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T R O U B L E D C O M P A N Y R E P O R T E R
Tuesday, July 15, 2025, Vol. 29, No. 195
Headlines
11 7 TAMBAYAN: Jeanette McPherson Named Subchapter V Trustee
13007 YUKON: Greyhawk Lawsuit Goes Back to NY State Court
26 CAPITAL: Case Summary & 20 Largest Unsecured Creditors
2700 SLOAT HOLDING: Seeks to Hire Demetras Law PC as Counsel
300 PEARL STREET: Seeks Chapter 11 Bankruptcy in Texas
303 HIGHLINE: Seeks to Hire Nugent Appraisals as Appraiser
3101 SAGE RD: Seeks 60-Day Extension of Plan Filing Deadline
418RE - ONE: Seeks to Hire Madoff & Khoury LLP as Counsel
6 GROUP: Seeks to Hire Green & Sklarz as Bankruptcy Counsel
8 BUILDINGS: Seeks to Hire Allen Vellone Wolf Helfrich as Counsel
9415 107 STREET: Voluntary Chapter 11 Case Summary
ACCRX INC: Hires Paul E. Saperstein Co. Inc.as Appraiser
ADVANCED TRENCHLESS: Hires David A. Arietta as Legal Counsel
AI DRUGS: Voluntary Chapter 11 Case Summary
ALACHUA GOVERNMENT: July 15 Deadline for Panel Questionnaires
ALL PROPERTIES: Seeks Chapter 11 Bankruptcy in Missouri
AMPLIFYBIO LLC: Committee Hires Berkeley as Financial Advisor
AMPLIFYBIO LLC: Committee Hires Tucker Ellis LLP as Co-Counsel
AMPLIFYBIO LLC: Committee Hires White & Case LLP as Counsel
APOLLO BIDCO: S&P Withdraws B- Issuer Credit Rating
ARMELLINO ITALIAN: Hires Bush Law Firm LLC as Counsel
ASHMARK CONSTRUCTION: Hires Taft Stettinius & Hollister as Counsel
AVALON GLOBOCARE: Signs $975K Breathalyzer Deal With Qi Diagnostics
B.G.P. INC: Gets Extension to Access Cash Collateral
BALANCE HOLDING: Unsecureds Will Get 34% of Claims over 4 Years
BARROW SHAVER: Seeks to Extend Plan Exclusivity to September 29
BCPE GRILL: Moody's Affirms 'B3' CFR & Alters Outlook to Negative
BEAN THERE: Ruediger Mueller Named Subchapter V Trustee
BETTER THERAPEUTICS: Settles Delaware SPAC Case for $1MM
BIEN-AIME CONFIANCE: Case Summary & Three Unsecured Creditors
BLOCKFI INC: Administrator, DOJ Settle Crypto Assets Lawsuit
BMI SMART: Seeks Court Approval to Hire Latham Luna as Counsel
BNB BATTERY: Final Hearing to Use Cash Collateral Set for July 16
BOUNDLESS BROADBAND: Committee Hires Blank Rome LLP as Co-Counsel
BOUNDLESS BROADBAND: Committee Hires Lowenstein as Lead Counsel
BOUNDLESS BROADBAND: Panel Hires Province as Financial Advisor
BOYD GAMING: S&P Affirms 'BB' ICR, Outlook Stable
BROADWAY REALTY: Aug. 14 Hearing on Objections to Weil Hiring
BROCATO'S SANDWICH: Gets Final OK to Use Cash Collateral
BRUIN DIRECTORS: Gregory Jones Named Subchapter V Trustee
BURGUNDIAN LLC: Joseph DiOrio Named Subchapter V Trustee
CANVAS SARASOTA: U.S. Trustee Unable to Appoint Committee
CARVANA CO: Major Shareholder Moves to Sell $245MM in Shares
CATHOLIC FAITH: Unsecured Creditors to Get Nothing in Plan
CBRM REALTY: Seeks to Hire Ordinary Course Professionals
CHPPR MIDCO: Moody's Alters Outlook on 'B3' CFR to Positive
CINEMAWORLD OF FLORIDA: Taps Stichter Riedel Blain as Counsel
CLASSIC RECREATIONS: Voluntary Chapter 11 Case Summary
COMMODITIES INTERNATIONAL: Files Amendment to Disclosure Statement
CONTOUR SPA: Hires Baker & Hostetler LLP as Bankruptcy Counsel
CONTRACT MANAGED: Hires Kaplan Johnson as Kaplan Johnson
CORVIAS CAMPUS: U.S. Trustee Unable to Appoint Committee
CROSS TOWN: Case Summary & 14 Unsecured Creditors
CUSTOM CONCRETE: Case Summary & 20 Largest Unsecured Creditors
CWB REALTY: Unsecureds Will Get 1.65% of Claims in Plan
D & D HOUSING: Gets Final OK to Use Cash Collateral
D2 GOVERNMENT: Gets Interim OK to Use Cash Collateral Until July 30
DAYTON HOTELS 2: Hires Thomsen Law Group LLC as Counsel
DEF HOLDING: Seeks Chapter 11 Bankruptcy in Washington
DENVER BOULDERING: Hires Wadsworth Garber Warner as Counsel
DIACARTA INC: Seeks Subchapter V Bankruptcy in California
DIGICEL GROUP: Considers Refinancing Over $2B Debt as Concerns Ease
DISCOVERY COMMUNICATIONS: Moody's Rates New Secured Notes 'Ba2'
DOOR COUNTY: Unsecureds Will Get 80% of Claims over 5 Years
ELMWOOD CLO 15: S&P Assigns BB- (sf) Rating on Class E-R Notes
EPIC MEDICAL: Voluntary Chapter 11 Case Summary
ERBO PROPERTIES: Hires Goetz Platzer as Bankruptcy Counsel
EVERYTHING CREATIVE: Seeks to Hire Kit J. Gardner as Counsel
EWA LLC: Behrooz Vida Named Subchapter V Trustee
EWA LLC: Seeks to Hire DeMarco Mitchell PLLC as Counsel
EXCELL COMMUNICATIONS: Hires Forchelli Deegan Terrana as Attorney
EXPRESS MOBILE: Unsecureds Will Get 76% of Claims in Plan
FEDERAL CAREGIVERS: Hires Jacobson Lawrence as Accountant
FIGRE TRUST 2025-HE4: S&P Assigns B- (sf) Rating on Class F Notes
FIRST CENTURY FUNDING: Seeks Chapter 11 Bankruptcy in New York
FLYNN RESTAURANT: $500MM Loan Add-on No Impact on Moody's B2 Rating
FOCUS UNIVERSAL: All Proposals OK'd at 2025 Annual Meeting
FRISCO BAKING: Unsecured Creditors Will Get 26% of Claims
FTX TRADING: Blockchain Co. Under Fire for $1.3MM Token Delay
FUTURE FINTECH: 3 Execs Resign; New CFO, Board Chair Named
FUTURE FINTECH: Settles $10.2M Judgments With FT Global via Stock
GENESIS HEALTHCARE: Asks Court OK to Shed Leases, Keep Workforce
GENESIS HEALTHCARE: July 21 Deadline Set for Panel Questionnaires
GILLETTE ENTERPRISES: Hires Menzel & Associates as Accountant
GREENWICH RETAIL: Hires Davidoff Hutcher & Citron as Attorney
HENDERSON RECOVERY: Hires Toni Campbell Parker as Counsel
HI TORK POWER: Hires Westcott Law Group as Special Counsel
HIGHLAND CAPITAL: Texas Raises Charity Probe to Stop Bankruptcy
HOLOGENIX LLC: Seeks to Hire Windes Inc. as Tax Accountant
HOODSTOCK RANCH: Claims Will be Paid from Property Sale/Refinance
HOUSE SPIRITS: Hires CRS Capstone as Financial Advisor
INSPIREMD INC: Reports Ownership of 465K RSAs, 212K Options
INTERNATIONAL DIRECTIONAL: Hires Van Horn Law as Legal Counsel
K&W LEGACY: Voluntary Chapter 11 Case Summary
KRAZ LLC: Court Affirms Final Judgment in BB&T Adversary Complaint
KS MATTSON: Seeks to Hire Hogan Lovells US as Bankruptcy Counsel
LACKAWANNA ENERGY: S&P Assigns Prelim 'BB-' Rating on Secured Debt
LAUTARO GROUP: Seeks Chapter 11 Bankruptcy in D.C.
LLW CONSTRUCTION: Amy Denton Mayer Named Subchapter V Trustee
M&M BEDDING: Angela Shortall of 3Cubed Named Subchapter V Trustee
MACON ARTS: Plan Exclusivity Period Extended to October 1
MAIBACH ENERGY: Hires Railmover.Com as Sales Broker
MAKO FORESTRY: Hires Silver Voit Garrett & Watkins as Counsel
MARRS CONSTRUCTION: Hires Purple Wave Inc as Auctioneer
MDM RESTORATION: A. Shortall Named Successor Subchapter V Trustee
MEMPHIS RISE ACADEMY: S&P Lowers ICR to 'BB', Outlook Stable
MERIT STREET: Dr. Phil Starts New Media Firm After Ch. 11 Filing
MERIT STREET: Hires Epiq Corporate as Claims and Noticing Agent
MERIT STREET: Hires Epiq Corporate as Claims and Noticing Agent
MITEL NETWORKS: S&P Assigns 'CCC+' ICR, Outlook Negative
MMNTAG LLC: Hires DeMarco·Mitchell PLLC as Legal Counsel
MOFUS DOMUS: Seeks to Hire Keith Y. Boyd P.C. as Counsel
MOGULS INDUSTRIES: Seeks to Hire Cooney Law Offices as Counsel
MOSAIC COMPANIES: Deadline for Panel Questionnaires Set for July 16
MOSAIC COMPANIES: Taps Epiq Corporate as Claims and Noticing Agent
MSG: Davis Polk Advised Lender in Out-of-Court Debt Restructuring
NATURAL STATE: Beverly Brister Named Subchapter V Trustee
NELROY DRUGS: Voluntary Chapter 11 Case Summary
NEWBURN LAW: Claims to be Paid from Continued Operations
NEXTERA ENERGY: Continues to Defend Avangrid Antitrust Lawsuit
NIKOLA CORP: Unsecureds' Recovery "Unknown" in Liquidating Plan
NINJA MOUNTAIN: Seeks Subchapter V Bankruptcy in Oregon
NORDSTROM INC: Plans to Close Stores in Missouri and California
NOSREDNA REAL ESTATE: Unsecureds to be Paid in Full over 60 Months
NXT ENERGY: MCAPM Converts $3.4M Debentures, Now Holds 28% Stake
ONDAS HOLDINGS: Settles 2023 Notes; $5.4M in Dec. 17 Notes Remain
OSAIC HOLDINGS: Moody's Affirms 'B2' CFR, Outlook Remains Stable
PARAGON INDUSTRIES: Seeks to Hire D. R. Payne & Associates as CRO
PARDUE COURT: Hires Michael D. O'Brien & Associates as Counsel
PARK-OHIO HOLDINGS: Fitch Assigns 'B+' LongTerm IDRs
PEOPLE FIRST: Unsecureds Will Get 3.4% of Claims in Plan
PHP HOLDINGS: Deadline for Panel Questionnaires Set for July 18
PI ESTATES: Amy Denton Mayer Named Subchapter V Trustee
PPS 77: Gets Final OK to Use Cash Collateral
PREMIER PEDIATRICS: Unsecureds to Split $10K over 60 Months
PROSPECT MEDICAL: Accuses CMS of Bankruptcy Discrimination
PUERTO RICO: Energy Czar Defends LNG Supply Deal
PUERTO RICO: Idles Power Plants as New Fortress Withholds Gas
QXC COMMUNICATIONS: Seeks to Extend Plan Exclusivity to July 28
R.W. SIDLEY: Hires Anthony J. DeGirolamo as Legal Counsel
R.W. SIDLEY: Hires Benesch Friedlander as Special Counsel
R.W. SIDLEY: Hires Brennan Manna Diamond as Special Counsel
R.W. SIDLEY: Hires Centrus LLC as Financial Advisor
R.W. SIDLEY: Seeks to Hire Robert Buescher as Consultant
RED HAWK: Steven Wallace Named Subchapter V Trustee
RED VENTURES: Moody's Lowers CFR to B2, Outlook Stable
REDHAWK LAND: Hires Swiecicki & Muskett LLC as Counsel
REVOLOK USA: Case Summary & Five Unsecured Creditors
RG AVIATION: Amends Priority & Secured Claims Pay Details
RITE AID: Closes 5 Sacramento Locations as Part of Ch. 11 Process
RMBQ INC: Seeks to Hire Dimension Business Services as Bookkeeper
ROGUE SMOOTHIES: Hires Keith Y. Boyd P.C. as Counsel
ROMAN CATHOLIC: Committee Taps Stout Risius as Real Estate Expert
RSA SECURITY: Fitch Lowers LongTerm IDR to CCC, On Watch Negative
RSHBY 10565: Case Summary & Two Unsecured Creditors
RUNITONETIME LLC: Seeks Chapter 11 After Debt Restructuring
SANUWAVE HEALTH: Sets 2025 Annual Meeting for August 19
SAR AMERICAN: Hires Elizabeth G. Smith as Special Counsel
SAR AMERICAN: Seeks to Hire Hornsby Group as Appraiser
SAR AMERICAN: Seeks to Hire Smeberg Law Firm PLLC as Counsel
SCOOPIE LLC: Gets Final OK to Use Cash Collateral
SERENADE NEWPORT: Case Summary & Four Unsecured Creditors
SLM SERVICES: George Purtill Named Subchapter V Trustee
SPLASH BEVERAGE: Acquires $20M Water Rights in Costa Rica Blue Zone
SPLASH BEVERAGE: Hits $6M Equity via Capital Raise, Debt Exchange
SPLENDIDLY BLENDED: Hearing to Use Cash Collateral Set for July 16
ST. CHRISTOPHER'S: Hires Ariel Property as Real Estate Broker
STERLION CREATIONS: Case Summary & 25 Largest Unsecured Creditors
STERLION CREATIONS: Gerard Luckman Named Subchapter V Trustee
SUNATION ENERGY: Cancels Series A Warrants via $267K Buyout
SUNNOVA ENERGY: Seeks Court OK for Up to $7MM Exec. Bonus Plan
SYNERGY MEDICAL: Jerrett McConnell Named Subchapter V Trustee
SYNTHEGO CORP: Claims to be Paid from Asset Sale Proceeds
SYSOREX GOVERNMENT: Hires Jameson Capital LLC as Business Broker
TARAH THAI: Christopher Hayes Named Subchapter V Trustee
TEXAS REIT: Trustee Hires PCR Brokerage as Real Estate Broker
TITAN INDUSTRIES: Case Summary & 13 Unsecured Creditors
TJ TRUCKING: Case Summary & 18 Unsecured Creditors
TRINITY INDUSTRIES: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
TRINSEO PLC: Shareholders OK 8 Proposals at Annual General Meeting
TRIPLE L TRANSPORT: Judy Wolf Weiker Named Subchapter V Trustee
TRIPLESHOT HOLDINGS: Hires Bleakley Bavol Denman as Attorney
TRISTAR SOLUTIONS: A. Shortall Named Successor Subchapter V Trustee
TURNER PAVING: Seeks to Hire Raethom Advisory LLC as Accountant
TYLER 2 CONSTRUCTION: Case Summary & 20 Top Unsecured Creditors
UNITED BELIEVERS: Seeks to Hire HDC Consulting as Appraiser
UNIVERSAL DESIGN: Gets Interim OK to Use Cash Collateral
URBAN GIS: Seeks to Hire Sandra T. Collins CPA as Accountant
VALMAR CORP: Hires Homel Antonio Mercado as Legal Counsel
VARSOBIA HOME: Case Summary & Four Unsecured Creditors
VEGAS CUSTOM: Case Summary & 20 Largest Unsecured Creditors
VENUS CONCEPT: All Proposals OK'd at Annual and Special Meeting
VERIFONE SYSTEMS: S&P Upgrades ICR to 'B-', Outlook Stable
VOLTZ INC: Mary Sieling Named Subchapter V Trustee
WATCHTOWER FIREARMS: Committee Taps Husch Blackwell as Attorney
WATTS CHOPPING: Unsecureds to Split $266K over 60 Months
WEST BRAZOS: Case Summary & 30 Largest Unsecured Creditors
WHITE VIOLET PROPERTY: Seeks Chapter 11 Bankruptcy in Mass.
[] J.S. Held Buys Turnaround & Restructuring Firm MorrisAnderson
[] Major Corporate Bankruptcies That Shook 2025
[] ORIX to Acquire 71.4% Stake in Hilco Global
*********
11 7 TAMBAYAN: Jeanette McPherson Named Subchapter V Trustee
------------------------------------------------------------
The U.S. Trustee for Region 17 appointed Jeanette McPherson, Esq.,
at Fox Rothschild, LLP, as Subchapter V trustee for 11 7 Tambayan
Inc.
Ms. McPherson will be paid an hourly fee of $625 for her services
as Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. McPherson declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Jeanette McPherson, Esq.
Fox Rothschild, LLP
1980 Festival Plaza Drive, Suite 700
Las Vegas, NV 89135
Phone: (702) 699-5923
Email: TrusteeJMcPherson@FoxRothschild.com
About 11 7 Tambayan Inc.
11 7 Tambayan Inc. is a Nevada corporation operating in Reno.
11 7 Tambayan sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Nev.Case No. 25-50581) on June 25,
2025. In its petition, the Debtor reported estimated assets up to
$50,000 and estimated liabilities between $100,000 and $500,000.
Judge Hilary L. Barnes handles the case.
The Debtor is represented by Kevin A. Darby, Esq., at Darby Law
Practice, Ltd.
13007 YUKON: Greyhawk Lawsuit Goes Back to NY State Court
---------------------------------------------------------
Judge Lewis J. Liman of the United States District Court for the
Southern District of New York granted the Greyhawk Hawthorne
Lender, LLC's motion to remand the case captioned as GREYHAWK
HAWTHORNE LENDER, LLC, Plaintiff, -v- ZACHARY A. VELLA, Defendant,
Case No. 25-cv-02709-LJL (S.D.N.Y.) to the New York State Supreme
Court, New York County pursuant to 28 U.S.C. Secs. 1447(c),
1334(c), and 1452(b). Zachary A. Vella's motion to transfer the
case to the United States District Court for the Central District
of California pursuant to 28 U.S.C. Sec. 1412 is denied.
Greyhawk is a limited liability company organized under the laws of
the State of Delaware with its principal place of business in
Laguna Beach, California.
Nonparties 13007 Yukon Avenue, Hawthorne LLC, 13100 Yukon Avenue,
Hawthorne LLC, 12536 Chadron Avenue Hawthorne, LLC, and 13040
Cerise ZAV -- the Borrowers -- are limited liability companies
organized under the laws of the State of Delaware. Each is the
owner of a parcel of real property and improvements at an address
in California corresponding to the name of the LLC. Defendant is
the sole member and manager of each of the Borrowers.
On Aug. 31, 2021, the Borrowers entered into a Loan Agreement with
the original lender, an entity named Hawthorne Portfolio Lender LLC
to borrow up to $79,055,700. In connection with the Loan
transaction, Vella executed in his personal capacity a Guaranty of
Recourse Obligations. The Original Lender's rights under and
interest in the Loan and Guaranty were subsequently assigned to
lender Madison Realty Capital Debt MA II Holdings B LLC.
On Oct. 3, 2023, Borrowers and Madison Lender entered into a
Forbearance Agreement. The parties agreed to increase the Loan
amount to $45,204,499.81 by capitalizing accrued and unpaid
interest due under the Loan and to increase the interest rate under
the Loan.
Effective Dec. 23, 2024, Madison Lender's rights under and interest
in the Loan and Guaranty were assigned to Greyhawk.
Borrowers failed to make all interest payments due under the Loan.
Accordingly, on or about Jan. 21, 2025, Greyhawk served Borrowers a
Notice of Sale recorded in the Official Records of the County of
Los Angeles, scheduling a sale of the properties securing the Loan.
The sale was scheduled for Feb. 5, 2025. The Notice of Sale states
that the total amount due under the Loan was $47,558,932.40.
On Jan. 27, 2025, Greyhawk commenced this action against Defendant
by filing a summons and motion for summary judgment in lieu of
complaint pursuant to CPLR 3213 in the Supreme Court of the State
of New York, New York County. Greyhawk seeks damages against
Defendant in his capacity as Guarantor of the Loan. The motion was
returnable on March 28, 2025.
On Feb. 4, 2025, the day before the scheduled foreclosure sale,
each of the Borrowers filed a petition for bankruptcy in the United
States Bankruptcy Court for the Central District of California.
The bankruptcy cases are being jointly administered. Plaintiff
seeks a judgment against Defendant in the amount of $46,851,027.30
plus accrued interest from Dec. 20, 2024, through the date of
judgment and contractual interest running from March 1, 2024,
through the date of judgment.
On March 30, 2025, the Borrowers and Defendant filed an adversary
complaint in the bankruptcy case seeking, among other relief, a
declaratory judgment with respect to amounts due under the Loan and
under the Guaranty. The adversary complaint alleges that the Loan
is usurious under California law, and that Borrowers are entitled
to declaratory judgment regarding Vella's obligations to Greyhawk
because Vella will have a claim against Borrowers for
indemnification, contribution, or reimbursement of any money he
pays to Greyhawk. The adversary complaint also seeks an injunction
preventing Greyhawk from prosecuting this litigation. Greyhawk has
moved to dismiss the adversary complaint based in part on the fact
that the Borrowers already raised the usury defense in California
state court when seeking an injunction against Greyhawk's attempt
to foreclose on the properties, and the California court denied the
injunction on Feb. 3, 2025, finding a lack of usury. Greyhawk
accordingly argues that the Borrowers' claims in the adversary
proceeding are barred by res judicata and/or the Rooker-Feldman
doctrine, and that Vella's claims are barred by res judicata and/or
mandatory abstention in favor of this proceeding.
On April 1, 2025, the day after filing the adversary complaint in
Bankruptcy Court, Vella filed a notice of removal, removing the
state court case to this Court pursuant to 28 U.S.C. Secs. 1334(b),
1441, 1452(a), and 1446.
On April 23, 2025, Vella filed a motion to transfer the case to the
Central District of California pursuant to 28 U.S.C. Sec. 1412.
On April 23, 2025, the same day Vella filed his motion to transfer,
Greyhawk filed its motion to remand.
Vella filed an amended notice of removal on April 28, 2025, with
three exhibits.
Greyhawk argues that Vella's removal was untimely under 28 U.S.C.
Sec. 1446(b)(1) and that this Court lacks jurisdiction over Vella's
claim under 28 U.S.C. Sec. 1334(b). It emphasizes that the state
court proceeding is not a "core proceeding" arising under Title 11
or in a case under Title 11, meaning that even if the Court has
"related to" jurisdiction under 28 U.S.C. Sec. 1334(b), the forum
selection clause in the Guaranty bars removal and the Court should
abstain from hearing the case under 28 U.S.C. Sec. 1334(c)(1).
Vella argues that removal was timely, the forum selection clause is
inapplicable and abstention is inappropriate because this case is a
"core proceeding," and moreover that this Court has "related to"
jurisdiction under 28 U.S.C. Sec. 1334(b).
The Court holds that Vella's removal was timely, but this case is
plainly not a core proceeding. This case is not even "related to"
the bankruptcy proceeding, and the Court therefore lacks
jurisdiction under 28 U.S.C. Sec. 1334(b). Moreover, even if the
Court had "related to" jurisdiction, remand would be appropriate
due to the forum selection clause and mandatory or permissive
abstention. The mere fact that Vella has filed an adversary
complaint in the bankruptcy court does not give him a free pass to
avoid all applicable limitations on removal, the Court concludes.
Plaintiff is awarded attorney's fees and costs for bringing the
motion to remand.
A copy of the Court's Opinion and Order dated June 23, 2025, is
available at https://urlcurt.com/u?l=wwTAyr from PacerMonitor.com.
About 13007 Yukon Avenue, Hawthorne
13007 Yukon Avenue, Hawthorne LLC is a single asset real estate
debtor, as defined in 11 U.S.C. Section 101(51B)).
13007 Yukon Avenue, Hawthorne sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10880) on Feb.
3, 2025. In its petition, the Debtor estimated assets and
liabilities between $10 million and $50 million each.
Bankruptcy Judge Barry Russell handles the case.
Matthew Lesnick, Esq., at Lesnick Prince & Pappas LLP, serves as
the Debtor's counsel.
26 CAPITAL: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: 26 Capital Acquisition Corp.
701 Brickell Avenue
Suite 1550
Miami, FL 33131
Business Description: 26 Capital Acquisition Corp. is a Delaware-
based corporation formed as a special
purpose acquisition company. It operates
from Miami, Florida, and is focused on
effecting mergers, share exchanges, or other
business combinations with one or more
businesses.
Chapter 11 Petition Date: July 11, 2025
Court: United States Bankruptcy Court
District of Delaware
Case No.: 25-11323
Judge: Hon. Karen B Owens
Debtor's
Local
Delaware
Counsel: Kevin Mann, Esq.
CROSS & SIMON, LLC
1105 North Market Street, Suite 901
Wilmington, DE 19801
Tel: 302-777-4200
Email: Kmann@crosslaw.com
Debtor's
Bankruptcy
Counsel: NIXON PEABODY LLP
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Jason Ader as sole director.
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/EWRFIRY/26_Capital_Acquisition_Corp__debke-25-11323__0001.0.pdf?mcid=tGE4TAMA
2700 SLOAT HOLDING: Seeks to Hire Demetras Law PC as Counsel
------------------------------------------------------------
2700 Sloat Holding, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Nevada to employ Demetras Law, PC as
counsel.
The firm will provide these services:
a. advise the Debtor of its rights, powers and duties as a
debtor and debtor in possession in the continued operation of
business and management of its properties;
b. take all necessary action to protect and preserve the
Debtor's estate, including prosecution of actions on the Debtor's
behalf, the defense of any actions commenced against the Debtor,
the negotiation of disputes in which the Debtor is involved, and
the preparation of objections to claims filed against the Debtor's
estate;
c. prepare on behalf of the Debtor all necessary motions,
applications, answers, orders, reports and papers in connection
with the administration of the Debtor's estate;
d. attend meetings and negotiations with representatives of
creditors, equity holders or prospective investors or acquirers and
other parties in interest;
e. appear before the Court, any appellate courts and the Office
of the U.S. Trustee to protect the interests of the Debtor;
f. pursue approval of confirmation of a plan of reorganization
and approval of the corresponding solicitation procedures and
disclosures statement; and
g. perform all other necessary legal services in connection with
the Chapter 11 case.
The firm will be paid at these rates:
Attorneys $450 per hour
Paraprofessionals $200 to $250 per hour
The Debtor paid the firm an advance retainer of $10,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
In addition, the firm will seek reimbursement for its out-of-pocket
expenses.
Mr. Demetras disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
J. Craig Demetras, Esq.
Demetras Law, PC
230 E. Liberty Street
Reno, NV 89501
Tel: (775) 348-4600
Emai: jcd@demetraslaw.com
About 2700 Sloat Holding, LLC
2700 Sloat Holding LLC is a real estate company specializing in
nonresidential building leasing based on its NAICS classification
(531120).
2700 Sloat Holding LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Nev., Case No. 25-50584) on June 26,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $10 million and $50 million each.
300 PEARL STREET: Seeks Chapter 11 Bankruptcy in Texas
------------------------------------------------------
On July 9, 2025, 300 Pearl Street Operations LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the Northern District
of Texas. According to court filing, the Debtor reports between
$1 billion and $10 billion in debt owed to 10,000 and 25,000
creditors. The petition states funds will be available to unsecured
creditors.
About 300 Pearl Street Operations LLC
300 Pearl Street Operations LLC, operates as Burlington Health &
Rehab, a healthcare facility providing nursing care and
rehabilitation services in Burlington, Vermont.
300 Pearl Street Operations LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80257) on
July 9, 2025. In its petition, the Debtor reports estimated assets
between $500 million and estimated liabilities between $1 billion
and $10 billion.
Honorable Bankruptcy Judge Stacey G. Jernigan handles the case.
The Debtors are represented by Marcus Alan Helt, Esq. at Mcdermott
Will & Emery LLP.
303 HIGHLINE: Seeks to Hire Nugent Appraisals as Appraiser
----------------------------------------------------------
303 Highline Corp. d/b/a Hudson Market seeks approval from the U.S.
Bankruptcy Court for the Southern District of New York to employ
Nugent Appraisals LLC d/b/a ValuePros as appraiser.
The firm will provide appraisal services on the Debtor's grocery
market/deli located at 303 Tenth Avenue, New York, New York 1001,
which was encumbered by a first-priority security interest granted
by the Debtor to Metro City Bank as security for certain loans,
advances and other financial accommodations for the account of the
Debtor.
The firm will be paid a flat fee of $1,500 for the appraisal
services.
As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Gwen Nugent
Nugent Appraisals LLC d/b/a ValuePros
1659 Country Club Drive, D103
Maggie Valley, NC 28751
About 303 Highline Corp. d/b/a Hudson Market
303 Highline Corp., doing business as Hudson Market, owns a grocery
store in New York.
303 Highline sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-11409) on August 15,
2024, with $207,164 in assets and $2,161,207 in liabilities. Hyeon
Jin Kim, president, signed the petition.
Douglas Pick, Esq., at Pick & Zabicki, LLP represents the Debtor as
legal counsel.
3101 SAGE RD: Seeks 60-Day Extension of Plan Filing Deadline
------------------------------------------------------------
3101 Sage Rd., LLC asked the U.S. Bankruptcy Court for the Southern
District of Texas to extend its period to file disclosure statement
and plan for additional sixty days.
The Debtor filed its Chapter 11 Petition on March 31, 2025. The
originally scheduled due date for the Debtor's Chapter 11 plan is
June 30, 2025.
The Debtor has received an offer to purchase approximately one half
of its real property with its improvements. The offer is
conditioned on approval of the potential buyer's approval of loan
for purchase money of the property.
The Debtor claims that the formation of the plan does not wholly
depend on the approval and sale of the Debtor's real estate or the
negotiations regarding retention of the ownership of the estate’s
property through a modification of the current loan structure. But
matters to be decided in the coming weeks will adequately provide
direction to the Debtor to propose a feasible plan and address all
creditor claims.
The Debtor explains that additional time is needed to fairly
determine the avenue Debtor should choose for the benefit of the
entire estate. Debtor believes it is in the best interest of the
estate to choose the best option between its choices.
The Debtor asserts that the deadline established as the last date
to file claims is August 6, 2025, and for filing governmental
claims is September 29, 2025. Additional time would be helpful in
consideration of the claims of creditors and determine the grounds
for objections, if any, to the claims. It best serves the interests
of the estate, the priority claimants, general unsecured creditors,
and administrative claims that Debtor be given sufficient time to
determine the liabilities and valuation of assets.
The Debtor further asserts that by extending the time, the Debtor
can review all filed proofs of claims and more adequately develop
proposed treatments of claims against the estate.
3101 Sage Rd. LLC is represented by:
Larry A. Vick, Esq.
13501 Katy Freeway, Suite 3474
Houston, TX 77079
Telephone: (832) 413-3331
Facsimile: (832) 202-2821
Email: lv@larryvick.com
About 3101 Sage
3101 Sage Rd. LLC is a real estate debtor with a single asset, as
defined in 11 U.S.C. Section 101(51B).
3101 Sage Rd. LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-31806) on March 31,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million.
Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case.
The Debtor is represented by Larry Vick, Esq.
418RE - ONE: Seeks to Hire Madoff & Khoury LLP as Counsel
---------------------------------------------------------
418RE – One Appleton, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Massachusetts to employ Madoff & Khoury
LLP as counsel to handle its Chapter 11 bankruptcy case.
The firm will be paid at these rates:
Partner $450 per hour
Associate $350 per hour
Paralegals $160 per hour
The firm received a retainer in this case in the amount of $20,000,
of which, $7,000 was drawn for prepetition services rendered in
connection with preparing the Chapter 11 filing, and $1,738 was
paid to the Bankruptcy Court for the Chapter 11 filing fee, leaving
a retainer balance of $11,262.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
David B. Madoff, Esq., a partner at Madoff & Khoury LLP, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
David B. Madoff, Esq.
Steffani M. Pelton, Esq.
Madoff & Khoury LLP
124 Washington Street
Foxboro, MA 02035
Tel: (508) 543-0040
Email: madoff@mandkllp.com
About 418RE - One Appleton LLC
418RE - One Appleton LLC is a single asset real estate company that
owns property at 439 Tremont Street in Boston's South End.
418RE - One Appleton LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 25-11380) on July 3,
2025. In its petition, the Debtor reports estimated assets between
$10 million and $50 million and estimated liabilities between $1
million and $10 million.
Honorable Bankruptcy Judge Christopher J. Panos handles the case.
The Debtors are represented by David B. Madoff, Esq. at Madoff &
Khoury LLP.
6 GROUP: Seeks to Hire Green & Sklarz as Bankruptcy Counsel
-----------------------------------------------------------
The 6 Group LLC seeks approval from the U.S. Bankruptcy Court for
the District of Connecticut to hire Green & Sklarz LLC as its
general bankruptcy counsel.
The firm will render these services:
(a) advise each Debtor of its rights, powers and duties;
(b) advise and assist the Debtors with respect to the
negotiation and documentation of financing agreements, debt
restructuring, cash collateral orders, and related transactions;
(c) review the nature and validity of liens asserted against
the property of the Debtors and advise them concerning the
enforceability of such liens;
(d) advise the Debtors concerning the actions that they might
take to collect and to recover property for the benefit of their
estate;
(e) prepare on behalf of the Debtors necessary and appropriate
legal documents, and review all financial and other reports to be
filed in these Chapter 11 cases;
(f) advise the Debtors concerning, and prepare responses to,
legal papers which may be filed and served in these Chapter 11
cases;
(g) counsel the Debtors in connection with the formulation,
negotiation, and promulgation of a plan of reorganization and
related documents; and
(h) perform all other legal services for the Debtors that will
be necessary or appropriate in administration of these Chapter 11
cases.
The firm will be paid at these hourly rates:
Jeffrey Sklarz, Attorney $600
Joanna Kornafel, Attorney $425
Michelle Antao, Attorney $350
In addition, the firm will seek reimbursement for expenses
incurred.
Mr. Sklarz 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 Sklarz, Esq.
Green & Sklarz LLC
One Audubon St. 3rd Floor
New Haven, CT 06511
Telephone: (203) 285-8545
Facsimile: (203) 823-4546
Email: jsklarz@gs-lawfirm.com
About The 6 Group LLC
The 6 Group LLC is a single-asset real estate debtor, as defined
under 11 U.S.C. Section 101(51B), with its principal asset located
at 433 Belden Hill Road, Wilton, Connecticut 06897.
The 6 Group LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Conn. Case No. 25-50477) on June 9,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
The Debtors are represented by Jeffrey M. Sklarz, Esq. at GREEN &
SKLARZ LLC.
8 BUILDINGS: Seeks to Hire Allen Vellone Wolf Helfrich as Counsel
-----------------------------------------------------------------
8 Buildings LLC seeks approval from the U.S. Bankruptcy Court for
the District of Colorado to hire Allen Vellone Wolf Helfrich &
Factor P.C. as counsel.
The firm's services include:
a. providing legal advice and representation in connection
with the general administration of the Estate;
b. confirming of any proposed plan of reorganization, all
other contested and adversary matters that may arise in this case;
and
c. investigating and litigating any avoidance or other action
the Estate may have, and other legal services for the Debtor
related to or arising out of contested matters in this bankruptcy
case.
The firm will be paid at these rates:
Jordan Factor $675 per hour
Jeffrey A. Weinman $650 per hour
Bailey C. Pompea $425 per hour
Brenton Gragg $395 per hour
Paralegal (Senior) $250 per hour
Paralegal (Junior) $195 per hour
The firm received $25,000 prepetition in connection with fees and
expenses preparing to file the bankruptcy, including the $1,738
filing fee.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Jeffrey A. Weinman, Esq., a partner at Allen Vellone Wolf Helfrich
& Factor, disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Jeffrey A. Weinman, Esq.
ALLEN VELLONE WOLF HELFRICH & FACTOR, P.C.
1600 Stout Street 1900
Denver, CO 80202
Tel: (303) 534-4499
Email: jweinman@allen-vellone.com
About 8 Buildings LLC
8 Buildings LLC is a single-asset real estate debtor, as defined in
11 U.S.C. Section 101(51B).
8 Buildings LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No.
25-14224) on July 8, 2025, listing $1 million to $10 million in
both assets and liabilities. The petition was signed by Randel
Lewis, who serves as Manager of Foundation Ltd., which in turn
manages 8 Buildings LLC.
Judge Joseph G Rosania Jr presides over the case.
Jeffrey A. Weinman, Esq. at ALLEN VELLONE WOLF HELFRICH & FACTOR,
P.C. represents the Debtor as counsel.
9415 107 STREET: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: 9415 107 Street LLC
9415 107 Street
Ozone Park NY 11416
Business Description: 9415 107 Street LLC is a single-asset real
estate lessor classified under U.S.
11 U.S.C. Section 101(51B).
Chapter 11 Petition Date: July 11, 2025
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 25-43320
Judge: Hon. Elizabeth S Stong
Debtor's Counsel: Vivian Williams, Esq.
VMW LAW PC
733 3rd Avenue FL 16
NY 10017
Tel: 215-516-5312
Email: vwilliams@thewilliamsfirmnyc.com
Estimated Assets: $1 milliont o $10 million
Estimated Liabilities: $500,000 to $1 million
The petition was signed by Kristh Narine Ramjewan as authorized
representative of the Debtor.
The Debtor failed to attach a list of its 20 largest unsecured
creditors to the petition.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/45A5DYA/9415_107_Street_LLC__nyebke-25-43320__0001.0.pdf?mcid=tGE4TAMA
ACCRX INC: Hires Paul E. Saperstein Co. Inc.as Appraiser
--------------------------------------------------------
ACCRX, Inc. seeks approval from the U.S. Bankruptcy Court for the
District of Massachusetts to employ Paul E. Saperstein Co., Inc. as
appraiser.
The firm will appraise the Debtor's various pieces of equipment
used in the course of its business, including but not limited to
office chairs, desks and workstations, folding chairs and tables,
freezers and refrigerators, manufacturing and testing equipment,
computers, monitors, scanners and other items.
The firm will be a flat fee of $1,200 to be paid in full upon
completion of the appraisal services and submission of the
appraisal report.
Mr. Saperstein disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
Michael Saperstein
Paul E. Saperstein Co., Inc.
144 Centre Street
Holbrook, MA 12343
Tel: (617) 227-6553
About ACCRX, Inc.
ACCRX, Inc. operates ACC Apothecary, a compounding pharmacy based
in Newton, Mass., which specializes in customized medications for
patients and providers, including treatments in pain management,
hormone therapy, sports medicine, pediatrics, and veterinary care.
ACCRX sought relief under Subchapter V of Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 25-10851) on April 28,
2025. In its petition, the Debtor reported assets between $100,000
and $500,000 and liabilities between $1 million and $10 million.
Judge Christopher J. Panos handles the case.
The Debtor tapped Marques Lipton, Esq., at Lipton Law Group, LLC as
counsel and Paul S. Gerrish, CPA, at Richardson & Company, PC as
accountant.
ADVANCED TRENCHLESS: Hires David A. Arietta as Legal Counsel
------------------------------------------------------------
Advanced Trenchless, Inc. seeks approval from the U.S. Bankruptcy
Court for the Northern District of California to employ the Law
Offices of David A. Arietta as counsel.
The firm's services include:
a. advising Debtor with respect to its powers and duties as
debtor-in-possession in the continued management of its business;
b. preparing on behalf of Debtor the necessary schedules,
statement of affairs, motions, applications, orders, reports and
other documents required in this proceeding;
c. advising and aiding the Debtor in preparing a Chapter 11 plan
and disclosure statement; and
d. performing all other legal services for Debtor as
debtor-in-possession which may be necessary.
The firm will be paid at the rate of $500 per hour.
The firm will be paid a retainer in the amount of $30,500.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Mr. Arietta disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
David A. Arietta, Esq.
Law Offices of David A. Arietta
700 Ygnacio Valley Road, Suite 150
Walnut Creek, CA 94596
Tel: (925) 472-8000
Fax: (925) 472-5925
Email: David@ariettalaw.com
About Advanced Trenchless, Inc.
Advanced Trenchless Inc., d/b/a Sewerinspections.com and f/d/b/a
Advanced Construction Supply and Affinity Groundworks, provides
trenchless sewer, plumbing, and drain services across Northern
California. The Company specializes in hydro jetting, sewer and
drain repairs, trenchless replacements, and camera inspections.
Founded in 1978, it has decades of experience addressing sewer
infrastructure issues with a focus on non-commission-based,
full-service solutions.
Advanced Trenchless Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Cal. Case No.: 25-41165) on July 1,
2025. In its petition, the Debtor reports total assets of $536,960
and total liabilities of $4,644,613.
Honorable Bankruptcy Judge Charles Novack handles the case.
The Debtors are represented by David A. Arietta, Esq. at LAW
OFFICES OF DAVID A. ARIETTA.
AI DRUGS: Voluntary Chapter 11 Case Summary
-------------------------------------------
Debtor: Al Drugs Inc.
DBA Glenridge Pharmacy
68-01 Myrtle Ave
Glendale, NY 11385
Business Description: Al Drugs Inc, doing business as Glenridge
Pharmacy, operates a retail pharmacy
located at 68-01 Myrtle Avenue, Glendale,
New York. The Company provides prescription
medications, over-the-counter health
products, and vaccination services.
Chapter 11 Petition Date: June 5, 2025
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 25-42747
Judge: Hon. Nancy Hershey Lord
Debtor's Counsel: Richard S. Feinsilver, Esq.
RICHARD S. FEINSILVER, ESQ.
One Old Country Road
Suite 347
Carle Place, NY 11514
Tel: 516-873-6330
Fax: 516-873-6183
E-mail: feinlawny@yahoo.com
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Aliance R Nelson as president.
A full-text copy of the refiled petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/JGZG6KQ/Al_Drugs_Inc__nyebke-25-42747__0015.0.pdf?mcid=tGE4TAMA
ALACHUA GOVERNMENT: July 15 Deadline for Panel Questionnaires
-------------------------------------------------------------
The United States Trustee is soliciting members for committee of
unsecured creditors in the bankruptcy case of Alachua Government
Services Inc.
If a party wishes to be considered for membership on any official
committee that is appointed, it must complete a questionnaire
available at https://tinyurl.com/46kbwps2 and return by email it to
Benjamin A. Hackman -- Benjamin.A.Hackman@usdoj.gov , Jon Lipshie
-- Jon.Lipshie@usdoj.gov , and Timothy Fox -- Timothy.Fox@usdoj.gov
to the Office of the United States Trustee so that it is received
no later than Tuesday, July 15, 2025 at 5:00 p.m.
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 Alachua Government Services Inc.
Alachua Government Services Inc., is a pharmaceutical and medicine
manufacturing company formerly known as Ology Bioservices. The
company, based in Alachua, Florida, operates in the pharmaceutical
manufacturing sector.
Alachua Government Services Inc. sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11289) on July
6, 2025. In its petition, the Debtor reports estimated assets
between $50 million and $100 million and estimated liabilities
between $100 million and $500 million.
The Debtor is represented by Michael J. Merchant, Esq. at Layton &
Finger, P.A. FTI Consulting, Inc. is the Debtor's restructuring
advisor, Jefferies LLC and Jefferies International Limited is the
Debtor's investment banker, and Epiq Corporate Restructuring LLC is
the Debtor's claims and noticing agent.
ALL PROPERTIES: Seeks Chapter 11 Bankruptcy in Missouri
-------------------------------------------------------
On July 10, 2025, All Properties LLC filed Chapter 11 protection in
the U.S. Bankruptcy Court for the Eastern District of Missouri.
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 All Properties LLC
All Properties LLC is a real estate company that leases various
types of real property not classified under standard categories
such as apartments, offices, or shopping centers. The Company
operates in Grandview, Missouri, and focuses on specialized leasing
arrangements that may include land, facilities, or other unique
property types.
All Properties LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Miss. Case No. 25-41048) on July 10,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
The Debtors are represented by Robert Baran, Esq. at CONROY BARAN.
AMPLIFYBIO LLC: Committee Hires Berkeley as Financial Advisor
-------------------------------------------------------------
The official committee of unsecured creditors of Amplifybio, LLC
and its affiliates seek approval from the U.S. Bankruptcy Court for
the Southern District of Ohio to employ Berkeley Research Group,
LLC as financial advisor.
The firm will provide these services:
a. develop strategies to maximize recoveries from the Debtors'
assets and advise and assist the Committee with such strategies,
including development of recovery models for use by the unsecured
creditors;
b. monitor liquidity and cash flows throughout the Cases and
scrutinize cash disbursements and capital requirements, including,
but not limited to critical vendor payments and other payments
permitted pursuant to first day motions;
c. develop and issue periodic monitoring reports to enable the
Committee to effectively evaluate the Debtors' performance relative
to projections and any relevant operational issues, including
liquidity, any 363-sale processes, any sales of equity or debt
securities/capital raise and subsequent wind down activities on an
ongoing basis;
d. advise and assist the Committee in its analysis and
monitoring of the historical, current and projected financial
affairs of the Debtors, including, schedules of assets and
liabilities and statements of financial affairs, and monthly
operating reports;
e. advise and assist the Committee with respect to any
debtor-in-possession financing arrangements and/or use of cash
collateral;
f. analyze both historical and ongoing intercompany and/or
related party transactions and/or material unusual transactions of
the Debtors and non-Debtor affiliates. Such analysis to include
developing an oversight protocol with the Debtors' advisors to
closely monitor such transactions to prevent value leakage;
g. evaluate the Debtors' and non-debtors' business
plan/operational restructuring, including the impact of industry
trends, customer programs, and their impact to actual and
forecasted financial results as well as monitoring the
implementation of related strategic initiatives;
h. as appropriate and in concert with the Committee's other
professionals, analyze and monitor any sale processes and
transactions and assess the reasonableness of the process and the
consideration received;
i. evaluate and monitor, as applicable, any proposed wind down
plans that would apply after the consummation of asset sales;
j. prepare valuations of the Debtors' assets, including the
value of equity of any consolidated and/or publicly traded
subsidiary;
k. identify and assess the value of unencumbered assets;
l. identify and develop strategies related to the Debtors'
intellectual property and license agreements;
m. advise and assist the Committee and Counsel in reviewing
and evaluating any court motions (including any assumption or
rejection motions or objections thereto), applications, or other
forms of relief filed or to be filed by the Debtors, or any other
parties in interest;
n. advise and assist the Committee in its assessment of the
Debtors' employee needs and related costs, including the
appropriateness of any recent (prepetition) employee bonuses or
retention payments and any proposed employee bonuses such as any
proposed Key Employee Incentive Plan or Key Employee Retention Plan
for the Debtors' insiders and employees, and providing expert
testimony related thereto;
o. advise and assist the Committee and Counsel in their review
of any potential prepetition liens of secured parties;
p. monitor Debtors' claims management and reconciliation
process, including analyzing guarantees and claims by entity and
preparing related summaries;
q. advise and assist the Committee with respect to any
potential preference payments, fraudulent conveyances, and other
potential causes of action that the Debtors' estates may hold
against insiders and/or third parties;
r. review and provide analysis of any bankruptcy plan and
disclosure statement relating to the Debtors including, if
applicable, the development and analysis of any bankruptcy plans
proposed by the Committee to assess their achievability;
s. assist with the development of a cost/benefit analysis with
respect to the assumption or rejection of various executory
contracts and leases;
t. attend Committee meetings, court hearings, and auctions as
may be required;
u. work with the Debtors' tax advisors to ensure that any
restructuring or sale transaction is structured to minimize tax
liabilities to the estate as well as assist with the review of any
tax issues associated with, for example, claims trading and refunds
from any plan of reorganization and/or asset sales;
v. work with the Debtors' bankruptcy professionals on matters
outlined above, as necessary; and
w. provide other services consistent with the role of a
financial advisor including rendering expert testimony, issuing
expert reports and/or preparing for litigation, valuation and/or
forensic analyses that have not yet been identified but as may be
requested from time to time by the Committee and its counsel.
The firm will be paid at these rates:
Managing Directors $1,140 to $1,395 per hour
Directors & Associate Directors $900 to $1,100 per hour
Professional Staff $445 to $885 per hour
Support Staff $185 to $395 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
David Galfus, Esq., a partner at Berkeley Research Group, LLC as
Financial Advisor., disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
David Galfus
Berkeley Research Group LLP
307 International Circle, Suite 400
Hunt Valley, MD 21030
Tel: (443) 391-1050
About AmplifyBio LLC
AmplifyBio LLC is a preclinical contract research and manufacturing
organization based in Ohio that offers integrated services for
therapeutic development, including R&D, preclinical testing, and
scalable manufacturing for advanced therapies such as cell and gene
therapies, mRNA, and non-viral gene editing platforms. Formed as a
2021 spinout from Battelle Memorial Institute, the Company has
expanded through acquisitions and facility investments, including a
350,000-square-foot cGMP manufacturing site in New Albany. Its
wholly owned subsidiary, ADOC SSF, LLC, is fully integrated into
its operations and participates in scientific, operational, and
financial activities.
AmplifyBio LLC and affiliate sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Ohio Lead Case No. 25 52140) on
May 16, 2025. In its petition, the Debtor reports estimated assets
between $100 million and $500 million and estimated liabilities
between $10 million and $50 million.
Honorable Bankruptcy Judge Mina Nami Khorrami handles the case.
The Debtor is represented by Scott N. Opincar, Esq. and Maria G.
Carr, Esq. at MCDONALD HOPKINS LLC. HUTCHISON PLLC is the Debtor's
co-counsel. EPIQ CORPORATE RESTRUCTURING, LLC is the Debtors'
Notice, Claims and Balloting Agent.
AMPLIFYBIO LLC: Committee Hires Tucker Ellis LLP as Co-Counsel
--------------------------------------------------------------
The official committee of unsecured creditors of Amplifybio, LLC
and its affiliates seek approval from the U.S. Bankruptcy Court for
the Southern District of Ohio to employ Tucker Ellis LLP as
co-counsel.
The firm's services include:
a. serving as local counsel to Committee, including (i) filing
and serving pleading, notices, and other required documents; (ii)
providing advice and counsel to the Committee, White & Case, and
BRG regarding local rules and procedures; and (iii) attending
hearings on behalf of the Committee;
b. providing legal advice with respect to the Committee's
powers, rights, duties and obligations in these Chapter 11 Cases;
c. assisting and advising the Committee in its consultations
with the Debtors regarding the administration of these Chapter 11
Cases;
d. assisting the Committee in reviewing and negotiating terms
for unsecured creditors with respect to (i) debtor in possession
financing and the use of cash collateral, (ii) sales of the
Debtors' assets, including negotiating bid procedures and proposed
asset purchase agreements, (iii) confirmation of a Chapter 11 plan,
and (iv) other requests for relief which would impact unsecured
creditors;
e. investigating the liens asserted by the Debtors' lenders
and any potential causes of action;
f. advising the Committee on the corporate aspects of this
Chapter 11 case and any plan(s) or other means to effect the
Debtors' restructuring that may be proposed in connection therewith
and participation in the formulation of any such plan(s) or means
of implementing the restricting, as necessary;
g. taking all necessary actions to protect and preserve the
estate of the Debtors for the benefit of unsecured creditors,
including the investigation of the acts, conduct, assets,
liabilities and financial condition of the Debtors, the
investigation of the prior operation of the Debtors' businesses and
the investigation and prosecution of estate claims, causes of
action and any other matters relevant to these Chapter 11 Cases;
h. preparing on behalf of the Committee all necessary motions,
applications, complaints, answers, orders, reports, papers and
other pleadings and filings in connection with the Committee's
duties in these Chapter 11 Cases;
i. advising and representing the Committee in hearings and
other judicial proceedings in connection with all necessary
motions, applications, objections and other pleadings and other
protecting the interest of those represented by the Committee; and
j. performing all other necessary legal services as may be
required and authorized by the Committee that are in the best
interest of the unsecured creditors.
The firm will be paid at these rates:
Thomas R. Fawkes, Partner $775 per hour
Jason M. Torf, Partner $765 per hour
Manju Gupta, Counsel $605 per hour
Paraprofessionals $250 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Thomas R. Fawkes, Esq., a partner at Tucker Ellis LLP, disclosed in
a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Thomas R. Fawkes, Esq.
Tucker Ellis LLP
233 S. Wacker Dr., Suite 6950
Chicago, IL 60606
Tel: (312) 256-9425
Fax: (312) 624-6309
Email: thomas.fawkes@tuckerellis.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 reports estimated assets
between $100 million and $500 million and estimated liabilities
between $10 million and $50 million.
Honorable Bankruptcy Judge Mina Nami Khorrami handles the case.
The Debtor is represented by Scott N. Opincar, Esq. and Maria G.
Carr, Esq. at MCDONALD HOPKINS LLC. HUTCHISON PLLC is the Debtor's
co-counsel. EPIQ CORPORATE RESTRUCTURING, LLC is the Debtors'
Notice, Claims and Balloting Agent.
AMPLIFYBIO LLC: Committee Hires White & Case LLP as Counsel
-----------------------------------------------------------
The official committee of unsecured creditors of Amplifybio, LLC
seeks approval from the U.S. Bankruptcy Court for the Southern
District of Ohio to employ White & Case LLP as counsel.
The firm will provide these services:
a. assist and advise the Committee regarding its rights,
powers, and duties under the Bankruptcy Code and in connection with
the Chapter 11 Cases;
b. assist and advise the Committee in its consultations and
negotiations with the Debtors concerning the administration of the
Chapter 11 Cases;
c. assist and advise the Committee in its examination,
investigation, and analysis of the acts, conduct, assets,
liabilities, and financial condition of the Debtors, including,
without limitation, review and investigate prepetition
transactions, the operation of the Debtors' business, and the
desirability of the continuance of such business;
d. assist and advise the Committee in the formulation, review,
analysis, and negotiation of any chapter 11 plan(s) that have been
or may be filed and assist the Committee in the formulation,
review, analysis, and negotiation of the disclosure statement
accompanying any chapter 11 plan(s);
e. take all necessary action to protect and preserve the
interests of the Committee and creditors holding general unsecured
claims against the Debtors' estates, including (i) the
investigation and possible prosecution of actions enhancing the
Debtors' estates, such as any potential challenges to the scopes of
the security interests of the Company's prepetition lenders, (ii)
the investigation of any estate claims and causes of action and
determination of whether such actions might enhance the value of
the Debtors' estates, and (iii) the review and analysis of claims
filed against the Debtors' estates;
f. review and analyze motions, applications, orders,
statements of operations, and schedules filed with the Court and
advise the Committee as to their propriety;
g. prepare on behalf of the Committee all necessary pleadings,
applications, memoranda, orders, reports, and other papers in
support of positions taken by the Committee;
h. represent the Committee at all court hearings, statutory
meetings of creditors, and other proceedings before this Court;
i. assist the Committee in the review, analysis, and
negotiation of any financing agreements;
j. assist and advise the Committee as to its communications
with its constituents regarding significant matters in the chapter
11 cases, including, but not limited to, communications required
under section 1102(b)(3) of the Bankruptcy Code; and
k. perform such other legal services as required or otherwise
deemed to be in the interests of the Committee in connection with
the Chapter 11 Cases.
The firm will be paid at these rates:
Partners $1,690 to $2,500
Counsel $1,630
Associates $870 to $1,580
Paraprofessionals $355 to $700
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Philip M. Abelson, Esq., a partner at White & Case LLP, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Philip Abelson, Esq.
WHITE & CASE LLP
1221 Avenue of the Americas
New York, NY 10020
Tel: (212) 819-8200
Fax: (212) 354-8113
Email: philip.abelson@whitecase.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 reports estimated assets
between $100 million and $500 million and estimated liabilities
between $10 million and $50 million.
Honorable Bankruptcy Judge Mina Nami Khorrami handles the case.
The Debtor is represented by Scott N. Opincar, Esq. and Maria G.
Carr, Esq. at MCDONALD HOPKINS LLC. HUTCHISON PLLC is the Debtor's
co-counsel. EPIQ CORPORATE RESTRUCTURING, LLC is the Debtors'
Notice, Claims and Balloting Agent.
APOLLO BIDCO: S&P Withdraws B- Issuer Credit Rating
---------------------------------------------------
S&P Global Ratings withdrew all its ratings on Apollo BidCo Inc.,
including its B- issuer credit rating, at the issuer's request. At
the time of the withdrawal, our outlook on the company was
positive.
ARMELLINO ITALIAN: Hires Bush Law Firm LLC as Counsel
-----------------------------------------------------
Armellino Italian Ices Corp seeks approval from the U.S. Bankruptcy
Court for the Northern District of Alabama to employ Bush Law Firm,
LLC as counsel.
The firm will provide these services:
a. advise the Debtor-in-Possession as to the rights, powers
and duties of a Debtor-in-Possession, as enumerated within 11
U.S.C. § 1101, et seq.;
b. prepare and file the documents necessary to advance this
case, including, but not limited to, answers, applications,
motions, proposed orders, responses, schedules, and other necessary
and required legal documents;
c. represent the Debtor-in-Possession at the hearings in this
matter;
d. prepare and file status reports and the plan;
e. defend challenges to the automatic stay set forth within 11
U.S.C. § 362(a); and
f. provide such other legal services and/or preparing and/or
filing such other documents as may be necessary for
Debtor-in-Possession to carry out its duties and functions in this
case.
The firm will be paid at these rates:
Attorney $350 per hour
Paralegal $50 per hour
The firm received a retainer in the amount of $11,738.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Anthony B. Bush. Esq., a partner at Bush Law Firm, LLC, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Anthony B. Bush. Esq.
The Bush Law Firm, LLC
Parliament Place Professional Center
3198 Parliament Circle 302
Montgomery, Alabama 36116
Telephone: (334) 263-7733
Facsimile: (334) 832-4390
Email: abush@bushlegalfirm.com
About Armellino Italian Ices Corp.
Armellino Italian Ices Corp. which operates Rita's Italian Ice and
PJ's Coffee franchises in Tuscaloosa, Alabama, specializes in
selling Italian ice, frozen custard, and specialty coffee products
through its two branded retail locations on University Boulevard.
Armellino Italian Ices Corp. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-70864) on July
1, 2025. In its petition, the Debtor reports estimated assets
between $100,000 and $500,000 and estimated liabilities between
$500,000 and $1 million.
The Debtors are represented by Anthony Brian Bush, Esq. at The Bush
Law Firm.
ASHMARK CONSTRUCTION: Hires Taft Stettinius & Hollister as Counsel
------------------------------------------------------------------
Ashmark Construction LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Michigan to hire Taft Stettinius
& Hollister, LLP as counsel.
The firm's services include:
a. reviewing assets, liabilities, loan documentation, account
statements, executory contracts and other relevant documentation;
b. providing the Debtor and its responsible person legal
advice with respect to the Debtor's powers and duties as Debtor in
Possession in the operation and management of its financial
affairs;
c. assisting the Debtor in the preparation of schedules,
statement of affairs and other required filings and documents;
d. preparing pleadings such as the Debtor's applications to
employ attorney's, accountants or other professional persons,
motions for turnover, motion for use of cash collateral, motion for
use, sale or lease of property, motion to assume or reject
executory contracts, subchapter V status conference report, plan,
applications, motions, complaints, answers, orders, reports,
objections to claims, legal documents and any other necessary
pleading in furtherance of reorganizational goals;
e. negotiating with creditors and other parties in interest,
attending court hearings, meeting of creditors and meetings with
other parties in interest;
f. reviewing proofs of claim and solicitation of creditors'
acceptance of plan; and
g. performing all other legal services for the Debtor, as
Debtor in Possession, which may be necessary or in furtherance of
his reorganizational goals.
The firm will be paid at the rates of $385 to $700 per hour.
In addition, the firm will seek reimbursement for its out-of-pocket
expenses.
Kimberly Ross Clayson, Esq., a partner at Taft Stettinius &
Hollister LLP, disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
Kimberly Ross Clayson, Esq.
Taft Stettinius & Hollister LLP
27777 Franklin Road Suite 2500
Southfield, MI 48034
Phone: (248) 351-3000
Email: kclayson@taftlaw.com
About Ashmark Construction LLC
Ashmark Construction LLC is a commercial contractor and developer
based in West Bloomfield, Michigan. The Company specializes in
commercial construction and motorsport garage projects, offering
turnkey solutions with a focus on quality control, scheduling, and
client service. Ashmark has completed over 50 projects within
private luxury garage communities, delivering customized units
designed for automotive enthusiasts.
Ashmark Construction LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-46693) on June 30,
2025. In its petition, the Debtor reports total assets of
$1,367,166 and total liabilities of $510,887.
Honorable Bankruptcy Judge Paul R. Hage handles the case.
The Debtors are represented by Kimberly Ross Clayson, Esq. at Taft
Stettinius & Hollister, LLP.
AVALON GLOBOCARE: Signs $975K Breathalyzer Deal With Qi Diagnostics
-------------------------------------------------------------------
Avalon GloboCare Corp. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that it entered into a
definitive agreement, with Q&A Distribution, LLC, a wholly-owned
subsidiary of the Company, and Qi Diagnostics Limited, pursuant to
which the Parties agreed to co-develop a volatile organic compound
breathalyzer for screening and detecting
DELTA9-tetrahydrocannabinol (THC).
