the Fluent, Inc. 2022 Omnibus Equity Incentive Plan to increase the number of shares of common stock reserved thereunder to 3,666,666 shares from 1,666,666 shares: * Votes For: 5,223,212 * Votes Against: 944,457 * Abstain: 710 * Broker Non-Votes: 3,559,872 (8) The approval of an adjournment of the Annual Meeting, if necessary or advisable, to solicit additional proxies in favor of any of the foregoing proposals if there are not sufficient votes to approve any such proposals: * Votes For: 9,198,133 * Votes Against: 528,710 * Abstain: 1,408 About Fluent Inc. Fluent, Inc. -- https://www.fluentco.com -- Fluent, Inc. provides commerce media solutions that connect brands with consumers through customer acquisition and digital marketing campaigns. The Company utilizes proprietary machine learning, first-party data, and diverse ad inventory across partner ecosystems and owned sites. Headquartered in the U.S., Fluent has operated in the performance marketing sector since 2010. The Company warned in its quarterly report for the period ended March 31, 2025, that it may adopt cost-cutting measures if it cannot raise sufficient capital to support operations. Management said there is substantial doubt about its ability to continue as a going concern for the 12 months following the report's issuance. New York, New York-based Grant Thornton LLP issued a "going concern" qualification in its report dated March 31, 2025, citing that as of Dec. 31, 2024, the Company was not in compliance with financial covenants of the SLR Credit Agreement. On March 10, 2025, the Company entered into the Fourth Amendment to the SLR Credit Agreement, which among other things, waived the non-compliance with the financial covenants as of Dec. 31, 2024. The Company's business plan for 2025, contemplates reduced operating losses, maintaining compliance with the revised financial covenants under the SLR Credit Agreement and obtaining additional working capital. The Company's ability to achieve the foregoing elements of its business plan and maintaining compliance with its financial covenants is uncertain and raises substantial doubt about its ability to continue as a going concern. FOREST GOOD: Hires Buckmiller & Frost as Bankruptcy Counsel ----------------------------------------------------------- Forest Good Eats, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire Buckmiller & Frost, PLLC to handle the Chapter 11 proceedings. The firm will be paid at these rates: Matthew W. Buckmiller $400 per hour Joseph Z. Frost $375 per hour Yorlibeth Martinez $300 per hour Paralegals, Law Clerks, & Staff $65 to $160 per hour The firm received from the Debtor a retainer of $21,738. Buckmiller & Frost is a disinterested person within the meaning of Sec. 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Joseph Z. Frost, Esq. Buckmiller & Frost, PLLC 4700 Six Forks Road, Suite 150 Raleigh, NC 27609 Tel: (919) 296-5040 Fax: (919) 977-7101 Email: jfrost@bbflawfirm.com About Forest Good Eats Forest Good Eats, LLC operates Real McCoy's, a restaurant and sports bar in Wake Forest, North Carolina. The establishment offers American cuisine and craft beer in a casual setting. Forest Good Eats sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02018) on May 30, 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 David M. Warren handles the case. The Debtor is represented by Joseph Z. Frost, Esq., at Buckmiller & Frost, PLLC. GREEN SAPPHIRE: Hires Adelman & Gettleman as Bankruptcy Counsel --------------------------------------------------------------- Green Sapphire Holdings Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Adelman & Gettleman, Ltd. as counsel. The firm's services include: a. reviewing and analyzing bank documentation, corporate documentation, contracts to which the Debtor is a party and other necessary documentation and information regarding the Debtor or otherwise evidencing claims which have been or may be asserted against the Company and its properties; b. identifying for prosecution and eventual recovery claims or potential claims of the bankruptcy estate; c. preparing various motions and other court filings required by the Bankruptcy Code to allow the Debtor to operate in the ordinary course of business in the Chapter 11 Case as debtor-in-possession; and d. advising the Debtor and preparing the appropriate pleadings on actions to be taken in the Chapter 11 Case, including: (i) formulating and drafting a chapter 11 plan of reorganization; (ii) taking the steps necessary to secure the continued prosecution of pending litigation and pursuing fraudulent transfers, which may include seeking retention of special litigation counsel; and (iii) performing such other duties and responsibilities of counsel to the debtor-in-possession in the Chapter 11 Case. The firm will be paid at these rates: Howard L. Adelman $695 per hour Chad H. Gettleman $695 per hour Henry B. Merens $695 per hour Adam P. Silverman $595 per hour Steven B. Chaiken $550 per hour Erich S. Buck $550 per hour Alexander F. Brougham $475 per hour Nicholas R. Dwayne $475 per hour Tevin D. Bowens $395 per hour Dina A. Kostrow $395 per hour Paralegals/Law Clerks $150 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Henry B. Merens, a partner at Adelman & Gettleman, Ltd, 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: Henry B. Merens, Esq. Steven B. Chaiken, Esq. Alexander F. Brougham, Esq. Adelman & Gettleman, Ltd. 53 West Jackson Blvd., Suite 1050 Chicago, IL 60604 Tel: (312) 435-1050 Fax: (312) 435-1059 About Green Sapphire Holdings Inc. Green Sapphire Holdings Inc., f/d/b/a Organic Fuels Holdings, Inc., provides specialized financial investment services, including portfolio management and investment advisory, operating within the broader financial sector. Green Sapphire Holdings Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-07412) on May 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Jacqueline P. Cox handles the case. The Debtors are represented by Steven B. Chaiken, Esq. at ADELMAN & GETTLEMAN, LTD. GRETNA PLUMBING: Hires McGrath North Mullin & Kratz as Counsel -------------------------------------------------------------- Gretna Plumbing and Drain, LLC seeks approval from the U.S. Bankruptcy Court for the District of Nebraska to hire McGrath North Mullin & Kratz, PC, LLO as bankruptcy counsel. The firm's services include: (a) perform all necessary services as the Debtor's bankruptcy counsel; (b) advise the Debtor with respect to its powers and duties in the continued management and operation of its business and property; (c) attend meetings and negotiate with creditors and other parties-in-interest; (d) take all necessary action to protect and preserve the Debtor's estate; (e) prepare, or coordinate preparation, on behalf of the Debtor of all legal papers necessary to the administration of its estate; (f) take any necessary action on behalf of the Debtor to obtain approval of a disclosure statement and confirmation of a plan of reorganization; (g) represent the Debtor in connection with any potential post-petition financing; (h) appear before the court, any appellate courts, and the United States Trustee and protect the interests of Debtor's estate before those courts and the United States Trustee; and (i) perform all other necessary legal services to the Debtor in connection with this Chapter 11 case. The firm will be compensated according to their standard hourly rates plus out-of-pocket expenses. Prior to the petition date, the firm received a total retainer in the amount of $17,500 from the Debtor. Lauren Goodman, Esq., an attorney at McGrath North Mullin & Kratz, 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: Lauren R. Goodman, Esq. McGrath North Mullin & Kratz P.C. LLO First National Tower, Suite 3700 1601 Dodge Street Omaha, NE 68102 Telephone: (402) 341-3070 Facsimile: (402) 341-0216 Email: lgoodman@mcgrathnorth.com About Gretna Plumbing and Drain Gretna Plumbing and Drain, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Neb. Case No. 25-80549) on June 5, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. John August Ellis, president of Gretna Plumbing and Drain, signed the petition. Lauren Goodman, Esq., at McGrath North, represents the Debtor as legal counsel. HALL LABS: Court OKs Appointment of Successor Chapter 11 Trustee ---------------------------------------------------------------- Judge Joel Marker of the U.S. Bankruptcy Court for the District of Utah approved the appointment of Mark Rose of McKay Burton & Thurman, P.C. as successor Chapter 11 trustee for Halls Labs, LLC. Mr. Rose was appointed on June 20 by the Office of the U.S. Trustee for Region 19, the Justice Department's bankruptcy watchdog overseeing the company's Chapter 11 case. The successor Chapter 11 trustee can be reached at: Mark C. Rose McKay Burton & Thurman, P.C. 2180 South 1300 East, Suite 400 Salt Lake City, Utah 84106 Email: mrose@mbt-law.com About Hall Labs LLC Hall Labs LLC focuses on developing and monetizing intellectual property across various industries by bringing together scientists and engineers to solve complex problems. After prototyping and market validation, Hall Labs licenses its technologies to newly formed entities, which then commercialize and further develop the innovations. The Company generates revenue through the sale of technologies, patents, and company interests, while its portfolio companies become self-sustaining and progress toward an exit. Hall Labs sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-21038) on March 5, 2025. In its petition, the Debtor reported assets between $100 million and $500 million and liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Joel T. Marker handles the case. Andres Diaz, Esq., at Diaz & Larsen serves as the Debtor's counsel. HARLING INC: Court Extends Cash Collateral Access to July 23 ------------------------------------------------------------ Harling, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral. The interim order penned by Judge Jacqueline Cox authorized the interim use of cash collateral retroactive to the date of filing the Debtor's Chapter 11 case through July 23. As protection from any diminution in the value of its collateral, Byline Bank was granted a first-priority lien on property acquired by the Debtor after the petition date, including all proceeds and products thereof, to the same extent and with the same priority as its pre-bankruptcy lien. A further hearing is scheduled for July 22. The Debtor previously entered into two loan agreements with Byline Bank: one for $250,000 and another for $1,050,000, both secured by the Debtor's assets, including equipment, inventory, accounts receivable, and general intangibles. Byline Bank has filed proofs of claim for $218,647 and $741,213 on those respective loans. The Debtor's schedules list total assets of $29,137, primarily composed of $21,447 in accounts receivable and $3,500 in office furniture and equipment. About Harling Inc. Harling Inc. specializes in masonry facade repair, restoration, and building waterproofing services for commercial, industrial, and institutional buildings. It is based in Broadview, Ill. Harling sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-04324) on March 1, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Jacqueline P. Cox handles the case. Joel Schechter, Esq., at the Law Offices of Joel A. Schechter is the Debtor's legal counsel. Byline Bank, as secured creditor, is represented by: Martin J. Wasserman, Esq. Carlson Dash, LLC 216 S. Jefferson St., Suite 303 Chicago, IL 60661 Phone: 312-382-1600 mwasserman@carlsondash.com HELIUS MEDICAL: Increases Shares Under 2022 Incentive Plan to 7.1M ------------------------------------------------------------------ Helius Medical Technologies, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on April 22, 2025, the Board of Directors, upon the recommendation of the Compensation Committee of the Board, adopted an amendment to the Helius Medical Technologies, Inc. 2022 Equity Incentive Plan, subject to stockholder approval, pursuant to which the aggregate number of shares of common stock that may be issued pursuant to the Plan will be increased by an amount equal to 20% of the Fully Diluted Shares on the 10th calendar date following the first closing of a registered offering of the Company's common stock that occurs on or after May 15, 2025. The Company's stockholders approved the Equity Plan Amendment at the special stockholders meeting held on May 23, 2025. On June 16, 2025, the 10th calendar day following the closing of the Public Offering, the aggregate number of shares of common stock available to be issued pursuant to the Plan increased to 7.1 million shares. About Helius Medical Headquartered in Newtown, Pennsylvania, Helius Medical Technologies, Inc. (www.heliusmedical.com) is a neurotechnology company dedicated to neurological wellness. The Company's mission is to develop, license, or acquire non-implantable technologies aimed at reducing the symptoms of neurological disease or trauma. Its flagship product, the Portable Neuromodulation Stimulator (PoNS), is an innovative, non-implantable medical device consisting of a controller and a mouthpiece that delivers mild electrical stimulation to the surface of the tongue, offering treatment for gait deficits and chronic balance deficits. In its report dated March 25, 2025, the Company's auditor since 2022, Baker Tilly US, LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has recurring losses from operations and an accumulated deficit, expects to incur losses for the foreseeable future, and requires additional working capital. These factors raise substantial doubt about their ability to continue as a going concern. As of March 31, 2025, Helius Medical Technologies had $3.5 million in total assets, $2.2 million in total liabilities, and total stockholders' equity of $1.3 million. HERITAGE GRILLE: Hires Buckmiller & Frost as Bankruptcy Counsel --------------------------------------------------------------- The Heritage Grille, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire Buckmiller & Frost, PLLC to handle the Chapter 11 proceedings. The firm will be paid at these rates: Matthew W. Buckmiller $400 per hour Joseph Z. Frost $375 per hour Yorlibeth Martinez $300 per hour Paralegals, Law Clerks, & Staff $65 to $160 per hour The firm received from the Debtor a retainer of $21,738. Buckmiller & Frost is a disinterested person within the meaning of Sec. 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Joseph Z. Frost, Esq. Buckmiller & Frost, PLLC 4700 Six Forks Road, Suite 150 Raleigh, NC 27609 Tel: (919) 296-5040 Fax: (919) 977-7101 Email: jfrost@bbflawfirm.com About Heritage Grille & Wine Bar Heritage Grille & Wine Bar, LLC, doing business as The Heritage Grille & Wine Barrel, is a fine dining restaurant based in Wake Forest, North Carolina. It serves French-inspired cuisine and offers a curated wine selection. The establishment includes a formal dining room, a speakeasy-style bar, and a bottle shop. Heritage Grille & Wine Bar sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02019) 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 David M. Warren handles the case. The Debtor is represented by Joseph Z. Frost, Esq., at Buckmiller & Frost, PLLC. HOLYOKE PARKVIEW: Seeks Chapter 11 Bankruptcy in Massachusetts -------------------------------------------------------------- On July 8, 2025, Holyoke Parkview Apartments LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Massachusetts. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Holyoke Parkview Apartments LLC 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. Holyoke Parkview Apartments LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-30411) on July 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtors are represented by James P. Ehrhard, Esq. at 27 Mechanic Street. HYPERSCALE DATA: Ault & Co. Reports 721 Shares, Derivative Rights ----------------------------------------------------------------- Ault & Company, Inc., a 10% owner of Hyperscale Data, Inc., disclosed in a Form 3 filed with the U.S. Securities and Exchange Commission that as of June 20, 2025, it beneficially owns 721 shares of common stock directly, as adjusted for a 1-for-35 reverse stock split. Ault & Co. also holds derivative securities, including Series C Convertible Preferred Stock convertible into common stock at a rate of approximately 932.75 shares per preferred share based on a conversion price of $1.0721 per share, as well as Series C Warrants and October 2023 Warrants to purchase a total of 426,159 shares of common stock at exercise prices of $118.3875 and $160.7375 per share, respectively. A full-text copy of Altium Capital's SEC report is available at: https://tinyurl.com/4ssnxs4t About Hyperscale Data Headquartered in Las Vegas, NV, Hyperscale Data, Inc., formerly known as Ault Alliance, Inc., is transitioning from a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact to becoming solely an owner and operator of data centers to support high performance computing services. Through its wholly and majority-owned subsidiaries and strategic investments, Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging artificial intelligence ecosystems and other industries. It also provides, through its wholly owned subsidiary, Ault Capital Group, Inc., mission-critical products that support a diverse range of industries, including an artificial intelligence software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, Hyperscale Data is actively engaged in private credit and structured finance through a licensed lending subsidiary. New York, New York-based Marcum LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated Apr. 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. HYPERSCALE DATA: Issues 3.46M Class A Common Shares --------------------------------------------------- Hyperscale Data, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that between June 16, 2025 and June 20, 2025, the Company issued an aggregate of 1,401,422 shares of Class A Common Stock upon conversion of approximately 2,016.07 shares of Series B Convertible Preferred Stock. Between the same dates, the Company issued an aggregate of 1,811,216 shares of Class A Common Stock upon conversion of $2,996,479 of outstanding convertible notes. The shares of Class A Common Stock were issued in reliance upon exemption from the registration requirements under Section 4(a)(2) under the Securities Act of 1933, as amended. Between June 16, 2025 and June 17, 2025, the Company issued an aggregate of 247,000 shares of Class A Common Stock upon conversion of an aggregate of $479,557 of an outstanding convertible note. The Class A Common Stock were offered and sold in reliance upon an exemption from the registration requirements under Section 3(a)(9) under the Securities Act. As of June 20, 2025, the Company had 6,611,290 shares of Class A Common Stock outstanding. About Hyperscale Data Headquartered in Las Vegas, NV, Hyperscale Data, Inc., formerly known as Ault Alliance, Inc., is transitioning from a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact to becoming solely an owner and operator of data centers to support high performance computing services. Through its wholly and majority-owned subsidiaries and strategic investments, Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging artificial intelligence ecosystems and other industries. It also provides, through its wholly owned subsidiary, Ault Capital Group, Inc., mission-critical products that support a diverse range of industries, including an artificial intelligence software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, Hyperscale Data is actively engaged in private credit and structured finance through a licensed lending subsidiary. New York, New York-based Marcum LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated Apr. 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. IG DESIGN: Gets Court Okay to Tap $25MM Post-Bankruptcy Funds ------------------------------------------------------------- Hilary Russ of Law360 reports that IG Design Group Americas Inc., one of the world's largest gift wrap manufacturers, received court approval Monday, July 7, 2025, to access $25 million in new financing to support its Chapter 11 bankruptcy proceedings. The funding will help the company continue operations and pursue a sale of certain assets. The bankruptcy filing follows declining business performance, the impact of U.S. tariffs, and the recent loss of key customer Joann Inc, the report states. About IG Design Group Americas Inc. IG Design Group Americas Inc. is a manufacturer of gift packaging, stationery, craft products, and seasonal decorations headquartered in Berwick, Pennsylvania. IG Design Group Americas Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90165) on July 3, 2025. In its petition, the Debtor reports estimated $100 million and $500 million each. The Debtor is represented by Caroline A. Reckler, Esq. at Latham & Watkins LLP. IMPACT PAPER: Seeks Chapter 11 Bankruptcy in Texas -------------------------------------------------- On July 3, 2025, Impact Paper Products LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filing, the Debtor reports between $100 million and $500 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Impact Paper Products LLC Impact Paper Products LLC is a Pennsylvania-based manufacturer in the paper products industry. Impact Paper Products LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex.Case No. 25-90175) 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. IOK TECHNOLOGY: Andrew Kight Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 10 appointed Andrew Kight as Subchapter V trustee for IOK Technology, LLC. The Subchapter V trustee can be reached at: Andrew T. Kight 108 E. 9th Street Indianapolis, IN 46202 317-608-1130 trusteekight@jhklegal.com About IOK Technology LLC IOK Technology, LLC operates a machine shop. IOK Technology sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-90702) on June 19, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Benny Garland, president of IOK Technology, signed the petition. KC Cohen, Esq., at KC Cohen, Lawyer, PC, represents the Debtor as legal counsel. IRECERTIFY: Amends Unsecured Claims Pay Details ----------------------------------------------- iRecertify submitted a Disclosure Statement for the Amended Plan of Reorganization dated June 19, 2025. iRecertify's current contracts and programs are sufficient for both profitability and a to provide a recovery for Creditors, especially now that Best Buy has released inventory again. Though the Debtor has faced interruptions during the bankruptcy process, at this point those have been resolved, with the two largest sources of inventory, Sakar and Best Buy, indicating an exit from bankruptcy will further increase inventory opportunities and therefore revenue. Class 3.1 general non-priority unsecured claims will receive a distribution of 10% of the allowed claim amount. The Plan provides that holders of such claims shall receive ten percent of their Allowed Claim, to be paid pro rata in equal monthly installments commencing in February 2027 and continuing until the full 10% has been distributed, or until all Allowed Claims in Class 3.1 have been satisfied in accordance with the Plan. The monthly distribution amounts, timing, and cumulative totals are detailed in Exhibit A. Payment Schedule, which was developed in conjunction with the Debtor's financial projections and feasibility analysis. The schedule is designed to align with the Debtor's anticipated cash flow and operating reserves and is an essential component of the Plan's implementation strategy for unsecured creditor treatment. The Plan provides for pro rata distributions to holders of Allowed Class 3.1 General Unsecured Claims. The total estimated claims held by Class 3.1 claim holders is approximately $8,126,553.54. In accordance with the Plan, these creditors will receive a 10% recovery, paid in monthly installments beginning in February 2027 and continuing for 33 months. This results in an aggregate distribution of approximately $812,655.35, subject to claim allowance and any disputes. Class 4.1 consists of holders of Pre-petition Equity Interests. On the Effective Date of the Plan, all existing equity interests in the Debtor, including but not limited to common stock, preferred stock, membership interests, partnership interests, and any other equity securities, shall be canceled, extinguished, and of no further force or effect. All rights of current equity holders, including any voting rights, dividend rights, and liquidation preferences, shall terminate as of the Effective Date. The Debtor will use future business revenue to fund payments. Payments of certain claims will begin within 30 days after the Plan's Effective Date and proceed as disclosed within the Plan. A full-text copy of the Disclosure Statement dated June 19, 2025 is available at https://urlcurt.com/u?l=Un6HSy from PacerMonitor.com at no charge. Attorneys for the Debtor: Steven M. Rogers, Esq. Nicholas R. Russell, Esq. ROGERS & RUSSELL 170 S. Main Street Pleasant Grove, Utah 84062 (801) 899-6064 phone (801) 210-5388 fax Email: paralegal@roruss.com About IRecertify IRecertify, doing business as Warehouse B, is a merchant wholesaler of professional and commercial equipment and supplies. IRecertify sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 24-25156) on Oct. 7, 2024. In the petition filed by Brett Kitson, as managing member, the Debtor estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Russell S. Walker, Esq. at PEARSON BUTLER PLLC. IVORY MANAGEMENT: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------- The U.S. Trustee for Region 21 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Ivory Management, LLC. About Ivory Management Ivory Management, LLC filed Chapter 11 petition (Bankr. N.D. Ga. Case No. 25-55145) on May 06, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Paul Baisier oversees the case. The Debtor is represented by Leonard Medley. JMKA LLC: Court Extends Cash Collateral Access to July 25 --------------------------------------------------------- JMKA, LLC received seventh interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use the cash collateral of its secured lenders from July 3 to 25. The lenders include the U.S. Small Business Administration, BayFirst National Bank, Funding Circle, Transportation Alliance Bank, Ameris Bank, Cashfloit LLC, and Funders App, LLC. These lenders assert security interests in all assets of the Debtor, including cash, bank deposits and accounts receivable, which constitute their cash collateral. The seventh interim order, signed by Judge David Cleary, authorized the use of cash collateral to pay the expenses set forth in the Debtor's budget, with a 5% variance allowed. The Debtor was ordered to provide the secured lenders with protection in the form of replacement liens on its assets to the same extent and with the same priority and validity as their pre-bankruptcy liens. In addition, the Debtor was ordered to pay $439 to SBA, $1,000 to BayFirst, $500 to Funding Circle, $500 to Transportation Alliance Bank, $800 to Ameris Bank, $3,000 to Cashfloit, and $2,000 to Funders App. The next hearing is set for July 16. About JMKA LLC JMKA, LLC is a boutique childcare center in downtown Elmhurst, Ill. It operates as Elmhurst Premier Childcare. JMKA filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-00036) on January 3, 2025, with up to $50,000 in assets and up to $10 million in liabilities. Judge David D. Cleary oversees the case. Ben L. Schneider, Esq., at The Law Offices of Schneider & Stone is the Debtor's bankruptcy counsel. Ameris Bank, as secured lender, is represented by: Jillian S. Cole, Esq. Taft Stettinius & Hollister, LLP 111 E. Wacker Drive, Suite 2600 Chicago, IL 60601 (312) 836-4019 jcole@taftlaw.com Cashfloit LLC, as secured lender, is represented by: Fred S. Kantrow, Esq. The Kantrow Law Group, PLLC 732 Smithtown Bypass, Suite 101 Smithtown, NY 11787 (516)703-3672 fkantrow@thekantrowlawgroup.com JOANN INC: Asks Court OK for Bankruptcy Liquidation --------------------------------------------------- Alex Wolf of Bloomberg Law reports that Joann Inc., the closed crafts and fabrics retailer, has asked a judge to approve its bankruptcy liquidation plan, which has gained broad creditor support despite offering minimal recoveries. In a Tuesday, July 8, 2025, filing with the U.S. Bankruptcy Court for the District of Delaware, the longtime retail chain said it secured the required creditor votes to move forward with its wind-down, calling the proposal a "value-maximizing" resolution to its Chapter 11 case. Creditor distributions are being funded with proceeds from the earlier sale of Joann's assets to a group backed by Oaktree Capital Management, which handled the company's going-out-of-business operations. About Joann Inc. JOANN operates in the fabric and sewing industry with one of the largest assortments of arts and crafts products. JOANN has transformed itself into a fully-integrated, digitally-connected omni-channel retailer. JOANN reported a net loss of $200.6 million for the year ended Jan. 28, 2023. On March 18, 2024, JOANN Inc. and 9 affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-10418). JOANN listed $2,257,700,000 in assets against $2,440,700,000 in liabilities as of Oct. 28, 2023. Judge Craig T. Goldblatt oversees the case. The Debtors tapped Latham & Watkins, LLP as legal counsel; Houlihan Lokey Capital, Inc. as investment banker; and Alvarez & Marsal North America, LLC, as financial advisor. Kroll Restructuring Administration, LLC is the noticing agent. JOANN Inc., on April 30, 2024 successfully emerged from its court-supervised financial restructuring process. 