250723.mbx

250723.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, July 23, 2025, Vol. 29, No. 203 Headlines 11501 WILLIAM BEANES: Seeks Chapter 11 Bankruptcy in Maryland 3784 LLC: Case Summary & One Unsecured Creditor ALBANY EQUITY: Seeks Chapter 11 Bankruptcy in New York ALBANY INN: Seeks Chapter 11 Bankruptcy in New York AMAZING OUTDOORS: Stephen Metz Named Subchapter V Trustee AMERITEX HOLDCO: S&P Affirms 'B' ICR on Refinancing; Outlook Stable AMNEAL PHARMACEUTICALS: S&P Rates New Senior Secured Debt 'B+' ASHTON WOODS: S&P Rates New $400MM Senior Unsecured Notes 'BB-' AVILLA MOTOR: Unsecureds to Get Share of Income for 3 Years AVON PRODUCTS: Clashes w/ Insurers at Chapter 11 Plan Hearing BARE ARMS: Case Summary & 15 Unsecured Creditors BIG LOTS: Seeks to Extend Plan Exclusivity to October 4 BINYAN KOIDESH: Section 341(a) Meeting of Creditors on August 18 BRANDFOX LLC: Section 341(a) Meeting of Creditors on August 19 CAPITAL PROPERTIES: Walter Dahl Named Subchapter V Trustee CAREERBUILDER + MONSTER: Gets $69MM Offers from Chapter 11 Auction CBRM REALTY: Claims to be Paid from Asset Sale Proceeds CENTER FOR SPECIAL: Stowe Mountain Property Sale to US Nature OK'd CHANNELSIDE BREWING: Gets Final OK to Access Cash Collateral CLEAR CHANNEL: S&P Rates Proposed $2.05BB Senior Secured Notes 'B' CONFLUENCE CORP: Seeks Chapter 11 Bankruptcy in Hawaii CONN'S INC: Court Approves Chapter 11 Plan with Opt-Outs COREWEAVE INC: S&P Rates Proposed Senior Unsecured Notes Rated 'B' CROSSKIX LLC: L. Todd Budgen Named Subchapter V Trustee CROSSKIX LLC: Seeks to Hire Latham Luna Eden as Counsel CSPRF 2 LLC: Case Summary & Two Unsecured Creditors CSPRF 2: Seeks Chapter 11 Bankruptcy in Delaware CYTOPHIL INC: Plan Exclusivity Period Extended to August 5 DESI FLAVORS: Section 341(a) Meeting of Creditors on August 20 DOUBLESHOT HOLDINGS: Seeks Subchapter V Bankruptcy in Florida DUNCAN RENTAL: Kathleen DiSanto Named Subchapter V Trustee ELETSON HOLDINGS: Objects to Reed Smith's Doc Block Motion ESSATIONS INC: Case Summary & 20 Largest Unsecured Creditors ESSATIONS INC: Section 341(a) Meeting of Creditors on August 19 FAIR OFFER: Fayette Property Sale to T. Byrd, J. Harris OK'd FAYETTE GROUP: Claims to be Paid from Disposable Income FLEXJET INC: S&P Affirms 'B+' ICR on Preferred Equity Issuance FRANCO HAULING: Gets OK to Use Cash Collateral Until Aug. 20 FULL STANDARD: Case Summary & One Unsecured Creditor FULL STANDARD: Seeks Chapter 11 Bankruptcy in California GILBERT LEGGETT: George Oliver Named Subchapter V Trustee GLOBAL CONSULTING: Seeks Subchapter V Bankruptcy in Arizona HAWTHORNE HANGAR: To Sell Hawthorne Property for $13.3MM at Auction HIGHER GROUND: Gets Court OK to Tap Full $8MM Chapter 11 Loan HIGHLAND CAPITAL: Bid to Halt Chap. 11 for Charity Probe Denied I A P CONSTRUCTION: Court Extends Cash Collateral Access to Aug. 7 I-LOGIC TECHNOLOGIES: S&P Affirms 'B' ICR, Outlook Stable IG DESIGN: Represented by Latham & Watkins in Chapter 11 INTELLIGENT PACKAGING: S&P Withdraws 'B-' Issuer-Credit Rating INTERCEMENT BRASIL: Debtholders Propose Competing Bankruptcy Plan IQSTEL INC: Boosts Equity Position With $6.9 Million Debt Reduction ISOLVED INC: S&P Rates New Repriced First-Lien Term Loan 'B' KC TRANSPORT: Court OKs Vehicles Sale at Auction KNOWBE4 INC: Fitch Assigns 'B' LongTerm IDR, Outlook Stable KRBJ INVESTMENTS: Seeks Subchapter V Bankruptcy in Texas LIFESCAN GLOBAL: Gets Interim OK to Use Cash Collateral LUMEN TECHNOLOGIES: Fitch Puts CCC+ LongTerm IDR on Watch Positive MCCAMMONS IRISH: Seeks Chapter 11 Bankruptcy in Indiana MERIT STREET: Broadcaster Contests Validity of Venture's Bankruptcy NABORS INDUSTRIES: S&P Alters Outlook to Negative, Affirms 'B-' ICR NATUROMULCH LLC: Unsecureds Will Get 100% of Claims over 120 Months NORTHPOINT DEVELOPMENT: Amends Unsecured Claims Pay Details NUTRACAP HOLDINGS: Claims to be Paid from Asset Sale Proceeds ODM TRUCK: Files Emergency Bid to Use Cash Collateral ODM TRUCK: Seeks to Hire Johnson Pope Bokor as Counsel ORIGINAL MOWBRAY'S: Has Deal to Use Cash Collateral Until Oct. 17 PA MANAGEMENT: Seeks Subchapter V Bankruptcy in Nevada PAULAZ ENTERPRISES: Hires Van Horn Law Group P.A. as Counsel PHYSICAL INVESTMENTS: Case Summary & Five Unsecured Creditors PIZZERIA MANAGEMENT: Claims to be Paid from Disposable Income PLATE RESTAURANT: Section 341(a) Meeting of Creditors on August 25 PRIME CORE: Court Okays Payout Scheme RED RIVER: Bankruptcy Judge Ordered to Justify Fee Request Bypass RENOVARO INC: Converts $9.7M Debt to Strengthen Balance Sheet SAINT PAULS: Seeks Chapter 11 Bankruptcy in New York SAVAGE ENTERPRISES: S&P Rates New $835MM Secured Term Loan B 'BB-' SENOIA DRUG: Case Summary & 20 Largest Unsecured Creditors SEVEN GENERATIONS CHARTER SCHOOL: S&P Affirms 'BB' Rev Bond Rating SISKIYOU PARTNERS: L. Todd Budgen Named Subchapter V Trustee SISKIYOU PARTNERS: Seeks to Hire Latham Luna Eden as Counsel STANDARD BUILDING: Fitch Rates $500MM Unsecured Notes Due 2033 'BB' STONE BRIDGE: Gets Interim OK to Use Cash Collateral SYSOREX GOVERNMENT: Has Court OK to Hire Cullen & Dykman as Counsel TALLMAN PARK: Fitch Assigns 'BB-sf' Rating on Class E-R Notes TEAM HEALTH: S&P Rates New Senior Secured Debt 'B-' TJ TRUCKING: Patricia Fugee Named Subchapter V Trustee TOP MOBILITY: Gets Interim OK to Use Cash Collateral Until Aug. 7 VAUGHN COLLEGE: S&P Places 'B+' Revenue Bonds Rating on Watch Neg. VILLAGES HEALTH: UnitedHealth Flags Possible Conflicts in Ch. 11 VMR CONTRACTORS: Court Extends Cash Collateral Access to Aug. 11 WAG! GROUP: Case Summary & 30 Largest Unsecured Creditors WAG! GROUP: Files Prepackaged Chapter 11 Backed by Retriever LLC WAG! GROUP: Seeks Chapter 11 Bankruptcy in Delaware WHITE VIOLET: David Madoff Named Subchapter V Trustee WOLFSPEED INC: Investors Oppose Liability Shields for Former Execs WOLFSPEED INC: Unsecureds Will Get 100% of Claims in Plan WORK 'N GEAR: Granted One-Month Extension to Use Cash Collateral ********* 11501 WILLIAM BEANES: Seeks Chapter 11 Bankruptcy in Maryland ------------------------------------------------------------- On July 16, 2025, 11501 William Beanes Road LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Maryland. 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 11501 William Beanes Road LLC 11501 William Beanes Road LLC is a real estate holding company that appears to own and manage the property at its namesake address in Upper Marlboro, Maryland. 11501 William Beanes Road LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-16499) on July 16, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Donald L Bell, Esq. at Law Office Of Donald L. Bell LLC. 3784 LLC: Case Summary & One Unsecured Creditor ----------------------------------------------- Debtor: 3784, LLC 1739 NW 80th Ave., Ste. C Pompano Beach, FL 33063 Business Description: 3784, LLC is a real estate investment company that owns and manages properties in Florida. Its holdings include a property at 1550 Nectarine Street in Fernandina Beach, appraised at $6.4 million, and another at 1934 22nd Avenue in Vero Beach, valued at $4.4 million. Chapter 11 Petition Date: July 21, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-18289 Judge: Hon. Scott M. Grossman Debtor's Counsel: Warren Taylor, Esq. LAW OFFICE OF ADAM I. SKOLNIK, PA 1761 West Hillsboro Boulevard, Suite 207 Deerfield Beach, FL 33442 Tel: 561-265-1120 Email: askolnik@skolniklawpa.com Total Assets: $10,818,429 Total Liabilities: $6,585,221 The petition was signed by Warren Taylor as authorized member. The Debtor listed a single unsecured creditor, Amex Correspondence/Bankruptcy, with a claim of $7,400 related to a charge account. The creditor's address is P.O. Box 981540, El Paso, TX 79998. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GQ4KCCQ/3784_LLC__flsbke-25-18289__0001.0.pdf?mcid=tGE4TAMA ALBANY EQUITY: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------------ On July 18, 2025, Albany Equity 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 Albany Equity LLC Albany Equity LLC is a real estate lessor that leases and manages residential properties. Albany Equity LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43432) on July 18, 2025. In its petition, the Debtor reports . Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Gary Kushner, Esq. at GOETZ PLATZER LLP. ALBANY INN: Seeks Chapter 11 Bankruptcy in New York --------------------------------------------------- On July 18, 2025, Albany Inn 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 $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Albany Inn LLC Albany Inn LLC is a real estate lessor that owns and rents residential property in New York. Albany Inn LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43431) on July 18, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Gary Kushner, Esq. at GOETZ PLATZER LLP. AMAZING OUTDOORS: Stephen Metz Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 4 appointed Stephen Metz of Offit Kurman, P.A. as Subchapter V trustee for Amazing Outdoors, LLC. Mr. Metz will be paid an hourly fee of $600 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Metz 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 Metz Offit Kurman, P.A. 7501 Wisconsin Avenue, Suite 1000W Bethesda, Maryland 20814 Phone: (240) 507-1723 Email: smetz@offitkurman.com About Amazing Outdoors Amazing Outdoors, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-11406) on July 11, 2025, listing between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. John P. Forest, II, Esq. represents the Debtor as legal counsel. AMERITEX HOLDCO: S&P Affirms 'B' ICR on Refinancing; Outlook Stable ------------------------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on AmeriTex Holdco Intermediate LLC. The outlook is stable. S&P said, "At the same time, we assigned our 'B' issue-level rating and '3' recovery rating to the proposed $750 million senior secured notes due 2033. The '3' recovery rating reflects our expectation for meaningful (50%-70%; rounded estimate 50%) recovery in the event of a default. "The stable outlook on AmeriTex reflects our forecast for debt to EBITDA of 5x-6x and EBITDA interest coverage of 2x-3x over the next 12 months as the company grows its revenue base with support from infrastructure spending and improved fixed-cost absorptions from increased capacity utilization." AmeriTex Holdco Intermediate LLC is planning to issue $750 million of senior secured notes due 2033. It will use the proceeds to refinance its existing $530 million senior secured notes due 2028 and pay down its outstanding asset-based lending (ABL) borrowings. S&P said, "We forecast S&P Global Ratings-adjusted leverage pro forma for this transaction will be about 6.2x, improving toward 5x over the next 12 months. "Our assessment of AmeriTex's financial risk reflects our expectations for debt leverage of 5x-6x compared to our prior expectations of 4x-5x. Pro forma for the transaction, we expect S&P Global Ratings adjusted leverage to increase to about 6.2x before trending toward the 5x area in 2026. The company is finishing its capital spending program, which focused on adding capacity and automation, which will likely lead to positive free operating cash flow (FOCF) in the next 12 months. We expect the company to benefit from the improved operating cost profile and, at the same time, expect capital spending to moderate to about $30 million in 2026 from about $50 million in 2025. As such, we expect S&P Global Ratings-adjusted leverage of about 5x-6x and EBITDA interest coverage of about 2x-3x over the next 12 months. "The proposed transaction is slightly leveraging but provides liquidity for future growth. AmeriTex plans to issue $750 million in senior secured notes due 2033. The company will use these proceeds to refinance its existing $530 million senior secured notes and repay its outstanding ABL borrowings. Additionally, proceeds will add cash to the balance sheet for general corporate purposes, which may fund potential acquisitions, organic expansion opportunities, and working capital. The additional cash strengthens the balance sheet to support future growth initiatives, both organic and inorganic, as the company continues to expand. "The company's small scale and concentrated geographic footprint are only partially offset by its strong position within its target markets. We believe AmeriTex's small scale ($420 million of revenue in 2024), concentrated geographic footprint (almost entirely in Texas), and product breadth (limited to precast products) indicate some credit risks. Compared with larger, higher-rated peers, smaller and less diverse companies like AmeriTex are more susceptible to volatility during periods of economic stress. We also believe the company faces stiff competition from large diversified national players such as Foley, Quikrete Holdings Inc., and Old Castle, as well as from other concrete substitute water infrastructure providers such as Advanced Drainage Systems Inc. "Nonetheless, we recognize that the company is a leading manufacturer of precast products in Texas, with approximately 60% market share, This potentially underpins its ability to pass through costs and maintain its profitability. Its average S&P Global Ratings-adjusted EBITDA margins of 29% compare favorably with peers and the industry average. "The stable outlook on AmeriTex reflects our forecast for debt to EBITDA of 5x-6x and EBITDA interest coverage of 2x-3x over the next 12 months. We expect these credit measures have support from the company's growing revenue base, aided by infrastructure spending and improved fixed cost absorptions from increased capacity utilization." S&P may lower its ratings over the next 12 months if debt to EBITDA approaches 7x or EBITDA interest coverage falls below 2x. This could occur if: -- Business conditions weaken and S&P Global Ratings-adjusted EBITDA declines more than 40% on a sustained basis. This could occur if a severe downturn drastically reduces demand, causing EBITDA margins to compress more than 5%; or -- The company undertakes an aggressive financial policy--for instance, using debt to fund distributions or acquisitions--resulting in elevated credit ratios. S&P said, "Because the company is going through a period of rapid growth, it is unlikely that we will raise the rating in the next 12 months. However, we could raise the rating if the company executes its growth plan while maintaining credit metrics commensurate with our tolerance for a higher rating." This could occur if: -- The company enhances its scale and competitive position to be more comparable with higher-rated peers; and -- The company's debt to EBITDA sustains well below 5x with commitment to remain at this level through most market conditions. AMNEAL PHARMACEUTICALS: S&P Rates New Senior Secured Debt 'B+' -------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue-level rating to Amneal Pharmaceutical LLC's proposed $1.8 billion senior secured term loan B and $750 million senior secured notes. The recovery rating is '4', reflecting its expectation for average (30%-50%; rounded estimate: 40%) recovery in the event of a default. S&P anticipates the transaction will increase S&P Global Ratings-adjusted gross leverage by about a quarter turn to about 4.2x-4.3x. As part of this transaction, Amneal will benefit from lower cash interest expense and an extended maturity runway. S&P said, "Our existing 'B+' issuer credit rating and stable outlook on Amneal are unaffected by this transaction and continue to reflect the company's deleveraging trajectory and growth prospects. Amneal delivered financial results through the second quarter of 2025 that were in-line with our expectations, with S&P Global Ratings-adjusted gross leverage of about 4.0x as of June 30, 2025. Management has publicly reiterated its intention to prioritize deleveraging through 2025. S&P Global Ratings calculates the company's leverage ratio on a gross basis, and our metric is typically about a quarter turn higher than the company's calculation. We continue to believe S&P Global Ratings-adjusted leverage will remain below 5x and forecast deleveraging to around 4.1x by the end of 2025. We also forecast organic revenue growth between 6%-8% this year, primarily driven by an expanding portfolio in injectables and biosimilars, and new products distributed through AvKARE." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- Amneal's proposed debt structure comprises a $600 million asset-based lending (ABL) credit facility due 2030 (assumed 60% drawn at default), a $1.8 billion senior secured term loan B due 2032, and a $750 million senior secured note due 2032. The term loan and note benefit from the pledge of Amneal's equity interest in AvKARE, of which it owns 65% (although the AvKARE subsidiaries will not be obligors they are a part of the restricted group for Amneal's senior secured debt). -- AvKARE is the obligor of a $125 million senior secured revolving credit facility. -- In S&P's recovery analysis, it contemplates a default in 2029 stemming from quicker-than-expected generic product erosion, increased competition, and major delays in product development. -- S&P expects Amneal to reorganize in a default scenario given its portfolio of abbreviated new drug applications, research and development and manufacturing capabilities, and customer relationships. -- S&P assumes Amneal's consolidated results represent an obligors/nonobligors split of 55%/15%. The remaining 30% of EBITDA in our analysis is attributable to AvKARE's separate credit group. Simulated default assumptions -- Year of default: 2029 -- EBITDA at Emergence: $290 million -- EBITDA multiple: 6x -- Gross enterprise value (EV): $1.74 billion Simplified waterfall -- Net enterprise value (after 5% administrative expenses): $1.65 billion -- Valuation split (obligors/nonobligors/AvKARE): 55%/15%/30% -- Net enterprise value (AvKARE): $496 million -- Estimated claims at AvKARE (including minority interest): $245 million -- AvKARE residual equity value (collateral): $251 million -- Net enterprise value of other nonobligors (excluding AvKare): $248 million ($161 million of collateral/$87 million unpledged) -- Net enterprise value of obligors: $910 million -- Priority claims (ABL): $367 million -- Obligor residual equity value (collateral): $543 million -- Total value available to senior secured creditors (collateral and unpledged value): $954 million. -- Estimated senior secured claims: $2.57 billion. --Recovery expectations: 30%-50% (rounded estimate: 40%) Note: All estimated debt claims include about six months of accrued but unpaid interest outstanding at default. ASHTON WOODS: S&P Rates New $400MM Senior Unsecured Notes 'BB-' --------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '3' recovery rating to Ashton Woods USA LLC's proposed $400 million senior unsecured notes due 2033. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a default. The company intends to use the proceeds from this transaction to refinance its existing senior unsecured notes due January 2028 and will apply any additional net proceeds--after paying transaction-related expenses--to its balance sheet for general corporate purposes. The proposed senior unsecured notes will rank pari passu with Ashton Woods' other debt obligations. AVILLA MOTOR: Unsecureds to Get Share of Income for 3 Years ----------------------------------------------------------- Avilla Motor Works, Inc. filed with the U.S. Bankruptcy Court for the Northern District of Indiana a Plan of Reorganization dated June 27, 2025. The Debtor operates from a leased facility located at 228 E 4th St, Avilla, IN 46710. The real estate from which the Debtor operates is owned by Thacker Real Estate, LLC, an entity owned by Royce and Alicia Thacker who are insiders and owners of the Debtor. The Debtor is engaged in the business of providing towing and recovery services, mechanical and diagnostic services and roadside assistance. In its operations, Debtor provides truck and vehicle towing and transport services, vehicle repair and maintenance services, as well as roadside assistance. Avilla Motor Works has been in business since 1996 (converting to an S-corp in 2000). Financial difficulties began in late 2024. At the time, cash flow was insufficient to meet the weekly repayment requirements associated with their Merchant Cash Advance ("MCA") loans with Funding Metrics, LLC dba Lendini and Pearl Delta Funding, LLC as well as payment to other creditors. The Debtor continued with its primary business as to towing and repairs but was not able to maintain required debt service payments. Debtor sought relief under Subchapter V of Chapter 11 on April 7, 2025. Class 9 consists of Unsecured Claims. The Allowed Claims of this Class shall be paid from the monthly Net Projected Disposable Income of the Debtor following payment therefrom to the above Classes as provided for in the Plan. Said monthly Net Projected Disposable Income payment to the Disbursing Agent as provided under this Plan shall commence within thirty days after Confirmation of the Plan and shall be payable for three years, i.e., thirty-six months. The payments to this Class shall be made to the Disbursing Agent who shall make distribution to the Allowed Claims of this Class on a pro rata basis. The payments from the Net Projected Disposable Income shall be made by the Disbursing Agent as soon as practicable upon the receipt of such funds from the Debtor. The creditor Claims in this Class are treated as unsecured herein and shall neither have nor retain any liens in or against property of the Debtor. Class 10 consists of Equity Interest Holders. This Class shall retain possession of all property of the estate, subject to the provisions of this Plan. The Debtor will remain in possession of its property and will control the operation and disposition thereof unless otherwise provided in this Plan. In advance of Plan Confirmation, the Debtor may commence monthly payments to a confirmation deposit account ("Confirmation Deposit Account") which shall be utilized in funding of Plan payments, such payments are referred to herein as "Pre-Confirmation Payments." The Confirmation Deposit Account may consist, for example, of a separate Debtor-in-Possession account established after the Chapter 11 proceeding was commenced but prior to Confirmation of the Plan. Post-confirmation monthly Projected Disposable Income payments required under this Plan for Classes 1, 4, and 9 shall be made by the Debtor directly to the Disbursing Agent. The term for Debtor's monthly Projected Disposable Income payments to the Disbursing Agent shall consist of three consecutive Plan Years, with the Disbursing Agent making distributions at those intervals as required under the Plan. The first Plan Year shall commence on the first date the Debtor begins payments under the Plan as confirmed. A full-text copy of the Plan of Reorganization dated June 27, 2025 is available at https://urlcurt.com/u?l=BZzAAR from PacerMonitor.com at no charge. The Debtor's Counsel: Scot T. Skekloff, Esq. HALLERCOLVIN PC 444 East Main Street Fort Wayne, IN 46802 Tel: (260) 426-0444 Fax: (260) 422-0274 E-mail: sskekloff@hallercolvin.com About Avilla Motor Works Inc. Avilla Motor Works, Inc., is a full-service automotive company specializing in towing, roadside assistance, and auto repairs. It is known for its emergency services, mechanical diagnostics, and vehicle transport, operating 23 hours a day, seven days a week. Avilla filed Chapter 11 petition (Bankr. N.D. Ind. Case No. 25-10433) on April 7, 2025, listing $636,483 in assets and $2,344,190 in liabilities. Royce E. Thacker II, chief executive officer of Avilla, signed the petition. Judge James R. Ahler oversees the case. Scot T. Skekloff, Esq., at HallerColvin PC, is the Debtor's legal counsel. AVON PRODUCTS: Clashes w/ Insurers at Chapter 11 Plan Hearing ------------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that on Monday, July 21, 2025, Avon presented its Chapter 11 liquidation plan to a Delaware bankruptcy judge, while insurers challenged the proposal, arguing that the plan to resolve talc injury claims through an insurance-funded trust was unfair to them. 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. BARE ARMS: Case Summary & 15 Unsecured Creditors ------------------------------------------------ Debtor: Bare Arms Limited Liability Company d/b/a Bare Arms Trading Co d/b/a Bladez 3502 Winchester Avenue Ashland, KY 41101 Business Description: Bare Arms Limited Liability Company operates indoor shooting ranges and provides firearms training and retail services in Kentucky and West Virginia. The Company offers range rentals, concealed carry certification courses, and branded tactical merchandise through physical stores and pickup locations across multiple states. Chapter 11 Petition Date: July 21, 2025 Court: United States Bankruptcy Court Eastern District of Kentucky Case No.: 25-10174 Judge: Hon. Douglas L Lutz Debtor's Counsel: J. Christian Dennery Esq. DENNERY PLLC 7310 Turfway Rd, Suite 550 Florence, KY 41042 Tel: 859-445-5495 Fax: 859-286-6726 Email: jcdenery@dennerypllc.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by William H. Bare as member and corporate representative of the Debtor. A full-text copy of the petition, which includes a list of the Debtor's 15 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QBQE5HY/Bare_Arms_Limited_Liability_Company__kyebke-25-10174__0001.0.pdf?mcid=tGE4TAMA BIG LOTS: Seeks to Extend Plan Exclusivity to October 4 ------------------------------------------------------- Big Lots, Inc., and certain of its affiliates asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to October 4 and December 6, 2025, respectively. Based on a weighing of the relevant factors, there is more than sufficient cause to approve the requested extension of the Exclusive Periods: * These Chapter 11 Cases Are Large and Complex. These Chapter 11 Cases involve 19 debtor-affiliate entities. At the outset of these Chapter 11 Cases, the Debtors operated approximately 1,300 stores and employed over 27,000 employees. Moreover, the Debtors have a wide variety of parties in interest, including various vendors, customers, and landlords—many of whom have been active in these Chapter 11 Cases. * Additional Time is Necessary. The Debtors seek to protect their exclusive ability to propose a chapter 11 plan to avoid the costs and distraction associated with addressing any plans filed by third parties and to advance the goal of achieving a speedy and fully consensual conclusion to these Chapter 11 Cases. * The Chapter 11 Cases Have Been Pending for Approximately Ten Months. The requested extension of the Exclusive Periods is the third such request made in these Chapter 11 Cases and comes approximately ten months after the Petition Date. During this time, the Debtors have made significant progress towards determining, in conjunction with the Committee, the most value-maximizing path forward in these Chapter 11 Cases, whether that be through a Plan, dismissal, or conversion. An extension of the Exclusive Periods would allow the Debtors to continue to build on the significant progress made thus far and facilitate an efficient wind-down of the Debtors' estates. * An Extension Will Not Prejudice Creditors. The Debtors are not seeking an extension of the Exclusive Periods to pressure or otherwise prejudice any of their creditors. Rather, the Debtors the Debtors assert that avoiding the expense of a party proposing a Plan will inure to the benefit of creditors by saving estate resources. * The Debtors Have Continued to Pay Post-Closing Operating Expenses. In accordance with the GBRP APA and the GBRP Sale Order, the Debtors or GBRP (as applicable) have continued to pay all of their undisputed post-January 3, 2025 administrative expenses in the ordinary course of business or as otherwise provided by an order of the Court. Counsel to the Debtors: Robert J. Dehney, Sr., Esq. Sophie Rogers Churchill, Esq. Andrew R. Remming, Esq. Tamara K. Mann, Esq. Casey B. Sawyer, Esq. MORRIS, NICHOLS, ARSHT & TUNNELL LLP 1201 N. Market Street, 16th Floor Wilmington, DE 19801 Tel: (302) 658-9200 Email: rdehney@morrisnichols.com aremming@morrisnichols.com tmann@morrisnichols.com srchurchill@morrisnichols.com csawyer@morrisnichols.com - and - Brian M. Resnick, Esq. Adam L. Shpeen, Esq. Stephen D. Piraino, Esq. Ethan Stern, Esq. DAVIS POLK & WARDWELL LLP 450 Lexington Avenue New York, NY 10017 Tel: (212) 450-4000 Email: brian.resnick@davispolk.com adam.shpeen@davispolk.com stephen.piraino@davispolk.com ethan.stern@davispolk.com About Big Lots Big Lots (NYSE: BIG) -- http://www.biglots.com/-- is one of the nation's largest closeout retailers focused on extreme value, delivering bargains on everything for the home, including furniture, decor, pantry and more. On Sept. 9, 2024, Big Lots, Inc. and each of its subsidiaries initiated voluntary Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 24-11967). The case is being administered by the Honorable J. Kate Stickles. Davis Polk & Wardwell LLP is serving as legal counsel, Guggenheim Securities, LLC is serving as financial advisor, AlixPartners LLP is serving as restructuring advisor, and A&G Real Estate Partners is serving as real estate advisor to the Company. Kroll is the claims agent. Kirkland & Ellis is serving as legal counsel to Nexus Capital Management LP. PNC Bank, National Association, the DIP ABL Agent and Prepetition ABL Agent, is represented by Choate, Hall & Stewart, LLP; and Blank Rome, LLP. 1903P Loan Agent, LLC, the DIP Term Agent, and the Prepetition Term Loan Agent are represented by Otterbourg, P.C. and Richards, Layton & Finger, P.A. BINYAN KOIDESH: Section 341(a) Meeting of Creditors on August 18 ---------------------------------------------------------------- On July 17, 2025, BINYAN KOIDESH 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 filed by Office of the United States Trustee under Section 341(a) to be held on August 18, 2025 at 02:00 PM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 6982178. About BINYAN KOIDESH LLC BINYAN KOIDESH LLC is a Brooklyn-based single asset real estate company that owns real property in Brooklyn with its principal assets located at 1452 53rd Street and its principal place of business at 5209 13th Avenue. BINYAN KOIDESH LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43407) on July 17, 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 Nancy Hershey Lord handles the case. The Debtor is represented by Joshua R. Bronstein, Esq. at The Law Offices Of Joshua R. Bronstein & Associates, PLLC. BRANDFOX LLC: Section 341(a) Meeting of Creditors on August 19 -------------------------------------------------------------- On July 17, 2025, Brandfox LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Arizona. According to court filing, the Debtor reports $5,075,243 in debt owed to 50 and 99 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 09:45 AM as a Telephonic Hearing. About Brandfox LLC Brandfox LLC provides third-party logistics and warehousing services, including eCommerce and retail fulfillment, subscription box fulfillment, kitting and assembly, reverse logistics, and freight management. The Company serves business-to-business and direct-to-consumer clients. Brandfox LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-06520) on July 17, 2025. In its petition, the Debtor reports total assets of $2,074,579 and total liabilities of $5,075,243. Honorable Bankruptcy Judge Eddward P. Ballinger Jr. handles the case. The Debtor's bankruptcy counsel is THE FOX LAW CORPORATION. The Debtor's local counsel is Joseph G. Urtuzuastegui III, Esq. at THE REAL ESTATE INVESTORS LAW FIRM, LLC. CAPITAL PROPERTIES: Walter Dahl Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 17 appointed Walter Dahl, Esq., a partner at Dahl Law, as Subchapter V trustee for Capital Properties and Home