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250814.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, August 14, 2025, Vol. 29, No. 225 Headlines 1140 REALTY: Files Amendment to Disclosure Statement 1346 SAXON: Seeks to Hire Charles A. Higgs as Bankruptcy Counsel 23ANDME HOLDING: California Withdraws Genetic Data Sale Appeal 23ANDME HOLDING: Fiscal Q1 Net Loss Narrows to $23.8M 3000 E. IMPERIAL: Seeks to Hire Golden Goodrich as General Counsel AB AND J: Case Summary & 20 Largest Unsecured Creditors ACCELERATE DIAGNOSTICS: Court Oks for Chapter 11 Liquidation Plan AGDP HOLDING: Hires Verita Global as Claims and Noticing Agent ALLIANCE FARM: Trustee Taps Harney Partners as Forensic Accountant ALPINE ACQUISITION: Carlyle Secured Marks $23.7M 1L Loan at 42% Off ANGLIN CONSULTING: Case Summary & 20 Largest Unsecured Creditors ATLANTICUS HOLDINGS: S&P Assigns 'B' Long-Term ICR, Outlook Stable ATXLUB LLC: Seeks to Hire Dugas & Circelli as Litigation Counsel AZUL SA: Gets Approval for AerCap Deal in U.S. Court B+T GROUP: Gladstone Capital Marks $1.3MM 1L Loan at 59% Off B+T GROUP: Gladstone Capital Marks $450,000 1L Loan at 59% Off B+T GROUP: Gladstone Capital Marks $6MM 1L Loan at 59% Off BMX TRANSPORT: To Sell Pendergrass Property to Jackson County Board BORDER PROPERTIES: Court OKs 2023 Forest RV Sale to Camping World BOWES IN-HOME: Seeks to Hire James Young Law as Bankruptcy Counsel BROADBAND TELECOM: Voluntary Chapter 11 Case Summary CALERES INC: S&P Withdraws 'BB-' Issuer Credit Rating CLAIRE'S STORES: To Select UK Insolvency Administrators After Ch.11 COAST AUTOMOTIVE: Seeks CCAA Protection to Commence Sale COMAR HOLDING: Carlyle Secured Marks $40.7M 1L Loan at 15% Off COMMSCOPE HOLDING: Carlyle Group Holds 17.5% Equity Stake COMMSCOPE HOLDING: Q2 Net Income Falls to $31.8M on $1.4B Sales CORNERSTONE BUILDING: Carlyle Secured Marks $3M 1L Loan at 15% Off COUTURE INVESTMENTS: Nathan Smith Named Subchapter V Trustee DEL MONTE: Modifies Auction Rules to Lure Bidders for Food Canner DEL MONTE: S&P Rates $165MM DIP New Money Term Loan 'B-' DILLARD'S CAPITAL I: Fitch Affirms BB Rating on Subordinated Notes DIVERSIFIED HEALTHCARE: Reports Net Loss of $91.6M in Fiscal Q2 ECO MATERIAL: Fitch Puts 'B' LongTerm IDR on Watch Positive ENGINEERING MANUFACTURING: Gladstone Marks $1.1MM Loan at 24% Off ENGINEERING MANUFACTURING: Gladstone Marks $22M 1L Loan at 24% Off EXCELL COMMUNICATIONS: Seeks to Hire Grassi & Co. as Accountant FIBERCO GENERAL: Fine-Tunes Plan Documents FINANCE OF AMERICA: Ends Blackstone Notes, Draws $20M From LFH FINANCE OF AMERICA: Repurchases Up to $80.3M of Blackstone Equity FIRST QUANTUM: Fitch Assigns 'B(EXP)' Rating on Sr. Unsecured Notes FLAGSHIP RESORT: Gets Additional DIP Loan; Maturity Date Extended FPG INTERMEDIATE: Carlyle Secured Marks $442,000 1L Loan at 53% Off FREE SPEECH: Court Appoints Receiver to Take Over Infowars' Assets FULLER'S SERVICE: Seeks to Hire Kuhn & Company as Accountant GABHALTAIS TEAGHLAIGH: 47 Old Harbor Property Sale to H. Cohen OK'd GENESIS HEALTHCARE: Creditors Contest Financing Plan, Bid Process GLOTSER LIVING: Case Summary & Three Unsecured Creditors GOEASY LTD: S&P Rates US$450MM Senior Unsecured Notes 'BB-' GRACE AND FAVOR: Seeks Court Approval to Hire Bankruptcy Counsel GRANT PARK: Neema Varghese Named Subchapter V Trustee GREAT CIRCLE: Voluntary Chapter 11 Case Summary HALL LABS: To Sell Common Stock Share to Keystone Private HIGHPEAK ENERGY: Fitch Affirms 'B' LongTerm IDR, Outlook Stable HL PIT STOP: Seeks Subchapter V Bankruptcy in Minnesota HOGAR LUZ: Seeks Court Approval to Tap Tamarez CPA as Accountant HOGAR LUZ: Seeks to Hire Vilarino & Associates as Legal Counsel HPC VINEBURN: Seeks Chapter 11 Bankruptcy in California ICONNECT INC: Court OKs Software Biz Sale to Colortech Holdings IMG HOLDINGS: Seeks Chapter 11 Bankruptcy with $64MM Debt IMMACULATA UNIVERSITY: Fitch Affirms 'BB-' IDR, Outlook Stable INNOVATE CORP: Closes Refinancing Transactions Covering 81.7% Debt INSPIREMD INC: Net Loss Widens to $13.2M for Second Quarter 2025 INSPIREMD INC: Posts $13.2M Q2 Net Loss on $1.8M Revenue IROBOT CORP.: Carlyle Secured Marks $8.9MM 1L Loan at 47% Off IRON HORSE: Case Summary & 20 Largest Unsecured Creditors J INTERNATIONAL: Seeks Subchapter V Bankruptcy in Nevada JOONKO DIVERSITY: Court Okays Chapter 11 Liquidation Plan KCI WELLNESS: Leon Jones Named Subchapter V Trustee KIM ENGINEERING: Seeks Approval to Tap Weon G. Kim as Legal Counsel KOSMOS ENERGY: Reports $87.7M Net Loss on $393.5M Revenue in Q2 LAVENDER LANDSCAPE: Seeks Chapter 11 Bankruptcy in Arizona LENDINGTREE INC: Fitch Assigns 'B+' LongTerm IDR, Outlook Stable LUMEN TECHNOLOGIES: Upsizes First Lien Notes Due 2034 to $2BB MADISON REVOCABLE: Seeks to Hire Taylor Duma as Bankruptcy Counsel MARRS CONSTRUCTION: Hires Cunningham & Associates as Auctioneer MASTERBRAND INC: S&P Alters Outlook to Positive, Affirms 'BB' ICR MATERIAL HOLDINGS: Carlyle Secured Marks $14.5MM 1L Loan at 16% Off MAVERICK ACQUISITION: Carlyle Secured Marks $42M 1L Loan at 41% Off MERIT STREET: Dr. Phil Proposed Loan Unfair Deal, DOJ Says MICHAEL E JONES MD: Seeks Chapter 11 Bankruptcy in New York MOBIVITY HOLDINGS: Eyes 1-for-25,000 Split to Deregister Shares MOBIVITY HOLDINGS: Raises $3.85M via Convertible Notes MOSAIC SUSTAINABLE: Deadline to File Claims Set for Oct. 16, 2025 NEW FORTRESS: Asks for 10-Q Filing Extension Amid Credit Talks NIKOLA CORP: Shareholders Reach $6.3MM Settlement with SPAC NORRIS TRAINING: Claims to be Paid from Continued Operations NUMERICAL CONCEPTS: Case Summary & 20 Largest Unsecured Creditors OAKLAND VILLAGE: Continued Operations to Fund Plan Payments PAI HOLDCO: Carlyle Secured Marks $14.8M 2L Loan at 17% Off PALMAS ATHLETIC: Seeks to Tap Charles A. Cuprill as Legal Counsel PALMAS ATHLETIC: Taps Luis R. Carrasquillo as Financial Consultant PARTNERS PHARMACY: Case Summary & 30 Largest Unsecured Creditors PENINSULA PACIFIC: S&P Assigns 'B-' ICR on Debt Issuances PERASO INC: Extends Series C Warrants Expiration to Dec. 5 PLAZA MEXICO: Seeks to Hire Golden Goodrich as Bankruptcy Counsel PLAZA MEXICO: Seeks to Tap Golden Goodrich as Bankruptcy Counsel PLYMOUTH PLACE: Fitch Affirms 'BB+' IDR, Outlook Stable PROJECT CASTLE: Carlyle Secured Marks $8.2MM 1L Loan at 21% Off PROJECT EVEREST: S&P Affirms 'B' ICR, Outlook Stable PROSPECT MEDICAL: Court OKs DIP Loan From MPT TRS Lender RCM LIVING ASSET: Kathleen DiSanto Named Subchapter V Trustee RD HOLDCO: SLR Investment Marks $17.5MM 2L Loan at 67% Off REAVIS REHAB: Amends IRS Priority Claim Pay Details RENT-A-CHRISTMAS LLC: Seeks to Tap Kirby Aisner & Curley as Counsel REPUBLIC FIRST: Seeks to Hire Armanino Advisory as Accountant ROCKHOUSE LIVE: Carol Fox of GlassRatner Named Subchapter V Trustee S&W SEED: Sells Sorghum Collateral for $7M in UCC Sale SAFE & GREEN: Signs LOI to Acquire Rock Springs Energy SAN MATEO: Melissa Haselden Named Subchapter V Trustee SANTA ANA EXPRESS: Case Summary & Three Unsecured Creditors SERENADE NEWPORT: To Sell Family Home Property to G. & C. Weinreich SHARPLINK GAMING: Buys $303.7M in ETH, Raises $264.5M via ATM SHELTERING ARMS: Seeks to Tap PKF O'Connor Davies as Accountant SJ HOLDINGS: Seeks Approval to Hire Estelle Miller as Accountant SNAP INC: Fitch Assigns 'BB' Rating on $500MM Sr. Unsecured Notes SPLASH BEVERAGE: NYSE to Delist Warrants Aug. 18 Due to Low Price SYMPHONY CLO XXXII: Fitch Assigns 'BB-sf' Rating on Class E-R Notes TEAM CHAMPIONS: Seeks Chapter 11 Bankruptcy in Illinois TENEO GLOBAL: S&P Withdraws 'B' Issuer Credit Rating TOTAL POWER: Carlyle Secured Marks C$13.9MM 1L Loan at 28% Off TPI COMPOSITES: Gets Court Okay to Tap $7.5MM Chapter 11 DIP TRANSOCEAN LTD: Registers 16M More Shares for 2015 Incentive Plan TRITEC AMERICAS: Secured Party Sets Auction for Sept. 3, 2025 TRUGREEN LTD: Carlyle Secured Marks $13M 2L Loan at 22% Off UNITED AIRLINES: S&P Upgrades ICR to 'BB+', Outlook Stable VIRGINIA PARK: Seeks to Tap Stevenson & Bullock as Local Counsel W.R. GRACE: Fitch Rates Proposed Secured Notes Due 2032 'BB' WB XCEL: Gladstone Capital Marks $5.1MM 1L Loan at 46% Off WB XCEL: Gladstone Marks $9.7MM 1L Loan at 46% Off WEABER INC: Seeks Approval to Tap Bambach Advisors as Consultant WELLMADE FLOOR: Gets Interim OK to Obtain DIP Loan From SummitBridg WELLMADE FLOOR: Hires Verita Global as Claims and Noticing Agent WHITEHEAD FARMS: J.M. Cook Named Subchapter V Trustee WINESHIPPING.COM LLC: Carlyle Secured Marks $16M 1L Loan at 24% Off WISDOM DENTAL: Michael Markham Named Subchapter V Trustee WOHALI LAND: Seeks Chapter 11 Bankruptcy in Utah X-LASER: To Sell Entertainment Laser Biz to for $266K [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 1140 REALTY: Files Amendment to Disclosure Statement ---------------------------------------------------- 1140 Realty Group LLC submitted a Modified Disclosure Statement for Plan of Liquidation dated August 7, 2025. The Debtor owns the real property and improvements thereon located at 1140 Bushwick Avenue, Brooklyn, New York 11221 (the "Property"). The Debtor intends to file a motion with this Court seeking entry of an order authorizing and approving bidding procedures for an auction sale of the Property, free and clear of all monetary liens, claims and Encumbrances, with such monetary liens, claims and encumbrances to attach to the proceeds of sale; and approving the bidding procedures for the Property. The proposed auction sale will be subject to extensive marketing and subject to higher and better bids. The Debtor intends to receive the highest and best price for its sole asset, so that it may maximize return to creditors of its estate. At the conclusion of the auction sale, the Debtor will declare the highest and best bidder (the "Purchaser") and seek order of the Court authorized the conveyance of the Property, the closing of which shall occur within 30 days after the auction sale (the "Sale Transaction"). The proceeds of the Sale Transaction (the "Sales Proceeds") will be available to the Debtor's Estate. Class 2 consists of the claim of the U.S. Bank Secured Claim. Subject to the provisions of Article 7 of the Plan, with respect to Disputed Claims, in full satisfaction, release and discharge of the Class 2 U.S. Bank Secured Claim, U.S. Bank shall receive the following treatment: (i) to the extent any Cash from the Sale Proceeds is remaining after payment of Administrative Claims, Professional Fee Claims, Non Tax Priority Claims, Priority Tax Claims, Class 1 Claims and Class 2 Claims, on the Effective Date, or as soon as possible after the U.S. Bank Secured Claim becomes an Allowed Claim, U.S. Bank shall either receive: (a) the remaining Cash, if any, up to the full amount of its Allowed Secured Claim, inclusive of post-petition interest, attorneys fees, costs and expenses under 11 U.S.C. Section 506(b) or (b) title to the Property through its right to credit bid. This Class is impaired. Like in the prior iteration of the Plan, each holder of a Class 4 General Unsecured Claim shall receive from the Disbursing Agent, unless otherwise agreed in writing between the Debtor and the holder of such Claim, its Pro Rata payment from the Unsecured Creditor Fund and the remaining Cash from the Sale Proceeds after payment of Statutory Fees, Administrative Claims, Profe sional Fee Claims, Non Tax Priority Claims, Priority Tax Claims, Class 1 Claims, Class 2 Claims, and Class 3 Claims. The allowed unsecured claims total $219,047.25. The Effective Date of the Plan is defined as the Closing Date of the sale of the Property. All Executory Contracts, to the extent not previously rejected or assumed or designated to be assumed and assigned pursuant to the Plan, shall be deemed assumed. The following unexpired residential leases (the "Leases") are to be assumed under the Plan: Tenant and Unit Rebecca Richey and Nikolaus Mann Apt. 4F. The Debtor does not believe that the tenants have any claim against the Debtor that must be cured before it assumes the Lease. Any claim that the Debtor must cure prior its assumption of the Leases shall be filed with the Court no later than thirty days after receipt of notice of the occurrence of the Effective Date. The sale of the Property to be conducted by public auction in accordance with the Bid Procedures, at which auction U.S. Bank shall be entitled to a credit bid to the extent permitted by the Terms and Conditions of Sale. Payments under the Plan will be paid from the Sale Proceeds and any Cash of the Debtor. The Sale Transaction will be implemented pursuant to the Bid Procedures. Prior to or on or about the Effective Date, the Property shall be sold to the Purchaser, free and clear of all Liens, Claims and encumbrances (except permitted encumbrances as determined by the Purchaser), with any such Liens, Claims and encumbrances to attach to the Sale Proceeds and disbursed in accordance with the provisions of the Plan. Except as set forth elsewhere in the Plan, all distributions to be made on the Effective Date shall be transferred to the escrow account of the Disbursing Agent at the closing of the Sale Transaction. Pursuant to section 1128 of the Bankruptcy Code, the Bankruptcy Court has scheduled a hearing to consider Confirmation of the Plan, on September 17, 2025 at 11:30 am, (the "Hearing Date"), before Honorable Jil Mazer-Marino, United States Bankruptcy Judge for the Eastern District of New York (the "Confirmation Hearing"). The Bankruptcy Court has directed that, to be counted for voting purposes, ballots for the acceptance or rejection of the Plan must be received by the Debtor, no later than September 8, 2025. A full-text copy of the Modified Disclosure Statement dated August 7, 2025 is available at https://urlcurt.com/u?l=K81Y6y from PacerMonitor.com at no charge. The Debtor's Counsel: Joel M. Shafferman, Esq. SHAFFERMAN & FELDMAN LLP 137 Fifth Avenue 9th Floor New York, NY 10010 Tel: (212) 509-1802 E-mail: shaffermanjoel@gmail.com About 1140 Realty Group LLC 1140 Realty Group LLC is a Brooklyn-based real estate company, operates as a single asset real estate entity with its principal property located at 1140 Bushwick Avenue in Brooklyn. 1140 Realty Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40318) on January 23, 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 Jil Mazer-Marino handles the case. Joel M. Shafferman, at Shafferman & Feldman LLP, is the Debtor's counsel. 1346 SAXON: Seeks to Hire Charles A. Higgs as Bankruptcy Counsel ---------------------------------------------------------------- 1346 Saxon, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ The Law Office of Charles A. Higgs as counsel. The firm's services include: (a) prepare and file the Chapter 11 petition, schedules, and statements; (b) negotiate with creditors, as required; (c) attend at the initial debtor interview and the 341 meeting(s); (d) attend at all status conferences and hearings in the case; (e) prepare and file the Chapter 11 plan, retention applications, and other motions, and pleadings required in the course of the Chapter 11 case; (f) review and file monthly operating reports; and (g) represent the Debtor in all other aspects of the Chapter 11 case. The firm's hourly rates are as follows: Attorneys $450 Paraprofessionals $200 In addition, the firm will seek reimbursement for expenses incurred. The firm received a pre-petition retainer in the amount of $3,000 plus the Chapter 11 filing fee from Eric Forgione, the Debtor's managing partner. Charles Higgs, Esq., disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Charles A. Higgs, Esq. The Law Office of Charles A. Higgs 2 Depot Plaza, Ste. 4 Bedford Hills, NY 10507 Telephone: (917) 673-3768 Email: Charles@FreshStartEsq.com About 1346 Saxon LLC 1346 Saxon LLC owns a property located at 1346 Saxon Avenue in Bay Shore, New York. The real estate asset has an estimated value of $400,000. 1346 Saxon LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42862) on June 12, 2025. In its petition, the Debtor reports total assets of $400,000 and total debts of $1,531,082. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Charles Higg, Esq., at The Law Office of Charles A. Higgs. 23ANDME HOLDING: California Withdraws Genetic Data Sale Appeal -------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that California has withdrawn its appeal seeking to block the bankruptcy sale and transfer of 23andMe's assets to a nonprofit. In a stipulated dismissal filed Monday in the US Court of Appeals for the Eighth Circuit, the state said all parties agreed to end the case, with each covering their own costs. The move marks California's third unsuccessful effort to stop the sale, following a failed bid to overturn a district court decision denying a stay of the sale order. About 23andMe Holding 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. 23ANDME HOLDING: Fiscal Q1 Net Loss Narrows to $23.8M ----------------------------------------------------- 23andMe Holding Co. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $23.8 million on $25.4 million of total revenue for the three months ended June 30, 2025, compared to a net loss of $69.4 million on $40.4 million of total revenue for the three months ended June 30, 2024. Historically, the Company has incurred significant operating losses and negative cash flows from operations, resulting in an accumulated deficit of $2.5 billion and unrestricted cash of $39.8 million as of June 30, 2025. On July 14, 2025, the Company completed the Transaction whereby it sold substantially all of the Debtors' assets to Research Institute for total cash proceeds of $302.5 million. The Company plans to sell Lemonaid Health, and wind down the remainder of the Company's operations. As a result of the Chapter 11 Cases, realization of the Company's assets and the satisfaction of its liabilities are subject to uncertainty during the Chapter 11 wind-down process, and the Company has incurred, and continues to incur, material reorganization expenses related to the Chapter 11 Cases. The completion of the Transaction has removed substantially all assets, and all revenue, liabilities and cash generated by such assets, from the Company's business and financial statements. The Company does not expect to engage in any revenue-generating activities other than the operations of Lemonaid Health. The ultimate settlement of the liabilities subject to compromise is dependent on the outcome of the Chapter 11 Cases and may be adjusted based on claims allowed by the Bankruptcy Court. These adjustments could be material. Further, any approved Chapter 11 plan could materially change the amounts of assets and liabilities reported in the accompanying condensed consolidated financial statements. The accompanying condensed consolidated financial statements do not include all adjustments that might be necessary as a consequence of the Chapter 11 Cases. For example, the condensed consolidated financial statements do not include all adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from this uncertainty, and such adjustments could be material. Therefore, substantial doubt exists that the Company will be able to continue as a going concern for one year from the issuance date of the accompanying condensed consolidated financial statements. As of June 30, 2025, the Company had $144.3 million in total assets, $187.2 million in total liabilities, and $42.9 million in total stockholders' deficit. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/yc6xun7r 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. 3000 E. IMPERIAL: Seeks to Hire Golden Goodrich as General Counsel ------------------------------------------------------------------ 3000 E. Imperial, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Golden Goodrich LLP as counsel. The firm will render these services: (a) advise the Debtor with respect to the requirements and provisions of the Bankruptcy Code, Federal Rules of Bankruptcy Procedure, Local Bankruptcy Rules, U.S. Trustee Guidelines, and other applicable requirements which may affect it; (b) assist the Debtor in preparing and filing schedules and statement of financial affairs, complying with and fulfilling U.S. Trustee Requirements, comply with and fulfill the requirements of the Bankruptcy Code and, in particular, the requirements of Chapter 11 of the Bankruptcy Code, and prepare other pleadings and documents as may be required after the initiation of a Chapter 11 case; (c) represent the Debtor at the initial debtor interview and the Bankruptcy Code section 341(a) meeting of creditors, and any continuances thereof; (d) assist the Debtor in identifying and, to the extent necessary, obtaining court approval of the employment of a chief restructuring officer and any other professional necessary for it to complete this bankruptcy case; (e) assist the Debtor in negotiations with creditors and other parties-in-interest; (f) assist the Debtor in the preparation and formulation of a Chapter 11 plan and confirmation of such a plan; (g) advise the Debtor concerning the rights and remedies of the estate and of it in regard to adversary proceedings which may be removed to, or initiated in, the Bankruptcy Court, and assist the Debtor, if appropriate, in retaining special counsel to litigate such adversary proceedings; (h) prepare all legal papers on behalf of the Debtor that are necessary to the administration of the case; (i) represent the Debtor in any proceeding or hearing in the Bankruptcy Court in any action where the rights of the estate or the Debtor may be litigated, or affected; and (j) otherwise provide those services to the Debtor as are generally provided by general insolvency counsel in a Chapter 11 case. The firm's attorneys agreed to be paid at these discounted hourly rates: Jeffrey Golden $850 Cara Murray $700 Kerry Moynihan $650 Ryan Beall $600 In addition, the firm will seek reimbursement for expenses incurred. On or about June 27, 2025, the firm received a $150,000 retainer from the Debtor. Mr. Golden 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: Jeffrey I. Golden, Esq. Golden Goodrich LLP 3070 Bristol Street, Suite 640 Costa Mesa, California 92626 Telephone: (714) 966-1000 Facsimile: (714) 966-1002 About 3000 E. Imperial LLC 3000 E. Imperial LLC is a real estate holding company that manages commercial property in Buena Park, California. 3000 E. Imperial LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11912) on July 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtor is represented by Jeffrey I. Golden, Esq., at Golden Goodrich LLP. AB AND J: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------- Debtor: AB and J Jewelry 4320 Mills Circle Unit C Ontario, CA 91764 Business Description: AB and J Jewelry, Inc. sold plated and fine jewelry products through a retail store in Ontario, California and via online platforms, offering items such as gold- plated stainless steel chains, silver jewelry, and moissanite pieces. Chapter 11 Petition Date: August 12, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-15659 Judge: Hon. Scott H Yun Debtor's Counsel: Leonard Pena, Esq. PENA & SOMA, APC 1003 Diamond Avenue Suite 202 South Pasadena, CA 91030 Tel: (626) 396-4000 E-mail: lpena@penalaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Abraham Perez as chief executive officer. 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/ZL6YNDQ/AB_and_J_Jewelry__cacbke-25-15659__0001.0.pdf?mcid=tGE4TAMA ACCELERATE DIAGNOSTICS: Court Oks for Chapter 11 Liquidation Plan ----------------------------------------------------------------- Emily Lever of Law360 reports that on Wednesday, August 13, 2025, a Delaware bankruptcy judge signed off on medical technology company Accelerate Diagnostics Inc.'s Chapter 11 liquidation plan, following the firm's $42 million sale to its stalking horse bidder completed on Friday, August 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. AGDP HOLDING: Hires Verita Global as Claims and Noticing Agent -------------------------------------------------------------- AGDP Holding Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Kurtzman Carson Consultants, LLC, doing business as Verita Global, as claims and noticing agent. Verita Global will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. Prior to the petition date, the Debtors provided Verita Global an advance payment in the amount of $30,000. Evan Gershbein, executive vice president at Verita Global, 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: Evan Gershbein Verita Global 222 N. Pacific Coast Highway, 3rd Floor El Segundo, CA 90245 About AGDP Holding Inc. AGDP Holding Inc. and its affiliates operate a multi-space entertainment venue complex in North America, hosting large-scale live events such as concerts, festivals, corporate functions, and multimedia shows. The Debtors are known for their advanced audiovisual production capabilities, including a 2022 upgrade featuring one of the world's highest-resolution video walls. AGDP Holding Inc. and its affiliates sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11446) on August 4, 2025. The case is jointly administered in Case No. 25-11446. In the petitions signed by Gary Richards, chief executive officer, AGDP Holding disclosed up to $100 million in estimated assets and up to $500 million in estimated liabilities. Judge Mary F. Walrath oversees the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as counsel; Triple P TRS, LLC as financial advisor; and Triple P Securities, LLC as investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent. ALLIANCE FARM: Trustee Taps Harney Partners as Forensic Accountant ------------------------------------------------------------------ Tom Howley, the Trustee appointed in the Chapter 11 cases of Alliance Farm and Ranch, LLC and Alliance Energy Partners, LLC, seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ HMP Advisory Holdings, LLC, doing business as Harney Partners, as forensic accountant. The firm will render these services: (a) analyze historical cash transactions by and between the Debtors, two non-debtor affiliate entities, and two individual equity holders for a specified period of time across also to be identified bank accounts; (b) produce a forensic report detailing the historical cash transactions; (c) provide testimony, as necessary, to support the reported findings; and (d) other services as may be agreed upon between the firm and the trustee. The firm's professionals will be paid at these hourly rates: President I EVP/COO $700 - $800 Erik White, Managing Director $600 Managing Director $550 - $700 Kyle Schanzer, Manager $450 Sr. Manager/Director $400 - $550 Manager $350 - $450 Sr. Consultant $275 - $400 Support Staff $180 - $300 In addition, the firm will seek reimbursement for expenses incurred. Mr. White 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: Erik White Harney Partners 2626 Cole Avenue, Suite 300 Dallas, TX 75204 Telephone: (214) 501-0468 About Alliance Farm and Ranch Alliance Farm and Ranch, LLC filed voluntary Chapter 7 petition (Bankr. S.D. Tex. Case No. 25-30155) on January 7, 2025, listing between $1 million and $10 million in both assets and liabilities. On March 19, 2025, the case was converted to one under Chapter 11. Alliance Energy Partners LLC, a directional drilling service provider in Spring, Texas, filed Chapter 11 petition (Bankr. S.D. Tex. Case No. 25-31937) on April 7, 2025. In its petition, Alliance Energy Partners reported total assets of $1 million and total liabilities of $2,614,465. On April 23, 2025, the court ordered the joint administration of the Debtors' Chapter 11 cases. Judge Alfredo R. Perez oversees the cases. The Debtors are represented by Okin Adams Bartlett Curry, LLP. Tom A. Howley is appointed as trustee in these Chapter 11 cases. The trustee tapped HMP Advisory Holdings, LLC, doing business as Harney Partners, as his forensic accountant. ALPINE ACQUISITION: Carlyle Secured Marks $23.7M 1L Loan at 42% Off ------------------------------------------------------------------- Carlyle Secured Lending, Inc. has marked its $23,711,000 loan extended to Alpine Acquisition Corp II to market at $13,723,000 or 58% of the outstanding amount, according to Carlyle Secured's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Carlyle Secured is a participant in a First Lien Loan to Alpine Acquisition Corp II. The loan accrues interest at a rate of 10.29% percent per annum. The loan matures on November 30, 2029. Carlyle Secured is a Maryland corporation formed on February 8, 2012, and structured as an externally managed, non-diversified closed-end investment company. Its investment objective is to maximize both current income and capital appreciation through debt and equity investments. The Company directly and indirectly invests primarily in leveraged middle market companies in the form of senior secured loans, financing leases and, to a lesser extent, unsecured loans and equity securities. Carlyle Secured is led by Thomas M. Hennigan as Chief Financial Officer. The Fund can be reach through: Thomas M. Hennigan Carlyle Secured Lending, Inc. One Vanderbilt Avenue, Suite 3400 New York, NY 10017 Telephone: (212) 813-4900 About Alpine Acquisition Corp II Alpine Acquisition Corporation II is in the Transportation: Cargo industry. ANGLIN CONSULTING: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Anglin Consulting Group, Inc. 2507 Ralph Ellison Way NE Washington, DC 20018 Business Description: Anglin Consulting Group, Inc. is a professional services firm specializing in management consulting, financial and healthcare solutions, and operational support for public and private organizations. The Company provides certified American Sign Language (ASL) interpretation services, ensuring accessibility and effective communication for clients who are deaf or hard of hearing. Anglin serves a diverse client base including federal, state, and local government agencies, commercial businesses, and non-profits, leveraging its SBA 8(a), Economically Disadvantaged Woman-Owned, Service-Disabled Veteran-Owned, and HUBZone certifications to deliver comprehensive, inclusive solutions. Chapter 11 Petition Date: August 11, 2025 Court: United States Bankruptcy Court District of Columbia Case No.: 25-00328 Debtor's Counsel: Justin P. Fasano, Esq. MCNAMEE HOSEA, P.A. 6404 Ivy Lane, Suite 820 Greenbelt, MD 20770 Tel: 301-441-2420 Fax: 301-982-9450 E-mail: jfasano@mhlawyers.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $10 million to $50 million The petition was signed by Yashieka Anglin as CEO. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XW4I6QQ/Anglin_Consulting_Group_Inc__dcbke-25-00328__0001.0.pdf?mcid=tGE4TAMA ATLANTICUS HOLDINGS: S&P Assigns 'B' Long-Term ICR, Outlook Stable ------------------------------------------------------------------ S&P Global Ratings assigned its 'B' long-term issuer credit rating to Atlanticus Holdings Corp. (Atlanticus). The outlook is stable. S&P also assigned its 'B-' issue-level rating to the company's proposed $400 million senior unsecured notes due 2030. The 'B' issuer credit rating on Atlanticus reflects its high leverage, exposure to a subprime consumer base, high net charge-offs and encumbered balance sheet. Partly mitigating these weaknesses are its about 30 years of operating track record in nonprime consumer lending and growing tangible equity. Atlanticus, a financial technology company, provides products and services to lenders. Its target market is consumers who have a nonprime credit risk profile (FICO scores of 550-720+). It operates in two segments, credit as a service (CaaS) and auto finance. The CaaS segment offers private label and retail credit cards. The company's credit cards are primarily originated by its bank partners, Bank of Missouri and WebBank. The company acquires these loans for the principal amount from its bank partners and services the underlying receivables. As of June 30, 2025, Atlanticus had about $3.0 billion of managed receivables under the CaaS segment that are linked to two main credit cards: General purpose credit card (about 50% of managed receivables/average FICO 621) --These are small-limit, utility type credit cards used for daily purchases at grocery stores, gas stations, and restaurants. The company charges an annual fee based on the credit limit and annual percentage rates (APRs) range from 19.99% to 36%. They are open-ended, revolving, and are originated under the brand names of Aspire, Imagine, and Fortiva. Private label credit card (about 50% of managed receivables/average FICO 680) --These are for customers who are unable to get traditional bank financing and are looking to finance a larger ticket item, generally at retail locations. Typically, these generate lower gross yields and losses than the general-purpose credit card. The receivables do not have an annual fee but have a longer duration than a general-purpose credit card. APRs under the private label credit platform range from 0% to 36% and are originated under the brand names of Fortiva for retail and Curae for health care. As of June 30, 2025, Atlanticus' top five retailers accounted for 80% of its private-label receivables, a level we view as significant given the loss of a key retail partner could negatively affect operations. The firm has no geographical concentration in its CaaS receivables--with only exposure to Texas above 10%. The second segment, auto finance, purchases loans that are secured by automobiles and provides floor-financing to limited independent auto dealers and auto finance companies in the buy-here, pay-here, used car business. As of June 30, 2025, its auto operations served over 680 dealers in 33 states and two U.S. territories. Auto loans at amortized were $83 million and contributed $16 million to net margin as of June 30, 2025. The company's board of directors consists of seven members, of which, five are independent. Chairman David G. Hanna is also the founder and prior CEO and the Hanna family owns about 68% of company's outstanding shares. S&P said, "We expect A tlanticus to operate with leverage, as measured by debt to adjusted total equity (ATE), of 5.5x-6.5x on a sustained basis. Pro forma the transaction, we expect leverage will rise to about 6.7x from 6.2x as of June 30, 2025, since the company is raising an additional $200 million in liquidity to fund its portfolio growth. Since Atlanticus generates earnings from its future growth, we expect leverage will decrease to 5.5x-6.5x on a sustained basis. We also treat the company's series A ($40 million) and B ($82 million) preferred stock as debt in our calculation given its limited investor base and the company's ability to repurchase the issuances. "We expect Atlanticus to generate consistent net revenue and earnings, despite a challenging macroeconomic backdrop. In the second quarter ended June 30, 2025, its annualized total managed yield was relatively unchanged at 39% but its annualized net interest margin increased to 11.7% from 6.7% the prior year due to improvements in underperforming assets and a portfolio shift to more private-label receivables. We expect net interest margin will fluctuate depending on the company's growth expectations because general corporate credit cards tend to have higher yields and losses relative to private label. "We expect Atlanticus' net charge-offs to remain elevated at over 15%. Like other consumer lenders, we assess Atlanticus' lending to nonprime consumers as riskier than banks. For the six months ended June 30, 2025, the company's net charge-offs ($307 million) to average net loan receivables improved to 21.1% versus 27.7% ($322 million) for the same period the year prior. The company's 30-day-plus delinquency ratio also improved to 13% as of June 30, 2025, from 15% the prior quarter end and 16.7% as of Dec. 31, 2024, due to increased acquisitions of private-label credit receivables with limited loss exposures. "While Atlanticus maintains an adequate cushion in its receivables, in our view, the elevated charge-offs remain an issue, and we will continue to monitor for earnings erosion from credit deterioration." S&P Global Ratings' economists forecast U.S. real GDP growth will expand 1.7% and 1.6% on an annual average basis in 2025 and 2026, respectively, as it is restrained by slower population growth, tariffs, and the federal government's cost-cutting initiatives. The unemployment rate will drift higher as weaker growth takes hold, potentially peaking at 4.6% in first-half 2026, before gradually returning to its long-run average of 4.1% by midyear 2027. S&P anticipates the Federal Reserve will ease interest rates by 50 basis points in fourth-quarter 2025, when greater downside risks to employment begin to outweigh the upside risks to its inflation outlook. S&P expects high inflation will reduce subprime consumers' purchasing power and weaken consumer credit quality. These factors will likely have an exacerbated effect on lower-income workers, who are more likely to use consumer lending products. S&P Global Ratings believes there is a high degree of unpredictability around policy implementation by the U.S. administration and possible responses--specifically with regard to tariffs--and the potential effect on economies, supply chains, and credit conditions around the world. S&P said, "As a result, our baseline forecasts carry a significant amount of uncertainty. As situations evolve, we will gauge the macro and credit materiality of potential and actual policy shifts and reassess our guidance accordingly." S&P said, "We expect Atlanticus' balance sheet to be highly encumbered and that it will operate with adequate liquidity. Pro forma the proposed $400 million unsecured debt and the $191 million pay down of existing warehouse facilities, about 75% of the company's total debt will be secured. The company will have no recourse debt other than the unsecured notes because the existing $240 million warehouse facility will be amended to nonrecourse, like its revolving credit facilities. While we positively view the company diversifying its funding mix, its balance sheet is expected to be highly encumbered." Pro forma the issuance, Atlanticus' unrestricted cash on the balance sheet will increase to $529 million, versus $148 million of unsecured notes maturing November 2026, $8.9 million in unfunded auto floor-plan financing, and $3.1 billion in unfunded credit card commitments that are unconditionally cancellable. S&P said, "We rate Atlanticus' senior unsecured notes one notch below the issuer credit rating. Our issue rating on the senior unsecured notes is 'B-' because we expect the ratio of unencumbered assets to unsecured debt to remain well below 1.0x--at about 0.6x. "The stable outlook reflects our expectation that over the next 12 months, the company will operate with leverage of 4.5x-6.5x, although our base-case assumption is 5.5x-6.5x. In our outlook, we also consider Atlanticus' existing credit performance, growing tangible equity, adequate liquidity, and sufficient covenant cushion." S&P could lower the ratings over the next 12 months if: -- The company has difficulty addressing its upcoming debt maturities; -- Credit performance significantly deteriorates--as indicated by rising delinquencies, net charge-offs, or changes in fair value; -- Leverage remains well above 6.5x due to weaker operating performance, debt-funded acquisitions, or shareholder friendly initiatives; or -- Regulatory or internal compliance deficiencies materially affect the company's ability to operate. S&P could raise the rating over the next 12 months if leverage remains well below 4.5x, credit quality is unchanged, the company continues to diversify its funding mix, and there are no material regulatory rules or findings that could impede operating performance. ATXLUB LLC: Seeks to Hire Dugas & Circelli as Litigation Counsel ---------------------------------------------------------------- ATXLUB, LLC, doing business as West Texas Auctions, seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Dugas & Circelli, PLLC as litigation counsel. The firm's services include: (a) prepare all legal papers necessary to comply with the requisites of the 237th District Court of Lubbock County, Texas; (b) counsel with the Debtor regarding matters relating to the lawsuit styled ATXLUB, LLC d/b/a West Texas Auctions, Plaintiff v. Certain Underwriter at Lloyd's Subscribing to Policy Number ATR/RL/341991.091, Defendant; and (c) represent the Debtor in prosecuting this lawsuit. The firm will be paid 30 percent to 35 percent for any and all recoveries obtained in litigation counsel's representation of the Debtor in its first-party insurance claim lawsuit. In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $50,000 from the Debtor. Preston Dugas III, Esq., an attorney at Dugas & Circelli, 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: Preston J. Dugas III, Esq. Dugas & Circelli, PLLC 1701 River Run, Ste. 703 Fort Worth, TX 76107 Telephone: (817) 817-7000 About ATXLUB LLC ATXLUB LLC, d/b/a West Texas Auctions and Metroplex Auctions, operates as an online auction service under the name West Texas Auctions, based in Lubbock, Texas. The Company facilitates public online auctions offering a variety of consumer goods. ATXLUB LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-50105) on April 24, 2025. In its petition, the Debtor reports total assets of $1,306,529 and total liabilities of $2,622,256. The Debtor tapped Max R. Tarbox, Esq., at Tarbox Law, PC as bankruptcy counsel and Preston J. Dugas III, Esq., at Dugas & Circelli, PLLC as litigation counsel. AZUL SA: Gets Approval for AerCap Deal in U.S. Court ---------------------------------------------------- Peter Frontini of Bloomberg Law reports that in a securities filing, the Brazilian airline said it secured court approval for multiple motions in its Chapter 11 