"This partnership represents an exciting step in Avalon's mission
to deliver innovative diagnostic solutions that directly impact
public health and safety," said David Jin, M.D., Ph.D., President
and Chief Executive Officer of Avalon GloboCare. "By combining
Avalon's regulatory expertise with Qi Diagnostics' VOC nanosensor
technology, we aim to provide a real-time, non-invasive cannabis
detection solution that can support law enforcement and workplace
safety."
There are four milestones under the Agreement, consisting of:
(1) data collection and analysis, software development, and
drafting of prototype design,
(2) completion of prototype design and sourcing of
components,
(3) prototype production, testing, and intellectual property
filings, and
(4) human testing.
With respect to the first milestone payments, Q&A shall pay to Qi
Diagnostics:
(i) $35,000 within 5 business days of the execution of the
Agreement,
(ii) $30,000 within 30 days of execution of the Agreement, and
(iii) $30,000 within 60 days of execution of the Agreement.
With respect to the second milestone payments, Q&A shall pay to Qi
Diagnostics:
(i) $90,000 during the first week after the first milestone is
completed and
(ii) $90,000 during the seventh week after the first milestone
is completed.
With respect to the third milestone payments, Q&A shall pay to Qi
Diagnostics:
(i) $150,000 during the first week after the second milestone
is completed and
(ii) $150,000 during the nineth week after the second milestone
is completed.
With respect to the fourth milestone payments, Q&A shall pay to Qi
Diagnostics:
(i) $200,000 during the first week after the third milestone
is completed and
(ii) $200,000 during the thirteenth week after the third
milestone is completed.
Qi Diagnostics is required to use the First Milestone Payments,
Second Milestone Payments, Third Milestone Payments, and Fourth
Milestone Payments in furtherance of the Project. The Parties have
agreed that Qi Diagnostics shall retain control over the
intellectual property developed under the Agreement. Q&A shall have
the right to a:
(i) passive financial interest in 6% of the Intellectual
Property rights once the first milestone is completed and the First
Milestone Payments have been made,
(ii) additional passive financial interest in 9% of the
Intellectual Property rights once the second milestone is completed
and the Second Milestone Payments have been made,
(iii) additional passive financial interest in 15% of the
Intellectual Property rights once the third milestone is completed
and the Third Milestone Payments have been made, and
(iv) additional passive financial interest in 20% of the
Intellectual Property rights once the fourth milestone is completed
and the Fourth Milestone Payments have been made.
If all four of the milestones are completed and the Total Milestone
Payments are made, then Q&A shall have the right to a passive
financial interest in 50% of the Intellectual Property rights. The
Parties agreed that certain confidential information obtained under
the Agreement shall remain confidential to the Parties. Each of the
Parties may terminate the Agreement for any reason in its sole
discretion by providing written notice to the other Parties at
least thirty calendar days prior to the termination date, provided,
however, that all passive financial interest in the Intellectual
Property rights earned by Q&A prior to the termination of the
Agreement shall survive the termination.
About Avalon Globocare
Avalon Globocare Corp., based in Freehold, New Jersey, develops and
markets precision diagnostic consumer products and cellular therapy
intellectual property. The Company currently sells the KetoAir
breathalyzer, a U.S. FDA-registered Class I medical device, and
plans to expand its diagnostic applications. It also owns and
manages commercial real estate at its headquarters.
In an audit report dated March 31, 2025, M&K CPAS, PLLC issued a
"going concern" qualification citing that the Company has yet to
achieve profitable operations, has negative cash flows from
operating activities, and is dependent upon future issuances of
equity or other financings to fund ongoing operations, all of which
raises substantial doubt about its ability to continue as a going
concern.
Avalon Globocare incurred net losses amounting to approximately
$7.9 million and $16.7 million for the years ended Dec. 31, 2024
and 2023, respectively. As of Dec. 31, 2024, the Company had an
accumulated deficit of approximately $87.7 million.
B.G.P. INC: Gets Extension to Access Cash Collateral
----------------------------------------------------
B.G.P., Inc. and its affiliates received fifth interim approval
from the U.S. Bankruptcy Court for the Middle District of Florida,
Tampa Division, to use cash collateral.
The fifth interim order signed by Judge Roberta Colton authorized
the Debtors to use cash collateral to pay the expenses set forth in
their projected budget, plus an amount not to exceed 10% for each
line item.
As protection, DWB Holdings Group, LLC and other creditors with
interest in the cash collateral were granted a replacement lien on
the cash collateral and all other post-petition assets of the
Debtors, to the same extent and with the same validity and priority
as their pre-bankruptcy lien.
In addition, the Debtors were ordered to keep their property
insured in accordance with the obligations under the loan and
security documents with the lender.
DWB, as successor to Truist Bank, asserts an interest in the cash
collateral, including inventory and accounts. The lender claims it
is owed approximately $9.6 million.
A further hearing is scheduled for August 7.
A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/fii1U from PacerMonitor.com.
About B.G.P. Inc.
B.G.P., Inc. and its affiliates, BGP Warehouse Indiana, LLC and
B.G.P. Stores, LLC, filed Chapter 11 petitions (Bankr. M.D. Fla.
Lead Case No. 25-00412) on January 23, 2025. At the time of the
filing, B.G.P., Inc. reported between $10 million and $50 million
in both assets and liabilities.
Judge Roberta A. Colton oversees the cases.
Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Postler, P.A.
is the Debtors legal counsel.
DWB Holdings Group, LLC, as lender, is represented by:
Edward J. Peterson, Esq.
Johnson Pope Bokor Ruppel & Burns, LLP
400 N. Ashley Drive, Suite 3100
Tampa, FL 33602
Telephone: (813) 225-2500
Email: edwardp@jpfirm.com
BALANCE HOLDING: Unsecureds Will Get 34% of Claims over 4 Years
---------------------------------------------------------------
Balance Holding Company, LLC, filed with the U.S. Bankruptcy Court
for the District of Columbia a Small Business Subchapter V Plan of
Reorganization dated June 23, 2025.
The Debtor is an investment and management company that focuses on
business opportunities in the fitness industry that was founded in
2019 by Mark Crick, Devin Maier, and Ben Wiedemer.
Together, they built the company from the ground up, operating a
range of successful fitness facilities that include 4 full scale
gyms, three CrossFit gyms, a Lagree studio, and 10 F45 studios.
Despite its strong foundation and successful growth trajectory, BHC
has experienced significant financial pressure over the last five
years. This led the company to seek bankruptcy protection in
December 2024.
This Plan of Reorganization proposes to pay the Debtor's creditors
from the cash flow from its business operations over 48 months with
the final payment expected to be made on or about September 30,
2029.
Nonpriority unsecured creditors holding allowed claims will receive
distributions, which the proponent of this Plan has valued at
approximately 34 cents on the dollar. This Plan also provides for
the payment of administrative and priority claims.
Class 2 consists of all nonpriority unsecured claims. All
nonpriority unsecured claims allowed under Section 502 of the Code
will receive quarterly cash payments after payment of all allowed
administrative claims, of an estimated total value equal to 34% of
their respective allowed claims within 4 years after the 120th day
after the Effective Date. Class 2 claims are impaired.
Class 3 consists of all nonpriority unsecured claims held by
insiders. All nonpriority unsecured claims held by insiders allowed
under Section 502 of the Code will be subordinated to the
completion of all payments of allowed claims pursuant to the
confirmed Plan, as may be amended from time to time. Class 3 claims
are impaired.
Class 4 consists of Equity interests in the Debtor. The equity
security holders will retain their interests in the Debtor. Class 4
claims are not impaired.
The Class 1 claim will be paid from the collection of pre-petition
accounts receivable. All other allowed claims will be paid from the
cash flow generated by the Debtor's continuing for the four-year
period beginning on the 120th day after the Effective Date of the
Plan.
A full-text copy of the Subchapter V Plan dated June 23, 2025 is
available at https://urlcurt.com/u?l=AFpR88 from PacerMonitor.com
at no charge.
Counsel to the Debtor:
Kermit A. Rosenberg, Esq.
Washington Global Law Group. PLLC
1701 Pennsylvania Avenue, N.W., Suite 200
Washington, DC 20006
Telephone: (202) 683-2014
Facsimile: (202) 580-6559
E-Mail: krosenberg@washglobal-law.com
About Balance Holding Company
Balance Holding Company, LLC, is an investment and management
company that focuses on business opportunities in the fitness
industry.
The Debtor filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. D. Colo. Case No. 24-00421) on Dec.
12, 2024, listing up to $50,000 in assets and $1,000,001 to $10
million in liabilities.
Judge Elizabeth L Gunn presides over the case.
Kermit A. Rosenberg, Esq. at Washington Global Law Group, PLLC, is
the Debtor's counsel.
BARROW SHAVER: Seeks to Extend Plan Exclusivity to September 29
---------------------------------------------------------------
Barrow Shaver Resources Company LLC, asked the U.S. Bankruptcy
Court for the Southern District of Texas to extend its exclusivity
periods to file a plan of reorganization and obtain acceptance
thereof to September 29 and October 28, 2025, respectively.
The Debtor explains that the size and complexity of this Bankruptcy
Case alone warrants the requested extensions of the exclusivity
periods. This Bankruptcy Case involves a Debtor with $72,358,968.30
in scheduled liabilities. Further compounding the complexity of
issues faced by the Debtor, many of the creditors purport to hold
liens related to the Debtor's oil and gas operations and those
liens must be carefully reviewed.
Critically, Debtor has made monumental strides in developing a
robust sale process. After the Debtor retained Chaffe & Associates,
Inc. as its investment banker, Chaffe contacted 152 parties
regarding the Debtor's assets. Forty parties executed
confidentiality agreements and received the confidential
information memorandum and access to the virtual data room. This
interest generated eight bid proposals, and six parties expressing
an interest in serving as a stalking horse.
However, it is obvious that the current exclusive period for filing
a chapter 11 plan will expire before the Debtor has had a
meaningful opportunity to begin, much less complete, that sale
process. The Debtor certainly cannot file a chapter 11 plan to
consummate the sale process before that exclusive period expires.
The sale process will be severely hindered if the Debtor must run
an auction process while at the same time addressing one or more
potential competing chapter 11 plans, with the resulting increase
in administrative expenses.
The Debtor claims that it is not seeking an extension of the
statutory exclusivity periods to pressure or prejudice creditors.
Instead, the Debtor seeks an extension of time to further engage
with its creditors, focus on maximizing the value of its assets
through the means approved by the Bidding Procedures Order, and
propose a chapter 11 plan in short order that will best serve the
interests of the Debtor and its stakeholders.
Since the Voluntary Petition Date, the Debtor has paid, and will
continue to pay, its post-petition debts in the ordinary course of
business or as otherwise provided by Court order, which further
supports extending the statutory exclusivity periods. The Debtor,
led by the CRO, has managed to negotiate favorable arrangements
with vendors, other services providers, regulatory agencies, and
parties in interest to ensure the Debtor's safe operations and
preservation of the oil and gas assets.
Barrow Shaver Resources Company, LLC is represented by:
Joseph E. Bain, Esq.
Sean T. Wilson, Esq.
Olivia K. Greenberg, Esq.
Elizabeth De Leon, Esq.
JONES WALKER LLP
811 Main Street, Suite 2900
Houston, Texas 77002
Telephone: (713) 437-1800
Facsimile: (713) 437-1810
Email: jbain@joneswalker.com
swilson@joneswalker.com
ogreenberg@joneswalker.com
edeleon@joneswalker.com
About Barrow Shaver Resources Company
Barrow Shaver Resources Company, LLC is a privately held,
independent oil and gas exploration and acquisition company based
in Tyler, Texas. Barrow Shaver is engaged in prospect generation,
producing properties acquisition, lease acquisition, assembly and
marketing of prospects for the exploration and development of oil
and natural gas in the prolific producing trends of the East Texas
and West Texas Basins.
Barrow Shaver Resources Company sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-33353) on
Aug. 19, 2024. In the petition signed by James Katchadurian, chief
restructuring officer, the Debtor disclosed up to $100 million in
both assets and liabilities.
Judge Alfredo R. Perez oversees the case.
The Debtor tapped Jones Walker LLP as counsel, CR3 Partners, LLC as
financial advisor, and Kroll Restructuring Administration, LLC as
claims, noticing, and solicitation agent.
BCPE GRILL: Moody's Affirms 'B3' CFR & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Ratings affirmed BCPE Grill Parent, Inc.'s (d/b/a Fogo De
Chao) ("Fogo") B3 corporate family rating, B3-PD probability of
default rating and the B3 ratings on the senior secured first lien
revolving credit facility and senior secured first lien term loan
B. The outlook is changed to negative from stable.
The negative outlook reflects Fogo's weak credit metrics with LTM
debt/EBITDA of 6.6x and EBITA/Interest of 0.7x. Although Moody's
expects credit metrics to improve with EBITA/Interest returning to
around 1.0x and debt/EBITDA below 6.0x in the next 12-18 months as
demand stabilizes and new stores contribute to its earnings base,
the challenging consumer environment and ramp up of its new stores
remain significant risks. The company's liquidity is adequate as it
remains reliant on its revolving credit facility to meet seasonal
working capital needs and to fully fund its growth capital spend.
RATINGS RATIONALE
Fogo's B3 CFR reflects its weak interest coverage, high leverage,
relatively small scale with 103 restaurants and limited product
diversity relative to other rated restaurant chains. Fogo is also
exposed to price volatility in its primary commodity, beef. The
company has continued to spend on new unit growth over the last
year and a half in spite of negative traffic across the industry as
it has experienced weaker margin and negative free cash flow. The
company's liquidity is adequate and reliant on its $90 million
revolving credit facility to fund periodic working capital
investments, a portion of growth capital spend, and acquisitions.
The company has no near term maturities with its earliest due in
2028. However, the ratings are supported by Fogo's churrasco style
food preparation that support lower operating costs relative to
peers and its continuous service model (gaucho chefs serving
tableside). Fogo's ratings are also supported by its customers'
brand awareness of its unique Brazilian steakhouse experience in
markets across the US, UK and Brazil.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade is unlikely given the negative outlook. Factors for an
upgrade include sustained improvement in credit metrics and
increased size, scale, and geographic diversification. A higher
rating would also require debt/EBITDA sustained under 5.5x,
EBITA/interest expense near 1.75x as well as at least good
liquidity and positive free cash flow.
A downgrade could occur if operating performance weakens or if
financial strategies become aggressive, such as debt financed
dividends or leveraging the company to fund growth, as well as a
weakening of liquidity. Quantitatively, debt/EBITDA sustained above
6.5x or EBITA/interest expense sustained below 1.25x are also
considerations for a downgrade.
Based in Plano, TX, BCPE Grill Parent, Inc. (d/b/a "Fogo De Chão")
operates a Brazilian steakhouse ("Churrascaria") restaurant chain
with 77 restaurants in the US, 9 in Brazil, 6 in the UK and 11
internationally franchised restaurants in Mexico, Middle East,
Bolivia and Ecuador. Revenue for the twelve month period ended
March 2025 was $738 million. Fogo De Chão is owned by Bain Capital
since 2023.
The principal methodology used in these ratings was Restaurants
published in August 2021.
The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.
BEAN THERE: Ruediger Mueller Named Subchapter V Trustee
-------------------------------------------------------
The U.S. Trustee for Region 21 appointed Ruediger Mueller of TCMI,
Inc. as Subchapter V trustee for Bean There Done That, LLC.
Mr. Mueller will be paid an hourly fee of $350 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Mueller declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Ruediger Mueller
TCMI, Inc.
1112 Watson Court
Reunion, FL 34747
Telephone: (678) 863-0473
Facsimile: (407) 540-9306
Email: truste@tcmius.com
About Bean There Done That LLC
Bean There Done That, LLC operates a drive-thru coffee shop
offering specialty beverages and breakfast items.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04265) on June 24,
2025. In the petition signed by Igor D. Bley, manager, the Debtor
disclosed $143,453 in total assets and $1,504,704 in total
liabilities.
Judge Catherine Peek McEwen oversees the case.
Jake C. Blanchard, Esq., at Blanchard Law, P.A., represents the
Debtor as bankruptcy counsel.
BETTER THERAPEUTICS: Settles Delaware SPAC Case for $1MM
--------------------------------------------------------
Emily Lever of Law360 Bankruptcy Authority reports that Better
Therapeutics Inc., a defunct telehealth provider, has agreed to pay
roughly $1 million to settle a shareholder lawsuit in Delaware
Chancery Court that challenged its merger to go public, according
to court documents.
About Better Therapeutics Inc.
Better Therapeutics, Inc. (NASDAQ: BTTX) a prescription digital
therapeutics company, develops a form of cognitive behavioral
therapy to address the causes of cardiometabolic diseases. The
Company was founded in 2015 and is headquartered in San Francisco,
California.
BIEN-AIME CONFIANCE: Case Summary & Three Unsecured Creditors
-------------------------------------------------------------
Debtor: Bien-Aime Confiance LLC
5237 Isleworth Country Club Drive
Windermere, FL 34786
Business Description: Bien-Aime Confiance LLC owns a residential
property located at Lot 232, Isleworth, in
Windermere, Florida. The property spans
approximately 0.50 acres within a luxury
golf community and was last valued at $4.4
million.
Chapter 11 Petition Date: July 11, 2025
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 25-04315
Judge: Hon. Grace E Robson
Debtor's Counsel: Jeffrey S. Ainsworth, Esq.
BRANSONLAW, PLLC
1501 E. Concord Street
Orlando, FL 32803
Tel: 407-894-6834
E-mail: jeff@bransonlaw.com
Total Assets: $4,400,000
Total Liabilities: $3,348,480
David Townsend signed the petition as manager.
A full-text copy of the petition, which includes a list of the
Debtor's three unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/F3NPUQQ/Bien-Aime_Confiance_LLC__flmbke-25-04315__0001.0.pdf?mcid=tGE4TAMA
BLOCKFI INC: Administrator, DOJ Settle Crypto Assets Lawsuit
------------------------------------------------------------
Randi Love of Bloomberg Law reports that the administrator
overseeing BlockFi Inc.'s wind-down has agreed to dismiss a lawsuit
related to the planned transfer of more than $35 million in crypto
assets to the federal government.
The bankruptcy plan administrator and the Department of Justice
jointly filed to end the case on Friday, July 11, 2025, and U.S.
Bankruptcy Judge Michael B. Kaplan in New Jersey approved the
dismissal the same day. Both sides agreed to cover their own legal
fees, according to Bloomberg Law.
The lawsuit was initially brought in May 2023 by a committee of
unsecured creditors after the government claimed it had warrants to
seize assets from BlockFi accounts, the report relays.
About BlockFi Inc.
BlockFi Inc. says it's building a bridge between digital assets and
traditional financial and wealth management products to advance the
overall digital asset ecosystem for individual and institutional
investors.
BlockFi was founded in 2017 by Zac Prince and Flori Marquez and in
its early days had backing from influential Wall Street investors
like Mike Novogratz and, later on, Valar Ventures, a Peter
Thiel-backed venture fund as well as Winklevoss Capital, among
others. BlockFi made waves in 2019 when it began providing
interest-bearing accounts with returns paid in Bitcoin and Ether,
with its program attracting millions of dollars in deposits right
away.
BlockFi grew during the pandemic years and had offices in New York,
New Jersey, Singapore, Poland and Argentina.
BlockFi worked with FTX US after it took an $80 million hit from
the bad debt of crypto hedge fund Three Arrows Capital, which
imploded after the TerraUSD stablecoin wipeout in May 2022.
BlockFi had significant exposure to the companies founded by former
FTX Chief Executive Officer Sam Bankman-Fried. BlockFi received a
$400 million credit line from FTX US in an agreement that also gave
FTX the option to acquire BlockFi through a bailout orchestrated by
Bankman-Fried over the summer. BlockFi also had collateralized
loans to Alameda Research, the trading firm co-founded by
Bankman-Fried.
BlockFi is the latest crypto firm to seek bankruptcy amid a
prolonged slump in digital asset prices. Lenders Celsius Network
LLC and Voyager Digital Holdings Inc. also filed for court
protection this year. Kirkland & Ellis is also advising Celsius and
Voyager in their separate Chapter 11 cases.
BlockFi Inc. and eight affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 22-19361) on
Nov. 28, 2022. In the petitions signed by their chief executive
officer, Zachary Prince, the Debtors reported $1 billion to $10
billion in both assets and liabilities.
Judge Michael B. Kaplan oversees the cases.
The Debtors tapped Kirkland & Ellis and Haynes and Boone, LLP, as
general bankruptcy counsels; Walkers (Bermuda) Limited as special
Bermuda counsel; Cole Schotz, P.C., as local counsel; Berkeley
Research Group, LLC as financial advisor; Moelis & Company as
investment banker; and Street Advisory Group, LLC, as strategic and
communications advisor. Kroll Restructuring Administration, LLC, is
the notice and claims agent.
BMI SMART: Seeks Court Approval to Hire Latham Luna as Counsel
--------------------------------------------------------------
BMI Smart Parking Lots LLC seeks approval from the U.S. Bankruptcy
Court for the Middle District of Florida to employ Latham, Luna,
Eden & Beaudine, LLP as counsel.
The firm will render these services:
(a) advise the Debtor of its rights and duties in this case;
(b) prepare pleadings related to this case; and
(c) take any and all other necessary action incident to the
proper preservation and administration of this estate.
The firm will be paid at these rates:
Attorneys $500 per hour
Paralegals $105 per hour
Prior to the petition date, the firm received an advance fee of
$14,238 from the Debtor.
Mr. Velasquez 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:
Daniel A. Velasquez, Esq.
Latham, Luna, Eden & Beaudine, LLP
201 S. Orange Ave., Suite 1400
Orlando, FL 32801
Telephone: (407) 481-5800
Facsimile: (407) 481-5801
Email: dvelasquez@lathamluna.com
About BMI Smart Parking Lots LLC
BMI Smart Parking Lots LLC, filed a Chapter 11 bankruptcy petition
(Bankr. M.D. Fla. Case No. 6:25-bk-04004-GER) on June 27, 225. The
Debtor hires Latham, Luna, Eden & Beaudine, LLP as counsel.
BNB BATTERY: Final Hearing to Use Cash Collateral Set for July 16
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Georgia is
set to hold a hearing on July 16 to consider final approval of BNB
Battery, LLC's motion to use cash collateral.
The Debtor's authority to use cash collateral pursuant to the
court's latest interim order expires on July 16.
The interim order issued on July 7 approved the payment of the
Debtor's expenses from the cash collateral in accordance with its
five-week budget, which shows projected expenses of $325,575.57 for
the period from June 30 to August 3.
The interim order provided adequate protection to the Debtor's
lender, Pinnacle Bank and Corporation Service Company, in the form
of an interest-only monthly payment of $17,500, and a replacement
lien on assets similar to the lender's pre-bankruptcy collateral.
Pinnacle Bank asserts a first priority lien on the Debtor's assets,
securing an asserted outstanding indebtedness in the approximate
amount of $2 million.
As of the petition date, the Debtor had approximately $3,500 cash
on hand.
About BNB Battery
BNB Battery, LLC is an operator of a bar and restaurant serving in
Atlanta, Ga.
BNB Battery filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-54144) on April 24,
2024, with up to $1 million in assets and up to $10 million in
liabilities. Gary Murphey serves as Subchapter V trustee.
Judge Sage M. Sigler oversees the case.
Mark Gensburg, Esq., at Jones & Walden, LLC is the Debtor's legal
counsel.
Pinnacle Bank and Corporation Service Company, as secured creditor,
is represented by Michael B. Pugh, Esq., at Thompson O'Brien
Kappler & Nasuti, P.C.
Mr. Pugh may be reached through:
Michael B. Pugh, Esq.
Thompson O'Brien Kappler & Nasuti, P.C.
2 Sun Court, Suite 400
Peachtree Corners, GA 30092
MPugh@tokn.com
BOUNDLESS BROADBAND: Committee Hires Blank Rome LLP as Co-Counsel
-----------------------------------------------------------------
The official committee of unsecured creditors of Boundless
Broadband, LLC and its affiliates seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Blank Rome
LLP as co-counsel.
The firm will assume the duties performed by Delaware counsel and
will assist Lowenstein Sandler LLP as co-counsel.
The firm will be paid at these rates:
Regina Stango Kelbon, Partner $1,215 per hour
Stanley B. Tarr, Partner $965 per hour
Jordan L. Williams, Associate $665 per hour
Partners $750 to $1,545 per hour
Associates $600 to $980 per hour
Paraprofessionals $250 to $650 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
As required by the Guidelines for Reviewing Applications for
Compensation and Reimbursement of Expenses Filed Under 11 U.S.C. §
330 by Attorneys in Larger Chapter 11 Cases, Effective November 1,
2013 (the "UST Guidelines"), the Committee responds to the
questions set forth in Section D.1 of the UST Guidelines as
follows:
(a) Blank Rome did not agree to a variation of its standard or
customary billing arrangement for this engagement;
(b) None of the professionals included in this engagement have
varied their rate based on the geographic location of these Chapter
11 Cases;
(c) Blank Rome did not represent the Committee prior to the
Petition Date; and
(d) Blank Rome is in the process of preparing a proposed
staffing plan and budget for approval by the Committee. The Blank
Rome attorneys and paraprofessionals staffed on this case, subject
to modification depending upon further development, are as set
forth below.
Stanley B. Tarr, Esq., a partner at Blank Rome LLP, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Regina Stango Kelbon, Esq.
Stanley B. Tarr, Esq.
Jordan L. Williams, Esq.
BLANK ROME LLP
1201 Market Street, Suite 800
Wilmington, DE 19801
Telephone: (302) 425-6400
E-mail: regina.kelbon@blankrome.com
stanley.tarr@blankrome.com
jordan.williams@blankrome.com
About Boundless Broadband, LLC
Boundless Broadband, LLC, and two of its affiliates sought relief
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead
Case No. 25-10948) on May 29, 2025. In its petition, the Debtor
estimated assets and liabilities (on a consolidated basis) to be $0
to $50,000 million each.
The Honorable Bankruptcy Judge Brendan Linehan Shannon handles the
cases.
The Debtors are represented by Saul Ewing LLC and Bernstein, Shur,
Sawyer & Nelson P.A. The Debtors restructuring advisor is Alastar
Partners, LLC. The Debtors' claims and noticing agent is Omni
Agent Solutions, Inc.
BOUNDLESS BROADBAND: Committee Hires Lowenstein as Lead Counsel
---------------------------------------------------------------
The official committee of unsecured creditors of Boundless
Broadband, LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Lowenstein
Sandler LLP as lead counsel.
(a) advising the Committee with respect to its rights, duties,
and powers in the Chapter 11 Cases;
(b) assisting and advising the Committee in its consultations
with the Debtors relative to the administration of the Chapter 11
Cases;
(c) assisting the Committee and providing advice concerning the
proposed sale of substantially all of the Debtors' assets,
including issues concerning any potential competing bidders and the
auction process;
(d) assisting the Committee in analyzing the claims of the
Debtors' creditors and the Debtors' capital structure and in
negotiating with holders of claims and equity interests;
(e) assisting the Committee in its investigation of the acts,
conduct, assets, liabilities, and financial condition of the
Debtors and of the operation of the Debtors' business;
(f) assisting the Committee in analyzing (i) the Debtors'
pre-petition financing, (ii) proposed use of cash collateral, and
(iii) the Debtors' proposed debtor-in-possession financing ("DIP
Financing"), the terms and conditions of the proposed DIP Financing
and the adequacy of the proposed DIP Financing budget;
(g) assisting the Committee in its investigation of the liens
and claims of the holders of the Debtors' pre-petition debt and the
prosecution of any claims or causes of action revealed by such
investigation;
(h) assisting the Committee in its analysis of, and negotiations
with, the Debtors or any third party concerning matters related to,
among other things, the assumption or rejection of certain leases
of nonresidential real property and executory contracts, asset
dispositions, sale of assets, financing of other transactions and
the terms of one or more plans of reorganization for the Debtors
and accompanying disclosure statements and related plan documents;
(i) assisting and advising the Committee as to its
communications to unsecured creditors regarding significant matters
in the Chapter 11 Cases;
(j) representing the Committee at hearings and other
proceedings;
(k) reviewing and analyzing applications, orders, statements of
operations, and schedules filed with the Court and advising the
Committee as to their propriety;
(l) assisting the Committee in preparing pleadings and
applications as may be necessary in furtherance of the Committee's
interests and objectives in the Chapter 11 Cases, including without
limitation, the preparation of retention papers and fee
applications for the Committee's professionals, including
Lowenstein Sandler;
(m) assisting the Committee with respect to issues that may
arise concerning the Debtors' unionized employees;
(n) preparing, on behalf of the Committee, any pleadings,
including without limitation, motions, memoranda, complaints,
adversary complaints, objections, or comments in connection with
any of the foregoing; and
(o) performing such other legal services as may be required or
are otherwise deemed to be in the interests of the Committee in
accordance with the Committee's powers and duties as set forth in
the Bankruptcy Code, Bankruptcy Rules, or other applicable law.
The firm will be paid at these rates:
Partners $775 to $2,175 per hour
Of Counsel $890 to $1,575 per hour
Senior Counsel and Counsel $675 to $1,595 per hour
Associates $550 to $1,150 per hour
Paralegals, Practice Support $225 to $505 per hour
and Assistants
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
The following is provided in response to the request for additional
information set forth in Paragraph D.1. of the Appendix B
Guidelines.
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Response: Lowenstein Sandler has agreed to discount its partner
rates by 10% for this engagement.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed post-petition, explain the
difference and the reasons for the difference.
Response: Lowenstein Sandler did not represent the Committee
prior to the Petition Date.
Question: Has your client approved your prospective budget and
staffing plan, and, if so for what budget period?
Response: Lowenstein Sandler expects to develop a budget and
staffing plan to reasonably comply with the U.S. Trustee's request
for information and additional disclosures, as to which Lowenstein
Sandler reserves all rights. The Committee has approved Lowenstein
Sandler's proposed hourly billing rates.
Jeffrey Cohen, Esq., an attorney at Lowenstein Sandler, 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 Cohen, Esq.
Lowenstein Sandler, LLP
1251 Avenue of the Americas
New York, NY 10020
Telephone: (212) 262-6700
Facsimile: (212) 262-7402
Email: jcohen@lowenstein.com
About Boundless Broadband, LLC
Boundless Broadband, LLC, and two of its affiliates sought relief
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead
Case No. 25-10948) on May 29, 2025. In its petition, the Debtor
estimated assets and liabilities (on a consolidated basis) to be $0
to $50,000 million each.
The Honorable Bankruptcy Judge Brendan Linehan Shannon handles the
cases.
The Debtors are represented by Saul Ewing LLC and Bernstein, Shur,
Sawyer & Nelson P.A. The Debtors restructuring advisor is Alastar
Partners, LLC. The Debtors' claims and noticing agent is Omni
Agent Solutions, Inc.
BOUNDLESS BROADBAND: Panel Hires Province as Financial Advisor
--------------------------------------------------------------
The official committee of unsecured creditors of Boundless
Broadband, LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Province,
LLC as financial advisor.
The firm's services include:
a. becoming familiar with and analyzing the Debtors' DIP budget,
assets and liabilities, and overall financial condition;
b. reviewing financial and operational information furnished by
the Debtors;
c. monitoring the sale process, interfacing with the Debtors'
professionals, and advising the Committee regarding the process;
d. scrutinizing the economic terms of various agreements,
including, but not limited to, various professional retentions;
e. analyzing the Debtors' proposed business plans and developing
alternative scenarios, if necessary;
f. assessing the Debtors' various pleadings and proposed
treatment of unsecured creditor claims therefrom;
g. assisting the Committee's investigation of the acts, conduct,
assets, liabilities and financial condition of the Debtors and
their affiliates, including certain transactions preceding the
bankruptcy filing and the formation of the Debtors;
h. analyzing claims against the Debtors and non-Debtor
affiliates;
i. assisting and advising the Committee and counsel regarding
the identification and prosecution of estate claims, including in
connection with any issues regarding the filing of the Case and the
propriety of the filing;
j. assisting and advising the Committee in its review and
analysis of, and negotiations with the Debtors and non-Debtor
affiliates related to, intercompany transactions and claims;
k. preparing, or reviewing as applicable, avoidance action and
claim analyses;
l. assisting the Committee in reviewing the Debtors' financial
reports, including, but not limited to, statements of financial
affairs, schedules of assets and liabilities, DIP budgets, and
monthly operating reports;
m. advising the Committee on the current state of these chapter
11 cases;
n. preparing and updating waterfall analyses and the components
thereof for the Committee to analyze potential claims recoveries
under various scenarios;
o. advising the Committee in negotiations with the Debtors and
third parties as necessary;
p. if necessary, participating as a witness in hearings before
the Court with respect to matters upon which Province has provided
advice; and
q. providing other activities as are approved by the Committee,
the Committee's counsel, and as agreed to by Province.
The firm will be paid at these rates:
Managing Directors and Partners $850 to $1,450 per hour
Vice Presidents, Directors, $700 to $1,050 per hour
and Senior Directors
Analysts, Associates,
and Senior Associates $350 to $825 per hour
Paraprofessional/Admin $270 to $450 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Paul Navid, a partner at Province, LLC, disclosed in a court filing
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Paul Navid,, Esq.
Province, LLC
2360 Corporate Circle, Suite 340
Henderson, NV 89074
Tel: (702) 685-5555
About Boundless Broadband, LLC
Boundless Broadband, LLC, and two of its affiliates sought relief
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead
Case No. 25-10948) on May 29, 2025. In its petition, the Debtor
estimated assets and liabilities (on a consolidated basis) to be $0
to $50,000 million each.
The Honorable Bankruptcy Judge Brendan Linehan Shannon handles the
cases.
The Debtors are represented by Saul Ewing LLC and Bernstein, Shur,
Sawyer & Nelson P.A. The Debtors restructuring advisor is Alastar
Partners, LLC. The Debtors' claims and noticing agent is Omni
Agent Solutions, Inc.
BOYD GAMING: S&P Affirms 'BB' ICR, Outlook Stable
-------------------------------------------------
S&P Global Ratings affirmed all its ratings on U.S. regional gaming
operator Boyd Gaming Corp., including the 'BB' issuer credit
rating.
S&P said, "The stable outlook reflects our expectation that the
company's lease-adjusted leverage will be in the low-2x area, it
will maintain a solid cushion relative to our 4x downgrade
threshold, and its financial policy will remain consistent with its
2.5x gross leverage target."
Boyd announced that it has agreed to sell its equity stake in
FanDuel to Flutter Entertainment PLC for gross proceeds of $1.755
billion. The company plans to use the net proceeds to repay debt.
S&P said, "As such, we forecast Boyd will end 2025 with S&P Global
Ratings lease-adjusted debt in the low-2x area (compared with our
previous estimate of about 2.8x), which will provide it with
greater cushion relative to our 4x downgrade threshold for
leveraging acquisitions or shareholder returns.
"While Boyd's debt leverage may remain below our 3x upgrade
threshold over the near term, we believe it will likely pursue
leveraging acquisitions, development, or shareholder returns that
increase its S&P Global Ratings-adjusted leverage close to, or
above, 3x. Therefore, we do not view the company's financial policy
as consistent with a higher rating.
"We view Boyd's agreement to sell its 5% equity stake in FanDuel to
FanDuel's parent (Flutter Entertainment) favorably, though it does
not immediately affect our ratings. The company has reached an
agreement to sell its FanDuel equity to Flutter Entertainment for
gross proceeds of $1.755 billion. Management anticipates the
transaction will close this quarter, subject to regulatory
approval. In addition to the equity sale, the companies will enter
into new market access agreements extending through 2038 that will
provide Boyd with a fixed fee per state instead of a share of the
revenue. Therefore, we lowered our EBITDA forecast for the
company's online segment by about $20 million in 2025 and $50
million in 2026, in line with management's guidance. Assuming a 21%
corporate tax rate, we estimate Boyd's tax liability will be
approximately $370 million. We believe the company will use the
remaining $1.39 billion of net proceeds to repay debt. As of March
31, 2025, Boyd's prepayable debt included about $890 million of
borrowings under its revolver and about $748 million outstanding on
its term loan A. Our forecast assumes the company uses a
substantial portion of the net proceeds to repay debt. However, we
continue to expect Boyd will use its expanded debt capacity to fund
its development projects and potential shareholder returns.
"Despite the expected improvement in its credit measures, we
affirmed our 'BB' rating to reflect Boyd's financial policy,
capital allocation strategy, and our belief that it will continue
to develop its robust property pipeline, which may cause its
leverage to increase above 3x. Under its current financial policy,
the company maintains a gross leverage target of less than 2.5x
(our adjustments, principally leases, add about 0.25x-0.50x to
Boyd's measure of its leverage), which supports the 'BB' rating. As
of March 31, 2025, the company's S&P Global Ratings-adjusted debt
leverage stood at 2.9x. Pro forma for the asset sale, we expect
Boyd's leverage will be in the low- to mid-2x range through 2027,
which compares with our previous forecast for the high-2x area
through the end of 2027. We believe this level of leverage will
provide the company with an expanded cushion at the current rating
to absorb for leveraging acquisitions, increased shareholder
returns, or operating volatility.
"Our forecast for Boyd's 2025 capital expenditure (capex)
incorporates $250 million of maintenance capex, $100 million of
property-related growth capex, approximately $150 million-$200
million of Virginia-related capex, and an additional $100 million
of spending related to room refurbishment projects. Similarly, our
2026 capex forecast incorporates $250 million of maintenance capex,
$100 million of property-related growth capex, approximately $300
million of Virginia-related capex, and an additional $50 million of
spending on room refurbishment projects in the first half of the
year. Aside from the Virginia development and hotel renovations
across its Midwest & South segment, the company's other notable
investments include a convention expansion at Ameristar St. Charles
(set to open in fall 2025) and the development of the Cadence
Crossing Casino in Henderson, Nev. (set to open in mid-2026), which
will replace the existing Jokers Wild Casino. In addition, Boyd
plans to replace its existing Par-A-Dice riverboat casino in East
Peoria, Ill, which could begin as early as the first half of 2025
and will entail a capital investment comparable to that of the
Treasure Chest.
"Additionally, we assume management will remain committed to
returning capital to its shareholders. The company returned $686
million to its shareholders in 2024, including completing over $400
million of share repurchases in the second half of 2024 and $328
million in the first quarter of this year. Furthermore, Boyd's
shareholders may pressure it to increase its returns following the
asset sale. Accordingly, we incorporated an additional $250 million
of shareholder returns in our base-case forecast for 2025 on top of
its regular dividend and management's target for about $100 million
of share repurchases per quarter. While our base-case forecast does
not assume any material leveraging events--such as mergers and
acquisitions--we believe the company will remain opportunistic in
pursuing additional investments. Boyd has also publicly indicated
its willingness to increase its leverage for acquisitions.
Therefore, we believe Boyd may, at times, operate with S&P Global
Ratings-adjusted leverage of somewhat above 3x, which is in line
with management's communicated financial policy and well below our
4x downgrade threshold for the 'BB' rating.
"The stable outlook reflects our expectation that the company's
lease-adjusted leverage will be in the low-2x area, it will
maintain a solid cushion relative to our 4x downgrade threshold,
and its financial policy will remain consistent with its 2.5x gross
leverage target."
S&P believes a downgrade is unlikely over the next 12 months, given
its forecast leverage cushion. However, S&P could lower the rating
if it believes Boyd will sustain S&P Global Ratings-adjusted
leverage of more than 4x, which could occur if:
-- It announces materially leveraging acquisitions or development
opportunities beyond what we incorporate in our forecast;
-- It takes a more-aggressive approach to shareholder returns amid
heightened development spending and economic weakness; or
-- The company reports significant operating weakness over the
next year or two beyond what S&P factors into its base case.
S&P could raise its rating on Boyd if it believes its financial
policy will support leverage of less than 3x after incorporating
leveraging acquisitions, significant capex developments,
shareholder returns, or operating volatility.
BROADWAY REALTY: Aug. 14 Hearing on Objections to Weil Hiring
-------------------------------------------------------------
The Weil, Gotshal & Manges LLP legal team led by Gary T. Holtzer
will appear before the Hon. David S. Jones of the U.S. Bankruptcy
Court for the Southern District of New York at a hearing to be held
August 14, 2025, at 10:00 a.m., to defend the firm's engagement as
lead bankruptcy counsel for debtor Broadway Realty I, LLC. The
Debtor's lender and the U.S. Trustee have objected to the firm's
retention. The hearing was originally set for July 17 but later
moved to next month, according to a notice of adjournment filed by
Weil's team.
In addition to Mr. Holtzer, the Weil team being tapped by the
Debtor includes Garrett A. Fail; Matthew P. Goren; and Philip L.
DiDonato. As of this writing, neither the Debtor nor Weil has
responded to the objections.
Flagstar Bank, N.A., a national association, successor-in-interest
to New York Community Bank, the Debtor's original lender, points
out Weil has already admitted to an obvious conflict of interest.
Weil's Goren has disclosed representing the Debtors' ultimate
equity holder, non-debtor Zarasai, as well as numerous non-debtor
subsidiaries of Zarasai, and is doing so specifically in connection
with restructuring alternatives and their funded debt obligations.
"This is an actual conflict, and the Debtors have offered no
explanation for how they propose to address this conflict. Absent
any such explanation, and solution, the Retention Application
should not be granted," Flagstar says.
Flagstar also contends Zarasai may also be a creditor and Zarasai's
other, non-debtor, subsidiaries may also have claims against the
Debtors, and the Debtors likely have claims under chapter 5 of the
Bankruptcy Code against Zarasai and/or the other non-debtor
subsidiaries. "Indeed, there are numerous unresolved questions
about the flow of funds between the Debtors and these other
entities, including a $12 million payment made to holders of
Israeli bonds on which the Debtors are not obligors, but which
payment may have been made by some or all the Debtors with
Flagstar's cash collateral," the lender says.
William K. Harrington, the United States Trustee for Region 2,
cites Flagstar's objection. Flagstar, according to the U.S.
Trustee, has alleged that "the Debtors may have improperly
transferred assets to Zarasai." According to the U.S. Trustee, "The
Debtors have to evaluate whether such transfers could be avoided,
among other remedies, pursuant to 11 U.S.C. [Section] 548(a), to
return value to the Debtors' estate. (In fact, even absent
Flagstar's allegations, Weil, as counsel to the Debtors, has a
fiduciary duty to explore all pre-petition asset transfers.) Weil,
as representative of both Zarasai and the Debtors, is unable to
perform such evaluations impartially, and Weil's assurance that it
will not advise Zarasai should a future conflict arise between
Zarasai and the Debtors is insufficient to show that Weil does not
have an actual conflict. Therefore, this Court should deny the
Application unless Weil agrees to cease representation of Zarasai
and its non-debtor affiliates."
About Broadway Realty I Co.
Broadway Realty I Co., LLC is a real estate investment business and
management company headquartered in New York City. The company
operates from its principal location at 2 Grand Central Tower in
Manhattan, with its main asset property at 4530 Broadway in New
York. It specializes in real estate investment and property
management activities across the New York metropolitan area.
Broadway Realty I Co. and affiliates sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
25-11050) on May 21,2025. In its petition, Broadway Realty I Co.
reported between $500 million and $1 billion in both assets and
liabilities.
Judge David S. Jones, Esq. handles the cases.
The Debtors are represented by Gary Holtzer, Esq., at Weil Gotshal
& Manges, LLP. FTI Consulting, Inc. serves as its financial
advisor. Stretto, Inc. serves as claims and noticing agent, and
administrative advisor.
As of the petition date, the Debtors owed Flagstar Bank, N.A.,
approximately $564 million, excluding accrued interest, which is
secured by the properties and rents from those properties. Flagstar
is represented in the case by lawyers at Paul Hastings LLP.
BROCATO'S SANDWICH: Gets Final OK to Use Cash Collateral
--------------------------------------------------------
Brocato's Sandwich Shop, Inc. received final approval from the U.S.
Bankruptcy Court for the Middle District of Florida, Tampa Division
to continue to use the cash collateral of its secured creditors.
The final order authorized the Debtor to use cash collateral
retroactive to May 8 to pay the expenses set forth in its budget.
As protection for the Debtor's use of their cash collateral,
secured creditors including U.S. Foods, Inc., Gordon Food Service,
Inc., and the Florida Department of Revenue, will be granted
perfected post-petition liens on the cash collateral, with the same
validity and priority as their pre-bankruptcy liens.
As further protection, the Debtor was ordered to keep its property
insured in accordance with its loan and security agreements with
secured creditors.
About Brocato's Sandwich Shop
Brocato's Sandwich Shop, Inc. owns and operates a sandwich
restaurant in Tampa, Fla.
Brocato's filed Chapter 11 petition (Bankr. M.D. Fla. Case No.
24-02613) on May 8, 2024, with $14,595 in assets and $1,396,391 in
liabilities. Michael Brocato, president of Brocato's, signed the
petition.
Judge Roberta A. Colton oversees the case.
Buddy D. Ford, Esq., and Jonathan A. Semach, Esq., at Buddy D.
Ford, P.A. are the Debtor's bankruptcy attorneys.
Gordon Food Service, Inc., as secured creditor, is represented by:
Brad W. Hissing, Esq.
Wetherington Hamilton, P.A.
812 W. Dr. MLK Jr. Boulevard, Suite 101
Tampa, FL 33603
Telephone: (813) 225-1918 ext. 129
Facsimile: (813) 225-2321
Email: bradh@whhlaw.com
BRUIN DIRECTORS: Gregory Jones Named Subchapter V Trustee
---------------------------------------------------------
The U.S. Trustee for Region 16 appointed Gregory Jones, Esq., at
Stradling Yocca Carlson & Rauth, PC as Subchapter V trustee for
Bruin Directors Circle, LLC.
Mr. Jones will be paid an hourly fee of $600 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Jones declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Gregory K. Jones, Esq.
Stradling Yocca Carlson & Rauth, PC
10100 N. Santa Monica Boulevard, Suite 1400
Los Angeles, CA 90067
Telephone: (424) 214-7000
Facsimile: (424) 214-7010
Email: gjones@stradlinglaw.com
About Bruin Directors Circle
Bruin Directors Circle, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-15295) on
June 24, 2025, listing up to $50,000 in assets and between $100,001
and $500,000 in liabilities.
Judge Barry Russell presides over the case.
Leslie A. Cohen, Esq., at Leslie Cohen Law PC represents the Debtor
as bankruptcy counsel.
BURGUNDIAN LLC: Joseph DiOrio Named Subchapter V Trustee
--------------------------------------------------------
The U.S. Trustee for Region 1 appointed Joseph DiOrio, Esq., at
Pannone Lopes Devereaux & O'Gara LLC as Subchapter V trustee for
The Burgundian, LLC.
Mr. DiOrio will be paid an hourly fee of $495 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. DiOrio declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Joseph M. DiOrio, Esq.
Pannone Lopes Devereaux & O'Gara LLC
1301 Atwood Avenue, Suite 215 N
Johnston, RI 02919
Phone: 401-824-5100
Email: jdiorio@pldolaw.com
About The Burgundian LLC
The Burgundian, LLC operates a food service business offering
international street food such as Belgian Liege waffles, Japanese
chicken sandwiches, Argentinian sausage dogs, and Filipino noodle
bowls.
The Burgundian, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No.
25-11287) on June 24, 2025. At the time of filing, the Debtor
estimated $100,001 to $500,000 in assets and $1,000,001 to $10
million in liabilities.
Judge Christopher J Panos presides over the case.
David B. Madoff, Esq. at Madoff & Khoury LLP represents the Debtor
as counsel.
CANVAS SARASOTA: U.S. Trustee Unable to Appoint Committee
---------------------------------------------------------
The U.S. Trustee for Region 21, until further notice, will not
appoint an official committee of unsecured creditors in the Chapter
11 case of Canvas Sarasota, LLC, according to court dockets.
About Canvas Sarasota
Canvas Sarasota, LLC develops single-family homes in Sarasota,
Florida. Its portfolio includes three properties in various stages
of construction and completion, with a total appraised value of
approximately $7.03 million.
Canvas Sarasota sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-16411) on June 5,
2025. In its petition, the Debtor reported total assets of
$7,027,800 and total liabilities of $6,348,678.
Judge Robert A. Mark handles the case.
The Debtor is represented by Thomas L. Abrams, Esq., at Thomas L.
Abrams, PA.
CARVANA CO: Major Shareholder Moves to Sell $245MM in Shares
------------------------------------------------------------
David Welch and Dylan Sloan of Bloomberg News report that Ernie
Garcia II, Carvana Co.'s largest shareholder and father of the
company's founder and CEO, has extended his streak of stock sales
by filing to sell $245 million in shares this second week of July
2025.
According to Bloomberg data, Garcia has now sold $515 million worth
of shares over the past six weeks, adding to the $1.4 billion he
offloaded between April and November of last 2024. His son, CEO
Ernest Garcia III, also filed in May to sell his largest-ever
stake, valued at $192 million.
About Carvana
Founded in 2012 and based in Tempe, Arizona, Carvana Co. --
http://www.carvana.com-- is an e-commerce platform for buying and
selling used cars. The Company is transforming the used car buying
and selling experience by giving consumers what they want, a wide
selection, great value and quality, transparent pricing, and a
simple, no pressure transaction. Each element of its business, from
inventory procurement to fulfillment and overall ease of the online
transaction, has been built for this singular purpose.
Carvana reported a net income of $150 million for the year ended
Dec. 31, 2023, compared to a net loss of $2.89 billion for the year
ended Dec. 31, 2022. As of June 30, 2024, Carvana had $7.17 billion
in total assets, $7.05 billion in total liabilities, and $115
million in total stockholders' equity.
* * *
Moody's Investors Service upgraded Carvana Co.'s corporate family
rating to Caa3 from Ca, the TCR reported on Sept. 22, 2023. Moody's
said the upgrade of Carvana's CFR to Caa3 reflects the completion
of its debt exchange that pushes out some near-term maturities,
reduces outstanding debt, and materially reduces cash interest
expense in the two years following the exchange.
In August 2024, S&P Global Ratings raised its issuer credit rating
on U.S.-based Carvana Co. to 'B-' from 'CCC+'. S&P said, "At the
same time, we raised our unsolicited issue-level rating on
Carvana's senior secured debt to 'B-' from 'CCC+' with a '4'
recovery rating (30%-50%; rounded estimate: 40%). We also raised
our issue-level rating on its senior unsecured debt to 'CCC' from
'CCC-' with a '6' recovery rating (0%-10%; rounded estimate: 0%).
"The stable outlook reflects our view that Carvana will continue
increasing EBITDA, generating positive free cash flow, and
maintaining leverage of 6x-7x over the next 12 months.
CATHOLIC FAITH: Unsecured Creditors to Get Nothing in Plan
----------------------------------------------------------
Catholic Faith Store, LLC, filed with the U.S. Bankruptcy Court for
the District of Kansas a Plan of Reorganization dated June 23,
2025.
The Debtor operates an online religious bookstore. The business was
started by Mark and Roseann Lowe in 2005. The current majority
owners, Richard and Caroline King purchased the business in 2020.
The Debtor is a Limited Liability Company. The members are Richard
King (40.5%), Caroline King (40.5%), and SISPE CFS Investor, LLC
(19%). The business is managed by Richard and Caroline King.
The business was profitable in 2021 and earlier, but revenue
significantly declined in 2022-2024. Debtor believes that it has
eliminated the negative SEO campaign, but it may take multiple
years to rebuild the revenue. The Debtor's defaulted on their loan
with Umpqua Bank because of the problems with the decreased revenue
associated with the negative SEO campaign.
The Debtor proposes to pay the priority claims of the Internal
Revenue Service and the Massachusetts Department of Revenue. The
Debtor does not believe that it has a significant balance to the
IRS and intends to file some missing returns. The Debtor has
estimated that the priority claim of the Internal Revenue Service
at $100.00. The Debtor will also pay the secured claim of the
Umpqua Bank. The Debtor does not anticipate a payment to unsecured
creditors.
Class 5 consists of General Unsecured Claims. The Debtor does not
propose a payment to the general unsecured creditors. This Class is
impaired.
The Debtor's Ch. 11 Plan will be implemented from ongoing business
operations, collection against third parties, collection on
insurance company, and contributions from the equity interest
holder of the Debtor.
Subject to the Plan or the order confirming the Plan, on
Confirmation of the Plan all property of the Debtor, tangible and
intangible, including, without limitation, licenses, furniture,
fixtures and equipment, will revert, free and clear of all Claims
and Equitable Interests except as provided in the Plan, to the
Debtor. The Debtor expects to have sufficient cash on hand to make
the payments required on the Effective Date.
The Members and Managers of the Debtor immediately prior to the
Effective Date shall serve as the Members and Managers of the
Reorganized Debtor on and after the Effective Date. Each Member or
Manager shall serve in accordance with applicable non-bankruptcy
law and the Debtor's certificate or articles of organization and
operating agreement, as each of the same may be amended from time
to time.
A full-text copy of the Plan of Reorganization dated June 23, 2025
is available at https://urlcurt.com/u?l=epbmex from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Colin N. Gotham, Esq.
Evans & Mullinix, PA
7225 Renner Road, Suite 200
Shawnee, KS 66217
Telephone: (913) 962-8700
Facsimile: (913) 962-8701
Email: cgotham@emlawkc.com
About Catholic Faith Store
Catholic Faith Store, LLC is an online retailer specializing in
Catholic religious products, including jewelry, rosaries, Bibles,
and sacramental gifts. Since 2005, the company has been dedicated
to providing meaningful religious items for various occasions such
as baptisms, communions, ordinations and weddings.
Catholic Faith Store sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Kan. Case No. 25-20342) on March 24,
2025, listing $1,761,497 in assets and $1,823,178 in liabilities.
Richard King, managing partner at Catholic Faith Store, signed the
petition.
Judge Dale L. Somers oversees the case.
Colin Gotham, Esq., at Evans & Mullinix, P.A., is the Debtor's
legal counsel.
CBRM REALTY: Seeks to Hire Ordinary Course Professionals
--------------------------------------------------------
CBRM Realty Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of New Jersey to retain
non-bankruptcy professionals in the ordinary course of business.
The Debtors need ordinary course professionals to perform services
for matters unrelated to this Chapter 11 case.
The Debtors seek to pay OCPs 100 percent of the fees and expenses
incurred.
The Debtors do not believe that any of the OCPs have an interest
materially adverse to them, their estates, creditors, or other
parties in interest in connection with the matter upon which they
are to be engaged.
The OCPs include:
Bajewski Law Group LLC
Address: 1046 Hawkins St, Gretna, LA 70053
Resident Evictions
OCP Cap: $7,000
Arnall Golden Gregory LLP
Address: 2100 Pennsylvania Avenue NW
Suite 350S, Washington, D.C. 20037
HUD Support
OCP Cap: $20,000
M Group, LLP
Address: 2141 E. Kirkwood Blvd. Suite 120
Southlake, TX 76092
HUD Audits
OCP Cap: $5,000
Lumsden McCormick LLP
Address: 369 Franklin St., Buffalo, NY 14202
Tax Consulting Services
OCP Cap: $10,000
About CBRM Realty
CBRM Realty Inc. is a Somerset, New Jersey-based real estate
investment firm.
CBRM Realty Inc. and affiliates sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-15343) on
May 19, 2025. In its petition, the Debtor reports estimated assets
and liabilities (on a consolidated basis) between $100 million to
$500 million each.
Honorable Bankruptcy Judge Michael B. Kaplan handles the case.
The Debtors tapped White & Case LLP and Ken Rosen Advisors PC as
counsel, Islanddundon LLC as financial advisor, and Kurtzman Carson
Consultants, LLC, doing business as Verita Global, as claims,
noticing, and solicitation agent.
CHPPR MIDCO: Moody's Alters Outlook on 'B3' CFR to Positive
-----------------------------------------------------------
Moody's Ratings affirmed CHPPR MidCo Inc.'s (dba Air Methods)
corporate family rating at B3, probability of default rating at
B3-PD, and instrument-level rating on its backed senior secured
first lien bank credit facility at B3. Concurrently, Moody's
revised the outlook to positive from stable.
The outlook revision to positive reflects Moody's expectations that
Air Methods' earnings growth will increase its financial
flexibility and support ongoing cash generation. Moody's expects
Air Methods' operating performance to be supported by
mid-single-digit revenue and earnings growth from a stronger net
revenue per transport.
RATINGS RATIONALE
Air Methods' B3 CFR reflects the company's market position as one
of the two largest providers of medical air transportation services
in the United States. The rating also reflects the company's broad
geographic presence across the US and sizeable revenue base of
around $1.6 billion per annum. The rating is supported by solid
credit metrics, including Moody's expectations that financial
leverage will remain low, currently standing at 1.4x on a
Moody's-adjusted basis for the LTM March 31, 2025 period.
The rating is counterbalanced by the requisite capital investment
to maintain fleet age, which burdens free cash flow generation.
Continued uncertainty related to an evolving reimbursement
environment is another risk that could impact revenue and
profitability. Inflationary cost pressures due to labor shortages
and volatility from weather conditions also constrain the rating.
Moody's expects Air Methods to maintain good liquidity over the
next 12 to 18 months, supported by $120 million of cash on the
balance sheet as of March 31, 2025 and Moody's expectations of
moderate free cash flow. The company has access to a $200 million
accounts receivable securitization facility expiring in December
2026, which is fully available up to the $200 million borrowing
base calculated as of March 31, 2025. The accounts receivable
securitization facility has a springing minimum fixed charge
covenant, which Moody's do not expect the company to trigger or to
violate.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Air Methods' ratings could be upgraded if the company continues to
grow its earnings and profitability while demonstrating a track
record of prudent financial policies. Good liquidity, including
consistent positive free cash flow generation, and Moody's
expectations that leverage will remain below 5x would also support
an upgrade.
Air Methods' ratings could be downgraded if the company's liquidity
weakens or if the company experiences a material deterioration in
operating performance, EBITDA, and earnings quality. Ratings could
also be downgraded if the company exhibits aggressive financial
policies, such as debt-funded acquisitions or shareholder
distributions. Significant policy changes affecting reimbursement
rates could also prompt consideration for a downgrade.
Air Methods is one of the largest providers of air medical
emergency services in the United States. In addition to its core
air medical emergency services business, the company also provides
aerial tours in select US tourist destinations. The company also
has a small presence in the design, manufacturing, and installation
of medical aircraft interiors for domestic and international
customers. The company generated about $1.6 billion of net revenue
for the last twelve months ended March 31, 2025.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
Air Methods' B3 rating is five notches below the LTM
scorecard-indicated outcome of Ba1 as it is weighted to the
company's track record of aggressive financial policies including
its Chapter 11 filing in 2023. The strong quantitative credit
metrics are a result of the company's debt restructuring following
emergence from bankruptcy.
CINEMAWORLD OF FLORIDA: Taps Stichter Riedel Blain as Counsel
-------------------------------------------------------------
Cinemaworld of Florida, Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Florida to hire
Stichter, Riedel, Blain & Postler, P.A. as counsel.
The firm's services include:
a. rendering legal advice with respect to the Debtor's powers
and duties as debtors in possession;
b. preparing on behalf of the Debtor necessary motions,
applications, orders, reports, pleadings, and other legal papers;
c. appearing before this Court and the United States Trustee
to represent and protect the interests of the Debtor;
d. assisting with and participating in negotiations with
creditors and other parties in interest in formulating a chapter 11
plan, drafting such a plan, and taking necessary legal steps to
confirm such a plan;
e. representing the Debtor in all adversary proceedings,
contested matters, and matters involving administration of this
case; and
f. performing all other legal services that may be necessary
for the proper preservation and administration of this Chapter 11
case.
The firm will be paid at these hourly rates:
Attorneys $300 to $600
Paralegal $250 to $275
Harley E. Riedel will be the primary Stichter Riedel attorney
representing the Debtor in this case. Mr. Riedel's hourly rate is
$600.
The firm received a retainer in the amount of $58,722.50.
Mr. Riedel 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:
Harley E. Riedel, Esq.
STICHTER, RIEDEL, BLAIN & POSTLER, P.A.
110 E. Madison St., Suite 200
Tampa, FL 33602
Tel: (813) 229-0144
E-mail: hriedel@srbp.com
About Cinemaworld of Florida, Inc.
Cinemaworld of Florida, Inc., doing business as The Majestic 11 and
CW Lanes & Games, operates movie theaters and family entertainment
centers.
Cinemaworld of Florida, Inc. filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla.
Case No. 25-17693) on July 3, 2025, listing $10 million to $50
million in both assets and liabilities. The petition was signed by
Richard N. Starr, Sr. as president.
Judge Mindy A Mora presides over the case.
Harley E. Riedel, Esq. at STICHTER, RIEDEL, BLAIN & POSTLER, P.A.
represents the Debtor as counsel.
CLASSIC RECREATIONS: Voluntary Chapter 11 Case Summary
------------------------------------------------------
Debtor: Classic Recreations - Texas, LLC
3151 Justin Road
Flower Mound, TX 75028
Business Description: Classic Recreations – Texas, LLC designs
and
manufactures custom-built, high-performance
American muscle cars. Based in the
Dallas/Fort Worth area, the Company
specializes in officially licensed Shelby
Mustangs and restored classic vehicles,
integrating modern technology and
handcrafted components. It operates from a
70,000-square-foot facility serving
customers worldwide.
Chapter 11 Petition Date: July 9, 2025
Court: United States Bankruptcy Court
Northern District of Texas
Case No.: 25-32572
Judge: Hon. Michelle V Larson
Debtor's Counsel: Thomas D. Berghman, Esq.
MUNSCH HARDT KOPF & HARR, P.C.