Services, LLC. Mr. Dahl will be compensated at $485 per hour for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. In court filings, Mr. Dahl declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Walter R. Dahl Dahl Law 2304 "N" Street Sacramento, CA 95816-5716 Telephone: (916) 446-8800 Telecopier: (916) 741-3346 Email: wdahl@dahllaw.net About Capital Properties and Home Services Capital Properties and Home Services, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Calif. Case No. 25-23534) on July 10, 2025, with $50,001 to $100,000 in assets and $0 to $50,000 in liabilities. Judge Christopher D. Jaime presides over the case. CAREERBUILDER + MONSTER: Gets $69MM Offers from Chapter 11 Auction ------------------------------------------------------------------ Clara Geoghegan of Law360 Bankruptcy Authority reports that CareerBuilder + Monster, the online job search platform, announced that winning bids from its Chapter 11 auction for three business divisions totaled $68.6 million -- nearly double the $35.5 million in stalking horse bids previously approved in its Delaware bankruptcy case. About CareerBuilder + Monster Venture CareerBuilder + Monster is an online job searching company. CareerBuilder + Monster sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11200) on June 24, 2025. In its petition, the Debtor reports between $50 million and $100 million in assets and owes between $100 million and $500 million. Honorable Bankruptcy Judge J Kate Stickles handles the case. The Debtor is represented by Daniel J. DeFranceschi, Esq. and Zachary I. Shapiro, Esq. at Richards, Layton & Finger, P.A. CBRM REALTY: Claims to be Paid from Asset Sale Proceeds ------------------------------------------------------- CBRM Realty Inc. and its affiliates filed with the U.S. Bankruptcy Court for the District of New Jersey a Disclosure Statement for the Joint Chapter 11 Plan dated June 30, 2025. The Debtors own and operate the Kelly Hamilton Apartments, a multifamily affordable housing complex located in Pittsburgh, Pennsylvania (the "Kelly Hamilton Property"). The property provides rent-restricted housing to low-income residents and is supported in part by government housing programs. Preserving this property is critical not only to maximizing the value of the Debtors' estates, but also to protecting a vital affordable housing resource in the local community. The Debtors along with their affiliates RH Chenault Creek LLC, RH Windrun LLC, RH Copper Creek LLC, RH Lakewind East LLC, RH New Orleans Holdings LLC, and RH New Orleans Holdings MM LLC commenced these chapter 11 cases on May 19, 2025, amid severe operational, financial, and governance challenges stemming from mismanagement of the broader Crown Capital Portfolio (defined below) and the criminal conviction of its ultimate equity owner, Mark "Moshe" Silber. To support this process, the Debtors secured a $9.7 million senior secured, superpriority debtor-in-possession credit facility (the "Kelly Hamilton DIP Facility") from 3650 SS1 Pittsburgh LLC (the "Kelly Hamilton DIP Lender" or the "Kelly Hamilton Purchaser"), a vehicle created by entities within The Lynd Group, a Texas-based real estate management organization ("Lynd Living"), and 3650 REIT, a national institutional real estate investment and lending platform with deep experience in affordable housing. With the Kelly Hamilton DIP Facility in place, operations stabilized, and following over a month of arm's-length negotiations with the Kelly Hamilton Purchaser, the Debtors are proceeding with a chapter 11 plan that contemplates a court-approved sale of the Kelly Hamilton Property as the cornerstone of their restructuring strategy (the "Kelly Hamilton Sale Transaction"). To that end, Debtor Kelly Hamilton will enter into certain Purchase and Sale Agreement, dated July [], 2025, with the Kelly Hamilton Purchaser (the "Kelly Hamilton Purchase Agreement"). In connection with the filing of the Plan and this Disclosure Statement, the Debtors will file a motion seeking entry of an order (a) establishing bidding and auction procedures, (b) scheduling an auction and sale hearing, (c) approving the form and manner of notice related thereto, and (d) authorizing the Debtors' entry into the Kelly Hamilton Purchase Agreement (the "Bidding Procedures Motion"). The auction process contemplated by the Bidding Procedures Motion (the "Sale Process") will permit interested parties to submit competing bids for the Kelly Hamilton Property, thereby preserving flexibility to capture the highest and best value for stakeholders. The Plan contemplates the following stakeholder recoveries: * All Allowed Other Priority Claims will be paid in full in Cash on the Effective Date, or as soon as practicable thereafter; * All Allowed Other Secured Claims will be (a) paid in full in Cash, (b) reinstated, (c) receive the return of applicable collateral securing such Allowed Other Secured Claims, or (d) otherwise receive treatment that renders such Claims Unimpaired under the Bankruptcy Code; * Each Holder of an Allowed Kelly Hamilton Go-Forward Trade Claim will receive a treatment determined by the Kelly Hamilton Purchaser in accordance with the terms of the Kelly Hamilton Purchase Agreement; * Each Holder of an Allowed Other Kelly Hamilton Unsecured Claim will receive its Pro Rata share of the Debtors' Cash on hand as of the Effective Date following the payment of all Allowed General Administrative Claims, Allowed Priority Tax Claims, Allowed Kelly Hamilton DIP Claims, Allowed Other Priority Claims, and Allowed Secured Claims in full; * Each Holder of an Allowed Crown Capital Unsecured Claim will receive its Pro Rata share of the Distributable Value of the Creditor Recovery Trust, established for the benefit of the Holders of Allowed Crown Capital Unsecured Claims and Allowed CBRM Unsecured Claims and funded with a combination of DIP Facility proceeds, contributed claims, and retained causes of action; * Each Holder of an Allowed CBRM Unsecured Claim will receive its Pro Rata share of the Distributable Value of the Creditor Recovery Trust solely to the extent that all Allowed Crown Capital Unsecured Claims have been paid in full; * All Intercompany Claims and Intercompany Interests will be cancelled, released, and extinguished as of the Effective Date without any distribution on account of such Claims or Interests; * All Interests in CBRM Realty Inc. will be cancelled, released, and extinguished as of the Effective Date without any distribution to the Holders thereof; and * All Section 510(b) Claims, if any, will be cancelled, released, and extinguished as of the Effective Date without any distribution on account of such Claims. Class 4 consists of Other Kelly Hamilton Unsecured Claims. On the Effective Date, in full and final satisfaction, compromise, settlement, release, and discharge of and in exchange for such Allowed Other Kelly Hamilton Unsecured Claim, each Holder of an Allowed Other Kelly Hamilton Unsecured Claim shall receive its Pro Rata share of the Debtors' Cash on hand as of the Effective Date following the payment of all Allowed General Administrative Claims, Allowed Priority Tax Claims, Allowed Kelly Hamilton DIP Claims, Allowed Other Priority Claims, and Allowed Secured Claims in full. Class 5 consists of Crown Capital Unsecured Claims. In full and final satisfaction, compromise, settlement, release, and discharge of and in exchange for such Allowed Crown Capital Unsecured Claim, each Holder of an Allowed Crown Capital Unsecured Claim shall receive its Pro Rata share of the Distributable Value of the Creditor Recovery Trust. Class 6 consists of CBRM Unsecured Claims. In full and final satisfaction, compromise, settlement, release, and discharge of and in exchange for such Allowed CBRM Unsecured Claim, solely to the extent that each Allowed Crown Capital Unsecured Claim is paid in full, each Holder of an Allowed CBRM Unsecured Claim shall receive its Pro Rata share of the Distributable Value of the Creditor Recovery Trust. The Debtors intend to fund distributions under the Plan through a combination of (a) proceeds from the Kelly Hamilton Sale Transaction; (b) the Creditor Recovery Trust Assets; and (c) other available assets, as further described in the Plan. A full-text copy of the Disclosure Statement dated June 30, 2025 is available at https://urlcurt.com/u?l=QBWUiK from Verita Global, claims agent. Counsel to the Debtors: Andrew Zatz, Esq. Barrett Lingle, Esq. WHITE & CASE LLP 1221 Avenue of the Americas New York, New York 10020 Tel: (212) 819-8200 Email: azatz@whitecase.com barrett.lingle@whitecase.com - and - Gregory F. Pesce, Esq. Adam Swingle, Esq. WHITE & CASE LLP 111 South Wacker Drive Chicago, Illinois 60606 Tel: (312) 881-5400 E-mail: gregory.pesce@whitecase.com adam.swingle@whitecase.com Co-Counsel to the Debtors: Kenneth A. Rosen, Esq. KEN ROSEN ADVISORS PC 80 Central Park West New York, New York 10023 Tel: (973) 493-4955 E-mail: ken@kenrosenadvisors.com About CBRM Realty CBRM Realty Inc. is a Somerset, New Jersey-based real estate investment firm. CBRM Realty Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-15343) on May 19, 2025. In its petition, the Debtor reports estimated assets and liabilities (on a consolidated basis) between $100 million to $500 million each. Honorable Bankruptcy Judge Michael B. Kaplan handles the case. The Debtors tapped White & Case LLP and Ken Rosen Advisors PC as counsel, Islanddundon LLC as financial advisor, and Kurtzman Carson Consultants, LLC, doing business as Verita Global, as claims, noticing, and solicitation agent. CENTER FOR SPECIAL: Stowe Mountain Property Sale to US Nature OK'd ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, has approved Michael Goldberg, the Chapter 11 Trustee of The Center for Special Needs Trust Administration Inc., to sell underdeveloped real property, free and clear of liens, claims, and encumbrances. The Debtor's Property is 3,364 Acres located in Newry, Oxford County Maine of undeveloped timber land, in which sale includes, by agreement, a 12-acre small parcel of undeveloped land belonging to Stowe Mountain Properties LLC, an entity partially-owned but fully-controlled by Leo Govoni (Stowe Mountain Real Property), and which parcel contains a gravel pit. The Debtor is a 501(c)(3) non-profit Florida corporation that administers pooled trusts and special needs trusts. The Debtor is the trustee or co-trustee of numerous special needs trusts, including both stand-alone trusts and pooled trusts for approximately 2,000 beneficiaries who suffer from various levels of disability. The Debtor's primary service as trustee of the Trusts is to manage the Trusts, maintain records for assets managed by third party investment managers, respond to request for distributions from Beneficiaries, and make distributions in a manner that still ensures that the applicable beneficiary meets the income and asset thresholds to qualify for certain public assistance benefits, such as Medicaid, Social Security, or Supplemental Security Income. The Debtor's services help to ensure that Beneficiaries maintain their qualification for these critical public assistance benefits. The Court has determined that the proposed sale of the Stowe Mountain Real Property between the Trustee, Stowe Mountain Properties LLC, and US Nature Invest, Inc. (Purchaser) for a total purchase price of $850,000 (was the result of arm’s-length, good-faith negotiations. The Court has approved the proposed sale and the Debtor and Purchaser are authorized to immediately close and effectuate the sale of the Stowe Mountain Real Property and all transactions set forth therein. The Trustee has full power and authority to execute any conveyance deeds and bill of sale, together with any other documents as may reasonably be required to implement and consummate the sale of the Stowe Mountain Real Property by the Trustee to the Purchaser and the transactions contemplated pursuant to the sale, including, without limitation, authority to execute and deliver a deed on behalf of Stowe Mountain Properties, LLC to its real estate situated in the Town of Newry, State of Maine. The Trustee will place $25,000 of sale proceeds, less closing costs, in an escrow account for the benefit of Stowe Mountain Properties LLC pending further Order from the Court as to its disposition. About The Center for Special Needs Trust Administration The Center for Special Needs Trust Administration, Inc. filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 24-00676) on Feb. 9, 2024, with $100 million to $500 million in both assets and liabilities. Judge Roberta A. Colton oversees the case. Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Postler, PA is the Debtor's legal counsel. On March 4, 2024, the U.S. Trustee appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Underwood Murray, PA as bankruptcy counsel and Gilbert Garcia Group, PA as special counsel. CHANNELSIDE BREWING: Gets Final OK to Access Cash Collateral ------------------------------------------------------------ Channelside Brewing Company, LLC received final approval from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. At the hearing held on July 15, the court granted the Debtor's motion to use cash collateral on a final basis to fund its business operations and pay for necessary expenses. The Debtor has previously received authorization through five interim court orders to use the cash collateral of Valley National Bank, a secured creditor. The interim orders provided Valley National Bank with adequate protection in the form of monthly payments to the bank, insurance coverage, and a replacement lien on the cash collateral, with the same validity and priority as its pre-bankruptcy lien. About Channelside Brewing Company Channelside Brewing Company, LLC is a brewery that specializes in crafting a variety of beers. Channelside Brewing Company filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00445) on January 25, 2025, listing between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Amy Denton Mayer of Stichter Riedel Blain & Postler, P.A. serves as Subchapter V trustee. Judge Catherine Peek Mcewen handles the case. Andrew Wit, Esq., at Jennis Morse is the Debtor's legal counsel. Valley National Bank, as secured creditor, is represented by: Andrew W. Lennox, Esq. Casey Reeder Lennox, Esq. Lennox Law, P.A. P.O. Box 20505 Tampa, FL 33622 Tel: 813-831-3800 Fax: 813-749-9456 alennox@lennoxlaw.com clennox@lennoxlaw.com CLEAR CHANNEL: S&P Rates Proposed $2.05BB Senior Secured Notes 'B' ------------------------------------------------------------------ S&P Global Ratings assigned its 'B' issue-level rating and '1' recovery rating to Clear Channel Outdoor Holdings Inc.'s (CCOH) proposed $2.05 billion senior secured notes with maturities in 2031 and 2033. The '1' recovery rating indicates its expectation of very high (90%-100%; rounded estimate: 95%) recovery for lenders in the event of a payment default. The company plans to use the proceeds to repay its $1.25 billion senior secured notes due 2027 and $750 million senior secured notes due 2028 as well as transaction related fees. S&P's 'CCC+' issuer credit rating and stable outlook on Clear Channel are unchanged because the proposed transaction will not affect net leverage. Issue Ratings--Recovery Analysis Key analytical factors -- CCOH is the borrower of a $200 million ABL facility due 2026 (not rated), $100 million cash flow revolver due 2026, $2 billion senior secured first-lien term loan due 2028 ($425 million outstanding), $865 million senior secured notes due 2030, $2.05 billion senior secured notes due 2031 and 2033, $1.0 billion senior unsecured notes due 2028 ($899 million outstanding), and $1.05 billion senior unsecured notes due 2029 ($906 million outstanding). -- All debt is guaranteed by CCOH's existing and future material wholly owned U.S. subsidiaries. -- The senior secured debt is secured by a lien on substantially all of the company's assets and those of its guarantors. -- The ABL facility has a first-priority lien on its accounts receivable, inventory, equipment, and related assets. Simulated default assumptions -- S&P's simulated default contemplates economic pressure in one or more of CCOH's primary geographic areas that significantly reduces its advertising revenue and leads to cash flow deficits and a default in 2027. -- Other default assumptions include a 60% draw on the ABL, 85% draw on the cash flow revolving credit facility, and six months of accrued prepetition interest. -- S&P valued CCOH on a going-concern basis using a 7.5x multiple of our projected emergence EBITDA, which is in line with the multiples it uses for the other outdoor advertising companies we rate. Simplified waterfall -- Emergence EBITDA: About $535 million -- EBITDA multiple: 7.5x -- Gross enterprise value: About $4.0 billion -- Net enterprise value (after 5% administrative costs): About $3.8 billion -- Value available to senior secured debt claims (after first-priority claims): About $3.75 billion -- Estimated senior secured debt claims: About $3.5 billion --Recovery expectations: 90%-100% (rounded estimate: 95%) -- Total value available to senior unsecured debt claims: About $250 million -- Estimated senior unsecured debt claims: About $2.1 billion --Recovery expectations: 10%-30% (rounded estimate: 10%) CONFLUENCE CORP: Seeks Chapter 11 Bankruptcy in Hawaii ------------------------------------------------------ On July 17, 2025, Confluence Corporation filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Hawaii. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 200 and 999 creditors. The petition states funds will be available to unsecured creditors. About Confluence Corporation Confluence Corporation, operating as Regal Service Company, a provider of commercial and industrial machinery repair and maintenance services based in Kapolei, Hawaii. Confluence Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Haw.Case No. 25-00623) on July 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Robert J. Faris handles the case. The Debtor is represented by Chuck C. Choi, Esq. at CHOI & ITO. CONN'S INC: Court Approves Chapter 11 Plan with Opt-Outs -------------------------------------------------------- Emlyn Cameron of Law360 Bankruptcy Authority reports that on Monday, July 21, 2025, a Texas bankruptcy judge confirmed Conn's department store's Chapter 11 plan, overruling objections from the U.S. Trustee's Office concerning allegedly improper release and exculpation clauses. About Conn's, Inc. Conn's, Inc., is a retailer of home goods and furniture in The Woodlands, Texas. Conn's and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-33357) on July 23, 2024. In its petition, Conn's reported $1 billion to $10 billion in both assets and liabilities. Judge Jeffrey P. Norman oversees the cases. The Debtors tapped Duston K. McFaul, Esq., at Sidley Austin, LLP as legal counsel; Houlihan Lokey, Inc. as investment banker; and BRG Capital Advisors, LLC, as interim management services provider. Epiq Corporate Restructuring, LLC, is the Debtors' notice and claims agent. COREWEAVE INC: S&P Rates Proposed Senior Unsecured Notes Rated 'B' ------------------------------------------------------------------ S&P Global Ratings assigned its 'B' issue-level rating and '5' recovery rating to New Jersey-based provider of generative AI infrastructure, software, and cloud services company CoreWeave Inc.'s proposed $1.5 billion of senior unsecured notes. The '5' recovery rating reflects its view that lenders will have modest (10%-30%; rounded estimate: 25%) recovery in the event of default. The notes are substantially similar to the $2 billion senior unsecured notes due 2030, which were issued on May 27, 2025, and S&P expects the company will use the net proceeds from the offering for general corporate purposes, such as supporting the contracted revenue pipeline, repaying outstanding debt, and covering fees, costs, and expenses related to this offering. Although this issuance increases pro forma funded debt to about $12.7 billion as of March 31, 2025, (inclusive of obligations associated with Core Scientific), this level of debt remains below our initial expectations when we assigned our ratings in May 2025. Therefore, S&P's 'B+' issuer credit rating and stable outlook on the company are unchanged The recently announced all-stock acquisition of Core Scientific will enable CoreWeave to acquire data center assets previously linked to roughly $10 billion in lease obligations, which will be extinguished upon completion of the transaction (likely year-end 2025). At that time, S&P's could reevaluate its recovery analysis and EBITDA multiple to reflect improved asset ownership. However, the capital structure continues to evolve quickly. Issue Ratings--Recovery Analysis Simulated default assumptions -- Simulated year of default: 2029 -- Implied enterprise value multiple: 5.0x -- EBITDA at emergence: Around $1.0 billion Simplified waterfall -- Gross enterprise value: Around $5 billion -- Administrative expenses: 5% of gross enterprise value -- Valuation Distribution: Senior secured revolving credit facility lenders: 35%; OEM financing lenders: 50%; Unpledged: 15% -- Senior secured revolving credit facility plus prepetition interest outstanding at default: $1.02 billion -- Original equipment manufacturer (OEM) equipment financing plus prepetition interest outstanding at default: $2.09 billion -- Unsecured notes plus prepetition interest and OEM deficiency claim outstanding at default: Around $5 billion (including $2.0 billion of the senior unsecured notes due 2030 and prepetition interest, the proposed $1.5 billion of senior secured notes due 2031, and prepetition interest) as well as the Core Scientific Notes -- Net enterprise value available to 2030 and 2031 senior noteholders: Around $1.0 billion -- Recovery range: 10%-30% (rounded estimate: 25%) CROSSKIX LLC: L. Todd Budgen Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 21 appointed L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., as Subchapter V trustee for Crosskix LLC. Mr. Budgen will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Budgen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: L. Todd Budgen, Esq. P.O. Box 520546 Longwood, FL 32752 Tel: (407) 232-9118 Email: Todd@C11Trustee.com About Crosskix LLC Crosskix LLC, an Ocoee, Florida-based company, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04309) on July 11, 2025. In its petition, the Debtor reported estimated assets and liabilities between $100,000 and $500,000. Judge Lori V. Vaughan handles the case. The Debtor is represented by Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP. CROSSKIX LLC: Seeks to Hire Latham Luna Eden as Counsel ------------------------------------------------------- Crosskix LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Latham, Luna, Eden & Beaudine, LLP as bankruptcy counsel. The firm will render these services: (a) advise the Debtor of its rights and duties in this case; (b) prepare pleadings related to this case; and (c) take any and all other necessary action incident to the proper preservation and administration of this estate. The firm will be paid at these rates: Attorneys $550 per hour Paralegals $125 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Prior to the commencement of the bankruptcy case, the Debtor paid an advance fee of $26,738 for services and expenses to be incurred in connection with creditor negotiations, litigation, preparation of the bankruptcy filing prior to the Chapter 11 Bankruptcy filing. Latham Luna received $5,205.50 on a current basis, for services rendered and costs incurred prior to commencement of this case, including the preparation of the petition for reorganization under Chapter 11 of the Code and all related initial pleadings filed in this case, and prepetition expenses in this case, including the filing fee for the voluntary petition. Mr. Velasquez disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Daniel A. Velasquez, Esq. Latham, Luna, Eden & Beaudine, LLP 201 S. Orange Ave., Suite 1400 Orlando, FL 32801 Telephone: (407) 481-5800 Facsimile: (407) 481-5801 Email: dvelasquez@lathamluna.com About Crosskix LLC Crosskix LLC is an Ocoee, Florida-based company. Crosskix LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04309) on July 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Lori V. Vaughan handles the case. The Debtors are represented by Daniel A. Velasquez, Esq. at Latham, Luna, Eden & Beaudine, LLP. CSPRF 2 LLC: Case Summary & Two Unsecured Creditors --------------------------------------------------- Debtor: CSPRF 2 LLC 1207 Delaware Ave, Suite 2902 Wilmington, DE 19806 Business Description: CSPRF 2 LLC is a single-asset real estate company, as defined in 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: July 17, 2025 Court: United States Bankruptcy Court District of Delaware Case No.: 25-11348 Judge: Hon. Judge Craig T. Goldblatt Debtor's General Bankruptcy Counsel: Charles J. Brown, III, Esq. GELLERT SEITZ BUSENKELL & BROWN, LLC 1201 N. Orange Street, Suite 300 Wilmington, DE 19801 Tel: 302-425-5813 Fax: 302-425-5814 E-mail: cbrown@gsbblaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by David Blatt as manager. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6OUM5CA/CSPRF_2_LLC__debke-25-11348__0001.0.pdf?mcid=tGE4TAMA CSPRF 2: Seeks Chapter 11 Bankruptcy in Delaware ------------------------------------------------ On July 18, 2025, CSPRF 2 LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware. 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. About CSPRF 2 LLC CSPRF 2 LLC operates as a limited liability company focused on real estate investment through a single property asset. CSPRF 2 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11348) on July 18, 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 Craig T. Goldblatt handles the case. The Debtor is represented by Charles J. Brown, III, Esq. at Gellert Seitz Busenkell & Brown, LLC. CYTOPHIL INC: Plan Exclusivity Period Extended to August 5 ---------------------------------------------------------- Judge G. Michael Halfenger of the U.S. Bankruptcy Court for the Eastern District of Wisconsin extended Cytophil Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to August 5 and October 5, 2025, respectively. As shared by Troubled Company Reporter, since the Petition date, the Debtor has continued operating its manufacturing business. As of the end of March, Debtor had 15 employees in the operation of its business. Further, the Debtor manages their businesses and affairs pursuant to Sections 1107 and 1108 of the Bankruptcy Code. The Debtor explains that it is not a large company, but it faces in reorganizing, claims that arose from protracted and contentious litigation. That increases the difficulty or complexity of the reorganization. Before the chapter 11 case was filed, the Debtor faced an enforcement action on the judgment obtained by HPA. There is also a level of distrust between the parties which adds to the difficulty. The Debtor claims that it has made progress towards confirmation, operating successfully in reorganization and reaching agreement on cash collateral. Communications are open with a key party in the case, HPA (Factors 3 and 4). The extension will improve the ability of the Debtor to provide adequate information (Factor 2). Additional time to negotiate with creditors will be beneficial to the entire estate. This is the first request for an extension of the exclusivity periods (Factor 6). As evidence in the operating reports, the Debtor has been showing a profit while in bankruptcy demonstrating that it is more likely than not they will be able to confirm a plan within a reasonable amount of time. Cytophil Inc. is represented by: Evan P. Schmit, Esq. Kerkman & Dunn 839 N. Jefferson St., Ste. 400 Milwaukee, WI 53202-3744 Tel: (414) 277-8200 Email: eschmit@kerkmandunn.com About Cytophil Inc. Cytophil Inc., doing business as RegenScientific, operates in the field of manufacturing medical devices. Cytophil sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wisc. Case No. 25-20576) on Feb. 4, 2025. In its petition, the Debtor reported total assets of $1,131,109 and total liabilities of $3,520,398 as of September 30, 2024. Judge G. Michael Halfenger handles the case. The Debtor is represented by Evan P. Schmit, Esq. at Kerkman & Dunn. DESI FLAVORS: Section 341(a) Meeting of Creditors on August 20 -------------------------------------------------------------- On July 17, 2025, Desi Flavors Deli Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York. According to court filing, the Debtor reports between $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 20, 2025 at 02:00 PM at Office of UST (TELECONFERENCE ONLY). About Desi Flavors Deli Inc. Desi Flavors Deli Inc. is a delicatessen specializing in South Asian cuisine. Desi Flavors Deli Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11582) on July 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. Honorable Bankruptcy Judge David S. Jones handles the case. The Debtor is represented by Lila Ayers, Esq. DOUBLESHOT HOLDINGS: Seeks Subchapter V Bankruptcy in Florida ------------------------------------------------------------- On July 18, 2025, Doubleshot Holdings LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Doubleshot Holdings LLC Doubleshot Holdings LLC is a Florida-based consumer goods rental business operating in the Sarasota area. The company specializes in rental and leasing of personal and household goods (NAICS code 5322). Doubleshot Holdings LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04915) on July 18, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. Honorable Bankruptcy Judge Roberta A. Colton handles the case. The Debtor is represented by Samantha L. Dammer, Esq. at Bleakley Bavol Denman & Grace. DUNCAN RENTAL: Kathleen DiSanto Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 21 appointed Kathleen DiSanto, Esq., at Bush Ross, P.A., as Subchapter V trustee for Duncan Rental Company, LLC. Ms. DiSanto will be paid an hourly fee of $350 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. DiSanto declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kathleen L. DiSanto, Esq. Bush Ross, P.A. P.O. Box 3913 Tampa, FL 33601-3913 Phone: (813) 224-9255 Fax: (813) 223-9620 Email: disanto.trustee@bushross.com About Duncan Rental Company LLC Duncan Rental Company, LLC is a Florida-based equipment rental company specializing in construction and heavy equipment. Duncan Rental Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04733) on July 11, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. Judge Roberta A. Colton handles the case. The Debtor is represented by Buddy D. Ford, Esq. at Ford ,& Semach, P.A. ELETSON HOLDINGS: Objects to Reed Smith's Doc Block Motion ---------------------------------------------------------- Emily Sawicki of Law360 Bankruptcy Authority reports that Reed Smith LLP cannot prevent the new owners of the reorganized Greece-based shipping company Eletson from accessing files already in the firm's possession, the company told the Second Circuit. Eletson argued that Reed Smith's emergency motion was strategically timed to preempt expected rulings from the district court, the report states. The Troubled Company Reporter, citing Law360 Bankruptcy Authority, previously reported that Reed Smith has urged the Second Circuit to intervene once more to prevent the new owners of the reorganized Greece-based shipping company Eletson from accessing communications between the firm and the company's former owners, arguing that some files were improperly obtained despite an existing stay. Law360 Bankruptcy Authority reported that on Wednesday, June 26, 2025, the Second Circuit granted Reed Smith LLP's emergency request to pause a Manhattan federal judge's order requiring the firm to turn over client files, as a legal dispute continues over the rightful ownership of international shipping company Eletson, which is embroiled in a conflict with rival Levona. Reed Smith, according to Law360, asked the Second Circuit to halt a bankruptcy case and a related district court action as it seeks to continue representing the prebankruptcy owners of Eletson Holdings. The firm claims the reorganized Eletson -- now allegedly controlled by a former adversary -- is engaged in a "calculated effort" to take control of the company's privileged client information. About Eletson Holdings Eletson Holdings Inc. is a family-owned international shipping company, which touts itself as having a global presence with headquarters in Piraeus, Greece as well as offices in Stamford, Connecticut, and London. At one time, Eletson claimed to own and operate one of the world's largest fleets of medium and long-range product tankers and boasted a fleet consisting of 17 double hull tankers with a combined capacity of 1,366,497 dwt, 5 LPG/NH3 carriers with a combined capacity of 174,730 cbm and 9 LEG carriers with capacity of 108,000 cbm. Eletson Holdings, a Liberian company, is Eletson's ultimate parent company and is the direct parent and owner of 100% of the equity interests in the two other debtors, Eletson Finance (US) LLC, and Agathonissos Finance LLC. Eletson and its two affiliates were subject to involuntary Chapter 7 bankruptcy petitions (Bankr. S.D.N.Y. Case No. 23-10322) filed on March 7, 2023 by creditors Pach Shemen LLC, VR Global Partners,L.P. and Alpine Partners (BVI), L.P. The petitioning creditors are represented by Kyle J. Ortiz, Esq., at Togut, Segal & Segal, LLP. On Sept. 25, 2023, the Chapter 7 cases were converted to Chapter 11 cases. The Honorable John P. Mastando, III is the case judge. Lawyers at Reed Smith represent the Debtors as bankruptcy counsel. Riveron RTS served as the Debtors' Domestic Financial Advisor; Harold Furchtgott-Roth as Economic Expert; and Kurtzman Carson as Voting Agent. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors. The committee tapped Dechert, LLP as its legal counsel and FTI Consulting as the Committee's financial advisors. ESSATIONS INC: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Essations, Inc. 3215 Butler Ave. Chicago Heights, IL 60411 Business Description: Essations Inc. manufactures and distributes haircare and personal grooming products, including relaxers, shampoos, conditioners, and styling treatments. The Company operates from its facility in South Chicago Heights, Illinois, and markets its products to salons and retailers in the United States and internationally. Chapter 11 Petition Date: July 18, 2025 Court: United States Bankruptcy Court Northern Illinois Case No.: 25-10931 Judge: Hon. Donald R. Cassling Debtor's Counsel: David Freydin, Esq. LAW OFFICES OF DAVID FREYDIN 8707 Skokie Blvd Suite 305 Skokie, IL 60077 Tel: 888-536-6607 Fax: 866-575-3765 E-mail: david.freydin@freydinlaw.com Total Assets: $115,706 Total Liabilities: $1,411,759 Stephanie Luster signed the petition as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WVYRCKA/Essations_Inc__ilnbke-25-10931__0001.0.pdf?mcid=tGE4TAMA ESSATIONS INC: Section 341(a) Meeting of Creditors on August 19 --------------------------------------------------------------- On July 18, 2025, Essations Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on August 19, 2025 at 01:30 PM at Appear by Teams. About Essations Inc. Essations Inc. is a corporation based in Chicago Heights, Illinois. Essations Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill.Case No. 25-10931) on July 18, 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 Donald R. Cassling handles the case. The Debtor is represented by David Freydin, Esq. at Law Offices Of David Freydin Ltd. FAIR OFFER: Fayette Property Sale to T. Byrd, J. Harris OK'd ------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Tennessee has permitted Fair Offer Cash Now Inc. to sell Property, free and clear of liens, claims, and encumbrances. The Debtor's real property includes the real property at 816 19th Street NW, Fayette, AL 35555, and the Debtor has a fee simple 100% ownership interest in the Property. The Debtor signed a Purchase Agreement with buyers, Taylor G. Byrd, and Jeremy Harris, to purchase the property in the amount of $240,000.00. The Court has authorized the Debtor to sell and transfer the Property to the Purchaser, free and clear of all liens, and encumbrances. The net proceeds from the sale of the Property shall be deposited into a trust account maintained by the Debtor's counsel, Jay Lefkovitz, pending further order of this Court. All liens that attached to the Property shall attach to the proceeds from this sale of the Property in the same priority and extent that those liens attached to the Property prior to its sale. The Debtor and the Creditor reserve all rights as to any arguments concerning the validity, priority, and extent of the Creditor's lien rights. The Sale of the Property to Purchaser for the purchase price of $240,000.00 under the Agreement shall constitute a transfer for reasonably equivalent value and fair consideration under the Bankruptcy Code and all applicable law. About Fair Offer Cash Now Inc. Fair Offer Cash Now owns 27 properties all located in Alabama, Kentucky, Missouri, Tennessee, Georgia and Mississippi having a total current value of $4.94 million. Fair Offer Cash Now, Inc. in Murfreesboro, TN, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. M.D. Tenn. Case No. 24-03495) on Sept. 11, 2024, listing $4,942,400 in assets and $4,783,400 in liabilities. Bradley Smotherman as president, signed the petition. Judge Charles M Walker oversees the case. LEFKOVITZ & LEFKOVITZ serves as the Debtor's legal counsel. FAYETTE GROUP: Claims to be Paid from Disposable Income ------------------------------------------------------- Fayette Group LLC filed with the U.S. Bankruptcy Court for the District of Maryland a Subchapter V Plan of Reorganization dated June 30, 2025. The Debtor is a Maryland limited liability company, ultimately controlled and managed by Aaron Eyob, who has a 60% membership interest. The Debtor's sole asset consists of the Flora Building. The Flora Building is a 2,514 square foot residential house located on an 8,093 square foot lot in Silver Spring, Maryland, and valued at $600,000.00. It was acquired by the Debtor in February 2021 for $473,000.00. Since it was acquired, the Debtor has spent significant time and expense to renovate it. Those renovations are now complete and the Flora Building is ready to lease. The Debtor's projections show that the Debtor will have projected disposable income of approximately $100 per month. Class 3 consists of all General Unsecured Claims, including the entire claim of FSB and the bifurcated unsecured claim of US Bank. Provided that an Allowed Class 3 Claim has not been paid prior to the Effective Date, or pursuant to a cure payment to be paid to an executory contract, and except to the extent that a holder of a Class 3 Claim agrees to a different and lesser treatment, each holder of an Allowed Class 3 Claim shall receive from the Debtor, in full and complete settlement, satisfaction and discharge of its Allowed Class 3 Claim, a pro rata portion of $300.00 per quarter for three years following the Effective Date beginning on December 31, 2026 and continuing on the last day of each quarter thereafter for the next ten quarters, with one payment of $200.00 due on August 31, 2028. Class 3 is impaired under this Plan and, therefore, Holders of Class 3 Claims are entitled to vote to accept or reject this Plan. Class 3 claims will be discharged upon confirmation if this Plan is confirmed pursuant to Section 1191(a) of the Bankruptcy Code and upon completion of the Plan if this Plan is confirmed pursuant to Section 1191(b) of the Bankruptcy Code. Class 4 consists of the equity interests in the Debtor. The holders of the equity interest in the Debtor shall retain their equity interests in the Debtor. Holders of equity interests in the Debtor are unimpaired and not entitled to vote on the Plan. All property of the Estate shall revest in the Debtor on the Effective Date, free and clear of all other liens, claims, interests and encumbrances, except for the liens specifically preserved or created by this Plan. A full-text copy of the Subchapter V Plan dated June 30, 2025 is available at https://urlcurt.com/u?l=riiB57 from PacerMonitor.com at no charge. Attorneys for the Debtor: Justin Fasano, Esq. MCNAMEE, HOSEA, P.A. 6404 Ivy Lane, Suite 820 Greenbelt, Maryland 20770 Telephone: (301) 441-2420 Facsimile: (301) 982-9450 Email: jfasano@mhlawyers.com About Fayette Group LLC Fayette Group LLC is a Maryland limited liability company, ultimately controlled and managed by Aaron Eyob, who has a 60% membership interest. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 25-12786) on April 1, 2025, listing $500,001 to $1 million in both assets and liabilities. Justin Philip Fasano, Esq. at Mcnamee Hosea, P.A. represents the Debtor as counsel. FLEXJET INC: S&P Affirms 'B+' ICR on Preferred Equity Issuance -------------------------------------------------------------- S&P Global Ratings affirmed its 'B+' issuer credit rating on Flexjet Inc. S&P said, "At the same time, we raised our issue-level rating on Flexjet's senior unsecured notes to 'B+' from 'B' and revised recovery rating to '4' from '5'. The upgrade reflects our view of a higher distressed enterprise value based on the expanding fleet, which contributes to a greater collateral value base available to the unsecured notes. "The outlook remains stable, reflecting our expectation of steady performance over the next 12 months based on the long-term nature of the fractional ownership contracts with high visibility and recurring revenues." Flexjet Inc., global provider of private aviation services, has issued $800 million of new series E nonconvertible preferred equity to be held by three new strategic investors. The proceeds will fund aircraft purchases, private terminal investments, $200 million of dividends, and $300 million of debt repayment. S&P said, "The affirmation reflects our view that the transaction will support growth, with credit metrics remaining commensurate with our rating. We include the new series E preferred equity in our adjusted debt calculation. The preferred instrument are held by noncontrolling shareholders and are senior to the series D preferred equity but junior to Flexjet's debt. It contains features including payment-in-kind (PIK) interest, seven-year maturity, and redemption rights that cause us to view them as debtlike obligations in accordance with our hybrid capital criteria. In our view, the steep interest rate and rapid accretion give the issuer incentive to redeem or refinance the issue, which would lower cash availability despite the company's intention to utilize the PIK feature post close. As such, we believe the company may choose to redeem the instrument before all debt has been repaid. "This contrasts with the series D preferred equity held by Directional Aviation and Eldridge Industries, which we view as strategic owners based on their long-term commitment to Flexjet. We maintain our equity treatment of the series D preferred equity, given its deep subordination, maturity after all outstanding debt obligations, and lack of events of default or ability to accelerate repayment. We now project S&P Global Ratings-adjusted funds from operations (FFO) to debt of about 15% for 2025 (previously 19%) with leverage of about 4.8x (previously 3.7x). The updated assumptions also include higher revenue growth of 18%, offset by slightly lower margins of about 13%. "We project steady credit metrics over the next few years, driven by resilient demand and stickiness of the fractional model. We expect additional revenue and EBITDA contribution from Flexjet's planned fleet investments. Flexjet reported an 11% revenue increase in 2024, in line with expectations, driven by a 12% increase in committed revenues (hourly flight and monthly management fees and fractional aircraft lease fees) that we view as recurring and representing about 80% of total revenues. Demand for private aviation remains steady, particularly within the fractional ownership market in which Flexjet is a market leader. Hours under management (HUM) increased 13%, and the company added 37 aircraft under the fractional ownership segment in 2024, an increase from 29 additional fractional owned aircraft in 2023. "On the other hand, S&P Global Ratings-adjusted EBITDA margins were 14% for the full year (compared to 15% in our previous forecast and 17% in 2023) primarily due to an increase in pilot salary and legal expenses (related to its ongoing lawsuit with Honeywell). S&P Global Ratings-adjusted FFO to debt was 22% in 2024, bolstered by about $530 million in year-end cash, which reflected proceeds from the December 2024 unsecured notes issuance related to a dividend payment completed in early 2025. Assuming the dividend payment was completed in 2024, we estimate FFO to debt of about 18%, in line with our previous expectations. "We project revenue growth of about 18% in 2025, driven by steady increases in recurring fees and an expanding revenue base from the fractional ownership program, amortized into revenue over five year contract terms. Revenues for the first quarter (ended March 31, 2025) increased 15% with HUM growth of 13%. We expect S&P Global Ratings-adjusted EBITDA margins to remain in the 13%-14% area and FFO to debt of about 15% for 2025." Flexjet plans to use part of the proceeds from the series E preferred equity issuance to support continued expansion of its fractional and core fleets. The company maintains its strategy of concentrating its fleet in midsize, super-midsize, and long-range aircraft, which offer greater versatility and higher margins than light jets. Flexjet will also use proceeds to fund investments in new private terminals. While they are not revenue generative, S&P views the investment as reinforcing the brand as a premium service tailored to high-net-worth individuals. S&P said, "We continue to expect cash flow volatility due to timing of fractional own contracts and magnitude of payments, but believe Flexjet will maintain sufficient liquidity with ample availability under its revolver and warehouse facility. We project a reported free cash flow deficit of about $330 million in 2025, compared to positive generation of about $50 million in 2024. We consider capital expenditure (capex) on a net basis, which includes cash outflow for aircraft purchased from OEMs for the fractionally owned contracts that are quickly sold to customers, reflected by an offset through working capital inflow. We project capex to increase nearly $300 million in 2025, reflecting aircraft purchases, terminal investment, aircraft refurbishment, and build-up of spare parts inventory. "We note that the nature of the fractional ownership model can lead to timing-related mismatches in cash flow, resulting in volatility particularly during periods of growth (i.e. aircraft purchases). Nevertheless, we project Flexjet will have about $95 million cash at the end of 2025, with additional availability from its $250 million revolver (currently undrawn) and $600 million warehouse facility ($439 million drawn as of March 31, of which $300 million will be paid down with the current transaction proceeds). While not incorporated in our base case due to uncertainty around timing, should Flexjet receive a favorable verdict in its litigation with Honeywell, this would likely lead to material cash proceeds sometime over the next 2-3 years, which Flexjet could use to further deleverage the balance sheet, including redemption of the new series E preferred equity. "Going forward, we expect the company to utilize the PIK feature on both the series D and series E preferred equity instead of paying $90 million of annual cash interest payments ($22 million from series D, $68 million from series E). However, our inclusion of series E in our debt adjustment and its PIK component adds an incremental $100 million of debt every year, which precludes meaningful deleveraging over the next few years. As such, we expect metrics to remain in line with our Aggressive financial risk profile assessment over our forecast period. "Our stable outlook on Flexjet indicates our expectation of steady performance over the next 12 months based on relatively long-term fractional ownership contracts with committed revenues. We expect an FFO-to-debt ratio in the mid- to high-teens percentage area through our forecast period, driven by consistent revenue growth as the company expands its fleet and maintains stable margins. "We could lower our ratings on Flexjet within the next 12 months because of weaker-than-expected operating performance that deteriorates its metrics such that we expect it will sustain FFO to debt below 12%." This could occur if: -- A significant economic downturn erodes market demand; -- It loses significant market share through competitive pressures; or -- Financial policy is more aggressive than we expect, including heavy discretionary or significant debt-financed transactions. S&P could raise its rating on Flexjet if it expands scale substantially while maintaining consistent margin improvement, such that S&P expects: -- FFO to debt to approach 20%; -- Consistent positive free cash flow generation; while -- Management maintains a conservative financial policy. FRANCO HAULING: Gets OK to Use Cash Collateral Until Aug. 20 ------------------------------------------------------------ Franco Hauling, LLC received a one-month extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The fifth order extended the Debtor's authority to use cash collateral from July 20 to August 20 to pay expenses in accordance with its budget and the terms of the initial order dated March 12. The budget projects total monthly operational expenses of $40,497.74. The next hearing is scheduled for August 20. The Debtor's cash collateral consists of certain cash and cash equivalents that allegedly serve as collateral for claims asserted against the Debtor and its property by Schaumburg Bank & Trust N.A. Schaumburg has a secured claim for a promissory note in the approximate amount of $109,088. The loan is secured by all assets of the Debtor. About Franco Hauling LLC Franco Hauling, LLC is a truck hauling Company that haul materials and debris from work sites to designates locations. Franco is a veteran owned female controlled company. Franco was formerly a Union Contractor, but the contract was terminated by the Suburban Teamsters. Franco is currently operating a non-union company. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-03520) on March 7, 2025. In the petition signed by July Franco, manager, the Debtor disclosed up to $100,000 in assets and up to $1million in liabilities. Judge Janet S. Baer oversees the case. O. Allan Fridman, Esq., at Law Office of Allan Fridman, represents the Debtor as legal counsel. FULL STANDARD: Case Summary & One Unsecured Creditor ---------------------------------------------------- Debtor: Full Standard Properties, LLC 188 W. Saint James St., Suite 22201 San Jose, CA 95110 Business Description: The Debtor owns a 1.625-acre mixed-use redevelopment site at 60 & 70 S. Almaden Ave. in San Jose, California, comprising four contiguous parcels. The site is approved for a 708-unit residential condominium and a 10-unit ground-floor retail condominium project totaling approximately 13,974 square feet of retail space, with two high-rise towers and below- grade parking. Chapter 11 Petition Date: July 18, 2025 Court: United States Bankruptcy Court Northern District of California Case No.: 25-51089 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 E-mail: FarsadLaw1@gmail.com Total Assets: $30,002,773 Total Liabilities: $22,520,208 The petition was signed by William Cheuk as authorized representative of the Debtor. The Debtor listed the City of San Jose as its sole unsecured creditor with a $14,735 claim tied to administrative fines and blight-related penalties. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BCIZ57Q/Full_Standard_Properties_LLC__canbke-25-51089__0001.0.pdf?mcid=tGE4TAMA FULL STANDARD: Seeks Chapter 11 Bankruptcy in California -------------------------------------------------------- On July 18, 2025, Full Standard Properties LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of California. 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. About Full Standard Properties LLC Full Standard Properties LLC is a real estate company based in San Jose, California that owns and manages commercial properties in the area, with its principal assets located at 60 & 70 S. Almaden Ave. Full Standard Properties LLC relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-51089) on July 18, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtor is represented by Arasto Farsad, Esq. at Farsad Law Office, P.C. GILBERT LEGGETT: George Oliver Named Subchapter V Trustee --------------------------------------------------------- The U.S. Bankruptcy Administrator for the Eastern District of North Carolina appointed George Mason Oliver as Subchapter V trustee for Gilbert Leggett Farms Inc. Mr. Oliver will be compensated at $375 per hour for his services as Subchapter V trustee. Mr. Oliver disclosed in a court filing that he does not have an interest materially adverse to the interest of the Debtor's estate, creditors or equity security holders. The Subchapter V trustee can be reached at: George Mason Oliver, Esq. The Law Offices of George Oliver, PLLC 405 Middle Street P.O. Box 1548 New Bern, NC 28563 Phone: (252) 633-1930 Fax: (252) 633-1950 george@georgeoliverlaw.com About Gilbert Leggett Farms Inc. Gilbert Leggett Farms Inc. grows and sells sweet potato seed plants, including the Covington variety, and is also involved in cultivating crops such as peanuts, sweet corn, and cotton. Gilbert Leggett Farms Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02668) on July 14, 2025. In its petition, the Debtor reports total assets of $2,329,639 and total liabilities of $2,340,328. Honorable Bankruptcy Judge Pamela W. Mcafee handles the case. The Debtors are represented by David J. Haidt, Esq. at AYERS & HAIDT, PA. GLOBAL CONSULTING: Seeks Subchapter V Bankruptcy in Arizona ----------------------------------------------------------- On July 17, 2025, Global Consulting and Investment Network LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Arizona. 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 Global Consulting and Investment Network LLC Global Consulting and Investment Network LLC is a single asset real estate business based in Phoenix, Arizona. Global Consulting and Investment Network LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-06519) on July 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Brenda Moody Whiner handles the case. HAWTHORNE HANGAR: To Sell Hawthorne Property for $13.3MM at Auction ------------------------------------------------------------------- Peter J. Mastan, the duly-appointed Chapter 7 Trustee of the debtor Hawthorne Hangar Operations, L.P., seeks permission from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, of the bidding procedure on the sale of Property, free and clear of liens, claims, and encumbrances. The Debtor owns an aircraft hangar, office and industrial facility at Hawthorne Municipal Airport located at 3507 Jack Northrop Avenue, Hawthorne, CA 90250. The Debtor is a "fixed based operator" or "FBO" that provided hangar space, fuel for small plan aircraft, and office and industrial space for tenants. The facility has approximately 34,404 sq. ft. of improved space and is situated in a parcel, of which the Debtor owns approximately 2.5 acres and has an easement on another 1.25 acres. The lienholders of the property are County of Los Angeles, Grand Pacific, and Mary E. Gram Attorney, Inc., a California professional corporation. The Trustee seeks approval of the Schedules the auction and the sale hearing to consider approving the Sale, under the terms of that Purchase Agreement between the Trustee, as seller, and 3507 JNA LLC, a Delaware limited liability company, as buyer (Stalking Horse Bidder), or to the highest or otherwise best bidder at the Auction on August 30, 2023; and a break-up fee of $200,000.00 (Break-Up Fee) to 3507 JNA as the Stalking Horse Bidder. The purchase price of the property is $13,350,000.00 and a total deposit of $500,000.00. The Trustee proposes the following timeline for the Sale: -- Hearing on Sale and Bid Procedures Motion: July 28, 2023 at 10:00 a.m. -- Serve Notice of Hearing Sale and Bid Procedures Motion: Not less than seven (7) days prior to the hearing -- Objection to the Sale and Bid Procedures Motion: At least one (1) day prior to the hearing -- Service of the Sale and Bid Notice: Within three (3) business days of the entry of the Sale and Bid Procedures Order -- Service of the Assumption Notice (defined below): Within three (3) business days of the entry of the Sale and Bid Procedures Order -- Deadline for Counterparties to Object to the list of Assumed Contracts and Cure Amount (defined below): Seven (7) days after service of the Assumption Notice -- Deadline for Replies to Objection to the list of Assume Contracts and Cure Amounts: August 19, 2023 -- Holding Date for hearing objections to Cure Amounts: August 22, 2023 at 10:00 a.m. -- Service of the Sale Motion: No later than August 9, 2023 -- Deadline to Oppose the Sale Motion: August 16, 2023 -- Reply to Opposition to Sale Motion: August 23, 2023 -- Bid Deadline: August 28, 2023 -- Auction and Sale Hearing: August 30, 2023 at 10:00 a.m. The Trustee believes that in light of the compromise reached with the Debtor's largest secured creditor, Grand Pacific Financing Corporation ("Grand Pacific"), the discounts that the Estate is set to obtain from such settlement, and the efforts that have been taken to facilitate the Sale of the Property, it is critical to close the Sale as expeditiously as possible which includes having the Sale and Bid Procedures in place as soon as possible in order to maximize value for creditors. The Bid Deadline is on August 28, 2023 at 5:00 p.m. PST. Initial Overbid: At least $13,650,000.00 which is comprised of which includes the Purchase Price, the amount of the Break-Up Fee, and the overbid amount of at least $100,000.00. In the event of competitive bidding and the Trustee receives one or more Qualified Bids, the Sale and Bid Procedures call for an Auction to be conducted at the Bankruptcy Court at, or contemporaneously with, the Sale Hearing. Sale and Bid Procedures, Art. VI. The Trustee requests that the Court hold the Auction and the Sale Hearing no later than August 30, 2023. The Trustee will continue to market the Property to Potential Bidders through at least the date of the Bid Deadline in order to maximize the proceeds received by the Estate. The Sale and Bid Procedures are designed to establish "ground rules" for the Auction, including rules governing the qualifications to become a Qualified Bidder and submit a Qualified Bid; the deadline for the submission of bids. The Trustee believes that the Sale and Bid Procedures described above establish appropriate parameters under the circumstances of the Case. About Hawthorne Hangar Operations, L.P. Hawthorne Hangar Operations, LP -- https://www.hawthornehangarops.com -- is the owner of a large airplane hangar facility at Hawthorne Airport located at 3507 Jack Northrop Ave., Hawthorne, Calif. It provides hangar space, fuel, maintenance and repairs for small plane aircraft. Its principal owner is Dan Wolfe, either directly with his wife or through the Wolfe Family Trust of 1992. Hawthorne Hangar Operations sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-11789) on March 26, 2023. In the petition signed by Dan Wolfe, general partner, the Debtor disclosed $10 million to $50 million in both assets and liabilities. Judge Barry Russell oversees the case. Gonzalez & Gonzalez Law, PC serves as the Debtor's bankruptcy counsel. HIGHER GROUND: Gets Court OK to Tap Full $8MM Chapter 11 Loan ------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that on Monday, July 21, 2025, a Texas bankruptcy judge granted final approval of debtor-in-possession financing to the former operator of the world's largest Montessori school network. The company is now seeking confirmation of a Chapter 11 plan supported by a restructuring agreement with a prepetition investor sponsoring the reorganization, according to Law360 Bankruptcy Authority. About Higher Ground Education, Inc. Higher Ground Education Inc. and its subsidiaries operate Montessori schools and provide related training and consulting services worldwide. Founded in 2016, the Group grew to manage more than 150 schools by 2024, with locations across the U.S. and international expansion into Hong Kong and mainland China. It also offers virtual and home-based education, teacher training, and licensing of its content to independent partners. Higher Ground Education Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80121) on June 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Michelle V. Larson handles the case. The Debtors are represented byHolland N. O'Neil, Esq. and Timothy C. Mohan, Esq. at Foley & Lardner LLP and Nora J. McGuffey, Esq., and Quynh-Nhu Truong, Esq., at Foley & Lardner LLP. Sierraconstellation Partners, LLC is the Debtors' Financial Advisor. Verita Global, LLC fka Kurtzman Carson Consultants, LLC is the Debtors' Notice, Claims, Solicitation & Balloting Agent. HIGHLAND CAPITAL: Bid to Halt Chap. 11 for Charity Probe Denied --------------------------------------------------------------- Alicia McElhaney of The Wall Street Journal reports that Texas Attorney General Ken Paxton sought to pause proceedings in Highland Capital Management's Chapter 11 case to investigate individuals and entities linked to the bankruptcy, according to court records. His focus includes Charitable DAF Holdings Corp., a U.S. affiliate of a Cayman Islands-based nonprofit entity established in 2011 by Highland founder James Dondero to support various charities, documents reviewed by The Wall Street Journal show. But on Monday, July 21, 2025, U.S. Bankruptcy Judge Stacey Jernigan in Dallas denied Paxton's request, ruling that the alleged misconduct involving Charitable DAF CEO Mark Patrick wasn't closely tied enough to Highland's bankruptcy estate or its settlement agreement to justify halting the case. Charitable DAF Holdco, the Cayman-based affiliate, is now in liquidation. Its court-appointed administrators recently accused Patrick of improperly transferring $270 million away from nonprofit beneficiaries, including the Dallas Foundation, the Santa Barbara Foundation, the Community Foundation of North Texas, and the Greater Kansas City Foundation. Patrick has denied wrongdoing in court filings, arguing the restructuring was intended to prevent Dondero from using the nonprofit's funds to support litigation or settle obligations linked to other legal matters involving Highland. He also contends Dondero has no claim to the nonprofit's funds and that the restructured entity continues to pursue a charitable mission, according to The Wall Street Journal. Paxton recently demanded documents from Patrick related to Charitable DAF's valuations, finances, and communications with Highland-linked entities, according to a letter reviewed by The Journal. The attorney general's office declined to comment. The dispute over Charitable DAF's restructuring spans multiple legal venues, including Highland's bankruptcy case. Dondero, ousted from Highland after the firm filed for bankruptcy in 2019, continues to challenge the reorganization overseen by new directors and court-appointed administrators. According to Cayman liquidators, Patrick last 2024 issued new shares to seize control of Charitable DAF Holdco and transferred $270 million into a newly formed entity. Patrick has claimed in Texas court filings that Dondero is attempting to regain control of the nonprofit for personal gain. He says the nonprofit's governance documents gave him authority to issue shares and transfer assets. Dondero, meanwhile, has asked the bankruptcy court to block Patrick from moving assets to entities under his control. Nonprofit beneficiaries have separately urged the Texas Business Court to freeze Charitable DAF's assets and appoint a receiver, accusing Patrick of self-dealing, fraud, and fiduciary breaches. Patrick has moved to dismiss those claims, the report states. About Highland Capital Management Highland Capital Management, LP was founded by James Dondero and Mark Okada in Dallas in 1993. Highland Capital is the world's largest non-bank buyer of leveraged loans in 2007. It also manages collateralized loan obligations. In March 2007, it raised $1 billion to buy distressed loans. Collateralized loan obligations are created by bundling together loans and repackaging them into new securities. Highland Capital Management sought Chapter 11 protection (Bank. D. Del. Case No. 19-12239) on Oct. 16, 2019. On Dec. 4, 2019, the case was transferred to the U.S. Bankruptcy Court for the Northern District of Texas and was assigned a new case number (Bank. N.D. Tex. Case No. 19-34054). Judge Stacey G. Jernigan is the case judge. At the time of the filing, Highland had between $100 million and $500 million in both assets and liabilities. The Debtor tapped Pachulski Stang Ziehl & Jones LLP as bankruptcy counsel, Foley & Lardner LLP as special Texas counsel, and Teneo Capital, LLC as litigation advisor. Kurtzman Carson Consultants, LLC, is the claims and noticing agent. The U.S. Trustee for Region 6 appointed a committee of unsecured creditors on Oct. 29, 2019. The committee tapped Sidley Austin LLP and Young Conaway Stargatt & Taylor LLP as bankruptcy counsel, and FTI Consulting, Inc. as financial advisor. I A P CONSTRUCTION: Court Extends Cash Collateral Access to Aug. 7 ------------------------------------------------------------------ I A P Construction, Inc. received fifth interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division to use cash collateral until August 7. The Debtor requires access to cash collateral to pay the expenses set forth in its budget (with 10% variance permitted), which shows total operational expenses of $47,806.71 for July. American Community Bank & Trust may have an interest in the Debtor's assets, including cash collateral. As protection for the use of its cash collateral, the bank was granted replacement liens on all post-petition property of the Debtor, including cash collateral, to the same extent, validity and priority as its pre-bankruptcy liens. The Debtor's right to use cash collateral will terminate upon entry of a court order directing the cessation of the use of cash collateral; dismissal of the Debtor's Chapter 11 case; or conversion of the case to one under Chapter 7. The next hearing is scheduled for August 6. About I A P Construction I A P Construction, Inc. filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-02709) on February 24, 2025, listing up to $1 million in both assets and liabilities. Ian Proce, president of I AP, signed the petition. Judge Deborah L. Thorne oversees the case. The Debtor is represented by: David R. Herzog, Esq. Law Offices Of David R Herzog Tel: 312-977-1600 Email: drh@dherzoglaw.com I-LOGIC TECHNOLOGIES: S&P Affirms 'B' ICR, Outlook Stable --------------------------------------------------------- S&P Global Ratings affirmed all its ratings on U.K.