2nd Attempt Joann Inc. sought voluntary Chapter 11 petition for the second time under U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25 10068) on Jan. 15, 2025. Kirkland & Ellis is serving as legal counsel to JOANN, with Centerview Partners LLC serving as financial advisor and Alvarez & Marsal North America, LLC serving as restructuring advisor. KC PET: Steven Nosek Named Subchapter V Trustee ----------------------------------------------- The Acting U.S. Trustee for Region 12 appointed Steven Nosek as Subchapter V trustee for KC Pet, Inc. Mr. Nosek 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. Nosek declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Steven B. Nosek 10285 Yellow Circle Drive Hopkins, MN 55343 Email: snosek@noseklawfirm.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. KLIMA CONTROL: Case Summary & 10 Unsecured Creditors ---------------------------------------------------- Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Klima Control Air Conditioning & Heating LLC (Lead) 25-11717 d/b/a Super Cool 1501 W Copans Rd, Suite # 105 Pompano Beach, FL 33064 Klima Control Air Conditioning Supply, Inc. 25-11721 1501 W Copans Rd Suite 105 Pompano Beach, FL 33064 Business Description: Klima Control Air Conditioning LLC, based in Pompano Beach, Florida, distributes HVAC equipment and supplies across South and Central Florida. Founded in 2010, the Company offers products from brands including GE, Ameristar, Westinghouse, Bosch, and First Company. Klima Supply Corp manages administrative and back-office functions for Klima LLC, including invoicing, HR, vendor relationships, payroll, and expense management. It supports HVAC distribution activities and shares certain creditors with KLIMA LLC. Chapter 11 Petition Date: July 7, 2025 Court: United States Bankruptcy Court Southern District of Florida Judge: Hon. Scott M Grossman Debtors' General Bankruptcy Counsel: Shirley A. Palumbo, Esq. Eric N. Assouline, Esq. ASSOULINE & BERLOWE, P.A. 100 SE 2nd Street, Suite 3650 Miami, FL 33131 Tel: (305) 567-5576 Email: sap@assoulineberlowe.com ena@assoulineberlowe.com Klima Control Air Conditioning & Heating's Total Assets: $488,265 Klima Control Air Conditioning & Heating's Total Liabilities: $3,851,460 Klima Control Air Conditioning Supply, Inc.'s Total Assets: $180,884 Klima Control Air Conditioning Supply, Inc.'s Total Liabilities: $0 The petitions were signed by Enrique Pototsky as managing member. Full-text copies of the petitions, which includes lists of the Debtors' 10 unsecured creditors, are available for free on PacerMonitor at: https://www.pacermonitor.com/view/2DCQJUQ/Klima_Control_Air_Conditioning__flsbke-25-17717__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/QTUPRMA/Klima_Control_Air_Conditioning__flsbke-25-17721__0001.0.pdf?mcid=tGE4TAMA KUBERA HOTEL: Seeks to Hire Intero Real Estate Services as Broker ----------------------------------------------------------------- Kubera Hotel Properties LP seeks approval from the U.S. Bankruptcy Court for the Northern District of California to hire Intero Real Estate Services, Inc. as real estate agent. The broker will receive a commission equal to 5 percent of the gross purchase price. Ravi Jagtiani of Intero Real Estate Services assured the court that he and his firm 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: Ravi Jagtiani Intero Real Estate Services, Inc. 920 University Avenue Berkeley, CA 94710 Office Phone: (650) 622-1000 About Kubera Hotel Properties LP Kubera Hotel Properties LP operates a 113-room hotel located at 920 University Avenue, Berkeley, California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-40996) on June 6, 2025. In the petition signed by Pradeep Kantilai T. Khatri, chief executive officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Charles Novack oversees the case. Ryan C. Wood, Esq., at the Law Offices of Ryan C. Wood, Inc., represents the Debtor as bankruptcy counsel. LA NOTTE VENTURES: Court Extends Cash Collateral Access to Aug. 6 ----------------------------------------------------------------- La Notte Ventures, Inc. received interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral until August 6, marking the ninth extension since its Chapter 11 filing. The Debtor will operate within 10% of the budget until its use of cash collateral is approved on a permanent basis. The Debtor's budget projects total operational expenses of $19,444.14 for July. As protection for any diminution in the value of its collateral, the U.S. Small Business Administration will be granted replacement liens on all post-petition property of the Debtor, including all cash collateral, to the same extent, validity, and priority as its pre-bankruptcy liens. As additional protection, SBA will continue to receive a monthly payment of $251. The Debtor's authority to use cash collateral terminates upon dismissal or conversion of its Chapter 11 case to one under Chapter 7 or upon entry of a court order directing the cessation of the use of cash collateral. The next hearing is scheduled for August 5. About La Notte Ventures La Notte Ventures, Inc., doing business as La Notte Ristorante Italiano, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-15860) on October 23, 2024, with up to $50,000 in assets and up to $1 million in liabilities. Judge Jacqueline P. Cox presides over the case. The Debtor is represented by: David R. Herzog, Esq. Law Office of David R. Herzog, LLC 53 W. Jackson Blvd., Suite 1442 Chicago, IL 60604 Telephone: (312) 977-1600 Email: drh@dherzoglaw.com LASEN INC: Hires Mac Restructuring Advisors as Financial Advisor ---------------------------------------------------------------- Lasen Inc. and SkySkopes, Inc. seek approval from the U.S. Bankruptcy Court for the District of Arizona to hire to hire Mac Restructuring Advisors, LLC as their financial advisors. Mac Restructuring will perform a variety of financial and accounting tasks including but not limited to any historic financial analyses required, review and assist in preparing any pro-forma sets of financial and operating projections, assist and advise the Debtors regarding the feasibility of possible debt restructuring scenarios, and provide any other service mutually agreed upon between the Debtors, Debtors' counsel, and Mac Restructuring. MAC Restructuring's fees will be based on its standard hourly rate of $450 per hour for restructuring services, plus actual out of pocket expenses including travel expenses. With the companies' approval, The Cavanagh Law Firm agreed to allocate a portion of their prepetition retainer to Mac Restructuring to cover any fees incurred by Mac up to $10,000 for preparation services. Edward M. Burr, managing director of Mac Restructuring Advisors, assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Edward M. Burr, CTP, CIRA Mac Restructuring Advisors, LLC 10191 E Shangri La Rd Scottsdale AZ 85260 Phone: (602) 418-2906 Email: Restructuring.com About Lasen Inc. Lasen Inc. develops and operates airborne LiDAR systems for leak detection and pipeline inspections across North America. The Company's proprietary Airborne LiDAR Pipeline Inspection System (ALPIS) identifies methane leaks with high accuracy and efficiency, supporting right-of-way and transmission line monitoring. Founded in 1989, LaSen has inspected over 500,000 miles of pipeline and specializes in remote sensing technologies adapted from U.S. defense applications. Lasen Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-05316) on June 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Brenda K. Martin handles the case. The Debtors are represented by Randy Nussbaum, Esq. at CAVANAGH LAW FIRM. LAWTON LLC: Seeks Chapter 11 Bankruptcy in Massachusetts -------------------------------------------------------- On July 8, 2025, Lawton LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Massachusetts. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Lawton LLC Lawton LLC is a real estate company based in Lynn, Massachusetts. Lawton LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11412) on July 8, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Christopher J. Panos handles the case. The Debtors are represented by Michael Walsh, Esq. at Walsh & Walsh LLP. LEISURE INVESTMENTS: Miami-Dade Commissioner Enters Chapter 11 Case ------------------------------------------------------------------- Miami Today reports that the Miami-Dade commissioner representing the district that includes the Miami Seaquarium has been authorized to lead negotiations with the site's current operators regarding the bidding, auction, and bankruptcy proceedings tied to the future of the county-owned attraction. According to the report, Commissioner Raquel Regalado, who has a background in bankruptcy law and valuation, received unanimous support from fellow commissioners to coordinate with Mayor Daniella Levine Cava on a potential agreement -- subject to final commission approval. "I can practice in bankruptcy court and I have expertise in valuation," Regalado told the board during the meeting. Her request was not listed on the meeting's agenda, and commissioners had no written motion or supporting documents at the time of the vote. "This is unfolding in real time, so we need to be involved," Regalado said. "Otherwise, decisions will be made without our input. They're already speaking with different parties who have ideas for the site, and we either engage now or risk being excluded." The Seaquarium, located on Virginia Key off the Rickenbacker Causeway, has drawn scrutiny from the mayor and other officials, who have questioned whether the site should remain a tourist destination -- particularly one centered on marine life. The attraction's main draw, the killer whale Lolita, died two years ago, and concerns over the treatment of animals have persisted, according to Miami Today. Commissioner Juan Carlos Bermudez voiced frustration over the lack of documentation but ultimately supported the motion. "I hate getting motions without anything in front of me," he said. "If we knew this was coming, why didn’t the county attorney's office provide a copy?" County attorneys have been attending the Delaware bankruptcy proceedings and have met with the debtors in possession, who expressed a desire for the county to be involved in determining the site's future use. Regalado's motion officially brings the county into the decision-making process, pending court and commission approval, the report states. About Leisure Investments Holdings LLC 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 Robert S. Brady, Esq., Sean T. Greecher, Esq., Allison S. Mielke, Esq., and Jared W. Kochenash, Esq. as counsels. The Debtors' restructuring advisor is RIVERON MANAGEMENT SERVICES, LLC. The Debtors' Claims & Noticing Agent is KURTZMAN CARSON CONSULTANTS, LLC d/b/a VERITA GLOBAL. LINQTO INC: Shareholders Pledge to Challenge Bankruptcy Proceedings ------------------------------------------------------------------- Steven Church and Jonathan Randles of Bloomberg News report that shareholders of the failed fintech startup Linqto are vowing to challenge a move by the company's new management to reorganize through bankruptcy. The new leadership, which assumed control in recent months, filed for court protection in Houston this week, alleging that former executives misled customers for years by falsely claiming they owned stakes in 111 privately held companies valued at over $500 million, according to Bloomberg News. Sapien Group, an Australia-based investment firm and Linqto shareholder, said it has the support of 52% of shareholders in its effort to oppose the current management's bankruptcy strategy, the report states. 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: Case Summary & 30 Largest Unsecured Creditors ----------------------------------------------------------- Lead Debtor: Linqto Texas, LLC 2929 Allen Parkway, Suite 3300 Houston, TX 77019 Business Description: Linqto operated as a financial technology platform enabling customers to indirectly invest in private-market startups and pre- IPO companies, primarily in the technology sector. Through its subsidiary, Liquidshares, and special purpose vehicles, the Company facilitated the purchase of economic interests in privately held firms. Founded in 2010, Linqto provided services to fintech clients before evolving its investment platform, which remained active until March 2025. Chapter 11 Petition Date: July 7, 2025 Court: United States Bankruptcy Court Southern District of Texas Four affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Linqto Texas, LLC (Lead Debtor) 25-90186 Linqto, Inc. 25-90187 Linqto Liquidshares LLC 25-90188 Linqto Liquidshares Manager LLC 25-90189 Judge: Hon. Alfredo R Perez Debtors' General Bankruptcy Counsel: Gabrielle A. Hamm, Esq. Veronica A. Polnick, Esq. Renee D. Wells, Esq. Athanasios E. Agelakopoulos, Esq. SCHWARTZ PLLC 440 Louisiana Street, Suite 1055 Houston, Texas 77002 Tel: (713) 900-3737 Fax: (702) 442-9887 E-mail: ghamm@nvfirm.com vpolnick@nvfirm.com rwells@nvfirm.com aagelakopoulos@nvfirm.com - and - Samuel A. Schwartz, Esq. 601 East Bridger Avenue Las Vegas, Nevada 89101 Tel: (702) 385-5544 Fax: (702) 442-9887 E-mail: saschwartz@nvfirm.com Debtors' Special Regulatory & Corporate Counsel: SULLIVAN & CROMWELL, LLP Debtors' Investment Banker: JEFFERIES LLC Debtors' Financial Advisor: TRIPLE P TRS, LLC Debtors' Restructuring Advisor: BREAKPOINT PARTNERS LLC Debtors' Notice, Claims, Solicitation & Balloting Agent: EPIQ CORPORATE RESTRUCTURING, LLC Debtors' Public Relations Agent: THROUHCO COMMUNICATIONS, LLC Estimated Assets (on a consolidated basis): $500 million to $1 billion Estimated Liabilities (on a consolidated basis): $500 million to $1 billion The petitions were signed by Jeffrey S. Stein as chief restructuring officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/EFZSM6I/Linqto_Texas_LLC__txsbke-25-90186__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Lowenstein, Sandler LLP Professional $372,483 1251 Avenue Of The Americas Services New York, NY 10020 Contact: Cheryl Denig Email: cdenig@lowenstein.com 2. Sidley Austin LLP Professional $345,992 555 California Street Services San Francisco, CA 94104 Contact: Jennifer Hiwa Email: jhiwa@sidley.com 3. Fraser, Chris Employee Claim $235,926 [Address On File] 4. Consilio LLC Vendor Claim $217,412 1828 L Street NW, Suite 1070 Washington, DC 20036 Contact: Billing Dept Email: billing@consilio.com 5. Krilanovich, Joseph Employee Claim $200,000 [Address On File] 6. Deloitte & Touche LLP Professional $194,431 Po Box 844708 Services Dallas, TX 75284-4708 Contact: AR Dept Email: deloittepayments@deloitte.com 7. Gordon Rees Scully Mansukhani Professional $175,029 100 Pringle Avenue, Suite 300 Services Walnut Creek, CA 94596-3580 Contact: Viann Corbin Email: vcorbin@crsm.com 8. Reed Smith Professional $162,923 1841 Page Mill Road Suite 110 Services Palo Alto, CA 94303 Contact: Sherona Elbaz Email: selbaz@reedsmith.com 9. Integrated Management Vendor Claim $97,963 8655 East Via De Ventura E140 Scottsdale, AZ 8525 Contact: Chad Dean Email: chad@integratedmgmt.com 10. Nurani, Karim Employee Claim $69,338 [Address On File] 11. Consort Partners Inc Vendor Claim $60,000 Po Box 1747 Ross, CA 94957-1747 Email: whitney@consortpartners.com 12. Fullstory Vendor Claim $58,858 1745 Peachtree St. NW, Suite N Atlanta, Ga 30309 Billing Dept Email: billings@fullstory.com 13. Qurrent Inc Vendor Claim $55,000 447 Sutter St. Ste 405 121 San Francisco, CA 94108 Contact: Billing Dept Email: billing@ourrent.ai 14. Gong.Io Inc Vendor Claim $34,340 Po Box 190250 San Francisco, CA 94119 Contact: Accounts Receivable Dept Email: accounts.receivable@gong.io 15. Plaid, Inc. Vendor Claim $31,000 1098 Harrison St. San Francisco, CA 94103 Contact: Accounts Receivable Department Email: accounts-receivable@plaid.com 16. Goodwin Procter LLP Professional $27,118 525 Market Street Floor 32 Services San Francisco, CA 94105 Contact: David Baldock Email: dbaldock@goodwinlaw.com 17. Flare Ecosystems Limited Vendor Claim $24,997 20-22 Wenlock Rd London N1 7GU United Kingdom Email: sales@flare.network 18. Okta Vendor Claim $21,492 Po Box 743620 Los Angeles, CA 90074-3620 Contact: Accounts Receivable Dept Phone: (800) 588 1656 Email: ar@okta.com 19. Gen3 Marketing Vendor Claim $18,000 960b Harvest Drive Blue Bell, Pa 19422 Contact: Mike Tabasso Phone: 877-258-4199 Email: accountsreceivable@gen3marketing.com 20. Integral Advisor Vendor Claim $17,500 2 Sudan Lane San Carlos, CA 94070 Contact: Karen Peacock Phone: (650) 596-5798 21. Appsmith Vendor Claim $15,000 2261 Market Street 4147 San Francisco, Ca 94114 Contact: bhishek Nayak Email: sales@appsmith.com 22. Validity Vendor Claim $13,598 100 Summer Street Suite 2900 Boston, MA 02110 Contact: Jim Tobolski Phone: 1-800-961-8205 Email: jim.tobolski@validity.com; yay.pay@validity.com 23. Datasite Vendor Claim $12,971 733 S Marquette Ave, Suite 600 Minneapolis, MN 55402 Contact: Pamela Bartz Email: pamela.bartz@datasite.com 24. Perform LLC Vendor Claim $9,900 601 Garden View Square Rockville, MD 20850 Contact: Rob Koebke Email: sales@performlabs.dev 25. Impact Tech, Inc. Vendor Claim $9,880 223 E. De La Guerra Street Santa Barbara, CA 93101 Contact: Sales Department Phone: 805-324-6021 Email: sales@impact.com 26. Burrafato, Nick Employee Claim $8,462 [Address On File] 27. Kimes, Brad Vendor Claim $8,000 [Address On File] 28. Niesar Vestal LLP Professional $8,000 90 New Montgomery Street Services 9th Floor San Francisco, CA 94105 Contact: Jessica Taran Phone: 415-882-5300, Ext. 248 Email: jtaran@nvlawllp.com 29. Peak, John Vendor Claim $8,000 [Address On File] 30. Nasdaq (Boardvantage) Vendor Claim $6,902 151 W 42nd St. New York, NY 10036 Email: accounts.receivable@nasdaq.com LR GREENVIEW: Claims to be Paid from Continued Operations --------------------------------------------------------- LR Greenview, LLC, filed with the U.S. Bankruptcy Court for the Northern District of California a Small Business Plan of Reorganization under Subchapter V dated June 18, 2025. The Debtor was started in 2021 when Joseph and Lennene Lichens purchased a boba tea franchise from Teaspoon Franchising, Inc. and opened Teaspoon in Walnut Creek, California. Due to supply-chain issues with building supplies caused by the Covid-19 pandemic, the cost to buildout the location was nearly double the initial estimate. Subsequently, the Debtor entered into a Receivables Sale Agreement, a Merchant Cash Advance, and a Purchase and Sale of Future Receipts Agreement, which with their predatory practices, led to the bankruptcy filing. The Debtor is working to reduce its costs and increase its revenue. Teaspoon Franchising, Inc. has negotiated new contracts with some suppliers that will reduce costs. In order to increase revenue, the Debtor launched a new line of both hot and cold coffee beverages in March 2025 and began opening two hours earlier in the morning in order to increase both daily and seasonal (winter) sales. The Debtor's objective in this chapter 11 case is to reorganize through a confirmed Chapter 11, Subchapter V plan. The Debtor's financial projections show that the Debtor will have projected disposable income 5 years under the terms of the plan, of $214,494. The final Plan payment is expected to be paid on June 21, 2030, which is anticipated to be 60 months after the effective date. This Plan of Reorganization proposes to pay creditors of the Debtor from cash flow from operations. 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, consistent with the liquidation analysis and projected disposable income. This Plan also provides for the payment of administrative and priority claims. Class 3 consists of Non-priority unsecured creditors. Each holder of an allowed general unsecured claim will receive a pro-rata share of each Class 3 Distribution, up to payment full payment (if there are sufficient funds in the Class 3 Pot), without interest. All claims of insider Joseph Lichens will be disallowed. This Class is impaired. The Debtor will continue in business during and after the five-year payment period of the Plan. The Debtor expects to continue in its prior relationships with most or all of its vendors on a current basis. A full-text copy of the Plan of Reorganization dated June 18, 2025 is available at https://urlcurt.com/u?l=ZL6Jwj from PacerMonitor.com at no charge. About LR Greenview LR Greenview, LLC, filed a Chapter 11 petition (Bankr. N.D. Calif. Case No. 25-40170) on January 31, 2025, listing between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Judge William J. Lafferty oversees the case. The Debtor is Represented by: Erin E. Daly, Esq. Regal Tax & Law Group, P.C. Tel: 628-219-9859 Email: erin@regaltaxlaw.com M & M BUCKLEY: Court Extends Cash Collateral Access to July 31 -------------------------------------------------------------- M & M Buckley Management Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The seventh interim order signed by Judge Janet Baer approved the use of cash collateral through July 31 to pay the expenses set forth in the Debtor's budget, with a 10% variance allowed. The budget projects total operational expenses of $15,028.00 for July. As protection for the Debtor's use of its cash collateral, Community Loan Servicing, LLC was granted post-petition replacement liens on the cash collateral and post-petition property of the Debtor to the same extent and with the same priority as its pre-bankruptcy lien. As additional protection, Community Loan Servicing will receive payment of $11,500. The Debtor was ordered to maintain insurance on its real property, listing Community Loan Servicing as the lien holder. The final hearing is scheduled for July 30. About M & M Buckley Management Inc. M & M Buckley Management, Inc. is a professional property management company based in Richton Park, IL. It specializes in managing residential and commercial properties. M & M sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-19108) on December 23, 2024, with $1 million to $10 million in both assets and liabilities. Melvin T. Buckely, Jr., president of M & M, signed the petition. Judge Janet S. Baer handles the case. The Debtor is represented by Gregory K. Stern, Esq., at Gregory K. Stern, P.C. Secured creditor Community Loan Servicing is represented by: Jill Sidorowicz, Esq. Noonan & Lieberman, Ltd. 33 N. LaSalle Street, Suite 1150 Chicago, IL 60602 Phone: (312) 605-3500 MARELLI AUTOMOTIVE: Covestro Steps Down as Committee Member ----------------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing the resignation of Covestro, LLC from the official committee of unsecured creditors in the Chapter 11 cases of Marelli Automotive Lighting USA, LLC and its affiliates. The committee is now composed of: 1. Nissan North America, Inc. Attn: Joseph Hession 1 Nissan Way Franklin, TN 37067 Phone: 615-725-1000 Email: joseph.hession@nissan-usa.com 2. Robert Bosch LLC Attn: Adam Wienner 38000 Hills Tech Drive Farmington Hills, MI 48331 Phone: 248-876-6651 Email: adam.wienner@us.bosch.com 3. Mazda North American Operations Attn: Christopher Wilson 200 Spectrum Center Drive, Suite 100 Irvine, CA 92618 Email: cwilso70@mazdausa.com 4. Tesla, Inc. Attn: Keith Porapaiboon Giga Texas, 1 Tesla Road Austin, TX 78725 Phone: 650-681-5000 Email: contractnotices@tesla.com 5. Avnet, Inc. Attn: Dennis Losik 2211 S. 47th Street Phoenix, AZ 85034 Phone: 847-396 7401 Email: dennis.losik@avnet.com 6. Johnson Matthey Plc Attn: Amy Donohue-Babiak 1397 King Road West Chester, PA 19380 Phone: 610-971-3084 Email: amy.donohue-babiak@matthey.com About Marelli Automotive Lighting USA Marelli Automotive Lighting USA, LLC is a global automotive parts supplier based in Saitama, Japan. The company designs and manufactures advanced technologies for leading automakers, including lighting systems, electronic components, software solutions, and interior products. Operating in 24 countries with a workforce of over 46,000, Marelli also collaborates with motorsports teams and industry partners on high-performance component development. Marelli and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11034) on June 11. 2025. In its petition, Marelli reported between $1 billion and $10 billion in assets and liabilities. Judge Brendan Linehan Shannon handles the cases. The Debtors are represented by Kirkland & Ellis LLP, Kirkland & Ellis International LLP, and Pachulski Stang Ziehl & Jones LLP. Alvarez & Marsal North America, LLC is the Debtors' restructuring advisor. PJT Partners Inc. is the Debtors' investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' notice and claims agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. MARIN SOFTWARE: Hires Donlin Recano as Claims and Noticing Agent ---------------------------------------------------------------- Marin Software Incorporated received approval from the U.S. Bankruptcy Court for the District of Delaware to hire Donlin, Recano & Company, LLC as the claims and noticing agent. The firm will oversee the distribution of notices and will assist in the maintenance, processing and docketing of proofs of claim filed in the Debtor's Chapter 11 case. The firm will bill these hourly fees: Senior Bankruptcy Consultant $155 - $182 Case Manager $105 - $169 Consultant $119 - $139 Technology Programming $50 - $85 Clerical $40 - $50 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Lisa Terry, a senior legal director at Donlin, Recano & Company, 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 through: Lisa Terry Donlin, Recano & Company, Inc. 48 Wall Street New York, NY 10016 Telephone: (619) 346-1628 About Marin Software Incorporated Marin Software Incorporated provides a software-as-a-service platform for managing digital advertising across search, social, and eCommerce channels. Its platform offers analytics, workflow, and optimization tools designed to help performance marketers and agencies improve returns on advertising spend. Marin Software Incorporated sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11263) on July 1, 2025. In its petition, the Debtor reports total assets of $5,656,853 and total debts of $2,767,237. The Debtor's bankruptcy counsel is James E. O'Neill, Esq. at PACHULSKI STANG ZIEHL & JONES LLP. The Debtor's Corporate Counsel is FENWICK & WEST LLP. ARMANINO ADVISORY LLC is the Debtor's Financial Advisor and DONLIN, RECANO & COMPANY, LLC is the Debtor's Claims, Noticing & Solicitation Agent and Administrative Advisor. MIKLAR LLC: Seeks to Hire Michael Matthews as Real Estate Agent --------------------------------------------------------------- Miklar, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to employ Michael Matthews, a member of the Debtor, to serve as its real estate agent. Mr. Matthews will market and sell the Debtor's property located at 1531 E Stewarts Lane, Lot #5, Nashville, TN 37218. Mr. Matthews will not receive any commission or other compensation from the Debtor's estate for these services. The only charge will be $600 payable to Benchmark Realty, to cover expenses owed to his affiliate broker. Mr. Matthews can be reached at: Michael Matthews Benchmark Realty 2800 Scottsville Rd, Suite 200 Bowling Green, KY 42104 Phone: (270) 715-4793 About Miklar, LLC Miklar LLC is a Nashville-based real estate development company with properties in Davidson County. Miklar LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-02225) on May 28, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Nancy B. King handles the case. The Debtors are represented by Denis Graham (Gray) Waldron, Esq. at Dunham Hildebrand Payne Waldron, PLLC. MOGULS INDUSTRIES: Case Summary & 16 Unsecured Creditors -------------------------------------------------------- Debtor: Moguls Industries, LLC 466 Rochester Road Zelienople, PA 16063 Business Description: Moguls Industries LLC, doing business as Rumor's Tavern, operates a bar and grill in Zelienople, Pennsylvania. The establishment serves casual food and drinks in a neighborhood setting and offers weekly entertainment including live music, DJs, and karaoke. It has been a gathering place for residents of Cranberry and Beaver County for over a decade. Chapter 11 Petition Date: July 7, 2025 Court: United States Bankruptcy Court Western District of Pennsylvania Case No.: 25-21775 Judge: Hon. Gregory L. Taddonio Debtor's Counsel: Ryan J. Cooney, Esq. COONEY LAW OFFICES 223 Fourth Ave Pittsburgh, PA 15222 Tel: (412) 992-7597 E-mail: Rcooney@cooneylawyers.