500 N. Akard St., Ste. 4000
Dallas, TX 75201
Tel: 214-855-7500
E-mail: tberghman@munsch.com
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Pete Vanderveen as turnaround
specialist.
The Debtor failed to include a list of its 20 largest unsecured
creditors in the petition.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/EP2QMWY/Classic_Recreations_-_Texas_LLC__txnbke-25-32572__0001.0.pdf?mcid=tGE4TAMA
COMMODITIES INTERNATIONAL: Files Amendment to Disclosure Statement
------------------------------------------------------------------
Commodities International Real Estate, LLC (CIRE) submitted an
Amended and Corrected Disclosure Statement describing Plan of
Reorganization dated June 23, 2025.
CIRE is a for-profit organization whose mission is three-fold: a)
to purchase residential property, b) to rehabilitate properties in
distressed areas of Baltimore, MD, and c) to rent or sell to low
income individuals.
CIRE operates in Prince George's County at 11101E Indian Head
Highway, Fort Washington, MD 20744. Joseph Spencer is the sole
member of the LLC and brings a wealth of knowledge and experience
to CIRE in the renovation and sale of property to those in need.
Mr. Spencer has, over the years, invested his own personal money to
keep CIRE operating.
On the Petition Date, the Debtor owned all six properties. Before
filing for protection, the Debtor leased to a tenant with an option
to buy. The tenants are given an option to purchase, and the Debtor
will utilize proceeds from the sale to pay claims upon approval of
the Plan.
The Plan consists of a series of twenty-four monthly payments to be
provided by Debtor, commencing thirty days following the Effective
Date. The Plan payments will be distributed to pay approved
Administrative Expense Priority Claims, Unsecured Priority Claims,
and Allowed Unsecured Non-Priority Claims (pro rata).
The debtor will fund the Plan payments from their business
operations and from the sale of certain real property. The debtor
will fund the Plan payments from their business operations and the
sale of certain real property.
The Debtor will fund the Plan by providing payments in the
following amounts during the 24-month term of the Plan:
Months 1 through 60, a total of $7,930.55 (per month)
Upon the completion of the twenty-four (60) months of payments by
the Debtor, the Plan will terminate.
The Debtor has identified a buyer and will seek the court's
permission to sell one unit within the next 120 days. Debtor will
utilize proceeds from the sale to pay claims upon approval of the
Plan. Debtor will also fund the Plan from revenue from other sales
or rent. The revenues generated by this plan of action will enable
the Debtor to fund the monthly payments required under the Plan.
The Debtor may refinance with proceeds if sold to pay claims upon
approval of the Plan. When the market improves, the Debtor will
seek to refinance the properties, using the equity from the
refinancing to first pay off outstanding notes to lenders and any
remaining debt, upon approval of the plan.
The Plan payments will be disbursed in full to Secured and Priority
claims, as well as unsecured claims. The first monthly Plan payment
will be due thirty days following the Effective Date (less payments
that are currently being paid into the Plan. Upon the completion of
the quarterly Plan payments, the Debtor's Plan will terminate.
The Debtor will pay the Secured Priority Claims listed, pursuant to
the monthly payments. Provided during the term of the Plan, and
Pre-Plan payment as agreed.
The Debtor will fund the Plan using revenue, proceeds from the sale
of the Properties, and ongoing rental income.
A full-text copy of the Amended Disclosure Statement dated June 23,
2025 is available at https://urlcurt.com/u?l=DHbe2c from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Charles E. Walton, Esq.
Walton Law Group, LLC
10905 Fort Washington Road, Suite 201
Fort Washington, MD 20744
Telephone: (301) 233-0607
Facsimile: (202) 595-9121
Email: cwalton@cwaltonlaw.com
About Commodities International Real Estate
Commodities International Real Estate, LLC, is a for-profit
organization whose mission is three-fold; a) to purchase
residential property and b) to rehabilitate properties in
distressed areas of Baltimore MD, and c) to rent to low-income
individuals.
The Debtor filed a Chapter 11 bankruptcy petition (Bankr. D. Md.
Case No. 25-10378) on Jan. 15, 2025, disclosing under $1 million in
both assets and liabilities. The Debtor is represented by WALTON
LAW GROUP.
CONTOUR SPA: Hires Baker & Hostetler LLP as Bankruptcy Counsel
--------------------------------------------------------------
Contour Spa, LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the Middle District of Florida to hire Baker &
Hostetler LLP as counsel.
The firm's services include:
a. advising the Debtors with respect to their powers and
duties as debtors in possession in the continued management and
operation of their business;
b. advising and consulting the Debtors in connection with the
Chapter 11 Case, including all of the legal and administrative
requirements of operating in chapter 11;
c. attending meetings and negotiating with representatives of
creditors and other parties in interest;
d. taking necessary actions to protect and preserve the
Debtors' estates, including prosecuting actions on the Debtors'
behalf, defending actions commenced against the Debtors, and
representing the Debtors' interests in negotiations concerning
litigation in which the Debtors are involved, including objections
to claims filed against the Debtors' estate;
e. preparing, on behalf of the Debtors, pleadings, including
motions, applications, answers, orders, reports, and papers
necessary or otherwise beneficial to the administration of the
Debtors' estate;
f. advising the Debtors in connection with any sale of its
assets;
g. consulting with the Debtors regarding tax matters;
h. appearing before the Court and any appellate courts to
represent the interests of the Debtors' estate before those courts;
and
i. performing all other necessary or otherwise beneficial
legal services and providing legal advice to the Debtors in these
Chapter 11 Cases.
The firm will be paid at these hourly rates:
Elizabeth A. Green, Partner $975
Jimmy D. Parrish, Partner $835
Andrew V. Layden, Partner $660
Benjamin R. Taylor, Associate $520
Melissa Vander Weide, Paralegal $380
The firm received a retainer in the amount of $100,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Jimmy D. Parrish, a partner at Baker & Hostetler LLP, disclosed in
a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Elizabeth A. Green, Esq.
Baker & Hostetler LLP
200 S. Orange Ave.
SunTrust Center, Suite 2300
Orlando, FL 32801-3432
Tel: (407) 649-4036
Fax: (407) 841-0168
Email: egreen@bakerlaw.com
About Contour Spa LLC
Contour Spa LLC is a spa services provider based in Orlando that
provides wellness and beauty treatments including massage therapy,
skincare, and body contouring services, as suggested by its name.
Contour Spa LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03602) on June 11,
2025. In its petition, the Debtor reports estimated assets between
$500,000 and $1 million and estimated liabilities between $1
million and $10 million.
Honorable Bankruptcy Judge Tiffany P. Geyer handles the case.
The Debtor is represented by Jimmy D. Parrish at Baker & Hostetler
LLP.
CONTRACT MANAGED: Hires Kaplan Johnson as Kaplan Johnson
--------------------------------------------------------
Contract Managed Services, LLC seeks approval from the U.S.
Bankruptcy Court for the Western District of Kentucky to employ
Kaplan Johnson Abate & Bird LLP as counsel.
The firm will render these services:
a. give legal advice with respect to the Debtor's powers and
duties as debtor in possession in the continued management of its
financial affairs and estate assets;
b. take all necessary action to protect and preserve the
estate, including the prosecution of actions on behalf of the
Debtor, the defense of any action commenced against the Debtor,
negotiations concerning all litigation in which the Debtor is
involved, if any, and examination of proofs of claims;
c. prepare on behalf of the Debtor all necessary motions,
answers, orders, reports, and other legal papers in connection with
the administration of the Debtor's estate; and
d. perform any and all other legal services for the Debtor in
connection with this chapter 11 case and the formulation and
implementation of Debtor's chapter 11 plan.
The firm will be paid at these rates:
Attorneys $225 to $625 per hour
Paraprofessionals $125 to $165 per hour
The firm received a retainer in the amount of $25,000.
J. Gabriel Dennery, Esq., an attorney at Kaplan Johnson Abate &
Bird, disclosed in a court filing that the firm is a "disinterested
person" as defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Charity S. Bird, Esq.
Tyler Yeager, Esq.
J. Gabriel Dennery, Esq.
Kaplan Johnson Abate & Bird LLP
710 W. Main St., 4th Floor
Louisville, KY 40202
Tel: (502) 416-1630
Fax: (502) 540-8282
Email: cbird(a2kaplanjohnsonlaw.com
tyeager@kaplanjohnsonlaw.com
gdennery@kaplanjohnsonlaw.com
About Contract Managed Services, LLC
Contract Managed Services, LLC provides third-party logistics
services including contract packaging, order fulfillment,
warehousing, and distribution. Founded in 1996, the company now
operates over 100,000 square feet of modern facilities in
Louisville, Kentucky. It is privately owned and managed by
professionals with decades of experience in packaging and
distribution.
Contract Managed Services sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 25-31420) on June
14, 2025. In its petition, the Debtor reported estimated assets
between $500,000 and $1 million and estimated liabilities between
$1 million and $10 million.
Judge Joan A. Lloyd handles the case.
The Debtor is represented by Charity S. Bird, Esq., at Kaplan
Johnson Abate & Bird, LLP.
CORVIAS CAMPUS: 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 Corvias Campus Living-USG, LLC.
About Corvias Campus Living-USG
Corvias Campus Living-USG, LLC sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11214 on
June 25, 2025, listing between $10 million and $50 million in
assets and between $500 million and $1 billion in liabilities.
Thelma Edgell, president of Corvias, signed the petition.
Judge Laurie Selber Silverstein oversees the case.
Derek C. Abbott, Esq., at Morris Nichols Arsht & Tunnell, LLP
represents the Debtor as legal counsel.
CROSS TOWN: Case Summary & 14 Unsecured Creditors
-------------------------------------------------
Debtor: Cross Town Movers, Inc.
1305 S. Bertelsen Rd.
Eugene, OR 97402
Business Description: Cross Town Movers, Inc. provides residential
and commercial moving and storage services
across Oregon, including Eugene, Salem,
Medford, and coastal areas. The Company
offers local, long-distance, and interstate
relocations, as well as packing, crating,
and climate-controlled storage. It operates
as an agent of Bekins Van Lines.
Chapter 11 Petition Date: July 11, 2025
Court: United States Bankruptcy Court
District of Oregon
Case No.: 25-61950
Judge: Hon. Thomas M Renn
Debtor's Counsel: Loren S. Scott, Esq.
THE SCOTT LAW GROUP
PO Box 70422
Springfield, OR 97475
Tel: 541-868-8005
Fax: 541-868-8004
Total Assets: $2,088,644
Total Liabilities: $3,185,751
The petition was signed by Michael Somerville as CEO.
A full-text copy of the petition, which includes a list of the
Debtor's 14 unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/44ET7SI/Cross_Town_Movers_Inc__orbke-25-61950__0001.0.pdf?mcid=tGE4TAMA
CUSTOM CONCRETE: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Custom Concrete Designs, Inc.
d/b/a CCD Enterprises
1804 Paul Street
Omaha, NE 68102
Business Description: Custom Concrete Designs, Inc., doing
business as CCD Enterprises, provides
structural and decorative concrete services
for residential and commercial clients. The
Company specializes in stamped and colored
concrete, segmented block, and paver
installations for driveways, patios,
walkways, retaining walls, parking lots and
interior floors.
Chapter 11 Petition Date: July 11, 2025
Court: United States Bankruptcy Court
District of Nebraska
Case No.: 25-80700
Debtor's Counsel: Bruce C. Barnhart, Esq.
BERNHART LAW OFFICE
5215 Clay Circle
Omaha, NE 68152
Tel: (402) 934-4430
Fax: (402) 384-1109
E-mail: bruce@barnhart-law.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Troy Windels 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/VRO6MUI/CUSTOM_CONCRETE_DESIGNS_INC__nebke-25-80700__0001.0.pdf?mcid=tGE4TAMA
CWB REALTY: Unsecureds Will Get 1.65% of Claims in Plan
-------------------------------------------------------
CWB Realty filed with the U.S. Bankruptcy Court for the District of
Massachusetts a Subchapter V Plan of Reorganization dated June 20,
2025.
The Debtor is a Massachusetts Business Trust that manages and
operates the rental of four residential properties (the
"Properties").
The objective of the Chapter 11 Plan is to restructure the Debtor's
financial obligations, maximize rental income, and optimize the
development potential of the Properties, thereby ensuring the
long-term financial stability of the business. The Debtor owns and
operates four residential properties in Norton, Attleboro, North
Attleboro, Massachusetts.
The Debtor's unsecured debt includes approximately $8,000.00 owed
to general unsecured creditors and a priority tax claim in the
amount of $456.00 asserted by the Massachusetts Department of
Revenue. Additionally, an estimated $537,202.78 in unsecured claims
will arise as a result of the bifurcation of undersecured debt.
The Debtor will maintain the current tenants and increase occupancy
in the Properties to maximize immediate monthly rental income. The
additional rental revenue will be used to cover operational
expenses and fund further improvements.
The Debtor will pay the secured claim of the Town of North
Attleboro over the first 40 months of the plan. The first priority
mortgage held by each Mortgage holder shall continue in force to
secure payment of their Allowed Secured Claims. In addition, the
secured claim of the City of Attleboro and the priority claim of
the MDOR, if any, will be paid in full on the Effective Date of the
plan. The payments to unsecured creditors under the Plan are equal
to the Debtor's net disposable income over the course of the Plan.
Class 4 is comprised of all holders of Allowed General Unsecured
Claims against the Debtor. Based upon the Proofs of Claim that have
been filed and the Debtor's Schedules, the Debtor estimates that
there will be approximately $8,000.00 owed to general unsecured
creditors, a priority tax claim in the amount of $456.00 owed to
the Massachusetts Department of Revenue, and an estimated
$537,202.78 in unsecured claims which will arise as a result of the
bifurcation of undersecured debt. Class 4 is impaired.
In full and complete settlement, satisfaction and release of all
Allowed Class 4 Claims, each holder of an Allowed Class 4 Claim
shall receive payment equal to the Debtor's net disposable income
over the course of the Plan as set forth in the Projections
attached hereto as Exhibit B1 and B2, as follows:
* each holder of an Allowed Class 4 Claim who is entitled to
receive a total distribution under the Plan in an amount equal to
or less than $100.00 (a "De Minimis Claimants") shall be paid such
distribution in the form of a one-time lump sum cash payment on the
Effective Date; and,
* each holder of an Allowed Class 4 Claim who is entitled to
receive a total distribution under the Plan in an amount exceeding
$100.00 shall be paid such distribution in deferred cash payments,
after payment of all Allowed Class 1 Real Estate Tax Claims and
Allowed Administrative Claims in full. The Debtor anticipates,
thereafter, that it will have net disposable income of
approximately $9000.00 which shall be payable to holders of Allowed
Class 4 Claims over the final 6 months of the Plan. The Debtor
anticipates that such distribution shall be in the range of one
percent (1.65%) of such Allowed Claim.
Class 5 consists of Equity Interests Shawna O'Brien is the sole
equity interest holder of the Debtor. Under the Plan, she shall not
receive any distribution on account of her equity interests.
However, she shall retain all legal, equitable, and contractual
rights associated with those interests as they existed on the
Petition Date.
Gail Balser holds a contingent reversionary interest in 25% of the
trust equity, which becomes effective only in the event that Shawna
O'Brien predeceases her. Gail Balser shall likewise receive no
distribution under the Plan on account of this interest, but she
shall retain all legal, equitable, and contractual rights related
to that reversionary interest as they existed on the Petition
Date.
The Plan will be funded from the Debtor's future earnings and
income. Upon the Effective Date, the Debtor is authorized to take
all action permitted by law, including, without limitation, to use
its cash and other assets for all purposes provided for in the Plan
and in its business operations, and to borrow funds and to transfer
funds for any legitimate purpose.
A full-text copy of the Subchapter V Plan dated June 20, 2025 is
available at https://urlcurt.com/u?l=dGda4u from PacerMonitor.com
at no charge.
Counsel to the Debtor:
Hilmy Ismail, Esq.
Law Office of Hilmy Ismail
322 East Washington Street
North Attleboro, MA 02760
Tel: (508) 316-3904
Email: Hilmy@hilmyismaillaw.com
About CWB Realty
CWB Realty is a Massachusetts Business Trust that manages and
operates the rental of four residential properties.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D. Mass. Case No. 25-10446) on March 6,
2025, listing between $1 million and $10 million in both assets and
liabilities.
Judge Christopher J. Panos oversees the case.
Hilmy Ismail, Esq., at the Law Office of Hilmy Ismail, is the
Debtor's bankruptcy counsel.
D & D HOUSING: Gets Final OK to Use Cash Collateral
---------------------------------------------------
D & D Housing Solutions, LLC received final approval from the U.S.
Bankruptcy Court for the Southern District of Texas, Houston
Division to use its secured lenders' cash collateral.
The final order authorized the Debtor to use cash collateral to pay
the expenses set forth in its budget, with 15% variance permitted
monthly.
The Debtor projects total operational expenses of $28,800.
The lenders asserting a security interest in the Debtor's cash
collateral are Wildcat Lending Fund One, LP, Capital Fund I, and
FlipCo Financial. These creditors, together, assert $1,398,686.61
in claims.
As protection for any diminution in the value of their interests in
the cash collateral, the secured lenders will have valid and
perfected replacement security interests in, and liens on the cash
collateral and the proceeds thereof, with the same priority as
their pre-bankruptcy liens.
The replacement liens are subject and subordinate to a carve-out of
funds for all fees required to be paid to the Clerk of the
Bankruptcy Court; the Office of the U.S. Trustee; all fees and
expenses incurred by a trustee in an amount not to exceed $15,000;
and all fees and expenses of the Subchapter V trustee approved by
the court.
About D & D Housing Solutions
D & D Housing Solutions, LLC owns four real properties in Houston,
Texas, with a combined current value of $1.34 million.
D & D Housing Solutions sought relief under Subchapter V of Chapter
11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No.
25-33164) on June 2, 2025. In its petition, the Debtor reported
total assets of $1,338,112 and total liabilities of $1,423,403.
Judge Eduardo V. Rodriguez handles the case.
Vicky M. Fealy, Esq., at Fealy Law Firm, PC is the Debtor's
bankruptcy counsel.
Wildcat Lending Fund One, LP, as lender, is represented by:
Christopher D. Lindstrom, Esq.
Dortch Lindstrom Livingston Law Group
4306 Yoakum Blvd., Suite 270
Houston, Texas 77006
Phone: (713) 968-0060
Fax: (888) 653-3299
chris@dll-law.com
Capital Fund I, as lender, is represented by:
Raneen Abdelghani, Esq.
Bradley Arant Boult Cummings, LLP
600 Travis, Suite 5600
Houston, TX 77002
Direct: 713.576.0385
Fax: 713.576.0301
rabdelghani@bradley.com
D2 GOVERNMENT: Gets Interim OK to Use Cash Collateral Until July 30
-------------------------------------------------------------------
D2 Government Solutions, Inc. received fourth interim approval from
the U.S. Bankruptcy Court for the Eastern District of North
Carolina, New Bern Division, to use cash collateral through July
30.
The fourth interim order authorized the Debtor's interim use of
cash collateral to pay ordinary and necessary business expenses as
set forth in its budget, with a 10% variance allowed.
The budget projects total operational expenses of $518,688.
As protection for any diminution in value of the lenders' interests
in their collateral, the lenders will be granted a post-petition
continuing replacement lien on assets, including accounts
receivables generated post-petition, similar to their
pre-bankruptcy collateral.
The replacement lien will have the same validity, perfection,
extent and priority as the lenders' pre-bankruptcy lien.
The next hearing will be held on July 30.
The Debtor, which operates as a defense contractor across the U.S.,
filed for bankruptcy largely due to delays in payments on
government contracts, its primary source of income.
All receivables from the Debtor's contracts are handled through a
factoring agreement with LSQ Funding Group, which holds a
significant reserve. Although several recorded UCC-1 filings show
blanket liens from the U.S. Small Business Administration, First
Corporate Solutions, and Corporation Servicing Company, the Debtor
believes that most, if not all, of the pre-bankruptcy receivables
had been assigned to LSQ prior to filing. Therefore, at the time of
bankruptcy, the Debtor likely had no receivables generating cash
collateral for these lenders. However, LSQ's reserve may still
qualify as property of the estate and potentially subject to lender
claims.
About D2 Government Solutions Inc.
D2 Government Solutions, Inc. founded in 2010, is a
Service-Disabled Veteran-Owned Small Business (SDVOSB) that
provides a broad spectrum of professional services to U.S.
government agencies. The Company specializes in aviation-related
operations including base and flight operations, aircraft
maintenance, logistical support, aerial imaging, and range
services. In addition, D2 offers administrative and facility
support services such as mailroom operations, military transition
assistance, ID processing support, clerical staffing, and medical
administrative functions, reflecting its versatility in meeting
diverse federal contracting needs.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-01322) on April 11,
2025. In the petition signed by Darryl Centanni, president, the
Debtor disclosed up to $50 million in assets and up to $10 million
in liabilities.
Judge Pamela W. McAfee oversees the case.
The Debtor is represented by:
J.M. Cook, Esq.
J.M. Cook, P.A.
Tel: 919-675-2411
Email: j.m.cook@jmcookesq.com
DAYTON HOTELS 2: Hires Thomsen Law Group LLC as Counsel
-------------------------------------------------------
Dayton Hotels 2, LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the Southern District of Ohio to employ
Thomsen Law Group, LLC as counsel.
The firm will render these services:
(a) give the Debtor legal advice with respect to its powers
and duties in the continued operation of its businesses and
management of its properties;
(b) represent the Debtor in connection with any adversary
proceedings which are instituted within this case;
(c) prepare on behalf of the Debtor necessary schedules,
petition, applications, motions, answers, orders, reports,
objections, disclosure statement and plan of reorganization and
other legal documentation in connection with this case;
(d) advise the Debtor with respect to, and assist in the
negotiation and documentation of, cash collateral orders and
related transactions;
(e) review the nature and validity of any liens asserted
against property of the Debtor and advise concerning the
enforceability of such liens;
(f) advise the Debtor regarding its ability to initiate
actions to collect and recover property for the benefit of its
estate;
(g) counsel the Debtor in connection with the formulation,
negotiation and promulgation of a plan of reorganization and
related documents;
(h) advise and assist the Debtor in connection with any
potential property disposition;
(i) advise the Debtor concerning executory contracts and
unexpired lease assumptions, assignments, rejections, lease
restructuring and recharacterization;
(j) assist the Debtor in reviewing, estimating, and resolving
claims asserted by or against its estate;
(k) commence and conduct any and all litigation necessary and
appropriate to assert rights held by the Debtor, protect assets of
its estate, or otherwise further the goal of completing its
successful reorganization;
(l) provide general corporate, litigation and other legal
services for the Debtor as requested; and
(m) perform all other necessary and appropriate legal services
in connection with this Chapter 11 case for and on behalf of the
Debtor.
The firm will be paid at these rates:
Ira Thomsen, Attorney $450 per hour
Denis Blasius, Attorney $375 per hour
Darlene Fierle, Attorney $375 per hour
Administrative $200 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to the Petition date, and in the one year prior to the
Petition date, Thomsen Law Group, LLC was provided with the sum of
$53,476. As of the date of the filing of the application there is a
current balance of approximately $9,833.44 held in Trust for
ongoing expenses and fees associated with Debtor.
Ms. Thomsen 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:
Ira H. Thomsen, Esq.
Thomsen Law Group, LLC
140 North Main Street, Suite A
Springboro, OH 45066
Tel: (937) 748-5001
Fax: (937) 404-6630
About Dayton Hotels 2, LLC
Dayton Hotels 2, LLC operates a hotel under the Days Inn by Wyndham
brand near Dayton International Airport. It manages lodging
services at 20 Rockridge Road in Englewood, Ohio, offering
accommodations and amenities for both business and leisure
travelers.
Dayton Hotels 2 sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-52719) on June 20,
2025, listing up to $50,000 in assets and up to $10 million in
liabilities. InnVite Opco, Inc., the sole member of the Debtor,
signed the petition.
Judge Mina Nami Khorrami oversees the case.
Denis E. Blasius, Esq., at Thomsen Law Group, LLC, represent the
Debtor as bankruptcy counsel.
DEF HOLDING: Seeks Chapter 11 Bankruptcy in Washington
------------------------------------------------------
On July 10, 2025, DEF Holding LLC filed Chapter 11 protection in
the U.S. Bankruptcy Court for the Western District of Washington.
According to court filing, the Debtor reports $1,600,000 in
debt owed to 1 and 49 creditors. The petition states funds will be
available to unsecured creditors.
About DEF Holding LLC
DEF Holding LLC is a holding company that owns a single real estate
asset located at 24710 104th Avenue SE in Kent, Washington. The
property is valued at approximately $3.7 million.
DEF Holding LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-11893) on July 10,
2025. In its petition, the Debtor reports total assets of
$3,700,000 and total liabilities of $1,600,000.
Honorable Bankruptcy Judge Timothy W. Dore handles the case.
The Debtors are represented by Joseph Creed, Esq. at LAW OFFICES OF
JOSEPH W. CREED.
DENVER BOULDERING: Hires Wadsworth Garber Warner as Counsel
-----------------------------------------------------------
Denver Bouldering Club, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Colorado to employ Wadsworth Garber
Warner Conrardy, P.C. as counsel.
The firm will provide these services:
a. preparation on behalf of Debtor of all necessary reports,
orders, and other legal papers required in this Chapter 11
proceeding;
b. performance of all legal services for Debtor as
debtor-in-possession which may become necessary herein; and
c. representation of Debtor in any litigation which Debtor
determines is in the best interest of the estate, whether in state
or federal court(s).
The firm will be paid at these rates:
David V. Wadsworth $500 per hour
Aaron A. Garber $500 per hour
David J. Warner $425 per hour
Aaron J. Conrardy $425 per hour
Hallie Cooper $225 per hour
Paralegals $125 per hour
The firm received a retainer at the commencement of its employment
in the amount of $20,000 plus $1,738 for the filing fee from
Debtor. From the date of its employment through the Petition Date,
the firm billed Debtor $2,985 in attorneys' fees and $1,738 in
costs for bankruptcy related services.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
David J. Warner, Esq., a partner at Wadsworth Garber Warner
Conrardy, P.C., disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
David J. Warner, Esq.
Wadsworth Garber Warner Conrardy, P.C.
2580 West Main Street, Suite 200
Littleton, CO 80128
Tel: (303) 296-1999
Fax: (303) 296-7600 FAX
Email: dwarner@wgwc-law.com
About Denver Bouldering Club LLC
Denver Bouldering Club LLC operates an indoor bouldering and
climbing facility in Denver, Colorado. The company provides
specialized climbing facilities and training for bouldering
enthusiasts at its location at 2485 W 2nd Ave in Denver.
Denver Bouldering Club LLC sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No.
25-14161) on July 3, 2025. In its petition, the Debtor reports
estimated assets between $50,000 and $100,000 and estimated
liabilities betwee $500,000 and $1 million.
Honorable Bankruptcy Judge Thomas B. Mcnamara handles the case.
DIACARTA INC: Seeks Subchapter V Bankruptcy in California
---------------------------------------------------------
On July 10, 2025, DiaCarta 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 $1 million
and $10 million in debt owed to 50 and 99 creditors. The petition
states funds will be available to unsecured creditors.
About DiaCarta Inc.
DiaCarta Inc. is a precision diagnostics company that develops and
provides molecular testing solutions for cancer and infectious
diseases. The Company offers products such as RadTox, ColoScape,
and Oncuria, leveraging proprietary XNA and isobDNA technologies to
enable sensitive detection of genetic alterations. DiaCarta serves
healthcare providers and patients globally through its suite of
clinical diagnostic tests and services.
DiaCarta Inc. sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D.Cal. Case No. 25-41215) on July
10, 2025. In its petition, the Debtor reports estimated assets
between $100,000 and $500,000 and estimated liabilities between $1
million and $10 million.
The Debtors are represented by Michael Jay Berger, Esq. at LAW
OFFICES OF MICHAEL JAY BERGER.
DIGICEL GROUP: Considers Refinancing Over $2B Debt as Concerns Ease
-------------------------------------------------------------------
Irene García Perez and Jill R. Shah of Bloomberg News report that
Digicel Group is working with JPMorgan Chase & Co. on a potential
refinancing of more than $2 billion in debt, according to sources
familiar with the discussions.
The deal could move forward in the coming weeks, said the sources,
who requested anonymity due to the private nature of the talks. The
refinancing effort follows the company's update to creditors that
the U.S. Department of Justice ended its investigation earlier this
year into possible violations of the Foreign Corrupt Practices Act.
Digicel also pointed to stronger financial performance and recent
leadership changes, the sources said.
About Digicel Group
Digicel Group Holdings Ltd. is the leading digital provider in 25
markets across the Caribbean, Central America, and Asia Pacific.
The company is owned by the Irish billionaire Denis O'Brien, is
incorporated in Bermuda, and based in Jamaica.
Digicel Group sought relief under Chapter 15 of the U.S. Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 23-11479) on Sept. 11, 2023. The
petition was signed by Lawrence Hickey, as foreign representative.
The Debtor's counsel in the Chapter 15 case is Timothy E. Graulich,
Esq. at Davis Polk & Wardwell LLP.
DISCOVERY COMMUNICATIONS: Moody's Rates New Secured Notes 'Ba2'
---------------------------------------------------------------
Moody's Ratings assigned Ba2 ratings to Discovery Communications,
LLC (DCL) and WarnerMedia Holdings, Inc.'s (WMH) new backed senior
secured notes (Junior Lien). Moody's also placed these ratings on
review for downgrade. Concurrently, Moody's downgraded the senior
unsecured notes ratings of Discovery Communications, LLC and
WarnerMedia Holdings, Inc. to Ba3 from Ba1, which remain on review
for downgrade. Warner Bros. Discovery, Inc.'s (WBD) Ba1 Corporate
Family Rating, and Ba1-PD Probability of Default rating are
unchanged and remain on review for downgrade. Additionally,
Discovery Communications, LLC's backed commercial paper program
rating remains unchanged at Not Prime.
On June 09, 2025, WBD announced a plan to separate its streaming
and studios business (WBD S&S) into a new publicly traded company.
Concurrent with the announcement, the company launched a cash
tender and consent solicitation offer for all of its ~$35.5 billion
of outstanding bonds. The tender, which was funded with a $17.0
billion senior secured bridge facility from JP Morgan, is expected
to be refinanced with permanent secured debt financing at both
Global Networks (WBD GN) and WBD S&S. At the close of the
transaction, more than 90% of bondholders elected to participate,
resulting in around $17.0 billion in senior secured first lien
debt, $15.3 billion in new Junior Lien debt and around $2.7 billion
in senior unsecured debt. Post split, WBD GN will retain up to 20%
of WBD S&S, designed to deliver incremental cash in a future sale
that will be applied to further debt reduction. Non-consenting note
holders and notes not repurchased as a result of proration will
remain at WBD GN post-separation. Management expects the separation
to be completed by mid 2026, subject to the satisfaction of
customary conditions and regulatory approvals.
The Ba2 rating assigned to the junior lien notes is one notch below
the Ba1 CFR given their subordination to the senior secured first
lien bridge facility. The Ba2 rating also reflects their senior
position to the unsecured debt. The junior lien notes are
guaranteed by WBD and each of its subsidiaries that is a borrower
under or guarantees debt under the bridge facility. These
guarantees are senior in right of payment to the unsecured debt,
which Moody's downgraded to Ba3, two notches below the CFR to
reflect their subordination to the bridge facility and to the
junior lien debt in the capital structure.
RATINGS RATIONALE
The ratings on review for downgrade considers the company's smaller
operating scale (as measured by revenue and EBITDA), reduced
revenue diversification, and uncertainties regarding its pro forma
capital structure and financial policies post separation. Pro forma
for the split, WBD's revenue base will be around 50% lower and
largely dependent on revenue from distribution fees and advertising
sales, which continue to face secular and competitive pressures as
a result of shifting viewing habits from linear-pay TV to
streaming. The CFR and PDR could be downgraded by one or more
notches upon the conclusion of the review related to the
separation.
WBD's existing Ba1 CFR reflects the company's asset quality,
breadth and diversity within the media and entertainment segment,
large scale, and free cash flow generation. WBD's combination of
complementary content offerings, strong intellectual property, and
high-quality production capabilities has allowed it to remain
competitive within the crowded direct-to-consumer (DTC) landscape,
specifically among established streaming platforms, many of which
operate with stronger balance sheets and greater operating scale.
Over the past two years, WBD's DTC platform has made significant
progress measured by the number of users on its platform but it
remains small compared to the relative size of Netflix, Amazon and
Disney. In addition, WBD's Global Networks continues to face
material secular pressures due to accelerating cord-cutting and
declining engagement trends for traditional pay TV networks. WBD's
Global Networks unit provides the bulk of the company's free cash
flows. Pre-separation, Moody's expects WBD to continue generating
upwards of $4 billion of free cash flow in 2025 and 2026.
WBD's liquidity profile is constrained by the short term maturity
of the $17.0 billion bridge facility, which matures at the earlier
of 18 months from the funding date of the tender offer or the
consummation of the anticipate split transaction. Permanent
financing to refinance the bridge will depend on the company's
ability to access the capital markets.
WBD's liquidity is supported by (i) around $5 billion in cash (pro
forma for the tender and consent solicitation transaction), (ii) a
$4 billion fully undrawn revolving credit facility expiring in
October 2029, and (iii) Moody's expectations of more than $4
billion of free cash flow in 2025 and in 2026. The credit facility
has two financial maintenance covenants: minimum interest coverage
ratio of 3x and maximum consolidated leverage of 4.5x. Moody's
projects the company to have ample liquidity under both covenants.
A comprehensive review of all credit ratings for the respective
issuer(s) has been conducted during a rating committee
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's reviews will focus on (i) the separation concluding as
planned upon receipt of all necessary approvals, (ii) an assessment
of the remaining business and operating strategies of GN, and (iii)
the expected post-transaction debt capital structure, liquidity and
financial policies.
The principal methodology used in these ratings was Media published
in June 2021.
The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.
DOOR COUNTY: Unsecureds Will Get 80% of Claims over 5 Years
-----------------------------------------------------------
Door County Environmental Energy LLC filed with the U.S. Bankruptcy
Court for the Eastern District of Wisconsin an Amended Disclosure
Statement for Amended Plan of Reorganization dated June 23, 2025.
DCEE's primary business is the processing of manure through an
anaerobic digester, which converts methane to renewable natural
gas.
DCEE has been in operation since 2022, is a Wisconsin limited
liability company with its principal place of business located in
Waunakee, Wisconsin, and has its principal place of operations in
Sturgeon Bay, Wisconsin.
DCEE sought relief under the Bankruptcy Code in order to quickly,
efficiently and economically address its substantial debts to GAB,
US Venture, and vendors such as Foxland. Additionally, as of the
Petition Date, DCEE also owed Nacelle for services provided by
Nacelle under the MSA, in the amount of approximately $1.7
million.
To these ends, since the filing of this Chapter 11 Case, DCEE,
through its principal managers Winters and Lenzendorf, have been
devoting substantial time addressing operational challenges,
working to increase cash flow, and developing a plan of
reorganization.
Under the Plan, most creditors will receive distributions on
account of allowed claims and interests, including general
unsecured creditors. Most general unsecured creditors will receive
dividends comprising 80% of their allowed Claims.
By contrast, were the Debtor to be liquidated, it is likely that
the Debtor's senior secured creditors would receive all of the
available net proceeds for distribution, comprising only an
estimated 20% of their allowed claims, and no proceeds would be
available to make distributions to unsecured creditors or interest
holders. The Debtor therefore recommends that all claimants and
interest holders vote to accept the Plan.
Class 3 is the unsecured portion of the US Venture Claim, in the
amount of approximately $5.1 million, Nacelle in the amount of
approximately $1.7 million, and Foxland, in the amount of
approximately $500,000 (or approximately $7.3 million in the
aggregate). These Claims are impaired and entitled to vote to
accept or reject the Plan.
These Claims shall be paid a 10% dividend on a pro rata basis in
the aggregate amount of $730,000 over five years in equal monthly
payments of approximately $12,166.67, with the first payment due on
the first day of the month that begins after the Effective Date,
and each monthly payment due on the first day of the same month
thereafter, until paid in full, provided however that payments to
Nacelle shall not commence until the first day of the month that
begins after 30 days from the date their Service Contract is
rejected.
Class 4 consists of All Other General Unsecured Claims representing
primarily trade debt of the Debtor, which totals approximately
$100,000. The claimants in Class 6 are impaired, and entitled to
vote to accept or reject the Plan. The Debtor shall pay holders of
general unsecured claims 80% of the total claims on a pro rata
basis ($80,000) over five years in equal monthly payments of
$1,333.33, with the first payment due on the first day of the month
that begins after 30 days from the Effective Date, and each monthly
payment due on the first day of the same month thereafter, until
paid in full.
To effectuate the proposed Plan, DCEE shall continue its
operations. DCEE will utilize profits, revenues, and income from
its operations, and cash on hand on the Effective Date to fund the
proposed Plan.
A full-text copy of the Amended Disclosure Statement dated June 23,
2025 is available at https://urlcurt.com/u?l=686toq from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Claire Ann Richman, Esq.
Michael P. Richman, Esq.
Eliza M. Reyes, Esq.
RICHMAN & RICHMAN LLC
122 W. Washington Avenue, Suite 850
Madison, WI 53703-2732
Tel: (608) 630-8990
Fax: (608) 630-8991
Email: MRichman@RandR.law
CRichman@RandR.law
EReyes@RandR.law
About Door County Environmental Energy LLC
Door County Environmental Energy LLC sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 24-26772) on
Dec. 19, 2024. In the petition filed by Chris A. Lenzendorf, as
authorized signatory of Door County Environmental Energy LLC, the
Debtor reports estimated assets between $1 million and $10 million
and estimated liabilities between $10 million and $50 million.
Judge Beth E. Hanan oversees the case.
The Debtor is represented by Claire Ann Richman, Esq. at RICHMAN &
RICHMAN LLC.
German American State Bank, as lender, is represented by:
Sara C. McNamara, Esq.
REINHART BOERNER VAN DEUREN S.C.
1000 North Water Street, Suite 1700
Milwaukee, WI 53202
Tel: (414) 298-1000
Email: smcnamara@reinhartlaw.com
ELMWOOD CLO 15: S&P Assigns BB- (sf) Rating on Class E-R Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1-R, A-2-R,
B-R, C-R, D-R, and E-R replacement debt from Elmwood CLO 15
Ltd./Elmwood CLO 15 LLC, a CLO managed by Elmwood RR CLO LLC that
was originally issued in March 2022. At the same time, S&P withdrew
its ratings on the class A-1, A-2, B, C, D, and E debt following
payment in full on the July 10, 2025, refinancing date.
The replacement debt was issued via a supplemental indenture, which
outlines the terms of the replacement debt. According to the
supplemental indenture:
-- The first payment date following the refinancing is Oct. 22,
2025.
-- The non-call period was extended to July 10, 2026.
-- No additional subordinated notes were issued on the refinancing
date.
On a standalone basis, the results of the cash flow analysis
indicated a lower rating on the class E-R debt. S&P said, "However,
given the improved cash flow results following the refinancing, the
overall credit quality of the portfolio, the relatively low
exposure to 'CCC/CCC-' assets, and the passing coverage tests, we
assigned a 'BB- (sf)' rating to the class E-R debt (the same rating
as the class E debt prior to withdrawal). We will continue to
review whether, in our view, the ratings assigned to the debt
remain consistent with the credit enhancement available to support
them and take rating actions as we deem necessary."
Replacement And March 20 Debt Issuances
Replacement debt
-- Class A-1-R, $248.0 million: Three-month CME term SOFR +
1.15000%
-- Class A-2-R, $8.0 million: Three-month CME term SOFR +
1.45000%
-- Class B-R, $48.0 million: Three-month CME term SOFR + 1.63000%
-- Class C-R (deferrable), $24.0 million: Three-month CME term
SOFR + 1.85000%
-- Class D-R (deferrable), $23.0 million: Three-month CME term
SOFR + 2.90000%
-- Class E-R (deferrable), $17.0 million: Three-month CME term
SOFR + 6.00000%
March 2022 debt
-- Class A-1, $248.0 million: Three-month CME term SOFR +
1.34000%
-- Class A-2, $8.0 million: Three-month CME term SOFR + 1.60000%
-- Class B, $48.0 million: Three-month CME term SOFR + 1.85000%
-- Class C (deferrable), $24.0 million: Three-month CME term SOFR
+ 2.30000%
-- Class D (deferrable), $23.0 million: Three-month CME term SOFR
+ 3.67000%
--Class E (deferrable), $17.0 million: Three-month CME term SOFR +
7.25000%
-- Subordinated notes, $35.2 million: Not applicable
S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction data in the
trustee report, to estimate future performance. In line with our
criteria, our cash flow scenarios applied forward-looking
assumptions on the expected timing and pattern of defaults and the
recoveries upon default under various interest rate and
macroeconomic scenarios. Our analysis also considered the
transaction's ability to pay timely interest and/or ultimate
principal to each of the rated tranches. The results of the cash
flow analysis (and other qualitative factors, as applicable)
demonstrated, in our view, that the outstanding rated classes all
have adequate credit enhancement available at the rating levels
associated with the rating actions.
"We will continue to review whether, in our view, the ratings
assigned to the debt remain consistent with the credit enhancement
available to support them and take rating actions as we deem
necessary."
Ratings Assigned
Elmwood CLO 15 Ltd/Elmwood CLO 15 LLC
Class A-1-R, $248.0 million: AAA (sf)
Class A-2-R, $8.0 million: AAA (sf)
Class B-R, $48.0 million: AA (sf)
Class C-R (deferrable), $24.0 million: A (sf)
Class D-R (deferrable), $23.0 million: BBB- (sf)
Class E-R (deferrable), $17.0 million: BB- (sf)
Ratings Withdrawn
Elmwood CLO 15 Ltd/Elmwood CLO 15 LLC
Class A-1 to NR from 'AAA (sf)'
Class A-2 to NR from 'AAA (sf)'
Class B to NR from 'AA (sf)'
Class C (deferrable) to NR from 'A (sf)'
Class D (deferrable) to NR from 'BBB- (sf)'
Class E (deferrable) to NR from 'BB- (sf)'
Other Debt
Elmwood CLO 15 Ltd/Elmwood CLO 15 LLC
Subordinated notes, $35.2 million: NR
NR--Not rated.
EPIC MEDICAL: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Epic Medical Services AZ LLC
Attn: Haresh Boghara
931 York Drive
Desoto, TX 75115
Business Description: Epic Medical Services AZ LLC operates a
clinical research facility in DeSoto, Texas.
The Company conducts trials across various
therapeutic areas including obesity, asthma,
sleep apnea, diabetic neuropathy, and
Alzheimer's disease. It is part of a multi-
site research network with locations in
Texas, Arizona, and Oklahoma.
Chapter 11 Petition Date: July 12, 2025
Court: United States Bankruptcy Court
Northern District of Texas
Case No.: 25-42537
Debtor's Counsel: Jeff P. Prostok, Esq.
VARTABEDIAN HESTER & HAYNES LLP
301 Commerce St., Ste 3635
Fort Worth TX 76102
Tel: (817) 877-4223
Email: jeff.prostok@vhh.law
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Haresh Boghara as managing member.
A list of the Debtor's 20 largest unsecured creditors was not
provided alongside the petition.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/OIXKZTI/Epic_Medical_Services_AZ_LLC__txnbke-25-42537__0001.0.pdf?mcid=tGE4TAMA
ERBO PROPERTIES: Hires Goetz Platzer as Bankruptcy Counsel
----------------------------------------------------------
Erbo Properties, LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the Southern District of New York to employ
Goetz Platzer LLP as its counsel.
The firm will render these services:
a. assist and advise the Debtor regarding the administration
of this case;
b. represent the Debtor before the Court and advise the Debtor
of pending litigation, hearings, motions, and of the decisions of
the Court;
c. assist and analyze all applications, orders, and motions
filed with the Court by third parties in this case and advise the
Debtor;
d. attend all hearings conducted pursuant to Sec. 341(a) of
the Bankruptcy Code and represent the Debtor at all examinations;
e. communicate with creditors;
f. assist the Debtor in preparing applications and orders in
support of positions taken by the Debtor, as well as prepare
witnesses and review documents in this regard;
g. confer with any accountants, brokers, special counsel, and
consultants retained by the Debtor and/or any other
party-in-interest;
h. assist the Debtor in its negotiations with creditors or
third parties concerning the terms of any proposed plan(s) of
reorganization;
i. prepare and draft plan(s) of reorganization; and
j. assist the Debtor in performing such other services as may
be in the interest of the Debtor and perform all other services
required by the Debtor.
The firm will be paid at these rates:
Partners $625 to $800 per hour
Associates $270 to $700 per hour
Paralegals $285 per hour
As disclosed in the court filings, the attorneys in Goetz Platzer
are disinterested as such term is defined in Sec. 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Gary M. Kushner, Esq.
GOETZ PLATZER LLP
One Penn Plaza, 31st Floor
New York, New York 10119
Telephone: (212) 695-8100
Facsimile: (212) 629-4013
About ERBO Properties
ERBO Properties, LLC is a single asset real estate (as defined in
11 U.S.C. Sec. 101(51B)). It is the owner of a property located at
541 West 21st St., New York, valued at $80 million.
ERBO Properties and affiliates, Gold Mezz, LLC and Kova 521, LLC,
sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Lead Case
No. 23-10210) on Feb. 13, 2023. In the petition filed by Erno
Bodek, manager, ERBO reported $50 million to $100 million in both
assets and liabilities.
Judge Lisa G. Beckerman oversees the cases.
The Debtors tapped Kirby Aisner & Curley, LLP as bankruptcy counsel
and the Law Office of Avinoam Y. Rosenfeld as special counsel.
EVERYTHING CREATIVE: Seeks to Hire Kit J. Gardner as Counsel
------------------------------------------------------------
Everything Creative, Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of California to employ the Law
Offices of Kit J. Gardner as its bankruptcy counsel.
The firm's services include:
a. assisting and rendering advice concerning the rights and
remedies of the Debtor with respect to the property and liabilities
of the estate;
b. representing the Debtor on behalf of the estate before this
Court;
c. assisting in the preparation of applications of employment
and preparation and review of fee applications and, where
appropriate, filing objections to the fee applications of other
professionals;
d. providing advice in regard to the Debtor's reorganization;
e. representing the Debtor in adversary proceedings filed in
the case; and
f. providing such other reasonable and related services within
the scope of engagement as may be requested by the Debtor from time
to time.
The firm will be paid at these rates:
Kit Gardner $525 per hour
Paralegals & Other Lawyers $90 to $525 per hour
The firm will be paid a retainer in the amount of $5,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Kit J. Gardner, Esq., a partner at Law Offices of Kit J. Gardner,
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:
Kit J. Gardner, Esq.
Law Offices of Kit J. Gardner
The Koll Center
501 West Broadway, Suite 800
San Diego, CA 92101
Telephone: (619) 525-9900
Facsimile: (619) 374-2241
Email: kgardner@gardnerlegal.com
About Everything Creative, Inc.
Everything Creative, Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-01937) on May
12, 2025. In the petition signed by Carol Kaplan, chief executive
officer, the Debtor disclosed up to $1 million in assets and up to
$10 million in liabilities.
Gustavo E. Bravo, Esq., at Bravo Law APC, represents the Debtor as
legal counsel.
EWA LLC: Behrooz Vida Named Subchapter V Trustee
------------------------------------------------
The U.S. Trustee for Region 6 appointed Behrooz Vida, Esq., at the
Vida Law Firm, PLLC as Subchapter V trustee for EWA, LLC.
Mr. Vida will be paid an hourly fee of $495 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Vida declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Behrooz P. Vida, Esq.
The Vida Law Firm, PLLC
3000 Central Drive
Bedford, TX 76021
Telephone: (817) 358-9977
Facsimile: (817) 358-9988
behrooz@vidalawfirm.com
About EWA LLC
EWA, LLC sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Texas Case No. 25-42283) on June 24, 2025,
listing up to $50,000 in assets and between $500,001 and $1 million
in liabilities.
Judge Edward L. Morris presides over the case.
Robert Thomas DeMarco, Esq., represents the Debtor as legal
counsel.
EWA LLC: Seeks to Hire DeMarco Mitchell PLLC as Counsel
-------------------------------------------------------
EWA, LLC seeks approval from the U.S. Bankruptcy Court for the
Northern District of Texas to employ DeMarco Mitchell, PLLC as
counsel.
The firm will provide these services:
a. take all necessary action to protect and preserve the
Estate, including the prosecution of actions on its behalf, the
defense of any actions commenced against it, negotiations
concerning all litigation in which it is involved, and objecting to
claims;
b. prepare on behalf of the Debtor all necessary motions,
applications, answers, orders, reports, and papers in connection
with the administration of the estate;
c. formulate, negotiate, and propose a plan of reorganization;
and
d. perform all other necessary legal services in connection
with these proceedings.
The firm will be paid at these rates:
Robert T. DeMarco $400 per hour
Michael S. Mitchell $300 per hour
Barbara Drake, Paralegal $125 per hour
The firm was paid a retainer in the amount of $15,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Robert T. DeMarco, Esq., a partner at Demarco Mitchell, PLLC,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Robert T. DeMarco, Esq.
Michael S. Mitchell, Esq.
Demarco Mitchell, PLLC
12770 Coit Road, Suite 850
Dallas, TX 75251
Tel: (972) 991-5591
Email: robert@demarcomitchell.com
mike@demarcomitchell.com
About EWA, LLC
EWA, LLC, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Tex.
Case No. 25-42283) on June 24, 2025. The Debtor hires DeMarco
Mitchell, PLLC as counsel.
EXCELL COMMUNICATIONS: Hires Forchelli Deegan Terrana as Attorney
-----------------------------------------------------------------
Excell Communications, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to hire Forchelli Deegan
Terrana, LLP as attorneys.
The firm's services include: will render these services:
a. providing legal advice with respect to the Debtors' powers
and duties as debtors-in-possession in the continued operation of
their businesses and management of their properties;
b. preparing on behalf of the Debtors any necessary
applications, motions, answers, orders, reports, and other legal
papers;
c. appearing in Court on behalf of the Debtors;
d. reviewing all pleadings filed in the Debtors' chapter 11
cases;
e. preparing and pursuing confirmation of a plan of
reorganization or otherwise; and
f. performing such other legal services for the Debtors that
may be necessary and proper in these proceedings.
The firm's current hourly rates are:
Partners and Of Counsel $450 - $825
Associates $325 - $535
Paraprofessionals $165 - $315
The firm has received a retainer from the Debtor in the amount of
$37,500 plus the filing fee of $1,738.
Forchelli Deegan is a "disinterested person" as that term is
defined in Bankruptcy Code Sec. 101(14), according to court
filings.
The firm can be reached through:
Michael Amato, Esq.
FORCHELLI DEEGAN TERRANA LLP
333 Earle Ovington Blvd., Suite 1010
Uniondale, NY 11553
Tel: (516) 812-6291
E-mail: mamato@forchellilaw.com
About Excell Communications, Inc.
Excell Communications, Inc. filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
25-71444) on April 14, 2025.
Judge Louis A Scarcella presides over the case.
Michael S Amato, Esq. at Ruskin Moscou Faltisckek PC represents the
Debtor as counsel.
EXPRESS MOBILE: Unsecureds Will Get 76% of Claims in Plan
---------------------------------------------------------
Express Mobile Diagnostic Services LLC filed with the U.S.
Bankruptcy Court for the Western District of Pennsylvania a Plan of
Reorganization for Small Business dated June 24, 2025.
The Debtor is a Pennsylvania Corporation engaged in the provision
of mobile diagnostic equipment services, including X-ray, EKG,
echocardiogram, and ultrasound, at the direction of licensed
physicians.
The Debtor commenced operations in 2008. Debtor's business has been
struggling primarily due to difficulty collecting receivables,
combined with increased cost of operations and a decrease in
payouts for services rendered.
The Debtor's industry was affected by a combination of the COVID
pandemic, which increased costs while decreasing payouts, and
difficulties collecting receivables. Debtor also had one of their
main vendors seek their own bankruptcy relief thereby preventing a
significant payment to Debtor.
The Plan proposes to pay the Debtor's creditors from, cash flow
from operations.
The Plan proposes to pay administrative and priority claims in full
unless otherwise agreed. The Debtor estimates approximately 76%
will be paid on account of general unsecured claims pursuant to the
Plan.
Class 4 consists of General Unsecured Claims. This Class will
receive a distribution of 76% of their allowed claims. This Class
is impaired.
* Highland Capital Corporation with a claim amount of
$13,013.12. Paid pro rata from the funds designated for the general
unsecured pool.
* Marlin Leasing Corporation with a claim amount of
$43,130.47. Paid pro rata from the funds designated for the general
unsecured pool.
* United Healthcare Insurance Company with a claim amount of
$894.52. Paid pro rata from the funds designated for the general
unsecured pool.
* JP Morgan Chase Bank, N.A. with a claim amount of
$46,129.53. Paid pro rata from the funds designated for the general
unsecured pool.
* National Mobile X-Ray with a claim amount of $83,900.00.
Paid pro rata from the funds designated for the general unsecured
pool.
* Intella PACS with a claim amount of $58,816.00. Paid pro
rata from the funds designated for the general unsecured pool.
* Rapid Radiology, Inc. with a claim amount of $438,306.00.
Paid pro rata from the funds designated for the general unsecured
pool.
* Cellco Partnership, dba Verizon Wireless with a claim amount
of $7,979.21. Paid pro rata from the funds designated for the
general unsecured pool.
* Ascentium Captial with a claim amount of $12,858.99. Paid
pro rata from the funds designated for the general unsecured pool.
* Navitas Credit Corp with a claim amount of $120,403.50. Paid
pro rata from the funds designated for the general unsecured pool.
* LG Funding LLC with a claim amount of $339,553.75. Paid pro
rata from the funds designated for the general unsecured pool.
The Debtor's plan of reorganization will be funded from revenue
generated from ongoing operations, as well as collection on
receivables.
A full-text copy of the Plan of Reorganization dated June 24, 2025
is available at https://urlcurt.com/u?l=4tP6Az from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Brian C. Thompson, Esq.
Thompson Law Group, PC
301 Smith Drive, Suite 6
Cranberry Township, PA 16066
Telephone: (724) 799-8404
Facsimile: (724) 799-8409
Email: bthompson@thompsonattorney.com
About Express Mobile Diagnostic Services
Express Mobile Diagnostic Services LLC is a medical and diagnostic
laboratory that offers x-ray scanning services for all major areas
of the body.
Express Mobile Diagnostic Services LLC sought relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-20255)
on January 31, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $1 million and $10 million each.
Brian C. Thompson, Esq., at Thompson Law Group PC serves as the
Debtor's counsel.
FEDERAL CAREGIVERS: Hires Jacobson Lawrence as Accountant
---------------------------------------------------------
Federal Caregivers Home Care LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Virginia to employ
Jacobson Lawrence & Company as accountant.
The firm's services include:
-- preparing bankruptcy schedules and related forms and monthly
operating reports;
-- reviewing and verifying deposits and performing bank
reconciliations, recording invoices;
-- managing QuickBooks entries, preparing and filing applicable
tax forms, and assisting with budgeting in connection with the
Debtor's reorganization prospects; and
-- handling such other general accounting and bookkeeping
services as may arise.
The firm will be paid $200 per hour for accounting services, and
$150 per hour for bookkeeping services, plus the reimbursement of
all out-of-pocket expenses incurred.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Ms. Kidd 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:
Mishell Kidd
Jacobson Lawrence & Company
255 E. Santa Clara St., Suite #100
Arcadia, CA 91006
Tel: (888) 714-3128
About Federal Caregivers Home Care LLC
Federal Caregivers Home Care LLC is a healthcare business providing
home care services in Northern Virginia.
Federal Caregivers Home Care LLC sought relief under Subchapter V
of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No.
25-11041) on May 23, 2025. In its petition, the Debtor reports
estimated assets between $50,000 and $100,000 and estimated
liabilities between $500,000 and $1 million.
The Debtors are represented by Steven B. Ramsdell, Esq. at Tyler,
Bartl & Ramsdell, P.L.C.
FIGRE TRUST 2025-HE4: S&P Assigns B- (sf) Rating on Class F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to FIGRE Trust 2025-HE4's
mortgage-backed notes.
The transaction is an RMBS securitization backed by first- and
subordinate-lien, simple interest, fixed-rate, fully amortizing
residential mortgage loans that are open-ended home equity lines of
credit (HELOCs). The loans are secured by single-family residences,
two- to four-family residential properties, condominiums, and
townhouses. The pool is composed of 3,868 initial HELOCs plus 377
subsequent draws (4,245 HELOC mortgage loans), which are ability to
repay (ATR)-exempt loans.
The ratings reflect:
-- The pool's collateral composition;
-- The transaction's credit enhancement, associated structural
mechanics, representations and warranties framework, and geographic
concentration;
-- The mortgage originator, Figure Lending LLC;
-- Sample due diligence results consistent with represented loan
characteristics; and
-- S&P's outlook that considers its current projections for U.S.
economic growth, unemployment rates, and interest rates, as well as
our view of housing fundamentals, and is updated, if necessary,
when these projections change materially.
Ratings Assigned
FIGRE Trust 2025-HE4(i)
Class A, $202,644,000: AAA (sf)
Class B, $19,435,000: AA- (sf)
Class C, $35,407,000: A- (sf)
Class D, $16,121,000: BBB- (sf)
Class E, $13,409,000: BB- (sf)
Class F, $9,040,000: B- (sf)
Class G, $5,273,483: NR
Class XS, notional(ii): NR
Class FR(iii): NR
Class R, N/A: NR
(i)The ratings address the ultimate payment of interest and
principal. They do not address the payment of the cap carryover
amounts.
(ii)The class XS notes have a notional amount equal to the
aggregate principal balance of the mortgage loans and any real
estate-owned properties as of the first day of the related
collection period.
(iii)The initial class FR certificate balance is zero. In certain
circumstances, class FR is obligated to remit funds to the reserve
account to reimburse the servicer for funding subsequent draws in
the event there is insufficient available funds or amounts on
deposit in the reserve account. Any amounts remitted by the class
FR certificates will be added to and increase the balance of the
class FR certificates.
N/A--Not applicable.
NR--Not rated.
FIRST CENTURY FUNDING: Seeks Chapter 11 Bankruptcy in New York
--------------------------------------------------------------
On July 13, 2025, First Century Funding Corp. filed Chapter 11
protection in the U.S. Bankruptcy Court for the Southern District
of New York. According to court filing, the Debtor reports between
$50,000 and $100,000 in debt owed to 1 and 49 creditors. The
petition states funds will not be available to unsecured
creditors.
About First Century Funding Corp.
First Century Funding Corp. is a New York-based funding company
possibly related to real estate financing based on its alternative
names.
First Century Funding Corp. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11554) on July
13, 2025. In its petition, the Debtor reports estimated assets and
liabilities between $50,000 and $100,000.
The Debtors are represented by Goldman & Forcina.
FLYNN RESTAURANT: $500MM Loan Add-on No Impact on Moody's B2 Rating
-------------------------------------------------------------------
Moody's Ratings said Flynn Restaurant Group LP's ("Flynn" B2,
stable) issuance of its proposed $500 million fungible add-on to
its $1,025 million backed senior secured first lien term loan B due
2032 has no impact on the ratings or outlook. Proceeds from the
proposed $500 million fungible add-on to its 2032 Term Loan B will
be used to refinance a like amount of the backed senior secured
first lien term loan due 2028. The company intends to reprice any
remaining 2028 Term Loan outstandings. The transaction is expected
to be leverage neutral and result in a modest decrease in interest
expense.
Debt/EBITDA, which has been more moderate over the past few years,
was around 5.5x as of March 30, 2025 pro forma for its January 2025
recapitalization. EBITA/interest, however, is weak, at less than
1.2x, due to high interest costs which are expected to be lowered
modestly, Moody's estimates up to $5.5 million, as a result of the
refinancing. Flynn benefits from its material scale as one of the
largest franchisee operators in the US, in terms of number of
operated restaurant and fitness units. The company also benefits
from its diversity across product segment, geography and brand,
with a high level of awareness in each of Taco Bell, Panera Bread,
Arby's, Applebee's, Wendy's, Pizza Hut and Planet Fitness.
Nonetheless, the consumer's willingness and ability to maintain
spending on food away from home in a difficult consumer spending
environment remains a concern, and could weigh on its near term
profitability.
Headquartered in San Francisco, California, Flynn Restaurant Group
LP's pro forma Credit Group operated approximately 2,641
restaurants across 44 states as of March 30, 2025, including 301
Taco Bells, 147 Panera Breads, 358 Arby's, and 461 Applebee's,
1,021 Pizza Huts, and 311 Wendy's. The company also operated 42
Planet Fitness units. Pro forma Credit Group revenue was around
$4.7 billion for the twelve month period ended March 30, 2025.
Flynn is owned by Ontario Teachers' Pension Plan Board, Flynn
management and Main Post Partners.
FOCUS UNIVERSAL: All Proposals OK'd at 2025 Annual Meeting
----------------------------------------------------------
Focus Universal Inc. held its 2025 annual meeting of shareholders.
The Company engaged Broadridge Financial Services, Inc. to tabulate
the proxies and, the Company's CFO, Irving Kau, was duly appointed
as the Inspector of Election and tabulated the votes cast at the
Annual Meeting.
Of the 7,124,013 shares of the Company's common stock outstanding
as of April 21, 2025, the record date for the Annual Meeting,
5,555,398 shares of the Company's common stock were represented at
the Annual Meeting in person or by proxy, representing a quorum.