-based capital-markets data and software solutions provider I-Logic Technologies Bidco Ltd. (Ion Analytics), including its 'B' issuer credit rating (ICR) and 'B' issue-level rating on its first-lien debt, despite the increase in its leverage. The stable outlook reflects S&P's expectation that ION Analytics will reduce its leverage below 8x by 2026 and benefit from potential support from the Ion Group entities. Ion Analytics leverage increased above 9x in the first quarter of 2025 due to its recent revolver borrowings and incremental term loan. S&P Global Ratings views the company's recent incremental $80 million and EUR60 million term loans as mostly leverage neutral because it will use the proceeds to fund deferred considerations that we consider debt. In addition, S&P continues to expect Ion Analytics will deleverage below 8x by the end of 2026 supported by an expansion in its earnings. S&P said, "Ion Analytics has merged with Ion Corporates Solutions Finance Ltd. (Ion Corporates) and Ion Trading Technologies Ltd. (Ion Markets) to form ION Platform Investment Group Ltd. (Ion Platform), though we maintain our surveillance on the stand-alone entity. Our 'B' ICR on the stand-alone entity reflects its smaller scale and higher leverage relative to Ion Platform. The rating is supported by the credit profile of the company's overall group (including Ion Investment Corp.'s subsidiaries), which we view more favorably following the consolidation. We expect the merger will unlock cost synergies, by eliminating duplicative costs across the combined entity, and allow for enhanced cross-selling opportunities across the three businesses. We rate Ion Platform 'B+', which reflects our expectation it will improve its profit margins and reduce its consolidated S&P Global Ratings-adjusted leverage toward 7x in 2026. We believe the company's good profitability and high recurring revenue base will support steady earnings and free operating cash flow (FOCF) generation. "We continue to expect Ion Analytics will improve its leverage over the course of this year despite the temporary increase in its leverage in the first half. The company repriced and modestly upsized its euro-denominated term loan during the first quarter of the year, adding about EUR36 million of debt while lowering its interest margin by 50 basis points (bps). In addition, Ion Analytics' euro-denominated term loan has expanded in dollar-terms on its balance sheet due to the weakening of the dollar relative to the euro this year, contributing to the increase in its S&P Global Ratings-adjusted leverage. Meanwhile, the revolver borrowings the company used to fund distributions for reinvestment at the ION group level added another $80 million of debt to its balance sheet during the first quarter of 2025. We view Ion Analytics' most recent incremental term loans, totaling an equivalent of about $145 million, as mostly leverage neutral because it will use the proceeds primarily to pay down its deferred considerations, which we view as debt. "The modest increase in the company's S&P Global Ratings-adjusted EBITDA in the first quarter was insufficient to offset the expansion in its debt balances over the same period, causing its leverage to rise above 9.0x from 8.6x as of the end of 2024. While the continued weakening of the dollar following the first quarter could further pressure Ion Analytics' credit measures, we anticipate it will deleverage by increasing its earnings--supported by the realization of cost synergies and benefits from the initiatives at newly formed Ion Platform. We currently forecast the company will deleverage to about 8.5x by the end of fiscal year 2025 despite persistent foreign-exchange headwinds. Meanwhile, we expect Ion Analytics will continue to improve its cash flow generation, leading to FOCF to debt in the 4%-5% range. "We think the company will accelerate its earnings growth over the remainder of the year following its modest performance in the first quarter of 2025. Ion Analytics increased its reported revenue by about 1% in the first quarter on an expansion in its recurring revenue. The company's annual contract value (ACV) remained flat compared with the prior year because its new business wins and price increases were offset by typical levels of client attrition. We think Ion Analytics will improve its sales performance toward its historical levels over the rest of the year, supporting modest increases in its ACV and revenue. We currently forecast the company will expand its revenue by about 2% in 2025. Meanwhile, we expect Ion Analytics will improve its S&P Global Ratings-adjusted EBITDA margins by more than 450 bps this year as the one-time costs related to its business-enhancement initiatives roll off. "The stable outlook reflects our expectation that ION Analytics' revenue growth, realization of cost synergies, and the roll-off of non-recurring expenses will cause its leverage to decline below 8x and its FOCF to debt to rise to the 4%-5% range, while Ion Platform reduces its leverage to about 7x, by 2026." S&P could lower its rating on Ion Analytics if: -- S&P lowers its group credit profile on Ion Investment Corp. to 'b' from 'b+' because its S&P Global Ratings-adjusted debt to EBITDA remains well above 7.0x (excluding payment-in-kind [PIK] debt) and its FOCF to debt remains well below 5% on a sustained basis; and -- S&P expects Ion Analytics will maintain leverage of above 8x or FOCF to debt in the low-single-digit percent area. S&P could raise its ratings on Ion Analytics if: -- It reduces its leverage below 5x on a sustained basis while generating FOCF to debt of greater than 10%; or -- The credit quality of its parent group strengthens further, including consolidated group leverage declining below 5x (excluding PIK debt). IG DESIGN: Represented by Latham & Watkins in Chapter 11 -------------------------------------------------------- IG Design Group Americas, Inc., and its domestic subsidiaries, a design, manufacturing, sourcing, and distribution company of branded and private label consumer products, has announced that it has voluntarily filed for Chapter 11 relief in the United States Bankruptcy Court for the Southern District of Texas to facilitate a court-supervised marketing and sale process pursuant to section 363 of the Bankruptcy Code. The company intends to pursue a value maximization strategy by engaging with buyers interested in purchasing certain of its business segments as a going concern, while concurrently winding down its domestically manufactured woven ribbon products business and supporting assets. Latham & Watkins LLP represents IG Design Group in the process with a restructuring & special situations team led by New York partner Ray Schrock, Chicago/New York partner Caroline Reckler, and New York counsel Adam Ravin, with associates Randall Weber-Levine, Jackie Kleban, Esteban Woo Kee, and Meghana Vunnamadala. Advice was provided on mergers & acquisition matters by partner Daniel Mun and counsel Ben Kaplan, with associate Daniel Maggen; on finance matters by Los Angeles/New York partner Nathan Whitaker and Los Angeles partner Mark Morris, with associates Julia Steinberg, Amrita Mukherjee, and Daniella Moretti; on tax matters by Chicago partner Joseph Kronsnoble; on labor, benefits, and employee matters by Chicago partners Nineveh Alkhas and Benjamin Rosemergy; and on intellectual property matters by New York partners Jeffrey Tochner, with associate Sebastian Moss. About IG Design Group Americas Inc. IG Design Group Americas Inc. is a manufacturer of gift packaging, stationery, craft products, and seasonal decorations headquartered in Berwick, Pennsylvania. IG Design Group Americas, Inc. and its domestic affiliates including Lion Ribbon Texas Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code on July 3, 2025. The cases are jointly administered under lead case In re Lion Ribbon Texas Corp. (Bankr. S.D. Tex. Case No. 25-90164). In its petition, IG Design Group listed $100 million and $500 million in assets and liabilities. Latham & Watkins LLP is serving as legal counsel, Huron Consulting Group LLC is serving as financial advisor and investment banker, and C Street Advisory Group is serving as strategic communications advisor to DGA. Kroll is the claims agent. INTELLIGENT PACKAGING: S&P Withdraws 'B-' Issuer-Credit Rating -------------------------------------------------------------- S&P Global Ratings withdrew all its ratings on Intelligent Packaging Sub L.P., including the 'B-' issuer-credit rating. This follows the successful close of the company's merger with Schoeller Allibert and the subsequent repayment of its senior secured notes on July 1, 2025. The newly formed entity is currently rated under Toucan TopCo Limited. Following the close of the merger, all of the company's outstanding debt has been repaid. INTERCEMENT BRASIL: Debtholders Propose Competing Bankruptcy Plan ----------------------------------------------------------------- Augusto Decker of Bloomberg Law reports that the debtholders of InterCement bonds and local notes are preparing an alternative bankruptcy protection plan to counter the proposal expected from the company, according to O Estado de S. Paulo, citing a source close to the group. A creditor assembly is scheduled for July 24 to vote on InterCement's debt restructuring proposal. The bondholder group intends to present its own plan if it deems the company's offer unreasonable, the report says. Itau has reportedly sold its InterCement debt holdings to bondholders, according to Valor Econômico. About Intercement Brasil Intercement Brasil is a producer of cement and concrete based in Brazil. Overall, the Company has 34 production units, with an active capacity of more than 33 million tons of cement per year, employing more than 6,000 professionals. Intercement Brasil and affiliates sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 24-11226) on July 15, 2024. The firm's foreign representative is Antonio Reinaldo Rabelo Filho. The Foreign Representative's counsel is John K. Cunningham, Esq. at WHITE & CASE LLP. IQSTEL INC: Boosts Equity Position With $6.9 Million Debt Reduction ------------------------------------------------------------------- iQSTEL Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it executed two separate Debt Exchange Agreements (collectively, the "Exchange Agreements") with M2B Funding Corp. and ADI Funding LLC. Pursuant to the Exchange Agreements, the Company exchanged an aggregate of $3,546,136 in outstanding debt of the Creditors, consisting of principal and accrued but unpaid interest on certain promissory notes, for a total of 37,110 shares of the Company's newly amended Series D Preferred Stock. According to a company-issued press release dated July 9, 2025, the total debt reduction resulting from the transaction amounted to $6.9 million, including additional conversions into common shares. iQSTEL emphasized that this reduction strengthens its balance sheet and aligns with its long-term financial goals. The Exchange Agreements were entered into to reduce the Company's debt obligations and to strengthen its balance sheet. The number of shares of Series D Preferred issued to each Creditor was determined by dividing the respective debt amount by the lowest End-of-Day Volume-Weighted Average Price (EOD VWAP) of the Company's common stock for the 10 trading days prior to July 3, 2025, less a 20% discount, divided by 12.5. In the same press release, iQSTEL noted that the transaction is expected to improve capital structure and result in approximately $0.92 million in interest savings, enhancing cash flow and operational flexibility. The Company has agreed to file a resale registration statement for the common stock underlying the Series D Preferred Stock within 45 days of July 3, 2025, on a best-efforts basis, pursuant to registration rights agreements with the Creditors. Terms of the Series D Preferred Stock: On July 7, 2025, the Company filed a First Amended and Restated Certificate of Designation for the Series D Preferred Stock with the Secretary of State of Nevada to amend and restate the terms of its Series D Preferred Stock, originally established on November 3, 2023, increasing the authorized shares from 75,000 to 100,000 and revising the terms as described below. The amended terms govern the 37,110 shares issued to the Creditors and include the following key provisions: * Dividend Rights: 12% cumulative dividend, payable as, when, and if declared by the Board of Directors, calculated on a 360-day year, accruing from the date of issuance and ceasing the day prior to conversion, with pro rata dividends for partial-year holdings. * Conversion Rights: Following three months from the issuance date, the Series D Preferred Stock is convertible into common stock at a rate of 12.5 shares of common stock per share, subject to adjustment for stock splits, dividends, or reorganizations, removing the prior requirement for conversion only upon a note default. * Redemption Provisions: Optional redemption by the Company at 105% of the price paid by the holder, upon not more than three trading days' notice. * Liquidation Preference: Senior to common stock, Series A Preferred Stock, and Series C Preferred Stock, and on parity with Series B Preferred Stock, in any liquidation, dissolution, or winding up of the Company. * Voting Rights: No voting rights, except as required by law or for amendments to the Certificate of Designation or Articles of Incorporation that would alter the Series D Preferred Stock's rights. * Leak-Out Restriction: After three months, conversions to common stock and sales are limited to 10% of the average daily trading volume of the Company's common stock per holder. The Company's CEO, Leandro Iglesias, said in the press release: "Our company is $6.9 million stronger than it was last week -- that's a significant step," said Leandro Iglesias, CEO of IQSTEL. "We are fully committed to reaching our $1 billion revenue target by 2027, and actions like this reinforce our foundation and demonstrate our determination to build long-term shareholder value. A simple and clear way to see the impact of this move is that we've reduced our debt by approximately $2 per share. That's a direct and tangible creation of value for our shareholders." On July 8, 2025, the Company issued 37,110 shares of Series D Preferred Stock, which include certain financial obligations. The Series D Preferred Stock carries a 12% cumulative dividend, payable as, when, and if declared by the Board of Directors, calculated on a 360-day year consisting of twelve 30-day months. The dividends accrue from the date of issuance and cease accruing the day prior to any conversion into common stock. Additionally, the Series D Preferred Stock is subject to optional redemption by the Company at 105% of the price paid by the holders, upon not more than three trading days' prior written notice. In connection with the Exchange Agreements, on July 7, 2025, the Company filed with the Secretary of State of the State of Nevada the Certificate of Designation. About iQSTEL iQSTEL Inc. is a multinational technology company that provides services across telecom, fintech, blockchain, artificial intelligence, and cybersecurity. The Company operates in 21 countries and serves a global customer base. It projects $340 million in revenue for fiscal year 2025. In an auditor's report dated March 31, 2025, Urish Popeck & Co., LLC, issued a "going concern" qualification, citing that the Company has suffered recurring losses from operations, negative working capital, and does not have an established source of revenues sufficient to cover its operating costs, which raise substantial doubt about its ability to continue as a going concern. iQSTEL ended the year on Dec. 31, 2024 with a net loss of $5,180,036, significantly widening from the $219,436 loss reported for the year ended Dec. 31, 2023. The net results of the periods reported are highly impacted by the expenses in the holding entity (IQSTEL), which has a high component of interest and other financial expenses related to the funds borrowed for the acquisition of QXTEL Limited. ISOLVED INC: S&P Rates New Repriced First-Lien Term Loan 'B' ------------------------------------------------------------ S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to iSolved Inc.'s proposed first-lien term loan, which it is issuing to reprice its existing term loan. The new term loan's size and maturity are the same as the existing facility. Therefore, we view the repricing transaction as leverage neutral and anticipate it will moderately reduce the company's interest expense, notwithstanding its history of debt-funded tuck-in acquisitions. S&P's 'B' issuer credit rating and stable outlook on iSolved are unchanged. S&P said, "We continue to expect the company will organically grow its revenue by the mid-single digit percent area in 2025, supported by its product innovation and secular demand tailwinds in the human capital management (HCM) software market around digital transformation. This growth assumption also reflects the uncertain macroeconomic environment and iSolved's focus on the small- and medium-size business segment. After incorporating a full year of contributions from the tuck-in acquisitions it completed in 2024 and contributions from potential further acquisitions in 2025, we expect the company will expand its revenue by 12%-13% this year. "We now expect iSolved will slightly improve its S&P Global Ratings-adjusted EBITDA margins to about 25.0% in 2025 from about 23.3% in 2024. This reflects our expectation the company's operating leverage gains will be partly offset by some margin dilution from its tuck-in acquisitions. Therefore, we expect iSolved's leverage will decrease to about 8.0x this year, from about 9.3x in 2024, despite the accruing payment-in-kind dividends on its preferred equity, which we treat as debt in our adjusted figures." ISSUE RATINGS – RECOVERY ANALYSIS Key analytical factors -- S&P's '3' recovery rating on iSolved's new repriced first-lien term loan B due Oct. 2030 and its existing $90 million revolving credit facility expiring Oct. 2028 indicates its expectation of meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default. -- S&P's simulated default scenario assumes a default in 2028 due to an increasingly competitive landscape in the HCM software market and a slowing economy resulting in declining revenues, profitability, and cash flow generation. -- S&P's recovery valuation contemplates that iSolved would reorganize and remain a going concern because of its diverse customer relationships and end-to-end HCM and payroll product platform. Simulated default assumptions -- Year of default: 2028 -- Emergence EBITDA after recovery adjustments: About $69 million EBITDA multiple: 6x Simplified waterfall -- Net enterprise value (after 5% administrative costs): $394.5 million -- Valuation split (obligors/nonobligors): 100%/0% -- Collateral value available to secured claims: $394.5 million -- First-lien debt claims*: About $759 million --Recovery expectations§: 50%-70% (rounded estimate: 50%) *All debt amounts include six months of prepetition interest. Revolving credit facility assumed drawn 85% at default. §Rounded down to the nearest 5%. KC TRANSPORT: Court OKs Vehicles Sale at Auction ------------------------------------------------ The U.S. Bankruptcy Court for the District of Montana has approved KC Transport LLC, to sell trucks and other vehicles free and clear of liens, claims, and encumbrances. KC Transport was originally engaged in hauling oil field equipment and transporting crude oil in the Williston Basin. Due to the significant reduction in oil field activities in the mid-2010’s, KC Transport reoriented its business to primarily work at Nevada Gold Mines in Elko, Nevada, hauling cement and other material for mining purposes. KC Transport lost the primary contract it held at Nevada Gold Mines and now has a fleet of trucks and trailers useful for heavy hauling in a mine or oil field environment. KC Transport is also seeking to liquidate other items of property that were originally acquired for use in the oil field but are no longer necessary for KC Transport’s future operations. The list and details of the vehicles and trailers that are to be sold can be found at: https://urlcurt.com/u?l=OiQPX4 The Court has authorized Steffes Group, Inc.to hold an on-line live auction consisting solely of the Auction Property commencing on its website on August 21, 2025, at 9:00 a.m. (Central Daylight Time) and continuing until 11:00 a.m. (Central Daylight Time) on August 28, 2025. The Debtor is authorized to sell the following items of property at the Steffes Auction free of any interest in the property held by Loeb or Yellowstone Bank to the full extent permitted by 11 U.S.C. Section 363(f) and the liens held by Loeb and Yellowstone Bank shall transfer to the net proceeds of sale of such property: 2020 KENWORTH - T800 1XKDD49XXLR3893272 2021 KENWORTH - T880 - 18 SPEED 1XKZD49X5MJ440965 2020 KENWORTH - T800 1XKDD49X1LR389328 2021 KENWORTH - T880 - 18 SPEED 1XKZD49X7MJ440966 2020 KENWORTH - T800 1XKDD49XXLR389330 2021 KENWORTH - T880 - ULTRASHIFT PLUS 1XKZD49XXMJ440945 2020 KENWORTH - T800 1XKDD49X3LR389329 2021 KENWORTH - T880 - ULTRASHIFT PLUS 1XKZD49X1MJ440946 2020 KENWORTH - T800 1XKDD49X1LR389331 2020 KENWORTH - T800 1XKDD49X3LR389332 2020 KENWORTH T800 - 38" FLAT TOP - WHITE 3WKDP4EXXLF406871 2020 KENWORTH T800 - 38" FLAT TOP - WHITE 3WKDP4EX3LF406873 005 HEIL/PNEUMATIC 5HTSN493157U10881 2005 HEIL 3 AXLE 5HTSN493357U10879 2019 DORSEY - DOMINATOR - RGN (51-55 ton) 5JYLB5539KPD11139 2018 JET - STEPDECK 53' 5JNDS4821JH000440 2015 TREMCAR - PNEUMATIC - Lead 2TLHB3833FB000423 1992 J&L - PUP TRAILER 1J9P4AF66N2001108 1995 J &L PNEUMATIC 1HLS1L4B7S5T01943 2009 A(1) HEIL 5HTSN422197T13378 1995 A(2) J&L - PUP TRAILER 4 axle 1HLS1L4B0S5T01945 2006 B(1) HEIL/PNEUMATIC 5HTSN422375T36105 1979 B(2) FRUHAUF - PUP TRAILER 5 axle pup FRV743002 1991 C(1) J &L PNEUMATIC TRAILER 1J9P4AG2XM2001011 1986 C(2) J&L - PUP TRAILER 4 AXLE 1J9P4AC24G2001967 2005 D(1) LTB/PNEUMATIC TRAILER 4J8B043295T007801 1994 D(2) HEIL - TANKER PUP 4 AXLE 1HLSIL4B2R5T01696 1991 E(1) J &L PNEUMATIC TRAILER 1J9P4AT24M2001124 1994 E(2) HEIL - TANKER- PUP 4 AXLE 1HLSIL4B9R5T01694 2019 F(1) J&L PNEUMATIC 3H4JS343XK3710810 2019 F(2) J&L PNEUMATIC - PUP TRAILER 3H4JS3451K3710812 2019 G(1) J&L PNEUMATIC 2H4JS3431K3710811 2019 G(2) J&L PNEUMATIC - PUP TRAILER 3H4JS3453K3710813 1991 H(1) J&L PNEUMATIC 1J9P4AG21M2001012 1987 H(2) BEALL - PUP TRAILER 1BN1C2946HB002096 1997 J(1) J&L TANK PNEUMATIC 5JL5P3234V5T03779 1997 J(2)J &L TANK PNEUMATIC 5JL5P3220V5T03821 Steffes is also authorized to and shall employ its best marketing efforts and methods to advertise the Steffes Auction commencing on the date of this Order through and until the last date of the Steffes Auction. The Debtor is ordered to sell the following items of property at no less than the corresponding sale price by private sale brokered by RK Statewide Auction Service. Frank Lepell 4- 2400 BUSHEL GRAIN BINS $34,000 Tveit Farms 2-3200 BUSHEL GRAIN BINS $26,000 Frank Smith CAT 299D SKID STEER WITH BUCKET $55,000 The Debtor is authorized to pay RK a 10 percent sale commission on the gross proceeds of the RK Property Sale. Debtor is authorized to and shall execute a revised auction contract with Steffes consistent with the terms of the Sale Order and additionally which shows the KC Transport’s full legal name, "KC Transport, LLC," reflects the revised date of the on-line auction (August 21 through August 28), and identifies Loeb as a lienholder on the items of property being auctioned, save and except the 1997 J&L Tank Pneumatic Trailer and Pup trailer which are subject to a lien held by Yellowstone Bank. About KC Transport, LLC KC Transport LLC is a limited liability company. KC Transport LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-10010) on January 25, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Judge Benjamin P. Hursh presides over the case. The Debtor is represented by James A. Patten, Esq. at PATTEN PETERMAN BEKKEDAHL & GREEN, PLLC. KNOWBE4 INC: Fitch Assigns 'B' LongTerm IDR, Outlook Stable ----------------------------------------------------------- Fitch Ratings has assigned KnowBe4, Inc. (KnowBe4) and Oranje Midco, LLC first-time Long-Term Issuer Default Ratings (IDRs) of 'B'. The Rating Outlook is Stable. Fitch has also assigned KnowBe4's new $1.2 billion first lien term loan and $200 million first lien revolver ratings of 'BB-' with a Recovery Rating of 'RR2' and its $260 million second lien term loan ratings of 'CCC+' with a Recovery Rating of 'RR6'. The 'B' IDR reflects KnowBe4's highly recurring revenue profile and strong market position in the Security Awareness Training (SAT) industry. While KnowBe4's leverage is high, Fitch expects credit metrics to improve as revenue grows and EBITDA margins expand. KnowBe4's exposure to small and medium-sized businesses (SMBs) creates some macroeconomic sensitivity, but stable retention metrics and mission-critical cybersecurity solutions underscore its strong value proposition. Key Rating Drivers Elevated Leverage, with Deleveraging Capacity: KnowBe4's EBITDA Leverage (Fitch adjusted) has been high since its take-private transaction in 2023 by Vista Equity Partners. Fitch forecasts EBITDA Leverage will decline to under 7.5x in 2025 and stay below that level until 2028. The deleveraging will mainly come from revenue growth and operating leverage contributing to higher EBITDA generation. However, Fitch expects limited deleveraging as KnowBe4's private equity ownership would likely prioritize return on equity maximization over debt prepayment. These actions could include acquisitions to broaden the company's market position. Recurring Revenue Provides Visibility: Fitch views KnowBe4's higher proportion of recurring revenue as credit positive. Over 99% of KnowBe4's revenue is recurring, which provides a highly predictable revenue stream. The company has a high net retention rate. KnowBe4's revenue growth trajectory is strong, and it implemented a strategic pricing and packaging realignment in 2024. Revenue growth has gradually moderated as the company scales. Improving Credit Metrics: Fitch projects KnowBe4's financial profile to strengthen beginning in 2025. Fitch expects EBITDA margins to expand throughout the forecast period, reaching the low 40s range by 2028. This will be driven by realization of operating leverage as revenue continues to grow at scale. Fitch also expects EBITDA interest coverage to improve to above 2x starting 2026, benefiting from both lower interest expense following refinancing and higher EBITDA generation. Cash flow metrics should improve as non-recurring cash outflows dissipate. Fitch projects (CFO-Capex)/Debt to break even in 2025 & remains in the mid to high single digits thereafter. SMB Customers Exposure: KnowBe4's customer base is exposed to SMB customers, which make up about a third of annual recurring revenue (ARR). While the SMB clientele could be more sensitive to economic cycles that could result in higher churn, this is mitigated by the mission-critical nature of cybersecurity solutions. The company's diversified customer base across multiple industries and geographies provides additional insulation from sector-specific downturns. Its ability to maintain stable retention metrics also indicates a strong value proposition. Product Concentration in Security Training: While KnowBe4 has evolved from a single-product security awareness training (SAT) provider to a comprehensive Human Risk Management platform, more than half of the company's ARR remains concentrated in its Security Awareness Training offerings. With the 2024 acquisition of Egress, the company has diversified into Cloud Email Security, which should gradually reduce product concentration. The product concentration risk is mitigated by the company's dominant position in the niche segment of Human Risk Management. Secular Tailwinds Support Growth: KnowBe4 benefits from its operations in the growing cybersecurity industry. The importance of cybersecurity has risen in recent years with increasingly complex IT networks and continued digitalization of information. High profile cybersecurity breaches have also heightened awareness of the need for more comprehensive cybersecurity solutions. Fitch believes this will benefit subsegment leaders such as KnowBe4 that will be a part of the overall solution to these issues. Significant untapped potential remains in the SAT & Cloud Email security space, which supports growth opportunities. Diverse Customer Base: KnowBe4 serves over 70,000 customers globally across an array of industries, organization sizes and geographies. The customer base has grown steadily, with subscription terms remaining strong. KnowBe4 generates majority of its ARR in North America and exhibits no customer concentration, underscoring the stability and breadth of its customer base. Peer Analysis KnowBe4's performance aligns with 'B' rated industry peers. Email security competitor Proofpoint (B/Stable) has larger revenue with similar EBITDA margins but lower leverage. Healthcare-focused Imprivata (B/Stable) offers comparable size and leverage with better margins. Application security provider Mitnick Parent L.P. (dba Veracode (B/Negative)) is smaller with similar leverage, better margins, and weaker interest coverage. In the SAT market, KnowBe4 has a dominant market position, and it competes mostly with DIY/regional players. Key Assumptions - Revenue growth in the mid-teen percent range; - EBITDA margins expanding to the range of mid-30s to low 40s by 2028; - Capex intensity of about 1% of revenue per year; - Projections incorporate debt-funded acquisitions through 2028; - No debt prepayment throughout the forecast period (besides the mandatory loan amortization); - Legacy RSU pay outs are projected to be fully completed by 2025; - Annual SOFR rate of 4.25% in 2025, declining gradually to 3.4% by 2028. Recovery Analysis - The recovery analysis assumes that the issuer would be reorganized as a going concern in bankruptcy rather than liquidated. - A 10% administrative claim is assumed. - The revolver is assumed to be fully drawn. Going-Concern (GC) Approach Going Concern EBITDA: Industry tailwinds are supporting KnowBe4's growth. Fitch assumes a bankruptcy scenario where the company experiences higher customer churn and decreasing revenue. KnowBe4 could lose its top customers and downsell to other existing customers, leading to a 10% decrease from the projected FY25 revenue. There could be more cost reductions in the reorganization process, leading to a GC EBITDA margin in the low 30% range. $170 million is used as the GC EBITDA. EV Multiple: The EV/EBITDA multiple used in this recovery analysis for KnowBe4, Inc. is 7.0x. Fitch believes that the multiple is supported by the following. - Comparable Reorganizations: In its "Telecom, Media and Technology Bankruptcy Enterprise Values and Creditor Recoveries" case study, Fitch notes the median TMT multiple of reorganization EV/EBITDA is ~5.9x. Of these companies, five were in the Software subsector: SunGard Availability Services Capital, Inc., Aspect Software, Inc., Allen Systems Group, Inc., Avaya, Inc. and Riverbed Technology Software, which received recovery multiples of 4.6x, 5.5x, 8.4x, 7.5x and 8.3x, respectively. - Comparable Recovery Assumptions: The multiple has been between 5.5x and 7.0x for 'B'/'CCC' rated software as a service peers with similar products/services and operating profiles as providers of specialty software to client bases where market shares are defensible. - Business Profile: The issuer has a market leader position with high retention rates. The company also has highly recurring revenue model providing significant revenue visibility. All these business profile factors support a high EV multiple. The GC EBITDA of $170 million and recovery multiple of 7.0x result in a post-reorganization enterprise value of approximately $1.2 billion after the deduction of administrative claims, resulting in an 'RR2' Recovery Rating for the 1L senior secured revolver and TL, two notches above the issuer's IDR. The second lien term loan has a recovery rating of 'RR6', resulting in a recovery rating of two notches below the issuer's IDR. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Weakening market position as demonstrated by sustained negative revenue growth and EBITDA margin erosion; - EBITDA leverage sustained above 7.5x; - (CFO-capex)/debt sustained below 3%; - EBITDA interest coverage below 1.5x on a sustained basis. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained below 5.5x; - (CFO-capex)/debt sustained above 7%. Liquidity and Debt Structure At Dec. 31, 2024, KnowBe4 had $117 million of cash on its balance sheet. Pro forma for the refinancing transaction, KnowBe4 is expected to have access to $200 million revolver. Fitch expects the company to generate FCF starting in FY26 as the impact of one-time costs on cash declines. Pro forma for the refinancing, the company is expected to have no near-term maturities with the revolver maturing in 2030, first lien term loan maturing in 2032 and second lien loan maturing in 2033. Issuer Profile KnowBe4, Inc. offers a comprehensive AI-powered Human Risk Management platform. The company focuses on addressing the human element of security by training users to recognize and avoid social engineering tactics. Date of Relevant Committee July 16, 2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- KnowBe4, Inc. LT IDR B New Rating senior secured LT BB- New Rating RR2 Senior Secured 2nd Lien LT CCC+ New Rating RR6 Oranje Midco, LLC LT IDR B New Rating KRBJ INVESTMENTS: Seeks Subchapter V Bankruptcy in Texas -------------------------------------------------------- On July 18, 2025, KRBJ Investments 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 $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About KRBJ Investments LLC KRBJ Investments LLC, doing business as Ken's Equipment, provides equipment rentals and custom hose services in Texas. KRBJ Investments LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-70193) on July 18, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. The Debtor is represented by Travis Yandell, Esq. at YANDELLFIRM INC. LIFESCAN GLOBAL: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- LifeScan Global Corporation and affiliates got the green light from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. The court's order authorized the Debtors' interim use of cash collateral for the period from July 15 until the occurrence of so-called termination events. The Debtors intend to use cash collateral for (i) working capital, general corporate purposes, and administrative costs and expenses incurred in their Chapter 11 cases; and (ii) the payment of fees and expenses, including payments to pre-bankruptcy lenders as adequate protection. A 13-week cash flow forecast has been submitted as part of the Debtors' initial budget, demonstrating that the use of cash collateral will allow them to continue paying employees, vendors, and administrative expenses while preserving the value of the enterprise. The Debtors' pre-bankruptcy lenders include three distinct lender groups. Bank of America, N.A., as administrative and collateral agent for the First Lien Term Loan lenders, holds approximately $364.7 million in outstanding obligations under the First Lien Credit Agreement. Wilmington Savings Fund Society, FSB acts as administrative and collateral agent for the Second Lien Term Loan lenders, with approximately $310.8 million outstanding. Ankura Trust Company, LLC serves as administrative and collateral agent for the Third Lien Term Loan lenders, who are owed approximately $30.9 million. These lenders, collectively referred to as the "prepetition secured parties," hold security interests in substantially all of the Debtors' assets, except for certain excluded collateral. Subject to a carveout, the lenders will be granted adequate protection in the form of (i) a valid and perfected replacement security interest in and lien on certain assets of the Debtors; and (ii) superpriority administrative expense claims. As additional protection, the first lien secured lenders will receive payment in cash, as and when due under the first lien loan agreements, of all interest at the non-default rate in respect of the principal amount of outstanding pre-petition first lien obligations. Other forms of protection include payment of professional fees for the lenders' advisors and compliance with certain reporting and budgeting requirements. The court will hold a final hearing on August 4. The deadline for filing objections on July 28. The Debtors are pursuing a restructuring plan or potential sale under a Restructuring Support Agreement that aims to eliminate approximately $1.4 billion in debt. To execute this strategy and maintain operations during the Chapter 11 cases, the Debtors request authority to use cash collateral, which includes most of their available cash. Although the Debtors do not require new debtor-in-possession financing, nearly all of their available cash is subject to the security interests of their prepetition lenders and thus qualifies as cash collateral under 11 U.S.C. section 363. A copy of the interim cash collateral order is available at: http://bankrupt.com/misc/LifeScanGlobalCorporation_InterimCashCollateralOrder.pdf Bank of America is represented by: CAHILL GORDON & REINDEL LLP Joel Moss Jordan A. Wishnew 32 Old Slip New York, NY 10005 Telephone: 212.701.3000 Email: JMoss@cahill.com Email: JWishnew@cahill.com -- and -- HAYNES AND BOONE, LLP J. Frasher Murphy Eli O. Columbus Matthew T. Ferris 2801 N., Harwood St., Suite 2300 Dallas, TX 75201 Telephone: 214.651.5000 Email: frasher.murphy@haynesboone.com Email: eli.columbus@haynesboone.com Email: matt.ferris@haynesboone.com Wilmington Savings Fund Society is represented by: Todd C. Meyers, Esq. Danielle Barav-Johnson, Esq. EVERSHEDS SUTHERLAND (US) LLP 999 Peachtree Street, NE, Suite 2300 Atlanta, GA 30309-3996 Telephone: 404. 853.8000 Facsimile: 404.853.8806 Email: toddmeyers@eversheds-sutherland.com dahnibarav@eversheds-sutherland.com Mark D. Sherrill (Texas Bar No. 24034678) EVERSHEDS SUTHERLAND (US) LLP 1001 Fannin Street, Suite 3700 Houston, TX 77002-6760 Telephone: 713.470.6100 Facsimile: 713.654.1301 Email: marksherrill@eversheds-sutherland.com About LifeScan Global Corporation LifeScan is a leader in delivering personalized health, wellness, and digital solutions to individuals living with diabetes. Since 1981, LifeScan has advanced glucose care and diabetes management with pioneering technologies and new products, and is actively engaged in designing, developing, manufacturing, and marketing devices, software, and applications. Its comprehensive portfolio of diabetes-related products and services includes blood glucose monitoring devices, blood glucose test strips, lancing devices, and digital applications. LifeScan Global sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-90259 (ARP)) on July 15, 2025. As of the Petition Date, the Debtors have approximately $786 million assets and approximately $1.7 billion in liabilities. Judge Alfredo R Perez presides over the cases. Megan Young-John and John F. Higgins, IV at Porter Hedges LLP, represent the Debtors as legal counsel. LUMEN TECHNOLOGIES: Fitch Puts CCC+ LongTerm IDR on Watch Positive ------------------------------------------------------------------ Fitch Ratings has placed the Long-Term Issuer Default Ratings (IDRs) of Lumen Technologies Inc., Level 3 Parent LLC, Level 3 Financing Inc., Qwest Corporation and related subsidiaries on Rating Watch Positive (RWP). The current Long-Term IDR for each rated entity is 'CCC+'. The RWP reflects expectations of significant debt repayment following the Mass Market fiber asset sale to AT&T, Inc. (BBB+/Stable) by mid-2026. Management anticipates roughly $4.2 billion-$4.4 billion in proceeds which, along with cash, will fund an approximate $4.8 billion super-priority debt paydown. Fitch expects this will reduce leverage by over one turn by year-end 2026. The transaction is expected to take over six months to complete, with closing anticipated in the first half of 2026. Fitch will resolve the Rating Watch at that time. Additionally, Fitch revised its recovery analysis and upgraded Level 3 Financing's second lien notes to 'CCC' with a Recovery Rating of 'RR5' from 'CCC-'/'RR6'. Key Rating Drivers AT&T Transaction Offers Material Delevering: Fitch views the forthcoming sale of its Mass Markets fiber-to-the-home (FTTH) segment to AT&T for approximately $5.75 billion, expected to close in the first half of 2026, as a material milestone in both delevering the balance sheet and realigning the business to focus on enterprise opportunities. Fitch expects Lumen to receive approximately $4.2 billion in net cash proceeds from the sale, which the company has stated will be used to repay all its super-priority debt. Level 3 Refinancing Improves Balance Sheet: Level 3 Financing recently tapped the capital markets to push out and stagger maturities and lower its interest expense. Investor demand to participate in the transaction was significant enough for the company to double its initial offering size, from $1 billion to $2 billion, with a coupon of 6.875% and using the proceeds to repay existing first lien senior secured notes with coupons in the 10.5% to 11% range, ultimately saving the company approximately $48 million in annual cash interest expense. Eased Refinancing Pressures: The recent Level 3 refinancing, coupled with expected paydowns after the AT&T deal closes, provides the company with healthy breathing room regarding its maturity obligations, as the credit will not face another significant maturity until 2028. PCF Deals Help Liquidity: Recent private connectivity fabric (PCF) contract wins of approximately $8.5 billion, with corresponding initial cash payments currently being received and continuing to be received over the next couple of years, have significantly bolstered Lumen's near-term liquidity and indicate the asset value inherent in parts of its network. The contracts include the provision of dark fiber and other services to Microsoft Corporation and other hyperscaler, social media and technology companies. The contracts are long term, some for up to 20 years. Expected Decline in Capex: The sale of its Mass Markets FTTH business to AT&T is expected to reduce overall annual capital expenditures by approximately $1 billion, or nearly one-fourth of overall capex, while the revenue and EBITDA impact is much smaller at roughly 3%-6%, by Fitch's estimate. Moreover, after the heavy capex spend in 2025 to support initial PCF contract wins, the company anticipates a gradual decline in capital intensity in the later years of the rating period. Telecoms Faces Challenges: Lumen faces similar industry-wide challenges as other wireline operators, as customers migrate to newer products and services from legacy offerings. The company seeks to address these challenges more aggressively through increased investment in its enterprise business and the upcoming sale of its consumer fiber assets to AT&T. Execution risk exists regarding this strategy, but Fitch believes the investments could eventually support revenue growth over time. Parent-Subsidiary Relationship: Fitch equalizes the ratings of Lumen and Level 3 Parent, LLC (the guarantor of Level 3 Financing's debt) as well as Qwest Corporation and Qwest Capital Funding. This is based on a stronger subsidiary/weaker parent approach amid open legal ringfencing and open access and control. Peer Analysis Lumen has a solid competitive position based on the scale and size of its wireline operations in the enterprise/business services market. Its business segment, which comprised nearly 80% of its 2024 revenue, is smaller than both AT&T Inc. (BBB+/Stable) and Verizon Communications Inc. (A-/Stable). All three companies have extensive U.S. footprints. AT&T and Verizon maintain lower financial leverage, generate materially higher EBITDA and FCF, and have wireless offerings providing more service diversification compared with Lumen. Lumen has not displayed an ability to stabilize its revenue or EBITDA and does not yet generate sustainable FCF, unlike its larger peers. Lumen has a larger enterprise business that differentiates it from other wireline operators, such as Windstream Services, LLC (B/Watch Evolving) and Frontier Communications Parent, Inc. (B+/Watch Positive). Key Assumptions - Revenue declines in the low single digits in 2025, expected to remain in the same range through 2028; - EBITDA margins flat in 2025 due to ramp-up costs from PCF deals partially offset by ongoing cost savings, but are expected to improve in subsequent years to reach the low-to-mid-30% range, given it will no longer be supporting its consumer FTTH business coupled with enterprise margin expansion from recognition of PCF deals; - Capex increases significantly in 2025 to facilitate new PCF deals, but expected to decline starting in 2026 due to selling its consumer FTTH business to AT&T; - Positive FCF in 2025, driven by upfront cash receipts from PCF deals; - Fitch assumes $4.2 billion in cash proceeds in 2026 from the consumer FTTH sale to AT&T, and subsequent paydown of all super-priority debt. Recovery Analysis Fitch undertakes a tailored analysis of recovery upon default for each issuance for entities rated 'B+' and below, where default is closer and recovery prospects are more meaningful to investors. The resulting debt instrument rating includes a Recovery Rating (scale from 'RR1' to 'RR6') and is notched from the IDR accordingly. This analysis has three steps: estimating the distressed enterprise value (EV), estimating creditor claims, and distribution of value. Fitch assumes Lumen would emerge from a default scenario through the GC approach rather than liquidation. Fitch has conducted two separate recovery analyses incorporating the primary borrower entities: Level 3 Financing, Qwest Corporation and Lumen Technologies. Key assumptions in each recovery analysis: Level 3 Financing, Inc. GC EBITDA: Assumed at $1.2 billion, below Fitch's 2025 projection, reflecting revenue pressures and EBITDA margins trending toward the low-20% range, indicating potential competitive and pricing challenges in bankruptcy. EV Multiple: A 5.5x multiple is applied, aligned with Fitch-rated peer Frontier Communications and supported by sector trading multiples, M&A activity, and bankruptcy precedents in TMT. Qwest Corporation GC EBITDA: Assumed at $2.0 billion, higher than previous $1.73 billion, but below the 2025 projection. This factors the likely completion of the AT&T transaction and the use of proceeds to repay super-priority debt. Fitch will reassess if the transaction or related debt repayment does not proceed as expected. EV Multiple: A 5.0x multiple is used, lower than Level 3 and Frontier Communications due to greater secular pressures in local business segments, but similarly supported by market and bankruptcy benchmarks. Lumen Technologies, Inc. Given Lumen's super-priority debt guarantee (under the 2024 TSA agreement) and Lumen's ability to transfer 49% of of Qwest Corporation assets to other subsidiaries within the Lumen structure, Fitch believes this super-priority debt would take precedence in bankruptcy. Fitch assumes the remaining 51% of Qwest's value, after the first 49% is exhausted, could allow Qwest's senior unsecured notes to recover in line with any deficiency claims of the second-out super-priority instruments and the secured intercompany loan to Level 3. Fitch estimates that all Lumen super-priority debt and Qwest senior unsecured notes would recover at an 'RR1' level, while the first lien term loan B, Qwest Capital Funding unsecured notes, and Lumen's unsecured notes would be 'RR6' under current assumptions. For senior unsecured instruments issued by Qwest Corp., Fitch's Corporates Recovery Ratings and Instrument Ratings Criteria indicates unsecured instruments for 'CCC+' IDR issuers are capped at 'RR2'. However, this cap may be exceeded in instances when the issuer is a structurally senior subsidiary issuer in a multi-level corporate group structure, which Fitch believes applies to this scenario. RATING SENSITIVITIES Fitch anticipates resolving the Rating Watch Positive upon completion of the Mass Markets transaction and subsequent debt reduction, which is expected to close by mid-year 2026. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A weakening of Lumen's operating results, including deteriorating margins and consistent mid-single-digit or greater revenue erosion; - Increased liquidity pressure or difficulties refinancing parts of the capital structure. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Closure of the Mass Markets fiber asset sale and expected debt paydown; - Operating fundamentals improve, including sustained revenue and EBITDA growth or positive FCF; - Capital structure changes that are positive for the overall credit profile. Liquidity and Debt Structure As of 1Q25, Lumen had $1.9 billion in cash and equivalents supported by asset sales, tax refunds, and upfront payments from long-term hyperscaler contracts. It also had approximately $723 million available on its super-priority senior secured revolvers. Fitch projects positive free cash flow (FCF) for 2025, in line with management's $700 million to $900 million guidance, mainly due to upfront PCF contract receipts. However, FCF losses may return in 2026-2027 without improvements in the core business or further debt and cost reductions. Lumen has over $18 billion in pro forma debt, excluding finance leases and certain adjustments, spread across term loans and secured/unsecured notes at three main borrowing entities. Its super-priority debt is secured by guarantees from Qwest, CenturyTel, Wildcat Holdco and other subsidiaries, with additional unsecured guarantees from Qwest Corporation. Some revolving facility debt also benefits from Level 3 subsidiary guarantees, although these will decrease as assets shift. Lumen also has a $1.2 billion secured intercompany loan and a $1.825 billion unsecured intercompany revolver. Super-priority secured debt covenants limit net leverage to 5.50x (5.25x after December 2025) and require at least 2.0x interest coverage. Issuer Profile Lumen is one of the largest U.S. wireline providers. Much of its business is focused on the enterprise market, although it also serves residential customers. It is publicly traded on the NYSE under the ticker LUMN. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Level 3 Parent LLC LT IDR CCC+ Rating Watch On CCC+ Level 3 Financing, Inc. LT IDR CCC+ Rating Watch On CCC+ senior unsecured LT CCC- Rating Watch On RR6 CCC- senior secured LT B+ Rating Watch On RR1 B+ Senior Secured 2nd Lien LT CCC Upgrade RR5 CCC- Qwest Capital Funding, Inc. senior unsecured LT CCC- Rating Watch On RR6 CCC- Lumen Technologies, Inc. LT IDR CCC+ Rating Watch On CCC+ super senior LT B+ Rating Watch On RR1 B+ senior unsecured LT CCC- Rating Watch On RR6 CCC- senior secured LT CCC- Rating Watch On RR6 CCC- Qwest Corporation LT IDR CCC+ Rating Watch On CCC+ senior unsecured LT B+ Rating Watch On RR1 B+ MCCAMMONS IRISH: Seeks Chapter 11 Bankruptcy in Indiana ------------------------------------------------------- On July 17, 2025, McCammons Irish Market 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 McCammons Irish Market LLC McCammons Irish Market LLC is a specialty retailer offering Irish products and merchandise. McCammons Irish Market LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-04209-AKM-11) on July 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Andrea K. Mccord handles the case. MERIT STREET: Broadcaster Contests Validity of Venture's Bankruptcy ------------------------------------------------------------------- James Nani of Bloomberg Law reports that Dr. Phil's defunct media company, Merit Street Media Inc., should be dismissed from Texas bankruptcy court due to a bad-faith Chapter 11 filing, according to its Christian broadcasting partner. In a July 18, 2025 motion, Trinity Broadcasting Network of Texas Inc. told the U.S. Bankruptcy Court for the Northern District of Texas that Merit Street filed for bankruptcy to gain a tactical edge in ongoing litigation and lacked proper corporate authority to do so. About Merit Street Media Merit Street Media is a television and media content production and distribution company based in Fort Worth, Texas. It appears to focus on creating, producing, and distributing television content, maintaining business relationships with major cable providers including DIRECTV and DISH Network, as well as numerous television stations and production companies. Merit Street Media sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80156) on July 2, 2025, before the Hon. Scott W. Everett. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million. The Debtor is represented by Sidley Austin LLP as bankruptcy counsel. Epiq Corporate Restructuring, LLC serves as Claims, Noticing, and Solicitation Agent, effective as of the Petition Date. NABORS INDUSTRIES: S&P Alters Outlook to Negative, Affirms 'B-' ICR ------------------------------------------------------------------- S&P Global Ratings revised its outlook on Nabors Industries Ltd. to negative from stable. S&P also affirmed the 'B-' issuer credit rating. S&P said, "Our 'B-' issue-level rating and '3' recovery rating (rounded estimate: 60%) on the senior priority guaranteed notes and 'CCC' issue-level rating and '6' recovery rating (rounded estimate: 0%) on the company's senior guaranteed notes are unchanged. "The negative outlook reflects the risk that we could lower our ratings on Nabors if it is unable to refinance its upcoming maturities in a timely manner or on favorable terms." Nabors Industries Ltd. faces heightened refinancing risk given the upcoming maturities of its $700 million senior priority guaranteed notes due May 2027 and its $390 million senior guaranteed notes due January 2028. The negative outlook reflects heightened refinancing risk ahead of the upcoming maturities of its 2027 and 2028 notes, which could hurt its liquidity. Nabors' $700 million 7.375% senior priority guaranteed notes mature in May 2027 and its $390 million 7.5% senior guaranteed notes mature in January 2028. S&P said, "We believe liquidity will become constrained if the 2027 notes are not refinanced before they become current in May 2026. Nabors' $350 million credit facility, which matures June 2029, is also currently just over 50% drawn, as the company drew $178 million in the first quarter of 2025 to refinance debt associated with its Parker Wellbore acquisition (closed March 12, 2025). While Nabors' cash balance supports its liquidity position (just under $400 million as of March 31, 2025), roughly $230 million of this cash is held at its Saudi Aramco Nabors Drilling (SANAD) joint venture (JV). Furthermore, we expect Nabors to generate negative free operating cash flow (FOCF; defined as operating cash flow less capital expenditure) this year under our current oil and gas price assumptions." S&P said, "We expect Nabors free cash flow will weaken over the next 12 months due to reduced activity and high capital spending. In our view, the oilfield services industry is facing market headwinds in North America amid elevated storage levels and additional global supply. With almost 50% of its contracted rigs in the U.S., we believe Nabors' operating results will continue to be impacted by U.S. upstream capital spending trends, which we believe will decline 5%-10% this year. Therefore, we currently expect Nabors' U.S. rig utilization to decline to about 35% in 2025 from about 42% in 2024 based on our current WTI price assumption of US$55 per barrel (bbl) for the remainder of the year." Nabors' geographic diversification partially offsets potential declines in the U.S. market, given international drilling projects tend to be longer-lead time projects that typically do not respond as drastically to oil price volatility. Nabors largest international operation is in Saudi Arabia, where it currently has about 52 rigs working under its SANAD JV (about 60% of its international working rigs). However, the high capital spending requirement to complete the contracted five new builds per year under the SANAD JV is compressing free cash flow over our forecast period. S&P said, "We currently expect capex of $725 million-$775 million annually for 2025 and 2026 versus $540 million-$570 million in 2023 and 2024. As a result, we forecast negative $60 million of FOCF for Nabors this year. We expect slightly lower capex in 2026 and a modest improvement in activity levels will support positive FOCF of about $90 million next year; however, continued volatility in oil prices could temper activity levels moving into 2026 and may further challenge the company's results and refinancing ability." Nonetheless, the company's credit measures support the current rating. S&P said, "Despite our assumption for lower activity levels in North America, we still expect Nabors' EBITDA and funds from operations (FFO) to increase this year because of the company's acquisition of Parker Wellbore and relatively flat international activity levels. Specifically, we expect S&P Global Ratings-adjusted EBITDA of about $925 million and FFO of about $715 million this year relative to about $900 million and $615 million, respectively, in 2024. We expect activity levels to moderately improve next year, strengthening cash flow and leverage metrics. Over our 2025-2026 forecast period, we forecast FFO to debt of about 30% and debt to EBITDA of about 2.6x. While leverage metrics for Nabors have weakened since our last review, the company's credit measures remain appropriate for the rating over our forecast period." The negative outlook on Nabors reflects the refinancing risk associated with its upcoming maturities in May 2027 and January 2028. S&P expects negative FOCF of about $60 million in 2025 and positive FOCF of about $90 million in 2026, and anticipate average FFO to debt of around 30% and debt to EBITDA of about 2.6x over the next two years. S&P said, "We could lower our rating on Nabors if the company is unable to favorably refinance its upcoming maturities before they become current, or if liquidity materially deteriorates. "We could revise our outlook on Nabors to stable if it successfully refinances its upcoming maturities on favorable terms, and we expect its liquidity will be adequate for the foreseeable future." NATUROMULCH LLC: Unsecureds Will Get 100% of Claims over 120 Months ------------------------------------------------------------------- Naturomulch, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Texas a Plan of Reorganization dated June 30, 2025. The business provides wood chip mulch for school playgrounds and parks. The Debtor's main assets consist of real estate. It has been in existence since 2013. Omprakash Goyal is the owner of this business. The Plan calls for a payment of $12,897.33 per month beginning August 1, 2025 for 120 months for a total paid in base of $1,547,679.52. This is a 100% repayment to all creditors over 120 months. This Plan of Reorganization provides for the repayment of 100% of its administrative debts and 100% of its unsecured debts by paying the amounts shown. Attorney's fees of $15,000.00 will be paid from first funds as an administrative claim subject to court approval (Class 1). Priority creditors (Class 2) and secured creditors (Classes 3, 4, 5, 6 and 7) shall be paid 100% in the amount of $979,014.00. The holders of all unsecured claims will receive payments totaling $553,665.52 or 100% of the amount of their allowed claims in the amount of $415,582.00 at 6% for 120 months (Class 8). These Class 8 unsecured creditors will receive a total of $553,665.52 which includes an additional payment over the next 10 years of $233,836 more in