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Gary Fennell as president. A copy of the Debtor's list of 16 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PVFHRJA/Moguls_Industries_LLC__pawbke-25-21775__0004.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PBWBN3Y/Moguls_Industries_LLC__pawbke-25-21775__0001.0.pdf?mcid=tGE4TAMA MOGULS INDUSTRIES: Seeks Subchapter V Bankruptcy in Pennsylvania ---------------------------------------------------------------- rkc.llc reports that Moguls Industries, LLC, which operates Rumors Tavern in Zelienople, Pennsylvania, has filed for Chapter 11 bankruptcy protection. The filing was submitted on July 7, 2025, in the U.S. Bankruptcy Court for the Western District of Pennsylvania. Moguls Industries is proceeding under Subchapter V of Chapter 11, a provision designed to simplify the reorganization process for small businesses. In its petition, the company reported estimated assets and liabilities each between $1 million and $10 million, with between 1 and 49 creditors. It also indicated that funds will be available for distribution to unsecured creditors after administrative costs are paid, the report states. About Moguls Industries LLC Moguls Industries LLC is the operator of Rumors Tavern, a drinking establishment located in Zelienople, Pennsylvania. Moguls Industries LLC sought relief under Subchapter V of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-21775) on July 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Ryan J. Cooney, Esq. at Cooney Law Offices. MOSAIC COS: Seeks Chapter 11 Bankruptcy with Plans to Sell Assets ----------------------------------------------------------------- Steven Church of Bloomberg News reports that Mosaic Cos., a tile and stone flooring company, filed for bankruptcy with intentions to sell its operations, after its primary investor -- an affiliate of investment firm Baupost Group -- was unable to resolve import-related issues that began during the Covid-19 pandemic. In a court filing Tuesday, July 8, 2025, Mosaic explained that its heavy dependence on imported products, sold through design studios and home improvement chains, made it especially susceptible to the supply chain disruptions triggered by the pandemic and persisting in its aftermath. About Mosaic Cos. LLC Mosaic Companies, LLC is a specialty surfaces distributor operating multiple brands in the high-end tile, stone, and ceramic products sector. Mosaic Companies sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11296) on July 8, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Craig T. Goldblatt handles the case. The Debtor is represented by Sophie Rogers Churchill, Esq. and Matthew B. Harvey, Esq. at Morris Nichols Arsht & Tunnell, LLP. MRS. BETTY'S: Unsecured Creditors to Split $72K over 5 Years ------------------------------------------------------------ Mrs. Betty's Fried Chicken Restaurant, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Georgia a Plan of Reorganization under Subchapter V dated June 19, 2025. The Debtor operates a restaurant in Butler, Taylor County, Georgia and formerly also operated in Warner Robins, Houston County, Georgia. The Warner Robins location closed due to insufficient revenue to support its expenses. The Debtor now files this plan to regroup at the remaining Butler location, repay its creditors, and return itself to profitability. The claims in Class 5 (General Unsecured), to the extent allowed, shall be settled and satisfied as follows: Claims in this class shall be paid the full amount of their Allowed Claims, up to total aggregate claims payments of $75,000.00, over the term of the plan. Estimated claims in this class are $227,475. The Plan will last a minimum of three years and a maximum of five years but will guarantee payment of the stated dividend of $72,000. Each holder of an Allowed Unsecured Claim shall be paid by the Debtor (or Trustee, as the case may be) their pro rata share of each annual distribution within 30 days of the annual payment due date. All payments shall be made from the Debtor's future earnings, from the liquidation of its assets, or from loans, contributions or gifts to the Debtor. For Class 5 claims, Debtor shall fund annual payments of at least $14,400.00 each, with the first payment due on the anniversary of the Effective Date. Payments will be completed within 60 months/5 years following the Effective Date. A full-text copy of the Plan of Reorganization dated June 19, 2025 is available at https://urlcurt.com/u?l=JOxMh6 from PacerMonitor.com at no charge. Counsel to the Debtor: Daniel L. Wilder, Esq. LAW OFFICES OF EMMETT L. GOODMAN, IR., LLC 544 Mulberry Street, Suite 800 Macon, GA 31201-2776 Tel: (478) 745-5415 Fax: (478) 746-8655 Email: dwilder@goodmanlaw.org About Mrs. Betty's Fried Chicken Restaurant Mrs. Betty's Fried Chicken Restaurant, LLC, sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-40197) on March 21, 2025, listing $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Daniel Lewis Wilder, Esq., at Law Offices Of Emmett L. Goodman, Jr., is the Debtor's counsel. MY JOB MATCHER: July 15 Deadline for Panel Questionnaires --------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy cases of My Job Matcher, Inc., et al. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/5bphwapa and return by email it to Hannah McCollum -- Hannah.McCollum@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than 4:00 p.m., on Tuesday, July 15, 2025. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About My Job Matcher Inc. My Job Matcher Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11280) on July 6, 2025. In its petition, the Debtors estimated assets of $10 million to $50 million and liabilities of $50 million to $100 million. The Honorable Bankruptcy Judge Karen B. Owens handles the cases. The Debtors are represented by Jeffrey R. Waxman, Esq.,Carl N. Kunz, III, Esq., and Christopher M. Donnelly, Esq. at Morris James LLP. Configure Partners LLC serves as investment banker to the Debtors, Stretto Inc. acts as claims and noticing agent, and Corlissmoore & Associates acts as provider of CEO, COO administrative office and support personnel to the Debtors. MY JOB MATCHER: Plans to Sell AI Job Interview Software, Domains ---------------------------------------------------------------- James Nani of Bloomberg Law reports that the high-tech staffing firm behind Job.com, My Job Matcher, is seeking bankruptcy court approval to let its secured lenders begin bidding on key assets, including AI-powered interview software and more than 200 domain names. In a motion filed Tuesday, July 8, 2025, in the U.S. Bankruptcy Court for the District of Delaware, My Job Matcher Inc. asked the court to designate a $35 million credit bid from Serengeti Multi-Series Master LLC-Series ARR, GT Partners Private Credit Finance LLC, and GT Monterey Cypress Finance LLC as the opening bid for most of its assets. About My Job Matcher Inc. My Job Matcher Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11280) on July 6, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and liabilities ranging from $50 million to $100 million. Honorable Bankruptcy Judge Karen B. Owens handles the case. The Debtor is represented by Jeffrey R. Waxman, Esq.,Carl N. Kunz, III, Esq., and Christopher M. Donnelly, Esq. at Morris James LLP. NEWBURGH/SIX MILE: JPMBB Wants NAI Farbman as Receiver ------------------------------------------------------ In the case styled JPMBB 2014-C22 NORTH LAUREL PARK DRIVE, LLC, a Delaware limited liability company, Plaintiff v. NEWBURGH/SIX MILE LIMITED PARTNERSHIP II, a Michigan limited partnership, Defendant, Case No. 2:25-cv-11884-NGE-EAS (E.D. Mich.), the Plaintiff moves this Court for expedited consideration of its motion pursuant to Fed. R. Civ. P. 65 and 66, M.C.L. Section 600.2926, M.C.L. Section 554.1057, and M.C.L. Section 554.1016, for entry of an order of the stipulated order appointing a receiver to manage and control certain real and personal property, specifically, the multi-tenant office building and theatre located at 17370-17390 North Laurel Park Drive, Livonia, MI 48152. The Plaintiff holds a mortgage on the Property in the amount of at least approximately $21,908,675.31. Defendant Newburgh/Six Mile Limited Partnership II is the borrower that has defaulted under the Loan Documents, by among other defaults, failing to pay all amounts due under the Note and Mortgage on or prior to August 1, 2024. The Defendant continues to control the Property but has failed to pay the entire balance of the loan on the Maturity Date, despite receiving rental income. The Plaintiff believes that a preliminary injunction appointing a receiver should be issued to protect its interest in the Property and income therefrom. The Plaintiff has initiated a foreclosure by advertisement of the Property by commencing publication of a Notice of Mortgage Foreclosure Sale pursuant to MCL 600.3201 et seq. on May 21, 2025 in the Detroit Legal News and the sale is currently set for July 3, 2025, and Plaintiff requests the immediate appointment of a receiver to preserve and protect the property during the foreclosure and statutory redemption period. The Plaintiff also points out the Defendant has agreed in the Loan Documents to the appointment of a receiver under the present circumstances, and so cannot effectively oppose it now. The Plaintiff is also entitled to the appointment of receiver under Michigan law. The Plaintiff now asks that this Court immediately enter the Stipulated Order Appointing Receiver and Other Relief, which provides for the appointment of NAI Farbman through its authorized agent Andy Gutman as receiver, with all of the powers and duties prescribed by law and the Order and protecting Plaintiff's interest in the Property and income therefrom from dissipation by Defendant. Newburgh/Six Mile Limited Partnership II is a Michigan limited partnership and is the mortgagor of the Property. The Plaintiff is represented by: Andrew T. McClain, Esq. DENTONS US LLP 233 S. Wacker Drive, Suite 5900 Chicago, IL 60606 Telephone: (312) 876-800 Facsimile: (312) 876-7934 E-mail: andrew.mcclain@dentons.com - and - Ann Marie Uetz, Esq. FOLEY & LARDNER LLP 500 Woodward Avenue, Suite 2700 Detroit, MI 48226 Telephone: (313) 234-7175 E-mail: auetz@foley.com NIKOLA CORP: Ex-CEO Disputes Plan Discloses Over Funding -------------------------------------------------------- Randi Love of Bloomberg Law reports that the founder of Nikola Corp. is opposing the bankrupt EV maker's proposed plan disclosures, arguing that the documents are misleading and lack crucial information. In a Monday, July 7, 2025, filing with the U.S. Bankruptcy Court for the District of Delaware, former CEO Trevor Milton claimed the company breached their separation agreement, which obligated Nikola to cover his future litigation costs in exchange for his resignation. Milton noted that, under the agreement, he relinquished all of his performance-based stock, forfeited the option to enter a two-year consulting deal worth $10 million annually, and gave up other rights -- commitments he says Nikola has not honored. About Nikola Corp. Nikola Corporation and affiliates specialize in the design and manufacture of zero-emissions commercial vehicles, including battery-electric and hydrogen fuel cell trucks. The companies operate in two business units: Truck and Energy. The Truck business unit is commercializing heavy-duty commercial hydrogen-electric (FCEV) and battery-electric (BEV) Class 8 trucks that provide environmentally friendly, cost-effective solutions to the short, medium and long-haul trucking sectors. The Energy business unit is developing hydrogen fueling infrastructure to support FCEV trucks covering supply, distribution and dispensing. Founded in 2015, Nikola is headquartered in Phoenix, Ariz. Nikola and nine of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-10258) on February 19, 2025. In the petitions, the Debtors reported total assets as of Jan. 31, 2025 of $878,094,000 and total debts as of Jan. 31, 2025 of $468,961,000. Bankruptcy Judge Thomas M. Horan handles the cases. Potter Anderson & Corroon LLP serves as general bankruptcy counsel to the Debtors, and Pillsbury Winthrop Shaw Pittman LLP serves as bankruptcy co-counsel. Houlihan Lokey Capital, Inc. acts as investment banker to the Debtors; M3 Advisory Partners LP acts as financial advisor to the Debtors; while EPIQ Corporate Restructuring LLC is the Debtors' claims and noticing agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Morrison & Foerster LLP and Morris James, LLP as legal counsels; Ducera Securities, LLC as investment banker; and FTI Consulting, Inc. as financial advisor. PENNSYLVANIA ECONOMIC: Fitch Withdraws BB- Rating on Parking Bonds ------------------------------------------------------------------ Fitch Ratings has affirmed Pennsylvania Economic Development Financing Authority's (PEDFA) approximately $28 million outstanding senior parking revenue bonds at 'BB-'. The Rating Outlook is Stable. Fitch has also withdrawn the rating for commercial reasons. RATING RATIONALE The rating reflects the system's underlying market and constrained financial profile given the elevated aggregate leverage, which has led to increased risk related to asset preservation should cash flows prevent adequate levels of funding for capital and maintenance needs. The system retains financial flexibility in the form of its surety contracts to meet short-term financial commitments. However, the system's financial capacity to meet all future obligations, including reimbursements to Assured Guaranty (AGM) and Dauphin County for draws on the debt service reserve fund and the funding of necessary maintenance capex, is vulnerable to adverse changes in the economic environment. Although the parking system maintains healthy coverage on a senior basis, coverage including subordinate debt obligations is significantly lower and has not been in compliance with the rate covenant for several years. The rating case reflects senior coverage averaging 1.9x through maturity, while all-in coverage net of senior and subordinate operating expenses averages is less than sum sufficient at 0.9x through 2053. Fitch expects parking system cash flows and current fund balances to remain narrow, providing limited internal resources for maintenance capex due to the low priority in the payment waterfall of capital reserve account replenishment. Fitch Ratings has chosen to withdraw PEDFA's rating for commercial reasons. KEY RATING DRIVERS Revenue Risk - Volume - Weaker Dominant Position, Lagging Performance: The system includes 11 parking facilities covering around 70% of public parking in Harrisburg. Strong non-compete covenants provide adequate market share protection. However, while the high degree of government jobs in the area provides some demand stability via commonwealth parking contracts, university enrollment and economic growth in the Harrisburg area remain important to growth, with parking revenues likely to mirror tepid historical performance. Rates remain competitive versus the national average, providing flexibility should the authority pursue above-inflationary rate increases to address revenue underperformance and fund lifecycle investments. Moderate Price Flexibility: Contracted rate schedules provided for large upward adjustments prior to 2017, and the current mechanism allows for annual escalators broadly in line with inflation. The approval procedures for rate adjustments above the annual escalators could face political risks, which may limit rate-making flexibility, although the authority has a historical precedent of implementing significant increases. Capital Plan Exhibits Risk: The weaker assessment reflects the system's limited excess cash flows to fund major maintenance costs, as well as to replenish the capital reserve account at appropriate levels. Repayments to draws on debt service reserves tied to the junior obligations are prioritized ahead of capital reserves in the system's flow of funds. In addition, inflationary pressures could cause capex costs to rise at a faster rate than revenue, causing further tightening of cash flow for capital improvements. Debt Structure - Midrange Fixed-Rate, Weak Structural Features: The midrange assessment reflects the senior ranking of the 2013A-2 bonds in the project's capital structure and the parking system's fixed-rate and fully amortizing debt profile. Debt service escalates through maturity due to a combination of current interest and capital appreciation bonds. Weak structural features include limited requirements for liquidity and leverage protections, no established operating reserves, and debt service reserves funded through surety policies instead of cash. Financial Profile The parking system has a high aggregate leverage and an escalating debt service profile, including capital appreciation structured bonds, which requires significant revenue growth to cover increasing capital needs. All-in coverage, including subordinate debt, was 1.0x in 2024, falling below the rate covenant (two-prong test of 1.0x all obligations and 1.25x all debt service net of current expenses) for the seventh time since 2013. In Fitch's rating case, senior-lien coverage averages 2.9x from 2025 through 2034 and 1.9x through debt maturity. The 10-year average coverage of total project costs, including subordinated debt obligations and debt service reserve draw reimbursements, is less than sufficient at 0.9x. PEER GROUP The closest publicly Fitch-rated peer is Miami Parking (A+/Stable). This parking credit represents a larger city system in a very strong metropolitan statistical area. Miami Parking's higher rating reflects robust liquidity and stronger financial metrics, with Fitch's rating case debt service coverage ratio (DSCR) averaging above 4.0x and leverage below 1.0x. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Rating Sensitivities are not applicable as the rating has been withdrawn. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Rating Sensitivities are not applicable as the rating has been withdrawn. SECURITY The series 2013A senior bonds are secured by a senior in payment gross pledge of the parking revenues (which are net of a 20% off-street parking tax to the city) generated by the Capitol Region Parking System's facilities and meters. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Pennsylvania Economic Development Financing Authority (PA) [Parking] Pennsylvania Economic Development Financing Authority (PA) /Parking System Revenues - First Lien/1 LT LT BB- Affirmed BB- Pennsylvania Economic Development Financing Authority (PA) /Parking System Revenues - First Lien/1 LT LT WD Withdrawn PERASO INC: Regains Nasdaq Compliance on Bid Price Rule ------------------------------------------------------- Peraso Inc. received a letter from The Nasdaq Stock Market LLC notifying the Company that it has regained compliance with the Nasdaq Capital Market's minimum bid price continued listing requirement. The letter noted that, as of June 17, 2025, the Company evidenced a closing bid price of its common stock in excess of the $1.00 minimum requirement for 10 consecutive trading days. Accordingly, the Company has regained compliance with Nasdaq Marketplace Rule 5550(a)(2) and Nasdaq considers the matter closed. About Peraso Inc. Headquartered in San Jose, California, Peraso Inc. -- www.perasoinc.com -- is a pioneer in high-performance 60 GHz unlicensed and 5G mmWave wireless technology, offering chipsets, antenna modules, software and IP. Peraso supports a variety of applications, including fixed wireless access, immersive video and factory automation. In addition, Peraso's solutions for data and telecom networks focus on Accelerating Data Intelligence and Multi-Access Edge Computing, providing end-to-end solutions from the edge to the centralized core and into the cloud. In its report dated March 28, 2025, the Company's auditor, Weinberg & Company, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that during the year ended Dec. 31, 2024, the Company incurred a net loss and utilized cash in operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, Peraso had $7.21 million in total assets, $3.74 million in total liabilities, and $3.47 million in total stockholders' equity. PROSPECT INTERMEDIATE: Seeks Chapter 11 After Sale of Astrana ------------------------------------------------------------- Alex Wittenberg of Law360 reports that roughly two dozen physician practices affiliated with bankrupt healthcare firm Prospect Medical have filed for Chapter 11 protection in Texas, just days after Prospect sold a portion of their assets to Astrana Health Inc. in a $708 million deal. About Prospect Intermediate Holdings LLC Prospect Intermediate Holdings LLC is a healthcare holding company within the Prospect Medical Holdings system. Prospect Intermediate Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80158) on July 7, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $500 million and $1 billion. Honorable Bankruptcy Judge Jud Stacey G. Jernigan handles the case. The Debtor is represented by Thomas Robert Califano, Esq. at Sidley Austin LLP. PROSPECT MEDICAL: PCo Debtors File Chapter 11 for Wind-Down ----------------------------------------------------------- PHP Holdings, LLC, and certain physician-related debtor affiliates followed parent Prospect Medical Holdings, Inc., into Chapter 11 bankruptcy to complete a wind-down of their operations. Prospect is a significant provider of coordinated regional healthcare services in California, Connecticut, Pennsylvania, and Rhode Island. The Company's business can be broadly divided into two segments: (1) hospital operations, which consist of, among other things, the ownership and operation of 16 acute care and behavioral hospitals -- "HospitalCo" -- and (2) physician-related services, including certain owned and managed medical groups, independent physician associations, managed services organizations and risk-taking entities -- "PhysicianCo". Amid mounting operational losses and liquidity concerns, Prospect retained Morgan Stanley & Co. LLC to run a fulsome marketing and sale process for Physician Co. After months of negotiations, Prospect in November 2024 signed a purchase agreement with Astrana Health Inc. to purchase the PhysicianCo. business for $745 million in consideration, minus certain purchase price adjustments. In January, Prospect and other HospitalCo debtors commenced chapter 11 cases to stabilize their hospital business and consummate a comprehensive restructuring transaction. The PhysicianCo entities were not included in the January filings as the Astrana sale had to be closed outside the Chapter 11 process for regulatory purposes. Following the close of the Astrana sale on July 1, 2025, the ownership of former PhysicianCo affiliates Prospect Health Plan, Inc., a Knox-Keene licensed entity, and Alta Newport Hospital, LLC dba Foothill Regional Medical Center, a licensed acute hospital, were transferred to Astrana. The remaining PhysicianCo entities have ceased operations and no longer employ any employees. After calculating all pre-closing adjustments, the adjusted purchase price was approximately $698.5 million. PHP Holdings, LLC and the other PhysicanCo entities on July 7, 2025, commenced chapter 11 cases to effectuate an orderly wind-down of their business, in coordination with the HCo Debtors' Chapter 11 cases initiated in January 2025. Among other things, the Astrana sale, which had to be closed outside of chapter 11 for regulatory purposes, enabled the HCO Debtors to pay down the JMB DIP Facility by approximately $67 million and enabled substantial repayment of the PCo Debtor's liabilities. Following the Astrana Sale, the PCo Debtors have ceased all business operations, no longer employ any personnel, and do not generate any operating revenue. Accordingly, the PCo Debtors are now focused exclusively on winding down their affairs and liquidating any remaining assets. Notwithstanding the Astrana Sale, the PCo Debtors remain saddled with liabilities that cannot be resolved outside of chapter 11 including: (1) $772.4 million of secured debt which consists of: (a) $757.4 million owed to Medical Properties Trust, Inc. and its affiliates (collectively, "MPT"), and (b) approximately $15 million owed to funds managed or advised by Centerbridge Credit CS, L.P. and funds managed or advised by Blue Torch Capital L.P., and (2) certain "Excluded Liabilities" from the Astrana sale including, inter alia, (i) pre-Closing litigation arising from the 2023 cyber-security attack and other professional- and general-liability lawsuits, and (ii) potential WARN Act, severance, wage, and benefits exposure for former employees. In addition, the PCo Debtors are party to a Restructuring Support Agreement with MPT and the Prepetition Term Loan Lenders pursuant to which those parties agreed to support a chapter 11 plan contemplating the wind-down of the PCo Debtors' estates, subject to certain conditions. Accordingly, the PCo Debtors contend the Chapter 11 Cases are necessary to effectuate an orderly, court-supervised wind-down of their estates. About Prospect Medical Prospect Medical Holdings is a significant provider of coordinated regional healthcare services in California, Connecticut, Pennsylvania, and Rhode Island. The Company's business has two segments: (1) hospital operations, which consist of, among other things, the ownership and operation of 16 acute care and behavioral hospitals (collectively, "HospitalCo"), and (2) physician-related services, including certain owned and managed medical groups, independent physician associations, managed services organizations and risk taking entities (collectively, "PhysicianCo"). Prospect in November 2024 signed a purchase agreement with Astrana Health Inc. for the sale of PhysicianCo for $745 million in consideration, minus certain purchase price adjustments. Prospect Medical and other HospitalCo affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan. 11, 2025. In the petition filed by CRO Paul Rundell, the Debtor estimated assets and liabilities between $1 billion and $10 billion each. After closing of the Astrana sale, PHP Holdings, LLC, and 24 Physician Co. affiliates commenced Chapter 11 cases to complete a wind-down of their operations. Bankruptcy Judge Stacey G. Jernigan handles the cases. The Debtors' general bankruptcy counsel is Thomas R. Califano, Esq., and Rakhee V. Patel, Esq., at Sidley Austin LLP, in Dallas, Texas, and William E. Curtin, Esq., Patrick Venter, Esq., and Anne G. Wallice, Esq., at Sidley Austin LLP, in New York. The Debtors also tapped Alvarez & Marsal North America, LLC as financial advisor; Houlihan Likey, Inc. as investment banker; and Omni Agent Solutions, Inc. as claims, noticing & solicitation agent. On Jan. 29, 2025, the Office of the United States Trustee for Region 6 appointed an official committee of unsecured creditors. The committee tapped Brinkman Law Group, PC, as efficiency counsel. PROSPECT MEDICAL: Sussman & Moore Represents Utilities & Executor ----------------------------------------------------------------- Weldon L. Moore, III of Sussman & Moore, LLP, filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 cases of Prospect Medical Holdings Inc. and its affiliates, the firm represents utility companies (the "Utilities") that provide utility goods/services to the Debtors. Further, the Firm represents the Estate of David Scavetta, through Beverly Scavetta, Executor (the "Executor"). The names and addresses of the Utilities represented by the Firm are: 1. PECO Energy Company Attn: Lynn R. Zack, Esq. Assistant General Counsel Exelon Corporation 230I Market Street, S23-I Philadelphia, Pennsylvania 19103 2. Southern California Gas Company Attn: Cranston J. Williams, Esq. Office of the General Counsel 555 W. Fifth Street, GT14GI Los Angeles, CA 90013-1034 3. Southern California Edison Company Attn: Jeffrey S. Renzi, Esq. Director and Managing Attorney Southern California Edison Company, Law Department 2244 Walnut Grove Avenue Rosemead, California 91770 4. The Connecticut Light & Power Company Yankee Gas Services Company Attn: Honor S. Heath, Esq. Eversource Energy 107 Selden Street Berlin, Connecticut 06037 5. Rhode Island Energy Attn: Tonya M. Harris, Esq. PPL Corporation Two City Center 645 Hamilton Street Allentown, Pennsylvania 18101 1. David Scavetta, through Beverly Scavetta, Executor c/o Jonathan A. Kocienda Claggett, Sykes & Garza, LLC 76 Batterson Park Rd., Ste. 301 Farmington, CT 06032 Sussman and Moore, LLP was retained to represent the Executor in June 2025. The circumstances and terms and conditions of employment of the Firm by the Utilities is protected by the attorney-client privilege and attorney work product doctrine. The law firm can be reached at: Weldon L. Moore, III Sussman & Moore, LLP 2911 Turtle Creek Blvd., Ste. Dallas, Texas 75219 Tel: (214) 378-8270 Fax: (214) 378-8290 Email: wmoore@csmlaw.net About Prospect Medical Holdings Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan. 11, 2025. In the petition filed by Paul Rundell, as chief restructuring officer, the Debtor estimated assets and liabilities between $1 billion and $10 billion each. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' General Bankruptcy Counsel is Thomas R. Califano, Esq., and Rakhee V. Patel, Esq., at Sidley Austin LLP, in Dallas, Texas, and William E. Curtin, Esq., Patrick Venter, Esq., and Anne G. Wallice, Esq., at Sidley Austin LLP, in New York. The Debtors' Financial Advisor is ALVAREZ & MARSAL NORTH AMERICA, LLC. The Debtors' Investment Banker is HOULIHAN LIKEY, INC. The Debtors' Claims, Noticing & Solicitation Agent is OMNI AGENT SOLUTIONS, INC. QVC GROUP: 2 Directors Join Board After Larry Romrell's Exit ------------------------------------------------------------ QVC Group, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Larry E. Romrell resigned from the board of directors, effective June 20, 2025. As a result of his resignation from the Board, Mr. Romrell will no longer serve as a member of the Audit Committee of the Board or as Chair of the Compensation Committee of the Board. Mr. Romrell's resignation as a member of the Board was not the result of any dispute or disagreement with the Company, and the Company is appreciative of Mr. Romrell's years of service and wishes him well in his future endeavors. Immediately following Mr. Romrell's resignation, on June 20, 2025, the Board increased the size of the Board from seven (7) to eight (8) directors and appointed Roger Meltzer and Carol Flaton to the Board to fill the two vacancies occurring as a result of Mr. Romrell's resignation and the increase in Board size. The Board has determined that each of Mr. Meltzer and Ms. Flaton qualifies as an independent director for purposes of the rules of The Nasdaq Stock Market as well as applicable rules and regulations adopted by the Commission. The Board has also determined that each of Mr. Meltzer and Ms. Flaton qualifies as a disinterested director under Delaware law with respect to any strategic and/or financial alternatives that may be considered and evaluated from time to time by the Board. Mr. Meltzer and Ms. Flaton will serve on a special committee of the Board formed for the purpose of considering and evaluating such matters. Neither Mr. Meltzer nor Ms. Flaton has a direct or indirect material interest in any related party transaction required to be disclosed under Item 404(a) of Regulation S-K. Mr. Meltzer will serve as a Class I director with a term expiring at the annual meeting of stockholders in 2026 and Ms. Flaton will serve as a Class II director with a term expiring at the annual meeting of stockholders in 2027. In addition, effective upon Mr. Meltzer and Ms. Flaton's appointments: (i) the Audit Committee of the Board will consist of Mr. Meltzer, Ms. Flaton, M. Ian G. Gilchrist and Fiona P. Dias, with Mr. Gilchrist serving as Chair, and (ii) the Compensation Committee of the Board will consist of Mr. Meltzer, Ms. Flaton and Mr. Gilchrist, with Mr. Meltzer serving as Chair. The Company has entered into a disinterested director letter agreement with each of Mr. Meltzer and Ms. Flaton. In accordance with the Letter Agreements, each of Mr. Meltzer and Ms. Flaton will receive cash compensation equal to $50,000 per month for the duration of their service on the Board and, following the conclusion of their service on the Board, reimbursement for continuing support on a per diem basis. Mr. Meltzer and Ms. Flaton will not receive any other compensation, including pursuant to the Company's nonemployee director compensation program, which is summarized in the Company's proxy statement, which was filed with the Commission on March 28, 2025. The Company will also enter into its standard form of Indemnification Agreement with each of Mr. Meltzer and Ms. Flaton. The Form of Indemnification Agreement is filed as Exhibit 10.30 to the Company's Annual Report on Form 10-K as filed with the SEC on February 27, 2025. About QVC Group QVC Group, Inc., formerly known as Qurate Retail, Inc. -- https://www.qvcgrp.com/ -- owns interests in subsidiaries and other companies which are primarily engaged in the video and online commerce industries. Through our subsidiaries and affiliates, we operate in North America, Europe and Asia. Its principal businesses and assets include our consolidated subsidiaries QVC, Inc., Cornerstone Brands, Inc., and other cost method investments. As of Dec. 31, 2024, QVC Group had $9.24 billion in total assets, $10.13 billion in total liabilities, and $885 million in total stockholders' equity. * * * In June 2025, Fitch Ratings has downgraded QVC Group, Inc.'s (QVC) Long-Term Issuer Default Rating (IDR) to 'CCC+' from 'B-'. The downgrade reflects heightened risk regarding QVC's ability to stabilize operations and support its capital structure amid accelerating revenue declines and a challenged operating environment. RADIX HAWK: Seeks to Hire Gullett Title Inc as Title Agent ---------------------------------------------------------- Radix Hawk Holdings LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Gullett Title Inc as title agent. The firm will render these services: a. Issuance of title commitments and title insurance policies; b. Title searches and curative work; c. Coordination of closing/escrow services d. Disbursement of sale proceeds; and e. All other "related title services" as defined in Rule 690-186.003(1), Florida Administrative Code. The firm has has agreed to be compensated as follows: a. Professional will be compensated at the closing of the Auction sale regarding the Debtor's Property through receipt of the title insurance premium earned for this transaction if property sells to a third party at the Auction. b. However, if there is no sale at the Auction or the Property sells by way of a credit bid to Altamar Financial Group, LLC, then Professional shall be entitled to a $7,500 flat fee payable by the Debtor. J.J. Gullett, president of Gullett Title, Inc., assured the court that his firm is a disinterested person as defined under 11 U.S.C. Sec. 101(14). The firm can be reached through: J.J. Gullett Gullett Title, Inc. 401 Saint Johns Avenue Palatka, FL 32177 Phone: (386) 328-5106 Email: jj@gulletttitle.com About Radix Hawk Holdings LLC Radix Hawk Holdings LLC is a real estate holding company primarily owning hotel and motel complexes located at 5859 American Way, Orlando, FL 32819. Radix Hawk Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01631) on March 24, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Lori V. Vaughan handles the case. The Debtor is represented by Craig I. Kelley, Esq. of KELLEY KAPLAN & ELLER, PLLC. RASMALA TRADE: Deloitte & Al Fattan Name as Liquidators ------------------------------------------------------- By order of the Grand Court of the Cayman Islands, the voluntary liquidation of Rasmala Trade Finance Fund whose registered offices is situated care of Deloitte & Touche LLP, PO Box 1787, 8th floor, 60 Nexus Way, Camana Bay, Grand Cayman, KY1-1109, Cayman Island ("Deloitte Cayman") be continued under the supervision of the court. Michael Green and Grant Hiley of Deloitte Cayman and Paul Leggett of Deloitte Professional Services (DFIC) Limited, AL Fattan Currency House, DFIC, Building 1 Dubai, United Arab Emirate, were appointed as joint official liquidators ("JOLs"). Creditors of the company are invited to prove their debts or claims and to establish any title they have under the ACT, contingent or otherwise, by July 23, 2025. The proof of debt form can be requested by contacting the JOLs at: Grant Hiley Joint Official Liquidator Audra Graham Deloitte & Touche LLP Tel: +1 (345) 949-7500 Email: augraham@deloitte.com REDHAWK LANDING: Hires Swiecicki & Muskett as Bankruptcy Counsel ---------------------------------------------------------------- Redhawk Landing LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Missouri to hire Swiecicki & Muskett, LLC as its attorneys. The firm will render these services: (a) investigate whether or not any creditors have perfected security interests which are enforceable against the estate of the Debtor-in-possession, and based upon said investigation, to take all necessary steps to invalidate such security interests which have not been properly perfected; (b) take all necessary action to protect and preserve the estate of the Debtor-in- possession including the prosecution of actions commenced against them, negotiations concerning all litigation in which they are involved, and objecting to claims filed in these proceedings; (c) prepare on behalf of the Debtor, as Debtor-In-Possession, all necessary applications, answers, orders, reports and papers in connection with the administration of the estate; and (d) perform all other necessary legal service in connection with these proceedings. The firm will be paid $300 per attorney hour. Christopher Swiecicki, managing partner of Swiecicki & Muskett, assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Christopher S. Swiecicki, Esq. Swiecicki & Muskett, LLC 16100 Chesterfield Pkwy W Suite 368 Chesterfield, MO 63017 Phone: (636) 778-0209 Email: Chris@SwiecickiLaw.com About Redhawk Landing LLC Redhawk Landing LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mo. Case No. 25-42427) on June 26, 2025, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Bonnie L Clair presides over the case. Christopher S. Swiecicki, Esq. at Swiecicki & Muskett, LLC represents the Debtor as counsel. RELIABLE SECURITY: Gary Murphey Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 21 appointed Gary Murphey of Resurgence Financial Services, LLC as Subchapter V trustee for Reliable Security Staffing, LLC. Mr. Murphey 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. Murphey declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gary Murphey Resurgence Financial Services, LLC 3330 Cumberland Blvd., Suite 500 Atlanta, GA 30330 Tel: (770) 933-6855 Email: Murphey@RFSLimited.com About Reliable Security Staffing Reliable Security Staffing LLC provides security guard services across Georgia, serving clients in retail, corporate, residential, event, and construction sectors. Reliable Security Staffing LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-56853) on June 20, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Paul Baisier handles the case. The Debtors are represented by Mark D. Gensburg, Esq. at JONES & WALDEN LLC. RICHARD N. BERKSHIRE: UST Wins Bid to Appoint Chapter 11 Trustee ---------------------------------------------------------------- Judge Brian S. Kruse of the United States Bankruptcy Court for the District of Nebraska granted the United States Trustee's motion to appoint a Chapter 11 trustee for debtor Richard N. Berkshire. The debtor filed his bankruptcy petition on April 18, 2025, after a $2,666,767.74 judgment for breach of fiduciary duties was entered against him. The judgment was entered by the District Court of Douglas County, Nebraska in favor of his sisters, Leslie Berkshire and Laurie Meyers. The debtor and his sisters were partners in Berkshire Partnership LP. For several years the debtor was its managing partner. In its judgment order, the district court found the debtor repeatedly breached fiduciary duties, including the duties of loyalty, care, and good faith and fair dealing. Underlying the judgment were factual findings the debtor used partnership assets to funnel money to himself and friends in an amount greater than the value of the debtor's partnership interest. A second breach of fiduciary duty lawsuit was pending at the time the debtor filed his bankruptcy case. The second lawsuit involved the debtor's breach of fiduciary duties as trustee of his father's trust, of which he and his sisters were beneficiaries. The debtor's sisters sued the debtor individually and as trustee. On April 25, 2025, the county court removed the debtor as trustee and entered a judgment finding the debtor forfeited all interest in the trust, having already disbursed to himself $292,495.51 more than the value of his interest. The county court judgment was entered postpetition because the debtor did not inform the county court of the bankruptcy filing. The debtor's plan of reorganization is to appeal the district court judgment. The appeal is presently stayed under 11 U.S.C. Sec. 362. The debtor will not voluntarily agree to lift the stay until after his plan of reorganization is approved. If it is affirmed, he will pay the judgment in full within 30 days of the decision and will dismiss this bankruptcy case. The sources for the payment are the trust and his IRA. It is not certain these two assets will collectively pay all claims. The value of the debtor's interest in the trust is not established by the evidence to any reasonable degree of certainty. The Court holds that, because the U.S. Trustee established cause for appointment of a trustee by a preponderance of the evidence based on the debtor's prepetition conduct, and by clear and convincing evidence based upon the debtor's prepetition and postpetition conduct, the motion is granted. Judge Kruse explains, ". In the short time acting as a debtor in possession, the debtor did not accurately and fully account for estate assets or expenses. He comingled funds. He made unauthorized payments and payments outside the ordinary course of business. He asserts full compliance with his duties and the bankruptcy code is irrelevant because his IRA and yet-to-be funded trust contain sufficient assets. But the trust is not funded, and the amount, if any, to which the debtor is entitled is far from certain. It is not clear the IRA is sufficient to pay the judgment, plus potential post-petition interest, and income taxes on the distributions. The debtor's IRA assets, which he plans to use to satisfy the judgment, are imprudently invested in one company's stock. Stock is subject to market fluctuations or significant downturns and is inappropriate for purposes of this bankruptcy case." A copy of the Court's Order dated July 7, 2025, is available at https://urlcurt.com/u?l=RVvB1p from PacerMonitor.com. Richard N. Berkshire filed for Chapter 11 bankruptcy protection (Bankr. D. Neb. Case No. 25-80366) on April 18, 2025, listing under $1 million in both assets and liabilities. The Debtor is represented by James Bachman, Esq. RIGHTRX: Seeks Chapter 11 Bankruptcy in Texas --------------------------------------------- On July 7, 2025, RightRX filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Texas. According to court filing, the Debtor reports between $500 million and $1 billion in debt owed to 10,000 and 25,000 creditors. The petition states funds will be available to unsecured creditors. About RightRX RightRX is a healthcare business based in Culver City, California. The company operates in the healthcare sector, likely providing services related to prescription medications or pharmacy management. RightRX sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex.Case No. 25-80165) on July 7, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $500 million and $1 billion. The Debtors are represented by Thomas Robert Califano, Esq. at Sidley Austin LLP. ROCKY MOUNTAIN: Posts $6.1M FY25 Loss, Warns of Going Concern Doubt ------------------------------------------------------------------- Rocky Mountain Chocolate Factory, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the year ended February 28, 2025. During the year ended February 28, 2025, the Company incurred a net loss of $6.1 million compared to a net loss of $4.2 million for the year ended February 29, 2024, and used cash in operating activities of $6.6 million for the year ended February 28, 2025. Although the Company paid off the outstanding debt with Wells Fargo at maturity through the issuance of a $6 million note payable, the Company still has incurred losses and used cash from operating activities. The Company was also in default of its covenants on its note payable, however, has received a waiver as of the date of issuance of these financial statements. These factors raise substantial doubts about the Company's ability to continue as a going concern within the next 12 months. As of February 28, 2025, the Company had $21.2 million in total assets, $14.2 million in total liabilities, and total stockholders' equity of $7 million. New York, N.Y.-based CohnReznick LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated June 20, 2025, attached to the Company's Annual Report on Form 10-K for the year ended February 28, 2025, citing that the Company has incurred recurring losses and negative cash flows from operations in recent years and is dependent on debt financing to fund its operations, all of which raise substantial doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent on its ability to continue to implement its business plan. The Company continues to explore supplemental liquidity sources. During the next twelve months, the Company intends to further reduce overhead costs, improve manufacturing efficiencies, and increase profits and gross margins by better aligning its costs with the delivery and sale to its franchising system and focus customers. In addition, the Company intends to benefit from its historically busy season of holiday product sales while also increasing sales through its e-commerce distribution channel on a year-round basis. There are no assurances that the Company will be successful in implementing its business plan. Management Comment: "Fiscal 2025 marked the beginning of a transformative era for Rocky Mountain Chocolate," said Jeff Geygan, Interim CEO of the Company. "We initiated a comprehensive restructuring effort to revitalize the business--rebuilding our culture, restoring operational discipline, and modernizing core systems. We brought consumer packaging back in-house, implemented a new point-of-sale system for real-time, store-level sales visibility, overhauled our e-commerce platform, and realigned pricing across our portfolio with the goal of improving unit-level economics and supporting stronger franchisee performance." "These efforts have already begun to yield results. We've seen meaningful operational improvements, better alignment across our franchise network, and improved data-driven decision-making. Importantly, our brand refresh is well underway, with a new logo, modern store design, and upgraded digital experience set to launch in the coming months. As of March 1, 2025, our operational changes are in effect, and we believe we have stabilized a company that has had operational challenges for more than a decade." Geygan added, "Looking ahead, we are focused on disciplined growth, with a focus on profitability for the remainder of fiscal 2026. I'm incredibly proud of our team's resilience and grateful to our shareholders for their continued support. We are a very different company today, with a foundation firmly in place to rebuild and thrive." A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/t6u694aj About Rocky Mountain Chocolate Factory Durango, Colo.-based Rocky Mountain Chocolate Factory, Inc. is an international franchisor, confectionery producer, and retail operator. Founded in 1981, the Company produces an extensive line of premium chocolate candies and other confectionery products. RSHBY 10565: Seeks Chapter 11 Bankruptcy in New York ---------------------------------------------------- On July 8, 2025, RSHBY 10565 Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of New York. 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 RSHBY 10565 Inc. RSHBY 10565 Inc. is a single asset real estate corporation. RSHBY 10565 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.Y. Case No. 15-10800) on July 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtors are represented by Richard G. Berger, Esq. RVFW LLC: Unsecured Creditors Will Get 100% of Claims in Plan ------------------------------------------------------------- RVFW LLC and RVFW E LLC filed with the U.S. Bankruptcy Court for the Eastern District of Texas a Combined Disclosure Statement and Joint Plan of Reorganization dated June 19, 2025. The Debtors' primary assets are ranch land in Denton County designated for a development project called Eden Ranch West ("Eden Ranch"), located at 7100 Cross Timbers Road, Flower Mound, Denton County, Texas 75022. Upon completion, Eden Ranch will include approximately 162 family estates, a health and wellness center, a private school with an independent STEM curriculum, farm land for agriculture and cattle, honeybee production, independent power generation, a recycling center, and more. Thoughtfully designed homes, preserved native landscapes, and access to exceptional education will create a lifestyle where families can grow and thrive. Community will be the foundation of Eden Ranch. Eden Ranch includes a 99-acre West section (the "West Property") owned by Debtor RVFW LLC, and a 198-acre East section, owned by Debtor RVFW E LLC (the "East Property"; together with the West Property, the "Properties"). Together, the Properties support approximately 162 estate lots across 298 acres, 108 of which are already under letter of intent ("LOI") with builders and individual buyers. A growing interest list of 400+ families underscores the project's momentum, with several letters of intent already in the process of converting to purchase agreements. Class 4 General Unsecured Claims, estimated to total approximately $622,173.78. Except to the extent that a Holder of an Allowed General Unsecured Claim and the Debtors or the Reorganized Debtors, as applicable, agree to less favorable treatment of such Allowed General Unsecured Claim, the Debtors shall pay 100% of the Allowed amount of each of the General Unsecured Claims to the Entity holding the General Unsecured Claim on or as soon as practicable following the Effective Date. The Entity holding a General Unsecured Claim(s) will be paid in Cash with respect to such Allowed Claim without interest from the Petition Date; provided, however, that such Entity may be treated on such less favorable terms as may be agreed to in writing by such Entity; provided further that such Entity will receive payment in full, without interest, before any Distribution is made to Interests. This Class is impaired. Holders of Interests in Debtors shall retain such Interests. Holders of Interests in the Debtors shall not receive any Distribution under this Plan on account of such Interests. The Plan Distributions to be made in Cash under the terms of this Plan shall be funded from: (a) the Debtor's Cash on hand; (b) certain proceeds of the new equity infusion of approximately $1,500,000; and (c) net sale proceeds from the sale of Lots. The Debtor anticipates that the transactions contemplated herein and the resultant value generated on the Properties, which is anticipated to occur over the Plan Period, will result in a total estimated net sale prices or value generated of $96,381,000 in aggregate, which, after costs are deducted and the Prepetition Lender is paid in full, will result in approximately $62,800,000 in funds/equity for Distribution to other Creditors and holders of Interests pursuant to the terms of this Plan. A full-text copy of the Combined Disclosure Statement and Plan dated June 19, 2025 is available at https://urlcurt.com/u?l=IUknLs from PacerMonitor.com at no charge. Counsel to the Debtors: Buffey E. Klein, Esq. Thomas J. Zavala, Esq. HUSCH BLACKWELL LLP 1900 N. Pearl St., Suite 1800 Dallas, Texas 75201 (214) 999-6100 (214) 999-6170 facsimile Email: buffey.klein@huschblackwell.com tom.zavala@huschblackwell.com Lynn H. Butler, Esq. HUSCH BLACKWELL LLP 111 Congress Ave., Suite 1400 Austin, Texas 78701 (512) 472-5456 (512) 226-7318 facsimile Email: lynn.butler@huschblackwell.com About RVFW LLC RVFW LLC is the owner of Eden Ranch, a master-planned community located in Flower Mound, Texas, designed to reconnect families with nature, health, and their neighbors. The Community spans over 300 acres and offers upscale living with a focus on sustainability. It includes a range of amenities such as gardens, orchards, and vineyards, where residents can grow their own food, and it promote a low-impact, organic lifestyle. The ranch is dedicated to high-quality, locally produced food, and its design incorporates elements like rotating gourmet crops and eco-friendly farming practices. RVFW LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-40609) on March 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtor is represented by Buffey E. Klein, Esq., at HUSCH BLACKWELL LLP. RYVYL INC: S8 GlobalHolds 19.43% Stake -------------------------------------- S8 Global Fintech & Regtech Fund disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of June 6, 2025, it beneficially owns 3,087,000 shares of RYVYL Inc.'s common stock, representing 19.43% of the 15,885,647 shares outstanding as of June 5, 2025. S8 Global Fintech & Regtech Fund may be reached through: Geraldine Gantenbein, Manager 2C Parc d'Activites Capellen, Luxembourg 8308 Phone: 386 41 356 635 A full-text copy of S8 Global Fintech's SEC report is available at: https://tinyurl.com/2e4rfdax About Ryvyl Inc. San Diego, Calif.