The following matters were voted upon at the Annual Meeting and the
vote with respect to each such matter are:
1. Proposal One - Election of Directors. The election of the
following named persons to serve as members of the Board of
Directors of the Company until the annual meeting of shareholders
to be held in 2026 (or action by written consent of shareholders in
lieu thereof), or until their successors have been duly elected and
qualified. The votes cast were as follows:
1. Dr. Desheng Wang
* Votes For: 4,691,447
* Votes Against: 3,912
* Votes Withheld: 600
* Broker Non-Votes: 859,439
2. Dr. Edward Lee
* Votes For: 4,685,036
* Votes Against: 10,324
* Votes Withheld: 599
* Broker Non-Votes: 859,439
3. Michael Pope
* Votes For: 4,558,102
* Votes Against: 137,257
* Votes Withheld: 600
* Broker Non-Votes: 859,439
4. Carine Clark
* Votes For: 4,561,996
* Votes Against: 133,364
* Votes Withheld: 599
* Broker Non-Votes: 859,439
5. Sean Warren
* Votes For: 4,561,750
* Votes Against: 133,607
* Votes Withheld: 602
* Broker Non-Votes: 859,439
2. Proposal Two – Ratification of Selection of Independent
Registered Public Accounting Firm. The ratification of the
appointment of Weinberg & Company, P.A. as the Company's
independent registered public accounting firm for the fiscal year
ending December 31, 2025. The votes cast were as follows:
* Votes For: 5,507,398
* Votes Against: 47,767
* Abstentions: 233
* Broker Non-Votes: 0
3. Proposal Three – Approve to Increase the Number of
Authorized Shares of Common Stock. To approve, subject to the Board
of Directors' discretion to adopt, an amendment and restatement to
our Articles of Incorporation to increase the number of authorized
shares of our common stock, $0.001 par value per share, from
15,000,000 shares to a total of 25,000,000 shares. The votes cast
were as follows:
* Votes For: 5,438,642
* Votes Against: 110,520
* Abstentions: 6,236
* Broker Non-Votes: 0
4. Proposal Four – Approve to Authorize Shares of Preferred
Stock. To approve, subject to the Board of Directors' discretion to
adopt, an amendment and restatement to our Articles of
Incorporation to authorize 5,000,000 shares of preferred stock,
$0.001 par value per share. The votes cast were as follows:
* Votes For: 4,566,358
* Votes Against: 129,210
* Abstentions: 391
* Broker Non-Votes: 859,439
5. Proposal Five – Say on Pay. To approve, on a non-binding
advisory basis, the compensation of our named executives. The votes
cast were as follows:
* Votes For: 4,688,113
* Votes Against: 7,062
* Abstentions: 784
* Broker Non-Votes: 859,439
6. Proposal Six – Say on Frequency. To approve, on a
non-binding advisory basis, the frequency of the shareholder
advisory vote on the compensation of our named executives. The
votes cast were as follows:
* Votes For 1 Year: 4,130,023
* Votes for 2 Years: 1,562
* Votes for 3 Years: 561,242
* Abstentions: 3,132
About Focus Universal
Focus Universal Inc. (NASDAQ: FCUV) is a provider of patented
hardware and software design technologies for Internet of Things
(IoT) and 5G. The company has developed five disruptive patented
technology platforms with 28 patents and patents pending in various
phases and 8 trademarks pending in various phases to solve the
major problems facing hardware and software design and production
within the industry today. These technologies combined to have the
potential to reduce costs, product development timelines, and
energy usage while increasing range, speed, efficiency, and
security.
Los Angeles, Calif.-based Weinberg & Company, P.A, the Company's
auditor since 2024, issued a "going concern" qualification in its
report dated February 28, 2025, citing that the Company has
suffered recurring losses from operations and has experienced
negative cash flows from operating activities that raise
substantial doubt about its ability to continue as a going
concern.
As of December 31, 2024, the Company had $4,080,313 in total
assets, $885,089 in total liabilities, and $3,195,224 in total
stockholders' equity.
FRISCO BAKING: Unsecured Creditors Will Get 26% of Claims
---------------------------------------------------------
Frisco Baking Company, Inc., filed with the U.S. Bankruptcy Court
for the Central District of California an Original Disclosure
Statement describing Original Chapter 11 Plan dated June 24, 2025.
The Debtor is a California corporation and has operated in the
Cypress Park neighborhood since 1939, in what was formally known as
the "breadbasket of Los Angeles."
Frisco's popular brand of pre-baked sourdough dinner rolls, full
baked sourdough rounds and baguettes are wholesaled to companies
like Tito's Market, Clearman's Restaurants, Philippe the Original
and distributors in Southern, California. The Debtor's current
owner and Chief Executive Officer is Damon Perata. Mr. Perata
started working full-time at Frisco in 1991 and became the 100%
equity owner of the Debtor after buying out his partners in 2020.
The Debtor shall market and sell its business operations and assign
its leasehold for the real property commonly known as 619 W. Avenue
26 and 610 621 W. Avenue 26, Los Angeles, California 90065 (the
"Leased Property").; however, the Debtor shall retain its interest
in the real property commonly known as 635 W. Avenue 26 Los
Angeles, CA 90065 (the "Avenue 26 Property").
This is a reorganizing plan. In other words, the Proponent seeks to
accomplish a distribution under the Plan by selling its business
operations and funding payments to creditors by other means as set
forth herein.
The Effective Date of the proposed Plan is the later of the 30 days
after the Bankruptcy Court enters the Order approving the Debtor's
chapter 11 plan or 30 days after the closing of the sale of the
Debtor's business operations as set forth herein.
Class 7 consists of General unsecured claims. Total payments to
this class are estimated to be $3,019,911. Class 7 shall be paid as
follows:
* The proceeds of the Debtor's business after payment of
secured, administrative and priority claims. This amount is
estimated to be $1,569,911 (based on a net sale price of
$2,500,000). Payment shall be made within 45 days after the
Effective Date of the Plan.
* The Debtor's Employee Retention Credit ("ERC") estimated to
be approximately 1,000,000, payable within the later of 45 days
after the Effective Date or receipt of the ERC.
* $450,000 on or before April 1, 2029.
Unsecured Creditors will receive a distribution of 26% of their
allowed claims.
Interest holders shall retain prePetition interests.
The Plan will be funded by the following:
* Sale of the Debtor's business, net of costs of sale, secured
claims and/or cure amounts for equipment leases.
* Employee Retention Credit
* Note Payable to Class 7 General Unsecured Credits
* New Value contribution via payment of PLM Secured Claim by
MFD Group, LLC $7786.46 monthly (March – December (est), 2025.
A full-text copy of the Disclosure Statement dated June 24, 2025 is
available at https://urlcurt.com/u?l=4ZO7R6 from PacerMonitor.com
at no charge.
Counsel to the Debtor:
Jeffrey S. Shinbrot, Esq.
JEFFREY S. SHINBROT, APLC
15260 Ventura Blvd., Suite 1200
Sherman Oaks, CA 91403
Telephone: (310) 659-5444
Facsimile: (310) 878-8304
Email: jeffrey@shinbrotfirm.com
About Frisco Baking Company
Established in 1941, Frisco Baking Company, Inc. specializes in San
Francisco-style sourdough bread and a variety of baked goods such
as French and Italian rolls, baguettes, and specialty loaves. The
company offers wholesale services to restaurants and delis across
Los Angeles and Orange counties while maintaining retail operations
at its Los Angeles bakery.
Frisco Baking Company filed a Chapter 11 petition (Bankr. C.D. Cal.
Case No. 25-11395) on Feb. 24, 2025, listing between $1 million and
$10 million in assets and between $10 million and $50 million in
liabilities. Damon M. Perata, chief executive officer of Frisco
Baking Company, signed the petition.
Judge Neil W. Bason oversees the case.
Jeffrey S. Shinbrot, Esq., at The Shinbrot Firm is the Debtor's
bankruptcy counsel.
Leaf Capital Funding, LLC, as lender, is represented by:
Jennifer Witherell Crastz, Esq.
Hemar, Rousso & Heald, LLP
15910 Ventura Blvd., 12th Floor
Encino, CA 91436
Telephone: (818) 501-3800
Facsimile: (818) 501-2985
E-mail: jcrastz@hrhlaw.com
FTX TRADING: Blockchain Co. Under Fire for $1.3MM Token Delay
-------------------------------------------------------------
Yun Park of Law360 Bankruptcy Authority reports that the FTX
recovery trust has initiated a Chapter 11 adversary proceeding in
Delaware bankruptcy court, seeking the turnover of $1.3 million in
$XION digital tokens acquired by the debtor's subsidiaries prior to
the company's bankruptcy filing.
About FTX Trading Ltd.
FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.
Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.
Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell
itself to its giant rival Binance, but Binance walked away from the
deal amid reports on FTX regarding mishandled customer funds and
alleged US agency investigations.
At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.
FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.
FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year. According to Reuters, SBF
shared a document with investors on Nov. 10 showing FTX had $13.86
billion in liabilities and $14.6 billion in assets. However, only
$900 million of those assets were liquid, leading to the cash
crunch that ended with the company filing for bankruptcy.
The Hon. John T. Dorsey is the case judge.
The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims agent,
maintaining the page https://cases.ra.kroll.com/FTX/Home-Index
The official committee of unsecured creditors tapped Paul Hastings
as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as
Delaware and conflicts counsel; FTI Consulting, Inc. as financial
advisor; and Jefferies, LLC as investment banker.
Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases. White
collar crime specialist Mark S. Cohen has reportedly been hired to
represent SBF in litigation. Lawyers at Paul Weiss previously
represented SBF but later renounced representing the entrepreneur
due to a conflict of interest.
FUTURE FINTECH: 3 Execs Resign; New CFO, Board Chair Named
----------------------------------------------------------
Future FinTech Group, Inc. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that on June 25,
2025, the Board of Directors of the Company received a resignation
letter from Mr. Ming Yi to resign from his positions as the Chief
Financial Officer of the Company. Mr. Ming Yi indicated that his
resignation is not because of any disagreement with the Company,
its management or its directors.
On June 20, 2025, the Board received a resignation letter from Mr.
Fuyou Li to resign from his positions as the Chairman of the Board,
a member of the audit committee and a member of compensation
committee. Mr. Fuyou Li indicated that his resignation is not
because of any disagreement with the Company, its management or its
directors.
The Board also received a resignation letter from Ms. Ying Li to
resign from her positions as a director of the Board and the Vice
President of the Company. Ms. Ying Li indicated that her
resignation is not because of any disagreement with the Company,
its management or its directors.
On June 26, 2025, the Board appointed Ms. Ting (Alina) Ouyang as a
director of the Board and the CFO of the Company, effective
immediately, to fill the vacancy following the resignation of Ms.
Ying Li.
Ms. Ouyang, age 40, has served as the Financial Controller of the
Company since August 2020. Prior to that, Ms. Ouyang served as the
Chief Financial Officer of Weath Index Capital Group from March
2016 to September 2020. Ms. Ouyang served as Internal Control
Manager of the Company from September 2020 to December 2023, and as
Financial Controller since December 2023. Ms. Ouyang is a Certified
Management Accountant (CMA) in the United States. Ms. Ouyang has
over 10 years of senior financial management experience and is
proficient in financial disclosures, ESG reporting, and investor
relations for public companies listed in China, the United States,
and Hong Kong. She has led multiple cross-border mergers and
acquisitions as well as financing projects and is fluent in English
and Mandarin. Ms. Ouyang obtained her bachelor's degree in Business
Administration from Beijing Union University in 2008.
Ms. Ouyang was not selected pursuant to any arrangement or
understanding between her and any other person. There are no family
relationships between Ms. Ouyang and the directors, nor between Ms.
Ouyang and any executive officer of the Company. Ms. Ouyang is not
a party to any transaction that would require disclosure under Item
404(a) of Regulation S-K promulgated under the Securities Act of
1933, as amended.
The Board also appointed Mr. David Xu on June 26, 2025, as the
Chairman of the Board, a member of the audit committee and a member
of compensation committee of the Company, effective immediately, to
fill the vacancy following the resignation of Mr. Fuyou Li.
Mr. David Xu, age 38, has extensive experience in financial
services, enterprise management, and investment banking. From July
2022 to May 2025, Mr. Xu served as a middle and senior manager at
China CITIC, a comprehensive financial services provider, where he
was responsible for assisting companies in going public. From June
2020 to July 2022, he served as a middle manager at China
Construction Bank, where he focused on helping companies secure
funding and complete initial public offerings. Mr. Xu has been
deeply involved in the listing projects of several prominent
companies in both China and overseas capital markets. He possesses
in-depth knowledge of the listing procedures, regulatory
frameworks, and market environments across major international
capital markets. Mr. Xu obtained his master's degree in Business
Administration from The Australian National University in 2020 and
his master's degree in Law from the University of International
Business and Economics in 2011.
There are no arrangements or understandings between Mr. David Xu
and any other person pursuant to which Mr. David Xu was appointed
as a director of the Company. In addition, there is no family
relationship between Mr. David Xu and any director or executive
officer of the Company. The Board deems Mr. David Xu an
"independent director" as defined by NASDAQ Rule 5605(a)(2).
About Future FinTech Group
New York, N.Y.-based Future FinTech Group Inc. is a holding company
incorporated under the laws of the State of Florida. The Company
historically engaged in the production and sale of fruit juice
concentrates (including fruit purees and fruit juices) and fruit
beverages (including fruit juice beverages and fruit cider
beverages) in the PRC. Due to drastically increased production
costs and tightened environmental laws in China, the Company
transformed its business from fruit juice manufacturing and
distribution to financial technology-related service businesses.
The main business of the Company includes supply chain financing
services and trading in China, asset management business in Hong
Kong, and cross-border money transfer service in the UK.
Orange, Calif.-based Fortune CPA, Inc., the Company's auditor since
2023, issued a "going concern" qualification in its report dated
April 15, 2025, attached to the Company's Annual Report on Form
10-K for the year ended December 31, 2024, citing that the Company
has suffered losses from operations. Therefore, the Company has
stated substantial doubt about its ability to continue as a going
concern.
The ability of the Company to continue as a going concern is
dependent upon its ability to successfully execute its new business
strategy and eventually attain profitable operations.
As of Dec. 31, 2024, the Company had $25.9 million in total assets,
$13.3 million in total liabilities, and a total stockholders'
equity of $12.6 million.
FUTURE FINTECH: Settles $10.2M Judgments With FT Global via Stock
-----------------------------------------------------------------
As previously disclosed, Future FinTech Group, Inc. entered into a
Settlement and Forbearance Agreement with FT Global Capital, Inc.,
pursuant to which the parties agreed to settle four judgments
totaling approximately $10.2 million entered against the Company in
federal courts in Georgia, New York, Florida, and Ohio.
In a Form 8-K Report dated June 26, 2025, filed with the U.S.
Securities and Exchange Commission, the Company disclosed that on
June 24, 2025, the United States District Court for the Southern
District of New York entered an Order Approving Issuance pursuant
to Section 3(a)(10) of the Securities Act of 1933, as amended, in
the matter of FT Global Capital, Inc. v. Future FinTech Group Inc.,
Case No. 1:24-mc-00257-AKH. The Section 3(a)(10) Order ordered that
the issuance and/or transfer of Settlement Shares to FT Global or
its designees(s), pursuant to the Settlement Agreement, was
approved as fair within the meaning of Section 3(a)(10) of the
Securities Act, and the Settlement Shares are exempt from
registration with the SEC and shall be issued without any
restrictive legends. The Settlement Shares are as follows:
(i) 340,000 shares of the Company's common stock to FT Global;
(ii) 60,000 shares of the Company's common stock to Olshan
Frome Wolosky LLP;
(iii) 650,000 shares of the Company's common stock underlying a
"Series A Right" for FT Global or its designees(s) to receive
650,000 shares of common stock, exercisable no earlier than six
months after June 17, 2025; and
(iv) 650,000 shares of the Company's common stock underlying a
"Series B Right" for FT Global or its designees(s) to receive
650,000 shares of common stock, exercisable no earlier than 12
months after June 17, 2025.
Additionally, on June 24, 2025, the United States District Court
for the Southern District of New York entered a Stipulation and
Order, in the matter FT Global Capital, Inc. v. Future FinTech
Group Inc., Case No. 1:24-mc-00257-AKH. This Stipulation and Order
ordered that:
(i) the U.S. Marshal shall return the stock certificate to the
Company's transfer agent; and
(ii) this order is without prejudice to FT Global's right to
seek enforcement of the prior turnover order in the event the
Company breaches the Settlement Agreement.
Pursuant to the Settlement Agreement, the Company shall instruct
its transfer agent to reserve the stock certificate shares only for
the purpose of facilitating the issuance of the Settlement Shares.
About Future FinTech Group
New York, N.Y.-based Future FinTech Group Inc. is a holding company
incorporated under the laws of the State of Florida. The Company
historically engaged in the production and sale of fruit juice
concentrates (including fruit purees and fruit juices) and fruit
beverages (including fruit juice beverages and fruit cider
beverages) in the PRC. Due to drastically increased production
costs and tightened environmental laws in China, the Company
transformed its business from fruit juice manufacturing and
distribution to financial technology-related service businesses.
The main business of the Company includes supply chain financing
services and trading in China, asset management business in Hong
Kong, and cross-border money transfer service in the UK.
Orange, Calif.-based Fortune CPA, Inc., the Company's auditor since
2023, issued a "going concern" qualification in its report dated
April 15, 2025, attached to the Company's Annual Report on Form
10-K for the year ended December 31, 2024, citing that the Company
has suffered losses from operations. Therefore, the Company has
stated substantial doubt about its ability to continue as a going
concern.
The ability of the Company to continue as a going concern is
dependent upon its ability to successfully execute its new business
strategy and eventually attain profitable operations.
As of Dec. 31, 2024, the Company had $25.9 million in total assets,
$13.3 million in total liabilities, and a total stockholders'
equity of $12.6 million.
GENESIS HEALTHCARE: Asks Court OK to Shed Leases, Keep Workforce
----------------------------------------------------------------
Kimberly Marselas of McKnight Long-Term Care News reports that
Genesis HealthCare is seeking court approval to quickly exit
expensive leases and vacate closed facilities while retaining its
workforce amid ongoing bankruptcy proceedings.
According to the report, at a five-hour hearing on Friday, July 12,
2025, the company asked U.S. Bankruptcy Judge Stacey G. Jernigan in
the Northern District of Texas to grant relief on 16 separate
matters as part of its restructuring and planned sale, first
disclosed in a late-night court filing on Wednesday.
Court filings show that Genesis has already scaled back its
operations to 175 facilities across 18 states, down from more than
500 in 2016. The company aims to further streamline its footprint
ahead of a proposed sale by February 4, 2026.
Genesis attorney Emily Keil said the company intends to reject
leases tied to facilities that are closed, in the process of
closing, or have already transitioned to new operators. A list
submitted to the court Thursday identified 15 properties across
states ranging from New Hampshire to Colorado. Some are now
operated by providers such as Ignite Medical Resorts in Kansas City
or had previously been reassigned by landlord Sabra Healthcare
REIT. Keil added that more lease rejections may follow, but only
after those facilities are successfully transitioned to new
operators. The court is expected to consider the initial lease
rejection requests during a second hearing on August 5.
Judge Jernigan approved more than a dozen other motions Friday,
including those focused on ensuring employee retention and keeping
facility-level operations funded throughout the Chapter 11 process,
according to report.
"This is a financial restructuring, but we also have important
non-financial stakeholders to consider," said Genesis attorney Dan
Simon. "That includes the residents in our facilities, the patients
served through our Powerback division, and our 27,000 employees."
Simon described the company's workforce as financially vulnerable
due to longstanding operational challenges worsened by the
pandemic. Louis E. Robichaux IV, Genesis's co-chief restructuring
officer, testified that many employees are low-income and rely
heavily on their wages and benefits.
"To care for 15,000 patients, we need to keep those 27,000
employees engaged," Robichaux said. The court granted Genesis
emergency approval to continue paying wages, benefits, and
frontline employee bonuses during the bankruptcy.
"Without our employees, we don't have a business," another Genesis
attorney noted. "Losing them would be devastating. Morale has to be
maintained."
The judge also allowed the company to continue payments to small
and rural vendors, many of whom don't operate under formal
contracts and may require immediate payment to continue providing
services. To support these obligations, Jernigan granted interim
access to $12 million of the company’s $30 million
debtor-in-possession loan to cover payroll, vendor costs, and taxes
over the next month, the report states.
However, the financing arrangement drew objections from one of
Genesis's largest creditors, who claimed they weren't given a
chance to offer new financing and expressed concerns about how the
company would manage existing collateral and future decisions.
Robichaux testified that Genesis deliberately waited until after
its Chapter 11 filing to inform White Oak Healthcare Finance — a
lender owed nearly $280 million — fearing that prior notice might
jeopardize ongoing liquidity, the report relays.
According to McKnight Long-Term Care News, the next hearing on
additional relief requests and lease issues is scheduled for August
5, 2025. A creditors' meeting is set for August 18, 2025.
About Genesis Healthcare Inc.
Genesis Healthcare Inc. is a Medical Group, based in Culver City,
CA. The medical group, which has also operated under the names
Daehan Prospect Medical Group and Prospect Genesis Healthcare,
provides physician services in Southern California.
Genesis Healthcare Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case 25-80185) on July 9, 2025.
In its petition, the Debtor reports estimated assets and
liabilities between $1 billion and $10 billion each.
Honorable Bankruptcy Judge Stacey G. Jernigan handles the case.
The Debtor is represented by Marcus Alan Helt, Esq. at Mcdermott
Will & Emery LLP.
GENESIS HEALTHCARE: July 21 Deadline Set for Panel Questionnaires
-----------------------------------------------------------------
The United States Trustee is soliciting members for committee of
unsecured creditors in the bankruptcy cases of Genesis Healthcare,
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/4a4jf6kk and return by email it to
Meredyth A. Kippes -- meredyth.kippes@usdoj.gov -- at the Office of
the United States Trustee so that it is received no later than
Monday, July 21, 2025, at 4:00 p.m. prevailing Central Time.
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 Genesis Healthcare
Genesis Healthcare, Inc. (OTC Expert Market: GENN) is a holding
company with subsidiaries that, on a combined basis, comprise one
of the nation's largest post-acute care providers with nearly 200
skilled nursing centers and senior living communities in 17 states
nationwide. Genesis subsidiaries also supply rehabilitation
therapy to approximately 1,500 locations in 43 states and the
District of Columbia.
On July 9, 2025, Genesis Healthcare, Inc. and 298 of its affiliates
and subsidiaries each filed voluntary petitions in Dallas, Texas,
seeking relief under chapter 11 of the United States Bankruptcy
Code (Bankr. N.D. Tex. Lead Case No. 25-80185).
The Debtors listed at least $1 billion in assets and liabilities as
of the bankruptcy filing. As of the Petition Date, the Debtors had
secured debt of $708.5 million and unsecured obligations totaling
$1.568 billion.
The Debtors tapped McDermott Will & Emery LLP as bankruptcy
counsel, and Jefferies, LLC, as investment banker. Ankura
Consulting Group, LLC, provides the services of senior managing
directors Russell A. Perry and Louis E. Robichaux IV as CRO of the
Debtors. Epiq Corporate Restructuring, LLC, is the claims agent.
Counsel to Welltower:
John T. Cox III, Esq.
Gibson, Dunn & Crutcher LLP
2001 Ross Avenue, Suite 2100
Dallas, TX 75201
E-mail: tcox@gibsondunn.com
- and -
Jeffrey C. Krause, Esq.
Michael G. Farag, Esq.
Gibson, Dunn & Crutcher LLP
333 South Grand Avenue
Los Angeles, CA 90071
E-mail: jkrause@gibsondunn.com
mfarag@gibsondunn.com
Counsel to Omega:
Robert J. Lemons, Esq.
Goodwin Proctor LLP
The New York Times Building
620 Eighth Avenue
New York, NY 10018
E-mail: rlemons@goodwinlaw.com
- and -
Leighton Aiken, Esq.
Ferguson Braswell Fraser Kubasta PC
2500 Dallas Parkway, Suite 600
Plano, TX 75093
E-mail: laiken@fbfk.law
Counsel to the Debtors' Prepetition ABL Secured Parties:
Kenneth J. Ottaviano, Esq.
Blank Rome LLP
444 West Lake Street, Suite 1650
Chicago, IL 60606
E-mail: ken.ottaviano@blankrome.com
Counsel to the Debtors' DIP Lenders:
James Muenker, Esq.
DLA Piper LLP
1900 N. Pearl St., Suite 2200
Dallas, TX 75201
E-mail: james.muenker@us.dlapiper.com
GILLETTE ENTERPRISES: Hires Menzel & Associates as Accountant
-------------------------------------------------------------
Gillette Enterprises, LLC d/b/a Elysian Fields seeks approval from
the U.S. Bankruptcy Court for the Middle District of Florida to
employ Menzel & Associates, CPA's, PA as accountant.
The firm will assist in preparing tax returns for the year ended
December 31, 2024, Form 1120S, Income Tax Return for S
Corporation.
The firm will be paid based upon its normal and usual hourly
billing rates. The firm will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Mr. Menzel, Jr. 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:
Walter E. Menzel, Jr.
Menzel & Associates, CPA's, PA
P.O. Box 459
Sarasota, FL 34230-0459
Tel: (941) 362-0891
Fax: (941) 362-0899
About Gillette Enterprises, LLC
d/b/a Elysian Fields
Gillette Enterprises LLC operates a metaphysical retail store in
Sarasota, Florida, offering books, crystals, and specialty gifts
and has been in business since 1992.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 8:25-bk-03803-CPM) on
June 6, 2025. In the petition signed by Anthony Gillette, managing
director, the Debtor disclosed up to $500,000 in assets and up to
$10 million in liabilities.
Judge Catherine Peek McEwen oversees the case.
Alberto F. Gomez, Jr., Esq., at Johnson, Pope, Bokor, Ruppel &
Burns, LLP, represents the Debtor as legal counsel.
GREENWICH RETAIL: Hires Davidoff Hutcher & Citron as Attorney
-------------------------------------------------------------
Greenwich Retail Group, LLC and Madison Avenue Westside, LLC seeks
interim approval from the U.S. Bankruptcy Court for the Southern
District of New York to employ Davidoff Hutcher & Citron LLP as
their attorneys.
The firm will render these services:
a. give advice to the Debtors with respect to its powers and
duties as Debtors-in-Possession and the continued management of its
property and affairs;
b. negotiate with creditors of the Debtors 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 a 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 Debtors in all matters pending
before the Court;
e. attend meetings and negotiate with representatives of
creditors and other parties in interest;
f. advise the Debtors in connection with any potential
refinancing of secured debt and any potential sale of the
business;
g. represent the Debtors 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 Debtors estates and to
promote the best interests of the Debtors, its creditors and the
estate.
The firm's hourly rates for this representation are:
Attorneys $450 - $850
Legal Assistants/Paralegals $195 - $295
The firm received a retainer of $20,000 from Mid Hudson Property
Services LLC, an entity managed by the Debtor's manager, David D.
DeRosa.
Robert Rattet, Esq., a partner at Davidoff Hutcher & Citro,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Robert L. Rattet, Esq.
Davidoff Hutcher & Citron LLP
120 Bloomingdale Road, Suite 100
White Plains, NY 10605
Telephone: (914) 381-7400
About Greenwich Retail Group LLC
Greenwich Retail Group, LLC operates retail clothing stores under
brands including Everafter, which focuses on children's and teen
apparel, and The Westside, a women's fashion boutique.
Greenwich Retail Group sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11295) on June 9,
2025. In its petition, the Debtor reported assets between $500,000
and $1 million and liabilities between $1 million and $10 million.
Judge Michael E. Wiles oversees the case.
The Debtor is represented by Robert L. Rattet, Esq., at Davidoff
Hutcher & Citron, LLP.
HENDERSON RECOVERY: Hires Toni Campbell Parker as Counsel
---------------------------------------------------------
Henderson Recovery, Inc. seeks approval from the U.S. Bankruptcy
Court for the Western District of Tennessee to employ Toni Campbell
Parker as counsel.
Toni Campbell Parker, Esq., an attorney practicing in Memphis,
Tenn., to handle its Chapter 11 case.
The attorney will be billed at $400 per hour and paralegal will be
billed at $100 per hour.
The attorney received a retainer $9,900 from the Debtor.
Mr. Parker 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:
Toni Campbell Parker, Esq.
45 North Bb King Blvd., Ste. 201
Memphis, TN 38103
Tel: (901) 483-1020
Email: Tparker002@att.net
About Henderson Recovery, Inc.
Henderson Recovery Inc. provides motor vehicle transportation and
towing services.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-22820) on June 9,
2025. In the petition signed by Julie Henderson, president, the
Debtor disclosed up to $50,000 in assets and up to $10 million in
liabilities.
Judge Denise E. Barnett oversees the case.
Toni Campbell Parker, Esq., at the Law Firm of Toni Campbell
Parker, represents the Debtor as bankruptcy counsel.
HI TORK POWER: Hires Westcott Law Group as Special Counsel
----------------------------------------------------------
Hi Tork Power Inc. seeks approval from the U.S. Bankruptcy Court
for the Southern District of Texas to employ Westcott Law Group
PLLC as special litigation counsel.
The firm will provide these services:
-- assisting the Debtor in analyzing and prosecuting claims
owned by the estate against third parties;
-- preparing and filing such pleadings as are necessary to
pursue the estate's claims against third parties;
-- conducting appropriate examinations of witnesses, claimants
and other parties in interest in connection with such litigation;
-- representing the Debtor in any adversary proceedings and
other proceedings before the Court and in any other judicial or
administrative proceeding in which the claims may be affected;
-- handling any appeals that may result from the contemplated
litigation; and
-- performing any other legal services that may be appropriate
in connection with the prosecution of the litigation.
The firm will be paid based upon its normal and usual hourly
billing rates. The firm will also be reimbursed for reasonable
out-of-pocket expenses incurred.
The firm received the sum of $2,500 from Mr. Jorge R. Tijerina, an
officer of the Debtor.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Cyril Westcott-Omwirhiren, Esq.
Westcott Law Group PLLC
7324 Southwest Fwy, Suite 1015
Houston, TX 77074
Tel: (831) 831-1412
Fax: (832) 218-4755
About Hi-Tork Power Inc.
Hi Tork Power, Inc. is in the power generation and supply business
in Houston, Texas. On Aug. 5, 2021, Hi Tork Power filed a Chapter
11 petition (Bankr. S.D. Texas Case No. 21-32660), listing up to
$500,000 in assets and up to $1 million in liabilities. Hi Tork
Power President Jorge Tijerina signed the petition.
Judge Christopher Lopez oversees the case.
Robert Chamless Lane, Esq., at the Lane Law Firm, serves as the
Debtor's legal counsel.
HIGHLAND CAPITAL: Texas Raises Charity Probe to Stop Bankruptcy
---------------------------------------------------------------
James Nani of Bloomberg Law reports that Texas Attorney General Ken
Paxton's office has requested a temporary pause in the bankruptcy
proceedings of Highland Capital Management LP as it conducts a
civil investigation into certain individuals involved in the case,
tied to concerns surrounding charitable entities.
In a letter to the U.S. Bankruptcy Court for the Northern District
of Texas on Thursday, July 10, 2025, the chief of the Consumer
Protection Division said the office issued civil investigative
demands in response to complaints about conduct that allegedly took
place during the bankruptcy, according to the report.
Before filing for Chapter 11 in 2019, Highland managed a publicly
traded investment portfolio valued at over $1 billion, according to
Bloomberg Law.
About Highland Capital Management
Highland Capital Management, LP was founded by James Dondero and
Mark Okada in Dallas in 1993. Highland Capital is the world's
largest non-bank buyer of leveraged loans in 2007. It also manages
collateralized loan obligations. In March 2007, it raised $1
billion to buy distressed loans. Collateralized loan obligations
are created by bundling together loans and repackaging them into
new securities.
Highland Capital Management sought Chapter 11 protection (Bank. D.
Del. Case No. 19-12239) on Oct. 16, 2019. On Dec. 4, 2019, the case
was transferred to the U.S. Bankruptcy Court for the Northern
District of Texas and was assigned a new case number (Bank. N.D.
Tex. Case No. 19-34054). Judge Stacey G. Jernigan is the case
judge.
At the time of the filing, Highland had between $100 million and
$500 million in both assets and liabilities.
The Debtor tapped Pachulski Stang Ziehl & Jones LLP as bankruptcy
counsel, Foley & Lardner LLP as special Texas counsel, and Teneo
Capital, LLC as litigation advisor. Kurtzman Carson Consultants,
LLC, is the claims and noticing agent.
The U.S. Trustee for Region 6 appointed a committee of unsecured
creditors on Oct. 29, 2019. The committee tapped Sidley Austin LLP
and Young Conaway Stargatt & Taylor LLP as bankruptcy counsel, and
FTI Consulting, Inc. as financial advisor.
HOLOGENIX LLC: Seeks to Hire Windes Inc. as Tax Accountant
----------------------------------------------------------
Hologenix, LLC seeks approval from the U.S. Bankruptcy Court for
the Central District of California to employ Windes, Inc. as tax
accountant.
The firm will prepare the Debtor's informational tax returns and
any related extensions, beginning with the 2024 tax year, and
advising the Debtor on tax matters which may arise in connection
with the Debtor's business and bankruptcy case.
The firm will be paid at these rates:
Partner/Director $450 to $550 per hour
Manager/Senior Manager $225 to $425 per hour
Senior Accountant $155 to $205 per hour
Staff Accountant $135 to $160 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
As disclosed in court filings, Windes is a disinterested person
within the meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Douglas Beaver, CPA, MBT
Windes Inc.
2050 Main Street, Suite 1300
Irvine, CA 92614
Direct: (949) 271-2114
Office: (949) 852-9433
Email: dbeaver@windes.com
About Hologenix, LLC
Pacific Palisades, Calif.-based Hologenix, LLC is the inventor of
Celliant technology (https://celliant.com), a patented,
clinically-tested textile technology that harnesses and recycles
the body's natural energy.
Hologenix filed its voluntary petition under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Cal. Case No. 20-13849) on April 22,
2020. In the petition signed by Seth Casden, chief executive
officer, the Debtor listed as much as $10 million in both assets
and liabilities.
Judge Barry Russell oversees the case.
Levene, Neale, Bender, Yoo & Brill L.L.P. represents the Debtor as
bankruptcy counsel. The Debtor also hired Tucker Ellis LLP,
Troutman Sanders LLP, Dermer Behrendt, Theodora Oringher PC,
Buchalter, and Fisher & Phillips LLP as special counsel. The Colony
Group, LLC and M&G Partners, LLP serve as the Debtor's accountants.
HOODSTOCK RANCH: Claims Will be Paid from Property Sale/Refinance
-----------------------------------------------------------------
Hoodstock Ranch, LLC filed with the U.S. Bankruptcy Court for the
Eastern District of Washington a Disclosure Statement describing
Chapter 11 Plan.
The Debtor is a Limited Liability Company. Since 2019, the Debtor
has been in the business of owning real Estate, the debtor is a
single asset real estate holding company.
Hoodstock Ranch, LLC is governed by Mark and Kathy Heron. The
Debtor filed a voluntary petition for relief under Chapter 11 of
the Bankruptcy Code on March 6, 2025. The primary purpose of the
filing was to prevent foreclosure and preserve the Debtor's ability
to pursue legal claims arising from tortious interference from
secured creditor L&M Recreation, LLC, and to proceed with an
unlawful detainer action against Izak Riley. Absent the bankruptcy
filing, the Debtor would have lost its primary asset and its
ability to litigate those claims.
The property was previously occupied by Izak Riley, who did not
make any payments despite a contractual obligation. As a result,
the property did not generate income before or during the early
stages of this bankruptcy case. Mr. Riley has since been evicted
through unlawful detainer proceedings. The Debtor has also
commenced litigation against L & M Recreation, LLC, which was
removed from state court and is now pending in the U.S. Bankruptcy
Court as Adversary Proceeding No. 25-80018. The Debtor asserts
tortious interference and seeks a judgment that will offset secured
claims.
This is a single asset real estate case under Section 101(51B) of
the Bankruptcy Code. The property was previously occupied by Izak
Riley, who did not make any payments to the debtor despite a
contractual obligation to do so. Mr. Riley made a secondary
arrangement with secured creditor L&M, in violation or the debtor's
rights. As a result, the property did not generate income before or
during the early stages of this bankruptcy case.
There were no scheduled unsecured claims. The IRS Filed a general
unsecured claim, which the debtor has objected to.
The equity interests of Mark and Kathy Heron shall be canceled on
the Effective Date. The Debtor's Plan contemplates either the sale
or refinancing of the property, or the transfer of the property to
L&M Recreation in satisfaction of secured claims and resolution of
pending litigation. As such, equity holders will not retain or
receive any distribution on account of their interests.
Payments and distributions under the Plan will be funded through
one of the following methods:
* Settlement with L&M Recreation, LLC: If a settlement is
reached in Adversary Proceeding No. 25-00018, the Debtor will
transfer the real property located at 267 86th Rd., Troutlake, WA,
to L&M Recreation in satisfaction of its secured claim and in
exchange for resolution of all claims and counterclaims. The
transfer will occur by mutual agreement and will include payment of
the Klickitat County property tax lien and satisfaction of any
senior liens.
* Sale or Refinance: If settlement is not reached, the Debtor
will market the real property for sale or refinance it. The
proceeds will be used to pay secured claims in accordance with lien
priority and fund required Plan distributions.
* Retention and Litigation Outcome: If neither settlement nor
immediate sale occurs, the Debtor will prosecute the adversary
proceeding to judgment and use the net recovery, together with any
income from the property or refinancing, to fund distributions
under the Plan.
A full-text copy of the Disclosure Statement dated June 24, 2025 is
available at https://urlcurt.com/u?l=FWg8Ot from PacerMonitor.com
at no charge.
The Debtor's Counsel:
Patrick D. McBurney, Jr., Esq.
MCBURNEYLAW, PLLC
719 Jadwin Ave.
Richland, WA 99352
Tel: (509) 374-8996
Fax: (509) 374-1296
E-mail: pdmcburney@gmail.com
About Hoodstock Ranch
Hoodstock Ranch, LLC, a company in White Salmon, Wash., filed
Chapter 11 petition (Bankr. E.D. Wash. Case No. 25-00388 on March
5, 2025. In its petition, the Debtor reported total assets of $3.2
million and total liabilities of $3.092 million.
Judge Whitman L. Holt handles the case.
The Debtor is represented by Patrick D. McBurney, Jr., Esq. at
McBurneyLaw, PLLC.
HOUSE SPIRITS: Hires CRS Capstone as Financial Advisor
------------------------------------------------------
House Spirits Distillery LLC seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to employ CRS
Capstone Partners LLC as financial advisor.
The firm's services include:
-- Valuation Services – Capstone will prepare a report setting
forth its estimate of 100 percent of the fair market value of the
invested capital of the Debtor as of May 31, 2025 ("Valuation
Date"). The valuation analyses performed will incorporate a
discounted cash flow analysis guideline public company analysis,
guideline M&A transaction analysis, and an asset-based approach
valuation analysis;
-- Rendering expert testimony as requested from time to time by
the Debtor and its counsel, regarding any of the matters with
respect to which Capstone provides services;
-- Appearing in Court and meetings to testify on behalf of the
Debtor; and
-- Assisting with such other matters as may be requested that
fall within Capstone's expertise and are mutually agreeable.
The firm will be paid at these rates:
Managing Directors $650 to $750 per hour
Senior Directors & Directors $550 to $600 per hour
Vice Presidents $500 to $550 per hour
Associates $450 to $500 per hour
Analysts $350 to $400 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Mr. Calandra 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:
Jim Calandra
CRS Capstone Partners LLC
10 Post Office Square, 8th Floor
Boston, MA 02109
Tel: (617) 619-3300
About House Spirits Distillery LLC
House Spirits Distillery LLC, operating under the name Westward
Whiskey, is a Portland, Oregon-based distillery that produces,
markets, sells, and distributes high-quality American single malt
whiskeys. Westward has become one of the most well-known and
respected craft distilleries in the U.S., leading the way in the
emerging Premium American Whiskey category. Unlike traditional
single malts made only from malted barley, Westward employs a
distinctive process that blends elements from American craft ale,
Scottish single malt, and bourbon traditions. The distillery
benefits from the unique climate of the Pacific Northwest, where
hot, dry summers and cool, wet winters contribute to the
development of exceptional, world-class whiskeys.
House Spirits Distillery LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10660) on April 6,
2025. In its petition, the Debtor reported estimated assets and
liabilities between $1 million and $10 million each.
Judge Karen B. Owens handles the case.
The Debtor is represented by Joseph C. Barsalona II, Esq. at
Pashman Stein Walder Hayden, PC. The Debtor's claims agent is Epiq
Corporate Restructuring, LLC.
INSPIREMD INC: Reports Ownership of 465K RSAs, 212K Options
-----------------------------------------------------------
Michael A. Lawless, Chief Financial Officer at InspireMD, Inc.,
disclosed in a Form 3 filed with the U.S. Securities and Exchange
Commission that as of June 25, 2025, he beneficially owns 465,000
shares of restricted common stock, which vest in three equal annual
installments beginning on June 25, 2026. He also holds options to
purchase 212,000 shares of common stock at an exercise price of
$2.24 per share, which vest on the same schedule, subject to his
continued service.
A full-text copy of Mr. Lawless' SEC Report is available at
https://tinyurl.com/rc9cct67
About InspireMD
Headquartered in Tel Aviv, Israel, InspireMD, Inc. --
http://www.inspiremd.com/-- is a medical device company focusing
on the development and commercialization of its proprietary
MicroNet stent platform technology for the treatment of complex
vascular and coronary disease. A stent is an expandable
"scaffold-like" device, usually constructed of a metallic material,
that is inserted into an artery to expand the inside passage and
improve blood flow. Its MicroNet, a micron mesh sleeve, is wrapped
over a stent to provide embolic protection in stenting procedures.
Tel-Aviv, Israel-based Kesselman & Kesselman, the Company's auditor
since 2010, issued a 'going concern' qualification in its report
dated March 12, 2025, attached to the Company's Annual Report on
Form 10-K for the year ended December 31, 2024, citing that the
Company has suffered recurring losses from operations and cash
outflows from operating activities that raise substantial doubt
about its ability to continue as a going concern.
As of December 31, 2024, the Company had $46.8 million in total
assets, $10.7 million in total liabilities, and $36.1 million in
total stockholders' equity.
INTERNATIONAL DIRECTIONAL: Hires Van Horn Law as Legal Counsel
--------------------------------------------------------------
International Directional Drilling, Inc. seeks approval from the
U.S. Bankruptcy Court for the Southern District of California to
employ Van Horn Law Group, P.A. as counsel.
The firm will provide these services:
a. give advice to the debtor with respect to its powers and
duties as a debtor in possession and the continued management of
its business operations;
b. advice the debtor with respect to its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
reporting Requirements and with the rules of the court;
c. prepare motions, pleadings, orders, applications, adversary
proceedings, and other legal documents necessary in the
administration of the case;
d. protect the interest of the debtor in all matters pending
before the court; and
e. represent the debtor in negotiation with its creditors in
the preparation of a plan.
The firm will be paid at these rates:
Chad Van Horn $500 per hour
Law clerks/Paralegals/Associates $175 to $350 per hour
Prior to the filing of this case, the firm was paid a retainer in
the amount of $12,500 plus $2,500 for the filing fee and costs for
a total amount of $15,000.
In addition, the firm will seek reimbursement for its out-of-pocket
expenses.
Chad T. Van Horn, Esq., a partner at Van Horn Law Group, P.A. ,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Chad T. Van Horn, Esq.
Van Horn Law Group, PA
500 NE 4th Street, Suite 200
Fort Lauderdale, FL 33301
Tel: (561) 621-1360
Email: info@cvhlawgroup.com
About International Directional Drilling Inc.
International Directional Drilling Inc. is a company specializing
in directional drilling services that provides specialized drilling
services for oil and gas exploration, utility installation, or
other underground infrastructure projects where non-vertical well
drilling techniques are required.
International Directional Drilling Inc. sought relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-17606)
on July 2, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge Scott M. Grossman handles the case.
The Debtors are represented by Chad T. Van Horn, Esq.
K&W LEGACY: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: K&W Legacy, LLC
4847 Navy Road Unit 402
Millington, TN 38053
Chapter 11 Petition Date: July 9, 2025
Court: United States Bankruptcy Court
Western District of Tennessee
Case No.: 25-23389
Judge: Hon. Jennie D. Latta
Debtor's Counsel: Ted I. Jones, Esq.
JONES & GARRETT LAW FIRM, AN ASSOCIATION OF
ATTORNEYS
2670 Union Ave., Ext
Suite 1220
Memphis, TN 38112
Tel: 901-526-4249
Fax: 901-525-4312
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $0 to $50,000
The petition was signed by Keyla Walker as member.
The Debtor declared in the petition that there are no unsecured
creditor claims.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/SKK6JWQ/KW_Legacy_LLC__tnwbke-25-23389__0001.0.pdf?mcid=tGE4TAMA
KRAZ LLC: Court Affirms Final Judgment in BB&T Adversary Complaint
------------------------------------------------------------------
In the appeal styled KRAZ, LLC, Appellant, v. BRANCH BANKING AND
TRUST COMPANY, Appellee, Case No. 8:17-cv-01555-TPB (M.D. Fla.),
Judge Tom Barber of the United States District Court for the Middle
District of Florida affirmed the final judgment of the United
States Bankruptcy Court for the Middle District of Florida on
remand on Count I of Kraz, LLC's second amended complaint. The
bankruptcy court's rulings on BB&T's motion for partial summary
judgment as to Counts III, V, VI, and IX of the second amended
complaint, findings of fact and conclusions of law as to Counts IV,
VII, and VIII of the second amended complaint, and its proposed
findings of fact and conclusions of law on remand as to Count II of
the second amended complaint are accepted, approved and adopted.
This is now the second District Court appeal from a final judgment
of the bankruptcy court. According to Judge Barber, the matter
appears destined for the Circuit Court of Appeals.
In 2006, Colonial Bank loaned Kraz, LLC $5,182,280, secured by a
mortgage on real property that Kraz used for its commercial
self-storage business. The loan required monthly interest payments,
followed by a period of monthly principal and interest payments,
and a final balloon payment. Kraz made monthly payments until the
bank declared it in default in 2009. Colonial Bank failed, the
Federal Deposit Insurance Corporation took over its assets, and
BB&T purchased the Kraz loan.
In 2010, BB&T filed a foreclosure suit against Kraz in Florida
state court. That action ended in 2012 with a judgment in Kraz's
favor determining that Colonial Bank had improperly declared Kraz
in default and BB&T had "improvidently" sought foreclosure. The
state court reinstated the loan nunc pro tunc to June 30, 2009,
extended the maturity date to 14 months from the effective date of
the judgment, and directed Kraz to resume loan payments after the
parties agreed to a new payment schedule. BB&T appealed, and the
District Court of Appeal affirmed the judgment for Kraz. Kraz
resumed payments. The final balloon payment was due on April 28,
2015.
In October 2014, iStorage expressed an interest in purchasing the
property from Kraz, and ultimately offered $5,175,000. On Dec. 24,
2014, BB&T provided Kraz with an estoppel letter stating that the
payoff amount for the loan was approximately $6.9 million. Kraz
contended that this amount was inflated by the inclusion of
interest and attorney's fees to which BB&T was not entitled. Kraz
further contended -- and the bankruptcy court found -- that BB&T's
failure to provide an accurate estoppel caused the sale to iStorage
to fall through. Kraz thereafter filed a Chapter 11 bankruptcy
petition.
BB&T filed a proof of claim. Kraz responded by filing an adversary
complaint objecting to BB&T's claim and asserting various
affirmative claims against BB&T. Kraz's second amended complaint
asserted the following claims: objection to BB&T's proof of claim
(Count I), breach of contract (Count II), fraud (Count III),
constructive fraud (Count IV) fraudulent misrepresentation (Count
V), negligent misrepresentation (Count VI), slander of title (Count
VII), tortious interference (Count VIII), and willful violation of
the automatic stay (Count IX).
On June 10, 2016, the bankruptcy court granted BB&T's motion for
partial summary judgment, eliminating Kraz's claims for fraud,
fraudulent misrepresentation, negligent misrepresentation, and
violation of the automatic stay. This left for determination:
(1) Kraz's objection to the inclusion in BB&T's claim of amounts
for post-maturity default interest and real estate taxes, and
(2) Kraz's affirmative claims against BB&T for breach of
contract, constructive fraud, tortious interference, and slander of
title.
The case was tried in the bankruptcy court on June 13-14 and June
20, 2016. On April 18, 2017, the bankruptcy court entered findings
of fact and conclusions of law. The court found that Kraz intended
to sell its property to iStorage and thereby pay off the BB&T loan,
but BB&T's inflation of the loan balance in the December 2014
estoppel letter prevented the sale and thereby prevented Kraz from
tendering the balloon payment. Because BB&T had caused the default,
the court reasoned, BB&T could not recover claimed post-maturity
default interest.
Turning to BB&T's claim for recovery of approximately $290,000 in
real estate tax payments, the bankruptcy court described BB&T's
evidence as less than from claiming these amounts as a matter of
res judicata based on the final judgment in the state foreclosure
action. "compelling." The court, however, ultimately decided BB&T
was barred from claiming these amounts as a matter of res judicata
based on the final judgment in the state foreclosure action.
The bankruptcy court ruled for Kraz on its breach of contract
claim, finding that BB&T's breach of its contractual duty to
provide accurate estoppels caused the sale to iStorage to fall
through. The bankruptcy court found that, had the sale gone
through, Kraz could have avoided foreclosure and bankruptcy, and
therefore Kraz was entitled to recover as breach of contract
damages the fees and costs it had incurred in the bankruptcy case.
The bankruptcy court, on the other hand, ruled against Kraz on its
claims for constructive fraud, slander of title, and tortious
interference.
On June 26, 2017, the bankruptcy court entered a final judgment
based on its findings and conclusions. The Court allowed BB&T's
claim but excluded default interest and real estate taxes based on
Kraz's objections. The court further deducted from Kraz's debt to
BB&T the $1,180,000 in damages it found Kraz had suffered from
BB&T's breach of contract. After deducting payments made by Kraz,
the bankruptcy court's judgment provided BB&T with a secured claim
totaling $3,192,178.52 as of June 18, 2017. The court entered
judgment for BB&T on Kraz's claims for constructive fraud, slander
of title, and tortious interference. Pursuant to its earlier
summary judgment order, the bankruptcy court also entered judgment
for BB&T on Kraz's claims for fraud, fraudulent representation, and
violation of the automatic stay. BB&T appealed.
In December 2017, while Kraz's appeal to this Court was pending,
Kraz obtained the bankruptcy court's permission to sell the
property to a buyer free and clear of BB&T's lien. The bankruptcy
court required Kraz to place $2,306,457 from the sale proceeds in
escrow, subject to BB&T's lien, pending final resolution of the
matters determined by the bankruptcy court's judgment after BB&T's
appeal. The sale took place on March 27, 2018. It appears
undisputed the sale price was $6,450,000. BB&T was paid
$3,045,182.64 from the sale proceeds, an amount which is not
disputed, and $2,306,457 was placed in escrow.
Kraz I
BB&T prevailed on its appeal from the bankruptcy court's judgment.
Judge Whittemore held that the 2014 estoppel letter "did not modify
Kraz's contractual obligations to pay postmaturity default
interest" and that there was no record evidence to support a
finding that BB&T prevented Kraz from tendering the balloon payment
when it was due. Accordingly, the Court reversed the bankruptcy
court's ruling that BB&T was not entitled to post-maturity default
interest. The Court also ruled that res judicata did not bar BB&T
from seeking reimbursement for property tax payments. Finally, the
Court held that the bankruptcy court lacked authority to enter
final judgment on the breach of contract claim.
The district court therefore vacated the bankruptcy court's final
judgment and remanded the case to the bankruptcy court to determine
the merits of BB&T's claim for property taxes and enter to proposed
findings of fact and conclusions of law with regard to Kraz's
contract claim.
Kraz II
Judge Williamson had presided over the bankruptcy case, but he
passed away in November 2022. The case was then assigned to Chief
Bankruptcy Judge Caryl E. Delano and on Jan. 24, 2023, she entered
an order titled "Findings of Fact and Conclusions of Law on
Remand." This order addressed the remaining issues on BB&T's proof
of claim (Count I) in light of the district court's rulings as to
default interest and property tax payments. The court ruled that
BB&T was entitled to recover property taxes in the amount of
$288,091.74 and directed the parties to confer regarding the form
of a proposed final judgment.
The order also included proposed findings of fact and conclusions
of law on Kraz's breach of contract claim (Count II). The court
noted that Kraz had the burden of proving that BB&T's breach of
contract in failing to provide an accurate estoppel letter caused
Kraz's damages, which consisted of the fees and costs Kraz incurred
in the ensuing bankruptcy proceeding. The court held that it was
bound by the district court's ruling in Kraz I that the record
evidence did not support Kraz's claim that BB&T prevented Kraz from
tendering the balloon payment. The bankruptcy court concluded,
because this Court is bound by the District Court's ruling, the
Court concludes that BB&T's breach of its obligation to provide an
accurate estoppel letter was not the cause of Kraz's filing
bankruptcy and its incurrence of $1.18 million in fees and costs.
The court accordingly entered a proposed conclusion that BB&T was
entitled to judgment on Kraz's claim for breach of contract. Kraz
filed an objection to the bankruptcy court's proposed findings and
conclusions, and BB&T filed a response.
In June 2023, the bankruptcy court entered final judgment for BB&T
in the amount of $2,579,885.64, accruing interest at 5.08% per
annum from March 28, 2018. Kraz appealed to the District Court.
Kraz raises ten issues on appeal. Most of its arguments directly or
indirectly attack rulings by Judge Whittemore in Kraz I, the prior
appeal to this Court. Under the doctrine of law of the case, legal
rulings in a prior appeal are binding in a subsequent appeal and
will not be revisited.
According to the District Court, law of the case is subject to
three recognized exceptions:
(1) where there is new evidence on remand,
(2) where there has been an intervening change in the law, and
(3) where the rulings in the prior appeal constituted clear
error and following them would work a manifest injustice.
According to the District Court, Kraz points to no change in the
law or new evidence.
In Kraz I, Judge Whittemore prepared a detailed and carefully
reasoned opinion concluding that Kraz remained obligated to pay
post-maturity interest notwithstanding BB&T's failure to provide an
accurate estoppel. He addressed in detail, both in his original
opinion and in a written opinion on rehearing, whether the record
evidence supported a finding that BB&T prevented Kraz from
tendering payment before concluding it did not. Judge Whittemore
also explained his reasons for concluding the judgment of the state
court in the foreclosure action did not bar BB&T's claim for
property taxes under principles of res judicata. Even if one or
more of these rulings was arguably erroneous, none was clearly
erroneous under the standards set forth above, and the Court
declines to depart from these rulings in this appeal. Therefore,
the law of the case doctrine applies and forecloses Kraz's
arguments on Issues I through IV and VI through IX.
A copy of the Court's Order dated June 25, 2025, is available at
https://urlcurt.com/u?l=N8HQgW from PacerMonitor.com.
The case is In re: Kraz, LLC, Chapter 11, Debtors, CASE NO.
8:15-BK-07039-MGW (Bankr. M.D. Fla.).
Kraz, LLC, Debtor, is represented by:
Stephen R. Leslie, Esq.
Mark F. Robens, Esq.
STICHTER, RIEDEL, BLAIN & POSTLER, P.A.
110 East Madison Street, Suite 200
Tampa, FL 33602-4700
Phone: (813) 229-0144
Fax: (813) 229-1811
Email: srl@srbp.com
mfr@srbp.com
KS MATTSON: Seeks to Hire Hogan Lovells US as Bankruptcy Counsel
----------------------------------------------------------------
KS Mattson Partners, LP seeks approval from the U.S. Bankruptcy
Court for the Northern District of California to hire Hogan Lovells
US LLP as its general bankruptcy counsel.
The firm's services include:
a. advising the Debtor of its rights, powers, and duties as
debtor and debtor in possession continuing to operate and manage
its business and affairs under chapter 11 of the Bankruptcy Code;
b. preparing on behalf of the Debtor all necessary and
appropriate applications, motions, proposed orders, other
pleadings, notices, schedules, and other documents, and reviewing
all financial and other reports to be filed in the chapter 11 case;
c. advising the Debtor concerning, and preparing responses to,
applications, motions, other pleadings, notices, and other papers
that may be filed by other parties in the chapter 11 case;
d. advising the Debtor with respect to, and assisting in the
negotiation of, any financing agreements, sale agreements, and
related transactions that may be necessary in the chapter 11 case;
e. advising the Debtor regarding its ability to initiate
actions to collect and recover
property for the benefit of the estate;
f. advising and assisting the Debtor in connection with asset
dispositions;
g. advising and assisting the Debtor in negotiations with the
Debtor's stakeholders;
h. advising the Debtor concerning executory contract and
unexpired lease assumptions, assignments, and rejections;
i. advising the Debtor in connection with the formulation,
negotiation, and promulgation of a plan or plans under the
Bankruptcy Code, and related transactional documents;
j. advising the Debtor in connection with the Lefever Mattson
Debtors' pending motion for substantive consolidation;
k. assisting the Debtor in reviewing, estimating, and
resolving claims asserted against the Debtor's estate;
l. commencing, conducting, and/or defending in this Court
litigation that is necessary and appropriate to assert rights held
by the Debtor, and, as appropriate, protect assets of the Debtor's
estate, or otherwise further the goal of completing the Debtor's
successful liquidation or reorganization;
m. providing non-bankruptcy services for the Debtor to the
extent requested by the Debtor, including, among other things,
advice related to corporate governance or management in pending
litigation; and
n. performing all other necessary and appropriate legal
services in connection with the
chapter 11 case for or on behalf of the Debtor.
The firm will be paid at these hourly rates:
Partners $1,210 - $2,225
Associates and Counsel $690 - $1,555
Paralegals/Legal Support $200 - $675
Richard Wynne, partner of the law firm of Hogan Lovells US LLP,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtors and their
estates.
Hogan Lovells can be reached at:
Richard Wynne, Esq.
Hogan Lovells US LLP
1999 Avenue of the Stars, Suite 1400
Los Angeles, CA 90067
Phone: (310) 785-4602
Email: richard.wynne@hoganlovells.com
About KS Mattson Partners, LP
Creditors LeFever Mattson, a California corporation, and Windtree,
LP filed involuntary Chapter 11 petition against KS Mattson
Partners, LP (Bankr. N.D. Cal. Case No. 24-10715) on November 22,
2024. The creditor is represented by Thomas B. Rupp, Esq. at Keller
Benvenutti Kim LLP.
Judge Charles Novack presides over the case.
Richard Wynne, Esq. at Hogan Lovells US LLP represents the Debtor
as bankruptcy counsel.
LACKAWANNA ENERGY: S&P Assigns Prelim 'BB-' Rating on Secured Debt
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' preliminary rating and '2'
recovery rating to Lackawanna Energy Center LLC's (LEC) $900
million term loan B (TLB), $80 million term loan C (TLC), and $120
million revolving credit facility (RCF).
The '2' recovery rating indicates S&P's expectation for substantial
(70%-90%; rounded estimate: 75%) recovery in a default scenario.
The project will use proceeds from the TLB to repay two existing
TLBs and mezzanine debt at the holding company, and to pay
transaction-related expenses. The $120 million RCF and $80 million
TLC will replace the existing $120 million RCF and existing $82
million TLC.
S&P said, "Based on our view of industry factors and market-driven
variables, such as power demand and the pace and magnitude of the
retirement of uneconomical units, as well as commodity and capacity
pricing, we forecast a minimum debt service coverage ratio (DSCR)
of 1.36x and a median DSCR of 1.42x for LEC (including the
post-refinancing period).
"The stable outlook reflects our expectation of high levels of
availability and dispatch, as well as spark spreads in the
low-to-mid teens over the next few years. Based on these
assumptions, we project a total TLB balance of about $525 million
at maturity in 2032."
LEC is a 1,483 megawatt (MW) combined-cycle natural gas-fired power
plant in Jessup, Pa., in the Mid-Atlantic Area (MAAC) sub-region of
PJM. The plant commenced operations in 2019 and benefits from
stable long-term energy margins underpinned by a gas netback
agreement (GNA). The project was developed by Invenergy and has a
partnership with Global Infrastructure Partners, a part of
BlackRock.
LEC is proposing to issue a new TLB, TLC, and revolver to refinance
its existing capital structure. LEC will issue a $900 million
seven-year senior secured TLB due 2032, a $80 million seven-year
senior secured TLC due 2032, and a $120 million five-year senior
secured revolver due 2029. The project will use the TLB proceeds to
repay existing term loans and the holding company's mezzanine debt
of about $851 million, as well as transaction costs. The project
will replace the existing revolver and TLC with the new revolver
and TLC.
The project has had adequate operational performance, but financial
performance did not meet our expectations. Since the start of
operations, the project has maintained a solid operational track
record, with an average capacity factor of 78%. However, financial
results have fallen short. Following LEC's most recent issuance of
TLBs in mid-2023, the project has made the mandatory 1%
amortization payments on the TLBs, but without additional cash
sweeps. This underperformance is primarily attributed to weak
market conditions in 2023, when realized spark spreads after
hedging averaged approximately $11/megawatt hour (MWh), and
capacity prices were suppressed at $49.49/megawatt day (MW-day). In
addition to the impact of lower power prices, the GNA--which links
gas prices to power prices--did not favor LEC in a high market heat
rate environment. In 2023, the project generated unlevered free
cash flows of $35 million. It needed to draw $47 million on the
RCFs to cover its debt service needs. In contrast, 2024 financial
results showed improvement. LEC benefited from its energy hedge,
realizing an average spark spread of approximately $19/MWh.
