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250718.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, July 18, 2025, Vol. 29, No. 198 Headlines 1440 FOODS: S&P Alters Outlook to Negative, Affirms 'B-' ICR 1708 S. RACINE: Hires Weissberg and Associates as Attorney 3 FIFTHS HOLDINGS: Seeks Chapter 11 Bankruptcy in Florida A TO Z PACKAGING: Cameron McCord Named Subchapter V Trustee ACADEMIES OF MATH: S&P Rates 2025A/B Revenue Bonds 'BB+' ADM TRONICS: Delays FY25 10-K Due to Pending Financial Review AECOM: Moody's Rates New $1BB Sr. Unsecured Notes Due 2033 'Ba2' AECOM: S&P Assigns 'BB' Rating on New $1BB Senior Unsecured Notes ALTERRA MOUNTAIN: Moody's Rates New $25MM Term Loan Add-on 'B1' ALTERRA MOUNTAIN: S&P Rates Proposed $716MM Term Loan B 'B+' ALTICE USA: Gets $1B ABL-Backed Term Loan from TPG, Goldman Sachs AMERICAN BOATHOUSE: L. Todd Budgen Named Subchapter V Trustee AMICI MONROE: Leon Jones Named Subchapter V Trustee APPLIED DNA: Cuts 27% of Staff, Shuts Down ADCL to Focus on LineaRx ARCHDIOCESE OF NEW ORLEANS: Submits New Plan to Resolve Bankruptcy AUXILIARY OPERATIONS: Hires Hester Baker Krebs LLC as Counsel AVON PRODUCTS: Ch. 11 Filing Made in 'Bad Faith', Insurers Say B & W ENTERPRISES: Section 341(a) Meeting of Creditors on August 12 BANGL LLC: S&P Withdraws 'BB-' Issuer-Credit Rating BECKHAM JEWELRY: Gets Final OK to Use Cash Collateral BEELINE HOLDINGS: Raises $6.5M Equity, Cuts $5.3M Debt in Q2 Update BESPOKE CONSTRUCTION: Case Summary & 20 Top Unsecured Creditors BIMERGEN ENERGY: Cancels 1.29M Shares After Favorable Court Ruling BINFORD FARMS: Seeks to Hire Thompson Burton as Bankruptcy Counsel BIOLINERX LTD: Shareholders OK All Proposals at 2025 AGM BORDER PROPERTIES: To Sell 2023 Forest RV to Camping World for $38K BOSTON TRADE CENTER: Seeks Chapter 11 Bankruptcy in Massachusetts BRIDGE PLAZA CONDOMINIUM: Seeks Chapter 11 Bankruptcy in New Jersey BRIDGE PLAZA: Case Summary & Nine Unsecured Creditors BROADWAY REALTY: Cash Collateral Access Extended to Aug. 5 CAMBER ENERGY: Completes Conversion of Series C Preferred Stock CARESTREAM HEALTH: Moody's Cuts CFR to Caa2 & Alters Outlook to Neg CARROLLTON GATEWAY: Hires MMGREATX LLC as Real Estate Broker CASCADE PARENT: S&P Downgrades ICR to 'CCC+', Outlook Negative CAZENOVIA COLLEGE: Reaches Deal to Sell College to Matta Fresca CEC ENTERTAINMENT: In Deal Talks with Equity Investors CENTENE CORP: Moody's Alters Outlook on 'Ba1' CFR to Negative CENTURY ALUMINUM: S&P Rates New $400MM Senior Secured Notes 'B' CHAMBERLAIN GROUP: S&P Rates New $3.28BB First-Lien Term Loan 'B' CHARIOT BUYER: Moody's Affirms B3 CFR & Rates 1st Lien Loans B3 CINEMARK HOLDINGS: Lowers Interest Rate on Term Loan by 0.50% CINEMAWORLD OF FLORIDA: To Sell Melbourne Property to GT Holdings CLASSIC CONSTRUCTION: Hires Demarco·Mitchell PLLC as Counsel CLUBCORP HOLDINGS: S&P Withdraws 'CCC+' Issuer Credit Rating COACH USA: To Lay Off 100+ Workers, To Close Elko Facility COHERENT CORP: S&P Alters Outlook to Stable, Affirms 'BB-' ICR COLORADO MG 1031: Seeks Chapter 11 Bankruptcy in Texas COPPEDGE PROPERTY: Seeks Subchapter V of Virginia CORNERSTONE HOME: Court Denies Bid to Extend Use of Cash Collateral CORVIAS CAMPUS: Hires Holland & Knight LLP as Corporate Counsel CRYSTAL AND FAMILY: John Whaley Named Subchapter V Trustee DEL MONTE FOODS: Hires Alvarez & Marsal to Provide CRO DEL MONTE: Bankruptcy Puts Saddle Creek at Risk of $1.35MM Losses DENVER BOULDERING: Jonathan Dickey Named Subchapter V Trustee DIOCESE OF OAKLAND: Wants to Postpone Chapter 11 Exit as Fees Soar DIOCESE OF SAN DIEGO: Saunders Represents Sexual Abuse Claimants DIRECTV ENTERTAINMENT: S&P Downgrades ICR to 'B+' on Sale to TPG DIVISION 2 TRUCKING: Case Summary & 20 Top Unsecured Creditors DOCUDATA SOLUTIONS: Plan Exclusivity Extended to Sept. 29 DP LOUISIANA: Hires Heller Draper & Horn LLC as Counsel EIF CHANNELVIEW: S&P Rates Secured First-Lien Term Loan B 'BB-' ENCORE GC ACQUISITION: Seeks Chapter 11 Bankruptcy in Texas FORTRESS HOLDINGS: Unsecureds to be Paid in Full over 5 Years FRANCHISE GROUP: Aug. 18 TopCo Professional Fee Claims Bar Date FRANCIS TRUST: Final Hearing to Use Cash Collateral Set for July 22 FRESH START: Ruediger Mueller Named Subchapter V Trustee FSH MAINTENANCE: Unsecureds to Get Share of Income for 3 Years GCI LLC: S&P Upgrades ICR to 'BB-', Off CreditWatch Negative GEO GROUP: Moody's Affirms 'B2' CFR & Alters Outlook to Positive GEO GROUP: S&P Upgrades ICR to 'BB-' on Debt Reduction GLOBAL CONCESSIONS: Seeks to Extend Plan Exclusivity to Nov. 28 GULFSTREAM YACHT: Hires Mark S. Roher P.A as Counsel HIGHER GROUND: US Trustee Opposes Bankruptcy Loan HILT 2025-NVIL: Moody's Assigns B3 Rating to Cl. F Certs HOOTERS OF AMERICA: Plan Confirmation Hearing Scheduled for Aug. 20 ICON LLC: Section 341(a) Meeting of Creditors on August 7 ICORECONNECT INC: Hire Burr & Forman LLP as Special Counsel INDIVIDUALIZED ABA: Quality of Care Maintained, 4th PCO Report Says ISAVA ENTERPRISE: Seeks Subchapter V Bankruptcy in Florida JAB ENERGY: Allison Marine Can't Be Sued, 3rd Circuit Says JAGUAR HEALTH: Swaps Royalty Interests for Series M Preferred Stock JANE STREET: Moody's Affirms ‘Ba1’ Issuer Rating, Outlook Stable JANE STREET: S&P Alters Outlook to Stable, Affirms 'BB' ICR JFL-TIGER ACQUISITION: Moody's Affirms 'B2' CFR, Outlook Stable JND TROPICS: Seeks to Hire James Ullman as Legal Counsel JOSHUA MANAGEMENT: Section 341(a) Meeting of Creditors on August 13 KARBONX CORP: Closes $314K Asset Deal for Allcot Projects KIM ENGINEERING: Seeks Chapter 11 Bankruptcy in Maryland LACKAWANNA ENERGY: Moody's Rates New $1.09BB Bank Loans 'Ba3' LAVIE CARE: No Decline in Resident Care, PCO Report Says LEVI STRAUSS: S&P Rates New EUR475MM Senior Unsecured Notes 'BB+' LIFESCAN GLOBAL: Case Summary & 30 Largest Unsecured Creditors LIFESCAN GLOBAL: Wins Court OK to Hire Epiq as Counsel LINQTO INC: Sapien Group Says Co. Engineered Chapter 11 in Texas MACY'S RETAIL: Moody's Rates New Senior Unsecured Notes 'Ba2' MACY'S RETAIL: S&P Rates New $500MM Senior Unsecured Notes 'BB+' MAGENTA BUYER: S&P Affirms 'CCC+' ICR, Outlook Negative MARI ARI: Voluntary Chapter 11 Case Summary MARIN SOFTWARE: Hires Donlin Recano & Company as Advisor MARIN SOFTWARE: Hires Fenwick & West LLP as Corporate Counsel MARIN SOFTWARE: Hires Pachulski Stang Ziehl as Counsel MARTINS INTERSTATE: Edgewater Property Sale to Williams Co. OK'd MCPHILLIPS FLYING: Case Summary & Four Unsecured Creditors MEATHEADZ LLC: Gets Interim OK to Use Cash Collateral Until Aug. 15 METADOOR RESTAURANT: Seeks Chapter 11 Bankruptcy in South Carolina MICROTRAKS INC: Eric Terry Named Subchapter V Trustee MID-COLORADO INVESTMENT: Hires Overturf Mcgath as Special Counsel MILESTONE LLC: Seeks Chapter 11 Bankruptcy in Illinois MILLERKNOLL INC: Moody's Rates New $550MM 1st Lien Term Loan 'Ba2' MILLERKNOLL INC: S&P Rates Proposed Term Loan B 'BB+' NETCAPITAL INC: Issues 500K Shares for Horizon Software Agreement NEW CHESTER HOLDINGS: Seeks Subchapter V Bankruptcy in Pennsylvania NEW FORTRESS: S&P Lowers ICR to 'CCC' on Mounting Refinancing Risk NORTH WHITEVILLE: Hires Streeter Tax Consultants as Accountant NORTHERN LIBERTIES: Unsecureds to Get 100 Cents on Dollar in Plan PARK-OHIO INDUSTRIES: Moody's Affirms 'B2' CFR, Outlook Stable PARK-OHIO INDUSTRIES: S&P Rates New $350MM Sr. Secured Notes 'B-' PAULAZ ENTERPRISES: Seeks Chapter 11 Bankruptcy in Florida PINEY POINT: To Sell Multifamily Property to Pegasus Ablon for $85M PINSEEKERS DEFOREST: Hires Capital Valuation as Appraiser PORCELANATTO CORP: Linda Leali Named Subchapter V Trustee PROFRAC HOLDING: Adds $60M in 2029 Notes, Cuts 2025 Loan Payments PROFRAC HOLDINGS II: Moody's Cuts CFR to Caa1, Outlook Stable PROJECT PIZZA: Christopher Hayes Named Subchapter V Trustee PROVIDENT GROUP: S&P Affirms 'BB-' Rating on Housing Revenue Bond R.A.R.E. CORP: Court Extends Cash Collateral Access to Aug. 7 RADIATE HOLDCO: S&P Upgrades ICR to 'CCC+' Following Restructuring REBELLION POINT: Gets Extension to Access Cash Collateral REENVISION AESTHETICS: No Supply Concerns, 2nd PCO Report Says RELENTLESS HOLDINGS: Seeks 30-Day Extension of Plan Filing Deadline REMEMBER ME: PCO Reports No Change in Resident Care RT ACQUISITION: Hires Keller Williams as Real Estate Agent RTI HOLDING: Ex-Execs Bid to Revive Retirement Benefits Suit Denied RUNITONETIME LLC: Latham & Watkins Advises Maverick in Chapter 11 RUNITONETIME LLC: Ropes & Porter Hedges Represent Term Lenders RUNITONETIME LLC: To Close 4 Casinos in Washington SANTA PAULA: Court OKs Bid Rules for 1990 Ferrari Sale SCANROCK OIL: Gets Court OK to Solicit Chapter 11 Plan Votes SEBASTIAN TECH: Unsecureds Will Get 100% of Claims over 5 Years SOUTHWEST FT WORTH: Susan Goodman Files First PCO Report SPECIALTY CARTRIDGE: To Sell Equipment to Super Vel for $749K SPENCER & ASSOCIATES: Unsecureds Will Get 13.09% over 5 Years SPRAYTECH LLC: Matthew Brash of Newpoint Named Subchapter V Trustee SSH HOLDINGS: S&P Downgrades ICR to 'B+', Outlook Stable STEWARD HEALTH: Court Approves Chapter 11 Wind-Down Plan STEWARD HEALTH: Sues Ex-CEO for 'Greed' Causing Co.'s Collapse STONE BRIDGE: Seeks Subchapter V Bankruptcy in Pennsylvania STORMS FAMILY: U.S. Trustee Unable to Appoint Committee STRATHCONA RESOURCES: S&P Upgrades ICR to 'BB-', Outlook Stable SUMMIT K2: Moody's Affirms 'B3' CFR, Outlook Stable SUPERIOR PLUS: S&P Affirms 'BB-' ICR on Revised Business Risk SYSOREX GOVERNMENT: Cullen Denies Conflict of Interest TAMARACK VALLEY: S&P Rates New C$200MM Senior Unsecured Notes 'B+' TERRA STATE COLLEGE: Moody's Cuts Issuer & Rev. Bond Rating to Caa1 TGI FRIDAY'S: Seeks to Extend Plan Exclusivity to August 29 TIFARET DISCOUNT: Seeks to Hire Leo Fox as Bankruptcy Counsel TODD CREEK FARMS: Section 341(a) Meeting of Creditors on August 18 TOR WELLNESS: Case Summary & 13 Unsecured Creditors TRIPLESHOT HOLDINGS: Kathleen DiSanto Named Subchapter V Trustee TZADIK SIOUX: Files Emergency Bid to Use Cash Collateral UNIVISION COMMUNICATIONS: S&P Rates New $1BB Secured Notes 'B+' VARSITY BRANDS: S&P Upgrades ICR to 'B', Outlook Stable VIRTUAL MEDICAL: Unsecured Creditors to Split $22K in Plan VISION CARE: Court Extends Cash Collateral Access to Oct. 11 WEST DEPTFORD: Moody's Rates New $350MM Secured Loans 'Ba3' WEST DEPTFORD: S&P Assigns Prelim 'B+' Rating on Sec. Term Loan B WILDFANG HOLDINGS: Case Summary & Two Unsecured Creditors WORK 'N GEAR: Case Summary & 20 Largest Unsecured Creditors WORK 'N GEAR: Section 341(a) Meeting of Creditors on August 13 YMCA GREATER HOUSTON: Moody's Lowers Revenue Bond Ratings to Ba2 [] BOOK REVIEW: Taking Charge [] Moody's Upgrades Ratings on 18 Bonds From 4 US RMBS Deals [^] 2025 Distressed Investing Conference: Registration Now Open! [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 1440 FOODS: S&P Alters Outlook to Negative, Affirms 'B-' ICR ------------------------------------------------------------ S&P Global Ratings revised its outlook on U.S.-based functional snacking and active nutrition manufacturer and marketer 1440 Foods Topco LLC, to negative from stable and affirmed its 'B-' issuer credit rating. Concurrently, S&P affirmed the 'B-' issue-level rating on the $732 million first-lien term loan due in 2031 and 'CCC' rating on the $150 million second-lien term loan due in 2031. The respective recovery ratings of '3' and '6' are unchanged. The negative outlook reflects the probability that S&P will lower the ratings over the next few quarters if 1440 Foods cannot improve profitability and its capital structure becomes unsustainable. 1440 Foods Topco LLC reported sharply weaker-than-expected earnings and cash flow in the first half of fiscal 2025. While the company is taking steps to reverse performance declines in fiscal 2026, S&P believes the intensifying competitive landscape will pressure its performance and reduce EBITDA and cash flow more than it projected. S&P said, "The outlook revision to negative from stable reflects 1440 Foods' weak credit metrics through the second quarter and our revised expectation of lower profitability over the next 12 months. We lowered our forecast after 1440 Foods significantly underperformed our prior forecast during the first half of fiscal 2025. Moreover, we believe profitability will remain depressed over at least the next two quarters because of continued subdued performance at recently acquired FitCrunch. Our updated fiscal 2025 forecast for S&P Global Ratings-adjusted EBITDA is about 40% lower than our prior estimate. We now expect S&P Global Ratings-adjusted leverage of more than 10x (previously 7.2x) and cash EBITDA interest coverage of about 1x (previously 1.6x) as lower profitability and heightened capital expenditure (capex) pressure cash flow. We forecast a reported free operating cash flow (FOCF) deficit of about $50 million in fiscal 2025. Total liquidity, including cash balances and asset-based lending (ABL) revolver availability, declined to $123 million at the end of the second quarter of fiscal 2025 from about $200 million at close of the FitCrunch acquisition in November 2024. While we forecast material improvement in fiscal 2026, 1440 Foods' ability to execute growth and integration initiatives and expand profit remains uncertain. Business prospects for the FitCrunch brand have deteriorated materially." FitCrunch revenues declined 16.7% in the second fiscal quarter after declining 3.8% in the first amid aggressive competition from players such as Built Bars in the club channel (which represents majority of total sales for the FitCrunch brand). Investments in innovation and changes in product features such as taste, texture and flavor enabled these competitive offerings to win over consumers. A revitalization plan, FitCrunch 2.0, focuses on revamping packaging and repositioning the brand as an indulgent offering while emphasizing its chef-inspired roots. While 1440 Foods has a credible plan to stem FitCrunch's market share losses and resume sales and profitability growth, S&P believes it will take time. It is uncertain if the brand can regain its foothold in the highly competitive protein bars category. Moreover, S&P believes the category remains susceptible to changing consumer preferences because consumers seeking lower carbohydrate or sugar content in bars may pursue substitutes. The company's largest brand, Pure Protein, increased revenues 14% during the first half on a shift to a lower SKU count, while the Met-Rx and Body Fortress brands were flat. S&P forecasts total consolidated revenues will expand about 2.5% in fiscal 2025 versus its previous expectation of 13.5% total revenue growth, which required FitCrunch's revenues increasing 25%. Revenue declines at FitCrunch and one-time costs will constrain profitability at least through fiscal 2025. FitCrunch's weak top-line performance had a disproportionate impact on 1440 Foods' pro forma overall profitability. The brand enjoys higher stand-alone margins due to lower costs associated with its in-house manufacturing. 1440 Foods incurred about $7 million of integration costs related to the FitCrunch acquisition in the first six months of fiscal 2025. About $7 million in incremental operating expenses to support the facility buildout for bringing 1440 Foods' legacy brands production in-house also pressured profits. These costs were partially offset by the realization of about $3 million of synergies from FitCrunch. S&P believes FitCrunch's operating performance will remain pressured at least through fiscal 2025. The company will also continue to incur costs related to its vertical integration project. It will need to navigate these operating headwinds amid significant management changes following the recent resignation of CEO Patrick Cornacchiculo, which can prove challenging. S&P said, "We now expect S&P Global Ratings-adjusted EBITDA margin of about 13% in fiscal 2025. We previously expected EBITDA margins to improve to about 18.5% from 17% on a pro forma basis in fiscal 2024." 1440 Foods expects to achieve about $28 million of annual savings once the vertical integration of its manufacturing processes is complete. S&P said, "We believe the company will benefit from a reduction in tolling costs for bars and powders, lower inbound freight expense, and warehouse savings with elimination of repacking. It will begin to realize some of these savings in fiscal 2026. We also expect roughly $14 million in total synergies from FitCrunch as 1440 Foods eliminates duplicate roles in various functions. It will likely realize other synergies by leveraging the combined company's size to reduce procurement, logistics, and other operating costs." S&P said, "We forecast FOCF to turn positive in fiscal 2026 after steep deficits in fiscal 2025, though execution risks remain. 1440 Foods incurred capex of about $26 million during the first two quarters of fiscal 2025, of which $20 million was aimed at supporting investments for the vertical integration of its manufacturing. We believe the company is nearing the completion of the facility buildout and will spend an additional $5 million for completing the project in the second half. We also believe it will need to make incremental working capital investments to support the ramp-up on in-house production. The project entails significant execution risks and constrains operating flexibility due to higher fixed operating overheads, in our view. We also believe insourcing production exposes 1440 Foods to greater downside if demand is soft. "Nevertheless, we believe 1440 Foods' total capex will normalize to $10 million-$12 million annually beginning fiscal 2026. We believe the reduction, coupled with modest improvements in profitability, should enable the company to generate positive FOCF in fiscal 2026. "The negative outlook reflects the probability that we lower the ratings over the next few quarters if 1440 Foods cannot improve profitability and we view its capital structure as unsustainable. "We could lower our rating on 1440 Foods if the company generates sustained negative FOCF or if EBITDA cash interest coverage remains below 1.5x." This could occur if the company: -- Faces revenue declines from aggressive competitive activity and lost shelf space at key customers; -- Incurs higher costs or cannot realize the projected savings related to its verticalization project; or -- Cannot mitigate higher than expected input cost inflation. S&P could revise the outlook to stable if performance improves such that: -- S&P Global Ratings-adjusted EBITDA cash interest coverage is above 1.5x; and -- FOCF is sustainably positive. 1708 S. RACINE: Hires Weissberg and Associates as Attorney ---------------------------------------------------------- 1708 S. Racine, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Weissberg and Associates, Ltd. as attorney. The firm will provide these services: a. give the Debtor legal advice and assistance with respect to its powers and duties as a debtor-in-possession; b. assist the Debtor in the negotiation, formulation and drafting of a Plan of Reorganization and Disclosure Statement and to represent Debtor in the confirmation process; c. examine the claims asserted against Debtor; d. take such action as may be necessary with reference to claims that may be asserted against Debtor, and to prepare, on behalf of Debtor, such applications, motions, complaints, orders, reports and other legal papers as may be necessary in connection with this proceeding and to perform all other legal services for Debtor which may be required; e. assist and represent the Debtor in all adversary proceedings and contested matters, including motions for the use of cash collateral, for the sale of real and personal property, to modify the automatic stay, for the approval of DIP financing and to appoint professionals; f. represent the Debtor in its dealings with the Office of the United States Trustee and with creditors of the estate; and g. assist and represent Debtor in litigation in the State and Federal courts, where Debtor is a party or seeking to become a party, or otherwise become involved to protect Debtor's interests and rights. The firm will be paid at $475 per hour. The firm accept a pre-petition advanced retainer in the amount of $16,785, which includes the $1,738 bankruptcy filing fee. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Ariel Weissberg, Esq. a partner at Weissberg and Associates, Ltd., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Ariel Weissberg, Esq. Weissberg and Associates, Ltd. 1525 South Wacker Drive, Suite 300 Chicago, Illinois 60606 Tel: (312) 663-0004 Fax: (312) 663-1514 Email: ariel@weissberglaw.com About 1708 S. Racine LLC 1708 S. Racine LLC is a real estate company that owns a single property asset. It operates as a limited liability company focused on managing this individual real estate holding. 1708 S. Racine LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08445) on June 2, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Timothy A. Barnes handles the case. The Debtors are represented by Ariel Weissberg, Esq. at WEISBERG AND ASSOCIATES, LTD. 3 FIFTHS HOLDINGS: Seeks Chapter 11 Bankruptcy in Florida --------------------------------------------------------- On July 16, 2025, 3 Fifths Holdings LLC, filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filing, the Debtor reports 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 3 Fifths Holdings LLC 3 Fifths Holdings LLC real estate holding company based in Cape Coral, Florida. 3 Fifths Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01338) on July 16, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Caryl E. Delano handles the case. A TO Z PACKAGING: Cameron McCord Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 21 appointed Cameron McCord, Esq., at Jones & Walden, LLC, as Subchapter V trustee for A to Z Packaging Enterprises Inc. Ms. McCord will be paid an hourly fee of $500 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. McCord declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Cameron McCord, Esq. Jones & Walden, LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Phone: (404) 564-9300 Fax: (404) 564-9301 Email: cmccord@joneswalden.com About A to Z Packaging Enterprises Inc. A to Z Packaging Enterprises, Inc. provides packaging machinery, hot-melt adhesive systems, and automation solutions for manufacturing sectors such as furniture and bedding. Headquartered in Marietta, Georgia, it owns and operates facilities including a multi-tenant industrial building at 2197 Canton Road used for warehousing, distribution, and support services. A to Z Packaging Enterprises sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-57545) on July 4, 2025. In its petition, the Debtor reported estimated assets and liabilities between $1 million and $10 million. The Debtor is represented by Paul Reece Marr, Esq., at Paul Reece Marr, P.C. ACADEMIES OF MATH: S&P Rates 2025A/B Revenue Bonds 'BB+' -------------------------------------------------------- S&P Global Ratings assigned its 'BB+' long-term rating to the Arizona Industrial Development Authority's series 2025A and 2025B (taxable) education revenue bonds, issued for the Academies of Math & Science (AMS). At the same time, S&P affirmed its 'BB+' long-term and underlying rating on AMS' outstanding education revenue bonds. The outlook is stable. S&P said, "We view AMS' environmental, social, and governance factors as neutral in our credit rating analysis. "The stable outlook reflects our expectation that AMS' enrollment and demand profile will remain steady in the near term. In addition, we expect that management will maintain healthy liquidity levels and MADS coverage over 1.0x, although it is expected to moderate from recent levels. "While we do not anticipate it at this time given the school's healthy reserves and steady market position, we could consider a negative rating action if enrollment or demand metrics weaken, leading to strained financial performance, or if the school's debt profile materially weakens to levels below those of similarly rated peers due to the issuance of additional debt. "We could take a positive rating action if the school sustains its solid enterprise profile while maintaining liquidity and MADS coverage at levels consistent with those of higher-rated peers, absent one-time federal stimulus funding, with limited plans for additional debt." ADM TRONICS: Delays FY25 10-K Due to Pending Financial Review ------------------------------------------------------------- ADM Tronics Unlimited, Inc. filed a Notification of Late Filing on Form 12b-25 with respect to its Annual Report on Form 10-K for the year ended March 31, 2025, with the U.S. Securities and Exchange Commission, informing that the Company's Annual Report cannot be filed due to the Company's need to analyze additional information in order to complete its financial statements to be included in the Form 10-K. About ADM Tronics Unlimited Northvale, N.J.-based ADM Tronics Unlimited, Inc. is a technology-based developer and manufacturer of diversified lines of products. The Company derives revenue from the production and sale of electronics for medical devices and other applications; environmentally safe chemical products for industrial, medical, and cosmetic uses; and research, development, regulatory, and engineering services. The Company is a corporation that was organized under the laws of the State of Delaware on November 24, 1969. Somerset, N.J.-based Rosenberg Rich Baker Berman, P.A., the Company's auditor since 2022, issued a "going concern" qualification in its report dated July 15, 2024, citing that the Company has experienced losses from operations and negative cash flows from operating activities, which raise substantial doubt about its ability to continue as a going concern. AECOM: Moody's Rates New $1BB Sr. Unsecured Notes Due 2033 'Ba2' ---------------------------------------------------------------- Moody's Ratings assigned a Ba2 rating to AECOM's $1.0 billion proposed senior unsecured notes due 2033. All other ratings remain unchanged, including AECOM's Ba1 corporate family rating, Ba1-PD probability of default rating and Baa3 ratings of its senior secured revolving credit facility, senior secured term loan A and senior secured term loan B. The rating outlook is stable. Proceeds from the issuance will be used to refinance the existing $1 billion senior unsecured notes due 2027. The ratings on the existing notes will be withdrawn upon closing of the proposed transaction. RATINGS RATIONALE AECOM will maintain a healthy cushion in its metrics for the current Ba1 CFR. AECOM's leverage for the LTM ended March 31, 2025, as adjusted by Moody's, was 2.4x. AECOM's Ba1 CFR reflects its large scale and solid position across diverse end markets as one of the largest and most diversified engineering, design, planning and construction management companies globally. The company's rating is also supported by its moderate leverage, consistent free cash flow generation and strong project backlog with moderate fixed price project exposure that is mostly concentrated in its design business and carries relatively lower risk. AECOM's rating also reflects its modest level of funds from operations as a percentage of outstanding debt and its plan to use all of its free cash flow for shareholder returns. AECOM has established a track record of consistent organic revenue growth under various macroeconomic conditions – driven by market share gains as well as its strategy to increase share of the customer wallet through its program management and advisory offerings. The company is a beneficiary of the expected multi-year infrastructure spending in the US resulting from the Infrastructure Investments & Jobs Act (IIJA), and global trends like energy transition and sustainability. Additionally, AECOM has consistently demonstrated its ability to improve margins through operational improvements and better execution, without relying on price increases. Moody's expects AECOM to continue the trend of revenue growth and margin expansion over the next 12-18 months, with strong free cash flow generation. While the majority of the free cash flow is expected to be allocated to shareholder returns, the company's leverage should remain around mid-2 times as a result of EBITDA growth. AECOM's SGL-1 indicates very good liquidity. On March 31, 2025, AECOM had $1.6 billion of cash on hand and nearly full availability under its $1.5 billion revolving credit facility, implying a total liquidity of $3.1 billion. Moody's expects the company to generate strong free cash flow over the next 12-18 months. AECOM's stable outlook reflects the expectation that the company's operating results will moderately improve over the next 12 to 18 months, with continued strong free cash flow generation, although it will be used mostly for shareholder returns. The Baa3 rating on the senior secured credit facilities is one notch above the Ba1 CFR and reflects its first priority interest in substantially all of the assets and stock owned by AECOM and its material wholly owned domestic restricted subsidiaries. The Ba2 rating on AECOM's proposed senior unsecured notes is one notch below the CFR since they are effectively subordinated to all of the company's secured indebtedness. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Moody's could upgrade AECOM's rating if it improves revenue scale, EBITA margins (based on Net Service Revenue) are sustained around mid-teens levels, leverage is sustained below 2.5x, interest coverage (EBITA / interest expense) is sustained above 6.0x, and the company gains greater financial flexibility through a predominantly unsecured debt capital structure, inclusive of the bank credit facility. Moody's could downgrade AECOM's rating if operating results deteriorate, putting pressure on margins, or if share repurchases or acquisitions result in leverage sustained above 3.5x, and interest coverage below 4.0x. A significant reduction in borrowing availability or liquidity could also result in a downgrade. Headquartered in Dallas, TX, AECOM is a professional services firm providing engineering & design, planning and construction management services to the infrastructure, transportation, industrial, environmental, water, and government sectors. The company operates under two business segments: Americas (78% of fiscal 2024 revenue), and International (22%). AECOM generated $16.1 billion of revenue during fiscal 2024 and had a total backlog of $24.3 billion as of March 31, 2025. The principal methodology used in this rating was Business and Consumer Services published in November 2021. AECOM: S&P Assigns 'BB' Rating on New $1BB Senior Unsecured Notes ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating and '5' recovery rating to U.S.-based professional infrastructure consulting and advisory services provider AECOM's new proposed $1.0 billion senior unsecured notes. The '5' recovery rating indicates its expectation for modest (10%-30%; rounded estimate: 10%) recovery in the event of a payment default. The company will use the proceeds from the new notes to repay its existing senior unsecured notes due 2027 with a current outstanding amount of approximately $1.0 billion. S&P said, "We view the transaction as net leverage neutral, and as such, we still expect leverage will remain comfortably below 3x in 2025. Therefore, our 'BB+' issuer credit rating and stable outlook on the company are unchanged." Issue Ratings--Recovery Analysis Key analytical factors -- The company's proposed capital structure consists of a $1.500 billion revolving credit facility, a $1.447 billion first-lien credit facility, and $1.000 billion of senior notes. -- S&P said, "Our simulated default scenario assumes general economic weakness dramatically reduces the overall number of projects, which in turn significantly lowers the demand for AECOM's service offerings. We expect these conditions to reduce the company's volumes, revenue, margins, and earnings and lead to a decline in its operating cash flow and liquidity." -- S&P said, "We believe if AECOM were to default it would still have a viable business model due to its significant design and construction management capacity, strong market position, and large number of customer relationships. Therefore, we believe its debtholders would achieve the greatest recovery through a reorganization rather than a liquidation." -- S&P said, "We value the company using earnings multiple approach by applying a 6x multiple to arrive at a total enterprise value. This is higher than the multiples we typically use for engineering and construction companies given the strength of AECOM's business relative to those of its peers." Simulated default assumptions -- Simulated year of default: 2030 -- EBITDA at emergence: $395.1 million -- EBITDA multiple: 6x Simplified waterfall -- Net enterprise value after 5% administrative expenses: $2.25 billion -- Valuation split (obligor/nonobligor): 75%/25% -- Value available to secured debt: $2.05 billion -- Total first-lien claims: $2.77 billion --Recovery expectations: 70%-90% (rounded estimate: 75%) -- Value available to unsecured claims: $197.0 million -- Total unsecured debt: $1.03 billion -- Total deficiency claims: $715.7 million --Recovery expectations: 10%-30% (rounded estimate: 10%) Note: Debt amounts include six months of accrued interest we assume will be owed at default. ALTERRA MOUNTAIN: Moody's Rates New $25MM Term Loan Add-on 'B1' --------------------------------------------------------------- Moody's Ratings assigned a B1 rating to Alterra Mountain Company's (Alterra) proposed $25 million incremental add-on to its existing $691 million outstanding senior secured first lien term loan due 2030. The transaction will have no impact on Alterra's ratings including its B1 Corporate Family Rating, B1-PD Probability of Default Rating and B1 senior secured first lien bank credit facility rating and its stable outlook. The company is concurrently seeking to reprice the term loan. Alterra will use the net proceeds from the $25 million incremental add-on for general corporate purposes and to finance permitted acquisitions. The transaction is credit neutral because the add-on is modest and the reduction in interest expense from the repricing is expected to fully offset the incremental interest expense from the additional debt. Pro forma for the transaction, Alterra's Moody's-adjusted debt-to-EBITDA leverage was 5.8x for the last 12-month (LTM) period ended April 30, 2025. Leverage has remained range-bound over the last two years, in part due to capital expenditures related to the Deer Valley expansion and expenses from management incentive plans (MIP). The Deer Valley expansion will more than double the skiable terrain at Deer Valley. The first phase opened in the Winter 2024/2025 season with three new lifts, 300+ skiable acres, and 500 additional parking spaces. The second and final phase will become operational for the Winter 2025/2026 season. The second phase will include an additional six lifts, over 100 new runs and 700 additional parking spaces. Alterra has funded these meaningful investments using operating cash flow and its large cash balance. Although the MIP balance has declined from its original level, it remains a notable liability and continues to weigh on cash flow year-to-date through April 2025. During the 2024/2025 ski season through April 2025, Alterra had a modest growth in total skier visits, with most of the revenue gains driven by lift pass price increases. Looking ahead to the fiscal years ended July 2025 and July 2026, Moody's expects Moody's-adjusted debt-to-EBITDA leverage to remain above 5x over the next 12 months. The projected stability in the leverage profile reflects continued capital expenditures to complete the Deer Valley expansion, upgrades to enhance amenities and guest experience at its mountain resorts, MIP expenses and investments in employee compensation. However, after this 12-month period capital expenditures and other expenses should decline, improving free cash flow available for deleveraging. Alterra has a stated financial policy target of 4.0x net debt to LTM adjusted EBITDA and, as of April 30, 2025, reports a net debt-to-LTM adjusted EBITDA of 3.8x, potentially indicating limited emphasis on deleveraging from the current level. The business will continue to benefit from strong ski and snowboard demand, steady Ikon Pass sales, and solid pricing power. Additionally, Moody's expects the company to maintain very good liquidity over the next year with approximately $805 million cash as of April 2025 (pro forma for the transaction), and access to $442 million in availability under its revolver due 2028 net of letters of credit. RATINGS RATIONALE Alterra's B1 CFR reflects significant recurring investment needs and high financial leverage with Moody's adjusted debt-to-EBITDA at 5.8x for the 12 months ended April 2025. Moody's expects leverage to remain elevated for the rating until investment from the Deer Valley expansion drop off and earnings from the expansion are realized. The rating also reflects that Alterra's operating results are highly seasonal and exposed to varying weather conditions and discretionary consumer spending. Reinvestment needs are significant to maintain the ski facilities, continually improve the guest experience and sustain the competitive position and ability to charge premium prices. Governance factors primarily relate to the company's aggressive financial policies under private equity ownership and acquisition strategy. However, the ratings are supported by Alterra's strong market position as one of the largest operators in the North American ski industry with 19 year-round resorts in the US and Canada, including the world's largest heli-skiing operation. Alterra benefits from its good geographic diversification, and high local skier customer mix given a balanced portfolio with regional ski properties and destination resorts. The growing penetration of the Ikon pass provides a stable revenue stream that helps mitigate weather exposure. The North American ski industry has high barriers to entry and has exhibited resiliency even during weak economic periods, including the 2007-2009 recession. The company's very good liquidity reflects its material $805 million cash balance as of April 2025 (pro forma for the July 2025 term loan upsize) and access to an undrawn $500 million revolver facility due 2028. Alterra is currently executing a substantial multi-year capital investment program, which is funded through internally generated cash flow as well as the large cash balance. Alterra has flexibility to adjust capital spending depending on operating performance to preserve cash if necessary. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The stable outlook reflects Moody's expectations that debt-to-EBITDA leverage will decline below 5x over the next 18 months through earnings growth. The stable outlook also reflects that the company's very good liquidity provides considerable flexibility to reinvest and manage operations should earnings be weaker than expected. The ratings could be upgraded if Alterra continues to grow organically while sustaining debt-to-EBITDA below 4.0x, retained cash flow (RCF)-to-net debt exceeds 17.5%, and the company maintains very good liquidity. The company would also need to sustain good reinvestment in operations to maintain strong consumer demand to be considered for an upgrade. The ratings could be downgraded if debt-to-EBITDA is sustained above 5.0x, or RCF-to-net debt falls below 7.5%. Weak reinvestment, visitation declines, or margin deterioration could also lead to a downgrade. In addition, if there is a material weakening of liquidity for any reason, or the company's financial policies become more aggressive, including undertaking a large debt-funded acquisition or the payment of dividends, the ratings could be downgraded. Headquartered in Denver, Colorado, Alterra Mountain Company ("Alterra") is owned and controlled by an investor group comprised of private equity firm KSL Capital Partners and a minority position held by family office/investment firm Henry Crown & Company. Through its subsidiaries, Alterra is one of North America's premier mountain resort and adventure companies, operating 19 destinations in the US and Canada, including the world's largest heli-skiing operation. The company also owns Canadian Mountain Holidays (CMH), a heli-skiing operator, as well as Mike Wiegele Helicopter Skiing and Ski Butlers, a ski equipment delivery service. Alterra is private and does not publicly disclose its financials. For the twelve months ended April 30, 2025, the company generated revenue of about $2.0 billion. The principal methodology used in this rating was Business and Consumer Services published in November 2021. ALTERRA MOUNTAIN: S&P Rates Proposed $716MM Term Loan B 'B+' ------------------------------------------------------------ S&P Global Ratings assigned its 'B+' issue-level rating and '3' recovery rating to Alterra Mountain Co.'s proposed $716 million term loan B due in 2030. The new term loan facility will be used to refinance its outstanding $691 million term loan B due in 2030. Alterra will also add $25 million to its balance sheet, which it will use for general corporate purposes. The '3' recovery rating indicates its expectation for average (50%-70%; rounded estimate: 50%) recovery for lenders in the event of a payment default. S&P said, "Our other ratings on Alterra, including the 'B+' issuer credit rating and stable outlook, are unchanged. Pro forma for the transaction, we expect Alterra will end fiscal 2025 (ending July 31, 2025) with our measure of lease adjusted gross leverage of about 5.5x. We expect leverage will remain 5x-5.5x in fiscal 2026 incorporating our base case assumption revenue increases 3%-5% and S&P Global Ratings-adjusted EBITDA margin remains stable at about 26%. "We expect revenue growth in 2026 to be driven primarily by a 1%-3% growth in skier visitation and modest price increases for Alterra's Ikon passes. Alterra's liquidity includes significant cash on its balance sheet of about $800 million and full availability under its $500 million revolving credit facility, net of outstanding letters of credit. We expect Alterra will continue to use cash on hand to fund extensive expansion capital projects, in excess of anticipated operating cash flow, primarily at its Deer Valley Resort over the next two years." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- The company's first-lien debt comprises a $500 million revolving credit facility due in 2028, approximately $1.97 billion of outstanding term loans due in 2028, and approximately $716 million of outstanding term loans due in 2030 (including the proposed transaction). -- The '3' recovery rating on Alterra's first-lien facilities indicates S&P's expectation for average (50%-70%; rounded estimate: 50%) recovery. -- S&P's simulated default scenario considers a payment default by 2029 due to the combination of a prolonged economic downturn and unfavorable ski conditions at the company's resorts. -- S&P assumes Alterra would reorganize following a default and use an emergence EBITDA multiple of 7x to value the company. Simulated default assumptions -- Simulated year of default: 2029 -- EBITDA at emergence: $257 million -- EBITDA multiple: 7x -- Cash flow revolver: 85% drawn at default Simplified waterfall -- Net enterprise value (after 5% administrative costs): $1.71 billion -- Obligor/nonobligor split: 80%/20% -- Estimated first-lien debt claims: $3.11 billion -- Value available for first-lien claims: $1.59 billion --Recovery expectations: 50%-70% (rounded estimate: 50%) All debt amounts include six months of prepetition interest. ALTICE USA: Gets $1B ABL-Backed Term Loan from TPG, Goldman Sachs ----------------------------------------------------------------- Lara Sanli of Bloomberg Law reports that Altice USA has secured and funded its first $1 billion asset-backed term loan facility through an unrestricted subsidiary, with Goldman Sachs Group Inc. and TPG Angelo Gordon serving as the initial lenders, according to a company statement and regulatory filing. The loan is backed by receivables and network assets tied to Altice's service areas in the Bronx and Brooklyn, primarily its Hybrid-Fiber Coaxial infrastructure, according to Bloomberg Law. The loan's maturity date is January 2031. It has fixed interest rate of 8.875% and issuance discount of 400 basis points. Proceeds from the facility are expected to support working capital and be used to prepay other obligations, the report cites. About Altice USA Inc. Altice USA, Inc. is an American cable television provider. As of December 31, 2024, Altice USA had $31.7 billion in total assets, $32.16 billion in total liabilities, and a total deficiency of $456.8 million. * * * As reported by the TCR on May 17, 2024, S&P Global Ratings lowered all its ratings on Altice USA Inc. one notch, including the Company credit rating to 'CCC+', and removed them from Credit Watch, where it placed them with negative implications on May 2, 2024. The negative outlook reflects that S&P could lower its ratings if the company opts to pursue a debt restructuring over the next year. S&P said, "We believe Altice USA's capital structure is unsustainable. We believe the company is vulnerable to nonpayment long term and depends on favorable business, financial, and economic conditions to meet its financial obligations as they come due in 2027 and beyond. We believe it is more likely than not that Altice USA will enter into a distressed debt restructuring that we consider tantamount to default, or it could face bankruptcy long term." AMERICAN BOATHOUSE: L. Todd Budgen Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Region 21 appointed L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., as Subchapter V trustee for American Boathouse Company, LLC. Mr. Budgen will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Budgen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: L. Todd Budgen, Esq. P.O. Box 520546 Longwood, FL 32752 Tel: (407) 232-9118 Email: Todd@C11Trustee.com About American Boathouse Company LLC American Boathouse Company, LLC is a Florida-based specialty contractor likely focused on constructing and installing boathouses and marine structures. American Boathouse Company sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04133) on July 3, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. Judge Grace E. Robson handles the case. The Debtor is represented by Robert B. Branson, Esq., at Bransonlaw PLLC. AMICI MONROE: Leon Jones Named Subchapter V Trustee --------------------------------------------------- The U.S. Trustee for Region 21 appointed Leon Jones, Esq., at Jones & Walden, LLC, as Subchapter V trustee for Amici Monroe LLC. Mr. Jones will be paid an hourly fee of $500 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: Leon S. Jones, Esq. Jones & Walden, LLC 699 Piedmont Ave. NE Atlanta, GA 30308 Phone: (404) 564-9300 Email: ljones@joneswalden.com About Amici Monroe LLC Amici Monroe LLC, operating as Amici Cafe in Georgia, operates a casual dining restaurant serving Italian-American cuisine, including pizza, pasta, sandwiches, and wings, as part of the regional Amici restaurant chain. Amici Monroe sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-20945) on July 3, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. The Debtor is represented by Benjamin R. Keck, Esq., at Keck Legal, LLC. APPLIED DNA: Cuts 27% of Staff, Shuts Down ADCL to Focus on LineaRx ------------------------------------------------------------------- Applied DNA Sciences, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission a strategic restructuring and realignment of resources to focus exclusively on its synthetic DNA manufacturing business, LineaRx. As part of actions undertaken, the Company implemented a workforce reduction of approximately 27% of headcount and has ceased operations at Applied DNA Clinical Labs, a business that provides molecular and genetic testing services, effective June 27, 2025. The Company's actions are intended to substantially reduce its operating costs and concentrate resources behind LineaRx to: (i) enhance the capabilities of LineaRx's LineaDNA and LineaIVT platforms while scaling commercial adoption; (ii) expand its service offerings; and (iii) pursue strategic partnerships. The workforce reduction equates to a projected 23% reduction in annual payroll costs, excluding payroll expenses incurred as a result of the previously announced retirement of the Company's former Chairman and Chief Executive Officer. The projected annual payroll savings is expected to be partially offset by approximately $300,000 in one-time charges related to the workforce reduction and ceasing of operations at ADCL, primarily for separation benefits. The Company expects to incur the majority of workforce reduction-related costs by the end of the quarterly period ending September 30, 2025, excluding expenses associated with the retirement of the Company's former Chairman and Chief Executive Officer. Effective June 30, 2025, Judith Murrah, the Company's Chief Executive Officer, President and Chairperson, voluntarily agreed to a 15% temporary reduction in her annual base salary in connection with the Company's efforts to reduce its ongoing operating expenses. Ms. Murrah's reduced annual base salary is $340,000. The reduction is expected to end on a future date to be agreed by and between Ms. Murrah and the Compensation Committee of the Company's Board of Directors. "We believe these strategic decisions enable us to set business priorities, funds, and management attention behind LineaRx as our highest-conviction growth opportunity, while also positioning the company for greater operational efficiency, sharper execution, and clearer industry and investment theses," stated Judy Murrah, chairperson, president, and CEO. Added Clay Shorrock, president of LineaRx, "Demand for enzymatically produced DNA is accelerating, driven by the expanding field of genetic medicines. Our LineaDNA and LineaIVT platforms are well-positioned to meet this need, and we are aligning all resources towards customer acquisition, expanding market penetration, and scaling efficiently." About Applied DNA Sciences Applied DNA Sciences -- adnas.com -- is a biotechnology company developing technologies to produce and detect deoxyribonucleic acid ("DNA"). Using the polymerase chain reaction ("PCR") to enable both the production and detection of DNA, the Company currently operates in three primary business markets: (i) the enzymatic manufacture of synthetic DNA for use in the production of nucleic acid-based therapeutics and the development and sale of a proprietary RNA polymerase ("RNAP") for use in the production of mRNA therapeutics; (ii) the detection of DNA and RNA in molecular diagnostics and genetic testing services; and (iii) the manufacture and detection of DNA for industrial supply chain security services. Melville, NY-based Marcum LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated Dec. 17, 2024, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2024, Applied DNA Sciences had $16 million in total assets, $3.4 million in total liabilities, and $12.5 in total equity. ARCHDIOCESE OF NEW ORLEANS: Submits New Plan to Resolve Bankruptcy ------------------------------------------------------------------ Erin Lowrey of WDSU News reports that the Archdiocese of New Orleans and a committee representing survivors of clergy sex abuse have jointly filed a reorganization plan aimed at ending the archdiocese's long-running bankruptcy. Submitted Tuesday, July 16, 2025, night, the proposal outlines a potential settlement for approximately 660 abuse survivors who filed claims in the Chapter 11 case, the report related. If approved, the plan would create a trust with $130 million in immediate cash payments, an additional $20 million over four years, and $30 million from insurance settlements, according to the report. The settlement could grow further through the sale of Christopher Homes, a church-affiliated housing organization. That sale could contribute an estimated $44 million to $56 million to the trust, according to the filing. Survivor claims would be individually reviewed and scored to determine each person's share of the funds. The settlement must be approved by at least two-thirds of voting claimants to proceed, the report states. Key deadlines are approaching. Ballots are expected to be mailed to abuse survivors in August and must be returned by October 29, 2025. Votes will be counted over the following week. If the plan is approved, it could take effect before 2025's end; if rejected, the judge could dismiss the bankruptcy entirely, according to report. A confirmation hearing on the plan is scheduled for July 31. Soren Gisleson, an attorney for the survivors, said in a statement: “We are confident that the court will grant our motion to dismiss the bankruptcy. The archdiocese has drawn the battle lines.” About Roman Catholic Church of The Archdiocese Of New Orleans The Roman Catholic Church of the Archdiocese of New Orleans -- https://www.nolacatholic.org/ -- is a non-profit religious corporation incorporated under the laws of the State of Louisiana. Created as a diocese in 1793, and established as an archdiocese in 1850, the Archdiocese of New Orleans has educated hundreds of thousands in its schools, provided religious services to its churches and provided charitable assistance to individuals in need,including those affected by hurricanes, floods, natural disasters, war, civil unrest, plagues, epidemics, and illness. Currently, the archdiocese's geographic footprint occupies over 4,200 square miles in southeast Louisiana and includes eight civil parishes: Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John the Baptist, St. Tammany, and Washington. The Roman Catholic Church for the Archdiocese of New Orleans sought Chapter 11 protection (Bankr. E.D. La. Case No. 20-10846) on May 1, 2020. The archdiocese was estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Judge Meredith S. Grabill oversees the case. Jones Walker, LLP and Blank Rome, LLP, serve as the archdiocese's bankruptcy counsel and special counsel, respectively. Donlin, Recano & Company, Inc., is the claims agent. The U.S. Trustee for Region 5 appointed an official committee of unsecured creditors on May 20, 2020. The committee is represented by the law firms of Pachulski Stang Ziehl & Jones, LLP and Locke Lord, LLP. Berkeley Research Group, LLC is the committee's financial advisor. AUXILIARY OPERATIONS: Hires Hester Baker Krebs LLC as Counsel ------------------------------------------------------------- Auxiliary Operations Resource, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Indiana to employ Hester Baker Krebs LLC as counsel. The firm's services include: a. taking necessary or appropriate actions to protect and preserve the Debtor's estate, including the prosecution of actions on the debtor's behalf, the defense of any actions commenced against the Debtor, the negotiation of disputes in which the Debtor is involved, and the preparation of objections to claims filed against the Debtor's estate; b. preparing on behalf of the Debtor, as debtor in possession, necessary or appropriate motions, applications, answers, orders, reports and other papers in connection with the administration of the Debtor's estate; c. providing advice, representation, and preparation of necessary documentation and pleadings regarding debt restructuring, statutory bankruptcy issues, post-petition financing, real estate, business and commercial litigation, tax, and, as applicable, assets dispositions; d. counselling the Debtor with regard to its rights and obligations as debtor-in-possession, and its powers and duties in the continued management and operations of its business and properties; e. taking necessary or appropriate actions in connection with a plan or plans of reorganizations and related disclosure statement and all related documents, and such further actions as may be required in connection with the administration of the Debtor's estate; and f. acting as general bankruptcy counsel for the Debtor and performing all other necessary of appropriate legal services in connection with the Chapter 11 case. The firm will be paid at these rates: Jeffrey H. Hester, Member $450 per hour John A. Allman, Member $420 per hour Marsha Hetser, Paralegal $215 per hour Donna Adams, Paralegal $215 per hour Tricia Hignight, Paralegal $215 per hour Prior to the filing date, the debtor paid an initial retainer in the amount of $60,000. On the petition Date, the firm had a remaining balance of $34,673.50. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Jeffrey H. Hester, Esq., a partner at Hester Baker Krebs LLC as Counsel, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jeffrey H. Hester, Esq. Hester Baker Krebs LLC Suite 1330 One Indiana Square Indianapolis, IN 46204 Tel: (317) 608-1129 Fax: (317) 833-3031 Email: jhester@hbkfirm.com About Auxiliary Operations Resource Inc. Auxiliary Operations Resource Inc., also known as Aux-Ops, is a warehousing and logistics services provider based in Plainfield, Indiana. The company operates in the transportation and warehousing industry, primarily providing general warehousing and storage services as indicated by its NAICS code 493110. The company has multiple facilities in Indiana and works with various staffing agencies to support its operations. Auxiliary Operations Resource Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-03727) on June 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge James M. Carr handles the case. The Debtors are represented by Jeffrey M. Hester, Esq. at Hester Baker Krebs LLC. AVON PRODUCTS: Ch. 11 Filing Made in 'Bad Faith', Insurers Say -------------------------------------------------------------- Yun Park of Law360 Bankruptcy Authority reports that a group of insurance carriers that insured Avon is asking the Delaware bankruptcy court to dismiss or convert the company's Chapter 11 case, claiming the filing was made in bad faith and serves no legitimate bankruptcy purpose. About AIO US, Inc. AIO US Inc., Avon Products Inc. and some of its affiliates are manufacturers and marketers of beauty, fashion, and home products with operations and customers across the globe. AIO US and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11836) on Aug. 12, 2024. In the petition filed by Philip J. Gund as chief restructuring officer, AIO US disclosed $1 billion to $10 billion in assets and debt. Richards, Layton & Finger, P.A. and Weil, Gotshal & Manges LLP are counsel to the Debtors. Ankura Consulting Group LLC serves as restructuring advisor to the Debtors. Rothschild & Co US Inc is the Debtors' investment banker and financial advisor. Epiq Corporate Restructuring LLC acts as claims and noticing agent to the Debtors. B & W ENTERPRISES: Section 341(a) Meeting of Creditors on August 12 ------------------------------------------------------------------- On July 15, 2025, B & W Enterprises filed a Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Louisiana. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on August 12, 2025 at 02:00 PM at Telephone Conference, UST. Call: 888-330-1716, Passcode: 5240151#. About B & W Enterprises B & W Enterprises is a partnership based in Monroe, Louisiana. B & W Enterprises sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 25-30804) on July 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge John S. Hodge handles the case. The Debtors are represented by Conner L. Dillon, Esq. at Gold, Weems, Bruser, Sues & Rundell. BANGL LLC: S&P Withdraws 'BB-' Issuer-Credit Rating --------------------------------------------------- S&P Global Ratings withdrew all its ratings on BANGL LLC, including the 'BB-' issuer-credit rating, following the successful close of the company's acquisition by MPLX, as well as the subsequent repayment of its senior secured term loan B on July 3, 2025. At the time of the withdrawal, our ratings on BANGL were on CreditWatch, where S&P placed them with positive implications on March 3, 2025. Following the close of the acquisition, all of the company's outstanding debt has been repaid. In addition, S&P no longer expect debt at this entity going forward. BECKHAM JEWELRY: Gets Final OK to Use Cash Collateral ----------------------------------------------------- Beckham Jewelry, LLC received final approval from the U.S. Bankruptcy Court for the Southern District of Mississippi to use cash collateral. The court's final order approved the Debtor's use of cash collateral to pay the expenses set forth in its budget, which projects total operational expenses of $21,698.70. The final order authorized the Debtor to continue to pay post-petition rents to its landlord, TDLDC Retail I, LLC (including a full monthly rent of $5,972.05 starting this month) until the lease is rejected or the court orders otherwise. A disputed UCC lien was filed by Kapitus, asserting a $17,000 claim. The court found Kapitus likely oversecured. Pending resolution of the lien's validity, the Debtor must deposit 10% of gross daily sales into a new and separate debtor-in-possession sub-account until the balance reaches $20,000. Funds in this reserve may be released only pursuant to a confirmed Chapter 11 plan or by further court order. If the lien is determined to be invalid, the funds will be returned to the estate. About Beckham Jewelry LLC Beckham Jewelry, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 25-01234) on May 14, 2025. In the petition signed by Brian Lee Beckham, member, the Debtor disclosed up to $10 million in assets and up to $500,000 in liabilities. Judge Jamie A. Wilson oversees the case. The Debtor is represented by: Thomas Carl Rollins, Jr., Esq. The Rollins Law Firm, PLLC Tel: 601-500-5533 Email: trollins@therollinsfirm.com BEELINE HOLDINGS: Raises $6.5M Equity, Cuts $5.3M Debt in Q2 Update ------------------------------------------------------------------- Beeline Holdings, Inc. furnished a Report on Form 8-K filed with the U.S. Securities and Exchange Commission on June 30, 2025, to provide the following update: According to the Company, it raised $6.5 million in equity capital the last week of June and has reduced its debt by $5.3 million in 2025. The Company will end the quarter with over $6 million in cash, with indebtedness owed to third parties of about $2.3 million (not including its mortgage warehouse line). Beeline reported approximately $40 million of shareholders' equity on March 31, 2025. About Beeline Holdings Beeline Holdings is a technology-forward mortgage and title platform designed to simplify home financing for a new generation of buyers. By combining AI, automation, and modern UX, Beeline offers faster, more accessible, and more transparent home loan experiences for real estate investors and primary homebuyers alike. Boca Raton, Florida-based Salberg & Company, P.A., the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred recurring losses and negative cash flows from operations since its inception, has a significant working capital deficit, and is dependent on debt and equity financing. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $66.5 million in total assets, $17.5 million in total liabilities, and a total stockholders' equity of $49 million. BESPOKE CONSTRUCTION: Case Summary & 20 Top Unsecured Creditors --------------------------------------------------------------- Debtor: Bespoke Construction LLC 8575 Zionsville Road Indianapolis, IN 46268 Business Description: Bespoke Construction LLC is a general contractor based in Indianapolis, Indiana, that provides residential and state-funded construction services, including universal design renovations, custom millwork, ADA- compliant modifications, and project management. It serves clients through tailored design and building solutions with a focus on accessibility, craftsmanship, and functional improvements. Chapter 11 Petition Date: July 16, 2025 Court: United States Bankruptcy Court Southern District of Indiana Case No.: 25-04181 Judge: Hon. James M Carr Debtor's Counsel: Jeffrey Hester, Esq. HESTER BAKER KREBS LLC One Indiana Sq Suite 1330 Indianapolis IN 46204 Tel: 317-833-3030 Email: jhester@hbkfirm.com Total Assets: $1,425,361 Total Liabilities: $5,379,966 The petition was signed by Robert Cooper as authorized representative of the Debtor. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Z64UJKI/Bespoke_Construction_LLC__insbke-25-04181__0001.0.pdf?mcid=tGE4TAMA BIMERGEN ENERGY: Cancels 1.29M Shares After Favorable Court Ruling ------------------------------------------------------------------ Bimergen Energy Corporation disclosed in a Form 8-K filed with the U.S. Securities and Exchange Commission that it completed a corporate action resulting in the cancellation of 1,287,694 shares of the Company's common stock. The cancelled shares represent approximately 25.1% of the Company's total outstanding shares prior to the cancellation. This cancellation results from a favorable ruling from the Superior Court of California in the case captioned Bitech Technologies Corporation v. Cao, et. al. ordering that the Company may cancel the shares. About Bimergen Energy Bimergen Energy Corporation is a renewable energy project developer dedicated to enabling the clean energy transition and providing critical grid stability via solutions across a range of applications through our portfolio of utility-scale Battery Energy Storage System (BESS) and solar development projects. Irvine, Calif.