-based RYVYL Inc., together with its subsidiaries, is a financial technology company that develops, markets, and sells innovative blockchain-based payment solutions, which offer significant improvements for the payment solutions marketplace. The Company's core focus is to develop and monetize disruptive blockchain-based applications, integrated within an end-to-end suite of financial products, capable of supporting a multitude of industries. In its report dated March 28, 2025, the Company's auditor, Simon & Edward, LLP, issued a 'going concern' qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, noting that the transitioning of the Company's QuickCard product in North America led to a significant decline in processing volume and revenue, the recovery of these lost revenues is not expected until late 2025. The loss of revenue resulting from this business reorganization has jeopardized its ability to continue as a going concern. As of Dec. 31, 2024, RYVYL had $122.28 million in total assets, $123.77 million in total liabilities, and a total stockholders' deficit of $1.49 million. SELECTIS HEALTH: Commences OTCQB Trading Under 'GBCS' ----------------------------------------------------- Selectis Health, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company was notified by the OTC Markets Group, Inc., that its common stock had been approved for upgraded quotation on the OTCQB. Quotation on the OTCQB under the ticker symbol "GBCS" began with the market open on Monday, June 23, 2025. About Selectis Health Headquartered in Greenwood Village, Colo., Selectis Health, Inc. owns and operates, through wholly-owned subsidiaries, Assisted Living Facilities, Independent Living Facilities, and Skilled Nursing Facilities across the South and Southeastern portions of the US. In 2019, the Company shifted from leasing long-term care facilities to third-party, independent operators towards an owner operator model. New York, N.Y.-based WithumSmith+Brown, PC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses from operations, has accumulated deficits 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 $33.4 million in total assets, $38.9 million in total liabilities, and a total stockholders' deficit of $5.4 million. SEXTANT STAYS: Gets Final OK to Use Cash Collateral --------------------------------------------------- Sextant Stays, Inc. received final approval from the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, to use cash collateral. The Debtor was authorized to use cash collateral on a final basis to operate its business in the ordinary course as per the approved budget. The Debtor may exceed any individual budget line item and the total budget by up to 10% without court approval; beyond that, court authorization is required. The U.S. Small Business Administration, a creditor with a potential secured claim against the Debtor, will be granted a replacement lien on post-petition cash collateral generated by the Debtor after its Chapter 11 filing, with the same validity, priority and extent as its pre-bankruptcy lien, if any. The Debtor sees SBA as a potential secured creditor with a claim of approximately $118,975, though questions remain about the nature of its secured claim due to filing discrepancies. Even if SBA is deemed secured, the Debtor's $935,000 in cash provides more than adequate protection through an equity cushion. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/oDpek from PacerMonitor.com. About Sextant Stays Inc. Sextant Stays, Inc., doing business as Roami, is a hospitality company that offers urban group travel accommodations in cities such as Miami and New Orleans. Founded in 2016, the company manages entire buildings to provide consistent, design-forward spaces aimed at delivering memorable and connected travel experiences. Sextant Stays' approach bridges the gap between traditional hotels and inconsistent vacation rentals, catering to modern travelers seeking comfort, reliability, and style. Sextant Stays sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-15908) on May 27, 2025, listing $5,033,274 in assets and $15,895,759 in liabilities. Andreas King-Geovanis, chief executive officer of Sextant Stays, signed the petition. Judge Robert A. Mark oversees the case. Brett Lieberman, Esq., at Edelboim Lieberman, PLLC represents the Debtor as legal counsel. SMITH ENVIRONMENTAL: To Sell Trucks to AutoNation Dodge for $97K ---------------------------------------------------------------- Smith Environmental and Engineering, Inc., seeks approval from the U.S. Bankruptcy Court for the District of Colorado, to sell certain property free and clear of liens, claims, and encumbrances. The Debtor's properties are comprised of several vehicles including: a. 2018 Dodge Ram 3500 pickup truck; VIN: 3C7WRTCL5JG139323 with a proposed sale price of $20,000.00; b. 2022 Dodge Ram 3500 pickup truck; VIN: 3C63R3GL6NG277055 with a proposed sale price of $38,000.00; c. 2022 Dodge Ram 3500 pickup truck; VIN: 3C63R3GL2NG277053 with a proposed sale price of $39,000.00; and d. 2022 Toyota Tacoma Pickup truck, VIN:3TYSZ5AN6NT081584 with a proposed sale price of $25,000.00). Ascentium Capital, LLC is listed as the lienholder on the Certificates of Title on file with the Colorado Department of Revenue. AutoNation Dodge Ram, doing business at 7455 Austin Bluffs Pkwy, Colorado Springs, CO 80923, has agreed to purchase the Trucks and satisfy the liens held by Ascentium, and provide the Debtor with a 2023 Hyundai Santa Fe worth approximately $19,999.00. The Debtor believes that the sale of the Trucks will generate proceeds for the benefit of Ascentium and provide the estate with a more affordable vehicle without any liens or secured debt against such vehicle. AutoNation Dodge is willing to provide the estate with a 2023 Hyundai Santa Fe worth approximately $19,999.00 in exchange for AutoNation Dodge purchasing the Trucks and paying off the liens against the Trucks. The proposed sale price of $97,000.00 reflects the fair market value of the Trucks. After satisfaction of approximately $82,000.00 in liens, the remaining equity of approximately $15,000.00 will be applied toward the acquisition of the Sedan. The Debtor requests authorization to sell the Vehicles free and clear of any interest in such property of an entity other than the estate. About Smith Environmental and Engineering Smith Environmental and Engineering, Inc. is a woman-owned consulting firm that provides comprehensive environmental services, specializing in ecological sciences, environmental engineering, and construction. With over 24 years of experience, the company offers tailored solutions for environmental management, hazardous materials, and cultural resource projects across various industries. Smith Environmental and Engineering sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-11042) on February 28, 2025. In its petition, the Debtor reported total assets of $1,486,401 and total liabilities of $2,975,603. Judge Michael E. Romero handles the case. The Debtor is represented by David Warner, Esq. SNOWSHOE MILLWORKS: Manager Loses Bid to Dismiss Bankruptcy Case ---------------------------------------------------------------- In the appeal styled SHEILA COFFIN HARSHMAN, Appellant, v. STAGE POINT FUND, LLC, Appellee, Case No. 24-cv-12894-FDS (D. Mass.), Chief Judge F. Dennis Saylor IV of the United States District Court for the District of Massachusetts affirmed the order of the United States Bankruptcy Court for the District of Massachusetts denying appellant's motion to dismiss the bankruptcy case of Snowshoe Millworks, LLC under Sec. 707(b). This is an appeal of an order of the Bankruptcy Court in the bankruptcy of Snowshoe Millworks, LLC. Appellant Sheila Coffin Harshman seeks review of the denial of her Amended Motion to Dismiss for Breach of Contract and Defraud Upon the Court That Do Lead to Violation of G.L. Sec. 49 Criminal Usury. Appellant is the debtor's manager and sole member. She is proceeding pro se. Stage Point Fund, LLC, the appellee, is a secured creditor of the debtor. Steven Weiss, the debtor's Chapter 7 Trustee, has intervened in the appeal. Appellant challenges the Bankruptcy Court's denial of her motion to dismiss the bankruptcy under sec. 707(b) of the Bankruptcy Code. She argues that dismissal is warranted because of alleged failures on the part of the Chapter 7 trustee, and because Stage Point breached contracts made between it and the debtor. Appellant, as debtor's sole manager, filed for bankruptcy on its behalf, seeking to obtain a discharge of its debts, including its debts to appellee Stage Point Fund. She then, as the debtor's sole equity holder, failed to object to all but one of the intermediate approvals the Bankruptcy Court issued while overseeing the liquidation of the debtor's assets, the District Court recounts. Subject to the orders of the Bankruptcy Court, the properties formerly owned by the debtor were sold to good-faith-purchasers. Appellant did not appear at any hearings concerning those actions, and she did not appeal them. Instead, she filed a motion to dismiss that, in substance, challenged the validity of those actions approved by the Bankruptcy Court. According to the District Court, challenges to the trustee's approved conduct and to the validity of the debts owed to Stage Point are not adequate grounds for Sec. 707(b) dismissal. Appellant's allegations, and the excerpts from the record contained in the appellee's appendix, fail to establish that the debtor is abusing the bankruptcy process, the District Court concludes. A copy of the Court's Order dated July 2, 2025, is available at https://urlcurt.com/u?l=54mlIA from PacerMonitor.com. About Snowshoe Millowrks, LLC Snowshoe Milworks, LLC, is a Massachusetts limited liability company formed in 2018. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Mass. Case No. 23-10887) on June 5, 2023, with $1 million to $10 million in both assets and liabilities. Sheila Coffin Harshman, sole manager and member, signed the petition. Judge Janet E. Bostwick oversees the case. The Debtor tapped Adam Ruttenberg, Esq., at Beacon Law Group, LLC, as bankruptcy counsel and Cheryl L. Dukeman, Esq., at Coast to Coast Closings as special counsel. The case was converted to Chapter 7 on January 30, 2024. Steven Weiss is the Chapter 7 trustee. SOLIGENIX INC: Shareholders OK All Proposals at 2025 Annual Meeting ------------------------------------------------------------------- Soligenix, Inc. held its 2025 annual meeting of stockholders during which the following items were voted upon: Proposal 1 - Election of Directors: The following five nominees were elected as directors to serve until the 2025 Annual Meeting of Stockholders by votes as follows: 1. Christopher J. Schaber, PhD * Votes For: 330,950 * Votes Withheld: 33,545 2. Gregg A. Lapointe, CPA, MBA * Votes For: 332,492 * Votes Withheld: 32,003 3. Diane L. Parks, MBA * Votes For: 331,054 * Votes Withheld: 33,441 4. Robert J. Rubin, MD * Votes For: 331,046 * Votes Withheld: 33,449 5. Jerome B. Zeldis, MD, PhD * Votes For: 329,054 * Votes Withheld: 35,441 There were 1,168,832 broker non-votes in the election of directors. Proposal 2 – 2025 Equity Incentive Plan: The proposal to approve the 2025 Equity Incentive Plan was approved, and the votes were as follows: * Votes For: 215,332 * Votes Against: 91,937 * Votes Abstain: 57,226 Proposal 3 – Non-Binding Advisory Vote on Executive Compensation: The proposal to approve, by a non-binding advisory vote, the compensation of the Company's named executive officers as disclosed in the Company's 2025 proxy statement was approved, and the votes were as follows: * Votes For: 303,633 * Votes Against: 53,830 * Votes Abstain: 7,032 There were 1,168,832 broker non-votes on this proposal. Proposal 4 – Ratification of Auditors: The proposal to ratify the appointment of Cherry Bekaert, LLP as the independent registered public accounting firm of the Company for the fiscal year ending December 31, 2025 was approved by votes as follows: * Votes For: 1,476,465 * Votes Against: 54,474 * Votes Abstain: 2,388 There were no broker non-votes on this proposal. Proposal 5 – Adjournment Proposal: The proposal to approve an adjournment of the Annual Meeting, in whole or in part as to any particular proposal(s), to a later date or dates, if necessary, to permit further solicitation of proxies in the event there are no sufficient shares voted to constitute a quorum or votes in favor of a particular proposal for approval, was approved, and the votes were as follows: * Votes For: 1,227,450 * Votes Against: 295,013 * Votes Abstain: 10,864 There were no broker non-votes on this proposal. About Soligenix Headquartered in Princeton, N.J., Soligenix, Inc., is a late-stage biopharmaceutical company focused on developing and commercializing products to treat rare diseases where there is an unmet medical need. The Company maintains two active business segments: Specialized BioTherapeutics and Public Health Solutions. Its Specialized BioTherapeutics business segment is focused on the development and potential commercialization of HyBryte (the proposed proprietary name for SGX301, or synthetic hypericin sodium), a novel photodynamic therapy ("PDT") that uses topical synthetic hypericin activated by safe visible light for the treatment of cutaneous T-cell lymphoma. The Company's Public Health Solutions business segment includes development programs for RiVax, a ricin toxin vaccine candidate, SGX943, a therapeutic candidate for antibiotic-resistant and emerging infectious diseases, and vaccine programs targeting filoviruses (such as Marburg and Ebola), as well as CiVax, a vaccine candidate for the prevention of COVID-19 (caused by SARS CoV-2). In its report dated March 21, 2025, Cherry Bekaert LLP, the Company's auditor since 2023, issued a "going concern" qualification, attached to the Company Annual Report on Form 10-K for the year ended December 31, 2024, stating that the Company's recurring losses and negative cash flows from operations raise substantial doubt about its ability to continue as a going concern. SOUTH TEXAS CORRAL: Catherine Curtis Named Subchapter V Trustee --------------------------------------------------------------- The U.S. Trustee for Region 7 appointed Catherine Curtis as Subchapter V trustee for South Texas Corral, LLC. Ms. Curtis will be paid an hourly fee of $450 for her services as Subchapter V trustee, an hourly fee of $100 for staff working under her direct supervision and will be reimbursed for work related expenses incurred. Ms. Curtis declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Catherine Stone Curtis MCGINNIS LOCHRIDGE P.O. Box 720788 McAllen, TX 78504 Ph: (956) 489-5958 Fax: (956) 331-2304 Email: ccurtis@mcginnislaw.com About South Texas Corral LLC Established in 2014, South Texas Corral, LLC operates a Golden Corral buffet restaurant franchise in Brownsville, Texas. It offers dine-in and takeout services featuring a wide variety of food options including breakfast, lunch, and dinner buffets. South Texas Corral filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 25-10113) on June 17, 2025, listing $149,674 in assets and $1,636,260 in liabilities. Gaspar Hernandez, president of South Texas Corral, signed the petition. Judge Eduardo V Rodriguez oversees the case. Robert C. Lane, Esq., and Kyle K. Garza, Esq., at The Lane Law Firm, PLLC, represent the Debtor as legal counsel. SPARTAN AUTOMOTIVE: Case Summary & 13 Unsecured Creditors --------------------------------------------------------- Debtor: Spartan Automotive Technology Group Corporation f/k/a Spartan Automotive Technology Providers, Inc. 6622 South Southpoint Drive Suite # 370 Jacksonville, FL 32216 Business Description: Spartan Automotive Technology Group Corporation provides technology solutions for automotive, RV, and powersports dealerships. Its offerings include GPS- based vehicle recovery, inventory tracking, and tools aimed at improving revenue, operational efficiency, and customer retention. The Company combines industry expertise with a focus on simplicity and customer support, delivering its products across the automotive retail sector from its base in Jacksonville, Florida. Chapter 11 Petition Date: July 4, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-02254 Judge: Hon. Jacob A Brown Debtor's Counsel: Rehan N. Khawaja, Esq. BANKRUPTCY LAW OFFICES OF REHAN N. KHAWAJA 817 North Main Street Jacksonville, FL 32202 Tel: (904) 355-8055 Fax: (904) 355-8058 E-mail: khawaja@fla-bankruptcy.com Total Assets: $605,261 Total Liabilities: $16,941,884 The petition was signed by Lawrence A. Jones as director/president. A full-text copy of the petition, which includes a list of the Debtor's 13 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HCP7WSI/Spartan_Automotive_Technology__flmbke-25-02254__0001.0.pdf?mcid=tGE4TAMA STATE OF FLUX: Section 341(a) Meeting of Creditors on August 4 -------------------------------------------------------------- On July 7, 2025, State of Flux Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of California. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on August 4, 2025 at 01:00 PM via UST Teleconference, Call in number/URL: 1-877-991-8832 Passcode: 4101242. About State of Flux Inc. State of Flux Inc., formerly doing business as Haze Apparel, is a San Francisco-based retail business likely operating in the apparel industry. State of Flux Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-30541) on July 7, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. The Debtors are represented by Ryan C. Wood, Esq. at Law Offices Of Ryan C. Wood, Inc. SVB FINANCIAL: Bankruptcy Court Won't Hear Trademark Rift --------------------------------------------------------- Chief Judge Martin Glenn of the United States Bankruptcy Court for the Southern District of New York granted SVB Financial Group and SVB Financial Trust's motion to dismiss the adversary proceeding captioned as FIRST CITIZENS BANK & TRUST COMPANY, Plaintiff, v. SVB FINANCIAL GROUP and SVB FINANCIAL TRUST, Defendants, Adv. Case No. 25-01044 (Bankr. S.D.N.Y.). The case is dismissed with prejudice. FCB commenced this adversary proceeding against Financial Trust and Financial Group on March 25, 2025. It maintains that this Court is the only one which can resolve the dispute about ownership of estate property. FCB brings a single count under the Declaratory Judgment Act, 28 U.S.C. Sec. 2201 et seq., seeking a judgment that: (1) FCB owns each of the SVB intellectual property assets (including but not limited to the SVB Trademarks and goodwill thereto) described in this Complaint and listed in Exhibits 2-4, and neither SVBFG nor the Trust has any interest in the SVB IP assets; (2) in the alternative, to the extent there is any SVB IP that FCB does not own, FCB acquired and now owns, at minimum, a paid-up, perpetual, exclusive (as to banking services and products), and irrevocable license to use that SVB IP and has no liability to any person in connection with its past and future use of the SVB IP; and (3) neither Financial Group and its bankruptcy estate nor the Trust has any interest in the SVB IP assets, and to the extent they did in any form or title, all such rights were abandoned. FCB also requests that the Court order Financial Group and the Trust to deliver the SVB IP assets to FCB to the extent not already in FCB's possession and control, and to timely take all steps necessary, and to timely execute all documents presented by FCB, to correct the formal registrations for the SVB IP, including in the PTO, to assign all such rights to FCB. Prior to the Chapter 11 filing, SVB operated as a commercial bank and used certain intellectual property, including "SVB Trademarks", allegedly without oversight, input, or restriction from Financial Group. Records from the United States Patent and Trademark Office show that the SVB Trademarks are registered to Financial Group. However, FCB alleges on information and belief that SVB, not Financial Group, made all decisions and took all actions with respect to the Trademarks. FCB claims that Financial Group's only involvement with the SVB Trademarks, as a matter of corporate practice, was to be administratively listed as the registrant whenever SVB chose, in its judgment, to register a trademark for the bank. Financial Group was the parent company of Silicon Valley Bank before SVB was placed in receivership and before Financial Group filed for bankruptcy. SVB collapsed in early March of 2023. On March 10, 2023, the California Department of Financial Protection and Innovation closed SVB and appointed the FDIC as its receiver, which later sold the bank's assets to FCB. Financial Trust argues that this Court does not have exclusive jurisdiction over the dispute and thus can exercise its discretion over whether to hear this case. It requests that this Court exercise its discretion to decline to adjudicate this matter on two grounds: (1) pursuant to 28 U.S.C. Sec. 1334(c)(1), which provides that a court should abstain from hearing a particular proceeding arising under title 11 or arising in or related to a case under the Bankruptcy Code when doing so is in the interest of justice; and (2) under the Declaratory Judgment Act, under which courts have broad discretion to refuse to exercise jurisdiction over a declaratory action that they would otherwise be empowered to hear. Financial Trust also argues that it, in part, seeks relief in the California action -- e.g., damages from FCB for unauthorized use of the Trust's IP rights -- that the bankruptcy court does not have jurisdiction to award. FCB initiated this action in this Court on the basis of paragraph 151 of the Confirmation Order, which preserves FCB's ability to assert and protect its purported rights in the SVB IP. But according to SVBFT, that paragraph merely preserves FCB's rights, but does not require this Court to adjudicate any IP dispute. According to Judge Glenn, "FCB's argument that section 1334(e) gives this Court exclusive jurisdiction over the dispute is incorrect. SVBFG's chapter 11 Plan has been confirmed, and the estate was destroyed as of the Plan effectiveness date which has now passed. Combined with the fact that [Financial Group's] Plan assigned every relevant asset (including causes of action or defenses against FCB) to [the Trust], there is no more relevant property of the estate to which section 1334(e) could apply and over which this Court could exercise exclusive in rem jurisdiction." He adds, "No Plan provision provides that this Court has exclusive jurisdiction over any cause of action. It merely provides that the Court will retain the jurisdiction that existed at the time of plan confirmation over various matters, including resolution of Retained Causes of Action. There is no mention of exclusive jurisdiction, nor of section 1334(e). Moreover, since FCB requests as relief a declaration of non-liability, it relies upon an exercise of this Court's in personam jurisdiction, moving this case outside the realm of its purely in rem jurisdiction." The Court concludes it has nonexclusive jurisdiction over this case. A copy of the Court's Opinion and Order dated June 25, 2025, is available at https://urlcurt.com/u?l=u4HK2T from PacerMonitor.com. Counsel for SVB Financial Group and SVB Financial Trust: James L. Bromley, Esq. Marc De Leeuw, Esq. Christian P. Jensen, Esq. SULLIVAN & CROMWELL LLP 125 Broad Street New York, NY 10004-2498 E-mail: bromleyj@sullcrom.com deleeuwm@sullcrom.com Counsel for First-Citizens Bank & Trust Company: Kelsey I. Nix, Esq. Michael W. Mitchell, Esq. C. Michael Anderson, Esq. SMITH, ANDERSON, BLOUNT, DORSETT, MITCHELL & JERNIGAN, LLP 150 Fayetteville Street Raleigh, NC 27601 E-mail: knix@smithlaw.com mmitchell@smithlaw.com manderson@smithlaw.com Counsel for First-Citizens Bank & Trust Company: Andrew W.J. Tarr, Esq. ROBINSON, BRADSHAW & HINSON, P.A. 600 S. Tryon Street, Suite 2300 Charlotte, NC 28202 E-mail: atarr@robinsonbradshaw.com About SVB Financial Group SVB Financial Group (Pink Sheets: SIVBQ) is a financial services company focusing on the innovation economy, offering financial products and services to clients across the United States and in key international markets. Prior to March 10, 2023, SVB Financial Group owned and operated Silicon Valley Bank, a state chartered bank. During the week of March 6, 2023, Silicon Valley Bank, Santa Clara, CA, experienced a severe "run-on-the-bank." On the morning of March 10, the California Department of Financial Protection and Innovation seized SVB and placed it under the receivership of the Federal Deposit Insurance Corporation. SVB was the nation's 16th largest bank and the biggest to fail since the 2008 financial meltdown. On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 23-10367). The Debtor had assets of $19,679,000,000 and liabilities of $3,675,000,000 as of Dec. 31, 2022. The Hon. Martin Glenn is the bankruptcy judge. The Debtor tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Centerview Partners, LLC as investment banker; and Alvarez & Marsal North America, LLC as restructuring advisor. William Kosturos, a partner at Alvarez & Marsal, serves as the Debtor's chief restructuring officer. Kroll Restructuring Administration, LLC, is the claims and noticing agent and administrative advisor. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Akin Gump Strauss Hauer & Feld, LLP as bankruptcy counsel; Cole Schotz P.C. as conflict counsel; Lazard Freres & Co. LLC as investment banker; and Berkeley Research Group, LLC as financial advisor. SWAN PIZZA: Unsecured Creditors to Split $23,600 over 3 Years ------------------------------------------------------------- Swan Pizza, Inc., submitted a Fourth Amended Plan of Reorganization for Small Business dated June 18, 2025. The Debtor is a Florida for profit corporation created by articles of incorporation filed with the Florida Secretary of State on November 20, 2015. The Debtor is a pick/delivery pizza restaurant located in Port Orange, Florida. The Debtor's principal place of business is located at 2841 S. Nova Rd., #12, South Daytona, FL, 32119 (the "Premises"), which the Debtor leases from NOVA FOUNTAIN BUSINESS PARK, LLC ("Landlord"). This Plan provides for 2 class of secured claims, 1 class of unsecured claims; and 1 class of equity security holders. The Debtor's projected disposable income is $23,522.12. Class 3 consists of the Allowed Unsecured Claims against the Debtor. This Class is Impaired. * Consensual Plan Treatment: The liquidation value or amount that unsecured creditors would receive in a hypothetical chapter 7 case is approximately $0.00. Accordingly, the Debtor proposes to pay unsecured creditors a pro rata portion of $23,600.00. The Reorganized Debtor shall pay said amount in equal quarterly payments of $1,966.66 and shall be disbursed pro rata to the holders of Allowed General Unsecured Claims. Payments shall commence on the fifteenth day of the month, on the first month that begins more than fourteen days after the Effective Date and shall continue quarterly for eleven additional quarters. Pursuant to Section 1191 of the Bankruptcy Code, the value to be distributed to unsecured creditors is greater than the Debtor's projected disposable income to be received in the 3-year period beginning on the date that the first payment is due under the plan. Holders of Class General Unsecured Claims shall be paid directly by the Debtor. * Nonconsensual Plan Treatment: The liquidation value or amount that unsecured creditors would receive in a hypothetical chapter 7 case is approximately $0.00. Accordingly, Debtor proposes to pay unsecured creditors a pro rata portion of its projected Disposable Income, $23,522.12. If the Debtor remains in possession, plan payments shall include the Subchapter V Trustee's administrative fee which will be billed hourly at the Subchapter V Trustee's then current allowable blended rate. Plan Payments shall commence on the first month following the Effective Date, and shall continue quarterly for eleven additional quarters. The quarterly payment for the first four quarters shall be $1,357.50. The quarterly payments for the second four quarters shall be $2,261.50. The quarterly payments for the final four quarters shall be $2,261.53. Holders of Class 3 claims shall be paid directly by the Debtor. Except as explicitly set forth in this Plan, all cash in excess of operating expenses generated from operation until the Effective Date will be used for Plan Payments or Plan implementation, cash on hand as of Confirmation shall be available for Administrative Expenses. A full-text copy of the Fourth Amended Plan dated June 18, 2025 is available at https://urlcurt.com/u?l=e0qiRj from PacerMonitor.com at no charge. Counsel for the Debtor: Jeffrey S. Ainsworth, Esq. Cole Bailey Davidson Branson, Esq. BransonLaw, PLLC 1501 East Concord Street Orlando, Florida 32803 Telephone: (407) 894-6834 Facsimile: (407) 894-8559 E-mail: jeff@bransonlaw.com E-mail: cole@bransonlaw.com About Swan Pizza Swan Pizza, Inc., is a pick/delivery pizza restaurant located in Port Orange, Florida. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-03735) on July 22, 2024, with up to $50,000 in assets and up to $500,000 in liabilities. Judge Tiffany P. Geyer presides over the case. Robert H. Zipperer, Esq., is the Debtor's legal counsel. T&S FOOD: U.S. Trustee Unable to Appoint Committee -------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of T&S Food Services II, LLC. About T&S Food Services II T&S Food Services II LLC operates franchise locations of national restaurant brands, including Starbucks and Denny's. T&S Food Services II sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11178) on June 19, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Judge Thomas M. Horan handles the case. The Debtor is represented by Karen M. Grivner, Esq., at Clark Hill. Reliable Companies doing business as Reliable is the Debtor's claims and noticing agent. TERRAFORM POWER: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has affirmed TerraForm Power Operating, LLC's (TERPO) Long-Term Issuer Default Rating (IDR) at 'BB-'. The Rating Outlook is Stable. Fitch has also affirmed the senior secured Term Loan B and senior unsecured ratings at 'BB+' with a Recovery Rating of 'RR2' and 'BB-'/'RR4', respectively. The ratings and Outlook reflect TERPO's highly contracted, diversified portfolio of renewable assets, which supports stable long-term cash flows. The recent Sun Tribe acquisition adds a pipeline of development opportunities and marks a shift in management strategy. Fitch expects that new development activities will be modest in size relative to the operating portfolio and will be managed in a credit-neutral manner. Fitch calculates TERPO's credit metrics on a deconsolidated basis due to the nonrecourse financing of its operating assets, and projects holdco-only funds from operations (FFO) leverage to return to the mid-5.0x range over the forecast period. Key Rating Drivers Development Portfolio Acquisition: On May 13, 2025, TERPO completed the acquisition of Sun Tribe Development, a midsized utility-scale solar and storage developer in Virginia, primarily using cash on hand. The acquisition adds approximately 3.9GW of solar and 1GW of storage greenfield projects in the U.S. The acquisition is expected to provide TERPO with an opportunity to reinvest cash, extend the life of its portfolio and increase its weighted average contract life. Fitch expects TERPO to modestly scale the new development opportunities in the near term and to remain predominately an operating company over the forecast period. TERPO has existing development and procurement capabilities, internally and via its relationship with Brookfield Corporation. Nonetheless, the acquisition is a departure from its previous business strategy of an operating-only portfolio and adds execution risk. Fitch expects that as projects enter advanced stages, power purchase agreement (PPA) prices will be set after the resolution of tariff and tax policies and the signing of requisite engineering, procurement and construction (EPC) contracts. Highly Contracted Portfolio: TERPO owns and operates approximately 3.3GW of diversified wind, solar and battery storage assets. Approximately 97% of its cash flows are rate regulated or derived from long-term contracts, with over 86% of off-takers being investment grade or exhibiting investment-grade characteristics. The average remaining life of TERPO's power purchase contracts is 10 years. Following the sale of its Saeta assets in Spain, 86% of the company's generation capacity is now U.S.-based, with the remainder located in Spain, Chile and the United Kingdom. The operating fleet consists of 51% wind and 49% solar assets. While wind assets generally exhibit higher resource variability, Fitch considers geographic diversification to be a partially mitigating factor, reducing the risk of weaker wind resources in any single region. Saeta Asset Divestiture: TERPO completed its sale of a portfolio of 63MW of solar assets, 682MW of wind assets, and a development pipeline of 1.6GW in Spain and Portugal through the divestment of Saeta Yield, a Spanish independent renewable energy developer, for approximately $741 million. The sale proceeds were used to repay most of the outstanding balance on the revolving credit facility and partially repay the existing Term Loan B. Following the transaction, TERPO retained 350MW of concentrated solar power assets in Spain. Fitch views the transaction as credit neutral as the forgone CFAD from the Saeta assets is offset by deleveraging at the holdco level. Disciplined Portfolio Management: Despite the new asset development pipeline, TERPO will remain an operating company. Projects and growth initiatives will be financed through nonrecourse project level debt, structured with investment-grade metrics and fully amortized over project life, and retained distributions. Development risk is largely mitigated through EPC contract finalization prior to locking in PPA prices. Modest Organic Project Pipeline: In 2024, TERPO completed the inverter replacement project at the Mount Signal solar farm and repowered the Bishop Hill wind assets, which are expected to add $14 million each in annual cash flows. Within distributed generation, the company optimized 50MW of assets to target performance. TERPO remains focused on organic growth, including 1.5GW of repowering and co-location of solar and wind assets. Stable Credit Metrics: Fitch calculates TERPO's credit metrics on a deconsolidated basis, reflecting the nonrecourse nature of project-level debt. Adjusting for Saeta asset sale proceeds, TERPO's holdco-only FFO leverage ratio was approximately 6.0x in 2024. Fitch expects holdco-only FFO leverage to remain elevated in 2025 but return to the mid-5.0x range in subsequent years. Management targets net holdco-FFO leverage of 5.0x which includes non-contractual project refinancing proceeds. Fitch does not include this cash in its calculation of CFADs. Private Ownership: Private ownership by Brookfield Renewable Partners and Brookfield affiliates is beneficial as compared to a publicly held renewable generation companies. With private ownership, the pressure for aggressive growth targets in distribution, administrative costs associated with a publicly listed company and the need to pay management fees are all removed. However, private ownership is usually less transparent. Parent-Subsidiary Linkage: Fitch rates TERPO on a standalone basis. Consistent with Fitch's approach toward Brookfield affiliates, Fitch views Brookfield as a financial investor and does not apply the parent-subsidiary linkage. Peer Analysis TERPO's ratings are assigned based on a deconsolidated approach. TERPO's subsidiaries are project subsidiaries that are largely funded by nonrecourse debt. Fitch applies a similar approach to Pattern Energy Operations, LP (PEO; BB-/Stable) and Leeward Renewable Energy Operations, LLC (LREO; BB-/Stable), both of which own and operate portfolios of nonrecourse projects. Following the sale of Saeta, PEO is larger than TERPO and LREO in terms of generation capacity. TERPO's renewable portfolio benefits from a large proportion of solar generation assets (49%) that exhibit less resource variability. In comparison, PEO and LREO operate majority wind generation assets. TERPO's long-term contracted fleet has an average remaining contract life of 10 years, lower than PEO's and LREO's 11 years. Fitch views PEO's and LREO's 100% geographic exposure in North America as favorable when compared to TERPO's 86%. TERPO's favorable asset mix is offset by its relatively weaker credit metrics compared to PEO and LREO. Fitch forecasts TERPO's holdco-only FFO leverage to be in the mid-5.0x range through 2026-2028, while PEO's is expected to be in the low 4x range in 2025, with further improvement following the SunZia project dropdown, and LREO's to average around 3.3x from 2024-2026. Like PEO and LREO, TERPO has been taken private and is no longer subject to public growth targets, and also has a moderate and relatively stable growth strategy. Strong private sponsors provide a more predictable funding source and remove capital market uncertainties. Furthermore, TERPO benefits from its affiliation with Brookfield Corporation (A-/Stable). Key Assumptions - Execution of 600MW of repowering and 800MW of development opportunities through 2028; - Project-level debt amortization of around $300 million over the next four years; - Holdco interest rate assumed at 5.7%. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Holdco-only FFO leverage above 6.0x on a sustainable basis; - Underperformance in project assets that lends material variability or a shortfall to expected project distributions on a sustained basis and without a clear path to recovery; - Aggressive growth strategy leading to change or deviation from stated financial policies. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Holdco-only FFO leverage below 5.0x on a sustainable basis; - A record of a conservative and consistent approach in executing the business plan from a credit perspective. Liquidity and Debt Structure Fitch considers TERPO's liquidity to be adequate, with approximately $560 million in available corporate liquidity as of March 31, 2025. This includes $358 million from the revolving credit facility and $202 million of unrestricted corporate and project-level distributable cash. In addition, TERPO has access to $90 million in other project-level restricted and unrestricted cash. The company stated that it used available cash on hand to acquire Sun Tribe in May 2025 for an undisclosed amount. Proceeds from the 2024 sale of Saeta Yield were used to repay over $100 million of the revolving credit facility and approximately $122.5 million of the existing Term Loan B. Subsequently, TERPO refinanced the term loan with a total principal amount of $325 million, reducing the applicable margin by 60 bps, inclusive of a 10 bp credit spread adjustment. Issuer Profile TERPO owns and operates approximately 3.3GW of diversified wind and solar assets predominantly in the U.S., Europe and Canada. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- TerraForm Power Operating, LLC LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- senior secured LT BB+ Affirmed RR2 BB+ THE LINDEN: Sullivan to Hold Foreclosure Auction on August 13 ------------------------------------------------------------- Sullivan & Sullivan Auctioneers LLC will hold an on-site foreclosure auction on Aug. 13, 2025, at 12:00 p.m., at 189-197 Gardner Street, West Roxbury, Massachusetts, to sell a 70-unit apartment complex known as The Linden. A deposit of $1.5 million must be paid into escrow no later than Aug. 12, 2025, at 12:00 p.m., in order to qualify as a bidder for the auction. An additional deposit to bring total deposit up to 10% purchase price will be due 3 business days & the balance will be due with 30 days of the auction. To receive the property prospectus and auction information, contact the auctioneer's office by emailing info@sullivan-auctioneers.com or call (617) 350-7700. TILSON TECHNOLOGY: Gets Court Okay for $37.5MM DIP Financing ------------------------------------------------------------ Jim Silver of Bloomberg News reports that Tilson Technology Management has received final court approval to access up to $37.5 million in additional debtor-in-possession financing to support its operations during its Chapter 11 proceedings. The financing, provided by a syndicate of lenders led by Bank of America, will help the company maintain business continuity throughout the restructuring process, the report states. About Tilson Technology Management Inc. Tilson Technology Management Inc. is a telecommunications infrastructure construction and technology management firm based in Portland, Maine, specializes in building and managing telecommunications infrastructure projects across the United States. The company works with various construction, technology, and service providers to deploy telecommunications networks. Tilson Technology Management Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10949) on May 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. The Debtor is represented by Evan T. Miller, Esq. at Saul Ewing LLP. TREESAP FARMS: Gets Court Okay for Chapter 11 Liquidation Plan -------------------------------------------------------------- Yun Park of Law360 Bankruptcy Authority reports that a Texas bankruptcy judge on Tuesday, July 8, 2025, granted final approval to TreeSap Farms' liquidation plan, following a global settlement reached among the debtor, its unsecured creditors' committee, and prepetition lenders. About Treesap Farms TreeSap Farms LLC is a leading supplier of trees and plants to home improvement retailers. TreeSap Farms LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90021) on February 24, 2025. In its petition, the Debtor disclosed estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor tapped McKool Smith, Esq., as counsel and Donlin, Recano & Company, LLC as claims, noticing and solicitation agent. TRINITY LEGACY: Court Dismisses Chapter 11 Bankruptcy Case ---------------------------------------------------------- Judge Robert H. Jacobvitz of the United States Bankruptcy Court for the District of New Mexico dismissed Trinity Legacy Consortium, LLC's chapter 11 bankruptcy case. The UST filed a motion requesting the Court to dismiss or convert this chapter 11 case to chapter 7 under 11 U.S.C. Sec. 1112(b) based on gross mismanagement of the estate, failure to satisfy reporting requirements, and failure to timely confirm a plan of reorganization. After holding a two-day evidentiary hearing, with a continuation of the hearing scheduled for July 1, 2025, the Debtor conceded that "cause" exists to dismiss or convert this chapter 11 case and consented to the dismissal of this bankruptcy case. The UST agrees to dismissal, and other administrative expense claimants prefer dismissal over conversion. At a status conference held May 1, 2023, the Debtor and several creditors agreed to participate in mediations in the hope that Debtor would be able to file a consensual subchapter V plan instead of converting the case to chapter 7. The Court entered a mediation order on the same day appointing the Honorable David T. Thuma as mediator. The following creditors participated in the mediations: Levi and Jennifer Harmon, Mark and Shawn Johnston, Michael and Diane Sackett, Joseph Nance, Teresa Porter, Mark Applebaum, Virginia Squier, and Chambers Squier, Enercept, Inc., and Builders FirstSource. The first mediation sessions resulted in settlements between the Debtor’s principals, Jacob Swift and Jan Swift, and the following: 1) the Harmons; 2) Mr. Applebaum; 3) Joseph Nance and Theresa Porter; and 4) Chambers Squier-Okonzak and Wesley Okonzak. Those settlements had the effect of eliminating or substantially reducing the claims of Builders FirstSource and Enercept, Inc. against the estate. Debtor filed two adversary proceedings, and removed one state court action to the Bankruptcy Court, initiating a third adversary proceeding: 1) Adversary Proceeding No. 23-1027-j ("Declaratory Judgment Action" seeking declaratory judgment against the following customers: Mark Applebaum, Levi and Jennifer Harmon, Joseph Nance, Theresa Porter, Michael and Dianne Sackett, and Mark and Shawn Johnston); 2) Adversary Proceeding No. 24-1020-j (the "Removed State Court Action"); and 3) Adversary Proceeding No. 25-1019-j ("Maggi Action" asserting claims against Robert and Heather Maggi for breach of contract, quantum meruit, account stated, false reporting of a crime, negligence per se, intentional interference with contractual relations, intentional interference with prospective business/advance contractual relations, defamation perse, abuse of process, and extreme and outrageous conduct). Debtor reached a settlement with the following Defendants named in the Declaratory Judgment Action: Mark Applebaum, Levi Harmon and Jennifer Harmon, Joseph Nance and Theresa Porter as part of a court-ordered mediation. The Sacketts’ claim was disallowed. The Johnstons filed an unsecured claim in the amount of $2,833,499.62, of which $6,700.00 is claimed as a priority claim. Through mediation, the Debtor ultimately settled the Johnstons' claim for $125,000, payable by the Debtor's principals, Jan Swift and Jacob Swift. After obtaining several extensions, Debtor filed its first Subchapter V Plan on Oct. 23, 2023. Debtor filed a first amended Subchapter V plan on Nov. 8, 2023. Since then, Debtor has further amended its plan four times. The latest plan is Debtor’s Fifth Amended Chapter 11 Subchapter V Plan, Dated Feb. 28, 2025. According to Judge Jacobvitz, "Debtor has not confirmed a plan. Consequently, there are no rights under a confirmed plan at risk if the case is dismissed or converted. Several of the settlements with Debtor’s creditors provide for payment by the Swifts rather by the Debtor. Those settlements may have already been funded. For those creditors dismissal or conversion makes no difference. However, if the case is converted to chapter 7, Debtor’s business will cease, and so too will the prospect for payment of unpaid administrative and unsecured claims from any ongoing business operations. On the other hand, if the case is dismissed, the Debtor may decide to continue with its plans to operate under its changed business model, which could generate income to pay existing creditors. In general, creditors have a better prospect of being paid if this case is dismissed instead of being converted to chapter 7." The Court finds and concludes that dismissal, rather than conversion, is in the best interests of creditors as a whole and the estate. A copy of the Court's Memorandum Opinion dated July 7, 2025, is available at https://urlcurt.com/u?l=fVMVPH from PacerMonitor.com. About Trinity Legacy Consortium Trinity Legacy Consortium, LLC operates a construction and home building business with locations in Farmington, New Mexico, and Wallowa, Oregon. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.M. Case No. 22-10973) on December 7, 2022. In the petition signed by Jan Swift and Jacob Swift, managing members, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Robert H. Jacobvitz oversees the case. The Debtor is represented by: Don F. Harris, Esq. New Mexico Financial Law Tel: 505-503-1637 Email:nmfl@nmfinanciallaw.com - and - Dennis A. Banning, Esq. New Mexico Financial Law Tel: 505-503-1637 Email: nmfl@nmfinanciallaw.com TW MEDICAL: Court Confirms Bankruptcy-Exit Plan ----------------------------------------------- Judge Joel T. Marker of the United States Bankruptcy Court for the District of Utah entered Findings and Conclusions with respect to the confirmation of TW Medical Group, LLC and Taylor G. Wright, P.C.'s Plan of Reorganization. The Court conducted a hearing on June 26, 2025 at 2:00 p.m. to consider confirmation of the Plan of Reorganization dated June 20, 2025. The solicitation of votes for acceptance or rejection of the Plan complied with Secs. 1125 and 1126,3 Bankruptcy Rules 3017 and 3018, all other applicable provisions of the Bankruptcy Code, the Plan Procedures Order and applicable law. Based on the record before the Court in the Bankruptcy Case, the Debtors have acted in "good faith" within the meaning of Sec. 1125, and are entitled to the protections afforded by Sec. 1125(e). The Plan establishes 19 Classes of Claims, and two Classes of Equity Interests. Classes 1, 3, 5, 6, 7, 8, 9, 10, 11, 13, and 14 are deemed to have accepted the Plan because no creditor in any of these Classes voted on the Plan nor did any creditor in these Classes object to the Plan. Creditors in Classes 2, 4, 12, 15, 16, 17, 18, and 19 that submitted ballots unanimously accepted the Plan by affirmative vote. Class 20 and 21 Equity Interests are deemed to have accepted the Plan. The Plan complies with the applicable provisions of the Bankruptcy Code, thereby satisfying Sec. 1129(a)(1). The Claims and Equity Interests placed in each Class are substantially similar to other Claims and Equity Interests in each such Class. The Plan properly classifies Claims and Equity Interests. In addition to Administrative Expense Claims and Priority Tax Claims, which are not classified under the Plan, the Plan designates various separate Classes of Claims and Equity Interests based on differences in their legal nature or priority. Further, valid business, factual and legal reasons exist for separately classifying the various Classes of Claims and Equity Interests under the Plan. Finally, the Classes do not unfairly discriminate between holders of Claims or Equity Interests. Thus, the Plan satisfies Secs. 1122 and 1123(a)(1). The Plan specifies that Class 20 and 21 Equity Interests are unimpaired under the Plan. Thus Sec. 1123(a)(2) is satisfied. Classes 1 through 19 are designated as impaired under the Plan. Article IV of the Plan specifies the treatment of the impaired Classes of Claims, thereby satisfying Sec. 1123(a)(3). The Plan provides for the same treatment for each Claim or Equity Interest in each respective Class unless the holder of a particular Claim or Interest has agreed to less favorable treatment with respect to such Claim or Interest, thereby satisfying Sec. 1123(a)(4). The Plan provides adequate and proper means for implementation of the Plan, thereby satisfying Sec. 1123(a)(5). Among other things, the Plan provides for distributions to creditors, the assumption of contracts, the consolidation of the Debtors, and the continuation of their business operations. The Plan complies with the applicable provisions of the Bankruptcy Code. Likewise, the Debtors have complied with the applicable provisions of the Bankruptcy Code. Thus, Secs. 1129(a)(1) and (a)(2) are satisfied. The Plan is proposed in good faith and not by any means forbidden by law, and therefore complies with the requirements of Sec. 1129(a)(3). In determining that the Plan has been proposed in good faith, the Court has examined the totality of the circumstances surrounding the filing of the Bankruptcy Cases and the formulation of the Plan. Among other things, the Court finds: i. the Debtors filed the Bankruptcy Cases, and proposed the Plan, for a valid purpose; ii. neither the Bankruptcy Cases nor the Plan were filed as a litigation tactic or for delay; iii. the Debtors have been, and are, actively prosecuting their Bankruptcy Cases; iv. the Debtors proposed the Plan with the legitimate and honest purpose of, among other things, maximizing returns to creditors; v. the Plan contemplates full payment Claims in all Classes other than Convenience Claims B; vi. the Debtors should have sufficient liquidated funds to fully implement the Plan; vii. this is not a case involving a single creditor; viii. the Debtors have a reasonable possibility of successfully implementing the Plan and making distributions to holders of Allowed Claims; and ix. the Plan is feasible and practical, and there is a reasonable likelihood that the Plan will achieve its intended results, which are consistent with the purposes of the Bankruptcy Code. In summary, the Plan complies with, and the Debtors have satisfied, all applicable confirmation requirements, and the Plan will be confirmed by entry of the separate Confirmation Order. A copy of the Court's Findings and Conclusions Regarding Plan of Reorganization dated June 26, 2025, is available at https://urlcurt.com/u?l=ARGY7I from PacerMonitor.com. Attorneys for TW Medical Group, LLC: George Hofmann, Esq. Jeffrey L. Trousdale, Esq. COHNE KINGHORN, P.C. 111 East Broadway, 11th Floor Salt Lake City, UT 84111 Telephone: (801) 363-4300 Facsimile: (801) 363-4378 E-mail: ghofmann@ck.law jtrousdale@ck.law Attorneys for Taylor G. Wright, P.C.: Ted F. Stokes, Esq. STOKES LAW PLLC 2072 North Main Suite 102 North Logan, UT 84341 Telephone: (435) 213-4771 Facsimile: (888) 441-1529 E-mail: ted@stokeslawpllc.com About TW Medical Group TW Medical Group, LLC is a podiatry practice offering state-of-the-art care across many locations in the U.S. The Company provides care for patients of all ages, from infants to older adults. Its podiatry team specializes in diagnosing and treating many foot and ankle conditions, including plantar fasciitis, tendonitis, ingrown toenail, toenail fungus, bunions, and flat feet. TW Medical Group and Taylor G. Wright, P.C. filed Chapter 11 petitions (Bankr. D. Utah Lead Case No. 24-25495) on October 23, 2024. Zachary Paul, chief financial officer, signed the petitions. At the time of the filing, TW Medical Group reported $10 million to $50 million in both assets and liabilities while Taylor G. Wright reported $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Joel T. Marker oversees the cases. George B. Hofmann, Esq., at Cohne Kinghorn, P.C., represents TW Medical Group while Ted F. Stokes, Esq., at Stokes Law, PLLC represents Taylor G. Wright. TWIN FALLS: Gets OK to Use Additional $1.82M in Cash Collateral --------------------------------------------------------------- Twin Falls Oil Service, LLC got the green light from the U.S. Bankruptcy Court for the District of North Dakota to use the cash collateral of its pre-bankruptcy lenders. The court order authorized the Debtor to use up to $1,827,800 in cash collateral through the end of the week beginning on September 1 as per the financial projections. Pre-bankruptcy lenders, including First International Bank & Trust, Quick Bridge Funding, and Samson MCA LLC, and the Internal Revenue Service will be granted replacement liens on assets acquired by the Debtor after its Chapter 11 filing, with the same priority, dignity and effect as their pre-bankruptcy liens. About Twin Falls Oil Service Twin Falls Oil Service, LLC, a company in Killdeer, N.D., offers crude oil hauling, water hauling, aggregate hauling, hydrovac winch services, and OTR hauling. Twin Falls filed Chapter 11 petition (Bankr. D. N.D. Case No. 24-30525) on December 11, 2024, listing up to $50,000 in assets and up to $10 million in liabilities. Jeffery L. Jacobson, president of Twin Falls, signed the petition. Judge Shon Hastings oversees the case. Steven R. Kinsella, Esq., at Fredrikson & Byron, P.A. is the Debtor's legal counsel. First International Bank & Trust, as lender, is represented by: Eli J. Patten, Esq. Crowley Fleck PLLP P.O. Box 2529 Billings, Montana 59103-2529 Email: epatten@crowleyfleck.com USA STAFFING: Affiliate Gets Interim OK to Use Cash Collateral -------------------------------------------------------------- Staffing Management Group, LLC, an affiliate of USA Staffing Services, LLC, received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral. The interim order signed by Judge Catherine Peek McEwen authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by secured creditor, Change Capital Holdings I, LLC. Change and other creditors with a security interest in the cash collateral will have a perfected post-petition lien on the cash collateral to the same extent and with the same validity and priority as their pre-bankruptcy lien. As additional protection to Change, the Debtor was ordered to keep its property insured in accordance with its obligations under its loan agreement with the secured creditor. The next hearing is scheduled for July 22. About USA Staffing Services, LLC USA Staffing Services LLC provides staffing solutions across the United States through a network of locally owned partner offices. The Company offers temporary staffing, direct hire, and customized workforce solutions for businesses across various industries and locations. USA Staffing Services LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04358) on June 27, 2025. In its petition, the Debtor reports total assets of $6,315,418 and total liabilities: $3,239,607. Honorable Bankruptcy Judge Catherine Peek McEwen handles the case. The Debtors are