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         T R O U B L E D   C O M P A N Y   R E P O R T E R

              Friday, July 25, 2025, Vol. 29, No. 205

                            Headlines

A&M SMART: Seeks Subchapter V Bankruptcy in Louisiana
AAA OUTDOOR: Section 341(a) Meeting of Creditors on August 20
AB INTERNATIONAL: Secures Full Ownership of ufilm AI IP for $300K
ADM TRONICS: Posts $123,056 Net Loss in FY25; Going Concern Stays
AFFORDABLE KAR: Katharine Battaia Clark Named Subchapter V Trustee

AFM MATTRESS: U.S. Trustee Appoints Creditors' Committee
AGEAGLE AERIAL: NYSE OKs Listing Compliance Until October 2026
ALAMO BEER: Plan Exclusivity Period Extended to August 4
ALIEN TECHNOLOGIES: Gets OK to Use Cash Collateral Until Aug. 11
ALLIANT HOLDINGS: S&P Alters Outlook to Positive, Affirms 'B' ICR

AMERICA'S GARDENING: Gets Interim OK to Use Cash Collateral
APPLIED POWDERCOAT: Hires Weintraub Zolkin as Bankruptcy Counsel
APPTECH PAYMENTS: Corporate Secretary Marc Evans Resigns
AQUA SPAS: Seeks Chapter 11 Bankruptcy in Colorado
ARC-V INC: Gregory Jones Named Subchapter V Trustee

ASHTON WOODS: Moody's Rates New $400MM Sr. Unsecured Notes 'Ba3'
AVON PRODUCTS: Judge Says Chapter 11 Plan Needs Revisions
B&W INC: Seeks Subchapter V Bankruptcy in Texas
BACK DRAUGHTS: Seeks Chapter 11 Bankruptcy in Florida
BALAJIO LLC: Gets Extension to Access Cash Collateral

BALERNO CASTLE: Seeks to Use Cash Collateral
BENHAM ORTHODONTICS: No Patient Complaints, 4th PCO Report Says
BESPOKE CONSTRUCTION: Seeks Cash Collateral Access
BRIGHTSTAR LOTTERY: Moody's Affirms 'Ba1' CFR, Outlook Stable
BURGUNDIAN LLC: Seeks to Hire Verdolino & Lowey as Accountant

C&S GROUP: S&P Affirms 'B' Issuer Credit Rating, Outlook Negative
CAROLINA'S CONTRACTING: Gets Final OK to Use Cash Collateral
CFN ENTERPRISES: Closes J Street Acquisition, Issues 1.5M Shares
CFN ENTERPRISES: Completes 1-for-10 Reverse Stock Split
CHG HEALTHCARE: S&P Rates New $2.459BB First-Lien Term Loan B 'B'

CIMG INC: Yubo Yang, 2 Others Report 17% Stake
CINEMEX HOLDINGS: MN Theaters Seeks Appointment of Creditors Panel
CLEAR CHANNEL: Moody's Rates New Senior Secured Notes 'B2'
CLEOD LLC: Seeks to Hire McEwen & Company CPA as Accountant
CONSTRUCTION PARTNERS: Fitch Assigns 'BB' IDR, Outlook Stable

CONTOUR SPA: U.S. Trustee Appoints Creditors' Committee
CONTRACT MANAGED: Taps Bookkeeping & Unified as Bookkeeper
COREWEAVE INC: Fitch Rates Proposed Unsecured Notes Due 2031 'BB-'
COREWEAVE INC: Moody's Rates New $1.5BB Sr. Unsecured Notes 'B1'
CROSS TOWN: Seeks to Hire Scott Law Group LLP as Counsel

CTLC LLC: Howard Property Sale to Isaac Birmingham for $2.6MM OK'd
CUSTOM CONCRETE: Lauren Goodman Named Subchapter V Trustee
CXOSYNC LLC: Unsecured Creditors Will Get 1% of Claims in Plan
CYPRESSWOOD TX: Case Summary & Six Unsecured Creditors
CYTTA CORP: Adds Genesys Wi-VHFi Tech to Cytta Labs Portfolio

CYTTA CORP: To Restate Q4 Revenue After Audit Error
D&B RENTALS: Unsecured Creditors to be Paid in Full over 5 Years
DANIEL J. WALLACE: No Patient Complaints, 6th PCO Report Says
DATAVAULT AI: Inks Licensing, Cloud Subscription Deal With IBM
DEL MONTE: Morrison Foerster and Kelley Drye to Advise UCC

DIACARTA INC: Files Emergency Bid to Use Cash Collateral
DIAMOND COMIC: To Sell Shares in UK Unit for $2.1MM
DIGICEL GROUP: Starts $2.7B High-Yield Debt Offer for Refinancing
DIOCESE OF SYRACUSE: Abuse Survivors Fund Grows to $17-Mil.
DOWN N DIRTY: Hires Osborn Maledon as Bankruptcy Counsel

DRIVERTECH LLC: Seeks to Hire Fabian & Clendenin as Counsel
DUNCAN RENTAL: Hires Ford & Semach P.A. as Bankruptcy Counsel
DURECT CORP: Gets 180-Day Nasdaq Grace Period to Meet $1 Bid Rule
EDITH'S CRUST: Seeks to Hire David C. Johnston as Legal Counsel
ELITA 7 LLC: No Resident Complaints, 2nd PCO Report Says

EVERCOMMERCE INC: S&P Rates New $529.4MM Extended Term Loan 'B+'
EVERSTREAM NETWORKS: Committee Taps McDermott Will as Counsel
EVERSTREAM NETWORKS: Panel Taps M3 Advisory as Financial Advisor
EXPRESS MOBILE: Amends Unsecured Claims Pay Details
FASHIONABLE INC: Seeks to Extend Plan Exclusivity to October 6

FIRST BRANDS: S&P Affirms 'B+' Issuer Credit Rating on Refinancing
FLAGSHIP RESORT: Taps Kroll Restructuring as Administrative Advisor
FLOWER APARTMENTS: Seeks Cash Collateral Access
FORTUNA AUCTION: Unsecureds Will Get 10% of Claims over 3 Years
FREEPORT LNG: Fitch Hikes LongTerm IDR to 'B-', Outlook Stable

FTX TRADING: Resolves 6 Suits Over Political Donations in Ch. 11
GAINWELL HOLDING: S&P Alters Outlook to Pos., Affirms 'CCC+' ICR
GREENE AVENUE: Voluntary Chapter 11 Case Summary
GREENWAVE TECHNOLOGY: Sets August 13 for 2025 Shareholder Meeting
HADLOCK ENTERPRISES: Court Extends Cash Collateral Access to Aug. 8

HILL TOP: S&P Rates $440MM Senior Secured Term Loan B 'BB-'
HIRAM COLLEGE: S&P Lowers Revenue Refunding Bond Rating to 'BB-'
HOOTERS OF AMERICA: Driver Stephenson Represents Landlords
INNOVATE CORP: Moody's Cuts CFR to Caa2 & Sr. Secured Notes to Caa3
INNOVATE CORP: S&P Downgrades ICR to 'CC' on Planned Debt Exchange

J&J VENTURES: Moody's Alters Outlook on 'B2' CFR to Negative
JOHNSON PHARMACY: PCO Reports No Change in Patient Care Quality
JOSEPH MOUNTAIN: Seeks Chapter 11 Bankruptcy in Texas
KAST IRON: Seeks Cash Collateral Access
KING STATE: Hires Bay Area Auction Services as Auctioneer

LAKELAND DEVELOPMENT: Insurers to Pay $5 Million Under Settlement
LANDMARK HOLDINGS: Joseph Tomaino Submits First PCO Report
LASEN INC: Seeks to Hire Cavanagh Law Firm as Bankruptcy Counsel
LAVERNE ELEMENTARY: Moody's Rates $12.08MM Revenue Bonds 'Ba1'
LEISURE INVESTMENTS: Nears Court Approval of Bid Procedures

LIFESPAN GLOBAL: Moody's Cuts PDR to D-PD Amid Bankruptcy Filing
LIFOD HOME: No Patient Care Complaints, 8th PCO Report Says
LINQTO TEXAS: U.S. Trustee Appoints Creditors' Committee
LION RIBBON: U.S. Trustee Appoints Creditors' Committee
LOOP MEDIA: ASCAP Demands Immediate Payment of $1.18M Settlement

MAJAB DEVELOPMENT: Unsecureds to Split $85K in Liquidating Plan
MARELLI AUTOMOTIVE: Hires Alvarez & Marsal as Financial Advisor
MARELLI AUTOMOTIVE: Hires Pachulski Stang Ziehl as Co-Counsel
MARELLI AUTOMOTIVE: Hires PJT Partners LP as Investment Banker
MARELLI AUTOMOTIVE: Seeks to Hire KPMG LLP as Tax Consultant

MARELLI AUTOMOTIVE: Seeks to Hire Selendy Gay PLLC as Counsel
MARELLI AUTOMOTIVE: Taps Kurtzman Carson as Administrative Advisor
MARELLI AUTOMOTIVE: Taps PwC Advisory to Provide Advisory Services
MARI ARI: Gets Interim OK to Use Cash Collateral
MARION REALTY: Unsecured Creditors to Split $10K over 5 Years

MASS POWER: Gets Interim OK to Use Cash Collateral Until August 21
MASS POWER: Seeks to Hire Payroll Plus as Bookkeeper
MAWSON INFRASTRUCTURE: Terminates CEO for Cause, Files Fraud Suit
MERCURITY FINTECH: Launches $500M DeFi Treasury, Starts With Solana
MERIT STREET: PBR Objects to Chapter 11 Case

MID-COLORADO INVESTMENT: Unsecureds to be Paid in Full in Plan
MIDWEST CHRISTIAN: Plan Exclusivity Period Extended to September 30
MOUNTAIN SPORTS: Plan Exclusivity Period Extended to August 29
MY JOB MATCHER: Gets Approval to Hire Stretto Inc as Claims Agent
MY JOB MATCHER: Prepetition Lenders Accused of Undervaluing Assets

MY JOB MATCHER: UCC Named, Taps Greenberg Traurig as Counsel
NEWBURN LAW: Amends Plan to Include Newtek Small Business Claim
NEWBURY PALACE: Seeks to Hire Victor W. Dahar P.A. as Counsel
NOBLE ACADEMY: S&P Affirms 'BB' Rating on 2014A Lease Revenue Bond
NORTHERN OIL: Fitch Hikes LongTerm IDR to 'BB-', Outlook Stable

OMEGA THERAPEUTICS: Plan Exclusivity Period Extended to Sept. 8
OSTENDO TECHNOLOGIES: Hires Levene Neale Bender as Counsel
OSTENDO TECHNOLOGIES: U.S. Trustee Appoints Creditors' Committee
PARLOR RESTAURANT: Claims to be Paid from Continued Operations
PERASO INC: Explores Strategic Alternatives, Reviews Mobix Proposal

PERRIGO COMPANY: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
PHILLIPS TOTAL: Seeks to Extend Plan Exclusivity to November 24
PINEY POINT: Seeks to Extend Plan Exclusivity to August 4
PLATINUM BEAUTY: Gets Interim OK to Use Cash Collateral
POWIN LLC: Vinson & Elkins Represents Ad Hoc Customer Group

PREDICTIVE ONCOLOGY: Receives Nasdaq Notice on Bid Price Deficiency
PREMIER SURGICAL: Seeks Chapter 11 Bankruptcy in New York
PREMIER TILLAGE: To Sell Farm Assets to Multiple Buyers
PREMIER TILLAGE: To Sell Farm Equipment to Unverferth Manufacturing
PRESBYTERIAN HOMES: No Resident Complaints, 3rd PCO Report Says

PRESPERSE CORP: Seeks to Extend Plan Exclusivity to Jan. 5, 2026
PROFESSIONAL DIVERSITY: Issues $400K in Convertible Notes
PUERTO RICO: PREPA Bondholders Accuse Utility of Diverting $2.9B
PUERTO RICO: Stops $20 Billion LNG Deal Talks with New Fortress
RENOVARO INC: Nasdaq Flags Potential Delisting for Missed Meeting

S&W SEED: Amends Mountain Ridge Deal for $1.2M Bridge Loan
S&W SEED: Board OKs Voluntary Nasdaq Exit, SEC Deregistration
SAGAMORE TOV: Seeks to Hire Goldberg Weprin Finkel as Counsel
SAGAMORE TOV: Seeks to Hire Mr. Goldwasser of FIA Capital as CRO
SAVAGE ENTERPRISES: Fitch Assigns 'BB-' Rating on Sr. Secured Debt

SHARING SERVICES: Chan Heng Fai Resigns as Executive Chairman
SHARPLINK GAMING: Buys 10K ETH From Ethereum Foundation for $25.7M
SHARPLINK GAMING: Holders Waive SPA Share Reserves
SKYX PLATFORMS: Elects Directors at 2025 Annual Meeting
SOLAR MOSAIC: Seeks Legal Protection for Funding, Service Partners

SPLASH BEVERAGE: Reports $23.8 Million Net Loss in 2024
SUNBELT PLANTATIONS: Section 341(a) Meeting of Creditors on Aug. 20
SUNSET PALM: Seeks to Hire Koss Law Firm PA as Special Counsel
TAKARA GROUP: Unsecureds to Get Share of Income for 3 Years
TALEN ENERGY: Fitch Affirms 'BB-' LongTerm IDR, Outlook Negative

TALEN ENERGY: Moody's Puts 'Ba3' CFR Under Review for Downgrade
TEAM HEALTH: Fitch Hikes LongTerm IDR to 'B-', Outlook Stable
THUNDER RIDE: Case Summary & 20 Largest Unsecured Creditors
TOMATLAN INC: Seeks Chapter 11 Bankruptcy in New York
TSFG LLC: Unsecureds to Split $43,200 via Quarterly Payments

UNITED ASSETS: Seeks to Hire Ronald D. Weiss PC as Attorney
UTICA TOWNSHIP: Seeks Chapter 11 Bankruptcy in Indiana
VC GB HOLDINGS I: S&P Affirms 'B' ICR, Off CreditWatch Negative
VEON LTD: Secures $52.3M in Support of Cohen-Kyivstar Merger
VS BUYER: S&P Rates Proposed $1,985MM Repriced Term Loan B 'B+'

WATER'S EDGE: Taps Russo Frye & Associates as Special Counsel
WEISS MULTI-STRATEGY: Founder Seeks to Keep His Ch. 11 Case in Fla.
WESTERN SKY: Case Summary & 20 Largest Unsecured Creditors
WHITEHALL PHARMACY: Seeks Chapter 11 Bankruptcy in Arkansas
WI-FI WHEELING: Gets Interim OK to Use Cash Collateral

WINDSOR HOLDINGS: Moody's Alters Outlook on 'B1' CFR to Stable
WOODLAND PLACE: To Sell Pensacola Property to Martins Acquisition
WORKSPORT LTD: Q2 Revenue Jumps 83% to $4.1 Million
YUNHONG GREEN: Appoints New Director, Principal Financial Officer
YUNHONG GREEN: Taps Consultant to Explore Strategic Alternatives

[] BOOK REVIEW: Dynamics of Institutional Change

                            *********

A&M SMART: Seeks Subchapter V Bankruptcy in Louisiana
-----------------------------------------------------
On July 21, 2025, A&M Smart Investments LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the Western District of
Louisiana. According to court filing, the Debtor reports between
$1 million and $10 million in debt owed to 1 and 49 creditors.
The petition states funds will be available to unsecured
creditors.

           About A&M Smart Investments LLC

A&M Smart Investments LLC is a limited liability company.

A&M Smart Investments LLC sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No.
25-10791) on July 21, 2025. In its petition, the Debtor reports
estimated assets and liabilities between $1 million and $10 million
each.

Honorable Bankruptcy Judge John S. Hodge handles the case.

The Debtor is represented by Conner L. Dillon, Esq. at GOLD, WEEMS,
BRUSER, SUES & RUNDELL, A PLC.


AAA OUTDOOR: Section 341(a) Meeting of Creditors on August 20
-------------------------------------------------------------
On July 21, 2025, AAA Outdoor Advertising Inc. filed Chapter 11
protection in the U.S. Bankruptcy Court for the Northern District
of Georgia. According to court filing, the Debtor reports between
$1 million and $10 million in debt owed to 1 and 49 creditors.
The petition states funds will be available to unsecured
creditors.

A meeting of creditors under Section 341(a) to be held on August
20, 2025 at 02:00 PM via Telephone conference. To attend, Dial
888-330-1716 and enter access code 2346407.

           About AAA Outdoor Advertising Inc.

AAA Outdoor Advertising Inc. provides static billboard advertising
services across South Georgia. The Company offers location-based
outdoor advertising solutions and strategic market guidance,
serving clients with over 30 years of industry experience. It
operates as a family-owned business focused on regional outreach
and personalized service.

AAA Outdoor Advertising Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-21012) on July
21, 2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.

The Debtor is represented by William Rountree, Esq. at ROUNTREE,
LEITMAN, KLEIN & GEER, LLC.


AB INTERNATIONAL: Secures Full Ownership of ufilm AI IP for $300K
-----------------------------------------------------------------
AB International Group Corp. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that on June 2,
2025, the Company entered into an Amendment to Intellectual
Property Transfer Agreement with AIHUB Releasing, Inc.

As previously disclosed, on May 5, 2025, the Company entered into
an Intellectual Property License Agreement (the "Original
Agreement") with AIHUB, pursuant to which AIHUB granted the Company
an exclusive license to use the ufilm AI Generated Creation,
Productions Synthesis and Release System for a total license fee of
$2,000,000, payable as $500,000 in cash within ten business days of
the effective date and $1,500,000 in cash within ten business days
after the SaaS software utilizing the ufilm AI IP passes the
Company's testing.

The New Amendment modifies the terms of the Original Agreement due
to the ufilm AI IP failing to meet specified functional standards
in testing--specifically, approximately two-thirds of its
functionalities remaining unimplemented, including the automatic ad
insertion module and intelligent video release module.

Under the Amendment, the Company will provide its NFT Movies and
Music Market Intellectual Property, valued at $500,000, in lieu of
the initial $500,000 cash payment. The Company is exempted from
paying the remaining $1,500,000, and in exchange, the full
ownership interest in the ufilm AI IP (beyond a mere license) will
be transferred to the Company.

On July 12, 2025, the Company entered into a Final Execution
Agreement for Intellectual Property Transfer with AIHUB, further
modifying the Original Agreement and the Amendment. Following the
Amendment's effective date, AIHUB indicated it could not deliver
the ufilm AI IP on schedule due to additional defects in the
remaining one-third of functionalities, including lack of H5
version for mobile web performance, limited multi-language support
(English and Simplified Chinese only), and unimplemented voice
reading, speech input, and social media sharing features.

Under the Final Agreement, the Company will pay $300,000 in cash
(in lieu of delivering the NFT MMM IP valued at $500,000 under the
Amendment) as full consideration for the transfer of full ownership
interest in the ufilm AI IP. The cash payment will be made to
AIHUB's designated bank account by July 31, 2025.

Upon full payment, AIHUB will immediately deliver the current
version of the ufilm AI IP. The Company is exempted from the
remaining $1,500,000 payment and from delivering the NFT MMM IP.
AIHUB's delivery obligations under the Amendment continue, while
the Company's delivery obligations are canceled.

The Final Agreement is governed by New York law, with disputes
resolved through arbitration at the American Arbitration
Association in New York City.

The foregoing descriptions of the Amendment and the Final Agreement
do not purport to be complete and are qualified in their entirety
by reference to the full text of the agreements, which are filed as
Exhibits 10.1 and 10.2 in the 8-K Report, available at
https://tinyurl.com/2f72s5dh

                       About AB International

Headquartered in Mt. Kisco, N.Y., AB International Group Corp. is
an intellectual property (IP) and movie investment and licensing
firm, focused on the acquisition and development of various
intellectual property, including the acquisition and distribution
of movies.

As of Feb. 28, 2025, AB International Group had $2.9 million in
total assets, $990,151 in total liabilities, and total
stockholders' equity of $1.9 million.

Hackensack, N.J.-based Prager Metis CPAs, LLC, the Company's
auditor since 2022, issued a "going concern" qualification in its
report dated November 26, 2024, citing that the Company had limited
cash, an accumulated deficit of approximately $11.8 million and a
limited working capital deficit of approximately $0.2 million. The
continuation of the Company as a going concern is dependent upon
the continued financial support from its stockholders or external
financing and achieving operating profits. These factors, among
others, raise substantial doubt about the Company's ability to
continue as a going concern.


ADM TRONICS: Posts $123,056 Net Loss in FY25; Going Concern Stays
-----------------------------------------------------------------
ADM Tronics Unlimited, Inc. filed with the U.S. Securities and
Exchange Commission its Annual Report on Form 10-K reporting net
losses of $123,056 and $877,222 in the years ended March 31, 2025
and 2024, respectively. Revenue for the year ended March 31, 2025
was $3,197,110, compared with revenue for the year ended March 31,
2024 of $2,965,406.

The Company has experienced losses from operations and negative
cash flows from operating activities, management has initiated
several strategic plans to improve the Company's financial
position. As of March 31, 2025, the Company had an accumulated
deficit of $32,970,220 and cash provided from operating activities
of $9,978. Management's plans to address these conditions include
leveraging existing resources and focusing on revenue growth and
orders in the pipeline, which are expected to push the Company to
profitability within the next fiscal year.

There is substantial doubt that the funding plans will be
successful and therefore these conditions have not been
alleviated.

Somerset, N.J.-based JVA Accountants & Advisors, LLC, the Company's
auditor since 2025, issued a "going concern" qualification in its
report dated July 14, 2025, attached to the Company's Annual Report
on Form 10-K for the fiscal year ended March 31, 2025, citing that
the Company has experienced losses from operations and negative
cash flows from operating activities, these factors raise
substantial doubt about its ability to continue as a going
concern.

ADM Tronics stated: "Our future capital requirements will depend
upon many factors, including progress with developing,
manufacturing and marketing our technologies, the time and costs
involved in preparing, filing, prosecuting, maintaining and
enforcing patent claims and other proprietary rights, our ability
to establish collaborative arrangements, marketing activities and
competing technological and market developments, including
regulatory changes and overall economic conditions in our target
markets. Our ability to generate revenue and achieve profitability
requires us to successfully market and secure purchase orders for
our products from customers currently identified in our sales
pipeline as well as new customers. We also will be required to
efficiently manufacture and deliver equipment on those purchase
orders. These activities, including our planned research and
development efforts, will require significant uses of working
capital. There can be no assurances that we will generate revenue
and cash flow as expected in our current business plan."

A full-text copy of the Company's Form 10-K is available at:

                  https://tinyurl.com/239h8u56

                    About ADM Tronics Unlimited

Northvale, N.J.-based ADM Tronics Unlimited, Inc. is a
technology-based developer and manufacturer of diversified lines of
products. The Company derives revenue from the production and sale
of electronics for medical devices and other applications;
environmentally safe chemical products for industrial, medical, and
cosmetic uses; and research, development, regulatory, and
engineering services. The Company is a corporation that was
organized under the laws of the State of Delaware on November 24,
1969.

As of March 31, 2025, the Company had $2,127,871 in total assets,
$1,456,525 in total liabilities, and $671,346 in total
stockholders' equity.


AFFORDABLE KAR: Katharine Battaia Clark Named Subchapter V Trustee
------------------------------------------------------------------
The U.S. Trustee for Region 6 appointed Katharine Battaia Clark of
Thompson Coburn, LLP as Subchapter V trustee for Affordable Kar
Kare Inc.

Ms. Clark will be paid an hourly fee of $525 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.

Ms. Clark declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.

The Subchapter V trustee can be reached at:

     Katharine Battaia Clark
     Thompson Coburn, LLP
     2100 Ross Avenue, Ste. 3200
     Dallas, TX 75201
     Office: 972-629-7100
     Mobile: 214-557-9180
     Fax: 972-629-7171
     Email: kclark@thompsoncoburn.com

                  About Affordable Kar Kare Inc.

Affordable Kar Kare Inc. is an automotive repair shop based in
Mesquite, Texas. It provides car maintenance and repair services
from its location at 222 S. Galloway in Mesquite.

Affordable Kar Kare Inc. sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No.
25-42536) on July 12, 2025. In its petition, the Debtor reports
estimated assets between $500,000 and $1 million and estimated
liabilities between $100,000 and $500,000.

The Debtors are represented by Robert T. DeMarco, Esq., at DeMarco
Mitchell, PLLC.


AFM MATTRESS: U.S. Trustee Appoints Creditors' Committee
--------------------------------------------------------
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Chapter 11 case of AFM
Mattress Company, LLC.
  
The committee members are:

   1. BMD-1, LLC
      Attn: Edgar Barron (Asset Manager, Brinshore Holding, LLC)
      1603 Orrington Ave., Suite 450
      Evanston, IL 60201
      Phone: (224) 927-5077
      Email: assetmgmt@brinshore.com

   2. PPJ, LLC d/b/a Customatic
      Attn: Jill Wheelin
      2 Carsha Drive
      Natick, MA 07160
      Phone: (508) 650-3500
      Email jill.wheelin@customaticbeds.com

   3. DF Oak Park LLC
      Attn: David Fried
      c/o Andrew J. Nazar, Esq.
      900 W. 48th Place, Suite 900
      Kansas City, MO 64112
      Phone: (816) 753-1000
      Email: anazar@polsinelli.com

   4. Florida Panasoffkee 470, LLC
      Attn: Aslam Rawoof
      1301 Avenue of the Americas, 6th Floor
      South West
      New York, NY 10019
      Phone: (646) 328-0498
      Email: aslam.rawoof@gmail.com

   5. Serta Simmons Bedding
      Attn: Jeff Keim
      2451 Industry Ave.
      Doraville, GA 30360
      Phone: (404) 534-5000
      Email: jkeim@sertasimmons.com
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                  AFM Mattress Company LLC

AFM Mattress Company LLC, doing business as American Mattress, a
retail mattress company based in Elk Grove Village, Illinois.

AFM Mattress Company sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 25-11288) on July 6, 2025.
In its petition, the Debtor reported between $1 million and $10
million in assets and liabilities.

The Debtor is represented by:

   Maria Aprile Sawczuk, Esq.
   Goldstein & Mcclintock, LLLP
   Tel: 302-444-6710
   Email: marias@goldmclaw.com


AGEAGLE AERIAL: NYSE OKs Listing Compliance Until October 2026
--------------------------------------------------------------
AgEagle Aerial Systems Inc. announced that it received a written
notice from the NYSE American LLC notifying the Company that it had
determined to accept the plan that the Company submitted on May 21,
2025, outlining the actions the Company had taken or will take to
regain compliance with Sections 1003(a)(i), 1003(a)(ii) and
1003(a)(iii) (collectively, the "Listing Rules") of the NYSE
American Company Guide by October 23, 2026 (the "Plan Period"). The
Notice stated that if the Company is not in compliance with the
Listing Rules by the expiration of the Plan Period, or if the
Company does not make progress consistent with the Plan during the
Plan Period, the staff of the NYSE American will initiate delisting
proceedings as appropriate. The Company may appeal a delisting
determination in accordance with Section 1010 and Part 12 of the
Company Guide (a "Delisting Appeal").

The Notice has no immediate impact on the listing of the Company's
shares of common stock, which will continue to be listed and traded
on the NYSE American under the symbol "UAVS", but will have an
added designation of ".BC" to indicate the status of the common
stock is "below compliance". The Notice does not affect the
Company's ongoing business operations or its reporting requirements
with the Securities and Exchange Commission.

As previously disclosed, the Company received written notice from
the NYSE American on April 23, 2025 that the Company was not in
compliance with the minimum stockholders' equity requirements of
Sections 1003(a)(i), 1003(a)(ii) and 1003(a)(iii) of the Company
Guide requiring stockholders' equity of;

     (i) $2 million or more if the Company has reported losses from
continuing operations and/or net losses in two of its three most
recent fiscal years,
    (ii) $4 million or more if the Company has reported losses from
continuing operations and/or net losses in three of the four most
recent fiscal years and
   (iii) $6 million or more if the Company has reported losses from
continuing operations and/or net losses in its five most recent
fiscal years, respectively.

As of December 31, 2024, the Company had a stockholders' deficit of
$5.7 million and has had losses in the most recent five fiscal
years ended December 31.

The Company is exercising diligent efforts and intends to regain
compliance with the Listing Rules within the Plan Period, however
there can be no assurance that the Company will be able to regain
compliance with the Listing Rules prior to the expiration of the
Plan Period, that the Company will otherwise be in compliance with
other applicable NYSE American listing rules, or that any Delisting
Appeal would be successful.

This announcement is made in compliance with Sections 402 and
1009(e) of the Company Guide.

                           About AgEagle

AgEagle Aerial Systems Inc. is headquartered in Wichita, Kansas,
and operates through its wholly-owned subsidiaries, focusing on
designing and delivering top-tier drones, sensors, and software to
address critical customer needs. Founded in 2010, AgEagle initially
pioneered proprietary, professional-grade, fixed-wing drones and
aerial imagery-based data collection and analytics solutions for
the agriculture sector. Today, the company is recognized as a
globally respected market leader, offering customer-centric,
advanced, autonomous unmanned aerial systems (UAS) that generate
revenue at the intersection of flight hardware, sensors, and
software across industries, including agriculture,
military/defense, public safety, surveying/mapping, and
utilities/engineering. AgEagle has achieved numerous regulatory
milestones, including government approvals for its commercial and
tactical drones to fly Beyond Visual Line of Sight (BVLOS) and/or
Operations Over People (OOP) in the United States, Canada, Brazil,
and the European Union. It has also received Blue UAS certification
from the Defense Innovation Unit of the U.S. Department of Defense.
More information can be found at www.ageagle.com.

Orlando, Florida-based WithumSmith+Brown, PC, the company's auditor
since 2020, issued a "going concern" qualification in its report
dated March 31, 2025, attached to the Company's Annual Report on
Form 10-K for the year ended Dec. 31, 2024, citing that the Company
has suffered recurring losses from operations, has experienced cash
used from operations in excess of its current cash position, and
has an accumulated deficit that raise substantial doubt about its
ability to continue as a going concern.

As of Dec. 31, 2024, the Company had $20.6 million in total assets,
$26.3 million in total liabilities, and a total stockholders'
deficit of $5.7 million.


ALAMO BEER: Plan Exclusivity Period Extended to August 4
--------------------------------------------------------
Judge Craig Gargotta of the U.S. Bankruptcy Court for the Western
District of Texas extended Alamo Beer Company's exclusive periods
to file a plan of reorganization and obtain acceptance thereof to
August 4 and October 3, 2025, respectively.

As shared by Troubled Company Reporter, the Debtor explains that
its case has its share of complexities, although these are not
particularly large cases. The Debtor, since filing this Case, has
focused its efforts on the operations of the business and the
refinancing of its debt or sale of its assets. The varied nature of
the interests in this case compels the requested extension of the
Exclusive Periods.

The Debtor claims that termination of exclusivity could be very
disruptive to the Debtor's effort to obtain confirmation of a
Chapter 11 plan. Moreover, if exclusivity terminates and competing
Chapter 11 plans are filed, resources and energy will necessarily
be diverted from negotiating a consensual Chapter 11 plan to
prosecuting and defending competing Chapter 11 plans.

The Debtor asserts that the requested extension of the Exclusive
Periods will provide the Debtor and all other parties in interest
an opportunity to develop fully the grounds upon which serious
negotiations toward a Chapter 11 plan can be based. Affording the
Debtor a full opportunity to obtain confirmation of that satisfies
the requirements of Chapter 11, will only help the creditors and
other parties in interest.

Moreover, expiration of the Exclusive Periods would likely lead to
adversarial situations that would cause deterioration in the
Debtor's operations, the value of its estates and its ability to
negotiate a consensual Chapter 11 plan.

Alamo Beer Company, LLC is represented by:

     LAW OFFICES OF WILLIAM B. KINGMAN, P.C.
     William B. Kingman, Esq.
     3511 Broadway
     San Antonio, Texas 78209
     Telephone: (210) 829-1199
     Facsimile: (210) 821-1114

                      About Alamo Beer Company

Alamo Beer Company, LLC is a beverage manufacturer in San Antonio,
Texas.

Alamo Beer Company filed Chapter 11 petition (Bankr. W.D. Texas
Case No. 25-50245) on February 3, 2025, listing between $1 million
and $10 million in both assets and liabilities.

Judge Craig A. Gargotta handles the case.

The Debtor is represented by William B. Kingman, Esq., at the Law
Offices of William B. Kingman.

PlainsCapital Bank, LLC, as lender, is represented by:

     Michael P. Menton, Esq.
     Danika Lopez, Esq.
     SettlePou
     3333 Lee Parkway, Eighth Floor
     Dallas, Texas 75219
     Phone: (214) 520-3300
     Fax:(214) 526-4145
     mmenton@settlepou.com
     dlopez@settlepou.com


ALIEN TECHNOLOGIES: Gets OK to Use Cash Collateral Until Aug. 11
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Orlando Division, authorized Alien Technologies Corporation to use
cash collateral on an interim basis through August 11.

The second interim order signed by Judge Grace E Robson authorized
the Debtor to use cash collateral to pay the amounts expressly
authorized by the court, including payments to the U.S. trustee for
quarterly fees; the expenses set forth in the budget, plus an
amount not to exceed 10% for each line item; and additional amounts
expressly approved in writing by secured creditor.

The Debtor projects total operational expenses of $140,678.47 for
the period from June 20 to August 11.

As protection, Truist Bank and the U.S. Small Business
Administration will be granted post-petition replacement liens,
with the same extent, validity, and priority as their
pre-bankruptcy liens. The Debtor must maintain all required
insurance coverage as further protection.

A continued hearing is set for August 11.

              About Alien Technologies Corporation

Alien Technologies Corporation designs and sells hardtop removal
tools and accessories for Jeep Wrangler and Ford Bronco vehicles
under the TopLift Pros brand.

Alien Technologies Corporation sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No.
25-03827) on June 20, 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 Grace E. Robson handles the case.

The Debtor is represented by:

   Jesus Lozano
   Nardella & Nardella, PLLC
   Tel: 407-966-2680
   Email: jlozano@nardellalaw.com


ALLIANT HOLDINGS: S&P Alters Outlook to Positive, Affirms 'B' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Alliant Holdings L.P.
(Alliant) to positive from stable and affirmed its 'B' rating and
all of its issue and recovery level ratings.

The positive outlook reflects our expectation that S&P will upgrade
Alliant within the next six to 12 months if the company meets our
base-case operating and deleveraging forecasts.

Alliant has materially increased its scale, diversification, and
organic performance relative to similarly rated peers, leading us
to revise our business risk profile assessment upward to
satisfactory from fair.

S&P's now satisfactory business risk assessment reflects Alliant's
successful execution of its business and growth strategies over a
multi-year period. Following 30% total revenue growth in 2024, 22%
of which was organic, Alliant passed a significant topline
milestone with revenue now exceeding $5 billion ($5.3 billion for
the 12 months ended March 31, 2025). According to Business
Insurance's 2025 U.S. rankings, the company is the fifth largest
broker in the U.S., after cracking the top-10 ranking just seven
years earlier.

Alliant's robust topline growth in the past year follows a trend of
continued peer-leading organic revenue performance. It's organic
growth has averaged 15% over the past five years, which is more
than 5 percentage points above the median in our rated broker
portfolio. S&P attributes Alliant's consistent organic
outperformance largely to its ability to successfully leverage and
scale its specialty expertise across its numerous industry
verticals. In addition, the company has built a robust talent pool
from many years of focusing on experienced producer hires that has
translated into a cumulative and compounding growth engine.

As it has profitably and rapidly grown, Alliant has also
diversified its product and geographic spread. The newly created
Alliant Consumer Group (ACG) segment--consisting largely of three
material acquisitions in the personal auto, Medicare, and health
exchange spaces since 2020--is now its largest from a revenue
perspective (33%), alongside specialty retail (25%), middle market
(Alliant Americas; 11%) employee benefits (15%), and the managing
general agent (MGA) and Alliant Re segment (16%). While the company
remains focused on the U.S. brokerage market (comprising over 99%
of revenues), it has reduced its California concentration over the
years to roughly 25%, and has a fairly good spread of business
across its remaining 40 states.

S&P said, "We expect favorable performance momentum to persist but
somewhat moderate over the next couple of years. Alliant recorded
organic revenue growth of 18% in first-quarter 2025, slightly
slowing from full year 2024, with outsized growth in ACG beginning
to ease (segment organic growth of 25% for first-quarter 2025 from
47% in 2024) and lower merger and acquisition (M&A) transactional
activity adversely affecting a large program in the MGA segment
(segment organic growth of 5% for the first quarter from 15% in
2024). We expect organic growth to continue decelerating through
this year and into the next on likely property rate softening and
as above-trend growth in ACG further normalizes, particularly with
some policy changes under the current administration that may
temper growth in the Medicare and Affordable Care Act (ACA)
businesses. Despite moderation, we expect Alliant to continue its
trend of peer-leading organic growth, with our base-case forecast
for organic revenue growth at 10%-15% in 2025 and 8%-13% in 2026,
as it continues to successfully execute its specialty-oriented
strategies."

S&P Global Ratings-adjusted EBITDA margins for Alliant were 26.6%
for the 12 months ended March 31, 2025, down slightly from 27.6%
for full-year 2023, with operating leverage benefits from strong
growth offset by outsized growth in lower-margin ACG. S&P expects
relatively stable margins over the next couple of years as scale
benefits and operating leverage from strong topline growth are
balanced with continued data analytics and operational
reinvestments in the business.

S&P said, "Alliant's credit metrics remain a negative outlier for a
higher rating, but we expect them to continue improving through
2026. The company has a history of deleveraging and re-leveraging
through various equity recapitalizations and debt-funded
acquisitions. While peak leverage levels can be elevated for a
higher rating, we also note that Alliant can typically deleverage
more rapidly than peers given its strong organic growth profile and
more intermittent approach to M&A (high acquisition volume
typically slows deleveraging).

"Most recently, the company issued $3 billion of new debt and a
$1.85 billion new preferred equity instrument (that we treat as
debt) to fund an equity repurchase by existing shareholders
(including largest institutional shareholder Stone Point and
others). Following this transaction, leverage spiked to 9.3x
excluding the preferred instrument and 10.8x including it as of
second-quarter 2024 pro forma the transaction, from 6.9x (no
preferred equity) before the transaction. Given Alliant's robust
performance over the past year and limited M&A activity, the
company already de-leveraged to 7.9x excluding preferred equity
(9.2x including preferred equity) as of the 12 months ended March
31, 2025. Following the recent recapitalization, we expect the
company to continue deleveraging from performance gains over the
next couple of years and don't anticipate another relevering event
in 2025 or 2026.

"The positive outlook incorporates our revised business risk
profile assessment and indicates the ratings may be raised by one
notch if Alliant meets our base-case operating and financial
forecasts.

"We view a downgrade as highly unlikely. We would consider revising
our outlook back to stable in the next six to 12 months if Alliant
does not meet our base-case operating and financial forecasts,
among them, leverage excluding preferred equity below 7.5x (8.5x
including preferred equity) and EBITDA interest coverage excluding
preferred equity above 2x, or if we no longer have conviction that
Alliant can stay within these triggers within about a year post any
future releveraging events based on its strong organic growth
fundamentals.

"We will raise our rating in the next six to 12 months if the
company demonstrates sustained peer-leading organic growth in the
double digits and stable margins through the rest of 2025, driving
our view that S&P Global Ratings-adjusted leverage excluding
preferred equity will remain below 7.5x (8.5x including preferred
equity) and EBITDA interest coverage excluding preferred equity
above 2x through 2026. For a higher rating, we also need to
maintain our conviction that Alliant can stay within these triggers
within about a year after any future releveraging events, based on
its strong organic growth and performance fundamentals."



AMERICA'S GARDENING: Gets Interim OK to Use Cash Collateral
-----------------------------------------------------------
America's Gardening Resource, Inc. and affiliates received interim
approval from the U.S. Bankruptcy Court for the District of
Delaware to use cash collateral.

The court's order authorized the Debtors' interim use of cash
collateral until August 13 or until the occurrence of so-called
termination events to pay expenses in accordance with their budget,
subject to a permitted variance of 10% per budget line item on a
monthly basis.

As protection for any diminution in the value of its collateral,
lender Bank of America, N.A. will be granted valid, effective, and
fully perfected post-petition replacement liens on all property or
interests in property of the Debtors and all proceeds thereof,
including cash collateral.

Northfield Savings Bank, a secured creditor, will be granted the
same liens and rights but subordinate to the carveout and to the
liens and rights of Bank of America and Banc of America Leasing &
Capital, LLC.

As further protection, the Debtors were ordered to make these
payments to the secured parties:

   (i) accrued and unpaid interest on the loan under the Amended
and Restated Loan Agreement with Bank of America, at the contract
rate;

  (ii) monthly payments of principal and interest in the amount of
$20,471.81 on the equipment loan under the Master Loan and Security
Agreement with Banc of America Leasing & Capital, with each such
payment subject to a grace period of 10 days in accordance with the
agreement;

(iii) all monthly payments billed under the Corporate Card Services
Agreement, dated April 30, 2019; and

  (iv) monthly interest payments to NSB at the contract rate.

To the extent of any diminution in value, the secured parties will
be granted superpriority administrative expense claims under
Section 507(b) of the Bankruptcy Code against the Debtors' estates,
having priority over all other claims.

The final hearing is scheduled for August 13.

A copy of the Debtor's budget is available at
https://shorturl.at/IDAni from PacerMonitor.com.

            About America's Gardening Resource Inc.

America's Gardening Resource, Inc. sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.
25-11180-BLS) on June 20, 2025. In the petition signed by David M.
Baker, chief restructuring officer, the Debtor disclosed up to $10
million in assets and up to $50 million in liabilities.

Judge Brendan Linehan Shannon oversees the case.

Patrick J. Reilley, Esq., at Cole Schotz, PC, represents the Debtor
as legal counsel.

Bank of America, as lender, is represented by:

Carl N. Kunz, III, Esq.
Eric J. Monzo, Esq.
MORRIS JAMES LLP
500 Delaware Avenue, Suite
1500 Wilmington, DE 19899-2306
Telephone: (302) 888-6800
Facsimile: (302) 571-1750
Email: ckunz@morrisjames.com
       emonzo@morrisjames.com

  -- and --

CHAPMAN AND CUTLER LLP
Daniel F. Flores, Esq.
J. Alex Kress, Esq.
CHAPMAN AND CUTLER LLP
1270 Avenue of the Americas, 30th Fl.
New York, NY 10020
Telephone: (212) 655-6000
Facsimile: (212) 697-7210
Email: dflores@chapman.com
       akress@chapman.com


APPLIED POWDERCOAT: Hires Weintraub Zolkin as Bankruptcy Counsel
----------------------------------------------------------------
Applied Powdercoat, LLC seeks approval from the U.S. Bankruptcy
Court for the Central District of California to hire Weintraub
Zolkin Talerico & Selth LLP as its general bankruptcy counsel.

The firm will render these services:

     1. advice concerning the Debtor's rights, powers, and duties
under Sections 1107 and 1108 of the Bankruptcy Code;

     2. advice concerning all general administrative matters in the
Bankruptcy Case and dealings with the Office of the United States
Trustee;

     3. represent the Debtor at all hearings before the United
States Bankruptcy Court involving the Debtor in its capacity as
debtor-in-possession and as reorganized debtor, as applicable,
unless the Debtor is represented in that proceeding or hearing by
other/special counsel;

     4. prepare the Debtor's behalf, as debtor-in-possession, of
all necessary schedules and amendments thereto, applications,
motions, orders and other legal papers;

     5. advice to the Debtor regarding matters of bankruptcy law,
including the Debtor's rights and remedies with respect to assets
of their bankruptcy estate and creditor claims;

     6. represent the Debtor with regard to all contested matters;

     7. represent the Debtor in any litigation commenced by, or
against, it, provided that such litigation is within the Firm's
expertise and subject to a further engagement agreement with the
Debtor on terms acceptable to Debtor and the Firm;

     8. represent the Debtor with regard to the negotiation,
preparation and implementation of one or more plans of
reorganization;

     9. analyze of any secured, priority, or general unsecured
claims that have been filed in the Bankruptcy Case;

    10. negotiate with the Debtor's secured and unsecured creditors
regarding the amount and payment of claims;

    11. object to claims as may be appropriate; and

    12. perform all other legal services for the Debtor in its
capacity as a debtor-in-possession, as may be necessary.

The firm will be paid at these hourly rates:

     Derrick Talerico, Partner        $675
     David Zolkin, Partner            $675
     Catherine Liu, Partner           $550
     Paige Rolfe, Associate           $425
     Daniel J. Weintraub Of Counsel   $750
     James Selth, Of Counsel          $585
     Tania Ingman, Of Counsel         $550
     Michael Kim, Of Counsel          $500
     Martha Araki, Paralegal          $295
     Sachie Fritz, Practice Assistant $175

In addition, the firm will seek reimbursement for expenses
incurred.

The firm received a pre-petition retainer of $50,000 from the
Debtor.

Mr. Talerico 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:
   
     Derrick Talerico, Esq.
     Weintraub Zolkin Talerico & Selth LLP
     11766 Wilshire Boulevard, Suite 730
     Los Angeles, CA 90025
     Telephone: (424) 500-8552

        About Applied Powdercoat LLC

Applied Powdercoat LLC is an Oxnard-based manufacturing firm
specializing in powder coating, sandblasting, and silk screening
services. Founded in 1989 and operating from a state-of-the-art
30,000 sq. ft. facility at 3101 Camino del Sol, the Company serves
industrial, aerospace, defense, custom fabrication, automotive
restoration, and commercial clients throughout Southern
California.

Applied Powdercoat sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-10762)
on June 6, 2025. In its petition, the Debtor reported between $1
million and $10 million in assets and liabilities.

Judge Ronald A. Clifford III handles the case.

The Debtor is represented by Derrick Talerico, Esq., at Weintraub
Zolkin Talerico & Selth LLP.


APPTECH PAYMENTS: Corporate Secretary Marc Evans Resigns
--------------------------------------------------------
AppTech Payments Corp. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that Marc D. Evans,
Corporate Secretary and Associate, informed the Board of Directors
that he was resigning effective immediately. Mr. Evans' resignation
was not the result of any disagreement with the Company on any
matter relating to the Company's operations, policies, or
practices.

The Board has not yet appointed a successor to serve as Corporate
Secretary. The Company will disclose the appointment of a new
Corporate Secretary, if and when such appointment is made, in an
amendment to this Current Report on Form 8-K or in a subsequent
filing, as appropriate.

                   About AppTech Payments Corp.

Headquartered in Carlsbad, California, AppTech Payments Corp. --
www.apptechcorp.com -- provides digital financial services for
financial institutions, corporations, small and midsized
enterprises, and consumers through the Company's scalable
cloud-based platform architecture and infrastructure, coupled with
its Specialty Payments development and delivery model. AppTech
maintains exclusive licensing and partnership agreements in
addition to a full suite of patented technology capabilities.

San Diego, California-based DBBMcKennon, the Company's auditor
since 2014, issued a "going concern" qualification in its report
dated Mar. 31, 2025, attached to the Company's Annual Report on
Form 10-K for the year ended Dec. 31, 2024, citing that the Company
has limited revenues and has suffered recurring losses from
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.

As of Dec. 31, 2024, the Company had $8.99 million in total assets,
$3.52 million in total liabilities, and a total stockholders'
equity of $5.47 million.


AQUA SPAS: Seeks Chapter 11 Bankruptcy in Colorado
--------------------------------------------------
On July 22, 2025, Aqua Spas Inc. filed Chapter 11 protection in
the U.S. Bankruptcy Court for the District of Colorado. 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 Aqua Spas Inc.

Aqua Spas Inc., a/k/a Spas R Us, sells and services hot tubs and
swim spas through its locations in Fort Collins, Greeley, and
Castle Rock, Colorado. The Company is a longtime dealer of Master
Spas products, including the Michael Phelps Signature Swim Spa
line. It also offers spa accessories, chemicals, filters, and
related supplies, with shipping available for orders over $100.

Aqua Spas Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Col. Case No. 25-14565) on July 22,
2025. In its petition, the Debtor reports estimated assets up to
$50,000 and estimated liabilities between $1 million and $10
million.

Honorable Bankruptcy Judge Michael E. Romero handles the case.

The Debtor is represented by Jonathan M. Dickey, Esq. at KUTNER
BRINEN DICKEY RILEY.


ARC-V INC: Gregory Jones Named Subchapter V Trustee
---------------------------------------------------
The U.S. Trustee for Region 16 appointed Gregory Jones, Esq., at
Stradling Yocca Carlson & Rauth, PC as Subchapter V trustee for
ARC-V Inc.

Mr. Jones will be paid an hourly fee of $600 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.  

Mr. Jones declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.

The Subchapter V trustee can be reached at:

     Gregory K. Jones, Esq.
     Stradling Yocca Carlson & Rauth, PC
     10100 N. Santa Monica Boulevard, Suite 1400
     Los Angeles, CA 90067
     Telephone: (424) 214-7000
     Facsimile: (424) 214-7010
     Email: gjones@stradlinglaw.com

                         About ARC-V Inc.

ARC-V Inc. is a healthcare company likely specializing in
orthopedic products and prosthetics based in Sherman Oaks,
California.

ARC-V Inc. sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. C.D. Cal. Case No. 25-11216) on July 1, 2025. In its
petition, the Debtor reports estimated assets and liabilities
between $1 million and $10 million each.

Honorable Bankruptcy Judge Martin R. Barash handles the case.

The Debtors are represented by Michael Jay Berger, Esq.


ASHTON WOODS: Moody's Rates New $400MM Sr. Unsecured Notes 'Ba3'
----------------------------------------------------------------
Moody's Ratings assigned a Ba3 rating to Ashton Woods USA, LLC's
(Ashton Woods) proposed $400 million backed senior unsecured notes
due 2033. Ashton Woods' other ratings, including its Ba3 Corporate
Family Rating, and stable outlook remain unchanged.

The proceeds of the new notes will be used to refinance the
company's $250 million 6.625% senior unsecured notes due 2028 and
related fees and expenses, as well as for working capital and
general corporate purposes. Pro forma for the transaction
homebuilding debt to book capitalization will increase to about 45%
from about 42% as of May 31, 2025.

Despite the increase in debt, Ashton Woods' pro forma leverage
remains within Moody's expected range for the Ba3 CFR. Furthermore,
Moody's expects the company to maintain good liquidity, including
the generation of positive free cash flow over the next fiscal year
and ample availability on its $445 million revolver that expires in
June 2028.

RATINGS RATIONALE

The Ba3 CFR reflects Ashton Woods' cautious approach to land
management, primarily consisting of completed homes, homes under
construction, or fully developed lots, which mitigates impairment
risk and enhances inventory turnover. However, these strengths are
counterbalanced by the cyclical nature of the homebuilding
industry, exposure to industry cost pressures, and widespread
affordability challenges, leading to weaker consumer demand.
Moody's anticipates a continued decline in pricing power for
homebuilders in 2025 and beyond, necessitating the use of
incentives to boost sales and resulting in more modest gross
margins. Additional considerations include the company's small
scale and concentration in Texas, which is mitigated by Ashton
Woods' strong market presence in several leading homebuilding
metropolitan areas nationwide.

Ashton Woods' proposed and existing senior notes are unsecured and
have the same priority of claim as Ashton Woods' unsecured
revolving credit facility. The Ba3 ratings assigned to the senior
unsecured notes, at the same level with the CFR, reflects that this
class of debt represents the preponderance of debt in the capital
structure.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

The ratings could be upgraded if Ashton Woods maintains strong
credit metrics, including debt to book capitalization sustained
below 40%, EBIT to interest above 5.0x and consistent free cash
flow generation through cycles. An upgrade would also require a
clearly articulated financial policy with a balanced approach to
shareholder distributions and growth investments. Finally, an
upgrade would require a meaningful increase in scale, while
continuing to diversify geographically.

The ratings could be downgraded if debt to book capitalization
approaches 50%, EBIT to interest falls below 4.0x or adjusted gross
margins fall below 20%, all on a sustained basis. A downgrade would
also result should Ashton Woods experience a material deterioration
in liquidity or engages in aggressive shareholder friendly
activities.

The principal methodology used in this rating was Homebuilding And
Property Development published in October 2022.

Headquartered in Atlanta, Georgia, Ashton Woods constructs
single-family detached and attached homes in Texas, Arizona, North
Carolina, South Carolina, Georgia, Florida and Tennessee. For the
12 months ended May 31, 2025, Ashton Woods generated approximately
$3.6 billion in revenues and $266 million in pretax income.


AVON PRODUCTS: Judge Says Chapter 11 Plan Needs Revisions
---------------------------------------------------------
Rick Archer of Law360 reports that on Wednesday, July 23, 2025, a
Delaware bankruptcy judge informed Avon that its Chapter 11 plan
needs further revisions before receiving approval, pointing to
objections raised by the company's insurance carriers that warrant
consideration.

The Troubled Company Reporter, citing Rick Archer of Law360
Bankruptcy Authority, previously reported that on 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.

Angelica Serrano-Roman of Bloomberg Law also previously reported
that the insurers for Avon Products Inc. have asked a Delaware
bankruptcy court to deny all talc-related claims in the company's
Chapter 11 case, arguing that claims not formally submitted
shouldn't be recognized as valid.

In a court filing, the group -- which includes Wellfleet New York
Insurance Co. and Lloyd's of London -- urged the court to reject
the claims entirely. They asserted that Avon's proposed liquidation
trust lacks a requirement for claimants to file proofs of claim,
preventing the claims from meeting the necessary evidentiary
threshold.

                   About AIO US, Inc.

AIO US Inc., Avon Products Inc. and some of its affiliates are
manufacturers and marketers of beauty, fashion, and home products
with operations and customers across the globe.

AIO US and its affiliates sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11836) on
Aug. 12, 2024. In the petition filed by Philip J. Gund as chief
restructuring officer, AIO US disclosed $1 billion to $10 billion
in assets and debt.

Richards, Layton & Finger, P.A. and Weil, Gotshal & Manges LLP are
counsel to the Debtors. Ankura Consulting Group LLC serves as
restructuring advisor to the Debtors. Rothschild & Co US Inc is the
Debtors' investment banker and financial advisor. Epiq Corporate
Restructuring LLC acts as claims and noticing agent to the Debtors.


B&W INC: Seeks Subchapter V Bankruptcy in Texas
-----------------------------------------------
On July 22, 2025, B&W Inc. filed Chapter 11 protection in the U.S.
Bankruptcy Court for the Northern District of Texas. According to
court filing, the Debtor reports $1,999,013 in debt owed to 1
and 49 creditors. The petition states funds will be available to
unsecured creditors.

           About B&W Inc.

B&W Inc., aka Granite & Tile Outlet II, provides granite, tile, and
related remodeling products and services for residential and
commercial applications.

B&W Inc. sought relief under Subchapter V of Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42650) on July 22,
2025. In its petition, the Debtor reports total assets of $589,701
and total liabilities of $1,999,013.

Honorable Bankruptcy Judge Edward L. Morris handles the case.

The Debtor is represented by Robert T DeMarco, Esq. at DeMARCO
MITCHELL, PLLC.


BACK DRAUGHTS: Seeks Chapter 11 Bankruptcy in Florida
-----------------------------------------------------
On July 23, 2025, Back Draughts 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 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 Back Draughts LLC

Back Draughts LLC, doing business as Backdraughts Pizza, operates a
wood-fired pizzeria serving pizza as its main offering, along with
craft beer, fine wine, and cocktails. The family-owned business
emphasizes a welcoming atmosphere and serves freshly prepared
food.

Back Draughts LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05033) on July 23,
2025. In its petition, the Debtor reports estimated assets between
$100,000 and $500,000 and estimated liabilities between $1 million
and $10 million.

Honorable Bankruptcy Judge Catherine Peek McEwen handles the
case.

The Debtor is represented by Erik Johanson, Esq. at ERIK JOHANSON
PLLC.


BALAJIO LLC: Gets Extension to Access Cash Collateral
-----------------------------------------------------
Balajio, LLC received another extension from the U.S. Bankruptcy
Court for the Middle District of Florida, Orlando Division, to use
cash collateral.

At the hearing held on July 23, the court extended the Debtor's
authority to use cash collateral to September 4, when the next
hearing will be held.

The court's previous interim order issued on July 11 allowed the
Debtor to access cash collateral to pay its expenses until July 23
only and granted the U.S. Small Business Administration a
replacement lien on post-petition cash collateral, with same
priority and extent as its pre-bankruptcy lien.

SBA may hold a first-priority security interest in the Debtor's
cash and cash equivalents, secured by a $2 million loan evidenced
by a UCC-1 financing statement.

                      About Balajio LLC

Balajio, LLC operates a hotel in Daytona Beach, Florida.

Balajio sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. M.D. Fla. Case No. 25-03556) on June 10, 2025, listing
up to $10 million in both assets and liabilities. Sameer M. Patel,
managing member of Balajio, signed the petition.

Judge Tiffany P. Geyer oversees the case.

Justin M. Luna, Esq., at Latham Luna Eden & Beaudine, LLP,
represents the Debtor as legal counsel.


BALERNO CASTLE: Seeks to Use Cash Collateral
--------------------------------------------
Balerno Castle, LLC asked the U.S. Bankruptcy Court for the Central
District of California, Los Angeles Division, for authority to use
cash collateral.

The Debtor needs the use of cash collateral to continue operations
and facilitate the reorganization process. The value of the
collateral is $854,000.

The creditors that may assert interests in the cash collateral are
SPS, Culver Investments, and Henry Wong, Jr.

The Debtor offers adequate protection to affected creditors,
including the equity in the collateral, the maintenance of the
property, payments to creditors, and the creation of replacement
collateral from the use of cash collateral. The Debtor will also
make adequate protection payments in the amount of $4,695 per month
to SPS.

In addition, the Debtor requested permission to use cash collateral
for specific operating expenses such as quarterly fees to the U.S.
Trustee and court fees. The Debtor seeks flexibility in its budget,
allowing deviations from the proposed budget by a certain
percentage without needing further court approval. Any unused funds
in one month could also be carried over to the following month for
the same expenses.

A court hearing is set for August 7.

                     About Balerno Castle LLC

Balerno Castle, LLC owns a multi-family residential building
located at 253 S. Carondelet Street in Los Angeles, California. The
two-story property comprises six rental units and is classified as
single-asset real estate under 11 U.S.C. Section 101(51B). The
company also owns a separate property at 3912 Eagle Street in Los
Angeles.

Balerno Castle sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-15322) on June 24,
2025. In its petition, the Debtor reported total assets of
$3,804,000 and total liabilities of $2,074,239.

Judge Julia W. Brand handles the case.

The Debtor is represented by Kevin Tang, Esq., at Tang &
Associates.


BENHAM ORTHODONTICS: No Patient Complaints, 4th PCO Report Says
---------------------------------------------------------------
Susan Goodman, the patient care ombudsman, filed with the U.S.
Bankruptcy Court for the Northern District of Texas her fourth
report regarding the quality of patient care provided by Benham
Orthodontics & Associates, P.A.

The PCO cited that it did not receive any direct patient complaints
during this reporting period. The Benham staff confirmed that
services continue to be provided in the Colleyville location. The
Benham office team reported sufficient dedicated staff to support
the current patient load. Staff denied supply challenges.

The PCO expressed concern in her Third Report regarding the benefit
of continued PCO oversight as the case now approaches one year
since the bankruptcy petition filing. PCO has now authored four
reports that do not implicate concerns as contemplated under
Section 333(b)(3) of the Bankruptcy Code.

As such, the PCO will move the court to dismiss her from further
duties in this next reporting period as she believes the associated
expense of continued PCO monitoring provides little ongoing benefit
given the stability of patient care across four reports and the
apparent continued impasse between the parties to the underlying
dispute that preceded the bankruptcy filing.

A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=iWbNkz from PacerMonitor.com.

The ombudsman may be reached at:

     Susan N. Goodman, RN JD
     Pivot Health Law, LLC
     P.O. Box 69734
     Oro Valley, AZ 85737
     Ph: 520.744.7061|Fax: 520.575.4075
     sgoodman@pivothealthaz.com

              About Benham Orthodontics & Associates

Benham Orthodontics & Associates, P.A. provides orthodontic care to
children and adults. It is based in Colleyville, Texas, and
conducts business under the name Benham Family Orthodontics.

Benham sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Texas Case No. 24-42784) on August 7, 2024, with
up to $50,000 in assets and up to $10 million in liabilities. Adam
Benham, director, signed the petition.

Judge Edward L. Morris presides over the case.

Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC
represents the Debtor as bankruptcy counsel.

Susan Goodman is the patient care ombudsman appointed in the
Debtor's case.


BESPOKE CONSTRUCTION: Seeks Cash Collateral Access
--------------------------------------------------
Bespoke Construction, LLC asked the U.S. Bankruptcy Court for the
Southern District of Indiana for authority to use cash collateral
and provide adequate protection.

The Debtor asserted that it cannot continue operations without
access to cash collateral to cover operating costs, taxes, and
other regular business expenses.

The Debtor's assets, including cash, receivables, and deposits, may
be considered "cash collateral" under bankruptcy law. The value of
the cash collateral is estimated at $661,561, while the total value
of the Debtor's assets is around $1.4 million.

The Debtor has conducted a preliminary review of its liabilities
and determined that Lake City Bank is likely the only creditor with
a valid lien on cash collateral, with a debt exceeding $1.5
million. Other creditors have junior liens, such as merchant
cash-advance lenders, but these do not have a lien on cash
collateral.

To protect the bank's interests, the Debtor proposed:

   1. Replacement liens on cash collateral, maintaining LCB's
priority as of the petition date.
   2. Monthly adequate protection payments of $15,000, starting in
August.
   3. Exclusive use of the bank as the Debtor's sole depository for
debtor-in-possession accounts.

Lake City Bank, as secured creditor, is represented by:

   Susan E. Trent, Esq.
   Rothberg Logan & Warsco, LLP
   505 East Washington Boulevard
   P.O. Box 11647
   Fort Wayne, IN 46859-1647
   Telephone: (260) 422-9454
   Facsimile: (260) 422-1622
   strent@rothberg.com

                About Bespoke Construction LLC

Bespoke Construction LLC is a general contractor based in
Indianapolis, Indiana, that provides residential and state-funded
construction services, including universal design renovations,
custom millwork, ADA-compliant modifications, and project
management. It serves clients through tailored design and building
solutions with a focus on accessibility, craftsmanship, and
functional improvements.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-04181) on July 16,
2025. In the petition signed by Robert Cooper, authorized
representative of the Debtor, the Debtor disclosed $1,425,361 in
total assets and $5,379,966 in total liabilities.

Judge James M. Carr oversees the case.

Jeffrey Hester, Esq., at Hester Baker Krebs, LLC, represents the
Debtor as legal counsel.


BRIGHTSTAR LOTTERY: Moody's Affirms 'Ba1' CFR, Outlook Stable
-------------------------------------------------------------
Moody's Ratings affirmed the Ba1 Corporate Family Rating, Ba1-PD
Probability of Default Rating, and Ba1 senior secured notes rating
of Brightstar Lottery PLC (BRSL or Brightstar), formerly
International Game Technology PLC. The Speculative Grade Liquidity
(SGL) rating remains unchanged at SGL-1. Concurrently, Moody's
affirmed the IGT Lottery Holdings B.V.'s Ba1 backed senior secured
debt ratings. The outlook is stable for both entities.

The rating action follows the completed divestiture of BRSL's
Global Gaming and PlayDigital businesses to a holding company owned
by Apollo Global Management (Apollo) for approximately $4.0
billion. Brightstar's remaining operations include its Global
Lottery business, establishing it as a pure play lottery company.
Proceeds from the transaction will be allocated toward $2.0 billion
of debt repayment, $1.1 billion in shareholder returns (including
$500 million of share repurchases and $600 million in dividends),
$500 million for Italy Lotto license payments, and $400 million for
general corporate purposes.

The affirmation of Brightstar's CFR reflects the company's high
level of recurring revenues, significant EBITDA margins and very
good liquidity as a pure play lottery company. While the
transaction results in leverage decreasing to the mid 3x range, the
company's ratings remain constrained by its contract concentration,
elevated renewal risk, and the substantial future capital needed
for lottery license renewals and shareholder distributions.

The stable outlook reflects Moody's expectations that BRSL will
sustain leverage at or below 3.5x, supported by consistent free
cash flow generation and prudent financial management, while
effectively managing upcoming contract renewals and capital
commitments.

RATINGS RATIONALE

Brightstar's Ba1 CFR reflects its strong market position in the
resilient global lottery market with high barriers to entry. It
also reflects its high level of recurring revenues, significant
EBITDA margins of nearly 50% and moderate leverage. The company's
shift to a pure-play lottery operator streamlines its business
profile yet increases its exposure to contract renewal risk due to
substantial contract concentration— with its Italian contracts
comprising 38% of FY24 revenue and the top ten lottery contracts
accounting for 66% of total revenue for the same period. The recent
nine-year extension of its Italy lotto license, requiring EUR2.23
billion in upfront costs, demonstrates the company's ability to
renew or extend its existing contracts before or as they come up
for bid but also highlights the substantial upfront capital needed
for contract renewals and shareholder distributions. Additionally,
despite the historical resilience of the lottery segment, the
company remains exposed to potential earnings pressure should
macroeconomic conditions weaken, given its exposure to consumer
discretionary spending. Positively, the company allocated
approximately $2 billion of proceeds from the transaction to the
repayment of debt, which enhances its financial flexibility. As a
result, Moody's expects our-adjusted debt-to-EBITDA leverage to
decline to the mid-3x range from 5.5x for the last twelve-month
period ended March 31, 2025. Moody's expects incremental EBITDA and
cash flow growth and reduced capex to drive leverage closer to 3.0x
by the end of 2027.

BRSL's liquidity position is very good, with full availability
under its $1.5 billion revolving credit facilities that expire in
2027, an anticipated $1 billion in unrestricted cash by the end of
2025, though a considerable portion will be allocated to the final
Italy Lotto concession payment due in early 2026, and Moody's
expectations of approximately $850 million of annual cash flow. The
company's next major debt maturities are in 2027 when a GBP300
million secured term loan and a $750 million secured note come due,
along with the expiration of both revolving credit facilities. This
liquidity profile serves as a cushion against potential
fluctuations in cash flow related to contract renewals and other
capital requirements.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be upgraded if BRSL reduces contract
concentration and sustains debt-to-EBITDA leverage below 3.0x, with
consistent and meaningfully positive free cash flow.

The ratings could be downgraded if liquidity deteriorates, earnings
weaken, or leverage is sustained above 3.75x.

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.


BURGUNDIAN LLC: Seeks to Hire Verdolino & Lowey as Accountant
-------------------------------------------------------------
The Burgundian, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Massachusetts to hire Verdolino & Lowey, P.C.
as its accountant.

The firm will perform general bookkeeping, accounting and tax
preparation services, and to assist the Debtor in fulfilling is
bankruptcy reporting requirements.

The firm will be paid at these rates:

     Principals      $565 per hour
     Managers        $275 to $450 per hour
     Staff           $225 to $395 per hour
     Bookkeepers     $225 to $300 per hour
     Clerical        $95 per hour

The firm will seek reimbursement of expenses incurred on behalf of
the Debtor.

Keith Lowey, principal at Verdolino & Lowey, 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:

     Keith D. Lowey, CPA
     Verdolino & Lowey PC
     124 Washington St., Ste. 101
     Foxboro, MA 02035
     Telephone: (508) 543-1720

        About The Burgundian, LLC

The Burgundian, LLC operates a food service business offering
international street food such as Belgian Liege waffles, Japanese
chicken sandwiches, Argentinian sausage dogs, and Filipino noodle
bowls.

The Burgundian, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No.
25-11287) on June 24, 2025. At the time of filing, the Debtor
estimated $100,001 to $500,000 in assets and $1,000,001 to $10
million in liabilities.

Judge Christopher J Panos presides over the case.

David B. Madoff, Esq. at Madoff & Khoury LLP represents the Debtor
as counsel.


C&S GROUP: S&P Affirms 'B' Issuer Credit Rating, Outlook Negative
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating on New
Hampshire-based C&S Group Enterprises LLC and assigned its 'B'
issue-level rating on both C&S Wholesale Grocers LLC as well as its
proposed $400 million term loan, affirmed its 'CCC+' issue-level
rating on C&S Group Enterprises LLC's senior unsecured notes, and
removed its ratings from CreditWatch with negative implications.

The negative outlook reflects still elevated leverage at the
company, notwithstanding the deleveraging effect of the proposed
acquisition, as well as integration risk.

C&S Wholesale Grocers LLC, direct parent of subsidiary C&S Group
Enterprises LLC, announced it intends to purchase grocery
distributor and retailer SpartanNash Co.

The transaction will be funded with C&S Wholesale's asset-based
lending accordion (ABL; $430 million of the $2.25 billion
commitment, limited by a $1.85 billion borrowing base), a proposed
$400 million term loan issued by3333333 C&S Wholesale, and an
equity contribution of approximately $900 million (including $600
million gross DC financing proceeds).

The negative outlook reflects C&S's declining sales, elevated
leverage, and integration risks. C&S' revenues declined to less
than $20 billion as of the most recent fiscal second quarter ended
March 2025 on a trailing-12-month (TTM) basis, from nearly $30
billion in fiscal 2015. This was due in large part to the decision
by its largest customer Ahold Delhaize USA--which at its peak
represented more than $10 billion of sales--to transition to a
self-distribution model in late 2019. Despite this, C&S maintains a
market share of approximately 16% in the competitive U.S. grocery
distribution industry.

The company's EBITDA has also declined over the years, generating
$192 million of S&P Global Ratings adjusted EBITDA in the most
recent TTM period, down 31% from the same period a year ago. The
proposed transaction will leverage SpartanNash's $9.5 billion in
sales and $293 million of S&P Global Ratings-adjusted EBITDA in
fiscal 2024. Pro forma for the transaction, we expect leverage at
close will be elevated in the high-6x area (low-6x area after
accounting for nearly $60 million of transaction costs related to
the failed Kroger-Albertsons transaction), and S&P expects it to be
in the mid-6x area at the end of the first year post-close (fiscal
year-end 2026). While this represents an improvement from C&S's
9.2x leverage as of March 2025, it remains at the higher end for
the current rating.