Although capacity price remained low at $49.49/MW-day, the project
generated $105 million in unlevered free cash flow and was able to
repay a portion of the revolver balance outstanding. The trend
continued in the first quarter of 2025, during which LEC generated
excess free cash flow and repaid an additional $15 million of the
revolver. As of the end of first-quarter 2025, the remaining
balance on the revolver was $17 million.
S&P said, "With near-to-medium term tailwinds in the power market,
we believe LEC's CFADs will increase. In the near-to-medium term,
with data centers coming online, the current shortage of power
supply, and grid interconnection queue issues, we anticipate power
prices will rise. This should enable the project to generate higher
energy margins. In addition, with higher cleared capacity prices
and our assumed long-term capacity price outlook, we expect the
project's CFADS will improve compared with historical levels. For
the 2025-2026 delivery year, capacity prices cleared at
$269.49/MW-day in PJM MAAC, which is expected to result in
approximately $80 million in incremental cash flows compared with
the previous delivery year. Given LEC's proven operational
performance track record, we anticipate the project will generate
higher CFADS than in previous years and will be able to sweep a
portion of CFADS toward TLB paydown during the TLB term.
"Due to a higher debt balance from refinancing, combined with
normalized spark spreads over the long term, we expect overall
DSCRs to decrease. Although CFADSs is projected to be higher in the
near-to-medium term, the increased debt balance will result in
rising debt service obligations, reducing the excess cash flow
available for TLB paydown. In the long term, we anticipate spark
spreads will normalize as more renewables and potentially other
technologies come online to increase power supply, which is
expected to reduce the project's CFADS. Taking all these factors
into account, we project a minimum DSCR of 1.36x and a median DSCR
of 1.42x during the post-refinancing period. Although we believe
the forecast DSCR remains consistent with the current rating, it is
lower than our existing DSCR levels.
"The stable outlook reflects our expectation that LEC would
generate at least a minimum DSCR of 1.36x through the project's
life, which includes the post-refinancing period (2033-2048). Based
on our view of the current market environment, we project the total
TLB balance of about $525 million at maturity in 2032."
S&P could take a negative rating action if:
-- LEC is unable to sustain a minimum DSCR of 1.35x. This could
result from lower-than-expected capacity factors, weaker energy
margins, decreased capacity prices, or operational problems such as
forced outages and lower plant availability; or
-- The project's cash flow sweeps are lower than S&P's forecast,
leading to a higher-than-expected debt balance at maturity and,
consequently, a weaker minimum DSCR, absent any other mitigating
factors.
Although unlikely during our outlook period, S&P could consider an
upgrade if it believes LEC can achieve a minimum DSCR of at least
1.8x, including during the refinancing period. This outcome would
largely stem from highly favorable business conditions that lead to
widening spark spreads or from higher-than-expected capacity
pricing, while maintaining robust operational performance.
LAUTARO GROUP: Seeks Chapter 11 Bankruptcy in D.C.
--------------------------------------------------
On July 13, 2025, Lautaro Group LLC filed Chapter 11 protection in
the U.S. Bankruptcy Court for the District of Columbia. 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 Lautaro Group LLC
Lautaro Group LLC, operating under the website lunasdc.com, is a
food service business based in Washington, DC.
Lautaro Group LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.C. Case No. 25-00270) on July 13, 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 The Law Office of Robert S. Brandt.
LLW CONSTRUCTION: Amy Denton Mayer Named Subchapter V Trustee
-------------------------------------------------------------
The U.S. Trustee for Region 21 appointed Amy Denton Mayer of
Stichter Riedel Blain & Postler, P.A. as Subchapter V trustee for
LLW Construction, Inc.
Ms. Mayer will be paid an hourly fee of $350 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Mayer declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Amy Denton Mayer
Stichter Riedel Blain & Postler P.A.
110 East Madison Street, Suite 200
Tampa, FL 33602
Phone: (813)229-0144
Email: amayer@subvtrustee.com
About LLW Construction Inc.
LLW Construction Inc., doing business as Adeline Custom Homes, is a
construction company specializing in residential and commercial
projects. It operates with a network of experienced project
managers, subcontractors, and suppliers. Founded by Michal and Mary
Winiarek, the Company emphasizes hands-on expertise and
client-centered service in its operations.
LLW Construction sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04229) on June 23,
2025. In its petition, the Debtor reports total assets of $63,757
and total liabilities of $1,865,048.
Judge Roberta A. Colton handles the case.
The Debtor is represented by Buddy D. Ford, Esq., at Ford & Semach,
P.A.
M&M BEDDING: Angela Shortall of 3Cubed Named Subchapter V Trustee
-----------------------------------------------------------------
The Acting U.S. Trustee for Region 4 appointed Angela Shortall of
3Cubed Advisory Services, LLC, as Subchapter V trustee for M&M
Bedding, LLC.
Ms. Shortall will be paid an hourly fee of $525 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Shortall declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Angela L. Shortall
3Cubed Advisory Services, LLC
111 S. Calvert St., Suite 1400
Baltimore, MD 21202
Phone: 410-783-6385
About M&M Bedding
M&M Bedding LLC, a Halethorpe, Md.-based company that owns and
operates a bedding store, filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No.
21-13606) on May 28, 2021, disclosing total assets of up to $1
million and total liabilities of up to $10 million. Judge Michelle
M. Harner presides over the case. Ronald Drescher, Esq., at
Drescher & Associates, P.A., represents the Debtor as legal
counsel.
On June 1, 2021, Marc E. Albert was appointed as Chapter 11
Subchapter V trustee of the Debtor's estate. The trustee tapped
Stinson, LLP as his legal counsel.
MACON ARTS: Plan Exclusivity Period Extended to October 1
---------------------------------------------------------
Judge Robert M. Matson of the U.S. Bankruptcy Court for the Middle
District of Georgia extended Macon Arts Center, LLC's exclusive
periods to file a plan of reorganization and obtain acceptance
thereof to October 1 and November 30, 2025, respectively.
As shared by Troubled Company Reporter, the Debtor believes it has
reasonable prospects for filing a viable plan. However, it needs
additional time to formulate and negotiate a plan and prepare the
required adequate information. Debtor's request for additional time
is warranted as Debtor has proven to be an active and effective
debtor-in-possession. The Debtor should be entitled to retain
control over the reorganization process.
The Debtor explains that it is generally paying its post-petition
debts as they come due and believes it will have sufficient cash to
continue paying its post-petition obligations as they come due.
Debtor is also satisfying its non-financial obligations, including
its obligations to file monthly operating reports. Debtor's
performance in this regard supports its request for extension,
further reducing potential risk to the reorganization process (and
administrative creditors) if the extensions are granted.
The Debtor asserts that it does not seek the extensions to delay
the reorganization or to pressure the creditors to accede to a plan
that they might find unacceptable. To the contrary, Debtor seeks
the extensions to provide it with time to attempt to reach a
consensus on a confirmable plan of reorganization and the creation
of viable, sustainable reorganized Debtor. Debtor's earnestness in
this regard cannot be challenged. At this early stage, a relatively
short extension of the Exclusive Periods will not harm or prejudice
any party-in-interest.
About Macon Arts Center, LLC
Macon Arts Center LLC, also known as The Mac, is a dynamic live
entertainment venue offering a wide range of experiences. Spanning
9.52 acres with over 30,000 square feet of operational space, it
hosts a variety of events, including indoor and outdoor live
concerts, corporate gatherings, film productions, private parties,
theatrical performances, and much more.
Macon Arts Center LLCsought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-50167) on February 3,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
The Debtor is represented by:
Christopher W. Terry, Esq.
BOYER TERRY LLC
348 Cotton Avenue, Suite 200
Macon, GA 31201
Tel: (478) 742-6481
Fax: (770) 200-9230
E-mail: Chris@boyerterry.com
MAIBACH ENERGY: Hires Railmover.Com as Sales Broker
---------------------------------------------------
Maibach Energy, LLC, seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Pennsylvania to employ Railmover.Com as
sales broker.
The firm will be a broker for the sale of a locomotive, a GE Center
Cab Locomotive B160/160-4 GE 747, serial 32343 built in 1955.
The firm will be paid at a rate of ten percent commission of the
gross sales price.
David Goff, a partner at Railmover.Com, disclosed in a court filing
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
David Goff, Esq.
Railmover.Com
11811 N Tatum Blvd Ste 3031
Phoenix, AZ 85028-1621
Tel: (413) 237-4209
About Maibach Energy, LLC
Maibach Energy, LLC is the parent company for Lancaster Propane Gas
brand. The Lancaster, Pa.-based company offers tank sales and
leases, propane delivery, and tank installation and services.
Maibach Energy filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. E.D. Pa. Case No. 24-13122) on
September 4, 2024, listing $1,743,971 in assets and $202,498 in
liabilities. William Wheaton, member, signed the petition.
Judge Patricia M Mayer oversees the case.
CGA Law Firm serves as the Debtor's bankruptcy counsel.
MAKO FORESTRY: Hires Silver Voit Garrett & Watkins as Counsel
-------------------------------------------------------------
Mako Forestry Corporation seeks approval from the U.S. Bankruptcy
Court for the Southern District of Alabama to hire Silver Voit
Garrett & Watkins to handle its Chapter 11 case.
The firm will be paid at these rates:
Irving Silver $425 per hour
Lawrence B. Voit $425 per hour
Alexandra K. Garrett $395 per hour
Jason R. Watkins $395 per hour
Mechelle Musgrove $300 per hour
Olga Hock, paralegal $115 per hour
The firm was paid a pre-petition retainer in the amount of $20,000,
which includes filing fee of $1,738.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Alexandra K. Garrett, Esq., a partner at Silver Voit Garrett &
Watkins, 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:
Alexandra K. Garrett, Esq.
Jason R. Watkins, Esq.
Silver Voit Garrett & Watkins,
Attorneys at Law, P.C.
4317-A Midmost Dr.
Mobile, AL 36609-5589
Tel: (251) 343-0800
Email: agarrett@silvervoit.com
jwatkins@silvervoit.com
About Mako Forestry Corporation
Mako Forestry Corporation is a forestry company based in Gulf
Shores, Alabama. It provides timber management, harvesting, or
related forestry services in the region.
Mako Forestry Corporation sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Ala. Case No. 25-11769) on July
7, 2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
The Debtors are represented by Alexandra K. Garrett, Esq., at
Silver Voit Garrett & Watkins.
MARRS CONSTRUCTION: Hires Purple Wave Inc as Auctioneer
-------------------------------------------------------
Marrs Construction, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Arizona to hire Purple Wave, Inc. as
auctioneer.
Purple Wave will market the Debtor's equipment to prospective
purchasers, to advise the Debtor with respect to marketing and
auctioning the equipment, and to auction and sell the equipment to
generate funds for the estate.
Purple Wave's fee will be $100 per lot and a 3 percent seller's fee
of the sale proceeds, plus reimbursement of reasonable and
necessary expenses.
As disclosed in the court filing, Purple Wave, Inc. is a
"disinterested person" as the term is defined in 11 U.S.C. Sec.
101(14).
The firm can be reached through:
Stuart Symmonds
Purple Wave, Inc.
825 Levee Dr.
Manhattan, KS 66502
Phone: (866) 608-9283
About Marrs Construction Inc.
Marrs Construction, Inc. is a Phoenix-based contractor that
provides demolition, excavation, earthwork, site preparation, civil
utility, and paving services. The Company serves both residential
and commercial projects across the greater Phoenix area.
Marrs Construction sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 25-04964) on May 30,
2025. In its petition, the Debtor reported total assets of
$10,177,042 and total liabilities of $12,177,492.
Christopher C. Simpson, Esq., at Osborn Maledon, P.A. is the
Debtor's legal counsel.
KS StateBank, as secured creditor, is represented by:
Brian Sirower, Esq.
Jason D. Curry, Esq.
Anthony F. Pusateri, Esq.
Quarles & Brady, LLP
Renaissance One
Two North Central Avenue
Phoenix, AZ 85004-2391
Phone: (602) 229-5200
E-mail: brian.sirower@quarles.com
jason.curry@quarles.com
anthony.pusateri@quarles.com
MDM RESTORATION: A. Shortall Named Successor Subchapter V Trustee
-----------------------------------------------------------------
The Acting U.S. Trustee for Region 4 appointed Angela Shortall of
3Cubed Advisory Services, LLC, as Successor Subchapter V trustee
for MDM Restoration Inc.
Ms. Shortall will be paid an hourly fee of $525 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Shortall declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Angela L. Shortall
3Cubed Advisory Services, LLC
111 S. Calvert St., Suite 1400
Baltimore, MD 21202
Phone: 410-783-6385
About MDM Restoration
MDM Restoration, Inc. helps those who need disaster recovery and
building restoration services, whether with fire damage and smoke
removal or storm and wind damage.
MDM Restoration sought relief under Subchapter V of Chapter 11 of
the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 24-11984) on
October 25, 2024, with total assets of $72,179 and total
liabilities of $1,075,612. Roberto Antonio Fuenttes Ventura,
director and owner, signed the petition.
The Debtor is represented by Richard G. Hall, Esq.
MEMPHIS RISE ACADEMY: S&P Lowers ICR to 'BB', Outlook Stable
------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating (ICR) to 'BB'
from 'BB+' on Memphis Rise Academy (MRA), Tenn.
The outlook is stable.
The rating action reflects S&P's view of the school's fiscal
imbalance, with insufficient debt service coverage and thin
liquidity in recent years.
S&P said, "We analyzed environmental and social factors and
consider them neutral in our credit rating analysis. We view
governance factors, specifically risk management, culture, and
oversight, as elevated because of the recent financial shortfalls
and multiple years of covenant violations.
"The stable outlook reflects our expectation that MRA's financial
profile will stabilize, with sufficient DSC in fiscal 2026, and
that the school will begin to build liquidity with updated
budgetary practices to reduce annual expenditures and limit
shortfalls. Furthermore, we do not anticipate that MRA will issue
additional debt within the outlook period.
"We could consider a lower rating if the school posts deficit
operations or if reserves do not improve as expected in fiscal
2025. We could also consider a negative rating action if there is
any deterioration in demand.
"While we view this as unlikely at this time, we could consider a
positive rating action if the school materially improves and
sustains operating performance, coverage, and liquidity, allowing
it to meet financial covenants, while maintaining demand."
MERIT STREET: Dr. Phil Starts New Media Firm After Ch. 11 Filing
----------------------------------------------------------------
Hannah Miller of Bloomberg Law reports that Phil McGraw, widely
known as "Dr. Phil," is launching a new media company, Envoy Media
Co., after the bankruptcy of his previous venture, Merit Street
Media.
Envoy Media aims to offer live, balanced news, original
entertainment, and interactive viewer experiences across both
traditional and emerging platforms, according to a statement
released Monday, July 14, 2025.
Television host Steve Harvey, a former investor in Merit Street,
will create and produce original programming for the new company.
Envoy also plans to introduce an app that allows citizen
journalists to share stories from their communities.
About Merit Street Media
Merit Street Media is a television and media content production and
distribution company based in Fort Worth, Texas. It appears to
focus on creating, producing, and distributing television content,
maintaining business relationships with major cable providers
including DIRECTV and DISH Network, as well as numerous television
stations and production companies.
Merit Street Media sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80156) on July 2,
2025, before the Hon. Scott W. Everett. In its petition, the Debtor
reports estimated assets and liabilities between $100 million and
$500 million.
The Debtor is represented by Sidley Austin LLP as bankruptcy
counsel. Epiq Corporate Restructuring, LLC serves as Claims,
Noticing, and Solicitation Agent, effective as of the Petition
Date.
MERIT STREET: Hires Epiq Corporate as Claims and Noticing Agent
---------------------------------------------------------------
Merit Street Media, Inc seeks approval from the U.S. Bankruptcy
Court for the Northern District of Texas to employ Epiq Corporate
Restructuring, LLC as claims, noticing, and solicitation agent.
The firm's services include:
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;
b. prepare an official ballot certification and, if necessary,
testify in support of the ballot tabulation results;
c. assist with the preparation of the Debtor's 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.
The firm will be paid at these rates:
IT / Programming $65 to $95 per hour
Case Managers $150 to $185 per hour
Consultants/ Directors/
Vice Presidents $185 to $195 per hour
Solicitation Consultant $205 per hour
Executive Vice President,
Solicitation $215 per hour
Prior to the petition date, the firm received a retainer in the
amount of $25,000 from the Debtor.
In addition, the firm will seek reimbursement for its out-of-pocket
expenses.
Mr. Warso 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:
Alex Warso
Epiq Corporate Restructuring, LLC
311 S. Wacker Drive, Suite 350
Chicago, IL 60606
Telephone: (212) 225-9200
About Merit Street Media
Merit Street Media is a television and media content production and
distribution company based in Fort Worth, Texas. It appears to
focus on creating, producing, and distributing television content,
maintaining business relationships with major cable providers
including DIRECTV and DISH Network, as well as numerous television
stations and production companies.
Merit Street Media sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80156) on July 2,
2025, before the Hon. Scott W. Everett. In its petition, the Debtor
reports estimated assets and liabilities between $100 million and
$500 million.
The Debtor is represented by Sidley Austin LLP as bankruptcy
counsel. Epiq Corporate Restructuring, LLC serves as Claims,
Noticing, and Solicitation Agent, effective as of the Petition
Date.
MERIT STREET: Hires Epiq Corporate as Claims and Noticing Agent
---------------------------------------------------------------
Merit Street Media, Inc seeks approval from the U.S. Bankruptcy
Court for the Northern District of Texas to employ Epiq Corporate
Restructuring, LLC as claims, noticing, and solicitation agent.
The firm's services include:
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;
b. prepare an official ballot certification and, if necessary,
testify in support of the ballot tabulation results;
c. assist with the preparation of the Debtor's 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.
The firm will be paid at these rates:
IT / Programming $65 to $95 per hour
Case Managers $150 to $185 per hour
Consultants/ Directors/
Vice Presidents $185 to $195 per hour
Solicitation Consultant $205 per hour
Executive Vice President,
Solicitation $215 per hour
Prior to the petition date, the firm received a retainer in the
amount of $25,000 from the Debtor.
In addition, the firm will seek reimbursement for its out-of-pocket
expenses.
Mr. Warso 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:
Alex Warso
Epiq Corporate Restructuring, LLC
311 S. Wacker Drive, Suite 350
Chicago, IL 60606
Telephone: (212) 225-9200
About Merit Street Media
Merit Street Media is a television and media content production and
distribution company based in Fort Worth, Texas. It appears to
focus on creating, producing, and distributing television content,
maintaining business relationships with major cable providers
including DIRECTV and DISH Network, as well as numerous television
stations and production companies.
Merit Street Media sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80156) on July 2,
2025, before the Hon. Scott W. Everett. In its petition, the Debtor
reports estimated assets and liabilities between $100 million and
$500 million.
The Debtor is represented by Sidley Austin LLP as bankruptcy
counsel. Epiq Corporate Restructuring, LLC serves as Claims,
Noticing, and Solicitation Agent, effective as of the Petition
Date.
MITEL NETWORKS: S&P Assigns 'CCC+' ICR, Outlook Negative
--------------------------------------------------------
S&P Global Ratings assigned its 'CCC+' issuer credit rating to
global communications service provider Mitel Networks
(International) Ltd. to reflect its improved capital structure and
lower fixed charges (interest and debt amortization).
S&P said, "At the same time, we assigned our 'B' issue-level rating
to the company's $20 million tranche A-1 term loan maturing in
2028. The recovery rating is '1', indicates our expectation for
very high (90%-100%; rounded estimate: 95%) recovery in the event
of a default. We also assigned a 'CCC+' issue-level rating to its
$124 million tranche A-2 term loan maturing in 2030. The recovery
rating is '3', indicating our expectation for meaningful (50%-70%;
rounded estimate: 50%) recovery in the event of a default."
The negative outlook reflects the risk that Mitel's liquidity
cushion could narrow if it underperforms our expectations. While
the transaction has provided Mitel with near-term relief, in S&P's
view, the risk of a subsequent default or distressed exchange is
still elevated, given its tight liquidity cushion and execution
risk.
On June 20, 2025, Mitel Networks emerged from Chapter 11
bankruptcy, through which it restructured $1.31 billion of its
previously outstanding debt.
The restructuring reduced the company's debt load by 88% to $161
million and enhanced its financial flexibility.
Despite Mitel's significantly lower debt load, S&P forecasts a
potential cash flow deficit should the company underperform its
growth strategy. Pro forma for the transaction, the company had $68
million of cash on its balance sheet (similar to its year-end 2024
cash balance) and no availability under its $17 million asset-based
lending (ABL) revolving credit facility. Mitel has significant
nonrecurring charges planned through 2026 comprising of major
restructuring expenses and bankruptcy-related professional fees.
Our negative outlook reflects the risk that Mitel's liquidity
cushion could deteriorate should there be a larger-than-anticipated
FOCF deficit stemming from slower than expected revenue growth or
operational challenges. S&P's rating incorporates the execution
risks associated with management's turnaround plan and its
relatively lengthy ramp-up period. As Mitel continues to right-size
its business, S&P expects its one-time costs will moderate starting
in the fourth quarter of 2026 and lead to a rebound in its
operating performance and FOCF generation.
Mitel's capital structure has significantly improved from lower
debt load, providing it with some flexibility. Through its
bankruptcy proceedings, the company reduced its debt burden by 88%
to about $161 million (from almost $1.31 billion) as of the end of
its second quarter (ended June 30, 2025). Mitel's new capital
structure comprises a $20 million tranche A-1 term loan due 2028
and a $124 million tranche A-2 term loan (including $45 million of
new money and $79 million of the rolled over debtor-in-possession
[DIP] term loan) due 2030. The company's debt balance also includes
$17 million of outstanding borrowings under its ABL revolving
credit facility due 2027, which it rolled over following its
emergence from bankruptcy.
S&P said, "Following the restructuring, we believe the company
benefits from lower fixed charges, especially given the reduction
of its annual interest expense to about $21 million from $157
million in 2024. Additionally, Mitel is able to pay a portion of
the interest on both term loans as paid-in-kind (PIK) and its
annual cash interest expense will be only about $12 million,
providing it with additional flexibility. We believe the company's
improved capital structure will allow it to focus and execute on
its turnaround strategy. Management's strategy is currently
centered on achieving continued cost savings, growing its hybrid
service offerings for enterprise customers, and servicing its
existing customer base to increase its retention.
"Despite these positive post-emergence developments, our rating
considers the significant project ramp-up period projected for its
turnaround plan, as well as our expectation that it will materially
improve its performance starting in mid- to late-2026. Our rating
further considers the company's reputation risk following its
bankruptcy filing and its positioning in the highly competitive
unified-communications (UC) space."
Mitel operates in highly saturated market verticals, which may
constrain its growth. While the company operates primarily as an
on-premise UC provider (legacy market in a secular decline), it
provides its Unified Communications as a Service (UCaaS)
capabilities through its partnership with Zoom. The UCaaS markets
is mature and highly competitive, particularly in North America and
Europe, which limits the organic growth opportunities for mid-tier
players like Mitel. Major players such as Zoom and Teams currently
dominate the market, which pressures the margins of their
competitors.
UCaaS adoption surged during the COVID-19 pandemic. Since then, the
pace of expansion has decelerated as penetration nears saturation,
especially in developed regions. As the functional differences
between communication platforms continues to narrow, competition is
increasingly centered on price, which increases the risk of
commoditization. In the adjacent Call Center as a Service (CCaaS)
markets, Genesys has emerged as a leader by gaining market share
through aggressive pricing, which highlights the competitive
intensity across the broader communications landscape.
S&P said, "We expect credit metrics will improve as it progresses
through its restructuring plan. Pro forma for the transaction, the
company's S&P Global Ratings-adjusted leverage stood at 5.7x,
compares to over 20.0x as of year-end 2024. Given its elevated
restructuring and bankruptcy related costs, we expect Mitel's
leverage will trend higher over the coming quarters before
improving below 5x in 2026.
"The company recently won new contracts for hybrid service
offerings in the enterprise segment, which--absent significant
churn--will likely support an increase in its revenue next year. We
also project Mitel's performance will recover toward the end of
next year due to the moderation of its one-time costs and the
realization of operational improvement from its implemented cost
savings. Our projections indicate the company will likely improve
its leverage to the 4x-5x range and its FOCF to debt to the 4%-5%
range in 2026. That said, we note our projections are more
conservative than management's projections and reflect our view of
the ramp-up period, the company's market position, and the UC
industry dynamics."
Despite undergoing bankruptcy proceedings, Mitel has largely
retained its customer base. The company holds a leading position
(about 18% market share) in the installed base of UC seats, which
compares with the combined 30% share held by its competitors Avaya
and Cisco. Notably, 51% of Mitel's seats are in the enterprise
segment. During its bankruptcy proceedings, the company experienced
limited churn, although some of its customers postponed signing new
deals during the second quarter.
Historically, Mitel's partnership with RingCentral focused on
small- to medium-size businesses. However, following its
acquisition of Unify, the company is now focusing its strategy
toward expanding its presence in the enterprise segment. In 2024,
Mitel secured several large, multi-year contracts across the
financial services, government, and health care sectors. A
significant portion of its enterprise seats are in countries or
industries that feature demanding regulatory and business
continuity requirements, as well as a preference for the hybrid
model. S&P believes Mitel's recent partnership with Zoom (started
September 2024) better aligns its offerings with its customers'
needs, and can potentially improve retention if it executes well.
The company's hybrid strategy differentiates it from pure cloud
players like RingCentral and Zoom. However, Mitel is among several
providers offering a hybrid approach and continues to support both
on-premise and cloud infrastructure. The hybrid model enables large
enterprises to transition to the cloud gradually, thus minimizing
operational disruptions.
The negative outlook reflects the risk that Mitel's liquidity
cushion could narrow if it underperforms our expectations. While
the transaction has provided Mitel with near-term relief, in S&P's
view, the risk of a subsequent default or distressed exchange is
still elevated, given its tight liquidity cushion.
S&P could lower its ratings on Mitel if it sees heightened risk for
a distressed debt restructuring or payment default, which could
occur if:
-- Greater-than-expected cash burn significantly weakens the
company's liquidity relative to current levels, resulting in a
likely inability to meet its debt servicing obligations and net
working capital needs over the next 12 months;
-- Mitel experiences worse-than-expected or sustained revenue
declines because of weak customer demand, elevated customer churn,
or operational challenges; or
-- S&P believed persistent business challenges and rising
liquidity pressures could lead to a subsequent restructuring or
similar transaction in the next 12 months.
S&P could revise its outlook on Mitel to stable or raise irs
ratings if:
-- It demonstrates sustained revenue growth and EBITDA margins in
the high-single-digit percent area; and
-- Generates positive FOCF while maintaining a sufficient
liquidity cushion.
MMNTAG LLC: Hires DeMarco·Mitchell PLLC as Legal Counsel
---------------------------------------------------------
MMNTAG, LLC seeks approval from the U.S. Bankruptcy Court for the
Northern District of Texas to employ DeMarco·Mitchell, PLLC as
counsel.
The firm will provide these services:
a. take all necessary action to protect and preserve the
Estate, including the prosecution of actions on its behalf, the
defense of any actions commenced against it, negotiations
concerning all litigation in which it is involved, and objecting to
claims;
b. prepare on behalf of the Debtor all necessary motions,
applications, answers, orders, reports, and papers in connection
with the administration of the estate;
c. formulate, negotiate, and propose a plan of reorganization;
and
d. perform all other necessary legal services in connection
with these proceedings;
The firm will be paid at these rates:
Robert T. DeMarco, Attorney $400 per hour
Michael S. Mitchell, Attorney $300 per hour
Barbara Drake, Paralegal $125 per hour
The firm received from the Debtor a retainer in the amount of
$10,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Robert DeMarco, Esq., a partner at Demarco·Mitchell PLLC,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Robert T. DeMarco, Esq.
Michael S. Mitchell, Esq.
Demarco Mitchell PLLC
12770 Coit Road, Suite 850
Dallas, TX 75251
Tel: (972) 578-1400
Fax: (972) 346-6791
Email robert@demarcomitchell.com
mike@demarcomitchell.com
About MMNTAG LLC
MMNTAG LLC, operating as Marco's Pizza, has filed for Chapter 11
bankruptcy protection in the Northern District of Texas. Marco's
Pizza is a national pizza chain that specializes in authentic
Italian pizza with fresh dough made daily, a proprietary cheese
blend, and secret pizza sauce recipe. It offers a menu of pizza,
subs, salads, and other Italian-inspired dishes in their
restaurants.
MMNTAG LLC sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Tex. Case No. 25-42360) on June 30, 2025. In its
petition, the Debtor reports estimated assets up to $50,000 and
estimated liabilities between $500,000 and $1 million.
DeMarco Mitchell, PLLC is the Debtor' bankruptcy counsel and
Akerman LLP is its counsel.
MOFUS DOMUS: Seeks to Hire Keith Y. Boyd P.C. as Counsel
--------------------------------------------------------
Mofus Domus, LLC seeks approval from the U.S. Bankruptcy Court for
the District of Oregon to employ Keith Y. Boyd, P.C. to handle its
Chapter 11 case.
The firm will be paid at these rates:
Keith Y. Boyd $445 per hour
Melissa A. Arnold, ACP $185 per hour
Law Clerk $200 per hour
Legal Assistants $115 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Prior to filing, the firm received from the Debtor retainer
payments of $1,738 on June 3, 2025, $3,000 on June 9, 2025, and
$12,000 on June 25, 2025.
The firm applied $5,250 of the attorney fee retainer to prepetition
attorney fees and $1,742.37 of the costs retainer to costs
including the filing fee. The remainder of the retainer received,
$16,738 will be held pending further court approval.
Keith Y. Boyd, Esq., a partner at The Law Offices of Keith Y. Boyd,
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:
Keith Y. Boyd, Esq.
The Law Offices of Keith Y. Boyd
724 S. Central Ave., Suite 106
Medford, OR 97501
Tel: (541) 973-2422
Fax: (541) 973-2426
Email: keith@boydlegal.net
About Mofus Domus, LLC
Mofus Domus LLC is a single-asset real estate debtor, as defined in
11 U.S.C. Section 101(51B).
Mofus Domus LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Or. Case No. 25-32147) on June 2, 2025.
In its petition, the Debtor reports estimated assets between
$500,000 and $1 million and estimated liabilities between $1
million and $10 million.
Honorable Bankruptcy Judge Peter C. McKittrick handles the case.
The Debtors are represented by Keith Y. Boyd, Esq. at KEITH Y BOYD,
PC.
MOGULS INDUSTRIES: Seeks to Hire Cooney Law Offices as Counsel
--------------------------------------------------------------
Moguls Industries LLC seeks approval from the U.S. Bankruptcy Court
for the Western District of Pennsylvania to hire Cooney Law
Offices, LLC as counsel.
Cooney Law will assist the Debtor in the administration of its
Estate and to represent the Debtor on matters involving legal
issues that are present or are likely to arise in the case, to
prepare any legal documentation on behalf of the Debtor, to review
reports for legal sufficiency, to furnish information regarding
legal actions and their resulting consequences, and for all
necessary legal services connected with Chapter 11 proceedings,
including the prosecution and/or defense of any adversary
proceedings.
The firm will be paid at these rates:
Ryan J. Cooney $400
James R. Cooney $425
Paul R. Toigo $325
Paralegal $150
Ryan Cooney, Esq., disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reach through:
Ryan J. Cooney, Esq.
Cooney Law Offices LLC
223 Fourth Avenue, 4th Fl.
Pittsburgh, PA 15222
Telephone: (412) 546-1234
Facsimile: (412) 546-1235
Email: rcooney@cooneylawyers.com
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 COMPANIES: Deadline for Panel Questionnaires Set for July 16
-------------------------------------------------------------------
The United States Trustee is soliciting members for committee of
unsecured creditors in the bankruptcy cases of Mosaic Companies,
LLC, 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/3uk8fea4 and return by email it to
Benjamin A. Hackman -- Benjamin.A.Hackman@usdoj.gov and Joseph
McMahon -- Joseph.McMahon@usdoj.gov at the Office of the United
States Trustee so that it is received no later than Wednesday July
16, 2025, at 4:00 p.m.
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 Mosaic Companies LLC
Mosaic Companies, LLC provides stone, tile, and surface products
through its subsidiaries Walker & Zanger, LLC and Surfaces
Southeast, LLC. The Company operates showrooms and slab galleries
across the U.S., distributing under the Walker Zanger and Anthology
brands, and supplies mosaic and specialty wall tiles to commercial
clients. It is based in Smyrna, Georgia, and Hialeah, Florida.
Mosaic Companies and its affiliates sought protection under Chapter
11 of the Bankruptcy Code (Banks. D. Del., Lead Case No, 25-11296)
on July 8, 2025. In the petition, the Lead Debtor reported
estimated assets of $10 million to $50 million, and estimated
liabilities of $100 million to $500 million.
The Honorable Judge Craig T. Goldblatt presides over the cases.
The Debtors are represented by Morris, Nichols, Arsht & Tunnell
LLP. Berkley Research Group, LLC serves as financial advisor to
the Debtors, Eversheds Sutherland US LLP serves as APA-related
counsel, and Epiq Corporate Restructuring LLC acts as claims and
noticing agent to the Debtors.
MOSAIC COMPANIES: Taps Epiq Corporate as Claims and Noticing Agent
------------------------------------------------------------------
Mosaic Companies, LLC and its affiliates seek approval from the
U.S. Bankruptcy Court for the District of Delaware to hire Epiq
Corporate Restructuring, LLC as claims and noticing agent.
Epiq will oversee the distribution of notices and will assist in
the maintenance, processing, and docketing of proofs of claim filed
in the Chapter 11 cases of the Debtors.
The firm will be paid at these hourly rates:
Executive Vice President, Solicitation $190
Solicitation Consultant $190
Project Managers/Consultants/Directors $170 - $185
Case Managers $85 - $170
IT/Programming $45 - $70
In addition, the firm will seek reimbursement for expenses
incurred.
Sophie Frodsham, a senior director at Epiq, disclosed in court
filings that her firm is "disinterested" as defined in Section
101(14) of the Bankruptcy Code.
Epiq can be reached through:
Sophie Frodsham
Epiq Bankruptcy Solutions, LLC
777 Third Avenue, 12th Floor
New York, NY 10017
Phone: (646) 282-2523
About Mosaic Companies, LLC
Mosaic Companies, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No.
25-11296) on July 8, 2025. At the time of filing, the Debtor
estimated $10,000,001 to $50 million in assets and $100,000,001 to
$500 million in liabilities.
Judge Craig T Goldblatt presides over the case.
Sophie Rogers Churchill, Esq. at Morris, Nichols, Arsht & Tunnell
LLP represents the Debtor as counsel.
MSG: Davis Polk Advised Lender in Out-of-Court Debt Restructuring
-----------------------------------------------------------------
Davis Polk advised the administrative agent and a term loan lender
to MSGN Holdings, L.P. (together with its subsidiaries and certain
affiliates, MSG Networks) on a comprehensive out-of-court
restructuring of more than $800 million of MSG Networks' existing
indebtedness. The transaction entailed, among other things, an $80
million cash payment by MSG Networks to the existing term loan
lenders, an amendment to the existing term loan facility that
resulted in $210 million of takeback term loans for existing term
loan lenders, the issuance of certain contingent interest units to
the existing term loan lenders that entitle the lenders to receive
up to $100 million in the aggregate, and amendments to certain of
MSG Networks' media rights agreements.
MSG Networks, a subsidiary group of Sphere Entertainment Co., is an
industry leader in production and content development, composed of
two sports and entertainment networks (MSG Network and MSG
Sportsnet) and MSG+, a state-of-the art streaming product. The
networks' wide range of content includes exclusive live local games
and other programming of the New York Knicks, New York Rangers, New
York Islanders, New Jersey Devils and Buffalo Sabres, as well as
significant coverage of the New York Giants and Buffalo Bills.
The Davis Polk restructuring team included partners Timothy
Graulich and Angela M. Libby, counsel Michael Pera and associates
Lara Luo and Eva (Luying) Wang. The finance team included partner
Kenneth J. Steinberg and counsel Andrei Takhteyev. Counsel Ajay B.
Lele provided corporate advice. The tax team included partner Corey
M. Goodman and counsel Leslie J. Altus. All members of the Davis
Polk team are based in the New York office.
Davis Polk refers to Davis Polk & Wardwell LLP, a New York limited
liability partnership, and its associated entities.
NATURAL STATE: Beverly Brister Named Subchapter V Trustee
---------------------------------------------------------
The Acting U.S. Trustee for Region 13 appointed Beverly Brister,
Esq., a practicing attorney in Benton, Ark., as Subchapter V
trustee for Natural State Contractors Inc.
Ms. Brister will be paid an hourly fee of $360 for her services as
Subchapter V trustee. Should travel be required outside of Saline
or Pulaski Counties, the Subchapter V trustee will seek a
compensation rate of $100 per hour for actual travel time
incurred.
Ms. Brister declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Beverly I. Brister, Esq.
Attorney at Law
212 W. Sevier
Benton, AR 72015
Phone: 501-778-2100
Email: bibristerlaw@gmail.com
About Natural State Contractors Inc.
Natural State Contractors, Inc. is a construction firm based in Hot
Springs National Park, Arkansas. It specialized in residential
remodeling projects, including kitchen and bathroom renovations,
custom home building, and countertop installations.
Natural State Contractors sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ark. Case No.
25-71062) on June 25, 2025. In its petition, the Debtor reported
total assets of $839,049 and total liabilities of $1,839,89.
Judge Richard D. Taylor handles the case.
The Debtor is represented by Marc Honey, Esq., at Honey Law Firm,
P.A.
NELROY DRUGS: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Nelroy Drugs Inc
d/b/a Medicine Cabinet Pharmacy
88-28 Parsons Boulevard
Jamaica, NY 11432
Business Description: Nelroy Drugs Inc operates a retail pharmacy
located at 88-28 Parsons Boulevard, Jamaica,
New York.
Chapter 11 Petition Date: June 5, 2025
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 25-42745
Judge: Hon. Nancy Hershey Lord
Debtor's Counsel: Richard Feinsilver, Esq.
RICHARD S. FEINSILVER, ESQ.
One Old Country Road
Suite 347
Carle Place, NY 11514
Tel: 516-873-6330
Email: feinlawny@yahoo.com
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Aliance R Nelson as president.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/IQGIC2Y/Nelroy_Drugs_Inc__nyebke-25-42745__0017.0.pdf?mcid=tGE4TAMA
NEWBURN LAW: Claims to be Paid from Continued Operations
--------------------------------------------------------
Newburn Law P.C. filed with the U.S. Bankruptcy Court for the
District of Colorado a Subchapter V Plan of Reorganization dated
June 23, 2025.
The Debtor is a Colorado law firm started in 2013. The Debtor
focuses on corporate law. Ryan Newburn is the owner and lawyer
responsible for running the Debtor.
From 2020 to 2024, the Debtor grew to Mr. Newburn and seven
contract attorneys. In 2024, the contract attorneys left to start
their own firm. The Debtor obtained a Small Business
Administration loan to market and grow the firm. The bankruptcy
case was prompted by the Debtor losing its two largest clients
resulting in a 90% reduction in revenue.
The Debtor has begun obtaining new clients and together with a
restructuring of debts believes it can achieve profitability. The
Debtor is a law firm with few assets other than a vehicle, cash,
receivables and computer equipment. The vehicle and computer
equipment are subject to liens.
Class 3 consists of general unsecured creditors of the Debtor who
hold Allowed Claims. Holders of Class 3 Allowed Claims shall share
on a Pro Rata basis monies deposited into the Unsecured Creditor
Account as set forth herein. As set forth in this Plan, upon the
first full month following the Effective Date of the Plan and every
month until Administrative Claims are paid in full and then for the
remainder of the Term of the Plan the Debtor will every month in
accordance with the terms of this Plan deposit for the five year
Term of the Plan: (a) during the first year of the Plan $476; (b)
during the second year of the Plan $244; (c) during the third year
term of the Plan $510; (d) during the fourth year of the Plan $576
and (e) during the fifth year of the Plan $969.
At the end of each calendar quarter, the balance of the Unsecured
Creditor Account will be distributed to the holders of Allowed
Administrative Claims on a Pro Rata basis until such time as all
holders of Allowed Administrative Claims have been paid in full and
then to Tax Claims and Class 1 on a Pro Rata Basis until paid in
full and then will be distributed to Class 3 general unsecured
creditors that hold Allowed Claims on a Pro Rata basis.
All funds recovered by the Debtor on account of Avoidance Actions
shall be distributed to Allowed Administrative Claims until paid in
full and then to Class 3, net of attorneys' fees and costs. Whether
or not the Debtor pursues any Avoidance Actions shall be up to the
Debtor and the decision to pursue such claims shall be
discretionary with the Debtor.
Class 4 includes the Interests in the Debtor, which Interests are
unimpaired by the Plan. Upon confirmation of the Plan, all Class 4
Interest holders will retain their ownership Interests in the
Debtor.
The Debtor shall be empowered to take such action as may be
necessary to perform its obligations under this Plan.
The Debtor believes that the Plan, as proposed, is feasible. The
funding for the Plan will come from the Debtor's continued
operations. As detailed in the Projections, the Debtor will have
sufficient cash on hand and profits during the term of the Plan to
satisfy its Plan obligations.
A full-text copy of the Subchapter V Plan dated June 23, 2025 is
available at https://urlcurt.com/u?l=26SQEl from PacerMonitor.com
at no charge.
Counsel to the Debtor:
David J. Warner, Esq.
Wadsworth Garber Warner Conrardy, P.C.
2580 W. Main St., Ste. 200
Littleton, CO 80120
Telephone: (303) 296-1999
Email: dwarner@wgwc-law.com
About Newburn Law P.C.
Newburn Law P.C. is a Colorado law firm started in 2013.
The Debtor sought protection for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Colo. Case No. 25-13133) on May 23,
2025, listing $50,001 to $100,000 in assets and $500,001 to $1
million in liabilities.
Judge Michael E Romero presides over the case.
Aaron A Garber, Esq., at Wadsworth Garber Warner Conrardy, P.C., is
the Debtor's counsel.
NEXTERA ENERGY: Continues to Defend Avangrid Antitrust Lawsuit
--------------------------------------------------------------
NextEra Energy, Inc.'s motion to dismiss the antitrust lawsuit
filed by Avangrid, Inc. remains pending, according to the Company's
Form 10-Q filing with the U.S. Securities and Exchange Commission
for the quarter ended March 31, 2025.
In November 2024, NEE was named as defendant in an antitrust
lawsuit (Avangrid, Inc. et al. v. NextEra Energy, Inc.) filed in
the U.S. District Court for the District of Massachusetts. This
lawsuit seeks damages of $350 million, which are tripled in the
event of a finding of monopolization under the Sherman Act, from
the defendants for alleged violations of federal and state
antitrust laws, as well as Massachusetts state laws. NEE's motion
to dismiss the lawsuit remains pending. NEE is vigorously defending
against the claims in this proceeding.
In April 2025, Judge Mark G. Mastroianni entered an order denying,
without prejudice, the Motion to Stay Discovery. Both parties have
identified important concerns related to conducting discovery while
Defendant's Motion to Dismiss is pending. Having considered the
parties positions, the court concluded a discovery schedule that
balances Plaintiff's concerns regarding the loss of third-party
evidence and Defendant's desire to limit especially burdensome
discovery until after the court rules on the motion to dismiss is
preferable to a blanket stay of discovery. To ensure resolution of
the motion to dismiss is not delayed by further conflicts regarding
discovery, this case was referred to Magistrate Judge Katherine
Robertson for full pretrial management, excluding dispositive
motions.
Also in April, Judge Mastroianni entered an order denying the
Motion to Transfer Case to the United States District Court for the
District of Maine; granting the Joint Motion for Leave to File
Reply and Surreply Briefs; and setting a hearing on the Defendants'
Motion to Dismiss on May 29, 2025 at 11:00 AM in Hampden Courtroom,
unless the parties jointly request that the hearing be conducted
remotely via Zoom.
According to Judge Mastroianni, pursuant to 28 U.S.C. s. 1404(a),
"a district court may transfer a civil action to any other district
or division where it might have been brought," if the court
concludes such transfer is for "the convenience of the parties and
witnesses" and "in the interest of justice." "Unlike s. 1406(a), s.
1404(a) does not condition transfer on the initial forum's being
'wrong,'" and, in the absence of a forum-selection clause, the
district court enjoys considerable discretion to "evaluate both the
convenience of the parties and various public-interest
considerations." Atl. Marine Const. Co. v. U.S. Dist. Ct. for W.
Dist. of Texas , 571 U.S. 49, 59, 62 (2013). [T]he burden of proof
rest[s] with the party seeking to transfer." Astro-Med, Inc. v.
Nihon Kohden Am., Inc. , 591 F.3d 1, 13 (1st Cir. 2009). "[T]here
is ordinarily a strong presumption in favor of the plaintiff's
choice of forum, which may be overcome only when the private and
public interest factors clearly point towards trial in the
alternative forum." Piper Aircraft Co. v. Reyno , 454 U.S. 235, 255
(1981). A plaintiff's choice of forum is entitled to less deference
when an action is not brought in the home forum, but the
presumption continues to apply, simply with less force.
Judge Mastroianni noted, "Courts in this district ordinarily
consider the following factors in determining the most appropriate
forum under [Sec.] 1404(a): (1) the relative convenience of the
parties, (2) the convenience of the witnesses and location of
documents, (3) any connection between the forum and the issues, (4)
the law to be applied, and (5) the state or public interests at
stake." Blue Cross & Blue Shield of Mass., Inc. v. Regeneron
Pharms., Inc. , 633 F. Supp. 3d 385, 390 (D. Mass. 2022).
As to the private factors, Defendants argue Maine is a more
convenient forum than Massachusetts because: (1) none of the
parties are incorporated or have their principal place of business
in Massachusetts, while two of the plaintiffs are both incorporated
in Maine and have their principal place of business there and a
third plaintiff also has its principal place of business in Maine;
and (2) there are many potential witnesses who reside in Maine.
However, none of the defendants are at home in either Massachusetts
or Maine and, at this early stage, the court is not able to assess
which of the many potential witnesses, identified by the parties as
residing in Maine or Massachusetts, are most likely to be both
critical at trial and reticent to appear, according to Judge
Mastroianni.
Given the parties' resources, and the relative proximity of
Massachusetts and Maine, the court concluded the private factors do
not weigh in favor of transfer. The public factors are similarly
either neutral or weighted slightly against transfer. While much of
the underlying conduct described in the Complaint allegedly
occurred in Maine, Plaintiffs' claims stem from the impact that
conduct had on Plaintiffs' efforts to complete the New England
Clean Energy Connect project and provide Massachusetts consumers
access to lower-cost clean energy. Courts in Maine have already
adjudicated the issues of uniquely local concern to the state of
Maine and its citizens. Cf. Friends of Animals v. Phifer , Civ. No.
15-30011 MGM, 2015 WL 1943898 (D. Mass. 2015).
Finally, Plaintiffs have asserted claims under federal and
Massachusetts law, but, even were it necessary to apply Maine law,
this court is, of course, capable of doing so, Judge Mastroianni
said, citing Blue Cross & Blue Shield of Mass., 633 F. Supp. 3d at
391. In conclusion, while both Maine and Massachusetts could be
appropriate forums for this litigation, the presumption favoring
Plaintiffs' choice in this matter has not been overcome by
Defendants' arguments in favor of transfer.
A hearing on the Motion to Dismiss was held before Judge
Mastroianni on May 30, 2025. The court took the matter under
advisement.
Magistrate Judge Katherine A. Robertson recently entered an order
granting the parties' joint motion to extend the time to file
proposal(s) for a protective order and an ESI protocol to July 15,
2025.
NextEra Energy, Inc. (NYSE: NEE), is a holding company. The Company
is an electric power companies in North America and, through its
subsidiary NextEra Energy Resources, LLC (NEER) and its affiliated
entities, is the generator of renewable energy from the wind and
sun. NEE also owns and/or operates generation, transmission and
distribution facilities to support its services to retail and
wholesale customers, and has investments in gas infrastructure
assets. Its segments include FPL and NEER. Florida Power & Light
Company (FPL) is a rate-regulated electric utility engaged
primarily in the generation, transmission, distribution and sale of
electric energy in Florida. NEER is a diversified clean energy
company with a business strategy that emphasizes the development,
acquisition and operation of long-term contracted assets with a
focus on renewable projects.
NIKOLA CORP: Unsecureds' Recovery "Unknown" in Liquidating Plan
---------------------------------------------------------------
Nikola Corp., and affiliates filed with the U.S. Bankruptcy Court
for the District of Delaware a Combined Disclosure Statement and
Chapter 11 Plan of Liquidation dated June 23, 2025.
Nikola Corporation is a Delaware corporation, which was
incorporated originally as VectoIQ Acquisition Corp., or VectoIQ,
in January 2018.
As of the Petition Date, the Company was an early-stage growth
company that designed and manufactured heavy-duty commercial
hydrogen-electric ("FCEV") and battery-electric ("BEV") trucks and
energy infrastructure solutions, via the HYLA brand. The Company
had been a pioneer in moving zero-emissions transportation forward,
including bringing the first class 8 hydrogen fuel cell electric
trucks to market in North America and developing the HYLA hydrogen
refueling highway, connecting Northern California to Southern
California.
To maximize the value of the Debtors' estates, on February 19,
2025, the Debtors sought entry of an order approving bidding
procedures for the proposed sale of substantially all of the
Debtors' assets, authorizing the Debtors to designate one or more
stalking horse bidders, scheduling an auction and granting related
relief. On March 7, 2025, the Bankruptcy Court entered the Bidding
Procedures Order, which among other things, authorized, but not
directed, the Debtors, following consultation with the Consultation
Parties, to designate a Stalking Horse Bidder and enter into a
Stalking Horse Agreement no later than March 17, 2025, at 4:00
p.m.
Midwest Infrastructure Partners submitted a Qualified Bid of
$1,000,000 for the Wabash Equity. Phibro submitted a competing bid
for $110,000. As a current member of Wabash, Phibro held a right of
first refusal under the LLC agreement. At the conclusion of
bidding, Phibro exercised this right, matching Midwest's offer and
was deemed the Successful Bidder for the Wabash Equity.
For the Wabash Note, Peter Sherk initially bid $25,000. Phibro
subsequently bid $125,000 and was declared the Successful Bidder.
These sales were approved by the Bankruptcy Court on April 11,
2025, through the entry of separate sale orders.
This Combined DS and Plan contemplates the establishment of the
Liquidating Trust to administer post-Effective Date
responsibilities of the Debtors and wind-down the Debtors' business
under the Plan, including: (1) administering the Assets being
vested with the Liquidating Trust, (2) making distributions to
holders of Allowed Claims in accordance with the terms of this Plan
and the Liquidating Trust Agreement, (3) resolving all Disputed
Claims and effectuating the Claims reconciliation process pursuant
to the procedures prescribed in this Combined DS and Plan, (4)
prosecuting, settling, and resolving Preserved Estate Claims, (5)
recovering, through enforcement, resolution, settlement,
collection, or otherwise, Assets on behalf of the Liquidating
Trust, (6) winding down the affairs of the Debtors and all
non-Debtor Affiliates, if and to the extent necessary, including
taking any steps to dissolve, liquidate, or take other similar
action with respect to each of the Debtors and each of the
non-Debtor Affiliates, including by terminating the corporate or
organizational existence of each such Debtor and non Debtor
Affiliate, and (7) performing all actions and executing all
agreements, instruments and other documents necessary to effectuate
the purpose of the Liquidating Trust.
Class 3 consists of General Unsecured Claims. On the Plan
Distribution Date, except to the extent that a holder of an Allowed
General Unsecured Claim and the Debtors (prior to the Effective
Date, with the consent of the Committee) or the Liquidating Trust
(after the Effective Date) agrees to less favorable treatment, in
full and final satisfaction, compromise, settlement, release, and
discharge of and in exchange for such Claim, each holder of an
Allowed General Unsecured Claim shall receive its Pro Rata Share of
the Liquidating Trust Units, which shall entitle such Holder to its
Pro Rata Share of the Liquidating Trust Net Assets. The allowed
unsecured claims total $213,277,558.
Holders of other general unsecured claims in Class 3 are impaired
and their projected recovery is still "undetermined", according to
the Disclosure Statement.
Class 5 shall consist of all Equity Interests in the Debtors. On
the Effective Date, the existing Interests in the Debtors will be
canceled. Each holder of an Equity Interest in a Debtor shall not
receive anything on account of such Interest. The entry of the
Confirmation Order shall act as an order approving and effecting
the cancellation of all shares of the common stock of Nikola Corp.
(and all securities convertible or exercisable for or evidencing
any other right in or with respect to shares of the common stock of
Nikola Corp.) outstanding immediately prior to the Effective Date
without any conversion thereof or distribution with respect
thereto.
On the Effective Date, the Debtors shall make Plan Distributions in
accordance with the Plan to holders of Allowed Administrative
Claims, Allowed Tax Claims, Allowed Other Priority Claims, and
Allowed Other Secured Claims that are due and payable as of the
Effective Date using Cash on hand. Upon completion of such Plan
Distributions, on the Effective Date, the Debtors shall transfer
all Liquidating Trust Assets to the Liquidating Trust. After the
Effective Date, the Liquidating Trustee shall fund the Reserve and
shall make Plan Distributions from Liquidating Trust Net Assets on
account of Allowed Claims in accordance with the Plan and the
Liquidating Trust Agreement.
A full-text copy of the Combined Disclosure Statement and Plan
dated June 23, 2025 is available at https://urlcurt.com/u?l=JBSIvb
from EPIQ Corporate Restructuring LLC, claims agent.
Counsel to the Debtors:
M. Blake Cleary, Esq.
Brett M. Haywood, Esq.
Maria Kotsiras, Esq.
Shannon A. Forshay, Esq.
Sarah R. Gladieux, Esq.
POTTER ANDERSON & CORROON LLP
1313 N. Market Street, 6th Floor
Wilmington, Delaware 19801
Tel: (302) 984-6000
Fax: (302) 658-1192
Email: bcleary@potteranderson.com
bhaywood@potteranderson.com
mkotsiras@potteranderson.com
sforshay@potteranderson.com
sgladieux@potteranderson.com
Joshua D. Morse, Esq.
Jonathan R. Doolittle, Esq.
PILLSBURY WINTHROP SHAW PITTMAN LLP
Four Embarcadero Center, 22nd Floor
San Francisco, California 94111-5998
Tel: (415) 983-1000
Fax: (415) 983-1200
Email: joshua.morse@pillsburylaw.com
jonathan.doolittle@pillsburylaw.com
- and -
Andrew V. Alfano, Esq.
Caroline Tart, Esq.
Chazz C. Coleman, Esq.
PILLSBURY WINTHROP SHAW PITTMAN LLP
31 West 52nd Street
New York, New York 10019
Tel: (212) 858-1000
Fax: (212) 858-1500
Email: andrew.alfano@pillsburylaw.com
caroline.tart@pillsburylaw.com
chazz.coleman@pillsburylaw.com
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.
NINJA MOUNTAIN: Seeks Subchapter V Bankruptcy in Oregon
-------------------------------------------------------
On July 10, 2025, Ninja Mountain Bike Performance LLC filed
Chapter 11 protection in the U.S. Bankruptcy Court for the District
of Oregon. 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 Ninja Mountain Bike Performance LLC
Ninja Mountain Bike Performance LLC provides mountain bike skills
clinics and camps across the United States. The Company offers
training programs for riders of all levels, taught by certified
instructors, and sells related products including portable jump
ramps, protective gear, and apparel. It supports riders in building
confidence and improving skills through progressive instruction and
nationwide events.
Ninja Mountain Bike Performance LLC sought relief under Subchapter
V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case
No. 25-61937) on July 10, 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 Thomas M. Renn handles the case.
The Debtors are represented by Keith Y Boyd, Esq. at KEITH Y. BODY,
PC.
NORDSTROM INC: Plans to Close Stores in Missouri and California
---------------------------------------------------------------
Katherine Rodriguez of NJ.com reports that Nordstrom plans to close
two of its department stores—one in California and one in
Missouri—by the end of August, as the company continues to
prioritize digital sales and higher-performing locations.
Which Stores Are Closing and When?
* St. Louis, Missouri – closing August 24
* Santa Monica, California – closing August 26
Like other major retailers, including Macy's and Kohl's, Nordstrom
is facing slower in-store sales and reduced foot traffic. In
response, the company is streamlining operations to focus on
profitable locations and growing its e-commerce business.
"We believe we'll be best able to serve customers in each region by
leveraging our surrounding stores and through our digital
channels," a Nordstrom spokesperson told Fox Business, adding that
the decision was difficult and not made lightly.
Nordstrom said it will support affected employees and help them
transition into roles at other nearby Nordstrom locations where
possible.
About Nordstrom Inc.
Nordstrom was founded in 1901. The chain operates more than 350
stores across its Nordstrom, Nordstrom Local and Nordstrom Rack
brands. Nordstrom generated $15 billion in revenue in its fiscal
2024, up from $14.7 billion the year before. [GN]
NOSREDNA REAL ESTATE: Unsecureds to be Paid in Full over 60 Months
------------------------------------------------------------------
Nosredna Real Estate Holdings Corporation filed with the U.S.
Bankruptcy Court for the District of Nevada a Disclosure Statement
in support of the accompanying Chapter 11 Plan of Reorganization
dated June 24, 2025.
The Debtor is a Nevada corporation organized in 2018 and wholly
owned by its founder, Gail Anderson. Ms. Anderson has served as
president and sole director since formation and has been the
Debtor's day to day manager throughout this Chapter 11 case.
The Debtor's sole operating asset is a two parcel medical
professional complex located at 3675 Pecos McCleod, Las Vegas,
Nevada (Assessor's Parcel Nos. 162 13 607 003 and 004). The
building contains approximately 16,200 square feet of rentable
space and is supported by surface parking adequate for medical use.
Built in 1984 and well maintained, the Property consistently
attracts small medical and counseling practices seeking centrally
located, affordable space.
The Debtor filed this Chapter 11 case on December 31, 2024. Prior
to filing, pandemic related rent concessions and two temporary
vacancies reduced cash flow, causing the Debtor to fall behind on
its mortgage with Meadows Bank and on real property taxes. Chapter
11 was necessary to preserve the equity in the Property, stabilize
operations, and propose the structured repayment embodied in the
accompanying Plan.
The Plan will become effective on the fifteenth day after entry of
a non stayed, non appealed confirmation order, or on the next
business day if that date is not a business day. All distributions
and other Plan obligations will be funded from the Debtor's net
operating income ("NOI") generated by its sole asset, a multitenant
medical professional building located at 3675 Pecos McCleod, Las
Vegas, Nevada 89121 (the "Property").
Based on the Monthly Operating Reports filed for January through
May 2025, the Property is currently generating approximately
$13,450 in cash receipts each month, which, after normal operating
expenses and the adequate protection payment to Meadows Bank, has
produced a consistent positive net cash flow averaging just over
$1,726 per month.
The Plan assigns every claim or interest to one of seven voting
classes (plus a non-voting bucket for statutorily unclassified
claims). Each class is treated in strict priority order and in a
manner the Debtor can fund from net operating income.
Class 6 consists of General Unsecured Claims. The general unsecured
pool now totals $76,649.35 (IRS non-priority $1,800; D. Shane Peck
$19,000; Ophelia Simmons Urquhart $55,000). Distributions begin in
month 38 at $1,726.00 for three months, then rise to the full
monthly cap of $3,107.45 from month 41 through month 63, repaying
the class in full at 0 % interest. Timing and the absence of
interest render the class impaired. These creditors will receive
payment in full within sixty months at zero percent interest.
Class 7 consists of Equity Interests. Gail Anderson retains 100% of
the Debtor's stock. No dividends or other equity distributions may
occur until every senior class is paid in accordance with the Plan
or the Court orders otherwise.
The building is expected to collect average gross rent of about
$13,450 per month, or $161,400 for the year. Operating and fixed
costs-including the regular $9,015 Meadows Bank interest-only
mortgage payment, taxes, insurance, utilities, management, and
routine maintenance are projected at $140,688. After expenses, the
property should generate approximately $20,700 in net cash flow
available for Plan distributions.
Assuming a conservative increase in both rents and expenses, annual
gross rent and net rent should rise. Therefore, net cash flow is
therefore projected to rise over the life of the plan as well.
Therefore, the projected NOI exceeds the Plan payments each year,
and thus the Plan satisfies Section 1129(a)(11) of the Bankruptcy
Code.
A full-text copy of the Disclosure Statement dated June 24, 2025 is
available at https://urlcurt.com/u?l=lEHpd4 from PacerMonitor.com
at no charge.
Counsel to the Debtor:
Seth D. Ballstaedt, Esq.
Fair Fee Legal Services
8751 W. Charleston Blvd., Ste. 230
Las Vegas, NV 89117
Tel: (702) 715-0000
Email: help@bkvegas.com
About Nosredna Real Estate Holdings Corporation
Nosredna Real Estate Holdings Corporation, doing business as
Nosredna Real Estate Holdings, filed Chapter 11 petition (Bankr. D.
Nev. Case No. 24-16799) on December 31, 2024, with $1 million to
$10 million in both assets and liabilities. Gail Anderson,
president of Nosredna, signed the petition.
