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250721.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, July 21, 2025, Vol. 29, No. 201 Headlines 11501 WILLIAM: Case Summary & Three Unsecured Creditors 1411 W. NORTH: Seeks Subchapter V Bankruptcy in Pennsylvania 1522 C STREET: Monique Almy Named Subchapter V Trustee 1778 DEAN ST: Seeks to Tap Narissa A. Joseph as Bankruptcy Counsel 1918 CONSTANCE: Leo Congeni Named Subchapter V Trustee 23ANDME HOLDING: U.S. Trustee Appoints Equity Committee 26 CAPITAL: July 21 Deadline for Panel Questionnaires 5220 TROOST: Kansas Property Sale to T53 Project for $7.5MM OK'd 604 ESPLANADE: Dwayne Murray Named Subchapter V Trustee 615 N. UPPER BROADWAY: Seeks to Tap Pendergraft & Simon as Counsel 9304-7033 QUEBEC: Gets CCAA Initial Stay Order; MNP as Monitor A TO Z PACKAGING: Taps Paul Reece Marr as Legal Counsel A.I. BUILDERS: Taps Country Boys Auction & Realty as Auctioneer ADVENT TECHNOLOGIES: Inks EUR5.4M Settlement Deal With Fischer ALL SEASON: Updates Restructuring Plan Disclosures ALLSPRING INTERMEDIATE: Moody's Alters Outlook on Ba3 CFR to Pos. AM-SEDGWICK LLC: Case Summary & 11 Unsecured Creditors ANNALEE DOLLS: U.S. Trustee Unable to Appoint Committee APPTECH PAYMENTS: Albert Lord Holds 8.5% Equity Stake ARORA INVESTMENTS: Case Summary & Five Unsecured Creditors ASHMARK CONSTRUCTION: Taps Taft Stettinius & Hollister as Counsel AT HOME GROUP: Gets Final Court Approval on $600MM Bankruptcy Loan AT HOME GROUP: Jordan Manufacturing Co. Out as Committee Member ATLANTIC NATURAL: Hires Perfection Industrial Sales as Auctioneer AVON PRODUCTS: Insurers Ask Court to Toss Talc Claims in Chapter 11 BCML HOLDING: Seeks Chapter 11 Bankruptcy in Florida BCML HOLDING: Voluntary Chapter 11 Case Summary BEELINE HOLDINGS: Converts and Retires Remaining $1.3M Sr. Notes BEELINE HOLDINGS: Raises $2.6M Through Registered Equity Sales BEELINE HOLDINGS: Raises $6.5M Capital, Cuts Debt by $5.3M in June BELLEHAVEN ACADEMY: Hires Jason Ward Law LLC as Legal Counsel BESPOKE CONSTRUCTION: Seeks Chapter 11 Bankruptcy in Indiana BGI COLLINGSWOOD: Seeks to Tap Daniel Reinganum as Legal Counsel BIG STORM: Seeks to Hire Franklin Street Real Estate as Broker BISHOP OF FRESNO: U.S. Trustee Appoints Creditors' Committee BLUE HAWK: Case Summary & One Unsecured Creditor BOOST PARENT: Moody's Affirms 'B3' CFR, Outlook Remains Stable BOWES IN-HOME: Janice Seyedin Named Subchapter V Trustee BREWER MACHINE: Intellectual Property Sale to Curran Mill OK'd BRIGHT GREEN: DEA-Backed Cannabis Firm Files for Chapter 11 BURKE MOUNTAIN: Court Okays Goldberg's $13MM+ Receivership Fees BURRELL FARMS: BiRO, Preliminary Injunction Tossed BUTLER TRUCKING: CashFloit Must Face Suit over Cash Advances BWY TRANSPORT: Seeks to Tap W. Thomas Bible Jr. as Legal Counsel BYJU'S ALPHA: Creditors Claim Raveendran Negotiates Secret Payments CAPSTONE GREEN: Posts $7.2M Loss in FY25 After Prior-Year Profit CAREVIEW COMMUNICATIONS: Extends Credit Deal With PDL to Sept. 30 CENTURY ALUMINUM: Moody's Rates New Senior Secured Notes 'B3' CHURCHILL DOWNS: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable CINEMEX HOLDINGS: Seeks to Tap Quinn Emanuel Urquhart as Counsel CINEMEX HOLDINGS: Taps GlassRatner Advisory as Financial Advisor COGLIANO INTEGRATED: Stephen Darr Named Subchapter V Trustee COMMUNITY HEALTH: Sells 80% Stake in Cedar Park JV for $436M CONNEXA SPORTS: Enters $4.6M Unit Private Placement With Investors CORE F&B: Seeks Subchapter V Bankruptcy in Texas CORVIAS CAMPUS: Hires Donlin Recano as Administrative Advisor CORVIAS CAMPUS: Seeks to Hire CohnReznick as Financial Advisor CORVIAS CAMPUS: Taps Morris Nichols Arsht & Tunnell as Counsel CROWN ACQUISITION: Gerard Luckman Named Subchapter V Trustee CTCHGC LLC: Seeks to Hire Barron & Newburger as Substitute Counsel CURTIS JAMES JACKSON: 50 Cent Wins Bid to Reopen Bankruptcy Case DATAVAULT AI: Nathaniel Bradley, 2 Others Report Equity Stake DEEJAYZOO LLC: Seeks to Hire Alla Kachan as Bankruptcy Counsel DEL MONTE: Tomato Packers Push for Contract Clarity in Chapter 11 DIOCESE OF BURLINGTON: Seeks to Hire Champlain Valley as Appraiser DIVERSIFIED MASONRY: Claims to be Paid from Asset Sale Proceeds DIVISION 2 TRUCKING: Seeks Chapter 11 Bankruptcy in Minnesota DR. JOHN DAIGNAULT: David Madoff Named Subchapter V Trustee EMMAUS LIFE: CFO Retires; Hiroko Huynh Promoted to CAO ERS MEDICAL: Case Summary & Eight Unsecured Creditors ESCO OIL: Seeks to Hire Calhoun Meredith as Litigation Counsel ETROG PROPERTIES: Section 341(a) Meeting of Creditors on August 19 EVOFEM BIOSCIENCES: Closes $925K Note and Warrant Deal With Aditxt EYENOVIA INC: Renamed Hyperion DeFi; Focus Shifts to HYPE Strategy FAIRFIELD SENTRY: Rothschild Dublin Must Face Adversary Proceeding FARRELL'S ON ROUND: Purling Property Sale to SSPN for $2.4MM OK'd FIRST CHOICE: Bradley Case Named COO After Michael Howe Resignation FOREST MEADOWS: Taps Fellers Schewe as Tax Management Advisor FULLER'S SERVICE: Chapter 11 Trustee Appointment Sought GREEN COPPERFIELD: Jarrod Martin Named Subchapter V Trustee GREENWICH RETAIL: Taps Davidoff Hutcher & Citron as Legal Counsel GUITAR CENTER: Reaches Debt Maturity Extension Deal with Investors HAPI METAVERSE: Replaces Grassi & Co. With HTL Intl. as Auditor HARDING BELL: Case Summary & 20 Largest Unsecured Creditors HARVEST SHERWOOD: Seeks to Hire Ordinary Course Professionals HIGHER GROUND: Unsecured Creditors to Get Share of GUC Recovery HOLLEY INC: Moody's Affirms 'B2' CFR & Alters Outlook to Negative HOMESTEAD GROUP: Case Summary & One Unsecured Creditor HOMESTEAD GROUP: Section 341(a) Meeting of Creditors on August 15 HOTEL THREE: Hires Harris Shelton Hanover Walsh as Legal Counsel HYPERION DEFI: Avenue Venture and Affiliates Hold 8.53% Stake HYPERION DEFI: COO Bren Kern Departs With 12-Month Severance HYPERSCALE DATA: Converts Notes, Preferred Shares to Common Shares INKED PLAYMATS: Seeks to Hire CliftonLarsonAllen as Accountant INTELLIGENT PACKAGING: Moody's Withdraws B2 CFR on Debt Repayment JERUSALEM PROPERTIES: Case Summary & 11 Unsecured Creditors JERUSALEM PROPERTIES: Seeks Chapter 11 Bankruptcy in New York JETBLUE AIRWAYS: Moody's Cuts CFR to 'Caa1', Outlook Stable JOE'S PIZZA: Seeks to Hire Bradley E. Brook as Bankruptcy Counsel JOHN SIERCO: AW Global to Hold Foreclosure Sate on August 22 KINGSBOROUGH ATLAS: Seeks to Hire Grafe Auction as Auctioneer KLIMA CONTROL: Carol Fox of GlassRatner Named Subchapter V Trustee KLIMA CONTROL: Hires Assouline & Berlowe as Bankruptcy Counsel KPSI INNOVATION: Seeks to Hire Taxman Associates as Accountant LAKESHORE TERRACE: Taps Leverty & Associates Law as Special Counsel LINQTO INC: Sapien Group Files Motion to Move Ch.11 to Delaware LINQTO INC: Shareholders Want Ch. 11 Case Transferred to Delaware LINQTO TEXAS: Seeks to Hire Epiq as Claims and Noticing Agent LION RIBBON: Seeks Court Approval of Bid Procedures for Asset Sale LMD HOLDINGS: Voluntary Chapter 11 Case Summary LOLLI & POPS: ACM Delegate Holds Foreclosure Sale LULAV PROPERTIES: Case Summary & Nine Unsecured Creditors LULAV PROPERTIES: Section 341(a) Meeting of Creditors on August 19 LYNDA TRANSPORTATION: Robert Handler Named Subchapter V Trustee MADISON 33 OWNER: Unsecureds Will Get 3% of Claims in Plan MARI ARI INTERNATIONAL: Seeks Subchapter V Bankruptcy in Texas MARIN SOFTWARE: U.S. Trustee Unable to Appoint Committee MARRS CONSTRUCTION: Seeks to Tap Baldwin Moffitt Behm as Accountant MAXTIN INC: Unsecured Creditors to Get Share of Disposable Income MCPHILLIPS FLYING: Seeks Chapter 11 Bankruptcy in Michigan MEYER BURGER: Taps Richards Layton & Finger as Bankruptcy Counsel MONARCHY RANCHEROS: Seeks Approval to Tap J.J. Griego as Accountant NABORS INDUSTRIES: Adds 470K Shares to Amended 2016 Stock Plan NEW FOCUS: Claims to be Paid from Net Disposable Income NEWBURN LAW: Employs Kramer Jensen & Bagby as Accountants NONA GOURMET: Doug Flahaut Named Subchapter V Trustee NOORDA COLLEGE: Moody's Alters Outlook on 'Ba2' Rating to Negative NORDICUS PARTNERS: Board OKs Amended Agreements for CEO, CFO NORDICUS PARTNERS: Delays 10-K Filing Due to Audit Timing NORTH HOUSTON: Seeks to Hire Yates & Associates as Legal Counsel NXT ENERGY: Mork Capital Holds 28% Equity Stake NXT ENERGY: Mork Triggers Early Warning Report With 28% Stake OCUGEN INC: 180-Day Extension Granted to Regain Bid Compliance ODM TRUCK: Voluntary Chapter 11 Case Summary OEJ ELECTRIC: Jody Corrales Named Subchapter V Trustee ONE TABLE RESTAURANT: Court Converts Chapter 11 to Chapter 7 ONEX TSG: Moody's Rates New Senior Secured Term Loan 'B2' OUTFRONT MEDIA: Executive VP Reports 8.3K Shares, 15.5K RSUs PARK INTERMEDIATE: Moody's Affirms 'B1' CFR, Outlook Stable PASKEY INC: Creditors to Get Proceeds From Liquidation PERASO INC: Confirms Unsolicited Acquisition Proposal From Mobix PISHPOSH INC: Gets OK to Hire HYS Tax & Accounting as Accountant PIZZA VOLTA: To Sell Pizza Equipment to Hand Fire Pizza for $121K POINT BUCKLER: Court Stays U.S. Government's Case v. Sweeney POWER CITY: Seeks to Tap Zendeh Del & Associates as Legal Counsel POWIN LLC: Hires Huron Transaction Advisory as Investment Banker POWIN LLC: Seeks Approval to Hire Dentons US as Bankruptcy Counsel POWIN LLC: Seeks Approval to Tap Togut Segal & Segal as Co-Counsel PROFESSIONAL DIVERSITY: Swaps 500K Warrants for 333K Common Shares PROSPECT MEDICAL: Connecticut Files $67MM Claim for Unpaid Taxes PUPEEZ INC: Nathan Smith Named Subchapter V Trustee RCB ENTERPRISES: Charles Mouranie Named Subchapter V Trustee RED DOOR PIZZA: Seeks Chapter 11 Bankruptcy in South Carolina RED RIVER: J&J's Bid to Remove Beasley from MDL Committee Rejected RESHAPE LIFESCIENCES: Issues $200K Note to Vyome Ahead of Merger REVIVA PHARMACEUTICALS: CVI Investments Holds 5.9% Stake REVIVA PHARMACEUTICALS: Laxminarayan Bhat Holds 5.2% Stake REVIVA PHARMACEUTICALS: Parag Saxena, 2 Others Hold 8.7% Stake REVOLOK USA: Michael Markham Named Subchapter V Trustee RITE AID: McKesson Corp. Contests Trust's Antitrust Claims RYVYL INC: S8 Global Fintech Holds 21.34% Stake as of June 23 SALT LAKE DISTILLERY: Hires Rogers & Russell as Legal Counsel SILVER AIRAWAYS: Trustee Seeks to Tap KapilaMukamal as Accountant SOLENIS HOLDING: S&P Affirms 'B-' ICR, Outlook Stable SOLLIO COOPERATIVE: DBRS Finalizes BB Credit Rating SORRENTO THERAPEUTICS: Trustee Sues Former Execs Over Bankruptcy STANDARD BUILDING: Moody's Rates New Senior Unsecured Notes 'Ba3' STANDARD BUILDING: S&P Affirms 'BB+' ICR, Outlook Stable STATE OF FLUX: Gina Klump Named Subchapter V Trustee STEWARD HEALTH: Sues Ex-CEO Ralph De La Torre Over $81.5MM Dividend STRUCTURE ONE: Seeks to Hire Tom Murphy as Special Counsel TEHUM CARE: YesCare Nurses Must Face Boettinger, et al. Case TELUS CORP: DBRS Finalizes BB(high) Credit Rating THRASIO HOLDINGS: S&P Withdraws 'CCC' Issuer Credit Rating THREE CHEFS: Ira Bodenstein Named Subchapter V Trustee TOMMY'S BOATS: Receives Chapter 11 Reorganization Plan Approval TOR WELLNESS: Seeks Chapter 11 Bankruptcy in Colorado TRACK BARN: Areya Holder Aurzada Named Subchapter V Trustee TRINITY ENTERPRISES: Hires Lisa L. Daniels as Special Counsel TURNER PAVING: Seeks to Tap Raethom Advisory as Accountant TYSONS CONCEPTS: Lawrence Katz Named Subchapter V Trustee VARSITY BRANDS: S&P Withdraws 'B-' Issuer Credit Rating VARSOBIA HOME: John-Patrick Fritz Named Subchapter V Trustee VEGAS CUSTOM: Brian Shapiro Named Subchapter V Trustee VENUS CONCEPT: Completes Debt-for-Equity Exchange With Madryn VENUS CONCEPT: Madryn Asset and Affiliates Hold 85.5% Stake VENUS CONCEPT: Madryn Asset and Affiliates Hold 85.5% Stake VIRGOLINO DE OLIVEIRA: Gets U.S. Restructuring Recognition WA3 PROPERTIES: Unsecureds Will Get 100% in Liquidating Plan WAMALA GENERAL: Edward Burr Named Subchapter V Trustee WARM CORPORATION: Section 341(a) Meeting of Creditors on August 18 WEINBERG CAMPUS: Pension Fund's Motion for Default Judgment Denied WELTY SERVICES: Seeks Chapter 11 Bankruptcy in Texas WESTERN URANIUM: All Proposals OK'd at Annual Meeting WESTERN URANIUM: Appoints Odyssey as Transfer and Rights Agent WILDFANG HOLDINGS: Section 341(a) Meeting of Creditors on August 14 WINDTREE THERAPEUTICS: CEO Jed Latkin Takes Over as Interim PFO WINDTREE THERAPEUTICS: Disputes TBB Claim to $3M Earnest Money WINDTREE THERAPEUTICS: Raises $150K via Notes and Warrants WINDTREE THERAPEUTICS: Raises $253K via Convertible Notes, Warrants WORK CAT: Louisiana Int'l Can't Alter Trailer Bridge Case Judgment XCEL BRANDS: Registers Best-Efforts Offering of Shares and Warrants YANKE CONSTRUCTION: Unsecureds to Get Share of Income for 3 Years YS GARMENTS: Moody's Lowers CFR & Senior Secured Debt to Caa3 ZEN JV: Gets Court Approval To Sell All Assets to JobGet [] Honorable Sheryl Giugliano Appointed as EDNY Bankruptcy Judge [] Jackson Walker Faces Trial Over Former Judge’s Romance [] Keen-Summit Puts Brickell House for Sale on August 5 [] Merrimack Valley Property Up for Sale on August 5 ********* 11501 WILLIAM: Case Summary & Three Unsecured Creditors ------------------------------------------------------- Debtor: 11501 William Beanes Road LLC 11501 William Beanes Road Upper Marlboro, MD 20772 Business Description: 11501 William Beanes Road LLC is a real estate company that owns and manages a single-family residential property located at 11501 William Beanes Road in Upper Marlboro, Maryland. Chapter 11 Petition Date: July 16, 2025 Court: United States Bankruptcy Court District of Maryland Case No.: 25-16499 Debtor's Counsel: Donald L. Bell, Esq. LAW OFFICE OF DONALD L. BELL 6305 Ivy Lane Suite 315 Greenbelt, MD 20770 Tel: (301) 614-0535 Fax: (240) 883-6816 E-mail: donbellaw@gmail.com Total Assets: $2,000,000 Total Liabilities: $1,289,229 Aaron Strickland signed the petition as member. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JKZQIOI/11501_William_Beanes_Road_LLC__mdbke-25-16499__0001.0.pdf?mcid=tGE4TAMA 1411 W. NORTH: Seeks Subchapter V Bankruptcy in Pennsylvania ------------------------------------------------------------ On July 17, 2025, 1411 W. North Ave PA LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Pennsylvania. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About 1411 W. North Ave PA LLC 1411 W. North Ave PA LLC is a single asset real estate company that owns property at 1411 W. North Avenue in Pittsburgh, Pennsylvania. 1411 W. North Ave PA LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-21864) on July 17, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. The Debtor is represented by Rodney D. Shepherd, Esq. at River Park Commons. 1522 C STREET: Monique Almy Named Subchapter V Trustee ------------------------------------------------------ Gerard Vetter, Acting U.S. Trustee for Region 4, appointed Monique Almy, Esq., as Subchapter V trustee for 1522 C Street, LLC. Ms. Almy, a partner at Crowell & Moring, LLP, will be paid an hourly fee of $800 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Almy declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Monique D. Almy, Esq. Crowell & Moring, LLP 1001 Pennsylvania Avenue, NW Washington, DC 20004 Phone: (202) 624-2935 malmy@crowell.com About 1522 C Street 1522 C Street, LLC is a real estate lessor that owns multiple condominium units and a residential property in Washington, DC. Its holdings include four units at 244 60th Street NW and a property at 1522 C Street NE. The portfolio has an estimated total value of $1.46 million, based on online real estate appraisal data. 1522 C Street sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.D.C. Case No. 25-00264) on July 9, 2025, with $1,461,989 in assets and $1,071,543 in liabilities. Anthony Whitehead, managing member, signed the petition. Judge Elizabeth L. Gunn presides over the case. Brett Weiss, Esq., at The Weiss Law Group represents the Debtor as bankruptcy counsel. 1778 DEAN ST: Seeks to Tap Narissa A. Joseph as Bankruptcy Counsel ------------------------------------------------------------------ 1778 Dean St LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ the Law Office of Narissa A. Joseph as counsel. The firm will provide these services: (a) consult with the Debtor concerning the administration of the case; (b) investigate the Debtor's past transactions, commence actions with respect to its avoiding powers under the Bankruptcy Code and advise it with respect to transactions entered into during the pendency of its case; (c) assist the Debtor in the formation of a Chapter 11 plan; and (d) perform any and all such other legal services as may required by the Debtor in the interest of the estate. The firm's hourly rates are as follows: Partner $350 - $400 Associate $275 - $300 Clerks/Paraprofessional $75 - $100 Narissa Joseph, Esq., an attorney at the firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Narissa A. Joseph, Esq. Law Office of Narissa A. Joseph 305 Broadway, Suite 1001 New York, NY 10007 Telephone: (212) 233-3060 About 1778 Dean St LLC 1778 Dean St LLC is a real estate holding company based in Brooklyn, New York. 1778 Dean St LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-42492) on May 5, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $50,000. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Narissa A. Joseph, Esq. 1918 CONSTANCE: Leo Congeni Named Subchapter V Trustee ------------------------------------------------------ The Acting U.S. Trustee for Region 5 appointed Leo Congeni at Congeni Law Firm, LLC as Subchapter V trustee for 1918 Constance Street, LLC. Mr. Congeni 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. Congeni declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Leo D. Congeni CONGENI LAW FIRM, LLC 650 Poydras Street, Suite 2750 New Orleans, LA 70130 Telephone: 504-522-4848 Facsimile: 504-910-3055 Email: leo@congenilawfirm.com About 1918 Constance Street 1918 Constance Street is a New Orleans-based construction entity likely involved in residential building construction (NAICS 2361). 1918 Constance Street sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-11438) on July 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Meredith S. Grabill handles the case. The Debtors are represented by Patrick S. Garrity, Esq. at The Derbes Law Firm, LLC. 23ANDME HOLDING: U.S. Trustee Appoints Equity Committee ------------------------------------------------------- Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an official committee to represent equity holders in the Chapter 11 cases of 23andMe Holding Co. and its affiliates. The committee members are: 1. Alexander Keoleian 2. Charles Viscito 3. Esopus Creek Advisors, LLC Attn: Andrew Sole 81 Newtown Lane, #307 East Hampton, NY 11937 (631) 604-5776 4. Farrallon Capital Management, LLC Attn: Sophia Jia One Maritime Plaza, Suite 2100 San Francisco, CA 94111 (415) 421-2132 5. Jonathan Shiff 6. Kevin Barnes 7. Milestone Vimba Fund, L.P. Attn: Patrick Conlin 3131 Campus Drive Suite 100 Plymouth, MN 55441 (212) 209-4959 About 23andMe 23andMe Holding Co. is a genetics-led consumer healthcare and biotechnology company in San Francisco, Calif. Through its direct-to-consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). 23andMe disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison, LLP, Morgan, Lewis & Bockius, LLP and Carmody MacDonald, PC serve as legal counsel to the Debtors while Alvarez & Marsal North America, LLC serve as the restructuring advisor. The Debtors tapped Reevemark, LLC and Scale Strategy Operations, LLC as communications advisors and Kroll Restructuring Administration Services, LLC as claims agent. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP serve as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Kelley Drye & Warren, LLP and Stinson, LLP as legal counsel and FTI Consulting, Inc. as financial advisor. 26 CAPITAL: July 21 Deadline for Panel Questionnaires ----------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of 26 Capital Acquisition Corporation. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/5xz28sb6 and return by email it to Linda Casey -- Linda.Casey@usdojgov -- at the Office of the United States Trustee so that it is received no later than 4:00 p.m., on Monday, July 21, 2025. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About 26 Capital Acquisition Corp. 26 Capital Acquisition Corp. is a special purpose acquisition company (SPAC). 26 Capital Acquisition Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11323) on July 11, 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 Karen B. Owens handles the case. The Debtor is represented by Kevin Scott Mann, Esq. at Cross & Simon, LLC. 5220 TROOST: Kansas Property Sale to T53 Project for $7.5MM OK'd ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Missouri has permitted 5220 Troost LLC to sell Property, free and clear of liens, claims, and encumbrances. The Debtor's Property is a commercial building at 5220 Troost Avenue, Kansas City, Jackson County, Missouri. The Court has authorized the Debtor to sell the Property to T53 Project, LLC, a Missouri Limited Liability Company for the purchase price of $7,500,000. The Court recognized that the Debtor and Community National Bank (CNB) have reached an agreement whereby at the closing of the sale of the Property, the buyer will pay $7,500,000. The net proceeds from the sale will be paid to CNB. Steven Foutch, the Member of the Debtor, will pay the balance of the outstanding debt recited above, which should be approximately $795,433.06 (or whatever amount is required to total the $8,282,290.46 payoff). The Court also determined that the agreement between the Debtor and CNB is expressly contingent upon the Debtor paying off the outstanding balance owed to CNB of $8,282,290.46 on or before July 31, 2025. The Court also recognized that upon full payment of the outstanding debt CNB shall mark the Promissory Note as paid and return the same to the Debtor. About 5220 Troost LLC 5220 Troost, LLC, owns a residential rental building for college students or VA individuals, having an appraised value of $9.96 million. 5220 Troost filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Mo. Case No. 24-50075) on March 6, 2024, listing $12,189,906 in assets and $8,456,350 in liabilities. The petition was signed by Steven Foutch as managing member of 5220 Troost Manager LLC, member of Debtor. Judge Cynthia A. Norton presides over the case. Erlene W. Krigel, Esq., at Krigel & Krigel, PC, represents the Debtor as counsel. 604 ESPLANADE: Dwayne Murray Named Subchapter V Trustee ------------------------------------------------------- The Acting U.S. Trustee for Region 5 appointed Dwayne Murray, Esq., at Murray & Murray, LLC, as Subchapter V trustee for 604 Esplanade, LLC. Mr. Murray 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. Murray declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Dwayne Murray, Esq. Murray & Murray, LLC 4970 Bluebonnet Blvd., Suite B Baton Rouge, LA 70809 Tel: (225) 925-1110 Fax: (225) 925-1116 Email: dmm@murraylaw.net About 604 Esplanade 604 Esplanade, LLC is a real estate company that owns property located at 604 Esplanade Street in New Orleans, Louisiana. 604 Esplanade sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-11439) on July 9, 2025, with $1 million to $10 million in assets and $500,000 to $1 million in liabilities. Jonathan Weber, manager, signed the petition. Ryan J. Richmond, Esq., at Sternberg, Naccari & White, LLC represents the Debtor as legal counsel. 615 N. UPPER BROADWAY: Seeks to Tap Pendergraft & Simon as Counsel ------------------------------------------------------------------ 615 N. Upper Broadway, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Pendergraft & Simon LLP as counsel. The firm will render these services: (a) analyze the financial situation, and render advice and assist the Debtor in determining whether to file petitions under Title 11, United States Code; (b) advise the Debtor with respect to its powers and duties; (c) conduct appropriate examinations of witnesses, claimants and other persons; (d) prepare and file all appropriate petitions, schedules of assets and liabilities, statements of affairs, answers, motions and other legal papers; and consult with and advise in connection with the operation of or the termination of the operation of the Debtor's business; (e) represent the Debtor at the meeting of creditors and such other services as may be required during the course of the bankruptcy proceedings; (f) represent the Debtor in all proceedings before the court and in any other judicial or administrative proceeding where the rights of it may be litigated or otherwise affected; (g) prepare, file, negotiate and prosecute a disclosure statement and plan of reorganization; (h) advise and consult with the Debtor concerning questions arising in the conduct of the administration of the estate and concerning its rights and remedies with regard to its assets and the claims of secured, priority and unsecured creditors; (i) investigate pre-petition transactions and prosecution, if appropriate, preference and other avoidance actions arising under the Debtor's avoidance powers or any other causes of action held by the estates; (j) defend, if necessary, any motions for relief from the automatic stay, contested matters and/or adversary proceedings, and analyze and prosecute any objections to claims; (k) appear on behalf of the Debtor before this court; (l) advise and assist the Debtor with real estate and business organizations issues related to this case; and (m) assist the Debtor in any matters relating to or arising out of the above-styled and numbered case. The firm will be paid at these hourly rates: Leonard Simon, Attorney $600 Robert Pendergraft, Attorney $600 Paul Simon, Attorney $600 William Haddock, Attorney $400 Senior Paralegal/Senior Law Clerk $250 Junior Paralegal/Junior Law Clerk $150 In addition, the firm will seek reimbursement for expenses incurred. On June 5, 2025, the firm received a retainer of $20,000 from the Debtor. Mr. Simon 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: Leonard H. Simon, Esq. Pendergraft & Simon LLP 2777 Allen Parkway, Suite 800 Houston, TX 77019 Telephone: (713) 528-8555 Facsimile: (713) 868-1267 About 615 N. Upper Broadway LLC 615 N. Upper Broadway LLC is a single-asset real estate debtor that owns a 20-story office tower located at 615 North Upper Broadway in Corpus Christi, Texas. The property serves as the Debtor's principal asset and is situated in Nueces County. 615 N. Upper Broadway LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-60051) on June 5, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Leonard Simon, Esq. at Pendergraft & Simon LLP. 9304-7033 QUEBEC: Gets CCAA Initial Stay Order; MNP as Monitor -------------------------------------------------------------- pursuant to a motion filed by the 9304-7033 Quebec Inc. and 9251-7465 Quebec Inc., the Quebec Superior Court for the district of Terrebonne ("Court") sitting as a court designated pursuant to the Companies' Creditors Arrangement Act ("CCAA") issued an initial order ("Initial Order") appointing MNP Ltd. as monitor ("Monitor") of the Companies, and providing the Companies with various protections as they prepare a plan of reorganization in virtue of the CCAA. Pursuant to Section 23 of the CCAA, a copy of the Initial Order, the list of creditors and other material filed or related to the CCAA proceedings are or will be available on the Monitor's website at the following address: https://mnpdebt.ca/en/corporate/corporate-engagements/9304-7033-quebec-inc-et-9251-7465-quebec-inc. During the CCAA proceedings, the Companies, with the assistance of the Monitor, will continue to operate in the ordinary course of business as they determine the steps to restructure their operations, under the supervision of the Monitor and the Court. Pursuant to the Initial Order, all proceedings against the Companies, their directors and officers are stayed, and no such proceedings may be commenced or continued without leave of the Court. The Stay of Proceedings prohibits any contractual parties from ceasing to perform their contract with the Companies. In addition, except as provided for in the Initial Order, all amounts owing by the Companies to their creditors for the periods prior to the filing date are stayed and cannot be paid at this time. To date, no claims procedure has been approved by the Court, therefore, creditors are not required to file a proof of claim at this time. The CCAA provides that various reports must be prepared by the Monitor and filed with the Court. These reports include, among other things, observations regarding the financial and other state of affairs of the Debtors. The Monitor will publish these reports on its website (unless the Court orders otherwise), when such reports are filed with the Court. Creditors are advised to consult the Monitor’s website periodically to be kept abreast of developments in this matter. To require further information not available on the Monitor's website or for any other questions, please refer to below contact information and communicate with the Monitor by phone or by email. The monitor can be reached at: MNP Ltee Attn: Pierre Marchand Alexandre Gauron 1155, boul. Rene-Levesque Ouest, 23e etage Montreal Quebec H3B 2K2 Emai: pierre.marchand@mnp.ca alexandre.gauron@mnp.ca Counsel for the Companies: Fishman Flanz Meland Paquin s.e.n.c.r.l. Attn: Nicolas Brochu, Esq. Jason Dolman, Esq. Justin Reiter, Esq. 1010, rue de la Gauchetiere O., bureau 1600 Montreal Quebec H3B 2N2 Email: nbrochu@ffmp.ca jdolman@ffmp.ca jreiter@ffmp.ca notification@ffmp.ca Counsel for the Monitor: Gowling WLG (Canada) s.e.n.c.r.l., s.r.l. Attn: Genevieve Cloutier Rachid Benmokrane 1, Place Ville Marie, bureau 3700 Montreal Quebec H3B 3P4 Email: genevieve.cloutier@gowling.com rachid.benmokrane@gowlingwlg.com 9304-7033 Quebec Inc. -- https://lagotremblant.com/ -- is a real estate developer. A TO Z PACKAGING: Taps Paul Reece Marr as Legal Counsel ------------------------------------------------------- A To Z Packaging Enterprises, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Paul Reece Marr of Paul Reece Marr, P.C. to serve as legal counsel in its Chapter 11 Subchapter V case. Mr. Marr shall provide these services: (a) provide the Debtor with legal advice regarding its powers and duties as a debtor in possession in the continued operation and management of its affairs; (b) prepare on behalf of the Debtor the necessary applications, statements, schedules, lists, answers, orders, and other legal papers pursuant to the Bankruptcy Code; (c) perform all other legal services in the Chapter 11 bankruptcy proceeding for the Debtor which may be reasonably necessary; and (d) assist with the preparation of first-day motions, statements of financial affairs, plan of reorganization, and compliance with U.S. Trustee requirements, including the Section 341 meeting of creditors. Mr. Marr shall receive an hourly rate of $475, and an hourly rate of $250 is for paralegals. Paul Reece Marr, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. Paul Reece Marr can be reached at: Paul Reece Marr, Esq. PAUL REECE MARR, P.C. 6075 Barfield Road, Suite 213 Sandy Springs, GA 30328 Telephone: (770) 984-2255 E-mail: paul.marr@marrlegal.com About A To Z Packaging Enterprises, Inc. A To Z Packaging Enterprises, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ga. Case No. 25-57545) on July 4, 2025. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Judge Jeffery W. Cavender oversees the case. Paul Reece Marr, P.C. is Debtor's legal counsel. A.I. BUILDERS: Taps Country Boys Auction & Realty as Auctioneer --------------------------------------------------------------- A.I. Builders LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Country Boys Auction & Realty, Inc. as auctioneer in its Chapter 11 case. The auctioneer will provide these services: (a) prepare and conduct an inventory of property and report results to the Debtor; (b) advise on asset security and any need for special handling; (c) assist with locating and storing items before sale; (d) clean, tag, sort, group, and set up assets for sale; (e) provide and post signage for the auction; (f) create and distribute brochures, including handling postage costs; (g) prepare advertising text; (h) provide a registrar/cashier; (i) register bidders and assign bidder numbers; (j) conduct the auction, collect proceeds, and manage site security and cleanup; (k) provide a detailed sale report with bid sheets, bidder registration, pre-sale announcements, ads, and brochures; (l) perform any other services necessary for an orderly and complete liquidation. Compensation for services shall be based on these commission schedule: Real Property: 10% of the first $25,000, and 6% of the balance. Personal Property (if any): 20% of the first $20,000, 10% of the next $50,000, and 8% of the balance. These fees include expenses such as advertising, flyers, postage, email, and signage. The auctioneer may seek court approval for additional expenses such as hauling or repairs. According to court documents, Country Boys Auction & Realty, Inc. is a "disinterested party," within the meaning of Section 101(14) of the Bankruptcy Code. About A.I. Builders LLC A.I. Builders LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02368) on June 23, 2025. At the time of filing, the Debtor had estimated assets between $100,001 to $500,000 and liabilities between $100,001 to $500,000. Judge David M. Warren oversees the case. Bradford Law Offices is Debtor's legal counsel. ADVENT TECHNOLOGIES: Inks EUR5.4M Settlement Deal With Fischer -------------------------------------------------------------- Advent Technologies Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a settlement agreement and release with F.E.R. fischer Edelstahlrohre GmbH. The Settlement Agreement was executed to resolve a previously disclosed dispute that arose in connection with that certain share purchase agreement entered into by the Parties on or about June 25, 2021, with Fischer alleging the Company failed to make payment of the consideration due under the Purchase Agreement in full as of the date of closing under the Purchase Agreement. In February 2025, the Parties met to discuss the possibility of a settlement and the framework for such a settlement, and on July 1, 2025, the Parties finalized and executed the Settlement Agreement. Pursuant to the terms of the Settlement Agreement, the Company has agreed to pay Fischer EUR5,366,625.55 with such payment to be made in installments beginning on September 1, 2025. The Company will be entitled to a reduced settlement amount totaling EUR4,366,625.55 if payment is made by no later than June 30, 2026. In exchange for such reduced settlement amount, both Parties agreed to a mutual release of claims against the other Party. The foregoing description of the Settlement Agreement does not purport to be complete and is qualified in its entirety by reference to the Settlement Agreement, which is filed available at https://tinyurl.com/35xusrrd About Advent Technologies Headquartered in Livermore, Calif., Advent Technologies Holdings, Inc. is an advanced materials and technology development company operating in the fuel cell and hydrogen technology space. Advent develops, manufactures and assembles the critical components that determine the performance of hydrogen fuel cells and other energy systems. To date, Advent's principal operations have been to develop and manufacture Membrane Electrode Assembly (MEA), and fuel cell stacks and complete fuel cell systems for a range of customers in the stationary power, portable power, automotive, aviation, energy storage and sensor markets. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 6, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has yet to achieve profitable operations, has negative cash flows from operating activities, and is dependent upon future issuances of equity or other financings to fund ongoing operations all of which raises substantial doubt about its ability to continue as a going concern. As of December 31, 2024, the Company had $8 million in total assets, $29.3 million in total liabilities, and $21.3 million in total stockholders' deficit. ALL SEASON: Updates Restructuring Plan Disclosures -------------------------------------------------- All Season Adventures, Inc., submitted an Amended Plan of Reorganization under Subchapter V dated June 26, 2025. The Debtor's plan is to continue its operations and to fund its plan via its projected net disposable income. The plan will provide for payment of all of its creditors via an infusion of new value from the Debtor's owner, Steven Criswell, and through the sale of Mr. Criswell's real estate. The Amended Plan does not alter the proposed treatment for unsecured creditors and the equity holder: * Class 8 consists of those unsecured creditors of Debtor who hold Allowed Claims that were either scheduled by Debtor as undisputed, or subject to timely proofs of claim to which Debtor does not successfully object. Under this proposed plan, there are two general unsecured creditors: Midland Credit Management who holds a general unsecured claim in the sum of $20,393.07 and the IRS who holds a general unsecured claim in the sum of $133.58. Both unsecured claims shall be paid in full at the closing of the sale of Mr. Criswell's real property, prior to any funds being disbursed to Mr. Criswell individually. * Class 9 includes the Interests in the estate held by Mr. Criswell, the sole shareholder of the Debtor. Class 9 is not impaired by this Plan. On the Effective Date of the Plan, Class 9 shall retain its Interests in Debtor which they owned prior to the Confirmation Date, subject to the terms of the Plan. The Debtor's Plan is feasible. As noted, Mr. Criswell's real property contains sufficient equity to satisfy all of the unsecured claims in this case, in full, at closing of the sale of his real property. The Debtor's projections for its operations over through the end of 2027. As noted, the projections show that the Debtor has sufficient cash flow to implement the plan as drafted. The Debtor's assets consist primarily of its fleet of snowmobiles and ATVs along with a few old vehicles. Pursuant to the Debtor's bankruptcy schedules, the total liquidation value of those assets is $360,750.00, before accounting for the costs of sale associated with a liquidation of those assets. At a minimum, the Debtor would pay a 10% fee to an auctioneer in the liquidation of those assets, leaving a total of $324,675.00. Outside of the liquidation value of the vehicles, the scheduled value of the Debtor's remaining assets is less than $5,000.00. The total universe of claims in this case, secured and unsecured, exceeds $900,000.00. As a result, in a liquidation of the Debtor's assets in a Chapter 7, general unsecured creditors would not be paid in full. As noted, this plan relies upon sale of Mr. Criswell's real property to pay all creditors in full, an asset which would not be available to general unsecured creditors in a Chapter 7 case for the Debtor. Mr. Criswell's home is secured by an obligation of Mr. Criswell to High Country Bank in the sum of $662,763.62, which debt was guaranteed by the Debtor. Mr. Criswell's real property is unique and is likely worth between $1.2 and $2.0 million, leaving sufficient equity to play all allowed claims in full. Mr. Criswell agreeing to use the equity in his real property to ensure creditors are paid in full, therefore, will provide a better return to general unsecured creditors than would be available in a Chapter 7 and, accordingly, the Debtor asserts that proceeding in Chapter 11 is a better result for creditors than a Chapter 7. A full-text copy of the Amended Plan dated June 26, 2025 is available at https://urlcurt.com/u?l=kWhROM from PacerMonitor.com at no charge. Counsel to the Debtor: Jonathan M. Dickey, Esq. Kutner Brinen Dickey Riley, PC 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Tel: (303) 832-2400 Email: klr@kutnerlaw.com About All Season Adventures All Season Adventures, Inc., is a Colorado corporation with its principal place of business located in Saguache County, Colorado. The Debtor has licenses to operate tours in certain national forest lands. In the winter, the Debtor operates snowmobile tours and in the summer the Debtor operates ATV tours. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D, Colo. Case No. 25-11437-MER) on March 19, 2025. In the petition signed by Steven Criswell, president, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Michael E. Romero oversees the case. Jonathan M. Dickey, Esq., at Kutner Brinen Dickey Riley P.C, is the Debtor's legal counsel. High Country Bank, as secured creditor, is represented by: Lisa K. Shimel, Esq. Otteson Shapiro, LLP 7979 E. Tufts Avenue, Suite 1600 Denver, CO 80237 Telephone: (720) 488-0220 Facsimile: (720) 488-7711 lshimel@os.law ALLSPRING INTERMEDIATE: Moody's Alters Outlook on Ba3 CFR to Pos. ----------------------------------------------------------------- Moody's Ratings affirmed Allspring Intermediate II LLC's corporate family rating at Ba3, probability of default rating at Ba3-PD. Moody's also affirmed Allspring Buyer LLC's (Allspring Buyer) backed senior secured term loan and backed senior secured revolving credit facility ratings at Ba3. Concurrently, Moody's assigned a Ba3 rating to the backed senior secured first lien revolving credit facility due 2029 issued by Allspring Buyer. The outlook was changed to positive from stable. RATINGS RATIONALE The change in the outlook to positive from stable reflects notable improvement in Allspring's financial and operating metrics since Moody's downgrade in July 2024. LTM Debt/EBITDA has improved to 4.0x (as of Q1 2025) from 5.4x in the same period the year before. The decline in the company's leverage has benefited from market appreciation but the improvement has also been driven by actioned cost savings, strong investment performance in its fixed income business and moderating net outflows. Allspring has achieved $71 billion in cost savings over the year. It has also generated improved net flows, albeit still negative, reflecting market share gains in US intermediary and international distribution channels. In fixed income, net flows were $12 billion in 2024, excluding stable value. Further, Allspring is showing signs of progress in key strategic growth initiatives such as Remi, it's customized separately managed account platform. The positive outlook also reflects the company's commitment to maintain a financial leverage target of below 4.5x. Allspring's Ba3 CFR reflects the company's moderate revenue scale, diversified asset class and product mix including a strong money market business and a solid presence in key distribution channels. While the rating is constrained by high leverage, weak profit margins and persistent net long-term outflows, each of these has shown improvement in the last year. A key consideration during the outlook period is whether the momentum can be sustained. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the following occurs: 1) Debt/EBITDA with Moody's Adjustments is sustained below 4.5x; 2) the pre-tax income margin is sustained above 10%; 3) there is sustained improvement in long-term net flows. Given the positive outlook, a downgrade is unlikely, but the ratings could be affirmed at Ba3 with a stable outlook if the following occurs: 1) Debt/EBITDA moves to over 4.5x; 2) the pre-tax income margin remains below 5.0%; 3) a reversion to large long-term net outflows; 4) Additional dividend recapitalization transactions. The principal methodology used in these ratings was Asset Managers published in May 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 Allspring Global Investments, the operating subsidiary of Allspring Intermediate II LLC, is headquartered in Charlotte, NC. It had $533.5 billion in assets under management and $1.4 billion in LTM revenue as of March 31, 2025. AM-SEDGWICK LLC: Case Summary & 11 Unsecured Creditors ------------------------------------------------------ Debtor: AM-Sedgwick LLC 2734 Sedgwick Avenue Bronx, NY 10468 Business Description: AM-Sedgwick LLC is a single-asset real estate company that owns a 35% tenancy-in -common interest in a 58-unit property at 2734 Sedgwick Avenue in the Bronx, New York. The interest is valued at approximately $1.22 million. Chapter 11 Petition Date: July 17, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-72763 Judge: Hon. Louis A. Scarcella Debtor's Counsel: Kevin Nash, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 125 Park Ave New York, NY 10017-5690 E-mail: knash@gwfglaw.com Total Assets: $1,289,187 Total Liabilities: $4,797,787 David Goldwasser signed the petition as chief restructuring officer. A full-text copy of the petition, which includes a list of the Debtor's 11 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZXJ55GY/AM-Sedgwick_LLC__nyebke-25-72763__0001.0.pdf?mcid=tGE4TAMA ANNALEE DOLLS: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- The U.S. Trustee for Region 1 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Annalee Dolls, LLC. About Annalee Dolls LLC Annalee Dolls, LLC is an American company known for its handcrafted felt dolls that embody holiday themes and whimsical charm. Founded in 1934, the business has become a staple of collectible Americana, with its headquarters and flagship store located in Meredith, New Hampshire. The company continues to attract visitors and collectors with its nostalgic products and scenic gift shop near Lake Winnipesaukee. Annalee Dolls sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10232) on April 11, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Kimberly Bacher handles the case. The Debtor is represented by: William S. Gannon, Esq. William S. Gannon PLLC Tel: 603-621-0833 bgannon@gannonlawfirm.com APPTECH PAYMENTS: Albert Lord Holds 8.5% Equity Stake ----------------------------------------------------- ALBERT L. LORD disclosed in a Schedule 13D filed with the U.S. Securities and Exchange Commission that as of February 4, 2025, he beneficially owns 2,838,694 shares of AppTech Payments Corp.'s common stock, representing 8.5% of the 33,283,329 shares of common stock outstanding as of May 14, 2025. The reported shares include: (i) 538,694 shares jointly held by The Albert L. Lord Jr. Revocable Trust and The Suzanne D. Lord Revocable Trust, (ii) 1,300,000 shares held by The Albert L. Lord, Jr. 2025 Spousal Estate Reduction Trust, and (iii) 1,000,000 shares held by Starfish Fund, Inc. Mr. Lord disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein. Although Mr. Lord holds warrants to acquire additional shares, these are subject to a beneficial ownership limitation and are not currently included in the calculation of beneficial ownership. Albert L. Lord may be reached through: c/o AppTech Payments Corp. 5876 Owens Ave., Suite 100 Carlsbad, CA 92008 Tel: (760) 707-5955 A full-text copy of Albert L. Lord's SEC report is available at: https://tinyurl.com/4tpm26p5 About AppTech Payments Corp. Headquartered in Carlsbad, California, AppTech Payments Corp. -- www.apptechcorp.com -- provides digital financial services for financial institutions, corporations, small and midsized enterprises, and consumers through the Company's scalable cloud-based platform architecture and infrastructure, coupled with its Specialty Payments development and delivery model. AppTech maintains exclusive licensing and partnership agreements in addition to a full suite of patented technology capabilities. San Diego, California-based DBBMcKennon, the Company's auditor since 2014, issued a "going concern" qualification in its report dated Mar. 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 limited revenues and has suffered recurring losses from operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $8.99 million in total assets, $3.52 million in total liabilities, and a total stockholders' equity of $5.47 million. ARORA INVESTMENTS: Case Summary & Five Unsecured Creditors ---------------------------------------------------------- Debtor: Arora Investments LLC 8176 Basil Ct Neenah, WI 54956 Business Description: Arora Investments LLC operates a gas station business through its property located at 2675 W. American Drive in Neenah, Wisconsin. 2675 W. American Drive Neenah, WI 54956 Chapter 11 Petition Date: July 17, 2025 Court: United States Bankruptcy Court Western District of Wisconsin Case No.: 25-24079 Judge: Hon. Rachel M Blise Debtor's Counsel: Claire Ann Richman, Esq. RICHMAN & RICHMAN LLC 122 W. Washington Avenue Suite 850 Madison, WI 53703-2732 Tel: 608-630-8990 E-mail: crichman@randr.law Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Hardeep S. Arora as member. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NMOIVDY/Arora_Investments_LLC__wiebke-25-24079__0001.0.pdf?mcid=tGE4TAMA ASHMARK CONSTRUCTION: Taps Taft Stettinius & Hollister as Counsel ----------------------------------------------------------------- Ashmark Construction, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Taft Stettinius & Hollister LLP as counsel. The firm will render these services: (a) review assets, liabilities, loan documentation, account statements, executory contracts and other relevant documentation; (b) provide the Debtor and its responsible person legal advice with respect to its powers and duties; (c) assist the Debtor in the preparation of schedules, statement of affairs and other required filings and documents; (d) prepare pleadings such as the Debtor's applications to employ attorneys, accountants or other professional persons, motions for turnover, motion for use of cash collateral, motions for use, sale or lease of property, motion to assume or reject executory contracts, subchapter V status conference report, plan, applications, motions, complaints, answers, orders, reports, objections to claims, legal documents and any other necessary pleading in furtherance of reorganizational goals; (e) negotiate with creditors and other parties in interest, attend court hearings, meetings of creditors and meetings with other parties in interest; (f) review proofs of claim and solicitation of creditors' acceptances of plan; and (g) perform all other legal services for the Debtor, which may be necessary or in furtherance of its reorganizational goals. The firm will be paid at these hourly rates: Kimberly Ross Clayson, Attorney $460 Attorneys $385 - $700 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $15,000 plus $1,738 filing fee from the Debtor. Ms. Clayson 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: Kimberly Ross Clayson, Esq. 27777 Franklin Road, Suite 2500 Southfield, MI 48034 Telephone: (248) 351-3000 Email: kclayson@taftlaw.com About Ashmark Construction LLC Ashmark Construction LLC is a commercial contractor and developer based in West Bloomfield, Michigan. The Company specializes in commercial construction and motorsport garage projects, offering turnkey solutions with a focus on quality control, scheduling, and client service. Ashmark has completed over 50 projects within private luxury garage communities, delivering customized units designed for automotive enthusiasts. Ashmark Construction LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-46693) on June 30, 2025. In its petition, the Debtor reports total assets of $1,367,166 and total liabilities of $510,887. Honorable Bankruptcy Judge Paul R. Hage handles the case. The Debtor is represented by Kimberly Ross Clayson, Esq. at Taft Stettinius & Hollister LLP. AT HOME GROUP: Gets Final Court Approval on $600MM Bankruptcy Loan ------------------------------------------------------------------ Alex Wittenberg of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge signed off Friday, July 18, 2025, on furniture retailer At Home's request to borrow up to $600 million in Chapter 11 financing, approving the loan after the debtor resolved an objection from unsecured creditors. About At Home Group Inc. At Home Group Inc. is a home decor and furnishings retailer offering a wide range of everyday and seasonal products for all areas of the home. The Company operates 260 large-format stores across 40 U.S. states and an e-commerce platform. Headquartered in Coppell, Texas, At Home was founded in 1979 and employs 7,170 people. On June 16, 2025, At Home announced it entered a Restructuring Support Agreement (RSA) with certain of its lenders, which will eliminate substantially all of its long-term debt and provide the Company with new financial resources to support the business and position At Home for future success. To implement the terms of the RSA, At Home and 41 of its subsidiaries have commenced voluntary Chapter 11 proceedings in Delaware (Bankr. D. Del. Lead Case No. 25-11120). The proceedings are pending before Judge J. Kate Stickles. In connection with this process, At Home is entering into an agreement for $600 million in debtor-in-possession financing, which includes a $200 million capital infusion from certain of its existing lenders and a "roll up" of $400 million of existing senior secured debt. The Debtors tapped Kirkland & Ellis LLP as restructuring counsel; Young Conaway Stargatt & Taylor, LLP, as Delaware restructuring counsel; AlixPartners LLP as financial advisor; Ernst & Young LLP as tax advisory services provider; and PJT Partners, Inc., as investment banker. Omni Agent Solutions, Inc., is the claims agent. AT HOME GROUP: Jordan Manufacturing Co. Out as Committee Member --------------------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing the removal of Jordan Manufacturing Co., Inc. from the official committee of unsecured creditors in the Chapter 11 cases of At Home Group Inc. and its affiliates. The remaining members of the committee are: 1. CSC Delaware Trust Company in its capacity as successor Trustee Attn: Gregory Daniels 21 Little Falls Drive Wilmington, DE 19808 Phone: 302-425-9745 Email: gregory.daniels@cscglobal.com 2. Realty Income Corporation Attn: Mike DiGiacomo 11995 El Camino Real San Diego, CA 93130 Phone: 858-284-5382 Email: mdigiacomo@realtyincome.com 3. Brentwood Originals, Inc. Attn: Joy L. Stewart 3780 Kilroy Airport Way, #540 Long Beach, CA 90806 Phone: 310-637-6804 Email: joys@brentwoodoriginals.com 4. Loloi Rugs Attn: Michael Tristan 4501 Spring Valley Rd Dallas, TX 75244 Phone: 972 503-5656 ext 169 Email: michael.tristan@loloirugs.com 5. Natco Products Corp. Attn: Michael A. Bucci 155 Brookside Avenue West Warwick, RI 02893 Phone: 401-828-0300, Ext. 1129 Email: mbucci@natcohome.com 6. Oriental Weavers USA Attn: Alex Lopes 3252 Dug Gap Road Dalton, GA 30720 800-832-8020 Email: alopes@owrugs.com About At Home Group Inc. At Home Group Inc. is a home decor and furnishings retailer offering a wide range of everyday and seasonal products for all areas of the home. The Company operates 260 large-format stores across 40 U.S. states and an e-commerce platform. Headquartered in Coppell, Texas, At Home was founded in 1979 and employs 7,170 people. On June 16, 2025, At Home announced it entered a Restructuring Support Agreement (RSA) with certain of its lenders, which will eliminate substantially all of its long-term debt and provide the Company with new financial resources to support the business and position At Home for future success. To implement the terms of the RSA, At Home and 41 of its subsidiaries have commenced voluntary Chapter 11 proceedings in Delaware (Bankr. D. Del. Lead Case No. 25-11120). The proceedings are pending before Judge J. Kate Stickles. In connection with this process, At Home is entering into an agreement for $600 million in debtor-in-possession financing, which includes a $200 million capital infusion from certain of its existing lenders and a "roll up" of $400 million of existing senior secured debt. The Debtors tapped Kirkland & Ellis LLP as restructuring counsel; Young Conaway Stargatt & Taylor, LLP, as Delaware restructuring counsel; AlixPartners LLP as financial advisor; Ernst & Young, LLP as tax advisory services provider; and PJT Partners, Inc., as investment banker. Omni Agent Solutions, Inc., is the claims agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. ATLANTIC NATURAL: Hires Perfection Industrial Sales as Auctioneer ----------------------------------------------------------------- Atlantic Natural Foods, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Perfection Industrial Sales as auctioneer. The auctioneer will market and sell the remaining assets of the Debtor. The auctioneer will be paid at these fees: (a) 5 percent seller's fee basis on the remaining assets; (b) 5 percent fee of the previously established $466,750 combined purchase offers for specific individual equipment assets; (c) an industry standard 18 percent buyers premium will be charged to all auction buyers; and (d) a budget of $30,000 for sale and marketing expenses that will be drawn from the proceeds of the auction sale. Adam Stevenson, president at Perfection Industrial Sales, 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 auctioneer can be reached through: Adam Stevenson Perfection Industrial Sales 2550 Arthur Ave. Elk Grove Village, IL 60007 About Atlantic Natural Foods Atlantic Natural Foods, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-10676) on April 7, 2025, listing between $10 million and $50 million in assets and between $1 million and $10 million in liabilities. J. Douglas Hines, manager, signed the petition. Judge Meredith S. Grabill oversees the case. The Debtor tapped Tristan Manthey, Esq., at Fishman Haygood, LLP as counsel and Malcom M. Dienes LLC as accountant. AVON PRODUCTS: Insurers Ask Court to Toss Talc Claims in Chapter 11 ------------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that the insurers for Avon Products Inc. have asked a Delaware bankruptcy court to deny all talc-related claims in the company's Chapter 11 case, arguing that claims not formally submitted shouldn't be recognized as valid. In a court filing, the group -- which includes Wellfleet New York Insurance Co. and Lloyd's of London -- urged the court to reject the claims entirely. They asserted that Avon's proposed liquidation trust lacks a requirement for claimants to file proofs of claim, preventing the claims from meeting the necessary evidentiary threshold. 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. BCML HOLDING: Seeks Chapter 11 Bankruptcy in Florida ---------------------------------------------------- On July 17, 2025, BCML Holding LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About BCML Holding LLC BCML Holding LLC is a single asset real estate company with its principal place of business in West Palm Beach, Florida. BCML Holding LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18132) on July 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mindy A. Mora handles the case. The Debtor is represented by Nathan G. Mancuso, Esq. BCML HOLDING: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: BCML Holding LLC 500 Australian Ave. S., Suite 1600 West Palm Beach, FL 33401 Business Description: BCML Holding LLC is a real estate company that owns a single property located in Miami-Dade County, Florida. Chapter 11 Petition Date: July 17, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-18132 Judge: Hon. Mindy A Mora Debtor's Counsel: Nathan G. Mancuso, Esq. MANCUSO LAW, P.A. 7777 Glades Rd., Suite 100 Boca Raton, FL 33434 Tel: 561-245-4705 E-mail: ngm@mancuso-law.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Rafael Gonzalez as manager. The Debtor declared in the petition that there are no unsecured creditor claims. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6AAO7DY/BCML_Holding_LLC__flsbke-25-18132__0001.0.pdf?mcid=tGE4TAMA BEELINE HOLDINGS: Converts and Retires Remaining $1.3M Sr. Notes ---------------------------------------------------------------- Beeline Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company amended $986,333 of its remaining outstanding senior secured notes due August 14, 2025 by making them convertible into shares of the Company's common stock at a conversion price of $1.32 per share, subject to a beneficial ownership limitation of 4.99%. From June 26, 2025 through June 30, 2025 the holders of the Notes converted $986,333 of their Notes into 747,222 shares of common stock. On June 30, 2025, the Company repaid the remaining $348,333 of outstanding principal of Notes (after giving effect to the conversions described). As a result of the transactions described, the Notes are no longer outstanding and the Company's obligations thereunder have been satisfied. About Beeline Holdings Beeline Financial Holdings, Inc. is a trailblazing mortgage fintech transforming the way people access property financing. Through its fully digital, Al-powered platform, Beeline delivers a faster, smarter path to home loans-whether for primary residences or investment properties. Headquartered in Providence, Rhode Island, Beeline is reshaping mortgage origination with speed, simplicity, and transparency at its core. The company is a wholly owned subsidiary of Beeline Holdings and also operates Beeline Labs, its innovation arm focused on next-generation lending solutions. 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. BEELINE HOLDINGS: Raises $2.6M Through Registered Equity Sales -------------------------------------------------------------- Beeline Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that from June 25, 2025 through June 30, 2025, the Company sold a total of 2,264,116 shares of common stock for total gross proceeds of $2,587,533 under that certain Amended and Restated Common Stock Purchase Agreement and related Amended and Restated Registration Rights Agreement dated March 7, 2025, which Agreement was previously disclosed on the Company's Current Report on Form 8-K filed on March 10, 2025. The sales were made pursuant to the Company's registration statement on Form S-3 (File No 333-284723) and prospectus supplements filed thereunder dated March 26, 2025 and March 27, 2025. About Beeline Holdings Beeline Financial Holdings, Inc. is a trailblazing mortgage fintech transforming the way people access property financing. Through its fully digital, Al-powered platform, Beeline delivers a faster, smarter path to home loans-whether for primary residences or investment properties. Headquartered in Providence, Rhode Island, Beeline is reshaping mortgage origination with speed, simplicity, and transparency at its core. The company is a wholly owned subsidiary of Beeline Holdings and also operates Beeline Labs, its innovation arm focused on next-generation lending solutions. 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. BEELINE HOLDINGS: Raises $6.5M Capital, Cuts Debt by $5.3M in June ------------------------------------------------------------------ Beeline Holdings, Inc. announced that it has raised $6.5 million in fresh capital the last week of June through a combination of its At-The-Market (ATM) and equity line of credit (ELOC) programs during the final week of June. In parallel, the company aggressively reduced its debt by a total of $5.3 million during the first half of 2025 -- $1.3 million in Q1 and $4.0 million in Q2 -- bringing total debt owed to third parties down to just $2.3 million (not including its subsidiary's mortgage warehousing line). The company ended the quarter with over $6 million in cash. "These moves mark a defining moment for Beeline," said Nick Liuzza, CEO of Beeline. "We've faced a tough macro environment over the last few years, but we stayed disciplined, focused, and innovative. Now, with interest rates expected to trend lower, we're in our strongest financial position ever--bolstered by new equity offerings and the momentum building within our SaaS arm, Beeline Labs." As of March 31, 2025, the company reported approximately $40 million in shareholders' equity. "We're currently trading at just 30% of book value," added Chris Moe, CFO of Beeline. "At some point, the market will reflect the fundamentals. But for now, our priority remains executing on the business--becoming debt-free and achieving positive cash flow." With inflation cooling and the Federal Reserve signaling potential rate cuts as early as Q3 -- fueled by political pressure and economic indicators -- Beeline sees significant upside in both its mortgage origination engine and scalable SaaS infrastructure. About Beeline Holdings Beeline Financial Holdings, Inc. is a trailblazing mortgage fintech transforming the way people access property financing. Through its fully digital, Al-powered platform, Beeline delivers a faster, smarter path to home loans-whether for primary residences or investment properties. Headquartered in Providence, Rhode Island, Beeline is reshaping mortgage origination with speed, simplicity, and transparency at its core. The company is a wholly owned subsidiary of Beeline Holdings and also operates Beeline Labs, its innovation arm focused on next-generation lending solutions. 