S&P said, "We revised our business risk profile to fair from weak
because we believe the acquisition will improve C&S's business
prospects in the long term. The acquisition will expand C&S's
operational footprint while adding a more robust retail offering.
Specifically, we expect the acquisition will increase C&S' sales by
45% in fiscal 2026, provide up to $180 million in synergies, and
improve EBITDA margins to 2%. SpartanNash has relatively modest
operating scale ($9.7 billion of sales) compared to other rated
peers in the sector, including United Natural Foods Inc.
(B/Stable). However, we note the company has good market presence
with approximately 7% market share in the highly fragmented and
competitive wholesale grocery industry. Pro forma for the
acquisition, C&S' market share will grow to an industry-leading
23%, followed closely by UNFI at 21%."

Additionally, SpartanNash's S&P Global Ratings-adjusted EBITDA
margin has been about 3% over the past six quarters, which is above
other wholesale grocery distributors. The company is also exposed
to some customer concentration, with its largest account
representing 18% of sales. The company's customer base is otherwise
diversified, with its ten largest wholesale customers (excluding
corporate-owned retail stores) accounting for approximately 49% of
total wholesale net sales for 2024. Pro forma for the transaction,
C&S' top five customer concentration will improve to less than 37%
of sales from 52% and its largest customer will represent less than
9% of sales, compared to more than 16% prior to the acquisition.

While the combined company will have a strengthened market
position, the U.S. grocery distribution industry is highly
competitive with low margins, and integration risks remain. Despite
sales declines, C&S has managed to partially offset its larger
customers that have gone on to self-distribute (such as Ahold and
Target Mid-Atlantic) with smaller, higher-margin independent
grocers. This has softened the decline in EBITDA, and S&P believes
C&S will continue to implement strategic measures--including
investments in warehouse technology, network optimization, and
automation of distribution centers. At the same time, integration
risks remain in the proposed transaction, including the ultimate
consummation of the transaction, announced less than six months
following the failed merger of Kroger and Albertsons.

The negative outlook reflects still elevated leverage at the
company, notwithstanding the deleveraging effect of the proposed
acquisition. This, in addition to integration risk, is offset by
what S&P believes will be strengthened business prospects for C&S
as a result of the acquisition.

S&P could lower the rating if:

-- C&S is unable to close its acquisition of SpartanNash, leaving
it with exceedingly high leverage;

-- Integration risks are realized--for instance financial or
operational disruptions, labor disruption issues, or inefficiencies
and cost overruns--and synergy realizations are delayed or revised
downward, leading to leverage remaining above 6.5x on a sustained
basis; or

-- Free cash flow generation prospects do not improve.

S&P could revise the outlook to stable if:

-- C&S is able to close its acquisition of SpartanNash and drive
S&P Global Ratings adjusted debt to EBITDA down to less than 6.5x
as synergies are realized; and

-- The company's free cash flow prospects improve, likely due to
successful operation integration and enhanced EBITDA generation.



CAROLINA'S CONTRACTING: Gets Final OK to Use Cash Collateral
------------------------------------------------------------
Carolina's Contracting, LLC received final approval from the U.S.
Bankruptcy Court for the Middle District of North Carolina to use
the cash collateral of Kalamata Capital Group and Libertas Funding,
LLC.

The final order penned by Judge Lena James authorized the Debtor to
use cash collateral pursuant to its budget and granted secured
creditors replacement liens on the Debtor's' post-petition
property.

The Debtor was ordered to escrow the full amount of Kalamata
Capital Group's filed proof of claim in the amount of $44,057.50 to
the trust account of the Debtor's attorney within 30 days from July
11. The funds must be held in trust pending further order of the
court.  

The Debtor's authority to use cash collateral terminates (i) on the
effective date of any confirmed Chapter 11 plan; (ii) upon
dismissal or conversion of the case to another Chapter of the
Bankruptcy Code or removal of the Debtor from possession; and (iii)
upon occurrence of an event of default that is not timely cured.

The Debtor owes $42,909 and $161,000 to Kalamata and Libertas
Funding, LLC, respectively. Both creditors assert interest in
assets of the company including, but are not limited to, bank
accounts and accounts receivable valued at $9.77 million. These
assets may constitute the secured creditors' cash collateral.

                    About Carolina's Contracting

Carolina's Contracting LLC is a licensed general contractor based
in Davidson, North Carolina, specializing in land development and
grading services.  Established in 2013, Company offers a range of
services including grading, storm drainage, sanitary sewer,
waterline installation, culverts, and stone base work.

Carolina's Contracting sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. N.C. Case No. 25-50284) on April 28,
2025. In its petition, the Debtor reported total assets of
$31,405,291 and total liabilities of $25,942,522.

Judge Lena M. James oversees the case.

The Debtor is represented by:

   Dirk W. Siegmund, Esq.
   Ivey, Mcclellan, Siegmund, Brumbaugh & Mcdonough, LLP
   Tel: 336-274-4658
   dws@iveymcclellan.com


CFN ENTERPRISES: Closes J Street Acquisition, Issues 1.5M Shares
----------------------------------------------------------------
As previously disclosed in its Current Report on Form 8-K filed
with the Securities and Exchange Commission on June 4, 2025, CFN
Enterprises Inc. entered into a Securities Purchase Agreement with
J Street Capital Partners, LLC, a Florida limited liability
company, and the owner of all of the equity interests of J Street,
whereby the Company will acquire 100% of J Street from the Seller.


J Street is an importer and wholesaler of wines and alcoholic
beverages which currently distributes its products to Nevada, New
York, New Jersey, Florida and California and its customers include
bars, restaurants, casinos and hotels.

The acquisition of J Street closed on July 1, 2025, and in
connection with the acquisition, the Company issued 1.5 million
shares of Company common stock to the Seller, pursuant to an
exemption under Section 4(a)(2) of the Securities Act of 1933, as
amended.

                    About CFN Enterprises Inc.

CFN Enterprises Inc owns and operates as a media agency. The
Company offers creative and media network solutions for cannabis
industry. CFN Enterprises serves customers in the United States.

As of Dec. 31, 2024, the Company had $8,672,137 in total assets,
$26,502,338 in total liabilities, and a total stockholders' deficit
of $17,830,201.

Los Angeles, Calif.-based RBSM LLP, the Company's auditor since
2024, issued a "going concern" qualification in its report dated
April 15, 2025, attached to the Company's Annual Report on Form
10-K for the year ended December 31, 2024, citing that the Company
has suffered recurring losses from operations and will require
additional capital to continue as a going concern. This raises
substantial doubt about the Company's ability to continue as a
going concern.


CFN ENTERPRISES: Completes 1-for-10 Reverse Stock Split
-------------------------------------------------------
CFN Enterprises Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that the Company commenced
a written consent solicitation from its stockholders to approve an
amendment to the Company's Certificate of Incorporation, as
amended, to effect a reverse split of the Company's common stock,
par value $0.001 per share, in the range from 1-for-2 to 1-for-50,
with the exact ratio to be determined in the sole discretion of the
Board of Directors no later than one year after approval.

The Board considered the potential benefits of effecting a reverse
split of the Common Stock for the purpose of uplisting to Nasdaq in
the future, including to satisfy the Nasdaq minimum bid price
requirement for listing. A reverse stock split is one of the steps
the Board has pursued towards an uplisting to Nasdaq. As of July 5,
2024, the Company's stockholders had approved the Amendment and the
Company ended the written consent solicitation.

On May 10, 2025, the Board resolved to effect a reverse split of
the Company's Common Stock in the ratio of 1-for-10.

On July 11, 2025, following the completion of regulatory
requirements to effect the reverse split, the Company filed a
Certificate of Amendment to its Certificate of Incorporation with
the Secretary of State of the State of Delaware pursuant to which
Article Fourth of the Company's Certificate of Incorporation was
amended to effect a reverse split such that every issued and
outstanding share of Common Stock immediately prior to the
effective time of 5:00 p.m. Eastern time on July 11, 2025 would be
automatically reclassified and converted into one-tenth of a share
of Common Stock.

No cash would  be paid or distributed as a result of the Reverse
Stock Split, and no fractional shares would  be issued. All
fractional shares which would otherwise be required to be issued
because of the Reverse Stock Split would be rounded up to a whole
share. Any stock certificate that, immediately prior to the Reverse
Stock Split Effective Time, represented shares of the Old Common
Stock, shall from and after the Reverse Stock Effective Time,
automatically and without the necessity of presenting the same for
exchange, represent that number of whole shares of New Common Stock
into which such shares of Old Common Stock shall have been
reclassified pursuant to the Reverse Stock Split. Outstanding
convertible securities of the Company will be adjusted in
accordance with their terms to reflect the Reverse Stock Split.

The New Common Stock will be quoted on the OTCQB commencing and
will continue to be quoted under the symbol CNFN. A new CUSIP
number (12529C 308) has been issued for the New Common Stock. No
change in the Company's 500,000,000 authorized shares of Common
Stock or the $0.001 per share par value of the Common Stock has
occurred as a result of the Reverse Stock Split.

The foregoing description of the Certificate of Amendment does not
purport to be complete and is qualified in its entirety by
reference to the full text of the Certificate of Amendment, a copy
of which is available at https://tinyurl.com/2vyvjd4e

                    About CFN Enterprises Inc.

CFN Enterprises Inc owns and operates as a media agency. The
Company offers creative and media network solutions for cannabis
industry. CFN Enterprises serves customers in the United States.

As of Dec. 31, 2024, the Company had $8,672,137 in total assets,
$26,502,338 in total liabilities, and a total stockholders' deficit
of $17,830,201.

Los Angeles, Calif.-based RBSM LLP, the Company's auditor since
2024, issued a "going concern" qualification in its report dated
April 15, 2025, attached to the Company's Annual Report on Form
10-K for the year ended December 31, 2024, citing that the Company
has suffered recurring losses from operations and will require
additional capital to continue as a going concern. This raises
substantial doubt about the Company's ability to continue as a
going concern.



CHG HEALTHCARE: S&P Rates New $2.459BB First-Lien Term Loan B 'B'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating and '3'
recovery rating to the proposed $2.459 billion first-lien term loan
B due 2028 issued by CHG Healthcare Services Inc. (B/Stable/--).
The '3' recovery rating indicates its expectation for meaningful
(50%-70%; rounded estimate: 50%) recovery in the event of default.
The transaction is part of a repricing of the company's existing
$2.5 billion term loan B and $150 million revolving credit
facility. All of our existing ratings on CHG are unchanged.

The transaction will be leverage neutral. S&P expects the company
will benefit from about a $6 million reduction in annual cash
interest payments.

S&P said, "Our ratings on CHG continue to reflect the narrow scope
of its business providing locum tenens (temporary physicians)
primarily to hospitals, the limited barriers to competition in its
industry, as well as its high debt leverage and financial-sponsor
ownership. The company's strong position in the market for locum
tenens and the diversity of medical specialties among its locums
only partially offset these risks. In contrast to physician groups
that provide services at hospitals (like anesthesiology or
emergency medicine), the company's temporary staffing business
model has no direct exposure to reimbursement risk and only
compensates healthcare providers for hours worked. Given the
financial-sponsor ownership and tolerance for an aggressive
financial policy, we assume CHG will allocate the majority of its
free operating cash flow to either invest in technology or pay
dividends to its sponsors, rather than a permanent reduction in
debt. We therefore expect the company's S&P Global Ratings-adjusted
leverage will remain above 5x."

Issue Ratings--Recovery Analysis

Key analytical factors

-- CHG's capital structure comprises a $150 million first-lien
revolver due March 2028 and a $2.459 billion first-lien term loan
due September 2028.

-- S&P assumes the revolver would be 85% drawn and anticipate its
margin would rise following a covenant breach.

-- S&P's simulated default scenario considers a default in 2028,
mostly likely due to a large reduction in its EBITDA stemming from
contract losses and a significant erosion in its margins.

-- S&P valued the company on a going-concern basis using a 6x
multiple of our projected emergence EBITDA, which is consistent
with its treatment of similar peers.

Simulated default assumptions

-- Simulated year of default: 2028
-- EBITDA at emergence: $233 million
-- EBITDA multiple: 6.0x

Simplified waterfall

-- Net enterprise valuation (after 5% administrative costs): $1.33
billion

-- Valuation split (obligors/nonobligors): 100%/0%

-- Collateral value available to first-lien creditors: $1.33
billion

-- Secured first-lien debt: $2.6 billion

    --Recovery expectations: 50%-70% (rounded estimate: 50%)



CIMG INC: Yubo Yang, 2 Others Report 17% Stake
----------------------------------------------
Yubo Yang, Zheng Dai, and Dada Business Trading Co., Limited,
disclosed in a Schedule 13D/A (Amendment No. 1) filed with the U.S.
Securities and Exchange Commission that as of June 13, 2025, they
beneficially own 6,739,761 shares of CIMG Inc.'s Common Stock,
$0.00001 par value, representing approximately 17% of the total
class, based on 36,397,418 shares issued and outstanding as of June
10, 2025, and 3,333,333 shares that may be issued upon exercise of
warrants held by Dada Business Trading Co., Limited. These holdings
include 3,406,428 shares directly held and 3,333,333 shares
issuable upon exercise of warrants, all beneficially owned by Yubo
Yang through his 100% ownership of Dada Business Trading Co.,
Limited.

Dada Business may be reached through:

     Yubo Yang, Sole Director
     Unit 3709, 37/F, Tower 2
     Lippo Centre, 89 Queensway
     Admiralty, Hong Kong
     Phone: 86 15611602308

A full-text copy of Mr. Yang's SEC report is available at:

                  https://tinyurl.com/yyvf84ys

                          About CIMG Inc.

Headquartered in Vista, California, CIMG Inc. (formerly Nuzee,
Inc.) is a digital marketing, sales and distribution company for
various consumer products with focuses on food and beverages.
Dedicated to reshaping the digital marketing and distribution with
technological applications, the Company endeavors to create greater
commercial value for its business partners and therefore enhance
its own enterprise value and shareholders' value of their stake in
the Company. The Company has a professional brand and marketing
management system, which can quickly help partnering enterprises
achieve the connection, management, and operation of marketing
channels domestically and globally.

The Company has had limited revenues, recurring losses and an
accumulated deficit. These items raise substantial doubt as to the
Company's ability to continue as a going concern, according to the
Company's Quarterly Report for the period ended June 30, 2024.

The Company has not yet filed its Form 10-K for the fiscal year
ended Sept. 30, 2023.



CINEMEX HOLDINGS: MN Theaters Seeks Appointment of Creditors Panel
------------------------------------------------------------------
MN Theaters 2006, LLC filed a motion seeking the appointment of an
official committee that will represent creditors with unsecured
claims in the Chapter 11 cases of CB Theater Experience, LLC and
its affiliates.

MN Theaters owns properties leased by CB Theater, an affiliate of
Cinemex Holdings USA, Inc.

In the motion, Paul Steven Singerman, Esq., attorney for MN
Theaters, asked the U.S. Bankruptcy Court for the Southern District
of Florida to direct the U.S. Trustee for Region 21 to appoint a
committee that will initiate any serious investigation into issues
that may affect unsecured creditors.

Mr. Singerman cited the "ostensible" $50 million secured claim of
the companies' parent, Wine and Roses S.A. de C.V., which warrants
an investigation.

"The [companies'] first-day declaration says virtually nothing
about the circumstances around this claim. What little it does say
suggests that this supposed insider debt should be recharacterized
as equity," the attorney said.

Mr. Singerman also questioned the companies' eligibility for
Subchapter V.

"The [companies'] have acknowledged that over $1.8 million of their
debt counts against the eligibility cap of $3,024,725. But they
have also reported over $1.3 million of debt as contingent and
unliquidated without any explanation of how an obligation such as
$782,182.41 owed to the Florida Department of Revenue is
contingent," Mr. Singerman said.

To qualify for Subchapter V, a business must have total debts
(secured and unsecured) below $3,024,725. Subchapter V cases
generally do not require the appointment of a committee of
unsecured creditors.

Mr. Singerman may be reached through:

   Berger Singerman, LLP
   Paul Steven Singerman, Esq.  
   Christopher Jarvinen, Esq.  
   1450 Brickell Avenue
   Suite 1900
   Miami, FL 33131
   Telephone: (305) 755-9500
   Singerman@BergerSingerman.com
   CJarvinen@BergerSingerman.com

   -- and --

   Milbank LLP
   Lisa Laukitis, Esq.
   Benjamin M. Schak, Esq.
   55 Hudson Yards
   New York, NY 10001
   Telephone: 1 (212) 530-5000
   LLaukitis@Milbank.com  
   BSchak@Milbank.com  

                    About Cinemex Holdings USA

Cinemex Holdings USA, Inc. is a holding company for cinema
operations including CMX Cinema.

Cinemex Holdings and its affiliates sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-17559) on
June 30, 2025. In its petition, Cinemex Holdings disclosed under
$50,000 in both assets and liabilities.

Judge Laurel M. Isicoff handles the cases.

The Debtors tapped Quinn Emanuel Urquhart & Sullivan LLP as counsel
and GlassRatner Advisory & Capital Group LLC as financial advisor.


CLEAR CHANNEL: Moody's Rates New Senior Secured Notes 'B2'
----------------------------------------------------------
Moody's Ratings assigned a B2 rating to Clear Channel Outdoor
Holdings, Inc.'s (Clear Channel or the company) planned senior
secured notes issuance. All other ratings are unchanged including
its Caa1 Corporate Family Rating, Caa1-PD Probability of Default
Rating, B2 senior secured notes ratings, B2 senior secured bank
credit facilities ratings and Caa3 senior unsecured notes ratings.
The SGL-3 Speculative Grade Liquidity Rating (SGL) and stable
outlook remains unchanged.

The company plans to issue up to $2 billion in new Senior Secured
notes (the transaction) split into two tranches of notes maturing
2031 and 2033. Moody's expects the proceeds, net of fees and
expenses, will be principally used to repay outstanding debt
obligations. Moody's expects the nearest maturities, including the
senior secured notes due 2027 and 2028, to be targeted. Assuming
the new instrument's terms and conditions are materially the same
as the repaid debt, Moody's don't expect any material change in the
capital structure or priority of claims. Moody's do, however,
expect the transaction will marginally increase debt and interest.

RATINGS RATIONALE

Clear Channel's credit profile reflects governance risk, as
indicated by the CIS-5 Credit Impact Score and G-5 Governance
Issuer Profile score. Exposures include high leverage (11.4x gross
debt divided by EBITDA, as adjusted by management at Q1 LTM),
despite Moody's expectations for modest EBITDA growth and the
benefit of recent debt repayments following the sale of
international assets (as well as the potential for additional asset
sales). The capital structure remains questionable given the
stubbornly high leverage, coupled with a challenged cash flow and
liquidity profile which creates the risk of a distressed exchange
which Moody's considers a default. The cyclicality of the
advertising market is also an exposure which can pressure the
company during weaker economic conditions. The company's conversion
of static displays to digital also requires significant capital,
which is a material burden reflected in capex in the low-teens
percent of revenue (Moody's adjusted).

Despite the weaknesses, Clear Channel benefits from its market
position as one of the largest outdoor advertising companies in the
United States with a large portfolio of assets including over
61,400 displays (mostly in the US, with nearly 13 thousand at
airports). The company had operations in over 80 Designated Market
Areas ("DMAs") in the US, including 42 of the top 50 US markets, as
of March 31, 2025 including a strong presence in large markets such
a Los Angeles, New York, San Francisco, and other large
metropolitan areas. Moody's believes the outdoor advertising market
is more resilient than some other ad markets given the regulatory
controls over the supply of billboards (particularly in the US)
which creates barriers to entry. The business is also supported by
proprietary relationships with exclusivity provisions and requires
deep operational expertise limiting new entrants and supporting
advertising rates and asset values.

There are also predictable and sustainable industry growth drivers,
most importantly the conversion to digital billboards which allows
for programmatic ads which generally produce much higher returns
than traditional static billboards. Digital displays create an
opportunity to attract a larger and broader range of advertisers,
and to change ads more frequently. Digital generates relatively
higher revenue and profitability. The value is evident in the
disproportionate contribution and mix of digital which accounted
for 42% of Q1 2025 revenue but represented just 8% of the asset
portfolio.

The Speculative Grade Liquidity (SGL) rating of SGL-3 reflects
Moody's expectations that Clear Channel will maintain adequate
liquidity, supported by about $396 million in cash as of 3/31/2025.
Clear Channel also has approximately $208 million in revolving
lines of credit available (including its revolving credit facility
(RCF) and receivables-based credit facility), net of about $92
million in letters of credit at the end of the last quarter and
after giving effect to the recent credit agreement amendments.
Moody's expects the company to remain in compliance with its
maintenance covenant (on its RCF) which includes springing leverage
tests.

The stable outlook reflects Moody's expectations that leverage
could moderate somewhat over the next 12-18 months with EBITDA
growth and debt repayment but will remain very high. Moody's
expects organic revenue to rise by at least mid-single digit
percent, EBITDA margins to remain steady (in the mid 20% range,
Moody's adjusted), and free cash flow to turn modestly positive,
ranging between $25 to $50 million.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

A ratings upgrade is not expected in the near term given the very
high leverage levels. However, an upgrade could occur if,

-- Leverage decreased below 7.5x (Moody's adjusted), and

-- Free cash flow to debt rose to mid-single digit percent
(Moody's adjusted), and

-- EBITDA minus capex to interest (Moody's adjusted) was at least
1.5x.

The ratings could be downgraded if Moody's assessments of the
probability of default increases or recovery, in a default scenario
declines, based on weaker operating performance or a change in
financial policies.

Clear Channel Outdoor Holdings, Inc. (Clear Channel), with its
headquarters in San Antonio, Texas, is a leading outdoor
advertising company in the United States that generated revenue of
about $1.5 billion as of LTM Q1 2025.  The principal methodology
used in these ratings was Media published in June 2021.


CLEOD LLC: Seeks to Hire McEwen & Company CPA as Accountant
-----------------------------------------------------------
Cleod, LLC seeks approval from the U.S. Bankruptcy Court for the
Eastern District of North Carolina to employ McEwen & Company CPA
as accountant.

The firm prepare Debtor's tax returns, to provide general
tax/accounting services, consulting and advice, and to review past
accounting and tax returns.

Services shall be rendered at a flat fee of $1,800 for two tax
returns, plus postage, certified mail and e-file fees for tax
preparation as more fully described in the 2023 & 2024 Tax Return.

McEwen & Company CPA is a "disinterested person" within the meaning
of 11 U.S.C. Sec. 101(14), according to court filings.

The firm can be reached through:

     Matthew McEwen, CPA
     McEwen & Company CPA
     12575 Spring Hill Dr
     Spring Hill, FL 34609
     Phone: (352) 835-7409

        About Cleod, LLC

Cleod, LLC, filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.C.
Case No. 25-01410-5) on April 17, 2025. At the time of filing, the
Debtor estimated up to $50,000 in assets and $100,001 to $500,000
in liabilities.

Judge David M Warren presides over the case.

The Debtor hires the Law Offices of George Oliver, PLLC as counsel.


CONSTRUCTION PARTNERS: Fitch Assigns 'BB' IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has assigned a first-time Long-Term Issuer Default
Rating (IDR) of 'BB' to Construction Partners, Inc. (CPI). The
Rating Outlook is Stable. Fitch has also rated CPI's revolver and
term loans 'BBB-' with a Recovery Rating of 'RR1'.

CPI's rating reflects its leading position as a specialty
infrastructure contractor in Sun Belt markets supported by stable,
noncyclical revenues from a diversified customer base, a healthy
project backlog, and a focus on recurring, maintenance-oriented
road construction projects. CPI mitigates cost overrun risks
through disciplined risk management, emphasizing short, less
complex projects. Favorable industry trends, government funding and
industry consolidation support CPI's growth strategy.

The rating considers CPI's regional scale, narrower service
offering and geographic concentration. CPI's acquisition strategy
could lead to temporarily elevated credit metrics. Fitch's forecast
of $100 million-$150 million+ annual FCF, along with management's
net leverage target of around 2.5x, should moderate M&A-related
leverage and support deleveraging.

Key Rating Drivers

Lower Risk, Local Leader: CPI is a vertically integrated, local
market leader with strategically located hot-mix asphalt plants,
aggregate facilities, and liquid asphalt terminals. Asphalt is
temperature-sensitive and only transportable relatively short
distances. The company's facility locations enable reliable, timely
service, foster sticky customer relationships, and support revenue
visibility. Public agencies, representing approximately 63% of
revenue, value stable, dependable partners.

CPI's focus on essential, maintenance-linked services across
thousands of projects annually supports recurring demand. The
company's lower-risk project portfolio consists of short duration
paving projects (six to nine months), with an average project size
of $1 million to $3 million. These projects carry lower completion
and operational risks compared to E&C peers with larger, more
complex projects. Revenue visibility is supported by a $2.8 billion
backlog as of March 31, 2025, up from $1.8 billion a year ago, and
covering about 85% of the revenue over the next 12 months.

M&A-Driven Growth: Fitch projects that CPI will achieve a
low-double-digit annual growth rate over the forecast period,
driven by M&A and organic initiatives. Since 2001, CPI has
completed more than 50 acquisitions and executed 13 greenfield
expansions, allowing it to access and diversify into new markets,
deepen vertical integration, and expand capacity. CPI's
decentralized, locally focused model reduces integration risk by
empowering local teams to maintain autonomy, adapt to regional
needs, and preserve key client relationships.

Fitch expects CPI to remain active in M&A, leveraging its
reputation as an acquiror of choice in the industry. The company's
track record in integrating acquisitions while retaining the
acquired companies' corporate culture and personnel is a
competitive advantage, especially in an industry where owners are
often transitioning out after multiple generations. These
acquisitions are positioned for growth by leveraging CPI's
operational infrastructure, increased bonding and bidding capacity,
and broader organizational support. This strategy helps to
accelerate synergies and supports CPI's ongoing expansion across
key Sun Belt markets.

Projected 3.0x EBITDA Leverage: Fitch projects CPI's pro forma FY25
EBITDA leverage will be in the mid-3x range, reflecting over $1
billion of recent M&A activity, much of which was debt funded.
Fitch anticipates CPI will balance ongoing acquisitions, estimated
at around $200 million to $250 million annually, with efforts to
deleverage towards its 2.5x net leverage target. This deleveraging
path, supported by expected EBITDA growth, positive FCF, and debt
repayment, is forecast to bring gross leverage down to 3.0x by
FY27. Fitch notes, while acquisitions offer growth and
diversification benefits, larger opportunities could cause leverage
to temporarily exceed this target.

FCF Supports Financial Flexibility: Fitch expects CPI's business
model to support stable FCF margins in the low- to mid-single
digits, with annual FCF of about $100 million to $150 million+
primarily allocated to growth initiatives and post-acquisition debt
repayment. Limited working capital needs and capital intensity of
around 5% of revenue further enhance FCF conversion. The June 30,
2025, amend-and-extend transaction boosted CPI's financial
flexibility and liquidity by increasing the revolving credit
facility and extending maturities. As of March 31, 2025, pro forma
for the transaction, CPI's liquidity was strong at $576.5 million.

Prudent Risk Management: CPI's project portfolio is lower risk than
engineering and construction (E&C) peers. CPI mitigates commodity
price volatility by monitoring key material costs like asphalt and
aggregates during the bidding process, utilizing contractual
escalator clauses and securing job-specific raw material pricing.
Moreover, the company self-performs roughly 80% of its work and can
utilize the same assets and crews for both private and public
projects, maximizing asset utilization and labor efficiency.

Capitalizing on Industry Trends: CPI is well-positioned to benefit
from long-term trends driving road capacity demand, such as
increasing population and business migration to the Southern U.S.
In addition, the need to address America's aging infrastructure,
exemplified by the American Society of Civil Engineers' 2025 Report
Card grade of C, will generate steady demand for CPI's services.
This tailwind is supported by dedicated state and robust federal
government funding, including the Infrastructure Investment and
Jobs Act that allocates approximately $350 billion over five years
for federal highway programs.

Geography and End-Market Concentrations: CPI's revenue is
geographically concentrated across eight states, making it more
susceptible to climate-related disruptions such as hurricanes and
other storms. Outdoor operations are seasonal, resulting in about
40% of annual revenues and around 30% of EBITDA, with the balance
generated in the second half. In addition, approximately 37% of
revenue comes from private sector clients, particularly real estate
developers, exposing CPI to business cycle and interest rate risk.

Peer Analysis

Fitch compares CPI to E&C and industrial service peers such as
MasTec (BBB-/Stable), APi Group (BB+/Stable), Waste Pro (B+/Stable)
and WEC US Holdings, Inc. (B+/Stable).

APi Group is a larger, global provider of safety and specialty
services — including fire and life safety — with broader
geographic reach and service offerings than CPI. Both companies are
projected to have similar financial profiles, with leverage around
3.0x range, mid-single-digit free cash flow margins, and interest
coverage above 6.0x.

MasTec is a larger infrastructure construction company with broader
North American operations and more diverse industry exposure
spanning electric power, communications and energy. Like CPI, they
pursue growth through acquisitions; however, their larger scale and
greater diversification contrast with CPI's more focused business
model centered on civil infrastructure in the Southeast.

Waste Pro, like CPI, benefits from a strong local market position,
providing waste management and recycling services in the Southeast
under long-term municipal contracts. WEC holds a leading technology
position in the commercial nuclear reactor sector, generating
significant recurring revenue from maintenance, repair and
operations and service contracts. Nevertheless, CPI maintains a
more conservative financial structure, with projected low-3.0x
EBITDA leverage, 5.0x interest coverage, and greater flexibility
supported by stronger free cash flow generation.

Key Assumptions

- Mid-single-digit organic revenue growth with M&A contributing to
low double-digit growth in the forecast;

- EBITDA margins remain stable at around 15% throughout the
forecast period, supported by margin-accretive acquisitions and
ongoing operational improvements;

- Capital intensity maintained at around 5.0% of revenues
throughout the forecast;

- Free cash flow margins stay in the low-to-mid-single digits;

- M&A activity of $200 million to $250 million annually, based on
historical acquisition purchase price multiples;

- Acquisitions funded with a mix of cash and debt;

- Secured overnight financing rate at 4.00% for FY26 to FY28.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- A shift in financial policy or heightened acquisition activity
leading to EBITDA leverage sustained above 3.5x;

- Reduced financial flexibility or (CFO-capex)/debt sustained below
5.0%;

- Inability to integrate acquisitions, loss of key customers, or a
deteriorating backlog leading to weakening earnings and cash flow
stability.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Adherence to a disciplined capital allocation and financial
policy supporting EBITDA leverage sustained below 3.0x;

- Preservation of financial flexibility, including FCF margin in
the mid-single digits and (CFO-capex)/debt sustained above 10%;

- Improved cash flow stability driven by continued success in
integrating margin-accretive, credit-conscious M&A that increase
diversification as well as overall size and scale.

Liquidity and Debt Structure

As of March 31, 2025, pro forma for the June 2025 amend-and-extend,
CPI had strong liquidity of $576.5 million, including $97.6 million
in cash and $478.9 million available under its $500 million
revolver. Future acquisitions are expected to be funded with the
revolver, while annual free cash flow of about $100 million to $150
million+ should support repayment and maintain financial
flexibility.

The facility requires a minimum interest coverage ratio of 3.0x and
a net leverage ratio stepping down gradually from 4.5x to 3.75x
after September 2027. Fitch expects ongoing covenant compliance,
with no maturities until 2030. Total debt includes a $600 million
Term Loan A due 2030, $21.1 million drawn on the revolver due 2030,
and an $850 million Term Loan B.

Issuer Profile

Construction Partners, Inc. is a vertically integrated civil
infrastructure company specializing in the construction and
maintenance of asphalt roadways across the Sun Belt.

Date of Relevant Committee

10 July 2025

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                      Rating            Recovery   
   -----------                      ------            --------   
Construction Partners, Inc.   LT IDR BB   New Rating

   senior secured             LT     BBB- New Rating    RR1


CONTOUR SPA: U.S. Trustee Appoints Creditors' Committee
-------------------------------------------------------
The U.S. Trustee for Region 21 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of Contour
Spa, LLC and its affiliates.
  
The committee members are:

   1. Dustin & Michaela Judd
      c/o Claire Reeves
      Bruning Law Group
      1125 Q Street, Suite 501
      Lincoln, NE 68508
      Telephone: (402) 261-3475
      Email: claire@bruninglawgroup.com

   2. Paul Corbett
      Meadow House, Weir Road
      Hanwood, Shrewsbury
      England, SY58LA
      Telephone: +44 7809 430027
      Email: Paulcorbett07@gmail.com

   3. Julia Barret
      303 West 5th Street
      Austin, TX 78701
      Telephone: (512) 460-9502
      Email: jbarret55@yahoo.com
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                      About Contour Spa LLC

Contour Spa LLC is a spa services provider based in Orlando that
provides wellness and beauty treatments including massage therapy,
skincare, and body contouring services, as suggested by its name.

Contour Spa LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03602) on June 11,
2025. In its petition, the Debtor reports estimated assets between
$500,000 and $1 million and estimated liabilities between $1
million and $10 million.

Honorable Bankruptcy Judge Tiffany P. Geyer handles the case.

The Debtor is represented by Jimmy D. Parrish at Baker & Hostetler
LLP.


CONTRACT MANAGED: Taps Bookkeeping & Unified as Bookkeeper
----------------------------------------------------------
Contract Managed Services, LLC seeks approval from the U.S.
Bankruptcy Court for the Western District of Kentucky to employ
Bookkeeping & Unified Business Solutions, Inc. as its outsourced
bookkeeper.

The firm will provide instrumental support to the Debtor with
respect to its accounting processes, financial reporting, and other
responsibilities, in the ordinary course of Debtor's business.

The firm will bill $65 per hour for its services.

As disclosed in the court filings, is a "disinterested person" as
defined by section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Jessica Dubay
     Bookkeeping & Unified Business Solutions, Inc.
     1567 E County Rd 450 S
     Paoli, IN 47454

      About Contract Managed Services, LLC

Contract Managed Services, LLC provides third-party logistics
services including contract packaging, order fulfillment,
warehousing, and distribution. Founded in 1996, the company now
operates over 100,000 square feet of modern facilities in
Louisville, Kentucky. It is privately owned and managed by
professionals with decades of experience in packaging and
distribution.

Contract Managed Services sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 25-31420) on June
14, 2025. In its petition, the Debtor reported estimated assets
between $500,000 and $1 million and estimated liabilities between
$1 million and $10 million.

Judge Joan A. Lloyd handles the case.

The Debtor is represented by Charity S. Bird, Esq., at Kaplan
Johnson Abate & Bird, LLP.


COREWEAVE INC: Fitch Rates Proposed Unsecured Notes Due 2031 'BB-'
------------------------------------------------------------------
Fitch Ratings has assigned a long-term rating of 'BB-' with a
Recovery Rating of 'RR4' to CoreWeave, Inc.'s proposed new senior
unsecured notes issuance due 2031. The proceeds will be used for
general corporate purposes.

CoreWeave's ratings reflect its robust business model, highlighted
by stable, recurring revenue streams. The company's execution risk
over the near-to-medium-term is limited, underpinned by unit-level
economics where capex is incurred only after contracts are signed.
CoreWeave's cash flow profile benefits from strong visibility,
despite the high upfront capex, reinforcing its financial
stability.

Although leverage is high, it is supported by strong EBITDA growth
potential with high visibility over the next few years,
demonstrating a clear deleveraging path. CoreWeave faces manageable
refinancing risk, bolstered by satisfactory liquidity, which
ensures the company can meet its short- to medium-term
obligations.

Key Rating Drivers

Elevated but Improving Credit Metrics: As of December 2024,
CoreWeave's gross EBITDA leverage, excluding leases, was 6.6x, with
lease-adjusted gross leverage at 6.7x. In fiscal year 2025, Fitch
expects leverage to remain relatively elevated, while Fitch expects
that in subsequent years, gross EBITDA leverage will improve to a
range between 2.0x and 3.0x, and lease-adjusted leverage between
3.0x and 4.0x.

Deleveraging is likely as EBITDA grows faster than new debt
issuance needs, supported by a growth strategy that requires
significant upfront capex. Fitch projects capital intensity will
peak in 2025 due to major recent contract wins, with cash flow
benefits materializing over the medium term.

High Customer Concentration: In 2024, Microsoft represented 62% of
CoreWeave's revenue, with the top two customers combined accounting
for 77%. While the addition of new contracts with new customers
introduces some diversification, revenue remains highly
concentrated, underscoring potential risks associated with heavy
reliance on a limited number of key clients. Expanding its customer
base could help mitigate these risks over time.

Robust Revenue and Cash Flow Visibility: As of March 31, 2025,
CoreWeave had $14.7 billion in remaining performance obligations
(RPO). Its total pro forma revenue backlog of $25.9 billion
includes $11.2 billion from a new committed contract not yet
recognized under GAAP. Management anticipates recognizing 58% of
RPO within 24 months, 40% during months 25 to 48, and the remainder
during months 49 to 72. Committed contracts account for over 95% of
revenue, featuring take-or-pay provisions that ensure payment
regardless of utilization. This results in predictable cash flows
and enhances resilience in varying economic conditions, although
longer-term visibility is less certain.

Longer-Term Visibility Less Clear: While management expects 98% of
RPO to be recognized over the next four years, clarity diminishes
thereafter, as CoreWeave will rely on contract renewals or
replacements to maintain revenue growth. Customer concentration
poses risks, including potential in-sourcing by hyperscalers,
compounded by the company's relatively short operating history.
Additionally, the rapid evolution and nascent nature of artificial
intelligence (AI) technology contribute to the uncertainty of
CoreWeave's sustainability over the longer term, as the company
must continuously adapt to fast-changing technological advancements
and market demands.

Potential Lease Term Mismatch Risk: CoreWeave faces a potential
risk due to the mismatch between the terms of its leases with data
center suppliers and its contracts with customers. While its leases
typically span between 3 and 15 years, its customer contracts
generally have shorter durations of 3 to 5 years. This disparity
creates challenges in aligning long-term obligations with
shorter-term revenue streams, exposing CoreWeave to the risk of
having to meet lease commitments without guaranteed customer
income. The company typically manages this risk by building enough
of a buffer into its contract terms to mitigate the impact of
contract length mismatches.

Strategic Differentiation and Market Leadership: CoreWeave's
first-mover advantage, partnership with Nvidia, and top-tier
performance metrics bolster its position against both hyperscalers
and smaller AI-focused cloud provider competitors. Its AI
specialization also helps it compete specifically against
hyperscaler rivals. Managed software and application services
integrated into its technology stack further differentiate its
offerings. However, the competitive landscape poses a significant
risk over time, as companies rapidly invest in their own
infrastructure, potentially challenging CoreWeave's market position
and requiring ongoing innovation to maintain its leadership.

AI Demand Supports Growth: CoreWeave is strategically positioned to
benefit from the rising demand for AI and machine learning
applications. According to various industry sources, global data
center workload dedicated to AI will reach approximately 44
gigawatts (GW) in 2025 and grow to over 150 GW by 2030. This demand
is driven by advancements in AI algorithms and data proliferation,
increasing the need for CoreWeave's graphics processing unit (GPU)
infrastructure. As industries pursue AI-driven efficiency,
CoreWeave's offerings align well with their needs, supporting
strong performance potential and enabling it to capture a
significant share of this expanding market.

Peer Analysis

CoreWeave operates within the digital infrastructure sector.
Digital infrastructure peers include Equinix, Inc. (BBB+/Stable),
Digital Realty Trust, Inc. (BBB/Stable), Iridium Communications
Inc. (BB/Stable), and Viasat, Inc. (B/Stable).

CoreWeave specializes in GPU-based cloud services supported by
multi-year contracts, yet faces distinct challenges compared to its
larger, more diversified counterparts. These challenges include
shorter contract durations, uncertain renewal rates, heightened
technology risks, and potential competition or in-sourcing from
customers. Additionally, CoreWeave's rapid growth and shorter
operating track record set it apart from these established
companies.

Equinix and Digital Realty, both leading data center companies, can
be considered together in comparison to CoreWeave due to their
similar business models. They benefit from low churn rates, robust
global platforms, and conservative financial policies. Their
strategies predominantly involve the ownership and leasing of real
estate, which contributes to their operational stability. In
contrast, CoreWeave, with its technology-centric services and
reliance on leased facilities, is more susceptible to rapid changes
in customer demand and technological advancements, potentially
resulting in higher volatility.

Iridium and Viasat, as satellite operators, are comparable to
CoreWeave in terms of leverage and technology focus. Both companies
operate in capital-intensive sectors that require continuous
innovation and adaptation to technological advancements. Iridium
focuses on global satellite communications, while Viasat
specializes in broadband and satellite services, both exhibiting
leverage levels that are similar to its expectations for CoreWeave.
This similarity underscores the importance of managing financial
stability while navigating the challenges of rapid technological
changes and maintaining competitive advantages in their respective
markets.

Key Assumptions

- Total revenue growing to approximately $5.5 billion in fiscal
2025 and approximately $11 billion in fiscal 2026, with growth
rates in the high single digits thereafter, assuming recognition on
existing RPO along with incremental future contract wins;

- EBITDA margin expanding to over 70% by fiscal 2026, and near 75%
thereafter, driven by operating leverage and cost savings from the
Core Scientific transaction;

- Capex of around $22 billion in fiscal 2025, with capital
intensity normalizing to the 35% to 45% range thereafter, with
capex linked to specific future contracts;

- Incremental future debt issuance to support capex associated with
contract wins;

- No debt repayment assumed beyond mandatory repayment schedules.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- EBITDA leverage (excluding leases) sustained above 4.0x or
lease-adjusted leverage sustained above 5.0x;

- Failure to achieve positive FCF over the medium to long-term,
resulting in ongoing reliance on external financing and potential
liquidity issues;

- Continued reliance on a limited number of revenue sources or
major contracts, increasing vulnerability to adverse changes in
customer relationships or industry conditions;

- Inability to access additional debt capital on favorable terms to
support its growth strategy.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- EBITDA leverage (excluding leases) sustained below 3.0x or
lease-adjusted leverage sustained below 4.0x;

- Expansion into new markets or services that diversify revenue
streams and reduce dependence on a few large customers, improving
overall business resilience;

- Demonstrated ability to consistently renew or replace major
customer contracts, ensuring stable revenue flow and minimizing
disruption from contract expirations.

Liquidity and Debt Structure

Pro forma for the proposed new notes issuance, Fitch expects
CoreWeave to have sufficient liquidity, supported by $3.85 billion
in estimated cash and equivalents and full availability under its
$1.5 billion RCF, minus $11 million allocated to letters of credit.
Fitch anticipates high capex in fiscal 2025 will greatly pressure
FCF during the year, likely necessitating additional debt financing
sources in 2025 to support execution of growth plans.

Issuer Profile

CoreWeave is a rapidly growing technology services provider
specializing in purpose-built AI cloud infrastructure.
Headquartered in New Jersey, the company operates in over 33 data
centers across the U.S. and Europe. CoreWeave's infrastructure
portfolio includes more than 250,000 NVIDIA GPUs

Date of Relevant Committee

15 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

CoreWeave, Inc. has an ESG Relevance Score of '4' for Governance
Structure due to concentrated shareholder voting power and an
organizational structure that is somewhat more complex than
average. This has a negative impact on the credit profile and is
relevant to the rating in conjunction with other factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt             Rating           Recovery   
   -----------             ------           --------   
CoreWeave, Inc.

   senior unsecured    LT BB-  New Rating     RR4


COREWEAVE INC: Moody's Rates New $1.5BB Sr. Unsecured Notes 'B1'
----------------------------------------------------------------
Moody's Ratings assigned a B1 rating to the proposed $1.5 billion
senior unsecured notes due 2031 of CoreWeave, Inc. (CoreWeave), a
leading cloud infrastructure provider specialized on AI workloads.
All other ratings, including the Ba3 corporate family rating, the
Ba3-PD probability of default rating and the existing B1 senior
unsecured rating are unaffected. The outlook is unchanged at
stable.

Proceeds from the senior unsecured notes will be used for general
corporate purposes and to pay fees and expenses related to the
transaction. General corporate purposes may include operating
expenses, capital expenditures, repayment of indebtedness,
investments in CoreWeave's subsidiaries, and acquisitions.

Pro forma for the transaction, Moody's expects limited impact to
Moody's projections. For year-end 2026, Moody's still project
CoreWeave to generate revenue of more than $10.5 billion and strong
EBITDA margin expansion driven by a full year of realized revenue
from customer contracts entered in 2025 and increased operating
leverage. Moody's also expects capital intensity and free cash flow
deficits to considerably decline, resulting in lower incremental
debt from the prior year. Consequently, Moody's projects financial
leverage will decline towards 3.5x by year-end 2026. The pending
all-stock acquisition of Core Scientific, a major data center
infrastructure provider, will improve CoreWeave's long-term
profitability and free cash flow supported by the elimination of
more than $10 billion in future lease obligations and management's
expectation of at least $500 million in annual run-rate cost
savings by year-end 2027. The company expects the Core Scientific
transaction, currently valued at approximately $9 billion, to close
in the fourth quarter of 2025, subject to customary conditions.

The assigned rating is subject to review of final documentation and
no material change to the size, terms and conditions of the
transaction as advised to us.

RATINGS RATIONALE

The Ba3 CFR benefits from CoreWeave's robust revenue and EBITDA
growth supported by its leading position as a software and cloud
infrastructure provider managing complex AI workloads at scale for
AI labs, hyperscalers, and enterprises. The company's software and
infrastructure are highly optimized to meet the demanding needs of
AI workloads compared to general-purpose clouds designed for
different use cases. Near-term revenue and EBITDA visibility are
supported by a nearly $26 billion contracted revenue backlog as of
March 31, 2025 with an average contract duration of approximately 4
years. With 98% of revenues under contract for the first quarter of
2025, CoreWeave remains relatively insulated from GPU spot market
pricing volatility given the company's average contract duration
and an estimated 6 year useful life of GPUs. Moody's believes
global AI spending growth will remain strong over the next several
years underpinned by hundreds of billions of dollars in industry
capex spend per year that will continue to grow, and CoreWeave is
well-positioned to gain further market penetration. The company's
global footprint, solidified by its leased data center spaces, 1.6
gigawatts of contracted power (as of March 31, 2025), and
partnerships with NVIDIA and its distribution partners, currently
enable CoreWeave to effectively deploy and install customers'
large-scale, high intensity AI workloads. Moving up the stack of
services offered and further expanding its enterprise base will be
crucial for CoreWeave to diversify its customer base and is
supported by its recent acquisition of Weights & Biases.

The Ba3 CFR is constrained by high Moody's adjusted financial
leverage and Moody's expectations of negative free cash flow until
at least 2026 due to high capital spending required to service
large-scale committed customer contracts. CoreWeave will be
dependent on incremental funding over the next few years to fund
its capital spend for growth. While Moody's expects capital
intensity to decline in 2026, any incremental demand or additional
requirements to support future GPU releases could make capital
spending meaningfully higher than Moody's current forecasts. The
rating is also constrained by very high customer concentration,
with its top two customers representing 77% of 2024 revenue. While
customer concentration risk is somewhat mitigated by the average
customer contract length, there are risks to renewability and
future terms over time. Thus far, CoreWeave has been successful in
renewing and expanding customer contracts. Some of CoreWeave's
largest customers, the hyperscalers, are also the company's key
competitors. The hyperscalers' large scale and lower cost of
capital give the companies optionality to pursue massive in-house
AI infrastructure builds to address AI workloads that are similarly
serviced by CoreWeave. Moody's believes that execution is pivotal
over the next three years to prove the long-term profitability of
the company's business model. With uncertainty of CoreWeave's pace
and continuation of business with the hyperscalers beyond current
contracts in place given that many hyperscalers' next-generation
data centers optimized for AI workloads are expected to come online
in 2027 and 2028, it is crucial that CoreWeave successfully expands
its customer base, including the large enterprise vertical. Lastly,
the credit profile is constrained by CoreWeave's limited operating
history. The company was founded in 2017 to mine cryptocurrency and
pivoted to serving AI workloads in the second half of 2020.

The rating also considers the complexity of the organizational
structure, resulting from CoreWeave, Inc.'s nature as a holding
company that Moody's expects will primarily depend on excess cash
flow distributions from its special purpose vehicles (SPVs) to
service its debt over the next few years and the majority of
tangible assets being held at the SPVs, limiting the Issuer's
security package for creditors.

All financial metrics cited reflect Moody's standard adjustments
(including the exclusion of run rate EBITDA from signed contracts)
unless otherwise noted.

While Moody's expects financial leverage to slightly increase in
2025, the stable outlook reflects Moody's views that CoreWeave will
maintain its upward growth trajectory and increase margins
supported by its large contracted revenue balances. The stable
outlook also reflects Moody's expectations that the company will
maintain at least adequate liquidity to fund free cash flow
deficits driven by high capital spending to service customer
contracts and that financial leverage will decline below 4x by
year-end 2026.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

Moody's could upgrade CoreWeave's ratings following continued
strong revenue and EBITDA growth execution resulting in financial
leverage declining and approaching 3.5x. An upgrade would also
require CoreWeave to maintain good liquidity and for the company to
approach breakeven free cash flow. A ratings upgrade would also be
predicated on management's continued commitment to a conservative
credit profile and discipline with respect to shareholder friendly
activities.

The ratings could be downgraded if Moody's expects financial
leverage to be sustained above 4.5x, revenue growth is slower than
expected, or operating margins deteriorate, which could be due to a
deterioration of CoreWeave's market position, or liquidity
deteriorates. Also, the ratings could be downgraded if financial
policy shifts more in favor of shareholders.

The principal methodology used in this rating was Communications
Infrastructure published in February 2022.

CoreWeave, Inc. (NYSE: CRWV) is a leading cloud infrastructure
provider specialized on AI workloads serving AI labs, hyperscalers,
and enterprises. The company operates multiple data centers across
the US and Europe on which CoreWeave runs a cloud platform
delivering GPU infrastructure. As of LTM March 31, 2025, the
company generated $2.7 billion of revenue.


CROSS TOWN: Seeks to Hire Scott Law Group LLP as Counsel
--------------------------------------------------------
Cross Town Movers Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Oregon to hire Scott Law Group LLP as
counsel.

The services the firm will render includes all legal services
regularly and customarily required by a debtor in possession
including representation in such adversary proceedings as may be
commenced in this case, or such other proceedings as may be
necessary and proper in other forums.

The firm will be paid at these rates:

     Loren S. Scott, Esq.     $340 per hour
     Natalie C. Scott, Esq.   $300 per hour
     Paralegals               $90 to $160 per hour
     Law Clerks               $40 to $145 per hour

The firm will also be reimbursed for out-of-pocket expenses
incurred.

The firm requested for a retainer in the amount of $30,000.

Loren Scott, Esq., a partner at Scott Law Group, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Loren S. Scott, Esq.
     Scott Law Group LLP
     PO Box 70422
     Springfield, OR 97475
     Tel: (541) 868-8005
     Fax: (541) 868-8004
     Email: lscott@scott-law-group.com

       About Cross Town Movers Inc.

Cross Town Movers Inc. provides residential and commercial moving
and storage services across Oregon, including Eugene, Salem,
Medford, and coastal areas. The Company offers local,
long-distance, and interstate relocations, as well as packing,
crating, and climate-controlled storage. It operates as an agent of
Bekins Van Lines.

Cross Town Movers Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ore. Case No. 25-61950) on July 11,
2025. In its petition, the Debtor reports total assets of
$2,088,644 and total liabilities of $3,185,751.

Honorable Bankruptcy Judge Thomas M. Renn handles the case.

The Debtors are represented by Loren S. Scott, Esq. at THE SCOTT
LAW GROUP.


CTLC LLC: Howard Property Sale to Isaac Birmingham for $2.6MM OK'd
------------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Maryland, Baltimore
Division, has approved Zvi Guttman, the Chapter 11 Plan
Administrator, of CTLC LLC, to sell Property, free and clear of
liens, claims, and encumbrances.

The Debtor's Property is located at 15125 Devlin Drive, Glenelg, MD
21737 in Howard County, Maryland, generally described as a custom
home site, consisting of approximately 38.25 acres, improved by a
partially constructed two story, approximately 25,000 square-foot
single family residence.

The Debtor is engaged in providing residential construction
services.

The Court has authorized Guttman to sell the Property to Isaac H.
Birmingham or successor, designee, or assignee under the contract
for $2,675,000.

The Court held that the sale of the Property to the Purchaser,
pursuant to the Contract, will provide the highest and otherwise
best value for the Property, and is in the best interests of the
bankruptcy estate, creditors, and other parties.

The Plan Administrator may sell all of the Debtor's and the
bankruptcy estate's right, title, and interest in the Property to
the Purchaser free and clear of all liens, claims, encumbrances, or
other interests.

The Plan Administrator is authorized to disburse from the proceeds
of the Sale at or after settlement, directly or through an
intermediary, including a title company:

A. subject to 11 U.S.C. Section 1146 and Section 4.4 of the Plan,
any transfer or recordation fees and stamps and costs of sale;

B. the principal and interest and other allowable charges and
amounts due to any person to the extent the Plan Administrator
concludes that such person holds an interest or claim secured by a
non-avoidable,
non-subordinated, valid, and perfected interest or lien on the
Property;

C. the approved fees and expenses of the Plan Administrator's real
estate professionals including costs and expenses incurred by said
professional for utilities or other expenses associated with a sale
of
the Property;

D. a $160,000 seller credit to the Purchaser; and

E. secured, administrative, or priority real property taxes,
water/sewage charges, ground rent, tax sale purchaser fees or
expenses, and condominium/HOA fees and assessments incurred
postpetition and due (if any) as of the date of closing.

The Plan Administrator shall satisfy the secured claim of WCP Fund
I LLC as Servicer Pacific for RBLF Funding Trust, including
interest, at Closing.

The Plan Administrator shall also satisfy the secured claim of J
Paul Builders LLC including interest through the date of Closing.

Any other proceeds of sale received and held by the Plan
Administrator, shall be disbursed in accordance with the Debtors
confirmed Plan and other and further orders of the Court.

            About CTLC LLC

CTLC, LLC, is part of the residential building construction
industry.

CTLC, LLC, filed is voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. D. Md. Case No. 23-15444) on Aug. 2,
2023.  The petition was signed by Sandra Grier as member.  At the
time of filing, the Debtor estimated $1 million to $10 million in
both assets and liabilities.

Judge David E. Rice presides over the case.

Richard L. Costella, Esq., at Tydings & Rosenberg LLP, is the
Debtor's counsel.


CUSTOM CONCRETE: Lauren Goodman Named Subchapter V Trustee
----------------------------------------------------------
The Acting U.S. Trustee for Region 13 appointed Lauren Goodman as
successor Subchapter V trustee for Custom Concrete Designs, Inc.

Ms. Goodman will be paid an hourly fee of $375 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.

Ms. Goodman declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.

The Subchapter V trustee can be reached at:

     Lauren R. Goodman
     McGrath North
     1601 Dodge Street, Suite 3700
     Omaha, NE 68102
     Phone: 402-341-3070
     Email: lgoodman@mcgrathnorth.com

                   About Custom Concrete Designs

Custom Concrete Designs, Inc. d/b/a CCD Enterprises provides
structural and decorative concrete services for residential and
commercial clients. The Company specializes in stamped and colored
concrete, segmented block, and paver installations for driveways,
patios, walkways, retaining walls, parking lots and interior
floors.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Neb. Case No. 25-80700) on July 11,
2025, with $1 million to $10 million in assets and liabilities.
Troy Windels, president, signed the petition.

Bruce C. Barnhart, Esq. at BERNHART LAW OFFICE represents the
Debtor as legal counsel.


CXOSYNC LLC: Unsecured Creditors Will Get 1% of Claims in Plan
--------------------------------------------------------------
CXOsync, LLC, filed with the U.S. Bankruptcy Court for the Northern
District of Illinois a Plan of Reorganization for Small Business
dated June 30, 2025.

This Plan of Reorganization proposes to pay creditors of the Debtor
from operations.

Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 1 cent on the dollar. This Plan also provides for
the payment of administrative and priority claims.

Class 6 is comprised of the regular general unsecured debts, the
unsecured portions of some of the secured claims, as well as the
non-priority portions of the Class 2 claims. Class 6 will be paid
1% of the amount of the amount owed to it. This is significantly
more than would be paid if the debtor liquidated.

Class 6 will be paid one payment of $48,056.22 in month 49 after
the effective date of the Plan. The allowed unsecured claims total
$4,805,622.16. This Class is impaired.

Class 7 consists of Equity security holders of the Debtor. The
Debtor is wholly owned by one equity security holder, Rupen Patel.
Since the Plan does not contemplate payment in full to all classes
of creditors, the Debtor shall hold an auction of its equity
security interest at the confirmation hearing to determine fair
market value. The winner of the auction will pay the amount of the
winning bid to the Debtor, thus adding new value to the Reorganized
Debtor.

The principal of the Debtor, Rupen Patel, shall be the disbursing
agent for the Debtor and will make all required Plan payments. In
addition, Rupen will be responsible for setting aside $1,000 per
month which will be used to make the lump sum payment to the
general unsecured creditors in month 49 of the Plan.

A full-text copy of the Plan of Reorganization dated June 30, 2025
is available at https://urlcurt.com/u?l=NGCAzp from
PacerMonitor.com at no charge.

                         About CXOsync LLC

CXOsync, LLC is a corporate event planner which presents events and
workshops geared toward CIOs, CISOs, CMOs, and CFOs of businesses.
It hosts live and virtual events to gather CXOs from the world's
largest corporations and brands.

CXOsync sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Banker. N.D. Ill. Case No. 24-08351) on June 5, 2024, with
$128,315 in assets and $6,030,532 in liabilities. Rupen Patel,
managing member, signed the petition.

Judge Janet S. Baer presides over the case.

The Debtor is represented by:

   Ben L. Schneider, Esq.
   Schneider & Stone
   Tel: 847-933-0300
   Email: ben@windycitylawgroup.com


CYPRESSWOOD TX: Case Summary & Six Unsecured Creditors
------------------------------------------------------
Debtor: Cypresswood TX Realty LLC
        1999 Flatbush Avenue
        Brooklyn, NY 11234

Business Description: Cypresswood TX Realty LLC owns a single real
                      estate asset located at 10851 Crescent Moon
                      Dr. in Houston, Texas.

Chapter 11 Petition Date: July 23, 2025

Court: United States Bankruptcy Court
       Eastern District of New York

Case No.: 25-72833

Judge: Hon. Alan S Trust

Debtor's Counsel: Avrum J. Rosen, Esq.
                  ROSEN, TSIONIS & PIZZO, PLLC
                  38 New St
                  Huntington, NY 11743-3327
                  Tel: 631-423-8527
                  Fax: 631-423-4536
                  E-mail: arosen@ajrlawny.com

Total Assets: $12,500,000

Total Liabilities: $9,539,121

The petition was signed by Samuel Goldner as manager.

A full-text copy of the petition is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/TISJEBY/Cypresswood_TX_Realty_LLC__nyebke-25-72833__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's Six Unsecured Creditors:

    Entity                     Nature of Claim        Claim Amount

1. Crescent Moon Dr Hlt LLC      Litigation                     $0
10851 Crescent
Moon Dr
Houston, TX 77064

2. Internal Revenue                                             $0
Service Centralized
Insolvency Op
P.O. Box 7346
Philadelphia, PA 19101

3. Merchants Bank of Indiana                              $539,121
410 Monon Blvd
Carmel, IN 46032

4. NYS Dept of Tax & Finance                                    $0
Bankruptcy Section
P.O. Box 5300
Albany, NY 12205

5. Texas Comptroller                                            $0
P.O. Box 13528
Capitol Station
Austin, TX 78711

6. Vertical Health Services          Litigation                 $0
15406 Meridian Ave E
Ste 201
Puyallup, WA 98375


CYTTA CORP: Adds Genesys Wi-VHFi Tech to Cytta Labs Portfolio
-------------------------------------------------------------
Cytta Corp. disclosed in a Form 8-K Report filed with the U.S.
Securities and Exchange Commission that the Company agreed with
Genesys Technologies Limited, a Pennsylvania Company having offices
at One Oxford Valley, Suite 850, Langhorne, Pa., to include certain
Genesys technologies in the Company's, Cytta Labs, Inc. technology
accelerator/incubator. This Agreement is in furtherance of the
Company's existing Joint Venture Agreement with Genesys dated the
4th day of April 2017.

The initial Genesys technology being included in the Cytta Labs
incubator/accelerator is Genesys's proprietary integrated next
generation Wi-VHFi mobile broadband technology designed for rural
networks.  Genesys Wi-VHFi technology greatly improves broadband
connectivity utilizing vacant TV frequencies or Whitespace. We
believe the opportunity to utilize the Whitespace spectrum
represents a golden opportunity for a new portfolio company to
profit from this resource. The patented Genesys Wi-VHFi technology
guarantees the new Cytta Labs portfolio company a significant
position in this industry.

Their paradigm shifting Wi-VHFi technology allows for the creation
of extremely extended range mobile broadband networks. Wi-VHFi
generates lower-band VHF signals that penetrate through trees,
foliage, walls, and weaves around hills and travels up to 10 times
further than 900 MHz or fixed LTE systems. Genesys next generation
antenna technologies also drastically improve the range and
capability of wireless networks, equipment and devices.

The creation of Cytta Labs, Inc. is now allowing Cytta Corp. to
place its collected technologies within separately formed Portfolio
Corporations under Cytta Labs designed to be independently
financed, developed and managed. Each of the new Portfolio
Corporations will be separately developing their technologies
towards an eventual IPO or M&A exit strategy, which will
significantly benefit Cytta's shareholders through Cytta's equity
and other interests in each new Portfolio Company.

                         About Cytta Corp

Cytta Corp., headquartered in Las Vegas, Nevada, is focused on
developing and marketing advanced streaming and integrated
communication products, using technology based upon the SUPR
(Superior Utilization of Processing Resources) video compression
codec/algorithm and its IGAN (Incident Global Area Network)
incident command proprietary software solutions.  Cytta currently
develops, markets, and distributes proprietary video streaming
products and services that improve how video is streamed, consumed,
transferred, and stored in enterprise environments.

Hackensack, New Jersey-based Prager Metis CPAs, LLC, the Company's
former auditor, issued a "going concern" qualification in its
report dated Jan. 14, 2025.  The report cited that, as of Sept. 30,
2024, the Company had an accumulated deficit of $36,867,892 and has
generated losses since inception.  These factors, among others,
raise substantial doubt about the Company's ability to continue as
a going concern.

The Company incurred a net loss of $4.26 million for the year ended
Sept. 30, 2024, following a net loss of $4.73 million for the year
ended ended Sept. 30, 2023.


CYTTA CORP: To Restate Q4 Revenue After Audit Error
---------------------------------------------------
Cytta Corp. disclosed in a Form 8-K Report filed with the U.S.
Securities and Exchange Commission that after discussions with its
new Auditors, Sadler Gibb, on July 7, 2025, there is an error in
revenue recognition in the amount of $36,976 in the Dec 31, 2024,
Interim Review 10-Q report.

The Company will restate the financial statements that contain the
error reducing revenue recognition by $36,967, and file an
amendment to the affected December 31, 2024, Interim Review 10-Q
report when completed.

                         About Cytta Corp

Cytta Corp., headquartered in Las Vegas, Nevada, is focused on
developing and marketing advanced streaming and integrated
communication products, using technology based upon the SUPR
(Superior Utilization of Processing Resources) video compression
codec/algorithm and its IGAN (Incident Global Area Network)
incident command proprietary software solutions.  Cytta currently
develops, markets, and distributes proprietary video streaming
products and services that improve how video is streamed, consumed,
transferred, and stored in enterprise environments.

Hackensack, New Jersey-based Prager Metis CPAs, LLC, the Company's
former auditor, issued a "going concern" qualification in its
report dated Jan. 14, 2025.  The report cited that, as of Sept. 30,
2024, the Company had an accumulated deficit of $36,867,892 and has
generated losses since inception.  These factors, among others,
raise substantial doubt about the Company's ability to continue as
a going concern.

The Company incurred a net loss of $4.26 million for the year ended
Sept. 30, 2024, following a net loss of $4.73 million for the year
ended Sept. 30, 2023.


D&B RENTALS: Unsecured Creditors to be Paid in Full over 5 Years
----------------------------------------------------------------
D&B Rentals, Inc., filed with the U.S. Bankruptcy Court for the
Northern District of Georgia a Plan of Reorganization dated June
30, 2025.

The Debtor operates a tent rental business that operates in the
metro Atlanta market and provides tents and equipment for events
(the "Business"). Debtor leases a warehouse from which it operates
its Business.

Prior to March 29, 2024, Byron West and Dorothy West (the "Wests")
owned 100% of Debtor's stock. Ira Inman and John Wheatley were
looking for a business opportunity and saw Debtor offered for sale
on ?. Inman and Wheatley discussed the purchase of the stock but
were unable to obtain a United States Small Business Association
loan. The Wests offered "owner" financing because they were eager
to get out of the Business.

On March 29, 2024, the Wests sold their stock in Debtor to Inman
and Wheatley for $1,200,000. The "owner" financing included a down
payment of $50,000 and Debtor's execution of four promissory notes
to pay the Wests for their sale and Inman and Wheatley's purchase
of Debtor's stock. As security for the "owner" financing, Inman and
Wheatley pledged the newly transferred stock.

At the time of the sale and purchase, Dorothy West represented to
Inman and Wheatley that she was responsible for over sixty percent
of Debtor's sales in 2023 and she committed to maintain those sales
relationships through a consulting agreement with Debtor for one
year postsale. However, immediately after the closing of the sale
and purchase and without notice to Inman and Wheatley, Dorothy West
traveled to Hawaii for one month, leaving Debtor without the
promised transition assistance during the crucial ownership
transfer.

This Plan deals with all property of Debtor and provides for
treatment of all Claims against Debtor and its property.

Class 4 shall consist of the Convenience Class of Unsecured
Creditor Claims that are $3,000.00 or less (the "Convenience
Class"). The Convenience Class shall be paid in full on the
Effective Date of the Plan. Any unsecured creditor in Class 4, the
General Unsecured Creditors, may opt to be a member of this Class 3
by agreeing to an allowed claim of $3,000.00. An opt in shall be
paid in full on the Effective Date of the Plan. This Class is
Unimpaired.

Class 5 consists of the general unsecured creditors ("GUCs"). The
Allowed Claims of GUCs shall be paid in full with the legal rate of
interest which is 4.01% on a pro rata basis from Debtor's disposal
income with over twenty quarters with the first payment being due
on the last day of the first full quarter following the Effective
Date. Debtor estimates each total quarterly payment to be
$20,505.00 with each creditor receiving a pro rata share of its
Allowed Claim each quarter. This Class is Impaired.

The total amount of claims is $371,043.20 with the 4.01% interest
being received over the 5-year term of the Plan. The following are
the GUCs and the amounts of the Allowed Claims of each: SunBelt
Rentals ($3,718.33); Bailey-Johnson Heights ($100,021.02); PNC Bank
NA ($5,345.54); Fundbox, Inc. ($16,929.00); Byron and Dorothy West
($235,000.00); American Furniture Rental ($6,129.31); and
Protective Lining Corporation ($3,900.00).

Class 7 consists of Ira Inman and John Wheatley the two
shareholders of Debtor. They shall retain their interests in the
reorganized Debtor as the 100% owners of the stock.

Upon confirmation, Debtor will be charged with administration of
the Case. Debtor will be authorized and empowered to take such
actions as are required to effectuate the Plan. Debtor will file
all post-confirmation reports required by the United States
Trustee's office or by the Subchapter V Trustee.

The source of funds for the payments pursuant to the Plan is
Debtor's income. In the event Debtor's income is not sufficient to
fund the Plan, Inman and Wheatley will make those Plan payments.

A full-text copy of the Plan of Reorganization dated June 30, 2025
is available at https://urlcurt.com/u?l=1nYVzd from
PacerMonitor.com at no charge.

Counsel to the Debtor:

     Ceci Christy, Esq.
     Rountree Leitman Klein & Geer, LLC
     2987 Clairmont Road, Suite 350
     Atlanta, Georgia 30329
     Phone: 404-584-1238
     Email: cchristy@rlkglaw.com

                       About D&B Rentals Inc.

D&B Rentals, Inc., doing business as Atlanta Tent Rental, is a
family owned and operated business serving Georgia and the
Southeast for over 25 years, specializing in providing tents,
tables, chairs, staging, flooring, linens, and lighting and event
services for various occasions, including weddings, corporate
events, festivals, sporting events, inventory sales, and nonprofit
gatherings.

D&B Rentals sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-20449) on April 1,
2025, with $1 million to $10 million in both assets and
liabilities. Ira Inman, chief executive officer, signed the
petition.

Judge James R. Sacca oversees the case.

William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC, is
the Debtor's legal counsel.


DANIEL J. WALLACE: No Patient Complaints, 6th PCO Report Says
-------------------------------------------------------------
Tamar Terzian, the patient care ombudsman, filed with the U.S.
Bankruptcy Court for the Central District of California her sixth
interim report regarding the quality of patient care provided by
Daniel J. Wallace M.D., a Medical Corporation.

In the report which covers the period May 7 to July 7, the PCO
conducted a site visit of the healthcare provider's headquarters in
Beverly Hills and met with its chief executive officer who is
responsible for coordination of patient care services and
responsible for all activities relevant to the patient care
services furnished, including the development of personnel
qualifications and the assignment of personnel.

As of this interim report Dr. Lee and staff continue to monitor all
patients care through this entity. As provided in previous reports,
the treatment plan varies depending on the patients' needs and
diagnosis. Many of the biologic therapies for autoimmune diseases
are administered using intravenous infusions. After reviewing a
patient's lab results, the team will determine what would be the
best treatment plan which is within 7-10 days from the initial
patient appointment.

The PCO observed that each patient's medical records and
information is well maintained and accessible for staff. The Debtor
continues to utilize EPIC through Cedars Sinai Medical Center's
electronic database program and the records are HIPPA compliant.
PCO has no concerns or comments for this reporting period.

The PCO finds that all care provided to the patients by Dr. Lee
through the Debtor entity is well within the standard of care. PCO
is informed that due to Dr. Wallace moving his practice, this
Debtor is at a standstill because issues with the largest unsecured
creditor remain unresolved.

Ms. Terzian will continue to monitor care through confirmation of a
plan or dismissal of this case and is available to respond to any
concerns or questions of the Court or interested party.

A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=9DkR1g from PacerMonitor.com.