Seth D Ballstaedt, Esq., at Fair Fee Legal Services, represents the
Debtor as bankruptcy counsel.
NXT ENERGY: MCAPM Converts $3.4M Debentures, Now Holds 28% Stake
----------------------------------------------------------------
NXT Energy Solutions Inc. announced that MCAPM, LP and Michael P.
Mork, have converted all their debentures, totaling US$3,375,000,
into 15,605,088 common shares of the Company.
MCAPM and Mr. Mork now own approximately 30,526,321 common shares
of the Company, or 28% of the total issued and outstanding common
shares of NXT.
About NXT Energy
NXT Energy Solutions Inc. is a Calgary-based technology company
whose proprietary SFD survey system utilizes quantum-scale sensors
to detect gravity field perturbations in an airborne survey method.
This system can be used both onshore and offshore to remotely
identify areas with exploration potential for traps and reservoirs.
The SFD survey system enables the Company's clients to focus their
hydrocarbon exploration decisions concerning land commitments, data
acquisition expenditures, and prospect prioritization on areas with
the greatest potential. SFD is environmentally friendly and
unaffected by ground security issues or difficult terrain and is
the registered trademark of NXT Energy Solutions Inc. NXT Energy
Solutions provides its clients with an effective and reliable
method to reduce time, costs, and risks related to exploration.
Calgary, Canada-based MNP LLP, the Company's auditor since 2023,
issued a "going concern" qualification in its report dated March
27, 2025, citing that the Company's current cash position is not
expected to be sufficient to meet the Company's obligations and
planned operations for a year beyond the date of auditor's report,
unless additional financing is obtained or new revenue contracts
are completed. This raises substantial doubt about the Company's
ability to continue as a going concern.
ONDAS HOLDINGS: Settles 2023 Notes; $5.4M in Dec. 17 Notes Remain
-----------------------------------------------------------------
Ondas Holdings Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that as of June 25, 2025,
the 2023 Additional Notes have been settled and are no longer
outstanding.
As of June 25, 2025, the only remaining Notes outstanding are the
December 17, 2024 Additional Notes.
The December 17, 2024 Additional Notes have:
(i) total outstanding principal and accrued interest, net of
unamortized debt discount and issuance costs, of approximately $5.4
million,
(ii) fixed conversion price of $0.88, unless amortized using a
discounted volume-weighted average price measure, and
(iii) maturity date of December 17, 2026.
As previously disclosed, the Company issued certain:
(i) 3% Senior Convertible Notes in the aggregate original
principal amount of $34.5 million, which were subsequently
exchanged by the Company, on a dollar-for-dollar basis, into new 3%
Senior Convertible Notes and have maturity date of April 28, 2025,
which Exchange Notes were previously settled and are no longer
outstanding;
(ii) 3% Series B-2 Senior Convertible Notes in the aggregate
original principal amount of $11.5 million;
(iii) 3% Series B-2 Senior Convertible Notes in the aggregate
original principal amount of $4.1 million, which December 3, 2024
Additional Notes were previously settled and are no longer
outstanding;
(iv) 3% Series B-2 Senior Convertible Notes in the aggregate
original principal amount of $11.5 million; and
(v) 3% Series B-2 Senior Convertible Notes in the aggregate
original principal amount of $18.9 million, which December 31, 2024
Additional Notes were previously settled and are no longer
outstanding.
About Ondas Holdings
Marlborough, Mass.-based Ondas Holdings Inc. provides private
wireless data solutions through its subsidiary, Ondas Networks
Inc., and commercial drone solutions through Ondas Autonomous
Systems Inc. (OAS), which includes wholly owned subsidiaries
American Robotics, Inc. and Airobotics LTD. OAS focuses on the
design, development, and marketing of autonomous drone solutions,
while Ondas Networks specializes in proprietary, software-based
wireless broadband technology for both established and emerging
commercial and government markets. Together, Ondas Networks,
American Robotics, and Airobotics deliver enhanced connectivity,
situational awareness, and data collection capabilities to users in
defense, homeland security, public safety, and other critical
industrial and government sectors.
In an audit report dated March 12, 2025, the Company's auditor,
Rosenberg Rich Baker Berman, P.A., issued a "going concern"
qualification, citing that the Company has experienced recurring
losses from operations, negative cash flows from operations and a
working capital deficit as of Dec. 31, 2024.
As of Dec. 31, 2024, Ondas Holdings had $109.62 million in total
assets, $73.68 million in total liabilities, $19.36 million in
redeemable noncontrolling interest, and $16.58 million in total
stockholders' equity.
OSAIC HOLDINGS: Moody's Affirms 'B2' CFR, Outlook Remains Stable
----------------------------------------------------------------
Moody's Ratings has affirmed Osaic Holdings, Inc.'s (Osaic) B2
corporate family rating, along with the B1 ratings for its senior
secured bank credit facility and senior secured notes, and the Caa1
rating for its senior unsecured debt. The outlook remains stable.
Moody's have also assigned ratings of B1 to Osaic's new $3,000
million senior secured first lien term loan and $990 million senior
secured first lien revolving credit facility, B1 to its 7.25%
senior secured notes due in 2032, and Caa1 to its 8.5% senior
unsecured notes due in 2033. The proceeds from these issuances will
be used to refinance the company's existing term loan and a portion
of its senior notes, as well as to fund the acquisition of CW
Advisor, LLC (CW Advisors), and support the company's acquisition
pipeline.
RATINGS RATIONALE
The ratings affirmation reflects Osaic's enhanced financial
flexibility from the maturity extension of its new credit facility
and senior notes. Although the additional debt will increase
financial leverage, the longer-term capital allows Osaic to more
effectively manage its obligations and pursue strategic
initiatives. Debt-to-EBITDA for the trailing twelve months ending
March 31, on a pro forma basis for the transaction, is expected to
increase from 5.0x to 5.6x, yet it remains aligned with the
company's rating profile. Furthermore, the lower coupon rates on
the new debt instruments are expected to have a modest positive
effect on interest coverage.
The acquisition of CW Advisors expands Osaic's addressable market
into additional wealth management channels, thereby enhancing its
multi-affiliation model and revenue potential. This acquisition has
the potential to bolster Osaic's market position by utilizing CW
Advisors' internal M&A machine to increase its presence within the
fee-only RIA and employee channels.
The B1 rating on Osaic's senior secured debt reflects its priority
ranking within the capital structure. The Caa1 rating on the senior
unsecured notes reflects their lower ranking and smaller proportion
within the capital structure.
The stable outlook for Osaic's ratings reflects Moody's
expectations that although acquisitive, the firm will not
significantly increase its debt leverage above current levels in
support of future acquisitions. The stable outlook also reflects
the potential benefits of Osaic's expansion into fee-only wealth
management channels where it currently has a limited presence. If
successful, this expansion would be supportive of the firm's
EBITDA, given the more favorable economics of these channels.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Osaic's ratings could be upgraded if debt-to-EBITDA based on
Moody's standard adjustments is sustained below 4.5x; or the
company expands its existing business activities, resulting in
improved profitability while diversifying and reducing the
sensitivity of its earnings to macroeconomic factors.
Conversely, Osaic's ratings could be downgraded if debt-to-EBITDA,
based on Moody's standard adjustments, is sustained above 6.5x; or
a deterioration in revenue, not offset by flexible expense
management, weakens its interest expense coverage ratio to below
2.0x; or it suffers a significant deterioration in franchise value
due to a legal, regulatory, compliance or other issue that
negatively impacts operating performance or damages relations with
advisors.
The principal methodology used in these ratings was Securities
Industry Service Providers published in February 2024.
The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.
PARAGON INDUSTRIES: Seeks to Hire D. R. Payne & Associates as CRO
-----------------------------------------------------------------
Paragon Industries Inc. filed an amended application seeking
approval from the U.S. Bankruptcy Court for the Eastern District of
Oklahoma to hire David R. Payne, CPA of D. R. Payne & Associates,
Inc. as chief restructuring officer.
The Debtor, after discussions with various creditors regarding the
scope of the CRO in this case, has agreed to expand the CRO's
responsibilities.
Mr. Payne will provide these services:
a. Direction, oversight and review of preparation of initial
disclosures including the Schedules of Assets and Liabilities,
SOFA, Initial Report, Creditor matrix, list of largest creditors,
etc. (collectively the "Compliance Reports").
b. Preparation of content and data to include in First Day
Motions.
c. Determination of the business terms to include in a bidding
procedures motion to consummate a sale pursuant to Sec. 363 subject
to court approval; determination of retention of any marketing
agent or investment intermediary to assist the CRO through the sale
process subject to appropriate court approval.
d. Evaluation, development or implementation of the court
approved sale process including setting of timeline and milestones
for implementation and consummation of a competitive going concern
sale transaction (the "Transaction"); lead, with the assistance of
management, the implementation of the plan of action to consummate
a Transaction. Mr. Payne shall participate in the negotiation with
prospective counterparties as applicable and be granted authority
to execute definitive documentation in connection with the
implementation of such Transaction subject to appropriate court
approvals.
e. Development of a 13-week budget. Such budget will be
updated every two weeks to reflect the Debtor's performance against
the preceding budget and re forecasting the budget for the
subsequent periods to maintain a rolling 13-week budget.
f. Evaluation, review and approval of all shipments,
purchases, workforce changes, bank accounts and related
disbursements of funds and requests to advance funds on approved
DIP lending facility; the Board shall authorize Mr. Payne to be an
account signer and Mr. Payne shall have the authority to add or
remove account signers.
g. Review, approval and submission on the periodic written
reports detailing Debtor's progress and performance to meet and
achieve the milestones and objectives to achieve a Transaction to
the stakeholders.
h. Preparation of the business financial and operating data
and information.
1) Authorization for the Use of Cash Collateral and
Granting Pre-Petition Secured Parties Adequate Protection or
Alternatively for Entering in to Post Petition Financing Agreement
pursuant to Sec. 363 and Sec. 364.
2) Structure and Analysis required in Sec. 1129 for filing
and confirming a liquidation plan.
i. Conduct ongoing, routine communications with the Debtor's
lenders, other creditors and Debtor's Board including periodic
reviews of the Debtor's performance and progress towards achieving
a Transaction.
j. Provision of such other similar services as may be
necessary to maximize enterprise value and comply with the
financial and business requirements of 11 U.S.C. Sec. 101, et seq.
k. Supervision and control of all business operations, assets,
and financial affairs of the Debtor.
l. Derek Wachob, CEO at Paragon Industries, will continue to
serve, at the discretion of Mr. Payne, as CEO of the Debtor, and
Mr. Payne shall engage the services of Mr. Wachob for any purpose
Mr. Payne deems necessary and in the best interest of the Debtor.
m. Provision of such other services as requested by the Debtor
and agreed to by Mr. Payne.
The firm will be paid at these hourly rates:
David R. Payne, CRO $550
Assistant to CRO - Manager $425 to 475
Assistant to CRO - Consultant Staff $195 to 375
Mr. Payne was also provided with a $50,000 retainer from the Wachob
Trust.
As disclosed in the court filings, Mr. Payne is a "disinterested
person" as that term is defined in Bankruptcy Code section 101(14)
and modified by Bankruptcy Code section 1107(b).
The CRO can be reached at:
David R. Payne
D. R. Payne & Associates, Inc.
119 North Robinson Avenue
Oklahoma City, OK 73102
Telephone: (405) 272-0511
Email: info@drpayne.com
About Paragon Industries Inc.
Paragon Industries Inc. manufactures steel pipe products used in
the oil and gas, construction, and fire protection industries.
Based in Sapulpa, Oklahoma, the Company offers services such as
heat treatment, threading, and fabrication. Its product range
includes mechanical, sprinkler, line pipe, OCTG, and construction
pipes, with a customer base extending across North and South
America.
Paragon Industries Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Okla. Case No. 25-80433) on May 21,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $100 million and $500 million.
The Debtor is represented by Clayton D. Ketter, Esq. at PHILLIPS
MURRAH P.C.
PARDUE COURT: Hires Michael D. O'Brien & Associates as Counsel
--------------------------------------------------------------
Pardue Court, LLC seeks approval from the U.S. Bankruptcy Court for
the District of Oregon to employ Michael D. O'Brien & Associates
P.C. as counsel.
The firm will represent the Debtor for all purposes related to the
petition for relief including if necessary and among other things,
negotiating financing orders, obtaining authorization for use of
cash collateral, reviewing and evaluating the status and validity
of secured claims, litigation implementing their avoidance powers
and formulating a plan of reorganization.
The firm will be paid at these rates:
Michael D. O'Brien, Partner $495 per hour
Theodore J. Piteo, Partner $450 per hour
Hugo Zollman, Senior Paralegal $185 per hour
Lauren Gary, Paralegal $125 per hour
On June 23, 2025, the firm received a retainer $18,000 from Karen
Pardue. On June 25, 2025, the firm received an additional $2,000.
In addition, the firm will seek reimbursement for its out-of-pocket
expenses.
Mr. Piteo 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:
Theodore J. Piteo, Esq.
Michael D. O'Brien & Associates P.C.
12909 SW 68th Parkway, Suite 160
Portland, OR 97223
Tel: (503) 786-3800
About Pardue Court, LLC
Pardue Court LLC is a single-asset real estate company that owns an
apartment building located at 2233-2243 NW Flanders Street in
Portland, Oregon. The property was appraised at $3.44 million as of
June 4, 2024.
Pardue Court LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ore. Case No. 25-32271) on July 3, 2025.
In its petition, the Debtor reports total assets of $3,447,630 and
total liabilities of $1,541,638.
Honorable Bankruptcy Judge Teresa H. Pearson handles the case.
The Debtors are represented by Theodore J. Piteo, Esq. at MICHAEL
D. O'BRIEN & ASSOCIATES PC.
PARK-OHIO HOLDINGS: Fitch Assigns 'B+' LongTerm IDRs
----------------------------------------------------
Fitch Ratings has assigned Park-Ohio Holdings Corp. and Park-Ohio
Industries, Inc. first-time Long-Term Issuer Default Ratings (IDRs)
of 'B+'. Fitch has also assigned a 'BB+' rating with a Recovery
Rating of 'RR1' to Park-Ohio Industries, Inc.'s first-lien secured
ABL and a 'B+'/'RR4' rating to its unsecured notes. The Rating
Outlook is Stable.
ParkOhio's ratings reflect its position as a provider of supply
chain management and engineered components to sticky, global
customers across diverse end-markets. The ratings are supported by
management's operational and working capital enhancements and the
company's balanced manufacturing and services business mix that
support through-the-cycle cash flow and low-single-digit free cash
flow margins.
Management's credit-conscious financial and capital allocation
policy focuses on smaller, bolt-on M&A, maintains moderate dividend
payouts, and targets sub-3x net leverage metrics longer term. Fitch
forecasts improving EBITDA leverage and coverage metrics in the
4.5x-3.5x and 3x-4x ranges, respectively, generally consistent with
'B+' or better tolerances.
Key Rating Drivers
Supply Technologies Drives Cash Flow: ParkOhio's Supply
Technologies segment makes up $75 million of the consolidated
management reported EBIT of $87 million (fiscal 2024), and drives a
large portion of the cash flow. The business differentiates itself
by providing supply chain management solutions that embeds Supply
Technologies as a sole-source, service-intensive supplier of
customer-specific components and as a procurement and logistics
partner. The segment reduces its customers' cost of production and
working capital investment, which drives long-term, sticky
relationships (average tenure of 10 years across T50 customers).
End-Market Diversification Moderates Cyclicality: ParkOhio's
Assembly Components and Engineered Products segments have long-term
relationships with a global customer base (58% U.S. as of July
2025) across diverse end-markets with varying demand cycles.
Assembly Components serves automotive end-markets (85% as of fiscal
2024) with platform-agnostic products that could benefit from
higher content-per-vehicle as hybrid market share grows. Engineered
Products benefits from considerable end-market diversification and
approximately 35% aftermarket exposure, with growth opportunities
in infrastructure and an aging installed base, among others.
Improving Leverage, Coverage Profile: Fitch expects ParkOhio's
EBITDA leverage and coverage will be around 4.7x and 3.1x at YE
2025, respectively. Fitch expects both metrics to improve to around
3.5x and 4.3x, starting fiscal 2026 due to volume recovery at its
customers, and new business wins. Along with EBITDA growth, Fitch
expects near-term free cash flow (FCF) will be used to make
periodic debt repayments to help achieve management's sub-3.0x
EBITDA net leverage target. Fitch believes the company's governance
and ownership structure aligns stakeholder interests, as evidenced
by the company's 2024 equity issuance to reduce debt and enhance
financial flexibility.
Low-Single-Digits FCF Margins: Fitch expects ParkOhio's FCF margins
to remain in the low-single-digits range over the next few years,
driven by ongoing operational enhancements, leading to improving
Fitch-calculated EBITDA margins in the high-single digit range, and
improved working capital conversion. In fiscal 2021, working
capital usage was $34 million before rising to $57 million in
fiscal 2022, driven by high inventory levels. Since then, the
company has focused on realizing working capital efficiencies that
have resulted in neutral-to-breakeven FCF margins in fiscal 2024,
and will incrementally benefit FCF margins over the forecast
period.
Tariff Impact Manageable: ParkOhio has proactively worked with
customers and suppliers to mitigate the impact of tariffs. The
tariff impact is expected to be most pronounced in the Supply
Technologies segment due to added costs on imported parts and
softer demand in certain key end-markets. However, this segment is
positioned to benefit in the long-term due to higher production
activity and localized sourcing back in the United States. Tariff
exposure is minimal in Assembly Components and Engineered
Products.
Peer Analysis
ParkOhio is smaller than Patrick Industries, Inc. (BB/Stable);
however, it caters to OEMs across diverse end-markets that help
provide cyclical offsets. Patrick caters to the more discretionary
outdoor enthusiast end-market. Despite its exposure to a more
cyclical end-market, Patrick maintains stronger EBITDA and FCF
margins due to its highly flexible cost structure and a strong cash
conversion cycle. Comparatively, ParkOhio's margins are weaker, and
the company's FCF is driven by historically volatile working
capital requirements, although this is expected to improve.
First Brands Group, LLC (B+/Stable) is a market leading
manufacturer of non-discretionary, branded automotive aftermarket
parts, which somewhat insulates it from cyclical OEM production. In
recent years, First Brands has prioritized add-on acquisitions
financed with incremental debt, resulting in a financial profile
more in line with 'B+' tolerances. However, ParkOhio has greater
revenue diversification in terms of geography and end-markets, and
is supported by a disciplined capital allocation strategy
characterized by a commitment to sub-3.0x EBITDA net leverage.
Cleanova Holdco 3 Limited (B/Stable) manufactures custom filtration
assemblies and aftermarket filters for global customers across
diverse end-markets. ParkOhio is significantly larger and offers a
much more diversified suite of products and services. Moreover,
Cleanova is expected to continue pursuing debt-funded acquisitions
that will keep its EBITDA leverage nearly 1.5x higher than
ParkOhio's.
Key Assumptions
- Revenue decreases by low-single-digits in fiscal 2025, followed
by mid-single-digit recovery starting fiscal 2026 driven by volume
recovery and new business wins;
- Gross margins remain flat in fiscal 2025, followed by moderate
growth due to improved pricing power driven by increasing
technology content;
- EBITDA margins rise to high-single-digits through the forecast
period driven by operational efficiencies;
- Working Capital investment improves to low-single-digits as a %
of revenue;
- Capex runs at about 2.0% of revenue throughout the forecast;
- Modest common dividends growth throughout the forecast;
- Management executes bolt-on acquisitions funded through free cash
flow and debt;
- Fitch SOFR interest rate assumptions: 4.4% in 2025, 3.75% in
2026, 3.5% in 2027 and 3.5% in 2028.
Recovery Analysis
The recovery analysis assumes that ParkOhio would be reorganized as
a going-concern in a hypothetical bankruptcy scenario rather than
liquidated.
Fitch has assumed a 10% administrative claim.
Going-Concern (GC) Approach
ParkOhio's recovery analysis estimates a GC EBITDA at $90 million,
which reflects Fitch's view of a sustainable, post-reorganization
EBITDA level upon which the valuation of the company would be based
following a hypothetical default. A default could be driven by
operational issues and/or sustained delays in or loss of volumes at
key customers combined with prolonged periods of negative free cash
flow driven by high working capital investments.
Fitch has used a 5.5x multiple to calculate a post-reorganization
valuation. According to the "Industrial, Manufacturing, Aerospace
and Defense Bankruptcy Enterprise Values and Creditor Recoveries,"
report Fitch published in December 2024, 85% of industrials and
machinery-related defaulters had exit multiples above 5.0x, with
40% in the 5.0x to 7.0x range. However, the median multiple
observed across 28 bankruptcies was 6.6x.
Fitch utilizes a 5.5x enterprise value (EV) multiple based on
ParkOhio's long-term, sole-source, and sticky supply relationships
with a highly diversified customer base across a range of
end-markets.
Consistent with Fitch's criteria, the recovery analysis assumes
that ABL debt is senior in the recovery waterfall to the senior
notes. Fitch assumes that the ABL is fully drawn at default, to the
extent of its availability after a 20% deterioration in the
borrowing base at the point of default. This results in a 'BB+'
rating and recovery rating of 'RR1' on the ABL and 'B+' rating and
recovery rating of 'RR4' on the senior notes.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Mid-cycle EBITDA leverage sustained over 4.5x and EBITDA interest
coverage approaching 2.5x on a sustained basis;
- Reduction in financial flexibility, including ABL availability
below 80% of commitment amount;
- A deviation in operational strategy or missteps that heightens
cash flow risk, including sustained negative-to-neutral FCF.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Mid-cycle EBITDA leverage below 3.5x and EBITDA interest coverage
around 4.0x on a sustained basis;
- Balanced financial and capital allocation policy that retains
through-the-cycle financial flexibility, including FCF margin in
the 2% range.
Liquidity and Debt Structure
As of March 31, 2025, ParkOhio's liquidity consists of $55 million
in cash and $118 million available under its $405 million ABL
revolving credit facility, which matures in September 2028. In
addition to $273 million drawn on its revolver, ParkOhio's debt
consists of $350 million of 6.625% senior unsecured notes due April
2027. The ABL is governed by a springing maturity covenant, which
could accelerate its maturity to January 2027, which is 91 days
before the maturity of the senior unsecured notes.
Issuer Profile
Park-Ohio Holdings Corp. incorporated in Ohio since 1998, is a
diversified international company providing global customers with
supply chain management outsourcing services, capital equipment
used on production lines, and manufactured components used to
assemble products.
Date of Relevant Committee
09 July 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
----------- ------ --------
Park-Ohio Industries, Inc. LT IDR B+ New Rating
senior unsecured LT B+ New Rating RR4
senior secured LT BB+ New Rating RR1
Park-Ohio Holdings Corp. LT IDR B+ New Rating
PEOPLE FIRST: Unsecureds Will Get 3.4% of Claims in Plan
--------------------------------------------------------
People First Pizza, Inc., filed with the U.S. Bankruptcy Court for
the Central District of California a Subchapter V Plan of
Reorganization dated June 24, 2025.
People First Pizza, Inc registered with the California Secretary of
State on July 25, 2002. and has been operating since then.
The Debtor operates as a franchisee of Domino's Pizza with four
locations in Orange County, CA: 1) Yorba Linda; 2) Mission Viejo;
3) Laguna Beach, and 4) San Juan Capistrano. There are no locations
owned or operated outside Orange County, CA.
This case was filed as Subchapter V to address pre-petition labor
claims that are now part of a PAGA suit, and reorganize debts owed
to MCA lenders whose daily pre-petition withdrawals of Debtor's
bank accounts made it difficult for Debtor to operate before the
Petition Date.
This is an operating plan with only one available source of money
coming from Debtor's projected disposable income paying a fixed
amount to creditors; in other words, it is a pot plan.
Class 3 consists of General Unsecured Claims. Each allowed general
unsecured claim that is not disputed, contingent, or subject to a
claim objection or plan treatment stipulation will receive its pro
rata share equal to 3.4% of its allowed claim, to be disbursed in
quarterly installments, or upon payment in full, whichever occurs
sooner.
Total Amount of claims excluding contingent, unliquidated, and
disputed claims shall be $852,729.26. The percentage paid to the
general unsecured class is an estimate depending on amounts paid to
senior claims and administrative fees and expenses.
The funding of the Plan will be by way of "available cash" on the
Effective Date of the Plan and from projected future disposable
income Debtor generates with post-confirmation operations.
A full-text copy of the Subchapter V Plan dated June 24, 2025 is
available at https://urlcurt.com/u?l=ze6HqF from PacerMonitor.com
at no charge.
Counsel to the Debtor:
Andy C. Warshaw, Esq.
Financial Relief Law Center, APC
1200 Main Street, Suite G
Irvine, CA 92614
Telephone: (714) 442-3319
Facsimile: (714) 361-5380
Email: awarshaw@bwlawcenter.com
About People First Pizza Inc.
People First Pizza, Inc. owns Domino's Pizza franchises in multiple
locations and filed for bankruptcy due to MCA loans, a PAGA lawsuit
from a former employee, and other liabilities.
People First Pizza sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-10764) on March 26,
2025, listing up to $500,000 in assets and up to $1 million in
liabilities. Cindy Gagliardi, president of People First Pizza,
signed the petition.
Judge Theodor Albert oversees the case.
Richard Sturdevant, Esq., at Financial Relief Law Center, APC,
represents the Debtor as bankruptcy counsel.
PHP HOLDINGS: Deadline for Panel Questionnaires Set for July 18
---------------------------------------------------------------
The United States Trustee is soliciting members for committee of
unsecured creditors in the bankruptcy cases of PHP Holdings, LLC,
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/56c8tmpe and return by email it to
Elizabeth A. Young -- elizabeth.a.young@usdoj.gov -- at the Office
of the United States Trustee so that it is received no later than
Friday, July 18, 2025 at 4:00 p.m.
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 PHP Holdings
PHP Holdings, LLC provides regional healthcare services across
California, Connecticut, Pennsylvania, and Rhode Island. Their
operations are divided into hospital services and, prior to the
Astrana sale, physician-related services through owned and managed
medical groups, independent physician associations, managed
services organizations, and risk-bearing entities.
PHP Holdings and more than 20 of its affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N. D. Texas, Lead
Case No. 25-80157) on July 7, 2025. In its petition, PHP Holdings
LLC listed estimated assets of $10 million to $50 million and
estimated liabilities of $500 million to $1 billion.
The Hon. Stacey G. Jernigan presides over the cases.
The Debtors are represented by Sidley Austin LLP. Alvarez &
Marshall North America LLC serves as the Debtors' financial
advisor, Houlihan Lokey Inc. is the Debtors' investment banker, and
Omni Agent Solutions Inc. acts as the Debtors' claims and noticing
agent.
PI ESTATES: Amy Denton Mayer Named Subchapter V Trustee
-------------------------------------------------------
The U.S. Trustee for Region 21 appointed Amy Denton Mayer of
Stichter Riedel Blain & Postler, P.A. as Subchapter V trustee for
PI Estates, LLC.
Ms. Mayer will be paid an hourly fee of $350 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Mayer declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Amy Denton Mayer
Stichter Riedel Blain & Postler P.A.
110 East Madison Street, Suite 200
Tampa, FL 33602
Phone: (813)229-0144
Email: amayer@subvtrustee.com
About PI Estates LLC
PI Estates, LLC, operating as US COCONUTS and GOPAL FARM, is an
agricultural business based in Bokeelia, Florida, focused on
coconut farming operations. The company maintains orchard
development with planting trees using intercropping and
permaculture techniques on Pine Island.
PI Estates sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01197) on June
26, 2025. In its petition, the Debtor reported estimated assets and
liabilities between $1 million and $10 million each.
Judge Caryl E. Delano handles the case.
PPS 77: Gets Final OK to Use Cash Collateral
--------------------------------------------
PPS 77, LLC received final approval from the U.S. Bankruptcy Court
for the Southern District of New York to use cash collateral.
The final order authorized the Debtor to use cash collateral in
accordance with its budget, subject to a 20% variance.
As adequate protection, the New York State Department of Taxation
and Finance, a secured creditor, will be granted replacement liens
on post-petition property and the proceeds thereof, to the same
extent and with the same validity and priority as its
pre-bankruptcy lien.
As further protection, the Debtor must pay DTF $1,600 per month,
must keep its property insured, and must remain current on all
post-petition tax obligations.
The Debtor's authority to use cash collateral terminates (i) on the
seventh day following service of written notice of any breach or
default by the Debtor of the terms of the final order, unless the
Debtor cures such breach or default; or (ii) without notice of any
kind, upon the entry of a court order providing for the dismissal
or conversion of the Debtor's Chapter 11 case to a Chapter 7 case
or the appointment of a trustee.
DTF has filed warrants relating to the Debtor's New York State tax
obligations and has filed a secured claim of $102,197.49.
About PPS 77 LLC
PPS 77, LLC operates a parking garage providing vehicle parking
services at 433 East 76th Street, New York, N.Y.
PPS 77 sought relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. S.D.N.Y. Case No. 25-10550) on March 25, 2025. In its
petition, the Debtor reported estimated assets up to $50,000 and
estimated liabilities between $1 million and $10 million.
Judge Martin Glenn handles the case.
The Debtor is represented by:
H. Bruce Bronson, Jr., Esq.
Bronson Law Offices, P.C.
Tel: 877-385-7793
Email: ecf@bronsonlaw.net
PREMIER PEDIATRICS: Unsecureds to Split $10K over 60 Months
-----------------------------------------------------------
Premier Pediatrics LC, filed with the U.S. Bankruptcy Court for the
District of Utah a Plan of Reorganization dated June 24, 2025.
The Debtor is a Utah limited liability company operating a
full-service outpatient pediatric clinic located at 1251 North
Northfield Road, Suite 301, Cedar City, Utah.
The Debtor provides a range of pediatric services, including
vaccinations, wellness checkups, developmental screenings, and
treatment of acute childhood illnesses. Its operations rely on a
team of licensed healthcare professionals and support staff, and
continued functionality depends on reliable staffing, timely
payroll, and consistent procurement of essential medical supplies.
Through this case, the Debtor seeks to restructure its debts,
stabilize cash flow, and confirm a feasible Plan that will repay
creditors from projected disposable income. Upon completion of the
Plan, the Debtor will seek a discharge of remaining obligations and
expects to continue operations on a more sustainable financial
footing.
As of the Petition Date, the Debtor's Schedule A/B listed total
assets of $168,086.25, including estimated collectible accounts
receivable of $99,000.00 and estimated liquidation value of
tangible personal property of approximately $21,567.50. Secured
claims listed on Schedule D total $135,006.25. General unsecured
claims listed on Schedule E/F total $353,167.21.
This Plan is filed pursuant to Subchapter V of Chapter 11 of the
Bankruptcy Code. Under this Plan, the Debtor proposes to pay
holders of Allowed Claims the Debtors' Disposable Income for a
period of five years, an amount equivalent to the liquidation value
of the estate.
This amount shall be distributed on a pro rata basis to unsecured
creditors, calculated as approximately $120,567.50, paid over a
term of not less than thirty-six months and extended as necessary
to effectuate the required payments herein for period of no longer
than sixty months, and distributed to such holders as provided in
this Plan. These Plan payments will be made from the Debtor's net
disposable income, derived from its ongoing operations. The Debtors
will pay $3,750.00 per month in Disposable Income, to be
distributed on a Monthly Basis.
Because the total of secured and priority claims far exceeds the
net liquidation value of the estate, no funds would remain
available for distribution to Class 3 general unsecured creditors
in a Chapter 7 liquidation.
By contrast, under the Plan, the Debtor proposes to pay $10,000.00
to Class 3 creditors over 60 months. While modest, this represents
a greater recovery than in liquidation and satisfies the "best
interest of creditors" test of Section 1129(a)(7) of the Bankruptcy
Code.
Class 3 consists of General unsecured claims. The Debtor estimates
that after accounting for secured claims and unclassified priority
claims, the "Liquidation Value" of the Debtor's estate, evaluated
under the "best interest of creditors" test set forth in Section
1129(a)(7) of the Bankruptcy Code, would result in a recovery of
$0.00 to holders of general unsecured claims in a Chapter 7
liquidation.
By contrast, the Plan provides for a total distribution of
$10,000.00 to Class 3 general unsecured creditors, funded from the
Debtor's Disposable Income over the life of the Plan.
The Debtor expressly reserves the right to file a companion Chapter
11 case for Dowse Corp., the sole member of Premier Pediatrics LC.
In the event such a case is filed, the Debtor may seek substantive
consolidation of the cases for purposes of joint administration of
claims, treatment of shared liabilities, and equitable allocation
of assets and obligations.
Except as otherwise provided in this Plan, the Reorganized Debtor,
as of the Effective Date, shall be vested with all the property and
assets of the Debtor and the Bankruptcy Estate. The Reorganized
Debtor shall retain all of the exemptions and similar rights under
Section 522 of the Bankruptcy Code and under applicable
non-bankruptcy law, and exempt property is not and shall not be
treated as property of the Estate.
A full-text copy of the Plan of Reorganization dated June 24, 2025
is available at https://urlcurt.com/u?l=Ce1HD8 from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Geoffrey L. Chesnut, Esq.
Red Rock Legal Services, P.L.L.C.
PO Box 1948
Cedar City, UT84721
Tel: (435) 634-1000
Fax: (435) 634-1001
Email: courtmailrr@expresslaw.com
About Premier Pediatrics LC
Premier Pediatrics, LC operates a pediatric medical office in
Southern Utah.
Premier Pediatrics filed a Chapter 11 petition (Bankr. D. Utah Case
No. 25-21548) on March 26, 2025, listing up to $50,000 in assets
and up to $500,000 in liabilities. Robert K. Dowse, managing member
of Premier Pediatrics, signed the petition.
Judge William T. Thurman oversees the case.
Geoffrey L. Chesnut, Esq., at Red Rock Legal Services, PLLC,
represents the Debtor as bankruptcy counsel.
PROSPECT MEDICAL: Accuses CMS of Bankruptcy Discrimination
----------------------------------------------------------
Randi Love of Bloomberg Law reports that entities affiliated with
Prospect Medical Holdings Inc. have sued the Centers for Medicare
and Medicaid Services, alleging that the agency is improperly
withholding reimbursements due to the hospital network's Chapter 11
bankruptcy filing.
In a July 11, 2025 complaint filed in the U.S. Bankruptcy Court for
the Northern District of Texas, Crozer Chester Medical Center
claimed that CMS prematurely terminated Medicare enrollment for
Prospect's ambulatory surgery centers and imaging locations in
Pennsylvania after more than a month of negotiations, according to
Bloomberg Law.
Prospect is set to finalize a $50.3 million sale of its
Pennsylvania operations to ChristianaCare Health System Inc. by the
end of July 2025, the report states.
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.
PUERTO RICO: Energy Czar Defends LNG Supply Deal
------------------------------------------------
Jim Wyss and Ruth Liao of Bloomberg News report that the official
leading Puerto Rico's energy recovery is urging progress on New
Fortress Energy Inc.'s proposed $20 billion natural gas supply
contract, dismissing a federal oversight board's objections as
exaggerated.
Energy Director Josue Colon argued that the Financial Oversight and
Management Board's concern over a potential near-monopoly overlooks
the reality that New Fortress already operates one of the island's
limited liquefied natural gas import terminals, according to
Bloomberg News.
About Puerto Rico
Puerto Rico is a self-governing commonwealth in association with
the United States. The chief of state is the President of the
United States of America. The head of government is an elected
Governor. There are two legislative chambers: the House of
Representatives, 51 seats, and the Senate, 27 seats. The
governor-elect is Ricardo Antonio “Ricky” Rossello Nevares, the
son of former governor Pedro Rossello.
In 2016, the U.S. Congress passed PROMESA, which, among other
things, created the Financial Oversight and Management Board and
imposed an automatic stay on creditor lawsuits against the
government, which expired May 1, 2017.
The members of the oversight board are: (i) Andrew G. Biggs, (ii)
Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J.
Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii)
David A. Skeel Jr.
On May 3, 2017, the Commonwealth of Puerto Rico filed a petition
for relief under Title III of the Puerto Rico Oversight,
Management, and Economic Stability Act (“PROMESA”). The case is
pending in the United States District Court for the District of
Puerto Rico under case number 17-cv-01578. A copy of Puerto
Rico’s
PROMESA petition is available at
http://bankrupt.com/misc/1701578-00001.pdf
On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation
(COFINA) commenced a case under Title III of PROMESA (D.P.R. Case
No. 17-01599). Joint administration has been sought for the Title
III cases.
On May 21, 2017, two more agencies — Employees Retirement System
of the Government of the Commonwealth of Puerto Rico and Puerto
Rico Highways and Transportation Authority (Case Nos. 17-01685 and
17-01686) — commenced Title III cases.
U.S. Chief Justice John Roberts named U.S. District Judge Laura
Taylor Swain to preside over the Title III cases.
The Oversight Board has hired as advisors, Proskauer Rose LLP and
O’Neill & Borges LLC as legal counsel, McKinsey & Co. as
strategic consultant, Citigroup Global Markets as municipal
investment banker, and Ernst & Young, as financial advisor.
Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq.,
at O’Neill & Borges LLC are onboard as attorneys.
Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains the case Web site
https://cases.primeclerk.com/puertorico
Jones Day is serving as counsel to certain ERS bondholders.
Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General
Obligation Bondholders.
PUERTO RICO: Idles Power Plants as New Fortress Withholds Gas
-------------------------------------------------------------
Jim Wyss and Ruth Liao of Bloomberg News report that New Fortress
Energy Inc., the financially troubled firm founded by billionaire
Wes Edens, is withholding a liquefied natural gas shipment to
Puerto Rico due to a payment dispute, prompting the island to shut
down several power plants.
The company claims Puerto Rico owes millions for previous fuel
deliveries, but energy chief Josue Colon disputes the allegation,
saying his office has no record of outstanding payments. The
standoff is putting additional strain on the island's power grid
just as energy demand spikes during peak summer heat.
About Puerto Rico
Puerto Rico is a self-governing commonwealth in association with
the United States. The chief of state is the President of the
United States of America. The head of government is an elected
Governor. There are two legislative chambers: the House of
Representatives, 51 seats, and the Senate, 27 seats. The
governor-elect is Ricardo Antonio "Ricky" Rossello Nevares, the son
of former governor Pedro Rossello.
In 2016, the U.S. Congress passed PROMESA, which, among other
things, created the Financial Oversight and Management Board and
imposed an automatic stay on creditor lawsuits against the
government, which expired May 1, 2017.
The members of the oversight board are: (i) Andrew G. Biggs, (ii)
Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J.
Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii)
David A. Skeel Jr.
On May 3, 2017, the Commonwealth of Puerto Rico filed a petition
for relief under Title III of the Puerto Rico Oversight,
Management, and Economic Stability Act ("PROMESA"). The case is
pending in the United States District Court for the District of
Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico's
PROMESA petition is available at
http://bankrupt.com/misc/1701578-00001.pdf
On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation
(COFINA) commenced a case under Title III of PROMESA (D.P.R. Case
No. 17-01599). Joint administration has been sought for the Title
III cases.
On May 21, 2017, two more agencies -- Employees Retirement System
of the Government of the Commonwealth of Puerto Rico and Puerto
Rico Highways and Transportation Authority (Case Nos. 17-01685 and
17-01686) -- commenced Title III cases.
U.S. Chief Justice John Roberts named U.S. District Judge Laura
Taylor Swain to preside over the Title III cases.
The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker, and Ernst & Young, as financial advisor.
Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq.,
at O'Neill & Borges LLC are onboard as attorneys.
Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains the case Web site
https://cases.primeclerk.com/puertorico
Jones Day is serving as counsel to certain ERS bondholders.
Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General
Obligation Bondholders.
QXC COMMUNICATIONS: Seeks to Extend Plan Exclusivity to July 28
---------------------------------------------------------------
QXC Communications, Inc., asked the U.S. Bankruptcy Court for the
Southern District of Florida to extend its exclusivity periods to
file a plan of reorganization and obtain acceptance thereof to July
28 and September 26, 2025, respectively.
On May 23, 2025, the Court entered its Order Approving Procedures
for Free and Clear Sale of Substantially All Assets of Estate
establishing bid and sale procedures for the Debtor's public
auction sale of substantially all of its assets.
The Debtor then conducted a competitive public auction on June 6,
2025 which resulted in Hotwire Communications, Ltd. becoming the
Successful Bidder at $11,000,000, and which resulted in HControl
Midco, LLC making the second highest bid, and thus becoming the
Back-Up Bidder, at $10,875,000.
Depending on what happens with the sale closing, the Debtor may
file a chapter 11 plan to accomplish a full wind-down of its
affairs and to preserve remaining value for estate creditors.
The Debtor explains that it has only been in bankruptcy for four
months. And rather than seeking an extension to pressure creditors,
the Debtor seeks an extension to preserve its exclusive ability to
propose a plan administering the remaining post-sale estate assets
for the benefit of creditors.
QXC Communications, Inc. is represented by:
Eric Pendergraft, Esq.
Shraiberg Page, PA
2385 NW Executive Center Dr., Ste. 300
Boca Raton, FL 33431
Telephone: (561) 443-0800
Facsimile: (561) 998-0047
Email: ependergraft@slp.law
About QXC Communications Inc.
QXC Communications, Inc. specializes in designing and deploying
fiber-optic networks that offer high-speed internet, WiFi, HD TV,
and VoIP voice services. It caters to a range of clients,
residential communities, military bases, businesses, and outdoor
venues. The company uses AON (Active Optical Network) technology to
ensure the highest quality connectivity with minimal
interruptions.
QXC Communications sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-12256) on February
28, 2025, listing $11,677,760 in assets and $13,912,001 in
liabilities. John Von Stein, chief executive officer of QXC
Communications, signed the petition.
Judge Mindy A. Mora oversees the case.
John E. Page, Esq., at Shraiberg Page PA, represents the Debtor as
legal counsel.
R.W. SIDLEY: Hires Anthony J. DeGirolamo as Legal Counsel
---------------------------------------------------------
R.W. Sidley, Inc. seeks approval from the U.S. Bankruptcy Court for
the Northern District of Ohio to employ Anthony J. DeGirolamo as
counsel.
The firm's services include:
a. assisting the Debtor in fulfilling its duties as debtor in
possession;
b. representing the Debtor with respect to motions filed in
its Chapter 11 case; and
c. assisting the Debtor in the administration of its chapter
11 case.
The firm will be paid at these rates:
DeGirolamo $395 per hour
Paralegals $235 per hour
The firm received a retainer in the amount of $26,682.08
In addition, the firm will seek reimbursement for its out-of-pocket
expenses.
Anthony J. DeGirolamo, Esq., disclosed in a court filing that the
firm is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code.
The firm can be reached at:
Anthony J. DeGirolamo, Esq.
3930 Fulton Dr., Ste. 100B
Canton, Ohio 44718
Telephone: (330) 305-9700
Facsimile: (330) 305-9713
E-mail: tony@ajdlaw7-11.com
About R.W. Sidley Inc.
R.W. Sidley Inc. is a construction materials company based in
Thompson, Ohio.
R.W. Sidley Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-12797) on July 2,
2025. In its petition, the Debtor reports estimated assets up to
$50,000 and estimated liabilities between $1 million and $10
million.
Honorable Bankruptcy Judge Jessica E. Price Smith handles the
case.
The Debtors are represented by Anthony J. DeGirolamo, Esq.
R.W. SIDLEY: Hires Benesch Friedlander as Special Counsel
---------------------------------------------------------
R.W. Sidley, Inc. seeks approval from the U.S. Bankruptcy Court for
the Northern District of Ohio to employ Benesch, Friedlander,
Coplan & Aronoff LLP as special counsel.
The firm will assist the Debtor in resolving certain disputes
involving the $5,000,000 purchase price holdback related to the
transaction with Great Sand, LLC and Covia Holdings, LLC.
The firm will be paid at these rates:
Peter K. Shelton $730 per hour
Kevin D. Margolis $775 per hour.
The firm received a retainer in the amount of $88,423.50
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
In addition, the firm will seek reimbursement for its out-of-pocket
expenses.
Peter K. Shelton Esq., a partner at Benesch, Friedlander, Coplan &
Aronoff LLP, disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
Peter K. Shelton, Esq.
Benesch, Friedlander, Coplan & Aronoff LLP
127 Public Square, Suite 4900
Cleveland, OH 44114
Tel: (216) 363-4500
About R.W. Sidley Inc.
R.W. Sidley Inc. is a construction materials company based in
Thompson, Ohio.
R.W. Sidley Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-12797) on July 2,
2025. In its petition, the Debtor reports estimated assets up to
$50,000 and estimated liabilities between $1 million and $10
million.
Honorable Bankruptcy Judge Jessica E. Price Smith handles the
case.
The Debtors are represented by Anthony J. DeGirolamo, Esq.
R.W. SIDLEY: Hires Brennan Manna Diamond as Special Counsel
-----------------------------------------------------------
R.W. Sidley, Inc. seeks approval from the U.S. Bankruptcy Court for
the Northern District of Ohio to employ Brennan Manna Diamond, LLC
as special corporate counsel.
The firm's services include assisting the Debtor in real estate
transactions, the Covia dispute/litigation, the Howard Bates JV,
the Great Lakes Cheese Mediation, collection of retainers for
Pittsburgh Airport and Buffalo Bills Stadium, and related
services.
The firm will be paid at these rates:
Robert A. Hager $463.50 per hour
Blake Gerney $371 per hour
Kirk Roessler $495 per hour
Dan Rudary $391.50 per hour
Doug Eppler $378 per hour
The firm received from the Debtor a retainer of $159,022.80.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Mr. Hager disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
Robert Hager, Esq.
Brennan Manna Diamond, LLC
75 E. Market St.
Akron, OH 44308
Tel: (330) 253-5060
About R.W. Sidley, Inc.
R.W. Sidley Inc. is a construction materials company based in
Thompson, Ohio.
R.W. Sidley Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-12797) on July 2,
2025. In its petition, the Debtor reports estimated assets up to
$50,000 and estimated liabilities between $1 million and $10
million.
Honorable Bankruptcy Judge Jessica E. Price Smith handles the
case.
The Debtors are represented by Anthony J. DeGirolamo, Esq.
R.W. SIDLEY: Hires Centrus LLC as Financial Advisor
---------------------------------------------------
R.W. Sidley, Inc. seeks approval from the U.S. Bankruptcy Court for
the Northern District of Ohio to employ Centrus, LLC as financial
advisor and chief restructuring officer.
The firm's services include:
(a) assisting the Debtor in fulfilling its duties as debtor in
possession; and
(b) assisting the Debtor by providing financial analyses
necessary for the Debtor's plan of reorganization, disclosure
statement, sale of any assets, or other transaction related to the
Debtor's reorganization.
The firm will be paid at these rates:
Terry Humphrey, Senior Consultant $400 per hour
Kevin Synk, Consultant $300 per hour
The firm received from the Debtor $24,856 during the preceding one
year before the Petition Date, $24,856 of which was received within
90 days of the Petition Date from the Debtor for financial advisory
services rendered and expenses incurred related to the Debtor's
needs and holds a retainer of $25,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Terry Humphrey 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:
Terry Humphrey, Esq.
Centrus, LLC
1653 Merriman Road, Suite 211
Akron, OH, 44313
Tel: (330) 864-5800
About R.W. Sidley, Inc.
R.W. Sidley Inc. is a construction materials company based in
Thompson, Ohio.
R.W. Sidley Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-12797) on July 2,
2025. In its petition, the Debtor reports estimated assets up to
$50,000 and estimated liabilities between $1 million and $10
million.
Honorable Bankruptcy Judge Jessica E. Price Smith handles the
case.
The Debtors are represented by Anthony J. DeGirolamo, Esq.
R.W. SIDLEY: Seeks to Hire Robert Buescher as Consultant
--------------------------------------------------------
R.W. Sidley, Inc. seeks approval from the U.S. Bankruptcy Court for
the Northern District of Ohio to employ Robert Buescher as
consultant.
The firm's services include:
(a) assisting the Debtor in fulfilling its duties as debtor in
possession; and
(b) assisting with the wind down of precast operations and asset
liquidations.
Robert Buescher will be paid at the rate of $150 per hour.
The firm has received $37,500 during the preceding one year before
the Petition Date, $0 of which was received within 90 days of the
Petition Date from the Debtor for financial advisory services
rendered and expenses incurred related to the Debtor’s needs and
holds no retainer. The firm was owed $45,000 for services provided
to the Debtor which the firm agrees to waive. The firm also is owed
$650,000 in deferred compensation earned while formerly employed by
the Debtor which the firm does not agree to waive.
In addition, the firm will seek reimbursement for its out-of-pocket
expenses.
As disclosed in a court filing that Robert Buescher is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
About R.W. Sidley, Inc.
R.W. Sidley Inc. is a construction materials company based in
Thompson, Ohio.
R.W. Sidley Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-12797) on July 2,
2025. In its petition, the Debtor reports estimated assets up to
$50,000 and estimated liabilities between $1 million and $10
million.
Honorable Bankruptcy Judge Jessica E. Price Smith handles the
case.
The Debtors are represented by Anthony J. DeGirolamo, Esq.
RED HAWK: Steven Wallace Named Subchapter V Trustee
---------------------------------------------------
The Acting U.S. Trustee for Region 13 appointed Steven Wallace as
Subchapter V trustee for Redhawk Land & Hospitality, LLC.
Mr. Wallace will be paid an hourly fee of $325 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Wallace 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 M. Wallace
Goldenberg Heller & Antognoli P.C.
2227 South State Route 157
Edwardsville, Illinois 62025
Telephone: (618) 656-5150
Facsimile: (618) 656-6230
Email: steven@ghalaw.com
About Redhawk Land & Hospitality
Redhawk Land & Hospitality, LLC sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. E.D. Miss. Case No. 25-42427)
on June 26, 2025, with $0 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 legal counsel.
RED VENTURES: Moody's Lowers CFR to B2, Outlook Stable
------------------------------------------------------
Moody's Ratings downgraded Red Ventures, LLC's (Red Ventures)
corporate family rating to B2 from B1 and the backed senior secured
bank credit facilities to B2 from B1. The probability of default
rating was affirmed at B2-PD. The outlook is stable.
The downgrade of the ratings reflects Moody's expectations for a
decrease in operating performance in 2025 following the loss of Red
Ventures' largest customer. The PDR rating was affirmed at B2-PD to
reflect the recovery levels in the event of default. Leverage
levels (6.9x as of Q1 2025, including Moody's standard adjustments)
are likely to remain at high levels despite anticipated debt
repayment in 2025. Moody's expect operating performance will
improve in 2026 as the company onboards new clients and from
operating enhancements at its service offerings, although a rapidly
evolving media landscape driven by search engine algorithm changes
and AI usage increases the potential for additional volatility in
performance. Despite the high leverage, Red Ventures is expected to
generate good free cash flow (FCF) with FCF as a percentage of debt
in the mid to high single digit range in 2025. Moody's projects
that improved results in 2026 and additional debt repayment will
contribute to a reduction in leverage toward the 6x range in 2026.
RATINGS RATIONALE
The B2 CFR reflects the company's position as a major US Internet
publisher of editorial content with online customer acquisition
capabilities designed around a proprietary data and analytics
platform and performance-based revenue model. The company's digital
marketing funnel, buoyed by its owned and operated websites,
delivers high customer traffic and sales conversions. The
"asset-lite" operating model facilitates good conversion of EBITDA
to FCF that supports liquidity and the ability to repay debt. Red
Ventures also owns a 50% membership interest in its joint venture
with UnitedHealth Group Incorporated (RVO Health, LLC), which was
deconsolidated from the financial statements in 2022. In addition,
the company has a minority position in the holding company of ZPG,
LTD.
The profile also considers Red Ventures' high financial leverage
and challenging operating performance in 2024, which will to
continue in 2025. The company has also been acquisitive
historically, but Moody's expects minimal activity in the near term
as the company focuses on improving results. Red Ventures'
performance is sensitive to search engine algorithm changes,
additional ad inventory from ad based streaming services and social
media companies, and shifts in customer and advertiser behavior as
AI usage continues to expand. Operating performance is also
impacted by interest rate changes, cyclical advertising spending
and volatile transaction revenue. There is also moderately high
exposure to customer, end market and geographic concentrations.
Moody's expects Red Ventures will maintain good liquidity over the
next 12-18 months. Given the profitability of the business and
minimal capital spending and working capital needs, Moody's
projects FCF as a percentage of debt in the mid to high single
digit percentage range and a cash balance of at least $100 million
over the next year (cash totaled roughly $104 million as Q1 2025).
Liquidity is further supported by the $1.02 billion revolving
credit facility (RCF), with $354 million drawn as of Q1 2025, and
which matures in November 2027. Red Ventures sold the CNET business
in Q3 2024 and the proceeds were used to repay a portion of the RCF
balance. Red Ventures is expected to receive tax credits and a tax
refund in 2025 that will be used to repay a portion of the revolver
balance.
The term loan is covenant lite, but the RCF is subject to a
springing Maximum First Lien Leverage covenant equal to 7.5x (as
defined in the first-lien credit agreement) that becomes effective
each quarter when more than 35% of the facility is drawn.
Historically, the company has drawn under the RCF, triggering the
covenant, but Moody's expects the outstanding RCF balance to
continue to decline. As of Q1 2025, Red Ventures' First Lien
Leverage Ratio was roughly 3.7x (as defined in the first-lien
credit agreement).
The stable outlook reflects Moody's views that Red Ventures
operating performance will decline in 2025 following the loss of
its largest customer and higher traffic acquisition expenses that
will lead to leverage remaining in the 7x range despite additional
debt repayment. The onboarding of new clients and continuing debt
repayment is likely to lead to a decrease in leverage toward the 6x
range, although a changing media landscape increases the potential
for additional volatility. Continuing modest capital spending
levels will support good FCF that is likely to be directed in part
to debt repayment and support a good liquidity position.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if Red Ventures generates consistent
organic revenue growth in the mid single digits with EBITDA margin
expansion leading to a sustained reduction in total debt to EBITDA
well below 5x (Moody's adjusted). Red Ventures would also need to
maintain a good liquidity profile including FCF as a percentage of
debt in the mid single digits. The company would also need to
demonstrate conservative financial policies consistent with a
higher rating.
The ratings could be downgraded if leverage was sustained above
6.25x (Moody's adjusted) due market share erosion, higher expenses,
or client losses. A weakened liquidity profile including flat to
negative FCF, could also result in negative rating pressure.
Founded in 2000 and headquartered in Fort Mill, South Carolina, Red
Ventures, LLC ("Red Ventures" or "RV") is a wholly-owned operating
subsidiary of Red Ventures Holdco, LP, which owns a portfolio of
digital businesses that bring consumers and brands together through
integrated e-commerce, strategic partnerships, and proprietary data
across Financial Services, Travel, Connectivity (Home), RV Growth &
Transformation (marketing and tech partnerships), Education and
Energy end markets. Private equity firms Silver Lake Partners,
General Atlantic and ICONIQ are major investors in the company.
Revenue for the twelve months ended Q1 2025 totaled approximately
$1.1 billion.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.
REDHAWK LAND: Hires Swiecicki & Muskett LLC as Counsel
------------------------------------------------------
RedHawk Land and Hospitality, LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Missouri to employ
Swiecicki & Muskett, LLC as counsel.
The firm will provide 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 herein; and
(d) perform all other necessary legal service in connection with
these proceedings.
The firm will be paid at the rate of $300 per hour.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Mr. Swiecicki 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:
Christopher S. Swiecicki, Esq.
Swiecicki & Muskett, LLC
16100 Chesterfield W Suite 368
Chesterfield, MO 63017
Tel: (636) 778-0209
About RedHawk Land and Hospitality, 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.
REVOLOK USA: Case Summary & Five Unsecured Creditors
----------------------------------------------------
Debtor: Revolok USA, LLC
15 South Treasure Drive
Tampa, FL 33609
Business Description: Revolok USA LLC manufactures load-securing
equipment for the transportation industry,
including powered chain binders and torque
multiplier tools. The Company operates from
Tampa, Florida, and sells its products
directly to commercial trucking and
logistics clients.
Chapter 11 Petition Date: July 11, 2025
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 25-04731
Judge: Hon. Roberta A Colton
Debtor's Counsel: Daniel A. Velasquez, Esq.
LATHAM LUNA EDEN & BEAUDINE LLP
201 S. Orange Avenue
Suite 1400
Orlando, FL 32801
Tel: (407) 481-5800
Fax: (407) 481-5801
E-mail: dvelasquez@lathamluna.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Shea Hughes as managing member.
A full-text copy of the petition, which includes a list of the
Debtor's five unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/JXM7N2I/Revolok_USA_LLC__flmbke-25-04731__0001.0.pdf?mcid=tGE4TAMA
RG AVIATION: Amends Priority & Secured Claims Pay Details
---------------------------------------------------------
RG Aviation LLC submitted a Third Modified Plan of Reorganization
for Small Business dated June 24, 2025.
To date, the Debtor was forced to rely heavily for the secured debt
payment on principal Rafael Guerrero.
The Debtor was able to get FAA Approval to fly as of March 14, 2025
and has begun to generate revenue as of May 2025.
The debtor's plan is to restructure their secured debt of
approximately 1.52 million with a 20-year amortization instead of
the present 15-year amortization with a 7-year balloon, with the
7-year term to begin 30 days after the plan confirmation. Debtor
has had discussions with Legacy bank and the bank is in agreement
to those terms.
The Debtor feels that with the restructure of its secured debt and
the beginning of its generation of revenue it will be able to pay
its debt service and generate of a profit going forward.
The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of $16,000 per month.
The final Plan payment is expected to be paid in January of 2026.
If the plan is confirmed on July 1, 2025, plan payments starts
July, 2025.
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 0 cents on the dollar. This Plan also provides for
the payment of administrative and priority claims.
Class 1 consists of Priority Claims. Will be paid 6 monthly payment
of $2,000 per month, beginning one month after confirmation until
paid in full.
Class 2 consists of the Secured Claims of, Legacy Bank & Trust
Company. Paid at 5.75% interest with a 20-year amortization and
with a 7-year balloon payment due July 2032 pursuant to a modified
loan agreement. Class 2 Claimant will retain its liens on its
collateral until its claim is paid in full pursuant to be the
modified loan agreement, which is incorporated herein.
The debtor's principal Rafael Guerrero will receive compensation as
funds are available from revenue after operating expenses are
paid.
The Plan shall be funded through the Disposable Income generated by
Debtor's future operations. The Debtor will act as the disbursing
agent for Plan payments. Disbursements will start no later than
July 31st, 2025, furthermore, the Debtor Attorney and the
Subchapter V Trustee agreed to accept $2,000 monthly payments over
the six-month period. In payment of their attorney fees claims. If
there is insufficient revenue to pay the payments, principal Rafael
Guerrero agrees to make the payments.
A full-text copy of the Third Modified Plan dated June 24, 2025 is
available at https://urlcurt.com/u?l=hGgyV8 from PacerMonitor.com
at no charge.
Counsel to the Debtor:
Shawn J. Lau, Esq.
LAU & ASSOCIATES, P.C.
4228 St. Lawrence Avenue
Reading, PA 19606
Tel: (610) 370-2000
Fax: (610) 370-0700
E-mail: shawn_lau@msn.com
About RG Aviation LLC
RG Aviation, LLC is in the business of airline transportation.
The Debtor filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 24-14201) on Nov.
22, 2024, listing $1 million to $10 million in both assets and
liabilities. The petition was signed by Rafael Guerrero as
authorized representative of the Debtor.
Judge Patricia M Mayer presides over the case.
Shawn Lau, Esq., at Lau & Associates, PC represents the Debtor as
counsel.
RITE AID: Closes 5 Sacramento Locations as Part of Ch. 11 Process
-----------------------------------------------------------------
Veronica Fernandez-Alvarado of The Sacramento Bee reports that at
least five additional Rite Aid locations in the Sacramento region
are scheduled to close this July 2025, with three shutting down as
early as next week. The closures are part of the company's ongoing
Chapter 11 bankruptcy proceedings filed in early May.
Since entering bankruptcy, Rite Aid has marked over 1,000 of its
stores for closure nationwide, according to Fast Company. At the
time of its filing, the company operated 1,277 pharmacies.
The upcoming Sacramento-Area Store closures are:
July 14: 446 Roseville Square, Roseville
July 15: 526 East Bidwell St., Folsom
July 16: 655 Russell Blvd., Davis
July 30: 9133 Kiefer Blvd., Sacramento
July 31: 2111 Golden Centre Lane, Rancho Cordova
Rite Aid said in a May 15 press release that it has entered into
several sale and pharmacy services transition agreements with major
operators including CVS Pharmacy, Walgreens, Albertsons, Kroger,
and Giant Eagle.
Pharmacy services and prescription records from the closing stores
are being gradually transferred to nearby locations operated by
those companies. Rite Aid emphasized that during the transition,
stores will remain open and customers will continue to have access
to prescriptions, refills, and immunizations without interruption,
the report states.
"These agreements ensure our pharmacy customers will experience a
smooth transition while preserving jobs for some of our valued team
members," said Rite Aid Chief Executive Officer Jeffrey Schroeder
in the release.
About Rite Aid
Rite Aid is a full-service pharmacy committed to improving health
outcomes. Rite Aid is defining the modern pharmacy by meeting
customer needs with a wide range of solutions that offer
convenience, including retail and delivery pharmacy, as well as
services offered through the Company's wholly owned subsidiary
Bartell Drugs. On the Web: http://www.riteaid.com/
Rite Aid and certain of its subsidiaries previously filed for
Chapter 11 bankruptcy in October 2023 and emerged from bankruptcy
in August 2024.
