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250731.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, July 31, 2025, Vol. 29, No. 211 Headlines 23ANDME HOLDING: Ombudsman Hires Husch Blackwell LLP as Counsel 3005 WILJAN: Gets Interim OK to Use Cash Collateral Until Aug. 31 3GEN ROOFING: Hires Shane Heskin as Special Counsel 604 ESPLANADE: Seeks to Hire Sternberg Naccari & White as Counsel 8TH STREET NE: Case Summary & One Unsecured Creditor ACCELERATE DIAGNOSTICS: Faces Nasdaq Delisting on July 31 ACTION IMPORTS: Hires Rankin and Khan LLP as Accountant ADAPTIVE 3D: Seeks Chapter 11 Bankruptcy in Texas ADC AND T: Deadline for Panel Questionnaires Set for Aug. 4 ADVANCE AUTO: Moody's Lowers CFR to Ba3, Outlook Negative ALACHUA GOVERNMENT: Taps Epiq Corporate as Administrative Advisor ALIGNED MEDICAL: Court Extends Cash Collateral Access to Aug. 31 ALIXPARTNERS LLP: S&P Rates New Senior Secured Term Loans 'B+' ALLECOM CORP: Unsecureds Will Get 2% to 3% of Claims in Plan ALTICE USA: Millennium Entities Hold 3.1% Stake as of June 30 APPTECH PAYMENTS: Nasdaq to Delist Securities on July 31 AQUA SPAS: Kevin Neiman Named Subchapter V Trustee ARCHDIOCESE OF NEW ORLEANS: Seeks OK for Abuse Cases Insurer Deals ARP HOSPITALITY: Case Summary & 20 Largest Unsecured Creditors ASP UNIFRAX: Fitch Affirms & Then Withdraws 'CCC' LongTerm IDR ATLAS CC: Moody's Cuts Rating on Senior Secured Term Loan to Caa2 AUSTIN WATERJET: Hires Munsch Hardt Kopf as Counsel B & H MANAGEMENT: Case Summary & 20 Largest Unsecured Creditors B & W ENTERPRISES: Joseph Richard Moore Named Subchapter V Trustee B&T INVESTMENT: Seeks Chapter 11 Bankruptcy in Florida B&W INC: Hires DeMarco·Mitchell PLLC as Counsel BACK DRAUGHTS: Ruediger Mueller of TCMI Named Subchapter V Trustee BALERNO CASTLE: Seeks to Hire Tang & Associates as Counsel BAUSCH HEALTH: Plans to Slash Debt by $900MM w/ Cash on Hand BEDMAR LLC: Fights Trustee's Bid to Dismiss Chapter 11 Bankruptcy BEELINE HOLDINGS: Sets Aug. 14 for Q2 Results and Stakeholder Call BISHOP OF FRESNO: Taps Mr. Long as Restructuring Coordinator BLH TOPCO: Seeks to Extend Plan Exclusivity to October 22 BLUE HEATING: Jonathan Dickey Named Subchapter V Trustee BMX TRANSPORT: Seeks to Extend Plan Exclusivity to January 15, 2026 BOZELL AND JACOBS: Hires Turner Legal Group as Counsel BREWER TAFLA DENTAL: Seeks Chapter 11 Bankruptcy in Texas BREWER'S LAWN: Hires Shane Heskin Esq. as Special Counsel BRIGHT GREEN: Hires Michael Best & Friedrich as Counsel BURNT LLC: Areya Holder Aurzada Named Subchapter V Trustee BURNT LLC: Hires Demarco·Mitchell PLLC as Counsel BYJU'S ALPHA: Founders Question Chapter 11 Suit Jurisdiction CAREERBUILDER + MONSTER: Sales Approved After Robust Auction CBRM REALTY: Amends Plan to Include Crown Capital Interests Details CCM MERGER: S&P Withdraws 'B+' Issuer Credit Rating CELSIUS NETWORK: Secures Key Jurisdictional Customer Clawbacks Win CHARLES MONEY: Unsecureds Will Get 100% of Claims in Plan CHC GROUP: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable CIMG INC: Reports $8.56 Million Net Loss in FY24 CINEMEX HOLDINGS: Opposes MN Theaters' Bid to Form Creditors Panel CIVITAS RESOURCES: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable COAL NEW HAVEN: Claims to be Paid from Plan Funder COMMUNITY HEALTH: Labcorp to Acquire Outreach Lab Assets for $195M COMMUNITY HEALTH: S&P Assigns 'B-' Rating in $1.5BB Secured Notes CONSOLIDATED APPAREL: Unsecureds to Get $500 per Month over 5 Years CONSOLIDATED BURGER: Seeks to Extend Plan Exclusivity to Sept. 26 CORVIAS CAMPUS: Asks Court to Reject Bid to Move Chapter 11 to Ga. COWTOWN BUS: Claims to be Paid from Property Sale Proceeds CPPIB OVM: S&P Affirms 'B+' ICR on Proposed Term Loan B Upsizing CTCHGC LLC: Seeks to Hire John E. Jonson CPA as Accountant D RAIL TRANSPORT: Case Summary & 20 Largest Unsecured Creditors DARE BIOSCIENCE: Says Equity Above $2.5M Minimum Required by Nasdaq DATAVAULT AI: Inks $50M ATM Sales Agreement With Maxim Group DE'NSITE INC: Seeks Subchapter V Bankruptcy in Illinois DENOYER-GEPPERT: Case Summary & 18 Unsecured Creditors DIOCESE OF ROCHESTER: Judge Set to Approve $246MM Chapter 11 Plan DISCO INTERMEDIATE: S&P Assigns 'B-' ICR, Outlook Stable DOLCE BALLOONS: Linda Leali Named Subchapter V Trustee DRSN GROUP: Gary Murphey of Resurgence Named Subchapter V Trustee E.W. SCRIPPS: S&P Rates Senior Secured Second-Lien Notes 'CCC+' EAZY-PZ LLC: Hires Williams Intellectual as Special Counsel EDGEWOOD HOSPITALITY: Walter Dahl Named Subchapter V Trustee EL DORADO SENIOR: Seeks to Use Cash Collateral ENNIS I-45: Court Extends Cash Collateral Access to Aug. 31 ENVISIONTEC US: Seeks Chapter 11 Bankruptcy in Texas ESSENZA EDGEWATER: Section 341(a) Meeting of Creditors on August 29 EXCELL COMMUNICATIONS: Seeks to Extend Plan Exclusivity to Oct. 11 FINCO I LLC: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable FIRST ACCEPTANCE: A.M. Best Affirms C++(Marginal) FS Rating FIRST BRANDS: Moody's Affirms B2 CFR & Rates New First Lien Debt B1 FLEET RENTS: Unsecureds Will Get 15.9% of Claims over 60 Months FLORIDA FOOD: In Talks with Lenders to Boost Balance Sheet FRANCIS TRUST: Gets Final OK to Use Cash Collateral Until Oct. 11 FREE SPEECH: Jones' Truck, Rental Property, Watches May Hit Auction FTX TRADING: Gellert Seitz & Morgan Represent M&M FTX Customers FULLER'S SERVICE: Unsecured Creditors to Split $300K over 5 Years FUTURA ENTERPRISES: Gets Interim OK to Use Cash Collateral GEORGIA VASCULAR: Gets OK to Use Cash Collateral Until Aug. 7 GSA BIRMINGHAM: Moody's Cuts Rating on 2021 Revenue Bonds to Ba3 GTCR EVEREST: Moody's Affirms 'B2' CFR, Outlook Remains Stable GYLMAR DEVELOPMENTS: Seeks Subchapter V Bankruptcy in Florida HALL OF FAME: Nasdaq to Delist Securities on July 31 HOOTERS OF AMERICA: Seeks to Extend Plan Exclusivity to Sept. 27 I-INSPIRE DANCE: Tamara Miles Ogier Named Subchapter V Trustee ICORECONNECT INC: Gets Extension to Access Cash Collateral IMPRO SYNERGIES: Hires Mancuso Law P.A. as Counsel INDIAN CREEK: Seeks Chapter 11 Bankruptcy in Colorado INTERNATIONAL DIRECTIONAL: Cash Collateral Hearing Set for Today ION CORPORATE: S&P Affirms 'B' ICR, Outlook Stable IQSTEL INC: Highlights Strategic Progress in Shareholder Letter IYA FOODS: Court Extends Cash Collateral Access to Aug. 16 JAMANA LLC: Case Summary & Seven Unsecured Creditors JERK PIT: Seeks Court Approval to Hire Milbank LLP as Legal Counsel JOSEPH G. BABA: Seeks Subchapter V Bankruptcy in Kansas KALEIDOSCOPE SCHOOL: Hires Lyda Law Firm as Bankruptcy Counsel KRBJ INVESTMENTS: Behrooz Vida Named Subchapter V Trustee LBM ACQUISITION: S&P Assigns 'B-' Rating on Proposed Secured Debt LIGHT OF HOPE: Aleida Martinez Molina Named Subchapter V Trustee LINQTO TEXAS: Deaton Law Represents Multiple Creditors LML LOGISTICS: Unsecured Creditors to Split $46K over 3 Years LONGWOOD UNIVERSITY: S&P Lowers Long-Term Bonds Rating to 'BB+' LOOP MEDIA: Faces $361,800 Demand From CCC Under License Deal MARI ARI: Chris Quinn Named Subchapter V Trustee MARIN SOFTWARE: Faces Nasdaq Delisting on July 31 MAVENIR SYSTEMS: Finalizes Recapitalization, Cuts Debt by $1.3B MEYER BURGER: Baker McKenzie & Morris Nichols Advise Ad Hoc Group MISS BRENDA: Updates Unsecureds & Trident Claim Pay Details MLB DESIGNS: Seeks Subchapter V Bankruptcy in California MODIVCARE INC: Allspring Marks $272,000 Loan at 25% Off MODIVCARE INC: Allspring Multi-Sector Marks $1.5M Loan at 33% Off MODIVCARE INC: Explores Debt Restructuring Options NANOVIBRONIX INC: Announces Initial Closing of Private Placement NAPA FORD: Seeks Chapter 11 Bankruptcy in California NATURALSHRIMP INC: BCRG Replaces Turner Stone & Company as Auditor NEAL MEATS: G. Matt Barberich Named Subchapter V Trustee NEUBERGER BERMAN 61: Moody's Assigns B3 Rating to $250,000 F Notes NEW DIRECTION: Unsecureds Will Get 37.8% of Claims over 60 Months NIKOLA CORP: Seeks to Reclassify SEC's $80.2MM Fraud Claim NIKOLA CORP: Unsecureds Will Get 23.1% to 77.3% of Claims in Plan NOBLE LIFE: Hires AFAB Lab Resources LLC as Appraisers OAKTREE OCALA: Seeks Chapter 11 Bankruptcy in New York ONDAS HOLDINGS: Fully Retires All Outstanding Convertible Notes ONEMAIN FINANCE: S&P Rates New $500MM Senior Unsecured Notes 'BB' OPGEN INC: Bonte Resigns as Director, Joins CapForce Subsidiary OWL VENICE: Case Summary & 10 Unsecured Creditors PAULAZ ENTERPRISES: Hearing Today on Bid to Use Cash Collateral PBREIA LLC: Seeks to Hire Foley & Lardner LLP as Legal Counsel PENNYMAC FINANCIAL: Moody's Affirms 'Ba2' CFR, Outlook Stable PENNYMAC MORTGAGE: Moody's Affirms B1 CFR, Outlook Remains Stable PIVOT OPERATIONS: Seeks to Hire McDonough CPA as Accountant PRIME CORE: Litigation Trust Wants to Claw Back $2.1MM Transfers REBORN COFFEE: Inks $1.7M Licensing Deal With Arjomand Group RED RIVER: Seeger Weiss Appointed Lead Settlement Counsel in MDL RENASCENCE INC: Gets OK to Use Cash Collateral Until Aug. 28 RENT-A-CHRISTMAS: Case Summary & 20 Largest Unsecured Creditors RIVER FALL: Claims Will be Paid from Property Sale/Refinance RUNITONETIME LLC: U.S. Trustee Appoints Creditors' Committee RYVYL INC: Arena Entities Hold 8.7% Equity Stake SAKS GLOBAL: Moody's Cuts CFR to Caa3 & Alters Outlook to Negative SCHULTE INC: Gets OK to Use $154K in Cash Collateral Until Oct. 31 SENOIA DRUG: Gets Interim OK to Use Cash Collateral SHARPLINK GAMING: Acquires 79,949 ETH Using $97M ATM Proceeds SILVER AIRWAYS: Gets Court OK to Convert Chapter 11 to Chapter 7 SILVERGATE CAPITAL: Court Denies $89MM Chapter 11 Claim SOLUNA HOLDINGS: Secures $20M for 35MW Project Kati Expansion SOUTHWEST FIRE: Seeks Chapter 11 Bankruptcy in New Mexico SOUTHWEST FT WORTH: Court Extends Cash Collateral Access to Aug. 4 SUNNOVA ENERGY: Committee Hires Berkeley as Financial Advisor SUNNOVA ENERGY: Committee Hires Blank Rome LLP as Co-Counsel SUNNOVA ENERGY: Committee Hires Willkie Farr as Co-Counsel SUNNOVA ENERGY: Lenders Succeed in Purchasing Co.'s Assets TEAM HEALTH: Moody's Hikes CFR to 'B3', Outlook Stable THUNDER RIDE: Seeks to Hire Wadsworth Garber as Counsel TRANSOCEAN LTD: Swaps $157M Bonds for 59M Shares U S SKYLINE: Creditor Files Plan, Proposes to Sell Property UNITED HAULING: Unsecured Creditors Will Get 100% over 3 Years UNIVERSAL DESIGN: Hires William G. Haeberle P.A. as Accountant UPHEALTH HOLDINGS: Wants $200MM Glocal Dispute Tossed URBAN GIS: Hires Stanley M. Jackson Esq. as Counsel UTICA TOWNSHIP: Dennis Perrey Named Subchapter V Trustee VAN'S EQUIPMENT: U.S. Trustee Unable to Appoint Committee VIEWBIX INC: Settles Gix Media Creditor Claims for $1.13M VILLAGE OAKS SENIOR: Seeks Continued Cash Collateral Access VILLAGE ON THE ISLE: Fitch Affirms 'BB+' IDR, Outlook Stable VIVAKOR INC: Enters Forbearance and Amendment to $6.63M Note VOLTZ INC: Gets Final OK to Use Cash Collateral Until Oct. 31 VSBROOKS INC: Case Summary & 20 Largest Unsecured Creditors W&T OFFSHORE: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable WESTERN SKY: Edward Burr Named Subchapter V Trustee WHITEEAGLE PROPERTIES: Seeks Subchapter V Bankruptcy in Kansas WONDER LAKE: Fitch Assigns 'BB+sf' Rating on Class E Notes X-LASER LLC: Gets OK to Use Cash Collateral Until Sept. 30 YELLOW CORP: Files New Plan After Pension Plans Ruling ZEN JV: Committee Seeks to Hire Cole Schotz P.C. as Counsel ZEN JV: Committee Seeks to Hire M3 Advisory as Financial Advisor [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 23ANDME HOLDING: Ombudsman Hires Husch Blackwell LLP as Counsel --------------------------------------------------------------- Neil M. Richards, the duly-appointed consumer privacy ombudsman of 23andMe Holding Co. and its affiliates, seeks approval from the U.S. Bankruptcy Court for the Eastern District of Missouri to employ Husch Blackwell LLP as counsel. The firm's services include: a. understanding applicable state, federal and foreign privacy and data security laws, including, but not limited to genetic privacy laws and regulations; b. reviewing and assessing the implementation of and compliance with privacy and data protection protocols and processes; c. advising the CPO on the legal and technical aspects of the cybersecurity practices of both the Debtors and any proposed purchaser; d. investigating any proposed sale or transfer of personally identifiable information by the Debtors; e. reporting to the Court on the information described in Bankruptcy Code section 332(b); f. providing advice to the CPO on issues of bankruptcy law and procedure, including issues relating to sales under Bankruptcy Code section 363, and the procedures applicable in this Court; g. representing the CPO in any other matter that may arise in connection with the CPO's service as consumer privacy ombudsman; and h. appearing before the Court in connection with the foregoing. The firm will be paid at these rates: Attorneys $375 to $1,250 per hour Paralegals $225 to $500 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Miles disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Christopher C. Miles, Esq. Husch Blackwell LLP 4801 Main Street, Suite 1000 Kansas City, MO 64112 Tel: (816) 983-8000 About 23andmeholding Co. 23andMe Holding Co. is a genetics-led consumer healthcare and biotechnology company in San Francisco, Calif. Through its direct-to-consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). 23andMe disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison, LLP, Morgan, Lewis & Bockius, LLP and Carmody MacDonald, PC serve as legal counsel to the Debtors while Alvarez & Marsal North America, LLC serve as the restructuring advisor. The Debtors tapped Reevemark, LLC and Scale Strategy Operations, LLC as communications advisors and Kroll Restructuring Administration Services, LLC as claims agent. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP serve as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Kelley Drye & Warren, LLP and Stinson, LLP as legal counsel and FTI Consulting, Inc. as financial advisor. 3005 WILJAN: Gets Interim OK to Use Cash Collateral Until Aug. 31 ----------------------------------------------------------------- 3005 Wiljan Court, LLC received a one-month extension from the U.S. Bankruptcy Court for the Northern District of California, San Francisco Division, to use the cash collateral of East West Bank. The court approved a stipulation extending the Debtor's authority to use its lender's cash collateral until August 31 to pay $144,296.57 in expenses, including monthly payments to the lender as adequate protection. Unless otherwise agreed upon in writing by the lender, all cash collateral generated by the Debtor's real property in Santa Rosa, Calif., must be collected, received, maintained and held by the Debtor in trust for the lender and subject to the security interest and lien of the lender in the debtor-in-possession bank account. As adequate protection, East West Bank will be granted a lien pursuant to Section 361 of the Bankruptcy Code encumbering the cash collateral not otherwise used in accordance with the stipulation. This lien will continue in full force and effect, including in the event the Debtor's bankruptcy case is dismissed or converted to one under Chapter 7. In addition, the Debtor must keep the Santa Rosa property insured as further protection to the lender's interest in the property. East West Bank asserts a secured claim of $4.1 million against the Debtor as of the petition date. The claim stemmed from the Debtor's $4.25 million loan and is secured by the Debtor's Santa Rosa property. Proceeds generated by the property constitute the Debtor's cash collateral. About 3005 Wiljan Court LLC 3005 Wiljan Court, LLC is a real estate debtor under 11 U.S.C. Section 101(51B), holding a single asset. It owns the property located at 3005 Wiljan Court, Santa Rosa, California, which is currently valued at $4.88 million. 3005 Wiljan Court sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-30299) on April 17, 2025. In its petition, the Debtor reported total assets of $4,930,774 and total liabilities of $4,786,670. Judge Hannah L. Blumenstiel handles the case. Brent D. Meyer, Esq., at Meyer Law Group, LLP is the Debtor's bankruptcy counsel. East West Bank, as lender, is represented by: William S. Brody, Esq. Buchalter 1000 Wilshire Boulevard, Suite 1500 Los Angeles, CA 90017-1730 Phone: (213) 891-5015/(213) 891-0700 Fax: (213) 896-0400 wbrody@buchalter.com -- and -- Dakota Pearce, Esq. Buchalter 1420 5th Avenue, Suite 3100 Seattle, WA 98101 Phone: (213) 891-5481/(206) 319-7052 dpearce@buchalter.com 3GEN ROOFING: Hires Shane Heskin as Special Counsel --------------------------------------------------- 3Gen Roofing, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to employ Shane Heskin, Esq. as special counsel. The Debtor needs the firm's legal assistance in connection with adversary proceedings against Merchant Cash Advance lenders. The firm will be paid 40 percent of any recovery of the bankruptcy estate. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Shane Heskin, Esq. About 3Gen Roofing, LLC 3Gen Roofing, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-10769) on June 9, 2025, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Jimmy L. Croom presides over the case. C. Jerome Teel, Jr., Esq., at Teel & Gay, PLC represents the Debtor as legal counsel. 604 ESPLANADE: Seeks to Hire Sternberg Naccari & White as Counsel ----------------------------------------------------------------- 604 Esplanade, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Sternberg, Naccari & White, LLC to handle its Chapter 11 case. The firm received in trust a retainer in the aggregate amount of $11,7380 from the Debtor. Ryan Richmond, Esq., an attorney at Sternberg, Naccari & White, will be paid at his hourly rate of $400 plus expenses. Mr. Richmond 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: Ryan J. Richmond, Esq. Sternberg, Naccari & White, LLC 450 Laurel Street, Suite 1450 Baton Rouge, LA 70801 Telephone: (225) 412-3667 Facsimile: (225) 286-3046 Email: ryan@snw.law About 604 Esplanade 604 Esplanade, LLC is a real estate company that owns property located at 604 Esplanade Street in New Orleans, Louisiana. 604 Esplanade sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-11439) on July 9, 2025, with $1 million to $10 million in assets and $500,000 to $1 million in liabilities. Jonathan Weber, manager, signed the petition. Ryan J. Richmond, Esq., at Sternberg, Naccari & White, LLC represents the Debtor as legal counsel. 8TH STREET NE: Case Summary & One Unsecured Creditor ---------------------------------------------------- Debtor: 8th Street NE Partners, LLC 2624 P Street NW Washington, DC 20007 Business Description: 8th Street NE Partners, LLC is a single- asset real estate firm that owns a connected building spanning 4017, 4021, and 4025 8th Street NE in Washington, D.C. Chapter 11 Petition Date: July 29, 2025 Court: United States Bankruptcy Court District of Columbia Case No.: 25-00299 Judge: Hon. Elizabeth L Gunn Debtor's Counsel: Augustus T. Curtis, Esq. OFFIT KURMAN, P.A. 7501 Wisconsin Ave, Suite 1000W Bethesda, MD 20814 Tel: 240-507-1756 Fax: 240-507-1735 E-mail: augie.curtis@offitkurman.com Total Assets: $2,669,993 Total Liabilities: $100,000 The petition was signed by Nathan Guggenheim as managing member. The Debtor listed District Line Development, LLC, represented by David L. Feinberg, Esq., of Venable LLP, as its sole unsecured creditor with a $100,000 claim related to litigation. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/I36DVGI/8th_Street_NE_Partners_LLC__dcbke-25-00299__0001.0.pdf?mcid=tGE4TAMA ACCELERATE DIAGNOSTICS: Faces Nasdaq Delisting on July 31 --------------------------------------------------------- The Nasdaq Stock Market LLC (the Exchange) disclosed in a 25-NSE filed with the U.S. Securities and Exchange Commission that it has determined to remove from listing the common stock of Accelerate Diagnostics, Inc. effective at the opening of the trading session on July 31, 2025. Based on review of information provided by the Company, Nasdaq Staff determined that the Company no longer qualified for listing on the Exchange pursuant to Listing Rules 5101, 5110(b), and IM-5101-1. The Company was notified of the Staff determination on May 8, 2025. The Company did not file an appeal. As a result, the Company's common stock was suspended on May 15, 2025. The Staff determination to delist the Company common stock became final on May 15, 2025. About Accelerate Diagnostics Accelerate Diagnostics, Inc., is an in vitro diagnostics company that develops systems for the rapid identification of pathogens and antibiotic susceptibility, with a focus on serious infections such as sepsis. Its products, including the Accelerate Pheno and Arc systems, are used in hospitals and clinical laboratories to improve treatment precision and reduce healthcare costs. The Company has submitted its WAVE system for FDA clearance, with a commercial launch expected in early 2026. Accelerate Diagnostics Inc. and Accelerate Diagnostics Texas, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10837) on May 8, 2025. In the petition signed by Jack Phillips as president and chief executive officer, the Debtors disclosed total assets of $28,556,000 and total debts of $84,596,000 as of December 31, 2024. The Hon. Karen B. Owens oversees the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell LLP and Fried, Frank, Harris, Shriver & Jacobson LLP as bankruptcy counsels. Solic Capital Advisors LLC serves as restructuring advisor to the Debtors; Perella Weinberg Partners LP acts as investment banker; and Stretto Inc. serves as claims and noticing agent. ACTION IMPORTS: Hires Rankin and Khan LLP as Accountant ------------------------------------------------------- Action Imports, LP seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Rankin and Khan LLP as accountant. The firm's services include: A. preparing income tax returns; B. preparing F.I.C.A., a U.S. federal payroll tax, and withholding tax returns; C. providing adequate control over the revenue from the operation of the property; and D. preparing Operating Reports. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: M. Shiraz Khan Rankin and Khan LLP 807 Forest Ridge Dr. #105 Bedford, TX 76022 Tel: (469) 616-1833 About Action Imports, LP Action Imports, LP is a wholesale distributor based in Grand Prairie, Texas, offering a broad range of products including candy, toys, electronics, purses, and collectibles. It serves retail clients across the United States and provides various merchandising solutions such as countertop displays, shippers, and gondolas. Action Imports sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42025) on June 2, 2025. In its petition, the Debtor reported assets and liabilities between $1 million and $10 million. Judge Mark X. Mullin handles the case. The Debtor is represented by Craig D. Davis, Esq., at Davis, Ermis & Roberts, PC. ADAPTIVE 3D: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------- On July 28, 2025, Adaptive 3D Technologies LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. About Adaptive 3D Technologies LLC Adaptive 3D Technologies LLC is a manufacturer of industrial 3D printing technology based in Plano, Texas. Adaptive 3D Technologies LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90267) on July 28, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Benjamin Lawrence Wallen, Esq. at Pachulski Stang Ziehl & Jones LLP. ADC AND T: Deadline for Panel Questionnaires Set for Aug. 4 ----------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of ADC and T, LLC. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/5fvbz9u8 and return by email it to Asher Bublick -- asher.bublick@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than 4:00 p.m., on Monday, August 4, 2025. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About ADC and T LLC ADC and T LLC, doing business as BIG Game, provides transportation and logistics services, including hauling operations involving trucks, trailers, and heavy equipment. The Company operates in Texas and serves sectors such as construction, aggregates, or oilfield services. ADC and T LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-32569) on July 9, 2025. In its petition, the Debtor reported estimated assets and liabilities between $1 million and $10 million each. The Debtors are represented by Joyce Lindauer, Esq. at Joyce W. Lindauer Attorney, PLLC. ADVANCE AUTO: Moody's Lowers CFR to Ba3, Outlook Negative --------------------------------------------------------- Moody's Ratings downgraded Advance Auto Parts, Inc.'s (Advance Auto) corporate family rating to Ba3 from Ba1 and probability of default rating to Ba3-PD from Ba1-PD. At the same time, Moody's downgraded the company's backed senior unsecured notes and senior unsecured notes ratings to Ba3 from Ba1 and assigned a Ba3 rating to the company's new proposed senior unsecured notes. The company's speculative grade liquidity rating (SGL) remains unchanged at SGL-2 and the outlook remains negative. The downgrade reflects governance considerations including Advance Auto's increased debt level following its planned new notes issuance which will result in higher than expected leverage and weaker than expected interest coverage for fiscal 2025 and 2026. It also reflects that leverage is increasing while the company is focusing on its turnaround amidst a complex and uncertain macro environment. Moody's now expect debt/EBITDA to be about 6.1x at the end of fiscal 2025 compared to Moody's previous expectation of 4.5x and Moody's estimates that the company will not have Ba credit metrics until 2027. Prior to the proposed new senior unsecured notes issuance, Moody's expected Ba credit metrics to be achieved in 2026. The company already has weak credit metrics as of the LTM period ending April 19, 2025 with lease-adjusted debt/EBITDA of 8.6x and EBITA/interest of -1.4x due primarily to restructuring costs that were incurred during Q4 2024 and Q1 2025. However, Moody's recognizes the that the proceeds from the unsecured notes issuance will boost the company's cash balances allowing it the flexibility to potentially reduce its reliance on supply chain finance. As of April 19, 2025, Advance Auto had $3.2 billion outstanding under its supply chain finance program. RATINGS RATIONALE Advance Auto's Ba3 CFR is supported by the company's good liquidity and a financial policy that includes maintaining its significantly reduced dividend, a cessation of share repurchases and high balance sheet cash. The company plans to issue $1.5 billion in new senior unsecured notes to support the potential gradual reduction in its supply chain finance program. The proceeds will also be used to repay the $300 million senior unsecured notes due March 2026 with the remainder to boost balance sheet cash. The company had $1.7 billion of cash on the balance sheet at the end of Q1 2025 and Moody's expects this to increase to about $3 billion at the end of fiscal 2025 as a result of the new notes issuance. A reduction in supply chain finance would result in a material increase working capital usage resulting in negative free cash flow in 2025 and 2026, but higher cash balances would more than offset this reduction. The rating also reflects Moody's expectations that credit metrics will improve in 2026 as the company puts the restructuring costs behind them and demonstrates growth in GAAP earnings. Moody's expects debt/EBITDA and EBITA/interest to improve to 4.7x and 1.8x respectively in 2026. Advance Auto's Ba3 CFR is also supported by its sizeable market position in the expanding US commercial auto parts segment as well as the auto parts sector's favorable industry fundamentals, including increasing total vehicle miles driven in the US, growth in total number of registered vehicles and the increasing age of vehicles, which is now over 12.8 years. Given the increasing complexity of vehicles on the road and the increasing severity of maintenance that comes with an aging fleet, commercial auto parts demand is expected to outpace do-it-yourself retail auto parts demand. The negative outlook reflects uncertainty around Advance Auto's ability to quickly turn around its GAAP operating earnings over the next 12-18 months. Sales to the DIY consumer have been sluggish and down in the low single digits range in Q1 2025. DIY comparable store sales performance reflect not only the difficult consumer spending environment but also competitor encroachment in Moody's views. Risk of continued weakness beyond Moody's expectations primarily as a result of tariff-related uncertainty is also reflected in the negative outlook. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Given the negative outlook and the current weakness in credit metrics, an upgrade is currently not likely. Over time, the ratings could be upgraded if the company's restructuring plan results in a sustained improvement in operating performance including organic revenue and operating income growth with significant margin expansion. An upgrade will also require maintaining conservative financial policies including very good liquidity and lower debt and leverage levels. Quantitatively, the ratings could be upgraded if lease-adjusted debt/EBITDA is sustained below 4.5x and if EBITA/interest is sustained above 3.5x. The negative outlook could be returned to stable over the next 12-18 months should the company demonstrate operating performance improvement with meaningful improvement in credit metrics. The ratings could be downgraded if the company's restructuring plan does not demonstrate sequential quarterly improvement including organic revenue and operating income growth along with margin expansion and if leverage remains elevated or interest coverage remains weak. Quantitatively, the ratings could be downgraded if lease-adjusted debt/EBITDA remains above 5.5x or if EBITA/interest remains below 2.5x. A downgrade could also occur if liquidity were to decline beyond what is expected to fund potential supply chain finance reductions over 2025 and 2026. Headquartered in Raleigh, North Carolina, Advance Auto Parts, Inc. is an automotive aftermarket retailer in North America. As of April 19, 2025, Advance Auto operated 4,285 stores primarily within the US, with additional locations in Canada, Puerto Rico and the US Virgin Islands. The company also served 881 independently-owned Carquest branded stores across these geographies in addition to Mexico and various Caribbean islands. Revenue pro-forma for the Worldpac asset sale and store closures/exits is about $8.5 billion. The principal methodology used in these ratings was Retail and Apparel published in November 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ALACHUA GOVERNMENT: Taps Epiq Corporate as Administrative Advisor ----------------------------------------------------------------- Alachua Government Services, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Epiq Corporate Restructuring, LLC as administrative advisor. The firm will provide these services: (a) assist with, among other things, solicitation, balloting and tabulation of votes, and prepare any related reports, as required in support of confirmation of a Chapter 11 plan, 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; (b) prepare an official ballot certification and, if necessary, testify in support of such certification; (c) process requests for documents from parties in interest; (d) Assist with the preparation of the Debtor's schedules of assets and liabilities and statement of financial affairs and gather data in connection therewith; (e) provide a confidential data room, if requested; (f) manage and coordinate any distributions pursuant to a Chapter 11 plan; and (g) provide such other administrative services described in the Engagement Agreement, but not included in the Section 156(c) Application, as may be requested from time to time by the Debtor, the Court or the Office of the Clerk of the Bankruptcy Court. The firm will be paid at these rates: IT / Programming $45 to $70 per hour Case Managers $85 to $170 per hour Consultants/Directors $175 to $185 per hour Vice Presidents Solicitation Consultant $190 per hour Executive Vice President, $190 per hour Solicitation Executives No Charge The Debtor provided the firm a retainer of $25,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Ms. Frodsham 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: Sophie Frodsham Epiq Corporate Restructuring, LLC 777 3rd Ave., 12th Floor New York, NY 10017 Tel: (212) 225-9200 About Alachua Government Services, Inc. Alachua Government Services Inc., is a pharmaceutical and medicine manufacturing company formerly known as Ology Bioservices. The company, based in Alachua, Florida, operates in the pharmaceutical manufacturing sector. Alachua Government Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11289) on July 6, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. The Debtor is represented by Michael J. Merchant, Esq. at Layton & Finger, P.A. FTI Consulting, Inc. is the Debtor's restructuring advisor, Jefferies LLC and Jefferies International Limited is the Debtor's investment banker, and Epiq Corporate Restructuring LLC is the Debtor's claims and noticing agent. ALIGNED MEDICAL: Court Extends Cash Collateral Access to Aug. 31 ---------------------------------------------------------------- Aligned Medical Group, P.C. received fourth interim approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to use cash collateral. The fourth interim order penned by Judge Patricia Mayer authorized the interim use of cash collateral for the period from August 1 to 31 to pay the expenses set forth in the budget. As protection for any diminution in the value of its collateral, the U.S. Small Business Administration, the primary secured creditor, was granted replacement liens on its collateral to the same extent, validity and priority as its pre-bankruptcy liens. SBA holds a secured interest in the Debtor's assets based on two Economic Injury Disaster Loans totaling over $530,000. The final hearing is set for August 27, with objections due by August 13. A copy of the court's order and the budget is available at https://shorturl.at/6fxSJ from PacerMonitor.com. About Aligned Medical Group Aligned Medical Group, P.C. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-11769-pmm) on May 5, 2025. In the petition signed by Joel Stutzman, D.C., president, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Patricia M. Mayer oversees the case. The Debtor is represented by: David B. Smith, Esq. Smith Kane Holman, LLC Tel: 610-407-7217 dsmith@skhlaw.com -- and -- Nicholas M. Engel, Esq. Smith Kane Holman, LLC Tel: 610-407-7216 nengel@skhlaw.com ALIXPARTNERS LLP: S&P Rates New Senior Secured Term Loans 'B+' -------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue-level rating and '3' recovery rating to AlixPartners LLP's proposed $3.08 billion senior secured dual-currency term loans. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 50%) recovery of principal in the event of a payment default. The company plans to use the proceeds from this transaction to refinance its existing senior secured credit facility and from the incremental debt proceeds of approximately $600 million, make payments to equity holders, pay transaction fees, and possibly fund a future tuck-in merger and acquisition (M&A). AlixPartners' transaction financing includes a first-lien senior secured credit facility comprising a $2.691 billion term loan and a EUR388 million term loan due 2032, as well as a $250 million revolver due 2030 (undrawn at closing). S&P expects the roughly $600 million of incremental debt from this refinancing will cause the company's leverage to remain elevated in the higher end of our expected range for the current rating, with its pro forma leverage rising to 6x in 2025 before declining to the mid-5x area in 2026 on continued growth in its organic revenue and EBITDA. However, the incremental debt burden will leave AlixPartners with little room to take on additional debt leverage at the current rating. S&P said, "Our 'B+' issuer credit rating and stable outlook on the company are unchanged, which reflects our expectation that its operating performance will remain resilient, supported by ongoing demand across its consulting, financial advisory, and restructuring segments, despite some macroeconomic uncertainty. We could lower our issuer credit rating on AlixPartners if the demand for its services declines, causing its leverage to increase above 6x and its discretionary cash flow to debt to fall below 2% on a sustained basis. It is unlikely that we will raise our rating on the company over the next 12-24 months, primarily due to its aggressive financial policy and history of debt-funded dividends. However, we could raise our rating on AlixPartners if it reports a stronger-than-expected operating performance, shifts to a more-conservative financial policy, and reduces its leverage to the mid-4x area on a consistent basis." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- The 'B+' issue-level rating and '3' recovery rating indicate S&P's expectation for meaningful (30%-50%; rounded estimate: 50%) recovery of principal for the lenders of the senior secured first-lien credit facility in the event of a default. -- AlixPartners LLP is the borrower under its proposed senior secured first-lien credit facility, which comprises $3.08 billion of outstanding first-lien dual-currency term loans and a $250 million revolving credit facility. -- S&P's simulated default scenario considers a default occurring in 2029 because of factors such as a weak operating performance due to adverse events that impair its reputation, intense competition that leads to the loss of key clients or managing directors, difficulty attracting and retaining qualified professionals, or unsuccessful new market launches, which would exacerbate its already high leverage. -- S&P believes AlixPartners' lenders would pursue a reorganization, rather than a liquidation, in a hypothetical default due to its favorable brand, client relationships, and asset-light business model. -- The credit facility is unconditionally guaranteed by parent AlixPartners Holdings LLP and subsidiary AlixPartners Holdings II LLC, in addition to other material domestic U.S. subsidiaries. The credit facility is secured by substantially all domestic tangible and intangible assets of the borrower and guarantors, in addition to a pledge of 65% of the capital stock of the company's first-tier foreign subsidiaries. -- Other default assumptions include an 85% draw on the revolving credit facility and six months of prepetition interest on all debt amounts. Simulated default assumptions -- Simulated year of default: 2029 -- EBITDA at emergence: About $302 million -- EBITDA multiple: 6x Simplified waterfall -- Net enterprise value (after 5% administrative costs): About $1.7 billion -- Senior secured debt claims: About $3.3 billion --Recovery expectations: 50%-70% (rounded estimate: 50%) Note: All debt amounts include six months of prepetition interest. ALLECOM CORP: Unsecureds Will Get 2% to 3% of Claims in Plan ------------------------------------------------------------ AllEcom Corp. filed with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement with respect to Plan of Reorganization dated July 22, 2025. The Debtor is a corporation formed in the State of Texas. The Debtor is a contractor for FedEx. It was formed in May 2021 and began operating in 2021. The Debtor currently makes commercial and residential deliveries for FedEx only in the San Antonio, Texas area. Its principal office is in Houston, Texas. The Debtor's sole shareholder, Kha Pham, operates the business. The Debtor believes that the Plan is feasible and will not lead to further reorganization or liquidation. The Plan proposes to pay Celtic Bank and Truck Lenders the fair market value of the Collateral and or the balance on the collateral, which is ever less, and taxing authorities per their proof of claim (except those in Harris County, Texas) and 2.0% to 3.0% of any Allowed Unsecured Claims, that percentage being subject to change depending on the net proceeds from the adversary proceedings/avoidance actions. This Plan proposes to pay the following secured creditors: (a) Celtic Bank; (b) Financial Pacific Leasing, Inc.; (c) Midland States Bank; (d) Wintrust Specialty Finance on their allowed secured claims and distributions to tax lien holders and valid holders of general unsecured claims as determined by the Court. The payment will be funded by AllEcom's operations. The administrative claims approved by the Court including fees following Wauson King's and AllEcom's CPA's application will be paid by AllEcom and Kha Pham. Class 6 consists of General Unsecured Creditors. Class 6 is impaired by this Plan. General unsecured valid, non-disputed, non-contingent claims, if any, are expected to be paid approximately 2.0% to 3% from net proceeds of recovery of preference claims and from the operation of AllEcom after secured claims and tax claims are paid in full and any additional disposable income. Equity security holders in Class 7 are allowed to vote on the plan but will receive no distribution through the Plan unless all creditors are paid in full. The shareholder is Kha Pham and will not be paid through the plan and will retain no assets and/or property of AllEcom. The Debtor will be funding the plan payments and/or any payments and/or distributions pursuant to this Plan. The source of those funds will be income and profits from its operations and net proceeds from avoidance actions including claims and causes of action against Haltrans, Inc. A full-text copy of the Disclosure Statement dated July 22, 2025 is available at https://urlcurt.com/u?l=DgJtM4 from PacerMonitor.com at no charge. Counsel to the Debtor: Anabel King, Esq. Wauson King 52 Sugar Creek Center Blvd., Suite 325 Sugar Land, TX 77478 Telephone: (281) 242-0303 Facsimile: (281) 242-0306 Email: aking@w-klaw.com About Allecom Corp. Allecom Corp. is a subcontractor for FedEx, providing specialized services to support its operations. Allecom sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-31569) on March 24, 2025. In its petition, the Debtor reported total assets of $306,082 and total debts of $3,310,215. Judge Eduardo V. Rodriguez oversees the case. Anabel King, Esq., at Wauson King, serves as the Debtor's counsel. ALTICE USA: Millennium Entities Hold 3.1% Stake as of June 30 ------------------------------------------------------------- Millennium Management LLC, Millennium Group Management LLC, and Israel A. Englander, disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of June 30, 2025, they beneficially own 8,751,861 shares of Class A Common Stock, par value $0.01 per share, of Altice USA, Inc., representing 3.1% of the outstanding shares of that class. Millennium Management may be reached through: Gil Raviv, Global General Counsel Millennium Management LLC 399 Park Avenue New York, New York 10022 Phone: (212) 841-4100 A full-text copy of Millennium Management LLC's SEC report is available at: https://tinyurl.com/55dtns67 About Altice USA Inc. Altice USA, Inc. is an American cable television provider. As of December 31, 2024, Altice USA had $31.7 billion in total assets, $32.16 billion in total liabilities, and a total deficiency of $456.8 million. * * * As reported by the TCR on May 17, 2024, S&P Global Ratings lowered all its ratings on Altice USA Inc. one notch, including the Company credit rating to 'CCC+', and removed them from Credit Watch, where it placed them with negative implications on May 2, 2024. The negative outlook reflects that S&P could lower its ratings if the company opts to pursue a debt restructuring over the next year. S&P said, "We believe Altice USA's capital structure is unsustainable. We believe the company is vulnerable to nonpayment long term and depends on favorable business, financial, and economic conditions to meet its financial obligations as they come due in 2027 and beyond. We believe it is more likely than not that Altice USA will enter into a distressed debt restructuring that we consider tantamount to default, or it could face bankruptcy long term." APPTECH PAYMENTS: Nasdaq to Delist Securities on July 31 -------------------------------------------------------- The Nasdaq Stock Market LLC (the Exchange) disclosed in a 25-NSE filed with the U.S. Securities and Exchange Commission that it has determined to remove from listing the securities of AppTech Payments Corp. effective at the opening of the trading session on July 31, 2025. Based on review of information provided by the Company, Nasdaq Staff determined that the Company no longer qualified for listing on the Exchange pursuant to Listing Rules 5550(a)(2) and 5550(b)(1). The Company was notified of the Staff determination on November 6, 2024. On November 18, 2024, the Company exercised its right to appeal the Staff determination to the Listing Qualifications Hearings Panel (Panel) pursuant to Listing Rule 5815. On January 14, 2025, the hearing was held. On February 12, 2025, the Panel reached a decision and granted an exception to demonstrate compliance with Listing Rule 5550(b)(1) on or before March 31, 2025. On May 15, 2025, the Exchange notified the Panel that the Company failed to regain compliance with Listing Rule 5550(a)(2). Pursuant to Listing Rule 5815, the Panel discretion in this matter expired on May 5, 2025. The Panel had no choice but to delist the Company securities from the Exchange. On May 15, 2025, Panel approved the decision to delist the Company and decided to suspend the Company from the Exchange. A Decision letter was issued on May 16, 2025. The Company securities were suspended on May 20, 2025. The Staff determination to delist the Company securities became final on June 30, 2025. 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: Kevin Neiman Named Subchapter V Trustee -------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Kevin Neiman as Subchapter V trustee for Aqua Spas, Inc. Mr. Neiman will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Neiman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kevin S. Neiman 999 18th Street, Suite 1230 S Denver, CO 80202 Tel: (303) 996-8637 Fax: (877) 611-6839 Email: trustee@ksnpc.com About Aqua Spas Inc. Aqua Spas Inc., also known as 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 filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-14565) on July 22, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Michael E. Romero handles the case. The Debtor is represented by Jonathan M. Dickey, Esq., at Kutner Brinen Dickey Riley, P.C. ARCHDIOCESE OF NEW ORLEANS: Seeks OK for Abuse Cases Insurer Deals ------------------------------------------------------------------ James Nani of Bloomberg Law reports that the Archdiocese of New Orleans has asked a bankruptcy court to approve $29.3 million in settlements with nine insurers as part of a broader plan to compensate clergy sex abuse survivors. According to a motion filed Tuesday, July 29, 2025, the settlement proceeds—stemming from the buyback of policies from insurers including SPARTA Insurance Co., U.S. Fire Insurance Co., and the Catholic Mutual Relief Society of America—would be combined with at least $130 million from the archdiocese and other parties. The funds would form a $159.3 million trust dedicated to survivor compensation. About Roman Catholic Church of The Archdiocese Of New Orleans The Roman Catholic Church of the Archdiocese of New Orleans -- https://www.nolacatholic.org/ -- is a non-profit religious corporation incorporated under the laws of the State of Louisiana. Created as a diocese in 1793, and established as an archdiocese in 1850, the Archdiocese of New Orleans has educated hundreds of thousands in its schools, provided religious services to its churches and provided charitable assistance to individuals in need,including those affected by hurricanes, floods, natural disasters, war, civil unrest, plagues, epidemics, and illness. Currently, the archdiocese's geographic footprint occupies over 4,200 square miles in southeast Louisiana and includes eight civil parishes: Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John the Baptist, St. Tammany, and Washington. The Roman Catholic Church for the Archdiocese of New Orleans sought Chapter 11 protection (Bankr. E.D. La. Case No. 20-10846) on May 1, 2020. The archdiocese was estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Judge Meredith S. Grabill oversees the case. Jones Walker, LLP and Blank Rome, LLP, serve as the archdiocese's bankruptcy counsel and special counsel, respectively. Donlin, Recano & Company, Inc., is the claims agent. The U.S. Trustee for Region 5 appointed an official committee of unsecured creditors on May 20, 2020. The committee is represented by the law firms of Pachulski Stang Ziehl & Jones, LLP and Locke Lord, LLP. Berkeley Research Group, LLC is the committee's financial advisor. ARP HOSPITALITY: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: ARP Hospitality Group LLC d/b/a Fairfield by Marriot 601 From Road Paramus, NJ 07652 Business Description: ARP Hospitality Group LLC, doing business as Fairfield by Marriott, operates a midscale hotel offering lodging, breakfast, and business services. The property is located in Paramus, New Jersey, and serves both business and leisure travelers. Chapter 11 Petition Date: July 29, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-17941 Debtor's Counsel: Michael S. Kopelman, Esq. KOPELMAN & KOPELMAN, LLP 90 Main Street, Suite 205 Hackensack, NJ 07601 Tel: (201) 489-5500 Fax: (201) 489-7755 E-mail: kopelaw@kopelmannj.com Total Assets: $9,957,890 Total Liabilities: $7,960,943 Priti Patel signed the petition a 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/ADUWC7Y/ARP_Hospitality_Group_LLC__njbke-25-17941__0001.0.pdf?mcid=tGE4TAMA ASP UNIFRAX: Fitch Affirms & Then Withdraws 'CCC' LongTerm IDR -------------------------------------------------------------- Fitch Ratings has affirmed the ratings for ASP Unifrax Holdings, Inc., (Alkegen), including the Long-Term Issuer Default Rating (IDR), at 'CCC'. Additionally, Fitch has affirmed the first-out revolver rating at 'B' with a Recovery Rating of 'RR1', the first lien term loans and bonds at 'CCC+'/'RR3', and the second lien notes and legacy notes at 'CC'/'RR6'. Subsequently, Fitch has withdrawn the ratings. Fitch Ratings has withdrawn the ratings on Alkegen for commercial reasons and will no longer provide ratings or analytical coverage. Key Rating Drivers High Leverage, Weak Coverage: Fitch expects Alkegen's EBITDA leverage to remain above 10x over the forecast horizon, along with continued negative FCF. EBITDA interest coverage is expected to remain at 1.0x in 2025 and tight thereafter. This is despite reductions to the issuer's cash interest burden due to the partial payment-in-kind (PIK) option for the company's new debt. Although about half of Alkegen's debt is fixed rate, rising SOFR and higher debt balances from the Lydall and Luyang acquisitions have caused interest expense to climb materially over the past several years. Deteriorating Operating Performance: Alkegen's operating performance continued to weaken in 2024 due to increased price competition in filtration and catalysis products and inconsistent demand, leading to declining revenue and EBITDA. While the company benefitted from cost containment programs that led to moderate sequential EBITDA margin improvements in the first half of 2024, Fitch expects continued market weakness to limit any volume and pricing improvement through 2025. Improved Financial Flexibility: Alkegen's financial flexibility is improved pro forma for the transactions, driven by an extended maturity profile and sufficient liquidity. Additionally, the company's liquidity should be sufficient to fund its operations over the next several years, with an undrawn $200 million revolver and $175 million of availability under its DDTL. The extension of maturities also provides it additional runway to improve underlying operations. Diversified Platform: Alkegen is well-diversified by end market, customer base, geographic presence and raw material spend. The company operates out of over 60 sites across more than 10 countries and serves over 4,000 customers. Key end markets include industrial applications, chemicals and metals, battery applications, and transportation. Geographic breadth spans across North America, Europe and the Asia-Pacific region. Peer Analysis Alkegen's scale is comparable to SK Mohawk Holdings SARL (SK Mohawks; CCC), but is larger than peers Advancion Holdings, LLC (Advancion; B-/Stable), Kymera International, LLC (Kymera; B-/Stable) and Vantage Specialty Chemicals, Inc. (Vantage; B-/Stable). This illustrates Alkegen's broader end-market exposure and more diversified platform. The company's margins are well above SK Mohawk's, indicating the more specialized nature of Alkegen's product offerings, and are higher than Kymera's, partly due to Kymera's smaller scale and higher internal integration spending to support growth. Alkegen's margins are largely in line with Vantage's, as Alkegen's margins have compressed since 2021 due to destocking and greater price competition in its markets. Alkegen's margins are notably below Advancion's, which is an outlier for the sector. Alkegen's capital structure is significantly more levered than its peers, primarily due to the acquisition of Lydall in 2021 and its incremental investment in Luyang in 2022, which collectively added over $1 billion in debt to Alkegen's balance sheet. Key Assumptions - Continued weak end-market demand reduces revenue by about 3.5% in 2024. Revenues experience a modest recovery, growing in the mid-single digits in 2025 and thereafter; - EBITDA margins remain between 14% and 15% over the forecast; - Capex stays at maintenance levels, at around 2% of revenue. Recovery Analysis The recovery analysis assumes that Alkegen would be reorganized as a going concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim and a full draw under the company's revolving credit facility, which is not borrowing-base constrained. Fitch uses a GC EBITDA estimate that reflects its view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation (EV). The GC EBITDA reflects an improvement in the underlying economic conditions at the time of default, despite the ongoing competitive pricing environment. The agency anticipates that Alkegen will use the full availability of its delayed-draw term loan to shore up liquidity, exhausting all forms of available capital. Fitch also assumes that the company will implement corrective measures during restructuring, such as consolidating facilities, cancelling leases, and undertaking other initiatives to reduce fixed overhead. Fitch applies an EV multiple of 7x to the GC EBITDA to calculate a post-reorganization EV. This 7.0x multiple is at the upper end within Fitch's chemicals portfolio, warranted by the company's stable EBITDA margins, value-added product portfolio, and potential benefits from growing end-markets, such as EV batteries. The 7.0x multiple is also within the historical range of bankruptcy case study exit multiples for peer companies, which spans from 5.2x to 7.7x, though it exceeds the median of 5.9x. With an assumed full draw on the revolving facility and PIK accretion on the term loans and bonds, the EV approach results in a 'B'/'RR1' rating for the first-lien, first-out revolver, a 'CCC+'/'RR3' rating for the first-lien term loans and first-lien notes; a 'CC'/'RR6' rating for the second-lien; note and 'CC'/'RR6' ratings for the legacy notes. RATING SENSITIVITIES Not applicable, as the ratings have been withdrawn. Liquidity and Debt Structure Alkegen's financial flexibility is improved pro forma for the transactions, driven by an extended maturity profile and sufficient liquidity. Additionally, the company's liquidity should be sufficient to fund its operations over the next several years, with an undrawn $200 million revolver and $175 million of availability under its DDTL. The extension of maturities also provides it additional runway to improve underlying operations. Issuer Profile Alkegen manufactures specialty materials that provide thermal management, emission control, filtration, and energy solutions for multiple end markets and applications. It is one of two vertically integrated global manufacturers of high temperature refractory and insulating fiber and engineered products. 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 ----------- ------ -------- ----- ASP Unifrax Holdings, Inc. LT IDR CCC Affirmed CCC LT IDR WD Withdrawn senior unsecured LT CC Affirmed RR6 CC senior unsecured LT WD Withdrawn senior secured LT CC Affirmed RR6 CC senior secured LT WD Withdrawn senior secured LT B Affirmed RR1 B senior secured LT WD Withdrawn senior secured LT C CC+ Affirmed RR3 CCC+ senior secured LT WD Withdrawn Senior Secured 2nd Lien LT CC Affirmed RR6 CC Senior Secured 2nd Lien LT WD Withdrawn ATLAS CC: Moody's Cuts Rating on Senior Secured Term Loan to Caa2 ----------------------------------------------------------------- Moody's Ratings has downgraded Atlas CC Acquisition Corp's ("Cubic") senior secured term loan C ("Term Loan C") to Caa2 from B1 due to an error correction. Moody's took no action on Cubic's Caa2 Corporate Family Rating, Caa2-PD Probability of Default Rating, or Caa2 senior secured first lien term loan B and senior secured first lien revolving credit facility rating; the stable outlook remains unchanged. The rating downgrade of Term Loan C reflects the correction of an error. In Moody's prior rating analysis, Moody's did not account for the fact that restricted cash from the $300 million Term Loan C is used to collateralize a separate unrated cash secured letter of credit facility. In the rating action, Moody's have corrected for this. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. RATINGS RATIONALE Cubic's Caa2 CFR reflects its very high leverage and track record of weak cash flows since the completion of the acquisition by Veritas Capital in May 2021. Longer-than-expected contract startup periods with its municipal customers and supply chain constraints that delay production and implementation of its hardware and software products remain rating constraints. However, bookings growth from new and existing customers remains solid. Cubic's leading position in fare management systems for public transportation networks worldwide and its C4ISR (command, control, communication, computers, intelligence, surveillance and reconnaissance) services for the US Department of Defense and its allies should promote a steady stream of new business. This new business could potentially mitigate some of the pressure on the rating from the weak credit metrics. The stable outlook also reflects Moody's expectations that the company's key design and build programs will reach completion and transition into the operations and maintenance phase, resulting in modest revenue growth over the next 18-24 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if the company sustains breakeven free cash flow and FFO/interest approaches 1.0x. The ratings could be downgraded if liquidity remains weak or if the probability for a distressed exchange increases. The principal methodology used in this rating 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. Atlas CC Acquisition Corp serves transportation, defense command, control, communication, computers, intelligence, surveillance and reconnaissance (C4ISR), and defense training customers globally. Cubic sells integrated payment and information systems, expeditionary communications, cloud-based computing and intelligence delivery, as well as training and readiness solutions. Revenue for the 12 months ended March 31, 2025 was $1.3 billion. The company is majority-owned by entities of Veritas Capital. AUSTIN WATERJET: Hires Munsch Hardt Kopf as Counsel --------------------------------------------------- Austin Waterjet, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Munsch Hardt Kopf & Harr, P.C. as counsel. The firm will provide these services: a. serve as general counsel for the Debtor and to provide representation and legal advice to the Debtor throughout the Bankruptcy Case; b. assist the Debtor in carrying out its duties under the Bankruptcy Code, including advising the Debtor of such duties, its obligations, and its legal rights; c. consult with the United States Trustee, any statutory committee that may be formed, and all other creditors and parties-in-interest concerning administration of the Bankruptcy Case; d. assist in potential sales of the Debtor's assets; e. prepare on behalf of the Debtor all motions, applications, answers, orders, reports, and other legal papers and documents to further the Debtor's estate's interests and objectives, and to assist the Debtor in the preparation of schedules, statements, and reports, and to represent the Debtor and its estate at all related hearings and at all related meetings of creditors, United States Trustee interviews, and the like; f. assist the Debtor in connection with formulating and confirming a chapter 11 plan; g. assist the Debtor in analyzing and appropriately treating the claims of creditors, including objecting to claims and trying claim objections; h. appear before this Court and any appellate courts or other courts having jurisdiction over any matter associated with the Bankruptcy Case; i. perform all other legal services and provide all other legal advice to the Debtor as may be required or deemed to be in the interest of its estate in accordance with the Debtor's powers and duties as set forth in the Bankruptcy Code; and j. defend the Debtor against any and all actions and claims made against the Debtor and its property. The firm will be paid at these rates: Davor Rukavina, Shareholder $650 per hour Jacob King, Associate $400 per hour Heather Valentine, Paralegal $235 per hour On October 1, 2024, the firm received a retainer of $25,000.00, and on June 5, 2025, the firm received an additional retainer of $6,825. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Davor Rukavina, Esq., a partner at Munsch Hardt Kopf & Harr, P.C. disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Davor Rukavina, Esq. Jacob J. King, Esq. Munsch Hardt Kopf & Harr, P.C. 1717 W. 6th St., Ste. 250 Austin, TX 78703 Tel: (214) 855-7500 Email: drukavina@munsch.com jking@munsch.com About Austin Waterjet, Inc. Austin Waterjet, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-11027) on July 2, 2025, listing up to $1 million in assets and up to $10 million in liabilities. David Squires, vice president and secretary of Austin Waterjet, signed the petition. Judge Shad Robinson oversees the case. Jacob J. King, Esq., at Munsch Hardt Kopf & Harr, PC, is the Debtor's legal counsel. Comerica Bank, as secured creditor, is represented by: Annmarie Chiarello, Esq. Winstead PC 500 Winstead Building 2728 N. Harwood Street Dallas, TX 75201 Telephone: (214) 745-5400 Facsimile: (214) 745-5390 E-mail: achiarello@winstead.com B & H MANAGEMENT: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: B & H Management, LLC d/b/a Arkansas River Rice 4215 Emmett Sanders Rd Pine Bluff, AR 71601 Business Description: B & H Management LLC, doing business as Arkansas River Rice, operates a rice-milling facility with rail and river-port access in Pine Bluff, Arkansas, processing U.S.-grown rice for domestic and export markets. Chapter 11 Petition Date: July 29, 2025 Court: United States Bankruptcy Court Eastern District of Virginia Case No.: 25-11545 Debtor's Counsel: Christopher A Jones, Esq. WHITEFORD, TAYLOR & PRESTON LLP 1021 E. Cary Street, Suite 2001 Richmond, VA 23219 Tel: 703-280-9263 Email: CAJones@whitefordlaw.com Estimated Assets: $50 million to $100 million Estimated Liabilities: $1 million to $10 million The petition was signed by PJ Paynie as chief executive officer. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XJDGITQ/B__H_Management_LLC__vaebke-25-11545__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Arkansas Dept. of Taxes $53,025 Finance & Admin. PO Box 919 Little Rock, AR 72203 2. Axle Logistics Trade Debt $11,900 835 N. Central Street Knoxville, TN 37917 3. Entergy Corporation Utilities $44,429 639 Loyola Ave New Orleans, LA 70113 4. EOS Trucking Inc. $21,186 1000 Fiber Optic Drive North Little Rock, AR 72117 5. Equipment Share Trade Debt $13,578 5804 Bull Run Dr. Columbia, MO 65201 6. Essmueller Company Trade Debt $12,130 334 Avenue A Airbase Laurel, MS 39441 7. First Southern Bank Credit Card $10,285 2056 Phillips Country Road Purchases 145201 South Court St Florence, AL 35630 8. Greenstone Cultura Co. Trade Debt $39,455 3820 Mansell Rd #350 Alpharetta, GA 30022 9. Greenstone Cultura Co. Trade Debt $39,455 3820 Mansell Road, Suite 375 Alpharetta, GA 30022 10. Innpack LLC Trade Debt $18,702 10511 High Point Rd Olive Branch, MS 38654 11. Intertek Alchemy Trade Debt $10,206 (FKA Alchemy Systems) 5301 Riata Park Ct, Building F Austin, TX 78727 12. Jefferson County Tax Tax $132,694 Collector Office 101 W Barraque St, Pine Bluff Pine Bluff, AR 71601 13. Mauldin And Jenkins Trade Debt $9,815 200 Galleria Parkway Atlanta, GA 30339 14. Mccauley Services Trade Debt $10,034 23650 Interstate 30 N Bryant, AR 72022 15. Nabholz Construction Services $42,911 612 Garland St. Conway, AR 72032 16. Raumak Packaging Trade Debt $49,086 R. Raulino Kreis, 136 - Ilha da Figueira, Jaragu? do Sul - SC, Brazil R. Raulino Kreis, 136 - Ilha da Figueira, Jaragu? do Sul - SC, 89258-170, Brazil 17. Summit Fire And Security $6,971 1025 Telegraph St Reno, NV 89502 18. Triton Fumigation LLC Trade Debt $9,796 2839 Piedmont St Kenner, LA 70062 19. USA Rice Millers' Association $6,675 2101 Wilson Blvd., Suite 610 Arlington, VA 22201 20. Weight Systems Inc. $8,845 3086 Coachlite Lane Springdale, AR 72764 B & W ENTERPRISES: Joseph Richard Moore Named Subchapter V Trustee ------------------------------------------------------------------ The Acting U.S. Trustee for Region 5 appointed Joseph Richard Moore as Subchapter V Trustee for B & W Enterprises. Mr. Moore will be paid an hourly fee of $350 for his services as Subchapter V trustee, an hourly fee of $110 for his legal assistant, and will be reimbursed for work related expenses incurred. Mr. Moore declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Joseph Richard Moore 200 Washington Street Monroe, LA 71201 (318) 322-6232 Email: subv@eorumyoung.com About B & W Enterprises B & W Enterprises is a partnership based in Monroe, Louisiana. B & W Enterprises sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 25-30804) on July 15, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge John S. Hodge handles the case. The Debtor is represented by Conner L. Dillon, Esq., at Gold, Weems, Bruser, Sues & Rundell. B&T INVESTMENT: Seeks Chapter 11 Bankruptcy in Florida ------------------------------------------------------ On July 29, 2025, B&T Investment LLC filed Chapter 11 protection in the Southern District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About B&T Investment LLC B&T Investment LLC is a single asset real estate company based in Miami, Florida. B&T Investment LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18655) on July 29, 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 Corali Lopez-Castr ohandles the case. B&W INC: Hires DeMarco·Mitchell PLLC as Counsel ------------------------------------------------ B&W, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Demarco·Mitchell, PLLC as counsel. The firm will provide these services: a. take all necessary action to protect and preserve the Estate, including the prosecution of actions on its behalf, the defense of any actions commenced against it, negotiations concerning all litigation in which it is involved, and objecting to claims; b. prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the estate herein; c. formulate, negotiate, and propose a plan of reorganization; and d. perform all other necessary legal services in connection with these proceedings. The firm will be paid at these rates: Robert T. DeMarco $450 per hour Michael S. Mitchell $300 per hour Barbara Drake, Paralegal $125 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert T. DeMarco, Esq., a partner at Demarco Mitchell PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. Demarco Mitchell PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel: (972) 578-1400 Fax: (972) 346-6791 Email robert@demarcomitchell.com mike@demarcomitchell.com About 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: Ruediger Mueller of TCMI Named Subchapter V Trustee ------------------------------------------------------------------ The U.S. Trustee for Region 21 appointed Ruediger Mueller of TCMI, Inc. as Subchapter V trustee for Back Draughts, LLC. Mr. Mueller will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Mueller declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Ruediger Mueller TCMI, Inc. 1112 Watson Court Reunion, FL 34747 Telephone: (678) 863-0473 Facsimile: (407) 540-9306 Email: truste@tcmius.com About 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 filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05033) on July 23, 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 Catherine Peek McEwen handles the case. The Debtor is represented by Erik Johanson, Esq., at Erik Johanson, PLLC. BALERNO CASTLE: Seeks to Hire Tang & Associates as Counsel ---------------------------------------------------------- Balerno Castle LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Tang & Associates as counsel. The firm will render these services: (a) advise the Debtor on matters relating to administration of the Estate, and on the Debtor's rights and remedies about the Estate's assets and the claims of secured and unsecured creditors; (b) appear for, prosecute, defend, and represent the Debtor's interest in suits arising in or related to this case, including any adversary proceedings against the Debtor; (c) assist in the preparation of such pleadings, applications, schedules, orders, and other documents as are required for the orderly administration of this Estate; and (d) represent the Debtor in any adversary proceeding to recover assets of the bankruptcy estate. The firm will be paid at these rates: Attorneys $500 per hour Paralegals $200 per hour The firm received a retainer of $22,000, of which the amount of 2,000 was sourced from the Debtor's own funds, and the amount of $20,000 as gift from Isaac Rosales, the son of Hector Contreras and a 49 percent owner of the Debtor. Mr. Tang 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: Kevin Tang, Esq. Tang & Associates 17011 Beach Blvd., Suite 900 Huntington Beach, CA 92647 Telephone: (714) 594-7022 Facsimile: (714) 421-4439 Email: kevin@tang-associates.com 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. BAUSCH HEALTH: Plans to Slash Debt by $900MM w/ Cash on Hand ------------------------------------------------------------ Guillermo Molero of Bloomberg Law reports that Bausch Health announced plans to reduce its debt by approximately $900 million through the use of cash on hand as part of its ongoing efforts to optimize its capital structure. Its subsidiary, Bausch Health Americas, will redeem roughly $602 million of its 9.25% Senior Notes due 2026 on August 28, 2025. Another subsidiary, Bausch Receivables Funding LP, intends to fully repay all outstanding obligations under its receivables financing facility, which had an outstanding principal balance of $300 million as of July 28, 2025. The company plans to terminate the facility and related agreements effective October 27, 2025, according to Bloomberg Law. Bausch said the moves align with its broader strategy to strengthen its financial position. About Bausch Health Companies Inc. Bausch Health Companies Inc. develops drugs for unmet medical needs in central nervous system disorders, eye health, and gastrointestinal diseases, as well as contact lenses, intraocular lenses, ophthalmic surgical equipment, and aesthetic devices. As of March 31, 2024, the Company had $26.91 billion in total assets, $27.09 billion in total liabilities, and $174 million in total deficit. * * * In May 2025, Fitch Ratings has affirmed and withdrawn Bausch Health Companies Inc.'s (BHC) and Bausch Health Americas, Inc.'s (BHA) (collectively, BHC) Company Default Ratings (IDRs) at 'CCC+'. Prior to the withdrawal, the ratings remained in the 'CCC' category reflecting the long-term refinancing risk, non-zero risk of a distressed debt exchange for later maturities, and a weakening balance sheet when XIFAXAN revenues decline and if BHC separates Bausch + Lomb Corporation. Fitch has also affirmed and withdrawn the instrument ratings including the first lien debt issued by 1261229 B.C. Ltd and BHC at 'B' with a Recovery Rating of 'RR2', the second lien debt (issued by BHC) at 'CCC-'/'RR6' and the unsecured notes (issued by BHC and BHA) at 'CC'/'RR6'. Fitch has subsequently withdrawn all ratings due to commercial reasons. Fitch will therefore no longer provide rating or analytical coverage on Bausch. BEDMAR LLC: Fights Trustee's Bid to Dismiss Chapter 11 Bankruptcy ----------------------------------------------------------------- Yun Park of Law360 Bankruptcy Authority reports that Bedmar LLC, the leasing arm of pharmaceutical company National Resilience HoldCo Inc., argued in Delaware bankruptcy court on Tuesday, July 29, 2025, that its Chapter 11 case was filed legitimately, pushing back against allegations from the U.S. Trustee and landlords who claim the filing was made in bad faith to avoid lease obligations. About Bedmar, LLC Bedmar LLC is a real estate company based in San Diego, California, that owns and manages manufacturing, laboratory, and office properties across several U.S. locations, including Massachusetts, California, and Florida. Its portfolio includes multiple sites in Bedford, Allston, Marlborough, San Diego, Fremont, and Alachua. The Company's current operations are primarily focused on managing and winding down these sites. Bedmar LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Del. Case No. 25-11027) on June 9, 2025. In its petition, the Debtor reported estimated assets and liabilities of $50 million to $100 million. The petition was signed by Christopher S. Sontchi as independent manager. The Honorable J Kate Stickles handles the case. Richards Layton & Finger, P.A. is the Debtors' counsel. The Debtor's financial and restructuring advisor is Douglas Wilson Companies. The Debtor's claims and noticing agent is Epiq Corporate Restructuring LLC. BEELINE HOLDINGS: Sets Aug. 14 for Q2 Results and Stakeholder Call ------------------------------------------------------------------ Beeline Holdings, Inc. announced that it will release its financial results for the second quarter of 2025 after market close on Thursday, August 14, 2025, followed by a stakeholder update call at 5:00 PM ET. The call will be hosted by Nick Liuzza, Chief Executive Officer, and Chris Moe, Chief Financial Officer, who will review the company's performance and provide updates on ongoing initiatives. Call Details: * Listen-only webcast: https://www.gowebcasting.com/14078 * Toll-Free Dial-In (U.S.): 1-833-752-5070 * International Dial-In: 1-647-849-3415 About Beeline Holdings Beeline Financial Holdings, Inc. is a trailblazing mortgage fintech transforming the way people access property financing. Through its fully digital, Al-powered platform, Beeline delivers a faster, smarter path to home loans-whether for primary residences or investment properties. Headquartered in Providence, Rhode Island, Beeline is reshaping mortgage origination with speed, simplicity, and transparency at its core. The company is a wholly owned subsidiary of Beeline Holdings and also operates Beeline Labs, its innovation arm focused on next-generation lending solutions. Boca Raton, Florida-based Salberg & Company, P.A., the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred recurring losses and negative cash flows from operations since its inception, has a significant working capital deficit, and is dependent on debt and equity financing. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $66.5 million in total assets, $17.5 million in total liabilities, and a total stockholders' equity of $49 million. BISHOP OF FRESNO: Taps Mr. Long as Restructuring Coordinator ------------------------------------------------------------ The Roman Catholic Bishop of Fresno seeks approval from the U.S. Bankruptcy Court for the District of California to employ Terence J. Long, MBA, CTP, CIRA as restructuring coordinator. Mr. Long's services include: a. evaluating existing operations of the Debtor, by interviewing personnel and reviewing available documents; b. coordinating priorities and workflow of the Debtor's personnel with preparing for and fulfilling the requirements of a Chapter 11 debtor in possession; c. acting as a declarant in matters related to the bankruptcy case; d. working closely with the Debtor's legal counsel and financial advisor to prevent the duplication of efforts in the provision of any services; and e. providing any other duty or task which falls within the normal responsibilities of a restricting coordinator at the direction of the Debtor's Management and/or Board. The firm will be paid at the rate of $265 per hour. The Debtor paid Mr. Long a retainer of $50,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Long 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: Terence J. Long, MBA, CTP, CIRA Fresno, CA About The Roman Catholic Bishop of Fresno The Roman Catholic Bishop of Fresno, a corporation sole, is a California nonprofit religious organization that administers the temporal affairs of the Roman Catholic Diocese of Fresno. It provides leadership, support services, and resources to 87 parishes, diocesan schools, cemeteries, and Catholic-based social and community service organizations across the diocese. Its operations are primarily funded through parish and school assessments, donations, grants, service fees, cemetery pre-need sales, and investment income. The Roman Catholic Bishop of Fresno sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Calif. Case No. 25-12231) on July 1, 2025. In its petition, the Debtor reported between $50 million and $100 million in assets and liabilities. Judge Rene Lastreto II handles the case. The Debtor is represented by Hagop T. Bedoyan, Esq., at McCormick, Barstow, Sheppard, Wayte & Carruth, LLP. Donlin, Recano & Company, Inc. is the Debtor's claims and noticing agent. BLH TOPCO: Seeks to Extend Plan Exclusivity to October 22 --------------------------------------------------------- BLH TopCo, LLC, and its affiliates asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to October 22 and December 22, 2025, respectively. The Debtors explain that the requested extension of the Exclusive Periods is reasonable given the status of these chapter 11 cases and the progress achieved to date. The Debtors have made significant progress in the months that these chapter 11 cases have been pending. As the Debtors move toward confirmation and the eventual wind down of their estates, the demands on their attention and resources will remain. In addition to advancing toward confirmation, the Debtors and their professionals will continue to focus on maximizing the value of their estates by managing ongoing chapter 11 administrative tasks for the benefit of their stakeholders. An extension of the Exclusive Periods as requested herein will allow the Debtors to finalize a chapter 11 plan that meets the requirements of the Bankruptcy Code. Accordingly, the Debtors' efforts to date and the tasks that remain to be completed justify the extension of the Exclusive Periods. The Debtors claim that they continue to timely pay their undisputed postpetition obligations. As such, the requested extension of the Exclusive Periods will afford the Debtors a meaningful opportunity to finalize a chapter 11 plan without prejudice to the parties in interest in these chapter 11 cases. The Debtors assert that throughout the chapter 11 process, the Debtors have endeavored to establish and maintain cooperative working relationships with its primary creditor constituencies. Importantly, the Debtors are not seeking the extension of the Exclusive Periods to delay administration of these chapter 11 cases or to exert pressure on its creditors, but rather to continue the orderly, efficient, and cost-effective chapter 11 process. Thus, this factor also weighs in favor of the requested extension of the Exclusive Periods. In addition to the factors discussed, termination of the Exclusive Periods would adversely impact the administration of these chapter 11 cases. If the Court were to deny the Debtors' request for an extension of the Exclusive Periods, upon the expiration of the Exclusive Filing Period, any party in interest would be free to propose a chapter 11 plan for the Debtors and solicit acceptances thereof. Such a ruling could undermine the Debtors' progress in these chapter 11 cases and thwart any meaningful opportunity for the Debtors to emerge from chapter 11 with maximum value for their creditors and other stakeholders. Counsel to the Debtor: Thomas J. Francella, Jr., Esq. Raines Feldman Littrell LLP 824 North Market Street, Suite 805 Wilmington, DE 19801 Telephone: (302) 772-5803 Email: tfrancella@raineslaw.com About BLH TopCo BLH TopCo, LLC is the operator and franchisor of locally themed, social gastrobars under the "Bar Louie" brand. Bar Louie is an upscale neighborhood bar and eatery. Established in 1991 in Chicago, Ill., BLH TopCo and its affiliates currently operate 31 locations, franchise an additional 17, and employ roughly 1,400 individuals across 19 states. Bar Louie restaurants are situated in various settings, such as lifestyle centers, conventional shopping malls, event venues, central business districts, and other unique standalone locations. BLH TopCo and its affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-10576) on March 26, 2025. In its petition, BLH TopCo reported between $1 million and $10 million in assets and between $50 million and $100 million in liabilities. Judge Craig T. Goldblatt handles the cases. The Debtors are represented by Thomas J. Francella, Jr., Esq., and Mark W. Eckard, Esq., attorneys at Raines Feldman Littrell, LLP. Bankruptcy Management Solutions, Inc., doing business as Stretto, serves as the Debtors' claims and noticing agent. BLUE HEATING: Jonathan Dickey Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Jonathan Dickey as Subchapter V trustee for The Blue Heating and Air Conditioning LLC. Mr. Dickey will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Dickey declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jonathan M. Dickey, Esq. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 303-832-2400 Email: jmd@kutnerlaw.com About The Blue Heating and Air Conditioning The Blue Heating and Air Conditioning, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-14585) on July 23, 2025, listing up to $50,000 in assets and between $100,001 to $500,000 in liabilities. Johnny Wilson, Esq., represents the Debtor as legal counsel. BMX TRANSPORT: Seeks to Extend Plan Exclusivity to January 15, 2026 ------------------------------------------------------------------- BMX Transport LLC asked the U.S. Bankruptcy Court for the Northern District of Georgia to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to January 15, 2026 and March 13, 2026, respectively. The Debtor anticipates filing a plan in the coming months and seeks an extension to the Exclusivity Periods to preclude the costly disruption and instability that would occur if competing plans were proposed either before the Debtor's plan is confirmed, or, if the Debtor's plan is not confirmed, before the Debtor has a meaningful opportunity to work with its key constituencies to put forth an amended proposal. This Motion is the Debtor's first request for an extension of the Exclusivity Periods, and the request will not unfairly prejudice or pressure the Debtor's creditor constituencies or grant the Debtor any unfair bargaining leverage. The Debtor needs creditor support to confirm any plan, so the Debtor is in no position to impose or pressure its creditors to accept unwelcome plan terms. The Debtor seeks an extension of the Exclusivity Periods to advance the case and continue good faith negotiations with its stakeholders. The Debtor claims that premature termination of the Exclusivity Periods may engender duplicative expense and litigation associated with multiple competing plans. Any litigation with respect to competing plans and resulting administrative expenses will only decrease recoveries to the Debtor's creditors and significantly delay, if not undermine entirely, the possibility of prompt confirmation of a plan of reorganization. The Debtor explains that given the consequences for its estate if the relief requested herein is not granted and the substantial progress made to date, the requested extension of the Exclusivity Periods will not prejudice the legitimate interests of any party in interest in this case. Rather, the extension will further the Debtor's efforts to preserve value and avoid unnecessary and wasteful litigation. BMX Transport LLC is represented by: Benjamin Keck, Esq. Keck Legal, LLC 2801 Buford Highway NE, Suite 115 Atlanta, GA 30329 Tel: (470) 826-6020 Email: bkeck@kecklegal.com About BMX Transport LLC BMX Transport LLC provides long-distance specialized freight trucking services across the United States, focusing on goods that require unique handling or equipment. The Company offers full truckload transport using dry vans and refrigerated trailers, supported by warehousing and 24/7 logistics operations. Headquartered in Georgia, it operates a federally authorized fleet of trucks and trailers. BMX Transport LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-20705) on May 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge James R. Sacca handles the case. The Debtors are represented by Benjamin Keck, Esq. at KECK LEGAL, LLC. BOZELL AND JACOBS: Hires Turner Legal Group as Counsel ------------------------------------------------------ Bozell and Jacobs, LLC seeks approval from the U.S. Bankruptcy Court for the District of Nebraska to employ Turner Legal Group, LLC as counsel. The firm will provide these services: a. perform all necessary services as Debtor's bankruptcy counsel, including, without limitation, providing Debtor with advice, representing Debtor, and preparing necessary documents on behalf of Debtor in the areas of restructuring and bankruptcy; b. advising Debtor with respect to its powers and duties as debtor-in-possession in the continued management and operation of its businesses and properties; c. attending meetings and negotiating with creditors and other parties in interest; d. taking all necessary action to protect and preserve Debtor's assets, including the prosecution of actions on behalf of Debtor's estate, the defense of any actions commenced against Debtor's estate, negotiations concerning litigation in which Debtor may be involved, and objections to claims filed against Debtor's estate; e. preparing, or coordinating preparation of motions, applications, answers, orders, reports, papers and other pleadings necessary to administer Debtor's estate; f. taking any necessary action on behalf of Debtor to obtain approval of a disclosure statement and confirmation of a plan of reorganization on behalf of Debtor; g. representing Debtor in connection with any potential post-petition financing; h. appearing before this Court, appellate courts and any other courts to protect the interests of Debtor and its estate; and i. performing any and all other necessary legal services in connection with Debtor's case and reorganization as requested by Debtor. The firm will be paid at the rate of $175 to $325 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received from the Debtor a retainer in the amount of $12,953.34. Mr. Turner 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: Patrick R. Turner, Esq. Turner Legal Group, LLC 9375 Burt Street, #100 Omaha, NE 68114 Tel: (402) 690-3675 Email: pturner@turnerlegalomaha.com About Bozell and Jacobs, LLC Bozell and Jacobs, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Neb. Case No. 25-80756) on July 23, 2025. The Debtor hires Turner Legal Group, LLC as counsel. BREWER TAFLA DENTAL: Seeks Chapter 11 Bankruptcy in Texas --------------------------------------------------------- On July 28, 2025, Brewer Tafla Dental Technologies LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filing, the Debtor reports up to $50,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Brewer Tafla Dental Technologies LLC Brewer Tafla Dental Technologies LLC is a Massachusetts-based company specializing in dental laboratory technologies and equipment. Brewer Tafla Dental Technologies LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90271) on July 28, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $50,000. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Benjamin Lawrence Wallen, Esq. at Pachulski Stang Ziehl & Jones LLP. BREWER'S LAWN: Hires Shane Heskin Esq. as Special Counsel --------------------------------------------------------- Brewer's Lawn Care and Property Preservation, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to employ Shane Heskin, Esq. as special counsel. The Debtor needs the firm's legal assistance in connection with the adversary proceedings against Merchant Cash Advance lenders. The firm will be paid 40 percent of any recovery of the bankruptcy estate. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Shane Heskin, Esq. About Brewer's Lawn Care and Property Preservation, LLC Brewer's Lawn Care and Property Preservation, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-10771) on June 9, 2025. In its petition, the Debtor reported total assets of $71,940 and total liabilities of $1,038,624. Judge Jimmy L. Croom handles the case. The Debtor is represented by C. Jerome Teel Jr., Esq., at Teel & Gay, PLC. BRIGHT GREEN: Hires Michael Best & Friedrich as Counsel ------------------------------------------------------- Bright Green Corporation seeks approval from the U.S. Bankruptcy Court for the District of New Mexico to employ Michael Best & Friedrich LLP as bankruptcy and general counsel. The firm will render these services: a. advise and assist the Debtor with respect to its rights, duties, and powers under the Bankruptcy Code; b. advise the Debtor as to the course of this Chapter 11 case, including the legal and administrative requirements of operating as a Chapter 11 debtor-in-possession; c. attend meetings and negotiate with representatives of the Debtor's creditors and other interested parties; d. prosecute actions on behalf of the Debtor, defend actions commenced within this case against the Debtor, and represent the Debtor's interests in negotiations concerning litigation in which the Debtor is involved and claims against the Debtor and its estate; e. prepare pleadings in connection with this Chapter 11 case, including motions, application, answers, proposed orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtor's estate; f. advise the Debtor in connection with and assist in the negotiation and documentation of financing arrangements and related transactions, contracts, commercial transactions, and any potential sale of assets; g. assist the Debtor in licensing, regulatory, tax and other governmental matters related to this case and its restructuring; h. appear before the Court to represent the Debtor's interest and those of its estate; i. assist the Debtor in preparing, negotiating, and implementing a plan, and advise the Debtor, if necessary, as to any rejection or amendments to the plan; and j. perform all other necessary or appropriate legal services for the Debtor in connection with the prosecution of this Chapter 11 case. The firm will be paid at these rates: Justin M. Mertz (Partner) $855 per hour David DiGiacomo (Partner) $800 per hour Christopher J. Schreiber (Partner) $800 per hour Davis W. Sullivan (Associate) $455 per hour Emily K. Sexton (Associate) $420 per hour Other Partners $585 to 1,350 per hour Other Associates and Staff Attorneys $420 to 600 per hour Paralegals/Other Paraprofessionals $100 to 300 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. On July 17, 2025, the Debtor's principal owners, John Stockwell and Lynn Stockwell paid $100,000 to the firm, which represents one-half of the Retainer. The Debtors have agreed to pay the remaining portion of the Retainer in two additional installments of $50,000, one on or before August 1, 2025 and one on or before September 1, 2025. Justin M. Mertz, Esq., a partner at Michael Best & Friedrich 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: Justin M. Mertz, Esq. Michael Best & Friedrich LLP 790 N. Water St., Ste. 2500 Milwaukee, WI 53202 Telephone: (414) 271-6560 Facsimile: (414) 277-0656 Email: jmmertz@michaelbest.com About Bright Green Corporation Bright Green Corporation, was among the first entrants in the U.S. federally authorized cannabis space for research and medical development. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. D.N.M. Case No. 25-10195-11) on Feb. 22, 2025. The Debtor hires NEPHI D. HARDMAN ATTORNEY AT LAW, LLC as counsel. BURNT LLC: Areya Holder Aurzada Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 6 appointed Areya Holder Aurzada, Esq., at Holder Law as Subchapter V trustee for Burnt LLC. Ms. Aurzada will be paid an hourly fee of $575 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Aurzada declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Areya Holder Aurzada, Esq. Holder Law 901 Main Street, Ste. 5320 Dallas, TX 75202 Office: 972-438-8800 Mobile: 817-907-4140 About Burnt LLC Burnt LLC, operating as Burnt BBQ & Tacos, is a restaurant business based in Plano, Texas specializing in BBQ and taco offerings. Burnt filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 25-42654) on July 23, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $100,000 and $500,000 in liabilities. The Debtor is represented by DeMarco Mitchell, PLLC. BURNT LLC: Hires Demarco·Mitchell PLLC as Counsel -------------------------------------------------- Burnt, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Demarco·Mitchell, PLLC as counsel. The firm will provide these services: a. take all necessary action to protect and preserve the Estate, including the prosecution of actions on its behalf, the defense of any actions commenced against it, negotiations concerning all litigation in which it is involved, and objecting to claims; b. prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the estate herein; c. formulate, negotiate, and propose a plan of reorganization; and d. perform all other necessary legal services in connection with these proceedings. The firm will be paid at these rates: Robert T. DeMarco $450 per hour Michael S. Mitchell $300 per hour Barbara Drake, Paralegal $125 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The Debtor provided the firm a retainer of $10,000. Robert T. DeMarco, Esq., a partner at Demarco Mitchell PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. Demarco Mitchell PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel: (972) 578-1400 Fax: (972) 346-6791 Email robert@demarcomitchell.com mike@demarcomitchell.com About Burnt, LLC Burnt, LLC, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Tex. Case No. 25-42654) on July 23, 2025. The Debtor hires Demarco·Mitchell, PLLC as counsel. BYJU'S ALPHA: Founders Question Chapter 11 Suit Jurisdiction ------------------------------------------------------------ Vince Sullivan of Law360 Bankruptcy Authority reports that the founders of bankrupt edtech firm Byju's Alpha, a married couple, have asked a Delaware judge to dismiss the company's $533 million adversary complaint, arguing that the bankruptcy court lacks personal jurisdiction over them. About BYJU's Alpha BYJU's Alpha, Inc., designs and develops education software solutions. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Judge John T. Dorsey oversees the case. Young Conaway Stargatt & Taylor, LLP and Quinn Emanuel Urquhart & Sullivan, LLP serve as the Debtor's legal counsel. GLAS Trust Company LLC, as DIP Agent and Prepetition Agent, is represented in the Debtor's case by Kirkland & Ellis LLP, Pachulski Stang Ziehl & Jones, and Reed Smith. CAREERBUILDER + MONSTER: Sales Approved After Robust Auction ------------------------------------------------------------ CareerBuilder + Monster, a global talent marketplace and workforce solutions leader, announced it has received approval from the U.S. Bankruptcy Court for the District of Delaware to consummate the following transactions in connection with the Company's previously announced voluntary Chapter 11 sale process: BOLD, a global career-technology company focused on transforming work lives, will acquire the company's job board business, retain the rights to the Monster and CareerBuilder brands, and extend employment offers to at least 350 globally distributed Company employees; Iron Corp U.S. Inc., an affiliate of a large privately-held investment company, will acquire Monster Media Properties; and PartnerOne, a global technology leader and one of the fastest growing enterprise software groups in the world, with a proven track record of acquiring and growing government software companies, will acquire Monster Government Solutions. The sales were approved following a robust auction, where the aggregate purchase price for the three winning bids nearly doubled the Company's stalking horse bids. All three transactions are subject to certain customary closing conditions and are expected to close in the coming days. CareerBuilder + Monster is continuing to operate its businesses through the completion of each transaction. Latham & Watkins LLP represents CareerBuilder + Monster in its Chapter 11 sale process with a restructuring & special situations team led by New York partners Ray C. Schrock and Candace M. Arthur and London partner Jessica Walker, with associates Jonathan Gordon, Allie Lisner, Alex McKenzie, John Zhang, Ben Russell, and Montana Licari. Advice on corporate matters was provided by New York partners Rick Press and Michael Anastasio, and New York counsel Ben Kaplan and Richard Quay, with associates Victor Wang, Christopher Lim, Josh Barkow, Mary Ann Gallucci, and Shoumick Hasan, with assistance from Wendy Li; on tax matters by Chicago partner Joseph Kronsnoble, with associates Lukas Kutilek and Joyce Shin; on intellectual property matters by Washington, D.C. partner Morgan Brubaker, with associates Julian Savelski and Ryan Clore; on antitrust matters by San Francisco partner Joshua Holian, with associate Doug Tifft; on executive compensation, employment, & benefits matters by Washington, D.C. partner Erin Murphy and New York counsel Rifka Singer; on CFIUS matters by counsel Catherine Hein; on banking matters by New York partner Scott Ollivierre, with associate Kate Waterman; on data privacy matters by Houston partner Robert Brown, with associate Stuart Cobb; on real estate matters by counsel Jeffrey Anderson; on labor & employment matters by Chicago partner Nineveh Alkhas and counsel Laura Waller; and on insurance matters by San Diego partner Drew Gardiner. About CareerBuilder + Monster Venture About Zen JV LLC Zen JV, LLC, operates online employment platforms and related digital media services through brands such as CareerBuilder, Monster, Fastweb, and Military.com. The Company also provides human capital software solutions to government agencies via Monster Government Services. On June 24, 2025, Zen JV, LLC and 9 affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 25-11195) with deals to sell key assets to three parties. Latham & Watkins LLP and Richards, Layton & Finger, P.A., are counsel to the Debtors. AlixPartners, LLP, is the Debtors' financial advisor, and PJT Partners LP is the investment banker. Omni Agent Solutions is the claims agent. Duane Morris LLP is advising buyer JobGet. Stoel Rives LLP is advising purchaser Valnet. Proskauer Rose LLP is advising purchaser Valsoft. CBRM REALTY: Amends Plan to Include Crown Capital Interests Details ------------------------------------------------------------------- CBRM Realty Inc. and its affiliates submitted a Revised Disclosure Statement for the Joint Chapter 11 Plan dated July 24, 2025. The Debtors own and operate the Kelly Hamilton Apartments, a multifamily affordable housing complex located in Pittsburgh, Pennsylvania (the "Kelly Hamilton Property"). The property provides rent-restricted housing to low-income residents and is supported in part by government housing programs. With the Kelly Hamilton DIP Facility in place, operations stabilized, and following over a month of arm's-length negotiations with the Kelly Hamilton Purchaser, the Debtors are proceeding with a chapter 11 plan that contemplates a court-approved sale of the Kelly Hamilton Property as the cornerstone of their restructuring strategy (the "Kelly Hamilton Sale Transaction"). To that end, Debtor Kelly Hamilton will enter into certain Purchase and Sale Agreement, dated July 11, 2025, with the Kelly Hamilton Purchaser (the "Kelly Hamilton Purchase Agreement"). In connection with the filing of the Plan and this Disclosure Statement, the Debtors filed a motion seeking entry of an order (a) establishing bidding and auction procedures, (b) scheduling an auction and sale hearing, (c) approving the form and manner of notice related thereto, and (d) authorizing the Debtors' entry into the Kelly Hamilton Purchase Agreement (the "Bidding Procedures Motion"). The milestones require, among other things, approval of this Disclosure Statement, commencement of solicitation, and entry of a confirmation order by September 4, 2025. Class 7 consists of Intercompany Claims. On or after the Effective Date, except as otherwise provided in the Plan Supplement, each Intercompany Claim shall be canceled, released, and extinguished and of no further force or effect without any distribution on account of such Intercompany Claim. Class 8 consists of Intercompany Interests. On the Effective Date, except as otherwise provided in the Plan Supplement, each Holder of an Intercompany Interest shall not be entitled to any Distribution on account of such Intercompany Interest, which shall be canceled, released, and extinguished and of no further force or effect without further action by the Debtors. Class 9 consists of CBRM Interests. On the Effective Date, each Holder of a CBRM Interest shall not be entitled to any Distribution on account of such Interest, which shall be transferred to the Creditor Recovery Trust as provided in the Plan. Class 10 consists of Crown Capital Interests. On the Effective Date, each Holder of a Crown Capital Interest shall not be entitled to any Distribution on account of such Interest, which shall be transferred to the Creditor Recovery Trust as provided in the Plan. The Debtors intend to fund distributions under the Plan through a combination of (a) proceeds from the Kelly Hamilton Sale Transaction; (b) the Creditor Recovery Trust Assets; and (c) other available assets. The Kelly Hamilton Sale Transaction contemplates the sale of substantially all assets of Debtor Kelly Hamilton to the Kelly Hamilton Purchaser pursuant to the Kelly Hamilton Purchase Agreement. The Kelly Hamilton Purchase Agreement provides for, among other things, a credit bid of all obligations outstanding under the Kelly Hamilton DIP Facility, the potential assumption of certain liabilities, and the payment of cure amounts for assigned executory contracts. The agreement also includes bid protections to be approved by the Bankruptcy Court. If the Kelly Hamilton Purchase Agreement is terminated and an alternative transaction is consummated through the Sale Process, the Plan will be funded using the consideration provided by the successful bidder in accordance with the Court-approved bidding procedures. In addition to the proceeds from the Kelly Hamilton Sale Transaction, the Debtors will fund certain Plan distributions and obligations using: (i) Cash on hand as of the Effective Date, including proceeds from the Kelly Hamilton DIP Facility; (ii) the Creditor Recovery Trust Amount—consisting of (a) $443,734 in proceeds from the Kelly Hamilton DIP Facility, and (b) to the extent that a NOLA Restructuring Transaction has been consummated, or the NOLA DIP Lenders and the Independent Fiduciary otherwise agree in writing, or as ordered by the Bankruptcy Court, $1,000,000 in proceeds from the NOLA DIP Facility, to be transferred to the Creditor Recovery Trust on the Effective Date; and (iii) any proceeds from retained Causes of Action and Contributed Claims administered by the Creditor Recovery Trust. The Creditor Recovery Trust Amount will be distributed first to Holders of Allowed Crown Capital Unsecured Claims, and if such Claims are paid in full, to Holders of Allowed CBRM Unsecured Claims, in accordance with the Creditor Recovery Trust Agreement and the Plan. A full-text copy of the Revised Disclosure Statement dated July 24, 2025 is available at https://urlcurt.com/u?l=xkLOOT from Verita Global, claims agent. Counsel to the Debtors: Andrew Zatz, Esq. Barrett Lingle, Esq. WHITE & CASE LLP 1221 Avenue of the Americas New York, New York 10020 Tel: (212) 819-8200 Email: azatz@whitecase.com barrett.lingle@whitecase.com - and - Gregory F. Pesce, Esq. Adam Swingle, Esq. WHITE & CASE LLP 111 South Wacker Drive Chicago, Illinois 60606 Tel: (312) 881-5400 E-mail: gregory.pesce@whitecase.com adam.swingle@whitecase.com Co-Counsel to the Debtors: Kenneth A. Rosen, Esq. KEN ROSEN ADVISORS PC 80 Central Park West New York, New York 10023 Tel: (973) 493-4955 E-mail: ken@kenrosenadvisors.com About CBRM Realty CBRM Realty Inc. is a Somerset, New Jersey-based real estate investment firm. CBRM Realty Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-15343) on May 19, 2025. In its petition, the Debtor reports estimated assets and liabilities (on a consolidated basis) between $100 million to $500 million each. Honorable Bankruptcy Judge Michael B. Kaplan handles the case. The Debtors tapped White & Case LLP and Ken Rosen Advisors PC as counsel, Islanddundon LLC as financial advisor, and Kurtzman Carson Consultants, LLC, doing business as Verita Global, as claims, noticing, and solicitation agent. CCM MERGER: S&P Withdraws 'B+' Issuer Credit Rating --------------------------------------------------- S&P Global Ratings withdrew all its ratings on CCM Merger Inc., including the 'B+' issuer credit rating, at the issuer's request. At the time of the withdrawal, S&P's outlook on the company was stable. CELSIUS NETWORK: Secures Key Jurisdictional Customer Clawbacks Win ------------------------------------------------------------------ Alex Wolf of Bloomberg Law reports that on Tuesday, July 29, 2025, a New York bankruptcy judge ruled that Celsius Network LLC can proceed with clawback lawsuits in the U.S. against international customers who withdrew more than $100,000 from the platform shortly before its collapse. Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York held that thousands of users who rejected earlier settlement offers will still face litigation over withdrawals made within 90 days prior to Celsius' 2022 Chapter 11 filing. About Celsius Network Celsius Network LLC -- http://www.celsius.network/-- is a financial services company that generates revenue through cryptocurrency trading, lending, and borrowing, as well as by engaging in proprietary trading. Celsius helps over a million customers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Celsius has a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. The Celsius Wallet claims to be one of the only online crypto wallets designed to allow members to use coins as collateral to get a loan in dollars, and in the future, to lend their crypto to earn interest on deposited coins (when they're lent out). Crypto lenders such as Celsius boomed during the COVID-19 pandemic, drawing depositors with high interest rates and easy access to loans rarely offered by traditional banks. But the lenders' business model came under scrutiny after a sharp sell-off in the crypto market spurred by the collapse of major tokens terraUSD and luna in May 2022. New Jersey-based Celsius froze withdrawals in June 2022, citing "extreme" market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market. The list of major crypto firms that have filed for bankruptcy protection in 2022 now includes Celsius Network, Three Arrows Capital and Voyager Digital. Celsius Network, LLC and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10964) on July 14, 2022. In the petition filed by CEO Alex Mashinsky, the Debtors estimated assets and liabilities between $1 billion and $10 billion. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as bankruptcy counsels; Fischer (FBC & Co.) as special counsel; Centerview Partners, LLC as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. Stretto is the claims agent and administrative advisor. On July 27, 2022, the U.S. Trustee appointed an official committee of unsecured creditors. The committee tapped White & Case, LLP as its bankruptcy counsel; Elementus Inc. as its blockchain forensics advisor; M3 Advisory Partners, LP as its financial advisor; and Perella Weinberg Partners, LP as its investment banker. Shoba Pillay, Esq., is the examiner appointed in the Debtors' Chapter 11 cases. Jenner & Block, LLP and Huron Consulting Services, LLC, serve as the examiner's legal counsel and financial advisor, respectively. * * * On November 9, 2023, the Bankruptcy Court entered the Findings of Fact, Conclusions of Law, and Order Confirming the Modified Joint Chapter 11 Plan of Celsius Network LLC and Its Debtor Affiliates. The Effective Date of the Plan occurred January 31, 2024. CHARLES MONEY: Unsecureds Will Get 100% of Claims in Plan --------------------------------------------------------- Charles Money Logging Inc. filed with the U.S. Bankruptcy Court for the Middle District of Alabama a Plan of Reorganization under Subchapter V dated July 24, 2025. The Debtor is engaged in the forestry and timber harvesting industry, with primary operations including timber cruising, harvesting (cutting), and transportation of raw logs. As of the petition date, the Debtor's largest, single source of revenue was from business with Georgia Pacific, which owns the Cedar Springs Containerboard Mill located in Early County, Georgia ("GA GP Mill"). In May 2025, Georgia Pacific announced the closure of the GA GP Mill, with approximately 535 jobs to be cut by August 1, 2025, citing the plant's inability to competitively serve customers long-term. To that end, while the Debtor has continued to supply pulpwood to the GA GP Mill since May, 2025, such deliveries have dwindled from week to week. The Debtor has attempted to counter this loss of revenue by supplying timber to Mead Corporation. Class 10 shall consist of all general, unsecured claims for which the Debtor is liable. The holders of Allowed Unsecured Claims shall receive 100% of their allowed claims, without post-petition interest, pursuant to the terms herein. All payments shall be made pro rata based on the allowed amount of each claim. This Class is impaired. The allowed unsecured claims total $271,094.37. The means for effectuating this Plan will be to allow the Debtor to retain all of its personal property/chattel, which is deemed necessary for its reorganization, subject to the encumbrances and liens thereon. To the extent applicable and necessary, the Debtor will submit all or such portion of his future, disposable earnings or other further income received in the 3-year period, or such longer period not to exceed five years, to the supervision and control of the Trustee as is necessary for effective execution of this Plan. The Debtor has expressly assumed all executory contracts. A full-text copy of the Plan of Reorganization dated July 24, 2025 is available at https://tinyurl.com/2s38525p from PacerMonitor.com at no charge. Counsel to the Debtor: J. Kaz Espy, Esq. Collier H. Espy, Esq. The Espy Firm P.O. Drawer 6504 Dothan, AL 36302-6504 Telephone: (334) 793-6288 Facsimile: (334) 712-1617 Email: cindi@espyfirm.com About Charles Money Logging Charles Money Logging Inc. offers logging services, including timber cutting, log harvesting, and wood chipping. Charles Money Logging Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ala. Case No. 25-10442) on April 25, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by J. Kaz Espy, Esq., at THE ESPY FIRM. CHC GROUP: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable --------------------------------------------------------------- S&P Global Ratings assigned its 'B' issuer credit rating to Private, Irving-headquartered helicopter service provider, CHC Group LLC. S&P said, "We also assigned our 'B' issue-level rating to the proposed senior secured notes. The recovery rating of '3' indicates our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of payment default. "The stable outlook reflects our view that industry conditions and the company's backlog will support credit measures. We forecast average funds from operations (FFO) to debt of 17% and debt to EBITDA of about 3.75x over the next two years. While we expect the company will generate about $45 million of free cash flow annually, we anticipate most of this will be used for finance lease obligations. "We assigned our 'B' issuer credit rating to CHC Group LLC. The rating reflects the company's exposure to the volatile offshore oil and gas market (we estimate about 85% of revenue), its scale and market position as one of the largest providers of helicopter services to the global offshore market, and its backlog of $2.8 billion (which supports revenue visibility over the next two years). Additionally, it reflects the private equity ownership, somewhat offset by its reported leverage target of below 3x debt to EBITDA. Our rating also reflects the diversification and profitability benefit of its maintenance, repair, and overhaul (MRO) segment, as well as the general improvement in industry conditions supporting offshore helicopter pricing." Offshore segment is the key driver at about 85% of revenues. The company has 106 aircraft (60% leased) as of March 31, 2025, consisting of an approximately even mix of heavy-duty Lockheed Martin/Sikorsky S-92s and medium-duty Leonardo AW139s. The fleet is about half the size of offshore peer Bristow Group Inc. but larger than Brazil-focused peer OHI Group S.A. CHC also leases a larger portion of its fleet compared to Bristow. This exposes the company to potentially higher lease rates and reduces its asset base, but also makes it easier to reduce its fleet size during a downturn. CHC is a global operator with strong market positions in Australia and Norway, and a presence in the growing offshore Brazil market. S&P said, "We also note that about 90% of segment revenue is tied to production activity, which we view as more stable than exploration. Despite our current price deck assumptions, we believe offshore capital spending will remain more resilient than onshore due in part to the longer cycle times of offshore projects." S&P said, "We view the company's Search and Rescue Services segment (SAR: 5% of revenue) and its vertically integrated MRO operations (10%) as providing greater cash flow stability compared to oil and gas customers. For SAR, we expect it will exit the Ireland market after the conclusion of its search and rescue contract with the Irish Coast Guard in fiscal year 2026. We expect steady contribution from the remaining contracts as the next material expirations aren't until calendar years 2028-2029." Regarding its MRO segment (10%), third party revenue with primarily government and military customers provides an important diversification benefit to cash flows. It also provides an uplift to EBITDA margins since most of CHC's operated fleet is under a power-by-hour (PBH) arrangement with the MRO rather than through an external original equipment manufacturer (OEM), which S&P views as more expensive and less flexible at addressing unexpected down-time. Its main MRO facilities are in Vancouver, Norway, and Poland, allowing the company to service third-party customers globally. Revenue is well contracted over the next two years amid improved industry conditions. S&P said, "We estimate about 85% of revenue is contracted for this fiscal year and 70% for next year. We expect limited new supply of civilian helicopters over the near term to remain supportive for pricing. We estimate CHC's utilization is about 90%, with most of the fleet currently receiving pricing that is well below leading edge. As a result, we expect about 10% of the fleet to step-up to market pricing this year and about 20% the following year, supporting revenue growth. We estimate the company's EBITDA margin will be about 27%, which we assess as in-line with the broader oilfield service peer group." S&P said, "Leverage of 3.75x is in-line with the rating, and we expect minimal free cash flow this year after lease spending. We anticipate steady credit metrics and cash flows will be supported by stable offshore demand and expect disciplined spending that supports the current fleet size. We forecast free cash flow of $45 million this year and expect it will be used primarily for finance lease obligations. Liquidity is supported by the pro forma $80 million cash balance. Acquisitions and distributions are not part of our base case. We would likely need to see a track record of positive free cash flow after lease spending before considering a higher rating. "The rating also reflects the financial sponsor ownership. Private equity firms Cross Ocean Partners (40%) and Bain Capital (20%) have a majority ownership interest, which in our view gives them significant influence on CHC's strategic direction, financial policy, and ultimately its capital structure. However, we do not expect the company to take distributions until it has made progress toward its leverage target of 3x (on a company-reported basis). "The stable outlook reflects our view that favorable industry conditions and the company's backlog will support credit measures. "We forecast average FFO to debt of 17% and debt to EBITDA of about 3.75x over the next two years. While we expect the company will generate about $45 million of free cash flow annually, we anticipate most of this will be used for finance lease payments. "We could lower the rating if FFO to debt drops below 12% for a sustained period, or if liquidity deteriorates. This would most likely occur if demand for offshore helicopter services in the oil and gas industry declines substantially, or if the company pursues an aggressive acquisition or shareholder return strategy. "We could raise the rating if leverage improves such that FFO to debt increases to around 30% and remains there for a sustained period. Additionally, we would want to see positive free cash flow after lease spending. This would most likely result from improved demand for CHC's services on increased offshore oil and gas activity." CIMG INC: Reports $8.56 Million Net Loss in FY24 ------------------------------------------------ CIMG Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended September 30, 2024. The Company have incurred net losses since it commenced operations as CIMG Inc. in 2013, including net losses of $8.56 million and $8.75 million for the years ended September 30, 2024 and 2023, respectively. As of September 30, 2024, accumulated deficit was approximately $81.93 million. The Company expects to incur significant sales and marketing expenses prior to recording sufficient revenue from our operations to offset existing expenses. In the United States, we expect to incur additional losses as a result of the costs associated with operating as an exchange-listed public company. Since its inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff, acquiring operating assets, raising capital and the commercialization and manufacture of its single serve coffee products. As of September 30, 2024, the Company had cash of $464,222 and working capital of $(269,285). There were continued net losses for the 2 years ended September 30, 2024. These factors raise doubts about the Company's ability to continue as a going concern. The Company issued a USD2,000,000 private placement on October 22, 2024, and a USD10,000,000 convertible note on December 12, 2024, to mitigate the condition. The actions have been approved by the BOARD and the cash of total USD12,000,000 have been raised by the end of March 31, 2025. In addition, the company has signed sales contracts for coffee and beverages with several American and Chinese companies. Including sales contracts for maca series products signed by enterprises such as Petrochina Kunlun Haoke Co., Ltd. and Shanghai Jinxianfang Trading Co., LTD. The company's contracted revenue for the next 12 months from the date of this report is approximately $8.5 million. With these mitigation plans, the Company is fully capable of sustaining going concern condition for relevant operations and expansion. Management has evaluated the Company's ability to continue as a going concern in accordance with ASC 205-40, Presentation of Financial Statements – Going Concern. This evaluation considered the Company's current financial condition, expected cash flows, obligations due within the next 12 months, and available sources of liquidity. CIMG Inc stated: "While we understand that the ability of the Company to continue as a going concern is dependent upon its ability to successfully execute its new business strategy and eventually attain profitable operations, management has concluded that there are no conditions or events that raise substantial doubt about the Company's ability to continue as a going concern for at least one year from the issuance date of these consolidated financial statements. Accordingly, the Company's consolidated financial statements as of September 30, 2024 have been prepared on a going concern basis." As of September 30, 2024, the Company had $5,900,054 in total assets, $5,987,324 in total liabilities, and $87,271 in total stockholders' deficit. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/msszt9rz About CIMG Inc. CIMG Inc. is a global business group focused on digital health and sales development. The Company leverages technology and marketing solutions, including MarTech and multi-channel networks, to support partner sales and commercial growth. Its brand portfolio includes Kangduoyuan, Maca-Noni, Qianmao, Huomao, and Coco-mango. * * * This concludes the Troubled Company Reporter's coverage of CIMG Inc. until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. CINEMEX HOLDINGS: Opposes MN Theaters' Bid to Form Creditors Panel ------------------------------------------------------------------ Cinemex Holdings USA, Inc. and its affiliates asked the U.S. Bankruptcy Court for the Southern District of Florida to deny the motion filed by MN Theaters 2006, LLC to appoint an official committee of unsecured creditors. Jeffrey Bast, Esq., one of the companies' attorneys, said MN Theaters raised weak arguments, each of which "lacks legal and factual merit." In its motion filed last week, MN Theaters stressed that only a creditors' committee could investigate the companies' alleged $50 million debt to Wine and Roses S.A. de C.V. because that debt may be recharacterized as equity. "MN Theaters ignores that Subchapter V already provides tools to examine this debt and challenge it without the gargantuan administrative expenses of an official committee that will definitely deplete creditor recoveries," Mr. Bast said in an objection filed in court. In response to MN Theaters questioning the companies' eligibility for Subchapter V, Mr. Bast said the creditor ignored "voluminous evidence" that the company falls well below the $3.424 million threshold of non-affiliate noncontingent liquidated debts required to qualify for Subchapter V. "MN Theaters offers zero evidence of additional non-contingent and liquidated debts. It relies on a single contingent debt scheduled by the [companies] owing to the Florida Department of Revenue," Mr. Bast said. The attorney pointed out that such debt not only fails to bring the companies over the Subchapter V threshold but also falls into the definition of contingent because it is based on the companies potentially owing sales taxes to the State of Florida in the event they do not timely remit any already-collected sales taxes, which are not property of the estate, to the taxing authorities. "If the [companies] fail the Subchapter V threshold test, the loss of the designation itself would justify the appointment of an official committee by the U.S. trustee. It cannot justify the appointment of an official committee in a properly invoked Subchapter V case," Mr. Bast argued. 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. 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. CIVITAS RESOURCES: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has affirmed Civitas Resources, Inc.'s (Civitas) Long-Term Issuer Default Rating (IDR) at 'BB+'. Fitch has also affirmed Civitas' senior unsecured ratings at 'BB+' with a Recovery Rating of 'RR4' and has affirmed the senior secured reserve-based revolving credit facility (RBL) at 'BBB-'/'RR1'. The Rating Outlook is Stable. Civitas' ratings reflect the successful integration of its Permian acquisitions, which has led to increased production scale along with diversification outside of the Denver-Julesburg (DJ) Basin. The rating is supported by consistently positive FCF, strong liquidity, low leverage and a supportive hedging strategy. Rating concerns include regulatory risk in Colorado and a limited track record of operating the business at its current scale, with demonstrated commitment to a conservative financial policy. Key Rating Drivers Scale and Diversification Enhancing Acquisitions: The recently integrated Permian acquisitions add material scale and meaningful diversification to Civitas' asset profile by balancing production between the DJ and Permian basins. Fitch views the company's entry into the Permian Basin positively as it is a more regulatory-friendly environment compared to the DJ Basin. Historically, regulatory risks in Colorado have been a constraint on Civitas' rating. Debt-Funded M&A, Improving RBL Utilization: Fitch views the company's strategy of largely debt-funded acquisitions as aggressive given the significant increase in gross debt. Fitch forecasts manageable leverage of 1.6x at year-end 2025, with midcycle EBITDA leverage projected at or below 2.0x. RBL utilization has improved following the recent note issuance and Fitch expects Civitas to use FCF generated in the second half of the year to fully repay RBL borrowings. Continued reliance on debt-funded acquisitions or any shift in financial policy away from debt reduction could pressure the company's credit quality. Colorado Regulatory Risk: Fitch considers Colorado's regulatory risk high compared to other hydrocarbon-producing states. However, a compromise between operators and the Colorado government has introduced a fee on all oil and gas production while pausing new drilling-related ballot measures, providing clarity on DJ operations through 2027, and reducing near-term regulatory risk. Fitch views the compromise favorably and expects minimal impact on Civitas' EBITDA. Civitas has a strong track record of securing drilling permits in the DJ at least six months in advance. Fitch believes the permitting process is challenging but navigable for producers. Strong FCF, Flexible Shareholder Returns: Civitas' strong FCF is supported by its scale and high liquids mix of over 70%. Under Fitch's base case, Civitas is expected to generate substantial post-dividend FCF which Fitch anticipates will be primarily used for debt reduction. Fitch expects additional shareholder returns may be considered once the near-term leverage target is achieved. The company is targeting $4.5 billion in net debt by year-end 2025. The company's $100 million cost reduction plan and asset divestitures could accelerate debt reduction but are subject to execution risk. Supportive Hedging Policy: Civitas' hedging policy aims to cover a substantial portion of its target oil volumes, and the company continues to add incremental hedges opportunistically. As of Q1, nearly half of planned oil production for FY 2025 was hedged, and a portion of Waha gas basis volumes were hedged. Fitch views this strategy positively as it reduces near-term pricing risk, supports FCF generation, and aids in reducing RBL borrowings. Peer Analysis Civitas is one of the largest producers within Fitch's 'BB' rating category with 1Q25 production of 311mboe/d. This compares to Permian Resources Corporation (BB+/Stable; 373mboe/d), Murphy Oil Corporation (BB+/Stable; 163mboe/d), Matador Resources Company (BB/Stable; 199mboe/d) and SM Energy Company (BB/Stable; 197mboe/d). Civitas is smaller than its 'BBB' range peers, which include APA Corporation (BBB-/Stable: 469mboe/d), Diamondback Energy, Inc. (BBB+/Stable; 851mboe/d), Ovintiv Inc. (BBB-/Positive; 588mboe/d) and Occidental Petroleum Corp. (BBB-/Positive; 1,391mboe/d). Civitas' 1Q25 Fitch-calculated unhedged cash netback of $24.70/barrels of equivalent oil (boe) are the lowest of the 'BB' peer group of Murphy Oil ($24.80/boe), Permian Resources ($27.90/boe), Matador Resources ($35.30/boe) and SM Energy ($30.40/boe). Fitch-calculated leverage is forecast at 1.6x at year-end 2025, which falls in the higher end of its 'BB' and 'BBB' rating category peers. Key Assumptions - WTI (USD/barrels) of $65 in 2025, $60 in 2026 and 2027, and $57 thereafter; - Henry Hub (USD/thousand cubic feet) of $3.60 in 2025, $3.50 in 2026, $3.00 in 2027, and $2.75 thereafter; - Base interest rates applicable to the company's outstanding variable rate debt obligations reflects current SOFR forward curve; - No organic production growth through the forecast; - Midstream operations in line with historical results; - Capex at $1.8 billion in 2025 and then reduced through the forecast due to lower activity and cost-saving initiatives; - Base dividend sustained at $2/share annually through the forecast and no variable dividends; - $400 million unsecured notes repaid in 2026; - FCF allocated between debt repayment and share repurchases in line with management's financial policy. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to execute on near-term debt reduction; - Material loss of operational momentum leading to lower than expected production volumes over a sustained period; - A regulatory change that affects permitting, unit economics, or visibility on future operations; - Midcycle EBITDA leverage sustained over 2.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Established track record of a conservative financial policy including debt repayment, RBL reduction, and equity-funded M&A; - Continued track record of operating the business at its current scale and production mix; - Maintenance of economic drilling inventory, reserve life, and netbacks; - Midcycle EBITDA leverage sustained at or below 1.5x. Liquidity and Debt Structure Civitas' liquidity was reasonable as of 1Q25 and included cash on the balance sheet of $20 million and availability of $1.3 billion on its RBL. As of March 31, 2025, the borrowing base and elected commitments under the credit facility were $3.4 billion and $2.5 billion, respectively. Pro forma for the notes on offer and use of net proceeds, the company expects to have around $1.9 billion in availability. Civitas received a waiver to issue the unsecured notes without a corresponding reduction in the borrowing base of the facility. Civitas also generates strong FCF which further enhances liquidity. Issuer Profile Civitas is an oil and gas producer operating in Colorado's DJ and Permian Basins, with approximately 357,000 net acres in the DJ, 141,000 net acres in the Permian, and 798 Mmboe of proved reserves as of Dec. 31, 2024. 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 Civitas Resources, Inc. has an ESG Relevance Score of '4' for Exposure to Social Impacts due to the oil and gas sector regulatory environment in Colorado and its exposure to social resistance, 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 ----------- ------ -------- ----- Civitas Resources, Inc. LT IDR BB+ Affirmed BB+ senior secured LT BBB- Affirmed RR1 BBB- senior unsecured LT BB+ Affirmed RR4 BB+ COAL NEW HAVEN: Claims to be Paid from Plan Funder -------------------------------------------------- Coal New Haven LLC, filed with the U.S. Bankruptcy Court for the Eastern District of New York a First Amended Disclosure Statement describing Second Amended Plan dated July 22, 2025. The Debtor is the owner of the commercial property located at 915 Ella T. Grasso Boulevard, New Haven, Connecticut (the "Property"). The Debtor sought Chapter 11 relief after signing a Restructuring Support Agreement ("RSA") with a group of outside financial investors (referred to as the "New Investor Group") who succeeded to the management control of the Debtor just prior to bankruptcy. The goal of the RSA is to use the Chapter 11 to revitalize and reopen the substance abuse and detoxification facility (the "Facility") located at the Property, previously operated by a non debtor affiliate known as NR Connecticut LLC (the "Op Co") under a classic "Prop Co – Op Co" business framework. At the time of bankruptcy, the Debtor and the Op Co were each subject to separate foreclosure actions filed in Connecticut. The Receiver appointed in the Prop Co foreclosure (Index No. NNH-CV24-6145304-S) was attempting to sell the Debtor's Property to the exclusion of the Debtor and New Investor Group. The Debtor's desire to restructure the Property independent of the Receiver prompted the commencement of the Chapter 11 case on December 31, 2024. In bankruptcy, a settlement was reached by the Debtor with its senior lender, Arba Credit Investors II, L.P., relating to a consensual exit strategy. The settlement resolved all the pending litigation and contemplated that the New Investor Group will provide DIP financing up to $875,000 to preserve and maintain the Property pending confirmation of the Amended Plan, including monthly adequate protection payments of $30,000 per month. To implement the Amended Plan, the New Investor Group, together with its operating partner, Empower Recovery Investors LP and its subsidiary, Emend Health Company (CT) LLC (hereinafter, Emend together with the New Investor Group, are collectively referred to as the "Plan Funder"), shall promptly proceed with the filing of a new application in Connecticut to obtain a Certificate of Need ("CON") and new operating license for the Facility. By virtue of Arba's support of the Amended Plan, Promises Behavioral Health LLC ("Promises") which previously entered into a pre-petition contract with the Receiver has withdrawn its application for a CON and Promises' sale contract is no longer effective. Indeed, the Receiver has surrendered possession of the Property to the Debtor. Once the License Condition has been satisfied, all distributions to creditors shall be promptly made from capital contributed or generated by the New Investors Group or its designee at a closing to be convened involving disposition of the Property. The Property shall be transferred to the Plan Funder or its designee at closing, free and clear of all claims, liens, taxes and other interests pursuant to Sections 1123(a)(5) and 1146(a) of the Bankruptcy Code. The various distributions to creditors, starting with a cash payment of $15,856,844.11 to Arba (the “Base Payment”) shall be made at closing. Additionally, the Plan Funder shall also make or cause to be made distributions to the holders of all other allowed claims, including Administrative Expenses and Professional Fees, U.S. Trustee fees, residual priority tax claims, if any, and a pro rata distribution from the General Creditor Reserve to be established in the sum of $1,000,000. As compared to a foreclosure sale, the Amended Plan provides all creditors with the opportunity for a recovery and the Debtor hopes to obtain unanimous support for confirmation. Class 2 consists of Unsecured Claims. The Debtor is classifying all other claims against the Debtor as being unsecured, which primarily includes Stonehenge Capital Fund Connecticut IV, LLC. Allowed Class 2 Unsecured Claims shall be paid and receive a pro rata dividend based upon distribution of the General Creditor Reserve in full satisfaction, release and discharge of their Allowed Claims against the Debtor. The Class 2 Claims of Allowed General Unsecured Creditors are impaired. Class 3 consists of the Equity Interests in the Debtor. No payments shall be made on account of equity interests in the Debtor. Upon the Effective Date and after the Closing, the Equity Interests shall be deemed canceled, whereupon the Debtor shall be dissolved. While Class 3 equity interests are impaired under the Amended Plan as insiders, they are not entitled to vote on the Amended Plan. The Plan Funder shall contribute all funds necessary to pay all required distributions hereunder after the License Condition is satisfied and the Amended Plan becomes effective. The Plan Funder shall use all commercially reasonable efforts to file and prosecute its application for a CON and new operating license at the Plan Funder's sole cost and expense. The Plan Funder shall provide monthly reports to Arba and other creditors regarding the status of the application for a CON and new operating license. The Plan Funder shall be eligible to obtain an extension of the one-year period to meet the License Condition upon the written consent of Arba, such consent not to be unreasonably withheld, so long as the Plan Funder is proceeding in good faith and has complied with all requirements of the Connecticut Office of Policy and Management and the Connecticut Department of Health in connection therewith. The application process has already started and is proceeding to meet the timeline of the License Condition. A full-text copy of the First Amended Disclosure Statement dated July 22, 2025 is available at https://urlcurt.com/u?l=ZbVhCU from PacerMonitor.com at no charge. Counsel for the Debtor: Kevin J. Nash, Esq. Goldberg Weprin Finkel Goldstein LLP 125 Park Ave., Floor 12 New York, NY 10017 Telephone: (212) 221-5700 About Coal New Haven Coal New Haven LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-45425) on Dec. 31, 2024. In its petition, the Debtor estimated assets and liabilities between $10 million and $50 million each. Bankruptcy Judge Jil Mazer-Marino handles the case. Kevin J. Nash, of Goldberg Weprin Finkel Goldstein LLP, is serving as the Debtor's counsel. COMMUNITY HEALTH: Labcorp to Acquire Outreach Lab Assets for $195M ------------------------------------------------------------------ Community Health Systems, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that CHS/Community Health Systems, Inc., a wholly-owned subsidiary of the Company, entered into an Asset Purchase Agreement with Laboratory Corporation of America Holdings. Pursuant to the Purchase Agreement, and subject to the terms and conditions set forth therein, Purchaser has agreed to acquire select assets and assume certain leases of CHS's ambulatory outreach business across 13 states, including certain patient service centers and in-office phlebotomy locations (the transactions contemplated by the Purchase Agreement, the "Transaction"). The total purchase price payable by Purchaser to CHS at the closing of the Transaction is $195 million, less certain purchase price adjustments specified in the Purchase Agreement. The Purchase Agreement contains various representations, warranties and covenants made by the parties. The Purchase Agreement also provides for indemnification by the parties with respect to breaches of representations, warranties and covenants by such parties, as well as with respect to certain other indemnifiable matters specified in the Purchase Agreement. In a press release, the Company stated that when the transaction is complete, CHS patients and providers will benefit from broader access to Labcorp's comprehensive testing and laboratory services, including its specialty testing menu, robust data analytics and digital tools. CHS health systems will continue to operate their inpatient and emergency department laboratories and will continue to provide laboratory services for hospital-based services, such as imaging and pre-admission testing. "We are excited about this transaction with Labcorp, which allows us to focus on our core services and improve the overall patient experience, aligning with our unwavering commitment to providing high-quality, accessible healthcare to our communities," said Kevin Stockton, Executive Vice President, Operations and Development for CHS. "Labcorp's scale and investment in technology supports its ability to efficiently deliver outreach laboratory services to patients and healthcare consumers." "Labcorp and Community Health Systems share a deep commitment to improving the health and lives of the communities we serve, and our goal with this agreement is to enhance the patient and provider experience with increased access to high-quality laboratory services," added Mark Schroeder, EVP and President, Diagnostics Laboratories and Chief Operations Officer, Labcorp. "This acquisition will allow us to leverage the strengths of both our organizations to positively impact healthcare for communities across the U.S." The organizations are committed to working together to plan and implement a smooth, thoughtful transition that maintains continuity of services for patients, hospitals, clinicians and clients, while providing direct access to the additional capabilities of Labcorp. This relationship is similar to other strategic relationships that Labcorp has with a range of local and regional health systems that have enhanced services for patients and providers. The closing of the Transaction is subject to certain regulatory approvals and the satisfaction or waiver of certain closing conditions set forth in the Purchase Agreement, including the expiration or termination of the waiting period applicable to the Transaction under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Subject to the foregoing, consummation of the Transaction is expected to occur in the fourth quarter of 2025. The Purchase Agreement may be terminated by either party under certain circumstances set forth in the Purchase Agreement, including if the Transaction is not consummated on or before December 31, 2025. The Purchase Agreement provides that, at closing, the parties, and/or their respective affiliates, would enter into certain ancillary agreements, including a laboratory services agreement whereby the Purchaser will provide CHS and/or its affiliate(s) comprehensive testing and laboratory services, including those on its specialty testing menu as well as access to data analytics and digital tools. In addition, the parties have entered into a non-competition agreement contemporaneously with the execution of the Purchase Agreement (which will be effective upon the closing) pursuant to which CHS and its affiliates are subject to certain non-competition and non-solicitation provisions and other restrictive covenants for a period of five years after the closing. About Community Health Systems Inc. Community Health Systems, Inc. -- http://www.chs.net/-- is a publicly traded hospital company and an operator of general acute care hospitals in communities across the country. Its affiliates provide healthcare services, developing and operating healthcare delivery systems in 40 distinct markets across 15 states. * * * Egan-Jones Ratings Company on January 23, 2025, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Community Health Systems, Inc. COMMUNITY HEALTH: S&P Assigns 'B-' Rating in $1.5BB Secured Notes ----------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issue-level rating and '2' recovery rating to Tenn.-based acute care hospital and outpatient facilities operator Community Health Systems Inc.'s proposed $1.5 billion senior secured notes due 2034. The '2' recovery rating indicates its expectation for meaningful (70%-90%; rounded estimate: 70%) recovery in the event of a payment default. Proceeds will be used to refinance its outstanding senior secured notes due March 2027. S&P said, "Our 'CCC+' issuer credit rating on Community Health continues to reflect the company's high S&P Global Ratings-adjusted leverage, at roughly 8.2x, and weak sustained free cash flows due to mixed operating performance." For the second quarter, Community Health's same-store S&P Global Ratings-adjusted admissions was down 0.7%, with a 2.5% decline in elective surgeries. The company lowered the midpoint of its EBITDA guidance by $25 million, mainly on projected flat admissions growth for the second half of 2025. The company has adequate liquidity, has been consistently refinancing upcoming maturities, and continues to seek operational efficiencies and divest noncore assets. However, upside on the ratings is limited until the company can achieve significant sustained free cash flows and accelerate deleveraging. CONSOLIDATED APPAREL: Unsecureds to Get $500 per Month over 5 Years ------------------------------------------------------------------- Consolidated Apparel, Inc., filed with the U.S. Bankruptcy Court for the Southern District of Florida a Plan of Reorganization under Subchapter V dated July 24, 2025. The Debtor is a Florida corporation that sells custom logo performance sportswear to hotels and resorts throughout Florida. The Debtor's customers sell this performance wear at its properties. The Debtor operates under the trade names Native Outfitters and MTO Wear. The Debtor saw a downturn in its business first during the COVID pandemic when its customers (hotels and resorts) saw a closure of operations virtually overnight. In turn, the Debtor saw a virtual closure of its operations. If consumers cannot visit hotels and resorts to take vacations, the hotels and resorts do not need logo wear to sell in their shops. The Debtor has been able to rebound, but not without the consequence of significant debt that the Debtor seeks to reorganize through this plan. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $12,000.00 toward the unsecured claims. The final Plan payment is expected to be paid in September 2030. The Debtor will commit disposable income to fund the Plan in the total amount of $12,000.00 to the unsecured claims in accordance with the Projections. The Debtor expects to have sufficient cash on hand to make the payments required on the Effective Date. Such net disposable income should be sufficient to provide a distribution to unsecured creditors over the life of the Plan of approximately $12,000.00. This Plan under Chapter 11 of the Bankruptcy Code proposes to pay creditors of the Debtor from cash flow from operation of the Debtor's business and current cash on hand. Class Five consists of General Unsecured Creditors. The general unsecured claims prior to the filing of any objections total the amount of $336,752.37, which will be paid over the five-year term of the Plan at the rate of $200.00 per month on a pro-rata basis. The payments will commence on the Effective Date of the Plan. The dividend to this class of creditors is subject to change upon the determination of objections to claims. To the extent that the Debtor is successful or unsuccessful in any or all of the proposed Objections, then the dividend and distribution to each individual Class of General Unsecured Claims then the dividend and distribution to each individual creditor will be adjusted accordingly. These claims are impaired. The Debtor shall contribute disposable income to fund the Plan in the total amount of $12,000.00 to the unsecured creditors in accordance with the Projections. In the event the Debtor's disposable income is insufficient to meet the plan payments, the Debtor shall fund the plan through his non-exempt or exempt assets. A full-text copy of the Plan of Reorganization dated July 24, 2025 is available at https://tinyurl.com/c2rh2jta from PacerMonitor.com at no charge. The firm can be reached through: Dana Kaplan, Esq. Kelley Kaplan & Eller, PLLC 1665 Palm Beach Lakes Blvd., Suite 1000 West Palm Beach, FL 33401 Telephone: (561) 491-1200 Facsimile: (561) 684-3773 Email: bankruptcy@kelleylawoffice.com About Consolidated Apparel Consolidated Apparel Inc., operating as Native Outfitters and MTO Wear, Consolidated Apparel, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14604) on April 25, 2025. In its petition, the Debtor listed assets between $100,000 and $500,000 and liabilities between $500,000 and $1 million. Bankruptcy Judge Mindy A. Mora handles the case. The Debtor is represented by Craig I. Kelley, Esq. CONSOLIDATED BURGER: Seeks to Extend Plan Exclusivity to Sept. 26 ----------------------------------------------------------------- Consolidated Burger Holdings, LLC, and its affiliates asked the U.S. Bankruptcy Court for the Northern District of Florida to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to September 26 and November 25, 2025, respectively. The Debtors explain that they satisfy the factors warranting an extension of the Exclusivity Period through September 26 and an extension of the Acceptance Period through November 25, 2025. First, cause may be shown to extend the exclusivity periods where the debtor is paying its debts as they become due. The Debtors are paying their postpetition obligations in a timely fashion as shown in the monthly operating reports which the Debtors have been filing with the Court. The Debtors have been managing the remaining aspects of their operations effectively and preserving the value of their assets for the benefit of all creditors. Second, the Debtors have been working collaboratively throughout their chapter 11 cases with Auxilior Capital Partners, Inc., their prepetition secured lender, Burger King Company, LLC ("BKC"), counsel for Southfield Mezzanine Capital, the Office of the U.S. Trustee and other interested parties on all issues that have arisen in these Chapter 11 Cases. The Debtors are in compliance with the U.S. Trustee's operating guidelines. The Debtors claim that they consummated the sale of substantially all their assets on June 29, 2025. Since then, the Debtors have addressed post-closing reconciliation and other matters with each purchaser. The Debtors, Auxilior, BKC and Southfield are also discussing how to most efficiently conclude these chapter 11 cases, which may include the filing of a plan of liquidation. Those discussions are ongoing. Finally, a court may grant an extension of exclusivity where the case has been pending for a relatively brief period of time. Here, the Debtors' bankruptcy cases have been pending in this Court for under four months. In addition, it is worth noting, in other cases in the State of Florida of equal or lesser size and complexity, courts have routinely granted similar initial requests by debtors for an extension of the exclusive periods. The Debtors' Counsel: Paul Steven Singerman, Esq. Jordi Guso, Esq. Christopher Andrew Jarvinen, Esq. BERGER SINGERMAN LLP 1450 Brickell Avenue Suite 1900 Miami, FL 33131 Tel: 305-755-9500 Fax: 305-714-4340 Email: singerman@bergersingerman.com jguso@bergersingerman.com cjarvinen@bergersingerman.com - and - Brian G. Rich, Esq. BERGER SINGERMAN LLP 313 N. Monroe Street, Ste. 301 Tallahassee, FL 32301 Tel: (850) 561-3010 Fax: (850) 561-3013 Email: brich@bergersingerman.com About Consolidated Burger Holdings Consolidated Burger Holdings, LLC, and its subsidiaries operate 57 Burger King restaurants across prime markets in Florida and Southern Georgia. On April 14, 2025, Consolidated Burger Holdings and two subsidiaries sought Chapter 11 protection (Bankr. N.D. Fla. Lead Case No. 25-40162). As of Dec. 31, 2024, the Debtors' balance sheets reflect assets of $77.9 million and liabilities of $77.9 million. The Hon. Karen K. Specie is the case judge. The Debtors tapped BERGER SINGERMAN LLP as general bankruptcy counsel, DEVELOPMENT SPECIALISTS, INC., as restructuring advisor, and PEAK FRANCHISE CAPITAL LLC as investment banker. OMNI AGENT SOLUTIONS, INC., is the claims agent. CORVIAS CAMPUS: Asks Court to Reject Bid to Move Chapter 11 to Ga. ------------------------------------------------------------------ Rick Archer of Law360 Bankruptcy Authority reports that on Monday, July 28, 2025, the operator of dormitory facilities across Georgia's public university system asked a Delaware bankruptcy judge to reject efforts to transfer its Chapter 11 case to Georgia, arguing there is no justification for a change of venue. About Corvias Campus Living-USG Corvias Campus Living-USG, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11214 on June 25, 2025, listing between $10 million and $50 million in assets and between $500 million and $1 billion in liabilities. Thelma Edgell, president, signed the petition. Judge Laurie Selber Silverstein oversees the case. The Debtor tapped Derek C. Abbott, Esq., at Morris Nichols Arsht & Tunnell, LLP as counsel; CohnReznick LLP as financial advisor; and Donlin, Recano & Company LLC as administrative advisor. COWTOWN BUS: Claims to be Paid from Property Sale Proceeds ---------------------------------------------------------- Cowtown Bus Charters Inc. and Cowtown Transportation Company LLC filed with the U.S. Bankruptcy Court for the Northern District of Texas a Disclosure Statement describing Plan of Reorganization dated July 24, 2025. The Debtor is a closely held corporation, and the related Cowtown Transportation is a closely held limited liability corporation. The current equity owner of the Debtor is Brenda Cross. Cowtown Transportation is believed to be owned by the Debtor. The Debtor sold its operating assets to Avalon Motorcoach, LLC and Cowtown Transportation sold the real property owned by it to CanTex Forest Hills, LLC. The sale was for the purchase price of $2,285,000.00. In connection with the sale to Avalon, Cowtown Bus caused the secured and or lease claims of Huntington National Bank and M&T Capital Leasing Corp to be paid an agreed amount representing the value of property transferred by them. Those creditors have residual unsecured claims. In connection with the sale to Avalon, Cowtown Bus caused the secured and or lease claims of Huntington National Bank and M&T Capital Leasing Corp to be paid an agreed amount representing the value of property transferred by them. In connection with this sale, Avalon caused $230,000.00 to be paid to Huntington, ad valorem taxes in the amount of $32,914.83 to be paid, M&T Capital and Leasing Corp to be paid $1,950,000.00 and adjustments for client trips of $107,317.00. Adjustments were also made for client deposits and pro rata tax credits. Those creditors have residual unsecured claims. Following the large sale, there was a small sale of residual assets including five nonoperating buses, furniture, and miscellaneous personal property for $3,617.65. No valuable personal property remains. In connection with the sale to CanTex, the sales price was $1,800,000.00. Prorated Secured Taxes for 2024 were paid. First Savings Bank received $286,194.67 and the Small Business Administration received $1,000,000.00. Class 6 consists of General unsecured claims. The Class 6 creditors will not receive any payment because of this liquidating plan. This Class is impaired. The Equity Holder will retain the equity interest solely for the purpose of performing the obligations under this plan after which, the Equity Holder will dissolve each of the debtor entities. The payments and distributions under the Plan will be funded from cash remaining after operation of the Debtor, the sale of personal property to Avalon Motor Coach, LLC and the real property to CanTex Forest Hills, LLC. In connection with the sale of the real property, the original purchase price was $2,385,000.00. Credits were made for prepaid deposits and the performance of prepaid trips, funds were paid directly to M&T Capital and Leasing Corp in the amount $1,950,000.00 and to Huntington Bank in the amount of $230,000.00. In connection with the sale to CanTex, the sales price was $1,800,000.00 and First Savings Bank received $286,194.67 and the Small Business Administration received $1,000,000.00. A full-text copy of the Disclosure Statement dated July 24, 2025 is available at https://urlcurt.com/u?l=Z1mPhG from PacerMonitor.com at no charge. Counsel to the Debtor: Mark J. Petrocchi, Esq. Griffith, Jay & Michel, LLP 2200 Forest Park Blvd. Fort Worth, TX 76110 Tel: (817) 926-2500 Fax: (817) 926-2505 E-mail: mpetrocchi@lawgjm.com About Cowtown Bus Charters Inc. Cowtown Bus Charters, Inc., is a full-service bus charter company providing local to national transportation. Cowtown Bus Charters, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-10161) on Sept. 6, 2024. In the petition signed by Brenda Cross, president and director, the Debtor disclosed $1,237,132 in assets and $4,370,485 in liabilities as of Aug. 22, 2024. Judge Mark X. Mullin presides over the case. The Debtor tapped Mark J. Petrocchi, Esq., at Griffith, Jay & Michel, LLP as counsel. CPPIB OVM: S&P Affirms 'B+' ICR on Proposed Term Loan B Upsizing ---------------------------------------------------------------- S&P Global Ratings affirmed its 'B+' issuer credit rating on CPPIB OVM Member U.S. LLC (CPPIB OVM). At the same time, S&P affirmed its 'B+' issue-level rating and '3' recovery rating on CPPIB OVM's upsized term loan B (TLB). The '3' recovery rating on the term loan indicates its expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default. The outlook is stable. CPPIB OVM, a subsidiary of the Canada Pension Plan Investment Board (CPPIB) with 35% ownership interest in Ohio Valley Midstream LLC (OVM; not rated), is proposing to upsize its existing $700 million senior secured TLB due 2031 by $75 million and reprice its debt. It will use the proceeds to fund distributions to CPPIB. S&P said, "The stable outlook on CPPIB OVM reflects our expectation for growing distributions from investee OVM and the excess cash flow sweep to improve financial metrics in 2026. We expect the company to have leverage of about 4.50x in 2025 and 3.75x-4.00x in 2026." CPPIB OVM's leverage metrics are expected to be higher than our previous expectations in 2025 due to the numerous add-ons to the senior secured TLB. In August 2024, CPPIB OVM closed on a $600 million senior secured TLB, using the proceeds to fund a distribution to CPPIB and cover related fees and expenses. Since this initial closing, the company upsized by $100 million in February in 2025. In July 2025, the company once again indicated its intent to upsize its TLB by another $75 million. Offsetting these significantly higher debt amounts, the company also improved its applicable interest margin to SOFR + 2.50% from the original SOFR + 3.25%, resulting in improved interest coverage metrics. S&P said, "Despite these interest expense savings, we view the addition of $175 million of additional debt this year to be aggressive as proceeds of this debt issuance will be used to fund a distribution to its owner, as the company is currently not undertaking any material capital-intensive projects. That said, the better-than-expected performance at OVM and higher distributions to CPPIB OVM partially offset the temporary weak financial measures in 2025. "We forecast leverage to be slightly elevated near 4.50x in 2025, along with an interest coverage ratio of 3.00x-3.25x. This reflects our updated base-case forecast following the incremental $75 million upsize to the $695 million TLB outstanding as of June 30, 2025. The margin on total outstanding debt will also decrease 25 basis points from previous levels, leading to annual cash interest expense savings. We expect total distributions to CPPIB OVM of $150 million-$160 million in 2025, improving to $180 million-$190 million in 2026. We forecast leverage will improve to below 4x and EBITDA interest coverage will improve to about 4.25x in 2026, supported by an annual mandatory amortization of 1% on the TLB and an excess cash sweep mechanism. The company's TLB is subject to a 75% excess cash flow sweep if leverage exceeds 5.0x, with the percentage decreasing to 50% when leverage is between 4.5x-5.0x, 25% when leverage is between 4.0x-4.5x, and no cash sweep when it falls below 4.0x. Based on our projections, we anticipate a 50% cash flow sweep in 2025 and expect long-term leverage to remain below 4.0x. "Our 'B+' issuer credit rating on CPPIB OVM is based on the differentiated credit quality compared with its investee OVM. CPPIB OVM holds a 35% equity interest in OVM and relies on distributions from the investee to service its $770 million term loan due in 2031 because it does not have other substantive assets. As a result, we rate CPPIB OVM under our noncontrolling equity interest criteria. As such, our view on CPPIB OVM's credit profile incorporates its financial ratios, OVM's cash flow stability, its ability to influence OVM's financial policy, and its ability to liquidate its investment in OVM to repay the term loan. "We expect CPPIB OVM will receive growing distributions from OVM over the near term. OVM's cash flows are entirely fee-based, providing it with a high degree of stability, with no direct exposure to commodity price fluctuations. The company's assets are primarily located in the Marcellus and Utica shale regions, which have lower break-even drilling costs than other regions. OVM serves a diverse customer base, including upstream producers in Appalachia such as EQT Corp., Antero Resources Corp., Expand Energy Corp., and Encino Energy LLC. Approximately 42% of fiscal 2025 revenues are expected to be generated from investment-grade customers, and the remaining comprising speculative-grade (53%) or nonrated producers (5%). The average remaining contract term is around seven years, with the majority of volumes sourced from long-term acreage dedications. Notably, about 14% of total revenues come from minimum volume commitments. Due to the volumetric risk associated with contracts backed by acreage dedications, we assess cash flow stability as neutral. "Our positive view of CPPIB OVM's corporate governance and financial policy is driven by its substantial governance rights in OVM. OVM has demonstrated a consistent track record of EBITDA growth and has increased its distributions annually since its inception. The company is obligated to distribute the majority of its cash to CPPIB OVM and The Williams Cos. Inc., which incentivizes OVM to maintain or enhance its distribution levels. CPPIB OVM holds significant influence, occupying three of the six board seats, which corresponds to 35% of the voting rights, aligning with its ownership stake of 35%. Any alterations to OVM's distribution policy require the approval of CPPIB OVM. Additionally, a supermajority vote (i.e., requiring 75% of voting interests) is required for critical decisions, including the incurrence of material debt or equity, changes to distribution policy, budget modifications, capital contributions, major acquisitions and divestitures, bankruptcy filings, guarantees of material debt, and material capital expenditures. Our view of CPPIB OVM's ability to liquidate its investment in OVM is negative because OVM is not publicly traded. Separately, we assess financial ratios as neutral. "The stable outlook reflects our expectation that CPPIB OVM will receive growing distributions from OVM, offset by somewhat weakened credit metrics over the near term given its meaningful addition of debt. We expect CPPIB OVM to have an interest coverage ratio of 3.00x-3.25x in 2025 and above 4x in 2026. In addition, we expect it to have leverage of about 4.50x in 2025 and improve to 3.75x-4.0x in 2026 due to the excess cash flow sweep provision. "We could consider a negative rating action if the company maintains leverage above 4.0x and interest coverage below 3.0x. This could occur if investee company OVM is more aggressive with growth projects than our current expectations, such that distributions to CPPIB OVM are less than anticipated, or it changes its financial policy and issues significant debt. We could also consider a negative rating ration if CPPIB OVM undertakes a more aggressive financial policy by pursuing additional debt-funded distributions in the near term. "We could consider a positive rating action if the company pursues a more conservative financial policy such that it maintains interest coverage of more than 4x and sustains leverage below 4.0x. We could also consider a positive rating action at CPPIB OVM if credit quality at OVM improves." CTCHGC LLC: Seeks to Hire John E. Jonson CPA as Accountant ---------------------------------------------------------- CTCHGC, LLC d/b/a Central Texas Gun Works and affiliates seek approval from the U.S. Bankruptcy Court for the Western District of Texas to employ John E. Jonson, CPA as accountant. The firm will assist the Debtors in preparing their 2020 to 2025 tax returns. The firm will be paid $600 per return or $50 per hour, whichever is higher. In addition, the firm will seek reimbursement for its out-of-pocket expenses. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Cruz Ledesma-Jonson John E. Jonson CPA 8940 Fourwinds Drive Suite 103 Windcrest, TX 78239 Tel: (210) 823-1098 About CTCHGC, LLC d/b/a Central Texas Gun Works CTCHGC LLC, doing business as Central Texas Gun Works, Centex Guns, and CTGW, is a firearms academy in Austin, Texas. The Company offers a straightforward and hassle-free way of obtaining Texas license to carry a handgun and various gun safety classes, including Identogo fingerprint services. Central Texas Gun Works also has a great selection of handguns, rifles, shotguns, knives and accessories in stock at the gun store showroom. CTCHGC LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-11072) on September 2, 2024. In the petition filed by Michael D. Cargill, manager, the Debtor reports total assets of $363,309 and total liabilities of $2,677,635. The Honorable Bankruptcy Judge Shad Robinson handles the case. The Debtor is represented by Stephen Sather, Esq., at Barron & Newburger, P.C. D RAIL TRANSPORT: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: D Rail Transport, LLC 2519 Dothan Road Bainbridge, GA 39817 Business Description: D Rail Transport LLC provides flatbed freight transportation services across the eastern United States. The Company operates a small fleet of trucks and trailers and is based in Climax, Georgia. Chapter 11 Petition Date: July 29, 2025 Court: United States Bankruptcy Court Middle District of Georgia Case No.: 25-10689 Debtor's Counsel: G. Daniel Taylor, Esq. STONE & BAXTER, LLP 577 Third Street Macon, GA 31201 Tel: 478-750-9898 Fax: 478-750-9899 E-mail: dtaylor@stoneandbaxter.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Daniel Sodrel 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/O5DFZAI/D_Rail_Transport_LLC__gambke-25-10689__0001.0.pdf?mcid=tGE4TAMA DARE BIOSCIENCE: Says Equity Above $2.5M Minimum Required by Nasdaq ------------------------------------------------------------------- Dare Bioscience, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that based on sales of shares of its common stock under its "at-the-market," or ATM, equity offering program and equity line arrangement since March 31, 2025 through July 18, 2025, resulting in gross proceeds of approximately $16.5 million, and after considering anticipated losses through July 18, 2025, as of July 21, 2025, the Company believes its stockholders' equity is in excess of the $2.5 million minimum required under Nasdaq Listing Rule 5550(b)(1), and intends to notify Nasdaq of the foregoing so that Nasdaq can make a determination as to whether the Company has regained compliance with requirements for continued listing. There can be no assurance that the Nasdaq will determine that the Company has regained compliance with such requirements. As previously reported, the Company has not been in compliance with Nasdaq Listing Rule 5550(b) since August 2024. Nasdaq Listing Rule 5550(b)(1) requires a company to maintain stockholders' equity of at least $2.5 million, and Nasdaq Listing Rule 5550(b)(2) requires a company to maintain a minimum market value of listed securities of $35.0 million. A company will satisfy the continued listing requirement under Nasdaq Listing Rule 5550(b) if it meets either Nasdaq Listing Rule 5550(b)(1) or (2). After considering the sale of shares of common stock, there will be approximately 12.6 million shares of common stock outstanding. About Dare Bioscience Dare Bioscience, Inc. is a biopharmaceutical company committed to advancing innovative products for women's health. The Company's mission is to identify, develop, and bring to market a diverse portfolio of differentiated therapies that prioritize women's health and well-being, expand treatment options, and improve outcomes, primarily in the areas of contraception, vaginal health, reproductive health, menopause, sexual health, and fertility. Irvine, California-based Haskell & White LLP, the Company's auditor since 2023, 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 recurring losses from operations and is dependent on additional financing to fund operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. DATAVAULT AI: Inks $50M ATM Sales Agreement With Maxim Group ------------------------------------------------------------ Datavault AI Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into an equity distribution agreement with Maxim Group LLC, as agent, pursuant to which the Company may issue and sell shares of its common stock, par value $0.0001 having an aggregate offering price of up to $50,000,000 from time to time through Maxim. Any sales of shares of Common Stock pursuant to the Sales Agreement will be made pursuant to a shelf registration statement on Form S-3 (File No. 333-288538), which was initially filed with the SEC on July 7, 2025 and declared effective by the SEC on July 9, 2025, the prospectus contained therein and a prospectus supplemental relating to the Registered Offering dated July 22, 2025. Maxim may sell Common Stock by any method permitted by law deemed to be an "at the market offering" as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended, including, without limitation, sales made directly on The Nasdaq Capital Market or sales made into any other existing trading market for the Company's Common Stock or to or through a market maker. Subject to the terms and conditions of the Sales Agreement, Maxim will use its commercially reasonable efforts to sell the shares of the Company's Common Stock from time to time, based upon its instructions (including any price, time or size limits or other parameters or conditions that we may impose). The Company will pay to Maxim a cash commission of up to 3% of the gross proceeds from the sale of any shares of Common Stock by Maxim under the Sales Agreement. The Company and Maxim have also provided each other with customary indemnification rights. The Company is not obligated to make any sales of Common Stock under the Sales Agreement and no assurance can be given that it will sell any shares under the Sales Agreement, or, if it does, as to the price or number of shares that it will sell, or the dates on which any such sales will take place. The Sales Agreement may be terminated by either party as set forth in the Sales Agreement. Waiver Agreement: Also on July 21, 2025, the Company entered into an agreement with the purchasers party to the Company's securities purchase agreement, dated March 31, 2025, pursuant to which the Purchasers waived the provisions relating to variable rate transactions contained in Section 4.12(b) of the Purchase Agreement for a period of 60 days and the provisions relating to participation rights contained in Section 4.19 of the Purchase Agreement, and the Company agreed that until the earlier to occur of: (a) the end of the 60-day period beginning on the trading date after the date of the Waiver Agreement, and (b) when no Purchaser holds any of the Notes (as defined in the Purchase Agreement), the Company will not sell shares of Common Stock pursuant to the Sales Agreement: (a) (i) on any trading day in an amount exceeding 10% of the trading volume of the shares of Common Stock on such trading day during regular trading hours, or (ii) outside of regular trading hours, (b) at a per share price below $1.10, or (c) in an aggregate amount exceeding $25,000,000. The Company also agreed to issue an aggregate of 5,000,000 shares of Common Stock to the Purchasers on the date the Company receives stockholder approval for such issuance under applicable stock exchange rules. Pursuant to the Waiver Agreement, the Company agreed to: (a) file a registration statement to register the resale of the New Shares as soon as reasonably practicable, and to use commercially reasonable efforts to have such Resale Registration Statement declared effective by the SEC by September 30, 2025 and to keep such registration statement effective at all times until no Purchaser owns any such New Shares, and (b) use commercially reasonable efforts to hold an annual or special meeting of stockholders no later than September 30, 2025 for the purpose of obtaining the Stockholder Approval. 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. DE'NSITE INC: Seeks Subchapter V Bankruptcy in Illinois ------------------------------------------------------- On July 27, 2025, De'nsite Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About De'nsite Inc. De'nsite Inc., doing business as Harold's Chicken of Homewood, a fast-food restaurant franchise specializing in fried chicken. De'nsite Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-11428) on July 27, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Janet S. Baer handles the case. The Debtor is represented by Saulius Modestas, Esq. at Modestas Law Offices, P.C. DENOYER-GEPPERT: Case Summary & 18 Unsecured Creditors ------------------------------------------------------ Debtor: Denoyer-Geppert Science Company 7305 St. Louis P.O. Box 1727 Skokie IL 60077 Business Description: Denoyer-Geppert Science Company manufactures scientific models, charts and simulators -- particularly for human anatomy, biology and chemistry education -- from its headquarters in Illinois, serving educators and medical professionals since its founding in 1916. Chapter 11 Petition Date: July 30, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-11605 Judge: Hon. Jacqueline P Cox Debtor's Counsel: David R Herzog, Esq. DAVID R HERZOG 53 W. Jackson Jackson Blvd., Suite 1442 Chicago IL 60604 Tel: 312-977-1600 E-mail: drh@dherzoglaw.com Estimated Assets: $50,000 to $100,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Mary Andros as president. A copy of the Debtor's list of 18 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VM2ZFCA/Denoyer-Geppert_Science_Company__ilnbke-25-11605__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VF5XS6A/Denoyer-Geppert_Science_Company__ilnbke-25-11605__0001.0.pdf?mcid=tGE4TAMA DIOCESE OF ROCHESTER: Judge Set to Approve $246MM Chapter 11 Plan ----------------------------------------------------------------- Alex Wittenberg of Law360 reports that on Tuesday, July 29, 2025, a New York bankruptcy judge indicated he is ready to approve the Roman Catholic Diocese of Rochester’s $246.4 million Chapter 11 settlement of abuse claims, following unanimous support from survivors. About The Diocese of Rochester The Diocese of Rochester in upstate New York provides support to 86 Roman catholic parishes across 12 counties in upstate New York. It also operates a middle school, Siena Catholic Academy. The diocese has 86 full-time employees and six part-time employees and provides medical and dental benefits to an additional 68 retired priests and two former priests. The diocese generated $21.88 million of gross revenue for the fiscal year ending June 30, 2019, compared with a gross revenue of $24.25 million in fiscal year 2018. The Diocese of Rochester filed for Chapter 11 bankruptcy protection (Bankr. W.D.N.Y. Case No. 19-20905) on Sept. 12, 2019, amid a wave of lawsuits over alleged sexual abuse of children. In the petition, the diocese was estimated to have $50 million to $100 million in assets and at least $100 million in liabilities. Bond, Schoenec & King, PLLC and Bonadio & Co. serve as the diocese's legal counsel and accountant, respectively. Stretto is the claims and noticing agent. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in the diocese's Chapter 11 case. Pachulski Stang Ziehl & Jones, LLP and Berkeley Research Group, LLC serve as the committee's legal counsel and financial advisor, respectively. DISCO INTERMEDIATE: S&P Assigns 'B-' ICR, Outlook Stable -------------------------------------------------------- S&P Global Ratings assigned its 'B-' issuer credit rating to Disco Intermediate LLC (doing business as Duck Creek Technologies), a core software systems provider for property and casualty (P&C) insurance carriers. At the same time, S&P assigned its 'B-' issue-level and '3' recovery ratings to its new first-lien senior secured facilities. S&P said, "The stable outlook on Duck Creek reflects the stickiness and mission criticality of its platform despite its small scale and recent history of negative cash flow. We believe these factors will enable the company to deliver stable revenue growth and positive free operating cash flow over the next 12 months. "We believe Duck Creek's mission-critical platform and durable end-markets will support its higher debt burden despite its small scale. Duck Creek's platform provides its customers infrastructure to manage policies, process claims, and handle billing at scale--mission-critical workflows for insurance carriers. Given the operational complexity of these customers (especially larger tier 1 carriers), core systems such as Duck Creek's are deeply embedded within technology stacks and business processes, creating high switching costs and long customer lifecycles. The company's solid gross and net retention rates demonstrate this and its continued value proposition to customers by its ability to limit churn and expand relationships. Durable insurance carrier end-markets further support our thesis, as they provide a stable foundation for longer-term revenue expansion while mitigating cyclicity risk. "Despite these strengths, we view the company's small scale relative to peers as a risk factor, with Duck Creek among the lowest quartile of issuers by revenue scale within S&P Global Ratings' domestic 'B-' technology universe. Furthermore, Duck Creek is less than half the size of its closest direct competitor, Guidewire Software Inc. We believe this puts the company at a competitive disadvantage to Guidewire, which benefits from a larger and more global installed base (including higher proportion of tier 1 carriers), nearly twice the domestic market share, and access to greater financial resources than Duck Creek. "We view Duck Creek's recent history of negative cash flow as a credit risk. Following its LBO by Vista Equity in 2023, Duck Creek has reported persistent free operating cash flow deficits. In 2023 and 2024 the company generated sizable free operating cash flow deficits, driven by LBO transaction expenses in 2023, rising interest rates, and a step up in restructuring costs tied to workforce reductions, labor offshoring, and office consolidations. While margins and cash flow have improved under Vista's ownership (S&P Global Ratings-adjusted EBITDA margins rose from 8% in 2023 to 20% in 2024) we still expect a subsequent (but smaller) cash flow burn in fiscal 2025. FOCF is expected to inflect starting in 2026, however, but turn only nominally positive as cost savings from previous actions continue to be realized and interest expense savings from improved pricing on Duck Creek's new debt facilities take effect. "While we forecast mostly break-even FOCF this year and next, we believe Duck Creek's liquidity should provide adequate financial flexibility. As part of the transaction, the company's funded debt steps up by about $140 million, with the bulk of this allocated to stay as cash on the balance sheet. While Duck Creek is anticipated to deploy some of this cash to fund tuck-in M&A over the near term, we still expect the company to maintain healthy liquidity, especially considering its upsized $125 million revolver which will be undrawn at close. We believe this will provide the company with enough headroom to both pursue acquisitions and absorb potential cash shortfalls in 2026 and beyond should it underperform our base case. "The stable outlook on Duck Creek reflects the stickiness and mission criticality of its platform despite its small scale and recent history of negative cash flow. We believe these factors will enable the company to deliver stable revenue growth and positive free operating cash flow over the next 12 months." S&P would lower its rating on Duck Creek if: -- Revenue and S&P Global Ratings-adjusted EBITDA underperform due to weak customer demand or heightened competitive pressures from peers like Guidewire and Majesco which leads to sustained negative S&P Global Ratings-adjusted FOCF with limited prospects for improvement; or  -- S&P views the company's capital structure as unsustainable. S&P could raise its rating on Duck Creek if it sustains its revenue and EBITDA growth such that: -- Its S&P Global Ratings-adjusted leverage remains below 7x on a sustained basis (after tuck-in acquisitions); -- It sustains S&P Global Ratings-adjusted FOCF to debt of 5%; -- It sustains revenue growth and margin improvement; and -- It increases market share through new customer wins and upselling/cross-selling within its customer base. DOLCE BALLOONS: Linda Leali Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 21 appointed Linda Leali, Esq., as Subchapter V trustee for Dolce Balloons, LLC. Ms. Leali will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Leali declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Linda M. Leali Linda M. Leali, P.A. 2525 Ponce De Leon Blvd., Suite 300 Coral Gables, FL 33134 Telephone: (305) 341-0671, ext. 1 Facsimile: (786) 294-6671 Email: leali@lealilaw.com About Dolce Balloons Dolce Balloons, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18400) on July 23, 2025, with up to $50,000 in assets and liabilities. Judge Robert A. Mark presides over the case. Christina Vilaboa-Abel, Esq., represents the Debtor as legal counsel. DRSN GROUP: Gary Murphey of Resurgence Named Subchapter V Trustee ----------------------------------------------------------------- The U.S. Trustee for Region 21 appointed Gary Murphey of Resurgence Financial Services, LLC as Subchapter V trustee for DRSN Group, LLC. Mr. Murphey will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Murphey declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gary Murphey Resurgence Financial Services, LLC 3330 Cumberland Blvd., Suite 500 Atlanta, GA 30330 Tel: (770) 933-6855 Email: Murphey@RFSLimited.com About DRSN Group LLC DRSN Group, LLC, doing business as Wisteria, is a retailer of furniture and home décor items. DRSN Group sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-58190) on July 23, 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 Barbara Ellis-Monro handles the case. The Debtor is represented by Caitlyn Powers, Esq., and Will B. Geer, Esq., at Rountree Leitman Klein & Geer, LLC. E.W. SCRIPPS: S&P Rates Senior Secured Second-Lien Notes 'CCC+' --------------------------------------------------------------- S&P Global Ratings assigned its 'CCC+' issue-level rating and '3' recovery rating to The E.W. Scripps Co.'s proposed $650 million senior secured second-lien notes due 2030. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 50%) recovery for lenders in the event of a payment default. E.W. Scripps plans to use the proceeds from these notes to fully repay its 5.875% senior unsecured notes due 2027 ($426 million outstanding) and repay $220 million of its senior secured first-lien term loan B-2 maturing 2028 ($545 million outstanding). S&P said, "At the same time, we lowered our issue-level rating on the company's 5.375% senior unsecured notes due 2031 to 'CCC-' from 'CCC' and revised the recovery rating to '6' from '5' because the increase in the amount of secured debt in its capital structure from the proposed transaction reduces recovery prospects for unsecured debtholders. The '6' recovery rating indicates our expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of a payment default. "All our other ratings on E.W. Scripps, including the 'CCC+' issuer credit rating and negative outlook, are unchanged. The proposed transaction is leverage neutral and will extend the company's debt maturity profile. That said, it will also increase E.W. Scripps' annual interest expense. We continue to expect the company's S&P Global Ratings-adjusted gross leverage for the average trailing-eight-quarters will be about 6.5x in 2025 and exceed 7.0x in 2026, given our forecast for lower political advertising revenue in the upcoming midterm election cycle compared with the presidential election cycle, low-single-digit percent declines in its core and national advertising revenue, and a 1%-2% decline in its distribution revenue. We also expect E.W. Scripps' preferred stock balance (which we include in our calculation of its adjusted debt) will continue to increase due to the accrual of paid-in-kind dividends, further limiting its ability to deleverage." Issue Ratings--Recovery Analysis Key analytical factors -- Pro forma for the transactions, E.W. Scripps' capital structure will comprise a $70 million senior secured first-lien revolving credit facility maturing in 2026, a $208 million senior secured first-lien revolving credit facility maturing in 2027, a $325 million senior secured first-lien term loan B-2 maturing in 2028, a $340 million senior secured first-lien term loan B-3 maturing in 2029, $523 million of 3.875% senior secured first-lien notes due in 2029, $650 million of senior secured second-lien notes due in 2030, $392 million of 5.375% senior unsecured notes due in 2031, and a $450 million accounts-receivable securitization facility maturing in 2028. -- The account- receivable securitization facility has a first-priority lien on Scripps' accounts receivable and other related assets. -- The senior secured debt is guaranteed on a senior secured basis by substantially all the company's domestic subsidiaries and each existing and future material, wholly owned domestic subsidiary, subject to certain exceptions. Simulated default assumptions -- S&P's simulated default scenario considers a default in 2027 due to advertising revenue declines stemming from economic weakness and increased competition from alternative media, lower retransmission revenue from elevated subscriber declines, and pressure from affiliated networks to remit a significant portion of its retransmission fees. -- Other default assumptions include an 85% draw on the revolving credit facilities, a 100% draw on the accounts-receivable securitization facility, the spread on the revolving credit facilities rising to 5% as covenant amendments are obtained, and all debt includes six months of prepetition interest. -- S&P values E.W. Scripps on a going-concern basis using a 5.5x multiple of its projected emergence EBITDA. The 5.5x multiple reflects our less-favorable view of the business relative to its larger peers with higher-ranked stations, more market duopolies, and a greater percentage of retransmission revenue. Simplified waterfall -- EBITDA at emergence: $438 million -- EBITDA multiple: 5.5x -- Gross recovery value: $2.4 billion -- Net enterprise value (after 5% administrative costs): $2.3 billion -- Estimated priority debt claims (accounts receivable securitization facility): $463 million -- Value available for senior secured first-lien debt claims: $1.8 billion -- Estimated senior secured first-lien debt claims: $1.5 billion --Recovery expectations: 90%-100% (rounded estimate: 95%) -- Value available for senior secured second-lien debt claims: $371 million -- Estimated senior secured second-lien debt claims: $682 million --Recovery expectations: 50%-70% (rounded estimate: 50%) -- Value available for senior unsecured debt claims: $0 -- Estimated senior unsecured debt claims: $403 million --Recovery expectations: 0%-10% (rounded estimate: 0%) EAZY-PZ LLC: Hires Williams Intellectual as Special Counsel ----------------------------------------------------------- Eazy-PZ LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Williams Intellectual Property as special counsel. The Debtor needs the firm's legal assistance in connection with a lawsuit, Case No. 3-16-cv-00777, filed in the United States District Court for the Western District of Louisiana. The firm will be paid at these rates: Ben Williams $250 to $400 per hour Associate Attorneys $275 per hour Paralegals $85 per hour Legal Assistants $85 per hour Law Clerks $65 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. Lead attorney Ben Williams, Esq. disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Ben Williams, Esq. Williams Intellectual Property 1100 W Littleton Blvd #440 Littleton, CO 80120 Tel: (720) 328-5343 About Eazy-PZ LLC Eazy-PZ LLC designs and sells silicone mealtime products for infants and toddlers, including plates, bowls, mats, and utensils. The Company operates through online and retail channels from its base in Parker, Colorado. Eazy-PZ LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-13720) on June 18, 2025. In its petition, the Debtor reports total assets of $1,019,774 and total liabilities of $3,881,257. Honorable Bankruptcy Judge Thomas B. Mcnamara handles the case. The Debtors are represented by Aaron J. Conrardy, Esq. at WADSWORTH GARBER WARNER CONRARDY, P.C. EDGEWOOD HOSPITALITY: Walter Dahl Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 17 appointed Walter Dahl, Esq., a partner at Dahl Law, as Subchapter V trustee for Edgewood Hospitality Group, LLC. Mr. Dahl will be compensated at $485 per hour for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. In court filings, Mr. Dahl declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Walter R. Dahl Dahl Law 2304 "N" Street Sacramento, CA 95816-5716 Telephone: (916) 446-8800 Telecopier: (916) 741-3346 Email: wdahl@dahllaw.net About Edgewood Hospitality Group Edgewood Hospitality Group, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Calif. Case No. 25-23743) on July 22, 2025, listing between $1 million and $10 million in assets and between $500,001 and $1 million in liabilities. Judge Christopher M. Klein presides over the case. EL DORADO SENIOR: Seeks to Use Cash Collateral ----------------------------------------------- Lisa Holder, the Chapter 11 trustee for El Dorado Senior Care, asked the U.S. Bankruptcy Court for the Eastern District of California, Sacramento Division, for authority to use cash collateral. Two secured creditors, BMO Bank N.A. and Gina MacDonald, have filed liens. BMO's lien is secured by real property revenues via a 2020 Assignment of Rents while MacDonald asserts an interest based on judgment-debtor examinations. The trustee respects their claims but reserves the right to challenge them. To ensure adequate protection, she proposed monthly payments of $18,300 to BMO Bank and grants both creditors replacement liens in post-petition assets, matching their pre-bankruptcy priority, effective immediately without additional filings. The trustee's proposed budget covers operating expenses including payroll, taxes, insurance, food, maintenance, accounting, and a $2,200 monthly payment to ClassicPlan to cure arrears into January 2026, with a 10% variance allowance. Prior cash collateral orders have supported uninterrupted operation, and this budget provides for continued business viability, positive cash flow, and scheduled payments, all of which are essential to preserve the business's going-concern value and stakeholder interests. A hearing on the matter is set for August 5. About El Dorado Senior Care El Dorado Senior Care, LLC, a company in El Dorado Hills, Calif., owns and operates community care facilities for the elderly. El Dorado filed voluntary petition for Chapter 11 protection (Bankr. E.D. Calif. Case No. 24-22208) on May 21, 2024, with $3,420,371 in assets and $3,127,562 in liabilities. Benjamin L. Foulk, owner and manager, signed the petition. Judge Fredrick E. Clement oversees the case. D. Edward Hays, Esq., at Marshack Hays Wood, LLP, serves as the Debtor's legal counsel. Blanca Castro has been appointed as patient care ombudsman in the Debtor's Chapter 11 case. ENNIS I-45: Court Extends Cash Collateral Access to Aug. 31 ----------------------------------------------------------- Ennis I-45 11 ACRE, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Texas to use its secured creditors' cash collateral. The fifth interim order authorized the Debtor to use up to $34,645.67 in cash collateral for the period from August 1 to 31 to pay the expenses set forth in its budget. As adequate protection for the Debtor's use of their cash collateral, Real Estate Holdings, LLC and Bay Point Capital Partners II, LP will receive replacement liens on property currently owned or to be acquired by the Debtor excluding Chapter 5 causes of action. The replacement liens will have the same priority as the secured creditors' pre-bankruptcy liens, subject to the fee carveout. In case of any diminution in the value of their collateral, the secured creditors will be granted an allowed superpriority administrative expense claim against the Debtor's estate. The next hearing is scheduled for August 21. Objections are due by August 18. About Ennis I-45 11 Acre Ennis I-45 11 Acre, LLC (doing business as Ennis Luxury RV Resort) is an upscale RV park located just outside of Dallas, Texas, in Ennis. Ennis I-45 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-31219) on April 1, 2025. In its petition, the Debtor reported estimated assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million. The petition was signed by John McGaugh as manager. Kyung S. Lee, Esq., at Shannon and Lee, LLP is the Debtor's legal counsel. Real Estate Holdings, LLC, as secured creditor, is represented by: Marc W. Taubenfeld, Esq. Munsch Hardt Kopf & Harr, P.C. 500 N. Akard St., Suite 4000 Dallas TX 75201 Telephone: (214) 855-7523 Facsimile: (214) 855-7585 mtaubenfeld@munsch.com Bay Point Capital Partners II, LP, as secured creditor, is represented by: Jeff P. Prostok, Esq. Emily S. Chou, Esq. J. Blake Glatstein, Esq. Vartabedian Hester & Haynes, LLP 301 Commerce St., Suite 3635 Fort Worth, TX 76102 Telephone: (817)214-4990 Facsimile: (214)817) 214-4988 Jeff.prostok@vhh.law Emily.chou@vhh.law Blake.glatstein@vhh.law ENVISIONTEC US: Seeks Chapter 11 Bankruptcy in Texas ---------------------------------------------------- On July 28, 2025, EnvisionTEC US LLC filed for Chapter 11 protection in the Southern District of Texas. According to court filing, the Debtor reports between $100 million and $500 million in debt owed to 100 and 199 creditors. The petition states funds will be available to unsecured creditors. About EnvisionTEC US LLC EnvisionTEC US LLC is a manufacturer of industrial 3D printing technologies. EnvisionTEC US LLC relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90276) on July 28, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Benjamin Lawrence Wallen, Esq. at Pachulski Stang Ziehl & Jones LLP. ESSENZA EDGEWATER: Section 341(a) Meeting of Creditors on August 29 ------------------------------------------------------------------- On July 27, 2025, Essenza Edgewater LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be Held on August 29, 2025 at 11:00 AM at by U.S. Trustee TELECONFERENCE. To participate call 888-330-1716 passcode 3205723. About Essenza Edgewater LLC Essenza Edgewater LLC is Florida-based real estate entity that owns a condominium unit in Miami's Edgewater neighborhood. Essenza Edgewater LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18574) on July 27, 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 Laurel M. Isicoff handles the case. The Debtor is represented by Diego Mendez, Esq. EXCELL COMMUNICATIONS: Seeks to Extend Plan Exclusivity to Oct. 11 ------------------------------------------------------------------ Excell Communications, Inc. and affiliates asked the U.S. Bankruptcy Court for the Eastern District of New York to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to October 11 and December 10, 2025, respectively. In the present matter, the Debtors respectfully submit that there is more than sufficient cause to extend the Exclusivity Period. Several issues remain unresolved which preclude the Debtors from proposing a plan of reorganization at this time. The Debtors explain that they continue to consolidate their business operations. The Debtors already have rejected certain leases and executory contracts, and anticipate filing one or more additional motions to reject certain non residential real property leases. Accordingly, given the complexity of the issues presented in this case, the Debtors have demonstrated good faith progress towards reorganization and reasonable prospects for filing a viable Plan. The Debtors remain current with their post-Petition Date obligations as they come due. The Debtors submit that cause exists to grant the proposed extension of the Exclusivity Period. The Debtors believe that it is essential and therefore beneficial to the estates and their creditors that the Debtors be afforded the time necessary in an environment where the Debtors are not distracted with the concomitant threat of competing plans, unproductive confrontations and the increasing administrative costs associated therewith. Finally, the Debtors believe that the proposed extension of the Exclusivity Period will not prejudice creditors of the Debtors' estates or other parties-in-interest. Counsel to the Debtors: Michael Amato, Esq. FORCHELLI DEEGAN TERRANA LLP 333 Earle Ovington Blvd., Suite 1010 Uniondale, NY 11553 Tel: (516) 812-6291 E-mail: mamato@forchellilaw.com About Excell Communications Excell Communications, Inc., filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-71444) on April 14, 2025. Judge Louis A Scarcella presides over the case. Michael S Amato, at Ruskin Moscou Faltisckek PC, is the Debtor's counsel. FINCO I LLC: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable -------------------------------------------------------------- Moody's Ratings has affirmed FinCo I LLC's (d/b/a Fortress) Ba1 corporate family rating and Ba1-PD probability of default rating. Concurrently, Moody's affirmed Fortress' existing senior secured first lien term loan and senior secured revolving credit facility at Ba1 and assigned a Ba1 rating to its proposed repriced senior secured first lien term loan. Moody's will withdraw the rating on the existing senior secured term loan after its paid off. The outlook remains stable. RATINGS RATIONALE The rating affirmation reflects the Fortress' stable to improving operating performance. The company's leverage has improved to 3.0x as of Q1 2025 compared to 3.5x the same period a year ago driven by growth in revenues and EBITDA. Fortress' credit profile is also benefiting from progress in some of the company's new strategic initiatives including insurance and private wealth. For example, Fortress's three new private wealth vehicles have already grown to over $2 billion in AUM. Moody's expects the company's management fees to remain stable to potentially increase in 2025 based on Moody's expectations for stronger fundraising activity. Fortress' Ba1 ratings reflect the benefits of its long-term locked up capital, solid profitability and good investment performance track record. The rating is constrained by moderate revenue scale, high, albeit improved leverage, AUM concentration in a few flagship investment strategies, and a lower quality fee revenue stream due to the higher proportion of performance fees in its revenue mix. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade include the following: 1) Debt/EBITDA moves sustainably below 3.0x; 2) consistent growth in management fees; 3) successful build out of its insurance solutions and/or other nascent initiatives. Factors that could lead to a downgrade include the following: 1) sustained leverage above 4.0x; 2) increased earnings volatility; or 3)AUM declines reflecting lower asset valuations and/or return of capital without a commensurate increase in fee-earning AUM through fundraising or capital deployment. The principal methodology used in these ratings was Asset Managers published in May 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Fortress is a leading alternative asset manager with $51.2 billion of assets under management as of March 31, 2025. FIRST ACCEPTANCE: A.M. Best Affirms C++(Marginal) FS Rating ----------------------------------------------------------- AM Best has affirmed the Financial Strength Rating (FSR) of C++ (Marginal) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "b+" (Marginal) of the subsidiaries of First Acceptance Corporation (Delaware) [OTCQX: FACO], collectively referred to as First Acceptance Insurance Group (First Acceptance). (See below for a detailed list of the companies and ratings.) Concurrently, AM Best has affirmed the Long-Term ICR of "ccc-" (Weak) of First Acceptance Corporation. The outlook of these Credit Ratings (ratings) is stable. At the same time, AM Best has withdrawn these ratings as the company has requested to no longer participate in AM Best's interactive rating process. The ratings reflect First Acceptance's balance sheet strength, which AM Best assesses as weak, as well as its marginal operating performance, limited business profile and marginal enterprise risk management (ERM). The weak balance sheet assessment reflects the significant volatility in policyholder surplus, elevated underwriting leverage measures and adverse reserve development during the latest five-year period. In recent years, additions to policyholder surplus have been reported due to net income from operations and capital contributions from its parent. Overall risk-adjusted capitalization as measured by Best's Capital Adequacy Ratio (BCAR) remains strong. Despite improvement in recent periods, the position remains highly sensitive to premium growth and reserve adequacy. First Acceptance's marginal operating performance is driven by persistent underwriting losses and fluctuating operating results. However, underwriting losses are partially offset by fee and other income. The group's limited business profile reflects operations that are focused solely on non-standard automobile business. ERM is viewed as marginal as the framework continues to evolve. While steps have been taken to integrate a more formalized structure, risk management capabilities are not fully aligned with the organization's profile. The FSR of C++ (Marginal) and the Long-Term ICRs of "b+" (Marginal) have been affirmed, with stable outlooks. Concurrently, AM Best has withdrawn the ratings at the company's request for the following pooled subsidiaries of First Acceptance Corporation: First Acceptance Insurance Company, Inc. First Acceptance Insurance Company of Georgia, Inc. First Acceptance Insurance Company of Tennessee, Inc. FIRST BRANDS: Moody's Affirms B2 CFR & Rates New First Lien Debt B1 ------------------------------------------------------------------- Moody's Ratings affirmed the ratings of First Brands Group, LLC (First Brands), including its corporate family rating at B2, probability of default rating at B2-PD, senior secured first lien debt rating at B1 and senior secured second lien debt rating at Caa1. Concurrently, Moody's assigned a B1 rating to the company's proposed first lien senior secured bank credit facilities, which consist of a $2,700 million first lien term loan, a $1,000 million fixed rate first lien term loan, and a EUR850 million first lien term loan. Moody's also assigned a Caa1 rating to the company's proposed $1,500 million second lien senior secured term loan. The outlook is stable. Proceeds from the new facilities will be used to refinance all of First Brands' existing indebtedness. The proposed transaction eliminates near term refinancing risk as the company's existing first lien debt totaling almost $5 billion was set to mature in March 2027. The company's nearest debt maturity will now be 2030. Despite this positive development, Moody's expects First Brands' financing costs to remain high, resulting in modest interest coverage with EBITDA/interest expense below 2x. Further, high interest expense, combined with ongoing restructuring costs and sizeable working capital needs, constrain the company's free cash flow despite good profitability. The assigned ratings to the new debts are subject to review of final documentation and terms and conditions. On completion of the transaction the instrument ratings on the existing term loans will be withdrawn. RATINGS RATIONALE First Brands' ratings reflect its sizeable scale as an automotive aftermarket parts supplier and good profit margin. However, the company has an aggressive financial policy of pursuing fully debt financed acquisitions. First Brands' revenue and profitability growth have been achieved primarily through acquisitions and subsequent cost savings. Several of the company's acquisitions have been of underperforming assets for which First Brands undertakes significant cost saving actions, including facilities consolidation and product insourcing and procurement actions, to improve earnings. First Brands has a consistent track record implementing this strategy, but Moody's believes there are risks around integration and the sustainability of these savings as the company expands its product and geographic scope. In addition, there are recurring, upfront costs First Brands incurs to enact these cost saving initiatives that constrain free cash flow. Despite First Brands' proclivity for acquisitions, Moody's favorably view the company's exposure to the stable demand characteristics of the automotive aftermarket. First Brands offers several well-known products, including wipers, filters and brake parts, for routine repair and maintenance vehicle work. The stability of this product portfolio supports Moody's expectations that the company will generate at least low single digit organic revenue growth annually. Moody's expects First Brands debt/EBITDA will remain around 5.0x over the next 12 months. Moody's financial leverage calculation includes adjustments for factored receivable debt and costs. Further, Moody's do not add back restructuring charges, given the recurring nature of these programs, or unrealized cost savings to First Brands' earnings. Moody's expects the company to use a portion of its cash balance to fund acquisitions. However, Moody's do not anticipate any acquired earnings to meaningfully improve financial leverage. Moody's expects First Brands to maintain good liquidity, supported by a healthy cash balance. However, the company's cash position is largely the result of prior debt raises. Moody's expects First Brands to maintain a high cash position to support the company's working capital needs. First Brands free cash flow is unpredictable based on ongoing restructuring costs and volatile working capital swings tied to its acquisition strategy. Moody's expects the company to generate moderately positive free cash over the next couple of years. As part of the refinancing transaction, First Brands is also seeking to obtain a new $500 million 5-year asset based lending (ABL) facility (unrated). Moody's expects this facility to mostly remain undrawn and support any letters of credit. Rather than using its ABL, First Brands funds a majority of its working capital (both receivables and payables) through factoring arrangements. Moody's considers the liquidity risks around these factored amounts as the company would either need to renegotiate terms or seek alternative financing in the event its factoring programs are disrupted. The stable outlook reflects Moody's views that First Brands will generate steady revenue growth, but will maintain an aggressive financial policy favoring debt funded acquisitions. As a result, Moody's expects financial leverage to remain moderately high and interest coverage to be constrained given the company's high debt load. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if First Brands maintains a less aggressive financial policy of debt funded acquisitions. Further, the ratings could be upgraded if debt/EBITDA is expected to be maintained near 4x and EBITDA/interest expense exceeds 3x. The ratings could also be upgraded if good liquidity is maintained with free cash flow to debt in the high single digits. The ratings could be downgraded if debt/EBITDA is sustained above 5.5x or EBITDA/interest expense remains below 2x. Further, the ratings could be downgraded if free cash flow decreases or liquidity risks materialize from significant changes in the company's factoring relationships. Marketing terms for the new credit facilities (final terms may differ materially) include the following: Incremental pari passu debt capacity up to (i) $100 million with respect to incremental first lien revolving loans, and (ii) the greater of a corresponding fixed dollar amount and 100% of consolidated EBITDA with respect to incremental first lien loans, plus unlimited amounts subject to 3.30x first lien net leverage ratio. There is no inside maturity sublimit. There are no "blocker" provisions which prohibit the transfer of specified assets to unrestricted subsidiaries. The credit agreement is expected to prohibit loan parties from investing or disposing of intellectual property to any non-loan party, subject to some exceptions. The credit agreement is expected to provide some limitations on up-tiering transactions, requiring 100% lender consent for amendments that subordinate the debt or liens, unless such lenders can ratably participate in such priming debt. The principal methodology used in these ratings was Automotive Suppliers published in December 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. First Brands Group, LLC, headquartered in Cleveland, OH, is a leading manufacturer and distributor of primarily aftermarket component parts for the automotive and other industrial equipment markets. The company's products include wipers, air and oil filters, water and fuel pumps, brake drums and rotors, lighting, spark plugs, towing and trailering equipment and gas springs. FLEET RENTS: Unsecureds Will Get 15.9% of Claims over 60 Months --------------------------------------------------------------- Fleet Rents LLC filed with the U.S. Bankruptcy Court for the Eastern District of Pennsylvania a Plan of Reorganization under Subchapter V dated July 24, 2025. The Debtor was founded in May 2017 as a fleet repair and maintenance services company. The Debtor's corporate headquarters is located at 1250 Bethlehem Pike, Suite S-343, Hatfield, PA 19440. The Debtor is owned as follows Nancy Cherone 51% and Joseph Cherone 49%. The Debtor's current operational management consists of Joe Cherone, as President and Nancy Cherone, as CEO. The Debtor has approximately $900,000.00 in debts, each secured by the Debtor's vehicles and/or future receivables. The Debtor is current on all pre-petition wages owed to its employees but owes various union and tax authorities approximately $254,000.00 in the aggregate pursuant to their priority claims. The Debtor has approximately $1.6 million in general unsecured debt. Class 22 consists of General Unsecured Claims totaling $1,622,236.60. The Debtor will make monthly payments in the amount of $4,300.00 to be shared pro rata among all holders of allowed general unsecured claim in class 22. The Debtor estimates this will result in an aggregate distribution of $258,000 at the completion of 60 months. This results in a 15.9% distribution to this class. This Class is impaired. Joseph and Nancy Cherone expect to retain their interests in the reorganized Debtor. Throughout the duration of the Plan, Chapter 11 Plan payments shall be disbursed concurrently. Claims in the same category shall be paid pro-rata. Upon Confirmation of the Plan, all property of the Debtor, tangible and intangible, including, without limitation, licenses, furniture, fixtures and equipment, will revert, free and clear of all Claims and Equitable Interests except as provided in the Plan, to the Debtor. TheDebtor expects to have sufficient cash on hand to make the payments required on the Effective Date. The Debtor must submit all orsuch portion ofthe future earnings or other future income ofthe Debtor to the supervision and control of the Trustee asis necessary for the execution of the Plan. The final Plan payment is expected to be paid on or before 60 months after confirmation of the original Chapter 11Plan. A full-text copy of the Plan of Reorganization dated July 24, 2025 is available at https://urlcurt.com/u?l=AqYII6 from PacerMonitor.com at no charge. About Fleet Rents LLC Fleet Rents, LLC, provides full-service maintenance and repair for commercial vehicles and equipment. It offers a range of services including project ramp-ups, preventative maintenance, DOT annual inspections, nationwide campaigns, mechanical repairs, and fabrication and welding. Fleet Rents sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-11605) on April 25, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Judge Patricia M. Mayer handles the case. The Debtor is represented by: Ronald S. Gellert, Esq. Gellert Seitz Busenkell & Brown, LLC Tel: 302-425-5806 Email: rgellert@gsbblaw.com FLORIDA FOOD: In Talks with Lenders to Boost Balance Sheet ---------------------------------------------------------- Reshmi Basu of Bloomberg News reports that Florida Food Products is in negotiations with some of its creditors on a potential debt agreement aimed at improving the plant-based ingredient maker's financial position, according to sources familiar with the matter. The company is working with Evercore for advisory support, while a group of creditors has engaged Greenhill and Paul Hastings, the sources said, requesting anonymity due to the private nature of the discussions. Specific terms of the potential deal have not been disclosed. Ardian, the private equity firm backing Florida Food, declined to comment, and inquiries to Florida Food, Evercore, Greenhill, and Paul Hastings were not returned, according to Bloomberg News. Moody's downgraded Florida Food's credit rating to Ca from Caa3 in April 2025, the report states. About Florida Food Products, LLC Headquartered in Lake Mary, Florida, Florida Food Products, LLC is a producer of vegetable and fruit based food and beverage ingredients. Florida Food Products, LLC generated revenue of approximately $258 million for the LTM period ended September 30, 2024. The company was acquired by Ardian and MidOcean Partners in October 2021. FRANCIS TRUST: Gets Final OK to Use Cash Collateral Until Oct. 11 ----------------------------------------------------------------- Francis Trust, LLC received final approval from the U.S. Bankruptcy Court for the District of Maine to use cash collateral. The order penned by Judge Peter Cary authorized the Debtor's interim use of cash collateral through October 11 in line with its revised budget. Stormfield SPV I, LLC, the Debtor's primary secured creditor, will be granted automatically perfected replacement liens on all assets of the Debtor in case of any diminution in value of its cash collateral. The replacement liens do not apply to avoidance actions. The Debtor was ordered to make monthly payments of principal and interest (based on the 36-month amortization) in the amount of $2,411 beginning August 15. To the extent the authority to use cash collateral is required after October 11, the Debtor must file a revised cash plan by September 26, reflecting the continued use of cash collateral for an additional 13 weeks (or such shorter time as the Debtor deems necessary). If Stormfield and the Debtor cannot agree on the continued use of cash collateral beyond October 11, the Debtor must file and serve a notice of final hearing by September 30, and the court will conduct a final hearing on October 7. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/2fJ1l from PacerMonitor.com. About Francis Trust Francis Trust LLC operates The Moorings of New Harbor, a lodging complex situated in New Harbor, Maine. This property offers a variety of accommodations, including private units in historic homes with harbor and ocean views. Amenities at The Moorings include an indoor heated pool, hot tub, tennis courts, and free Wi-Fi. Some units are pet-friendly and feature full kitchens, fireplaces, and expansive decks. Francis Trust sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 25-10064) on April 15, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Peter G. Cary handles the case. Tanya Sambatakos, Esq., at Molleur Law Office is the Debtor's bankruptcy counsel. Stormfield SPV I, LLC, as secured creditor, is represented by: Joan B. Egdall, Esq. Demerle & Associates, P.C. 10 City Square, 4th Floor Boston, MA 02129 Phone: (617) 337-4444 Fax: (617) 337-4496 Bankruptcy@demerlepc.com FREE SPEECH: Jones' Truck, Rental Property, Watches May Hit Auction ------------------------------------------------------------------- James Nani of Bloomberg Law reports that a bankruptcy trustee is seeking court approval to auction off Alex Jones' Austin rental home, a collection of 16 luxury watches, and his Ford truck in an effort to help repay the nearly $1.4 billion he owes to families of Sandy Hook shooting victims. In a motion filed July 28, 2025 in the U.S. Bankruptcy Court for the Southern District of Texas, trustee Christopher Murray of Jones Murray LLP said the public sale of the assets would serve the best interests of Jones' creditors. The proposed auction requires court approval. The motion comes as Jones' bankruptcy case continues to grow more complex and costly, with ongoing litigation in both state and federal courts. Judge Christopher M. Lopez has previously urged attorneys to move forward with asset sales by September or October, noting that the case has been pending since 2022. Jones filed for Chapter 7 bankruptcy after juries found him and his company, Free Speech Systems LLC -- the parent of Infowars -- liable for spreading false claims about the 2012 Sandy Hook Elementary School shooting, which killed 20 children and six adults. According to Bloomberg Law, the items targeted for sale include 16 watches from brands such as Tudor, Tag Heuer, and Hamilton. Once valued at over $26,000, the collection is now expected to sell for between $18,000 and $22,000. His 2017 Ford Expedition King Ranch, with around 125,000 miles, is valued between $10,000 and $15,000. The rental property, located in Austin's Cherry Creek neighborhood, is a 1,800-square-foot single-family home appraised at $444,845. Due to deferred maintenance, it's expected to sell for between $300,000 and $400,000. The current tenant has agreed to vacate once the sale is complete. Last June 2025, the trustee also filed a lawsuit against Jones and several of his relatives, accusing them of hiding millions of dollars in cash and other assets from creditors. Jones' attorneys, including Jordan & Ortiz PC and Broocks Law Firm PLLC, have not yet commented on the proposed auction. The trustee is represented by Jones Murray LLP and Porter Hedges LLP, the report states. The case is In re Alexander E. Jones, Bankr. S.D. Tex., No. 22-33553, motion filed July 28, 2025. About Free Speech Systems Free Speech Systems LLC is a broadcast media production and distribution company that provides broadcasting aural programs by radio to the public. Free Speech Systems is a family-run business founded by Alex Jones. FSS is presently engaged in the business of producing and syndicating Jones' radio and video talk shows and selling products targeted to Jones' loyal fan base via the Internet. Today, FSS produces Alex Jones' syndicated news/talk show (The Alex Jones Show) from Austin, Texas, which airs via the Genesis Communications Network on over 100 radio stations across the United States and via the internet through websites including Infowars.com. Due to the content of Alex Jones' shows, Jones and FSS have faced an all-out ban of Infowars from mainstream online spaces. Shunning from financial institutions and banning Jones and FSS from major tech companies began in 2018. Conspiracy theorist Alex Jones has been sued by victims' family members over Jones' lies that the 2012 Sandy Hook Elementary School shooting was a hoax. Jones' InfoW LLC and affiliates, IWHealth, LLC and Prison Planet TV, LLC, filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-60020) on April 18, 2022. FTX TRADING: Gellert Seitz & Morgan Represent M&M FTX Customers --------------------------------------------------------------- The law firms of Gellert Seitz Busenkell & Brown LLC and Morgan & Morgan, P.A., filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 cases of FTX Trading Ltd. and affiliates, the firms represent M&M FTX Customers or M&M Group of FTX Clients. Each M&M FTX Customer has individually retained Morgan & Morgan to represent him or her as counsel in connection with claims asserted in the chapter 11 cases, and in connection with that certain adversary proceeding pending in the Chapter 11 Cases, captioned In re: FTX Trading Ltd., et al., Adv. Pro. No. 25- 50962-KBO (the "M&M Adversary Proceeding"). For purposes of the Chapter 11 Cases and the M&M Adversary Proceeding, Counsel represent each M&M FTX Customer in their individual capacity. Counsel will provide under seal the home address for each M&M FTX Customer to (1) the Court and the United States Trustee upon request and (2) to counsel to the Debtors and counsel to the Official Committee of Unsecured Creditors upon request and subject to appropriate confidentiality protections or protective orders. Counsel to the M&M FTX Customers: GELLERT SEITZ BUSENKELL & BROWN, LLC Michael Busenkell, Esq. Margaret F. Manning, Esq. 1201 North Orange Street, Suite 300 Wilmington, Delaware 19801 Telephone: (302) 425-5812 Facsimile: (302) 425-5814 Email: mbusenkell@gsbblaw.com mmanning@gsbblaw.com Amir A. Isaiah, Esq. MORGAN & MORGAN, P.A. 2O North Orange Avenue, 16th Floor Orlando, FL 32801 Office: (407) 867-4825 Email: isaiah@forthepeople.com 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. FULLER'S SERVICE: Unsecured Creditors to Split $300K over 5 Years ----------------------------------------------------------------- Fuller's Service Center Inc. filed with the U.S. Bankruptcy Court for the Northern District of Illinois a Disclosure Statement describing Plan of Reorganization dated July 22, 2025. The Debtor is engaged in the business of car washing, auto repair and automotive maintenance from the leased premises located at 102 West Chicago Avenue, Hinsdale, Illinois and 101-109 West Chicago Avenue, Hinsdale, Illinois ("Leased Premises"). In July 2023, a tragic accident occurred at the 102 West Chicago facility involving a motor vehicle that was exiting the car wash that proceeded to strike several people and kill a young Hinsdale boy (the "Accident"). As a result of the Accident, several lawsuits were filed against the Debtor, several affiliates and other third parties. The Plan provides for the payment of Allowed Claims from cash, cash deposits, Remaining Insurance Proceeds (Class 20 only) and revenue generated from the operation of the Debtor's business. The Plan also provides for "Additional Distributions" to the holders of Allowed Claims in Class 19 and Class 20 from the proceeds of any "Related Party Recoveries." Class 19 consists of Unsecured Claims. In full satisfaction, settlement, release and discharge of and in exchange for each and every Class 19 Claim, the holders of Allowed Class 19 Claims shall receive their pro-rata distribution of $300,000.00 payable in equal quarterly installments commencing at the end of the quarter following the Effective Date and continuing quarterly thereafter for a period of 5 years. The Debtor estimates that Class 19 Claims, aggregate approximately $568,231.00. The payments to the holders of Allowed Class 19 Claims shall be made from available cash, cash deposits, and revenue generated from the operation of the Debtor's business. Further, in the event of any Related Party Recoveries, such Related Party Recoveries shall be distributed as Additional Distributions on a pro-rata basis to the holders of Allowed Class 19 and Class 20 Claims as soon as practicable. Class 20 consists of the Claims of Various Plaintiffs in Accident Lawsuits. In full satisfaction, settlement, release and discharge of and in exchange for each and every Class 20 Claim, the holders of Allowed Class 20 Claims shall receive their pro-rata distribution of remaining Insurance Proceeds ("Remaining Insurance Proceeds") as soon as practicable after the Effective Date. Further, in the event of any Related Party Recoveries, such Related Party Recoveries shall be distributed as Additional Distributions on a pro-rata basis to the holders of Allowed Class 19 and 20 Claims as soon as practicable. The Debtor's shareholders are the holders of the Allowed Class 21 Interests. These shareholders are: Douglas A. Fuller, Jr.; Adam Fuller; Colin Fuller; Ethan Fuller; Paula Fuller; and Susan Groenwold. Each such shareholder owns 16.66% of the stock in the Debtor. Under the Plan, the shareholders shall retain their respective stock interests in the Debtor and shall only be required to contribute additional capital to the Debtor in the event that the Plan is confirmed under Section 1129(b)(2)(B) of the Bankruptcy Code. No distributions shall be made to the holders of Allowed Class 21 Interests on account of such Interests unless and until all payments required under the Plan to the holders of Allowed Claims have been made. Distributions under the Plan to the holders of Allowed Unclassified Claims, Allowed Priority Tax Claims and Allowed Claims in Classes 1 through 19 shall be made from revenue generated from the Debtor's business, and existing cash and cash deposits of the Debtor. Distributions to the holders of Allowed Class 20 Claims will be paid from Remaining Insurance Proceeds. In the US Trustee Motion and the Richards Trustee Motion, the US Trustee and the Richards Family Representatives assert, among other things, that various pre-petition transfers by the Debtor to or for the benefit of Related Parties give rise to potential claims against such Related Parties for the amount of such transfers (the "Related Party Recoveries"). Under the Plan, the Debtor agrees to the designation of a mutually acceptable third party to analyze the facts and circumstances relating to the Related Party Recoveries. In the event that there are any Related Party Recoveries, the proceeds thereof shall be distributed as "Additional Distributions" on a prorata basis to the holders of Allowed Class 19 and Class 20 Claims. A full-text copy of the Disclosure Statement dated July 22, 2025 is available at https://urlcurt.com/u?l=Xrec3h from PacerMonitor.com at no charge. Fuller's Service Center, Inc. is represented by: David K. Welch, Esq. Brian P. Welch, Esq. Burke, Warren, MacKay & Serritella, P.C. 330 N. Wabash Ave., Suite 2100 Chicago, Illinois 60611 Tel: (312) 840-7000 Fax: (312) 840-7900 About Fuller's Service Center, Inc. Fuller's Service Center, Inc. is engaged in the business of car washing, auto repair and automotive maintenance from the leased premises located at 102 West Chicago Avenue, Hinsdale, Illinois and 101-109 West Chicago Avenue, Hinsdale, Illinois ("Leased Premises"). The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-01345) on January 29, 2025. In the petition signed by Douglas A. Fuller Jr., president, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. David K. Welch, Esq., at Burke, Warren, MacKay & Serritella, P.C., is the Debtor's legal counsel. FUTURA ENTERPRISES: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- Futura Enterprises Inc. got the green light from the U.S. Bankruptcy Court for the Northern District of Texas to use cash collateral. The court authorized the Debtor's interim use of cash collateral to pay operating expenses in accordance with its budget, with up to 10% variance. The 30-day budget projects total operational expenses of $85,305. This budget may be modified by agreement with secured lender, BayFirst Bank, before the final hearing. As adequate protection, the secured lender will be granted replacement liens on the Debtor's equipment, inventory and accounts whether such property was acquired before or after the Debtor's Chapter 11 filing. The replacement liens will have the same validity and priority as the secured creditor's pre-bankruptcy liens; are subordinate to the fee carveout; and do not apply to avoidance actions. The final hearing is scheduled for August 6. Objections are due by August 4. As of the petition date, the Debtor owed BayFirst $501,853. The lender asserts it is secured by a lien on and security interest in substantially all of the Debtor's equipment, accounts and inventory. BayFirst is represented by: Matthew T. Taplett, Esq. Pope, Hardwicke, Christie, Schell, Kelly & Taplett, L.L.P. 500 W. 7th Street, Suite 600 Fort Worth, TX 76102 Telephone: (817) 332-3245 Facsimile: (817) 877-4781 mtaplett@popehardwicke.com About Futura Enterprises Inc. Futura Enterprises Inc., doing business as Futura Building Systems, provides residential and commercial construction services in Texas. It offers roofing, remodeling, gutters, siding, and renovation work, operating from its office in Dallas. Futura Enterprises sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42551) on July 14, 2025. In its petition, the Debtor reported total assets of $313,607 and total liabilities of $2,583,194. Judge Mark X. Mullin handles the case. The Debtor is represented by: Robert T. DeMarco, Esq. DeMarco Mitchel, PLLC 500 N. Central Expressway Suite 500 Plano, TX 75074 Tel: (972) 991-5591 robert@demarcomitchell.com GEORGIA VASCULAR: Gets OK to Use Cash Collateral Until Aug. 7 ------------------------------------------------------------- Georgia Vascular Specialists, P.C. got the green light from the U.S. Bankruptcy Court for the Northern District of Georgia to use the cash collateral of its lenders. The court authorized the Debtor's interim use of cash collateral from July 18 to August 7 to pay its operating expenses in accordance with its budget. As adequate protection for the Debtor's use of their cash collateral, lenders including JPMorgan Chase Bank, N.A., The Huntington National Bank and the U.S. Small Business Administration will be granted replacement liens on assets acquired by the Debtor after its bankruptcy filing that are similar to their pre-bankruptcy collateral. The replacement liens do not apply to any Chapter 5 avoidance actions. The next hearing is scheduled for August 7. JPMorgan, as lender, is represented by: Eric Smith, Esq. Aldridge Pite, LLP Six Piedmont Center 3525 Piedmont Road, N.E., Suite 700 Atlanta, GA 30305 Phone: (404) 994-7400 Fax: (888) 873-6147 esmith@aldridgepite.com About Georgia Vascular Specialists P.C. Georgia Vascular Specialists P.C. provides vascular medicine and surgical services, including minimally invasive and traditional procedures for arterial, venous, and lymphatic conditions. The practice operates an accredited vascular ultrasound lab, ambulatory wound care services, and vein treatments, and offers inpatient care at Piedmont Hospital and Atlanta Medical Center. Founded in 1989, Georgia Vascular Specialists is based in Georgia. Georgia Vascular Specialists sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55352) on May 13, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Paul W. Bonapfel oversees the case. The Debtor is represented by: Benjamin R. Keck, Esq. Keck Legal, LLC Tel: 470-826-6020 Email: bkeck@kecklegal.com GSA BIRMINGHAM: Moody's Cuts Rating on 2021 Revenue Bonds to Ba3 ---------------------------------------------------------------- Moody's Ratings has downgraded the ratings to Ba3 from Ba2 on GSA Birmingham Realty DST (SSA Birmingham Office Project)'s Federal Lease Revenue Bonds (SSA Birmingham Project), Federally Taxable Series 2021 issued by the National Finance Authority, NH (NFA). The downgrade reflects weaker likelihood of lease renewal due to the increased federal government focus on reducing agency staff levels and shrinking its leased office footprint. In addition, the recent high interest rate environment increases future refinancing risk, with 2.5 years remaining to lease expiration. The outlook has been revised to stable from negative. RATINGS RATIONALE The Ba3 rating reflects the essentiality of the GSA leased facility to the US Social Security Administration (SSA) which suggests that the United States Government (Aa1 stable), acting through the General Services Administration (GSA), is very likely to renew its lease prior to its January 2028 expiration. Renewal terms will need to support a refinancing and repayment of the very high leverage that will remain on the project at that time. The financed project, a Class A office building in the city of Birmingham, AL (Aa3 stable) that is the SSA's largest, newest program service center, is essential, supporting Moody's views of lease renewal. This is somewhat offset by the risk that future technology advancements, reduced staff levels or federal real estate policy changes could reduce the government's need for this size facility. The lease on the facility is sufficient to cover debt service on the bonds up to, but not including, their final maturity in April 2028. After making sinking fund payments in the intervening years, $185 million of debt will remain outstanding when the lease expires. Therefore, the main source of repayment for the bonds will be a refinancing transaction, which presumably would be supported by a renewal of the lease. As the shell payments under the lease are scheduled at roughly $11 million annually in the final years of the lease, this implies that the debt that will need to be refinanced totals more than 16.8x the annual rent - a very high degree of leverage. The government's enduring reliance on this site to administer social security benefits, and its implied likelihood of renewing the lease, is therefore a crucial factor for the rating. Absent lease renewal, recovery for bondholders will be limited. Based on current market trends and relatively high interest rates, it will be challenging to find a new tenant or owner to occupy the large building and pay an adequate lease amount relative to the high amount of debt outstanding. Aside from renewal risk, this project benefits from a satisfactory legal and cash flow structure, which includes a strong federal government tenant through January 2028, a mortgage lien on the facility and the assignment and direct payment of all lease payments to the trustee, that reduces bondholders' exposure to operating risk of the borrower and property manager. RATING OUTLOOK The stable outlook reflects Moody's expectations that the facility's high utilization levels, the essentiality and quality of the asset and relatively stable Birmingham office market will support the high likelihood of lease renewal over the next 12 to 18 months. However, over the medium term, evolving federal policies around real estate, agency staffing levels and budget cuts create uncertainty leading up to the lease expiration in January 2028. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- Reduction in debt levels or final bullet payment that reduces overall leverage and refinancing risk -- Strong indications that the lease with the GSA will be renewed before expiration with terms that enable all bond payments to be serviced with revenue from leases -- A large increase in the market value of the project, or a verified market valuation of the property, that support high bondholder recovery in the event the lease is not renewed FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Increased risk of nonrenewal of the lease, because of reduced building utilization, change in federal leasing policies, an increase in available office space with similar specifications in the area, deterioration in asset condition, or weakened lessor/lessee relationship -- A material credit weakening of the United States -- Increased leverage on the project PROFILE The United States has the world's largest economy and is the center of global trade and finance, with a gross domestic product of $28.5 trillion in 2024. Its population of 340 million is third- largest. The New Hampshire Business Finance Authority ("National Finance Authority") was created by the state of New Hampshire and is authorized by the constitution and laws of the state to issue bonds. The borrower, GSA Birmingham Realty Delaware Statutory Trust is a single-purpose Delaware Statutory Trust formed as the owner and lessor of the property. The ultimate parent of GSA Birmingham Holdings Delaware Statutory Trust is Net Lease Capital Advisors, LLC (NLC). NLC is the principal owner and parent company, and specializes in single tenant net lease properties, particularly with federal government agencies. After closing, the borrower was converted to a Delaware statutory trust to sell equity interests in the project to investors. METHODOLOGY The principal methodology used in this rating was Lease, Appropriation, Moral Obligation and Comparable Debt of US Special Purpose Districts published in February 2025. GTCR EVEREST: Moody's Affirms 'B2' CFR, Outlook Remains Stable -------------------------------------------------------------- Moody's Ratings has affirmed the B2 Corporate Family Rating and B2 first-lien senior secured bank credit facility ratings of GTCR Everest Borrower, LLC, the borrowing entity for AssetMark Financial Holdings, Inc. (AssetMark). The outlook remains stable. This rating action follows AssetMark's announcement of a new $450 million incremental first-lien term loan issuance. Combined with $135 million in cash from its balance sheet, the proceeds will be used to fund a shareholder distribution of up to $580 million and to cover related fees and expenses. As part of the transaction, the capacity on the company's revolving credit facility was increased by $56.25 million, bringing the total to $306.25 million. RATINGS RATIONALE While the planned transaction marks a notable shift in AssetMark's financial policy and reduces its flexibility to pursue growth opportunities, the immediate impact on debt leverage and interest coverage remains within Moody's expectations for B2-rated securities industry service providers. Gross leverage, based on Moody's standard adjustments, is projected to rise to 5.3x debt-to-EBITDA at the close of the transaction, up from approximately 4.0x for the twelve months ended 30 June 2025 and, EBITDA-to-interest expense is expected to decline from 4.7x to around 2.5x. However, in normal market conditions, Moody's expects improvement in these metrics with leverage falling below 5x and interest coverage rising above 3x, in the next year. The B2 CFR reflects AssetMark's strong position in the wealth technology sector, supported by the growing number of financial advisors operating through independent broker-dealers or as registered investment advisors, increased client demand for financial advice, and the rising importance of technology in advisory practices. The rating also incorporates the company's elevated debt leverage and Moody's expectations of a more aggressive M&A strategy. The stable outlook is based on Moody's expectations that AssetMark's continued positive operating performance will drive EBITDA growth and reduce leverage, assuming the market environment remains favorable. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS GTCR Everest Borrower's ratings could be upgraded if management adopts more conservative financial policies; and Moody's adjusted debt leverage falls below 4x on a sustained basis; or there is a consistent increase in profitability and margin stability driven by sustainable growth in both advisors and platform assets, demonstrating strong operational performance. Conversely, a downgrade could result from intensifying competitive pressures in the turnkey asset management platform space, which may lead to significant asset redemptions and declining revenues. Other potential triggers include a sustained Debt/EBITDA ratio above 6.5x based on Moody's standard adjustments, or failures in compliance or risk management that hinder the firm's ability to meet evolving business demands. The principal methodology used in these ratings was Securities Industry Service Providers published in February 2024. GTCR Everest Borrower's "Assigned standalone Assessment" score of B2 is set ten notches below the "Financial Profile" initial score of A1 to reflect the firm's leveraged capital structure and planned increase in debt that will lead to weaker credit quality. GYLMAR DEVELOPMENTS: Seeks Subchapter V Bankruptcy in Florida ------------------------------------------------------------- On July 2, 2025, Gylmar Developments Inc. filed Chapter 11 protection in the Southern District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Gylmar Developments Inc. Gylmar Developments Inc. is a Miami-based corporation headquartered at 8485 NW 54th Street. Gylmar Developments Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18606) on July 2, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Robert A. Mark handles the case. The Debtor is represented by Michael S. Hoffman, Esq. HALL OF FAME: Nasdaq to Delist Securities on July 31 ---------------------------------------------------- The Nasdaq Stock Market LLC (the Exchange) disclosed in a 25-NSE filed with the U.S. Securities and Exchange Commission that it has determined to remove from listing the securities of Hall of Fame Resort & Entertainment Company effective at the opening of the trading session on July 31, 2025. Based on review of information provided by the Company, Nasdaq Staff determined that the Company no longer qualified for listing on the Exchange pursuant to Listing Rule 5620(a). The Company was notified of the Staff determination on June 18, 2025. The Company did not file for an appeal. The Company securities were suspended on June 27, 2025. The Staff determination to delist the Company securities became final on June 27, 2025. About Hall of Fame Resort Hall of Fame Resort & Entertainment Co. is a resort and entertainment company leveraging the power and popularity of professional football and its legendary players in partnership with the National Football Museum, Inc., doing business as the Pro Football Hall of Fame. Headquartered in Canton, Ohio, the Company owns the DoubleTree by Hilton located in downtown Canton and the Hall of Fame Village, which is a multi-use sports, entertainment, and media destination centered around the PFHOF's campus. Cleveland, Ohio-based Grant Thornton LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 26, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has sustained recurring losses through December 31, 2024 and utilized cash from operations of $10.9 million during the year ended December 31, 2024. The Company has $109.5 million of debt due through December 31, 2025, and will need to raise additional financing to accomplish its development plans and fund its working capital. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $366.7 million in total assets, $294.5 million in total liabilities, and a total equity of $72.2 million. The Company's accumulated deficit was $273.6 million as of December 31, 2024. HOOTERS OF AMERICA: Seeks to Extend Plan Exclusivity to Sept. 27 ---------------------------------------------------------------- Hooters of America, LLC, and its affiliated debtors asked the U.S. Bankruptcy Court for the Northern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to September 27 and November 26, 2025, respectively. The Debtors explain that ample cause exists to grant the relief requested by this Motion in these Chapter 11 Cases. The relevant factors strongly weigh in favor of an extension of the Exclusivity Periods: * The Debtors' Chapter 11 Cases are large and complex. As reflected by the Court's Order Granting Chapter 11 Complex Case Treatment, the Debtors' significant number of creditors and assets make these cases large and complex. As of the Petition Date, the Debtors had approximately $376 million of funded debt, along with unsecured obligations to various vendors, contractual counterparties, and, as of the Petition Date, thousands of employees. Accordingly, this factor weighs in favor of granting an extension of the Exclusivity Periods. * The terms of a chapter 11 plan depended on the outcome of the sales process. The Debtors entered these Chapter 11 Cases contemplating a sale transaction for the acquisition of certain company-owned stores by the Buyer Group. The terms of this sale transaction were not finalized as of the Petition Date, requiring the Debtors to continue negotiations and documentation of the sale during these Chapter 11 Cases. * The Debtors are not seeking to extend exclusivity to pressure creditors, and an extension of the exclusivity periods will not prejudice creditors. The Debtors have not sought an extension of exclusivity to pressure creditors or other parties in interest. On the contrary, all creditor constituencies are benefitted by providing the Debtors with sufficient time to continue to negotiate the terms of a chapter 11 plan and determine what transaction or combination of transactions will provide the greatest value to their estates and the greatest recovery to their creditors. * The Debtors are paying their bills as they come due. The Debtors have paid their undisputed postpetition debts in the ordinary course of business or as otherwise provided by Court order. * Significant time has not elapsed in these Chapter 11 Cases. This is the Debtors' first request for an extension of the Exclusivity Periods and will result in a total extension of the Exclusivity Periods of 60 days. As noted above, courts routinely grant a Debtors' request for an initial exclusivity extension. The Debtors' Co-Bankruptcy Counsel: Holland N. O'Neil, Esq. Stephen A. Jones, Esq. Zachary C. Zahn, Esq. FOLEY & LARDNER LLP 2021 McKinney Avenue, Suite 1600 Dallas, TX 75201 Tel: (214) 999-3000 Fax: (214) 999-4667 Email: honeil@foley.com sajones@foley.com zzahn@foley.com The Debtors' General Bankruptcy Counsel: Ryan Preston Dahl, Esq. ROPES & GRAY LLP 1211 Avenue of the Americas New York, New York 10036 Tel: (212) 596-9000 Fax: (212) 596-9090 ryan.dahl@ropesgray.com - and - Chris L. Dickerson, Esq. Rahmon J. Brown, Esq. Michael K. Wheat, Esq. ROPES & GRAY LLP 191 North Wacker Drive, 32nd Floor Chicago, Illinois 60606 Tel: (312) 845-1200 Fax: (312) 845-5500 Email: chris.dickerson@ropesgray.com rahmon.brown@ropesgray.com michael.wheat@ropesgray.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 Co-Bankruptcy Counsel are Holland N. O'Neil, Esq., Stephen A. Jones, Esq., and Zachary C. Zahn, Esq., at FOLEY & LARDNER LLP, in Dallas, Texas. The Debtors' General Bankruptcy Counsel are Ryan Preston Dahl, Esq., at ROPES & GRAY LLP, in New York, and Chris L. Dickerson, Esq., Rahmon J. Brown, Esq., and Michael K. Wheat, Esq., at ROPES & GRAY LLP, in Chicago, Illinois. The Debtors' Investment Banker is SOLIC CAPITAL, LLC. The Debtors' Financial Advisor is ACCORDION PARTNERS, LLC. The Debtors' Notice, Claims, Solicitation & Balloting Agent is KROLL RESTRUCTURING ADMINISTRATION LLC. I-INSPIRE DANCE: Tamara Miles Ogier Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Region 21 appointed Tamara Miles Ogier, Esq., at Ogier, Rothschild & Rosenfeld, PC as Subchapter V trustee for I-Inspire Dance, Inc. Ms. Ogier will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Ogier declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tamara Miles Ogier, Esq. Ogier, Rothschild & Rosenfeld, PC P.O. Box 1547 Decatur, GA 30031 Phone: (404) 525-4000 About I-Inspire Dance I-Inspire Dance Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-58261) on July 24, 2025. ICORECONNECT INC: Gets Extension to Access Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division issued a second interim order authorizing iCoreConnect Inc. and iCore Midco Inc. to use cash collateral pending a further hearing on August 5. The second interim order authorized the Debtors to use the cash collateral of Element SaaS Finance (USA), LLC to fund operational expenses in accordance with their budget. As protection for any diminution in the value of its interest in the cash collateral, Element will be granted a replacement lien on all assets of the Debtors similar to its pre-bankruptcy collateral, with the same validity and priority as existed as of the petition date. Other creditors with valid pre-bankruptcy liens, including PIGI Solutions, LLC will also receive replacement liens. As further protection, the Debtors were ordered to keep their property insured as per existing lender agreements. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/VaI0i from PacerMonitor.com. About Lake County Hospitality Lake County Hospitality, LLC operates in the hotel and lodging sector and is associated with properties in Illinois. It manages hospitality assets and has been linked to hotels such as Four Points by Sheraton in Buffalo Grove. Lake County Hospitality sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08293) on May 30, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Timothy A. Barnes handles the case. Amy Denton Mayer, Esq., at Stichter Riedel Blain & Postler, P.A. is the Debtor's legal counsel. Element SaaS Finance (USA), LLC, as secured creditor, is represented by: Ernest H. Kohlmyer, III, Esq. Zimmerman, Kiser & Sutcliffe, P.A. 315 E Robinson Street, Suite 600 Orlando, FL 32802 Telephone: (407) 425-7010 Facsimile: (407) 425-2747 IMPRO SYNERGIES: Hires Mancuso Law P.A. as Counsel -------------------------------------------------- Impro Synergies LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Mancuso Law, P.A. as counsel. The firm will render these services: (a) give advice to the Debtor with respect to its powers and duties as debtor-in-possession and the continued management of its business operations; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; (c) prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; (d) protect the interests of Debtor in all matters pending before the Court; (e) represent Debtor in negotiation with its creditors in the preparation of a plan. The firm will be paid at the rate of $400 per hour, and a retainer in the amount of $21,800. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Nathan G. Mancuso, Esq., a partner at Mancuso Law, P.A, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Nathan G. Mancuso, Esq. Mancuso Law, P.A. Boca Raton Corporate Centre 7777 Glades Rd., Suite 100 Boca Raton, FL 33434 Tel: (561) 245-4705 Fax: (561) 226-2575 Email: ngm@mancuso-law.com About Impro Synergies LLC Impro Synergies LLC, filed a Chapter 11 bankruptcy petition (Bankr. S.D. Fla. Case No. 25-18274) on July 21, 2025. The Debtor hires Mancuso Law, P.A. as counsel. INDIAN CREEK: Seeks Chapter 11 Bankruptcy in Colorado ----------------------------------------------------- On July 28, 2025, Indian Creek Express LLC filed Chapter 11 protection in 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 not be available to unsecured creditors. About Indian Creek Express LLC Indian Creek Express LLC provides long-haul freight delivery and brokerage services from its base in Pierce, Colorado. Founded in 1998, the family-owned Company offers temperature-controlled shipments across the lower 48 states alongside local and regional transportation, warehousing and cross-docking, serving the Denver metro area, Northern Colorado and Southeast Wyoming. Indian Creek Express LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-14707) on July 28, 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 Joseph G. Rosania Jr. handles the case. The Debtor is represented by Keri L. Riley, Esq. at KUTNER BRINEN DICKEY RILEY. INTERNATIONAL DIRECTIONAL: Cash Collateral Hearing Set for Today ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division is set to hold a hearing today to consider another extension of International Directional Drilling, Inc.'s authority to use cash collateral. International Directional Drilling was initially granted interim approval to use cash collateral to pay its expenses pursuant to the court's July 22 order. The interim order granted Locality Bank, a Florida Banking Corporation, replacement liens on all post-petition cash collateral regardless of the nature of such cash collateral or the bank account into which it is deposited. The Debtor believes all of its assets, including cash collateral are encumbered by the lien held by Locality Bank. The value of the Debtor's assets is $2,399,972.76 as of the petition date, and the bank's loan has an outstanding balance of $2,500,000. Other entities that may have a lien on the cash collateral are Lender Solutions, as a successor-in-interest to CHTD Company, Corporation Services Company and CT Corporation System. The Debtor believes that these lienholders are wholly unsecured as all of its assets are encumbered by Locality Bank's lien. The lienholders are not entitled to a post-petition lien as there is no remaining collateral available to secure their loans. About International Directional Drilling Inc. International Directional Drilling Inc. is a company specializing in directional drilling services that provides specialized drilling services for oil and gas exploration, utility installation, or other underground infrastructure projects where non-vertical well drilling techniques are required. International Directional Drilling Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-17606) on July 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Scott M. Grossman handles the case. The Debtors are represented by Chad T. Van Horn, Esq. ION CORPORATE: S&P Affirms 'B' ICR, Outlook Stable -------------------------------------------------- S&P Global Ratings affirmed all its ratings on financial technology and risk management software provider ION Corporate Solutions Finance Ltd. (ION Corporates), including its 'B' issuer credit rating. At the same time, S&P assigned its 'B' issue level rating to the company's proposed repriced U.S. dollar denominated term loan due 2030. The recovery rating is '4.' The stable outlook is based on ION Corporates' high recurring revenues and client upsell strategy, which will support organic growth of about 6% in 2025. S&P said, "In addition, we expect the realization of expense savings will support an above-average S&P Global Ratings-adjusted EBITDA margin of about 51%. We expect ION Corporates will prioritize debt reduction and improve leverage toward 7.5x over the next 12 months. The outlook also reflects our expectation for free operating cash flow (FOCF) to debt of about 5%, which may be used to pay-down debt opportunistically." ION Corporate's performance remains resilient and growth-oriented, underpinned by a strong recurring revenue base and effective upselling strategies. The company's annual contract value (ACV) rose by 8% in the second quarter of 2025, driven by 10% growth from new business and upsells. This was offset by about 5% churn (year over year), which is in line with historical patterns and is primarily among smaller clients. The company benefits from high recurring revenues, contributing about 80% of total revenue, and client retention consistently exceeding 95%, allowing the company to increase spend within its existing client base rather than incur high new customer acquisition costs. Since 2021, ACV has grown at an 8% compound annual rate, reflecting good business execution and steady demand for the company's software and data intelligence offerings. S&P said, "While a portion of its revenues is exposed to cyclical capital markets and trading activity, the core contracted software base (about a three-year length, on average) offers a stable and predictable stream. Despite macroeconomic uncertainties, we expect software to be more resilient, reflecting organic revenue of about 5%-6% in 2025. We expect this will be largely driven by existing client upsells, which contributed to the 8% ACV growth in the most recent quarter." S&P said, "We expect profitability to continue strengthening through operational leverage and targeted cost optimization, supporting steady margin expansion. The company's S&P Global Ratings-adjusted EBITDA margin is projected to improve to about 51.6% in 2025 and to approximately 52% in 2026. We expect these gains will be driven by realized scale efficiencies and restructuring benefits from headcount reductions and other efficiencies already implemented. While we expect the company will continually evaluate cost restructuring that may entail cash costs to achieve, we believe management has a proven track record of expanding EBITDA through expense reductions. We expect its profitability to remain above average for software companies, as business growth continues to be supported by upselling to the existing client base." S&P Global Ratings-adjusted leverage is elevated, but the company's efforts in financial management and operational efficiency support steady deleveraging. S&P expects adjusted leverage will improve to approximately 7.8x by year-end 2025 and 7.4x by 2026 from about 8.2x in 2024. This positive trend is driven by sustained profitability, margin expansion, and disciplined cash deployment. However, leverage has risen over the past one to two years due to debt issuance for group financings and acquisitions, a recent shift toward greater siloed financing, and foreign exchange headwinds. The company historically relied on intergroup transfers to meet operating company financing needs and maintain financial flexibility. Despite the debt increases in recent years, current operating trends support deleveraging, underpinned by continued earnings strength and cost synergies. S&P said, "We expect S&P Global Ratings-adjusted FOCF to improve, supporting the company's efforts to deleverage. Despite some intra-year variability in collections, the company has demonstrated good cash generation that we expect to continue. We expect FOCF of about $140 million in 2025 (FOCF to debt of 4.6%) and to exceed $150 million (FOCF to debt of 5.5%) annually starting in 2026, supported by good EBITDA-to-cash conversion and the company's upfront annual billing model. Additionally, we expect ION Corporates' liquidity will remain adequate, with about $8 million in cash on hand as of June 30, 2025, and $31 million of availability under its $100 million revolving credit facility to meet seasonal working capital needs. Management expects to repay the revolver drawdown later this year to align with its billings and collections cycle. Although the shift to more siloed financings within the group and stand-alone liquidity management introduce some complexity, we expect FOCF generation will be sufficient to meet operational needs over the next 12 months. "We assess management and governance as having a somewhat negative effect on the company's credit quality. This is due to the company's controlling private ownership. Historically, our view into the ultimate parent entity's, ION Investment Corp. Sarl (IIC), consolidated financial position and reporting outside the borrower groups has been limited. Although the group reporting is private, we have access to sufficient information to maintain our ratings on the rated operating companies. We view ION Corporates' and ION Group's credit profiles as closely linked. As such, changes in our view of the overall group's credit profile will likely affect our rating on ION Corporates. "The stable outlook is based on ION Corporates' high recurring revenue base and client upsell strategy, which will support organic growth of about 5% in 2025. In addition to new business growth, we expect the realization of expense savings will support an above-average S&P Global Ratings-adjusted EBITDA margin of about 51%. We expect ION Corporates will prioritize debt reduction and improve leverage toward 7.5x over the next 12 months. The outlook also reflects our expectation for FOCF to debt of about 5% that may be used for opportunistic debt reduction." S&P could lower its rating on ION Corporates if: -- S&P revised its group credit profile assessment on Ion Investment Corp. to 'b' from 'b+', which could result from S&P Global Ratings-adjusted debt to EBITDA remaining well above 7x (excluding payment-in-kind debt) and FOCF to debt remaining well below 5% on a sustained basis; and -- S&P expects ION Corporates' leverage to remain above 7.5x and FOCF to debt to decline to below 3% on a sustained basis. S&P could raise its rating on ION Corporates if: -- It reduces its leverage below 5x on a sustained basis while generating FOCF to debt of greater than 10%; or -- The credit quality of its parent group strengthens further, including consolidated group leverage declining below 5x (excluding PIK debt). IQSTEL INC: Highlights Strategic Progress in Shareholder Letter --------------------------------------------------------------- IQSTEL Inc. has released a shareholder letter reflecting on its strategic and financial achievements during its first two months trading on the NASDAQ. The letter outlines the company's accelerating growth trajectory, successful execution of its high-margin technology strategy, strengthened capital structure, and enhanced institutional visibility. In this letter, IQSTEL's CEO Leandro Jose Iglesias, shares key business highlights, including surpassing a $400 million revenue run rate earlier than projected, the launch of AI-powered platforms like IQ2Call.ai, and the addition of $60–70 million in revenue through the Globetopper acquisition. The company also emphasizes its $2-per-share debt reduction, improving shareholder value and positioning IQSTEL to achieve its long-term $1 billion revenue goal by 2027. A full-text copy of the Shareholder Letter issued in the Company's press release dated July 21, 2025, is available at https://tinyurl.com/3r75cvzm About iQSTEL iQSTEL Inc. is a multinational technology company that provides services across telecom, fintech, blockchain, artificial intelligence, and cybersecurity. The Company operates in 21 countries and serves a global customer base. It projects $340 million in revenue for fiscal year 2025. In an auditor's report dated March 31, 2025, Urish Popeck & Co., LLC, issued a "going concern" qualification, citing that the Company has suffered recurring losses from operations, negative working capital, and does not have an established source of revenues sufficient to cover its operating costs, which raise substantial doubt about its ability to continue as a going concern. iQSTEL ended the year on Dec. 31, 2024 with a net loss of $5,180,036, significantly widening from the $219,436 loss reported for the year ended Dec. 31, 2023. The net results of the periods reported are highly impacted by the expenses in the holding entity (IQSTEL), which has a high component of interest and other financial expenses related to the funds borrowed for the acquisition of QXTEL Limited. IYA FOODS: Court Extends Cash Collateral Access to Aug. 16 ---------------------------------------------------------- Iya Foods Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral in which Village Bank and Trust, N.A. and the U.S. Small Business Administration may claim an interest. The eighth interim order extended the Debtor's authority to use cash collateral from July 21 to August 16. The Debtor must use cash collateral in accordance with its budget, which projects total operational expenses of $136,550.54 for the period from July 21 to August 17. The next hearing is scheduled for August 13. The Debtor believes that Village Bank and Trust and SBA are the only creditors that may have an interest in its cash collateral. Both assert interests in the Debtor's assets, which stemmed from the loans they provided to the Debtor prior to the petition date. As of the petition date, the Debtor owed approximately $2.9 million to Village Bank and Trust. About Iya Foods Inc. Iya Foods Inc. is a company that specializes in producing and offering African superfoods. Its products are plant-based, gluten-free, non-GMO, kosher, and free from preservatives, additives, or artificial ingredients. The company focuses on creating nutritious and delicious ingredients that can be used in a variety of recipes, making them accessible to people with dietary preferences or restrictions, such as those following vegan or gluten-free diets. Iya Foods filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-00341) on January 10, 2025, listing between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Deborah L. Thorne handles the case. The Debtor is represented by Justin R. Storer, Esq., at the Law Office of William J. Factor. Village Bank and Trust, N.A., a secured creditor, is represented by: Andrew H. Eres, Esq. Dickinson Wright PLLC 55 W. Monroe, Suite 1200 Chicago, IL 60603 Phone; 312-377-7891 Email: aeres@dickinson-wright.com JAMANA LLC: Case Summary & Seven Unsecured Creditors ---------------------------------------------------- Debtor: Jamana, LLC d/b/a Quality Inn Tillman's Corner Quality Inn 5650 Tillman's Corner Parkway Mobile, AL 36619 Business Description: Jamana, LLC, doing business as Quality Inn Mobile West Tillman's Corner, operates a 58- room franchised Quality Inn hotel in Mobile, Alabama, offering lodging services and amenities such as complimentary breakfast, Wi-Fi and a seasonal outdoor pool. Chapter 11 Petition Date: July 29, 2025 Court: United States Bankruptcy Court Southern District of Alabama Case No.: 25-11994 Judge: Hon. Jerry C. Oldshue Debtor's Counsel: Kevin M. Ryan, Esq. RYAN LEGAL SERVICES, INC. P.O. Box 2161 9 Dauphin Street, Ste. 201 Mobile, AL 36652-2161 Tel: (251) 431-6012 E-mail: ryanlegalservices@gmail.com Total Assets: $1,833,502 Total Liabilities: $2,697,503 The petition was signed by Urvashi Malot as manager or member. A full-text copy of the petition, which includes a list of the Debtor's seven unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CPNAAKA/JAMANA_LLC_dba_Quality_Inn_Tillmans__alsbke-25-11994__0001.0.pdf?mcid=tGE4TAMA JERK PIT: Seeks Court Approval to Hire Milbank LLP as Legal Counsel ------------------------------------------------------------------- The Jerk Pit LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to hire Milbank LLP to serve as legal counsel in its Chapter 11 case. Milbank LLP will provide these services: (a) advise the Debtor with respect to its rights, powers, and duties as debtor in possession in operating its business and managing its property; (b) advise and consult on the administration of the Chapter 11 Case; (c) appear before the Court and any appellate courts to represent the interests of the Debtor's estate; (d) draft all necessary pleadings including motions, applications, answers, responses, orders, reports, and other papers; (e) represent the Debtor in connection with authority to use cash collateral; (f) advise the Debtor on executory contracts and unexpired leases; (g) defend actions against the Debtor, negotiate disputes, and prepare objections to claims; (h) attend meetings and negotiate with creditors and other interested parties; (i) prosecute avoidance proceedings; (j) provide legal support for strategic transactions, employee relations, and commercial matters; and (k) perform all other legal services necessary in connection with the administration of the estate. Milbank LLP will provide these services on a pro bono basis, with reimbursement sought only for reasonable out-of-pocket expenses in accordance with the Bankruptcy Code and applicable court rules. Milbank LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Lisa Laukitis, Esq. Benjamin M. Schak, Esq. Avi Taub, Esq. MILBANK LLP 55 Hudson Yards New York, NY 10001 Telephone: (212) 530-5000 Email: LLaukitis@milbank.com BSchak@milbank.com ATaub@milbank.com - and - Erin Dexter, Esq. MILBANK LLP 902 Woodmont Court Mitchellville, MD 20721 Telephone: (301) 350-3722 Email: edexter@milbank.com About The Jerk Pit The Jerk Pit, LLC is a Caribbean restaurant business operating in College Park, Maryland. The Jerk Pit sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00201) on May 28, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Elizabeth L. Gunn handles the case. The Debtor is represented by: John Gordon Colan, Jr., Esq. Sinoberg Raft Tel: (804) 513-1566 Email: john.colan@sinobergraft.com JOSEPH G. BABA: Seeks Subchapter V Bankruptcy in Kansas ------------------------------------------------------- On July 28, 2025, Joseph G. Baba, D.D.S. P.A. filed Chapter 11 protection in the District of Kansas. According to court filing, the Debtor reports $2,580,530 in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About Joseph G. Baba, D.D.S. P.A. Joseph G. Baba, D.D.S. P.A., doing business as TMJ & Sleep Therapy Centre of Kansas, provides personalized evaluation and treatment of temporomandibular joint disorders, craniofacial pain and sleep-related breathing disorders from its Kansas practice. Founded and led by Dr. Joseph G. Baba, the Centre combines dental, orthopedic and sleep medicine expertise to deliver tailored, non-invasive therapies aimed at relieving headaches, jaw pain and sleep disturbances. Joseph G. Baba, D.D.S. P.A. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-10771) on July 28, 2025. In its petition, the Debtor reports total assets of $277,330 and total liabilities of $2,580,530. The Debtor is represented by January M Bailey, Esq. at PRELLE ERON & BAILEY, P.A. KALEIDOSCOPE SCHOOL: Hires Lyda Law Firm as Bankruptcy Counsel -------------------------------------------------------------- Kaleidoscope School seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to hire Lyda Law Firm, LLC as legal counsel. The professional services that Lyda will render include: a. assisting the Debtor in the investigation of the financial affairs of the estate; b. providing legal advice and assistance to the Debtor with respect to matters relating to this case and creditor distribution; c. preparing all pleadings necessary for proceedings arising under this case; and d. performing all necessary legal services for the estate in relation to this case. Lyda will charge $350 per hour for services rendered. Lyda will also seek reimbursement for costs and expenses incurred in relation to representation of the estate. As disclosed in the court filings, Lyda does not hold or represent any interest adverse to the interests of the estate, and is a disinterested person within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Clyde Shavers, Esq. LYDA LAW FIRM, LLC 450 Alaskan Way South, Suite 200, Seattle, WA 98104 Telephone: (425) 394-6765 E-mail: clyde@lydagroup.com About Kaleidoscope School Kaleidoscope School sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-11658-TWD) on June 16, 2025. In the petition signed by Mary-Pat Soukup, director, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Timothy W. Dore oversees the case. Clyde Shavers, Esq., at Lyda Law Firm, represents the Debtor as legal counsel. KRBJ INVESTMENTS: Behrooz Vida Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 6 appointed Behrooz Vida, Esq., at the Vida Law Firm, PLLC as Subchapter V trustee for KRBJ Investments, LLC. Mr. Vida will be paid an hourly fee of $495 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Vida declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Behrooz P. Vida, Esq. The Vida Law Firm, PLLC 3000 Central Drive Bedford, TX 76021 Telephone: (817) 358-9977 Facsimile: (817) 358-9988 behrooz@vidalawfirm.com About KRBJ Investments LLC KRBJ Investments LLC, doing business as Ken's Equipment, provides equipment rentals and custom hose services in Texas. KRBJ Investments sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-70193) on July 18, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. The Debtor is represented by Travis Yandell, Esq. at Yandell Firm Inc. LBM ACQUISITION: S&P Assigns 'B-' Rating on Proposed Secured Debt ----------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issue-level (recovery rating: '4') to LBM Acquisition LLC's proposed secured debt. The proposed $1.45 billion issuance includes a first-lien term loan B and senior secured notes both due 2031. The '4' recovery rating indicates its expectation for average (30%-50%; rounded estimate: 35%) recovery in the event of a payment default. S&P's 'B-' rating on LBM and stable outlook, as well as the existing issue-level and recovery ratings, remain unchanged. The company, a specialty and wood products distributor based in Illinois, intends to use the proceeds to repay existing debt and associated fees. This includes $1.1 billion of existing term loan B debt due 2027 and close to $300 million of HoldCo payment-in-kind (PIK) toggle notes also due 2027. Pro forma for the transaction and amid softer business and pricing conditions, S&P expects S&P Global Ratings-adjusted debt to EBITDA will remain 6x-7x over the next 12-24 months. Nonetheless, this transaction does improve the company's maturity profile. LIGHT OF HOPE: Aleida Martinez Molina Named Subchapter V Trustee ---------------------------------------------------------------- The U.S. Trustee for Region 21 appointed Aleida Martinez Molina, Esq., as Subchapter V trustee for Light of Hope Behavior Therapy Inc. Ms. Molina will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Molina declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Aleida Martinez Molina, Esq. 2121 NW 2nd Avenue, Suite 201 Miami, FL 33127 Telephone: (305) 297-1878 Email: Martinez@subv-trustee.com About Light of Hope Behavior Therapy Light of Hope Behavior Therapy Inc., doing business as Light of Hope Medical Center, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18397) on July 23, 2025, with up to $50,000 in assets and liabilities. Judge Robert A. Mark presides over the case. Jacqueline Calderin, Esq., represents the Debtor as legal counsel. LINQTO TEXAS: Deaton Law Represents Multiple Creditors ------------------------------------------------------ The law firm of Deaton Law Firm, LLC, filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 cases of Linqto Texas, LLC and its affiliates, the firm represents multiple creditors. The creditors have engaged Counsel for the purpose of collectively asserting and protecting their respective interests in this Chapter 1 case. This group was informally organized on or about July 24, 2025 and does not constitute an official committee appointed pursuant to Section 1102 of the Bankruptcy Code. Counsel has been retained by each creditor individually, though the creditors have agreed to coordinate their interests in these proceedings. Counsel is not being compensated for this representation. The law firm can be reached at: Deaton Law Firm, LLC John E. Deaton, Esq. 450 N Broadway East Providence, RI 02914 401 351 6400 Email: all-deaton@deatonlawfirm.com 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 LML LOGISTICS: Unsecured Creditors to Split $46K over 3 Years ------------------------------------------------------------- LML Logistics LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization dated July 24, 2025. The Debtor is a Florida limited liability company created by Articles of Organization filed with the Florida Secretary of State on or around July 27, 2012, with an effective date of August 1, 2012. The Debtor historically operated as a trucking transportation company. Although operations have ceased due to health issues affecting a principal of the Debtor, the Debtor intends to resume business activities once the principal's health improves. Additionally, the Debtor owns and manages 25 Appy Acres, North Berwick, Maine, which served as an operations hub for its trucking business. The Debtor's principal place of business is located at 411 NW 106th Avenue, Ocala, FL 34482 ("Premises"), which the Debtor's principal owns (an insider). The Debtor's projected Disposable Income over the life of the Plan is $45,739.93. This Plan provides for: 5 classes of secured claims; 1 class of unsecured claims; and 1 class of equity security holders. Class 6 consists of the Allowed Unsecured Claims against the Debtor. This Class is Impaired. * Consensual Plan Treatment: The liquidation value or amount that unsecured creditors would receive in a hypothetical chapter 7 case is $45,739.93. Accordingly, the Debtor proposes to pay unsecured creditors a pro rata portion of $46,000.00. The Reorganized Debtor shall pay said amount in equal quarterly payments of $3,833.33 and shall be disbursed pro rata to the holders of Allowed General Unsecured Claims. Payments shall commence on the fifteenth day of the month, on the first month that begins more than fourteen days after the Effective Date and shall continue quarterly for 11 additional quarters. Pursuant to Section 1191 of the Bankruptcy Code, the value to be distributed to unsecured creditors is greater than the Debtor's projected disposable income to be received in the 3-year period beginning on the date that the first payment is due under the plan. * Nonconsensual Plan Treatment: The liquidation value or amount that unsecured creditors would receive in a hypothetical chapter 7 case is approximately $45,739.93. Accordingly, the Debtor proposes to pay unsecured creditors a pro rata portion of its projected Disposable Income, $45,739.93. If the Debtor remains in possession, plan payments shall include the Subchapter V Trustee's administrative fee which will be billed hourly at the Subchapter V Trustee's then current allowable blended rate. Plan Payments shall commence on the first month following the Effective Date, and shall continue quarterly for eleven additional quarters. The Reorganized Debtor shall pay said amount in equal quarterly payments of $3,811.66 and shall be disbursed pro rata to the holders of Allowed General Unsecured Claims. Payments shall commence on the fifteenth day of the month, on the first month that begins more than fourteen days after the Effective Date and shall continue quarterly for 11 additional quarters. Class 7 consists of any and all membership interests and warrants currently issued or authorized in the Debtor. This Class is Unimpaired. Holders of Class 7 interests shall retain their full equity interest in the same amounts, percentages, manner and structure as existed on the Petition Date. The Plan contemplates that the Reorganized Debtor will continue to operate the Debtor's business. Except as explicitly set forth in this Plan, all cash in excess of operating expenses generated from operation until the Effective Date will be used for Plan Payments or Plan implementation, cash on hand as of Confirmation shall be available for Administrative Expenses. A full-text copy of the Plan of Reorganization dated July 24, 2025 is available at https://tinyurl.com/zubf3rcx from PacerMonitor.com at no charge. Counsel to the Debtor: Jeffrey S. Ainsworth, Esq. Jacob D. Flentke, Esq. Flentke Legal Consulting, PLLC, Of Counsel BransonLaw, PLLC 1501 E. Concord St. Orlando, FL 32803 Telephone: (407) 894-6834 Facsimile: (407) 894-8559 E-mail: jeff@bransonlaw.com jacob@bransonlaw.com jacob@flentkelegal.com About LML logistics LLC LML logistics LLC, also known as Littlefield Family Trucking, is a transportation and logistics company based in Ocala, Florida, specializing in freight management, offering warehousing, distribution, and freight forwarding services. LML logistics LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01314) on April 25, 2025. In its petition, the Debtor reports total assets of $477,655 and total liabilities of $1,104,342. Bankruptcy Judge Jacob A. Brown handles the case. The Debtor is represented by Jeffrey S. Ainsworth, Esq., at BRANSONLAW, PLLC. LONGWOOD UNIVERSITY: S&P Lowers Long-Term Bonds Rating to 'BB+' --------------------------------------------------------------- S&P Global Ratings lowered its long-term rating to 'BB+' from 'BBB-' on Farmville Town Industry Development Authority, Va.'s educational facilities revenue and refunding bonds (various series; Longwood University Student Housing Projects), issued for Longwood Housing Foundation LLC (LHF), whose sole member, Longwood University Real Estate Foundation (LUREF), is an affiliate of Longwood University (LU). The downgrade reflects S&P's view of the enrollment declines and financial pressure at LU, which may limit the university's capacity to provide support to the student housing projects. The downgrade also reflects declines of LHF's resources given utilization of the rent stabilization fund in fiscal 2024, with relatively limited other resources available for the housing projects, particularly given the projects' already high debt. The outlook is stable. S&P said, "We analyzed LHF's environmental, social, and governance credit factors pertaining to its demand, management and governance, and financial performance. We view LHF's environmental, social, and governance factors as neutral in our credit rating analysis." The stable outlook reflects S&P Global Ratings' expectation of continued occupancy at levels not requiring university support given relatively stable university enrollment within the one-year outlook period, DSC maintained above 1.2x in the near term, and ongoing connectivity between the projects and the university. S&P said, "We could revise the outlook to negative or lower the rating if project occupancy were to wane, if DSC were to decrease to near or less than 1.2x, or if LU's enrollment declined further to the extent that demand for on-campus housing materially weakened. "We could revise the outlook to positive or raise the rating if the projects maintain occupancy at or near 100%, DSC remains solidly above the 1.2x covenant without the need for university support, and the university recognizes sustained improved enrollment. We would also view significant growth in LHF's reserves positively." LOOP MEDIA: Faces $361,800 Demand From CCC Under License Deal ------------------------------------------------------------- Loop Media, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company received a formal and final demand for payment from Cara Communications Corporation declaring the full amount owed to it under that certain Fee-Based License Agreement by and between the Company and CCC, dated January 20, 2023, as amended, immediately due and payable. The amount owed to CCC under the License Agreement is $361,800. About Loop Media Headquartered in Burbank, Calif., 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. MARI ARI: Chris Quinn Named Subchapter V Trustee ------------------------------------------------ The U.S. Trustee for Region 7 appointed Chris Quinn as Subchapter V trustee for Mari Ari International, Inc. Mr. Quinn will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Quinn declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Chris Quinn 26414 Cottage Cypress Lane Cypress, TX 77433 Phone: 713-498-8500 Email: chris.quinn2021@outlook.com 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. Mari Ari International filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34029) on July 16, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Sean Lee, authorized representative of Mari Ari International, signed the petition. Judge Eduardo V. Rodriguez oversees the case. Reese Baker, Esq., at Baker & Associates, represents the Debtor as legal counsel. MARIN SOFTWARE: Faces Nasdaq Delisting on July 31 ------------------------------------------------- The Nasdaq Stock Market LLC (the Exchange) disclosed in a 25-NSE filed with the U.S. Securities and Exchange Commission that it has determined to remove from listing the common stock of Marin Software Incorporated effective at the opening of the trading session on July 31, 2025. Based on review of information provided by the Company, Nasdaq Staff determined that the Company no longer qualified for listing on the Exchange pursuant to Listing Rule 5250(c)(1). The Company was notified of the Staff determination on June 17, 2025. The Company did not file an appeal. The Company common stock was suspended on June 26, 2025. The Staff determination to delist the Company common stock became final on June 26, 2025. About Marin Software Incorporated Marin Software Incorporated provides a software-as-a-service platform for managing digital advertising across search, social, and eCommerce channels. Its platform offers analytics, workflow, and optimization tools designed to help performance marketers and agencies improve returns on advertising spend. Marin Software Incorporated sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11263) on July 1, 2025. In its petition, the Debtor reported total assets of $5,656,853 and total debts of $2,767,237. Judge Laurie Selber Silverstein oversees the cases. The Debtor tapped James E. O'Neill, Esq., at Pachulski Stang Ziehl & Jones, LLP as bankruptcy counsel; Fenwick & West, LLP as corporate counsel; and Armanino Advisory, LLC as financial advisor. Donlin, Recano & Company, Inc. is the Debtor's claims, noticing and solicitation agent and administrative advisor. YYYYY, LLC, as lender is represented by: Mark E. Felger, Esq. Marla S. Benedek, Esq. Cozen O'Connor 1201 N. Market Street, Suite 1001 Wilmington, DE 19801 Telephone: (302) 295-2024 Facsimile: (302) 250-4498 mfelger@cozen.com mbenedek@cozen.com MAVENIR SYSTEMS: Finalizes Recapitalization, Cuts Debt by $1.3B --------------------------------------------------------------- Guillermo Molero of Bloomberg Law reports that Mavenir Systems has finalized a broad recapitalization deal with Siris, eliminating more than $1.3 billion in outstanding debt. The company also secured $300 million in new senior financing, supplemented by a smaller subordinated facility provided by Siris and participating lenders. Siris will continue to serve as Mavenir's majority owner, the report states. About Mavenir Systems, Inc. Mavenir Systems, Inc. is an American telecommunications software company, created in 2017 as a result of a three-way merger of existing companies and technologies, that develops and supplies cloud-native software to the communications service provider market. MEYER BURGER: Baker McKenzie & Morris Nichols Advise Ad Hoc Group ----------------------------------------------------------------- In the Chapter 11 cases of Meyer Burger (Holding) Corp. and its debtor affiliates, the Ad Hoc Group filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure. In December 2025, certain prepetition lenders (the "Ad Hoc Group" and the members thereof, the "Ad Hoc Group Members") who are parties to that certain Bridge Credit Agreement, dated as of December 5, 2024 (as amended, supplemented, or otherwise modified from time to time, the "Bridge Credit Agreement"), formally engaged Baker & McKenzie LLP, retroactively to September 27, 2024, to represent the Ad Hoc Group in connection with the Bridge Credit Agreement and other matters related to a potential restructuring or recapitalization of the debtors and their European affiliates. The Ad Hoc Group Members also are the lenders under that certain Debtor in Possession Credit Agreement, dated as of June 30, 2025, with the Debtors (the "DIP Credit Agreement"). As all the Ad Hoc Group Members are the lenders under the DIP Credit Agreement, and no other entity is a lender thereunder, references to the Ad Hoc Group Members or the Ad Hoc Group herein also include the Ad Hoc Group Members in their capacity as DIP Lenders. As of the date of this Verified Statement, Baker McKenzie and Morris, Nichols, Arsht & Tunnell LLP ("Morris Nichols" and together with Baker McKenzie, "Counsel") represent the Ad Hoc Group. Counsel does not represent or purport to represent any entities other than the Ad Hoc Group in connection with the Debtors' Chapter 11 Cases. In addition, the Ad Hoc Group Members do not, individually, or collectively, represent or purport to represent any other entities in connection with the Debtors' Chapter 11 Cases. Each of the Ad Hoc Group Members holds claims against the Debtors arising from the Bridge Credit Agreement and the DIP Credit Agreement, and the other disclosable economic interests set forth herein. Counsel does not own, nor has it ever owned, any claims against the Debtors except for claims for services rendered to the Ad Hoc Group. Counsel will seek to have its fees and disbursements incurred on behalf of the Ad Hoc Group paid by the Debtors' estates pursuant to the terms of the DIP Credit Agreement, the Interim Order, the Final Order, and as otherwise ordered or permitted in the Debtors' Chapter 11 Cases. Counsel does not perceive any actual or potential conflict of interest with respect to the representation of the Ad Hoc Group in the Debtors' Chapter 11 Cases. The names and addresses of each of the members of the Ad Hoc Group, 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. Whitebox Relative Value Partners, LP 3033 Excelsior Boulevard, Suite 500 Minneapolis, MN 55416 USA Attention: Milan Lazovic / Scott Specken E-mail: mlazovic@whiteboxadvisors.co.uk / sspecken@whiteboxadvisors.com * Aggregate amount committed under the Bridge Credit Agreement: $8,009,234.66 * Aggregate amount committed under the DIP Facility: $828,660.47 2. Whitebox GT Fund, LP 3033 Excelsior Boulevard, Suite 500 Minneapolis, MN 55416 USA Attention: Milan Lazovic / Scott Specken E-mail: mlazovic@whiteboxadvisors.co.uk / sspecken@whiteboxadvisors.com * Aggregate amount committed under the Bridge Credit Agreement: $393,896.39 * Aggregate amount committed under the DIP Facility: $40,753.75 3. Whitebox MultiStrategy Partners, LP 3033 Excelsior Boulevard, Suite 500 Minneapolis, MN 55416 USA Attention: Milan Lazovic / Scott Specken E-mail: mlazovic@whiteboxadvisors.co.uk / sspecken@whiteboxadvisors.com * Aggregate amount committed under the Bridge Credit Agreement: $4,289,098.50 * Aggregate amount committed under the DIP Facility: $443,763.54 4. Pandora Select Partners, LP 3033 Excelsior Boulevard, Suite 500 Minneapolis, MN 55416 USA Attention: Milan Lazovic / Scott Specken E-mail: mlazovic@whiteboxadvisors.co.uk / sspecken@whiteboxadvisors.com * Aggregate amount committed under the Bridge Credit Agreement: $393,896.39 * Aggregate amount committed under the DIP Facility: $40,753.75 5. Highbridge Tactical Credit Master Fund, L.P. c/o Highbridge Capital Management, LLC 277 Park Ave, 23rd Floor New York, NY 10172 Attention: Julie Parker / Steve Ardovini E-mail: mo-us@highbridge.com / tcfeuro@highbridge.com * Aggregate amount committed under the Bridge Credit Agreement: $15,843,404.26 * Aggregate amount committed under the DIP Facility: $1,639,208.15 6. Highbridge Tactical Credit Institutional Fund, Ltd. c/o Highbridge Capital Management, LLC 277 Park Ave, 23rd Floor New York, NY 10172 Attention: Julie Parker / Steve Ardovini E-mail: mo-us@highbridge.com / tcfeuro@highbridge.com * Aggregate amount committed under the Bridge Credit Agreement: $3,545,071.09 * Aggregate amount committed under the DIP Facility: $366,784.14 7. 1992 Master Fund Co-Invest SPC - Series 4 Segregated Portfolio c/o Highbridge Capital Management, LLC 277 Park Ave, 23rd Floor New York, NY 10172 Attention: Julie Parker / Steve Ardovini E-mail: mo-us@highbridge.com / tcfeuro@highbridge.com * Aggregate amount committed under the Bridge Credit Agreement: $831,559.94 * Aggregate amount committed under the DIP Facility: $86,035.79 8. LMR MultiStrategy Master Fund Limited 9th Floor, Devonshire House, 1 Mayfair Place, London W1J 8AJ Attention: Charlie McCormick E-mail: Ops@lmrpartners.com * Aggregate amount committed under the Bridge Credit Agreement: $6,346,114.78 * Aggregate amount committed under the DIP Facility: $656,588.88 9. LMR CCSA Master Fund Limited 9th Floor, Devonshire House, 1 Mayfair Place London W1J 8AJ Attention: Charlie McCormick E-mail: Ops@lmrpartners.com * Aggregate amount committed under the Bridge Credit Agreement: $6,302,348.51 * Aggregate amount committed under the DIP Facility: $652,060.69 10. LMR MALT Fund Limited 9th Floor, Devonshire House, 1 Mayfair Place, London W1J 8AJ Attention: Charlie McCormick E-mail: Ops@lmrpartners.com * Aggregate amount committed under the Bridge Credit Agreement: $1,531,821.08 * Aggregate amount committed under the DIP Facility: $158,487.00 11. Walleye Opportunities Master Fund Limited 315 Park Ave S, 18th Floor New York, NY 10010 Attention: Legal Department E-mail: legal@walleyecapital.com * Aggregate amount committed under the Bridge Credit Agreement: $10,722,745.81 * Aggregate amount committed under the DIP Facility: $1,109,408.82 12. D.E. Shaw Valence Investments (Cayman) Limited 55 Baker street, W1U 8EW, London, UK Attention: Edward Richardson E-mail: edward.richardson@deshaw.com / legal-notices@world.deshaw.com / deshaw-gcas-fin- ops@arcesium.com * Aggregate amount committed under the Bridge Credit Agreement: $22,583,415.43 * Aggregate amount committed under the DIP Facility: $2,336,550.79 13. System 2 Master Fund Limited c/o System 2 Capital LLP 5-10 Bolton Street W1J 8BA London Attention: Max Veneziani & Dan Brewer E-mail: operations@system2capital.com / dan.brewer@system2capital.com * Aggregate amount committed under the Bridge Credit Agreement: $8,271,832.26 * Aggregate amount committed under the DIP Facility: $855,829.63 The law firm can be reached at: MORRIS, NICHOLS, ARSHT & TUNNELL LLP Curtis S. Miller, Esq. Jonathan M. Weyand, Esq. 1201 North Market Street P.O. Box 1347 Wilmington, DE 19899 Phone: (302) 351-9412 Email: cmiller@morrisnichols.com jweyand@morrisnichols.com -and- BAKER & MCKENZIE LLP Debra A. Dandeneau, Esq. John R. Dodd, Esq. 452 Fifth Avenue New York, NY 10018 Phone: (212) 626-4875 Email: debra.dandeneau@bakermckenzie.com john.dod@bakermckenzie.com About Meyer Burger (Holding) Corp. Meyer Burger (Holding) Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 25-11217) on June 25, 2025. At the time of the filing, Debtor had estimated assets of between $100 million to $500 million and liabilities of between $500 million to $1 billion. Judge Craig T. Goldblatt oversees the case. Richards, Layton & Finger, P.A., is the Debtor's legal counsel. MISS BRENDA: Updates Unsecureds & Trident Claim Pay Details ----------------------------------------------------------- Miss Brenda, LLC and Sea West, Inc., submitted a Joint First Amended Plan of Reorganization dated July 24, 2025. This Plan provides for unclassified administrative claims, one class of secured claims, one class of unsecured claims, and one class of equity security holders. Class 1 consists of the Trident Seafoods Corporation Claim. The Trident Claim will be paid from the regular fishing operations of Sea West, Inc. and the sale of any Trident collateral. Payments will be made in the amount of $25,000.00 twice a year until paid in full. Payments will be made on October 15 and April 15, beginning on October 15, 2025 and continuing each year until paid in full. Interest will accrue at the rate of 9.5% beginning with the Effective Date. Class 2 consists of General Unsecured claims. Class 2 claims consist of the following: Bush Kornfeld, LLP - $32,061.27 (Sea West, Inc.); and Bush Kornfeld, LLP - $45,546.30 (Miss Brenda, LLC). Class 2 claims will be paid pro rata with administrative fees owed to Neeleman Law Group, P.C. Payments will be made in the amount of $25,000.00 on October 15 and April 15 each year of the plan after payment in full of the Trident Claim. Payments to Class 2 claims will be applied first to any claims owed by Sea West, Inc. and then claims owed by Miss Brenda, LLC. In the event of the sale of the Permit/LLP owned by Miss Brenda, LLC, after payment in full of the Trident Claim, proceeds from the sale of the Permit/LLP will be paid on a prorata basis to Class 2 claims and the administrative claim of Neeleman Law Group, P.C. In the event of the sale the of the Permit/LLP owned by Miss Brenda, LLC prior to payment in full of the Trident Claim, proceeds from the sale of the Permit/LLP will be paid toward the balance of the Trident Claim and for avoidance of doubt, shall reduce such balance and not be credited against semi-annual payments described in Class 1. If at any time during the Plan term and after payment in full to Class 1, the Debtor elects to sell the Northern Dawn, Class 2 claims and the administrative claim of Neeleman Law Group, P.C. will be paid in full from proceeds derived from the sale. Trident shall retain its secured rights in the Northern Dawn and shall be entitled to any proceeds therefrom to the extent of the balance of the Trident Claim, in the event of a sale prior to payment in full of the Trident Claim. The Plan will be funded with revenue from the Debtor, Sea West, Inc.'s, fishing operation. The projections are supported by the accompanying declaration of Jack Bernsten. It is anticipated the Debtor's income and expenses will remain relatively constant moving forward. In addition to payments from regular income, the Debtor, Miss Brenda, LLC, holds a Federal Fisheries Permit/LLP, #LLG1277 ("Permit"). Debtor intends to sell the Permit and has actively listed it with Dock Street Brokers, an independent third-party brokerage. Debtor's Permit is 1 of 5 permits issued with the combination of endorsements. It has an estimated value of $75,000.00. It is difficult to ascertain when, or if, the Permit will sell as the buyer would be one looking for such combination of endorsements. If the Permit sells during the life of the Plan, prior to payment in full of the Trident Claim, the proceeds will be credited against the outstanding balance, and not towards the semi-annual payments due in Class 1. If the Permit sells after the Trident Claim is satisfied in full, the proceeds will be used to pay Class 2 claims and the administrative claim of Neeleman Law Group, P.C. on a prorated basis. A full-text copy of the First Amended Plan dated July 24, 2025 is available at https://tinyurl.com/fcvpyfde from PacerMonitor.com at no charge. About Miss Brenda LLC Miss Brenda, LLC is a commercial fishing business located in Sand Point, Alaska, focusing on the use of fishing nets, crab and cod traps, and various other equipment to catch marine species. Miss Brenda sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Alaska Case No. 25-00036) on March 19, 2025. In its petition, the Debtor reported total assets of $1,572,000 and total Liabilities of $842,546. The Debtor is represented by: Jennifer L. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. 1403 8th Street Marysville, WA 98270 Tel: (425) 212-4800 Fax: (425) 212-4802 Email: courtmail@expresslaw.com MLB DESIGNS: Seeks Subchapter V Bankruptcy in California -------------------------------------------------------- On July 28, 2025, M.L.B. Designs Inc. filed Chapter 11 protection in the Central District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 200 and 999 creditors. The petition states funds will be available to unsecured creditors. About M.L.B. Designs Inc. M.L.B. Designs Inc., doing business as Harlow's Kitchen Concepts and Home 101, provides appliance sales, cabinetry, and countertop solutions in San Bernardino, California. The Company offers in-home consultations, personalized design services, and project coordination from planning through installation. Founded in 1921, it operates as one of Southern California's largest independent appliance dealers. M.L.B. Designs Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-15143) on July 28, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Scott H. Yun handles the case. The Debtor is represented by David B. Zolkin, Esq. at WEINTRAUB, ZOLKIN TALERICO & SELTH LLP. MODIVCARE INC: Allspring Marks $272,000 Loan at 25% Off ------------------------------------------------------- Allspring Multi-Sector Income Fund has marked its $272,976 loan extended to Modivcare, Inc. to market at $205,840 or 75% of the outstanding amount, according to Allspring Multi-Sector's Form N-CSRS for the fiscal year ended April 30, 2025, filed with the U.S. Securities and Exchange Commission. Allspring Multi-Sector is a participant in a Loan to Modivcare, Inc. The loan accrues interest at a rate of 11.71% per annum. The loan matures on January 9, 2026. Allspring Multi-Sector was organized as a statutory trust under the laws of the state of Delaware on April 10, 2003 and is registered as a diversified closed-end management investment company under the Investment Company Act of 1940. The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. The Fund may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Allspring Multi-Sector is led by John Kenney as President and Jeremy DePalma as Treasurer. The Fund can be reach through: John Kenney 1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203 Tel. No.: (800) 222-8222 About Modivcare, Inc. ModivCare Inc. is a technology-enabled healthcare services company that provides a suite of integrated supportive care solutions for public and private payors and their members. MODIVCARE INC: Allspring Multi-Sector Marks $1.5M Loan at 33% Off ----------------------------------------------------------------- Allspring Multi-Sector Income Fund has marked its $1,576,010 loan extended to Modivcare, Inc. to market at $1,057,897 or 67% of the outstanding amount, according to Allspring Multi-Sector's Form N-CSRS for the fiscal year ended April 30, 2025, filed with the U.S. Securities and Exchange Commission. Allspring Multi-Sector is a participant in a Loan to Modivcare, Inc. The loan accrues interest at a rate of 9.05% per annum. The loan matures on July 1, 2031. Allspring Multi-Sector was organized as a statutory trust under the laws of the state of Delaware on April 10, 2003 and is registered as a diversified closed-end management investment company under the Investment Company Act of 1940. The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. The Fund may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Allspring Multi-Sector is led by John Kenney as President and Jeremy DePalma as Treasurer. The Fund can be reach through: John Kenney 1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203 Tel. No.: (800) 222-8222 About Modivcare, Inc. ModivCare Inc. is a technology-enabled healthcare services company that provides a suite of integrated supportive care solutions for public and private payors and their members. MODIVCARE INC: Explores Debt Restructuring Options -------------------------------------------------- Eliza Ronalds-Hannon and Jill R. Shah of Bloomberg News report that ModivCare Inc., a medical transportation firm, is in discussions with lenders about a possible debt restructuring as a loan maturity looms and federal healthcare funding cuts pressure its long-term outlook, according to people familiar with the matter. The company is also evaluating asset sales and other strategic moves, with a potential Chapter 11 bankruptcy filing among the options being considered, the sources said, requesting anonymity due to the private nature of the talks. ModivCare's debt totals around $1.4 billion, including a revolving credit facility set to mature in 2028, Bloomberg data shows. About ModivCare Inc. ModivCare Inc. is a technology-enabled healthcare services company that provides a suite of integrated supportive care solutions for public and private payors and their members. At December 31, 2024, ModivCare had 1,654,332,000 in total assets, 1,692,806,000 in total liabilities, and 38,474,000 in total stockholders' deficit. * * * As reported by the Troubled Company Reporter in March 2025, S&P Global Ratings lowered its Company credit rating on ModivCare Inc. to 'CCC+' from 'B'. The outlook is negative. NANOVIBRONIX INC: Announces Initial Closing of Private Placement ---------------------------------------------------------------- NanoVibronix, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into a Securities Purchase Agreement with a certain institutional investor, pursuant to which it agreed to sell to the Investors: (i) an aggregate of 8,889 shares of the Company's newly-designated Series H Convertible Preferred Stock, with a par value of $0.001 per share and a stated value of $1,000 per share, initially convertible into up to 8,800,990 shares of the Company's common stock, par value $0.001 per share at an initial conversion price of $1.01 per share and (ii) warrants to acquire up to an aggregate of 4,678,363 shares of Common Stock at an exercise price of $2.25. Pursuant to the terms of the Purchase Agreement, the Company has also agreed to issue 2,222 shares of Preferred Stock with a total stated value of $2,222,222 in a second closing, subject to the satisfaction of customary closing conditions. Additionally, pursuant to the terms of the Purchase Agreement, the Company has agreed that during the period ending 36 months from the effective date of the registration statement registering the resale of the shares of Common Stock underlying the Preferred Stock and the Warrants, the Investor shall have the right, but no obligation, upon notice to the Company from time to time, to purchase up to an aggregate of $44,000,000 stated value (representing 44,000 shares of Preferred Stock and $39,600,000 of subscription amount) of additional Preferred Stock, which shall have identical terms to the Preferred Stock issued at the Initial Closing, except that the initial conversion price of such additional shares of Preferred Stock shall be equal to 85% of the arithmetic average of the three (3) lowest VWAPs during the ten trading days prior to the date of such investor's exercise of such right. The Initial Closing of the Private Placement occurred on July 22, 2025. The aggregate gross proceeds from the Initial Closing were $8 million, prior to deducting placement agent fees and other offering expenses payable by the Company. The Company intends to use $5 million of the net proceeds from the Initial Closing to redeem certain outstanding shares of its Series X Preferred Stock in accordance with the terms of the Certificate of Designations of the Series X Preferred Stock, and the balance for working capital purposes. The Purchase Agreement contains certain representations and warranties, covenants and indemnification provisions customary for similar transactions. The representations, warranties and covenants contained in the Purchase Agreement were made solely for the benefit of the applicable parties to the Purchase Agreement and may be subject to limitations agreed upon by the applicable contracting parties. Among other covenants, the Purchase Agreement requires the Company to hold a meeting of its stockholders at the earliest practicable date to seek approval under Nasdaq Stock Market Rule 5635(d) for the issuance of shares of Common Stock in excess of 19.99% of the Company's issued and outstanding shares of Common Stock at prices below the "Minimum Price" (as defined in Rule 5635 of the Rules of the Nasdaq Stock Market) on the date of the Purchase Agreement pursuant to the terms of the Preferred Stock and the applicable Warrants and shall hold a meeting every four months thereafter if Stockholder Approval to seek Stockholder Approval until the earlier of the date Stockholder Approval is obtained or the Preferred Stock is no longer outstanding. Additionally, pursuant to the terms of the Purchase Agreement, the Company has also agreed to file the Resale Registration Statement as soon as reasonably practicable. The Private Placement is exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to the exemption for transactions by an issuer not involving any public offering under Section 4(a)(2) of the Securities Act and/or Rule 506 of Regulation D of the Securities Act and in reliance on similar exemptions under applicable state laws. Each of the Investors has represented to the Company that it is an accredited investor within the meaning of Rule 501(a) of Regulation D and that it is acquiring the applicable securities for investment only and not with a view towards, or for resale in connection with, the public sale or distribution thereof. The Preferred Stock and Warrants were offered and sold without any general solicitation by the Company or its representatives. Series H Convertible Preferred Stock: The terms of the Preferred Stock are as set forth in the form of Certificate of Designations -- available on https://tinyurl.com/2n9vxfsr -- which was filed with the Secretary of State for the State of Delaware on July 18, 2025, prior to the closing of the Private Placement. The Preferred Stock are convertible into the Conversion Shares at the election of the holders of the Preferred Stock at any time at an initial conversion price of $1.01 per share. The Conversion Price is subject to customary adjustments for stock dividends, stock splits, reclassifications, stock combinations and the like (subject to certain exceptions), anti-dilution provisions, and a floor price of $0.202. * Stockholder Approval. Prior to obtaining Stockholder Approval, the Company may not issue, upon conversion of the Preferred Stock, a number of shares of Common Stock that would exceed 19.99% of the issued and outstanding Common Stock on the Closing Date. * Dividends. Holders of the Preferred Stock shall be entitled to receive cumulative dividends at the rate per share (as a percentage of the Stated Value per share) of 9% per annum, payable on each Conversion Date (with respect only to Preferred Stock being converted) in duly authorized, validly issued, fully paid and non-assessable shares of Common Stock at the Conversion Price then in effect in accordance with the terms of the Certificate of Designations. * Voting. Except as otherwise provided in the Certificate of Designations or as otherwise required by law, the Preferred Stock shall have no voting rights. However, as long as any shares of Preferred Stock are outstanding, the Company shall not, without the affirmative vote of the Holders of a majority of the then outstanding shares of the Preferred Stock, (a) alter or change adversely the powers, preferences or rights given to the Preferred Stock or alter or amend the Certificate of Designations, (b) amend its certificate of incorporation or other charter documents in any manner that adversely affects any rights of the Holders, (c) increase the number of authorized shares of Preferred Stock, or (d) enter into any agreement with respect to any of the foregoing. Warrants: The Warrants are exercisable for shares of Common Stock on the date of Stockholder Approval, at an exercise price of $2.25 per share and expire 18 months from the Stockholder Approval Date. The exercise price of each Warrant is subject to customary adjustments for stock dividends, stock splits, reclassifications, stock combinations and the like. There is no established public trading market for the Warrants and the Company does not intend to list the Warrants on any national securities exchange or nationally recognized trading system. The foregoing description of the Purchase Agreement, the Warrants and the Certificate of Designations are qualified in their entirety by reference to the full text of the form of Purchase Agreement, the Warrants and the Certificate of Designations, copies of which are filed as Exhibits 10.1, 4.1 and 3.1, respectively, to the Current Report on Form 8-K available at https://tinyurl.com/ss9kmwww About NanoVibronix Elmsford, N.Y.-based NanoVibronix, Inc., a Delaware corporation, commenced operations on October 20, 2003, and is a medical device company focusing on noninvasive biological response-activating devices that target wound healing and pain therapy and can be administered at home without the assistance of medical professionals. Southfield, Mich.-based Zwick CPA, PLLC, the Company's auditor since 2023, 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 suffered recurring losses from operations and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about its ability to continue as a going concern. As of September 30, 2024, NanoVibronix had $4.7 million in total assets, $2.8 million in total liabilities, and $1.9 million in total stockholders' equity. NAPA FORD: Seeks Chapter 11 Bankruptcy in California ---------------------------------------------------- On July 24, 2025, Napa Ford Lincoln Mercury Inc. filed Chapter 11 protection in the Northern District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. About Napa Ford Lincoln Mercury Inc. Napa Ford Lincoln Mercury Inc. operates as an automotive dealership offering new and used Ford and Lincoln vehicles. The Company provides vehicle sales, parts, and maintenance services at its location in Napa, California. Napa Ford Lincoln Mercury Inc. relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. ) on July 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Michael Jay Berger, Esq. at LAW OFFICES OF MICHAEL JAY BERGER. NATURALSHRIMP INC: BCRG Replaces Turner Stone & Company as Auditor ------------------------------------------------------------------ NaturalShrimp, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company dismissed Turner, Stone & Company LLP as the Company's independent registered accountant, effective immediately. The former accountant's report on the Company's financial statements for either of the past two years did not contain an adverse opinion or disclaimer of an opinion and was not modified as to uncertainty, audit scope or accounting principles. Further, the decision to change accountants was recommended by the board of directors. The Company did not have any disagreements with the former accountant during either its two most recent fiscal years or any subsequent period preceding the dismissal. On May 16, 2025, BCRG was appointed as the Company's independent registered public accounting firm. During either the Company's two most recent fiscal years or any subsequent period prior to engaging the new independent accountant, the Company did not consult with the newly engaged accountant regarding either of the items outlined in Item 304(a)(2)(i) through (a)(2)(ii) of Regulation S-K. About NaturalShrimp Headquartered in Dallas, Texas, NaturalShrimp, Inc. -- http://www.naturalshrimp.com-- is an aquaculture technology company that has developed proprietary, patented platform technologies to allow for the production of aquatic species in an ecologically-controlled, high-density, low-cost environment, and in fully contained and independent production facilities without the use of antibiotics or toxic chemicals. NaturalShrimp owns and operates indoor recirculating Pacific White shrimp production facilities in Texas and Iowa using these technologies. Dallas, Texas-based Turner, Stone & Company, L.L.P., the Company's auditor since 2015, issued a "going concern" qualification in its report dated July 17, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. NEAL MEATS: G. Matt Barberich Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 13 appointed G. Matt Barberich, Jr. of B. Riley Advisory Services as Subchapter V trustee for Neal Meats, LLC. Mr. Barberich will be paid an hourly fee of $300 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Barberich declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: G. Matt Barberich, Jr. B. Riley Advisory Services 7101 College Boulevard, Suite 730 Overland Park, KS 66210 Phone: 913-389-9270 Email: mbarberich@brileyfin.com About Neal Meats Neal Meats, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Mo. Case No. 25-60458) on July 21, 2025, listing between $1 million and $10 million in assets and liabilities. NEUBERGER BERMAN 61: Moody's Assigns B3 Rating to $250,000 F Notes ------------------------------------------------------------------ Moody's Ratings has assigned ratings to two classes of notes issued by Neuberger Berman Loan Advisers CLO 61, Ltd. (the Issuer or Neuberger 61): US$310,000,000 Class A-1 Senior Secured Floating Rate Notes due 2037, Definitive Rating Assigned Aaa (sf) US$250,000 Class F Junior Secured Deferrable Floating Rate Notes due 2039, Definitive Rating Assigned B3 (sf) The notes listed are referred to herein, collectively, as the Rated Notes. RATINGS RATIONALE The rationale for the ratings is based on Moody's methodologies and considers all relevant risks, particularly those associated with the CLO's portfolio and structure. Neuberger 61 is a managed cash flow CLO. The issued notes will be collateralized primarily by broadly syndicated senior secured corporate loans. At least 92.5% of the portfolio must consist of first lien senior secured loans and up to 7.5% of the portfolio may consist of second lien loans and unsecured loans. The portfolio is approximately 80% ramped as of the closing date. Neuberger Berman Loan Advisers IV LLC (the Manager) will direct the selection, acquisition and disposition of the assets on behalf of the Issuer and may engage in trading activity, including discretionary trading, during the transaction's five year reinvestment period. Thereafter, subject to certain restrictions, the Manager may reinvest unscheduled principal payments and proceeds from sales of credit risk assets. In addition to the Rated Notes, the Issuer issued six other classes of secured notes and one class of subordinated notes. The transaction incorporates interest and par coverage tests which, if triggered, divert interest and principal proceeds to pay down the notes in order of seniority. Moody's modeled the transaction using a cash flow model based on the Binomial Expansion Technique, as described in Section 2.3.2.1 of the "Moody's Global Approach to Rating Collateralized Loan Obligations" rating methodology published in May 2024. For modeling purposes, Moody's used the following base-case assumptions: Par amount: $500,000,000 Diversity Score: 75 Weighted Average Rating Factor (WARF): 3097 Weighted Average Spread (WAS): 3.00% Weighted Average Coupon (WAC): 7.00% Weighted Average Recovery Rate (WARR): 45.0% Weighted Average Life (WAL): 8.2 years Methodology Underlying the Rating Action The principal methodology used in these ratings was "Moody's Global Approach to Rating Collateralized Loan Obligations" published in May 2024. Factors That Would Lead to an Upgrade or Downgrade of the Ratings: The performance of the Rated Notes is subject to uncertainty. The performance of the Rated Notes is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The Manager's investment decisions and management of the transaction will also affect the performance of the Rated Notes. NEW DIRECTION: Unsecureds Will Get 37.8% of Claims over 60 Months ----------------------------------------------------------------- New Direction Home Health Care of DFW Inc. submitted a Second Amended Plan of Reorganization under Subchapter V. Under the Plan the Debtor will pay 100% of Allowed Secured Claims and Unsecured Claims pro-rata from a pool of $5,000.00 per month. Under this Plan, all Priority and Secured Creditors will receive payment of 100% of their Allowed Claims, and Unsecured Creditors will receive 37.8% of their Allowed Claims. Therefore, pursuant to the liquidation analysis all Creditors will receive at least as much under this Plan as they would in a Chapter 7 liquidation. Class 4 consists of Allowed General Unsecured Claims. Claimants shall be paid pro-rata $5,000.00 monthly on a pro-rata basis over 60 months from the Effective Date, without interest. These Claims will be paid in equal monthly installments commencing on the first day of the first month following the Effective Date and continuing on the first day of each month thereafter. These Claims are Impaired, and the holders of these Claims are entitled to vote to accept or reject the Plan. Class A consists of Allowed Secured Claims of Tarrant County. This Claim shall be paid in full in equal monthly installments of principal with interest thereon at the rate of 12% per annum commencing on the first day of the first month following the Effective Date and continuing on the first day of each month until sixty months after the Petition Date Payments. Interest shall begin to accrue on the Petition Date. This Claim is Impaired, and the holder of this Claim is entitled to vote to accept or reject the Plan. Class B consists of Allowed Secured Claims of the Internal Revenue Service ("IRS"). This claim shall be paid in full in equal monthly installments of principal and interest thereon at the rate of 7% per annum. Payments will commence on the first day of the first month following the Effective Date and continue until the expiration of 60 months from the Petition Date. Interest shall begin to accrue on the Effective Date. This Claim is Impaired, and the holder of this Claim is entitled to vote to accept or reject the Plan. The Debtor intends to make all payments required under the Plan from available cash and income from the business operations of the Debtor. A full-text copy of the Second Amended Plan dated July 24, 2025 is available at https://tinyurl.com/mst9pyxr from PacerMonitor.com at no charge. Counsel to the Debtor: Joyce W. Lindauer, Esq. Joyce W. Lindauer Attorney, PLLC 1412 Main Street, Suite 500 Dallas, TX 75202 Tel: (972) 503-4033 Fax: (972) 503-4034 Email: joyce@joycelindauer.com About New Direction Home Health Care of DFW New Direction Home Health Care of DFW, Inc. provides personalized and compassionate home health care services. New Direction sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 24-44654) on December 17, 2024, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Chiketa Kelly Williams, administrator, signed the petition. Judge Mark X. Mullin oversees the case. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC, is the Debtor's bankruptcy counsel. NIKOLA CORP: Seeks to Reclassify SEC's $80.2MM Fraud Claim ---------------------------------------------------------- Randi Love of Bloomberg Law reports that Nikola Corp. has urged the U.S. Bankruptcy Court in Delaware to reduce the priority of an $80.2 million claim from the Securities and Exchange Commission, arguing it improperly seeks to use estate assets to compensate shareholders impacted by fraud committed by former CEO Trevor Milton. In a July 25 filing, the electric vehicle manufacturer contends that the SEC's proposed "fair fund" would violate the bankruptcy code's absolute priority rule by directing funds to equity holders before all creditors are paid in full. The claim is part of a $125 million civil penalty levied by the SEC, of which Nikola has already paid $45 million, the report states. About Nikola Corp. Nikola Corporation and affiliates specialize in the design and manufacture of zero-emissions commercial vehicles, including battery-electric and hydrogen fuel cell trucks. The companies operate in two business units: Truck and Energy. The Truck business unit is commercializing heavy-duty commercial hydrogen-electric (FCEV) and battery-electric (BEV) Class 8 trucks that provide environmentally friendly, cost-effective solutions to the short, medium and long-haul trucking sectors. The Energy business unit is developing hydrogen fueling infrastructure to support FCEV trucks covering supply, distribution and dispensing. Founded in 2015, Nikola is headquartered in Phoenix, Ariz. Nikola and nine of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-10258) on February 19, 2025. In the petitions, the Debtors reported total assets as of Jan. 31, 2025 of $878,094,000 and total debts as of Jan. 31, 2025 of $468,961,000. Bankruptcy Judge Thomas M. Horan handles the cases. Potter Anderson & Corroon LLP serves as general bankruptcy counsel to the Debtors, and Pillsbury Winthrop Shaw Pittman LLP serves as bankruptcy co-counsel. Houlihan Lokey Capital, Inc. acts as investment banker to the Debtors; M3 Advisory Partners LP acts as financial advisor to the Debtors; while EPIQ Corporate Restructuring LLC is the Debtors' claims and noticing agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Morrison & Foerster LLP and Morris James, LLP as legal counsels; Ducera Securities, LLC as investment banker; and FTI Consulting, Inc. as financial advisor. NIKOLA CORP: Unsecureds Will Get 23.1% to 77.3% of Claims in Plan ----------------------------------------------------------------- Nikola Corp., and affiliates submitted a First Amended Combined Disclosure Statement and Chapter 11 Plan of Liquidation dated July 22, 2025. The Plan shall apply as a substantively consolidated Plan for all of the Debtors. All of the potential Classes for the Debtors are set forth herein. This Combined DS and Plan contemplates the establishment of the Liquidating Trust to administer post-Effective Date responsibilities of the Debtors and wind-down the Debtors' business under the Plan, including: (1) administering the Assets being vested with the Liquidating Trust, (2) making distributions to holders of Allowed Claims in accordance with the terms of this Plan and the Liquidating Trust Agreement, (3) resolving all Disputed Claims and effectuating the Claims reconciliation process pursuant to the procedures prescribed in this Combined DS and Plan, (4) prosecuting, settling, and resolving Preserved Estate Claims, (5) recovering, through enforcement, resolution, settlement, collection, or otherwise, Assets on behalf of the Liquidating Trust (which assets shall become part of the Liquidating Trust Assets), (6) winding down the affairs of the Debtors and all non-Debtor Affiliates, if and to the extent necessary, including taking any steps to dissolve, liquidate, or take other similar action with respect to each of the Debtors and each of the non-Debtor Affiliates, including by terminating the corporate or organizational existence of each such Debtor and non Debtor Affiliate, and (7) performing all actions and executing all agreements, instruments and other documents necessary to effectuate the purpose of the Liquidating Trust. Class 3 consists of General Unsecured Claims. On the Plan Distribution Date, except to the extent that a holder of an Allowed General Unsecured Claim and the Debtors (prior to the Effective Date, with the consent of the Committee) or the Liquidating Trust (after the Effective Date) agrees to less favorable treatment, in full and final satisfaction of such Claim, each holder of an Allowed General Unsecured Claim shall receive its Pro Rata Share of the Liquidating Trust Units, which shall entitle such Holder to its Pro Rata Share of the Liquidating Trust Net Assets. The allowed unsecured claims total $213,387,185 to $246,300,353. This Class will receive a distribution of 23.1% to 77.3% of their allowed claims. Claims in Class 3 are Impaired. Holders of Allowed General Unsecured Claims are entitled to vote to accept or reject the Plan. On the Effective Date, the Debtors shall make Plan Distributions in accordance with the Plan to holders of Allowed Administrative Claims, Allowed Tax Claims, Allowed Other Priority Claims, and Allowed Other Secured Claims that are due and payable as of the Effective Date using Cash on hand. Upon completion of such Plan Distributions, on the Effective Date, the Debtors shall transfer all Liquidating Trust Assets to the Liquidating Trust. After the Effective Date, the Liquidating Trustee shall fund the Reserve and shall make Plan Distributions from Liquidating Trust Net Assets on account of Allowed Claims in accordance with the Plan and the Liquidating Trust Agreement. On the Effective Date, in furtherance of the liquidation of the Debtors, the Liquidating Trust shall be established for the benefit of the Liquidating Trust Beneficiaries. The Liquidating Trustee shall execute the Liquidating Trust Agreement and shall take all other steps necessary to establish the Liquidating Trust pursuant to the Liquidating Trust Agreement and consistent with the Plan. The form of the Liquidating Trust Agreement shall be included in the Plan Supplement and approved pursuant to the Plan. The powers, authority, responsibilities, and duties of the Liquidating Trust and the Liquidating Trustee are set forth in and shall be governed by the Plan and the Liquidating Trust Agreement. On the Effective Date, the Debtors and the Liquidating Trustee shall execute the Liquidating Trust Agreement and shall take all steps necessary to establish the Liquidating Trust in accordance with the Plan and for the benefit of the Liquidating Trust Beneficiaries. Additionally, on the Effective Date, the Debtors shall irrevocably transfer and shall be deemed to have irrevocably transferred to the Liquidating Trust all of the Debtors' Estates' rights, title, and interest in and to all of the Liquidating Trust Assets and, in accordance with section 1141 of the Bankruptcy Code, the Liquidating Trust Assets shall automatically vest in the Liquidating Trust free and clear of all claims, liens, encumbrances, or interests, subject to the terms of this Plan and the Liquidating Trust Agreement. The Bankruptcy Court has established August 20, 2025 at 4:00 p.m. as the deadline for filing and serving objections to the final approval of the Disclosure Statement and the confirmation of the Plan (the "Combined DS and Plan Objection Deadline"). A hearing on the final approval of the Disclosure Statement and the confirmation of the Plan (as such hearing may be continued from time to time, the "Joint Hearing") will commence on September 5, 2025 at 10:00 a.m. in the Bankruptcy Court before the Honorable Thomas M. Horan, courtroom 5 at 824 Market St., 5th Floor Wilmington, DE 19801. A full-text copy of the First Amended Combined Disclosure Statement and Plan dated July 22, 2025 is available at https://urlcurt.com/u?l=KxabEL from PacerMonitor.com at no charge. Counsel to the Debtors: M. Blake Cleary, Esq. Brett M. Haywood, Esq. Maria Kotsiras, Esq. Shannon A. Forshay, Esq. Sarah R. Gladieux, Esq. POTTER ANDERSON & CORROON LLP 1313 N. Market Street, 6th Floor Wilmington, Delaware 19801 Tel: (302) 984-6000 Fax: (302) 658-1192 Email: bcleary@potteranderson.com bhaywood@potteranderson.com mkotsiras@potteranderson.com sforshay@potteranderson.com sgladieux@potteranderson.com Joshua D. Morse, Esq. Jonathan R. Doolittle, Esq. PILLSBURY WINTHROP SHAW PITTMAN LLP Four Embarcadero Center, 22nd Floor San Francisco, California 94111-5998 Tel: (415) 983-1000 Fax: (415) 983-1200 Email: joshua.morse@pillsburylaw.com jonathan.doolittle@pillsburylaw.com - and - Andrew V. Alfano, Esq. Caroline Tart, Esq. Chazz C. Coleman, Esq. PILLSBURY WINTHROP SHAW PITTMAN LLP 31 West 52nd Street New York, New York 10019 Tel: (212) 858-1000 Fax: (212) 858-1500 Email: andrew.alfano@pillsburylaw.com caroline.tart@pillsburylaw.com chazz.coleman@pillsburylaw.com About Nikola Corp. Nikola Corporation and affiliates specialize in the design and manufacture of zero-emissions commercial vehicles, including battery-electric and hydrogen fuel cell trucks. The companies operate in two business units: Truck and Energy. The Truck business unit is commercializing heavy-duty commercial hydrogen-electric (FCEV) and battery-electric (BEV) Class 8 trucks that provide environmentally friendly, cost-effective solutions to the short, medium and long-haul trucking sectors. The Energy business unit is developing hydrogen fueling infrastructure to support FCEV trucks covering supply, distribution and dispensing. Founded in 2015, Nikola is headquartered in Phoenix, Ariz. Nikola and nine of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10258) on Feb. 19, 2025. In the petitions, the Debtors reported total assets as of Jan. 31, 2025 of $878,094,000 and total debts as of Jan. 31, 2025 of $468,961,000. Bankruptcy Judge Thomas M. Horan handles the cases. Potter Anderson & Corroon LLP serves as general bankruptcy counsel to the Debtors, and Pillsbury Winthrop Shaw Pittman LLP serves as bankruptcy co-counsel. Houlihan Lokey Capital, Inc. acts as investment banker to the Debtors; M3 Advisory Partners LP acts as financial advisor to the Debtors; while EPIQ Corporate Restructuring LLC is the Debtors' claims and noticing agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors. The committee tapped Morrison & Foerster LLP and Morris James, LLP as legal counsels; Ducera Securities, LLC, as investment banker; and FTI Consulting, Inc. as financial advisor. NOBLE LIFE: Hires AFAB Lab Resources LLC as Appraisers ------------------------------------------------------ Noble Life Sciences, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ AFAB Lab Resources, LLC as appraisers. The firm will appraise the Debtor's lab equipment, including but not limited to equipment located in its lab located in Carroll County, Maryland. The firm will be paid at the rate of $150 per hour. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Michael I. Creath, president of AFAB, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael I. Creath AFAB Lab Resources, LLC 260 Interstate Cir., Suite 2A Frederick, MD 21704 Tel: (240) 651-1982 About Noble Life Sciences, Inc. Noble Life Sciences, Inc. is a pre-clinical contract research organization that provides GLP and non-GLP services, including safety and efficacy testing, for drugs, vaccines, and medical devices. It offers capabilities in pharmacology, bioanalysis, analytical testing, and preclinical development across a range of therapeutic areas such as oncology, infectious diseases, and cardiovascular conditions. Noble Life Sciences sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-15637) on June 22, 2025. In its petition, the Debtor reported total assets of $488,456 and total liabilities of $5,160,511. Robert B. Scarlett, Esq., at Scarlett & Croll, P.A. is the Debtor's legal counsel. Fulton Bank is represented by: Michael D. Nord, Esq. Gebhardt & Smith, LLP One South Street, Suite 2200 Baltimore, MD 21202 Tel: (410) 385-5072 E-mail: mnord@gebsmith.com OAKTREE OCALA: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------------ On July 29, 2025, Oaktree Ocala JV LLC filed Chapter 11 protection in the Southern District of New York. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Oaktree Ocala JV LLC Oaktree Ocala JV LLC is a real estate lessor operating under NAICS code 5311. It is based in Suffern, NY with apparent operations in Ocala, Florida. It operates as a joint venture in the real estate leasing sector. Oaktree Ocala JV LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-22701) on July 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtor is represented by Kenneth M. Lewis, Esq. at Paul M. Nussbau, Esq. ONDAS HOLDINGS: Fully Retires All Outstanding Convertible Notes --------------------------------------------------------------- Ondas Holdings Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that as of July 18, 2025, the December 17, 2024 Additional Notes have been settled and are no longer outstanding. As previously disclosed, the Company issued certain: (i) 3% Senior Convertible Notes in the aggregate original principal amount of $34.5 million, which were subsequently exchanged by the Company, on a dollar-for-dollar basis, into new 3% Senior Convertible Notes and have maturity date of April 28, 2025, which Exchange Notes were previously settled and are no longer outstanding; (ii) 3% Series B-2 Senior Convertible Notes in the aggregate original principal amount of $11.5 million (the "2023 Additional Notes"), which 2023 Additional Notes were previously settled and are no longer outstanding; (iii) 3% Series B-2 Senior Convertible Notes in the aggregate original principal amount of $4.1 million (the "December 3, 2024 Additional Notes"), which December 3, 2024 Additional Notes were previously settled and are no longer outstanding; (iv) 3% Series B-2 Senior Convertible Notes in the aggregate original principal amount of $11.5 million (the "December 17, 2024 Additional Notes"); and (v) 3% Series B-2 Senior Convertible Notes in the aggregate original principal amount of $18.9 million (the "December 31, 2024 Additional Notes"), which December 31, 2024 Additional Notes were previously settled and are no longer outstanding. Ondas Holdings, in a press release dated July 21, 2025, commented on the full exercise and retirement of its convertible notes. "The full exercise and retirement of our convertible notes is a significant achievement for Ondas," said Eric Brock, Chairman and CEO of Ondas Holdings. "It reflects our strong financial position and confidence in our long-term growth trajectory. With more than $67 million in cash and cash equivalents on our balance sheet as of June 30th, we are operating from a position of strength with ample liquidity to pursue our strategic growth plan." This development further enhances the Company's capital structure, simplifying its balance sheet while underscoring Ondas' financial discipline and strategic focus. About Ondas Holdings Marlborough, Mass.-based Ondas Holdings Inc. provides private wireless data solutions through its subsidiary, Ondas Networks Inc., and commercial drone solutions through Ondas Autonomous Systems Inc. (OAS), which includes wholly owned subsidiaries American Robotics, Inc. and Airobotics LTD. OAS focuses on the design, development, and marketing of autonomous drone solutions, while Ondas Networks specializes in proprietary, software-based wireless broadband technology for both established and emerging commercial and government markets. Together, Ondas Networks, American Robotics, and Airobotics deliver enhanced connectivity, situational awareness, and data collection capabilities to users in defense, homeland security, public safety, and other critical industrial and government sectors. In an audit report dated March 12, 2025, the Company's auditor, Rosenberg Rich Baker Berman, P.A., issued a "going concern" qualification, citing that the Company has experienced recurring losses from operations, negative cash flows from operations and a working capital deficit as of Dec. 31, 2024. As of Dec. 31, 2024, Ondas Holdings had $109.62 million in total assets, $73.68 million in total liabilities, $19.36 million in redeemable noncontrolling interest, and $16.58 million in total stockholders' equity. ONEMAIN FINANCE: S&P Rates New $500MM Senior Unsecured Notes 'BB' ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB' rating to OneMain Finance Corp.'s proposed $500 million senior unsecured notes due 2030. OneMain Finance Corp. (OMFC) is a direct, wholly owned subsidiary of OneMain Holdings Inc. (OneMain), which will guarantee the notes on an unsecured basis. The company intends to use the net proceeds to redeem a portion of its 9.0% senior notes due 2029 ($681 million outstanding as of June 30, 2025). While it is paying a modest call premium to redeem the notes, S&P favorably views that the company is proactively reducing its overall funding cost and that this will be accretive to earnings in the near term. For the quarter ended June 30, 2025, OneMain's leverage, as measured by debt to adjusted total equity, was 5.9x-6.0x, and pro forma for this issuance, S&P expects leverage to remain unchanged. As of June 30, 2025, OneMain's ratio of unencumbered assets to unsecured debt was about 1.05x. S&P said, "Pro forma for this transaction, we expect unencumbered assets to unsecured debt to remain at the low to midrange of 1.0x-1.1x. If the company's unsecured debt became greater than its unencumbered assets, we would lower the issue rating by one notch, to 'BB-'." For the quarter ended June 30, 2025, the company's consumer loans net charge-off ratio declined to about 7.2%, versus 7.8% the prior quarter and 8.3% a year prior. The ratio of loans that were 30-plus days delinquent was 5.17%, while for credit cards, this ratio was about 11.58%. As of June 30, 2025, OMF's back book (loan originations made prior to credit tightening in August 2022) had declined to 10%, from 16% of receivables at year-end 2024. The back book contributed 24% to 30-plus-day delinquency, down from 27% the prior quarter. Profitability and delinquencies should stabilize as the tail risk from 2022 vintages declines, but an expected economic slowdown and higher-for-longer interest rates could challenge performance for newer vintages. For 2025, OneMain tightened its upper end of expected net charge-offs to 7.5%-7.8%, from 8% in January 2025 and 8.1% in 2024. S&P said, "The stable rating outlook on OneMain indicates our expectation that in the next 12 months, the company will keep its competitive position in nonprime consumer lending and operate with leverage of 5.5x-6.5x. We expect the company to maintain adequate liquidity, manageable net charge-offs of about 8%, and its funding mix. "We could lower our ratings over the next 12 months if debt to adjusted total equity rose above 6.5x or if net charge-offs substantially rose above our base-case expectation and eroded earnings. We could also lower the ratings if regulatory actions impeded OneMain's business, if the company took on large debt-funded initiatives, or if competition increased in the nonprime consumer lending industry such that risk-adjusted yields declined and weakened earnings." An upgrade is unlikely over the next 12 months. OPGEN INC: Bonte Resigns as Director, Joins CapForce Subsidiary --------------------------------------------------------------- OpGen, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on July 17, 2025, the Company received notice from Christian-Laurent Benoit Bonte that he will be stepping down as a director, effective immediately. Mr. Bonte's resignation was not the result of any disagreement with management or the Company on any matter relating to the Company's operations, policies or practices. The Company extends its gratitude to Mr. Bonte for his many contributions. In connection with his departure from the Board, the Company further announces that Mr. Bonte has been appointed as the Head of the Digital Investment Banking Arm of CapForce International Holdings Ltd., a limited liability company incorporated in Malaysia and wholly owned subsidiary of the Company, effective July 1, 2025. In his new executive capacity, Mr. Bonte, 48, will leverage his rich investment banking experience in Paris, Hong Kong and Singapore with broad in-depth Hong Kong and U.S. capital market exposure. Mr. Bonte's experience includes his roles as the Executive Director at Meyzer Capital Management Pte Ltd, a management consulting and alternative investments platform, as the Founder and the Managing Director of Far Cap Pte Ltd, a corporate finance and technology investment firm, and as the Managing Director of ARC Capital Ltd, an investment bank with a presence in Asia and the United States. About OpGen OpGen, Inc., based in Rockville, Md., -- https://www.opgen.com/ -- is a precision medicine company harnessing the power of molecular diagnostics to help combat infectious disease. The Company's innovative approaches to infectious disease diagnostics consists of highly multiplexed syndromic molecular panels to address the global threat of antimicrobial resistance (AMR), improve antibiotic stewardship, and decrease the spread of multidrug-resistant microorganisms (MDROs). West Palm Beach, Florida-based Beckles & Co., Inc., the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 3, 2024, citing that the Company has incurred recurring losses from operations since inception and has stated that substantial doubt exists about the Company's ability to continue as a going concern. OpGen, Inc. has yet to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as disclosed in a Form 12b-25 filed on March 31, 2025, citing limited resources and delays in compiling financial documentation. OWL VENICE: Case Summary & 10 Unsecured Creditors ------------------------------------------------- Debtor: OWL Venice LLC 12906 Venice Blvd. Los Angeles, CA 90066 Business Description: OWL Venice LLC, doing business as OWL Venice, offers handcrafted broth elixirs, organic skincare products, and multi-day gut health cleanse programs across Los Angeles County. The Company also provides health coaching as an additional wellness service. Chapter 11 Petition Date: July 29, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-16451 Judge: Hon. Sheri Bluebond Debtor's Counsel: Giovanni Orantes, Esq. THE ORANTES LAW FIRM, A.P.C. 3435 Wilshire Blvd., 27th Floor Los Angeles, CA 90010 Tel: (888) 619-8222 Fax: (877) 789-5776 E-mail: go@gobklaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Lindsay Wilson as manager. A full-text copy of the petition, which includes a list of the Debtor's 10 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KWU4YGA/OWL_Venice_LLC__cacbke-25-16451__0001.0.pdf?mcid=tGE4TAMA PAULAZ ENTERPRISES: Hearing Today on Bid to Use Cash Collateral --------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida is set to hold a hearing today to consider another extension of Paulaz Enterprises, Inc.'s authority to use cash collateral. The Debtor's authority to use cash collateral pursuant to the court's July 22 interim order expires today. The interim order approved the payment of the Debtor's post-petition expenses from the cash collateral of Wells Fargo Bank, N.A. in accordance with the budget it filed with the court. The interim order granted Wells Fargo replacement liens on all post-petition cash collateral regardless of the nature of such cash collateral or the bank account into which it is deposited, with the same validity, priority and extent as the secured creditor's pre-bankruptcy liens. The Debtor believes all of its assets, including cash collateral are encumbered by the lien held by Wells Fargo. The value of the Debtor's assets is $303,282.25 as of the petition date, and the bank's loan has an outstanding balance of $637,481. Other entities that may have a lien on the cash collateral are Alliance Franchise Brands, LLC, ODK Capital, LLC and the U.S. Small Business Administration. The Debtor believes that the secured loan made by Alliance is subordinated to the Wells Fargo loan. The Debtor has been making payments towards the Alliance loan since its inception. Alliance is not entitled to a post-petition lien as there is no remaining collateral available to secure it. Meanwhile, the ODK Capital and SBA loans are wholly unsecured as all of the Debtor's assets are encumbered by Wells Fargo's lien. Both creditors are not entitled to a post-petition lien as there is no remaining collateral available to secure the loans. About Paulaz Enterprises Inc. Paulaz Enterprises Inc., doing business as Image360 Hollywood FL, provides custom signage, graphics, and display solutions for businesses and organizations in Hollywood, Miami, Fort Lauderdale, and surrounding areas. It offers interior signs, business signage, vehicle wraps, and event displays, coordinating projects from design to installation. Paulaz Enterprises operates as part of a national network, ensuring consistent quality and branding across various applications. Paulaz Enterprises sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18061) on July 15, 2025. In its petition, the Debtor reported total assets of $303,282 and total liabilities of $1,733,834. Judge Peter D. Russin handles the case. The Debtor is represented by Chad Van Horn, Esq., at Van Horn Law Group, PA. PBREIA LLC: Seeks to Hire Foley & Lardner LLP as Legal Counsel -------------------------------------------------------------- PBREIA, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Foley & Lardner LLP as counsel. The firm will render these services: (a) advise the Debtors with respect to their powers and duties in the continued operation of their business; (b) appear in court and protect the interests of the Debtors before the court; (c) prepare and file on behalf of the Debtors, all necessary legal documents; (d) assist in the identification of assets and liabilities of the estates; (e) analyze claims and competing property interests, and negotiate with creditors and parties in interest on behalf of the Debtors; (f) assist the Debtors in formulating a plan of reorganization or liquidation and take necessary legal steps in order to confirm such plan; (g) advise the Debtors in connection with any potential sale of assets; (h) assist and advise the Debtors in connection with certain labor and employment matters; (i) represent the Debtors in any related adversary proceedings, to the extent such representation becomes necessary; and (j) perform all other legal services for the Debtors that may be necessary in these proceedings. The firm's counsel and staff will be paid at these hourly rates: Thomas C. Scannell, Partner $875 per hour Kevin P.M. Garland, Partner $800 per hour Zachary C. Zahn, Associate $600 per hour Janelle C. Harrison, Paralegal $330 per hour In addition, the firm will seek reimbursement for expenses incurred. Mr. Scannell 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: Thomas C. Scannell, Esq. Zachary C. Zahn, Esq. Foley & Lardner LLP 2021 McKinney Avenue, Suite 1600 Dallas, TX 75201 Telephone: (214) 999-3000 Facsimile: (214) 999-4667 Email: tscannell@foley.com zzahn@foley.com About PBREIA, LLC PBREIA, LLC is a single-asset real estate company whose principal property is located in San Diego, California. PBREIA, LLC in Arlington, TX, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Tex. Case No. 25-42439) on July 2, 2025, listing $1 million to $10 million in assets and $100,000 to $500,000 in liabilities. Lynn Boyer as member, signed the petition. Judge Mark X Mullin oversees the case. FOLEY & LARDNER, LLP serve as the Debtor's legal counsel. PENNYMAC FINANCIAL: Moody's Affirms 'Ba2' CFR, Outlook Stable ------------------------------------------------------------- Moody's Ratings has affirmed all the ratings of PennyMac Financial Services, Inc. and its subsidiaries (together known as PFSI). Moody's have affirmed PFSI's Ba2 long-term corporate family rating and its Ba3 backed senior unsecured debt rating. Concurrently, Moody's affirmed Private National Mortgage Acceptance Co, LLC's (Private National) long-term issuer rating of Ba3. The outlooks for PFSI and Private National remain stable. RATINGS RATIONALE The affirmation of PFSI's Ba2 CFR reflects the company's solid track record of operational performance. Over the last several years, the company has further strengthened its franchise position in the correspondent origination channel, which continues to support its above-average profitability, particularly during periods of market stress, versus rated non-bank residential mortgage companies. In addition, PFSI's capitalization is consistently strong and its funding and liquidity profile is adequate for its current rating level. PFSI's operations are somewhat more diversified than those of other rated non-bank residential mortgage companies, which contributes to more stable earnings across interest rate cycles. In Q1 2025, its core net income (excluding fair value marks) to average assets stood at 3.1%, significantly outperforming the 0.95% average of rated peers. During the same period, PFSI ranked as the second-largest US residential mortgage lender, holding an estimated approximately 8% market share. It remains the leading correspondent lender, with a dominant around 20% share in that channel. Additionally, its presence in the wholesale-broker segment has grown steadily, reaching just below 5% in Q1 2025, making it the third-largest lender in that space. Despite subdued refinance activity due to elevated mortgage rates, PFSI continues to invest in its consumer-direct channel – a credit positive, as retail originations typically yield higher margins than those sourced through correspondent or broker channels. PFSI's capitalization is strong with tangible common equity (TCE) to adjusted tangible managed assets (TMA), excluding loans eligible for repurchase, averaging over 20% over the last several years, which compares well with peers. As of March 31, 2024, the company's TCE to adjusted TMA was 20.7%. Moody's expects PFSI to maintain TCE to adjusted TMA around 20% over the next 12-18 months. Historically, PFSI primarily relied on secured mortgage servicing rights (MSR) financing to fund its MSRs. However, in recent years, the company has increasingly shifted toward unsecured debt. Including its $850 million unsecured issuance in May 2025, Moody's estimates that PFSI's ratio of secured corporate debt to total corporate debt will decline to approximately 25%, down from 52% as of 31 December 2022. PFSI's Ba3 backed long-term senior unsecured debt rating is based on the company's Ba2 CFR and reflects the ranking of senior unsecured obligations in PFSI's capital structure. PFSI's stable outlook reflects Moody's expectations that the company will be able to maintain solid profitability, minimize operational risk, and maintain solid capitalization while continuing to strengthen its franchise position and maintain its liquidity profile over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The rating could be upgraded if PFSI strengthens its solid financial performance, whereby Moody's expects that long-term through-the-cycle profitability as measured by net income to average managed assets will average at least 4.0%. In addition, the company would need to maintain strong capitalization as measured by TCE to adjusted TMA above 20.0%, continue to strengthen its franchise position, particularly in the broker and direct-to-consumer origination channels, and further improve its funding structure by continuing to reduce its reliance on secured corporate debt. Moody's could upgrade PFSI's backed senior unsecured rating and Private National's long-term issuer rating if the company maintains its ratio of secured corporate debt to total corporate debt to below 25%. The rating could be downgraded if PFSI's financial performance deteriorates; for example, if Moody's expects net income to average managed assets to remain below 3.0%, or if leverage increases such that PFSI's TCE to adjusted TMA declines and remains below 17.5%. In addition, PFSI's senior unsecured bond rating and Private National's long-term issuer rating could be downgraded if the ratio of secured debt to total corporate debt increases and remains above 65%; under this scenario, Moody's would expect the loss on senior unsecured obligations in the event of default to be materially higher. The principal methodology used in these ratings was Finance Companies published in July 2024. PFSI's "Assigned Standalone Assessment" score of ba2 is set three notches below the "Financial Profile" initial score of baa2 to reflect the company's refinancing risk from short-term funding reliance, operational and regulatory risk and its operating environment. PENNYMAC MORTGAGE: Moody's Affirms B1 CFR, Outlook Remains Stable ----------------------------------------------------------------- Moody's Ratings has affirmed PennyMac Mortgage Investment Trust's (PMT) long-term corporate family rating of B1 and its long-term issuer rating of B3. The outlook remains stable. RATINGS RATIONALE The affirmation of PMT's ratings reflects the company's modest capitalization and profitability, offset by its solid franchise position and relationship with its external manager, PennyMac Financial Services, Inc. (PFSI, Ba2 stable). Together with PFSI, PMT is the largest US correspondent residential mortgage producer and a top-three residential mortgage originator in the US. PMT's capitalization, as measured tangible common equity (TCE) to adjusted tangible managed assets (TMA), excluding loans eligible for repurchase, has declined to 12.8% as of March 31, 2025 from 14.9% at year-end 2023, a credit negative. The recent decline contrasts with a similar fall from 2021 to 2023, which was primarily driven by declines in the fair value of mortgage servicing rights (MSRs), whereas the current weakening is due to an increase in loans held for sale on the balance sheet, which rose to $2.0 billion in Q1 2025 from $670 million at year-end 2023. The growth is aligned with PMT retaining more origination volume as well as with a slight rebound in US mortgage origination volumes. Like many other rated non-bank residential mortgage companies, PMT's profitability has been constrained in recent years. Profitability, as measured by net income over tangible managed assets, was 1.25% in 2024, down from 1.45% in 2023. The company's interest rate sensitive strategies segment – which includes MSR, Agency and non-Agency mortgage backed security (MBS) investments – along with its government-sponsored enterprise (GSE) correspondent origination business have delivered only modest performance as elevated short-term interest rates have adversely affected origination profitability and gain-on-sale margins. PMT's diverse funding profile encompasses MSR and CRT term notes and loans designed to finance its servicing assets and credit-sensitive investments. Notably, the term notes are devoid of mark-to-market provisions, a credit positive as it reduces the risk of margin calls on PMT's investments. In addition, most of the facilities have a two-year tenor, which helps alleviate refinancing risk. Furthermore, PMT has modestly increased its use of unsecured debt, a credit positive, demonstrated by its issuance of $173 million in new senior unsecured notes during Q1 2025. As of March 31, 2025, the company's mix of unsecured debt relative to total corporate debt was around 23%, up from 17% at year-end 2024, though the mix is still lower than peers. The stable outlook reflects Moody's expectations that profitability and capitalization will remain largely around current levels over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings on PMT could be upgraded if the company demonstrates solid financial performance, whereby long-term, through-the-cycle profitability as measured by net income to average managed assets increases and remains above 2.5%. In addition, the company's capitalization would need to strengthen such as TCE to adjusted TMA increasing and remaining above 17.5%, while preserving its franchise value and maintaining its current liquidity and funding profile. The ratings on PMT could be downgraded if Moody's expects the company's capitalization as measured by TCE to adjusted TMA to remain below 13.5%. The ratings could also be downgraded if Moody's expects the company's through-the-cycle net income to average managed asset ratio to remain below 1.5%, or if its liquidity position deteriorates materially. The principal methodology used in these ratings was Finance Companies published in July 2024. PMT's "Assigned Standalone Assessment" score of b1 is set three notches below the "Financial Profile" initial score of ba1 to reflect the company's elevated credit exposure to credit risk transfer assets. PIVOT OPERATIONS: Seeks to Hire McDonough CPA as Accountant ----------------------------------------------------------- Pivot Operations LLC seeks approval from the U.S. Bankruptcy Court for the District of Idaho to employ McDonough CPA as accountant. The firm will provide necessary financial accounting and payroll services, tax preparation, potential monthly reports, and consultation in the preparation of a Chapter 11 Plan. The firm will be paid a flat fee of $1,150 for preparation of 2024 Form 1120S Tax Return, $300 per hour for tax consultation services, and $85 per hour for bookkeeping and payroll services. Mr. McDonough 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: Jeff McDonough McDonough CPA 2230 W Everest Ln #150 Meridian, ID 83646 Tel: (208) 283-1948 About Pivot Operations LLC PIVOT Operations, LLC filed Chapter 11 petition (Bankr. D. Idaho Case No. 25-00331) on May 7, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Joseph Savola, manager of PIVOT Operations, signed the petition. Judge Whitman L. Holt oversees the case. Matthew Christensen, Esq., at Johnson May, represents the Debtor as legal counsel. PRIME CORE: Litigation Trust Wants to Claw Back $2.1MM Transfers ---------------------------------------------------------------- Emily Lever of Bloomberg Law reports that Prime Core Technologies' litigation trust has filed a lawsuit to recover $2.1 million in cash and cryptocurrency disbursed to customers shortly before the company's bankruptcy filing, arguing that the transfers further reduced the potential recoveries for other creditors already facing substantial losses. About Prime Core Technologies Inc. Prime Core Technologies, Inc., was founded in 2016 by Scott Purcell as a trust and custodial services company with respect to fiat currency and other more traditional assets, with its primary product being college savings trusts. Following the emergence and exponential growth of the blockchain and cryptocurrency industry, the Company recalibrated its focus away from providing more traditional fiat currency custodial services and towards providing custodial services for cryptocurrency and other digital assets. Eventually, the Company emerged as a market leader, providing a unique bundle of products and services that remain unparalleled in the industry. Prime Core Technologies, Inc., and three of its affiliates sought Chapter 11 bankruptcy protection (Bankr. D.N.J. Lead Case No. 23-11161) on Aug. 16, 2023. The petitions were signed by Jor Law as interim chief executive officer. The Hon. J. Kate Stickle presides over the Debtors' cases. The Debtors listed $50 million to $100 million in estimated assets and $100 million to $500 million estimated liabilities. McDermott Will & Emery LLP serves as counsel to the Debtors. The Debtors' financial advisor is M3 Advisory Partners, LP; their investment banker is Galaxy Digital Partners LLC; and their claims and noticing agent is Stretto. REBORN COFFEE: Inks $1.7M Licensing Deal With Arjomand Group ------------------------------------------------------------ Reborn Coffee, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a licensing agreement with Arjomand Group LLC, a limited liability company owned and controlled by Farooq Arjomand who is Chairman of the Company's Board of Directors. Pursuant to the terms of the Licensing Agreement, the Company has agreed to grant the Licensee a non-exclusive limited license to use the Company's trademark and certain aspects of its coffee-brewing business. The term of the Licensing Agreement commences on the day that the Licensee first offers the Company's coffee products for sale and ends on the ten-year anniversary of that date. Under the terms of the Licensing Agreement, the Licensee has the right to renew the Licensing Agreement along similar terms and identical pricing. The Licensee must notify the Company in writing of its intention to exercise its Renewal Right, and it must exercise such Renewal Right no less than 18 months prior to the Expiration Date. The Renewal Right may only be exercised if the following conditions are satisfied prior to the Expiration Date: (i) the Licensee has performed its obligations under the Licensing Agreement, (ii) the Licensee has completed the remodeling and renovation of its licensed locations to the specifications of the Company, (iii) the Licensee has not committed three or more defaults during any 12-month period during the term of the Licensing Agreement, (iv) the Licensee continues to comply with the terms and conditions of the Licensing Agreement, (v) the Licensee has satisfied the Company's qualification and training requirements, (vi) the Licensee has executed and delivered to the Company a General Release (as defined in the Licensing Agreement), (vii) the Licensee has paid a renewal fee of $2,500 and (viii) the Licensee has executed the Renewal License Agreement (as defined in the Licensing Agreement) and delivered it to the Company. The total license fee for the rights granted under the Licensing Agreement is $1,700,000. On the Effective Date of the Licensing Agreement, the Licensee will pay an initial non-refundable fee equal to 10% of the total license fee. The remaining 90% will be paid in three equal installments as follows: (i) 30% on the first anniversary of the Effective Date, (ii) 30% on the second anniversary of the Effective Date and (iii) 30% on the third anniversary of the Effective Date. The terms of the Licensing Agreement further provide for the construction of a flagship Reborn Coffee store in the United Arab Emirates. The terms also contemplate the Licensee's further expansion of the Company's business into hospitality institutions in the Middle East and Europe. They contain provisions concerning store design, property leasing and training programs all of which require the Company's oversight and approval. The Licensee is obligated to ensure that this flagship store is open for business within 180 days after the Effective Date. The Licensing Agreement imposes obligations on the Licensee to ensure that all licensed products fit the standard of quality of the Company. It also includes customary licensing provisions concerning advertising, trademark usage, approved suppliers, confidentiality, accounting, insurance, assignment, prior knowledge of trade secrets, non-competition and indemnification. Pursuant to the terms of the Licensing Agreement, the Licensee will not be entitled to, sublease, subcontract, award, transfer, or enter into any other agreement in connection with any licensed rights that would grant the right to possess, occupy or operate the Company's core business. A copy of the Licensing Agreement is available at https://tinyurl.com/d4mwpve8 About Reborn Coffee Brea, Calif.-based Reborn Coffee, Inc. (NASDAQ: REBN) is focused on serving high quality, specialty-roasted coffee at retail locations, kiosks, and cafes. Reborn is an innovative company that strives for constant improvement in the coffee experience through exploration of new technology and premier service, guided by traditional brewing techniques. Reborn believes they differentiate themselves from other coffee roasters through innovative techniques, including sourcing, washing, roasting, and brewing their coffee beans with a balance of precision and craft. For more information, please visit www.reborncoffee.com. Irvine, Calif.-based BCRG Group, the Company's auditor since 2024, 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's significant operating losses raise substantial doubt about its ability to continue as a going concern. Reborn incurred recurring net losses, including net losses from operations before income taxes of $4.8 million and $4.7 million for the years ended December 31, 2024 and 2023, respectively. It used $3.5 million and $3.2 million cash for operating activities during the years ended December 31, 2024 and 2023, respectively. RED RIVER: Seeger Weiss Appointed Lead Settlement Counsel in MDL ---------------------------------------------------------------- Carl Baranauckas of Law360 reports that a New Jersey federal judge presiding over the longstanding multidistrict litigation against Johnson & Johnson involving its talcum powder products has appointed Christopher A. Seeger of Seeger Weiss LLP to lead the plaintiffs' negotiation team in upcoming settlement discussions. About J&J Talc Units LLT Management, LLC (formerly known as LTL Management LLC) was a subsidiary of Johnson & Johnson that was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management first filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. In the 2021 case, LTL Management tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, served as the claims agent. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. Re-Filing of Chapter 11 Petition On Jan. 30, 2023, a panel of the Third Circuit issued an opinion directing this Court to dismiss the 2021 Chapter 11 Case on the basis that it was not filed in good faith. Although the Third Circuit panel recognized that the Debtor "inherited massive liabilities" and faced "thousands" of future claims, it concluded that the Debtor was not in financial distress before the filing. On March 22, 2023, the Third Circuit entered an order denying the Debtor's petition for rehearing. The Third Circuit entered an order denying LTL's stay motion on March 31, 2023, and, on the dame day,issued its mandate directing the Bankruptcy Court to dismiss the 2021 Chapter 11 Case. The Bankruptcy Court entered an order dismissing the 2021 Case on April 4, 2023. Johnson & Johnson on April 4, 2023, announced that its subsidiary LTL Management LLC (LTL) has re-filed for voluntary Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain approval of a reorganization plan that will equitably and efficiently resolve all claims arising from cosmetic talc litigation against the Company and its affiliates in North America. In the new filing, J&J said it has agreed to contribute up to a present value of $8.9 billion, payable over 25 years, to resolve all the current and future talc claims, which is an increase of $6.9 billion over the $2 billion previously committed in connection with LTL's initial bankruptcy filing in October 2021. LTL also has secured commitments from over 60,000 current claimants to support a global resolution on these terms. In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that the second bankruptcy case should be dismissed. 3rd Try In May 2024, J&J announced its subsidiary LLT Management LLC is soliciting support for a consensual prepackaged bankruptcy plan to resolve its talc-related liabilities. Under the terms of the plan, a trust would be funded with over $5.4 billion in the first three years and more than $8 billion over the course of 25 years, which J&J calculates to have a net present value of $6.475 billion. If the Plan is accepted by at least 75% of voters, a bankruptcy was to be filed under the case name In re Red River Talc LLC. Epiq Corporate Restructuring, LLC is serving as balloting and solicitation agent for LLT. On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 24-90505). Porter Hedges LLP and Jones Day serve as counsel in the new Chapter 11 case. Epiq is the claims agent. Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting Counsel. Randi S. Ellis is the proposed prepetition legal representative of future claimants. RENASCENCE INC: Gets OK to Use Cash Collateral Until Aug. 28 ------------------------------------------------------------ Renascence, Inc. received interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Greenville Division, to use cash collateral. The order penned by Judge Pamela McAfee authorized the Debtor's interim use of cash collateral until August 28 to pay essential expenses in accordance with its budget, with 6% expense deviation allowed. The order granted the U.S. Small Business Administration and other creditors with interest in the cash collateral a post-petition lien on all cash, accounts, receivables and future receivables collected by the Debtor during the interim period. As additional protection, the Debtor must pay $3,700 to SBA by August 5, and another $500 to be held in trust for the Subchapter V trustee. A final hearing is set for August 26. The Debtor and SBA entered into a promissory note and security agreement in 2020 and in 2021. The notes were secured by the Debtor's cash, accounts, receivables, inventory, equipment, software, insurance proceeds, tax refunds and other intangibles. The Debtor estimates that the balance due on the notes is $565,800. A copy of the Debtor's budget is available at https://shorturl.at/xcv96 from PacerMonitor.com. About Renascence Inc. Renascence, Inc. offers printing, publishing, mailing, embroidery, signage, and retail office supply sales. Renascence sought protection under Chapter 11 of the U.S. Bankruptcy Code (Banker. E.D. N.C. Case No. 25-01764) on May 12, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Donald A. Stocks, Sr., president of Renascence, signed the petition. Judge Pamela W. Mcafee oversees the case. The Debtor is represented by: Christopher Scott Kirk, Esq. C. Scott Kirk, Attorney At Law, PLLC Tel: 252-689-6249 scott@csklawoffice.com RENT-A-CHRISTMAS: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Rent-A-Christmas LLC 50 Broadway, Suite 200, #12 Hawthorne, NY 10532 Business Description: Rent-A-Christmas LLC rents fully decorated Christmas trees, wreaths and garlands complete with designer-curated styling, pre-attached decor and lights, plus door-to-door delivery, serving commercial, residential, event and production clients across the United States. Chapter 11 Petition Date: July 29, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-22707 Judge: Hon. Sean H. Lane Debtor's Counsel: Julie Cvek Curley, Esq. KIRBY AISNER & CURLEY LLP 700 Post Road Suite 237 Scarsdale, NY 10583 Tel: (914) 401-9500 E-mail: jcurley@kacllp.com Total Assets: $218,208 Total Liabilities: $1,543,483 The petition was signed by Judah Parness 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/Y6WBNGA/Rent-A-Christmas_LLC__nysbke-25-22707__0001.0.pdf?mcid=tGE4TAMA RIVER FALL: Claims Will be Paid from Property Sale/Refinance ------------------------------------------------------------ River Fall 529 LLC filed with the U.S. Bankruptcy Court for the District of Massachusetts a Disclosure Statement with respect to Plan of Reorganization dated July 22, 2025. The Debtor is a Massachusetts limited liability company formed on or about June 13, 2023 to acquire and rehabilitate historic property. Mr. Sylvan Quallo is the founder, sole owner, and manager of the Debtor. Contemporaneously with its formation, the Debtor purchased a certain piece of real property located at 529 Eastern Avenue in Fall River Massachusetts (the "Property"). The Property is improved by a historic rectory building, which was originally part of the Notre Dame de Lourds church complex. The church itself, originally built in 1874, was destroyed in a catastrophic fire in 1982. In order to locate potential investors, financial partners, or acquirers, the Debtor filed an application to retain The OPAC Group, which was allowed by order of the Bankruptcy Court dated July 18, 2025. OPAC has been actively marketing the Property for approximately six weeks and has received several expressions of interest from potential investors and purchasers. As of July 18, 2025, four such parties have executed non-disclosure agreements and received tax and other financial information regarding the Property. The Debtor plans to refinance or sell the Property to fund payments to creditors under the Plan. The Debtor believes that the value of the Property substantially exceeds the amount of Allowed Claims. After payment of Secured, Administrative, Priority Claims, General Unsecured Claims, and payment of, or reservation for, the amounts necessary to administer the Plan, the balance of the proceeds will be distributed to the Debtor. Class 3 consists of General Unsecured Claims. The Debtor estimates that the total amount of Class 3 claims is less than $10,000 based upon the schedules of assets and liabilities filed in the case. In addition, there is the claim of Mortgage Works for amounts advanced to the Debtor during its chapter 11 case, which claim is subordinated to the claims of all other creditors and receive a distribution only after all other allowed claims against the Debtor are paid in full. Commencing upon the later of the 30th day following the Effective Date or such date as the Claim becomes an Allowed Claim, in full and complete satisfaction, settlement, release and discharge of the Allowed General Unsecured Claims, the holders of Allowed General Unsecured Claims shall receive payment of their Allowed General Unsecured Claims: (i) in Cash, (ii) from the Net Proceeds of the sale of the Property, (iii) in equal monthly installments for a period of six months following the Effective Date, (iv) upon such terms as is agreed to in writing between the Debtor and the holder of an Allowed Class 3 Claim, or (v) upon such terms as may be determined by the Bankruptcy Court. Allowed Class 3 Claims may be impaired and the holder of such Allowed General Unsecured Claims are entitled to vote to accept or reject the Plan. Class 4 consists of Equity Interests. The Debtor retains its equity interests under the Plan and receives the remainder of the Assets, if any, after payment in full of all Allowed classified and unclassified claims in the Debtor's chapter 11 case. Class 4 is presumed to be unimpaired under the Plan and is conclusively presumed to have accepted the Plan and is not entitled to vote to accept or reject the Plan on account of its Equity Interests. Confirmation of the Plan shall constitute authorization for the Debtor or the Reorganized Debtor to: (i) effectuate the Plan and to enter into all documents, instruments and agreements reasonably necessary to effectuate the terms of the Plan, and (ii) liquidate any Assets remaining after the Effective Date. The Debtor shall remain in existence as the Reorganized Debtor until dissolved pursuant to the Plan. The Plan provides that the Debtor's principal asset, a certain piece of real estate located at 529 Eastern Avenue in Fall River, Massachusetts (the "Property") will be re-financed or sold and the proceeds made available for distribution to the holders of Allowed Secured, Administrative, Priority, and Unsecured Claims. Such proceeds will exceed the amount of all Allowed Claims. A full-text copy of the Disclosure Statement dated July 22, 2025 is available at https://urlcurt.com/u?l=xk1j8y from PacerMonitor.com at no charge. The firm can be reached at: Christopher M. Condon, Esq. Bowditch & Dewey, LLP 75 Federal Street Suite 1000 Boston, MA 02110 Tel: (617) 757-6500 About River Fall 529 LLC River Fall 529 LLC is a single-purpose real-estate company that owns the 529 Eastern Avenue property in Fall River, Massachusetts. River Fall 529 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-10810) on April 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Christopher M. Condon, Esq. at BOWDITCH & DEWEY LLP. RUNITONETIME LLC: 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 RunItOneTime, LLC and its affiliates. The committee members are: 1. Project Evergreen WA LLC 30 North LaSalle Street, Suite 4140 Chicago, IL 60602 773-389-6502 andrew.morris@blueowl.com 2. Paladin Technologies Inc. Attention: Marc Carvajal 1350 Burrard Street, Suite 1350 Vancouver, BC V6B 4P6 800-783-0968 mcarvajal@paladintechnologies.com 3. CleanCo Bins LLC Attention: Davon Evans 4547 Rainier Ave So. suite 508 Seattle, WA 98118 206-734-6794 cleancobins@gmail.com 4. Swire Pacific Holdings, Inc. d/b/a Swire Coca-Cola, USA Attention: Credit Risk Management 12634 South 265 West Draper, UT 84020 813-285-0280 creditriskmanagement@ccbss.com 5. Aristocrat Technologies, Inc. Attention: Christy Cahall, Esq 10220 Aristocrat Way Las Vegas, NV 89135 Christy.cahall@aristocrat.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 RunItOneTime LLC RunItOneTime LLC, formerly known as Maverick Gaming LLC, headquartered in Kirkland, Washington, is a regional casino and cardroom operator across Washington State, Nevada, and Colorado. The company operates a portfolio of 31 properties, with 1,800 slot machines, 350 table games, 1,020 hotel rooms, and 30 restaurants. Maverick was founded in 2017 by Eric Persson and Justin Beltram, who hold over 70% ownership in the company. RunItOneTime LLC and 67 affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90191) on July 14, 2025. In its petition, RunItOneTime estimated assets and liabilities between $100 million and $500 million each. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Latham & Watkins LLP as counsel; and Hunton Andrews Kurth LLP, as bankruptcy co-counsel. The Debtors also engaged GLC Advisors & Co., LLC and GLC Securities, LLC, as investment banker, and Triple P TRS, LLC as financial advisor. The Debtors' tax advisor is KPMG LLP. RYVYL INC: Arena Entities Hold 8.7% Equity Stake ------------------------------------------------ Arena Investors, LP, Arena Investors GP, LLC, Arena Special Opportunities Partners III, LP, and Arena Special Opportunities Partners III GP, LLC disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of July 15, 2025, they beneficially own 1,388,025 shares of Common Stock, $0.001 par value, of RYVYL Inc., representing 8.7% of the 15,957,396 shares outstanding, as reported by the Company in its Form S-1/A filed on July 2, 2025. These shares are held directly by Arena Special Opportunities Partners III, LP, with voting and dispositive power solely held by the reporting persons. Arena Investors, LP, et al. may be reached through: Tsering Lama, Authorized Signatory 2500 Westchester Avenue, Suite 401 Purchase, New York 10577 Tel: 212-257-4178 A full-text copy of Arena Investors's SEC report is available at: https://tinyurl.com/ysz47byt About Ryvyl Inc. San Diego, Calif.-based RYVYL Inc., together with its subsidiaries, is a financial technology company that develops, markets, and sells innovative blockchain-based payment solutions, which offer significant improvements for the payment solutions marketplace. The Company's core focus is to develop and monetize disruptive blockchain-based applications, integrated within an end-to-end suite of financial products, capable of supporting a multitude of industries. In its report dated March 28, 2025, the Company's auditor, Simon & Edward, LLP, issued a 'going concern' qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, noting that the transitioning of the Company's QuickCard product in North America led to a significant decline in processing volume and revenue, the recovery of these lost revenues is not expected until late 2025. The loss of revenue resulting from this business reorganization has jeopardized its ability to continue as a going concern. As of Dec. 31, 2024, RYVYL had $122.28 million in total assets, $123.77 million in total liabilities, and a total stockholders' deficit of $1.49 million. SAKS GLOBAL: Moody's Cuts CFR to Caa3 & Alters Outlook to Negative ------------------------------------------------------------------ Moody's Ratings downgraded Saks Global Enterprises LLC's (Saks Global), corporate family rating to Caa3 from Caa1 and its probability of default rating to Caa3-PD from Caa1-PD. Moody's also downgraded the company's senior secured notes to Ca from B3. The outlook changed to negative from stable. The downgrade reflects Moody's views of governance considerations, particularly the company's very weak credit metrics, its weak free cash flow generation and very high funded debt level. The downgrade also incorporates Moody's expectations that the company's operating performance and credit metrics will not meaningfully improve over the next 12 months which Moody's believes has contributed to a lower expected recovery for the senior secured notes. In addition, the company has secured $600 million of committed financing from a group of its existing noteholders through the issuance of new notes (SPV notes) at a wholly owned SPV. The proceeds from this financing will fund an intercompany $400 million first-in last out (FILO) asset-based credit facility and additional commitments of $200 million subject to certain conditions. $300 million of the FILO has already been funded with an additional $100 million to be funded in connection with a note exchange. If the company's proposed note exchange offer proceeds as outlined it will be a limited default for the existing notes under Moody's definitions of default as the exchange will be at less than par and existing noteholders will be junior in priority to the new exchange notes. Moody's expects to append the PDR with an /LD (limited default) designation upon the closing of the exchange transaction. The LD designation will be removed after three business days. "Although the injection of $600 million in new liquidity is a near term positive as it will alleviate the company's near term liquidity pressures, Moody's do not view this to be a longer term solution unless Saks Global can grow its topline, meaningfully improve earnings and improve free cash flow generation", stated Moody's Ratings Vice President Mickey Chadha. The Ca rating of the senior secured notes reflects Moody's expectations of lower recovery on the notes than was previously expected due to their junior position in new the capital structure. RATINGS RATIONALE The Caa3 CFR reflects the company's very high leverage, weak liquidity position with negative free cash flow and expected continued weak topline growth particularly of the Saks Fifth Avenue business. Moody's expects Moody's-adjusted debt/EBITDA to be over 10.0x and (EBITDA-Capex)/interest expense to be not meaningful in 2025, excluding unrealized synergies and addbacks for costs to achieve synergies. Saks Global will benefit from gradual synergy realization, which the company estimates at a total run rate of over $600 million, however Moody's expects savings to be partly offset by investments in the business. In addition, the company's earnings growth, synergy realization and return to positive free cash flow are subject to execution risks, particularly in a difficult consumer discretionary spending environment and given the uncertainty around tariffs. A disruption in the company's inventory flow during the previous holiday season and the subsequent renegotiations with vendors resulted in a deterioration of the company's liquidity as past due payments and borrowing base constraints resulted in more than expected usage under the company's $1.8 billion ABL revolver. Availability under the revolver was $303 million at the end of the first quarter ended May 03, 2025. The new money raise will improve liquidity but Moody's believes the company will still burn cash in 2025. The negative outlook reflects the high excecution risk and uncertainty surrounding the improvement in the company's operating performance, credit metrics and cash flows. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade would require a reduction in the likelihood of default and sustained improvement in operating performance and liquidity such that it would allow the company improve funded debt/EBITDA and interest coverage to a more sustainable level and improve the estimated debt instrument recoveries. The ratings could be downgraded if earnings do not improve or liquidity is worse than projected, estimated recoveries are less than expected or should the company fail to make its scheduled interest or principal payments or file for bankruptcy. Headquartered in New York, NY, Saks Global Enterprises LLC operates full-line Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman stores and off-price SaksOFF5TH and Neiman Marcus Last Call stores. Total proforma revenue was $7.7 billion for fiscal year 2024. The principal methodology used in these ratings was Retail and Apparel published in November 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. SCHULTE INC: Gets OK to Use $154K in Cash Collateral Until Oct. 31 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the District of New Hampshire approved Schulte Inc.'s sixth motion to use cash collateral from August 1 to October 31 or until the order confirming its third amended Chapter 11 plan becomes final, whichever comes first. The court authorized Schulte to use up to $154,837 for ordinary business expenses and adequate protection payments during this period. As protection for the Debtor's use of their cash collateral, the U.S. Small Business Administration and other secured creditors will be granted replacement liens on property acquired by the Debtor after its bankruptcy filing. The replacement liens do not apply to any Chapter 5 avoidance actions. As additional protection, the Debtor was ordered to make a monthly payment of $811 to SBA and $33,270.32 to secured creditors such as Ally Bank and Oakmont Capital Holdings, LLC. The next hearing is scheduled for October 29. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/1XoTA from PacerMonitor.com. SBA has a first priority lien on "ordinary cash collateral," which is cash generated through regular business operations. Other creditors have valid, perfected security interests in specific equipment, which include Caterpillar Financial Services Corporation, First Citizens Bank & Trust., Mitsubishi HC Capital America, Inc., Volvo Financial Services, and Wells Fargo. About Schulte Inc. Schulte Inc., a company in Newton, N.H., filed its voluntary Chapter 11 petition (Bankr. D.N.H. Case No. 24-10225) on April 8, 2024, with $1 million to $10 million in both assets and liabilities. Judge Bruce A. Harwood oversees the case. The Debtor is represented by: William S. Gannon William S. Gannon PLLC Tel: 603-621-0833 Email: bgannon@gannonlawfirm.com SENOIA DRUG: Gets Interim OK to Use Cash Collateral --------------------------------------------------- Senoia Drug Co Inc. got the green light from the U.S. Bankruptcy Court for the Northern District of Georgia, Newnan Division, to use cash collateral. The court authorized the Debtor's interim use of cash collateral until August 20 to pay operating expenses in accordance with its budget. The Debtor was also authorized to fund a post-petition escrow for payment of the Subchapter V trustee's fees in the amount of $1,000 per month to be held in escrow by the Debtor's counsel pending further court order. As protection for the Debtor's use of their cash collateral, secured creditors will be granted replacement liens on assets acquired by the Debtor after the bankruptcy filing similar to their pre-bankruptcy collateral. The replacement liens will have the same validity and priority as the secured creditors' pre-bankruptcy liens. The secured creditors are AmerisourceBergen Drug Corporation; Five Star Bank; PioneerRx, LLC; Lendistry SBLC, LLC; C T Corporation System as representative; CHTD Company as representative; Corporation Service Company as representative; BayFirst National Bank; Celtic Bank Corporation, Greyhaven Partners; ODK Capital, LLC doing business as OnDeck; Small Business Financial Solutions, LLC doing business as Rapid Finance; and WebBank. A court hearing is set for August 20. BayFirst National Bank is represented by: A. Todd Sprinkle, Esq. Parker Poe Adams & Bernstein, LLP 1075 Peachtree Street NE, Suite 1500 Atlanta, GA 30309 Phone: 678.690.5702 Fax: 404.869.6972 toddsprinkle@parkerpoe.com About Senoia Drug Co Inc. Senoia Drug Co Inc. operates a full-service retail pharmacy in Senoia, Georgia. The Company provides prescription medications, compounding services, immunizations, medication therapy management, durable medical equipment. It also offers local delivery and digital refill services through a mobile app. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-11060) on July 21, 2025. In the petition signed by J. Bryan Hazelton, chief executive officer, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Bethany Strain, Esq., at Jones and Walden, LLC, represents the Debtor as legal counsel. SHARPLINK GAMING: Acquires 79,949 ETH Using $97M ATM Proceeds ------------------------------------------------------------- SharpLink Gaming, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission updates of its ETH holdings and At-the-Market Facility. ETH Update: During the period from July 14, 2025 through July 20, 2025, the Company acquired 79,949 ETH for an aggregate purchase price of approximately $258.9 million (inclusive of fees and expenses) at a weighted average purchase price per ETH of $3,238 (inclusive of fees and expenses). The purchases were made using the proceeds the Company received from the ATM Facility as described herein. The Company engages in staking activities with respect to its ETH. As of July 20, 2025, substantially all of the ETH Holdings were deployed in staking ("Staking Activities"). As of July 20, 2025, the Company's aggregate ETH Holdings were 360,807. Additionally, as of the same date, the Company has generated 567 ETH staking rewards, since launching its ETH treasury strategy on June 2, 2025. The Company notes that aspects of its Staking Activities may be subject to government regulation and guidance subject to change. At-the-Market Facility: During the period from July 14, 2025, through July 20, 2025, the Company sold a total of 3,761,110 shares of the Company's common stock, par value $0.0001 per share, for net proceeds of approximately $96.6 million pursuant to the ATM Facility. In a press release, the Company announced Key Highlights for the Week Ending July 20, 2025: * ETH holdings rose to 360,807 ETH, up 29% from the previous week. * 79,949 ETH were purchased, the highest weekly amount in the historical reporting periods. * Average ETH purchase price for the week was $3,238. * ETH Concentration rose to 3.06 - up 53% since the Company launched its digital treasury strategy, with $96.6 million ATM net proceeds yet to be deployed to purchase more ETH. * Total ETH staking rewards have risen to 567 since the Company launched its digital treasury strategy on June 2, 2025. Joseph Lubin, SharpLink Chairman, Co-Founder of Ethereum and Founder and CEO of Consensys stated in the press release: "We continue to strategically leverage our ATM facility to build our ETH treasury in pursuit of our long-term growth objectives. The continued strength of ETH and our ability to acquire significant volume at opportunistic prices support our aim to continue enhancing ETH concentration and shareholder value through disciplined execution of our treasury growth strategies." 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). SILVER AIRWAYS: Gets Court OK to Convert Chapter 11 to Chapter 7 ---------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports a bankruptcy judge has authorized the conversion of Silver Airways LLC's case from Chapter 11 to Chapter 7 liquidation, following the airline's shutdown last June 2025. In a Monday, July 28, 2025, court filing, Judge Peter D. Russin of the U.S. Bankruptcy Court for the Southern District of Florida approved Chapter 11 trustee Soneet Kapila's request, finding "good cause" for the move. Silver Airways filed for Chapter 11 in December 2024 and completed the sale of its assets in June 2025. The airline announced it ceased operations on June 11 after its restructuring efforts in bankruptcy proved unsuccessful. About Silver Airways Silver Airways, LLC is a regional U.S. airline operating flights between gateways in Florida, the Southeast and The Bahamas. The Silver Airways fleet is comprised of modern, state of the art aircraft with reliable, fuel-efficient turbo-prop engines. In the summer of 2018, Silver completed the acquisition of Seaborne Airlines, a San Juan, Puerto Rico-based air carrier serving destinations throughout Puerto Rico, the U.S. Virgin Islands, and other countries in the Caribbean. Seaborne provides connections throughout the Caribbean via the carrier's hub in San Juan, while also serving as the most critical link between St. Croix and St. Thomas with the carrier's seaplane operation. Silver Airways and Seaborne Virgin Islands, Inc. filed Chapter 11 petitions (Bankr. S.D. Fla. Lead Case No. 24-23623) on Dec. 30, 2024. At the time of the filing, Silver Airways reported $100 million to $500 million in assets and liabilities while Seaborne reported $1 million to $10 million in assets and liabilities. Judge Peter D. Russin oversees the cases. Brian P. Hall, Esq., is the Debtors' legal counsel. Brigade Agency Services, LLC, as lender, is represented by Frank P. Terzo, Esq., at Nelson Mullins Riley & Scarborough, LLP. Argent Funding LLC and Volant SVI Funding LLC, as lenders, are represented by Regina Stango Kelbon, Esq. at Blank Rome, LLP. Lawyers at Tucker Arensberg, P.C. represent Argentum Acquisition Co., LLC, emerged as the winning bidder for the airline's assets with an offer of $5,755,000 in cash plus additional amounts and the assumption of certain liabilities. SILVERGATE CAPITAL: Court Denies $89MM Chapter 11 Claim ------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that on Tuesday, July 29, 2025, a Delaware bankruptcy judge rejected an $89 million breach of contract claim in Silvergate Bank's Chapter 11 case, finding that the bank's insolvent parent never agreed to sell a loan to the bitcoin-focused financial firm in 2023. About Silvergate Capital Corporation Silvergate Capital Corporation is a Maryland corporation headquartered in La Jolla, Calif. Until July 1, 2024, it was a bank holding company subject to supervision by the Board of Governors of the Federal Reserve. Silvergate Capital Corporation filed voluntary Chapter 11 petition (Bankr. D. Del. Lead Case No. 24-12158) on Sept. 17, 2024, listing $100 million to $500 million in assets and $10 million to $50 million in liabilities. The petitions were signed by Elaine Hetrick as chief administrative officer. Judge Karen B. Owens oversees the case. Paul N. Heath, Esq., at Richards, Layton & Finger, P.A. represents the Debtor as legal counsel. SOLUNA HOLDINGS: Secures $20M for 35MW Project Kati Expansion ------------------------------------------------------------- Soluna Holdings, Inc. announced that it has closed its latest round of financing from Spring Lane Capital for a 35-megawatt (MW) expansion of Project Kati in Texas with Project Kati 1. With these funds, Soluna will commence Project Kati 1 construction in Q3 2025, with the goal of achieving initial energization and ramp-up by Q1 2026. "Spring Lane Capital has walked alongside Soluna on our path to growth since the beginning with an investment in Project Dorothy," said John Belizaire, CEO of Soluna. "We expect these funds to fuel the construction of the first 35MW of the 83MW phase of Kati 1, which expands Soluna's Texas fleet for Bitcoin Hosting." Key details: * Financial Structure and Equity Ownership: Soluna expects that the $20 million will fully cover the project's funding needs, including working capital. Kati 1 continues the superior waterfall structure and enhanced management and development fees, allowing Soluna to benefit from substantial current income during the construction and operational phases. * Construction Timeline: The parties intend to commence Project Kati 1 construction in Q3 2025, with the goal of achieving initial energization and ramp-up by Q1 2026. * Capacity and Technology: The new facility is designed to accommodate approximately 12,000 next-generation Bitcoin mining rigs. * SLC's Expanded Financial Support: SLC and Soluna previously signed an agreement to extend up to $100M of additional project-level capital for Soluna's growing data center pipeline for Bitcoin and AI, subject to certain conditions precedent. * Fund 2 Investment: SLC deployed its capital from its second private equity fund, Spring Lane Capital Fund II, which is twice the size of its initial fund. The fund is lined up to provide up to $4 million in Development Expenditure (DevEx) financing for Soluna's long-lead equipment purchases. * Project Approvals: Kati 1 already has all the necessary ERCOT planning approvals. An ERCOT model update will be submitted at least 90 days before energization. "We continue to invest in and be strategic supporters of Soluna because they continue to take steps toward sustainable high-performance computing and meeting green data center demand," said Rob Day at Spring Lane Capital. "We're looking forward to construction getting underway at Project Kati so that Soluna can continue expanding its green computing power." For more information, visit www.solunacomputing.com About Soluna Holdings Headquartered in Albany, N.Y., Soluna Holdings, Inc. designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources. The Company's modular data centers can be co-located with wind, solar, or hydroelectric power plants and support compute-intensive applications, including Bitcoin mining, generative AI, and scientific computing. This approach aids in energizing a greener grid while providing cost-effective and sustainable computing solutions. Albany, N.Y.-based UHY LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated Mar. 31, 2025, attached in the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company was in a net loss, has negative working capital, and has significant outstanding debt that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2024, Soluna Holdings had $98.68 million in total assets, $48.74 million in total liabilities, and $49.93 million in total equity. SOUTHWEST FIRE: Seeks Chapter 11 Bankruptcy in New Mexico --------------------------------------------------------- On July 28, 2025, Southwest Fire Defense LLC filed Chapter 11 protection in the District of New Mexico. According to court filing, the Debtor reports $1,530,318 in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About Southwest Fire Defense LLC Southwest Fire Defense LLC provides emergency same-day hazard tree removal, tree trimming, stump grinding, defensible space creation and tree risk assessment services in the Santa Fe, New Mexico area. Founded in 2014 by former firefighter Daniel A. Martinez, the Company offers free estimates. Southwest Fire Defense LLC relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.M. Case No. 25-10924) on July 28, 2025. In its petition, the Debtor reports total assets of $706,464 and total liabilities of $1,530,318. Honorable Bankruptcy Judge Robert H. Jacobvitz handles the case. The Debtor is represented by Chris Gatton, Esq. at GATTON & ASSOCIATES, P.C. SOUTHWEST FT WORTH: Court Extends Cash Collateral Access to Aug. 4 ------------------------------------------------------------------ Southwest Ft Worth Memory Care, LLC received third interim approval from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral to pay its operating expenses. The order penned by Judge Mark Mullin authorized the Debtor's interim use of cash collateral through August 4 in accordance with its monthly budget. PSF II Dutch Branch, LLC, a secured lender, asserts pre-bankruptcy liens on substantially all of the Debtor's assets, including cash and accounts. As adequate protection for the Debtor's use of its cash collateral, the lender will be granted post-petition liens on the Debtor's assets and the proceeds thereof. The replacement liens do not apply to any Chapter 5 claims. As further protection, the Debtor was ordered to keep the secured lender's collateral fully insured. The Debtor's authority to use cash collateral terminates upon dismissal or conversion of its Chapter 11 case; the appointment of a trustee or examiner; cessation of operations; non-compliance with or default by the Debtor of the terms of the order; the granting of claim or lien to another creditor that is equal or superior in priority; or the lifting of the automatic stay to allow any creditor to proceed against any asset of the Debtor valued at $75,000 or more. A final hearing is scheduled for August 4. About Southwest Ft Worth Memory Care Southwest Ft Worth Memory Care, LLC, doing business as Autumn Leaves of Cityview, is a U.S. senior-living operator that specializes exclusively in assisted-living and stand-alone communities for residents with Alzheimer's disease and other forms of dementia. Headquartered in Grapevine, Texas, Southwest designs, owns or manages purpose-built "Autumn Leaves" communities in Texas and Illinois, offering 24-hour nursing, dementia-trained staff, "Inspired Connections" life-engagement programs and on-site dining, salon and rehab services. Southwest sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-41419) on April 23, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Mark X. Mullin handles the case. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC is the Debtor's legal counsel. PSF II Dutch Branch, LLC, as secured lender, is represented by: Kevin M. Lippman, Esq. Munsch Hardt Kopf & Harr, P.C. 500 N. Akard Street, Suite 4000 Dallas, TX 75201-6659 Telephone: (214) 855-7565 Facsimile: (214) 978-5335 klippman@munsch.com SUNNOVA ENERGY: Committee Hires Berkeley as Financial Advisor ------------------------------------------------------------- The official committee of unsecured creditors of Sunnova Energy International Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Berkeley Research Group, LLC as financial advisor. The firm will provide these services: a) develop strategies to maximize recoveries from the Debtors' assets and advise and assist the Committee with such strategies, including development of recovery models for use by the unsecured creditors; b) monitor liquidity and cash flows throughout the Cases and scrutinize cash disbursements and capital requirements, including, but not limited to, critical vendor payments, employee severance payments, and other payments permitted pursuant to first day motions; c) develop and issue periodic monitoring reports to enable the Committee to effectively evaluate the Debtors' performance relative to projections and any relevant operational issues, including liquidity, any 363-sale processes, any sales of equity or debt securities / capital raise and subsequent wind-down activities on an ongoing basis; d) advise and assist the Committee in its analysis and monitoring of the historical, current and projected financial affairs of the Debtors, including, schedules of assets and liabilities, statement of financial affairs, and monthly operating reports; e) advise and assist the Committee with respect to any debtor-in-possession financing arrangements and/or use of cash collateral including evaluation of asserted liens thereon; f) analyze both historical and ongoing intercompany and/or related party transactions and/or material unusual transactions of the Debtors and non-debtor affiliates. Such analysis to include developing an oversight protocol with the Debtors' advisors to closely monitor such transactions to prevent value leakage; g) advise and assist the Committee in its assessment of the Debtors' employee needs and related costs, including any recent (including prepetition) employee bonuses or retention payments and any proposed employee bonuses such as any proposed Key Employee Incentive Plan or Key Employee Retention Plan for the Debtors' insiders and employees, and providing expert testimony related thereto; h) evaluate the Debtors' and non-debtors' business plan/operational restructuring, including the impact of industry trends, customer programs, and their impact to actual and forecasted financial results as well as monitoring the implementation of related strategic initiatives; i) prepare valuations of the Debtors' assets, including the value of equity of any consolidated and/or publicly traded subsidiary; j) identify and develop strategies related to the Debtors' intellectual property; k) advise and assist the Committee in reviewing and evaluating any court motions (including any assumption or rejection motions or objections thereto), applications, or other forms of relief filed or to be filed by the Debtors, or any other parties-in-interest; l) advise and assist the Committee and Counsel in their review of any potential prepetition liens of secured parties; m) advise the Committee with respect to any potential preference payments, fraudulent conveyances, and other potential causes of action that the Debtors' estates may hold against insiders and/or third parties and assist with any investigations related to such matters as required; n) identify and assess the value of unencumbered assets; o) as appropriate and in concert with the Committee's other professionals, analyze and monitor any sale processes and transactions and assess the reasonableness of the process and the consideration received; p) assist with the development and review of a cost/benefit analysis with respect to the assumption or rejection of various executory contracts and leases; q) monitor the Debtors' claims management process, including analyzing guarantees and claims by entity, including preparing related summaries; r) review and provide analysis of any bankruptcy plan and disclosure statement relating to the Debtors including, if applicable, the development and analysis of any bankruptcy plans proposed by the Committee to assess their achievability; s) attend Committee meetings, court hearings, and auctions as may be required; t) work with the Debtors' tax advisors to ensure that any restructuring or sale transaction is structured to minimize tax liabilities to the estate as well as assist with the review of any tax issues associated with, for example, claims/stock trading, preservation of net operating losses, and refunds from any plan of reorganization and/or asset sales; u) work with the Debtors' bankruptcy professionals on matters outlined above, as necessary; and v) provide other services as may be requested from time to time by the Committee and its counsel, consistent with the role of a financial advisor including rendering expert testimony, issuing expert reports and/or preparing for litigation, valuation and/or forensic analyses that have not yet been identified but as may be requested from time to time by the Committee and its Counsel. The firm will be paid at these rates: Managing Directors $1,140 to $1,395 per hour Associate Directors & Directors $900 to $1,100 per hour Professional Staff $445 to $885 per hour Support Staff $185 to $395 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. David Galfus, Esq., a partner at Berkeley Research Group, LLC as Financial Advisor., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David Galfus Berkeley Research Group LLP 307 International Circle, Suite 400 Hunt Valley, MD 21030 Tel: (443) 391-1050 About Sunnova Energy International Inc. Sunnova Energy International Inc. (NYSE: NOVA) is an industry-leading adaptive energy services company focused on making clean energy more accessible, reliable, and affordable for homeowners and businesses. Through its adaptive energy platform, Sunnova provides a better energy service at a better price to deliver its mission of powering energy independence. Sunnova Energy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90160) on June 8, 2025. In its petition, the Debto reports estimated assets and liabilities between $10 billion and $50 billion each. The Debtor is represented by Jason Gary Cohen, Esq. at Bracewell, LLP. SUNNOVA ENERGY: Committee Hires Blank Rome LLP as Co-Counsel ------------------------------------------------------------ The official committee of unsecured creditors of Sunnova Energy International Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Blank Rome LLP as co-counsel. The firm's services include: a. advising the Committee in connection with its powers and duties under the Bankruptcy Code, the Bankruptcy Rules, and the Bankruptcy Local Rules; b. assisting and advising the Committee in its consultation with the Debtors relative to the administration of these chapter 11 cases; c. attending meetings and negotiating with the representatives of the Debtors and other parties-in-interest; d. assisting and advising the Committee in its examination and analysis of the conduct of the Debtors' affairs; e. assisting and advising the Committee in connection with any sale of the Debtors' assets pursuant to section 363 of the Bankruptcy Code, including participation in the negotiation, formulation, and drafting of bidding procedures, and the review of the Debtors' rights and obligations under the proposed stalking horse agreements and any other bids for the Debtors' assets; f. responding to inquiries from individual creditors as to the status of, and developments in, these cases; g. assisting and advising the Committee with respect to the 341 meeting of creditors and communications with the general creditor body regarding significant matters in these cases; h. assisting the Committee in its analysis of, and negotiations with the Debtors or any third party with respect to the Debtors' rights and obligations under leases and executory contracts, including, assisting, advising, and representing the Committee in any manner relevant to the assumption and rejection of executory contracts and unexpired leases; i. assisting, advising, and representing the Committee in investigating the acts, conduct, assets, liabilities (including in its review of the Debtors' Schedules of Assets and Liabilities, Statement of Financial Affairs, and other reports prepared by the Debtors), and financial condition of the Debtors, the Debtors' operations, and the desirability of the continuance of any portion of those operations, whether via sale or otherwise; j. assisting and advising the Committee in connection with its due diligence review of the Debtors' various asset- and loan-backed securitizations; k. assisting the Committee in any manner relevant to the Debtors' D&O insurance policies, including the analysis of such policies and assessment of available coverages for estate D&O claims; l. assisting and advising the Committee in connection with matters uniquely affecting dealer and consumer constituencies; m. taking all necessary actions to protect and preserve the interests of the Committee, including: (i) possible prosecution of actions on its behalf; (ii) if appropriate, negotiations concerning all litigation in which the Debtors are involved; and (iii) if appropriate, review and analysis of claims filed against the Debtors' estates; n. generally preparing on behalf of the Committee all necessary motions, applications, answers, orders, reports, replies, responses, and papers in support of positions taken by the Committee; o. appearing, as appropriate, before this Court, the appellate courts, and the U.S. Trustee, and protecting the interests of the Committee before those courts and before the U.S. Trustee; and p. performing all other necessary legal services in these chapter 11 cases, including in support of the scope of services set forth in the retention application of the Committee's proposed co-counsel, Willkie. The firm will be paid at these rates: Partners/Senior Counsel $750 to $1,545 per hour Associates $600 to $980 per hour Paraprofessionals $250 to $650 per hour Regina S. Kelbon, Partner $1,215 per hour Michael B. Schaedle, Partner $1,155 per hour Joseph M. Welch, Partner $925 per hour Ira L. Herman, Senior Counsel $1,395 per hour Matthew E. Kaslow, Associate $820 per hour Jennifer K. Malow, Associate $750 per hour Lawrence R. Thomas, Associate $695 per hour Jordan Williams, Associate $665 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. As required by the Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed Under 11 U.S.C. Section 330 by Attorneys in Larger Chapter 11 Cases, Effective November 1, 2013 (the "UST Guidelines"), the Committee responds to the questions set forth in Section D.1 of the UST Guidelines as follows: a. Blank Rome did not agree to a variation of its standard or customary billing arrangement for this engagement; b. None of the professionals included in this engagement have varied their rate based on the geographic location of these chapter 11 cases; c. Blank Rome did not represent the Committee prior to the Petition Date; and d. Blank Rome has prepared a proposed staffing plan and budget for approval by the Committee in coordination with Willkie. The Blank Rome attorneys and paraprofessionals staffed on this case, subject to modification depending upon further development. Mr. Welch 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: Joseph M. Welch, Esq. Blank Rome LLP 4 Park Plaza Suite 450 Irvine, CA 92614 Tel: (949) 812-6000 About Sunnova Energy International Inc. Sunnova Energy International Inc. (NYSE: NOVA) is an industry-leading adaptive energy services company focused on making clean energy more accessible, reliable, and affordable for homeowners and businesses. Through its adaptive energy platform, Sunnova provides a better energy service at a better price to deliver its mission of powering energy independence. Sunnova Energy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90160) on June 8, 2025. In its petition, the Debto reports estimated assets and liabilities between $10 billion and $50 billion each. The Debtor is represented by Jason Gary Cohen, Esq. at Bracewell, LLP. SUNNOVA ENERGY: Committee Hires Willkie Farr as Co-Counsel ---------------------------------------------------------- The official committee of unsecured creditors of Sunnova Energy International Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Willkie Farr & Gallagher LLP as co-counsel. The firm's services include: a. assisting and advising the Committee in connection with various Bankruptcy Court relief sought by the Debtors, including with respect to the "first day" motions; b. assisting and advising the Committee in the evaluation and preservation of any claims and on any litigation matters, including avoidance actions, matters involving KKR, releases under the ASPA settlement, or any other releases, and claims against directors and officers and any other party; c. assisting and advising the Committee in any manner relevant to the Debtors' tax attributes and the preservation of such attributes under a plan or through a sale of assets; d. assisting and advising the Committee in connection with the Debtors' proposed debtor-in-possession financing facility; e. assisting the Committee in the review, analysis, and negotiation of any chapter 11 plan(s) of reorganization or liquidation that may be filed and assisting the Committee in the review, analysis, and negotiation of the disclosure statement accompanying any such plan(s); f. assisting and advising the Committee in analyzing claims asserted against and interests in the Debtors, their affiliates and related parties, 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; g. assisting and advising the Committee in connection with the Bankruptcy Local Rules and the practices in the Southern District of Texas; h. generally preparing on behalf of the Committee all necessary motions, applications, answers, orders, reports, replies, responses, and papers in support of positions taken by the Committee, and appearing, as appropriate, before this Court and any appellate courts, and protecting the interests of the Committee before those courts and before the U.S. Trustee with respect to any of the above; and i. performing all other necessary legal services in these chapter 11 cases, including in support of the scope of services set forth in the retention application of the Committee's proposed co-counsel, Blank Rome LLP ("Blank Rome"). The firm will be paid at these rates: Partners/Senior Counsel $1,825 to $2,500 per hour Associates/Law Clerks $625 to $1,625 per hour Paraprofessionals $380 to $650 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Miller 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: Brett H. Miller, Esq. Willkie Farr & Gallagher LLP 787 Seventh Avenue New York, NY 10019 Tel: (212) 728-8000 About Sunnova Energy International Inc. Sunnova Energy International Inc. (NYSE: NOVA) is an industry-leading adaptive energy services company focused on making clean energy more accessible, reliable, and affordable for homeowners and businesses. Through its adaptive energy platform, Sunnova provides a better energy service at a better price to deliver its mission of powering energy independence. Sunnova Energy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90160) on June 8, 2025. In its petition, the Debto reports estimated assets and liabilities between $10 billion and $50 billion each. The Debtor is represented by Jason Gary Cohen, Esq. at Bracewell, LLP. SUNNOVA ENERGY: Lenders Succeed in Purchasing Co.'s Assets ---------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law report that a group of Sunnova Energy's lenders successfully bid to acquire nearly all of the bankrupt solar company's assets through a deal valued at $90 million in loan credit, $25 million in cash, and the assumption of certain liabilities and facilities. In a notice filed Tuesday, July 29, 2025, with the U.S. Bankruptcy Court for the Southern District of Texas, the lenders agreed to raise the cash component from $10 million and apply a credit bid that includes the remaining principal, interest, and fees from a loan used to finance operations during the bankruptcy. The deal also covers $3 million in cure costs. About Sunnova Energy Sunnova Energy International Inc. (NYSE: NOVA) is an industry-leading adaptive energy services company focused on making clean energy more accessible, reliable, and affordable for homeowners and businesses. Through its adaptive energy platform, Sunnova provides a better energy service at a better price to deliver its mission of powering energy independence. Sunnova Energy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90160) on June 8, 2025. In its petition, the Debto reports estimated assets and liabilities between $10 billion and $50 billion each. The Debtor is represented by Jason Gary Cohen, Esq. at Bracewell LLP. TEAM HEALTH: Moody's Hikes CFR to 'B3', Outlook Stable ------------------------------------------------------ Moody's Ratings upgraded Team Health Holdings, Inc.'s ("Team Health") Corporate Family Rating to B3 from Caa1 and Probability of Default Rating to B3-PD from Caa1-PD. Moody's also assigned Caa1 to Team Health's new senior secured term loan due June 2028 and its new senior secured bonds, also due June 2028. There is no change to the Caa2 rating on the senior secured term loan B which will be withdrawn at transaction close. The outlook is stable. The upgrade of Team Health's ratings reflects a decreased likelihood of default, driven by the company's proposed refinancing of its existing Term Loan B due 2027 with new senior secured term loan due June 2028 and new senior secured bonds due June 2028. The refinancing will prevent the activation of the provision that would otherwise accelerate the maturity of the company's revolving credit facility due in March 2028, its first lien notes due in June 2028, and its second lien notes due in January 2029, to early December 2026. The ratings upgrade also considers the sustained improvement in the company's operating performance and gradual deleveraging observed in recent quarters. Team Health has benefited from a recovery in business volumes, internal cost rationalization, and the successful resolution of payment disputes with commercial health insurance companies. Looking forward, Moody's anticipates that Team Health will maintain an adjusted debt-to-EBITDA ratio in the mid-6x range over the next 12 to 18 months. Governance risk consideration is material to the rating action. The refinancing transaction, which extends the company's maturity profile, combined with strong operating performance, have significantly improved the company's credit profile. RATINGS RATIONALE Team Health's B3 CFR reflects its moderately high financial leverage at 6.9x as of LTM 6/30/25, low albeit gradually improving EBITDA margin and free cash flow due to high debt service costs, and a challenging operating environment. Team Health has improved its operating performance in recent quarters after a difficult 2023 performance. Moody's expects continued EBITDA growth and financial leverage to decline to the mid-6x range in the next 12-18 months. The rating is supported by Team Health's large scale and strong competitive position in the physician staffing industry. Moody's expects Team Health's liquidity to remain adequate. At the end of June 2025, the company had approximately $120 million in cash and $240 million available on its revolver. Moody's expects that the company will generate positive free cash flow of $90-110 million (including cash conserved from paying up to $63 million interest in-kind) in the next 12 months. The stable outlook reflects Moody's expectations for the company to continue to moderately deleverage primarily through earnings growth. The company's new senior secured term loan and new senior secured bonds are rated Caa1. The Caa1 instrument rating reflects limited and inferior quality of collateral support compared to what is available to the company's other tranches of debt (i.e., unrated revolver/1st lien notes/2nd lien notes). Marketing terms for the new credit facilities (final terms may differ materially) include the following: Incremental pari passu debt capacity up to the greater of $175 million and 35% of EBITDA, plus unlimited amounts subject to 4.85x first lien net leverage, with no inside maturity sublimit. A "blocker" provision restricts the transfer of material intellectual property to unrestricted subsidiaries. Transfers to unrestricted subsidiaries are only permitted up to the unrestricted subsidiary investment carve-out capacity. The credit agreement provides some limitations on up-tiering transactions, requiring affected lender consent for amendments that subordinate the debt and liens unless such lenders can ratably participate in such priming debt. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Team Health's ratings could be downgraded if the company's liquidity deteriorates or if free cash flow turns negative. Earnings decline or margin compression could also lead to a ratings downgrade. The ratings could be upgraded if Team Health improves its operating performance and profitability, maintains good liquidity and financial leverage below 6.0x. Team Health Holdings, Inc., headquartered in Knoxville, TN, is a provider of physician staffing and administrative services to hospitals and other healthcare providers in the US Team Health Holdings, Inc. is owned by private equity investor Blackstone Inc. and its revenue for the 12 months ended on March 31, 2025 was approximately $5.9 billion. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. THUNDER RIDE: Seeks to Hire Wadsworth Garber as Counsel ------------------------------------------------------- Thunder Ride Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Wadsworth Garber Warner Conrardy, P.C. as counsel. The firm will provide these services: a. preparation on behalf of Debtor of all necessary reports, orders, and other legal papers required in this Chapter 11 proceeding; b. performance of all legal services for Debtor as debtor-in-possession which may become necessary herein; and c. representation of Debtor in any litigation which Debtor determines is in the best interest of the estate, whether in state or federal court(s). The firm will be paid at these rates: David V. Wadsworth $500 per hour Aaron A. Garber $500 per hour David J. Warner $425 per hour Aaron J. Conrardy $425 per hour Hallie Cooper $225 per hour Paralegals $125 per hour The firm received a retainer from the Debtor in the amount of $40,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. David J. Warner, Esq., a partner at Wadsworth Garber Warner Conrardy, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David J. Warner, Esq. Wadsworth Garber Warner Conrardy, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80128 Tel: (303) 296-1999 Fax: (303) 296-7600 Email: dwarner@wgwc-law.com About Thunder Ride Inc. 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. Thunder Ride Inc. in Loveland, CO, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Colo. Case No. 25-14589) on July 23, 2025, listing $50,000 to $100,000 in assets and $10 million to $50 million in liabilities. Enoch Amoah as president, signed the petition. Judge Joseph G. Rosania Jr. oversees the case. WADSWORTH GARBER WARNER CONRARDY, P.C. serve as the Debtor's legal counsel. TRANSOCEAN LTD: Swaps $157M Bonds for 59M Shares ------------------------------------------------ As previously announced, a subsidiary of Transocean Ltd. entered into separate, individually negotiated agreements on June 19, 2025 (as amended, the "Exchange Agreements") with certain holders (the "EB Holders") of its 4% Senior Guaranteed Exchangeable Bonds due 2025 as part of ongoing efforts to optimize the Company's capital structure. The transactions contemplated by the Exchange Agreements closed on July 22, 2025. Under the terms of the Exchange Agreements, the EB Holders exchanged an aggregate principal amount of approximately $157 million of Exchangeable Bonds for an aggregate amount of approximately 59 million shares, $0.10 par value of the Company and an aggregate cash payment of an immaterial amount for accrued and unpaid interest on the exchanged Exchangeable Bonds. Immediately following the closing of the transactions contemplated by the Exchange Agreements, approximately $77 million in aggregate principal amount of the Exchangeable Bonds remained outstanding. The issuances of Shares are exempt pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, which exempts transactions by an issuer not involving a public offering. About Transocean Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company specializes in technically demanding sectors of the offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services. As of Feb. 14, 2024, the Company owned or had partial ownership interests in and operated 37 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and nine harsh environment floaters. Additionally, as of Feb. 14, 2024, the Company was constructing one ultra-deepwater drillship. Transocean reported a net loss of $954 million in 2023, a net loss of $621 million in 2022, and a net loss of $591 million in 2021. As of June 30, 2024, Transocean Ltd. had $20.33 billion in total assets, $1.57 billion in total current liabilities, $8.04 billion in total long-term liabilities, and $10.71 billion in total equity. * * * Egan-Jones Ratings Company on January 21, 2025, maintained its 'CCC-' foreign currency and local currency senior unsecured ratings on debt issued by Transocean Ltd. In May 2025, S&P Global Ratings affirmed its ratings on offshore drilling contractor Transocean Ltd., including the 'CCC+' issuer credit rating and revised the outlook to negative from stable. U S SKYLINE: Creditor Files Plan, Proposes to Sell Property ----------------------------------------------------------- Loan Ranger Capital Investments REIT, LLC, a creditor, filed with the U.S. Bankruptcy Court for the Eastern District of Texas a Disclosure Statement for Chapter 11 Plan for U S Skyline, Inc., dated July 24, 2025. The Debtor is a Texas corporation. It was formed on April 4, 2019. It acquired real property located at 6341 Norwood Drive, Frisco, TX 75034. The company is owned by Eulalio Almaguer, III. U S Skyline, Inc. acquired real property located at 6341 Norwood Drive, Frisco, TX 75034 on March 22, 2021. The property is a single-family residence. The property was appraised by Veritas Appraisal Partners as of 10/10/24 in the amount of $1,572,000. The Debtor took out two loans from Loan Ranger. The first loan was taken out on March 22, 2021 in the amount of $606,750.00. It matured on March 1, 2022. The second loan was taken out on June 7, 2023 in the original principal amount of $175,000.00. This loan matured on October 1, 2023. Loan Ranger posted the property for foreclosure in November 2024. The Debtor obtained a temporary restraining order. Loan Ranger then posted the property for foreclosure on January 7, 2025. Loan Ranger proposes to sell the real property. It does not propose to operate a business upon the property. Loan Ranger has attempted to provide the maximum recovery to each Class of Claims in light of the assets and anticipated funds available for distribution to Creditors. Loan Ranger believes that the Plan permits the maximum possible recovery for all Classes of Claims while facilitating the liquidation of the Debtor. The plan proposes to sell the Debtor's real property and distribute the funds to the parties determined to be entitled to receive such proceeds. The Debtor's personal property shall be surrendered to Truist Bank and the SBA, the creditors holding liens upon personal property. Class 8 shall consist of Allowed Claims of Unsecured Creditors. The following creditors are believed to fall within Class 8: Level Supply, Inc. $106.031.00; MAPCO, Inc. ($65,000.00); NTTA ($10,000.00); SBA ($1,968,000.00); SBA ($41,552.24); and SBA ($67,813.95). Upon sale of the Debtor's real property, the Class 8 claims shall be paid after claims in Classes 1 to 7 have been paid in full to the extent of proceeds actually received. Class 8 is impaired. Class 9 shall consist of the Equity Interests of the Debtor. The Class 9 Equity Interests shall be retained. The Class 9 Equity Holder shall not receive any distributions until the Allowed Claims in Classes 1 to 8 have been paid. The feasibility of the Plan depends on the ability of the Debtor to sell the real property. The Plan Proponent believes that the property is in a desirable area and should be able to sell for a fair price. A full-text copy of the Disclosure Statement dated July 24, 2025 is available at https://urlcurt.com/u?l=97s0UM from PacerMonitor.com at no charge. Counsel for Loan Ranger: BARRON & NEWBURGER, P.C. Stephen W. Sather, Esq. 7320 N. Mopac Expwy, Suite 400 Austin, Texas 78731 Phone: (512) 476-9103 About U S Skyline Inc. U S Skyline Inc. is a construction company in Texas. U S Skyline Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-40046) on January 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Gary G. Lyon, Esq. represents the Debtor as counsel. UNITED HAULING: Unsecured Creditors Will Get 100% over 3 Years -------------------------------------------------------------- United Hauling, LLC, filed with the U.S. Bankruptcy Court for the District of Arizona a Plan of Reorganization for Small Business dated July 24, 2025. The Debtor is a transportation company that handles all types of transportation needs, but specializes in horse transport. The Debtor was formed in 2017, and has operated since that time. The Debtor's founders and principals, by Joseph Smith and Leah Delozier Smith (the "Smiths") both work full-time on behalf of the Debtor and are responsible for all operations and management. Business operations are run from the Smiths' home, which is presently titled in the name of the Debtor. The Debtor has provided a projection of income and expenses for the life of the Plan (2025-2028). The projections are based upon Debtor's past financial information and reflect that Debtor will have projected disposable income of $167,109.12. The Debtor expects to make the final disbursement to unsecured creditors under this Plan no later than October 20, 2028 (presuming the Plan is Confirmed without delay). The Debtor's Plan of Reorganization proposes to pay certain claims in full on the Effective Date, and distribute funds to unsecured creditors from profit generated by future business operations. The Debtor anticipates that net profit generated in the three years following Confirmation will be sufficient to pay unsecured creditors 100% of their allowed claims. Class 2 consists of Nonpriority, unsecured creditors. Each holder of an allowed Class 2 Non-Priority, Unsecured Claim shall be paid in quarterly installments their pro rata share of funds placed into the Plan Account in the prior quarter. The Debtor anticipates it will be able to pay creditors 100% of their allowed claims by July, 2027, if Debtor's Objections to Proofs of Claim #5 and #6 are successful. Debtor United Hauling, LLC is not liable on either claim and expects both claims will be disallowed in their entirety. Class 3 consists of Equity Security holders of the Debtor. The Debtor's principals, Leah Delozier Smith and Joseph Smith are what keeps this business going; without them, there is no business. Mr. and Mrs. Smith will continue to work the business and shall retain their equity interest in the Debtor. Mr. and Mrs. Smith shall retain their interests subject to the rights of creditors under the Plan. The Debtor will fund the Plan from ongoing business operations. Debtor has established a Plan Account for the management of net profits for distribution to creditors. pursuant to this Plan (once Confirmed). The Plan Account will be administered by the Debtor. Debtor expects to be holding sufficient funds in the Plan Account to pay administrative expenses in full on the Effective Date. The Debtor projects that $167,109.12 will deposited into the Plan Account during the 36-month Plan term (or as much as is needed to pay 100% of all allowed claims). Debtor expects full payment of all allowed unsecured claims in less than 36-months. Debtor's projections of the net profit that will be available for deposit into the Plan Account. A full-text copy of the Plan of Reorganization dated July 24, 2025 is available at https://tinyurl.com/cwa7wca9 from PacerMonitor.com at no charge. About United Hauling United Hauling LLC, based in Cave Creek, AZ, specializes in providing horse transportation services. Founded in 2017, the Company offers both local and long-distance hauling options, utilizing specialized trailers designed to ensure the safety and comfort of horses during transit. United Hauling sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-03680) on April 25, 2025. In its petition, the Debtor reports total assets of $1,498,601 and total liabilities of $1,010,614. Judge Daniel P. Collins oversees the case. James F. Kahn, at Kahn & Ahart, PLLC, serves as the Debtor's counsel. UNIVERSAL DESIGN: Hires William G. Haeberle P.A. as Accountant -------------------------------------------------------------- Universal Design Solutions, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ William G. Haeberle, P.A. as accountant. The firm will assist the Debtor in the preparation of monthly operating reports, and provide other accounting services. The firm will be paid at the rate of $250 per hour. The firm will be paid a retainer in the amount of $1,500. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Haeberle 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: William G. Haeverle William G. Haeberle, P.A. 4446-1A, Suite 245 Jacksonville, FL 32207 About Universal Design Solutions, LLC Universal Design Solutions, LLC, filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 3:25-bk-01970) on June 13, 2025. The Debtor hires Adam Law Group, P.A. as counsel. UPHEALTH HOLDINGS: Wants $200MM Glocal Dispute Tossed ----------------------------------------------------- Caroline Simson of Law360 reports that UpHealth, a bankrupt medical technology company, is urging a Delaware bankruptcy judge to dismiss a $200 million lawsuit filed by Glocal Healthcare, claiming the Indian digital health provider has engaged in bad faith tactics, including consistent delays and obstruction, amid a contentious dispute over a failed merger. About UpHealth Holdings UpHealth Holdings Inc. is a global digital health company delivering technology platforms, infrastructure, and services to modernize care delivery and health management. UpHealth Holdings and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-11476) on Sept. 19, 2023. In the petitions filed by Samuel J. Meckey, chief executive officer, UpHealth Holdings disclosed up to $500 million in both assets and liabilities. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Stuart M. Brown, Esq., at DLA Piper LLP (US) as counsel; Morrison & Foerster LLP as litigation counsel; and FTI Consulting, Inc. as financial advisor. Omni Agent Solutions is the Debtors' claims agent and administrative agent. URBAN GIS: Hires Stanley M. Jackson Esq. as Counsel --------------------------------------------------- Urban GIS Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ as counsel to handle its Chapter 11 proceedings. The firm will be paid at the rate of $500 per hour. The firm will be paid a retainer in the amount of $5,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Jackson 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: Stanley M. Jackson, Esq. 3206 Hudson Trail Olympia Fields, IL 60461 Tel: (833) 829-7782 Email: stanley.jackson@jackson-melton.com About Urban GIS Inc. Urban GIS Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08878) on June 11, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Jacqueline P. Cox presides over the case. Stanley M. Jackson, Esq., at Jackson Melton, LLC represents the Debtor as legal counsel. UTICA TOWNSHIP: Dennis Perrey Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 10 appointed Dennis Perrey as Subchapter V trustee for Utica Township Volunteer Fire Fighters Association. Mr. Perrey will be paid an hourly fee of $375 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Perrey declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Dennis J. Perrey P.O. Box 451 Chandler, IN 47610-0451 812.630.5823 Email: dennis.perrey@yahoo.com 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 reported total assets of $3,023,08 and total liabilities of $1,076,837. Judge Andrea K. McCord handles the case. The Debtor is represented by William P. Harbison, Esq., at Seiller Waterman, LLC. VAN'S EQUIPMENT: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- The U.S. Trustee for Region 18 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Van's Equipment Co. About Van's Equipment Co. Van's Equipment Co. sells and rents new and used heavy equipment, specializing in dirt equipment such as excavators, loaders, and dozers. Based in Burlington, Washington, Van's Equipment serves contractors and homeowners and operates as an authorized dealer for Yanmar, Canycom, Okada, and Felling Trailers. Its services include equipment sales, rentals, maintenance, and customization. Van's Equipment sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-11750) on June 26, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Christopher M. Alston handles the case. The Debtor is represented by Thomas D. Neeleman, Esq., at Neeleman Law Group, P.C. VIEWBIX INC: Settles Gix Media Creditor Claims for $1.13M --------------------------------------------------------- As previously announced, on March 27, 2025, a petition was filed with the District Court of Tel Aviv-Jaffa by a primary service provider of Gix Media Ltd., a company incorporated under the laws of the State of Israel and a wholly-owned subsidiary of Viewbix, Inc., claiming that Gix Media owes it approximately $260,000 (excluding linkage differentials and interest) and that Gix Media is unable to repay its debts to the Service Provider. On July 16, 2025, the Court approved a settlement agreement entered into between Gix Media, the Service Provider and other creditors of Gix Media that joined the Petition with respect to the debts owed by Gix Media to the Service Providers. In connection with the settlement agreement, the Company agreed to provide a guarantee for the debts owed by Gix Media to the Service Providers. On July 22, 2025, pursuant to the terms of the settlement agreement, Gix Media paid approximately $1.13 million to the Service Providers as payment in full of the debts owed to the Service Providers. As a result of such payment in full by Gix Media to the Service Providers, the Petition was dismissed. About Viewbix Headquartered in Ramat Gan, Israel, Viewbix and its subsidiaries, Gix Media and Cortex Media Group Ltd., operate in the field of digital advertising. The Group has two main activities that are reported as separate operating segments: the search segment and the digital content segment. The search segment develops a variety of technological software solutions, which perform automation, optimization, and monetization of internet campaigns, for the purposes of obtaining and routing internet user traffic to its customers. The search segment activity is conducted by Gix Media. The digital content segment is engaged in the creation and editing of content, in different languages, for different target audiences, for the purposes of generating revenues from leading advertising platforms, including Google, Facebook, Yahoo and Apple, by utilizing such content to obtain and route internet user traffic for its customers. The digital content segment activity is conducted by Cortex. Tel Aviv, Israel-based Brightman Almagor Zohar & Co., the Company's auditor since 2012, issued a "going concern" qualification in its report dated March 21, 2025, citing that the decrease in revenues and cash flows from operations may result in the Company's inability to repay its debt obligations during the 12-month period following the issuance date of these financial statements. These conditions raise a substantial doubt about the Company's ability to continue as a going concern. VILLAGE OAKS SENIOR: Seeks Continued Cash Collateral Access ----------------------------------------------------------- Lisa Holder, the Chapter 11 trustee of Village Oaks Senior Care, LLC, asked the U.S. Bankruptcy Court for the Eastern District of California, Sacramento Division, for authority to use cash collateral. Specifically, the trustee sought the court's authorization to continue using Village Oaks Senior Care's revenues and receivables deemed cash collateral to fund ongoing operational needs such as payroll, insurance, maintenance, bookkeeping, and rent payments at $14,350 per month. The trustee proposed a detailed budget with a permissible 10% average variance across line items to accommodate normal fluctuations. To protect the interests of secured creditors including First-Citizens Bank & Trust Company and Gina MacDonald, the trustee offered replacement liens on all post-petition assets (including cash, rents, income, and receivables) equivalent in priority to their pre-bankruptcy security interests, effective immediately without additional filings, and payable to the extent any diminution in collateral value occurs. Continuous court approval ensures the estate's stability and safeguards creditor rights while operational continuity is maintained. A hearing on the matter is set for August 5. First-Citizens is represented by: Jessica M. Simon, Esq. Ballard Spahr, LLP 2029 Century Park East, Suite 1400 Los Angeles, CA 90067-2915 Telephone: 424.204.4400 Facsimile: 424.204.4350 simonjm@ballardspahr.com About Village Oaks Senior Care Village Oaks Senior Care, LLC, a company in El Dorado Hills, Calif., owns and operates community care facilities for the elderly. Village Oaks Senior Care filed Chapter 11 petition (Bankr. E.D. Calif. Case No. 24-22206) on May 21, 2024, with total assets of $1,440,832 and total liabilities of $3,369,013 as of Dec. 31, 2023. Lisa Holder, Esq., a practicing attorney in Bakersfield, Calif., serves as Subchapter V trustee. Judge Christopher D. Jaime oversees the case. D. Edward Hays, Esq., at Marshack Hays Wood, LLP, is the Debtor's legal counsel. Lisa Holder and Blanca Castro have been appointed as Chapter 11 trustee and patient care ombudsman, respectively. VILLAGE ON THE ISLE: Fitch Affirms 'BB+' IDR, Outlook Stable ------------------------------------------------------------ Fitch Ratings has affirmed the following City of Venice, FL bonds expected to be issued on behalf of Village on the Isle (VOTI) at 'BB+': - $46 million series 2024A revenue bonds; - $6.6 million series 2024B-1 TEMPS 85 revenue bonds; - $8.85 million series 2024B-2 TEMPS 70 revenue bonds; - $16.95 million series 2024B-3 TEMPS 50 revenue bonds. Fitch has also affirmed VOTI's Issuer Default Rating at 'BB+', and approximately $90 million in revenue improvement bonds series 2016, 2017A issued by Sarasota County Health Facilities Authority, and approximately $20 million series 2019 issued by Venice, FL on behalf of VOTI at 'BB+'. The Rating Outlook is Stable. Entity/Debt Rating Prior ----------- ------ ----- Village on the Isle (FL) LT IDR BB+ Affirmed BB+ Village on the Isle (FL) /General Revenues/1 LT LT BB+ Affirmed BB+ VOTI began building 54 additional independent living units (ILUs), modeled after its successful Emerald Terraces, to address strong ongoing demand. The expansion also features a new wellness pavilion, with facilities set to open in 2027. Presales commenced on Sept. 9, 2024. As of July of 2025, 98% of the units (53 out of 54) had been reserved with fully refundable $40,000 deposits, demonstrating robust market interest. To finance the expansion, VOTI allocated about $33 million of its 2024 bond issuance to temporary entrance fee mortgage payment securities (TEMPS), which will be repaid from initial entrance fees as residents move in. VOTI expects to fully retire the TEMPS once the new ILUs reach 85% occupancy. The additional debt temporarily pressures VOTI's financial profile below the threshold for a 'BB+' rating. However, Fitch expects the project to enhance long-term credit quality as occupancy stabilizes and entrance fee inflows materialize. Fitch also notes that material transfers of assets outside the obligated group could negatively impact VOTI's credit profile. Such transactions may reduce resources available to support outstanding debt, potentially weakening overall credit quality. Depending on the scale and nature of these asset transfers, negative rating action may be warranted if the group's financial position is materially affected. SECURITY The bonds are secured by a pledge of gross revenues, a security interest in obligated group facilities, and debt service reserve funds. KEY RATING DRIVERS Revenue Defensibility - 'bbb' Good Demand in a Stable Market VOTI is in a stable service area. A healthy real estate market, with growing median home values in the Sarasota area, sustains demand. Entrance fees align with PMA pricing trends and rate increases occur regularly. VOTI enjoys a favorable location, amenities, and incentives while facing little meaningful competition. ILU demand has been healthy at 93% for 2023 and through 2Q24. VOTI also has a waitlist of more than 150 people, with some of those individuals also on the priority club list for the expansion units. Occupancy is good in the other areas of care as well. At the end of June 2024, occupancy was 87% in the assisted living units (ALUs) and 93% in the skilled nursing facility (SNF) beds. Operating Risk - 'bbb' Adequate Profitability Margins VOTI's operating performance is midrange. In 2023 and 2Q24, VOTI's Operating Ratios (Ors) were 92.1% and 99.5% respectively. Similarly, the net operating margin (NOM) and net operating margin adjusted (NOMA) for fiscal 2023 were 18.6% and 36%. Fitch expects cost containment metrics to remain consistent with the 2023 results over the next several years. Capital-related metrics are also midrange. For fiscal 2023, revenue-only Maximum Annual Debt Service (MADS) coverage was 1.1x, the debt to net ratio was 6.9x, and MADS was 18.8% of revenue, which supports the mid-range assessment. Fitch expects capital-related metrics to remain consistent with the 2023 results. Management actively invests in the maintenance and expansion of the campus, with capex well above 100% over the past several years. This is reflected in an average age of plant of approximately 6.5 years. VOTI's expansion project supports management's strategy to meet and sustain strong demand with an attractive campus. VOTI offers both lifecare and fee-for-service contracts, and most residents have type-A contracts. Financial Profile - 'bb' Heavy Debt Burden Given VOTI's midrange revenue defensibility and midrange operating risk assessments, Fitch expects it to maintain a financial profile consistent with the 'bb' assessment throughout the economic and financial volatility assumed in Fitch's stress case scenario. VOTI's balance sheet has been stable but limited, with unrestricted cash and investments around $30 million since 2020, and a cash-to-adjusted debt ratio of 33% at YE 2023. In 2023, unrestricted cash represented 366 days cash on hand (DCOH), which is neutral to the assessment of VOTI's financial profile. MADS coverage was 2.2x in fiscal 2023. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deterioration in ILU occupancy below 90%; - Deterioration of liquidity, such that cash to adjusted debt stabilizes at 25% or lower; - Operating ratios consistently above 100%; - NOM stabilizing below 3%; - Material transfer of assets outside the obligated group. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Over the long term, improvement in liquidity metrics such that cash to adjusted debt levels stabilize at 50% or greater, could support positive rating action. PROFILE VOTI operates a life plan community located in Venice, FL approximately 75 miles south of Tampa on Florida's Gulf Coast. The community consists of 234 ILUs, 48 ALUs, 16 memory care units, and 64 licensed skilled nursing beds at the new Health Center. Eight of the 64 SNF beds are leased to a hospice agency. VOTI offers two contract types: the Traditional contract, which is a Type-B contract with either a 10% discount on assisted living and SNF services, and Enhanced Living, which provides unlimited assisted living services in a fully amortizing Type-B contract plan. In January 2019, VOTI introduced a life care contract. This fully amortizing Type-A contract provides residents with unlimited ALU and Health Center care access. Most of VOTI's resident contracts are Type-A. Refunds are not subject to resale requirements, and VOTI has limited exposure to refundable contracts. In fiscal 2024, VOTI had total revenues of approximately $34 million. Sources of Information In addition to the sources of information identified in Fitch's applicable criteria specified below, this action was informed by information from DIVER by Solve. 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. VIVAKOR INC: Enters Forbearance and Amendment to $6.63M Note ------------------------------------------------------------ As previously reported, on March 17, 2025, Vivakor, Inc., issued a junior secured convertible promissory note to J.J. Astor & Co., in the principal amount of $6,625,000, in relation to a Loan and Security Agreement by and between the Company, its subsidiaries, and the Lender. The Company received $5,000,000, before fees. The Company received the funds on March 18, 2025. In relation to the Loan Agreement, the Company also entered into a Registration Rights Agreement with the Lender, under which the Company was obligated to file a resale registration statement with the SEC registering any shares of its common stock issuable under the Note no later than 60 days after closing. On July 9, 2025, the Company entered into a Forbearance and Amendment to Loan Agreement and Note, which amended the terms of the Loan Agreement, Initial Note and RRA. Under the terms of the Forbearance Agreement: (i) the Lender agreed to loan the Company an additional amount up to $4,400,000 under similar terms as the Initial Note (funds from which the Company received on July 15, 2025), (ii) the Lender agreed to permit the Company to raise an additional $3,000,000 under terms set forth on Exhibit I of the Loan Agreement, (iii) the filing date for the resale registration statement under the RRA was extended to July 18, 2025, (iv) the Outstanding Principal Amount of the Initial Note was $6,151,783 on the Forbearance Agreement Effective Date, (v) the principal amount under the Initial Note was increased to $6,766,961.30, representing 110% of the Outstanding Principal Amount of the Note as of the Forbearance Agreement Effective Date, (vi) the Weekly Installment Payments under the Initial Note stayed the same, (vii) the fee of $615,178.30 was added to the Amended Principal Amount of the Initial Note and shall be due and payable by the Company on or before January 7, 2026, (viii) past due interest totaling $ $291,367.35, that has accrued between the Forbearance Agreement Effective Date and the Effective Date, shall also be paid on or before January 7, 2026, and (ix) both the $615,178.30 fee and the $291,367.35 of past due interest shall be paid in full in cash on or before January 7, 2026. Additionally, on July 9, 2025, the Company entered into a Second Amendment to Loan Agreement and Registration Rights Agreement, and an Additional Junior Secured Convertible Note, under which the Company agreed to issue the Lender the Note in the principal amount of $5,940,000. Under the New Loan Documents, the Company will receive net proceeds of $971,025.65, with the remainder of the principal amount going to: (a) a $176,000 origination fee, (b) an aggregate of $3,232,974.35 representing: (i) a $891,000 holdback amount to be applied to pay the first six Weekly Installment Payments when due under the Additional Note (hereinafter defined), (ii) $1,395,540.35 to be applied to pay the seven past due Weekly Installment Payments under the Initial Note, plus accrued interest thereon, and (iii) $946,434 to secure and cover the payment of the next six Weekly Installment Payments due under the Initial Note, (c) $20,000 to pay Lender's legal fees, and (d) and original issuance discount of $1,540,000. The Note is payable over forty equal weekly installments of $148,500, which may be paid in cash or, at the option of the Company once an applicable registration statement is effective, in free trading shares of its common stock issued at a 20% discount to the lower of either the previous day's closing price or the average of the four lowest volume-weighted average prices during the prior 20 trading days. The Note does not bear interest unless in default and is subject to mandatory prepayment upon the receipt of proceeds from identified sales of equity interests in the Company and/or the receipt of certain extraordinary cash payments. In the event the Company default on the terms of the Initial Note or the Additional Note, the conversion price under the notes is a 50% discount to discount to the lower of either the previous day's closing price or the average of the four lowest volume-weighted average prices during the prior 20 trading days. The lender is secured by a junior lien in all assets of the Company, subject to exceptions for existing debt covenants of the Company. The Company reserved 15,000,000 shares of its common stock for issuance in connection with a conversion under the Additional Note and the Company agreed to issue the Lender 150,000 shares of its common stock as additional consideration for the loan. The Company received the funds under the New Loan Documents on July 15, 2025. Furthermore, on July 9, 2025, the Company issued the Additional Note and agreed to issue the Commitment Shares to the Lender, which securities contain a standard Rule 144 restrictive legend. The issuances of the foregoing securities was exempt from registration pursuant to Section 4(a)(2) of the Securities Act promulgated thereunder as the holder is one of the Company's executive officers and familiar with our operations. The Company received the funds under the New Loan Documents on July 15, 2025. This summary is not a complete description of all of the terms of the Forbearance Agreement, the Amendment, and the Additional Note, and are qualified in their entirety by reference to the full text of the Forbearance Agreement, the Amendment, and the Additional Note, forms of which are filed as Exhibits 10.1, 10.2, and 10.3 respectively in the Form 8-K is available at https://tinyurl.com/j7hca3vs About Vivakor Coralville, Iowa-based Vivakor, Inc. is a socially responsible operator, acquirer, and developer of technologies and assets in the oil and gas industry, as well as related environmental solutions. Currently, the Company's efforts are primarily focused on operating crude oil gathering, storage and transportation facilities, as well as contaminated soil remediation services. Pittsburgh, Penn.-based Urish Popeck & Co., LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a significant working capital deficiency, suffered significant recurring losses from 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. As of Dec. 31, 2024, the Company had $241 million in total assets, $125.9 million in total liabilities, and a total stockholders' equity of $115.1 million. VOLTZ INC: Gets Final OK to Use Cash Collateral Until Oct. 31 ------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Minnesota issued a final order authorizing Voltz, Inc. to use cash collateral through October 31. The final order authorized the Debtor to use cash collateral only for ordinary business and administrative expenses, consistent with its budget. Material deviations require court approval. Secured creditors including Bremer Bank, Northeast Entrepreneur Fund, Inc., and Shopify, Inc. will receive replacement liens on post-petition inventory, accounts, equipment, and intangibles, with the same priority as their pre-bankruptcy liens. The replacement liens do not apply to any Chapter 5 causes of action. As additional protection, Old National Bank will receive monthly payments of $3,000 starting July 31 and until October 1 or until confirmation of the Debtor's bankruptcy plan, whichever comes first. The Debtor has secured debt held by Bremer Bank, Northeast Entrepreneur Fund, and Shopify, all of which have UCC filings covering the Debtor's assets, including cash and receivables. About Voltz, Inc. Voltz, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-42086) on June 25, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Brad Ruoho, president of Voltz, Inc., signed the petition. Judge William J. Fisher oversees the case. John D. Lamey, III, Esq., at Lamey Law Firm, PA, represents the Debtor as bankruptcy counsel. VSBROOKS INC: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: VSBROOKS, Inc. d/b/a The 3rd Eye Creative Agency 5000 SW 75th Avenue Miami, FL 33155 Business Description: VSBROOKS, Inc., doing business as The 3rd Eye Creative Agency, is a certified women-owned independent full-service marketing agency in Miami specializing in health and wellness brands. With more than 25 years of experience, it focuses on generational healthcare advertising, women's healthcare initiatives, multicultural audience engagement and B2B growth within regulatory compliance. Chapter 11 Petition Date: July 29, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-18690 Judge: Hon. Laurel M. Isicoff Debtor's Counsel: Robert P Charbonneau, Esq. AGENTIS PLLC 45 Almeria Avenue Coral Gables FL 33134 Tel: (305) 722-2002 E-mail: rpc@agentislaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Diana Brooks as president and CEO. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CNU7J4I/VSBROOKS_INC__flsbke-25-18690__0001.0.pdf?mcid=tGE4TAMA W&T OFFSHORE: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has affirmed W&T Offshore, Inc.'s (WTI) Long-Term Issuer Default Rating (IDR) at 'B-'. Fitch has also affirmed the company's first-priority lien secured reserve-based lending credit facility (RBL) at 'BB-' with a Recovery Rating of 'RR1' and the $350 million senior secured second lien note at 'B-'/'RR4'. The Rating Outlook is Stable. WTI's rating and Stable Outlook reflects its positioning with low-decline Gulf of Mexico (Gulf of America, or Gulf) assets and leverage around 3.5x over the forecast period. Offsetting factors include its smaller operational scale with 1Q25 production of 30.5 thousand barrels of oil equivalent per day (mboepd), possession of more natural gas assets than peers, and moderate capex over the forecast period. WTI also has significant environmental remediation costs relating to higher plugging and abandonment (P&A) costs, and relatively higher operating costs. Key Rating Drivers Limited Scale, High-Cost Operator: WTI has daily production of 30,489boe/d in 1Q25, ranking it as one of the smaller exploration and production (E&P) companies under Fitch's coverage. Natural gas comprised about 48% of production which is somewhat high versus diversified peers. WTI's production is also impacted by relatively large NGLs component in its liquids mix of 7%. The final two of the six fields acquired under the COX acquisition were placed into production in early 2Q25, with production expected to ramp up in 2Q25. Limited scale, production mix, and high operating costs restrict WTI's negotiating and operating leverage relative to competitors that are larger and can benefit from economies of scale and diversification between onshore and offshore assets. Elevated production expenses have led to below-average Fitch-calculated netbacks; in 1Q25, WTI's cash netback after interest was $8.5/boe versus $20-$30/boe for peers. Operational challenges in parts of the Gulf, such as third-party pipeline outages, maintenance and weather-related incidents, further impact costs and production. Management expects near-term cost reductions. Moderate Capex, Midcycle Leverage 3.5x: Fitch expects WTI capex to increase slightly in 2025 to achieve mid-single-digit production growth in 2025, in line with the company's guidance. Fitch expects WTI to manage its capital allocation policies in a manner that continues to support neutral to positive FCF. The low decline rate of its wells allows substantial capex cuts during periods of low oil prices with a relatively modest impact on production. Historically, WTI has benefitted by reducing capex in lower price environments to maintain positive FCF. Fitch's base case forecasts EBITDA leverage to decline to around 3.3x as prices approach Fitch's $57/bbl midcycle assumption. Refinancing Risk Reduced: Fitch believes WTI's near-term refinancing risk has decreased following the refinancing of the 2026 note and repayment of the term loan facility with the 2030 note issuance. WTI has approximately $106 million cash on the balance sheet and an undrawn $50 million senior secured RBL facility. WTI also benefited from $70 million from the sale of certain non-core assets and insurance proceeds in 1Q25. Overall, capital market access risk remains in the medium to long term as WTI bonds have a higher coupon and trade at higher yields than other energy issuers, which may limit future access. Substantial Decommissioning Costs: WTI's environmental remediation costs for P&A are high compared with onshore peers due to its focus on mature offshore assets and an active M&A strategy. Asset retirement obligations (AROs) as of 1Q25 totaled $561.9 million. Fitch recognizes that the AROs are long dated. WTI expects annual P&A costs of $30 million to $40 million in 2025, which Fitch expects to remain in this range over the forecast horizon. Fitch believes there is potential for reduced outlays to the degree the company can extend the lives of fields through recompletions and workovers. Litigation Uncertainty: WTI filed seeking declaratory relief in the U.S. District Court against providers of government-required surety bonds that secure decommissioning obligations the company may have with respect to certain oil and gas assets in line with the federal Bureau of Ocean Energy Management requirements. In June 2025, the federal court recommended denying two surety companies motions for preliminary injunctions for additional collateral beyond what WTI has already contracted, despite WTI never having missed a payment. Fitch's forecasts do not currently make assumptions around this business risk given the uncertainty and timing until a final resolution. Offshore Gulf E&P: WTI fully operates as an offshore E&P company in the Gulf. The company's asset base differs materially from that of an onshore producer. In general, Gulf assets can typically be acquired at relatively lower costs, have lower decline rates and benefit from extensive midstream infrastructure, providing direct access to Gulf Coast refineries, which typically brings higher price realizations. These strengths are offset by significantly higher P&A obligations, exploration projects that require substantial capital requirements, longer spud to first oil times, higher environmental remediation costs, and additional tail risks from hurricane activity and potential oil spills. Limited Hedging Program: Fitch believes oil and gas hedging would be credit positive, as it supports development funding and reduces cash flow risks. WTI has no oil hedges in place and has recently added additional natural gas positions. In 2025, WTI has 70 million British thermal units per day (mmbtupd) of costless collars in place and 62.2 mmbtupd of purchased puts in place at $2.27 for the remainder of 2025. WTI has approximately 50% of purchased puts in place for 2026 and 2027. Peer Analysis WTI operates on a smaller scale than Fitch-rated E&P peers. With 1Q25 production at 30.5 mboe/d (52.0% liquids), the company produces significantly less than Talos Energy Inc. (B/Positive) with 100.9 mboepd (78% liquids) at 1Q25. WTI's production also is lower than onshore operators such as HighPeak Energy Inc. (B/Stable) with 53.1 mboepd (86% liquids) at 1Q25 and Moss Creek Resources Holdings, Inc. (B/Stable) with 62.0 mboepd (69% liquids) at FY 2024. Fitch expects WTI to operate with debt at or below negative EBITDA leverage sensitivities over the forecast horizon. Fitch believes the potential challenges to accessing capital markets, and its smaller scale relative to that of other E&P issuers are near-term concerns. WTI has proved reserves in line with a 'B' rated issuer. Pro forma the Cox acquisition, the company's proven reserves (1P) excluding AROs were 127.0 mmboe with a PV-10 of $1.2 billion. Pro forma 1P/production was 10.4 years, which is higher than Talos (5.7 years) and Baytex Energy Corp. (7.3 years). The company's offshore footprint also exposes it to significantly higher P&A costs than onshore shale-based peers. Operational risks are higher as well, given the severity of any oil spills or hurricane activity on a company of WTI's size. Key Assumptions - West Texas Intermediate prices of $65.00/bbl in 2025, $60.00/bbl in 2026 and 2027, and $57.00/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; - Production increasing by mid-single digits in 2025 and 2026 before declining thereafter; - Cash cost of P&A obligations consistent with management guidance throughout the forecast; - Assumes no M&A throughout the forecast. Recovery Analysis The recovery analysis assumes WTI would be reorganized as a going concern (GC) in bankruptcy rather than liquidated. Fitch assumed a 10% administrative claim. Going-Concern Approach Fitch assumed a bankruptcy scenario exit EBITDA of $80 million. This estimate considers a prolonged commodity price downturn causing liquidity constraints and inability to access capital markets to refinance debt. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation. Fitch applies an EV multiple of 3.0x to the GC EBITDA to calculate a post-reorganization enterprise value versus the historical energy upstream subsector multiple of 2.8x-5.6x for recent E&P bankruptcies, and median EV/EBITDA multiples in offshore transactions of 2.0x-4.0x. The lower multiple also reflects the impact of AROs. These assumptions lead to an enterprise valuation of $240 million, greater than the liquidation valuation. Liquidation Approach The liquidation estimate reflects Fitch's view of the value of the company's E&P assets that can be realized in sale or liquidation processes conducted during a bankruptcy or insolvency proceeding and distributed to creditors. Fitch used historical transaction data for the Gulf blocks on $/bbl, $/1P, $/2P, $/acre and PDP PV-10 bases to attempt to determine a reasonable sale, based on Talos' recent M&A transaction, other recent offshore M&A transactions, and valuations from emerging, offshore bankruptcies of Fieldwood Energy LLC, Stone Energy Corporation and Arena Energy, LP. Fitch assumed a 25% advance rate on its account receivables (A/R) given that A/R would likely decrease in a prolonged downturn. Waterfall Analysis Fitch assumed the $50 million revolving credit facility was drawn at 80% to account for downward borrowing base redeterminations as the company approaches a bankruptcy scenario. The first-priority lien secured revolver recovers at 'RR1' while the senior secured second-lien notes recover at 'RR4'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Loss of operational momentum, evidenced by production trending below 30 mboepd and/or deteriorating unit economics; - Unfavorable regulatory changes or accelerated P&A spending and/or negative outcome from surety bonds litigation; - Midcycle EBITDA leverage above 3.5x and/or EBITDA interest coverage below 2.0x on a sustained basis; - Implementation of a more aggressive growth strategy operating outside FCF that negatively affects liquidity or access to the capital markets. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Increased size and scale evidenced by production trending above 75 mboepd; - Demonstrated ability to manage P&A obligations and reduced AROs per flowing barrel or proved reserves; - Midcycle EBITDA leverage maintained below 2.5x. Liquidity and Debt Structure Fitch does not see material near-term liquidity needs and believes the company's refinance risk is moderate, given its neutral to negative FCF over the forecast and material unrestricted cash on the balance sheet. Management stated capital budgets would be determined by the ability to generate FCF even in commodity price declines. The company's hedging program provides limited protection, but an enhanced program would provide more security. Liquidity was $155.9MM at 1Q25 with cash on hand of approximately $105.9 million and an undrawn $50 million senior secured first-priority lien RBL facility. WTI's maturity schedule remains light with no maturities until the RBL facility matures in July 2028 and the notes mature in February 2029. Issuer Profile W&T Offshore, Inc. is an independent oil and natural gas producer operating in the Gulf, with interests in approximately 52 producing offshore fields (45 federal, seven state) and leases totaling approximately 634,700 gross (496,900 net) acres. 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 WTI has an ESG Relevance Score of '4' for Waste & Hazardous Materials Management; Ecological Impacts due to the enterprise-wide solvency risks that an offshore oil spill poses for an E&P company. WTI has an ESG Relevance Score of '4' for Energy Management that reflects the company's cost competitiveness and financial and operational flexibility due to scale, business mix and diversification. These factors have a negative impact on the credit profile and are relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- W&T Offshore, Inc. LT IDR B- Affirmed B- senior secured LT BB- Affirmed RR1 BB- Senior Secured 2nd Lien LT B- Affirmed RR4 B- WESTERN SKY: Edward Burr Named Subchapter V Trustee --------------------------------------------------- The U.S. Trustee for Region 17 appointed Edward Burr of Mac Restructuring Advisors, LLC as Subchapter V trustee for Western Sky Hotshots, LLC. Mr. Burr will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Burr declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Edward Burr Mac Restructuring Advisors, LLC 10191 E. Shangri La Road Scottsdale, AZ 85260 Phone: (602) 418-2906 Email: Ted@macrestructuring.com About Western Sky Hotshots LLC Western Sky Hotshots, LLC provides general freight and construction support services, including water truck operations, dust control, and pilot car escort services. It operates in Arizona and specializes in intrastate logistics and transportation. Western Sky Hotshots sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-06714) on July 23, 2025. In its petition, the Debtor reported total assets of $494,363 and total liabilities of $1,110,171. Judge Daniel P. Collins handles the case. The Debtor is represented by Allan D. NewDelman, Esq., at Allan D. NewDelman, P.C. WHITEEAGLE PROPERTIES: Seeks Subchapter V Bankruptcy in Kansas -------------------------------------------------------------- On July 28, 2025, Whiteeagle Properties 22 Corp. filed Chapter 11 protection in the District of Kansas. 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 Whiteeagle Properties 22 Corp. Whiteeagle Properties 22 Corp. is a property company based in Lindsborg, Kansas that operates in the real estate sector. Whiteeagle Properties 22 Corp. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-10770) on July 28, 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 Mitchell L. Herren handles the case. The Debtor is represented by Mark J. Lazzo, Esq. at Landmark Office Park. WONDER LAKE: Fitch Assigns 'BB+sf' Rating on Class E Notes ---------------------------------------------------------- Fitch Ratings has assigned ratings and Rating Outlooks to Wonder Lake Park CLO, Ltd. Entity/Debt Rating ----------- ------ Wonder Lake Park CLO, Ltd. A LT NRsf New Rating B LT AAsf New Rating C LT A+sf New Rating D-1 LT BBB-sf New Rating D-2 LT BBB-sf New Rating E LT BB+sf New Rating F LT NRsf New Rating Subordinated LT NRsf New Rating Transaction Summary Wonder Lake Park CLO, Ltd. (the issuer) is an arbitrage cash flow collateralized loan obligation (CLO) that will be managed by Blackstone CLO Management LLC. Net proceeds from the issuance of the secured and subordinated notes will provide financing on a portfolio of approximately $500 million of primarily first lien senior secured leveraged loans. KEY RATING DRIVERS Asset Credit Quality: The average credit quality of the indicative portfolio is 'B', which is in line with that of recent CLOs. Issuers rated in the 'B' rating category denote a highly speculative credit quality; however, the notes benefit from appropriate credit enhancement and standard CLO structural features. Asset Security: The indicative portfolio consists of 96% first-lien senior secured loans and has a weighted average recovery assumption of 74.48%. Fitch stressed the indicative portfolio by assuming a higher portfolio concentration of assets with lower recovery prospects and further reduced recovery assumptions for higher rating stresses. Portfolio Composition: The largest three industries may comprise up to 39% of the portfolio balance in aggregate while the top five obligors can represent up to 12.5% of the portfolio balance in aggregate. The level of diversity required by industry, obligor and geographic concentrations is in line with other recent CLOs. Portfolio Management: The transaction has a five-year reinvestment period and reinvestment criteria similar to other CLOs. Fitch's analysis was based on a stressed portfolio created by adjusting to the indicative portfolio to reflect permissible concentration limits and collateral quality test levels. Cash Flow Analysis: Fitch used a customized proprietary cash flow model to replicate the principal and interest waterfalls and assess the effectiveness of various structural features of the transaction. In Fitch's stress scenarios, the rated notes can withstand default and recovery assumptions consistent with their assigned ratings. The weighted average life (WAL) used for the transaction stress portfolio is 12 months less than the WAL covenant to account for structural and reinvestment conditions after the reinvestment period. In Fitch's opinion, these conditions would reduce the effective risk horizon of the portfolio during stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Variability in key model assumptions, such as decreases in recovery rates and increases in default rates, could result in a downgrade. Fitch evaluated the notes' sensitivity to potential changes in such a metric. The results under these sensitivity scenarios are as severe as between 'BB+sf' and 'A+sf' for class B, between 'B+sf' and 'BBB+sf' for class C, between less than 'B-sf' and 'BB+sf' for class D-1, and between less than 'B-sf' and 'BB+sf' for class D-2 and between less than 'B-sf' and 'BB-sf' for class E. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Variability in key model assumptions, such as increases in recovery rates and decreases in default rates, could result in an upgrade. Fitch evaluated the notes' sensitivity to potential changes in such metrics; the minimum rating results under these sensitivity scenarios are 'AAAsf' for class B, 'AA+sf' for class C, 'Asf' for class D-1, and 'A-sf' for class D-2 and 'BBB+sf' for class E. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY The majority of the underlying assets or risk-presenting entities have ratings or credit opinions from Fitch and/or other nationally recognized statistical rating organizations and/or European Securities and Markets Authority-registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information. Overall, Fitch's assessment of the asset pool information relied upon for its rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations Fitch does not provide ESG relevance scores for Wonder Lake Park CLO, Ltd. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. X-LASER LLC: Gets OK to Use Cash Collateral Until Sept. 30 ---------------------------------------------------------- X-Laser, L.L.C. got the green light from the U.S. Bankruptcy Court for the District of Maryland to use cash collateral. The court authorized the Debtor's interim use of cash collateral for the period from June 7 to September 30 to, among other things, fund administrative and operating expenses and pay the secured claim of the U.S. Small Business Administration. The Debtor's monthly budget shows total expenses of $274,488.10 for August and $239,488.10 for September. As protection for the use of its cash collateral, SBA will be granted a perfected replacement security interest in the Debtor's post-petition collateral and proceeds thereof. The replacement liens are subject to and subordinate to payment of the Subchapter V trustee's fees and professional fees and expenses. SBA holds a blanket security interest in all assets of the Debtor. As of the petition date, SBA asserts a secured claim of $2,084,747.79. Other secured creditors include WebBank ($62K), TD Bank ($250K), Itria Ventures ($113K), and Samson MCA ($123K), but due to SBA's senior lien, they will be treated as unsecured creditors. About X-Laser L.L.C. X-Laser, L.L.C. designs and supplies laser light show systems and related support services for a range of users, from mobile DJs to major entertainment companies like Disney. Since 2007, the Company has offered touring-grade and entry-level laser projectors, including versatile models like the LaserCube and specialty series such as Aurora, along with advanced products like the Radiator and Ether Dream 4. X-Laser also provides training and resources to help clients enhance their live production setups. The Debtor sought protection under U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-15178) on June 7, 2025. In the petition signed by Adam Raugh, managing member, the Debtor disclosed $257,408 in assets and $3,293,527 in liabilities. Judge David E. Rice oversees the case. The Debtor is represented by Brett Weiss, Esq., at The Weiss Law Group, LLC. YELLOW CORP: Files New Plan After Pension Plans Ruling ------------------------------------------------------ Yellow Corporation and its unsecured creditors' committee on July 29, 2025, filed a Fourth Amended Chapter 11 Plan and a corresponding disclosure statement, saying that the plan settlement reached with creditors in March was no longer viable. At issue are claims held by various multiemployer pension plans (MEPPs) for withdrawal liability arising out of Yellow Corporation's withdrawal from those plans, and a settlement reached by the Debtors to those claims. After several deferments to confirmation of the Debtors' original plan, the Debtors engaged in several months of negotiations with the Official Committee of Unsecured Creditors and certain creditors holding the largest general unsecured claims against the estates (the MEPPs). On March 28, 2025, the Debtors and the Committee filed the Third Amended Plan incorporating a plan settlement of certain pending disputes between the Debtors' estates and certain MEPP claimants. The settlement, according to the Debtors, substantially reduces the aggregate claim amounts originally asserted against the Estates while increasing the recoveries for holders of general unsecured claims who do not have the ability to assert such claims on a joint and several basis against each debtor. The Third Amended Plan and the Plan Settlement embodied therein was intended to resolve objections that have been made to the allowance of the billions of dollars in claims asserted by the multiemployer pension plans on account of obligations associated with the Debtors' withdrawal from the MEPPs. MEPP's Withdrawal Liability Claims Early in this bankruptcy case, various multiemployer pension plans sought relief from the automatic stay to have their disputes over Yellow's withdrawal liability resolved in arbitration. The Bankruptcy Court, however, concluded that the disputes were properly resolved in this Court, through the claims allowance process. The Central States Pension Fund ("CSPF"), a multiemployer pension fund, filed proofs of claim against the Estates, for nearly $4.8 billion for withdrawal liability. Ten other multiemployer pension plans have filed claims seeking $1.6 billion in withdrawal liability. The Debtors and MFN had filed objections to proofs of claim filed by various multiemployer pension plans, including the CSPF. Various parties sought summary judgment on claims allowance issues. The Court heard argument on those motions on January 28, 2025 and was in the process of finalizing its opinion. Before the Court issued the opinion, however, the Debtors and the Committee asked the Court to withhold the opinion. Issuing the opinion, they argued, would massively disrupt the hard work of many parties in reaching that settlement. MFN, which had joined in the claims objections and was not part of the settlement, took the view that it was entitled to a resolution of its claims objections, and thus asked the Court to go ahead and issue its opinion. On April 7, 2025, Bankruptcy Judge Craig T. Goldblatt, issued a 77-page preliminary opinion on key issues relating to MEPPs' withdrawal liability claims: * As to CSPF's contributions guarantee claim, the Court agreed with the objecting parties that the liquidated damages provision contained in the 2014 letter agreement was an unenforceable penalty under applicable law and previewed its view that the Claim should be disallowed in its entirety. * The Court also addressed other disputed issues relating to various MEPP Claims, including CSPF's claims: (i) The Court indicated that the Bankruptcy Code requires claims for unmatured interest to be disallowed and, thus, the CSPF Withdrawal Liability Claim -- and all other Withdrawal Liability Claims -- should be reduced by an amount equal to the unmatured interest otherwise incorporated into the asserted Claim amounts. (ii) The Court indicated that the mechanic set forth in 29 U.S.C. Sec. 1405(b) -- which operates to cap withdrawal liability claims where such claims exceed the liquidation value of the debtor -- should properly be applied after reducing UVBs pursuant to ERISA's 20-year cap on payments. (iii) The Court indicated that CSPF's (and another SFA MEPP, Local 641) use of post-2014 contribution rate increases to calculate withdrawal liability appeared to violate ERISA because the increases were subject to a rehabilitation plan and did not satisfy any statutory exceptions to the rule requiring such increases to be disregarded. On July 18, 2025, the Court issued an interlocutory order giving effect to the Preliminary MEPP Opinion. Motion to Convert MFN Partners, LP, and Mobile Street Holdings, LLC, on April 29, 2025, filed a motion to convert the Chapter 11 cases of the Debtors to cases under Chapter 7 liquidation. MFN is the single largest equity security holder of the publicly traded stock of Yellow. Its wholly owned affiliate, Mobile Street, acquired several general unsecured claims against the Debtors. MFN noted that the Debtors ceased operating their prepetition businesses days before the chapter 11 filing, the chapter 11 cases are nearing their two-year anniversary, and the Debtors have a plan that was premised on an unconscionable "settlement" favoring members of the Committee and a select group of multi-employer pension plans ("MEPPs") whose claims had been objected to by the Debtors and MFN. "[T]his Court's analyses overwhelmingly favored the estates and Movants on the MEPP claim objections, resulting in over $2 billion in claims being subject to disallowance and, equally importantly, 50% of all MEPP claims being subordinated to non-MEPP general unsecured claims if the Debtors' estates were determined to be insolvent," MFN said in its Motion to Convert. MFN points out that the Court's April 7 "preliminary observations" opinion has effectively rendered that "settlement" even more unconscionable and yet, despite multiple requests by Movants that the Debtors and the Committee withdraw the Third Amended Plan, they have thus far refused to do so and have shown nothing to otherwise move this case forward towards a confirmable plan. "Had their fiduciary compasses not been broken, the Debtors and the Committee would have been thrilled with the impact of the April 7 MEPP Objection Opinion because all other general unsecured creditors holding allowable claims stood to materially benefit and even have a chance at payment in full," MFN said. New Plan Filed The Debtors and the Committee filed their Fourth Amended Plan on July 29, 2025, saying that as a result of the Preliminary MEPP Opinion, they determined that the Third Amended Plan was no longer a viable option. Immediately following the Bankruptcy Court's issuance of the Preliminary MEPP Opinion, the Plan Proponents reengaged with the MEPP claimants who had previously agreed to the terms of the Third Amended Plan in an effort to reach agreement on a revised settlement that would comport with the Preliminary MEPP Opinion, in addition to all other rulings issued in the cases to date. The parties have been unable to reach consensus and therefore have filed the Plan consistent with the Court's commentary at the hearing on the Motion to Convert. The Fourth Amended Plan does not propose to settle any of the Disputed MEPP Claims and, instead, the Plan provides that pending litigation will transfer to the Liquidating Trust. Nonetheless, the Plan Proponents intend to continue settlement discussions with the MEPP claimants and other parties in interest in parallel while prosecuting the Plan. The Plan Proponents filed the Fourth Amended Plan in order to achieve an orderly conclusion to these cases. Generally, the Plan: -- provides for the vesting of all of the Debtors' and their Estates' assets as of the Effective Date in the Liquidating Trust for the purpose of distributions to Holders of Allowed Claims or Allowed Interests, as applicable; -- provides for the transfer of all pending litigation and disputes to the Liquidating Trust for resolution after the Effective Date in accordance with the Liquidating Trust Agreement; -- provides that the Committee, in consultation with the Debtors, will designate a Liquidating Trustee to wind down the Debtors' remaining affairs, pay, and reconcile Claims, and administer the Plan in an efficient manner; and -- contemplates recoveries to Holders of Administrative Claims, Other Priority Claims, Employee PTO/Commission Full Pay GUC Claims, and Convenience Class Claims that will render unimpaired the Allowed Claims of such Holders. Unsecured Recoveries According to Fourth Amended Disclosure Statement, Class 5 General Unsecured Claims have these projected recoveries under the Fourth Amended Plan: Unsecured Claims Debtor Projected Recovery ------ ------------------ 1105481 Ontario Inc. 0.0% - 0.0% Express Lane Service, Inc. 0.0% - 0.0% New Penn Motor Express LLC 2.5% - 3.5% Roadway Express International, Inc. 0.0% - 0.0% Roadway LLC 5.0% - 10.9% Roadway Next Day Corporation 0.0% - 0.0% USF Bestway Inc. 0.0% - 0.0% USF Dugan Inc. 0.0% - 0.0% USF Holland International Sales Corporation 0.0% - 0.0% USF Holland LLC 2.8% - 6.4% USF Reddaway Inc. 2.3% - 4.0% USF Redstar LLC 0.0% - 0.0% Yellow Corporation 0.0% - 0.0% Yellow Freight Corporation 0.0% - 0.0% Yellow Logistics, Inc. 0.0% - 0.0% YRC Association Solutions, Inc. 0.0% - 0.0% YRC Enterprise Services, Inc. 0.0% - 0.0% YRC Freight Canada Company 0.0% - 0.0% YRC Inc. 12.7% - 24.3% YRC International Investments, Inc. 0.0% - 0.0% YRC Logistics Inc. 0.0% - 0.0% YRC Logistics Services, Inc. 0.0% - 0.0% YRC Mortgages, LLC 0.0% - 0.0% YRC Regional Transportation, Inc. 0.3%% - 0.4% The projected recoveries still account for the Withdrawal Liability Claims asserted by the MEPPs. These claims are the subject of ongoing appeals or may be subject to further appeals, and may change materially depending on the outcome of those appeals. The Third Amended Plan projected a recovery of 12.0% to 16.0% for electing J&S Holders and 12.0% to 17.0% for non-electing J&S Holders of Class 5A Joint and Several General Unsecured Claims. The Plan also projected a recovery of 12.0% to 16.0% for holders of Class 5B Non-Joint and Several General Unsecured Claims. The Plan Proponents believe that confirmation of the Fourth Amended Plan will expedite and enhance distributions on account of allowed claims as quickly and efficiently as is practicable. Accordingly, the Plan Proponents urge all holders of claims entitled to vote to accept the Plan by returning their ballots so that Epiq Corporate Restructuring, LLC, the Debtors' claims and noticing agent, actually receives such ballots by Oct. 22, 2025 at 4:00 p.m. prevailing Eastern Time. The Debtors have proposed a Nov. 5, 2025 hearing for confirmation of the Plan. A hearing to consider approval of the Fourth Amended Disclosure Statement is slated for Sept. 4, 2025. About Yellow Corporation Yellow Corporation -- www.myyellow.com -- operated logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and international shipping services throughout. Yellow's principal office is in Nashville, Tenn., and is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics. Yellow Corporation and 23 affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corp had $2,152,200,000 in total assets against $2,588,800,000 in total liabilities. The petitions were signed by Matthew A. Doheny as chief restructuring officer. Kirkland & Ellis LLP is serving as the Company's restructuring counsel, Pachulski Stang Ziehl& Jones LLP is serving as the Company's Delaware local counsel, Kasowitz, Benson and Torres LLP is serving as special litigation counsel, Goodmans LLP is serving as the Company's special Canadian counsel, Ducera Partners LLC is serving as the Company's investment banker, and Alvarez and Marsal is serving as the Company's financial advisor. Epiq Bankruptcy Solutions serves as claims and noticing agent. Milbank LLP, serves as counsel to certain investment funds and accounts managed by affiliates of Apollo Capital Management, L.P. White & Case LLP, serves as counsel to Beal Bank USA. Arnold & Porter Kaye ScholerLLP, serves as counsel to the United States Department of the Treasury. Alter Domus Products Corp., the Administrative Agent to the DIP Lenders, is represented by Holland & Knight LLP. Akin Gump Strauss Hauer & Feld LLP and Benesch, Friedlander, Coplan & Aronoff LLP are serving as counsel to the Official Committee of Unsecured Creditors. Potter Anderson & Corroon LLP and Quinn Emanuel Urquhart & Sullivan, LLP, are representing MFN Partners, LP and Mobile Street Holdings, LLC. ZEN JV: Committee Seeks to Hire Cole Schotz P.C. as Counsel ----------------------------------------------------------- The official committee of unsecured creditors Zen JV, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Cole Schotz P.C. as counsel. The firm's services include: a. serving as counsel to the Committee; b. providing legal advice with respect to the Committee's powers, rights, duties and obligations in these Chapter 11 Cases; c. assisting and advising the Committee in its consultations with the Debtors regarding the administration of these Chapter 11 Cases; d. assisting the Committee in reviewing and negotiating terms for unsecured creditors with respect to (i) debtor in possession financing and the use of cash collateral, (ii) any sale of the Debtors' assets, including negotiating bid procedures and proposed asset purchase agreements, (iii) confirmation of a chapter 11 plan, and (iv) other requests for relief which would impact unsecured creditors; e. investigating the liens asserted by the Debtors' lenders and any potential causes of action against the Debtors' lenders and other parties in interest; f. advising the Committee on the corporate aspects of these Chapter 11 Cases and any plan(s) or other means to effect the Debtors' liquidation that may be proposed in connection therewith and participation in the formulation of any such plan(s) or means of implementing the liquidation, as necessary; g. taking all necessary actions to protect and preserve the estates of the Debtors for the benefit of unsecured creditors, including the investigation of the acts, conduct, assets, liabilities and financial condition of the Debtors, the investigation of the prior operation of the Debtors' businesses and the investigation and prosecution of estate claims, causes of action and any other matters relevant to these Chapter 11 Cases; h. preparing on behalf of the Committee all necessary motions, applications, complaints, answers, orders, reports, papers and other pleadings and filings in connection with the Committee's duties in these Chapter 11 Cases; i. advising and representing the Committee in hearings and other judicial proceedings in connection with all necessary motions, applications, objections and other pleadings and otherwise protecting the interests of those represented by the Committee; and j. performing all other necessary legal services as may be required and authorized by the Committee that are in the best interests of unsecured creditors. The firm will be paid at these rates: Members $595 to $1,575 per hour Special Counsel $625 to $840 per hour Associates $380 to $675 per hour Paralegals $315 to $460 per hour Litigation Support Specialists $425 to $535 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. In addition, the firm will seek reimbursement for its out-of-pocket expenses. The following is provided in response Paragraph D.1. of the Revised UST Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Cole Schotz professionals working on this matter will bill at their standard hourly rates. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: Cole Schotz did not represent the Committee during the 12 months preceding the filing of the Chapter 11 Cases. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: Cole Schotz expects to develop a prospective budget and staffing plan to reasonably comply with the U.S. Trustee's request for information and additional disclosures, as to which Cole Schotz reserves all rights. Mr. Alberto 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: Justin R. Alberto, Esq. Melissa M. Hartlipp, Esq. Elazar A. Kosman, Esq. Cole Schotz P.C. 500 Delaware Avenue, Suite 600 Wilmington, DE 19801 Telephone: (302) 652-3131 Facsimile: (302) 652-3117 Email: jalberto@coleschotz.com mhartlipp@coleschotz.com ekosman@coleschotz.com About Zen JV, LLC Zen JV, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11195) on June 24, 2025, listing up to $100 million in assets and up to $500,000 in liabilities. Jeff Furman, chief executive officer of Zen JV, signed the petition. Judge Kate Sickles oversees the case. Zachary I. Shapiro, Esq., at Richards, Layton & Finger, P.A., is the Debtor's legal counsel. JMB Capital Partners Lending, LLC, as DIP lender, is represented by Matthew B. Lunn, Esq., and Robert F. Poppiti, Jr., Esq. of Young Conaway Stargatt & Taylor, LLP, and Robert M. Hirsh, Esq., and James A. Copeland, Esq. of Norton Rose Fulbright US LLP. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Zen JV, LLC and its affiliates. ZEN JV: Committee Seeks to Hire M3 Advisory as Financial Advisor ---------------------------------------------------------------- The official committee of unsecured creditors Zen JV, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ M3 Advisory Partners, LP as financial advisor. The firm will provide these services: -- assist in the analysis, review, and monitoring of the restructuring process, including without limitation an assessment of the unsecured claims pool and potential recoveries for unsecured creditors; -- develop information regarding the Debtors' businesses and their potential values under different scenarios; -- evaluate the Debtors' plans and any alternatives with respect to the disposition of the Debtors' assets from those currently or in the future proposed by any Debtor; -- monitor and, to the extent appropriate, assist the Debtors in efforts to develop and solicit transactions that would support unsecured creditor recovery; -- assist the Committee in identifying, valuing, and pursuing estate causes of action, including, but not limited to, relating to prepetition transactions and the liens and claims asserted by the Debtors' lenders; -- assist the Committee to analyze, classify and address claims against the Debtors and to participate effectively in any effort in these chapter 11 cases to estimate (in any formal or informal sense) contingent, unliquidated, and disputed claims; -- advise the Committee in negotiations with the Debtors, certain of the Debtors' lenders, and third parties; -- assist the Committee in reviewing the Debtors' financial reports; -- assist the Committee in reviewing the Debtors' cost/benefit analysis with respect to the assumption or rejection of various executory contracts and leases; -- review and provide analysis of the present and any subsequently proposed or potential debtor-in-possession financing or use of cash collateral; -- assist the Committee in evaluating and analyzing avoidance actions, including fraudulent conveyances and preferential transfers; -- assist the Committee in investigating whether any unencumbered assets at the Debtors exist; -- review and provide analysis of any proposed disclosure statement and chapter 11 plan and, if appropriate, assist the Committee in developing an alternative chapter 11 plan; -- attend meetings and assist in discussions with the Committee, the Debtors, the secured lenders, the U.S. Trustee and other parties in interest and professionals; -- present at meetings of the Committee, as well as meetings with other key stakeholders and parties; -- perform such other advisory services for the Committee as may be necessary or proper in these proceedings, subject to the aforementioned scope; and -- provide testimony on behalf of the Committee as and when may be deemed appropriate. 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 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert Winning, a managing director at M3 Advisory Partners, 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 Zen JV, LLC Zen JV, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11195) on June 24, 2025, listing up to $100 million in assets and up to $500,000 in liabilities. Jeff Furman, chief executive officer of Zen JV, signed the petition. Judge Kate Sickles oversees the case. Zachary I. Shapiro, Esq., at Richards, Layton & Finger, P.A., is the Debtor's legal counsel. JMB Capital Partners Lending, LLC, as DIP lender, is represented by Matthew B. Lunn, Esq., and Robert F. Poppiti, Jr., Esq. of Young Conaway Stargatt & Taylor, LLP, and Robert M. Hirsh, Esq., and James A. Copeland, Esq. of Norton Rose Fulbright US LLP. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Zen JV, LLC and its affiliates. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Edgewood Hospitality Group LLC Bankr. E.D. Cal. Case No. 25-23743 Chapter 11 Petition filed July 22, 2025 See https://www.pacermonitor.com/view/OYT62DQ/Edgewood_Hospitality_Group_LLC__caebke-25-23743__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re John Jefferson Vitalich Bankr. N.D. Cal. Case No. 25-51105 Chapter 11 Petition filed July 22, 2025 In re Suzanne E Masias and Nathaniel A. Masias Bankr. D. Colo. Case No. 25-14546 Chapter 11 Petition filed July 22, 2025 represented by: Jonathan Dickey, Esq. KUTNER BRINEN DICKEY RILEY, P.C. In re Jacqueline Laude Bankr. D. Conn. Case No. 25-50588 Chapter 11 Petition filed July 22, 2025 In re DuPage Equipment LLC Bankr. N.D. Ill. Case No. 25-11146 Chapter 11 Petition filed July 22, 2025 See https://www.pacermonitor.com/view/BL46LQA/DuPage_Equipment_LLC__ilnbke-25-11146__0001.0.pdf?mcid=tGE4TAMA represented by: Paul M. Bach, Esq. BACH LAW OFFICES E-mail: paul@bachoffices.com In re Dora Lizzie Aja Bankr. D. Mass. Case No. 25-11503 Chapter 11 Petition filed July 22, 2025 Filed Pro Se In re Sebring Revolution, Inc. Bankr. S.D.N.Y. Case No. 25-11608 Chapter 11 Petition filed July 22, 2025 See https://www.pacermonitor.com/view/ROH57DI/Sebring_Revolution_Inc__nysbke-25-11608__0001.0.pdf?mcid=tGE4TAMA represented by: Scott J. Bogucki, Esq. GLEICHENHAUS, MARCHESE & WEISHAAR, P.C. In re The Complex at Port Chester LLC Bankr. S.D.N.Y. Case No. 25-22685 Chapter 11 Petition filed July 22, 2025 See https://www.pacermonitor.com/view/A7J3WDQ/The_Complex_at_Port_Chester_LLC__nysbke-25-22685__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Troy Brice Kelley Bankr. D.S.C. Case No. 25-02801 Chapter 11 Petition filed July 22, 2025 represented by: Robert Cooper, Esq. In re The Blue Heating and Air Conditioning LLC Bankr. D. Colo. Case No. 25-14585 Chapter 11 Petition filed July 23, 2025 See https://www.pacermonitor.com/view/DLP3WZQ/The_Blue_Heating_and_Air_Conditioning__cobke-25-14585__0001.0.pdf?mcid=tGE4TAMA represented by: Johnny M Wilson, Esq. JOHNNY M WILSON ESQ PC E-mail: jwilsonatty@gmail.com In re Light of Hope Behavior Therapy Inc. Bankr. S.D. Fla. Case No. 25-18397 Chapter 11 Petition filed July 23, 2025 See https://www.pacermonitor.com/view/V5IS7CQ/Light_of_Hope_Behavior_Therapy__flsbke-25-18397__0001.0.pdf?mcid=tGE4TAMA represented by: Jacqueline Calderin, Esq. AGENTIS PLLC E-mail: jc@agentislaw.com In re Dolce Balloons, LLC Bankr. S.D. Fla. Case No. 25-18400 Chapter 11 Petition filed July 23, 2025 See https://www.pacermonitor.com/view/FTJL3OQ/Dolce_Balloons_LLC__flsbke-25-18400__0001.0.pdf?mcid=tGE4TAMA represented by: Christina Vilaboa-Abel, Esq. CAVA LAW LLC E-mail: eservice@cavalegal.com In re G & T 5206 Investments Bankr. E.D. Pa. Case No. 25-12940 Chapter 11 Petition filed July 23, 2025 See https://www.pacermonitor.com/view/4PL6CPI/G__T_5206_INVESTMENTS__paebke-25-12940__0001.0.pdf?mcid=tGE4TAMA represented by: Maggie Soboleski, Esq. CENTER CITY LAW OFFICES, LLC E-mail: msoboles@yahoo.com In re The Original Eggs-R-Us L.L.C. Bankr. W.D. Pa. Case No. 25-21914 Chapter 11 Petition filed July 23, 2025 See https://www.pacermonitor.com/view/ZQKGTUY/The_Original_Eggs-R-Us_LLC__pawbke-25-21914__0001.0.pdf?mcid=tGE4TAMA represented by: Donald R. Calaiaro, Esq. CALAIARO VALENCIK E-mail: dcalaiaro@c-vlaw.com In re Hogar Luz Divina Mia Inc. Bankr. D.P.R. Case No. 25-03287 Chapter 11 Petition filed July 23, 2025 See https://www.pacermonitor.com/view/RZQOX7Q/HOGAR_LUZ_DIVINA_MIA_INC__prbke-25-03287__0001.0.pdf?mcid=tGE4TAMA represented by: Javier Vilarino, Esq. VILARINO AND ASSOCIATES LLC E-mail: jvilarino@vilarinolaw.com In re Source Mortgage & Funding, Inc Bankr. W.D. Tenn. Case No. 25-23647 Chapter 11 Petition filed July 23, 2025 See https://www.pacermonitor.com/view/BZ7EZFY/Source_Mortgage__Funding_Inc__tnwbke-25-23647__0001.0.pdf?mcid=tGE4TAMA represented by: Jerome C. Payne, Esq. PAYNE LAW FIRM E-mail: jerpaynelaw@gmail.com In re Burnt, LLC Bankr. N.D. Tex. Case No. 25-42654 Chapter 11 Petition filed July 23, 2025 See https://www.pacermonitor.com/view/3OXYNEI/Burnt_LLC__txnbke-25-42654__0001.0.pdf?mcid=tGE4TAMA represented by: Robert T DeMarco, Esq. DEMARCO MITCHELL, PLLC E-mail: robert@demarcomitchell.com In re Lenasi, Inc. Bankr. C.D. Cal. Case No. 25-11327 Chapter 11 Petition filed July 24, 2025 See https://www.pacermonitor.com/view/6KY24ZI/Lenasi_Inc__cacbke-25-11327__0001.0.pdf?mcid=tGE4TAMA represented by: Vahe Khojayan, Esq. YK LAW, LLP E-mail: vkhojayan@jklaw.us In re Summit Protective & Investigative Services, Inc. Bankr. E.D. Cal. Case No. 25-23819 Chapter 11 Petition filed July 24, 2025 See https://www.pacermonitor.com/view/LCEST2A/Summit_Protective__Investigative__caebke-25-23819__0001.0.pdf?mcid=tGE4TAMA represented by: Michael Jay Berger, Esq. LAW OFFICES OF MICHAEL JAY BERGER E-mail: michael.berger@bankruptcypower.com In re Persistent Holdings Corporation Bankr. M.D. Fla. Case No. 25-05084 Chapter 11 Petition filed July 24, 2025 See https://www.pacermonitor.com/view/HNLWP4Q/Persistent_Holdings_Corporation__flmbke-25-05084__0001.0.pdf?mcid=tGE4TAMA represented by: Mark S. Roher, Esq. LAW OFFICE OF MARK S. ROHER, P.A. E-mail: mroher@markroherlaw.com In re Illuminated Trees, Inc. Bankr. C.D. Ill. Case No. 25-11328 Chapter 11 Petition filed July 24, 2025 See https://www.pacermonitor.com/view/KQME7BI/Illuminated_Trees_Inc__cacbke-25-11328__0001.0.pdf?mcid=tGE4TAMA represented by: Vahe Khojayan, Esq. YK LAW, LLP E-mail: vkhojayan@yklaw.us In re Southern Louisiana Land Services, LLC Bankr. W.D. La. Case No. 25-80446 Chapter 11 Petition filed July 24, 2025 See https://www.pacermonitor.com/view/2P7XDWI/Southern_Louisiana_Land_Services__lawbke-25-80446__0001.0.pdf?mcid=tGE4TAMA represented by: Thomas R. Willson, Esq. ROCKY WILLSON LAW OFFICE E-mail: rocky@rockywillsonlaw.com In re Charles Stitt Drummond, III Bankr. E.D. Tenn. Case No. 25-11883 Chapter 11 Petition filed July 24, 2025 represented by: W. Thomas Bible, Jr., Esq. In re KDZ Realty LLC Bankr. E.D. Va. Case No. 25-32924 Chapter 11 Petition filed July 24, 2025 See https://www.pacermonitor.com/view/IBJOLLI/KDZ_Realty_LLC__vaebke-25-32924__0001.0.pdf?mcid=tGE4TAMA represented by: Martin C. Conway, Esq. CONWAY LAW GROUP, PC E-mail: martinecf@conwaylegal.com In re Parham Zar and Shoshana Djavaheri Bankr. C.D. Cal. Case No. 25-16367 Chapter 11 Petition filed July 25, 2025 represented by: Michael Berger, Esq. In re Mallory Madison Holdings LLC Bankr. S.D. Fla. Case No. 25-18499 Chapter 11 Petition filed July 25, 2025 See https://www.pacermonitor.com/view/2QPDUBA/Mallory_Madison_Holdings_LLC__flsbke-25-18499__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Thomas David Hart and Jane Elizabeth Hart Bankr. N.D. Ga. Case No. 25-58307 Chapter 11 Petition filed July 25, 2025 represented by: Benjamin Keck, Esq. In re Edward B Holmes, Jr. Bankr. W.D. La. Case No. 25-80449 Chapter 11 Petition filed July 25, 2025 represented by: Thomas Willson, Esq. In re Erin J Kirby Bankr. D. Mass. Case No. 25-11546 Chapter 11 Petition filed July 25, 2025 represented by: Barry Levine, Esq. In re Ablenvironmental LLC Bankr. D.N.J. Case No. 25-17836 Chapter 11 Petition filed July 25, 2025 See https://www.pacermonitor.com/view/LJEDKCY/Ablenvironmental_LLC__njbke-25-17836__0001.0.pdf?mcid=tGE4TAMA represented by: Melinda Middlebrooks, Esq. MIDDLEBROOKS SHAPIRO, P.C. E-mail: middlebrooks@middlebrooksshapiro.com In re Homing NYC LLC Bankr. E.D.N.Y. Case No. 25-43510 Chapter 11 Petition filed July 25, 2025 See https://www.pacermonitor.com/view/OLUKMKQ/HOMING_NYC_LLC__nyebke-25-43510__0001.0.pdf?mcid=tGE4TAMA represented by: Solomon Rosengarten, Esq. SOLOMON ROSENGARTEN E-mail: vokma@aol.com In re Heavenly Hogs Tours, LLC Bankr. E.D. Tenn. Case No. 25-11901 Chapter 11 Petition filed July 25, 2025 See https://www.pacermonitor.com/view/NKDFZWI/Heavenly_Hogs_Tours_LLC__tnebke-25-11901__0001.0.pdf?mcid=tGE4TAMA represented by: W. Thomas Bible, Jr., Esq. TOM BIBLE LAW E-mail: tom@tombiblelaw.com In re Rooted Summerville, LLC Bankr. E.D. Tenn. Case No. 25-11896 Chapter 11 Petition filed July 25, 2025 See https://www.pacermonitor.com/view/I4YRB5Y/Rooted_Summerville_LLC__tnebke-25-11896__0001.0.pdf?mcid=tGE4TAMA represented by: W. Thomas Bible, Jr., Esq. TOM BIBLE LAW E-mail: tom@tombiblelaw.com In re Michael Donald Bingham Bankr. W.D. Wisc. Case No. 25-11664 Chapter 11 Petition filed July 25, 2025 represented by: Tibby Madison, Esq. In re Donald Richard Bingham and Mary Louise Bingham Bankr. W.D. Wisc. Case No. 25-11665 Chapter 11 Petition filed July 25, 2025 represented by: Emily Madison, Esq. In re REWA Properties LLC Bankr. S.D. Fla. Case No. 25-18570 Chapter 11 Petition filed July 27, 2025 See https://www.pacermonitor.com/view/TMG5UVY/REWA_Properties_LLC__flsbke-25-18570__0001.0.pdf?mcid=tGE4TAMA represented by: Mark S. Roher, Esq. LAW OFFICE OF MARK S. ROHER, P.A. E-mail: mroher@markroherlaw.com In re De'nsite Inc. Bankr. N.D. Ill. Case No. 25-11428 Chapter 11 Petition filed July 27, 2025 See https://www.pacermonitor.com/view/77FUQZA/Densite_Inc__ilnbke-25-11428__0001.0.pdf?mcid=tGE4TAMA represented by: Saulius Modestas, Esq. MODESTAS LAW OFFICES, P.C. E-mail: smodestas@modestaslaw.com ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. 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This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***