The ombudsman may be reached at:

     Tamar Terzian
     Hanson Bridgett, LLP
     777 S. Figueroa Street
     Suite 4200
     Los Angeles, CA 90017
     Tel: (323) 210-77747
     Email: tterzian@hansonbridgett.com

                   About Daniel J. Wallace M.D.

Daniel J. Wallace M.D., a Medical Corporation specializes in the
treatment of rheumatic diseases and the research of autoimmune and
inflammatory diseases. It conducts business under the name Wallace
and Lee Center in Beverly Hills.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-14429) on June 3,
2024, with $301,368 in assets and $3,884,496 in liabilities. Daniel
J. Wallace M.D., chief executive officer, signed the petition.

Judge Barry Russell presides over the case.

Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger
represents the Debtor as bankruptcy counsel.

Tamar Terzian has been appointed as patient care ombudsman in the
Debtor's Chapter 11 case.


DATAVAULT AI: Inks Licensing, Cloud Subscription Deal With IBM
--------------------------------------------------------------
Datavault AI Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that the Company entered
into a purchase commitment for programs with an effective date of
June 30, 2025, with International Business Machines Corporation,
pursuant to which the Company has agreed to purchase, and IBM has
agreed to sell, certain subscriptions to IBM program offerings.

Pursuant to the Purchase Commitment, IBM has agreed to license the
Programs to the Company for two payments of $18,935,564 and
$4,729,730, respectively. According to an Embedded Solution
Agreement, of which the Purchase Commitment and the Cloud Services
Agreement form a part, the Program Payments become due once an
invoice is sent from IBM to the Company and are due within 30 days
of receipt of the invoice.

Under the Purchase Commitment, the Company must send a report to
IBM every 90 days summarizing the use of each Program. The Company
may license the Programs to end-users, subject to certain
limitations, restrictions, and requirements. The Company must use
its own intellectual property to add value to the Programs, and
describe this value to IBM as well as bundle it within the Programs
when licensing to end-users.

The Purchase Commitment includes customary representations and
warranties and various customary covenants and closing conditions
that are subject to certain limitations, including in the Base
Agreement.

Cloud Services Subscription Agreement:

On July 7, 2025, the Company entered into a cloud services
subscription agreement with an effective date of June 30, 2025 with
IBM, pursuant to which the Company has agreed to purchase, and IBM
has agreed to sell, certain subscriptions to IBM cloud services.

The Company has selected their Cloud Services, with the minimum
value of the Cloud Services actually purchased within each annual
period being:

     (i) $105,564 in the first year,
    (ii) $2,111,850 in the second year, and
   (iii) $4,117,292.40 in the third year.

If the Cloud Services purchased in an annual period exceed the
minimum, that surplus amount can be removed from the required
minimum for the following year. If the Cloud Services purchased in
an annual period are below the minimum, the Company must place an
order covering the additional amount within seven days of the end
of the applicable annual period. If the Company does not place that
additional order, IBM may invoice the Company and require the
Company to pay that additional amount to reach the minimum for the
applicable annual period.

Pursuant to the Cloud Services Agreement, the Company must use its
own intellectual property to add value to the Cloud Services for
end-users of the Cloud Services.

The Cloud Services Agreement includes customary representations and
warranties and various customary covenants and closing conditions
that are subject to certain limitations, including in the Base
Agreement.

The foregoing summaries of the Purchase Commitment and the Cloud
Services Agreement do not purport to be complete and are qualified
in their entirety by reference to the full text of the Purchase
Commitment and the Cloud Services Agreement, copies of which are
attached hereto as Exhibit 10.1 and Exhibit 10.2 and are
incorporated herein by reference, available at
https://tinyurl.com/2vkrmfpy


                        About Datavault AI

Datavault AI Inc. (f/k/a WiSA Technologies, Inc.) --
www.wisatechnologies.com -- develops and markets spatial audio
wireless technology for smart devices and home entertainment
systems. The Company's WiSA Association collaborates with consumer
electronics companies, technology providers, retailers, and
industry partners to promote high-quality spatial audio
experiences. WiSA E is the Company's proprietary technology for
seamless integration across platforms and devices.

San Jose, California-based BPM LLP, the Company's auditor since
2016, issued a 'going concern' qualification in its report dated
March 31, 2025, attached to the Company's Annual Report on Form
10-K for the year ended December 31, 2024, citing that the
Company's recurring losses from operations, a net capital
deficiency, available cash and cash used in operations raise
substantial doubt about its ability to continue as a going
concern.

The Company has incurred net operating losses each year since
inception. As of December 31, 2024, the Company had cash and cash
equivalents of $3.3 million and reported net cash used in
operations of $17.5 million during the year ended December 31,
2024. The Company expects operating losses to continue in the
foreseeable future because of additional costs and expenses related
to research and development activities, plans to expand its product
portfolio, and increase its market share. The Company's ability to
transition to attaining profitable operations is dependent upon
achieving a level of revenues adequate to support its cost
structure.


DEL MONTE: Morrison Foerster and Kelley Drye to Advise UCC
----------------------------------------------------------
The Official Committee of Unsecured Creditors of Del Monte Foods
Corporation II Inc., has turned to Morrison Foerster and Kelley
Drye & Warren LLP for legal advice.  The firms are being hired as
co-counsel.

The MoFo restructuring team is led by partner Lorenzo Marinuzzi,
along with partners Oksana Lashko and Theresa Foudy, of counsel
Raff Ferraioli and associate Darren Smolarski.  The Kelley Drye
team consists of James S. Carr, Kristin S. Elliott and Connie Y.
Choe.

As reported by Troubled Company Reporter on July 22, 2025, the U.S.
Trustee for Regions 3 and 9 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of Del Monte
Foods Corporation II, Inc. and its affiliates. The committee
members are Circana, LLC; Crites Seed, Inc.; Hintz AP, Inc.;
Nations Roof, LLC; Pension Benefit Guaranty Corporation; Purcell
International; and Reser's Fine Foods, Inc.  

Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

The firms may be reached at:

Lorenzo Marinuzzi, Esq.
Oksana Lashko, Esq.
Theresa A. Foudy, Esq.
Raff Ferraioli, Esq.
Darren Smolarski, Esq.
MORRISON & FOERSTER LLP
250 West 55th Street
New York, NY 10019-9601
Telephone: (212) 468-8000
Facsimile: (212) 468-7900
Email: lmarinuzzi@mofo.com
        olashko@mofo.com
        tfoudy@mofo.com
        rferraioli@mofo.com
        dsmolarski@mofo.com

     - and -

James S. Carr, Esq.
Kristin S. Elliott, Esq.
Connie Y. Choe, Esq.
KELLEY DRYE & WARREN LLP
One Jefferson Road, 2nd Floor
Parsippany, NJ 07054
Tel: (973) 503-5900
Fax: (973) 503-5950
Email: jcarr@kelleydrye.com
        kelliott@kelleydrye.com
        cchoe@kelleydrye.com

                      About Del Monte Foods

Founded in 1886 and headquartered in Walnut Creek, California, the
Del Monte business has been a cornerstone of American grocery
stores for more than 130 years. Del Monte Foods has been driven by
its mission to nourish families with earth's goodness. As the
original plant-based food company, Del Monte is always innovating
to make nutritious and delicious foods more accessible to consumers
across its portfolio of beloved brands, including Del Monte,
Contadina, College Inn, Kitchen Basics, JOYBA, Take Root Organics
and S&W.  On the Web: http://www.delmontefoods.com/or
http://www.joyba.com/   

On July 1, 2025, Del Monte Foods Corporation II, Inc., and 17
affiliated debtors filed voluntary petitions for relief under
Chapter 11 of the United States Bankruptcy Code (Bankr. D.N.J. Lead
Case No. 25-16984) to address $1.235 billion in funded debt
obligations.

The Debtors' bankruptcy cases are pending before the Honorable
Michael B. Kaplan.

Herbert Smith Freehills Kramer (US) LLP and Cole Schotz P.C. are
serving as legal counsel to Del Monte, Alvarez & Marsal North
America, LLC is serving as financial advisor, and PJT Partners is
serving as investment banker to the Company. Stretto is the claims
agent.

Wilmington Savings Fund Society, FSB, as DIP Term Loan Agent, is
represented by ArentFox Schiff LLP. JPMorgan Chase Bank, N.A., as
Prepetition and DIP ABL Agent, is represented by Greenberg Traurig,
LLP and Simpson Thacher & Bartlett LLP.


DIACARTA INC: Files Emergency Bid to Use Cash Collateral
--------------------------------------------------------
DiaCarta Inc asked the U.S. Bankruptcy Court for the Northern
District of California, for authority to use cash collateral.

The Debtor, a company specializing in precision diagnostics and
cancer patient management, filed its Chapter 11 petition on July
10. To continue its operations and reorganize effectively, the
Debtor must access these funds to cover ordinary business expenses
as well as professional fees related to its reorganization.

The secured creditors -- Jiankun Zhang (an insider of the Debtor),
Paul OrunielT, Frank Lee, Effie Ho, Ram Vairavan, and Spartan Crown
Investments -- hold liens on the Debtor's pre-petition assets.

The Debtor is not offering monthly adequate protection payments but
proposes a replacement lien on all post-petition assets in the same
priority as the secured creditors' pre-petition security interests
to ensure they are adequately protected from any loss in the value
of their collateral.

A court hearing is scheduled for August 6.

                        About DiaCarta Inc.

DiaCarta Inc. is a precision diagnostics company that develops and
provides molecular testing solutions for cancer and infectious
diseases. The Company offers products such as RadTox, ColoScape,
and Oncuria, leveraging proprietary XNA and isobDNA technologies to
enable sensitive detection of genetic alterations. DiaCarta serves
healthcare providers and patients globally through its suite of
clinical diagnostic tests and services.

DiaCarta Inc. sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-41215) on
July 10, 2025. In its petition, the Debtor reported estimated
assets between $100,000 and $500,000 and estimated liabilities
between $1 million and $10 million.

The Debtor is represented by Michael Jay Berger, Esq., at the Law
Offices of Michael Jay Berger.


DIAMOND COMIC: To Sell Shares in UK Unit for $2.1MM
---------------------------------------------------
Diamond Comic Distributors, Inc. and its affiliates seek permission
from the U.S. Bankruptcy Court for the District of Maryland, to
sell Assets, free and clear of liens, claims, and encumbrances.

The Debtors want to sell shares they hold in non-debtor affiliate
Diamond Comic Distributors, a corporation organized under the laws
of England and Wales (Diamond
UK).

The Debtor offers a multi-channel platform of publishing, marketing
and fulfillment services, coupled with an unparalleled global
distribution Network for its retailers, publishers and vendors.

The Debtors' goal in the Chapter 11 case was to conduct a
value-maximizing sale process of all or substantially all the
Debtors' assets. To that end, on February 11, 2025, the Court
entered an order establishing, among other things, bidding
procedures and key deadlines for the Debtors' postpetition sale
process. On February 21, 2025, the Debtors filed a motion seeking
authority to sell substantially all their assets free and clear of
any liens, claims, interests and encumbrances, and to assume and
assign executory contracts and unexpired leases in connection with
the sale of the Debtors' assets. The postpetition sale process
included marketing the Shares of Diamond UK.

The Debtors held an auction on March 24 and 25, 2025.

Following the Auction, the Debtors filed the Notice of Designation
of Successful Bidder and Back-Up Bidder identifying Alliance
Entertainment, LLC as the successful bidder and a combination of
Universal Distribution, LLC and Ad Populum, LLC, as the back-up
bidders. However, neither Alliance's bid nor Universal's and Ad
Populum's combined back-up bid contemplated the purchase of the
Shares of Diamond UK.

Ultimately, the sale to Alliance did not close and the Debtors
pivoted to seeking authority to sell their assets to the designated
back-up bidders.

On May 1, 2025, the Court entered Orders approving the sale of
substantially all the Debtors' assets, excluding the Shares of
Diamond UK, to Universal and Sparkle Pop, LLC, an affiliate of Ad
Populum, LLC.

The Debtors have been focused on monetizing their estates'
remaining assets, including the assets and/or Shares of Diamond UK,
to maximize value for the Debtors' estates and creditors. In
particular, the Debtors and their investment banker, Raymond James
& Associates, Inc., solicited interest from potential purchasers
for the assets and/or for the Shares in Diamond UK. Ultimately, the
Purchaser submitted a
comprehensive proposal for purchasing the Shares that was the
highest and best proposal received.

The Debtors engaged in extensive, arm's-length negotiations with
the Purchaser, Diamond Distributors UK, Ltd., an entity formed and
owned by certain members of the current U.K.-based management team
of Diamond UK, to ensure that the transaction maximized the value
of Diamond UK, which resulted in the Sale and Purchase Agreement
(SPA) and the heavily-negotiated purchase price of $2,100,000.

The Debtors believe that the SPA is in the best interests of the
Debtors and all parties in interest. Ultimately, approval of the
sale to Purchaser will provide the most efficient path to divesting
the Shares, which represent one-hundred percent of the Shares in
Diamond UK, for fair consideration.

The Debtors submit that their decision to sell the Shares to
Purchaser represents a reasonable exercise of the Debtors' business
judgment.

             About Diamond Comic Distributors, Inc.

Founded in 1982, Diamond Comic Distributors Inc. offers a
multi-channel platform of publishing, marketing and fulfillment
services, coupled with an unparalleled global distribution Network
for its retailers, publishers and vendors.

Diamond Comic Distributors and its affiliates filed Chapter 11
petitions (Bankr. D. Md. Case No. 25-10308) on January 14, 2025. At
the time of the filing, Diamond Comic Distributors reported between
$50 million and $100 million in both assets and liabilities.

Judge David E. Rice handles the case.

The Debtors tapped Saul Ewing, LLP as legal counsel; Getzler
Henrich & Associates, LLC as financial advisor; Raymond James &
Associates, Inc. as investment banker; and Stephenson Harwood, LLP
as U.K. counsel. Omni Agent Solutions is the Debtors' claims and
noticing agent and administrative agent.



DIGICEL GROUP: Starts $2.7B High-Yield Debt Offer for Refinancing
-----------------------------------------------------------------
Gowri Gurumurthy of Bloomberg News reports that Digicel Group
Holdings Ltd. has launched a $2.7 billion junk-debt offering as it
seeks to refinance bonds and loans maturing in the coming years.

The Caribbean and Central America-focused mobile operator began
marketing a nearly $2 billion two-part bond issuance on Wednesday,
July 23, 2025, along with a $750 million term loan, according to
people familiar with the matter who requested anonymity.

JPMorgan Chase & Co. and Barclays Plc are among the banks leading
the financing, the sources said.

                      About Digicel Group

Digicel Group Holdings Ltd. is the leading digital provider in 25
markets across the Caribbean, Central America, and Asia Pacific.
The company is owned by the Irish billionaire Denis O'Brien, is
incorporated in Bermuda, and based in Jamaica.

Digicel Group sought relief under Chapter 15 of the U.S. Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 23-114479). The petition was signed
by Lawrence Hickey, as foreign representative.

The Debtor's counsel in the Chapter 15 case is Timothy E. Graulich,
Esq. at Davis Polk & Wardwell LLP.


DIOCESE OF SYRACUSE: Abuse Survivors Fund Grows to $17-Mil.
-----------------------------------------------------------
Jon Moss of syracuse.com reports that the compensation fund for
survivors of sexual abuse in the Roman Catholic Diocese of Syracuse
has increased to $176.1 million, officials announced.

The fund grew by an additional $15.1 million following recent
settlement agreements with two insurance companies, according to
Robert Kugler, lead attorney for the diocese's creditors, the
report states.

Troubled Company Reporter, citing Rick Archer of Law360 Bankruptcy
Authority, previously reported that on July 2, 2025, a New York
bankruptcy judge postponed the confirmation hearing for the Roman
Catholic Diocese of Syracuse's Chapter 11 plan by two months to
allow time for arguments on key insurance settlements tied to the
plan.

           About The Roman Catholic Diocese of Syracuse

The Roman Catholic Diocese of Syracuse, New York --
http://www.syracusediocese.org/-- through its administrative
offices (a) provides operational support to the Catholic parishes,
schools and certain other Catholic entities that operate within the
territory of the Diocese in support of their shared charitable
humanitarian and religious missions; (b) conducts school operations
by managing tuition and scholarship payments, employee payroll,
and
other school-related operating expenses for separately incorporated
Diocesan schools, as well as providing parish schools with
financial, operational and educational support; and (c) provides
comprehensive risk management services to the OCEs through the
Diocese's insurance program.

The Roman Catholic Diocese of Syracuse, New York filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bank. N.D.N.Y. Case No. 20-30663) on June 19, 2020. Stephen
A. Breen, chief financial officer, signed the petition. At the time
of filing, the Debtor estimated $10 million to $50 million in
assets and $50 million to $100 million in liabilities.

Judge Margaret M. Cangilos-Ruiz oversees the case.

Bond, Schoeneck and King, PLLC, serves as the Debtor's bankruptcy
counsel. The Debtor also tapped Mullen Coughlin LLC as special
counsel, Arete Advisors LLC as cybersecurity consultant, and
Moxfive LLC as technical advisor. Stretto is the claims agent and
administrative advisor.

The U.S. Trustee for Region 2 appointed a committee to represent
unsecured creditors in the Debtor's bankruptcy case. The committee
tapped Stinson, LLP, Saunders Kahler, LLP and Berkeley Research
Group, LLC, as its bankruptcy counsel, local counsel and financial
advisor, respectively.


DOWN N DIRTY: Hires Osborn Maledon as Bankruptcy Counsel
--------------------------------------------------------
Down N Dirty LLC seeks approval from the U.S. Bankruptcy Court for
the District of Arizona to hire Osborn Maledon, P.A. as counsel.

The Debtor requires legal counsel to:

     (a) give advice regarding the rights, powers and duties of the
Debtor in this Chapter 11 case;

     (b) assist the Debtor in the preparation of statements and
schedules and any amendments;

     (c) assist the Debtor in the formulation, preparation and
prosecution of a plan of reorganization;

     (d) assist the Debtor with regard to litigation and other
matters related to the administration and conduct of its Chapter 11
case;

     (e) assist and advise the Debtor in discussions with creditors
relating to the administration of this case;

     (f) assist the Debtor in reviewing claims asserted against it
and in negotiating with claimants asserting such claims;

     (g) assist the Debtor in examining and investigating potential
preferences, fraudulent conveyances, and other causes of action;

     (h) represent the Debtor at all hearings and other
proceedings;

     (i) review and analyze legal papers;

     (j) advise the Debtor concerning, and prepare on its behalf,
all legal documents filed in the case; and

     (k) perform such other legal services as may be required or
appropriate.

The hourly rates of the firm's counsel and staff are:

     Attorneys             $325 to $960
     Paralegals            $155 to $290

In addition, the firm will seek reimbursement for expenses
incurred.

Christopher Simpson, Esq., a partner at Osborn Maledon, disclosed
in a court filing that his firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Christopher C. Simpson, Esq.
     Warren J. Stapleton, Esq.
     Andrew B. Haynes, Esq.
     OSBORN MALEDON, PA
     2929 North Central Avenue, 20th floor
     Phoenix, AZ 85012
     Telephone: (602) 640-9000
     Email: csimpson@omlaw.com
            wstapleton@omlaw.com
            ahaynes@omlaw.com

      About Down N Dirty LLC

Down N Dirty LLC provides construction equipment rental and leasing
services. The Company operates in Phoenix, Arizona, and is also
classified under wholesale distribution of heavy machinery.

Down N Dirty LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 25-05600) on June 19,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.

The Debtors are represented by Christopher C. Simpson, Esq. at
OSBORN MALEDON, P.A.


DRIVERTECH LLC: Seeks to Hire Fabian & Clendenin as Counsel
-----------------------------------------------------------
Drivertech LLC seeks approval from the U.S. Bankruptcy Court for
the District of Utah to employ Fabian & Clendenin, P.C. d/b/a
Fabian VanCott as its counsel.

The firm will render these services:

     a. prepare on behalf of the Debtor any necessary motions,
applications, answers, orders, reports, and papers as required by
applicable bankruptcy or non-bankruptcy law, dictated by the
demands of the case, or required by the Court, and to represent the
Debtor in proceedings or hearings related thereto;

     b. provide advice to the Debtor with respect to their powers
and duties as Debtor-in-possession in the continued conduct of
their businesses;

     c. negotiate with the Debtor' creditors and other parties in
interest in developing plans of reorganization, and taking any
necessary steps to obtain confirmation of, and to implement such a
plan;

     d. review, analyze, and advise the Debtor regarding claims or
causes of action to be pursued on behalf of their estates;

     e. assist the Debtor in negotiations with various creditor
constituencies regarding an exit, resolution, and payment of the
creditors' claims;

     f. review and analyze the validity of the claims filed and
advise the Debtor as to the filing of objections to claims; if
necessary;

     g. provide continuing legal advice with respect to their
bankruptcies, estates, litigation, avoidance actions, and
miscellaneous other legal matters; and

     h. perform all other necessary legal services as may be
prompted by the needs of the Debtor in its case.

The firm will be paid at these rates:

     Attorneys          $350 to $500 per hour
     Paralegal          $75 to $250 per hour

Fabian received a retainer from Nelson Partners in the amount of
$15,000.

Fabian & Clendenin is a disinterested person as that term is used
in section 101(14) and 327 of the Bankruptcy Code and do not
represent or hold an undisclosed interest adverse to the interest
of the Debtor.

The firm can be reached through:

     Douglas J. Payne, Esq.
     David P. Billings, Esq.
     FABIAN VANCOTT
     95 South State Street, Suite 2300
     Salt Lake City, UT 84111
     Telephone: (801) 531-8900
     Email: dpayne@fabianvancott.com
     Email: dbillings@fabianvancott.com

          About Drivertech LLC

Drivertech LLC is a Salt Lake City, UT-based developer of mobile
communications and GPS tracking systems for fleet and field-service
management.

Drivertech LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Utah Case No. 25-23856) on July 1, 2025.
In its petition, the Debtor reports estimated assets up to $50,000
and estimated liabilities between $10 million and $50 million.

Honorable Bankruptcy Judge Peggy Hunt handles the case.

The Debtors are represented by Douglas J. Payne, Esq. at Fabian
Vancott.


DUNCAN RENTAL: Hires Ford & Semach P.A. as Bankruptcy Counsel
-------------------------------------------------------------
Duncan Rental Company LLC seeks approval from the U.S. Bankruptcy
Court for the Middle District of Florida to hire Ford & Semach,
P.A. as bankruptcy counsel.

The firm will render these services:

     a. analyze the financial situation, and rendering advice and
assistance to the Debtor in determining whether to file a petition
under Title 11, United States Code;

     b. advise the Debtor with regard to the powers and duties of
the debtor and as Debtor-in-Possession in the continued operation
of the business and management of the property of the estate;

     c. prepare and file the petition, schedules of assets and
liabilities, statement of affairs, and other documents required by
the Court;

     d. represent the Debtor at the Section 341 Creditors'
meeting;

     e. give the Debtor legal advice with respect to its powers and
duties as Debtor and as Debtor-in Possession in the continued
operation of its business and management of its property, if
appropriate;

     f. advise the Debtor with respect to its responsibilities in
complying with the United States Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;

     g. prepare, on the behalf of your Applicant, necessary
motions, pleadings, applications, answers, orders, complaints, and
other legal papers and appear at hearings thereon;

     h. protect the interest of the Debtor in all matters pending
before the court;

     i. represent the Debtor in negotiation with its creditors in
the preparation of the Chapter 11 Plan; and

     j. perform all other legal services for Debtor as
Debtor-in-Possession which may be necessary, and it is necessary
for Debtor as Debtor-in-Possession to employ this attorney for such
professional services.

Ford & Semach's professionals will be paid at these hourly rates:

     Buddy D. Ford, Attorney    $450
     Jonathan Semach, Attorney  $400
     Heather Reel, Attorney     $350
     Paralegal                  $150

In addition, the firm will seek reimbursement for expenses
incurred.

The firm received a retainer in the amount of $3,000.

Buddy D. Ford, Esq., an attorney at Ford & Semach, disclosed in
court filings that their firms are "disinterested persons" as the
term is defined in Section 101(14) of the Bankruptcy Code.

The firms can be reached through:

     Buddy D. Ford, Esq.
     Jonathan A. Semach, Esq.
     Heather M. Reel, Esq.
     FORD & SEMACH, P.A.
     9301 West Hillsborough Avenue
     Tampa, FL 33615-3008
     Telephone: (813) 877-4669
     Email: Buddy@tampaesq.com
            Jonathan@tampaesq.com
            Heather@tampaesq.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 LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04733-RCT) on
July 11, 2025. In its petition, the Debtor reports estimated assets
between $100,000 and $500,000 and estimated liabilities between
$500,000 and $1 million.

Honorable Bankruptcy Judge Roberta A. Colton handles the case.

The Debtors are represented by Buddy D. Ford, Esq. at Ford &
Semach, P.A.


DURECT CORP: Gets 180-Day Nasdaq Grace Period to Meet $1 Bid Rule
-----------------------------------------------------------------
As previously reported on a Current Report on Form 8-K filed with
the Securities and Exchange Commission, DURECT Corporation received
a letter from The Nasdaq Stock Market, dated January 9, 2025,
advising the Company that for 30 consecutive trading days preceding
the date of the Notice, the bid price of the Company's common stock
had closed below the $1.00 per share minimum required for continued
listing on The Nasdaq Capital Market under Nasdaq Listing Rule
5550(a)(2). The Notice stated that the Company had 180 days, or
until July 8, 2025, to demonstrate its compliance with the Minimum
Bid Price Requirement.

On July 9, 2025, the Company received approval from the Listing
Qualifications Department of Nasdaq for an additional 180-day grace
period, or until January 5, 2026, to regain compliance with the
Minimum Bid Price Requirement.

To regain compliance with the Minimum Bid Price Requirement and
qualify for continued listing on The Nasdaq Capital Market, the
minimum bid price per share of the Company's common stock must be
at least $1.00 for at least 10 consecutive business days during the
additional 180-day grace period. If the Company does not regain
compliance during this additional grace period, its common stock
would be subject to delisting by Nasdaq. As part of its request for
an additional 180-day grace period, the Company notified Nasdaq
that:

     (i) the Company meets the continued listing standard for
market value of publicly-held shares and all other applicable
requirements for initial listing standards of The Nasdaq Capital
Market, other than the Minimum Bid Price Requirement, and
    (ii) if the Company's stock price does not recover sufficiently
during the additional grace period, it anticipates implementing and
completing a reverse stock split by no later than December 16,
2025, if necessary.

The Company intends to continue actively monitoring the closing bid
price for the Company's common stock during the additional grace
period and will consider available options to resolve the
deficiency and regain compliance with the Minimum Bid Price
Requirement. If the Company does not regain compliance within the
additional grace period, Nasdaq will provide notice that the
Company's common stock will be subject to delisting. The Company
would then be entitled to appeal that determination to a Nasdaq
hearings panel.

There can be no assurance that the Company will regain compliance
with the Minimum Bid Price Requirement during the 180-day
additional grace period or maintain compliance with the other
Nasdaq listing requirements.

                       About DURECT Corporation

DURECT -- www.durect.com -- is a late-stage biopharmaceutical
company pioneering the development of epigenetic therapies that
target dysregulated DNA methylation to transform the treatment of
serious and life-threatening conditions, including acute organ
injury.  Larsucosterol, DURECT's lead drug candidate, binds to and
inhibits the activity of DNA methyltransferases, epigenetic enzymes
that are elevated and associated with hypermethylation found in
alcohol-associated hepatitis ("AH") patients.  Larsucosterol is in
clinical development for the potential treatment of AH, for which
the FDA has granted a Fast Track and a Breakthrough Therapy
designation; MASH has also been explored.

As of Dec. 31, 2024, Durect Corporation reported total assets of
$18.35 million, total current liabilities of $7.71 million,
non-current operating lease liabilities of $1.12 million, other
long-term liabilities of $384,000, and stockholders' equity of
$9.13 million.

In its report dated March 27, 2025, the Company's auditor,
WithumSmith+Brown, PC, issued a "going concern" qualification,
noting that the Company has experienced recurring operating losses
and has an accumulated deficit, which raise significant doubt about
its ability to continue as a going concern.


EDITH'S CRUST: Seeks to Hire David C. Johnston as Legal Counsel
---------------------------------------------------------------
Edith's Crust and Crumb, Inc. seeks approval from the U.S.
Bankruptcy Court for the Eastern District of California to hire
David Johnston, Esq., an attorney practicing in Modesto, Calif., as
legal counsel.

The attorney will provide these services:

     (a) give the Debtor legal advice about various bankruptcy
options, and legal advice about non-bankruptcy alternatives for
dealing with the claims against it;

     (b) give the Debtor legal advice about its rights, powers, and
obligations in the Chapter 11 case and in the management of the
estate;

     (c) take necessary action to enforce the automatic stay and to
oppose motions for relief from the automatic stay;

     (d) take necessary action to recover and avoid any
preferential or fraudulent transfers and to exercise the Debtor's
strong-arm powers;

     (e) appear with the Debtor's president at the meeting of
creditors, status conference, and other hearings held before the
court;

     (f) review and if necessary, objecting to proofs of claim;

     (g) take steps to obtain court authority for the sale or
refinancing of assets if necessary;

     (h) prepare a plan of reorganization and take all steps
necessary to bring the plan to confirmation, if possible; and

     (i) represent the Debtor in all adversary proceedings in this
court.

The attorney will be billed at his hourly rate of $400.

The attorney received a retainer of $5,000 to cover pre-petition
and post-petition fees.

Mr. Johnston disclosed in a court filing that he is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The attorney can be reached at:

     David C. Johnston, Esq.
     1600 G Street, Suite 102
     Modesto, CA 95354
     Tel: (209) 579-1150
     Fax: (209) 900-9199

       About Edith's Crust and Crumb

Edith's Crust and Crumb, Inc. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. E.D. Calif. Case No.
25-90481) on June 12, 2025, with $100,001 to $500,000 in assets and
liabilities.

Judge Christopher D. Jaime presides over the case.

David C. Johnston, Esq., represents the Debtor as legal counsel.


ELITA 7 LLC: No Resident Complaints, 2nd PCO Report Says
--------------------------------------------------------
Joseph Tomaino, the patient care ombudsman, filed with the U.S.
Bankruptcy Court for the District of Massachusetts his second
report regarding the quality of patient care provided by Elita 7,
LLC and Victoria Light, LLC.

On June 26, the PCO performed a site visit and a tour of the
facility was made. The facility appeared to be adequately staffed,
and people interviewed during the tour indicated that there were
enough caregivers to meet resident needs. Staff reported that
medications are readily available for the residents.

The PCO noted that the management appears engaged and no issues
were observed. There were no bankruptcy related complaints.

The PCO observed that the facility appears to be managed
effectively. Staff report no issues with staffing or availability
of medications or supplies.

Mr. Tomaino received no complaints from staff or residents of the
facility during the period since appointment.

A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=nIvE2u from PacerMonitor.com.

The ombudsman may be reached at:

     Joseph J. Tomaino
     Grassi Healthcare Advisors, LLC
     750 Third Avenue
     New York, NY 10017
     Phone: 212-223-5020
     Email: jtomaino@grassihealthcareadvisors.com

                 About Elita 7 and Victoria Light

Elita 7, LLC operates a 60-bed Rest Home located at 16 Marble
Street, Worcester, Mass.

Elita 7 and its affiliate, Victoria Light, LLC, filed Chapter 11
petitions (Bankr. D. Mass. Lead Case No. 24-41303) on December 20,
2024. At the time of the filing, the Debtors reported $1 million to
$10 million in both assets and liabilities.

Judge Elizabeth D. Katz oversees the cases.

John O. Desmond, Esq., represents the Debtors as legal counsel.

Joseph J. Tomaino of Grassi Healthcare Advisors, LLC is the patient
care ombudsman appointed in the Debtors' cases.


EVERCOMMERCE INC: S&P Rates New $529.4MM Extended Term Loan 'B+'
----------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level rating and '3'
recovery rating to EverCommerce Inc.'s proposed $529.4 million
extended term loan and $155 million revolving credit facility
(previously amended in June 2025, which reduced its borrowing base
from $190 million). The issue-level rating is in line with its
issuer credit rating on the company. The '3' recovery rating
indicates its expectation for meaningful (50%-70%; rounded
estimate: 50%) recovery to creditors in a hypothetical default
scenario.

S&P said, "We view the proposed transaction as credit positive,
given our expectation it will modestly reduce EverCommerce's
interest expense through the realization of more-favorable debt
pricing terms (pricing to improve by about 25 basis points to
S+2.25%), as well as by providing it with an extended maturity
runway. The company intends to push out the maturities of both
facilities by three years to 2031 as part of the transaction.

"The transaction will not materially affect our base-case
expectations for EverCommerce due to the minimal change to its
outstanding debt balance ($530.8 million outstanding on the term
loan as of March 31, 2025). As such, all our existing ratings on
the company, including the 'B+' issuer credit rating, are
unchanged. We project EverCommerce's S&P Global Ratings-adjusted
leverage will be about 3.6x at the end of 2025 and forecast its
FOCF to debt will be well above 10%, supported by resilient
customer demand for its mission-critical business management
software. This is consistent with our previously published forecast
in June 2025.

"The company's revolver commitment will step down by $30 million to
$125 million (from $155 million) in July 2026. Despite this
reduction, we expect EverCommerce's cash on hand and annual cash
flow generation will enable it to maintain sufficient liquidity
over the next 12 months. We believe the steady reduction in the
company's credit facility commitment reflects its historically
minimal reliance on the facility and ability to support its
ordinary business activities with its solid cash flow generation."

Issue Ratings--Recovery Analysis

Key analytical factors

-- S&P said, "Our recovery analysis contemplates a hypothetical
default occurring in 2029. Under this scenario, we assume
EverCommerce faces heightened competition from new and existing
players in the small- to mid-size business software market, leading
to price concessions or material customer attrition that reduces
its cash flow generation and weakens its liquidity position."

-- S&P believes the company would reorganize rather than liquidate
in a default scenario. As such, it assesses EverCommerce as a going
concern by using an enterprise valuation method to gauge its
recovery.

-- S&P said, "We apply a 6x EBITDA multiple, which is consistent
with the multiples we use for similar software companies and its
rated peers, to estimate the company's gross enterprise value at
emergence. Under this method, we calculate a gross enterprise value
at emergence of $351 million."

-- The '3' recovery rating on the first-lien debt reflects S&P's
expectation for meaningful (50%-70%; rounded estimate: 50%)
recovery for lenders in the event of a payment default.

Simulated default assumptions

-- Simulated year of default: 2029
-- Emergence EBITDA: $59 million
-- EBITDA multiple: 6x
-- Gross enterprise value at emergence: $351 million

Simplified waterfall

-- Net recovery value for waterfall (after 5% administrative
expenses): $334 million

-- Valuation split (obligor/nonobligor): 70%/30%

-- Estimated first-lien claim: $633 million

-- Value available for first-lien claim: $334 million

    --Recovery expectations: 50%-70% (rounded estimate: 50%)



EVERSTREAM NETWORKS: Committee Taps McDermott Will as Counsel
-------------------------------------------------------------
The official committee of unsecured creditors of Everstream
Networks LLC seeks approval from the U.S. Bankruptcy Court for the
Southern District of Texas to hire McDermott Will & Emery LLP as
counsel.

The firm will render these services:

     a) advise the Committee with respect to its rights, powers,
and duties in the Chapter 11 Cases;

     b) participate in in-person and telephonic meetings of the
Committee and subcommittees formed thereby, if any;

     c) assist and advise the Committee in its meetings and
negotiations with the Debtors and other parties in interest
regarding the Chapter 11 Cases;

     d) assist the Committee in analyzing claims asserted against,
and interests in, the Debtors, and in negotiating with the holders
of such claims and interests and bringing, or participating in,
objections or estimation proceedings with respect to such claims
and interests;

     e) assist the Committee in analyzing the Debtors' assets and
liabilities, including in its review of the Debtors' Schedules of
Assets and Liabilities, Statements of Financial Affairs, and other
reports prepared by the Debtors, investigating the extent and
validity of liens and participating in and reviewing any proposed
transfer, sale, or disposition of the Debtors' assets, financing
arrangements, and cash collateral stipulations or proceedings;

     f) assist the Committee in its investigation of the acts,
conduct, assets, liabilities, management, and financial condition
of the Debtors, the Debtors' historic and ongoing operations of
their businesses, and the desirability of the continuation of any
portion of those operations, and any other matters relevant to the
Chapter 11 Cases;

     g) assist the Committee in its analysis of, and negotiations
with the Debtors or any third party related to, financing, asset
disposition transactions, and compromises of controversies,
reviewing and determining the Debtors' rights and obligations under
leases and executory contracts, and assisting, advising, and
representing the Committee in any manner relevant to the
assumption and rejection of executory contracts and unexpired
leases;

     h) assist the Committee in its analysis of, and negotiations
with, the Debtors or any third party related to, the formulation,
confirmation, and implementation of a chapter 11 plan(s) and all
documentation related thereto (including the disclosure
statement);

     i) assist, advise, and represent the Committee in
understanding its powers and duties under the Bankruptcy Code and
the Bankruptcy Rules and in performing other services as are in the
interests of those represented by the Committee;

     j) assist and advise the Committee with respect to
communications with the general creditor body regarding significant
matters in the Chapter 11 Cases;

     k) respond to inquiries from individual creditors as to the
status of, and developments in, the Chapter 11 Cases;

     l) represent the Committee at hearings and other proceedings
before the Court and other courts or tribunals, as appropriate;

     m) review and analyze complaints, motions, applications,
orders, and other pleadings filed with the Court, and advise the
Committee with respect to formulating positions with respect, and
filing responses, thereto;

     n) assist the Committee in its review and analysis of, and
negotiations with the Debtors and their non-Debtor affiliates
related to intercompany claims and transactions;

     o) review and analyze third-party analyses and reports
prepared in connection with the Debtors' potential claims and
causes of action, advise the Committee with respect to formulating
positions thereon, and perform such other diligence and independent
analysis as may be requested by the Committee;

     p) advise the Committee with respect to applicable federal and
state regulatory issues, as such issues may arise in the Chapter 11
Cases;

     q) assist the Committee in preparing pleadings and
applications, and pursuing or participating in adversary
proceedings, contested matters, and administrative proceedings as
may be necessary or appropriate in furtherance of the Committee's
duties;

     r) take all necessary or appropriate actions as may be
required in connection with the administration of the Debtors'
estates, including with respect to a chapter 11 plan and related
disclosure statement; and

     s) perform such other legal services as may be necessary or as
may be requested by the Committee in accordance with the
Committee's powers and duties as set forth in the Bankruptcy Code.

The firm will be paid at these rates:

     Partners/Counsel           $1,500 to $2,365 per hour
     Associate                  $895 to $1,485 per hour
     Non-Lawyer Professionals   $300 to $1,320 per hour

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Charles Gibbs, Esq., a partner at McDermott Will & Emery, 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 following is provided in response to the request for additional
information set forth in D.1 of the Appendix B Guidelines:

   (a) McDermott has not agreed to variations from, or alternatives
to, its standard or customary billing arrangements for this
engagement;

   (b) none of McDermott's professionals included in this
engagement have varied their rates based on the geographic location
of the Chapter 11 Cases;

   (c) McDermott did not represent the Committee before the
Petition Date; and

   (d) McDermott expects to develop a budget and staffing plan to
comply with the U.S. Trustee's requests for information and
additional disclosures, and any orders of the Court. Recognizing
that unforeseeable fees and expenses may arise in large chapter 11
cases, McDermott may need to amend the budget as necessary to
reflect changed circumstances or unanticipated developments.

The firm can be reached through:

    Charles R. Gibbs, Esq.
    McDermott Will & Emery LLP
    2801 North Harwood Street, Suite 2600
    Dallas, TX 75201
    Tel: (214) 295-8000
    Fax: (972) 232-3098

      About Everstream Networks

Everstream Networks LLC is a business-focused provider of data,
internet, and communications services, operating a fiber network
spanning over 34,000 miles across 13 states in the U.S. Midwest and
Northeast. Headquartered in Cleveland, Ohio, the Company offers
enterprise-grade solutions such as dedicated internet access, dark
fiber, Ethernet, and network security. Founded in 2014 as a
subsidiary of nonprofit OneCommunity, Everstream has expanded
through a mix of organic growth and acquisitions.

Everstream Networks LLC and affiliates sought relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
25-90144) on May 28, 2025. In its petition, the Debtor reports
estimated assets (on a consolidated basis) between $500 million and
$1 billion and estimated liabilities (on a consolidated basis)
between $1 billion and $10 billion.

Honorable Bankruptcy Judge Christopher M. Lopez handles the case.

The Debtor is represented by Gabriel A. Morgan, Esq., Clifford W.
Carlson, Esq., Matthew S. Barr, Esq., Andriana Georgallas, Esq.,
and Alexander P. Cohen, Esq. at WEIL, GOTSHAL & MANGES LLP. The
Debtors' Special Counsel is RICHARDS, LAYTON & FINGER, P.A. BANK
STREET GROUP LLC is the Debtors' M&A Advisor. ALVAREZ & MARSAL
NORTH AMERICA, LLC is the Debtors' Financial Advisor. STRETTO, INC.
is the Debtors' Claims, Noticing & Solicitation Agent.


EVERSTREAM NETWORKS: Panel Taps M3 Advisory as Financial Advisor
----------------------------------------------------------------
The official committee of unsecured creditors of Everstream
Networks LLC seeks approval from the U.S. Bankruptcy Court for the
Southern District of Texas to hire McDermott Will & Emery LLP as M3
Advisory Partners, LP as its financial advisor.

The firm's services include:

     a. reviewing and analyzing the Debtors' operations, financial
condition, business plan, strategy, and operating forecasts;

     b. assisting the Committee in evaluating any proposed
debtor-in-possession financing or use of cash collateral;

     c. reviewing the Debtors' cash management and intercompany
accounting systems, practices, and procedures, as necessary;

     d. advising the Committee in assessing the Debtors' executory
contracts, including the determination of whether certain executory
contracts should be assumed or rejected by the Debtors or the
impact of such rejection;

     e. assisting and advising the Committee in connection with
strategies to maximize recovery for unsecured creditors under the
Debtors' Chapter 11 plan;

     f. assisting the Committee in evaluating, structuring, and
negotiating the terms and conditions of the proposed plan of
reorganization, or any alternative plan/transaction pursued by the
Debtors;

     g. assisting the Committee in its analysis of the Debtors'
plan of reorganization and related disclosure statement;

     h. assisting the Committee and its legal counsel on any
investigations of any acts or omissions of the Debtors or any of
their stakeholders relating to the Debtors;

     i. analyzing the Debtors' assets and liabilities;

     j. identifying and/or review potential preference payments,
fraudulent conveyances and other causes of action each individual
Debtor's estate may hold;

     k. assisting in the evaluation of any asset sale process,
including assessing potential buyers and evaluating terms,
conditions, and impact of any asset sale transactions proposed by
the Debtors;

     l. reviewing and evaluating pleadings filed with the Court, as
appropriate;

     m. providing testimony, as required, in any proceeding before
this Court; and

     n. providing other services incidental and ancillary to the
foregoing and such other services as M3 and the Committee shall
otherwise agree in writing.

The firm will be paid at these rates:

     Managing Partner            $1,500 per hour
     Senior Managing Director    $1,390 per hour
     Managing Director           $1,150 to $1,290 per hour
     Senior Director             $1,120 per hour
     Director                    $940 to $1,060 per hour
     Vice President              $840 per hour
     Senior Associate            $725 per hour
     Associate                   $615 per hour
     Analyst                     $500 per hour

M3 will seek reimbursement for its reasonable and necessary
out-of-pocket expenses.

Robert Winning, a Managing Director at M3 Advisory Partners, LP,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached through:

     Robert Winning
     M3 Advisory Partners LP
     1700 Broadway 19th Floor
     New York, NY 10019
     Telephone: (212) 202-2200

       About Everstream Networks

Everstream Networks LLC is a business-focused provider of data,
internet, and communications services, operating a fiber network
spanning over 34,000 miles across 13 states in the U.S. Midwest and
Northeast. Headquartered in Cleveland, Ohio, the Company offers
enterprise-grade solutions such as dedicated internet access, dark
fiber, Ethernet, and network security. Founded in 2014 as a
subsidiary of nonprofit OneCommunity, Everstream has expanded
through a mix of organic growth and acquisitions.

Everstream Networks LLC and affiliates sought relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
25-90144) on May 28, 2025. In its petition, the Debtor reports
estimated assets (on a consolidated basis) between $500 million and
$1 billion and estimated liabilities (on a consolidated basis)
between $1 billion and $10 billion.

Honorable Bankruptcy Judge Christopher M. Lopez handles the case.

The Debtor is represented by Gabriel A. Morgan, Esq., Clifford W.
Carlson, Esq., Matthew S. Barr, Esq., Andriana Georgallas, Esq.,
and Alexander P. Cohen, Esq. at WEIL, GOTSHAL & MANGES LLP. The
Debtors' Special Counsel is RICHARDS, LAYTON & FINGER, P.A. BANK
STREET GROUP LLC is the Debtors' M&A Advisor. ALVAREZ & MARSAL
NORTH AMERICA, LLC is the Debtors' Financial Advisor. STRETTO, INC.
is the Debtors' Claims, Noticing & Solicitation Agent.


EXPRESS MOBILE: Amends Unsecured Claims Pay Details
---------------------------------------------------
Express Mobile Diagnostic Services, LLC, submitted an Amended Plan
of Reorganization for Small Business.

The Plan proposes to pay the Debtor's creditors from, cash flow
from operations.

The Plan proposes to pay administrative and priority claims in full
unless otherwise agreed. The Debtor estimates approximately 76%
will be paid on account of general unsecured claims pursuant to the
Plan.

Class 4 consists of General Unsecured Claims. This Class will
receive a distribution of 76% of their allowed claims. This Class
is impaired.

     * Highland Capital Corporation with a claim amount of
$13,013.12. Paid pro rata on an annual basis from revenue generated
from operations from the funds designated for the general unsecured
pool ($885,376.00).

     * Marlin Leasing Corporation with a claim amount of
$43,130.47. Paid pro rata on an annual basis from revenue generated
from operations from the funds designated for the general unsecured
pool ($885,376.00).

     * United Healthcare Insurance Company with a claim amount of
$894.52. Paid pro rata on an annual basis from revenue generated
from operations from the funds designated for the general unsecured
pool ($885,376.00).

     * JP Morgan Chase Bank, N.A. with a claim amount of
$46,129.53. Paid pro rata on an annual basis from revenue generated
from operations from the funds designated for the general unsecured
pool ($885,376.00).

     * National Mobile X-Ray with a claim amount of $83,900.00.
Paid pro rata on an annual basis from revenue generated from
operations from the funds designated for the general unsecured pool
($885,376.00).

     * Intella PACS with a claim amount of $58,816.00. Paid pro
rata on an annual basis from revenue generated from operations from
the funds designated for the general unsecured pool ($885,376.00).

     * Rapid Radiology, Inc. with a claim amount of $438,306.00.
Paid pro rata on an annual basis from revenue generated from
operations from the funds designated for the general unsecured pool
($885,376.00).

     * Cellco Partnership, dba Verizon Wireless with a claim amount
of $7,979.21. Paid pro rata on an annual basis from revenue
generated from operations from the funds designated for the general
unsecured pool ($885,376.00).

     * Ascentium Captial with a claim amount of $12,858.99. Paid
pro rata on an annual basis from revenue generated from operations
from the funds designated for the general unsecured pool
($885,376.00).

     * Navitas Credit Corp with a claim amount of $120,403.50. Paid
pro rata on an annual basis from revenue generated from operations
from the funds designated for the general unsecured pool
($885,376.00).

    * LG Funding LLC with a claim amount of $339,553.75. Paid pro
rata on an annual basis from revenue generated from operations from
the funds designated for the general unsecured pool ($885,376.00).

The Debtor's plan of reorganization will be funded from revenue
generated from ongoing operations, as well as collection on
receivables.

A full-text copy of the Amended Plan dated June 30, 2025 is
available at https://urlcurt.com/u?l=ZZNK6F from PacerMonitor.com
at no charge.

Counsel to the Debtor:
   
     Brian C. Thompson, Esq.
     Thompson Law Group, PC
     301 Smith Drive, Suite 6
     Cranberry Township, PA 16066
     Telephone: (724) 799-8404
     Facsimile: (724) 799-8409
     Email: bthompson@thompsonattorney.com

                About Express Mobile Diagnostic Services

Express Mobile Diagnostic Services LLC is a medical and diagnostic
laboratory that offers x-ray scanning services for all major areas
of the body.

Express Mobile Diagnostic Services LLC sought relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-20255)
on January 31, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $1 million and $10 million each.

Brian C. Thompson, Esq., at Thompson Law Group PC, serves as the
Debtor's counsel.


FASHIONABLE INC: Seeks to Extend Plan Exclusivity to October 6
--------------------------------------------------------------
Fashionable, Inc., asked the U.S. Bankruptcy Court for the Middle
District of Tennessee to extend its exclusivity periods to file a
plan of reorganization and obtain acceptance thereof to October 6
and December 4, 2025, respectively.

Since the Petition Date, the Debtor has undertaken substantial
operational initiatives aimed at stabilizing and repositioning the
business, including the rejection of its warehouse lease, a
transition to a third-party logistics provider, the engagement of a
new Chief Financial Officer ("CFO"), and a right-sizing of its
workforce.

The Debtor explains that its newly appointed CFO, who was onboarded
in mid-June, is in the process of conducting a comprehensive
assessment of the Debtor's financial affairs and has been working
closely with counsel to develop a viable and confirmable Chapter 11
plan. In the course of this work, it has become clear that the
Debtor requires both debtor-in-possession ("DIP") financing and
post-confirmation exit financing in order to procure the inventory
necessary to sustain ongoing operations and drive future sales.

The Debtor claims that it is concurrently developing revised
financial projections, continuing to implement operational changes,
and actively exploring potential sources of DIP and exit financing.
These efforts are ongoing and time-intensive and cannot reasonably
be completed within the current exclusivity periods.

The Debtor asserts that the requested extension will not prejudice
creditors. The proposed deadlines fall well within the statutory
limits set forth in Section 1121(d)(2) of the Bankruptcy Code, and
maintaining exclusivity will promote the orderly and efficient
administration of this case.

The Debtor further asserts that it is confident, and, if necessary,
prepared to present evidence, that additional time will enable it
to propose a Chapter 11 plan that either enjoys broad creditor
support or, at minimum, offers recoveries materially in excess of
what would be available in a Chapter 7 liquidation. An extension of
exclusivity will facilitate the formulation of a value-maximizing
plan and avoid the disruption of competing plans at this critical
juncture.

Fashionable, Inc. is represented by:

     R. Alex Payne, Esq.
     Dunham Hildebrand Payne Waldron PLLC
     9020 Overlook Blvd., Ste. 316
     Brentwood, TN 37027
     Telephone: (629) 777-6539
     Email: alex@dhnashville.com

                      About Fashionable Inc.

Fashionable, Inc., doing business as ABLE, is a Nashville-based
women's clothing and accessories brand offering a thoughtfully
curated range of apparel, leather goods, jewelry, and footwear.

Fashionable, Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Ten. Case No. 25-01501) on April 8,
2025, listing between $1 million and $10 million in both assets and
liabilities. Misti Blasko, chief executive officer of Fashionable,
Inc., signed the petition.

Judge Randal S. Mashburn oversees the case.

The Debtor is represented by R. Alex Payne, Esq., at Dunham
Hildebrand Payne Waldron, PLLC.


FIRST BRANDS: S&P Affirms 'B+' Issuer Credit Rating on Refinancing
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' issuer credit rating and
stable outlook on automotive parts manufacturer First Brands Group
LLC.

We also assigned our 'B+' issue-level rating and '3' recovery
rating (50%-70%; rounded estimate: 55%) to the proposed first-lien
debt. We assigned our 'B-' issue-level rating and '6' recovery
rating (0%-10%; rounded estimate: 0%) to the proposed second-lien
term loan.

The stable outlook reflects our expectation that First Brands will
maintain EBITDA margins above 20%, debt to EBITDA below 5x, and
free operating cash flow (FOCF) to debt above 3%. It also reflects
the expectation that First Brands will complete the proposed
refinancing.

First Brands Group LLC is refinancing of its capital structure and
plans to issue: a new 5-year $500 million asset-based lending (ABL)
revolving credit facility (RCF);5-year $2,700 million first-lien
term loan; 5-year $1,000 million fixed-rate first-lien term loan;
5-year EUR850 million ($995 million equivalent) first-lien term
loan; and 5.5-year $1,500 million second-lien term loan.
The refinancing will increase leverage slightly and modestly reduce
free cash flow but improves liquidity by meaningfully extending the
company's existing debt maturities (due in March 2027).

S&P said, "The rating affirmation reflects our expectation that
leverage and free cash flow will remain within our downside
triggers. The refinancing is not quite leverage neutral, primarily
due to estimated financing fees and expenses. We now expect
leverage will reach 5x in 2025 (our previous expectations were
4.7x) but reduce toward 4.8x in 2026. Free cash flow will be
burdened by interest from the company's proposed larger second-lien
term loan. However, S&P Global economists expect SOFR to fall with
interest rates, so we anticipate the expense of the second-lien
term loan will mostly be offset by lower interest rates on the
company's overall debt, as well as somewhat lower cash taxes going
forward. We expect the company to maintain FOCF to debt of at least
3% over the next three years.

"Given the company's strong profitability and its end markets,
which are primarily nondiscretionary or semi-discretionary
aftermarket products, we think the company will be able to generate
stable profits even in a weaker economy over the next 18 months. We
expect EBITDA margins will decline to 25% in 2025 and 2026 from
27.5% in 2024 as gross margins contract amid higher labor costs, a
mix shift to lower margin products as consumers trade down, and a
more competitive pricing environment due to anticipated weaker
consumer spending. We also build in some margin reduction from
lower margins on acquired businesses, which still supports credit
metrics within our downside triggers."

Assuming the proposed refinancing closes, it improves liquidity and
materially extends the company's capital structure. Our capital
structure modifier is now neutral because First Brands'
weighted-average maturity will be extended well beyond two years.
In addition, the company has increased its ABL line to $500 million
from $250 million and continues to maintain around $1 billion of
cash on balance sheet. Management has indicated it may reduce the
cash balance somewhat as it seeks to reduce some of the more
expensive factoring arrangements with certain warehouse
distributors. While this may lead to some negative working capital
in the near term, S&P expects it will reduce the interest burden
from factoring longer term.

S&P said, "We expect First Brands will continue making acquisitions
with cash flow and debt. The company is highly acquisitive and has
a long history of using debt and cash on balance sheet to fund
acquisitions. We expect First Brands will continue to buy
businesses at modest multiples and improve profits through its
cost-reduction initiatives, relocation of manufacturing to lower
cost sites, and improved operating leverage and efficiency at its
plants. We also believe the company uses its larger scale to
improve purchasing power with suppliers and increase prices to its
customers for the acquired businesses.

"The stable outlook reflects our expectation that First Brands will
maintain EBITDA margins above 20%, which we believe will allow the
company to maintain debt to EBITDA below 5x and FOCF to debt above
3%. It also reflects the expectation that the company will complete
the proposed debt refinancing."

S&P could lower its rating on First Brands over the next 12 months
if the company:

-- Has not made progress in addressing its $4.5 billion of
first-lien debt maturities due in March 2027;

-- Sustains debt to EBITDA above 5x; or

-- Keeps FOCF below 3% on a sustained basis.

The company's credit metrics could deteriorate if reduced consumer
spending reduces sales volumes, it loses a top customer, or
operational challenges adversely affect its cost structure.

S&P could also consider a downgrade if First Brands announces plans
to pursue large debt-financed acquisitions that would weaken credit
metrics.

S&P could raise its rating on First Brands if the company:

-- Completes the proposed refinancing and extends its maturities;

-- Maintains debt to EBITDA around 4.5x and sustains FOCF to debt
above 5%, and

-- Materially reduces the pace and size of its debt-financed
acquisitions.



FLAGSHIP RESORT: Taps Kroll Restructuring as Administrative Advisor
-------------------------------------------------------------------
Flagship Resort Development Corporation seeks approval from the
U.S. Bankruptcy Court for the District of New Jersey to employ
Kroll Restructuring Administration as administrative advisor.

The firm will render these services:

     (a) provide consulting services regarding legal noticing,
claims, management, and reconciliation;

     (b) assist with among other things, the preparation of
confidential online workspaces and data rooms;

     (c) assist with, among other things, the preparation of the
Debtors' Schedules and Statements and the gathering of data in
conjunction therewith;

     (d) assist with, among other things, solicitation, balloting
and tabulation of votes, and prepare any related reports, as
required in support of confirmation of a chapter 11 plan, and in
connection with such services, process requests for documents from
parties-in-interest, including, if applicable, brokerage firms,
bank back-offices, and institutional holders;

     (e) prepare an official ballot certification and, if
necessary, testify in support of the ballot tabulation results;

     (f) manage and coordinate any distributions pursuant to a
chapter 11 plan; and

     (g) provide such other processing, solicitation, balloting and
other administrative services described in the Engagement
Agreement, but not included in the Claim Agent Application, as may
be requested from time to time by the Debtors, the Court, or the
Office of the Clerk of the Bankruptcy Court.

The firm will be paid at these rates:

     Analyst                       $35 to $60 per hour
     Technology Consultant         $60 to $115 per hour
     Consultant/Senior Consultant  $65 to $195 per hour
     Director                      $185 to $245 per hour
     Solicitation Consultant       $225 per hour
     Director of Solicitation      $250 per hour
     Managing Director             $275 per hour

Prior to the Petition Date, the Debtors paid the firm an advance in
the amount of $100,000.

Benjamin Steele, a managing director at Kroll Restructuring
Administration, disclosed in a court filing that the firm is a
"disinterested person" as defined in Section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Benjamin J. Steele
     Kroll Restructuring Administration, LLC
     55 East 52nd Street, 17th Floor
     New York, NY 10055
     Tel: (212) 593-1000

        About Flagship Resort Development

Flagship Resort Development Corporation, a privately held
hospitality and resort development company based in New Jersey,
specializes in timeshare vacation ownership in the Atlantic City
region. It operates 774 living units across three properties --
Flagship All-Suites Resort, Atlantic Palace, and La Sammana Resort
-- offering a mix of deeded timeshare interests, club memberships,
and exchange-based travel benefits. The company is a wholly owned
subsidiary of FantaSea Resorts Group, Inc.

Flagship Resort Development Corporation sought relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-15047) on
May 10, 2025. In its petition, the Debtor reports estimated assets
between $50 million and $100 million.

Honorable Bankruptcy Judge Jerrold N. Poslusny Jr. handles the
case.

The Debtor is represented by Warren J. Martin Jr., Esq. at Porzio,
Bromberg & Newman, P.C. Kroll Restructuring Administration LLC is
the Debtor's Notice, claims, solicitation, balloting and
administrative agent.



FLOWER APARTMENTS: Seeks Cash Collateral Access
-----------------------------------------------
Flower Apartments, LLC asked the U.S. Bankruptcy Court for the
Central District of California, Los Angeles Division, for authority
to use cash collateral.

The Debtor intends to use cash collateral from August 1 through
October 31 to pay necessary operating expenses in accordance with
its budget. It requested authority to deviate from this budget by
up to 15% to account for unexpected expenses.

Without this access to cash collateral, the Debtor argued it will
be unable to maintain the property or continue operations, risking
tenant departures, revenue loss, and the collapse of its
reorganization efforts.

To protect creditor interests, the Debtor proposed granting
replacement liens on post-petition assets to secured creditors.

A hearing on the matter is set for August 7.

The bankruptcy filing follows a series of setbacks, including
regulatory issues with the Los Angeles Housing Department, which
issued 73 citations in 2021. One citation forced the Debtor into a
costly $500,000 copper re-piping project, though this was later
reduced through litigation. Despite this, the building remains in
the Rent Escrow Account Program, which has hindered the Debtor's
ability to refinance.

Compounding the financial strain were challenges related to the
COVID-19 eviction moratorium, leaving multiple units unpaid.
Although most units have since returned to generating rent, two
tenants remain despite eviction orders issued over 18 months ago.
Insurance costs have also surged—from $8,000 in 2023 to over
$35,000 in 2024. In response, the Debtor has engaged new property
management to improve occupancy, expedite evictions, and perform
necessary repairs (to be funded by the principals).

As of July 15, the Debtor's total assets were valued at
approximately $2.12 million, including the property and limited
cash on hand. Meanwhile, U.S. Bank holds a partially secured claim
of over $3 million while Saraly and Dr. Elliot Anavim hold a fully
unsecured claim exceeding $1 million.

                    About Flower Apartments LLC

Flower Apartments, LLC is a Los Angeles-based real estate company
that appears to own or operate an apartment property located at
1420 S. Flower Street in downtown Los Angeles.

Flower Apartments sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-15724) on July 7,
2025. In its petition, the Debtor reported estimated assets and
liabilities between $1 million and $10 million.

Judge Julia W. Brand handles the case.

The Debtor is represented by Matthew D. Resnik, Esq., at Rhm Law,
LLP.


FORTUNA AUCTION: Unsecureds Will Get 10% of Claims over 3 Years
---------------------------------------------------------------
Fortuna Auction, LLC, filed with the U.S. Bankruptcy Court for the
Southern District of New York a Plan of Reorganization under
Subchapter V dated June 30, 2025.

The Debtor's business was started in 2016 by Herbert John Saxon,
his wife Maria Saxon, Seth Holehouse and his wife, Anna Lin.

By 2019, FORTUNA had firmly established itself as an innovative
alternative to traditional auction houses, offering a transparent,
seller-friendly model that gained the trust of both private clients
(non-professionals) and dealers (industry professionals) alike. By
2019, the Debtor's auctions were breaking records, investor
interest was surging, and a Series A capital raise was gaining
serious momentum.

The delayed payments to consignors, coupled with rumors fueled by
former employees and angry clients, sparked a vicious cycle of fear
and distrust. Consignments dried up, revenue dropped, and the
Debtor's ability to meet existing obligations eroded. Even though
the business model remained strong and our auctions continued to
perform, the cash flow crisis caused by MCA repayments became a
noose around the Debtor's neck.

In an effort to regain control, the Debtor engaged a firm that
claimed to specialize in MCA negotiations and paid a $50,000
retainer. They promised to reduce the Debtor's obligations through
restructuring and negotiation, but failed to deliver any tangible
results. Ultimately, through the Debtor's bankruptcy counsel, the
Debtor was able to recover $30,000 of the retainer and obtain a
release of any further alleged claims for fees that the law firm
asserted.

During the months prior to commencing this Chapter 11 case, the
Debtor's ability to operate was overwhelmed by mounting MCA
obligations, legal expenses, loss of consignor trust, and broader
industry headwinds.

Class 4 consists of General Unsecured Claims Not Otherwise
Classified. Each holder of a Class 4 Claim shall receive Cash in an
amount equal to 10% of the Allowed amount of its Class 4 Claim in
equal semi annual installments over a period of percent of three
years, or such other time not to exceed not to exceed 5 years as
fixed by the Court, beginning January 31, 2028 or within two months
following the Bankruptcy Court's entry of an order confirming this
Plan, if it is later, to be paid from the disposable income from
the Debtor's operations, after payment in full of all Allowed
Claims in Classes 2 and 3, Priority Tax Claims and other costs of
administration, including Allowed Administrative Claims.

The initial Distributions to holders of Class 43 Claims shall be
made on the later of (x) January 31, 2028, (y) within two months
following the Bankruptcy Court's entry of an order confirming this
Plan; or (z) the date on which each Class 4 Claim becomes an
Allowed Claim, or as soon thereafter as practicable. Subsequent
Distributions shall be made semi-annually thereafter.

The treatment and consideration to be received by the holders of
Class 4 Claims shall be in full and final satisfaction, release and
discharge of their respective Class 4 Claims. Class 4 is Impaired
under the Plan.

The holder of Interests in the Debtor shall retain such Interests
in the Debtor. The treatment and consideration to be received by
holders of Class 5 Interests shall be in full settlement and final
satisfaction of their respective Interests.

Reorganized Fortuna intends to continue its operations, and utilize
its disposable income to fund payments to creditors pursuant to
this Plan.

A full-text copy of the Plan of Reorganization dated June 30, 2025
is available at https://urlcurt.com/u?l=T3gTJZ from
PacerMonitor.com at no charge.

Counsel to the Debtor:

     Tracy L. Klestadt, Esq.
     Klestadt Winters Jureller Southard & Stevens LLP
     200 West 41st Street, 17th Floor
     New York, NY 10036
     Telephone: (212) 972-3000
     Facsimile: (212) 972-2245
     Email: tklestadt@klestadt.com
                  
                     About Fortuna Auction

Fortuna Auction, LLC is a boutique auction house specializing in
fine, antique jewelry and luxury watches. Established in 2011, the
Company offers a platform for collectors, wholesalers, retailers,
and private clients to buy and sell jewelry and watches
internationally.

Fortuna Auction sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10632) on April 1,
2025. In its petition, the Debtor reported estimated assets between
$100,000 and $500,000 and estimated liabilities between $1 million
and $10 million.

The Debtor tapped Tracy L. Klestadt, Esq., at Klestadt Winter
Jureller Southard & Stevens, LLP as counsel and Norman Schulman,
CPA, at Schulman Lobel LLP as accountant.


FREEPORT LNG: Fitch Hikes LongTerm IDR to 'B-', Outlook Stable
--------------------------------------------------------------
Fitch Ratings has upgraded Freeport LNG Investments, LLLP's (FLNGI
or Holdco) Long-Term Issuer Default Rating (IDR) to 'B-' from
'CCC+'. Fitch has also upgraded FLNGI's senior secured debt to 'B'
with a Recovery Rating of 'RR3' from 'B-'/'RR3'. Fitch has also
assigned a Stable Rating Outlook.

The upgrades are driven by FLNGI's improved liquidity, lower debt,
and strengthening performance for its three operating subsidiaries.
The ratings benefit from the subsidiaries' stable revenues through
long-term tolling agreements with investment-grade counterparties,
as well as expected increased near-term merchant revenues from
excess capacity sales. These positives are balanced by FLNGI's deep
structural subordination, significant refinancing risk, and its
subsidiaries' lower operating margins, as well as higher capex
needs following the 2022 major incident.

Fitch expects management to be proactive in refinancing its term
loan A due in November 2026.

Key Rating Drivers

Improved Liquidity: By 1Q25, FLNGI's liquidity has recovered,
following three years of no or limited distributions from its three
operating liquefied natural gas (LNG) companies (Opcos). Fitch
expects the debt service coverage ratio (DSCR) to exceed 2.0x in
2025, supported by the Opcos' steady performance and strong
merchant revenues from excess capacity sales in recent months. This
is an improvement over the covenant level of 1.10x in the past
three years. Fitch also expects the DSCR to return to 1.5x over the
forecast period as profit margins from excess capacity sales
decline, in line with anticipated narrowing spreads between U.S.
and international natural gas prices.

Stabilizing Operations: The Opcos' liquefaction plants consistent
performance is critical to FLNGI's risk profile, as its only
revenues are dividends from these plants and, unlike its
subsidiaries, FLNGI does not benefit from business interruption
insurance. Plant reliability has improved due to substantial
investments in workforce expansion and a more structured safety
framework following the 2022 major incident. Relatively stable
productions over the past eleven months were instrumental in
restoring FLNGI's liquidity and reducing its debt balance.

Lower Yet Elevated Leverage: As of July 2025, debt is below the
Target Debt Balance. Fitch expects Opco distributions to lower the
Holdco leverage to around 4.0x by the end of 2025. However, Fitch
forecasts leverage to remain at around 7.5x over the forecast
period, primarily due to anticipated declines in merchant revenues
and reduced distributions to FLNGI after 2025. Beyond scheduled
term loan amortization and mandatory cash sweeps, Fitch expects any
remaining cash flows will be used to repay shareholder loans before
dividends are paid to sponsors. Fitch considers the standalone
leverage as the main leverage metric as it reflects the risk of
structural subordination.

Refinancing Risk: Investors may face increased refinancing risk if
the term loan is refinanced into bullet notes maturing beyond 2037
when FLEX must reserve funds for its 2039 notes. FLNGI's senior
secured debt matures in 2026 (TLA) and 2028 (TLB), well ahead of
the maturity of FLEX's $800 million bullet notes due in 2031 and
$450 million due in 2039, as well as FLIQ2's $340 million bullet
notes due in 2039. Fitch believes the contracted revenues from
Opcos, in place until 2039, should support the refinancing of
FLNGI's debt. However, FLEX's reserve requirement can reduce
distributions to FLNGI in 2038-2039, increasing pressure on its
debt repayment.

Structural Subordination: One of FLNGI's primary rating risk is its
sole reliance on dividends from the Opcos. Its debt is structurally
subordinated to the operating and cash flow needs at the
subsidiaries. As the company implements initiatives to enhance
operational reliability, Opcos' fixed operating costs and capex are
now much higher. The Opcos have over $10 billion in project debt
and the intermediate holding company (FLEX), which FLNGI holds an
indirect 63.5% ownership interest, has $1.25 billion notes. The
Opcos and FLEX's multiple indentures contain provisions preventing
upstream distributions to FLNGI if debt service coverage ratios
fall below 1.25x and 1.15x, respectively.

Strong Contractual Profile: Fitch believes FLNGI benefits from
stable revenues under long term agreements (LTA) with five
investment-grade counterparties at the Opcos. Contract termination
risk is low and Opcos receive fixed capacity payment regardless of
cancellation of LNG cargo delivery by the customers. With around 15
years remaining, minimum fixed capacity payments are sufficient to
cover Opcos fixed operating costs and debt services, while
customers bear the risk of natural gas supply and power expenses
for the liquefaction facilities.

Merchant Revenue Contribution: Following two debottlenecking
initiatives completed by December 2024, Fitch expects merchant
revenue from excess capacity to contribute around 15% to Opco
profit margins, with a greater near-term benefit due to anticipated
higher netback. With total capacity at around 16.4 million tons per
annum (MTPA), the company now has roughly 18% excess capacity
available for additional revenue. Robust long-term demand for US
LNG and constrained near-term supply, due to ongoing construction
of new projects, support wider spreads between U.S. and
international natural gas prices in the near term.

Peer Analysis

FLNGI's consolidated operations are supported by long-term,
take-or-pay LNG export contracts. Its holding company debt
structure, contract tenor and stable cash flow profile are similar
to Cheniere Energy Inc. (CEI; BBB/Stable), with both relying on
dividends from opcos, subordinated to opco debt and subject to
dividend lock-ups.