case, including an agreement with AerCap. According to the airline, the AerCap deal will yield over US$1 billion in savings, and the approved rejection of certain fleet-related leases and contracts is expected to provide further cost reductions. About Azul S.A. Azul S.A. and affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11176) on May 28, 2025, listing up to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell LLP and Togut, Segal & Segal LLP as counsel. On June 13, 2025, the United States Trustee for Region 2 appointed the Committee under section 1102 of the Bankruptcy Code. B+T GROUP: Gladstone Capital Marks $1.3MM 1L Loan at 59% Off ------------------------------------------------------------ Gladstone Capital Corporation has marked its $1,320,000 loan extended to B+T Group Acquisition, Inc. to market at $545,000 or 41% of the outstanding amount, according to Gladstone's Form 10-Q for the fiscal year ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Gladstone is a participant in a Secured First Lien Loan to B+T Group Acquisition, Inc. The loan accrues interest at a rate of S + 2.0%, 7.0% Cash per annum. The loan matures on December 20, 2026. Gladstone Capital Corporation was incorporated under the Maryland General Corporation Law on May 30, 2001 and completed an initial public offering on August 24, 2001. It was established for the purpose of investing in debt and equity securities of established private businesses operating in the United States. Its investment objectives are to: achieve and grow current income by investing in debt securities of established lower middle market companies in the U.S. that it believe will provide stable earnings and cash flow to pay expenses, make principal and interest payments on its outstanding indebtedness and make distributions to stockholders that grow over time; and provide its stockholders with long-term capital appreciation in the value of its assets by investing in equity securities, in connection with its debt investments, that it believe can grow over time to permit it to sell its equity investments for capital gains. Gladstone is led by Nicole Schaltenbrand, Chief Financial Officer and Treasurer. The Company can be reach through: Nicole Schaltenbrand Gladstone Capital Corporation 1521 Westbranch, Suite 100 McLean, VA 22102 Tel. No. (703) 287-5800 About B+T Group Acquisition, Inc. B+T Group delivers engineering, construction and technical services for the wireless industry. B+T GROUP: Gladstone Capital Marks $450,000 1L Loan at 59% Off -------------------------------------------------------------- Gladstone Capital Corporation has marked its $450,000 loan extended to B+T Group Acquisition, Inc. to market at $186,000 or 41% of the outstanding amount, according to Gladstone's Form 10-Q for the fiscal year ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Gladstone is a participant in a Secured First Lien Loan to B+T Group Acquisition, Inc. The loan accrues interest at a rate of S + 2.0%, 7.0% Cash per annum. The loan matures on December 20, 2026. Gladstone Capital Corporation was incorporated under the Maryland General Corporation Law on May 30, 2001 and completed an initial public offering on August 24, 2001. It was established for the purpose of investing in debt and equity securities of established private businesses operating in the United States. Its investment objectives are to: achieve and grow current income by investing in debt securities of established lower middle market companies in the U.S. that it believe will provide stable earnings and cash flow to pay expenses, make principal and interest payments on its outstanding indebtedness and make distributions to stockholders that grow over time; and provide its stockholders with long-term capital appreciation in the value of its assets by investing in equity securities, in connection with its debt investments, that it believe can grow over time to permit it to sell its equity investments for capital gains. Gladstone is led by Nicole Schaltenbrand, Chief Financial Officer and Treasurer. The Company can be reach through: Nicole Schaltenbrand Gladstone Capital Corporation 1521 Westbranch, Suite 100 McLean, VA 22102 Tel. No. (703) 287-5800 About B+T Group Acquisition, Inc. B+T Group delivers engineering, construction and technical services for the wireless industry. B+T GROUP: Gladstone Capital Marks $6MM 1L Loan at 59% Off ---------------------------------------------------------- Gladstone Capital Corporation has marked its $6,000,000 loan extended to B+T Group Acquisition, Inc. to market at $2,479,000 or 41% of the outstanding amount, according to Gladstone's Form 10-Q for the fiscal year ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Gladstone is a participant in a Secured First Lien Loan to B+T Group Acquisition, Inc. The loan accrues interest at a rate of S + 2.0%, 7.0% Cash per annum. The loan matures on December 20, 2026. Gladstone Capital Corporation was incorporated under the Maryland General Corporation Law on May 30, 2001 and completed an initial public offering on August 24, 2001. It was established for the purpose of investing in debt and equity securities of established private businesses operating in the United States. Its investment objectives are to: achieve and grow current income by investing in debt securities of established lower middle market companies in the U.S. that it believe will provide stable earnings and cash flow to pay expenses, make principal and interest payments on its outstanding indebtedness and make distributions to stockholders that grow over time; and provide its stockholders with long-term capital appreciation in the value of its assets by investing in equity securities, in connection with its debt investments, that it believe can grow over time to permit it to sell its equity investments for capital gains. Gladstone is led by Nicole Schaltenbrand, Chief Financial Officer and Treasurer. The Company can be reach through: Nicole Schaltenbrand Gladstone Capital Corporation 1521 Westbranch, Suite 100 McLean, VA 22102 Tel. No. (703) 287-5800 About B+T Group Acquisition, Inc. B+T Group delivers engineering, construction and technical services for the wireless industry. BMX TRANSPORT: To Sell Pendergrass Property to Jackson County Board ------------------------------------------------------------------- BMX Transport LLC seeks permission from the U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a transportation business, specializing in freight and specialty transportation services. With a comprehensive network and extensive industry experience, the business offers tailored solutions, including truckload services using vans and reefers, warehousing supported by advanced inventory systems, and secure 24-hour facilities. BMX excels in handling complex logistics, ensuring efficiency and transparency in meeting client shipping goals across the nation. Despite the Debtor's best efforts, rising fuel costs and increased competition across the country led to mounting monthly debt consuming its resources and depleting its cash reserves. The Debtor owns 22.5 acres of real property located at 100 Point Drive, Pendergrass, Georgia. The Debtor proposes to sell the Property to the Jackson County Board of Education for the sum of $2,500,000.00. The Debtor asserts that the sale will result in significant benefits to the estate. It will provide a substantial influx of cash and enable significant payments to creditors, and it will likely allow for the continued employment of some employees of the Debtor and preservation of relationships with customers and vendors. The Debtor has marketed the Property for an extensive period of time, seeking higher offers and believes that the offer of the Jackson BOE represents the highest and best possible offer for the sale of the Property and will create the most value for the estate. The Jackson BOE has demonstrated the financial ability to close this sale and is well positioned to close the transaction. Accordingly, circumstances compel the conclusion that this sale is in the best interest of creditors and the estate. To the extent the Property is encumbered by liens, the aggregate value of all such liens are less than the proposed sale price, are in bona fide dispute, or the lienholders will consent to the sale. 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. It offers full truckload transport using dry vans and refrigerated trailers, supported by warehousing and 24/7 logistics operations. Headquartered in Georgia, BMX Transport operates a federally authorized fleet of trucks and trailers. BMX Transport 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 reported between $1 million and $10 million in both assets and liabilities. Judge James R. Sacca handles the case. The Debtor is represented by Benjamin R. Keck, Esq., at Keck Legal, LLC. BORDER PROPERTIES: Court OKs 2023 Forest RV Sale to Camping World ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Texas, El Paso Division, has permitted Border Properties Group LLC, to sell 2023 Forest Driver RV Cherokee Wolf Pack 27Pack, free and clear of liens, claims, interests, and encumbrances. The Court has approved the Debtor to sell the 2023 Forest RV Cherokee to Camping World in the purchase price of $38,500.00. The Court ordered that the $8,757.83 of the proceeds of the sale of the 2023 Forest River RV Cherokee Wolf Pack 27Pack shall be paid by the Debtor to Camping World Anthony Texas, 8805 N. Desert Blvd., Anthony, Tx 79821. The Debtor is directed to file an itemized statement of sale when the sale of the RV closes, and that the Debtor shall deposit all net proceeds received from the sale in the Debtor-in-Possession account. About Border Properties Group LLC Border Properties Group, LLC is the fee simple owner of six properties located in Ruidoso, N.M., and El Paso, Texas, with a total current value of $9.96 million. Border Properties Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 25-30142) on February 3, 2025. In its petition, the Debtor reported total assets of $10,000,000 and total liabilities of $15,641,365. Judge Christopher G. Bradley handles the case. The Debtor is represented by Corey W. Haugland, Esq., at James & Haugland, P.C., in El Paso, Texas. BOWES IN-HOME: Seeks to Hire James Young Law as Bankruptcy Counsel ------------------------------------------------------------------ Bowes In-Home Care, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ James A. Young Law, LLC as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties in the management and operation of its business and properties; (b) attend mutterings and negotiations with representatives of creditors and any other party in interest; (c) take all necessary action to protect and preserve the Debtor's estate; (d) prepare all legal papers necessary to administer the Debtor's estate; (e) take any action necessary on behalf of the Debtor to obtain approval of disclosure statements and its plan of reorganization; (f) represent the Debtor in connection with obtaining post-petition financing if required; (g) advise the Debtor in connection of any sale of an asset; and (h) perform all necessary legal services and provide all other necessary legal advice to the Debtor in connection with Chapter 11 case. The firm's attorneys will be billed $400 per hour and $75 per hour for paraprofessionals. In addition, the firm will seek reimbursement for expenses incurred. The firm received an initial retainer of $25,000, including the filing fee of $1,738. James Young, Esq., disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: James A. Young, Esq. James A. Young Law, LLC 85 Market Street Elgin, IL 60123 Telephone: (847) 608-9526 Facsimile: (847) 841-3672 Email: jyoung@jamesyounglaw.com About Bowes In-Home Care Bowes In-Home Care, Inc. is a Medicare-certified home health agency that provides skilled nursing, therapy, and care management services in home settings. Operating with a multidisciplinary approach, the company offers programs aimed at managing chronic conditions, preventing hospital readmissions, and promoting patient independence. Services include wound care, infusion therapy, physical and occupational therapy, and tele-health, with 24/7 nurse intake and coordination with hospital teams. Bowes In-Home Care sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10234) on July 3, 2025, with $1,028,214 in assets and $3,546,860 in liabilities. Michael Collura, president, signed the petition. Judge Janet S. Baer presides over the case. James A. Young, Esq., at James A. Young Law, LLC represents the Debtor as counsel. BROADBAND TELECOM: Voluntary Chapter 11 Case Summary ---------------------------------------------------- Five affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Broadband Telecom, Inc. 25-73095 100 Quentin Roosevelt Blvd, Suite 503 Garden City, NY 11530 BB Servicer, LLC 25-73096 Bridgevoice, Inc. 25-73097 Carriox Telecap LLC 25-73098 Carriox Towercap LLC 25-73099 Business Description: Broadband Telecom, Inc., part of the Bankai Group, provides international wholesale telecommunications services including voice over internet protocol and messaging solutions to telecom operators, carriers, communication service providers, enterprises, and retailers. The Company operates from its headquarters in Garden City, New York, and serves clients globally with scalable communications infrastructure. Chapter 11 Petition Date: August 12, 2025 Court: United States Bankruptcy Court Eastern District of New York Judge: Hon. Alan S Trust Debtors' Counsel: Tracy L. Klestadt, Esq. KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP 200 West 41st Street 17th Floor New York, NY 10036 Tel: (212) 972-3000 E-mail: tklestadt@klestadt.com Broadband Telecom's Estimated Assets: $10 million to $50 million Broadband Telecom's Estimated Liabilities: $50 million to $100 million Bankim Brahmbhatt signed the petitions as chief executive officer. The Debtors did not include lists of their 20 largest unsecured creditors in the petitions. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/RHLDIBQ/Broadband_Telecom_Inc__nyebke-25-73095__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/WSTZMAI/BB_Servicer_LLC__nyebke-25-73096__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/XHZWEKI/Bridgevoice_Inc__nyebke-25-73097__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/X2U724Q/Carriox_Telecap_LLC__nyebke-25-73098__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/UM4DPGA/Carriox_Towercap_LLC__nyebke-25-73099__0001.0.pdf?mcid=tGE4TAMA CALERES INC: S&P Withdraws 'BB-' Issuer Credit Rating ----------------------------------------------------- S&P Global Ratings withdrew all of its ratings on Caleres Inc. at the issuer's request. As of the time of the withdrawal, S&P rated the company 'BB-' with a stable outlook. CLAIRE'S STORES: To Select UK Insolvency Administrators After Ch.11 ------------------------------------------------------------------- Alex Wittenberg of Law360 reports that on Wednesday, August 13, 2025, the operator of Claire's United Kingdom stores said it will enter insolvency proceedings and appoint administrators, just one week after the bankrupt jewelry retailer sought Chapter 11 protection in Delaware. About Claire's Stores Claire's Stores, Inc. -- http://www.clairestores.com/-- is a specialty retailer of jewelry, accessories, and beauty products for young women, teens, "tweens," and kids. Through the Claire's brand, the Claire's Group has a presence in 45 nations worldwide, through a total combination of over 7,500 Company-owned stores, concessions locations, and franchised stores. Headquartered in Hoffman Estates, Illinois, the Company began as a wig retailer by the name of "Fashion Tress Industries" founded by Rowland Schaefer in 1961. In 1973, Fashion Tress Industries acquired the Chicago-based Claire's Boutiques, a 25-store jewelry chain that catered to women and teenage girls. Following that acquisition, Fashion Tress Industries changed its name to "Claire's Stores, Inc." and shifted its focus to a full line of fashion jewelry and accessories. In 2007, the Company was taken private and acquired by investment funds affiliated with, and co-investment vehicles managed by, Apollo Management VI, L.P. Claire's Group employs approximately 17,000 people globally. Claire's Stores, Inc., and 7 affiliates sought Chapter 11 protection (Bankr. D. Del. Case No. 18-10584) on March 19, 2018, after reaching terms of a balance sheet restructuring with their first lien lenders and sponsor Apollo Global Management, LLC. As of Oct. 28, 2017, Claire's Stores reported $1.98 billion in total assets against $2.53 billion in total liabilities. The Hon. Brendan Linehan Shannon is the case judge. The Debtors tapped Weil, Gotshal & Manges LLP as their bankruptcy counsel; Richards, Layton & Finger, P.A. as local counsel; FTI Consulting as restructuring advisor; Lazard Freres & Co. LLC as investment banker; Hilco Real Estate, LLC as real estate advisor; and Prime Clerk as claims agent and administrative advisor. Andrew R. Vara, Acting U.S. Trustee for Region 3, appointed seven creditors to serve on an official committee of unsecured creditors. The Committee retained Cooley LLP, as counsel, and Bayard, P.A., as co-counsel. 2nd Chapter 11 Attempt Claire' Stores sought relief under Chapter 11 of the U.S. Bankruptcy Code {Bankr. 25-11462) on August 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Debtor is represented by Zachary I. Shapiro, Esq. at Richards, Layton & Finger, P.A. COAST AUTOMOTIVE: Seeks CCAA Protection to Commence Sale -------------------------------------------------------- The Honourable Justice M.E. Burns of the Court of King's Bench Alberta issued an order ("Initial Order") pursuant to the Companies' Creditors Arrangement Act ("CCAA") granting Coast Automotive Group Inc., Coast North Vancouver Auto Sales Inc., Coast Auto Drayton Inc., and 2461765 Alberta Ltd. ("Coast Auto Group") various relief including, but not limited to, the imposition of an initial Stay of Proceedings against Coast Auto Group and their assets through to July 25, 2025. The Court appointed BDO Canada Limited as the monitor of Coast Auto Group. Pursuant to the CCAA Initial Order, Coast Auto Group is to continue to carry on business in a manner consistent with the commercially reasonable preservation of its business while it considers and pursues restructuring alternatives. The CCAA Initial Order provides that claims against Coast Auto Group in relation to obligations arising prior to July 16, 2025, including those for goods and services supplied to the Company before that date, are suspended. Creditors are prohibited from continuing or commencing any actions or exercising any rights against the Company except with leave of the Court. Creditors are not required to file a proof of claim at this time. On July 25, 2025, the Court granted an order ("Sale Process Approval Order") which, among other things: a) approved a sale and investment solicitation process ("SISP") for the marketing and sale of the equity in the Company and/or the Company's business and assets, including its two (2) dealerships and related assets and its owned and leased real estate assets for the purposes of soliciting (i) offers to acquire all or substantially all of the business and Property of the Company, and (ii) offers of investment in the business of the Company; b) approved the engagement of Dealer Solutions North America Inc. as sales agent ("Sales Agent") to assist the Monitor with carrying out the SISP; and (c) authorized the Monitor, with the assistance of the Sales Agent, to conduct the SISP. The SISP shall commence immediately following the issuance of the Sale Process Approval Order. The key deadlines in the SISP: Expression of Interest Friday, September 5, 2025 Date (EOI Deadline) (12:00 PM MT) Binding Bid Deadline Friday, September 26, 2025 (12:00 PM MT) Selection of Qualified Tuesday September 30, 2025 Bids Hearing of the Sale Subject to Court availability, Approval Motion week of October 13, 2025 Closing the Transaction No later than Wednesday, (Outside Date) November 12, 2025 Each Qualified Bidder must complete and execute all agreements, contracts, instruments or other documents including the Definitive Transaction Agreement by Friday Oct. 3, 2025, unless extended by the Monitor, in consultation with and approval from the Interim Lender, subject to the milestones or deadlines set forth The SISP herein sets out the manner in which: (a) binding offers for executable Transactions involving the business and/or all, substantially all or any portion of the Property of the Company will be solicited from interested parties; (b) any such offers received will be addressed; (c) any Successful Bid will be selected; and (d) Court approval of any Successful Bid will be sought. Sales Agent can be reached at: Dealer Solutions North America Inc. Attn: John Raymond Etienne Demeules 305 Renfrew Drive, #202 Markham, Ontario L3R 9S7 Email: john.raymond@dsma.com etienne.demeules@dsma.com A copy of the CCAA Initial Order, along with a list of Coast Auto Group's creditors with claims exceeding $1,000 (based on information available from the Company’s books and records as of July 18, 2025, can be found on the Monitor’s website at https://www.bdo.ca/services/financial-advisory- services/business-restructuring-turnaround-services/current-engagements/coast-automotive-group ("Monitor's Website") or by contacting the Monitor directly. Additional materials will be posted to the Website from time to time, and creditors are encouraged to check the Website regularly for updates on the status of the proceedings. Should you have any questions or concerns, please contact Mr. Heron Yin, of the Monitor, at (647) 798-9849 or hyin@bdo.ca. Monitor can be reached at: BDO Canada LIMITED Attn: Heron Yin, Esq. 20 Wellington E, Suite 500 Toronto, ON M5E 1C5 Clark Lonergan Email: clonergan@bdo.ca Email: hyin@bdo.ca Counsel to the Companies: DLA Piper (Canada) LLP Attn: Anthony Mersich, Esq. Jerritt R. Pawlyk, Esq. Suite 1000, Livingston Place West 250 2nd Street SW Calgary, AB T2P 0C1 Email: anthony.mersich@ca.dlapiper.com jerritt.pawlyk@ca.dlapiper.com Secured Creditor can be reached at: Bank Of Montreal/Banque De Montreal Attn: Shehryar Syed, Esq. 5750 Explorer Drive, 3rd Floor Mississauga, ON L4W 0B1 Email: shehryar.syed@bmo.com Counsel to Bank of Montreal/Banque De Montreal: Miller Thomson Llp 525 - 9th Avenue SW 43rd Floor Calgary, AB, T2P 1G1 James W. Reid, Esq. Tel: 403-298-2418 Email: jwreid@millerthomson.com Monica Faheim, Esq. Tel: 416-597-6087 Email: mfaheim@millerthomson.com Kira Lagadin, Esq. Tel: 403-206-6355 Email: klagadin@millerthomson.com Counsel to Monitor: Blake, Cassels & Graydon LLP Attn: Kelly J. Bourassa, Esq. Aryo Shalviri, Esq. 855 2 St SW Suite 3500 Calgary, AB T2P 4J8 Email: kelly.bourassa@blakes.com aryo.shalviri@blakes.com Coast Automotive Group Inc. -- https://coastauto.ca -- a group of companies which operate two franchised Chrysler, Dodge, Jeep, and RAM dealerships in North America. COMAR HOLDING: Carlyle Secured Marks $40.7M 1L Loan at 15% Off -------------------------------------------------------------- Carlyle Secured Lending, Inc. has marked its $40,788,000 loan extended to Comar Holding Company, LLC to market at $34,826,000 or 85% of the outstanding amount, according to Carlyle Secured's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Carlyle Secured is a participant in a First Lien Loan to Comar Holding Company, LLC. The loan accrues interest at a rate of 111.06% percent per annum. The loan matures on June 18, 2026. Carlyle Secured is a Maryland corporation formed on February 8, 2012, and structured as an externally managed, non-diversified closed-end investment company. Its investment objective is to maximize both current income and capital appreciation through debt and equity investments. The Company directly and indirectly invests primarily in leveraged middle market companies in the form of senior secured loans, financing leases and, to a lesser extent, unsecured loans and equity securities. Carlyle Secured is led by Thomas M. Hennigan as Chief Financial Officer The Fund can be reach through: Thomas M. Hennigan Carlyle Secured Lending, Inc. One Vanderbilt Avenue, Suite 3400 New York, NY 10017 Telephone: (212) 813-4900 About Comar Holding Company, LLC Comar Holding Company, LLC is a contract manufacturing partner for healthcare companies worldwide and a leading provider of primary packaging and dispensing products. COMMSCOPE HOLDING: Carlyle Group Holds 17.5% Equity Stake --------------------------------------------------------- The Carlyle Group Inc. and its affiliates -- Carlyle Holdings I GP Inc., Carlyle Holdings I GP Sub L.L.C., Carlyle Holdings I L.P., CG Subsidiary Holdings L.L.C., TC Group, L.L.C., TC Group Sub L.P., TC Group VII S1, L.L.C., TC Group VII S1, L.P., and Carlyle Partners VII S1 Holdings, L.P. -- disclosed in a Schedule 13D filed with the U.S. Securities and Exchange Commission that as of August 3, 2025, they beneficially own 45,865,768 shares of Common Stock of CommScope Holding Company, Inc., representing 17.5% of the 262,462,806 shares of Common Stock outstanding. The Carlyle Group Inc. may be reached through: Jeffrey Ferguson 1001 Pennsylvania Avenue NW, Suite 220 South Washington, DC 20004 Tel: (202) 729-5626 A full-text copy of Carlyle Group Inc.'s SEC report is available at: https://tinyurl.com/5n7t7htr About CommScope Holding Headquartered in Hickory, North Carolina, CommScope Holding Company, Inc. -- https://www.commscope.com -- is a global provider of infrastructure solutions for communication, data center, and entertainment networks. The Company's solutions for wired and wireless networks enable service providers, including cable, telephone, and digital broadcast satellite operators, as well as media programmers, to deliver media, voice, Internet Protocol (IP) data services, and Wi-Fi to their subscribers. This allows enterprises to experience constant wireless and wired connectivity across complex and varied networking environments. As of March 31, 2025, CommScope Holding Company had $7.5 billion in total assets, $8.8 billion in total liabilities, $1.2 billion in Series A convertible preferred stock and total stockholders' deficit of $2.5 billion. * * * S&P Global Ratings raised its Company credit rating on CommScope Holding Co. Inc. to 'CCC+' from 'CCC' and removed all its ratings on the company from CreditWatch, where S&P placed them with positive implications on Dec. 23, 2024, as reported by the TCR on Feb. 14, 2025. S&P said, "The stable outlook reflects our expectation for reduced default risk over the next 12 months due to the company's recent debt paydown and refinancing and improving credit metrics." In March 2025, Moody's Ratings upgraded CommScope Holding Company, Inc.'s ratings including the corporate family rating to Caa1 from Caa2 and the probability of default rating to Caa1-PD from Caa3-PD. CommScope's speculative grade liquidity (SGL) rating was upgraded to SGL-3 from SGL-4. The new backed senior secured term loan and backed senior secured notes issued in December 2024 at CommScope's subsidiary, CommScope, LLC. were assigned a B3 rating and the existing secured notes were confirmed at B3. The existing senior unsecured notes at CommScope, LLC and CommScope Technologies LLC were upgraded to Caa3 from Ca. The B3 rating on the backed senior secured term loan due 2026 was withdrawn. The outlook is stable, previously the ratings were on review for upgrade. These actions conclude the review for upgrade that was initiated on January 8, 2025. The ratings upgrade reflects the refinancing of debt due in 2025 and 2026 with a combination of about $2.1 billion in assets sale proceeds and $4.15 billion in new secured debt as well as Moody's expectations for a significant improvement in operating performance that will lead to a reduction in leverage levels well below 9x in 2025. The ratings are constrained by the existing high pro forma leverage (over 10x as of Q4 2024, including Moody's standard lease adjustments) and the significant amount of debt due in 2027 ($1.6 billion as of Q4 2024). COMMSCOPE HOLDING: Q2 Net Income Falls to $31.8M on $1.4B Sales --------------------------------------------------------------- CommScope Holding Company, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $31.8 million on $1.4 billion of net sales for the three months ended June 30, 2025, compared to a net income of $44.4 million on $1.1 billion of net sales for the three months ended June 30, 2024. For the six months ended June 30, 2025, the Company reported a net income of $815.8 million on $2.5 billion of net sales, compared to a net loss of $289.3 million on $2 billion of net sales for the same period in 2024. The Company has an accumulated deficit as of June 30, 2025 of $4.5 billion. As of June 30, 2025, the Company had $7.7 billion in total assets, $8.9 million in total liabilities, $1.26 billion in commitments and contingencies and $2.4 billion in total stockholders' deficit. In a press release dated August 4, 2025, Chuck Treadway, President and Chief Executive Officer commented, "We are extremely pleased with our outstanding results in the second quarter. CommScope net sales of $1.39 billion increased 31.7% from the prior year. Net sales were positively supported by stronger-than-expected results across all segments. Non-GAAP adjusted EBITDA was $338 million, a strong improvement of 79% year-over-year, marking the fifth consecutive quarter. Second quarter adjusted EBITDA as a percentage of revenues was 24.3%, compared to 17.9% in the prior year, a year-over-year improvement of 640 basis points. "We are well positioned for future growth and are raising our 2025 adjusted EBITDA guideposts to $1.15 to $1.20 billion." He continued, "As announced, CommScope entered into a definitive agreement to sell its CCS segment to Amphenol (NYSE: APH). Upon closing, CommScope will receive approximately USD $10.5 billion in cash. The sale is expected to close in the first half of 2026, subject to customary closing conditions, including receipt of applicable regulatory and shareholder approvals. This transformational deal unlocks equity value, returns cash to our shareholders and strengthens the remaining businesses. Amphenol is a strong buyer of the CCS assets. Our customers, and employees going with the transaction will be in very good hands. I am very excited for the future of ANS and RUCKUS as both businesses have recovered from their prior year challenges and are positioned for growth." "With the proceeds from the recently announced transaction, we expect to repay all existing debt, redeem our preferred equity and add modest leverage to the remaining company. We will have significant excess cash. We expect to distribute this excess cash to our common shareholders as a dividend within 60 to 90 days following the closing of the proposed transaction after taking into account all relevant factors. The exact amount and timing of the dividend will be determined by the Company after closing. As evidenced by the second quarter results in ANS and RUCKUS, we are excited about the future of the remaining company. On a twelve-month trailing basis, ANS and RUCKUS Non-GAAP adjusted EBITDA was $300 million on Net Sales of $1.7 billion," said Kyle Lorentzen, Chief Financial Officer. As a result of divesting the Distributed Antenna Systems (DAS) business during the quarter ended March 31, 2025, the Company has changed the name of its Networking, Intelligent Cellular & Security Solutions (NICS) segment to RUCKUS, effective as of April 1, 2025. There were no changes to the composition of the Company's operating or reportable segments, the financial information reviewed by the chief operating decision maker (CODM), or historical segment operating results as a result of this change. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/3bns79rr About CommScope Holding Headquartered in Hickory, North Carolina, CommScope Holding Company, Inc. -- https://www.commscope.com -- is a global provider of infrastructure solutions for communication, data center, and entertainment networks. The Company's solutions for wired and wireless networks enable service providers, including cable, telephone, and digital broadcast satellite operators, as well as media programmers, to deliver media, voice, Internet Protocol (IP) data services, and Wi-Fi to their subscribers. This allows enterprises to experience constant wireless and wired connectivity across complex and varied networking environments. * * * S&P Global Ratings raised its Company credit rating on CommScope Holding Co. Inc. to 'CCC+' from 'CCC' and removed all its ratings on the company from CreditWatch, where S&P placed them with positive implications on Dec. 23, 2024, as reported by the TCR on Feb. 14, 2025. S&P said, "The stable outlook reflects our expectation for reduced default risk over the next 12 months due to the company's recent debt paydown and refinancing and improving credit metrics." In March 2025, Moody's Ratings upgraded CommScope Holding Company, Inc.'s ratings including the corporate family rating to Caa1 from Caa2 and the probability of default rating to Caa1-PD from Caa3-PD. CommScope's speculative grade liquidity (SGL) rating was upgraded to SGL-3 from SGL-4. The new backed senior secured term loan and backed senior secured notes issued in December 2024 at CommScope's subsidiary, CommScope, LLC. were assigned a B3 rating and the existing secured notes were confirmed at B3. The existing senior unsecured notes at CommScope, LLC and CommScope Technologies LLC were upgraded to Caa3 from Ca. The B3 rating on the backed senior secured term loan due 2026 was withdrawn. The outlook is stable, previously the ratings were on review for upgrade. These actions conclude the review for upgrade that was initiated on January 8, 2025. The ratings upgrade reflects the refinancing of debt due in 2025 and 2026 with a combination of about $2.1 billion in assets sale proceeds and $4.15 billion in new secured debt as well as Moody's expectations for a significant improvement in operating performance that will lead to a reduction in leverage levels well below 9x in 2025. The ratings are constrained by the existing high pro forma leverage (over 10x as of Q4 2024, including Moody's standard lease adjustments) and the significant amount of debt due in 2027 ($1.6 billion as of Q4 2024). CORNERSTONE BUILDING: Carlyle Secured Marks $3M 1L Loan at 15% Off ------------------------------------------------------------------ Carlyle Secured Lending, Inc. has marked its $3,144,000 loan extended to Cornerstone Building Brands, Inc. to market at $2,657,000 or 85% of the outstanding amount, according to Carlyle Secured's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Carlyle Secured is a participant in a First Lien Loan to Cornerstone Building Brands, Inc. The loan accrues interest at a rate of 8.79% percent per annum. The loan matures on May 15, 2031. Carlyle Secured is a Maryland corporation formed on February 8, 2012, and structured as an externally managed, non-diversified closed-end investment company. Its investment objective is to maximize both current income and capital appreciation through debt and equity investments. The Company directly and indirectly invests primarily in leveraged middle market companies in the form of senior secured loans, financing leases and, to a lesser extent, unsecured loans and equity securities. Carlyle Secured is led by Thomas M. Hennigan as Chief Financial Officer The Fund can be reach through: Thomas M. Hennigan Carlyle Secured Lending, Inc. One Vanderbilt Avenue, Suite 3400 New York, NY 10017 Telephone: (212) 813-4900 About Cornerstone Building Brands, Inc. Cornerstone Building Brands, Inc. is a holding company based in North Carolina. COUTURE INVESTMENTS: Nathan Smith Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 17 appointed Nathan Smith, Esq., as Subchapter V trustee for Couture Investments 1, LLC. Mr. Smith, a partner at Malcolm & Cisneros, will be paid an hourly fee of $550 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Smith declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Nathan F. Smith, Esq. Malcolm & Cisneros 2112 Business Center Drive Irvine, CA 92612 Phone: (949) 252-9400 Email: nathan@mclaw.org About Couture Investments 1 Couture Investments 1, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nev. Case No. 25-14546) on August 6, 2025, with $1,000,001 to $10 million in assets and liabilities. Judge August B. Landis presides over the case. DEL MONTE: Modifies Auction Rules to Lure Bidders for Food Canner ----------------------------------------------------------------- Steven Church of Bloomberg News reports that Del Monte Foods, the bankrupt canned fruit producer, secured court approval to auction its assets after granting prospective buyers more time to submit bids. At a Tuesday, August 12, 2025, hearing, Del Monte attorney Rachael Ringer said the company agreed to modify the auction rules in response to creditor concerns that the sale process was too limited. Creditors wanted terms that "didn't tilt the playing field" and aimed to draw as many bidders as possible, Ringer noted. About Del Monte Foods Inc. Del Monte Foods manufactures and distributes packaged food products. The Company provides canned fruits and vegetables, as well as a wide range of snacks. Del Monte Foods serves customers worldwide. Del Monte Foods Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-16995) on July 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Herbert Smith Freehills Kramer (US) LLP and Cole Schotz P.C. are serving as legal counsel, Alvarez & Marsal North America, LLC is serving as financial advisor, and PJT Partners is serving as investment banker to the Company. DEL MONTE: S&P Rates $165MM DIP New Money Term Loan 'B-' -------------------------------------------------------- S&P Global Ratings assigned its 'B-' point-in-time rating to Del Monte Foods Corp. II Inc.'s (Del Monte) $165 million debtor-in-possession (DIP) new money term loan and its 'CCC+' point-in-time rating to its $247.5 million DIP roll-up term loan. The DIP new money term loan will rank ahead of the DIP roll-up term loan in liquidation priority. Del Monte is the borrower and a subsidiary of Del Monte Foods Inc., a packaged vegetables and fruits producer operating under Chapter 11 bankruptcy protection since July 1, 2025. The delayed-draw DIP facility provides up to $165 million, with $100 million initially available. The final DIP order was approved on Aug. 12, 2025. The DIP loan is structured to be either paid in full with cash upon the company's successful sale to a third party or converted into equity (along with a portion of the prepetition senior secured first-out term loan) if it is sold to a group of its prepetition term loan lenders through a credit bid upon its emergence from bankruptcy. Under the latter scenario, the lenders have also committed to providing an exit term facility at emergence, which will rank ahead of the equitized DIP facilities. The existing asset-based lending (ABL) facility was rolled into a $500 million DIP ABL facility (not rated) and will remain available on a post-petition basis. S&P said, "Our 'B-' issue rating on Del Monte's new money DIP term loan and 'CCC+' rating on its roll-up DIP term loan reflect our view of the credit risk borne by the DIP lenders. This includes our debtor credit profile (DCP) assessment, the prospects for their full repayment through the consummation of a sale to a third party or through the company's reorganization and emergence from Chapter 11 following a sale to its prepetition first-lien lenders (via our capacity for repayment at emergence [CRE] assessment), as well as the potential for full repayment in a liquidation scenario via our additional protection in a liquidation scenario (APLS) assessment: "Our DCP of 'B-' reflects the combination of our vulnerable assessment of Del Monte's business risk profile and our highly leveraged assessment of its financial risk profile during its prepackaged bankruptcy. "Our CRE assessment of 115% coverage of the DIP debt in an emergence scenario does not provide for additional notching to the DCP because coverage is less than the 150% needed for a one-notch uplift. Although the DIP debt will be converted into new common equity if the company is sold to its prepetition term loan lenders, we assessed the repayment prospects for the CRE assessment as if the DIP facilities were required to be repaid in full in cash at emergence. "Our APLS assessment indicates sufficient total value coverage of the new money DIP term loan in a liquidation scenario while coverage from assets on which the DIP term loan has a first-lien on (i.e. non-working capital assets) is about 58%. Nevertheless, we believe that the company can achieve full recovery on the new money DIP term loan supported by the working capital assets that we view as more readily saleable and less susceptible to value deterioration even in a liquidation scenario. Therefore, we provide a one-notch uplift to the DCP on the new money DIP term loan. Our APLS assessment indicates insufficient coverage of the roll-up DIP term loan in a liquidation scenario. Therefore, we do not provide an additional notch for the APLS modifier for the roll-up DIP term loan. "We apply a one-notch negative DIP issue adjustment to the DIP term loans to reflect the equity risk these lenders face. The DIP facility will be rolled over into equity if the company is sold to its prepetition term loan lenders will rank behind a potential takeback term loan facility. "Our 'b-' DCP assessment reflects our vulnerable assessment of Del Monte's business risk profile and our highly leveraged assessment of its