represented by: Daniel E Etlinger Underwood Murray, P.A. Tel: 813-540-8407 Email: detlinger@underwoodmurray.com USA STAFFING: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division granted USA Staffing Services, LLC interim approval to use cash collateral. The interim order authorized the Debtor to use cash collateral effective as of June 27 and continuing through the date the interim order is superseded or replaced by a final order. The request was initially contested by secured creditor, REV Capital (California), Inc., but the court found the interim use is essential for continued operations and in the best interest of creditors. REV consented to the entry of the order. As protection for any diminution in the value of its collateral, REV will be granted a post-petition rollover lien on all assets of the Debtor similar to its pre-bankruptcy collateral, with same validity, priority and extent as its pre-bankruptcy lien. Factoring contracts with REV Capital remain intact; REV is not obligated to continue factoring, according to the interim order. The interim order required the Debtor to deposit all revenue into its DIP accounts and use funds only for necessary operating expenses. The next hearing is scheduled for July 22. About USA Staffing Services, LLC USA Staffing Services LLC provides staffing solutions across the United States through a network of locally owned partner offices. The Company offers temporary staffing, direct hire, and customized workforce solutions for businesses across various industries and locations. USA Staffing Services LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04358) on June 27, 2025. In its petition, the Debtor reports total assets of $6,315,418 and total liabilities: $3,239,607. Honorable Bankruptcy Judge Catherine Peek McEwen handles the case. The Debtors are represented by: Daniel E Etlinger Underwood Murray, P.A. Tel: 813-540-8407 Email: detlinger@underwoodmurray.com VALKEN INC: Seeks to Hire Ciardi Ciardi & Astin as Counsel ---------------------------------------------------------- Valken Incorporated seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Ciardi Ciardi & Astin as counsel. The firm will provide these services: a. give the Debtor legal advice with respect to its powers and duties as a Debtor-in-Possession; b. prepare, on behalf of the Debtor, any necessary, answers, orders, reports, and other legal papers; c. perform all other legal services for the Debtor which may be necessary herein; and d. prepare and file a Plan of Reorganization. The firm will be paid at these rates: Partner $625 per hour Associates $450 to $475 per hour Of Counsel $525 to $575 per hour Paralegal $100 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Albert A. Ciardi, III, Esq., a partner at Ciardi Ciardi & Astin, 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: Albert A. Ciardi, III Ciardi Ciardi & Astin 1905 Spruce Street Philadelphia, PA Tel: (215) 557-3550 About Valken Incorporated Valken Incorporated, formed in 2008, provides equipment and technology for paintball, airsoft, defense protection, and other shooting sports. The Company supplies a broad range of products across the United States and Europe and operates Victory as a division. Valken Incorporated sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-16742) on June 25, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million to $50 million each. Honorable Bankruptcy Judge Jerrold N. Poslusny Jr. handles the case. The Debtors are represented by Albert A. Ciardi, III, Esq. at CIARDI CIARDI & ASTIN. VENTURE GLOBAL: Fitch Rates $4BB Sr. Secured Notes 'BB' ------------------------------------------------------- Fitch Ratings has assigned Venture Global Plaquemines LNG, LLC's (VGPL) $4.0 billion par amount of senior secured notes issued on June 30, 2025, a 'BB' rating. Proceeds from the notes will be used to partially refinance its existing bank loan facility. The Rating Outlook on the debt is Stable. RATING RATIONALE The 'BB' rating on VGPL's senior secured notes reflects a financial profile underpinned by contracted cash flows under 20-year, take-or-pay sales and purchase agreements (SPAs) for 19.7 million tonnes per annum (mtpa) capacity with mostly creditworthy offtakers. As of April 30, 2025, construction was approximately 96% complete but all contingency funds have been used to cover construction costs. As of April 2025, remaining construction costs and interest during construction totaled approximately $1.7 billion. The funding shortfall will be covered using sales of commissioning cargoes, which commenced in December 2024 and are estimated to generate proceeds well above the remaining funding requirement. Approximately 10% of the revenues will come from an SPA with an unrated subsidiary of a highly rated corporate entity, which provides a limited parent guarantee. Fitch evaluated several mitigating factors: VGPL's low dependency on these cash flows, the level of parent credit support, the importance of the project to the counterparties, and SPA pricing compared to Fitch merchant prices. These factors support the assessment of cash flows from this SPA under contracted metric thresholds. The self-operated project is exposed to operating cost volatility and lacks major maintenance reserve accounts. This is offset using proven technology, long-term service agreements (LTSAs) with the original equipment manufacturer (OEM) for the liquefaction trains, and Fitch's higher cost stresses in the financial analysis. In the rating case, the production level is 2.5 mtpa above the nameplate capacity, in line with the stressed downside case provided by the independent engineer (IE) and equipment performance guarantees. The debt structure is similar to other rated LNG projects, featuring refinancing risk and permissive additional debt provisions. In April 2025, VGPL placed $2.5 billion of inaugural bonds that were used to partially refinance its existing loan facility. Fitch's rating case stresses capacity, fuel use, gas prices, operating costs, and refinancing rates, and results in a minimum project life coverage ratio (PLCR) of 1.21x. KEY RATING DRIVERS Completion Risk - Midrange Advanced Completion Status with Mitigated Funding Shortfalls: Construction works are at an advanced stage. Phase I completion was at 99% and Phase II completion at 90% as of April 30, 2025, substantially minimizing overall completion risk. The completion risk assessment accounts for the remaining capex of approximately $900 million and exposure to cost overruns, which have added roughly 30% to the initial budget. VGPL is using a multi-contractor structure with experienced specialized contractors such as Baker Hughes (BHGE), General Electric, UOP Honeywell, Kellogg Brown and Root (KBR), and CB&I. BHGE is supplying the project with the key equipment and is a highly experienced OEM supported by an investment-grade parent. The joint venture (JV) between KBR and Zachry Industrial Inc. (KZJV) plays an integral role as the engineering, procurement and construction (EPC) contractor responsible for the integration of the facility components, testing and commissioning. The EPC contract is largely structured on a reimbursable basis, exposing the project to cost escalation. The project has allocated all its contingency. However, due to the phased completion plan, the project has begun to sell commissioning cargoes, which management expects will generate sufficient revenue to cover remaining project costs. Additionally, there is a significant buffer between the projected completion date and the SPA commercial operation date (COD) to accommodate schedule delays. Operation Risk - Midrange Self-Operated with Some Operating Experience: Similar to other LNG projects in the U.S., VGPL relies on affiliate companies to operate and manage the facilities. As of June 2025, these affiliates have an operating track record of more than two years of ramping up production and generating LNG at Venture Global Calcasieu Pass (VGCP), which declared COD on April 15, 2025. The project has hired experienced staff from within the LNG industry and is coordinating with its contractors to provide training support prior to COD. Technical risk is mitigated by world-class OEMs that test, fabricate, ship, and assist in the installation of their equipment. The project design includes built-in redundancies for major equipment, self-generated power insulated from grid-related outages, and performance guarantees that allow production levels above nameplate capacity. Unexpected operational problems that arise after the start of commercial operation are expected to be covered by warranties provided by the OEMs and contractors. The LTSA with Baker Hughes Company (BHC), and the maintenance budgets and the modularity of the project design, should allow predictable and phased maintenance costs, mitigating the risk related to the lack of a mandatory maintenance reserve requirement. The IE reported that the project has developed an adequate operating plan. Fitch addresses the lack of operating history by incorporating additional cost stresses in its financial analysis. The IE also reported that the use of electric motors instead of turbines in the liquefaction process should reduce downtime. While the project's reliance on its own power generation adds operational complexity, it may provide greater supply certainty by avoiding weather-related grid outages. Supply Risk - Midrange Access to Adequate Gas Supplies Backed by Firm Transportation Capacity: The project's supply risk is mitigated by operating in an area with abundant gas supply, the establishment of an experienced gas procurement team that is already purchasing gas for commissioning cargos, and offtake contracts that include gas cost recovery components. VGPL has signed precedent agreements for firm transportation capacity at fixed rates across four pipelines. This pipeline capacity provides sufficient access to supply quantities of feed-gas in excess of the nameplate production capacity of the LNG facility for the term of the assumed debt profile. The project relies on two lateral segments of the Gator Express Pipeline to transport gas from other pipelines to the project site, thereby removing single-point-of-failure risk. According to the market consultant, the project's approach to gas procurement should ensure sufficient near- to medium-term contracted volumes while maintaining appropriate flexibility for long-term needs. Revenue Risk - Composite - Midrange Largely Contracted Profile: VGPL has entered into 13 long-term SPAs for the sale of 19.7 mtpa of LNG with creditworthy offtakers, covering almost the entire nameplate capacity of 20 mtpa. Additionally, there is a shorter-term contract for 0.3 mtpa. Any capacity exceeding these contractual commitments is sold to a Venture Global LNG, Inc. (Venture Global; B+/Stable) affiliate. Each SPA provides revenue from a capacity payment, which is paid regardless of the LNG volumes lifted, and a commodity-based payment per unit of LNG lifted. The project effectively passes variable fuel costs through the commodity payment linked to gas prices at Henry Hub, while fixed costs are covered by the fixed capacity fees of the SPAs. This structure insulates the project from broader trends in LNG demand. Flexible delivery contractual features and excess production capacity above the volumes contracted with these offtakers mitigate the risk of the project failing to meet its SPA delivery obligations in the event of unplanned outages. There is no merchant exposure since VGPL's capacity is fully contracted. However, Fitch applies a merchant threshold to revenues from counterparties that are unrated or below the project rating. Debt Structure - 1 - Midrange Refinance Exposure Mitigated by Staggered Maturity Profile: The project is significantly exposed to the risk of rising interest rates. The new senior notes have bullet maturities and account for approximately 33% of the project's debt, including the bank loan and previously issued senior notes in the amount of $2.5 billion. The bank loan matures in 2029 and has limited amortization prior to maturity. The project must hedge at least 75% of its variable rate exposure. The debt structure includes a senior debt coverage ratio test of 1.4x for additional debt issuances and an equity distribution test of 1.20x for senior notes and 1.25x for the bank loan. Any termination of an SPA without replacement would require mandatory prepayment to maintain 1.40x and 1.45x coverage, accounting for the loss of that SPA under the senior notes and the bank loan, respectively. Financial Profile Fitch's financial analysis is based on partial refinancing in July 2025 of the remaining $10.2 billion term loan, with non-amortizing bonds in an aggregate amount of around $4.0 billion. This is a second issuance for VGPL this year. In April 2025, VGPL issued bonds in the amount of $2.5 billion. Fitch applies a stressed refinancing interest rate and assumes the debt is fully amortized within the 20-year term of the SPAs, once both sets of bonds are refinanced. Fitch assumes a base case production capacity of 24 mtpa based on IE estimates and plant performance during commissioning. Contracts for 19.7 mtpa are secured with creditworthy third-party offtakers for a 20-year term. The project generates $0.50 per million British thermal units (MMBtu) in liquefaction fees on the excess capacity above the nameplate, which is contracted to Venture Global's marketing affiliate. In this scenario, the minimum PLCR is 1.33x in 2030. Fitch's rating case assumes full SPA lifting and lower production capacity at 22.5 mtpa. Fitch applies higher operating expenses, higher fuel gas use and lower gas prices. Under these assumptions, the minimum PLCR is 1.22x in 2033. PEER GROUP Fitch publicly rates several LNG projects that share similar features with VGPL. However, these have established operating histories that lead to moderated rating case stresses and demonstrate stronger financial profiles, resulting in investment-grade ratings. Cheniere Corpus Christi Holdings, LLC (CCH; BBB+/Stable) uses widely proven liquefaction technology with large-scale trains powered by gas turbines. CCH is undertaking an expansion project that relies on mid-scale technology powered by electric motors similar to VGPL. It sources power from the local grid, which may be less complex than generating its own power (as VGPL does) but may expose the project to grid outages. Both CCH and VGPL have contracted the majority of their capacity with creditworthy entities under SPAs and are responsible for gas procurement and transportation. Fitch views below-investment-grade counterparties as merchant exposure for CCH. For VGPL, a small amount of capacity is contracted with below-investment grade counterparties, which Fitch does not view as a rating constraint. CCH has a rating case minimum PLCR of 3.1x. Sabine Pass Liquefaction, LLC (Sabine Pass; BBB+/Stable) is a fully operational LNG project owned and developed by Cheniere Energy Inc. (CEI; BBB/Stable), as well as other investors. Similar to Venture Global, Sabine Pass has SPAs with counterparties of adequate credit quality, receives a fixed capacity fee and Henry Hub-tied fees for lifting, and manages the gas supply. Sabine Pass uses ConocoPhilips Optimized Cascade liquefaction technology, similar to CCH, but relies on its own power generation, akin to VGPL. Fitch's financial analysis for Sabine Pass incorporates merchant revenues, with a rating case minimum PLCR is 3.1x. FLNG Liquefaction 2, LLC (FLIQ2; BBB/Stable) is an independently financed project that is part of a multi-train development. The rating reflects FLIQ2's long-term tolling agreement, which provides a direct pass-through of gas procurement costs to a single investment-grade offtaker for nearly all of its capacity and no refinance risk. The strength of the revenue stream suggests a lower debt service coverage ratio (DSCR) threshold for any given rating level compared with VGPL. FLIQ2's rating case DSCRs average is 1.4x. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deterioration in Fitch's credit view for a material SPA off-taker or SPA guarantor; - A decline in the minimum PLCR below 1.2x in the Fitch rating case due to cost escalation, negative Henry Hub basis or production shortfalls; - Higher refinancing costs, issuance of incremental senior debt, or failure to apply mark to market proceeds from swap breakage to pay down project debt. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Project reaches commercial operations date and demonstrates an operating profile with higher production or lower operating costs resulting in PLCR above 1.3x in the Fitch rating case; - A reduction in refinancing exposure leading to lower assumed debt costs and rating case financial metrics above 1.3x. TRANSACTION SUMMARY On June 30, 2025, VGPL issued $4.0 billion of 144A senior secured notes to partially refinance the outstanding $10.2 billion term loan facility. The fixed-rate notes were issued in two series of $2.0 billion each with bullet maturities of 8.5 years and 10.5 years and rates of 6.50% and 6.75%, respectively. The notes rank pari passu with the term loan and outstanding $2.5 billion in senior secured notes. SECURITY A first-priority security interest is established in substantially all assets of the issuer, VGGE as guarantor, and any future subsidiaries. This includes a pledge of 100% of the equity in the issuer and guarantor. Additionally, it encompasses all contracts, agreements (including material project agreements) and rights thereunder, as well as certain accounts, cash flow and other revenues. These arrangements are subject to customary exceptions to be agreed upon, consistent with existing credit facilities. Date of Relevant Committee June 27, 2025 ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Venture Global Plaquemines LNG, LLC Venture Global Plaquemines LNG, LLC/Project Revenues - Senior Secured Debt/1 LT USD 2 bln 6.5% bond/note 15-Jan-2034 922966AC0 LT BB New Rating senior secured LT BB New Rating BB(EXP) USD 2 bln 6.75% bond/note 15-Jan-2036 922966AD8 LT BB New Rating BB(EXP) VENUS CONCEPT: Registers 899,870 Common Shares for Resale --------------------------------------------------------- Venus Concept Inc. filed a Registration Statement on Form S-1 with the U.S. Securities and Exchange Commission regarding a prospectus relating to the resale, from time to time, by the selling stockholders, Intracoastal Capital LLC, Anson Investments Master Fund LP, Orca Capital AG, Boothbay Absolute Return Strategies, LP, Kingsbrook Opportunities Master Fund LP, Michael Vasinkevich, Noam Rubinstein, Craig Schwabe, and Charles Worthman, of up to 899,870 shares of the Company's common stock, $0.0001 par value per share, issuable upon exercise of outstanding warrants. The Warrants were issued in connection with a registered direct offering of the Company's Common Stock and consist of: (i) 869,440 Warrants issued to certain institutional investors who participated in such offering and (ii) 30,430 Warrants issued as consideration to the placement agent in such offering. Venus Concept disclosed: "We are not selling any securities under this prospectus, and we will not receive any proceeds from the sale of shares of our Common Stock by the selling stockholders under this prospectus. The selling stockholders will bear all brokerage commissions and similar expenses attributable to the sale of shares under this prospectus, and we will bear all costs, expenses and fees in connection with the registration of such shares. The selling stockholders may sell the shares of our Common Stock offered by this prospectus from time to time on terms to be determined at the time of sale through ordinary brokerage transactions or through any other means described in this prospectus. Such shares may be sold at fixed prices, at market prices prevailing at the time of sale, at prices related to prevailing market price or at negotiated prices." "Our Common Stock is listed on the Nasdaq Capital Market under the symbol VERO. On June 16, 2025, the reported sale price of our Common Stock on the Nasdaq Capital Market was $2.48 per share." About Venus Concept Toronto, Ontario-based Venus Concept Inc. is an innovative global medical technology company that develops, commercializes, and delivers minimally invasive and non-invasive medical aesthetic and hair restoration technologies and related services. The Company's systems have been designed on cost-effective, proprietary, and flexible platforms that enable the Company to expand beyond the aesthetic industry's traditional markets of dermatology and plastic surgery, and into non-traditional markets, including family medicine and general practitioners and aesthetic medical spas. Mississauga, Canada-based MNP LLP, the Company's auditor since 2019, 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 December 31, 2024, citing that the Company has reported recurring net losses and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2024, Venus Concept had $72.28 million in total assets, $61.65 million in total liabilities, $520,000 in non-controlling interests, and $10.11 million in total stockholders' equity. VERRILL DANA: Taps Bankruptcy Team from Rival Firm Bernstein Shur ----------------------------------------------------------------- Renee Cordes of Mainebiz reports that Portland-based law firm Verrill has expanded its bankruptcy practice by hiring four attorneys and three staff members from local competitor Bernstein Shur, a move its managing partner says reflects broader consolidation trends in Maine's legal market. According to the report, the additions include Robert Keach, formerly co-chair of Bernstein Shur's business restructuring and insolvency group, who joins Verrill as counsel; partners Lindsay Zahradka Milne and Letson Boots; and associate Jennifer Novo. Milne is currently representing Portland-based IT firm Tilson in its Chapter 11 case. Boots handles a range of Chapter 11 matters, including reorganizations, asset sales, and litigation. Novo also brings experience representing both debtors and creditors in bankruptcy proceedings. "They have a strong team structure from senior attorneys to junior lawyers and paralegals, which positions them well for long-term success," said Scott Anderson, Verrill's managing partner, in a phone interview with Mainebiz. "That's exactly the kind of structure we look for in every practice group." The group and their staff officially joined Verrill on Monday, June 30, 2025. "They're settling in quickly, and Lindsay is already deep into her work on Tilson," Anderson added. In a statement to Mainebiz, Bernstein Shur, led since February 2025 by CEO Kaveri Subbarao, extended well wishes to its former team and left the door open for future collaboration. "As always, our focus is on ensuring a smooth and thoughtful transition -- for our clients, our teams, and our firm," the firm said. "These types of changes are a natural part of a dynamic, growing organization like ours. We're having a strong year and are actively recruiting across multiple practice areas." The firm did not disclose how many bankruptcy attorneys remain following the departures but maintained that the practice "remains strong and is growing." Verrill's Continued Growth The hires come as Verrill continues to expand in both Portland and Bangor. The firm recently brought on several attorneys from Eaton Peabody, which ceased offering legal services on June 30, 2025. Verrill is currently operating out of Eaton Peabody's former office at 80 Exchange Street in Bangor under a lease agreement that runs through the end of the year. Anderson said the firm hopes to remain at the location long term. "We expect to stay at 80 Exchange St., whether on our current floor or another," he said. "That's where we want to be." Anderson also predicted more shakeups ahead in Maine's legal industry—and possibly across New England—as firms adjust succession plans for retiring attorneys. "That type of change will continue," he said. "We're very much focused on continuing to grow." According to the 2025 Mainebiz Book of Lists, Verrill ranks as the fourth-largest law firm in Maine, while Bernstein Shur holds the No. 2 spot, based on the number of Maine-based attorneys. About Verrill Danna LLP Verrill Danna LLP is a Portland-based law firm. VIRGINIA PARK: Hires Glenn Agre Bergman & Fuentes LLP as Counsel ---------------------------------------------------------------- Virginia Park 1 LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Glenn Agre Bergman & Fuentes LLP as counsel. The Debtor requires legal counsel to: a. advise the Debtor in connection with its rights, powers and duties as debtor-in-possession in the continued management and operation of its business and property; b. take necessary action to protect and preserve the Debtor's estate; c. attend meetings and negotiate with representatives of creditors and other parties-in-interest; d. prepare, on behalf of the Debtor, all necessary motions, applications, answers, orders, reports, and papers in support of positions taken by the Debtor and necessary to the administration of the estate; e. negotiate and prepare, on behalf of the Debtor, a plan of reorganization and all related documents; f. advise the Debtor in connection with any sale of assets; g. appear before this Court and any appellate courts in connection with the Chapter 11 Case; and h. perform other necessary legal services and provide other necessary legal advice to the Debtor in connection with the Chapter 11 case. The hourly rates of the firm's attorneys and staff are as follows: Partners $1,150 to $1,800 Of Counsel $900 to $1,375 Associates $600 to $1,050 Litigation Managers $425 Paralegals $325 to $425 The firm received from the Debtor a retainer of $40,000. Andrew Glenn, Esq., a partner at Glenn Agre Bergman & Fuentes, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Andrew K. Glenn, Esq. GLENN AGRE BERGMAN & FUENTES, LLP 55 Hudson Yards, 20th Floor New York, NY 10001 Telephone: (212) 358-5600 Email: aglenn@glennagre.com About Virginia Park 1 LLC Virginia Park 1 LLC provides real estate-related services, including property management and support activities, in connection with properties in Michigan. Virginia Park 1 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11308) on June 10, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Martin Glenn handles the case. The Debtors are represented by Andrew K. Glenn, Esq., Jed I. Bergman, Esq., Richard Ramirez, Esq., and Malak S. Doss, Esq. at GLENN AGRE BERGMAN & FUENTES LLP. VOLITIONRX LTD: All Proposals Passed at 2025 Annual Meeting ----------------------------------------------------------- VolitionRx Limited held its Annual Meeting of Stockholders during which the Company's stockholders voted on four proposals. The Company had 100,775,334 shares of common stock outstanding on April 25, 2025, the record date for the Annual Meeting, of which 51,635,355 shares of common stock were present in person or represented by proxy at the Annual Meeting. The following sets forth the final voting results of the four proposals voted upon by the Company's stockholders at the Annual Meeting. These matters are described in more detail in the Company's definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on April 29, 2025: Proposal 1: The stockholders elected eight members to the Board of Directors to hold office until the 2026 annual meeting of stockholders and until their successors are duly elected and qualified, or until their earlier resignation or removal. The voting results are as follows: 1. Dr. Phillip Barnes * Votes For: 35,018,471 * Votes Withheld: 1,964,275 * Broker Non-Votes: 14,652,609 2. Dr. Alan Colman * Votes For: 35,024,256 * Votes Withheld: 1,958,490 * Broker Non-Votes: 14,652,609 3. Mickie Henshall * Votes For: 35,363,392 * Votes Withheld: 1,619,354 * Broker Non-Votes: 14,652,609 4. Guy Innes * Votes For: 34,317,785 * Votes Withheld: 2,664,961 * Broker Non-Votes: 14,652,609 5. Kim Nguyen * Votes For: 34,646,196 * Votes Withheld: 2,336,550 * Broker Non-Votes: 14,652,609 6. Cameron Reynolds * Votes For: 36,104,993 * Votes Withheld: 877,753 * Broker Non-Votes: 14,652,609 7. Dr. Ethel Rubin * Votes For: 36,125,178 * Votes Withheld: 857,568 * Broker Non-Votes: 14,652,609 8. Timothy Still * Votes For: 36,004,285 * Votes Withheld: 978,461 * Broker Non-Votes: 14,652,609 Proposal 2: The stockholders ratified the selection of Sadler, Gibb & Associates, LLC as the Company's independent registered public accounting firm for the year ending December 31, 2025. The voting results are as follows: * Votes For: 51,261,805 * Votes Withheld: 330,721 * Votes Abstained: 42,829 Proposal 3: The stockholders approved, by a non-binding advisory vote, the compensation of the Company's named executive officers as described in the Proxy Statement. The voting results are as follows: * Votes For: 34,417,170 * Votes Withheld: 2,340,233 * Votes Abstained: 225,343 * Broker Non-Votes: 14,652,609 Proposal 4: The stockholders approved a Certificate of Second Amendment of the Second Amended and Restated Certificate of Incorporation, providing for an increase in authorized shares from 175,000,000 shares to 325,000,000 shares, consisting of 325,000,000 shares of common stock, par value $0.001 per share. The Amendment had previously been approved by the Board of Directors on April 2, 2025, subject to the approval of the Company's Stockholders. The Amendment became effective upon its filing with the Secretary of State of the State of Delaware on June 18, 2025. The voting results are as follows: * Votes For: 49,458,528 * Votes Withheld: 1,791,694 * Votes Abstained: 385,133 No other matters were presented for consideration or stockholder action at the Annual Meeting. About Volition Henderson, Nev.