CEI, however, is significantly larger, with triple the liquefaction
capacity and a longer proven operating history since 2016. In
contrast, FLNGI's liquefaction trains had operated less than two
years before a major incident and have only recently returned to
full operations for about a year.

Rating difference is mainly due to size, operating reliability, and
leverage. CEI's distributions received are over 20x greater than
FLNGI's on a run rate basis. Fitch expects CEI's consolidated
leverage below 4.0x, versus FLNGI's proportionately consolidated
leverage of about 9.0x and standalone leverage of above 7.5x in
2026. FLNGI's smaller scale, shorter track record, and higher
leverage account for its lower rating.

Key Assumptions

- Fitch price deck informs the short-term pricing of the excess
capacity revenues;

- LTA produces cash flows consistent with contract terms, and
excess capacity sales are also assumed in the rating case;

- Train capacity of 5.1 mtpa for the forecast period;

- No interruption of upstream distributions to FLNGI with the Opcos
and Holdco performing in excess of the cash trap;

- No additional debt at Opco or FLEX;

- Train 4 construction not funded by FLNGI or FLEX;

- Interest expense reflects a base rate as per the Fitch Global
Economic Outlook.

Recovery Analysis

- For the Recovery Rating (RR), Fitch estimates the company's
going-concern value was greater than the liquidation value. The
going-concern multiple used was a 6.0x EBITDA multiple, which is in
the range of most multiples seen in recent reorganizations in the
energy sector. There have been a limited number of bankruptcies
within the midstream sector;

- Two recent gathering and processing bankruptcies of companies
indicate an EBITDA multiple between 5.0x and 7.0x, by Fitch's best
estimates. In Fitch's bankruptcy case study report, "Energy, Power
and Commodities Bankruptcies Enterprise Value and Creditor
Recoveries", published in September 2021, the median enterprise
valuation exit multiple for the 51 energy cases with sufficient
data to estimate was 5.3x, with a wide range of multiples
observed;

- The going-concern EBITDA estimate of around $220 million, which
is unchanged from its previous estimate and reflects Fitch's view
of a sustainable, post-reorganization EBITDA level upon which Fitch
bases the valuation of the company. As per Fitch's criteria, the
going-concern EBITDA reflects some residual portion of the distress
that caused the default.

- Fitch calculated administrative claims to be 10%, which is the
standard assumption. The outcome is a 'B-'/'RR3' rating for the
senior second-lien secured debt.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- A severe and prolonged operational issue at any of the
liquefaction plants;

- A multi-notch downgrade or financial distress of any LTA
counterparty;

- A decrease in dividends to FLNGI that results in leverage, as
measured by standalone total debt to distributions, to sustain
above 8.0x;

- An increase in debt at the Opcos or FLEX;

- Debt service coverage ratio (DSCR) sustained below 1.3x, or other
conditions that raises a concern for liquidity;

- Lack of proactive refinancing of the upcoming term loan
maturity;

- Reduced sponsor support.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- An increase in dividends to FLNGI that results in leverage to
sustain below 7.0x;

- Expected proportionally consolidated total debt to EBITDA to
sustain below 9.5x.

Liquidity and Debt Structure

FLNGI's liquidity consists of a letter of credit (LOC) to fund a
debt service reserve account (DSRA) equal to six months of debt
service under both the term loan A and term loan B. The reserve is
part of the collateral package of FLNGI and supports a shortfall in
cash fall to pay debt service in the case of calamitous events. If
drawn, the obligation to repay the LOC facility is an obligation of
FLNGI. As of March 31, 2025, there were no outstanding DSR LC loans
and the DSRA requirement had been met. Additionally, three equity
cures are available under loan agreements.

The next upcoming maturity is FLNGI's roughly $0.9 billion
remaining balance on the term loan A due Nov 2026, followed by the
$1.15 billion remaining balance on the term loan B due in December
2028. Both loans feature mandatory amortization and cash flow sweep
before final maturity. FLNGI's debt is structurally subordinate to
the opco and FLEX debt. The LTAs remain in place until 2039 and
will generate stable cash flow to support refinancing of the loans
in 2026 and 2028, under stable operating conditions.

Issuer Profile

Freeport LNG Investments, LLLP holds Mr. Michael Smith's 55.25%
limited partnership interest in Freeport LNG Development L.P
(Development). Development operates an approximately 16.4 metric
tonnes per annum natural gas liquefaction and LNG export facility
consisting of three 5+ MPTA trains located near Freeport, TX.

Summary of Financial Adjustments

Fitch utilizes combined financial statements of FLNGI and FLNGI
Option HoldCo, LLC collectively to evaluate FLNGI. Additionally,
Fitch adjusts the financial statements to reflect the dividends
from Freeport Development as revenue. As an equity owner of
Freeport Development, dividends to FLNGI are reported on the cash
flow statement as "Distributions from Freeport LNG Development,
L.P." not operating revenue. Fitch views FLNGI's financial
condition by, among other methods, looking at standalone, or
deconsolidated HoldCo, credit metrics and proportional
consolidation metrics.

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

FLNGI has an ESG Relevance Score of '4' for Group Structure due to
the complex group structure between FLNGI and the opcos, which has
a negative impact on the credit profile, and is relevant to the
rating in conjunction with other factors.

FLNGI has an ESG Relevance Score of '4' for Exposure to
Environmental Impacts due to heighted risk from hurricanes, which
has a negative impact on the credit profile, and is relevant to the
rating in conjunction with other factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt             Rating       Recovery   Prior
   -----------             ------       --------   -----
Freeport LNG
Investments, LLLP    LT IDR B- Upgrade             CCC+

   senior secured    LT     B  Upgrade    RR3      B-


FTX TRADING: Resolves 6 Suits Over Political Donations in Ch. 11
----------------------------------------------------------------
Alex Wittenberg of Law360 reports that collapsed cryptocurrency
exchange FTX has agreed to drop adversary proceedings in Delaware
bankruptcy court against six political organizations, ending
lawsuits that sought to recover approximately $28.75 million in
pre-bankruptcy donations.

                      About FTX Trading Ltd.

FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.

Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.

Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell
itself to its giant rival Binance, but Binance walked away from the
deal amid reports on FTX regarding mishandled customer funds and
alleged US agency investigations.

At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.

FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.

FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year. According to Reuters, SBF
shared a document with investors on Nov. 10 showing FTX had $13.86
billion in liabilities and $14.6 billion in assets. However, only
$900 million of those assets were liquid, leading to the cash
crunch that ended with the company filing for bankruptcy.

The Hon. John T. Dorsey is the case judge.

The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims agent,
maintaining the page https://cases.ra.kroll.com/FTX/Home-Index

The official committee of unsecured creditors tapped Paul Hastings
as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as
Delaware and conflicts counsel; FTI Consulting, Inc. as financial
advisor; and Jefferies, LLC as investment banker.

Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases. White
collar crime specialist Mark S. Cohen has reportedly been hired to
represent SBF in litigation. Lawyers at Paul Weiss previously
represented SBF but later renounced representing the entrepreneur
due to a conflict of interest.


GAINWELL HOLDING: S&P Alters Outlook to Pos., Affirms 'CCC+' ICR
----------------------------------------------------------------
S&P Global Ratings revised its outlook on Veritas Capital–backed
Gainwell Holding Corp. to positive from negative and affirmed its
ratings on the company, including its 'CCC+' issuer credit rating
and 'B-' issue-level rating on the company's senior secured debt.

The positive outlook reflects Gainwell's improving credit metrics,
and that S&P could raise its ratings if it expects the company to
generate sustainable, positive free cash flow that increases the
likelihood of a timely refinancing of its 2027 maturities.

The outlook revision primarily reflects Gainwell's improving credit
metrics, with FOCF forecast to turn positive in fiscal 2026. S&P
said, "The company outperformed our expectations in fiscal 2025,
deleveraging to 9x on an S&P Global Ratings-adjusted basis with a
modest FOCF deficit of about $14 million. This follows deficits of
$81 million and $160 million in fiscal 2023 and 2024, respectively,
due to cost overruns related to new contract implementations and
elevated base interest rates. S&P now expects leverage will improve
to around 8x, with reported FOCF to debt of 1% in fiscal 2026. Our
forecast is supported by executed changes to the company's
organizational and cost structures that will continue to bolster
profitability, and a healthy pipeline of bookings through the
fiscal year end."

S&P said, "Still, our 'CCC+' rating reflects that the company has
not yet developed a track record of producing positive FOCF, and
the ramping of new contract wins could pressure cash flow relative
to our base-case forecast in fiscal 2026. Gainwell's $4.3 billion
first-lien term loans mature in October 2027, and we believe the
company will need to demonstrate an ability to consistently
generate sufficient FOCF to cover its fixed charges and refinance
in a timely manner.

"Management's cost-savings initiatives supported EBITDA growth in
fiscal 2025, but we believe there are still execution risks.
Cumulatively, initiatives such as workforce reductions, the
offshoring of certain technology functions to India, and
infrastructure rationalizations have resulted in over $200 million
of savings, and management expects to realize an additional $30
million of savings in fiscal 2026. In our base-case scenario, we
assume S&P Global Ratings-adjusted EBITDA margins improve by 130
basis points (bps) to around 25% in fiscal 2026 as the company
realizes the full benefit of these initiatives. Still, execution
risks are present that could undermine these expected savings. We
believe there is risk that Gainwell may cut staffing too deep,
which could affect its ability to implement new contracts and
service existing ones." Additionally, offshoring can offer
significant labor cost savings but may also elevate the risk of
data security and control issues.

Gainwell faces new challenges and opportunities following recent
changes to Medicaid policy outlined in the new U.S. tax and
spending bill. The legislation (also referred to as the One Big
Beautiful Bill Act) requires U.S. states to implement work
requirements for certain enrollees and gradually reduce allowable
provider tax rates between 2028 and 2034, which would likely strain
their Medicaid budgets. S&P said, "We believe Gainwell, as a
provider of Medicaid Management Information System (MMIS) services,
is generally well-positioned to weather these new developments. All
states must operate a MMIS to support Medicaid business functions,
and most of the company's contracts are not tied to state Medicaid
enrollment. Additionally, the legislation does not alter the
federal funding states receive for these services. However, state
budgetary constraints could still present a risk to Gainwell.
Facing financial pressure, states could defer MMIS upgrades, scale
back or delay projects, or seek more cost-effective IT solutions or
providers. Because Gainwell's contracts are generally longer-term
and the legislation's provisions phase in over time, we believe the
company could take steps to align its cost structure if demand from
states softens."

To diversify beyond its core MMIS business, Gainwell is expanding
into adjacent solutions, including coordination of benefits,
payment integrity, and pharmacy benefit management. S&P said, "We
generally view these investments constructively because they
diversify the company's revenue streams and capitalize on states'
need to remain compliant with provisions in the Act. However, we
continue to identify risk that further EBITDA margin expansion
could be impaired by operational setbacks, such as contract
implementation difficulties or delays. Although we believe
management is taking a more disciplined approach to contract
execution, exogenous factors could also hinder profitability,
especially as states grapple with changes in the policy
environment. We also expect Gainwell's expansion will result in an
increase the capital expenditure (capex) intensity of the business
relative to prior years as it invests in software and artificial
intelligence capabilities to remain competitive in the marketplace.
Specifically, we forecast capex between $70 million-$80 million in
fiscal 2026, with a similar cadence in subsequent years. We burden
our calculation of adjusted EBITDA with the company's capitalized
software development costs."

S&P said, "We believe Gainwell will maintain adequate liquidity
over the next 12 months. Our outlook revision also reflects the
company's improved liquidity position. As of March 31, 2025, the
company held approximately $67 million of cash on its balance sheet
and had full availability under its $400 million revolver. As a
result of management's cost-savings initiatives, we believe the
company has built sufficient liquidity cushion to cover uses of
cash over the next 12 months, even in a scenario where EBITDA were
to decline 15% from our base-case forecast. However, the company
has sizable maturities approaching in 2027.

"The positive outlook reflects Gainwell's improving credit metrics,
and that we could raise our ratings if we expect the company to
generate sustainable, positive free cash flow that increases the
likelihood of a timely refinancing of its 2027 maturities.

"We could take a negative rating action on Gainwell if the
company's cash flow deficits widen and liquidity worsens, raising
the risk of a near-term default or transaction we would deem as
distressed.

"We could raise our ratings on Gainwell if we expect the company
will generate sustainable, positive free cash flow that increases
the likelihood of a timely refinancing of its 2027 maturities."


GREENE AVENUE: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Greene Avenue Freedom LLC
        557 East 87th Street
        #202B
        Brooklyn, NY 11236

Business Description: Greene Avenue Freedom LLC owns and manages a
                      multi-family residential property located at
                      1172 Greene Avenue in Brooklyn, New York.

Chapter 11 Petition Date: July 23, 2025

Court: United States Bankruptcy Court
       Eastern District of New York

Case No.: 25-43472

Judge: Hon. Jil Mazer-Marino

Debtor's Counsel: Scott S. Markowitz, Esq.
                  TARTER KRINSKY & DROGIN LLP
                  1350 Broadway
                  11th Floor
                  New York, NY 10018
                  Tel: (212) 216-8000
                  E-mail: smarkowitz@tarterkrinsky.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $500,000 to $1 million

The petition was signed by Sharon Brown as managing member.

The Debtor failed to attach a list of its 20 largest unsecured
creditors to the petition.

A full-text copy of the petition is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/IRXNYQI/Greene_Avenue_Freedom_LLC__nyebke-25-43472__0001.0.pdf?mcid=tGE4TAMA


GREENWAVE TECHNOLOGY: Sets August 13 for 2025 Shareholder Meeting
-----------------------------------------------------------------
Greenwave Technology Solutions, Inc. disclosed in a Form 8-K Report
filed with the U.S. Securities and Exchange Commission that the
board of directors established August 13, 2025 as the date of the
Company's 2025 annual meeting of stockholders and set July 17, 2025
as the record date for determining stockholders who are eligible to
receive notice of and vote at the 2025 Annual Meeting.

The date of the 2025 Annual Meeting represents a change of more
than 30 calendar days from the anniversary of the date deemed to be
the date of the preceding year's annual meeting pursuant to Rule
14a-4(c) of the Securities Exchange Act of 1934, as amended. The
Company will publish additional details regarding the exact time,
location and matters to be voted on at the 2025 Annual Meeting in
the Company's proxy statement for the 2025 Annual Meeting.

                           About Greenwave

As an operator of 13 metal recycling facilities, Greenwave
Technology Solutions, Inc. (Nasdaq: GWAV) supplies leading steel
mills and industrial conglomerates with ferrous and non-ferrous
metal. With steel being one of the most recycled materials
worldwide, Greenwave supplies the raw metal utilized in critical
infrastructure projects and U.S. warships vital to American
national security interests. Headquartered in Chesapeake, VA, the
Company has 167 employees with metal recycling operations across
Virginia, North Carolina, and Ohio. For detailed financials and
updates, visit www.GWAV.com.

New York, N.Y.-based RBSM LLP, the Company's auditor since 2020,
issued a "going concern" qualification in its report dated April
15, 2025, attached to the Company's Annual Report on Form 10-K for
the year ended December 31, 2024, citing that the Company has net
loss, has generated negative cash flows from operating activities,
and has an accumulated deficit, which raise substantial doubt about
the Company's ability to continue as a going concern.

As of Dec. 31, 2024, the Company had $63,087,617 in total assets,
$26,132,634 in total liabilities, and a total stockholders' equity
of $36,954,983.



HADLOCK ENTERPRISES: Court Extends Cash Collateral Access to Aug. 8
-------------------------------------------------------------------
Hadlock Enterprises, LLC got the green light from the U.S.
Bankruptcy Court for the Western District of Washington, at
Seattle, to use cash collateral.

The court's order authorized the Debtor's interim use of cash
collateral until August 8 to pay operating expenses in accordance
with its budget.

As protection for the Debtor's use of its cash collateral, Pinnacle
Bank will be granted replacement liens on post-petition cash,
receivables and inventory and the proceeds thereof, to the same
extent and with the same priority as its pre-bankruptcy lien.

In addition, Pinnacle Bank will receive a monthly payment of
$13,500 as further protection.

The final hearing is scheduled for August 7.

A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/b9gTD from PacerMonitor.com.

              About Hadlock Enterprises LLC

Hadlock Enterprises, LLC doing business as Autoglass Clinic and
Mobile Radio, provides auto glass repair and replacement, car audio
installation, and window tinting services. The company serves
individual and commercial clients across automotive, residential,
and marine sectors.  Its offerings include RV and boat glass
services as well as home and commercial glass solutions.

Hadlock Enterprises sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-11654) on June 16,
2025. In the petition signed by Russell F. Hadlock, managing
member, the Debtor disclosed $275,750 in total assets and
$2,170,473 in total liabilities.

Steven M. Palmer, Esq., at Cairncross & Hempelmann, P.S.,
represents the Debtor as legal counsel.


HILL TOP: S&P Rates $440MM Senior Secured Term Loan B 'BB-'
-----------------------------------------------------------
S&P Global Ratings assigned its 'BB-' rating and '2' recovery
rating to Hill Top Energy Center LLC's (Hill Top) $440 million
senior secured term loan B (TLB).

Hill Top is a 620 megawatt (MW) combined-cycle natural gas-fired
power plant in Green County, Pa., in the Regional Transmission
Organization (RTO) sub-region of Pennsylvania-New Jersey-Maryland
Interconnection (PJM). The plant, which commenced operations in
July 2021, benefits from stable long-term energy margins
underpinned by a GNA. The project is 100% owned by Ardian.

Hill Top is an efficient baseload combined-cycle gas turbine (CCGT)
that features new technology. Hill Top is an efficient 620 MW CCGT
with an actual heat rate of 6,600 Btu/kWh–6,700 Btu/kWh,
positioning it at the lower end of the PJM supply curve. The plant
is a single-shaft, combined-cycle configuration and features a
General Electric (GE) 7HA.02 combustion turbine-generator unit
(CTG). This model is a newer generation of GE CTG based on mature
technologies with a goal of improving plant efficiency and reducing
emissions. The 7HA.02 technology has seven years of commercial
operating history.

S&P said, "Despite post-startup issues in the early years, we
expect capacity factors will stabilize after scheduled maintenance
in 2025. After the plant commenced commercial operations in July
2021, technical issues in the first 18 months affected dispatch.
Issues with the clutch and collector resulted in elevated
equivalent forced outage rates, limiting capacity factors to around
75%. In 2023, GE replaced the turbine nozzles during a scheduled
maintenance outage, causing a capacity factor of 73%. The technical
issues were repaired, and by 2024, operations had improved, with
the capacity factor increasing to 94%. A major maintenance outage
is scheduled for fall 2025, during which GE will replace the clutch
and collector. We expect capacity factors will stabilize following
these replacements."

During the past three full years of operation from 2022-2024,
realized spark spreads were approximately $27.40 per megawatt-hour
(/MWh), $13.70/MWh, and $13.30/MWh, respectively. Combined with the
capacity factors, Hill Top's reported EBITDA was $114 million, $48
million, and $53 million, respectively, in 2022-2024; the 2022
EBITDA spike was driven by high power prices in that year.

The GNA enhances energy margin stability compared with a fully
merchant facility. The GNA links Hill Top's gas costs to power
prices, providing downside protection when market heat rates are
low, and effectively fixing a percentage of the energy margin. This
is an advantage over merchant plants without any hedging
structures, which S&P views as credit positive.

Hill Top is strategically located in southwestern Pennsylvania,
within the Appalachian Basin, which encompasses the prolific
Marcellus and Utica shale formations. Pipeline constraints in the
Appalachian production region have led to gas supply exceeding
takeaway capacity, suppressing regional gas prices, and
incentivizing natural gas suppliers to seek reliable, local offtake
arrangements to efficiently monetize their volumes. As a result,
Hill Top was able to secure a GNA with the counterparty.

The GNA with the subsidiary of an investment-grade natural gas
company (guaranteed by the natural gas company) includes firm
supply of gas covering the majority of Hill Top's operational needs
at a cost equal to a percentage of Hill Top's nodal power price.
The remaining fuel requirement is exposed to market gas price. When
market heat rates are low, the GNA allows Hill Top to realize
better spark spreads than a merchant plant. The GNA effectively
fixes the percentage of the energy margin that Hill Top will earn.
Although the percentage of energy margin is fixed, the absolute
dollar amount depends on power prices, which remain subject to
market volatility. Another advantage of the GNA is the elimination
of basis risk, since the gas price is directly tied to the plant's
nodal power price. In contrast, under a heat rate call option,
generators are compensated based on the generation node but hedge
at a trading hub, introducing basis risk.

Hill Top has a purchase obligation under the GNA, but has the
ability to resell any unused portion. Under the GNA, Hill Top is
obligated to purchase a fixed volume of gas per day, regardless of
actual demand, except in the case of a scheduled outage or force
majeure. If gas consumption falls below this must-take, Hill Top
must still pay for the full contracted quantity at the netback
price, but can resell the unused portion at TETCO M2, effectively
reducing Hill Top's net payment obligation.

Similar to a forward spark spread hedge, where the generator must
make a net payment to its hedging counterparty if a forced outage
occurs when the market spark spread exceeds the hedged spread, if a
forced outage occurs while market heat rates exceed the GNA's
implied market heat rate, Hill Top would owe a net payment to the
GNA counterparty. The payment is determined by the difference
between the market gas price and the contracted GNA gas price,
multiplied by the shortfall in gas quantity (the fixed volume per
day minus actual usage). The exception is if force majeure is
claimed, in which case Hill Top would not be required to make the
payment.

S&P said, "Although the single-shaft configuration could lead to
greater lost generation during a forced outage, we expect
flexibility around force majeure and planned maintenance will help
reduce financial and operational risks. The single-shaft
configuration increases the risk of an entire forced outage due to
its single point of failure, compared with a multi-shaft
configuration, which allows partial operation during outages.
However, the force majeure flexibility in the GNA provides some
risk mitigation for Hill Top's obligations to pay for unused gas.
Force majeure was successfully claimed for forced outages in 2021
and 2022, exempting Hill Top from payments for gas under the GNA.
In addition, the planned outage in fall 2025 is expected to enhance
future performance stability. We expect this maintenance effort
will help mitigate reliability concerns associated with the
technology and reduce the likelihood of prolonged forced outages.

"Forecast DSCRs are robust during the GNA phase; minimum DSCR
occurs in the post-refinancing period. Given the unique structure
of the project, we separate our assessment into two phases: the GNA
phase and the post-GNA phase. With the GNA arrangement fixing a
major portion of the energy margin at a specific percentage, we
expect the project will be more resilient in a market downturn. In
addition, when combined with cleared capacity prices, our
expectation for the next few capacity price cycles and high-teen
spark spreads--spurred by data center growth and a temporary
shortage of dispatchable supply--indicate that DSCRs during the GNA
phase will remain robust, with a minimum DSCR of 1.94x and a median
DSCR of 2.56x. Post-GNA, starting from 2030, we assume the plant
will be fully merchant, similar to other gas-fired power plants,
and we expect realized spark spreads will gradually decrease with
the penetration of renewables power plants. We project TLB debt
outstanding at maturity of about $190 million in June 2032. For the
post-refinancing period, we model a fully amortizing TLB due 2046,
although the sponsor could choose different refinancing
alternatives. Give our assumptions, we project a minimum DSCR of
1.51x and a median DSCR of 1.93x during the post-GNA phase.

"The stable outlook reflects our expectation that Hill Top would
generate at least a minimum DSCR of 1.51x through the project's
life, which includes the post-refinancing period (2033-2046). Based
on our review of the current market environment, we project the TLB
balance of about $190 million at maturity in 2032."

S&P would take a negative rating action if Hill Top is unable to
sustain a minimum DSCR of 1.35x. This could occur if:

-- Hill Top realize weaker spark spreads or lower PJM capacity
prices;

-- Unplanned outages occur that significantly affect plant
operations;

-- Economic factors cause the power plants to dispatch
significantly less than our base-case expectation; or

-- Debt paydown is substantially lower than S&P expects, leading
to higher-than-expected debt balance at maturity.

S&P said, "Although unlikely, we could raise the rating if we
expect the project will maintain a minimum base-case DSCR above
1.8x in all years, including the post-refinancing period; and we
believe operational and financial risks associated with a
single-asset plant will be adequately mitigated with sufficient
performance track record.

"We would expect such outcomes to materialize only via significant
improvement in spark spreads and uncleared capacity prices in PJM's
RTO zone and if the project can continue to procure inexpensive
fuel, while realizing robust capacity factors, alongside prudent
asset management."



HIRAM COLLEGE: S&P Lowers Revenue Refunding Bond Rating to 'BB-'
----------------------------------------------------------------
S&P Global Ratings lowered its long-term rating to 'BB-' from 'BB'
on the Ohio Higher Educational Facility Commission's series 2015
higher educational facility revenue refunding bonds issued for
Hiram College.

The outlook is stable.

S&P said, "The rating action reflects our view of the college's
material operating deficit of 18% in fiscal 2024, which led to
another covenant violation. The rating action further reflects our
view of the college's continued use of endowment loans to fund
operations, leading to deteriorating liquidity and financial
resource ratios.

"We analyzed Hiram's environmental, social, and governance credit
factors pertaining to its market position, management and
governance, and financial performance. We believe that social
capital demographic pressures, which we view as an elevated social
risk factor, affect Hiram College, with a lower number of
graduating high school students in Ohio anticipated for the next
several years possibly causing a general trend of declining
enrollment. We view environmental and governance factors as neutral
in our credit rating analysis.

"The stable outlook reflects our expectation that the college will
maintain enrollment and resume compliance with covenants as of
fiscal year-end 2025. While we expect operations to remain somewhat
pressured, we expect the operating deficit to shrink during the
outlook period and financial resource ratios to remain sufficient
for the rating. Given the lack of action of the trustee and
investor related to the bonds, we do not expect acceleration of the
debt to occur for the violation of fiscal 2023 or fiscal 2024
covenants. We acknowledge that the trustee has taken no action.

"We could consider a negative rating action if declining enrollment
resumes, the college continues to produce material operating
deficits, or the college incurs additional covenant violations. A
negative rating action could also occur if the college issues
additional debt without commensurate growth in unrestricted
financial resources.

"We could consider a positive rating action if the college
experiences a trend of at least stable full-time equivalent
enrollment, and if operations see a trend of break-even-to-positive
results without extraordinary draws or loans from the endowment. We
would also view growth in unrestricted financial resources
favorably."



HOOTERS OF AMERICA: Driver Stephenson Represents Landlords
----------------------------------------------------------
The law firm of Driver Stephenson, PLLC ("DSLaw") filed a verified
statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy
Procedure to disclose that in the Chapter 11 cases of Hooters of
America, LLC and affiliates, the firm represents TX HOA Landlords,
Mahaffey Landlord and K9Lives, LLC Landlord (collectively, the
"Landlords").

DSLaw represents only the referenced Landlords in the chapter 11
cases and accordingly the Landlords are the only persons or
entities with respect to which DSLaw is required to file a
Statement pursuant to Federal Rule of Bankruptcy Procedure 2019.

The names and addresses of each of the Landlords, together with the
nature and amount of the disclosable economic interests held by
each of them in relation to the Debtors are as follows:

1. CK Hall, LLC
   c/o Gold Ball Capital 6001 Pompton Court
   Dallas, Texas 75248
   * Landlord under Lease for premises located at 8527 Wurzbach,
San Antonio, TX

2. Drumlord Ltd.
   c/o Gold Ball Capital 6001 Pompton Court
   Dallas, Texas 75248
   * Landlord under Lease for the premises located at 1775 Central
Expressway, McKinney, TX

3. Fourcornerstones Ltd.
   c/o Gold Ball Capital 6001 Pompton Court
   Dallas, Texas 75248
   * Landlord under Lease for the premises located at 20150 Eastex
Freeway, Humble, TX

4. Fourcornerstones IV Ltd.
   c/o Gold Ball Capital 6001 Pompton Court
   Dallas, Texas 75248
   * Landlord under Lease for the premises located at 985 South IH
35E, Denton, TX

5. Fourcornerstones IX Ltd.
   c/o Gold Ball Capital 6001 Pompton Court
   Dallas, Texas 75248
   * Landlord under Lease for the premises located at 2660 John Ben
Shepperd, Odessa, TX

6. Fourcornerstones XV, Ltd.
   c/o Gold Ball Capital 6001 Pompton Court
   Dallas, Texas 75248
   * Landlord under Lease for the premises located at 3656 E. Sam
Houston Pkwy South, Pasadena, TX

7. Fourcornerstones XVI, Ltd.
   c/o Gold Ball Capital 6001 Pompton Court
   Dallas, Texas 75248
   * Landlord under Lease for the premises located at 22575 Katy
Freeway, Katy, TX

8. Winglord Ltd.
   c/o Gold Ball Capital 6001 Pompton Court
   Dallas, Texas 75248
   * Landlord under Lease for the premises located at 4224 Preston
Road, Frisco, TX; 1170 Sunmount, El
   Paso, TX; 3902 Towne Crossing Blvd., Mesquite, TX; 15412 IH 35,
Selma, TX; and 12759 Southwest Freeway,
   Stafford, TX

9. Patricia M. Mahaffey, Trustee of the Marital Trust of the
Michael D. Mahaffey Testamentary Trust dated
   July 5, 1996
   290605 Grandpoint Ln
   Rancho Palos Verde, CA 90275
   * Landlord under Lease for the premises located at 2910 Routh
23rd Ave., Council Bluffs, Iowa

10. KD9Lives, LLC
   c/o Kit Duong 4020 E. Orangeburg Ave.
   Modesto, CA 95355
   * Landlord under Leases for the premises located at 98 Bass Pro
Drive, Harlingen TX and 9802 Ingram
   Road, San Antonio TX
   * $39,475.00

The law firm can be reached at:

     Vickie L. Driver, Esq.
     Christina W. Stephenson, Esq.
     DRIVER STEPHENSON, PLLC
     13155 Noel Road, Ste. 900
     Dallas, TX 75240
     Telephone: 214-910-9558
     Email: vickie@driversteplaw.com
            crissie@driversteplaw.com

                       About Hooters of America

Hooters of America, LLC, owner and operator of a restaurant chain
with hundreds of locations in the United States, and its affiliates
filed voluntary petitions for relief under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80078) on March
31, 2025.

Founded in 1983, the Debtors own and operate Hooters, a renowned
brand in the casual dining and sports entertainment industries.
Their global portfolio includes 151 company-owned and operated
locations and 154 franchised locations across 17 countries. Known
for their world-famous chicken wings, beverages, live sports, and
legendary hospitality, the Debtors also partner with a major food
products licensor to offer Hooters-branded frozen meals at 1,250
grocery store locations.

The case is before the Hon. Scott W Everett.

The Debtors tapped ROPES & GRAY LLP, as general bankruptcy counsel,
FOLEY & LARDNER LLP, in Dallas, Texas, as bankruptcy co-counsel,
SOLIC CAPITAL, LLC as investment banker, and ACCORDION PARTNERS,
LLC, as the financial advisor. KROLL RESTRUCTURING ADMINISTRATION
LLC is the claims and noticing agent.


INNOVATE CORP: Moody's Cuts CFR to Caa2 & Sr. Secured Notes to Caa3
-------------------------------------------------------------------
Moody's Ratings downgraded INNOVATE Corp.'s (INNOVATE) Corporate
Family Rating to Caa2 from Caa1, downgraded its Probability of
Default Rating to Caa3-PD from Caa2-PD, and downgraded the 8.5%
Senior Secured Notes rating to Caa3 from Caa2. The ratings outlook
remains negative. The Speculative Grade Liquidity (SGL) Rating
remains at SGL-4.

Governance considerations under Moody's ESG framework, particularly
financial strategy and risk management, are key drivers of the
rating action.

RATINGS RATIONALE

On July 17, 2025, INNOVATE announced that it entered into a
refinancing transaction to, among other things, extend the maturity
of the majority of its debts. If completed as proposed, Moody's
will deem the transaction a distressed exchange and will append a
limited default ("L/D") designation to the company's PDR. A
distressed exchange is defined as an offer by an issuer to
creditors that amount to a diminished financial obligation relative
to the original obligation with the effect of the transaction being
the avoidance of an eventual payment default on the debt.

The downgrade of the CFR and PDR reflects Moody's heightened
concerns regarding INNOVATE's ability to meet its near-term
financial obligations amid a deteriorating liquidity position and
an unsustainable capital structure. There is a possibility that the
ratings on the existing senior secured notes that are not exchanged
or tendered could be downgraded further given subordination to the
new debt.

Additionally, the rating reflects the expectation that DBM Global
will be the only positive cash flow generating business under the
INNOVATE umbrella in the foreseeable future and the holding company
has limited ability to direct existing cash to address maturing
debt at its Life Science and Broadcasting segments due to liquidity
maintenance requirements pursuant to its $330 million 8.5% Senior
Secured Notes indenture.

Moody's expects the company to continue exploring monetization of
certain assets to support its liquidity needs. Moody's views
favorably MediBeacon having successfully obtained FDA approval on
its kidney function monitoring device. Moody's believes the FDA
approval could be a catalyst for monetizing the asset in the coming
months. Additionally, INNOVATE also has the ability to sell other
assets in the infrastructure, spectrum, and life sciences segments.
While these monetization efforts, if successful, would provide
relief to INNOVATE's liquidity needs, the timing and amount remain
uncertain.

INNOVATE's SGL-4 rating reflects its weak liquidity profile. As of
March 31, 2025, the company had approximately $3 million in cash at
the holding company level and no availability under its $20 million
revolver. While the rights offering and intercompany remittance in
2024 and DBM's dividend payments in 2025 provided temporary relief,
the company's ability to meet obligations beyond the next few
quarters is uncertain and will depend on upstreamed proceeds from
subsidiaries, asset sales, or equity issuance - none of which is
assured.

The negative outlook reflects: 1) its elevated credit risks,
challenged liquidity, and limited refinancing options; 2)
uncertainty regarding the timing and outcome of potential asset
monetization

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

An upgrade of the company's ratings could be considered if the
company strengthens its liquidity profile and comprehensively
addresses its debt maturities.

A downgrade could occur if the company is unable to improve its
liquidity or address its debt maturities.

Headquartered in New York, NY, INNOVATE Corp. is a holding company
whose principal focus is on acquiring or entering into combinations
with businesses in diverse segments. The company's principal
holdings include controlling interests in DBM Global Inc., a North
American engineering, modeling, steel fabrication and erection
company and through its GrayWolf subsidiary provides maintenance,
repair, installation, outage and turnaround services. In addition
to DBM Global (Infrastructure), the company owns or has investments
in other businesses, including in life sciences (Pansend, R2,
MediBeacon) and over-the-air broadcast television (Spectrum).
INNOVATE generated $1.1 billion in revenues during the trailing 12
months ended March 31, 2025.

The principal methodology used in these ratings was Construction
published in April 2025.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.


INNOVATE CORP: S&P Downgrades ICR to 'CC' on Planned Debt Exchange
------------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Innovate Corp. to 'CC' from 'CCC-' and its issue rating on the
senior secured notes to 'CC' from 'CCC'.

S&P said, "The negative outlook reflects our expectation that we
will lower the issuer credit rating on Innovate to 'SD' (selective
default) and the issue rating on the senior secured term loan to
'D' (default) when the transaction closes, because we would
consider it a distressed exchange."

On July 17, 2025, Innovate Corp. announced a series of debt
refinancing transactions, including an exchange offer and consent
solicitation with respect to its senior secured notes.

The company is offering to exchange its $330 million, 8.5% senior
secured notes due February 2026 for $337 million, 10.5% senior
secured notes due February 2027.

Upon closing, S&P will view the exchange as distressed due to
debtholders receiving less value than originally promised and the
realistic possibility of a conventional default over the near to
medium term without this transaction.

The downgrade follows Innovate's announcement of a transaction that
S&P view as a distressed exchange.

S&P said, "After closing, we will view the exchange as distressed
based on our view that it offers debtholders less value than
originally promised. We also believe that if the debt restructuring
doesn't happen, there is a realistic possibility of a conventional
default over the near to medium term, given the company's weak
operating performance and limited liquidity."

Innovate's newly exchanged 10.5%, $337 million senior secured notes
due 2027 will pay interest in kind for the two payments in August
2025 and February 2026 and pay cash interest for the two payments
in August 2026 and February 2027. The company expects the final
settlement of the exchange offer to occur on Aug. 15, 2025.

S&P said, "In our view, lenders will receive less than originally
promised, because the debt maturity is being extended, and while
the new notes offer 2-percentage-points higher interest and an
additional exchange premium, the timing of interest payments is
being slowed and paid in kind for a year. We also believe the rates
are below what the company would be required to pay for new capital
under current market conditions."

In addition to the exchange offer on its senior secured notes,
Innovate also announced other exchanges and debt maturity
extensions, most of which will also pay interest in kind over the
next year. The company will have the following capital structure
post the refinancing transaction announced on July 17, 2025:

Debt from the nonoperating corporate segment:

-- $330 million of senior secured notes due February 2026
exchanged for $337 million senior secured notes due February 2027;

-- A $20 million revolving line of credit extended to September
2026 from August 2025;

-- $31 million of Continental General Insurance Co. (CGIC)
unsecured notes extended to April 2027 from February 2026; and

-- $48.9 million of convertible senior notes due August 2026
exchanged for $51.1 million convertible senior notes due August
2027.

Debt from the investee companies:

-- $25.2 million of life science segment debt extended to August
2026 from August 2025;

-- $69.7 million of spectrum segment debt extended to September
2026 from August 2025; and

-- $147.2 million of DBM Global Inc. (DBM) debt due May 2030

S&P said, "If the transaction is completed per the terms and timing
outlined, then we would likely lower our issuer credit rating on
Innovate to 'SD' and issue-level rating on its $330 million senior
notes due 2026 to 'D'. Subsequently, we will review and raise the
ratings on Innovate, likely to the 'CCC' category, based on its new
capital structure and our expectations for the company.

"Innovate's portfolio only contains unlisted companies, which we
view as an underlying weakness for an investment holding company.
Currently, the majority of Innovate's portfolio value is its 91%
controlling interest in DBM, which is the only portfolio company
expected to make distributions to Innovate in the near term.
Management has publicly stated that it is exploring opportunities
to monetize Innovate's life science business assets to meet certain
milestones, including asset sales generating at least $150 million
in net proceeds in the next 12 months. However, we think the
company's concentration in unlisted assets could limit its ability
to monetize them to repay debt or generate additional liquidity on
short notice.

"The negative outlook reflects our expectation that we will lower
the issuer credit rating on Innovate to 'SD' and the senior secured
notes rating to 'D' when the transaction closes, because we would
consider the transaction as a distressed exchange.

"If the debt exchange closes, we would lower the issuer credit
rating to 'SD' and the issue rating on the senior secured term loan
to 'D'."



J&J VENTURES: Moody's Alters Outlook on 'B2' CFR to Negative
------------------------------------------------------------
Moody's Ratings affirmed J&J Ventures Gaming, LLC's ("J&J")
ratings, including its Corporate Family Rating at B2, Probability
of Default Rating at B2-PD, and Senior Secured Bank Credit Facility
rating at B2. In the same rating action, Moody's assigned a B2 to
the proposed $150 million Senior Secured 1st Lien Term Loan.
Moody's changed the outlook to negative from stable.

The change in outlook reflects J&J's aggressive financial policy
and significant appetite for a debt-funded expansion strategy,
which has resulted in very high Debt/EBITDA leverage. Moody's also
expects leverage to remain elevated—well above 5.0x—over the
next 12 to 18 months. Proceeds from the proposed $150 million
Senior Secured First Lien Term Loan will be used to finance the
acquisition of Curo Group, LLC ("Curo"), J&J's long-term
revenue-sharing partner in Illinois. Curo serves as J&J's
third-party sales team, helping to secure additional contracts in
exchange for a percentage of revenue.

RATINGS RATIONALE

J&J's credit profile reflects its mostly variable expense
structure, low capital expenditures and the contractual nature of
revenues and earnings with no material customer concentrations.
These characteristics support J&J's stable free cash flows. J&J's
credit profile also reflects its experienced management team in
video gaming terminal (VGT) management and its strong market
positioning as the largest terminal operator in Illinois.

However, the ratings also reflect J&J's aggressive growth strategy
through debt-funded acquisitions, which has resulted in high
leverage. In addition, J&J has a relatively narrow range of product
offerings in VGT. J&J remains inherently exposed to potential
adverse regulatory changes, including higher tax rates.

J&J's debt-to-EBITDA has remained elevated following the completion
of its acquisitions of Golden Entertainment's distributed assets in
Nevada and Montana. The Montana transaction closed in Q3 2023,
followed by the Nevada transaction in Q1 2024. On the positive
side, these acquisitions enhanced J&J's size and scale while
reducing its geographic concentration in Illinois, where it remains
the market leader. The transactions also positioned J&J as the
market leader in Nevada and the second-largest operator in Montana.
Moreover, while the acquisition of Curo will further strengthen
J&J's scale and market position in Illinois, its pro forma leverage
is expected to worsen, as the transaction is debt-funded.

J&J has good liquidity with no near-term debt maturities. The
company had $268.6 million of unrestricted cash at March 31, 2025.
In January 2025, J&J amended and extended its $974 million Term
Loan with a new $1.0 billion Term Loan maturing in April 2030.
Concurrently, it raised the capacity of the revolver to $148
million, which will expire in January 2030. J&J had $142 million
availability under its revolver at March 31, 2025 but Moody's
expects the company to draw down another $50 million to close the
Curo transaction.

Marketing terms for the new credit facility (final terms may differ
materially) include the following: Incremental pari passu debt
capacity up to the greater of $135 million and 100% of consolidated
EBITDA, plus unlimited amounts subject to 4.75x First Lien Secured
Leverage Ratio. There is no inside maturity sublimit. The credit
agreement is expected to include a "blocker" provision that
restricts the transfer of material intellectual property to
unrestricted subsidiaries. The credit agreement is expected to
provide some limitations on up-tiering transactions, requiring
affected lender consent for amendments that subordinate the debt or
liens. Amounts up to 100% of unused capacity from the builder
basket and certain RP carve-outs may be reallocated to incur debt,
subject to certain conditions.

The negative outlook reflects J&J's very high Debt/EBITDA leverage
and Moody's expectations that it will remain elevated at well over
5.0x in the next 12 to 18 months.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be downgraded if J&J fails to reduce debt/EBITDA
below 5x. A deterioration in liquidity could also lead to a
downgrade.

Upward ratings pressure is unlikely given the negative outlook.
J&J's ratings could be upgraded if it were to generate consistent
and positive free cash flow and maintain debt-to-EBITDA at or below
4.0x.

J&J Ventures Gaming, LLC is an operator of Video Gaming Terminal
(VGT). As of March 31, 2025, it operates nearly 26,000 machines in
3,600 locations, including bars, gaming cafes, convenience stores
and truck stops across Illinois, Nevada, Montana, Pennsylvania and
Nebraska. Oaktree Capital Management, L.P. owns approximately 56%
of J&J with management-related entities owning the remaining
minority position. For the LTM ended March 31, 2025, revenue was
approximately $1.4 billion.

The principal methodology used in these ratings was Gaming
published in June 2021.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.


JOHNSON PHARMACY: PCO Reports No Change in Patient Care Quality
---------------------------------------------------------------
Erika D. Hart, the patient care ombudsman, filed with the U.S.
Bankruptcy Court for the Eastern District of Michigan her first
report regarding the quality of patient care provided by Johnson
Pharmacy LLC.

On July 7, the PCO completed a physical visit to the Debtor's
pharmacy location. Present to meet with the Ombudsman was Mr. Mark
Johnson.

The PCO observed that the pharmacy was neat, orderly, and
businesslike. The interior of the pharmacy is a large generally
open area, divided by a countertop into a public space and a space
for pharmacy staff only, and is in good repair. The counter space
includes an area with large dividers to provide a private space for
consultations with patients.

The PCO noted that Mr. Johnson advised that currently the Debtor
has had no change in patient/customer care as a result of the
bankruptcy. Mr. Johnson mentioned pressing cash issues which could
impact access to certain supplies, but as of the meeting, the
Debtor has been able to fill and meet customer/patient
prescriptions.

Ms. Hart cited that unused medications, including controlled
substances, are currently sequestered for disposal. The Debtor is
seeking to use return programs for unused medications, including
controlled substances, in order to monetize this disposal process.


The PCO stated that the Debtor appears to have continued the same
quality of care post-petition as pre-petition.

A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=tC6fGN from PacerMonitor.com.

The ombudsman may be reached at:

     ERIKA HART LAW
     Erika D. Hart
     39111 Six Mile Road
     Livonia, MI 48152
     (248) 870-1925
     Email: ehart@erikahartlaw.com

                     About Johnson Pharmacy LLC

Johnson Pharmacy, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-31298) on June
18, 2025. listing between $100,001 and $500,000 in assets and
between $500,001 and $1 million in liabilities. Mark Johnson,
president of Johnson Pharmacy, signed the petition.

Judge Joel D. Applebaum oversees the case.

George E. Jacobs, Esq., at Bankruptcy Law Offices, represent the
Debtor as legal counsel.

United Community Bank, as secured creditor, is represented by:

   Lisa A. Hall, Esq.
   Plunkett Cooney
   333 Bridge St. NW, Ste. 530
   Grand Rapids, MI 49504
   (616) 752-4615
   lhall@plunkettcooney.com


JOSEPH MOUNTAIN: Seeks Chapter 11 Bankruptcy in Texas
-----------------------------------------------------
On July 22, 2025, Joseph Mountain View Midstar 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 $10 million and $50 million in debt owed
to 1 and 49 creditors. The petition states funds will not be
available to unsecured creditors.

           About Joseph Mountain View Midstar LLC

Joseph Mountain View Midstar LLC is a real estate company that
leases nonresidential properties, including land and other
commercial parcels not classified under traditional building
categories. The Company operates in Hurst, Texas, and is associated
with the Mountain View Mall and Shops at Ardmore.

Joseph Mountain View Midstar LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42648) on
July 22, 2025. In its petition, the Debtor reports estimated assets
and liabilities between $10 million and $50 million each.

The Debtor is represented by Joseph Acosta, Esq. at CONDON TOBIN.


KAST IRON: Seeks Cash Collateral Access
---------------------------------------
Kast Iron Kitchen, LLC asked the U.S. Bankruptcy Court for the
Eastern District of New York for authority to use cash collateral.

The Debtor operates a restaurant called Sazon in Staten Island, New
York, and primarily generates revenue from cash and credit card
sales. Several creditors, including Navitas, Ace Endico, Ct
Corporation Systems, Pearl Delta Funding, and the New York State
Department of Taxation and Finance, have security interests in the
Debtor's assets, which may include cash, receivables, and
equipment.

The Debtor intends to use the cash collateral generated from
business operations to cover essential expenses like payroll,
vendor payments, and operating costs. This is necessary for the
preservation of the estate and continuation of business
operations.

The following creditors may assert interests in the cash
collateral:

   a. New York State Department of Taxation and Finance: The Debtor
owes approximately $209,986, of which $172,344 is allegedly
secured. The Debtor has made two $2,000 payments as adequate
assurance but reserves the right to dispute the claim.

   b. Navitas: Navitas holds a lien on the Debtor's cash and
accounts receivable and has filed a UCC-1 for collateral including
kitchen equipment. They are secured for $15,000. The Debtor will
make adequate assurance payments according to a proposed budget.

   c. Ace Endico: Ace has a lien on the Debtor's cash collateral,
covering inventory, accounts, and equipment, and is secured via a
UCC-1 filed on November 6, 2023. Adequate assurance payments are
proposed.

   d. Ct Corporation Systems: Ct Corporation holds a lien on the
Debtor's cash collateral, including various assets like receivables
and credit card proceeds. Payments will be made according to a
proposed budget.

   e. Pearl Delta Funding (PDF): PDF, an MCA lender, claims an
interest in the Debtor's cash and receivables, with a secured claim
of $120,789.50. Adequate assurance payments are proposed for this
creditor.

The Debtor owes pre-petition rent to its landlord Best Equities,
LLC, and a dispute exists over access to the premises and failure
to provide solar credits. The Debtor intends to make adequate
assurance payments, but some of the landlord's claims might be
challenged or reduced in state court.

A court hearing is scheduled for August 21. Objections are due by
August 14.

                       About Kast Iron
Kitchen

Kast Iron Kitchen, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41145) on March 10,
2025, listing under $1 million in both assets and liabilities.

Judge Elizabeth S. Stong oversees the case.

The Law Office of Jay Meyers/J. Meyers PLLC serves as the Debtor's
counsel.


KING STATE: Hires Bay Area Auction Services as Auctioneer
---------------------------------------------------------
King State Coffee, LLC seeks approval from the U.S. Bankruptcy
Court for the Middle District of Florida to employ Bay Area Auction
Services to market and sell its remaining personal property.

The Debtor's personal properties include:

     Lamarzocco 2 group Linea AV espresso machine        1
     Mahlkonig Peak Coffee Grinder                       2
     Mahlkonig EK Coffee Grinder                         1
     Craftmaster Lagering Tank 30BBL Brew tanks          2
     Bev Air double door milk fridge                     1
     Avantco double door beverage fridge                 2
     Avantco Low Boy Sandwich Fridge / Prep Station      1
     Avantco double door upright retail beverage cooler  1

Bay Area will receive compensation as follows:

     a. $250 shipping fee paid to handle transport of the Property
to Bay Area's auction site,

     b. 25 % Sellers Commission from the purchase price, payable on
close of auction,

     c. Auction within 60 days (likely restaurant auctions are on
7/29 and 8/266),

     d. Sale at live in person and internet auction, no minimum
bid, proceeds and sales tax collected by Bay Area,

     e. Proceeds less commission, expenses and sales tax remitted
within seven (7) to Debtor's attorney trust account for
distribution under plan.

Bay Area Auctions is a disinterested party, according to court
filings.

The firm can be reached through:

     Greg Farner
     Bay Area Auction Services
     8010 US Hwy. 19 N.
     Pinellas Park, FL 33781
     Phone: (727) 548-9303

       About King State Coffee, LLC

King State Coffee, LLC, a company in Tampa, Fla., filed a petition
under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D.
Fla. Case No. 24-00576) on February 2, 2024, with $500,000 to $1
million in assets and $1 million to $10 million in liabilities.
Timothy F. McTague, manager, signed the petition.

Judge Catherine Peek Mcewen oversees the case.

David S. Jennis, Esq., at David Jennis, PA, doing business as
Jennis Morse, represents the Debtor as legal counsel.


LAKELAND DEVELOPMENT: Insurers to Pay $5 Million Under Settlement
-----------------------------------------------------------------
Jason M. Rund, the Chapter 7 Trustee of Lakeland Development
Company, asks the U.S. Bankruptcy Court for the Central District of
California, to approve a settlement with ACE Property & Casualty
Inc. formerly CIGNA Property & Casualty Ins. Co., Oakwood Insurance
Company, Certain Underwriters at Lloyd's London and certain London
Market Insurance Companies, and Equitas Insurance Limited
("Insurers").

A hearing on the motion will be held on Aug. 19, 2025, at 10:00
a.m. Pacific Time at U.S. Bankruptcy Court for the Central District
of California, Edward R. Roybal Federal & U.S. Courthouse, 255 East
Temple Street, Los Angeles, CA 90012.

Under the settlement, the Insurers will (i) in exchange for
releases by the Trustee of Insurers and their affiliates, pay a
total of $5 million to Lakeland's bankruptcy estate to buy back
liability insurance polices issued or subscribed by insurers, and
all extra-contractual claims, free and clear of any and all
interests of any and all entities, and (ii) receive the benefit of
an injunction permanently enjoining assertion of specified claims
against the Insurers or their affiliates.  Copies of the request,
the settlement agreement and related filing may be obtained at
https://www.cacb.uscourts.gov or by sending a written request to
counsel for the Trustee, Thomas H. Casey, Esq., at
TomCasey@tomcaseylaw.com.

Objections to the approval the settlement, if any, is Aug. 5, 2025,
at 4:00 p.m. Pacific Time, to be filed at
https://ecf.cacb.uscourts.gov or at:

   U.S. Bankruptcy Court for the
   Central District of California
   Edward R. Roybal Federal &
   U.S. Courthouse
   255 East Temple Street
   Los Angeles, CA 90012

And, served on the following: Trustee, Thomas H. Cases at
TomCasey@tomcaseylaw.com and Daniel Heldtke at
dbheldtke@duanmorris.com.


LANDMARK HOLDINGS: Joseph Tomaino Submits First PCO Report
----------------------------------------------------------
Joseph J. Tomaino, the duly appointed patient care ombudsman, filed
with the U.S. Bankruptcy Court for the Middle District of Florida
his first report regarding the quality of patient care provided
Landmark Holdings of Florida, LLC and its affiliates.

The PCO conducted site visits at all of the major locations of
Debtor. These site visits include a walking tour of the facilities
to observe general conditions and operability, as well as
incidental interviews with staff and patients to inquire about
staffing, supplies, and service availability with a focus on
whether or not the filing and related reorganizational activity has
resulted in any significant impact.

The PCO noted that staff interviews at the Savanah facility report
that staffing, medication and supply availability have not been
impacted by filing. Tri-Annual conditions of participation survey
are due to occur in November 2026. Some patients were observed
receiving care and were interviewed with no issues identified.

The PCO cited that staff interviews at Athens facility report that
staffing, medication and supply availability have not been impacted
by filing. TriAnnual conditions of participation survey was
completed in September. Some patients were observed receiving care
and were interviewed with no issues identified.

Mr. Tomaino explained that during this initial reporting period,
there were two patient complaints. The first involved care provided
to an individual by a temporary staff nurse who did not deliver
tube feedings properly according to the family. This case was
discussed with the facility and the administration reached out to
family member with results of their investigation and corrective
action.

The second complaint involved a patient with short-term memory loss
and falls and involved a misunderstanding about family members
being allowed to stay overnight. This case was discussed with the
facility and the administration reached out to family member with
results of their investigation and corrective action. Both of these
complaints appear to be routine and not a direct result of the
bankruptcy filing.

A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=Jpfqsp from PacerMonitor.com.

The ombudsman may be reached at:

     Joseph J. Tomaino
     Grassi Healthcare Advisors, LLC
     750 Third Avenue
     New York, NY 10017
     Phone: 212-223-5020
     Email: jtomaino@grassihealthcareadvisors.com

              About Landmark Holdings of Florida, LLC

Landmark Holdings of Florida, LLC and seven affiliates filed
Chapter 11 petitions (Bankr. M.D. Fla. Lead Case No. 25-00397) on
March 9, 2025. The petitions were signed by Landmark CEO Bryan
Day.

At the time of the filing, Landmark reported between $50 million
and $100 million in assets and between $50 million and $100 million
in liabilities. Judge Caryl E. Delano oversees the cases.

Jamie Zysk Isani, Esq., at Hunton Andrews Kurth, LLP is the
Debtors' legal counsel.

Joseph J. Tomaino is the patient care ombudsman appointed in the
Debtor's case.

Amerant Bank N.A., as secured creditor, is represented by:

   Brian P. Yates, Esq.
   Garbett, Allen, Roza & Yates, P.A.
   Brickell City Tower
   80 S.W. Eighth Street, Suite 3100
   Miami, FL 33130
   Telephone: (305) 579-0012
   Email: byates@garlawfirm.com


LASEN INC: Seeks to Hire Cavanagh Law Firm as Bankruptcy Counsel
----------------------------------------------------------------
Lasen Inc. and SkySkopes, Inc. filed an amended application seeking
approval from the U.S. Bankruptcy Court for the District of Arizona
to hire The Cavanagh Law Firm, P.A. as counsel.

The firm will provide these services:

     (a) assist the Debtor in all matters associated with its
Chapter 11 bankruptcy proceeding;

     (b) represent the Debtor in all hearings before the Bankruptcy
Court; and

     (c) negotiate and resolve all issues related to the Debtor's
Chapter 11 proceeding.

The firm will be paid at these hourly rates:

     Partners       $395 - $600
     Associates     $300 - $400
     Paralegals     $125 - $245

Randy Nussbaum, Esq., an attorney at The Cavanagh Law Firm,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached through:

     Randy Nussbaum, Esq.
     The Cavanagh Law Firm, PA
     1850 North Central Avenue, Suite 1900
     Phoenix, AZ 85004
     Telephone: (602) 322-4000
     Facsimile: (602) 322-4100
     Email: rnussbaum@cavanaghlaw.com

        About Lasen Inc.

Lasen Inc. develops and operates airborne LiDAR systems for leak
detection and pipeline inspections across North America. The
Company's proprietary Airborne LiDAR Pipeline Inspection System
(ALPIS) identifies methane leaks with high accuracy and efficiency,
supporting right-of-way and transmission line monitoring. Foundedin
1989, LaSen has inspected over 500,000 miles of pipeline and
specializes in remote sensing technologies adapted from U.S.
defense applications.

Lasen Inc. sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Ariz. Case No. 25-05316) on June 11, 2025. In its
petition, the Debtor reports estimated assets and liabilities
between $1 million and $10 million each.

Honorable Bankruptcy Judge Brenda K. Martin handles the case.

The Debtors are represented by Randy Nussbaum, Esq. at CAVANAGH LAW
FIRM.


LAVERNE ELEMENTARY: Moody's Rates $12.08MM Revenue Bonds 'Ba1'
--------------------------------------------------------------
Moody's Ratings has assigned a post sale Ba1 rating to LaVerne
Elementary Preparatory Academy, CA's $12.08 million Charter School
Lease Revenue Bonds (LaVerne Elementary Preparatory Academy
Project), Tax-Exempt Series 2019A. The bonds were issued through
the California Public Finance Authority. Moody's maintain a Ba1
rating on the academy's previously issued debt and the outlook is
stable. The academy has $29.5 million of debt outstanding.

RATINGS RATIONALE

The Ba1 rating reflects the academy's strong academic results and
healthy operating performance. These strengths are balanced by the
academy's small operating scale and above average leverage
following the issuance of new debt. Student demand is solid and is
anchored by superior academic performance compared to both the
local district and the state as well as limited competition within
the academy's service area. Good financial management and one-time
revenue have resulted in healthy operating performance and boosted
the academy's liquidity to over 400 days cash, a key credit
strength.  

Leverage rose significantly with the issuance of the Series 2025A
and 2025B bonds, pushing pro forma debt to operating revenue to
2.8x and maximum annual debt service to 18% of fiscal 2024 revenue.
The new debt supports the acquisition of a second campus-formerly a
school and thus free of construction risk-to enable expansion into
7th and 8th grades. However, the academy faces expansion risk, as
enrollment growth is necessary to generate the revenue needed to
support the higher debt burden.

The academy remains in compliance with its current charter contract
with the Hesperia Unified School District, and another renewal is
likely in 2026.  

RATING OUTLOOK

The stable outlook incorporates expectations of continued healthy
operating performance and maintenance of strong liquidity.
Stability is also dependent on the absence of material delays with
opening the second campus and achieving projected enrollment
growth.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING

-- Achievement of projected enrollment targets from successfully
opening the academy's second campus

-- Sustained strength in operating performance and reduction in
leverage driven by increasing enrollment that moderates debt on a
per student basis

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING

-- Failure to meet enrollment projections either from delays with
opening the new campus or insufficient student demand

-- Increase in financial leverage

-- Material reduction in liquidity below 250 days cash on hand,
currently a key credit strength given the academy's modest
enrollment

PROFILE

LaVerne Elementary Preparatory Academy opened in 2008 and is
located in the High Desert area of San Bernardio County. The
academy offers a classicial education program and currently serves
students in grades TK-6 from a single campus in Hesperia, CA. In
fiscal 2024, the academy reported $10.3 million in operating
revenue and enrolled a total of 537 students.

METHODOLOGY

The principal methodology used in this rating was US Charter
Schools published in April 2024.


LEISURE INVESTMENTS: Nears Court Approval of Bid Procedures
-----------------------------------------------------------
Yun Park of Law360 reports that on Wednesday, July 23, 2025, a
Delaware bankruptcy judge said she would approve the proposed
bidding procedures for the asset sale of an insolvent subsidiary of
The Dolphin Co., provided the debtor makes specific revisions to
its request.

The Troubled Company Reporter, citing Emily Lever of Law360,
previously reported that Leisure Investments Holdings LLC, a
provider of dolphin encounter experiences, has requested approval
from a Delaware bankruptcy court to begin marketing its worldwide
assets. The company said it has regained "some measure of control"
over its operations through litigation since entering Chapter 11.

            About Leisure Investments Holdings LLC

Leisure Investments Holdings LLC and affiliates are operating under
the name "The Dolphin Company," manage over 30 attractions,
including dolphin habitats, marinas, water parks, and adventure
parks, located in eight countries across three continents. Their
primary operations are based in Mexico, the United States, and the
Caribbean, with locations in Jamaica, the Cayman Islands, the
Dominican Republic, and St. Kitts. These attractions are home to
approximately 2,400 animals from more than 80 species of marine
life, including a variety of marine mammals such as dolphins, sea
lions, manatees, and seals, as well as birds and reptiles. As of
2023, the marine mammal population at the Debtors' parks includes
roughly 295 dolphins, 51 sea lions, 18 manatees, and 18 seals.

Leisure Investments Holdings LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case 25-10606) on
March 31, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $100 million and $500 million each.


Honorable Bankruptcy Judge Laurie Selber Silverstein handles the
case.

The Debtors tapped Robert S. Brady, Esq., Sean T. Greecher, Esq.,
Allison S. Mielke, Esq., and Jared W. Kochenash, Esq. as counsels.
The Debtors' restructuring advisor is RIVERON MANAGEMENT SERVICES,
LLC. The Debtors' Claims & Noticing Agent is KURTZMAN CARSON
CONSULTANTS, LLC d/b/a VERITA GLOBAL.


LIFESPAN GLOBAL: Moody's Cuts PDR to D-PD Amid Bankruptcy Filing
----------------------------------------------------------------
Moody's Ratings downgraded LifeScan Global Corporation's (LifeScan)
Probability of Default Rating to D-PD from Caa3-PD/LD.
Concurrently, Moody's have removed the LD designation from
LifeScan's PDR. There are no changes to LifeScan's other ratings,
including the Caa3 corporate family rating, Caa3 rating on the
backed senior secured first lien term loan due December 2026, and
Ca ratings on the backed senior secured second lien term loan due
March 2027 and backed senior secured term loan due 2024.The outlook
is stable.

These actions follow the announcement that LifeScan has entered
into a restructuring support agreement with first and second lien
lenders and its current equity sponsor and filed voluntary
petitions for prearranged Chapter 11 cases in the United States
Bankruptcy Court for the Southern District of Texas. Lifescan
expects to emerge from this process under the majority ownership of
a group of existing lenders. Note that the B3 ratings on the
company's senior secured revolving credit facilities were withdrawn
as the facilities were fully repaid and terminated ahead of the
company filing for Chapter 11 bankruptcy.  

Subsequent to the rating action, Moody's will withdraw all the
ratings of LifeScan.

RATINGS RATIONALE

LifeScan's ratings are constrained by declining revenues for blood
glucose monitoring products ("BGM") as volume and pricing will
remain pressured. Moody's expects that continuous glucose
monitoring systems ("CGM"), a category where LifeScan is currently
working with a partner on a possible product, but does not yet
generate revenue, will continue to gain share.

LifeScan ratings benefit from its leading market position in BGM
products and its global presence with a majority of revenue
generated outside North America. The prevalence of diabetes
continues to grow, particularly in emerging markets, which is an
offset for inroads by CGM products in developed markets.

The stable outlook reflects Moody's views that the ratings are
properly positioned based on expected recoveries.

Headquartered in Malvern, PA LifeScan is a global manufacturer and
distributor of BGM products including meters, testing strips,
lancets, point of care testing systems and related monitoring
software. LifeScan, previously a division of Johnson & Johnson, was
acquired by affiliates of Platinum Equity in October 2018.

The principal methodology used in these ratings was Medical
Products and Devices published in October 2023.

A comprehensive review of all credit ratings for the respective
issuer(s) has been conducted during a rating committee

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.


LIFOD HOME: No Patient Care Complaints, 8th PCO Report Says
-----------------------------------------------------------
Joseph Tomaino, the duly appointed patient care ombudsman, filed
with the U.S. Bankruptcy Court for the District of Massachusetts
his eighth report regarding the quality of patient care provided by
Lifod Home Health Care, LLC's home health care facility.

The PCO cited that the company was interviewed for this report and
stated that it is still waiting for approval from the state for
this agreement. In the meantime, he reports that clinical
operations are continuing in a limited manner, and eighteen
patients are currently under care.

The PCO observed that Lifod has been able to provide staff for
these cases and meet their payroll. Moreover, the company reported
having sufficient supplies.

Mr. Tomaino received no complaints regarding the company during the
period.

Based on the medium-level risk determination, the PCO will continue
to interview a clinical staff person involved with care to ensure
that supplies are available, and supervision and support are being
provided.

A copy of the PCO report is available for free at
https://urlcurt.com/u?l=4EILdo from PacerMonitor.com.

The ombudsman may be reached at:

     Joseph J. Tomaino
     Grassi Healthcare Advisors LLC
     750 Third Ave
     New York, NY 10017
     (212) 223-5020
     Email: jtomaino@grassihealthcareadvisors.com

                         About Lifod Home

Lifod Home Health Care, LLC, a provider of home health care
services, filed Chapter 11 petition (Bankr. D. Mass. Case No.
23-40476) on June 13, 2023, with $100,001 to $500,000 in assets.
Judge Elizabeth D. Katz oversees the case.

S. James Boumil, Esq., at Boumil Law Offices represents the Debtor
as bankruptcy counsel.

Joseph J. Tomaino is the patient care ombudsman appointed in the
Debtor's case. The ombudsman is represented by the law firm of
Rimon P.C.


LINQTO TEXAS: U.S. Trustee Appoints Creditors' Committee
--------------------------------------------------------
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of Linqto
Texas, LLC and its affiliates.
  
The committee members are:

   1. Sky Ventures Limited
      c/o Silverside Management Ltd.  
      Citrus Grove, ground floor
      106 Goring Avenue, George Town,
      Grand Cayman, Cayman Islands

      Representative:
      Sandra Wu
      sandra@skyvisionpartners.com

   2. Charles Hejny
      1660 Hidden Falls Ct.
      De Pere, WI 541115
      chejny@new.rr.com

   3. Mariann Dickman Raab
      1688 Lammers Pike
      Batesille, IN 47006
      moe@ans-ion.net

   4. Ricardo Ledesma
      9317 San Pedro
      El Paso TX, 79936

   5. Robert Pazdera
      5221 N. Saddle Rock Drive
      Phoenix, AZ 85018

   6. Melanie Huscroft
      252 E. Wiltshire Lane
      Saratoga Springs, UT 84045
      melaniehuscroft@gmail.com

   7. Ardi Family Trust dated 9/10/2008
      5321 Barton Creek Blvd, Apt. 9101
      Austin, TX 78735

      Representative:
      Paul Ardi
      Ardi_paul@yahoo.com

   8. Consort Partners, Inc.
      41 Baywood Avenue
      San Anselmo, CA 94960

      Representative:
      Dominic Johnson
      dominic@consortpartners.com

   9. Impact Tech, Inc.
      136 Madison Ave., Fl 10
      New York, NY 10016

      Representative:
      Sarah Linder
      Sarah.linder@impact.com  

Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                         About Linqto Inc.

Linqto Inc. is a San Jose-based financial technology company
operating in the alternative investment space.

Linqto Inc. sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D. Tex. Case No. 25-90187) on July 7, 2025. In its
petition, the Debtor reports estimated assets and liabilities
between $500 million and $1 billion.

Judge Alfredo R. Perez oversees the case.

The Debtor is represented by Gabrielle A. Hamm, Esq. at Schwartz,
PLLC. Breakpoint Partners LLC is the Debtor's restructuring
advisor. Epiq Corporate Restructuring, LLC is the Debtor's claims
agent. ThroughCo Communications, LLC is the Debtor's public
relations agent.

Sandton Capital Solutions Master Fund VI, LP, as DIP Lender, may be
reached through:

   Robert Rice
   Sandton Capital Partners
   16 West 46th Street, 11th Floor
   New York, NY 10036
   Direct: 310.600.3980
   Office: 212.444.7200

Sandton is represented by its attorneys:

   Kristen L. Perry, Esq.
   Faegre Drinker Biddle & Reath, LLP
   2323 Ross Avenue, Suite 1700
   Dallas, TX 75201
   Tel: (469) 357-2500
   Fax: (469) 327-0860
   Email: kristen.perry@faegredrinker.com

   -- and --

   Richard J. Bernard, Esq.
   Faegre Drinker Biddle & Reath, LLP
   1177 Avenue of the Americas, 41st Floor
   New York, NY 10036
   Tel: (212) 248-3263
   Fax: (212) 248-3141
   Email: richard.bernard@faegredrinker.com

   -- and --

   Michael R. Stewart, Esq.
   Adam C. Ballinger, Esq.
   Faegre Drinker Biddle & Reath, LLP
   2200 Wells Fargo Center
   90 South 7th Street
   Minneapolis, MN 55402
   Telephone: (612) 766-7000
   Facsimile: (612) 766-1600
   Email: michael.stewart@faegredrinker.com
          adam.ballinger@faegredrinker.com


LION RIBBON: U.S. Trustee Appoints Creditors' Committee
-------------------------------------------------------
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of Lion
Ribbon Texas Corp. and its affiliates.
  
The committee members are:

   1. Star Moon Toys (HK) Company Limited
      Edward Leung Zheng, Executive Director
      Room 712B, Floor 7, New East Ocean
      Centre 9 Science Museum Road, Tsim Sha
      Tsui East, OOO Hong Kong
      00852-26683565
      Edward.leung@starmoontoys.com

   2. Dear Year Brothers Mfg Co., Ltd.
      Vincent Tsai, President
      No. 56, Zih Li 1st Rd., Industries District
      Nankan, Nantou, Taiwan, R.O.C.
      886-49-2253111
      vincent.tsai@dearyear.com.tw

   3. Dongghuan Zhonghao Color
      Leon Yu
      No. 8, Wusong Third St., YuWu VLG
      Dongchinang Dist., Dognguan, GD, 523071
      China
      13922501588
      vivianyyip@163.com

   4. Ningbo Reyui Economics & Trade Co., Ltd.
      Maggie Luo
      18th Floor Jinshan Building No. 555
      Changshou South Road
      Ningbo, China
      +86 13806677741
      johnson@chinareyda.com
      betty@chinareyda.com

   5. Poly Craft Industries Corp.
      Darren Klein, COO
      40 Ranick Road
      Hauppauge, NY 11788
      (631) 234-5300 x234
      darren.klein@polycraftind.com

      Counsel:
      Scott A. Steinberg
      Meltzer Lippe Goldstein & Breitstone, LLP
      190 Willis Avenue
      Mineola, NY 11501
      (516) 747-0300
      ssteinberg@meltzerlippe.com

   6. Mass Polymers Corporation
      Jill Blecher
      1140 US 22 East, Suite 109
      Bridgewater, NJ  08807
      (908) 725-3133
      j.blecher@masspolymers.com

      Counsel:
      Carl Soranno
      Brach Eichler LLC
      101 Eisenhower Parkway
      Roseland, NJ  07068
      (973) 364-8323
      csoranno@bracheichler.com  

Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                   About Lion Ribbon Texas Corp.