this Chapter 11 than they would in a Chapter 7 liquidation where they would only receive a total of $319,055 or 21.34% of their claims. Class 8 consists of Unsecured Creditors. The 5 unsecured creditors whose claims total $415,852 shall be paid 100% of their claims at 6% interest on their claims for 120 months for a total of $553,665.52. The Debtor shall retain all of its property and shall operate its business during the period of the Plan. The funds for implementing and carrying out the Plan shall be provided by the Debtor's business operations. A full-text copy of the Plan of Reorganization dated June 30, 2025 is available at https://urlcurt.com/u?l=hIUqEO from PacerMonitor.com at no charge. The firm can be reached at: Daniel C. Durand, III, Esq. Durand & Associates, P.C. 522 Edmonds Ste 101 Lewisville, TX 75067 Tel: (972) 221-5655 Fax: (972) 221-9569 About Naturomulch, LLC Naturomulch LLC is a Texas-based manufacturer and distributor of wood mulch products. Naturomulch LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-40909) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Daniel C Durand, III, Esq. at Durand & Associates, P.C. NORTHPOINT DEVELOPMENT: Amends Unsecured Claims Pay Details ----------------------------------------------------------- Northpoint Development Holdings, LLC, submitted an Amended Disclosure Statement to the Plan of Liquidation dated June 30, 2025. The Debtor's Plan of Liquidation provides for the sale of the Debtor's commercial real property located at 1800 North Bloomington Street, Streator, Illinois (the "Real Property"). Under the Plan, the Debtor seeks to liquidate its sole asset, the Real Property. After the sale of the Real Property, the Debtor shall make all payments required by the Plan to creditors on a pro rata basis according to the priorities set forth in the Bankruptcy Code. from the Net Proceeds of Sale of the Real Property and any available cash of the Debtor. The proceeds of a sale of the Real Property will be distributed pursuant to the terms of the Plan to creditors, together with any additional cash that may be available. First to be paid will be the costs of the sale, then the deferred real estate taxes in Class 1, and next the mortgage debt to Ottawa Bank in Class 2 will be paid. Any Remaining Proceeds of Sale will be paid to Class 3 general unsecured claims, either in full satisfaction of those claims or in the event of insufficient Remaining Proceeds of Sale to satisfy all Class 3 claims, then a pro rata payment will be made. If Remaining Proceeds of Sale exist after full payment of Classes 1 through 3, the surplus will be paid to the Equity Security Interest holders. Class 3 consists of General Unsecured Claims. This Class shall receive payment of Remaining Proceeds of Sale from the sale of the Real Property after payment in full of Class 1 Secured Claim, Class 2 Secured Claims and Administrative Claims. The allowed unsecured claims total $714,060.65. If any net proceeds of the sale of the Real Property exist after payment in full of Classes 1 through 3 and Administrative Claims, the remaining net proceeds will be paid to the holders of the Equity Security Interests. Except as otherwise provided in the Plan or the Confirmation Order, all cash necessary for the Debtor to make payments pursuant to the Plan to Allowed Administrative Claims, Priority Claims, Secured Claims and Unsecured Claims will be obtained from existing cash, cash equivalents, and the sale's proceeds of the Real Property. A full-text copy of the Amended Disclosure Statement dated June 30, 2025 is available at https://urlcurt.com/u?l=rIb94M from PacerMonitor.com at no charge. Counsel to the Debtor: Gregory K. Stern, Esq. Dennis E. Quaid, Esq. Monica C. O'Brien, Esq. Rachel S. Sandler, Esq. Gregory K. Stern, P.C. 53 West Jackson Boulevard Suite 1442 Chicago, IL 60604 Tel: (312) 427-1558 Fax: (312) 427-1289 Email: greg@gregstern.com About Northpoint Development Holdings Northpoint Development is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). The Debtor is the fee simple owner of real property located at 1800 North Bloomington Street, Streator, Illinois 61364 valued at $6.8 million. Northpoint Development Holdings, LLC in Streator, IL, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Ill. Case No. 24-13265) on Sept. 9, 2024, listing $6,800,000 in assets and $5,176,241 in liabilities. Keith Weinstein, a manager of Greystone, signed the petition. Judge Deborah L Thorne oversees the case. GREGORY K. STERN, P.C., serves as the Debtor's legal counsel. NUTRACAP HOLDINGS: Claims to be Paid from Asset Sale Proceeds ------------------------------------------------------------- Nutracap Holdings, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Disclosure Statement for Plan of Liquidation dated June 30, 2025. The Debtor is a nutrition and dietary supplement manufacturer providing services to customers across the United States and internationally. In 2022, the Debtor lost its largest customer, and has been gradually working to restructure its operations. Because of the drastic decrease in revenues caused by the loss of said customer, Debtor was unable to keep up with certain payments based on its prior volume. Accordingly, on January 14, 2025 (the "Petition Date"), the Debtor filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code. Since that time, the Debtor has continued to operate its business and has continued to administer the bankruptcy estate. Since the filing, a committee of creditors holding unsecured claims (the "Committee") has been appointed, and the Debtor has continued to negotiate with key stakeholders in this case. More specifically, Debtor negotiated a consensual resolution of a motion to appoint a chapter 11 trustee in this case through the transition from prior management to the current team in charge of the Debtor in approximately March 2025. While becoming familiar with and organizing the Debtor's books and records, Debtor, through current leadership, has been negotiating certain debtor-in-possession financing, negotiating with landlords on several motions for relief from stay and extensions of the deadline to assume or reject non-residential real property leases, and negotiating a sale of all or substantially all of the Debtor's assets. Class 3 shall consist of all Allowed General Unsecured Claims. Each holder of an Allowed Unsecured Claim shall be entitled to receive such holder's pro rata share of funds available after payment of Allowed Claims described in the Plan on the date that is 60 days after the Effective Date. The funds will be paid out in one lump-sum distribution; however, to the extent any funds are recovered from any Retained Actions of the Debtor ("Retained Action Proceeds"), they will be distributed to Class 3 claimants after an appropriate notice and hearing is held on the disposition of the Retained Action Proceeds. Notwithstanding anything else in this Plain to the contrary, any holder of an Allowed Unsecured Claim shall be reduced by any payment received by the creditor holding such claim from any third party or other obligor, and the Debtor's obligations hereunder shall be reduced accordingly. The Claims of the Class 3 Creditors are Impaired by the Plan, and the holders of Class 3 Claims are entitled to vote to accept or reject the Plan. The Debtor will be funding the Plan with proceeds from the sale of all or substantially all of its assets. A full-text copy of the Disclosure Statement dated June 30, 2025 is available at https://urlcurt.com/u?l=r4pa2K from PacerMonitor.com at no charge. Nutracap Holdings, LLC is represented by: Caitlyn Powers, Esq. Will B. Geer, Esq. Rountree, Leitman, Klein & Geer, LLC Century Plaza I 2987 Clairmont Road, Suite 350 Atlanta, Georgia 30329 Telephone: (404) 584-1238 E-mail: cpowers@rlkglaw.com wgeer@rlkglaw.com About Nutracap Holdings Nutracap Holdings, LLC, is a manufacturer of nutraceuticals and dietary supplements in Norcross, Ga. Nutracap Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-50430) on Jan. 14, 2025, with up to $50 million in both assets and liabilities. Marcos Fabio Lopes e Lima, chief executive officer of Nutracap Holdings, signed the petition. Judge Lisa Ritchey Craig oversees the case. William Rountree, at Rountree, Leitman, Klein & Geer, LLC, is the Debtor's legal counsel. ODM TRUCK: Files Emergency Bid to Use Cash Collateral ----------------------------------------------------- ODM Truck, Inc. got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. The court authorized the Debtor's interim use of cash collateral in accordance with its budget pending a further hearing on July 29. The Debtor's cash collateral includes, without limitation, cash, deposit accounts, accounts receivable, and proceeds from business operations. The Debtor said the use of cash collateral is necessary to fund business operations and pay expenses while also protecting the interests of its secured creditors. As adequate protection for their interests in the cash collateral, lenders including Synovus Bank and the merchant cash advance lenders will be granted a continuing and perfected replacement lien on assets similar to their pre-bankruptcy collateral. These replacement liens will have the same validity, priority and extent as the Debtor's pre-bankruptcy liens. The Debtor filed its Chapter 11 petition on July 16 and continues to operate as a debtor-in-possession. Synovus Bank holds a significant claim against the Debtor, with amounts owed totaling approximately $673,173 for a loan and $998,013 for a line of credit, and it holds a UCC-1 lien on the Debtor's cash, bank accounts, and accounts receivable. In addition, the Debtor is indebted to several MCA lenders, including Apple Advance, LLC ($79,950), DLP Funding, LLC ($261,500), LCF Group, Inc. ($88,870), and Seamless Funding, LLC ($173,000), which also claim liens on the Debtor's cash and receivables. The Debtor's cash collateral consists of approximately $1.2 million in gross monthly receipts, as well as $1,061 in cash (on hand and on deposit at Synovus Bank) and $372,156 in accounts receivable. The Debtor intends to use these funds for essential operating expenses, including payroll, insurance, utility payments, and other administrative costs associated with the Chapter 11 case. About ODM Truck Inc. ODM Truck, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04841) on July 16, 2025, listing up to $10 million in both assets and liabilities. Yanet Gonzalez Fernandez, president of ODM Truck, signed the petition. Judge Catherine Peek McEwen oversees the case. Alberto F. Gomez, Jr., Esq., at Johnson, Pope, Bokor, Ruppel & Burns, LLP, represents the Debtor as legal counsel. Synovus Bank, as secured creditor, is represented by: Lara Roeske Fernandez, Esq. Trenam, Kemker, Scharf, Barkin, Frye, O’Neill & Mullis, P.A. 101 East Kennedy Boulevard, Suite 2700 Tampa, FL 33602 Tel: (813) 223-7474 Fax: (813) 229-6553 lfernandez@trenam.com ODM TRUCK: Seeks to Hire Johnson Pope Bokor as Counsel ------------------------------------------------------ ODM Truck, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Johnson, Pope, Bokor, Ruppel, & Burns, LLP, as counsel. The firm will render these services: a. give the Debtor legal advice with respect to their duties and obligations as Debtor in Possession or "DIP"; b. take necessary steps to analyze and pursue any avoidance actions, if in the best interest of the estate; c. prepare on behalf of the Debtor the necessary motions, notices, pleadings, petitions, answers, orders, reports and other legal papers required in this Chapter 11 case; d. assist the Debtor in taking all legally appropriate steps to effectuate compliance with the Bankruptcy Code; and e. perform all other legal services for the Debtor which may be necessary including closings of sales of the Debtor's real property assets. The firm will be paid at $525 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The Debtor paid the firm a pre-petition retainer of $27,000. Alberto (Al) F. Gomez, Jr., Esq., a partner at Johnson Pope Bokor Ruppel & Burns, LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Alberto (Al) F. Gomez, Jr., Esq. Johnson Pope Bokor Ruppel & Burns, LLP 400 North Ashley Drive, Ste. 3100 Tampa, FL 33602 Tel: (813) 225-2500 Email: Al@jpfirm.com About ODM Truck, Inc. ODM Truck, Inc., filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 8:25-bk-04841) on July 16, 2025. The Debtor hires Johnson, Pope, Bokor, Ruppel, & Burns, LLP, as counsel. ORIGINAL MOWBRAY'S: Has Deal to Use Cash Collateral Until Oct. 17 ----------------------------------------------------------------- The Original Mowbray's Tree Service, Inc. received final approval from the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, to use cash collateral. The court's final order authorized the Debtor to use cash collateral pursuant to the terms and conditions of the Debtor's stipulations with PNC Bank, N.A. The stipulations authorize the Debtor to use the bank's cash collateral from July 18 to October 17 in accordance with its budget. As of the petition date, the Debtor owed PNC approximately $7.1 million in principal under their loan agreement, which is secured by first priority perfected liens in favor of the bank on the pre-bankruptcy collateral. The loan agreement, which was executed on October 28, 2022, provided the Debtor with a secured revolving line of credit of up to $20 million and letters of credit of up to $5 million. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/I0vSB from PacerMonitor.com. About The Original Mowbray's Tree Service Original Mowbray's Tree Service Inc., doing business as Mowbray's Tree Service, is a family owned and operated business committed to providing its client-partners with solution to their vegetation management needs. It offers hazard tree mitigation, integrated vegetation management, mechanized tree removal, emergency response, crane services, and green waste & debris management. Original Mowbray's Tree Service sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-12674) on Oct. 18, 2024, with $10 million to $50 million in both assets and liabilities. Brian Weiss, chief restructuring officer, signed the petition. Judge Theodor Albert oversees the case. Robert S. Marticello, Esq., at Raines Feldman Littrell, LLP is the Debtor's legal counsel. PNC Bank, N.A., as secured creditor, is represented by: Michael B. Lubic, Esq. K&L Gates, LLP 10100 Santa Monica Blvd., 8th Floor Los Angeles, CA 90067 +1.310.552.5000 michael.lubic@klgates.com PA MANAGEMENT: Seeks Subchapter V Bankruptcy in Nevada ------------------------------------------------------ On July 17, 2025, PA Management LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Nevada. 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 PA Management LLC PA Management LLC a Las Vegas-based company operating in Nevada. PA Management LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-14084) on July 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Natalie M. Cox handles the case. PAULAZ ENTERPRISES: Hires Van Horn Law Group P.A. as Counsel ------------------------------------------------------------ Paulaz Enterprises Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Van Horn Law Group, P.A. as counsel. The firm will provide these services: a. give advice to the debtor with respect to its powers and duties as a debtor in possession and the continued management of its business operations; b. advice the debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and reporting Requirements and with the rules of the court; c. prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; d. protect the interest of the debtor in all matters pending before the court; and e. represent the debtor in negotiation with its creditors in the preparation of a plan. The firm will be paid at these rates: Chad Van Horn $500 per hour Law clerks/Paralegals/Associates $175 to $350 per hour Prior to the filing of this case, the firm was paid a retainer in the amount of $15,000 plus $2,500 for the filing fee and costs for a total amount of $17,500. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Chad T. Van Horn, Esq., a partner at Van Horn Law Group, P.A., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Chad T. Van Horn, Esq. Van Horn Law Group, PA 500 NE 4th Street, Suite 200 Fort Lauderdale, FL 33301 Tel: (561) 621-1360 Email: info@cvhlawgroup.com About Paulaz Enterprises Inc. Paulaz Enterprises Inc., dba Image360 Hollywood FL, provides custom signage, graphics, and display solutions for businesses and organizations in Hollywood, Miami, Fort Lauderdale, and surrounding areas. The Company offers interior signs, business signage, vehicle wraps, and event displays, coordinating projects from design to installation. It operates as part of a national network, ensuring consistent quality and branding across various applications. Paulaz Enterprises Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18061) on July 15, 2025. In its petition, the Debtor reports total assets of $303,282 and total liabilities of $1,733,834. Honorable Bankruptcy Judge Peter D. Russin handles the case. The Debtors are represented by Chad Van Horn, Esq. at VAN HORN LAW GROUP, PA. PHYSICAL INVESTMENTS: Case Summary & Five Unsecured Creditors ------------------------------------------------------------- Debtor: Physical Investments Inc. 5101 Greenfield Street, SW Roanoke, VA 24018 Business Description: Physical Investments Inc. operates as a real estate lessor. Chapter 11 Petition Date: July 18, 2025 Court: United States Bankruptcy Court Western District of Virginia Case No.: 25-70650 Judge: Hon. Paul M. Black Debtor's Counsel: Andrew S. Goldstein, Esq. MAGEE GOLDSTEIN LASKY & SAYERS, P.C. Post Office Box 404 Roanoke, VA 24003-0404 Tel: (540) 529-1609 Fax: (540) 343-9898 E-mail: agoldstein@mglspc.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Edward A. Toomey, V as CEO and president. 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/UPOGCIA/Physical_Investments_Inc__vawbke-25-70650__0001.0.pdf?mcid=tGE4TAMA PIZZERIA MANAGEMENT: Claims to be Paid from Disposable Income ------------------------------------------------------------- Pizzeria Management III LLC, filed with the U.S. Bankruptcy Court for the Northern District of Ohio a Plan of Reorganization dated June 30, 2025. The Debtor operates a restaurant and tavern at 11110 Kinsman Road in Newbury Ohio. Jason J. Dicks manages the Debtor's restaurant operations, and is the individual owner of a franchise agreement with Zeppe's Tavern Franchise LLC. The Debtor is a limited liability company organized under the laws of the State of Ohio. All of the membership interests in the limited liability company are owned by Jason J. Dicks, who is also a debtor in his own pending Chapter 11 case filed under Chapter 11, Subchapter V of the U.S. Bankruptcy Code in the Bankruptcy Court for this District at Case No. 25-11336. The Debtor obtained order of the Bankruptcy Court permitting it to pay all pre-petition wages in the ordinary course of business, as well as interim and permanent orders to permit the use of cash collateral. The Debtor has operated the business continuously during the pendency of the Case. The Debtor's financial projections prepared by the Debtor show that the Debtor will have total projected disposable income for the 3-year period of $219,695.41 (the "Projected Disposable Income"). The final Plan payment is expected to be paid 36 months after the initial Distribution Date of this Plan or when all Claims have been Allowed. This Plan of Reorganization proposes to pay the Allowed Claims of Creditors from the Disposable Income of the Reorganized Debtor. The Plan provides for one class of priority claims, four classes of secured claims, a class of general unsecured claims, and a convenience class of unsecured claims in allowed amounts under $1500. The Debtor has created the priority claims class as a placeholder, but believes that there are no priority creditors with unpaid claims and the class is therefore empty. Creditors holding allowed secured claims will be paid in full with interest over a period not exceeding three years. Creditors holding allowed unsecured claims will also be paid in full, but without interest, over a period not exceeding three years. Creditors in the unsecured convenience class with claims not exceeding $1500, or general unsecured creditors who elect to reduce their allowed claims to $1500, will be paid in full without interest within 30 days after the Effective Date of the Plan. Class 6 consists of general unsecured claims exceeding $1500. Allowed claims in Class 6 will be each be paid their pro-rata share of the Debtor's disposable income in approximately equal monthly installments, without interest, within the 36-month period beginning with the first calendar month after the Effective Date. Claims classified in Class 6 are impaired and are entitled to vote. Class 7 consists of general unsecured claims in allowed amounts of $1500 or less, or claims which are voluntarily reduced to the allowed amount of $1500. Allowed claims in this class will be paid in full without interest during the first calendar month after the occurrence of the Effective Date. Claims in Class 7 are impaired and entitled to vote. The Plan will be primarily implemented and funded through the revenue of the Reorganized Debtor earned during the Plan Term. Recoveries from the Avoidance Actions, if any, may be used to fund distributions under the Plan. As a part of its reorganization, the Debtor does not contemplate the sale of any assets, however assets may be sold to the extent that it is later determined they are no longer of value to the Reorganized Debtor's business operation or their useful life for the Reorganized Debtor has expired. A full-text copy of the Plan of Reorganization dated June 30, 2025 is available at https://urlcurt.com/u?l=ZpvjfM from PacerMonitor.com at no charge. Counsel to the Debtor: Thomas W. Coffey, Esq. Coffey Law LLC 2430 Tremont Avenue Front Cleveland, OH 44113 Tel: (216) 870-8866 Email: tcoffey@tcoffeylaw.com About Pizzeria Management III Pizzeria Management III, LLC operates a restaurant and tavern at 11110 Kinsman Road in Newbury Ohio. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-11334) on March 31, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. Judge Jessica E Price Smith oversees the case. The Debtor is represented by Thomas W. Coffey, Esq., at Coffey Law, LLC. PLATE RESTAURANT: Section 341(a) Meeting of Creditors on August 25 ------------------------------------------------------------------ On July 18, 2025, Plate Restaurant Group LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Kansas. 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 25,2025 at 10:00 AM at Conf Call by US Trustee. About Plate Restaurant Group LLC Plate Restaurant Group LLC is a Kansas City-based restaurant business. Plate Restaurant Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan.Case No. 25-20996) on July 18, 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 Dale L. Somers handles the case. The Debtor is represented by George J. Thomas, Esq. at Phillips & Thomas, LLC. PRIME CORE: Court Okays Payout Scheme ------------------------------------- Emlyn Cameron of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge has ruled in favor of the administrator overseeing cryptocurrency custodian Prime Core's Chapter 11 wind-down, resolving a dispute over whether the debtor's assets were so commingled with creditor funds that they should all be treated as estate property. The judge also approved a plan to satisfy claims by converting crypto holdings into fiat currency, according to the report. About Prime Core Prime Core Technologies, Inc., was founded in 2016 by Scott Purcell as a trust and custodial services company with respect to fiat currency and other more traditional assets, with its primary product being college savings trusts. Following the emergence and exponential growth of the blockchain and cryptocurrency industry, the Company recalibrated its focus away from providing more traditional fiat currency custodial services and towards providing custodial services for cryptocurrency and other digital assets. Eventually, the Company emerged as a market leader, providing a unique bundle of products and services that remain unparalleled in the industry. Prime Core Technologies, Inc., and three of its affiliates sought Chapter 11 bankruptcy protection (Bankr. D.N.J. Lead Case No. 23-11161) on Aug. 16, 2023. The petitions were signed by Jor Law as interim chief executive officer. The Hon. J. Kate Stickle presides over the Debtors' cases. The Debtors listed $50 million to $100 million in estimated assets and $100 million to $500 million estimated liabilities. McDermott Will & Emery LLP serves as counsel to the Debtors. The Debtors' financial advisor is M3 Advisory Partners, LP; their investment banker is Galaxy Digital Partners LLC; and their claims and noticing agent is Stretto. RED RIVER: Bankruptcy Judge Ordered to Justify Fee Request Bypass ----------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that a Houston judge who dismissed Johnson & Johnson's third bankruptcy attempt to resolve its talc-related mass tort liabilities must explain why the case was closed without ruling on pending creditor committee retention and fee requests. On July 18, 2025, U.S. District Judge Keith P. Ellison ordered Bankruptcy Judge Christopher Lopez to clarify the legal basis and reasoning behind his April decision to bypass unresolved administrative matters in the Chapter 11 case of J&J subsidiary Red River Talc LLC, the report said. 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. RENOVARO INC: Converts $9.7M Debt to Strengthen Balance Sheet ------------------------------------------------------------- Renovaro Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into an Exchange Agreement with certain accredited investors, all of whom are existing shareholders of the Company. Pursuant to the Exchange Agreement, the Investors agreed to exchange an aggregate of $9.7 million in outstanding secured promissory notes for $16.1 million in new convertible promissory notes, representing a 65% premium to the principal and interest amount of the Secured Notes. The Convertible Notes mature on July 31, 2025 and do not bear any interest. The exchange was completed to restructure the Company's debt obligations and provide additional flexibility to support strategic initiatives. Immediately following the issuance of the Convertible Notes on July 7, 2025, the Investors elected to convert the entire $16.1 million principle amount into an aggregate of 53.6 million shares of common stock (the "Conversion Shares"), based on the stated $0.30 per share conversion price. The $0.30 per share conversion price of the Convertible Notes represented a premium to the closing price of the Company's common stock on July 7, 2025, the date of execution and conversion. As a result, the issuance of the 53.6 million shares of common stock upon conversion of the Convertible Notes did not constitute a "below market" issuance under applicable Nasdaq listing rules and did not trigger stockholder approval requirements under Nasdaq Listing Rule 5635(d). The shares were issued without any additional consideration from the Investors. This strategic move significantly enhances Renovaro's balance sheet by reducing outstanding debt and interest obligations, positioning the company for greater financial flexibility and long-term growth. The company has also launched a targeted cost-saving program aimed at improving operational efficiency and preserving capital to support its innovation roadmap. "The decision by senior debt holders to convert into equity reflects a strong vote of confidence in Renovaro's vision and trajectory," said David Weinstein, Chief Executive Officer of Renovaro. "By fortifying our financial foundation, we are better positioned to accelerate our AI-driven drug discovery and diagnostic platforms that have the potential to transform patient care." The debt conversion initiative, combined with internal cost optimizations, strengthens Renovaro's ability to invest in its proprietary technology stack and scale partnerships in the life sciences and defense sectors. The company remains committed to executing on its strategic objectives and delivering long-term value to shareholders. As a result of the transactions, the Company: (i) eliminated $9.7 million of secured indebtedness, (ii) issued $16.1 million in Convertible Notes to the same holders, and (iii) issued 53.6 million shares of common stock upon full conversion of such Convertible Notes. The shares of common stock was issued on or before July 11, 2025 and no cash will be issued for any fractional shares. The transactions did not involve any cash proceeds to the Company. The Forms of Exchange Agreement, Convertible Note, and Conversion Notice, are attached as Exhibits 99.1, 99.2 and 99.3 to the Report on Form 8-K, available at https://tinyurl.com/tpk5zmd4 About Renovaro Inc. Headquartered in Los Angeles, Calif., Renovaro Inc. -- http://www.renovarobio.com-- formerly Renovaro BioSciences Inc., is a biotechnology company intending, if the necessary funding is obtained, to develop advanced allogeneic cell and gene therapies to promote stronger immune system responses potentially for long-term or life-long cancer remission in some of the deadliest cancers, and potentially to treat or cure serious infectious diseases such as Human Immunodeficiency Virus (HIV) infections. As a result of the Company's acquisition of GEDi Cube Intl on Feb. 13, 2024, the Company has shifted the Company's primary focus and resources to the development of the GEDi Cube Intl technologies. Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2018, issued a "going concern" qualification in its report dated Oct. 10, 2024, citing that the Company has incurred substantial recurring losses from operations, has used cash in the Company's continuing operations, and is dependent on additional financing to fund operations which raises substantial doubt about its ability to continue as a going concern. As of December 31, 2024, Renovaro had $111,340,272 in total assets, $29,280,954 in total liabilities, and total stockholders' equity of $82,059,318. SAINT PAULS: Seeks Chapter 11 Bankruptcy in New York ---------------------------------------------------- On July 18, 2025, Saint Pauls Jersey 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 Saint Pauls Jersey LLC Saint Pauls Jersey LLC owns and leases real estate property at 7 Saint Pauls Ave in Jersey City, New Jersey. Saint Pauls Jersey LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43414) on July 18, 2025. In its petition, the Debtor reports estimate assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Brett Silverman, Esq., at SILVERMAN LAW PLLC. SAVAGE ENTERPRISES: S&P Rates New $835MM Secured Term Loan B 'BB-' ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB-' issue-level rating and '3' recovery rating to Savage Enterprises LLC's (BB-/Stable/--) proposed $835 million senior secured term loan B due 2032. The '3' recovery rating indicates its expectations for average (50% - 70%) recovery in the event of a payment default with an unchanged 50% rounded estimate of recovery after raising our estimate of enterprise value at emergence for the recent acquisition of Ceres and completion of the company's greenfield soybean crush facility. At the same time, S&P affirmed its 'B' issue level and '3' recovery rating on the company's existing senior secured $1.24 billion term loan B maturing September 15, 2028, which will be withdrawn at the close of the proposed refinancing. Savage will use the proceeds from the proposed term loan B, along with a new senior secured $600 million CoBank agriculture note (not rated), to refinance its existing term loan B facility ($1,232 million outstanding), repay the $170 million outstanding balance on its asset-based lending (ABL) facility (which it drew to fund its acquisition of Ceres Global Ag Corp. on July 7, 2025), and add cash to its balance sheet. Prior to the acquisition, the company's ABL facility was undrawn. The proposed term loan B has substantially the same terms as the existing term loan B, and the new agriculture note will rank pari passu with the proposed debt. Additionally, Savage extended and upsized its ABL facility to $750 million from $650 million, now expiring in July 2030. S&P said, "Our 'BB-' issuer credit rating on Savage is unchanged. The transaction is largely leverage neutral, resulting in pro forma leverage of 3.8x, which compares with Savage's leverage of 4.3x for the 12 months ended March 31, 2025. Despite the $200 million increase in its amount of outstanding senior secured debt, the company largely repaid its outstanding ABL borrowings using a recent $100 million equity capital injection from minority investor Redwood Capital. Moreover, Savage's recent acquisitions and greenfield capital expenditure (capex) projects will provide it with incremental pro forma EBITDA. The acquisition of Ceres strengthens the company's U.S. and Mexico agricultural business and will provide Savage with modest synergies as it leverages Ceres' assets using its advantaged scale, infrastructure network, and rail relationships. The new crush plant will likely also add $40 million-$70 million of annual incremental EBITDA depending on crush margin conditions, which should improve industry-wide due to the recent biofuel renewable volume obligations set by the EPA. The outlook remains stable, reflecting our expectation that Savage will prioritize the operating execution of its recent investments, leading to S&P Global Ratings-adjusted leverage around 3.6x by fiscal year end 2025." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors The company's pro forma capital structure will comprise: -- A $750 million ABL facility expiring July 1, 2030; -- An $835 million senior secured term loan B maturing in August 2032; -- $600 million of senior secured agriculture notes maturing August 2030 (not rated); and -- $7 million of other senior unsecured debt maturing in May 2034. Simulated default assumptions -- S&P said, "Our simulated default scenario contemplates a default occurring in the first half of 2029 due to the loss of key customers and severe competitive pressures in the company's commodity end markets, like crude oil, coal, and agricultural commodities. These factors lead to a significant deterioration in Savages' EBITDA and cash flow, leading to a payment default. We have increased our simulated default valuation to incorporate the company's acquisition of Ceres and completion of Project Crush." -- S&P said, "We assume Savage would continue to operate as a going concern and arrive at our emergence enterprise valuation by applying a 5.5x multiple to our projected emergence EBITDA. The multiple is in line with those we use for other U.S.-based business and consumer services issuers." -- Year of default: 2029 -- Debt service assumptions: $108 million (assumed default year interest and amortization) -- Minimum capex assumptions: $115 million -- Default EBITDA proxy: $223 million -- Cyclicality adjustment: $11 million (5% of default EBITDA proxy) -- EBITDA at emergence: $234 million -- EBITDA multiple: 5.5x -- Gross enterprise value: $1.28 billion Simplified waterfall -- Emergence EBITDA: $234 million -- Multiple: 5.5x -- Gross recovery value: $1.28 billion -- Net recovery value for waterfall after admin. expenses (5%): $1.22 billion -- Obligor/nonobligor valuation split: 100%/0% -- Estimated priority claims: $459 million -- Total collateral value available to secured debt: $765 million -- Total secured debt: $1.42 billion --Recovery expectations: 50%-70% (rounded estimate: 50%) Note: All debt amounts include six months of prepetition interest. SENOIA DRUG: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Senoia Drug Co Inc. d/b/a Grantville Pharmacy d/b/a Hazelton Pharmacy 7285 Hwy 16 East, Suite A Senoia, GA 30276 Business Description: Senoia Drug Co. Inc. operates a full-service retail pharmacy in Senoia, Georgia. The Company provides prescription medications, compounding services, immunizations, medication therapy management, durable medical equipment. It also offers local delivery and digital refill services through a mobile app. Chapter 11 Petition Date: July 21, 2025 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 25-11060 Debtor's Counsel: Bethany Strain, Esq. JONES & WALDEN LLC 699 Piedmont Avenue NE Atlanta, GA 30308 Tel: 404-564-9300 Fax: 404-564-9301 E-mail: bstrain@joneswalden.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by J. Bryan Hazelton as CEO. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/EF6RZ6I/Senoia_Drug_Co_Inc__ganbke-25-11060__0001.0.pdf?mcid=tGE4TAMA SEVEN GENERATIONS CHARTER SCHOOL: S&P Affirms 'BB' Rev Bond Rating ------------------------------------------------------------------ S&P Global Ratings affirmed its 'BB' long-term rating on Lehigh County Industrial Development Authority, Pa.'s series 2021A (tax-exempt) charter school revenue bonds, issued for Seven Generations Charter School (SGCS). The outlook is stable. S&P analyzed the school's environmental, social, and governance factors and consider them neutral in its credit rating analysis. S&P said, "The stable outlook reflects our expectation that SGCS will continue growing enrollment to its full capacity over the next year. We anticipate that the school will generate positive operations sustaining at least 1x MADS coverage and DCOH in line with the current range. We do not expect SGCS to issue additional debt during our outlook period. "We could lower the rating if SGCS does not meet its enrollment goals or if its operating margins, MADS coverage, or liquidity declined to levels no longer consistent with the current rating. "We could raise the rating if SGCS can grow its enrollment closer to capacity while increasing DCOH to offset risks associated with its size. A sustained trend of improved lease-adjusted MADS coverage and moderating debt could also support consideration of a higher rating." SISKIYOU PARTNERS: L. Todd Budgen Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 21 appointed L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., as Subchapter V trustee for Siskiyou Partners, LLLP. Mr. Budgen will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Budgen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: L. Todd Budgen, Esq. P.O. Box 520546 Longwood, FL 32752 Tel: (407) 232-9118 Email: Todd@C11Trustee.com About Siskiyou Partners Siskiyou Partners, LLLP sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04312) on July 11, 2025, with $500,001 to $1 million in assets and liabilities. Judge Lori V. Vaughan presides over the case. Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP represents the Debtor as legal counsel. SISKIYOU PARTNERS: Seeks to Hire Latham Luna Eden as Counsel ------------------------------------------------------------ Siskiyou Partners, LLLP seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Latham, Luna, Eden & Beaudine, LLP as bankruptcy counsel. The firm will render these services: (a) advise the Debtor of its rights and duties in this case; (b) prepare pleadings related to this case; and (c) take any and all other necessary action incident to the proper preservation and administration of this estate. The firm will be paid at these rates: Attorneys $550 per hour Paralegals $125 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Prior to the commencement of the bankruptcy case, the Debtor paid an advance fee of $11,738 for services and expenses to be incurred in connection with creditor negotiations, litigation, preparation of the bankruptcy filing prior to the Chapter 11 Bankruptcy filing. Latham Luna received $3,325.50 on a current basis, for services rendered and costs incurred prior to commencement of this case, including the preparation of the petition for reorganization under Chapter 11 of the Code and all related initial pleadings filed in this case, and prepetition expenses in this case, including the filing fee for the voluntary petition. Mr. Velasquez disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Daniel A. Velasquez, Esq. Latham, Luna, Eden & Beaudine, LLP 201 S. Orange Ave., Suite 1400 Orlando, FL 32801 Telephone: (407) 481-5800 Facsimile: (407) 481-5801 Email: dvelasquez@lathamluna.com About Siskiyou Partners, LLLP Siskiyou Partners, LLLP, filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 6:25-bk-04312) on July 11, 2025. The Debtor hires Latham, Luna, Eden & Beaudine, LLP as bankruptcy counsel. STANDARD BUILDING: Fitch Rates $500MM Unsecured Notes Due 2033 'BB' ------------------------------------------------------------------- Fitch Ratings has assigned a 'BB' rating and Recovery Rating of 'RR4' to Standard Building Solutions Inc.'s offering of $500 million senior unsecured notes due 2033. The notes will rank pari passu with the company's other senior unsecured debt. The company intends to use the proceeds from the notes issuance to fund the partial redemption of its 5% senior unsecured notes due 2027. Standard's ratings reflect the company's leading market positions within its business segments, high exposure to relatively less-cyclical repair and replacement end markets, robust liquidity position, and strong EBITDA and FCF generation. Long-term risk factors include its modest leverage, volatile raw materials costs, the cyclicality of the company's new construction end markets and its history of occasionally making sizable distributions to its parent. Key Rating Drivers Leadership Position: Fitch believes Standard's leading market position and meaningful market share drives pricing power and provide advantages in terms of shelf space allocation within distribution channels. This is reflected in EBITDA margins that are comparable to investment-grade building products peers and relatively stable margins even during periods of inflationary input costs. Standard is the No. 1 manufacturer of residential roofing products and a leader in commercial roofing products in North America, as well as the leading manufacturer of flat and pitched roofing systems in Europe. Stable Demand Environment: Fitch forecasts a relatively stable operating environment for Standard despite subdued new residential and repair and replacement activity in the U.S. and Europe. Fitch expects Standard's revenue to be flat to slightly higher in 2025, driven primarily by higher selling prices and relatively stable reroofing activity. Fitch's rating case forecast assumes low-single digit revenue growth in 2026. Activity in Europe is expected to remain subdued longer due to relatively greater economic uncertainty in the region. U.S. roofing volumes could benefit from the glut of homes built in the early-2000s near the end of a typical 20-year useful life. However, there is a risk that some of this demand was pulled forward in the last few years. Steady Credit Metrics: Standard's Fitch-calculated EBITDA leverage remained stable at 3.9x for the LTM ending March 30, 2025 compared with 3.7x at YE 2024 and 3.8x at YE 2023. The proposed notes issuance is leverage neutral as proceeds will be used to pay down debt. Fitch projects EBITDA leverage to remain between 3.7x-4.0x in the next few years and for the company to operate with EBITDA leverage around 4.0x longer term. Standard operates with EBITDA leverage that is high for a 'BB' rated building products manufacturer, but appropriate given its strong business profile and strong pre-dividend free cash flow (FCF). Strong Profitability: Fitch projects EBITDA margin will decline modestly to around 20% in 2025 compared with 21%-22% in 2023 and 2024 due to higher input costs. Fitch does not expect a meaningful impact from tariffs, as Standard generally sources materials locally, although some inputs are imported from other countries. The company's EBITDA margin is strong for its 'BB' IDR and in line with investment-grade U.S. building products peers. Cash Flow: Fitch expects FCF before dividends will be 1.5%-2.5% in 2025 and 3.5%-4.5% in 2026, down from the mid-single digit FCF margin reported in 2023 and 2024, as capex is forecast to be elevated this year to support capacity expansion plans. FCF after dividends can at times be erratic, depending on dividend payments to its parent, Standard Industries Inc. Standard made dividend payments in 2021 and 2022 and Fitch's rating case forecast assumes dividend payments during the forecast period, which could lead to flat to negative FCF. Fitch believes Standard's capital allocation policies are appropriate given its strong liquidity position and cash flow from operations. Standard Industries Ownership: Standard Industries Inc. is a privately-held holding company that owns Standard Building Solutions Inc. and W.R Grace & Co., a specialty chemicals and materials producer. In 2021, Standard used cash and $2.5 billion of incremental debt to fund a $3.1 billion cash dividend to its parent for the Grace acquisition. Although Fitch does not expect Standard to regularly pay significant dividends to Standard Industries, uncommon circumstances, such as additional acquisitions by the parent, may require the upstream of meaningful dividends from Standard, which could temporarily weaken its credit profile. Diverse Sources of Revenues: Fitch views Standard's end-market exposure as a credit positive, as roofing repair and replacement is largely nondiscretionary and less volatile than new construction through the cycle, providing stability to margins and cash flows. The company's products are sold primarily to the residential and commercial end markets in the U.S. and Europe, providing Standard with exposure to sectors that typically have different cycle times. Fitch estimates that about 75% of Standard's sales are derived from repair and replacement-driven demand, with the balance from new construction activity. Balanced Growth Strategy: Fitch views Standard's growth strategy as a credit positive, as the company has balanced organic and inorganic growth. Standard has made bolt-on and transformational acquisitions, as well as significant capital investments to fuel organic growth. Fitch expects capex to remain elevated in 2025 as the company continues to invest in increasing its manufacturing capacity and enhancing its product offering. Peer Analysis Standard's leverage metrics are meaningfully weaker than investment-grade building products peers, including Owens Corning (BBB+/Stable), RPM International Inc. (RPM; BBB/Stable) and James Hardie International Group Ltd. (BBB/Negative). The company has a less diverse product portfolio than Owens Corning and RPM but has less exposure to more volatile new construction end markets than these peers. The company's profitability metrics are in line with Owens Corning's and stronger than RPM's. Key Assumptions - Revenues are flat to slightly higher in 2025 and improve low-single digits in 2026; - EBITDA margin sustains between 19.5% and 20.5% in 2025 and 2026; - FCF margin excluding distributions of 1.5%-2.5% in 2025 and 3.5%-4.5% in 2026; - EBITDA leverage around 4x at YE 2025 and YE 2026; - (CFO-capex)/debt of 5%-6% in 2025 and 6%-7% in 2026. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fitch's expectation that EBITDA leverage will be sustained above 4.5x or EBITDA net leverage will be sustained above 4.0x; - (CFO - capex)/debt sustained below 7.5%; - Shareholder-friendly capital allocation during a construction downturn or period of economic distress. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch's expectation that EBITDA leverage will be sustained below 3.8x; - (CFO - capex)/debt sustained above 10%. Liquidity and Debt Structure Standard has a strong liquidity position, supported by $1.15 billion of cash as of March 30, 2025, no borrowings under the company's $850 million asset-based lending (ABL) facility that matures in November 2028 and FCF-generating ability. The company's debt is well laddered, with the next major maturity in November 2026, when EUR800 million of senior notes come due. The company has $850 million of senior notes coming due in 2027 and $1.5 billion of senior notes and term loan maturing in 2028. The proposed notes issuance partially addresses its 2027 maturity. Fitch's rating case assumes that the company refinances its debt as they mature. Issuer Profile Standard Building Solutions is one of the largest manufacturers of residential and commercial roofing in the U.S. and the leading manufacturer of flat and pitched roofing systems in Europe. Standard also manufactures waterproofing products, insulation products, aggregates, specialty construction and other products. Date of Relevant Committee 08 May 2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Standard Building Solutions Inc. senior unsecured LT BB New Rating RR4 STONE BRIDGE: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- Stone Bridge Brewing Company received interim approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to use cash collateral. The court's interim order authorized the Debtor to use up to $151,727 in cash collateral pursuant to its budget until further order. The pre-bankruptcy liens of any creditor with an interest in the cash collateral will continue post-petition but such liens must not be greater post-petition than the value of their liens at the inception of the Chapter 11 case. Replacement liens will be granted solely to the extent of any diminution in the lenders' interests in the pre-bankruptcy collateral. These replacement liens do not apply to any Chapter 5 causes of action and recoveries from any claims under Section 506(c) of the Bankruptcy Code A final hearing is set for August 26. The Debtor operates as a brewery and runs two restaurants located in Johnstown and Greensburg, Pennsylvania. To proceed with its reorganization, the Debtor said it must use available cash collateral to fund its ongoing operations, including paying necessary expenses. Two UCC Financing Statements have been filed with the State of Pennsylvania, potentially affecting the Debtor's cash collateral. One was filed by Corporation Service Company as Representative on November 28, 2022, but the actual secured creditor is not identified, making it impossible to determine who holds that lien. The second UCC filing, made on December 29, 2022, by CFS CAP, LLC, claims a blanket lien on all of the Debtor's lienable assets. Due to the lack of clarity regarding lien priority, the Debtor has listed and will serve all parties that might have an interest in the cash collateral, including service agents identified in the filings. About Stone Bridge Brewing Company Stone Bridge Brewing Company operates a microbrewery, taproom, and restaurant in Johnstown, Pennsylvania. It offers house-brewed beers, a full-service kitchen underthe name The Craft Kitchen, and a wine bar known as The Wine Loft on Franklin. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-70290) on July 15, 2025. In the petition signed by Jeremy J. Shearer, member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Christopher M. Frye, Esq. at STEIDL & STEINBERG, P.C., represents the Debtor as legal counsel. SYSOREX GOVERNMENT: Has Court OK to Hire Cullen & Dykman as Counsel ------------------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that on Monday, July 21, 2025, a New York bankruptcy judge approved Sysorex Government Services Inc.’s request to retain Cullen and Dykman LLP as bankruptcy counsel and move forward with an $8.5 million sale of its business as part of its Chapter 11 liquidation plan. About Sysorex Government Services Inc. Sysorex Government Services, Inc. is a government IT solutions provider in Herndon, Va. Sysorex filed Chapter 11 petition (Bankr. S.D. N.Y. Case No. 25-10920) on May 5, 2025, listing up to $10 million in assets and up to $50 million in liabilities. A. Zaman Khan, president of Sysorex, signed the petition. Judge John P. Mastando III oversees the case. Ralph E. Preite, Esq., at Cullen and Dykman LLP, represents the Debtor as legal counsel. TALLMAN PARK: Fitch Assigns 'BB-sf' Rating on Class E-R Notes ------------------------------------------------------------- Fitch Ratings has assigned ratings and Rating Outlooks to the Tallman Park CLO, Ltd. reset transaction. Entity/Debt Rating Prior ----------- ------ ----- Tallman Park CLO, Ltd. X-R LT NRsf New Rating NR(EXP)sf A-1-R LT NRsf New Rating NR(EXP)sf A-2-R LT AAAsf New Rating AAA(EXP)sf B-R LT AAsf New Rating AA(EXP)sf C-R LT Asf New Rating A(EXP)sf D-1-R LT BBB-sf New Rating BBB-(EXP)sf D-2-R LT BBB-sf New Rating BBB-(EXP)sf E-R LT BB-sf New Rating BB-(EXP)sf Transaction Summary Tallman Park CLO, Ltd. (the issuer) is an arbitrage cash flow collateralized loan obligation (CLO) managed by Blackstone CLO Management LLC that original closed on May 28, 2021. This is the first refinancing where the existing secured notes will be refinanced in whole on July 17, 2025. Net proceeds from the issuance of the secured and subordinated notes will provide financing on a portfolio of approximately $400 million of primarily first-lien senior secured leveraged loans. KEY RATING DRIVERS Asset Credit Quality: The average credit quality of the indicative portfolio is 'B+'/'B', which is in line with that of recent CLOs. The weighted average rating factor (WARF) of the indicative portfolio is 23.17 and will be managed to a WARF covenant from a Fitch test matrix. Issuers rated in the 'B' rating category denote a highly speculative credit quality; however, the notes benefit from appropriate credit enhancement and standard U.S. CLO structural features. Asset Security: The indicative portfolio consists of 95.9% first lien senior secured loans. The weighted average recovery rate (WARR) of the indicative portfolio is 74.33% and will be managed to a WARR covenant from a Fitch test matrix. Portfolio Composition: The largest three industries may comprise up to 47% of the portfolio balance in aggregate while the top five obligors can represent up to 12.5% of the portfolio balance in aggregate. The level of diversity resulting from the industry, obligor and geographic concentrations is in line with that of other recent CLOs. Portfolio Management: The transaction has a five-year reinvestment period and reinvestment criteria similar to other CLOs. Fitch's analysis was based on a stressed portfolio created by adjusting the indicative portfolio to reflect permissible concentration limits and collateral quality test levels. Cash Flow Analysis: Fitch used a customized proprietary cash flow model to replicate the principal and interest waterfalls and assess the effectiveness of various structural features of the transaction. In Fitch's stress scenarios, the rated notes can withstand default and recovery assumptions consistent with their assigned ratings. The weighted average life (WAL) used for the transaction stress portfolio is 12 months less than the WAL covenant to account for structural and reinvestment conditions after the reinvestment period. In Fitch's opinion, these conditions would reduce the effective risk horizon of the portfolio during stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Variability in key model assumptions, such as decreases in recovery rates and increases in default rates, could result in a downgrade. Fitch evaluated the notes' sensitivity to potential changes in such metrics; the results under these sensitivity scenarios are as severe as between 'BBB+sf' and 'AA+sf' for class A-2-R notes, between 'BB+sf' and 'A+sf' for class B-R notes, between 'B+sf' and 'BBB+sf' for class C-R notes, between less than 'B-sf' and 'BB+sf' for class D-1-R notes, between less than 'B-sf' and 'BB+sf' for class D-2-R notes, and between less than 'B-sf' and 'B+sf' for class E-R notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrade scenarios are not applicable to the class A-2-R notes as these notes are in the highest rating category of 'AAAsf'. Variability in key model assumptions, such as increases in recovery rates and decreases in default rates, could result in an upgrade. Fitch evaluated the notes' sensitivity to potential changes in such metrics; the minimum rating results under these sensitivity scenarios are 'AAAsf' for class B-R notes, 'AAsf' for class C-R notes, 'Asf' for class D-1-R notes, 'A-sf' for class D-2-R notes, and 'BBBsf' for class E-R notes. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY The majority of the underlying assets or risk-presenting entities have ratings or credit opinions from Fitch and/or other nationally recognized statistical rating organizations and/or European Securities and Markets Authority-registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information. Overall, Fitch's assessment of the asset pool information relied upon for its rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. Date of Relevant Committee July 11, 2025 ESG Considerations Fitch does not provide ESG relevance scores for Tallman Park CLO, Ltd. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, program, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. TEAM HEALTH: S&P Rates New Senior Secured Debt 'B-' --------------------------------------------------- S&P Global Ratings assigned its 'B-' issue-level rating to Team Health Holding Inc.'s proposed senior secured debt, comprising $800 million of new senior secured notes due 2028 and $580 million of senior secured term loan due 2028. S&P expects the refinancing will be leverage neutral, with an immaterial increase to its interest burden, and it effectively extends its maturities to March 2028. The maturity extension more than offsets any incremental risk from higher interest costs, and S&P continues to expect the company will use the additional runway from this transaction to pursue a comprehensive refinancing into a more traditional capital structure. As the company's performance also continues to improve, S&P continues to expect positive and growing free operating cash flow (FOCF) in 2025 and 2026. The improving performance and maturity extension gives us increasing confidence that the company will be able to execute a comprehensive refinancing over the next two to three years, which supports the 'B-' issuer credit rating. Issue Ratings--Recovery Analysis Key analytical factors -- Team Health's capital structure comprises a $250 million revolving credit facility due March 2028, a $550 million accounts receivable (AR) securitization facility due November 2026, a $580 million of proposed senior secured term loan due 2028, $800 million of proposed senior secured notes due 2028, $1.151 billion of first-lien senior secured notes due June 2028, and $153 million of second-lien secured notes due January 2029. -- The AR securitization facility has a priority claim on nearly all the company's AR. -- The first-lien senior secured notes due 2028 and the revolving credit facility have a first-lien priority claim on the residual value of the AR pledged to support the AR facility after the claims related to the AR securitization facility. These tranches of secured debt also have a first-lien priority claim on the company's revenue cycle management (RCM) subsidiary. -- The proposed senior secured term loan and notes due 2028 ranks pari passu with the other first-lien senior secured debt on all other collateral outside of the AR and RCM subsidiary. -- The second-lien secured debt has a secondary claim on any residual AR value and the revenue cycle management (RCM) subsidiary and ranks senior to the term loan in terms of that collateral. It also has a second-lien claim on the remaining collateral and ranks junior to all other debt in terms of the remaining collateral. -- S&P's '4' recovery rating on the company's senior secured term loan indicates our expectation of average (30%-50%; rounded estimate: 30%) recovery. -- For S&P's recovery analysis, it assumes the cash flow revolver is 85% drawn and the AR securitization facility is 100% drawn; mandatory principal amortization is made, up to the default year; and six months of accrued and unpaid interest on funded debt. Simulated default assumptions -- S&P's simulated default scenario contemplates a default in 2027, stemming from higher-than-expected labor costs and reimbursement declines. -- S&P anticipates a payment default when cash flows and liquidity fall below sufficient levels to cover the company's fixed-charge obligations, including debt service requirements and minimum capital expenditures. -- Given the company's strong reputation and brand recognition, S&P believes it would likely reorganize rather than liquidate in the event of a default. Consequently, it used an enterprise value methodology to assess its recovery prospects. -- S&P valued the company on a going-concern basis using a 5.5x multiple of its projected emergence EBITDA, which is consistent with the multiples S&P uses for similar companies. -- Emergence EBITDA: $389 million. Simplified waterfall -- Net enterprise value (after 5% administrative costs): $2 billion -- Value of receivables at default: $636 million -- Estimated AR securitization claim: $566 million -- Residual AR value available: $70 million -- Value of RCM subsidiary at default: $391 million -- Value of total collateral carved out for priority debt at default: $479 million -- Remaining collateral available to all senior secured debt: $986 million -- Total senior secured debt claims: $2.9 billion* --Recovery expectations: 30%-50%, rounded estimate: 30% *All debt amounts include six months of prepetition interest. TJ TRUCKING: Patricia Fugee Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Regions 3 and 9 appointed Patricia Fugee of FisherBroyles, LLP as Subchapter V trustee for TJ Trucking Enterprises, LLC. Ms. Fugee will be paid an hourly fee of $365 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Fugee declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Patricia B. Fugee FisherBroyles, LLP 27100 Oakmead Drive #306 Perrysburg, OH 43551 Phone: (419) 874-6859 Email: Patricia.Fugee@FisherBroyles.com About TJ Trucking Enterprises TJ Trucking Enterprises, LLC operates long-distance freight transportation services using a fleet of heavy-duty trucks, including Freightliner Cascadia, Mack Anthem, and Volvo VNL860 models. The Company provides over-the-road logistics across the United States and is based in Toledo, Ohio. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-31433) on July 15, 2025, with $999,526 in assets and $1,782,373 in liabilities. Timothy Bennor, managing member, signed the petition. Judge John P. Gustafson presides over the case. Eric R. Neuman, Esq., at Diller and Rice, LLC represents the Debtor as legal counsel. TOP MOBILITY: Gets Interim OK to Use Cash Collateral Until Aug. 7 ----------------------------------------------------------------- Top Mobility Scooters, Inc. received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral pending further hearing on August 7. The court's order authorized the Debtor's interim use of cash collateral to use cash collateral to pay the amounts expressly authorized by the court, including payments to the Subchapter V trustee; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by secured creditor, BankUnited, N.A. Each creditor with a security interest in cash collateral will have a perfected post-petition lien on the cash collateral to the same extent and with the same validity and priority as its pre-bankruptcy lien. As additional protection, the Debtor must maintain insurance as per loan and security agreements with its secured creditors. The next hearing is set for August 7. BankUnited holds a claim of roughly $1.5 million, which stemmed from its loan agreement with the Debtor. The loan agreement contained a commercial security agreement, granting the secured creditor an interest in inventory, chattel paper, accounts, and proceeds. Given the size of BankUnited's claim, this greatly exceeds the amount of the Debtor's cash collateral so all junior interests would be entirely unsecured. About Top Mobility Scooters Inc. Top Mobility Scooters Inc. is a company specializing in mobility scooters and related equipment for individuals with mobility limitations. Based in Hudson, Florida, the company operates through its website www.topmobility.com and appears to provide healthcare-related mobility solutions in the 'Other Healthcare Services' industry category. Top Mobility Scooters sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04323) on June 26, 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 Roberta A. Colton handles the case. Michael A. Stavros, Esq., at Jennis Morse is the Debtor's legal counsel. BankUnited, N.A., as secured creditor, is represented by: George L. Zinkler, III, Esq. 101 Northeast Third Avenue, Suite 1800 Fort Lauderdale, FL 33301 Telephone (954) 462-8000 Facsimile (954) 462-4300 gzinkler@loriumlaw.com VAUGHN COLLEGE: S&P Places 'B+' Revenue Bonds Rating on Watch Neg. ------------------------------------------------------------------ S&P Global Ratings placed its 'B+' long-term rating on Dormitory Authority of the State of New York's series 2016A revenue bonds, issued for Vaughn College of Aeronautics and Technology (VCAT) on CreditWatch with negative implications. The CreditWatch placement reflects S&P's view of the lack of timely and sufficient information to maintain the ratings. If the college provides us with requested information within 30 days, we will conduct a full review and take a rating action within 90 days of the CreditWatch placement. VILLAGES HEALTH: UnitedHealth Flags Possible Conflicts in Ch. 11 ---------------------------------------------------------------- James Nani of Bloomberg Law reports that UnitedHealthcare Insurance Co. is challenging Villages Health System LLC's proposed asset sale, citing concerns over potential conflicts of interest and the company's alleged failure to pursue higher offers. In a Monday, July 21, 2025, objection filed in the U.S. Bankruptcy Court for the Middle District of Florida, UnitedHealthcare said the $50 million sale to lead bidder CenterWell Senior Primary Care (Vitality) Inc., a Humana Inc. unit, "raises every possible red flag." About The Villages Health System LLC The Villages Health System, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 6:25-bk-04156) on July 3, 2025. In the petition signed by Neil F. Luria, chief restructuring officer, the Debtor disclosed listed between $50 million and $100 million in assets and between $100 million and $500 million in liabilities. Judge Lori V. Vaughan oversees the case. Elizabeth A. Green, Esq., at Baker & Hostetler, LLP, represents the Debtor as legal counsel. VMR CONTRACTORS: Court Extends Cash Collateral Access to Aug. 11 ---------------------------------------------------------------- VMR Contractors Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division to use cash collateral. The order authorized the Debtor to use cash collateral through August 11 in accordance with its budget and the terms of the order entered on March 1, 2023. The budget shows total expenses of $488,000 for the period ending September 8. These expenses include payroll, payroll taxes, steel purchases, office supplies, union benefits, and other expenses. The next hearing is scheduled for August 11. As previously reported, several entities may claim an interest in the Debtor's cash collateral. Those potential claimants are: 1. State of Illinois, which recorded state tax liens on April 28 and June 14, 2022, in the total amount of $32,346. 2. Internal Revenue Service, which recorded federal tax liens with the Illinois Secretary of State, including a lien November 16, 2016, in the amount of $424,956. Other tax liens also have been recorded; the IRS has asserted it is owed $819,234. The Debtor disputes a large portion of this amount, including an obligation from 2015 of $560,027, which appears to be clearly erroneous because it is wholly disproportionate to the Debtor's operations. 3. Old National Bank, whose predecessor, Bridgeview Bank Group, filed on August 1, 2018, a financing statement with the Illinois Secretary of State as document number 023614561. The amount owed to Old National is approximately $160,633. About VMR Contractors VMR Contractors, Inc. is in the business of supplying and installing rebar for road construction projects. VMR Contractors sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 22-14211) on Dec. 8, 2022, with $500,001 to $1 million in assets and $1 million to $10 million in liabilities. Vincent Roberson, president of VMR Contractors, signed the petition. Judge Benjamin Goldgar oversees the case. The Debtor is represented by William J. Factor, Esq., at The Law Office of William J. Factor, Ltd. WAG! GROUP: Case Summary & 30 Largest Unsecured Creditors --------------------------------------------------------- Lead Debtor: Wag! Group Co. CHW Acquisition Corporation 2261 Market Street Suite 86056 San Francisco, California 94114 Business Description: Wag! Group Co. provides pet care services and products through a proprietary technology platform and a network of online properties. Operating in approximately 5,300 U.S. cities, the Company connects pet owners with independent caregivers, pet experts, and service partners. Its offerings span dog walking, pet wellness, food and treats, and pet apparel. Chapter 11 Petition Date: July 21, 2025 Court: United States Bankruptcy Court District of Delaware Seven affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Wag! Group Co. (Lead Debtor) 25-11358 Compare Pet Insurances Services, Inc. 25-11362 Furmacy, Inc. 25-11364 Pawsome, LLC 25-11361 Wag Labs, Inc. 25-11359 Wag Wellness, LLC 25-11360 We Compare, Inc. 25-11363 Judge: Hon. Thomas M Horan Debtors' Bankruptcy Counsel: Michael R. Nestor, Esq. Kara Hammond Coyle, Esq. Shella Borovinskaya, Esq. Kristin L. McElroy, Esq. Brynna M. Gaffney, Esq. Sarah Gawrysiak, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square 1000 North King Street Wilmington, Delaware 19801 Tel: (302) 571-6600 Fax: (302) 571-1253 Email: mnestor@ycst.com kcoyle@ycst.com sborovinskaya@ycst.com kmcelroy@ycst.com bgaffney@ycst.com sgawrysiak@ycst.com Debtors' Restructuring Officer: TRIPLE P TRS, LLC Debtors' Notice, Claims, Solicitation and Balloting Agent and Administrative Advisor: EPIQ CORPORATE RESTRUCTURING, LLC Total Assets as of Dec. 31, 2024: $29,438,000 Total Debts as of Dec. 31, 2024: $29,927,000 The petitions were signed by Alec Davidian as authorized signatory. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XOUBHDI/Wag_Group_Co__debke-25-11358__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Marketplace Operations, Inc. Litigation Undetermined 100 Wilshire Blvd., Suite 700 Santa Monica, CA 90401 Contact: Derek Newman Phone: (310) 359 8200 Email: dn@newmanlaw.com 2. Pets Best Insurance Services, LLC Prepayment $2,537,820 11333 North Scottsdale Road 160 Scottsdale, AZ 85254 Contact: Donna Cejalvo Email: dcejalvo@petsbest.com 3. Spot Pet Insurance Services, LLC Prepayment $981,375 303 Banyan Blvd. Suite 101 West Palm Beach, FL 33401 Contact: Joe Tofilon Email: joe@spotpet.com 4. Nerdwallet, Inc Trade $815,100 55 Hawthorn Street San Francisco, Ca 94105 Contact: Rob Saunders Email: rsaunders@nerdwallet.com 5. Latham & Watkins, LLP Professional $166,068 1271 Avenue Of The Americas Services New York, NY 10020 Contact: Conray C. Tseng Email: conray.tseng@lw.com 6. Yeti Digital Ltd Trade $121,870 30 West 26th Street New York, NY 10010 Contact: General Counsel/ Chief Financial Officer Phone: (310) 584 7234 Email: accounts@yetiinc.com 7. Vetty, Inc. Trade $96,953 228 Park Avenue South New York, NY 10003-1502 Contact: General Counsel/ Chief Financial Officer Phone: (415) 533 6650 Email: brad@vetty.co 8. Amazon Web Services Trade $95,695 P.O. Box 84023 Seattle, WA 98124 Contact: General Counsel/ Chief Financial Officer Email: aws-receivables- support@email.amazon.com 9. Google LLC Trade $89,232 1600 Amphitheatre Parkway Mountain View, CA 94043 Contact: General Counsel/ Chief Financial Officer Email: collections@google.com 10. Direct Agents Inc. Trade $83,388 740 Broadway New York, NY 10003 Contact: General Counsel/ Chief Financial Officer Phone: (212) 925 6558 Email: invoices@directagents.com 11. WAG Hotels Inc Litigation $62,400 1759 Enterprise Blvd West Sacramento, CA 95691 Contact: Doreen Sen Phone: (916) 642 7425 Email: doreen.sen@waghotels.com 12. Home Media LLC Trade $51,852 1122 Oberlin Road Raleigh, NC 27605 Contact: General Counsel/ Chief Financial Officer Phone: (703) 627 3389 Email: home.billing@three-ships.com 13. Nixon Peabody Professional $44,010 1300 Clinton Square Services Rochester, NY 14604-1792 Contact: Stay Boven Phone: (617) 345 1100 Email: sboven@nixonpeabody.com 14. US Small Business Unsecured $39,873 Administration Lender 201 North Tryon Street, Suite 3000 Charlotte, NC 28202 Contact: Staci E. Rosche Phone: (704) 373 8559 Email: srosche@mcguirewoods.com 15. American Express Trade $33,825 200 Vesey Street New York, NY 10285 Contact: General Counsel/ Chief Financial Officer Phone: (212) 920 5395 Email: zaidi.rivera@aexp.com 16. Qualfon Data Services Trade $32,919 4401 Innovation Drive Fort Collins, CO 80525 Contact: General Counsel/ Chief Financial Officer Phone: (970) 206 9000 Email: nickola.hubiak@qualfon.com 17. Apple Trade $32,094 Po Box 846095 Dallas, TX 75284-6095 Contact: General Counsel/ Chief Financial Officer Email: ar_ad_platforms_amr@apple.com 18. Natural Intelligence Trade $31,986 Technologies Inc 1313 North Market Street Wilmington, DE 19899 Contact: General Counsel/ Chief Financial Officer Email: motti.snir@naturalint.com 19. Hub International Insurance Trade $28,311 Services, Inc. Po Box 3310 Santa Barbara, CA 93130 Contact: General Counsel/ Chief Financial Officer Email: hubus.deposits@hubinternational.com 20. Truelogic Software LLC Trade $28,244 777 Brickell Avenue Miami, FL 33131 Contact: General Counsel/ Chief Financial Officer Phone: (786) 708 4447 Email: payments@truelogicsoftware.com 21. Quanzhou Dreamstar Bags Co., Ltd Trade $27,750 Ming Yi Industrial Tangxi Louijang District Quanzhou City 362000 China Contact: General Counsel/ Chief Financial Officer Email: molly@dreamstarbags.com 22. Evotek - Okta Trade $26,382 6150 Lusk Blvd., Suite B204 San Diego, CA 92121 Contact: General Counsel/ Chief Financial Officer Phone: (858) 362 5088 Email: purchasing@evotek.com 23. Cube Trade $26,208 447 Broadway, 2nd Fl 108 New York, NY 10013 Contact: General Counsel/ Chief Financial Officer Phone: (212) 380 3346 Email: billing@cubesoftware.com 24. Littler Mendelson P.C. Professional $18,057 101 Second St Services San Francisco, CA 94105 Contact: General Counsel/ Chief Financial Officer Phone: (800) 264 1031 Email: billingsupport@littler.com 25. Hanyang Pet Products Co. Ltd Trade $17,075 Yifang Industrial Zone Houjie Town, Guangdong China Contact: General Counsel/ Chief Financial Officer Phone: 186 6512 3826 Email: joe@hanyangdg.com 26. Broadridge Trade $15,956 51 Mercedes Way Edgewood, NY 11717 Contact: Carlton Boyd Phone: (631) 254 7422 Email: brcan-ar@broadridge.com 27. Webselenese Ltd Trade $15,455 Derech Menachem Begin 132 Tel Aviv-Yafo Isreal Contact: General Counsel/ Chief Financial Officer Email: jackie@webselenese.com 28. Shipmonk Trade $13,341 201 Northwest 22nd Avenue Fort Lauderdale, FL 33311 Contact: General Counsel/ Chief Financial Officer Phone: (855) 222 4601 Email: accounting@shipmonk.com 29. Dropbox Inc. Trade $11,339 1800 Owens Street, Suite 200 San Francisco, CA 94158-2533 Contact: General Counsel/ Chief Financial Officer Phone: (415) 509 1223 Email: invoices@billing.dropbox.com 30. Datasite LLC Trade $10,034 733 S. Marquette Ave, Suite 600 Minneapolis, MN 55402 Contact: General Counsel/ Chief Financial Officer Phone: (651) 632 4014 Email: service@datasite.com WAG! GROUP: Files Prepackaged Chapter 11 Backed by Retriever LLC ---------------------------------------------------------------- Wag! Group Co., which strives to be the number one platform to solve the service, product, and wellness needs of the modern U.S. pet household, announced on July 21, 2025, that it is pursuing a comprehensive balance sheet restructuring through a voluntary, pre-packaged Chapter 11 process in the U.S. Bankruptcy Court for the District of Delaware. The Company's primary secured lender, Retriever LLC, which constitutes the only voting class under the plan, has already voted to accept the pre-packaged plan of reorganization. The plan provides a clear and expeditious path to reduce debt, transition ownership of the Company to Retriever, and position the business for long-term success under private ownership. Under the terms of the plan, Retriever -- currently the Company's primary secured lender -- will assume ownership of the reorganized Company following court approval of the plan. As structured, the pre-packaged plan is designed to be implemented on an accelerated basis, with Wag! expecting to emerge from Chapter 11 within approximately 40 days. "This process enables us to move forward with a clear plan and a strong partner who shares our vision for the future," said Garrett Smallwood, CEO and Chairman of Wag!. "Retriever's ongoing support--along with their long-term investment in our business--will provide the financial and operational flexibility we need to continue serving our customers while positioning our business for sustainable growth and long-term success. With a well-capitalized balance sheet post-emergence and additional capital to support future growth, we believe the Company will be well-positioned to thrive over the long-term." To support operations during the process, the Company has secured a commitment for debtor-in-possession financing from its existing secured lender, Retriever LLC. This financing, combined with cash generated from ongoing operations, is expected to provide liquidity to meet business obligations throughout the court-supervised process. In addition, as part of the Company's reorganization plan, Retriever LLC has also committed to provide exit financing, further reinforcing the Company's path to a stable and well-capitalized emergence. The Company believes it will emerge with a strengthened financial foundation and the resources needed to execute on its long-term strategic priorities. The plan of reorganization is subject to approval by the U.S. Bankruptcy Court for the District of Delaware. Wag! believes it has a clear and executable path toward confirmation and emergence. Additional information regarding the Chapter 11 process, including court filings and related materials, will be made available at https://dm.epiq11.com/WagGroupCo. About Retriever LLC Retriever is a privately held company that provides lending and institutional support to pet related businesses. About Wag! Group Co. Wag! Group Co. strives to be the number one platform to solve the service, product, and wellness needs of the modern U.S. pet household. Wag! pioneered on-demand dog walking in 2015 with the Wag! app, which offers access to 5-star dog walking, sitting, and one-on-one training from a community of over 500,000 Pet Caregivers nationwide. In addition, Wag! Group Co. operates Petted, one of the nation's largest pet insurance comparison marketplaces; Dog Food Advisor, one of the most visited and trusted pet food review platforms; WoofWoofTV, a multi-media company bringing delightful pet content to over 18 million followers across social media; and maxbone, a digital platform for modern pet essentials. For more information, visit Wag.co. Wag! is represented by Young Conaway Stargatt & Taylor, LLP as restructuring counsel, Latham & Watkins LLP as corporate counsel and Portage Point Partners as restructuring advisor. Retriever is represented by The Tuhey Law Firm LLC and Honigman LLP as its legal counsel. WAG! GROUP: Seeks Chapter 11 Bankruptcy in Delaware --------------------------------------------------- rkc.llc reports that Wag! Group Co., a San Francisco-based online platform that connects pet owners with dog walkers, sitters, and other pet care providers, has filed for Chapter 11 bankruptcy in the District of Delaware. The filing includes six affiliated entities and lists consolidated assets of $29.4 million and liabilities of $29.9 million, according to the report. The company, which also offers pet wellness products, insurance comparison services through Compare Pet Insurance Services, and pet medications via Furmacy, Inc., submitted a prepackaged bankruptcy plan. It disclosed that creditor votes were solicited before the filing, in compliance with the Bankruptcy Code. Wag! said funds will be available for distribution to unsecured creditors and described the filing as part of a strategic restructuring. The company, which reports to the SEC as a public entity, lists over 100,000 creditors across its operations. About Wag! Group Co. Wag! Group Co. is a San Francisco-based digital platform that connects pet owners with dog walkers, sitters, and various pet care professionals. Wag! Group and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11358) on July 21, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtor is represented by Young Conaway Stargatt & Taylor, LLP. It also sought the legal services of Latham & Watkins, LLP,Nixon Peabody, and Littler Mendelson P.C. WHITE VIOLET: 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 White Violet Property, LLC. 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 White Violet Property White Violet Property, LLC owns a portfolio of commercial real estate in Wakefield, New Hampshire. Its holdings include a filling station and convenience store at 393 Meadow Street, the Sanbornville Post Office at 378 Meadow Street, and adjacent parcels at 376 Meadow Street and along the east side of White Mountain Highway (Route 16). The properties total approximately 21 acres and are primarily leased or commercially zoned. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-30420) on July 14, 2025, with $2,635,000 in assets and $1,150,610 in liabilities. Paul D. Quinn, manager, signed the petition. Jesse Redlener, Esq., at Ascendant Law Group, LLC represents the Debtor as bankruptcy counsel. WOLFSPEED INC: Investors Oppose Liability Shields for Former Execs ------------------------------------------------------------------ Angelica Serrano-Roman of Bloomberg Law reports that the court-appointed plaintiffs in a securities class action against Wolfspeed Inc. are asking to exclude former executives from liability protections in the chipmaker's bankruptcy, on behalf of all proposed class members. In a July 18 motion filed in the U.S. Bankruptcy Court for the Southern District of Texas, the plaintiffs argued that most class members weren't properly notified about the proposed releases or how to opt out. Wolfspeed's Chapter 11 plan would shield former officials named in a securities lawsuit filed last 2024, according to the report. About Wolfspeed Inc. Wolfspeed, Inc. (NYSE:WOLF) is an innovator of wide bandgap semiconductors, focused on silicon carbide materials and devices for power applications. Its product families include silicon carbide materials and power devices targeted for various applications such as electric vehicles, fast charging and renewable energy and storage. On June 30, 2025, Wolfspeed, Inc. and Wolfspeed Texas, LLC each filed petitions seeking relief under chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90163), with Judge Christopher M. Lopez presiding. The Debtors sought Chapter 11 protection after reaching a deal with lenders on a debt-for-equity plan that would reduce debt by $4.6 billion. Latham & Watkins LLP and Hunton Andrews Kurth LLP are serving as legal counsel to Wolfspeed, Perella Weinberg Partners is serving as financial advisor and FTI Consulting is serving as restructuring advisor. Epiq is the claims agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the senior secured noteholders and Moelis & Company is serving as the senior secured noteholders' financial advisor. Kirkland & Ellis LLP is serving as legal counsel to Renesas Electronics Corporation, PJT Partners is serving as its financial advisor, and BofA Securities is serving as its structuring advisor. Ropes & Gray LLP is serving as legal counsel to the convertible debtholders and Ducera Partners is serving as financial advisor to the convertible debtholders. WOLFSPEED INC: Unsecureds Will Get 100% of Claims in Plan --------------------------------------------------------- Wolfspeed, Inc. and Wolfspeed Texas LLC filed with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement for Joint Prepackaged Plan of Reorganization dated June 30, 2025. Founded in 1987 as Cree Research Inc., Wolfspeed initially concentrated on producing silicon carbide for commercial use in semiconductors and lighting. Wolfspeed became publicly traded in 1993 through an initial public offering. The Debtors, together with certain of their non-debtor affiliates, are leading developers and manufacturers of wide-bandgap semiconductors, focused on silicon carbide ("SiC") and gallium nitride ("GaN") materials. The Company's products have a broad range of applications, including electric vehicles, motor drives, power supplies, military communications, radar, satellite, and telecommunications. As a result of extensive arm's-length negotiations with their key constituents, the Debtors entered into a restructuring support agreement (including any amendments, modifications and joinders thereto, the "Restructuring Support Agreement"), with the Consenting Creditors party thereto, who hold, in the aggregate (i) more than 97% of the aggregate outstanding principal amount of Senior Secured Notes; (ii) more than 67% of the aggregate outstanding principal amount under the Convertible Notes; and (iii) 100% of the aggregate outstanding principal amount of loans under the Renesas CRD (the "Consenting Creditors"). Pursuant to the Restructuring Support Agreement, the parties agreed to support a deleveraging transaction to restructure the Company's balance sheet, to be effectuated in chapter 11 through the Plan (the "Restructuring"). The Restructuring will be effectuated pursuant to the Plan, which provides for, among other things, (a) a comprehensive restructuring of the Debtors' prepetition obligations, (b) maximization of creditor recoveries, (c) an equitable distribution to certain stakeholders, and (d) continued manufacturing of high-quality silicon carbide technology and semiconductor production. A summary of the key terms of the restructuring transactions as contemplated by the Plan and the Restructuring Support Agreement is as follows: * Holders of an Allowed Other Secured Claim and an Allowed Other Priority Claim will be unimpaired under the Plan. * Holders of an Allowed Senior Secured Notes Claim shall receive, in full and final satisfaction of such Claim in accordance with the Restructuring Transactions, their Pro Rata Share of (i) the New Senior Secured Notes; and (ii) the Effective Date Cash Payment; provided, that Holders of Commitment Fee Claims shall receive, in full and final satisfactions, their Pro Rata Share of the Commitment Fee Amount; provided, subject to the Plan Supplement Documents, that $5,000,000 of such Commitment Fee Amount shall be held in escrow as part of the Contingent Additional Consideration, and released to such Holders of Allowed Commitment Fee Claims entitled thereto no later than five Business Days after the Debtors and Renesas, as applicable, obtain Regulatory Approvals prior to a Regulatory Trigger Deadline. * Holders of an Allowed Convertible Notes Claim shall receive, in full and final satisfaction of such Claim in accordance with the Restructuring Transactions, their Pro Rata Share of (i) the New 2L Convertible Notes Rights (subject to the Initial Backstop Parties' Premium and the Backstop Holdback Allocation); (ii) the New 2L Takeback Notes; and (iii) 56.3% of the New Common Stock (subject to dilution from, where applicable, the conversion of the New 2L Convertible Notes (including those issued on account of the Backstop Premium), the conversion of the New Renesas 2L Takeback Convertible Notes, the Incentive Plans, and the exercise of the Renesas Warrants). * Renesas shall receive, in full and final satisfaction of Allowed Renesas Claims in accordance with the Restructuring Transactions, (i) the Base Consideration; (ii) if applicable, and without duplication with clause (i) the Base Consideration Proceeds; and (iii) if the Regulatory Trigger Deadline occurs, the Contingent Additional Consideration. * Holders of an Allowed General Unsecured Claim will be unimpaired under the Plan. * Holders of an Allowed Intercompany Claim and Allowed Intercompany Interest will be unimpaired and presumed to accept/impaired and deemed to reject the Plan. * Holders of an Allowed 510(b) Claim will be unimpaired under the Plan. * Holders of Existing Equity Interests shall receive, in full and final satisfaction of such Claim in accordance with the Restructuring Transactions, their Pro Rata Share of the Equity Recovery (subject to dilution from the conversion of the New 2L Convertible Notes (including those issued on account of the Backstop Premium), the conversion of the New Renesas 2L Takeback Convertible Notes, Incentive Plans, and the exercise of the Renesas Warrants); provided, that, if the Distribution Event occurs, the Equity Recovery shall be reduced from 5.0% to 3.0% of New Common Stock. Class 6 consists of General Unsecured Claims. The legal, equitable, and contractual rights of the Holders of Allowed General Unsecured Claims are unaltered by this Plan. Except to the extent that a Holder of an Allowed General Unsecured Claim agrees to less favorable treatment, in full and final satisfaction, settlement, release, and discharge and in exchange for each Allowed General Unsecured Claim, each Holder of an Allowed General Unsecured Claim shall receive payment in full in Cash on the Effective Date or in the ordinary course of business in accordance with the terms and conditions of the particular transaction giving rise to such Allowed General Unsecured Claim. Class 6 is unimpaired. This Class will receive a distribution of 100% of their allowed claims. Pursuant to sections 363 and 1123 of the Bankruptcy Code and Bankruptcy Rule 9019, and in consideration for the classification, distribution, releases, and other benefits provided under this Plan, upon the Effective Date, the provisions of this Plan shall constitute a good faith compromise and settlement of all Claims, Interests, and controversies relating to the contractual, legal, and subordination rights that a Claim or an Interest Holder may have with respect to any Allowed Claim or Allowed Interest or any distribution to be made on account of such Allowed Claim or Allowed Interest, including pursuant to the transactions set forth in the Restructuring Transactions Exhibit, if any. To the extent Reinstated under this Plan, on the Effective Date, the Intercompany Interests (a) shall be Reinstated for the ultimate benefit of the Holders of Claims that receive Plan Securities under this Plan, and their Holders shall receive no recovery or distribution, and (b) without the need for any further corporate action or approval of any board of directors, board of managers, managers, management, or stockholders of any Debtor or Reorganized Debtor, as applicable, the certificates and all other documents representing the Reinstated Intercompany Interests shall be deemed to be in full force and effect. A full-text copy of the Disclosure Statement dated June 30, 2025 is available at https://urlcurt.com/u?l=7sePUx from Epiq, claims agent. Proposed Counsel for the Debtors: Timothy A. ("Tad") Davidson II, Esq. Ashley L. Harper, Esq. Philip M. Guffy, Esq. HUNTON ANDREWS KURTH LLP 600 Travis Street, Suite 4200 Houston, TX 77002 Tel: (713) 220-4200 Email: taddavidson@HuntonAK.com ashleyharper@HuntonAK.com pguffy@HuntonAK.com - and - Ray C. Schrock, Esq. Alexander W. Welch, Esq. Keith A. Simon, Esq. Eric L. Einhorn, Esq. LATHAM & WATKINS LLP 1271 Avenue of the Americas New York, New York 10020 Tel: (212) 206-1200 Email: ray.schrock@lw.com alex.welch@lw.com keith.simon@lw.com eric.einhorn@lw.com About Wolfspeed Inc. Wolfspeed, Inc. (NYSE:WOLF) is an innovator of wide bandgap semiconductors, focused on silicon carbide materials and devices for power applications. Its product families include silicon carbide materials and power devices targeted for various applications such as electric vehicles, fast charging and renewable energy and storage. On June 30, 2025, Wolfspeed, Inc. and Wolfspeed Texas, LLC each filed petitions seeking relief under chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90163), with Judge Christopher M. Lopez presiding. The Debtors sought Chapter 11 protection after reaching a deal with lenders on a debt-for-equity plan that would reduce debt by $4.6 billion. Latham & Watkins LLP and Hunton Andrews Kurth LLP are serving as legal counsel to Wolfspeed, Perella Weinberg Partners is serving as financial advisor and FTI Consulting is serving as restructuring advisor. Epiq is the claims agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the senior secured noteholders and Moelis & Company is serving as the senior secured noteholders' financial advisor. Kirkland & Ellis LLP is serving as legal counsel to Renesas Electronics Corporation, PJT Partners is serving as its financial advisor, and BofA Securities is serving as its structuring advisor. Ropes & Gray LLP is serving as legal counsel to the convertible debtholders and Ducera Partners is serving as financial advisor to the convertible debtholders. WORK 'N GEAR: Granted One-Month Extension to Use Cash Collateral ---------------------------------------------------------------- Work 'N Gear, LLC received a one-month extension from the U.S. Bankruptcy Court for the District of New Jersey to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral from July 16 to August 16 to pay operating expenses in accordance with its budget. The cash collateral are funds tied to assets already pledged to Eastern Bank, the Debtor's secured lender. As adequate protection, Eastern Bank will be granted a continuing replacement security interest in and lien on its pre-bankruptcy collateral and property acquired by the Debtor after its Chapter 11 filing, with the same validity, priority and extent as its pre-bankruptcy lien. As further protection for any diminution in the value of their interests in the cash collateral, the secured lender will be granted a superpriority administrative expense claim and will receive payment of its fees and expenses. The Debtor's authority to use cash collateral terminates upon occurrence of certain events, including the dismissal or conversion of the Debtor's Chapter 11 case; the appointment of a trustee or examiner with expanded powers; the effective date or consummation of a plan of reorganization. A final hearing is set for August 14. Objections are due by August 7. Work 'N Gear claimed it has over $21 million in asset value, including inventory and intellectual property against a secured debt of about $1.27 million. It believes continued operations will preserve asset value and avoid the need for costly financing, supporting a successful reorganization. About Work 'N Gear LLC Work 'N Gear, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-17472) on July 16, 2025, with up to $10 million in both assets and liabilities. Larry Nusbaum, interim president of Work 'N Gear, signed the petition. Judge Mark Edward Hall oversees the case. Eric H. Horn, Esq., at A.Y. Strauss, LLC, represents the Debtor as legal counsel. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***