financial risk profile. Our vulnerable business risk assessment reflects the company's participation in slower-growth categories with a greater degree of private-label penetration, exposure to volatile input costs, weak operating execution, and limited brand diversity, as well as its strong brand recognition. We view Del Monte's growth prospects as weak. The company's underperformance has largely stemmed from weaker than expected demand. Del Monte's poor working capital planning over the last two years burdened it with substantial excess inventory that it was forced to store at higher costs, write-off, and sell at substantial losses. The company sources its fruits and vegetables from multiple growers but may experience input-cost volatility, given the seasonality of fresh fruit and inherent variations in global supply. Del Monte lacks diversity because the majority of its sales are under the Del Monte brand and primarily in the U.S. "From a financial risk perspective, we estimate that Del Monte's S&P Global Ratings-adjusted EBITDA was negative in fiscal year 2025 and we forecast its EBITDA margin to remain depressed at about 1.5% for the annualized July 2025-March 2026 period. Despite its substantially reduced debt burden in bankruptcy due to the stay on prepetition debt ($1.2 billion at the time of the filing) and its comparatively smaller amount of funded DIP debt ($649 million), we view the level of DIP debt relative to the company's expected EBITDA over the next 12 months as unsustainable. We exclude Del Monte's prepetition debt in our calculation of its key credit metrics because the DIP term loan is senior on a lien and priority basis and the prepetition debt is subject to an automatic stay on collection and enforcement actions as part of the reorganization process. We still incorporate our standard debt adjustments because we believe that the company will continue to operate as a viable business through the bankruptcy period and at emergence. Our adjusted debt figure of $789 million includes $27 million of lease liabilities and $11 million of pension liabilities, in line with their estimated value as of April 30, 2025. We expect the company's cash flow will remain deeply negative throughout the bankruptcy, with the primary purpose of the DIP facilities (term loan and ABL revolver) being to fund ongoing its operating expenses, working capital requirements through the 2025 pack season (that runs from June through October), and sustained capital expenditure (capex), and R&D requirements. We expect continued earnings pressure due to weak demand trends amid a challenging consumer environment. Although Del Monte has taken actions to address its underperformance, including inventory reductions, selling non-core assets, implementing cost-savings programs (including headcount reductions, third-party logistics agreements, and the outsourcing of some production to third-party co-manufacturers), we do not believe it will be able to achieve positive cash flow generation during the bankruptcy period. "We assess Del Monte's liquidity as adequate. The company entered bankruptcy with total liquidity of about $10 million (including $1 million of cash and $9 million of availability under its ABL revolver) and secured $165 million of new money financing. We view Del Monte's liquidity through the bankruptcy period as adequate, which reflects our belief it has adequate liquidity sources to fund its operations and ongoing restructuring and bankruptcy costs. The new money DIP term loan will ultimately support Del Monte's plan to emerge from bankruptcy. It also reflects our assumption that the DIP term loan will be either paid in full in cash upon the company's successful sale to a third party or converted into equity (if the company is sold to its prepetition term loan lenders) upon its emergence from bankruptcy. We do not believe Del Monte will experience a short-term liquidity shortfall under our base-case forecast, under which we assume it emerges from its bankruptcy by March 2026. However, if the bankruptcy lasts longer than expected and there is a delay in the company's emergence, it could require additional sources of liquidity." DILLARD'S CAPITAL I: Fitch Affirms BB Rating on Subordinated Notes ------------------------------------------------------------------ Fitch Ratings has affirmed ratings for Dillard's, Inc. including its Long-Term Issuer Default Rating (IDR) at 'BBB-'. Fitch has also affirmed the company's secured credit facility at 'BBB', its unsecured notes at 'BBB-' and its capital securities issued by Dillard's Capital Trust I at 'BB'. The Rating Outlook is Positive. Dillard's rating reflects its strong FCF generation and low EBITDAR leverage around 0.5x, balanced by secular challenges facing mall-based retailers, and its scale which is modest for the rating. The Positive Outlook follows Dillard's progress in significantly improving EBITDA from about $400 million in pre-pandemic 2019. Fitch expects some operating moderation in 2025 due to softening consumer spending on goods categories such as apparel and tariff-related margin pressure, with EBITDA moderating to the mid-$700 million range from about $920 million in 2024. An upgrade could result from evidence of stabilized revenue and EBITDA trends in the near term. Key Rating Drivers Industry-Leading Performance: Dillard's has navigated recent department store volatility better than its chief competitors. Fitch projects the company's EBITDA will stabilize around $800 million, double pre-pandemic levels of $400 million, with margins in the low teens which is well above peers. The company's fairly strong performance partly stems from new brand introductions that enhance its merchandise mix and improved gross margins due to well-controlled inventory, limiting unplanned markdowns. Demonstrated Financial Conservatism: Dillard's ratings benefit from its good financial flexibility and limited debt position. The company has a modest debt load of around $420 million, including giving 50% equity treatment to $200 million subordinated debentures due in 2038. This compares to projected annual FCF of over $400 million — prior to any special dividends — beginning in 2025, and to just over $1 billion in cash and short-term investments at the end of 2024. Dillard's modest debt structure includes $322 million of unsecured notes maturing between 2026 and 2028, which afforded good financial flexibility through economic cycles and even extreme challenges such as the pandemic. Fitch projects the company's EBITDAR leverage to trend around 0.5x over the next two to three years, with EBITDAR fixed charge coverage in the mid-teens. Dillard's leverage is low for the rating but balanced by its exposure to the volatile department store industry. Near-Term Volatility: Fitch expects the U.S. retail sector to face near-term challenges, including declines in consumer sentiment, business disruption and rising costs related to evolving U.S. tariff policies. Discretionary categories could see revenue down as much as mid-single digits with outsized EBITDA declines given tariff-related cost pressure. Dillard's could see about 20% EBITDA declines in 2025 with a rebound in 2026. The company has strong liquidity to withstand near-term volatility and no material maturities in the near term. In the long term, Fitch views flat revenue and EBITDA as the best-case scenario for the secularly challenged department store sector. Department Store Challenges Remain: Fitch expects department stores will continue to face secular shifts. These shifts have reduced mall visits and altered shopping patterns, negatively affecting the mid-tier apparel and accessories space. The companies with the best chance of maintaining their market share will be those with significant scale, a strong omnichannel platform (good store and supply chain infrastructure and a robust online presence), strong relationships with vendors and customers, and good cash flow for reinvestment. These competitors may also benefit from weaker players pulling back. Smaller Scale and Scope: Dillard's more modest revenue scale relative to its larger peers, geographic concentration in key Southern markets and less developed omnichannel model could serve as disadvantages over time in an increasingly competitive space. The company has made good progress in attracting key merchandise vendors and building out e-commerce capabilities, and it has generally performed better than department store peers in recent years. However, Dillard's somewhat smaller scale could limit its longer-term ability to grow its e-commerce business and ancillary revenue streams like marketplace and digital advertising. Peer Analysis Fitch's rated U.S. department store coverage also includes national competitors Macy's, Inc. (BBB-/Stable), Kohl's Corporation (BB-/Negative) and Nordstrom, Inc. (BB/Stable). Each contends with the challenges affecting the overall department store industry and is continuously refining strategies to defend its market shares. Initiatives include investments in omnichannel models, portfolio reshaping to reduce exposure to weaker indoor malls, and efforts to strengthen merchandise assortments and service levels. These initiatives have had varying levels of success in recent years, with Dillard's demonstrating the best operating trajectory since 2020. Nordstrom and Kohl's have produced the weakest results in both revenue and profitability. Macy's results have been mixed, with top-line declines mitigated by good inventory and expense management, which has limited EBITDA contraction. Key Assumptions - Fitch projects Dillard's retail revenue could decline around 5% in 2025 to about $5.9 billion given consumer spending challenges, then rebound toward $6.1 billion in 2026/2027. This would yield total revenue, including other revenue streams, of around $6.3 billion in 2025, similar to pre-pandemic 2019, and revenue in the $6.4 billion range in 2026; - EBITDA was about $920 million in 2024, well above the approximately $400 million in 2019. This figure could moderate to the mid-$700 million range in 2025 given top-line contraction, increased promotional activity, and higher selling, general and administrative costs to support investments in omnichannel initiatives. EBITDA could rebound toward $800 million in 2026; - Fitch expects FCF to be over $400 million annually (before any special dividends) beginning in 2025, given its EBITDA projections and capex of around $150 million. - Fitch expects any excess cash (with cash and short-term investments at over $1.1 billion as of May 3, 2025) to be diverted toward share repurchases or special dividends, given moderate debt and minimal debt maturities; - EBITDAR leverage, which has trended in the 0.5x range since 2021, is expected to remain below 1.0x across the forecast period; - Dillard's capital structure primarily consists of unsecured debt with a fixed interest rate structure. RATING SENSITIVITIES Factors that could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A downgrade could result from sustained low-single-digit sales declines, EBITDA margin degradation to the high-single-digit level or EBITDAR leverage sustained above 1.5x. Also, Fitch could revise Dillard's Outlook to Stable if the company is unable to stabilize revenue and EBITDA trends in the near term. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch could upgrade Dillard's to 'BBB' if the company demonstrates stabilizing or improving sales and profitability while maintaining EBITDAR leverage at or below 1x. Liquidity and Debt Structure As of May 3, 2025, Dillard's had $1.15 billion in cash and short-term investments and $775 million available on its $800 million asset-based lending (ABL) credit facility, which matures on March 12, 2030. The ABL facility is secured by certain deposit accounts of the company and certain inventory and deposit accounts of certain subsidiaries. Dillard's had no borrowings on its ABL, although availability was reduced by $25.3 million in outstanding letters of credit. The company's modest capital structure consists of $321.8 million in unsecured notes due between 2026 and 2028 and $200 million in subordinated debentures due 2038. Fitch assigns 50% equity credit to the subordinated debentures because of their level of subordination and ability to defer interest coupon payments. The debt is issued by Dillard's, Inc., except for the subordinated bonds which are issued by Dillard's Capital Trust I, a funding vehicle subsidiary. Fitch expects the company to generate over $400 million in annual FCF prior to any special dividends, with projected capex around $150 million. Excess cash could be used for share buybacks or special dividends, given minimal near-term debt maturities and low EBITDAR leverage, which Fitch projects to remain below 1.0x throughout the forecast period. Issuer Profile Dillard's is the fifth-largest department store chain in the U.S. in terms of sales. 2024 retail revenue was $6.3 billion across 244 stores and 28 clearance centers in 30 states concentrated in the southeastern, central and southwestern U.S. Summary of Financial Adjustments Financial statement adjustments that materially depart from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: - EBITDA adjusted to exclude stock-based compensation; - Fitch uses the balance sheet reported lease liability as the capitalized lease value when computing lease-equivalent debt. Sources of Information The principal sources of information used in the analysis are described in the Applicable Criteria. 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 Prior ----------- ------ ----- Dillard's Capital Trust I Subordinated LT BB Affirmed BB Dillard's, Inc. LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- senior secured LT BBB Affirmed BBB DIVERSIFIED HEALTHCARE: Reports Net Loss of $91.6M in Fiscal Q2 --------------------------------------------------------------- Diversified Healthcare Trust filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $91.6 million on $382.7 million of total revenue for the three months ended June 30, 2025, compared to a net loss of $97.9 million on $371.4 million of total revenue for the three months ended June 30, 2024. For the six months ended June 30, 2025, the Company reported a net loss of $100.6 million on $769.6 million of total revenue, compared to a net loss of $184.1 million on $742.2 million of total revenue for the same period in 2024. As of June 30, 2025, the Company had $4.6 billion in total assets, $2.9 billion in total liabilities, and $1.9 billion in total equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/2h6kxv2c About Diversified Healthcare Trust Diversified Healthcare Trust (Nasdaq: DHC) -- https://www.dhcreit.com -- is a REIT organized under Maryland law that primarily owns medical office and life science properties, senior living communities, and other healthcare-related properties throughout the United States. As of June 30, 2024, DHC's approximately $7.2 billion portfolio included 370 properties in 36 states and Washington, D.C., occupied by approximately 500 tenants, and totaling approximately 8.4 million square feet of life science and medical office properties and more than 27,000 senior living units. DHC is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with over $41 billion in assets under management as of June 30, 2024, and more than 35 years of institutional experience in buying, selling, financing, and operating commercial real estate. * * * In June 2025, S&P Global Ratings affirmed its 'CCC+' issuer credit rating on Diversified Healthcare Trust (DHC) and its 'B' issue-level ratings on its senior secured notes and guaranteed senior unsecured notes. The recovery ratings are unchanged at '1'. S&P also affirmed its 'CCC+' issue-level rating on its non-guaranteed senior unsecured notes, and revised the recovery rating to '3' from '4'. S&P revised the outlook to positive from negative, reflecting the possibility that S&P could raise its ratings on DHC over the next 12 months if the company effectively navigates its near-term debt maturities and maintains its positive operating performance, such that it views its capital structure as sustainable. ECO MATERIAL: Fitch Puts 'B' LongTerm IDR on Watch Positive ----------------------------------------------------------- Fitch Ratings has placed Eco Material Technologies Inc.'s (Eco) Long-Term Issuer Default Rating (IDR) of 'B' and its senior secured issue ratings of 'B+' with a Recovery Rating of 'RR3' on Rating Watch Positive (RWP). This action follows the announcement that Eco will be acquired by CRH plc (BBB+/Stable) for a total consideration of $2.1 billion. Fitch expects the transaction to enhance the combined company's scale, geographic footprint, and customer and product portfolio. Fitch anticipates resolving the Rating Watch upon the close of the transaction, which is expected in 2H25. Eco's 'B' IDR reflects its high leverage, relatively small size, and limited product diversification compared with larger building materials producers, along with an aggressive growth strategy. Strong profitability, a leading market position and favorable end markets counterbalance these risks. Key Rating Drivers Acquisition by CRH: Eco announced that it has reached an agreement to be acquired by CRH plc (BBB+/Stable) for a total transaction value of $2.1 billion. This represents an EBITDA multiple of approximately 14.6x, based on Fitch-adjusted EBITDA of $143.5 million for the LTM ended March 31, 2025. Fitch views the proposed combination as beneficial to Eco's business profile. It will improve the company's scale and expand its product offerings to include a wider range of building materials and building products. The transaction will also strengthen global geographic diversification by increasing exposure to international markets beyond North America. Stronger Credit Metrics: Fitch expects the combined entity to have stronger credit metrics with EBITDA net leverage slightly under 2x. This is an improvement from Eco's standalone EBITDA leverage of 5.7x for the LTM ended March 31, 2025 and 4.7x at YE 2024. Strong Profitability: Eco has demonstrated high profitability with a Fitch-calculated EBITDA margin of around 20% for FY 2024, up from 17.2% in FY 2023. Fitch projects margins to remain between 18.5% and 19.5% in FY 2025, as increased expenses from new projects offset the benefits of operating leverage. Eco's Fitch-adjusted EBITDA margin is strong compared to similarly rated producers of building products and materials. For the combined entity, EBITDA margins are likely to be neutral, as it operates at a similar margin level. Growth Strategy: CRH has significantly stronger financial flexibility than Eco, which will allow for continued execution of capital allocation priorities. Eco's growth strategy focuses on investing in a sustainable supply chain and expanding SCM sources, including harvested fly ash and natural pozzolans. Eco spent about $114 million on growth capex in 2024 and projects $100 million to $125 million in 2025. In the intermediate term, Fitch views this strategy as credit neutral, as the execution risks of increasing SCM production are balanced by Eco's strong position in fresh fly ash operations. Mandated Use Supports Pricing Power: Fly ash is less expensive than cement and has experienced strong pricing power, with its growth outpacing cement over the last decade. This is supported by increased demand due to performance benefits, cost savings, environmental advantages and mandated use in DOT projects. Fitch expects continued pricing growth supported by strong demand and structural SCM undersupply. Upstream products have stronger pricing power compared to downstream products which face lower entry barriers and more saturated markets. Leadership Position in Niche Market: Eco is poised to remain a leader in the U.S. SCM market through its large nationwide footprint and size relative to direct peers, portfolio of long-term supply contracts and customer relationships while CRH is one of the largest building materials companies globally, with broad diversification across the construction industry (infrastructure, residential and non-residential). Stable Demand Environment: Fitch forecasts a stable demand environment for building materials producers in 2025, particularly for issuers with outsized exposure to public construction spending. Modest growth in public construction, driven by federal and state funding, supports a positive outlook for highways and infrastructure over the next several years. Weakness in residential construction in 2025 is expected to be somewhat offset by non-residential construction spending. Fitch projects Eco's revenue to grow low double digits in 2025, driven by volume growth and modestly higher selling prices. Peer Analysis Eco's EBITDA leverage and EBITDA margin are comparable to Smyrna Ready Mix Concrete, LLC (BB-/Stable). Eco is meaningfully smaller than Smyrna and generates less consistent cash flow. While Eco is more geographically diversified, it has less product diversification compared to Smyrna. Eco's SCM products are entirely upstream, providing consistent pricing power and stable margins through the cycle compared to concrete and cement. Eco is mainly exposed to the public construction market, whereas Smyrna is more exposed to the private construction market. Eco's credit metrics are weaker than its large investment-grade peers Martin Marietta Materials, Inc. (BBB/Positive) and Vulcan Materials Company (BBB/Positive). These peers are also significantly larger than Eco and typically have EBITDA leverage less than 3.0x and more balanced end-market diversification. Both Martin Marietta and Vulcan are focused on their aggregates businesses, which has demonstrated more stable pricing than concrete and cement over the cycle. Key Assumptions - Eco's standalone revenue to increase by low double-digit percentage in 2025 and mid- to high-teens percentage in 2026, supported by continued growth in public construction and contributions from growth projects; - Fitch-adjusted EBITDA margin of 18.5%-19.5% in 2025 and 20.5%-21.5% in 2026; - (CFO-capex)/debt is expected to remain negative in 2025 due to elevated capex levels from growth projects and above 2% in 2026; - FCF to remain negative in 2025 due to elevated capex and shareholder distributions; - EBITDA leverage of 5.4x at YE 2025 and 4.1x at YE 2026. Recovery Analysis The recovery analysis assumes that Eco would be reorganized as a going concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. Eco's GC EBITDA of $110 million estimates a post-restructuring sustainable level of EBITDA. The GC EBITDA is based on Fitch's assumption that distress would arise from a combination of weak construction activity, sustained competitive pressures and poor operating performance. Fitch estimates that annual revenue of $750 million and a Fitch-adjusted EBITDA margin around 14.5% would capture the lower revenue base of the company after emerging from a distress, plus a sustainable margin profile after right-sizing, which leads to Fitch's $110 million GC EBITDA assumption. Fitch assumes a 6.0x GC EBITDA multiple to calculate the enterprise value (EV) in a recovery scenario, which is below the 6.6x multiple for the acquisition of Boral Resources, LLC. Recent data on recovery multiples for building materials producers is unavailable to Fitch. However, this 6.0x multiple is comparable to those used for building products and distributor peers, which are significantly larger than Eco. Fitch applies a 6.5x EV multiple to Chariot Holdings, LLC, a leading North American provider of garage door openers and a 6.0x EV multiple to Park River Holdings, Inc., a leading national provider of specialty branded interior and exterior building products. Fitch assumes that the borrowing base under the company's $75 million ABL would shrink in a recovery scenario as inventory and receivable balances would likely decline in tandem with revenues and EBITDA. To determine the ABL amount outstanding at the time of a potential recovery scenario, Fitch assumes the borrowing base would be about 80% of total ABL capacity of $60 million and would have prior-ranking claims to the senior secured term loan B in the recovery analysis. The analysis results in a recovery corresponding to an 'RR3' for the $800 million term loan B. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fitch's expectation that EBITDA leverage will sustain above 6.0x; - Failure to execute on growth strategy or material deterioration in current operating performance, resulting in EBITDA margins contracting into the low-teen percentages and neutral to negative FCF; - (CFO-capex)/debt sustained below 2%; - EBITDA interest coverage below 2.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch expects to resolve the RWP upon completion of the contemplated transaction under proposed terms. If the transaction does not close: - The company executes on its growth strategy, as demonstrated by increased revenue from SCMs other than fresh fly ash and maintaining EBITDA margins in the mid- to high-teen percentages while sustaining EBITDA leverage below 5.0x; - FCF margin consistently neutral to positive; - (CFO-capex)/debt sustained above 3%. Liquidity and Debt Structure Eco has ample liquidity, with $45.6 million in cash and $64.7 million availability under its $75 million asset-based lending (ABL) facility as of March 31, 2025. Fitch projects negative FCF in 2025 as growth capex and shareholder distributions will exceed cash flow from operations (CFO). However, Fitch expects Eco's cash balance, CFO, and ABL to provide sufficient liquidity to fund operations and growth projects. Eco's debt maturities are well-laddered with no major debt maturities until June 2029, when $75 million of undrawn ABL facility mature. The next maturity is in February 2032, when its $800 million term loan facility becomes due. Issuer Profile Eco Material Technologies Inc. is a harvester, producer, marketer, and distributor of supplementary cementitious materials (SCMs) used in the production of concrete. 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 ----------- ------ -------- ----- Eco Material Technologies Inc. LT IDR B Rating Watch On B senior secured LT B+ Rating Watch On RR3 B+ ENGINEERING MANUFACTURING: Gladstone Marks $1.1MM Loan at 24% Off ----------------------------------------------------------------- Gladstone Capital Corporation has marked its $1,100,000 loan extended to Engineering Manufacturing Technologies, LLC to market at $835,000 or 76% of the outstanding amount, according to Gladstone's Form 10-Q for the fiscal year ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Gladstone is a participant in a Secured First Lien Loan to Engineering Manufacturing Technologies, LLC. The loan accrues interest at a rate of S + 8.3%, 12.6% Cash per annum. The loan matures on October 2026. Gladstone Capital Corporation was incorporated under the Maryland General Corporation Law on May 30, 2001 and completed an initial public offering on August 24, 2001. It was established for the purpose of investing in debt and equity securities of established private businesses operating in the United States. Its investment objectives are to: achieve and grow current income by investing in debt securities of established lower middle market companies in the U.S. that it believe will provide stable earnings and cash flow to pay expenses, make principal and interest payments on its outstanding indebtedness and make distributions to stockholders that grow over time; and provide its stockholders with long-term capital appreciation in the value of its assets by investing in equity securities, in connection with its debt investments, that it believe can grow over time to permit it to sell its equity investments for capital gains. Gladstone is led by Nicole Schaltenbrand, Chief Financial Officer and Treasurer. The Company can be reach through: Nicole Schaltenbrand Gladstone Capital Corporation 1521 Westbranch, Suite 100 McLean, VA 22102 Tel. No. (703) 287-5800 About Engineering Manufacturing Technologies, LLC Engineering Manufacturing Technologies, LLC is a segment leading precision metal fabricator and CNC machining partner to blue-chip OEM customers spanning multiple end markets and product classes. ENGINEERING MANUFACTURING: Gladstone Marks $22M 1L Loan at 24% Off ------------------------------------------------------------------ Gladstone Capital Corporation has marked its $22,894,000 loan extended to Engineering Manufacturing Technologies, LLC to market at $17,372,000 or 76% of the outstanding amount, according to Gladstone's Form 10-Q for the fiscal year ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Gladstone is a participant in a Secured First Lien Loan to Engineering Manufacturing Technologies, LLC. The loan accrues interest at a rate of S + 8.3%, 8.0% Cash, 4.6% PIK per annum. The loan matures on October 2026. Gladstone Capital Corporation was incorporated under the Maryland General Corporation Law on May 30, 2001 and completed an initial public offering on August 24, 2001. It was established for the purpose of investing in debt and equity securities of established private businesses operating in the United States. Its investment objectives are to: achieve and grow current income by investing in debt securities of established lower middle market companies in the U.S. that it believe will provide stable earnings and cash flow to pay expenses, make principal and interest payments on its outstanding indebtedness and make distributions to stockholders that grow over time; and provide its stockholders with long-term capital appreciation in the value of its assets by investing in equity securities, in connection with its debt investments, that it believe can grow over time to permit it to sell its equity investments for capital gains. Gladstone is led by Nicole Schaltenbrand, Chief Financial Officer and Treasurer. The Company can be reach through: Nicole Schaltenbrand Gladstone Capital Corporation 1521 Westbranch, Suite 100 McLean, VA 22102 Tel. No. (703) 287-5800 About Engineering Manufacturing Technologies, LLC Engineering Manufacturing Technologies, LLC is a segment leading precision metal fabricator and CNC machining partner to blue-chip OEM customers spanning multiple end markets and product classes. EXCELL COMMUNICATIONS: Seeks to Hire Grassi & Co. as Accountant --------------------------------------------------------------- Excell Communications and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Grassi & Co., CPA's, PC as accountant. The firm will render these services: (a) prepare consolidated financial statements in accordance with accounting principles generally accepted in the United States of America based on information provided by the Debtors; (b) apply accounting and financial reporting expertise to assist the Debtors in the presentation of consolidated financial statements without undertaking to obtain or provide any assurance that there are no material modifications that should be made to the consolidated financial statements in order for the statements to be in accordance with accounting principles generally accepted in the United States of America; and (c) perform administration and other accounting related services. The firm's professionals will be paid at these hourly rates: Robert Brewer $625 Steven Lemke $625 In addition, the firm will seek reimbursement for expenses incurred. The firm received an initial retainer of $10,000 from the Debtor. Mr. Brewer 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 J. Brewer, CPA, CCIFP Grassi & Co., CPA's, PC 50 Jericho Quadrangle, Ste. 200 Jericho, NY 11753 About Excell Communications Excell Communications, Inc. is a project management firm engaged in the installation of network infrastructure for the wireless, fiber and utility industries in the State of New York. Excell Communications, Inc. and its affiliates sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Lead Case No. 25-71444) on April 14, 2025. The case is jointly administered in Case No. 25-71444. Judge Louis A. Scarcella oversees the cases. The Debtors tapped Forchelli Deegan Terrana LLP as counsel and Grassi & Co., CPA's, PC as accountant. On May 16, 2025, the U.S. Trustee for the Eastern District of New York appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Porzio, Bromberg & Newman, PC as counsel. FIBERCO GENERAL: Fine-Tunes Plan Documents ------------------------------------------ Fiberco General Engineering Contractors, Inc., submitted a Second Amended Plan of Reorganization for Small Business dated August 7, 2025. This Plan is intended to provide the structure and method by which Debtor will reorganize its debts. It provides for the reorganization of Debtor's finances and proposes to pay creditors through Debtor's cash on hand and income generated over the five-year life of the Plan. The Debtor is dedicating all its projected disposable income over five years to pay its creditors. Debtor's projections demonstrate that Debtor will have the ability to make all the payments due under the Plan, including (1) on the Effective Date, (2) to administrative claim holders, (3) to Class 1 through Class 30 secured claim holders, (4) to priority claim holders, (4) to Class 32 general unsecured claim holders. The Second Amended Plan does not alter the proposed treatment for unsecured creditors and the equity holder: * Class 32 consists of General Unsecured Claims. Any Allowed Claim in this Class shall be paid pro rata with other Class claims. The Debtor is dedicating all of its projected disposable income for a period of five years. The amount of Debtor's projected disposable income is intended to be cash in excess of its operational costs and cash reserves. * Equity Interest holders will retain their Equity Interests. Distributions to creditors under the Plan will be funded from cash on hand and income generated by Debtor over the life of the Plan. Debtor's projections demonstrate that Debtor will have the ability to make the payments due (1) on the Effective Date, (2) to administrative claim holders, (3) to Class 1 through Class 30 secured claim holders, (4) to priority claim holders, (4) to Class 32 general unsecured claim holders. The Debtor is dedicating all its projected disposable income over five years to pay its creditors. A schedule showing the financial projections and projected disposable income which is expected to be available for payment to creditors. Debtor will segregate its projected disposable income monthly into a separate distribution account from which the Disbursing Agent will make the payments under the Plan. Debtor expects to have sufficient cash on hand to make the payments required on the Effective Date. The Debtor's projections demonstrate that through cash on hand and income generated by Debtor over the life of the Plan, Debtor will have the ability to make the payments due (1) on the Effective Date, (2) to administrative claim holders, (3) to Class 1 through Class 30 secured claim holders, (4) to priority claim holders, (4) to Class 32 general unsecured claim holders. Debtor's financial projections show that Debtor will have approximately $110,000 in cash on hand on the Effective Date and an aggregate annual net income average cash flow, after paying operating expenses and post-Confirmation taxes, of about $166,000. The Debtor expects that the value to be distributed under the five-year term of the Plan will total about $2,241,419, including $50,000 to Class 32 general unsecured claims, which value to be distributed under the Plan is in excess of the Debtor's total projected disposable income of $442,183 and the liquidation value of $0.00 that would otherwise be distributed to general unsecured creditors in a chapter 7. A full-text copy of the Second Amended Plan dated August 7, 2025 is available at https://urlcurt.com/u?l=mjJza0 from PacerMonitor.com at no charge. Counsel to the Debtor: David A. Wood, Esq. Aaron E. De Leest, Esq. Sarah R. Hasselberger, Esq. MARSHACK HAYS WOOD LLP 870 Roosevelt Irvine, CA 92620-3663 Tel: (949) 333-7777 Fax: (949) 333-7778 Email: dwood@marshackhays.com About Fiberco General Engineering Contractors Fiberco General Engineering Contractors Inc., established in 1995, is a general engineering contractor based in Riverside, California. The Company specializes in utility system construction and heavy and civil engineering projects. Fiberco General Engineering Contractors sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10912) on Feb. 18, 2025. In its petition, the Debtor reports total assets of $2,451,262 and total liabilities of $2,989,654. Honorable Bankruptcy Judge Scott H. Yun handles the case. The Debtor is represented by Michael R. Totaro, Esq., at TOTARO & SHANAHAN, LLP. FINANCE OF AMERICA: Ends Blackstone Notes, Draws $20M From LFH -------------------------------------------------------------- Finance of America Companies Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that following a maturity date extension from August 1, 2025 to August 5, 2025, the Revolving Working Capital Promissory Notes (as amended from time to time, the "Promissory Notes") by and between FOA Equity Capital and certain funds affiliated with Blackstone Inc. and an entity controlled by Brian L. Libman ("LFH" and together with Blackstone, the "Lenders") and guaranteed by the other FOA Parties were repaid and terminated in full in accordance with the terms of the Promissory Notes (the "Working Capital Notes Termination"). As a result of the Working Capital Notes Termination, the 2026 Notes and the 2029 Exchangeable Notes have a first priority security interest in the collateral securing such Notes. On August 4, 2025, FOA Reverse entered into an unsecured revolving working capital promissory note (as amended from time to time, the "LFH Facility") with LFH, providing for an uncommitted revolving facility for general corporate and working capital purposes of up to $20.0 million, which was fully drawn on such date. The LFH Facility is not guaranteed by any other entity and matures on August 4, 2026. The LFH Facility contains certain covenants and customary events of default. About Finance of America Plano, Texas-based Finance of America Companies Inc. is a financial services holding company. Through its operating subsidiaries, it operates as a modern retirement solutions platform, providing customers with access to an innovative range of retirement offerings centered on the home. In addition, Finance of America offers capital markets and portfolio management capabilities to optimize distribution to investors. * * * As reported by the Troubled Company Reporter in November 2024, Fitch Ratings has downgraded the Long-Term Issuer Default Ratings (IDRs) of Finance of America Companies Inc. and its subsidiaries, Finance of America Equity Capital LLC and Finance of America Funding LLC (together, FOA) to 'RD' (Restricted Default) from 'C'. The action follows the completion of the company's debt restructuring on Oct. 31, 2024, which Fitch views as a distressed debt exchange (DDE). Fitch has also upgraded FOAs IDRs to 'CCC' from 'RD' subsequent to the DDE. Fitch has assigned a rating of 'CCC-' with a Recovery Rating of 'RR5' to Finance of America Funding, LLC's new $196 million senior secured notes due in 2026 and $147 million convertible senior secured notes due in 2029 issued as part of the exchange. Concurrently, Fitch has also downgraded Finance of America Funding LLC's unsecured debt rating to 'RD' from 'C'/'RR6' and withdrawn the rating as 98% of the notes were exchanged into the new secured notes. FINANCE OF AMERICA: Repurchases Up to $80.3M of Blackstone Equity ----------------------------------------------------------------- Finance of America Companies Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a Repurchase Agreement with FOA Equity Capital LLC, Blackstone Tactical Opportunities Associates - NQ L.L.C., BTO Urban Holdings L.L.C., Blackstone Family Tactical Opportunities Investment Partnership - NQ ESC L.P. and BTO Urban Holdings II L.P. (collectively, the "Blackstone Investor"). Pursuant to the Repurchase Agreement, on the terms and subject to the conditions set forth therein, the Company will purchase all of the Blackstone Investor's shares of Class A Common Stock of the Company, shares of Class B Common Stock of the Company, Class A Units of FOA Equity Capital and rights, pursuant to Section 3.04 of the Transaction Agreement, dated as of October 12, 2020, by and among Replay Acquisition Corp., the Company, RPLY Merger Sub LLC, RPLY BLKR Merger Sub LLC and the other parties thereto, to receive shares of Class A Common Stock and Class A Units (the "Earnout Rights" and, together with such shares of Class A Common Stock, shares of Class B Common Stock and Class A Units, the "Sold Equity"). Each share of Class A Common Stock and each Class A Unit will be purchased for $10.00 per share or Class A Unit, and the shares of Class B Common Stock and Earnout Rights will be purchased for no consideration, for total consideration of $80,298,170.00. The closing of the Repurchase is subject to, among other customary conditions, the receipt of a customary opinion and, absent the Company's prior written consent, may not occur prior to the date that is 105 days after the entry into the Repurchase Agreement. The Repurchase Agreement includes certain interim operating covenants during the pendency of the Repurchase Agreement. The Repurchase Agreement also contains certain termination rights for the Company and the Blackstone Investor, including the right of the Blackstone Investor to terminate the Repurchase Agreement if the Repurchase has not been consummated prior to December 6, 2025 and the right of the Company to terminate the Repurchase