-based Ramirez Jimenez International CPAs, the Company's auditor since 2025, issued a "going concern" qualification in its report dated May 30, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and negative cash flows from operating activities, therefore, the Company has stated that substantial doubt exists about its ability to continue as a going concern. As of December 31, 2024, the Company had $23.3 million in total assets, $1.8 million in total liabilities, and a total stockholders' equity of $21.5 million. BINFORD FARMS: Seeks to Hire Thompson Burton as Bankruptcy Counsel ------------------------------------------------------------------ Binford Farms, LLC seeks approval from the U.S. Bankruptcy Court for the District of Alabama, Northern Division, to employ Stuart M. Maples and the law firm of Thompson Burton PLLC as bankruptcy counsel. Mr. Maples and Thompson Burton's services will include: a. preparing pleadings and applications and conducting examinations incidental to any related proceedings or to the administration of this case; b. developing the relationship of the status of Debtor to the claims of creditors in this case; c. advising Debtor of its rights, duties, and obligations as Debtor operating under Chapter 11 of the Bankruptcy Code; d. taking any and all other necessary action incident to the proper preservation and administration of this Chapter 11 case; and e. advising and assisting Debtor in the formation and preservation of a plan pursuant to Chapter 11 of the Bankruptcy Code, the disclosure statement, and any and all matters related thereto. The Debtor has agreed to compensate Mr. Maples at an hourly rate of $450 and associates at hourly rates ranging from $300 to $350. Stuart M. Maples, a partner at Thompson Burton, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. Thompson Burton can be reached at: Stuart M. Maples, Esq. THOMPSON BURTON PLLC 200 Clinton Avenue West, Suite 1000 Huntsville, AL 35801 Telephone: (256) 489-9779 E-mail: smaples@thompsonburton.com About Binford Farms, LLC Binford Farms, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ala., Case No. 25-81317-CRJ11) on June 30, 2025. At the time of the filing, Debtor had estimated $500,000-$1 million in both assets and liabilities. Judge Clifton R Jessup Jr. oversees the case. Thompson Burton PLLC is Debtor's legal counsel. BIOLINERX LTD: Shareholders OK All Proposals at 2025 AGM -------------------------------------------------------- BioLineRx Ltd. announced the results of the Company's Annual General Meeting of Shareholders. At the Meeting, the Company's shareholders voted upon and approved, by the respective requisite majority in accordance with the Israel Companies Law, 5759-1999 and the Company's articles of association, the proposals set forth in the Company's proxy statement for the Meeting, which was attached as Exhibit 99.1 to the Company's Report on Form 6-K furnished to the U.S. Securities and Exchange Commission on May 23, 2025. Accordingly, the following proposals were adopted at the Meeting: Proposal 1: the re-election of Dr. BJ Bormann and Dr. Raphael Hofstein as Class II directors, each to serve until the Company's annual general meeting of shareholders to be held in 2028, and until their respective successors have been duly elected and qualified. Proposal 2: the increase in the Company's authorized share capital and to amend the Company's Articles of Association accordingly. Proposal 3: the adoption of the renewed Compensation Policy for the Company's Executive Officers and Directors. Proposal 4: the reappointment of Kesselman & Kesselman, Certified Public Accountants (Isr.), a member firm of PricewaterhouseCoopers International Limited, as the Company's independent registered public accounting firm for the year ending December 31, 2025, and until the Company's next annual general meeting of shareholders, and to authorize the Audit Committee of the Board of Directors to fix the compensation of said auditors in accordance with the scope and nature of their services About BioLineRx Ltd. Headquartered in Modi'in, Israel, BioLineRx is a commercial-stage biopharmaceutical company focused on developing life-changing therapies in oncology and rare diseases. Tel Aviv, Israel-based Kesselman & Kesselman, the Company's auditor since 2003, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 20-F for the year ended Dec. 31, 2024, citing that the Company the Company has suffered recurring losses from operations and has cash outflows from operating activities that indicate that a material uncertainty exists that may cast significant doubt (or raise substantial doubt as contemplated by PCAOB standards) about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $38.9 million in total assets, $25.4 million in total liabilities, and a total equity of $13.5 million. BORDER PROPERTIES: To Sell 2023 Forest RV to Camping World for $38K ------------------------------------------------------------------- Border Properties Group LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas, El Paso Division, to sell Personal Property, free and clear of liens, claims, and encumbrances. The Debtor's Property that is up for sale is the 2023 Forest RV Cherokee Wolf Pack 27Pack10. The Purchaser, Camping World, headquartered in Anthony Texas, 8805 N. Desert Blvd., Anthony, TX 79821. The sale price for the RV is to be $38,500.00. The Debtor valued the 2023 Forest River RV Cherokee Wolf Pack 27Pack10 at $35,000 on its schedules. The Debtor believes that it is in the best interest of the bankruptcy estate to sell the 2023 Forest River RV Cherokee Wolf Pack 27Pack10 as it is obtaining the full value of the amount listed on the schedules. The Debtor requests authority to pay Camping World $8,757.83 for repairs performed post-petition on the RV. The RV was damaged pre-petition by fire in Ruidoso, New Mexico. The net sales proceeds from the sale will be $29,742.17. The Debtor aims to close the sale as soon as possible and consider time to be of the essence. About Border Properties Group LLC Border Properties Group, LLC is the fee simple owner of six properties located in Ruidoso, N.M., and El Paso, Texas, with a total current value of $9.96 million. Border Properties Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 25-30142) on February 3, 2025. In its petition, the Debtor reported total assets of $10,000,000 and total liabilities of $15,641,365. Judge Christopher G. Bradley handles the case. The Debtor is represented by: Corey W. Haugland, Esq. James & Haugland, P.C. 609 Montana Avenue El Paso, TX 79902 Tel: (915) 532-3911 Fax: (915) 541-6443 Email: chaugland@jghpc.com BOSTON TRADE CENTER: Seeks Chapter 11 Bankruptcy in Massachusetts ----------------------------------------------------------------- On July 16, 2025, Boston Trade Center Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Massachusetts. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Boston Trade Center Inc. Boston Trade Center Inc. is a retail trade business based in Stoneham, Massachusetts. Boston Trade Center Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11464) on July 16, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. BRIDGE PLAZA CONDOMINIUM: Seeks Chapter 11 Bankruptcy in New Jersey ------------------------------------------------------------------- On July 15, 2025, Bridge Plaza Condominium Association Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Bridge Plaza Condominium Association Inc. Bridge Plaza Condominium Association Inc. manages the condominium complex located at 70-260 Bridge Plaza Drive in Manalapan, New Jersey. Bridge Plaza Condominium Association Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-17396) on July 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Christine M. Gravelle handles the case. The Debtors are represented by Andrew J. Kelly, Esq. at The Kelly Firm, P.C. BRIDGE PLAZA: Case Summary & Nine Unsecured Creditors ----------------------------------------------------- Debtor: Bridge Plaza Condominium Association, Inc. 420 Bridge Plaza Drive Manalapan, NJ 07726 Business Description: Bridge Plaza Condominium Association, Inc. manages a commercial condominium complex located at 70 - 260 Bridge Plaza Drive in Manalapan, New Jersey. The association oversees property maintenance, governance, and common area services for unit owners within the development. Chapter 11 Petition Date: July 15, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-17396 Judge: Hon. Christine M Gravelle Debtor's Counsel: Andrew J. Kelly, Esq. THE KELLY FIRM, P.C. 1011 Highway 71 Suite 200 Spring Lake, NJ 07762 Tel: 732-449-0525 Fax: 732-449-0592 Email: akelly@kbtlaw.com Total Assets: $1,236,128 Total Liabilities: $1,187,363 Marc Feingold signed the petition as president. A full-text copy of the petition, which includes a list of the Debtor's nine unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MTU7MWA/Bridge_Plaza_Condominium_Association__njbke-25-17396__0001.0.pdf?mcid=tGE4TAMA BROADWAY REALTY: Cash Collateral Access Extended to Aug. 5 ---------------------------------------------------------- Broadway Realty I Co., LLC and its affiliates have agreed with Flagstar Bank, N.A. to a two-week extension to use the secured lender's cash collateral. In a filing with the U.S. Bankruptcy Court for the Southern District of New York, the Debtors' attorney, Gary Holtzer, Esq., at Weil, Gotshal & Manges, LLP, disclosed that the Debtors' interim use of cash collateral was extended to August 5 from July 22. Flagstar is the Debtors' only secured lender, which holds mortgages on the Debtors' multi-family residential buildings in New York City. The Debtors stopped paying mortgages to the lender three months before filing for Chapter 11 protection on May 21. Last month, the bankruptcy court denied the Debtors final authorization to use nearly $30 million in cash collateral intended for Flagstar, ruling that the Debtors failed to meet the "adequate protection" requirement. In its bench decision, the bankruptcy court rejected the Debtors' contention that all of their expenditures constituted "adequate protection payments" because such payments benefit Flagstar's interests by preserving and increasing the value of their properties. The court also noted that several Debtors exhibited equity cushions below 15–18%, which it found inadequate. The court, however, noted that some subsets of the Debtors appear likely to have significant equity cushions that may alone suffice to adequately protect Flagstar's interests. Following its bench decision, the court held a conference on July 2 during which it extended the Debtors' interim use of cash collateral through July 11 on terms previously set forth in its initial order dated May 29. On July 9, the court entered its second interim order further extending the Debtors' use of cash collateral through July 22 and directing the Debtors and Flagstar to cooperate on possible governance changes, including the appointment of independent officers, managers or agents; to identify and retain mutually acceptable investment bankers or real estate brokers; and to continue negotiating a longer-term form of consensual cash collateral order. 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. Flagstar Bank, N.A., as creditor, is represented by: Harvey A. Strickon, Esq. Brett Lawrence, Esq. Justin Rawlins, Esq. Nicholas A. Bassett, Esq. PAUL HASTINGS LLP 200 Park Avenue New York, New York 10166 Telephone: (212) 318-6000 Facsimile: (212) 319-4090 Emails: harveystrickon@paulhastings.com brettlawrence@paulhastings.com justinrawlins@paulhastings.com nicholasbassett@paulhastings.com CAMBER ENERGY: Completes Conversion of Series C Preferred Stock --------------------------------------------------------------- Camber Energy, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Antilles Family Office, LLC notified the Company that it: (i) has fully converted all Series C Redeemable Convertible Preferred Stock issued by the Company under a stock purchase agreement; (ii) has received all Common Stock to which it was entitled in connection with such conversions; and (iii) there will be no further delivery notices, conversion notices, or claims, including any claims for so-called "True-Up Shares." This milestone marks the first time in approximately nine (9) years that the Company has no Series C Preferred Shares outstanding in its capitalization and/or an obligation to issue Common Stock in connection with prior conversions of Series C Preferred Shares. On or about July 9, 2021, the Company had entered into the Stock Purchase Agreement with Antilles Family Office, pursuant to which the Company issued 1,575 shares of Series C Redeemable Convertible Preferred Stock convertible into shares of Common Stock of the Company. About Camber Energy Based in Houston, Texas, Camber Energy, Inc. -- http://www.camber.energy-- is a growth-oriented diversified energy company. Through its majority-owned subsidiaries, the Company provides custom energy and power solutions to commercial and industrial clients in North America and has a majority interest in: (i) an entity with intellectual property rights to a fully developed, patented, proprietary Medical and Bio-Hazard Waste Treatment system using Ozone Technology; and (ii) entities with the intellectual property rights to fully developed, patented, and patent-pending proprietary Electric Transmission and Distribution Open Conductor Detection Systems. Additionally, the Company holds a license to a patented clean energy and carbon-capture system with exclusivity in Canada and for multiple locations in the United States. Various of the Company's other subsidiaries own interests in oil properties in the United States. The Company is also exploring other renewable energy-related opportunities and/or technologies, which are currently generating revenue or have a reasonable prospect of generating revenue within a reasonable period of time. Dallas, Texas-based Turner, Stone & Company, L.L.P, the Company's auditor since 2016, issued a "going concern" qualification in its report dated May 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 has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $42,320,043 in total assets, $80,135,700 in total liabilities, and a total stockholders' deficit of $37,819,657. CARESTREAM HEALTH: Moody's Cuts CFR to Caa2 & Alters Outlook to Neg ------------------------------------------------------------------- Moody's Ratings downgraded Carestream Health, Inc.'s ("Carestream") corporate family rating to Caa2 from Caa1, the probability of default rating to Caa2-PD from Caa1-PD, and the first lien senior secured term loan rating to Caa2 from Caa1. At the same time, Moody's revised the outlook to negative from stable. The downgrade reflects deterioration in Carestream's credit metrics, driven by a decline in revenues and earnings in the first quarter of 2025. Moody's expects earnings will continue to be weak in 2025, driven by declines in the medical film business, tariffs exposure and rising silver costs. The downgrade also reflects the increased likelihood of debt restructuring or default to address a capital structure that Moody's views is becoming increasingly unsustainable. The negative outlook reflects Moody's views that earnings may decline more rapidly due to the ongoing deterioration of the medical film business, which also limits visibility into future performance. Liquidity is expected to come under pressure, leaving the credit profile vulnerable to continued revenue challenges. RATINGS RATIONALE Carestream's Caa2 CFR reflects the company's high reliance on its medical film business, which comprises the majority of earnings. Moody's expects that the film business will remain in structural decline for the foreseeable future, with the potential for accelerated revenue contraction due to the continued shift towards digital imaging. The company has some tariff exposure, as a substantial portion of its revenue is generated from international markets. Carestream's rating reflects the company's moderately high leverage, which was approximately 3.5x for the 12 months ending March 31, 2025. Moody's expects leverage to increase to the mid to high 4x range over the next 12 to 18 months. Carestream's rating is supported by recurring revenues in the medical film business, good diversification by geography, a growing digital radiography equipment segment, and moderate leverage. Moody's expects that Carestream will operate with weak liquidity over the next 12-18 months. Moody's projects the company to generate minimal positive free cash flow in 2025, before inflecting to negative free cash flow in 2026 and 2027. As of March 31, 2025, the company had about $74 million in cash, but this is not fully available to draw down as approximately $60 million is required to support daily operations. Carestream has access to a $85 million ABL revolving credit facility (unrated). There is $15 million outstanding on the ABL vs a borrowing base limit of $50 million as of March 31, 2025. Visibility into earnings is low due to the structural decline of the medical film business, volatility in the price of silver (a key input), and tariff headwinds. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could downgrade Carestream's ratings if the company does not improve its operating performance and liquidity. Moody's could also consider a downgrade of the ratings if the likelihood of a transaction that Moody's would deem a distressed exchange or default increases. Moody's could upgrade Carestream's ratings if there is a reduction in the likelihood of default and demonstrated improvement in liquidity and operating performance. The principal methodology used in these ratings was Medical Products and Devices published in October 2023. Carestream's Caa2 CFR is two notches below the B3 scorecard indicated outcome. The two notch difference reflects the greater weight Moody's place on the lack of earnings visibility driven by the company's medical film business, which is undergoing structural decline. Headquartered in Rochester, NY, Carestream Health, Inc. is a global provider of medical imaging products. The company's film business (included in Value Tier) provides specialized paper to produce images from digital x-rays and printers. The company's medical digital business (Premium Tier) provides digital medical imaging systems. The company has two smaller lines, non-destructive testing and contract manufacturing. The company's revenues were approximately $920 million in 2024. Carestream Health, Inc. is owned by numerous private equity firms following its bankruptcy exit in 2022. CARROLLTON GATEWAY: Hires MMGREATX LLC as Real Estate Broker ------------------------------------------------------------ Carrollton Gateway Development Partners, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ MMGREATX, LLC as real estate broker. The firm will market and broker the sale of the Debtor's Property located at 2324 N. Interstate 35-E, Carrollton, Texas 75006. The firm will be paid a 4% or 6% commission to be paid out of the proceeds of the sale of the Property, depending upon whether a "cooperating outside broker" is involved in any sale, and subject to Court approval as required under the Bankruptcy Code. 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: J. Michael Watson 17806 IH-10 W Suite 300 San Antonio, TX 78257 Telephone: (210) 819-7500 Email: michael.watson@mmgrea.com About Carrollton Gateway Development Partners, LLC Carrollton Gateway Development Partners LLC is engaged in activities related to real estate. Carrollton Gateway Development Partners LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-33585) on November 5, 2024. In the petition filed by Dennis M. Holmgren, as Manager of Urban Planning Partners, LLC, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Dennis M. Holmgren, Esq. at HOLMGREN JOHNSON: MITCHELL MADDEN, LLP. CASCADE PARENT: S&P Downgrades ICR to 'CCC+', Outlook Negative -------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Cascade Parent Ltd. (dba Alludo) to 'CCC+' from 'B-'. S&P said, "At the same time, we lowered our issue-level rating on Alludo's $60 million revolving credit facility and $456 million first-lien term loan to 'CCC+' from 'B-'. The '3' recovery rating on the senior secured facilities is unchanged, indicating our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default. "The negative outlook reflects the company's declining revenue and upcoming maturities, which could lead us to lower our ratings if it is unable to refinance its current debt in the next few months. "We do not expect Alludo will be able to repay its maturing debt without refinancing. While we expect Alludo will generate modest free operating cash flow (FOCF) in fiscal year 2025 (ending Nov 30, 2025) and into 2026--supported by management's operational improvements--we do not forecast it will generate sufficient cash to cover its upcoming debt maturity. Given its outstanding July 2026 debt maturities (its $456 million first-lien term loan due July 2, 2026, has become current), we believe the company's liquidity will be tight over the next 12 months, which leads us to assess its liquidity as weak. Additionally, the company's revolving credit facility matures in January 2026. Therefore, we downgraded Alludo to reflect its weak liquidity, as well as our belief it may face elevated refinancing risk as its debt approaches maturity. "The company underperformed our expectations in 2024, with EBITDA about 10% below our base-case assumption. Alludo's performance was negatively affected by continued revenue decline in its Apps and Sustain segments, which we expect will continue. We understand that the company has implemented several cost-saving measures in recent years, primarily around reduced spending on search engine marketing (SEM). Management also plans to take a more targeted and disciplined approach to its sales, marketing, and R&D investments which we expect will support a gradual improvement in its margins. "Despite its near-term operational improvements, the company's growth prospects remain constrained. Alludo's generally accepted accounting principles (GAAP) revenue declined by 2.7% in 2024 and by an additional 1.0% in the first half of 2025, mainly due to a secular decline in the demand for its mature products. While S&P expects the company will benefit from market share gain in its Parallel segment, the ongoing decline in its Apps (42% of 2024 revenue) and Sustain (12% of 2024 revenue) segments will likely offset these gains, resulting in a relatively flat top-line performance for the year. "Alludo is also shifting its focus away from its nonrecurring product base by increasing its investment in the expansion of its Parallels software portfolio. Parallels Desktop remains well-suited for individual and small businesses using Mac computers in professional environments. While we believe it could increase the sales of its Parallels remote application server (Parallels RAS) software in the enterprise markets, especially in cost-sensitive markets and hybrid cloud deployments, the company has a small market share and must continuously innovate to compete against larger, well-capitalized industry players such as Microsoft and Citrix." The company continued its transition to a subscription-based model in 2024, which increased its annual recurring revenue to 83% from 78% in 2023. This increase in Alludo's recurring revenue will likely improve its revenue stability and visibility amid ongoing global economic uncertainty. However, we believe a sustained decline in the company's new customer subscriptions will limit its overall growth. S&P said, "We continue to assess Alludo's business risk as weak. Our weak assessment of the company's business risk profile reflects its small share of the packaged software market due to its narrow product suite and limited ability to innovate, which has led to minimal organic top-line growth. We expect Alludo's R&D investment to be marginal compared with that of the bigger players in its industry, such as Adobe Systems, which has a wider product suite and stronger brand recognition. The company generates the majority of its EBITDA from a few mature products, which are susceptible to technological change and product innovation. Therefore, we expect Alludo's profitability could be pressured if its products face secular declines. "The negative outlook reflects the company's declining revenue and upcoming maturities, which could lead us to lower our ratings if it is unable to refinance its current debt in the next few months." S&P could lower its ratings on Alludo in the next few months if: -- The company does not address its current maturity; -- The company undertakes a liability management transaction that S&P views as a distressed debt exchange or restructuring; or -- Its liquidity position deteriorates such that it is unable to cover its fixed charges. S&P could raise its rating on Alludo if: -- It successfully refinances its 2026 term loan and revolver such that S&P expects its liquidity will be adequate for the foreseeable future; and -- It sustains organic growth enabling it to maintain consistent profitability and margins. CAZENOVIA COLLEGE: Reaches Deal to Sell College to Matta Fresca --------------------------------------------------------------- Amanda Albright and Elizabeth Rembert of Bloomberg News report that Cazenovia College, which shut down in 2023, has reached a deal to sell its campus to a New York-based company for $9.5 million, according to a regulatory filing Wednesday, July 16, 2025, by trustee UMB Bank. The buyer, Matta Fresca LLC -- a New York entity formed earlier this year -- agreed to the purchase, which is still subject to approval by the state attorney general, the report states. Cazenovia has approximately $25 million in outstanding municipal debt, according to data compiled by Bloomberg. About Cazenovia College Cazenovia College is a small, independent, co-educational, baccalaureate college, located in Cazenovia, New York, United States. Cazenovia offers a comprehensive liberal arts education with academic and co-curricular programs devoted to developing leaders in their professional fields. CEC ENTERTAINMENT: In Deal Talks with Equity Investors ------------------------------------------------------ Aaron Weinman and Reshmi Basu of Bloomberg News report that CEC Entertainment, the parent company of Chuck E. Cheese, is in discussions with its equity investors to secure approximately $600 million to cover upcoming debt maturities after failing to raise funds in the junk bond market, according to people familiar with the matter. Investors, including Monarch Alternative Capital, are expected to provide a financial backstop to address a bond due in May 2025, the sources said. The company, which operates more than 570 restaurants worldwide, has also been in talks with private lenders about refinancing its debt, they added. About CEC Entertainment CEC Entertainment is a family entertainment and dining company that owns and operates Chuck E. Cheese and Peter Piper Pizza restaurants. As of Dec. 31, 2019, CEC Entertainment and its franchisees operate a system of 612 Chuck E. Cheese restaurants and 129 Peter Piper Pizza stores, with locations in 47 states and 16 foreign countries and territories. Visit http://www.chuckecheese.com/for more information. CEC Entertainment recorded a net loss of $28.92 million for the year ended Dec. 29, 2019, compared to a net loss of $20.46 million for the year ended Dec. 30, 2018. As of Dec. 29, 2019, CEC Entertainment had $2.12 billion in total assets, $1.90 billion in total liabilities, and $213.78 million in total stockholders' equity. On June 24, 2020, CEC Entertainment and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 20-33163). Judge Marvin Isgur oversees the cases. The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy counsel, FTI Consulting, Inc., as financial advisor, PJT Partners LP as investment banker, Hilco Real Estate, LLC, as real estate advisor, and Prime Clerk, LLC, as claims, noticing and solicitation agent. The Ad Hoc Group of First Lien Lenders was advised in this process by Akin Gump Strauss Hauer & Feld LLP as legal counsel and Houlihan Lokey Capital, Inc. as financial advisor. The Office of the U.S. Trustee appointed a committee of unsecured creditors on July 13, 2020. The committee has tapped Kelley Drye & Warren, LLP and Womble Bond Dickinson (US), LLP as its legal counsel, and Alvarez & Marsal North America, LLC as its financial advisor. CENTENE CORP: Moody's Alters Outlook on 'Ba1' CFR to Negative ------------------------------------------------------------- Moody's Ratings has affirmed Centene Corporation’s long-term corporate family rating and senior unsecured debt ratings at Ba1. Moody's have also affirmed the Baa1 insurance financial strength ratings of its six rated operating subsidiaries, including the following: Bankers Reserve Life Ins. Co. of Wisconsin, Coordinated Care Corp Indiana, Inc., Health Net of California, Inc., Managed Health Services Insurance Corp., Peach State Health Plan, Inc. and Superior HealthPlan, Inc. The outlook for these entities has been changed to negative from stable following the Centene's announcement that earnings will be far below management's original guidance primarily due to material misjudgments in its estimated risk adjustment impact in its individual market business. RATINGS RATIONALE The change in the outlook to negative follows Centene's announcement that its original risk adjustment revenue transfer expectations in the individual market were materially inconsistent with actual performance. Moody's now expect that EBITDA with Moody's adjustments, which was $6.0 billion in 2024 could drop to somewhere in the range of $3.5 billion in 2025. In this scenario, debt/EBITDA would approach 5.0x, the EBITDA margin would drop to below 2.5% (from 3.7% in 2024) and cash flow to the parent would be constrained in 2025 and 2026 due to lower overall dividend capacity at the subsidiaries as well as the likely need for increased capital infusions into the subsidiaries. Furthermore, Centene, similar to the rest of the health insurance industry, continues to underperform in both Medicaid and Medicare due to high medical cost trends including utilization levels that have been persistently above Centene's pricing expectations. Centene is a pure play government-focused health insurer including Medicaid, Medicare and the individual market. In 2024, the gross margin in Medicaid, its largest business, was down 28% and Medicare was down 9%. While Medicare is performing better this year, it is still expected to lose money. And now the Individual Market, which was by far Centene's best performing business in 2024 is also underperforming. While management can address the risk adjustment in the individual market in 2026 through pricing, challenges remain. In 2026, the consumer integrity measures that were partly rolled out in 2025 and contributed to the risk adjustment problem will be fully rolled out in 2026. And the enhanced subsidies that were implemented during the pandemic will expire if there is no new legislation at the end of this year. Both these developments could negatively impact enrollment and result in more adverse selection. Moody's affirmation of the company's ratings reflects Centene's large scale and leadership in both Medicaid and the Individual Market. While this is an especially challenging time for the industry with increasing medical cost trends and high utilization, Moody's believes the industry will eventually adjust, although the adjustment period has been taking longer than Moody's expected. Governance considerations are also a driver of the outlook change to negative. Specifically, the company did not properly reflect in 2025 pricing what appears to be a significant morbidity shift in the individual market. While this shift was unexpected, the magnitude of the miss does adversely impact management's credibility. However, Moody's notes that Centene's current leadership team, which took control in March 2022, has done a good job in selling non-core businesses and focusing on improving execution and controlling costs. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Centene's outlook could return to stable over the next 12-18 months if the following occurs: 1) Meaningfully improved performance in Medicaid, Medicare and the Individual Market as measured by earnings and margins; 2) debt/EBITDA with Moody's adjustments, which Moody's expects to approach 5.0x by year-end 2025, shows substantial recovery by year-end 2026 while debt/cap with Moody's adjustments remains below 45% and; 3) Dividends, net of capital infusions, are maintained at or near levels in recent years. Conversely, the ratings of Centene could be downgraded if the following occurs: 1) the risk based capital ratio is sustained below 175% of the company action level (CAL); 2) the EBITDA margin could drop to below 2.5% in 2025 but does not show significant improvement thereafter; i.e. run rate above 3.5%; 3) Continued pressure in Medicaid, Medicare and the Individual Market; 4) Debt/capital with Moody's adjustments is sustained above 45% and/or debt/EBITDA above 3.0x. Centene is headquartered in St. Louis, Missouri. As of March 31, 2025 the reported LTM revenues of $169.3 million, 20.1 million medical members (excluding prescription drug plan members) and shareholders' equity of $28.0 million. The principal methodology used in these ratings was US Health Insurers 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. CENTURY ALUMINUM: S&P Rates New $400MM Senior Secured Notes 'B' --------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '2' recovery rating to Chicago-based aluminum manufacturer Century Aluminum Co.'s proposed 7-year $400 million senior secured notes. The company will use proceeds from these notes to refinance its existing 2028 senior secured notes (about $250 million outstanding as of March 31, 2025), repay borrowings under various credit facilities including its Grundartangi casthouse facility (about $120 million outstanding as of March 31, 2025) and pay transaction fees and expenses. The '2' recovery rating indicates S&P's expectation for substantial (70%-90%; rounded estimate: 70%) recovery in the event of a payment default. S&P expects to withdraw its ratings on Century's existing 2028 senior secured notes following their successful refinancing. S&P anticipates the transaction will be leverage neutral. Its ratings are based on the preliminary terms and conditions of the issuance. S&P said, "We revised our outlook on Century to positive in May 2025. We expect the company will increase its EBITDA by at least 18% in fiscal year 2025 as it benefits from its backward integration into alumina production through its acquisition of Jamalco, and lower production costs from 45X credits. We expect the demand for primary aluminum will remain robust, given that the U.S. is a net importer and has experienced declining domestic primary aluminum production in recent years. At the same time, tariffs on aluminum imports to the U.S. will support higher price realizations on rising mid-west premiums, which could further boost Century' EBITDA and cash flow generation over the next 12-24 months. Therefore, we forecast the company will likely maintain debt to EBITDA of less than 4x, which we view as supportive of the current rating. For the complete issuer credit rating analysis, please see our most recent research update on Century, published May 27, 2025, on RatingsDirect." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- Century's capital structure mainly comprises the proposed $400 million 7-year senior secured notes, its $250 million U.S. revolving credit facility due 2028, its $100 million Iceland revolving credit facility due 2026, its $90 million Vlissingen facility agreement, its $130 million Grundartangi casthouse facility due December 2029, and its $85.2 million of convertible senior notes due 2028. S&P assumes that the company will pay off its existing $250 million senior secured notes and repay the borrowings under its credit facilities including the Grundartangi casthouse facility using the proceeds from the proposed issuance. -- S&P assigned its 'B' issue-level rating and '2' recovery rating to the proposed 7-year $400 million senior secured notes. The '2' recovery rating indicates its expectation for substantial (70%-90%; rounded estimate: 70%) recovery in the event of a payment default. -- S&P assesses Century's recovery prospects based on a gross reorganization value of approximately $644.6 million, which reflects about $117.2 million of emergence EBITDA and a 5.5x multiple. -- The $117.2 million of emergence EBITDA incorporates our standard assumptions for minimum capital expenditure (at 2.5% of sales) and our standard 15% cyclicality adjustment for issuers in the metals and mining downstream sector. -- The 5.5x multiple is in line with the multiples S&P uses for other companies in the metals and mining downstream sector. -- S&P's recovery analysis assumes that, in a hypothetical bankruptcy scenario, 60% of Century's asset-based lending (ABL) facilities would be drawn (subject to borrowing base constraints). -- Therefore, S&P assumes about $86 million of borrowings will be outstanding under Century's $250 million U.S. ABL facility (not rated), $60 million under its $100 million Iceland ABL facility (not rated), and $76.5 million under its $90 million Vlissingen facility (not rated). -- Of note, S&P's recovery analysis also adjusts for the inclusion of the company's tax-adjusted pension deficit (three-year average), which--at more than 10% of its total debt claims at default—S&P deems material. This reduces our estimate of Century's gross enterprise value. Simulated default assumptions -- S&P said, "In our view, a default scenario would most likely involve a prolonged period of depressed primary aluminum prices, similar to the environment in 2015, coupled with increased energy and raw material costs. As Century's revenue steadily decreases amid these conditions, the company would have to fund its operating losses and debt service with available cash and ABL facility borrowings. Eventually, its liquidity and capital resources would become strained to the point that it would have to seek bankruptcy protection, which we assume would occur sometime in 2028." -- Year of default: 2028 -- Emergence EBITDA: $117.2 million -- EBITDA multiple: 5.5x -- Gross recovery value: $644.6 million Simplified waterfall -- Net recovery value for waterfall after administrative expenses and pension liability adjustment: $565 million -- Obligor/nonobligor valuation split: 60%/40% -- Priority claims: ABL facility (about $89 million) and foreign debt adjustments (about $142 million) -- Remaining recovery value: $298.9 million -- Senior secured notes claim: $415 million --Recovery expectations: 70%-90% (rounded estimate: 70%) CHAMBERLAIN GROUP: S&P Rates New $3.28BB First-Lien Term Loan 'B' ----------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to The Chamberlain Group LLC's (B/Stable) proposed upsized and extended $3.28 billion first-lien term loan due 2032. The '3' recovery rating indicates S&P's expectation for meaningful (50%-70%; rounded estimate 50%) recovery for lenders in the event of a payment default. It will use the proceeds from the upsizing of the term loan to help fund its acquisition of Arrow Tru-Line. Issue Ratings--Recovery Analysis Key analytical factors -- S&P rates Chamberlain's $3.28 billion first-lien term loan due in 2032 'B' with a '3' recovery rating. The '3' recovery rating reflects its expectation for meaningful (50%-70%; rounded estimate: 50%) recovery prospects for lenders in the event of a payment default. -- S&P values the company on a going-concern basis using a 5.5x multiple of its emergence EBITDA. This multiple is in line with that used for similarly rated peers. -- S&P's simulated default scenario considers a default in 2028 amid a recessionary macroeconomic environment and reduced residential and nonresidential new construction. The resulting weak demand and increased competition (resulting in the loss of large customers) lead to negative cash flows and the company's inability to meet its financial obligations. -- S&P assesses recovery prospects based on a gross reorganization value of approximately $2 billion, reflecting about $370 million of emergence EBITDA and a 5.5x multiple. -- S&P's recovery analysis assumes 85% of the company's $250 million revolving credit facility would be drawn in a hypothetical bankruptcy scenario. Simulated default assumptions -- Year of default: 2028 -- Emergence EBITDA: $370 million -- EBITDA multiple: 5.5x -- Gross recovery value: $2 billion Simplified waterfall -- Net enterprise value (after 5% administrative costs): About $1.8 billion -- Obligor/nonobligor split: 95%/5% -- Total value available to secured claims: $1.9 billion -- Estimated senior secured first-lien term claims (including the revolver) *: $3.6 billion --Recovery expectation: 50%-70% (rounded estimate: 50%) --Remaining recovery value: $0 *The estimated senior secured term loan claim reflects payment of scheduled amortization of 1% per year through 2028. Estimated claim amounts include about six months of accrued but unpaid interest. CHARIOT BUYER: Moody's Affirms B3 CFR & Rates 1st Lien Loans B3 --------------------------------------------------------------- Moody's Ratings affirmed Chariot Buyer LLC's (dba Chamberlain) B3 corporate family rating, B3-PD probability of default rating and the existing B3 senior secured first lien bank credit facilities. At the same time, Moody's assigned B3 ratings to the proposed $3.305 billion senior secured first lien term loan due 2032. The outlook is stable. Proceeds from the proposed term loan will be used by Chamberlain to acquire Arrow Tru-Line, a manufacturer of overhead door hardware components and to repay the company's existing term loan. Moody's will withdraw the existing term loan rating upon close of the transaction. The affirmation reflects the company's strong margins, solid interest coverage and good liquidity reflecting its ability to generate good cash flow. The affirmation also reflects the company's meaningful scale in the US and increased adoption of automated access control equipment and enhanced user technology. These factors help offset the company's aggressive financial strategy and continued high leverage above 7x debt/EBITDA from debt-financed dividends and acquisitions. The stable outlook reflects Moody's expectations of sustained demand for Chamberlain Group's access control products evidenced by strong margins and the company's maintenance of good liquidity. RATINGS RATIONALE Chamberlain's B3 CFR reflects the company's high leverage and aggressive financial policy. Moody's views Chamberlain's financial policy as shareholder friendly given its history of debt-financed distributions and acquisitions. Moody's expects leverage will be around 7.5x debt/EBITDA and coverage will be around 2.0x EBITA/interest expense by the end of 2025. The rating also reflects governance risks, including historically limited disclosure provided around litigation risk associated with the company's patents and potential materiality to the company's overall operations. An International Trade Commission (ITC) order, which took effect in April 2022, prohibited the import, sale and distribution of nearly all of Chamberlain's residential garage door openers and products because of a patent infringement. Chamberlain received approval on newly designed products from the US Customs and Border Patrol (CBP) in May 2022 and shipments resumed. In Q2 2023, the company settled its outstanding disputes for about $45 million. The rating is supported by solid interest coverage, good liquidity and high profitability that supports free cash flow generation. In addition, increased adoption of automated access control equipment and enhanced user technology should drive long-term growth for Chamberlain Group's products. The rating also considers the company's significant scale in the US, broad distribution network and strong brand recognition. Moody's expects Chamberlain to maintain good liquidity over the next 12-18 months. As of March 31, 2025, the company had about $219 million of cash and no outstanding borrowings on its $250 million revolver, due 2029. The company also has a no outstanding borrowings on its $125 million accounts receivable securitization facility, due 2026. Moody's expects Chamberlain will generate $150-200 million of annual free cash flow in 2025 and 2026, excluding dividends. Moody's expects the company will allocate the majority of its free cash flow to acquisitions and distributions. Moody's expects the revolver to remain undrawn for the next 12-18 months. However, the $125 million accounts receivable securitization facility could be used to fund tax distributions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of the rating could result from a reduction of debt to EBITDA to below 6.0x. An upgrade would also require more conservative financial strategies and good liquidity, including positive free cash flow generation. A downgrade would likely result should the company experience sustained revenue declines, EBITA margin declines or if there is a deterioration of the company's liquidity profile or if cash flow generation weakens. The ratings could also be downgraded if the company engages in more aggressive financial policies and if debt to EBITDA is sustained above 7.0x. Chamberlain Group, headquartered in Oak Brook, IL, is a manufacturer of entryway and perimeter access control products and solutions in residential and commercial applications in markets around the world. Private equity firm Blackstone owns about 85% of Chamberlain, with The Duchossois Group remaining the minority equity owner with a 15% interest. Blackstone has had an ownership interest in Chamberlain since 2021. Revenue was about $1.9 billion for the last 12 months ended March 2025. The principal methodology used in these ratings was Manufacturing published in September 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. CINEMARK HOLDINGS: Lowers Interest Rate on Term Loan by 0.50% ------------------------------------------------------------- Cinemark Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company and Cinemark USA, Inc., a wholly-owned subsidiary, entered into a Third Amendment to the Second Amended and Restated Credit Agreement, dated as of May 26, 2023 (as amended by that certain First Amendment, dated as of May 28, 2024, and that certain Second Amendment, dated as of November 29, 2024, the "Credit Agreement"), among the Company, Cinemark USA, the several banks and other lenders from time to time party thereto, the other agents and arrangers named therein and Barclays Bank PLC, as administrative agent. The Credit Agreement was amended pursuant to the Third Amendment to, among other things, reduce the rate at which the term loans bear interest by 0.50% and reset the 101% soft call for six months. A full-text copy of the Third Amendment is available at https://tinyurl.com/4raanvcb About Cinemark Holdings Inc. Headquartered in Plano, Texas, Cinemark Holdings, Inc. operates as a movie theater. As of March 31, 2025, Cinemark Holdings had $4.7 billion in total assets, $4.3 billion in total liabilities, and total stockholders' equity of $357.6 million. * * * Egan-Jones Ratings Company on November 11, 2024, upgraded the foreign currency and local currency senior unsecured ratings on debt issued by Cinemark Holdings, Inc. to CCC+ from CCC. CINEMAWORLD OF FLORIDA: To Sell Melbourne Property to GT Holdings ----------------------------------------------------------------- Cinemaworld of Florida Inc. seeks permission from the U.S. Bankruptcy Court for the District of Florida, West Palm Beach Division, to sell Property, free and clear of liens, claims, and encumbrances. The Debtor is a Florida incorporated (2001) motion-picture exhibition and family-entertainment company headquartered at 9701 6th Place, Vero Beach, FL 32960. Through six venues (four multiplexes, one family entertainment center, and the corporate office), the Debtor operates 49 screens and 6,996 seats, plus a 22-lane bowling, arcade, and laser-tag facility, serving roughly 721,000 guests during 2024. Each theater offers patrons the opportunity to purchase food and beverage items and to view current release movies. The Debtor owns the real property, air space rights, subsurface rights, mineral rights, and riparian rights, and all improvements thereon of the approximately 15.4 acres located at 4345 West New Haven Avenue, Melbourne, Florida. The property is positioned at the southeast quadrant of Interstate 95 and US Highway 192. As reflected in the Debtor's Case Management Summary and as further described below, the Real Property is under contract to sell through an arm’s length transaction to a third party purchaser. The Real Property is encumbered by The Northern Trust Company, Lincoln Common Owner, LLC, and real estate taxes. The Debtor receives an offer from GT Holdings 2025, LLC, assignee of GT Motors, Inc. to purchase the Real Property for $9,700,000.00, with closing to occur on or before July 29, 2025. Pursuant to the Contract, the Purchaser posted a deposit in the amount of $100,000.00. Consummation of the proposed sale will involve the incurrence and payment of certain expenses, fees, and costs, including, but not limited to, the 2023/2024 Real Estate Taxes, 2024 Ad Valorem Taxes, certain appraisals, title insurance, and other costs of closing. Prior to the Petition Date, the Debtor entered into an Exclusive Right of Sale Listing Agreement with broker and agent, Dale Sorensen Real Estate, Inc., engaged in an extensive and exhaustive marketing campaign for the Real Property, which included a comprehensive marketing brochure that was distributed to a wide network of agents and potential buyers, listing on MLS and commercial websites including Crexi, CoStar, and LoopNet. Through Sorensen's efforts, the Purchaser was identified and, ultimately, the Contract was negotiated and executed by the parties. The Debtor owes real estate commissions to Sorensen. Sorensen has represented the Debtor as broker in connection with the sale of the Real Property, and is the sole real estate broker and agent involved in the sales transaction. The Debtor proposes to pay 5.5% brokerage commission or $533,500.00 to Sorensen at the closing. The sale of the Real Property will result in priority tax claims being paid in full and a significant reduction in the amount of the Northern Trust Secured Claim. Although the Northern Trust Secured Claim will not be paid in full, Northern Trust has been supportive of and consents to the sale transaction. 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 CONSTRUCTION: Hires Demarco·Mitchell PLLC as Counsel ------------------------------------------------------------- Classic Construction & Restoration Inc. 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 herein; 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) 578-1400 Fax: (972) 346-6791 Email robert@demarcomitchell.com mike@demarcomitchell.com About Classic Construction & Restoration Inc. Classic Construction & Restoration Inc. is a general contractor based in Dallas, Texas, offering services such as water and storm damage restoration, fire damage repair, roofing, and interior and exterior maintenance. The Company serves residential and commercial clients, including homeowner associations, and is recognized for its expertise in structural work, insurance claims, and legal support related to insurance settlements. With over 90 years of service experience, it operates with a full administrative and project management team to manage construction and restoration projects of varying scale. Classic Construction & Restoration sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-41874) on May 27, 2025. In its petition, the Debtor reported total assets of $394,749 and total liabilities of $2,291,204. Judge Edward L. Morris handles the case. The Debtor is represented by Robert T. DeMarco, Esq., at DeMarco Mitchell, PLLC. CLUBCORP HOLDINGS: S&P Withdraws 'CCC+' Issuer Credit Rating ------------------------------------------------------------ S&P Global Ratings withdrew all its ratings on ClubCorp Holdings Inc. (dba Invited Inc.), including the 'CCC+' issuer credit rating, following the completion of the company's refinancing because it no longer has any rated debt outstanding. At the time of the withdrawal, S&P's outlook on Invited was positive. COACH USA: To Lay Off 100+ Workers, To Close Elko Facility ---------------------------------------------------------- Jason Hidalgo of Reno Gazette Journal reports that a company that provides commuter and charter bus services, including Megabus, is set to lay off more than 100 workers in Nevada as it prepares to close a facility. Elko Bus Lines submitted a WARN notice to state authorities regarding the planned closure of its Coach USA location at 4105 West Idaho Street in Elko. The notice indicates that 149 employees will lose their jobs permanently, including 94 drivers. The remaining affected staff includes mechanics and management personnel, according to Reno Gazette. "All impacted employees have been notified and will be separated in accordance with federal and state WARN Act guidelines," the company stated. "We are issuing this notice more than 60 days before the first separation date." The WARN Act, along with Nevada law, requires advance notice for mass layoffs. The layoffs are scheduled to take effect on September 1, 2025. Coach USA previously implemented large-scale layoffs in Texas and New Jersey last 2024. The Nevada job cuts follow Coach USA's Chapter 11 bankruptcy filing and its 2024 sale to The Renco Group, which included the Megabus brand and Coach USA’s U.S. and Canadian operations, the report cites. The company attributed its financial troubles to the lasting effects of the COVID-19 pandemic. "Since the pandemic, we've continued to face major challenges, with ridership and demand remaining well below pre-pandemic levels," Coach USA said in a June 2024 statement. The Reno Gazette Journal has reached out to Coach USA for further comment. About Coach USA Coach USA, Inc., a company in Paramus, N.J., is a provider of ground passenger transportation and mobility solutions in North America, offering many types of specialized ground transportation solutions to government agencies, airports, colleges and universities, and major corporations. With 25 business segments throughout the United States and Canada employing approximately 2,700 employees and operating approximately 2,070 buses, the Coach USA network of companies carries millions of passengers throughout the United States and Canada each year. In addition to the household name "Coach USA," the company operates under several other brands, including Megabus, Coach Canada, Coach USA Airport Express, Dillon's Bus Company, and Go Van Galder. Coach USA and its affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 24-11258) on June 11, 2024. At the time of the filing, Coach USA reported $100 million to $500 million in both assets and liabilities. Judge Mary F. Walrath oversees the cases. The Debtors tapped Alston & Bird, LLP and Young Conaway Stargatt & Taylor, LLP as legal counsels; Houlihan Lokey Capital, Inc. as investment banker; and CR3 Partners, LLC as restructuring advisor. Kroll Restructuring Administration, LLC is the Debtors' claims and noticing agent and administrative advisor. COHERENT CORP: S&P Alters Outlook to Stable, Affirms 'BB-' ICR -------------------------------------------------------------- S&P Global Ratings revised its outlook on Coherent Corp. to stable from negative and affirmed the 'BB-' issuer credit rating. S&P said, "At the same time, we affirmed our 'BB-' issue-level rating on the company's secured debt and our 'B+' issue-level rating on its unsecured debt. Our '3' (rounded estimate: 65%) and '5' (rounded estimate: 15%) recovery ratings on the secured and unsecured debt, respectively, are unchanged. "The stable outlook reflects our expectation that Coherent will re-establish leverage below the 5x area and generate positive free operating cash flow (FOCF), despite the tougher macroeconomic environment and potential tariff headwinds, supported by stable demand for its datacom transceivers." S&P Global Ratings believes there is a high degree of unpredictability around policy implementation by the U.S. administration and possible responses--specifically with regard to tariffs--and the potential effect on economies, supply chains, and credit conditions around the world. As a result, S&P's baseline forecasts carry a significant amount of uncertainty, magnified by ongoing regional geopolitical conflicts. As situations evolve, S&P will gauge the macro and credit materiality of potential shifts and reassess its guidance accordingly. S&P said, "Due to strong end-customer demand for its datacom transceivers, we expect Coherent will maintain leverage below the 5x area in fiscal year 2026. The company's leverage increased above the 5x area over the past few years due to weakness in the telecom industry and the demand for industrial products, which hampered its revenue. While Coherent continues to face weak telecom and industrial end-customer demand, the strong demand for its datacom transceivers has begun to offset the weakness in its other segments over the past year. Investment in AI products, particularly by large hyperscalers, has remained robust over the past few years. Due to the strong demand for its datacom transceivers, the company increased its revenue by more than 20% year over year as of third quarter of fiscal year 2025 (ended June 2025). Coherent also has been focused on debt reduction, given that it paid down more than $200 million of debt over the past three fiscal quarters. The company's strong growth and debt reduction, along with the expansion of its EBITDA margins on improved operational efficiency, will likely support a decline in its leverage to the high-4x area in fiscal year 2025. "We expect Coherent will increase its top-line revenue by between 5% and 8% year over year in fiscal year 2026 as the demand for its datacom transceivers is somewhat offset by the continued weakness in its industrial end market. We also believe that the company will continue to expand its EBITDA margins as it focuses on improving its operational efficiency. Due to those factors, we forecast Coherent will likely reduce its leverage to the low-4x area in fiscal year 2026. We note that just above 2x of the company's S&P Global Ratings-adjusted leverage is related to the $2.15 billion Bain Capital preferred equity investment, which we treat as debt under our criteria because Bain can put the instrument to the company in 2031. This investment did not accrue any cash interest over the first four years because the dividends are payable solely in kind during this time. However, the dividends are now payable at the company's option in cash, in kind, or a combination of both. "We expect Coherent will continue generating good revenue growth over the next few years on stable investment in AI solutions. Given the ever-changing and increasingly complex AI space, we believe that hyperscalers will continue to invest in AI solutions over the long term to increase their competitiveness. While we believe the pace of the expansion in AI investment will slow, we still expect overall investment will remain robust over the next few years. Coherent provides datacom transceivers, which are important components in AI servers because they help interconnect switches, graphics processing unit (GPU) servers, and storage infrastructure. However, we note the AI solutions space is extremely competitive and fragmented, with competition from many players such as Ciena, Lumentum and others. Therefore, we believe that Coherent needs to continue to invest in its research and development (R&D) and execute its manufacturing capabilities to maintain its growth trajectory. "Due to the increasing number of transceivers needed in AI servers, we expect the company will continue to benefit from strong demand for its transceiver solutions. We expect this strong demand in its communications business will offset the weakness in its industrial and telecom segments, enabling Coherent to expand its revenue by more than 20% year over year in fiscal year 2025. "While tariffs and tougher macroeconomic conditions could negatively its performance, we believe the company is well-positioned to handle these headwinds over the next 12 months. Like many other electronic manufacturers, Coherent has continued to migrate its manufacturing capabilities outside of China, including by moving most of its U.S. transceiver customers to Malaysia, which will likely reduce the impact of U.S. tariffs on China. We also expect hyperscalers' capital expenditure (capex) will remain robust in 2026 as they continue to invest in AI for the long term. While its other segments will likely see flat revenue, the strong demand in its communications segment will likely lead to a 5%-8% year-over-year expansion in Coherent's revenue in fiscal year 2026. "Even with the lower-margin transceiver business driving its top-line expansion, we expect Coherent will improve its EBITDA margins over the next few years. The company's EBITDA margins have been hampered over the past few years for a variety of reasons. For example, Coherent lost its high-margin Apple business during fiscal year 2024, which weakened its profitability. In addition, the company faced weaker utilization amid a period of excess inventory at its telecom and industrial customer. Due to those issues, Coherent's S&P Global Ratings-adjusted EBITDA margins declined to 17.7% in fiscal year 2024. That said, the company has improved its profitability over the past year. "While we believe the company's transceiver products feature lower margins than its overall business, the strong growth in this segment is still supporting an improvement in utilization amid the persistent weakness in its other segments. Coherent has also improved its EBITDA margins on the realization of benefits from the large cost-savings plan it enacted in May 2023. We expect these factors will help support EBITDA margin in the 19%-21% range in fiscal year 2025." Coherent has taken additional actions that will likely help it continue to improve its profitability in fiscal year 2026. These actions include the company's recent shut down of at portion of its silicon carbide business that was not generating revenue. Coherent also increased the price of some of its datacom solutions, eliminated more head count, and tightened its operating expenses. S&P believes the actions will boost Coherent EBITDA margins to the 20%-23% range in fiscal year 2026. The company will likely generate positive FOCF supported by its stable top-line growth and improving profitability over the next few years. Similar to other technology hardware companies, Coherent has historically been able to generate positive FOCF during periods of weak revenue by monetizing its working capital to preserve cash. S&P said, "However, we expect the company will likely face an increase in its working capital as a use of cash to support its growth opportunities. We also expect Coherent will increase its capex as it expands its production and manufacturing capabilities to maximize its growth opportunities. However, the company received $1 billion from the sale of 25% of its silicon carbide business, which it will use to fund its increased capex. While Coherent's working capital usage and increased capex will hamper its FOCF generation, we expect its stable top-line growth and improved EBITDA margins will help offset these headwinds. Furthermore, we expect the company will be able to generate more than $200 million of FOCF in fiscal year 2025. In fiscal year 2026, we expect Coherent's improved EBITDA generation will support increased FOCF generation to over $400 million. The company's new management team has also stated that deleveraging is a priority, which leads us to believe it could use its FOCF to paydown debt." S&P said, "The stable outlook reflects our expectation that Coherent will re-establish leverage below the 5x area and generate positive free operating cash flow (FOCF), despite the tougher macroeconomic environment and potential tariff headwinds, supported by stable demand for its datacom transceivers. "We could lower our rating on Coherent Corp. if it experiences muted revenue growth and we expect it will sustain S&P Global Ratings-adjusted leverage of more than 5x. This could occur due to a combination of weak demand for its products amid the tougher macroeconomic environment, tariff issues or competitive pressure, or challenges with its ongoing restructuring and synergy plans. "We could raise our rating on Coherent Corp. if it sustains leverage below the 4x area and generates FOCF to debt of more than 10% through macroeconomic and sector specific volatility and debt-funded acquisitions or shareholder returns." That could occur if the company continues to benefit from strong demand for its datacom transceiver solutions and improved profitability from its various cost-saving initiatives. COLORADO MG 1031: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------------ On July 14, 2025, Colorado MG 1031 LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filing, the Debtor reports between $100 million and $500 million in debt owed to 25,000 and 50,000 creditors. The petition states funds will be available to unsecured creditors. About Colorado MG 1031 LLC Colorado MG 1031 LLC operates in the gambling industry, offering casino gaming services and entertainment venues in Colorado. Colorado MG 1031 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-90195) on July 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. The Debtors are represented by Timothy Alvin Davidson, II, Esq. at Andrews Kurth LLP. COPPEDGE PROPERTY: Seeks Subchapter V of Virginia ------------------------------------------------- On July 16, 2025, Coppedge Property Services LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Virginia. According to court filing, the Debtor reports between $50,000 and $100,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Coppedge Property Services LLC Coppedge Property Services LLC is a single asset real estate company based in Hampton, Virginia. Coppedge Property Services LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-50626) on July 16, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $50,000 and $100,000. CORNERSTONE HOME: Court Denies Bid to Extend Use of Cash Collateral ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida denied Cornerstone Home Care Services, LLC's bid for another extension of its authority to use cash collateral. The court denied the request as moot following confirmation of the Debtor's Chapter 11 plan of reorganization. About Cornerstone Home Care Services Cornerstone Home Care Services, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06707) with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Tiffany P. Geyer oversees the case. The Debtor is represented by: Melissa A. Youngman, Esq. Winter Park Estate Plans & ReOrgs P.O. Box 303 Winter Park, FL 32790 Telephone: (407) 374-1372 Email: melissayoungman@melissayoungman.com CORVIAS CAMPUS: Hires Holland & Knight LLP as Corporate Counsel --------------------------------------------------------------- Corvias Campus Living - USG, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Holland & Knight LLP as special corporate counsel. The firm will render general corporate and transactional legal services in the context of the Debtor's restructuring such other services as the Debtor may request. The firm will be paid at these rates: Partners of the Firm $890 to $995 per hour Senior Partner $995 per hour Senior Counsel $890 to $995 per hour Associates $600 to $825 per hour Staff Attorneys $525 to $600 per hour Paralegals/Practice Support $400 to $450 per hour and Assistants In the 90 days before the Petition Date, the firm received payments from the Debtor amounting to $493,817.16. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Woodrow W. Vaughan, III, a partner at Holland & Knight 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: Woodrow W. Vaughan, III Holland & Knight LLP Regions Plaza 1180 West Peachtree Street NW Suite 1800 Atlanta, GA 30309 United States of America Tel: (404) 817-8500 Fax: (404) 881-0470 About Corvias Campus Living - USG, LLC Corvias Campus Living-USG, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11214 on June 25, 2025, listing between $10 million and $50 million in assets and between $500 million and $1 billion in liabilities. Thelma Edgell, president of Corvias, signed the petition. Judge Laurie Selber Silverstein oversees the case. Derek C. Abbott, Esq., at Morris Nichols Arsht & Tunnell, LLP represents the Debtor as legal counsel. CRYSTAL AND FAMILY: John Whaley Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 21 appointed John Whaley, a practicing accountant in Atlanta, Ga., as Subchapter V trustee for Crystal And Family Capital LLC. Mr. Whaley will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Whaley declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: John T. Whaley, CPA P.O. Box 76362 Atlanta, GA 30358 Phone: 404-946-5272 Email: trustee@jtwcpa.net About Crystal And Family Capital LLC Crystal And Family Capital, LLC is a single asset real estate company based in Atlanta, Georgia. Crystal And Family Capital relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-57554) on July 7, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in assets and up to $50,000 in liabilities. DEL MONTE FOODS: Hires Alvarez & Marsal to Provide CRO ------------------------------------------------------ Del Monte Foods Corporation II Inc., and its debtor-affiliates ask the U.S. Bankruptcy Court for the District of New Jersey for authority to employ Alvarez & Marsal North America, LLC to provide a Chief Restructuring Officer and additional personnel to assist in the Debtors' Chapter 11 restructuring efforts. Jonathan Goulding is designated as Del Monte's CRO, effective as of the Petition Date. Mr. Goulding is a managing director and authorized representative of A&M. He currently co-heads the firm's turnaround and restructuring efforts in the western region of the United States. He has worked as a financial advisor to stressed and distressed companies for more than 25 years, and has a bachelor's degree in chemical engineering from the University of Michigan. Alvarez & Marsal, led by Mr. Goulding, will perform these services, as outlined in the Engagement Letter dated June 29, 2025: -- Review and assess financial information, including short- and long-term projected cash flows and operating results, in cooperation with the Debtors' CEO, Greg Longstreet. -- Identify and implement cost reduction and operational improvement opportunities. -- Assist in developing restructuring plans or strategic alternatives to maximize enterprise value. -- Serve as a liaison with creditors regarding financial and operational matters. -- Assist with debtor-in-possession (DIP) financing, including weekly budget variance reporting. -- Support contingency planning for liability management and restructuring. -- Assist with vendor management and negotiation of payment terms, including evaluating executory contracts and leases. -- Prepare financial information for creditors, such as cash flow projections, budgets, and analyses of asset and liability accounts. -- Coordinate resources for the reorganization effort. -- Prepare financial disclosures required by the Court, including Schedules of Assets and Liabilities, Statements of Financial Affairs, and Monthly Operating Reports. -- Attend meetings and assist in discussions with potential investors, banks, lenders, official committees, the U.S. Trustee, and other parties in interest. -- Analyze creditor claims and develop databases to track them. -- Assist in preparing information and analyses for plan confirmation, including disclosure statements. -- Evaluate and analyze avoidance actions (e.g., fraudulent conveyances and preferential transfers). -- Advise on key employee compensation and critical employee benefit programs. -- Perform other services as requested by the Debtors' board of directors and agreed to by A&M, provided they are not duplicative. A&M will be compensated at customary hourly billing rates, subject to annual adjustments: Managing Directors: $1,100 - $1,575/hour Directors: $850 - $1,100/hour Analysts/Associates: $450 - $825/hour A&M will seek reimbursement for reasonable and necessary expenses (e.g., travel, lodging, computer research, messenger, and telephone charges). A 4% administrative fee referenced in the Engagement Letter will not be charged during these Chapter 11 cases. A&M will also be reimbursed for reasonable fees and expenses of its outside counsel related to the Debtors' motion. Fees and expenses will be billed weekly or more frequently as agreed, with reports of compensation and expenses filed at least quarterly, subject to Court review if objections are raised. A&M received a $300,000 retainer under a prior engagement letter, credited in full under the current Engagement Letter, and additional payments totaling $5,500,000 in the 90 days prior to the Petition Date for pre-petition services. The unapplied residual retainer (amount not specified in the provided text) will be disclosed in A&M's first compensation report. A&M attests it is a "disinterested person" as defined by section 101(14) of the Bankruptcy Code, with no connections to the Debtors, their creditors, other parties in interest, or the U.S. Trustee, except as disclosed in the Goulding Declaration, which lists A&M's relationships with various parties (e.g., creditors, customers, competitors) from prior or current engagements in unrelated matters. A&M commits to filing supplemental declarations if new material facts or relationships arise. A hearing on the request is scheduled for August 4, 2025, at 10:00 a.m. ET before Judge Michael B. Kaplan in Trenton, N.J. Objections must be filed and served at least seven days before the hearing. The firm may be reached at: Jonathan Goulding ALVAREZ & MARSAL NORTH AMERICA, LLC 1177 Avenue of the Americas New York, New York 10036 Telephone: (212) 715-9100 About Del Monte Foods Founded in 1886 and headquartered in Walnut Creek, California, the Del Monte business has been a cornerstone of American grocery stores for more than 130 years. Del Monte Foods has been driven by its mission to nourish families with earth's goodness. As the original plant-based food company, Del Monte is always innovating to make nutritious and delicious foods more accessible to consumers across its portfolio of beloved brands, including Del Monte, Contadina, College Inn, Kitchen Basics, JOYBA, Take Root Organics and S&W. On the Web: http://www.delmontefoods.com/or http://www.joyba.com/ On July 1, 2025, Del Monte Foods Corporation II, Inc., and 17 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) to address $1.235 billion in funded debt obligations. The Debtors' bankruptcy cases are pending before the Honorable Michael B. Kaplan. Herbert Smith Freehills Kramer (US) LLP and Cole Schotz P.C. are serving as legal counsel to Del Monte, Alvarez & Marsal North America, LLC is serving as financial advisor, and PJT Partners is serving as investment banker to the Company. Stretto is the claims agent. Wilmington Savings Fund Society, FSB, as DIP Term Loan Agent, is represented by ArentFox Schiff LLP. JPMorgan Chase Bank, N.A., as Prepetition and DIP ABL Agent, is represented by Greenberg Traurig, LLP and Simpson Thacher & Bartlett LLP. DEL MONTE: Bankruptcy Puts Saddle Creek at Risk of $1.35MM Losses ----------------------------------------------------------------- David Taube of Trucking Dive reports that Saddle Creek Logistics Services, a transportation and warehousing firm with about 400 power units, faces a potential $1.35 million loss tied to Del Monte Foods' Chapter 11 bankruptcy, stemming from an unsecured claim. Despite generating $922 million in gross revenue in 2024, according to Transport Topics, the possible hit adds pressure to a freight sector already dealing with weak demand and tariff-related headwinds. Saddle Creek has not commented on the matter. Del Monte Foods filed for bankruptcy on July 1, listing more than $1 billion in both assets and liabilities and naming over 10,000 creditors. The filing is expected to send shockwaves through the supply chain. Other transportation-related creditors with unsecured claims include Transplace—owned by Uber Freight—with a $9 million claim, New Hampshire-based ES3 at $4 million, and Florida's CHEP at nearly $470,000. As unsecured creditors, these companies face lower repayment priority and a greater risk of recovering less than they're owed, according to Trucking Dive. Del Monte President and CEO Greg Longstreet said a court-supervised sale offers the best path forward for the company’s long-term recovery. The company has also filed standard "first day" motions to maintain uninterrupted operations during the Chapter 11 process. About Del Monte Foods Inc. Del Monte Foods manufactures and distributes packaged food products. The Company provides canned fruits and vegetables, as well as a wide range of snacks. Del Monte Foods serves customers worldwide. Del Monte Foods Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-16995) on July 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Herbert Smith Freehills Kramer (US) LLP and Cole Schotz P.C. are serving as legal counsel, Alvarez & Marsal North America, LLC is serving as financial advisor, and PJT Partners is serving as investment banker to the Company. DENVER BOULDERING: Jonathan Dickey Named Subchapter V Trustee ------------------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Jonathan Dickey as Subchapter V trustee for Denver Bouldering Club, LLC. Mr. Dickey will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Dickey declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jonathan M. Dickey, Esq. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 303-832-2400 Email: jmd@kutnerlaw.com About Denver Bouldering Club LLC Denver Bouldering Club, LLC operates multiple climbing gyms in the Denver area, offering memberships, coaching, and outdoor education. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-14161) on July 3, 2025. In the petition signed by Thomas Betterton, managing member, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Thomas B. McNamara oversees the case. David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, P.C., represents the Debtor as legal counsel. DIOCESE OF OAKLAND: Wants to Postpone Chapter 11 Exit as Fees Soar ------------------------------------------------------------------ Alex Wolf of Bloomberg Law reports that the Diocese of Oakland has requested to delay its bankruptcy plan confirmation hearing from late August to mid-November 2025, citing financial difficulties in covering rising legal costs from the committee representing clergy sex abuse claimants. In a Wednesday, July 16, 2025, filing with the U.S. Bankruptcy Court for the Northern District of California, the Roman Catholic Bishop of Oakland said it lacks the funds to both implement a proposed abuse settlement and pay the creditor committee's legal fees, which have "increased exponentially" in recent months. About Roman Catholic Bishop Of Oakland The Roman Catholic Bishop of Oakland, a tax-exempt religious organization, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-40523) on May 8, 2023. In the petition signed by Bishop Michael Charles Barber, the Debtor disclosed $100 million to $500 million in both assets and liabilities. Judge William J. Lafferty oversees the case. The Debtor tapped Foley & Lardner LLP as legal counsel and Alvarez & Marsal North America, LLC as restructuring advisor. Kurtzman Carson Consultants LLC is the Debtors' claims and noticing agent and administrative advisor. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel; Burns Bair LLP as special insurance counsel; and Berkeley Research Group, LLC as financial advisor. DIOCESE OF SAN DIEGO: Saunders Represents Sexual Abuse Claimants ---------------------------------------------------------------- The law firm of Saunders & Walker, P.A., filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 case of The Roman Catholic Bishop of San Diego, the firm represents Sexual Abuse Claimant. Saunders & Walker has offices at 360 Central Avenue, Ste. 800, St. Petersburg, FL 33701 and 1901 Avenue of the Stars, 2nd Floor, Los Angeles, CA 90067. Attorney Joseph H. Saunders is duly licensed to practice before Court of the State of California and the U.S. District Court for the Southern District of California. Saunders & Walker individually represents each Sexual Abuse Claimant. Due to confidentiality, each Claimant has been identified by their Sexual Abuse Proof of Claim Form number. The names and addresses of the confidential Claimants are available to permitted parties who have executed a confidentiality agreement and have access to the Sexual Abuse Claim Forms. Pursuant to individual fee agreements, Saunders & Walker, is individually retained by each Claimant to pursue claims for damages against the Debtor as a result of sexual abuse. This includes representing and acting on behalf of each Claimant in the bankruptcy case. Each Claimant maintains and individual economic interest in the Debtor that has been disclosed in the Confidential Sexual Abuse Claim Supplement. The law firm can be reached at: SAUNDERS & WALKER, P.A. Joseph H. Saunders, Esq. 1901 Avenue of the Stars 2nd Floor Los Angeles, CA 90067 Telephone: 727-579-4500 Email: joe@saunderslawyers.com carol@saunderslawyers.com About The Roman Catholic Bishop of San Diego The Roman Catholic Bishop of San Diego sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 24-02202) on June 17, 2024. In the petition signed by Rodrigo Valdivia, vice moderator of the Curia, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Christopher B. Latham oversees the case. The Debtor tapped Gordon Rees Scully Mansukhani, LLP, as counsel and GlassRatner Advisory & Capital Group, LLC, doing business as B. Riley Advisory Services, as financial advisor. Donlin, Recano & Company, Inc., is the claims agent and administrative advisor. DIRECTV ENTERTAINMENT: S&P Downgrades ICR to 'B+' on Sale to TPG ---------------------------------------------------------------- S&P Global Ratings lowered all ratings on U.S.-based satellite pay-TV company DirecTV Entertainment Holdings LLC (DTV) one notch, including the issuer credit rating to 'B+' from 'BB-', and removed them from CreditWatch, where S&P placed them with negative implications on Sept. 30, 2024. The stable outlook reflects the company's strong credit metrics for the rating, offset by private equity ownership, uncertainty around the pace of EBITDA declines, and subscriber churn. DTV announced that TPG Capital completed the purchase of AT&T Inc.'s remaining 70% stake, which S&P believes will increase the risk of releveraging under private equity ownership. The downgrade reflects that DirecTV's leverage will be higher under private equity ownership. TPG has full control over financial policy and capital allocation decisions, which increases the risk of releveraging, in S&P's view. Previously, AT&T had split representation on the board of directors. Material actions, such as a leveraging dividend, required the consent of AT&T. S&P said, "Under TPG's ownership, we expect that there will be more of a focus to meet investment return goals given new money from the sponsor, which would likely entail debt-financed dividends and potentially higher leverage. Our base-case forecast assumes that leverage modestly will increase to 2.3x-2.5x by fiscal year-end 2026 from about 2x pro forma for the $1.6 billion debt-financed dividend in January 2025, as modest debt amortization is offset by earnings declines of about 10% and free operating cash flow (FOCF) averaging about $3 billion annually through 2026." S&P said, "We believe DTV's leverage will be lower than is typical for issuers owned by private equity. TPG had held a 30% stake in DTV since 2021, with considerable influence over financial policy decisions, including DTV consistently operating within its previously stated leverage target of 1x-1.5x. We believe that TPG's new target leverage will be in the 2x area, which is strong for the rating. However, private equity ownership, the potential for higher leverage longer term, and challenging industry conditions limit rating upside." The linear TV industry is rapidly shrinking, and the model has been under pressure for years. Programmers have raised rates while shifting their best content toward direct-to-consumer applications. Furthermore, distributors have limited flexibility to create tailored channel lineups because programmers include contractual minimum penetration per channel in bundled portfolios. Therefore, households are dropping linear TV services since it is more expensive and includes too many channels they don't watch. These factors contributed to mid-teen percent annual subscriber declines. DirecTV has been introducing new offerings to reverse these weak operating trends by pivoting toward streaming options, including the recently launched sports-centric skinny bundle. S&P said, "However, we expect YouTubeTV will continue to gain significant market share within the industry given its low price and inclusion of several channels that carry news and sports. YouTubeTV is owned by Alphabet and may be willing to accept low gross programming margins to gain scale and attract viewers, which can enhance its larger advertising business model. Therefore, we do not forecast an improvement in subscriber trends for DirecTV." The stable outlook reflects DTV's strong credit metrics and healthy FOCF, offset by uncertainty around the pace of EBITDA declines and subscriber churn. S&P said, "We could lower the rating if DirecTV raises leverage above 3.5x on a sustained basis. We believe this would most likely be caused by an acquisition or debt-financed dividends to TPG. "Although unlikely given challenging secular and macroeconomic trends, we could raise the rating if DirecTV stabilizes its subscriber and earnings trends such that its overall business risk prospects improve. "Alternatively, we could raise our rating if TPG sells down its stake to allow for more governance protections. Absent an improvement in the business risk, DTV sustains debt to EBITDA below 2.5x." DIVISION 2 TRUCKING: Case Summary & 20 Top Unsecured Creditors -------------------------------------------------------------- Debtor: Division 2 Trucking Company 12491 Zinran Ave. Savage, MN 55378-1082 Business Description: Division 2 Trucking Company operates as an intrastate trucking carrier based in Minnesota. The Company primarily provides hauling services for construction materials and aggregates within the state. Chapter 11 Petition Date: July 16, 2025 Court: United States Bankruptcy Court District of Minnesota Case No.: 25-32182 Judge: Hon. Katherine A Constantine Debtor's Counsel: Joel D. Nesset, Esq. COZEN O'CONNOR 33 S. 6th Street Suite 3800 Minneapolis, MN 55402 Tel: 612-260-9000 Fax: 612-260-9080 E-mail: jnesset@cozen.com Estimated Assets: $50,000 to $100,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Michael Hudalla as principal. 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/B4FVDMY/Division_2_Trucking_Company__mnbke-25-32182__0001.0.pdf?mcid=tGE4TAMA DOCUDATA SOLUTIONS: Plan Exclusivity Extended to Sept. 29 --------------------------------------------------------- Judge Christopher Lopez of the U.S. Bankruptcy Court for the Southern District of Texas extended Docudata Solutions, LC, and its debtor affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to September 29 and November 28, 2025, respectively. As shared by Troubled Company Reporter, the Debtors explain that the application of these factors to the facts and circumstances of the Chapter 11 Cases demonstrates that the requested extension of the Exclusive Periods is both appropriate and necessary. First, the size and complexity of the issues attendant to these cases warrants approval of the requested relief. In this regard, the Debtors have over $1 billion in funded debt and a complex capital structure that includes multiple securitization facilities. The complexities of the Chapter 11 Cases were also evidenced by the litigation with certain minority noteholders that surrounded approval of the DIP Motion on a final basis. Second, termination of the Exclusive Periods would adversely impact the Debtors' efforts to preserve and maximize the value of their estates and progress the Chapter 11 Cases as they would potentially face the prospect of a competing plan in the event that the existing Plan was not confirmed on the currently anticipated timeline. Granting the requested extensions will thus ensure that the Debtors can work towards confirmation of the Plan without the distraction, cost and delay of a potential competing plan process. Third, the progress that the Debtors have made in the Chapter 11 Cases, which, as noted above, has included, entering into the Plan Support Agreement, obtaining postpetition financing through the entry of the Final DIP Order, obtaining conditional approval of the Disclosure Statement and obtaining a date for the Confirmation Hearing, negotiating and filing the proposed Plan and commencing solicitation of votes with respect to same, evidences satisfaction of the third and fourth factors. Fourth, the Debtors do not seek the extension of the Exclusive Periods as a means to exert pressure on the relevant parties in interest. As discussed above, the Debtors have made progress with their major constituents, resulting in the entry into the Plan Support Agreement and the filing of the Plan and the Confirmation Hearing is scheduled to commence in approximately two weeks. The Debtors seek the requested extension of the Exclusive Periods out of an abundance of caution simply to ensure the progress made to date is not upended by a potential loss of their Exclusive Periods in the event of unexpected delay. Co-Counsel for the Debtors: Timothy A. Davidson II, Esq. Ashley L. Harper, Esq. Philip M. Guffy, Esq. HUNTON ANDREWS KURTH LLP 600 Travis Street, Suite 4200 Houston TX 77002 Tel: (713) 220-4200 Email: taddavidson@hunton.com ashleyharper@hunton.com pguffy@hunton.com -and- Ray C. Schrock, Esq. Alexander W. Welch, Esq. Hugh Murtagh, Esq. Adam S. Ravin, Esq. Jonathan J. Weichselbaum, Esq. LATHAM & WATKINS LLP 1271 Avenue of the Americas New York, NY 10020 Tel: (212) 906-1200 Email: ray.schrock@lw.com alex.welch@lw.com hugh.murtagh@lw.com adam.ravin@lw.com jon.weichselbaum@lw.com About Docudata Solutions Docudata Solutions, LC, together with their Debtors and non-Debtor affiliates (the Company), are a global leader in business process automation. Leveraging their worldwide presence and proprietary technology, the Company offers high-quality payment processing and digital transformation solutions across the Americas and Asia, helping clients enhance efficiency and lower operational costs. The Company has worked with over 60% of the Fortune 100 companies. They provide essential services to top global banks, financial institutions, healthcare payers and providers, and major global brands. These services include finance and accounting solutions, payment technologies, healthcare payer and revenue cycle management, hyper-automation and remote work solutions, enterprise information management, integrated communications and marketing automation, as well as digital solutions for large enterprises. Docudata Solutions and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90023) on March 3, 2025. In the petitions signed by Matt Brown, interim chief financial officer, the Debtors disclosed $500 million to $1 billion in estimated assets and $1 billion to $10 billion in estimated liabilities. Judge Christopher M. Lopez oversees the cases. The Debtors tapped Hunton Andrews Kurth LLP and Latham & Watkins LLP, Houlihan Lokey, Financial Advisors, Inc. as investment banker, AlixPartners, LLP as financial advisor. Omni Agent Solutions, Inc. is the Debtors' claims, noticing and solicitation agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. DP LOUISIANA: Hires Heller Draper & Horn LLC as Counsel ------------------------------------------------------- DP Louisiana, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Heller, Draper & Horn, L.L.C. as counsel. The firm's services include: a. advising the Debtor with respect to its rights, powers and duties as Debtor and Debtor-in-possession in the continued operation and management of the business and property; b. preparing and pursuing confirmation of a plan of reorganization as a Debtor that is proceeding under subchapter V and pursuing approval of the disclosure statement and plan confirmation should the Debtor cease to elect to continue under Subchapter V; c. preparing, on behalf of the Debtor, all necessary applications, motions, answers, proposed orders, other pleadings, notices, schedules and other documents, and reviewing all financial and other reports to be filed; d. advising the Debtor concerning, and preparing responses to, applications, motions, pleadings, notices and other documents which may be filed by other parties herein; e. appearing in Court to protect the interests of the Debtor; f. representing the Debtor in connection with use of cash collateral and/or obtaining post-petition financing; g. advising the Debtor concerning and assisting in the negotiation and documentation of financing agreements, cash collateral orders and related transactions; h. investigating the nature and validity of liens asserted against the property of the Debtor, and advising the Debtor concerning the enforceability of said liens; i. investigating and advising the Debtor concerning and taking such action as may be necessary to collect income and assets in accordance with applicable law, and the recovery of property for the benefit of the Debtor's estate; j. advising and assisting the Debtor in connection with any potential property dispositions; k. advising the Debtor concerning executory contract and unexpired lease assumptions, assignments and rejections and lease restructuring, and recharacterizations; l. assisting the Debtor in reviewing, estimating and resolving claims asserted against the Debtor's estate; m. commencing and conducting litigation necessary and appropriate to assert rights held by the Debtor, protect assets of the Debtor's chapter 11 estate or otherwise further the goal of completing the Debtor's successful reorganization; and n. performing all other legal services for the Debtor which may be necessary and proper in this case. The firm will be paid at these rates: Douglas S. Draper $600 per hour Leslie A. Collins $525 per hour Greta M. Brouphy $500 per hour Michael E. Landis $475 per hour Paralegals $250 per hour The firm received $35,000 ($10,000 on May 6, 2025, and an additional $25,000 on June 30, 2025) from Debtor in connection with this Chapter 11 Case. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Douglas S. Draper, Esq., a partner at Heller, Draper & Horn, L.L.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: Douglas S. Draper, Esq. Heller, Draper & Horn, L.L.C. 650 Poydras Street, Suite 2500 New Orleans, LA 70130 Tel: (650) 299-3300 About DP Louisiana LLC DP Louisiana LLC is engaged in oil and gas extraction operations. The Company is based in Louisiana and uses EAG Services in Houston, Texas, for administrative support. DP Louisiana LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-11366) on June 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Meredith S. Grabill handles the case. The Debtors are represented by Douglas S. Draper, Esq. at HELLER, DRAPER & HORN, LLC. EIF CHANNELVIEW: S&P Rates Secured First-Lien Term Loan B 'BB-' --------------------------------------------------------------- S&P Global Ratings assigned its preliminary 'BB-' rating to the term loan B (TLB). The recovery rating is '1+' (100%). S&P said, "Our 'BB-' rating reflects our view of strong market fundamentals in the Electric Reliability Council of Texas (ERCOT) market in the coming years driven by expected load growth attributable to data centers, cryptocurrency mining, and commercial and industrial demand. Our rating also reflects our view of improved cash flow visibility in the coming years due to Elliott's hedging strategy." Elliott Investment Management (Elliott) is seeking to acquire EIF Channelview Cogeneration LLC, an 851 megawatt (MW) combined cycle plant near Houston, Texas, from Ares Management. Ares Management (Ares) will retain a small stake in the asset. To fund the acquisition, Elliott is raising $260 million in financing, composed of a $220 million senior secured first-lien term loan B (TLB), a $30 million senior secured revolving credit facility (RCF), and a $10 million senior secured letter of credit facility (LC.) S&P said, "Based on our view of Channelview's expected operating performance, as well as projections of market driven variables such as power and gas prices in ERCOT, we forecast a minimum debt service coverage ratio (DSCR) of about 2.77x that occurs both during the TLB period and post-refinancing period. "The stable outlook reflects our belief that energy market dynamics and steady operating performance will allow Channelview to achieve strong DSCRs over the life of the TLB and meaningfully de-lever through its cash flow sweep mechanism, which supports DSCRs in the post-refinancing period where we model a fully amortizing structure." EIF Channelview Cogeneration LLC is an operational 851 MW, 4x1 combined cycle cogeneration facility near Houston, Texas that achieved COD in 2002. Channelview utilizes four Siemens 501F-D2 combustion turbines (CT), four Nooter/Eriksen heat recovery steam generators (HRSG), and one Alstom steam turbine generator (STG). The plant currently provides 333 MW of contractual power and contractual steam to Equistar, a subsidiary of LyondellBasell Industries N.V. (BBB/Negative/A-2) that operates within the Channelview petrochemical complex, in addition to selling merchant power. Demand-growth opportunities are on the horizon. In April 2025, ERCOT released its long-term hourly peak demand and energy forecast, which featured summer peak load growing from 87 GW in 2025 to 145 GW by 2031. S&P said, "In the coming years, we believe ERCOT is set to benefit from load growth attributable to data centers and cryptocurrency mining in addition to other commercial and industrial drivers such as the continued buildout and operation of LNG capacity and oil and gas operations. In the face of this load growth, ERCOT has sought to incentivize development of dispatchable generation through the Texas Energy Fund (TEF), which we believe is indicative of the value of incumbent generators like Channelview. S&P said, "Despite strong demand growth forecasts, we view ERCOT as a volatile, energy-only market where prices are heavily influenced by inherently unpredictable weather conditions and renewable output. Unlike other markets in the U.S. that utilize long-term capacity markets to incentivize the development of new resources, ERCOT relies on scarcity pricing to incentivize new entrants. This market construct, in addition to ebbs and flows of intermittent generation and unpredictable weather conditions, results in volatile energy prices. For better or worse, this volatility has been visible in Channelview's cash flow profile over the past several years. Notably, the project was able to capitalize on high power prices in 2021 and 2023 when weather conditions drove merchant spark spreads of $72/MWH and $47.6/MWH and cash flow available for debt service (CFADS) generation of $170 million and $91 million, respectively. However, in 2024 increased renewable output depressed prices, resulting in a merchant spark spread of $14/MWH and CFADS generation of just $20 million. We do anticipate years of abnormally high and low prices but view ERCOT's underlying fundamentals as strong. Additionally, we note that Channelview was entirely unhedged in 2024. Going forward, we expect Elliott's hedging strategy to somewhat mitigate the risk of price volatility. "Our minimum DSCR of 2.77x occurs in two periods with higher capital expenditures--once in the TLB period and again in the refinancing period. The coverage level is a function of the relatively lower leverage, good cash flow generation and sweeps, and the value the project generates through its 2045 asset life. Over the project's life, it has previously shouldered debt burdens of $375 million and $275 million. The $220 million amount proposed in this financing represents the lowest the project has carried. Our forecast anticipates that the project will be able to sweep about 45% of the original TLB balance over life, resulting in about $125 million due at maturity. This debt balance is then paid down through 2045 using our sculpted, fully amortizing approach. Due to the relatively low debt balance at maturity and material cash flow generation over the remainder of asset life, DSCRs are generally just below 3x in our post-refinancing period. The independent engineer has opined that, to the extent the project is properly operated and maintained, a useful life of an additional 30 or more years is reasonable. However, Channelview's steam supply contract with Equistar underpins our asset life assumption; should Channelview no longer benefit from this contract, its heat rate would be materially higher, and its economic life could be shorter. "Channelview is important to Equistar's operations, which drives our assumption that the steam supply agreement will be re-contracted through asset life. We view Equistar as a high-quality counterparty. Equistar is a subsidiary of LyondellBasell, an investment-grade chemical producer, and plays a key role in LyondellBasell's earnings generation and profitability. Equistar contributes to LyondellBasell's Americas olefins and polyolefins segment, which has consistently been a top contributor to LyondellBasell's earnings. Equistar's importance to LyondellBasell enforces our belief that it is a high-quality offtaker. Under the steam supply agreement, Channelview is required to provide a constant level of steam to Equistar. This steam is an essential component of and is used directly in Equistar's production process. Channelview is Equistar's sole external provider of steam, and we believe replacing Channelview as a source of steam would likely be costly. Equistar can extend the contract at its option through 2042, although it is possible but, in our view, unlikely for Equistar to opt not to extend the contract and for expiry to be as soon as 2030. We note that LyondellBasell has carbon reduction goals, and there are lower carbon alternatives that Equistar could employ in its process such as electric cracking furnaces. However, we believe this technology would be costly to employ and could present feasibility challenges. "The stable outlook reflects our view that Channelview will exhibit steady operational performance in the coming years and benefit from a generally supportive market environment as demand grows in ERCOT. Based on our view of market-driven variables, we believe Channelview will achieve DSCRs greater than 2.5x over the term loan period. We anticipate about $125 million of the TLB's principal balance to remain at maturity. "We could take a negative rating action on Channelview if DSCRs fall below 2x on a sustained basis, either over the life of the TLB or in the post-refinancing period." This could occur if: -- Channelview experiences operational difficulties that result in decreased generation, increased cost, or material obligations under its contracts; or -- Market driven variables such as power and gas prices remain depressed for an extended period and/or our long-term view of ERCOT and Channelview's cash flow generation prospects weaken; or -- Channelview's steam supply contract with Equistar is not extended and the facility's operating and cash flow profile change as a result. S&P could take a positive rating action on Channelview if the facility is consistently able to achieve DSCRs above 3x, including in the post-refinancing period. This could occur if; -- The facility is able to generate significantly higher cash flows due to a strong market and operating environment, and those cash flows result in a material paydown of the project's debt, or; -- S&P's long-term outlook on ERCOT and Channelview's cash flow generation prospects further strengthens. ENCORE GC ACQUISITION: Seeks Chapter 11 Bankruptcy in Texas ----------------------------------------------------------- On July 9, 2025, Encore GC Acquisition 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 Encore GC Acquisition LLC Encore GC Acquisition LLC is a healthcare services provider operating in the nursing care facilities sector (NAICS code 6231). It provides rehabilitation and recovery services, helping patients regain strength and functionality after illness or injury. Encore GC Acquisition LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80302) on July 9, 2025. In its petition, the Debtor reports estimated asses and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Stacey G Jernigan handles the case. The Debtors are represented by Marcus Alan Helt, Esq. at Mcdermott Will & Emery LLP. FORTRESS HOLDINGS: Unsecureds to be Paid in Full over 5 Years ------------------------------------------------------------- Fortress Holdings, LLC, submitted a First Amended Disclosure Statement describing Chapter 11 Plan dated June 26, 2025. The Debtor's main assets are its real property, 555 Preakness, 561 Preakness and Berkshire, which form the Project. A recent appraisal by Mid-Atlantic Appraisal, Inc. dated October 1, 2024 appraises the Project at $42 million. Mid-Atlantic provided an updated appraisal dated May 20, 2025 which appraises the Project at $45 million. On June 23, 2025, the Debtor and Herc Rental Inc.'s entered into a Stipulation Extending time for Herc Rental Inc. to Answer or Respond to the Complaint through and including August 19, 2025. On April 2, 2025, BSB filed a Motion for Summary Judgment in Lieu of an Answer. On June 12, 2025, the Court granted Summary Judgment in favor of BSB determining that BSB holds a first mortgage lien against three of the four parcels owned by the Debtor and fixed the amount of the principal, interest and late fees as of the Petition Date. Class 7 consists of general unsecured claims. Allowed Class 7 Claims shall be paid in full over 5 years on a quarterly basis (20 quarters) with no interest. Total amount of claims is still being determined in light of the fact that certain claims are subject to objection and reclassification. All equity interests in the Debtor will be extinguished on the Effective Date and equity interests in the Reorganized Debtor shall be issued on the Effective Date to the following persons in exchange for the following contributions (collectively the "New Value Contribution"): * Paul Qassis or his assignee shall receive 34% of the Reorganized Debtor in exchange for his agreement to pledge his ownership interest in Balcony which owns the Plenary Retail Consumption License and convert any other debt owned by the Debtor to equity. * Majid Krikor or his entity shall receive 33% of the Reorganized Debtor in exchange of his extinguishment of his DIP Loan in the amount of approximately $350,000 and convert any other debt owned by the Debtor to equity. * Abdallah Issa shall receive 33% of the Reorganized Debtor in exchange of his extinguishment of the Second DIP Loan in the amount of approximately $450,000 and his agreement to advance additional monies to implement the plan of reorganization. Golden Sky shall become the operational entity which shall provide monthly payments to the Debtor to meet the obligations of the plan and all operational expenses of the real estate after the Effective Date. In addition, on the Effective Date, Mr. Qassis shall pledge his interest in Balcony and Golden Sky to guarantee the obligations under the Plan of Reorganization. A full-text copy of the First Amended Disclosure Statement dated June 26, 2025 is available at https://urlcurt.com/u?l=QQOc7K from PacerMonitor.com at no charge. Counsel to the Debtor: TRENK ISABEL SIDDIQI & SHAHDANIAN P.C. Richard D. Trenk, Esq. Robert S. Roglieri, Esq. 290 W. Mt. Pleasant Ave., Suite 2370 Livingston, NJ 07039 Telephone: (973) 533-1000 Email: rtrenk@trenkisabel.law Email: rroglieri@trenkisabel.law About Fortress Holdings Fortress Holdings, LLC, a company in Totowa, N.J., filed Chapter 11 petition (Bankr. D.N.J. Case No. 25-10977) on January 30, 2025, listing up to $50 million in both assets and liabilities. Paul Qassis, managing member, signed the petition. Judge Vincent F. Papalia oversees the case. Richard D. Trenk, Esq., at Trenk Isabel Siddiqi & Shahdanian P.C., is the Debtor's legal counsel. FRANCHISE GROUP: Aug. 18 TopCo Professional Fee Claims Bar Date --------------------------------------------------------------- IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE In re: FRANCHISE GROUP INC., et al., Debtors Chapter 11 Case No. 24-12480 (LSS) (Jointly Administered) NOTICE OF (I) ENTRY OF THE TOPCO CONFIRMATION ORDER (II) OCCURRENCE OF EFFECTIVE DATE WITH RESPECT TO FREEDOM VCM HOLDINGS, LLC, AND (III) RELATED BAR DATES On July 1, 2025, the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court") confirmed the Ninth Amended Joint Chapter 11 Plan of Franchise Group, Inc. and its Debtor Affiliates [Docket No. 1454] (the "Plan") with respect to Freedom VCM Holdings, LLC ("TopCo"), which was attached as Exhibit A to the Findings of Fact, Conclusions of Law, and Order Confirming the Ninth Amended Joint Chapter 11 of Freedom VOM Holdings, LLC [Docket No. 1682) (the "TopCo Confirmation Order"). The Effective Date of the Plan with respect to TopCo occurred on July 3, 2025. Pursuant to Article X of the Plan, unless otherwise provided by a Final Order of the Bankruptcy Court, all Proofs of Claim with respect to Claims arising from the rejection of Executory Contracts or Unexpired Leases, pursuant to the Pian or the TopCo Confirmation Order, if any, must be Filed with the Claims Agent within thirty (30) days after the date of the effectiveness of the rejection of the applicable Executory Contract of Unexpired Lease. All Allowed Claims arising from the rejection of TopCo's Executory Contracts or Unexpired Leases {if any) shall constitute General Unsecured Claims against TopCo and shall be treated in accordance with Article V of the Plan and the applicable provisions of the Bankruptcy Code and the Bankruptcy Rules. Except as otherwise provided by the TopCo Confirmation Order, the Plan, or a Final Order of the Bankruptcy Court, thé deadline for filing requests for payment of Administrative Expense Claims against TopCo shall be August 4, 2025 (the "Administrative Bar Date"), which is the first Business Day that is thirty (30) days after the Effective Date; provided that, for the avoidance of doubt, the Administrative Bar Date with respect to the Confirmation Debtors is July 7,2025. If a Holder of an Administrative Expense Claim against TopCo (other than U.S. Trustee Fees) that is required to, but, does not, file and serve a request for payment of such Administrative Expense Claim by the Administrative Bar Date, such Administrative Expense Claim shall be forever barred and discharged. If for any reason any such Administrative Expense Claims is incapable of being forever barred and disallowed, then the Holder of such Claim shall in no event have recourse to any property to be distributed pursuant to the Plan. Pursuant to the Plan, the deadline to file final requests for payment of Professional Fee Claims against TopCo is August 16, 2025 (the "Professional Fee Application Deadline"), which is the first Business Day that is forty-five (45) days after the Effective Date of the Plan with respect to TopCo; provided that, for the avoidance of doubt, the Professional Fee Application Deadline with respect to the Confirmation Debtors is July 21,2025. All professionals must file final requests for payment of Professional Fee Claims by no later than the Professional Fee Application Deadline to receive final approval of the fees and expenses incurred in these Chapter 11 Cases. The Plan and its provisions are binding on the Debtors (including TopCo), any Holder of a Claim or Equity Interest and such Holder's respective successors and assigns, whether or not the Claim or Equity Interest of such Holder is impaired under the Plan, and whether or not such Holder or Entity voted to accept the Plan. Copies of the Plan, the Non-TopCo Confirmation Order, the TopCo Confirmation Order, and other documents and materials Filed in these Chapter 11 Cases may be obtained at no charge from the Debtors' Claims Agent by (a) visiting the Debtors' restructuring website at https://cases.ra.kroll.com/FRG, (b) writing to: Franchise Group, Inc. Ballot Processing Center, c/o Kroll Restructuring Administration, LLC, 850 3rd Avenue, Suite 412, Brooklyn, NY 11232, (c) emailing FRGinfo@ra.kroll.com (with "Franchise Group Solicitation Inquiry" in the subject line}, or (d) calling the Debtors' Claims Agent at (844) 285-4564 (U.S./Canada toll free) or +1 (646) 937-7751 (International). You may also obtain copies of any pleadings. Filed these Chapter 11 Cases for a fee via PACER at https://ecf.deb.uscourts.gov/. Dated: July 3, 2025, Wilmington, Delaware Co-Counsel to the Debtors and Debtors in Possession: Edmon L. Morton Matthew B. Lunn Allison S. Mielke Shella Borovinskaya YOUNG CORAMAY STARGATT & TATLOR, LLP Rodney Square, 1000 North King Street Wilmington, DE 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1253 E-mail: emorton@ycst.com mlunn@ycst.com amielke@ycst.com sboravinskaya@ycst.com - and - Joshua A. Sussberg, P.C. Nicole L. Greenblatt, P.C. Derek I. Hunter KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, NY 10022 Telephone: (212) 446-4800 Facsimile: (212) 446-4900 E-mail: joshua.sussberg@kirkland.com nicole.greenblatt@kirkland.com derek.hunter@kirkland.com - and - Mark Matane, PC KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 555 California Street San Francisco, CA 94104 Telephone: (415) 439-1400 Facsimile: (415) 439-1500 E-mail: mark.mckane@kirkland.com About Franchise Group Inc. Franchise Group, Inc., through its subsidiaries, operates franchised and franchisable businesses including The Vitamin Shoppe, Pet Supplies Plus, LLC, Badcock Home Furniture & More, American Freight, Buddy's Home Furnishings and Sylvan Learning Systems, Inc. Franchise Group, Inc. and its affiliates filed their voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12480) on Nov. 3, 2024, listing $1,000,000,001 to $10 billion in both assets and liabilities. The petitions were signed by David Orlofsky as chief restructuring officer. Willkie Farr & Gallagher LLP and Young Conaway Stargatt & Taylor, LLP are serving as legal counsel, AlixPartners is serving as financial advisor and Chief Restructuring Officer, and Ducera Partners is serving as investment banker to the Company. Paul Hastings LLP is serving as legal counsel and Lazard is serving as investment banker to the first lien ad hoc group. FRANCIS TRUST: Final Hearing to Use Cash Collateral Set for July 22 ------------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Maine is set to hold a hearing on July 22 to consider final approval of Francis Trust, LLC's bid to use cash collateral. The Debtor's authority to use cash collateral pursuant to the court's July 8 interim order expires on July 22. The interim order approved the payment of the Debtor's expenses from the cash collateral in accordance with its budget and granted Stormfield SPV I, LLC, the Debtor's primary secured creditor, replacement liens on all assets of the Debtor. The Debtor owns and operates three adjacent residential rental properties in Bristol, Maine, collectively valued at $1.83 million based on 2024 appraisals. Stormfield holds a mortgage on all three properties and a UCC-1 lien on the Debtor's personal property. The Debtor defaulted on a $900,000 loan from Stormfield, which has since grown to approximately $1.1 million. About Francis Trust Francis Trust LLC operates The Moorings of New Harbor, a lodging complex situated in New Harbor, Maine. This property offers a variety of accommodations, including private units in historic homes with harbor and ocean views. Amenities at The Moorings include an indoor heated pool, hot tub, tennis courts, and free Wi-Fi. Some units are pet-friendly and feature full kitchens, fireplaces, and expansive decks. Francis Trust sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 25-10064) on April 15, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Peter G. Cary handles the case. Tanya Sambatakos, Esq., at Molleur Law Office is the Debtor's bankruptcy counsel. Stormfield SPV I, LLC, as secured creditor, is represented by: Joan B. Egdall, Esq. Demerle & Associates, P.C. 10 City Square, 4th Floor Boston, MA 02129 Phone: (617) 337-4444 Fax: (617) 337-4496 Bankruptcy@demerlepc.com FRESH START: Ruediger Mueller Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 21 appointed Ruediger Mueller of TCMI, Inc. as Subchapter V trustee for Fresh Start Development, Inc. 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 Fresh Start Development Inc. Fresh Start Development Inc. is a Florida-based development company. Fresh Start Development sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04008) on June 13, 2025. Judge Catherine Peek Mcewen handles the case. FSH MAINTENANCE: Unsecureds to Get Share of Income for 3 Years -------------------------------------------------------------- FSH Maintenance, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization for Small Business dated June 25, 2025. The Debtor, a Florida limited liability company, operated as an FAA certified 145 Repair Center specializing in Robinson Helicopters. The Debtor was formed in August of 2013, and its services have historically included helicopter inspections, repairs, and maintenance. On March 24, 2023, the Debtor was sued by BC Dental, Inc., and Starr Indemnity & Liability Company ("Starr," collectively with BC Dental, the "Plaintiffs") in the United States District Court for the Middle District Florida, case number 8:23-cv-00664-WFJ-JSS ("District Court Case"), in connection with a helicopter accident that occurred in 2019. The Debtor and Plaintiffs see a potential bad faith, wrongful denial of coverage, or other claim against the insurer, prompting the Debtor to establish a litigation trust through its plan to address these claims. After evaluating alternatives, the Debtor determined that a Subchapter V Chapter 11 filing provided a venue in which to effectively address its current debts and best serve the interests of its creditors, customers, and employee. This Plan of Reorganization proposes to pay creditors of the Debtor through the following: (A) Cash on hand on the Effective Date, (B) Cash generated in the ordinary course of business on and after the Effective Date, and (C) Proceeds from the Bad Faith Claim through the Litigation Trust. Class 4 consists of General Unsecured Claims. Every holder of a non-priority unsecured claim against the Debtor, excluding those in Class 3, shall receive its pro-rata share of the Debtor's projected disposable income as defined by Section 1191(d) of the Bankruptcy Code and the Plan Contributions, after payment of administrative, priority tax, secured claims and Class 3. Payments shall be made annually and payable on the anniversary of the Effective Date consistent with the plan projections, with the last payment due on the third anniversary of the Effective Date. The Debtor estimates that the total amount of claims asserted in Class 4 will be approximately $161,885.94. Class 4 is Impaired by the Plan. Class 5 consists of all equity interests in the Debtor. The existing equity holders will retain their equity interests in the Debtor. No distributions will be made to equity interest holders solely on account of their interests until the distributions to Class 4 have been made. Because no distributions will be made under the Plan, the value of the Class 5 equity interests shall be $0.00 for purposes of the Plan. Payments required under the Plan will be funded from (i) existing cash on hand on the Effective Date, (ii) net disposable income generated by continued business operations; and, (iii) Exit Plan Financing. A full-text copy of the Plan of Reorganization dated June 25, 2025 is available at https://urlcurt.com/u?l=DXcPDt from PacerMonitor.com at no charge. Counsel to the Debtor: Almarosa C. Torres-O'Connor, Esq. Stitchter Riedel Blain & Postler, P.A. 110 E. Madison Street, Suite 200 Tampa, Florida 33602 Telephone: (813) 229-0144 Email: atorres@srbp.com About FSH Maintenance FSH Maintenance, LLC, a Florida limited liability company, operated as an FAA certified 145 Repair Center specializing in Robinson Helicopters. The Debtor filed a petition for relief under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01897) on March 27, 2025, listing between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Judge Roberta A. Colton oversees the case. Almarosa Carolina Torres-O'Connor, Esq. at Stichter, Riedel, Blain & Postler, P.A., is the Debtor's legal counsel. GCI LLC: S&P Upgrades ICR to 'BB-', Off CreditWatch Negative ------------------------------------------------------------ S&P Global Ratings raised its issuer credit rating on GCI LLC one notch to 'BB-' from 'B+'. S&P also raised its issue-level rating on the company's senior secured debt one notch to 'BB+' and senior unsecured debt to 'BB-'. S&P's recovery ratings are unchanged. S&P removed the ratings from CreditWatch, where it placed them on March 20, 2025, with negative implications. The stable outlook reflects S&P's view that GCI will maintain leverage in the high-2x area over the next year, with the potential for it to increase to the 3x-4x area on an S&P Global Ratings-adjusted basis based on its financial policy. It also expects S&P Global Ratings-adjusted free operating cash flow (FOCF) to debt will remain at or above 10%, in line with the thresholds for the rating. On June 27, 2025, the U.S. Supreme Court affirmed the constitutionality of the funding mechanism for the Federal Communications Commission's (FCC)'s Universal Service Fund (USF) program in a 6-3 decision. On June 27, 2025, the U.S. Supreme Court affirmed the constitutionality of the funding mechanism for the Federal Communications Commission's (FCC)'s Universal Service Fund (USF) program in a 6-3 decision. The U.S. Supreme Court's recent ruling effectively preserves the funding mechanism for USF, making it highly unlikely that GCI will experience any revenue loss related to the program. This ruling affirms the FCC's authority to collect fees from telecommunications companies to fund programs that ensure affordable access to communications services, particularly for low-income individuals, those in high-cost areas, and schools and libraries. Given that USF and other federal subsidy programs account for about 42% of GCI's annual revenue, this ruling was a very favorable outcome for the company's financial risk profile. The upgrade reflects a more prudent financial policy following its spin-off from Liberty Broadband. S&P said, "We believe the company will maintain leverage in the high-2x area over the next couple of years. Over the long term, we expect GCI to operate within a leverage target of 3x-3.5x (S&P Global Ratings-adjusted leverage of 3.6x-3.7x at the high end), which allows for the possibility of cash distributions to shareholders, and possibly debt-financed acquisitions, as per its stated financial policy. However, as an independent, publicly traded entity, GCI is no longer expected to distribute dividends to Liberty. While it still may pay dividends to public shareholders, we expect these distributions to be at a much more conservative level." S&P said, "We expect GCI will maintain leverage in the high-2x area over the next couple of years. As of March 31, 2025, leverage stood at 2.9x, down from 3.1x as of the end of 2024. We expect total revenue to grow about 2% this year and 1% in 2026, down from 3.6% in 2024. Our base-case forecast assumes mid-single-digit percent growth in business data revenue and 2% consumer broadband revenue growth, partially offset by steep declines in other revenue (video and voice) as the company phases out its video product this year. We also forecast modest wireless post-paid net adds of approximately 1,200 in 2025, excluding segment reclassifications, due to mature market conditions in Alaska. Our base-case forecast also assumes a 5% decline in operating expenses this year following the company's internal reorganization of its network and IT divisions last year, which will contribute to higher earnings. "Despite a significant uptick in capital expenditure (capex), we expect FOCF to remain relatively flat in 2025. We expect GCI will record FOCF of around $88 million in 2025, in line with 2024, and S&P Global Ratings-adjusted FOCF to debt to be about 10%. We expect 2025 capex will be about $250 million, net of grant proceeds, up from $183 million in 2024, due to additional investments in middle and last mile connectivity, as well as continued network expansion into rural areas. We expect capex to remain elevated in 2026 before declining to more normalized levels in 2027. "The stable outlook reflects our view that GCI will maintain leverage in the high-2x area over the next year, with the potential to increase to the 3x-4x area on an S&P Global Ratings-adjusted basis based on its financial policy. We also expect S&P Global Ratings-adjusted FOCF to debt will remain at or above 10%, in line with the thresholds for the rating." Although unlikely over the next year, S&P could lower its rating on GCI if: -- Deteriorating top-line trends and lower earnings reduce FOCF to debt to below 10%; or -- Debt-financed acquisitions or dividends increase leverage above 4x. While unlikely in the near term based on the company's financial policy, S&P could raise the rating on GCI if it: -- Commits to maintaining leverage below 3x; -- Improves its geographic diversity; and -- Reduces exposure to government subsidies, which would indicate improved business risk characteristics. GEO GROUP: Moody's Affirms 'B2' CFR & Alters Outlook to Positive ---------------------------------------------------------------- Moody's Ratings affirmed The GEO Group, Inc.'s ("GEO" or "the Company") B2 corporate family rating and B3 senior unsecured notes rating. Concurrently, Moody's affirmed the B1 ratings on GEO's senior secured notes and senior secured bank credit facility, as well as the (P)B3 rating on its senior unsecured shelf. The outlook was changed to positive from stable. The change in outlook reflects Moody's expectations that GEO's leverage and coverage metrics will improve over the next 2–4 quarters due to debt reduction from asset sale proceeds and increased income from reactivated prison facilities. RATINGS RATIONALE GEO's B2 corporate family rating reflects its position as one of the two leading private prison operators in the U.S, renewal risk for federal contracts which are impacted by shifts in regulatory policy, and its high exposure to service revenue contracts. Recent administrative and legislative changes have led to increased demand for prison capacity, particularly from Immigration and Customs Enforcement (ICE). However, there is meaningful uncertainty about the demand for private prisons over the longer term because of the potential for sudden and meaningful change regulatory policy and societal pressures regarding reducing incarceration rates. At the end of the first quarter of 2025, GEO's Secure Services segment owned and operated 57 prisons in the US, of which 6 were idle facilities. One previously inactive facility was brought online earlier this year, and there may be further similar actions in the coming quarters. These changes could affect income growth in 2025 and 2026. There remains significant uncertainty over the demand for private prisons over the longer term, especially for the properties with federal tenants such as ICE, United States Marshals Service (USMS) and the Federal Bureau of Prisons. ICE contracts accounted for 43% of GEO's revenue in the first quarter of 2025 and the company's second largest tenant exposure was to USMS at 16%. The company's contract retention rate declined to 83% in the first quarter of 2025 from the 94% average in the 2022-2024 period. Moody's expects the retention rate to recover because of near-term need, primarily from ICE, for prison capacity. The electronic monitoring and supervision segment accounted for 23% of GEO's net operating income in the first quarter of 2025. The contract with ICE (ISAP), its only customer, expires in July 2025. The likelihood of termination is minimal because GEO has been the only provider for the service for the last 15 years. Nevertheless, reduced pricing in a new contract or decline in participant count are factors that could depress the income contribution from this segment over time. At the end of the first quarter of 2025, GEO's net debt to EBITDA ratio was 3.8x and its EBITDA to interest expense ratio was 2.4x. Given the company's plan to pay down debt using proceeds from the recently announced Oklahoma asset sale, and forecast growth in income, Moody's expects its net debt to EBITDA to improve to 3.0x over the next 2-4 quarters. In the same period, Moody's forecasts that GEO's fixed charge coverage will increase to 3.1x. The company's liquidity profile is supported by solid operating cash flow, moderate capital expenditure needs primarily related to reactivating idle facilities, and no material debt maturity until 2029. GEO's SGL-2 speculative grade liquidity rating also reflects the increase in the size of its revolving credit facility. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if net debt to EBITDA remains below 3.5x and EBITDA to fixed charges increases and is maintained above 3.0x. Improvement in rental economics, stable ISAP income, sound liquidity and better long-term prospects for private prisons are some other factors that could prompt an upgrade. A rating downgrade is unlikely given the positive outlook and would likely reflect net debt to EBITDA exceeding 4.5x, EBITDA to fixed charges falling below 2.0x and deterioration in liquidity and capital access. Non-renewal of the ISAP contract or renewal with materially weaker terms, or regulatory changes that reduce demand for private prisons could also result in a downgrade. The GEO Group, Inc. (NYSE: GEO) is a leading provider of correctional, detention, and reentry services to government agencies in the US and internationally. As of March 31, 2025, GEO owned or operated 98 facilities with 76,578 beds across the US, Australia, South Africa, and the U.K. In the first quarter of 2025, managed facilities accounted for 15% of GEO's net operating income (NOI) and non-residential services including electronic monitoring accounted for 30% of NOI. The principal methodology used in these ratings was REITs and Other Commercial Real Estate Firms published in May 2025. GEO's B2 CFR rating is 3 notches below the current scorecard-indicated outcome of Ba2. The difference reflects the niche nature of its asset class and observed volatility in demand. Both factors warrant more conservative balance sheets and stronger liquidity. GEO GROUP: S&P Upgrades ICR to 'BB-' on Debt Reduction ------------------------------------------------------ S&P Global Ratings raised its issuer credit and senior unsecured issue-level ratings on U.S.