Lion Ribbon Texas Corp. and affiliates design, manufacture, and
distribute consumer crafting, gifting, and stationery products for
celebrations, hobbies and creative play. They operate globally,
with facilities across North America and supporting operations in
India, Hong Kong, China, the United Kingdom, and Australia. They
supply both branded and private-label products to consumers and
major corporate clients.

The Debtors sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D. Texas Lead Case No. 25-90164) on July 3, 2025. In
their petitions, the Debtors reported $100 million to $500 million
in assets and liabilities on a consolidated basis.

Judge Christopher M. Lopez handles the cases.

The Debtors are represented by Caroline A. Reckler, Esq., Ray C.
Schrock, Esq., Adam S. Ravin, Esq., Randall Carl Weber-Levine,
Esq., and Meghana Vunnamadala, Esq., at Latham & Watkins, LLP. The
Debtors tapped Huron Consulting Services, LLC as investment banker
and financial advisor; Deloitte Tax, LLP as tax services provider;
Liskow & Lewis, APLC as conflicts counsel; C Street Advisory Group,
LLC as communications advisor; and Kroll Restructuring
Administration, LLC as claims, noticing and solicitation agent.


LOOP MEDIA: ASCAP Demands Immediate Payment of $1.18M Settlement
----------------------------------------------------------------
Loop Media, Inc. disclosed in a Form 8-K Report filed with the U.S.
Securities and Exchange Commission that the Company received a
demand letter from the American Society of Composers, Authors and
Publishers declaring the full amount owed to it under that certain
Settlement Agreement entered into by and between the Company and
ASCAP, effective December 6, 2024, immediately due and payable.

Pursuant to the Settlement Agreement, should the Company fail to
cure a default on its payment obligations, ASCAP shall be entitled
to accelerate any portion of the amount that remains due so that
the remaining balance becomes immediately due and payable. The
amount owed to ASCAP under the Settlement Agreement is $1,175,000.

If the Company is unable to comply with the Notice, there can be no
assurance as to whether ASCAP will enforce its rights by seeking
all available legal and equitable remedies.

                           About Loop Media

Headquartered in Burbank, CA, Loop Media, Inc., a Nevada
corporation, is a multichannel digital video platform media company
that uses marketing technology, or "MarTech," to generate its
revenue and offer its services.  The Company's technology and vast
library of videos and licensed content enable it to curate and
distribute short-form videos to connected televisions ("CTV") in
out-of-home ("OOH") dining, hospitality and retail establishments,
convenience stores and other locations and venues to enable the
operators of those locations to inform, entertain and engage their
customers.  The Company's technology also provides businesses the
ability to promote and advertise their products via digital signage
and provides third-party advertisers with a targeted marketing and
promotional tool for their products and services.

Costa Mesa, California-based Marcum LLP, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated Dec. 12, 2024, citing that the Company has incurred recurring
losses resulting in an accumulated deficit, had negative cash flows
used in operations, and needs to raise additional funds to meet its
obligations and sustain its operations. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


MAJAB DEVELOPMENT: Unsecureds to Split $85K in Liquidating Plan
---------------------------------------------------------------
Majab Development, LLC, filed with the U.S. Bankruptcy Court for
the Middle District of Florida a Subchapter V Plan of Liquidation
dated June 30, 2025.

The Debtor's bankruptcy filing is the result of the financial toll
and burden of more than seven years of complex litigation pending
in the Twentieth Judicial Circuit in Collier County 1 initiated by
six foreign entities, including Petro Welt Technologies AG
(formerly CAT oil AG), its former wholly-owned Russian operating
subsidiaries, and Petro Welt Trading (formerly CAT oil Trading
GmbH), as a result of personal vendetta by Semyon Vainshtok, a
Russian oligarch, against Mr. Brinkmann's mother after a hostile
takeover of CAT oil AG at the end of 2014 through an armada of
lawyers across the globe.  

The Debtor's bankruptcy filing is the result of the financial toll
and burden of more than seven years of complex litigation pending
in the Twentieth Judicial Circuit in Collier County 1 initiated by
six foreign entities, including Petro Welt Technologies AG
(formerly CAT oil AG), its former wholly-owned Russian operating
subsidiaries, and Petro Welt Trading (formerly CAT oil Trading
GmbH), as a result of personal vendetta by Semyon Vainshtok, a
Russian oligarch, against Mr. Brinkmann's mother after a hostile
takeover of CAT oil AG at the end of 2014 through an armada of
lawyers across the globe.

Mr. Brinkmann's mother was one of the founders of CAT oil AG, which
was originally "CAT Oil Beteiligungsgesellschaft" in 1991. The
company developed strong and long-lasting customer relations based
on a successful track record of servicing major oil and gas
companies in Russia and Kazakhstan through its Russian-based wholly
owned subsidiaries.

The Debtor's non-insider general unsecured claims are comprised of
the disputed and unliquidated claims of the PeWeTe Companies. In
addition to its non-insider general unsecured claims, the Debtor
owes insider loans and interest of approximately $3,293,058.07 to
Anna Brinkmann.

This is a liquidating plan. The Plan will be funded from the
payments of the loan receivable owed by Edward Brinkmann and the
Equity Contribution.

Class 2 consists of the Allowed General Unsecured Claims that are
not otherwise classified. The holder(s) of Allowed General
Unsecured Claim(s) shall receive its pro rata share of the
Unsecured Distribution Fund, in the amount of $85,000.00. The pro
rata share of any distributions on account of any Allowed Class 2
Claim will be calculated as a fraction of the amount of any such
distribution, the numerator of which shall be the Allowed amount of
the Class 2 Claim and the denominator of which shall be the
aggregate Allowed amount of all Allowed Class 2 Claims. Class 2 is
Impaired.

Class 3 consists of the Equity Interests in the Debtor. All Equity
Interests are cancelled upon the entry of the discharge. Class 3 is
Impaired, and the holders of Equity Interests are entitled to vote
to accept or reject the Plan.

The Plan will be funded by the collection of the note receivable
and the Equity Contribution. Allowed Class 2 General Unsecured
Claims will receive their pro rata share of the Unsecured
Distribution Fund.

A full-text copy of the Liquidating Plan dated June 30, 2025 is
available at https://urlcurt.com/u?l=M8vVmf from PacerMonitor.com
at no charge.

Counsel to the Debtor:

     Kathleen L. DiSanto
     Bush Ross, P.A.
     1801 North Highland Avenue
     Tampa, FL 33602
     Tel: (813) 224-9255
     Fax: (813) 223-9620
     Email: kdisanto@bushross.com

                   About Majab Development LLC

Majab Development, LLC is a Florida-based construction and real
estate development company, primarily focusing on land subdivision
and heavy civil engineering projects. Founded in 2015, the company
operates in the Naples, Florida area and has been involved in
various residential developments.

Majab Development sought relief under Subchapter V of Chapter 11 of
the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00835) on
May 8, 2025. In its petition, the Debtor reported estimated assets
up to $50,000 and estimated liabilities between $1 million and $10
million.

Judge Caryl E. Delano handles the case.

The Debtor tapped Kathleen L. DiSanto, Esq., at Bush Ross, PA as
counsel and Morgenstern Phifer & Messina, PA as accountant.


MARELLI AUTOMOTIVE: Hires Alvarez & Marsal as Financial Advisor
---------------------------------------------------------------
Marelli Automotive Lighting USA LLC seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to hire Alvarez &
Marsal North America, LLC as financial advisor.

The firm's services include:

     a. assistance to the Debtors related to the due diligence
effort inherent to the restructuring process, including interfacing
with creditor advisors and providing coordination and support to
the overall information request workstream;
  
     b. assistance to the Debtors and their advisors in necessary
contingency planning efforts as part of A&M's overall restructuring
mandate;

     c. reporting to the Debtors' board of directors as directed by
any of the responsible officers of the Debtors;

     d. assistance to the Debtors in the preparation of
financial-related disclosures required by the Court, including the
Debtors' schedules of assets and liabilities, statements of
financial affairs, and monthly operating reports;

     e. assistance to the Debtors with information and analyses
required pursuant to the Debtors' debtor-in-possession financing;

     f. assistance with the identification and implementation of
cash and liquidity management procedures;

     g. advisory assistance in connection with the development and
implementation of key employee compensation and other critical
employee benefit programs;

     h. assistance with the identification of executory contracts
and leases and performance of cost/benefit evaluations with respect
to the assumption or rejection of each;

     i. advisory assistance in connection with operating the
Debtors' businesses in chapter 11, including operational steps to
comply with the chapter 11 operating and reporting guidelines for
debtors in possession promulgated by the office of the United
States Trustee;

     j. assistance in the preparation of financial information for
distribution to creditors and others, including, but not limited
to, cash flow projections and budgets, cash receipts and
disbursement analysis, analysis of various asset and liability
accounts, and analysis of proposed transactions for which Court
approval is sought;

     k. attendance at meetings and assistance in discussions with
potential investors, banks and other secured lenders, the Committee
and any other official committee(s) appointed in these chapter 11
cases, the United States Trustee, vendors, other parties in
interest, and professionals hired by the same, as requested;

     l. analysis of creditor claims by type, entity, and individual
claim, including assistance with development of databases, as
necessary, to track such claims;

     m. assistance in the preparation of information and analysis
necessary for the confirmation of a plan of reorganization in these
chapter 11 cases, including information contained in the disclosure
statement;

     n. assistance in the evaluation and analysis of avoidance
actions, including fraudulent conveyances and preferential
transfers;

     o. assistance in the analysis and preparation of information
necessary to assess the tax attributes related to the confirmation
of a plan of reorganization in these chapter 11 cases, including
the development of the related tax consequences contained in the
disclosure statement;

     p. litigation advisory services with respect to accounting,
tax, and restructuring matters, along with expert witness testimony
on case-related issues as required by the Debtors; and

     q. provision of other activities as are approved by the
Responsible Officers and agreed to by A&M.

The firm's hourly rates are:

     Managing Directors      $1,100 to $1,575
     Directors               $850 to $1,100
     Associates              $625 to 825
     Analysts                $450 to 600

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

The firm received retainers in the total amount of $500,000 from
the Debtors.

Tony Simion, a managing director at Alvarez & Marsal North America,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Tony Simion
     Alvarez & Marsal North America, LLC
     700 Louisiana Street, Suite 3300
     Houston, TX 77002
     Tel: (713) 571-2400
     Fax: (713) 547-3697

       About Marelli Automotive Lighting USA LLC

Marelli Automotive Lighting USA LLC is a global automotive parts
supplier based in Saitama, Japan. The Company designs and
manufactures advanced technologies for leading automakers,
including lighting systems, electronic components, software
solutions, and interior products. Operating in 24 countries with a
workforce of over 46,000, Marelli also collaborates with
motorsports teams and industry partners on high-performance
component development.

Marelli Automotive Lighting USA LLC and affiliates sought relief
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead
Case No. 25-11034) on June 11. 2025. In its petition, the Debtor
reports estimated assets and liabilities between $1 billion and $10
billion each.

Honorable Bankruptcy Judge Brendan Linehan Shannon handles the
case.

The Debtors are represented by Joshua A. Sussberg, P.C., Nicholas
M. Adzima, Esq., and Evan Swager, Esq. at KIRKLAND & ELLIS LLP and
KIRKLAND & ELLIS INTERNATIONAL LLP, and Ross M. Kwasteniet, P.C.
and Spencer A. Winters, P.C. The Debtors' Bankruptcy Co-counsel are
Laura Davis Jones, Esq., Timothy P. Cairns, Esq., and Edward A.
Corma, Esq. at PACHULSKI STANG ZIEHL & JONES LLP. ALVAREZ & MARSAL
NORTH AMERICA, LLC is the Debtors' Restructuring Advisor. PJT
PARTNERS INC. is the Debtors' Investment Banker. KURTZMAN CARSON
CONSULTANTS, LLC, dba VERITA GLOBAL, is the Debtors' Notice &
Claims Agent.


MARELLI AUTOMOTIVE: Hires Pachulski Stang Ziehl as Co-Counsel
-------------------------------------------------------------
Marelli Automotive Lighting USA LLC seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to hire Pachulski
Stang Ziehl & Jones LLP as co-counsel.

The firm's services include:

     a. preparing schedules of assets and liabilities, statement of
financial affairs, schedules of income and expenditures, lists of
creditors and equity security holders, statements of executory
contracts and unexpired leases, and master mailing list;

     b. preparing, where appropriate, the assumption or rejection
of executory contracts or unexpired leases, post-petition financing
arrangements and use of cash collateral, or the sale of assets;

     c. negotiating, preparing, and implementing a plan of
reorganization;

     d. assisting in the preparation of a disclosure statement;

     e. appearing at the meeting of creditors pursuant to section
341(a) of the Bankruptcy Code;

     f. representing the Company at hearings in the Bankruptcy
Court concerning the Company or the chapter 11 cases;

     g. representing the Company in litigation in the Bankruptcy
Court, related to bankruptcy issues; and

     h. advising the Company generally regarding its rights and
responsibilities as a debtor in possession under the Bankruptcy
Code and the Bankruptcy Rules.

The firm will be paid at these rates:

     Partners       $1,150 to $2,350 per hour
     Counsel        $1,050 to $1,850 per hour
     Associates     $725 to $1,225 per hour
     Paralegals     $595 to $650 per hour

The firm received payments from the Debtor in the amount of
$297,000.

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

The firm provided the following information in response to the
request for additional information set forth in Paragraph D.1 of
the Fee Guidelines.

  Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?

  Response: No.

  Question: Do any of the professionals included in this engagement
vary their rate based on the geographic location of the bankruptcy
case?

  Response: No.

  Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments or
discounts offered during the 12 months prepetition. If your billing
rates and material financial terms have changed post-petition,
explain the difference and the reasons for the difference.

  Response: The material financial terms for the prepetition
engagement remained the same as the engagement was hourly-based.

  Question: Has your client approved your prospective budget and
staffing plan, and, if so, for what budget period?

  Response: The Debtor and the firm have discussed an anticipated
budget for this Case.

Laura Davis Jones, Esq., a partner at Pachulski Stang Ziehl & Jones
LLP, disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached at:

     Laura Davis Jones, Esq.
     Pachulski Stang Ziehl & Jones LLP
     919 North Market Street, 17th Floor
     P.O. Box 8705
     Wilmington, DE 19899-8705
     Tel: (302) 652-4100
     Email: ljones@pszjlaw.com

       About Marelli Automotive Lighting USA LLC

Marelli Automotive Lighting USA LLC is a global automotive parts
supplier based in Saitama, Japan. The Company designs and
manufactures advanced technologies for leading automakers,
including lighting systems, electronic components, software
solutions, and interior products. Operating in 24 countries with a
workforce of over 46,000, Marelli also collaborates with
motorsports teams and industry partners on high-performance
component development.

Marelli Automotive Lighting USA LLC and affiliates sought relief
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead
Case No. 25-11034) on June 11. 2025. In its petition, the Debtor
reports estimated assets and liabilities between $1 billion and $10
billion each.

Honorable Bankruptcy Judge Brendan Linehan Shannon handles the
case.

The Debtors are represented by Joshua A. Sussberg, P.C., Nicholas
M. Adzima, Esq., and Evan Swager, Esq. at KIRKLAND & ELLIS LLP and
KIRKLAND & ELLIS INTERNATIONAL LLP, and Ross M. Kwasteniet, P.C.
and Spencer A. Winters, P.C. The Debtors' Bankruptcy Co-counsel are
Laura Davis Jones, Esq., Timothy P. Cairns, Esq., and Edward A.
Corma, Esq. at PACHULSKI STANG ZIEHL & JONES LLP. ALVAREZ & MARSAL
NORTH AMERICA, LLC is the Debtors' Restructuring Advisor. PJT
PARTNERS INC. is the Debtors' Investment Banker. KURTZMAN CARSON
CONSULTANTS, LLC, dba VERITA GLOBAL, is the Debtors' Notice &
Claims Agent.


MARELLI AUTOMOTIVE: Hires PJT Partners LP as Investment Banker
--------------------------------------------------------------
Marelli Automotive Lighting USA LLC seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to hire PJT Partners
LP as investment banker.

The firm will render these services:

     a. assist in the evaluation of the Debtors' businesses and
prospects;

     b. assist in the development of financial data and
presentations to the Debtors' board of directors, various
creditors, and other third parties;

     c. analyze the Debtors' financial liquidity and evaluate
alternatives to improve such liquidity;

     d. analyze various transaction scenarios and provide strategic
advice with regard to a potential Restructuring or Capital Raise;

     e. provide strategic advice with regard to restructuring or
refinancing the Debtors' Obligations;

     f. evaluate the Debtors' debt capacity and alternative capital
structures;

     g. participate in negotiations among the Debtors and their
creditors;

     h. advise the Debtors and negotiate with lenders with respect
to a potential Restructuring;

     i. assist in arranging financing for the Debtors, as
requested;

     j. assist in the development and evaluation of a liquidation
analysis as part of an in-court Restructuring, as requested;

     k. assist the Debtors in preparing marketing materials in
conjunction with a possible Transaction;

     l. assist the Debtors in identifying potential buyers or
parties in interest to a Transaction and assist in the due
diligence process;

     m. assist and advise the Debtors concerning the terms,
conditions and impact of any proposed Transaction;

     n. provide expert witness testimony concerning any of the
subjects encompassed by the other investment banking services; and

     o. provide such other advisory services as are customarily
provided in connection with the analysis and negotiation of a
transaction similar to a potential Transaction, Restructuring
and/or Capital Raise, as requested and mutually agreed.

The firm will receive compensation at these fees:

     a. Monthly Fee: The Debtors shall pay a monthly advisory fee
in the amount of $250,000 per month (the "Monthly Fee").
Fifty-percent (50 percent) of all Monthly Fees paid to PJT after
the sixth (6th) Monthly Fee has been paid (i.e., after $1,500,000
has been paid) until payment of the twelfth (12th) Monthly Fee
(with the maximum amount of crediting equal to $750,000) shall be
credited, only once and without duplication, against any
Transaction Fee and/or Restructuring Fee payable under the
Engagement Letter; provided that any such credit of fees
contemplated by the foregoing sentence shall apply only in the
event that all fees earned by PJT pursuant to the Engagement Letter
are approved in their entirety by the Court pursuant to a final
order not subject to appeal and which order is acceptable in all
respects to PJT.

     b. Capital Raising Fee: The Debtors shall pay a capital
raising fee (the "Capital Raising Fee") for any Capital Raise,
earned and payable upon the closing of such Capital Raise. The
Capital Raising Fee will be calculated as:

        i. Secured Debt: One percent (1.0 percent) of the total
issuance and/or committed amount of senior debt financing,
excluding debtor-in-possession financing ("DIP Financing") and
senior debt financing that is or may (or is anticipated in the
future to) constitute a Structured Financing;

       ii. DIP Financing: Three quarters of a percent (0.75
percent) of the total issuance and/or committed amount of "new
money" DIP Financing.

      iii. Structured Financing & Junior/Unsecured Debt: Two
percent (2.0 percent) of the total issuance and/or committed amount
of (A) Structured Financing, (B) junior debt financing, or (C)
unsecured debt financing (including, without limitation, financing
that is junior in right of payment, second lien, subordinated
(structurally or otherwise) and unsecured debt); and

       iv. Equity Financing: Three percent (3.0 percent) of the
issuance and/or committed amount of equity financing, in each case,
including by means of a back-stop commitment; provided that, if any
portion of the debt or equity financing is raised from a lender to,
or equity holder of, the Debtors as of April 15, 2025
(collectively, the "Specified Parties" and each a "Specified
Party"), then only 50 percent of the Capital Raising Fee otherwise
payable shall be payable in respect of such portion of the
financing raised from any Specified Party, unless the Debtors
request that PJT commence a financing solicitation process on
behalf of the Debtors, and following such request, the Debtors
receive a bona fide good faith financing proposal from a party
other than a Specified Party and a Specified Party nevertheless
participates in a Capital Raise on similar or better terms to the
Debtors than such other third party proposal, in which case PJT
shall be entitled to receive 100 percent of the Capital Raising Fee
in respect of any financing raised from any Specified Party. As
used in the Engagement Letter, "Structured Financing" means senior
debt (A) issued at (or intended to be moved to or owed or
guaranteed by) a non-guarantor of any of the Debtors' funded debt
and/or (B) issued at (or intended to be moved to or owed or
guaranteed by) an unrestricted subsidiary of the Debtors and/or (C)
issued at borrower entities in the restricted group as to which
debt additional credit support is provided by an entity that was
not previously (or is not expected to be going forward) a guarantor
of the Debtors' funded debt.

     c. Restructuring Fee: The Debtors shall pay a fee in respect
of a Restructuring (the "Restructuring Fee") equal to $35,000,000,
earned, and payable upon the consummation of a Restructuring.

     d. Transaction Fee: The Debtors shall pay a fee in connection
with a Transaction at the closing of a Transaction (the
"Transaction Fee") directly out of the gross proceeds of the
Transaction calculated as three quarters of a percent (0.75
percent) of the Transaction Value; provided that, the minimum
Transaction Fee in respect of any Transaction or series of related
Transactions shall be $2,000,000. Upon consummation of a
Transaction in which all or substantially all of the assets of the
Debtors are sold, PJT, in its sole discretion, shall be entitled to
either a Transaction Fee in respect of such Transaction or the
Restructuring Fee, but not both.

     e. Expense Reimbursements: In addition to the fees described
above, the Debtors agree to reimburse PJT for all reasonable and
documented out-of-pocket expenses incurred during PJT's engagement,
including, but not limited to, travel and lodging, direct
identifiable data processing, document production, publishing
services and communication charges, courier services, working
meals, reasonable fees and expenses of PJT's counsel, and other
necessary expenditures. Further, in connection with the
reimbursement, contribution and indemnification provisions set
forth in the Engagement Letter and Attachment A to the Engagement
Letter (the "Indemnity Agreement"), which is incorporated therein
by reference and addressed further below, the Debtors agree to
reimburse each PJT Party, for its legal and other expenses
(including the cost of any reasonable investigation and
preparation) as they are incurred in connection with any matter in
any way relating to or referred to in the Engagement Letter or
arising out of the matters contemplated by the Engagement Letter
(including, without limitation, in enforcing the Engagement
Letter), subject to certain exceptions, limitations, and
requirements set forth in the Indemnity Agreement.

John Singh, managing director of PJT, assured the court that the
firm is a "disinterested person" within the meaning of section
101(14) of the Bankruptcy Code, as required by section 327(a) of
the Bankruptcy Code.

The firm can be reached through:

     John Singh
     PJT Partners LP
     280 Park Avenue
     New York, NY 10017
     Phone: (212) 364-7800

       About Marelli Automotive Lighting USA LLC

Marelli Automotive Lighting USA LLC is a global automotive parts
supplier based in Saitama, Japan. The Company designs and
manufactures advanced technologies for leading automakers,
including lighting systems, electronic components, software
solutions, and interior products. Operating in 24 countries with a
workforce of over 46,000, Marelli also collaborates with
motorsports teams and industry partners on high-performance
component development.

Marelli Automotive Lighting USA LLC and affiliates sought relief
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead
Case No. 25-11034) on June 11. 2025. In its petition, the Debtor
reports estimated assets and liabilities between $1 billion and $10
billion each.

Honorable Bankruptcy Judge Brendan Linehan Shannon handles the
case.

The Debtors are represented by Joshua A. Sussberg, P.C., Nicholas
M. Adzima, Esq., and Evan Swager, Esq. at KIRKLAND & ELLIS LLP and
KIRKLAND & ELLIS INTERNATIONAL LLP, and Ross M. Kwasteniet, P.C.
and Spencer A. Winters, P.C. The Debtors' Bankruptcy Co-counsel are
Laura Davis Jones, Esq., Timothy P. Cairns, Esq., and Edward A.
Corma, Esq. at PACHULSKI STANG ZIEHL & JONES LLP. ALVAREZ & MARSAL
NORTH AMERICA, LLC is the Debtors' Restructuring Advisor. PJT
PARTNERS INC. is the Debtors' Investment Banker. KURTZMAN CARSON
CONSULTANTS, LLC, dba VERITA GLOBAL, is the Debtors' Notice &
Claims Agent.



MARELLI AUTOMOTIVE: Seeks to Hire KPMG LLP as Tax Consultant
------------------------------------------------------------
Marelli Automotive Lighting USA LLC seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to hire KPMG LLP to
provide tax compliance and tax consulting services.

KPMG will provide these services:

Tax Consulting Services

     (a) Section 382 (and foreign equivalent) issues related to
potential restructuring alternatives, including a sensitivity
analysis to reflect the Section 382 impact of the proposed and/or
hypothetical equity transactions;

     (b) Net unrealized built-in gains and losses and Notice
2003-65 as applied to the ownership change, if any, resulting from
or in connection with the Potential Restructuring;

     (c) Debtors' tax attributes, including net operating losses,
tax basis in assets, and tax basis in subsidiaries' stock as
relevant to the Potential Restructuring;

     (d) Cancellation of debt income, including the application of
Section 108 and consolidated tax return regulations (and foreign
equivalents as applicable) relating to the restructuring of
non-intercompany debt and the completed capitalization/settlement
of intercompany debt;

     (e) Application of the attribute reduction rules (and foreign
equivalents) under Section 108(b) and Treasury Regulation Section
1.1502-28, including a benefit analysis of Section 108(b)(5) and
1017(b)(3)(D) elections as related to the Potential Restructuring;

     (f) Relevant tax elections available and filing of any
necessary election statements;

     (g) Tax implications of any internal reorganizations and
restructuring alternatives;

     (h) Cash tax modeling of the tax benefits or tax costs of
restructuring alternatives;

     (i) Tax implications of any dispositions of assets and/or
subsidiary stock pursuant to the Potential Restructuring;

     (j) Potential bad debt, worthless stock, and retirement tax
losses associated with the Potential Restructuring;

     (k) Tax treatment of restructuring related costs; and

     (l) If requested, the Services will include addressing the
impact of the Corporate Alternative Minimum Tax.

   Tax Compliance and Tax Consulting Services

     (a) Preparation of annual host country and, if required, home
country individual income tax returns (not including departure tax
clearance compliance certificates or returns unless specifically
listed in the attached fee schedule);

     (b) Preparation of state and local, provincial, communal and
cantonal tax returns;

     (c) Preparation of requests for extensions of time to file tax
returns including the computations, where required;

     (d) Calculation of hypothetical tax to be withheld throughout
the year;

     (e) Preparation of annual tax reconciliation (equalization)
calculations;

     (f) Consultation during pre-departure and post-arrival tax
orientation sessions;

     (g) Preparation of U.S. estimated tax vouchers;

     (h) Preparation of amended returns for foreign tax credit
carryback, where required;

     (i) Preparation of gross-up calculations, where required;

     (j) Assistance with routine correspondence with the tax
authorities including the review of tax assessments; and

     (k) Preparation of FinCEN IRS Form 114; Statement of Specified
Foreign Financial Assets (IRS Form 8938); and/or Information Return
by a Shareholder of a Passive Foreign Investment Company (PFIC) or
Qualifying Electing Fund (IRS Form 8621) included for "authorized"
assignees and officers and other employees who may also be
authorized for this service.

In addition to the foregoing, KPMG will provide such other
consulting, advice, research, planning, and analysis regarding tax
consulting and tax compliance services and any other services,
including accounting advisory services, as may be necessary,
desirable, or requested from time to time by the Debtors.

KMPG will be paid at these hourly rates:

     Partners                    $1,386 to $1,615
     Managing Directors          $1,318 to $1,437
     Directors/Senior Managers   $1,190 to $1,233
     Managers                    $1,037 to $1,122
     Senior Associates           $850
     Associates                  $519

KPMG received a retainer in the amount of approximately $737,000.

KPMG does not have an interest materially adverse to the interest
of the estate or of any class of creditors or equity security
holders, by reason of any direct or indirect relationship to,
connection with, or interest in, the debtor, or for any other
reason. 11 U.S.C. Sec. 101(14), according to court filings.

The firm can be reached through:

     Olayinka Kukoyi
     KPMG LLP
     811 Main Street, Suite 4500
     Houston, TX 77002,77002
     Tel: (713) 319-2000
     Fax: (713) 319-2041

       About Marelli Automotive Lighting USA LLC

Marelli Automotive Lighting USA LLC is a global automotive parts
supplier based in Saitama, Japan. The Company designs and
manufactures advanced technologies for leading automakers,
including lighting systems, electronic components, software
solutions, and interior products. Operating in 24 countries with a
workforce of over 46,000, Marelli also collaborates with
motorsports teams and industry partners on high-performance
component development.

Marelli Automotive Lighting USA LLC and affiliates sought relief
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead
Case No. 25-11034) on June 11. 2025. In its petition, the Debtor
reports estimated assets and liabilities between $1 billion and $10
billion each.

Honorable Bankruptcy Judge Brendan Linehan Shannon handles the
case.

The Debtors are represented by Joshua A. Sussberg, P.C., Nicholas
M. Adzima, Esq., and Evan Swager, Esq. at KIRKLAND & ELLIS LLP and
KIRKLAND & ELLIS INTERNATIONAL LLP, and Ross M. Kwasteniet, P.C.
and Spencer A. Winters, P.C. The Debtors' Bankruptcy Co-counsel are
Laura Davis Jones, Esq., Timothy P. Cairns, Esq., and Edward A.
Corma, Esq. at PACHULSKI STANG ZIEHL & JONES LLP. ALVAREZ & MARSAL
NORTH AMERICA, LLC is the Debtors' Restructuring Advisor. PJT
PARTNERS INC. is the Debtors' Investment Banker. KURTZMAN CARSON
CONSULTANTS, LLC, dba VERITA GLOBAL, is the Debtors' Notice &
Claims Agent.


MARELLI AUTOMOTIVE: Seeks to Hire Selendy Gay PLLC as Counsel
-------------------------------------------------------------
Marelli Automotive Lighting USA LLC seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to hire Selendy Gay
PLLC as counsel at the Direction of the special committee of
Marelli Holdings Co., Ltd., effective June 11, 2025.

The firm's services include:

     (a) evaluating and negotiating the Restructuring Transactions
(as defined in the Restructuring Support Agreement), and any other
strategic, restructuring, financing and/or sale transaction or
series of transactions relating to these chapter 11 cases;

     (b) conducting investigations and analyses sufficient to
advise the Special Committee regarding the Restructuring
Transactions and other Matters in these chapter 11 cases;

     (c) rendering services for the Special Committee including,
but not limited to, fact investigation, legal research, briefing,
argument, discovery, negotiation, litigation, participation in
meetings of the Debtors' board of directors and other applicable
committees thereof, appearances and participation in hearings, and
communications and meetings with parties in interest, in each case
as it relates to these chapter 11 cases; and

     (d) performing all other necessary or requested services
provided for in the Engagement Letter or in connection with the
Special Committee's role in these chapter 11 cases.

Currently, the hourly rates charged by Selendy Gay range from:

     Partner                          $1,700 to $2,450
     Associate                        $920 to $1,570
     Law Clerks                       $815
     Paraprofessionals                $525 to $630

The following information is provided pursuant to paragraph D.1 of
the Fee Guidelines:

   Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?

   Answer: No.

   Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?

   Answer: No.

   Question: If you represented the client in the twelve (12)
months prepetition, disclose your billing rates and material
financial terms for the prepetition engagement, including any
adjustments during the twelve (12) months prepetition. If your
billing rates and material financial terms have changed
post-petition, explain the difference and the reasons for the
difference.

   Answer: The Company, at the direction of the Special Committee,
retained Selendy Gay on May 19, 2025, pursuant to the Engagement
Letter which is attached as Exhibit 1 to the Order. Selendy Gay's
billing rates and material financial terms have not changed
postpetition.

   Question: Has your client approved your prospective budget and
staffing plan, and, if so, for what budget period?

   Answer: No.

As disclosed in the court filings, Selendy Gay is "disinterested"
as that term is defined in section 101(14) of the Bankruptcy Code.

The firm can be reached through:

    Kelley A. Cornish, Esq.
    Selendy Gay PLLC
    1290 6th Ave
    New York, NY 10104
    Telephone: (212) 390-9000
    Email: kcornish@selendygay.com

       About Marelli Automotive Lighting USA LLC

Marelli Automotive Lighting USA LLC is a global automotive parts
supplier based in Saitama, Japan. The Company designs and
manufactures advanced technologies for leading automakers,
including lighting systems, electronic components, software
solutions, and interior products. Operating in 24 countries with a
workforce of over 46,000, Marelli also collaborates with
motorsports teams and industry partners on high-performance
component development.

Marelli Automotive Lighting USA LLC and affiliates sought relief
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead
Case No. 25-11034) on June 11. 2025. In its petition, the Debtor
reports estimated assets and liabilities between $1 billion and $10
billion each.

Honorable Bankruptcy Judge Brendan Linehan Shannon handles the
case.

The Debtors are represented by Joshua A. Sussberg, P.C., Nicholas
M. Adzima, Esq., and Evan Swager, Esq. at KIRKLAND & ELLIS LLP and
KIRKLAND & ELLIS INTERNATIONAL LLP, and Ross M. Kwasteniet, P.C.
and Spencer A. Winters, P.C. The Debtors' Bankruptcy Co-counsel are
Laura Davis Jones, Esq., Timothy P. Cairns, Esq., and Edward A.
Corma, Esq. at PACHULSKI STANG ZIEHL & JONES LLP. ALVAREZ & MARSAL
NORTH AMERICA, LLC is the Debtors' Restructuring Advisor. PJT
PARTNERS INC. is the Debtors' Investment Banker. KURTZMAN CARSON
CONSULTANTS, LLC, dba VERITA GLOBAL, is the Debtors' Notice &
Claims Agent.


MARELLI AUTOMOTIVE: Taps Kurtzman Carson as Administrative Advisor
------------------------------------------------------------------
Marelli Automotive Lighting USA LLC seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to hire Kurtzman
Carson Consultants, LLC dba Verita Global as administrative
advisor.

The firm's services include:

     (a) assisting with, among other things, the preparation of the
Debtors’ schedules of assets and liabilities, schedules of
executory contracts and unexpired leases and statements of
financial affairs;

     (b) assisting with, among other things, solicitation,
balloting, tabulation and calculation of votes, as well as
preparing any appropriate reports required in furtherance of
confirmation of any chapter 11 plan;

     (c) generating an official ballot certification and
testifying, if necessary, in support of the ballot tabulation
results for any chapter 11 plan(s) in the chapter 11 cases;

     (d) generating, providing and assisting with claims
objections, exhibits, claims reconciliation and related matters;
and

     (e) providing such other claims processing, noticing,
solicitation, balloting, and administrative services described in
the Services Agreement, but not included in the Section 156(c)
Application, as may be requested by the Debtors from time to time.


Kurtzman Carson Consultants will be paid at its standard hourly
rates and will be reimbursed for expenses incurred.

The firm received a retainer in the amount of $75,000.

Evan Gershbein, executive vice president of Kurtzman, disclosed in
a court filing that the firm is a "disinterested person" pursuant
to Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Evan Gershbein
     Kurtzman Carson Consultants LLC
     222 N. Pacific Coast Highway, 3rd Floor
     El Segundo, CA 90245
     Telephone: (310) 823-9000
     Email: egershbein@kccllc.com

       About Marelli Automotive Lighting USA LLC

Marelli Automotive Lighting USA LLC is a global automotive parts
supplier based in Saitama, Japan. The Company designs and
manufactures advanced technologies for leading automakers,
including lighting systems, electronic components, software
solutions, and interior products. Operating in 24 countries with a
workforce of over 46,000, Marelli also collaborates with
motorsports teams and industry partners on high-performance
component development.

Marelli Automotive Lighting USA LLC and affiliates sought relief
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead
Case No. 25-11034) on June 11. 2025. In its petition, the Debtor
reports estimated assets and liabilities between $1 billion and $10
billion each.

Honorable Bankruptcy Judge Brendan Linehan Shannon handles the
case.

The Debtors are represented by Joshua A. Sussberg, P.C., Nicholas
M. Adzima, Esq., and Evan Swager, Esq. at KIRKLAND & ELLIS LLP and
KIRKLAND & ELLIS INTERNATIONAL LLP, and Ross M. Kwasteniet, P.C.
and Spencer A. Winters, P.C. The Debtors' Bankruptcy Co-counsel are
Laura Davis Jones, Esq., Timothy P. Cairns, Esq., and Edward A.
Corma, Esq. at PACHULSKI STANG ZIEHL & JONES LLP. ALVAREZ & MARSAL
NORTH AMERICA, LLC is the Debtors' Restructuring Advisor. PJT
PARTNERS INC. is the Debtors' Investment Banker. KURTZMAN CARSON
CONSULTANTS, LLC, dba VERITA GLOBAL, is the Debtors' Notice &
Claims Agent.


MARELLI AUTOMOTIVE: Taps PwC Advisory to Provide Advisory Services
------------------------------------------------------------------
Marelli Automotive Lighting USA LLC seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to hire PwC Advisory
LLC to provide advisory services.

Based on a certain period, the firm's services include:

  From June 11, 2025 to June 30, 2025

     a. Support the Debtors for successful completion of the
Rescheduling Process, including but not limited to the following.

        i. Advice on business and repayment plan acceptable to
Japanese banks;

       ii. Support for consultations and Q&A coordination with
major banks;

      iii. Support for raising funds through the use of the back up
facility (either amending existing facility or by preparing a new
facility); and

       iv. Support for the examination and implementation of
communication strategies with each bank to obtain consent.

     b. In relation to the above, support the Debtors to conduct
necessary explanations to and negotiations with key stakeholders,
including but not limited to the following:

        i. Advice on negotiations with prepetition lenders and
Nissan; and

       ii. Review and provide comments for revisions to the
materials prepared by the Debtors or other advisors.

  From July 1, 2025 to September 30, 2025

     a. Support the Debtors for successful completion of the
Rescheduling Process, including but not limited to the following.

        i. Advice on business and repayment plan acceptable to
Japanese banks;

       ii. Support for consultations and Q&A coordination with
major banks; and

      iii. Support for the examination and implementation of
communication strategies with each bank to obtain consent.

     b. In relation to the above, support the Debtors to conduct
necessary explanations to and negotiations with key stakeholders,
including but not limited to the following:

        i. Advice on negotiations with prepetition lenders, Nissan,
main suppliers; and

       ii. Review and provide comments for revisions to the
materials prepared by the Debtors or other advisors.  

The firm will receive compensation at these fees:

     a. Monthly Retainer. The advisory services engagement is a
fixed fee arrangement, exclusive of expenses, whereby PwC LLC has
agreed to be paid a total of JPY 30,000,000 monthly for June 2025,
JPY 22,000,000 monthly for the period from July 2025 to August
2025, and JPY 17,000,000 for September 2025.

     b. Milestone Fee. A milestone fee of JPY 100,000,000 will be
payable upon the successful completion of the Rescheduling Process
(the "Milestone Fee"). The Debtors shall pay the Milestone Fee less
(up to a maximum of five months) of any Monthly Retainers already
paid.

     c. Prepetition, PwC LLC received JPY 30,000,000 as the Fixed
Fee for June 2025.

Akira Nomoto of PWC assured the court that PwC Advisory LLC does
not hold any interest adverse to the Debtors or the Debtors'
estates; and is a "disinterested person" within the meaning of
section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Akira Nomoto
     PwC Advisory LLC
     Otemachi Park Building
     1-1-1 Otemachi, Chiyoda-ku
     Tokyo 100-0004
     Tel: 03-6212-6880  
     Fax: 03-6212-6881

       About Marelli Automotive Lighting USA LLC

Marelli Automotive Lighting USA LLC is a global automotive parts
supplier based in Saitama, Japan. The Company designs and
manufactures advanced technologies for leading automakers,
including lighting systems, electronic components, software
solutions, and interior products. Operating in 24 countries with a
workforce of over 46,000, Marelli also collaborates with
motorsports teams and industry partners on high-performance
component development.

Marelli Automotive Lighting USA LLC and affiliates sought relief
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead
Case No. 25-11034) on June 11. 2025. In its petition, the Debtor
reports estimated assets and liabilities between $1 billion and $10
billion each.

Honorable Bankruptcy Judge Brendan Linehan Shannon handles the
case.

The Debtors are represented by Joshua A. Sussberg, P.C., Nicholas
M. Adzima, Esq., and Evan Swager, Esq. at KIRKLAND & ELLIS LLP and
KIRKLAND & ELLIS INTERNATIONAL LLP, and Ross M. Kwasteniet, P.C.
and Spencer A. Winters, P.C. The Debtors' Bankruptcy Co-counsel are
Laura Davis Jones, Esq., Timothy P. Cairns, Esq., and Edward A.
Corma, Esq. at PACHULSKI STANG ZIEHL & JONES LLP. ALVAREZ & MARSAL
NORTH AMERICA, LLC is the Debtors' Restructuring Advisor. PJT
PARTNERS INC. is the Debtors' Investment Banker. KURTZMAN CARSON
CONSULTANTS, LLC, dba VERITA GLOBAL, is the Debtors' Notice &
Claims Agent.


MARI ARI: Gets Interim OK to Use Cash Collateral
------------------------------------------------
Mari Ari International, Inc. received interim approval from the
U.S. Bankruptcy Court for the Southern District of Texas to use
cash collateral pending a final hearing on August 27.

The interim order authorized the Debtor to use its cash resources
to cover essential business expenses set forth in its two-week
budget, which shows total operational expenses of $27,806.83.

As adequate protection, pre-bankruptcy secured lenders will
continue to have the same liens, encumbrances and security
interests in the cash collateral generated or created after the
Debtor's Chapter 11 filing, plus the proceeds thereof, as existed
prior to the filing date. These liens are subject and subordinate
to a fee carveout.

The lenders are Mink Hair Ltd, WebBank (CHTD), NewTek Bank,
National Association, Forward Financing, LLC, Legend Advance
Funding II, LLC, Square Capital, LLC, Simply Funding, LLC and the
U.S. Small Business Administration.

                 About Mari Ari International Inc.

Mari Ari International, Inc.  doing business as Mari Ari Hair,
sells human hair extensions, wigs, and related accessories. The
Company operates a retail boutique in Houston, Texas, offering
products and styling services to individual and professional
clients. Its product line features both synthetic and human hair
options with various styles, colors, and types.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34029) on July 16,
2025. In the petition signed by Sean Lee, authorized representative
of the Debtor, the Debtor disclosed up to $1 million in assets and
up to $10 million in liabilities.

Judge Eduardo V. Rodriguez oversees the case.

Reese Baker, Esq., at Baker & Associates, represents the Debtor as
legal counsel.


MARION REALTY: Unsecured Creditors to Split $10K over 5 Years
-------------------------------------------------------------
Marion Realty Group LLC filed with the U.S. Bankruptcy Court for
the Middle District of Florida a Plan of Reorganization dated June
30, 2025.

The Debtor is a limited Liability Company which owns two
residential properties.

The Debtor's Plan will be funded by the current and future rental
income of the Debtor.  The Debtor proposes a reasonable Plan which
is proposed in good faith and not by any means forbidden by law.

This Plan provides for one class of secured claims and one class of
general unsecured claims. Unsecured creditors holding allowed
claims will receive a pro rata distribution of the Debtor's
projected net disposable income payable over five years.  This Plan
also provides for the payment of administrative and priority claims
under the terms to the extent permitted by the Code or by agreement
between the Debtor and the claimant.

Class 2 consists of general allowable unsecured claims.  This would
include all allowable claims filed by unsecured creditors in the
amount of $33,683, as well as the balance of Claim No. 5. These
will be paid pro rata through a plan pool in the amount of $10,000
over five years in monthly payments of $167. This Class is
impaired.

Class 3 consists of Equity Security Holders of the Debtor. The
Debtor will retain its equity in the property of the bankruptcy
estate post-confirmation.

The Debtor shall fund the Plan through its continued business
operations. The Debtor expects increased revenue through the
implementation of new business procedures and cost-saving
initiatives.

A full-text copy of the Plan of Reorganization dated June 30, 2025
is available at https://urlcurt.com/u?l=jMj77u from
PacerMonitor.com at no charge.

Counsel to the Debtor:

      Samantha L. Dammer, Esq.
      Bleakley Bavol Denman & Grace
      15316 N. Florida Avenue
      Tampa, FL 33613
      Tel: (813) 221-3759
      Fax: (813) 221-3198
      Email: sdammer@bbdglaw.com

                    About Marion Realty Group

Marion Realty Group, LLC is a limited Liability Company which owns
two residential properties.

The Debtor filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02117) on
April 4, 2025, listing between $500,001 and $1 million in both
assets and liabilities.

Judge Roberta A. Colton presides over the case.

Samantha L Dammer, Esq., at Bleakley Bavol Denman & Grace, is the
Debtor's legal counsel.


MASS POWER: Gets Interim OK to Use Cash Collateral Until August 21
------------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Massachusetts issued
a proceeding memorandum and order extending Mass Power Solutions,
LLC's authority to use cash collateral.

The Debtor was authorized to use cash collateral on an interim
basis through August 21 under the same terms and conditions
previously established.

The next hearing is scheduled for August 21.

               About Mass Power Solutions LLC

Mass Power Solutions, LLC is an electrical contracting company
specializing in renewable energy solutions, including solar project
design, installation, and management, serving both residential and
commercial clients.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 25-40234) on March 5,
2025. In the petition signed by Ryan Lane, manager, the Debtor
disclosed up to $50,000 in assets and up to $10 million in
liabilities.

Judge Elizabeth D. Katz oversees the case.

John O. Desmond, Esq., represents the Debtor as legal counsel.


MASS POWER: Seeks to Hire Payroll Plus as Bookkeeper
----------------------------------------------------
Mass Power Solutions LLC seeks approval from the U.S. Bankruptcy
Court for the District of Massachusetts to employ Payroll Plus as
bookkeeper.

The Debtor requires the services of a bookkeeper to assist it in
preparing financial reports and other accounting services that are
necessary to comply with applicable tax laws and to assist with
projections and reconciliations that will be used in the Chapter 11
Plans, and for the proper performance of its duties under Section
1107 of the Code.

The bookkeeper will be employed at the rate of $100 an hour for
services.

The Debtor has filed budgets in connection with its Motion to Use
Cash Collateral that had proposed to pay a bookkeeper $605 a month.


The Debtor felt it was necessary to engage the Bookkeeper to clean
up its QuickBooks account for a charge of $5,000.

Payroll Plus is a disinterested person within the meaning of
Section 101(14) of the Code, according to court filings.

The firm can be reached through:

     Catherine Alves
     Payroll Plus
     975 Oakley Street
     New Bedford, MA 02745
     Phone: (508) 998-8995
     Email: Office@prplus.vip

         About Mass Power Solutions

Mass Power Solutions LLC is an electrical contracting company
specializing in renewable energy solutions, including solar project
design, installation, and management, serving both residential and
commercial clients.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 25-40234) on March 5,
2025. In the petition signed by Ryan Lane, manager, the Debtor
disclosed up to $50,000 in assets and up to $10 million in
liabilities.

Judge Elizabeth D. Katz oversees the case.

John O. Desmond, Esq., represents the Debtor as legal counsel.


MAWSON INFRASTRUCTURE: Terminates CEO for Cause, Files Fraud Suit
-----------------------------------------------------------------
Mawson Infrastructure Group Inc. disclosed in a Form 8-K Report
filed with the U.S. Securities and Exchange Commission that the
Board of Directors provided Mr. Rahul Mewawalla with notice of
termination of his employment as Chief Executive Officer and
President of the Company effective immediately in accordance with
the terms of his employment agreement with the Company, dated May
22, 2023, and that such termination was for "Cause" (as defined in
the Mewawalla Agreement).

As a result of the termination, Mr. Mewawalla will forfeit his
outstanding equity award of 4,548,512 unvested restricted stock
units.

In a related action on the same date, the Board requested that Mr.
Mewawalla resign from his role as a member of the Board in
accordance with the terms of the Director Appointment Letter
between the Company and Mr. Mewawalla, dated January 31, 2023. In
accordance with the terms of the Director Appointment Letter, Mr.
Mewawalla was required to resign and therefore was deemed to have
resigned as a member of the Board effective immediately.

Separately, on July 8, 2025, the Company filed a complaint in the
Court of Chancery of the State of Delaware against Mr. Mewawalla
captioned Mawson Infrastructure Group Inc. v. Rahul Mewawalla, No.
2025-0789-JTL.

The Mewawalla Action seeks to recover damages from Mr. Mewawalla
arising out of his alleged breach of fiduciary duties as a
director, as well as alleged fraud. Mr. Mewawalla has not filed an
answer to the Mewawalla Action.

                 About Mawson Infrastructure Group

Mawson Infrastructure Group specializes in data centers for Bitcoin
miners and AI firms.

Mawson Infrastructure Group's creditors filed a Chapter 11
involuntary petition against the company (Bankr. D. Del. Case No.
24-12726) on December 4, 2024. The petitioning creditors include W
Capital Advisors Pty Ltd, Marshall Investments MIG Pty Ltd, and
Rayra Pty Ltd.

The petitioners' counsel is Robert J. Dehney, Esq., at Morris,
Nichols, Arsht & Tunnell.

Judge Mary F. Walrath handles the case.


MERCURITY FINTECH: Launches $500M DeFi Treasury, Starts With Solana
-------------------------------------------------------------------
Mercurity Fintech Holding Inc. announced that it launched its $500
million "DeFi Basket" Treasury -- marking a significant expansion
of the company's on-chain strategy and treasury diversification
roadmap.

This plan represents a strategic evolution in MFH's decentralized
finance (DeFi) treasury strategy, signaling an entry into
institutional-grade, high-utility, yield-generating DeFi
ecosystems. By allocating capital to a broader selection of
established digital assets, MFH aims to deepen its participation in
on-chain financial infrastructure while enhancing balance sheet
diversification and potential returns.

Strategic Objectives and Execution Plan:

The DeFi treasury will initially focus on building a diversified
portfolio of high-utility digital assets with established market
positions and institutional adoption. MFH intends to acquire these
assets through a combination of existing cash reserves and future
fundraising proceeds, subject to market conditions and regulatory
compliance.

In the first phase, MFH will prioritize building a long-term
position in Solana, reflecting the Company's assessment of the
network's scalability, institutional adoption potential, and
ecosystem growth. The Company plans to systematically accumulate
SOL and operate validator nodes to support the network while
generating on-chain staking rewards. This marks the beginning of
MFH's deeper integration into the Solana ecosystem.

"As a blockchain-powered technology company, MFH's culture and DNA
are rooted in innovation and forward-thinking," said Wilfred Daye,
CSO of MFH. "This expanded treasury strategy, alongside our
evolution toward blockchain-based business models, demonstrates our
ambition to become a category leader in the digital asset industry
while delivering long-term value to our shareholders."

Risk Management and Compliance Framework:

All digital asset acquisitions and deployment strategies will be
subject to risk management protocols, regulatory compliance
requirements, and investment guidelines. The Company will establish
institutional-grade operational procedures to ensure asset security
and regulatory adherence.

               About Mercurity Fintech Holding Inc.

Mercurity Fintech Holding Inc. is a digital fintech company with
subsidiaries engaged in distributed computing and financial
brokerage. Beyond its core fintech operations, the Company
contributes to the advancement of AI hardware technology by
delivering secure and innovative solutions in intelligent
manufacturing and advanced liquid cooling systems. Its focus on
compliance, innovation, and operational efficiency supports its
position as a trusted player in both the evolving digital finance
space and the AI technology sector. For more information, please
visit the Company's website at https://mercurityfintech.com.

In an audit report dated April 30, 2025, the Company's auditor,
Onestop Assurance PAC, issued a "going concern" qualification,
citing that at Dec. 31, 2024, the Company has incurred recurring
net losses of $4.5 million and negative cash flows from operating
activities of $3.6 million and has an accumulated deficit of $680
million, which raise substantial doubt about its ability to
continue as a going concern.

As of Dec. 31, 2024, Mercurity Fintech Holding had $35.69 million
in total assets, $11.60 million in total liabilities, and $24.09
million in total shareholders' equity.


MERIT STREET: PBR Objects to Chapter 11 Case
--------------------------------------------
Rachel Dobkin of Independent reports that Professional Bull Riders
(PBR), the world's largest bull-riding league, has filed an
objection in the bankruptcy case of Dr. Phil McGraw's media
venture, Merit Street Media, asserting it is owed $181 million.

Merit Street Media, a conservative-leaning cable network launched
by McGraw in April 2024, filed for bankruptcy less than a year
later. Earlier this July 2025, the network also sued its
distribution partner, Trinity Broadcasting.

In the lawsuit, Merit Street accused Trinity of "reneging on its
obligations and abusing its position as the controlling
shareholder," which the network claims pushed it into more than
$100 million in debt. PBR, which withdrew its programming from
Merit Street last November 2024, is now seeking to hold McGraw
personally liable for the funds it claims are owed by the network.

According to The Dallas Morning News, McGraw's legal team has
denied any personal liability, arguing through court filings that
he should not be held accountable for the network's debts.

Last week, PBR asked the bankruptcy court to strike a provision
known as an "interested parties release," which could potentially
shield non-debtor parties—such as McGraw and his production
company, Peteski Productions—from creditor claims tied to Merit
Street's obligations, according to report.

PBR severed ties with the network just months after signing a
four-year broadcasting agreement, citing nonpayment of rights fees
as the reason for the termination, the report states.

              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.


MID-COLORADO INVESTMENT: Unsecureds to be Paid in Full in Plan
--------------------------------------------------------------
Mid-Colorado Investment Company, Inc., filed with the U.S.
Bankruptcy Court for the District of Colorado a Subchapter V Plan
of Reorganization dated June 30, 2025.

The Debtor is a Colorado corporation incorporated in 1963 by Alfred
Hagedorn II. The Debtor procured cattle ranches, then moved into
real estate, developing subdivisions and supplying water to them.

The Debtor secured significant water rights and now sells bulk
water from a facility near Falcon, Colorado (the "Water System"),
to a residential subdivision in El Paso County. The Water System
delivers bulk water to its sole customer, Sage Water Users
Association ("SWUA"), which in turn delivers water to 338
households in a nearby subdivision.

On December 18, 2020, the Debtor and High Plains entered into a
Contract to Buy and Sell Real Estate (the "HP Purchase Contract"),
which was intended to sell the Water System and other assets,
including real estate, to High Plains. The parties entered into a
series of six amendments to the HP Purchase Contract, from February
2021 through August 2021. The fifth and sixth amendments
significantly altered the terms of the HP Purchase Contract and
bifurcated the assets to be purchased into an "Initial Closing" and
a "Final Closing."  

Almost four years after the Post-Closing Agreement was signed, the
purchase price in the Post-Closing Agreement will almost certainly
cover the costs to improve the Water System that the Debtor is
required to make. In other words, getting to a Final Closing will
result in a net loss to the Debtor. As a result, in 2023, the
Debtor offered to transfer the Water System to High Plains at no
cost, in an effort to finalize the transaction and relieve itself
of mounting operational burdens. High Plains declined the offer.

The Plan provides for the rejection of the HP Purchase Contract and
the Post-Closing Agreement (or in the alternative, a judgment from
the Bankruptcy Court that the HP Purchase Contract and the
Post-Closing Agreement are not enforceable), as well as a 2003 real
estate purchase agreement with Case International Company, Inc. (an
affiliate of High Plains).

The Debtor has operated post-petition substantially similarly to
how it operated pre-petition. It has paid all of its post-petition
debts (other than Professional Fees) in the ordinary course of
business.

The Debtor scheduled a number of General Unsecured Claims for its
pre-petition debts. The General Bar Date for filing Proofs of
Claims against the Debtor was June 13, 2025. The Claims list
containing all known General Unsecured Claims against the Debtor
shows a total of General Unsecured Claims in the amount of
$14,083.36 having been asserted against the Estate. The Debtor
originally scheduled known General Unsecured Claims in the amount
of $22,439.13.

The Debtor possesses the ability to perform under the Plan and has
sufficient cash to pay all Allowed Claims on the Effective Date.

Class 2 consists of those creditors who hold Allowed General
Unsecured Claims. All Allowed General Unsecured Claims will be paid
in full on the Effective Date.

Class 3 consists of the Allowed General Unsecured Claim of Charlie
Hagedorn, who has consented to payment of his Claim upon sale of
the Water System. The Debtor will request an estimation of Charlie
Hagedorn's Claim under Bankruptcy Rule 3018 (or other determination
by the Bankruptcy Court) as part of the confirmation of the Plan.

Class 4 consists of Interests in the Debtor. Interest holders will
retain their identical ownership interests in the Debtor.
The Reorganized Debtor may take such action as may be necessary to
perform its obligations under this Plan.

Charles Hagedorn will remain president and James Sloan will remain
secretary of the Debtor, and he and James Sloan will remain as the
two board members of the Debtor, pursuant to section 1142(b) of the
Bankruptcy Code for the purpose of carrying out the terms of the
Plan. The Debtor will then proceed to seek to sell the Water System
in an orderly sale process. If the Debtor is unable to sell the
Water System in a reasonable period of time, it will likely then
seek to dissolve itself and appoint a receiver to manage its
liquidation in Colorado state court.

A full-text copy of the Subchapter V Plan dated June 30, 2025 is
available at https://urlcurt.com/u?l=CWqr0Z from PacerMonitor.com
at no charge.

Counsel to the Debtor:

     Daniel J. Garfield, Esq.
     Fairfield and Woods, PC
     1801 California Street, Suite 2600
     Denver, CO 80202
     Telephone: (303) 830-2400
     Facsimile: (303) 830-1033
     Email: dgarfield@fwlaw.com

               About Mid-Colorado Investment Company

Mid-Colorado Investment Company provides bulk water services to a
community in El Paso County and operates a small cattle ranch.

Mid-Colorado Investment Company, Inc., filed a petition under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo.
Case No. 25-11742) on March 31, 2025, listing up to $10 million in
assets and up to $50,000 in liabilities.  Charles A. Hagedorn,
president and treasurer of Mid-Colorado Investment Company, signed
the petition.

Judge Joseph G. Rosania, Jr. oversees the case.

The Debtor tapped Daniel J. Garfield, Esq., at Fairfield and Woods,
PC, as bankruptcy counsel, and Hackstaff Snow Atkinson & Griess,
LLC as special counsel.


MIDWEST CHRISTIAN: Plan Exclusivity Period Extended to September 30
-------------------------------------------------------------------
Judge Kathy A. Surratt-States of the U.S. Bankruptcy Court for the
Eastern District of Missouri extended Midwest Christian Villages,
Inc., and its affiliates' exclusive periods to file a plan of
reorganization and obtain acceptance thereof to September 30 and
November 29, 2025, respectively.

As shared by Troubled Company Reporter, the Debtors explain that
the requested extension of the Exclusive Periods will enable them
to continue to focus on the closing of the remaining sales of their
facilities and the ongoing discussions regarding possible Chapter
11 plans for one or more of the bankruptcy estates and/or
structured dismissal of one or more of the cases.

Further, an extension will allow the Debtors to keep their
attention on their operations, and allow for the continued review
and analysis of claims and sale of remaining assets, which will be
relevant to formulating a chapter 11 plan and drafting a
substantive disclosure statement for one or more of the bankruptcy
estates.

The Debtors cite that they have selected certain Successful Bidders
for their Assets. Sales for 9 of the facilities have now closed.
Sales for 3 of the other facilities are pending and expected to
close in the next week or so. As demonstrated further, granting an
extension of the Exclusive Periods will help progress these cases
and allow the Debtors to focus on completing the sale process and
closing the sales of their facilities.

Further, the Debtors are collecting and forwarding certain payor
receivables to the applicable buyers post-closing as part of the
transition of those facilities. The Debtors are moving forward with
final claims processing and rejection of certain remaining
executory contracts over this summer.

Co-Counsel to the Debtors:

     Stephen O'Brien, Esq.
     DENTONS US LLP
     211 N Broadway Ste 3000
     St. Louis, MO 63102
     Telephone: (314) 241-1800
     Email: stephen.obrien@dentons.com

     Robert E. Richards, Esq.
     Samantha Ruben, Esq.
     DENTONS US LLP
     233 S. Wacker Drive, Suite 5900
     Chicago, Illinois 60606-6404
     Telephone: (312) 876-8000
     Email: robert.richards@dentons.com
            samantha.ruben@dentons.com

             - and -

     David A. Sosne, Esq.
     SUMMERS COMPTON WELLS LLC
     903 South Lindbergh Blvd., Suite 200
     St. Louis, Missouri 63131
     Telephone: (314) 991-4999
     Email: dsosne@scw.law

                 About Midwest Christian Villages

Midwest Christian Villages Inc. operates a mix of independent,
assisted and skilled nursing campuses in 10 locations across the
Midwest, serving over 1,000 residents.

Midwest Christian Villages and its affiliates filed their voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. E.D. Mo. Lead Case No. 24-42473) on July 16, 2024, listing
$1 million to $10 million in assets and $10 million to $50 million
in liabilities. The petitions were signed by Kate Bertram, chief
operating officer.

Judge Kathy Surratt-States oversees the cases.

The Debtors tapped Stephen O'Brien, Esq., at Dentons US, LLP and
Summers Compton Wells, LLC as bankruptcy counsels; B.C. Ziegler and
Company as investment banker; and Plante Moran as auditor and tax
consultant. Kurtzman Carson Consultants, LLC, doing business as
Verita Global, is the claims and noticing agent.

The U.S. Trustee for Region 13 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped Cullen and Dykman, LLP as general counsel;
Sandberg Phoenix & von Gontard P.C. and Schmidt Basch, LLC as local
counsel; and Province, LLC as financial advisor.


MOUNTAIN SPORTS: Plan Exclusivity Period Extended to August 29
--------------------------------------------------------------
Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District
of Delaware extended Mountain Sports, LLC and its affiliates'
exclusive periods to file a plan of reorganization and obtain
acceptance thereof to August 29 and October 28, 2025,
respectively.

As shared by Troubled Company Reporter, the Debtors explain that
extension of the Exclusive Periods is justified by the good faith
progress the Debtors are making toward liquidating their remaining
assets, reviewing filed and scheduled claims, and formulating the
basis of a viable plan in these cases. Further, the Debtors and
Committee are in agreement as to the parameters of, and are
drafting, the joint plan to be submitted to the Court. The Debtors
assert that there is sufficient "cause" for an extension of the
Exclusive Periods.

The Debtors claim that the extension of the Exclusive Periods will
afford the companies, Committee, and all other parties in interest
an opportunity to fully develop the grounds upon which a plan can
be based following the payment in full of PNC. Terminating the
Exclusive Periods prematurely would defeat the very purpose of
section 1121 of the Bankruptcy Code – to afford the Debtors
a meaningful and reasonable opportunity to negotiate with creditors
and propose and confirm a consensual plan.

Accordingly, the Debtors should be afforded a full and fair
opportunity to propose, negotiate, and seek acceptance of a chapter
11 plan. The Debtors believe that the requested extension of the
Exclusive Periods is warranted and appropriate under the
circumstances. The Debtors submit that the requested extension is
realistic and necessary, will not prejudice the legitimate
interests of creditors and other parties in interest, and will
afford it a meaningful opportunity to pursue a consensual plan, all
as contemplated by chapter 11 of the Bankruptcy Code.

Counsel for the Debtors:

     GOLDSTEIN & MCCLINTOCK LLLP
     Maria Aprile Sawczuk, Esq.
     501 Silverside Road, Suite 65
     Wilmington, DE 19809
     Telephone: (302) 444-6710
     Email: marias@goldmclaw.com

           - and -

     Matthew E. McClintock, Esq.
     William Thomas, Esq.
     111 W. Washington Street, Suite 1221
     Chicago, IL 60602
     Telephone: (312) 337-7700
     Email: mattm@goldmclaw.com
            willt@goldmclaw.com

                      About Mountain Sports

Mountain Sports LLC, doing business as Bob's Stores, Eastern
Mountain Sports, EMS, and Sport Chalet, is a sporting goods, hobby
and musical instrument retailer.

Mountain Sports LLC and its affiliates sought relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No.
24-11385) on June 18, 2024. In the petitions filed by David Barton,
authorized representative, Mountain Sports disclosed between $10
million and $50 million in both assets and liabilities.

Judge Mary F. Walrath oversees the cases.

The Debtors tapped Goldstein & McClintock LLLP as counsel and
Silverman Consulting as financial advisor.

The Office of the United States Trustee for the District of
Delaware appointed an official committee of unsecured creditors.
The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel
and Morris James LLP as Delaware counsel.


MY JOB MATCHER: Gets Approval to Hire Stretto Inc as Claims Agent
-----------------------------------------------------------------
My Job Matcher, Inc. received approval from the U.S. Bankruptcy
Court for the District of Delaware to hire Stretto, Inc. as claims
and noticing agent.

Stretto will oversee the distribution of notices and will assist in
the maintenance, processing, and docketing of proofs of claim filed
in the Chapter 11 cases of the Debtors.

The firm will seek reimbursement for expenses incurred.

Sheryl Betance, a senior managing director at Stretto, disclosed in
a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Sheryl Betance
     Stretto Inc.
     410 Exchange, Ste. 100
     Irvine, CA 92602
     Telephone: (714) 716-1872
     Email: sheryl.betance@stretto.com

         About My Job Matcher, Inc.

My Job Matcher, Inc. filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No.
25-11280) on July 6, 2025. At the time of filing, the Debtor
estimated $10,000,001 - $50 million in assets and  $50,000,001 -
$100 million in liabilities. The petition is signed by Robert J.
Corliss, chief executive officer.

Judge Karen B Owens presides over the case.

Jeffrey R. Waxman, Esq. at Morris James LLP represents the Debtor
as counsel.



MY JOB MATCHER: Prepetition Lenders Accused of Undervaluing Assets
------------------------------------------------------------------
Venture Debt, LLC and SOJA Ventures, LLC, secured creditors of My
Job Matcher, Inc. and its debtor-affiliates, object to the Debtors'
request to obtain Postpetition Senior Secured Superpriority
Financing and for limited use of cash collateral; and the Debtors'
request to establish bidding procedures in connection with the
planned sale of their assets.  They argue that the relief sought in
the DIP Motion and Sale Procedures Motion "impermissibly serves to
solely benefit the Prepetition Secured Parties," which are also
providing postpetition financing.

Venture Debt and SOJA accuse the Prepetition Secured Parties of
using "their unique position as the primary beneficiaries of the
Debtors' assets, which primarily consists of a robust and complex
patent portfolio, to orchestrate a financing arrangement and
proposed transaction that likely makes the proposed sale of the
Debtors’ assets to the Prepetition Secured Parties a fait
accompli benefitting only the Prepetition Secured Parties, and
grossly undervaluing the Debtors' assets."

"There is one critical issue in these Chapter 11 Cases whose stench
permeates through the Debtors' proposed postpetition financing and
sale process and fundamentally taints the Debtor's DIP Motion and
Sale Procedures Motion. Simply put: the Prepetition Secured
Parties, the Debtors, the DIP Lenders, and the Stalking Horse
Purchaser appear to be operating effectively as one entity,"
Venture Debt and SOJA contend.

Venture Debt and SOJA recount that, as the Debtors admit, the
Prepetition Secured Parties in May 2025 purportedly "exercised
[their] rights under the Stock Pledge to… remove all then
existing members of the Debtors' board of directors with immediate
effect," appointed a sole independent director to each of the
Debtors' boards, and replaced the Debtors' then existing chief
executive officer and other officers." Two months after the
purported exercise of the stock pledge and the replacement of the
directors and officers, the Prepetition Secured Parties' Management
then directed the Debtors to engage "in discussions with the
Prepetition Secured Lenders regarding the Sale Process and the
commencement of these Chapter 11 Cases, which culminated in the
execution of…[the Stalking Horse APA] by Job.com Acquisition Co.,
LLC, an affiliate of the Prepetition Secured Lenders", and a DIP
Facility that is also provided by the Prepetition Secured Lenders.

According to Venture Debt and SOJA, the Prepetition Secured
Parties, as the DIP Lenders, appear to be overleveraging the
Debtors' estates by using the Debtors' assets as security while
simultaneously acting as the Stalking Horse Purchaser to utilize
its leverage as a credit bid. The nature of the proposed
transaction -- seemingly a "loan to own" maneuver -- obviates the
need for credit bidding rights, as such rights will have the
attendant effect of depressing, rather than enhancing, the value of
the Debtors' assets.  Accordingly, Venture Debt and SOJA contend
the final DIP order and the current sale procedures should not be
approved unless significant modifications are made to provide for a
fair, transparent auction process for the Debtors' assets in order
to make certain that a robust sales process is accomplished, and
value is maximized for the Debtors’ estates and all of their
creditors.

Venture Debt provided the Debtors four term loans as short-term
financing in the original principal amount of approximately $2.32
million.  As of the Petition Date, two of the loans were paid in
full and approximately $1.55 million remains due and owing on two
other loans. The Debtors have admitted that Venture Debtor is a
secured creditor.

SOJA provided the Debtors with notes in the original amount of
approximately $4 million pursuant to loan and security agreement
between certain of the Debtors and non-debtor parent MJM Tech, as
borrowers, and SOJA, as lender. SOJA's secured claim is in the
approximate amount of $3.51 million, not including interest, fees,
and other amounts pursuant to the loan documents.

The Debtors have asserted that SOJA holds an unsecured claim of
approximately $2.5 million. SOJA disputes this assertion and has
proffered documentation to support that (i) the SOJA notes are
valid and properly secured by all or substantially all of the
Debtors' assets on a junior priority basis and (ii) there was no
violation by the SOJA Notes of the Prepetition Credit Agreement
Documents that would otherwise invalid SOJA's lien interests in the
applicable collateral.