Agreement if the Repurchase has not been consummated prior to February 28, 2026. In addition, if the Repurchase has not been consummated prior to December 6, 2025, the Blackstone Investor will have the right to transfer its Sold Equity to unaffiliated third parties, and any Sold Equity so transferred will reduce the amount repurchased by the Company under the Repurchase Agreement. The Repurchase Agreement was approved and recommended by the Audit Committee of the Company's board of directors and approved by the Company's board of directors. In a press release, Finance of America Companies Inc. announced that it has fully paid off its outstanding working capital facility and entered into a definitive agreement to repurchase the entirety of Blackstone's equity stake in the Company. In addition, Finance of America announced a new convertible debt facility with multiple long-term supporters of the Company. These transactions mark a pivotal milestone in Finance of America's strategic evolution and underscore the strength of its financial position and long-term growth outlook. By strengthening the balance sheet while reducing interest expense and related costs, the Company is enhancing its financial flexibility and independence. "This is a moment of strategic significance," said Graham Fleming, Chief Executive Officer of Finance of America. "The fundamentals of our business enable us to take this step to simplify our capital structure and reduce our debt to more freely pursue the opportunities ahead of us. With the further support of long-time investors and bond holders through a new convertible debt facility, we are well-positioned to aggressively pursue our next chapter of growth." Finance of America's agreement to repurchase Blackstone's equity stake reflects the Company's commitment to long-term value creation. The transaction is expected to be materially accretive to shareholders and underscores the Company's confidence in its strategic direction. "We appreciate the strong partnership with Finance of America and their management team, which has spanned over ten years," said Christopher James, Global Head of Blackstone's Tactical Opportunities group. "With this transaction, we will conclude our ownership role, but we look forward to continuing to work together in new and impactful ways in the future." Convertible Note Purchase Agreement: On August, 4, 2025, the Company entered into convertible note purchase agreements (collectively, the "NPA") with certain existing institutional investors, providing for the purchase of an aggregate of $40 million of a new series of unsecured convertible promissory notes, and the purchase price for the New Notes was funded in full on the same date. The Company issued the New Notes on August 4, 2025. The New Notes will mature on August 4, 2028, have a 0% coupon and are subject to certain customary events of default. The New Notes are convertible, in whole or in part, at the option of the Company or at the option of the holder, in each case, on the terms set forth in the form of note, into shares of the Class A Common Stock at a conversion price of $19.00 per share, starting one year from the issuance date, and at an early conversion price of $18.00 per share prior to such one year anniversary, in each case, subject to customary adjustments. In the same press release, Finance of America announced a new convertible debt facility with multiple long-term supporters of the Company. "These transactions mark a pivotal milestone in Finance of America's strategic evolution and underscore the strength of its financial position and long-term growth outlook. By strengthening the balance sheet while reducing interest expense and related costs, the Company is enhancing its financial flexibility and independence," said the Company. "This is a moment of strategic significance," said Graham Fleming, Chief Executive Officer of Finance of America. "The fundamentals of our business enable us to take this step to simplify our capital structure and reduce our debt to more freely pursue the opportunities ahead of us. With the further support of long-time investors and bond holders through a new convertible debt facility, we are well-positioned to aggressively pursue our next chapter of growth." Consent Support Agreement and Amendment to Pledge and Security Agreement: On August 4, 2025, certain of the direct and indirect subsidiaries of the Company, including Finance of America Funding LLC, FOA Equity Capital, Finance of America Holdings LLC, Incenter LLC, Finance of America Mortgage LLC, Finance of America Reverse LLC, and MM Risk Retention LLC (together, the "FOA Parties"), and certain holders representing the requisite majority of holders of FOA Fundings': (a) 7.875% Senior Secured Notes due 2026 (the "2026 Notes") and (b) the 10.000% Exchangeable Senior Secured Notes due 2029 (the "2029 Exchangeable Notes" and, together with the 2026 Notes, the "Notes") (or their investment advisors, sub-advisors or managers) (the "Consenting Noteholders" and, together with the FOA Parties, the "Parties") entered into a consent support agreement (the "Consent Support Agreement") to, among other things, take all commercially reasonable actions reasonably requested by the FOA Parties and necessary to support and achieve the consummation of certain amendments to the indentures governing the 2026 Notes and the 2029 Exchangeable Notes to permit the transactions under the Repurchase Agreement. The amendments further provide that $60 million principal amount of the 2026 Notes will mature on the stated maturity date of November 30, 2026 and may not be extended to the extended maturity date of November 30, 2027, with FOA Funding retaining the option to extend the remaining principal balance of the 2026 Notes to the extended maturity date, and to provide for required uses of net proceeds from certain of the Additional Collateral. The Consent Support Agreement also contains certain customary representations, warranties and other agreements by the parties thereto and may be terminated by the Consenting Noteholders or the FOA Parties under certain limited circumstances. Upon receipt by FOA Funding of the requisite majority consent of the holders of the 2026 Notes and the 2029 Exchangeable Notes, the FOA Parties intend to enter into supplemental indentures, to the indentures governing the 2026 Notes and the 2029 Exchangeable Notes, providing for the Proposed Amendments; provided that the terms of such Supplemental Indentures will not become operative until certain conditions thereto have been met, including payment of the scheduled amortization payment on the 2026 Notes in November 2025. Concurrently, on August 4, 2025, the FOA Parties, together with U.S. Bank Trust Company, National Association, as collateral trustee, entered into the first amendment to the Pledge and Security Agreement, dated October 31, 2024, by and among the FOA Parties, each of the other grantors from time to time party thereto and U.S. Bank Trust Company, National Association, as collateral trustee ("Pledge and Security Agreement") to provide for liens on certain additional collateral to secure the 2026 Notes and the 2029 Exchangeable Notes, including certain residual proceeds, equity interests and call rights related to securitizations of mortgage servicing rights of FOA Reverse or any of its affiliates relating to home equity conversion mortgages pooled in Ginnie Mae HECM mortgage-backed securities (the "Additional Collateral"). The Additional Collateral will be automatically released on the earlier of: (i) February 28, 2026, if the Supplemental Indentures have not been executed at that time and (ii) payment in full of the Non-Extendable Notes (as defined in the Supplemental Indentures) on November 30, 2026 (the non-extended maturity date of the 2026 Notes). About Finance of America Plano, Texas-based Finance of America Companies Inc. is a financial services holding company. Through its operating subsidiaries, it operates as a modern retirement solutions platform, providing customers with access to an innovative range of retirement offerings centered on the home. In addition, Finance of America offers capital markets and portfolio management capabilities to optimize distribution to investors. * * * As reported by the Troubled Company Reporter in November 2024, Fitch Ratings has downgraded the Long-Term Issuer Default Ratings (IDRs) of Finance of America Companies Inc. and its subsidiaries, Finance of America Equity Capital LLC and Finance of America Funding LLC (together, FOA) to 'RD' (Restricted Default) from 'C'. The action follows the completion of the company's debt restructuring on Oct. 31, 2024, which Fitch views as a distressed debt exchange (DDE). Fitch has also upgraded FOAs IDRs to 'CCC' from 'RD' subsequent to the DDE. Fitch has assigned a rating of 'CCC-' with a Recovery Rating of 'RR5' to Finance of America Funding, LLC's new $196 million senior secured notes due in 2026 and $147 million convertible senior secured notes due in 2029 issued as part of the exchange. Concurrently, Fitch has also downgraded Finance of America Funding LLC's unsecured debt rating to 'RD' from 'C'/'RR6' and withdrawn the rating as 98% of the notes were exchanged into the new secured notes. FIRST QUANTUM: Fitch Assigns 'B(EXP)' Rating on Sr. Unsecured Notes ------------------------------------------------------------------- Fitch Ratings has assigned First Quantum Minerals Ltd. (FQM; B/Stable) proposed USD750 million notes an expected 'B(EXP)' senior unsecured rating. The Recovery Rating is 'RR4'. The notes will be senior unsecured obligations of the company and ranks pari passu with FQM's existing senior unsecured notes. Fitch expect gross debt to be broadly unchanged following the debt issue as proceeds will be used to fully redeem the remaining USD750 million 2027 notes. The assignment of a final rating is contingent on the receipt of final documentation conforming to the information Fitch has received. FQM's 'B' rating reflects the fact that its operating performance has been in line with its expectations as higher copper prices and proactive liquidity management continue supporting its financial profile. Fitch forecasts EBITDA gross leverage will remain slightly above 4x for the next three years, providing sufficient headroom against a negative rating sensitivity of 5x. Fitch assumes that FQM's Cobre Panama mine remains under care and maintenance during this time horizon. The company has signed a streaming facility to support its liquidity, which Fitch treats as non-debt. The rating also incorporates the high-risk environment related to the operations in Zambia (RD). Key Rating Drivers Prolonged Suspension of Cobre Panama: The Cobre Panama mine remains under preservation and safe management with no production since November 2023. A decision on the future of the mine was not reached after last year's general elections and the timing of the mine restart is still uncertain. Fitch has therefore focused its 2025-2028 forecasts on operations in Zambia. FQM is working to bring the Cobre Panama mining operations back on track through a public relations campaign to improve perception of the project and remains in dialogue with the government. The company commenced setting terms for an environmental audit in January, although the timing and final terms are still pending finalisation from the government. FQM has completed shipping stockpiled copper concentrate and plans to restart the power plant in 4Q25. It is no longer pursuing two separate international arbitration cases against Panama, while Franco Nevada suspended arbitration in June. Improved Leverage: Fitch forecasts EBITDA will average USD1.6 billion in 2025-2028 under its price assumption and without production from Cobre Panama, almost half the amount generated when the mine was in operation. Fitch expects EBITDA gross leverage of slightly above 4x for the next three years based on its price assumptions, providing comfortable headroom for the 'B' rating. Fitch excludes the Franco Nevada streaming from debt from 2025 as Fitch does not assume any metal deliveries from the mine over the next three years. Fitch expects negative free cash flow (FCF) in 2025-2026 due to large capex, including in the Kansanshi S3 project. New Gold Stream: FQM has signed a USD1 billion gold streaming agreement with RGLD Gold AG, a subsidiary of Royal Gold, Inc. Fitch does not add it to debt due to the prevalence of equity-like features, including the absence of an obligation to deliver gold if mining operations are shut and no security over assets, although FQM and Kansanshi ownership chain provide guarantees. Fitch estimates the stream will amortise at about USD60 million a year at its price assumptions. Fitch does not factor in the minority stake sale in Zambia as its timing remains uncertain and following the completion of the new stream. Proactive Liquidity Management: FQM has been actively addressing liquidity risks and strengthening its balance sheet since Cobre Panama's operations were suspended. In 2024, it issued USD1.6 billion in secured notes for refinancing and placed USD1.1 billion of common shares that it used for bond prepayments. It also signed a USD500 million copper prepayment facility in 2024 and another in 1Q25, along with USD1 billion note issuance in 1Q25. The proceeds from the new stream will be used for liquidity and to repay around USD560 million of credit facilities. Rated Above Zambia's Country Ceiling: In the absence of output from Cobre Panama, FQM will derive over 95% of its EBITDA from Zambia in 2025, leading us to apply the 'B-' Country Ceiling of Zambia rather than that of Panama. FQM maintains large liquidity headroom with a high share of export proceeds. Cash held abroad and undrawn offshore committed credit lines totalled USD2.1 billion in 2025 and USD2.3 billion in 2026. This supports a hard-currency debt-service coverage ratio above 1.5x for 2025-2027 and allows us to rate FQM a notch above Zambia's Country Ceiling. Challenging Operating Environment: The forced suspension of Cobre Panama reflects a deterioration in Panama's mining environment. Social and environmental opposition to mining became more vocal in the run-up to elections last year. Further, the government signed a moratorium in November 2023 on new mining projects in the country. Fitch believes the new government may adopt a more constructive approach towards the mining sector. However, as the decision might take time, Fitch sees no certainty on the timeline for the mine's restart. Zambia's Power Challenges: The supply of energy in Zambia has been limited since 1Q24, due to drought reducing hydropower generation. FQM has been importing power from neighboring countries to minimise operational disruptions. Fitch expects that around 40% of FQM's energy will be supplied from abroad in 2025-2026, increasing its cash costs by 4%. Over the longer term, a new solar and wind project in Zambia, together with new hydropower initiatives, should improve the domestic energy supply. Peer Analysis FQM's peers include copper producers Freeport-McMoRan Inc. (BBB/Stable), Hudbay Minerals Inc. (BB-/Stable), Ero Copper Corp. (B/Stable) and Endeavour Mining plc (BB/Stable). Freeport is among the top 10 global producers, with 1.9 million tonnes of copper output in 2024. FQM produced 431,000 tonnes and Ero 41,000 tonnes in 2024, while Hudbay is estimated to have produced 140,000 tonnes. FQM's medium-term cost position is in the higher third quartile, while Freeport's assets are placed at around the 50th percentile on average due to the low-cost operations at its Grasberg mine. Freeport benefits from wider diversification across geographies with a more stable operating environment and more sizeable assets with a longer reserve life. Freeport's medium-term EBITDA gross leverage is below 2x. FQM has a stronger business profile than Hudbay, due to its much larger scale and longer reserve life. However, it has a less competitive cost position. The latter operates in the lower-risk jurisdictions of Canada and Peru and has some commodity diversification. Fitch expects Hudbay's EBITDA gross leverage to remain below 2.5x. Gold miner Endeavour is smaller than FQM (assuming current scale) but has a better cost position in the second quartile of the global cost curve. Operations are spread across Senegal, Cote d'Ivoire and Burkina Faso, with the latter having a very weak operating environment with many challenges, including security. Endeavour has a conservative financial policy to maintain net debt/EBITDA below 0.5x through the cycle. Ero is much smaller in scale and has a comparable reserve life and cost position on the higher end of the cost curve compared with FQM. Fitch expects Ero's gross leverage to be around 2x in 2025. Key Assumptions - Prices of copper, gold and nickel for 2025-2028 in line with Fitch's price assumptions. - Its rating case is based on the Cobre Panama mine not resuming operations during the forecast period given the uncertainty. - Full ramp-up of Kansanshi S3 production in 2026, increasing total copper volume sold to 490,000 tonnes from 2027, from 440,000 tonnes in 2025-2026. - Capex in 2025-2027 in line with FQM's guidance and adjusted to Fitch's price assumptions. - Franco Nevada streaming agreement excluded from Fitch-adjusted debt over the forecast period. - No dividend for 2025-2028. Recovery Analysis The recovery analysis assumes that FQM would be considered a going concern in bankruptcy and that it would be reorganised rather than liquidated. Its going concern EBITDA estimate reflects Fitch's view of a sustainable, post-reorganisation EBITDA on which Fitch bases the valuation of the company. Fitch assumes a going concern EBITDA of USD1.35 billion under the assumption of a protracted operational disruption at Cobre Panama. An enterprise value/EBITDA multiple of 4.5x was used to calculate the post-reorganisation enterprise value, which factors in FQM's scale, growth prospects and exposure to Zambia with a weak mining operating environment. FQM's senior secured revolving credit facility (RCF) is assumed to be fully drawn. Senior secured debt reflected in the recovery waterfall comprises a combined USD1.9 billion RCF and a term loan bank facility. Fitch removed the USD0.9 billion streaming agreement with Franco-Nevada from the waterfall because its going concern EBITDA assumption excludes Cobre Panama. The existing USD1.6 billion senior secured second lien notes with a share pledge covering the Sentinel and Enterprise assets and benefiting from a guarantee from Kansanshi and other guarantors are reflected as secured in the recovery waterfall. Senior unsecured debt of USD3.9 billion comprises bonds and the copper prepayment facility. FQM Trident Limited's USD425 million term loan is included as senior debt. Fitch excludes immediate maturities from its debt calculation. After deducting 10% for administrative claims and taking into account Fitch's Country-Specific Treatment of Recovery Ratings Criteria, its analysis resulted in a waterfall-generated recovery computation in the 'RR4' band, indicating a 'B' senior secured rating. The Recovery Rating is capped at 'RR4'. Its analysis for FQM's unsecured bonds also resulted in a waterfall-generated recovery computation in the 'RR4' band, indicating a 'B' senior unsecured rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA gross leverage consistently above 5x - Material deterioration in liquidity and increasing refinancing risk - Signs of a deteriorating operating environment in Zambia - Failure to maintain hard-currency debt-service coverage above 1.5x to maintain its rating above Zambia's Country Ceiling Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA gross leverage consistently below 4x - EBITDA interest coverage above 4x - Positive FCF on a sustained basis - Restart of operations at Cobre Panama Liquidity and Debt Structure FQM's liquidity comprised an unrestricted cash balance of USD737 million and an undrawn committed RCF of USD930 million as of 30 June 2025, compared with around USD524 million of short-term debt maturities. The new USD1 billion streaming agreement and the new bond issuance will support liquidity, pushing the next material maturities to 2029. Issuer Profile FQM is a medium-sized miner and global copper company. It produces copper in the form of concentrate, cathode and anode, as well as gold, silver, zinc and nickel. Major assets are located in Zambia and Panama with smaller operations in Spain, Mauritania, Australia, Turkiye and Finland. Summary of Financial Adjustments The Franco Nevada streaming agreement of USD970 million was reclassified from deferred revenue to Fitch-adjusted debt in 2024. Transaction and accretion charges of USD45 million were added back to the Fitch-adjusted debt balance in 2024. The Jiangxi copper prepayment of USD500 million was reclassified from deferred revenue to Fitch-adjusted debt, and USD36 million of interest expenses was added to interest paid in 2024. Date of Relevant Committee 05 August 2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations FQM's ESG Relevance Score for Exposure to Social Impacts is '4' as the forced suspension of operations at Cobre Panama has taken place since November 2023 and Fitch now analyses the company's performance excluding this mine. This has a negative impact on the credit profile and is 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 ----------- ------ -------- First Quantum Minerals Ltd. senior unsecured LT B(EXP) Expected Rating RR4 FLAGSHIP RESORT: Gets Additional DIP Loan; Maturity Date Extended ------------------------------------------------------------------ Flagship Resort Development Corporation received approval from the U.S. Bankruptcy Court for the District of New Jersey to enter into a Second Amendment to its existing Debtor-in-Possession Loan and Security Agreement with Banc of California, acting as agent for the DIP lenders. The court order authorized the Debtor, pursuant to the Second Amendment, to (i) extend the term of the DIP facility to September 21, and (ii) increase the maximum amount of the DIP Facility to $5.602 million and incur an additional $602,000 in obligations, secured by the DIP liens on the DIP collateral, in accordance with the extended budget. The additional borrowings under the Second Amendment will be governed by the same terms and conditions previously approved by the court in the final DIP order entered on June 13. These include granting superpriority liens and administrative expense claims to the DIP secured parties on the same collateral, excluding avoidance actions. The Debtor said the additional funding is necessary to support its extended restructuring timeline and is tailored to meet its immediate liquidity needs, as outlined in the extended budget. The new borrowing will also help implement a global settlement reached between the Debtor, the DIP lenders, and the official committee of unsecured creditors. This settlement resolves all outstanding issues raised by the committee concerning the plan of reorganization, sale process, and post-confirmation governance and distribution structure. It also includes funding for a distribution trust benefitting unsecured creditors, according to the Debtor. Meanwhile, the extension of the maturity date of the DIP facility will enable the Debtor to complete its plan solicitation process and proceed toward confirmation of a Chapter 11 plan. A copy of the order is available at https://is.gd/o1WHhs from PacerMonitor.com. About Flagship Resort Development Flagship Resort Development Corporation, a privately held hospitality and resort development company based in New Jersey, specializes in timeshare vacation ownership in the Atlantic City region. It operates 774 living units across three properties – Flagship All-Suites Resort, Atlantic Palace, and La Sammana Resort -- offering a mix of deeded timeshare interests, club memberships, and exchange-based travel benefits. The company is a wholly owned subsidiary of FantaSea Resorts Group, Inc. Flagship Resort Development Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-15047) on May 10, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million. Honorable Bankruptcy Judge Jerrold N. Poslusny Jr. handles the case. The Debtor is represented by Warren J. Martin Jr., Esq. at Porzio, Bromberg & Newman, P.C. Kroll Restructuring Administration LLC is the Debtor's Notice, claims, solicitation, balloting and administrative agent. Banc of California, as DIP agent, is represented by: Stuart J. Glick, Esq. Holland & Knight, LLP 787 Seventh Avenue, 31st Floor New York, NY 10019 Tel: (212) 751-3392 Email: stuart.glick@hklaw.com -- and -- Anthony F. Pirraglia, Esq. Holland & Knight, LLP 787 Seventh Avenue, 31st Floor New York, NY 10019 Tel: (212) 513-3887 Email: anthony.pirraglia@hklaw.com FPG INTERMEDIATE: Carlyle Secured Marks $442,000 1L Loan at 53% Off ------------------------------------------------------------------- Carlyle Secured Lending, Inc. has marked its $442,000 loan extended to FPG Intermediate Holdco, LLC to market at $186,000 or 47% of the outstanding amount, according to Carlyle Secured's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Carlyle Secured is a participant in a First Lien Loan to FPG Intermediate Holdco, LLC. The loan accrues interest at a rate of 11.04% percent per annum. The loan matures on March 5, 2027. Carlyle Secured is a Maryland corporation formed on February 8, 2012, and structured as an externally managed, non-diversified closed-end investment company. Its investment objective is to maximize both current income and capital appreciation through debt and equity investments. The Company directly and indirectly invests primarily in leveraged middle market companies in the form of senior secured loans, financing leases and, to a lesser extent, unsecured loans and equity securities. Carlyle Secured is led by Thomas M. Hennigan as Chief Financial Officer The Fund can be reach through: Thomas M. Hennigan Carlyle Secured Lending, Inc. One Vanderbilt Avenue, Suite 3400 New York, NY 10017 Telephone: (212) 813-4900 About FPG Intermediate Holdco, LLC FPG Intermediate Holdco, LLC operates funeral homes, as well as provides funeral services to its customers in the U.S. FREE SPEECH: Court Appoints Receiver to Take Over Infowars' Assets ------------------------------------------------------------------ James Nani and Ryan Autullo of Bloomberg Law report that a Texas state court has appointed a receiver to manage right-wing conspiracy theorist Alex Jones' media empire, which owes roughly $1.3 billion in judgments for his false claims that the 2012 Sandy Hook Elementary School shooting was a hoax. The order, requested by several Sandy Hook victims' families, empowers Gregory S. Milligan to assume control of and liquidate assets belonging to Free Speech Systems LLC, the parent company of Jones' Infowars program. Judge Maya Guerra Gamble of the Travis County District Court approved the request during a hearing on Wednesday, August 13, 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. FULLER'S SERVICE: Seeks to Hire Kuhn & Company as Accountant ------------------------------------------------------------ Fuller's Service Center Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ AXK, also known as Kuhn & Company, CPAs, as accountant. The firm will provide these services: (a) analyze the financial statements as prepared by management; (b) prepare the federal and state income tax returns of the Debtor and prepare any bookkeeping entries that it deems necessary in connection with the preparation of such income tax returns; (c) prepare and assist with the preparation of forms and schedules for tax reporting requirements; and (d) provide consulting services including assisting the Debtor with matters related to litigation and its plan of reorganization; All compensation and reimbursement of expenses to AXK arising in this Chapter 11 case are subject to further order of this court. Michael Phillips, a partner at AXK, 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 Phillips Kuhn & Company, CPAs 8770 W. Bryn Mawr Ave., Ste. 710 Chicago, IL 60631 Telephone: (630) 416-7700 Facsimile: (708) 695-6518 About Fuller's Service Center 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"). Fuller's Service Center 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. Judge Deborah L. Thorne oversees the case. The Debtor tapped David K. Welch, Esq., at Burke, Warren, MacKay & Serritella, PC as counsel and AXK, also known as Kuhn & Company, CPAs, as accountant. GABHALTAIS TEAGHLAIGH: 47 Old Harbor Property Sale to H. Cohen OK'd ------------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts has permitted Gabhaltais Teaghlaigh LLC to sell Property in a private sale, free and clear of liens, claims, interest, and encumbrances. The Debtor is engaged in providing real estate rental services. The Court has authorized the Debtor to sell the Property located at 47 Old Harbor Street, South Boston, Massachusetts to Howard Cohen, or his nominee or assignee for the purchase price of $1,340,000.00. The sale is to be AS IS and WHERE IS without any warranty by the Debtor except as may be specifically contained in the Purchase and Sales Agreement. The Purchaser would not have entered into the Purchase and Sale Agreement (P&S) and would not consummate the Sale if 47 Old Harbor Street were not to be transferred to the Purchaser free and clear of all Encumbrances, or if the Purchaser would (or in the future could) be liable for any Encumbrance. The Debtor is authorized to pay, from the proceeds of the sale of 47 Old Harbor Street, the normal and usual costs incurred at closing by the seller (i.e. deed stamps and recording costs) and the Seller's share of any outstanding real estate taxes or other municipal claims which constitute liens on 47 Old Harbor Street. The balance of the proceeds of the sale of 193 Randolph Street shall be held in escrow by the Debtor pending further order of the Court. The Purchaser shall have until the later of 5:00 p.m. on August 28, 2025, or the date that is 7 days following the date that this order becomes a final order, to pay the Purchase Price to the Debtor. A failure by the Purchaser to timely pay the Purchase Price to the Debtor shall be a default by the Purchaser and the Purchaser shall forfeit to the Estate any deposit previously paid to the Estate. If the Purchaser defaults by failing to pay the Purchase Price to the Debtor by the Closing Deadline, the Debtor shall notify Xianxiu Liu (Backup Bidder) of the Purchaser's default and the Backup Bidder shall have the right (but not an obligation) to purchase the Real Property for consideration of $1,334,000.00 (Backup Bid), provided that the Backup Bidder shall consummate the Sale no later than 21 days after receipt of notice of the Purchaser's default. Given the circumstances faced by the Debtor and for all the reasons set forth on the record at the Sale Hearing, the Debtor’s decision to execute the P&S, to prosecute the Sale Motion and to consummate the Sale constitutes a valid and reasonable exercise of the Debtor's business judgment. About Gabhaltais Teaghlaigh LLC Gabhaltais Teaghlaigh, LLC is a real estate rental company that immediately prior to the petition date, owned six residential or commercial properties. Gabhaltais Teaghlaigh sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 22-10839) on June 15, 2022. In the petition filed by Virginia Hung, as member, Gabaltais Teaghlaigh listed under $50,000 in both assets and liabilities. Judge Elizabeth D. Katz oversees the case. David G. Baker, Esq., at Baker Law Offices is the Debtor's bankruptcy counsel. Synergy Funding is represented by: Alex F. Mattera, Esq. Pierce Atwood, LLP 100 Summer Street, 22nd Floor Boston, MA 02110 Telephone: (617) 488-8112 amattera@pierceatwood.com GENESIS HEALTHCARE: Creditors Contest Financing Plan, Bid Process ----------------------------------------------------------------- Randi Love of Bloomberg Law reports that junior creditors of Genesis Healthcare Inc. have objected to the nursing home operator's proposed $30 million bankruptcy financing and bidding procedures, arguing they are designed to favor insiders at the expense of other stakeholders. In a Monday, August 11, 2025, filing in the US Bankruptcy Court for the Northern District of Texas, the unsecured creditors’ committee said the funding—provided by entities linked to health-care entrepreneur Joel Landau—includes milestones that would accelerate the sale process and discourage rival offers. About Genesis Healthcare Inc. Genesis Healthcare Inc. is a Medical Group, based in Culver City, CA. The medical group, which has also operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare, provides physician services in Southern California. Genesis Healthcare Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case 25-80185) on July 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtor is represented by Marcus Alan Helt, Esq. at Mcdermott Will & Emery LLP. GLOTSER LIVING: Case Summary & Three Unsecured Creditors -------------------------------------------------------- Debtor: Glotser Living LLC 166 East 63rd Street, Unit 16D New York, NY 10065 Business Description: Glotser Living LLC is a single-asset real estate company, as defined under U.S. bankruptcy law, holding a single property as its primary business. Chapter 11 Petition Date: August 11, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-11765 Debtor's Counsel: Julio E. Portilla, Esq. JULIO E. PORTILLA 380 Lexington Ave. 4th Floor New York, NY 10168 Tel: (212) 365-0292 Fax: (212) 365-4417 Email: jp@julioportillalaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Anton Glotser as member. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DLZKAMI/Glotser_Living_LLC__nysbke-25-11765__0001.0.pdf?mcid=tGE4TAMA GOEASY LTD: S&P Rates US$450MM Senior Unsecured Notes 'BB-' ----------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue rating to goeasy Ltd.'s (TSX: GSY) US$450 million senior unsecured notes due 2031 and C$175 million senior unsecured notes due 2030. The company intends to use the net proceeds to partially repay its secured debt (about C$171 million outstanding under the revolving credit facility and C$140 million of other secured facilities as of June 30, 2025) and for general corporate purposes. Pro forma for the transaction and assuming no additional debt repayment, S&P expects leverage, as measured by debt to adjusted total equity (ATE), will edge up to about 3.8x from 3.6x as of June 30, 2025, which will be still within our base-case expectation of 3.0x-4.0x. For second-quarter 2025, GSY's ratio of unencumbered assets to unsecured debt was modestly above 1.0x. S&P said, "Pro forma for this transaction, we expect it to remain within the 1.0x-1.1x range. If the company's unsecured debt becomes greater than its unencumbered assets, we would lower the issue rating by one notch to 'B+'." GSY's annualized yield declined in the second quarter of 2025 compared to same period in the prior year, partly due to the implementation of the Canadian government's interest-rate cap on consumer loans, which came into effect in January 2025. Nonetheless, the company is managing the cap's impact by expanding its secured lending and larger dollar value loans. As such, GSY reported strong revenue growth in the quarter, up 11% from the same period in the prior year. For the first half of 2025, annualized net charge-offs, as a percentage of average gross receivables, declined to 8.6% from 9.1% a from the same period year ago, primarily driven by improved underwriting and product mix (48% secured loans). GSY expects net charge-offs to remain at 7.75%-9.75% in 2025, and they may slip to 7.5%-9.5% in 2026 as the company continues to transition its lending book to near-prime consumers and increase its secured receivables. S&P said, "The stable outlook on the 'BB-' long-term issuer credit rating reflects our expectation that GSY's leverage will remain 3.0x-4.0x for the next 12 months. We expect the company will maintain its existing funding mix and report steady operating performance with net charge-offs well below 12% (base-case expectation is 8%-10%)." GRACE AND FAVOR: Seeks Court Approval to Hire Bankruptcy Counsel ---------------------------------------------------------------- Grace and Favor, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ the Law Offices of Wenarsky & Goldstein, LLC to handle its Chapter 11 case. The firm will be paid at these hourly rates: Scott Goldstein, Attorney $450 Jenee Ciccarelli, Attorney $450 Law Clerks $225 Paralegals and Legal Assistants $195 Ms. Ciccarelli 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: Jenee K. Ciccarelli, Esq. Law Offices of Wenarsky & Goldstein, LLC 410 Route 10 West, Ste. 214 Ledgewood, NJ 07852 Telephone: (973) 927-5100 Facsimile: (973) 927-5252 Email: jenee@wg-attorneys.com About Grace and Favor Grace and Favor, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-16554) on June 21, 2025, listing up to $500,000 in both estimated assets and liabilities. Judge Stacey L. Meisel oversees the case. Jenee K. Ciccarelli, Esq., at the Law Offices of Wenarsky & Goldstein, LLC serves as the Debtor's counsel. GRANT PARK: Neema Varghese Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 11 appointed Neema Varghese of NV Consulting Services as Subchapter V trustee for Grant Park Packing Company, Inc. Ms. Varghese will be paid an hourly fee of $400 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Varghese declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Neema T. Varghese NV Consulting Services 701 Potomac, Ste. 100 Naperville, IL 60565 Tel: (630) 697-4402 Email: nvarghese@nvconsultingservices.com About Grant Park Packing Company Founded in 1974 and still family-owned, Grant Park Packing Company, Inc. operates one of Chicago's last fully functioning pork packing plants in the heart of Fulton Street Market, processing thousands of whole hogs daily. The federally inspected facility distributes fresh pork, beef, lamb, goat, poultry and processed meats at wholesale prices to restaurants, retailers and individual customers throughout the Chicago area and beyond. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-11968) on August 5, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Lucia Maffei, secretary, signed the petition. Judge Jacqueline P. Cox presides over the case. David Herzog, Esq. at DAVID HERZOG represents the Debtor as legal counsel. GREAT CIRCLE: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Great Circle Park LLC 70 Little West Street New York, NY 10004 Business Description: Great Circle Park LLC owns and operates a single real estate property as its primary business activity, in line with its classification as a single-asset real estate company under U.S. law, and is engaged in property holding and management within the United States. Chapter 11 Petition Date: August 12, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-11767 Judge: Hon. Martin Glenn Debtor's Counsel: Tracy L. Klestadt, Esq. KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP 200 West 41st Street 17th Floor New York, NY 10036 Tel: (212) 972-3000 E-mail: tklestadt@klestadt.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Pamela Frost as managing member. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VEY26ZI/Great_Circle_Park_LLC__nysbke-25-11767__0001.0.pdf?mcid=tGE4TAMA HALL LABS: To Sell Common Stock Share to Keystone Private --------------------------------------------------------- Mark C. Rose, Chapter 11 Trustee of Hall Labs LLC, seeks approval from the U.S. Bankruptcy Court for the District of Utah, to sell interest in 97,392,538 shares of common stock in Vanderhall, Inc. to Keystone Private Income Fund, free and clear of all liens, interests, and encumbrances. The Debtor owns at least 97,392,538 shares of common stock in Vanderhall, Inc., which Debtor represents (based on the cap table provided to it on August 7, 2025 by Vanderhall, Inc.) constitutes at least 51% of all of the issued and outstanding shares (as-converted) of common stock of Vanderhall, Inc. On or about August 11, 2021, Debtor and Keystone entered into a loan agreement, which was subsequently amended at various times thereafter. As of the Petition Date, the amount of Keystone's claim against Debtor was $15,775,089.58. The Debtor has agreed to sell shares to Keystone, and Keystone has agreed to purchase from Debtor, the Shares as of the Closing upon the terms and subject to the conditions set forth in the Asset Purchase Agreement (APA), including an Auction. Outside of Keystone's Secured Claim, Trustee is aware of the following alleged, asserted, or filed liens on the Shares: a. U.S. Small Business Administration b. LEAF Capital Funding, LLC c. CHTD Company Under the APA, the aggregate consideration for the Shares (Purchase Price) is equal to: a. A $14,500,000.00 credit bid by Keystone on account of the Secured Claim; b. A waiver and release by Keystone of the remaining balance on the Secured Claim as it relates to Debtor and Debtor’s bankruptcy estate (but not as it relates to the Hall Trust or any other party); c. A waiver and release by Keystone of any lien it has on Debtor's assets, including, but not limited, any lien on any cash collateral (but not a waiver and release by Keystone of its lien on and security interest in the Hall Trust Shares); d. A waiver and release by Keystone of its debt (secured or unsecured) as it relates to Debtor (but not as it relates to the Hall Trust); and e. New cash consideration of $250,000.00, which shall be new cash separate and apart from any cash Debtor or Trustee currently has in its/his possession. Keystone shall pay the Cash Consideration within five business days after Closing. The sale of the Shares to Keystone will be free and clear of any and all liens, interests, and encumbrances, with any such liens interests and encumbrances to attach to the sale proceeds. There will not be any settlement charges or fees paid from the Purchase Price at the time of closing of the sale of the Shares. Upon closing, Debtor and Keystone mutually agreed to release all claims against each other and their representatives. The sale of the Shares to Keystone is subject to higher and better offers. If Trustee sells the Shares to a party with a higher and better offer than that set forth in the APA, Keystone shall be entitled to $50,000 expense reimbursement fee. Any Overbid must be in an increment of $25,000. Debtor has the right to withdraw from the APA in the event his financial advisors and/or accountants determine by no later than 11:59 p.m. on Thursday, August 21, 2025 that the valuation of the Shares exceeds the valuation provided in the APA for the Shares by more than 20%. The net effect of the APA will be an elimination of Keystone's claim against Debtor and the estate, the receipt of $250,000 in new cash (in addition to the cash Trustee currently has and anticipates receiving and upon which Keystone currently claims a security interest), the retention of 682,361 shares of Vanderhall, and the right to potentially recover 2,410,391 additional shares of stock in Vanderhall from SanityWorx, Inc. (22,218), Streamline Consulting (1,705,902), and Emily Brimhall (682,361). Prior to entering into the APA, Trustee engaged in discussions with Kasey Evans of Lane VC and a group of investors represented by GlassRatner. Lane VC made an offer for the Shares, but Lane VC's offer was not enough to satisfy Keystone's Secured Claim nor did provide for any benefit to Debtor's bankruptcy estate. The GlassRatner Investor Group did not make an offer to Trustee for the Shares. Trustee believes the Purchase Price reflects the fair market value for the Shares under the circumstances. If a higher and better offer is received, Trustee shall give notice of the higher and better offer and arrange for an Auction, as set forth in the Bidding Procedures. The highest and best offer at the Auction, as determined by Trustee in his sole discretion, shall be presented to the Bankruptcy Court at the hearing on this motion as the party to whom the Shares should be sold. About Hall Labs LLC Hall Labs LLC focuses on developing and monetizing intellectual property across various industries by bringing together scientists and engineers to solve complex problems. After prototyping and market validation, Hall Labs licenses its technologies to newly formed entities, which then commercialize and further develop the innovations. The Company generates revenue through the sale of technologies, patents, and company interests, while its portfolio companies become self-sustaining and progress toward an exit. Hall Labs sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-21038) on March 5, 2025. In its petition, the Debtor reported assets between $100 million and $500 million and liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Joel T. Marker handles the case. Andres Diaz, Esq., at Diaz & Larsen serves as the Debtor's counsel. HIGHPEAK ENERGY: Fitch Affirms 'B' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed HighPeak Energy Inc.'s (HPK) Long-Term Issuer Default Rating (IDR) at 'B'. Fitch has also affirmed HPK's senior secured super priority revolving credit facility at 'BB' with a Recovery Rating of 'RR1' and senior secured term loan at 'BB-'/'RR2' following its amendment and extension of both facilities. The Rating Outlook is Stable. HPK's rating reflects its Permian basin assets with high liquid exposure, high netbacks, solid drilling inventory, 18-month hedge book and clear maturity profile following the term loan extension. These factors are partially offset by the company's small production size and reserve base. The Stable Outlook reflects Fitch's expectation of continued positive FCF and maintenance of sub-2.0x mid-cycle EBITDA leverage. Key Rating Drivers Extended Maturity Profile: HPK's near-term refinancing risk has decreased following the amendment, extension and upsizing of its term loan facility. Proforma the extension, HPK had a cash balance of approximately $52 million at 1Q25 less letters of credit of $7 million, along with $180 million from the term loan upsizing and is projected to have full availability of the $100 million super priority senior secured RBL, which was also extended to Sept. 30, 2028. Fitch expects HPK will maintain adequate liquidity going forward due to the agency's expectation for positive FCF. Small but Increased Size: The rating reflects the company's small but increased production size concentrated in the Northern Midland basin. HPK's asset base (approximately 143,098 net acres) includes two large contiguous blocks in Flat Top and Signal Peak, with the opportunity for more than 12,000-foot laterals. The assets are liquids oriented with 53.1 thousand barrels of oil equivalent per day (mboepd) production in 1Q25, with about 86% liquids and about 72% oil. Management has identified about 2,700 total locations in FY24 and estimates 108.1 mmboe total proved developed reserves at FYE 2024. Fitch believes HPK's acreage is less de-risked than other companies, and well results could vary across the region. Reduced Execution Risk: Fitch believes execution risk for HPK's development strategy has eased as production is expected to remain relatively stable around 50 mboepd. In FY24, HPK operated with an average of two drilling rigs and one frac crew, reduced from four rigs in 2023. Management plans to temporarily reduce the rig count from two rigs to one rig from May until August 2025, with the intention of reinstating it in September however this may be extended until oil prices stabilize. Fitch expects this adjustment to result in a minimal change to the 2025 production guidance currently of 48 mboepd to 50.5 mboepd. Positive FCF: Fitch projects HPK to generate positive FCF over the forecast at Fitch's price assumptions, which is expected to be used to pay down debt. The short-term nature of the company's rig contracts means management could scale back its rig count to preserve liquidity in a weakened oil price environment. Fitch expects HPK's decline rate in the high-30% level, which results in Fitch assumed annual capex of $420 million-490 million in the forecast, may pressure the company's FCF generation. The company also continues to evaluate its strategic alternatives to maximize shareholder value, including a potential sale. Improved Near-Term Hedge Book: Fitch believes HPK's current hedging coverage reduces the company's downside risks from weakened commodity prices. The extension requires a minimum hedging of 60% of forecast proved developed producing of crude oil and gas production for 18 months. HPK has used swaps, collars, and deferred premium puts as its hedging strategy for 2025 and 2026. HPK has above 60% hedged for the remainder of 2025, and around 60% of its oil production hedged at around $60.26/bbl for 2026 and around 80% of its gas hedged at $4.32/mcf for the same period, which Fitch views favorably. Sub-2.0x Leverage Profile: Fitch forecasts HPK's leverage about 1.7x in FY 2025 increasing towards 2.0x in the outer years of the rating horizon. Management has stated its priorities are balance sheet protection and conservative financial policy, reinforced by equity contributions and minimal shareholder returns to-date. Fitch expects further deleveraging over time as the production profile stabilizes and as FCF is used to reduce gross debt in the near term. Peer Analysis HPK is a relatively small, growth-oriented operator with average daily production of approximately 53 mboepd in 1Q25, which is smaller than its Permian peers, Moss Creek Resources Holdings, Inc. (B/Stable; 62.4mboepd in 3Q24), Matador Resources Company (Matador; BB/Stable; 199 mboepd in 1Q25), Crescent Energy Company (BB-/Stable; 258 mboepd in 1Q25), Northern Oil and Gas, Inc. (NOG; BB-/Stable; 135 mboepd in 1Q25) and SM Energy Company (BB/Stable; 197 mboepd in 1Q25). In terms of profitability, HPK maintains among the highest Fitch-calculated unhedged netbacks within the peer group given its high oil cut and adequate cost structure. HPK incurs the highest interest expense per barrel among its peers, which should decline alongside reduction of the RBL borrowings. The company's forecast leverage of 1.5x-2.0x is similar to peers. Key Assumptions - WTI oil price of $65/bbl in 2025, $60/bbl in 2026 and 2027, and $57/bbl thereafter; - Henry Hub natural gas price of $3.60/mcf in 2025, $3.50/mcf in 2026, $3.00/mcf in 2027 and $2.75/mcf thereafter; - 2025 forecast production around the mid-point of guidance and relatively flat thereafter; - Annual capex of around $420 million-$490 million over the forecast period. Recovery Analysis Key Recovery Rating Assumptions The recovery analysis assumes that HPK Energy would be reorganized as a going-concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. GC Approach - Fitch assumed a bankruptcy scenario exit EBITDA of $400 million. This GC EBITDA reflects Fitch's projections under a stressed case price deck with a prolonged commodity price downturn. - The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation (EV), which reflects the decline from current pricing levels to stressed levels and then a partial recovery coming out of a troughed pricing environment. Fitch believes that a lower-for-longer price environment, causing liquidity constraints and inability to access capital markets to refinance debt, could pose a plausible bankruptcy scenario for HPK. - An EV multiple of 3.0x EBITDA is applied to the GC EBITDA to calculate a post-reorganization enterprise value. The choice of this multiple considered the following factors: - The historical bankruptcy case study exit multiples for peer companies ranged from 2.8x to 7.0x, with an average of 5.2x and a median of 5.4x; - The lower multiple takes into consideration HPK's oil-weighted Midland Permian asset base, which has increased risk since it is less developed. Liquidation Approach - The liquidation estimate reflects Fitch's view of the value of balance sheet assets that can be realized in sale or liquidation processes conducted during a bankruptcy or insolvency proceeding and distributed to creditors; - Fitch considers valuations such as SEC PV-10 and M&A transactions for each basin, including multiples for production per flowing barrel, proved reserves valuation, value per acre and value per drilling location. Waterfall Analysis - The revolver is assumed to be 100% drawn upon default. The senior secured super priority revolving facility is senior to the senior secured term loan in the waterfall; - The allocation of value in the liability waterfall results in recovery corresponding to 'RR1' for the senior secured super priority revolving facility ($100 million) and 'RR2' for the senior secured term loan ($1,200 million), which is consistent with Fitch's Notching and Recovery Rating Criteria. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to refinance in a timely manner; - Material reduction in liquidity and/or negative FCF, which limits the ability to repay gross debt; - Failure to maintain production, resulting to production sustained below 35 mboepd; - Mid-cycle EBITDA leverage sustained above 3.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Consistent track record of reserve replacement and total production sustained above 70 mboepd; - Continued positive FCF generation allocated to gross debt reduction; - Mid-cycle EBITDA leverage sustained below 2.5x. Liquidity and Debt Structure Pro forma the amendment, extension and upsizing of the term loan, HPK's liquidity will consist of approximately $225 million of cash on its balance sheet, consisting of $52 million at 1Q25 less letters of credit of $7 million, $180 million from the term loan upsizing, and full availability under its $100 million super priority revolving facility. Fitch does not see material near-term liquidity needs and believes the company's refinance risk is moderate - due to its positive to neutral FCF over the forecast and material unrestricted cash on the balance sheet. The increased hedging program as part of this extension improves some protection in volatile markets. HPK's maturity schedule remains light with no maturities on the RBL and term loan until Sept. 30, 2028. Issuer Profile HPK is an independent energy exploration and production company operating primarily in Howard and Borden Counties in the Northern Midland Basin of the Permian in west Texas. 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 HighPeak Energy Inc. has an ESG Relevance Score of '4' for Energy Management due to the company's cost competitiveness and financial and operational flexibility due to scale, business mix, and diversification. This factor 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 ----------- ------ -------- ----- HighPeak Energy, Inc. LT IDR B Affirmed B senior secured LT BB- Affirmed RR2 BB- super senior LT BB Affirmed RR1 BB HL PIT STOP: Seeks Subchapter V Bankruptcy in Minnesota ------------------------------------------------------- On August 7, 2025, HL Pit Stop LLC filed Chapter 11 protection in the District of Minnesota. According to court filing, the Debtor reports $2,819,521 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About HL Pit Stop LLC HL Pit Stop LLC operates a convenience-based retail business that combines a gas station with food, beverages, and general merchandise. The Company offers drive-thru meals, deli items, specialty coffee, snacks, and convenience store staples, catering to customers seeking quick service and variety along commuter routes or travel stops. HL Pit Stop LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-42571) on August 7, 2025. In its petition, the Debtor reports total assets of $105,860 and total liabilities of $2,819,521. Honorable Bankruptcy Judge Katherine A. Constantine handles the case. The Debtor is represented by Mary Sieling, Esq. at SIELING LAW, PLLC. HOGAR LUZ: Seeks Court Approval to Tap Tamarez CPA as Accountant ---------------------------------------------------------------- Hogar Luz Divina Mia Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Tamarez CPA, LLC as accountant. The firm will render these services: (a) reconcile financial information to assist the Debtor in the preparation of monthly operating reports; (b) assist in the reconciliation and clarification of proof of claims filed and amount due to creditors; (c) provide advice in general accounting and tax services; and (d) assist the Debtor and its counsel in the preparation of the supporting documents for the Chapter 11 reorganization plan. The firm will be paid at these hourly rates: Albert Tamarez-Vasquez, CPA, CIRA $165 CPA Supervisor $110 Senior Accountant $90 Staff Accountant $70 In addition, the firm will seek reimbursement for expenses incurred. The firm received a post-petition retainer in the amount of $3,000 from the Debtor. Mr. Tamarez-Vasquez disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Albert Tamarez-Vasquez, CPA, CIRA Tamarez CPA, LLC 1519 Ave. Ponce De Leon, Suite 412 San Juan, PR 00909 Telephone: (787) 795-2855 Facsimile: (787) 200-7912 About Hogar Luz Divina Mia Inc. Hogar Luz Divina Mia Inc. is a residential care facility likely providing services for individuals with intellectual/developmental disabilities, mental health issues, or substance abuse problems based on its NAICS classification (6232). Hogar Luz Divina Mia Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-03287) on July 23, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $50,000 and $100,000. The Debtor tapped Javier Vilarino, Esq., at Vilarino & Associates LLC as counsel and Tamarez CPA, LLC as accountant. HOGAR LUZ: Seeks to Hire Vilarino & Associates as Legal Counsel --------------------------------------------------------------- Hogar Luz Divina Mia Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Vilarino & Associates, LLC as counsel. The firm will render these services: (a) advise the Debtor with respect to its duties, powers, and responsibilities in this case under the laws of the United States and Puerto Rico in which it conducts its operations, does business, or is involved in litigation; (b) advise the Debtor in connection with a determination whether reorganization is feasible and, if not, helping it in the orderly liquidation of its assets; (c) assist the Debtor with respect to negotiations with creditors for the purpose of proposing and confirming a viable plan of reorganization; (d) prepare, on behalf of the Debtor, the necessary legal paper or documents; (e) appear before the Bankruptcy Court, or any court in which the Debtor asserts a claim interest or defense directly or indirectly related to this bankruptcy case; (f) perform such other legal services for the Debtor as may be required in these proceedings or in connection with the operation of/and involvement with its business; and (g) employ other professional services, if necessary. The firm will be paid at these hourly rates: Javier Vilarino, Senior Attorney $350 Associates $250 Paralegals $150 In addition, the firm will seek reimbursement for expenses incurred. The firm received a $10,000 retainer from the Debtor. Mr. Vilarino disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Javier Vilarino, Esq. Vilarino & Associates, LLC P.O. Box 9022515 San Juan, PR 00902 Telephone: (787)565-9894 About Hogar Luz Divina Mia Inc. Hogar Luz Divina Mia Inc. is a residential care facility likely providing services for individuals with intellectual/developmental disabilities, mental health issues, or substance abuse problems based on its NAICS classification (6232). Hogar Luz Divina Mia Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-03287) on July 23, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $50,000 and $100,000. The Debtor tapped Javier Vilarino, Esq., at Vilarino & Associates LLC as counsel and Tamarez CPA, LLC as accountant. HPC VINEBURN: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------- On August 8, 2025, HPC Vineburn LLC filed Chapter 11 protection in the Central District of California. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About HPC Vineburn LLC HPC Vineburn LLC is a single asset real estate entity as defined under 11 U.S.C. Section 101(51B), with its principal assets located at 1919 Vineburn Avenue in Los Angeles, California. The Company's operations focus primarily on managing and holding this real estate asset. HPC Vineburn LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11455) on August 8, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Martin R. Barash handles the case. The Debtor is represented by Michael B. Reynolds, Esq. at SNELL & WILMER L.L.P. ICONNECT INC: Court OKs Software Biz Sale to Colortech Holdings --------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, has permitted iCoreConnect Inc. and its affiliate, iCore Midco Inc., to sell substantially all Assets to Colortech Holdings LLC, free and clear of liens, claims, interests, and encumbrances, subject to higher and better offers. The Debtors operate a cloud-based software and technology company that specializes in providing HIPAA-compliant software-as-a-service solutions to healthcare providers across the United States. The Court has granted in part the Debtor to sell the Property to Colortech Holdings, LLC, a North Dakota limited liability company, including minimum overbid amounts and a break-up fee in connection with the sale. The Court found that Debtors and Purchaser have executed an Asset Purchase Agreement, dated as of July 25, 2025, which provides for the sale by Debtors, and the purchase by Purchaser, pursuant to 11 U.S.C. Sections 363 and 365, of the Assets for a purchase price of $11,000,000.00 in cash, free and clear of any and all encumbrances. The PIGI Objection is overruled to the extent stated on the record at the Hearing. The Debtors are ordered, within two business days from the date of entry of the Order, to serve the Order on all of the parties receiving CM/ECF electronic noticing in these cases, Purchaser, the Office of the United States Trustee, counsel to the Prepetition Lenders, counsel to the Committee, all parties who have executed non-disclosure agreements, post-petition, with Debtors, and all Contract Parties, and Debtors shall thereafter file a certificate of service with the Court. The Court has approved the bidding procedures for the submission and consideration of any written competing bid by any competing bidder for the Assets. Any creditor or other party-in-interest (including, without limitation, the Prepetition Lenders and Valsoft Corporation) objecting to the Sale Motion or the sale of the Assets to Purchaser must file written objections with the Court by no later than 5:00 p.m. (Eastern Daylight Time) on September 5, 2025. Any lessor or other party to any Contract to be assumed and/or assigned to Purchaser that objects to, and/or asserts any cure claims, defaults or any other claims against Debtors in connection with, the proposed assumption and/or assignment of its Contract must file with this Court, by no later than August 25, 2025, any objection to the assumption and/or assignment of its Contract and/or assertion of claim or default. On account of Purchaser's time, expenses, fees, costs, trouble and lost opportunity costs in respect of the transactions contemplated by the Purchase Agreement, the Court approves. A break-up fee in the amount of $110,000.00 to be paid to Purchaser in the event of a termination of the Purchase Agreement pursuant to Section 10.1(f) thereof. The Court finds that the Break-Up Fee is fair and reasonable under the circumstances. The Break-Up Fee shall only be due and payable to Purchaser in the event that (i) Purchaser is not the Successful Bidder for the Assets and (ii) the Assets are actually sold to a party other than Purchaser. The Break-Up Fee, if earned, shall be (a) allowed as an administrative expense claim in these cases pursuant to Sections 503(b) and 507(a)(2) of the Bankruptcy Code, (b) payable to Purchaser only upon the closing of the Alternative Transaction and (c) paid only out of the proceeds of the sale of the Assets in an Alternative Transaction. Except for the Break-Up Fee and the return of the Total Deposit as required by the Purchase Agreement, Purchaser shall have no claim for any damages, monetary or otherwise due to the termination of the Purchase Agreement for any reason. The Court found that the Overbid Amounts are reasonable under the circumstances and approves the Overbid Amounts in connection with any Bids to purchase the Assets. As provided in the Sale Motion, the Encumbrances of any creditors (including the Prepetition Lenders) shall attach to the proceeds received from the sale of the Assets to the same extent, validity and priority as existed on the Assets as of the Petition Date. If no objection to the secured claims asserted by a Prepetition Lender is filed with the Court by the Closing (as that term is defined in the Purchase Agreement), then Debtors intend to pay the allowed secured claims of such Prepetition Lender at the Closing as determined by the Court. About iCoreConnect Inc. iCoreConnect Inc. provides cloud-based software solutions for the healthcare sector across the United States. Its SaaS offerings support functions such as ePrescribing, insurance verification, claims management, analytics, and HIPAA-compliant communication and backup. The company is headquartered in Ocoee, Florida. iCoreConnect and iCore Midco Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 25-03390) on June 2, 2025. In its petition, iCoreConnect reported between $1 million and $10 million in both assets and liabilities. Judge Grace E. Robson handles the cases. The Debtors tapped Amy Denton Mayer, Esq., at Stichter, Riedel, Blain & Postler, PA as bankruptcy counsel and Bhavsar Law Group, PA as special immigration counsel. IMG HOLDINGS: Seeks Chapter 11 Bankruptcy with $64MM Debt --------------------------------------------------------- Jeff Montgomery of Law360 reports that on Monday, August 11, 2025, fragrance portfolio company IMG Holdings Inc. and its affiliates filed for Chapter 11 bankruptcy in Delaware, listing $63.6 million in senior secured debt and less than $10 million in assets. The company intends to sell its assets and trademarks to creditor Fragrance Xtreme Inc. for $3 million. AboutIMG Holdings Inc. IMG Holdings Inc. creates, licenses, and sells fragrances under a portfolio of classic and contemporary perfume brands. Founded in Barcelona, Spain in 1932 and later relocating operations to the United States, the Company develops its fragrance oils domestically and sources packaging components from China, with products sold through its own website, major retailers such as Walmart and Amazon, and other distribution channels. Its brand portfolio includes Tabu, Chantilly, English Leather,and Love's Baby Soft, among other long-established perfume lines. IMG Holdings Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11500) on August 11, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Karen B. Owens handles the case. The Debtors are represented by William E. Chipman, Jr., Esq., David W. Carickhoff, Esq., Mark D. Olivere, Esq., Aaron J. Bach, Esq., and Alison R. Maser, Esq. at CHIPMAN BROWN CICERO & COLE, LLP. The Debtors' Noticing, Claims & Balloting Agent is STRETTO, INC. IMMACULATA UNIVERSITY: Fitch Affirms 'BB-' IDR, Outlook Stable -------------------------------------------------------------- Fitch Ratings has affirmed Immaculata University's (Immaculata) Issuer Default Rating (IDR) and the rating on $34.2 million (outstanding par, fiscal YE 2024) of series 2017 Chester County Health and Educational Facilities Authority (PA) revenue bonds issued on behalf of Immaculata, at 'BB-'. The Rating Outlook is Stable. Entity/Debt Rating Prior ----------- ------ ----- Immaculata University (PA) LT IDR BB- Affirmed BB- Immaculata University (PA) /General Revenues/1 LT LT BB- Affirmed BB- Immaculata's 'BB-' ratings reflect its highly levered, but generally stable balance sheet metrics. The ratings also consider the university's small enrollment base that is trending upward, despite modestly weak student demand in a highly competitive southeast Pennsylvania market. The ratings also reflect the university's active management of financial performance throughout the year, resulting in adequate cash flows and bond covenant compliance. The Stable Outlook is based on the results of Fitch's forward-looking scenario that incorporates expectations for future revenues, expenses, capex, and debt, and then layers a plausible investment portfolio stress based upon the university's asset allocation. Immaculata's leverage in this stress scenario remains high and is consistent with a 'BB' category rating. SECURITY The series 2017 bonds are secured by a pledge of unrestricted revenues and a $2.6 million cash-funded debt service reserve fund. There is a negative pledge on all other revenues and assets of the university. KEY RATING DRIVERS Revenue Defensibility - 'bb' Small, Growing Enrollment with Modest Demand in Competitive Market Immaculata's enrollment base is small at 1,842 full-time equivalent (FTE) students in fall 2024, about 30% of whom study at the graduate level. FTE enrollment in fall 2024 was the highest on record since fall 2019, growing by 5% YoY in fall 2024 and another 2% YoY in fall 2023. Most growth occurred at the undergraduate level. Management has budgeted for further enrollment growth in fall 2025 based on current data. Revised program offerings and targeted marketing efforts contribute to Immaculata's recent enrollment trends. Immaculata exhibits moderately weak student demand indicators, with about 80% acceptance and 15% matriculation rates among new undergraduates (freshman and transfers) in fall 2024. The university operates in the demographically unfavorable and competitive southeast Pennsylvania market. However, the university has a broad regional draw beyond Pennsylvania, with just 68% of traditional undergraduates from the state. Immaculata's solid freshman-to-sophomore year retention rate of 83% supports enrollment. Immaculata's headcount enrollment has been generally stable since 2019, averaging about 2,500 students over these years, while several other small private area institutions experienced steep losses. With a relatively small endowment and a limited track record of regular fundraising, Immaculata's revenue diversity is limited. Student-generated revenues accounted for 88% of operating revenues in fiscal 2024, a concentration consistent with prior years except during the pandemic, when federal aid temporarily altered this mix. Net student revenues increased in fiscal 2025 (unaudited), and management anticipates further growth in fiscal 2026. Operating Risk - 'bbb' Sufficient Cash Flows Despite Expense Pressures; Demonstrated Fundraising Capacity for Capex The 'bbb' operating risk assessment reflects historical and expected Fitch-calculated cash flow margins generally in the 5%-10% range. Immaculata's financial practices include active management and frequent forward-looking revenue and expense projections throughout the year. Actual performance has recently exceeded approved budgeted figures. Fitch views both budget management practices favorably. Immaculata expects some growth in expenses during fiscal 2026 to support increasing enrollment and new programs, which reduced Fitch's forward-looking cash-flow margin projections to the 5-10% range from 10%-plus projections from the year earlier. Fitch expects Immaculata's continued active management will maintain sufficient cash flows for the 'bbb' operating risk assessment. Immaculata has no plans for additional debt and very limited capex plans after period of high investment. The university completed its largest capital project, the Parsons Science Pavilion, in fall 2022. The project was fully funded by donor gifts, indicating capacity for donor funding for capital needs. Immaculata's affiliated congregation donated a former living quarters building to the university in fiscal 2025. The building is being renovated for student use with donor funds. Immaculata's age of plant remained high at about 25 years at fiscal YE 2024. Financial Profile - 'bb' Generally Stable But High Leverage The financial profile assessment of 'bb' reflects Immaculata's high but stable leverage, with a Fitch-calculated available funds (AF)-to-adjusted debt ratio of 48% at fiscal YE 2024. AF includes cash and investments, less permanently restricted net assets, and totaled $18.6 million. Including debt service reserve funds of $2.6 million, the ratio of funds available for debt service to adjusted debt is higher, at 55%. Immaculata's leverage has fluctuated over the past several years as a result of investment market performance and federal relief funds, but on average has been consistent with the current figures. Adjusted debt of $38.5 million includes $34.2 million par amount of series 2017 debt outstanding, about $713,000 in debt-equivalent leases, and unsecured notes payable of $3.6 million. The unsecured notes payable are interest-only obligations due 2047 issued by Immaculata's affiliated congregation of Catholic sisters and carry certain non-financial covenants. In Fitch's forward-looking stress scenario that incorporates expectations of Immaculata's future revenue, expense, capex, and debt plans, then adjusts for a potential financial market downturn, the university maintains leverage ratios consistent with the current rating in the context of Immaculata's 'bb' revenue defensibility and 'bbb' operating risk profiles. Financial covenants of the series 2017 bonds include the maintenance of a 1.2x debt service coverage ratio, and a liquidity covenant to maintain at least $5 million in unrestricted assets. The university expects to meet all covenants through fiscal 2025, based upon unaudited reports. Asymmetric Additional Risk Considerations No asymmetric additional risk considerations were applied to the rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deterioration in student enrollment and/or net student fee revenues; - Failure to sustain cash flow margins at levels sufficient to meet debt service coverage requirements under bond documents; - Deterioration of AF-to-adjusted debt to below 40% (without consideration for debt service reserve funds) due to internally funded capex beyond current expectations, deficit operations, market performance, or additional debt. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Consistent trend of stable-to-positive enrollment and continued growth in student-fee revenues; - Growing diversity of Immaculata's revenue base that reduces very high reliance on student-generated revenues or that diversifies the mix of student-sourced revenues; - Sustained improvement in cash flow with margins consistently exceeding 10% and limited internally funded capex that leads to an AF-to-adjusted debt ratio of around 60% or higher even in a Fitch-modeled stress scenario. PROFILE Immaculata University is a coeducational private institution founded as the Philadelphia-region's first Catholic women's college in 1920 by Sisters, Servants of the Immaculate Heart of Mary (the Congregation). The Congregation remains the sole corporate member of the university. Eight Congregation members, including the Congregation's Mother Superior, serve on Immaculata's current 24-member board, and several clergy members hold faculty or administrative positions. Immaculata sits on a 375-acre, largely undeveloped suburban campus owned by the Congregation in Malvern, PA, about 20 miles west of Philadelphia. The university only owns certain facilities on the campus, including the library, the Lettiere Center, West Campus Apartments, and the IHM Student Center. The Congregation gifted Gillet Hall to the university during fiscal 2025. The Congregation and the university jointly own two buildings. The university offers undergraduate and graduate degree programs and adult courses through various modalities. The most common degrees conferred in 2023-2024 were in nursing and other health professions, business, and education. Immaculata participates in NCAA Division III sports. The university's accreditation with Middle States Commission on Higher Education (MSCHE) was last affirmed in 2024, with its next self-study evaluation due in 2031-2032. MSCHE has requested a three supplemental information reports from Immaculata since October 2023. 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. INNOVATE CORP: Closes Refinancing Transactions Covering 81.7% Debt ------------------------------------------------------------------ INNOVATE Corp. announced on August 4, 2025, that it has closed a series of previously announced indebtedness refinancing transactions that will, among other things, exchange or amend existing instruments representing 81.7% of the total outstanding principal amount of the Company's debt as of June 30, 2025 for instruments with longer maturities. The refinancing transactions include: (i) the initial closing of an exchange offer and consent solicitation with respect to the Company's senior secured notes, (ii) privately negotiated exchanges of certain of the Company's convertible senior notes, (iii) amendment and extension of the Company's 2020 Revolving Credit Agreement, (iv) amendment and extension of the Company's Continental General Insurance Company ("CGIC") note, as well as the exchange of a portion of the Company's preferred stock held by CGIC in exchange for increasing the principal amount of that note, (v) amendment and extension of the Spectrum Notes and (vi) amendment and extension of the R2 Technologies Note. New Senior Secured Notes: On August 4, 2025, the Company held an initial closing in respect of its previously announced exchange offer and consent solicitation to eligible holders of its 8.500% Senior Secured Notes due 2026 to exchange such Existing Senior Secured Notes for newly issued 10.500% Senior Secured Notes due 2027. The Company, the guarantors party thereto from time to time and U.S. Bank Trust Company, National Association, as trustee and collateral trustee, entered into an indenture governing the New Senior Secured Notes and the Company issued approximately $360.3 million aggregate principal amount of New Senior Secured Notes as consideration for the exchange of approximately $328.1 million aggregate principal amount of the Existing Senior Secured Notes (inclusive of $52.50 principal amount of New Senior Secured Notes per $1,000 principal amount of Existing Senior Secured Notes exchanged, paid to exchanging holders in lieu of the interest payment in respect of the Existing Senior Secured Notes that was due on August 1, 2025). The Company intends to make the interest payment that was initially due on August 1, 2025, in respect of any Existing Senior Secured Notes that remain outstanding following the final settlement of the Exchange Offer on August 29, 2025. Following the initial settlement of the Exchange Offer, approximately $1.9 million aggregate principal amount of Existing Senior Secured Notes remain outstanding. The Company currently expects that the final settlement of the Exchange Offer will occur on August 15, 2025, subject to all conditions to the Exchange Offer having been satisfied or waived by the Company. Existing Senior Secured Notes: Also on the Closing Date, the Company and U.S. Bank Trust Company, National Association, as trustee, entered into a first supplemental indenture to the indenture, dated as of February 1, 2021, by and among the Company, the guarantors party thereto from time to time and the Existing Senior Secured Notes Trustee, governing the Existing Senior Secured Notes. The Existing Senior Secured Notes Supplemental Indenture amended the Existing Senior Secured Notes Indenture and the Existing Senior Secured Notes to effectuate certain proposed amendments with respect to the Existing Senior Secured Notes pursuant to the previously announced solicitation of consents, which amendments included eliminating substantially all of the restrictive covenants, eliminating certain events of default, modifying covenants regarding mergers and consolidations and modifying or eliminating certain other provisions contained in the Existing Senior Secured Notes Indenture and the Existing Senior Secured Notes. In addition, the liens securing the Existing Senior Secured Notes were subordinated to the liens securing certain indebtedness, including the New Senior Secured Notes, New Convertible Notes referred to below and the 2020 Revolving Credit Agreement referred to below pursuant to the Existing Senior Secured Notes Supplemental Indenture. New Convertible Notes: Also on the Closing Date, the Company settled the exchanges under its previously announced privately negotiated exchange agreements with certain holders of its 7.5% Convertible Senior Notes due 2026. Pursuant to the Exchange Agreements, the Company exchanged approximately $48.7 million of the then outstanding aggregate principal amount of the Existing Convertible Notes for approximately $53.5 million aggregate principal amount of newly issued 9.5% Convertible Senior Secured Notes due 2027 (inclusive of $47.50 principal amount of New Convertible Notes per $1,000 principal amount of Existing Convertible Notes exchanged, paid to exchanging holders in lieu of the interest payment in respect of the Existing Convertible Notes that was due on August 1, 2025). No separate cash payment will be made at the settlement of the exchange for accrued and unpaid interest on the Existing Notes being exchanged. The Company, the guarantors party thereto from time to time and U.S. Bank Trust Company, National Association, as trustee and collateral trustee, entered into an indenture, dated as of the Closing Date, governing the New Convertible Notes. The Convertible Notes Exchanges were made, and the New Convertible Notes were issued, in reliance on a private placement exemption from registration under the Securities Act. The New Convertible Notes and the shares of common stock issuable upon their conversion have not been and will not be registered under the Securities Act, and the New Convertible Notes and such shares may not be offered or sold in the United States absent an effective registration statement or an applicable exemption from the registration requirements of the Securities Act. Existing Convertible Notes: On the Closing Date, the Company and U.S. Bank Trust Company, National Association, as trustee entered into a first supplemental indenture to the indenture, dated as of February 1, 2021, by and among the Company, the guarantors party thereto from time to time and the Existing Convertible Notes Trustee, governing the Existing Convertible Notes. The Existing Convertible Notes Supplemental Indenture amended the Existing Convertible Notes Indenture and the Existing Convertible Notes to effectuate certain proposed amendments with respect to the Existing Convertible Notes pursuant to the previously announced solicitation of consents, which amendments included eliminating substantially all of the restrictive covenants, eliminating certain events of default, modifying covenants regarding mergers and consolidations and modifying or eliminating certain other provisions, contained in the Existing Convertible Notes Indenture and the Existing Convertible Notes. Revolving Credit Agreement: On the Closing Date, the Company and MSD PCOF Partners IX, LLC entered into an Eighth Amendment to Credit Agreement (the "2020 Revolving Credit Agreement Extension Amendment"), which amends the Company's existing credit agreement, dated as of March 13, 2020 (the "2020 Revolving Credit Agreement"). The Eighth Amendment to Credit Agreement provides for, among other things, extension of the 2020 Revolving Credit Agreement's maturity to September 15, 2026. CGIC Debt: On the Closing Date, the Company and CGIC entered into a Subordinated Secured Promissory Note to, among other things, extend the maturity of its existing subordinated unsecured promissory note with CGIC (the "CGIC Note") to April 30, 2027, and secure the amended CGIC Note by a third priority lien on the same collateral securing the New Senior Secured Notes and the New Convertible Notes. The amended CGIC Note has an interest rate of 16%. Interest on the amended CGIC Note will be paid in the form of PIK interest through August 31, 2026, and all interest payments thereafter will be payable in cash. As part of the agreement with CGIC, 8,063 shares of Series A-4 Preferred Stock of the Company (including accrued dividends) held by CGIC has been exchanged for an additional principal amount of the CGIC Note, on a dollar-for-dollar basis (the "Preferred Stock Exchange"). After giving effect to the Preferred Stock Exchange, payment of accrued interest of the CGIC Note through July 31, 2025, as PIK interest, and a related fee, the aggregate outstanding principal amount of the CGIC Note is $43.0 million. HC2 Broadcasting Holdings Debt: On the Closing Date, the Company and entered into a Tenth Omnibus Amendment to Secured Notes and Limited Consent to MSD Secured Note and Intercreditor Agreement with the noteholders of Spectrum's $69.7 million 8.50% and 11.45% Notes (the "Spectrum Notes") to, among other things, extend the maturity of such notes to September 30, 2026 (the "Spectrum Notes Extension"). The Spectrum Notes Extension also requires us to meet certain milestones with respect to strategic alternatives for our Broadcasting segment, such that, if the Spectrum Notes are not repaid in full in cash on or before November 1, 2025, the Company will be required to commence an alternative strategic process for HC2 Broadcasting Holdings Inc. R2 Technologies Debt: On the Closing Date, the Company and R2 Technologies, Inc. ("R2 Technologies") entered into a Senior Secured Promissory Note to, among other things, extend the maturity of R2 Technologies' $20 million 20.0% senior secured promissory note due to Lancer Capital to August 1, 2026. The amended R2 note has an interest rate of 12% and removes certain exit and default fees. All interest and fees (including a 5% extension fee) accrued through August 4, 2025, have been added to the principal amount. More information about the transactions, will be available in a Form 8-K to be filed by the Company here: https://tinyurl.com/35axrdp2 About Innovate New York-based Innovate Corp. -- innovatecorp.com -- is a diversified holding company that has a portfolio of subsidiaries in a variety of operating segments. The Company seeks to grow these businesses so that they can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders. As of Dec. 31, 2023, its three operating platforms or reportable segments, based on management's organization of the enterprise, are Infrastructure, Life Sciences, and Spectrum, plus its other segment, which includes businesses that do not meet the separately reportable segment thresholds. New York, N.Y.