-based private prison operator The GEO Group Inc. to 'BB-' from 'B+', and its senior secured debt rating to 'BB+' from 'BB'. S&P said, "The positive outlook reflects the potential we could raise our rating on GEO over the next 12 months if it performs in line with our forecast and sustains leverage of less than 3x with free operating cash flow (FOCF) to debt greater than 10%. "Our ratings upgrade reflects GEO's improved operating performance and debt reduction. GEO expects to use net proceeds of $222 million from the sale of its Lawton Facility in Oklahoma and liquidity from its new $450 million revolver to repay senior secured debt. This, combined with expected EBITDA growth, will result in a significant reduction in leverage, from 3.8x as of March 31, 2025, to around 2.8x by year-end 2025. While we expect the company's leverage will remain below 3x in 2026, the company has not yet demonstrated a track record of maintaining leverage at this level. We believe there is a risk the company could temporarily increase leverage to complete an asset purchase or engage in share repurchases. Therefore, the company would need to maintain leverage below 3x with a commitment to a more conservative financial policy target in order for S&P Global Rating to consider another upgrade. "The positive outlook reflects increased demand for GEO's services, leading to performance upside. The U.S. administration has taken an aggressive approach to its immigration policies, leading to a surge in U.S. Immigration and Customs Enforcement (ICE) utilization for GEO's facilities. Since the start of 2025, the company has reactivated three idle facilities and been awarded significant contracts with the government, including a new U.S. Marshals Service contract for secure transportation and contract detention officer services, which we expect will result in over $200 million of incremental annual revenue. The government's bill passed in early July of this year significantly increases funding for immigration enforcement, which we expect will result in greater demand for GEO's services. We think there is significant upside for facilities where GEO houses detainees, which could result in higher utilization and efficiencies. For the remaining facilities that are idle, we believe there are opportunities for GEO to bring these back online, though the timing is uncertain. Therefore, our base case does not include benefit from idle facilities. "GEO's stable cash flows under long-term contracts support our rating action. While we expect fluctuation in demand for immigration services across presidential administrations, we expect ICE detention authorization will likely increase and remain above 50,000 beds given the Laken Riley Act, which was passed earlier in 2025 and requires the government to detain undocumented immigrants who have been charged with a crime. Therefore, we believe this greater demand is likely to stay at or near these levels across administrations. While the company still faces risks, including regulation, political exposure, and social pressure, it has stable cash flows under long-term contracts and has demonstrated access to the capital markets with a commitment to deleveraging. "GEO has operated with a less-aggressive financial policy since its debt restructuring in 2022, though it will likely increase its shareholder returns over the next 12 months. After the expected debt repayment with asset sale proceeds, GEO will have repaid over $500 million of debt since 2022. Under its credit facility covenants, GEO can retain 25% of its excess cash flow until September 2025 and 50% after that date, which it can use to fund shareholder returns if leverage is 2.5x-3.5x. Additionally, the recently amended terms of its senior secured credit facility provides a new general restricted payments basket of $150 million when leverage is below 3x. While the company has operated with leverage well below 4x for a number of quarters, we believe there is risk that the company will not sustain leverage below 3x in our updated 2025 base case if it pursues acquisitions and/or materially increases its share repurchase activity. Our base case assumes the company will take a measured approach to shareholder returns, and we will monitor the company's financial policy over the next year to assess whether it is committed to maintaining S&P Global Ratings-adjusted leverage below 3x. "The positive outlook reflects the potential we will raise our rating on GEO over the next 12 months if it performs in line with our forecast and sustains leverage of less than 3x with FOCF to debt greater than 10%." S&P could revise its outlook on GEO to stable over the next 12 months if it expects leverage will remain above 3x. This could occur if: -- The expected improvement in its EBITDA and cash flow from the new administration's policies do not materialize; -- The company materially increases its shareholder returns, and acquisitions that leads to a deterioration in credit metrics. S&P could raise its ratings on GEO if it sustains S&P Global Ratings-adjusted leverage of below 3x while maintaining FOCF to debt of more than 10%. This could occur if: -- The company benefits from a material increase in demand from the government that bolsters its operating performance; -- It successfully executes on the business tailwinds, which could likely lead to reopening of idle facilities; -- Management prudentially manages its capital allocation strategy in order to maintain leverage below 3x. GLOBAL CONCESSIONS: Seeks to Extend Plan Exclusivity to Nov. 28 --------------------------------------------------------------- Global Concessions Inc., asked the U.S. Bankruptcy Court for the Northern District of Georgia to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to November 28, 2025 and January 27, 2026, respectively. This Motion is the Debtor's first request for an extension of the Exclusivity Periods, and the request will not unfairly prejudice or pressure the Debtor's creditor constituencies or grant the Debtor any unfair bargaining leverage. The Debtor claims that it needs creditor support to confirm any plan, so the Debtor is in no position to impose or pressure its creditors to accept unwelcome plan terms. The Debtor seeks an extension of the Exclusivity Periods to advance the case and continue good faith negotiations with its stakeholders. The Debtor explains that premature termination of the Exclusivity Periods may engender duplicative expense and litigation associated with multiple competing plans. Any litigation with respect to competing plans and resulting administrative expenses will only decrease recoveries to the Debtor's creditors and significantly delay, if not undermine entirely, the possibility of prompt confirmation of a plan of reorganization. The Debtor asserts that given the consequences for the Debtor's estate if the relief requested herein is not granted and the substantial progress made to date, the requested extension of the Exclusivity Periods will not prejudice the legitimate interests of any party in interest in this case. Rather, the extension will further the Debtor's efforts to preserve value and avoid unnecessary and wasteful litigation. Global Concessions Inc. is represented by: Benjamin Keck, Esq. Jonathan Clements, Esq. Keck Legal, LLC 2801 Buford Highway NE, Suite 115 Atlanta, GA 30329 Tel: (470) 826-6020 Email: bkeck@kecklegal.com About Global Concessions, Inc. Global Concessions Inc., established in 1990 and headquartered in Atlanta, Georgia, specializes in operating food and beverage concessions, primarily within major transportation hubs across the United States. The Company has expanded its portfolio to include a diverse range of dining experiences, from quick-service partnerships with renowned brands like IHOP Express, Ben & Jerry's, and Nathan's Famous, to unique, stand-alone restaurants such as Sweet Georgia's Juke Joint and One Flew South. Global Concessions Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-53640) on April 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. The Debtor tapped Benjamin Keck, Esq., at Keck Legal, LLC as counsel and GlassRatner Advisory & Capital Group, LLC, doing business as B. Riley Advisory Services, as restructuring advisor. GULFSTREAM YACHT: Hires Mark S. Roher P.A as Counsel ---------------------------------------------------- Gulfstream Yacht Management, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Mark S. Roher, P.A. a/k/a The Law Office of Mark S. Roher, P.A. as counsel. The firm will provide these services: a. give advice to the Debtor with respect to its powers and duties as Debtor in possession and the continued management of its finances; b. advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; c. prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; d. protect the interest of the Debtor in all matters pending before the Court; e. represent the Debtor in negotiation with his creditors in the preparation of a plan. The firm will be paid at $500 per hour. The firm will be paid a retainer in the amount of $10,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mark S. Roher, Esq., a partner at Mark S. Roher, P.A. a/k/a The Law Office of Mark S. Roher, 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: Mark S. Roher, Esq. Law Office of Mark S. Roher, P.A. 1806 N. Flamingo Road, Suite 300 Pembroke, FL 33028 Telephone: (954) 353-2200 Facsimile: (877) 654-0090 Email: mroher@markroherlaw.com About Gulfstream Yacht Management, Inc. Gulfstream Yacht Management, Inc., filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 2:25-bk-01113-FMD) on June 15, 2025. The Debtor hires Mark S. Roher, P.A. a/k/a The Law Office of Mark S. Roher, P.A. as counsel. HIGHER GROUND: US Trustee Opposes Bankruptcy Loan ------------------------------------------------- Benjamin Hernandez of Bloomberg Law reports that Higher Ground Education Inc., a Montessori school operator, is facing opposition from the U.S. Trustee over its proposed $8 million Chapter 11 financing package. In an objection filed Wednesday, July 16, 2025, in the U.S. Bankruptcy Court for the Northern District of Texas, U.S. Trustee Lisa L. Lambert challenged the company's plan to roll up $2 million in pre-bankruptcy debt to a higher payment priority. She also objected to provisions granting liens on avoidance actions and waiving certain creditor rights, according to the report. The financing proposal includes a $5.5 million senior facility from YYYYY LLC, which features a $500,000 roll-up, and a $2.5 million junior facility from Guidepost Global Education Inc., with a $1.5 million roll-up. Lambert argued that these roll-ups improperly elevate junior creditors by giving them superpriority claims, including on potential recovery actions for pre-bankruptcy payments. She also criticized the plan's treatment of general unsecured creditors, who would only receive recoveries from avoidance actions if their voting class approves the plan—making their payout uncertain. Additionally, the proposal seeks to waive the estate’s ability to surcharge collateral and restricts some creditors from asserting the equitable doctrine of marshaling. Higher Ground filed for Chapter 11 in June 2025, citing burdensome leases, increased secured debt, and ongoing losses following aggressive expansion. It has since been forced to sell off assets, including intellectual property and schools, after defaulting on a secured loan. About Higher Ground Education, Inc. Higher Ground Education Inc. and its subsidiaries operate Montessori schools and provide related training and consulting services worldwide. Founded in 2016, the Group grew to manage more than 150 schools by 2024, with locations across the U.S. and international expansion into Hong Kong and mainland China. It also offers virtual and home-based education, teacher training, and licensing of its content to independent partners. Higher Ground Education Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80121) on June 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Michelle V. Larson handles the case. The Debtors are represented byHolland N. O'Neil, Esq. and Timothy C. Mohan, Esq. at Foley & Lardner LLP and Nora J. McGuffey, Esq., and Quynh-Nhu Truong, Esq., at Foley & Lardner LLP. Sierraconstellation Partners, LLC is the Debtors' Financial Advisor. Verita Global, LLC fka Kurtzman Carson Consultants, LLC is the Debtors' Notice, Claims, Solicitation & Balloting Agent. HILT 2025-NVIL: Moody's Assigns B3 Rating to Cl. F Certs -------------------------------------------------------- Moody's Ratings has assigned definitive ratings to six classes of CMBS securities, issued by HILT 2025-NVIL, Commercial Mortgage Pass-Through Certificates, Series 2025-NVIL: Cl. A, Definitive Rating Assigned Aaa (sf) Cl. B, Definitive Rating Assigned Aa3 (sf) Cl. C, Definitive Rating Assigned A3 (sf) Cl. D, Definitive Rating Assigned Baa3 (sf) Cl. E, Definitive Rating Assigned Ba3 (sf) Cl. F, Definitive Rating Assigned B3 (sf) RATINGS RATIONALE The certificates are collateralized by a single loan backed by a first lien commercial mortgage related to the full-service hotel property known as the Hilton Nashville Downtown. Moody's ratings are based on the credit quality of the loans and the strength of the securitization structure. The Hilton Nashville Downtown is a 12-story, 330-guestroom, AAA-Four Diamond, full-service, all-suite hotel. Collateral of the loan also includes a 592-space, third-party managed, subterranean parking garage located immediately south of the hotel structure. The Property was originally developed in 2000 as a Hilton Suites but was renovated soon after as part of a conversion to a full-service Hilton in 2005. Given the original design, all guestrooms are configured as suites and offer an average floor area of 420 SF. Hotel features include approximately 27,000 SF of meeting space, four food and beverage venues, a fitness center, executive lounge, gift shop, and Hertz Car Rental. Moody's approach to rating this transaction involved the application of Moody's Large Loan and Single Asset/Single Borrower Commercial Mortgage-backed Securitizations methodology. The rating approach for securities backed by a single loan compares the credit risk inherent in the underlying collateral with the credit protection offered by the structure. The structure's credit enhancement is quantified by the maximum deterioration in property value that the securities are able to withstand under various stress scenarios without causing an increase in the expected loss for various rating levels. In assigning single borrower ratings, Moody's also considers a range of qualitative issues as well as the transaction's structural and legal aspects. The credit risk of loans is determined primarily by two factors: 1) Moody's assessments of the probability of default, which is largely driven by each loan's DSCR, and 2) Moody's assessments of the severity of loss upon a default, which is largely driven by each loan's loan-to-value ratio, referred to as the Moody's LTV or MLTV. As described in the CMBS methodology used to rate this transaction, Moody's makes various adjustments to the MLTV. Moody's adjust the MLTV for each loan using a value that reflects capitalization (cap) rates that are between ou Moody's r sustainable cap rates and market cap rates. Moody's also uses an adjusted loan balance that reflects each loan's amortization profile. The Moody's first mortgage actual DSCR is 1.09X, compared to 1.10X in place at Moody's provisional ratings, and Moody's first mortgage actual stressed DSCR is 0.94X. Moody's DSCR is based on Moody's stabilized net cash flow. The loan first mortgage balance of $210,000,000 represents a Moody's LTV of 121.2%. Moody's LTV ratio is based on Moody's value. Moody's did not adjust Moody's value to reflect the current interest rate environment as part of Moody's analysis for this transaction. Moody's also grade properties on a scale of 0 to 5 (best to worst) and consider those grades when assessing the likelihood of debt payment. The factors considered include property age, quality of construction, location, market, and tenancy. The property's quality grade is 2.00. Positive features of the transaction include the location, asset quality, strong forward bookings, brand affiliation and sponsorship. Offsetting these strengths are declining metrics, new supply, lack of collateral diversification, interest-only loan profile, performance volatility inherent within the hotel sector, and certain credit negative legal features. The principal methodology used in these ratings was "Large Loan and Single Asset/Single Borrower Commercial Mortgage-backed Securitizations" published in January 2025. Moody's approach for single borrower and large loan multi-borrower transactions evaluates credit enhancement levels based on an aggregation of adjusted loan level proceeds derived from Moody's Moody's loan level LTV ratios. Major adjustments to determining proceeds include leverage, loan structure, and property type. These aggregated proceeds are then further adjusted for any pooling benefits associated with loan level diversity, other concentrations and correlations. Factors that would lead to an upgrade or downgrade of the ratings: The performance expectations for a given variable indicate Moody's forward-looking views of the likely range of performance over the medium term. Performance that falls outside the given range may indicate that the collateral's credit quality is stronger or weaker than Moody's had previously anticipated. Factors that may cause an upgrade of the ratings include significant loan pay downs or amortization, an increase in the pool's share of defeasance or overall improved pool performance. Factors that may cause a downgrade of the ratings include a decline in the overall performance of the pool, loan concentration, increased expected losses from specially serviced and troubled loans or interest shortfalls. HOOTERS OF AMERICA: Plan Confirmation Hearing Scheduled for Aug. 20 ------------------------------------------------------------------- IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF TEXAS, DALLAS DIVISION In re: Hooters of America, LLC, et al., Debtors. Chapter 11 Case No. 25-80078 (SWE) (Jointly Administered) NOTICE OF (I) COMBINED HEARING ON THE FINAL APPROVAL OF THE DISCLOSURE STATEMENT, CONFIRMATION OF THE CHAPTER 11 PLAN, AND RELATED MATTERS, AND (II) OBJECTION DEADLINES AND SUMMARY OF THE CHAPTER 11 PLAN THE BANKRUPTCY COURT HAS GRANTED THE SCHEDULING ORDER AUTHORIZING THE DEBTORS TO SOLICIT VOTES TO ACCEPT OR REJECT THE PLAN FROM HOLDERS OF CLAIMS IN VOTING CLASSES HOLDERS OF SUCH CLAIMS HAVE UNTIL AUGUST 12, 2025 AT 4:00 P.M. (PREVAILING CENTRAL TIME) TO VOTE ON THE PLAN BY FOLLOWING THE INSTRUCTIONS ON THEIR BALLOTS. TO: ALL HOLDERS OF CLAIMS, HOLDERS OF INTERESTS, AND PARTIES IN INTEREST IN THE ABOVE-CAPTIONED CHAPTER 11 CASES On March 31, 2025 (the "Petition Date"), Hooters of America, LLC and its affiliated debtors and debtors in possession (together, the "Debtors"), commenced cases (the Chapter 11 Cases") under chapter 11 of title 11 of the United States Bankruptcy Court for the Northern District of Texas (the "Bankruptcy Court"). After the Petition Date, the Debtors filed the Second Amended Joint Chapter 11 Plan of Reorganization of Hooters of America, LLC and its Affiliated Debtors (as amended, supplemented, or otherwise modified from time to time, the "Plan" (Docket No. 563), attached as Exhibit A to the Disclosure Statement for the Second Amended Joint Chapter 11 Plan of Reorganization of Hooters of America, LUC and Its Affiliated Debtors (as amended, supplemented, or otherwise modified from time to time, the "Disclosure Statement") (Docket No. 564). On July 8, 2025, the Bankruptcy Court entered the Order (I) Scheduling a Combined Hearing on (A) Adequacy of Disclosure Statement and (B) Plan Confirmation; (II) Fixing Deadlines Related to Disclosure Statement Approval and Plan Confirmation; (III) Approving (A) Solicitation and Voting Procedures, (B) Form and Manner of Combined Hearing Notice and Objection Deadline, and (C) Notice Of Non-Voting Status; (IV) Conditionally Approving The Disclosure Statement, and (V) Granting Related Relief (the" Scheduling Order). Copies of the Plan, Disclosure Statement, Restructuring Support Agreement, and related documents are available (a) for a fee via PACER at https://pacer.uscourts.gov/ (PACER login required); (b) for free at the Clerk of the Bankruptcy Court between the hours of 8:00 a.m. and 4:00 p.m., (prevailing Central Time); or (c) for free via the Debtors' restructuring website, https://cases.ra.kroll.com/Hooters/, maintained by the Debtors' Voting. Solicitation documents in paper format will also be provided, free of charge upon request of the Voting Agent via (i) telephone at (888) 575-4910 (U.S./Canada, toll free) or +1 (646) 844-3894 (international, toll) or (ii) email at Hootersinfo@ra.kroll.com (with "Hooters Solicitation Inquiry" in the subject line). A combined hearing to consider final approval of the Disclosure Statement on a final basis and confirmation of the Plan and any objections thereto will be held before the Honorable Scott W. Everett, United States Bankruptcy Judge, in Courtroom #3, Earle Cabell Federal Building, 1100 Commerce St., 14th Floor, Dallas, TX 75242-1496 on August 20,2025 at 9:30.a.m.(prevailing Central Time), subject to Court's availability (the "Combined Hearing"). Please be advised that the Combined Hearing maybe continued from time to time by the Bankruptcy Court or the Debtors without further notice other than by such adjournment being announced in open court or by a notice of adjournment filed with the Bankruptcy Court and served on other parties entitled to notice. The Debtors expect to meet the requirements for confirmation of the Plan and to emerge from bankruptcy shortly after the Combined Hearing. Any objections to final approval of the Disclosure Statement and/or confirmation of the Plan (each an "Objection") must be filed with the Clerk of the Bankruptcy Court no later than 4:00 p.m. (prevailing Central Time) on August 12, 2025 (the "Objection Deadline"). Further, the Objection must: (a) be writing; (b) comply with the Federal Rules of Bankruptcy Procedure and the Local Rules for the Northern District of Texas (c) state the name and address of the objecting party and the amount and nature of the Claim or Interest or beneficially owned by such entity or individual; (d) state with particularity the legal and factual bases for such Objections; and, if practicable, a proposed modification to the Plan or Disclosure Statement that would resolve such Objections; and (e) be served on the Notice Parties on or before the Objection Deadline. Any Objection that fails to comply with requirements set forth in the Scheduling may not be considered and may be overruled. UNLESS AN OBJECTION IS TIMELY SERVED AND FILED IN ACCORDANCE WITH THIS HOTICE IT MAY NOT BE CONSIDERED BYTHEBANKRUPTCY COURT. CRITICAL INFORMATION REGARDING INJUNCTIONS, EXCULPATIONS, AND RELEASES. ARTICLE VIII OF THE PLAN CONTAINS RELEASE, EXCULPATION, INJUNCTION, AND RELATED PROVISIONS, AND ARTICLE VIII.D OF THE PLAN CONTAINS A THIRD-PARTY RELEASE. THUS, YOU ARE ADVISED TO REVIEW AND CONSIDER THE PLAN CAREFOLLY BECAUSE YOUR RIGHTS BE AFFECTED THEREUNDER. HOLDERS OF CLAIMS ARE DEEMED TO GRANT THE THHRD-PARTY RELEASE SET FORTH IN ARTICLE VIII.D OF THE PLAN SOLELY TO THE EXTENT A HOLDER AFFIRMATIVELY OPTS INTO SUCH GRANT BY COMPLETING AND RETURNING THE OPT-IN FORM ON OR BEFORE AUGUST 12, 2025 AT 4:00 P.M. (PREVAILING CENTRAL TIME). YOU ARE ADVISED TO CAREFULLY REVIEW AND CONSIDER THE PLAN, INCLUDING THE DISCHARGE, RELEASE, EXCULPATION, AND INJUNCTION PROVISIONS, AS YOUR RIGHTS MIGHT BE AFFECTED. . About Hooters of America Hooters of America, LLC, owner and operator of a restaurant chain with hundreds of locations in the United States, and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80078) on March 31, 2025. Founded in 1983, the Debtors own and operate Hooters, a renowned brand in the casual dining and sports entertainment industries. Their global portfolio includes 151 company-owned and operated locations and 154 franchised locations across 17 countries. Known for their world-famous chicken wings, beverages, live sports, and legendary hospitality, the Debtors also partner with a major food products licensor to offer Hooters-branded frozen meals at 1,250 grocery store locations. The case is before the Hon. Scott W Everett. The Debtors tapped ROPES & GRAY LLP, as general bankruptcy counsel, FOLEY & LARDNER LLP, in Dallas, Texas, as bankruptcy co-counsel, SOLIC CAPITAL, LLC as investment banker, and ACCORDION PARTNERS, LLC, as the financial advisor. KROLL RESTRUCTURING ADMINISTRATION LLC is the claims and noticing agent. ICON LLC: Section 341(a) Meeting of Creditors on August 7 --------------------------------------------------------- On July 15, 2025, ICON LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Maryland. According to court filing, the Debtor reports between $50,000 and $100,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under 341(a) to be held on August 7, 2025 at 02:00 PM via Conference Call - Chapter 11 Baltimore: Phone number 1-888-330-1716, Access Code 6624329#. About ICON LLC ICON LLC, operating as Vida Investments, is a Maryland-based food services company as indicated by its NAICS code 7223, which covers special food services including caterers, food service contractors, and mobile food vendors. ICON LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-16451) on July 1, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $50,000 and $100,000. The Debtors are represented by Douglas N. Gottron, Esq. at Morris Palerm, LLC. ICORECONNECT INC: Hire Burr & Forman LLP as Special Counsel ----------------------------------------------------------- Icoreconnect Inc. and iCore Midco Inc. seek approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Burr & Forman LLP as special counsel. The firm will provide guidance and advice regarding the Debtors' labor and employment issues. The firm will be paid at these rates: Matthew Scully $550 per hour Christopher Thompson $600 per hour The firm will be paid a retainer in the amount of $20,000. The firm is currently owed $68,935.13 for prepetition services rendered to the Debtors. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Christopher Thompson, Esq., a partner at Burr & Forman 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: Christopher Thompson, Esq. Burr & Forman LLP 200 S. Orange Ave., Suite 800, Orlando, FL 32801 Tel: (407) 540-6600 About iCoreConnect Inc. iCoreConnect Inc. provides cloud-based software solutions for the healthcare sector across the United States. Its SaaS offerings support functions such as ePrescribing, insurance verification, claims management, analytics, and HIPAA-compliant communication and backup. The company is headquartered in Ocoee, Florida. iCoreConnect and iCore Midco Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 25-03390) on June 2, 2025. In its petition, iCoreConnect reported between $1 million and $10 million in both assets and liabilities. Judge Grace E. Robson handles the cases. The Debtors tapped Amy Denton Mayer, Esq., at Stichter, Riedel, Blain & Postler, PA as bankruptcy counsel and Bhavsar Law Group, PA as special immigration counsel. INDIVIDUALIZED ABA: Quality of Care Maintained, 4th PCO Report Says ------------------------------------------------------------------- Jacob Nathan Rubin, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Northern District of California his fourth report regarding the quality of patient care provided by Individualized ABA Services for Families, LLC. The fourth report, which covers the period from May 6 to July 2, consists of the PCO's further evaluation of the Debtor's adherence to, and compliance with the applicable medical standard of patient care as defined by the Institute of Medicine (Medicare & Lohr), during the bankruptcy proceedings. The PCO met with the principal of the Debtor and confirmed that there have been no material changes since the last report. All patients continue to receive behavioral therapy services via telehealth, and there have been no interruptions in care or deviations from the applicable standards. No patient complaints, delays in treatment, or quality concerns were identified. The PCO noted that all vendors supplying essential services or equipment to the Debtor continue to fulfill their roles without issue. There has been no indication of financial distress affecting clinical operations. Patient care remains uncompromised. Mr. Rubin conducted a comprehensive evaluation including review of service continuity, telehealth delivery quality, vendor performance, staffing adequacy, and administrative operations and the PCO confirmed the following: * Patients continue to receive high-quality ABA therapy. * Services remain uninterrupted. * There are no delays or deficiencies in care attributable to the bankruptcy filing. * All standards of care are being met in alignment with professional and ethical expectations. * Patient safety is being maintained. The PCO finds that patient care remains stable, compliant with clinical standards, and unaffected by the financial status of the organization based on all evidence reviewed and interviews conducted during this reporting period. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=QlRPUF from PacerMonitor.com. The ombudsman may be reached at: J. Nathan Rubin, M.D. 4955 Van Nuys Blvd., #308, Sherman Oaks, CA 91403 Telephone: (818) 501-1455 Email: jnrubinmd@yahoo.com About Individualized ABA Services for Families Individualized ABA Services for Families, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 24-41559) on October 2, 2024, with total assets of $193,244 and total liabilities of $1,635,914. Raajna Naidu, chief executive officer, signed the petition. Judge William J. Lafferty oversees the case. The Debtor is represented by Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger. Jacob Nathan Rubin is the patient care ombudsman appointed in the case. ISAVA ENTERPRISE: Seeks Subchapter V Bankruptcy in Florida ---------------------------------------------------------- On July 16, 2025, ISAVA Enterprise Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About ISAVA Enterprise Inc. ISAVA Enterprise Inc., doing business as Ideal Spine and Wellness, provides chiropractic and spine-related healthcare services at their Kissimmee, Florida location. Based on their business name and industry, the company likely offers spinal adjustments, therapeutic treatments, and wellness services focused on spinal health and overall wellbeing. ISAVA Enterprise Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04399) on July 16, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Lori V. Vaughan handles the case. The Debtors are represented by Justin M. Luna, Esq. at Latham, Luna, Eden & Beaudine, LLP. JAB ENERGY: Allison Marine Can't Be Sued, 3rd Circuit Says ---------------------------------------------------------- In the appeal styled IN RE: JAB ENERGY SOLUTIONS II, LLC, Debtor v. ALLISON MARINE HOLDINGS LLC Appellant, Nos. 24-3044, 24-3045 (3rd Cir.), Judges Marjorie O. Rendell, Patty Shwartz and Arianna J. Freeman of the United States Court of Appeals for the Third Circuit will reverse in part the judgment of the United States District Court for the District of Delaware on the issue of whether Allison Marine Holdings LLC is an "Insured Person" that may be sued under the plan of liquidation. The panel will affirm in other respects. AMH was the sole member and manager of JAB. The issue on appeal is whether AMH is an "Insured Person" under an insurance policy issued to AMH such that the Plan assigned to the Trustee the right to bring certain claims against AMH. The confirmed plan of liquidation assigned certain claims of JAB to a Liquidating Trust managed by a Liquidating Trustee. An insurance policy issued to AMH defined "Insured Person" to include "all Executives" and "all Employees." "Executives" was defined as "all persons who were, now are, or shall be directors, officers, management committee members, advisory committee members, members of the Board of Managers or natural person general partners of the Company." After the plan was confirmed, the appointed Liquidating Trustee initiated two proceedings. The Liquidating Trustee filed a motion in the Bankruptcy Court seeking clarification that AMH was an "Insured Person" subject to suit under the definitions (and also that such a lawsuit could seek damages in excess of the insurance policy limits). The Liquidating Trustee also sued AMH, Brent Boudreaux, and others in the Southern District of Texas, alleging breaches of corporate fiduciary duties. AMH opposed the Liquidating Trustee's motion on both procedural and substantive grounds. Procedurally, AMH urged the Liquidating Trustee's motion should have been an adversary proceeding because it sought a "determination" of the Liquidating Trust's "interest" in JAB's claims against AMH. AMH also asserted the Bankruptcy Court should have declined to consider the Liquidating Trustee's motion due to parallel litigation in the Southern District of Texas. On the merits, AMH contended it was not an "Insured Person" because it was not any of the persons listed as "Executives." The Bankruptcy Court concluded it did not need to decide whether the Liquidating Trustee's motion should have been an adversary proceeding because any error in that regard was harmless, given that the record was fully developed. On the merits, the Bankruptcy Court agreed with AMH that it was not an "Insured Person." It reasoned that despite being a "manager," AMH was not a member of JAB's "Board of Managers," and it would be surprising if a corporate entity would fit within the definition of "Executive," which term certainly brings to mind a natural person rather than a corporation. On appeal, the District Court concluded the Liquidating Trustee's motion did not need to be an adversary proceeding because it merely sought an interpretation of the plan, and the Bankruptcy Court did not err in deciding the motion notwithstanding the case pending in Texas. On the merits, it disagreed with the Bankruptcy Court, and decided that AMH was an "Insured Person" because it was JAB's sole member-manager and therefore belonged to a one-member "Board of Managers." It also reasoned that because the definition of "Executive" included the qualifier "natural person" only for general partners, it follows as a matter of logic and grammar that the other five types of Executives need not be natural persons. AMH now appeals to this Court. The Circuit Judge hold, "We agree with the Bankruptcy Court that AMH is not an 'Insured Person' under the policy because it is not any of the persons listed as 'Executives': it is not a 'director,' 'officer,' 'management committee member,' 'advisory committee member,' 'member of the Board of Managers,' or 'natural person general partner.' We also do not agree that the special limitation of 'general partner' to natural persons suggests an intent to expand the other categories of 'Insured Persons' to corporate entities." A copy of the Court's Opinion dated July 15, 2025, is available at https://urlcurt.com/u?l=4SrqoE About JAB Energy Solutions II JAB Energy Solutions II, LLC -- http://jabenergysolutions.com/-- is an EPIC (Engineering, Procurement, Installation & Commissioning) specialist providing comprehensive project management services for decommissioning, abandonment, construction and installation of offshore and onshore oil and gas facilities, platforms and pipelines. Based in Houston, with offices in Lake Charles, La., JAB Energy Solutions serves major and independent energy companies worldwide. JAB Energy Solutions filed a petition for Chapter 11 protection (Bankr. D. Del. Case No. 21-11226) on Sept. 7, 2021, listing as much as $50 million in both assets and liabilities. Judge Craig T. Goldblatt oversees the case. The Debtor tapped Pachulski Stang Ziehl & Jones, LLP as legal counsel and Traverse, LLC as restructuring advisor. Albert Altro, the founder of Traverse, serves as the Debtor's chief restructuring officer. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Lugenbuhl, Wheaton, Peck, Rankin & Hubbard and Joyce, LLC as legal counsel and Matthews, Cutrer and Lindsay, P.A. as financial advisor. JAGUAR HEALTH: Swaps Royalty Interests for Series M Preferred Stock ------------------------------------------------------------------- As previously disclosed, on October 8, 2020, Jaguar Health, Inc. sold to Iliad Research and Trading, L.P. a royalty interest in the original principal amount of $12 million (as amended, the "October 2020 Royalty Interest"). On June 27, 2025, the Company entered into a privately negotiated exchange agreement (the "Iliad Series M Exchange Agreement") with Iliad. Pursuant to the Iliad Series M Exchange Agreement, the Company issued 170 shares of Series M Perpetual Preferred Stock to Iliad in exchange for a $4,250,000 reduction in the outstanding balance of the October 2020 Royalty Interest. Also, as previously disclosed, on August 24, 2022, the Company sold to Streeterville Capital, LLC a royalty interest in the original principal amount of $12 million (as amended, the "August 2022 Royalty Interest"). The Company also entered a privately negotiated exchange agreement on June 27, 2025, (the "Streeterville Series M Exchange Agreement"; together with the Iliad Series M Exchange Agreement, collectively, the "CVP Exchange Agreements") with Streeterville. Pursuant to the Streeterville Series M Exchange Agreement, the Company issued 90 shares of Series M Preferred Stock to Streeterville in exchange for a $2,250,000 reduction in the outstanding balance of the August 2022 Royalty Interest. Subject to the terms of the Series M Preferred Stock, each share of Series M Preferred Stock is exchangeable or redeemable for shares of Common Stock. The terms of the Series M Preferred Stock are set forth in a Certificate of Designation of Preferences, Rights and Limitations of Series M Perpetual Preferred Stock filed with the Secretary of State of Delaware and effective on June 27, 2025. Each of the Iliad Series M Exchange Agreement and the Streeterville Series M Exchange Agreement includes representations, warranties, and covenants customary for a transaction of this type. Series M Certificate of Designation: In connection with the Royalty Interest for Series M Preferred Stock Exchange Transactions, the Company agreed to issue shares of Series M Preferred Stock to Iliad and Streeterville, respectively. The preferences, rights, limitations and other matters relating to the Series M Preferred Stock are set forth in the Certificate of Designation, which the Company filed with the Secretary of State of the State of Delaware on June 27, 2025. The Certificate of Designation became effective with the Secretary of State of the State of Delaware upon filing. The Certificate of Designation authorizes the Company to issue up to 400 of its 4,475,074 authorized shares of preferred stock as Series M Preferred Stock. * Dividends: Holders of shares of Series M Preferred Stock (the "Holders") will not be entitled to receive any dividends on shares of Series M Preferred Stock. * Voting Rights: The Series M Preferred Stock shall vote together with shares of Common Stock on an as-converted basis from time to time, and not as a separate class, at any annual or special meeting of stockholders of the Company, and may act by written consent in the same manner as holders of shares of the Common Stock, in either case upon the following basis: each share of the Series M Preferred Stock shall be entitled to such number of votes equal to the quotient obtained by dividing (i) the $25,000 stated value of each share of Series M Preferred Stock (the "Stated Value") by (ii) the Minimum Price (which is defined as the lower of: (i) the Nasdaq official closing price (as reflected on Nasdaq.com) immediately preceding a given date or (ii) the average Nasdaq official closing price of the Common Stock (as reflected on Nasdaq.com) for the five trading days immediately preceding such given date) of the Common Stock on the date of the CVP Exchange Agreements. In addition, as long as any shares of Series M Preferred Stock are outstanding, the Company shall not, without the affirmative vote of the Holders of a majority of the then outstanding shares of the Series M Preferred Stock, (a) alter or change adversely the powers, preferences or rights given to the Series M Preferred Stock or alter or amend the Certificate of Designation or (b) enter into any agreement with respect to any of the foregoing. Notwithstanding the foregoing, in no event shall a Holder (together with such Holder's Affiliates and Attribution Parties (both terms as defined in the Certificate of Designation)) be entitled to vote, on an as-converted basis and in aggregate with respect to any shares of Common Stock and preferred stock of the Company beneficially owned by such Holder or any Affiliates or Attribution Parties of such Holder, more than 9.99% of the Company's outstanding shares of Common Stock as of the applicable record date (the "Voting Cap"). The Voting Cap shall be appropriately adjusted for any stock splits, reverse stock splits, stock dividends, reclassifications, reorganization, recapitalizations or other similar transaction. * Liquidation Rights: In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company or Deemed Liquidation Event (as defined below), each share of Series M Preferred Stock shall be entitled to be paid out of the assets of the Company available for distribution to its stockholders before any payment shall be made to the holders of Common Stock equal to by reason of their ownership thereof, an amount per share of Series M Preferred Stock equal to the Stated Value at such time plus any accrued but unpaid Preferred Return (as applicable, the "Liquidation Amount"). If upon any such liquidation, dissolution or winding up of the Company (other than a Chapter 7 bankruptcy) or Deemed Liquidation Event, the assets of the Company available for distribution to its stockholders shall be insufficient to pay the Liquidation Amount, the Holders with respect to their shares of Series M Preferred Stock shall share ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full. Following the payment of the Liquidation Amount, if there are any remaining assets of the Company available for distribution to its stockholders, the Series M Preferred Stock shall not participate in such distributions. Notwithstanding the foregoing, if in the event of a dissolution or winding up of the Company in connection with a Chapter 7 bankruptcy, the assets of the Company available for distribution to its stockholders shall be insufficient to pay the Liquidation Amount, the Holders with respect to their shares of Series M Preferred Stock shall be entitled to receive out of such assets the same amount that each share of the Common Stock would receive as if each outstanding share of Series M Preferred Stock were, immediately prior to the applicable record date, fully converted (disregarding solely for such purposes any conversion or exchange limitations hereunder) to shares of Common Stock by dividing (i) Liquidation Amount by (ii) the greater of (x) the Minimum Price as of the record date and (y) $0.542 per share (the "Floor Price"), which amounts shall be paid pari passu with all holders of Common Stock. Each of the following events shall be considered a "Deemed Liquidation Event": (a) (A) a merger or consolidation in which the Company is a constituent party and in which the stockholders of the Company immediately prior to such merger or consolidation do not continue to hold a majority of the voting power of the Company or any successor entity following such merger or consolidation; or (b) the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related transactions, by the Company or any subsidiary of the Company of all or substantially all the assets of the Company and its subsidiaries taken as a whole, or the sale or disposition (whether by merger, consolidation or otherwise) of one or more subsidiaries of the Company if substantially all of the assets of the Company and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the Company. The Company shall not have the power to effect a Deemed Liquidation Event unless the agreement or plan of merger or consolidation for such transaction (the "Merger Agreement') provides that the consideration payable to the Series M Preferred Stock shall be allocated in accordance with the Certificate of Designation. * Conversion Rights: Series M Preferred Stock shall not be convertible into Common Stock or any other security of the Company and does not otherwise have any conversion rights. * Preferred Return: Each share of Series M Preferred Stock shall accrue a rate of return on the Stated Value at the rate of 10% per year for the first two years from the date of issuance, 8% per year for years three and four from the date of issuance, and 6% per year thereafter, and to be determined pro rata for any factional year periods (the "Preferred Return"). The Preferred Return shall accrue on each share of Series M Preferred Stock from the date of its issuance, and shall be payable via the issuance of additional shares of Series M Preferred Stock whereby the number of shares of Series M Preferred Stock will equal the quotient obtained by dividing (i) the Preferred Return then accrued and unpaid divided by (ii) the Stated Value. * Exchange Rights: The Company has the right to exchange, from time to time and at its sole discretion, part or all of the then outstanding shares of Series M Preferred Stock held by any holder thereof for shares of Common Stock at an exchange ratio equal to the Stated Value divided by an exchange price equal to the Minimum Price on the applicable Exchange Date (as defined in the Certificate of Designation). Notwithstanding the foregoing, the Company will not have the right to exchange any shares of Series M Preferred Stock and issue any Exchange Shares to any holder if: (a) the issuance of such Exchange Shares would cause such holder, together with its Affiliates, to beneficially own in excess of 9.99% of the number of shares of Common Stock outstanding on the date of issuance (including for such purpose the shares of Common Stock issuable upon such issuance) immediately after giving effect to the issuance of the Exchange Shares; (b) any of the Exchange Conditions has not been satisfied as of the applicable Exchange Date; or (c) the total cumulative number of the Exchange Shares to be issued to such holder would exceed the maximum number of the Exchange Shares and the Forced Redemption Shares (as defined in the Certificate of Designation), in aggregate, that could be issued to Holders without violating The Nasdaq Capital Market rules related to the aggregation of offerings under Nasdaq Listing Rule 5635(d), if applicable unless: (i) the approval as required by the applicable Nasdaq Stock Market Rules by the stockholders of the Company with respect to the exchange of shares of Series M Preferred Stock and the issuance of the shares of Common Stock issuable upon exchange of the Series M Preferred Stock is obtained to issue more than the Exchange Cap, or (ii) the Common Stock is not listed for quotation on Nasdaq or NYSE American. The Exchange Cap shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction. Following delivery of an Exchange Notice (as defined in the Certificate of Designation), the Company may not deliver another Exchange Notice to a Holder for at least three Trading Days. "Exchange Conditions" mean: (a) with respect to the applicable Exchange Date, all of the Exchange Shares would be (i) registered for trading under applicable federal and state securities laws, (ii) freely tradable under Rule 144, or (iii) otherwise freely tradable without the need for registration under any applicable federal of state securities laws; (b) the applicable Exchange Shares would be eligible for immediate resale by the holder; (c) no event of default (as defined thereunder) shall have occurred under that certain secured promissory note issued by the Company to Streeterville on January 19, 2021 in the original principal amount of $6.2 million; (d) no Event of Default (as defined below) shall have occurred under the Certificate of Designation; (e) the lowest intra-day trading price of the Common Stock is greater than the Minimum Price on the date the Exchange Notice is delivered; and (f) the Common Stock is trading on Nasdaq, NYSE, OTCQB or OTCQX as of the applicable Exchange Date; provided, however, that if the Common Stock is trading on OTCQB or OTCQX, the product obtained by multiplying (A) the Exchange Price as of the applicable Exchange Date and (B) the number of shares of Series M Preferred Stock that may be exchanged shall not exceed twenty-five percent (25%) of the median daily dollar trading volume of the Company's Common Stock during the ten (10) Trading Days preceding the Exchange Date. * Covenants: Until such time as no shares of Series M Stock remain outstanding, the Company, and as applicable, its Subsidiaries, will at all times comply with the following covenants: (a) the Company will timely file on the applicable deadline all reports required to be filed with the Securities and Exchange Commission pursuant to Sections 13 or 15(d) of the Securities Exchange Act of 1934, as amended, and will take all reasonable action under its control to ensure that adequate current public information with respect to the Company, as required in accordance with Rule 144 of the Securities Act, is publicly available, and will not terminate its status as an issuer required to file reports under the Exchange Act even if the Exchange Act or the rules and regulations thereunder would permit such termination; (b) the Company will cause the Common Stock to be listed or quoted for trading on any of NYSE, NYSE American, Nasdaq, CBOE, OTCQB or OTCQX until a Fundamental Transaction; (c) beginning on May 14, 2025, other than any issuances to Holders and their Affiliates, the Company will not issue or sell any Equity Securities (as defined in the Certificate of Designation) which result in net proceeds to the Company in excess of an aggregate of $15,000,000 without prior written consent of the Holders of at least a majority of the outstanding Series M Preferred Stock, which consent may be granted or withheld in the Required Holders' sole and absolute discretion; provided, however, that this consent requirement shall not apply to any sales of Common Stock pursuant to the ATM or Exempt Issuances; (d) the Company will not have the right to repay any outstanding indebtedness owed to any Holder or its Affiliates; (e) the Company will not increase the authorized shares of Common Stock or Preferred Stock without the prior written consent of the Required Holders; (f) the Company shall ensure that, until a Fundamental Transaction, trading in the Common Stock will not be suspended, halted, chilled, frozen, reach zero bid or otherwise cease trading on the Company's principal trading market for a period of more than five consecutive Trading Days; (g) the Company will not make any Restricted Issuance without the Required Holders' prior written consent; (h) the Company shall not enter into any agreement or otherwise agree to any covenant, condition, or obligation that locks up, restricts in any way or otherwise prohibits the Company from issuing Equity Securities to any Holder or any Affiliate of such Holder; (i) the Company will not pledge or grant a security interest in any of its assets without the Required Holders' prior written consent; (j) the Company will not, and will not enter into any agreement or commitment to, dispose of any assets or operations (not including any license agreements entered into in the ordinary course of business) that are material to the Company's operations without the Required Holders' prior written consent; (k) except in connection with satisfaction of a Nasdaq deficiency notice, the Company will not, and will not enter into any agreement or commitment to, undertake or complete any reverse split of the Common Stock or any class of Preferred Stock without the Required Holders' prior written consent; (l) the Company will not, and will not enter into any agreement or commitment to, create, authorize, or issue any class of Preferred Stock (including additional issuances of Series M Preferred Stock) without the Required Holders' prior written consent; (m) beginning on May 14, 2025, the Company will not issue or sell any shares of Common Stock registered for sale pursuant to a form 424B filed pursuant to Rule 424(b)(5) of the Securities Act, whether now existing or filed in the future, in excess of $10,000,000.00 after the date of the Certificate of Designation, without the Required Holders' prior written consent; and (n) the Company will not consummate a Fundamental Transaction or enter into an agreement to consummate a Fundamental Transaction without the Required Holders' prior written consent. The covenants set forth in sub-section (c) - (j), (l) and (n) will also apply to all Subsidiaries. "Fundamental Transaction" means: (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person (as defined in the Certificate of Designation) other than any subsidiary or any Affiliate of the Company, whereby the stockholders of the Company immediately prior to such merger or consolidation do not own, directly or indirectly, at least 50% of the voting power of the surviving entity immediately after such merger or consolidation, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination), (vi) the sale or spin-off of any Subsidiaries, and (vii) a Deemed Liquidation Event. For the avoidance of doubt, any license agreement entered into in the ordinary course of business by the Company or any Subsidiary will not be considered a Fundamental Transaction. * Covenant Default: The Required Holders may elect to declare an "Event of Default" if any of the following conditions or events shall occur and be continuing: (a) the Company or any Subsidiary fails to fully comply with any covenant, obligation or agreement of the Company or any Subsidiary in the Certificate of Designation, and such failure, if known to the Required Holders and reasonably possible of cure, is not cured within 30 calendar days following notice to cure from the Required Holders; (b) the Company fails to pay any amount due and payable to the Holders pursuant to and as required by the Certificate of Designation, and such failure, if known to the Holders and reasonably possible of cure, is not cured within five Trading Days following notice of notice to cure from the Required Holders; (c) the Company shall: (1) apply for or consent to the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator; (2) make a general assignment for the benefit of the Company's creditors; or (3) commence a voluntary case under the U.S. Bankruptcy Code as now and hereafter in effect, or any successor statute; or (d) a proceeding or case shall be commenced, without the application or consent of the Company, in any court of competent jurisdiction, seeking: (1) liquidation, reorganization or other relief with respect to it or its assets or the composition or readjustment of its debts, or (2) the appointment of a trustee, receiver, custodian, liquidator or the like of any substantial part of its assets, and, in each case, such proceedings or case shall remain uncontested for 30 days or shall continue undismissed, or an order, judgment or decree approving or ordering any of the foregoing shall be entered and continue unstayed and in effect, for a period of 60 days, if in the United States, or 90 days, if outside of the United States; or an order for relief against the Company shall be entered in an involuntary case under any bankruptcy, insolvency, composition, readjustment of debt, liquidation of assets or similar Law of any jurisdiction. If an Event of Default has occurred: (i) the Required Holders may, by notice to the Company, force the Company to redeem all of the issued and outstanding shares of Series M Preferred Stock then held by the Holders for a price equal to (1) the Stated Value of all such shares of Series M Preferred Stock, with such Stated Value to be paid in such number of shares of Common Stock equal to the quotient obtained by dividing the Stated Value by the greater of (x) the Minimum Price as of the date that a Notice of the Forced Redemption is delivered by the Required Holders to the Corporation and (y) the Floor Price; plus (2) any accrued and unpaid Preferred Return with respect to all such shares of Series M Preferred Stock, with such Preferred Return to be paid in shares of Common Stock, whereby the number of shares of Common Stock issuable shall equal the quotient obtained by dividing (x) the Redemption Price by (y) the Floor Price; plus (3) any and all other amounts due and payable to the Holders pursuant to the Certificate of Designation, with such Other Amounts to be paid in such number of shares of Common Stock equal to the quotient obtained by dividing the Other Amounts by the greater of (x) the Minimum Price as of the date that a Notice of the Forced Redemption is delivered by the Required Holders to the Corporation and (y) the Floor Price (with the shares of Common Stock issuable pursuant to aforementioned sub-sections (1), (2) and (3), collectively, the "Forced Redemption Shares"); (ii) the Holders shall have the right to pursue any other remedies that the Required Holders may have under applicable law and/or in equity; and (iii) the Holders shall have the right to seek and receive injunctive relief from a court prohibiting the Company from issuing any of its Common Stock or Preferred Stock to any party unless the all shares of Series M Preferred Stock owned by the Holders are redeemed in full simultaneously with such issuance. Notwithstanding the foregoing, Holder will not have the right to force the Corporation to redeem any shares of Series M Preferred Stock and issue any Forced Redemption Shares if: (a) the issuance of such Forced Redemption Shares would cause such Holder, together with its Affiliates, to beneficially own in excess of the Maximum Percentage immediately after giving effect to the issuance of the Forced Redemption Shares; or (b) the total cumulative number of the Exchange Shares to be issued to such Holder would exceed the Exchange Cap unless (i) the Stockholder Approval is obtained to issue more than the Exchange Cap, or (ii) the Common Stock is not listed for quotation on Nasdaq or NYSE American. The Exchange Cap shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction. For the avoidance of doubt, any Forced Redemption Shares that would cause the Holder to exceed the Maximum Percentage shall be held in abeyance and shall not be issued until such time, if ever, as the Holder's right to receive such shares would not result in a violation of the Maximum Percentage. In the event that any Holder incurs expenses in the enforcement of its rights, including but not limited to reasonable attorneys' fees, then the Company shall immediately reimburse such Holder the reasonable costs thereof. * Trading Market: There is no established trading market for any of the Series M Preferred Stock, and we do not expect a market to develop. We do not intend to apply for a listing for any of the Series M Preferred Stock on any securities exchange or other nationally recognized trading system. Without an active trading market, the liquidity of the Series M Preferred Stock will be limited. * Maximum Percentage: In no event may shares of Common Stock be issued to any Holder that would cause such Holder's beneficial ownership to exceed the Maximum Percentage, which is 9.99% of the number of shares of Common Stock outstanding on a given date (including for such purpose the shares of Common Stock issuable upon such issuance). The foregoing summaries of the Iliad Series M Exchange Agreement, the Streeterville Series M Exchange Agreement, and the Certificate of Designation do not purport to be complete and are qualified in their entirety by reference to the full text of such documents, which are filed as Exhibits 10.1, 10.2, and 3.1, respectively. All documents are available in the Form 8-K filed on June 30, 2025, accessible at https://tinyurl.com/yn3at47z. About Jaguar Health Jaguar Health, Inc. -- http://www.jaguar.health-- is a commercial-stage pharmaceuticals company focused on developing novel, plant-based, sustainably derived prescription medicines for people and animals with gastrointestinal ("GI") distress, including chronic, debilitating diarrhea. Jaguar Health's wholly owned subsidiary, Napo Pharmaceuticals, Inc., focuses on developing and commercializing proprietary plant-based human pharmaceuticals from plants harvested responsibly from rainforest areas. The Company's crofelemer drug product candidate is the subject of the OnTarget study, a pivotal Phase 3 clinical trial for prophylaxis of diarrhea in adult cancer patients receiving targeted therapy. Larkspur, California-based RBSM, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has an accumulated deficit, recurring losses, and expects continuing future losses. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company, since its inception, has incurred recurring operating losses and negative cash flows from operations and has an accumulated deficit of $346.5 million as of December 31, 2024. As of Dec. 31, 2024, the Company had $53.4 million in total assets, $44.4 million in total liabilities, $2.5 million in commitments and contingencies and a total stockholders' equity of $6.5 million. JANE STREET: Moody's Affirms ‘Ba1’ Issuer Rating, Outlook Stable -------------------------------------------------------------------- Moody's Ratings has affirmed Jane Street Group, LLC's Ba1 long term issuer rating, senior secured notes and senior secured bank credit facility ratings. Moody's also affirmed the Baa3 long-term issuer ratings of Jane Street's wholly-owned operating company subsidiaries Jane Street Capital, LLC (JSC), Jane Street Execution Services, LLC (JSES), Jane Street Financial Limited (JSF) and Jane Street Netherlands B.V. (JSN). JSC performs essential trading activities as Jane Street's principal US broker-dealer, and JSES, JSF and JSN perform essential client-facing activities for Jane Street in various regions. The outlooks on all Jane Street entities remain stable. RATINGS RATIONALE The ratings affirmation reflects Jane Street's strong financial performance as well as its comprehensive management and governance over market and liquidity risks in its electronic trading activities. The ratings affirmation also considers Jane Street's resilient balance sheet; that is characterized by a strong equity capital base, modest leverage, rapidly turning positions, tactical use of tail risk protection and prudent liquidity. These credit strengths help mitigate the credit, market, liquidity and operational risks inherent to Jane Street's business model. On July 03,, the Securities and Exchange Board of India (SEBI) issued an Interim Order against various Jane Street entities, alleging detrimental trading practices that it said had negatively impacted the market. Pursuant to this order, SEBI directed Jane Street to place around $564 million into escrow in a commercial bank in India with a lien marked in favor of SEBI, pending detailed investigation into the matter. The order also restrained Jane Street from further directly or indirectly trading in the Indian securities market until the funds are placed in escrow. Moody's expects that Jane Street's global footprint, diverse trading strategies and strong equity and liquidity position will help alleviate the potential reduction in net trading revenue from its India trading activities. The Interim Order highlights the operating challenges Jane Street faces as it expands into new and emerging capital markets, including heightened regulatory and reputational risk. The ultimate cost of this Order to Jane Street is unknown, but Jane Street's overall diversification, capitalization and liquidity provide the firm with significant resources to absorb a variety of adverse outcomes. Throughout its rapid growth, Jane Street has been able to maintain a partnership culture, characterized by collaborative decision-making, a flat hierarchy and a generally risk-aware approach to new opportunities. However the SEBI Interim Order also highlights the challenges of complying with regulation in many markets around the world, given the complexity of Jane Street's trading operations. The intensely competitive nature of technology-driven market-making dictates that Jane Street continually stays at the forefront in terms of trading technology, risk controls and retaining intellectual capital, otherwise its franchise may erode and its creditworthiness could deteriorate. Jane Street's senior executives maintain direct involvement in trading strategy development, risk-taking activities and maintaining controls. The firm also maintains diversified funding relationships with various prime brokers and has extensive funding lock-up periods. Jane Street manages capital and liquidity dynamically, in a manner that is fit-for-purpose in high-velocity technology-driven trading. Capital is carefully rationed according to market conditions, trading opportunities, stress scenarios and portfolio granularity. Liquidity stress-testing contemplates sharp increases in haircuts and position liquidation sooner than contractual terms require, and liquidity charges penalize less liquid positions held at trading desks. Jane Street's balance sheet and liquidity disciplines complement its culture and risk controls. This balance sheet resiliency allows Jane Street to absorb periodic market disruptions, while continuing to perform its core trading and liquidity provision functions. Given the unpredictability of market cycles, Moody's expects Jane Street to constantly maintain its balance sheet disciplines and conservative leverage profile. The stable outlooks are based on Moody's expectations that Jane Street's credit profile will continue to benefit from its strong profitability, high level of equity capital, modest use of leverage and prudent liquidity. The stable outlooks also reflects Moody's views that Jane Street's leaders will maintain a risk-aware culture and effective controls to manage growth. Jane Street's Ba1 issuer rating reflects the creditworthiness of holding company senior unsecured obligations, which are structurally subordinated to its operating companies. The Baa3 issuer ratings at each of Jane Street's four rated operating companies continue to be a notch higher than Jane Street's Ba1 rating due to these operating entities' structural superiority. At the holding company issuance level for market makers like Jane Street, the difference in expected loss between secured and unsecured obligations is not of sufficient magnitude to warrant a rating differential between secured and unsecured debt instruments. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade -- Continued growth in market share across a broad set of asset classes while diversifying revenue through the development of lower-risk and profitable business activities. -- Substantial reduction of trading capital mix in less-liquid and higher-risk assets -- Demonstration of the firm's ability to manage its expansion in size and complexity while retaining its deliberative risk management and partnership culture Factors that could lead to a downgrade -- Increase in risk appetite or a significant risk management or operational failure; adverse changes in corporate culture or management quality; increase its capital distributions in a manner that is not commensurate with historic trends; or change in funding mix to a significantly heavier weighting of long-term debt and away from equity, resulting in a substantial increase in balance sheet leverage. -- Should SEBI's Interim Order result in severe reputational damage or increased regulatory scrutiny that spreads across all of Jane Street's major operations outside of India, and leads to weaker global order flow, a substantial loss of revenue or substantial financial penalties. The principal methodology used in these ratings was Securities Industry Market Makers published in June 2024. Jane Street's Baa3 Assigned Standalone Assessment is two notches below the Baa1 initial financial profile score reflecting credit constraints relating to operational and market risk, and its business concentration and reliance on trading activities. JANE STREET: S&P Alters Outlook to Stable, Affirms 'BB' ICR ----------------------------------------------------------- S&P Global Ratings revised its outlook on Jane Street Group LLC (JSG) to stable from positive and affirmed its ratings, including its 'BB' issuer credit and secured debt ratings. The outlook revision reflects the diminished likelihood of an upgrade, as the company actively takes steps to address the allegations made by the Indian securities regulator. In November 2024, S&P revised its rating outlook on JSG to positive to indicate a potential upgrade if the company sustains benefits from its enhanced scale and diversification, while maintaining the improvements in its funding profile and its strong capital position. On July 4, 2025, Jane Street, a leading U.S.-based market-maker, was accused by Securities and Exchange Board of India (SEBI) of market manipulation in the Indian options and stock market. As a result, the company faces potential sanctions and limits on its ability to continue trading in Indian markets. JSG strongly denies the allegation, and the ultimate outcome of the regulatory action and likely appeal is unknown. The direct financial cost to the company from SEBI's order is expected to be modest, but the accusation raises some questions about JSG's ability to manage its ongoing rapid expansion and growth. S&P said, "We note that the firm's trading in India typically does not represent a significant portion of its earnings, and the required escrow deposit from SEBI's Interim Order represents a very small percentage of JSG's total adjusted capital. However, JSG continues to expand at a very fast pace, as seen in a surge in the total size of its balance sheet, margins posted to prime brokers, and value-at-risk (VaR) on trading positions. We view this pace of growth as a risk, and illustrative of the firm's comparatively higher risk appetite versus that of peers." S&P said, "JSG strongly denies SEBI's allegations, and we believe the ultimate outcome of this regulatory action and expected appeal could remain unknown for some time. Even if JSG is ultimately vindicated, we believe that such an accusation could cause some reputational damage to the company. This has reduced the likelihood we would raise ratings on it during the one-year outlook horizon. "Our ratings affirmation on JSG reflects its exceptional profitability and strong capitalization, as well as no visible indications so far of material fallout from its other regulators, prime brokers, investors or counterparties. While JSG continues to generate impressive earnings and growth of capital through retained earnings, its growth focus has increased risk at an even faster pace recently. This has lowered the second-quarter risk-adjusted capital (RAC) ratio to closer to 12% from 12.6% at the end of the first quarter. The RAC ratio was 16% in June 2024, and while some of the decrease since then stems from the inclusion of a higher operational risk charge because of the firm's record 2024 revenue in our estimate of its 2025 RAC, we believe the drop is mostly attributable to the vast expansion of trading activities and the subsequent surge in VaR." Despite the meaningful decline in this ratio, the company is still operating with strong risk-adjusted capitalization, both in absolute terms, as well as relative to its peers. JSG operates with the largest equity base among the technology-driven trading firms that S&P rates, and its RAC ratio is in the upper range of the peer group. JSG has grown into a leading market-maker and liquidity provider in several asset classes (including equities, options, corporate bonds and Treasuries) while consolidating its top spot in exchange-traded funds worldwide. It is also a growing player in the wholesaling of retail U.S. equities and options. Its market share gains during the past two years in various asset classes have been impressive. The stable outlook balances JSG's strong profitability and capitalization and continued growth of its trading franchise, against the risks that such rapid grow poses, and the potential for reputational damage, or other fallout from the Indian regulator's accusation, including potential additional regulatory scrutiny. In the next 12 months, S&P could lower its ratings on JSG if S&P expects: -- Material reputational damage to erode the firm's franchise or profitability or to increase regulatory scrutiny; -- Deterioration of the RAC ratio below 11%; -- Indications of significant risk management failures, or; -- Weaker funding or liquidity, for example, material erosion in the GSFR or required margin to net trading capital ratios. It is unlikely that S&P would consider an upgrade in the next 12 months. That said, over the longer term, S&P could raise ratings if it expects: -- JSG to not suffer any material reputational damage or additional regulatory scrutiny, or deterioration in its market share; -- The company to establish a track record of managing its operations and growth soundly; and -- The RAC ratio remains above 11%, with supportive funding and liquidity measures. JFL-TIGER ACQUISITION: Moody's Affirms 'B2' CFR, Outlook Stable --------------------------------------------------------------- Moody's Ratings affirmed the B2 corporate family rating and B2-PD probability of default rating of JFL-Tiger Acquisition Co., Inc. (dba Crystal Clean). Concurrently, Moody's affirmed the B2 rating on the company's senior secured bank credit facility, consisting of a $680 million senior secured first lien term loan and $100 million senior secured first lien revolving credit facility. The outlook remains stable. The rating affirmation and stable outlook reflect Moody's expectations for credit metrics to improve over the next year, benefiting from higher pricing, recurring demand in the Environmental Services (ES) segment and recent acquisition synergies. These factors will help offset volume and margin pressures driven by labor and disposal cost inflation, demand and pricing headwinds in the base oil market, and macroeconomic pressures weighing on industrial activity. Moody's also expects Crystal Clean to benefit from opportunities presented by increasing demand for PFAS remediation and to maintain adequate liquidity. RATINGS RATIONALE The B2 CFR reflects Crystal Clean's good market position in specialty waste environmental services, with a facility network, processing capabilities and difficult-to obtain regulatory permits that provide barriers to entry. Demand for services is partly driven by the need for customers to comply with environmental regulations. Steady demand in the ES segment, underpinned by contracts with a high customer retention rate of over 90%, provides a recurring revenue base. This tempers volatility from the company's oil recycling (OR) business and its Industrial and Field Services (IFS) segment, which is project-based in nature and susceptible to cautious customer spending during economic slowdowns. However, the IFS business is often recurring under master service agreements with the same customers. Acquisitions will remain core to the growth strategy, including recent acquisitions that expand the company's scale in emergency response and industrial waste collection, and enhance its vertical integration in the ES segment. The rating also reflects Crystal Clean's exposure to cyclical end markets and susceptibility to economic downturns considering its focus on small and mid-sized business customers. The company has modest revenue scale and operates in a competitive landscape with larger players. Reliance on third party providers for waste disposal results in high tipping fees. To reduce this cost burden, Crystal Clean will remain focused on pursuing opportunities to internalize more waste, including permits for disposal sites and adding waste processing capacity. Exposure to commodity price risk, including a decline in oil prices, and to lower base oil demand have contributed to lower earnings in the OR business and weighed on Crystal Clean's overall profit margins. The company's reliance on its single oil re-refinery makes earnings susceptible to unplanned plant disruptions or extended maintenance shutdowns. Moody's expects Crystal Clean's focus on cost discipline to support improving results, with adjusted EBITDA margin sustained above 20% and debt-to-EBITDA trending down to about 4.3x in 2025. Crystal Clean's adequate liquidity is based on Moody's expectations that the company will maintain ample revolver availability and generate positive free cash flow over the next year, balancing modest unrestricted cash. However, Moody's expects free cash flow to moderate in 2025 due to a significant increase in capital expenditures. The $100 million revolving credit facility was undrawn as of March 31, 2025 and had $87 million available net of letters of credit. The facility has a springing first lien net leverage threshold of 6.71x, tested when 40% of the revolver size is drawn. Moody's do not expect the covenant to be tested. The company's term loan has no financial maintenance covenants and there are no near term debt maturities. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded with prudent scale expansion without weakening margins or profitability and a financial policy that results in stronger credit metrics, including debt-to-EBITDA sustained at or below 4x and EBIT-to-interest at or above 2x. The maintenance of good liquidity, including ample revolver availability and consistent positive free cash flow to fund the company's growth and diversification, could also support an upgrade. Reduced vulnerability to the energy sector and oil prices would also be viewed favorably. The ratings could be downgraded with deteriorating liquidity, including diminishing revolver availability and lower than expected free cash flow, or if Moody's expects debt-to-EBITDA to remain above 5x. A material decline in revenue or margin erosion due to deteriorating business conditions, competitive pressures or inability to manage costs efficiently, could also result in lower ratings. Aggressive financial policies such as prioritizing shareholder distributions, especially if funded with debt, or meaningful debt financed acquisitions that weaken the metrics could also lead to a downgrade. The principal methodology used in these ratings was Environmental Services and Waste Management published in August 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. JFL-Tiger Acquisition Co., Inc., through its principal subsidiary Crystal Clean, Inc. (fka Heritage-Crystal Clean, Inc.), is a provider of specialty waste environmental services, including the collection, packaging, transportation, recycling, treatment and disposal of hazardous and non-hazardous waste. Crystal Clean provides parts cleaning, containerized waste management and wastewater vacuuming through its Environmental Services segment. The Industrial & Field Services (IFS) segment provides emergency spill response, tank cleaning, remediation services. Crystal Clean also re-refines (recycles) used oil and sells the recycled products through its Oil Recycling (OR) segment. Revenue approximated $840 million for the twelve months ended March 31, 2025. JFL-Tiger Acquisition Co., Inc. is owned by J.F. Lehman & Company. JND TROPICS: Seeks to Hire James Ullman as Legal Counsel -------------------------------------------------------- JND Tropics LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire James A. Ullman of Spencer Fane LLP to serve as legal counsel in its Chapter 11 case. Mr. Ullman will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its powers and duties in these proceedings; (b) prepare on behalf of the Debtor and Debtor-in Possession the necessary applications, answers, orders, reports and other legal papers; (c) perform all other legal services for the Debtor and Debtor-in-Possession which may be necessary herein; and (d) represent the debtor in any adversary proceeding and all other matters as it relates to the Tropical Smoothie franchise agreements. Mr. Ullman will receive an hourly rate of $535 and an hourly rate of $195 for paralegals. Spencer Fane LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: James A. Ullman, Esq. SPENCER FANE LLP 2415 East Camelback Road, Suite 600 Phoenix, AZ 85016 Telephone: (602) 562-4215 E-mail: jullman@spencerfane.com About JND Tropics LLC JND Tropics LLC in Phoenix AZ, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Ariz. Case No. 25-05356) on June 12, 2025, listing as much as $1 million to $10 million in both assets and liabilities. Daniel Rudolph as member, signed the petition. Judge Madeleine C. Wanslee oversees the case. MICHAEL W. CARMEL, LTD. serve as the Debtor's legal counsel. JOSHUA MANAGEMENT: Section 341(a) Meeting of Creditors on August 13 ------------------------------------------------------------------- On July 16, 2025, Joshua Management LLC 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 $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on August 13, 2025 at 02:30 PM at Office of UST (TELECONFERENCE ONLY). About Joshua Management LLC Joshua Management LLC is a New York-based real estate management company operating as a single asset real estate entity. Joshua Management LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11568) on July 16, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtors are represented by Robert Leslie Rattet, Esq. at Davidoff Hutcher & Citron LLP. KARBONX CORP: Closes $314K Asset Deal for Allcot Projects --------------------------------------------------------- Karbon-X Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that pursuant to an Asset Purchase Agreement dated May 14, 2025, the Company entered agreement with Allcot AG pursuant to which certain assets of Allcot would be sold and transferred to the Company with the intention to save those projects and the employments of multiple people in several countries. The Projects that Allcot is developing affect directly and indirectly more than 30,000 people in the Global South by giving them the opportunity to protect their territories as well as have a decent income. Allcot is currently under provisional moratorium pursuant to Articles 293 et seq. of the Swiss Debt Collection and Bankruptcy Act (SchKG). A condition precedent to the entry into and effectiveness of the Asset Purchase Agreement was the formal approval of the transaction by Kantonsgericht Zug. On June 24, 2025 the Composition Court approved the Asset Purchase Agreement, as well as the addenda dated 6, 11, and 17 June 2025. Accordingly, AllCot was officially authorized, under Art. 298 para. 2 of the Swiss Debt Enforcement and Bankruptcy Law (SchKG), to sell the Projects defined in the Asset Purchase Agreement. The purchase price for the assets is $314,369.85, payable at closing of the transaction. The closing occurred on June 27, 2025. The precise terms of the Asset Purchase Agreement is available at https://tinyurl.com/3ds8ba8u About Karbon-X Calgary, Canada-based Karbon-X Corp. provides customized transactional options, tailored insights, and scalable access to the Verified Emissions Reduction markets. Spokane, Wash.-based Fruci & Associates II, PLLC, the Company's auditor since 2022, issued a "going concern" qualification in its report dated September 13, 2024, citing that the Company has generated minimal revenues from its business operations and has incurred operating losses since inception. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. KIM ENGINEERING: Seeks Chapter 11 Bankruptcy in Maryland -------------------------------------------------------- On July 15, 2025, Kim Engineering Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Maryland. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 100 and 199 creditors. The petition states funds will be available to unsecured creditors. About Kim Engineering Inc. Kim Engineering Inc. is a professional engineering services firm based in Laurel, Maryland, likely specializing in architectural, engineering, and related technical services as indicated by its NAICS code 5413. The company operates from its headquarters at 6100 Chevy Chase Drive and serves clients throughout the Maryland region. Kim Engineering Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-16453) on July 15, 2025. In its petition, the Debtor reports estimated assets between $1 million and $50 million and estimated liabilities between $10 million and $50 million. The Debtors are represented by Weon G. Kim, Esq. at WEON G. KIM LAW OFFICE. LACKAWANNA ENERGY: Moody's Rates New $1.09BB Bank Loans 'Ba3' ------------------------------------------------------------- Moody's Ratings has assigned a Ba3 rating to Lackawanna Energy Center LLC's (LEC or the Issuer) proposed $900 million seven-year senior secured first lien term loan B facility, $70 million seven-year senior secured Term LC facility, and $120 million five-year senior secured first lien revolving credit facility (collectively, the new bank credit facilities). The outlook is stable. The proposed $900 million senior secured term loan B facility will be used to refinance the existing $715 million senior secured term loan B facility (originally $730 million) and to repay outstanding mezzanine debt of $136 million. The Term LC facility will be used to replace the existing $82 million Term Loan C facility, including to replace the letters of credit under the existing debt documents and to support the debt service reserve account. The revolving credit facility will be used to refinance outstanding revolving credit balances, replace outstanding standby letters of credit, and provide working capital requirements. Upon closing of the new bank credit facilities, Moody's intends to withdraw the Ba3 rating assigned to the existing $730 million senior secured term loan B (CUS:50550EAB4 and CUS:50550EAC2), the existing $82 million term loan C (CUS:50550EAD0), and the existing $120 million revolving credit facility. RATINGS RATIONALE The Ba3 rating assignment reflects LEC's solid competitive position in PJM, demonstrated by attractively priced fuel from the Marcellus/Utica gas supply and its high efficiency as a combined cycle plant using General Electric International Inc.'s (GE) 7HA.02 technology with heat rates below 6,500 Btu/kWh. Further supporting LEC's credit profile is a long-term service agreement (LTSA) with GE, highly experienced sponsors in Invenergy and Global Infrastructure Partners (a BlackRock affiliate), and an experienced operator in Invenergy Services Thermal US LLC. The project also has typical project finance features that provide lender protections. The rating also considers the single asset operating risk, refinancing risk, mostly 'Ba' rating category financial metrics under the Moody's Case, and LEC's exposure to volatile power markets, which coupled with other factors, has led to financial underperformance in 2024 and through LTM Q1 2025. LEC has recorded energy margins below expectations driven by lower than expected power prices and the project's material exposure to transmission-related basis risk at LEC's node. Management anticipates financial performance can improve owing to strong demand and load growth that should lead to more favorable energy pricing helping to minimize the impact from the project's basis risk exposure. In addition to more favorable market conditions, LEC has a larger percentage of hedged margin in the near term relative to historical performance, and continues to maintain a gas netback arrangement which provides downside protection for the Issuer. Under management's case, 58% of the project's gross margin is hedged through 2028 owing to executed energy margin hedges and more certain PJM capacity related revenues and cash flow. The project benefits from known cleared capacity auction pricing through May 2026 that saw a significant increase in capacity auction prices for the 2025/2026 planning period as capacity prices in the MAAC zone cleared at approximately $270/MW-day, well above the $49.49/MW-day in the previous two planning periods. In addition to the capacity auction price increase, the project is expected to benefit from the approved PJM capacity auction price collar that guarantees LEC at least a floor auction price of $175/MW-day for the 2026/2027 and 2027/2028 planning years. With the improved market conditions, higher capacity revenues, and a more active energy hedging program, LEC should see a sustained uptick in financial performance over the next several years. While more certain cash flow will notably improve cash flow generation, LEC's basis risk exposure can ultimately limit the project's energy margin as it has in the past. Positively, management's most recent forecast fully incorporates basis risk remaining an ongoing risk for LEC over the life of the transaction, and management has hedged against basis risk for the next 18 months and will continue to proactively hedge. Meeting the project's financial performance going forward will be crucial to LEC's credit profile, particularly given the addition of incremental indebtedness of $185 million to the senior secured tranche. While Moody's recognizes that the incremental indebtedness will simplify the capital structure by eliminating the outstanding mezzanine debt and that annual debt service will decrease owing to lower interest rates, LEC's cash flow generation will need to sustainably strengthen from historical levels in order to support the incremental indebtedness—that equates to a near 26% increase in senior secured indebtedness—and ultimately pay down debt in order for the project to meet financial expectations. Financial metrics in the 'Ba' range under conservative assumptions Management's case assumes an average (DSCR) of around 3.17x, an average Project CFO to Debt around 22.0%, and Debt/EBITDA around 2.88x from 2026 to 2028, according to Moody's calculations. Under Moody's case, which assumes a reduced energy margin, reduced capacity auction prices, and 15% higher variable O&M, Moody's expects an average (DSCR) of around 1.98x, an average Project CFO to Debt around 10.2%, and an average Debt/EBITDA around 4.41x from 2026 to 2028, according to Moody's calculations. Liquidity Analysis LEC's liquidity includes a $120 million secured revolver and a $70 million Term LC facility to be used for issuing letters of credit which will incorporate six-month debt service reserve (DSRA) for creditors. The project also has the option to fund a Liquidity Reserve Account in an amount to the lessor of (1) the amount equal to a prudent liquidity reserve plus the aggregate amount of major maintenance/capital expenditures reasonably anticipated to be incurred over the next 12 months and (2) $25 million. Structural Considerations The project benefits from typical project finance protections including a first lien security interests in all tangible and intangible assets of the Issuer, limitations on incremental debt & asset sales, and a 1.1x DSCR financial covenant. The project also benefits from 1% mandatory amortization of the term loan B and a cash flow sweep that begins at 75% and steps down to 50% if the net leverage ratio falls below 4.0x. OUTLOOK The stable outlook assumes that the project will continue to exhibit strong operating performance, an active hedging program which helps to maintain solid energy margins, resulting in sustained financial performances that aligns with the Moody's case and remains commensurate with the low Ba rating level. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS FACTORS THAT LEAD TO AN UPGRADE In light of the incremental senior secured debt added as part of this refinancing, the rating is currently well-positioned and has limited prospects for an upgrade. The rating could face upward pressure if LEC repays substantially greater debt than expected and the project generates stronger financials on a sustained basis than anticipated under the Moody's case that result in DSCRs consistently above 2.0x, Project CFO to debt above 15%, and debt to EBITDA below 4.0x. FACTORS THAT COULD LEAD TO A DOWNGRADE The rating could be downgraded if the project incurs major operational problems, if debt reduction is materially less than expected or if its financial metrics are below expectations leading to DSCR levels below 1.75x, Project cash flow to debt below 10%, and debt to EBITDA above 6.0x on a sustained basis. PROFILE LEC owns the Lackawanna Energy Center, a 1,483 MW natural-fired combined gas turbine facility located in Jessup, Pennsylvania. The plant achieved commercial operation on January 15, 2019. LEC is owned by a sponsor group of Invenergy Thermal Operating II (12.29%) and Global Infrastructure Partners (87.71%), a Blackrock affiliate. LIST OF AFFECTED RATINGS Issuer: Lackawanna Energy Center LLC Assignments: Senior Secured Bank Credit Facility, Assigned Ba3 Outlook Actions: Outlook, Remains Stable The principal methodology used in these ratings was Power Generation Projects published in June 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. LAVIE CARE: No Decline in Resident Care, PCO Report Says -------------------------------------------------------- Shelby Walker, the patient care ombudsman, filed her report regarding the quality of patient care provided at the Mississippi nursing facilities operated by LaVie Care Centers, LLC's affiliates. The local long-term care ombudsman assigned to oversee Hilltop Manor Health and Rehabilitation Center reports that they continue to provide consistent, quality care since the last visit. The facility was clean, free of unpleasant odors, and maintained a calm, pleasant atmosphere. There were complaints concerning food and the facility being understaffed. During a recent visit, the local long-term care ombudsman assigned to monitor the Courtyard Rehabilitation and Healthcare facility observed a significant improvement in cleanliness, with the facility now maintained to a higher standard than in previous assessments. While one complaint was received regarding food portion sizes, no additional concerns about the size or quality of the food were reported. Overall, the facility continues to make positive strides, operating smoothly and providing adequate care to its residents without any significant concerns or issues. The local long-term care ombudsman assigned to Oaks Rehabilitation and Healthcare Center reported that the overall quality of care for residents remains consistent. The facility was clean, free of unpleasant odors, and residents were appropriately dressed and well-groomed. The facility floors were clean in the hallways and in the resident's rooms. No complaints were reported by residents during the visit. The local long-term care ombudsman assigned to Starkville Manor Health Care and Rehabilitation Center reported that the quality of care for residents remains satisfactory. The facility is in full compliance with its corrective action plan, and no further concerns or complaints have been reported to the ombudsman. The local long-term care ombudsman assigned to oversee Winona Manor Health Care and Rehabilitation Center reported that several visits have been completed to monitor the facility's condition and ensure resident care standards are being upheld. The local long-term care ombudsman reported that the quality of care remains satisfactory. The ombudsman noted that all residents are receiving appropriate care, staffing levels at the facility are adequate, and there are no issues regarding the availability of supplies for residents. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=oKv1re from Kurtzman Carson Consultants, LLC, claims agent. About Lavie Care Centers LaVie Care Centers, LLC, is the parent company of skilled nursing facility operators and providers, with facilities primarily located in Mississippi, North Carolina, Pennsylvania and Virginia. The company operates 43 licensed facilities, with 4,300 beds, providing short-term rehabilitation, comprehensive post-acute care, and long-term care to its residents. On June 2 and 3, 2024, LaVie Care Centers and 281 affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 24-55507), before Judge Paul Baisier in Atlanta. The Debtors tapped McDermott Will & Emery, LLP as legal counsel; Stout Capital, LLC as investment banker; and Ankura Consulting as financial advisor. M. Benjamin Jones, senior managing director at Ankura, serves as the Debtors' chief restructuring officer. Kurtzman Carson Consultants, LLC is the claims agent, and maintains the page http://www.kccllc.com/LaVie The U.S. Trustee for Region 21 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The U.S. Trustee also appointed Joani Latimer as patient care ombudsman for patients at the Debtors' Virginia facilities; Victor Orija for North Carolina facilities; Lisa Smith for the Mississippi facilities; Margaret Barajas for the Pennsylvania facilities; and Terri Cantrell for the Florida facility. A patient care ombudsman has been appointed in the Debtors' cases. LEVI STRAUSS: S&P Rates New EUR475MM Senior Unsecured Notes 'BB+' ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue-level rating and '3' recovery rating to U.S.-based Levi Strauss & Co.'s proposed EUR475 million senior unsecured notes due 2030. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a payment default. The notes will rank pari passu with the company's existing senior unsecured notes due 2031 and remain subordinated to the borrowings under its secured asset-based lending (ABL) credit facility. S&P said, "We expect Levi will use the net proceeds from this issuance to redeem its existing EUR475 million outstanding 3.375% senior unsecured notes due 2027 and pay related fees. We will withdraw our issue-level ratings on the existing 3.375% notes after they are repaid. Our ratings on the proposed notes are based on preliminary terms and are subject to review upon the receipt of final documentation. "We expect this transaction will be leverage neutral. However, we note the company will likely face higher interest costs, which will slightly weaken our free operating cash flow expectations. "Our 'BB+' issuer credit rating and stable outlook on Levi Strauss are unchanged. The company's latest earnings, for the second quarter ended June 1, 2025, were somewhat stronger than expected. As part of its earnings release, Levi raised its full-year net revenue, margin, and earnings guidance, as well as its earnings estimates when incorporating expected tariff impacts, which we view as credit positive. "We expect the company will increase its organic revenue by the low-single-digit percent area in fiscal year 2025 (ending November) due to its diverse and balanced expansion across channels, geographies, and product categories, as well as its strategic initiatives aimed at strengthening its brand equity and consumer engagement. We also expect Levi will improve its EBITDA margins in fiscal year 2025 on lower restructuring costs, a favorable shift in its sales mix toward high-margin direct-to-consumer (DTC) sales, and cost savings. Furthermore, we expect the company will benefit from lapping the high restructuring expenses related to Project Fuel in 2024, which will be partially offset by its increased marketing investments and higher product costs from the proposed tariffs. Despite the macroeconomic uncertainty, we expect Levi will continue to pursue share repurchases in 2025 using its expected asset sale proceeds. As such, we forecast the company's S&P Global Ratings-adjusted leverage will remain in 1.5x-2.0x range over the next 12 months, providing it with ample headroom relative to our 3.0x downside threshold." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- Levi's capital structure comprises a $1 billion ABL revolving credit facility due 2029, the proposed EUR475 million senior notes due 2030 (equivalent to $531 million), and $500 million of senior notes due 2031. -- S&P's simulated default scenario contemplates a default occurring in 2030 and assumes Levi would reorganize following the default. Therefore, it continues to value the company on a going-concern basis using a 6.5x multiple of our projected emergence EBITDA. -- Debt service: $67 million (default year interest plus amortization) -- Maintenance capital expenditure: $94 million -- Default EBITDA proxy: $161 million -- Operational adjustment: $80 million (50% of preliminary emergence EBITDA) to bring the valuation in line with our valuations of its rated peers -- Emergence EBITDA: $241 million Simulated default assumptions -- Year of default: 2030 -- EBITDA at emergence: $241 million -- Implied enterprise value multiple: 6.5x -- Gross enterprise valuation: $1.56 billion Simplified waterfall -- Net recovery value (excluding administrative expenses): $1.49 billion -- Obligor/nonobligor valuation split: 50%/50% -- Estimated priority claims (ABL and local foreign debt): $593 million -- Total value available to unsecured claims: $888 million -- Estimated senior unsecured claim: $1.14 billion --Recovery expectations: 50%-70% (rounded estimate: 65%) Note: All debt amounts include six months of accrued prepetition interest at default. LIFESCAN GLOBAL: Case Summary & 30 Largest Unsecured Creditors -------------------------------------------------------------- Lead Debtor: LifeScan Global Corporation 75 Valley Stream Parkway, Suite 201 Malvern PA 19355 Business Description: LifeScan provides blood glucose monitoring solutions through its OneTouch product line, supporting diabetes management for customers worldwide. The Company operates in over 50 countries across North America, Europe, and Asia, and employs more than 1,300 people. Chapter 11 Petition Date: July 15, 2025 Court: United States Bankruptcy Court Southern District of Texas Nine affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- LifeScan Global Corporation (Lead Case) 25-90259 LifeScan Texas, LLC 25-90258 DUV Holding Corporation 25-90260 DUV Intermediate Holding Corporation 25-90261 DUV Intermediate Holding II Corporation 25-90262 LifeScan, Inc. 25-90263 LifeScan China, LLC 25-90264 LifeScan IP Holdings, LLC 25-90265 LifeScan Institute, LLC 25-90266 Judge: Hon. Alfredo R Perez Debtors' Local Bankruptcy Counsel: John F. Higgins, Esq. M. Shane Johnson, Esq. Megan Young-John, Esq. James A. Keefe, Esq. Grecia V. Sarda, Esq. PORTER HEDGES LLP 1000 Main St., 36th Floor Houston, Texas 77002 Tel: (713) 226-6000 Fax: (713) 226-6248 Email: jhiggins@porterhedges.com sjohnson@porterhedges.com myoung-john@porterhedges.com jkeefe@porterhedges.com gsarda@porterhedges.com Debtors' General Bankruptcy Counsel: Dennis F. Dunne, Esq. Samuel Khalil, Esq. Jaimie Fedell, Esq. MILBANK LLP 55 Hudson Yards New York, New York 10001 Tel: (212) 530-5000 Fax: (212) 530-5219 Email: ddunne@milbank.com skhalil@milbank.com jfedell@milbank.com and Andrew M. Leblanc, Esq. Melanie Yanez, Esq. MILBANK LLP 1850 K Street, NW Suite 1100 Washington DC 20006 Tel: (202) 835-7500 Fax: (202) 263-7586 Email: aleblanc@milbank.com myanez@milbank.com Debtors' Investment Banker: PJT PARTNERS LP Debtors' Financial Advisor: ALVAREZ & MARSAL NORTH AMERICA, LLC Debtors' Notice & Claims Agent: EPIQ CORPORATE RESTRUCTURING, LLC Estimated Assets: $1 billion to $10 billion Estimated Liabilities: $1 billion to $10 billion The petitions were signed by James Rushing as chief financial officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LTYY3MY/LifeScan_Global_Corporation__txsbke-25-90259__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. CVS Health Corporation Rebates Payable $244,689,376 1 CVS Drive Woonsocket, RI 02895 United States Attn: David Joyner Title: President and CEO Phone: 469-524-7201 Email: david.joyner@cvshealth.com 2. UnitedHealth Group Rebates Payable $234,925,978 9900 Bren Rd E Minnetonka, MN 55343 United States Attn: Tim Noel Title: CEO, Medicare and Retirement Phone: 877-536-3550 Email: timothy_noel@uhc.com 3. The Cigna Group Rebates Payable $196,301,555 900 Cottage Grove Rd Bloomfield, CT 06002-2920 United States Attn: Ann Dennison Title: EVP and CFO Phone: 860-787-7968 Email: ann.dennison@thecignagroup.com 4. Illinois Department Rebates Payable $30,726,944 of Healthcare and Family Services 201 S Grand Ave E, 3rd Floor Springfield, IL 62763 United States Attn: Kelly Cunningham Title: Medicaid Administrator Phone: 217-782-2570 Email: kelly.cunningham@illinois.gov 5. Pennsylvania Department of Rebates Payable $15,379,325 Human Services 625 Forster Street Harrisburg, PA 17120-0001 United States Attn: Valerie E. Arkoosh, MD, MPH Title: Secretary Phone: 717-787-2600 Email: varkoosh@pa.gov 6. Ohio Department of Medicaid Rebates Payable $13,652,279 50 West Town Street, Suite 400 Columbus, OH 43215 United States Attn: Maureen Corcoran Title: Director Phone: 614-466-4443 Email: maureen.corcoran@medicaid.ohio.gov 7. Kentucky Cabinet for Rebates Payable $8,716,011 Health and Family Services 275 E. Main Street, 6 West A Frankfort, KY 40621 United States Attn: Lisa Lee Title: Medicaid Commissioner Phone: 502-564-4321 Email: lisa.lee@ky.gov 8. Wisconsin Department Rebates Payable $6,031,397 of Health Services 1 West Wilson Street, Room 350 Madison, WI 53701-0309 United States Attn: William Hanna Title: Medicaid Director Phone: 608-266-1271 Email: william.hanna@dhs.wisconsin.gov 9. Missouri Department of Rebates Payable $5,363,343 Social Services 615 Howerton Court, PO Box 6500 Jefferson City, MO 65102-6500 United States Attn: Todd Richardson Title: Director, MO Healthnet Phone: 573-751-6922 Email: todd.richardson@dss.mo.gov 10. New York State Rebates Payable $5,345,659 Department of Health Corning Tower Empire State Plaza Room 1466 Albany, NY 12237 United States Attn: Amir Bassiri Title: Medicaid Director Phone: 518-474-3018 Email: amir.bassiri@health.ny.gov 11. Horizon Healthcare of NJ Inc Rebates Payable $5,338,446 Three Penn Plaza East Newark, NJ 07105 United States Attn: David J. Rosenberg Title: EVP and CFO Phone: 973-466-5607 Email: david_rosenberg@horizonblue.com 12. Florida Agency for Health Rebates Payable $5,196,292 Care Administration 2727 Mahan Dr, Mail Stop #8 Tallahassee, FL 32308 United States Attn: Brian Meyer Title: Deputy Secretary for Medicaid Phone: 850-412-4000 Email: brian.meyer@ahca.myflorida.com 13. Connecticut Department of Rebates Payable $5,123,106 Social Services 55 Farmington Ave Hartfod, CT 06105 Unted States Attn: William Halsey Title: Medicaid Director Phone: 860-424-5383 Email: william.halsey@ct.gov 14. California Department of Rebates Payable $5,035,464 Health Care Services 1501 Capitol Ave, Ste 71-2014 Sacramento, CA 95814-5005 United States Attn: Tyler Sadwith Title: State Medicaid Director Phone: 916-440-7400 Email: tyler.sadwith@dhcs.ca.gov 15. Flex Ltd. Trade Payable $4,079,050 12455 Research Blvd Austin, TX 78759 United States Attn: Hooi Tan Title: COO Phone: 669-242-6332 Email: hooi.tan@flextronics.com 16. Asahi Polyslider Co., Ltd. Trade Payable $2,126,968 One Parkway Center 1850 Parkway Place, Suite 410 Marietta, GA 30067 United States Attn: Shun Mimura Title: Business Development Manager Phone: 678-601-5370 Email: smimura@asahi-us.com 17. Oklahoma Health Care Rebates Payable $1,909,085 Authority 4345 N. Lincoln Blvd Oklahoma City, OK 73105 United States Attn: Christina Foss Title: Medicaid Director Phone: 405-522-7365 Email: christina.foss@okhca.org 18. Independent Health Rebates Payable $1,784,737 Association, Inc. 511 Farber Lakes Drive Williamsville, NY 14221 United States Attn: Michael W. Cropp, MD, MBA Title: President and CEO Phone: 716-631-3001 Email: mcropp@independenthealth.com 19. Nevada Department of Health Rebates Payable $1,695,343 and Human Services 1100 East William Street, Suite 101 Carson City, NV 89701 United States Attn: Stacie Weeks Title: Medicaid Administrator Phone: 702-668-4200 Email: stacie@nv.gov 20. Maine Department of Health Rebates Payable $1,496,904 and Human Resources 109 Capitol Street, 11 State House Station Augusta, ME 04333 United States Attn: Michelle Probert Title: Director, Mainecare Phone: 207-287-2674 Email: michelle.probert@maine.gov 21. Louisiana Department of Health Rebates Payable $1,382,117 628 N 4th Street Baton Rouge, LA 70802 United States Attn: Kim Sullivan Title: Medicaid Executive Director Phone: 225-342-9240 Email: kimberly.sullivan@la.gov 22. Exiom Technologies Ltd. Trade Payable $925,248 3 Hobbs House Harrovian Business Village Bessborough Road Harrow, HA1 3EX United Kingdom Attn: Alpa Patel Title: Director Phone: +44 (0) 208-423-8463 Email: alpa@exiomtechnologies.com 23. Adhesive Research Ireland Ltd. Trade Payable $905,676 Raheen Business Park Limerick, V94 VH22 Ireland Attn: Craig McClenachan Title: President Phone: 800-445-6240 Email: craigm@adhesivesresearch.com 24. Arkansas Department of Rebates Payable $892,777 Human Services 112 West 8th Street, Slot S401 Little Rock, AR 72201-4608 United States Attn: Janet Mann Title: Deputy Director For Health and Medicaid Phone: 501-682-8648 Email: janet.h.mann@dhs.arkansas.gov 25. Aptar CSP Technologies Trade Payable $851,366 960 W. Veterans Blvd Auburn, AL 36832 United States Attn: Stephan Tanda Title: President and CEO Phone: 815-477-0424 Email: stephan.tanda@aptar.com 26. Eastman Chemical Company Trade Payable $795,974 200 South Wilcox Dr Kingsport, TN 37660 United States Attn: Brad Lich Title: EVP and CCO Phone: 212-835-1620 Email: blich@eastman.com 27. HI-FI Industrial Film Ltd. Trade Payable $704,934 Wedgwood Way Stevenage, SG1 4SX United Kingdom Attn: Robin Ruijgrok Title: CEO PHone: +44(0) 1438 314 354 Email: robin@hififilm.com 28. South Carolina Department of Rebates Payable $666,258 Health and Human Services 1801 Main Street, PO Box 8206 Columbia, SC 29201-8206 United States Attn: Eunice Medina Title: Interim Medicaid Director Phone: 803-898-2504 Email: eunice.medina@scdhhs.gov 29. Acolad Inc. Trade Payable $597,907 11 Rue Lazare Hoche Boulogne-Billancourt, 92 100 France Attn: Bertrand Gstalder Title: CEO Phone: +33 (0) 1 46 04 66 00 Email: bertrand.gstalder@acolad.com 30. Vermont Agency of Rebates Payable $594,875 Human Services 280 State Drive - Center Building Waterbury, VT 05676 United States Attn: Dr. Dashawn Groves Title: DHVA Commissioner Phone: 802-879-5900 Email: dashwan.groves@vermont.gov LIFESCAN GLOBAL: Wins Court OK to Hire Epiq as Counsel ------------------------------------------------------ LifeScan Global Corporation and its debtor-affiliates sought and obtained permission from the United States Bankruptcy Court for the Southern District of Texas, Houston Division, to hire Epiq Corporate Restructuring, LLC as their claims, noticing, and solicitation agent for the Chapter 11 cases, effective pursuant to the terms of the engagement letter dated June 4, 2025. Generally, as the Claims, Noticing, and Solicitation Agent, Epiq's services typically include managing the noticing process, including serving notices of pleadings and orders to interested parties; administering claims processing, such as receiving, recording, and analyzing proofs of claim; facilitating solicitation processes, including the distribution and tabulation of ballots for plan voting; and maintaining records of all services provided, including dates, categories of services, fees charged, and expenses incurred. Epiq's fees and expenses will be paid as an administrative expense in the ordinary course of the Debtors' business without further application or court order, unless a dispute arises, in which case the matter will be brought to the Court for resolution. Epiq will provide monthly invoices to the Debtors, their counsel, the U.S. Trustee, counsel for any official committee, and any party specifically requesting service of the invoices. Prior to the Petition Date, Epiq received an advance of $25,000, which will be applied consistent with the Engagement Letter. Alex Warso leads a team of Epiq's professional working on the case. Epiq represents that it neither holds nor represents any interest materially adverse to the Debtors' estates in connection with the matters for which it would be employed. To the best of the Debtors' knowledge, Epiq is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code, as modified by section 1107(b). Epiq has reviewed its database for relationships with the Debtors' creditors and parties in interest and will supplement its disclosure if any new facts or circumstances requiring disclosure are discovered. Compliance with U.S. Trustee Guidelines, however, the application aligns with U.S. Trustee oversight principles by Requiring Epiq to maintain detailed records of services, fees, and expenses. Providing monthly invoices to the U.S. Trustee and other relevant parties, with disputes subject to Court resolution. Objections must be filed or raised at the hearing, or the Court may treat the application as unopposed. The Debtors have agreed to indemnify Epiq as per the Engagement Letter, except for liability arising from gross negligence, willful misconduct, or other matters specified in the Proposed Order. About LifeScan Global Corporation LifeScan delivers personalized health, wellness, and digital solutions to individuals living with diabetes. Since 1981, LifeScan has advanced glucose care and diabetes management with pioneering technologies and new products, and is actively engaged in designing, developing, manufacturing, and marketing devices, software, and applications. Its comprehensive portfolio of diabetes-related products and services includes blood glucose monitoring devices, blood glucose test strips, lancing devices, and digital applications. LifeScan Global Corp. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90259) on July 15, 2025. As of the Petition Date, the Debtors have approximately $786 million assets and approximately $1.7 billion in liabilities. Judge Alfredo R Perez presides over the case. Megan Young-John and John F Higgins, IV at Porter Hedges LLP, represent the Debtor as legal counsel. LINQTO INC: Sapien Group Says Co. Engineered Chapter 11 in Texas ---------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that collapsed fintech startup Linqto Inc. should have its bankruptcy case moved to Delaware after allegedly orchestrating a secret plan to fabricate jurisdiction in Texas, major investor Sapien Group USA LLC argued. In a filing Wednesday, July 16, 2025, Sapien -- led by former Linqto director Victor Jiang -- asked the U.S. Bankruptcy Court for the Southern District of Texas to transfer the Chapter 11 case, filed just a week earlier, citing a lack of legitimate ties to the district, according to Bloomberg Law. Despite being incorporated in Delaware and based in California, Linqto's current board quietly formed a Texas shell company in early April "for the apparent purpose" of establishing venue there, Sapien alleged. About Linqto Inc. Linqto Inc. is a San Jose-based financial technology company operating in the alternative investment space. Linqto Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90187) on July 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500 million and $1 billion. The Debtor is represented by Gabrielle A. Hamm, Esq. at Schwartz, PLLC. Breakpoint Partners LLC is the Debtor's restructuring advisor. Epiq Corporate Restructuring, LLC is the Debtor's claims agent. ThroughCo Communications, LLC is the Debtor's public relations agent. MACY'S RETAIL: Moody's Rates New Senior Unsecured Notes 'Ba2' ------------------------------------------------------------- Moody's Ratings assigned a Ba2 rating to the new proposed backed senior unsecured notes at Macy's Retail Holdings, LLC (MRH). Proceeds from the new notes will be used to refinance existing debt and for general corporate purposes. All other ratings including the MRH Ba2 senior unsecured notes ratings and Macy's, Inc.'s (Macy's) Ba1 corporate family rating and the SGL-1 speculative grade liquidity rating (SGL) remain unchanged. The outlook for MRH and Macy's remains unchanged at stable. RATINGS RATIONALE Macy's, Inc.'s Ba1 corporate family rating reflects its very good liquidity and its conservative capital allocation strategy which includes moderate shareholder distributions. The rating also reflects Macy's market position as the US's largest department store chain with net sales of roughly $22 billion for the LTM period ending May 03, 2025. Its integrated approach to stores and online enhances its ability to meet the demands of the rapidly changing competitive environment. The company has improved its operating performance through customer re-engagement, cost reduction and solid inventory management and continues to work to increase its revenue stream beyond the traditional Macy's stores with the expansion of its off-mall small format Macy's and Bloomingdale's formats, its digital Marketplace and continued growth of its luxury concepts, Bloomingdale's and Bluemercury. Ratings remain constrained by the risk of continued pressure on discretionary spending, its low retail operating margins and any weakening of its credit portfolio. Macy's has very good liquidity evidenced by its $932 million in cash at the end of the first quarter ended May 03, 2025 and good free cash flow generation. The stable outlook reflects the company's success in reducing its cost structure and its conservative financial strategy. It also reflects the expectation that Macy's can maintain its current market position as well as its current level of credit metrics despite the difficult consumer demand environment. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The rating could be upgraded if Macy's demonstrates a consistent track record of sales and operating income performance which includes a stabilization or increase in its market share relative to alternative competitive channels as well as its department store peers. In addition, the company must also continue to reduce its reliance on traditional mall based assets through the successful execution of new growth strategies such as Macy's and Bloomingdale's Digital Marketplaces and its off-mall small format Macy's and Bloomingdale's concepts in order for an upgrade to be considered. An upgrade would also require sustained improvement in retail profit margins and a capital structure that is commensurate with an investment-grade rating. Quantitatively, a rating upgrade would also require maintaining very good liquidity including strong free cash flow generation and a conservative and clearly articulated financial strategy. Quantitatively rating could be upgraded if debt/EBITDA is sustained below 2.0 times and EBIT/interest expense is sustained above 5.5 times. Rating could be downgraded should Macy's liquidity or free cash flow generation deteriorate, comparable sales performance reflect weaker market positioning, operating performance including retail margins deteriorate or a more aggressive financial strategy is pursued including the utilization of unencumbered assets for any purpose other than deleveraging. Quantitatively, rating could be downgraded should debt/EBITDA be sustained above 3.25x and EBIT/interest is sustained below 3.75x. With its corporate office in New York, NY, Macy's, Inc. is one of the nation's premier retailers, with LTM May 03, 2025 net sales of approximately $22 billion. The company operates stores in 43 states, the District of Columbia, Guam and Puerto Rico under the names of Macy's, Bloomingdale's, Bloomingdale's The Outlet, Macy's Backstage, Macy's small format, Bloomie's, and Bluemercury, as well as the macys.com, bloomingdales.com and bluemercury.com websites. The principal methodology used in this rating was Retail and Apparel published in November 2023. MACY'S RETAIL: S&P Rates New $500MM Senior Unsecured Notes 'BB+' ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue-level rating on Macy's Retail Holdings LLC's (BB+/Stable) proposed $500 million senior unsecured notes due 2033. S&P assigned a '3' recovery rating, indicating its expectations for meaningful recovery (50%-70%, rounded estimate: 65%) in the event of a payment default. S&P affirmed the 'BB+' issue-level and '3' recovery rating on the company's existing senior unsecured notes. The recovery percentage improved to 65% on all the company's senior unsecured notes because of the debt reduction. It will use proceeds from the notes offering along with about $300 million of cash on hand to pay down approximately $760 million of existing notes through a tender offer or redemption of certain outstanding senior notes and debentures and pay fees and premiums. Ratings are based on preliminary terms and are subject to receipt and review of final documentation. S&P said, "While the proactive capital structure management and debt reduction are credit positives, our 'BB+' issuer credit ratings and stable outlooks on Macy's Inc. and Macy's Retail are unchanged. We expect Macy's to sustain leverage of 2x-3x over the next 12 months as the company maintains a balanced approach to capital allocation, including resuming buying back shares with excess free operating cash flow. We believe the company has room at the current rating for incremental pressure stemming from tariffs and an uncertain macroeconomic environment. We believe Macy's will selectively raise prices to offset the incremental costs. If tariff pressures persist or consumer demand drops and erode operating performance, we would expect the company to limit its shareholder returns to sustain credit metrics." If the proposed transaction closes, S&P will discontinue our rating on the fully repaid facilities. Issue Ratings--Recovery Analysis Key analytical factors -- S&P's simulated default assumes a recessionary environment and shifting consumer preferences, exacerbated by merchandise missteps and increased competition, leads to the continued loss of market share. -- S&P assumes Macy's will emerge as a going concern given its name recognition. It applies a 5.5x EBITDA multiple (in line with the multiples it uses for other department stores) to its projected emergence-level EBITDA figure. -- S&P believes that as Macy's approaches default, it would further rationalize its store footprint and sell assets. -- Macy's capital structure will consist of a $2.1 billion asset-based lending (ABL) facility (not rated) and about $2.5 billion of unsecured notes following the proposed transaction. -- S&P assumes the ABL facility is 60% drawn at default, excluding undrawn letters of credit, and believe this claim would rank ahead of secured debt and the unsecured notes' claim in bankruptcy. Simulated default assumptions -- Simulated year of default: 2030 -- EBITDA at emergence: $586 million -- Implied enterprise value (EV) multiple: 5.5x -- Estimated gross EV at emergence: $3.2 billion Simplified waterfall -- Net EV (after 5% administrative costs and estimated unfunded pension claims): $3.1 billion -- Valuation split (obligors/nonobligors): 100%/0% -- ABL secured claims (not rated): $1.1 billion* -- Unsecured debt and non-debt claims: $2.8 billion* --Recovery expectations: 50%-70% (rounded estimate: 65%) *All debt claims include six months of prepetition interest. MAGENTA BUYER: S&P Affirms 'CCC+' ICR, Outlook Negative ------------------------------------------------------- S&P Global Ratings affirmed its 'CCC+' issuer credit rating on Magenta Buyer LLC (dba Trellix and Skyhigh Security). At the same time, S&P affirmed its 'B+' issue-level rating to the company's super-priority term loan, 'B' rating to the first-out term loan, 'CCC' rating to the second-out term loan, and 'CCC-' rating to the third-out term loan. The negative outlook reflects Magenta Buyer's weak operating performance with declining revenues and negative free cash flow over the past few years. It also reflects S&P's view that the capital structure is unsustainable longer term without revenue stabilization and improved profitability. Magenta continues to face revenue declines and a free cash flow deficit in 2025. Although S&P views the capital structure to be unsustainable over the longer term, the company benefits from sufficient liquidity as of first-quarter 2025, lower annual interest expense following the LME transaction in 2024, and improving EBITDA margins due to cost-control actions taken over the past year. Despite ongoing revenue declines, the company's liquidity position provides flexibility during fiscal 2025, which supports our rating affirmation. The 2024 debt restructuring provided the company some liquidity flexibility, with $186 million in balance sheet cash as of first-quarter 2025, reduced cash interest costs of about $400 million and about $50 million of paid-in-kind (PIK) interest in 2025. The company also has full availability under its $125 million revolving credit facility. S&P said, "Additionally, the sponsors added about $100 million of equity to the capital structure as part of restructuring, which we view as a positive. Despite improvement in its capital structure from the LME transaction, we project free operating cash flow (FOCF) will be negative in 2026 with annual cash interest expenses increasing to approximately $450 million due to end of the PIK interest optionality at the end of 2025. We anticipate EBITDA coverage of total interest expense will remain just above 1x over the next 12 months. As such, we continue to view the capital structure as unsustainable, unless the company can address its declining revenue challenges." Magenta is currently undergoing a strategic transformation, but significant challenges and uncertainties persist. Over the past five years, Magenta has underperformed in the cybersecurity market. It has faced challenges in a competitive end market, resulting in continued revenue declines and a shrinking market share, even as the overall industry continues to grow. To return to a growth trajectory, the company is focusing on customer centricity and product simplification, which includes consolidating endpoint products and investing in agentic AI. The company has also made several leadership changes to realign its strategy. Furthermore, cost optimization plans have resulted in improved S&P Global Ratings-adjusted EBITDA margins, increasing to around 32% currently from under 25% in 2023, with $35 million in additional cost savings targeted in 2025. Nonetheless, business challenges continue in 2025, with a weaker budget due to delays in public sector deals, exacerbated by factors such as cuts by the Department of Government Efficiency initiative and uncertain tariff policies. S&P's base case assumes the company's revenues continuing to decline over the next 12 months driven by loss of market share. S&P said, "Our base case assumes negative FOCF during fiscal 2025 and 2026. Free cash flow has been negative for the past three years and we project it will remain negative over the near term. We project a 2% FOCF/debt deficit in fiscal 2025 and around a 1% deficit in fiscal 2026. Additionally, we project its S&P Global Ratings-adjusted leverage remains elevated around low-8x during 2025, improving to 8x in 2026 due to ongoing cost-saving measures. "The negative outlook reflects Magenta Buyer's weak operating performance with declining revenues and negative free cash flow for the past few years. It also reflects our view that the capital structure is unsustainable longer term without revenue stabilization and improved profitability. "We could lower our rating on Magenta Buyer if it continues to generate negative FOCF, and experiences declining revenues and weakening liquidity such that we see increased risk of a default or a distressed transaction within the upcoming 12 months. "We could take a positive rating action on Magenta Buyer if it stems revenue declines, maintains current EBITDA margins and liquidity, and sustains break-even free cash flow over 12 months after the PIK option expires." MARI ARI: Voluntary Chapter 11 Case Summary ------------------------------------------- Debtor: Mari Ari International, Inc. 8401 Westheimer Rd, Ste 280 Houston, TX 77063-2708 Business Description: Mari Ari International, Inc., doing business as Mari Ari Hair, sells human hair extensions, wigs, and related accessories. The Company operates a retail boutique in Houston, Texas, offering products and styling services to individual and professional clients. Its product line features both synthetic and human hair options with various styles, colors, and types. Chapter 11 Petition Date: July 16, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-34029 Debtor's Counsel: Reese Baker, Esq. BAKER & ASSOCIATES 950 Echo Ln Ste 300 Houston TX 77024-2824 Email: courtdocs@bakerassociates.net Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Sean Lee as authorized representative of the Debtor. 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/XUQXCXI/Mari_Ari_International_Inc__txsbke-25-34029__0001.0.pdf?mcid=tGE4TAMA MARIN SOFTWARE: Hires Donlin Recano & Company as Advisor -------------------------------------------------------- Marin Software Incorporated seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Donlin, Recano & Company, LLC as administrative advisor. The firm will provide these services: a. assist with, among other things, any required solicitation, balloting, and tabulation and calculation of votes, as well as preparing any appropriate reports, as required in furtherance of confirmation of chapter 11 plan(s) (the "Balloting Services"); b. generate an official ballot certification and testifying, if necessary, in support of the ballot tabulation results; c. In connection with the Balloting Services, handling requests for documents from parties in interest, including, if applicable, brokerage firms and bank back-offices and institutional holders; d. gather data in conjunction with the preparation, and assisting with the preparation, of the Debtor's schedules of assets and liabilities and statements of financial affairs; e. provide a confidential data room, if requested; f. manage and coordinate any distributions pursuant to a confirmed chapter 11 plan; and g. Providing such other claims processing, noticing, solicitation, balloting, and administrative services described in the Services Agreement, but not included in the Section 156(c) Application, as may be requested by the Debtor from time to time. 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. Lisa Terry, a senior legal director at Donlin, Recano & Company, Inc., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Lisa Terry Donlin, Recano & Company, Inc. 48 Wall Street New York, NY 10016 Telephone: (619) 346-1628 About Marin Software Incorporated Marin Software Incorporated provides a software-as-a-service platform for managing digital advertising across search, social, and eCommerce channels. Its platform offers analytics, workflow, and optimization tools designed to help performance marketers and agencies improve returns on advertising spend. Marin Software Incorporated sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11263) on July 1, 2025. In its petition, the Debtor reports total assets of $5,656,853 and total debts of $2,767,237. The Debtor's bankruptcy counsel is James E. O'Neill, Esq. at PACHULSKI STANG ZIEHL & JONES LLP. The Debtor's Corporate Counsel is FENWICK & WEST LLP. ARMANINO ADVISORY LLC is the Debtor's Financial Advisor and DONLIN, RECANO & COMPANY, LLC is the Debtor's Claims, Noticing & Solicitation Agent and Administrative Advisor. MARIN SOFTWARE: Hires Fenwick & West LLP as Corporate Counsel ------------------------------------------------------------- Marin Software Incorporated seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Fenwick & West LLP as special corporate counsel. The firm will provide these services: a. corporate governance advice; b. securities law advice, including review of filings with the SEC and listing matters; c. general employment advice; and d. intellectual property matters, as needed. The firm will be paid at these rates: Partners $1,415 to $2,555 per hour Counsel/Senior Counsel $1,275 to $1,550 per hour Associates/Staff Attorneys $660 to $1,465 per hour Paralegals $415 to $1,195 per hour Practice Support Professionals $225 to $790 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Katherine K. Duncan, Esq., a partner at Fenwick & West 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: Katherine K. Duncan, Esq. Fenwick & West LLP 401 Union Street, 5th Floor Seattle, WA 98101 Tel: (206) 389-4510 About Marin Software Incorporated Marin Software Incorporated provides a software-as-a-service platform for managing digital advertising across search, social, and eCommerce channels. Its platform offers analytics, workflow, and optimization tools designed to help performance marketers and agencies improve returns on advertising spend. Marin Software Incorporated sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11263) on July 1, 2025. In its petition, the Debtor reports total assets of $5,656,853 and total debts of $2,767,237. The Debtor's bankruptcy counsel is James E. O'Neill, Esq. at PACHULSKI STANG ZIEHL & JONES LLP. The Debtor's Corporate Counsel is FENWICK & WEST LLP. ARMANINO ADVISORY LLC is the Debtor's Financial Advisor and DONLIN, RECANO & COMPANY, LLC is the Debtor's Claims, Noticing & Solicitation Agent and Administrative Advisor. MARIN SOFTWARE: Hires Pachulski Stang Ziehl as Counsel ------------------------------------------------------ Marin Software Incorporated seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Pachulski Stang Ziehl & Jones LLP as counsel. The firm will provide these services: a. assist, advise, and represent the Debtor in its consultations with estate constituents regarding the administration of this Chapter 11 Case; b. assist, advise, and represent the Debtor in any manner relevant to the Debtor's financing needs, asset dispositions, and leases and other contractual obligations; c. assist, advise, and represent the Debtor in any issues associated with the acts, conduct, assets, liabilities, and financial condition of the Debtor; d. assist, advise, and represent the Debtor in the negotiation, formulation, and drafting of any plan of reorganization and disclosure statement; e. assist, advise, and represent the Debtor in the performance of its duties and the exercise of its powers under the Bankruptcy Code, the Bankruptcy Rules, and any applicable local rules and guidelines; and f. provide such other necessary advice and services as the Debtor may require in connection with this Chapter 11 Case. The firm will be paid at these rates: Partners $1,150 to $2,350 per hour Counsel $1,050 to $1,850 per hour Associates $725 to $1,225 per hour Paralegals $595 to $650 per hour The firm received payments from the Debtor in the amount of $250,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Jason H. Rosell, Esq., a partner at Pachulski Stang Ziehl & Jones 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: Jason H. Rosell, Esq. Pachulski Stang Ziehl & Jones LLP 919 North Market Street, 17th Floor P.O. Box 8705 Wilmington, DE 19899-8705 Tel: (302) 652-4100 Email: jrosell@pszjlaw.com About Marin Software Incorporated Marin Software Incorporated provides a software-as-a-service platform for managing digital advertising across search, social, and eCommerce channels. Its platform offers analytics, workflow, and optimization tools designed to help performance marketers and agencies improve returns on advertising spend. Marin Software Incorporated sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11263) on July 1, 2025. In its petition, the Debtor reports total assets of $5,656,853 and total debts of $2,767,237. The Debtor's bankruptcy counsel is James E. O'Neill, Esq. at PACHULSKI STANG ZIEHL & JONES LLP. The Debtor's Corporate Counsel is FENWICK & WEST LLP. ARMANINO ADVISORY LLC is the Debtor's Financial Advisor and DONLIN, RECANO & COMPANY, LLC is the Debtor's Claims, Noticing & Solicitation Agent and Administrative Advisor. MARTINS INTERSTATE: Edgewater Property Sale to Williams Co. OK'd ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, has approved Martins Interstate Properties LLC to Property, free and clear of liens, claims, and encumbrances. The Debtor is a Florida limited liability company, wholly owned and managed by Roberto Martins. Martins formed the Debtor on July 1, 2020. MARTINS planned for the Debtor to operate a real estate business. The Debtor has operated the real estate business continuously since July of 2020. The Debtor's Property is located at 500 Pullman Road, Edgewater, FL 32132. The Court has authorized the Debtor to sell the Property to Williams Company Management Group or any assigns of that entity for the sum of $2,100,000.00 subject to all existing pre-petition liens, claims, encumbrances, and interests by private sale. The liens of the Fairwinds and Will Roberts, Tax Collector as described in the Motion shall continue upon the sale of the property and be subject to future payment from the sale of the property from any closing proceeds received by the Debtor. The sale made pursuant to this Order is "AS-IS WHERE IS WITH ALL FAULTS" and shall be by Assignment and/or instrument of conveyance as appropriate, with no warranties of title whatsoever. Any professionals to be paid from the sale proceeds shall seek prior approval of any compensation to be paid. About Martins Interstate Properties LLC Martins Interstate Properties owns two properties in Edgewater, Fla., and Matthews, S.C., with a total current value of $1.30 million. Martins Interstate Properties filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02516) on May 20, 2024, listing $1,296,406 in assets and $910,980 in liabilities. Roberto Martins, Sr., manager, signed the petition. Judge Tiffany P. Geyer presides over the case. Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler, LLP represents the Debtor as bankruptcy counsel. MCPHILLIPS FLYING: Case Summary & Four Unsecured Creditors ---------------------------------------------------------- Debtor: McPhillips Flying Service, Inc. Island Airways f/k/a Gemini Air Service, Inc. d/b/a Welke Aviation 111 Airport Drive Charlevoix, MI 49720 Business Description: McPhillips Flying Service, Inc., doing business as Welke Aviation and operating as Island Airways, provides regional air transportation services. Based in Charlevoix, Michigan, the Company offers passenger and cargo flights connecting mainland Michigan to Beaver Island and surrounding areas. Chapter 11 Petition Date: July 15, 2025 Court: United States Bankruptcy Court Western District of Michigan Case No.: 25-02011 Judge: Hon. James W Boyd Debtor's Counsel: A. Todd Almassian, Esq. KELLER & ALMASSIAN, PLC 230 East Fulton Grand Rapids, MI 49503 Tel: 616-364-2100 Fax: 616-364-2200 Email: ecf@kalawgr.com Total Assets: $2,335,506 Total Liabilities: $2,483,706 The petition was signed by Angela LeFevre-Welke as president and secretary. 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/LKBMMGA/McPhillips_Flying_Service_Inc__miwbke-25-02011__0001.0.pdf?mcid=tGE4TAMA MEATHEADZ LLC: Gets Interim OK to Use Cash Collateral Until Aug. 15 ------------------------------------------------------------------- Meatheadz, LLC got the green light from the U.S. Bankruptcy Court for the District of New Jersey to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral through August 15 to pay operating expenses in accordance with its budget. The budget projects total monthly operating expenses of $81,014. As adequate protection for the use of their cash collateral, secured creditors The Bancorp Bank and the U.S. Small Business Administration will be granted replacement liens on the Debtor's post-petition assets, subject to the fee carveout. In addition, the Debtor will make a monthly payment of $1,900 to Bancorp and $2,550 to SBA, which hold secured claims of $64,096 and $500,000, respectively. A final hearing is set for August 12, with objections due by August 5. The Debtor operates a restaurant at a leased location in Lawrence Township, New Jersey. Its secured creditor, Bancorp, holds a perfected lien on the Debtor's assets including inventory and accounts receivable pursuant to a 2018 loan agreement. Bancorp Bank and SBA hold first lien and second lien positions, respectively. As of the petition date, the Debtor owed Bancorp approximately $64,096 while it owed SBA $500,000. Bancorp, as secured creditor is represented by: Craig L. Steinfeld, Esq. 210 Park Avenue, 2nd Floor Florham Park, NJ 07932 Telephone: (973) 302-9700 Facsimile: (973) 845-2546 csteinfeld@shermanatlas.com About Meatheadz LLC Meatheadz, LLC is a food service business located in Lawrence Township, N.J. Meatheadz sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-15120) on May 13, 2025. In its petition, the Debtor reported estimated assets between $50,000 and $100,000 and estimated liabilities between $500,000 and $1 million. Judge Christine M. Gravelle handles the case. Joseph Casello, Esq., at Collins, Vella & Casello is the Debtor's legal counsel. METADOOR RESTAURANT: Seeks Chapter 11 Bankruptcy in South Carolina ------------------------------------------------------------------ On July 15, 2025, Matadoor Restaurant Group LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of South Carolina. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 100 and 199 creditors. The petition states funds will be available to unsecured creditors. About Matadoor Restaurant Group LLC Matadoor Restaurant Group LLC, d/b/a Del Taco, operates and manages franchised and proprietary restaurant concepts in the United States. The Company serves as a franchisee of Del Taco and operates The Matador, a full-service Mexican restaurant in Greenville, South Carolina. It functions under Red Door Brands, LLC, which oversees a portfolio of foodservice operations including additional national quick-service brands. Matadoor Restaurant Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 25-02698) on July 15, 2025. In its petition, the Debtor reports estimated assts and liabilities between $1 million and $10 million. The Debtors are represented by Christine E. Brimm, Esq. at BARTON BRIMM, PA. MICROTRAKS INC: Eric Terry Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 7 appointed Eric Terry as Subchapter V trustee for MicroTraks, Inc. Mr. Terry will charge $450 per hour for his services as Subchapter V trustee and $50 per hour for his support staff working under his direct supervision. The Subchapter V trustee will seek reimbursement for work-related expenses incurred. Mr. Terry declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Eric Terry 3511 Broadway San Antonio, TX 78209 Phone: (210)468-8274 Email: eric@ericterrylaw.com About MicroTraks Inc. MicroTraks, Inc.'s creditor Tatanka, LLC filed an involuntary petition under Chapter 7 against the company (Bankr. W.D. Texas Case No. 25-50763) on April 7, 2025. The petitioning creditor is represented by its attorney, David S. Gragg, Esq. On June 25, 2025, the court ordered the conversion of the Chapter 7 case to a proceeding under Chapter 11, Subchapter V of the Bankruptcy Code and the consolidation of the converted case with the Subchapter V case (Bankr. W.D. Texas Case No. 25-10855) filed by MicroTraks on June 2, 2025. Judge Michael M. Parker presides over the case. MicroTraks is represented by William B. Kingman, Esq., at the Law Offices of William B. Kingman, PC. MID-COLORADO INVESTMENT: Hires Overturf Mcgath as Special Counsel ----------------------------------------------------------------- Mid-Colorado Investment Company, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Overturf Mcgath & Hull, P.C. as special counsel. The Debtor needs the firm's legal assistance in connection with a case (Case No. 2022PR30059) filed in the Teller County District Court, State of Colorado, captioned as Mid-Colorado Investment Co., Inc. v. Martha Hagedorn. The firm will be paid at these rates: Scott Neckers $225 per hour Sarah Thomas $195 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Scott Neckers, a partner at Overturf Mcgath & Hull, 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: Scott Neckers, Esq. Overturf Mcgath & Hull, P.C. 625 East 16th Avenue Denver, CO 80203 Tel: (303) 860-2848 About Mid-Colorado Investment Company, Inc. Mid-Colorado Investment Company provides bulk water services to a community in El Paso County and operates a small cattle ranch. Mid-Colorado Investment Company filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-11742) on March 31, 2025, listing up to $10 million in assets and up to $50,000 in liabilities. Charles A. Hagedorn, president and treasurer of Mid-Colorado Investment Company, signed the petition. Judge Joseph G. Rosania, Jr. oversees the case. The Debtor tapped Daniel J. Garfield, Esq., at Fairfield and Woods, PC as bankruptcy counsel and Hackstaff Snow Atkinson & Griess, LLC as special counsel. MILESTONE LLC: Seeks Chapter 11 Bankruptcy in Illinois ------------------------------------------------------ On July 16, 2025, Milestone LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Milestone LLC Milestone LLC is a single asset real estate company based in Chicago, Illinois. Milestone LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10757) on July 16, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Donald R. Cassling handles the case. MILLERKNOLL INC: Moody's Rates New $550MM 1st Lien Term Loan 'Ba2' ------------------------------------------------------------------ Moody's Ratings assigned a Ba2 rating to MillerKnoll, Inc.'s proposed $550 million senior secured first lien term loan B due 2032. MillerKnoll's other ratings are unchanged including the company's Ba2 Corporate Family Rating, Ba2-PD Probability of Default Rating, and the Ba2 rating on the company's existing $725 million first lien revolver due 2030 and $400 million original principal amount first lien term loan A due 2030. The outlook is negative and the company's speculative grade liquidity rating (SGL) remains SGL-2. Moody's expects to withdraw the Ba2 rating on the company's existing first lien term loan B due 2028 upon closing of the refinancing transaction and the repayment of this debt obligation. MillerKnoll plans to use the proceeds from the proposed $550 million first lien term loan B due 2032 along with revolver borrowings to refinance its existing first lien term loan B due 2028, which had $603 million principal outstanding as of May 31, 2025. The proposed refinancing transaction is leverage neutral and extends the company's debt maturity profile with no meaningful debt maturity until 2030, other than the 1% annual term loan amortization. The company's debt/EBITDA leverage is high at around 4.3x as of fiscal ending May 31, 2025 (incorporating Moody's adjustments) and a combination of debt reduction and earnings growth will likely be necessary to reduce leverage to below 4x over the next year. RATINGS RATIONALE MillerKnoll's Ba2 CFR broadly reflects its strong market position in the office furniture sector and good liquidity. The company benefits from strong office furniture brands synonymous with modern design and innovation. The company also has strong end market diversification and good geographic reach throughout the Americas, Europe, and Asia. Offices will remain an important contributor to workplace culture and collaboration. However, the secular shifts toward higher remote work and less office space demand accentuated by the pandemic are key rating factors because they create significant uncertainty regarding the level of recurring demand for office furniture. The company is investing to expand its retail store network and build upon its manufacturing capabilities to grow the consumer business, which strategy will consume cash and could lead to acquisitions. MillerKnoll operates in highly competitive end markets with design driven demand and reliance on independent contract channels that fosters high competitive risks and results in a low operating profit margin. MillerKnoll's earnings and cash flow are susceptible to economic downturns, variability in raw material prices and increasing labor costs. The company's good liquidity provides some flexibility to navigate the economic and demand challenges and is supported by its $194 million cash balance, $382 million of availability on its revolver as of May 31, 2025, and Moody's expectations of positive free cash flow of at least $50 million over the next 12 months. MillerKnoll has shifted its focus to reducing debt and leverage while de-emphasizing share repurchases. The company indicated on its fourth quarter 2025 earnings call that it would like to reduce its net debt to EBITDA leverage that was around 2.9x (based on the company's calculation) as of fiscal year ending May 31, 2025. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The negative outlook reflects MillerKnoll's high financial leverage and Moody's views that elevated business risks and economic challenges could keep leverage elevated over the next year despite the company's focus on reducing debt. This is based on Moody's views that the office space market will remain challenging, and due to the company's exposure to cyclical downturns and tariffs. The ratings could be upgraded if there is stability and sustained growth visibility in the office market sector and MillerKnoll successfully navigates through the secular changes. The company would also need to improve its operating performance including generating a meaningfully higher operating profit margin along with strong and consistent free cash flow, and maintain a conservative financial strategy with debt/EBITDA sustained below 3.25x. The ratings could be downgraded if the company is unable to grow earnings due to soft office furniture market demand, pricing pressure, or cost increase, or debt/EBITDA is sustained above 4.0x. The ratings could also be downgraded if liquidity deteriorates for any reason, including modest free cash flow or higher reliance on revolver borrowings, or the company distributes meaningful cash to shareholders or pursues debt-financed acquisitions. MillerKnoll, Inc. designs, manufactures and distributes seating products, office furniture systems, other freestanding furniture elements, textiles, home furnishings and related services used in office, healthcare, educational and residential settings. The company sells its products through independent contract office furniture dealers, owned retail studios and e-commerce platforms, direct mail catalogs, independent retailers, and an owned contract office furniture dealership. The company is a combination of Herman Miller, Inc., established in 1905, and the July 2021 acquisition of Knoll, Inc., established in 1938. MillerKnoll is publicly traded (Nasdaq: MLKN) and has presence in over 100 countries. The company reported around $3.7 billion in revenue for the fiscal year ending May 31, 2025. The principal methodology used in this rating was Consumer Durables published in September 2021. MILLERKNOLL INC: S&P Rates Proposed Term Loan B 'BB+' ----------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue-level rating and '2' recovery rating to MillerKnoll Inc.'s (BB/Negative/--) proposed $550 million senior secured term loan B facility due 2032. The '2' recovery rating indicates our expectation for substantial recovery (70%-90%; rounded estimate: 70%) in the event of a payment default. MillerKnoll will use the proposed term loan B proceeds along with drawings on the $725 million revolving credit facility to refinance its existing term loan B facility ($603 million outstanding as of May 31, 2025) due 2028. The proposed term loan B has substantially the same terms as the existing term loan B, the rating on which S&P expects to withdraw following repayment. In conjunction with the refinancing transaction, MillerKnoll intends to close on a $90 million accounts receivable securitization facility to refinance a portion of the revolver borrowings. S&P said, "Consequently, we revised our rounded recovery estimate on the existing bank credit facilities ($725 million senior secured revolving credit facility and $400 million term loan A) to 70% from 75%, reflecting new priority debt in our assumed recovery waterfall, which reduces the collateral available to the existing secured lenders in a simulated default scenario." All other ratings, including the 'BB' issuer credit rating on MillerKnoll, are unchanged. The rating outlook is negative, reflecting the potential for a lower rating within the next 12 months if S&P believes the company's operating performance will deteriorate, resulting in S&P Global Ratings-adjusted debt to EBITDA sustained above 4x. Issue Ratings - Recovery Analysis Key analytical factors The debt structure will consist of: -- $725 million revolver ($384 million outstanding) maturing in April 2030, including a $200 million multicurrency sublimit; -- $400 million term loan A maturing in April 2030; -- The proposed $550 million term loan B maturing in July 2032; and -- A $90 million committed accounts receivable securitization facility due in 2028 (not rated) secured by eligible accounts receivable. S&P views this as the company's highest priority obligation. MillerKnoll Inc. is the sole borrower under the credit facilities, which are guaranteed jointly and severally by all existing and newly acquired or created wholly owned domestic subsidiaries, subject to customary limitations and exceptions. The credit facilities are secured by a first-priority perfected lien on all assets (tangible and intangible), including pledges by all loan parties of their equity interests in first-tier subsidiaries (limited to 65% of the voting capital stock in foreign subsidiaries, subject to customary limitations and exceptions), but excluding eligible accounts receivables guaranteed under the securitization facility, in which we assume it will have second-priority lien. S&P views the revolving credit facility, term loan A, and term loan B as pari passu. MillerKnoll Inc. is a U.S. corporation based in Zeeland, Mich. In the event of an insolvency proceeding, S&P anticipates the company would file for bankruptcy protection under the auspices of the U.S. federal bankruptcy court system and would not involve any other foreign jurisdiction. S&P said, "We believe creditors would receive maximum recovery in a payment default scenario if the company reorganizes instead of liquidates. This is because of its satisfactory brand equity, good market position, well-established distribution network, and long-standing customer and supplier relationships. Therefore, in evaluating recovery prospects for its debtholders, we assume the company continues as a going concern and arrive at our emergence enterprise value by applying a multiple to our assumed emergence EBITDA." Simulated default assumptions S&P's simulated default scenario contemplates a default in 2030 caused by significantly decreased demand from corporate and government clients that have reduced office space because more work is done remotely; prolonged economic weakness that hurts spending by consumers on home office products; high commodity costs; and elevated competition. These factors cause significant EBITDA and cash flow deterioration, triggering a payment default. Valuation Calculation of EBITDA at emergence: -- Debt service: $123 million (default year interest plus amortization) -- Maintenance capital expenditure: $78 million -- Default EBITDA proxy: $201 million -- Cyclicality adjustment: $10 million (5% of default EBITDA proxy--consumer durables) -- Emergence EBITDA: $211 million S&P said, "We estimate a gross emergence enterprise value of $1.27 billion, which is based on a 6x multiple on our estimate of its emergence EBITDA. The 6x multiple is higher than we typically use for the durables sector. This reflects the company's good brand equity, reputation for design expertise, competitive market position, and the improved scale of its operations following the Knoll acquisition." Simplified waterfall -- Emergence EBITDA: $211 million -- Multiple: 6x -- Gross recovery value: $1.27 billion -- Net recovery value for waterfall after administrative expenses (5%): $1.2 billion -- Obligor/nonobligor valuation split: 70%/30% -- Estimated priority claims: $76 million --Priority recovery range: Not rated -- Estimated senior secured claims: $1.5 billion -- Value available for first-lien claims (including value for deficiency claim): $1.12 billion --Recovery expectations: 70%-90% (rounded estimate: 70%) NETCAPITAL INC: Issues 500K Shares for Horizon Software Agreement ----------------------------------------------------------------- Netcapital Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into a Horizon Software Agreement with Horizon Globex GmbH, a company incorporated in Switzerland pursuant to which Horizon granted the Company a royalty free, paid-up, non-exclusive, perpetual, irrevocable, unrestricted license to use the Licensed Software with the Company's branding and image, in the United States to provide capital-raising and secondary trading services to its clients in consideration for the issuance of 500,0000 shares of the Company's common stock, par value $0.001 per share to Horizon or its affiliate. The Agreement may be terminated by either party upon a default in the performance of any material obligation under the Agreement is not cured within 30-days after receipt of such notice. In addition, the Agreement may be terminated immediately by either party in the event the other party files or has filed against it any petition for relief under any bankruptcy statute or similar statute of any jurisdiction, or an order for relief in any bankruptcy or reorganization proceeding is entered against the other party and such order remains undischarged for a period of 60 days; or a receiver is appointed for the other Party; or the other party is dissolved or liquidated, or ceases to carry on its business, or makes an assignment for the benefit of its creditors. The Horizon Shares will be issued pursuant to the exemption from registration provided by Section 4(a)(2) and/or 3(a)(9) of the Securities Act of 1933, as amended. The Company did not receive any proceeds for the issuance of such Horizon Shares. A full-text copy of the Agreement is available https://tinyurl.com/bdfrv4wk About Netcapital Inc. Headquartered in Boston, Mass., Netcapital Inc. -- www.netcapital.com -- is a fintech company with a scalable technology platform that allows private companies to raise capital online and provides private equity investment opportunities to investors. The Company's consulting group, Netcapital Advisors, provides marketing and strategic advice and takes equity positions in select companies. The Company's funding portal, Netcapital Funding Portal, Inc. is registered with the U.S. Securities & Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA), a registered national securities association. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated July 29, 2024, citing that the Company has negative working capital, net operating losses, and negative cash flows from operations. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of January 31, 2025, the Company had $39,900,677 in total assets, $4,930,412 in total liabilities, and total stockholders' equity of $34,970,265. NEW CHESTER HOLDINGS: Seeks Subchapter V Bankruptcy in Pennsylvania ------------------------------------------------------------------- On July 16, 2025, New Chester Holdings LP filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Pennsylvania. 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 New Chester Holdings LP New Chester Holdings LP is a single asset real estate partnership based in Glen Mills, Pennsylvania. New Chester Holdings LPsought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-12839) on July 16, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Derek J. Baker handles the case. NEW FORTRESS: S&P Lowers ICR to 'CCC' on Mounting Refinancing Risk ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on New Fortress Energy Inc. (NFE) to 'CCC' from 'B-'. S&P said, "We lowered our issue-level rating on NFE's senior secured term loan B to 'CCC' from 'B' and revised our recovery rating to '3' from '2', indicating our expectation that lenders would receive meaningful (50%-70%; rounded estimate: 65%) recovery in the event of default. "We also lowered our issue-level rating on the company's senior secured notes due 2026 and 2029 (legacy notes) to 'CCC-' from 'CCC+'. The '5' recovery rating is unchanged and indicates our expectation for modest (10%-30%; rounded estimate: 25%) recovery in default. "In addition, we lowered our issue-level rating on NFE's senior secured notes due 2029 (exchanged notes) to 'CCC-' from 'B-' and revised our recovery rating to '5' from '4'. The '5' recovery rating indicates our expectation for modest (10%-30%; rounded estimate: 25%) recovery in default." The negative outlook reflects heightened refinancing risk on the company's notes due September 2026 and an increased possibility that a payment default or distressed exchange may occur within the next 12 months. S&P believes NFE ability to achieve sufficient EBITDA to address upcoming debt maturities is more uncertain, which increases the possibility that the company restructures its debt, which is trading at distressed levels. S&P said, "NFE's underperformance and ability to address upcoming debt maturities drove our rating action. NFE's underperformance in the first quarter of 2025 led us to reassess our base-case estimates, as well as the company's ability to adequately address capital requirements, other obligations, and upcoming debt maturities. After reviewing the recently filed 10-Q for the period ended March 31, 2025, we estimate its EBITDA for the trailing 12 months ended March 31, 2025 is about $750 million. We await the final details regarding the natural gas supply contracts in Puerto Rico, which management expects to be resolved in the near term. We expect this contract will provide a stable base of cash flow and most of the EBITDA for 2025. "That said, we believe achieving $750 million of EBITDA will require excess cargo sales and other spot sales of liquefied natural gas (LNG), which could be more challenging. In addition, NFE's two main assets in Brazil, the CELBA and Portocem power plants, will not provide significant contracted cash flow until 2026. This updated EBITDA forecast is well below our previous estimate of $900-$945 million and will likely be insufficient to meet interest expense on the company's existing debt, further pressure its liquidity, and limit the company's ability to allocate capital for projects other than the plants in Brazil, which will be met with restricted cash." NFE currently has about $828 million of cash and equivalents as of March 31, 2025, of which about $380 million is restricted for the Brazil power projects. While the remaining cash of $448 million could provide NFE with the ability to fund working capital requirements and pay interest on its debt, it is likely unsustainable for more than a few quarters absent a significant improvement in revenue and EBITDA. S&P believes the company could consider a debt restructuring or debt exchange given that the debt is trading at distressed levels. The 6.5% senior secured note due Sept. 30, 2026, has about $510 million outstanding and includes a springing maturity on July 1, 2026, as follows: if any amount of the 2026 notes are outstanding as of this date, the outstanding balance under the revolver ($750 million as of March 31, 2025) and senior secured term loans (about $1.5 billion) come due; if more than $100 million of the 2026 notes remain outstanding as of the same date, the outstanding principal balance of $2.7 billion on the new 2029 notes comes due. S&P thinks this also incentivizes NFE to restructure its debt in the next few quarters. The negative outlook reflects heightened refinancing risk on the company's notes due September 2026 and an increased possibility that a payment default or distressed exchange may occur within the next 12 months. S&P said, "We could lower our rating on NFE if the company is unable to refinance the 2026 notes when they become current, or its liquidity deteriorates such that a debt restructuring or distressed exchange appears inevitable. "We could raise our rating if NFE is successful in refinancing its upcoming debt maturities and improves its liquidity position such that we believe the company's capital structure is sustainable." NORTH WHITEVILLE: Hires Streeter Tax Consultants as Accountant -------------------------------------------------------------- North Whiteville Urgent Care & Family Practice, PA seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Streeter Tax Consultants as accountant. The firm will provide these services: a. assist in the preparation of monthly operating reports; b. prepare tax returns; c. analyze financial transactions; d. assist in preparing any necessary financial schedules for a plan of reorganization; e. perform such other accounting services as may be necessary in connection with this Chapter 11 case. The firm will be paid at these rates: CEO/Owner $350 Associate $200 Paraprofessional $125 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Annette Streeter, a partner at Streeter Tax Consultants, 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: Annette Streeter Streeter Tax Consultants 17130 Van Buren Blvd., #86 Riverside, CA 92504 Tel: (951) 776-4440 About North Whiteville Urgent Care & Family Practice North Whiteville Urgent Care & Family Practice, PA sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02217) on June 12, 2025, listing under $1 million in both assets and liabilities. Honorable Bankruptcy Judge David M. Warren handles the case. The Debtor is represented by Christian B. Felden, Esq., at Felden & Felden, PA. NORTHERN LIBERTIES: Unsecureds to Get 100 Cents on Dollar in Plan ----------------------------------------------------------------- Northern Liberties Early Childhood LLC d/b/a Liberty Learning Center II filed with the U.S. Bankruptcy Court for the Eastern District of Pennsylvania a Plan of Reorganization for Small Business dated June 25, 2025. The Debtor is a limited liability company whose sole owner/member is Katharine McGlade. Since 2021, the Debtor has been in the business of child daycare, and is duly registered with the Commonwealth Department of Health Services. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $2,578.89 per month. The final Plan payment is expected to be paid on the effective date in that all creditors and administrative expenses are able to be paid, except for the partially disputed claim with landlord. Class 3 consists of all non-priority unsecured claims. There are three non-priority unsecured creditors. They will be paid 100 cents on the dollar of their allowed, determined, liquidated claims. Specifically, Cintas, a supplier of office business goods, has not filed as of the presentation of this Plan any Proof of Claim, but is owed $2,054.41 according to the Debtor's schedules and will be paid $2,054.41. EN OD Capital Inc has filed a Proof of Claim for $30,000 and will be paid $30,000.00. Lastly, 512 E. Girard Ave. LP, the landlord, has filed a Proof of Claim in the amount of $47,492.77. The Debtor objects to the amount of late charge fees assessed by the landlord as being based on a misinterpretation or misapplication of the existing lease provisions regarding late charges. There is no objection to the rent number. It is the Debtor's position that landlord is properly owed $42,974.95 and proposes to pay Landlord that amount under the Plan. However, the Debtor will pay the landlord's Proof of Claim amount if that is determined by the Court, or what amount may otherwise be resolved between the parties. This Plan will be implemented by the infusion of a lump-sum amount of $100,000.00 into the Debtor. It is anticipated that this amount will suffice to pay off the approved claims of all creditors, including the presently unliquidated claim of the City of Philadelphia, as well as all administrative, trustee and attorney costs. If additional funds are needed, they will be paid out of future income, or additional contributions by the investor of the present owner, Katharine McGlade. A full-text copy of the Plan of Reorganization dated June 25, 2025 is available at https://urlcurt.com/u?l=7Ypxsc from PacerMonitor.com at no charge. Counsel to the Debtor: Robert J. Dudash, Esq. 5030 State Rd. Drexel Hill, PA 19026 About Northern Liberties Early Childhood LLC d/b/a Liberty Learning Center II Northern Liberties Early Childhood, LLC, is a Philadelphia-based child day care services provider. It operates as Liberty Learning Center II. Northern Liberties Early Childhood filed a petition for relief under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-11173) on March 27, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $50,000 and $100,000 in liabilities. Judge Derek J. Baker handles the case. The Debtor is represented by Robert J. Dupass, Esq. PARK-OHIO INDUSTRIES: Moody's Affirms 'B2' CFR, Outlook Stable -------------------------------------------------------------- Moody's Ratings affirmed the ratings of Park-Ohio Industries Incorporated, including the B2 corporate family rating, B2-PD probability of default rating and Caa1 senior unsecured note rating. At the same time, Moody's assigned a B3 rating to Park-Ohio's proposed $350 million senior secured notes. The outlook remains stable. The SGL-3 speculative grade liquidity rating remains unchanged. Park-Ohio intends to use the proceeds from the new senior secured debt to refinance its existing $350 million senior unsecured notes due in April 2027. At the same time, the company will refinance its existing unrated $405 million asset-based lending facility expiring in January 2027 with a new unrated $405 million asset-based lending facility. Therefore, the refinancing transaction will not increase total debt. The affirmation of the CFR reflects Moody's expectations that Park-Ohio will maintain its strong competitive position as a key component supplier to diverse end markets and that the company will remain prudent in its investments, including acquisitions and capital expenditures. RATINGS RATIONALE Park-Ohio's B2 CFR reflects its strong competitive position as a key component supplier across a very diverse set of end markets with an extensive base of long-standing customers. Park-Ohio benefits from geographic diversification with about 58% revenue from the US. A broad portfolio of products and services with three distinct segments mitigate demand volatility in any one area facing weak operating conditions. Continued cost and expense management will maintain the improved EBITA margin. However, Park-Ohio has exposure to several cyclical end markets such as industrial, heavy-duty truck, power sports and electrical distribution, which exposes the company to earnings volatility. The company has a modest scale in each of its three business segments compared with other concentrated manufacturing companies. Park-Ohio has a modest EBITA margin, which could limit its ability to invest to strengthen its market positions, and moderately high financial leverage. Moody's expects adjusted debt-to-EBITDA to decrease to 5.0x over the next 12-18 months, driven by improved free cash flow that can be used for debt repayment. Moody's also expects flat organic revenue growth over the next 12-18 months, supported by higher prices but offset by lower volume amid the challenging economic environment. Further, higher pricing and cost and expense control efforts, including site consolidations and efficiency initiatives, will contribute to maintaining EBITA margin at around 5.5% over the next 12-18 months despite weak demand and high fixed costs. The stable outlook reflects Moody's expectations that Park-Ohio will see steady earnings, improved free cash flow and lower debt leverage over the next 12-18 months. Park-Ohio's SGL-3 speculative grade liquidity rating reflects Moody's expectations that Park-Ohio will maintain adequate liquidity over the next 12 months. Park-Ohio's liquidity is supported by Moody's expectations of ample availability on the new $405 million asset-based lending facility expiring in July 2030. Liquidity is also underpinned by Moody's expectations for improved free cash flow of more than $20 million over the next 12 months, driven by solid earnings and better working capital management. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Park-Ohio is able to improve its operating performance with steady revenue growth and an EBITA margin sustained above 6.5%. An expectation for debt/EBITDA to remain below 5x and maintenance of good liquidity with strong free cash flow would also support an upgrade. The ratings could be downgraded if Park-Ohio's revenue declines and profitability weakens such that EBITA margin falls below 4%. A more aggressive financial policy of debt funded acquisitions or shareholder returns that pushes debt/EBITDA above 6x could also result in a downgrade. Further, weaker liquidity as a result of negative free cash flow or more reliance on the available revolver could also prompt a downgrade of the ratings. The principal methodology used in these ratings was Manufacturing published in September 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in Cleveland, Ohio, Park-Ohio Industries Incorporated (Park-Ohio) is a publicly traded industrial supply chain logistics and diversified manufacturing company with three primary business segments: Supply Technologies, Assembly Components and Engineered Products. Park-Ohio Industries Incorporated is an SEC filer and is a direct subsidiary of Park Ohio Holdings Corp., which is the issuer of public equity. Revenue for the twelve months ended March 31, 2025 was approximately $1.64 billion. PARK-OHIO INDUSTRIES: S&P Rates New $350MM Sr. Secured Notes 'B-' ----------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issue-level rating and '5' recovery rating to Park-Ohio Industries Inc.'s proposed $350 million senior secured notes due 2030. The '5' recovery rating indicates its expectation for modest (10%-30%; rounded estimate: 25%) recovery in the event of a default payment. Park-Ohio intends to use the net proceeds from the proposed notes to repay its existing $350 million senior unsecured notes and pay related fees and expenses. S&P will withdraw its ratings on the company's existing $350 million senior unsecured notes once they are fully repaid. Concurrent with the transaction, the company plans to amend its $405 million asset-based lending (ABL) revolving credit facility to extend the facility's maturity to 2030 and release the first-lien claim on its U.S. machinery and equipment. The proposed senior secured notes will benefit from a first-lien claim on the U.S. machinery and equipment (but not other U.S. fixed or working capital assets, which will continue to back the company's ABL revolver). The proposed notes will also have a second lien on the U.S. assets that back the ABL. S&P's 'B' issuer credit rating and stable outlook on Park-Ohio are unchanged. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P said, "Pro forma for the refinancing, Park Ohio's debt structure will comprise a $405 million revolving ABL facility, an account receivable factoring program (which we treat as a priority claim since it is secured by sold receivables), a modest amount of foreign debt, and the proposed senior secured notes. We note the secured notes only have a first-lien against machinery and equipment and that the ABL will continue to have a first-lien on other domestic fixed (as well as working capital) assets. Our simulated default scenario contemplates a payment default occurring in 2028 due to continued end-market weakness, particularly in the automotive end market where the company derives a significant proportion of its revenue. We anticipate that, under this scenario, Park-Ohio will likely experience a payment default if it fully utilizes its liquidity and its cash flow generation drops below the level necessary to cover its estimated fixed-charge requirements." -- S&P said, "At its emergence from bankruptcy, we assume the company would be able to reorganize as a viable going concern. Along with its efforts in bankruptcy to cut costs and refocus its business operations, which lead to improvements its operating efficiency and normalized margins, we estimate it would have emergence EBITDA of about $74 million." -- While S&P assumes Park-Ohio would file for bankruptcy under the auspices of the U.S. federal bankruptcy court system, there is some risk that its subsidiaries may also file in foreign jurisdictions, given that it has foreign operations with foreign debt obligations. If the company's foreign subsidiaries also file for bankruptcy in foreign jurisdictions, this could add a layer of complexity to the administration of the case and increase the cost of the bankruptcy, which would likely reduce its recovery prospects. Simulated default assumptions -- Simulated year of default: 2028 -- EBITDA multiple: 5x -- EBITDA at emergence: $74 million -- Jurisdiction: U.S. Simplified waterfall -- Net enterprise value at default (after 5% administrative costs): $353 million -- Valuation split (obligors/nonobligors): 80%/20% -- Total ABL facility claims and accounts receivables assumed factor at default: $244 million -- Value available to secured notes: $109 million -- Senior secured notes claims: $375 million --Recovery expectations: 10%-30% (rounded estimate: 25%) Note: Debt amounts include six months of accrued and unpaid interest at default. The recovery value for the unsecured notes includes residual value from the collateral securing the ABL revolving credit facility and other equipment facilities, as well as any unencumbered value from the entities that do not secure or guarantee Park-Ohio's other obligations. S&P assumes usage of 65% for ABL revolvers at default. PAULAZ ENTERPRISES: Seeks Chapter 11 Bankruptcy in Florida ---------------------------------------------------------- On July 15, 2025, Paulaz Enterprises Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filing, the Debtor reports $1,733,834 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Paulaz Enterprises Inc. Paulaz Enterprises Inc., dba Image360 Hollywood FL, provides custom signage, graphics, and display solutions for businesses and organizations in Hollywood, Miami, Fort Lauderdale, and surrounding areas. The Company offers interior signs, business signage, vehicle wraps, and event displays, coordinating projects from design to installation. It operates as part of a national network, ensuring consistent quality and branding across various applications. Paulaz Enterprises Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18061) on July 15, 2025. In its petition, the Debtor reports total assets of $303,282 and total liabilities of $1,733,834. Honorable Bankruptcy Judge Peter D. Russin handles the case. The Debtors are represented by Chad Van Horn, Esq. at VAN HORN LAW GROUP, PA. PINEY POINT: To Sell Multifamily Property to Pegasus Ablon for $85M ------------------------------------------------------------------- Piney Point 2023, LLC, seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to sell Property, free and clear of liens, claims, and encumbrances. The Debtor's primary asset is a 1,094 unit multi-family property consisting of approximately 30 acres located at 2601 Lazy Hollow Drive, Houston, Texas 77063 which real property and the buildings and improvements located. The Debtor's primary secured creditor is Fannie Mae, which filed a proof of claim in the amount of $74,566,073.62. The Debtor has been making interest payments to Fannie Mae under the cash collateral orders at the non-default rate of interest. The Debtor and buyer, Pegasus Ablon Development, LLC, have signed a Commercial Contract in which the buyer seeks to acquire the Debtor's interest, including in all leases, in the Piney Point apartment complex as identified in the Commercial Contract for the purchase price of $85 million. The Pegasus is not an insider of the Debtor and is believed to be a true-third party purchaser. The Debtor believes that the sale is best option to generate sufficient funds to satisfy Fannie Mae's asserts indebtedness in full and to make a meaningful distribution to general unsecured creditors holding allowed claims. The Debtor represents that Pegasus negotiated the Commercial Contract and Pegasus is purchasing the property in good faith and has made the highest and best offer. The Debtor seeks authority to consummate the sale as set forth in the Commercial Contract. The sale shall be "as is, where is", with no representations or warranties of any kind whether express or implied. About Piney Point 2023, LLC Piney Point 2023, LLC is a single asset real estate company headquartered in Spring, Texas. Piney Point 2023 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-30128) on January 7, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Jeffrey P. Norman handles the case. The Debtor is represented by: Steven Douglas Shurn, Esq. Hughes Watters Askanase Total Energies Tower 1201 Louisiana, 28th Floor Houston TX 77002 Tel: (713) 590-4200 Email: sshurn@hwa.com PINSEEKERS DEFOREST: Hires Capital Valuation as Appraiser --------------------------------------------------------- PinSeekers DeForest Operations LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Wisconsin to employ Capital Valuation Group, Inc. as appraiser. The firm will determine the fair market value of a 100% equity interest in the Debtor as of May 31, 2025. The Debtor will pay $11,800 for the valuation report, with $5,900 due upon entry of an order approving its retention and $5,900 due upon completion and delivery of the valuation report. The Debtor also seeks approval to pay the firm up to $500 for expense reimbursements. Jane M. Tereba, a president at Capital Valuation Group, Inc., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jane M. Tereba Capital Valuation Group, Inc. 740 Regent Street, Suite 102 Madison, WI 53715 Tel: (608) 257-2757 About PinSeekers DeForest Operations LLC PinSeekers DeForest Operations LLC operates a hybrid golf entertainment facility located in DeForest, Wisconsin, just outside of Madison. The facility's year-round offerings include Toptracer golf suites, which are equipped with all-weather luxury suites suitable for golfers of all skill levels. The facility also features mini bowling, with a scaled-down version of traditional bowling called duckpin bowling, a custom-built putting course that caters to all levels of skill and age, and high-definition multi sports simulators. PinSeekers provides a spacious event space for corporate gatherings, networking events, meetings, or parties. The venue also includes a restaurant and bar, offering a diverse menu for casual dining. PinSeekers DeForest Operations LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-10326) on Feb. 18, 2025. In its petition, the Debtor estimated assets between $1 million and $10 million and liabilities between $10 million and $50 million. The Debtor is represented by Rebecca R. DeMarb, Esq. at SWANSON SWEET LLP. PORCELANATTO CORP: Linda Leali Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 21 appointed Linda Leali, Esq., as Subchapter V trustee for Porcelanatto Corp. Ms. Leali will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Leali declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Linda M. Leali Linda M. Leali, P.A. 2525 Ponce De Leon Blvd., Suite 300 Coral Gables, FL 33134 Telephone: (305) 341-0671, ext. 1 Facsimile: (786) 294-6671 Email: leali@lealilaw.com About Porcelanatto Corp. Porcelanatto Corp. is a Miami-based importer and distributor of porcelain and ceramic tiles. Porcelanatto Corp. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-17669) on July 3, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. Judge Corali Lopez-Castro handles the case. The Debtor is represented by Diego Mendez, Esq. PROFRAC HOLDING: Adds $60M in 2029 Notes, Cuts 2025 Loan Payments ----------------------------------------------------------------- ProFrac Holding Corp. announced the issuance of additional 2029 Senior Notes and amendments to its Alpine Term Loan. These actions are expected to generate approximately $90 million in incremental liquidity in 2025 and reflect ProFrac's proactive balance sheet management amid current market headwinds and uncertainty. * $20 million of incremental 2029 Senior Notes with an additional $20 million committed in each of the third and fourth quarters of 2025 for a total commitment of $60 million * $30 million aggregate reduction in quarterly 2025 amortization payments on Alpine Term Loan * Total Net Leverage Ratio test on Alpine term loan deferred to the first quarter of 2027 Highlights of the Transactions and Amendments: * ProFrac agrees to an aggregate of $60 million of additional issuances of 2029 Senior Notes, over a series of three $20 million offerings. The first issuance was purchased in the second quarter of 2025 by affiliates of the Wilks family. * Remaining two issuances will be purchased in the third and fourth quarters of 2025, with participation from the Wilks family affiliates and Beal Bank USA in the second issuance, and Beal Bank USA purchasing the third issuance. The remaining two issuances are subject to customary closing conditions. * New notes are issued under the same indenture governing and are part of the same series as the Company's existing 2029 Senior Notes and carry identical terms. Gibson, Dunn & Crutcher LLP and Brown Rudnick LLP acted as legal counsel to ProFrac in connection with these transactions and amendments. Additional details on these amendments are disclosed in a Form 8-K filed with the U.S. Securities and Exchange Commission on June 30, 2025, accessible at https://tinyurl.com/mw8nj6u2 About ProFrac Holding ProFrac Holding Corp. is a technology-focused, vertically integrated, innovation-driven energy services holding company providing hydraulic fracturing, proppant production, other completion services and other complementary products and services including distributed power generation to leading upstream oil and natural gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources throughout the United States. Founded in 2016, ProFrac was built to be the go-to service provider for E&P companies' most demanding hydraulic fracturing needs. ProFrac Corp. operates in three business segments: Stimulation Services, Proppant Production and Manufacturing. * * * S&P Global Ratings lowered its issuer credit rating on Texas-based hydraulic fracturing equipment and services provider ProFrac Holding Corp. to 'CCC+' from 'B'. The outlook is negative. PROFRAC HOLDINGS II: Moody's Cuts CFR to Caa1, Outlook Stable ------------------------------------------------------------- Moody's Ratings downgraded ProFrac Holdings II, LLC's (ProFrac) Corporate Family Rating to Caa1 from B2, Probability of Default Rating to Caa1-PD from B2-PD, senior secured notes rating to Caa2 from B3, and Speculative Grade Liquidity Rating (SGL) to SGL-4 from SGL-3. The outlook is stable. "The downgrade of ProFrac's ratings reflect the company's weak liquidity position amidst a deteriorating pressure pumping business environment," said Jake Leiby, Moody's Ratings Senior Analyst. RATINGS RATIONALE The downgrade of ProFrac's CFR to Caa1 reflects the deterioration of its pressure pumping business fundamentals and deterioration of the company's liquidity profile. The company utilized its revolver to cover its cash requirements in the first quarter of 2025 and is likely to rely on additional revolver borrowings to cover its cash requirements over the remainder of the year. The company's liquidity is also negatively impacted by rising debt amortization requirements. ProFrac recently announced that it negotiated an agreement with lenders to reduce Alpine term loan amortization the end of 2025, and to issue as much as $60 million of additional secured notes due 2029 to its owners and existing lenders to help meet the company's liquidity needs in 2025-2026. ProFrac's Caa1 CFR also reflects the deterioration of the highly cyclical pressure pumping business Annual well completion activity onshore in the US has declined for two consecutive years and the number of wells completed during the first half of 2025 was the lowest of any year since 2021, reducing earnings of companies like ProFrac in 2025-26. ProFrac's SGL-4 liquidity rating indicates Moody's expectations for it to maintain weak liquidity through 2026. As of March 31, 2025, the company had $16 million of cash on hand and $66 million of available borrowing capacity under its secured ABL credit facility maturing in 2027. Moody's expects the company to rely on revolver borrowings to meet its cash requirements including interest, amortization, capital expenditures, and cash taxes. The company has stated publicly that it has the ability to cut $70-100 million from its $275 million 2025 capital budget, and Moody's expects it to do so. The secured notes contain one maintenance covenant limiting LTV to 75% of Orderly Liquidation Value of First Lien Collateral, tested semi-annually, as defined under the indenture. The testing of this covenant has been suspended until March 2026. The presence of this maintenance covenant in the secured notes heightens ProFrac's future covenant compliance risks given the highly volatile nature of the pressure pumping sector and the effect that volatility may have on equipment values. The ABL contains financial covenants including maintenance of a fixed charge coverage ratio of at least 1.0x if availability is less than the greater of $30 million or 12.5% of the committed line cap. The $365 million Alpine term loan requires the maintenance of net leverage of no greater than 2.0x beginning at March 31, 2027. Moody's expects ProFrac to remain in compliance with its covenants through 2026. ProFrac's secured notes due 2029 are rated Caa2, one notch below the CFR. The notes are secured by a first lien on all of ProFrac Services assets other than the ABL collateral and a second lien on the ABL collateral. The company's $325 million ABL revolver has a first lien on working capital assets of ProFrac Holdings II, LLC and a second lien on other assets. The ABL has a priority claim to the more liquid assets and based on its size relative to the secured notes, the notes rating is notched down from the CFR. The ABL has a stated maturity of March 2027 but will accelerate to 91 days ahead of the stated maturity of any material indebtedness other than the US Well Services debt and the Monarch acquisition seller note. ProFrac has a history of carrying a meaningful amount of ABL borrowings and utilizing its ABL to finance its acquisitive growth strategy. The $365 million Alpine term loan, issued by Alpine subsidiary PF Proppant Holding, LLC has a first lien on all of Alpine's assets. The Alpine term loan is not guaranteed by ProFrac but does benefit from an unsecured parent guarantee from the ultimate parent ProFrac Holding Corp. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to a downgrade of the Caa1 CFR include negative free cash flow generation, weakening liquidity, or transactions that Moody's would view as a distressed exchange and default. ProFrac's ratings could be upgraded if it improves its operating cash flow generation and liquidity profile and takes steps to achieve a more sustainable capital structure, while improving its debt service coverage, including interest payments and amortization, with EBITDA/debt service above 1.5x. ProFrac Holdings II, LLC is a wholly owned subsidiary of ProFrac Holding Corp. (NASDAQ: ACDC), headquartered in Willow Park, Texas, and is a vertically integrated provider of hydraulic fracturing services to E&P companies in the United States. ProFrac is substantially owned by the Wilks family. The principal methodology used in these ratings was Oilfield Services published in January 2023. ProFrac's Caa1 rating is two notches below the scorecard-indicated outcome of B2. The assigned rating reflects ProFrac's weak liquidity position and increased and increased default risk. PROJECT PIZZA: Christopher Hayes Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 17 appointed Christopher Hayes as Subchapter V trustee for Project Pizza Polk 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 Project Pizza Polk Project Pizza Polk, LLC, doing business as Fiorella Polk and operated by Project Pizza Polk LLC, is a neighborhood Italian restaurant offering wood-fired pizza, restaurant offering wood-fired pizza, handmade pasta, and seasonal dishes. It operates in Noe Valley and is part of a family of four Fiorella restaurants serving San Francisco, including the original location in the Richmond District. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-30521) on July 2, 2025, with $206,216 in assets and $1,053,818 in liabilities. Boris Nemchenok, CEO of Manager, signed the petition. Judge Dennis Montali presides over the case. Matthew D. Metzger, Esq. at BELVEDERE LEGAL, PC represents the Debtor as legal counsel. PROVIDENT GROUP: S&P Affirms 'BB-' Rating on Housing Revenue Bond ----------------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' long-term rating on New Jersey Economic Development Authority's series 2017A housing revenue bonds, issued for Provident Group - Kean Properties LLC (Provident), La. The outlook is stable. S&P said, "We analyzed the project's environmental, social, and governance risk factors pertaining to its demand, management and governance, and financial performance. We view the risks as neutral considerations in our credit rating analysis. "The stable outlook reflects the return to more prepandemic occupancy and our expectation that coverage will remain at or above 1.2x. While inflationary pressures remain, we believe that the project will continue to perform at current levels given the demand for it. We expect that progress will be made to pay back the university over time for the student refunds and deferred ground lease payments. "We could take a negative rating if occupancy for the project fell or expenses increased substantially such that 1.2x coverage could not be achieved. A lower rating may occur if there were any draws on the DSRF." A positive rating action could occur with continued maintenance of healthy occupancy and coverage levels at or above the 1.2x covenant and a reduction of the large payable to the university for refunds and ground lease payments. R.A.R.E. CORP: Court Extends Cash Collateral Access to Aug. 7 ------------------------------------------------------------- R.A.R.E. Corporation received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use the cash collateral of its lenders. The 20th interim order authorized the Debtor to use cash collateral, which includes accounts receivable, through August 7 in accordance with its budget. This latest approval aligns with the terms of the court's initial order issued on Feb. 20 last year, which remains in effect. The next hearing is scheduled for August 6. The lenders asserting interest in the cash collateral are Fundamental Capital, LLC, Spartan Business Solutions, LLC, Everest Business Funding, and The LCF Group, Inc. Meanwhile, the U.S. Small Business Administration is a creditor of the Debtor and may hold a lien on some or all of the Debtor's assets. About R.A.R.E. Corporation R.A.R.E. Corporation sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-02127) on February 15, 2024, with up to $500,000 in assets and up to $1 million in liabilities. R.A.R.E. President Rocky Eastland signed the petition. Judge David D. Cleary oversees the case. The Debtor is represented by: William J Factor, Esq. William J. Factor Tel: 312-878-6976 Email: wfactor@wfactorlaw.com RADIATE HOLDCO: S&P Upgrades ICR to 'CCC+' Following Restructuring ------------------------------------------------------------------ S&P Global Ratings raised its issuer credit rating on U.S.-based cable provider Radiate Holdco LLC to 'CCC+' from 'D'. In addition, S&P raised its issue-level rating on the company's $40 million of outstanding legacy first-lien debt to 'CCC-' from 'D' and revised the recovery rating to '6' from '3' to reflect the legacy debt's subordinated position following the exchange. Furthermore, S&P raised its issue-level rating on Radiate's $49.9 million of outstanding legacy unsecured notes to 'CCC-' from 'D'. The '6' recovery rating is unchanged. S&P said, "At the same time, we assigned our 'CCC+' issue-level rating and '4' recovery rating to the company's $4.5 billion first-lien, first-out (FLFO) term loan due 2029 and its $27 million FLFO notes due 2029 and our 'CCC-' issue-level rating and '6' recovery rating to its $788 million of first-lien, second-out (FLSO) notes due 2030. "The negative outlook reflects the potential that we will lower our rating on Radiate if we believe a default or restructuring is likely in the next 12 months." Radiate completed its distressed debt restructuring, which has improved its near-term liquidity position. However, the company's leverage remains elevated at more than 8x. S&P said, "The upgrade reflects our review of the company's credit profile after its execution of a series of exchange transactions to restructure its outstanding first-lien and unsecured debt. We view the transactions as credit positive for Radiate because they have improved its liquidity profile by extending its nearest maturities to 2029 from 2025. In addition, the transaction included $400 million of new money from sponsor Stonepeak and a new $300 million super-senior basket available to the company for future debt raises. Still, the restructuring only reduced Radiate's debt principal by about $192 million on the exchanged debt, causing its leverage to remain elevated above 8x. Given its highly competitive operating environment and challenging longer-term business prospects, we believe the company could face difficulty in refinancing its obligations as they come due. Nevertheless, through these transactions, the company has gained an additional four years to execute its turnaround plan. "We consider Radiate's capital structure to be unsustainable. We expect the company will be able to improve its cash generation on a combination of modestly improving earnings, lower capital spending, and the accrual of non-cash payment-in-kind (PIK) interest such that its free operating cash flow (FOCF) approaches break-even levels in 2026. However, this would include a non-cash interest component exceeding $150 million. Therefore, we believe it will be difficult for Radiate to generate ample cash flow to service its debt, including its PIK interest. "We believe it will be challenging for Radiate to expand its residential broadband subscribership at a rate that would support a material increase in its earnings in 2025 and beyond. We believe that heightened competition from Comcast and Charter--which can bundle broadband with wireless service at competitive prices--and increasing competition from local telcos who are aggressively building out their fiber-to-the-home services will remain a headwind to any material expansion in the company's subscriber volumes over the coming years. Furthermore, we believe that the expansion of Radiate's subscriber rolls could remain pressured as fewer copper wire-based customers convert to cable, instead opting for cheaper fixed-wireless service; especially young, urban renters, which we believe account for a higher percentage of its subscriber base than at most of its peers. In 2025, we believe the company will be able to stem its rate of residential broadband subscriber declines to less than 1% on an improvement in its operating performance in WideOpenWest's (WOW) markets, with the potential for further modest improvements thereafter. Still, we believe the company would need to increase its residential broadband revenue by 5%-7% to expand its EBITDA and materially deleverage. "We believe Radiate's low earnings growth and incremental debt could cause its leverage to remain elevated in the 8x area through next year. We expect the company will expand its earnings by 0%-2% through 2026 on lower customer and network support expenses and the full realization of the benefits from the restructuring activities it initiated in 2024, which will be partially offset by 1%-2% declines in its video and phone services revenues, which are in secular decline. Our base-case forecast assumes Radiate generates FOCF deficits of $40 million-$50 million in 2025, which is an improvement from the $132 million deficit it generated in 2024, on improved earnings and a $50 million-$60 million reduction in its capital spending. However, we expect the company's leverage will remain elevated above 8x in 2025 and beyond because the accruing PIK interest will limit its debt reduction. "The negative outlook reflects the pressure on Radiate's operating and financial performance due to the increasingly intense competitive broadband environment, as well as the potential that we will lower our ratings if we believe a default or restructuring is likely in the next 12 months. "We could lower our rating on Radiate if we believe it will face a near-term liquidity shortfall or engage in a distressed exchange in the next 12 months because its financial metrics continue to weaken due to a continued operational underperformance. "We could revise our outlook on Radiate to stable if it sustainably expands its earning by the mid- to high-single digit percent area such that its leverage declines, providing it with a material liquidity buffer. Although unlikely over the next year, we could raise our rating on the company if it is able to stabilize or even reverse its operating trends such that it reduces its leverage below 6.5x, generates positive FOCF (adjusted to include accruing PIK interest), and we believe it has a credible forward-looking deleveraging path that will provide it with a greater cushion to absorb adverse business, financial, or economic conditions." REBELLION POINT: Gets Extension to Access Cash Collateral --------------------------------------------------------- Rebellion Point Entertainment, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Greenville Division, to use cash collateral. The fourth interim order penned by Judge Pamela McAfee authorized the Debtor's use of cash collateral to pay the expenses set forth in its 30-day budget, which shows total expenses of $70,127. As protection for the Debtor's use of their cash collateral, Dogwood State Bank and creditors that may hold potential secured claims will receive a post-petition lien on the Debtor's cash and inventory similar to their pre-bankruptcy collateral. In addition, Dogwood State Bank will receive payment in the amount of $3,300 beginning on August 1. The Debtor's authority to use cash collateral will expire or terminate upon cessation of its business or non-compliance with or default of the terms and provisions of the third interim order. The next hearing is scheduled for August 12. Dogwood State Bank, as secured creditor, is represented by: William Walt Pettit, Esq. Hutchens Law Firm, LLP 6230 Fairview Rd, Suite 315 Charlotte, NC 28210 Tel: (704) 362-9255 walt.pettit@hutchenslawfirm.com About Rebellion Point Entertainment Rebellion Point Entertainment, LLC, also known as East Coast Game Rooms, is a family-owned retailer and outfitter based in Kitty Hawk, N.C., with over four decades of experience in both residential and commercial entertainment spaces. It offers a wide selection of game room products including arcade machines, billiards, ping pong, shuffleboard, and custom furniture. It also provides rentals, delivery, installation, and repair services for customers in the Outer Banks and broader East Coast region. Rebellion Point Entertainment filed Chapter 11 petition (Bankr. E.D. N.C. Case No. 25-01352) on April 14, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. David M. Teague, company owner, signed the petition. Judge Pamela W. Mcafee oversees the case. William P. Janvier, Esq., at Stevens Martin Vaughn & Tadych, PLLC, represents the Debtor as legal counsel. REENVISION AESTHETICS: No Supply Concerns, 2nd PCO Report Says -------------------------------------------------------------- Tamar Terzian, the duly appointed successor patient care ombudsman, filed with the U.S. Bankruptcy Court for the Central District of California her second interim report regarding the quality of patient care provided by ReEnvision Aesthetics and Medspa, PC. In the report which covers the period May 19 to June 19, the PCO conducted a site visit to ReEnvision's facility in Simi Valley and met with Dr. Prince. Staffing includes Dr. Prince, a registered nurse, a medical assistant, esthetician, two receptionists (one is part-time) and an office assistant. During the PCO's site visit, one patient was being treated in the exam room and observation was limited due to privacy. The PCO observed generally that all medication was properly labeled and stored for staff use. The medication and products used by ReEnvision are only accessible to staff. Overall, the medical offices were clean and ReEnvision has more than sufficient supplies for treatment. The PCO noted that the medical records are uploaded on ReEnvision's electronically medical records (EMR) using the software Dr. Chrono. ReEnvision provided access to the PCO of the EMR where the PCO reviewed patient records. No privacy violations noted for medical records. The PCO observed staff during operational hours. She finds that ReEnvision has sufficient staff. The staff was friendly and provided the proper treatment for patient needs. ReEnvision provided the PCO with certifications or training for staff as requested by the PCO. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=6ozRa3 from PacerMonitor.com. The ombudsman may be reached at: Tamar Terzian 601 W. 5th Street, 3rd Floor Los Angeles, California 90071 Telephone: (213) 395-7620 Facsimile: (213) 395-7615 About ReEnvision Aesthetics and MedSpa ReEnvision Aesthetics and Medspa, PC filed Chapter 11 bankruptcy petition (Bankr. C.D. Calif. Case No. 25-10127) on February 1, 2025, listing up to $1 million in both assets and liabilities. Judge Ronald A. Clifford, III oversees the case. The Debtor is represented by The Fox Law Corporation, Inc. RELENTLESS HOLDINGS: Seeks 30-Day Extension of Plan Filing Deadline ------------------------------------------------------------------- Relentless Holdings Corporation, a Florida corporation, asked the U.S. Bankruptcy Court for the Southern District of Florida to extend its exclusivity period to file disclosure statement and plan for additional thirty days. The deadline for filing the disclosure and plan is June 30. Ms. Simpson cites an illness, hospice, and death in her immediate family as the reason. Shiva ended at sundown June 29 and counsel is back to work. As a result, counsel has not been able to prepare the required forms. Relentless Holdings Corporation is represented by: Sherri B. Simpson, Esq. Simpson Law Group 7800 W. Oakland Park Blvd. Suite B-102 Sunrise, FL 33351 Tel: (954) 524-4141 Fax: (954) 763-5117 About Relentless Holdings Corporation Relentless Holdings Corporation is a Florida-based single asset real estate company. The company owns and manages real property located at 1011 Rhodes Villa Ave, Delray Beach, Fla., while maintaining its principal place of business in Boca Raton. Relentless Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-13399) on March 28, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Mindy A. Mora handles the case. The Debtor is represented by Sherri B. Simpson, Esq. REMEMBER ME: PCO Reports No Change in Resident Care --------------------------------------------------- Stacy Lynn Archer, the appointed patient care ombudsman, filed with the U.S. Bankruptcy Court for the Eastern District of Tennessee her second report regarding the quality of patient care provided by Remember Me Senior Care, LLC. At the time of the PCO's first visit on March 26, the Debtor had approximately 81 employees (69 were full–time employees). As of June 23, the Debtor had 83 total staff (62 are full-time employees; 12 are part-time employees; and nine are PRN). Therefore, staffing levels remain similar. As set forth in the first PCO report, Tracy Sneed and Ashley Howard advised that almost all of the residents of Remember Me have a diagnosis of Alzheimer's disease or dementia. Many of the patients have mobility issues and use canes, walkers, or wheelchairs. They advised all the residents are either in a conservatorship or under a power of attorney. The PCO concluded that direct contact with the residents of Remember Me, due to the majority of the residents having a diagnosis of dementia or Alzheimer's disease, made it impractical to speak with the residents directly as to issues related to bankruptcy, as such would more likely than not be upsetting or confusing. Rather, the PCO communicated with the residents' family members/emergency contacts and those holding the power of attorney for the residents. The PCO asked for any insights the family members had as to the operations of Remember Me. Of the 10 families contacted, four responded to the PCO. All four reported positive experiences at Remember Me. Further, they had family members at Remember Me for years and expressed no appreciable change in care since the filing of the bankruptcy. Ms. Archer does not believe that the residents of Remember Me are at risk of harm and that the quality of care is consistent with the care that was provided prior to the filing of the bankruptcy petition. The PCO believes the care provided is consistent with the care required by the regulations governing Remember Me established by the State of Tennessee. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=ZbbeDY from PacerMonitor.com. The ombudsman may be reached at: Stacy Lynn Archer Robinson, Smith & Wells, PLLC 633 Chestnut Street, Suite 700 Chattanooga, TN 37450 Office: (423) 756-5051 Fax: (423) 266-0474 About Remember Me Senior Care LLC Remember Me Senior Care, LLC, a company in Cleveland, Tenn., offers personalized assisted living and memory care services in a homelike environment. The facility provides a range of services, including help with daily activities, medication management, and specialized care for those with Alzheimer's or other dementias. Remember Me Senior Care sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-10451) on February 18, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $10 million and $50 million in liabilities. Judge Nicholas W. Whittenburg oversees the case. The Debtor is represented by Jeffrey W. Maddux, Esq., at Chambliss, Bahner & Stophel P.C. Stacy Lynn Archer is the patient care ombudsman appointed in the Debtor's case. RT ACQUISITION: Hires Keller Williams as Real Estate Agent ---------------------------------------------------------- RT Acquisition & Investments LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to employ Keller Williams Signature Real Estate as real estate agent. The firm will market the Debtor's real property located at 2216 Cherokee Boulevard, Knoxville, Knox County, Tennessee 37919. The firm will be paid at 5.5 percent of the sales price with 2 percent of the seller's Broker's fee to be optional compensation being paid to buyers broker. Mr. Threlkeld disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert Threlkeld Keller Williams Signature Real Estate 4823 Old Kingston Pike Knoxville, TN 37919 Tel: (865) 588-9300 About RT Acquisition & Investments LLC RT Acquisition & Investments LLC is a real estate investment firm based in Knoxville, Tennessee. The Company focuses on acquiring and managing properties primarily in the Knoxville area. RT Acquisition & Investments LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-30974) on May 20, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Suzanne H. Bauknight handles the case. The Debtors are represented by Richard Collins, Esq. at COLLINS LAW PLLC. RTI HOLDING: Ex-Execs Bid to Revive Retirement Benefits Suit Denied ------------------------------------------------------------------- Christopher Brown of Bloomberg Law reports that the former Ruby Tuesday Inc. executives have lost their bid to revive state-law claims against Regions Bank over retirement benefits forfeited in the company's bankruptcy. In a decision Thursday, July 18, 2025, the U.S. Court of Appeals for the Sixth Circuit ruled that the Employee Retirement Income Security Act (ERISA) exempts top executives' retirement plans from fiduciary-duty requirements. The court said high-level managers must rely on contractual protections rather than navigating a patchwork of potentially conflicting state laws, according to Bloomberg Law. The panel also upheld a lower court's rejection of the executives’ effort to recover lost benefits through ERISA's equitable relief provisions, affirming the dismissal of the case, the report states. About RTI Holding Company RTI Holding Company, LLC and its affiliates develop, operate, and franchise casual dining restaurants in the United States, Guam, and five foreign countries under the Ruby Tuesday brand. The company-owned and operated restaurants (i.e. non-franchise) are concentrated primarily in the Southeast, Northeast, Mid-Atlantic and Midwest regions of the United States. On Oct. 7, 2020, RTI Holding Company and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 20-12456). At the time of the filing, the Debtors disclosed assets of between $100 million and $500 million and liabilities of the same range. Judge John T. Dorsey oversees the cases. Pachulski Stang Ziehl & Jones LLP and CR3 Partners LLC serve as the Debtors' legal counsel and financial advisor respectively. Epiq Corporate Restructuring LLC is the claims, noticing and solicitation agent and administrative advisor. On Oct. 26, 2020, the U.S. Trustee for the District of Delaware appointed an official committee of unsecured creditors in the chapter 11 cases. The committee tapped Kramer Levin Naftalis & Frankel LLP and Cole Schotz P.C. as counsel and FTI Consulting, Inc. as financial advisor. RUNITONETIME LLC: Latham & Watkins Advises Maverick in Chapter 11 ----------------------------------------------------------------- Maverick Gaming, an operator of hotel and casino properties, has filed for Chapter 11 protection as part of a Restructuring contemplated by a Transaction Support Agreement reached with a majority of its prepetition lenders and its majority shareholder in June 2025. The Chapter 11 process will include pursuing a sale and marketing process for some or all of its assets along with a potential restructuring through a Chapter 11 plan. Latham & Watkins LLP represents Maverick Gaming in the process with a restructuring & special situations team led by Los Angeles partners Jeff Bjork and Helena Tseregounis, Washington, D.C. partner Andrew Sorkin, with associates Nicholas Messana, Anthony Joseph, Kevin Shang, Davis Klabo, Montana Licari, and Emony Robertson. About Maverick Gaming RunItOneTime LLC, formerly known as Maverick 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 and 67 affiliates 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, RunItOneTime estimated assets and liabilities between $100 million and $500 million each. The Debtors tapped Latham & Watkins LLP as counsel; and Hunton Andrews Kurth LLP, as bankruptcy co-counsel. The Debtors also engaged GLC Advisors & Co., LLC and GLC Securities, LLC, as investment banker, and Triple P TRS, LLC as financial advisor. The Debtors' tax advisor is KPMG LLP. RUNITONETIME LLC: Ropes & Porter Hedges Represent Term Lenders -------------------------------------------------------------- In the Chapter 11 cases of RunItOneTime LLC and its affiliates, the members of the ad hoc group of term lenders (the "Ad Hoc Group") filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure. Starting in May 2025, the Ad Hoc Group retained Ropes & Gray LLP as primary counsel to represent them in connection with their holdings of the outstanding indebtedness of the Debtors. In connection with the Debtors' potential filing of chapter 11 cases in the United States Bankruptcy Court for the Southern District of Texas, the Ad Hoc Group also retained Porter Hedges LLP (together with Ropes & Gray, "Counsel") as Texas counsel in July 2025. The members of the Ad Hoc Group, collectively, hold, or are the investment advisors, sub-advisors, or managers of funds or accounts that hold approximately $249.6 million in term loans under the Credit Agreement, dated September 3, 2021 (as amended from time to time, the "Prepetition Credit Agreement"). Counsel does not represent the Ad Hoc Group as a "committee" (as such term is used in the Bankruptcy Code and the Bankruptcy Rules) and does not undertake to represent the interests of, and is not a fiduciary for, any creditor, party in interest, or other entity in connection with the Debtors' chapter 11 cases. No member of the Ad Hoc Group represents or purports to represent any other person or entity in connection with the Debtors' chapter 11 cases. The Ad Hoc Group Members' address and the nature and amount of disclosable economic interests held in relation to the Debtors are: 1. HG Vora Capital Management, LLC, on behalf of funds and accounts managed or advised by it or its affiliates 330 Madison Avenue 21st Floor New York, NY 10017 * $68,923,107 2. PGIM, Inc., on behalf of funds or accounts managed or advised by it 655 Broad Street Newark, NJ 07102 * $61,205,425 3. Angelo Gordon & Co., L.P., solely on behalf of funds or accounts managed by it or its affiliates c/o TPG Angelo Gordon 245 Park Avenue New York, NY 10167 * $60,745,269 * Claims under the Master Lease with certain of the Debtors dated September 3, 2021 (as amended, restated, or otherwise modified from time to time) 4. BlackRock Financial Management Inc., on behalf of funds and accounts managed or advised by it or its affiliates 50 Hudson Yards New York, NY 10001 * $25,613,376 5. Blair Funding, LLC, on behalf of funds and accounts managed or advised by it or its affiliates c/o FS Investments 201 Rouse Boulevard Philadelphia, PA 19112 * $19,418,844 6. Rockford Tower Capital Management, LLC, on behalf of funds and accounts managed or advised by it or its affiliates 299 Park Avenue 40th Floor New York, NY 10171 * $13,692,789 Counsel to the Ad Hoc Group: PORTER HEDGES LLP John F. Higgins, Esq. M. Shane Johnson, Esq. Megan N. Young-John, Esq. James A. Keefe, Esq. 1000 Main St., 36th Floor Houston, Texas 77002 Telephone: (713) 226-6000 Facsimile: (713) 266-6248 Email: jhiggins@porterhedges.com sjohnson@porterhedges.com myoung-john@porterhedges.com jkeefe@porterhedges.com -and- ROPES & GRAY LLP Ryan Preston Dahl, Esq. Daniel P. Gwen, Esq. Margaret R. Alden, Esq. 1211 Avenue of the Americas New York, New York 10036-8704 Telephone: (212) 596-9000 Facsimile: (212) 596-9090 Email: ryan.dahl@ropesgray.com daniel.gwen@ropesgray.com margaret.alden@ropesgray.com About RunItOneTime LLC RunItOneTime LLC, formerly known as Maverick 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 and 67 affiliates 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, RunItOneTime estimated assets and liabilities between $100 million and $500 million each. The Debtors tapped Latham & Watkins LLP as counsel; and Hunton Andrews Kurth LLP, as bankruptcy co-counsel. The Debtors also engaged GLC Advisors & Co., LLC and GLC Securities, LLC, as investment banker, and Triple P TRS, LLC as financial advisor. The Debtors' tax advisor is KPMG LLP. RUNITONETIME LLC: To Close 4 Casinos in Washington -------------------------------------------------- MyNorthwest News reports that four Washington casinos are closing after their parent company, Maverick Gaming, filed for Chapter 11 bankruptcy. According to the report, the filing, made Monday in Texas, follows a 2024 debt restructuring and will result in the closure of Dragon Tiger Casino in Mountlake Terrace, Palace Casino in Lakewood, Silver Dollar in Renton, and Roman Casino in Seattle. In a statement on its website, Maverick Gaming attributed the decision to the Washington Gaming Commission's rejection of its centralized surveillance petition, which was intended to support local cardrooms. "The board compared our 15-table cardrooms to larger, high-traffic casinos," the company said. "Without centralized and advanced surveillance systems like those in major venues, we've struggled to compete effectively." Maverick operates 27 properties across Colorado, Nevada, and Washington, including 21 casinos in the latter. It cited high rent, increasing operational costs, and a drop in foot traffic -- largely due to tech sector layoffs -- as contributing factors to the bankruptcy, according to report. According to Bloomberg and The Seattle Times, the company reported liabilities and assets between $100 million and $500 million in its Chapter 11 petition, the report states. 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. SANTA PAULA: Court OKs Bid Rules for 1990 Ferrari Sale ------------------------------------------------------ The U.S. Bankruptcy Court for the Central District of California, Northern Division, has approved Santa Paula Hay & Grain and Ranches, the overbidding procedures in connection with the sale of the 1990 Ferrari F40, free and clear of liens, claims, and encumbrances. The Debtor owns the 1990 Ferrari F40, VIN ZFFMN34A9L0086230. The Debtor was approached by a party interested in purchasing the Asset. Negotiations have resulted in an offer by RM Auctions Inc. d.b.a. RM Sotheby's (Stalking Horse Bidder and/or Buyer) to purchase the Asset for $2,555,000 with no financing contingency. The Debtor is ordered to file a motion to approve the sale of the Asset, the 1990 Ferrari F40, no later than July 22, 2025, and that a hearing on such motion shall be heard on August 12, 2025, at 1:00 p.m. in Courtroom 201, 1415 State Street, Santa Barbara, CA 93101-2511. The Debtor, through its broker, may give notice of the sale of the Asset and/or advertise the sale of the Asset as Debtor's broker deems fit and appropriate so long as such notice and advertisement are consistent with the approved notices described in the Motion. The Court also held that the Debtor may advertise the sale on the Internet on a "by now" price of $5,000,000 subject to approval by the Court. About Santa Paula Hay & Grain and Ranches Santa Paula Hay & Grain and Ranches specializes in providing a variety of hay and grain products to meet the needs of farmers and animal owners. The Company offers high-quality feed options for livestock and pets. Santa Paula Hay & Grain and Ranches sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10314) on March 12, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and between $10 million and $50 million. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtor is represented by Reed Olmstead, Esq. SCANROCK OIL: Gets Court OK to Solicit Chapter 11 Plan Votes ------------------------------------------------------------ Rick Archer of Law360 Bankruptcy Authority reports that on Wednesday, July 16, 2025, a Texas bankruptcy judge approved Scanrock Oil & Gas's request to solicit creditor votes on its Chapter 11 plan, following the company's move to resolve objections by allocating a portion of property sale proceeds to royalty owners. About Scanrock Oil & Gas Scanrock Oil & Gas Inc. operates an integrated oil and gas exploration and production platform. Scanrock Oil & Gas Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-90001) on Feb. 3, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor is represented by Thomas Daniel Berghman, Esq., at Munsch Hardt Kopf & Harr PC. On March 18, 2025, the U.S. Trustee appointed an official committee of unsecured creditors. The committee retained Porter Hedges LLP as counsel and Riveron RTS LLC as financial advisor. SEBASTIAN TECH: Unsecureds Will Get 100% of Claims over 5 Years --------------------------------------------------------------- Sebastian Tech Systems LLC submitted a First Amended Plan of Reorganization dated June 25, 2025. This First Amended Plan of Reorganization under subchapter V of chapter 11 of the Bankruptcy Code proposes to pay creditors of the Debtor from cash flow from operations, and/or future income. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of approximately $200,000, resulting in a 100% distribution to unsecured creditors holding noncontingent claims who timely filed a proof of claim. This Plan provides for 7 classes. All Allowed Unsecured creditors holding allowed claims will be paid in full over five years from the effective date of the Plan with no interest. This Plan contains a Third-Party Injunction in this Plan related to any guarantees signed by the principal of the Debtor, Margaret Ann Sebastian. Class 7 consists of General Unsecured Claims. This class shall be paid consists solely of Debtor's timely filed allowed general unsecured, non-priority, noncontingent, undisputed, non-insider, claims in the aggregate amount of $130,204.94 at 0% Payments of $10,000 per quarter shall begin on the either of (a) March 31, 2026, or (b) the last day of the month following nine months after the Effective Date of this Plan and shall be made quarterly thereafter until all payments are made. In the event sufficient cash flows are not available for any given due date, distributions will be made as soon as possible based on Debtor's cash flow, but a total distribution to this class will be paid in full at 0%. This Class is impaired. The Debtor will continue its current business operations and payments will be made from cash flow from operations and/or future income. A full-text copy of the First Amended Plan dated June 25, 2025 is available at https://urlcurt.com/u?l=OptCnq from PacerMonitor.com at no charge. Counsel to the Debtor: Kevin P. Keech, Esq. Keech Law Firm, PA 2011 S. Broadway St. Little Rock, AR 72206 Tel: (501) 221-3200 Fax: (501) 221-3201 Email: kkeech@keechlawfirm.com About Sebastian Tech Systems Sebastian Tech Systems, LLC owns and operates an IT Service company in Jonesboro, Ark. Sebastian Tech Systems sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 24-13722) on Nov. 13, 2024, with up to $500,000 in assets and up to $10 million in liabilities. Meg Sebastian, managing member, signed the petition. Judge Phyllis M. Jones oversees the case. Kevin P. Keech, Esq., at Keech Law Firm, PA, is the Debtor's bankruptcy counsel. SOUTHWEST FT WORTH: Susan Goodman Files First PCO Report -------------------------------------------------------- Susan Goodman, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Northern District of Texas her first report regarding the quality of patient care provided at Southwest Ft. Worth Memory Care, LLC and Cypresswood Spring Memory Care, LLC’s memory care assisted living facilities. The dietary services area was staffed with two team members at the time of PCO's site visit. The PCO interacted with the Chef, the leader of this department. The kitchen was clean. The PCO did not note meal similarity concerns. The posted Registered Dietician license expired in September 2024 although continued dietician engagement was later confirmed. The kitchen was audited in March 2025, with a new permit issued citing no concerns. The PCO observed the personal care staff engaged with residents throughout the site visit. Staff assistance during the midday meal was also observed. The PCO asked to see how expired and discontinued medications were handled. To the credit of the unlicensed staff member in charge of medications, he promptly responded when he saw the medication room door being opened by the ED. This team member reported serving in the medication roll for six years and denied any changes in medication availability. Upon arrival for the site visit at Cypresswood facility, the PCO observed empty delivery boxes suggesting recent receipt of disposable supplies. Supplies were segregated by resident name. In addition to the segregated supplies, the PCO noted sufficient disposable gloves, laundry soap, and cleaning supplies. Other personal protective items such as gowns and N-95 masks (perhaps remaining from COVID provided supplies) were seen. The PCO cited that financial strain was apparent with the delays in addressing Life Safety tags issued earlier in 2025, consistent with maintenance/repair challenges noted in PCO's companion Cityview report. As PCO concluded in that report, the necessary analysis is a financial one. While immediate resident care needs were met, chronic issues associated with responding to Life Safety compliance requirements creates risk. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=jYAr8l from PacerMonitor.com. The ombudsman may be reached at: Susan N. Goodman PIVOT HEALTH LAW, LLC P.O. Box 69734 Oro Valley, Arizona 85737 P: (520) 744-7061 | F: (520) 575-4075 Email: sgoodman@pivothealthaz.com About Southwest Ft Worth Memory Care Southwest Ft Worth Memory Care, LLC, doing business as Autumn Leaves of Cityview, is a U.S. senior-living operator that specializes exclusively in assisted-living and stand-alone communities for residents with Alzheimer's disease and other forms of dementia. Headquartered in Grapevine, Texas, Southwest designs, owns or manages purpose-built "Autumn Leaves" communities in Texas and Illinois, offering 24-hour nursing, dementia-trained staff, "Inspired Connections" life-engagement programs and on-site dining, salon and rehab services. Southwest sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-41419) on April 23, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Mark X. Mullin handles the case. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC is the Debtor's legal counsel. PSF II Dutch Branch, LLC, as secured lender, is represented by: Kevin M. Lippman, Esq. Munsch Hardt Kopf & Harr, P.C. 500 N. Akard Street, Suite 4000 Dallas, TX 75201-6659 Telephone: (214) 855-7565 Facsimile: (214) 978-5335 klippman@munsch.com SPECIALTY CARTRIDGE: To Sell Equipment to Super Vel for $749K ------------------------------------------------------------- Specialty Cartridge, Inc., d/b/a Atlanta Arms, seeks permission from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to sell Equipment, free and clear of liens, claims, and encumbrances. The Debtor is engaged in the business of manufacturing ammunition and ammunition related components such as projectiles and casings, and contract ammunition loading services for other manufacturers. The Debtor's assets include certain equipment identified as follows: (i) WF 58 ICOP Transfer Press with tooling, feeders, scrap chopper, pallet decoiler, and blueprints, (ii) LJ Core Swager tooled to build 9mm cores for 115/124, (iii) LJ Core Swager tooled to build 9mm cores for 115/124/147, (iv) WF510 ICOP Transfer Press with tooling, feeders, scrap chopper, pallet decoiler, and blueprints, (v) C210 Copper Strips, and (vi) .300" Lead Wire – 5,500 lbs. The Debtor and the purchaser, Super Vel Ammunition, have negotiated for the sale of the Equipment for a total purchase price of $749,550.00, payable as follows: (i) 10% deposit, (ii) 50% prior to training, (iii) 30% prior to shipping, and (iv) 10% upon installation (by other parties) at Buyer's facility; provided, however, that the sale closes within 60 days of the order granting this Motion becoming a final order. The Debtor seeks to sell the Equipment, free and clear of liens, claims, and encumbrances. The Debtor's management, after a thorough review of Debtor's current financial condition, reasonable financial outlook, current liquidity position, has determined that the Equipment is not necessary for an effective restructuring. Debtor proposes to use the proceeds as follows: Upon receipt of the 10% deposit, Debtor is authorized to retain up to $25,000.00 for training and upgrading expenses, with the remaining balance being remitted to Pinnacle Bank. Upon receipt of each installment payment from Buyer thereafter, Debtor shall pay the full amount of each such installment to Pinnacle Bank. The payments received by Pinnacle Bank shall be applied to (i) cure any defaults owed Pinnacle Bank under Master Lease Agreement 36766GA-11, (ii) the Business Man Line of Credit and/or Regular Bank Line of Credit, and/or (iii) any loans between Debtor and Pinnacle Bank as the parties mutually agree. About Specialty Cartridge, Inc. d/b/a Atlanta Arms Specialty Cartridge Inc., doing business as Atlanta Arms, manufactures precision ammunition for handguns and rifles. Based in Covington, Georgia, the Company supplies law enforcement agencies, military clients, and shooting sports professionals. It operates out of a 20,000-square-foot climate-controlled facility. Specialty Cartridge Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55193) on May 7, 2025. In its petition, the Debtor reports total assets of $15,065,301 and total liabilities of $8,137,719. Judge Paul W. Bonapfel oversees the case. The Debtor is represented by G. Frank Nason, IV, Esq., at Lamberth, Cifelli, Ellis & Nason, PA. Pinnacle Bank, as lender, is represented by: Michael B. Pugh, Esq. Thompson, O'Brien, Kappler and Nasuti, PC 2 Sun Court, Suite 400 Peachtree Corners, GA 30092 Tel: (770) 925-0111 mpugh@tokn.com SPENCER & ASSOCIATES: Unsecureds Will Get 13.09% over 5 Years ------------------------------------------------------------- Spencer & Associates Therapeutic Alliance, PLLC, filed with the U.S. Bankruptcy Court for the Southern District of Texas a Plan of Reorganization dated June 25, 2025. The Debtor started operations in February 2019. Debtor's operations are an outpatient mental health clinic. Debtor elected to file a chapter 11 reorganization as the best means to resolve the current liabilities of the company and determine the secured portions of those creditors. The Debtor is currently owned 100% by Regina Spencer. Ownership interests will remain unchanged following confirmation. The Debtor proposes to pay allowed unsecured based on the liquidation analysis and cash available. Debtor anticipates having enough business and cash available to fund the plan and pay the creditors pursuant to the proposed plan. It is anticipated that after confirmation, the Debtor will continue in business. Based upon the projections, the Debtor believes it can service the debt to the creditors. The Debtor will continue operating its business. The Debtor's Plan will break the existing claims into six classes of Claimants. These claimants will receive cash repayments over a period of time beginning on or after the Effective Date. Class 5 consists of Allowed Unsecured Claims. All allowed unsecured creditors shall receive a pro rata distribution at zero percent per annum over the next five years according to the projections. Creditors shall receive quarterly disbursements based on the projection distributions of each 12-month period with the first quarterly payment shall be due 90 days after the Effective Date. Debtor will distribute $120,250.00 to the general allowed unsecured creditor pool over the 5-year term of the plan, including the under-secured claim portions. The Debtor's General Allowed Unsecured Claimants will receive 13.09% of their allowed claims under this plan. Any potential rejection damage claims from executory contracts that are rejected in this Plan will be added to the Class 5 unsecured creditor pool and will be paid on a pro-rata basis. The allowed unsecured claims total $918,199.51. This Class is impaired. Class 6 consists of Equity Interest Holders. The current owners will receive no payments under the Plan; however, they will be allowed to retain ownership in the Debtor. Class 6 Claimants are not impaired under the Plan. The Debtor anticipate the continued operations of the business to fund the Plan. A full-text copy of the Plan of Reorganization dated June 25, 2025 is available at https://urlcurt.com/u?l=F5nKqg from PacerMonitor.com at no charge. Counsel to the Debtor: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 Email: notifications@lanelaw.com About Spencer & Associates Therapeutic Alliance Spencer & Associates Therapeutic Alliance, PLLC, operates an outpatient mental health clinic. Spencer & Associates filed a Chapter 11 petition (Bankr. S.D. Tex. Case No. 25-31668) on March 28, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Regina Spencer, owner of Spencer & Associates, signed the petition. Judge Eduardo V. Rodriguez oversees the case. Robert C Lane, Esq., at the Lane Law Firm, represents the Debtor as bankruptcy counsel. SPRAYTECH LLC: Matthew Brash of Newpoint Named Subchapter V Trustee ------------------------------------------------------------------- The U.S. Trustee for Region 11 appointed Matthew Brash of Newpoint Advisors Corporation as Subchapter V trustee for Spraytech LLC. Mr. Brash will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Brash declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Matthew Brash Newpoint Advisors Corporation 655 Deerfield Road, Suite 100-311 Deerfield, IL 60015 Tel: (847) 404-7845 About Spraytech LLC Spraytech LLC, a Gurnee, Illinois-based company, sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10140) on July 1, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities $500,000 and $1 million. Judge Jacqueline P. Cox handles the case. The Debtor is represented by David Freydin, Esq., at Law Offices Of David Freydin Ltd. SSH HOLDINGS: S&P Downgrades ICR to 'B+', Outlook Stable -------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on U.S.-based novelty gift and Halloween retailer SSH Holdings Inc.'s (doing business as Spencer Spirit) to 'B+' from 'BB-' and its issue-level rating on its term loan to 'B+' from 'BB-'. S&P's '3' recovery rating on the term loan is unchanged. The stable outlook reflects S&P's belief that the company will continue to operate under a conservative financial policy and maintain a strong position in Halloween retail leading to positive free operating cash flow (FOCF) generation and adequate liquidity. S&P said, "The downgrade reflects our expectation for weaker profitability and FOCF stemming from the impact tariffs will have on margins. Spencer Spirit has significant product sourcing exposure to China across its Spencer's and Spirit Halloween businesses. The company has taken steps this year to mitigate the impact, including negotiating cost concessions, converting more vendors to use its first sale program, and selectively raising prices. Still, while tariffs on imports from China have come down from 145%, we believe it will be difficult for Spencer Spirit to fully offset the higher product costs. Additionally, the abrupt changes in trade policy have disrupted the normal cadence of Spencer Spirit's operations. Product flow from vendors has been somewhat delayed, which we expect will result in slightly later Halloween store openings this year and a shorter overall selling season. That said, we believe demand for Halloween goods will remain resilient this year with the holiday falling on a Friday. Although we expect some sourcing diversification in 2026, we believe a high percentage of the company's products will continue to be sourced from China for the foreseeable future. We forecast tariffs will lead to an approximate 220 basis points (bps) decline in its S&P Global Ratings-adjusted EBITDA margin this year. "Lower earnings will result in higher leverage than our previous expectations. We forecast revenue will be relatively flat this year based on modest net store closures of Spencer's and a similar number of Spirit stores when compared to last year. We expect the company will be selective with promotions under each business and healthy Halloween demand will persist. That said, we forecast S&P Global Ratings-adjusted EBITDA margins declining to 16.7% this year from 18.9% last year with adjusted EBITDA declining approximately 11%. This leads us to forecast adjusted debt to EBITDA of about 1.7x compared with 1.5x at fiscal year-end 2024 and 1.3x at fiscal year-end 2023. The company's intra-quarter leverage profile exhibits high volatility stemming from Spencer Spirit's use of its asset-based lending (ABL) facility during portions of the second and third fiscal quarters to build inventory for the Halloween season. The company subsequently repays ABL borrowings during the quarter in which the majority of Halloween sales are realized. As a result of our expectations for higher leverage and lower FOCF, we have revised our financial risk profile to significant from intermediate. Despite positive Halloween trends, we continue to view the company's seasonality and reliance on a single holiday, and the establishment of over 1,500 temporary retail stores, as a risk to financial performance. The company's high seasonality also results in substantial volatility in quarterly earnings and cash flow. Therefore, we continue to apply a negative one notch comparable ratings adjustment to our rating. "The company maintains a strong position in Halloween retail and we expect liquidity will remain adequate. We believe consumer enthusiasm around Halloween will remain solid, although we believe weaker consumer spending is a risk to Spencer Spirit's performance given the discretionary nature of its products. Spirit's model of operating seasonal pop-up Halloween stores enables the company to capture significant demand in the week before Halloween. This year, due to the impact of tariffs and the company's strategic response, we expect the peak to trough working capital cycle will be condensed. Although we expect a heavier working capital investment this year based on tariff impacts and its high sell through rates last Halloween, we believe the company will generate positive annual FOCF. "In light of greater economic uncertainty, the company has deferred some of its growth capital expenditure (capex) to 2026, which we view as prudent. As a result, we revised our capex projection for 2025 down to about $50 million. However, reduced profitability and modest working capital outflows will lead to lower FOCF generation than we previously expected. We expect more normalized sell through rates over the next two years will lead to working capital uses. Our base case projects about $80 million in FOCF generation this year, down from about $182 million last year. We forecast interest coverage will decline to 6.3x in 2025 from 7.3x in 2024 but remain above 6x over the next two years." Spencer Spirit maintains a conservative financial policy and its high cash balance, which was $346 million at the end of last year, supports liquidity. The company typically funds its inventory purchasing with internal cash supplemented by its ABL facility, which expands to $350 million from $100 million during the months of June through October to support its peak seasonal working capital needs. It has deferred a portion of growth capex spending this year to preserve liquidity. S&P said, "In our view, the company has sufficient liquidity to manage its operations and navigate tariff impacts over the next few years. We expect the company will continue to base dividends, declared in the fourth fiscal quarter, on performance and cash needs budgeted for the following year. We project the company will maintain a cash balance over $300 million at the end of this year. Spencer Spirit has no near-term maturities, with its $350 million term loan B due June 2031." S&P said, "The stable rating outlook on Spencer Spirit reflects our view that performance and profitability will moderate over the next year. We expect leverage of 1.7x with interest coverage of 6.3x. We also forecast annual FOCF of about $80 million in fiscal 2025." S&P could lower its rating on Spencer Spirit if: -- It underperforms our base case, potentially due to increased competition from big box or e-commerce players, inventory challenges, or increased volatility in consumer behavior surrounding Halloween celebrations, with debt to EBITDA sustained above 3x; or -- The company's FOCF deteriorates meaningfully relative to S&P's base case, possibly due to performance or supply chain challenges. S&P could raise its rating on Spencer Spirit if: -- It expands its revenue and profitability while demonstrating a conservative financial policy that supports adjusted leverage of 1.5x or below with substantial positive FOCF generation; or -- It significantly expands its overall scale, including EBITDA and cash flow generation, and meaningfully diversifies its revenue base such that it no longer relies on any single event. Under this scenario, S&P would likely view the business more favorably. STEWARD HEALTH: Court Approves Chapter 11 Wind-Down Plan -------------------------------------------------------- James Nani of Bloomberg Law reports that bankrupt hospital operator Steward Health Care System LLC has secured court approval for a liquidation plan that establishes a trust to pursue potentially billions of dollars in creditor claims. At a hearing Wednesday, July 16, 2025, in the U.S. Bankruptcy Court for the Southern District of Texas, Judge Christopher Lopez said he would confirm the plan, which will wind down the once-dominant health care network. Steward, formerly the largest privatized health-care system in the U.S., filed for Chapter 11 protection last 2024 amid mounting financial distress, according to Bloomberg Law. Under the approved plan, the company's remaining legal claims—described by Lopez as potentially worth over $2 billion within the next year—will be transferred to a trust for the benefit of creditors, the report states. About Steward Health Care Steward Health Care System, LLC, owns and operates the largest private physician-owned for-profit healthcare network in the U.S. Headquartered in Dallas, Texas, Steward's operations include 31 hospitals in eight states, approximately 400 facility locations, 4,500 primary and specialty care physicians, 3,600 staffed beds, and nearly 30,000 employees. Steward Health Care provides care to more than two million patients annually. Steward and 166 affiliated debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024. Judge Christopher M. Lopez oversees the proceeding. The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy counsel; McDermott Will & Emery as special corporate and regulatory counsel; AlixPartners, LLP as financial advisor and John Castellano of AlixPartners as chief restructuring officer. Lazard Freres & Co. LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc Capital Markets Inc., provide investment banking services to the Debtors. Kroll is the claims agent. Susan N. Goodman has been appointed as patient care ombudsman in the Debtors' Chapter 11 cases. STEWARD HEALTH: Sues Ex-CEO for 'Greed' Causing Co.'s Collapse -------------------------------------------------------------- James Nani of Bloomberg Law reports that bankrupt Steward Health Care System LLC has filed a nearly $1.4 billion lawsuit against former CEO Ralph de la Torre and other ex-insiders, accusing them of siphoning off company assets for personal gain and driving the once-prominent healthcare network into insolvency. In a complaint filed Tuesday, July 15, 2025, in the U.S. Bankruptcy Court for the Southern District of Texas, Steward alleges that de la Torre and others engaged in self-enriching transactions in 2021 and 2022 that left the company underfunded and ultimately led to its collapse. "These insiders pilfered Steward’s assets for their own material gain, while leaving the company and its hospitals perpetually undercapitalized and insolvent," the lawsuit states. "Their misconduct ultimately led to Steward's collapse and the filing of these Chapter 11 cases." Once the nation's largest privatized hospital network, Steward filed for Chapter 11 in 2024. Its downfall sparked scrutiny from lawmakers and calls for a criminal probe into de la Torre's actions. On Wednesday, July 16m 2025, a Houston bankruptcy judge approved the company's liquidation plan, according to Bloomberg Law. Steward seeks to recover nearly $1.4 billion from de la Torre and various affiliated entities, including $251 million allegedly funneled to him personally or through companies described as his “alter egos.” The suit also seeks to void hundreds of millions of dollars in disputed transfers. A spokesperson for de la Torre said Wednesday he "disputes the allegations of wrongdoing and will vigorously defend himself." The complaint includes claims for breach of fiduciary duty, contract interference, civil conspiracy, and aiding and abetting fraudulent transfers. Several former board members are also accused of helping execute the transactions at issue. According to the lawsuit, de la Torre engineered a $111 million dividend in early 2021 while Steward was insolvent -- pocketing $81.5 million himself and soon after purchasing a $30 million superyacht, which he allegedly still owns. The suit also cites a $1.1 billion acquisition of five Miami-area hospitals from Tenet Healthcare Corp., which Steward claims was overvalued by approximately $205 million. The transaction was allegedly driven by de la Torre’s personal ambitions rather than sound financial analysis and relied on proceeds from a separate Utah hospital sale that was not yet finalized. That deal later fell through due to antitrust objections from the Federal Trade Commission, further straining the company's finances, the report states. In another transaction flagged by Steward, de la Torre led the 2022 sale of the company's Medicare Advantage business to CareMax Inc. Roughly $134 million of the proceeds were allegedly diverted to entities controlled by Steward insiders, with only about $60.5 million flowing back to the company, according to erport. Steward was originally created in 2010 by Cerberus Capital Management through its acquisition of Massachusetts-based Caritas Christi Health Care. The lawsuit claims that by 2020, de la Torre had restructured Steward to sideline Cerberus and the board, facilitating a broader misuse of company funds, the report cites. The company is represented by Kobre & Kim LLP. Case: Steward Health Care System LLC et al. v. De la Torre et al., No. 25-03593, U.S. Bankruptcy Court, Southern District of Texas (Filed July 15, 2025). About Steward Health Care Steward Health Care System, LLC, owns and operates the largest private physician-owned for-profit healthcare network in the U.S. Headquartered in Dallas, Texas, Steward's operations include 31 hospitals in eight states, approximately 400 facility locations, 4,500 primary and specialty care physicians, 3,600 staffed beds, and nearly 30,000 employees. Steward Health Care provides care to more than two million patients annually. Steward and 166 affiliated debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024. Judge Christopher M. Lopez oversees the proceeding. The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy counsel; McDermott Will & Emery as special corporate and regulatory counsel; AlixPartners, LLP as financial advisor and John Castellano of AlixPartners as chief restructuring officer. Lazard Freres & Co. LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc Capital Markets Inc., provide investment banking services to the Debtors. Kroll is the claims agent. Susan N. Goodman has been appointed as patient care ombudsman in the Debtors' Chapter 11 cases. STONE BRIDGE: Seeks Subchapter V Bankruptcy in Pennsylvania ----------------------------------------------------------- On July 15, 2025, Stone Bridge Brewing Company filed Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Pennsylvania. 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 Stone Bridge Brewing Company Stone Bridge Brewing Company, d/b/a The Craft Kitchen, The Wine Loft on Franklin, and Stonebridge Brewing Company, Stone Bridge Brewing Company sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-70290) on July 15, 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 Christopher M. Frye, Esq. at STEIDL & STEINBERG, P.C. STORMS FAMILY: 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 Storms Family Land Trust, according to court dockets. About Storms Family Land Trust Storms Family Land Trust is a land trust that holds a single real estate asset located at 3325 NE 14 Court in Fort Lauderdale, Florida. The property is valued at approximately $2.49 million. Storms Family Land Trust sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-16373) on June 2, 2025. In its petition, the Debtor reported total assets of $2,489,590 and total liabilities of $3,279,886. Judge Peter D. Russin handles the case. The Debtor is represented by Susan D. Lasky, Esq., at Susan D. Lasky, PA. STRATHCONA RESOURCES: S&P Upgrades ICR to 'BB-', Outlook Stable --------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Strathcona Resources Ltd. to 'BB-' from 'B+' and removed it from CreditWatch with positive implications. S&P said, "At the same time, we affirmed our 'BB-' issue-level rating on the company's senior unsecured notes and revised the recovery rating to '3' from '2'. "Our stable outlook on Strathcona reflects our expectation that it will maintain appropriate credit measures for the rating, while growing its heavy oil production at a moderate pace and demonstrating a moderate financial policy. We expect funds from operations (FFO) to debt will average above 100% over the next two years." Strathcona, an Alberta-based oil and gas exploration and production company, announced it closed on the sales of its Montney assets for total proceeds of about C$2.86 billion, becoming a pure-play oil sands producer. S&P said, "We expect the company will primarily use divestment proceeds to reduce debt, including the repayment of credit facility borrowings, and anticipate sustained strong credit measures, offsetting the company's smaller scale. "The upgrade reflects our expectation for debt reduction and sustained improved credit metrics, following the Montney divestment. On July 2, 2025, Strathcona completed final sales of its Montney assets for total proceeds of C$2.86 billion. The divestments were completed through three separate transactions with ARC Resources Ltd., Tourmaline Oil Corp., and an unnamed third buyer, with proceeds consisting of about C$2.42 billion cash, C$300 million of Tourmaline common shares, and C$145 million of assumed lease obligations. The Montney assets produced about 75,000 barrels of oil equivalent (boe) per day in the first quarter of 2025, out of Strathcona's total production of about 195,000 boe/d. Pro forma for the sales, Strathcona is now a pure-play oil sands producer with production of about 120,000 barrels of oil (bbl) per day (anticipated full year 2025 average), including 95,000 bbl/d from its thermal oil projects in the Cold Lake region and 25,000 bbl/d of conventional heavy oil production in the Lloydminster region. Despite the smaller scale, we believe the company's credit measures will improve following the transactions given our expectation the company will use divestment proceeds to repay debt. "We anticipate average FFO to debt of about 100% in 2025 and 2026, supported by lower debt. We expect Strathcona will primarily use the cash proceeds to repay borrowings on its upsized C$3.255 billion revolving credit facility (RCF), which had about C$2.2 billion drawn as of March 31, 2025. The facility size increased to C$3.255 billion from C$2.75 billion effective April 25, 2025, and matures on March 28, 2028. In addition, we expect the company will address its August 2026 notes well ahead of maturity, as the notes become callable at par in August 2025 and would cause the credit facility maturity date to spring to May 2026 if they are not repaid by that date. We anticipate average FFO to debt will improve from our prior estimates of 50%-60% in 2025 and 2026, to above 100% pro forma for the Montney divestments, supporting the higher rating despite the company's smaller scale. "We apply a one notch positive comparable ratings analysis (CRA) modifier to arrive at our 'BB-' rating. The CRA considers Strathcona's solid credit measures, despite the cap on its financial risk profile score due to its ownership by a financial sponsor, and our view that its business is in line with 'BB-'-rated peers like MEG Energy Corp. (BB-/Stable/--). “The potential MEG Energy acquisition would bolster scale and maintain strong credit measures. On May 30, 2025, Strathcona made a formal takeover bid for MEG Energy. Although the board of MEG Energy has recommended shareholders reject the bid, the offer remains open until Sept. 15, 2025, and there has yet to be a resolution. However, if the takeover is successful under the current offer terms, we would view this as credit positive due to the increased scale of operations and expectation of sustained strong credit measures given the mostly equity financing, but do not expect it would immediately affect our ratings. The current offer values the total acquisition cost at about C$5.9 billion and Strathcona would fund the transaction with about 82% equity and 18% cash. MEG Energy is a pure-play oil sands producer with about 100,000 bbl/d of production in the Christina Lake region. The combined company would be a pure-play oil sands producer with current production of about 220,000 bbl/d and 1.8 billion boe of net proved reserves as of Dec. 31, 2024. Prior to the takeover offer, Strathcona disclosed it had acquired a more than 9% stake in MEG Energy through open market purchases during the first half of 2025. "The stable outlook on Strathcona reflects our expectation it will maintain appropriate credit measures for the rating, while growing its heavy oil production at a moderate pace, following the divestment of its Montney assets. We expect FFO to debt will average above 100% over the next two years." S&P could lower its rating on Strathcona if credit measures deteriorate such that FFO to debt fell below 30% for a sustained period. This could occur if: -- Commodity prices weaken below S&P's expectations and the company does not reduce its capital spending in response; or -- If the company pursues a more aggressive financial policy, including large debt-funded acquisitions or shareholder distributions, or discretionary cash flow (DCF) is consistently negative. S&P said, "Although its regional and product concentration limits rating upside, we could raise our rating on Strathcona if the company meaningfully improves its scale of operations and diversification to be in line with that of higher rated peers. We would also expect the company to maintain appropriate credit measures, including FFO to debt comfortably above 45% and positive DCF, to support a higher rating." SUMMIT K2: Moody's Affirms 'B3' CFR, Outlook Stable --------------------------------------------------- Moody's Ratings has affirmed the B3 corporate family rating and B3-PD probability of default rating of Summit K2 TopCo, LP (K2). Moody's also affirmed the B3 ratings on Summit Acquisition, Inc.'s (Summit) senior secured first-lien revolving credit facility and senior secured first-lien term loan. Summit announced plans to issue a $178 million add-on to its term loan. The company will use the net proceeds plus cash on hand to fund a shareholder distribution and pay fees and expenses related to the transaction. The rating outlook for K2 and Summit is stable. RATINGS RATIONALE K2's ratings reflect strong organic revenue growth, healthy EBITDA margins, and expertise in managing property & casualty insurance programs. These credit strengths are offset by K2's limited scale, its increased debt burden and weaker coverage metrics associated with the announced transaction. Additionally, while K2 underwrites across numerous programs and carriers, the company is fairly concentrated among its largest carriers and programs. K2 also faces potential liabilities arising from errors and omissions in the delivery of professional services. The announced transaction is credit negative as it materially increases K2's debt burden to fund a distribution to owners. Moody's estimates that K2 will have a pro forma debt-to-EBITDA ratio over 7x, (EBITDA - capex) interest coverage around 1.5x, and free cash flow in the low-to-mid-single digits. Following the transaction, Moody's expects K2 to reduce and maintain its financial leverage below 7x through organic growth, increased operating leverage and gradual debt reduction. These pro forma metrics reflect Moody's accounting adjustments for operating leases and certain non-recurring items. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade of K2's ratings include: (i) increased scale and diversification, (ii) debt-to-EBITDA ratio below 5.5x, (iii) (EBITDA - capex) coverage of interest exceeding 2x, and (iv) free-cash-flow-to-debt ratio exceeding 5%. Factors that could lead to a downgrade of K2's ratings include: (i) revenue decline or other disruptions to existing operations, (ii) debt-to-EBITDA ratio above 7x, (iii) (EBITDA - capex) coverage of interest below 1.2x, or (iv) free-cash-flow-to-debt ratio below 2%. The principal methodology used in these ratings was Insurance Brokers and Service Companies published in February 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in San Diego, California, K2 Insurance Services is an insurance services holding company that owns and controls a diverse set of managing general agencies that market, underwrite and servicing niche commercial and personal insurance products. The group reported revenue of $526 million for the 12 months through March 2025. SUPERIOR PLUS: S&P Affirms 'BB-' ICR on Revised Business Risk ------------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' issuer credit rating on Superior Plus Corp. and 'BB-' issue-level rating (with a '4' recovery rating) on Superior's senior unsecured notes. The stable outlook reflects S&P's view that the company's projected cash flow generation and shift toward more moderate financial policies should help it maintain S&P Global Ratings-adjusted leverage of 4.1x–4.5x. The acquisition of Certarus Ltd. has bolstered Superior Plus Corp.'s operating scale and expanded its product mix and geographical diversification, with S&P Global Ratings-adjusted EBITDA expected to reach $506 million in 2026. As such, S&P revised upward our assessment of Superior's business risk profile to fair from weak. S&P's improved assessment of Superior's business risk reflects its expanded operating scale and product diversification from the acquisition of Certarus. The company has a 40% market share in Canada as a propane distributor, with a meaningful presence in the highly fragmented U.S. propane market. The 2023 acquisition of Certarus--a distributor of compressed natural gas (CNG), renewable natural gas (RNG), and hydrogen to industrial and wellsite customers in the U.S. and Canada, with about a 44% market share--has bolstered Superior's operating scale. This led to S&P Global Ratings-adjusted EBITDA growth to $445 million in 2024 from about $270 million in 2022. Certarus is also a market leader in over-the-road CNG, with 863 mobile storage units (MSUs) as of March 31, 2025, which is 3.5x more than the closest competitor. As a result of the acquisition and segment growth, Superior has expanded its product mix, providing incremental product and geographic diversification. In addition, earnings at Certarus are less seasonal than the propane segment and help temper Superior's earnings sensitivity to winter weather. This is partially offset by Certarus' implicit commodity price exposure, given about 66% of the segment's 2024 gross profit was generated from its wellsite customers with short-term contracts, whose activities and need for Certaus' products are affected by significant commodity price movements. In addition, the company's EBITDA margin improved to 18.7% in 2024 from 14.9% in 2023, mostly due to the relatively high margin of Certarus. S&P said, "We continue to view Certarus' growth prospects to be positive for the next several quarters given limitations on pipeline infrastructure and growing demand for low-carbon fuels. We estimate Superior's margin to be in the low 20% area as a result of growing capital investments in MSUs at Certarus and operational efficiencies from the company's Superior Delivers initiative, which focuses on minimizing costs by optimizing route planning. According to management, Superior Delivers is projected to generate about $20 million in incremental EBITDA in 2025, growing to $70 million by 2027. We will incorporate these projections into our cashflow forecast as they begin to materialize. As of the first quarter of fiscal-year 2025, $2.3 million incremental EBITDA was generated from Superior Delivers. As a result, we expect S&P Global Ratings-adjusted EBITDA to grow to about $482 million in 2025, supported by the frigid winter in 2025, which increased propane volume sold." S&P said, "We continue to assess Superior's financial risk profile as aggressive after leverage remained in line with forecast. Superior's S&P Global Ratings-adjusted leverage decreased to 4.8x in 2024 from 5.8x in the previous year, which is in line with our expectation. We expect S&P Global Ratings-adjusted leverage to be 4.1x-4.5x in 2025 and slightly below 4x in 2026 due to forecasted EBITDA growth and the expectation that management will reduce debt with excess cash flow after pausing M&A activities, which constituted about 53% of capital deployed over the past four years. We believe these levels reflect aggressive financial risk. The company has repaid $62.5 million of the revolving line of credit balance as of the first fiscal quarter of 2025 and expects to repay about $275 million of debt through 2027. This will reduce company-reported leverage to below 3x in 2027 from 4.1x (a key difference with our calculation is the treatment of $260 million in preferred shares as 100% debt under our adjustments). "We expect the company to continue to grow through organic projects, increasing capital spending. We expect the company to allocate a higher percentage of its capital to capital spending over the next two years. The company plans to grow organically by increasing Certarus' MSU fleet, further enhancing the business' strong market position. Also, we expect a portion of the capex to be channeled toward continued system enhancements in the propane segment. Accordingly, we estimate annual capital spending of $115 million-$130 million over the next three years. Still, we forecast free operating cash flow of $220 million–$260 million over the same period, with the expectation that a chunk will be utilized for share repurchase and debt reduction. This is because in November 2024, the company announced its revised capital allocation policy, opting to reduce dividends and pause acquisitions. We consider both debt repayment and balanced growth capex spending to be credit positive. "The stable outlook reflects our view that the company will grow its cash flow such that it will reduce debt with excess cash flow and maintain leverage at 4.1x–4.5x over the next 12 months." S&P could lower its ratings on Superior if S&P expects its leverage will approach 5.0x. This could occur if: -- Propane demand decreases as a result of warmer weather; -- CNG demand decreases substantially due to lower oil prices affecting the activities of its wellsite customers; or -- The company's management pursues more aggressive financial policies than forecasted, including leverage-financed acquisitions or shareholder returns. S&P could take a positive rating action if Superior maintains leverage of less than 4.0x on a sustained basis. This could occur if the company continues to reduce its debt using excess discretionary cash flow. SYSOREX GOVERNMENT: Cullen Denies Conflict of Interest ------------------------------------------------------ Emlyn Cameron of Law360 Bankruptcy Authority reports that Cullen and Dykman LLP told a New York bankruptcy judge that no conflict of interest barred Sysorex -- an insolvent government IT company -- from retaining the firm. The law firm argued that the conduct flagged by the U.S. Trustee's Office, which sought to disqualify it as Chapter 11 counsel, was in fact in Sysorex's best interest, the report states. 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. TAMARACK VALLEY: S&P Rates New C$200MM Senior Unsecured Notes 'B+' ------------------------------------------------------------------ S&P Global Ratings assigned its 'B+' issue-level rating and '2' recovery rating to Tamarack Valley Energy Ltd.'s proposed C$200 million senior unsecured notes due 2030. The '2' recovery rating indicates its expectation of substantial (70%-90%; capped rounded estimate: 85%) recovery in the event of a default. The proposed notes will rank pari passu with the company's C$300 million 7.25% senior unsecured notes due May 10, 2027. S&P said, "We expect Tamarack will use the proceeds from the proposed notes to repay drawn amounts on its C$875 million three-year revolving credit facility (RCF) and redeem about C$100 million of its existing 2027 senior unsecured notes. The RCF currently matures April 30, 2028, and was about C$480 million (or about 55%) drawn as of March 31, 2025. We view the transaction as neutral for the company's credit quality. Accordingly, our 'B' issuer credit rating and stable outlook on Tamarack are unchanged. "Oil prices have softened materially since our last review of Tamarack, given our expectation for slowing demand and increasing OPEC+ supply. About 82% of Tamarack's daily average production--which we expect to average about 66,000 barrels of oil equivalent per day (boe/d) in 2025--is oil, with the majority being heavy oil. "Nevertheless, under our recently revised oil and gas price assumptions, we forecast Tamarack will continue to generate significant positive free operating cash flow through our 2025-2026 forecast period. The company's projected credit metrics are supported by moderate production growth (2026 daily average production is expected to be about 8% higher compared with 2024) and expected deleveraging. Specifically, over our 2025-2026 forecast period, we anticipate the company will direct about C$110 million annually--or about 40% of its free cash flow--toward debt repayment, with the remainder going to shareholder rewards. Accordingly, we forecast Tamarack will maintain funds from operations (FFO) to debt of about 100% and debt to EBITDA of about 0.8x for 2025-2026. "Our expectation for increased availability under the company's RCF following the proposed transaction also supports the company's liquidity position and flexibility to absorb unanticipated volatility in hydrocarbon pricing." ISSUE RATINGS—RECOVERY ANALYSIS Key analytical factors: -- S&P has updated its estimated enterprise value for Tamarack to reflect its reported year-end 2024 reserves. -- S&P has included the company's proposed C$200 million senior unsecured notes in its debt waterfall as pari passu to the company's existing C$300 million senior unsecured notes due 2027. -- S&P assumes the company uses proceeds from the proposed transaction to redeem C$100 million of its existing notes due 2027. -- S&P also assumes the company's C$875 million RCF is fully drawn at default. -- S&P assigned its 'B+' issue-level rating and '2' recovery rating to the proposed senior unsecured notes, in line with its current ratings on the company's 2027 senior unsecured notes. -- The '2' recovery rating indicates S&P's expectation of substantial (70%-90%; capped rounded estimate: 85%) recovery. The 'B+' issue-level rating is one notch higher than the issuer credit rating, in line with its notching guidelines. -- S&P valued the company on a going-concern basis by using a reserve multiple approach that applies a range of distressed fixed prices to Tamarack's proved reserves as of Dec. 31, 2024, and caps the value of its proven undeveloped reserves at 25% of the total estimated enterprise value. -- In some instances, S&P adjust its base-line unit values to reflect regional price differences. -- S&P's default scenario contemplates a significant drop in oil and gas prices that limits the company's ability to fund its fixed charges and exhausts its available liquidity. -- S&P's recovery analysis assumes that, in a hypothetical bankruptcy scenario, Tamarack's secured creditors are fully covered, with the remaining value available to the unsecured noteholders. S&P said, "Although our calculated recovery for Tamarack's senior unsecured debt exceeds 90%, we cap our recovery ratings on the unsecured debt of companies we rate in the 'B' category and lower at '2' (85%) because we assume, based on empirical analysis, that the size and ranking of the debt and nondebt claims could change before the hypothetical default." Simulated default assumptions: -- Simulated year of default: 2028 Simplified waterfall: -- Net enterprise value (after 5% administrative costs): US$1.03 billion -- Valuation split in % (obligors/nonobligors): 100%/0% -- Secured first-lien debt: US$710 million --Recovery expectations: Not applicable -- Senior unsecured debt: US$325 million --Recovery expectations: 70%-90% (capped rounded estimate: 85%) Note: All debt amounts include six months of prepetition interest. TERRA STATE COLLEGE: Moody's Cuts Issuer & Rev. Bond Rating to Caa1 ------------------------------------------------------------------- Moody's Ratings has downgraded Terra State Community College's (OH) issuer and revenue bond rating to Caa1 from B3. Concurrently, Moody's have revised the outlook on the issuer and underlying ratings to stable from negative. Moody's have also affirmed the enhanced rating of Aa2. Based on internally prepared fiscal 2024 statements, the college had total outstanding debt as calculated by Moody's of $30.6 million. The downgrade to Caa1 from B3 is driven by the college's continued inability to balance operations. Depleted liquidity and continued deficit operations has resulted in an impaired ability to meet financial obligations and cover unexpected costs. The close financial linkage to a student housing project that is in forbearance provides elevated exposure to liquidity risk. Financial strategy and management credibility considerations, governance factors under Moody's ESG framework, were drivers of the rating action. RATINGS RATIONALE The downgrade of the issuer rating to Caa1 from B3 reflects Terra State Community College's heightened financial challenges, with minimal available pathways to affect meaningful improvement. Modest financial reserve levels, including very thin unrestricted liquidity, are a material constraint to financial flexibility. Liquidity risk is heightened by TSCC's exposure to an underperforming privatized student housing project that has close financial and strategic linkage to the college. Leverage is outsized due to direct debt obligations as well as a large unfunded net pension liability. The Caa1 revenue bond ratings incorporate the issuer rating and general obligation characteristics of the bonds. While the bonds are secured by a gross general revenue pledge, this provides limited additional security due to the university's fundamental operating difficulties. The affirmation of the Aa2 enhanced revenue bond rating is based on the strength of the Ohio Board of Regents Community and Ohio Community and Technical College Credit Enhancement Program (Aa2 negative), strong coverage of debt service from interceptable revenue, and the transaction structure. RATING OUTLOOK The stable outlook for the issuer and the underlying ratings incorporates the college's important role within the community and its consistently favorable funding from the State of Ohio (Aaa stable) for both operations and capital renewal, which provide some near-term cushion as the college continues to face operational and liquidity challenges. Further credit deterioration is possible given its small scope of operations and elevated student market challenges contributing to ongoing deep operating deficits. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Sustained generation of above 1.5x debt service coverage -- Significant increase in liquidity, reflected in a move to around 50 days cash on hand -- Substantial reduction in financial leverage FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Failure to generate positive cash flow or any further depletion in the already thin liquidity -- Pullback on financial support provided by the State of Ohio -- Inability to incrementally improve occupancy at the residence hall; ongoing financial obligation to fully cover base rent payments and forbearance deficiencies PROFILE TSCC is a small community college in rural northwest Ohio, serving a five-county service area at its campus in Fremont, Ohio. Established in 1968 as a technical institute, TSCC now offers a number of associate degree programs and professional certificates. Higher demand programs include engineering, welding, HVAC, electrical, and the transfer program. METHODOLOGY The principal methodology used in the issuer and underlying ratings was Higher Education published in July 2024. TGI FRIDAY'S: Seeks to Extend Plan Exclusivity to August 29 ----------------------------------------------------------- TGI Friday's Inc. and affiliates asked the U.S. Bankruptcy Court for the Northern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to August 29 and October 28, 2025, respectively. The Debtors explain that ample cause exists to grant the relief requested by this Motion in these Chapter 11 Cases. The relevant factors strongly weigh in favor of an extension of the Exclusivity Periods include: * The Debtors' chapter 11 cases are large and complex. As reflected by the Court's Order Granting Chapter 11 Complex Case Treatment, the Debtors' significant number of creditors and assets make these cases large and complex. * The terms of a chapter 11 plan depended on the outcome of the sales process. The Debtors marketed, held an auction, and obtained Court approval for sales of their assets pursuant to the results of the auction. Thereafter, the Debtors continued to pursue asset sales, culminating in Court approval for the sales of certain assets to two additional parties. Yadav and Sugarloaf Sale Order. The sale process has also led to the sale of numerous liquor licenses, and the Debtors continue to market and pursue sales of the remaining liquor licenses. * The Debtors have made significant progress in negotiating in good faith with all creditors and working towards a viable chapter 11 plan. The Debtors' time and resources have been productively spent on (i) ensuring a smooth chapter 11 process with minimal disruption to the Debtors' operations, preserving the Debtors' assets to the benefit of all parties in interest; (ii) administering value-maximining sales processes; (iii) engaging the various stakeholders to ensure the closing of the various asset sales; (iv) filing procedures for the sale of the Debtors' remaining liquor licenses; (v) transitioning the Debtors' operations to the new owners pursuant to the asset sales; and (vi) negotiating support with the Debtors' other constituents, including the Committee and contract counter parties. * The Debtors are not seeking to extend exclusivity to pressure creditors, and an extension of the exclusivity periods will not prejudice creditors. The Debtors have not sought an extension of exclusivity to pressure creditors or other parties in interest. On the contrary, all creditor constituencies are benefitted by providing the Debtors with sufficient time to continue to negotiate the terms of a chapter 11 plan and determine what transaction or combination of transactions will provide the greatest value to their estates and the greatest recovery to their creditors. * The Debtors are paying their bills as they come due. The Debtors have paid their undisputed postpetition debts in the ordinary course of business or as otherwise provided by Court order. * Significant time has not elapsed in these chapter 11 cases. This is the Debtors' third request for an extension of the Exclusivity Periods and will result in a total extension of the Exclusivity Periods of 180 days. Courts routinely grant a Debtors' additional requests for an exclusivity extension. Counsel to the Debtors: Chris L. Dickerson, Esq. Rahmon J. Brown, Esq. ROPES & GRAY LLP 191 North Wacker Drive, 32nd Floor Chicago, IL 60606 Tel: (312) 845-1200 Fax: (312) 845-5500 E-mail: chris.dickerson@ropesgray.com rahmon.brown@ropesgray.com Holland N. O'Neil, Esq. Mark C. Moore, Esq. Zachary C. Zahn, Esq. FOLEY & LARDNER LLP 2021 McKinney Avenue, Suite 1600 Dallas, TX 75201 Tel: (214) 999-3000 Fax: (214) 999-4667 E-mail: honeil@foley.com mmoore@foley.com zzahn@foley.com About TGI Friday's Inc. TGI Friday's Inc., doing business as Wow Bao, operates a chain of restaurants. The Company provides appetizers, sizzlings, seafood, salads, sandwiches, entres, desserts, and non-alcoholic and alcoholic beverages. Wow Bao serves customers in the United States. TGI Friday's Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-80069) on Nov. 2, 2024, listing $100 million to $500 million in both assets and liabilities. Judge Stacey G Jernigan presides over the case. Holland N. O'Neil, Esq., at Foley & Lardner LLP, is the Debtor's counsel. TIFARET DISCOUNT: Seeks to Hire Leo Fox as Bankruptcy Counsel ------------------------------------------------------------- Tifaret Discount Inc. d/b/a Redelicious Supermarket seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Leo Fox, Esq., a New York City attorney, to handle its Chapter 11 case. Mr. Fox will render these services: a. give advice to the Debtor with respect to its powers and duties under the Bankruptcy Code; b. prepare legal papers and appear before the bankruptcy court; c. appear before the judge to protect the interests of the Debtor and represent the Debtor in all matters pending before the Bankruptcy Judge; d. meet with and negotiate with creditors and other parties for a plan of reorganization, prepare the plan and disclosure statement and attendant documents; and e. perform all other necessary legal services. The firm will be paid at these rates: Partners $450 per hour Associate $275 per hour Paralegal $75 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Leo Fox, 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. Mr. Fox holds office at: Leo Fox, Esq. 630 Third Avenue - 18th Floor New York, NY 10018 Tel: (212) 867-9595 Email: leo@leofoxlaw.com About Tifaret Discount Inc. d/b/a Redelicious Supermarket Tifaret Discount Inc., operating as Redlicious Supermarket, a grocery retailer based in Monsey, New York. Tifaret Discount Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22623) on July 9, 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 Sean H Lane handles the case. The Debtors are represented by Leo Fox, Esq. TODD CREEK FARMS: Section 341(a) Meeting of Creditors on August 18 ------------------------------------------------------------------ On July 15, 2025, Todd Creek Farms Home Owners Association Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Colorado. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on August 18, 2025 at 10:00 AM at Telephonic Chapter 11: Phone 888-330-1716, Access Code 8602461#. About Todd Creek Farms Home Owners Association Inc. Todd Creek Farms Home Owners Association Inc. is a residential community management organization that oversees common areas, enforces covenants, and provides services to homeowners in the Todd Creek Farms development. Todd Creek Farms Home Owners Association Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-14385) on July 1, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Kimberley H. Tyson handles the case. The Debtors are represented by Jeffrey Weinman, Esq. at Allen Vellone Wolf Helfrich & Factor P.C. TOR WELLNESS: Case Summary & 13 Unsecured Creditors --------------------------------------------------- Debtor: TOR Wellness LLC a/k/a 100 Percent Chiropractic Ryan, LLC 6049 Barnes Road Colorado Springs, CO 80922 Business Description: TOR Wellness LLC provides X-ray-based chiropractic services with a focus on natural, holistic wellness and long-term corrective care. It serves patients of all ages, offering treatments for conditions such as chronic pain, sports injuries, and prenatal and pediatric concerns. The Company also offers rehabilitation support, family wellness programs, and integrated massage therapy. Chapter 11 Petition Date: July 16, 2025 Court: United States Bankruptcy Court District of Colorado Case No.: 25-14429 Judge: Hon. Joseph G Rosania Jr. Debtor's Counsel: Keri L. Riley, Esq. KUTNER BRINEN DICKEY RILEY 1660 Lincoln St. Denver, CO 80264 Tel: (303) 832-2400 Email: klr@kutnerlaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Breanna Ryan as sole owner. A copy of the Debtor's list of 13 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YLFGKBI/TOR_Wellness_LLC__cobke-25-14429__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YCJ7XNY/TOR_Wellness_LLC__cobke-25-14429__0001.0.pdf?mcid=tGE4TAMA TRIPLESHOT HOLDINGS: Kathleen DiSanto Named Subchapter V Trustee ---------------------------------------------------------------- The U.S. Trustee for Region 21 appointed Kathleen DiSanto, Esq., at Bush Ross, P.A., as Subchapter V trustee for Tripleshot Holdings, LLC. Ms. DiSanto 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. DiSanto declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kathleen L. DiSanto, Esq. Bush Ross, P.A. P.O. Box 3913 Tampa, FL 33601-3913 Phone: (813) 224-9255 Fax: (813) 223-9620 Email: disanto.trustee@bushross.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 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. Judge Roberta A. Colton handles the case. The Debtor is represented by Samantha L Dammer, Esq., at BLEAKLEY BAVOL DENMAN & GRACE. TZADIK SIOUX: Files Emergency Bid to Use Cash Collateral -------------------------------------------------------- Tzadik Sioux Falls Portfolio I, LLC and affiliates asked the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, for authority to use cash collateral. The Debtors own and operate multi-unit residential rental properties in South Dakota. These properties are managed by Tzadik Properties, LLC under existing management agreements, with day-to-day operations outsourced to the management company. Since filing voluntary Chapter 11 petitions between April 9 and July 7, the Debtors, which also include Garden Villas Apartments, LLC, Tzadik Hidden Hills Apartments, LLC, TMG 2, LLC, Tzadik Rapid City Portfolio I, LLC, Tzadik Sioux Falls I, LLC, Tzadik Sioux Falls Portfolio III, LLC and Tzadik Taylor's Place, LLC, have continued operating as debtors-in-possession. The Debtors have previously received authorization through three interim court orders to use cash collateral to fund business operations and pay for necessary expenses. As of July 16, approximately $200,000 in adequate protection payments have been made to secured lenders (Fannie Mae and Merchants Bank of Indiana), and $50,000 in professional fees have been paid using cash collateral. The Debtors now seek final approval to continue using their cash collateral, which includes rental income, accounts receivable, security deposits, and related proceeds, to maintain operations, satisfy administrative expenses, and ensure continued management of their rental properties. As adequate protection for the lenders' secured interests, the Debtors proposed to grant replacement liens on post-petition rental income and accounts receivable, maintaining the same validity, priority, and extent as existed pre-bankruptcy. The Debtors cited well-established case law in support of their position, asserting that such protections are sufficient and that continued operations will not only prevent harm to secured creditors but may also enhance the value of their collateral. Further, the Debtors contended that payment of professional fees from cash collateral is appropriate and justified, especially where lenders are adequately protected and no evidence has been presented of a decline in the value of collateral. About Tzadik Sioux Falls Portfolio I LLC Tzadik Sioux Falls Portfolio I, LLC possesses several multi-family properties in Sioux Falls, SD. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-13865) on April 9, 2025. In the petition signed by Adam Hendry, authorized representative, the Debtor disclosed $65 million in assets and $46.775 million in liabilities. Judge Peter D. Russin oversees the case. Morgan Edelboim, Esq., at Edelboim Lieberman, PLLC, is the Debtor's legal counsel. Fannie Mae, as secured lender, is represented by: Alexis A. Leventhal, Esq. Keith Aurzada, Esq. Jay Krystinik, Esq. Devan Dal Col, Esq. Reed Smith, LLP 1001 Brickell Bay Drive, Suite 900 Miami, FL 33131 Phone: 786-747-0247 aleventhal@reedsmith.com kaurzada@reedsmith.com jkrystinik@reedsmith.com ddalcol@reedsmith.com Merchants Bank of Indiana, as secured lender, is represented by: Scott N. Brown, Esq. Bast Amron, LLP One Southeast Third Avenue, Suite 2410 Miami, FL 33131 Telephone: 305.379.7904 sbrown@bastamron.com UNIVISION COMMUNICATIONS: S&P Rates New $1BB Secured Notes 'B+' --------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue-level rating and '3' recovery rating to Univision Communications Inc.'s proposed $1 billion senior secured notes due 2032. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 60%) recovery for lenders in the event of a payment default. The company plans to use the proceeds from these proposed notes, along with cash on hand, to repay a portion of its existing 6.625% senior secured notes due 2027 ($1.5 billion outstanding). S&P's 'B+' issuer credit rating and negative outlook on Univision are unchanged because the proposed transaction will not affect its net leverage. The negative outlook reflects the uncertainty around the company's ability to reduce its leverage below 6.5x over the next year. To reduce leverage, the company will likely need streaming revenue growth to outpace linear TV revenue declines. VARSITY BRANDS: S&P Upgrades ICR to 'B', Outlook Stable ------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on U.S.-based Varsity Brands Inc. (parent of BSN Sports and Varsity Spirit) to 'B' from 'B-'. Concurrently, S&P raised its issue-level rating on the company's senior secured term loan facility to 'B' from 'B-'. The recovery rating remains '3', reflecting its expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. The stable outlook reflects S&P's expectation that Varsity will continue to execute its growth strategy, increase revenue, maintain S&P Global Ratings-adjusted EBITDA margin in the 15% area, sustain leverage below 6x, and generate positive free operating cash flow (FOCF). S&P said, "The upgrade reflects our expectation that demand for Varsity's businesses will remain strong, supporting continued profit expansion and credit metric improvement. We forecast Varsity's reported revenue will increase about 6% and adjusted EBITDA about 12% in 2025. Demand for its BSN Sports segment is solid as in-person sports participation has exceeded pre-pandemic levels, along with more events and higher participation rates in its Varsity Spirits segment. Successful investments in its digital sales platform and supply chain capabilities (including shorter delivery times for private-label products), which we believe have enhanced the buying experience for its customers, further support these trends. "We expect Varsity will sustain adjusted EBITDA margins of about 15% in 2025 and 2026 because of a better product mix, primarily from increased penetration of private-label apparel sales and new licensing partnerships with large apparel companies, both of which carry higher margins. Further, we believe the company's material legal liability overhang of the past few years has been substantially reduced, following the resolution of its last remaining antitrust class action lawsuit (which alleged the company monopolized the nationwide cheerleading competition and apparel markets) and certain civil negligence cases related to alleged misconduct by third parties. Consequently, we expect legal expenses (which we do not add back to adjusted EBITDA) to be materially lower going forward compared to recent years." Varsity Brands should offset most tariff impact through pricing increases and other remediation efforts. The majority of its tariff exposure stems from imports into the U.S., primarily from East Asia (including China) and Latin America. S&P said, "We understand the company pulled forward inventory purchases earlier in 2025 ahead of tariff implementation, which we expect will limit headwinds in 2025 profits. In our base-case forecast, we assume tariffs will impair gross margin by 100-150 basis points in 2026. Given the high unpredictability around policy implementation by the U.S. administration and responses, our baseline forecasts carry a significant amount of uncertainty. "We view Varsity Brands as well-positioned to offset tariff headwinds by increasing prices to customers, given its strong dealer relationships, service quality, and market leadership in the cheerleading segment. Additionally, the company is actively exploring opportunities to streamline its supply chain (including reducing exposure to China) to mitigate the impact on margins and cash flow. This should allow it to maintain adjusted EBITDA margins of about 15%. "Our base-case forecast assumes reported FOCF of about $50 million in 2025 and upward of $150 million in 2026. Our estimate for 2025 includes material outflows related to the legal settlements. We expect adjusted leverage will improve to 5.7x at year-end 2025 from 6.4x at the end of 2024 and further down to about 5.5x at year-end 2026, primarily from EBITDA growth. Our forecast does not include additional debt repayment aside from the $24 million annual mandatory principal amortization payments. Given our expectations for substantial FOCF and adequate sources of liquidity, which include $57 million of balance-sheet cash and $154 million of asset-based lending (ABL) lending availability (net of borrowing base availability and outstanding draws) as of March 29, 2025, the company could repay debt and accelerate deleveraging." Varsity's business is highly seasonal and closely tied to the North American school sports cycle. Its revenue depends significantly on the discretionary nature of BSN's sports apparel/equipment business and Varsity Brands' cheerleading uniforms, camps, and competitions business. From a sales perspective, while each of these segments experiences significant seasonality individually, their peak periods are somewhat offsetting when viewed in aggregate. However, the company's cash flow remains heavily weighted toward the second half of the year. Additionally, it relies heavily on school athletic budgets and parent booster clubs to increase its revenue. While S&P's economists forecast U.S. real GDP will expand 1.7% in 2025, it anticipates end consumers will likely rein in spending if purchasing power deteriorates due to an uncertain macroeconomic environment. Recent federal budget cuts could affect the BSN business, which relies disproportionately on school athletic budgets for funding. However, S&P believes the company will be partly shielded from budget cuts as its products are primarily geared toward core sports with high participation rates, which are less likely to face cuts and more likely to receive booster club support. S&P said, "The stable outlook reflects our expectation that Varsity's adjusted leverage will steadily improve but remain above 5x in the next year. We also expect the company to continue to increase organic revenue at a mid-single-digit percentage rate, maintain EBITDA margin in the 15% area, maintain adequate liquidity, and generate positive FOCF. We also assume Varsity will mitigate most potential tariff headwinds." S&P could lower its ratings on Varsity if adjusted leverage increases above 7x or the company does not sustain positive FOCF, which could occur if: -- Operating conditions deteriorate, including reductions in school athletic budgets; -- It cannot effectively offset potential headwinds related to tariffs, high inflation, or supply chain bottlenecks; -- New litigation emerges; or -- It adopts more aggressive financial policies, including material debt-financed acquisitions or shareholder dividends. Although unlikely given its financial sponsor ownership, S&P could raise the rating if Varsity: -- Continues positive business momentum; -- S&P expects adjusted leverage to improve below 5x on a sustained basis, while maintaining adequate liquidity; and -- The sponsor clearly commits to support and maintain these credit metrics. VIRTUAL MEDICAL: Unsecured Creditors to Split $22K in Plan ---------------------------------------------------------- Virtual Medical Services, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Modified Plan of Reorganization dated June 25, 2025. In the time since the Plan was filed, Debtor entered into a Rental Agreement for the lease of Debtor's primary asset, real property located at 2430 Hopehaven Way, Hoschton, GA 30548 (the “Lease”). This Modification is filed to reflect the Lease, along with various other related changes. The changes described herein do not otherwise materially or adversely affect the rights of any parties in interest which have not had notice and an opportunity to be heard with regard thereto. The Plan is hereby amended to replace the first paragraph of Section 4.1, Class 1: "Secured or Priority Tax Claim of the Internal Revenue Service, of the Plan with the following: Class 1 consists of any Secured Claim or Priority Tax Claim against Debtor held by the Internal Revenue Service (the "IRS") which was assessable or due and payable prior to the Filing Date or treated as arising prior to the Filing Date pursuant to Section 502(i) of the Bankruptcy Code (the "Class 1 IRS Tax Claim"). On February 13, 2025, the IRS filed proof of claim number 2 asserting a claim in the amount of $7,900.00 as a general unsecured claim. The Class 1 IRS Tax Claim and any other or further general unsecured claim of the IRS, including without limitation for penalties or otherwise, shall be classified and treated as a Class 6 General Unsecured Claim." The Plan is hereby amended to replace the third paragraph in Section 4.4, Class 4, Secured Claim of Wilmington Savings Fund Society, FSB, not in its individual capacity but solely as owner trustee for Verus Securitization Trust 2023-INV1, with the following: * The Debtor is currently seeking post-Plan Confirmation financing from Gauntlet Holdings Asset Management UK LTD. Debtor shall enter into the Gauntlet Loan on or before six-months following the Effective Date of the Plan. Debtor anticipates utilizing the Gauntlet Loan proceeds to pay to Wilmington the entirety of its Class 4 Arrearage. After the Class 4 Arrearage is paid in full, Debtor shall make ongoing non-default payments to Wilmington pursuant to the original terms of the Wilmington Loan Documents. * Commencing on the first month following the Confirmation Date, Debtor will remain current on post-petition monthly payments based on the non-default terms of the Wilmington Loan Documents, i.e. currently $4,099.74 in principal and interest, plus $1,324.35 in monthly escrow. To the extent the monthly escrow changes, Wilmington shall deliver written notice of the altered escrow payment to Debtor and Debtor shall pay the same on a monthly basis, starting on the first month following Debtor's receipt of such notice. * Until such time as the Gauntlet Loan has closed and is fully funded, the Class 4 Arrearage will accrue interest at 8.125% per annum. Unless and until paid in full by the Gauntlet Loan, Debtor will pay the Class 4 Arrearage by payment of equal monthly payments of $3,442.17 each commencing on the 28th day of the first month following the Effective Date and continuing on the 28th day of each subsequent month, with a final balloon payment on the sixtieth anniversary of the Effective Date for the outstanding amount of the Class 4 Arrearage, if any. The Plan is further amended to add the following paragraph after the second paragraph of Section 4.5, Secured Claim of Gauntlet Holdings Asset Management UK LTD: "Gauntlet has entered into the Term Sheet with Debtor and is contemplating issuing the Gauntlet Loan to Debtor. In the event the Gauntlet Loan closes, the amount of the Gauntlet Loan shall be repaid according to the terms of the Gauntlet Loan documents." The Plan is hereby amended to replace the projected distribution to General Unsecured Creditors with the following: "The allowed unsecured claims total $363,132.55. This Class will receive a distribution of $21,941.40 of their allowed claims." The Plan is additionally amended to replace Section 7.2.1 of the Plan with the following: "The source of funds for the payments pursuant to the Plan is: (i) the continued operations of Debtor, and (ii) a monthly contribution from Samuel Wright, pursuant to the terms of the Restructuring Support Agreement." A full-text copy of the Modified Plan dated June 25, 2025 is available at https://urlcurt.com/u?l=e0OfJM from PacerMonitor.com at no charge. About Virtual Medical Services Virtual Medical Services LLC provides medical care online. Virtual Medical Services LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-61749) on Nov. 4, 2024. In the petition filed by Samuel Wright, as manager, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by: Leslie Pineyro, Esq. JONES & WALDEN LLC 699 Piedmont Avenue NE Atlanta, GA 30308 Tel: 404-564-9300 Email: info@joneswalden.com VISION CARE: Court Extends Cash Collateral Access to Oct. 11 ------------------------------------------------------------ Tanya Sambatakos, the Chapter 11 trustee for Vision Care of Maine, LLC, received another extension from the U.S. Bankruptcy Court for the District of Maine to use cash collateral. The order authorized the trustee to use cash collateral until October 11 to pay the expenses set forth in the budget, with a 10% variance allowed. The 13-week budget shows total projected expenses of $4,567,008 for the period from July 19 to October 11. The use of cash collateral is necessary to fund the Debtor's ongoing operations and to meet the deadline for filing a reorganization plan, according to the trustee. The bankruptcy trustee must continue compliance with U.S. trustee obligations, including reporting and fee payments. The next hearing is scheduled for October 7. About Vision Care of Maine Vision Care of Maine, LLC is a medical group practice located in Bangor, ME that specializes in Ophthalmology and Optometry offering vision care services including glasses, contacts, surgeries for cataracts, retina disease and cornea disease and glaucoma. Vision Care of Maine sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 24-10166) on August 5, 2024. In the petition signed by Curt Young, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Peter G. Cary oversees the case. The Debtor tapped George J. Marcus, Esq., at Marcus, Clegg, Bals & Rosenthal, PA as legal counsel and Opus Consulting Partners, LLC as financial consultant. Tanya Sambatakos is the Chapter 11 trustee appointed in the Debtor's case. WEST DEPTFORD: Moody's Rates New $350MM Secured Loans 'Ba3' ----------------------------------------------------------- Moody's Ratings assigned a Ba3 rating to West Deptford Energy Holdings, LLC's (WDE, or Project) proposed senior secured credit facilities consisting of a $255 million senior secured first lien term loan B maturing in 2032 and a $50 million senior secured first lien revolving credit facility maturing in 2030. The rating outlook is changed to stable from positive. Proceeds for the term loan B as well as sponsor equity will be used to refinance the project's existing credit facilities, including a secured term loan B with $398 million outstanding due August 2026 and a $55 million secured revolving credit facility ($43 million drawn) due in December 2025. Moody's will withdraw the Caa1 rating on the existing senior secured term loan B (Cusip # 95249CAB0) and the $55 million senior secured revolving credit facility shortly after financial close of the new transaction. RATINGS RATIONALE The Ba3 rating assignment recognizes the material rebalancing of the Project's capital structure with meaningful cash equity contributed from the sponsor group at financial close resulting in substantially lower permanent debt levels and an enhanced liquidity profile. These actions coupled with ongoing credit supportive actions from the sponsor group during 2024 and 2025 and certain structural enhancements in the new financing positions the project to sustainably produce prospective financial metrics that align with the low end of the Ba rating category. The Ba3 rating further considers the benefits of the lower debt quantum coupled with the current positive market dynamics in PJM Interconnection, L.L.C. (PJM: Aa2 stable) where the Project's cleared capacity revenues support greater near-term cash flow visibility, offsetting WDE's moderately weak competitive position. WDE's near-term capacity revenue and related cash flow will benefit from higher capacity prices of $270 per MW-day starting in June 2025, which is a nearly fivefold increase from the prior capacity year's $55 per MW-day prices in the EMAAC zone. Moreover, FERC's recent approval of a pricing collar for the two upcoming PJM auctions setting a floor of $175 per MW-day and a cap of $325 per MW-day provide greater revenue and cash flow certainty for WDE and other PJM generators. The higher capacity auction results largely reflect increases in regional load requirements owing to digital infrastructure investment across the region and scheduled plant retirements. Under the proposed financing, roughly $191 million of sponsor equity will be used for a $143 million reduction in term loan debt, full repayment of the $43 million drawn under $55 million secured revolving credit facility, and a $10 million cash prefunding for the borrower's major maintenance reserve fund. The sponsor group, which consists of LS Power (85.52%) and Ullico (14.48%) has also contributed $42 million of equity to the project in 2025 to cure a financial covenant violation and to support liquidity during its current operational outage. Moreover, during 2024, LS Power increased to ownership in the Project by buying the equity positions of five separate co-owners increasing its ownership to the current 85.52% from 17.8%. West Deptford's operational performance in 2024 and 2025 has been weak due to repeated outages. Substantial work has been completed to address the outage-related issues, and the Project's liquidity will benefit from insurance proceeds associated with the outage. The Ba3 rating reflects Moody's views that the operational related issues are being adequately addressed enabling the Project to maintain consistent operating performance prospectively. In that regard, the plant is scheduled to incur elevated capital expenditures in 2026 and 2027 for planned major maintenance spending. The project's financial structure is strengthened by a $10 million Major Maintenance Reserve (MMR) funded at financial close by the sponsor group and a 12-month forward-looking MMR funding provision in the borrowing documents. These provisions offer a liquidity buffer ahead of the major maintenance event scheduled for spring 2027. While the planned major maintenance could pressure financial metrics, the pre-funded MMR provides advanced funding and helps smooth cash flows to mitigate the financial impact of these expenditures. Additionally, Moody's understands that LS Power, as lead sponsor, intends to implement an ongoing hedging strategy which should provide incremental visibility around prospective energy margins and related cash flow. Maintaining a good liquidity profile at WDE will help the Project facilitate this strategy. An ongoing and persistent challenge for WDE is its exposure to carbon-related costs under the Regional Greenhouse Gas Initiative (RGGI). In WDE's case, the plant's location in southwest New Jersey puts it at a competitive disadvantage relative to its Pennsylvania-based peers because New Jersey participates in RGGI requiring generators to make payments for carbon emissions while Pennsylvania does not. As a result of this regulatory asymmetry and the plant's location near the Pennsylvania border, the plant's annual capacity factors have been in the 30% range, a dynamic that may persist. Political uncertainty around RGGI remains, with certain of the candidates in New Jersey's upcoming gubernatorial race pledging to withdraw the state from the program. Moody's base case projections assume that New Jersey remains in RGGI and that the next PJM capacity auction result is in-line with the prior year. Proforma for the transaction, Moody's expects WDE to produce credit metrics comfortably in the Ba rating category, with average coverage metrics over the annual three-year period 2026-28 producing a debt service coverage ratio of 2.6x, project cash flow to debt of 15.7% and debt to EBITDA of 3.6x. In 2026 key financial metrics are expected to be somewhat weaker with a debt service coverage ratio of 2.0x, project cash flow to debt of nearly 10% and debt to EBITDA of 4.0x due to scheduled capital expenditures and major maintenance funding for planned 2027 investments. RATING OUTLOOK The stable outlook reflects Moody's expectations that the plant's operating performance will have improved following the outage, that operating performance will remain consistent with this expectation over the life of the term loan and that the improved outlook for energy and capacity prices will allow WDE to generate cash flows in line with Moody's base case expectations over the next several years. WDE's ability to meet these considerations is aided by the considerably lower debt quantum and better liquidity profile which helps to mitigate the plant's ongoing exposure to RGGI-related costs. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS -- An upgrade could occur if there is a continued strengthening of the PJM market dynamics that leads to stronger than expected energy margins and capacity revenues resulting in project cash flow to debt comfortably above 20% and DSCRs above 3.0x on a sustained basis. -- A downgrade could occur if market pricing conditions or plant operating performance issues result in a deterioration of credit metrics, such that project cash flows to debt fall below 10% and debt to EBITDA in excess of 5.0x on a sustained basis or if the project sponsor group's willingness or ability to support this investment wanes. PROFILE West Deptford Energy Holdings, LLC (WDE) owns the West Deptford power plant, a 2014-vintage, 744MW combined cycle natural gas turbine (CCGT) with Siemens F-Class Series installed turbines. It is located in West Deptford Township, NJ, directly across the Delaware River from Philadelphia International Airport. The plant connects to the Atlantic City Electric transmission system via a 3.5-mile line to the ACE Mickleton 230 kV Substation. The project's lead sponsor and operator is LS Power, an established player in the power markets and well-known sponsor with multiple rated power projects and electric infrastructure investments. LS Power developed, sited and built the West Deptford plant, which started operating in November 2014. The plant's current ownership includes LS Power (85.52%) and Ullico (14.48%). LIST OF AFFECTED RATINGS Issuer: West Deptford Energy Holdings, LLC Assignments: Senior Secured Bank Credit Facility, Assigned Ba3 Outlook Actions: Outlook, Changed To Stable From Positive A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. METHODOLOGY The principal methodology used in these ratings was Power Generation Projects published in June 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. WEST DEPTFORD: S&P Assigns Prelim 'B+' Rating on Sec. Term Loan B ----------------------------------------------------------------- S&P Global Ratings assigned its 'B+' preliminary rating and '2' recovery rating to West Deptford Energy Holdings LLC's (WDE) proposed $255 million term loan B (TLB) that matures in 2032 and $50 million five-year senior secured revolver (revolver) that matures in 2030. The preliminary rating is subject to reviewing final terms and conditions of the final issuance documents. WDE will use the TLB proceeds and additional $191 million sponsor cash contribution to repay existing debt of about $441 million. The sponsors will also pay transaction costs and fund a $10 million major maintenance reserve with a cash contribution. S&P views event risk as a key credit factor given WDE's operating history, while the project's exposure to Regional Greenhouse Gas Initiative (RGGI) leakage is partially mitigated by its lower leverage. The recovery rating of '2' indicates S&P's expectation for substantial (70%-90%; rounded estimate: 80%) recovery in a default scenario. The stable outlook reflects S&P's expectation that WDE will sustain a minimum S&P Global Ratings-adjusted debt service coverage ratio (DSCR) of at least 1.32x in all years, with a median DSCR of 1.53x. West Deptford Energy Holdings LLC (WDE) is a 759 megawatt (MW) combined-cycle gas turbine (CCGT) merchant plant built in 2014 with base load heat rate of about 7,000 Btu per kilowatt-hour (kWh). The 2x1 combined cycle plant has two Siemens SGT6-5000F combustion turbines (CT) and one Alstom STF-30C steam turbine (ST). CT unit 2 generator is in like-new condition after the major repair in 2024, Steam turbine is undergoing full rewind and will return to service in August 2025. WDE is in Gloucester County, New Jersey, dispatching into the Eastern Mid-Atlantic Area Council (EMAAC) zone of the PJM Interconnection. The project is owned by LS Power Group (85.5%) and Ullico Group (14.5%). WDE's proposed refinancing through equity and a new TLB creates a sustainable capital structure with a minimum DSCR of 1.32x. WDE will apply the $255 million proceeds from the new TLB and $191 million contribution from the sponsor to repay the exiting $398 million TLB due in 2026 and $43 million revolving credit facility (RCF) due in 2025. The sponsors will also pay transaction fees of $6 million and cash fund a $10 million 12-month forward-looking MMRA. S&P expects adequate cash flow available for debt service (CFADS) and favorable sweep mechanism to result in DSCR above 1.32x during the project's life (2025-2045) with $141 million debt outstanding at TLB maturity for each scenario respectively. In addition to the $191 million equity injection to pay off existing debt, $42 million has been injected year-to-date as equity and liquidity support. In early 2025, LS Power also acquired a combined 67.7% Class A membership interest from five previous shareholders. This simplified the ownership structure to LS Power (85.5%) and Ullico (14.5%). This will allow LS Power to streamline favorable decision-making, such as prudent capital expenditure (capex) on additional maintenance and inspection. At the same time, S&P continues to view the project as delinked from the parent given the presence of an independent director on the board. WDE's exposure to RGGI leakage is partially mitigated by its lower leverage compared to peers. At $336 debt/kW, WDE's leverage is low compared to other single assets S&P rates. The waterfall also allows a sponsor-management fee paid after the mandatory 1% amortization. Both are credit positive features. However, WDE's operational history demonstrates significant exposure to RGGI leakage and outages compared to peers in same region. Despite its highly efficient design, capacity factor averaged 28% prior to its 2024 outage and ongoing 2025 outage. This is because WDE's neighboring Pennsylvania generators can dispatch at more competitive pricing without RGGI-compliance cost, shifting dispatch away from WDE. S&P said, "While overall PJM power demand benefits from data center buildout and industrial growth, we do not anticipate demand to increase significantly in WDE interconnection region. We currently expect WDE to realize higher dirty sparks (pre-emission cost) than non-RGGI peers, and clean sparks (net of RGGI costs) of $9-$10/MWh, consistent with peers of same region. Management is targeting a multiyear hedging program after transaction close. "We view event risk as a key credit factor given WDE's operating history. WDE has experienced operation issues over the past five years, the management and independent engineers identified them as independent events. The 2024 major outage lasted from June to November, resulting in about 50% capacity loss during the peak season. There were also major outages in 2025 between April and August, also during peak power demand season. Insurance proceeds covered the repair costs and energy margin loss associated with 2024 outage, and we expect the recovery of 2025 outage repair costs. The independent engineers confirmed that there is no common root cause among the outages and the causes are idiosyncratic, such as manufacturing defect in parts. The management expects the steam turbine outage to be addressed through a fulsome inspection and rebuild. We will continue to evaluate future operational performance under the revised maintenance plan. "We view WDE's ability to dispatch as a key credit factor considering PJM's dispatch requests during peak demand and the noncompliance penalty in case of outage. More than 60% of WDE gross margin will come from capacity payments over the asset life, and PJM can require capacity market participants to dispatch during hours of peak demand. Generation Alerts have been issued in summer months for three consecutive years since 2023 while extreme weather events are occurring more often across the U.S. Full or partial facility outage during a Maximum Generation Alert or Capacity Performance event (Winter Storm Elliott) can pressure financial performance further. Thus, we view the unique operational history as a negative credit factor. "The combustion turbines have been maintained by Siemens under long term service agreement (LTSA). Instead of engaging in patch repair similar to past outage events, management is using the current downtime for a thorough inspection, testing, and full rebuild of the facility to prevent further outages. We view the increased capex budget as a mitigating factor. "The rating is subject to review of final credit agreement. The project will be required to maintain a 12-month forward looking MMRA. Which we view as a credit positive feature supporting the credit under adverse economic and operating conditions. In addition, any debt upsizing will require each rating agency reaffirmation. We expect the final credit agreements will reflect such terms. "The stable outlook reflects our expectation that WDE will maintain DSCRs above 1.35x during the initial term loan period (2025-2032) and a minimum DSCR of at least 1.32x during the post-refinancing period (2032-2045), when we assume a fully amortizing structure. We forecast about $141 million of TLB outstanding at maturity in 2032. "We could consider a negative rating action if the project is unable to sustain DSCRs above 1.25x or its ability to withstand adverse economic and operating conditions weakens." This could stem from: -- Unplanned outages that impair generation; -- Economic factors causing the power plant to dispatch less than our base-case expectations; -- Weaker realized spark spreads or lower PJM capacity prices for delivery year 2026-2027 and beyond; or -- Excess cash sweeps that are lower than our forecast, resulting in higher TLB balances than expected at maturity. S&P could consider a positive rating action if it expects the project to achieve a minimum base-case DSCR above 1.50x or it establishes a track record of robust operational performance. This could occur if: -- Spark spreads improve significantly while realizing favorable capacity factors; and -- Deleveraging is higher during the term loan period. WILDFANG HOLDINGS: Case Summary & Two Unsecured Creditors --------------------------------------------------------- Debtor: Wildfang Holdings LLC 3367 Riverplace Drive Eugene, OR 97401 Business Description: Wildfang Holdings LLC is a single-asset real estate company that owns and leases a commercial restaurant and bar property located in Eugene, Oregon. Chapter 11 Petition Date: July 16, 2025 Court: United States Bankruptcy Court District of Oregon Case No.: 25-61981 Judge: Hon. Thomas M. Renn Debtor's Counsel: Nicholas J. Henderson, Esq. ELEVATE LAW GROUP 6000 SW Meadows Road Suite 450 Lake Oswego, OR 97035 Tel: (503) 417-0500 Fax: (503) 417-0501 Total Assets: $1,600,000 Total Liabilities: $786,313 The petition was signed by Kyle Wildfang as manager. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YPYRNPA/Wildfang_Holdings_LLC__orbke-25-61981__0001.0.pdf?mcid=tGE4TAMA WORK 'N GEAR: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Work 'N Gear, LLC 1900 Route 70 Lakewood, NJ 08701 Business Description: Work 'N Gear, LLC is a U.S. retailer specializing in workplace and healthcare apparel and footwear. It operates 35 brick- and-mortar stores across 11 states -- primarily in the Northeast and Midwest -- and sells online through its e-commerce platform. The Company also runs a 14,000- square-foot distribution center in Avon, Massachusetts. Headquartered in Quincy, Massachusetts, Work 'N Gear is a wholly owned subsidiary of Work 'N Gear, Inc. Chapter 11 Petition Date: July 16, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-17472 Judge: Hon. Mark Edward Hall Debtor's Counsel: Eric H. Horn, Esq. A.Y. STRAUSS, LLC 290 W. Mount Pleasant Ave. Suite 3260 Livingston, NJ 07039 Tel: (973) 287-5006 Email: ehorn@aystrauss.com Debtor's Financial Advisor: KCP ADVISORY GROUP Debtor's Leasing Advisor: RCS REAL ESTATE ADVISORS Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Larry Nusbaum as interim 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/HJFEG2Q/Work_N_Gear_LLC__njbke-25-17472__0001.0.pdf?mcid=tGE4TAMA WORK 'N GEAR: Section 341(a) Meeting of Creditors on August 13 -------------------------------------------------------------- On July 16, 2025, Work 'N Gear LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on August 13, 2025 at 09:00 AM at Telephonic. About Work 'N Gear LLC Work 'N Gear LLC is a specialty retailer of work apparel, footwear, and uniforms. The company operates from its headquarters in Lakewood, NJ, offering brands such as Carhartt, Timberland, and Helly Hansen to workers across various industries. Work 'N Gear LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-17472) on July 16, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtors are represented by Eric Horn, Esq. and David Salhanick, Esq. at A.Y. Strauss. YMCA GREATER HOUSTON: Moody's Lowers Revenue Bond Ratings to Ba2 ---------------------------------------------------------------- Moody's Ratings has downgraded the YMCA of the Greater Houston Area's (TX) revenue bonds to Ba2 from Ba1. Roughly $117.6 million of debt is outstanding as of fiscal 2024 year end. The outlook has been revised to stable from rating under review. This rating action concludes a review for downgrade initiated on April 2, 2025, prompted by volatility in federal grant funding reimbursement for its refugee relocation and assistance program. The YMCA has significantly reduced its refugee and immigration services work as a result. The downgrade to Ba2 stems primaily from material declines in the YMCA's total cash and investments, which has curtailed operating flexibility, particularly as the YMCA's scale and scope of operations is now limited to its potentially volatile traditional membership services. RATINGS RATIONALE The YMCA's Ba2 rating considers its strong brand and regional presence in the economically diverse Houston area as an anchoring credit factor. However, the YMCA is challenged by a relatively small scope of operations and a high dependence on revenue from members and consumers, and preferences may shift and change over time. The YMCA is highly leveraged relative to cash and operations; total cash is just 0.4x debt as of fiscal 2024. Liquidity is moderate compared to peers with 89 monthly days cash on hand, offering limited financial flexibility, especially in the event of further operational challenges. In early 2025, management acted swiftly to restructure operations and cut expenses as a result of government funding shifts that materially impacted the YMCA's scope of operations. A decisive response helped to preserve operating performance very near to original budget estimates for fiscal 2025. Budget assumptions are historically conservative, and management routinely includes contingencies in its projections. Nevertheless, the YMCA's elevated debt burden remains unchanged, now supported by a considerably leaner revenue base. Future reviews will consider the YMCA's ability to service its debt with coverage that remains in excess of the required 1.2x covenant. At fiscal year end 2025, the YMCA calculates coverage of 1.65x, though Moody's-adjusted coverage is just over 1x. RATING OUTLOOK The stable outlook reflects expectations of continued improvement to membership and associated revenue as well as steady philanthropic support. The outlook also considers management's ongoing efforts toward expense containment, strategic capital improvement and revenue maximization with an expectation of gradually improved operating margins. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- Substantial and sustained growth in reserves providing additional cushion relative to debt and operations; monthly liquidity in excess of 200 days cash on hand -- Materially improved membership and earned revenue, with EBIDA in excess of 15% and debt service coverage stronger than 1.5x -- Continued reduction in leverage with greater headroom relative to covenants FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Further declines in liquidity; days cash on hand sustained below 90 days -- Any increase in debt without commensurate revenue growth -- Inability to improve operating margins toward generally balanced operations PROFILE The Young Men's Christian Association (YMCA) of the Greater Houston Area is a not-for-profit community service organization that was originally established in 1886. Membership is 54,662 as of the fiscal 2024 year end. Fiscal 2024 operating revenue was $157 million. METHODOLOGY The principal methodology used in this rating was Nonprofit Organizations (Other Than Healthcare and Higher Education) published in August 2024. [] BOOK REVIEW: Taking Charge ----------------------------- Taking Charge: Management Guide to Troubled Companies and Turnarounds Author: John O. Whitney Publisher: Beard Books Softcover: 283 Pages List Price: $34.95 Order a copy today at: http://beardbooks.com/beardbooks/taking_charge.html Review by Susan Pannell Remember when Lee Iacocca was practically a national hero? He won celebrity status by taking charge at a company so universally known as troubled that humor columnists joked their kids grew up thinking the corporate name was "Ayling Chrysler." Whatever else Iacocca may have been, he was a leader, and leadership is crucial to a successful turnaround, maintains the author. Mediagenic names merit only passing references in Whitney's book, however. The author's own considerable experience as a turnaround pro has given him more than sufficient perspective and acumen to guide managers through successful turnarounds without resorting to name-dropping. While Whitney states that he "share[s] no personal war stories" in this book, it was, nonetheless, written from inside the "shoes, skin, and skull of a turnaround leader." That sense of immediacy, of urgency and intensity, makes Taking Charge compelling reading even for the executive who feels he or she has already mastered the literature of turnarounds. Whitney divides the work into two parts. Part I is succinctly entitled "Survival," and sets out the rules for taking charge within the crucial first 120 days. "The leader rarely succeeds who is not clearly in charge by the end of his fourth month," Whitney notes. Cash budgeting, the mainstay of a successful turnaround, is given attention in almost every chapter. Woe to the inexperienced manager who views accounts receivable management as "an arcane activity 'handled over in accounting.'" Whitney sets out 50 questions concerning AR that the leader must deal with -- not academic exercises, but requirements for survival. Other internal sources for cash, including judiciously managed accounts payable and inventory, asset restructuring, and expense cuts, are discussed. External sources of cash, among them banks, asset lenders, and venture capital funds; factoring receivables; and the use of trust receipts and field warehousing, are handled in detail. Although cash, cash, and more cash is the drumbeat of Part I, Whitney does not slight other subjects requiring attention. Two chapters, for example, help the turnaround manager assess how the company got into the mess in the first place, and develop strategies for getting out of it. The critical subject of cash continues to resonate throughout Part II, "Profit and Growth," although here the turnaround leader consolidates his gains and looks ahead as the turnaround matures. New financial, new organizational, and new marketing arrangements are laid out in detail. Whitney also provides a checklist for the leader to use in brainstorming strategic options for the future. Whitney's underlying theme -- that a successful business requires personal leadership as well as bricks and mortar, money and machinery -- is summed up in a concluding chapter that analyzes the qualities that make a leader. His advice is as relevant in this 1999 reprint edition as it was in 1987 when first published. John O. Whitney had a long and distinguished career in academia and industry. He served as the Lead Director of Church and Dwight Co., Inc. and on the Advisory Board of Newsbank Corp. He was Professor of Management and Executive Director of the Deming Center for Quality Management at Columbia Business School, which he joined in 1986. He died in 2013. [] Moody's Upgrades Ratings on 18 Bonds From 4 US RMBS Deals ------------------------------------------------------------ Moody's Ratings, on July 15, 2025, upgraded the ratings of 18 bonds from four US residential mortgage-backed transactions (RMBS), backed by prime jumbo and agency eligible mortgage loans. A comprehensive review of all credit ratings for the respective transactions has been conducted during a rating committee. The complete rating actions are as follows: Issuer: Flagstar Mortgage Trust 2021-5INV Cl. B-2, Upgraded to Aa2 (sf); previously on Sep 24, 2024 Upgraded to Aa3 (sf) Cl. B-2-A, Upgraded to Aa2 (sf); previously on Sep 24, 2024 Upgraded to Aa3 (sf) Cl. B-2-X*, Upgraded to Aa2 (sf); previously on Sep 24, 2024 Upgraded to Aa3 (sf) Cl. B-3, Upgraded to A1 (sf); previously on Sep 24, 2024 Upgraded to A2 (sf) Cl. B-4, Upgraded to Baa2 (sf); previously on Sep 24, 2024 Upgraded to Baa3 (sf) Cl. B-5, Upgraded to Ba1 (sf); previously on Sep 24, 2024 Upgraded to Ba2 (sf) Issuer: Flagstar Mortgage Trust 2021-6INV Cl. B-2, Upgraded to Aa2 (sf); previously on Sep 24, 2024 Upgraded to Aa3 (sf) Cl. B-2-A, Upgraded to Aa2 (sf); previously on Sep 24, 2024 Upgraded to Aa3 (sf) Cl. B-2-X*, Upgraded to Aa2 (sf); previously on Sep 24, 2024 Upgraded to Aa3 (sf) Cl. B-5, Upgraded to Ba2 (sf); previously on Sep 24, 2024 Upgraded to Ba3 (sf) Issuer: Flagstar Mortgage Trust 2021-8INV Cl. B-2, Upgraded to Aa2 (sf); previously on Sep 24, 2024 Upgraded to Aa3 (sf) Cl. B-2-A, Upgraded to Aa2 (sf); previously on Sep 24, 2024 Upgraded to Aa3 (sf) Cl. B-2-X*, Upgraded to Aa2 (sf); previously on Sep 24, 2024 Upgraded to Aa3 (sf) Issuer: RCKT Mortgage Trust 2022-3 Cl. B-2, Upgraded to A1 (sf); previously on Sep 13, 2024 Upgraded to A2 (sf) Cl. B-2A, Upgraded to A1 (sf); previously on Sep 13, 2024 Upgraded to A2 (sf) Cl. B-3, Upgraded to A3 (sf); previously on Sep 13, 2024 Upgraded to Baa1 (sf) Cl. B-4, Upgraded to Ba2 (sf); previously on Apr 28, 2022 Definitive Rating Assigned Ba3 (sf) Cl. B-X-2*, Upgraded to A1 (sf); previously on Sep 13, 2024 Upgraded to A2 (sf) * Reflects Interest-Only Classes RATINGS RATIONALE The rating upgrades reflect the increased levels of credit enhancement available to the bonds, the recent performance, and Moody's updated loss expectations on the underlying pools. These transactions Moody's reviewed continue to display strong collateral performance, with cumulative losses for each transaction under .04% and a small percentage of loans in delinquencies. In addition, enhancement levels for the tranches in these transactions have grown significantly, as the pools amortize relatively quickly. The credit enhancement since closing has grown, on average, 1.24x for the non-exchangeable tranches upgraded. In addition, while Moody's analysis applied a greater probability of default stress on loans that have experienced modifications, Moody's decreased that stress to the extent the modifications were in the form of temporary payment relief. No actions were taken on the other rated classes in these deals because the expected losses on these bonds remain commensurate with their current ratings, after taking into account the updated performance information, structural features, credit enhancement and other qualitative considerations. Principal Methodologies The principal methodology used in rating all classes except interest-only classes was "Moody's Approach to Rating US RMBS Using the MILAN Framework" published in July 2024. Factors that would lead to an upgrade or downgrade of the ratings: Up Levels of credit protection that are higher than necessary to protect investors against current expectations of loss could drive the ratings of the subordinate bonds up. Losses could decline from Moody's original expectations as a result of a lower number of obligor defaults or appreciation in the value of the mortgaged property securing an obligor's promise of payment. Transaction performance also depends greatly on the US macro economy and housing market. Down Levels of credit protection that are insufficient to protect investors against current expectations of loss could drive the ratings down. Losses could rise above Moody's expectations as a result of a higher number of obligor defaults or deterioration in the value of the mortgaged property securing an obligor's promise of payment. Transaction performance also depends greatly on the US macro economy and housing market. Other reasons for worse-than-expected performance include poor servicing, error on the part of transaction parties, inadequate transaction governance and fraud. An IO bond may be upgraded or downgraded, within the constraints and provisions of the IO methodology, based on lower or higher realized and expected loss due to an overall improvement or decline in the credit quality of the reference bonds and/or pools. Finally, performance of RMBS continues to remain highly dependent on servicer procedures. Any change resulting from servicing transfers or other policy or regulatory change can impact the performance of these transactions. In addition, improvements in reporting formats and data availability across deals and trustees may provide better insight into certain performance metrics such as the level of collateral modifications. [^] 2025 Distressed Investing Conference: Registration Now Open! ---------------------------------------------------------------- Registration is now open for the 32nd Annual Distressed Investing Conference, presented by Beard Group, Inc. This two-day affair kicks off with the Opening Night Cocktail Reception on Dec. 2nd from 5:00-7:00 PM and followed by the Full Day Conference on Dec. 3rd. Venue is the Harmonie Club in New York City. Visit https://www.distressedinvestingconference.com/ for more information. Contact Will Etchison, Conference Producer, at Tel: 305-707-7493 or will@beardgroup.com for sponsorship opportunities. Thank you to last year's conference sponsors: The 2024 Conference Co-Chairs: * Kirkland & Ellis, LLP, as conference co-chair; and * Foley & Lardner LLP, as conference co-chair The 2024 Major Sponsors: * Davis Polk & Wardwell LLP; * Hilco Global; * Locke Lord LLP; * Morrison & Foerster LLP; * Proskauer Rose LLP; * Skadden, Arps, Slate, Meagher & Flom LLP; * Wachtell, Lipton, Rosen & Katz; and * Weil, Gotshal & Manges LLP The 2024 Patron Sponsors were: * Katten Muchin Rosenman LLP; * Kobre & Kim; and * Resolution Financial Advisors The 2024 Supporting Sponsors were: * C Street Advisory Group; * Development Specialists, Inc.; * Gilbert + Tobin; * Paul Hastings; * RJReuter; * Sherwood Partners, Inc.; * SSG Capital Advisors; and * Stein Advisors LLC The 2024 Media Partners were: * BankruptcyData; * CreditSights; * Debtwire; * The National Law Review; * PacerMonitor; * Pari Passu Newsletter; * Reorg; and * WSJ Pro Bankruptcy The 2024 Knowledge Partner was: * Creditor Rights Coalition The 2024 Conference Replays are available for Purchase at https://www.distressedinvestingconference.com/2024-video-replays--photos.html [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Community Counseling & LCSW Services, P.C. Bankr. E.D.N.Y. Case No. 25-72224 Chapter 11 Petition filed June 6, 2025 represented by: Heath Berger, Esq. BFSNG Law Group, LLP E-mail: hberger@heathb127.sg-host.com In re Ashwood Capital LLC Bankr. S.D.N.Y. Case No. 25-11291 Chapter 11 Petition filed June 9, 2025 represented by: Joshua Bronstein, Joshua JOSHUA R. BRONSTEIN & ASSOCIATES, PLLC In re J & D Customs LLC Bankr. E.D.N.Y. Case No. 25-72504 Chapter 11 Petition filed June 26, 2025 represented by: Marc Pergament, Esq. WEINBERG, GROSS & PERGAMENT LLP In re TRAC Construction Group Inc. Bankr. E.D.N.Y. Case No. 25-43105 Chapter 11 Petition filed June 27, 2025 See https://www.pacermonitor.com/view/WPJAREI/TRAC_Construction_Group_Inc__nyebke-25-43105__0001.1.pdf?mcid=tGE4TAMA represented by: Michael Walker, Esq. In re 404 Concrete, LLC Bankr. N.D. Ga. Case No. 25-57235 Chapter 11 Petition filed June 30, 2025 Filed Pro Se In re She Flips Too Inc Bankr. N.D. Ga. 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D. Ore. Case No. 25-61915 Chapter 11 Petition filed July 8, 2025 See https://www.pacermonitor.com/view/CMFJOTI/Stacksonstacks_LLC__orbke-25-61915__0001.0.pdf?mcid=tGE4TAMA represented by: William L. Ghiorso, Esq. GHIORSO LAW FIRM E-mail: bill@ghiorsolaw.com In re April Gail Reed Bankr. W.D. Tenn. Case No. 25-10915 Chapter 11 Petition filed July 8, 2025 represented by: Thomas Strawn, Esq. In re Brian Beckman and Shemeka Paschall-Beckman Bankr. D. Ariz. Case No. 25-06231 Chapter 11 Petition filed July 9, 2025 represented by: Ronald Ellett, Esq. ELLETT LAW OFFICES, P.C. Email: rjellett@ellettlaw.com In re Nathaniel Alexander Bankr. C.D. Cal. Case No. 25-15792 Chapter 11 Petition filed July 9, 2025 represented by: Rhonda Walker, Esq. In re Joanne Edith Sabetta Bankr. C.D. Cal. Case No. 25-11209 Chapter 11 Petition filed July 9, 2025 represented by: Anthony Egbase, Esq. In re Deccure Group, LLC Bankr. S.D. Fla. 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Case No. 25-40702 Chapter 11 Petition filed July 9, 2025 See https://www.pacermonitor.com/view/SXJRLRY/Hotel_Commerce_7_LLC__nebke-25-40702__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re 11702 Ave LLC Bankr. E.D.N.Y. Case No. 25-43264 Chapter 11 Petition filed July 9, 2025 See https://www.pacermonitor.com/view/HRULOOQ/11702_Ave_LLC__nyebke-25-43264__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re 185 Euclid Ave Corp. Bankr. E.D.N.Y. Case No. 25-43263 Chapter 11 Petition filed July 9, 2025 See https://www.pacermonitor.com/view/HAEZC7A/185_Euclid_Ave_Corp__nyebke-25-43263__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re 768 Dean Inc Bankr. E.D.N.Y. Case No. 25-43274 Chapter 11 Petition filed July 9, 2025 See https://www.pacermonitor.com/view/NZQYQKY/768_Dean_Inc__nyebke-25-43274__0003.0.pdf?mcid=tGE4TAMA In re 99A Somers LLC Bankr. E.D.N.Y. Case No. 25-43276 Chapter 11 Petition filed July 9, 2025 represented by: Vivia Joseph, Esq. In re Duke Biomed LLC Bankr. E.D.N.Y. 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Case No. 25-23534 Chapter 11 Petition filed July 10, 2025 See https://www.pacermonitor.com/view/36HNVTI/Capital_Properties_and_Home_Services__caebke-25-23534__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re 3970 High Pine, LLC Bankr. M.D. Fla. Case No. 25-02310 Chapter 11 Petition filed July 10, 2025 See https://www.pacermonitor.com/view/FVR3EHY/3970_High_Pine_LLC__flmbke-25-02310__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re David Choate Hughes II Bankr. C.D. Ill. Case No. 25-70566 Chapter 11 Petition filed July 10, 2025 In re Pelican Pros LLC Bankr. E.D. La. Case No. 25-11446 Chapter 11 Petition filed July 10, 2025 See https://www.pacermonitor.com/view/YH37B4A/Pelican_Pros_LLC__laebke-25-11446__0001.0.pdf?mcid=tGE4TAMA represented by: Edwin M. Shorty Jr., Esq. EDWIN M. SHORTY, JR. & ASSOCIATES E-mail: EShorty@eshortylawoffice.com In re Jared L. Rice Bankr. D. Maine Case No. 25-20169 Chapter 11 Petition filed July 10, 2025 represented by: David Johnson, Esq. In re 1524 East 12 LLC Bankr. 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Va. Case No. 25-11406 Chapter 11 Petition filed July 11, 2025 See https://www.pacermonitor.com/view/OJNDCKQ/MATTHEW_Amazing_Outdoors_LLC__vaebke-25-11406__0001.0.pdf?mcid=tGE4TAMA represented by: John P. Forest, II, Esq. E-mail: john@forestlawfirm.com In re Affordable Kar Kare, Inc. Bankr. N.D. Tex. Case No. 25-42536 Chapter 11 Petition filed July 12, 2025 See https://www.pacermonitor.com/view/CZOLQAI/Affordable_Kar_Kare_Inc__txnbke-25-42536__0001.0.pdf?mcid=tGE4TAMA represented by: Robert T DeMarco, Esq. DEMARCO MITCHELL, PLLC E-mail: robert@demarcomitchell.com In re Lautaro Group, LLC Bankr. D.D.C. Case No. 25-00270 Chapter 11 Petition filed July 13, 2025 See https://www.pacermonitor.com/view/UQCBOJQ/Lautaro_Group_LLc__dcbke-25-00270__0001.0.pdf?mcid=tGE4TAMA represented by: Robert S. Brandt, Esq. THE LAW OFFICE OF ROBERT S. BRANDT E-mail: brandt@brandtlawfirm.com In re First Century Funding Corp. Bankr. S.D.N.Y. Case No. 25-11554 Chapter 11 Petition filed July 13, 2025 represented by: Elio Forcina, Esq. In re Plaza Mexico Residences, LLC Bankr. C.D. Cal. Case No. 25-11913 Chapter 11 Petition filed July 14, 2025 See https://www.pacermonitor.com/view/75CLQYQ/Plaza_Mexico_Residences_LLC__cacbke-25-11913__0001.0.pdf?mcid=tGE4TAMA represented by: Jeffrey I. Golden, Esq. GOLDEN GOODRICH LLP E-mail: jgolden@go2.law In re Plaza Mexico Residences II, LLC Bankr. C.D. Cal. Case No. 25-11916 Chapter 11 Petition filed July 14, 2025 See https://www.pacermonitor.com/view/5LCEVUQ/Plaza_Mexico_Residences_II_LLC__cacbke-25-11916__0001.0.pdf?mcid=tGE4TAMA represented by: Jeffrey I. Golden, Esq. GOLDEN GOODRICH LLP E-mail: jgolden@go2.law In re Quentin Izel Bessent Bankr. M.D. Fla. Case No. 25-01330 Chapter 11 Petition filed July 14, 2025 In re UglyDucklingReno, LLC Bankr. N.D. Fla. Case No. 25-30662 Chapter 11 Petition filed July 14, 2025 See https://www.pacermonitor.com/view/XPJLKIA/UglyDucklingReno_LLC__flnbke-25-30662__0001.0.pdf?mcid=tGE4TAMA represented by: Byron W. Wright III, Esq. BRUNER WRIGHT, P.A. E-mail: twright@brunerwright.com In re Alberto Martinez Bankr. N.D. Ill. Case No. 25-10639 Chapter 11 Petition filed July 14, 2025 represented by: Christina Corona, Esq. In re Bernard P. Griffin Bankr. S.D.N.Y. Case No. 25-22645 Chapter 11 Petition filed July 14, 2025 represented by: H. Bronson, Esq. In re Thomas Gorman Bankr. S.D.N.Y. Case No. 25-22643 Chapter 11 Petition filed July 14, 2025 represented by: H. Bronson, Esq. In re Thomas A. Fogarty Bankr. S.D.N.Y. Case No. 25-22646 Chapter 11 Petition filed July 14, 2025 represented by: H. Bronson, Esq. In re Jorge Efrain Rodriguez-Wilson Bankr. D.P.R. Case No. 25-03155 Chapter 11 Petition filed July 14, 2025 represented by: Hector Pedrosa, Esq. In re C & T Oilfield Services, Inc. Bankr. S.D. Tex. Case No. 25-33974 Chapter 11 Petition filed July 14, 2025 See https://www.pacermonitor.com/view/CSE7BUQ/C__T_Oilfield_Services_Inc__txsbke-25-33974__0001.0.pdf?mcid=tGE4TAMA represented by: Richard L Fuqua, II, Esq. FUQUA & ASSOCIATES, P.C. E-mail: fuqua@fuqualegal.com In re 1524 CC RD LLC Bankr. W.D. Va. Case No. 25-50402 Chapter 11 Petition filed July 14, 2025 See https://www.pacermonitor.com/view/HJVB2YI/1524_CC_RD_LLC__vawbke-25-50402__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re 1528 CC RD LLC Bankr. W.D. Va. Case No. 25-50403 Chapter 11 Petition filed July 14, 2025 See https://www.pacermonitor.com/view/ENKDLKQ/1528_CC_RD_LLC__vawbke-25-50403__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re 1524 CC RD LLC Bankr. W.D. Va. Case No. 25-50402 Chapter 11 Petition filed July 14, 2025 See https://www.pacermonitor.com/view/HJVB2YI/1524_CC_RD_LLC__vawbke-25-50402__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Maria De La Luz Morales De Gonzalez Bankr. N.D. Cal. Case No. 25-51055 Chapter 11 Petition filed July 15, 2025 In re Mohammad Minhaj Khokhar Bankr. N.D. Cal. Case No. 25-51054 Chapter 11 Petition filed July 15, 2025 represented by: Marc Voisenat, Esq. In re Brent Sanders Herron Bankr. D. Colo. Case No. 25-14392 Chapter 11 Petition filed July 15, 2025 represented by: Edward Levy, Esq. In re Todd Creek Farms Home Owners Association, Inc. Bankr. D. Colo. Case No. 25-14385 Chapter 11 Petition filed July 15, 2025 See https://www.pacermonitor.com/view/AZCHSMA/Todd_Creek_Farms_Home_Owners_Association__cobke-25-14385__0001.0.pdf?mcid=tGE4TAMA represented by: Jeffrey A. Weinman, Esq. ALLEN VELLONE WOLF HELFRICH & FACTOR, P.C. E-mail: jweinman@allen-vellone.com In re Rafael Benavente Bankr. S.D. Fla. Case No. 25-18072 Chapter 11 Petition filed July 15, 2025 represented by: Yamileth Valencia, Esq. In re TOB LLC Bankr. N.D. Ill. Case No. 25-10667 Chapter 11 Petition filed July 15, 2025 See https://www.pacermonitor.com/view/U4M63CY/TOB_LLC__ilnbke-25-10667__0001.0.pdf?mcid=tGE4TAMA represented by: Keevan D. Morgan, Esq. MORGAN & BLEY, LTD. E-mail: kmorgan@morganandbleylimited.com In re ICON, L.L.C. Bankr. D. Md. Case No. 25-16451 Chapter 11 Petition filed July 15, 2025 See https://www.pacermonitor.com/view/YFITCSY/ICON_LLC__mdbke-25-16451__0001.0.pdf?mcid=tGE4TAMA represented by: Douglas N. Gottron, Esq. MORRIS PALERM, LLC E-mail: dgottron@morrispalerm.com In re Legacy Memorial LLC Bankr. S.D. Miss. Case No. 25-51007 Chapter 11 Petition filed July 15, 2025 See https://www.pacermonitor.com/view/OE26S5A/Legacy_Memorial_LLC__mssbke-25-51007__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Lori R Rosenberg Bankr. E.D.N.Y. Case No. 25-72728 Chapter 11 Petition filed July 15, 2025 represented by: Nico Pizzo, Esq. In re Stephen Michael Dillon and Erin Kay Dillon Bankr. E.D.N.C. Case No. 25-02693 Chapter 11 Petition filed July 15, 2025 represented by: Richard Cook, Esq. In re Antoine Gardiner Bankr. E.D. Pa. Case No. 25-12824 Chapter 11 Petition filed July 15, 2025 represented by: Jonathan H. Stanwood, Esq. In re Edward James Riddle and Sharon Kay Riddle Bankr. W.D. Tenn. Case No. 25-10954 Chapter 11 Petition filed July 15, 2025 represented by: C. Jerome Teel Jr., Esq. In re Boston Trade Center Inc. Bankr. D. Mass. Case No. 25-11464 Chapter 11 Petition filed July 16, 2025 See https://www.pacermonitor.com/view/KAW5WBA/Boston_Trade_Center_Inc__mabke-25-11464__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. 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. 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