                       $9.9-Mil. DIP Facility

The Debtors sought and obtained interim approval of a senior
secured superpriority priming DIP delayed draw term loan facility
with the Prepetition Secured Lenders, comprised of:

     (a) new money loans in the aggregate principal amount of
approximately $6.065 million, and

     (b) subject to entry of a Final DIP Order, roll-up loans in
the aggregate principal amount of $3.86 million representing a roll
up and conversion on a dollar-for-dollar basis of a corresponding
amount of the so-called Prepetition Bridge Loans.

Of this amount, $2 million was requested to be made available on an
interim basis upon entry of the Interim DIP Order and $9.9 million
was requested to be made available on a final basis upon entry of
the Final DIP Order. The DIP Facility would be secured by
substantially all property of the Debtors.

Additionally, the DIP Orders seek approval of the consensual use of
prepetition cash collateral to fund the Debtors' Chapter 11 Cases
and to run the sale process.

The DIP Lenders are:

     -- Serengeti Multi-Series Master LLC-Series ARR,
     -- GT Partners Private Credit Finance LLC, and
     -- GT Monterey Cypress Finance LLC

They are also the lenders under a 2022 credit and security
agreement. As of the bankruptcy filing date, the Prepetition
Secured Parties are owed not less than $42.2 million.

Ankura Trust Company, LLC serves as the Agent under the DIP loan
and the prepetition credit facility.

According to the Debtors, their capital structure also includes:

     -- $2.32 million in short-term financing under a Business Loan
and Security Agreement dated July 26, 2024 with Venture Debt, of
which $1.5 million remains outstanding as of the Petition Date;

     -- $608,000 in outstanding obligations under merchant cash
advance agreements with Gold Capital USA, Cedar Advance LLC, and
Capital Assist, LLC;

     -- $2.45 million in outstanding obligations under note
purchase agreements with SOJA, which the Debtors claim as
unsecured.  SOJA disputes the Debtors' claim; and

     -- $20 million in other unsecured claims outstanding as of the
Petition Date, including ordinary course trade claims.

The Interim DIP Order was entered July 8, 2025.  The Final Hearing
is scheduled for July 28, 2025 at 2:00 p.m. (prevailing Eastern
Time).

Also on July 8, the Debtors filed their request seeking entry of an
order authorizing, among other things, (a) the Bidding Procedures
and (b) the Stalking Horse APA with the DIP Lenders. The Bidding
Procedures establish procedures for the sale of all or
substantially all of the Debtors' assets, which includes the
extensive Patent Portfolio. The Stalking Horse APA allows the
Stalking Horse Purchaser (i.e. the Prepetition Secured Parties) to
make a partial credit bid for a total purchase price of $35
million.

The DIP Liens, the DIP Superpriority Claims, the Prepetition Liens,
the Adequate Protection Liens, and the Section 507(b) Claims are
subject to a carveout for the fees of professionals retained by the
Debtors and any official committee appointed in the case, including
the success fee of the Debtors' investment banker; the unpaid fees
payable to the U.S. Trustee and the clerk of court; the unpaid fees
and expenses of the Debtors' current independent director or any
successor thereto; and all reasonable and documented fees and
expenses incurred by a trustee under section 726(b) of the
Bankruptcy Code and allowed by the Bankruptcy Court in an amount
not to exceed $25,000.

The Debtors have asserted to the Court that the DIP Financing
"embodies the most favorable terms on which the Debtors could
obtain postpetition financing," that "all negotiations of the DIP
Note with the DIP Lenders were conducted in good faith and at arms'
length," and that "the terms and conditions of the DIP Loan
Documents are fair and reasonable."

                           Milestones

The DIP Agreement imposes these milestones:

     * By no later than three business days following the Petition
Date, the Bankruptcy
Court shall enter the Interim DIP Order.

     * By no later than five business days following the Petition
Date, the Debtors shall have filed a motion seeking approval of a
bidding procedures order for the Sale, in form and substance
acceptable to the Prepetition Secured Parties.

     * By no later than 30 days following the Petition Date, the
Bankruptcy Court shall enter the Final DIP Order authorizing the
DIP Facility, in form and substance acceptable to the Prepetition
Secured Parties.

     * By no later than days 30 days following the Petition Date,
the Debtors shall have obtained entry of the Bidding Procedures
Order (including the timelines set forth therein), in form and
substance acceptable to the Prepetition Secured Parties.

     * By no later than 85 days following the Petition Date, the
Debtors shall have obtained entry of an order from the Bankruptcy
Court approving the Sale.

     * By no later 90 following the Petition Date, the Sale shall
have closed.
      Sale Timeline "Unnecessarily and Impermissibly Brief"

The proposed Bid Deadline is September 17, 2025 -- a 74 days after
the Petition Date and 58 days after the scheduled hearing on the
Sale Procedures Motion -- with a proposed Auction date of September
23, 2025. Venture Debt and SOJA contend that, "while it is possible
to conceive of cases where a fast-tracked sale process might be
appropriate, this is not such a case, particularly because of the
complexities involved with properly marketing the Debtors' Patent
Portfolio so that competitive and value maximizing bidding may
occur, and the lack of support for the purported lack of sufficient
DIP funding for a longer process."

“Notwithstanding the Patent Portfolio-related complexities, if
the Debtors' assets had been adequately marketed pre-petition (to
which, the Debtors fail to show that such prepetition marketing
process has actually occurred) and there is no expectation that
post-petition marketing would bring any new bidders to the table,
then a truncated sale process might be justifiable. That is simply
not the case here. The post-petition marking process will be
crucially important to achieving maximum value for the Debtors'
assets and needs to provide sufficient time to do so."

Venture Debt and SOJA note that they are not averse to moving
quickly. However, more time is required so that value of the
Debtors' assets, particularly the Patent Portfolio, may be
maximized.

Lily Grace Objection

Lily Grace Investments Pty Ltd, another secured creditor, also
objected to the DIP Financing.  LGI holds two secured notes,
originally issued respectively in August 2022 and March 2023 and
amended and restated on April 14, 2025 and April 21, 2025. The
total balance due on both Notes was $1.05 million.  The Notes each
grant a blanket security interest in substantially all of the
Debtor's assets as more particularly described in Section 8 of each
of the Notes, subordinate only to the Prepetition Senior Secured
Indebtedness.

LGI contends the DIP Financing Motion fails to acknowledge the
existence of LGI, the obligations of the Debtors to LGI under the
Notes or LGI's security interest in the Debtors' assets.
Accordingly, the Debtors fail to provide any adequate protection
for either the use of cash collateral or the priming lien requested
in the DIP Financing Motion.

LGI also objects to the "roll up" of the pre-petition bridge
financing provided by the DIP Lenders, which further impairs LGI's
secured lien position inequitably.

                 About My Job Matcher Inc.

My Job Matcher, Inc. owns the Job.com platform, which has been
developed to a cutting-edge, AI-driven recruitment platform.

On July 6, 2025, My Job Matcher, Inc., and seven affiliates filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11280). In
its petition, the Debtor reports estimated assets between $10
million and $50 million and liabilities ranging from $50 million to
$100 million. The case is pending before the Honorable Karen B.
Owens.  

The Debtors tapped Morris James, LLP, as counsel, and Corliss Moore
& Associates, as financial advisor.  Stretto is the claims agent.

An official committee of unsecured creditors has been appointed in
the case and is represented by Greenberg Traurig, LLP as counsel.

The DIP Lenders may be reached at:

   A.J. Martinez
   Serengeti Multi-Series Master LLC—Series ARR
   c/o Serengeti Asset Management, LP
   623 Broadway, Suite 901
   New York, NY 10012
   Email: amartinez@serengeti-am.com

Counsel for the DIP Lenders and Prepetition Lenders:

   Geoffrey T. Raicht, Esq.
   GEOFFREY T. RAICHT, PC
   99 Biltmore Ave,
   Rye, NY 10580
   Email: graicht@raichtlawpc.com

     - and -

   William Chipman, Jr., Esq.
   CHIPMAN BROWN CICERO & COLE, LLP
   1313 N. Market St., Suite 5400
   Wilmington, DE 19801
   Email: chipman@chipmanbrown.com

Counsel for the DIP Agent and Prepetition Credit Agreement Agent:

   Sara Coelho, Esq.
   Joseph Badtke-Berkow, Esq.
   A&O SHEARMAN
   599 Lexington Ave.
   New York, NY 10022
   Email: sara.coelho@aoshearman.com
          joseph.badtke-berkow@aoshearman.com

     - and -

   William Chipman, Jr., Esq.
   CHIPMAN BROWN CICERO & COLE, LLP
   1313 N. Market St., Suite 5400
   Wilmington, DE 19801
   Email: chipman@chipmanbrown.com

Counsel to Venture Debt, LLC and SOJA Ventures, LLC

   GianClaudio Finizio, Esq.
   Steven D. Adler, Esq.
   BAYARD, P.A.
   600 North King Street, Ste. 400
   Wilmington, DE 19801
   Telephone: (302) 429-4240
   Email: GFinizio@bayardlaw.com
          sadler@bayardlaw.com

     - and -

   Brendan G. Best, Esq.
   VARNUM LLP
   481 Pierce Street, Suite 300
   Birmingham, MI 48009
   Tel: (313) 481-7326
   Email: bgbest@varnumlaw.com

     - and -

   Trent W. Huskey, Esq.
   VARNUM LLP
   333 Bridge Street Northwest, Suite 1700
   Grand Rapids, MI 49504
   Tel: (616) 336-6132
   Email: twhuskey@varnumlaw.com

LGI is represented by:

   Matthew B. Goeller, Esq.
   K&L GATES LLP
   600 N. King Street, Suite 901
   Wilmington, DE 19801
   Tel: (302) 416-7080
   Email: matthew.goeller@klgates.com

     - and -

   A. Lee Hogewood III, Esq.
   K&L GATES LLP
   301 Hillsborough Street, Suite 1200
   Raleigh, NC 27603
   Tel: (919) 743-7306
   Email: lee.hogewood@klgates.com


MY JOB MATCHER: UCC Named, Taps Greenberg Traurig as Counsel
------------------------------------------------------------
The bankruptcy team of Greenberg Traurig is representing the
official committee of unsecured creditors appointed in the Chapter
11 cases of My Job Matcher, Inc. and its affiliated debtor
entities, according to a notice filed in court.  The members of the
committee were named Wed., July 23.

Andrew R. Vara, the United States Trustee for Region 3, appointed a
two-man Official Committee of Unsecured Creditors:

     1. AHS Staffing, LLC
        Attn: Melissa Goyer, Controller
        3009 Astoria Ct.
        Edmond, OK 73034
        Tel: 405-697-2085
        E-mail: mgoyer@ahsstaffing.com

     2. Core Cloud LLC
        Attn: Sai Lakshmi Brugumalla
        22583 Norwalk Sq.
        Ashburn, VA 20148
        Tel: 646-207-8499
        E-mail: hr@corecloudgroup.com

The Greenberg Traurig team may be reached at:

   Dennis A. Meloro, Esq.
   GREENBERG TRAURIG, LLP
   222 Delaware Avenue, Suite 1600
   Wilmington, DE 19801
   Telephone: (302) 661-7000
   Email: Dennis.Meloro@gtlaw.com

     - and -

   Shari L. Heyen, Esq.
   Emily Nasir, Esq.
   GREENBERG TRAURIG, LLP
   1000 Louisiana Street, Suite 6700
   Houston, TX 77002
   Telephone: (713) 374-3535
   Email: Shari.Heyen@gtlaw.com
   Emily.Nasir@gtlaw.com

                 About My Job Matcher Inc.

My Job Matcher, Inc. owns the Job.com platform, which has been
developed to a cutting-edge, AI-driven recruitment platform.

On July 6, 2025, My Job Matcher, Inc., and seven affiliates filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11280). In
its petition, the Debtor reports estimated assets between $10
million and $50 million and liabilities ranging from $50 million to
$100 million. The case is pending before the Honorable Karen B.
Owens.  

The Debtors tapped Morris James, LLP, as counsel, and Corliss Moore
& Associates, as financial advisor.  Stretto is the claims agent.

An official committee of unsecured creditors has been appointed in
the case and is represented by Greenberg Traurig, LLP as counsel.

The DIP Lenders and Prepetition Lenders are represented by Geoffrey
T. Raicht, PC and Chipman Brown Cicero & Cole, LLP.  Ankura Trust
Company, LLC, which serves as the Agent under the DIP loan and the
prepetition credit facility, is represented by A&O Shearman and
Chipman Brown Cicero & Cole, LLP.

Creditors Venture Debt, LLC and SOJA Ventures, LLC are represented
by Bayard, P.A. and Varnum LLP.  Lily Grace Investments PTY Ltd.,
another creditor, is represented by K&L Gates LLP.



NEWBURN LAW: Amends Plan to Include Newtek Small Business Claim
---------------------------------------------------------------
Newburn Law, P.C., submitted an Amended Subchapter V Plan of
Reorganization dated June 30, 2025.

The Plan divides creditors into Classes of similarly situated
creditors. All creditors of the same Class are treated in a similar
fashion. All ownership Interests in the Debtor are also classified
and treated alike.

The Bankruptcy Court set a bar date establishing August 1, 2025 as
the last date for filing Proofs of Claim. The Plan provides that
Claims and Interests of all Classes shall be allowed only if
evidenced by a timely filed Proof of Claim or Interest or which
otherwise appear in the Schedules filed by the Debtor and are not
scheduled as disputed, contingent or unliquidated unless
subsequently allowed by the Court.

The Debtor scheduled a number of unsecured pre-petition debts. At
least one of the unsecured creditors may file Proofs of Claims. The
bar date for filing Proofs of Claims against the Debtor's estate is
August 1, 2025. To the extent that a creditor files a Proof of
Claim, the amount of the Claim as filed in the Proof of Claim will
be used (without waiving the right to object to Claims).

The Claims list containing all known unsecured Claims against the
Debtor is attached hereto as Exhibit A. Exhibit A shows total
general unsecured Claims in the amount of $589,644.36 having been
asserted against the estate. The total amount of asserted unsecured
Claims will vary depending upon the extent of Newtek's deficiency
Claim.

Class 3 consists of the Secured Claim of Newtek Small Business
Finance, LLC. The Class 3 Secured Claim is impaired by this Plan.
The Class 3 Secured Claim will be treated under this Plan as
follows:

     * Pursuant to Section 506 of the Bankruptcy Code, the Claim is
secured up to the value of the collateral for the Claim as provided
for unsecured for the balance and the balance shall be treated as a
Class 4 Claim.

     * The Debtor has segregated in a separate bank account (the
"Newtek Account") the $3,172 in cash that was available as of the
Petition Date. In the Newtek Account the Debtor also has deposited
any monies collected from receivables that existed as of the
Petition Date. Within fourteen days from the Effective Date of the
Plan the Debtor shall distribute to Newtek all proceeds in the
Newtek Account.

     * The pre-Petition Date receivables are hereby assigned to
Newtek.
  
     * Should the Debtor receive any payments on account of pre
Petition Date receivables, the Debtor shall turnover such proceeds
to Newtek.

Class 4 consists of general unsecured creditors of the Debtor who
hold Allowed Claims. Holders of Class 4 Allowed Claims shall share
on a Pro Rata basis monies deposited into the Unsecured Creditor
Account as set forth herein. As set forth in Article III, paragraph
3.2 of this Plan, upon the first full month following the Effective
Date of the Plan and every month until Administrative Claims are
paid in full and then for the remainder of the Term of the Plan the
Debtor will every month in accordance with the terms of this Plan
deposit for the five year Term of the Plan: (a) during the first
year of the Plan $476; (b) during the second year of the Plan $244;
(c) during the third year term of the Plan $510; (d) during the
fourth year of the Plan $576 and (e) during the fifth year of the
Plan $969.

At the end of each calendar quarter, the balance of the Unsecured
Creditor Account will be distributed to the holders of Allowed
Administrative Claims on a Pro Rata basis until such time as all
holders of Allowed Administrative Claims have been paid in full and
then to Tax Claims and Class 1 on a Pro Rata Basis until paid in
full and then will be distributed to Class 4 general unsecured
creditors that hold Allowed Claims on a Pro Rata basis. The account
will be maintained at a federally insured banking institution and
shall be maintained within the insurance limit of the institution.

The Debtor believes that the Plan, as proposed, is feasible. The
funding for the Plan will come from the Debtor's continued
operations. As detailed in the Projections, the Debtor will have
sufficient cash on hand and profits during the term of the Plan to
satisfy its Plan obligations.

A full-text copy of the Amended Subchapter V Plan dated June 30,
2025 is available at https://urlcurt.com/u?l=dSlMR1 from
PacerMonitor.com at no charge.

Counsel to the Debtor:

     David J. Warner, Esq.
     Wadsworth Garber Warner Conrardy, P.C.
     2580 W. Main St., Ste. 200
     Littleton, CO 80120
     Telephone: (303) 296-1999
     Email: dwarner@wgwc-law.com

                          About Newburn Law P.C.

Newburn Law P.C. is a Colorado law firm started in 2013.

The Debtor sought protection for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Colo. Case No. 25-13133) on May 23,
2025, listing $50,001 to $100,000 in assets and $500,001 to $1
million in liabilities.

Judge Michael E Romero presides over the case.

Aaron A Garber, Esq., at Wadsworth Garber Warner Conrardy, P.C., is
the Debtor's counsel.


NEWBURY PALACE: Seeks to Hire Victor W. Dahar P.A. as Counsel
-------------------------------------------------------------
Newbury Palace Pizza, LLC seeks approval from the U.S. Bankruptcy
Court for the District of New Hampshire to employ Victor W. Dahar,
P.A. as counsel.

The firm will render these services:

      (a) assist with preparation and review of bankruptcy
schedules, statements of financial affairs and other documents
required for filing the Debtor's case pursuant to the Bankruptcy
Code, the Federal Rules of Bankruptcy Procedure, and this court's
local bankruptcy rules;

     (b) represent the Debtor at the meeting of creditors and at
various other hearings in this case;

     (c) negotiate with the Debtor's secured creditors regarding
the use of cash collateral;

     (d) negotiate with the Debtor's counterparties regarding the
assumption or rejection of executory contracts and leases;

     (e) negotiate with the Debtor's creditors and other parties in
interest regarding a plan of reorganization and disclosure
statement;

     (f) negotiate with possible buyers of all or substantially all
of the Debtor's real property;

     (g) prepare objections to motions for relief and
post-petition/take-out financing issues;

     (h) prepare objections to motions and pending issues as they
arise;

     (i) represent for turnover, preference actions, and other
avoidance and/or subordination actions;

     (j) advise the Debtor regarding issues arising in this Chapter
11 proceeding;

     (k) review and analyze claims against the Debtor and the
proper treatment of such claims;

     (l) negotiate with the creditor's committee, if any, and
creditors, as necessary; and

     (m) perform all other necessary and proper legal services in
connection with the Debtor's Chapter 11 case.

The firm will charge $300 per hour for its legal services.

The firm also received a retainer in the amount of $2,000 including
the filing fee from the Debtor.

Eleanor Wm. Dahar, Esq. an attorney at Victor W. Dahar, disclosed
in a court filing that the firm is a "disinterested person" as
defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Eleanor Wm. Dahar, Esq.
     Victor W. Dahar, PA
     20 Merrimack Street
     Manchester, NH 03101
     Telephone: (603) 622-6595
     Facsimile: (603) 647-8054
     Email: vdaharpa@att.net

         About Newbury Palace Pizza, LLC

Newbury Palace Pizza, LLC sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.N.H. Case No. 25-10453)
on June 30, 2025. At the time of filing, the Debtor estimated
$50,000 in assets and $100,001 to $500,000 in liabilities.

The Debtor is represented by Eleanor Wm. Dahar, Esq. at Victor W.
Dahar Professional Association.


NOBLE ACADEMY: S&P Affirms 'BB' Rating on 2014A Lease Revenue Bond
------------------------------------------------------------------
S&P Global Ratings revised the outlook to stable from positive and
affirmed its 'BB' long-term rating on Hugo, Minn.'s series 2014A
lease revenue bonds, supported by CS Property Noble LLC and issued
for Noble Academy, Minn. The outlook revision reflects its opinion
of the school's recent enrollment decline and moderation in
operating results, as well as S&P's expectation that this could
continue in the short term. The maintained rating reflects the
school's robust cash position at more than 500 days' cash on hand
that S&P expects to remain consistent.

"The rating reflects our view of Noble's smaller enrollment, with a
10% decline in fall 2024, moderating, but adequate, operations and
MADS coverage in recent years, and high debt per student relative
to that of peers," said S&P Global Ratings credit analyst Jessica
Wood.

S&P said, "The stable outlook reflects our expectation that Noble
will stabilize enrollment and generate close to break-even, but
positive, results in fiscal 2025 as well as sufficient
lease-adjusted MADS coverage while maintaining its very healthy
liquidity

"We could lower the rating if enrollment continues to decline,
operations or DSC decline significantly past fiscal 2025, liquidity
levels weaken materially, or the school issues additional new debt
during the outlook period

"We could take a positive rating action if enrollment grows over
time, while the school generates strong operations and coverage
consistent with a higher rating, while maintaining its higher cash
levels."



NORTHERN OIL: Fitch Hikes LongTerm IDR to 'BB-', Outlook Stable
---------------------------------------------------------------
Fitch Ratings has upgraded Northern Oil and Gas, Inc.'s (NOG)
Long-Term Issuer Default Rating (IDR) to 'BB-' from 'B+'. The
Rating Outlook is Stable. Fitch has affirmed NOG's reserve-based
lending (RBL) credit facility at 'BB+' with a Recovery Rating of
'RR1'. Fitch has additionally affirmed the senior unsecured notes
and convertible notes at 'BB-' with a revised Recovery Rating of
'RR4' from 'RR3'.

NOG's ratings and Stable Outlook reflect Fitch's expectation of
continued credit-friendly M&A activity, positive FCF generation,
secured by NOG's strong hedging program, which Fitch expects to be
applied to reduce gross debt and lead to improved credit metrics
and liquidity. This is offset by Fitch's expectation that the
company will expand its base dividend moderately over the forecast
which is mitigated by strong FCF generation and management's track
record of debt repayment following recent acquisitions.

Key Rating Drivers

Accretive, Leveraging but Diversifying Acquisitions: Fitch believes
NOG's acquisitions positively due to the credit-conscious funding
mix, incremental size and diversification into new basins. The
company's acquisitions through April 2025 have been funded
relatively conservatively through a combination of common equity,
cash on hand and debt with modest borrowings under the RBL. NOG in
June 2025, termed out part of its RBL borrowings by upsizing its
senior unsecured convertible notes to $700 million from $500
million.

Overall, NOG is committed to paying down debt after acquisitions.
Fitch believes acquisitions will continue to be a part of the
company's future growth strategy and expects management will
continue to fund transactions in a credit-neutral manner.

Favorable Capital Deployment Flexibility: Fitch believes NOG's
flexibility with well participation and capex allows for
economic-driven decisions and improves overall returns. The company
retains the ability to decline participation in uneconomic or
lower-return wells, even within a multi-well, multi-reservoir
development in some cases, to help optimize returns.

Lower Costs, Adequate Reserve Life: NOG does not have rig, drilling
or midstream contracts as a non-operator and has no personnel at
the field level, which limits corporate operational and financial
obligations and brings lower per-unit general and administrative
costs. NOG has historically maintained about six years of proved,
developed and producing (PDP) reserve life, which Fitch expects to
increase over time because of NOG's acquisitive nature.

Joint Venture Acquisitions: Fitch views the recent joint venture
acquisitions positively, considering they provide more involvement
with proven operators and a line of sight into future organic
development opportunities. The five acquisitions, the MPDC
acquisition, Forge, Novo, Point and the XCL acquisition, are joint
ventures with proven operators, which now accounts for approx. 25%
of 2025 production. The partnerships are governed by a cooperation
and joint development agreement along with areas of mutual interest
(AMI) in place to ensure interests are aligned.

Favorable Liquidity, Capital Management: NOG's close relationship
with its operators and the long lead times from the initial
new-well development evaluation, investment decision and budget,
typically a year in advance, provide visibility on future capital
needs and, in conjunction with its hedging policy, help reduce
overall liquidity risk despite the inability to control well timing
and completion. Fitch view these characteristics favorably and do
not forecast material near-term liquidity needs in the base case
following the XCL acquisition.

18-Month Rolling Hedge Program: Fitch views NOG's hedging
positively as it provides FCF certainty, which supports repayment
of debt as well as the base dividend. The company has historically
maintained a strong hedge book and expects to hedge approximately
60% of total production on a rolling 18-month basis. It has about
70% of oil production hedged at an average price of $71.69/bbl for
the remainder of 2025 and around 60% of gas production hedged at an
average price of $3.81/MMBtu.

Positive FCF; Sub-2.0x Leverage: Fitch forecasts positive FCF of
approximately $100 million in 2025 and $70 million in 2026,
assuming West Texas Intermediate (WTI) oil prices of $65/bbl and
$60/bbl, respectively. Fitch believes EBITDA leverage will moderate
to around 2.0x over the forecast assuming Fitch's oil and gas price
assumptions.

Moderating Shareholder Returns: Fitch believes NOG can maintain
shareholder returns with its liquidity and credit metrics, given
the company's increasing size, scale and a positive FCF profile
supported by a rolling hedge program. NOG increased the dividend
quarter on quarter from $0.03/share in 2Q21 to $0.45/share in 1Q25.
In addition, NOG has completed share buybacks of approx. $50
million in 1H25 and $94 million in 2024.

Peer Analysis

NOG is a leading non-operator exploration and production (E&P)
company focused in the Permian, Williston, Appalachia and Uinta
Basins with 1Q25 production of approximately 135 thousand barrels
of oil equivalent per day (mboepd) following recent acquisitions.

Viper Energy Partners LLC (BBB-/Stable; production is expected to
increase to around 126 Mboed pro forma the announced Sitio
acquisition), a non-operator mineral and royalty interest owner,
has minimal operating costs and no capex, resulting in netbacks
that are generally the highest among Fitch's E&P peer group.
Viper's Long-Term IDR receives a two-notch uplift due to its
significant operational and strategic ties with its higher-rated
parent Diamondback Energy, Inc. (BBB+/Stable) which provides unique
visibility into future development plans and reduces volumetric and
cash flow uncertainty.

NOG's production size is larger than that of offshore producer
Talos Energy Inc. (B/Positive; 101.0mboepd), but smaller than
Crescent Energy Company (BB-/Stable; 258.0mboepd in 1Q25) and SM
Energy Company (BB/Stable; 197.0mboepd in 1Q25).

In terms of cost structure at 1Q25, NOG's Fitch-calculated unhedged
cash netback of $30.6 per barrel of oil equivalent (boe) (64%
margin) is weaker than Viper's $41.1/boe (87% margin), but stronger
than Crescent Energy's $18.9/boe (48% margin), SM Energy's
$30.4/boe (64% margin) but below Talos Energy's $34.5/boe (61%
margin).

Fitch expects NOG to maintain a sub-2.0x EBITDA leverage profile as
it allocates FCF toward repayment of the RBL facility and then
toward shareholder returns.

Key Assumptions

- WTI prices of $65/bbl in 2025, $60/bbl in 2026 and 2027, and
$57/bbl thereafter;

- Henry Hub prices of $3.60/mcf in 2025, $3.50/mcf in 2026,
$3.00/mcf in 2027, and $2.75/mcf thereafter;

- Assumed no additional acquisitions than announced in 2025 with
acquisitions of $25 million annually thereafter;

- Assumed the midpoint of NOG's guidance in 2025 and low- to
mid-single digit production growth thereafter;

- Capex grows to $1.1 billion in 2025 and decreases to $950
million/year in outer years of the forecast;

- Prioritization of forecast FCF toward repayment of the RBL
facility with a drawdown in the outer years;

- A marginal increase in dividends going forward.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Inability to generate FCF and reduce outstanding gross debt that
leads to mid-cycle EBITDA leverage sustained above 3.0x;

- Total production sustained below 100mboepd and erosion of the
reserve base;

- Limited financial flexibility and/or an inability to maintain
access to capital markets.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Consistent FCF generation with proceeds used to reduce gross debt
that leads to mid-cycle EBITDA leverage sustained below 2.0x; and

- Consistent track record of reserve replacement and total
production sustained above 175mboepd.

Liquidity and Debt Structure

Fitch does not see material near-term liquidity needs, given NOG's
operational and liquidity flexibility. Fitch believes NOG's
forecast FCF generation supports repayment of the RBL facility. Pro
forma, the RBL facility remains at $1.8 billion however the elected
commitment was upsized to $1.6 billion from $1.5 billion in April
2025 along with the upsizing of the convertible notes in June 2025
to $700 million from $500 million, NOG has approximately $1.16
billion in liquidity. Proforma, these two transactions at 1Q25, NOG
had $478 million drawn under the RBL facility and cash on hand of
$33.6 million.

The RBL facility is subject to a semi-annual borrowing base
redetermination in addition to financial covenants, including a
maximum total net leverage ratio of below 3.50x and a minimum
current ratio of at least 1.0x.

NOG's maturity schedule remains light with no maturities until the
RBL facility matures in June 2027. The $705.1 million senior
unsecured note comes due in 2028, the $700 million convertible note
comes due in 2029 (upsized in June 2025 from $500 million) and the
$500 million senior unsecured note comes due in 2031.

Issuer Profile

Northern Oil and Gas, Inc. is a leading non-operator E&P company in
the U.S. focused in the Williston, Permian, Appalachia and Uinta
Basins.

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
   -----------                     ------         --------   -----
Northern Oil and Gas, Inc.   LT IDR BB-  Upgrade             B+

   senior unsecured          LT     BB-  Affirmed   RR4      BB-

   senior secured            LT     BB+  Affirmed   RR1      BB+


OMEGA THERAPEUTICS: Plan Exclusivity Period Extended to Sept. 8
---------------------------------------------------------------
Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the
District of Delaware extended OMGA Liquidating, Inc. f/k/a Omega
Therapeutics, Inc.'s exclusive periods to file a plan of
reorganization and obtain acceptance thereof to September 8 and
November 11, 2025, respectively.

As shared by Troubled Company Reporter, the Debtor explains that
cause exists to extend the Exclusive Periods for three reasons.
First, the Debtor and its professionals have made significant
progress in moving the cases to a successful completion, including
spending considerable time addressing numerous issues involving
creditors and other parties in interests.

Since the Petition Date, the Debtor has devoted significant
resources and efforts to maximizing the value of its estate by
negotiating with creditors, preparing and filing the Debtor's
schedules of assets and liabilities and statement of financial
affairs, facilitating the sale of substantially all of the Debtor's
assets, filing a combined disclosure statement and plan, and
meeting the general requirements under the chapter 11 process.

Second, while significant progress has been made and the Debtor is
approaching its Solicitation Hearing scheduled for June 17, 2025,
the Exclusive Filing Period is currently set to expire on June 10,
2025, just one week before the Solicitation Hearing and well before
the anticipated Confirmation Hearing, which the Debtor has proposed
to be held on July 30, 2025. The Debtor also projects the Plan's
Effective Date to occur shortly thereafter.

The Debtor believes it is both prudent and an efficient use of
estate resources to extend the Exclusive Periods to avoid any
potential disruption to the confirmation process or consummation of
the Plan. Extending the Exclusive Periods will ensure clarity as to
the Debtor's and other parties' rights during this critical phase
and mitigate the risk of competing plans that could derail the path
to confirmation. Allowing the Exclusive Periods to lapse now would
defeat the purpose of section 1121 and deprive the Debtor and its
creditors of the benefit of a meaningful and reasonable opportunity
to negotiate and confirm a consensual plan.

Third, creditors will not be harmed by extending exclusivity. This
is the Debtor's first motion to extend the Exclusive Periods. The
Debtor is seeking this extension out of an abundance of caution and
fully intends to reach confirmation on July 30, 2025 and go
effective shortly after. As such, the Debtor submits that creditors
will not be prejudiced by an extension of the Exclusive Periods.

Omega Therapeutics Inc. is represented by:

     MORRIS, NICHOLS, ARSHT & TUNNELL LLP
     Eric D. Schwartz, Esq.
     Derek C. Abbott, Esq.
     Andrew R. Remming, Esq.
     Daniel B. Butz, Esq.
     Echo Yi Qian, Esq.
     Luke Brzozowski, Esq.
     1201 N. Market Street, 16th Floor
     Wilmington, Delaware 19801
     Telephone: (302) 658-9200
     Email: eschwartz@morrisnichols.com
            dabbott@morrisnichols.com
            aremming@morrisnichols.com
            dbutz@morrisnichols.com
            eqian@morrisnichols.com
            lbrzozowski@morrisnichols.com

                    About Omega Therapeutics

Omega Therapeutics Inc. is a biotechnology company in its
development stages, leading innovation in a novel approach to
leverage mRNA therapeutics as programmable epigenetic treatments
through its OMEGA Epigenomic Programming platform. The OMEGA
platform harnesses the power of epigenetics, the mechanism that
controls gene expression and every aspect of an organism's life
from cell genesis, growth, and differentiation to cell death. The
OMEGA platform enables control of fundamental epigenetic processes
to correct the root cause of disease by returning aberrant gene
expression to a normal range without altering native nucleic acid
sequences.

Omega Therapeutics Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 25-10211) on February 10,
2025. In its petition, the Debtor reported total assets as of Jan.
28, 2025 amounting to $137,529,941 and total debts as of Jan. 28,
2025 of $140,421,354.

Honorable Bankruptcy Judge Brendan Linehan Shannon handles the
case.

The Debtor is represented by Derek C. Abbott, Esq., Eric D.
Schwartz, Esq., Andrew R. Remming, Esq., Daniel B. Butz, Esq.,
Jonathan M. Weyand, Esq., and Luke Brzozowski, Esq., at Morris,
Nichols, Arsht & Tunnell LLP in Wilmington, Delaware.  The Debtor's
special counsel is Latham & Watkins LLP.

The Debtor tapped Triple P RTS, LLC as restructuring advisor and
Triple P Securities LLC as investment banker. The Debtor's claims
agent and administrative advisor is Kroll Restructuring
Administration LLC.


OSTENDO TECHNOLOGIES: Hires Levene Neale Bender as Counsel
----------------------------------------------------------
Ostendo Technologies Inc. seeks approval from the U.S. Bankruptcy
Court for the Central District of California to hire Levene, Neale,
Bender, Yoo & Golubchik L.L.P. as general bankruptcy counsel.

The firm's services include:

     a. advising the Debtor with regard to the requirements of the
Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and the Office
of the United States Trustee as they pertain to the Debtor and
interacting with and cooperating with any committee appointed in
the Debtor's bankruptcy case;

     b. advising the Debtor with regard to certain rights and
remedies of its bankruptcy estate and the rights, claims and
interests of creditors;

     c. representing the Debtor in any proceeding or hearing in the
Bankruptcy Court involving its estate unless the Debtor is
represented in such proceeding or hearing by other special
counsel;

     d. conducting examinations of witnesses, claimants or adverse
parties and representing the Debtor in any adversary proceeding
except to the extent that any such adversary proceeding is in an
area outside of LNBYG's expertise or which is beyond LNBYG's
staffing capabilities;

     e. preparing and assisting the Debtor in the preparation of
reports, applications, pleadings and orders including, but not
limited to, applications to employ professionals, interim
statements and operating reports, initial filing requirements,
schedules and statement of financial affairs, cash collateral
pleadings, financing pleadings, and pleadings with respect to the
Debtor's use, sale or lease of property outside the ordinary course
of business;

     f. representing the Debtor with regard to obtaining use of
debtor in possession financing and/or cash collateral including,
but not limited to, negotiating and seeking Bankruptcy Court
approval of any debtor in possession financing and/or cash
collateral pleading or stipulation and preparing any pleadings
relating to obtaining use of debtor in possession financing and/or
cash collateral;

     g. assisting the Debtor in any asset sale process;

     h. assisting the Debtor in the negotiation, formulation,
preparation and confirmation of a plan of reorganization and the
preparation and approval of a disclosure statement in respect of
the plan; and

     i. performing any other services which may be appropriate in
LNBYG's representation of the Debtor during its bankruptcy case.

     h. assisting the Debtor in the negotiation, formulation,
preparation and confirmation of a plan of reorganization and the
preparation and approval of a disclosure statement in respect of
the plan; and

     i. performing any other services which may be appropriate in
LNBYG's representation of the Debtor during its bankruptcy case.

The firm will be paid at these hourly rates:

     David Neale, Attorney             $750
     Ron Bender, Attorney              $750
     Timothy Yoo, Attorney             $750
     David Golubchik, Attorney         $750
     Eve Karasik, Attorney             $750
     Gary Klausner, Attorney           $750
     Eric Israel, Attorney             $750
     Brad Krasnoff, Attorney           $750
     Edward Wolkowitz, Attorney        $750
     Beth Ann Young, Attorney          $750
     Monica Kim, Attorney              $725
     Philip Gasteier, Attorney         $725
     John Tedford, IV, Attorney        $725
     Daniel Reiss, Attorney            $725
     Todd Frealy, Attorney             $725
     Kurt Ramlo, Attorney              $725
     Richard Steelman, Jr., Attorney   $725
     Juliet Oh, Attorney               $725
     Todd Arnold, Attorney             $725
     Krikor Meshefejian, Attorney      $725
     John-Patrick Fritz, Attorney      $725
     Jeffrey Kwong, Attorney           $725
     Joseph Rothberg, Attorney         $725
     Michael D'Alba, Attorney          $725
     Carmela Pagay, Attorney           $725
     Anthony Friedman, Attorney        $725
     Lindsey Smith, Attorney           $650
     Robert Carrasco, Attorney         $550
     Paraprofessionals                 $300

In addition, the firm will seek reimbursement for expenses
incurred.

The firm received a retainer of $51,738 from the Debtor.

Mr. Bender 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:

     Ron Bender, Esq.
     Levene, Neale, Bender, Yoo & Golubchik LLP
     2818 La Cienega Avenue
     Los Angeles, California 90034
     Telephone: (310) 229-1234
     Facsimile: (310) 229-1244
     Email: rb@lnbyg.com

       About Ostendo Technologies Inc.

Ostendo Technologies Inc. develops advanced display and imaging
technologies, including micro-LED and quantum photonic imagers. The
Company operates in the semiconductor sector and maintains
facilities in California.

Ostendo Technologies Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11111) on June
24, 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 Victoria S. Kaufman handles the case.

The Debtors are represented by Ron Bender, Esq. at LEVENE, NEALE,
BENDER, YOO & GOLUBCHIK L.L.P.


OSTENDO TECHNOLOGIES: U.S. Trustee Appoints Creditors' Committee
----------------------------------------------------------------
The U.S. Trustee for Region 16 appointed an official committee to
represent unsecured creditors in the Chapter 11 case of Ostendo
Technologies, Inc.

The committee members are:

   (1) Tseng-Yang Hsu
       1820 San Marino Avenue
       San Marino, CA 91108
       Tel: (626) 202-7672
       Email: tyhsu168@gmail.com

   (2) Vincent Buonassisi  
       13015 Lemon Pine Court
       San Diego, CA 92129
       Tel: (858) 692-9303
       Email: vbuonassisi@icloud.com

   (3) Rahman Wali
       2226 Via Subria
       Vista, CA 92084
       Tel: (858) 335-8076
       Email: rahmanw@yahoo.com  

Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                 About Ostendo Technologies Inc.

Ostendo Technologies Inc. develops advanced display and imaging
technologies, including micro-LED and quantum photonic imagers. The
company operates in the semiconductor sector and maintains
facilities in California.

Ostendo Technologies sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11111) on June 24,
2025. In its petition, the Debtor reported estimated assets between
$1 million and $10 million and estimated liabilities between $10
million and $50 million.

Judge Victoria S. Kaufman handles the case.

The Debtor is represented by Ron Bender, Esq., at Levene, Neale,
Bender, Yoo & Golubchik, LLP.


PARLOR RESTAURANT: Claims to be Paid from Continued Operations
--------------------------------------------------------------
Parlor Restaurant and Lounge, LLC, filed with the U.S. Bankruptcy
Court for the District of Columbia a Second Amended Plan of
Reorganization under Subchapter V dated June 30, 2025.

The Debtor operates "Flirt Cocktail Bar" at 1015 1/2 7th Street NW,
Washington, DC 20001.

The Debtor filed this case due to financial difficulties resulting
from necessary renovations that required closure for several
months, creating cash flow challenges.

This Plan provides for reorganization and continuation of business
operations. The Plan proposes to pay creditors from future income.

Class 3 consists of General Unsecured Claims. This Class is
impaired.

     * Fenix Capital Funding, LLC: $20,000 total per settlement
agreement: $1,000 due October 15, 2025, then $1,000 bi-weekly for
19 payments.

     * Cintas: Debtor agreed with Cintas on settlement amount and
payment date is September 30, 2025.

     * Specialty Capital, LLC: Payment amount and terms to be
determined through ongoing settlement negotiations based on the
Debtor's limited disposable income capacity after essential
operating expenses and competing financial obligations.

     * Any Other Unsecured Creditors: A percentage of allowed
claims to be paid monthly over 36 months beginning January 2026,
with the specific percentage to be determined based on the Debtor's
financial capacity and final settlement amounts with other
creditors.

Class 4 consists of Equity Interests. Retained by current owners
pursuant to Section 1191(e) of the Bankruptcy Code; no
distributions until all creditor payments completed.

The Debtor continues profitable restaurant/bar operations as
debtor-in-possession pursuant to Section 1108 of the Bankruptcy
Code with demonstrated seasonal performance patterns and recent
monthly results showing operational viability.

A full-text copy of the Second Amended Plan dated June 30, 2025 is
available at https://urlcurt.com/u?l=m2FALC from PacerMonitor.com
at no charge.

Counsel to the Debtor:

     Moqadas Islam, Esq.
     MI Law Firm
     3692 Yorktown Village Pass
     Annandale, VA 22003
     Phone: (571) 274-6834
     Email: islam.moqadas@gmail.com

                  About Parlor Restaurant and Lounge

Parlor Restaurant and Lounge LLC is a Washington DC-based
restaurant operator.

Parlor Restaurant and Lounge sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-00021) on January
15, 2025. In its petition, the Debtor reports estimated assets up
to $50,000 and estimated liabilities between $50,000 and $100,000.

Judge Elizabeth L. Gunn oversees the case.

The Debtor is represented by Moqadas Islam, Esq., at MI Law Firm.


PERASO INC: Explores Strategic Alternatives, Reviews Mobix Proposal
-------------------------------------------------------------------
Peraso Inc. announced in a press release that its board of
directors has authorized the exploration of strategic alternatives,
including a merger, sale of assets or other similar transaction,
all intended to maximize stockholder value and further its business
operations.

The Company has retained Craig-Hallum Capital Group LLC as its
financial advisor to assist with the exploration process. The
Company, in making the announcement, noted that there can be no
assurance that the exploration process will result in any strategic
alternative, or as to its outcome or timing.

As part of this process, the Board is also continuing to evaluate
the unsolicited non-binding proposal from Mobix Labs, Inc., which
was previously disclosed on June 27, 2025.

In addition, management is pursuing a wide variety of potential
funding arrangements to address its short-term cash needs and
provide the capital necessary to support its operations while at
the same time conserving cash by delaying or deferring certain
expenditures.

                         About Peraso Inc.

Headquartered in San Jose, California, Peraso Inc. --
www.perasoinc.com -- is a pioneer in high-performance 60 GHz
unlicensed and 5G mmWave wireless technology, offering chipsets,
antenna modules, software and IP.  Peraso supports a variety of
applications, including fixed wireless access, immersive video and
factory automation.  In addition, Peraso's solutions for data and
telecom networks focus on Accelerating Data Intelligence and
Multi-Access Edge Computing, providing end-to-end solutions from
the edge to the centralized core and into the cloud.

In its report dated March 28, 2025, the Company's auditor, Weinberg
& Company, issued a "going concern" qualification, attached to the
Company's Annual Report on Form 10-K for the year ended Dec. 31,
2024, citing that during the year ended Dec. 31, 2024, the Company
incurred a net loss and utilized cash in operations.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.

As of Dec. 31, 2024, Peraso had $7.21 million in total assets,
$3.74 million in total liabilities, and $3.47 million in total
stockholders' equity.


PERRIGO COMPANY: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Perrigo Company plc's (Perrigo)
Long-Term Issuer Default Rating (IDR) at 'BB'. Fitch has also
affirmed the senior secured ratings of Perrigo Investments LLC at
'BBB-' with a Recovery Rating of 'RR1' and the senior unsecured
ratings of Perrigo Company plc, Perrigo Finance Unlimited Company,
and Perrigo Ireland 2 Designated Activity Company at 'BB'/'RR4'.
Fitch has revised the Rating Outlook to Stable from Negative.

While the prior Negative Outlook was concerned with
company-specific and secular challenges, Fitch's decision to change
the Outlook to Stable reflects Perrigo's demonstrated ability to
revitalize its infant formula business and drive operational
efficiencies and its commitment to reduce leverage. Fitch expects
EBITDA leverage will be maintained at or below 4.5x in the near
term.

To maintain leverage below Fitch's positive sensitivity of 4.0x,
Perrigo will need to deliver organic growth and margin expansion
while managing tariff effects and price competition and reduce its
debt. The proposed disposition of its dermacosmetics branded
business may accelerate Perrigo's debt reduction plan, but is not
expected to be sufficient to maintain leverage below 4.0x.

Key Rating Drivers

Infant Formula Recovery: Fitch forecasts approximately $500 million
in revenue in 2025 from the nutrition segment (largely infant
formula), representing a 10%-11% growth rate over 2024 revenue. The
recovery of the infant formula business in 2025 is tempered by
actions from domestic brands to compete with non-U.S.
manufacturers, temporarily reducing store brand volume and
narrowing the pricing gap with Perrigo's store brand products.
Fitch assumes the company will adopt a similar approach in the near
term as it reintroduces nearly 60 products and targets a 22% market
share in 2025. Fitch assumes organic growth rates of 1%-2% after
2025.

Perrigo is a leading private-label infant formula manufacturer in
North America, with approximately 20% market share by volume. After
industry-wide supply disruptions and new manufacturing guidelines
from the U.S. Food and Drug Administration in 2022 and 2023, the
company has made significant investments to optimize its
manufacturing footprint, upgrade packing capabilities and, enhance
quality procedures. These actions restored 98% of Perrigo's service
levels by late 2024, with the majority of its products expected to
return to the market by the summer of 2025.

Balance Sheet Deleveraging: Fitch forecasts (Fitch-defined) EBITDA
leverage at or below 4.5x in the near term and below 4.0x in 2027,
assuming repayment of the term loan A and some EBITDA margin
expansion. Incremental debt repayments using the proceeds from the
disposition of Perrigo's contract manufacturing business in Austria
and the proposed sale of its dermacosmetics branded business could
further strengthen the balance sheet. Management maintains its net
leverage target of approximately 3.5x by YE 2025 and below 3.0x by
YE 2027.

Fitch views margin expansion as an important driver for Perrigo to
maintain EBITDA leverage within Fitch's sensitivity of 4.0x-4.5x in
the near term. Fitch assumes EBITDA margins will expand by 50 basis
points (bps) in 2025 from 17.5% in 2024, and by 30 bps to 70 bps
annually thereafter, assuming the company is successful in
achieving cost savings from its supply chain reinvention program
and project Energize, as well as incremental benefits from the
recovery of the infant formula business.

Manageable Tariff Impact: Fitch expects tariff effects to be more
manageable than previously anticipated due to the de-escalation, at
least for the moment, in U.S.-China trade tensions. However, U.S.
trade policies will continue to influence consumer behavior, likely
resulting in consumers cutting back on non-essential items or
switching to lower-priced or private-label brands. Perrigo has
paused ordering materials from China to soften the negative effect
on its domestic oral care business, and the company expects to
address any tariff effects through pricing actions, onshoring
manufacturing, and sourcing materials from countries with lower
tariff rates.

Relatively Stable Demand: Fitch expects the consumer health care
product industry to benefit from reliable demand as revenue tends
to be recession-resistant. In prior slow-growth periods,
private-label products served as less expensive alternatives,
increasing sales volume sold and total spending to partially offset
lower revenue from higher-margin products. Perrigo is also in an
advantageous position under the current environment because a
significant portion of its over-the-counter (OTC) finished goods
are produced and sourced locally.

Cash Flow Improving: Fitch assumes (Fitch-defined) FCF will be
moderately negative in 2025 due to expenses related to the supply
chain reinvention program and project Energize. Fitch expects
management to remain disciplined with its investment strategy to
maintain sufficient cash reserve in an increasingly uncertain
macroenvironment. As restructuring activities subside, Fitch
assumes FCF margins will improve to 3%-4% of revenue. Over the
forecast period, Fitch does not assume any material loss
contingencies from ongoing lawsuits.

Capital Deployment Priorities: Fitch expects Perrigo to maintain
its commitment to a growing dividend policy and prioritize
reinvestments in the business to drive sustainable long-term
growth. Management plans to reduce net leverage to below 3.0x by YE
2027 through up to $500 million in debt amortization and repayment.
Over the forecast period, Fitch forecasts an annual dividend growth
rate of 5% and does not assume the company will deploy excess cash
toward share repurchases.

Peer Analysis

The 'BB' IDR reflects Perrigo's solid business profile, leading
scale in a generally durable segment, and favorable position to
offer alternatives to branded products. The company has meaningful
financial flexibility, supported by good cash flow from operations
(CFO) and management's commitment to balance sheet deleveraging.
However, these strengths are offset by the fact that Perrigo
competes with numerous companies of varying sizes and capabilities,
as well as declining diversification benefits as Perrigo continues
to optimize its product portfolio.

Perrigo competes with P&L Development Holdings, LLC (PLDH; CCC+).
Perrigo's higher rating reflects the fact that it is much larger in
scale and has a substantially stronger financial profile than
Padagis Holding Company LLC (B+/Stable) and PLDH.

Fitch also compares Perrigo to other health care issuers in the
'BB' category. Both Avantor, Inc. (BB+/Stable) and Jazz
Pharmaceuticals plc (BB/Stable) have stronger cash flow profiles
and are expected to maintain EBITDA leverage at or below 3.5x in
the near term.

Key Assumptions

- Revenue of $4.4 billion in 2025 and annual organic revenue growth
of 2.0%-2.5% thereafter;

- EBITDA margins of 18% in 2025 that will gradually improve to 19%
by 2027, reflecting Fitch's expectation that Perrigo will realize
benefits from its supply chain reinvention program and project
Energize, as well as a moderation in restructuring activities;

- Annual cash interest expenses of $210 million to $220 million in
2025 and 2026 that will decline to $180 million to $190 million
thereafter, reflecting Fitch's assumptions of effective interest
rates of 5.5%-6.0% over the forecast period;

- Working capital will be a use of cash, averaging 1.0% of revenue
over the forecast period;

- Capex of $150 million in 2025 that will increase to $170 million
to $180 million annually thereafter, reflecting Fitch's expectation
that Perrigo will resume major capital investments in its nutrition
network optimization plan;

- Dividends of $160 million in 2025 that will increase to $180
million in 2027, reflecting a 5% annual dividend per share growth
rate;

- Negative FCF in 2025 driven by expenses associated with project
Energize and the supply chain reinvention program; thereafter,
annual FCF of $140 million to $170 million;

- Repayment of the senior secured term loan A in 2027.

Recovery Analysis

Fitch considers the senior secured debt to be Category 1 first lien
debt. Therefore, the senior secured debt instruments are rated
'BBB-'/'RR1', two notches above Perrigo's 'BB' IDR. The senior
unsecured debt instruments are rated 'BB'/'RR4'.

RATING SENSITIVITIES

Factors that Could, Individually and Collectively, Lead to Negative
Rating Action/Downgrade

- EBITDA leverage sustained above 4.5x, driven by a slower recovery
of the infant formula business or EBITDA margin contraction;

- CFO minus capex to debt ratio durably maintained below 5.0%.

Factors that Could, Individually and Collectively, Lead to Positive
Rating Action/Upgrade

- EBITDA leverage sustained below 4.0x, driven by a combination of
EBITDA margin expansion and voluntary debt reduction;

- CFO minus capex to debt ratio durably maintained above 10%;

- Successful investments in high-growth brands that drive organic
revenue growth sustainably above the industry average.

Liquidity and Debt Structure

Liquidity is supported by $410 million of cash on hand and an
undrawn revolver of $1 billion as of March 29, 2025. Fitch projects
CFO of $280 million in 2025 and more than $450 million annually
thereafter, which will be sufficient to cover working capital,
capex, and other cash requirements. Fitch expects Perrigo to
prioritize organic investments and dividends to shareholders over
the forecast period and to repay the senior secured term loan A in
2027.

Perrigo has annual term loan amortization of $35 million in the
near term. The company has approximately $400 million and $945
million of senior secured term loans maturing in 2027 and 2029,
respectively. Over the rating horizon, Fitch assumes effective
interest rates of 5.5%-6.0%. Management targets net leverage of
approximately 3.5x by YE 2025 and below 3.0x by YE 2027,
respectively, and expects to deploy all proceeds from future
divestitures toward balance sheet deleveraging.

Issuer Profile

Perrigo is a global consumer self-care company that provides OTC
health and wellness solutions. It is the largest manufacturer of
OTC pharmaceutical products for the private-label market in the
U.S.

Summary of Financial Adjustments

Fitch adjusts both historical and projected EBITDA to remove
non-cash and non-recurring expenses, including stock-based
compensation, infant formula remediation expenses, gain/loss on
divestitures and investment securities, restructuring expenses, and
other one-time costs.

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
   -----------               ------         --------   -----
Perrigo Finance
Unlimited Company

   senior unsecured    LT     BB  Affirmed    RR4      BB

Perrigo Ireland 2
Designated Activity
Company

   senior unsecured    LT     BB  Affirmed    RR4      BB

Perrigo Company plc    LT IDR BB  Affirmed             BB

   senior unsecured    LT     BB  Affirmed    RR4      BB

Perrigo Investments
LLC

   senior secured      LT     BBB- Affirmed   RR1      BBB-


PHILLIPS TOTAL: Seeks to Extend Plan Exclusivity to November 24
---------------------------------------------------------------
Phillips Total Care Pharmacy, Inc., asked the U.S. Bankruptcy Court
for the Western District of Wisconsin to extend its exclusivity
periods to file a plan of reorganization and obtain acceptance
thereof to November 24, 2025 and January 22, 2026, respectively.

The Debtor claims that it needs additional time to assess the
claims and determine whether to file objections or motions to
estimate, and to prepare, file, and prosecute such objections or
motions. In some cases, unless reduced or disallowed, the claims
could be material to the determination of appropriate plan
treatment and distributions and therefore need to be addressed in
some manner prior to or in conjunction with the proposal of a
plan.

Since the Petition Date, Debtor has also needed to devote attention
and efforts to address issues raised by the loss of a former
customer, and the addition of new customers, which Debtor believed
would assist in mitigating expenses in an effort to reorganize.
Additionally, Debtor has been working to resolve payments from a
provider, which it discovered were being paid rates substantially
less than the appropriate amounts for the type of pharmacy products
provided.

The Debtor expects to address its various claims and complete
negotiations with its creditors in time to prepare and propose a
plan of reorganization and disclosure statement before the end of
the extension sought by this Motion. Debtor expects early in the
extended period (if granted) to move to object to or estimate
claims that it believes should be disallowed or estimated for plan
confirmation purposes.

The Debtor submits that the development of a viable plan given its
employment of NAC and extensive work with NAC demonstrates a
promise of probable success, and that an extension will enable it
to propose a plan that will be confirmable, even if it is
contested. Although it is possible that unsuccessful negotiations
will result in the proposal of a plan that the lender and creditors
consider unsatisfactory, that is not the purpose of the requested
extension.

The Debtor explains that some of the Hoffinger factors (factor 1
and 7) are inapplicable to the facts and circumstances of this
Case, but the rest of the factors clearly demonstrate that the
requested extensions are reasonable, appropriate, and necessary. A
creditors committee has been appointed in this Case (factor 2).
Debtor submits that its conduct so far reflects good faith progress
towards reorganization (factor 3).

In addition, the importance of determining whether to assume or
reject its contracts and leases is an important unresolved issue
(factor 4). Debtor is substantially current in its post-petition
obligations (factor 5). There have been no previous requests to
extend the exclusive periods (factor 6). Debtor is proceeding
diligently to resolve all of its fundamental reorganizations
matters (factor 8). There is no evidence or even suggestion of
gross mismanagement of Debtor (factor 9).

Phillips Total Care Pharmacy Inc. is represented by:

     Claire Ann Richman, Esq.
     Michael P. Richman, Esq.
     Richman & Richman LLC
     122 W. Washington Ave., Ste. 850
     Madison, WI 53703
     Telephone: (608) 889-2322

        About Phillips Total Care Pharmacy Inc.

Phillips Total Care Pharmacy Inc. is a retail pharmacy based in
Mauston, Wisconsin.

Phillips Total Care Pharmacy Inc. sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-10699) on
March 28, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $1 million and $10 million each.

The Debtor is represented by Claire Ann Richman, Esq. and Michael
P. Richman, Esq. at Richman & Richman LLC.


PINEY POINT: Seeks to Extend Plan Exclusivity to August 4
---------------------------------------------------------
Piney Point 2023, LLC asked the U.S. Bankruptcy Court for the
Southern District of Texas to extend its exclusivity periods to
file a plan of reorganization and obtain acceptance thereof to
August 4 and October 6, 2025, respectively.

The Debtor explains that a ninety-day extension is appropriate
because the Debtor is moving in good faith towards confirmation,
sufficient time does not exist for the Debtor to solicit votes and
to confirm its plan prior to the expiration of the exclusivity
period and the Debtor is currently negotiating a purchase and sale
agreement with its anticipated "stalking horse" purchaser for the
sale of the Piney Point apartment complex in the amount in excess
of $80 million.

It is presently anticipated that the sale will most likely generate
sufficient sales proceeds to pay all allowed claims in full under a
plan. Granting the Debtor's requested relief is proper.

The Debtor asserts that it is moving in good faith towards
confirming its Amended Chapter 11 Plan. The Debtor is not seeking
such extension as a tactical measure. The Debtor merely seeks to
maintain the status quo by extending the time periods for its
Chapter 11 plan and confirmation of same.

The Debtor further asserts that extending exclusivity is proper
because (i) August 4, 2025, is the date currently set for the
Debtor to amend and solicit its plan; (ii) Confirmation is
currently set for August 18, 2025; and (iii) additional time is
necessary to solicit votes and to confirm a plan which is based
around the sale of the apartment complex in an amount in excess of
$80 million which is anticipated to allow the Debtor to pay all
allowed claims in full. Granting the relief requested herein is
proper as sufficient cause exists.

                       About Piney Point 2023

Piney Point 2023, LLC, is a single asset real estate company
headquartered in Spring, Texas.

Piney Point 2023 sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Texas Case No. 25-30128) on Jan. 7,
2025.  In its petition, the Debtor estimated assets between $100
million and $500 million and estimated liabilities between $50
million and $100 million.

Bankruptcy Judge Jeffrey P. Norman handles the case.

The Debtor is represented by:

   Steven Douglas Shurn, Esq.
   Hughes Watters Askanase
   Total Energies Tower
   1201 Louisiana, 28th Floor
   Houston TX 77002
   Tel: (713) 590-4200
   Email: sshurn@hwa.com


PLATINUM BEAUTY: Gets Interim OK to Use Cash Collateral
-------------------------------------------------------
Platinum Beauty Bar and Spa, LLC got the green light from the U.S.
Bankruptcy Court for the Middle District of Georgia, Macon
Division, to use cash collateral.

The court's order authorized the Debtor's interim use of cash
collateral from July 22 to August 12 to pay operating expenses in
accordance with its budget. This cash collateral consists of
revenue from the operation of the Debtor's business.

As protection for the Debtor's use of its cash collateral, Citizens
Bank will be granted a valid and properly perfected lien on all
property acquired by Debtor after the bankruptcy filing that is
similar to the lender's pre-bankruptcy collateral. These
replacement liens do not apply to any avoidance actions under
Chapter 5.  

A final hearing is set for August 12.

The Debtor, owned and managed by Rebecca Davis and her husband Don
Davis, offers a range of luxury services at its Conyers, Georgia
location. The spa business initially struggled due to renovation
delays caused by supply chain issues and rising material costs. It
finally opened in December 2022 after the owners depleted their
savings to complete renovations.

However, rising interest rates caused the Debtor's loan payments to
double, leading to a default. The Debtor had previously filed
Chapter 11 in 2023, confirmed a plan in March 2024, and made all
required payments. That plan included interest-only payments and a
lump-sum $800,000 payment, which was to come from the sale of the
Davises' home. When the real estate market cooled, the home didn't
sell as expected, causing a default on the lump sum. Despite
efforts to refinance the loan—including a near-closing with
Carlyle Capital—the deal collapsed due to a zoning issue.
Meanwhile, the property was appraised at $1.8 million, while the
outstanding loan balance was approximately $1.37 million. The
lender has since scheduled a foreclosure for August.

To protect the business and property, the Debtor filed a new
Chapter 11 case.

               About Platinum Beauty Bar and Spa
LLC

Platinum Beauty Bar and Spa, LLC is a full-service spa in Conyers,
Georgia. The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Ga. Case No. 23-51222) on September 1,
2023. In the petition signed by Rebecca Davis, sole member, the
Debtor disclosed up to $10 million in both assets and liabilities.

Judge Austin E. Carter oversees the case.

William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC,
represents the Debtor as legal counsel.

Citizens Bank, as lender, is represented by John A. Thomson, Jr.,
Esq., at Adams and Reese LLP.


POWIN LLC: Vinson & Elkins Represents Ad Hoc Customer Group
-----------------------------------------------------------
The law firm of Vinson & Elkins LLP filed a verified statement
pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure
to disclose that in the Chapter 11 cases of Powin, LLC and
affiliates, the firm represents Ad Hoc Customer Group.

The members of the Ad Hoc Customer Group hold claims against the
Debtors, which may include unsecured pre-petition claims,
postpetition administrative expense claims, and potentially other
claims, including for potential rejection damages in the event
their respective contracts with the Debtors are rejected and
potential claims related to liens asserted against members of the
Ad Hoc Customer Group. The full amount of each of the members'
respective claims is undetermined at this time.

Counsel does not represent the Ad Hoc Customer Group as a
"committee." In addition, the Ad Hoc Customer Group does not
represent or purport to represent any other entities in connection
with these Chapter 11 Cases. Each of the members of the Ad Hoc
Customer Group do not represent the interests of, nor act as a
fiduciary for, any person or entity other than itself in connection
with the Chapter 11 Cases.

The name and address of each of the members of the Ad Hoc Customer
Group represented by Counsel are as follows:

1. Lone Star Solar, LLC
   1519 King Street
   Charleston, SC 29405

2. Idaho Power Company
   1221 W. Idaho St.
   Boise, ID 83702

3. West Warwick Energy Storage 1, LLC
   7 Times Square
   Suite 3504
   New York, NY 10036

4. West Warwick Energy Storage 2, LLC
   7 Times Square
   Suite 3504
   New York, NY 10036

5. West Warwick Energy Storage 3, LLC
   7 Times Square
   Suite 3504
   New York, NY 10036

The law firm can be reached at:

     VINSON & ELKINS LLP
     Steven M. Abramowitz, Esq.
     David S. Meyer, Esq.
     Lauren R. Kanzer, Esq.
     The Grace Building
     1114 Avenue of the Americas, 32nd Floor
     New York, New York 10036-7708
     Tel: (212) 237-0000
     Fax: (212) 237-0100
     Email: sabramowitz@velaw.com
            dmeyer@velaw.com
            lkanzer@velaw.com

     -and-

     William L. Wallander, Esq.
     Matthew D. Struble, Esq.
     2001 Ross Avenue, Suite 3900
     Dallas, Texas 75201
     Tel: (214) 220-7700
     Fax: (214) 220-7716
     Email: bwallander@velaw.com
            mstruble@velaw.com

                          About Powin LLC

Powin, LLC, is a manufacturer of utility-scale battery energy
storage systems. It specializes in designing and manufacturing
advanced energy storage solutions for utility, commercial, and
industrial applications.

Powin and its affiliates sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16137) on June 10,
2025.  In its petition, Powin listed assets and liabilities between
$100 million and $500 million.

Bankruptcy Judge Michael B. Kaplan handles the cases.

The Debtors tapped Togut, Segal & Segal LLP and Dentons US LLP as
counsel, and Huron Transaction Advisory LLC as investment banker.


PREDICTIVE ONCOLOGY: Receives Nasdaq Notice on Bid Price Deficiency
-------------------------------------------------------------------
Predictive Oncology Inc. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that the Company
received a letter from the Listing Qualifications Department of The
Nasdaq Stock Market LLC, indicating that the bid price for the
Company's common stock had closed below $1.00 per share for 30
consecutive business days prior to July 8, 2025, and that the
Company is therefore not in compliance with the minimum bid price
requirement for continued listing on The Nasdaq Capital Market
under Nasdaq Marketplace Rule 5550(a)(2). The notification has no
immediate effect on the listing of the Company's common stock.

The Company has a period of 180 calendar days, or until January 5,
2026, to regain compliance with the Minimum Bid Price Requirement.
If, at any time before January 5, 2026, the bid price of the
Company's common stock closes at or above $1.00 per share for a
minimum of 10 consecutive business days, Nasdaq will provide
written notification that the Company has achieved compliance with
the Minimum Bid Price Requirement.

The letter also disclosed that in the event the Company does not
regain compliance with the Minimum Bid Price Requirement by January
5, 2026, the Company may be eligible for additional time. To
qualify for additional time, the Company would be required to meet
the continued listing requirement for market value of publicly held
shares and all other initial listing standards for The Nasdaq
Capital Market, with the exception of the bid price requirement,
and would need to provide written notice of its intention to cure
the deficiency during the second compliance period, by effecting a
reverse stock split, if necessary. However, if it appears to the
Staff that the Company will not be able to cure the deficiency, or
if the Company is otherwise not eligible, the Staff would notify
the Company that its securities would be subject to delisting. In
the event of such notification, the Company may appeal the Staff's
determination to delist its securities, but there can be no
assurance the Staff would grant the Company's request for continued
listing.

The Company intends to continue actively monitoring the bid price
for its common stock and will consider available options to resolve
the deficiency and regain compliance with the Minimum Bid Price
Requirement.

                        About Predictive Oncology

Predictive Oncology Inc., headquartered in Pittsburgh,
Pennsylvania, is a science- and knowledge-driven company that
leverages artificial intelligence (AI) to advance the discovery and
development of optimal cancer therapies. By combining AI with a
proprietary biobank of over 150,000 tumor samples, categorized by
tumor type, the Company delivers actionable insights into drug
compounds, enhancing the drug discovery process and increasing the
likelihood of clinical success. Predictive Oncology offers a
comprehensive suite of solutions that support oncology drug
development from early discovery through to clinical trials,
ultimately aiming to improve treatment effectiveness and patient
outcomes.

In its report dated March 31, 2025, the Company's auditor, KPMG
LLP, issued a "going concern" qualification, attached to the
Company's Annual Report on Form 10-K for the year ended Dec. 31,
2024, citing that the Company has incurred recurring losses from
operations and has an accumulated deficit that raises substantial
doubt about its ability to continue as a going concern.

As of Dec. 31, 2024, Predictive Oncology had $4.97 million in total
assets, $5.18 million in total liabilities, and a total
stockholders' deficit of $202,610.


PREMIER SURGICAL: Seeks Chapter 11 Bankruptcy in New York
---------------------------------------------------------
On July 22, 2025, Premier Surgical Pavilion of Oxon Hill LLC filed
Chapter 11 protection in the U.S. Bankruptcy Court for the Southern
District of New York. According to court filing, the
Debtor reports between $1 million and $10 million in debt owed
to 1 and 49 creditors. The petition states funds will be available
to unsecured creditors.

           About Premier Surgical Pavilion of Oxon Hill LLC

Premier Surgical Pavilion of Oxon Hill LLC provides outpatient
surgical services through an ambulatory surgery center in Oxon
Hill, Maryland. The facility offers flexible scheduling, including
evening and weekend appointments, and operates under accreditation
from the Accreditation Association for Ambulatory Health Care and
certification from the Centers for Medicare & Medicaid Services.

Premier Surgical Pavilion of Oxon Hill LLC sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.
25-11607) on July 22, 2025. In its petition, the Debtor
reports estimated assets up to $50,000 and estimated liabilities
between $1 million and $10 million.

Honorable Bankruptcy Judge Michael E. Wiles handles the case.

The Debtor is represented by Anthony Vassallo, Esq. at LAW OFFICE
OF ANTHONY M. VASSALLO.


PREMIER TILLAGE: To Sell Farm Assets to Multiple Buyers
-------------------------------------------------------
Premier Tillage, Inc., seeks permission from the U.S. Bankruptcy
Court for the District of Kansas, Kansas City Division, to sell
Assets, free and clear of liens, claims, and encumbrances.

The Debtor produces Blade Plows to control and minimize weeds for
farmlands. Debtor manufactures the Blade Plows at its plant and
sells directly to both the farm end-user and through various
dealers. The Debtor also produces and sells tillage equipment
including blades for replacement on its Blade Plows.

The Debtor seeks to employ Great Plains as its Broker.

The Debtor has multiple secured loans to Equity Bank (Lender). The
Lender is secured by mortgages on Debtor's principal places of
business in Quinter, Kansas which are best itemized as follows: 1)
Production Shop, 2572 County Road 76 (this is the main production
facility); 2) New Shop, 301 Park Street (this is where parts are
stored and shipped from to the purchaser); and 3) Paint Shop, 200
Main Street (where a paint booth is located and operated). Debtor
has also pledged to Equity Bank a second mortgage on the Debtor's
principal's place of residence (400 Parkview Court), which is not
titled in the name of the Debtor. Land and assets not belonging to
the Debtor are not subject to the Sale of Assets.

Other secured lenders of the Debtor's are Northwest Kansas Economic
Innovation Center,  Small Business Administration, Banterra Bank,
General Motors, GM Financial, John Deere Financial and PNC
Equipment Finance.

The Debtor also has leases (executory contracts) with Fidelity
Capital Partners, LLC aka Hanmi Bank for Plan Equipment including a
Robot Assembly, Welding Cell and various associated items and
leases with Toyota Commercial Finance for three forklift units.

On June 2, 2025 the Court entered an Order Approving a Bid
Procedure for the sale of Debtor's assets.