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. BELLEHAVEN ACADEMY: Hires Jason Ward Law LLC as Legal Counsel ------------------------------------------------------------- BelleHaven Academy, Inc. seeks approval from the U.S. Bankruptcy Court for the District of South Carolina to hire Jason Ward of Jason Ward Law, LLC to serve as legal counsel in its Chapter 11 case. Mr. Ward will provide these services: (a) prepare or amend schedules on behalf of the Debtor and Debtor-in-Possession; (b) represent the Debtor and Debtor-in-Possession in contested matters; (c) prepare a plan of reorganization and disclosure statement; and (d) perform all other legal services necessary to administer the Chapter 11 case. Mr. Ward shall receive an hourly rate of $350, and an hourly rate of $150 is for paralegals and support staff. Jason Ward Law, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. Jason Ward of Jason Ward Law can be reached at: Jason M. Ward, Esq. Jason Ward Law, LLC 414-D Pettigru St. Greenville, SC 29601 Telephone: (864) 239-0007 E-mail: Jason@wardlawsc.com About BelleHaven Academy, Inc. BelleHaven Academy, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. S.C. Case No. 25-02508) on July 1, 2025. At the time of the filing, Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $100,001 and $500,000. Judge (Name not specified in filings) oversees the case. Jason Ward Law, LLC is Debtor's legal counsel. BESPOKE CONSTRUCTION: Seeks Chapter 11 Bankruptcy in Indiana ------------------------------------------------------------ On July 16, 2025, Bespoke Construction LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Indiana. 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 Bespoke Construction LLC Bespoke Construction LLC is a custom construction company based in Indianapolis, Indiana. Bespoke Construction LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-04181) 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 Hester Baker Krebs LLC. BGI COLLINGSWOOD: Seeks to Tap Daniel Reinganum as Legal Counsel ---------------------------------------------------------------- BGI Collingswood, Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ the Law Offices of Daniel Reinganum to handle its Chapter 11 case. The firm's hourly rates are: Daniel Reinganum, Attorney $425 Paraprofessionals $150 Mr. Reinganum disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Daniel Reinganum, Esq. Law Offices of Daniel Reinganum 615 White Horse Pike Haddon Heights, NJ 08035 Telephone: (856) 548-5440 Email: Daniel@ReinganumLaw.com About BGI Collingswood BGI Collingswood Inc., which operates Bistro di Marino, an Italian restaurant located at 492 Haddon Avenue in Collingswood, New Jersey. BGI Collingswood Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-16723) on June 25, 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 Jerrold N. Poslusny Jr. handles the case. The Debtors are represented by Daniel L. Reinganum, Esq. at Law Offices Of Daniel Reinganum. BIG STORM: Seeks to Hire Franklin Street Real Estate as Broker -------------------------------------------------------------- Big Storm Real Estate, LLC, an affiliate in the Chapter 11 cases of Big Storm Brewery, LLC, seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Franklin Street Real Estate Services LLC as real estate agent and broker. The Debtor needs a broker to list, show, help negotiate, and sell its property located at 12707 49th Street N. Clearwater, Florida. The broker will receive a commission of 3.5 percent of the gross sales price in a direct deal and 4.5 percent of the gross sales price on a co-brokered deal. Darron Kattan, a licensed real estate broker at Franklin Street Real Estate Services, 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: Darron Kattan Franklin Street Real Estate Services, LLC 1311 North Westshore Boulevard, Suite 200 Tampa, FL 33607 Telephone: (813) 658-3355 Email: darron.kattan@franklinst.com About Big Storm Brewery Big Storm Brewery, LLC and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04026) on June 16, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Roberta A. Colton oversees the cases. Jake C. Blanchard, Esq., at Blanchard Law, P.A. is the Debtors' bankruptcy counsel. BISHOP OF FRESNO: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------------ The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Chapter 11 case of The Roman Catholic Bishop of Fresno. The committee members are: 1. Aaron Miller 2. Gavin Mesmer 3. Ramiro Sosa, Jr. 4. Frankie Cowan 5. John Reichel 6. Mary Randrup 7. Donna Burch Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About The Roman Catholic Bishop of Fresno The Roman Catholic Bishop of Fresno, a corporation sole, is a California nonprofit religious organization that administers the temporal affairs of the Roman Catholic Diocese of Fresno. It provides leadership, support services, and resources to 87 parishes, diocesan schools, cemeteries, and Catholic-based social and community service organizations across the diocese. Its operations are primarily funded through parish and school assessments, donations, grants, service fees, cemetery pre-need sales, and investment income. The Roman Catholic Bishop of Fresno sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Calif. Case No. 25-12231) on July 1, 2025. In its petition, the Debtor reported between $50 million and $100 million in assets and liabilities. Judge Rene Lastreto II handles the case. The Debtor is represented by Hagop T. Bedoyan, Esq., at McCormick, Barstow, Sheppard, Wayte & Carruth, LLP. Donlin, Recano & Company, Inc. is the Debtor's claims and noticing agent. BLUE HAWK: Case Summary & One Unsecured Creditor ------------------------------------------------ Debtor: The Blue Hawk Company LLC 6301 South Broadway Blvd Los Angeles CA 90003 Chapter 11 Petition Date: July 17, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-16047 Judge: Hon. Sheri Bluebond Debtor's Counsel: Umer Khan, Esq. U.KHAN LAW FIRM, APC 2720 Sepulveda Blvd Suite 100 Torrance CA 90505 Tel: 310-498-3402 E-mail: Umer@UKhanLaw.Com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Manmeet Singh Sachveda as member. The Debtor listed Invigo Capital LLC, based in Encino, California, as its sole unsecured creditor in connection with a real estate loan. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XKJZQSI/The_Blue_Hawk_Company_LLC__cacbke-25-16047__0001.0.pdf?mcid=tGE4TAMA BOOST PARENT: Moody's Affirms 'B3' CFR, Outlook Remains Stable -------------------------------------------------------------- Moody's Ratings affirmed Boost Parent, L.P.'s (J.D. Power) B3 corporate family rating, the B3-PD Probability of Default Rating and the Caa2 senior secured second lien term loan rating at J.D. Power's subsidiary, Project Boost Purchaser, LLC (Project Boost). In connection with proposed refinancing, Moody's downgraded Project Boost's senior secured first lien bank credit facilities ratings (term loan due 2031 and revolving credit facility due 2029) to B3 from B2. The rating outlook remains stable at both entities. The rating actions follow J.D. Power's announcement [1] that it is seeking to refinance its existing $350 million senior secured second lien term loan at Project Boost with a $250 million fungible add-on senior secured first lien term loan along with $100 million cash from the balance sheet. Moody's expects to withdraw the Caa2 senior secured second lien term loan rating at Project Boost when the transaction is completed and the outstanding second lien term loan is repaid in full with the refinancing proceeds. The one-notch downgrade of the senior secured first lien bank credit facilities (term loan and revolver) ratings to B3 reflects the expected elimination of the second lien debt, which provided debt cushion in a default scenario, from the capital structure. Moody's views the proposed refinancing transaction as credit positive because it would reduce outstanding debt, lower gross leverage and cut annual interest expense by approximately $22 million. J.D. Power plans to use $100 million in cash from its balance sheet for second lien debt repayment. Although this will reduce available cash immediately after closing, the company's liquidity remains good. It is supported by $54 million cash on hand, access to an undrawn $150 million revolver due 2029 and Moody's expectations of modestly positive free cash flow over the next 12-18 months. RATINGS RATIONALE J.D. Power's B3 CFR reflects its high financial leverage of around 7x (Moody's adjusted), heavy interest burden, customer concentration in the North American automotive industry and Moody's expectations that the company will remain acquisitive potentially leading to debt funded acquisitions. The company garners credit strength from a recurring revenue model (92% of LTM June 2025 revenue was recurring or re-occurring). J.D. Power's robust catalog of proprietary data drives its value proposition to automotive dealers, financial service companies and original equipment manufacturers (OEMs), which creates barriers to entry against competition. J.D. Power's low capital intensity and flexible cost structure supports its ability to generate free cash flow; however free cash flow will remain limited, in low-single digit percent rate over the next 12-18 months. Moody's expects that J.D. Power will operate with good liquidity, supported by about $54 million cash at close, annual free cash flow in the range of $40-$60 million over the coming year and access to the $150 million revolver (undrawn at the end of Q2 2025). The company's sources of cash are expected to cover its basic cash needs, including annual interest expense of around $200 million, Moody's expectations of annual capex in the $25 to $30 million range and about $25 million in mandatory term loan amortization following the refinancing. The company's term loan is covenant light, and the revolver has a springing first lien net leverage covenant of 9.5x tested at 40% revolver utilization. Moody's do not expect it to be tested over the next 12-18 months, but if tested, Moody's expects the company to remain in compliance with a cushion of roughly 40%. The B3 instrument first lien bank credit facilities ratings reflect the B3-PD Probability of Default Rating, an average expected family recovery rate of 50% at default given the first lien credit facility's covenant-light structure and that pro forma for the refinancing first lien debt will comprise the entirety of the company's debt capital. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if liquidity deteriorates, debt/EBITDA is sustained above 8x, free cash flow were to turn negative, or EBITA/interest is sustained below 1x (Moody's adjusted). The ratings could be upgraded if debt/EBITDA is sustained below 6x, if free cash flow/debt is sustained above 5%, or if EBITA/Interest sustained above 2x. All credit metrics are based on Moody's standard adjustments. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. J.D. Power's assigned B3 CFR is two notches below the scorecard-indicated outcome of B1. The difference reflects the greater emphasis of the CFR on elevated financial leverage, an acquisitive growth strategy and high customer concentration with high exposure to the North American automotive industry. Boost Parent, L.P. (dba J.D. Power) is a provider of data analytics and technology solutions to automotive OEMs and dealerships, insurance companies and financial institutions. J.D. Power is majority-owned by a private equity firm Thoma Bravo. As of the last twelve months ended June 30, 2025, J.D. Power generated revenue of $891 million. BOWES IN-HOME: Janice Seyedin Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 11 appointed Janice Seyedin as Subchapter V trustee for Bowes In-Home Care, Inc. Ms. Seyedin will be paid an hourly fee of $295 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Seyedin declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. About Bowes In-Home Care Bowes In-Home Care, Inc. is a Medicare-certified home health agency that provides skilled nursing, therapy, and care management services in home settings. Operating with a multidisciplinary approach, the company offers programs aimed at managing chronic conditions, preventing hospital readmissions, and promoting patient independence. Services include wound care, infusion therapy, physical and occupational therapy, and tele-health, with 24/7 nurse intake and coordination with hospital teams. Bowes In-Home Care sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10234) on July 3, 2025, with $1,028,214 in assets and $3,546,860 in liabilities. Michael Collura, president of Bowes In-Home Care, signed the petition. Judge Janet S. Baer presides over the case. James A. Young, Esq., at James Young Law represents the Debtor as bankruptcy counsel. BREWER MACHINE: Intellectual Property Sale to Curran Mill OK'd -------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Kentucky, Owensboro Division, has approved Brewer Machine & Parts to sell intellectual property, free and clear of liens, claims, and encumbrances. The Debtor is a Kentucky limited liability company located in Central City, Kentucky, that manufactures and services equipment for saw mills. The Debtor was unable to pay its creditors in the ordinary course of business and has been unable to sustain its ongoing operations on a day-to-day business. The lienholders of the Property include U.S. Small Business Administration, CIT, Mulligan Funding, and Apex Funding Gold, LLC. The Court has authorized the Debtor to close the sale of its Intellectual Property as outlined in the Asset Purchase Agreement effective on June 20, 2025 with the purchaser, Curran Mill Machinery LLC, a Kentucky limited liability company in the purchase price of $10,000. Details of the Purchased assets include and the Purchased Agreement can be found at: https://urlcurt.com/u?l=EZGcZa The sale shall be free and clear of all known and unknown liens, claims, interests, and encumbrances. About Brewer Machine & Parts Brewer Machine & Parts LLC manufactures woodworking and material handling equipment used in industries such as sawmills, pallet production, and cooperage. Based in Central City, Kentucky, the Company serves domestic and international markets including the U.S., Australia, Uruguay, and Saudi Arabia. Established in 1967, it offers both new and refurbished machinery. Brewer Machine & Parts LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky.Case No. 25-40336) on May 15, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtors are represented by Robert C. Chaudoin, Esq. at HARLIN PARKER. BRIGHT GREEN: DEA-Backed Cannabis Firm Files for Chapter 11 ----------------------------------------------------------- For nearly a decade, the U.S. Drug Enforcement Administration (DEA) claimed it was committed to expanding scientific research into marijuana. What it delivered instead was a sweeping, systemic fraud-an elaborate shell game that misled scientists, investors, patients, and Congress. Behind the curtain: a campaign of obstruction, regulatory sabotage, and financial deceit that enabled scams, destroyed real innovation, and shielded a broken monopoly. This isn't bureaucratic inertia-it's institutional corruption. DEA's Bait-and-Switch: Fake Reform, Real Harm In 2016, the DEA made headlines promising to license new marijuana cultivators, ending the University of Mississippi's 50-year monopoly. Companies like MMJ BioPharma Cultivation responded, investing millions in DEA-inspected, FDA-compliant facilities designed to supply pharmaceutical-grade cannabis for clinical trials. Under the Medical Marijuana and Cannabidiol Research Expansion Act (MCREA), the DEA was legally required to act on applications within 60 days. Instead, it waited years. Then, in 2021-2022, the agency abruptly issued licenses to eight companies. But this so-called expansion was a smokescreen: -- 7 of 8 licensees are now bankrupt, inactive, or non-operational. -- Not a single registrant produced pharmaceutical grade cannabis. -- No FDA approved cannabis therapies have emerged. -- MMJ BioPharma-the only company with orphan drug designations and active FDA trials-remains DEA unlicensed. The DEA's "reform" was a sham. It created the illusion of progress while ensuring that no real research could move forward. Bright Green Corp: The DEA-Enabled Stock Market Swindle The worst example? Bright Green Corporation (BGXX). In 2022, Bright Green touted its DEA registration as proof of federal legitimacy. The company went public, attracting millions in investor capital. Yet behind the hype: -- It never grew a single gram of research marijuana. -- Never submitted a Drug Master File to the FDA. -- Never initiated clinical development. -- Surrendered its DEA license before declaring Chapter 11 bankruptcy in 2025. Court records later confirmed the truth: the DEA registration was worth nothing. Bright Green was not alone. Other companies-like Maridose, Royal Emerald Pharmaceuticals, and Groff NA Hemplex-either collapsed or never produced a viable product. The DEA looked the other way while its registrations became tools for stock inflation and investor deception. Quota Games: How the DEA Ensured Failure Under federal law, the DEA must issue annual production quotas for Schedule I substances like cannabis. These quotas determine how much can legally be grown-even by licensed registrants. But the DEA never issued meaningful quotas to its new licensees. In fact, it: -- Refused to explain its quota-setting process. -- Ignored legitimate requests from applicants like MMJ BioPharma. -- Blocked cultivation outright, rendering licenses effectively useless. The result? A paper trail of false promises. Companies held DEA licenses but couldn't grow cannabis-by design. MMJ BioPharma Cultivation: The One Real Applicant, Stonewalled While shell companies exploited their DEA registrations, MMJ BioPharma Cultivation-the only applicant with a genuine pharmaceutical strategy-was frozen out. Here's what sets MMJ apart: -- FDA-authorized clinical trials for Huntington's disease and multiple sclerosis. -- Orphan Drug Designation awarded from the FDA. -- A DEA-inspected, Schedule I-compliant cultivation site. -- International supply agreements with licensed pharmaceutical manufacturers. And yet: no license, no explanation, no transparency. After seven years, MMJ remains blocked-while the DEA waves through scams and failures. Ole Miss Monopoly Cracks, but DEA Corruption Deepens In 2025, the federal government canceled the University of Mississippi's NIDA contract for cannabis potency testing-marking the slow death of the agency's decades-old monopoly. But instead of reform, the DEA installed a new system-a graveyard of fraudulent startups, silent warehouses, and shuttered labs. Nothing is being produced. No medicine is reaching patients. This isn't reform. It's collapse. Congress Must Investigate This DEA Scandal The DEA's marijuana research program is not just dysfunctional-it is structurally corrupt. The agency: -- Lied to Congress and the public about expanding research. -- Enabled stock-market fraud through sham licenses. -- Obstructed legitimate science, delaying lifesaving treatments. -- Withheld production quotas, sabotaging its own licensees. -- Wasted taxpayer dollars funding a program designed to fail. With new leadership under incoming DEA Administrator Terrance Cole, there is an urgent need for a full-scale cleanup. Congress must: -- Subpoena DEA officials involved in licensing and quota decisions. -- Audit all issued registrations since 2016. -- Hold public hearings on the agency's betrayal of medical science. The Bottom Line: No Science. No Medicine. Just Scams. The DEA's marijuana program wasn't just mismanaged-it was deliberately weaponized to protect prohibition, enrich fraudsters, and kill innovation. While pretending to open doors to research, the DEA ensured those doors remained locked for anyone trying to do it right. This is one of the worst regulatory scandals of the modern era. And it demands immediate accountability. MMJ is represented by attorney Megan Sheehan. About Bright Green Corporation Bright Green Corporation, was among the first entrants in the U.S. federally authorized cannabis space for research and medical development. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. D.N.M. Case No. 25-10195-11) on Feb. 22, 2025. The Debtor hires NEPHI D. HARDMAN ATTORNEY AT LAW, LLC as counsel. BURKE MOUNTAIN: Court Okays Goldberg's $13MM+ Receivership Fees --------------------------------------------------------------- Alan J. Keays of vtdigger reports that the court-appointed receiver overseeing the financial recovery of Jay Peak Resort and Burke Mountain Resort has been granted more than $1 million to cover recent costs and expenses for himself and his team. U.S. District Judge Darrin P. Gayles approved the request Monday, July 14, 2025, bringing the total amount paid to receiver Michael Goldberg since the start of the receivership in April 2016 to more than $13.5 million. Goldberg's most recent fee application, filed earlier this July 2025, covers the period from June 1, 2024, through April 30, 2025. During that time, the receivership accrued $1,185,240 in expenses. In his 262-page filing, Goldberg noted that his team made "significant progress towards winding down the Receivership and maximizing the value of the estate's remaining assets for the benefit of defrauded Jay Peak and Burke investors." The receivership was established in 2016 after federal and state regulators filed civil enforcement actions against Ariel Quiros, owner of the two resorts, and Jay Peak's then-CEO and president, Bill Stenger. Authorities alleged the pair misused over $200 million of the more than $350 million they raised from foreign investors through the EB-5 visa program, which offers permanent U.S. residency in exchange for investment in qualified development projects. Quiros and Stenger were later indicted in 2019 on criminal charges tied to a separate EB-5 project -- a planned $110 million biomedical research facility in Vermont's Northeast Kingdom -- which regulators later described as "nearly a complete fraud." Both men ultimately accepted plea deals and were sentenced to prison. Stenger has since been released, while Quiros remains incarcerated at a federal facility in Florida. Goldberg's latest report highlights the $11.5 million sale of Burke Mountain Resort earlier this 2025 to Bear Den Partners LLC, a group with longstanding ties to the ski area. That deal followed the $76 million sale of Jay Peak Resort to Pacific Group Resorts Inc. in 2022. Goldberg also noted that efforts are ongoing to sell remaining assets in Vermont, including undeveloped land transferred to the receivership under an $84 million civil settlement with Quiros. He said he hopes to complete those sales within six months. Funds to cover the receivership's costs have come from property sales and financial settlements with third parties involved in the broader fraud scheme, the report states. Goldberg was not immediately available for comment. About Burke Mountain Ski Resort Burke Mountain Ski Resort is a medium-size ski resort in northeast Vermont that is open to snowboarding and skiing. BURRELL FARMS: BiRO, Preliminary Injunction Tossed -------------------------------------------------- Judge M. Ruthie Hagan of the United States Bankruptcy Court for the Western District of Tennessee denied Thomas Burrell's motion for a temporary restraining order and motion for preliminary injunction in the adversary proceeding captioned as Thomas Burrell, Plaintiff, v. Alabama Growers, LLC, WJR Equipment, LLC, Wilma Ruffin, Michael Bowman and Tearie Leslie, Defendants, Adv. Proc. No. 25-00044 (Bankr. W.D. Tenn.). This is an adversary proceeding brought by Thomas Burrell, individually as an interested party and not as the Debtor in this case, seeking to determine the validity of claims and to obtain monetary and injunctive relief. Debtor Burrell Farms and Gardens, LLC owned one farm and leased several others to grow and harvest certain crops. On the petition date, the Debtor was in the business of farming CBD-grade cannabis under a license from the State of Tennessee Department of Agriculture and leasing its warehouse space for income. During the bankruptcy proceeding, the Debtor sold certain real property in a Sec. 363 sale pursuant to an order entered by the Bankruptcy Court. The Sec. 363 sale generated approximately $2.1 million in net proceeds after satisfaction of the costs of closing and the payment of the undisputed pre-petition portion of the obligations. Mr. Burrell formally objected to Claim 8-3 of Alabama Growers, LLC and Claim 9 of WJR Equipment, LLC. A trial was conducted on May 22, 2025 regarding Mr. Burrell's objection to the claims which resulted in the Court granting Alabama Growers and WJR Equipment's motion for judgment on partial findings under FED. R. CIV. P. 52(c), made applicable herein by FED. R. BANKR. P. 7052. During the time the Court took Alabama Growers and WJR Equipment's motion for judgment on partial findings under advisement, Mr. Burrell instituted the adversary proceeding seeking to have the Court determine the validity of the two claims and to obtain monetary and injunctive relief. Mr. Burrell also filed a motion for a temporary restraining order and preliminary injunction which seeks an order requiring Alabama Growers and WJR Equipment to immediately discontinue prosecution of Claim Nos. 8-3 and 9 in order to facilitate the release of funds to the Debtor currently being held in suspense by the Sub V Trustee, instead of paying Claim Nos. 8-3 and 9. Mr. Burrell argues that the relief he requests is necessary in order to save the Debtor's 2025 growing season. According to the Court, Mr. Burrell's real objection is that he needs the funds the Sub V Trustee is holding in escrow -- for the two claims of Alabama Growers and WJR Equipment -- to help the Debtor properly fund the planting and growing of the Debtor's 2025 crop. However, at the end of the day, the issue before the Court is really a budgeting issue for the Debtor and a request to amend the confirmed plan which has already been substantially consummated. The Court gave little to no weight to Mr. Burrell's argument that the Debtor's 2025 growing season was at risk. What Mr. Burrell wants is to have two creditors not participate in the confirmed plan distribution which is more harmful to the two creditors. Therefore, as Mr. Burrell has failed to establish the existence of any irreparable harm. Mr. Burrell claims that the equities favor him because if the Court denies the relief requested, the Debtor potentially will not be able to continue business as a "going concern." However, the Court heard no evidence as to the Debtor's costs to plant the 2025 crop or any proposed budget for the 2025 growing season -- only speculation that the Debtor needs more money to operate. This factor leans towards WJR Equipment and Alabama Growers in this case. According to the Court, there can be no question that if these two creditors are not allowed to participate in the claims process, they will be harmed as they will not be treated pro rata with other similarly-situated creditors. Judge Hagan concludes, "Mr. Burrell is essentially trying to reargue his Objection to Claim Nos. 8-3 and 9. Mr. Burrell's Motion does not establish the likelihood that he will succeed on the merits of the case. Moreover, Mr. Burrell has failed to establish the existence of any irreparable harm. Finally, Mr. Burrell has failed to meet his burden of proof of establishing that the balance of equities support granting an injunction. In short, all of the factors relevant in this case weigh against entering an injunction. Thus, the TRO Motion is denied. Likewise, the Preliminary Injunction is denied." A copy of the Court's Order dated July 8, 2025, is available at https://urlcurt.com/u?l=vvDtkM from PacerMonitor.com. About Burrell Farms and Gardens Burrell Farms and Gardens, LLC owns a property located at 6263 Highway 54 West, Brownsville, Tenn., which is valued at $10 million. The company is based in Memphis, Tenn. Burrell Farms and Gardens filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Tenn. Case No. 23-21037) on March 1, 2023, with $13.11 million in assets and $3 million in liabilities. Judge M. Ruthie Hagan oversees the case. The Debtor is represented by the Law Offices of Toni Campbell Parker. James E. Bailey, III has been appointed as Subchapter V trustee. He tapped James E. Bailey III, Esq., at Butler Snow, LLP as counsel. BUTLER TRUCKING: CashFloit Must Face Suit over Cash Advances ------------------------------------------------------------ Judge John P. Gustafson of the United States Bankruptcy Court for the Northern District of Ohio denied CashFloit, LLC's motion to dismiss the adversary proceeding captioned as Butler Trucking LLC, Plaintiff, v. CashFloit, LLC, Defendant, Adv. Pro. No. 25-03004 (Bankr. N.D. Ohio). Prior to Plaintiff's Chapter 11 filing, Defendant provided pre-petition financial services to Plaintiff pursuant to a written agreement titled the Sale of Future Receipts Agreement, executed Nov. 25, 2024. The copy of MCA Agreement filed by Defendant expressly states that it is not a loan and shall be interpreted under New York law. Under the MCA Agreement, Defendant asserts that it advanced $40,000 to Plaintiff in exchange for the purchase of $56,800 in future business receipts. The MCA Agreement did not specifically identify any accounts or receivables to be sold. Butler Trucking LLC commenced this Adversary Proceeding on Jan. 31, 2025, by filing a Complaint seeking: (i) a determination as to the validity, extent and priority of any lien held by CashFloit; (ii) a determination as to the secured status of, and to avoid any security interest in, the Plaintiff's personal property pursuant to 11 U.S.C. Sec. 506; and (iii) the disallowance of any secured claim that CashFloit might file in the underlying chapter 11 bankruptcy case. Defendant moves to dismiss this case under Federal Rule of Civil Procedure 12(b)(6), for failure to state a claim upon which relief can be granted. The transaction at issue is what is generally known as a "merchant cash advance." The Motion to Dismiss questions whether the MCA Agreement is a loan or a sale. Defendant argues that the MCA Agreement constituted a true sale and that the receivables it purchased are not property of the estate under 11 U.S.C. Sec. 541. Plaintiff disputes this, contending that the MCA Agreement was not a true sale, but rather a disguised financing arrangement. The Complaint alleges that the MCA Agreement and transfers thereunder constitute a loan rather than a sale (or sales). Defendant argues that by signing the MCA Agreement, the Debtor transferred all rights to the Receipts to Cashfloit until full payment was made. Because the Debtor has not fully remitted the Receipts, Defendant asserts it no longer has any interest in the Receipts, and they are not part of the Debtor's bankruptcy estate. Therefore, the Debtor cannot use the Receipts or their proceeds for the benefit of the estate under Sec. 363, and any attempt to do so must be denied because the Receipts remain the exclusive property of Cashfloit until they are fully paid. Defendant also argues it was entitled to adequate protection for the Debtor's continued use of Receipts. It argues that the Debtor is improperly attempting to benefit from both treating it as an unsecured creditor and using its collateral, and therefore should be estopped from asserting its current position. It maintains that it is entitled to adequate protection through means such as cash payments, replacement liens, or other forms of relief authorized under Sec. 361. Plaintiff's Claims in the Complaint Plaintiff requests that the Court determine that Defendant holds a wholly unsecured claim under 11 U.S.C. Sec. 506(a). In addition, Plaintiff asserts that Defendant's lien is void under Sec. 506(d) due to its inferior lien position and the absence of any equity in Debtor's collateral to support a secured claim. Plaintiff also asks the Court to confirm that Defendant's security interest is subordinate to other creditors' interests. Plaintiff's bankruptcy schedules disclose that the value of its personal property is $81,620. The combined amounts owed to the Small Business Administration, Fundation, and United First total approximately $473,856.60, exceeding the value of the collateral. Because Defendant's lien attaches to the same property but is junior in priority, there would be no value securing its claim. Therefore, Plaintiff argues that the Defendant's claim is entirely unsecured under Sec. 506(a). In construing the Complaint in the light most favorable to Plaintiff, and accepting all factual allegations as true, the Court finds that there are sufficient facts to state a claim under Section 506 upon which relief can be granted. Defendant asserts that it purchased unidentified future receipts from the Debtor. Many courts that have reviewed this type of transaction to determine whether it is a "sale" or a "loan" have looked at whether or not there is a real and effective "reconciliation provision" in the merchant cash advance agreement. According to the Court, while most sales contracts have a short existence with limited responsibilities on both sides, the MCA Agreement continues to be an active transaction over a longer period of time, with important and ongoing responsibilities for each party that are set forth in the MCA Agreement. The Debtor's Chapter 11 Plan provided that all executory contracts that were not specifically assumed were rejected. The MCA Agreement was not listed as one of the executory contracts that was assumed. If the MCA Agreement was executory and was rejected, it appears that Defendant would be an unsecured creditor -- irrespective of whether one party or the other prevailed in obtaining a final, non-appealable order that the transaction was a "sale" or a "loan." If it was an executory "sale" contract that was rejected by the Chapter 11 Plan, Defendant would arguably have just a general unsecured claim, the Court concludes. This is another reason why the Motion to Dismiss should be denied, because Defendant's failure to object to the proposed Chapter 11 Plan may have mooted its defense that the transaction was a "true sale." A copy of the Court's Memorandum of Decision and Order dated July 14, 2025, is available at https://urlcurt.com/u?l=CyFuGc from PacerMonitor.com. A Further Pre-Trial Conference is set for August 14, 2025 at 2:45 p.m. About Butler Trucking LLC Butler Trucking LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 24-32443-jpg) on December 17, 2024. In the petition signed by Justin Butler, managing member, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. The Hon. John P Gustafson oversees the case. The Debtor is represented by: Eric R. Neuman, Esq. DILLER & RICE 1107 Adams Street Toledo, OH 43604 Phone: (419) 724-9047 E-mail: eric@drlawllc.com On June 6, 2025, the Court entered an order confirming the Debtor's Bankruptcy-Exit Plan Under Subchapter V of Chapter 11. BWY TRANSPORT: Seeks to Tap W. Thomas Bible Jr. as Legal Counsel ---------------------------------------------------------------- BWY Transport, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to employ the Law Office of W. Thomas Bible Jr., doing business as Tom Bible Law, as counsel. The firm will render these services: (a) advise the Debtor as to its rights, duties, and powers; (b) investigate and if necessary, institute legal action on behalf of the Debtor to collect and recover assets of its estate; (c) prepare and file the statements, schedules, plans, and other documents and pleadings necessary to be filed by the Debtor in this case; (d) assist and counsel the Debtor in the preparation, presentation and confirmation of its disclosure statement and plan of reorganization; (e) represent the Debtor at all hearings, meetings of creditors, conferences, trials, and other proceedings in this case; and (f) perform such other legal services as may be necessary in connection with this case. The firm received a prepetition retainer of $16,738 from the Debtor. W. Thomas Bible, Esq., an attorney at the firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: W. Thomas Bible, Jr., Esq. Tom Bible Law 6918 Shallowford Road, Suite 100 Chattanooga, TN 37421 Telephone: (423) 424-3116 Facsimile: (423) 553-0639 Email: tom@tombiblelaw.com About BWY Transport BWY Transport sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-11697) on June 30, 2025, listing up to $50,000 in estimated assets and up to $10 million in estimated liabilities. Judge Nicholas W. Whittenburg handles the case. W. Thomas Bible, Jr., Esq., at Tom Bible Law serves as the Debtor's counsel. BYJU'S ALPHA: Creditors Claim Raveendran Negotiates Secret Payments ------------------------------------------------------------------- Pradip K. Saha of The Morning Context reports that the collapse of edtech firm Byju's took a new twist as lawyers for its creditors alleged in a Delaware bankruptcy court that founder Byju Raveendran may be quietly negotiating settlements with Indian authorities using funds currently frozen by the court. This comes despite his public claims of having no assets, according to the report. The accusations were made during a hearing in the Chapter 11 proceedings of Byju's Alpha, the company's U.S.-based unit. About BYJU's Alpha BYJU's Alpha, Inc., designs and develops education software solutions. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Judge John T. Dorsey oversees the case. Young Conaway Stargatt & Taylor, LLP and Quinn Emanuel Urquhart & Sullivan, LLP serve as the Debtor's legal counsel. GLAS Trust Company LLC, as DIP Agent and Prepetition Agent, is represented in the Debtor's case by Kirkland & Ellis LLP, Pachulski Stang Ziehl & Jones, and Reed Smith. CAPSTONE GREEN: Posts $7.2M Loss in FY25 After Prior-Year Profit ---------------------------------------------------------------- Capstone Green Energy Holdings, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $7.2 million for the year ended March 31, 2025, compared to a $7.4 million net income in Fiscal 2024. "The Company has taken great strides over the past year. We are pleased with the Company's fourth-quarter results for fiscal 2025, which reflect the improvements in our services and rental business revenues, and lower costs of goods sold driven by our cost-out initiatives. Additionally, the impact of the fiscal 2025 strategic price increases across the portfolio improved margins. The Company's full year results reflect the focus on financial health with $9.0 million increase in gross profit and $7.9 million of positive Adjusted EBITDA in fiscal 2025. The continued execution of our corporate initiatives focused on financial and commercial discipline were essential to the improved financial performance and the discipline has become embedded in our culture," said John Juric, Chief Financial Officer of Capstone. "Now as we move into fiscal year 2026, we are working to elevate the positioning of the Company's stock to the OTC:QX market, while continuing to focus on our longer-term goal of relisting on Nasdaq or a similar national exchange." Mr. Juric further commented, "The previously disclosed SEC investigation has been closed with no action taken by the SEC. The Company is pleased with the outcome of the investigation and can now focus on the strategic growth of the business." "What we have accomplished in fiscal Year 2025 was historic for Capstone. In all of its 37-year history, the Company has never delivered a positive Adjusted EBITDA over a full fiscal year. We have changed the culture and truly changed the landscape of what Capstone's true potential is," said Vince Canino, President & Chief Executive Officer of Capstone. "Our steady improvements in financial health, operational excellence, and the revitalization of our culture and talent have strengthened our focus on core values. With strong market tailwinds and a demonstrated path to profitability, we believe we are well-positioned to take the business to new heights." Los Angeles, Calif.-based CBIZ CPAs P.C., the Company's auditor since 2017 since 2017 (such date takes into account the acquisition of the attest business of Marcum LLP by CBIZ CPAs P.C. effective November 1, 2024), issued a "going concern" qualification in its report dated June 26, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Capstone Green stated: "In connection with preparing the Consolidated Financial Statements for the fiscal year ended March 31, 2025, management evaluated whether there were conditions and events, considered in the aggregate, that raised substantial doubt about our ability to meet our obligations as they became due for the next twelve months from the date of issuance of our Fiscal 2025 consolidated financial statements. As of March 31, 2025, we had cash of $8.7 million and a working capital deficit of $16.5 million. We incurred a loss from operations of $5.6 million and generated cash from operating activities of $7.7 million during Fiscal 2025. The principal and accrued interest on the Exit New Money Note are due and payable on December 7, 2025." "Management evaluated these conditions in relation to our ability to meet our obligations as they become due. Our ability to continue current operations and to execute on management's plan is dependent on our ability to generate cash flows." "On September 28, 2023, we filed for a prepackaged financial restructuring with our Senior Lender, Goldman Sachs under the U.S. Chapter 11 Bankruptcy laws. We emerged from Bankruptcy on December 7, 2023, and effected a financial and organizational restructuring." "In spite of these efforts and given our current cash position, limits to accessing capital and debt funding options, and the obligation for the payment of the Exit New Money Note, there is substantial doubt regarding our ability to continue as a going concern and our ability to meet our financial obligations as they become due over the next twelve months from the date of issuance of our financial statements as of, and for the period ended March 31, 2025." The substantial doubt about the Company's ability to continue as a going concern may negatively impact relationships with third parties with whom it does business, including customers, vendors and lenders, may impact its ability to raise additional capital for our business plan, and may lead the Company to seek bankruptcy protection again. If the Company is unable to continue as a going concern, holders of its securities might lose their entire investment. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/5y3fxjpk About Capstone Green Energy Capstone Green Energy builds microturbine energy systems and battery storage systems that allow customers to produce power on-site in parallel with the electric grid or stand-alone when no utility grid is available. Capstone Green offers microturbines designed for commercial, oil and gas, and other industrial applications. As of March 31, 2025, the Company had $74.9 million in total assets, $82.6 million in total liabilities, $13.9 million in redeemable noncontrolling interests and $21.5 million in total stockholders' deficiency. CAREVIEW COMMUNICATIONS: Extends Credit Deal With PDL to Sept. 30 ----------------------------------------------------------------- As previously reported, CareView Communications, Inc., CareView Communications, Inc., a Texas corporation and a wholly owned subsidiary of the Company (as borrower), and PDL Investment Holdings, LLC (as assignee of PDL BioPharma, Inc.), in its capacity as administrative agent and lender, entered into that certain Credit Agreement as of June 26, 2015, which was subsequently amended by the First Amendment through the Eight Amendment as of October 7, 2015, February 23, 2018, July 13, 2018, April 9, 2019, May 15, 2019, February 6, 2020, May 31, 2023, and September 30, 2023 respectively. On June 30, 2025, the Company, the Borrower, the Lender, Steven G. Johnson, President and Chief Executive Officer of the Company, and Dr. James R. Higgins, a director of the Company, entered into an Eleventh Amendment to Credit Agreement, pursuant to which the parties agreed to amend the Credit Agreement to: (i) provide that the Maturity Date shall be extended to September 30, 2025. About CareView Communications Headquartered in Lewisville, Texas, CareView Communications, Inc. -- http://www.care-view.com-- is a provider of products and on-demand application services for the healthcare industry, specializing in bedside video monitoring, software tools to improve hospital communications and operations, and patient education and entertainment packages. Somerset, New Jersey-based Rosenberg Rich Baker Berman & Co., 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 fiscal year ended December 31, 2024, citing that the Company's net losses, cash outflows, and working capital deficit that raise substantial doubt about its ability to continue as a going concern. The Company has experienced net losses and significant cash outflows from cash used in operating activities over the past years. As of and for the year ended December 31, 2024, the Company had an accumulated deficit of approximately $212,586,000, a loss from operations of approximately $1,577,000, net cash used in operating activities of $(238,652) and an ending cash balance of $759,266. As of December 31, 2024, the Company had a working capital deficit of $41,138,868. As of December 31, 2024, the Company had $3.6 million in total assets, $44.1 million in total liabilities, and a total stockholders' deficit of $40.4 million. CENTURY ALUMINUM: Moody's Rates New Senior Secured Notes 'B3' ------------------------------------------------------------- Moody's Ratings assigned a B3 rating to Century Aluminum Company's ("Century Aluminum" or "Century") proposed senior secured notes. The company plans to issue $400 million of senior secured notes with a 7-year maturity and to use the proceeds to fund the redemption of its existing $250 million of 7.5% senior secured notes due 2028, and to pay off the borrowings on its Grundartangi casthouse borrowing facility. Century Aluminum's B2 corporate family rating, B2-PD probability of default rating, the B3 rating on its existing senior secured notes, its Speculative Grade Liquidity Rating (SGL) of SGL-2 and its positive rating outlook all remain unchanged. RATINGS RATIONALE Century Aluminum's B2 corporate family rating is supported by its strong market position as the largest domestic primary aluminum producer but also incorporates its relatively high-cost position and modest scale versus other global aluminum companies. Its relatively high-cost structure makes the company's earnings and cash flow very sensitive to incremental changes in aluminum prices and premiums, and this along with periodic operational issues, has led to wide historical fluctuations in its operating performance, cash flows and credit metrics. Although, Moody's anticipates strong operating results and cash flows and materially strengthening credit metrics over the next 12-18 months supported by tax credits, higher Midwest premiums driven by increased aluminum import tariffs and improved aluminum product pricing. Century Aluminum's credit profile also considers the stability of the company's offtake arrangements, with most of its volumes under contract with Glencore plc (Glencore, A3 stable), which owns 42.9% of Century's outstanding common stock. The credit profile also reflects the ESG risks faced by primary aluminum producers. These risk exposures are tempered by the growing share of low-carbon aluminum products in the company's portfolio and aluminum's role in lightweighting and carbon transition investments such as electric vehicles and renewable energy infrastructure. Century's operating performance is expected to materially improve for the third consecutive year in 2025 with adjusted EBITDA above $300 million versus EBITDA of $218 million in 2024 and $133 million in 2023. This projection assumes LME prices average about $2,500 per metric ton (currently $2,600) and the Midwest Premium remains above $0.40 per metric ton (currently $0.62) and the company has no operational issues and those sectors reliant on aluminum products don't experience lower demand due to higher aluminum costs. Operating results will remain volatile as each $100 per metric ton change in the LME price impacts full year adjusted EBITDA by about $46 million and each one cent change in the Midwest premium by around $9 million. Century's record high earnings level is being supported by Inflation Reduction Act (IRA) manufacturing production credits, and an increase in the Section 232 tariffs on imported aluminum to 50% from 10% along with the elimination of all exclusions and exemptions. This has led to a surge in the Midwest Premium and higher LME aluminum prices. This will be somewhat tempered by less favorable raw material price realizations, a lower European Duty-Paid Premium and higher energy costs. The company should generate strong free cash flow in 2025 supported by higher earnings and payments related to accrued tax credits. It consumed more than $100 million of cash in 2024 despite improved operating results as it accrued about $150 million of tax credits that are anticipated to be paid by the federal government during 2025. Moody's anticipates the company will use a portion of that cash to pay down debt as it has a publicly stated net debt target of $300 million. Therefore, the company's credit metrics will be strong for the rating with an adjusted leverage ratio (debt/EBITDA) of less than 2.0x and interest coverage (EBIT/Interest) above 4.0x. Nevertheless, the assigned rating incorporates the company's high-cost position, inconsistent operating history, volatile historical earnings and potential significant investment in a new smelter. The company may build up its cash balance in case it decides to pursue the restart of the 25% of its Mt. Holly production facility that is currently idled or an investment in a domestic aluminum smelter. The company was selected by the US Department of Energy Office of Clean Energy Demonstrations for up to $500 million in Bipartisan Infrastructure Law and Inflation Reduction Act funding to build a new green aluminum smelter as part of the Industrial Demonstrations Program. The government grant will only cover a portion of this potential multi-billion-dollar investment. Moody's will evaluate the impact of this project on the company's credit profile when/if it announces that it is moving forward and how it will be funded. Century's SGL-2 speculative grade liquidity rating considers Moody's expectations for the company's liquidity position to strengthen in 2025 as it generates substantial positive free cash flow and for it to maintain a good liquidity profile. The company had about $339.1 million of liquidity as of March 2025 supported by an unrestricted cash balance of $44.9 million and availability of about $294.2 million under several credit facilities, including about $214.2 million available in aggregate under the US and Iceland revolving credit facilities and $80 million on the $90 million Vlissingen credit facility with Glencore. The company is pursuing an amendment to extend the maturity on the $250 million US ABL to 2030 from 2027. This facility has a springing financial covenant that requires the company to maintain a fixed charge coverage ratio of at least 1x when availability is less than or equal to $25 million or 10% of the borrowing base but not less than $17.85 million ($123.7 million available as of March 2025). Century should remain in compliance with all covenants in 2025. The B3 rating on the senior secured notes reflects their weaker position in the capital structure behind the company's $250 million US and $100 million Iceland revolving credit facilities (both unrated). The secured notes benefit from a second priority lien on all domestic assets, stock of domestic subsidiaries, and 100% of stock of foreign subsidiaries. Because the company does not currently have domestic first lien funded debt other than the ABL, the secured notes effectively have a first lien claim on the domestic assets not pledged to the ABL. The Company also has $86.3 million of convertible notes (not rated) due 2028 that are effectively junior to the secured debt. The notes became redeemable as of May 06, 2025. The positive ratings outlook reflects Moody's expectations for improved operating results and cash flows that will result in near-term metrics that are strong for the rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of Century's ratings could be considered if the company reduces its debt level so that it can better withstand volatility in aluminum prices during economic downturns, or if it sustains an improved level of earnings and cash flows and demonstrates operational consistency, and provides more clarity on the potential green smelter investment. Quantitatively, the ratings could be upgraded if the company sustains through various aluminum price cycles an EBIT margin of at least 6.5%, interest coverage (EBIT/interest) of 5.0x and a leverage ratio (debt/EBITDA) below 3.5x. The ratings could be downgraded if EBIT margins are sustained below 3.5%, interest coverage at less than 2.0x and leverage above 4.5x, or if liquidity meaningfully deteriorates. Headquartered in Chicago, Illinois, Century is a primary aluminum producer in North America and Iceland with ownership interests in four aluminum production facilities. The company also produces carbon anodes at its Century Vlissingen facility in the Netherlands and has a 55% ownership interest in a joint venture that owns the Jamalco bauxite mining operation and alumina refinery in Jamaica. Revenues for the twelve months ended March 31, 2025, were about $2.4 billion. Glencore plc and its affiliates own 42.9% of Century's outstanding common stock. The principal methodology used in these ratings was Steel published in November 2021. CHURCHILL DOWNS: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable ------------------------------------------------------------------ Moody's Ratings affirmed all the ratings of Churchill Downs Incorporated's ("CDI" or "Churchill Downs"), including the Corporate Family Rating at Ba3, the Probability of Default Rating at Ba3-PD, Senior Secured Bank Credit Facility at Ba1, and Senior Unsecured Rating at B1. CDI's Speculative Grade Liquidity Rating ("SGL") of SGL-2 is unchanged and the outlook remains stable. The affirmations of CDI's ratings reflect Moody's expectations that CDI will generate positive free cash flow and maintain good liquidity, supported by a large revolver and the absence of near-term debt maturities. CDI's ratings also reflect its material scale and geographic diversification that has been achieved through acquisition and expansion projects. Moody's expects debt/EBITDA will be approximately 4.7x in 2025 and improve to 4.2x based on continued growth and expected revolver reduction and scheduled debt amortization payments. The stable outlook incorporates Moody's expectations for continued revenue and earnings growth that supports improving credit metrics. Moody's also expects CDI to maintain good liquidity, including positive free cash flow. RATINGS RATIONALE Churchill Downs Incorporated's Ba3 CFR reflects the long history, popularity, and performance stability of the Kentucky Derby. The diversity of its earnings including those from TwinSpires, the company's digital horse racing wagering platform, and its historical racing machines (HRM) and casino businesses also supports the ratings. Although CDI's credit profile benefits from its material scale and geographic diversification, CDI has a significant appetite for large, debt-funded strategic investments. These include acquisitions and development projects that present risks such as higher construction costs than expected and returns that are subject to market demand. Moody's expects CDI to generate sizable operating cash flow, but free cash flow can periodically be constrained due to planned capital projects. Nonetheless, due to business uncertainty, it has paused major projects including the $900 million multi-year project at Churchill Downs Racetrack that includes the teardown and rebuild of the Skye Terrace, building of new permanent structure in the infield for premium ticket holders, and general improved amenities. The ratings also reflect CDI's good liquidity. Its SGL-2 is supported by the company's positive internal cash generation and its $1.2 billion revolving credit facility due July 2029 with approximately $839 million available as of Q1 2025. As of Q1 2025, CDI also had about $174 million of unrestricted cash. CDI has no debt maturities until April 2027. Its main draw on liquidity is capital expenditures, which historically caused its free cash flows to be negative periodically but Moody's do not expect this to be the case in the next 12 to 18 months due to the pause of its multi-year project at Churchill Downs Racetrack. CDI also owns assets that it could sell to raise additional capital. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade would be predicated upon sustained revenue and earnings growth, positive free cash flow, good liquidity, and debt/EBITDA (on a wholly-owned basis) sustained below 4.0x. The company would also need to continue to have good returns on any sizable planned capital spending programs. A downgrade could result if revenue and earnings decline due to reduced visitation or increased competition. Poor returns on the planned capital investments, liquidity deterioration, or debt-to-EBITDA (on a wholly-owned basis) sustained above 5.0x could also result in a downgrade. CDI is a racing, online wagering and gaming entertainment company that owns the Kentucky Derby along with wholly-owned brick-and-mortar casinos in nine states. The company also owns and operates seven historical racing entertainment venues with approximately 5,130 HRMs in Kentucky, and eight historical racing entertainment venues with approximately 4,600 HRMs in Virginia. The company owns and operates TwinSpires, one of the largest and most profitable online wagering platforms for horse racing in the US CDI operates retail sports betting in ten states. The company is publicly traded (NASDAQ:CHDN) and had annual net revenue of about $2.8 billion at LTM March 31, 2025. The principal methodology used in these ratings was Gaming published in June 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. CINEMEX HOLDINGS: Seeks to Tap Quinn Emanuel Urquhart as Counsel ---------------------------------------------------------------- Cinemex Holdings USA, Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Quinn Emanuel Urquhart & Sullivan LLP as counsel. The firm will render these services: (a) advise the Debtors with respect to their responsibilities in complying with the United States Trustee's guidelines and reporting requirements and with the rules of the court; (b) prepare legal documents necessary in the administration of these cases; (c) protect the interests of the Debtors in all matters pending before the court; and (d) represent the Debtors in negotiations with their creditors and the preparation and confirmation of a plan. The firm will be paid at these hourly rates: Patricia Tomasco, Attorney $1,945 Associates & Counsel $1,035 - $1,775 Paraprofessionals $210 - $655 In addition, the firm will seek reimbursement for expenses incurred. On June 20, 2025, the firm received a retainer in the amount of $150,000 from CB Theater Experience LLC on behalf of the Debtors. Ms. Tomasco 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: Patricia B. Tomasco, Esq. Quinn Emanuel Urquhart & Sullivan LLP 700 Louisiana, Suite 3900 Houston, TX 77002 Telephone: (713) 221-7000 Facsimile: (713) 221-7100 Email: pattytomasco@quinnemanuel.com About Cinemex Holdings USA Cinemex Holdings USA, Inc. is a holding company for cinema operations including CMX Cinema. Cinemex Holdings and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-17559) on June 30, 2025. In its petition, Cinemex Holdings disclosed under $50,000 in both assets and liabilities. Judge Laurel M. Isicoff handles the cases. The Debtors tapped Quinn Emanuel Urquhart & Sullivan LLP as counsel and GlassRatner Advisory & Capital Group LLC as financial advisor. CINEMEX HOLDINGS: Taps GlassRatner Advisory as Financial Advisor ---------------------------------------------------------------- Cinemex Holdings USA, Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ GlassRatner Advisory & Capital Group LLC as financial advisor. The firm will provide these services: (a) assist the Debtors with collecting data required to obtain "first day orders"; (b) assist the Debtors in preparing or supervising the preparation of reports as may be required by applicable federal and local bankruptcy statutes and rules; (c) assist the Debtors with reviewing, evaluating, and analyzing financial ramifications of proposed transactions for which they may seek court approval; (d) assist the Debtors by providing financial advice and assistance in connection with lease negotiations; (e) assist the Debtors with developing a plan of reorganization and the confirmation process; (f) assist the Debtors by testifying before the court, as may be required, on behalf of the Debtors; and/or (g) assist the Debtors by performing such other duties or tasks that fall within the customary responsibilities of a financial advisor as requested by their management and/or board of directors, other than those excluded services outlined in the engagement letter. The firm will be paid at these hourly rates: Senior Managing Directors $975 - $550 Alan Barbee, CPA/ABV $575 Managing Directors $495 - $375 Other Staff $325 - $175 In addition, the firm will seek reimbursement for expenses incurred. The firm will require a retainer of $110,000 from the Debtor. Michael Shenk, a senior managing director at GlassRatner Advisory & Capital Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael Shenk GlassRatner Advisory & Capital Group, LLC 3445 Peachtree Road NE, Suite 1225 Atlanta, GA 30326 Telephone: (470) 346-6820 About Cinemex Holdings USA Cinemex Holdings USA, Inc. is a holding company for cinema operations including CMX Cinema. Cinemex Holdings and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-17559) on June 30, 2025. In its petition, Cinemex Holdings disclosed under $50,000 in both assets and liabilities. Judge Laurel M. Isicoff handles the cases. The Debtors tapped Quinn Emanuel Urquhart & Sullivan LLP as counsel and GlassRatner Advisory & Capital Group LLC as financial advisor. COGLIANO INTEGRATED: Stephen Darr Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 1 appointed Stephen Darr of Huron Consulting Group as Subchapter V trustee for Cogliano Integrated Technologies Inc. Mr. Darr will be paid an hourly fee of $825 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Darr declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Stephen Darr Huron Consulting Group 265 Franklin Street, Suite 402 Boston MA 02110 Phone: (617) 226-5593 Email: sdarr@hcg.co About Cogliano Integrated Technologies Cogliano Integrated Technologies Inc., ,also known as CIT Inc., provides low voltage installation and integration services, including cloud solutions, smart building systems, tele-data, fiber infrastructure, security integration, and audiovisual setups. It manages all phases of low voltage integration projects, from design through commissioning, with a focus on reducing costs and streamlining project execution. Cogliano sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11384) on July 3, 2025, with $500,000 to $1 million in assets and $10 million to $50 million in liabilities. Richard Cogliano, president of Cogliano, signed the petition. Kate E. Nicholson, Esq., at Nicholson Devine, LLC represents the Debtor as legal counsel. COMMUNITY HEALTH: Sells 80% Stake in Cedar Park JV for $436M ------------------------------------------------------------ Community Health Systems, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that CHS/Community Health Systems, Inc. ("CHS"), a wholly-owned subsidiary of the Company, and certain subsidiaries of CHS (the "CHS Selling Entities"), completed the transactions contemplated by that certain purchase agreement dated as of April 15, 2025, as amended, with subsidiaries of Ascension Health, and Cedar Park Health System, L.P., the entry into which Purchase Agreement was previously disclosed on a Current Report on Form 8-K, filed with the SEC by the Company on April 15, 2025. Pursuant to the Purchase Agreement, at such closing, the Purchaser acquired the CHS Selling Entities' collective 80% ownership interest in the Joint Venture, which owns and operates Cedar Park Regional Medical Center in Cedar Park, Texas, and related businesses. The purchase price paid to the CHS Selling Entities in connection with the Transaction at closing on June 30, 2025, after giving effect to estimated working capital and purchase price adjustments, was $436 million in cash (subject to a post-closing working capital adjustment). In addition, contemporaneous with the closing of the Transaction, in connection with the balance of certain amounts due to the Joint Venture from CHS and in accordance with the terms of the Purchase Agreement, the CHS Selling Entities distributed approximately $23 million in cash (subject to a post-closing adjustment) to the Purchaser for their share of amounts owed to the Joint Venture by the CHS Selling Entities. Prior to the Transaction, the Purchaser held a minority interest in the Joint Venture and purchased the remaining interest through the Transaction. A copy of the Purchase Agreement is available at https://tinyurl.com/2c5ubtdc About Community Health Systems Inc. Community Health Systems, Inc. -- http://www.chs.net/-- is a publicly traded hospital company and an operator of general acute care hospitals in communities across the country. Its affiliates provide healthcare services, developing and operating healthcare delivery systems in 40 distinct markets across 15 states. As of June 30, 2024, the Company had $14.4 billion in total assets, $15.3 billion in total liabilities, $324 million in redeemable noncontrolling interests in equity of consolidated subsidiaries, and $1.2 billion in total stockholders' deficit. * * * Egan-Jones Ratings Company on January 23, 2025, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Community Health Systems, Inc. CONNEXA SPORTS: Enters $4.6M Unit Private Placement With Investors ------------------------------------------------------------------ Connexa Sports Technologies Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into a securities purchase agreement with certain investors, providing for the private placement of 20,000,000 units, each unit consisting of one (1) share of common stock, par value $0.001 per share (the "Common Stock") and two warrants, both of such Warrants with identical terms. Each Unit was offered at a price of $0.23 per Unit and each Warrant has a five-year exercise period, with an exercise price of $0.89. The total gross proceeds from the Private Placement without taking into account any exercise of the Warrants will be $4,600,000. The Private Placement was conducted in reliance on Section 4(a)(2) of, and/or Rule 506(b) of Regulation D and/or Regulation S promulgated under the Securities Act of 1933, as amended, and pursuant to the terms of the Securities Purchase Agreement, the form of which is available at https://tinyurl.com/yc4pn34e The Exercise Price is subject to adjustment pursuant to the terms of the Warrants, the form of which is appended to the Securities Purchase Agreement, upon the occurrence of: the Company's Common Stock reverse and forward splits, payment of dividends in Common Stock, and reclassification of Common Stock into any shares of the Company's capital stock. If at the time of exercise of the Warrants there is no effective registration statement registering the Warrants or the Warrant Shares, or the prospectus for the registration statement is not available for the resale of the Warrant Shares by the investor holding the Warrants, then each Warrant may be exercised, in whole or in part, at such time by means of a "cashless exercise." Closing of the Private Placement and issue of the Common Stock and Warrants will be conditional upon satisfaction of all Nasdaq listing rules, including the obtaining of shareholder approval, and the filing of a Schedule 14C information statement and all required time periods being complied with. The Securities Purchase Agreement may be terminated by the Company with written notice if the closing of the Private Placement has not been consummated on or before December 31, 2025. About Connexa Sports Headquartered in Windsor Mill, Maryland, Connexa Sports Technologies Inc. -- www.connexasports.com -- is a connected sports company delivering products, technologies and services across a range of activities in sports. Connexa's mission is to reinvent sports through technological innovation driven by an unwavering focus on today's sports consumer. Connexa reported $21,583,761 in total assets, $13,542,980 in total liabilities, and $8,040,781 in total stockholders' equity as of October 31,2024. Lagos, Nigeria-based Olayinka Oyebola & Co., the Company's former auditor, issued a "going concern" qualification in its report dated July 24, 2024, citing that the Company suffered an accumulated deficit of $(167,387,028), net loss of $(15,636,418), and decline in net sales. These matters raise substantial doubt about the Company's ability to continue as a going concern. On October 30, 2024, the Board of Directors and the audit committee of the Company approved the engagement of Bush & Associates CPA as the Company's independent registered public accounting firm for the fiscal year ended April 30, 2025, effective immediately, and dismissed Olayinka Oyebola & Co as the Company's independent registered public accounting firm. The reason for the dismissal of OOC and the engagement of B&A is that due to the charges brought by the U.S. Securities and Exchange Commission against OOC for allegedly aiding and abetting a securities fraud, the risk of continuing with OOC as the Company's auditor is no longer tolerable to the Company. CORE F&B: Seeks Subchapter V Bankruptcy in Texas ------------------------------------------------ On July 16, 2025, Core F&B PFV 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 $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Core F&B PFV LLC Core F&B PFV LLC, which operates Renny's Bar & Grill, a food service and drinking establishment located in Dallas, Texas. Core F&B PFV LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-32655) on July 16, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Michelle V. Larson handles the case. The Debtor is represented by John Paul Stanford, Esq. at Quilling, Selander, Lownds, Et Al. CORVIAS CAMPUS: Hires Donlin Recano as Administrative Advisor ------------------------------------------------------------- Corvias Campus Living – USG, LLC 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 render 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); (b) generate official ballot certification and testifying, if necessary, in support of the ballot tabulation results; (c) in connection with the balloting services, handle requests for documents from parties in interest; (d) gather data in conjunction with the preparation, and assist 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) provide such other claims processing, noticing, solicitation, balloting, and administrative services described in the services agreement. The firm's services will be based upon the amount of time required at standard billing rates plus out-of-pocket expenses. Lisa Terry, Esq., a member at Donlin, Recano & Company, 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 LLC 6201 15th Ave. Brooklyn, NY 11219 Telephone: (212) 481-1411 About Corvias Campus Living-USG Corvias Campus Living-USG, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11214 on June 25, 2025, listing between $10 million and $50 million in assets and between $500 million and $1 billion in liabilities. Thelma Edgell, president, signed the petition. Judge Laurie Selber Silverstein oversees the case. The Debtor tapped Derek C. Abbott, Esq., at Morris Nichols Arsht & Tunnell, LLP as counsel; CohnReznick LLP as financial advisor; and Donlin, Recano & Company LLC as administrative advisor. CORVIAS CAMPUS: Seeks to Hire CohnReznick as Financial Advisor -------------------------------------------------------------- Corvias Campus Living – USG, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ CohnReznick LLP as financial advisor. Th firm will render these services: (a) assist the Debtor and its other advisors as requested in efforts to identify and facilitate its restructuring options; (b) prepare/validate a 13-week cash flow projection; (c) identify, develop and, as agreed, implement strategies and activities to enhance short-term liquidity; (d) ensure that the Debtor can prepare timely and accurate monthly/weekly financial and operating data to assist in improving the visibility of the quantitative results of the operations in order to assist in improving decision making; (e) develop alternative action plan(s) and discuss with the board, counsel, creditors and/or governmental authorities, as agreed by the board; (f) meet with management, the board, counsel, creditors, governmental authorities and other parties, as necessary; (g) other communications with the Debtor's creditors and governmental authorities as requested; (h) provide advice and recommendations with respect to other related Debtor matters as may be requested or required to achieve its short- and long-term goals, and as agreed to by CohnReznick. The firm will be paid at these hourly rates: Partners/Principals $920 - $1,975 Managing Directors/Directors $685 - $1,735 Senior Managers/Managers $575 - $995 Senior Associates/Associates $405 - $735 Paraprofessionals $260 - $395 In addition, the firm will seek reimbursement for expenses incurred. In the 90 days before the Petition Date, the firm received advance retainer payments totaling $400,000 from the Debtor. Eric Danner, a member at CohnReznick, disclosed in a court filing that the firm is a "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Eric Danner CohnReznick LLP 1301 Avenue of Americas, 10th Floor New York, NY 10019 Telephone: (646) 601-7884 About Corvias Campus Living-USG Corvias Campus Living-USG, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11214 on June 25, 2025, listing between $10 million and $50 million in assets and between $500 million and $1 billion in liabilities. Thelma Edgell, president, signed the petition. Judge Laurie Selber Silverstein oversees the case. The Debtor tapped Derek C. Abbott, Esq., at Morris Nichols Arsht & Tunnell, LLP as counsel; CohnReznick LLP as financial advisor; and Donlin, Recano & Company LLC as administrative advisor. CORVIAS CAMPUS: Taps Morris Nichols Arsht & Tunnell as Counsel -------------------------------------------------------------- Corvias Campus Living - USG, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Morris, Nichols, Arsht & Tunnell LLP as counsel. The firm will provide these services: (a) perform all necessary services as the Debtor's bankruptcy counsel; (b) take all necessary actions to protect and preserve the Debtor's estate during this Chapter 11 case; (c) prepare or coordinate preparation on behalf of the Debtor necessary legal papers in connection with the administration of this Chapter 11 case; (d) counsel the Debtor with regard to its rights and obligations as a Debtor-in-Possession; (e) coordinate with the Debtor's other professionals in representing it in connection with this case; and (f) perform all other necessary legal services. The firm will be paid at these following hourly rates: Partners $1,005 - $1,895 Associates and Special Counsel $625 - $1,120 Paraprofessionals $395 - $435 Case Clerks $385 In addition, the firm will seek reimbursement for expenses incurred. On the Petition Date, Morris Nichols held an advance payment balance of $356,518.07. Derek Abbott, Esq., an attorney at Morris, Nichols, Arsht & Tunnell, also provided the following statements in response to the request for additional information: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Answer: In connection with the Chapter 11 case, Morris Nichols was originally retained by the Debtor pursuant to the Engagement Agreement dated May 15, 2025. The material terms of the prepetition engagement are the same as the terms described in the Abbott Declaration. For work performed for the Debtor in 2025, Morris Nichols's hourly rates are as follows: Partners $1,005 - $1,895 Associates and Special Counsel $625 - $1,120 Paraprofessionals $395 - $435 Case Clerks $385 Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: Morris Nichols and the Debtor has agreed on a budget and staffing plan for the Chapter 11 case. Mr. Abbott 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: Derek Abbott, Esq. Morris, Nichols, Arsht & Tunnell LLP 1201 N. Market St. Wilmington, DE 19801 Telephone: (302) 658-9200 About Corvias Campus Living-USG Corvias Campus Living-USG, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11214 on June 25, 2025, listing between $10 million and $50 million in assets and between $500 million and $1 billion in liabilities. Thelma Edgell, president, signed the petition. Judge Laurie Selber Silverstein oversees the case. The Debtor tapped Derek C. Abbott, Esq., at Morris Nichols Arsht & Tunnell, LLP as counsel; CohnReznick LLP as financial advisor; and Donlin, Recano & Company LLC as administrative advisor. CROWN ACQUISITION: Gerard Luckman Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 2 appointed Gerard Luckman, Esq., at Forchelli Deegan Terrana, LLP as Subchapter V trustee for Crown Aquisition Holding Corp. Mr. Luckman will be paid an hourly fee of $695 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Luckman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gerard R. Luckman, Esq. Forchelli Deegan Terrana, LLP 333 Earle Ovington Blvd., Suite 1010 Uniondale, NY 11553 Tel: (516) 812-6291 Email: gluckman@ForchelliLaw.com About Crown Aquisition Holding Crown Aquisition Holding Corp. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-72634) on July 8, 2025, listing between $500,001 and $1 million in assets and liabilities. Judge Alan S. Trust presides over the case. CTCHGC LLC: Seeks to Hire Barron & Newburger as Substitute Counsel ------------------------------------------------------------------ CTCHGC, LLC, doing business as Central Texas Gun Works, seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Barron & Newburger, PC as substitute counsel. The firm will provide these services: (a) advise the Debtor of its rights, powers, and duties in the continued management of its assets; (b) review the nature and validity of claims asserted against the property of Debtor and advise it concerning the enforceability of such claims; (c) prepare on behalf of Debtor, all necessary and appropriate legal documents and review all financial and other reports to be filed in the Chapter 11 case; (d) advise the Debtor concerning and prepare responses to, applications, motions, complaints, pleadings, notices, and other papers which may be filed in the Chapter 11 case; (e) counsel the Debtor in connection with the formulation, negotiation, and promulgation of a plan of reorganization and related documents; (f) perform all other legal services for and on behalf of the Debtor which may be necessary and appropriate in the administration of the Chapter 11 case and its business; and (g) work with professionals retained by other parties in interest in this case to attempt to obtain approval of a consensual plan of reorganization for the Debtor. The firm will be paid at these hourly rates: Stephen Sather $650 Attorneys $250 - $650 Support Staff $40 - $100 In addition, the firm will seek reimbursement for expenses incurred. Mr. Sather disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Stephen Sather, Esq. Barron & Newburger, P.C. 7320 N. MoPac Expwy., Suite 400 Telephone: (512) 476-9103 Facsimile: (512) 476-9253 About CTCHGC LLC CTCHGC LLC, doing business as Central Texas Gun Works, Centex Guns, and CTGW, is a firearms academy in Austin, Texas. The Company offers a straightforward and hassle-free way of obtaining Texas license to carry a handgun and various gun safety classes, including Identogo fingerprint services. Central Texas Gun Works also has a great selection of handguns, rifles, shotguns, knives and accessories in stock at the gun store showroom. CTCHGC LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-11072) on September 2, 2024. In the petition filed by Michael D. Cargill, manager, the Debtor reports total assets of $363,309 and total liabilities of $2,677,635. The Honorable Bankruptcy Judge Shad Robinson handles the case. The Debtor is represented by Stephen Sather, Esq., at Barron & Newburger, P.C. CURTIS JAMES JACKSON: 50 Cent Wins Bid to Reopen Bankruptcy Case ---------------------------------------------------------------- Chief Judge Ann M. Nevins of the United States Bankruptcy Court for the District of Connecticut granted the motion of Curtis James Jackson, III to reopen his bankruptcy case for a limited purpose. Curtis James Jackson, III filed this voluntary Chapter 11 bankruptcy case on July 13, 2015, and received a discharge pursuant to 11 U.S.C. Sec. 1141(d)(5) after completion of a Chapter 11 plan of reorganization on Feb. 2, 2017. After the Bankruptcy Court resolved disputed claims, the Clerk closed the case on Aug. 21, 2023. Now, the Debtor seeks to reopen the case to enforce the 2017 Discharge Order against Jahaira Rodriguez to: -- prevent her continuation of a state court case commenced in early 2025, and -- seek imposition of a sanction for the alleged violation of the Discharge Order. In the State Court Case, an undecided motion to dismiss on procedural grounds remains pending. Deciding whether the commencement of the State Court Case violated the Discharge Order will require an evidentiary hearing. The bankruptcy court and the state court have concurrent jurisdiction to determine if Ms. Rodriguez's pre-petition claim was discharged by applying 11 U.S.C. Sec. 523(a)(3)(B). If the State Court Case is dismissed due to a procedural issue, that will narrow the issues before the bankruptcy court. If the 2017 Discharge Order discharged the claim, exclusive jurisdiction to enforce the Discharge Order and determine a remedy rests with the bankruptcy court. The legal standard to determine whether the Discharge Order eliminated Ms. Rodriguez's claim is found in Bankruptcy Code Sec. 523(a)(3)(B). The deadline to file a request to determine the dischargeability of a debt of a kind specified in Bankruptcy Code Sec. 523(a)(6) was Oct. 5, 2015. The initial deadline to file a proof of claim was Nov. 3, 2015. The Debtor requested and the Bankruptcy Court ordered a second opportunity for unknown creditors to file a proof of claim during the period from June 2, 2016, through June 23, 2016. The periods of time from July 13, 2015 through Nov. 3, 2015, and June 2, 2016 through June 23, 2016, are the "Relevant Time Periods." To apply Bankruptcy Code Sec. 523(a)(3)(B), a court must determine if the name of the creditor to whom an alleged debt was owed was known to the Debtor, and whether Ms. Rodriguez had notice or actual knowledge of the bankruptcy case before both of the Relevant Time Periods expired. According to the Bankruptcy Court, because the Debtor is asserting discharge as a defense, Mr. Jackson bears the burden to establish Ms. Rodriguez received adequate notice of the time to file a proof of claim and to request a determination of dischargeability. The Bankruptcy Court finds there is sufficient cause to reopen this case for a limited purpose. A copy of the Court's Memorandum of Decision and Order dated July 10, 2025, is available at https://urlcurt.com/u?l=epT9VU from PacerMonitor.com. About 50 Cent Born July 6, 1975, Curtis James Jackson III, known professionally as 50 Cent, is an American rapper, actor, businessman, and investor. 50 Cent filed for Chapter 11 bankruptcy protection (Bankr. D. Conn. Case No. 15-21233) on July 13, 2015 with $32.5 million in debt. The bankruptcy filing came days after a jury ordered him to pay $5 million to rapper Rick Ross's ex-girlfriend Lastonia Leviston for a sex tape scandal. In July 2016, U.S. bankruptcy court judge approved a Chapter 11 reorganization plan for 50 Cent. The Plan required 50 Cent to pay $18 million to Sleek Audio to settle a judgment, $6 million to Leviston, and about $4 million to settle a guarantee claim with Sun Trust Bank, among paying off other creditors over a five-year period. In February 2017, U.S. Bankruptcy Judge Ann Nevins discharged Mr. Jackson's bankruptcy case. DATAVAULT AI: Nathaniel Bradley, 2 Others Report Equity Stake ------------------------------------------------------------- Nathaniel Bradley, Sonia Choi, and EOS Technology Holdings Inc. disclosed in a Schedule 13D/A (Amendment No. 1) filed with the U.S. Securities and Exchange Commission the following beneficial ownership of Datavault AI Inc.'s common shares: Amount of Beneficial Percent Reporting Person Ownership of Class ---------------- -------------------- ----------- Nathaniel Bradley 10,695,952 13.1 % Sonia Choi 6,696,041 8.2 % EOS Technology Holdings 3,999,911 4.9 % Mr. Bradley beneficially owns 10,695,952 shares of Datavault AI Inc.'s common stock, representing approximately 13.1% of the 81,593,467 shares outstanding. The beneficial ownership includes 3,715,361 shares held directly by Mr. Bradley, 3,999,911 shares held directly by EOS Technology Holdings Inc., and 2,980,680 shares held directly by his spouse, Sonia Choi. Nathaniel Bradley may be reached through: Nathaniel Bradley, Chief Executive Officer 48 Wall Street, Floor 11 New York, NY 10005 A full-text copy of the SEC report is available at: https://tinyurl.com/35vbmvjk About Datavault AI Datavault AI Inc. (f/k/a WiSA Technologies, Inc.) -- www.wisatechnologies.com -- develops and markets spatial audio wireless technology for smart devices and home entertainment systems. The Company's WiSA Association collaborates with consumer electronics companies, technology providers, retailers, and industry partners to promote high-quality spatial audio experiences. WiSA E is the Company's proprietary technology for seamless integration across platforms and devices. San Jose, California-based BPM LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company's recurring losses from operations, a net capital deficiency, available cash and cash used in operations raise substantial doubt about its ability to continue as a going concern. The Company has incurred net operating losses each year since inception. As of December 31, 2024, the Company had cash and cash equivalents of $3.3 million and reported net cash used in operations of $17.5 million during the year ended December 31, 2024. The Company expects operating losses to continue in the foreseeable future because of additional costs and expenses related to research and development activities, plans to expand its product portfolio, and increase its market share. The Company's ability to transition to attaining profitable operations is dependent upon achieving a level of revenues adequate to support its cost structure. DEEJAYZOO LLC: Seeks to Hire Alla Kachan as Bankruptcy Counsel -------------------------------------------------------------- Deejayzoo LLC, doing business as Shhhowercap, seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ the Law Offices of Alla Kachan PC as counsel. The firm will render these services: (a) assist the Debtor in administering this Chapter 11 case: (b) make such motions or take such action as may be appropriate or necessary under the Bankruptcy Code; (c) represent the Debtor in prosecuting adversary proceedings to collect assets of the estate and such actions as it deem appropriate; (d) take such steps as may be necessary for the Debtor to marshal and protect the estate's assets; (e) negotiate with the Debtor's creditors in formulating a plan of reorganization in this case; (f) draft and prosecute the confirmation of the Debtor's plan of reorganization for this case; (g) render such additional services as the Debtor may require in this case. The firm will be paid at these hourly rates: Attorney $550 Paraprofessionals $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received an initial retainer of $18,000 from the Debtor's principal, Jacquelyn De Jesu and her husband. Alla Kachan, Esq., an attorney at the firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. , The firm can be reached through: Alla Kachan, Esq. Law Offices of Alla Kachan, P.C. 2799 Coney Island Avenue, Suite 202 Brooklyn, NY 11235 Telephone: (718) 513-3145 About Deejayzoo LLC Deejayzoo LLC develops and markets SHHHOWERCAP, a reusable and innovative shower cap designed to replace disposable alternatives. The product is waterproof, humidity-defying, antibacterial, fits all hair types, and machine washable. The Company operates from its headquarters in Brooklyn, New York, and is led by founder Jacquelyn De Jesu. Deejayzoo LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42617) on May 28, 2025. In its petition signed by Jacquelyn De Jesu, president, the Debtor disclosed total assets of $12,166 and total liabilities of $2,846,653. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Alla Kachan, Esq., at the Law Offices of Alla Kachan, P.C. DEL MONTE: Tomato Packers Push for Contract Clarity in Chapter 11 ----------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that the California tomato processors have asked a New Jersey bankruptcy judge to require Del Monte to promptly decide whether it will assume or reject their packing contracts, warning that delays during the active tomato canning season could cost them million. 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. DIOCESE OF BURLINGTON: Seeks to Hire Champlain Valley as Appraiser ------------------------------------------------------------------ Roman Catholic Diocese of Burlington, Vermont seeks approval from the U.S. Bankruptcy Court for the District of Vermont to employ the Champlain Valley Appraisal Services, PLLC as appraiser. The firm will render these services: (a) conduct research about the properties based on square footage, location, and redevelopment; (b) prepare a summary of the details for each property; (c) create exhibits using GIS showing large portions of parcels which appear to be undeveloped or utilized and may offer the potential for a significant residential neighborhood expansion; and (d) prepare a detailed redevelopment analysis of the land values. The firm will be paid at an appraisal fee of $9,000 for the two properties located at 390 South Prospect Street and 200 Hinesburg Road. For the remaining properties, the Diocese will pay Champlain Valley the same appraisal fee of $4,500 per property minus a 20 percent discount. Brett Schermerhorn, sole owner and certified general real estate appraiser at Champlain Valley Appraisal Services, 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: Brett Schermerhorn Champlain Valley Appraisal Services, PLLC 223 Pine Haven Shores Ln Shelburne, VT 05482 Telephone: (802) 881-0622 About Roman Catholic Diocese of Burlington Vermont Roman Catholic Diocese of Burlington sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Vt. Case No. 24-10205) on Sept. 30, 2024. In the petition signed by Reverend John Joseph McDermott, bishop, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Heather Z. Cooper oversees the case. The Debtor tapped James Baillie, Esq., at Fredrikson & Byron, PA as bankruptcy counsel and Obuchowski Law Office as local counsel. DIVERSIFIED MASONRY: Claims to be Paid from Asset Sale Proceeds --------------------------------------------------------------- Diversified Masonry, LLC filed with the U.S. Bankruptcy Court for the District of Colorado an Amended Disclosure Statement to accompany Plan of Liquidation dated June 26, 2025. The Debtor has operated a masonry and construction business in Colorado since 2005. The Debtor is fully owned by Dev Mahanti. The Debtor shall surrender these assets to GM and Stearns Bank. The Debtor is currently in litigation with general contractors regarding its counterclaims. As to the claim against R.G. Brinkmann Co. et. al., the parties reached an agreement that results in dismissal of pending state court litigation, mutual releases between the parties, and withdrawal of the related proof of claim. Thus, there will be no funds available to the estate. On the Effective Date, the Debtor shall establish the Plan Payment Fund from which all Unsecured Claims will be paid. This date is projected to be August 1, 2025. The Debtor shall make periodic payments following the Effective Date from the sale of the assets. The Debtor will wind up operations and finalize its remaining jobs as disclosed on the Plan. Any funds remaining from these jobs, not used in the winddown and final operations of the business, along with any Reserve Cash, will be used to pay claims in accordance with this Plan, specifically any Administrative Expenses, Priority Claims, and Allowed Claims. As reflected in the Debtor's projections attached to the Plan as Exhibit 1, the Debtor has $247,741.00 in its accounts. The Reserve Cash, consisting of the account balance on the Effective Date. The Debtor will continue to operate through at least September 2025. Exhibit 1 lists anticipated "Cash Receipts" for each of the Debtor's outstanding jobs, which consists of approximately 10 jobs as of the date herein. The Debtor proposes to use the Reserve Cash, plus any future income from operations, to pay its ongoing operational expenses. The Debtor's anticipated expenses are set forth on Exhibit 1 to the Plan and labeled as "Payments". The Debtor asserts it will be necessary to use the Reserve Cash to ensure ongoing operations and orderly winddown. After paying ongoing expenses, all remaining Reserve Cash shall be used to fund the Plan Payment Funds in accordance with this Plan. Class 5 shall consist of the Allowed Claim of General Unsecured Claims. Class 5 shall receive Pro Rata distributions from the Plan Payment Fund as described in Article III of the Plan. Class 5 is Impaired under the Plan. Class 6 consists of Interests in the Debtor. The Holder of Class 6 interests will be entitled to distribution under the Plan only upon payment of (a) Allowed General Unsecured Claims, (b) Priority Claims, and (c) Allowed Administrative Claims in full. Upon payment of Allowed General Unsecured Claims and Allowed Administrative Claims in full, and upon expiration of the Administrative Claim Final Bar Date and determination of all Allowed Claims, the Holder of Class 4 interests will receive the remainder of the Reserve Cash, accounting for Section 4.2(e) U.S. Trustee Fees and Section 4.2(f) post-petition fees and expenses. Class 6 Interests shall receive payment only after all prior amounts are paid in full. On the Effective Date, the Debtor shall establish the Plan Payment Fund from which all Unsecured Claims will be paid. This date is projected to be August 1, 2025. The Debtor shall make periodic payments following the Effective Date from the sale of the assets listed on the Plan. The Debtor estimates that the liquidation value for these assets totals approximately $125,741.00 while the fair market value may total $208,005.00. The Debtor seeks to sell these assets for at least 85% of the liquidation values, which would allow the Debtor to sell the assets for a higher amount. The Debtor has substantial experience buying and selling construction materials and equipment. The Debtor reviewed current sale value from similar businesses and online sales to determine the proposed sale values. In his experience in the market and business judgment, the Debtor believes these values represent a fair liquidation value for the sale of used construction materials, vehicles, and equipment. The Debtor shall seek to sell the assets for the highest and best price. Through the Plan the Debtor seeks the authority to sell the assets listed on the Plan for at least 85% of the estimated value disclosed for each asset. The Debtor will wind up operations and finalize its remaining jobs as disclosed on the Plan. The Debtor anticipates that these jobs will be completed as of September 2025 and provide net funds to fund the Plan. Any funds in the Debtor's accounts, remaining from these jobs, not used in the winddown and final operations of the business, will be used to pay claims in accordance with this Plan, specifically any Administrative Expenses, Priority Claims, and Allowed Claims. Thereafter, and following the Administrative Claims Final Bar Date, the Reserve Cash shall then be used to fund payments to Class 5 General Unsecured Allowed Claims. The Debtor may also recover amounts through pending state court litigation and/or Avoidance Actions. The amount distributed to Class 5 Claimants is unknown until there are final orders determining the Allowed Amounts for Administrative Expenses and Disputed Claims. The Debtor may also recover amounts through pending state court litigation and/or Avoidance Actions. A full-text copy of the Amended Disclosure Statement dated June 26, 2025 is available at https://urlcurt.com/u?l=gpzsDq from PacerMonitor.com at no charge. Counsel to the Debtor: Jeffrey A. Weinman, Esq. Katharine S. Sender, Esq. Allen Vellone Wolf Helfrich & Factor P.C. 1600 Stout Street, Suite 1900 Denver, CO 80202 Tel: (303) 534-4499 Email: JWeinman@allen-vellone.com KSender@allen-vellone.com About Diversified Masonry The Debtor manufactures commercial and residential stone, stucco, brick and block for national builders, local municipalities and residential clients. Diversified Masonry, LLC in Denver, CO, filed its voluntary petition for Chapter 11 protection (Bankr. D. Colo. Case No. 24-11578) on April 3, 2024, listing $1,983,868 in assets and $2,685,778 in liabilities. Dev Mahanti as manager/member, signed the petition. Judge Thomas B. Mcnamara oversees the case. Allen Vellone Wolf Helfrich & Factor P.C. serve as the Debtor's legal counsel. DIVISION 2 TRUCKING: Seeks Chapter 11 Bankruptcy in Minnesota ------------------------------------------------------------- On July 16, 2025, Division 2 Trucking Company filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Minnesota. 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 Division 2 Trucking Company 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. Division 2 Trucking Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-32182) on July 16, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Katherine A. Constantine handles the case. The Debtor is represented by Joel D. Nesset, Esq. at COZEN O'CONNOR. DR. JOHN DAIGNAULT: David Madoff Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 1 appointed David Madoff, Esq., a partner at Madoff & Khoury, LLP, as Subchapter V trustee for Dr. John Daignault P.C. Mr. Madoff will be compensated at $450 per hour for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. In court filings, Mr. Madoff declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: David B. Madoff Madoff & Khoury, LLP 124 Washington Street, Suite 202 Foxborough, MA 02035 Phone: (508) 543-0040 Email: madoff@mandkllp.com About Dr. John Daignault P.C. Dr. John Daignault P.C. is a professional corporation based in Braintree, Massachusetts. Dr. John Daignault sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11389) on July 3, 2025. In its petition, the Debtor reported estimated assets between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. Judge Christopher J. Panos handles the case. The Debtor is represented by Kate E. Nicholson, Esq., at Nicholson Devine, LLC. EMMAUS LIFE: CFO Retires; Hiroko Huynh Promoted to CAO ------------------------------------------------------ Emmaus Life Sciences, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Mr. Yasushi Nagasaki resigned as Chief Financial Officer on effective June 30, 2025, and indicated his plan to transition to full retirement. Effective July 1, 2025, Ms. Hiroko Huynh was promoted to serve as the Company's Chief Accounting Officer. Ms. Huynh has served as Controller of Emmaus since January 2020, and served as Senior Manager in the finance and accounting department from October 2018 to January 2020. Prior to joining Emmaus, she spent eight years as an accountant with Deloitte & Touche LLP, one of the nation's "big four" public accounting firms. About Emmaus Life Sciences Emmaus Life Sciences, Inc. is a commercial-stage biopharmaceutical company engaged in the marketing and sales of the Company's lead product Endari (prescription grade L-glutamine oral powder), which is approved by the U.S. Food and Drug Administration, or FDA, to reduce the acute complications of sickle cell disease in adult and pediatric patients five years of age and older. Endari has received Orphan Drug designation from the FDA, which designation generally affords marketing exclusivity for Endari in the U.S. for a seven-year period ending in July 2024. Costa Mesa, California-based Marcum LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 14, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2024, the Company had $23.6 million in total assets, $80.1 million in total liabilities, and total stockholders' deficit of $56.5 million. ERS MEDICAL: Case Summary & Eight Unsecured Creditors ----------------------------------------------------- Debtor: ERS Medical, Inc. 152 Shea Ct. Tracy, CA 95377 Business Description: ERS Medical provides biomedical equipment services, including installation, calibration, inspection, and repair, for healthcare facilities. The Company specializes in life support and general biomedical equipment such as patient monitors, infusion pumps, defibrillators, anesthesia machines, and ultrasound systems. It operates with a team experienced in the biomedical field, including former field service engineers and U.S. Army-trained contractors. Chapter 11 Petition Date: July 17, 2025 Court: United States Bankruptcy Court Eastern District of California Case No.: 25-23668 Judge: Hon. Christopher M Klein Debtor's Counsel: Arasto Farsad, Esq. FARSAD LAW OFFICE, P.C. 1625 The Alameda, Suite 525 San Jose, CA 95126 Tel: (408) 641-9966 Fax: (408) 866-7334 Email: FarsadLaw1@gmail.com Total Assets: $125,743 Total Liabilities: $1,018,196 The petition was signed by Anthony P. McDaniel as CEO and president. A full-text copy of the petition, which includes a list of the Debtor's eight unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LT7XRBA/ERS_Medical_Inc__caebke-25-23668__0001.0.pdf?mcid=tGE4TAMA ESCO OIL: Seeks to Hire Calhoun Meredith as Litigation Counsel -------------------------------------------------------------- ESCO Oil Operating Company LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Calhoun, Meredith, PLLC as special litigation counsel. The firm will render these services: (a) identify assets that may be executed against; (b) identify and set aside potential fraudulent transfers; (c) enforcement of the final judgment; and (d) collect the final judgment through a court proceeding. The firm will receive a 40 percent contingent fee as compensation, plus reimbursement for out-of-pocket expenses incurred. Bjornrae Kemp, Esq., an attorney at Calhoun, Meredith, 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: Bjornrae Kemp, Esq. Calhoun, Meredith, PLLC 5444 Westheimer Rd., Suite 1250 Houston, TX 77056 Telephone: (832) 420-6203 About ESCO Oil Operating Company ESCO Oil Operating Company, LLC is a Texas-based oil and gas operator engaged in managing producing wells primarily in Maverick County. It is headquartered in Houston and holds mineral interests across multiple counties in the state. ESCO Oil Operating Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-32573) on May 6, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Eduardo V. Rodriguez handles the case. The Debtor tapped Leonard Simon, Esq., at Pendergraft & Simon, LLP as bankruptcy counsel and Bjornrae Kemp, Esq., at Calhoun, Meredith, PLLC as litigation counsel. ETROG PROPERTIES: Section 341(a) Meeting of Creditors on August 19 ------------------------------------------------------------------ On July 17, 2025, Etrog Properties LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filing, the Debtor reports between $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 19, 2025 at 03:00 PM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 3913464. About Etrog Properties LLC Etrog Properties LLC is a single asset real estate company that owns property located at 938 Intervale Avenue in the Bronx, New York. Etrog Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43396) on July 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Louis A. Scarcella handles the case. The Debtor is represented by Kevin J. Nash at Goldberg Weprin Finkel Goldstein LLP. EVOFEM BIOSCIENCES: Closes $925K Note and Warrant Deal With Aditxt ------------------------------------------------------------------ Evofem Biosciences, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into a securities purchase agreement with Aditxt, Inc., a Delaware Corporation providing for the sale and issuance of senior subordinated convertible notes due in the aggregate original principal amount of $1,423,076.92 and warrants to purchase an aggregate of 92,407,592 shares of common stock the Company, par value $0.0001. The Offering closed on June 26, 2025 and, as a result, the Company issued Notes in an aggregate principal amount of $1,423,076.92 and Warrants to purchase 92,407,592 shares of Common Stock. Aditxt paid approximately $650 for each $1,000 of the principal amount of Notes and Warrants. The net proceeds after the offering costs to the Company from the Offering were approximately $925,000. The Company may not effect the conversion or the exercise of the Notes and/or Warrants, and the applicable holder will not be entitled to convert or exercise any portion of any such Notes and/or Warrants, which, upon giving effect to such conversion or exercise, would cause the aggregate number of shares of Common Stock beneficially owned by the holder of such Notes and/or Warrants (together with its affiliates) to exceed 9.99% of the total Common Stock issued and outstanding immediately after giving effect to the conversion or exercise, as such percentage ownership is determined in accordance with the terms of such Notes and/or Warrants. * Warrants: The Warrants are exercisable into shares of Common Stock at an exercise price of $0.0154 per share and allow for cashless exercise. The Warrants are immediately exercisable and expire on the fifth (5th) anniversary date from the Issuance Date. * Notes: The Notes will be the senior subordinate obligations of the Company and not the financial obligations of the Company's subsidiaries. The principal amount of the Notes accrue interest at a rate of 8% per annum, which will adjust to 12% upon an Event of Default. The Notes are convertible at a conversion price of $0.0154 per share, subject to adjustment as described therein. Unless earlier converted or redeemed, the Notes will mature on June 26, 2028, subject to the right of the investor to extend the date: (i) if an event of default under the Notes has occurred and is continuing (or any event shall have occurred and be continuing that with the passage of time and the failure to cure would result in an event of default under the Notes) and (ii) for a period of 20 business days after the consummation of a fundamental transaction if certain events occur. The Company is required to pay a late charge of 12% per annum on any amount of principal or other amounts that are not paid when due. The Company is required to pay, on the Maturity Date, all outstanding principal, accrued and unpaid interest, and accrued and unpaid Late Charges on such principal and interest, if any. * Beneficial Ownership Limitation on Conversion: The Notes may not be converted and shares of Common Stock may not be issued under Notes if, after giving effect to the conversion or issuance, the applicable holder of Notes (together with its affiliates, if any) would beneficially own in excess of 9.99% of the Company's outstanding shares of Common Stock, which we refer to herein as the "Note Blocker". * Fundamental Transactions: The Notes prohibit the Company from entering specified fundamental transactions (including, without limitation, mergers, business combinations and similar transactions) unless we are (or the Company's successor is) a public company that assumes in writing all of the Company's obligations under the Notes. * Change of Control Redemption Right: In connection with a change of control of the Company, each holder may require us to redeem in cash all, or any portion, of the Notes at the greater of the product of the 25% redemption premium multiplied by (i) the conversion amount to be redeemed, (ii) the product of the conversion amount to be redeemed multiplied by the equity value of the Company's Common Stock underlying the Notes and (iii) the product of the conversion amount to be redeemed multiplied by the equity value of the change of control consideration payable to the holder of the Company's Common Stock underlying the Notes. The equity value of the Company's Common Stock underlying the Notes is calculated using the greatest closing sale price of the Company's Common Stock during the period immediately preceding the consummation or the public announcement of the change of control and ending the date the holder gives notice of such redemption. The equity value of the change of control consideration payable to the holder of the Company's Common Stock underlying the Notes is calculated using the aggregate cash consideration per share of the Company's Common Stock to be paid to the holders of the Company's Common Stock upon the change of control. * Covenants: The Notes contain a variety of obligations on the Company's part not to engage in specified activities, which are typical for transactions of this type, as well as the following covenants: * All payments under the Notes shall be made pari passu with all other Notes and shall be senior to all other Indebtedness other than Permitted Senior Indebtedness and Permitted Indebtedness secured by Permitted Liens. * the Company and its subsidiaries will not initially (directly or indirectly) incur any other indebtedness except for permitted indebtedness; * the Company and its subsidiaries will not initially (directly or indirectly) will not incur any liens, except for permitted liens; * the Company and its subsidiaries will not, directly or indirectly, redeem or repay all or any portion of any indebtedness (except for certain permitted indebtedness) if at the time the payment is due or is made or, after giving effect to the payment, an event constituting, or that with the passage of time and without being cured would constitute, an event of default has occurred and is continuing; * the Company and its subsidiaries will not redeem, repurchase, or pay any dividend or distribution on its respective capital stock; * the Company and its subsidiaries will not initially, directly or indirectly, permit any indebtedness to mature or accelerate prior to the Maturity Date of the Notes; and * the Company will maintain engagement with an independent auditor to audit its financial statements that is registered with the Public Company Accounting Oversight Board. Events of Default: The Notes contain standard and customary events of default including but not limited: (i) the suspension of its Common Stock from trading on the Eligible Market; (ii) the failure to cure a Conversion Failure (as defined therein); (iii) failure to make payments when due under the Notes; (iv) bankruptcy or insolvency of the Company; and/or (v) the occurrence of default under redemption or acceleration prior to Maturity of an aggregate $100,000 of Indebtedness (as defined therein). If an event of default occurs, each holder may require us to redeem all or any portion of the Notes (including all accrued and unpaid interest and Late Charges thereon), in cash, at the greater of a 125% redemption premium multiplied by the conversion amount to be redeemed, and solely with respect to certain events of the default, the equity value of its Common Stock underlying the Notes. The equity value of its Common Stock underlying the Notes is calculated using the greatest closing sale price of its Common Stock on any trading day immediately preceding such event of default and the date the Company make the entire payment required. Subsequent Placement Optional Redemption Rights: At any time from and after the earlier of (x) the date the Holder becomes aware of the occurrence of a Subsequent Placement (as defined in the Securities Purchase Agreement) and (y) the time of consummation of a Subsequent Placement (in each case, other than with respect to Excluded Securities (as defined in the SPA)), so long as No Permitted Senior Indebtedness remains outstanding or undefeased (unless the Company has obtained the prior written consent of such holders of Permitted Senior Indebtedness), the Holder shall have the right, in its sole discretion, to require that the Company redeem all, or any portion, of the Conversion Amount under this Note not in excess of (together with any Subsequent Placement Optional Redemption Amount (as defined in the applicable other Note of the Holder) of any other Notes of the Holder) the Holder's Holder Pro Rata Amount of 25% of the gross proceeds of such Eligible Subsequent Placement. Asset Sale Optional Redemption: At any time from and after the earlier of (x) the date the Holder becomes aware of the occurrence of an Asset Sale (including any insurance and condemnation proceeds thereof) and (y) the time of consummation of an Asset Sale (other than sales of inventory and product in the ordinary course of business and amounts reinvested in assets to be used in the Company's business within 12 months of the date of consummation of such Asset Sale), subject to the satisfaction of the Senior Debt Condition, the Holder shall have the right, in its sole discretion, to require that the Company redeem all, or any portion, of the Conversion Amount under this Note not in excess of (together with any Asset Sale Optional Redemption Amount (as defined in the applicable other Note of the Holder) of any other Notes of the Holder) the Holder's Holder Pro Rata Amount of 100% of the net proceeds (including any insurance and condemnation proceeds with respect thereto, but excluding legal and investment banking reasonable fees and expenses) of such Eligible Asset Sale by delivering written notice thereof to the Company. The Notes will be governed by, and construed in accordance with, the laws of the State of New York without regard to its conflicts of law principles. About Evofem Evofem Biosciences, Inc. is a San Diego-based biopharmaceutical company focused on sexual and reproductive health innovations. Its first commercial product, PHEXXI, is a hormone-free prescription contraceptive gel that was FDA-approved in 2020. In November 2024, they re-launched SOLOSEC, an oral antimicrobial agent for treating two common sexual health infections, following its acquisition of global rights. The Company aims to expand its global presence through partnerships and licensing agreements, such as the recent licensing of PHEXXI commercial rights in the Middle East to Pharma 1 Drug Store, LLC. In its report dated March 23, 2025, the Company's auditor, BPM, LLP, issued a "going concern" qualification attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, noting that the Company has experienced recurring operational losses, negative cash flows from operations since its inception, and a net capital deficiency, all of which raise substantial doubt about its ability to continue as a going concern. EYENOVIA INC: Renamed Hyperion DeFi; Focus Shifts to HYPE Strategy ------------------------------------------------------------------ Eyenovia, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company filed a Certificate of Amendment to its Third Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to change its name from Eyenovia, Inc. to Hyperion DeFi, Inc. The Name Change and Amendment became effective at 8:00 a.m. Eastern Time on July 1, 2025. The Board approved the Name Change and the Amendment pursuant to Section 242 of the General Corporation Law of the State of Delaware. Pursuant to Section 242 of the Delaware General Corporation Law, stockholder approval was not required to complete the Name Change or to approve or effect the Amendment. The Name Change will not affect the voting or other rights that accompany the Company's common stock, par value $0.0001 per share, or the validity or transferability of the Company's shares of Common Stock currently outstanding. Concurrent with the name change, the Company's shares began trading under the new ticker symbol "HYPD" on the Nasdaq Capital Market on July 3, 2025. The name change reflects the Company's recent launch of its cryptocurrency treasury reserve strategy focused on the HYPE token, which is native to the decentralized digital asset exchange and Layer-1 blockchain, Hyperliquid. "Our corporate name change to Hyperion DeFi, Inc. reflects our new vision for the company and represents the next important step in the evolution of our cryptocurrency treasury reserve strategy," stated Michael Rowe, Chief Executive Officer of Eyenovia/Hyperion DeFi, Inc. "Notably, 'Hyperion' refers to the tallest known living tree – a California Redwood – which reflects our belief that Hyperion DeFi has the potential to grow into the largest holder of the HYPE token globally and the largest cryptocurrency-based treasury overall. At the same time, 'DeFi' refers to the exploration of new technologies, which is applicable not only to this new treasury reserve strategy but to our continued development of the Optejet dispenser as well." "As reflected in the Keats poem of the same name which chronicles the defeat of the Titans at the hands of the Olympians, 'Hyperion' evokes themes of changing order," added Hyunsu Jung, Chief Investment Officer. "In this case, the emergence of blockchain technology challenges not only existing financial infrastructure but also centralized cryptocurrency exchanges. We believe that we are uniquely positioned to be a pioneer in the growing acceptance of digital currencies as a treasury asset, and I look forward to making that vision of Hyperion DeFi a reality." As part of this announcement, Hyperion DeFi's co-branded validator 'Kinetiq x Hyperion' is officially live. The Company has started to stake its HYPE holdings to generate yield and further prepare for its onchain engagement strategies. The CUSIP number for the Company's common stock is not affected by the name change. About Hyperion DeFi Inc. Hyperion DeFi, Inc. is the first U.S. publicly listed company building a long-term strategic treasury of Hyperliquid's native token, HYPE. The Company is focused on providing its shareholders with simplified access to the Hyperliquid ecosystem, one of the fastest growing, highest revenue-generating blockchains in the world. Shareholders benefit from a gradually compounding exposure to HYPE, both from its native staking yield and additional revenues generated from its unique on-chain utility. About Eyenovia New York, N.Y.-based Eyenovia, Inc. is an ophthalmic technology company commercializing Mydcombi (tropicamide and phenylephrine HCL ophthalmic spray) for inducing mydriasis for routine diagnostic procedures and in conditions where short-term pupil dilation is desired, preparing for the commercialization of clobetasol propionate ophthalmic suspension 0.05% ("clobetasol propionate"), for the treatment of post-operative inflammation and pain following ocular surgery, and developing the Optejet delivery system both for use in combination with its own drug-device therapeutic programs and for out-licensing for use in combination with therapeutics for additional indications. The Company's aim is to improve the delivery of topical ophthalmic medication through the ergonomic design of the Optejet, which facilitates ease-of-use and delivery of a more physiologically appropriate medication volume, with the goal to reduce side effects and improve tolerability and introduce digital health technology to improve therapy compliance and ultimately medical outcomes. New York, N.Y.-based Marcum LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. FAIRFIELD SENTRY: Rothschild Dublin Must Face Adversary Proceeding ------------------------------------------------------------------ Judge John P. Mastando III of the United States Bankruptcy Court for the Southern District of New York denied the the motion of Defendant Edmond de Rothschild (Suisse) S.A. (sued as Rothschild Bank Geneva (Dublin)) to dismiss the fifth amended complaint in the adversary proceeding captioned as FAIRFIELD SENTRY LTD. (In Liquidation), et al., Plaintiffs, v. ABN AMRO SCHWEIZ AG a/k/a AMRO (SWITZERLAND) AG, et al., Defendants, Adv. Pro. No. 10-03636 (JPM) (Bankr. S.D.N.Y.) for lack of personal jurisdiction. This adversary proceeding was filed on Sept. 21, 2010. Kenneth M. Krys and Greig Mitchell -- in their capacities as the duly appointed Liquidators and Foreign Representatives of Fairfield Sentry Limited (In Liquidation), Fairfield Sigma Limited (In Liquidation), and Fairfield Lambda Limited (In Liquidation) -- filed the Amended Complaint on Aug. 12, 2021. Via the Amended Complaint, the Liquidators seek the imposition of a constructive trust and recovery of over $1.7 billion in redemption payments made by Sentry, Sigma, and Lambda to various entities known as the Citco Subscribers. Of that amount, Rothschild Dublin allegedly received at least $4,027,863.334 through redemption payments from its investment in Sentry and Sigma. This adversary proceeding arises out of the decades-long effort to recover assets of the Bernard L. Madoff Investment Securities LLC Ponzi scheme. The Citco Subscribers allegedly invested, either for their own account or for the account of others, into several funds -- including Sentry, Sigma, and Lambda -- that channeled investments into BLMIS. The Amended Complaint alleges that investors received payments on account of their shares in the Fairfield Funds based on a highly-inflated Net Asset Value. The Citco Subscribers and the beneficial shareholders were allegedly such investors. To calculate the NAV, administrators used statements provided by BLMIS that showed "securities and investments, or interests or rights in securities and investments, held by BLMIS for the account of Sentry." In fact, no securities were ever bought or sold by BLMIS for Sentry, and none of the transactions on the statements ever occurred. The money sent to BLMIS by the Fairfield Funds for the purchase of securities was instead used by Bernard Madoff to pay other investors or was "misappropriated by Madoff for other unauthorized uses." The NAVs were miscalculated, and redemption payments were made in excess of the true value of the shares. The Fairfield Funds were either insolvent when the redemption payments were made or were made insolvent by those payments. EDRS is a corporate entity organized under the laws of Switzerland with a registered address in Lugano, Switzerland. EDRS allegedly invested into and redeemed shares of Sentry and Sigma through several companies within the Citco corporate family. Investments into the Funds were registered in the name of Citco Fund Services (Europe) B.V., and Citco Global Custody N.V. Citco Bank Nederland N.V. Dublin Branch allegedly carried out subscriptions and redemptions on behalf of EDRS and other investors. Citco Bank and Citco Global Custody served as the subscriber of record for EDRS's shares of the Fairfield Funds. The Citco Subscriber was organized under the laws of either Curacao or the Netherlands. EDRS first invested in two Fairfield feeder funds -- Sentry and Sigma -- in 2000 via the Citco Subscriber, which is alleged to have facilitated investments in the Fairfield Funds for numerous shareholders in this proceeding. While investing in the Funds, EDRS allegedly retained Citco as its agent, opened an account at Citco Bank, and entered into Brokerage and Custody Agreements with the Citco Subscriber. From June 2007 through October 2007, EDRS allegedly subscribed through the Citco Subscriber for a total of 4,573.2 shares in Sentry and Sigma. EDRS also authorized their alleged agent, Citco, to utilize U.S. correspondent bank accounts to receive 16 Sentry redemption payments, worth $3,276,024.75 in total. The Amended Complaint alleges that the Citco Subscribers, including the purported agents of EDRS, had knowledge of the Madoff fraud, and therefore knowledge that the Net Asset Value was inflated when the redemption payments were made. It further asserts that, while receiving redemption payments, the Citco Subscribers uncovered multiple additional indicia that Madoff was engaged in some form of fraud but turned a blind eye, and accepted millions of dollars while willfully ignoring or, at the very least, recklessly disregarding the truth in clear violation of the law of the British Virgin Islands. The Amended Complaint seeks the imposition of a constructive trust on the redemption payments received from the Fairfield Funds. The Amended Complaint alleges that the defendants, including EDRS as a beneficial shareholder of certain accounts, purposefully availed themselves of the laws of the United States and the State of New York by investing money with the Funds, and knowing and intending that the Funds would invest substantially all of that money in New York-based BLMIS. Defendant has moved to dismiss the Amended Complaint for lack of personal jurisdiction. It argues that the Amended Complaint has not sufficiently alleged minimum contacts with the forum to establish personal jurisdiction over Defendant and that exercising personal jurisdiction would be unreasonable. The Liquidators argue that exercising jurisdiction over Defendant would be reasonable and that Defendant's contacts with the United States, through its own actions and those of its purported agent, in knowingly and intentionally investing in Sentry, using U.S. correspondent accounts to invest in and receive payments from Sentry, and conducting other business activities support personal jurisdiction. Plaintiffs point to EDRS's choice of correspondent accounts, through its agent, as sufficient to establish minimum contacts with the United States. They allege that EDRS, through the Citco Subscriber, its purported agent, deliberately selected and used the Citco Subscriber's U.S. correspondent account at HSBC Bank USA, N.A. to effectuate the redemption payments that form the harms for which Plaintiffs seek redress. The Court finds EDRS's repeated receipt of millions of dollars of redemption payments for its investments in Sentry through U.S. correspondent accounts demonstrates its purposeful availment of the banking system of New York and the United States. The Court finds that Defendant's selection and use, through its agent, of U.S. correspondent accounts, due diligence, and communications with the Fairfield Funds' U.S.