On May 5, 2025, New Rite Aid, LLC and its subsidiaries, including
Rite Aid Corporation, commenced voluntary Chapter 11 proceedings
(Bankr. D.N.J. Lead Case No. 25-14861). As of the 2025 bankruptcy
filing date, Rite Aid operates 1,277 stores and 3 distribution
centers in 15 states and employs approximately 24,500 people. Rite
Aid is using the Chapter 11 process to pursue a sale of its
prescriptions, pharmacy and front-end inventory, and other assets.
The cases are being administered by the Honorable Michael B.
Kaplan.
Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal
advisor, Guggenheim Securities, LLC is serving as investment
banker, and Alvarez & Marsal is serving as financial advisor to the
Debtors. Joele Frank, Wilkinson Brimmer Katcher is serving as
strategic communications advisor to the Debtors.
Kroll is the claims agent and maintains the page
https://restructuring.ra.kroll.com/RiteAid2025
Bank of America, N.A., as DIP Agent, is represented by lawyers at
Greenberg Traurig, LLP; and Choate Hall & Stewart LLP.
RMBQ INC: Seeks to Hire Dimension Business Services as Bookkeeper
-----------------------------------------------------------------
RMBQ, Inc. seeks approval from the U.S. Bankruptcy Court for the
Southern District of California to hire Dimension Business Services
as its bookkeeper.
The firm will render these services:
a. prepare and maintain accurate financial records;
b. post and reconcile post-petition income and expenses;
c. assist on preparation of monthly operating reports and
profit and loss statements; and
d. assist the Debtor with tax audits.
The firm will receive a flat fee of $4,500 per month for
post-petition work. For any extra time incurred, the firm will
charge an hourly rate of $350.
Dagoberto Dominguez, bookkeeper at Dimension Business Services,
assured the court that the firm is a "disinterested person" as
defined by 11 U.S.C. Sec. 101(14).
The firm can be reached through:
Dagoberto Dominguez
Dimension Business Services
245 Autumn Rose Ln.
Fallbrook, CA 92028
Phone: (760) 445-1662
Email: DagobertoDominguez@sbcglobal.net
About RMBQ Inc.
RMBQ, Inc. operates nine food service locations including five
brick-and-mortar stores, four mobile units, and a catering truck
under concession agreements with Marine Corps Community Services
across military bases in San Diego County.
RMBQ sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Banke. S.D. Cal. Case No. 25-01511-JBM11) on April 16, 2025,
listing up to $500,000 in assets and up to $10 million in
liabilities. Raymond Gomez, chief executive officer of RMBQ, signed
the petition.
Judge Barrett Marum oversees the case.
Joanne P. Sanchez, Esq., at Sanchez & Baltazar Attorneys, P.C.,
represents the Debtor as legal counsel.
ROGUE SMOOTHIES: Hires Keith Y. Boyd P.C. as Counsel
----------------------------------------------------
Rogue Smoothies, Inc. seeks approval from the U.S. Bankruptcy Court
for the District of Oregon to employ Keith Y. Boyd, P.C. to handle
its Chapter 11 case.
The firm will be paid at these rates:
Keith Y. Boyd $445 per hour
Melissa A. Arnold, ACP $185 per hour
Law Clerk $200 per hour
Legal Assistants $115 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Prior to filing, the firm received from the Debtor retainer
payments of $15,000 on June 16, 2025, $10,100 on June 23, 2025, and
$5,000 on June 25, 2025.
The firm applied $9,807 of the attorney fee retainer to prepetition
attorney fees and $1,849.03 of the costs retainer to costs
including the filing fee. The remainder of the retainer received,
$18,443.97 will be held pending further court approval.
Keith Y. Boyd, Esq., a partner at The Law Offices of Keith Y. Boyd,
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:
Keith Y. Boyd, Esq.
The Law Offices of Keith Y. Boyd
724 S. Central Ave., Suite 106
Medford, OR 97501
Tel: (541) 973-2422
Fax: (541) 973-2426
Email: keith@boydlegal.net
About Rogue Smoothies, Inc.
Rogue Smoothies Inc., d/b/a Auntie Anne's and Jamba Juice, operates
franchise locations of Jamba and Auntie Anne's in Medford, Oregon.
The Company provides smoothies, juices, fruit bowls, and baked
pretzel products through its retail outlets.
Rogue Smoothies Inc. sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. D. Or. Case No. 25-61778) on
June 25, 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 Thomas M. Renn handles the case.
The Debtors are represented by Keith Y Boyd, Esq. at KEITH Y. BOYD,
PC.
ROMAN CATHOLIC: Committee Taps Stout Risius as Real Estate Expert
-----------------------------------------------------------------
The official committee of unsecured creditors of The Roman Catholic
Diocese of Albany, New York seeks approval from the U.S. Bankruptcy
Court for the Northern District of New York to employ Stout Risius
Ross, LLC as real estate valuation expert.
The firm will provide these services:
a. provide expert consulting services and expert testimony
regarding the appropriate value of the Diocese's and its
affiliates' real estate assets;
b. perform an appraisal or otherwise analyze value of the
Diocese's and its affiliates' real estate assets;
c. prepare and draft appraisal report(s) of the Diocese's and
its affiliates' real estate
assets;
d. conduct one or more inspections of the Diocese's and its
affiliates' real estate assets to the extent authorized by the
Court or agreed to by the parties;
e. perform all necessary due diligence, background
investigation and preparation (including, for example, examination
of comparable properties) that is customarily associated with the
valuation of real property in order to determine the market value
and liquidation value for the Diocese's and its affiliates' real
estate assets;
f. consult with the Committee and its counsel concerning real
estate valuation matters generally;
g. testify, if necessary, before the Court concerning the
valuation of the Diocese's and its affiliates' real estate assets;
h. provide expert consulting and advisory services as may be
requested by the Committee; and
i. participate in mediation sessions involving discussion of
the Diocese's and its affiliates' real estate assets.
The firm will be paid at these rates:
Managing Director $450 to $675 per hour
Director $325 to $450 per hour
Senior Vice President $300 to $400 per hour
Vice President $225 to $325 per hour
Analysts/Associates $150 to $275 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Randi Rosen, Esq., a partner at Stout Risius Ross, LLC, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Randi Rosen
Stout Risius Ross, LLC
1 S. Wacker Dr.
Chicago, IL 60606
Tel: (312) 546-3426
Email: kmcnally@stout.com
About The Roman Catholic Diocese of Albany
The Roman Catholic Diocese of Albany is a religious organization in
Albany, N.Y. It covers 13 counties in Eastern New York, including a
portion of the 14th county. Its Mother Church is the Cathedral of
the Immaculate Conception in the city of Albany.
New York's Child Victims Act, which took effect in August 2019,
temporarily sets aside the usual statute of limitations for
lawsuits to give victims of childhood sexual abuse a year to pursue
even decades-old claims. Hundreds of new lawsuits have been filed
against churches and other institutions since the law took effect
on Aug. 14, 2019.
Facing the financial weight of new sexual misconduct lawsuits, at
least four of the eight Roman Catholic dioceses in the state, has
already sought Chapter 11 protection. The dioceses that have
declared bankruptcy include the Diocese of Rochester and the
Diocese of Rockville Centre on Long Island.
The Catholic Diocese of Albany sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 23-10244) on
March 15, 2023. In the petition filed by Fr. Robert P. Longobucco,
the Debtor estimated assets between $10 million and $50 million and
liabilities between $50 million and $100 million.
Judge Robert E. Littlefield, Jr. oversees the case.
The Debtor tapped Nolan Heller Kauffman, LLP as bankruptcy counsel;
Tobin and Dempf, LLP as special litigation counsel; Keegan Linscott
& Associates, PC as financial advisor; and Bonadio & Co., LLP as
accountant. Donlin, Recano & Company, Inc. is the claims and
noticing agent.
On April 17, 2023, the U.S. Trustee for Region 2 appointed two
separate committees to represent unsecured creditors and tort
claimants in the Debtor's Chapter 11 case.
The unsecured creditors' committee tapped Lemery Greisler, LLC as
legal counsel; Dundon Advisors, LLC as financial advisor; and
OneDigital Investment Advisors, LLC as special investment
consultant.
Stinson, LLP and OneDigital Investment Advisors serve as the tort
committee's legal counsel and special investment consultant,
respectively.
RSA SECURITY: Fitch Lowers LongTerm IDR to CCC, On Watch Negative
-----------------------------------------------------------------
Fitch Ratings downgraded the Long-Term Issuer Default Ratings
(IDRs) of Redstone Buyer LLC, Redstone Holdco 2 LP, Redstone
Intermediate (FRI) Holdco LLC, Redstone Intermediate (SecurID)
Holdco LLC, and Redstone Parent LP (collectively RSA Security, LLC)
to 'CCC' from 'B-'. Fitch also downgraded the first-lien senior
secured credit facility to 'CCC+' with a Recovery Rating of 'RR3'
from 'B'/'RR3', and second-lien senior secured credit facility to
'CC'/'RR6' from 'CCC'/'RR6'. The ratings are on Rating Watch
Negative (RWN).
The downgrades and RWN reflect increased liquidity concerns from
continued operational underperformance and a declining cash
position. Fitch expects RSA to draw on it Revolving Credit Facility
(RCF) in fiscal 2026 to supplement its cash , given continued
negative FCF. The RCF's April 2026 maturity further limits
liquidity and financial flexibility. Fitch views the current
capital structure as unsustainable without significant operational
improvements, increasing the likelihood RSA could seek alternative
financing options, resulting in a reduction in terms.
Fitch has withdrawn the ratings of Redstone Intermediate
(NetWitness) Holdco LLC as it no longer exists after being divested
from RSA Security.
Key Rating Drivers
Weakened Financial Flexibility: Fitch estimates RSA's free cash
flow (FCF) deficit at over $70 million in fiscal 2026, requiring
draws on its RCF to supplement the estimated $25 million available
cash balance at the end of fiscal 1Q26. With the RCF maturing in
April 2026 and an unsustainable capital structure in Fitch view,
Fitch believes there is rising risk RSA may seek refinancing
options that could constitute what Fitch believes is a distressed
debt exchange (DDE).
Fitch expects RSA's revenue to grow in the low-single digits
through its forecast period as the company narrows its focus on
growing the remaining business units after the divestiture of
Archer and NetWitness. However, given the significant interest
expense burden, Fitch believes stable operations may be inadequate
to alleviate liquidity issues, as FCF is forecast to remain
negative in the near-term, with EBITDA leverage and EBITDA/Interest
coverage remaining at unsustainable levels. Fitch estimates RSA's
EBITDA leverage will remain above 10x and EBITDA/Interest coverage
approximately 1x through fiscal 2029.
Operating Performance Remain Sluggish: RSA revenue growth remains
weak, with the remaining business units, SecurID and Outseer,
growing at 0% and -3%, respectively, during fiscal 1Q26. Pro forma
the NetWitness divestiture, Fitch estimates overall fiscal 2026
revenue to decline by low-single digits, resulting in continuing
EBITDA decline. Despite this, Fitch expects EBITDA margins to
remain stable in the mid-30's.
Secular Growth Markets: Despite pandemic-related demand volatility,
increased adoption of identity and access management (IAM) for
greater workforce mobility should drive growth in this niche
cybersecurity segment. However, the market remains fragmented and
increasingly competitive, as larger competitors can bundle IAM with
other enterprise software, challenging standalone offerings.
Significant Competition: Fitch expects RSA to face intensifying
competition across its core end markets, including from larger,
more financially flexible market leaders. SecurID remains a
recognized leader in identity management, while Outseer's improved
Net Promotor Scores indicate better market perception. Despite
these positions, heightened competition continues to pose
challenges for RSA.
Peer Analysis
The broader enterprise-security market has grown, supported by
greater awareness of security breaches and increasing complexity of
IT networks and applications. Within the broader enterprise
security market, peers include Gen Digital Inc. (fka
NortonLifeLock; BB+/Negative), Imprivata Inc. (B/Stable), and
Ivanti Software, Inc. (B-/Stable).
RSA has smaller revenue scale and lower EBITDA margins than
NortonLifeLock. Imprivata and Ivanti operate in similar identity
and access management niche segments as RSA. Imprivata has stronger
market positioning given its niche product offerings within the
healthcare industry. Ivanti faced similar challenges as RSA since
the peak demand for remote work during the Covid-19 pandemic.
Key Assumptions
- Revenue growth in the low single digits;
- EBITDA margins in the mid-30s;
- Capex intensity stable near 1% of revenue;
- RCF draw starting in fiscal 2026 to supplement cash shortfall;
- RCF is extended beyond April 2026;
- No acquisitions or dividends through fiscal 2028.
Recovery Analysis
Key Recovery Rating Assumptions
- The recovery analysis assumes that RSA would be reorganized as a
going-concern (GC) in bankruptcy rather than liquidated;
- Fitch has assumed a 10% administrative claim.
GC Approach
- In the event of distress, Fitch assumes RSA would suffer from
greater customer churn and margin compression on a lower revenue
scale. RSA's GC EBITDA is assumed to be $100 million, approximately
20% below fiscal 2026 Fitch-adjusted pro forma EBITDA. The company
experienced significant revenue volatility through the pandemic and
Fitch believes revenues have returned to normalized levels. The
increasing recurring revenue and high customer retention rates
provide significant visibility to future profitability;
- The GC EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganization EBITDA level upon which Fitch based the
enterprise valuation;
- An enterprise value (EV) multiple of 6.5x EBITDA is applied to
the GC EBITDA to calculate a post-reorganization EV. The choice of
this multiple considered the following factors:
- The historical bankruptcy case study exit multiples for
technology peer companies ranged from 2.6x-10.8x;
- Of these companies, only three were in the software sector: Allen
Systems Group, Inc.; Avaya, Inc.; and Aspect Software Parent, Inc.,
which received recovery multiples of 8.4x,8.1x, and 5.5x,
respectively;
- The highly recurring nature of RSA's revenue supports EBITDA
multiple near the high-end of the range;
- Fitch arrived at an EV of $650 million. After applying the 10%
administrative claim, adjusted EV of $585 million is available for
claims by creditors. This results in a 'RR3' Recovery Rating for
RSA Security's first-lien credit facilities and 'RR6' Recovery
Rating for the second-lien credit facility.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Constrained liquidity due to inability to refinance RCF beyond
April 2026;
- Continuing negative FCF generation resulting in continuing
liquidity pressure;
- A material reduction in debt terms that is considered a
Distressed Debt Exchange (DDE) under Fitch's Corporate Rating
Criteria.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Successful extension of RCF beyond April 2026 providing
sufficient operational and financial flexibilities to address
operational challenges;
- Revenue and EBITDA growths or corporate actions that alleviate
liquidity pressure and improve credit metrics.
Rating Watch Negative could be resolved upon successful extension
of RCF.
Liquidity and Debt Structure
The company had approximately $25 million of cash on its balance
sheet exiting fiscal Q1 2026 and full availability of its $175
million revolving credit facility. Fitch forecast negative FCF for
fiscal 2026 exceeding available cash on balance sheet resulting in
RCF draw. Furthermore, the RCF matures in April 2026; the company
faces near-term liquidity shortfall without timely extension of its
RCF.
Beyond the RCF maturity, RSA's term loans have maturity dates of
2028 for the first-lien and 2029 for the second-lien.
Given the continuing operational headwinds and liquidity
constraints, Fitch believes risk has risen for refinancing that
could constitute a DDE.
Issuer Profile
RSA Security was a carve-out from Dell Technologies that operates
with four distinct products: SecurID in the Cybersecurity category,
and Fraud & Risk Intelligence (Outseer) in Risk Management
category. Archer was divested in fiscal 2024 and NetWitness was
divested in fiscal 2026.
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
RedStone Buyer, LLC has an ESG Relevance Score of '4' for
Management Strategy due to operational challenges since separation
from Dell, which has a negative impact on the credit profile, and
is relevant to the ratings in conjunction with other factors.
RedStone Buyer, LLC has an ESG Relevance Score of '4' for Financial
Transparency due to history of inability to provide timely updates,
which has a negative impact on the credit profile, and is relevant
to the ratings in conjunction with other factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Redstone Intermediate
(SecurID) HoldCo LLC LT IDR CCC Downgrade B-
Redstone Intermediate
(FRI) HoldCo LLC LT IDR CCC Downgrade B-
Redstone Parent LP LT IDR CCC Downgrade B-
Redstone Intermediate
(NetWitness) HoldCo LLC LT IDR WD Withdrawn B-
RedStone Buyer, LLC LT IDR CCC Downgrade B-
senior secured LT CCC+ Downgrade RR3 B
Senior Secured
2nd Lien LT CC Downgrade RR6 CCC
Redstone Holdco 2 LP LT IDR CCC Downgrade B-
RSHBY 10565: Case Summary & Two Unsecured Creditors
---------------------------------------------------
Debtor: RSHBY 10565 Inc.
99 Washington Ave.
Suite 700
Albany, NY 12260
Business Description: RSHBY 10565 Inc. operates in the real estate
rental and leasing industry, focusing on
activities related to residential property
management or leasing.
Chapter 11 Petition Date: July 8, 2025
Court: United States Bankruptcy Court
Western District of New York
Case No.: 25-10800
Judge: Hon. Carl L. Bucki
Debtor's Counsel: Richard G Berger, Esq.
RICHARD G. BERGER
403 Main St., Suite 705
Buffalo, NY 14203-2100
Tel: 716-852-8188
Email: rgberger@rgbergerlaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Moty Schneck as officer.
A copy of the Debtor's list of two unsecured creditors is available
for free on PacerMonitor at:
https://www.pacermonitor.com/view/M7CMOCI/RSHBY_20565_Inc__nywbke-25-10800__0001.1.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/MSEPBEI/RSHBY_20565_Inc__nywbke-25-10800__0001.0.pdf?mcid=tGE4TAMA
RUNITONETIME LLC: Seeks Chapter 11 After Debt Restructuring
-----------------------------------------------------------
Dorothy Ma of Bloomberg Law reports that Maverick Gaming, a casino
and card-room operator based in Washington, filed for Chapter 11
bankruptcy in Texas on Monday, following a debt restructuring in
2024.
Court documents show the company reported assets and liabilities
between $100 million and $500 million. According to its website,
Maverick operates 27 properties across Nevada, Washington, and
Colorado.
A June 2024 report from S&P Global Ratings cited a weakened local
economy and tech industry layoffs as key factors that reduced the
company's customer base, the report relays.
About RunItOneTime LLC
RunItOneTime LLC, also known as Gaming LLC, headquartered in
Kirkland, Washington, is a regional casino and cardroom operator
across Washington State,
Nevada, and Colorado. The company operates a portfolio of 31
properties, with 1,800 slot machines, 350 table games, 1,020 hotel
rooms, and 30 restaurants. Maverick was founded in 2017 by Eric
Persson and Justin Beltram, who hold over 70% ownership in the
company.
RunItOneTime LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90191) on July 14,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $100 million and $500 million each.
The Debtor is represented by Latham & Watkins LLP. Bankruptcy
Co-Counsel is Timothy A. Davidson II, Esq. at Hunton Andrews Kurth
LLP. Investment Bankers are
GLC Advisors & Co., LLC and GLC Securities, LLC. Financial Advisor
is Triple P TRS, LLC and its Tax Advisor is KPMG LLP.
SANUWAVE HEALTH: Sets 2025 Annual Meeting for August 19
-------------------------------------------------------
Sanuwave Health, Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that it has scheduled its
2025 Annual Meeting of Stockholders for August 19, 2025.
The record date for the determination of the Company's stockholders
entitled to notice of and to vote at the Annual Meeting is the
close of business on July 8, 2025. Only stockholders of record at
the close of business on the Record Date are entitled to notice of
and to vote and have their votes counted at the Annual Meeting and
any adjournments of the Annual Meeting.
About SANUWAVE
Headquartered in Suwanee, Georgia, SANUWAVE Health, Inc.
(OTCQB:SNWV) -- http://www.SANUWAVE.com-- is an ultrasound and
shock wave technology Company using patented systems of
noninvasive, high-energy, acoustic shock waves or low intensity and
non-contact ultrasound for regenerative medicine and other
applications. The Company's focus is regenerative medicine
utilizing noninvasive, acoustic shock waves or ultrasound to
produce a biological response resulting in the body healing itself
through the repair and regeneration of tissue, musculoskeletal, and
vascular structures. The Company's two primary systems are
UltraMIST and PACE. UltraMIST and PACE are the only two Food and
Drug Administration (FDA) approved directed energy systems for
wound healing.
New York, NY-based Marcum LLP, the Company's auditor since 2018,
issued a "going concern" qualification in its report dated March
20, 2025, attached to the Company's Annual Report on Form 10-K for
the year ended December 31, 2024, citing that the Company has
incurred recurring losses, has negative working capital, and needs
to refinance its debt to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
SAR AMERICAN: Hires Elizabeth G. Smith as Special Counsel
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SAR American Properties, LLC seeks approval from the U.S.
Bankruptcy Court for the Western District of Texas to employ the
Law Offices of Elizabeth G. Smith as special counsel.
The Debtor needs the firm's legal assistance in prosecuting
adversary proceedings against Frost Bank and assist Debtor with any
other litigation as agreed between the Debtor and the firm.
The firm will be paid at these rates:
Attorneys $350 per hour
Paralegals $75 per hour
The firm will be paid a retainer in the amount of $5,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Ms. Smith 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:
Beth Smith, Esq.
Law Offices of Elizabeth G. Smith
6655 First Park Ten, Suite 240
San Antonio, TX 78213
Tel: (210) 731-9177
Fax: (210) 731-9130
About SAR American Properties, LLC
SAR American Properties LLC operates as a real estate brokerage
firm, facilitating the buying, selling, and leasing of properties
in the San Antonio area. The Company primarily earns revenue
through commissions and transactional services.
SAR American Properties LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-51470) on June
30, 2025. In its petition, the Debtor reports estimated assets
between $1 million and $10 million and estimated liabilities
between $10 million and $50 million.
Honorable Bankruptcy Judge Michael M. Parker handles the case.
The Debtors are represented by Ronald Smeberg, Esq. THE SMEBERG LAW
FIRM.
SAR AMERICAN: Seeks to Hire Hornsby Group as Appraiser
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SAR American Properties, LLC seeks approval from the U.S.
Bankruptcy Court for the Western District of Texas to employ the
Hornsby Group as appraiser.
The firm will provide valuation services of the properties of the
Debtor located at San Antonio, Bexar County, Texas.
The firm will be paid for appraising the first three tracts of land
is $5,000, which was paid prepetition. The firm shall eventually
provide appraisals for the properties located at 9410 and 8504 Old
Tezel road for a fee of $6000.
Mr. Hornsby 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:
Hank Hornsby
The Hornsby Group
215 S. San Saba St., #118
San Antonio, TX 78207
About SAR American Properties, LLC
SAR American Properties LLC operates as a real estate brokerage
firm, facilitating the buying, selling, and leasing of properties
in the San Antonio area. The Company primarily earns revenue
through commissions and transactional services.
SAR American Properties LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-51470) on June
30, 2025. In its petition, the Debtor reports estimated assets
between $1 million and $10 million and estimated liabilities
between $10 million and $50 million.
Honorable Bankruptcy Judge Michael M. Parker handles the case.
The Debtors are represented by Ronald Smeberg, Esq. at THE SMEBERG
LAW FIRM.
SAR AMERICAN: Seeks to Hire Smeberg Law Firm PLLC as Counsel
------------------------------------------------------------
SAR American Properties, LLC seeks approval from the U.S.
Bankruptcy Court for the Western District of Texas to employ the
Smeberg Law Firm, PLLC as counsel.
The firm will give the Debtors legal advice with respect to the
Case, the Debtor's powers and duties as Debtor-in-Possession and
management of the Debtor's property, and to perform all legal
services for the Debtor-in-Possession that may be necessary.
The firm will be paid at these rates:
Ronald J. Smeberg $450 per hour
Associate Attorneys $300 per hour
Legal Assistants/Paralegals $175 per hour
Non partner attorneys $375 per hour
Accounting Professionals $250 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
The firm received from the Debtor a prepetition retainer of
$8,500.
Ronald J. Smeberg, Esq., a partner at Smeberg Law Firm, PLLC,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Ronald J. Smeberg
The Smeberg Law Firm, PLLC
4 Imperial Oaks
San Antonio, TX 78248
Tel: (210) 695-6684
Fax: (210) 598-7357
Email: ron@smeberg.com
About SAR American Properties, LLC
SAR American Properties LLC operates as a real estate brokerage
firm, facilitating the buying, selling, and leasing of properties
in the San Antonio area. The Company primarily earns revenue
through commissions and transactional services.
SAR American Properties LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-51470) on June
30, 2025. In its petition, the Debtor reports estimated assets
between $1 million and $10 million and estimated liabilities
between $10 million and $50 million.
Honorable Bankruptcy Judge Michael M. Parker handles the case.
The Debtors are represented by Ronald Smeberg, Esq. THE SMEBERG LAW
FIRM.
SCOOPIE LLC: Gets Final OK to Use Cash Collateral
-------------------------------------------------
The Scoopie, LLC received final approval from the U.S. Bankruptcy
Court for the Southern District of Texas, Houston Division, to use
the cash collateral of the U.S. Small Business Administration.
The final order authorized the Debtor's use of cash collateral to
pay the expenses set forth in its budget, with a 10% variance
allowed.
The budget projects monthly total operational expenses of
$14,298.80.
As protection, SBA was granted valid, binding, enforceable and
automatically perfected liens on all property that is currently
subject to any pre-bankruptcy liens in favor of SBA, to the same
extent, priority and validity of such pre-bankruptcy liens.
In addition, the Debtor was ordered to make regularly scheduled
interest payments to SBA pursuant to their loan agreement.
The Debtor's authority to use cash collateral terminates upon the
occurrence of so-called events of default, including the dismissal
or conversion of its Chapter 11 case to a proceeding under Chapter
7 and the appointment of a trustee or examiner, with authority to
affect the Debtor's operation.
The Debtor reviewed all pre-bankruptcy secured claims and
determined that only SBA holds a valid and continuing security
interest. SBA provided a $150,000 Economic Injury Disaster Loan,
with a remaining balance of approximately $30,000 as of the
petition date.
About The Scoopie LLC
The Scoopie, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-32929) on May 28,
2025. In the petition signed by Jarred Allen, chief executive
officer, the Debtor disclosed up to $10 million in both assets and
liabilities.
Judge Eduardo V. Rodriguez oversees the case.
The Debtor is represented by:
Julie M. Koenig
Cooper & Scully
Tel: 713-236-6800
Email: julie.koenig@cooperscully.com
SERENADE NEWPORT: Case Summary & Four Unsecured Creditors
---------------------------------------------------------
Debtor: Serenade Newport, LLC
500 N. State College Blvd.
Suite 1100
Orange, CA 92868
Business Description: Serenade Newport LLC is a single-asset real
estate debtor whose principal property is
located at 1501 Serenade Terrace in Corona
Del Mar, California.
Chapter 11 Petition Date: July 11, 2025
Court: United States Bankruptcy Court
Central District of California
Case No.: 25-11898
Judge: Hon. Mark D. Houle
Debtor's Counsel: Robert P. Goe, Esq.
GOE FORSYTHE & HODGES LLP
17701 Cowan
Lobby D Suite 210
Irvine, CA 92614
Tel: (949) 798-2460
Fax: (949) 955-9437
E-mail: rgoe@goeforlaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Sahand Zargari as manager.
A full-text copy of the petition, which includes a list of the
Debtor's four unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/HKQMO7I/Serenade_Newport_LLC__cacbke-25-11898__0001.0.pdf?mcid=tGE4TAMA
SLM SERVICES: George Purtill Named Subchapter V Trustee
-------------------------------------------------------
The U.S. Trustee for Region 2 appointed George Purtill as
Subchapter V trustee for SLM Services LLC, d/b/a Northeast
Horticultural Services.
Mr. Purtill will be paid an hourly fee of $455 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Purtill declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
George M. Purtill
19 Water Street, P. O. Box 50
South Glastonbury, CT 06073
Office: (860) 659-0569
Cell: (860) 918-5442
Email: george.m.purtill@snet.net
About SLM Services LLC
SLM Services LLC, doing business as Northeast Horticultural
Services, provides tree care and organic landscaping services in
Fairfield County, Connecticut, including Fairfield, Weston, and
Westport. The company offers plant health care, tree removal,
landscape design, and organic lawn care, with a focus on
environmentally friendly practices. It serves both residential and
commercial clients.
SLM Services sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Conn. Case No. 25-50514) on June
24, 2025. In its petition, the Debtor reported total assets of
$2,855,436 and total liabilities of $1,054,34.
The Debtor is represented by Jeffrey Hellman, Esq., at the Law
Offices of Jeffrey Hellman, LLC.
SPLASH BEVERAGE: Acquires $20M Water Rights in Costa Rica Blue Zone
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Splash Beverage Group, Inc. announced that it has entered into an
agreement for the acquisition of exclusive water rights to one of
the most pristine natural spring sources in the world -- an
underground network of aquifers located in the cloud rainforests of
Costa Rica, within one of only five globally recognized "Blue
Zones," areas famed for human longevity and natural wellness.
This $20 million asset acquisition will provide Splash with full
ownership and control over the source of Blu, a boutique premium
water brand already gaining traction among discerning consumers.
Independent testing confirms that the naturally alkaline spring
water, filtered through volcanic rock and rich biodiversity,
exceeds global leaders on various measured purity and mineral
indices--including pH, magnesium, calcium, and silica levels. The
Company issued $20 million of a new series of convertible preferred
stock pursuant to the agreement, and the seller agreed to deliver
the assets or $20 million in lieu thereof in exchange for such
preferred stock. It's anticipated that the completion of the
mineral rights documents, land deeds and physical assets will fully
transfer to the Company on or about August 10th. The seller has
until December 31, 2025 to fully transfer the rights if they extend
beyond the targeted date in August. To ensure the Company is
activating this asset this year, the Asset Purchase Agreement
requires a delivery deadline of December 31, 2025. If the seller
does not deliver before the end of the calendar year it must pay
Splash $20 million or its preferred stock will be cancelled.
"With year-one orders already exceeding $10 million, this
acquisition is not only strategically aligned with global trends in
clean hydration and wellness, but also represents a powerful new
revenue engine for our portfolio," said William Meissner, President
and Chief Marketing Officer of Splash Beverage Group. "It allows us
to control a rare and scalable natural asset, giving us both brand
and supply-side leverage in the premium water category."
The source will anchor an expanded brand platform that begins with
Blu and extends into new offerings--including a super-premium glass
bottle line and a sustainable canned water line leveraging Splash's
access to Carto-Can, the eco-friendly paper can its Pulpoloco
sangria uses. All products will be bottled at the source using
sustainable practices, with certification pathways underway for
carbon neutrality and rainforest preservation.
This move reinforces Splash's strategy of acquiring and scaling
unique, high-margin beverage brands. The Company's leadership team
brings a proven track record in building iconic beverages such as
Red Bull, FUZE, NOS, and Sparkling ICE.
"The story of this water is unmatched--geology, purity,
sustainability, and a wellness narrative that consumers are
craving," added Bill Meissner, Splash President & CMO. "It's a
foundational asset that positions us for accelerated brand growth
and long-term value creation."
About Splash Beverage Group
Fort Lauderdale, Florida-based Splash Beverage Group, Inc. is a
portfolio company specializing in managing multiple brands across
various growth segments within the consumer beverage industry. The
Company focuses on incubating and acquiring brands with the aim of
accelerating them to higher volumes and increased sales revenue.
Rose, Snyder & Jacobs, based in Encino, California, and the
Company's auditor since 2023, issued a "going concern"
qualification in its report dated March 29, 2024. The qualification
highlighted that the Company has experienced recurring losses from
operations, an accumulated deficit, and a working capital
deficiency, which raise substantial doubt about its ability to
continue as a going concern.
The Company has not yet filed its Annual Report on Form 10-K for
the fiscal year ended Dec. 31, 2024.
SPLASH BEVERAGE: Hits $6M Equity via Capital Raise, Debt Exchange
-----------------------------------------------------------------
Splash Beverage Group, Inc. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that effective
June 25, 2025, it entered into a Securities Purchase Agreement with
accredited investors pursuant to which the Company sold and issued
a total of 650 shares of newly designated Series A-1 Convertible
Redeemable Preferred Stock, together with one-year Class A Warrants
to purchase a total of 162,500 shares of common stock and five-year
Class B Warrants to purchase a total of 162,500 shares of common
stock for total gross proceeds of $650,000. The Company intends to
use the proceeds for working capital and general corporate
purposes.
Each share of Series A-1 has a stated value of $1,000. Beginning on
the date on which:
(i) the Company's shareholders approve and the Company amends
its Articles of Incorporation to increase in authorized common
stock of the Company as and to the extent necessary to permit full
issuance of the shares underlying the securities together with
other common stock equivalents, and
(ii) the Company's shareholders approve the issuance of the
securities as may be required by the rules of the NYSE American and
for a period ending two years thereafter, each share of Series A-1
will be convertible into common stock by a conversion ratio equal
to the stated value of the Series A-1 divided by the Series A-1
conversion price equal to the lower of:
(i) $4.00 per share and
(ii) 80% of the of the average of the five-trading day
volume weighted average prices of the Company's common stock as of
the applicable conversion date, subject to a floor price of $1.25.
Conversions of Series A-1 are subject to beneficial ownership
limitations.
Prior to the Shareholder Approval Date, holders of Series A-1 are
entitled to a pro rata share of 10% of the total voting power
(excluding the Series A-1) which is outstanding as of the date of
the initial issuance of Series A-1. Beginning on the Shareholder
Approval Date, holders of Series A-1 shall be entitled to vote on
an as-converted basis.
The holders of the Series A-1 are entitled to receive annual
dividends equal to 12% of the stated value per share payable
quarterly in arrears in cash or in shares of common stock at the
election of the Company.
Two years after the issuance of the Series A-1, the Company shall
have the option to redeem all or any portion of the Series A-1 then
outstanding, at a price per share equal to the stated value plus
any unpaid dividends, subject to the holders' right to convert
prior to such a redemption.
The A Warrants are exercisable beginning on the Shareholder
Approval Date and have a term of one year from issuance. The A
Warrants have an exercise price of 80% of the average of the
five-trading day volume weighted average prices of the Company's
common stock as of the applicable exercise date.
The B Warrants are exercisable beginning on the Shareholder
Approval Date and have a term of five years from issuance. The B
Warrants have an exercise price of $4.00.
Exercises of both the A Warrants and the B Warrants are subject to
beneficial ownership limitations.
* Registration Rights Agreement:
In connection with each of the transaction, the Company and
counterparties who received the derivative securities entered into
a Registration Rights Agreement pursuant to which the Company has
agreed to register the shares underlying the Series A-1, A
Warrants, and B Warrants within 30 days of the final closing or
termination of the offering. The Company also agreed to provide the
holders with certain indemnification rights in connection with such
registration rights.
* Exchange Agreements
Effective June 25, 2025, the Company entered into Securities
Exchange Letter Agreements with certain holders of promissory notes
issued by the Company pursuant to which such holders agreed to
exchange a total of $12,670,434 of outstanding balance of such
notes in exchange for a total of 126,704 shares of the Company's
newly designated Series B Convertible Redeemable Preferred Stock.
The Company is engaging in the transactions contemplated by the
Exchange Agreement in order to exchange debt for equity in an
effort to regain compliance with the shareholder equity
requirements of the NYSE American. This debt exchange is one key
step in meeting the NYSE American continued listing requirements.
The other key step is filing its tardy Form 10-K for the year ended
December 31, 2024, and Form 10-Q for the three months ended March
31, 2025.
Each share of Series B has a stated value of $100. Beginning on the
Shareholder Approval Date and for a period ending two years
thereafter, each share of Series B will be convertible into common
stock by a conversion ratio equal to the stated value of the Series
B share divided by the Series B conversion price of $6.00 per
share, subject to beneficial ownership limitations.
Except as otherwise required by applicable law, the Series B shall
not have any voting rights and shall not be entitled to vote on any
matters brought before the shareholders of the Company.
The holders of the Series B are entitled to receive annual
dividends equal to 12% of the stated value per share payable
quarterly in arrears in cash or in shares of common stock at the
election of the Company.
Two years after the issuance of the Series B, the Company shall
have the option to redeem all or any portion of the Series B then
outstanding, at a price per share equal to the stated value plus
any unpaid dividends, subject to the holders' right to convert
prior to such a redemption.
In connection with the transactions, the Company entered into a
side letter agreement with three note holders who in connection
with the conversion of part of their notes were also owed
approximately $925,000 in liquidated damages arising from the
failure to deliver common stock. These note holders held notes with
variable or lower conversion prices which were more favorable than
the notes held by the other note holders, and exchanged their notes
for shares of Series B having a total combined stated value of
$2,782,351. Pursuant to the Side Letter, in consideration of the
waiver and surrender of such additional rights with respect to such
holders' notes, the Company agreed to provide such holders with the
certain additional rights with respect to their Series B, including
a lower fixed conversion price of $1.50 per share, the right to an
increased stated value to 120% of the original stated value upon
the occurrence of certain enumerated events, registration rights,
exchange rights and price protection adjustment provisions with
respect to subsequent issuances of securities (subject to certain
limitations and exceptions), a 200% reserve requirement, quarterly
dividend payments, a formula tied to 20% discount to five trading
day VWAP for purposes of dividend payments in the form of common
stock, and a 125% redemption premium (which the Company may redeem
as to such holders' at any time), in each case as more particularly
set forth in the Side Letter.
* Asset Purchase
On June 26, 2025, the Company entered into an Asset Purchase
Agreement with Utopia Holdings Inc. as seller pursuant to which the
Company agreed to purchase exclusive water rights and related
assets to an underground network of aquifers located in Costa Rica
in exchange for 20,000 shares of a newly designated Series C
Convertible Preferred Stock.
On June 26, 2025, the Company issued such shares of Series C to the
seller. Under the Acquisition Agreement, the seller agreed to
deliver the Assets to the Company, or $20 million in lieu thereof,
and if the seller fails to deliver the Assets or Alternative
Consideration by December 31, 2025, the issuance of the Series C to
the seller shall be cancelled.
The Series C is junior in rank to the Series A-1 and B, has a
stated value of $1,000 per share, is convertible at a fixed
conversion price of $3.00 per share beginning on the Shareholder
Approval Date, does not have dividend or voting rights and is not
redeemable.
In accordance with the Exchange Agreements, certain promissory
notes are no longer outstanding, and the Company's obligations
thereunder have been satisfied. The Notes bore interest at rates
per annum ranging from 7% to 12%, with maturity dates ranging from
June 26, 2025 to September 1, 2029 and were convertible into the
Company's common stock at varying prices.
On June 25, 2025, the Company filed with the Nevada Secretary of
State Certificates of Designation, Preferences, Rights and
Limitations of Series A-1, Series B and Series C.
As a result of the transactions, the Company believes its
shareholders' equity now exceeds $6 million and the Company
believes that it has thereby cured the NYSE American shareholders'
equity deficiency.
Full text copies of the certificates of designation, warrant forms,
purchase and exchange agreements, registration rights agreement,
side letter, acquisition agreement, and other related materials are
filed as exhibits to the Form 8-K filed on June 26, 2025, and are
incorporated herein by reference. The Form 8-K is available at
https://tinyurl.com/3bwr9d3k
About Splash Beverage Group
Fort Lauderdale, Florida-based Splash Beverage Group, Inc. is a
portfolio company specializing in managing multiple brands across
various growth segments within the consumer beverage industry. The
Company focuses on incubating and acquiring brands with the aim of
accelerating them to higher volumes and increased sales revenue.
Rose, Snyder & Jacobs, based in Encino, California, and the
Company's auditor since 2023, issued a "going concern"
qualification in its report dated March 29, 2024. The qualification
highlighted that the Company has experienced recurring losses from
operations, an accumulated deficit, and a working capital
deficiency, which raise substantial doubt about its ability to
continue as a going concern.
The Company has not yet filed its Annual Report on Form 10-K for
the fiscal year ended Dec. 31, 2024.
SPLENDIDLY BLENDED: Hearing to Use Cash Collateral Set for July 16
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The U.S. Bankruptcy Court for the Eastern District of Louisiana is
set to hold a hearing on July 16 to consider final approval of
Splendidly Blended We, LLC's motion to use cash collateral.
The court previously issued an interim order authorizing the Debtor
to use cash in its bank accounts and operating cash in which
American Bank and Trust Company claims a lien.
The interim order issued on July 7 granted American Bank and Trust
Company a claim in the amount of any post-petition diminution in
the value of its security interest in the Debtor's assets. To
secure this claim, American Bank and Trust Company was granted
replacement security interests in and liens on all post-petition
assets of the Debtor and the proceeds thereof. These liens do not
apply to any avoidance actions.
The interim order also required the Debtor to pay $2,929 per month
to American Bank and Trust Company as further protection.
About Splendidly Blended We
Splendidly Blended We, LLC owns and operates a bed and breakfast in
New Orleans, La.
Splendidly Blended We sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-10300) on
February 18, 2025, listing up to $100,000 in assets and up to
$500,000 in liabilities. Mia Weber, managing director of Splendidly
Blended We, signed the petition.
Judge Meredith S. Grabill oversees the case.
Raphael Bickham, Esq., at Bickham Law Practice, LLC is the Debtor's
bankruptcy counsel.
American Bank and Trust Company is represented by:
Wayne A. Maiorana, Jr., Esq.
Newman, Mathis, Brady & Spedale
A Professional Law Corporation
3501 N. Causeway Blvd., Suite 300
Metairie, Louisiana 70002
Telephone: (504) 837-9040
Tmaiorana@newmanmathis.com
ST. CHRISTOPHER'S: Hires Ariel Property as Real Estate Broker
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St. Christopher's Inc. and its affiliates seek approval from the
U.S. Bankruptcy Court for the Southern District of New York to
employ Ariel Property Advisors LLC as real estate broker.
The firm will market and sell the Debtor's real estate known as the
Jennie Clarkson Real Estate, located at 1700 Old Orchard Street,
West Harrison, NY 10604.
The firm will be paid a commission of 4.75 percent of the gross
sale price. Should any buyer also employ any broker, the buyer's
broker will share in the commission and receive up to 50 percent of
the full commission paid on any such sale. Under no circumstances
will the total commissions paid to all brokers exceed a total of
4.5 percent of the gross sales price.
As disclosed in a court filing that the Broker is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Shimon Shkury
Ariel Property Advisors LLC
122 East 42nd Street, Suite 2405
New York, NY 10168
Tel: (212) 544-9500
Fax: (212) 544-9501
About St. Christopher's Inc.
St. Christopher's, Inc. is a residential treatment center providing
services to children with special needs. It empowers children and
youth with special needs with the social emotional coping skills
and strengths they need -- and the healthcare, mental health and
social support services they require -- to enter adulthood
confident and equipped to meet life's challenges and
opportunities.
St. Christopher's and The McQuade Foundation filed petitions under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 24-22373) on April 29, 2024. Heidi Sorvino, Esq., at
White and Williams, LLP serves as Subchapter V trustee.
At the time of the filing, St. Christopher's reported $10 million
to $50 million in assets and $1 million to $10 million in
liabilities while McQuade reported $1 million to $10 million in
both assets and liabilities.
Judge Sean H. Lane presides over the cases.
Janice B. Grubin, Esq., at Barclay Damon, LLP represents the
Debtors as legal counsel.
STERLION CREATIONS: Case Summary & 25 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Sterlion Creations Inc.
382 NY-59, Suite 304
Airmont, NY 10952
Business Description: Sterlion Creations Inc. is a custom art,
engraving, printing, and commemorative
manufacturing company. It produces
personalized items such as trophies,
plaques, engraved gifts, and promotional
products for schools, religious
institutions, nonprofits, and community
organizations. The Company works with
various materials, including glass, wood,
acrylic, metals, stone, and textiles, and
serves a diverse client base across faiths
and sectors.
Chapter 11 Petition Date: June 23, 2025
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 25-22563
Judge: Hon. Sean H Lane
Debtor's Counsel: Joshua Bronstein, Esq.
JOSHUA R. BRONSTEINS & ASSOCIATES, PLLC
46 Grace Avenue, Apt. 3N
Great Neck, NY 11021-2626
Phone: (516) 698-0202
Estimated Assets: Under $50,000
Estimated Liabilities: Over $1.2 million
The petition was signed by Joel Stern as chief executive officer.
A full-text copy of the Debtor's list of 25 largest unsecured
creditors, is available for free on PacerMonitor at:
https://www.pacermonitor.com/view/VK44KQI/STERLION_CREATIONS_INC__nysbke-25-22563__0003.0.pdf?mcid=tGE4TAMA
STERLION CREATIONS: Gerard Luckman Named Subchapter V Trustee
-------------------------------------------------------------
The U.S. Trustee for Region 2 appointed Gerard Luckman, Esq., at
Forchelli Deegan Terrana, LLP as Subchapter V trustee for Sterlion
Creations, Inc.
Mr. Luckman will be paid an hourly fee of $695 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Luckman declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Gerard R. Luckman, Esq.
Forchelli Deegan Terrana, LLP
333 Earle Ovington Blvd., Suite 1010
Uniondale, NY 11553
Tel: (516) 812-6291
Email: gluckman@ForchelliLaw.com
About Sterlion Creations
Sterlion Creations, Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22563) on june
23, 2025, with $0 to $50,000 in assets and $1,000,001 to $10
million in liabilities.
Judge Sean H. Lane presides over the case.
Joshua R. Bronstein, Esq. at The Law Offices Of Joshua R. Bronstein
& Associates, PLLC represents the Debtor as legal counsel.
SUNATION ENERGY: Cancels Series A Warrants via $267K Buyout
-----------------------------------------------------------
As previously reported, on February 27, 2025, SUNation Energy, Inc.
entered into a securities purchase agreement with certain
institutional investors for the purchase and sale of an aggregate
of $15 million in securities in a first closing consisting of
shares of common stock and pre-funded warrants. On April 7, 2025,
at the second closing related to the Purchase Agreement, the
Company issued an aggregate of $5 million in securities consisting
of shares of Common Stock, Series A warrants to purchase shares of
common stock, and Series B warrants to purchase shares of common
stock in a registered direct offering.
Subsequent to the second closing, the Series B Warrants were fully
exercised and are no longer outstanding. The Series A Warrants,
exercisable for up to an aggregate 652,174 shares of Common Stock,
have not been exercised to date.
On June 26, 2025, the Company and the holders of the Series A
Warrants mutually agreed to terminate and cancel the Series A
Warrants pursuant to the terms thereof in exchange for an aggregate
payment to the Series A Warrant holders of approximately $267,392.
In addition, the holders of the Series A Warrants have agreed to
amend the Purchase Agreement by eliminating Section 4.11 thereof,
which contained prohibitions on the Company's utilization of its
existing ATM Facility and certain subsequent equity sales.
In connection therewith, the parties mutually agreed to retain the
holders' right until April 21, 2026 to participate, in their
discretion and without obligation, in equity offerings, if any, by
the Company for up to an aggregate of 50% of such offering, on the
terms determined and offered by the Company.
As a result of the foregoing, the Series A Warrants are immediately
null and void and of no further force or effect.
About SUNation Energy
SUNation Energy Inc., formerly known as Pineapple Energy Inc., is
focused on growing leading local and regional solar, storage, and
energy services companies nationwide.
Melville, N.Y.-based UHY LLP, the Company's auditor since 2023,
issued a "going concern" qualification in its report dated April
15, 2025, attached to the Company's Annual Report on Form 10-K for
the year ended December 31, 2024, citing that the Company's current
financial position and forecasted future cash flows for 12 months
beyond the date of issuance of the financial statements indicate
substantial doubt around the Company's ability to continue as a
going concern.
As of Dec. 31, 2024, the Company had $45.7 million in total assets,
$37.2 million in total liabilities, and a total stockholders'
equity of $8.5 million.
SUNNOVA ENERGY: Seeks Court OK for Up to $7MM Exec. Bonus Plan
--------------------------------------------------------------
Angelica Serrano-Roman of Bloomberg Law reports that bankrupt
Sunnova Energy International Inc. is asking a Texas bankruptcy
court to approve up to $7 million in cash incentives for seven top
executives, contingent on exceeding baseline revenue targets from
existing sales agreements.
In a motion filed July 11, 2025 in the U.S. Bankruptcy Court for
the Southern District of Texas, the solar energy company argued
that the proposed incentive plan is needed to encourage executives
to maximize sale proceeds. The bonuses would be "self-funded,"
meaning they would come from revenue generated above the company's
baseline projections.
Eligible recipients include the CEO, CFO, COO, general counsel,
chief revenue officer, and other senior leaders, the report
states.
About Sunnova Energy International Inc.
Sunnova Energy International Inc. (NYSE: NOVA) is an
industry-leading adaptive energy services company focused on making
clean energy more accessible, reliable, and affordable for
homeowners and businesses. Through its adaptive energy platform,
Sunnova provides a better energy service at a better price to
deliver its mission of powering energy independence.
Sunnova Energy sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90160) on June 8,
2025. In its petition, the Debto reports estimated assets and
liabilities between $10 billion and $50 billion each.
The Debtor is represented by Jason Gary Cohen, Esq. at Bracewell,
LLP.
SYNERGY MEDICAL: Jerrett McConnell Named Subchapter V Trustee
-------------------------------------------------------------
The U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq.,
at McConnell Law Group, P.A. as Subchapter V trustee for Synergy
Medical Services LLC.
Mr. McConnell will be paid an hourly fee of $350 for his services
as Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. McConnell declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Jerrett M. McConnell, Esq.
McConnell Law Group, P.A.
6100 Greenland Rd., Unit 603
Jacksonville, FL 32258
Phone: (904) 570-9180
Email: info@mcconnelllawgroup.com
About Synergy Medical Services LLC
Synergy Medical Services LLC provides home healthcare services
across Florida. The Company offers skilled nursing, specialized
nursing services, physical therapy, and home health aides. Its team
of registered nurses and therapists delivers in-home care focused
on professional, round-the-clock support.
Synergy Medical Services LLC sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No.
25-30599) on June 27, 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 Karen K. Speci handles the case.
The Debtors are represented by Byron W. Wright III, Esq. at BRUNER
WRIGHT, P.A.
SYNTHEGO CORP: Claims to be Paid from Asset Sale Proceeds
---------------------------------------------------------
Synthego Corporation filed with the U.S. Bankruptcy Court for the
District of Delaware a First Amended Combined Disclosure Statement
and Plan of Liquidation dated June 24, 2025.
Synthego is a leading provider of end-to-end CRISPR tools and
solutions. CRISPR (Clustered Regularly Interspaced Short
Palindromic Repeats) is a revolutionary technology that allows
scientists to edit genes with precision, making it significant for
advancements in medicine, agriculture, and industrial applications.
Synthego's flagship product is gRNA. gRNA acts like a GPS for the
CRISPR system, directing it to the exact spot in the DNA that needs
to be edited. Synthego manufactures and sells gRNA for early-stage
research use only as well as for human clinical trials. The Company
has chemists, biologists and regulatory specialists available for
consultation with clients in order to assist with and streamline
the FDA regulatory process. In addition to gRNAs, the Company is
expanding into certain enzyme offerings as well as producing and
licensing novel nucleases like Cas9, Cas12 and eSpOT-ON.
During the Chapter 11 Case, the Debtor intends to sell
substantially all of its assets through the Sale Transaction in
accordance with the Sale Order. Pursuant to the proposed Plan, the
PostEffective-Date Debtor, to be administered by the Post
Effective-Date Debtor Representative, will complete the wind-down
of its business, address pending claims, including litigation
claims, and make distributions to Creditors as efficiently as
possible through the liquidating Plan.
On and after the Effective Date, the Post-Effective-Date Debtor
Representative will make distributions in accordance with the Plan,
using the Available Cash and, if applicable, the GUC Fund, to
creditors, and wind down the Post-Effective-Date Debtor and the
Estate consistent with the Plan.
Generally, distributions under the Plan to Creditors will be made
in accordance with the priority scheme under the Bankruptcy Code
(subject to the Subordination Agreements); provided, however, if
Class 4 (Unsecured Claims) votes to accept the Plan, the
Prepetition Lenders (i) will allow for the funding of the GUC Fund
for the benefit of the Holders of Class 4 Unsecured Claims (which,
if Class 4 Votes to accept the Plan, shall not include the
Prepetition Lenders Deficiency Claim), and (ii) in the event of a
Stalking Horse Sale Transaction, will be deemed to turn over and
contribute to the Holders of Allowed Class 4 Unsecured Claims any
distributions that would otherwise be made to the Prepetition
Lenders under the Plan on account of the Prepetition Lenders Stub
Claim (which is expected to total approximately $1,000,000).
If Class 4 votes to reject the Plan, then no GUC Fund will be made
available to the Holders of Allowed Class 4 Unsecured Claims and
the Prepetition Lenders Deficiency Claim will share pro rata in any
distributions to Class 4 Unsecured Claims.
Holders of the Class 4 Unsecured Claims, the 2024 Non-Convertible
Notes (Class 5), and the 2023 Convertible Notes (Class 6) will
receive Distributions, if any, in accordance with the Distribution
Waterfall and the applicable Subordination Agreements. In light of
the terms of the Subordination Agreements, no Distributions are
expected to the Holders of Class 5 or Class 6 under the Plan. All
of the Debtor's rights to dispute and challenge the amount,
priority, status and/or nature of the 2024 Non-Convertible Notes
and the 2023 Convertible Notes are expressly reserved. There will
be no distributions to Holders of Interests under the Plan.
Class 4 consists of all Unsecured Claims. Class 4 excludes the
Prepetition Lenders Stub Claim, the 2024 Non-Convertible Notes
Claims, and the 2023 Convertible Notes Claims.
* If Class 4 votes to accept the Plan, Holders of Allowed
Class 4 Claims shall receive, in exchange for their Allowed Class 4
Claims, a Pro Rata share of (i) the GUC Fund and (ii) the Available
Cash in accordance with the Distribution Waterfall; provided,
however, in the event of a Stalking Horse Sale Transaction, any
Distributions to otherwise be made pursuant to the Plan to the
Holders of the Prepetition Lenders Deficiency Claim shall be deemed
turned over and contributed as Distributions to Holders of Allowed
Class 4 Claims; OR
* If Class 4 votes to reject the Plan, Holders of Allowed
Class 4 Claims shall receive on account of such Allowed Class 4
Claims, with the Prepetition Lenders Deficiency Claim, a Pro Rata
share of the Available Cash in accordance with the Distribution
Waterfall.
Unsecured Claims are subject to all statutory, equitable, and
contractual subordination claims, rights, and grounds available to
the Debtor and Estate, which subordination claims, rights, and
grounds are fully enforceable prior to, on, and after the Effective
Date. Class 4 is Impaired.
Class 7 consists of all Interests in the Debtor. Class 7 Interests
shall be entitled to receive their Pro Rata share of any Available
Cash, if any, after the payment in full of all Allowed Claims. The
Debtor does not believe there will be any such Available Cash after
the implementation of the Plan and the payment in full of all
Allowed Claims, including all Allowed Administrative Expense
Claims, DIP Facility Claims, Priority Tax Claims, Priority Non-Tax
Claims, Other Secured Claims, Prepetition Lenders Secured Claims
(to the extent set forth in the Subordination Agreements), the
Unsecured Claims, the 2024 Non-Convertible Notes Claims (to the
extent set forth in the Subordination Agreements), the 2023
Convertible Notes Claims (to the extent set forth in in the
Subordination Agreements), and the post-Effective Date fees and
expenses of the Post-Effective Date Debtor in accordance with the
Plan. All Interests will be deemed cancelled and will cease to
exist as of the Effective Date.
Sale-Excluded Cash and the net proceeds of any other Remaining
Assets shall be used by the Debtor and Post-Effective-Date Debtor
to fund distributions to Holders of Allowed Claims and/or
Interests, as applicable, and other payments to be made pursuant to
or otherwise consistent with the Plan in connection with the
wind-down of the Post-Effective-Date Debtor and Estate.
A full-text copy of the First Amended Disclosure Statement dated
June 24, 2025 is available at https://urlcurt.com/u?l=X9PtjN from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Debra I. Grassgreen, Esq.
Maxim B. Litvak, Esq.
Malhar S. Pagay, Esq.
James E. O'Neill, Esq.
PACHULSKI STANG ZIEHL & JONES LLP
919 North Market Street, 17th Floor
P.O. Box 8750
Wilmington, DE 19899-8705
Tel: (302) 652-4100
Fax: (302) 652-4400
Email: dgrassgreen@pszjlaw.com
mlitvak@pszjlaw.com
mpagay@pszjlaw.com
joneill@pszjlaw.com
About Synthego Corp.
Synthego Corp. supplier of gene-editing tools to drug developers
and researchers.
Synthego Corp. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 25-10823) on May 5, 2025.
In its petition, the Debtor estimated assets between $50 million
and $100 million and estimated liabilities between $100 million and
$500 million.
Honorable Bankruptcy Judge Mary F. Walrath handles the case.
The Debtor is represented by James E O'Neill, Esq. at Pachulski
Stang Ziehl & Jones LLP.
SYSOREX GOVERNMENT: Hires Jameson Capital LLC as Business Broker
----------------------------------------------------------------
Sysorex Government Services, Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of New York to employ
Jameson Capital, LLC as business broker.
The firm will market and sell the Debtor's business and assets
including but not limited to the accounts receivable, inventory,
personal property, and contracts.
The firm will pay the firm monthly the sum of $7,000 only for each
of the first 3 months of the term of the Agreement (i.e., May, June
and July 2025) with such payment made no later than the 15th day of
each such month, subject to U.S. Bankruptcy Court approval of the
retention of Broker. Broker will also receive a commission due only
at a successful closing on an auction sale of the Debtor's business
2 percent to 10 percent of the sales proceeds.
Timothy Orr, a partner at Jameson Capital, LLC, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Timothy Orr
Jameson Capital, LLC
1522 East Sweet Citrus Drive
San Tan Valley, AZ 85140
About Sysorex Government Services Inc.
Sysorex Government Services, Inc. is a government IT solutions
provider in Herndon, Va.
Sysorex filed Chapter 11 petition (Bankr. S.D. N.Y. Case No.
25-10920) on May 5, 2025, listing up to $10 million in assets and
up to $50 million in liabilities. A. Zaman Khan, president of
Sysorex, signed the petition.
Judge John P. Mastando III oversees the case.
Ralph E. Preite, Esq., at Cullen and Dykman LLP, represents the
Debtor as legal counsel.
TARAH THAI: Christopher Hayes Named Subchapter V Trustee
--------------------------------------------------------
The U.S. Trustee for Region 17 appointed Christopher Hayes as
Subchapter V trustee for Tarah Thai, LLC.
Mr. Hayes will be paid an hourly fee of $470 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Hayes declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Christopher Hayes
23 Railroad Avenue, #1238
Danville, CA 94526
Phone: (925) 725-4323
Email: chayestrustee@gmail.com
About Tarah Thai
Tarah Thai, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-50944) on June 23,
2025, with $50,001 to $100,000 in assets and $100,001 to $500,000
in liabilities.
Judge Stephen L. Johnson presides over the case.
Arasto Farsad, Esq., at Farsad Law Office, P.C. represents the
Debtor as bankruptcy counsel.
TEXAS REIT: Trustee Hires PCR Brokerage as Real Estate Broker
-------------------------------------------------------------
Dawn Raga, the Trustee for Texas REIT, LLC, seeks approval from the
U.S. Bankruptcy Court for the Western District of Texas to employ
PCR Brokerage Houston, LLC d/b/a Partners Real Estate & Investment
Services as real estate broker.
The firm will market and liquidate the real property of the Debtor
known as 8050 and 8098 Westheimer, Houston, Texas.
The firm will be paid at these rates:
-- 4% of the Sales Price if no outside Broker is used for a
buyer;
-- 5% of the Sales Price if a co-Broker is used by a buyer; and
-- a flat fee of $75,000 if the Property is sold by Credit Bid.
As disclosed in the court filings, Broker does not hold or
represent any interests adverse to that of the Debtor and is a
disinterested person within the meaning of 11 U.S.C. Sec. 101(14).
The firm can be reached through:
Marc Peeler
PCR Brokerage Houston LLC
dba Partners Real Estate & Investment Services
1360 Post Oak Blvd, Suite 1900
Houston, TX 77056-3049
About Texas REIT, LLC
Texas REIT, LLC owns a strip center in Houston, Texas located at
8050-8098 Westheimer.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-10120) on February 6,
2024. In the petition signed by Drew Dennett, authorized
representative, the Debtor disclosed up to $10 million in both
assets and liabilities.
Judge Shad Robinson oversees the case.
Stephen W. Sather, Esq., at Barron & Newburger, PC, represents the
Debtor as legal counsel.
Dawn M. Ragan is appointed as trustee in this Chapter 11 case. She
tapped Streusand, Landon, Ozburn & Lemmon, LLP as her counsel.
TITAN INDUSTRIES: Case Summary & 13 Unsecured Creditors
-------------------------------------------------------
Debtor: Titan Industries USA, LLC
Jesus Meza
16011 Bob Hope
El Paso, TX 79928
Business Description: Titan Industries USA, LLC provides dedicated
freight transportation services with a focus
on transparency and efficiency. The Company
offers mobile-optimized tools for real-time
shipment tracking, driver assist support,
and cross-border communication between the
U.S., Canada, and Mexico. Its operations
are tailored to meet specific client needs,
emphasizing reliability and timely delivery.