The Debtor, its Broker and Counsel engaged in diligent efforts to
market the assets and receive Bids for purchase.

By June 20, 2025, Debtor had received two Bids. One from GPR, Inc.
and one from Unverferth Manufacturing Company.

On June 30, 2025, it was decided by Debtor, in consultation with
the Lender, to accept the Bid from Unverferth Manufacturing Company
(Unverferth Offer).

The Debtor received a Credit Bid from Equity Bank for assets not
included in the Unverferth Offer. The Credit Bid was filed with the
Court and is for $1,000,000.00.

The Equity Bank Credit Bid does not include any tangible personal
property of the PMSI lenders and also does not include any NW
Kansas collateral that can be separately identified from comingled
inventory of the same type or description or is separately
organized.

On June 30, 2025, Debtor received five separate Credit Bids from
John Deere corresponding to the respective Proofs of Claim filed in
this case. The Credit Bids are as follows:

a. $24,000.00 for collateral detailed in Proof of Claim 26;

b. $51,358.19 for collateral detailed in Proof of Claim 27;

c. $47,880.00 for collateral detailed in Proof of Claim 28;

d. $169,800.00 for collateral detailed in Proof of Claim 29; and

e. $150,000.00 for collateral detailed in Proof of Claim 30.

The Debtor is seeking Court approval for approval for both the
Equity Bank Credit Bid and the John Deere Credit Bid and
authorization to complete the sales.

The Debtor is seeking authority to sell property of the estate
outside the ordinary course of business, free and clear of any
interest in such property pursuant to the terms of the Unverferth
Offer.

The Debtor requests authority to sell the Equity Bid Credit Bid
Assets and John Deere Credit Bid Assets free and clear of all
interests, liens, claims, and encumbrances.

               About Premier Tillage, Inc.

Premier Tillage, Inc. is a family-owned company based in Kansas,
specializing in products and services for both no-till and
conventional tillage farming. The Company's flagship product, the
Minimizer blade plow, enhances efficiency by reducing weeds and
boosting profits. In addition, the Company offers replacement parts
and other farming equipment, such as stubble treaders and sweep
plows.

Premier Tillage filed Chapter 11 petition (Bankr. D. Kan. Case No.
25-20314) on March 18, 2025, listing $5,285,139 in total assets and
$9,284,642 in total liabilities. Daniel W. Chupp, president of
Premier Tillage, signed the petition.

Neil Sader, Esq., at Sader Law Firm, LLC represents the Debtor as
bankruptcy counsel.

Equity Bank is represented by:

   Nicholas J. Zluticky, Esq.
   Stinson LLP
   1201 Walnut, Suite 2900  
   Kansas City, MO 64106  
   Telephone: (816) 842-8600  
   Facsimile: (816) 691-3495  
   nicholas.zluticky@stinson.com


PREMIER TILLAGE: To Sell Farm Equipment to Unverferth Manufacturing
-------------------------------------------------------------------
Premier Tillage, Inc. seeks permission from the U.S. Bankruptcy
Court for the District of Kansas, Kansas City Division, to sell
Assets, free and clear of liens, claims, and encumbrances.

The Debtor produces and services Blade Plows to control and
minimize weeds for farmlands. Debtor manufactures the Blade Plows
at its plant and sells directly to both the farm end-user and
through various dealers. The Debtor also produces and sells tillage
equipment including blades for
replacement on its Blade Plows.

The Debtor employs Great Plains as its Broker.

The Debtor has multiple secured loans to Equity Bank (Lender). The
Lender is secured by mortgages on Debtor's principal places of
business in Quinter, Kansas which are best itemized as follows: 1)
Production Shop, 2572 County Road 76 (this is the main production
facility); 2) New Shop, 301 Park Street (this is where parts are
stored and shipped from to the purchaser); and 3) Paint Shop, 200
Main Street (where a paint booth is located and operated). Debtor
has also pledged to Equity Bank a second mortgage on the Debtor’s
principal’s place of residence (400 Parkview Court), which is not
titled in the name of the Debtor. Land and assets not belonging to
the Debtor are not subject to the Sale of Assets.

Other secured lenders of the Debtor's are Northwest Kansas Economic
Innovation Center,  Small Business Administration, Banterra Bank,
General Motors, GM Financial, John Deere Financial and PNC
Equipment Finance.

The Debtor also has leases (executory contracts) with Fidelity
Capital Partners, LLC aka Hanmi Bank for Plan Equipment including a
Robot Assembly, Welding Cell and various associated items and
leases with Toyota Commercial Finance for three forklift units.
Toyota filed for and was granted Relief From the Automatic Stay and
has repossessed its forklifts.

On June 2, 2025 the Court entered an Order Approving a Bid
Procedure for the sale of Debtor's assets.

The Debtor, its Broker and Counsel engaged in diligent efforts to
market the assets and receive Bids for purchase.

By June 20, 2025, Debtor had received two Bids. One from GPR, Inc.
and one from Unverferth Manufacturing Company.

On June 30, 2025, it was decided by Debtor, in consultation with
the Lender, to accept the Bid from Unverferth Manufacturing Company
(Unverferth Offer).

The Unverferth Offer is for $2,200,000.00 for the purchase of
Debtor's inventory.

A detailed breakdown of the Sale Assets included in the Unverferth
Bid is attached hereto as Exhibit B.

The Debtor requests authority to sell the Sale Assets free and
clear of all interests, liens, claims, and encumbrances. Any such
interests, liens, claims, and encumbrances would attach to the
proceeds of the sale of the assets ultimately attributable to the
property against or in which such interest, lien, claim, or
encumbrance is asserted.

The Debtor believes that the completion and approval of the
Unverferth Offer and sale is in the best interest of the estate.

In conjunction with the sale, Debtor requests the sale proceeds be
distributed as follows:

a. $138,000.00 to Great Plains Capital Partners, LLC pursuant to
their approved Application to Employ;

b. $18,000.00 to the United States Trustee's Office for its
quarterly fee; and

c. $2,044,000.00 to Equity Bank.

The lien of the Small Business Administration (SBA) is subordinate
to the lien of Equity Bank. The Unverferth Offer does not pay the
total obligation to Equity Bank; therefore, the SBA will receive no
distribution from the sale.

            About Premier Tillage, Inc.

Premier Tillage, Inc. is a family-owned company based in Kansas,
specializing in products and services for both no-till and
conventional tillage farming. The Company's flagship product, the
Minimizer blade plow, enhances efficiency by reducing weeds and
boosting profits. In addition, the Company offers replacement parts
and other farming equipment, such as stubble treaders and sweep
plows.

Premier Tillage filed Chapter 11 petition (Bankr. D. Kan. Case No.
25-20314) on March 18, 2025, listing $5,285,139 in total assets and
$9,284,642 in total liabilities. Daniel W. Chupp, president of
Premier Tillage, signed the petition.

Neil Sader, Esq., at Sader Law Firm, LLC represents the Debtor as
bankruptcy counsel.

Equity Bank is represented by:

   Nicholas J. Zluticky, Esq.
   Stinson LLP
   1201 Walnut, Suite 2900  
   Kansas City, MO 64106  
   Telephone: (816) 842-8600  
   Facsimile: (816) 691-3495  
   nicholas.zluticky@stinson.com


PRESBYTERIAN HOMES: No Resident Complaints, 3rd PCO Report Says
---------------------------------------------------------------
Sherry Culp, the duly appointed patient care ombudsman, filed with
the U.S. Bankruptcy Court for the Western District of Kentucky her
third report regarding the quality of patient care provided by
Presbyterian Homes and Services of Kentucky, Inc. and St. James
Group Inc.

On May 29, District Ombudsman, Darcus Hall, made facility visits to
Cedar Creek Assisted Living and spoke with the Administrator,
Chelsea Hamilton, and the Assistant to the Administrator, Trisha
Buckley. On June 26, Hall spoke with only Trisha Buckley. Hall
observed staff in the building interacting with and serving
residents. There were no complaints about staffing at Cedar Creek.

District Ombudsman, Erika Rhodes-Chism, made facility visits to
Rose Anna Hughes Assisted Living on May 31, June 17, and June 23.
Ms. Rhodes-Chism spoke with a nurse on duty who reported working at
the facility for 41 years. She also spoke with facility director,
Janeil Peterson, and Alee Solutions representative, Erin Lamon. She
observed staff in the building interacting with and serving
residents. There were no complaints about staffing at Rose Anna
Hughes.

The ombudsmen had no concerns about the cooperation of the facility
staff at the time of this report.

The Long-Term Care Ombudsman Program has not observed any
significant changes in the facility services or resident
satisfaction.

A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=UGv692 from PacerMonitor.com.

The ombudsman may be reached at:

     Sherry Culp
     Kentucky State Long Term Care Ombudsman
     Nursing Home Ombudsman Agency of the Bluegrass, Inc.
     3138 Custer Drive, Suite 110
     Lexington, Kentucky 40517
     Email: sherry@ombuddy.org

         About Presbyterian Homes and Services of Kentucky

Presbyterian Homes and Services of Kentucky, Inc. sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case
No. 24-33060) on December 15, 2024, listing up to $10 million in
both assets and liabilities. Hattie H. Wagner, president and chief
executive officer of Presbyterian, signed the petition.

Judge Alan C. Stout oversees the case.

Charity S. Bird, Esq., at Kaplan Johnson Abate & Bird, LLP,
represents the Debtor as legal counsel.

Stock Yards Bank & Trust Company, as secured creditor, is
represented by:

     Edward M. King, Esq.
     Jamie Brodsky, Esq.
     Frost Brown Todd, LLP
     400 W. Market Street, 32nd Floor
     Louisville, Kentucky 40202
     Telephone: (502) 589-5400

Hardin KY Opco and Hardin KY Propco, as secured creditors, are
represented by:

     Mary Elisabeth Naumann, Esq.
     Chacey R. Malhouitre, Esq.
     Jackson Kelly, PLLC
     100 W. Main Street, Ste. 700
     Lexington, KY 40507
     Telephone: (859) 255-9500
     Facsimile: (859) 252-0688
     Email: mnaumann@jacksonkelly.com
            chacey.malhouitre@jacksonkelly.com


PRESPERSE CORP: Seeks to Extend Plan Exclusivity to Jan. 5, 2026
----------------------------------------------------------------
Presperse Corporation asked the U.S. Bankruptcy Court for the
District of New Jersey to extend its exclusivity periods to file a
plan of reorganization and obtain acceptance thereof to January 5,
2026 and March 3, 2026, respectively.

As of the Petition Date, the Debtor was entangled in hundreds of
lawsuits related to allegations asserted by talc personal injury
claimants. These Talc Personal Injury Claims were filed brought in
various forums across the United States. In this regard, the Debtor
reached agreements after over a year and half of prebankruptcy
negotiations, which led to the filing of a consensual Plan on the
Petition Date.

Post-petition, the Debtor has most recently obtained conditional
approval of its Disclosure Statement, has worked with the TCC and
FCR to file a solicitation version of the Plan which addresses
insurance issues that were unknown at the time the Plan was
originally filed. Accordingly, the Debtor submits that the size and
complexity of this chapter 11 case weighs in favor of extending the
Exclusivity Periods.

The Debtor explains that its good faith and substantial efforts in
progressing this chapter 11 case and its demonstration not just of
the reasonable prospects of potentially filing a viable plan but
actually having filed the Plan and commencing solicitation efforts
for that Plan after having obtained conditional approval of its
Disclosure Statement, weigh heavily in favor of extending the
Exclusivity Periods.

The Debtor claims that the extension of the Exclusivity Periods
requested in this Motion will not in any way prejudice creditors.
The Debtor desires to further the extensive pre- and post-petition
Plan negotiations with representatives of The Hartford, TCC and the
FCR and hopes to reach as much consensus as possible (and as soon
as possible) to allow for a smooth Plan confirmation hearing. The
Debtor believes that the parties are very close to reaching such a
consensus and ultimate settlement of most if not all of the
remaining material plan confirmation issues.

Moreover, even if the Court approves an extension of the
Exclusivity Periods, nothing prevents parties in interest from
later arguing to the Court that cause supports termination of the
Debtor's exclusivity and/or raising any potential objections at the
confirmation hearing. Consequently, the relief requested in this
Motion will not result in a delay of the Plan process, but rather,
will permit the process to proceed in an orderly manner.

Furthermore, the Debtor has been paying its bills as they come due
and is otherwise continuing to operate in the ordinary course of
business. The Debtor has accomplished a great deal to date and
continues to work diligently towards confirmation of the Plan and
related issues.

Presperse Corporation is represented by:          

         Morris S. Bauer, Esq.
         DUANE MORRIS LLP
         200 Campus Drive, Suite 300
         Florham Park, NJ 07932-1007
         Tel: 973-424-2000
         Fax: 973-424-2001
         E-mail: msbauer@duanemorris.com

                   About Presperse Corporation

Presperse Corporation provides premium specialty ingredients to
formulators of skincare, sun care, hair care, color cosmetics, and
diverse areas of beauty and wellness.

Presperse Corporation sought relief under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.J. Case No. 24-18921) on Sept. 9, 2024.
In the petition filed by CFO Mehul Shah, Presperse disclosed $10
million to $50 million in assets and $50 million to $100 million in
debt.

The Hon. Michael B Kaplan presides over the case.

Duane Morris LLP is the Debtors' general bankruptcy counsel.
Getzler Henrich is the Debtors' financial advisor.  Kroll
Restructuring Administration LLC is the Debtors' claims and
noticing agent.

The Talc Claimants' Committee retained Robinson & Cole as legal
counsel and GlassRatner (doing business as B. Riley) as financial
advisor, and Legal Analysis Systems to provide advice.

Value Extraction Services is the prepetition future claimants'
representative, and hired Young Conaway as counsel, Ankura
Consulting Group as consultant, and jointly retained, together with
the Talc Claimants' Committee, B. Riley as financial advisor.

Presperse's parent, Sumitomo Corporation of Americas, is providing
post-petition financing and is represented by lawyers at Lowenstein
Sandler.


PROFESSIONAL DIVERSITY: Issues $400K in Convertible Notes
---------------------------------------------------------
Professional Diversity Network, Inc. disclosed in a Form 8-K Report
filed with the U.S. Securities and Exchange Commission that it
entered into two separate Convertible Note Purchase Agreements with
two non-affiliated accredited investors.

Pursuant to the Purchase Agreements, the Company issued and sold to
the Purchasers unsecured convertible promissory notes on July 7 and
July 9, 2025, in the principal amounts of $250,000 and $150,000,
respectively, for aggregate gross proceeds of $400,000.

The First Note is convertible, at the option of the Purchasers,
into restricted shares of the Company's common stock, par value
$0.01 per share, at a conversion price equal to the greater of:

     (i) a floor price of $0.47 (subject to adjustment for stock
splits and similar events), and
    (ii) 80% of the lowest of (A) the 15-day average closing price,
(B) the 10-day volume-weighted average price, or (C) the lowest
3-day VWAP during the 45 trading days immediately prior to the date
of the applicable conversion notice.

The Second Note is convertible, at the option of the Purchasers,
into restricted shares of the Company's Common Stock, at a
conversion price equal to the greater of:

     (i) a floor price of $0.47 (subject to adjustment for stock
splits and similar events), and
    (ii) 80% of the lowest of the 15-day average closing price
preceding the date of the applicable conversion notice.

The Notes bear interest at a rate of 12% per annum and mature 360
days after the applicable purchase price payment date. The Notes
contain customary events of default, including non-payment and
insolvency-related events. Upon an event of default, the interest
rate increases to 18% per annum, and the Purchasers may accelerate
the Notes and pursue additional remedies.

The issuance of the Notes were, and the shares of Common Stock
issuable upon the conversion thereof will be issued in reliance on
the exemptions from registration provided by Section 4(a)(2) under
the Securities Act of 1933, as amended, and Regulation D
promulgated thereunder.

The foregoing descriptions of the Purchase Agreements and the Notes
do not purport to be complete and are qualified in their entirety
by reference to the full text of the form of Purchase Agreement and
form of Note, which are filed as Exhibits 10.1 and 10.2 to the
Current Report on Form 8-K dated July 11, 2025, and incorporated
therein by reference is available at https://tinyurl.com/4k2xsmne

                     About Professional Diversity

Headquartered in Chicago, Illinois, Professional Diversity Network,
Inc. -- https://www.prodivnet.com/ -- is a global developer and
operator of online and in-person networks that provides access to
networking, training, educational, and employment opportunities for
diverse professionals. The Company operates subsidiaries in the
United States, including National Association of Professional Women
(NAPW) and its brand, International Association of Women (IAW),
which is one of the largest, most recognized networking
organizations of professional women in the country, spanning more
than 200 industries and professions. Through an online platform and
its relationship recruitment affinity groups, the Company provides
its employer clients a means to identify and acquire diverse talent
and assist them with their efforts to comply with the Equal
Employment Opportunity Office of Federal Contract Compliance
Program. The Company's mission is to utilize the collective
strength of its affiliate companies, members, partners, and unique
proprietary platform to be the standard in business diversity
recruiting, networking, and professional development for women,
minorities, veterans, LGBTQ+, and disabled persons globally.

Oak Brook, Illinois-based Sassetti LLC, the Company's auditor since
2022, issued a "going concern" qualification in its report dated
March 31, 2025, attached to the Company's Annual Report on Form
10-K for the year ended Dec. 31, 2024, citing that the Company has
incurred recurring operating losses, has a significant accumulated
deficit, and will need to raise additional funds to meet its
obligations and the costs of its operations. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.

As of Dec. 31, 2024, Professional Diversity Network had $7,981,801
in total assets, $3,140,897 in total liabilities, and a total
stockholders' equity of $4,840,904.



PUERTO RICO: PREPA Bondholders Accuse Utility of Diverting $2.9B
----------------------------------------------------------------
Emily Lever of Law360 reports that on Wednesday, July 23, 2025,
Puerto Rico's electric utility, Puerto Rico Electric Power
Authority (PREPA), defended itself in New York bankruptcy court
against claims that it misused revenues pledged as collateral for
$8.5 billion in bonds.

                    About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States. The chief of state is the President of the
United States of America. The head of government is an elected
Governor. There are two legislative chambers: the House of
Representatives, 51 seats, and the Senate, 27 seats. The
governor-elect is Ricardo Antonio Rossello Nevares, the son of
former governor Pedro Rossello.

In 2016, the U.S. Congress passed PROMESA, which, among other
things, created the Financial Oversight and Management Board and
imposed an automatic stay on creditor lawsuits against the
government, which expired May 1, 2017.

The members of the oversight board are: (i) Andrew G. Biggs, (ii)
Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J.
Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii)
David A. Skeel Jr.

On May 3, 2017, the Commonwealth of Puerto Rico filed a petition
for relief under Title III of the Puerto Rico Oversight,
Management, and Economic Stability Act (PROMESA). The case is
pending in the United States District Court for the District of
Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico
PROMESA petition is available at
http://bankrupt.com/misc/1701578-00001.pdf   

On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation
(COFINA) commenced a case under Title III of PROMESA (D.P.R. Case
No. 17-01599). Joint administration has been sought for the Title
III cases.

On May 21, 2017, two more agencies‚ Employees Retirement System
of the Government of the Commonwealth of Puerto Rico and Puerto
Rico Highways and Transportation Authority (Case Nos. 17-01685 and
17-01686) commenced Title III cases.

U.S. Chief Justice John Roberts named U.S. District Judge Laura
Taylor Swain to preside over the Title III cases.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal
investment banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq.,
at O'Neill & Borges LLC are onboard as attorneys.

Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains the case Web site
https://cases.primeclerk.com/puertorico

Jones Day is serving as counsel to certain ERS bondholders.

Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General
Obligation Bondholders.


PUERTO RICO: Stops $20 Billion LNG Deal Talks with New Fortress
---------------------------------------------------------------
Jim Wyss and Ruth Liao of Bloomberg News report that Puerto Rico is
halting efforts to finalize a multi-billion dollar liquefied
natural gas contract with New Fortress Energy Inc. after the
company declined to accept revised terms, according to one of the
lead negotiators.

Osvaldo Carlo Linares, president of Recoms Group -- the island's
third-party procurement agency -- said New Fortress refused to
engage in discussions over proposed contract changes and failed to
meet a critical deadline, according to Bloomberg News.

"Given what we see as a lack of interest from New Fortress, we are
ending this RFP process,” he told Bloomberg News.

                         About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States. The chief of state is the President of the
United States of America. The head of government is an elected
Governor. There are two legislative chambers: the House of
Representatives, 51 seats, and the Senate, 27 seats. The
governor-elect is Ricardo Antonio Rossello Nevares, the son of
former governor Pedro Rossello.

In 2016, the U.S. Congress passed PROMESA, which, among other
things, created the Financial Oversight and Management Board and
imposed an automatic stay on creditor lawsuits against the
government, which expired May 1, 2017.

The members of the oversight board are: (i) Andrew G. Biggs, (ii)
Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J.
Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii)
David A. Skeel Jr.

On May 3, 2017, the Commonwealth of Puerto Rico filed a petition
for relief under Title III of the Puerto Rico Oversight,
Management, and Economic Stability Act (PROMESA). The case is
pending in the United States District Court for the District of
Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico
PROMESA petition is available at
http://bankrupt.com/misc/1701578-00001.pdf   

On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation
(COFINA) commenced a case under Title III of PROMESA (D.P.R. Case
No. 17-01599). Joint administration has been sought for the Title
III cases.

On May 21, 2017, two more agencies‚ Employees Retirement System
of the Government of the Commonwealth of Puerto Rico and Puerto
Rico Highways and Transportation Authority (Case Nos. 17-01685 and
17-01686) commenced Title III cases.

U.S. Chief Justice John Roberts named U.S. District Judge Laura
Taylor Swain to preside over the Title III cases.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal
investment banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq.,
at O'Neill & Borges LLC are onboard as attorneys.

Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains the case Web site
https://cases.primeclerk.com/puertorico

Jones Day is serving as counsel to certain ERS bondholders.

Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General
Obligation Bondholders.


RENOVARO INC: Nasdaq Flags Potential Delisting for Missed Meeting
-----------------------------------------------------------------
Renovaro Inc. disclosed in a Form 8-K Report filed with the U.S.
Securities and Exchange Commission that it received a written
notice from the Listing Qualifications Department of The Nasdaq
Stock Market LLC notifying the Company that it is no longer in
compliance with Nasdaq Listing Rule 5620(a), which requires that
listed companies hold an annual meeting of shareholders no later
than one year after the end of their fiscal year.

The Company did not hold its annual meeting of shareholders within
twelve months of the end of its fiscal year ended June 30, 2024,
and therefore did not satisfy this requirement. Pursuant to Nasdaq
Listing Rule 5810(c)(2)(G), the Company has 45 calendar days from
the date of the Notice to submit a plan to regain compliance. If
Nasdaq accepts the Company's plan, Nasdaq may grant the Company an
extension of up to 180 calendar days from the fiscal year-end, or
until December 29, 2025, to regain compliance.

The Company is working diligently to submit a plan of compliance
within the required timeframe and intends to hold its annual
meeting of shareholders as soon as practicable to regain compliance
with Nasdaq's continued listing standards.

This notice does not immediately affect the listing or trading of
the Company's common stock on Nasdaq. However, if the Company fails
to timely submit a compliance plan or if Nasdaq does not accept the
Company's plan, the Company's common stock may be subject to
delisting.

The Company intends to monitor its compliance with the applicable
Nasdaq Listing Rules and will take all necessary steps to maintain
its Nasdaq listing.

                       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.



S&W SEED: Amends Mountain Ridge Deal for $1.2M Bridge Loan
----------------------------------------------------------
As previously disclosed, on December 19, 2024, S&W Seed Company
entered into a Credit and Security Agreement (as amended to date,
the "Mountain Ridge Credit Agreement") with ABL OPCO LLC ("Mountain
Ridge"), as administrative agent, and the lenders party thereto.
The Mountain Ridge Credit Agreement provides for a senior secured
credit facility of up to $25.0 million. Capitalized terms used but
not otherwise defined in this Current Report shall have the
meanings ascribed to them in the Mountain Ridge Credit Agreement.

On July 10, 2025, the Company and Mountain Ridge entered into a
letter agreement relating to the Mountain Ridge Credit Agreement
(the "Third Letter Agreement").

Pursuant to the Third Letter Agreement, the Lenders:

     (1) advanced additional Revolving Loans under the Mountain
Ridge Credit Agreement to the Company in the aggregate principal
amount of $585,431 and(
     2) have agreed to advance additional Revolving Loans under the
Mountain Ridge Credit Agreement to the Company on a weekly basis
thereafter, subject to certain conditions and until August 1, 2025
at the latest (collectively, the "Specified Revolving Loans").

The Specified Revolving Loans are to be used solely to pay certain
estimated costs and expenses of the Company and will not exceed
$1,198,000 in the aggregate. The Specified Revolving Loans are
secured by the Collateral.

In consideration of the Lenders' agreement to advance the Specified
Revolving Loans, the Company will pay the Lenders a funding fee in
the aggregate amount of $500,000, which amount:

     (i) became fully earned and nonrefundable on the date of the
Third Letter Agreement,
    (ii) shall be due and payable on the earlier to occur of:
          (A) the Maturity Date,
          (B) Acceleration of the Loans, or
          (C) any sale of any assets of the Loan Parties outside
the ordinary course of business, and
   (iii) shall be considered an earned fee for all purposes under
the Mountain Ridge Credit Agreement on account of all Obligations
generally and in consideration for all outstanding Loans which have
been made, including the Specified Revolving Loans.

The Specified Revolving Loans will bear interest at a rate of
18.00% per annum from the date of the Third Letter Agreement until
the date the Revolving Exposure is no longer in excess of the
Borrowing Base.

                       About S&W Seed Company

Founded in 1980, S&W is a global multi-crop, middle-market
agricultural company headquartered in Longmont, Colorado.  S&W's
vision is to be the world's preferred proprietary seed company
which supplies a range of sorghum, forage and specialty crop
products that supports the growing global demand for animal
proteins and healthier consumer diets.  S&W is a global leader in
proprietary sorghum seeds with significant research and
development, production and distribution capabilities.  S&W also
has a commercial presence in proprietary alfalfa seeds, and through
a partnership, is focused on sustainable biofuel feedstocks
primarily within camelina.  For more information, please visit
www.swseedco.com.

Denver, Colorado-based Grant Thornton LLP, the Company's auditor
since 2024, issued a "going concern" qualification in its report
dated Nov. 1, 2024.  The report cited that the Company has incurred
a net loss of $30.1 million and cash used in operating activities
was $5.6 million for the year ended June 30, 2024, and as of that
date, the Company's current liabilities exceeded its current assets
by $5.9 million and had an accumulated deficit of $122.1 million.

In addition, the Company's subsidiary, S&W Australia, entered into
voluntary administration on July 24, 2024, and is no longer under
the Company's control.  S&W Australia's entry into voluntary
administration also resulted in an event of default under the
Company's Amended CIBC Loan Agreement.  On Aug. 5, 2024, the
Company received a waiver for the event of default from CIBC, which
contained conditions that are not within the Company's control.
Effective Sept. 16, 2024, the Company was not in compliance with
the amended terms per the Third Amendment of the Company's Amended
CIBC Loan Agreement, which constitutes an additional event of
default, and through the date of this report has not been able to
regain compliance.  These conditions and uncertainties as to
whether the Company can mitigate the impact of the voluntary
administration, along other matters, raise substantial doubt about
the Company's ability to continue as a going concern.



S&W SEED: Board OKs Voluntary Nasdaq Exit, SEC Deregistration
-------------------------------------------------------------
S&W Seed Company disclosed in a Form 8-K Report filed with the U.S.
Securities and Exchange Commission that the Board of Directors
approved the voluntary delisting of the Company's common stock from
The Nasdaq Capital Market and the subsequent voluntary
deregistration of the Company's common stock with the U.S.
Securities and Exchange Commission in order to terminate and
suspend its reporting obligations under the Securities Exchange Act
of 1934, as amended.

Accordingly, on July 14, 2025, the Company notified The Nasdaq
Stock Market LLC of its intent to file a Form 25 with the SEC
relating to the delisting of the Company's common stock and
anticipates that the delisting of its common stock will become
effective 10 days after the Form 25 filing.

The Board made the decision to pursue delisting and deregistration
of the Company's common stock following its review and careful
consideration of several factors, including, but not limited to,
the Company's likely future non-compliance with the continued
listing requirements of Nasdaq that would inevitably result in
delisting of the Company's common stock by Nasdaq, as well as the
required personnel resources, high costs and regulatory burdens
relating to ongoing Nasdaq and SEC reporting requirements,
particularly in light of the Company's previously disclosed events
of default under certain of its credit facilities and termination
of employees as described in its Current Report on Form 8-K filed
with the SEC on June 23, 2025.

Following the effectiveness of the Form 25, the Company also
intends to file a Form 15 with the SEC on or about August 4, 2025
to suspend the Company's reporting obligations under Section 15(d)
of the Exchange Act. As a result of the filing of the Form 15, the
Company's obligation to file certain Exchange Act reports and forms
with the SEC, including certain Forms 10-K, 10-Q and 8-K, will
cease. The Company will generally be relieved of all reporting
obligations under the Exchange Act upon the effectiveness of the
deregistration. The Company expects that the deregistration of its
common stock will become effective 90 days after the filing of the
Form 25 with the SEC.

                       About S&W Seed Company

Founded in 1980, S&W is a global multi-crop, middle-market
agricultural company headquartered in Longmont, Colorado.  S&W's
vision is to be the world's preferred proprietary seed company
which supplies a range of sorghum, forage and specialty crop
products that supports the growing global demand for animal
proteins and healthier consumer diets.  S&W is a global leader in
proprietary sorghum seeds with significant research and
development, production and distribution capabilities.  S&W also
has a commercial presence in proprietary alfalfa seeds, and through
a partnership, is focused on sustainable biofuel feedstocks
primarily within camelina.  For more information, please visit
www.swseedco.com.

Denver, Colorado-based Grant Thornton LLP, the Company's auditor
since 2024, issued a "going concern" qualification in its report
dated Nov. 1, 2024.  The report cited that the Company has incurred
a net loss of $30.1 million and cash used in operating activities
was $5.6 million for the year ended June 30, 2024, and as of that
date, the Company's current liabilities exceeded its current assets
by $5.9 million and had an accumulated deficit of $122.1 million.

In addition, the Company's subsidiary, S&W Australia, entered into
voluntary administration on July 24, 2024, and is no longer under
the Company's control.  S&W Australia's entry into voluntary
administration also resulted in an event of default under the
Company's Amended CIBC Loan Agreement.  On Aug. 5, 2024, the
Company received a waiver for the event of default from CIBC, which
contained conditions that are not within the Company's control.
Effective Sept. 16, 2024, the Company was not in compliance with
the amended terms per the Third Amendment of the Company's Amended
CIBC Loan Agreement, which constitutes an additional event of
default, and through the date of this report has not been able to
regain compliance.  These conditions and uncertainties as to
whether the Company can mitigate the impact of the voluntary
administration, along other matters, raise substantial doubt about
the Company's ability to continue as a going concern.


SAGAMORE TOV: Seeks to Hire Goldberg Weprin Finkel as Counsel
-------------------------------------------------------------
Sagamore Tov, LLC seeks approval from the U.S. Bankruptcy Court for
the Eastern District of New York to hire Goldberg Weprin Finkel
Goldstein LLP to handle its Chapter 11 case.

The firm will render these services:

     a. provide the Debtor with all necessary representation in
connection with this Chapter 11 case, as well as the Debtor's
responsibilities as a debtor-in-possession;

     b. represent the Debtor in all proceedings before the U.S.
Bankruptcy Court and the Office of the U.S. Trustee;

     c. review, prepare and file all necessary legal papers,
applications, motions, objections, adversary proceedings,
pleadings, and reports a required in the Chapter 11; and

     d. provide all other legal services required with respect to
selling the Property and achieving confirmation of a liquidating
plan of reorganization.

The firm will be paid at these hourly rates:

     Partner           $605 - $785
     Associate         $380 - $560
     Paralegal          $85 - $120

The firm received a retainer of $25,000.

J. Ted Donovan, Esq., an attorney at Goldberg Weprin Finkel
Goldstein, 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:

     J. Ted Donovan, Esq.
     Goldberg Weprin Finkel Goldstein LLP
     125 Park Ave. Floor 12
     New York, NY 10017
     Telephone: (212) 221-5700

        About Sagamore Tov, LLC

Headquartered in Brooklyn, NY, the Debtor owns a shopping center
known as the Home Depot Center, located at 311 Sagamore Parkway
North, Lafayette, IN.

Sagamore Tov, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
25-40588) on February 5, 2025. At the time of filing, the Debtor
estimated $6,232,698 in assets and $5,298,413 in liabilities. The
petition was signed by David Goldwasser as chief restructuring
officer.

Judge Elizabeth S Stong presides over the case.

Kevin Nash, Esq. at GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP represents
the Debtor as counsel.


SAGAMORE TOV: Seeks to Hire Mr. Goldwasser of FIA Capital as CRO
----------------------------------------------------------------
Sagamore Tov, LLC seeks approval from the U.S. Bankruptcy Court for
the Eastern District of New York to hire FIA Capital Partners, LLC
to designated David Goldwasser as chief restructuring officer.

The firm will provide these services:

     a. assist with administering the Debtor's Chapter 11 case;

     b. oversee the preparation of all Chapter 11 reporting;
including monthly operating reports and budgets;

     c. pursue negotiations with the lender and lender's
representative with respect to cash collateral, the refinancing or
sale of the property and the amount of Lender's claim;

     d. assist with the formulation of a plan of reorganization.

The firm will be paid at these fees:

     a. The firm received a retainer in the amount of $25,000.

     b. The firm will be paid a monthly fee beginning April 1, 2025
in the amount of $5,000.

     c. A per diem fee for travel in the amount of $2,500 plus
travel expenses.

Mr. Goldwasser 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:

     David Goldwasser
     FIA Capital Partners, LLC
     25 Front Street, 2nd Floor
     Brooklyn, NY 11201
     Email: dgoldwasser@fiacp.com

           About Sagamore Tov, LLC

Headquartered in Brooklyn, NY, Sagamore Tov, LLC owns a shopping
center known as the Home Depot Center, located at 311 Sagamore
Parkway North, Lafayette, IN.

Sagamore Tov, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
25-40588) on February 5, 2025. At the time of filing, the Debtor
estimated $6,232,698 in total assets and $5,298,413 in liabilities.
The petition was signed by David Goldwasser as chief restructuring
officer.

Judge Elizabeth S Stong presides over the case.

Kevin Nash, Esq. at GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP represents
the Debtor as counsel.



SAVAGE ENTERPRISES: Fitch Assigns 'BB-' Rating on Sr. Secured Debt
------------------------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating with a Recovery Rating of
'RR3' to Savage Enterprises, LLC's proposed issuance of a new
senior secured term loan. Fitch currently rates Savage's Long-Term
Issuer Default Rating (IDR) 'B+', the existing super senior secured
ABL 'BB+'/'RR1' and senior secured term loan B (TLB) 'BB-'/'RR3'.
The Rating Outlook is Stable.

The ratings reflect Savage's vital infrastructure operations and
strategically located agribusiness assets, benefitting from
logistical expertise. Commodity price risk is mitigated by hedging
to ensure profit per unit. Fitch expects EBITDA leverage to be
around 4.0x in 2026, with EBITDA interest coverage improving to
4.0x and FCF breaking even to slightly positive in 2025 amid growth
spending.

Considerations include Savage's smaller scale, concentrated
agricultural (ag) commodity sourcing, moderate U.S. coal exposure
and potential tariffs. Fitch expects Savage to pursue projects and
acquisitions to enhance cash flow, potentially causing temporary
credit metric variability.

Key Rating Drivers

Ceres Acquisition, New TLB: On July 7, 2025, Savage completed its
$170 million acquisition of Ceres, expanding its crop portfolio and
entering Canada and Minnesota. The acquisition was funded through
Savage's ABL facility, raising pro forma LTM 1Q25 EBITDA leverage
to the low-4.0x range. Savage plans to borrow a new seven-year,
$835 million TLB and raise other debt to repay ABL borrowings and
refinance the existing TLB. Although leverage will be temporarily
elevated, this is within its expectations for short-term
fluctuations as the company pursues growth, with Fitch projecting a
decline in leverage to 4.0x by end-FY26, consistent with the 'B+'
rating.

Infrastructure Stability and Agribusiness Scale: Fitch views the
infrastructure segment's operating profile as aligned with the
low/mid 'BB' rating category, while agribusiness is more aligned
with the high 'B' rating category. Strength in the infrastructure
is supported by steady demand dynamics and the mission-critical
nature of its services, which are output-linked and support cash
flow stability. In the agribusinesses, Fitch considers the regional
concentration, focus on few ag commodities and EBITDA of under $500
million. To mitigate risks, Savage has operational capabilities
that help reduce sourcing/production risks and has practices in
place to reduce the impact of commodity price volatility.

Impacts of Tariffs: Fitch's forecast assumes any decreased demand
from Mexico would be mitigated by access to U.S. ports and the
ability to ship elsewhere, but potentially at higher costs, or by
seeking additional domestic demand. The agency will continue to
monitor trade developments and Savage's optionality. Steady U.S.
crop demand is expected, driven by the USDA's growth projections
based on renewable diesel, demographic shifts, and livestock needs.
Mexico contributes about one-third of Savage's EBITDA, with most
grain transported by train and some by vessel.

Forecast 4.0x Leverage: Pro forma for the Ceres acquisition, Fitch
projects EBITDA leverage will be in the low-4.0x range in 2025,
before improving to 4.0x or below within the next two years. The
transaction limits headroom to rating sensitivities in the near
term; however, Fitch's rating incorporates a debt-funded growth
strategy that may temporarily widen credit metrics coupled with a
subsequent deleveraging path toward the company's target of about
3.5x.

FCF Supports Growth: Fitch expects FCF generation will be around
breakeven over the forecast horizon, reflecting expectations of
continued growth investments following completion of the crush
facility. The company plans to balance growth capex with robust
availability under its ABL. These projects aim to enhance
connectivity in logistics channels, such as ports and transload
terminals, and support growth capacity through new elevators. Fitch
believes this strategy maintains financial flexibility to adjust
capex as needed, with only $60 million to $70 million required for
maintenance-level capex and leases.

Growing Diversification, Vertical Integration: The Ceres
acquisition, soybean crushing facility, and Texon enhance Savage's
diversification, scale, and vertical integration. Ceres broadens
geographic reach and product mix. The soybean facility enables
Savage to capture more supply chain margin and renewable diesel
driven growth. Texon expands energy commodity ownership, improves
supply chain position, and supports cross-selling. These benefits
are balanced by execution risks as Savage develops new markets and
customer sets. Savage targets acquisitions with risk management
practices to mitigate price-linked margin risks, consistent with
its agribusiness approach.

Inventories Bolster Contingent Liquidity: Savage's 'B+' rating
incorporates its liquidity profile that benefits from highly liquid
ag inventories, which at YE 2024 exceeded $300 million, and include
commodities such as wheat, corn and soybeans. This characteristic
is similar to other ag merchandising companies. Fitch forecasts
EBITDA interest coverage in the high-3x-to-4.0x range over the
2025-2027 time frame, which also supports Fitch's view of financial
flexibility.

Peer Analysis

Compared with rated ag peers Tereos SCA (BB/Stable) and Andre Maggi
Participacoes S.A. (BB/Stable), Savage has a relatively smaller
scale and more geographical concentration, which leads to
heightened operational/sourcing risks. Savage's operating profile
considerations are similar to Aragvi Holding International Limited
(B+/Stable), with both sharing regional concentration, limited
scale and focused product offerings.

Fitch also compares Savage to plant services providers such as WEC
US Holdings Ltd. (Westinghouse Electric Company; B+/Stable).
Westinghouse provides a high degree of recurring operational and
fueling offerings that create a steady cash flow stream while
maintaining a uniquely strong market share. Fitch expects Savage's
EBITDA leverage to remain around 4.0x which is relatively lower
than Westinghouse around mid-4.0. Aragvi's readily marketable
inventory-adjusted net EBITDA leverage was 2.7x in 2024.

Key Assumptions

- Revenue and EBITDA grow organically by low single digits annually
throughout the forecast;

- Capex of around $150 million to $200 million annually throughout
the forecast period, supporting growth capacity and the buildout of
logistical channels;

- Working capital investment is expected to moderate following
completion of the crush facility;

- Savage balances growth-oriented capital deployment with
maintaining robust ABL availability and leverage profile around the
mid-to-high-3.0x range;

- Annual owner distributions remain steady;

- SOFR rates are assumed to be around 4% through the forecast.

Recovery Analysis

The recovery analysis assumes that Savage would be reorganized as a
going concern (GC) in bankruptcy rather than liquidated. Fitch has
assumed a 10% administrative claim.

The GC EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganization EBITDA level upon which Fitch bases the
valuation of the company. GC EBITDA is now $315 million, revised
upward to account for the Ceres acquisition, and includes
contributions from Texon and Project Crush. This considers a
scenario of extended severe weather conditions impacting the
ability to profitably source commodity inputs, an accelerated
decline in the coal business, or persistent operational challenges
or economic weakness.

The GC multiple of 4.75x reflects the blended multiple of the ag
and infrastructure business, considering the company's scale,
commoditized nature of its agriculture products and relative
steadiness in the infrastructure business. It also considers
comparable valuations among peers in the ag and infrastructure
services markets.

In Fitch's calculation of ABL utilization, Fitch considers the
average historical borrowing base, including additions from Texon,
and is assumed to be fully drawn. The ABL borrowing base assumption
was increased proportional to reflect the facility upsize.

The waterfall results in a 'BB+'/'RR1' Recovery Rating for the ABL
facility of $750 million and a 'BB-'/'RR3' for the first lien term
loan B of $835 million.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- EBITDA leverage sustained above 4.0x;

- Reduced financial flexibility, as reflected in EBITDA interest
coverage sustained below 3.0x or an inability to sustain midcycle
ABL availability around 50% or more;

- Operating challenges or a change in strategy that leads to
heightened earnings variability or constrains Savage's cash flow
profile.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Demonstrated commitment and track record of financial policies
leading to EBITDA leverage sustained below 3.5x;

- Improved scale and diversification of operations that increase
the stability of Savage's FCF profile;

- Improved financial flexibility as indicated by sustaining EBITDA
interest coverage above 3.5x.

Liquidity and Debt Structure

As of March 31, 2025, Savage had $322 million in liquidity,
including $56 million in cash and $266 million available on its
$650 million ABL. In July 2025, the ABL was upsized to $750 million
and extended to 2031. Positive FCF, before dividends and growth
projects, supports financial flexibility. There are no maturities
in the next three years.

Issuer Profile

Savage, established in 1946 and headquartered in Utah, is a
privately held transportation logistics materials handling and
industrial services company serving industries including oil
refining, power generation, railroads, food, agriculture, oil and
gas, mining, chemicals, petrochemicals, ports, terminals, and
construction.

Summary of Financial Adjustments

Savage Gulf Rail (SGR) Deconsolidation

Fitch deconsolidates the SGR subsidiary from Savage and as a result
has not included the $150 million of notes due 2041 in its
standalone credit metrics. Likewise, the subsidiaries assets, note
collateral and earnings stream are excluded from the analysis.
Fitch views the notes as adequately ring-fenced and funded by note
receivables from customers that utilize the underlying rail
terminal facility. Fitch also assumes Savage would not support the
SGR entity upon financial distress given its limited operational
and financial contribution to Savage, in accordance with Section 6
of the Corporate Rating Methodology.

Date of Relevant Committee

03 April 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   
   -----------             ------           --------   
Savage Enterprises,
LLC

   senior secured      LT BB-  New Rating     RR3


SHARING SERVICES: Chan Heng Fai Resigns as Executive Chairman
-------------------------------------------------------------
Sharing Services Global Corporation disclosed in a Form 8-K Report
filed with the U.S. Securities and Exchange Commission that Chan
Heng Fai tendered his resignation, effective immediately, from his
position as Executive Chairman and as a member of the Board of
Directors.

Mr. Chan also resigned from any and all other directorships,
officer positions, advisory roles, or appointments held by him in
any affiliated, associated, or subsidiary company of the Company.
Mr. Chan's resignation was not the result of any disagreement with
the Company on any matter relating to its operations, policies, or
practices.

                        About Sharing Services

Headquartered in Plano, Texas, Sharing Services Global Corporation
currently markets and distributes health and wellness products
primarily in the U.S. and Canada, and delivers its member-based
travel services, primarily in the U.S., using a direct selling
business model. The Company markets its health and wellness
products through its proprietary website: www.thehappyco.com; and
its member-based travel services using www.mytravelventures.com.
Currently, the Company is in the process of revamping its
subscription-based travel services and plans to relaunch it in
November 2024.

Jericho, New York-based Grassi & Co., CPAs, P.C., the Company's
auditor since 2023, issued a "going concern" qualification in its
report dated July 1, 2024, citing that the Company (i) has incurred
losses and negative cash flows from operations for consecutive
years, (ii) has an accumulated deficit and negative equity, which
raise substantial doubt about its ability to continue as a going
concern.

The Company haven't filed its Annual Report on Form 10-K for the
year ended March 31, 2025.


SHARPLINK GAMING: Buys 10K ETH From Ethereum Foundation for $25.7M
------------------------------------------------------------------
SharpLink Gaming, Inc. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that on July 7, 2025,
it entered into an ETH Sale and Purchase Agreement with Ethereum
Foundation.

Headquartered in Zug, Switzerland, EF is one of the principal
stewards of the Ethereum ecosystem. Established to support the
development and growth of the Ethereum protocol and its broader
community, EF provides funding, coordination and guidance to
developers, researchers and innovators building on Ethereum's
decentralized infrastructure. Ethereum is widely regarded as the
leading blockchain platform for smart contracts and decentralized
applications and plays a fundamental role in the evolving Web3
economy.

Pursuant to the Purchase Agreement, the Company agreed to purchase
from the Seller 10,000 ETH on Ethereum mainnet in exchange for
$25,723,680, which equates to a price per ETH of $2,572.368. The
Purchase Price per ETH was the average weighted price of ETH for
the 24-hour period beginning at 12:00 a.m. UTC on July 8, 2025.
Upon delivery, the Tokens are deemed irrevocable and all right,
title and interest in or to the Tokens shall have passed to the
Company upon the first block confirmation of the transfer
transactions on Ethereum mainnet. The Tokens purchased have not
previously been included in any prior disclosure from the Company
as to its balance of ETH holdings.

The Purchase Agreement closed on July 10, 2025.

Commenting on the transaction, Joseph Lubin, Chairman of SharpLink,
Co-Founder of Ethereum and Founder and CEO of Consensys, stated in
a press release, "At a time when Ethereum is entering a new era of
institutional relevance, we are proud to support the network's
long-term strength and decentralization mission."

Continuing, Lubin said, "This isn't a trade -- it is a commitment
to our long-term vision. SharpLink is acquiring, staking and
restaking ETH as responsible industry stewards, removing supply
from circulation and reinforcing the health of the Ethereum
ecosystem. Moreover, we see this as the start of something bigger
-- a model for how mission-driven organizations can work to advance
our ecosystem's shared goals of decentralization, economic
empowerment and protocol-native finance."

                       About SharpLink Gaming

SharpLink Gaming, Inc., operates as a marketing partner to
sportsbooks and online casino gaming operators globally. SharpLink
Gaming operates as a marketing partner to sportsbooks and online
casino gaming operators globally. Based in Minneapolis, Minnesota,
the Company operates PAS.net, an affiliate marketing network that
facilitates player acquisition and engagement for regulated iGaming
operators. It also manages a portfolio of state-specific affiliate
websites targeting local sports betting and online casino
audiences. It also manages a portfolio of state-specific affiliate
websites targeting local sports betting and online casino
audiences.

Cherry Bekaert LLP, the Company's auditor since 2022, included a
"going concern" qualification in its audit report dated March 14,
2025, for the fiscal year ended December 31, 2024. The firm cited
recurring losses and negative operating cash flows as factors that
raise substantial doubt about the Company's ability to continue
operating.

The Company has a track record of net losses and noted that it may
be unable to achieve or sustain profitability going forward. The
Company experienced net income of $10,099,619 for the year ending
Dec. 31, 2024, compared to a net loss of $14,243,182 for the years
ended Dec. 31, 2023. As of Dec. 31, 2024, the Company had an
accumulated deficit of $(77,808,959).


SHARPLINK GAMING: Holders Waive SPA Share Reserves
--------------------------------------------------
SharpLink Gaming, Inc. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that on July 8, 2025,
the Company entered into letter agreements with holders of the
Company's:

     (i) Common Stock, par value $0.0001 and pre-funded warrants,
which were issued in connection with the Company's private
placement pursuant to the Securities Purchase Agreement dated as of
May 26, 2025,
    (ii) Strategic Advisor Warrants issued pursuant to the
Strategic Advisor Agreement entered into by the Company and the
investor signatory thereto on May 30, 2025 and
   (iii) Placement Agent Warrants, which were issued pursuant to
the Placement Agency Agreement entered into by the Company and the
Placement Agent on May 26, 2025.

On July 10, 2025, the Company entered into letter agreements (the
"Letter Agreement with Consensys" and the "Letter Agreement with
Joseph Lubin" together with the July 8 Letter Agreements, the
"Letter Agreements") with Consensys Software Inc. and Mr. Lubin who
both are holders of the Company's:

     (i) Common Stock and Private Placement Pre-Funded Warrants,
which were issued in connection with the Company's private
placement pursuant to the Purchase Agreement; and Consensys who are
holders of the Company's
    (ii) Common Stock and pre-funded warrants, which were issued in
connection with the Company's Registration Statement on Form S-1,
as amended (File No. 333- 286964) pursuant to the Securities
Purchase Agreement dated as of May 20, 2026.

Pursuant to Section 4.9 of the Private Placement Purchase Agreement
and Section 4.9 of the Best Efforts Purchase Agreement, the Company
agreed to reserve and keep available at all times a sufficient
number of shares of Common Stock for the purpose of enabling the
Company to issue shares in accordance with the Private Placement
Purchase Agreement and the Best Efforts Purchase Agreement, and the
shares underlying the exercise of any Strategic Advisor Warrants,
Placement Agent Warrants, Private Placement Pre-Funded Warrants,
and Best Efforts Pre-Funded Warrants.

Pursuant to the Letter Agreements, the Holders waive the SPA Share
Reserve Provision such that the Company may reserve for issuance
under the ATM Sales Agreement between the Company and
A.G.P./Alliance Global Partners, entered into on May 30, 2025, any
of the authorized shares of Common Stock that would otherwise be
reserved for issuance under the Strategic Advisor Warrants,
Placement Agent Warrants, Private Placement Pre-Funded Warrants,
and Best Efforts Pre-Funded Warrants, with the understanding that:

     (i) the Company may issue such shares pursuant to the ATM
Facility at any time after the execution of the Letter Agreements
and before the date on which the Company receives the requisite
stockholder approval to increase the Company's authorized shares,
and
    (ii) following the receipt of the Stockholder Approval with
respect to the authorized share increase, the Company shall reserve
the shares underlying the Placement Agent Warrants, Strategic
Advisor Warrants, Private Placement Pre-Funded Warrants, and Best
Efforts Pre-Funded Warrants.

The Company is not obligated to issue or sell any of its common
stock under the ATM Facility and there is no assurance that it will
choose to or be able to issue or sell its common stock under the
ATM Facility for a significant amount of proceeds, if any.

The foregoing summaries do not purport to be complete and are
qualified in their entirety by the full texts of the Letter
Agreement for Strategic Advisor Warrants, the Letter Agreement for
Placement Agent Warrants, the Letter Agreement with Consensys, and
the Letter Agreement with Joseph Lubin, copies of which are
attached as Exhibit 10.1, Exhibit 10.2, Exhibit 10.3, and Exhibit
10.4 respectively, to the Report on Form 8-K dated July 11, 2025,
and are incorporated by reference therein, are available at
https://tinyurl.com/m7xxkzu8

                       About SharpLink Gaming

SharpLink Gaming, Inc., operates as a marketing partner to
sportsbooks and online casino gaming operators globally. SharpLink
Gaming operates as a marketing partner to sportsbooks and online
casino gaming operators globally. Based in Minneapolis, Minnesota,
the Company operates PAS.net, an affiliate marketing network that
facilitates player acquisition and engagement for regulated iGaming
operators. It also manages a portfolio of state-specific affiliate
websites targeting local sports betting and online casino
audiences. It also manages a portfolio of state-specific affiliate
websites targeting local sports betting and online casino
audiences.

Cherry Bekaert LLP, the Company's auditor since 2022, included a
"going concern" qualification in its audit report dated March 14,
2025, for the fiscal year ended December 31, 2024. The firm cited
recurring losses and negative operating cash flows as factors that
raise substantial doubt about the Company's ability to continue
operating.

The Company has a track record of net losses and noted that it may
be unable to achieve or sustain profitability going forward. The
Company experienced net income of $10,099,619 for the year ending
Dec. 31, 2024, compared to a net loss of $14,243,182 for the years
ended Dec. 31, 2023. As of Dec. 31, 2024, the Company had an
accumulated deficit of $(77,808,959).


SKYX PLATFORMS: Elects Directors at 2025 Annual Meeting
-------------------------------------------------------
SKYX Platforms Corp. held its 2025 Annual Meeting of Stockholders
during which:

     1. Rani R. Kohen, Nancy DiMattia, Gary N. Golden, Efrat L.
Greenstein Brayer, Thomas J. Ridge, Dov Shiff, and Leonard J.
Sokolow were elected to serve as directors until the next annual
meeting of stockholders or until their successors have been duly
elected and qualified.
     2. The appointment of M&K CPAS, PLLC as the Company's
independent registered public accounting firm for the fiscal year
ending December 31, 2025 was ratified.
     3. The compensation of the Company's named executive officers
was approved on an advisory, non-binding basis.

The voting results for each such matters are disclosed on the
Company's SEC Report on Form 8-K, available at
https://tinyurl.com/76a4482f

                   About SKYX Platforms Corp.

Headquartered in Pompano Beach, Florida, SKYX Platforms Corp.
develops advanced platform technologies focused on enhancing
safety, quality, and ease of use in homes and buildings. With
nearly 100 patents and pending applications, the Company's products
are designed to improve safety and lifestyle in residential and
commercial spaces. In 2023, Sky expanded by acquiring an online
retailer specializing in home lighting, ceiling fans, and
furnishings. The Company's technologies enable quick and safe
installation of light fixtures and ceiling fans without the need to
handle hazardous wires.

In its report dated March 24, 2025, the Company's auditor, M&K
CPAS, PLLC, issued a "going concern" qualification attached to the
Company's Annual Report on Form 10-K for the year ended Dec. 31,
2024, citing the Company's accumulated deficit, negative cash flows
from operations, and recurring net losses, which raise substantial
doubt about its ability to continue as a going concern.

SKYX reported a net loss of $35.77 million for the year ending Dec.
31, 2024, compared to a net loss of $39.73 million in 2023. As of
Dec. 31, 2024, SKYX reported total assets of $65.89 million, total
liabilities of $56.83 million, temporary equity of $5 million, and
total equity of $4.05 million. Additionally, as of Dec. 31, 2024,
SKYX had an accumulated deficit of $181.8 million.


SOLAR MOSAIC: Seeks Legal Protection for Funding, Service Partners
------------------------------------------------------------------
Randi Love of Bloomberg Law reports that Solar Mosaic LLC has asked
a bankruptcy court to extend its litigation stay to include two key
financing and servicing partners facing at least 23 lawsuits
related to solar panel services and loan obligations.

In a complaint filed Tuesday, July 22, 2025, in the U.S. Bankruptcy
Court for the Southern District of Texas, the residential solar
loan provider argued that the legal shield granted under its
Chapter 11 case should also cover non-bankrupt Connexus Credit
Union and Concord Servicing Corp., citing contractual
indemnification agreements.

Solar Mosaic is facing multiple claims, including breach of
contract over uninstalled or unserviced solar panels, as well as
alleged violations of federal and state laws, the report states.

                        About Solar Mosaic

Mosaic is an industry-leading fintech platform for sustainable home
improvements. Founded in 2010, Mosaic is a pioneer in clean energy
lending providing innovative solutions for financing solar, battery
storage, and more. Mosaic has funded $15 billion in loans to date,
helping more than 500,000 households make their homes more
sustainable and efficient.

On June 6, 2025, Mosaic Sustainable Finance Corporation and four
affiliated debtors each filed a voluntary petition for relief under
Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex.
Lead Case No. 25-90156). The cases are pending before the Honorable
Christopher M. Lopez.

The Company tapped Paul Hastings LLP as legal counsel, BRG for
managing director Mark A. Renzi as chief restructuring officer, and
C Street Advisory Group as strategic communications advisor. Kroll,
formerly Prime Clerk LLC, is the claims agent.

Blank Rome LLP is serving as legal counsel and Huron Consulting
Group is serving as financial advisor to Forbright Bank.


SPLASH BEVERAGE: Reports $23.8 Million Net Loss in 2024
-------------------------------------------------------
Splash Beverage Group, Inc. filed with the U.S. Securities and
Exchange Commission its Annual Report on Form 10-K reporting net
losses of $23.8 million and $21 million in the years ended December
31, 2024 and 2023, respectively. Net revenue for the year ended
December 31, 2024 was $4.2 million, as compared with revenue for
the year ended December 31, 2023 of $18.8 million.

Acumulated deficit increased to $155.8 million as of December 31,
2024, compared to the prior year's deficit of $133.3 million.

Encino, Calif.-based Rose, Snyder & Jacobs LLP, the Company's
auditor since 2023, issued a "going concern" qualification dated
July 11, 2025, attached to the Company's Annual Report on Form 10-K
for the fiscal year ended December 31, 2024. The report indicated
that the Company has suffered recurring losses from operations and
has an accumulated deficit and a working capital deficiency that
raise substantial doubt about its ability to continue as a going
concern.

Splash stated in its report: "We have sustained recurring losses
and we have had working capital and stockholders' equity deficits.
These prior losses and expected future losses have had, and will
continue to have, an adverse effect on our financial condition. In
addition, continued operations and our ability to continue as a
going concern may be dependent on our ability to obtain additional
financing in the near future and thereafter, and there are no
assurances that such financing will be available to us at all or
will be available in sufficient amounts or on reasonable terms. Our
financial statements do not include any adjustments that may result
from the outcome of this uncertainty. If we are unable to generate
additional funds in the future through sales of our products,
financing or from other sources or transactions, we will exhaust
our resources and will be unable to continue operations. If we
cannot continue as a going concern, our shareholders would likely
lose most or all of their investment in us."

"Management recognizes that it may be required to obtain additional
resources via issuances of indebtedness or equity to successfully
execute its business plans. No assurances can be given that
management will be successful in raising additional capital, if
needed, or on acceptable terms. These conditions raise substantial
doubt about the Company's ability to continue as a going concern
for the next 12 months."

A full-text copy of the Company's Form 10-K is available at:

                  https://tinyurl.com/4f9bbk5s

                    About Splash Beverage Group

Fort Lauderdale, Florida-based Splash Beverage Group, Inc. is a
portfolio company specializing in managing multiple brands across
various growth segments within the consumer beverage industry. The
Company focuses on incubating and acquiring brands with the aim of
accelerating them to higher volumes and increased sales revenue.

As of December 31, 2024, the Company had $2.8 million in total
assets, $21.4 million in total liabilities, and $18.6 million in
total stockholders' deficit.


SUNBELT PLANTATIONS: Section 341(a) Meeting of Creditors on Aug. 20
-------------------------------------------------------------------
On July 21, 2025, Sunbelt Plantations Inc. filed Chapter 11
protection in the U.S. Bankruptcy Court for the Northern District
of Georgia. According to court filing, the Debtor reports between
$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 via Telephone conference. To attend, Dial
888-330-1716 and enter access code 2346407.

           About Sunbelt Plantations Inc.

Sunbelt Plantations Inc., doing business as Adcock Pecan Co.,
produces and distributes pecans, peanuts, jams, jellies, fruit
butters, and chutneys. The Company operates from Tifton, Georgia,
and offers its products through retail and online channels,
including its Website at http://www.adcockpecans.com/

Sunbelt Plantations Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-21011) on July 21,
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 William Rountree, Esq. at ROUNTREE,
LEITMAN, KLEIN & GEER, LLC.


SUNSET PALM: Seeks to Hire Koss Law Firm PA as Special Counsel
--------------------------------------------------------------
Sunset Palm Villas Condominium Association Inc. seeks approval from
the U.S. Bankruptcy Court for the Southern District of Florida to
hire Koss Law Firm, P.A. as special counsel.

The firm will represent the Debtor in a prepetition litigation
wherein the Debtor was named as a defendant in Eleventh Judicial
Circuit Court Case No. 2022-017724-CA-01 styled Tyana Yelisa
Melendez as Personal Representative of the Estate of Jean Patrick
Coriolan v. Sunset Palm Villas Condominium Association, Inc. et
al.

Jeremy Koss, who is a solo practitioner, has agreed to accept
compensation at the rate of $400 an hour.

Mr. Koss assured the court that his firm is a disinterested person
within the meaning of 11 U.S.C. 101(14).

The firm can be reached through:

     Jeremy A. Koss, Esq.
     KOSS LAW FIRM, P.A.
     8950 SW 74th Court, 22nd Floor
     Miami, FL 33156
     Tel: (813) 200-6103

      About Sunset Palm Villas Condominium
             Association Inc.

Sunset Palm Villas Condominium Association Inc. oversees the
management and maintenance of the Sunset Palm Villas residential
complex located in Miami, Florida. The association handles property
operations, common area upkeep, and enforces community regulations
on behalf of unit owners.

Sunset Palm Villas Condominium Association Inc. sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No.
25-17036) on June 21, 2025. In its petition, the Debtor reports
estimated assets between $500,000 and $1 million and estimated
liabilities between $10 million and $50 million.

Honorable Bankruptcy Judge Corali Lopez-Castro handles the case.

The Debtors are represented by Robert Reynolds, Esq. at LAW OFFICES
OF ROBERT E. REYNOLDS, P.A.


TAKARA GROUP: Unsecureds to Get Share of Income for 3 Years
-----------------------------------------------------------
Takara Group, LLC, filed with the U.S. Bankruptcy Court for the
Eastern District of Virginia a Plan of Reorganization dated June
30, 2025.

The Debtor, established as Takara Group, LLC, was formed on June
24, 2017. Founded by Hui Lin, Jihyun Park, Jungsuk Lee, and Pi-Chun
Wu, Takara opened its sole location at 9468 W Broad St Henrico, VA
23294 in July of 2017.

Since its founding, Takara serves as a Japanese izakaya focused on
flavorful ramen and noodle dishes. The restaurant is popular and
accommodates diverse dietary needs with soy-free, vegan, and
vegetarian options.

Demand for Takara's food and dining remains strong; however, a key
challenge lies in rising expenses, particularly food. Since the
Company heavily relies on its critical vendor for foodstuffs and
will pay Wismettac Asian Foods up front for orders, the Company is
confident that it will generate enough cash flow over the Plan's
duration to meet its payment obligations and continue successful
operations.

This is supported by the projections. The financial projections
show that the Debtor will have projected disposable income of
$541,498.51. The final Plan payment is expected to be paid on
October 15, 2028.

After consultation with the Subchapter V Trustee, the Debtor
decided to pursue a Plan funded through future income that allows
it to make payments to creditors over a span of three years.
Accordingly, the Debtor has proposed its Plan of Reorganization,
which provides for payment of Allowed Claims as provided under the
Bankruptcy Code. The Plan provides for the Company to continue for
the benefit of employees, suppliers, customers, and others who rely
on the Company as a business, all of whom are important
constituents under Subchapter V that should be taken into
consideration as mandated by Congress.

The Company's ongoing disposable income will be distributed to pay,
in whole, part and/or none, allowed claims in these Classes in an
amount not less than the Projected Disposable Income. Non priority
unsecured creditors holding unsecured claims will receive
distributions. The Plan also provides for the payment of
administrative and priority claims.

Class 2 shall consist of the outstanding Priority Unsecured Claims
balance as of the Confirmation Date of the Allowed Priority
Unsecured Claims excluding priority tax claims. Given payments made
pursuant to an order of the Court related to prepetition wages,
Debtor is aware of no claims in this class. However, to the extent
there are, the same will be paid quarterly on a pro rata basis in
an amount of the Projected Disposable Income with said payments
starting 3 months after the Effective Date.

Class 3 shall consist of all Holders of Allowed Claims that are
General Unsecured Claims. General unsecured creditors will be paid
quarterly on a pro rata basis from Projected Disposable Income with
funds remaining after the payment in full of all priority tax
claims, secured claims, nonpriority wage claims, and administrative
expenses. The first payment is estimated to begin three quarters
from the Effective Date and will continue for 9 quarters (quarters
4 through 12) from the first payment in this class.

Class 4 shall consist of all Holders of Debtor's Equity Security
who shall receive nothing under the Plan other than a release of
any and all claims the Debtor may have against said person as of
the Effective Date and excluding any obligation created by this
Plan. The owners as scheduled will hold the equity in the
Reorganized Debtor. Ms. Chiu shall continue to provide all
necessary services during the term of this Plan and in connection
with the same shall receive no more than $36,000.00 per year plus
tips for service over 3 years until all payments have been made
under this Plan.

The plan will be funded from monthly disposable income of the
Debtor. Debtor will set aside payments in the amount of $15,040.00
per month to pay $45,120.00 quarterly for twelve quarters to fund
the plan, beginning on the fifteenth day of the third month
following the Effective Date. Debtor will deposit said amount into
a separate account to be maintained solely for the purpose of
making quarterly distributions under this Plan.

All creditors are being paid in full. Without including the
payments by the personal guarantor and Debtor's designee to certain
MCA creditors, the total funding for the plan will be $541,440. The
first quarterly Plan payment is anticipated to be made on October
15, 2025. The final Plan payment is expected to be paid on October
15, 2028.

A full-text copy of the Plan of Reorganization dated June 30, 2025
is available at https://urlcurt.com/u?l=9ZftpW from
PacerMonitor.com at no charge.

Proposed Counsel for the Debtor:

     Christopher M. Winslow Esq.
     WINSLOW, MCCURRY & MACCORMAC, PLLC
     1324 Sycamore Square
     Midlothian, VA 23113
     Tel: (804) 423-1382
     Fax: (804) 423-1383
     Email: chris@wmmlegal.com

                     About Takara Group LLC

Takara Group, LLC, is a full-service restaurant specializing in
serving ramen noodle dishes.

The Debtor filed Chapter 11 petition (Bankr. E.D. Va. Case No.
25-31283) on April 1, 2025, listing up to $100,000 in assets and up
to $1 million in liabilities.

Christopher M. Winslow, Esq., at Winslow, McCurry & MacCormac ,
PLLC, is the Debtor's legal counsel.


TALEN ENERGY: Fitch Affirms 'BB-' LongTerm IDR, Outlook Negative
----------------------------------------------------------------
Fitch Ratings has affirmed Talen Energy Supply, LLC's (Talen)
Long-Term Issuer Default Rating (IDR) at 'BB-'. Fitch has also
affirmed Talen's senior secured RCF, term loan B and senior secured
notes at 'BB+' with a Recovery Rating of 'RR1', and senior
unsecured notes at 'BB-'/'RR4'. The Rating Outlook is Negative.

The affirmation follows Talen's acquisition of two gas-fired
generation assets from Caithness Energy, the Moxie Freedom Energy
Center (Moxie) and Guernsey Power Station (Guernsey), totaling 3GW
capacity in PJM, for $3.8 billion.

The debt-funded acquisition and ongoing share repurchases results
in Talen's gross EBITDA leverage increasing to 4.8x in 2025,
significantly above its downgrade threshold of 3.5x. However,
management remains committed to its 3.5x net leverage target, which
Fitch expects to be achieved before YE 2026. Fitch also notes
Talen's expanded power purchase agreement (PPA) with Amazon Web
Services, which enhances cash flow visibility and margin stability,
and supports credit quality.

Key Rating Drivers

Leveraging Acquisition: Talen plans to finance the transaction with
$3.8 billion of cash, which Fitch expects to be comprised of newly
issued secured and unsecured debt. The transaction value excludes
approximately $0.3 billion net present value (NPV) of tax benefits
generated directly from the deal. The transaction is expected to
close in 4Q25 and is subject to regulatory approvals.

Fitch expects Talen's pro forma EBITDA gross leverage to increase
to approximately 4.8x in 2025 and moderate to 3.5x or below in 2026
driven, by debt paydown and EBITDA growth. Fitch expects gross
leverage to sustain below 3.5x through 2029, based on Fitch's view
of normalized capacity and energy margins. Failure to reduce gross
leverage to below 3.5x in 2026 will likely result in a downgrade of
Talen's IDR.

Aggressive Capital Allocation Strategy: The acquisition of Moxie
and Guernsey more than doubles Talen's consolidated debt, leading
to an immediate increase in leverage. Although Talen has announced
a commitment to reduce leverage through a significant paydown of
acquisition debt, with a target of net EBITDA leverage below 3.5x,
this is contingent on robust FCF under peak capacity and energy
price assumptions. This reliance increases the risk of financial
underperformance if realized prices are weaker than expected. In
addition, Talen's intention to continue share repurchases despite
higher leverage will further constrain deleveraging capacity.

Amazon Contract Credit Supportive: Talen's cash flow benefits from
a long-term, fixed-price PPA with Amazon Web Services, Inc. (AWS,
subsidiary of Amazon, Inc.; AA-/Stable), covering the majority of
Susquehanna nuclear generation capacity at prices substantially
above current market levels. The PPA begins in 2025 in a stepped
manner with 120 MW and increased up to 1,200 MW by 2029. The
agreement includes riders limiting volume risk and is expected to
provide stable and predictable cash flows. Fitch views this
contract as credit supportive, given it will contribute around 50%
of Talen's standalone gross margins once the entire 1.9 GW is
contracted by 2032.

Improved Scale but Limited Diversity: Talen's generation capacity
will increase to about 14GW from 10.8GW following the acquisition.
Moxie and Guernsey are efficient, recently built, gas-fired plants
providing stable baseload capacity. The strategic PJM location
supports seamless integration, offers flexibility to back
contracted nuclear generation if operational issues arise, and
creates opportunities for incremental data center PPAs, driven by
recent AI-related investment announcements. However, as these
assets are located within the PJM market, where Talen generates
over 90% of EBITDA, the transaction does not materially enhance
geographic or asset diversity.