-based manager, the Fairfield Greenwich Group, concerning investments with BLMIS in New York support the Court's exercise of jurisdiction over the claims for receiving redemption payments from the Fairfield Funds with the knowledge that the NAV was wrong. The contacts are not random, isolated, or fortuitous. The contacts demonstrate EDRS's purposeful activities aimed at New York in order to effectuate transfers from Sentry and Sigma. The Plaintiffs have thus provided evidence sufficient to support a prima facie showing that the Defendant had minimum contacts with the forum. Accordingly, the Court finds that the Defendant's conduct would also satisfy the "more flexible jurisdictional inquiry" under the Fifth Amendment. A copy of the Court's Memorandum Opinion and Order dated July 15, 2025, is available at https://urlcurt.com/u?l=19pskF from PacerMonitor.com. About Fairfield Sentry Fairfield Sentry Limited is being liquidated under the supervision of the Commercial Division of the High Court of Justice in the British Virgin Islands. It is one of the funds owned by the Fairfield Greenwich Group, an investment firm founded in 1983 in New York. Fairfield Sentry and other Greenwich funds had among the largest exposures to the Bernard L. Madoff fraud. Fairfield Sentry became the subject of a BVI liquidation, and a BVI court appointed Kenneth M. Krys and Greig Mitchell as Liquidators and Foreign Representatives of Fairfield Sentry and Fairfield Sigma under BVI law. The Liquidators then sought recognition of the BVI liquidation as a foreign main proceeding by filing petitions under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 10-13164) on June 14, 2010 in the Southern District of New York. The Bankruptcy Court entered an order granting recognition of the Fairfield Sentry case on July 22, 2010, enabling the Liquidators to use the U.S. Bankruptcy Court to protect and administer Fairfield Sentry's assets in the U.S. FARRELL'S ON ROUND: Purling Property Sale to SSPN for $2.4MM OK'd ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York has approved Farrell's On Round Top LLC, to sell Property, free and clear of liens, claims, and encumbrances. The Debtor's Property is a certain parcel of real property known as 866-872-876 Mountain Avenue, Purling, New York. The Debtor is a New York Limited Liability Company with its corporate office located at Box 68, East, New York. The Court has authorized the Debtor to sell the Property to SSPN Development LLC for the sum of $2,400,000.00 subject to various adjustments as indicated in the application, and debtor's attorney having served its application and supporting documents upon the United States Trustee, and all creditors and parties in interest, and said motion having come on to be heard before this Court on July 15, 2025, and Richard S. Feinsilver, Esq. having appeared in support of the motion, Christopher Palmieri, Esq., having appeared on behalf of secured creditors Centra Bavarian Mansion LLC and Centra Bavarian Mansion II LLC (Bavarian Companies), and Alicia M. Leonhard, Esq., appearing on behalf of the Office of the United States Trustee, and no other party in interest having appeared or having submitted papers in opposition, after due deliberation and sufficient cause appearing. The Debtor is authorized and directed to pay off and satisfy the liens of secured creditor Greene County Treasurer simultaneous with the closing of title, and further directed to pay all New York State Transfer Taxes and usual and customary title and recording charges associated with the sale simultaneous with the closing of title. The Debtor shall deposit the sum of $141,200.00, representing the amount of estimated administrative claims in this case, including professional fees, real estate broker fees and a provision for U.S. Trustee fees, in escrow with Richard S. Feinsilver, Esq. pending further Orders of the Court. About Farrell's On Round Top LLC Farrell's on Round Top LLC owns a mixed-use commercial property (105 acres, hotel, bar/restaurant (dormant) located at Mountain Avenue, Purling NY 12470 having a current value $3 million. Farrell's on Round Top LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-35906) on September 9, 2024. In the petition filed by Garrett P. Doyle, as managing member, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Richard S. Feinsilver, Esq. FIRST CHOICE: Bradley Case Named COO After Michael Howe Resignation ------------------------------------------------------------------- First Choice Healthcare Solutions, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on June 10, 2025, Mr. Michael C. Howe informed the Company of his resignation as the Chief Operating Officer of the Company, effective as of June 10, 2025. Mr. Howe's decision to resign was not because of any disagreement relating to the Company's accounting, strategy, management, operations, policies, regulatory matters, financial reporting, controls or practices, but because he accepted a full-time position at another Company listed on the Nasdaq Stock Market. Mr. Howe will be a director on the board of directors of the Company upon completion of an uplist and effectiveness of an S-1 registration statement filed by the Company. On the same date, Bradley D. Case was appointed as the Chief Operating Officer of the Company, effective June 10, 2025. Mr. Case, age 49, brings more than 30 years of leadership experience in healthcare across a variety of verticals including patient care, insurance services, post-acute care, health technology and medical device manufacturing. He served as the President of The Good Clinic and was the CEO of Estrella Health, having previously held senior leadership roles at UnitedHealth Group, Influence Health, and WellStack. He holds a Bachelor of Arts in Political Science from the University of Colorado Denver. In connection with Mr. Case's appointment, the Company entered into an employment agreement dated June 10, 2025. Under the Employment Agreement, Mr. Case is entitled to receive an annual base salary of $225,000. In addition to the base salary, Mr. Case will be paid $25,000 upon completion of the uplist and S-1 registration offering and shall be eligible to receive an annual bonus in an amount equal to 50% of the base salary (60% cash and 40% stock grant) for achievement of target-level performance objectives (with the eligible amount of such bonus being more or less than the Target Bonus in the event of achievement below or above target-performance objectives, in each case as determined by the board of directors of the Company in its discretion). There are no arrangements or understandings between Mr. Case and any other persons pursuant to which he was selected as an officer of the Company, and Mr. Case is not related to any other executive officer or director of the Company. About First Choice Healthcare Melbourne, Fla.-based First Choice Healthcare Solutions, Inc. provides rehabilitative services, such as physical therapy. Henderson, Nev.-based Bush & Associates CPA LLC, 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 suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $4.5 million in total assets, $37 million in total liabilities, and a total stockholders' deficit of $32.5 million. FOREST MEADOWS: Taps Fellers Schewe as Tax Management Advisor ------------------------------------------------------------- Forest Meadows Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Fellers Schewe Scott & Roberts as its property tax management advisor in its Chapter 11 case. The firm will provide these services: (a) prepare materials to file the 2025 Clayton County Property Tax Appeal Review; (b) analyze market and tax data to support the property tax appeal; (c) appear at the appeal review to present information to the review board to reduce the Debtor's 2025 property tax liability; and (d) take other essential actions necessary to pursue the 2025 property tax reduction. FSSR will be compensated in accordance with its fee policy of $250 plus 25% of any tax savings, payable only upon entry of a future order of the Court. No payments will be made without court approval after notice and hearing. According to court filings, FSSR is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and holds no interest adverse to the Debtor or the estate. Fellers Schewe Scott & Roberts can be contacted at: Fellers Schewe Scott & Roberts 2513 N. Royal Place Tucker, GA 30084 Telephone: (770) 621-9548 Website: www.fssratl.com About Forest Meadows Holdings, LLC Forest Meadows Holdings, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-54944) on May 5, 2025. At the time of the filing, Debtor had estimated assets of between $10,000,001 and $50 million and liabilities of between $10,000,001 and $50 million. Judge Lisa Ritchey Craig oversees the case. Rountree Leitman Klein & Geer, LLC is Debtor's legal counsel. FULLER'S SERVICE: Chapter 11 Trustee Appointment Sought ------------------------------------------------------- Brian and Kristine Richards, in their capacity as Independent Administrators of the Estate of Sean Patrick Richards, deceased, asked the U.S. Bankruptcy Court for the Northern District of Illinois to appoint a Chapter 11 trustee for Fuller's Service Center, Inc. The Richards Family Representatives explained that a cursory review of the Debtor's schedules of assets and liabilities and statement of financial affairs depicts a troubling web of intercompany transactions and relationships between the Debtor and various affiliated non-debtor entities and individuals, raising the specter that the Debtor's controlling principal, Douglas A. Fuller, Jr., has too many conflicting interests to reliably be expected to fulfill his fiduciary duties to the Debtor's creditors. The Richards Family Representatives asserted that the following list, demonstrates the ways in which the Debtor has engaged in fraudulent, dishonest, and incompetent conduct, as well as gross mismanagement, thus establishing cause exists to appoint a Chapter 11 trustee: * At the end of 2023, the Debtor's combined financial statements reflect $3,032,894 in loans made to the Principals, as well as a loan $187,804 paid to a "non-shareholder family member." While these loans to shareholders were accounted for in at least two separate tax returns signed by Ms. Groenewold, they were "reclassified" as distributions and eliminated from the Debtor's books and records on the eve of bankruptcy. Susan Headley, the Debtor's Controller, admitted during her deposition that the loans to shareholders were at least in part an accumulation of historical personal credit card spending by the Principals on a Debtor company credit card. * Between 2023-2024, the Debtor issued over $1.2 million in periodic non-salary dividend payments to the Principals via 102 separate checks. After deciding to file for bankruptcy, the Debtor paid Mr. Fuller and Ms. Groenewold each a bonus of $13,000 in October, and an additional bonus of $51,000 each at the end of December, just one month before filing for bankruptcy. * On January 15, 2025, less than two weeks before filing its petition, the Debtor increased its regular biweekly salary payments to Mr. Fuller and Ms. Groenewold roughly 70%, from $5,293.40 to $8,950.00. * In September of 2023, shortly after the incident that killed Sean Patrick Richards, the Debtor purchased whole life insurance policies on the six Principals worth $1,000,000 per individual, and named an affiliate, Fuller Administrative, LLC, the beneficiary for each Principal. The Debtor pays the premium payments on these policies. * After the incident that killed Sean Richards, the Debtor transferred its snowplowing and removal business to an affiliate, Fuller's Home & Hardware, Inc.; the Debtor continues to provide this affiliate with the equipment to operate these services, for no consideration. * On many occasions, the Debtor and its affiliates have purchased luxury vehicles for the personal use of insiders or for the transfer of vehicles to affiliates for no consideration. * On November 11, 2024, after the Debtor decided to file for voluntary bankruptcy, the Debtor executed a guaranty of all of the lease payment and performance obligations of Fuller's Home & Hardware, Inc. The Richards Family Representatives are the single largest creditor of the Debtor in terms of asserted claim amount, and they have no faith in the ability of Mr. Fuller and Ms. Groenewald to manage the Debtor consistent with their fiduciary duties, particularly given their demonstrated willingness to use their positions to protect their parochial and hopelessly conflicted interests at the expense of the Debtor's creditors. Counsel to the Richards Family Representatives: Matthew M. Murphy, Esq. Louise Kathleen Simpson, Esq. PAUL HASTINGS LLP 71 S. Wacker Drive, Forty-Fifth Floor Chicago, IL 60606 Telephone: (312) 499-6000 Facsimile: (312) 499-6100 Email: mattmurphy@paulhastings.com louisesimpson@paulhastings.com -and- Michael C. Whalen, Esq. KIRKLAND & ELLIS LLP 333 W. Wolf Point Plaza Chicago, IL 60654 Telephone: (312) 862-2000 Facsimile: (312) 862-2200 Email: michael.whalen@kirkland.com About Fuller's Service Center Inc. Fuller's Service Center, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-01345) on January 29, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Douglas A. Fuller Jr., president of Fuller's Service Center, signed the petition. Judge Deborah L. Thorne oversees the case. David K. Welch, Esq., at Burke, Warren, MacKay & Serritella, P.C., is the Debtor's legal counsel. GREEN COPPERFIELD: Jarrod Martin Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 7 appointed Jarrod Martin, Esq., a practicing attorney in Houston, as Subchapter V trustee for Green Copperfield LLC. Mr. Martin will be paid an hourly fee of $650 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Martin declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jarrod B. Martin, Esq. 1200 Smith Street, Suite 1400 Houston, TX 77002 Phone: 713-356-1280 Email: JBM.Trustee@chamberlainlaw.com About Green Copperfield LLC Green Copperfield, LLC, doing business as Trailer King Builders, designs, manufactures, and modifies custom food trucks and concession trailers. Green Copperfield sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-33860) on July 1, 2025. In its petition, the Debtor reported total assets of $135,933 and total liabilities of $3,764,017. Judge Jeffrey P. Norman handles the case. The Debtor is represented by Bennett G. Fisher, Esq., at Lewis Brisbois. GREENWICH RETAIL: Taps Davidoff Hutcher & Citron as Legal Counsel ----------------------------------------------------------------- Greenwich Retail Group LLC and Madison Westside LLC seek approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Davidoff Hutcher & Citron LLP as counsel. The firm will render these services: (a) advise the Debtors with respect to their powers and duties and the continued management of their property and affairs; (b) negotiate with creditors of the Debtors and work out a plan of reorganization and take the necessary legal steps in order to effectuate such a plan; (c) prepare legal papers required for a debtor who seeks protection from its creditors under Chapter 11 of the bankruptcy code; (d) appear before the bankruptcy court to protect the interest of the Debtors and to represent them in all matters pending before the court; (e) attend meetings and negotiate with representatives of creditors and other parties in interest; (f) advise the Debtors in connection with any potential refinancing of secured debt and any potential sale of the business; (g) represent the Debtors in connection with obtaining post-petition financing; (h) take any necessary action to obtain approval of a disclosure statement and confirmation of a plan of reorganization; and (i) perform all other legal services for the Debtors which may be necessary for the preservation of their estates and to promote their best interests, their creditors and the estate. The hourly rates of the firm's counsel and staff are as follows: Attorneys $450 - $850 Paraprofessionals $195 - $295 In addition, the firm will seek reimbursement for expenses incurred. The firm received a pre-petition retainer of $20,000 from Debtor Madison Westside LLC. Further, it will receive a post-petition retainer of $18,500. Robert Rattet, Esq., an attorney at Davidoff Hutcher & Citron, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert L. Rattet, Esq. Davidoff Hutcher & Citron LLP 120 Bloomingdale Road, Suite 100 White Plains, NY 10605 Telephone: (914) 381-7400 About Greenwich Retail Group Greenwich Retail Group, LLC operates retail clothing stores under brands including Everafter, which focuses on children's and teen apparel, and The Westside, a women's fashion boutique. Greenwich Retail Group and Madison Westside LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11295) on June 9, 2025. In its petition, Greenwich Retail reported assets between $500,000 and $1 million and liabilities between $1 million and $10 million. Judge Michael E. Wiles oversees the cases. The Debtors are represented by Robert L. Rattet, Esq., at Davidoff Hutcher & Citron, LLP. GUITAR CENTER: Reaches Debt Maturity Extension Deal with Investors ------------------------------------------------------------------ Yi Wei Wong of Bloomberg Law reports that Guitar Center has reached an agreement with investors holding over 70% of its 8.5% senior secured notes due 2026 to exchange those notes for new first-lien senior secured notes maturing in 2029. Separately, the company launched an exchange offer and consent solicitation to all holders of the existing senior secured notes to complete the transaction. The exchange is expected to close in August 2025, according to Bloomberg Law. About Guitar Center Inc. uitar Center -- https://www.guitarcenter.com/ -- is an American musical instrument retailer chain. HAPI METAVERSE: Replaces Grassi & Co. With HTL Intl. as Auditor --------------------------------------------------------------- Hapi Metaverse Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors dismissed Grassi & Co., CPAs, P.C. as its independent registered public accounting firm. Grassi's audit report on the Company's financial statements for the years ended December 31, 2024, and 2023 did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. However, the reports for both fiscal years included an explanatory paragraph regarding substantial doubt about the Company's ability to continue as a going concern. During the year ended December 31, 2024, and during the subsequent interim period preceding the date of dismissal, there were (i) no disagreements with Grassi on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, and (ii) no reportable events (as that term is defined in Item 304(a)(1)(v) of Regulation S-K). Following Grassi & Co.'s dismissal, the Company engaged HTL International, LLC as its independent registered public accounting firm for the Company's fiscal year ending December 31, 2025. The decision to engage HTL was approved by the Company's Board of Directors. During the two most recent fiscal years and through the Engagement Date, the Company has not consulted with HTL regarding either: 1. The application of accounting principles to any specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements, and neither a written report was provided to the Company nor oral advice was provided that HTL concluded was an important factor considered by the Company in reaching a decision as to the accounting, auditing or financial reporting issue; or 2. Any matter that was either the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K and the related instructions thereto) or a reportable event (as described in paragraph (a)(1)(v) of Item 304 of Regulation S-K). About Hapi Metaverse Bethesda, Md.-based Hapi Metaverse Inc., formerly GigWorld Inc. was incorporated in the State of Delaware on March 7, 2012 and established a fiscal year end of December 31. The Company's business is focused on serving business-to-business needs in e-commerce, collaboration and social networking functions. The Company also started its Food and Beverage business in 2022 and its travel business in 2023. Jericho, New York-based Grassi & Co., CPAs, P.C., the Company's auditor since 2022, issued a "going concern" qualification in its report dated Apr. 4, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company's significant accumulated operating losses, negative cash flows from operations, and working capital deficit raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $4,069,044 in total assets, $11,027,499 in total liabilities, and a total stockholders' deficit of $6,958,455. HARDING BELL: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Harding Bell International, Inc. 113 Pontotoc Plaza Auburndale, FL 33823 Business Description: Harding Bell International, Inc. is a certified public accounting firm based in Central Florida that provides tax preparation, business support, and FIRPTA services to U.S. and international clients. The firm serves over 9,000 clients across 22 U.S. states and more than 170 countries, with a focus on real estate investment and cross-border tax matters. Founded in 2000, it operates six offices in the region. Chapter 11 Petition Date: July 17, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-04912 Judge: Hon. Roberta A. Colton Debtor's Counsel: Aaron Wernick, Esq. WERNICK LAW PLLC 2255 Glades Rd., Suite 324A Boca Raton, FL 33431 Tel: (561) 961-0922 E-mail: awernick@wernicklaw.com Total Assets: $3,826,150 Total Liabilities: $6,221,386 The petition was signed by Matthew L Bell as president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CO7J7TA/Harding_Bell_International_Inc__flmbke-25-04912__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CBAGOYQ/Harding_Bell_International_Inc__flmbke-25-04912__0001.0.pdf?mcid=tGE4TAMA HARVEST SHERWOOD: Seeks to Hire Ordinary Course Professionals ------------------------------------------------------------- Harvest Sherwood Food Distributors, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ professionals in the ordinary course of business. The Debtors need ordinary course professionals to perform services for matters unrelated to these Chapter 11 cases. The Debtors seek to pay OCPs 100 percent of the fees and expenses incurred. The Debtors do not believe that any of the ordinary course professionals have an interest materially adverse to them, their estates, creditors, or other parties in interest in connection with the matter upon which they are to be engaged. The OCPs include: Orrick, Herrington & Sutcliffe, LLP 51 West 52nd Street New York, NY 10019 -- Law Firm Boies Schiller Flexner LLP 55 Hudson Yards 20th Floor New York, NY 10001 -- Law Firm Plante & Moran, PLLC 540 Madison Ave Suite 21A New York, NY 10022 -- Accounting Firm RSM US LLP 151 West 42nd Street, 19th Floor New York, NY 10036 -- Accounting Firm About Harvest Sherwood Food Distributors Harvest Sherwood Food Distributors, Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80109) on May 5, 2025, listing up to $10 billion in assets and up to $1 billion in liabilities. The Debtors tapped Sidley Austin LLP as counsel and Epiq Corporate Restructuring, LLC as claims, noticing, and solicitation agent. HIGHER GROUND: Unsecured Creditors to Get Share of GUC Recovery --------------------------------------------------------------- Higher Ground Education, Inc., and affiliates filed with the U.S. Bankruptcy Court for the Northern District of Texas a Disclosure Statement for the Joint Plan of Reorganization dated June 27, 2025. From their inception in 2016 through the beginning of 2025, the Debtors grew to over 150 schools, becoming the largest owner and operator of Montessori schools in the world. The Debtors' mission was to modernize and mainstream the Montessori education movement. By early 2025, however, the Debtors' defaults on key secured loans resulted in the foreclosure and sale of the vast majority of the Debtors' assets and schools. Unable to secure refinancing or new capital, the Debtors determined that a chapter 11 process was the only viable path to maximize value and continue the Debtors' educational-focused goals. In the months leading up to the Petition Date, the Debtors worked with a majority of their stakeholders to formulate a value-maximizing joint pre-arranged chapter 11 plan. The Debtors commence these Chapter 11 Cases with the broad support of all or substantially all of the Debtors' major stakeholder groups. Prior to the Petition Date, the Debtors entered into the Restructuring Support Agreement supported by, among others, (a) 2HR Learning, Inc., a prepetition secured creditor and arms-length investor which has agreed to act as plan sponsor; (b) YYYYY, Inc. ("Five Y"), which agreed to act as the Junior DIP Lender; (c) Guidepost Global Education, Inc. ("GGE"), which has agreed to contribute certain of its assets pursuant to the Plan and to act as the Junior DIP Lender; (d) Ramandeep (Ray) Girn ("Mr. Girn") the Debtors' co-founder and former chief executive officer, and Rebecca Girn, the Debtors' co-founder and former general counsel ("Ms. Girn" and together with Mr. Girn, the "Girns"); (e) Yu Capital, LLC and its affiliated entities that represent a significant number of the Debtors' EB-5 Investors; and (f) the consenting parties thereto (with the other signatories to the RSA, the "Supporting RSA Parties"). The Plan generally provides, among other things, for (a) the funding of $8 million dollars in new money to fund these Chapter 11 Cases and to fund plan recoveries to the Debtors' prepetition creditors; (b) the contribution by GGE of Curriculum Assets and the Guidepost Global IP License; (c) the transfer of the Designated EB-5 Entities by the Debtors to GGE; (d) the assignment of certain executory contracts and unexpired leases to GGE; (e) the treatment of holders of allowed claims in accordance with the Plan and the priority scheme established by the Bankruptcy Code; (e) the mutual release of all claims and causes of action by and among each of the RSA Supporting Parties; and (f) the reorganization of the Debtors by retiring, cancelling, extinguishing and/or discharging the Debtors' prepetition equity interests or its designee(s) and issuing new equity interests in the reorganized debtor(s) to 2HR. The restructuring transactions contemplated by the Restructuring Support Agreement will allow the Debtors to maximize value for creditors and parties in interest, keep the largest number of employees employed, and provide students and families with ongoing access to the Remaining Schools. Through the Restructuring Support Agreement, these Chapter 11 Cases are supported by up to $8 million of new money in the form of the DIP Facilities, which also includes a dollar-for-dollar roll-up of up to $2 million of the pre-petition bridge loans. Any amounts not utilized under the DIP Facilities will be used to fund recoveries to the Debtor's prepetition creditors. 2HR has also agreed to serve as the Plan Sponsor and provide the Debtors with the ability to effectuate their value-maximizing Plan. Importantly, with the exception of a $500,000 payment being made to Ray Girn on account of his Bridge CN-3 claims, the Plan provides that the RSA Parties are waiving their rights to Plan distributions in an effort to ensure some recoveries for the Debtors' unsecured creditors. Notably, absent these concessions, unsecured creditors would receive no recovery under the Plan. Further, the Restructuring Support Agreement and Plan contemplate the reorganization of the Debtors' businesses to allow for 2HR to acquire the Debtors for future operations. This reorganization will right-size the Debtors' balance sheet and provide for 2HR to effectuate its educational mission through the Reorganized Debtors. On June 26, 2025, the Debtors filed the RSA Assumption Motion. Class 6 consists of all General Unsecured Claims. On or as soon as practicable after the Effective Date, then the Holders of Allowed General Unsecured Claims (other than the Released Parties, if applicable), in full and final satisfaction, release, settlement, and discharge of such Allowed General Unsecured Claim, shall receive their pro rata share of the GUC Recovery pursuant to the Junior Class Distribution Formula. For the avoidance of doubt, Class 6 shall only receive a distribution under the Plan if Class 6 accepts the Plan. Class 6 is Impaired. Class 8 consists of all Equity Interests. On the Effective Date, all Equity shall be retired, cancelled, extinguished and discharged, and Holders of Equity Interests shall not receive or retain any Property under the Plan on account of such Equity Interests. On the Effective Date, the Plan Sponsor shall wire the Plan Consideration, as directed by the Debtors, verified receipt of which shall be a condition to effectiveness of this Plan. The Plan Sponsor shall be entitled to rely on the accuracy and correctness of the directions of the Debtors and Disbursing Agent in connection with any and all such wire transfer(s). In no event shall Plan Sponsor or Reorganized HGE be liable or responsible to the Debtors or the Disbursing Agent for any erroneous wire transfer made at the direction of the Debtors. The Plan Consideration shall be used by the Disbursing Agent to fund all Plan obligations. On the Effective Date, the Debtors shall wire all Property constituting Cash-on-Hand to the Disbursing Agent to fund the Disbursing Agent Restricted Accounts free and clear of all Liens, Claims, interests and encumbrances of any kind free and clear of all Liens, Claims, interests and encumbrances of any kind. A full-text copy of the Disclosure Statement dated June 27, 2025 is available at https://urlcurt.com/u?l=B9sPS3 from Verita Global, LLC fka Kurtzman Carson Consultants, LLC, claims agent. The Debtors' Counsel: Holland N. O'Neil, Esq. FOLEY & LARDNER LLP 2021 McKinney Avenue, Suite 1600 Dallas, TX 75201 Tel: (214) 999-3000 Fax: (214) 999-4667 honeil@foley.com - and - Timothy C. Mohan, Esq. FOLEY & LARDNER LLP 1144 15th Street, Ste. 2200 Denver, CO 80202 Tel: (720) 437-2000 Fax: (720) 437-2200 Email: tmohan@foley.com - and - Nora J. McGuffey, Esq. Quynh-Nhu Truong, Esq. FOLEY & LARDNER LLP 1000 Louisiana Street, Suite 2000 Houston, TX 77002 Tel: (713) 276-5500 Fax: (713) 276-5555 Email: nora.mcguffey@foley.com qtruong@foley.com About Higher Ground Education 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. Bankruptcy Judge Michelle V. Larson handles the case. The Debtors tapped Foley & Lardner LLP, as counsel; and SierraConstellation Partners, LLC, as financial advisor. Verita Global, LLC, f/k/a Kurtzman Carson Consultants, LLC, is the claims agent. HOLLEY INC: Moody's Affirms 'B2' CFR & Alters Outlook to Negative ----------------------------------------------------------------- Moody's Ratings affirmed Holley Inc.'s corporate family rating at B2, probability of default rating at B2-PD and senior secured ratings at B2. The outlook has been changed to negative from stable. The speculative grade liquidity (SGL) rating is unchanged at SGL-2. The negative outlook reflects high leverage, declining revenue and EBITA margin compression. It also reflects uncertainty about the potential impact of trade policies on the company's operating profile. In addition, weak consumer demand for the company's discretionary high performance aftermarket product offerings is expected to weigh on volumes and Moody's forecasts revenue decline in the mid-single digits in 2025 despite the company's pricing actions. Moody's expects revenue to revert to positive growth in the low single digits in 2026 with improved demand driving volumes. Moody's expects leverage to be high at approximately 6.0x at the end of 2025 and decline to below 6.0x at the end of 2026. The decline in 2026 is a result of modest EBITDA growth and mandatory debt amortization payments. RATINGS RATIONALE Holley's B2 CFR reflects the company's moderate scale, significant demand risk given the discretionary nature of its products and high financial leverage. The rating is supported by Holley's competitive position within the niche market for performance automotive aftermarket products, a strong operating margin and good liquidity. Moody's believes Holley's revenue will continue to fall modestly in 2025, driven by modest organic revenue declines and revenue lost with the sale of assets. This follows Holley's revenue declines in 2024 and 2023. Holley's customer base consists of automotive enthusiasts, who are loyal and tend to show demand resilience through economic cycles. However, Moody's believes customers have been and will defer higher-priced discretionary purchases with weaker consumer confidence. Moody's expects Holley to maintain an EBIT margin around 12% in 2025 and 2026. Holley has made a concerted effort to focus on higher volume products through its SKU rationalization programs in 2024 and 2023. Despite this, EBIT margin remains well below EBIT margin of almost 15% in 2023. Holley's SGL-2 speculative grade liquidity rating reflects Moody's expectations for good liquidity over the next 12-18 months. Moody's expects Holley to maintain an adequate cash balance while generating positive free cash flow of at least $25 million in 2025 and 2026. Liquidity is further supported by a $100 million revolving credit facility expiring in 2029, which Moody's expects to remain undrawn. Moody's expects Holley to maintain sufficient cushion with its maximum net leverage covenant not to exceed 5.0x. The covenant is only tested if the revolver is drawn. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Holley demonstrates consistently strong revenue growth while maintaining healthy profit margins. Further, a supportive financial policy and improved operating results such that debt-to-EBITDA is expected to be sustained below 4x could support an upgrade. Lastly, maintenance of good liquidity with consistently strong free cash flow could result in an upgrade. The ratings could be downgraded if Holley's operating results deteriorate, including greater than expected organic revenue declines and material EBITA margin compression. Debt-to-EBITDA sustained above 5.5x either through weaker earnings or more aggressive financial policy actions could also result in a downgrade. Finally, EBITDA less capex to interest below 1.0x or the erosion of liquidity could result in a downgrade. The principal methodology used in these ratings was Automotive Suppliers published in December 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Holley Inc., headquartered in Bowling Green, KY, designs and manufactures performance engine products for the enthusiast focused automotive aftermarket. The company's product offerings include electronic fuel injection and tuner systems, ignition controls, carburetors, superchargers, exhaust systems and other products designed to enhance the performance of the car. Revenue for the twelve months ended March 31, 2025 was $597 million. HOMESTEAD GROUP: Case Summary & One Unsecured Creditor ------------------------------------------------------ Debtor: Homestead Group, LLC 2616 Carter Avenue Nashville, TN 37206-1346 Business Description: Homestead Group LLC is a single-asset real estate debtor whose principal asset is located at 1501 E Stewarts Lane in Nashville, Tennessee. Chapter 11 Petition Date: Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-02933 Debtor's Counsel: Toni Campbell Parker, Esq. LAW FIRM OF TONI CAMPBELL PARKER 45 N. B.B. King Blvd Ste. 201 Memphis, TN 38103 Tel: 901-483-1020 E-mail: tparker002@att.net Estimated Assets: $0 to $50,000 Estimated Liabilities: $10 million to $50 million The petition was signed by Michael Matthews as authorized representative of the Debtor. The Debtor listed Winhall 9 LLC, based in Nashville, Tennessee, as its sole unsecured creditor with a $10.41 million claim. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NF3UEZA/Homestead_Group_LLC__tnmbke-25-02933__0001.0.pdf?mcid=tGE4TAMA HOMESTEAD GROUP: Section 341(a) Meeting of Creditors on August 15 ----------------------------------------------------------------- On July 16, 2025, Homestead Group LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Tennessee. According to court filing, the Debtor reports between $10 million and $50 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 15, 2025 at 01:00 PM via Meeting held telephonically. Please call 888-330-1716 and enter code 3884044# to attend. About Homestead Group LLC Homestead Group LLC is a Nashville-based single asset real estate company. Homestead Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-02933) on July 16, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. The Debtor is represented by Toni Parker, Esq. at Law Office Of Toni Campbell Parker. HOTEL THREE: Hires Harris Shelton Hanover Walsh as Legal Counsel ---------------------------------------------------------------- Hotel Three Whisky, LLC, doing business as The Cellar Restaurant and Prohibition Bar, seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to employ Harris Shelton Hanover Walsh PLLC as counsel. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties; (b) assist the Debtor in the preparation of its statement of financial affairs, schedules, statement of executory contracts and unexpired leases, and any papers or pleadings, or any amendments thereto that it is required to file in this case; (c) represent the Debtor in any proceeding that is instituted to reclaim property or obtain relief from the automatic stay imposed by Section 362 of the bankruptcy code or that seeks the turnover or recovery of property; (d) provide assistance, advice and representation concerning the formulation, negotiation and confirmation of a plan of reorganization; (e) provide assistance, advice and representation concerning any investigation of the assets, liabilities and financial condition of the Debtor that may be required; (f) represent the Debtor at hearings or matters pertaining to affairs; (g) prosecute and defend litigation matters and such other matters that might arise during and related to this Chapter 11 case; (h) provide counseling and representation with respect to the assumption or rejection of executory contracts and leases and other bankruptcy-related matters arising from this case other than as set forth below; (i) represent the Debtor in matters that may arise in connection with its business operations, its financial and legal affairs, its dealings with creditors and other parties-in-interest and any other matters, which may arise during the bankruptcy case; (j) render advice with respect to the myriad of general corporate and litigation issues relating to this case; and (k) perform such other legal services as may be necessary and appropriate for the efficient and economical administration of this Chapter 11 case. The firm will be paid at these hourly rates: Steven Douglass, Attorney $450 Associates $250 Paraprofessionals $100 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $762 from the Debtor. Mr. Douglass 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: Steven N. Douglass, Esq. Harris Shelton Hanover Walsh, PLLC 40 S. Main Street, Suite 2210 Memphis, TN 38103 Telephone: (901) 525-1455 Email: snd@harrisshelton.com About Hotel Three Whisky Hotel Three Whisky, LLC, doing business as The Cellar Restaurant and Prohibition Bar, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-22768) on June 6, 2025. In its petition, the Debtor disclosed under $1 million in both assets and liabilities. Honorable Bankruptcy Judge M. Ruthie Hagan handles the case. The Debtor is represented by Steven N. Douglass, Esq., at Harris Shelton Hanover Walsh, PLLC. HYPERION DEFI: Avenue Venture and Affiliates Hold 8.53% Stake ------------------------------------------------------------- Avenue Venture Opportunities Fund, L.P.; Avenue Venture Opportunities Fund II, L.P.; Avenue Capital Management II, L.P.; Avenue Venture Opportunities Partners, LLC; Avenue Venture Opportunities Partners II, LLC; GL Venture Opportunities Partners, LLC; GL Venture Opportunities Partners II, LLC; and Marc Lasry disclosed in a Schedule 13D/A filed with the U.S. Securities and Exchange Commission that as of June 24, 2025, they beneficially own an aggregate of 435,438 shares of common stock of Hyperion DeFi, Inc., formerly known as Eyenovia, Inc., par value $0.0001 per share, representing approximately 8.53% of the 5,104,355 shares outstanding. These figures reflect the application of a 9.99% ownership blocker and exclude additional shares issuable upon exercise of warrants. Avenue Venture Opportunities Fund, L.P. and affiliated entities may be reached through: Andrew Schinder Avenue Capital Group 11 West 42nd Street, 9th Floor New York, NY 10036 Tel: 212-878-3523 A full-text copy of Avenue Venture Opportunities Fund, L.P.'s SEC report is available at: https://tinyurl.com/rwrsrt7n About Hyperion DeFi Inc. Hyperion DeFi, Inc., formerly known as Eyenovia, Inc., is the first U.S. publicly listed company building a long-term strategic treasury of Hyperliquid's native token, HYPE. The Company is focused on providing its shareholders with simplified access to the Hyperliquid ecosystem, one of the fastest growing, highest revenue-generating blockchains in the world. New York, N.Y.-based Marcum LLP, the Eyenovia's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. HYPERION DEFI: COO Bren Kern Departs With 12-Month Severance ------------------------------------------------------------ Hyperion DeFi, Inc., formerly known as Eyenovia, Inc., disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that in connection with a previously announced reduction in force, the Company entered into a Separation and Release Agreement with Bren Kern, the Company's Chief Operating Officer. Pursuant to the Separation Agreement, consistent with Mr. Kern's Employment Agreement with the Company dated December 19, 2022, Mr. Kern will be entitled to certain severance and other payments following the termination of his employment with the Company on July 1, 2025. The Separation Agreement provides that Mr. Kern will be eligible to receive 12 months of his base salary and up to 12 months of health benefits continuation. The payments under the Separation Agreement are contingent on Mr. Kern's non-revocation of certain releases, which waive and release claims against the Company for any liability relating to his employment, and his compliance with certain covenants. About Hyperion DeFi Inc. Hyperion DeFi, Inc. formerly known as Eyenovia, Inc., is the first U.S. publicly listed company building a long-term strategic treasury of Hyperliquid's native token, HYPE. The Company is focused on providing its shareholders with simplified access to the Hyperliquid ecosystem, one of the fastest growing, highest revenue-generating blockchains in the world. New York, N.Y.-based Marcum LLP, the Eyenovia's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. HYPERSCALE DATA: Converts Notes, Preferred Shares to Common Shares ------------------------------------------------------------------ Hyperscale Data, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that between June 23, 2025 and July 1, 2025, the Company issued an aggregate of 2,820,792 shares of Class A Common Stock upon conversion of $4,180,525 of outstanding convertible notes. Between June 24, 2025 and July 1, 2025, the Company issued an aggregate of 3,042,581 shares of Class A Common Stock upon conversion of approximately 3,093.27 shares of Series B Convertible Preferred Stock. On June 24, 2025, the Company issued an aggregate of 110 shares of Class A Common Stock upon conversion of an equal number of shares of Class B Common Stock. The shares of Class A Common Stock were issued in reliance upon exemption from the registration requirements under Section 4(a)(2) under the Securities Act of 1933, as amended. Between June 26, 2025 and July 1, 2025, the Company issued an aggregate of 2,670,153 shares of Class A Common Stock upon conversion of $2,799,152 of an outstanding convertible note. The Class A Common Stock were offered and sold in reliance upon an exemption from the registration requirements under Section 3(a)(9) under the Securities Act. As of July 1, 2025, the Company had 15,144,926 shares of Class A Common Stock outstanding. About Hyperscale Data Headquartered in Las Vegas, NV, Hyperscale Data, Inc., formerly known as Ault Alliance, Inc., is transitioning from a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact to becoming solely an owner and operator of data centers to support high performance computing services. Through its wholly and majority-owned subsidiaries and strategic investments, Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging artificial intelligence ecosystems and other industries. It also provides, through its wholly owned subsidiary, Ault Capital Group, Inc., mission-critical products that support a diverse range of industries, including an artificial intelligence software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, Hyperscale Data is actively engaged in private credit and structured finance through a licensed lending subsidiary. New York, New York-based Marcum LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated Apr. 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. INKED PLAYMATS: Seeks to Hire CliftonLarsonAllen as Accountant -------------------------------------------------------------- Inked Playmats Corp. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ CliftonLarsonAllen LLP as accountant. The firm will assist the Debtor in general accounting and tax reporting matters. The firm will be paid at these hourly rates: Rich Willott, Principal $600 Senior Staff $250 Support Staff $150 In addition, the firm will seek reimbursement for expenses incurred. Mr. Willott 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: Rich Willott CliftonLarsonAllen LLP 2523 U.S. Highway 27 S. Sebring, FL 33870 Telephone: (863) 385-1577 Facsimile: (863) 385-0647 About Inked Playmats Corp. Inked Playmats Corp. is a direct-to-consumer e-commerce business specializing in custom gaming accessories. Inked Playmats filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 25-14046) on April 14, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Thomas Pool, president of Inked Playmats, signed the petition. Judge Mindy A. Mora oversees the case. The Debtor tapped Philip J. Landau, Esq., at Landau Law, PLLC, as counsel and CliftonLarsonAllen LLP as accountant. INTELLIGENT PACKAGING: Moody's Withdraws B2 CFR on Debt Repayment ----------------------------------------------------------------- Moody's Ratings has withdrawn all of Intelligent Packaging HoldCo Issuer LP's ("IP HoldCo") ratings including the B2 corporate family rating and B2-PD probability of default rating. Moody's have also withdrawn ratings on Intelligent Packaging Limited Finco Inc. ("IPL Finco"), including the B2 rating on backed senior secured notes. At the time of withdrawal, the outlook was stable. RATINGS RATIONALE Moody's have withdrawn the ratings because IPL Finco's debt previously rated by us has been fully repaid. In April 2025, IP HoldCo merged with Schoeller Allibert and formed Toucan HoldCo Limited (B3 stable), which raised new debt. The proceeds were used to repay the debt at IPL Finco. A Canadian company, with corporate office in Dublin, Ireland, IP Holdco is a provider of plastic packaging solutions and manufacturer of specialty rigid packaging products used in the food, consumer, agricultural, logistics and environmental end markets. JERUSALEM PROPERTIES: Case Summary & 11 Unsecured Creditors ----------------------------------------------------------- Debtor: Jerusalem Properties LLC 2734 Sedgwick Avenue Bronx, NY 10468 Business Description: Jerusalem Properties LLC is a single-asset real estate company with a tenancy in common interest in a residential property at 2734 Sedgwick Avenue in the Bronx, New York. The Debtor's interest in the property is valued at approximately $2.26 million, based on a 65% share of 58 units. Chapter 11 Petition Date: July 17, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-72761 Judge: Hon. Louis A. Scarcella Debtor's Counsel: Kevin Nash, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 125 Park Ave New York, NY 10017-5690 E-mail: knash@gwfglaw.com Total Assets: $2,408,226 Total Liabilities: $4,977,812 The petition was signed by David Goldwasser as chief restructuring officer. A full-text copy of the petition, which includes a list of the Debtor's 11 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FJYOEVQ/Jerusalem_Properties_LLC__nyebke-25-72761__0001.0.pdf?mcid=tGE4TAMA JERUSALEM PROPERTIES: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------------------- On July 17, 2025, Jerusalem Properties LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Jerusalem Properties LLC Jerusalem Properties LLC is a single asset real estate company that owns property at 2734 Sedgwick Avenue in the Bronx, New York. Jerusalem Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-72761) on July 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Louis A. Scarcella handles the case. The Debtor is represented by Kevin J. Nash, Esq. at Goldberg Weprin Finkel Goldstein LLP. JETBLUE AIRWAYS: Moody's Cuts CFR to 'Caa1', Outlook Stable ----------------------------------------------------------- Moody's Ratings downgraded the ratings of JetBlue Airways Corp. (JetBlue) including its corporate family rating to Caa1 from B3, probability of default rating to Caa1-PD from B3-PD, its senior secured bank credit facility rating (loyalty financing term loan) to B2 from B1 and its senior secured bank credit facility rating (revolving credit facility) to B3 from B2. At the same time, Moody's downgraded all but one of the ratings assigned to the company's Series 2019-1 and 2020-1 enhanced equipment trust certificates (EETCs) as follows: Pass-Through Ctfs. Ser. 2019-1 Cl. AA to Baa3 from Baa2, Pass-Through Ctfs. Ser. 2020-1 Cl. A to Baa3 from Baa2, Pass-Through Ctfs. Ser. 2019-1 Cl. A to Ba2 from Ba1, Pass-Through Ctfs. Ser. 2020-1 Cl. B to Ba2 from Ba1. The Pass-Through Ctfs. Ser. 2019-1 Cl. B was affirmed at B1. The senior secured rating (loyalty financing senior secured notes) of JetBlue Loyalty, LP (JetBlue Loyalty) was downgraded to B2 from B1. JetBlue's speculative grade liquidity rating of SGL-3 is unchanged. The outlooks of both JetBlue and JetBlue Loyalty are stable. The downgrade of JetBlue's CFR to Caa1 reflects Moody's views that the competitive operating environment and higher costs will delay the company's ability to restore profitability and cash flow to sufficient levels that will lead to stronger credit metrics. Moody's forecasts debt/EBITDA will only improve to about 10x by the end of 2026 on earnings improvement as options for debt repayment remain modest due to continued negative free cash flow. JetBlue has not generated operating profit since 2019. Cost increases will continue to outpace revenue growth, primarily driven by higher labor cost (which is equivalent to more than one third of total revenue), and will continue to pressure earnings for the foreseeable future. The downgrades of the EETC ratings reflect the application of Moody's Enhanced Equipment Trust Certificates methodology and the impact of the downgrade of the CFR. The ratings are at least several notches above the CFR, reflecting the importance of the aircraft that serve as collateral for each transaction to JetBlue's operations and fleet strategy and the respective loan-to-value of each tranche. The weight applied to the collateral generally increases as corporate credit quality declines in the suggested notching grid included in the EETC methodology. The stable outlook reflects Moody's expectations of continued operating losses over the next 12-18 months. It also reflects the company's adequate liquidity including good cash balance -- Moody's forecasts 2025 cash will total about 30% of revenue), modest debt maturities in 2025 (unrated) and about $5 billion of unencumbered assets (excluding incremental borrowing capacity under its loyalty program) that provide the company time to recognize benefits from its JetForward strategy. RATINGS RATIONALE JetBlue's Caa1 CFR reflects the company's good competitive position in its US East Coast and presence in transcontinental routes, anchored in its focus cities of New York (JFK International Airport), Boston, Fort Lauderdale, Los Angeles, Orlando and San Juan. The CFR also reflects the difficult operating environment for low cost carriers that are seeing increased competition from legacy carriers and excess capacity in some domestic leisure markets. Additional issues constraining operating profit improvement include operational delays caused in part by a shortage of air traffic controllers in key markets along the US East Coast, higher demand for premium products and the inability to match cost inflation with revenue growth. Moody's projects negative free cash flow of about $2 billion aggregate in 2025 and 2026. Longer term, Moody's expects JetBlue will benefit from its JetForward strategy, which includes the roll out of more premium product offerings in its domestic aircraft, improved operations and network optimization which will help drive improved costs on an available seat mile basis, as well as further growth of its loyalty program which currently has a revenue contribution similar to that of legacy carriers). Moody's expects the planned Blue Sky partnership with United United Airlines Holdings, Inc. (Ba2 positive), if approved, will drive improved earnings. However, any financial impact will be modest in 2026. The EETC ratings reflect the Airbus A321 aircraft models that comprise the collateral in each transaction. Moody's considers the aircraft collateral and their large number in each, 25 in the first and 24 in the second, as being essential to JetBlue's operation, which drives down the probability of a rejection of either financing in a bankruptcy scenario. There were 100 A321s in the operating fleet on March 31, 2025. The relatively young average age of the aircraft and the large proportion relative to the total A321 fleet informs Moody's opinion that JetBlue would affirm each of these transactions in a reorganization. Moody's current estimates of the peak LTVs before priority claims for repossession and remarketing costs and of liquidity providers for the 2019-1 Class AA, Class A and Class B of 2019-1 are about 55%, 69%, and 76%, respectively. The peak LTVs for the 2020-1 transaction are 56% and 68% for the Class A and Class B, respectively. JetBlue's liquidity is adequate with about $3.5 billion of cash and short term investments at March 31, 2025 and full availability under its $600 million committed revolving credit facility that expires in 2029. Moody's forecasts that JetBlue's cash will approximate $2.2 billion at the end of 2025 after funding negative free cash flow of about $1.4 billion. This assumes no further borrowing in 2025. The company has $325 million outstanding of an initial $750 million of convertible senior notes that mature in 2026 (unrated). The company is subject to several maintenance covenants including a minimum liquidity covenant of $800 million and a minimum 1x collateral coverage covenant in its revolving credit facility. Moody's expects the company will maintain adequate cushion under these covenants. The company has a substantial pool of unencumbered assets, totaling around $5 billion. The senior secured revolver and loyalty financing ratings are assigned using Moody's Loss Given Default for Speculative-Grade Companies Methodology (LGD Methodology). Based on the debt obligations and claims that Moody's includes when running Loss Given Default for Speculative-Grade Companies Methodology (LGD Methodology), the senior secured revolver rating for JetBlue is B3, one notch above the Caa1 CFR. Moody's applied a one notch positive override of the LGD Methodology to arrive at the B2 rating for the loyalty financing. Moody's believes that the obligations secured by the company's loyalty program intellectual property have a lower probability of default and thus a lower expected loss compared to the company's other senior secured financings. Loss of access to the loyalty program would materially weaken JetBlue's cash generation. Moody's expects that under a JetBlue bankruptcy scenario, the company would file the reasonable and customary motion pursuant to section 365 of the US bankruptcy code within the ten-day period that the transaction's terms contemplate. Moody's assumes the court would grant the motion and that cash inflows to the transaction's collection accounts would be uninterrupted, facilitating timely payment of interest and principal during the bankruptcy proceedings. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if earnings improve resulting in sustained operating profit, debt/EBITDA approaching 7.0x and funds from operations + interest expense/interest expense above 1.0x. The ratings could be downgraded if liquidity erodes or operating profit does not turn positive in 2026. Changes in EETC ratings can result from any combination of changes in the underlying credit quality or ratings of JetBlue, Moody's opinion of the importance of aircraft models to the airline's network, or Moody's estimates of aircraft market values, which will affect estimates of loan-to-value. JetBlue Airways Corp., based in Long Island City, New York, is a leading carrier in New York, Boston, Fort Lauderdale-Hollywood, Los Angeles, Orlando, and San Juan. JetBlue carries customers to more than 100 destinations throughout the United States, Latin America, the Caribbean, Canada and Europe. Revenue was $9.2 billion for the 12 months ended March 31, 2025. The principal methodologies used in rating JetBlue Airways Corp. were Passenger Airlines 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. JOE'S PIZZA: Seeks to Hire Bradley E. Brook as Bankruptcy Counsel ----------------------------------------------------------------- Joe's Pizza Santa Monica, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ the Law Offices of Bradley E. Brook, APC as counsel. The firm will provide these services: (a) pre-bankruptcy planning, communicate with creditors of the Debtor; (b) prepare the Debtor's Chapter 11 bankruptcy petition and all supporting schedules; (c) advise the Debtor of its legal rights and obligation in a bankruptcy proceeding; (d) represent the Debtor at its initial interview and the first meeting of creditors; (e) work to bring the Debtor into full compliance with reporting requirements of the Office of the United States Trustee; (f) prepare status reports as required by the court; and (g) respond to any motions filed in the Debtor's bankruptcy proceeding and propose a plan of reorganization and seek to obtain confirmation of the same. The firm will be paid at these hourly rates: Bradley Brook, Attorney $800 R. Barranti, Paraprofessional $175 In addition, the firm will seek reimbursement for expenses incurred. The firm received a pre-petition retainer of $31,738 from the Debtor. Mr. Brook 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: Bradley E. Brook, Esq. Law Offices of Bradley E. Brook, APC 3094 Agoura Road #224 Westlake Village, CA 91361 Telephone: (310) 704-3809 Email: bbrook@bbrooklaw.com About Joe's Pizza Santa Monica Joe's Pizza Santa Monica Inc. operates a pizza restaurant in Santa Monica, California. The Company offers dine-in and takeaway services and serves a variety of pizzas, salads, appetizers, and beverages at its Broadway location. Joe's Pizza Santa Monica Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-15242) on June 23, 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 Vincent P. Zurzolo handles the case. The Debtor is represented by the Law Offices of Bradley E. Brook, APC. JOHN SIERCO: AW Global to Hold Foreclosure Sate on August 22 ------------------------------------------------------------ AW Properties Global will hold a foreclosure sale on Aug. 22, 2025, at 10:00 a.m. CTS, remote auction via Zoom, of all stock of John Sierco LLC, which owns the real property located at 23069 Addison Lakes Circles, Boca Raton, Florida 33433. A secured party's claim against the Debtor is $400,000 as of July 1, 2024, and the sale consists of the 100% stock interest held in and to John Sierco LLC. Interested parties who intend to bid on the above collateral must contact the secured party's legal department to receive the Terms of Sale and bidding instructions. Attention: Ethan Gao, Esq. Gao Law Firm PLLC 3307 Candle Stick Ln Katy, TX 77494 Tel: 541-753-7210 Email: ethan@gaolawfirmpllc.com Upon execution of a standard confidentiality and non-disclosure agreement, additional documentation and information will be available. KINGSBOROUGH ATLAS: Seeks to Hire Grafe Auction as Auctioneer ------------------------------------------------------------- Kingsborough Atlas Tree Surgery, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Grafe Auction and Dudley Resources as an online auctioneer in its Chapter 11 case. Grafe will provide these services: (a) evaluate and liquidate property of the estate; (b) market and sell various pieces of equipment on behalf of the Debtor; (c) collect sales tax from buyers and remit payment to the California Department of Tax and Fee Administration; (d) provide pre-auction tagging, cataloging, photography, create a sale catalog, perform advertising and marketing, and manage post-auction duties. Grafe will be compensated with a 7.5% commission on the sale price (exclusive of sales tax), a 15% buyer's premium to be paid by equipment purchasers, and a $62,500 fee for cataloging, marketing, and related services. According to the supporting declaration of Kurt Huizinga, Senior Vice President of Dudley Resources, Grafe is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The application was filed by: Michael C. Fallon, Esq. 100 E Street, Suite 219 Santa Rosa, CA 95404 Telephone: (707) 546-6770 Facsimile: (707) 546-5775 About Kingsborough Atlas Tree Surgery, Inc. Kingsborough Atlas Tree Surgery, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-10088) on February 20, 2025. At the time of the filing, Debtor had estimated assets of between $1 million to $10 million and liabilities of between $10 million to $50 million. Judge William J. Lafferty oversees the case. Michael C. Fallon serves as the Debtor's legal counsel. KLIMA CONTROL: Carol Fox of GlassRatner Named Subchapter V Trustee ------------------------------------------------------------------ The U.S. Trustee for Region 21 appointed Carol Fox of GlassRatner as Subchapter V trustee for Klima Control Air Conditioning & Heating, LLC and Klima Control Air Conditioning Supply, Inc. Ms. Fox 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. Fox declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Carol Fox GlassRatner 200 East Broward Blvd., Suite 1010 Fort Lauderdale, FL 33301 Tel: 954.859.5075 Email: cfox@brileyfin.com About Klima Control Air Conditioning Based in Pompano Beach, Florida, Klima Control Air Conditioning, LLC distributes HVAC equipment and supplies across South and Central Florida. Founded in 2010, the company offers products from brands including GE, Ameristar, Westinghouse, Bosch, and First Company. Klima Control Air Conditioning and its affiliate, Klima Control Air Conditioning & Heating, LLC, filed Chapter 11 petitions (Bankr. S.D. Fla. Lead Case No. 25-11717) on July 7, 2025. In its petition, Klima Control Air Conditioning reported $488,265 in total assets and $3,851,460 in total liabilities at the time of the filing. Klima Control Air Conditioning Supply listed $180,884 in total assets and $0 in liabilities. Judge Scott M. Grossman presides over the cases. Shirley A. Palumbo, Esq., and Eric N. Assouline, Esq., at Assouline & Berlowe, P.A. represents the Debtors as legal counsel. KLIMA CONTROL: Hires Assouline & Berlowe as Bankruptcy Counsel -------------------------------------------------------------- Klima Control Air Conditioning & Heating, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ the law firm of Assouline & Berlowe as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties and relationships with creditors, committees, and the U.S. Trustee; (b) assist with compliance with the Bankruptcy Code, Federal Rules Of Bankruptcy Procedure, Local Rules, and U.S. Trustee Guidelines; (c) investigate, preserve, and potentially selling estate assets; (d) prosecute or defend claims and litigation; (e) advise on the assumption, rejection, or assignment of leases and executory contracts; (f) assist in formulating and disseminating disclosure statements, if any, and plans of reorganization; (g) prepare and review necessary pleadings, motions, and legal documents; (h) represent the Debtor in negotiations and court proceedings; (i) protect the Debtor's interests throughout the bankruptcy case; and (j) perform other necessary legal services for proper administration of the estate. The firm's counsel and staff will be paid at these hourly rates: Shirley Palumbo, Attorney $525 Partners $525 Of Counsel $425 Associates $325 Law Clerks and Legal Assistants $200 In addition, the firm will seek reimbursement for expenses incurred. The firm received a total retainer of $50,000 from the Debtor. Ms. Palumbo 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: Shirley A. Palumbo, Esq. Assouline & Berlowe, P.A. Miami Tower 100 SE 2nd Street, Suite 3650 Miami, FL 33131 Telephone: (305) 567-5576 Email: sap@assoulineberlowe.com About Klima Control Air Conditioning & Heating Klima Control Air Conditioning & Heating, LLC is an air conditioning and heating services provider operating as Super Cool in Florida. It specializes in HVAC installation, maintenance, and repair services with locations in Pompano Beach and West Palm Beach. Klima Control Air Conditioning & Heating relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-17717) on July 7, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Scott M. Grossman handles the case. The Debtor is represented by Shirley Palumbo, Esq. KPSI INNOVATION: Seeks to Hire Taxman Associates as Accountant -------------------------------------------------------------- KPSI Innovation, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to employ Taxman Associates, Inc. as accountant. Taxman will provide the Debtor with accounting services, including but not limited to the preparation and filing of the Debtor's corporate tax returns for the years 2023 and 2024. The firm will be paid at an hourly fee of $450. For the preparation and filing of the Debtor's tax returns, an hourly fee of $325 will be charged. The firm received a pre-petition retainer payment of $6,000 from the Debtor. Carey Homan, CPA, a member at Taxman Associates, 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: Carey Homan, CPA Taxman Associates, Inc. 300 E. Pine St. Seattle, WA 98122 Telephone: (206) 323-1066 About KPSI Innovation KPSI Innovation, Inc. is a company specializing in the manufacture and sale of fire-blocking head-of-wall products. The company offers a range of fire-rated gasket products designed for use in construction applications, particularly to prevent the spread of fire and smoke through structural gaps. KPSI Innovation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-11068) on April 21, 2025. In its petition, the Debtor reported total assets of $1,455,439 and total liabilities of $3,883,37. Judge Timothy W. Dore oversees the case. The Debtor tapped Faye C. Rasch, Esq., at Wenokur Riordan, PLLC as counsel and Carey Homan, CPA, at Taxman Associates, Inc. as accountant. LAKESHORE TERRACE: Taps Leverty & Associates Law as Special Counsel ------------------------------------------------------------------- Lakeshore Terrace Association seeks approval from the U.S. Bankruptcy Court for the District of Nevada to hire Leverty & Associates Law Chartered to serve as special counsel in its Chapter 11 case. Leverty will provide these services: (a) advise the Debtor regarding its rights and duties under the QBE Policy and Greenwich Policy; (b) investigate insurance coverage related claims concerning the Jackson Judgment; (c) assist in efforts to maximize the value of the estate for the benefit of creditors; and (d) perform any other insurance law-related services necessary to protect the Debtor's interests. The firm will charge an hourly rate of $500 for professional services. Leverty has agreed to waive its pre-petition claim of $6,500 and will not seek payment on account of that amount under any confirmed plan. Leverty & Associates Law Chartered is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. Leverty & Associates Law Chartered can be reached at: Patrick Leverty, Esq. LEVERTY & ASSOCIATES LAW CHARTERED 832 Willow Street Reno, NV 89502 Telephone: (775) 322-6636 About Lakeshore Terrace Association Lakeshore Terrace Association is a homeowners' association for a condominium community located at 501 Lakeshore Boulevard in Incline Village, Nevada. Established in 1970, the association oversees property management and community affairs near Lake Tahoe. Lakeshore Terrace Association sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-50422) on May 8, 2025. In its petition, the Debtor reports total assets of $1,072,688 and total liabilities of $2,710,568. Honorable Bankruptcy Judge Hilary L. Barnes handles the case. The Debtors are represented by Kevin A. Darby, Esq. at DARBY LAW. LINQTO INC: Sapien Group Files Motion to Move Ch.11 to Delaware --------------------------------------------------------------- Major Linqto shareholder, Sapien Group, has filed a motion to transfer the venue of Linqto, Inc.'s jointly-administered Chapter 11 cases from Texas to Delaware, Case No. 25-90186). The motion follows the bankruptcy filing by Linqto in Texas on July 7 and asserts multiple grounds for the change in venue, including that the action was taken without shareholder knowledge or consent. "Transfer is warranted because the Debtors lack any meaningful relationship whatsoever with this District, entrenched management having created the Texas Debtor as a new Texas limited liability company only three short months before filing for bankruptcy," the filing states, adding, "The Texas Debtor was formed furtively, without the knowledge of, approval of, or even a scintilla of notice to the Parent Debtor's shareholders." Evidence suggests Linqto Chief Executive Officer F. Daniel Siciliano filed preemptively -- knowing that a decisive majority of shareholders were poised to replace the board -- in a jurisdiction where Linqto was not legally eligible to file based on the surreptitious creation of the Texas entity. The motion contends that the true operating Debtors -- the Parent Debtor and the related operating Debtors -- are all formed, exist, and operate under the internal laws of the State of Delaware. The motion further asserts that the filing of the Cases in Texas appears to be a quintessential example of improper forum shopping, with the newly formed Texas Debtor being created for the apparent purpose of manufacturing and manipulating venue. The filing further challenges the legal legitimacy of Linqto's current board, contending that Mr. Siciliano was never lawfully elected to the unsanctioned board and that key director seats were unlawfully "switched" to consolidate power -- actions that run contrary to their fiduciary duties under Delaware law. The motion also claims the board repeatedly ignored and manipulated corporate governance rules, committing violations such as not holding proper Board meetings, making inconsistent representations to shareholders, and amending company bylaws for purposes of evading shareholder approval. These allegations are supported by a Declaration of Victor Jiang, Sapien Group's founder and a former Linqto board member, which accuses Linqto's alleged board and management of "numerous breaches of fiduciary duties, breaches of the duty of loyalty, and securities law violations," contending that the current bankruptcy filings are "part of a well-orchestrated scheme" designed to steal or redirect the shareholder's equity without consent. The motion suggests that the requisite number of shareholder votes exist to remove the unsanctioned Board and appoint a new Board, but the Chapter 11 case was filed to thwart that vote. Of particular concern are four motions set for hearing on August 5, 2025, one of which seeks a fairly rapid determination from the Court that the proceeds of the various securities are property of the Debtors, not the customers. With over 15,000 impacted customers across 130 countries, the motion underscores the global significance of these proceedings -- and the need for fairness, transparency, and the rule of law in the proper venue: Delaware. Reference: Case No. 25-90186 PDFs available: * https://tinyurl.com/5xx6w2zt * https://tinyurl.com/53pu44au About Linqto Inc. Linqto Inc. is a San Jose-based financial technology company operating in the alternative investment space. Linqto Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90187) on July 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500 million and $1 billion. The Debtor is represented by Gabrielle A. Hamm, Esq. at Schwartz, PLLC. Breakpoint Partners LLC is the Debtor's restructuring advisor. Epiq Corporate Restructuring, LLC is the Debtor's claims agent. ThroughCo Communications, LLC is the Debtor's public relations agent. LINQTO INC: Shareholders Want Ch. 11 Case Transferred to Delaware ----------------------------------------------------------------- Steven Church of Bloomberg News reports that shareholders of defunct fintech startup Linqto Inc. are urging a federal judge in Texas to transfer the company's bankruptcy case to Delaware, arguing they'll have stronger legal protections there against decisions made by the new management team. In a court filing Wednesday, July 17, 2025, investment firm Sapien Group said shareholders intend to challenge actions taken by Linqto's board following the replacement of founder Bill Sarris with new CEO Dan Siciliano. The filing claims that Siciliano's team created a shell entity -- Linqto Texas -- to justify filing for bankruptcy in Texas rather than Delaware, where the company was originally incorporated. About Linqto Inc. Linqto Inc. is a San Jose-based financial technology company operating in the alternative investment space. Linqto Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90187) on July 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500 million and $1 billion. The Debtor is represented by Gabrielle A. Hamm, Esq. at Schwartz, PLLC. Breakpoint Partners LLC is the Debtor's restructuring advisor. Epiq Corporate Restructuring, LLC is the Debtor's claims agent. ThroughCo Communications, LLC is the Debtor's public relations agent. LINQTO TEXAS: Seeks to Hire Epiq as Claims and Noticing Agent ------------------------------------------------------------- Linqto Texas, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Epiq Corporate Restructuring, LLC as claims, noticing, and solicitation agent. Epiq will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. The Debtors provided Epiq a retainer in the amount of $25,000. Kate Mailloux, a senior director at Epiq Corporate Restructuring, 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: Kate Mailloux Epiq Corporate Restructuring, LLC 777 Third Avenue, Twelfth Floor New York, NY 10017 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. Judge Alfredo R. Perez oversees the case. 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. LION RIBBON: Seeks Court Approval of Bid Procedures for Asset Sale ------------------------------------------------------------------ Lion Ribbon Texas Corp. and its affiliates, seek approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, for the bidding procedure to sell Assets, free and clear of liens, claims, and encumbrances. The Debtors, in consultation with Huron Transaction Advisory LLC and their other advisors, have determined that the value of their estates can be maximized through the going-concern sale of several of their business segments. Debtor IG Design Group Americas, Inc. and its Debtor and non-Debtor subsidiaries comprise a global company that designs, manufactures, and distributes high-quality consumer crafting, gifting and stationery products for celebrations, hobbies and creative play. The Company is home to a number of brands, some of which were established more than a century ago, and distributes branded and private-label products either directly to consumers or to a wide range of high-profile Fortune 100 customers. The Company operates across the world with design, manufacturing, distribution, and production facilities located throughout North America and supporting facilities in India, Hong Kong, China, the United Kingdom, and Australia. The Bidding Procedures revolve around certain key dates which are intended to facilitate one or more value-maximizing Transactions: i. Indications of Interest Deadline: July 18, 2025, at 5:00 p.m. (prevailing Central Time), as the deadline for interested parties to submit non-binding Indications of Interest (as defined below); ii. Bid Deadline: September 8, 2025, at 5:00 p.m. (prevailing Central Time), as the deadline by which all binding Bids (as defined below) must be submitted by interested parties (Bid Deadline); iii. Auction: September 11, 2025, at 10:00 a.m. (prevailing Eastern Time) / 9:00 a.m. (prevailing Central Time), as the date and time of the Auction, if one becomes necessary, which will be held at the offices of proposed counsel for the Debtors, Latham & Watkins LLP, 1271 Avenue of the Americas, New York, NY 10020 or at such other place and time as the Debtors shall notify all parties who have submitted Qualified Bids, the Consultation Parties (as defined in the Bidding Procedures), and all other parties entitled to attend the Auction; iv. Sale Objection Deadline: September 15, 2025, at 5:00 p.m. (prevailing Central Time), as the deadline to object to any Transaction and to the proposed assumption and assignment of any Selected Designated Contracts (as defined below) on grounds of inadequate assurance of future performance (Sale Objection Deadline); and v. Sale Hearing: September 17, 2025, at a time to be announced, before the Honorable Christopher Lopez, United States Bankruptcy Judge at the United States Bankruptcy Court for the Southern District of Texas, 515 Rusk Street, Courtroom 401, Houston, TX 77002. The Debtors, with the assistance of their advisors, are pursuing a dual-track sale and liquidation strategy. The Debtors have decided to undertake going-concern sales of the assets associated with the following four Segments: i. Sewing: consists of (a) accounts receivable, inventory, and machinery/equipment supporting the production of sewing patterns, (b) accounts receivable and inventory related to sewing supplies and other ancillaries, and (c) any related intellectual property, including (but not limited to) brand names, trademarks, website domain names, patents and copyrights; ii. Gift: consists of (a) accounts receivable, inventory, and machinery/equipment supporting the production of wrapping paper, (b) accounts receivable, inventory, and machinery/equipment supporting the production of poly bows, (c) accounts receivable and inventory related to other items, including (but not limited to) gift bags and boxes, and (d) any related intellectual property, including (but not limited to) brand names, trademarks, website domain names, patents and copyrights; iii. Stationery: consists of (a) accounts receivable and inventory related to calendars, dated products, journals, greeting cards, other stationery, and similar products, and (b) any related intellectual property, including (but not limited to) brand names, trademarks, website domain names, patents and copyrights; and iv. Play: consists of (a) accounts receivable and inventory related to toys, games, arts and crafts kits, and other child-friendly products and novelties and (b) any related intellectual property, including (but not limited to) brand names, trademarks, website domain names, patents and copyrights. The Bidding Procedures provide that the Debtors reserve the right to modify the definition Non-Liquidating Assets such that one or more of the foregoing Segments and the property associated with such Segment(s) shall not be offered for sale pursuant to the Bidding Procedures. The Debtors believe the Bidding Procedures summarized below are fair and appropriate and will enable the Debtors to maximize value while providing parties in interest with a level playing field with respect to negotiations for the purchase of the Non-Liquidated Assets. On or prior to July 18, 2025, at 5:00 p.m. (prevailing Central Time), potential buyers are required to submit written non-binding indications of interest. Bids may be for all or any portion of the Non-Liquidating Assets. In order to be considered a Qualified Bid, a Bid must, be accompanied by a deposit in cash equal to 10% of the purchase price. To the extent a Stalking Horse Bidder is selected prior to the Bid Deadline, each Qualified Bid for any Non-Liquidating Assets subject to the Stalking Horse Agreement (alone or combined with Bids for other Non-Liquidating Assets subject to the Stalking Horse Agreement) must exceed the Stalking Horse Bidder's Bid by the Minimum Overbid. Each subsequent overbid at the Auction must exceed the prior highest Bid by the Minimum Overbid. At the conclusion of the Auction, the Debtors in consultation with the Consultation Parties shall select the overall highest or otherwise best Bid or Bids for their Non-Liquidating Assets. To facilitate one or more Transactions, the Debtors seek authority to assume and assign designated executory contracts and unexpired leases to the Successful Bidder(s) in accordance with the Assumption and Assignment Procedures. The Debtors submit that the Bidding Procedures are fair and appropriate under the circumstances, consistent with procedures routinely approved by courts in this and other districts, and are in the best interests of the Debtors' estates. To induce Stalking Horse Bidders to enter into Stalking Horse Agreements, setting floor prices for the Non-Liquidating Assets that may be tested in the marketplace, the Debtors may be required to provide one or more Stalking Horse Bidders with customary Bid Protections. The Bid Protections will not be offered unless the Debtors, in consultation with their advisors, reasonably conclude that they will enable the Debtors to secure an adequate floor price for the Non-Liquidating Assets, thereby ensuring that competing Bids would be materially higher or otherwise better than the Bids reflected in any Stalking Horse Agreement(s) — a clear benefit to the Debtors’ estates. Additionally, any Stalking Horse Bidder(s) will have expended, and will continue to expend, considerable time, money and energy in connection with the relevant Transaction and will engage in extended and lengthy good faith negotiations. The Debtors are also requesting that any Counterparty that fails to object to the proposed assumption and assignment of any Designated Contract be deemed to consent to the assumption and assignment of the applicable Designated Contract pursuant to section 365 of the Bankruptcy Code. About Lion Ribbon Texas Corp. Lion Ribbon Texas Corp. and affiliates design, manufacture, and distribute consumer crafting, gifting, and stationery products for celebrations, hobbies and creative play. They operate globally, with facilities across North America and supporting operations in India, Hong Kong, China, the United Kingdom, and Australia. They supply both branded and private-label products to consumers and major corporate clients. The Debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-90164) on July 3, 2025. In their petitions, the Debtors reported $100 million to $500 million in assets and liabilities on a consolidated basis. JudgeÂ Christopher M. Lopez handles the cases. The Debtors are represented by Caroline A. Reckler, Esq., Ray C. Schrock, Esq., Adam S. Ravin, Esq., Randall Carl Weber-Levine, Esq., and Meghana Vunnamadala, Esq., at Latham & Watkins, LLP. The Debtors tapped Huron Consulting Services, LLC as investment banker and financial advisor; Deloitte Tax, LLP as tax services provider; Liskow & Lewis, APLC as conflicts counsel; C Street Advisory Group, LLC as communications advisor; and Kroll Restructuring Administration, LLC as claims, noticing and solicitation agent. LMD HOLDINGS: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: LMD Holdings, LLC 14777 Keel St Plymouth, MI 48170 Business Description: LMD Holdings, LLC operates Luca Mariano Distillery, a beverage manufacturer located at 128 Letton Drive in Danville, Kentucky. Chapter 11 Petition Date: July 17, 2025 Court: United States Bankruptcy Court Eastern District of Michigan Case No.: 25-47214 Judge: Hon. Paul R Hage Debtor's Counsel: Robert Bassel, Esq. ROBERT N. BASSEL PO Box T Clinton, MI 49236 Tel: 248-677-1234 E-mail: bbassel@gmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Francesco S. Viola as principal. 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/LZW47LY/LMD_Holdings_LLC__miebke-25-47214__0001.0.pdf?mcid=tGE4TAMA LOLLI & POPS: ACM Delegate Holds Foreclosure Sale ------------------------------------------------- ACM Delegate LLC, as secured party and agent for certain lenders, will conduct a public foreclosure sale pursuant to Section 9-610 of the Uniform Commercial Code, as in effect in the State of New York, on July 16, 2025, commencing at 10:00 a.m., Mountain Time, and at the offices of Dorsey & Whitney LLP, at 1400 Wewatta St., Suite 400, Denver, Colorado 80202-5549. The public auction of personal property assets pledged to ACM, as agent, by Lolli & Pops Holdings LLC and Hammond's Candies Since 1920 II LLC. Bidders wishing to register and qualify to bid must contact counsel to the Secured Party, prior to the commencement of the auction: John O. Sutton, Jr. Dorsey & Whitney LLP Email: sutton.john@dosey.com Tel: 981-9922 Lolli & Pops Holdings LLC and Hammond's Candies Since 1920 II LLC operates confectionary retail and manufacturing Company. LULAV PROPERTIES: Case Summary & Nine Unsecured Creditors --------------------------------------------------------- Debtor: Lulav Properties LLC 40 Pool Drive Roslyn Heights, NY 11577 Business Description: Lulav Properties LLC is a single-asset real estate company that owns a multifamily property located at 916-918 Faile Street in the Bronx, New York. The property comprises 61 units and is valued at approximately $3.66 million. Chapter 11 Petition Date: July 17, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-43397 Judge: Hon. Elizabeth S. Stong Debtor's Counsel: Kevin Nash, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 125 Park Ave New York, NY 10017-5690 E-mail: knash@gwfglaw.com Total Assets: $3,761,271 Total Liabilities: $5,637,879 The petition was signed by David Goldwasser as chief restructuring officer. 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/NOWAJTQ/Lulav_Properties_LLC__nyebke-25-43397__0001.0.pdf?mcid=tGE4TAMA LULAV PROPERTIES: Section 341(a) Meeting of Creditors on August 19 ------------------------------------------------------------------ On July 17, 2025, Lulav Properties LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filing, the Debtor reports between $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 19, 2025 at 03:00 PM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 3913464. About Lulav Properties LLC Lulav Properties LLC is a single asset real estate company with property located in the Bronx, New York. Lulav Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43397) on July 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Louis A. Scarcella handles the case. The Debtor is represented by Kevin J. Nash, Esq. at Goldberg Weprin Finkel Goldstein LLP. LYNDA TRANSPORTATION: Robert Handler Named Subchapter V Trustee --------------------------------------------------------------- The U.S. Trustee for Region 11 appointed Robert Handler of Commercial Recovery Associates, LLC as Subchapter V trustee for Lynda Transportation, Inc. Mr. Handler will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Handler declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Robert P. Handler Commercial Recovery Associates, LLC 205 West Wacker Drive, Suite 918 Chicago, IL 60606 Tel: (312) 845-5001 x221 Email: rhandler@com-rec.com About Lynda Transportation Inc. Lynda Transportation, Inc. is a transportation company based in Hoffman Estates, Illinois. Lynda Transportation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10429) on July 9, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Modestas Law Offices, P.C. MADISON 33 OWNER: Unsecureds Will Get 3% of Claims in Plan ---------------------------------------------------------- Madison 33 Owner, LLC and Yitzchak Tessler filed with the U.S. Bankruptcy Court for the Southern District of New York a Third Amended Disclosure Statement describing Second Amended Plan dated June 26, 2025. Formed on July 24, 2013, the Debtor is a domestic limited liability company organized and existing under the laws of the State of Delaware with its principal place of business located at 172 Madison Avenue, Unit 27A, New York, NY 10016. The Property is a fully constructed 33-story mixed-use luxury high rise condominium with 70 residential units and two commercial units (the "Commercial Units"). Only ten residential units remain unsold at this time and include five finished nonpenthouse units (Nos. 11B, 15B, 17B, 18B and 27A, collectively, the "Immediate Transfer Units"), and five unfinished penthouse units (including one "sky house") in "white box" condition (collectively, the "Unfinished Penthouse Units" and together with the Immediate Transfer Units, the "Residual Sponsor Units"). The Plan seeks to implement a final settlement reached with the Debtor's senior mortgage lender, Palm Avenue Hialeah Trust, a Delaware statutory trust, for and on behalf of and solely with respect to Series 2023-3 (the "Lender"), following months of negotiations. The settlement is incorporated under the Plan and provides for the disposition of the Lender's secured claim while affording the Plan Proponents the opportunity to realize value in the five unfinished penthouse units. The Plan contemplates both a transfer of units to the Lender and the refinancing of the residual debt. Yitzchak Tessler shall become the sole equity holder of the Reorganized Debtor based upon his New Value Contribution of $3.0 million which will be used to pay certain outstanding real estate taxes and Condo fees. The Lender now supports the Plan. The Plan also settles and provides for consensual treatment of the Secured and Unsecured claims of the Condo Board, on the terms of the Plan, and who also now supports the Plan. The Plan contemplates the sale of the Immediate Transfer Units, and the subsequent sale of the Unfinished Penthouse Units. Such sales following Confirmation of the Plan shall not be subject to any stamp or similar transfer or mortgage recording tax pursuant to section 1146(a) of the Bankruptcy Code because these units will each be sold under the Plan and after the Effective Date. Class 4 consists of the Allowed General Unsecured Claims in the approximate aggregate amount of $5,700,000. The Debtor has filed a Declaration Concerning Class 4 Creditors detailing the names and amounts owed to each Class 4 creditor. The Class 4 Allowed General Unsecured Claims are Impaired and entitled to vote. Class 4 Creditors shall be paid on or shortly after the deadline for Exit Financing a pro rata Distribution from the greater of: (i) the excess proceeds generated from Exit Financing after satisfaction of the Unclassified Claims and the Classified Class 1, 2 and 3 Claims plus reserves for completion of construction on the Unfinished Penthouse Units; or (ii) $200,000. Based on the estimated amount of Class 4 Claims, the Debtor anticipates the distribution to Class 4 creditors will likely not exceed 3%. Holders of Interests shall retain their Interests in the Debtor in exchange for the New Value Contribution. This Plan shall be funded through the following sources: (i) the transfer of the Immediate Transfer Units to the Lender in partial satisfaction of the agreed Lender Secured Claim; (ii) the New Value Contribution to be made by Mr. Tessler; (iii) the closing on the Exit Financing. A full-text copy of the Third Amended Disclosure Statement dated June 26, 2025 is available at https://urlcurt.com/u?l=2bg3EQ from PacerMonitor.com at no charge. Attorneys for the Debtor: DAVIDOFF HUTCHER & CITRON LLP Robert L. Rattet, Esq. Jonathan S. Pasternak, Esq. 605 Third Avenue New York, New York 10158 (914) 381-7400 About Madison 33 Owner Madison 33 Owner, LLC is the fee simple owner of real property located at 172 Madison Avenue, New York, N.Y., having an appraised value of $100.6 million. Madison 33 Owner sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-11463) on August 26, 2024, with total assets of $100,600,000 and total liabilities of $39,466,304. David Goldwasser, chief restructuring officer, signed the petition. Judge Philip Bentley oversees the case. Jonathan S. Pasternak, Esq., at Davidoff Hutcher & Citron, LLP is the Debtor's legal counsel. Palm Avenue Hialeah Trust, as lender, is represented by: Jason A. Nagi, Esq. Offit Kurman, P.A. 590 Madison Avenue 6th Fl. New York, NY 10002 Direct: (646) 251-3259 jason.nagi@offitkurman.com MARI ARI INTERNATIONAL: Seeks Subchapter V Bankruptcy in Texas -------------------------------------------------------------- On July 16, 2025, Mari Ari International Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. 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 Mari Ari International Inc. Mari Ari International Inc. is a Houston-based company likely operating in the airport operations or travel services sector based on its NAICS classification code (4581). Mari Ari International Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34029) 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 Eduardo V. Rodriguez handles the case. The Debtors are represented by Reese W. Baker, Esq. at Baker & Associates. MARIN SOFTWARE: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Marin Software Incorporated. 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 reported total assets of $5,656,853 and total debts of $2,767,237. Judge Laurie Selber Silverstein oversees the cases. The Debtor tapped James E. O'Neill, Esq., at Pachulski Stang Ziehl & Jones, LLP as bankruptcy counsel; Fenwick & West, LLP as corporate counsel; and Armanino Advisory, LLC as financial advisor. Donlin, Recano & Company, Inc. is the Debtor's claims, noticing and solicitation agent and administrative advisor. YYYYY, LLC, as lender is represented by: Mark E. Felger, Esq. Marla S. Benedek, Esq. Cozen O'Connor 1201 N. Market Street, Suite 1001 Wilmington, DE 19801 Telephone: (302) 295-2024 Facsimile: (302) 250-4498 mfelger@cozen.com mbenedek@cozen.com MARRS CONSTRUCTION: Seeks to Tap Baldwin Moffitt Behm as Accountant ------------------------------------------------------------------- Marrs Construction, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Baldwin Moffitt Behm, LLP as accountant. The firm will provide accounting services during this Chapter 11 case, including general accounting services and, as necessary, preparation or amendment of tax returns. Baldwin Moffitt, the primary accountant in this representation, will be paid at his hourly rate of $375. Mr. Moffitt 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: Baldwin Moffitt, CPA Baldwin Moffitt Behm, LLP 8399 E. Indian School Rd. Scottsdale, AZ 85251 Telephone: (480) 736-9200 About Marrs Construction Inc. Marrs Construction, Inc. is a Phoenix-based contractor that provides demolition, excavation, earthwork, site preparation, civil utility, and paving services. The Company serves both residential and commercial projects across the greater Phoenix area. Marrs Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-04964) on May 30, 2025. In its petition, the Debtor reported total assets of $10,177,042 and total liabilities of $12,177,492. The Debtor tapped Christopher C. Simpson, Esq., at Osborn Maledon, P.A. as counsel and Baldwin Moffitt Behm, LLP as accountant. MAXTIN INC: Unsecured Creditors to Get Share of Disposable Income ----------------------------------------------------------------- Maxtin Inc. filed with the U.S. Bankruptcy Court for the Eastern District of Texas an Original Plan of Reorganization dated June 26, 2025. The Debtor manufactures, installs, and services custom architectural signage, specializing in wayfinding, branding, recognition, and ADA-compliant signs. The Debtor often services healthcare and other corporate locations. Class 3 consists of Any Allowed General Unsecured Claim. In full and final satisfaction of its Allowed General Unsecured Claim, each holder of an Allowed General Unsecured Claim shall receive a Pro Rata Share of the Reorganized Debtor's Disposable Income in quarterly payments of Cash on March 31, June 30, September 30, and December 31 for the Term of the Plan, in an amount as projected by the Debtor at the Confirmation Hearing. Class 4 consists of Interests in the Debtor. Holders of interests in the Debtor shall retain such Interests. On the Effective Date, all real and personal property of the estate of the Debtor, including but not limited to all causes of action of the Debtors, and any avoidance actions of the Debtor, under applicable non bankruptcy law or the Bankruptcy Code, shall vest in the Debtor as Reorganized Debtor and shall not be assertable by any party other than the Reorganized Debtor on behalf of its creditors subject to those Claims, Liens, and encumbrances as Allowed and restructured in this Plan. Provided however, that upon any subsequent conversion of either of the Cases under Chapter 7 of the Reorganized Debtor, all assets vesting in Reorganized Debtor, other than Exempt Property, shall pass to the Chapter 7 trustee as property of the Chapter 7 estate subject to those Claims, Liens, and encumbrances as Allowed and restructured in this Plan and as specified herein. Any distributions and deliveries to be made under the Plan shall be made on the Effective Date, as otherwise provided for herein, or as the Bankruptcy Court may order. The Debtor anticipates that it will be able to sustain monthly operations as set forth in projections to be filed separately with the Court. A full-text copy of the Plan of Reorganization dated June 26, 2025 is available at https://urlcurt.com/u?l=AT8qr0 from PacerMonitor.com at no charge. Counsel to the Debtor: Howard Marc Spector, Esq. Spector & Cox, PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel: (214) 365-5377 Fax: (214) 237-3380 Email: hspector@spectorcox.com About Maxtin Inc. Maxtin Inc., doing business as Morrison Architectural Sign Company, is a manufacturer of architectural signage based in Dallas, Texas. The company specializes in producing custom signs using various fabrication methods including digital printing, laser cutting, and CNC machining, as evidenced by its financed equipment including Mutoh XpertJet printers, HP Latex printers, and Boss Laser systems. The company works with various materials including plastics and other fabrication supplies from vendors like E&T Plastics and Gyford Productions. Maxtin Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-40871) on March 28, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Howard Marc Spector, Esq., at Spector & Cox, PLLC is the Debtor's legal counsel. Comerica Bank, as secured creditor, is represented by: Michael P. Menton, Esq. Danika Lopez, Esq. SettlePou 3333 Lee Parkway, Eighth Floor Dallas, Texas 75219 Tel: (214) 520-3300 Fax: (214) 526-4145 mmenton@settlepou.com dlopez@settlepou.com MCPHILLIPS FLYING: Seeks Chapter 11 Bankruptcy in Michigan ---------------------------------------------------------- On July 15, 2025, McPhillips Flying Service Inc. sought Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Michigan. According to court filing, the Debtor reports $2,483,706 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About McPhillips Flying Service Inc. 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. McPhillips Flying Service Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mich. Case No. 25-02011 ) on July 15, 2025. In its petition, the Debtor reports total assets of $2,335,506 and total liabilities of $2,483,706. Honorable Bankruptcy Judge James W. Boyd handles the case. The Debtor is represented by A. Todd Almassian, Esq. at KELLER & ALMASSIAN, PLC. MEYER BURGER: Taps Richards Layton & Finger as Bankruptcy Counsel ----------------------------------------------------------------- Meyer Burger (Holding) Corp. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Richards, Layton & Finger, P.A. to serve as bankruptcy counsel in its Chapter 11 case. RL&F will provide these services: (a) assist in preparing all petitions, motions, applications, orders, reports, and papers necessary or desirable to commence the Chapter 11 case under the Bankruptcy Code; (b) advise the Debtors of their rights, powers, and duties as debtors and debtors in possession under Chapter 11; (c) protect and preserve the Debtors’ estate, including prosecuting actions on behalf of the Debtors, defending actions, negotiating disputes, and preparing claim objections; (d) assist in preparing motions, applications, answers, orders, reports, and papers in connection with estate administration; (e) coordinate with the U.S. Trustee and the Court to facilitate orderly administration of the case; (f) assist in preparing a plan of reorganization or liquidation; (g) assist in preparing a disclosure statement and related documents and pleadings; (h) prosecute any proposed plan and seek approval of all related transactions; (i) attend all hearings related to the case; and (j) perform other legal services necessary under the Bankruptcy Code. RL&F's hourly rates are: Directors: $1,050 to $1,650 Of Counsel: $1,800 Counsel: $975 to $1,025 Associates: $575 to $900 Paraprofessionals: $425 Key professionals include: Paul N. Heath $1,350/hour Brendan J. Schlauch $1,050/hour Jason M. Madron $1,025/hour Zachary J. Javorsky $700/hour Nicholas A. Franchi $575/hour Barbara J. Witters $425/hour Prior to filing, the Debtors paid RL&F a $350,000 retainer. Any excess fees incurred were waived by RL&F, and the firm holds no claims against the Debtors for unpaid services. RL&F is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. Richards, Layton & Finger can be reached at: Paul N. Heath, Esq. RICHARDS, LAYTON & FINGER, P.A. 920 North King Street Wilmington, DE 19801 Telephone: (302) 651-7700 About Meyer Burger (Holding) Corp. Meyer Burger (Holding) Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 25-11217) on June 25, 2025. At the time of the filing, Debtor had estimated assets of between $100 million to $500 million and liabilities of between $500 million to $1 billion. Judge Craig T. Goldblatt oversees the case. Richards, Layton & Finger, P.A. is Debtor's legal counsel. MONARCHY RANCHEROS: Seeks Approval to Tap J.J. Griego as Accountant ------------------------------------------------------------------- Monarchy Rancheros de Santa Fe, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Mexico to employ J.J. Griego, a certified public accountant practicing in Socorro, New Mexico. The accountant will provide these services: (a) contract financial management duties related to the design, implementation, and operation of the fiscal functions and process of the Debtor; and (b) assist the Debtor in all matter which management deems appropriate. The accountant will be paid between $75 - $150 per hour depending on assignments, plus reimbursement of expenses associated with the engagement. The accountant received a pre-petition retainer of $3,600 from the Debtor. Mr. Griego 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 accountant can be reached at: J.J. Griego P.O. Box 401 Socorro, NM 87801 Telephone: (505) 920-3118 Email: jjgriego321@comcast.net About Monarchy Racheros de Santa Fe Monarchy Racheros de Santa Fe, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D.N.M. Case No. 25-10691) on June 5, 2025, listing up to $10 million in both assets and liabilities. Judge Robert H. Jacobvitz oversees the case. The Debtor tapped Gatton & Associates, PC as counsel and J.J. Griego, CPA, as accountant. NABORS INDUSTRIES: Adds 470K Shares to Amended 2016 Stock Plan -------------------------------------------------------------- Nabors Industries Ltd. filed a Registration Statement on Form S-8 with the U.S. Securities and Exchange Commission for the purpose of registering an additional 470,000 Common Shares that may be offered and sold pursuant to Amendment No. 4 to the Amended 2016 Stock Plan, which was approved by shareholders on June 3, 2025. Except as otherwise set forth below, the contents of the registration statements on Form S-8 previously filed with the Commission on each of: * July 29, 2016 (File No. 333-212781), * June 6, 2018 (File No. 333-225449), * June 19, 2020 (File No. 333-239325), * June 21, 2021 (File No. 333-257211), * July 18, 2022 (File No. 333-266201) and * July 15, 2024 (File No. 333-280821) which registered 160,000, 210,000, 700,000, 175,000, 175,000 and 215,000 Common Shares for offer and sale under the Amended 2016 Stock Plan, respectively, are incorporated herein by reference and made a part of this Registration Statement as permitted by General Instruction E to Form S-8. Nabors Industries will send or give to all participants in the Amended and Restated 2016 Stock Plan (as may be amended from time to time, the "Amended 2016 Stock Plan") the document(s) containing the information required by Part I of Form S-8, as specified in Rule 428(b)(1) promulgated by the Commission under the Securities Act upon a written request to the Company's legal department, at 515 West Greens Road, Suite 1200, Houston, Texas 77067 or by calling 281-874-0035. In accordance with Rule 428 under the Securities Act, the Registrant has not filed such document(s) with the Commission, but such document(s) (along with the documents incorporated by reference into this Registration Statement pursuant to Item 3 of Part II hereof) shall constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act. A full-text copy of the Registration Statement is available aat https://tinyurl.com/2ndxd7c9 About Nabors Bermuda-based Nabors Industries Ltd. (NYSE: NBR) owns and operates land-based drilling rig fleets and provides offshore platform rigs in the United States and several international markets. Nabors also provides directional drilling services, tubular services, performance software, and innovative technologies for its own rig fleet and those of third parties. * * * Egan-Jones Ratings Company on June 10, 2025, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Nabors Industries, Inc. NEW FOCUS: Claims to be Paid from Net Disposable Income ------------------------------------------------------- New Focus Mental Health Solution, LLC filed with the U.S. Bankruptcy Court for the Southern District of Florida a Plan of Reorganization dated June 26, 2025. The Debtor is a Florida corporation headquartered in Miami, Florida. The Debtor provides supportive services to individuals with ongoing depression and anxiety. The services include psychosocial rehabilitation which assists clients in gaining access to financial and insurance benefits, employment, medical, social, educational, and functional services. The Debtor is essentially a helper and service broker who also advocates for individuals with persistent depression and anxiety and/or individuals with cooccurring disorders (substance abuse) to receive the treatment, service and resources appropriate for their day-to-day needs. The Plan Proponent's financial projections show that the Debtor will have no projected disposable income to make all payments under the Plan but will rely on contributions from Insiders until the Reorganized Debtor begins to cash flow positive (which the Debtor anticipates will be approximately 4 years or more from the Effective Date). The final Plan payment is expected to be paid on or before the expiration of 36 months from the Effective Date. The Debtor reserves the right to amend this Plan to the extent necessary. This Plan proposes to pay Allowed Claims no less than the value of New Focus's Net Disposable Income for a period of 36 months. The Plan provides for 4 Classes of creditor claims (including priority, secured, and unsecured) and one Class of Equity interests. Class 3 consists of Allowed General Unsecured Claims. The Reorganized Debtor will set aside $100.00 per month and make an annual a pro rata distribution in the amount of $1,200 every 6 months starting on the anniversary date of the Effective Date to holders of timely filed Allowed Claims or claims that were scheduled by the Debtor as "liquidated, noncontingent, and undisputed" in Class 3 pursuant to the following terms beginning on the first anniversary of the Effective Date. Class 3 is Impaired and entitled to vote. Class 4 consists of Equity Interests of Mauricio Marti Padron in New Focus. On the Effective Date, the Equity Interests will be retained in the same amounts and character as they were held prior to the Petition. Class 4 is deemed to accept and not entitled to vote. On the Effective Date, all property of the Debtor not otherwise disposed of under the Plan, shall vest with the Reorganized Debtor. The Plan proposes to pay Allowed Claims to be paid under the Plan from Net Disposable Income. The Debtor's Net Disposable Income means all excess cash from the Debtor's income after: (i) payment in full of all Allowed Administrative Claims; (ii) payment of Allowed Secured Claims; (iii) payment of monthly ordinary course of business operating expenses; and (iv) a set aside of an operational reserve equal to thirty days of operating expenses. A full-text copy of the Plan of Reorganization dated June 26, 2025 is available at https://urlcurt.com/u?l=fwlHry from PacerMonitor.com at no charge. Counsel to the Debtor: Jacqueline Calderin, Esq. Agentis PLLC 45 Almeria Avenue Coral Gables, FL 33134 Telephone: (305) 722-2002 Email: jc@agentislaw.com About New Focus Mental Health New Focus Mental Health is headquartered in Miami, Florida, which provides supportive services to individuals with ongoing depression and anxiety by providing a wide array of services to individuals through its network of independent contractors and targeted case managers. Such services include psychosocial rehabilitation (assisting clients in gaining access to financial and insurance benefits, employment, medical, social, education, and functional services), and developing/implementing targeted service plans with the goal of enhancing the client's inclusion in the community. New Focus Mental Health sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-13613) on April 1, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Laurel M. Isicoff presides over the case. Jacqueline Calderin, Esq., at Agentis, PLLC, is the Debtor's legal counsel. NEWBURN LAW: Employs Kramer Jensen & Bagby as Accountants --------------------------------------------------------- Newburn Law, P.C. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Kramer, Jensen & Bagby, LLC as accountants in its Chapter 11 case wherein Aaron Bagby, owner of KJB, will supervise or provide the services under the engagement. KJB will assist the Debtor with: (a) preparing tax-related documents and schedules; and (b) providing other accounting-related services as may be needed. KJB will charge hourly rates ranging from $155 to $235 for its services. These rates may change periodically after notice to the Debtor. KJB is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code and does not hold or represent any interest adverse to the Debtor or its estate. Kramer, Jensen & Bagby can be reached at: Aaron Bagby, CPA KRAMER, JENSEN & BAGBY, LLC Littleton, CO 80120 Telephone: (303) 296-1999 Email: agarber@wgwc-law.com About Newburn Law, P.C. Newburn Law, P.C. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-13133) on May 23, 2025. At the time of the filing, Debtor had estimated assets of between $50,001 to $100,000 and liabilities of between $500,001 to $1 million. Judge Michael E. Romero oversees the case. Wadsworth Garber Warner Conrardy, P.C. is Debtor's legal counsel. NONA GOURMET: Doug Flahaut Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 16 appointed Doug Flahaut as Subchapter V trustee for Nona Gourmet, LLC. Mr. Flahaut will be paid an hourly fee of $680 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Flahaut declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Doug Flahaut, Founder Echo Park Legal, APC 2210 W Sunset Blvd. #301 Los Angeles, CA 90026 Telephone: (310) 709-0658 Email: df@echoparklegal.com About Nona Gourmet LLC Nona Gourmet, LLC, operating as La Creme Cafe, is a restaurant business located in Sherman Oaks, California. Nona Gourmet sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11222) on July 10, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $50,001 and $100,000 in liabilities. Judge Martin R. Barash handles the case. The Debtor is represented by Nina P. Aritonova, Esq., at The Law Office Of Nina Aritonova. NOORDA COLLEGE: Moody's Alters Outlook on 'Ba2' Rating to Negative ------------------------------------------------------------------ Moody's Ratings has affirmed Noorda College of Osteopathic Medicine, LLC's (Noorda COM) Ba2 senior secured rating. The rating outlook has been revised to negative from stable. RATINGS RATIONALE The rating action takes into consideration recent developments that are credit supportive but also factors in prospective challenges that could weaken Noorda COM's credit profile. Noorda COM graduated its inaugural class in June 2025, with residency placement rates that are competitive with other medical schools. In addition to meeting a key performance milestone, the graduation also allowed for the release of the Operating Reserve, which was used to redeem a portion of Noorda COM's Series 2021A bonds. In a year, the Teach-Out reserve is expected to be released that will be used to fully redeem the remaining 2021A bonds, resulting in meaningfully lower leverage for Noorda COM, an approximate 35% debt reduction since financial close. Noorda COM recently received "Accreditation with Monitoring" status from the Commission on Osteopathic College Accreditation (COCA). Moody's understands that the "with Monitoring" caveat is expected to be removed in August by COCA after it reviewed and approved actions taken by Noorda COM to remediate two unachieved standards. The achievement of full accreditation should be supportive of marketing efforts to potential students as well as provide a pathway for future federal funding, including student loans. Additionally, Noorda COM's disputes with its general contractor and two subcontractors for the construction of its academic building were resolved in early 2025 at approximately 20% of the original lien amount. Meeting this milestone will allow for the filing of a Completion Certificate by the end of September and the associated release of remaining Project Funds to the sponsors. However, Noorda COM's competitive position will be challenged by the anticipated establishment of a medical school in Provo by Brigham Young University (BYU, unrated) in as early as the fall of 2027. While the overall need for doctors in Utah is expected to remain high and BYU's medical school enrollment in its early years is expected to remain low as it ramps up operations, competition for students, residencies and teaching staff may affect Noorda COM's ability to generate the expected margins and debt service coverage ratios (DSCRs)over time incorporated into the rating. Noorda COM's rating is already constrained by its limited scale and revenue concentration that is almost entirely tuition dependent. Moody's expects financial margins and DSCR to become more compressed in the near-term than previously anticipated given the aforementioned entrance of BYU, as well as from increased operating expenses to boost student placement, enhance recruitment and sustainably strengthen COMLEX test scores, an important benchmark for osteopath schools. Positively, recent efforts by Noorda COM appear to have helped with recruitment for the incoming class of 2029. Moody's understands that the budget for 2026 is below Moody's original expectations owing to higher expenses and lower enrollment and that annual financial performance can be heavily influenced by moderate changes in enrollment. Positively, the Noorda COM's financial profile benefits from an amortizing debt structure and a flat annual amortization schedule which approximates $8 million of debt service annually (after the redemption of the 2021A bonds), which does provide a degree of resiliency and long-term financial flexibility. Strong ring fencing provisions and project financing protections provide lender's with key protections under material downside scenarios and prevent material credit negative decisions by the private owners. RATING OUTLOOK The negative outlook reflects the anticipated weakened competitive position of Noorda COM from the establishment of a BYU medical school, as well as the likelihood of thinner margins and lower DSCRs than previously anticipated as the ramp-up period for the asset continues. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that Could Lead to an Upgrade -- Material increase in scale and improved balance sheet liquidity at Noorda COM level -- Establishment of a strong and sustained market position with a consistent demand base and pricing power leading to DSCRs over 4.0x -- Ability to execute on ongoing ramp-up related issuers Factors that Could Lead to a Downgrade -- Weaker than anticipated enrollment trends or higher attrition rates -- Tighter margins from weaker tuition revenue and/or higher operating costs that result in DSCRs below 2.0x on a consistent basis -- Liquidity declines below required levels -- Inability to establish a stable, niche market position over time PROFILE Noorda College of Osteopathic Medicine, LLC ("Noorda COM" or "Project Co") is a for-profit limited liability company owned by NMS, LLC and formed in March 2017. Noorda COM is located in the City of Provo, Utah with a mission to provide a critically needed solution to acute physician shortages in Utah and the contiguous Rocky Mountain States' region, including Idaho, Nevada, California, Colorado, Arizona and Wyoming. Noorda COM received "Accreditation with Monitoring" status from the American Osteopathic Association's (AOA) Commission on Osteopathic College Accreditation ("COCA") in June 2025, which is expected to be revised to "Accredited" in August. The first class started in the fall of 2021 and graduated in the spring of 2025. The principal methodology used in this rating was Generic Project Finance published in October 2024. NORDICUS PARTNERS: Board OKs Amended Agreements for CEO, CFO ------------------------------------------------------------ Nordicus Partners Corporation disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on June 30, 2025, the Board of Directors approved a third amended employment agreement for the Company's chief executive officer, Henrik Rouf, and a third amended consulting agreement for its chief financial officer, Bennett J. Yankowitz. * Mr. Rouf's employment agreement as amended provides for a base salary of $360,000 per year, commencing July 1, 2025, and has a term of one year. * Mr. Yankowitz's consulting agreement as amended provides for a base salary of $120,000 per year, commencing July 1, 2025, and has a term of one year. About Nordicus Partners Headquartered in Beverly Hills, Calif., Nordicus Partners Corporation is a financial consulting company specializing in providing Nordic companies with the best possible conditions to establish themselves in the U.S. market. The Company leverages management's combined 90+ years of experience in the corporate sector, serving in various capacities both domestically and globally. Additionally, Nordicus operates as a business incubator, offering support resources and services such as office space, legal and accounting services, and marketing expertise to facilitate a smooth transition for companies entering the U.S. marketplace. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated July 2, 2024, citing that the Company has an accumulated deficit, net losses, and minimal revenue. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. The Company hasn't filed its Annual Report on Form 10-K for the year ended March 31, 2025. NORDICUS PARTNERS: Delays 10-K Filing Due to Audit Timing --------------------------------------------------------- Nordicus Partners Corporation 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 it was unable, without unreasonable effort and expense, to prepare its accounting records and schedules in sufficient time to enable its independent registered public accounting firm to complete its audit of the Company's financial statements to be contained in its Annual Report. It is anticipated that the Form 10-K, along with the audited financial statements, will be filed within the 15-day extension period. About Nordicus Partners Headquartered in Beverly Hills, Calif., Nordicus Partners Corporation is a financial consulting company specializing in providing Nordic companies with the best possible conditions to establish themselves in the U.S. market. The Company leverages management's combined 90+ years of experience in the corporate sector, serving in various capacities both domestically and globally. Additionally, Nordicus operates as a business incubator, offering support resources and services such as office space, legal and accounting services, and marketing expertise to facilitate a smooth transition for companies entering the U.S. marketplace. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated July 2, 2024, citing that the Company has an accumulated deficit, net losses, and minimal revenue. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. NORTH HOUSTON: Seeks to Hire Yates & Associates as Legal Counsel ---------------------------------------------------------------- North Houston Heart and Vascular Associates, PA seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ the Law Office of Yates & Associates, PLLC as counsel. The firm will render these services: (a) assist the Debtor with the resolution of all contested claims; (b) assist the Debtor with the proposing, prosecuting and consummating the plan of reorganization; (c) advise the Debtor with regard to any litigation matters that exist or might arise prior to confirmation of the plan of reorganization; (d) prepare all appropriate pleadings to be filed in this case; and (e) perform any other legal services that may be appropriate in connection with this reorganization case. The firm's counsel will be paid at these hourly rates: Phillip Yates, Attorney $400 Associate and Senior Attorney $450 - $300 Paralegal $75 - $125 Mr. Yates 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: Phillip J. Yates, Esq. Law Office of Yates & Associates, PLLC 440 Louisiana, Suite 929 Houston, TX 77002 Telephone: (713) 259-6877 Facsimile: (713) 583-7062 Email: pyates@yateslawpllc.com About North Houston Heart and Vascular Associates North Houston Heart and Vascular Associates PA, dba The Vein Institute & MediSpa, based in Humble, Texas, provides vascular care services in the greater Houston area. The clinic specializes in the prevention, diagnosis, and minimally invasive treatment of vascular conditions, including laser vein procedures. It was founded by Dr. Raymond Little, a board-certified cardiovascular specialist. North Houston Heart and Vascular Associates PA sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-32960) on May 28, 2025. In its petition, the Debtor reports total assets of $3,578,969 and total liabilities of $1,499,863. Judge Eduardo V. Rodriguez oversees the case. The Debtor is represented by Phillip Yates, Esq., at the Law Office of Yates & Associates, PLLC. NXT ENERGY: Mork Capital Holds 28% Equity Stake ----------------------------------------------- Mork Capital Management, LLC, MCAPM, L.P., and Michael Mork disclosed in a Schedule 13D/A (Amendment No. 8) filed with the U.S. Securities and Exchange Commission that as of June 26, 2025, they beneficially owned 30,526,321 shares of NXT Energy Solutions Inc.'s common stock, consisting of (i) 27,086,991 shares held by MCAPM, L.P. through the conversion of three unsecured debentures, and (ii) 3,439,330 shares held by Michael Mork, including 553,097 shares from his own debenture conversion. These holdings represent 28.0% of NXT Energy Solutions Inc.'s outstanding common shares based on the total shares outstanding as of the date of conversion. Mork Capital Management, LLC may be reached through: Michael Mork, Owner and Managing Member 132 Mill Street, Suite 204 Healdsburg, CA 95448 Tel: (707) 431-105 A full-text copy of Mork Capital Management, LLC's SEC report is available at: https://tinyurl.com/2rcjp3eu About NXT Energy NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary SFD survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method. This system can be used both onshore and offshore to remotely identify areas with exploration potential for traps and reservoirs. The SFD survey system enables the Company's clients to focus their hydrocarbon exploration decisions concerning land commitments, data acquisition expenditures, and prospect prioritization on areas with the greatest potential. SFD is environmentally friendly and unaffected by ground security issues or difficult terrain and is the registered trademark of NXT Energy Solutions Inc. NXT Energy Solutions provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration. Calgary, Canada-based MNP LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 27, 2025, citing that the Company's current cash position is not expected to be sufficient to meet the Company's obligations and planned operations for a year beyond the date of auditor's report, unless additional financing is obtained or new revenue contracts are completed. This raises substantial doubt about the Company's ability to continue as a going concern. NXT ENERGY: Mork Triggers Early Warning Report With 28% Stake ------------------------------------------------------------- MCAPM, LP and Michael P. Mork (collectively, "Mork Capital") announced that they have filed an early warning report under National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the exercise of their respective rights to convert: (1) an aggregate of USD$1,000,000 principal amount of convertible debentures dated November 8, 2023, (2) an aggregate of USD$375,000 principal amount of debentures dated January 11, 2024, and (3) an aggregate of USD$2,000,000 principal amount of convertible debentures dated May 31, 2024, into Common Shares of NXT Energy Solutions Inc. In connection with the Conversion, NXT issued an aggregate of 15,605,088 Common Shares to Mork Capital effective as of June 26, 2025. Immediately prior to the Conversion, Mork Capital owned, or exercised control or direction over, 14,921,233 Common Shares (or approximately 16.0% of the issued outstanding Common Shares on a non-diluted basis) and an aggregate of USD$3,375,000 principal amount of Convertible Debentures. After giving effect to the Conversion, Mork Capital owns, or exercises control or direction over, 30,526,321 Common Shares, representing approximately 28.0% of the issued and outstanding Common Shares of NXT. A copy of the Early Warning Report will be available under NXT's profile at www.sedarplus.com or may be obtained by contacting Mork Capital at (707) 431-1057. Mork Capital is acquiring the Common Shares for investment purposes. Mork Capital may, from time to time, acquire additional Common Shares or other securities of NXT or dispose of some or all of the Common Shares or other securities of NXT that it owns at such time. Other than as set forth above, Mork Capital currently has no other plans or intentions that relate to or would result in any of the actions listed above, but depending on market conditions, general economic and industry conditions, trading prices of NXT's securities, NXT's business, financial condition and prospects and/or other relevant factors, Mork Capital may develop such plans or intentions in the future. About NXT Energy NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary SFD survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method. This system can be used both onshore and offshore to remotely identify areas with exploration potential for traps and reservoirs. The SFD survey system enables the Company's clients to focus their hydrocarbon exploration decisions concerning land commitments, data acquisition expenditures, and prospect prioritization on areas with the greatest potential. SFD is environmentally friendly and unaffected by ground security issues or difficult terrain and is the registered trademark of NXT Energy Solutions Inc. NXT Energy Solutions provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration. Calgary, Canada-based MNP LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 27, 2025, citing that the Company's current cash position is not expected to be sufficient to meet the Company's obligations and planned operations for a year beyond the date of auditor's report, unless additional financing is obtained or new revenue contracts are completed. This raises substantial doubt about the Company's ability to continue as a going concern. OCUGEN INC: 180-Day Extension Granted to Regain Bid Compliance -------------------------------------------------------------- Ocugen, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it received a written notice from the Listing Qualifications Department of the Nasdaq Stock Market that the Company has been granted an additional 180 calendar days, or until December 29, 2025, to regain compliance with the minimum closing bid price of $1.00 per share as required by Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market. As previously reported, Nasdaq notified the Company that for the 30 consecutive business days prior to December 31, 2024, the closing bid price for the Company's common stock had been below the minimum $1.00 per share requirement for continued listing on The Nasdaq Capital Market. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company had a period of 180 calendar days, or until June 30, 2025, to regain compliance with the Minimum Bid Price Requirement. According to the Notice, if at any time before December 29, 2025, the closing bid price of the Company's common stock is at least $1.00 per share for a minimum of 10 consecutive business days, the Staff will provide written notification that the Company has achieved compliance with the Minimum Bid Price Requirement and the common stock will continue to be eligible for listing on The Nasdaq Capital Market. If, however, compliance with the Minimum Bid Price Requirement cannot be demonstrated by December 29, 2025, the Staff will provide written notification that the Company's common stock will be subject to delisting. At that time, the Company may appeal the Staff's delisting determination to a Nasdaq Hearing Panel. There can be no assurance that, if the Company does appeal the Staff's delisting determination to the Panel, such appeal would be successful. About Ocugen Inc. Malvern, Pa.-based Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, and vaccines that improve health and offer hope for patients across the globe. The Company's technology pipeline includes: Modifier Gene Therapy Platform, Novel Biologic Therapy for Retinal Diseases, Regenerative Medicine Cell Therapy Platform, and Inhaled Mucosal Vaccine Platform. Philadelphia, Pennsylvania-based PricewaterhouseCoopers LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 5, 2025. The report highlighted that the Company has incurred recurring net losses since inception that raise substantial doubt about its ability to continue as a going concern. ODM TRUCK: Voluntary Chapter 11 Case Summary -------------------------------------------- Debtor: ODM Truck Inc. 4724 N. Hubert Ave. Tampa, FL 33615 Business Description: ODM Truck Inc. is a construction services and trucking company based in Tampa, Florida. It provides asphalt milling, site cleanup, material hauling, and heavy equipment transport for road and infrastructure projects across the region. Chapter 11 Petition Date: July 16, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-04841 Judge: Hon. Catherine Peek McEwen Debtor's Counsel: Alberto ("Al") F. Gomez, Jr., Esq. JOHNSON, POPE, BOKOR, RUPPEL & BURNS, LLP 400 N Ashley Dr. #3100 Tampa, FL 33602 Tel: 813-225-2500 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Yanet Gonzalez Fernandez as president. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/W23VYYI/ODM_Truck_Inc__flmbke-25-04841__0001.0.pdf?mcid=tGE4TAMA OEJ ELECTRIC: Jody Corrales Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 14 appointed Jody Corrales, Esq., at Deconcini McDonald Yetwin & Lacy P.C. as Subchapter V trustee for OEJ Electric, LLC. Ms. Corrales will be paid an hourly fee of $385 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Corrales declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jody A. Corrales Deconcini McDonald Yetwin & Lacy P.C. 252 E. Broadway Blvd., Suite 200 Tucson, AZ 85716 Telephone: 520-322-5000 Fax: 520-322-5585 Email: jcorrales@dmyl.com About OEJ Electric LLC OEJ Electric, LLC is an electrical contractor based in Vail, Arizona, that specializes in electrical services. OEJ Electric sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-06142) on July 6, 2025. In its petition, the Debtor reported estimated assets between $50,000 and $100,000 and estimated liabilities between $100,000 and $500,000. The Debtor is represented by Charles R. Hyde, Esq., at the Law Offices of C.R. Hyde, PLC. ONE TABLE RESTAURANT: Court Converts Chapter 11 to Chapter 7 ------------------------------------------------------------ Clara Geoghegan of Law360 Bankruptcy Authority reports that on Thursday, July 17, 2025, a Delaware bankruptcy judge converted the Chapter 11 case of One Table Restaurant Brands LLC -- former operator of the Tender Greens and Tocaya chains -- into a Chapter 7 liquidation, citing concerns that outweighed any potential benefits of a structured dismissal and creditor payout. About One Table Restaurant Brands One Table Restaurant Brands, LLC is a next generation restaurant platform of best-in-class emerging concepts. The company is based in Los Angeles, Calif. One Table Restaurant Brands and its affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 24-11553) on July 17, 2024. At the time of the filing, One Table Restaurant Brands reported total assets of up to $50,000 and total liabilities of up to $50 million. The Debtors are represented by Thomas Joseph Francella, Jr., Esq., at Raines Feldman Littrell, LLP. CR3 Partners, LLC as financial advisor. Hilco Corporate Finance, LLC as investment banker. Raines Feldman Littrell LLP as Delaware bankruptcy counsel. ONEX TSG: Moody's Rates New Senior Secured Term Loan 'B2' --------------------------------------------------------- Moody's Ratings assigned B2 rating to the proposed senior secured term loan of Onex TSG Intermediate Corp. ("Onex TSG"). There are no changes to Onex TSG's existing ratings, including the B2 corporate family rating, B2-PD probability of default rating, B2 senior secured bank credit facility rating. The outlook remains stable. Onex TSG will use the net proceeds from $600 million senior secured term loan due 2032 to repay existing senior secured term loan, pay fees and expenses related to the transaction, with the balance allocated for general corporate purposes. RATINGS RATIONALE Onex TSG Intermediate Corp.'s ("Onex TSG") B2 rating reflects its moderately high leverage, reimbursement risk for the company's services and an exposure to the impact of ongoing payor disputes. The company's heavy reliance on emergency medicine and a material portion of revenues originating from southern states reflects revenue concentration by physician specialty and geography that each reflect risk captured in the company's credit profile. Moody's expects that the company will operate with adjusted debt/EBITDA of 4.5-5.5 times in the next 12-18 months. Offsetting some of these challenges, Onex TSG's rating benefits from a strong market position in emergency medicine, good customer diversity, favorable healthcare services outsourcing market trends and a solid track record of organic growth. The company also benefits from its ability to flex physician compensation to match with the changing industry demand as well as favorable outcomes in the disputes resolved through the federal independent dispute resolution (IDR) process. Moody's expects that Onex TSG will maintain good liquidity over the next 12 to 18 months. The company will have approximately $170 million in cash pro forma the transaction and will have almost its entire $210 million revolver available. Moody's estimates that the company will generate positive free cash flow in the next 12 months. The stable outlook reflects Moody's views that the company will operate with debt/EBITDA in the 4.5x-5.5x range and it will maintain good liquidity in the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if the company sustains its revenue growth, which would be evidenced by its stable market share in consolidating market. Quantitatively, if the company's debt to EBITDA was sustained below 4.5 times, along with consistent positive free cash flow and good liquidity, the ratings could be upgraded. The ratings could be downgraded if the company experiences a reduction in reimbursement rates or unfavorable payor mix shift such that the company's operating profits deteriorate or if credit metrics weaken for any reason. Quantitatively, ratings could be downgraded if debt to EBITDA is expected to be sustained above 6.0 times and if liquidity deteriorates including sustained negative free cashflow. Headquartered in Atlanta, GA, Onex TSG Intermediate Corp., doing business as SCP Health (formerly Schumacher Clinical Partners), is a national provider of integrated emergency medicine, hospital medicine services and healthcare advisory services. The company is owned by private equity sponsor Onex Partners Manager LP through the parent holding company - Clinical Acquisitions Holdings LP. Revenue for the twelve months ended March 31, 2025 was approximately $2 billion. The principal methodology used in this rating was Business and Consumer Services published in November 2021. OUTFRONT MEDIA: Executive VP Reports 8.3K Shares, 15.5K RSUs ------------------------------------------------------------ Mark Emilio Bonanni, Executive Vice President, Chief Revenue Officer, Commercial at OUTFRONT Media Inc., disclosed in a Form 3 filed with the U.S. Securities and Exchange Commission that as of July 2, 2025, he beneficially owns 8,296 shares of common stock of OUTFRONT Media Inc. He also holds restricted share units representing the right to receive a total of 15,458 shares of common stock upon vesting, including: (i) 1,992 RSUs vesting in equal installments beginning February 20, 2024, (ii) 8,625 RSUs vesting in equal installments beginning February 20, 2025, and (iii) 4,841 RSUs vesting in equal installments beginning February 20, 2026. A full-text copy of the Report is available at https://tinyurl.com/5hdbpafm About OUTFRONT Media Inc. Headquartered in New York, OUTFRONT Media Inc. leases advertising space on out-of-home advertising structures and sites. * * * Egan-Jones Ratings Company, on September 10, 2024, maintained its 'CCC' foreign currency and local currency senior unsecured ratings on debt issued by OUTFRONT Media Inc. PARK INTERMEDIATE: Moody's Affirms 'B1' CFR, Outlook Stable ----------------------------------------------------------- Moody's Ratings has affirmed the B1 corporate family rating and B1 backed senior unsecured notes rating of Park Intermediate Holdings LLC, a direct subsidiary of Park Hotels & Resorts Inc., (collectively "Park" or "the REIT"). The speculative grade liquidity (SGL) rating is unchanged at SGL-2. The outlook remains stable. The affirmation of the B1 CFR reflects Park's large scale and high-quality portfolio located in high barrier to entry markets. The affirmation also reflects Moody's expectations that leverage will trend lower over the next 12 to 18 months because of growth in EBITDA from recently completed renovation projects, steady lodging demand, and a reduction in debt using proceeds from the sale of non-core hotel properties. The stable outlook reflects Moody's expectations that Park will continue to improve operating performance while maintaining leverage at or below approximately 6.0x. RATINGS RATIONALE Park's B1 CFR reflects its high-quality, well-diversified portfolio of luxury and upper-upscale branded hotel properties. These properties are strategically located in prime US markets with high barriers to entry, attracting demand from leisure, group and business transient travelers. The rating also reflects the company's moderate leverage, with net debt/EBITDA at 6.1x at March 31, 2025. Moody's excludes the two Hilton hotels in San Francisco that are in receivership in Moody's calculations of leverage. Moody's expects leverage to decline toward the mid-5x range by the end of 2026, driven by incremental EBITDA from recently renovated properties and steady lodging demand, particularly with Moody's expectations for improving market conditions in Hawaii. However, this improvement is contingent upon stable macroeconomic conditions. Like other lodging companies, Park faces significant earnings volatility compared to non-lodging REITs, stemming from the inherent cyclicality of the sector, high fixed costs and operating expenses and short-term hotel stays. Steady demand across both leisure and transient business in Park's core markets will be important for the company to sustain improvements going forward. The durability of business travel demand in the current and upcoming economic environment is a key watch item. The SGL-2 speculative grade liquidity rating reflects the REIT's good liquidity, supported by Moody's expectations of ample cash on hand and full availability under its $950 million unsecured revolving credit facility that expires in 2026. Near-term maturities are meaningful however, with approximately $1.5 billion of non-recourse mortgage debt due in the second half of 2026, including a $1.275 billion mortgage loan on its Hilton Hawaiian Village Beach Resort in Honolulu. Nevertheless, Moody's believes Park has sufficient capital access to fund its contractual obligations, including debt maturities over the next 12 to 24 months. Further, Park remains focused on executing sales of non-core assets as a means of repaying debt and upgrading its portfolio quality. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded with further diversification of its base of hotel operators and geographic exposure. Stronger credit metrics on a sustained basis, including net debt/EBITDA near 5.0x and EBITDA/interest expense above 3.5x could also lead to a ratings upgrade. The ratings could be downgraded from any challenges arising from the performance of its largest operator (Hilton) and or markets, if net debt/EBITDA is sustained above 7.0x, or EBITDA/interest expense is sustained below 2.5x. Additionally, a substantial rise in secured debt or a notable decline in liquidity—such as an inability to effectively manage upcoming mortgage maturities—could also lead to a downgrade. Headquartered in Tysons, Virginia, Park Intermediate Holdings LLC is a direct subsidiary of Park Hotels & Resorts Inc., one of the largest publicly-traded lodging REITs in the United States with a portfolio of urban and resort destinations. Park's portfolio currently consists of "upper-upscale", and luxury hotels and resorts located in prime US markets with high barriers to entry. Hilton spun-off Park in 2017, as part of Hilton's asset-light strategy. The principal methodology used in these ratings was REITs and Other Commercial Real Estate Firms published in May 2025. Park's B1 rating is three notches below the scorecard-indicated outcome of Ba1. The difference reflects, among other factors, Moody's views that lodging REITs are riskier than those operating in other commercial property sectors, because of the high cash flow and profit volatility stemming from the cyclicality inherent in the lodging sector, high fixed costs and operating expenses, and short-term hotel stays. PASKEY INC: Creditors to Get Proceeds From Liquidation ------------------------------------------------------ Paskey Incorporated filed with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement describing Plan of Liquidation dated June 27, 2025. Curtis Paskey, the founder, president and sole shareholder of the Debtor, is a second generation contractor. Curtis' father, a former dump truck driver, opened a construction company in 1983 and retired in 2001. By 2007, after gathering significant experience in various construction functions, Curtis launched Paskey Incorporated, a Texas corporation headquartered in LaPorte, Texas. To finance the fledgling startup, Curtis took out a small home equity loan, cleared out a bedroom in his home to use as an office, and hired his wife as his first employee to handle bookkeeping. The company focused on clearing land, grading the property, building roads, drainage, underground utilities, and retention ponds. As the Chapter 11 Case progressed, and less equipment and trucks were required for use by the Debtor and its employees to complete the construction contracts, the Debtor began to dispose of its equipment and vehicles. First, in September 2024, the Debtor and Caterpillar Financial Services reached agreement relating to Caterpillar's motion for relief from the automatic stay. Paskey was behind in its monthly payments for 9 pieces of heavy construction equipment financed by Caterpillar and agreed to turn in those 9 units to Caterpillar. Although operations ceased in March 2025, the remaining equipment needed to be prepared and moved to Ritchie Bros. These services were performed solely by Mason Paskey, an insider of the Debtor and a mechanic, to assist in the preparation of the Debtor's assets for sale. This work included repair, maintenance, cleaning, and transportation of the various vehicles and tools that were eventually sold at auction. For these services, Mason Paskey was paid a nominal salary of $2,000 per week. The Plan contemplates a liquidation of the Debtor and its Estate, and is therefore referred to as a "Liquidating Plan." The primary objective of the Plan (and the chapter 11 bankruptcy case) is (and has been) to maximize the value of recoveries to all holders of Allowed Claims and Interests, and to distribute all property of the Estate that is or becomes available for distribution generally in accordance with the priorities established by the Bankruptcy Code. The Debtor believes that the Plan accomplishes this objective and is in the best interest of the Estate. Under the Plan, the Debtor will, among other things, resolve Disputed Claims, investigate and pursue (as appropriate) certain Claims and Causes of Action possessed by the Estate, make distributions to holders of Allowed Claims, and close the Chapter 11 Case. After all distributions have been made and the Chapter 11 Case has been closed, the Debtor will be dissolved. Class 5 consists of General Unsecured Claims. The allowed unsecured claims total $4,799,847. This Class is impaired. When (a) all Disputed Claims have become Allowed Claims or Disallowed Claims, (b) all remaining Available Cash has been distributed in accordance with the Plan, and (c) the Chapter 11 Case has been fully administered, the Debtor shall seek authority from the Bankruptcy Court to close the Chapter 11 Case in accordance with the Bankruptcy Code and the Bankruptcy Rules. After the Effective Date, pursuant to the Plan, the Debtor shall, in an expeditious but orderly manner, wind down, sell, and otherwise liquidate and convert its Property (i.e., the two remaining vehicles) to Cash, with no objective to continue or conduct a trade or business except to the extent reasonably necessary to and consistent with the Liquidation and orderly wind down of the Debtor, and shall not unduly prolong the duration of the Liquidation and the wind down. A full-text copy of the Disclosure Statement dated June 27, 2025 is available at https://urlcurt.com/u?l=Eh9AZK from PacerMonitor.com at no charge. Counsel to the Debtor: Bennett G. Fisher, Esq. Audrey E. Ramirez, Esq. LEWIS BRISBOIS BISGAARD & SMITH, LLP 24 Greenway Plaza, Suite 1400 Houston, Texas 77046 Tel: (346) 241-4095 Fax: (713) 759-6830 Email: bennett.fisher@lewisbrisbois.com audrey.ramirez@lewisbrisbois.com About Paskey Incorporated Paskey Incorporated is a general contractor in La Porte, Texas. Paskey Incorporated sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90433) on July 28, 2024. In the petition filed by Curtis W. Paskey, as president, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Honorable Bankruptcy Judge Alfredo R. Perez oversees the case. The Debtor is represented by Bennett G. Fisher, Esq. at LEWIS BRISBOIS BISGAARD & SMITH. PERASO INC: Confirms Unsolicited Acquisition Proposal From Mobix ---------------------------------------------------------------- Peraso Inc. confirmed that it has received an unsolicited, non-binding proposal from Mobix Labs, Inc. to acquire all of the Company's issued and outstanding equity securities in exchange for newly issued shares of Mobix common stock, with a fixed exchange ratio based on the average daily closing price of the Company's common stock over the 30 calendar days ending on June 11, 2025, plus a 20% premium, or approximately $1.20 per share. Peraso believes that certain financial information and characterizations of the Company included in Mobix's press release dated June 26, 2025, are potentially inaccurate. For example, the Company reported net revenue of approximately $3.8 million for the three months ended March 31, 2025, and approximately $14.2 million for the fiscal year ended December 31, 2024. Investors are urged to read the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2024, and its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025. These filings contain audited and reviewed financial statements and remain the authoritative source of information regarding the Company's financial position and results of operations. In addition, the Company is currently in compliance with all applicable continued listing requirements of the Nasdaq Stock Market. Mobix's press release incorrectly states that, based on the Company's recent SEC filings, the Company must raise its market value to at least $35 million by November 2025 to maintain its Nasdaq listing. The Company satisfies the continued listing standards through compliance with the stockholders' equity alternative under Nasdaq Listing Rule 5550(b)(1), which requires maintaining stockholders' equity of at least $2.5 million. The Company is permitted to rely on this standard as an alternative to the $35 million market value of listed securities requirement cited by Mobix. Peraso's Board of Directors is evaluating the Company's options to enhance stockholder value. The Company's Board of Directors and management team are committed to acting in the best interests of all stockholders. Consistent with its fiduciary duties and in consultation with the Company's financial and legal advisors, the Board of Directors will carefully review Mobix's proposal to determine the course of action that it believes is in the best interest of the Company and its stockholders. The Company does not intend to make further comments regarding potential transactions or provide any public updates regarding proposed or potential transactions, unless required by applicable law or a regulatory body. There can be no assurance that any transaction will be completed at this price or at any other price with such third party or any other third party. No action is required by Peraso stockholders at this time. About Peraso Inc. Headquartered in San Jose, California, Peraso Inc. -- www.perasoinc.com -- is a pioneer in high-performance 60 GHz unlicensed and 5G mmWave wireless technology, offering chipsets, antenna modules, software and IP. Peraso supports a variety of applications, including fixed wireless access, immersive video and factory automation. In addition, Peraso's solutions for data and telecom networks focus on Accelerating Data Intelligence and Multi-Access Edge Computing, providing end-to-end solutions from the edge to the centralized core and into the cloud. In its report dated March 28, 2025, the Company's auditor, Weinberg & Company, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that during the year ended Dec. 31, 2024, the Company incurred a net loss and utilized cash in operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, Peraso had $7.21 million in total assets, $3.74 million in total liabilities, and $3.47 million in total stockholders' equity. PISHPOSH INC: Gets OK to Hire HYS Tax & Accounting as Accountant ---------------------------------------------------------------- Pishposh, Inc. received approval from the U.S. Bankruptcy Court for the District of New Jersey to employ HYS Tax and Accounting Firm as accountant. The firm will provide these services: (a) assist the Debtor in connection with the preparation and/or review of monthly operating reports, if necessary; and (b) perform such other financial services for the Debtor, as may be necessary and appropriate herein. The firm will be paid at these hourly rates: Partners $325 Associates $200 The firm represents no interest adverse to the Debtor or to the estate on the matters upon which it is to be engaged for the Debtor. The firm can be reached at: HYS Tax and Accounting Firm 103 Chester Ave Brooklyn, NY 11218 Telephone: (347) 589-2822 About PishPosh Inc. PishPosh Inc. is an online retailer focused on premium baby products such as strollers, car seats, feeding devices, bedding, and nursery items. Based in Lakewood, New Jersey, the company operates a flagship boutique in the state and distributes products through its e-commerce site as well as third-party platforms like Amazon. PishPosh sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-15424) on May 21, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge Christine M. Gravelle oversees the case. The Debtor tapped Sari B. Placona, Esq., at McManimon, Scotland & Baumann, LLC as counsel and HYS Tax and Accounting Firm as accountant. PIZZA VOLTA: To Sell Pizza Equipment to Hand Fire Pizza for $121K ----------------------------------------------------------------- Pizza Volta SH, LLC seeks permission from the U.S. Bankruptcy Court for the District of Wyoming, to sell Property in a private sale, free and clear of liens, claims, and encumbrances. The Debtor's Properties are furniture, fixtures, and equipment. The Equipment is subject to a lien held by Celtic Bank and/or Small Business Administration. The Purchaser is the obligor on the note that is secured by the Equipment. The Equipment is located in two places: a. The Equipment that is highlighted in yellow on Ex. 1 is believed to be located at 1080 East 2100 South Salt Lake City, UT 84106 (and is in the possession of the De Anza Properties/Blind Rabbit Kitchen). b. The Equipment that is highlighted in blue on Ex. 1 is located at Rockwell Self Storage, 3323 South 700 East, Salt Lake City, UT 84106 and Resco, 230 West 700 South, Salt Lake City, Utah 84101. The Purchaser, Hand Fire Pizza LLC, offers to purchase the Equipment in the amount of $121,931.70. Upon the payment of the purchase amount stated above, all parties in possession of the Equipment shall allow Purchaser to take possession of the Equipment and cooperate in its delivery to Purchaser. Any higher and better offer to that presented by Hand Fire Pizza, LLC is to be made to the Debtor, in writing to counsel for PVSH, on or before the objection deadline set forth in the Notice of Hearing accompanying this motion. If a higher and better offer is received prior to the objection deadline set forth in the Notice of Hearing accompanying this motion, Debtor shall give notice of the higher and better offer to Hand Fire Pizza, LLC and shall arrange for an auction between Hand Fire Pizza, LLC and any party making a higher and better offer to that of Hand Fire Pizza, LLC prior to any hearing to approve this sale. The highest and best offer at the auction, as determined by the Debtor in its sole and absolute discretion, shall then be presented to the Court at the hearing scheduled to approve the sale as the party to whom the Equipment should be sold. The highest bidder at any auction agrees to pay the bid amount within ten business days of the bankruptcy court’s approval of the sale. If any third-party bidder is successful, Debtor shall return to Hand Fire Pizza, LLC any funds paid toward the sale of the Equipment within three business days. About Pizza Volta SH, LLC Pizza Volta SH, LLC was a restaurant located at 120 N. Cache Street, #1137, Jackson, Wyo., offering handcrafted pizzas, fresh salads, and house-made desserts. The establishment focused on using organic, locally sourced ingredients and supported the community through its "Pizza for a Purpose" initiative, donating a portion of sales to local nonprofits. Pizza Volta SH sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Wyo. Case No. 25-20188) on May 9, 2025. In its petition, the Debtor reported total assets of $306,580 and total liabilities of $1,835,681. Judge Cathleen D. Parker handles the case. The Debtor is represented by Stephen R. Winship, Esq. at Winship & Winship, PC. POINT BUCKLER: Court Stays U.S. Government's Case v. Sweeney ------------------------------------------------------------ Judge Kimberly J. Mueller of the United States District Court for the Eastern District of California granted John Donnelly Sweeney's motion to stay the case captioned as United States of America, Plaintiff, v. John Donnelly Sweeney, et al., Defendants, Case No. 2:17-cv-00112-KJM-JDP (E.D. Cal.). Sweeney's motion to alter the court's injunction is denied. Defendant John Donnelly Sweeney moves to alter and stay the court's injunction ordering the implementation of the restoration of Point Buckler Island. He also requests clarification of a previous order. As part of his request to alter the injunction, Donnelly also requests to file documents under seal relating to his current financial condition. The government agrees that a stay of the order to restore Point Buckler Island is appropriate, but opposes any alteration to provisions of the injunction order. Following a lengthy bench trial, the court found Sweeney had violated, and remained in violation of, the Clean Water Act, 33 U.S.C. Secs. 1311 and 1344, by polluting waters of the United States in and around Point Buckler Island and by constructing an unlawful levee around the island. The court initially declined to determine the appropriate remedy but eventually found an injunction was warranted to functionally restore the island to its previous condition. It found the government's restoration plan to be useful as a guide for the injunction. It rejected Sweeney's arguments that he was unable to pay for the costs of restoration; it did so based on Sweeney's failing to provide documentation to support his inability to pay, as well as the effectively unrebutted trial testimony of Dr. Daniel Leistra Jones, an expert witness for the government, who stated under oath Sweeney individually can pay approximately $864,000 for the financial obligations of a judgment in this matter without experiencing undue financial hardship. On Feb. 26, 2025, the court denied Sweeney's motion for reconsideration based upon his alleged inability to pay for the restoration of Point Buckler Island, noting that Sweeney had failed to present evidence of his inability to pay both at trial and at the remedy phase of the proceedings. In March 2023, Point Buckler Club, a co-defendant in this case, filed for bankruptcy. On July 10, 2023, the bankruptcy judge dismissed Point Buckler Club's Chapter 11 filing. That bankruptcy judge declared, in pertinent part, that Point Buckler Club had no ability to reorganize because it could not afford the costs of restoring Point Buckler Island. Point Buckler Club dissolved at the end of 2024. Sweeney was the owner, operator and supervisor of Point Buckler Club, LLC, from 2011 until its dissolution in 2023. Sweeney now renews his argument that he personally does not have the financial ability to pay for the costs of the restoration and seeks to file evidence of his changed finances under seal. On April 11, 2025, Sweeney also moved to amend the injunction, asked the court to clarify its prior holdings, and moved to stay the injunction to allow the Trust to restore Point Buckler Island. The court denies Sweeney's motion to alter the injunction and his request for clarification. Regarding altering the injunction, at trial the court found Daniel Leistra-Jones' testimony regarding Sweeney's personal finances to be credible and compelling in the course of finding the injunction to be achievable as a practical matter. The court did not rely on the finances of Point Buckler Club LLC in reaching its conclusion that Sweeney had the ability to pay for $864,000 in restoration costs. The bankruptcy proceedings regarding Point Buckler Club thus do not affect the court's original determination that the injunction it ordered was achievable as a practical matter. As to the evidence Sweeney seeks to present of his changed personal finances, the court has recently rejected these very same claims and sees no basis to revisit these arguments again. Because the court declines to alter the injunction, as there is no viable justification for doing so, the court denies Sweeney's request to file documents under seal as moot. The court also denies Sweeney's request for clarification of its previous order; upon review the court perceives no need for clarification as the terms of the order are readily comprehensible to a reasonable person. The court does grant Sweeney's motion to stay to allow the Trust to restore Point Buckler Island. The United States must file a status report in this case as to the Trust's restoration efforts regarding the Island by Dec. 31, 2025, and annually thereafter or within 30 days of completion of restoration, whichever is earlier. A copy of the Court's Order dated July 11, 2025, is available at https://urlcurt.com/u?l=wAy8NX from PacerMonitor.com. About Point Buckler Club Point Buckler Club, LLC, owns Point Buckler which is a small island in Suisun Marsh that was once operated as a managed wetland for duck hunting. Point Buckler Club, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 23-20755) on March 10, 2023. In the petition signed by John Sweeney, managing member, the Debtor disclosed $1 million to $10 million in assets and $10 million to $50 million in liabilities. Judge Fredrick E. Clement oversees the case. Marc Voisenat, Esq., serves as the Debtor's counsel. POWER CITY: Seeks to Tap Zendeh Del & Associates as Legal Counsel ----------------------------------------------------------------- Power City Technologies, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ the Zendeh Del & Associates PLLC as counsel. The firm will provide these services: (a) give the Debtor legal advice with respect to its powers and duties and the continued operation of its business and management of its properties, if any; (b) give the Debtor legal advice and consultation related to the legal and administrative requirements of operating this Chapter 11 bankruptcy case; (c) take all necessary actions to protect and preserve the Debtor's estate; (d) represent the Debtor's interests at the pursuant to section 341 of the bankruptcy code, and at any other hearing scheduled before this court related to it; (e) review prepetition executory contracts and unexpired leases entered into by the Debtor and to determine which contracts or contracts should be rejected; (f) prepare on behalf of the Debtor all necessary applications, answers, ballots, judgments, motions, notices, objections, orders, reports and any other legal instrument necessary; (g) review and analyze all claims filed against the Debtor's bankruptcy estate and to advise and represent it in connection with the possible prosecution of objections to claims; (h) coordinate with other professionals employed in the case to rehabilitate the Debtor's financial affairs; (i) assist the Debtor in the preparation of a disclosure statement and the negotiation of a plan of reorganization with the creditors in their case and all documents related thereto, and any amendments thereto; and (j) perform all other legal services for the Debtor which may become necessary to effectuate a successful reorganization of the bankruptcy estate. The firm will be paid at these hourly rates: Gabe Perez, Attorney $300 Jonathan Zendeh Del, Attorney $300 Legal Assistant and Law Clerk $125 In addition, the firm will seek reimbursement for expenses incurred. The firm received a pre-petition retainer of $10,000 from the Debtor. Mr. Perez 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: Gabe Perez, Esq. Zendeh Del & Associates PLLC 1813 61st Street, Suite 101 Galveston, TX 77551 Telephone: (409) 740-1111 About Power City Technologies Power City Technologies, LLC is an industrial machinery manufacturing company based in La Marque, Texas. Power City Technologies sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-80281) on June 25, 2025. In its petition, the Debtor reported between $500,000 and $1 million in assets and liabilities. Judge Alfredo R. Perez oversees the case. The Debtor is represented by Gabe Perez, Esq., at Zendeh Del & Associates, PLLC. POWIN LLC: Hires Huron Transaction Advisory as Investment Banker ---------------------------------------------------------------- Powin, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Huron Transaction Advisory LLC as investment banker. The firm will render these services: (a) assist the Debtors in reviewing and analyzing the results of their operations, financial condition and business plan; (b) assist the Debtors in reviewing and analyzing any potential capital transaction, sale transaction or restructuring; (c) assist the Debtors in structuring and negotiating any capital transaction, sale transaction or restructuring; (d) advise the Debtors on the terms of securities they offer in any potential capital transaction; (e) advise the Debtors on their preparation of information memorandum for a potential capital transaction and /or sale transaction; (f) assist the Debtors in contacting potential providers of a Capital Transaction that Huron and the Debtors agree are appropriate, and meet with and provide them with the information memo and such additional information about their assets, properties or businesses that is acceptable to the Debtors, subject to customary business confidentiality agreements; (g) assist the Debtors in contacting potential counterparties for a sale transaction that Huron and the Debtors agree are appropriate, and meet with and provide them with such additional information about their assets, properties or businesses that are acceptable to them, subject to customary business confidentiality agreements; (h) assist the Debtors in coordinating their due diligence investigation by counterparties as appropriate and acceptable to the company; (i) meet with the Debtors to discuss any proposed transaction and their financial implications; (j) assist the Debtors in developing a strategy to effectuate any transaction; (k) provide such other investment banking services in connection with a capital transaction, sale transaction, or restructuring as Huron and the Debtors may mutually agree upon; (l) testify in support of the Debtors' proposed transactions in court and depositions and other related discovery propounded in accordance with applicable law; and (m) to the extent requested, make additional Huron specialized resources not otherwise provided herein available through an amended engagement letter with economics and terms to be mutually agreed upon between Huron and the Debtors. The firm will be paid at these following fees: (a) Monthly Fee of $150,000; (b) Capital Transaction Fee (i) At the closing of a Capital Transaction with a Provider that is not an existing lender, equity holder, or affiliate of Powin or a direct or indirect subsidiary (a "Third Party"), a non-refundable cash fee (the "Third Party Capital Transaction Fee") of: (a) 3 percent of the aggregate gross amount or face value of capital raised in the capital transaction as equity, equity-linked interests, options, warrants or other rights to acquire equity interests, plus (b) 2 percent of the aggregate gross amount of junior secured or unsecured debt obligations raised in the capital transaction; plus (c) 1 percent of the aggregate gross amount of senior secured debt obligations and other interests raised in the capital transaction; (d) the minimum third party capital transaction fee paid at the first closing of a capital transaction with a third party shall be equal to $950,000. (ii) at the closing of a Capital Transaction with a Provider that is a current lender, equity holder or affiliate of Powin or a direct or indirect subsidiary (a "Related Party") a non-refundable cash fee (the "Related Party Capital Transaction Fee") of: (a) 2 percent of the aggregate gross amount or face value of capital raised in the capital transaction as equity, equity-linked interests, options, warrants or other rights to acquire equity interests (including any rights offerings), plus (b) 1 percent of the aggregate gross amount of junior secured, unsecured debt obligations, senior secured debt obligations and other interests Raised in the Capital Transaction (including a DIP Financing); (c) the minimum Related Party Capital Transaction Fee paid at the first closing of a Capital Transaction with a Related Party shall be equal to $600,000. (c) Restructuring Fee of $1,250,000; (d) Powin Sale Transaction Fee (i) at the closing of a Powin Sale Transaction, a non-refundable cash fee (the "Powin Sale Transaction Fee") equal to the greater of (x) $1,500,000 and (y) the calculation set forth below: (a) 1.5 percent of aggregate gross consideration for amounts up to $280 million; plus (b) 2 percent of aggregate gross consideration for amounts in excess of $280 million up to and including $350 million; plus (c) 3 percent of aggregate gross consideration for amounts in excess of $350 million. (e) Discrete Asset Sale Transaction Fee (i) At the closing of each Discrete Asset Sale Transaction, a non refundable cash fee (the "Discrete Asset Sale Transaction Fee"), equal to 2 percent of aggregate gross consideration received in such Discrete Asset Sale Transaction; provided that if the Company ultimately sells substantially all assets in multiple Discrete Asset Sale Transactions but the aggregate discrete asset sale transaction fee would not otherwise be $950,000, Huron shall nevertheless receive $950,000. (f) Expense Reimbursement (i) the Debtors will reimbursement Huron for all of its reasonable and documented out-of-pocket expenses as they are incurred in entering into and performing services pursuant to this agreement, but in no event greater than $2,000 for any individual expense without the Debtors' prior approval, which approval shall not be unreasonably withheld. Mitchener Turnipseed, a senior director at Huron Transaction Advisory, 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: Mitchener Turnipseed Huron Transaction Advisory LLC 550 W. Van Buren St., Ste. 1700 Chicago, IL 60607 About Powin LLC Powin, LLC is a manufacturer of utility-scale battery energy storage systems. It specializes in designing and manufacturing advanced energy storage solutions for utility, commercial, and industrial applications. Powin and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16137) on June 10, 2025. In its petition, Powin reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Michael B. Kaplan handles the cases. The Debtors tapped Togut, Segal & Segal LLP and Dentons US LLP as counsel and Huron Transaction Advisory LLC as investment banker. POWIN LLC: Seeks Approval to Hire Dentons US as Bankruptcy Counsel ------------------------------------------------------------------ Powin, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Dentons US LLP as counsel. The firm will provide these services: (a) advise the Debtors with respect to their powers and duties in the continued management and operation of their businesses and property; (b) represent the Debtors and take all necessary actions with regard to obtaining the use of cash collateral and DIP Financing and administration of the same; (c) advise, consult with, and assist the Debtors with regard to any asset sale, any plan of reorganization or liquidation, if necessary, or any other means of satisfying creditors' claims; (d) respond to due diligence requests from potential buyers and aid in finalizing stalking-horse bids for the Debtors' assets; (e) evaluate, object to, or otherwise resolve claims against the Debtors' estates; (f) advise the Debtors with respect to executory contracts and unexpired leases and, where appropriate, to assist them to assume or reject such executory contracts and unexpired leases; (g) represent the Debtors in hearings and all contested matters before this court; (h) assist in and render advice with respect to the preparation of contracts, monthly operating reports, accounts, applications, and orders; (i) advise the Debtors with respect to the requirements of the bankruptcy code, the bankruptcy rules, the bankruptcy court, and the Office of the United States Trustee; and (j) advise, consult with, and otherwise represent the Debtors in connection with such other matters as may be necessary for the duration of these Chapter 11 cases. The firm will be paid at these hourly rates: Partners, Special Counsels, Counsels $620 - $2,295 Associates $430 - $1,280 Professionals/Paralegals $240 - $650 In addition, the firm will seek reimbursement for expense incurred. Prior to the petition date, the firm received advance payment retainers of $825,000 from the Debtors. Van Durrer, Esq., a partner at Dentons US, 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: Van C. Durrer, Esq. Dentons US LLP Los Angeles, CA 90017 Telephone: (213) 623-9300 Facsimile: (213) 623-9924 Email: van.durrer@dentons.com About Powin LLC Powin, LLC is a manufacturer of utility-scale battery energy storage systems. It specializes in designing and manufacturing advanced energy storage solutions for utility, commercial, and industrial applications. Powin and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16137) on June 10, 2025. In its petition, Powin reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Michael B. Kaplan handles the cases. The Debtors tapped Togut, Segal & Segal LLP and Dentons US LLP as counsel and Huron Transaction Advisory LLC as investment banker. POWIN LLC: Seeks Approval to Tap Togut Segal & Segal as Co-Counsel ------------------------------------------------------------------ Powin, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Togut, Segal & Segal LLP as co-counsel. The firm will render these services: (a) act as local counsel; (b) assist the Debtors with the retention of their case professionals and their ordinary course professionals and the filing of verified as well as their statements of fees and disbursements; (c) assist certain of the Debtors' professionals with preparing monthly fee statements and interim fee applications; (d) assist with certain landlord related issues for premises where the Debtors are tenants; (e) assist the Debtors with preparing their schedules and statements; (f) advise the Debtors regarding their powers and duties for the tasks assigned; (g) prepare and file on the Debtors' behalf motions, applications, answers, proposed orders, reports, and papers necessary for the assigned matters; (h) attend meetings and negotiate with representatives of creditors and other parties in interest that affect the assigned matters; (i) appear before this court and any appellate courts, if necessary, to protect the interests of the Debtor's estates in connection with the assigned matters; (j) respond to inquiries and calls from creditors and counsel to interested parties regarding pending assigned matters; and (k) perform other necessary legal services for assigned matters, or any other discrete matters assigned to the Togut Firm, and provide other necessary legal advice to the Debtors in connection with these Chapter 11 cases. The firm will be paid at these hourly rates: Albert Togut, Partner $1,830 Partners $1,190 - $1,830 Counsel $1,140 - $1,375 Associates $525 - $1,225 Paralegals and Law Clerks $315 - $560 In addition, the firm will seek reimbursement for expense incurred. Prior to the petition date, the firm received a retainer of $90,000 from the Debtors. Mr. Togut 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: Albert Togut, Esq. Togut, Segal & Segal LLP One Penn Plaza, Suite 3335 New York, NY 10119 Telephone: (212) 594-5000 Facsimile: (212) 967-4258 Email: altogut@teamtogut.com About Powin LLC Powin, LLC is a manufacturer of utility-scale battery energy storage systems. It specializes in designing and manufacturing advanced energy storage solutions for utility, commercial, and industrial applications. Powin and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16137) on June 10, 2025. In its petition, Powin reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Michael B. Kaplan handles the cases. The Debtors tapped Togut, Segal & Segal LLP and Dentons US LLP as counsel and Huron Transaction Advisory LLC as investment banker. PROFESSIONAL DIVERSITY: Swaps 500K Warrants for 333K Common Shares ------------------------------------------------------------------ Professional Diversity Network, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into a warrant exchange agreement with certain holder of 250,000 Series A warrants, each to purchase one share of common stock, par value $0.01 per share of the Company, and 250,000 Class B warrants, each to purchase one share of Common Stock of the Company at an exercise price of $6.80 per share. The Warrants were issued on November 20, 2024, to the Holder in connection with a registered direct offering and concurrent private placement of warrants which closed on November 20, 2024. Pursuant to the Exchange Agreement, the Holder agreed to surrender 500,000 Warrants for cancellation and the Company agreed, in exchange, to issue an aggregate of 333,333 shares of Common Stock to the Holder. The Exchange Shares were issued pursuant to the exemption from the registration requirements of the Securities Act of 1933, as amended, provided by Section 3(a)(9) of the Securities Act. About Professional Diversity Headquartered in Chicago, Illinois, Professional Diversity Network, Inc. -- https://www.prodivnet.com/ -- is a global developer and operator of online and in-person networks that provides access to networking, training, educational, and employment opportunities for diverse professionals. The Company operates subsidiaries in the United States, including National Association of Professional Women (NAPW) and its brand, International Association of Women (IAW), which is one of the largest, most recognized networking organizations of professional women in the country, spanning more than 200 industries and professions. Through an online platform and its relationship recruitment affinity groups, the Company provides its employer clients a means to identify and acquire diverse talent and assist them with their efforts to comply with the Equal Employment Opportunity Office of Federal Contract Compliance Program. The Company's mission is to utilize the collective strength of its affiliate companies, members, partners, and unique proprietary platform to be the standard in business diversity recruiting, networking, and professional development for women, minorities, veterans, LGBTQ+, and disabled persons globally. Oak Brook, Illinois-based Sassetti LLC, 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 incurred recurring operating losses, has a significant accumulated deficit, and will need to raise additional funds to meet its obligations and the costs of its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, Professional Diversity Network had $7,981,801 in total assets, $3,140,897 in total liabilities, and a total stockholders' equity of $4,840,904. PROSPECT MEDICAL: Connecticut Files $67MM Claim for Unpaid Taxes ---------------------------------------------------------------- The Connecticut Mirror reports that the Connecticut Attorney General's Office filed a detailed court brief on Wednesday, July 16, 2025, in the ongoing bankruptcy case of Prospect Medical Holdings, outlining the harm the state has suffered under the California-based company's ownership of three Connecticut hospitals. According to the report, Attorney General William Tong's office submitted the proof of claim in the U.S. Bankruptcy Court for the Northern District of Texas, where Prospect's Chapter 11 case is pending. Prospect Medical, which filed for bankruptcy earlier this 2025, owns Manchester Memorial Hospital, Rockville General Hospital, and Waterbury Hospital. Connecticut is listed among the top 30 creditors in the case, asserting that Prospect owes the state over $67 million in unpaid health provider taxes -- commonly referred to as hospital user fees -- which are assessed annually based on provider revenues. The filing includes a draft 41-page lawsuit, attached as an exhibit, which the state planned to pursue before Prospect filed for bankruptcy in January, triggering an automatic stay on legal actions, according to The Connecticut Mirror. "We're ensuring Connecticut's claims are front and center in this case by showing the court what we would have sued Prospect for, had they not filed for bankruptcy," said AG spokesperson Elizabeth Benton. Among the allegations, the state claims Prospect failed to prepare the hospitals for a 2023 cyberattack that disrupted operations, sold the hospital properties for short-term financial gain without reinvesting proceeds back into the facilities, and left millions of dollars in unpaid vendor bills, the report states. The filing sharply criticizes Prospect's stewardship, alleging the company prioritized profits over patient care and public responsibility. "Prospect always knew it would strip-mine Connecticut's hospitals, selling out their past and future for short-term profits," the complaint states. It further accuses Prospect of enriching investors at the expense of Connecticut's healthcare infrastructure: "They got rich deceiving the State's enforcers; throttling its healthcare infrastructure; compromising the most private information of its residents; stiffing vendors; shortchanging the State through unpaid taxes; and endangering residents through compromising on vital medical care," according to report. The state's lawsuit was never filed before the bankruptcy case began, but with the hospitals' future uncertain, AG Tong has previously emphasized that his top priority is protecting patient care and transferring the facilities to responsible new owners, The Connecticut Mirror reports. "We would not have hesitated to file if we believed litigation was the best path to secure those goals," Benton added. Prospect Medical declined to comment on the filing. According to earlier state tax liens, Prospect has failed to pay health provider taxes dating back to March 2022. The only other Connecticut entity listed among the top 30 creditors is Legacy ECHN Inc., a Manchester-based group that manages a multimillion-dollar charitable gift to Manchester Memorial Hospital. Prospect, which also operates facilities in California, Pennsylvania, and Rhode Island, said its bankruptcy filing was intended to "realign its organizational focus outside of California," the report states. About Prospect Medical Holdings Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan. 11, 2025. In the petition filed by Paul Rundell, as chief restructuring officer, the Debtor estimated assets and liabilities between $1 billion and $10 billion each. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' General Bankruptcy Counsel is Thomas R. Califano, Esq., and Rakhee V. Patel, Esq., at Sidley Austin LLP, in Dallas, Texas, and William E. Curtin, Esq., Patrick Venter, Esq., and Anne G. Wallice, Esq., at Sidley Austin LLP, in New York. The Debtors' Financial Advisor is ALVAREZ & MARSAL NORTH AMERICA, LLC. The Debtors' Investment Banker is HOULIHAN LIKEY, INC. The Debtors' Claims, Noticing & Solicitation Agent is OMNI AGENT SOLUTIONS, INC. PUPEEZ INC: Nathan Smith Named Subchapter V Trustee --------------------------------------------------- The U.S. Trustee for Region 17 appointed Nathan Smith, Esq., as Subchapter V trustee for Pupeez Inc. Mr. Smith, a partner at Malcolm & Cisneros, will be paid an hourly fee of $550 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Smith declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Nathan F. Smith, Esq. Malcolm & Cisneros 2112 Business Center Drive Irvine, CA 92612 Phone: (949) 252-9400 Email: nathan@mclaw.org About Pupeez Inc. Pupeez Inc. is a Petland franchise pet store operating in Las Vegas, Nevada. Pupeez sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-13932) on July 10, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Marjorie A. Guymon, Esq., at Goldsmith & Guymon, P.C. RCB ENTERPRISES: Charles Mouranie Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Regions 3 and 9 appointed Charles Mouranie of CMM & Associates as Subchapter V trustee for RCB Enterprises Co., LLC. Mr. Mouranie 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. Mouranie declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Charles M. Mouranie CTP CMM & Associates 43313 Woodward Ave., Ste. 1189 Phone: 248.767.9492 Email: cmouranie@cmmengllc.com About RCB Enterprises Co. LLC RCB Enterprises Co. LLC, doing business as Spoiler And Wing King, specializes in automotive accessories, particularly spoilers and wings for vehicles. RCB Enterprises Co. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-31477) on July 1, 2025. In its petition, the Debtor reported estimated assets and liabilities between $100,000 and $500,000 and estimated liabilities between $100,000 and $500,000. The Debtor is represented by George E. Jacobs, Esq., at Bankruptcy Law Offices. RED DOOR PIZZA: Seeks Chapter 11 Bankruptcy in South Carolina ------------------------------------------------------------- On July 15, 2025, Red Door Pizza 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 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Red Door Pizza LLC Red Door Pizza LLC perates in the restaurant industry, specializing in pizzas made with fresh ingredients and cooked in wood-fired ovens. It is 100% owned by Red Door Brands, LLC, a company that manages multiple fast-casual and quick-service dining concepts across the Southeastern United States. Red Door Pizza LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No.: 25-02701) on July 15, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Christine E. Brimm, Esq. at BARTON BRIMM, PA. RED RIVER: J&J's Bid to Remove Beasley from MDL Committee Rejected ------------------------------------------------------------------ George Woolston of Bloomberg Law reports that on Thursday, July 17, 2025, a New Jersey federal judge rejected Johnson & Johnson's attempt to disqualify the Beasley Allen Law Firm from the plaintiffs' steering committee in the multidistrict talc litigation but indicated that the committee's structure will be modified. About J&J Talc Units LLT Management, LLC (formerly known as LTL Management LLC) was a subsidiary of Johnson & Johnson that was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management first filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. In the 2021 case, LTL Management tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, served as the claims agent. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. Re-Filing of Chapter 11 Petition On Jan. 30, 2023, a panel of the Third Circuit issued an opinion directing this Court to dismiss the 2021 Chapter 11 Case on the basis that it was not filed in good faith. Although the Third Circuit panel recognized that the Debtor "inherited massive liabilities" and faced "thousands" of future claims, it concluded that the Debtor was not in financial distress before the filing. On March 22, 2023, the Third Circuit entered an order denying the Debtor's petition for rehearing. The Third Circuit entered an order denying LTL's stay motion on March 31, 2023, and, on the dame day, issued its mandate directing the Bankruptcy Court to dismiss the 2021 Chapter 11 Case. The Bankruptcy Court entered an order dismissing the 2021 Case on April 4, 2023. Johnson & Johnson on April 4, 2023, announced that its subsidiary LTL Management LLC (LTL) has re-filed for voluntary Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain approval of a reorganization plan that will equitably and efficiently resolve all claims arising from cosmetic talc litigation against the Company and its affiliates in North America. In the new filing, J&J said it has agreed to contribute up to a present value of $8.9 billion, payable over 25 years, to resolve all the current and future talc claims, which is an increase of $6.9 billion over the $2 billion previously committed in connection with LTL's initial bankruptcy filing in October 2021. LTL also has secured commitments from over 60,000 current claimants to support a global resolution on these terms. In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that the second bankruptcy case should be dismissed. 3rd Try In May 2024, J&J announced its subsidiary LLT Management LLC is soliciting support for a consensual prepackaged bankruptcy plan to resolve its talc-related liabilities. Under the terms of the plan, a trust would be funded with over $5.4 billion in the first three years and more than $8 billion over the course of 25 years, which J&J calculates to have a net present value of $6.475 billion. If the Plan is accepted by at least 75% of voters, a bankruptcy was to be filed under the case name In re Red River Talc LLC. Epiq Corporate Restructuring, LLC is serving as balloting and solicitation agent for LLT. On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 24-90505). Porter Hedges LLP and Jones Day serve as counsel in the new Chapter 11 case. Epiq is the claims agent. Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting Counsel. Randi S. Ellis is the proposed prepetition legal representative of future claimants. RESHAPE LIFESCIENCES: Issues $200K Note to Vyome Ahead of Merger ---------------------------------------------------------------- ReShape Lifesciences Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company and Vyome Therapeutics, Inc. entered into a promissory note pursuant to which the Company agreed to loan $200,000 to Vyome. Vyome will use the proceeds for working capital purposes as well as legal, accounting and other expenses related to the transactions contemplated by the Agreement and Plan of Merger, dated July 8, 2024, between the parties. The outstanding principal balance under the promissory note will bear interest at the rate of 8.0% per annum. If the Merger Agreement is terminated by ReShape under Section 8.01(b)(iv) thereof (because the Concurrent Financing Agreement (as defined in the Merger Agreement) is not in full force and effect such that the Concurrent Financing shall not be consummated immediately following the effective time of the merger without the further satisfaction of any conditions), then the promissory note will become senior in right of payment to all other debt of Vyome and will become a secured obligation of Vyome. The aggregate unpaid principal amount under the promissory note and all accrued unpaid interest will be due and payable on September 30, 2025. If the merger is completed prior to September 30, 2025, then Vyome will not be required to repay the amounts outstanding under the promissory note, but the aggregate amount of unpaid principal and interest will then be counted as ReShape net cash under the Merger Agreement. The foregoing description of the promissory note does not purport to be complete and is qualified in its entirety by reference to the full text of the promissory note, which is available at https://tinyurl.com/zskt26cu About Reshape Lifesciences Headquartered in Irvine, California, Reshape Lifesciences Inc. -- www.reshapelifesciences.com -- is a premier physician-led weight-loss solutions company, offering an integrated portfolio of proven products and services that manage and treat obesity and associated metabolic disease. The Company's primary operations are in the following geographical areas: United States, Australia and certain European and Middle Eastern countries. Its current portfolio includes the Lap-Band Adjustable Gastric Banding System, the Obalon Balloon System, and the Diabetes Bloc-Stim Neuromodulation device, a technology under development as a new treatment for type 2 diabetes mellitus. There has been no revenue recorded for the Obalon Balloon System, or the Diabetes Bloc-Stim Neuromodulation as these products are still in the development stage. In its report dated April 4, 2025, the Company's auditor Haskell & White LLP, issued a "going concern" qualification attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and negative cash flows. The Company currently does not generate revenue sufficient to offset operating costs and anticipates such shortfalls to continue. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, Reshape Lifesciences had $4.79 million in total assets, $5.05 million in total liabilities, and a total stockholders' deficit of $253,000. REVIVA PHARMACEUTICALS: CVI Investments Holds 5.9% Stake -------------------------------------------------------- CVI Investments, Inc. and Heights Capital Management, Inc. disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of June 26, 2025, they beneficially own 4,000,000 shares of Reviva Pharmaceuticals Holdings, Inc.'s common stock, $0.0001 par value per share, representing approximately 5.9% of the 68,003,613 shares outstanding. Heights Capital Management, Inc. serves as the investment manager to CVI Investments, Inc. and may exercise voting and dispositive power over the reported shares. CVI Investments, Inc. may be reached through: P.O. Box 309GT Ugland House South Church Street George Town Grand Cayman KY1-1104 Cayman Islands Tel:345-949-8080 Heights Capital Management, Inc. 101 California Street, Suite 3250 San Francisco, California 94111 A full-text copy of CVI Investments' SEC report is available at: https://tinyurl.com/ye8rh29m About Reviva Pharmaceuticals Holdings Cupertino, Calif.-based Reviva Pharmaceuticals Holdings, Inc. is a late-stage biopharmaceutical company that discovers, develops, and seeks to commercialize next-generation therapeutics for diseases representing unmet medical needs and burdens to society, patients, and their families. San Francisco, Calif.-based Moss Adams LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated Apr. 2, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $15.5 million in total assets, $14.7 million in total liabilities, and a total stockholders' equity of $0.8 million. REVIVA PHARMACEUTICALS: Laxminarayan Bhat Holds 5.2% Stake ---------------------------------------------------------- Laxminarayan Bhat disclosed in a Schedule 13D/A (Amendment No. 5) filed with the U.S. Securities and Exchange Commission that as of June 27, 2025, he beneficially owns 3,612,384 shares of Reviva Pharmaceuticals Holdings, Inc.'s common stock, representing approximately 5.2% of the 68,003,613 shares outstanding. His beneficial ownership includes 2,478,856 shares held directly, 822,426 shares issuable upon exercise of stock options, 5,388 shares held by his spouse, and 305,714 shares issuable upon the exercise of his spouse's options, all exercisable within 60 days of the filing date. Laxminarayan Bhat may be reached through: Laxminarayan Bhat 10080 N. Wolfe Rd., Suite SW3-200 Cupertino, CA 95014 A full-text copy of Laxminarayan Bhat's SEC report is available at: https://tinyurl.com/5n6j9jra About Reviva Pharmaceuticals Holdings Cupertino, Calif.-based Reviva Pharmaceuticals Holdings, Inc. is a late-stage biopharmaceutical company that discovers, develops, and seeks to commercialize next-generation therapeutics for diseases representing unmet medical needs and burdens to society, patients, and their families. San Francisco, Calif.-based Moss Adams LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated Apr. 2, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $15.5 million in total assets, $14.7 million in total liabilities, and a total stockholders' equity of $0.8 million. REVIVA PHARMACEUTICALS: Parag Saxena, 2 Others Hold 8.7% Stake -------------------------------------------------------------- Parag Saxena, Vedanta Partners, LLC, and Vedanta Associates, L.P. disclosed in a Schedule 13D/A (Amendment No. 10) filed with the U.S. Securities and Exchange Commission that as of June 27, 2025, Parag Saxena beneficially owns 6,259,806 shares of Reviva Pharmaceuticals Holdings, Inc.'s common stock, $0.0001 par value, representing approximately 8.7% of the 68,003,613 shares outstanding. His beneficial ownership includes shares held directly, as well as shares held through affiliated entities and underlying warrants and options exercisable within 60 days of the filing date. Parag Saxena may be reached through: Parag Saxena Vedanta Management, L.P. 250 West 55th Street, Ste 13D New York, NY 10019 A full-text copy of Parag Saxena's SEC report is available at: https://tinyurl.com/yz7szskx About Reviva Pharmaceuticals Holdings Cupertino, Calif.-based Reviva Pharmaceuticals Holdings, Inc. is a late-stage biopharmaceutical company that discovers, develops, and seeks to commercialize next-generation therapeutics for diseases representing unmet medical needs and burdens to society, patients, and their families. San Francisco, Calif.-based Moss Adams LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated Apr. 2, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $15.5 million in total assets, $14.7 million in total liabilities, and a total stockholders' equity of $0.8 million. REVOLOK USA: Michael Markham Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 21 appointed Michael Markham, Esq., as Subchapter V trustee for Revolok USA, LLC. Mr. Markham, a partner at Johnson Pope Bokor Ruppel & Burns, LLP, 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. Markham declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael C. Markham, Esq. Johnson Pope Bokor Ruppel & Burns, LLP 401 E. Jackson Street, Suite 3100 Tampa, FL 33602 Phone: (727) 480-5118 Email: Mikem@jpfirm.com About Revolok USA LLC Revolok USA, LLC manufactures load-securing equipment for the transportation industry, including powered chain binders and torque multiplier tools. It operates from Tampa, Florida, and sells its products directly to commercial trucking and logistics clients. Revolok USA sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04731) on July 11, 2025. In its petition, the Debtor reported estimated assets and liabilities between $1 million and $10 million. Judge Roberta A. Colton handles the case. The Debtor is represented by Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP. RITE AID: McKesson Corp. Contests Trust's Antitrust Claims ---------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that medicine supplier McKesson Corp. is contesting the claim that it must assign its antitrust rights against drug manufacturers to the bankruptcy trust stemming from Rite Aid Corp.'s initial Chapter 11 case. McKesson argues the claims were not transferred, despite Rite Aid's position that the rights were conveyed to the company under its restructuring plan. About Rite Aid Rite Aid is a full-service pharmacy committed to improving health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of solutions that offer convenience, including retail and delivery pharmacy, as well as services offered through the Company's wholly owned subsidiary Bartell Drugs. On the Web: http://www.riteaid.com/ Rite Aid and certain of its subsidiaries previously filed for Chapter 11 bankruptcy in October 2023 and emerged from bankruptcy in August 2024. On May 5, 2025, New Rite Aid, LLC and its subsidiaries, including Rite Aid Corporation, commenced voluntary Chapter 11 proceedings (Bankr. D.N.J. Lead Case No. 25-14861). As of the 2025 bankruptcy filing date, Rite Aid operates 1,277 stores and 3 distribution centers in 15 states and employs approximately 24,500 people. Rite Aid is using the Chapter 11 process to pursue a sale of its prescriptions, pharmacy and front-end inventory, and other assets. The cases are being administered by the Honorable Michael B. Kaplan. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor, Guggenheim Securities, LLC is serving as investment banker, and Alvarez & Marsal is serving as financial advisor to the Debtors. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to the Debtors. Kroll is the claims agent and maintains the page https://restructuring.ra.kroll.com/RiteAid2025 Bank of America, N.A., as DIP Agent, is represented by lawyers at Greenberg Traurig, LLP; and Choate Hall & Stewart LLP. RYVYL INC: S8 Global Fintech Holds 21.34% Stake as of June 23 ------------------------------------------------------------- S8 Global Fintech & Regtech Fund disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of June 23, 2025, it beneficially owned 3,390,354 shares of RYVYL Inc.'s common stock, representing 21.34% of the 15,885,647 shares outstanding as of June 5, 2025, as disclosed in that certain Amendment No. 1 to Registration Statement on Form S-1, filed by the Company with the U.S. Securities and Exchange Commission on June 16, 2025. S8 Global Fintech & Regtech Fund may be reached through: Geraldine Gantenbein, Manager 2C Parc d'Activites Capellen, Luxembourg 8308 Phone: 386 41 356 635 A full-text copy of S8 Global Fintech's SEC report is available at: https://tinyurl.com/3hj95x6b About Ryvyl Inc. San Diego, Calif.-based RYVYL Inc., together with its subsidiaries, is a financial technology company that develops, markets, and sells innovative blockchain-based payment solutions, which offer significant improvements for the payment solutions marketplace. The Company's core focus is to develop and monetize disruptive blockchain-based applications, integrated within an end-to-end suite of financial products, capable of supporting a multitude of industries. In its report dated March 28, 2025, the Company's auditor, Simon & Edward, LLP, issued a 'going concern' qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, noting that the transitioning of the Company's QuickCard product in North America led to a significant decline in processing volume and revenue, the recovery of these lost revenues is not expected until late 2025. The loss of revenue resulting from this business reorganization has jeopardized its ability to continue as a going concern. As of Dec. 31, 2024, RYVYL had $122.28 million in total assets, $123.77 million in total liabilities, and a total stockholders' deficit of $1.49 million. SALT LAKE DISTILLERY: Hires Rogers & Russell as Legal Counsel ------------------------------------------------------------- Salt Lake Distillery, LLC d/b/a Dented Brick Distillery seeks approval from the U.S. Bankruptcy Court for the District of Utah to hire Steven M. Rogers and the law firm of Rogers & Russell, PLLC to serve as legal counsel in its Chapter 11 case. Mr. Rogers and his firm will provide these services: (a) prepare on behalf of the Debtor any necessary motions, applications, answers, orders, reports, and legal papers as required by law or the Court; (b) provide advice to the Debtor with respect to its powers and duties as Debtor-in-Possession; (c) negotiate with creditors and other parties in interest regarding a plan of reorganization and confirmation; (d) review and advise on claims and causes of action on behalf of the estate; (e) assist in negotiations with creditor constituencies regarding resolution and payment of claims; (f) review and analyze claim validity and file objections if necessary; (g) provide continuing legal advice related to bankruptcy, litigation, avoidance actions, and other matters; (h) perform all other necessary legal services as prompted by the needs of the Debtor. Mr. Rogers will bill at an hourly rate of $400, and Alexis A. Hooley will bill at $300. Attorney rates range from $250 to $400, and the paraprofessional rate is $175. The firm received a $50,000 retainer and has incurred approximately $7,000 in prepetition fees. Rogers & Russell is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. Rogers & Russell can be reached at: Steven M. Rogers, Esq. ROGERS & RUSSELL, PLLC 170 South Main Street Pleasant Grove, UT 84062 Telephone: (801) 899-6064 E-mail: srogers@roruss.com About Salt Lake Distillery, LLC Salt Lake Distillery, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Utah Case No. 25-23944) on July 10, 2025. At the time of the filing, Debtor had estimated assets of between $0 to $50,000 and liabilities of between $1 million to $10 million. Judge Peggy Hunt oversees the case. Rogers & Russell, PLLC is Debtor's legal counsel. SILVER AIRAWAYS: Trustee Seeks to Tap KapilaMukamal as Accountant ----------------------------------------------------------------- Soneet Kapila, the trustee appointed in the cases of Silver Airways, LLC and Seaborne Virgin Islands, Inc., seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ KapilaMukamal LLC as accountant/financial advisor. The firm will provide these services: (a) review and analyze of the organizational structure of and financial interrelationships among the Debtors and their affiliates and insiders; (b) review and analyze of transfers to and from the Debtors to third parties, both pre-petition and post-petition; (c) attend at meetings with the Debtors, their creditors, the attorneys of such parties, and with federal, state, and local tax authorities, if requested; (d) review of the books and records of the Debtors for potential preference payments, fraudulent transfers, or any other matters that the trustee may request; (e) render such other assistance in the nature of accounting services, financial consulting, valuation issues, or other financial projects as the trustee may deem necessary; and (f) prepare estate tax returns. The firm will be paid at its ordinary and usual hourly billing rates plus out-of-pocket expenses incurred. Soneet Kapila, CPA, a founding partner at KapilaMukamal, 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: Soneet R. Kapila, CPA KapilaMukamal LLC 1000 South Federal Highway, Suite 200 Fort Lauderdale, FL 33316 About Silver Airways Silver Airways, LLC is a regional U.S. airline operating flights between gateways in Florida, the Southeast and The Bahamas. The Silver Airways fleet is comprised of modern, state of the art aircraft with reliable, fuel-efficient turbo-prop engines. In the summer of 2018, Silver completed the acquisition of Seaborne Airlines, a San Juan, Puerto Rico-based air carrier serving destinations throughout Puerto Rico, the U.S. Virgin Islands, and other countries in the Caribbean. Seaborne provides connections throughout the Caribbean via the carrier's hub in San Juan, while also serving as the most critical link between St. Croix and St. Thomas with the carrier's seaplane operation. Silver Airways and Seaborne Virgin Islands, Inc. filed Chapter 11 petitions (Bankr. S.D. Fla. Lead Case No. 24-23623) on Dec. 30, 2024. At the time of the filing, Silver Airways reported $100 million to $500 million in assets and liabilities, while Seaborne reported $1 million to $10 million in assets and liabilities. Judge Peter D. Russin oversees the cases. Brian P. Hall, Esq., is the Debtors' legal counsel. Brigade Agency Services, LLC, as lender, is represented by Frank P. Terzo, Esq., at Nelson Mullins Riley & Scarborough, LLP. Argent Funding LLC and Volant SVI Funding LLC, as lenders, are represented by Regina Stango Kelbon, Esq., at Blank Rome, LLP. Lawyers at Tucker Arensberg, PC represent Argentum Acquisition Co., LLC, emerged as the winning bidder for the airline's assets with an offer of $5,755,000 in cash plus additional amounts and the assumption of certain liabilities. SOLENIS HOLDING: S&P Affirms 'B-' ICR, Outlook Stable ----------------------------------------------------- S&P Global Ratings affirmed its 'B-' issuer credit rating and stable outlook on Solenis Holding Ltd. S&P said, "We also assigned our 'B-' issue level rating and '3' recovery rating (rounded recovery estimate: 50%) to the company's new $800 million term loan B due in 2032 and $1.1 billion senior secured notes due in 2032. "Our stable outlook reflects our expectation that leverage will be appropriate for the rating over the next 12 months." On June 19, 2025, Solenis Holding Ltd. announced its intention to merge with NCH Corp. and acquire all of its equity for $2.37 billion. The company intends to fund the transaction with a combination of new debt, equity contribution from Platinum Equity, and an equity rollover from NCH. S&P anticipates S&P Global Ratings-adjusted debt to EBITDA will be appropriate for the rating on Solenis after the merger. NCH provides Solenis with additional scale in the middle-market "light water" end market and expands its industrial water treatment segment, further enhancing its position as a large global player. The merger also increases diversity across Solenis' product portfolio, geographic presence, and end markets served with de minimis customer concentration. NCH's top five customers represent less than 2% of sales. S&P said, "While the timing of the close slightly elevates leverage for 2025, we anticipate annual S&P Global Ratings-adjusted debt to EBITDA will decline to 6x-7x over the next year based on assumptions including: the successful integration of NCH's business, which would help expand EBITDA due to portfolio rationalization and cost synergies in an inflationary raw materials market. We expect Solenis will deploy free cash flow toward integrating the businesses and expanding facilities. The merger also improves the company's liquidity profile. As part of the transaction, Solenis is refinancing its near-term maturities and fully paying down and upsizing its credit facilities, with a total borrowing base of $1.1 billion. "We believe the NCH merger further strengthens Solenis' scale, scope, and diversification. The acquisition provides the opportunity to cross-sell products globally through NCH's Chem Aqua segment and reduce costs through procurement, supply chain optimization, and footprint rationalization. Furthermore, we believe NCH will provide additional scale in Asia-Pacific and Latin America." It has many similar characteristics to Solenis relating to a sticky customer base and the critical/recurring nature of its products and services. However, Solenis still faces structural challenges in certain segments of its pulp and paper business and increased exposure to volatile hydrocarbon prices. The combination of high leverage and potential integration risks are inherent in a transformative acquisition. Solenis' propensity toward large-scale mergers and acquisitions to expand its business makes this a key risk, more than for other companies at similar ratings. S&P said, "The stable outlook on Solenis reflects our expectation that the transaction will be leverage neutral, with credit metrics remaining in line with the 'B-' rating. We project stable to improving credit metrics over the next few years as the company integrates NCH's operations and realizes modest synergies. Under our base-case forecast, we assume S&P Global Ratings-adjusted weighted average debt to EBITDA remains 6x-7x. Our outlook also reflects Solenis' average EBITDA margins, ability to pass through price increases, and our forecast for relatively stable demand across its end markets." S&P could lower its ratings on Solenis over the next year if: -- Leverage trends materially higher toward double digits or liquidity materially weakens. We believe such a scenario could occur if end-market demand weakens, reducing volumes, or if the company faces unexpected challenges integrating NCH's business, resulting in a slower-than-anticipated realization of synergies and cost-reduction measures; or -- It pursues additional debt-financed acquisitions or shareholder rewards that increase leverage beyond our expected range on a pro forma basis. S&P could consider raising its rating on Solenis over the next year if: -- Operating performance remains in line with our expectations such that on a pro forma basis, weighted-average S&P Global Ratings-adjusted debt to EBITDA stays between 6.0-7.0x on a sustained basis; -- The company improves its business risk profile by integrating NCH while realizing anticipated cost synergies. This could occur if global growth and end-market demand, particularly in the industrial water business, is stronger than S&P anticipates, or it executes cost-reduction measures such that profitability improves, resulting in lower leverage with sustained free cash flow; and -- Liquidity sources remain 1.2x uses. Key considerations in a potential positive rating action include S&P's assessment of the company's and financial sponsor's commitment to financial policies and leverage that would allow it to sustain improved credit measures. SOLLIO COOPERATIVE: DBRS Finalizes BB Credit Rating --------------------------------------------------- DBRS Limited finalized the provisional credit rating of BB with a Stable trend on Sollio Cooperative Group's (Sollio or the Company, rated BB (high) with a Stable trend) Senior Unsecured Notes (the Notes), which closed on July 3, 2025. The Recovery Rating on the Notes is RR5. The credit rating on the Notes is applicable to the following series: CAD 200 million, 6.00% Senior Unsecured Notes, due July 3, 2030. The proceeds of the Notes are intended to be used (i) to fund the repurchase or redemption of a portion of its outstanding preferred shares of different series (including accrued dividends, as applicable, if any), including the redemption in full of Sollio's Series 8 - 2020 preferred investment shares, and (ii) for the payment of transaction fees and expenses. The Notes will be senior unsecured obligations and will rank equally and pari passu with our other present and future unsecured obligations. The Notes will rank senior in right of payment to all of Sollio's existing and future subordinated obligations. The Notes will be initially fully and unconditionally guaranteed solidarity (jointly and severally), on a senior unsecured basis, by the existing and future subsidiaries that, subject to specified exemptions, are borrowers under or provide guarantees with respect to Sollio's Revolving Credit Facility, for so long as guarantees are in place thereunder. The Notes and the guarantees will be effectively subordinated to all of Sollio's and the guarantors' respective future secured obligations, to the extent of the value of the assets securing such obligations. The Notes will be structurally subordinated to all existing and future obligations, including indebtedness and trade payables, of any of Sollio's subsidiaries that do not guarantee the Notes. CREDIT RATING DRIVERS Should the Company materially improve its business risk profile through increased size and diversification while credit metrics are sustained at levels acceptable for the higher credit rating category (i.e., debt-to-EBITDA comfortably below 3.50x), Morningstar DBRS could take a positive credit rating action. Conversely, should operating performance deteriorate and/or the Company implement more aggressive financial management practices such that credit metrics weaken to levels no longer appropriate for the current credit ratings (i.e., debt-to-EBITDA above 4.50x), Morningstar DBRS would likely take negative rating action. CREDIT RATING RATIONALE Comprehensive Business Risk Assessment (CBRA): Sollio's CBRA of BBH is supported by the Company's established brands, market position, and distribution network as well as by the business risk benefits associated with the Company's cooperative structure and the high barriers to entry in the agri-food business. The CBRA also takes into consideration Sollio's relative geographic concentration, competitive market environment, exposure to economic cycles (particularly in the home improvement segment), and volatility in the Olymel business segment Comprehensive Financial Risk Assessment (CFRA): Sollio's CFRA of BBH reflects Morningstar DBRS' expectation that the Company will prudently manage capital allocation priorities, particularly in the case of any earnings volatility, to maintain key credit metrics at levels that are acceptable for the current rating category. Intrinsic Assessment (IA): The IA of BBH is within the Intrinsic Assessment range and is based on the CBRA and CFRA, also taking into consideration peer comparisons, among other factors. Additional Considerations: The credit ratings include no further negative or positive adjustments from additional considerations. Notes: All figures are in Canadian dollars unless otherwise noted. SORRENTO THERAPEUTICS: Trustee Sues Former Execs Over Bankruptcy ---------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that the liquidating trustee for Sorrento Therapeutics has filed a lawsuit against the company's former directors and officers, accusing them of breaching their fiduciary duties by disregarding Sorrento's financial condition. According to the complaint, filed Thursday, July 17, 2025, in the U.S. Bankruptcy Court for the Southern District of Texas, the executives authorized a dividend of Scilex Holding Co. stock to Sorrento shareholders despite the company being insolvent and facing a $173 million arbitration award. The trustee, acting on behalf of creditors, is seeking damages equal to the value of the dividend, additional losses sustained before and during bankruptcy, and attorneys' fees. About Sorrento Therapeutics Sorrento Therapeutics, Inc. -- http://www.sorrentotherapeutics.com/ -- is a clinical and commercial stage biopharmaceutical company developing new therapies to treat cancer, pain (non-opioid treatments), autoimmune disease and COVID-19. Sorrento's multimodal, multipronged approach to fighting cancer is made possible by its extensive immuno-oncology platforms, including key assets such as next-generation tyrosine kinase inhibitors "TKIs"), fully human antibodies ("G-MAB(TM) library"), immuno-cellular therapies ("DAR-T(TM)"), antibody-drug conjugates ("ADCs"), and oncolytic virus ("Seprehvec(TM)"). Sorrento is also developing potential antiviral therapies and vaccines against coronaviruses, including STI-1558, COVISHIELD(TM) and COVIDROPS(TM), COVI-MSCTM; and diagnostic test solutions, including COVIMARK(TM). Sorrento Therapeutics, Inc., and Scintilla Pharmaceuticals, Inc., sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 23-90085) on Feb. 13, 2023. Sorrento disclosed assets in excess of $1 billion and liabilities of about $235 million as of Feb. 10, 2023. Judge David R. Jones originally oversaw the cases. The Debtors tapped Latham & Watkins, LLP as bankruptcy counsel; Jackson Walker, LLP as local counsel; Tran Singh, LLP as conflicts counsel; and M3 Advisory Partners, LP as financial advisor. Mohsin Y. Meghji, managing partner at M3, serves as the Debtors' chief restructuring officer. Stretto Inc. is the claims, noticing and solicitation agent. Norton Rose Fulbright US, LLP and Milbank, LLP represent the official committee of unsecured creditors appointed in the Debtors' Chapter 11 cases. On April 10, 2023, the U.S. Trustee for Region 7 appointed an official committee to represent the Debtors' equity security holders. On April 10, 2023, the U.S. Trustee for Region 7 appointed an official committee to represent the Debtors' equity security holders. Glenn Agre Bergman & Fuentes, LLP and Greenberg Traurig, LLP serve as the equity committee's bankruptcy counsel. STANDARD BUILDING: Moody's Rates New Senior Unsecured Notes 'Ba3' ----------------------------------------------------------------- Moody's Ratings assigned a Ba3 rating to Standard Building Solutions Inc.'s proposed senior unsecured notes. All other ratings of the company and its positive outlook remain unchanged. Moody's expects the terms and conditions of the proposed senior unsecured notes to be similar to Standard Building's Ba3 rated senior unsecured notes. The unsecured notes are pari passu. The proceeds of Standard Building's new $500 million senior unsecured notes due 2033 will be used to pay down the company's existing Ba3 rated senior unsecured notes due 2027. Cash on hand will be used to pay related fees and expenses in a leverage-neutral transaction. RATINGS RATIONALE Standard Building's Ba3 CFR reflects Moody's expectations of continued strong operating performance, with adjusted EBITDA margin projected to remain in the range of 19% – 20% through 2025. Standard Building remains a global leader in manufacturing roofing products, with a strong market share in both North America and Europe. The company benefits from inelastic demand for its products and favorable long-term end market dynamics that support modest growth. Offsetting these strengths is elevated financial leverage, with adjusted debt-to-EBITDA of 4.9x as of March 30 2025. Intense competition and moderating end markets continue to limit pricing flexibility and make it difficult to expand market share organically. Moody's also expects the owners will continue to monetize their investment in Standard Building. The distributions could be substantial, as there are minimal dividend restrictions in the company's credit facilities. Moody's projects that Standard Building will maintain very good liquidity through the remainder of 2025, supported by solid cash flow generation (prior to discretionary dividends). The company's cash on hand is more than sufficient to meet seasonal working capital needs and capital expenditures. Standard Building has full access to its $850 million asset-based revolving credit facility, governed by a borrowing base that fluctuates with seasonality. Moody's do not anticipate revolver utilization, except for a minimal amount of letter of credit issuances, given the company's substantial cash position. The company has no material debt maturities until late 2026, when its euro-denominated notes come due. The positive outlook reflects Moody's expectations that Standard Building will continue to perform well, generating strong margins and leverage trending towards 4.25x adjusted debt-to-EBITDA. Very good liquidity and conservative financial policies further support the positive outlook. The Baa3 rating on Standard Building's senior secured term loan, three notches above the corporate family rating, results from its priority claim relative to the company's considerable amount of unsecured debt. The term loan has a first lien on substantially all noncurrent domestic assets and a second lien on assets securing the company's revolving credit facility (ABL priority collateral). The Ba3 ratings on the company's senior unsecured notes, the same rating as the corporate family rating, results from their position as the preponderance of debt in Standard Building's capital structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING A ratings upgrade could occur if end markets remain supportive of organic growth such that adjusted debt-to-EBITDA continues trending towards 4.25x. Preservation of very good liquidity and conservative financial policies would support upward ratings movement. A ratings downgrade could occur if adjusted debt-to-EBITDA increases towards 5.25x or adjusted EBITDA margin is trending below 18%. Negative ratings pressure may also transpire if the company experiences weakening of liquidity or adopts aggressive shareholder return initiatives or acquisitions. Standard Building, headquartered in Parsippany, New Jersey, is the leading manufacturer and marketer of roofing and related products with operations primarily in North America and Europe. Trusts for the benefit of the heirs of Ronnie F. Heyman, co-founder of Standard Building, are the owners of Standard Building. Standard Building's revenue for the 12 months ending March 30, 2025, was $8.6 billion. The principal methodology used in this rating was Manufacturing published in September 2021. STANDARD BUILDING: S&P Affirms 'BB+' ICR, Outlook Stable -------------------------------------------------------- S&P Global Ratings affirmed its 'BB+' issuer credit rating on roofing and waterproofing products manufacturer Standard Business Solutions Inc. The outlook is stable. S&P said, "We also assigned our 'BB+' issue-level rating and '4' recovery rating to Standard's proposed $500 million senior unsecured notes. "At the same time, we raised our issue-level rating on the company's existing senior unsecured notes to 'BB+' from 'BB' and revised the recovery rating to '4' from '5'. The '4' recovery rating reflects our expectation for average (30%-50%; rounded estimate: 30%) recovery in the event of a default. "The stable outlook reflects our expectation for net leverage of 4x-5x over the next 12 months." Standard plans to issue $500 million senior unsecured notes to pay down a portion of its 2027 senior unsecured notes. S&P said, "We view the transaction as broadly net debt neutral and expect the company to sustain S&P Global Ratings-adjusted leverage of 4x-5x through most market conditions. "We raised our senior unsecured issue-level rating based on our updated recovery analysis." The proposed transaction will partially refinance the 5% unsecured notes due 2027 without increasing the amount of senior unsecured debt. However, Standard completed two $500 million paydowns of its first-lien term loan in the past 12 months, reducing the outstanding principal to $523 million from $1.54 billion. The reduction in senior secured debt provides additional remaining value for unsecured claims, which currently totals $6.37 billion, improving our assessment of the recovery rating to '4' from '5'. Additionally, the company has benefited from a slightly improved valuation. This stems from favorable trends in the roofing industry and underlying improvements in expected cost mix, resulting in elevated proxy EBITDA. Maintaining adequate liquidity will require the timely refinancing of the 2026 notes. The company's closest maturity is its 2.25% senior unsecured notes due November 2026 ($867.5 million outstanding as of March 30, 2025). S&P said, "With $1,971.2 million of available sources of liquidity, including $1.1 billion cash and full availability on its $850 million revolver due 2028, we anticipate the company will have sufficient funds for the repayment. As such, we do not anticipate imminent liquidity or covenant changes as a result of the proposed issuance or upcoming maturity schedule." The stable outlook on Standard reflects our expectations for S&P Global Ratings-adjusted net leverage of 4x-5x over the next 12-24 months. S&P expects the company to maintain these credit measures even through slower business conditions. S&P may lower the ratings over the next 12-24 months if: -- S&P Global Ratings-adjusted leverage deteriorates and sustains to above 5x. This could occur if demand conditions weaken faster than expected or higher costs result in EBITDA margins compressing by more than 200 basis points (bps); -- Unexpected, large capex depletes free cash, resulting in higher net debt levels; or -- The company increases net debt to fund acquisitions or dividends to the owners, resulting in worsened credit measures. Although highly unlikely, S&P could raise its ratings over the next 12-24 months if: -- S&P Global Ratings-adjusted leverage improves to well under 4x; and -- S&P believes the company's capital allocation and financial policy actions can maintain the improvement. STATE OF FLUX: Gina Klump Named Subchapter V Trustee ---------------------------------------------------- The U.S. Trustee for Region 17 appointed Gina Klump, Esq., at the Law Office of Gina R. Klump, as Subchapter V trustee for State of Flux Inc. Ms. Klump will be paid an hourly fee of $525 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Klump declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gina Klump, Esq. Law Office of Gina R. Klump 11 5th Street, Suite 102 Petaluma, CA 94952 Phone: (707) 778-0111 Email: gklump@klumplaw.net About State of Flux Inc. State of Flux Inc., formerly doing business as Haze Apparel, is a San Francisco-based retail business likely operating in the apparel industry. State of Flux sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-30541) on July 7, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. The Debtor is represented by Ryan C. Wood, Esq., at the Law Offices Of Ryan C. Wood, Inc. STEWARD HEALTH: Sues Ex-CEO Ralph De La Torre Over $81.5MM Dividend ------------------------------------------------------------------- Allison Bell of BenefitsPRO reports that the current leadership of Steward Health Care System, a major privately held hospital network that filed for bankruptcy in May 2024, has filed a lawsuit against former CEO Dr. Ralph de la Torre and several other individuals and entities in an effort to recover approximately $1.4 billion in payments. According to the report, on Wednesday, July 16, 2025, Bankruptcy Judge Christopher Lopez granted Steward's request to use any proceeds from the litigation to support the company's ongoing liquidation and reorganization under Chapter 11. At the time of its bankruptcy filing, Steward reported $1.2 billion in funded lease obligations, $6.6 billion in unfunded lease obligations, and assets with an uncertain value estimated between $1 billion and $10 billion, according to BenefitsPRO. Since then, the new management team has closed five hospitals and moved to transfer control of most remaining facilities. A follow-up court hearing is scheduled for July 22, 2025, according to report. According to the complaint filed Tuesday, Steward paid a $111 million dividend to de la Torre and other insiders in 2021, despite the company's weakening financial position. De la Torre allegedly received $81 million of that total and used $40 million to purchase a yacht—an expense that drew scrutiny, including during a September 2024 Senate hearing led by Sen. Bernie Sanders. The complaint describes the yacht purchase as part of a broader scheme to strip Steward of its assets. It also alleges de la Torre and other executives orchestrated a poorly structured $1.1 billion acquisition of hospitals from Tenet Healthcare and mishandled proceeds from the sale of a Medicare Advantage asset. Of the $194.5 million raised in that sale, roughly $134 million allegedly went to de la Torre, affiliated insiders, and entities under his control, rather than to Steward itself. In response, a spokesperson for de la Torre said he denies any wrongdoing and "will vigorously defend himself against the allegations." In a separate lawsuit filed against members of the Senate Health, Education, Labor, and Pensions (HELP) Committee in the U.S. District Court for the District of Columbia, de la Torre said he was unfairly targeted for failed attempts to navigate challenges that have affected hospitals nationwide, the report states. According to that complaint, de la Torre began acquiring struggling hospitals in 2010 with support from a private equity firm, aiming to stabilize and turn them around. While the approach initially showed promise, he said, Steward suffered financially during the COVID-19 pandemic as elective procedures dropped and costs surged. "Like many businesses, Steward faced intense financial pressures due to the pandemic," the complaint states, noting additional struggles from labor shortages, rising supply costs, inflation, and low government reimbursement rates that failed to keep pace with expenses. De la Torre maintains these systemic challenges—not mismanagement—are at the root of Steward's financial collapse, the report cites. 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. STRUCTURE ONE: Seeks to Hire Tom Murphy as Special Counsel ---------------------------------------------------------- Structure One, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Tom Murphy of the Law Office of Tom Murphy to serve as special counsel in its Chapter 11 case. Mr. Murphy will provide these services: (a) assert claims on behalf of the Debtor against Clifton Heights Construction, LLC related to the Chamonix Condominiums Project; (b) provide litigation services including document drafting, counseling, and negotiation with third parties; and (c) perform all related legal services in connection with the identified dispute. Mr. Murphy shall charge $375 per hour for litigation services, $350 per hour for contract attorney services, and $200 per hour for assistant services. The Law Office of Tom Murphy has received a $1,500 retainer. According to court filings, the Law Office of Tom Murphy is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Tom Murphy, Esq. LAW OFFICE OF TOM MURPHY 9600 Great Hills Trail, Suite 150W Austin, TX 78759 Telephone: (512) 477-5680 E-mail: tom@tommurphyslaw.com About Structure One, Inc. Structure One, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-11342) on October 29, 2024. At the time of the filing, Debtor had estimated assets of between $0 to $50,000 and liabilities of between $1,000,001 to $10 million. Judge Shad Robinson oversees the case. Barron & Newburger, P.C. is Debtor's legal counsel. TEHUM CARE: YesCare Nurses Must Face Boettinger, et al. Case ------------------------------------------------------------ Judge Ellen L. Hollander of the United States District Court for the District of Maryland denied without prejudice the motion of Sandra Boettinger, RN, and Megan Dubrawsky, RN to dismiss the amended complaint in the case captioned as SHELTON LAMONT WOOD, Plaintiff, v. SANDRA J. BOETTINGER RN, et al., Defendants, Case No. 23-cv-01705-ELH (D. Md.). under Fed. R. Civ. P. 12(b)(6) or, alternatively, for summary judgment under Rule 56. Wood's request for discovery is granted. Shelton Lamont Wood, a self-represented Maryland prisoner, is incarcerated at Western Correctional Institution. On June 22, 2023, he initiated a civil rights action against multiple defendants, pursuant to 42 U.S.C. Sec. 1983, alleging a denial of medical care following an injury he suffered at WCI. The caption of the case reflects that Wood sued R. Shane Weber, Warden. But, the text names as defendants Sandra Boettinger, RN, and Megan Dubrawsky, RN, nurses employed by the medical contractor, YesCare, as well as the YesCare Scheduler and YesCare John/Jane Doe defendants, who are medical providers. In Count 1, Wood asserts a violation of his rights under the Eighth and Fourteenth Amendments to the Constitution, pursuant to 42 U.S.C. Sec. 1983. He alleges Medical Negligence in Count 2. On June 2, 2025, while the Motion was pending, the Court received correspondence from Wood requesting assistance with respect to a letter he had received from a law firm. That letter pertained to Chapter 11 bankruptcy proceedings of Tehum Care Services, Inc. d/b/a/ Corizon Health, pending in the United States Bankruptcy Court for the Southern District of Texas, Case No. 23-90086. Counsel for YesCare has verified that the letter Wood received is from the firm that represents YesCare in the bankruptcy proceedings. Defendants Boettinger and Dubrawsky were previously employed by YesCare. The Court does not know the precise relationship between Tehum, Corizon, and YesCare. But, it is believed that YesCare is a successor to Corizon. The letter from YesCare's counsel to Wood advises, inter alia, that Wood's federal case (i.e., this case) must be stayed. Further, the letter indicates that plaintiff missed the Feb. 21, 2025 Voting Deadline, and he failed to opt out of the Plan of Reorganization. The letter Wood forwarded to the Court was the first indication to the Court that bankruptcy proceedings involving Corizon or YesCare may implicate the action in this case against former employees of YesCare. Due to this Court's concern about the means by which notice was provided to Wood in the Bankruptcy Case about Bankruptcy Case deadlines; his right to opt out from the Plan of Reorganization; his self-represented status; and whether this action must be stayed as to the defendants, Judge Hollander issued an Order on June 9, 2025, directing YesCare's counsel in this case to file a status report with the Court, due by June 13, 2025, addressing the impact of the Bankruptcy Case on Wood's Sec. 1983 case. On June 12, 2025, YesCare's counsel filed a lengthy status report, as directed. Counsel advised the Court that on May 16, 2025, in the Bankruptcy Case, Tehum filed an omnibus motion to enjoin the prosecution of cases that are similar to Wood's. In particular, it appears that the Plan of Reorganization seeks to enjoin the pursuit of lawsuits against former health care employees of the debtor and YesCare, such as Boettinger and Dubrawsky. The Plan of Reorganization provides that the Debtor, YesCare, and current and former employees are among the "Released Parties." In addition, YesCare's counsel stated that the Motion to Enjoin was filed to clarify the impact of the Reorganization Plan on specific lawsuits because the Confirmation Order and Plan do not identify the specific lawsuits impacted by the Plan's Injunctions and Releases. However, the Bankruptcy Court has not yet determined whether the case sub judice should be stayed. On July 2, 2024, the hearing on YesCare's Motion to Enjoin took place in the Bankruptcy Court. A decision has not yet been issued. Discovery In his opposition to defendants' Motion, Wood has attached a verified Declaration under Rule 56(d) asserting that discovery is necessary to allow him to properly justify his opposition to the Motion. Wood states that because he is proceeding pro se he has not had an opportunity to consult with a medical expert or to properly evaluate the credibility or completeness of the defendants' statement of facts. In particular, Wood asserts that in order to establish deliberate indifference he needs discovery to explore the mindset and knowledge of the defendants and the extent of defendants' knowledge of the process used by Utilization Management in approving consultation requests and alternative treatment plans. Defendants oppose Wood's request for discovery. They assert that discovery is not needed because Nurses Dubrawsky and Boettinger did not make any medical decisions and there is no need for any medical expert to opine on the standard of care or any medical decision-making on their part. The Court disagrees with defendants' assertion that discovery is not necessary to resolve the claims. Wood alleges multiple delays in receiving both orthopedic follow up care and physical therapy after his surgery. Defendants had a role in the consultation and alternative treatment plan approval process. It is not clear to what extent their actions may have caused alleged delay in processing requests and approvals for medical care and the scheduling of appointments for Wood with medical providers. Further, the Court has not been furnished with information concerning the process at the prison for approving medical care. Moreover, the medical records have not been submitted by defendants. Therefore, it is not possible for the Court to determine the role of the defendants in regard to alleged delays in Wood's treatment. The Court finds Wood is entitled to an opportunity to explore these topics through discovery. Finally, he has named YesCare Scheduler and YesCare John/Jane Doe Medical Providers as defendants. To the extent that other individuals, including medical providers, may be responsible for the delay in treatment and/or the adequacy of treatment for Wood, discovery will allow him to determine the identity of these individuals and to request to file a second amended complaint, if warranted, the Court adds. Judge Hollander holds, "Wood has reasonably articulated the reason he needs discovery and how the requested discovery will assist him in disputing defendant's contentions. For the foregoing reasons, I shall deny defendants' Motion, without prejudice. Wood's request for discovery will be granted. " A copy of the Court's Memorandum Opinion dated July 10, 2025, is available at https://urlcurt.com/u?l=xCAarN from PacerMonitor.com. About Tehum Care Services Tehum Care Services Inc., doing business as Corizon Health Services Inc., is a privately held prison healthcare contractor in the United States. It is based in Brentwood, Tenn. Tehum Care Services filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-90086) on Feb. 13, 2023. In the petition filed by Russell A. Perry, as chief restructuring officer, the Debtor reported assets between $1 million and $10 million and liabilities between $10 million and $50 million. Judge Christopher M. Lopez oversees the case. The Debtor is represented by Jason S. Brookner, Esq., at Gray Reed & McGraw, LLP. TELUS CORP: DBRS Finalizes BB(high) Credit Rating ------------------------------------------------- DBRS Limited finalized its provisional credit rating of BB (high) with a Stable trend on TELUS Corporation's (TELUS or the Company) USD 700 million 6.625% Fixed-to-Fixed Rate Junior Subordinated Notes, Series A due October 15, 2055, and USD 800 million 7.000% Fixed-to-Fixed Rate Junior Subordinated Notes, Series B due October 15, 2055 (collectively the Notes), issuance. There is no change to either the Company's Issuer Rating or Senior Unsecured Debt rating, which are rated BBB with Stable trends. The credit rating assigned to these newly issued debt instruments is based on the credit rating of an already-outstanding debt series of the above-mentioned debt instruments. Please refer to the Morningstar DBRS press release dated June 5, 2025, for more information, including all relevant disclosures. The rating is based on TELUS' Prospectus Supplement (to a short form base shelf prospectus dated August 2, 2024) dated June 24, 2025, and information provided by TELUS to Morningstar DBRS as of June 30, 2025. Continuation of the rating is subject to the provision to Morningstar DBRS of timely and sufficient information and/or data for the purposes of monitoring the above-noted rating. THRASIO HOLDINGS: S&P Withdraws 'CCC' Issuer Credit Rating ---------------------------------------------------------- S&P Global Ratings withdrew all its ratings on Thrasio Holdings Inc., including the 'CCC' issuer credit rating, at the issuer's request. At the time of the withdrawal, its outlook on the company was negative. THREE CHEFS: Ira Bodenstein Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 11 appointed Ira Bodenstein as Subchapter V trustee for Three Chefs, Inc. Mr. Bodenstein 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. Bodenstein declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. About Three Chefs Inc. Three Chefs Inc. is a restaurant business operating in Aurora, Illinois. The company, which does business as "3 Chefs, Inc." and "Three Chefs Aurora," operates from its location at 1521 Ogden Ave. in Aurora. Three Chefs sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10268) on July 3, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $100,000 and $500,000 in liabilities. Judge Jacqueline P. Cox handles the case. The Debtor is represented by David Freydin, Esq., at the Law Offices Of David Freydin Ltd. TOMMY'S BOATS: Receives Chapter 11 Reorganization Plan Approval --------------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that on Friday, July 18, 2025, a Texas bankruptcy judge approved a reorganization plan for boat and water sports retailer Tommy's Boats, filed by the Chapter 11 trustee, despite objections from the company’s former CEO. About Tommy's Boats Tommy's Boats is a boat and water sports retailer. Based in Fort Worth, Texas, Tommy's is a premium boat dealer with 16 locations across the United States. Tommy's Fort Worth, LLC, and its affiliates, including Tommy's Holding Company, LLC, sought Chapter 11 protection (Bankr. N.D. Tex. Lead Case No. 24-90000) on May 20, 2024. Tommy's Fort Worth estimated between $1 million and $10 million in assets and between $100 million and $500 million in debt as of the bankruptcy filing. The Debtors tapped GUTNICKI LLP as counsel, and FORCE 10 PARTNERS LLC as CRO provider. OMNI AGENT SOLUTIONS, INC., is the claims agent. TOR WELLNESS: Seeks Chapter 11 Bankruptcy in Colorado ----------------------------------------------------- On July 16, 2025, TOR Wellness Two LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Bankruptcy Court for the District of Colorado. 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 TOR Wellness Two LLC TOR Wellness Two LLC, operating as 100% Chiropractic, is a chiropractic and wellness services provider in Colorado Springs. TOR Wellness Two LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-14430) 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 Thomas B. Mcnamara handles the case. The Debtors are represented by Keri L. Riley, Esq. at Kutner Brinen Dickey Riley, P.C. TRACK BARN: Areya Holder Aurzada Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 6 appointed Areya Holder Aurzada, Esq., at Holder Law as Subchapter V trustee for Track Barn, LLC. Ms. Aurzada will be paid an hourly fee of $575 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Aurzada declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Areya Holder Aurzada, Esq. Holder Law 901 Main Street, Ste. 5320 Dallas, TX 75202 Office: 972-438-8800 Mobile: 817-907-4140 About Track Barn LLC Track Barn, LLC is a company likely specializing in track and field equipment retail. Track Barn sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-42441) on July 2, 2025. In its petition, the Debtor reported estimated assets between $50,000 and $100,000 and estimated liabilities between $100,000 and $500,000. Judge Mark X Mullin handles the case. The Debtor is represented by Robert Thomas DeMarco, Esq., at DeMarco Mitchell, PLLC. TRINITY ENTERPRISES: Hires Lisa L. Daniels as Special Counsel ------------------------------------------------------------- Trinity Enterprises Corporation seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Lisa L. Daniels, Esq. of Daniels Law Group to serve as special counsel in its Chapter 11 case. Ms. Daniels will provide these services: (a) provide business law consultation; (b) assist with efforts in regard to collection and business process improvements to enhance collection and upfront payments; and (c) seek to obtain potential loans or investors to enable a viable plan of reorganization. The Court has previously allowed Ms. Daniels to be paid as part of cash collateral for her business consulting services. Any further compensation shall be subject to final court approval through fee application procedures. Daniels Law Group is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. Daniels Law Group can be reached at: Lisa L. Daniels, Esq. DANIELS LAW GROUP 1501 W Yamato Road, Suite 200 Boca Raton, FL 33431 About Trinity Enterprises Corporation Trinity Enterprises Corporation is a family-owned painting and wall covering company based in Davie, Florida. It offers interior and exterior painting, wallpaper installation, and specialized metallic painting services, primarily serving commercial clients in the Miami area. Trinity Enterprises Corporation sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No.: 25-14339) on April 21, 2025. In its petition, the Debtor reported total assets of $318,252 and total liabilities of $1,078,470. Judge Scott M. Grossman handles the case. The Debtor is represented by Thomas L. Abrams, Esq., at Thomas L. Abrams, PA. TURNER PAVING: Seeks to Tap Raethom Advisory as Accountant ---------------------------------------------------------- Turner Paving & Construction, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Raethom Advisory LLC to serve as accountant in its Chapter 11 case. Raethom Advisory will provide these services: (a) review the Debtor's prior accounting and tax records, the petition, schedules and the estate's documents; (b) review and analyze the Debtor's 2024 financial transactions to determine the appropriate (and most beneficial to the estate) treatment for tax purposes; (c) assist the Debtor in the preparation and filing of its federal and Texas franchise tax returns and any delinquent tax returns required by taxing authorities; and (d) communicate with taxing authorities on behalf of the estate. Raethom shall receive a fixed fee of $1,425 for the preparation and submission of 2024 tax returns and related forms. Any additional expenditures shall be subject to court approval. Raethom 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: Ella G. Mahon RAETHOM ADVISORY LLC 5233 Bellaire Blvd. Bellaire, TX 77401 About Turner Paving & Construction, Inc. Turner Paving & Construction, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-32996) on May 29, 2025. At the time of the filing, Debtor had estimated assets of between $500,001 to $1 million and liabilities of between $500,001 to $1 million. Judge Jeffrey P. Norman oversees the case. Lewis Brisbois Bisgaard & Smith LLP is Debtor's legal counsel. TYSONS CONCEPTS: Lawrence Katz Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 4 appointed Lawrence A. Katz of Hirschler Fleischer, PC as Subchapter V Trustee for Tysons Concepts Corporation. Mr. Katz will be paid an hourly fee of $665 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Katz declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Lawrence A. Katz Hirschler Fleischer, PC 1676 International Drive, Suite 1350 Tysons, VA 22102 Email: lkatz@hirschlerlaw.com About Tysons Concepts Corporation Tysons Concepts Corporation sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. 