Chapter 11 Petition Date: July 9, 2025
Court: United States Bankruptcy Court
Western District of Texas
Case No.: 25-30867
Judge: Hon. Christopher G Bradley
Debtor's Counsel: James Jopling, Esq.
JIM K. JOPLING, ATTORNEY AT LAW
521 Texas Avenue
El Paso TX 79901
Tel: (915) 541-6099
E-mail: jim@joplinglaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Jesus Meza as managing member.
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/VEMEMGI/Titan_Industries_USA_LLC__txwbke-25-30867__0001.0.pdf?mcid=tGE4TAMA
TJ TRUCKING: Case Summary & 18 Unsecured Creditors
--------------------------------------------------
Debtor: TJ Trucking Enterprises, LLC
1109 Bernath Pkwy
Toledo, OH 43615
Business Description: TJ Trucking Enterprises, LLC operates long-
distance freight transportation services
using a fleet of heavy-duty trucks,
including Freightliner Cascadia, Mack
Anthem, and Volvo VNL860 models. The
Company provides over-the-road logistics
across the United States and is based in
Toledo, Ohio.
Chapter 11 Petition Date: July 15, 2025
Court: United States Bankruptcy Court
Northern District of Ohio
Case No.: 25-31433
Judge: Hon. John P. Gustafson
Debtor's Counsel: Eric R. Neuman, Esq.
DILLER AND RICE, LLC
1107 Adams St.
Toledo, OH 43624
Tel: 419-244-8500
Fax: 419-244-8538
E-mail: eric@drlawllc.com
Total Assets: $999,526
Total Liabilities: $1,782,373
Timothy Bennor signed the petition as managing member.
A full-text copy of the petition, which includes a list of the
Debtor's 18 unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/XDCWQIQ/TJ_Trucking_Enterprises_LLC__ohnbke-25-31433__0001.0.pdf?mcid=tGE4TAMA
TRINITY INDUSTRIES: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Trinity Industries Inc.'s (Trinity)
Long-Term Issuer Default Rating (IDR), senior unsecured notes and
revolving credit facility at 'BB'. The Rating Outlook is Stable.
Key Rating Drivers
Solid Franchise: The ratings reflect Trinity's solid franchise as a
leading provider of railcar products and services in North America.
It maintains a diversified fleet portfolio across customers,
industries and car types. Trinity has demonstrated strong asset
quality performance over time and manages residual value risk with
conservative depreciation policies. The leasing business generates
consistent cash flow generation. Trinity also has adequate
liquidity and an experienced management team.
Railcar Industry Cyclicality: Trinity's ratings are constrained by
the high cyclicality of the railcar manufacturing and leasing
businesses, its reliance on secured, short-term, wholesale funding
sources, and its modestly elevated leverage.
Rating constraints applicable to the broader railcar leasing
industry include the competitive operating environment and risks
associated with tariffs, including higher input costs and/or supply
chain disruptions. The potential impact from federal, state, local,
and foreign environmental regulations on railcars, particularly
tank cars, could also heighten residual value risk and maintenance
expenses.
Synergies Between Manufacturing and Leasing: Trinity's leasing
business, Trinity Industries Leasing Company (TILC), contributes
the majority of the company's consolidated pre-tax earnings. This
helps to balance the more pronounced cyclicality of the railcar
manufacturing operations. TILC generates substantial railcar orders
for Trinity as it obtains lease commitments from its customers.
Trinity's leasing portfolio is diversified across railcar types,
commodities carried, and customers serviced. In North America,
Trinity served over 700 customers, transporting 900 different
commodities with approximately 270 railcar types in 2024.
Strong Asset Quality: Trinity's asset quality remains strong with
negligible residual value losses due to its conservative
depreciation policy and the long economic life of its assets. In
1Q25, Trinity recognized $4.0 million of credit losses, which
represented 1.1% of gross receivables compared to the average of
0.8% from 2022-2024. Asset quality metrics have been relatively
stable over time. Fitch believes the company will maintain low
write-offs given its ability to remarket railcars within the fleet
and the minimal credit losses within the receivables portfolio.
Stable Operating Performance: Operating performance for the
trailing twelve months (TTM) ended March 31, 2025, benefited from
higher lease rates in the leasing business and lower expenses. This
was partially offset by lower external deliveries and workforce
reduction costs in the manufacturing business. Consolidated pre-tax
return on average assets (ROAA) was 2.4% for TTM 1Q25, up from 2.1%
a year ago, and above the four-year average of 1.6% for 2021-2024.
Fitch expects operating performance to remain stable, as improved
manufacturing costs and lease fleet optimization are likely to
offset lower external deliveries in 2025.
Appropriate Leverage: Consolidated leverage (gross debt-to-tangible
equity), pro forma for the recent senior secured term-loan upsize,
was 5.3x at 1Q25, down modestly from 5.5x a year ago. This is
consistent with Fitch's 'bb' category benchmark range of 4x to 7x
for balance sheet intensive finance and leasing companies with a
sector risk operating environment score in the 'bbb' category.
Fitch expects leverage to remain below 6.0x, which is appropriate
given the cyclicality of the manufacturing business.
Mainly Secured Funding: Secured funding, pro-forma for the senior
secured term-loan upsize, represented approximately 89% of total
funding at the 1Q25. It is primarily comprised of non-recourse
warehouse facilities, secured term loans, and equipment notes
secured by railcars issued by the leasing operations. In April
2025, the company upsized its term loan to $1.05 billion from
$320.7 million, reduced the pricing, and extended the maturity date
to April 2030. Proceeds from the issuance were used to repay
secured term and warehouse borrowings at TILC.
Fitch believes Trinity's secured funding is high relative to more
highly rated finance and leasing companies. Fitch would view an
increase in unsecured funding favorably as it would improve the
firm's overall funding flexibility.
Adequate Liquidity: Fitch believes Trinity's liquidity, which
included $94.9 million in cash and marketable securities and $591.3
million of availability under its committed revolving credit
facility, as adequate. This is further supplemented by operating
cash flow, which averaged $367.1 million annually from 2021 - 2024.
Trinity has no near-term debt maturities, with the next term debt
maturity in July 2028 when $600 million of senior unsecured notes
come due.
The Stable Outlook reflects Fitch's expectation that Trinity will
continue to generate stable operating performance, maintain strong
asset quality, preserve adequate liquidity and maintain leverage
near current levels.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- A sustained deterioration in pre-tax ROAA or consistency of
operating earnings;
- A material and sustained increase in leverage approaching 6.0x;
- A reduction in the diversity and/or credit quality of its
customers;
- A material and persistent reduction in fleet utilization;
- An increase in impairments; and/or
- Weakening of the liquidity profile would be negative for
ratings.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- An increase in unsecured funding approaching 25% of total debt;
- Enhanced earnings consistency and ROAA sustained above 2.5%; and
- A reduction in consolidated leverage approaching 4.0x.
DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS
Trinity's unsecured debt rating is equalized with the Long-Term
IDR, reflecting expectations for average recovery prospects under a
stress scenario.
DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES
The unsecured debt rating is equalized to Trinity's Long-Term IDR
and is expected to move in tandem with it. However, unsecured
funding below 10% and/or material reduction in unencumbered assets
could result in the widening of the notching between Trinity's
Long-term IDR and unsecured notes.
ADJUSTMENTS
- The Standalone Credit Profile has been assigned below the implied
Standalone Credit Profile due to the following adjustment
reason(s): Weakest Link - Funding, Liquidity & Coverage
(negative).
- The Sector Risk Operating Environment score has been assigned
below the implied score due to the following adjustment reason(s):
Regional, industry or sub-sector focus (negative).
- The Business Profile score has been assigned below the implied
score due to the following adjustment reason(s): Business model
(negative).
- The Asset Quality score has been assigned below the implied score
due to the following adjustment reason(s): Risk profile and
business model (negative).
- The Funding, Liquidity & Coverage score has been assigned below
the implied score due to the following adjustment reason(s):
Historical and future metrics (negative).
ESG Considerations
Trinity has an GHG Emissions & Air Quality, Energy Management,
Water & Wastewater Management, and Waste &Hazardous Materials
Management; Ecological Impacts scores of '3', '3', '2', and '3',
which differs from broader financial institution peer scores of
'2', '2', '1' and '1', respectively. This reflects Trinity's
differentiated exposure to environmental impacts in its
manufacturing business but does not have a material impact on its
rating.
Trinity also has a Labor Relations & Practices score of '3', which
differ from the broader financial institution peer scores of '2',
reflecting product safety and the impact of labor on its
manufacturing business, but does not have a material impact on its
rating.
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
----------- ------ -----
Trinity Industries Inc. LT IDR BB Affirmed BB
senior unsecured LT BB Affirmed BB
TRINSEO PLC: Shareholders OK 8 Proposals at Annual General Meeting
------------------------------------------------------------------
Trinseo PLC held its Annual General Meeting of Shareholders. A
total of 30,495,443 shares were present or represented by proxy,
which accounted for approximately 85.5% of the shares entitled to
vote at the Annual General Meeting. The Company's shareholders
voted on the following eight proposals and casted their votes:
Proposal One: Election of Nine Directors:
* The Company's shareholders approved the election of nine director
nominees to serve a term expiring at the end of the 2026 annual
general meeting of shareholders. The directors were:
1. K'Lynne Johnson
2. Joseph Alvarado
3. Frank Bozic
4. Victoria Brifo
5. Jeffrey Cote
6. Jeanmarie Desmond
7. Matthew Farrell
8. Sandra Beach Lin
9. Henri Steinmetz
Proposal Two: Approval, on an Advisory Basis, of the Company's
Named Executive Officers Compensation:
* The Company's shareholders approved, on an advisory basis, the
compensation paid to the Company's named executive officers.
Proposal Three: Ratification of the Appointment of the
Company's Independent Registered Public Accounting Firm:
* The Company's shareholders ratified the audit committee's
appointment of PricewaterhouseCoopers LLP to be the Company's
independent registered public accounting firm for the year ending
December 31, 2025, and to authorize, by binding vote, the Audit
Committee of the Board to set its auditors' remuneration.
Proposal Four: Approval of Authority to Issue Shares:
* The Company's shareholders approved the grant of authority of the
Company's Board of Directors to issue shares.
Proposal Five: Approval of Authority to Opt Out of Statutory
Pre-emption Rights:
* The Company's shareholders approved the authority of the
Company's Board of Directors to opt out of statutory pre-emption
rights, with respect to up to 10% of issued share capital.
Proposal Six: Approval of Price Range for Re-issuance of
Treasury Shares:
* The Company's shareholders approved the price range for the
Company's re-issuance of treasury shares, as described in the proxy
statement.
Proposal Seven: Approval of Amendment to Omnibus Incentive
Plan:
* The Company's shareholders approved the amendment to the
Company's Omnibus Incentive Plan.
Proposal Eight: Approval of Forfeiture of Options by Certain
Executive Officers:
* The Company's shareholders approved the forfeiture of certain
options by the Company's CEO, CFO and CLO.
About Trinseo
Headquartered in Wayne, PA, Trinseo (NYSE: TSE) (www.trinseo.com),
a specialty material solutions provider, partners with companies to
bring ideas to life in an imaginative, smart, and sustainably
focused manner by combining its premier expertise, forward-looking
innovations, and best-in-class materials to unlock value for
companies and consumers. From design to manufacturing, Trinseo taps
into decades of experience in diverse material solutions to address
customers' unique challenges in a wide range of industries,
including building and construction, consumer goods, medical, and
mobility.
* * *
In Jan. 2025, S&P Global Ratings raised the issuer credit rating on
Trinseo PLC to 'CCC+' from 'SD' (selected default). All issue-level
and recovery ratings on the company's existing debt are unchanged.
The outlook is negative and reflects the challenging macroeconomic
environment affecting the company's key end markets and S&P's
expectation that credit metrics will remain pressured over the next
12 months.
TRIPLE L TRANSPORT: Judy Wolf Weiker Named Subchapter V Trustee
---------------------------------------------------------------
The U.S. Trustee for Region 10 appointed Judy Wolf Weiker of
Manewitz Weiker Associates, LLC as Subchapter V trustee for Triple
L Transport, LLC.
Ms. Weiker will be paid an hourly fee of $375 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Weiker declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Judy Wolf Weiker
Manewitz Weiker Associates, LLC
P.O. Box 40185
Indianapolis, IN 46240
Phone: 973-768-2735
Email: JWWtrustee@manewitzweiker.com
About Triple L Transport LLC
Triple L Transport LLC is a specialized freight trucking company
based in Greenfield, Indiana that likely provides transportation
services for specialized cargo requiring dedicated equipment or
handling. Operating in the transportation industry with NAICS code
4842 (Specialized Freight Trucking), the company appears to
maintain a fleet that includes Freightliner and Peterbilt trucks
for its freight operations.
Triple L Transport LLC sought relief under Subchapter V of Chapter
11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind.Case No. 25-03729)
on June 26, 2025. In its petition, the Debtor reports estimated
assets between $500,000 and $1 million and estimated liabilities up
to $50,000.
Judge Andrea K. Mccord handles the case.
The Debtor is represented by KC Cohen, Esq. at Kc Cohen, Lawyer,
PC.
TRIPLESHOT HOLDINGS: Hires Bleakley Bavol Denman as Attorney
------------------------------------------------------------
Tripleshot Holdings, LLC seeks approval from the U.S. Bankruptcy
Court for the Middle District of Florida to employ Bleakley Bavol
Denman & Grace as attorney.
The firm services include:
a. analyzing the financial situation, and rendering advice and
assistance to the Debtor in determining legal options under Title
11, United States Code;
b. advising the Debtor with regard to the powers and duties of
the Debtor and as Debtor-in-possession in the continued operation
of the business and management of the property of the estate;
c. preparing and filing of the petition, schedules of assets
and liabilities, statement of affairs, and other documents as
required by the Court;
d. representing of the Debtor at the Section 341 Meeting of
Creditors;
e. giving the Debtor legal advice with respect to its powers
and duties as Debtor and as Debtor-in-possession in the continued
operation of its business and management of its property, if
appropriate;
f. advising the Debtor with respect to its responsibilities in
complying with the United States Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;
g. preparing, on behalf of your Applicant, necessary motions,
pleadings, applications, answers, orders, complaints, and other
legal papers and appear on hearings thereon;
h. protecting the interest of the Debtor in all matters
pending before the court;
i. representing the Debtor in negotiation with its creditors
in the preparation of the Chapter 11 Plan; and
j. performing all other legal services for Debtor as
Debtor-in-Possession which may be necessary herein, and it is
necessary for Debtor as Debtor-in-Possession to employ this
attorney for such professional services.
The firm will be paid at $425 per hour.
Prior to the commencement of the bankruptcy case the firm was paid
an advance fee of $16,738.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Samantha L. Dammer, Esq., a partner at Bleakley Bavol Denman &
Grace, 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:
Samantha L. Dammer, Esq.
Bleakley Bavol Denman & Grace
15316 N. Florida Avenue
Tampa, FL 33613
Tel: (813) 221-3759
Fax: (813) 221-3198
Email: sdammer@bbdglaw.com
About Tripleshot Holdings LLC
Tripleshot Holdings LLC, doing business as Carver's Olde Iron,
imports and sells cast-iron home decor products through its online
storefront. Its offerings include doorstops, bookends, ashtrays,
candle holders, and novelty pieces in rustic, western, vintage, and
industrial styles.
Tripleshot Holdings LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04544) on July 3,
2025. In its petition, the Debtor reports total assets of $15,000
and total liabilities of $1,173,564.
Honorable Bankruptcy Judge Roberta A. Colton handles the case.
The Debtors are represented by Samantha L Dammer, Esq. at BLEAKLEY
BAVOL DENMAN & GRACE.
TRISTAR SOLUTIONS: A. Shortall Named Successor Subchapter V Trustee
-------------------------------------------------------------------
The Acting U.S. Trustee for Region 4 appointed Angela Shortall of
3Cubed Advisory Services, LLC, as Successor Subchapter V trustee
for Tristar Solutions, LLC.
Ms. Shortall will be paid an hourly fee of $525 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Shortall declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Angela L. Shortall
3Cubed Advisory Services, LLC
111 S. Calvert St., Suite 1400
Baltimore, MD 21202
Phone: 410-783-6385
About Tristar Solutions
Tristar Solutions, LLC, a Washington, DC-based company, filed its
voluntary Chapter 11 petition (Bankr. D.D.C. Case No. 24-00074) on
March 11, 2024, with up to $50,000 in assets and up to $10 million
in liabilities. Paul A. Horton, chief executive officer and sole
member, signed the petition.
Kevin R. Feig, Esq. at Mcnamee Hosea, PA represents the Debtor as
counsel.
TURNER PAVING: Seeks to Hire Raethom Advisory LLC as Accountant
---------------------------------------------------------------
Turner Paving & Construction, Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Texas to hire Raethom
Advisory LLC as accountant.
The firm will render these services:
a. as may be necessary, review the Debtor's prior accounting
and tax records, the petition, schedules and the estate's
documents;
b. review and analyze the Debtor's 2024 financial transactions
to determine the appropriate (and most beneficial to the estate)
treatment for tax purposes;
c. assist debtor in the preparation of and filing of the
Debtor's Federal and Texas franchise tax returns and related
documents to reflect the transactions of the estate and, if
necessary, to file any delinquent tax returns that may be required
by taxing authorities; and, if necessary,
d. communicate with taxing authorities on behalf of the
estate.
Raethom will receive compensation on a fixed fee basis of $1,425,
for the preparation and submission of 2024 tax returns and related
forms.
As disclosed in the court filings, Raethom is not a creditor of the
Debtor, and therefore, is a "disinterested person."
The firm can be reached through:
Ella G. Mahon
Raethom Advisory LLC
4660 Beechnut, Suite 209
Houston, TX 77096
Phone: (713) 240-5437
About Turner Paving & Construction, Inc.
Turner Paving & Construction, Inc. filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex.
Case No. 25-32996) on May 29, 2025. At the time of filing, the
Debtor estimated $500,001 to $1 million in both assets and
liabilities.
Judge Jeffrey P Norman presides over the case.
Bennett Greg Fisherq, Esq. at Lewis Brisbois Bisgaard & Smith
represents the Debtor as counsel.
TYLER 2 CONSTRUCTION: Case Summary & 20 Top Unsecured Creditors
---------------------------------------------------------------
Debtor: Tyler 2 Construction, Inc.
5400 Old Pineville Road
Charlotte, NC 28217
Business Description: Tyler 2 Construction, Inc. is a general
contractor based in Charlotte, North
Carolina. The Company provides construction
management and renovation services across
sectors including office, healthcare,
retail, and light industrial.
Chapter 11 Petition Date: July 9, 2025
Court: United States Bankruptcy Court
Western District of North Carolina
Case No.: 25-30715
Judge: Hon. Ashley Austin Edwards
Debtor's Counsel: Richard S. Wright, Esq.
MOON WRIGHT & HOUSTON, PLLC
212 N. McDowell Street
Suite 200
Charlotte, NC 28204
Tel: 704-944-6560
Fax: 704-944-0380
E-mail: rwright@mwhattorneys.com
Total Assets: $9,819,766
Total Liabilities: $5,762,398
Dale Fite signed the petition 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/MTVNYVA/Tyler_2_Construction_Inc__ncwbke-25-30715__0001.0.pdf?mcid=tGE4TAMA
UNITED BELIEVERS: Seeks to Hire HDC Consulting as Appraiser
-----------------------------------------------------------
United Believers Community Baptist Church seeks approval from the
U.S. Bankruptcy Court for the Western District of Missouri to
employ HDC Consulting Group, Inc. as appraiser.
The firm will assist the Debtor in the valuation of its real
property, a Church Building and Adjoining Land.
The firm will be paid $4,500 for the base appraisal. The firm will
charge $200 per hour for any Court appearances or additional work
as needed.
As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Beverly S. Easterwood
HDC Consulting Group, Inc.
1021 North 17th Street, Suite 106
Kansas City, KS 66101
Tel: (913) 321-2262
About United Believers Community Baptist Church
United Believers Community Baptist Church is a religious
organization in Kansas City, Mo.
United Believers filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. W.D. Mo. Case No. 24-41363) on Sept.
24, 2024, listing as much as $1 million to $10 million in both
assets and liabilities. G. Matt Barberich, Jr. of B. Riley Advisory
Services is the Subchapter V trustee.
Judge Brian T Fenimore oversees the case.
Evans & Mullinix, P.A. serves as the Debtor's legal counsel.
UNIVERSAL DESIGN: Gets Interim OK to Use Cash Collateral
--------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Jacksonville Division, issued an interim order allowing Universal
Design Solutions, LLC to use cash collateral.
The interim order signed by Judge Jason Burgess 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; and the expenses set forth in its budget. This
authorization will continue until further hearing on the Debtor's
bid to use cash collateral.
As protection for the Debtor's use of its cash collateral, TD Bank,
N.A. will have a perfected post-petition lien on such collateral to
the same extent and with the same validity and priority as its
pre-bankruptcy.
The next hearing is scheduled for September 4.
TD Bank is a pre-bankruptcy merchant cash advance lender that has a
lien on the
Debtor's cash and receivables.
Aside from the TD Bank, the Debtor also has several service
providers, which it struggles to remain current with, and other
unsecured debt which it is unable to
pay.
The Debtor generates revenue from the modification and building
accessible
spaces as well as providing medical equipment tailored to the
unique needs of its clients.
About Universal Design Solutions
Universal Design Solutions, LLC sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01970)
with $100,001 to $500,000 in assets and $500,001 to $1 million in
liabilities.
Judge Hon. Jason A Burgess oversees the case.
Thomas C. Adam, Esq., at Adam Law Group, P.A. is the Debtor's
bankruptcy counsel.
TD Bank, N.A., as lender, is represented by:
Amanda Klopp, Esq.
Akerman LLP
777 South Flagler Drive
Suite 1100, West Tower
West Palm Beach, FL 33401
Telephone (561) 653-5000
Facsimile (561) 659-6313
amanda.klopp@akerman.com
URBAN GIS: Seeks to Hire Sandra T. Collins CPA as Accountant
------------------------------------------------------------
Urban GIS Inc. seeks approval from the U.S. Bankruptcy Court for
the Northern District of Illinois to hire Sandra T. Collins as
accountant.
Ms. Collins will render these services:
a. provide training;
b. review and reconcile all major accounts;
c. prepare tax returns
d. produce Quarterly Financial Statements; and
e. other financial services, as needed.
The firm will charge $100 per hour for its services.
The firm requires 25 percent retainer to begin services.
Ms. Collins 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.
Ms. Collins can be reached at:
Sandra T. Collins, CPA
8452 S. Rhodes
Chicago, IL 60619
Phone: (708) 539-3685
About Urban GIS Inc.
Urban GIS Inc. filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08878) on June
11, 2025, with $100,001 to $500,000 in assets and $500,001 to $1
million in liabilities.
Judge Jacqueline P. Cox presides over the case.
Stanley M. Jackson, Esq., at Jackson Melton, LLC represents the
Debtor as legal counsel.
VALMAR CORP: Hires Homel Antonio Mercado as Legal Counsel
---------------------------------------------------------
Valmar Corp. seeks approval from the U.S. Bankruptcy Court for the
District of Puerto Rico to employ Homel Antonio Mercado Justiniano,
Esq. as counsel.
The firm's services include:
a) examining documents of the Debtor and other necessary
information to submit Schedules and Statement of Financial
Affairs;
b) preparing the Disclosure Statement, Plan of Reorganization,
records and reports as required by the Bankruptcy Code and the
Federal Rules of Bankruptcy Procedure;
c) preparing Applications and proposed orders to be submitted to
the Court;
d) identifying claims and causes of action assert able by the
Debtor-in-possession on behalf of the estate herein;
e) examining proof of claims filed and to be filed in the case
herein and the possible objections to certain of such claims;
f) advising the Debtor-in-possession and preparing documents in
connection with the ongoing operation of Debtor's business;
g) advising the Debtor-in-possession and preparing documents in
connection with the liquidation of the assets of the estate, if
needed, including analysis and collection of outstanding
receivables and possible Motion for Sale or for Post Petition
Loans; and
h) assisting and advising the Debtor-in-possession in the
discharge of any and all the duties imposed by the applicable
dispositions of the Bankruptcy Code and the Federal Rules of
Bankruptcy Procedure.
The firm will be paid at these rates:
Attorneys $250 per hour
Associates $125 per hour
Paralegals $50 per hour
The firm received from the Debtor a retainer of $8,000 on July 2,
2025.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Homel Antonio Mercado Justiniano, Esq.
Calle Ramirez Silva, Esq.
Ensanche Martinez, Esq.
Mayaguez, PR 00680-4714
Tel: (787) 831-2577
Fax: (787) 805-7350
Email: hmjlaw2@gmail.com
About Valmar Corp.
VALMAR Corp. is a food service business operating in Cabo Rojo,
Puerto Rico.
VALMAR Corp. sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D.P.R. Case No. 25-03044) on July 2, 2025. In its
petition, the Debtor reports estimated assets up to $50,000 and
estimated liabilities between $500,000 and $1 million.
The Debtors are represented by Homel Mercado Justiniano.
VARSOBIA HOME: Case Summary & Four Unsecured Creditors
------------------------------------------------------
Debtor: Varsobia Home Builders, LLC
16340 Roscoe Blvd #205
Van Nuys, CA 91406
Business Description: Varsobia Home Builders, LLC is a residential
construction company based in Van Nuys,
California. It focuses on building single-
family homes, townhouses, and mixed-use
developments across California and Nevada.
The Company operates as part of the Varsobia
Group of Companies, which includes
subsidiaries in real estate, property
preservation, and support services.
Chapter 11 Petition Date: July 9, 2025
Court: United States Bankruptcy Court
Central District of California
Case No.: 25-11219
Debtor's Counsel: Michael G. Spector, Esq.
LAW OFFICES OF MICHAEL G. SPECTOR
2122 N. Broadway
Santa Ana, CA 92706
Tel: 714-835-3130
Fax: 714-558-7435
E-mail: mgspector@aol.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Angelo Varsobia as manager.
A full-text copy of the petition, which includes a list of the
Debtor's four unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/HHM3EZQ/Varsobia_Home_Builders_LLC__cacbke-25-11219__0001.0.pdf?mcid=tGE4TAMA
VEGAS CUSTOM: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Vegas Custom Glass, LLC
6255 Mcleod Dr. Ste 21
Las Vegas, NV 89120
Case No.: 25-13929
Business Description: Vegas Custom Glass, LLC provides glass and
mirror services in Las Vegas, Nevada. The
Company offers custom showers, frameless
shower doors, storefront glass, glass
repairs, and wine room enclosures for
residential and commercial clients. It is
licensed, bonded, insured, and accredited by
the Better Business Bureau.
Chapter 11 Petition Date: July 9, 2025
Court: United States Bankruptcy Court
District of Nevada
Debtor's Counsel: James T. Leavitt, Esq.
LEAVITT LEGAL SERVICES, P.C.
601 S. 6th Street
Las Vegas, NV 89101
Tel: (702) 385-7444
Fax: (702) 925-7444
Email: jamestleavittesq@gmail.com
leavittecf@gmail.com
Total Assets: $298,039
Total Liabilities: $1,205,768
The petition was signed by Vincent Regala as owner.
A full-text copy of the petition, which includes a list of the
Debtor's 20 largest unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/2TANLUQ/VEGAS_CUSTOM_GLASS_LLC__nvbke-25-13929__0001.0.pdf?mcid=tGE4TAMA
VENUS CONCEPT: All Proposals OK'd at Annual and Special Meeting
---------------------------------------------------------------
Venus Concept Inc. held its Annual and Special Meeting of
Stockholders during which the Company's stockholders approved the
following proposals:
A. Election of Class II Directors:
1. Louise Lacchin
* For: 683,115
* Withheld: 5,175
* Broker Non-Votes: 542,342
2. Anthony Natale, M.D.
* For: 680,224
* Withheld: 8,066
* Broker Non-Votes: 542,342
3. Stanley Tyler Hollmig, M.D.
* For: 680,822
* Withheld: 7,468
* Broker Non-Votes: 542,342
B. Ratification of the selection of MNP LLP as the Company's
independent registered public accounting firm for the fiscal year
ending December 31, 2025.
* For: 1,141,927
* Against: 87,720
* Abstain: 985
C. Approval of the issuance of up to 10,554,354 shares of
common stock of the Company upon conversion of the 1,159,880 shares
of Series Y Convertible Preferred Stock issued by the Company on
May 24, 2024, September 26, 2024 and March 31, 2025.
* For: 678,172
* Against: 9,064
* Abstain: 1,054
* Broker Non-Votes: 542,342
D. Approval of the issuance of up to 271,819 shares of common
stock of the Company upon conversion of the 298,997 shares of
Series X Convertible Preferred Stock issued by the Company on
October 4, 2023 and quarterly thereafter in satisfaction of accrued
interest.
* For: 489,263
* Against: 8,802
* Abstain: 979
* Broker Non-Votes: 542,342
E. Approval of the issuance of up to 381,981 shares of common
stock of the Company upon the conversion of the 1,575,810 shares of
Senior Convertible Preferred Stock issued by the Company on May 15,
2023, July 12, 2023, September 8, 2023 and October 20, 2023.
* For: 499,417
* Against: 9,073
* Abstain: 1,046
* Broker Non-Votes: 542,342
F. Approval of the issuance of up to 64,454 shares of common
stock of the Company upon the conversion of the Secured
Subordinated Convertible Notes issued by the Company on March 31,
2025.
* For: 677,737
* Against: 9,477
* Abstain: 1,046
* Broker Non-Votes: 542,342
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.
VERIFONE SYSTEMS: S&P Upgrades ICR to 'B-', Outlook Stable
----------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on VeriFone
Systems Inc. to 'B-' from 'CCC+'.
S&P said, "At the same time, we raised our issue-level rating on
VeriFone's secured debt to 'B-' from ‘CCC+'. The '3' recovery
rating is unchanged and indicates our expectation for meaningful
(50%-70%; rounded estimate: 50%) recovery in the event of a
default.
"The stable outlook is based on our expectation VeriFone's
operating performance will steadily improve following a period of
inventory correction. We expect S&P Global Ratings-adjusted debt to
EBITDA will improve toward 8x and the company will generate
positive FOCF, before its Israeli tax payments, in fiscal years
2025 and 2026."
VeriFone's recent earnings highlighted its gradual business
recovery, and strategic execution including new channel
partnerships and product offerings that will likely improve its
business growth prospects over time.
S&P said, "We expect VeriFone's gradual business recovery and
executed cost reduction initiatives will improve credit metrics
over the next 12 months. The company's credit metrics are at the
weaker end of the range for the 'B-' category. However, we expect
its steady improvements over the past two quarters will continue to
strengthen its credit profile and support the rating. We have a
more positive view on VeriFone's steady progress as well as its
recent execution of new business strategies." This includes
announcements of channel partnerships with FreedomPay, PayPal
Holdings Inc., and Stripe Inc. that expand its channel partnerships
and payments monetization initiative among its existing client
base.
In the second quarter of fiscal 2025 ending April 30, 2025, total
revenue increased about 7% year over year, reflecting a 12% systems
revenue increase. This follows a 15% total revenue increase in the
first quarter. S&P said, "VeriFone also noted its high-profit North
America segment revenues increased about 34% for the first half of
fiscal 2025, which we believe will support margin expansion.
Verifone's S&P Global Ratings-adjusted EBITDA in the second quarter
meaningfully improved to about $72 million (including one-time
items), or about 24% of revenue, compared to about $36 million in
the prior year as the result of revenue improvements and realized
total annualized labor savings of more than $100 million.
Therefore, we expect EBITDA will grow meaningfully in fiscal 2025
from fiscal 2024 levels and believe the company has better
potential to deleverage to below 9x as EBITDA grows. Its pro forma
leverage would have been about 7.8x including one-time items."
S&P said, "We expect positive FOCF generation as nonrecurring items
roll-off and profitability increases. While we acknowledge
VeriFone's recovery is somewhat nascent, we expect recent revenue
stabilization and the continued realization of already implemented
savings will improve its S&P Global Ratings-adjusted EBITDA margin
(including capitalized development expenses) to about 21%
(including one-time items) in fiscal year 2025 from about 18% in
fiscal year 2024. We also expect the company will incur
significantly reduced cash restructuring costs and nonrecurring
payments to the Israel Tax Authority (ITA) going forward. We expect
total ITA payments of about $28 million remaining over the next
three quarters. The company incurred about $44 million of
restructuring and other transformation costs over the past 12
months that we don't expect will recur.
"Though the uncertain macroeconomic environment could affect
VeriFone's recovery, we view U.S. tariffs as less of a credit risk
than we previously assumed. The company will be subject to tariffs,
but at a lower-than-expected rate. Also, higher reciprocal tariffs
on countries where the company has manufacturing exposure were
meaningfully reduced due to recent agreements with countries like
Vietnam where VeriFone has exposure. We believe the company has
taken mitigating actions like supply chain adjustments and hardware
price increases that can help it manage tariff headwinds.
Consistent with our view, management expects the tariff effect to
be minimal and has not reported material demand headwinds despite
the price increases. Management estimates a low- to mid-single
digit impact that is consistent with our analysis. Additionally,
VeriFone derives about 55%-60% (up from around 50% historically) of
sales from services and transaction-related offerings that are
somewhat more stable and recurring in nature. This stability may
provide some insulation from higher costs.
"The stable outlook is based on our expectation VeriFone's
operating performance will steadily improve following a period of
hardware inventory correction. While the macroeconomic environment
and global tariff effects are somewhat uncertain, we expect
realized expense reductions and the roll-off of one-time items will
support an expansion in its EBITDA such that its S&P Global
Ratings-adjusted debt to EBITDA improves toward 8x and it generates
positive FOCF (before its Israeli tax payments and nonrecurring
cash items) over the next 12-18 months."
S&P could lower its rating on VeriFone if:
-- Business improvements and EBITDA expansion are
slower-than-expected because of macroeconomic factors including
negative tariff effects, and weak hardware demand environment; or
-- Continued cost restructuring and margin volatility cause
negative or weak FOCF generation, liquidity pressures, and elevated
debt to EBITDA.
An upgrade is unlikely over the next 12 months because of
VeriFone's elevated leverage and weak FOCF profile. S&P could raise
its rating on VeriFone if:
-- It demonstrates consistent revenue growth and FOCF generation
over a multiyear period as it executes new business strategies;
and
-- Improves debt to EBITDA to around 6.5x and expands FOCF to debt
to 5% on a sustained basis.
VOLTZ INC: Mary Sieling Named Subchapter V Trustee
--------------------------------------------------
The Acting U.S. Trustee for Region 12 appointed Mary Sieling as
Subchapter V trustee for Voltz, Inc.
Ms. Sieling will be paid an hourly fee of $330 for her services as
Subchapter V trustee and an hourly fee of $200 for paralegal time.
In addition, the Subchapter V trustee will receive reimbursement
for work-related expenses incurred.
Ms. Sieling declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Mary F. Sieling
150 South Fifth Street, Suite 3125
Minneapolis, MN 55402
Email: mary@mantylaw.com
About Voltz Inc.
Voltz, Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Minn. Case No. 25-42086) on June 25,
2025, listing up to $1 million in assets and up to $10 million in
liabilities. Brad Ruoho, president of Voltz, Inc., signed the
petition.
John D. Lamey, III, Esq., at Lamey Law Firm, PA, represents the
Debtor as bankruptcy counsel.
WATCHTOWER FIREARMS: Committee Taps Husch Blackwell as Attorney
---------------------------------------------------------------
The official committee of unsecured creditors of Watchtower
Firearms, LLC seeks approval from the U.S. Bankruptcy Court for the
Northern District of Texas to employ Husch Blackwell LLP as
attorney.
The firm's services include:
a. assisting, advising, and representing the Committee with
respect to the administration of the Bankruptcy Case;
b. providing all necessary legal advice with respect to the
Committee's powers and duties;
c. assisting the Committee in working to maximize the value of
the Debtor's assets for the benefit of the Debtor's unsecured
creditors;
d. assisting the Committee with respect to evaluating and
negotiating a plan of reorganization and, if necessary, either
challenging or supporting as appropriate, the confirmation of a
plan and the approval of an associated disclosure statement;
e. conducting any investigation, as the Committee deems
appropriate, concerning, among other things, the assets,
liabilities, financial condition and operating issues of the
Debtor;
f. commencing and prosecuting any and all necessary and
appropriate actions and/or proceedings on behalf of the Committee
in the Bankruptcy Case;
g. preparing, on behalf of the Committee, necessary
applications, pleadings, motions, answers, orders, reports and
other legal papers;
h. communicating with the Committee's constituents and others
as the Committee may consider necessary or desirable in furtherance
of its responsibilities;
i. appearing in Court and representing the interests of the
Committee; and
j. performing all other legal services for the Committee which
are appropriate, necessary and proper in connection with the
Bankruptcy Case.
The firm will be paid at these rates:
Attorneys $375 to $1,250 per hour
Paralegals $225 to $500 per hour
Professionals $250 to 710 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Buffey E. Klein, a partner at Husch Blackwell LLP, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Buffey E. Klein, Esq.
HUSCH BLACKWELL LLP
1900 N. Pearl Street, Suite 1800
Dallas, TX 75201
Tel: (214) 999-6100
Fax: (214) 999-6170
Email: buffey.klein@huschblackwell.com
About Watchtower Firearms LLC
Watchtower Firearms LLC is a veteran-owned company offering a
diverse range of firearms, including custom rifles, special edition
rifles, and handguns. The Company serves military, law enforcement,
hunting, and personal use markets. In addition to firearms, it
provides suppressors, components, and specialized gear tailored to
meet the needs of its customers.
Watchtower Firearms LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-40684) on February
27, 2025. In its petition, the Debtor reports estimated assets and
liabilities between $10 million and $50 million each.
Joseph Acosta, Esq. at CONDON TOBIN represents the Debtor as
counsel.
WATTS CHOPPING: Unsecureds to Split $266K over 60 Months
--------------------------------------------------------
Watts Chopping, Inc., filed with the U.S. Bankruptcy Court for the
Eastern District of California a Plan of Reorganization dated June
23, 2025.
The Debtor owns and operates an agricultural harvesting business.
The Debtor's main office is located in Bakersfield, California.
The Debtor filed its Chapter 11 case to give the Debtor a vehicle
to reorganize its business and repay creditors as required by the
law. The Debtor is confident its income will increase in the future
and permit the Debtor to repay debt owed to creditors through the
Plan consistent with the law.
The Debtor anticipate that its income and expenses will be stable
and consistent during the Term of the Plan and will generate
sufficient revenue to make the payments required by the Plan. The
term of the Plan will not exceed sixty months from the effective
date of the Plan.
The Class Thirty-one claims of general unsecured creditors are
impaired under the Plan. The Class Thirty-one claims will be about
$2,121,202.08 on the effective date according to the Debtor's
Amended Schedules of Assets and Liabilities filed on April 3, 2025
and Proofs of Claim filed by creditors in the Debtor's case. Class
Thirty-one claims will be paid over sixty months and Class
Thirty-one claims will not accrue interest after the effective
date.
Class Thirty-one claims will receive a pro rata share of
$265,621.55 during the Term of the Plan ("the Class Thirty-one
Dividend"). Any Class Thirty-one claim not paid through the Plan
will be discharged when the Court enters a discharge.
Payments on the Class Thirty-one claims will be $%3,124.31 per year
beginning on December 31, 2026. Class Thirty-one claims will
receive a pro rata share of $53,124.31 per year until the Class
Thirty-one dividend is paid in full. Payment of the Class
Thirty-one claims will continue each year until the Class
Thirty-one Dividend in paid in full.
The Plan will be executed by the Debtor making payments to
Claimants from money received from the Debtor's business
operations.
The Debtor will continue its business during the Term of the Plan
to generate the income needed to fund the Plan. The Debtor believes
that its business will generate gross income of $3,123,995.97 per
year during the term of the Plan beginning in 2026. The Debtor's
business will be managed by Gary Watts and Hayley Watts during the
Term of the Plan.
A full-text copy of the Plan of Reorganization dated June 23, 2025
is available at https://urlcurt.com/u?l=14REM3 from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Leonard K. Welsh, Esq.
LAW OFFICES OF YOUNG WOOLDRIDGE
1800 30th Street, Fourth Floor
Bakersfield, CA 93301
Tel: (661) 328-5328
Fax: (661) 760-9900
Email: lwelsh@youngwooldridge.com
About Watts Chopping
Watts Chopping operates an agricultural equipment business with
significant holdings in harvesting and farming equipment.
Watts Chopping sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-10505) on February
21, 2025. In its petition, the Debtor reported between $1 million
and $10 million in both assets and liabilities.
Judge Jennifer E. Niemann handles the case.
Leonard K. Welsh, Esq., at the Law Offices of Young Wooldridge, is
the Debtor's legal counsel.
WEST BRAZOS: Case Summary & 30 Largest Unsecured Creditors
----------------------------------------------------------
Lead Debtor: West Brazos Stewart Food Markets, LLC
a/k/a Stewart's Food Store #2
a/k/a Stewart's Food Store #4
a/k/a Stewart's Food Store
a/k/a Stewart's Food Market
a/k/a Stewart's Grocery
102 E. San Bernard St.
Brazoria TX 77422
Business Description: West Brazos Stewart Food Markets operates a
family-owned grocery store that has served
Brazoria, Texas, and the surrounding areas
since 1975. The store offers baked goods,
meats, housewares, beer and wine, frozen
foods, and floral items, and provides both
in-store shopping and pick-up services.
Chapter 11 Petition Date: July 11, 2025
Court: United States Bankruptcy Court
Southern District of Texas
Three affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------- --------
West Brazos Stewart Food Markets, LLC (Lead Case) 25-80317
West Brazos Stewart Property Holdings of Brazoria, LLC 25-80318
West Brazos Stewart Property Holdings of Sweeny, LLC 25-80319
Judge: Hon. Alfredo R Perez
Debtors'
Bankruptcy
Counsel: Genevieve M. Graham, Esq.
GENEVIEVE GRAHAM LAW, PLLC
DBA GRAHAM PLLC
PO Box 130378
Houston, Texas 77219
Phone: (832) 367-5705
Email: ggraham@graham-pllc.com
Each Debtor's
Estimated Assets: $10 million to $50 million
Each Debtor's
Estimated Liabilities: $1 million to $10 million
The petitions were signed by Verne Dwain Stewart as president.
Full-text copies of the petitions are available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/3UDRB4Q/West_Brazos_Stewart_Food_Markets__txsbke-25-80317__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/PZKOATA/West_Brazos_Stewart_Property_Holdings__txsbke-25-80318__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/MGM2E7Y/West_Brazos_Stewart_Property_Holdings__txsbke-25-80319__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. De Lage Landen Equipment Loan $429,313
Financial Services Inc.
1111 Old Eagle School Rd.
Wayne, PA 19087-1453
2. Prime Alliance Bank Equipment Loan $369,182
c/o Michael Best & Friedrich, LLP
Attn: Evan S. Strassberg
2750 East Cottonwood Parkway,
Suite 560, Cottonwood Heights,
UT 84121
Email: esstrassberg@michaelbest.com
3. Associated Wholesale $175,898
Grocers
5000 Kansas Avenue
Kansas City, KS 66106
4. ENGIE Resources LLC Electricity $71,000
PO Box 841680 Supplier
Dallas, TX 75284-1680
Email: care@engieresources.com
5. Prefco Distribution $67,112
PO Box 95396
Grapevine, TX
76099-9734
Tel: (979) 798-8260
6. Refrigerated Warehouse $21,264
Construction
10811 Vinecrest Dr., Suite 150
Houston, TX 77086
Tel: (844) 838-5300
7. Frito Lay $19,110
75 Remittance Dr.,
Suite 1217
Chicago, IL 60675-1217
Tel: (979) 864-4411
8. Doug Colvin $18,143
7 W Way Ct.
Lake Jackson, TX 77566
9. Sysco Houston, Inc. $11,958
1390 Enclave Parkway
Houston, TX 77077
Tel: (281) 584-4139
10. Flowers Baking Co. $8,068
of Houston
PO Box 842216
Dallas, TX 75284
Tel: (833) 356-6778
11. Cal-Maine Food Inc. $6,101
PO Box 675015
Dallas, TX 75267-5015
Tel: (979) 657-7289
12. Alliance Retail Grp $5,705
Marketing
PO Box 306563
Nashville, TN 37230-6563
Tel: (913) 219-9938
13. Hiland Dairy Foods $3,728
Conroe
PO Box 843128
Kansas City, MO
64184-3128
Tel: (936) 756-6645
14. Imperial Dade $3,639
PO Box 103264
Pasadena, CA 91189-3264
Tel: (201) 437-7744
15. Bimbo Bakeries $3,253
PO Box 412678
Boston, MA 02241-2678
16. Brady Industries $3,240
7055 Lindell Road
Las Vegas, NV 89118
Tel: (713) 856-6868
17. Tomco Services Inc. $3,090
4756 S. Buckner Blvd.
Dallas, TX 75227-2301
Tel: (214) 381-1300
18. Del Papa $2,877
1220 Gulf Fwy
Texas, City TX 77591
Email: contact@delpapabud.com
19. My Automatic Door Services $2,652
15711 Pinewood Cove Dr.
Houston, TX 77062
20. Button's Inventory $2,000
Service, Inc.
PO Box 2048
Richmond, TX 77406
Tel: (713) 781-1080
21. Unifirst Holdings, Inc. $1,736
PO Box 650481
Dallas, TX 75265
22. The Grocers Supply Company $1,482
23. BTEL $1,179
PO Box 2008
Brazoria, TX 77422-2008
24. Southwest Saw Corporation $1,148
PO Box 262572
Houston, TX 77207-2572
25. Pepsi Beverages $925
1415 US Highway 90A W
Hallettsville, TX 77694
26. Southern Glazers $838
1600 NW 163rd Street
Miami, FL 33169
27. Mogador $803
8 Sunnyvale Lane
Manvel, TX 77578
28. Retail Data Systems $773
1809 South West St.,
Suite 1
Wichita, KS 67213-1105
29. Sparkletts & Sierra Springs $617
PO Box 88117
Chicago, IL 60680-1117
30. Jose Soto $353
31 Robinhood Ln, Clute TX 77531
WHITE VIOLET PROPERTY: Seeks Chapter 11 Bankruptcy in Mass.
-----------------------------------------------------------
On July 14, 2025, White Violet Property 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 White Violet Property LLC
White Violet Property LLC is a real estate holding company with
properties in New Hampshire and operations based in Massachusetts.
White Violet Property LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-30420) on July
14, 2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
The Debtors are represented by Ascendant Law Group, LLC.
[] J.S. Held Buys Turnaround & Restructuring Firm MorrisAnderson
----------------------------------------------------------------
Global consulting firm J.S. Held announced the acquisition of
MorrisAnderson, a market leader in financial restructuring and
operational consulting. The acquisition further strengthens
J.S. Held's turnaround and restructuring, bankruptcy, transaction,
and dispute advisory expertise that helps businesses overcome
complex enterprise challenges and realize long-term, sustainable
business value.
Dan F. Dooley, MorrisAnderson CEO, commenting on the transaction,
shares, "Of the many benefits of the transaction are the geographic
reach and broad industry expertise of J.S. Held. The expansive
global office footprint will allow us to provide additional local
support and a wider array of services to our clients."
MorrisAnderson was recognized by Turnaround & Workouts as one of
the Outstanding Turnaround Firms for 2024 and for many years for
their work in:
* Turnaround and Restructuring, as Chief Restructuring Officer
(CRO) in the Chapter 11 reorganization of US Realm and out of court
CRO for a $275M logistics company
* Refinancing, as Financial Advisor specializing in debtor
refinancing for a $700M protein processor, $250M construction
products distributor, and $200M sporting goods manufacturer, among
other matters spanning franchised restaurants, manufacturers,
distributors, healthcare providers, and service companies
* Fiduciary Services, including their work on several cases as
Liquidating Trustee
* Litigation Support, for multiple disputes
J.S. Held Senior Managing Director Michael Jacoby, who joined J.S.
Held as a result of the Phoenix Management acquisition in 2022,
commenting on the acquisition, shares, "The entire Phoenix Team
along with the team from Stapleton Group look forward to actively
collaborating with our colleagues at MorrisAnderson and further
applying our shared expertise to an increasingly diverse set of
clients, law firms, private equity firms, and lenders."
MorrisAnderson Team
The MorrisAnderson team has earned a reputation for:
* Deep knowledge and skills in distressed situations honed over
40 years working within the industry.
* Action oriented creativity, experts who not only advise, but
manage plan implementation.
* Operational proficiency, leveraging first hand experience
running a business to improve business performance.
* Consistent and reliable communication extending beyond the
management team to keep all stakeholders informed.
MorrisAnderson is led by nationally recognized restructuring,
crisis management, operations improvement, debt refinancing, and
C-level interim manager Dan Dooley and notable turnaround and
transaction expert Mark Welch. Drawing on over 40 years of deep
expertise across multiple industry sectors, MorrisAnderson team
members are trusted advisors to restaurants, franchise businesses,
distributors, manufacturers, including automotive, and energy,
including coal, solar, and natural gas.
MorrisAnderson, a part of J.S. Held
As a part of J.S. Held, the experts from MorrisAnderson join a team
with deep financial and operational expertise, spanning:
* Turnaround and Restructuring
* Bankruptcy, Receiverships, and Fiduciary Services
* Investment Banking Services
* Real Estate Solutions
* Investigations and Litigation Support
* Investor Support Services
* Operational Value Creation
* Office of the CFO and Corporate Finance Support
* Distressed Agribusiness Services
* Independent Director and Interim Management (CRO, CEO, CFO,
COO)
Together, the team now includes over 75 professionals.
MorrisAnderson Principal Mark J. Welch reflects on the expanded
team, sharing, "The expertise at J.S. Held will be important to
support our strong deal flow, enhancing our ability to scale
leveraging J.S. Held experts is incredibly valuable to us and our
clients."
Lee Spirer, Chief Executive Officer of J.S. Held, observes, "Among
many qualities that were attractive to us in this acquisition is
the unique combination of entrepreneurial and visionary leaders
with an unwavering focus on operations that helps clients maximize
enterprise value."
As a result of the transaction, MorrisAnderson clients now have
access to more than 1,500 technical, scientific, financial, and
strategic experts across five continents who provide specialized,
complementary expertise in areas including business enterprise and
intellectual property strategy and valuation; compliance and
regulatory consulting; forensic accounting; environmental
consulting; M&A regulatory response; dispute advisory; ESG and
sustainability consulting; cybersecurity; and independent director
and interim management, among others.
About J.S. Held
J.S. Held is a global consulting firm that combines technical,
scientific, financial, and strategic expertise to advise clients
seeking to realize value and mitigate risk. Our professionals serve
as trusted advisors to organizations facing high stakes matters
demanding urgent attention, staunch integrity, proven experience,
clear-cut analysis, and an understanding of both tangible and
intangible assets. The firm provides a comprehensive suite of
services, products, and data that enable clients to navigate
complex, contentious, and often catastrophic situations.
More than 1,500 professionals serve organizations across six
continents, including 84% of the Global 200 Law Firms, 75% of the
Forbes Top 20 Insurance Companies (90% of the NAIC top 50 Property
& Casualty Insurers), and 71% of the Fortune 100 Companies.
Verdantix, in their Green Quadrant: Enterprise Risk Management
Consulting Services (2025) report, benchmarks 15 of the most
prominent enterprise risk management (ERM) advisors, identifying
global consulting firm J.S. Held among the leading companies based
on capabilities and momentum.
[] Major Corporate Bankruptcies That Shook 2025
-----------------------------------------------
Jeremy Salvucci of The Street reports that corporate bankruptcy
filings in the U.S. have risen steadily since June 2022, with each
quarter showing increased activity. Data from the U.S. Courts
reveals that 23,309 American businesses sought bankruptcy
protection in the 12-month period ending March 31, 2025.
According to The Street, the upward trend reflects the mounting
financial pressures facing companies across industries. Though
inflation has eased since peaking at over 9% in mid-2022, prices
remain high. Businesses continue to grapple with rising labor and
material costs, prompting them to raise prices. Meanwhile,
consumers—facing their own cost-of-living challenges -- have cut
back on discretionary spending, reducing demand for non-essential
goods and services. These economic headwinds have strained
corporate cash flows and profitability, pushing many businesses to
the brink. While some companies have filed for Chapter 11 in hopes
of reorganizing and emerging stronger, others have been forced to
liquidate and shut down permanently.
Below is a list of some of the most significant bankruptcies so far
this 2025, with an emphasis on the retail and dining sectors. Most
filings have been Chapter 11, allowing companies to attempt
restructuring rather than immediate closure. Some have already
emerged from court protection, while others remain in proceedings.
* Merit Street Media (Chapter 11 Filed: July 2)
Founded by Dr. Phil in 2024, the television network filed for
bankruptcy with estimated assets and liabilities between $100M and
$500M. The company is also suing its distribution partner, Trinity
Broadcasting Network.
* Del Monte (Chapter 11 Filed : July 1)
The 138-year-old food brand filed due to falling demand and high
inventory costs. With assets and liabilities between $1B and $10B,
the company is pursuing a court-approved asset sale.
* CMX Cinemas (Chapter 11 Filed: June 30)
The luxury theater chain filed for a second time, down to 28
locations from 41. It reported $50M–$100M in assets and
$1M–$10M in liabilities. Closures remain on the table.
* Sound Vision Care (Chapter 11 Filed: June 23)
The New York-based eye care provider filed without citing a
specific cause. Assets were listed at $50K–$100K; liabilities,
$1M–$10M.
* CaaStle (Chapter 7 Filed: June 20)
The clothing rental platform collapsed shortly after a fraud
scandal and leadership change. Assets and liabilities were reported
between $10M and $50M.
* Caraway Tea (Chapter 11 Filed: June 9)
The tea importer/manufacturer filed with $614K in assets and $2.7M
in liabilities. The company served as a co-packer for other tea
brands.
* Intrepid USA (Chapter 7 Filed: May 29)
A Texas-based hospice provider filed for liquidation with
$1M–$10M in assets and $88M in liabilities. It was previously
fined by the DOJ over Medicare fraud and had a history of financial
troubles.
* Rite Aid (Chapter 11 Filed: May 5)
In its second filing since 2023, Rite Aid listed $1B–$10B in
assets and liabilities. It is now closing all remaining stores and
selling business units.
* Nebraska Brewing Co. (Chapter 11 Filed: April 28)
Citing supply chain disruptions, the brewery listed $100K–$500K
in assets and $1M–$10M in liabilities. The business continues to
operate during restructuring.
* Bertucci's Restaurant Corp. (Chapter 11 Filed: April 24)
The East Coast pizza chain filed for a third time. It listed
$10M–$50M in assets and liabilities. A new fast-casual location
opened just prior to the filing.
* Consolidated Burger Holdings (Burger King franchisee) (Chapter
11 Filed: April 14)
Once operating 75 Burger King locations, the company filed
following a legal dispute with the franchisor. Assets and
liabilities: $50M–$100M.
* Royal Paper (Chapter 11 Filed: April 8)
The paper goods maker filed after operational setbacks. A stalking
horse bid of $126M was submitted by Sofidel America. Assets and
liabilities: $100M–$500M.
* Hooters (Chapter 11 Filed: March 31)
The restaurant chain is selling over 100 company-owned stores and
closing 30 more. Assets and liabilities: $50M–$100M.
* The Dolphin Company (Gulf World Marine Park) (Filed: March 31 |
Chapter 11)
Filed following scrutiny over animal deaths and facility
conditions. Listed assets and liabilities between $100M and $500M.
* Bar Louie (Chapter 11 Filed: March 26)
Filed for a second time to restructure and close underperforming
stores. Operated 48 locations. Assets: $1M–$10M; liabilities:
$50M–$100M.
* Plenty Unlimited (Chapter 11 Filed: March 25)
The Bezos-backed vertical farming startup restructured to focus on
strawberry production. Assets and liabilities: $100M–$500M.
Emerged from bankruptcy in May.
* 23andMe (Chapter 11 Filed: March 23)
Filed amid fallout from a data breach and slumping sales. Sold to a
nonprofit led by founder Anne Wojcicki. Assets and liabilities:
$100M–$500M.
* Forever 21 (Chapter 11 Filed: March 16)
Citing e-commerce competition, the retailer closed all U.S. stores.
Assets: $100M–$500M; liabilities: $1B–$5B. International
operations remain intact.
* Hudson's Bay (Chapter 11 Filed: March 14)
North America's oldest retailer filed due to declining sales.
Assets: $3.7B; Liabilities: $3.2B. IP sold to Canadian Tire for
$30M.
* Watchtower Firearms (Chapter 11 Filed: February 27)
Filed to resolve tax and debt issues. Assets and liabilities:
$10M–$50M.
* Nikola Corporation (Chapter 11 Filed: February 19)
The EV startup filed following years of losses and a founder fraud
conviction. Assets: $500M–$1B; Liabilities: $1B–$10B.
* Liberated Brands (Chapter 11 Filed: February 2)
Retail partner for surf brands like Roxy and Billabong. Filed after
losing licensing deals. Assets and liabilities: $100M–$500M.
* Books Inc. (Chapter 11 Filed: January 21)
Bay Area bookstore chain cited rising costs and shifting consumer
habits. Assets and liabilities: $1M–$10M.
Joann (Chapter 11 Filed: January 15)
The 82-year-old craft chain filed for a second time. All stores
were shut down. Assets and liabilities: $1B–$10B. Michaels
acquired some brand assets.
* Surf9 (Chapter 11 Filed: January 8)
Outdoor equipment supplier filed after product recalls and a
licensing dispute. Assets and liabilities: under $50M.
While many of these companies are using Chapter 11 to restructure
and recover, others have permanently exited the market. The list
reflects broader economic trends that continue to reshape the U.S.
business landscape, the report states.
[] ORIX to Acquire 71.4% Stake in Hilco Global
----------------------------------------------
ORIX Corporation announced on July 3 that ORIX Corporation USA has
decided and entered into a Purchase Agreement with Hilco Global to
acquire approximately 71.4% ownership of Hilco Global. ORIX plans
to complete the Acquisition by the end of September 2025, subject
to receipt of regulatory approvals, and satisfaction of customary
closing conditions.
OCU focuses on three alternative asset classes, namely, private
credit, real estate and private equity. It pursues a hybrid
strategy where earnings growth is derived from a combination of
utilization of its robust balance sheet and funds from third-party
investors. In a strategic and meaningful shift towards an asset
management model, it continues to grow its assets under management
and fee generation businesses. As of March 2025, OCU has USD89.8
billion in assets, which includes USD50.2 billion in servicing and
administering assets, in addition to USD39.6 billion in funded
assets and unfunded commitments across proprietary capital, third
party capital and strategic partners investing in OCU’s
businesses.
Hilco Global, headquartered in Northbrook, Illinois, U.S.A., is a
global financial services firm and preeminent authority on
maximizing the value of assets for both healthy and distressed
companies. Among their variety of services, Hilco Valuation
Services is the world’s leading provider of asset appraisals with
a proven, decades-long track record of providing the most accurate
appraisals across all asset categories.
Orix says, "The acquisition will allow OCU to develop asset-based
loan origination capabilities and expand its asset management
business. According to our due diligence, the market for total
asset-based loan origination grew from USD400 billion in 2018 to
USD550 billion in 2025 in the US, and we expect it to grow in
mid-single digits annually going forward. By fortifying its
asset-based loan origination capacities, OCU will seek to
capitalize on this market growth opportunity and expand its
asset-based loan contracts through a use of third-party assets,
further leading to an enhancement of its asset management
business."
Also, for Hilco Global, it will have access to OCU’s robust
sources of capital, allowing it to offer a potentially wide range
of capital solutions to advisory clients and potential borrowers.
The current majority members of the Company and counterparties to
the Acquisition are various members of the management team as the
primary sellers, including Jeffrey B. Hecktman, and their
affiliated entities.
This Acquisition is subject to customary conditions precedent,
including obtaining the necessary regulatory approvals under the
Hart-Scott-Rodino Antitrust Improvements Act and Financial Industry
Regulatory Authority Rules.
The impact of this Acquisition on ORIX’s consolidated results for
the fiscal year ending March is expected to be immaterial.
About Hilco Global
Hilco Global -- http://www.hilcoglobal.com-- is a privately held
diversified financial services company and the world’s preeminent
authority on maximizing the value of assets. Hilco Global delivers
customized solutions to undervalued, high-potential companies to
resolve complex situations and enhance long-term enterprise value.
The firm delivers a unique blend of restructuring and principal
investing (both equity and credit) solutions across the retail,
commercial industrial, real estate, manufacturing, brand, and
intellectual property sectors. For 38 years, Hilco Global has
operated as a holding company for more than twenty specialized
business units that act as an advisor, agent, or principal in
diverse transactions. Hilco Global works to deliver the best
possible result by aligning interests with clients and providing
strategic advice and, in many instances, the capital required to
complete the deal. Hilco Global is based in Northbrook, Illinois
and has more than 770 professionals operating on five continents.
About ORIX Group
ORIX Group (ORIX Corporation TSE: 8591; NYSE: IX) --
https://www.orix.co.jp/grp/en/ -- was established in 1964 and has
grown from its roots in leasing in Japan to become a global,
diverse, and unique corporate group. Today, it is active around the
world in financing and investment, life insurance, banking, asset
management, real estate, concession, environment and energy,
automobile-related services, industrial/ICT equipment, ships and
aircraft. Since expanding outside of Japan in 1971, ORIX Group has
grown its business globally and now operates in around 30 countries
and regions across the world with approximately 34,000 people.
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Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
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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.
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*** End of Transmission ***