Commodity Price Sensitivity: The announced acquisition will
increase Talen's exposure to energy and capacity price volatility
through its merchant generation profile, resulting in potential
EBITDA and FCF fluctuations. Moxie and Guernsey's long-term gas
netback agreements reduce merchant risk. Talen's capacity margins
currently contribute about 30% of total gross margins based on PJM
capacity prices, but Fitch expects this to decline to 17%-18% as
prices normalize, providing modest cash flow stability. Talen's
hedging strategy reduces cash flow volatility, with 60%-80% and
40%-60% of generation hedged in the first and second years,
respectively.

PJM Remains Primary Market: PJM will continue to account for over
90% of Talen's gross margin. Fitch views PJM favorably, as capacity
auctions provide additional revenues for generators. However,
volatility has increased, with auction prices rising from
$28.92/MW-day for 2024/2025 to $269.92/MW-day for 2025/2026. Fitch
expects PJM auction capacity prices to remain in the $270/MW-day
for 2026/2027 and normalizing at $180/MW-day for 2027/2028 and
beyond. Sustained high exposure to a single market increases
Talen's vulnerability to regulatory, policy, or structural changes
within PJM, limiting the benefits of geographic diversification.

Strong Demand Fundamentals: Talen is positioned to benefit from
robust market fundamentals, including above-average demand growth
in the PJM region, driven by economic activity, electrification and
expanding data center requirements. These factors are expected to
support elevated power prices and spark spreads in the near term,
benefiting both existing and acquired generation assets. However,
the benefits are partially offset by high market concentration and
increasing leverage.

Stable Nuclear Generation: Susquehanna nuclear generation benefits
from the federal production tax credit, providing a $43.75/MWh
inflation-indexed price floor through at least 2032 for non-PPA
capacity, offering material downside cash flow protection. However,
operational risks could materially affect financial performance and
credit quality.

Peer Analysis

In terms of size, asset composition and geographic exposure, Talen
is unfavorably positioned compared to Vistra Corp. (Vistra;
BB+/Stable) and Calpine Corporation (Calpine; B+/Rating Watch
Positive). Vistra is the largest independent power producer in the
country, with approximately 41GW of generation capacity compared to
Calpine's 28GW and Talen's 14GW, following the acquisition of Moxie
and Guernsey.

Talen is largely concentrated in the PJM, contributing over 90% of
consolidated EBITDA. Vistra's portfolio derives more than 60% of
its consolidated EBITDA from operations in Texas, while Calpine's
fleet is more geographically diversified across PJM, ERCOT and
CAISO. Talen and Vistra also benefit from nuclear production tax
credits (PTC) provided under the Inflation Reduction Act (IRA).
Although Calpine and Vistra have much larger generation portfolios
and more diversified fleets, Talen's contracted profile is expected
to significantly improve once the PPA signed with AWS ramps up to
full potential in 2032.

Fitch forecasts Talen's debt-to-EBITDA leverage ratio averaging
3.5x following the close of the acquisition, which is similar to
Vistra's expected leverage of 2.9x-3.4x and stronger than Calpine's
pre-acquisition leverage of around 4.0x-5.0x. The difference in
capital allocation policy, scale, geographic diversity, and the
overall competitive advantage of the generation fleet drive the
difference between the credit profiles of Vistra and Talen.

Key Assumptions

- Energy prices in PJM and ISO-NE, in line with current forward
curves, averaging around $45/MWh and $55/MWh, respectively.

- Average PJM capacity prices are assumed to be approximately
$270/MW-day for 2026 and 2027, based on historical auction results,
and are expected to decrease to around $180/MW-day over the
forecast period.

- Hedging generation as per management's guidance.

- Annual combined total generation load of about 55 TWh to 60 TWh.

- Total annual capex, including nuclear fuel amortization,
averaging around $145 million.

- Amazon PPA ramp up schedule as per management guidance.

- No dividend payments.

- Share repurchases over 2026-29 averaging $500 million annually.

- Assumed interest rate of 7% for incremental debt.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- EBITDA leverage exceeding 3.5x by YE 2026;

- Aggressive capital allocation policy that includes any further
potential debt funded acquisitions or share repurchases.

- Constrained liquidity position or out-of-the-money hedges;

- Weaker-than-expected power prices or capacity auctions in core
regions;

- Unfavorable changes in regulatory constructs or rules in Talen's
markets.

Factors that Could, Individually or Collectively, Lead to Stable
Outlook:

- EBITDA leverage below 3.5x by 2026 and sustaining below
thereafter based on normalized power price assumptions.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Given the aggregate debt levels, an upgrade is unlikely. However,
Fitch could consider it if:

- EBITDA leverage is lower than 2.5x on a sustained basis;

- Balanced allocation of FCF that maintains balance sheet
flexibility and leverage within the stated goal;

- Demonstrated ability to hedge effectively and manage liquidity
through commodity cycles;

- Increased scale, geographic, fuel, and asset diversity, while
demonstrating greater cash flow visibility on a sustained basis.

Liquidity and Debt Structure

Talen has about $295 million of unrestricted cash as of March 31,
2025. In addition, Talen has $700 million of undrawn revolver
liquidity, which is fully available. The revolver matures in
December 2029.

The liquidity is sufficient to cover collateral posting
requirements, working capital requirements, and interest rate
expenses under Fitch's rating case assumptions. Talen increased the
size of its standalone letter of credit (LC) facility to $900
million and terminated its Term Loan C. As of March 31, 2025, Talen
had $425 million in LCs outstanding under the LC facility. Talen's
LC usage will increase over the next three years per the terms of
the AWS PPA.

Following the acquisition of Moxie and Guernsey, Talen plans to
upsize the existing RCF and LC facility by $200 million each to
support collateral requirements. In addition, both assets benefit
from first lien hedging, which reduces reliance on cash
collateral.

There are no significant near-term maturities. However, the $131
million PEDFA bonds are subject to mandatory remarketing in 2027.

Issuer Profile

Talen Energy Supply, a subsidiary of Talen Energy Corporation, is
an independent power producer that currently owns approximately
10.7GW of generation capacity, including 2.2 GW of nuclear power,
largely in the PJM.

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
   -----------                   ------         --------   -----
Talen Energy Supply, LLC   LT IDR BB-  Affirmed            BB-

   senior unsecured        LT     BB-  Affirmed   RR4      BB-

   senior secured          LT     BB+  Affirmed   RR1      BB+


TALEN ENERGY: Moody's Puts 'Ba3' CFR Under Review for Downgrade
---------------------------------------------------------------
Moody's Ratings placed Talen Energy Supply, LLC's (Talen) ratings
under review for downgrade, including the Ba3 Corporate Family
Rating, Ba3-PD Probability of Default Rating, Ba2 senior secured
rating and B2 senior unsecured revenue bond rating. The speculative
grade liquidity rating of SGL-1 is unchanged. Previously, the
outlook was stable. A complete list of rating actions is provided
towards the end of this press release.

The action follows Talen's July 17, 2025 announcement that it had
entered into a definitive agreement to acquire Moxie Freedom Energy
Center (Moxie) and Guernsey Power Station (Guernsey), two natural
gas-fired assets located within PJM power market, from Caithness
Energy for $3.8 billion. Moody's estimates the FV to EBITDA
multiple to be 7.4x.

RATINGS RATIONALE/FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATINGS

Talen's ratings were placed under review due to the significant
amount of debt to be incurred to acquire the Moxie and Guernsey
assets. Although the acquisitions will materially increase Talen's
size, scale and concentration in PJM, they will be fully debt
financed and pressure the company's already weak financial
metrics.

At the same time, Talen indicated that it would continue to target
$500 million in annual share repurchases despite the acquisition.
Corporate governance considerations are a key driver of this rating
action due to the higher debt being incurred and shareholder
friendly financial policies being executed with this transaction.

The review will focus on the financial implications of Talen's
organizational and capital structure after the transaction closes,
the amount of debt to be incurred to fund the transaction and the
timing and execution of the company's plans to reduce that debt
going forward. The review will also evaluate Talen's hedging
strategy, financial policy and tolerance for risk, as the
acquisition represents a deviation from Moody's earlier
expectations regarding the company's highly contracted revenue
focus.

Previously, Moody's had expected Talen's financial profile to
improve this year due to the long-term power purchase agreement
recently executed with Amazon and the anticipated growth in
capacity revenue starting in 2025. Talen exhibited weak financial
metrics in 2024, which ended with a ratio of cash flow from
operations before changes in working capital (CFO pre-WC) to debt
of approximately 6%, although Moody's had expected the ratio to
improve to the mid-teens range in 2025.

The company's CFO pre-WC to debt ratio was a very weak 1.4% as of
the last twelve months ending March 31, 2025 as a result of
unrealized hedges in place at the same time that the company's
Susquehanna nuclear plant was in a maintenance outage. The review
will assess Talen's track record and recent weak financial
performance, as well as the company's ability to improve its cash
flow production while undertaking such a large acquisition.

A downgrade could occur if, after incorporating the new assets,
Talen's prospects for financial improvement weaken and the
company's business will no longer support a sustained CFO
pre-working capital to debt ratio above 13% over the longer term.
Given the company's currently weak financial profile and the
pending acquisition, a rating upgrade is unlikely.

Talen Energy Supply, LLC is an independent power producer with
about 10.7 GW of generating capacity and is wholly-owned by Talen
Energy Corporation (TEC), a holding company headquartered in
Houston, TX. TEC conducts all its business activities through
Talen.

LIST OF AFFECTED RATINGS

Issuer: Talen Energy Supply, LLC

Placed On Review for Downgrade:

LT Corporate Family Rating, Placed on Review for Downgrade,
currently Ba3

Probability of Default Rating, Placed on Review for Downgrade,
currently Ba3-PD

Senior Secured Bank Credit Facility, Placed on Review for
Downgrade, currently Ba2

Senior Secured Regular/Bond Debenture, Placed on Review for
Downgrade, currently Ba2

Outlook Actions:

Outlook, Changed To Rating Under Review From Stable

Issuer: Pennsylvania Economic Dev. Fin. Auth.

Placed On Review for Downgrade:

Senior Unsecured Revenue Bonds, Placed on Review for Downgrade,
currently B2

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in December
2023.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.


TEAM HEALTH: Fitch Hikes LongTerm IDR to 'B-', Outlook Stable
-------------------------------------------------------------
Fitch Ratings has upgraded the Long-Term Issuer Default Rating
(IDR) for Team Health Holdings, Inc. (TMH), and the instrument
rating for its senior secured term loans due 2027, to 'B-' from
'CCC+'. The Rating Outlook is Stable. Fitch also assigned a 'B-'
rating to the senior secured notes and loans offered by TMH,
proceeds from which will repay the 2027 loans. This new debt will
rank equally with the 2027 loans. All debt ratings have a Recovery
Rating of 'RR4'.

The upgrade reflects significant operating improvement, with EBITDA
recapturing its 2021 peak and leverage declining to 6.8x as of
mid-2025. Fitch further expects leverage to decline to 6.1x by
YE26. The proposed refinancing of the 2027 loans would further
reduce risk, paving a three-year runway until its next debt
maturity (excluding receivables facility loans). While the 2025
U.S. Tax and Spending Bill (U.S. Tax Bill) will adversely affect
payor mix, Fitch expects TMH can largely mitigate the risk over the
ratings horizon via negotiated contract subsidies.

Key Rating Drivers

Significant Deleveraging Continuing: Fitch has noted that
significant margin improvement and reductions in EBITDA leverage
could create potential positive ratings momentum. Its previous
ratings case called for EBITDA-driven deleveraging from double
digits to about 9.0x by YE24, improving to 7.0x by YE27. TMH has
since achieved robust EBITDA growth, deleveraging to 7.9x at YE24,
a turn better than Fitch expected. Outperformance continued into
1H25, with EBITDA leverage down to 6.8x, well ahead of its
previously targeting leverage of 7.0x by YE27. Fitch's updated
ratings case forecast calls for EBITDA leverage declining to 6.1x
by YE26, consistent with an IDR of 'B-'.

Rebounding Operating Results Credit Positive: Revenue grew over 10%
in 2024 (410 bp over forecast; all organic), reflecting contract
subsidy increases and same contracts contributing robust growth of
7% (up from 2%-4% in 2022-2023). This reflects rising realized
reimbursement from TMH's 93%+ success rate in arbitrating
out-of-network managed care claims. EBITDA margin rose 150 bps to
nearly 7% in 2024 (40 bp above forecast) due to reduced temp
staffing costs and lower growth in core professional costs
generally, with EBITDA up over 40% y/y in 2024 from its trough in
2023. EBITDA is notably also up over 30% y/y in 1H25, with EBITDA
margin up 190 bp y/y to 8.0%.

Springing Maturity Threat Likely Resolved: The 2025 senior notes
refinancing occurring one year ago granted TMH until December 2026
to pay down its 2027 term loans to at least $0.5 billion (from $1.4
billion), absent which its revolver and senior secured notes
maturities would spring ahead from 2028-2029. The proposed
refinancing of the 2027 term loans, if completed, would be a
material credit positive. It would take out TMH's nearest debt
maturity and clear a debt-free runway of nearly three years
(excluding easier-to-extend receivables facility loans) and,
crucially, eliminating the springing maturity threat, under which
most of its debt could come due in 4Q26.

NSA Process Proving Manageable: The No Surprises Act (NSA), which
banned balance billing for out-of-network emergency care and
established an evolving process for payors and providers to dispute
claims, has been a source of industry volatility. TMH has long
asserted that it does not balance bill, so the ban has not affected
its revenue directly. TMH also wins about 93% of the billing
disputes it resolves via the NSA process, but the added time and
cost for collections has extended cash conversion cycles industry
wide. TMH continues to manage this risk well, with net days in A/R
(reported by TMH) at 59 at end-1Q25, down from 63 at the end of
1Q24 and 68 at the end of 1Q23.

Leader in Challenging Subsector: TMH is one of a handful of large
providers in a fragmented outsourced health care staffing market,
with scale enhancing its capabilities in contracting with hospitals
and health plans. Emergency care staffing and contracted physician
services comprise most of revenue. Fitch expects at least
low-single-digit growth in same-contract revenues near term even as
prospects for long-term top line growth may be constrained by
secular pricing and volume pressure, including insurers' focus on
reducing ER use. While the U.S. Tax Bill will adversely affect
payor mix, Fitch expects TMH can largely mitigate the risk over the
ratings horizon via negotiated contract subsidies.

FCF Improving: With EBITDA back at levels translating to high but
manageable leverage and capex needs averaging just over $30 million
annually (0.7% of revenue), TMH's business model should generate
robust FCF. After outflows of $47 million in 2023, FCF turned
positive in 2024 at $87 million. TMH expects 2025 FCF to exceed
that from 2024, and Fitch expects FCF in 2025 to increase over 35%
y/y to nearly $120 million (2.0% of revenue), then increase by 35%
in 2026 to just over $160 million (2.6% of revenue), driven by low
double-digit EBITDA growth.

Peer Analysis

TMH's 'B-' Long-Term IDR reflects secular and short-term challenges
to ER care volume, pricing and labor expense, which compressed
operating margins and increased leverage to outlier levels in 2023.
These challenges have since receded, with revenue rebounding and
EBITDA margin improving significantly.

The company's credit profile benefits from solid depth and
competitive scale relative to its closest business peer in
physician staffing service lines, including emergency medicine and
anesthesia. Risk of a distressed debt exchange or principal payment
default in the near term has declined considerably due to several
debt financing transactions and significant deleveraging in 2024
and thus far in 2025.

TMH is rated lower than most of its peers in the broader health
care provider sector, including Tenet Healthcare Corporation
(BB-/Stable) and Prime Healthcare Services, Inc. (B/Stable). These
companies generally have more diversified service offerings, higher
margins, lower leverage and comparable to superior liquidity
positions.

TMH was previously rated at the same level as Community Health
Systems (CCC+), which has been focused on reducing leverage from
above sustainable levels, most notably by divesting select assets
at deleveraging multiples and using proceeds to reduce debt.

Key Assumptions

- Revenue increases to $6.0 billion in 2025, within the range of
2%-3% annually that Fitch assumes across the forecast period;

- EBITDA margin, including litigation costs and the expense of its
arbitration of out-of-network bills (excluded by TMH), improves to
nearly 8.0% in 2025, expands by about 50 bp annually in 2026-2027
and settles slightly above 8.0% in 2028, reflecting modest wage
pressures;

- No spending on acquisitions and no shareholder distributions;

- Cash flow from operations rebounds to nearly 3.0% of revenue in
2025, rising 3.5%-4.0% in 2026-2027 and 5.0% in 2028, reflecting
improved EBITDA growth, with working capital changes effectively
neutral for the forecast period;

- Capex rises $35 million -$40 million (0.6% of revenue) over the
forecast period, consistent with historical levels;

- FCF reaches nearly $120 million in 2025, over $160 million in
2026, about $210 million in 2027, and exceeding $250 million in
2028;

- Leverage falls from 7.9x by YE24 to 6.7x at YE25, just above 6.0x
by YE26, 5.7x by YE27 and 5.5x by YE28.

Interest rate and debt assumptions include:

- SOFR averaging 4.250% in 2025, 3.500% in 2026, 3.375% in 2027 and
3.500% in 2028;

- $50 million repayment of A/R facility debt to $375 million before
or concurrent with an assumed 2026 refinancing thereof;

- $1.4 billion of new first lien senior secured debt due 2028,
including bonds issued at 9.0% and loans closed at SOFR + 5.250%,
with proceeds refinancing all $1.37 billion of first lien senior
secured term loans due 2027;

- All $2.8 billion of outstanding debt refinanced in 2027 using a
combination of loans and bonds totaling $2.75 billion consisting of
five-year to ten-year maturities with an average interest cost of
8.0%.

Recovery Analysis

In assigning instrument ratings through a bespoke analysis that
considers recoveries given default, Fitch estimates enterprise
value (EV) on a going-concern (GC) basis of $2.24 billion for TMH.
This is based on an assumed post-reorganization GC EBITDA of $320
million and a 7.0x multiple. The $320 million GC EBITDA figure is
unchanged from the last committee and does not assume TMH could
realize material improvements to EBITDA through protections
afforded through the bankruptcy process.

The 7.0x multiple for TMH reflects a stressed multiple versus the
EBITDA multiple of about 11.0x that private equity sponsor
Blackstone paid for TMH in 2017. About 10.0x EBITDA was paid in the
sale of one of TMH's leading staffing industry peers. The 7.0x
multiple is also closely aligned with historical observations of
health care industry bankruptcy emergence multiples. In a recent
study, Fitch determined that the historical median exit multiple
for health care and pharmaceutical industry bankruptcies was about
6.3x.

Its recovery analysis also assumes that the $425 million
outstanding on TMH's $550 million A/R facility will remain and
represent a full draw upon restructuring, due to its significant
overcollateralization and its expectation that margin compression
is far more likely than material revenue declines to be the driver
of a restructuring and therefore large declines in receivables are
unlikely. Fitch assumes the accounts receivable facility is 125%
overcollateralized under Fitch criteria, with $688 million
therefore deducted from the $2.24 billion EV, leaving $1.553
billion, further reduced by 10% to account for administrative
claims in bankruptcy, leaving $1.371 billion in adjusted EV.

From the adjusted EV above, Fitch deducts the value of certain
collateral outside the restricted group but subject to liens solely
in favor of the first lien senior secured revolver, first lien
senior secured notes and second lien senior secured notes. These
subtractions include an estimate of the residual value of the
unrestricted A/R subsidiaries of about $575 million and an estimate
of the value of the unrestricted HCFS subsidiary of about $106
million (estimated by subtracting the overcollateralization amount
of the A/R receivables, which is $688 million and administrative
claims of $177 million from adjusted EV, multiplied by HCFS's share
of TMH EBITDA).

In allocating pro rata the remaining shared EV of about $690
million from TMH's restricted subsidiaries, the claim values of the
first lien senior secured bonds ($1.15 billion) and the $250
million first lien senior secured revolver (assumed fully drawn)
are reduced by their recoveries from the HCFS collateral and the
residual equity in the accounts receivable facility collateral,
both from unrestricted subsidiaries.

Fitch calculates pro rata recoveries from TMH's restricted
subsidiaries using assumed claim amounts of $128 million for the
first lien senior secured revolver, $591 million for the first lien
senior secured notes, $1.37 billion for the first lien senior
secured term loans and $153 million for the second lien senior
secured notes. The 2027 senior secured term loan therefore recovers
31%-50% for a Recovery Rating of 'RR4'.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Fitch's expectation that EBITDA leverage will be sustained above
6.5x;

- Fitch's expectation that EBITDA interest coverage will be
sustained below 2.0x;

- Fitch's expectation that cash flow from operations minus capex
will be sustained below 2.5% of debt;

- A revised expectation that the U.S. Tax Bill is likely to drive
EBITDA down materially.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Fitch's expectation that EBITDA leverage will be sustained below
5.5x;

- Fitch's expectation that EBITDA interest coverage will be
sustained above 2.5x;

- Fitch's expectation that EBITDA margin will sustainably exceed
9.0%, supported by organic growth and cost containment.

Liquidity and Debt Structure

Liquidity was $369 million at March 31, 2025, including $28 million
available under the $550 million receivables facility, $239 million
available under its undrawn $250 million revolver and $103 million
in cash on hand. No debt matures in 2025 and only $475 million of
receivables facility debt (now reduced to $425 million), which
should be relatively easy to extend, is due in 2026 (beyond this,
only scheduled term loan amortization is due). Fitch's ratings case
forecast calls for FCF to total 2.0%-2.5% of revenue in 2025-2026,
rising thereafter to 3.0%-4.0%.

The proposed debt refinancing would repay all $1.4 billion of the
2027 term loans with $1.4 billion of pari passu senior secured debt
due June 2028, when the first lien notes mature, eliminating risk
that much of TMH's debt could spring forward to December 2026. With
TMH tracking to deleverage to nearly 6.0x by YE26 under Fitch's
updated ratings case forecast, even without completing the proposed
refinancing, the likelihood of avoiding maturities springing into
4Q26 is much improved and likely improves further in the near
term.

Issuer Profile

TMH is an outsourced physician staffing company providing about
14,000 physicians, physician assistants, nurse practitioners and
nurses to about 2,400 U.S. hospitals, clinics and post-acute
facilities in 48 states.

Summary of Financial Adjustments

Fitch's calculation of EBITDA does not reverse (i) "transaction,
integration, reorganization and legislative advocacy expenses, (ii)
managed care litigation/arbitration costs, or (iii) telehealth
start-up losses. It also excludes insurance subsidiary interest
income. Fitch-defined EBITDA does reverse (a) impairment charges on
long-lived assets, (b) legal settlement costs, (c)
financing-related expenses, (d) equity-based compensation expenses,
(e) prior-year managed care settlement costs, (f) prior-year
professional liability loss reserve adjustments and (g) certain
other items. More generally, EBITDA only excludes charges that are
non-cash, non-recurring, extraordinary or unusual in nature.

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

TMH has an ESG Relevance Score of '4' for Exposure to Social
Impacts due to societal and regulatory pressures to contain growth
in health care spending in the U.S. This dynamic has a negative
impact on the credit profile and is relevant to the rating in
conjunction with other factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt              Rating           Recovery   Prior
   -----------              ------           --------   -----
Team Health
Holdings, Inc.        LT IDR B-  Upgrade                CCC+

   senior secured     LT     B-  New Rating    RR4

   senior secured     LT     B-  Upgrade       RR4      CCC+


THUNDER RIDE: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Thunder Ride Inc.
          d/b/a Tri-City Cycle
          d/b/a Thunder Ride
        3675 Clydesdale Pkwy.
        Loveland, CO 80538

Business Description: Thunder Ride Inc., doing business as Tri-
                      City Cycle, operates a powersports
                      dealership offering motorcycles, ATVs, UTVs,

                      boats, parts, and repair services.  The
                      Company serves customers in Loveland,
                      Colorado, and surrounding areas.  It also
                      provides products from major brands such as
                      Yamaha, Honda, Kawasaki, and KTM.

Chapter 11 Petition Date: July 23, 2025

Court: United States Bankruptcy Court
       District of Colorado

Case No.: 25-14589

Judge: Hon. Joseph G. Rosania Jr

Debtor's Counsel: David J. Warner, Esq.
                  WADSWORTH GARBER WARNER CONRARDY, P.C.
                  2580 West Main Street
                  Suite 200
                  Littleton, CO 80120
                  Tel: 303-296-1999
                  E-mail: dwarner@wgwc-law.com

Estimated Assets: $50,000 to $100,000

Estimated Liabilities: $10 million to $50 million

The petition was signed by Enoch Amoah as president.

A copy of the Debtor's list of 20 largest unsecured creditors is
available for free on PacerMonitor at:

https://www.pacermonitor.com/view/DLA4R3Q/Thunder_Ride_Inc__cobke-25-14589__0003.0.pdf?mcid=tGE4TAMA

A full-text copy of the petition is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/DARF6UQ/Thunder_Ride_Inc__cobke-25-14589__0001.0.pdf?mcid=tGE4TAMA


TOMATLAN INC: Seeks Chapter 11 Bankruptcy in New York
-----------------------------------------------------
On July 22, 2025, Tomatlan Inc. filed Chapter 11 protection in the
U.S. Bankruptcy Court for the Western District of New York.
According to court filing, the Debtor reports $1,101,411 in
debt owed to 1 and 49 creditors. The petition states funds will be
available to unsecured creditors.

           About Tomatlan Inc.

Tomatlan Inc. operates Rio Tomatlan, a Mexican restaurant in
Canandaigua, New York. The Company specializes in Pacific Coast
Mexican cuisine made from scratch using locally sourced, seasonal
ingredients. It also offers catering services and private event
hosting.

Tomatlan Inc. sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. W.D.N.Y. Case No. 25-20547) on July 22, 2025. In its
petition, the Debtor reports total assets of $54,732 and total
liabilities of $1,101,411.

The Debtor is represented by Robert B. Gleichenhaus, Esq. at
GLEICHENHAUS, MARCHESE & WEISHAAR, P.C.


TSFG LLC: Unsecureds to Split $43,200 via Quarterly Payments
------------------------------------------------------------
TSFG, LLC, d/b/a The Skyfall Group, filed with the U.S. Bankruptcy
Court for the Northern District of Georgia a Plan of Reorganization
dated June 30, 2025.

The Debtor is a restoration roofing company that was founded in
2021 by its principals, Scott Osmon and Lawrence McCullough. The
Debtor operates in Georgia, Tennessee, and Kentucky.

This Plan deals with all property of Debtor and provides for
treatment of all Claims against Debtor and its property.

Class 11 shall consist of General Unsecured Claims ("GUCs"). If the
Plan is confirmed under Section 1191(a) of the Bankruptcy Code, the
Debtor shall pay GUCs their pro rata share of the total amount
$43,200.00 to be paid in quarterly installments commencing on the
first day of the first full quarter following the Effective Date
and continuing on the first day of each quarter through and
including the 12th quarter following the Effective Date. General
Unsecured Creditors will receive 12 disbursements of $3,600.00.

If the Plan is confirmed under Section 1191(b) of the Bankruptcy
Code, Class 11 shall be treated the same as if the Plan was
confirmed under Section 1191(a) of the Bankruptcy Code. The allowed
unsecured claims total $2,017,098.27. The Claims of the Class 11
Creditors are Impaired by the Plan, and the holders of Class 11
Claims are entitled to vote to accept or reject the Plan.

Class 12 consists of Scott Osmon and Laurence McCullough as the
equity interest holders of the Debtor. They will retain their
interests in the Reorganized Debtor. This class is not impaired and
is not eligible to vote on the Plan.

Upon confirmation, Debtor will be charged with administration of
the Plan. Debtor will be authorized and empowered to take such
actions as are required to effectuate the Plan. Debtor will file
all post-confirmation reports required by the United States
Trustee's office or by the Subchapter V Trustee. Debtor will also
file the necessary final reports and may apply for a final decree
as soon as practicable after substantial consummation and the
completion of the claims analysis and objection process.

The source of funds for the payments pursuant to the Plan is
Debtor's continued business operations.

A full-text copy of the Plan of Reorganization dated June 30, 2025
is available at https://urlcurt.com/u?l=nRJlMP from
PacerMonitor.com at no charge.

Counsel to the Debtor:

     Will B. Geer, Esq.
     Elizabeth A. Childers, Esq.
     Rountree, Leitman, Klein & Geer, LLC
     Century Plaza I
     2987 Clairmont Road, Suite 350
     Atlanta, GA 30329
     Tel: (404) 584-1238

                         About TSFG, LLC

TSFG, LLC, also known as The Skyfall Group, is a family-owned
company specializing in exterior home repairs and storm restoration
services for both residential and commercial properties. It offers
a comprehensive range of services, including roof repair and
replacement, gutter installation, siding, and painting. Operating
primarily in Georgia, Tennessee, and Kentucky, Skyfall Group prides
itself on its expertise in insurance restoration, providing free
inspections and offering a five-year labor warranty on roof
replacements.

TSFG filed Chapter 11 petition (Bankr. N.D. Ga. Case No. 25-53596)
on April 1, 2025, listing between $100,001 and $500,000 in assets
and between $1 million and $10 million in liabilities. Scott Osmon,
a member of TSFG, signed the petition.

Judge Jeffery W. Cavender oversees the case.

The Debtor is represented by William A. Rountree, Esq., at Rountree
Leitman Klein & Geer, LLC.


UNITED ASSETS: Seeks to Hire Ronald D. Weiss PC as Attorney
-----------------------------------------------------------
United Assets Corp. USA filed an amended application seeking
approval from the U.S. Bankruptcy Court for the Eastern District of
New York to employ Ronald D. Weiss, P.C. as attorney.

The firm will render these services:

     (a) providing legal advice with respect to the powers and
duties of the Debtor-in-Possession in the continued management of
its property;

     (b) representing the Debtor before the Bankruptcy Court and at
all hearings on matters pertaining to his affairs, as
Debtor-in-Possession, including contested matters that may arise
during the Chapter 11 case;

     (c) advising and assisting Debtor in the preparation and
negotiation of a Plan of Reorganization with his creditors;

     (d) preparing necessary or desirable applications, motions,
answers, orders, reports, documents, and other legal papers; and

     (e) performing other legal services for the Debtor which may
be desirable and necessary.

The hourly rates of the firm's counsel and staff are $450 per hour
for attorneys and $250 per hour for paralegals.

In addition, the firm will seek reimbursement for expenses
incurred.

The firm received a retainer in the amount of $15,000.

Ronald D. Weiss, Esq., an attorney at The Law Office of Ronald D.
Weiss, disclosed in a court filing that the firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

The firm can be reached through:

     Ronald D. Weiss, Esq.
     LAW OFFICE OF RONALD D. WEISS, P.C.
     445 Broadhollow Road, Suite CL-10
     Melville NY 11747
     Tel: (631) 271-3737
     Fax: (631) 271-3784
     Email: weiss@ny-bankruptcy.com

        About United Assets Corp. USA

United Assets Corp. USA filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
24-41568) on April 12, 2024.

Judge Elizabeth S. Stong handles the cases.

Ronald D. Weiss, PC represents the Debtor as legal counsel.


UTICA TOWNSHIP: Seeks Chapter 11 Bankruptcy in Indiana
------------------------------------------------------
WDRB reports that the former Utica Township Fire Department, once
operated by ex-Clark County Sheriff Jamey Noel, filed for Chapter
11 bankruptcy on Tuesday, July 22, 2025.

Located in southern Indiana, Utica Township Fire Department
Incorporated was previously led by Noel, who also headed New Chapel
EMS. He is currently serving a 12-year prison sentence for
misappropriating department funds and defrauding taxpayers out of
millions through years of misconduct, according to WDRB.

Just last week, Utica Township announced plans to relaunch its
volunteer fire department. Nearby departments have stepped in to
donate uniforms and equipment, and the new firefighters will serve
without pay. The township has been seeking full-time fire coverage
since fall 2024, the report states.

           About Utica Township Volunteer Fire Fighters
Association

Utica Township Volunteer Fire Fighters Association is a nonprofit
organization based in Clarksville, Indiana, providing volunteer
fire protection and emergency services for Utica Township and
surrounding areas.

Utica Township Volunteer Fire Fighters Association  sought relief
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind.
Case No. 25-90840) on July 22, 2025. In its petition, the Debtor
reports total assets of $3,023,08 and total liabilities of
$1,076,837.

Honorable Bankruptcy Judge Andrea K. McCord handles the case.

The Debtor is represented by William P. Harbison, Esq. at SEILLER
WATERMAN LLC.


VC GB HOLDINGS I: S&P Affirms 'B' ICR, Off CreditWatch Negative
---------------------------------------------------------------
S&P Global Ratings removed its ratings on VC GB Holdings I Corp.
(operating as Visual Comfort & Co.) from CreditWatch with negative
implications. S&P affirmed its 'B' ratings on Visual Comfort and
revised the outlook to negative.

S&P said, "The negative outlook reflects the possibility we could
lower our ratings over the next 12 months if the company is unable
to mitigate higher costs or lower demand such that we expect it
will sustain leverage above 6.5x.

"The negative outlook reflects the risk Visual Comfort may sustain
S&P Global Ratings-adjusted leverage above 6.5x due to higher costs
from U.S. tariffs on imports from China and other Asia-Pacific
countries and because of lower demand. We estimate Visual Comfort's
S&P Global Ratings-adjusted leverage was about 6.3x for the
12-months ended March 31, 2025, which represents a tight cushion
compared to our 6.5x downside trigger for the current rating. We
expect the company's operating performance will be pressured in the
second half of 2025 due to higher tariff costs and pressured
consumer discretionary spending. Visual Comfort imports a
significant portion of its products from China and is currently
subject to incremental tariffs of 30% on many of its products
imported from that country. S&P Global economists anticipate
general U.S. import tariffs on imports on China will ultimately
settle around current levels, significantly below April incremental
tariffs of 145%.

"Nonetheless, we believe high interest rates, volatile financial
markets, rising core consumer price inflation due to import
tariffs, and macroeconomic uncertainty will lead to more cautious
consumer spending. We also expect weak existing home sales this
year because of still high mortgage rates that will subdue home
remodeling and improvement spending. As a result, we forecast
Visual Comfort's revenue will be flat to slightly down compared to
the prior year and its S&P Global Ratings-adjusted leverage will
increase to about 6.6x in fiscal 2025.

"We forecast the company could grow and deleverage in 2026, though
our forecast carries a significant amount of downside risk. We
believe Visual Comfort is well positioned to benefit from the
long-term U.S. structural housing undersupply given its scale in a
fragmented market, partnerships with influential designers, and
diversification across channels, brands, and prices. Its showroom
expansion strategy has bolstered growth and helped the company
capture market share. S&P Global economists forecast mortgage rates
will decrease in 2026, which would stimulate existing home sales
and remodeling activity, which have been depressed for over three
years. We expect the company will deleverage to about 6.4x in 2026
if macroeconomic uncertainty and monetary policy ease, but there is
a high degree of unpredictability around U.S. public policies and
their potential effect on the macroeconomy and consumer
discretionary spending."

S&P's baseline forecasts carry a significant amount of downside
risk. For instance, while Visual Comfort is diversifying its supply
chain away from China to other Asia-Pacific countries, there is
risk of higher tariffs on countries to which the company is
shifting its supply chain, which would offset some of the potential
supply-chain relocation benefit. Moreover, the magnitude of the
tariff effect on consumer wallets remains uncertain.

The company extended the maturity of its asset-based lending (ABL)
and maintains adequate liquidity. In July 2025, Visual Comfort
completed an amendment and extension of its asset-based revolving
credit facility (ABL). As part of the transaction, Visual Comfort
upsized the maximum facility amount to $150 million from $125
million and extended its maturity to July 2030 from July 2026. The
ABL has a springing maturity 91 days before the first lien term
loan maturity of July 2028. S&P said, "While we forecast free
operating cash flow (FOCF) generation could decline to break-even
levels in 2025 due to higher tariff costs, we believe the company
maintains an adequate liquidity cushion, comprised of about $30
million of cash on hand and ABL availability of about $117 million
as of March 31, 2025."

The negative outlook reflects the possibility S&P could lower its
ratings on VC GB in the next 12 months if its credit measures
weaken because it is unable to mitigate higher costs or lower
demand.

S&P could lower its ratings in the next 12 months on the company if
S&P expects it will sustain leverage above 6.5x or negative FOCF.

This could occur if:

-- Visual Comfort cannot offset higher tariff costs through price
increases, cost reduction, supply chain shifts, or other actions;

-- Consumer demand falls due to weak macroeconomic conditions or
increased competition; or

-- The company pursues aggressive growth investments or engages in
large debt-financed acquisitions, share repurchases, or other
shareholder distributions.

S&P could revise its outlook to stable if S&P forecasts Visual
Comfort will sustain leverage below 6.5x and positive FOCF.

This could occur if the company:

-- Mitigates higher tariff costs through price increases, supply
chain shifts, or other actions;

-- Sustains or grows market share amid a weaker demand
environment; and

-- Curtails its growth investments and discretionary spend in line
with lower demand levels.



VEON LTD: Secures $52.3M in Support of Cohen-Kyivstar Merger
------------------------------------------------------------
VEON Ltd. and Cohen Circle Acquisition Corp. I, a special purpose
acquisition company, announced the execution of non-redemption
agreements totaling approximately USD 52.3 million with accredited
institutional investors, including Helikon and Clearline. These
commitments cover approximately 5.05 million CCIR Class A shares,
securing the minimum USD 50 million cash condition for the proposed
business combination of Kyivstar Group Ltd and Cohen Circle.

The closing of the Business Combination is expected to occur during
the third quarter of 2025 and is subject to the approval of Cohen
Circle's shareholders and other customary closing conditions. Upon
completion of the Business Combination, Kyivstar Group is expected
to be listed on the Nasdaq Stock Market under the ticker symbol
"KYIV."

"We are pleased to see the level of investor support for the
listing of Kyivstar Group," said Kaan Terzioglu, VEON Group CEO.
"We look forward to completing the business combination and
introducing Kyivstar Group as the first pure-play Ukrainian company
to be publicly listed on a U.S. stock exchange."

Betsy Cohen, Chairman and CEO of Cohen Circle Acquisition Corp. I.,
added, "The caliber of investors participating in these agreements
further validates our strong conviction in Kyivstar Group's
long-term potential, and highlights the investment case for this
robust success story from Ukraine."

Cohen Circle's units, Class A ordinary shares and warrants are
listed on the Nasdaq under the ticker symbols "CCIRU," "CCIR" and
"CCIRW," respectively.

                      About Kyivstar Group

Kyivstar Group operates Ukraine's leading digital operator, serving
more than 23 million mobile customers and over 1.1 million home
internet fixed line customers as of December 31, 2024. Kyivstar
Group and its subsidiaries provide services across a wide range of
mobile and fixed line technologies, including 4G, big data, cloud
solutions, cybersecurity, digital TV, and more. VEON, together with
Kyivstar Group, intends to invest USD 1 billion in Ukraine during
2023-2027, through social investments in infrastructure and
technological development, charitable donations and strategic
acquisitions. Kyivstar Group and its subsidiaries have been
operating in Ukraine for more than 27 years. For more information,
visit: www.kyivstar.ua.

                       About Veon Ltd.

VEON is a leading digital operator strategically positioned across
six frontier markets: Bangladesh, Kazakhstan, Pakistan, Ukraine
Uzbekistan and Kyrgyzstan (currently classified as held for sale).
The Company delivers comprehensive telecommunications and digital
services (including voice, fixed broadband, data and cloud
services) through local brands that resonate with each market's
unique digital landscape, including our "Kyivstar," "Banglalink,"
"Toffee" and "Jazz" brands. VEON operates across six countries that
are home to more than 7% of the world's population. The company's
digital operator strategy focuses on delivering services beyond
traditional mobile and fixed connectivity, and expands into digital
financial services, entertainment, healthcare, education and
digital enterprise services.

As of December 31, 2024, the Company had $8 billion in total
assets, $6.8 billion in total liabilities, $28 million in
liabilities associated with assets held for sale, and a total
equity of $1.3 billion.

Melville, New York-based UHY LLP, the Company's auditor since 2024,
issued a "going concern" qualification in its report dated April
25, 2025, attached to the Company's Annual Report on Form 10-K for
the year ended December 31, 2024, citing that the Company has been
negatively impacted and will continue to be negatively impacted by
the consequences of the war in Ukraine, and has stated that these
events or conditions indicate that a material uncertainty exists
that may cast significant doubt (or raise substantial doubt as
contemplated by PCAOB standards) on the Company's ability to
continue as a going concern.


VS BUYER: S&P Rates Proposed $1,985MM Repriced Term Loan B 'B+'
---------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level rating to VS Buyer
LLC's (doing business as Veeam Software) proposed $1,985 million
repriced Term Loan B due 2031. The recovery rating is '3',
indicating its expectation for meaningful recovery (rounded
estimate: 50%) in the event of default.

S&P said, "The company aims to reduce its interest rate by 25 basis
points-50 basis points (bps) to SOFR + 225 bps-250 bps through the
proposed transaction, which we expect will save the company at
least $5 million in annual cash interest expenses and modestly
enhance its cash flow generation and liquidity. However, we view
this repricing transaction as leverage neutral, and we expect
credit metrics will not change materially. As such, all our ratings
on Veeam are unchanged.

"We upgraded the company's rating to 'B+' from 'B' in March, and
our base-case forecast has remained largely unchanged since then.
We expect Veeam will continue growing its top-line revenue, while
maintaining EBITDA margins in the mid-20% range, with net leverage
staying below 5x. We anticipate the company will pursue a
relatively disciplined financial policy for long-term deleveraging
and remain open to an eventual initial public offering (IPO)."



WATER'S EDGE: Taps Russo Frye & Associates as Special Counsel
-------------------------------------------------------------
Water's Edge Limited Partnership seeks approval from the U.S.
Bankruptcy Court for the District of Massachusetts to employ Russo,
Frye & Associates LLP as its special real estate counsel.

The Debtor owns and operates the real property known as the Water's
Edge Apartments, which is comprised of three apartment buildings
located at 364 Ocean Avenue, 370 Ocean Avenue, and 388 Ocean Avenue
with a total of approximately 316 units situated on a 4.95-acre
site in Revere, Massachusetts.

The firm's services include:

     (i) continued representation of the Debtor in the Tenant
Proceedings, including with respect to the plaintiffs' requested
attorneys' fees, and any motions for reconsideration or appeal of
the Tenant Proceedings;

    (ii) assisting the Debtor in evaluating, objecting to,
prosecuting and/or settling the Tenant Claims;

   (iii) commencing new tenant eviction proceedings as requested by
the Debtor; and

    (iv) such additional services as the Debtor may request.

The firm proposes to render its services at the rate of $200 per
hour according to its customary hourly rates provided to the Debtor
in effect prior to the Petition Date.

Russo, Frye & Associates, its partners and associates are
"disinterested persons" within the meaning of Section 101(14), as
modified by Section 1107(b) of the Bankruptcy Code, according to
court filings.

The firm can be reached through:

     David Frye, Esq.
     Russo, Frye & Associates LLP
     2 Oliver St Suite 612
     Boston, MA 02109
     Phone: +1 617-542-7700

        About Water's Edge Limited Partnership

Water's Edge Limited Partnership is primarily engaged in renting
and leasing real estate properties.

Water's Edge Limited Partnership sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 24-12445) on
December 5, 2024. In the petition filed by Evelyn M. Carabetta,
authorized representative, the Debtor reports estimated assets and
liabilities between $10 million and $50 million each.

Honorable Bankruptcy Judge Christopher J. Panos handles the case.

The Debtor tapped David Frye, Esq., at Russo, Frye & Associates,
LLP as counsel; Verdolino & Lowey, PC as financial advisor; and
Bradford Carlson at Gray, Gray & Gray, LLP as accountant.


WEISS MULTI-STRATEGY: Founder Seeks to Keep His Ch. 11 Case in Fla.
-------------------------------------------------------------------
Rick Archer of Law360 reports that the founder of bankrupt hedge
fund Weiss Multi-Strategy Advisers has urged a New York bankruptcy
judge to keep his personal Chapter 11 case in Florida, arguing it's
his primary residence and that the firm's New York proceedings are
nearing completion.

              About Weiss Multi-Strategy Advisers

Weiss Multi-Strategy Advisers LLC, is a New York-based investment
management firm started in 1978.  Weiss Multi-Strategy Advisers LLC
filed a voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-10743) on April 29,
2024. In the petition signed by George Weiss, manager, the Debtor
disclosed $10 million to $50 million in assets and $100 million to
$500 million in liabilities.

Judge Martin Glenn oversees the case.

The Debtor tapped Tracy L. Klestadt, Esq., at Klestadt Winters
Jureller Southard & Stevens, LLP as counsel and Omni Agent
Solutions, Inc. as claims and noticing agent.


WESTERN SKY: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Western Sky Hotshots, LLC
        10245 East Lan Drive
        Kingman, AZ 86401

Business Description: Western Sky Hotshots LLC provides general
                      freight and construction support services,
                      including water truck operations, dust
                      control, and pilot car escort services.  The
                      company operates in Arizona and specializes
                      in intrastate logistics and transportation.

Chapter 11 Petition Date: July 23, 2025

Court: United States Bankruptcy Court
       District of Arizona

Case No.: 25-06714

Judge: Hon. Daniel P Collins

Debtor's Counsel: Allan D. NewDelman, Esq.
                  ALLAN D. NEWDELMAN, P.C.
                  80 East Columbus Avenue
                  Phoenix, AZ 85012
                  Tel: 602-264-4550
                  Fax: 602-277-0144
                  E-mail: anewdelman@adnlaw.net

Total Assets: $494,363

Total Liabilities: $1,110,171

The petition was signed by Lonnie S. Green as managing member.

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/KHRWZ7Q/WESTERN_SKY_HOTSHOTS_LLC__azbke-25-06714__0001.0.pdf?mcid=tGE4TAMA


WHITEHALL PHARMACY: Seeks Chapter 11 Bankruptcy in Arkansas
-----------------------------------------------------------
On July 21, 2025, Whitehall Pharmacy LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the Eastern District of
Arkansas. According to court filing, the
Debtor reports $7,403,754 in debt owed to 1 and 49 creditors.
The petition states funds will be available to unsecured
creditors.

                      About Whitehall Pharmacy LLC

Whitehall Pharmacy LLC, doing business as Doctor's Orders Pharmacy,
operates six full -service pharmacies in Pine Bluff, White Hall,
Star City, and Hensley, Arkansas. The Company provides retail
pharmacy services, including medication synchronization, delivery,
immunizations, and medication therapy management. It also offers
long-term care services for patients and facilities requiring
ongoing, coordinated medication support, as well as multi-dose pill
packaging to assist with adherence.

Whitehall Pharmacy LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ark. Case No. 25-12406) on July 21,
2025. In its petition, the Debtor reports total assets of
$4,714,218 and total liabilities of $7,403,754.

Honorable Bankruptcy Judge Phyllis M. Jones handles the case.

The Debtor is represented by Charles Darwin Davidson, Sr., Esq. at
DAVIDSON LAW FIRM.


WI-FI WHEELING: Gets Interim OK to Use Cash Collateral
------------------------------------------------------
WI-FI Wheeling Dealing, LLC got the green light from the U.S.
Bankruptcy Court for the Northern District of Illinois to use cash
collateral.

The court's order authorized the Debtor's interim use of cash
collateral until July 30 to pay up to $8,548 for HVAC repairs and
up to $936 for fire alarm service.

As adequate protection for the Debtor's use of their cash
collateral, First Secure Community Bank and other lien claimants
will be granted replacement liens on the cash collateral and all
property acquired by the Debtor after its Chapter 11 filing that is
similar to their pre-bankruptcy collateral. These replacement liens
will have the same priority and extent as the lien claimants'
pre-bankruptcy liens.

In addition, the Debtor was ordered to keep its real property
insured, listing First Secure Community Bank as a lienholder.

The next hearing is set for July 29.

The Debtor holds title to an office complex located at 1400 South
Wolf Road, Wheeling, Illinois. This property consists of two
adjacent buildings and offers a total of 113,475 square feet of
rentable space. The property is currently secured by a mortgage and
assignment of leases and rents executed in favor of First Secure
Community Bank, which holds a promissory note in the principal
amount of $6.1 million. The note matured in October 2022, but the
outstanding balance is now $7.7 million.

On March 28, 2023, First Secure Community Bank filed a foreclosure
complaint in the Cook County Circuit Court to enforce the mortgage
against the real property.

On September 12, 2023, Ira Lauter, representing L&B All Star
Management, LLC and L&B All Star Advisors, LLC, was appointed as
the receiver for the real property. The receiver was authorized by
the court to make necessary improvements to the property, with a
cost cap of $8,000.

The Debtor's current estimate of the property's market value is at
least $13 million based on an appraisal dated August 18, 2022,
prepared by Colliers International Valuation & Advisory Services.
This valuation indicates that the property's value exceeds the
current outstanding debt owed to First Secure Community Bank.

First Secure Community Bank is represented by:
  
   Robert L. Dawidiuk, Esq.
   The Collins Law Firm, P.C.
   1770 Park Street, Suite 200
   Naperville, IL 60563
   Telephone Number:  630-527-1595
   rdawidiuk@collinslaw.com

                About Wi-Fi Wheeling Dealing LLC

Wi-Fi Wheeling Dealing LLC is a single asset real estate entity
that owns an office complex at 1400 S. Wolf Road in Wheeling,
Illinois.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10181) on July 2,
2025. In the petition signed by Isaac J. Weiss, manager, the Debtor
disclosed $13 million in total assets and $9.1 million in total
liabilities.

Judge Donald R. Cassling oversees the case.

Gregory K. Stern, Esq., at Gregory K. Stern, P.C., represents the
Debtor as legal counsel.


WINDSOR HOLDINGS: Moody's Alters Outlook on 'B1' CFR to Stable
--------------------------------------------------------------
Moody's Ratings affirmed Windsor Holdings III, LLC's ("Univar") B1
corporate family rating, and B1-PD probability of default rating.
The rating on the backed senior secured bank credit facilities and
the senior secured notes has been upgraded to B1 from B2. The
ratings outlook has been revised to stable from negative.

RATINGS RATIONALE

The revision of the ratings outlook to stable from negative
reflects: (1) consistency of the company's financial policy since
initiating the negative outlook, after initially adding debt to pay
a sponsor dividend within a few months of undertaking an LBO
transaction, (2) continued execution of its cost savings plan, with
an increase to the cost savings target relative to the original
amount, and (3) modest deleveraging achieved over the past 12-18
months, while including the benefit of future cost savings and
other actions, even in the face of a challenging chemicals market
backdrop. While Moody's do not expect a sharp recovery in broader
chemicals market conditions, Moody's expects Univar to continue the
deleveraging process over the next 12-18 months through EBITDA
growth, with metrics approaching levels commensurate with the
current B1 rating over the rating horizon.

The credit profile of Univar is supported by its: (1) leading
market share in North America chemical and ingredient distribution,
the second largest market share in Europe and third largest in
Latin America; (2) broad distribution network and diverse product
offerings servicing a broad array of end markets that provide a
strong competitive position in the distribution sector and provide
some stability during economic slowdowns; (3) low capital
expenditure requirements, although the operations are subject to
working capital swings.

The credit profile is challenged by (1) weak credit metrics
following the LBO in August 2023 and the subsequent dividend
transaction in January 2024, although they have since improved; (2)
narrow margins that are inherent in the distribution industry, (3)
an acquisition-driven growth strategy, given the fragmented nature
of the industry and the expectation that management will continue
this strategy under Apollo's ownership;  (4) an increased interest
expense burden post-LBO, which limits the company's ability to fund
future acquisitions through free cash flow; and (5) slower earnings
recovery following a long customer inventory destocking cycle.

The upgrade of the rating on the senior secured term loans and the
senior secured notes to B1, in line with the CFR, from B2
previously reflects changes to the proportion of senior secured
debt in the capital structure relative to the unrated $1.4 billion
ABL revolver, which ranks ahead of them. Given current industry
conditions, Moody's expects ABL revolver utilization to be limited,
which reduces the level of subordination on the term loans and the
notes. The senior secured term loans and the senior secured notes
have a first priority security interest in all material assets and
other non-ABL priority collateral of the borrower and each
subsidiary guarantor and a second priority security interest on the
ABL priority collateral.

The company is expected to have good liquidity. At March 31, 2025,
the company had $82 million of cash, and $892 million of
availability under its $1.4 billion ABL credit facility (subject to
a borrowing base), net of $127 million of outstanding L/Cs, for
total liquidity of $974 million. Moody's expects Univar to generate
positive free cash flow over the next 12-18 months, with the
expectation for that to be utilized for ABL repayment. The revolver
has a springing fixed charge covenant of 1x if availability is less
than 10% of the commitment or $105 million. The term loans do not
have any covenants. Moody's expects the company to remain in
compliance with covenants. The majority of assets are encumbered by
the secured debt instruments with guarantors accounting for
approximately two thirds of sales, EBITDA and assets.

The stable outlook assumes continued deleveraging even in the
absence of any major market improvement through internal
initiatives, no additional sponsor dividends, and that the company
does not pursue any large M&A transactions which could weaken
credit metrics.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's could consider an upgrade, if the company lowers balance
sheet debt and reduces leverage sustainably below 4.0x, increases
interest coverage above 2.5x, and consistently generates retained
cash flow to debt above 10%.

Moody's could consider a rating downgrade, if leverage is sustained
above 5.0x and EBITDA to interest expense is sustained below 2.0x,
retained cash flow to debt is sustained below 7%, if free cash flow
is negative on a sustained basis, and/or the company pursues
further leveraging transactions, including sponsor dividends and
large M&A.

The principal methodology used in these ratings was Chemicals
published in October 2023.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

Windsor Holdings III, LLC ("Univar") is one of the largest global
chemical and ingredient distributors and providers of related
services, operating hundreds of distribution facilities to service
a diverse set of customers end markets in the US, Canada, Europe,
the Middle East, Latin America and the Asia Pacific region.
Univar's top 10 customers account for roughly 6% of sales, while
its top 10 suppliers represent roughly 32% of its total chemical
expenditures. For the 12 months ended March 31, 2025, the company
generated approximately $9.8 billion in revenue.


WOODLAND PLACE: To Sell Pensacola Property to Martins Acquisition
-----------------------------------------------------------------
Woodland Place Apartments LLC seeks permission from the U.S.
Bankruptcy Court for the Northern District of Florida, Pensacola
Division, to sell substantially all Assets, free and clear of
liens, claims, and encumbrances.

The Debtor is a Florida limited liability company established on or
about September 30, 2019. The Debtor owns approximately 10.18 acres
of partially developed property located at 8221 Pittman Avenue in
Pensacola, Florida (Property).

The Debtor filed the motion on March 11, 2024 and the Court
approved the expedited motion and bidding procedure on March 18,
2024.

The Debtor's Property was aggressively marketed by NAI Brokers.
NAI is a respected and established commercial and industrial real
estate brokerage firm serving the Northwest Florida region since
1983. NAI's services in this campaign included targeted marketing
through a "Call for Offers" Report, which included an approved
development order. NAI also utilized various platforms including
but not limited to Gulf Coast CMLS, a database of commercial
property listings to assist professionals with commercial real
estate information in the Gulf Coast Region.

The Debtor received three offers for the sale of the Property by
the bid deadline.  All three bidders participated in the First
Auction. P&M submitted a bid of $2,160,000 as a credit bid. This
bid exceeded the second highest bid by $600,000; the Debtor
accepted the P&M offer.

On July 23, 2024, EMJ Construction, LLC (f/k/a EMJ Corporation's
filed a motion to limit credit bidding and prohibit P&M from credit
bidding, and was originally set for hearing on December 13, 2024,
and has been continued to August 8, 2025.

Rather than pursue the credit bid, the Debtor and its owners then
decided to monetize the Property through a sale to potential
purchaser Blackrain Partners, LLC.

However, the effort failed to materialize, and the Debtor withdrew
the motion on November 21, 2024.

The Debtor and its owners have continued their efforts to monetize
the Property since and now seek authority to sell the Property to
potential purchaser Martins Acquisition, LLC (Purchaser).

The lienholders of the Property include ServisFirst Bank, P&M
Realco, LLC, EMJ, Site & Utility and Steel Solutions.

The Debtor and the Purchaser entered into a Purchase Agreement for
the purchase of substantially all of the Debtor's Property, in a
cash bid of $1,650,000.00, with the deposit of $16,000.00.

The Debtor agrees to pay a portion of Coldwell Banker Realty's
(buyer's broker) commission at Closing (and only in the event of
the closing of the sale of the Property to Buyer) in the amount of
2.5% of the Purchase Price.

The Debtor requests an expedited hearing on this Motion be set on
or before July 25, 2025. While an exhaustive marketing and sale
process has already been consummated, as set forth above, the
Debtor proposes to provide additional parties that wish to compete
with the Purchase Agreement a deadline of August 15, 2025 (Offer
Deadline), to provide the Debtor and Notice Parties with a written
higher and better offer using the Purchase Agreement as a proposed
form of bid (Higher Offer) accompanied by a deposit of no less than
$20,000.00 to Berger Singerman LLP, counsel to the Debtor. Any
Higher Offer must exceed the Purchase Price by no less than
$35,000.00 and all other terms and conditions of the Higher Offer
must be equivalent to the Purchase Agreement, in the Debtor’s
sole discretion. The Higher Offer must be accompanied by sufficient
adequate assurance of future performance as to any contracts to be
designated pursuant to Section 365 of the Bankruptcy Code and
sufficient evidence of the bidder's ability to close on the
transaction. In the event the Debtor selects a Higher Offer over
the Purchase Agreement, the Debtor will file and serve a notice on
the Notice Parties on or before August 18, 2025, and the Debtor
shall request an expedited hearing to either approve such
transaction or will schedule an Auction of the Property, in the
Debtor's sole discretion.

In the event the Higher Offer is approved, the Purchaser shall be
entitled to an expense reimbursement of up to $25,000 (Expense
Reimbursement) as the Purchaser provided a material benefit to the
Debtor and creditors by increasing the likelihood that the Debtor
will receive the best possible price for the Property.

            About Woodland Place Apartments LLC

Woodland Place Apartments, LLC is a single asset real estate debtor
(as defined in 11 U.S.C. Section 101(51B)). The company is based in
Pensacola, Fla.

Woodland Place Apartments filed Chapter 11 petition (Bankr. N.D.
Fla. Case No. 24-30073) on February 1, 2024, with $1 million to $10
million in both assets and liabilities.

Judge Jerry C. Oldshue, Jr. oversees the case.

Edward J. Peterson, III, Esq. at Johnson Pope Bokor Ruppel & Burns,
LLP represents the Debtor as legal counsel.


WORKSPORT LTD: Q2 Revenue Jumps 83% to $4.1 Million
---------------------------------------------------
Worksport Ltd. announced in a press release its unaudited Q2 2025
topline results, delivering a breakout quarter that is expected to
position the Company for sustainable profitability and long-term
growth.

According to the Company, it delivered unaudited revenue of $4.1
million in Q2 2025, marking an 83% increase over Q1 2025 revenue of
$2.24 million.The results mark a major validation of the Company's
strategic pivot away from lower-margin private label production,
underscoring management's strategic focus on a strong Made in
America brand with a robust supply chain substantially within the
USA.

In parallel, gross margins increased 47%, rising from 17.7% in Q1
to 26.0% in Q2. June 2025 recorded the Company's highest monthly
gross margin to date, with Worksport on track to exceed 30% gross
margins by year-end, setting the stage for strong operating
leverage.

                 Momentum Building Toward Strong EBITA:

"This quarter's topline and margin performance validates the steps
we've taken over the last year," said Steven Rossi, CEO of
Worksport. "We're executing on all cylinders - sales are scaling,
margins are improving, and we're laying the groundwork for
sustainable profitability. The real catalyst lies just ahead with
the launch of our innovative SOLIS and COR nano-grid system.

                Flagship Product Launches to
                Unlock Additional Revenue Streams

Worksport's upcoming SOLIS Solar Tonneau Cover and COR Portable
Energy System--both in Beta testing in North America--are scheduled
for commercial launch in late 2025. Together, these proprietary
technologies will form a modular clean-energy nano-grid, targeting
high margin multi-billion-dollar markets, ranging from portable
power to overlanding, grid-resilient utility, and EV range top-up.

As previously reported, Worksport's patented SOLIS cover
successfully produced more than 500W of solar power, while the COR
system demonstrated Level 1 EV charging capabilities, including for
Tesla vehicles. Market response to early testing has been strong,
with additional updates expected in the Company's Q3 2025 earnings
call.

                Full Q2 Report and
                Earnings Call Coming Mid-August

"As we turn the corner on our strategy for strong EBITA and
profitability, we are seeing impressive alignment of the Company's
fundamentals in a way that unlocks shareholder value," added Rossi.
"With strong revenue growth, expanding margins, and disruptive new
products launching in 2025, Worksport is emerging as one of the
most exciting stories on the small-cap growth radar. The best is
yet to come and just around the corner."

The full Q2 2025 financial statements and earnings call are
scheduled for mid-August. The Company also recently announced
record production output and further traction in B2C and B2B sales,
reinforcing its revenue trajectory. Management has previously
projected $20M in full-year revenue, with a clear anticipated path
to cash flow positivity.

More information will be made available soon regarding the
Company's COR Portable Energy System & SOLIS Solar Tonneau Cover
commercial launches, including final release specifications,
pricing, and go to market strategy, among other topics.

For further information:

Investor Relations, Worksport Ltd.

     T: 1 (888) 554-8789 -128
     W: investors.worksport.com
     W: www.worksport.com
     E: investors@worksport.com

                       About Worksport Ltd.

West Seneca, N.Y.-based Worksport Ltd., through its subsidiaries,
designs, develops, manufactures, and owns intellectual property on
a portfolio of tonneau cover, solar integration, portable power
station, and NP (Non-Parasitic), Hydrogen-based green energy
products and solutions for the automotive aftermarket accessories,
power storage, residential heating, and electric vehicle-charging
industries.

Buffalo, N.Y.-based Lumsden & McCormick, LLP, the Company's auditor
since 2022, issued a "going concern" qualification in its report
dated Mar. 27, 2025, attached to the Company's Annual Report on
Form 10-K for the year ended Dec. 31, 2024, citing that the Company
has suffered recurring losses from operations and has an
accumulated deficit, that raise substantial doubt about its ability
to continue as a going concern. The Company recorded a net loss of
$16,163,789 for the year ended December 31, 2024, and has an
accumulated deficit of $64,476,966 as of December 31, 2024.

As of Dec. 31, 2024, the Company had $25,736,660 in total assets,
$8,323,029 in total liabilities, and a total stockholders' equity
of $17,413,631.


YUNHONG GREEN: Appoints New Director, Principal Financial Officer
-----------------------------------------------------------------
Yunhong Green CTI Ltd. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that the Board of
Directors appointed Darlene Chiu Bryant as an Independent Director
for the vacant term to conclude upon the election of directors
during the 2025 Annual Meeting of Shareholders.

The Company previously announced the retirement of Douglas Bosley
from the Board of Directors.

On July 8, 2025, the Board appointed Sree Kommana, Corporate
Controller of the Company, as Principal Financial Officer (PFO) for
the purpose of financial statement filings and related
disclosures.

                         About Yunhong Green

Barrington, Ill.-based Yunhong Green CTI Ltd develops, produces,
distributes and sells a number of consumer products throughout the
United States and in several other countries, and it produces film
products for commercial and industrial uses in the United States.
The Company's principal lines of products include Novelty Products
consisting principally of foil and latex balloons and related gift
items; and Flexible Films for food and other commercial and
packaging applications.

Boston, Mass.-based Wolf & Company, P.C, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated April 14, 2025, attached to the Company's Annual Report on
Form 10-K for the year ended December 31, 2024, citing that the
Company has suffered recurring losses from operations and has an
accumulated deficit of $25.9 million for the year ended December
31, 2024. This raises substantial doubt about the Company's ability
to continue as a going concern.

As of Dec. 31, 2024, the Company had $25.6 million in total assets,
$14.9 million in total liabilities, and a total stockholders'
equity of $10.7 million.


YUNHONG GREEN: Taps Consultant to Explore Strategic Alternatives
----------------------------------------------------------------
Yunhong Green CTI Ltd. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that the Company
entered into a Consulting Agreement with an independent,
third-party firm.

The purpose of the agreement is to assess and develop strategic
alternatives for the Company, including but not limited to, new
revenue sources, cost reductions, merger and acquisition options
and other means of potential shareholder value creation.

                         About Yunhong Green

Barrington, Ill.-based Yunhong Green CTI Ltd develops, produces,
distributes and sells a number of consumer products throughout the
United States and in several other countries, and it produces film
products for commercial and industrial uses in the United States.
The Company's principal lines of products include Novelty Products
consisting principally of foil and latex balloons and related gift
items; and Flexible Films for food and other commercial and
packaging applications.

Boston, Mass.-based Wolf & Company, P.C, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated April 14, 2025, attached to the Company's Annual Report on
Form 10-K for the year ended December 31, 2024, citing that the
Company has suffered recurring losses from operations and has an
accumulated deficit of $25.9 million for the year ended December
31, 2024. This raises substantial doubt about the Company's ability
to continue as a going concern.

As of Dec. 31, 2024, the Company had $25.6 million in total assets,
$14.9 million in total liabilities, and a total stockholders'
equity of $10.7 million.


[] BOOK REVIEW: Dynamics of Institutional Change
------------------------------------------------
Dynamics of Institutional Change: The Hospital in Transition

Authors:    Milton Greenblatt, Myron Sharaf, and Evelyn M. Stone
Publisher:  Beard Books
Softcover:  288 pages
List Price: $34.95
Review by Henry Berry

Order your personal copy today at
http://beardbooks.com/beardbooks/dynamics_of_institutional_change.html


Like many other private-sector and public institutions in modern
society, hospitals are regularly undergoing change. The three
authors of this volume have been leaders in change at Boston State
Hospital, a large public mental hospital, that serves as the test
case for the experienced advice and hard-earned lessons found in
this work.

With their academic and professional backgrounds, the three authors
combined offer an incomparable fund of knowledge and experience for
the reader. In keeping with their positions, they focus on the
position and the role of the leaders of institutional change. They
do not recommend any particular choices, direction, or outcome.
They do not presume to know what is the best for all institutions,
or to understand the culture, realities, goals, or values of all
institutions. They do not even presume to know what is best or
desirable for hospitals, the institution with which they are most
familiar. Instead, the authors direct their attention to "the
problems hampering change and the gains and losses of one or
another strategy of change." In relation to this, they are "more
concerned with the study of process than with outcome." By not
recommending specific policies or arguing for specific values or
goals, the authors make their book relevant to all institutions
involved in change, but particularly public-health institutions.

All of the subjects are dealt with from the perspective of top
executives and administrators. Among the subjects taken up are not
only the staff and structure of the institution, specifically the
medical institution, but also consultants, volunteers, local
communities, and state and federal government agencies. The detail
given to each subject goes beyond the administrator's relationship
to it to discussion concerning the relationship of lower-level
employees with the subject. This relationship of lower-level
employees has everything to do with how change occurs within the
institution, and often whether it occurs. The authors go into such
detail because they understand that the performance and goals of
top administrators are affected by everything that goes on within
heir institution, and often by much that goes on outside of it.

For example, the authors begin the subject of volunteers by
defining three types of volunteers: volunteers from organizations,
student or independent volunteers, and government-appointed or
statutory volunteers. Volunteers of whatever type can cause
anxiety, resistance, and even resentment among regular staff of an
institution. Volunteers are not simply "free help," but require
administration, training, and oversight -- which can distract
regular employees from work they consider more important and
interesting, and use up departments' resources. The transitional
nature of volunteers, their ignorance of institutional and
occupational concerns of the regular staff, and their lack of
professionalism can cause disruptions and personnel problems in
parts of an institution. The authors advise the top administrators,
"The intrusive evangelism of student volunteers can be threatening
not only to professional supervisors, but to the entire hospital
staff as well, from the attendant to the top administrator." While
recognizing the problems which may be caused by volunteers,
especially younger ones, the authors point out the worth of
volunteers to the hospital despite the potential problems they
bring. Overall, the different types of volunteers "improve the
physical and social environment" of the workplace, "make direct and
beneficial contacts with chronic patients," and often "establish
true innovations." After discussing the pros and cons of volunteers
and providing detailed guidance on how to manage volunteers so as
to minimize potential problems, the authors advise the
administrator and his or  her staff how to regard volunteers. "Both
staff and administrator must constantly keep in mind that
volunteers are not personally helping them [word in italics in
original], but are helping the patients or the community." Along
with the technical management and administrative guidance, such
counsel is clearly relevant and important in keeping perspective on
the matter of volunteers.

The treatment of volunteers in a medical institution exemplifies
the comprehensive, empathetic, and experienced treatment of all the
subjects. Personnel -- whether professional, clerical, service, or
volunteer -- is obviously a major concern of any institution and
change in it. The structure of an institution is another crucial
concern. This is addressed under the heading "decentralization
through unitization." In the context of a large public medical
facility, decentralization "involves breaking up the institution
into semiautonomous units . . . ; each of which is like a small
community health center in that it is responsible for serving a
specific part of the community." As with the subject of volunteers,
the authors treat this subject of the structure of the institution
by examining its various sides, discussing related personnel and
administrative matters, relating instructive anecdotes from their
own experience, and in the end, offering relevant and practical
advice and actions whose sense is apparent to the reader by this
point.

Recognizing that the authors have faced many of the same
situations, decisions, pressures, challenges, and aims as they
have, top hospital and public-health administrators will no doubt
adopt many of the authors' recommendations for managing the process
of change. The content of the book as well as its style (which is
obviously meant to be helpful, sympathetic, and realistic) offers
the reader not only resolutions, but also encouragement. The top
hospital administrators and their staff, who are the main audience
for "Dynamics of Institutional Change," will not find a better
study and handbook to help them through the changes their
institutions are being called upon to undergo to deal with the
health concerns and problems of today's society.

Milton Greenblatt, M.D. was Commissioner of the Massachusetts
Department of Mental Health, Professor of Psychiatry at Tufts
University School of Medicine, and Lecturer in Psychiatry at
Harvard Medical School and Boston University School of Medicine.

Myron R. Sharaf, Ph. D. was Associate Area Director of Boston State
Hospital and Assistant Professor of Psychology at Tufts University
School of Medicine.

Evelyn M. Stone served as Executive Editor for the Massachusetts
Department of Mental Health.



                            *********

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