-based VolitionRx Limited is a multi-national epigenetics company. It has patented technologies that use chromosomal structures, such as nucleosomes, and transcription factors as biomarkers in cancer and other diseases. Draper, Utah.-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 31, 2025, attached in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations, negative cash flows from operations and minimal revenues which raises substantial doubt about its ability to continue as a going concern. As of June 30, 2024, VolitionRx had $13.1 million in total assets, $36 million in total liabilities, and $22.9 million in total stockholders' deficit. WYTHE BERRY: Court Sustains Objection to Mechanic's Lien Claims --------------------------------------------------------------- Chief Judge Martin Glenn of the United States Bankruptcy Court for the Southern District of New York sustains Wythe Berry Fee Owner LLC's objection to the claims of D and J Industries, LLC and Schimenti Construction Company LLC. The Court expunges the mechanic's lien claims. WBFO is the fee owner of a commercial real property complex located at 55 Wythe Avenue, Brooklyn, New York 11249 that is comprised of the William Vale Hotel and office and retail space and parking. The Property was originally owned by Wythe Berry LLC. In February of 2017, WB LLC refinanced its existing mortgage debt through a series of transactions, through which the Debtor was formed. WB LLC transferred title to the Property to the Debtor, and the Debtor leased the Property back to WB LLC pursuant to a 15-year lease. On March 21, 2022, WB LLC subleased part of the Debtor's Property to HealthQuarters, Inc. The intended use of the property by HealthQuarters was for the creation of a wellness, healthcare and medical facility. The HQ Lease identified WB LLC as the "Landlord" and HQ as the "Tenant," and there is no mention of the Debtor in the sublease. On April 4, 2022, HealthQuarters subcontracted with Schimenti for Schimenti to act as HealthQuarters' general contractor to provide labor, materials, equipment and services for the fitting-out of HealthQuarters' rental space. As Daniel Reiss, owner and president of D&J, testified, in the summer of 2022, HealthQuarters hired D&J to furnish all the light fixtures it needed. On Nov. 30, 2022, D&J filed a notice of mechanic's lien pursuant to section 10 of the New York Lien Law with the County Clerk of Kings County against the fee simple interest of the property owner and against HealthQuarters' leasehold interest in the Property. Since HealthQuarters stopped paying Schimenti at some point prior to September 2022, on Sept. 23, 2022, Schimenti filed a verified notice of mechanic's lien pursuant to section 10 of the New York Lien Law with the Country Clerk of Kings County, and Holland testified that all statutory requirements for filing and service were met, including service on the Debtor. In November of 2022, HealthQuarters filed a voluntary petition for relief under chapter 7 of the Code with the United States Bankruptcy Court for the District of Delaware. On or about March 6, 2023, D&J filed a claim in the Debtor's chapter 11 case, asserting a claim in the amount of $90,514.12, purportedly secured by a mechanic's lien on real estate. On or about April 28, 2023, Schimenti filed a claim for a "General Construction Contract" in the amount of $1,406,796.72. The critical questions in this dispute are: (1) who was the "owner" of the Property (and what does "owner" mean in the context of mechanic's liens asserted against a fee owner), and (2) did the "owner" of the Property (or the owner's agent) consent to the work performed by Schimenti et al.? Schimenti advances a slew of arguments in favor of its and D&J's claims. In sum, it argues that it had the requisite consent of the owner of the Property which would justify the imposition of a mechanic's lien on the fee simple interest in the Property under the NY Lien Law pursuant to a number of different theories, including that: Weiss himself was the owner of part of the fee simple interest in the Property and provided adequate consent, WB LLC was an "owner" under the NY Lien Law by dint of the operation of the Lease and consented (through Weiss) to the work done on the Property, and Weiss was an agent of Member LLC and the Debtor and consented on the Debtor's behalf. The Debtor's argument boils down to a few key points. It is undisputed (or was, until Schimenti floated the theory that Weiss actually owns 50% of the fee simple interest in the Property) that WBFO was the fee simple owner of the Property. It is also undisputed that the contracts underlying the mechanic's liens were not with the Debtor, but with HealthQuarters. So, the Debtor and owner of the Property did not request any of the work done on the Property by Schimenti and its subcontractors. The Debtor argues that Schimenti failed to show that Weiss is the owner of the Property, because Weiss simply does not have a direct property interest in the Debtor, as he is merely an owner of the owner of the Debtor (i.e., part owner of Member LLC). Any interest that Weiss has in the Debtor is a personal property interest only, and not an interest in any real property held by the Debtor (i.e., not an interest in the Property). Moreover, the Debtor claims that Schimenti did no investigation into who actually owned the Property and instead dealt solely with HealthQuarters. The Debtor claims that Schimenti did not show that WB LLC was the "owner" of property. Nor could Schimenti show this, as its (and the other claimants') contracts with HealthQuarters arose in 2022, after this Court declared the Lease invalid. It also points to New York caselaw to argue that Weiss is not the Debtor's agent. The Debtor's LLC agreement clearly empowers Member LLC and Member LLC alone to act as its agent, and the Debtor took steps in the Lease to limit the ability of Weiss or WB LLC to unilaterally alter the Property in major ways. The Court finds Delaware LLC law is clear -- Weiss has no interest in Member LLC's shares of Debtor, let alone in Debtor's property, so is not the owner of the fee simple interest in the Property. And while the Lease does allow for the creation of some liens by WB LLC, it only allows for liens to be created on WB LLC's leasehold interest in the Property, not on the fee simple interest held by WBFO. The Lease therefore cannot reasonably be read to be a "delegation" to WB LLC of WBFO's ability to encumber the fee simple interest in the Property. Nor can the Lease be read as granting WBFO's ex ante consent to work on the Property, or to WB LLC's enabling the imposition of a mechanic's lien on the Property, according to the Court. Schimenti was not able to identify any other "manifestation" from the Debtor to WB LLC or Weiss authorizing WB LLC/Weiss to act on its behalf in any respect. Weiss's uncontested testimony established that he never discussed any subleases with WBFO or Member LLC. The evidence before the Court establishes that WBFO was not aware of the HealthQuarters Sublease, let alone the contractors' presence and work on the property. The Court finds there is no evidence of an actual agency relationship between WB LLC/Weiss and WBFO. Because Schimenti has failed to establish that any of the claimants' mechanic's liens attached to the fee simple interest in the Property, which fee simple interest was owned by the Debtor, the Court sustains the Debtor's objections and expunges the claims of Schimenti and D&J. A copy of the Court's Memorandum Opinion and Order dated July 7, 2025, is available at https://urlcurt.com/u?l=xj8Dgk from PacerMonitor.com. Attorneys for the Plan Administrator: Michael Friedman, Esq. Eric Silvestri, Esq CHAPMAN AND CUTLER LLP 1270 Avenue of the Americas, 30th Floor New York, NY 10020 E-mail: friedman@chapman.com silvest@chapman.com Attorneys for Schimenti Construction Company LLC: Peter E. Strniste, Jr., Esq. Robert Barrack, Esq. GORDON & REES One Battery Park Plaza, 28th Floor New York, NY 10005 E-mail: pstrniste@grsm.com rbarrack@grsm.com Attorneys for D and J Industries LLC: Mark Cemele, Esq. CERMELE & WOOD LLP 2 Westchester Park Drive, Suite 110 White Plains, NY 10604 E-mail: mark@cw.legal About Wythe Berry Fee Owner Wythe Berry Fee Owner LLC is the titular owner of a commercial real property complex located in Brooklyn, New York, that includes The William Vale Hotel, one of Brooklyn's few luxury hotels. Wythe Berry Fee Owner is co-owned, indirectly, by Zelig Weiss and YGWV LLC, a wholly owned, direct subsidiary of All Year Holdings Limited, which is a debtor in a chapter 11 case also pending before Judge Martin Glenn. Weiss and YGWV each hold 50% of the membership interests in Member LLC, which, in turn, is the direct parent, and sole member, of Wythe Berry Fee Owner. YGWV purports to be the designated managing member of Member LLC and, thus, purports to control Wythe Berry Fee Owner. A group of noteholders, Mishmeret Trust Company Ltd., solely in its capacity as Trustee for the Series C Notes; Yelin Lapidot Provident Funds Management Ltd.; The Phoenix Insurance Company Limited; and Klirmark Opportunity Fund III L.P., filed an involuntary Chapter 11 bankruptcy petition against Wythe Berry Fee Owner LLC (Bankr. S.D.N.Y. Case No. 22-11340) on Oct. 6, 2022. The creditors are represented by Michael Friedman, Esq., at Chapman and Cutler LLP. Bankruptcy Judge Martin Glenn, who presides over the case, entered an Order for Relief in January 2023, allowing the bankruptcy proceedings against Wythe Berry Fee Owner LLC to proceed. Judge Glenn denied a request by hotel operator Zelig Weiss to dismiss the involuntary petition. Wythe Berry Fee Owner LLC is represented by law firm Herrick, Feinstein LLP. All Year Holdings Limited filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 21-12051) on Dec. 14, 2021, and is represented by Matthew Paul Goren, Esq., at Weil, Gotshal & Manges LLP. Weiss is represented by lawyers at Paul Hastings LLP. * * * On May 29, 2024, Chief Bankruptcy Judge Martin Glenn of the United States Bankruptcy Court for the Southern District of New York issued opinions confirming the Chapter 11 plans of Wythe Berry Fee Owner LLC and approving a related settlement that was part of the plan, clearing the way for them to complete the sale of the William Vale Hotel and complex in Brooklyn to an affiliate of EOS Hospitality for $177 million. The Chapter 11 plan was declared effective on June 18, 2024. XCEL BRANDS: Stockholders OK Warrant Issuance, Reverse Split ------------------------------------------------------------ Xcel Brands, Inc. held its Special Meeting during which the Company's stockholders voted on three proposals and cast their votes. These matters are described in detail in the Company's definitive proxy statement on Schedule 14A, which was filed with the Commission on May 13, 2025. As of May 7, 2025, the record date of the Special Meeting, there were 2,386,325 shares of Common Stock issued and outstanding and entitled to vote at the Special Meeting. Present in person or by proxy at the Special Meeting were 1,637,039 shares of Common Stock, representing a majority of the issued and outstanding capital stock present at the Special Meeting, which constituted a quorum. The following are the final voting results for each item of business voted upon at the Special Meeting, as described in the Proxy Statement: Proposal 1. Warrant Exercise Proposal. The stockholders approved for purposes of complying with Nasdaq Listing Rule 5635 requirements for the issuance of common stock in excess of 19.99% of the Company's outstanding common stock upon exercise of the warrants to purchase shares of the Company's common stock issued in connection with the Company's refinancing which closed on April 21, 2025; (i) which may be deemed a change of control under Rule 5635(b) and (ii) in a transaction not involving a public offering of greater than 20% of the outstanding common stock or voting power prior to the issuance Rule 5635(d) with respect to the Company's issuance, based on the votes: * Votes For: 1,020,922 * Votes Against: 5,503 * Abstentions: 540 * Broker Non-Votes: 610,074 Proposal 2. Reverse Split Proposal. The stockholders approved the Company to, in the discretion of the Company's Board of Directors, adopt and approve an amendment to its Amended and Restated Certificate of Incorporation, as amended, to effect a reverse stock of its issued shares of common stock at a ratio within the range of not less than 1-for-2 and not greater than 1-for-5, with the exact ratio within such range and the implementation and timing of such reverse stock split to be determined at the sole discretion of its Board of Directors, without further approval or authorization of its stockholders, at any time prior to March 25, 2026, based on the votes: * Votes For: 1,613,691 * Votes Against: 23,019 * Abstentions: 329 * Broker Non-Votes: 0 Both proposals were approved by the Company's stockholders. No other matters were considered or voted upon at the meeting, except a proposal to adjourn the Special Meeting of Stockholders to a later date, if necessary, to permit further solicitation and vote proxies in the event there were not sufficient votes in favor of the Warrant Exercise Proposal and Reverse Stock Split Proposal. Based upon the voting results, the latter was not applicable. About Xcel Brands New York, N.Y.-based Xcel Brands, Inc. is a media and consumer products company engaged in the design, licensing, marketing, live streaming, and social commerce sales of branded apparel, footwear, accessories, fine jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. Xcel was founded in 2011 with a vision to reimagine shopping, entertainment, and social media as social commerce. New York, N.Y.-based Marcum LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated May 27, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has 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 December 31, 2024, the Company had $53.8 million in total assets, $25.4 million in total liabilities, and a total stockholders' equity of $28.4 million. YELLOW CORP: Postpones Conversion of Chapter 11 to Chapter 7 ------------------------------------------------------------ Hilary Russ of Law360 Bankruptcy Authority reports that a motion to convert Yellow Corp.'s Chapter 11 bankruptcy to Chapter 7 was delayed on Tuesday, July 8, 2025, after the former trucking company said it would soon present a revised restructuring plan, nearly two years into its bankruptcy case. About Yellow Corporation Yellow Corporation -- www.myyellow.com -- operates logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and international shipping services throughout. Yellow's principal office is in Nashville, Tenn., and is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics. Yellow Corporation and 23 affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corp had $2,152,200,000 in total assets against $2,588,800,000 in total liabilities. The petitions were signed by Matthew A. Doheny as chief restructuring officer. Kirkland & Ellis LLP is serving as the Company's restructuring counsel, Pachulski Stang Ziehl& Jones LLP is serving as the Company's Delaware local counsel, Kasowitz, Benson and Torres LLP is serving as special litigation counsel, Goodmans LLP is serving as the Company's special Canadian counsel, Ducera Partners LLC is serving as the Company's investment banker, and Alvarez and Marsal is serving as the Company's financial advisor. Epiq Bankruptcy Solutions serves as claims and noticing agent. Milbank LLP, serves as counsel to certain investment funds and accounts managed by affiliates of Apollo Capital Management, L.P. White & Case LLP, serves as counsel to Beal Bank USA. Arnold & Porter Kaye ScholerLLP, serves as counsel to the United States Department of the Treasury. Alter Domus Products Corp., the Administrative Agent to the DIP Lenders, is represented by Holland & Knight LLP. ZEN JV: U.S. Trustee Appoints Creditors' Committee -------------------------------------------------- The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Zen JV, LLC and its affiliates. The committee members are: 1. Jobverse, Inc. Attn: Kevin McCarthy 1913 Champion Blvd. Franklin, TN 37064 kevin@oneredcent.com 2. Textkernel B.V. c/o Bullhorn Inc. Attn: Chad Yohn 100 Summer Street Boston, MA 02110 Phone: 917-701-4288 chad.yohn@bullhorn.com 3. Talroo, Inc. Attn: Brian Henson 6433 Champion Grandview Way Bldg 2, Suite 100 Austin, TX 78750 Phone: 512-717-0630 bhenson@talroo.com 4. Verinext Inc. Attn: Oscar Romero 510 Township Line Road Blue Bell, PA 19422 Phone:312-285-1496 Oscar.romero@verinext.com 5. Appcast, Inc. Attn: Stacie Yamaguchi 10 Water Street, Suite 150 Lebanon, NH 03766 Phone: 800-570-5430 legal@appcast.io 6. Jobcase, Inc. Timothy Johnson 201 Broadway St., 7th Floor Cambridge, MA 02139 tjohnson@jobcase.com 7. Equinix, Inc. Attn: Liz Vazquez 1133 Avenue of the America, 16th Floor New York, NY 10036 Phone: 646-430-6847 lvazquez@equinix.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Zen JV LLC Zen JV, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11195) on June 24, 2025, listing up to $100 million in assets and up to $500,000 in liabilities. Jeff Furman, chief executive officer of Zen JV, signed the petition. Judge Kate Sickles oversees the case. Zachary I. Shapiro, Esq., at Richards, Layton & Finger, P.A., represents the Debtor as legal counsel. JMB Capital Partners Lending, LLC, as DIP lender, is represented by: Matthew B. Lunn, Esq. Robert F. Poppiti, Jr., Esq. Young Conaway Stargatt & Taylor, LLP 1000 North King Street Wilmington, DE 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1253 mlunn@ycst.com rpoppiti@ycst.com -- and -- Robert M. Hirsh, Esq. James A. Copeland, Esq. NORTON ROSE FULBRIGHT US LLP 1301 Avenue of the Americas New York, NY 10019-6022 Telephone: (212) 318-3000 Facsimile: (212) 408-5100 robert.hirsh@nortonrosefulbright.com james.copeland@nortonrosefulbright.com [] NC Basalt Fiber Facility Up for Sale, July 31 Bid Deadline Set ----------------------------------------------------------------- Great Neck Realty Company puts 45,780 +/- sq. ft. basalt fiber manufacturing facility and a 7.59 +/- future development tract adjacent to the facility, located at 119 Metrolina Drive., Shelby, North Carolina. The deadline to submit bid for the facility is July 31, 2025, with a minimum bid of $1,1 million. For further information regarding the sale, contact Rob Tramantano of Great Neck at (516) 902-9568 or Willy Lilly of Iron Horse Commercial at (704) 985-9300. [] ORIX to Acquire Majority Equity Stake in Hilco Global -------------------------------------------------------- Hilco Global announced that it entered into a definitive agreement under which ORIX Corporation USA will acquire a majority equity stake in Hilco Global. ORIX USA, a subsidiary of the global financial services company ORIX Group (TSE: 8591; NYSE: IX), is an investment and asset management firm specializing in private credit, real estate, and private equity solutions. According to Hilco Global, "This agreement marks a significant milestone in Hilco Global's growth, reinforcing our position as a leading asset-focused investment management, advisory, and private credit firm. With the additional financial flexibility and resources provided by ORIX USA, Hilco Global will expand its asset management, private credit, and advisory capabilities. The partnership will also establish a new asset-based lending arm, combining Hilco's expertise in tangible and intangible assets with ORIX USA's capital and lending capabilities to address this growing market opportunity. We look forward to partnering with ORIX USA to further broaden the transactions we pursue and enhance our service offerings." Jeffrey Hecktman, Executive Chairman, Chief Executive Officer, and Founder of Hilco Global, will continue to lead the company as CEO. Hilco Global's executive leadership and partner group, including Mr. Hecktman, will retain a minority equity ownership position. Hilco Global will operate as a subsidiary within ORIX USA while retaining its independent brand under the ORIX Group umbrella. [^] 2025 Distressed Investing Conference: Registration Now Open! ---------------------------------------------------------------- Registration is now open for the 32nd Annual Distressed Investing Conference, presented by Beard Group, Inc. This two-day affair kicks off with the Opening Night Cocktail Reception on Dec. 2nd from 5:00-7:00 PM and followed by the Full Day Conference on Dec. 3rd. Venue is the Harmonie Club in New York City. Visit https://www.distressedinvestingconference.com/ for more information. Contact Will Etchison, Conference Producer, at Tel: 305-707-7493 or will@beardgroup.com for sponsorship opportunities. Thank you to last year's conference sponsors: The 2024 Conference Co-Chairs: * Kirkland & Ellis, LLP, as conference co-chair; and * Foley & Lardner LLP, as conference co-chair The 2024 Major Sponsors: * Davis Polk & Wardwell LLP; * Hilco Global; * Locke Lord LLP; * Morrison & Foerster LLP; * Proskauer Rose LLP; * Skadden, Arps, Slate, Meagher & Flom LLP; * Wachtell, Lipton, Rosen & Katz; and * Weil, Gotshal & Manges LLP The 2024 Patron Sponsors were: * Katten Muchin Rosenman LLP; * Kobre & Kim; and * Resolution Financial Advisors The 2024 Supporting Sponsors were: * C Street Advisory Group; * Development Specialists, Inc.; * Gilbert + Tobin; * Paul Hastings; * RJReuter; * Sherwood Partners, Inc.; * SSG Capital Advisors; and * Stein Advisors LLC The 2024 Media Partners were: * BankruptcyData; * CreditSights; * Debtwire; * The National Law Review; * PacerMonitor; * Pari Passu Newsletter; * Reorg; and * WSJ Pro Bankruptcy The 2024 Knowledge Partner was: * Creditor Rights Coalition The 2024 Conference Replays are available for Purchase at https://www.distressedinvestingconference.com/2024-video-replays--photos.html [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Alex B. 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Case No. 25-02492 Chapter 11 Petition filed June 30, 2025 represented by: JM Cook, Esq. J.M. COOK, P.A. E-mail: j.m.cook@jmcookesq.com In re Janis Krueger Newman Bankr. N.D. Tex. Case No. 25-42373 Chapter 11 Petition filed June 30, 2025 represented by: Deanna Chambers, Esq. In re Paul Hampton Brogan and Cheryl Ann Brogan Bankr. S.D. Tex. Case No. 25-33718 Chapter 11 Petition filed June 30, 2025 represented by: Jack Fuerst, Esq. In re 3002 Nasa Road LLC Bankr. S.D. Tex. Case No. 25-33737 Chapter 11 Petition filed June 30, 2025 See https://www.pacermonitor.com/view/LPOY7KA/3002_Nasa_Road_LLC__txsbke-25-33737__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Optimized Business Trends, Inc Bankr. S.D. Tex. Case No. 25-33753 Chapter 11 Petition filed June 30, 2025 See https://www.pacermonitor.com/view/HPCK3MA/Optimized_Business_Trends_Inc__txsbke-25-33753__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Armellino Italian Ices Corp Bankr. N.D. Ala. Case No. 25-70864 Chapter 11 Petition filed July 1, 2025 See https://www.pacermonitor.com/view/ZFN6A6Y/Armellino_Italian_Ices_Corp__alnbke-25-70864__0001.0.pdf?mcid=tGE4TAMA represented by: Anthony Brian Bush, Esq. THE BUSH LAW FIRM, LLC E-mail: abush@bushlegalfirm.com In re Anthony Osa Odiase Bankr. C.D. Cal. Case No. 25-15583 Chapter 11 Petition filed July 1, 2025 represented by: Derrick Talerico, Esq. In re Bengt Erik Sanner Bankr. C.D. Cal. Case No. 25-14449 Chapter 11 Petition filed July 1, 2025 In re Earl Freddy Invest LLC Bankr. N.D. Cal. Case No. 25-41166 Chapter 11 Petition filed July 1, 2025 See https://www.pacermonitor.com/view/TEFBRZA/Earl_Freddy_Invest_LLC__canbke-25-41166__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re SD Backyard, LLC Bankr. S.D. Cal. Case No. 25-02776 Chapter 11 Petition filed July 1, 2025 See https://www.pacermonitor.com/view/HQNOG5A/SD_Backyard_LLC__casbke-25-02776__0001.0.pdf?mcid=tGE4TAMA represented by: Gary B. Rudolph, Esq. 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Case No. 25-15722 Chapter 11 Petition filed July 7, 2025 represented by: Michael Totaro, Esq. In re Rajiv P. Sitwala Bankr. C.D. Cal. Case No. 25-11835 Chapter 11 Petition filed July 7, 2025 represented by: Michael Totaro, Esq. In re State of Flux, Inc. Bankr. N.D. Cal. Case No. 25-30541 Chapter 11 Petition filed July 7, 2025 See https://www.pacermonitor.com/view/UR3VZGA/State_of_Flux_Inc__canbke-25-30541__0001.0.pdf?mcid=tGE4TAMA represented by: Ryan C. Wood, Esq. LAW OFFICES OF RYAN C. WOOD, INC. Email: Ryan@westcoastbk.com In re Roger Harvey Black Bankr. D.D.C. Case No. 25-00260 Chapter 11 Petition filed July 7, 2025 represented by: Jeffery Martin, Esq. In re Crystal And Family Capital LLC Bankr. N.D. Ga. Case No. 25-57554 Chapter 11 Petition filed July 7, 2025 Filed Pro Se In re Ivan Jovanoski Bankr. N.D. Ill. Case No. 25-10322 Chapter 11 Petition filed July 7, 2025 In re Michael Longino Mitchell and April Marie Mitchell Bankr. D. Nev. Case No. 25-50620 Chapter 11 Petition filed July 7, 2025 represented by: Kevin Darby, Esq. In re Erslena Joyce Jacob Bankr. E.D.N.Y. Case No. 25-72610 Chapter 11 Petition filed July 7, 2025 See https://www.pacermonitor.com/view/ZV5FJSI/Erslena_Joyce_Jacob__nyebke-25-72610__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Incar Group, LLC Bankr. D.P.R. Case No. 25-03067 Chapter 11 Petition filed July 7, 2025 See https://www.pacermonitor.com/view/C7P2TZQ/INCAR_GROUP_LLC__prbke-25-03067__0001.0.pdf?mcid=tGE4TAMA represented by: Carlos Alberto Ruiz, eSQ. LICENCIADO CARLOS ALBERTO RUIZ LLC Email: carlosalbertoruizquiebras@gmail.com In re Skyline EMS, Inc. Bankr. S.D. Tex. Case No. 25-70188 Chapter 11 Petition filed July 7, 2025 See https://www.pacermonitor.com/view/JLMKRQQ/Skyline_EMS_Inc__txsbke-25-70188__0001.0.pdf?mcid=tGE4TAMA represented by: Antonio Martinez, Jr., Esq. LAW OFFICE OF ANTONIO MARTINEZ, JR., P.C. Email: martinez.tony.jr@gmail.com In re Fernandez P. Enterprise LLC Bankr. S.D. Fla. Case No. 25-17777 Chapter 11 Petition filed July 8, 2025 See https://www.pacermonitor.com/view/KT7Q4JY/Fernandez_P_Enterprise_LLC__flsbke-25-17777__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Crown Aquisition Holding Corp. Bankr. E.D.N.Y. Case No. 25-72634 Chapter 11 Petition filed July 8, 2025 See https://www.pacermonitor.com/view/SVSI33A/Crown_Aquisition_Holding_Corp__nyebke-25-72634__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se ********* 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. 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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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