25-11362) on July 6, 2025, listing $100,001 to $500,000 in both assets and liabilities. John P. Forest, II, Esq., represents the Debtor as counsel. VARSITY BRANDS: S&P Withdraws 'B-' Issuer Credit Rating ------------------------------------------------------- S&P Global Ratings withdrew its 'B-' issuer credit rating on Varsity Brands Holding Co. LLC. S&P said, "At the time of the withdrawal, our outlook on the entity was stable. The withdrawal reflects private equity firm KKR & Co.'s acquisition of the business, which led to the reorganization and establishment of the new Varsity Brands Inc. entity, on which we now assign the issuer credit rating. We raised our issuer credit rating on Varsity Brands Inc. to 'B' from 'B-', with a stable outlook, on July 14, 2025." Varsity Brands Holding Co. LLC is a guarantor under Varsity Brands Inc.'s $2.375 billion first-lien term loan due in 2031. VARSOBIA HOME: John-Patrick Fritz Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 16 appointed John-Patrick Fritz as Subchapter V trustee for Varsobia Home Builders, LLC. Mr. Fritz will be paid an hourly fee of $725 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. The compensation for his trustee administrators (Jason Klassi, Linda Riess and Connie Ray) is $300 per hour. Mr. Fritz 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-Patrick M. Fritz Levene, Neale, Bender, Yoo & Golubchik, L.L.P. 2818 La Cienega Avenue Los Angeles, CA 90034 Telephone: (310) 229-1234 Facsimile: (310) 229-1244 About Varsobia Home Builders Varsobia Home Builders, LLC is a residential construction company based in Van Nuys, California. It focuses on building single-family homes, townhouses, and mixed-use developments across California and Nevada. The Company operates as part of the Varsobia Group of Companies, which includes subsidiaries in real estate, property preservation, and support services. Varsobia Home Builders sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11219) on July 9, 2025, with $1 million to $10 million in assets and liabilities. Angelo Varsobia, manager, signed the petition. Michael G. Spector, Esq., at the Law Office of Michael G. Spector represents the Debtor as bankruptcy counsel. VEGAS CUSTOM: Brian Shapiro Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 17 appointed Brian Shapiro as Subchapter V trustee for Vegas Custom Glass, LLC. Mr. Shapiro will be paid an hourly fee of $650 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Shapiro declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Brian Shapiro 510 S. 8th Street Las Vegas, NV 89101 Phone: (702) 386-8600 Email: brian@trusteeshapiro.com About Vegas Custom Glass Vegas Custom Glass, LLC provides glass and mirror services in Las Vegas, Nevada. The company offers custom showers, frameless shower doors, storefront glass, glass repairs, and wine room enclosures for residential and commercial clients. It is licensed, bonded, insured, and accredited by the Better Business Bureau. Vegas Custom Glass sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-13929) on July 9, 2025, with $298,039 in assets and $298,039 in liabilities. Vincent Regala, owner, signed the petition. James T. Leavitt, Esq., at Leavitt Legal Services, P.C. represents the Debtor as bankruptcy counsel. VENUS CONCEPT: Completes Debt-for-Equity Exchange With Madryn ------------------------------------------------------------- Venus Concept Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on June 30, 2025, the Company entered into an Exchange Agreement with Madryn Health Partners, LP and Madryn Health Partners (Cayman Master), LP, pursuant to which the Holders agreed to exchange: (i) that certain Secured Subordinated Convertible Note issued by the Company in favor of Madryn, dated March 31, 2025, in the original principal amount of $6,295,851.11 (the "Existing Madryn Note"), for (a) a new promissory note to be issued by the Company to Madryn, in the original principal amount of $4,105,696.60 (the "New Madryn Note"), and (b) 120,491 shares of the Company's convertible preferred stock, par value $0.0001 per share, designated as "Series Y Convertible Preferred Stock" (the "Series Y Preferred Stock"), to be issued by the Company to Madryn (the "Madryn Shares"); and (ii) that certain Secured Subordinated Convertible Note issued by the Company in favor of Madryn Cayman, dated October 4, 2023 (the "Existing Madryn Cayman Note," and together with the Existing Madryn Note, the "Existing Notes"), in the original principal amount of $10,719,957.22, for (a) a new promissory note to be issued by the Company to Madryn Cayman, in the original principal amount of $6,990,782.23 (the "New Madryn Cayman Note," and together with the New Madryn Note, the "New Notes"), and (ii) 205,160 shares of Series Y Preferred Stock to be issued by the Company to Madryn Cayman (the "Madryn Cayman Shares," and together with the Madryn Shares, the "Preferred Shares"). The Exchange closed on June 30, 2025. The Preferred Shares were priced at $19.96 per share, being equal to the product of: (i) the average closing price (as reflected on Nasdaq.com) of the Company's common stock, par value $0.0001 per share, for the five trading days immediately preceding the date of the Exchange Agreement, multiplied by (ii) 9.0909 (being the number of shares of Common Stock into which each Preferred Share converts). At the next annual or special meeting of shareholders of the Company, or such later date as agreed by the parties, the Company is required to include in the proxy materials for such meeting a proposal for the purpose of eliminating any limitations on the convertibility of the Series Y Preferred Stock under the rules and regulations of the Nasdaq Stock Market LLC. The Exchange Agreement contains customary representations, warranties and agreements by the Company, indemnification obligations of the Company, including for liabilities under the Securities Act of 1933, as amended, and other obligations of the parties. The representations, warranties, and covenants contained in the Exchange Agreement were made only for purposes of such agreement and are made as of specific dates; are solely for the benefit of the parties (except as specifically set forth therein); may be subject to qualifications and limitations agreed upon by the parties in connection with negotiating the terms of the Exchange Agreement, including being qualified by confidential disclosures made for the purpose of allocating contractual risk between the parties, instead of establishing matters as facts; and may be subject to standards of materiality and knowledge applicable to the contracting parties that differ from those applicable to the investors generally. Investors should not rely on the representations, warranties, and covenants or any description thereof as characterizations of the actual state of facts or condition of the Company. The Preferred Shares, as well as the shares of Common Stock issuable upon conversion thereof, have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an exemption therefrom. To consummate the Exchange, the Company relied the registration exemption provided by Section 3(a)(9) of the Securities Act. To effectuate conversions of the shares of Series Y Preferred Stock, the Company will rely on the private placement provided by Section 4(a)(2) of the Securities Act and by Rule 506 of Regulation D, promulgated by the U.S. Securities and Exchange Commission. The foregoing description of the Exchange Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Exchange Agreement, a copy of which is available https://tinyurl.com/3fjy3unk New Notes: The New Notes are identical to the Existing Notes, except for the reduction in principal amount on account of the Exchange and certain other immaterial changes. Third Amended and Restated Registration Rights Agreement: On June 30, 2025, as required by the Exchange Agreement, the Company and the Holders entered into a third amendment and restatement of the Amended and Restated Resale Registration Rights Agreement, as previously entered into among the parties on September 26, 2024. Under the Third Amended and Restated Registration Rights Agreement, the Company is required, among other things, to file a shelf resale registration statement with respect to the shares of Common Stock issuable upon conversion of the shares of Series Y Preferred Stock with the SEC within 60 days following the conversion of all of the issued and outstanding Series Y Preferred Stock into Common Stock. The Company also granted customary demand and piggyback registration right to the Holders. The Third Amended and Restated Registration Rights Agreement contains other terms and conditions customary for a transaction of this type. Amendment to Certificate of Designations of Series Y Preferred Stock: On June 30, 2025, as required by the Exchange Agreement, the Company filed a Certificate of Amendment with the Secretary of State of the State of Delaware, thereby amending the Certificate of Designations with respect to the Series Y Preferred Stock, as previously filed with the Secretary of State of the State of Delaware on May 24, 2024 and as previously amended on September 26, 2024 and March 31, 2025. The Series Y Amendment amended the Series Y COD to, among other things, increase the authorized shares of Series Y Preferred Stock from 1,200,000 to 1,500,000 The Series Y Amendment became effective with the Secretary of State of the State of Delaware upon filing. MSLP Consent Agreement: On June 30, 2025, the Company, Venus Concept USA, Inc., a wholly-owned subsidiary of the Company, Venus Concept Canada Corp., a wholly-owned Canadian subsidiary of the Company, and Venus Concept Ltd., a wholly-owned Israeli subsidiary of the Company ("Venus Israel" and together with the Company, Venus USA and Venus Canada, the "Loan Parties"), entered into a Consent Agreement with the Holders (the "MSLP Consent Agreement"). The MSLP Consent Agreement granted relief under the Loan and Security Agreement (Main Street Priority Loan), dated December 8, 2020, among the Holders, as lenders, and Venus USA, as borrower (the "MSLP Loan Agreement"), such that: (i) certain minimum liquidity requirements under the MSLP Loan Agreement are waived through July 31, 2025, and (ii) Venus USA is permitted to apply the July 8, 2025 cash interest payment due under each Note (as defined in the MSLP Consent Agreement) to the respective outstanding principal balance of each Note. Sixteenth Bridge Loan Amendment: On June 30, 2025, the Loan Parties entered into a Sixteenth Bridge Loan Amendment Agreement with the Holders. The Sixteenth Bridge Loan Amendment amended that certain Loan and Security Agreement, dated April 23, 2024, among Venus USA, as borrower, the Company, Venus Canada and Venus Israel, as guarantors, and the Holders, as lenders (as amended from time to time, the "Bridge Loan"), to extend the maturity date of the Bridge Loan from June 30, 2025 to July 31, 2025. New Notes Consent Agreement: On June 30, 2025, the Loan Parties entered into a Consent Agreement with the Holders. The Notes Consent Agreement granted relief under the New Notes, such that certain minimum liquidity requirements under New Notes are waived through July 31, 2025. Chief Executive Officer of Venus Concept, Rajiv De Silva stated in a press release: "We continue to optimize our capital structure with the completion of an additional debt exchange that reduces our overall debt balance. Madryn's invaluable partnership has enabled us to have the financial flexibility to work on closing our previously announced divestiture of the Venus Hair business and continue our journey towards sustained long-term growth and profitability." "Today's debt-to-equity exchange builds on our relationship with Venus and enables the Company to continue through its transformation plan," said Avinash Amin, MD, Managing Partner at Madryn Asset Management, LP. "We support the efforts by the Management team and look forward to the Company's return to growth." About Venus Concept Toronto, Ontario-based Venus Concept Inc. is an innovative global medical technology company that develops, commercializes, and delivers minimally invasive and non-invasive medical aesthetic and hair restoration technologies and related services. The Company's systems have been designed on cost-effective, proprietary, and flexible platforms that enable the Company to expand beyond the aesthetic industry's traditional markets of dermatology and plastic surgery, and into non-traditional markets, including family medicine and general practitioners and aesthetic medical spas. Mississauga, Canada-based MNP LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has reported recurring net losses and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2024, Venus Concept had $72.28 million in total assets, $61.65 million in total liabilities, $520,000 in non-controlling interests, and $10.11 million in total stockholders' equity. VENUS CONCEPT: Madryn Asset and Affiliates Hold 85.5% Stake ----------------------------------------------------------- Madryn Asset Management, LP, Madryn Health Partners, LP, Madryn Health Partners (Cayman Master), LP, and Madryn Health Advisors, LP disclosed in a Schedule 13D/A (Amendment No. 8) filed with the U.S. Securities and Exchange Commission that as of June 25, 2025, they beneficially owned an aggregate of 10,891,951 shares of Venus Concept Inc.'s Common Stock, $0.0001 par value per share. These shares consist of Common Stock held directly by the Funds and shares issuable upon the conversion of preferred stock and convertible notes, as well as exercise of warrants, representing approximately 85.5% of the outstanding Common Stock of Venus Concept Inc., based on the Company's reported outstanding shares and assumptions regarding convertibility. Madryn Asset Management, LP may be reached through: Matthew Girandola, Chief Compliance Officer 330 Madison Avenue, Floor 33 New York, NY 10017 Tel: (646) 560-5490 A full-text copy of Madryn Asset Management, LP's SEC report is available at: https://tinyurl.com/rjbryrnd About Venus Concept Toronto, Ontario-based Venus Concept Inc. is an innovative global medical technology company that develops, commercializes, and delivers minimally invasive and non-invasive medical aesthetic and hair restoration technologies and related services. The Company's systems have been designed on cost-effective, proprietary, and flexible platforms that enable the Company to expand beyond the aesthetic industry's traditional markets of dermatology and plastic surgery, and into non-traditional markets, including family medicine and general practitioners and aesthetic medical spas. Mississauga, Canada-based MNP LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has reported recurring net losses and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2024, Venus Concept had $72.28 million in total assets, $61.65 million in total liabilities, $520,000 in non-controlling interests, and $10.11 million in total stockholders' equity. VENUS CONCEPT: Madryn Asset and Affiliates Hold 85.5% Stake ----------------------------------------------------------- Madryn Asset Management, LP, Madryn Health Partners, LP, Madryn Health Partners (Cayman Master), LP, And Madryn Health Advisors, LP, disclosed in a Schedule 13D/A (Amendment No. 9) filed with the U.S. Securities and Exchange Commission that as of June 30, 2025, they beneficially own 10,869,529 shares of common stock, par value $0.0001 per share, consisting entirely of shares held with shared voting and dispositive power of Venus Concept Inc.'s common stock, representing 85.5% of the 12,716,376 shares of common stock outstanding, based on Company reports and recent issuances. Madryn Asset and its affiliates may be reached through: Matthew Girandola, Chief Compliance Officer 330 Madison Avenue, Floor 33, New York, NY 10017 Tel: 646-560-5493 A full-text copy of Madryn Asset Management, LP's SEC report is available at: https://tinyurl.com/hr5scpb8 About Venus Concept Toronto, Ontario-based Venus Concept Inc. is an innovative global medical technology company that develops, commercializes, and delivers minimally invasive and non-invasive medical aesthetic and hair restoration technologies and related services. The Company's systems have been designed on cost-effective, proprietary, and flexible platforms that enable the Company to expand beyond the aesthetic industry's traditional markets of dermatology and plastic surgery, and into non-traditional markets, including family medicine and general practitioners and aesthetic medical spas. Mississauga, Canada-based MNP LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has reported recurring net losses and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. VIRGOLINO DE OLIVEIRA: Gets U.S. Restructuring Recognition ---------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that on Thursday, July 17, 2025, a New York bankruptcy judge granted U.S. recognition to the insolvency proceedings of Brazilian sugar producer and distributor Virgolino de Oliveira SA, following confirmation that the company's reorganization plan had been approved and bondholder lawsuits resolved. About Virgolino de Oliveira SA Virgolino de Oliveira S/A - Acucar e Alcool provides agriculture processing services. The Company transforms sugar cane juice into different sized sucrose crystals and produces fuel, ethanol, and renewable electrical power. Virgolino de Oliveira serves customers in Brazil. Virgolino de Oliveira SA sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10696) on April 9, 2025. In its petition, the Debtor reports $735 million in debt. Honorable Bankruptcy Judge Martin Glenn handles the case. The Debtor is represented by Howard P. Magaliff, Esq. of R3M Law LLP. WA3 PROPERTIES: Unsecureds Will Get 100% in Liquidating Plan ------------------------------------------------------------ WA3 Properties Renton, LLC filed with the U.S. Bankruptcy Court for the Eastern District of New York an Amended Disclosure Statement describing Plan of Liquidation dated June 27, 2025. The Debtor's Plan is a liquidating plan with the centerpiece being the sale of the Debtor's real property together with three other properties owned by affiliates of the Debtor. The real properties commonly known as: a) 80 SW 2nd Street, Renton, WA 98057 (the "Renton Property"); b) 4430 Talbot Rd S in Renton, Washington (the "Talbot Property"); c) 5520 Bridgeport Way W, University Place, Washington 98467 (the "University Property"); and d) 308 W Emma Street, Union Gap, Washington 98903 (the "Prest Property") (collectively referred to as the "Properties"). The Properties are offered for sale either as a package or individually, with the exception of the Renton and Talbot Properties, which must be sold together, as they are encumbered by a blanket mortgage. Offers to purchase the Properties as a group must include an allocation of the Purchase Price for each Property. The Debtor and its affiliate debtors reserve the right to enter into a stalking horse contract with a potential purchaser or purchasers (the "Stalking Horse Bidders"). If such a Bidder is selected, approval of same shall be obtained from the Bankruptcy Court on shortened notice and all parties that have expressed an interest in the Properties shall be given notice of: (i) purchase price; (ii) not subject to a mortgage contingency; and (iii) closing will take place within sixty days after Bankruptcy Court approval confirming the sale and the Plan, time being of the essence as to the Successful Bidder. It is the Debtor's position that the sale will raise sufficient proceeds to pay all secured, administrative, priority and allowed unsecured claims in full, with interest at the federal judgment rate, with a distribution to equity to be paid to the bankruptcy estates of those entities to be distributed pursuant to their plans of reorganization. Class 3 of the Plan consists of the General Unsecured Claims. In full satisfaction, settlement, release and discharge of such Claims, Class 3 Claimants shall receive a one hundred percent distribution with interest at the Federal Judgment rate in effect on the Confirmation Date. Class 3 Claimants are unimpaired, are not entitled to vote on the Plan and are deemed to have accepted the Plan. Class 4 Claimants shall, if all senior classes are paid in full with interest, retain their existing pre-petition Equity Interests in the Debtor, effective as of the Effective Date, to be paid to the Upstream Entities according to their respective interests in the Debtor. Class 4 Claimants are unimpaired, are not eligible to vote on the Plan and are deemed to have accepted the Plan. The Plan shall be funded by the Sale Proceeds and any pending litigation. Parties are referred to those terms for a full exposition of the Properties being sold and the sales procedures. From the Sale, the Debtor will satisfy the Allowed Secured, Administrative, Priority and Unsecured Claims and any remaining Sale Proceeds shall be paid to Equity according to their respective interests in the Debtor. A full-text copy of the Amended Disclosure Statement dated June 27, 2025 is available at https://urlcurt.com/u?l=fZlpsq from PacerMonitor.com at no charge. Counsel to the Debtor: Alex E. Tsionis, Esq. Rosen, Tsionis & Pizzo, PLLC 38 New Street Huntington, NY 11743 Phone: (631) 423-8527 About WA3 Properties Renton LLC WA3 Properties Renton, LLC owns a 99-bed skilled nursing facility at 80 SW 2nd Street, Renton, Wash., in fee simple title, with a valuation of $10 million. WA3 filed Chapter 11 petition (Bankr. E.D. N.Y. Case No. 25-71121) on March 24, 2025, listing $11,887,584 in assets and $8,129,000 in liabilities. Samuel Goldner, manager of WA3, signed the petition. Judge Louis A. Scarcella oversees the case. Avrum J. Rosen, Esq., at Law Offices of Avrum J. Rosen, PLLC represents the Debtor as bankruptcy counsel. WAMALA GENERAL: Edward Burr Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 17 appointed Edward Burr of Mac Restructuring Advisors, LLC as Subchapter V trustee for Wamala General Properties, LLC. Mr. Burr will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Burr declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Edward Burr Mac Restructuring Advisors, LLC 10191 E. Shangri La Road Scottsdale, AZ 85260 Phone: (602) 418-2906 Email: Ted@macrestructuring.com About Wamala General Properties Wamala General Properties, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Nevada Case No. 25-13881) on July 4, 2025, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. The Debtor is represented by David A. Riggi, Esq., at Riggi Law Firm. WARM CORPORATION: Section 341(a) Meeting of Creditors on August 18 ------------------------------------------------------------------ On July 16, 2025, Warm Corporation West filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of California. 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. A meeting of creditors under Section 341(a) to be held on August 18, 2025 at 09:00 AM via UST Teleconference, Call in number/URL: 1-877-991-8832 Passcode: 4101242. About Warm Corporation West Warm Corporation West is a construction company based in Vallejo, California. Warm Corporation West sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-10432) on July 16, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Charles Novack handles the case. The Debtor is represented by Chris D. Kuhner, Esq. at Kornfield Nyberg Bendes Kuhner & Little. WEINBERG CAMPUS: Pension Fund's Motion for Default Judgment Denied ------------------------------------------------------------------ Judge Lawrence J. Vilardo of the United States District Court for the Western District of New York denied the plaintiffs' motion for a default judgment against the defendants in the case captioned as 1199 SEIU REGIONAL PENSION FUND, by Todd Hobler and Daniel Farberman as Trustees and Fiduciaries of the Fund, Plaintiffs, v. WEINBERG CAMPUS and KENNETH ROGERS, Defendants, 24-cv-00685-LJV (W.D.N.Y.). On July 23, 2024, the plaintiffs -- 1199 SEIU Regional Pension Fund by Todd Hobler and Daniel Farberman as trustees and fiduciaries of that fund -- commenced this action under the Employee Retirement Income Security Act of 1974 and the Labor-Management Relations Act of 1947. The complaint names two defendants: Weinberg Campus, a New York company, and Kenneth Rogers, its alleged officer, agent, and/or managing agent. On Sept. 25, 2024, after the defendants failed to appear or respond to the complaint, the plaintiffs asked the Clerk of the Court to enter a default against both Weinberg and Rogers. A week later, the plaintiffs moved for a default judgment against both defendants. On Nov. 1, 2024, Rogers responded to the plaintiffs' motion for a default judgment. He also moved to vacate the clerk's entry of default against him or, in the alternative, for leave to file an answer out of time and to amend his provisional answer to include an affirmative defense for improper service. The plaintiffs then replied, asking the Court to grant their motion for a default judgment against both defendants and to deny Rogers's cross-motion. Several months later, Rogers notified the Court that Weinberg had filed a voluntary petition under chapter 11 of the Bankruptcy Code, contending in conclusory fashion that the bankruptcy resulted in an automatic stay of this action under 11 U.S.C. Sec. 362. In response, the Court issued a text order explaining that while Weinberg's chapter 11 petition indeed stayed the plaintiffs' claims against Weinberg, it did not necessarily stay the claims against Rogers. Because Rule 55(c) does not define the term "good cause," the Second Circuit has established three criteria that must be assessed in order to decide whether to relieve a party from a default or from a default judgment. The criteria are: (1) the willfulness of default, (2) the existence of any meritorious defenses, and (3) prejudice to the nondefaulting party. Rogers says three factors -- willfulness of default, availability of meritorious defenses, and prejudice to the plaintiffs -- weigh in favor of granting his motion to vacate the entry of default against him. The plaintiffs disagree, saying the Court instead should grant their motion for a default judgment. The Court agrees with Rogers. Rogers says that he did not receive notice when the Clerk of the Court entered a default against him on Sept. 18, 2024, presumably because it was mailed to Weinberg's address, not his. According to Rogers, his default was not willful. While his actions may have been negligent or careless, he says, his conduct does not rise to the level of egregious. The Court agrees with Rogers. While Rogers's behavior may not have been entirely diligent or prudent, he apparently believed that as chair of Weinberg's Board of Directors, he was being represented by Weinberg's counsel. In this case, the plaintiffs assert claims against Rogers under sections 404 and 406 of ERISA. Rogers argues that he has at least two meritorious defenses to those claims. He say that the Court lacks personal jurisdiction because he was not properly served. He contends that he cannot be held personally liable under ERISA for unpaid contributions to the multi-employer pension plan because he is not a fiduciary of the employee benefit plans and did not participate in any failure to pay the plans. The plaintiffs argue that Rogers's "conclusory" defenses are not enough to justify vacating default in this case. The Court disagrees that Rogers has offered only conclusory denials. The Court finds all three factors weigh in favor of Rogers. The plaintiffs' motion for a default judgment is denied as to Rogers, and Rogers's motion to vacate the clerk's entry of default against him is granted. The plaintiffs' claims against Weinberg remain stayed. A copy of the Court's Decision & Order dated July 11, 2025, is available at https://urlcurt.com/u?l=uN3xsR from PacerMonitor.com. WELTY SERVICES: Seeks Chapter 11 Bankruptcy in Texas ---------------------------------------------------- On July 10, 2025, Welty Services LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filing, the Debtor reports $4,437,167 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Welty Services LLC Welty Services LLC, doing business as Brazoria County Truck Outfitters, Jones and Hadley, and Mikes Paint and Body Shop, operates a retail store specializing in truck accessories and a combined automobile repair business in Angleton, Texas. Welty Services LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-80315) on July 10, 2025. In its petition, the Debtor reports total assets of $2,378,150 and total liabilities of $4,437,167. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor's local counsel is Genevieve M. Graham, Esq. at GRAHAM PLLC and the Debtor's bankruptcy counsel is The Fox Law Corporation, Inc. WESTERN URANIUM: All Proposals OK'd at Annual Meeting ----------------------------------------------------- Western Uranium & Vanadium Corp. announced the results of the Company's Annual General and Special Meeting of shareholders. Proxy votes were cast for common shares representing approximately 51% of the issued and outstanding common shares of the Company as at the record date for the Meeting. Each of the other matters put forward before shareholders for consideration and approval at the Meeting, as described in the Company's management information circular dated May 22, 2025, was duly approved by the requisite number of votes. A. Re-Election of Directors: At the Meeting, the shareholders re-elected all of the directors proposed by management of the Company, namely, George Glasier, Bryan Murphy, Andrew Wilder and Michael Skutezky. B. Re-Appointment of Auditor The shareholders re-appointed MNP LLP as auditor of the Company for the ensuing year and authorized the board of the Company to fix the remuneration of the auditors. C. Re-Appointment of Officers: Subsequent to the Meeting, the following management re-appointments were confirmed for the ensuing year: George Glasier, President and Chief Executive Officer; Robert Klein, Chief Financial Officer; Michael Rutter, Chief Operating Officer; and Denis Frawley, Corporate Secretary. The newly-elected Board re-appointed the following chairs: Bryan Murphy as Chairman of the Board; Andrew Wilder as Chairman of the Audit Committee; and Michael Skutezky as Chairman of the Governance, Nominating and Compensation Committee. Each of the Audit Committee Governance, and the Governance, Nominating and Compensation Committee are comprised of three independent directors, namely Bryan Murphy, Andrew Wilder, and Michael Skutezky. About Western Uranium Western Uranium & Vanadium Corp is engaged in the business of exploring, developing, mining and producing uranium and vanadium resources. In addition to the flagship property located in the prolific Uravan Mineral Belt, the production pipeline also includes conventional projects in Colorado and Utah. The Maverick Minerals Processing Plant and Pinon Ridge Corporation processing plants will be licensed to include the kinetic separation process. As of Dec. 31, 2024, the Company had $33,916,238 in total assets, $4,100,164 in total liabilities, and a total shareholders' equity of $29,816,074. Mississauga, Canada-based MNP LLP, the Company's auditor since 2015, 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 continuing losses and negative cash flows from operations and is dependent upon future sources of equity or debt financing in order to fund its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. WESTERN URANIUM: Appoints Odyssey as Transfer and Rights Agent -------------------------------------------------------------- Western Uranium & Vanadium Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company appointed Odyssey Trust Company as the registrar and transfer agent for the Company's common shares, replacing Capital Transfer Agency ULC. In addition, Odyssey agreed to replace CTA as rights agent under the Company's shareholder rights plan agreement dated May 24, 2023. Shareholders need not take action in respect of the change in transfer agent and rights agent. About Western Uranium Western Uranium & Vanadium Corp is engaged in the business of exploring, developing, mining and producing uranium and vanadium resources. In addition to the flagship property located in the prolific Uravan Mineral Belt, the production pipeline also includes conventional projects in Colorado and Utah. The Maverick Minerals Processing Plant and Pinon Ridge Corporation processing plants will be licensed to include the kinetic separation process. As of Dec. 31, 2024, the Company had $33,916,238 in total assets, $4,100,164 in total liabilities, and a total shareholders' equity of $29,816,074. Mississauga, Canada-based MNP LLP, the Company's auditor since 2015, 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 continuing losses and negative cash flows from operations and is dependent upon future sources of equity or debt financing in order to fund its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. WILDFANG HOLDINGS: Section 341(a) Meeting of Creditors on August 14 ------------------------------------------------------------------- On July 16, 2025, Wildfang Holdings LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Oregon. According to court filing, the Debtor reports $786,313 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 14, 2025 at 09:30 AM via 341 Meeting via Telephone (UST). Dial 888-330-1716, passcode 5189986. About Wildfang Holdings LLC Wildfang Holdings LLC is a single-asset real estate company that owns and leases a commercial restaurant and bar property located in Eugene, Oregon. Wildfang Holdings LLCsought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 25-61981) on July 16, 2025. In its petition, the Debtor reports total assets of $1,600,000 and total liabilities of $786,313. Honorable Bankruptcy Judge Thomas M. Renn handles the case. The Debtor is represented by Nicholas J. Henderson, Esq. at ELEVATE LAW GROUP. WINDTREE THERAPEUTICS: CEO Jed Latkin Takes Over as Interim PFO --------------------------------------------------------------- Windtree Therapeutics, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Jamie McAndrew resigned from her position as Senior Vice President, Chief Financial Officer, and Corporate Secretary of the Company, effective June 25, 2025. Ms. McAndrew's resignation is not related to any disagreement or dispute with the Company or its Board of Directors on any matter, including the Company's accounting principles, practices, financial statement disclosures, or compliance procedures. Ms. McAndrew will continue in the employ of the Company for a limited period to assist in the transition of her duties. Jed Latkin, who currently serves as the Company's President and Chief Executive Officer, will assume the responsibilities of principal financial officer for purposes of the Securities Exchange Act of 1934, as amended, on an interim basis. About Windtree Therapeutics Headquartered in Warrington, Pennsylvania, Windtree Therapeutics, Inc. -- windtreetx.com -- is a biotechnology company focused on advancing early and late-stage innovative therapies for critical conditions and diseases. The Company's portfolio of product candidates includes: (a) istaroxime, a Phase 2 candidate that inhibits the sodium-potassium ATPase and also activates sarco endoplasmic reticulum Ca2+ -ATPase 2a, or SERCA2a, for acute heart failure and associated cardiogenic shock; preclinical SERCA2a activators for heart failure; rostafuroxin for the treatment of hypertension in patients with a specific genetic profile; and a preclinical atypical protein kinase C iota, or aPKCi, inhibitor (topical and oral formulations), being developed for potential application in rare and broad oncology indications. The Company also has a licensing business model with partnership out-licenses currently in place. Philadelphia, Pennsylvania-based EisnerAmper LLP, the company's auditor since 2022, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and expects to incur losses for the foreseeable future, that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Windtree Therapeutics had $27.9 million in total assets, $14.7 million in total liabilities, $3.2 million in total mezzanine equity, and a total shareholders' equity of $10 million. WINDTREE THERAPEUTICS: Disputes TBB Claim to $3M Earnest Money -------------------------------------------------------------- As previously disclosed, on April 19, 2025, WINT Real Estate, LLC, a wholly owned subsidiary of Windtree Therapeutics, Inc., entered into an Assignment and Conditional Assumption Agreement with Way Maker Growth Fund, LLC relating to that certain Purchase and Sale Agreement dated June 28, 2024, as amended (the Purchase Agreement), between Way Maker and TBB Crescent Park Drive, LLC. Pursuant to the Purchase Agreement, TBB agreed to sell to Way Maker real property commonly known as the Aubrey, located at 11755 Southlake, Houston, Texas. Pursuant to the terms of the Assignment, Way Maker agreed to assign to WINT its right, title and interest in the Purchase Agreement. On June 24, 2025, TBB provided a notice of termination with respect to the Purchase Agreement to the Company. The Notice demands the $3 million in earnest money held by the escrow agent for the transaction, paid in part by Way Maker and in part by the Company, be released to TPP. Windtree Therapeutics is disputing TPP's entitlement to the Earnest Money, the Company disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission. About Windtree Therapeutics Headquartered in Warrington, Pennsylvania, Windtree Therapeutics, Inc. -- windtreetx.com -- is a biotechnology company focused on advancing early and late-stage innovative therapies for critical conditions and diseases. The Company's portfolio of product candidates includes: (a) istaroxime, a Phase 2 candidate that inhibits the sodium-potassium ATPase and also activates sarco endoplasmic reticulum Ca2+ -ATPase 2a, or SERCA2a, for acute heart failure and associated cardiogenic shock; preclinical SERCA2a activators for heart failure; rostafuroxin for the treatment of hypertension in patients with a specific genetic profile; and a preclinical atypical protein kinase C iota, or aPKCi, inhibitor (topical and oral formulations), being developed for potential application in rare and broad oncology indications. The Company also has a licensing business model with partnership out-licenses currently in place. Philadelphia, Pennsylvania-based EisnerAmper LLP, the company's auditor since 2022, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and expects to incur losses for the foreseeable future, that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Windtree Therapeutics had $27.9 million in total assets, $14.7 million in total liabilities, $3.2 million in total mezzanine equity, and a total shareholders' equity of $10 million. WINDTREE THERAPEUTICS: Raises $150K via Notes and Warrants ---------------------------------------------------------- Windtree Therapeutics, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into note purchase agreements with two purchasers. Pursuant to the Note Purchase Agreements, the Company issued one Convertible Promissory Note to a Purchaser in the principal amount of $58,140 for a purchase price of $50,000 and issued the other Purchaser a Convertible Promissory Note in the principal amount of $116,279 for a purchase price of $100,000. The Promissory Notes accrue interests at 14% per annum and have a 12-month maturity date. The Promissory Notes may be converted to shares of the Company's Common Stock at a conversion price of $0.587 per share. Pursuant to the Note Purchase Agreements, the Company issued each of the Purchasers a warrant to purchase shares of Common Stock in an amount equal to 75% of the purchase price paid by each investor. One Purchaser received a warrant for $37,500 worth of shares of Common Stock, and the other Purchaser received a Warrants for $75,000 worth of shares of Common Stock. The Warrants have an exercise price of $0.587 per share of Common Stock. Because the Warrants entitle the holder to a number of shares based on a share value, the number of shares issuable upon exercise of a Warrant will change if the exercise price is adjusted. The Convertible Notes and Warrants were sold in reliance upon an exemption from the registration requirement of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof and/or Rule 506(b) of Regulation D promulgated thereunder. The Company received gross proceeds of $150,000 from the sale of the Convertible Notes and Warrants, before deducting offering expenses. Pursuant to the Notes, the proceeds will be used to fund operational expenses of the Company. About Windtree Therapeutics Headquartered in Warrington, Pennsylvania, Windtree Therapeutics, Inc. -- windtreetx.com -- is a biotechnology company focused on advancing early and late-stage innovative therapies for critical conditions and diseases. The Company's portfolio of product candidates includes: (a) istaroxime, a Phase 2 candidate that inhibits the sodium-potassium ATPase and also activates sarco endoplasmic reticulum Ca2+ -ATPase 2a, or SERCA2a, for acute heart failure and associated cardiogenic shock; preclinical SERCA2a activators for heart failure; rostafuroxin for the treatment of hypertension in patients with a specific genetic profile; and a preclinical atypical protein kinase C iota, or aPKCi, inhibitor (topical and oral formulations), being developed for potential application in rare and broad oncology indications. The Company also has a licensing business model with partnership out-licenses currently in place. Philadelphia, Pennsylvania-based EisnerAmper LLP, the company's auditor since 2022, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and expects to incur losses for the foreseeable future, that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Windtree Therapeutics had $27.9 million in total assets, $14.7 million in total liabilities, $3.2 million in total mezzanine equity, and a total shareholders' equity of $10 million. WINDTREE THERAPEUTICS: Raises $253K via Convertible Notes, Warrants ------------------------------------------------------------------- Windtree Therapeutics, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into note purchase agreements with three purchasers on June 27, 2025. Pursuant to the June Note Purchase Agreements, the Company issued two Convertible Promissory Notes to Purchasers in the principal amount of $58,140 for a purchase price of $50,000 and issued the other June Purchaser a Convertible Promissory Note in the principal amount of $96,899 for a purchase price of $83,333. On July 2, 2025, the Company entered into note purchase agreements with two purchasers. Pursuant to the July Note Purchase Agreements, the Company issued two Convertible Promissory Notes to the July Purchasers, each in a principal amount of $40,698 for a purchase price of $35,000. The June and July Promissory Notes accrue interest at 14% per annum and have a 12-month maturity date. The June and July Promissory Notes may be converted to shares of the Company's Common Stock at a conversion price of $0.587 per share. Pursuant to the June and July Note Purchase Agreements, the Company issued each of the June Purchasers and July Purchasers warrants to purchase shares of Common Stock in an amount equal to 25% of the purchase price paid by each investor. One June Purchaser received a Warrant for $20,833 worth of shares of Common Stock, and the other June Purchasers received Warrants for $12,500 worth of shares of Common Stock. Both July Purchasers received Warrants for $8,750 worth of shares of Common Stock. All Warrants have an exercise price of $1.10 per share of Common Stock. Because the Warrants entitle the holder to a number of shares based on a share value, the number of shares issuable upon exercise of a Warrant will change if the exercise price is adjusted. The June and July Promissory Notes and the Warrants were sold in reliance upon an exemption from the registration requirement of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof and/or Rule 506(b) of Regulation D promulgated thereunder. The Company received gross proceeds of $253,333 from the sale of the June and July Promissory Notes and Warrants, before deducting offering expenses. The proceeds of the June and July Promissory Notes will be used to fund operational expenses of the Company, including the funding of a loan to Titan Environmental Services, Inc. The foregoing descriptions are only summaries of the material terms thereof, do not purport to be complete and are qualified in their entirety by reference to the full text of the forms of the agreements, which are filed with the Current Report on Form 8-K, available at https://tinyurl.com/hrc4sdtm About Windtree Therapeutics Headquartered in Warrington, Pennsylvania, Windtree Therapeutics, Inc. -- windtreetx.com -- is a biotechnology company focused on advancing early and late-stage innovative therapies for critical conditions and diseases. The Company's portfolio of product candidates includes: (a) istaroxime, a Phase 2 candidate that inhibits the sodium-potassium ATPase and also activates sarco endoplasmic reticulum Ca2+ -ATPase 2a, or SERCA2a, for acute heart failure and associated cardiogenic shock; preclinical SERCA2a activators for heart failure; rostafuroxin for the treatment of hypertension in patients with a specific genetic profile; and a preclinical atypical protein kinase C iota, or aPKCi, inhibitor (topical and oral formulations), being developed for potential application in rare and broad oncology indications. The Company also has a licensing business model with partnership out-licenses currently in place. Philadelphia, Pennsylvania-based EisnerAmper LLP, the company's auditor since 2022, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and expects to incur losses for the foreseeable future, that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Windtree Therapeutics had $27.9 million in total assets, $14.7 million in total liabilities, $3.2 million in total mezzanine equity, and a total shareholders' equity of $10 million. WORK CAT: Louisiana Int'l Can't Alter Trailer Bridge Case Judgment ------------------------------------------------------------------ Judge Nannette Jolivette Brown of the United States District Court for the Eastern District of Louisiana granted, in part, and denied, in part, Louisiana International Marine, LLC's motion to alter or amend judgment and motion for attorney's fees in the case captioned as Trailer Bridge, Inc. v. Louisiana International Marine, LLC, Civil Action No. 22-5358 (E.D. La.). The motion is denied to the extent it requests that attorney's fees and costs be awarded in personam. Plaintiff owned two deck barges, ATLANTA BRIDGE and MEMPHIS BRIDGE. On Aug. 4, 2020, Plaintiff and Work Cat Florida, LLC executed a BIMCO Standard Barge Charter Party Agreement for the time charter of the barges to Work Cat. The charter agreement contained a no-lien and indemnity provision. Defendant regularly invoiced Work Cat for payment for the services rendered from Jan. 16, 2021 through June 18, 2021. On June 4, 2021, Defendant filed two claims of lien with the National Vessel Documentation Center against the ATLANTA BRIDGE for $1,264,214.16 and against the MEMPHIS BRIDGE for $1,362,214.16. Both claims of lien allege a maritime lien for necessaries for towage against the respective barges. On Aug. 1, 2022 and Nov. 28, 2022, Plaintiff entered into Purchase and Sale Agreements to sell the MEMPHIS BRIDGE and the ATLANTA BRIDGE. Both agreements require Plaintiff to indemnify and defend the purchasers. On Nov. 30, 2022, Defendant sent a Notice of Lien and Demand for Payment to the purchaser of the MEMPHIS BRIDGE. On Dec. 16, 2022, the purchaser made demand to Plaintiff seeking defense and indemnity against the claim asserted by Defendant. On Dec. 20, 2022, Plaintiff filed a complaint in this Court against Defendant seeking declaration that the claims of lien asserted by Defendant are invalid. From Dec. 16, 2024 through Dec. 17, 2024, the Court held a bench trial in this matter. On May 9, 2025, the Court entered judgment against the MEMPHIS BRIDGE in the amount of $863,162.50 and ATLANTA BRIDGE in the amount of $630,402.10, in rem, plus court costs, reasonable attorney's fees, and pre and post judgment interest. Defendant requests that the Court amend its judgment to include an award, in personam, against Plaintiff for interest, costs, and attorney's fees. Defendant moves to alter or amend the May 9, 2025 Judgment pursuant to Federal Rule of Civil Procedure 59(e), to reflect an award in personam against Plaintiff. Defendant contends the Judgment correctly awarded the principal value of its maritime liens against the barges in rem. Defendant explains, by virtue of an earlier Lien Escrow Agreement, the principal amounts of its maritime lien claims were transferred to an escrow fund. Defendant contends the parties disagree on how interest, costs, and attorney's fees should be awarded. Defendant avers the judgment should award interest, costs, and attorney's fees in its favor and against Plaintiff in personam, It asserts that pre-judgment interest in the amount of $351,806.07 should be awarded in its favor against Plaintiff, in personam. Defendant points out that jurisprudence has established that attorney's fees are not "necessaries", and thus, are not lienable. Defendant contends that during trial, it did not agree to dismiss its in personam claims against Plaintiff for interest, costs, or attorney's fees. Defendant maintains that its claims for maritime liens were in rem and its claims for interest, costs, and attorney's fees were in personam. Defendant states that the Court has not issued an order and judgment dismissing Plaintiff in its capacity as in personam counter-defendant. Defendant clarifies that it only intended to assert its maritime lien claims for necessaries in rem. Plaintiff, appearing as limited claimant of the MEMPHIS BRIDGE and ATLANTA BRIDGE, opposes the motion to alter judgment. Plaintiff contends that any claims against it were dismissed in their entirety during trial. Plaintiff argues Defendant has failed to submit any evidence warranting amendment of the judgment. It contends Defendant has not demonstrated manifest injustice pursuant to Federal Rule of Civil Procedure 59. Plaintiff argues Defendant should be judicially estopped from changing its prior accepted position that Defendant did not intend to assert a claim against Plaintiff in personam. Plaintiff contends Defendant asserts a prior inconsistent position, and Defendant now moves to relitigate in personam claims against Plaintiff. Plaintiff argues that it would be prejudiced and Defendant would receive an unfair advantage if the Court allows the alleged inconsistencies to proceed. Plaintiff argues because the Court dismissed all in personam claims during trial, it was not required to put on a defense. It asserts the Court should deny Defendant's Motion to Alter Judgment. While Defendant argues that attorney's fees and costs should be awarded against Plaintiff in personam, Defendant provides no authority, nor can the Court locate any, wherein attorney's fees and costs were awarded in personam when the underlying prevailing claim was in rem. According to the Court, if there is no separate basis of substantive liability, the in personam liability does not attach merely because a maritime lien has come into existence. Based on this persuasive authority and the overall posture of this litigation, upon further consideration, the Court finds it equitable that each party bears its own attorney's fees and costs. A copy of the Court's Order dated July 8, 2025, is available at https://urlcurt.com/u?l=LbTsBM from PacerMonitor.com. About Work Cat Florida Work Cat Florida LLC, formerly known as Work Cat Trans Gulf, LLC, has been in business since August 2020 as a short sea shipping operation that provides trans-Gulf of Mexico container and roll on/roll off freight transportation services utilizing its own proprietary vessel design known as the "Work Cat." Work Cat Florida filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 21-02588) on May 18, 2021, disclosing $696,377 in total assets and $6,940,094 in total liabilities. Chris Raley, chief executive officer, signed the petition. Genovese Joblove & Battista, P.A. is the Debtor's legal counsel. The case was converted to Chapter 7 on June 22, 2021. XCEL BRANDS: Registers Best-Efforts Offering of Shares and Warrants ------------------------------------------------------------------- Xcel Brands, Inc. filed a Registration Statement on Form S-1 with the U.S. Securities and Exchange Commission to register an offering, on a "best-efforts" basis up to 1,381,215 shares of common stock of Xcel Brands, Inc. The Company's common stock is listed on the Nasdaq Capital Market under the symbol "XELB." On June 30, 2025, the last reported sale price of the common stock on the Nasdaq Capital Market was $1.81 per share, which is the per share offering price the Company have assumed for purposes of this preliminary prospectus. Xcel Brands is also offering to those purchasers, if any, whose purchase of shares of its common stock in this offering would otherwise result in such purchaser, together with its affiliates and certain related parties, beneficially owning more than 4.99% (or, at the election of the purchaser, 9.99%) of its outstanding shares of common stock immediately following the consummation of this offering, the opportunity to purchase, if any such purchaser so chooses, pre-funded warrants to purchase common stock (the "Pre-Funded Warrants"), in lieu of shares that would otherwise result in such purchaser's beneficial ownership exceeding 4.99% (or, at the election of the purchaser, 9.99%) of its outstanding shares of common stock. The public offering price of each Pre-Funded Warrant will equal the price per share in this offering, minus $0.001, and the exercise price of each Pre-Funded Warrant will equal $0.001 per share. This offering also relates to the shares of common stock issuable upon exercise of the Pre-Funded Warrants sold in this offering. Certain members of the Company's management have indicated an interest in purchasing up to 10% of the securities sold in this offering. However, because indications of interest are not binding agreements or commitments to purchase, the underwriters could determine to sell or not sell shares to members of the management, and members of the Company's management could determine to purchase or not purchase units in this offering. A full-text copy of the preliminary prospectus is available at: https://tinyurl.com/2hcpt73k About Xcel Brands New York, N.Y.-based Xcel Brands, Inc. is a media and consumer products company engaged in the design, licensing, marketing, live streaming, and social commerce sales of branded apparel, footwear, accessories, fine jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. Xcel was founded in 2011 with a vision to reimagine shopping, entertainment, and social media as social commerce. New York, N.Y.-based Marcum LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated May 27, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a goingc oncern. As of December 31, 2024, the Company had $53.8 million in total assets, $25.4 million in total liabilities, and a total stockholders' equity of $28.4 million. YANKE CONSTRUCTION: Unsecureds to Get Share of Income for 3 Years ----------------------------------------------------------------- Yanke Construction, Inc. filed with the U.S. Bankruptcy Court for the Eastern District of Michigan a Subchapter V Plan of Reorganization dated June 26, 2025. The Debtor was established in 1995 as a landscaping and construction company. Darren Yanke is the Debtor's sole owner and president. Today, the Debtor specializes in constructing retaining walls for residential and commercial clients across the Detroit metro area from its principal place of business at 16208 Golden Ave., Walled Lake, Michigan 48390. The years navigating the COVID-19 pandemic were particularly destructive to the business, as supply chain disruptions, material shortages, and increased costs severely impacted operations. During this period, the Debtor struggled to maintain profitability while dealing with fluctuating market conditions beyond its control. Given the overwhelming financial obligations, ongoing litigation, and creditor demands, the Debtor commenced the Case to restructure its debts, protect its remaining assets, and ensure the possibility of future operations through a plan of reorganization. Class XI is comprised of Holders of Allowed General Unsecured Claims against the Debtor. The Debtor estimates that the Unsecured Claims against it have an aggregate face amount of $1,481,253.38. Debtor's estimate does not reflect any deficiency claims (if any) or any Claims filed by Creditors in excess of the amounted identified in the Debtor's Schedules. As a result, the size of the Class XI Claim pool could be higher or lower than Debtor's estimate based on the forgoing and/or the results of any Claim objections. Holders of Allowed Class XI Claims shall receive a Pro Rata share of the Projected Disposable Income based on all Allowed Class XI Claims. The Reorganized Debtor shall distribute its Projected Disposable Income to Holders of Allowed Class XI Claims in three consecutive annual payments, with the first annual payment coming due on the first business day of the second month after the first anniversary of the Effective Date and annually thereafter. All annual payments shall be distributed to Holders of Allowed Class XI Claims on a Pro Rata basis. Class XI is Impaired and entitled to vote. Class XII consists of all Allowed Interests. Holders of Allowed Interests shall retain their Allowed Interests in the Reorganized Debtor. The Debtor reasonably believes that ongoing operations shall be sufficient to fund Debtor's operations. However, other sources of Cash may be necessary to fully fund the Plan and may be explored and utilized by the Debtor to the extent that any additional cash infusions are necessary or desirable in later years to meet the obligations of the Plan. To the extent additional monies are needed, it is contemplated that the Debtor may obtain interest bearing loan(s), which shall be evidenced by a promissory note, and may be on a secured or unsecured basis. The Debtor anticipates that if traditional loans are unavailable, the Holders of Class XII Interests will provide shareholder loans. To the extent that loans are required or desirable as a consequence of this Plan, all such loans are authorized and approved on terms and conditions satisfactory to Debtor in its sole and unfettered discretion. A full-text copy of the Subchapter V Plan dated June 26, 2025 is available at https://urlcurt.com/u?l=sZlckD from PacerMonitor.com at no charge. Counsel to the Debtor: John J. Stockdale, Jr., Esq. Howard M. Borin, Esq. Brandi M. Blasses, Esq. Schafer and Weiner, PLLC 40950 Woodward Avenue, Suite 100 Bloomfield Hills, MI 48304 Tel: (248) 540-3340 About Yanke Construction Inc. Yanke Construction, Inc. operates as a landscaping and construction company. It specializes in constructing retaining walls for residential and commercial clients across the Detroit Metro area in Michigan. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-43176-mar) on March 28, 2025. In the petition signed by Darren Yanke, president, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Mark A. Randon oversees the case. John J. Stockdale, Jr., at Schafer and Weiner, PLLC, represents the Debtor as legal counsel. YS GARMENTS: Moody's Lowers CFR & Senior Secured Debt to Caa3 ------------------------------------------------------------- Moody's Ratings downgraded YS Garments, LLC's (dba "Next Level Apparel") ratings including its corporate family rating to Caa3 from Caa2 and probability of default rating to Caa3-PD from Caa2-PD. Moody's also downgraded its backed senior secured bank credit facilities ratings to Caa3 from Caa2. The outlook remains negative. The downgrades reflect governance considerations including refinance risk associated with Next Level Apparel's revolver due February 2026 and its term loan due August 2026. The downgrades also reflect its weak credit metrics with debt/EBITDA and EBITA/Interest coverage estimated at about 7.0x and 0.8x, respectively at Q1'25 as EBITDA remains at depressed levels following three consecutive years of weak performance. While the company saw EBITDA improvement in the first half of 2025, Moody's attribute some of the strength to a pull-forward in purchases by customers ahead of tariff concerns. The environment remains challenging for discretionary spending and the company is exposed to the imposition of reciprocal tariffs above current levels given its dependence on imported product from Central America, which is somewhat mitigated by Next Level Apparel's high use of US cotton. Additionally, Next Level Apparel has received multiple temporary waivers from lenders related to its inability to maintain compliance with its financial maintenance covenant at year-end 2024 and to file timely annual audited financial statements (and is currently operating under one such waiver through July 2025). Although Moody's expects the company to maintain between $10- $25 million in cash through year-end 2025, the company must refinance its 2026 maturities and is currently discussing alternatives with lenders that may include an equity injection. The structure, timing and ultimate execution of a transaction or an extension of its current temporary waiver remains uncertain. RATINGS RATIONALE Next Level Apparel's Caa3 CFR reflects its high leverage and weak interest coverage following a period of sustained financial performance weakness as well as its near dated capital structure. The company also has small revenue scale and narrow product focus relative to the global apparel industry. The rating also reflects its high concentration of sales with two large distributor customers which can cause significant volatility in performance and the risks of private equity ownership. The rating is supported by Next Level Apparel's well-recognized position within premium blanks and the limited fashion risk of its product. Consideration is also given to the shift in consumer preference towards higher quality basic apparel designs, fabric, and fit and Next Level Apparel's asset-light and fully outsourced production model which in previous stable operating environments have allowed for strong profit margins that were consistent with many premium apparel brands. The negative outlook reflects the company's weak liquidity, including its near term maturities as well as its depressed revenue and EBITDA levels. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company refinances its capital structure in a timely fashion at par and has adequate liquidity which is supported by positive free cash flow generation and sustained improvement in revenue and EBITDA performance. The ratings could be downgraded should the probability of default increase for any reason or recovery expectations are reduced. Headquartered in Torrance, California, YS Garments, LLC's (dba "Next Level Apparel") designs and provides branded active wear to the premium basic segment of the US wholesale wearables promotional products industry. Private equity firm Blue Point Capital Partners acquired a majority stake in the company in August 2018. The principal methodology used in these ratings was Retail and Apparel published in November 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. ZEN JV: Gets Court Approval To Sell All Assets to JobGet -------------------------------------------------------- The U.S. Bankruptcy Court of the District of Delaware approved bidding procedures for the sale of substantially all of the assets of ZEN JV LLC and its debtor-affiliate. Objections to the sale, if any, must be filed no later than 4:00 p.m. (prevailing Eastern Time) on July 16, 2025. On June 24, 2025, the Debtors initiated a sale process to maximize value, preserve jobs and seamlessly transition ownership of its businesses. Specifically, the Debtors: a) entered into an asset purchase agreement with JobGet Inc. for the sale of the Debtors' job board business, which provides a talent marketplace connecting employees with job candidates; b) entered into an asset purchase agreement with Valnet Inc. for the sale of Monster Media Properties, which is comprised of www.military.com and www.fastweb.com; and c) entered into an asset purchase agreement with Valsoft Corporation for the sale of Monster Government Services, which provides human capital management software services to state and federal governments. With the support of each of the buyers and to facilitate the sales, the Company initiated a voluntary Chapter 11 process in the U.S. Bankruptcy Court for the District of Delaware. Accordingly, the sales are subject to higher and better offers, as well as court approval. The deadline to submit a qualified bid is on July 15, 2025, at 5:00 p.m. (prevailing Eastern Time). An auction will take place on July 17, 2025, at 10:00 (prevailing Eastern Time). A sale hearing is scheduled on July 24, 2025, at 1:00 p.m. (prevailing Eastern Time) to consider approval of the Debtors' sale. About Zen JV LLC Zen JV, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11195) on June 24, 2025, listing up to $100 million in assets and up to $500,000 in liabilities. Jeff Furman, chief executive officer of Zen JV, signed the petition. Judge Kate Sickles oversees the case. Zachary I. Shapiro, Esq., at Richards, Layton & Finger, P.A., is the Debtor's legal counsel. JMB Capital Partners Lending, LLC, as DIP lender, is represented by Matthew B. Lunn, Esq., and Robert F. Poppiti, Jr., Esq. of Young Conaway Stargatt & Taylor, LLP, and Robert M. Hirsh, Esq., and James A. Copeland, Esq. of Norton Rose Fulbright US LLP. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Zen JV, LLC and its affiliates. [] Honorable Sheryl Giugliano Appointed as EDNY Bankruptcy Judge ---------------------------------------------------------------- St. John's University reports that Chief Judge Debra Ann Livingston of the U.S. Court of Appeals for the Second Circuit has appointed Sheryl Giugliano, a graduate of St. John's University School of Law, as a U.S. Bankruptcy Judge for the Eastern District of New York. Giugliano is expected to begin her judicial duties later this summer. Currently a partner at Ruskin Moscou Faltischek P.C., Giugliano brings extensive experience in bankruptcy, restructuring, and litigation. Her career has included positions at Diamond McCarthy LLP, Silverman Acampora LLP, and Weissman Abruzzo LLP. She has also held several prominent roles within the bankruptcy legal community, including co-chairing the EDNY Bankruptcy Local Rules Committee, serving on the SDNY Bankruptcy Local Rules Committee, chairing the EDNY Chapter 11 Lawyers’ Advisory Committee, and co-chairing the Bankruptcy and Creditors' Rights Committee for the New York State Bar Association’s Federal and Commercial Litigation Section, the report states. Laura Schwartz '90, Director of the Center for Bankruptcy Studies, expressed pride in the appointment: "It's wonderful to see another St. John's Law alum appointed to the federal bankruptcy bench. I've known Sheryl since she was a junior associate volunteering to help students with mock interviews. Her support for St. John's Law has only grown—through mentoring, teaching, and service on our advisory board. She's a dedicated professional who will undoubtedly be an outstanding judge and a continued source of pride for our community." [] Jackson Walker Faces Trial Over Former Judge’s Romance ----------------------------------------------------------- Andrew Scurria of The Wall Street Journal reports that Texas law firm Jackson Walker failed to reach a settlement with the U.S. Department of Justice ahead of a court-imposed deadline in a civil case tied to a former partner's undisclosed romantic relationship with the nation’s top bankruptcy judge. Mediation between Jackson Walker and the DOJ's Office of the U.S. Trustee ended without resolving the dispute over the firm's role in the ethics scandal that led to the 2023 resignation of former bankruptcy judge David R. Jones, court filings revealed Tuesday, July 15, 2025. U.S. District Judge Alia Moses previously said she would schedule a trial if the parties didn't settle through mediation by the deadline. A deal remains possible outside the formal mediation process. A representative for Jackson Walker declined to comment. Government attorneys have accused the firm of hiding its knowledge of the relationship between Jones and Elizabeth Freeman, a former partner in its bankruptcy practice from 2018 to 2022, according to The Wall Street Journal. Jones, who led the Houston bankruptcy court, presided over numerous major Chapter 11 cases in which Freeman appeared, without disclosing their personal connection. He stepped down after confirming the relationship to The Wall Street Journal, and a federal appeals court found probable cause he had engaged in misconduct, according to report. The U.S. Trustee is now seeking to claw back approximately $23 million in fees Jackson Walker earned in bankruptcy cases where Jones was either the presiding judge or the mediator. The firm maintains it acted appropriately upon learning of the relationship, the report states. [] Keen-Summit Puts Brickell House for Sale on August 5 ------------------------------------------------------- Keen-Summit Capital Partners LLC has been retained to market and conduct the bankruptcy sale of a rooftop commercial condominium located on the entire top floor of Brickell House. The offering includes Commercial Units 8, 9, and 11 at 1300 Brickell Bay Drive, Miami, Florida. Interested buyers must submit their offers by July 31, 2025. An auction will take place on Aug. 5, 2025. This sale is being conducted as part of a Chapter 11 bankruptcy process and presents a compelling opportunity for investors seeking a prime foothold in one of the most vibrant submarkets in South Florida. For more information about Keen-Summit Capital Partners, call 646-381-9222 or visit https://tinyurl.com/bdcmyyas. Matthew Bordwin Principal & Co-President Keen-Summit Capital Partners 1 Huntington Quadrangle Suite 2C04 Melville, NY 11747 Tel: (646) 381-9202 Cel: (917) 929-1436 Email: mbordwin@keen-summit.com Gonzalo Rioja Regional Vice President Willshire Advisory Group 10940 Wilshire Blvd. Suite 1700 Los Angeles, CA 90024 Tel: (305) 262-0246 Email: grioja@wilshireag.com [] Merrimack Valley Property Up for Sale on August 5 ---------------------------------------------------- Sullivan & Sullivan Auctioneers LLC will hold an on-site foreclosure auction on Aug. 5, 2025, at 11:00 a.m., at 2087 Main Street, Tewksbury, Massachusetts, for the sale of a 20 +/- acres prime real estate located in Merrimack Valley on Route 38. A $100,000 by bank treasurer's check or money order due at time & place of auction, in order to register to bid. Additional deposit to bring total to 10% of winning bid price due within 5 days of auction and balance will be due in 30 days of auction. Additional terms to be announced at the auction. Akerman LLP, Attorney for Mortgagee. Further information regarding the sale, contact Sullivan & Sullivan at 617-350-7700. ********* 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. 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