-based BDO USA, P.C., the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2024, citing the Company has maturities of certain debt obligations that exceed its current and forecasted cash balances within one year from the date of this report. These conditions raise substantial doubt about its ability to continue as a going concern. * * * In Aug. 2025, S&P Global Ratings lowered its long-term issuer credit rating on Innovate Corp to 'SD' (selective default) from 'CC' and its issue rating on the 8.5% senior secured notes due 2026 to 'D' (default) from 'CC'. S&P does not assign outlooks to default ratings. S&P said, "The downgrade follows Innovate's completion of a debt exchange that we view as distressed. We consider this transaction distressed based on our view that it offers debtholders less value than originally promised. Moreover, we believe that if the debt restructuring hadn't happened, there would be a realistic possibility of a conventional default over the near to medium term given the company's weak operating performance and limited liquidity." INSPIREMD INC: Net Loss Widens to $13.2M for Second Quarter 2025 ---------------------------------------------------------------- InspireMD, Inc. (Nasdaq: NSPR), developer of the CGuard(R) Prime carotid stent system for the prevention of stroke, announced in aa press release its financial and operating results for the second quarter and six months ended June 30, 2025. Recent Business Highlights: * Received premarket application (PMA) approval from the U.S. Food and Drug Administration (FDA) for the CGuard Prime carotid stent system * Commenced commercial launch of the CGuard Prime carotid stent system in the U.S. Market * Raised $58 million in gross proceeds from an equity private placement and the exercise of existing warrants to advance growth initiatives * Received CE Mark approval under the European Medical Device Regulation (MDR) for CGuard Prime EPS, with plans to launch in third quarter * Strengthened leadership team with the appointment of Mike Lawless as Chief Financial Officer * Added Raymond W. Cohen to Board of Directors Marvin Slosman, CEO of InspireMD, commented: "Over the last few months, our team has executed the most significant set of milestones in InspireMD's history, as we obtained approval for our proprietary CGuard Prime carotid stent system in the U.S. and began its commercial rollout. These transformational milestones were years in the making and validate our vision and execution. Backed by a fully trained, world-class commercial team, we are now focused on scaling with discipline and precision to unlock the full potential of our platform." "Our forward momentum is further supported by the recent addition of $58 million in gross proceeds to our balance sheet, evidencing clear confidence from investors who share our conviction in InspireMD's future. We are entering a new era of growth, and we are laser-focused on establishing our breakthrough technology as the standard of care in the treatment of carotid artery disease and the prevention of stroke. We look forward to bringing meaningful impact to physicians and patients across the U.S." Financial Results for the Second Quarter Ended June 30, 2025: For the second quarter of 2025, total revenue increased by $39,000, or 2.3%, to $1,778,000, from $1,739,000 during the second quarter of 2024. This increase was driven by continued adoption of the Company's CGuard technology in existing markets and the positive impact of exchange rates offset by decreased revenue from Russia, and distributors managing CGuard inventory levels in anticipation of CGuard Prime approval in Europe. Gross profit (revenue less cost of revenues) for the second quarter of 2025 decreased by $18,000, or 5.4%, to $313,000, from $331,000, during the second quarter of 2024. Total operating expenses for the second quarter of 2025 were $13,332,000, an increase of $4,741,000, or 55.2% compared to $8,591,000 for the second quarter of 2024. This increase was primarily due to higher salaries and share-based compensation tied to U.S. sales force expansion ahead of FDA approval. Additional increases stemmed from CGuard Prime launch preparation, U.S. facility rent, and CFO severance fees. Financial expense, net for the second quarter of 2025 was $132,000, a decrease of $483,000 compared to financial income of $351,000 for the second quarter of 2024. This decrease was primarily due to the impact of foreign exchange and less interest income from investments in marketable securities and money market funds. Net loss for the second quarter of 2025 totaled $13,151,000 or $0.26 per basic and diluted share, compared to a net loss of $7,909,000, or $0.22 per basic and diluted share, for the same period in 2024. As of June 30, 2025, cash and cash equivalents and marketable securities were $19,374,000 compared to $34,637,000 as of December 31, 2024. Financial Results for the Six Months Ended June 30, 2025: For the six months ended June 30, 2025, revenue increased by $57,000, or 1.8%, to $3,307,000, from $3,250,000 for the six months ended June 30, 2024. This increase was driven by continued adoption of our CGuard technology in existing markets, offset by decreased revenue from Russia, the impact of exchange rates, and distributors managing CGuard inventory levels in anticipation of CGuard Prime approval in Europe. For the six months ended June 30, 2025, gross profit (revenue less cost of revenues) decreased by 2.8%, or $18,000, to $605,000, compared to $623,000 for the same period in 2024. Total operating expenses for the six months ended June 30, 2025, were $25,084,000, an increase of $8,787,000, or 53.9% compared to $16,297,000 for six months ended June 30, 2024. This increase was primarily due to higher salaries and share-based compensation tied to U.S. sales force expansion ahead of FDA approval. Additional increases stemmed from development and regulatory activities for SwitchGuard NPS, CGuard Prime launch preparation, U.S. facility rent, promotional activities and CFO severance fees. Financial income, net for the six months ended June 30, 2025, was $162,000, a decrease of $571,000 compared to financial income of $733,000 for the six months ended June 30, 2024. This decrease was primarily due to a reduction in income from investments in marketable securities and money market funds, as well as an increase in financial expenses resulting from exchange rate fluctuations. Net loss for the six months ended June 30, 2025, totaled $24,317,000 or $0.48 per basic and diluted share, compared to a net loss of $14,941,000, or $0.43 per basic and diluted share, for the same period in 2024. About InspireMD Headquartered in Tel Aviv, Israel, InspireMD, Inc. -- http://www.inspiremd.com/-- is a medical device company focusing on the development and commercialization of its proprietary MicroNet stent platform technology for the treatment of complex vascular and coronary disease. A stent is an expandable "scaffold-like" device, usually constructed of a metallic material, that is inserted into an artery to expand the inside passage and improve blood flow. Its MicroNet, a micron mesh sleeve, is wrapped over a stent to provide embolic protection in stenting procedures. Tel-Aviv, Israel-based Kesselman & Kesselman, the Company's auditor since 2010, issued a 'going concern' qualification in its report dated March 12, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and cash outflows from operating activities that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2024, the Company had $46.8 million in total assets, $10.7 million in total liabilities, and $36.1 million in total stockholders' equity. INSPIREMD INC: Posts $13.2M Q2 Net Loss on $1.8M Revenue -------------------------------------------------------- InspireMD, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $13.2 million on $1.8 million of revenue for the three months ended June 30, 2025, compared to a net loss of $7.9 million on $1.7 million of revenue for the three months ended June 30, 2024. For the six months ended June 30, 2025, the Company reported a net loss of $24.3 million on $3.3 million of revenue, compared to a net loss of $14.9 million on $3.3 million of revenue for the same period in 2024. The Company has an accumulated deficit as of June 30, 2025, as well as a history of net losses and negative operating cash flows. The Company expects to continue incurring losses and negative cash flows from operations until its product, CGuard(TM) EPS, reaches commercial profitability. As a result of these expected losses and negative cash flows from operations, along with the Company's current cash position, the Company does not have sufficient resources to fund operations for at least the next 12 months. Therefore, there is substantial doubt about the Company's ability to continue as a going concern. On July 30, 2025, the Company raised approximately $40.1 million in gross proceeds through a private placement of common stock and pre-funded warrants. Management's plans include the continued commercialization of the Company's product and raising capital through the sale of additional equity securities, debt or capital inflows from strategic partnerships and exercises of warrants. There are no assurances however, that the Company will be successful in obtaining the level of financing needed for its operations. If the Company is unsuccessful in commercializing its products and raising capital, it may need to reduce activities, curtail or cease operations. As of June 30, 2025, the Company had $33.3 million in total assets, $13.1 million in total liabilities, and $20.2 million in total equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/bdfpr7cx About InspireMD Headquartered in Tel Aviv, Israel, InspireMD, Inc. -- http://www.inspiremd.com/-- is a medical device company focusing on the development and commercialization of its proprietary MicroNet stent platform technology for the treatment of complex vascular and coronary disease. A stent is an expandable "scaffold-like" device, usually constructed of a metallic material, that is inserted into an artery to expand the inside passage and improve blood flow. Its MicroNet, a micron mesh sleeve, is wrapped over a stent to provide embolic protection in stenting procedures. Tel-Aviv, Israel-based Kesselman & Kesselman, the Company's auditor since 2010, issued a 'going concern' qualification in its report dated March 12, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and cash outflows from operating activities that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2024, the Company had $46.8 million in total assets, $10.7 million in total liabilities, and $36.1 million in total stockholders' equity. IROBOT CORP.: Carlyle Secured Marks $8.9MM 1L Loan at 47% Off ------------------------------------------------------------- Carlyle Secured Lending, Inc. has marked its $8,902,000 loan extended to iRobot Corporation to market at $4,727,000 or 53% of the outstanding amount, according to Carlyle Secured's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Carlyle Secured is a participant in a First Lien Loan to iRobot Corporation. The loan accrues interest at a rate of 13.28% percent per annum. The loan matures on July 31, 2026. Carlyle Secured is a Maryland corporation formed on February 8, 2012, and structured as an externally managed, non-diversified closed-end investment company. Its investment objective is to maximize both current income and capital appreciation through debt and equity investments. The Company directly and indirectly invests primarily in leveraged middle market companies in the form of senior secured loans, financing leases and, to a lesser extent, unsecured loans and equity securities. Carlyle Secured is led by Thomas M. Hennigan as Chief Financial Officer The Fund can be reach through: Thomas M. Hennigan Carlyle Secured Lending, Inc. One Vanderbilt Avenue, Suite 3400 New York, NY 10017 Telephone: (212) 813-4900 About iRobot Corporation iRobot Corp. is a leading global consumer robot company that designs and builds robots that empower people to do more. With over 30 years of artificial intelligence and advanced robotics experience, it is focused on building thoughtful robots and developing intelligent home innovations that help make life better for millions of people around the world. iRobot's portfolio of home robots and smart home devices features proprietary technologies for the connected home and advanced concepts in cleaning, mapping and navigation. IRON HORSE: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Iron Horse Chemicals, LLC 2401 E. Country Rd 155 Midland, TX 79706 Business Description: Iron Horse Chemicals, LLC manufactures and supplies industrial and specialty chemicals primarily for the oil and gas industry, offering products such as corrosion inhibitors, scale inhibitors, demulsifiers, surfactants, and enhanced oil recovery agents. The Company provides laboratory analysis, field technical services, custom blending, and logistics support from its facility in Midland, Texas. It serves energy sector clients across the United States with solutions for wellsite operations, production optimization, and equipment protection. Chapter 11 Petition Date: August 12, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-90304 Judge: Hon. Alfredo R Perez Debtor's Counsel: Christopher Adams, Esq. OKIN ADAMS BARTLETT CURRY LLP 1113 Vine St., Suite 240 Houston, TX 77002 Tel: (713) 228-4100 Fax: (888) 865-2118 Email: info@okinadams.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Darryl Wiebe as chief executive officer. 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/Z45BAKY/Iron_Horse_Chemicals_LLC__txsbke-25-90304__0001.0.pdf?mcid=tGE4TAMA J INTERNATIONAL: Seeks Subchapter V Bankruptcy in Nevada -------------------------------------------------------- On August 8, 2025, J International Management LLC filed Chapter 11 protection in the District of Nevada. According to court filing, the Debtor reports $4,243,957 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About J International Management LLC J International Management LLC, operating as Gabi Coffee, is a hospitality business based in Las Vegas, Nevada, that runs a specialty cafe and bakery at 5808 Spring Mountain Rd., Suite 104. The Company offers a blend of traditional oriental and modern Western-inspired beverages and baked goods, serving hot and iced drinks alongside freshly baked bread and various sweet and savory food items. It operates daily, providing local customers and visitors a unique cafe experience combining cultural aesthetics and fresh bakery products. J International Management LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-14602) on August 8, 2025. In its petition, the Debtor reports total assets of $128,543 and total liabilities of $4,243,957. Honorable Bankruptcy Judge August B. Landis handles the case. The Debtor is represented by Matthew C. Zirzow, Esq. at LARSON & ZIRZOW, LLC. JOONKO DIVERSITY: Court Okays Chapter 11 Liquidation Plan --------------------------------------------------------- Alex Wittenberg of Law360 reports that on Tuesday, August 12, 2025, a Delaware bankruptcy judge approved Joonko Diversity Inc.'s Chapter 11 liquidation plan following the resolution of shareholder and other objections, allowing the AI-powered recruitment company to close its operations and distribute payments to creditors. About Joonko Diversity Inc. Joonko Diversity Inc. is an AI-powered employee recruitment venture. Joonko Diversity sought relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 24-11007) on May 14, 2024. In the petition filed by Ilan Band, as chief executive officer, the Debtor estimated assets between $1 million and $10 million and estimated liabilities up to $50,000. McDermott Will & Emery LLP, led by David R. Hurst, is the Debtor's counsel. KCI WELLNESS: Leon Jones Named Subchapter V Trustee --------------------------------------------------- The U.S. Trustee for Region 21 appointed Leon Jones, Esq., at Jones & Walden, LLC, as Subchapter V trustee for KCI Wellness Group 2. Mr. Jones will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Jones declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Leon S. Jones, Esq. Jones & Walden, LLC 699 Piedmont Ave. NE Atlanta, GA 30308 Phone: (404) 564-9300 ljones@joneswalden.com About KCI Wellness Group 2 KCI Wellness Group 2 filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-58963) on August 7, 2025, with $100,001 to $500,000 in assets and liabilities. Walter Booth, Jr, Esq. at Jones & Booth, LLC represents the Debtor as legal counsel. KIM ENGINEERING: Seeks Approval to Tap Weon G. Kim as Legal Counsel ------------------------------------------------------------------- Kim Engineering Inc. seeks approval from the U.S. Bankruptcy Court for the District of Marylad to employ Weon G. Kim Law Office as counsel. The firm will render these services: (a) represent the Debtor in this Chapter 11 case and advise it as to its rights, duties, and powers; (b) prepare and file necessary statements, schedules, motions, and pleadings, and negotiate and draft one or more plans of reorganization; (c) represent the Debtor at hearings, meetings of creditors, conferences, and any other relevant proceedings; and (d) perform such other legal services as may be required during the pendency of the case. The firm will be paid at these hourly rates: Principal Attorney $450 Associate Attorney $350 Paralegal $120 Legal Assistant $60 Weon Kim, 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 through: Weon G. Kim, Esq. Weon G. Kim Law Office 8200 Greensboro Dr., Suite 900 McLean, VA 22102 Telephone: (571) 278-3728 Facsimile: (703) 288-4003 Email: jkkchadol99@gmail.com About Kim Engineering Inc. Kim Engineering Inc. is a professional engineering services firm based in Laurel, Maryland, likely specializing in architectural, engineering, and related technical services as indicated by its NAICS code 5413. The company operates from its headquarters at 6100 Chevy Chase Drive and serves clients throughout the Maryland region. Kim Engineering Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-16453) on July 15, 2025. In its petition, the Debtor reports estimated assets between $1 million and $50 million and estimated liabilities between $10 million and $50 million. The Debtor is represented by Weon G. Kim, Esq., at Weon G. Kim Law Office. KOSMOS ENERGY: Reports $87.7M Net Loss on $393.5M Revenue in Q2 --------------------------------------------------------------- Kosmos Energy Ltd. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $87.7 million on $393.5 million of total revenue for the three months ended June 30, 2025, compared to a net income of $59.8 million on $450.9 million of total revenue for the three months ended June 30, 2024. For the six months ended June 30, 2025, the Company reported a net loss of $198.3 million on $683.9 million of total revenue, compared to a net income of $151.5 million on $870.1 million of total revenue for the same period in 2024. As of June 30, 2025, the Company had $5.2 billion in total assets, $4.2 billion in total liabilities, and $1 billion in total stockholders' equity. Commenting on the Company's second quarter 2025 performance, Chairman and Chief Executive Officer Andrew G. Inglis said: "We set out this year with three clear priorities: Increase production, reduce costs and enhance the resilience of the balance sheet. During the period we have continued to make good progress across all three areas. On production, the GTA ramp up has gone well, achieving FLNG "Commercial Operations Date" in the second quarter, and 6.5 gross LNG cargos lifted year-to-date. We are approaching Kosmos' record high production levels with further near-term growth expected as we push GTA towards the FLNG's 2.7 mtpa nameplate capacity and bring on more wells at Jubilee and Winterfell. On costs, we have lowered our capital budget for the year from $400 million to around $350 million and are working hard to reduce operating costs across the portfolio, namely on GTA through the FPSO re-financing and through exploring lower-cost operating models with our partners. We also remain on track to deliver the targeted $25 million of overhead reduction by year-end. On the balance sheet, we are enhancing resilience through increasing liquidity and additional hedges for 2026 with further progress expected as we pursue additional initiatives through the second half of the year. With production rising, costs falling and balance sheet resilience improving, we look forward to delivering long-term value for our shareholders through the second half of the year and beyond." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/3dk7hnkk About Kosmos Energy Ltd. Kosmos Energy Ltd. is a Dallas, Texas based publicly traded exploration and production company with the main producing assets offshore West Africa, as well as assets in the US Gulf of America. * * * S&P Global Ratings lowered its issuer credit rating two notches to 'CCC+' from 'B' on Kosmos Energy Ltd. S&P said, "At the same time, we lowered our issue-level rating on Kosmos' unsecured debt to 'CCC' from 'B' and revised our recovery rating to '5' from '4', due to a lower estimated valuation at our recovery price assumptions. The '5' recovery rating indicates our expectation for modest (10%-30%; rounded estimate: 15%) recovery of principal to creditors in the event of a payment default. "The negative outlook reflects the likelihood that we could lower the rating if the company is unable to refinance its near-term maturities in a timely and favorable manner or if liquidity deteriorates further." LAVENDER LANDSCAPE: Seeks Chapter 11 Bankruptcy in Arizona ---------------------------------------------------------- On August 9, 2025, Lavender Landscape Design Co. LLC filed Chapter 11 protection in the District of Arizona. 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 Lavender Landscape Design Co. LLC Lavender Landscape Design Co. LLC, based in Tempe, Arizona, provides luxury landscape architecture, design, and construction services for residential clients, offering features such as 3D renderings, custom fire pits, water features, swimming pools, hardscaping, and outdoor lighting. Founded in 2019 by Haley Tew, the Company operates from a 20,000-square-foot facility and serves clients across Arizona with an emphasis on personalized, high-end outdoor environments. The firm handles both design and build phases in-house, catering to projects ranging from mid-sized renovations to multimillion-dollar estate landscapes. Lavender Landscape Design Co. LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-07403) on August 9, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Madeleine C. Wanslee handles the case. The Debtor is represented by Ronald J. Ellett, Esq. at ELLETT LAW OFFICES, P.C. LENDINGTREE INC: Fitch Assigns 'B+' LongTerm IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has assigned LendingTree, Inc (LTI) a first-time Long-Term Issuer Default Rating (IDR) of 'B+'. Fitch has also assigned the proposed senior secured first-lien term loan and the senior secured first-lien revolver a 'BB+' rating with Recovery Rating of 'RR1'. The Rating Outlook is Stable. LTI's ratings reflect its stable position in the digital consumer finance industry, supported by moderate leverage and coverage metrics, sufficient liquidity, and a variable cost structure that helps buffer against cyclical downturns. The ratings are constrained by the company's small scale, operating cyclicality, and concentrated exposure to key segments of the financial services industry. The Stable Outlook reflects Fitch's view that the company's credit profile will be resilient during a business cycle downturn. Key Rating Drivers High Macroeconomic Sensitivity: Broader economic conditions heavily influence LendingTree's financial performance by affecting consumer credit demand and lender risk appetite. The home segment, which accounted for 14% of fiscal 2024 revenue, saw significant revenue declines - 50% in 2022 and 10% in 2023 - when mortgage rates nearly doubled in 2022, sharply reducing home refinance and purchase volumes. This cyclicality creates material earnings volatility across economic cycles, as evidenced by fluctuations in quarterly performance from 2022 to 2025. All three segments reported high growth in 4Q24 due to moderating inflation, interest rate cuts, and growth in home equity loans. Fitch projects low single-digits to mid-teen revenue growth over the rating horizon (fiscal 2025 - fiscal 2028) to reflect a modest recovery in the mortgage market, continued momentum for home equity loans, and steady growth in the insurance segment. Scale Limitations and Strong Market Position: LTI is a leader in the online lending marketplace, supported by its extensive lender network, diverse financial product offerings, and user-friendly platform. However, its small scale, with an estimated Fitch-calculated EBITDA of $104 million for fiscal 2024, constrains the ratings. Customer Concentration Risk: LTI's revenue base has significant customer concentration, particularly within its insurance segment. In 2024, two Network Partners accounted for 33% of total consolidated revenue, respectively. The company's reliance on the marketing budgets of a limited number of large partners heightens the risk of revenue volatility if either partner reduces its purchasing volume or cease business with LTI. The inability to replace lost demand from these key partners could have a material adverse impact on operating performance in both the near and long term. Variable Marketing Model Drives Profitability: LTI's variable marketing margin is key to its operational strategy. This approach provides some downside protection during market downturns. The company maintained positive EBITDA throughout 2022 and 2023, due to its high variable marketing cost base, which allowed quick adjustments to marketing expenses. At trough revenue in 4Q23, variable margins were 45% with EBITDA margins of 12%. Strong FCF Generation: Fitch expects LTI to remain FCF positive at 6%-11% of revenue over the rating horizon, supported by increasing EBITDA and low capex, which are partly offset by interest payments and working capital outflows. Improving Leverage and Coverage Metrics: Fitch-calculated EBITDA leverage is projected to decline to 3.3x in fiscal 2025 from 4.6x as of December 2024 due to lower debt balances from a streamlined capital structure and strong EBITDA recovery. Fitch expects leverage to fall below 3x, while interest coverage is forecast to rise to the mid-5x range by fiscal 2027. Exposure to Search Engine Algorithm: Approximately 15%-20% of LTI's traffic comes from organic sources, including search engine optimization (SEO) and direct brand awareness, indicating high reliance on paid acquisition channels. This dependence exposes the company to risks from search engine algorithm changes. Management's efforts to prioritize organic traffic through its MyLendingTree platform may gradually improve the company's organic traffic profile and reduce customer acquisition costs over time. However, Fitch expects the business model to remain heavily dependent on paid marketing channels for the foreseeable future. Offsetting Product Performance Across Business Segments: LTI's business segments exhibit some counterbalancing performance across market cycles. The company reported significant growth in home equity loans in 2024, while mortgage lending and refinancing revenues underperformed. Similarly, strength in small business lending helped offset weaknesses in mortgage and credit cards. This dynamic helps the company to pivot resources toward growing segments during challenging periods. Peer Analysis Red Ventures Holdco (B+/Stable): LTI has a similar scale, but lower EBITDA margins compared to Red Ventures Holdco, a leading technology-enabled customer acquisition platform. Red Ventures acquired Bankrate in 2017, a direct competitor to LTI, underscoring the competitive dynamics in the space. LTI's margin profile reflects a higher mix of insurance segment revenues, which have structurally lower margins. Despite this, LTI compares favorably on leverage, coverage, and FCF margins relative to Red Ventures. Teads Holding Co. (BB-/Stable): LTI has a smaller scale than Teads Holding Co., a leading technology platform connecting media owners and advertisers. LTI's EBITDA margins are slightly lower but it has higher FCF margins and maintains similar leverage and interest coverage metrics. Teads benefits from greater revenue and geographic diversification and stronger revenue visibility. While these companies operate in the customer acquisition and digital advertising industries, they are not direct peers to LTI. Key Assumptions - Revenue growth in the low teens in 2025, driven by ongoing strength in the Home and Consumer segments, with modest Insurance segment growth. Growth will stabilize in the mid-single digits from 2026 onward. - EBITDA margins to rise to the low 12% range in 2025 and reach the mid-teens by 2028, reflecting broad-based revenue gains, and optimized marketing spend and mix. - Minimal working capital needs due to the asset-light business model. - Capex will remain at 1% of revenue, in line with recent years. - No dividends or acquisitions. - Floating rate debt is modeled on secured overnight financing rate (SOFR) declining from 4.3% to 3.3% between 2025 and 2028. Recovery Analysis The recovery analysis assumes LTI would be considered a going concern in bankruptcy and reorganized rather than liquidated, with a 10% administrative claim applied. Fitch's recovery analysis considers the possibility of insolvency due to inadequate liquidity during periods of recessionary stress. In this scenario, Fitch assumes a persistently high inflationary environment, resulting in elevated interest rates. This environment would result in pullback of marketing spend by insurance carriers due to higher operating costs, as well as lower consumer demand for mortgage purchases or refinancing. Fitch would expect LTI to generate EBITDA of $80 million, mirroring the EBITDA generated during the high inflationary environment in fiscal 2022 and fiscal 2023. Fitch assumes a 6.0x multiple, which is in-line with its assessment of historical trading multiples, M&A in the sector, and historic bankruptcy emergence multiples Fitch has observed in the technology, media and telecom (TMT) sectors. It reflects the company's leading market position, its deep network partner pool, and strong brand recognition. In Fitch's 2024 TMT Bankruptcy Case Studies, the TMT median reorganization multiple was 5.9x. Within the TMT group, media companies, including digital marketing issuers, were reorganized at modestly higher multiples compared with the small samples of TMT companies in Fitch's study. The median reorganization multiple for the 49 bankruptcies in the media sub-sector was 6.2x. The recovery analysis assumes full utilization on the revolver and implies a 'BB+' with a Rating Recovery of 'RR1' on the senior first lien secured debt, reflecting strong recovery prospects. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Increased customer concentration, resulting in a significant portion of revenue derived from a limited number of lender partners; - EBITDA interest coverage sustained below 4.0x; - EBITDA leverage sustained above 4.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Positive rating momentum is unlikely unless EBITDA increases to over $200 million on a sustained basis; - Increased customer diversification, such that no single customer or lender partner accounts for a material portion of revenue, thereby reducing concentration. Liquidity and Debt Structure LTI's liquidity is sufficient, with cash holdings of approximately $149 million as of June 30, 2025. Additional liquidity sources include its proposed $400 million term loan and $75 million revolver. LTI aims to secure a new $475 million financing package consisting of $400 million term loan and $75 million revolver, with maturity dates in 2030 and 2032, respectively. The proceeds will be used to refinance existing private credit facilities. Issuer Profile LendingTree, Inc. is an online consumer finance marketplace that lets users compare financial products and loans, receiving offers from various providers on one platform. This platform connects borrowers with loan providers to secure the best terms for financial 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 Fitch does not provide ESG relevance scores for LendingTree, Inc. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, program, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. Entity/Debt Rating Recovery ----------- ------ -------- LendingTree, Inc. LT IDR B+ New Rating senior secured LT BB+ New Rating RR1 LUMEN TECHNOLOGIES: Upsizes First Lien Notes Due 2034 to $2BB ------------------------------------------------------------- Lumen Technologies, Inc. announced that its wholly-owned subsidiary, Level 3 Financing, Inc., planned to offer $1.25 billion aggregate principal amount of First Lien Notes due 2034. According to the Company, Level 3 Financing intends to use the net proceeds from this offering, together with cash on hand, to partially redeem $1,075,000,000 aggregate principal amount of Level 3 Financing's 11.000% First Lien Notes due 2029, including payment of redemption premium, and to pay related fees and expenses. On August 4, 2025, Lumen announced that Level 3 Financing has agreed to sell $2.00 billion aggregate principal amount of its 7.000% First Lien Notes due 2034, which represents a $750 million increase from the previously announced size of the offering. The First Lien Notes were priced to investors at par and will mature on March 31, 2034. Upon issuance, the First Lien Notes will be fully and unconditionally guaranteed, jointly and severally, on a first lien secured basis by Level 3 Parent, LLC, the direct parent of Level 3 Financing, and certain unregulated subsidiaries of the Issuer. Level 3 Financing intends to use the net proceeds from this offering, together with cash on hand, to redeem all $1,408,435,434 outstanding principal amount of Level 3 Financing's 11.000% First Lien Notes due 2029, and to partially redeem Level 3 Financing's 10.750% First Lien Notes due 2030, in each case, including payment of redemption premium, and to pay related fees and expenses. The offering is expected to be completed on August 18, 2025, subject to the satisfaction or waiver of customary closing conditions. About Lumen Technologies Headquartered in Monroe, Louisiana, Lumen Technologies, Inc. -- lumen.com -- is a facilities-based technology and communications company that provides a broad array of integrated products and services to its domestic and global business customers and its domestic mass markets customers. The Company's platform empowers its customers to swiftly adjust digital programs to meet immediate demands, create efficiencies, accelerate market access, and reduce costs, which allows its customers to rapidly evolve their IT programs to address dynamic changes. * * * In July 2025, Fitch Ratings has placed the Long-Term Issuer Default Ratings (IDRs) of Lumen Technologies Inc., Level 3 Parent LLC, Level 3 Financing Inc., Qwest Corporation and related subsidiaries on Rating Watch Positive (RWP). The current Long-Term IDR for each rated entity is 'CCC+'. MADISON REVOCABLE: Seeks to Hire Taylor Duma as Bankruptcy Counsel ------------------------------------------------------------------ Madison Revocable Trust seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Taylor Duma, LLP to handle its Chapter 11 case. The firm will be paid at these hourly rates: Niel Gordon, Attorney $655 John Rezac, Attorney $535 Jason Pettie, Attorney $520 Pamela Bicknell, Paralegal $280 Angela Ford, Paralegal $280 In addition, the firm will seek reimbursement for expenses incurred. Mr. Pettie 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: Jason L. Pettie, Esq. Taylor Duma, LLP 1600 Parkwood Circle, Suite 200 Atlanta, GA 30339 Telephone: (678) 336-7226 Email: jpettie@taylorduma.com About Madison Revocable Trust Madison Revocable Trust sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-58758) on August 4, 2025, listing up to $10 million in both assets and liabilities. Judge Lisa Ritchey Craig handles the case. Jason L. Pettie, Esq., at Taylor Duma, LLP serves as the Debtor's counsel. MARRS CONSTRUCTION: Hires Cunningham & Associates as Auctioneer --------------------------------------------------------------- Marrs Construction, Inc. and Down N Dirty Equipment, LLC seek approval from the U.S. Bankruptcy Court for the District of Arizona to employ Cunningham & Associates, Inc. as auctioneer. The Debtors need an auctioneer to market the property to prospective purchasers, advise them with respect to marketing and auctioning the property, and auction and sell the property to pay lienholders and generate funds for the estate. The auctioneer will receive a 10 percent commission of the gross sale proceeds, plus reimbursement of reasonable and necessary expenses. George Cunningham, an auctioneer at Cunningham & Associates, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: George Cunningham Cunningham & Associates, Inc. 4753 E. Falcon Dr., Suite 1 Mesa, AZ 85215 Telephone: (888) 777-9888 About Marrs Construction Inc. Marrs Construction, Inc. is a Phoenix-based contractor that provides demolition, excavation, earthwork, site preparation, civil utility, and paving services. The Company serves both residential and commercial projects across the greater Phoenix area. Marrs Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-04964) on May 30, 2025. In its petition, the Debtor reported total assets of $10,177,042 and total liabilities of $12,177,492. The Debtor tapped Christopher C. Simpson, Esq., at Osborn Maledon, P.A. as counsel and Baldwin Moffitt Behm, LLP as accountant. MASTERBRAND INC: S&P Alters Outlook to Positive, Affirms 'BB' ICR ----------------------------------------------------------------- S&P Global Ratings affirmed its 'BB' issuer credit rating on MasterBrand Inc. and revised its outlook to positive from stable. The positive outlook reflects the potential S&P could raise its rating by one notch following the successful completion of the merger. MasterBrand Inc. and American Woodmark Corp. announced they will merge in an all-stock transaction to create one of the largest cabinet manufacturers in North America. The proposed combination of MasterBrand and American Woodmark will create one of the largest cabinet manufacturers in the U.S., while preserving good debt leverage. After the merger, S&P expects the combined company will have revenue in excess of $4.4 billion and pro forma S&P Global Ratings-adjusted EBITDA before synergies of about $540 million. Pro forma debt leverage will be about than 2.1x (fully adjusted for cash and leases), giving the company financial flexibility amid a weaker macroeconomic backdrop. The company has identified $90 million in synergies over three years that could enhance already healthy cash flows and leverage. S&P said, "We expect EBITDA margins to remain flat for the combined company in 2026 and 2027 amid weaker residential construction activity and soft repair and remodel (R&R) demand. We expect adjusted EBITDA for the combined company of about $500 million-$550 million, resulting in EBITDA margins of 12%-13% over the next 12 to 18 months as the company works to integrate American Woodmark." There could be revenue and cost synergies that may improve EBITDA growth beyond our base-case forecast. However, with such a large acquisition, integration may be prolonged and growth expectations could slow in this macroeconomic environment. The combination of MasterBrand and American Woodmark significantly expands the company's market share in cabinet manufacturing and broadens its geographic footprint, which helps offset its discretionary product exposure. S&P views demand for discretionary and high-cost kitchen and bath remodeling projects to be closely tied to economic cycles and consumer spending. Nonetheless, these risks are somewhat offset by the enhancement of the combined company's comprehensive portfolio of kitchen cabinetry products at multiple prices, its ability to sustain pricing due to its newly created market position, the value-added nature of its products, and its highly variable cost structure, which will support its profitability, even during periods of increased economic stress. S&P said, "The positive outlook reflects the potential we could raise our rating one notch following the successful completion of the merger. We also expect the company to maintain adjusted leverage of 2x-3x on a sustained basis after the transaction closes supported by its financial policy." S&P could revise the outlook to stable within the next 12 months if: -- Combined debt leverage remains above 3x into 2026 with little prospect of recovery. This could occur if the company experiences a 10%-15% decline in annual sales, with EBITDA margins declining to about 9%. -- The new MasterBrand undertakes an aggressive debt-financed acquisition and shareholder remuneration strategy such that leverage increases and remains above 3x; or -- The merger does not close as expected. S&P could raise the rating on MasterBrand after the close of the transaction if the combined entity maintains debt to EBITDA below 2x in the current operating environment, which it believes could indicate good progress on the $90 million of proposed synergies. MATERIAL HOLDINGS: Carlyle Secured Marks $14.5MM 1L Loan at 16% Off ------------------------------------------------------------------- Carlyle Secured Lending, Inc. has marked its $14,582,000 loan extended to Material Holdings, LLC to market at $12,246,000 or 84% of the outstanding amount, according to Carlyle Secured's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Carlyle Secured is a participant in a First Lien Loan to Material Holdings, LLC. The loan accrues interest at a rate of 10.4% percent per annum. The loan matures on August 19, 2027. Carlyle Secured is a Maryland corporation formed on February 8, 2012, and structured as an externally managed, non-diversified closed-end investment company. Its investment objective is to maximize both current income and capital appreciation through debt and equity investments. The Company directly and indirectly invests primarily in leveraged middle market companies in the form of senior secured loans, financing leases and, to a lesser extent, unsecured loans and equity securities. Carlyle Secured is led by Thomas M. Hennigan as Chief Financial Officer The Fund can be reach through: Thomas M. Hennigan Carlyle Secured Lending, Inc. One Vanderbilt Avenue, Suite 3400 New York, NY 10017 Telephone: (212) 813-4900 About Material Holdings, LLC Material Holdings, LLC, formerly known as LRW Group (Lieberman Research Worldwide), is a marketing services and digital transformation consultancy, now known as Material+, focusing on customer experience transformation and insight-driven brand strategy. MAVERICK ACQUISITION: Carlyle Secured Marks $42M 1L Loan at 41% Off ------------------------------------------------------------------- Carlyle Secured Lending, Inc. has marked its $42,772,000 loan extended to Maverick Acquisition, Inc. to market at $25,128,000 or 59% of the outstanding amount, according to Carlyle Secured's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Carlyle Secured is a participant in a First Lien Loan to Maverick Acquisition, Inc. The loan accrues interest at a rate of 10.54% percent per annum. The loan matures on June 1, 2027. Carlyle Secured is a Maryland corporation formed on February 8, 2012, and structured as an externally managed, non-diversified closed-end investment company. Its investment objective is to maximize both current income and capital appreciation through debt and equity investments. The Company directly and indirectly invests primarily in leveraged middle market companies in the form of senior secured loans, financing leases and, to a lesser extent, unsecured loans and equity securities. Carlyle Secured is led by Thomas M. Hennigan as Chief Financial Officer The Fund can be reach through: Thomas M. Hennigan Carlyle Secured Lending, Inc. One Vanderbilt Avenue, Suite 3400 New York, NY 10017 Telephone: (212) 813-4900 About Maverick Acquisition, Inc. Maverick Acquisition, Inc is a manufacturer of precision machined components for defense and high-tech industrial platforms. MERIT STREET: Dr. Phil Proposed Loan Unfair Deal, DOJ Says ---------------------------------------------------------- James Nani of Bloomberg Law reports that the US Trustee's Office has objected to "Dr. Phil" McGraw's proposed loan to bankrupt Merit Street Media Inc., calling it an insider deal requiring heightened scrutiny. Filed Monday, August 11, 2025, in the US Bankruptcy Court for the Northern District of Texas, the objection targets Merit's plan to borrow up to $21.4 million from Peteski Productions Inc., its majority shareholder controlled by McGraw. The trustee argued there is no proof the financing was negotiated fairly or at market terms. The filing also challenges a provision that would "roll up" a $7.9 million pre-bankruptcy bridge loan into the new facility, granting it higher repayment priority over other creditors. Additional concerns include governance issues, lien rights, and insufficient detail about efforts to secure third-party financing. A hearing on the matter is scheduled for August 19, 2025. About Merit Street Media Merit Street Media is a television and media content production and distribution company based in Fort Worth, Texas. It appears to focus on creating, producing, and distributing television content, maintaining business relationships with major cable providers including DIRECTV and DISH Network, as well as numerous television stations and production companies. Merit Street Media sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80156) on July 2, 2025, before the Hon. Scott W. Everett. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million. The Debtor is represented by Sidley Austin LLP as bankruptcy counsel. Epiq Corporate Restructuring, LLC serves as Claims, Noticing, and Solicitation Agent, effective as of the Petition Date. MICHAEL E JONES MD: Seeks Chapter 11 Bankruptcy in New York ----------------------------------------------------------- On August 7, 2025, Michael E Jones MD PC filed Chapter 11 protection in the Southern District of New York. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Michael E Jones MD PC Michael E Jones MD PC provides cosmetic and reconstructive surgery services from its main facility in New York, New York. The practice offers procedures such as rhinoplasty, liposuction, Brazilian Butt Lift, and keloid removal, with a focus on serving diverse patient populations. It is led by Dr. Michael E. Jones, who is board-certified in facial plastic and reconstructive surgery as well as otolaryngology. The company operates additional offices in several U.S. cities including Los Angeles, Atlanta, and Miami. Michael E Jones MD PC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11745) on August 7, 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 Lisa G. Beckerman handles the case. The Debtor is represented by Anthony Vassallo, Esq. at LAW OFFICE OF ANTHONY M. VASSALLO. MOBIVITY HOLDINGS: Eyes 1-for-25,000 Split to Deregister Shares --------------------------------------------------------------- Mobivity Holdings Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that a Special Committee of the Board consisting entirely of independent and disinterested directors, approved a transaction whereby the Company would effect a reverse stock split of the Company's shares of common stock, in conjunction with terminating the Company's public company reporting obligations, subject to obtaining the requisite approval of the Company's stockholders at a Special Meeting of Stockholders to be held for that purpose, which is currently expected to occur in September 2025. Specifically, the Special Committee approved a transaction whereby the Company would effect a 1-for-25,000 reverse stock split of the Company's common stock. If the proposal is approved, at the effective time of the Reverse Stock Split each share of common stock owned by a stockholder in any one account holding fewer than 25,000 shares immediately prior to the Reverse Stock Split will be automatically converted into the right to receive $0.29 in cash for each such share owned immediately prior to the Reverse Stock Split, without interest (the "Cash Payment"), and such stockholders ("Cashed Out Stockholders") will no longer be stockholders of the Company. Stockholders owning shares of common stock in any one account holding 25,000 or more shares immediately prior to the effective time of the Reverse Stock Split ("Continuing Stockholders") will remain stockholders of the Company and, to the extent any Continuing Stockholder owns a number of pre-split shares that is greater than 25,000 but is not evenly divisible by 25,000, then the fractional shares of such stockholder resulting from the proposed Reverse Stock Split would be cashed out at the Cash Payment. The Company estimates that approximately 3,481,673 shares of the Company's common stock (representing approximately 4.7% of the shares of common stock currently outstanding) would be cashed out in the Reverse Stock Split and the aggregate cost to the Company of the Reverse Stock Split would be approximately $1,500,000. This amount includes approximately $1,009,685 needed to cash out fractional shares that would otherwise result from the Reverse Stock Split in respect of Cashed Out Stockholders (and the Cash Payment owed to certain Continuing Stockholders in lieu of fractional shares), and approximately $300,000 of legal, solicitation, filing, and other costs needed to effect the Reverse Stock Split. This total amount could be larger or smaller depending on, among other things, the number of fractional shares that will be outstanding after the Reverse Stock Split as a result of purchases, sales and other transfers of our shares of common stock by our stockholders. The Reverse Stock Split will be submitted to a vote of the Company's stockholders at a Special Meeting of Stockholders to be called for that purpose. The Special Committee has instructed the Company's management to prepare and file a preliminary proxy statement with respect to the Reverse Stock Split. The affirmative majority vote of our common stock present and voting at the Special Meeting is required for the adoption of the Reverse Stock Split proposal and, accordingly, to approve the Reverse Stock Split. The Reverse Stock Split is a Rule 13e-3 transaction. A "Rule 13e-3 transaction" is any transaction or series of transactions (involving a securities purchase, tender offer, or specified proxy solicitation) by an issuer or an affiliate of the issuer, which has a reasonable likelihood or purpose of directly or indirectly: (i) causing any registered class of equity securities to be eligible for termination of registration, or eligible for termination or suspension of reporting obligations; or (ii) causing any listed class of equity securities to cease to be listed on a national securities exchange. As of July 30, 2025, the Company's directors and executive officers owned approximately 37% of the issued and outstanding shares of the Company's common stock and are expected to vote "FOR" the Reverse Stock Split. The terms and contemplated timeline of the Reverse Stock Split, including the manner of determining the fair value for shares to be cashed out in the Reverse Stock Split, will be set forth in the preliminary proxy statement and a transaction statement on Schedule 13E-3 filed by the Company outlining the Reverse Stock Split. The Reverse Stock Split may be considered a "going private" transaction as defined in Rule 13e-3 promulgated under the Exchange Act, as it is part of a plan to terminate the registration of (or "deregister") the Company's common stock under Section 12(g) of the Exchange Act and suspend the Company's duty to file periodic reports and other information with the U.S. Securities and Exchange Commission under Section 13(a) thereunder. If effected, the Reverse Stock Split would apply directly to record holders of the Company's common stock. Persons who hold shares of the Company's common stock in "street name" are encouraged to contact their bank, broker or other nominee for information on how the Reverse Stock Split may affect any shares of the Company's common stock held for their account. If you hold in "street name" fewer than 25,000 shares in any one account, the Reverse Stock Split may apply indirectly to your shares as described in the proxy statement to be filed in connection with the Reverse Stock Split. The Special Committee may abandon the Reverse Stock Split at any time prior to the effectiveness of the Reverse Stock Split, even after stockholder approval, if the Special Committee determines in its business judgment that the Reverse Stock Split is no longer in the best interests of the Company and its stockholders. The Company's Chairman of the Board, Thomas B. Akin, and members of senior management of the Company may purchase or sell shares of common stock of the Company in the open market following the public announcement of the Reverse Stock Split. Any such purchases or sales will be reported on Form 4 and Schedule 13D to the extent required by law. These purchases and sales may increase or decrease the price of the Company's common stock. About Mobivity Holdings Mobivity Holdings Corp. develops and operates proprietary platforms that enable brands and enterprises to run data-driven marketing campaigns at both national and local levels. The Company's flagship product, Recurrency, is a self-service SaaS platform that empowers businesses to optimize promotions, media, and marketing spend. On average, Recurrency delivers a 13% increase in guest spend and a 26% improvement in visit frequency resulting in a 10X Return on Marketing Spend. In other words, for every dollar invested, retailers using Recurrency generate approximately ten dollars in incremental revenue. In its report dated April 7, 2025, the Company's auditor M&K CPAS, PLLC, issued a "going concern" qualification citing that the Company has suffered net losses from operations and has a net capital deficiency, which raises substantial doubt about its ability to continue as a going concern. Mobivity Holdings has incurred net losses from operations resulting in an accumulated deficit of $142.8 million as of March 31, 2025. The Company expects continued losses in developing its business, raising substantial doubt about its ability to continue as a going concern, according to its quarterly report for the period ended March 31, 2025. The Company said its ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management plans to fund operating costs over the next 12 months through proceeds from securities sales and/or revenue from operations. MOBIVITY HOLDINGS: Raises $3.85M via Convertible Notes ------------------------------------------------------ Mobivity Holdings Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a Convertible Promissory Note Purchase Agreement with two accredited investors and/or their affiliates, Thomas B. Akin, a member of the Company's Board of Directors, and Bruce E. Terker, an owner of 5% or more of the outstanding shares of the Company's common stock, $0.001 par value (collectively, the "Investors"). Pursuant to the Agreement, the Company received $3.85 million in proceeds and issued senior secured convertible promissory notes in the aggregate principal amount of $3.85 million. The Convertible Notes were issued as part of a convertible note offering authorized by the Company's Special Committee of the Board of Directors to raise up to $4 million from the issuance of Convertible Notes (the "Offering"). Messrs. Akin and Terker invested $2.35 million and $1.5 million, respectively, in the Offering. The Company will use the proceeds from the sale of the Convertible Notes for working capital for general corporate purposes and for the proposed Reverse Stock Split (as defined below). The Convertible Notes have a stated maturity date of July 31, 2028, bear interest at a simple rate equal to 15% per annum until conversion or repayment. Accrued interest on the Convertible Notes will be payable quarterly in Common Stock based on the volume-weighted average price ("VWAP") of the Common Stock quoted on the OTCQB® Venture Market operated by OTC Markets Group Inc. over the 90 trading days as of the last day of the applicable quarter. The Convertible Notes may be optionally converted at the written election of the Investor to have all or part of the outstanding principal and/or accrued but unpaid interest under the applicable Convertible Note into shares of the Common Stock at a conversion price equal to 90% of the VWAP of the Company's publicly traded common stock on the date of conversion, if the Company is publicly listed, or if the Company is not publicly traded, the conversion price shall be 90% of the VWAP on announcement date of the Corporate Transaction (collectively, the "Conversion Price"). The outstanding principal and accrued but unpaid interest on Convertible Notes will automatically convert into Common Stock at the Conversion Price in the event that the Company conducts a Qualified Financing (defined below) prior to the maturity date of the Convertible Notes. Under the Convertible Notes, a "Qualified Financing" means the first transaction or series of related transactions in which the Company, on or before the maturity of the Convertible Notes: (i) sells any of its equity securities, (ii) receives a cash infusion related to the negotiation of, or entering into, a strategic partnership, and (iii) receives gross proceeds to the Company of at least $5,000,000 (excluding the amount attributable to the conversion of the Convertible Notes). In addition, in the event of a Corporate Transaction, as described below, the Investor shall elect either: (i) a cash payment equal to the outstanding principal and accrued but unpaid interest under the Convertible Notes or (ii) convert the Convertible Notes into shares of a newly created preferred stock of the Company, upon terms mutually agreed between the Company and Investor, including that the preferred stock would have full ratchet anti-dilution protection against the first subsequent capital raise of at least $5,000,000, at the Conversion Price. A "Corporate Transaction" means: (1) the closing of the sale, transfer or other disposition, in a single transaction or series of related transactions, of all or substantially all of the Company's assets; (2) the consummation of a merger or consolidation of the Company with or into another entity (except a merger or consolidation in which the holders of capital stock of the Company immediately prior to such merger or consolidation continue to hold a majority of the outstanding voting securities of the capital stock of the Company or the surviving or acquiring entity immediately following the consummation of such transaction); (3) the closing of the transfer (whether by merger, consolidation or otherwise), in a single transaction or series of related transactions, to a "person" or "group" (within the meaning of Section 13(d) and Section 14(d) of the Securities Exchange Act of 1934, as amended) of the Company's capital stock if, after such closing, such person or group would become the "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act) of more than 50% of the outstanding voting securities of the Company (or the surviving or acquiring entity) or (4) the Company ceases to be a reporting company under the Exchange Act. For the avoidance of doubt, a transaction will not constitute a "Corporate Transaction" if its sole purpose is to change the state of the Company's incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held the Company's securities immediately prior to such transaction. Notwithstanding the foregoing, the sale of equity securities in a bona fide financing transaction will not be deemed a "Corporate Transaction." The issuance and sale of the Convertible Notes and conversion shares thereunder (collectively, the "Securities") have not been, and will not upon issuance be, registered under the Securities Act of 1933, as amended, and the Securities may not be offered or sold in the United States absent registration under or exemption from the Securities Act and any applicable state securities laws. The Securities were issued and sold in reliance upon an exemption from registration afforded by Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated under the Securities Act, based on the following facts: each of the Investors has represented that it is an accredited investor as defined in Rule 501(a) promulgated under the Securities Act, that it is acquiring the Securities for investment only and not with a view towards, or for resale in connection with, the public sale or distribution thereof in violation of applicable securities laws and that it has sufficient investment experience to evaluate the risks of the investment; the Company used no advertising or general solicitation in connection with the issuance and sale of the Securities to the Investors; and, the Securities will be issued as restricted securities. The Company did not engage any underwriter or placement agent in connection with the Convertible Notes Offering. Convertible Note Amendments: As previously announced, on March 17, 2025, the Company entered into a convertible promissory note purchase agreement (the "March Agreement") with four accredited investors, including Thomas B. Akin, a member of the Company's Board, and Bruce E. Terker, an owner of 5% or more of the outstanding shares of the Company's Common Stock. Pursuant to the March Agreement, the Company received $2 million in proceeds and issued senior secured convertible promissory notes (each a "March Convertible Note" and collectively, the "March Convertible Notes") in the aggregate principal amount of $2 million. Contemporaneously with the Offering, the March Convertible Notes were amended by the Company and holders of the March Convertible Notes to conform the conversion provisions of the March Convertible Notes to the Convertible Notes pursuant to the Amendment No. 1 to Senior Secured Convertible Promissory Notes (the "March Convertible Note Amendment"), dated July 31, 2025. Amendment to Convertible Notes under Existing Credit Agreement: As previously disclosed, the Company and Thomas B. Akin are parties to an Amended and Restated Credit Facility Agreement originally dated November 11, 2022, and subsequently amended on January 31, 2023; May 3, 2024; August 13, 2024; and November 21, 2024 (together, the "Existing Credit Agreement"). Advances under the Existing Credit Agreement were evidenced by the terms of one or more convertible notes. Contemporaneously with the Offering, the Existing Notes were amended by the Company and Mr. Akin to conform the conversion provisions of the Existing Notes to the Convertible Notes pursuant to the Amendment No. 5 to Convertible Notes (the "Amendment No. 5 to Existing Notes"), dated July 31, 2025. The preceding description of the Agreement, Convertible Notes, March Convertible Note Amendment and the Amendment No. 5 to Existing Notes is qualified in its entirety by reference to the copies of such documents filed in the 8-K as Exhibits 10.1, 10.2, 10.3 and 10.4, respectively, to this Current Report on Form 8-K, which are available at https://tinyurl.com/bddmuask About Mobivity Holdings Mobivity Holdings Corp. develops and operates proprietary platforms that enable brands and enterprises to run data-driven marketing campaigns at both national and local levels. The Company's flagship product, Recurrency, is a self-service SaaS platform that empowers businesses to optimize promotions, media, and marketing spend. On average, Recurrency delivers a 13% increase in guest spend and a 26% improvement in visit frequency resulting in a 10X Return on Marketing Spend. In other words, for every dollar invested, retailers using Recurrency generate approximately ten dollars in incremental revenue. In its report dated April 7, 2025, the Company's auditor M&K CPAS, PLLC, issued a "going concern" qualification citing that the Company has suffered net losses from operations and has a net capital deficiency, which raises substantial doubt about its ability to continue as a going concern. Mobivity Holdings has incurred net losses from operations resulting in an accumulated deficit of $142.8 million as of March 31, 2025. The Company expects continued losses in developing its business, raising substantial doubt about its ability to continue as a going concern, according to its quarterly report for the period ended March 31, 2025. The Company said its ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management plans to fund operating costs over the next 12 months through proceeds from securities sales and/or revenue from operations. MOSAIC SUSTAINABLE: Deadline to File Claims Set for Oct. 16, 2025 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas set Oct. 16, 2025, at 4:00 p.m. (prevailing Central Time) as the last date and time for persons or entities to file proofs of claim against Mosaic Sustainable Finance Corporation and its debtor-affiliates. The Court also set Dec. 3, 2025, at 4:00 p.m. (prevailing Central Time) as the deadline for all governmental units to file their claims against the Debtors. Each Proof of Claim must be filed, including supporting documentation, so as to be actually received by Kroll as follows: (i) by electronic submission through the interface available at https://cases.ra.kroll.com/mosaic/EPOC-Index or (ii) if submitted through non-electronic means, by U.S. Mail or other hand delivery system at the following address: If by First-Class Mail: Mosaic Sustainable Finance Corporation Claims Processing Center c/o Kroll Restructuring Administration LLC Grand Central Station PO Box 4850 New York, NY 10163-4850 If by Hand Delivery or Overnight Mail: Mosaic Sustainable Finance Corporation Claims Processing Center c/o Kroll Restructuring Administration LLC 850 3rd Avenue, Suite 412 Brooklyn, NY 11232 Claimants wishing to receive acknowledgment that their Proofs of Claim were received by Kroll must submit (i) a copy of the Proof of Claim Form (in addition to the original Proof of Claim Form sent to Kroll) and (ii) a self-addressed, stamped envelope. To receive confirmation that the claim has been filed, enclose a stamped self-addressed envelope and a copy of this form. You may view a list of filed claims in this case by visiting the Claims and Noticing Agent's website at https://cases.ra.kroll.com/Mosaic/EPOC-Index. About Mosaic Sustainable Finance Mosaic Sustainable Finance Corporation sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90156) on June 6, 2025, with $1,000,000,001 to $10 billion in assets and liabilities. Judge Christopher M. Lopez presides over the case. Charles Martin Persons, Esq., at Paul Hastings LLP, is the Debtor's legal counsel. NEW FORTRESS: Asks for 10-Q Filing Extension Amid Credit Talks -------------------------------------------------------------- Ilya Banares of Bloomberg News reports that New Fortress Energy has postponed submitting its 10-Q and is seeking additional time, citing "ongoing negotiations for supplemental credit support" required under one of its debt agreements. The company is still finalizing its quarterly financial close. Second-quarter revenue from terminal operations fell significantly from the prior year, primarily due to the termination of a Puerto Rico power project, lower revenues in Jamaica, and reduced cargo sales. Operating expenses rose sharply, driven by goodwill and asset impairments, according to Bloomberg News. About New Fortress Energy Inc. New Fortress Energy Inc., a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. * * * In July 2025, S&P Global Ratings lowered its issuer credit rating on New Fortress Energy Inc. (NFE) to 'CCC' from 'B-' . . . The negative outlook reflects heightened refinancing risk on the company's notes due September 2026 and an increased possibility that a payment default or distressed exchange may occur within the next 12 months. NIKOLA CORP: Shareholders Reach $6.3MM Settlement with SPAC ----------------------------------------------------------- Clara Geoghegan of Law360 reports that the stockholders and board members of the blank check company that took electric vehicle maker Nikola public have reached a $6.3 million settlement to resolve a Delaware Chancery Court lawsuit accusing the SPAC of misleading investors about Nikola's prospects. 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. Honorable 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. NORRIS TRAINING: Claims to be Paid from Continued Operations ------------------------------------------------------------ Norris Training Systems, LLC, and its affiliates, and Modern Bank, N.A., as administrative agent and secured lender, submitted a Combined Joint Plan of Reorganization and Disclosure Statement dated August 7, 2025. Founded in 1990, Norris Conference Centers has built a formidable reputation as a leading provider of meeting and event spaces across Texas. The Debtors offer conference and event venue space for a wide range of functions including meetings, seminars, exhibits, trade shows, and social events (i.e., wedding receptions, dinner parties, banquets, proms and class reunions, fundraisers, and a variety of company celebrations). The Debtors are a full-service events business with expertise in catering, audio-visual, marketing, sales, and operations. Prior to filing these bankruptcy cases, the Debtors engaged Vestian Global Workplace Services, LLC to assist with lease restructuring negotiations with the Debtors' landlords. The Debtors were optimistic as negotiations with most of the landlords were productive. Despite success with some of the landlords, the Debtors received a threat of a "lock-out" from its San Antonio landlord just days before several large events. The Debtors' Schedule F reflects undisputed unsecured claims of $2,278,389.48. The Debtors or Reorganized Debtors may file objections to certain Proofs of Claim. Should additional or amended Proofs of Claim be filed, the Debtors will review such claims and may file additional objections. The Debtors are unable to predict the outcome of any anticipated claim objections that may be filed. Class 3 consists of Allowed General Unsecured Claims, including the Allowed Modern Bank Term Loan General Unsecured Deficiency Claim. Class 3 is impaired. Each holder of a Class 3 General Unsecured Claim is impaired and therefore entitled to vote to accept or reject the Plan. On the Effective Date, all holders of Allowed General Unsecured Claims, in exchange for, and in satisfaction in full of their Allowed General Unsecured Claims shall receive, at their election, either: * a pro rata share of the Reorganized NTS Interests, subject to a pledge to Modern Bank as secured lender and agent under the Secured Exit Facility, pursuant to the Equity Pledge Agreement (the "Equity Election"), or * no recovery or Distribution on account of its claim, and upon the Effective Date, such Allowed General Unsecured Claim will be canceled, Disallowed, released, extinguished and discharged. In order to make the Equity Election, such holder must (i) so indicate on its ballot and (ii) execute the Equity Pledge Agreement, pursuant to which such holders of Allowed General Unsecured Claims shall pledge such Interests and related rights to Agent to secure the Secured Exit Facility. If a holder of an Allowed General Unsecured Claim fails to vote on the Plan, such holder shall not receive any Distribution on account of its claim, and such claim shall be cancelled, Disallowed, released, extinguished and forever discharged. If no holders of Allowed General Unsecured Claims make the Equity Election, then the equity in Reorganized NTS will be deemed to vest in a trust to be created for the benefit of the holders of the Secured Exit Facility and the Unsecured Exit Facility. The form of trust documents, if necessary, may be filed in a Plan Supplement. Class 4 consists of Equity Interests. On the Effective Date, all Equity Interests in the Debtors shall be cancelled, released, and extinguished, and will be of no further force or effect, and each holder of a Class 4 Equity Interest will not receive any Distribution on account of such Class 4 Equity Interest. Class 4 is impaired and deemed to reject the Plan. Each holder of a Class 4 Equity Interest is therefore not entitled to vote to accept or reject the Plan. Through the Effective Date, these Chapter 11 Cases shall be funded with the Debtors' cash on hand pursuant to, and in accordance with, the Final Cash Collateral Order, as such order is further amended and entered by the Bankruptcy Court. After the Effective Date, the Reorganized Debtors' obligations under the Plan will be funded by the Reorganized Debtors' available cash from the Reorganized Debtors' ordinary course operations. On the Effective Date, the Existing Board is removed and dissolved without further action under applicable law, regulation, order, or rule, including any action by the members, Existing Board, the New Board of Managers, or similar governing body or persons of the Debtors. The members of the Existing Board, in their capacities as such, from and after the Effective Date, shall have no continuing obligations or duties to the Reorganized Debtors and each member of the Existing Board shall be deemed to have resigned or shall otherwise cease to be a director or manager of the applicable Debtor. On the Effective Date (or as soon as reasonably practical thereafter), pursuant to this Plan, the Confirmation Order, and Section 1145 of the Bankruptcy Code, the Reorganized Debtors shall be authorized and shall issue 100% of the membership interests in Reorganized NTS, which shall be distributed pro rata to the holders of the General Unsecured Claims that vote and make the Equity Election, free and clear of all Liens, Claims and encumbrances, without further notice to or order of the Bankruptcy Court, act or action under applicable law, regulation, order, or rule, or the vote, consent, authorization or approval of any Person; provided, however, that the Reorganized NTS Interests shall be pledged by holders of such interests to the Agent pursuant to the Equity Pledge Agreement. A full-text copy of the Combined Joint Plan and Disclosure Statement dated August 7, 2025 is available at https://urlcurt.com/u?l=ZcYaqS from PacerMonitor.com at no charge. Counsel to the Debtors: Jennifer F. Wertz, Esq. Matthew D. Cavenaugh, Esq. Genevieve M. Graham, Esq. Victoria N. Argeroplos, Esq. Jackson Walker LLP 100 Congress Avenue, Suite 1100 Austin, TX 78701 Tel: (512) 236-2000 Fax: (512) 236-2002 Email: jwertz@jw.com Email: mcavenaugh@jw.com Email: ggraham@jw.com Email: vargeroplos@jw.com Email: bbutler@jw.com Counsel to Modern Bank: TROUTMAN PEPPER LOCKE LLP Alex R. Rovira, Esq. Michael A. Sabino, Esq. 875 Third Avenue New York, NY 10022 Phone: 212-704-6095 Fax: (212) 704-6288 Email: alex.rovira@troutman.com Email: michael.sabino@troutman.com ROSS, & SMITH PC Frances A. Smith, Esq. 700 N. Pearl Street, Suite 1610 Dallas, TX 75201 Phone: 214-377-7879 Fax: 214-377-9409 Email: Frances.smith@ross-and-smith.com About Norris Training Systems Norris Training Systems, LLC and its affiliates own and operate general rental centers. Catering by Norris is a premium catering Company in Houston and San Antonio. The Debtors also host meetings, conferences, training programs, and/or trade shows. Norris Training Systems, LLC and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Lead Case No. 24-10807) on July 10, 2024. The petitions were signed by David Norris as president. The Debtors estimated $10 million to $50 million in both assets and liabilities. Judge Shad Robinson presides over the case. Jennifer F. Wertz, Esq., at JACKSON WALKER LLP, is the Debtor's counsel. NUMERICAL CONCEPTS: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Numerical Concepts Inc. 4040 E. 1st Parkway Fort Harrison Industrial Park Terre Haute, IN 47804 Business Description: Numerical Concepts, Inc. is a woman-owned manufacturer established in 1973, specializing in the design and fabrication of both custom-built machines and individual components for various industries worldwide. Operating from a 78,000-square-foot facility, the Company offers comprehensive services including machining, assembly, inspection, and testing with minimal subcontracting. Leveraging over 450 years of combined management and machinist experience, Numerical Concepts serves as a one-stop provider of complex equipment and parts with a focus on quality and customer satisfaction. Chapter 11 Petition Date: August 11, 2025 Court: United States Bankruptcy Court Southern District of Indiana Case No.: 25-80405 Judge: Hon. Jeffrey J Graham Debtor's Counsel: Jason T. Mizzell, Esq. KROGER, GARDIS & REGAS, LLP 111 Monument Circle, Suite 900 Indianapolis, IN 46204 Tel: 317-692-9000 Fax: 317-264-6832 E-mail: jmizzell@kgrlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Nancy Seidel Jones as CEO. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XIACIUI/Numerical_Concepts_Inc__insbke-25-80405__0001.0.pdf?mcid=tGE4TAMA OAKLAND VILLAGE: Continued Operations to Fund Plan Payments ----------------------------------------------------------- Oakland Village Associates FL, LLC and Windmill Point Apartments DE, LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Joint Disclosure Statement describing Joint Plan of Reorganization dated August 7, 2025. Oakland Village Associates was formed in 2021 and owns a series of twelve duplex properties located in Altamonte Springs, Florida in which property is rented out to residential tenants on long-term (1 year) leases. The property is comprised of units that are approximately 1,200 square feet with two bedrooms and two baths per unit. The Property is fully occupied and leased out. The Plan contemplates allocation of specific units among Wilmington Trust and Oakland as part of settlements to resolve secured claims in full. Windmill Point Apartments was formed in December 1984 and owns real property located 69 units in an apartment complex known as Windmill Point Condominiums in Orlando, close to the University of Central Florida. The Plan contemplates allocation of specific units among Wilmington Trust and Windmill as part of settlements to resolve secured claims in full. In January 2025, Wilmington Trust, N.A. (as successor in interest to Corevest American Finance Lender, LLC) ("Lender") filed a lawsuit in the Circuit Court in Seminole County, Florida seeking to foreclose its commercial mortgage lien on the Property based on non-payment of principal and interest payments from May 2024. The Debtor disputes there was a proper default based on funds available in the reserve account with Lender but does not have a proper reconciliation from the Lender. Specifically, the Debtors plan to propose a 100% payment plan to all allowed claims with a combination of: (i) refinancing, (ii) finding new tenants for vacant spaces, (iii) exploring the sale of some of its properties; and (iv) servicing debt from current revenue. The Plan provides the respective Holders of Allowed Administrative Claims, Allowed Priority Claims, and Allowed Priority Tax Claims, if any, will be paid in full on the Effective Date, over time as permitted by the Bankruptcy Code, or in accordance with the treatment specified herein. Class 3 consists of all allowed general unsecured claims against Windmill that are not otherwise classified herein. Holders of allowed general unsecured claims shall receive a pro rata distribution from available cash on hand after payment of Allowed Administrative Claims, Allowed Priority Claims, and settlement obligations under this Plan. Such distribution shall be made within 90 days after the Effective Date. Class 3 is Impaired. The Debtor will continue to manage and operate its business in the ordinary course on a smaller scale, but with restructured debt obligations. It is anticipated that each Debtor's continued operations will be sufficient to make the Plan Payments. Funds generated from the Debtor's operations through the Effective Date will be used for Plan Payments; however, the Debtor's cash on hand as of Confirmation will be available for payment of Administrative Expenses. A full-text copy of the Joint Disclosure Statement dated August 7, 2025 is available at https://urlcurt.com/u?l=ChqBYU from PacerMonitor.com at no charge. The Debtor's Counsel: Justin M. Luna, Esq. LATHAM LUNA EDEN & BEAUDINE LLP 201 S. Orange Avenue Suite 1400 Orlando, FL 32801 Tel: (401) 481-5800 E-mail: jluna@lathamluna.com About Oakland Village Associates FL LLC Oakland Village Associates FL LLC is a real estate company based in Orlando, Florida. Oakland Village Associates FL LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02805) on May 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Lori V. Vaughan handles the case. The Debtors are represented by Justin M. Luna, Esq., at Latham Luna Eden & Beaudine, LLP. Wilmington Trust, N.A., as lender, is represented by: Ryan C. Reinert, Esq. Bridget M. Dennis, Esq. Shutts & Bowen, LLP 4301 W. Boy Scout Blvd., Suite 300 Tampa, FL 33607 Telephone: (813) 229-8900 Email: bdennis@shutts.com rreinert@shutts.com PAI HOLDCO: Carlyle Secured Marks $14.8M 2L Loan at 17% Off ----------------------------------------------------------- Carlyle Secured Lending, Inc. has marked its $14,820,000 loan extended to PAI Holdco, Inc. to market at $12,327,000 or 83% of the outstanding amount, according to Carlyle Secured's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Carlyle Secured is a participant in a Second Lien Loan to PAI Holdco, Inc. The loan accrues interest at a rate of 11.78% percent per annum. The loan matures on October 28, 2028. Carlyle Secured is a Maryland corporation formed on February 8, 2012, and structured as an externally managed, non-diversified closed-end investment company. Its investment objective is to maximize both current income and capital appreciation through debt and equity investments. The Company directly and indirectly invests primarily in leveraged middle market companies in the form of senior secured loans, financing leases and, to a lesser extent, unsecured loans and equity securities. Carlyle Secured is led by Thomas M. Hennigan as Chief Financial Officer The Fund can be reach through: Thomas M. Hennigan Carlyle Secured Lending, Inc. One Vanderbilt Avenue, Suite 3400 New York, NY 10017 Telephone: (212) 813-4900 About PAI Holdco, Inc. PAI Holdco, Inc. operates as an investment company. PALMAS ATHLETIC: Seeks to Tap Charles A. Cuprill as Legal Counsel ----------------------------------------------------------------- Palmas Athletic Club Corp. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Charles A. Cuprill, PSC, Law Offices to handle its Chapter 11 case. The firm will be paid at these hourly rates: Charles Cuprill-Hernandez, Attorney $400 Paralegals $85 In addition, the firm will seek reimbursement for expenses incurred. The firm received a $61,800 retainer from the Debtor. Mr. Cuprill-Hernandez 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: Charles A. Cuprill, Esq. Charles A. Cuprill, PSC, Law Offices 356 Fortaleza Street, Second Floor San Juan, PR 00901 Telephone: (787) 977-0515 Facsimile: (787) 977-0518 Email: ccuprill@cuprill.com About Palmas Athletic Club Corp. Palmas Athletic Club Corp. owns and operates a 420-acre recreational property within Palmas Del Mar Resort in Humacao, Puerto Rico. The site includes two 18-hole golf courses, a 22,200-square-foot clubhouse, a 5,600-square-foot beach clubhouse, and related facilities. Palmas Athletic Club Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-03489) on August 4, 2025. In its petition, the Debtor reports total assets of $16,793,944 and total liabilities of $36,514,983. The Debtor tapped Charles A. Cuprill Hernandez, Esq. at Charles A. Cuprill, PSC, Law Offices and CPA Luis R. Carrasquillo & CO, PSC as financial consultant. PALMAS ATHLETIC: Taps Luis R. Carrasquillo as Financial Consultant ------------------------------------------------------------------ Palmas Athletic Club Corp. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ CPA Luis R. Carrasquillo & CO, PSC as financial consultant. The firm will assist in the financial restructuring of the Debtor's affairs by providing advice in strategic planning and the preparation of its plan of reorganization, disclosure statement and business plan, and participating in negotiations with its creditors. The hourly rates of the firm's counsel and staff are as follows: Luis Carrasquillo, Partner $200 Ramon Villafane, External Accountant $200 Marcelo Gutierrez, Senior CPA $160 Zoraida Delgado Diaz, Senior Accountant $110 Arnaldo Morales, Senior Accountant $100 David Sanchez Diaz, Accountant $95 Enid Olmeda, Junior Accountant $85 Jean Aponte, Senuor Accountant $75 Luis Guzman, Accountant $60 Rosalie Hernandez, Administrative and Support $45 The firm received a $40,500 retainer from the Debtor. Mr. Carrasquillo 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: Luis R. Carrasquillo, CPA, CIRA, CVA CPA Luis R. Carrasquillo & Co., PSC 28th Street, TI - 26 Turabo Gardens, Caguas PR 00725 Telephone: (787) 746-4555 Email: luis@cpacarrasquillo.com About Palmas Athletic Club Corp. Palmas Athletic Club Corp. owns and operates a 420-acre recreational property within Palmas Del Mar Resort in Humacao, Puerto Rico. The site includes two 18-hole golf courses, a 22,200-square-foot clubhouse, a 5,600-square-foot beach clubhouse, and related facilities. Palmas Athletic Club Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-03489) on August 4, 2025. In its petition, the Debtor reports total assets of $16,793,944 and total liabilities of $36,514,983. The Debtor tapped Charles A. Cuprill Hernandez, Esq. at Charles A. Cuprill, PSC, Law Offices and CPA Luis R. Carrasquillo & CO, PSC as financial consultant. PARTNERS PHARMACY: Case Summary & 30 Largest Unsecured Creditors ---------------------------------------------------------------- Lead Debtor: Partners Pharmacy Services, LLC 50 Lawrence Rd Springfield, NJ 07081 Business Description: Partners Pharmacy LLC provides medication management services to residents in skilled nursing facilities, assisted living communities, long-term care residences, long-term acute care hospitals, and institutional care facilities across the United States. Founded in 1998 and headquartered in Springfield Township, New Jersey, the Company operates in multiple states through a network of in-house pharmacies and regional locations, offering services such as automation systems, infusion therapy technologies, compounding, and clinical decision-support tools. It is one of the largest long-term care pharmacy providers in the U.S., serving over 48,000 residents in more than 500 communities. Chapter 11 Petition Date: August 13, 2025 Court: United States Bankruptcy Court Southern District of Texas Fourteen affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Partners Pharmacy Services, LLC (Lead Case) 25-34698 Partners of Connecticut, LLC 25-34702 Partners of Massachusetts, LLC 25-34703 Partners of Pennsylvania, LLC 25-34705 Partners Pharmacy of Florida, LLC 25-34707 Partners Pharmacy of Maryland, LLC 25-34708 Partners Pharmacy of Texas, LLC 25-34697 Partners Pharmacy of Virginia, LLC 25-34709 Partners of New York, LLC 25-34704 Partners Pharmacy Shell Point, LLC 25-34710 Partners Pharmacy, L.L.C. 25-34712 Solutions Homecare, L.L.C. 25-34713 Arrow Envoy Holdings, LLC 25-34699 Arrow Pharmacy Holdings, LLC 25-34700 Judge: ___ Debtors' Bankruptcy Counsel: Patrick J. Potter, Esq. PILLSBURY WINTHROP SHAW PITTMAN LLP 1200 Seventeenth Street, NW Washington, DC 20036 Tel: 202-663-8928 Fax: 202-663-8007 Email: patrick.potter@pillsburylaw.com and Dania Slim, Esq. Amy West, Esq. PILLSBURY WINTHROP SHAW PITTMAN LLP 31 West 52nd Street New York, NY 10019 Tel: (212) 858-1000 Fax: (212) 858-1500 Email: dania.slim@pillsburylaw.com amy.west@pillsburylaw.com and L. James Dickinson, Esq. PILLSBURY WINTHROP SHAW PITTMAN LLP 609 Main Street, Suite 2000 Houston, TX 77002 Tel: (713) 276-7654 Fax: (713) 276-7373 Email: james.dickinson@pillsburylaw.com Debtors' Investment Banker: SSG CAPITAL ADVISORS, LLC Debtors' Financial Advisor: GIBBONS ADVISORS, LLC Debtors' Notice, Claims & Balloting Agent and Administrative Advisor: KROLL RESTRUCTURING ADMINISTRATION LLC Lead Debtor's Estimated Assets: $1 million to $10 million Lead Debtor's Estimated Liabilities: $10 million to $50 million The petition was signed by Ronald M. Winters as chief restructuring officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JNFUWTI/Partners_Pharmacy_Services_LLC__txsbke-25-34698__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Cardinal Health 110, Dba Parmed Trade Vendor $19,082,508 Pharmaceuticals Attn: Michael Yeager 7000 Cardinal Place Dublin, OH 43017 Email: michael.yeager@cardinalhealth.com 2. Mckesson Corporation Trade Vendor $16,987,300 Attn: Laterrell Blunt Po Box 630693 Cincinnati, OH 45263‐0693 Email: laterell.blunt@mckesson.com 3. Statimrx, LLC Trade Vendor $3,773,974 Attn: John Difiore Po Box 736683 Chicago, IL 60673‐6683 Email: jdifiore@statimrx.com 4. Trinity Healthcare Solutions, LLC Trade Vendor $3,715,396 Attn: Jeremy Kassulke 11270 W Park Place Suite 625 Milwaukee, WI 53224 Email: jkassulke@spshealth.com 5. Strategic Delivery Solutions, LLC Trade Vendor $2,596,080 Attn: Drew Kronick PO Box 708 Clark, NJ 07066 Email: drew.kronick@Sds‐rx.com 6. 24/7 Xpress Enterprises, LLC Trade Vendor $941,185 Attn: Michael Williams 766 Eldorado Ave Clearwater Beach, FL 33767 Email: mwilliams@247exp.com 7. 50 Lawrence EFP LLC Real Property $841,476 Attn: Shimon Eckstein Lease 60 Broad Street Suite 3503 New York, NY 10004 Email: shimon1eckstein@gmail.com 8. Moderna US Inc Trade Vendor $716,159 Attn: John Powers Po Box 411543 Boston, MA 02241 Email: john.powers2@modernatx.com 9. Baxter Healthcare Corp Trade Vendor $632,076 Attn: Marty Fink Po Box 33037 Newark, NJ 07188 Email: marty_fink@baxter.com 10. Omnicell Inc Trade Vendor $508,582 Attn: Justin May Po Box 204650 Dallas, TX 75320‐4650 Email: justin.may@omnicell.com 11. Medline Industries, Inc Trade Vendor $494,245 Attn: Matthew Cummings Dept Ch 1440 Palatine, IL 60055‐4400 Email: mcummings@medline.com 12. Meriplex Solutions, LLC Trade Vendor $479,701 Attn: Cassidy Crawford Po Box 737650 Dallas, TX 75373‐7650 Email: cassidy.crawford@meriplex.com 13. Softwriters, Inc. Trade Vendor $378,916 Attn: Jason Yablinsky Po Box 101466 Atlanta, GA 30392‐1466 Email: jyablinsky@softwriters.com 14. Remedyrepack, Inc Trade Vendor $372,346 Attn: Greg Leis 625 Kolter Drive Suite #4 Indiana, PA 15701 Email: gsleis@diamondpharmacy.com 15. Anda Trade Vendor $362,438 Attn: Miriam Vargas Po Box 930219 Atlanta, GA 31193‐0219 Email: miriam.vargas@andanet.com 16. Access Trade Vendor $355,242 Attn: Nakisha Outlaw‐Bellamy PO Box 782998 Philadelphia, PA 19178‐2998 Email: nakisha.outlaw‐bellamy@accesscorp.com 17. Integrated Medical Systems Inc. Trade Vendor $353,770 Attn: Amanda Cozen 594 Territorial Drive Bolingbrook, IL 60440 Email: acozen@integratedmedsys.com 18. Capsa Solutions, LLC Trade Vendor $325,841 Attn: Don Sprague 8170 Dove Parkway Canal Winchester, OH 43110 Email: dgsprague@capsahealthcare.com 19. Kinray Inc Trade Vendor $299,371 Attn: Anne Lugo 152‐35 Tenth Ave Whitestone, NY 11357 Email: anne.lugo@kinray.com 20. Kasowitz Benson Torres LLP Professional $241,674 Attn: Daniel R. Benson Services 1633 Broadway New York, NY 10019 Email: dbenson@kasowitz.com 21. Pointclickcare, Inc Trade Vendor $231,537 Attn: Edward Patrick PO Box 674802 Detroit, MI 48267‐4802 Email: edward.p@pointclickcare.com 22. Interchange Rx, LLC Trade Vendor $231,431 Attn: Matt Tuttle 2431 E. 61st Ste 450 Tulsa, OK 74136 Email: matt@pdcrx.com 23. Central Admixture Trade Vendor $226,993 Pharmacy Service, Inc. Attn: President Or General Counsel Po Box 780404 Philadelphia, PA 19178‐0404 Email: customerservice@capspharmacy.com 24. Konica Minolta Trade Vendor $202,039 Attn: Ken Scheur 21146 Network Place Chicago, IL 60673‐1211 Email: kscheur@kmbs.konicaminolta.us 25. First Financial Trade Vendor $184,363 Corporate Leasing, LLC Attn: Ricardo Oseguera Jr Po Box 631222 Cincinnati, OH 45263‐1222 Email: roseguera@ffequipmentleasing.com 26. Medbank Trade Vendor $177,764 Attn: Marcos Marcou 25082 Network Place Chicago, IL 60673‐1250 Email: marcos.marcou@bd.com 27. Allied Medical Waste Trade Vendor $166,175 Attn: President Or General Counsel 2600 W Executive Parkway Lehi, UT 84043 Email: omar@alliedusa.net 28. Wells Fargo Vendor Trade Vendor $159,090 Financial Services LLC Attn: Rene Parra Po Box 070241 Philadelphia, PA 19176‐0241 Email: rene.parra‐bahena@financialservicing.net 29. Cohnreznick LLP Professional $135,518 Attn: Steve Courtade Services 14 Sylvan Way 3rd Fl Parsippany, NJ 07054 Email: stev.courtade@cohnreznick.com 30. Innovatix Network LLC Trade Vendor $134,890 Attn: Kim Garza Po Box 74008837 Chicago, IL 60674‐8837 Email: kim_garza@premierinc.com PENINSULA PACIFIC: S&P Assigns 'B-' ICR on Debt Issuances --------------------------------------------------------- S&P Global Ratings assigned its 'B-' issuer credit rating to Peninsula Pacific Entertainment Development LLC (d/b/a P2E), its 'B+' issue-level rating and '1' recovery rating to the super-priority revolving credit facility, and its 'B-' issue-level rating and '3' recovery rating to the term loan B. The stable outlook reflects S&P's expectation the company will maintain adequate liquidity throughout the construction period. In addition, it incorporates its belief that the stabilization of P2E's operations will enable it to comfortably support its fixed charges and generate positive free cash flow. P2E plans to issue a $50 million super-priority revolving credit facility and a $395 million senior secured term loan B, which--at close--will comprise a drawn $320 million term loan B and a $75 million delayed draw term loan. The company plans to use the proceeds from these issuances, along with cash equity, to repay its existing debt, fund its capital expenditure (capex; including the construction of Cedar Crossing Casino, which it expects to open on Dec. 31, 2026, and the growth capex for its New Hampshire facility), pay fees and expenses, and fund an interest reserve. The 'B-' issuer credit rating reflects the favorable market demographics in the areas that P2E operates, its operational visibility and the cash flow uplift from its existing casinos during the construction project, as well as management's experience in developing and operating regional casinos. These strengths are partially offset by the risks associated with the company's construction project, its limited scale, and its elevated leverage during the construction period. S&P said, "We expect P2E will continue to expand its operations at its existing operating casinos as it works to complete the construction of Cedar Crossing, which will benefit its cash flow. The company currently operates five small- to medium-size casinos in New Hampshire and one in Kansas, which are focused on their local markets. The New Hampshire gaming market is highly competitive, with new entrants creating additional pressure. P2E mainly operates casinos in distinct local markets that are somewhat geographically protected from new competition, helping mitigate its competitive risk. We anticipate the company will materially increase its revenue during the construction period as it ramps up its operations in New Hampshire, including at its two recently opened casinos (opened in December 2024 and February 2025). In addition, recent changes to New Hampshire gaming regulations, including an expansion of the machine types allowed and the removal of table betting limits, will likely support increased gaming revenue for P2E. We forecast the company's Kansas casino will experience relatively stable performance and expand in line with consumer spending as it works to complete the construction of Cedar Crossing. "Cedar Crossing will serve a largely unpenetrated market, thus we believe it will be able to absorb the additional gaming capacity from the new casino. P2E is developing a new casino that will feature 700 slots, 22 table games, 4 food and beverage (F&B) outlets, and an event center in Cedar Rapids, Iowa. We expect the casino will benefit from the limited competition in its local area (given that its nearest competitor is located 40 minutes away), its proximity to a major interstate, and its large addressable and underserved market (with 350,000 adults living within 30 miles of the property and attractive income demographics). We believe the property will also benefit from nearby entertainment venues that draw customer traffic to the area. "We view the company's financial risk as highly leveraged, which reflects the risk associated with its greenfield project and the subsequent ramp-up period. P2E has begun construction on the Cedar Crossing Casino, which it expects to open Dec. 31, 2026. Greenfield construction projects carry inherent risks, including cost overruns and delays, which can strain their operator's liquidity. The construction project has a guaranteed maximum pricing (GMP) contract and a funded contingency of 15% for hard costs, which is in line with other gaming projects and adequate for its scope in our view. The use of $70 million of cash equity, including $50 million spent prior to the close of this financing on already completed construction work, is an additional risk mitigant. P2E is also funding a modest interest reserve account. The company expects funds in the interest reserve account, combined with cash flow from its existing assets (assuming a 25% haircut), to be sufficient to cover 17 months of interest (the construction period and a two-month cushion). Under our base-case forecast, we assume P2E's existing cash flow and funds in the interest reserve will be sufficient to pay its interest costs over this period. While we view this level of liquidity as adequate for the project, the two-month cushion creates a short timeline to ramp up its operations to generate sufficient cash flow to cover its fixed charges. Additionally, we anticipate that higher marketing and promotions associated with opening a new casino could pressure P2E's liquidity. These risks are somewhat offset by the structure detailed above, management's experience in developing and managing casino openings, and the cash flow benefit from its existing operations. "The stable outlook reflects our view that P2E has adequate funding in place to complete the construction of its new casino. It also incorporates our expectation that the company will continue to expand its existing operations during the construction period. We forecast P2E's S&P Global Ratings-adjusted leverage will peak in the mid-9x area in 2026 before improving to the mid-5x area by the end of 2027 as it ramps up Cedar Crossing's operations. We project the company's EBITDA interest coverage will be in the low- to mid-1x range in 2026 before rising above 2x in 2027. "We would consider lowering our rating on P2E if construction delays or other unexpected events lead to a deterioration in its liquidity. We could also lower the rating if the company's operating performance during the construction period or after opening is weaker than expected such that cash flow is insufficient to cover its fixed charges including interest expense, loan amortization, and capex. "We are unlikely to raise our rating on P2E until it opens Cedar Crossing and the facility meets our operating performance expectations. That said, we could raise the rating if the company sustains leverage of under 5x and EBITDA interest coverage of greater than 2x." PERASO INC: Extends Series C Warrants Expiration to Dec. 5 ---------------------------------------------------------- Peraso Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company extended the expiration date of its outstanding Series C warrants to 5:00 p.m. (New York City time) on December 5, 2025, by entering into a Second Amendment with each holder of the Series C Warrants. The Series C Warrants to purchase up to an aggregate of 2,246,030 shares of the Company's common stock, par value $0.001 per share, were issued on November 6, 2024 pursuant to the terms of certain inducement offer letter agreements, each dated November 5, 2024, by and between the Company and each holder of the Series C Warrants. The expiration date of the Series C Warrants was previously extended from 5:00 p.m. (New York City time) on May 6, 2025 to 5:00 p.m. (New York City time) on August 4, 2025 pursuant to amendments dated May 2, 2025, by and between the Company and each holder of the Series C Warrants. The Series C Warrants have an exercise price of $1.61 per share and would otherwise have expired at 5:00 p.m. (New York City time) on August 4, 2025. The resale of the shares of common stock issuable upon exercise of the Series C Warrants has been registered pursuant to the Company's registration statement on Form S-3 (File No. 333-283573), which was declared effective by the Securities and Exchange Commission on December 10, 2024. About Peraso Inc. Headquartered in San Jose, California, Peraso Inc. -- www.perasoinc.com -- is a pioneer in high-performance 60 GHz unlicensed and 5G mmWave wireless technology, offering chipsets, antenna modules, software and IP. Peraso supports a variety of applications, including fixed wireless access, immersive video and factory automation. In addition, Peraso's solutions for data and telecom networks focus on Accelerating Data Intelligence and Multi-Access Edge Computing, providing end-to-end solutions from the edge to the centralized core and into the cloud. In its report dated March 28, 2025, the Company's auditor, Weinberg & Company, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that during the year ended Dec. 31, 2024, the Company incurred a net loss and utilized cash in operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, Peraso had $7.21 million in total assets, $3.74 million in total liabilities, and $3.47 million in total stockholders' equity. PLAZA MEXICO: Seeks to Hire Golden Goodrich as Bankruptcy Counsel ----------------------------------------------------------------- Plaza Mexico Residences II, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Golden Goodrich LLP as counsel. The firm will render these services: (a) advise the Debtor with respect to the requirements and provisions of the Bankruptcy Code, Federal Rules of Bankruptcy Procedure, Local Bankruptcy Rules, U.S. Trustee Guidelines, and other applicable requirements which may affect it; (b) assist the Debtor in preparing and filing schedules and statement of financial affairs, complying with and fulfilling U.S. Trustee Requirements, comply with and fulfill the requirements of the Bankruptcy Code and, in particular, the requirements of Chapter 11 of the Bankruptcy Code, and prepare other pleadings and documents as may be required after the initiation of a Chapter 11 case; (c) represent the Debtor at the initial debtor interview and the Bankruptcy Code section 341(a) meeting of creditors, and any continuances thereof; (d) assist the Debtor in identifying and, to the extent necessary, obtaining court approval of the employment of a chief restructuring officer and any other professional necessary for it to complete this Bankruptcy Case; (e) assist the Debtor in negotiations with creditors and other parties-in-interest; (f) assist the Debtor in the preparation and formulation of a Chapter 11 plan and confirmation of such a plan; (g) advise the Debtor concerning the rights and remedies of the estate and of it in regard to adversary proceedings which may be removed to, or initiated in, the Bankruptcy Court, and assist it, if appropriate, in retaining special counsel to litigate such adversary proceedings; (h) prepare all legal papers on behalf of the Debtor that are necessary to the administration of the case; (i) represent the Debtor in any proceeding or hearing in the Bankruptcy Court in any action where the rights of the estate or it may be litigated, or affected; and (j) otherwise provide those services to the Debtor as are generally provided by general insolvency counsel to it in a Chapter 11 case. The firm's attorneys will be paid at these discounted hourly rates: Jeffrey Golden $850 Cara Murray $700 Kerry Moynihan $650 Ryan Beall $600 In addition, the firm will seek reimbursement for expenses incurred. Mr. Golden 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: Jeffrey I. Golden, Esq. Golden Goodrich LLP 3070 Bristol Street, Suite 640 Costa Mesa, CA 92626 Telephone: (714) 966-1000 Facsimile: (714) 966-1002 About Plaza Mexico Residences II Plaza Mexico Residences II, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11916) on July 14, 2025, listing up to $50,000 in both assets and liabilities. Judge Scott C. Clarkson oversees the case. Jeffrey I. Golden, Esq., at Golden Goodrich LLP serves as the Debtor's counsel. PLAZA MEXICO: Seeks to Tap Golden Goodrich as Bankruptcy Counsel ---------------------------------------------------------------- Plaza Mexico Residences, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Golden Goodrich LLP as counsel. The firm will render these services: (a) advise the Debtor with respect to the requirements and provisions of the Bankruptcy Code, Federal Rules of Bankruptcy Procedure, Local Bankruptcy Rules, U.S. Trustee Guidelines, and other applicable requirements which may affect it; (b) assist the Debtor in preparing and filing schedules and statement of financial affairs, complying with and fulfilling U.S. Trustee Requirements, comply with and fulfill the requirements of the Bankruptcy Code and, in particular, the requirements of Chapter 11 of the Bankruptcy Code, and prepare other pleadings and documents as may be required after the initiation of a Chapter 11 case; (c) represent the Debtor at the initial debtor interview and the Bankruptcy Code section 341(a) meeting of creditors, and any continuances thereof; (d) assist the Debtor in identifying and, to the extent necessary, obtaining court approval of the employment of a chief restructuring officer and any other professional necessary for it to complete this Bankruptcy Case; (e) assist the Debtor in negotiations with creditors and other parties-in-interest; (f) assist the Debtor in the preparation and formulation of a Chapter 11 plan and confirmation of such a plan; (g) advise the Debtor concerning the rights and remedies of the estate and of it in regard to adversary proceedings which may be removed to, or initiated in, the Bankruptcy Court, and assist it, if appropriate, in retaining special counsel to litigate such adversary proceedings; (h) prepare all legal papers on behalf of the Debtor that are necessary to the administration of the case; (i) represent the Debtor in any proceeding or hearing in the Bankruptcy Court in any action where the rights of the estate or it may be litigated, or affected; and (j) otherwise provide those services to the Debtor as are generally provided by general insolvency counsel to it in a Chapter 11 case. The firm's attorneys will be paid at these discounted hourly rates: Jeffrey Golden $850 Cara Murray $700 Kerry Moynihan $650 Ryan Beall $600 In addition, the firm will seek reimbursement for expenses incurred. Mr. Golden 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: Jeffrey I. Golden, Esq. Golden Goodrich LLP 3070 Bristol Street, Suite 640 Costa Mesa, CA 92626 Telephone: (714) 966-1000 Facsimile: (714) 966-1002 About Plaza Mexico Residences Plaza Mexico Residences, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11913) on July 14, 2025, listing up to $50,000 in both assets and liabilities. Judge Scott C. Clarkson oversees the case. Jeffrey I. Golden, Esq., at Golden Goodrich LLP serves as the Debtor's counsel. PLYMOUTH PLACE: Fitch Affirms 'BB+' IDR, Outlook Stable ------------------------------------------------------- Fitch Ratings has affirmed the 'BB+' IDR and the 'BB+' rating on the following bonds issued by the Illinois Finance Authority on behalf of Plymouth Place: - $23,960,000 revenue refunding bonds, series 2021 A (Plymouth Place); - $71,575,000 revenue bonds, series 2022 A (Plymouth Place). The Rating Outlook is Stable. Entity/Debt Rating Prior ----------- ------ ----- Plymouth Place (IL) LT IDR BB+ Affirmed BB+ Plymouth Place (IL) /General Revenues/1 LT LT BB+ Affirmed BB+ The affirmation of Plymouth Place's 'BB+' ratings reflects stabilization following the independent living unit (ILU) expansion project, which has spurred management to consider further expansion. However, high construction costs currently make another project inefficient despite strong demand. The ratings also reflect Plymouth Place's solid market position and steady independent living demand, although its balance sheet remains weaker than typical for the rating. Fitch expects the balance sheet to strengthen as cash flow from the recent project accumulates. SECURITY The bonds are secured by an interest in the gross revenues of Plymouth Place and a security interest in certain mortgaged properties. Debt service reserve funds are associated with the series 2021A and 2022 bonds. KEY RATING DRIVERS Revenue Defensibility - bbb Plymouth Place's occupancy across the continuum of care has remained strong. ILU occupancy was at 95% in the apartments and 98% in the villas at the end of June 2025. Fitch expects ILU occupancy to remain above 93% over the outlook period. Assisted living unit (ALU), memory care and skilled nursing facility (SNF) occupancies were stable at 98%, 77% and 94%, respectively, at the end of June 2025. The Chicago metro area has many competitors for senior living, but competition from full continuum of care Type A providers is limited. Good service area demographics have enabled Plymouth Place to regularly increase fees, both for monthly service fees and on entrance fees. According to Zillow data, entrance fees are in line with prevailing housing prices in the local market. Operating Risk - bbb Plymouth Place has maintained an operating ratio below 100% since 2019, indicating effective cost control for a Type A contract provider. At year-end 2024, the operating ratio was 97%, with NOM at 12.9 and NOMA at 26%. Fitch expects the operating ratio to remain below 100% going forward. The average age of plant was about eight years at YE 2024, and capex to depreciation has averaged over 400% in recent years due to expansion spending. For FY 2025, revenue-only MADS coverage improved to 1.5x, up from below 1x prior to project stabilization, though MADS as a percent of revenue was weak at 19% in 2024 due to debt from the expansion. Fitch anticipates capital-related metrics will remain in the midrange over the Outlook period. Financial Profile - bb Fitch expects Plymouth Place's key leverage metrics to remain consistent with a 'BB+' rating, based on midrange revenue defensibility, midrange operating risk, and scenario analysis. At YE 2024, unrestricted cash was about $40 million (30% of total debt). As expansion cash flow accumulates, cash-to-adjusted debt is projected to rise to 'BB+' levels, and days cash on hand is expected to stay above 300. This supports a neutral liquidity assessment. MADS coverage for 2024 was good at 2.1x. Management is also considering shifting to more non-refundable entrance fee contracts to reduce refund liabilities, with a strategy to preserve the balance sheet during this transition. Asymmetric Additional Risk Considerations No asymmetric risk considerations were relevant to the rating decision. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Cash to adjusted debt stabilizing below 30% will pressure the rating; - Weakening in performance such that the operating ratio is consistently above 105%, and MADS coverage below 1.2x; - Deterioration in demand such that existing ILU occupancy is sustained below 90%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Strengthening of the financial profile such that cash to adjusted debt improves to 50% or greater in a stress case, and MADS coverage is consistently above 2x. PROFILE Plymouth Place operates a Type A life plan community located in La Grange Park, IL, roughly 15 miles west of downtown Chicago. The organization operates 240 ILU apartments, 52 ALUs, 26 memory support units, and 80 SNF beds. Plymouth Place offers a variety of resident contracts. The majority of residents in the existing ILUs have chosen the 90% refundable contracts. Total operating revenue was approximately $42 million in fiscal 2024. Sources of Information In addition to the sources of information identified in Fitch's applicable criteria specified below, this action was informed by data from DIVER by Solve. ESG Considerations No elevated ESG Considerations were relevant to the rating determination. PROJECT CASTLE: Carlyle Secured Marks $8.2MM 1L Loan at 21% Off --------------------------------------------------------------- Carlyle Secured Lending, Inc. has marked its $8,266,000 loan extended to Project Castle, Inc. to market at $6,495,000 or 79% of the outstanding amount, according to Carlyle Secured's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Carlyle Secured is a participant in a First Lien Loan to Project Castle, Inc. The loan accrues interest at a rate of 9.72% percent per annum. The loan matures on June 1, 2029. Carlyle Secured is a Maryland corporation formed on February 8, 2012, and structured as an externally managed, non-diversified closed-end investment company. Its investment objective is to maximize both current income and capital appreciation through debt and equity investments. The Company directly and indirectly invests primarily in leveraged middle market companies in the form of senior secured loans, financing leases and, to a lesser extent, unsecured loans and equity securities. Carlyle Secured is led by Thomas M. Hennigan as Chief Financial Officer The Fund can be reach through: Thomas M. Hennigan Carlyle Secured Lending, Inc. One Vanderbilt Avenue, Suite 3400 New York, NY 10017 Telephone: (212) 813-4900 About Project Castle, Inc. Project Castle, Inc. is engaged in the capital equipment industry. PROJECT EVEREST: S&P Affirms 'B' ICR, Outlook Stable ---------------------------------------------------- S&P Global Ratings affirmed the Project Everest Ultimate Parent LLC (Conga) 'B' issuer credit rating and removed the company's 'under criteria observation' (UCO) designation. S&P said, "The stable outlook reflects our expectation the company will generate healthy free operating cash flow (FOCF) to debt of greater than 10% despite a slowdown in revenue growth and a downward revision to our EBITDA margin forecast. Additionally, we expect leverage to increase from its current levels due to what we believe will be an aggressive financial policy. "The affirmation follows the revision to our criteria for assessing the impact on our adjusted credit metrics of CSF (see "Methodology For Assessing Financing Contributed By Controlling Shareholders," May 15, 2025). The updated criteria simplify our analytical approach in assessing the CSF. If we think the CSF will act as loss-absorbing or cash-conserving capital in times of stress and is not subject to any debt-like provisions (including contractual terms requiring mandatory cash payments, contractual terms providing creditor protections, and structural features for incentivizing redemption), we will exclude the CSF from our adjusted debt, leverage, and coverage metrics. For the preferred equity shares held by Conga's owner, Thoma Bravo, we now consider these instruments as equity given there are no terms in the preferred shares that require cash payment, the preferred shareholders do not have creditor protections, and we believe there are no structural features that incentivize redemption. "Despite materially improved S&P Global Ratings-adjusted credit metrics, we believe financial policy will likely increase leverage above 5x. While Conga has maintained a reserved financial policy in recent years regarding leveraging dividends or aggressive mergers and acquisitions (M&A), it only recently improved leverage beneath 5x. Because of its lack of track record operating at this leverage level, we continue to see financial policy risks that limit upside to our ratings during the forecast period. Given costly acquisition multiples and the current stalling growth profile of the business, the company could opt to undergo M&A to spark growth, which will likely be leveraging. In addition, based on the stage of Thoma Bravo's investment (seven years since the initial 2018 leveraged buyout of Apttus), there is an incentive to consider shareholder-rewarding activities, such as outright selling the company. "Growth has stalled and we expect performance to be challenged over the next 12-24 months. We expect revenue growth to be subdued this year as the company works through major changes across its organization, notably in its recent CEO change as well as its investment in AI capabilities to better support its subscription offering. Over the last two fiscal years Conga generated impressive EBITDA margin improvement of approximately 900 basis points (bps) on the heels of migrating customers over to the company's in-house platform, effectively removing the need to pay commissions to Salesforce. Over the last few quarters we believe the company has halted these migrations due to the greater investment they entail. While the company contemplates its next steps, we believe healthy revenue growth will require investment, which limits our margin growth expectations going forward. While we no longer expect operating performance to meet our previous forecast, FOCF will remain strong at well above 10% FOCF/debt going forward. In addition, even without margin expansion this year and absent aggressive financial policy decision-making, Conga will maintain leverage in the 5x area. Both metrics provide substantial cushion at the current rating. "The stable outlook reflects our expectation the company will generate healthy FOCF to debt of greater than 10% despite a slowdown in revenue growth and a downward revision to our EBITDA margin forecast. Additionally, we expect leverage to increase from its current levels due to what we believe will be an aggressive financial policy. "We could lower our ratings on Conga if we believe cash flow generation will weaken, resulting in FOCF to debt to decline below 5% or leverage to exceed 7x." This could be the result of: -- Elevated competition or deteriorating customer satisfaction, resulting in higher churn; or -- Aggressive financial policy related decisions that lever up the company's balance sheet. Although unlikely due to Conga's financial sponsor ownership, S&P could raise the rating if: -- The company shows a track record of and commitment to operating under S&P Global Ratings-adjusted leverage of 5x; -- The company continues to grow, increase its market position, and scale its operations such that that EBITDA margins expand; -- Conga continues to decrease its reliance on Salesforce by successfully migrating new and existing customers to its in-house platform; and -- Cash flow generation continues to be strong, supported by FOCF to debt above 10% sustainably. PROSPECT MEDICAL: Court OKs DIP Loan From MPT TRS Lender --------------------------------------------------------- Prospect Medical Holdings, Inc. and its affiliates received interim approval from the U.S. Bankruptcy Court for the Northern District of Texas to use cash collateral and obtain additional debtor-in-possession (DIP) financing from MPT TRS Lender PMH, LLC to get through bankruptcy. The interim order authorized the Debtors to amend their existing DIP credit agreement with MPT dated March 20, 2025, and obtain additional DIP financing from the lender pursuant to the revised DIP term sheet dated August 3, 2025. This additional financing consists of $55 million in new term loan from MPT, of which $15 million will be available immediately; and $25 million in new term loan available upon entry of a final order and to be used solely to repay the DIP loan obtained from JMB Capital Partners Lending, LLC. The MPT DIP facility is due and payable on December 31. The Debtors are required to comply with these milestones under the MPT DIP facility: i. An auction with respect to a CA Sale Transaction must be completed by September 15; ii. A final order approving a CA Sale Transaction must be entered by September 30; iii. An auction with respect to a CT Sale Transaction must be completed by September 19; and iv. A final order approving a CT Sale Transaction must be entered by October 3. The revised DIP term sheet also contemplates entry into a $30 million exit facility upon the effective date of a Chapter 11 plan to ensure the payment of administrative and priority claims, subject to certain conditions. The $30 million exit facility bears a 14% interest per annum, payable in kind (capitalizing at the end of each fiscal quarter) and will have a five-year maturity with mandatory repayment provisions upon the earlier of the maturity date or recovery of the exit facility through application of net proceeds under the recovery waterfall as set forth in the revised DIP term sheet. The Debtors argued that entry into the MPT DIP facility represents a sound exercise of business judgment and is necessary under the circumstances. The financing is critical to preserving estate value, ensuring uninterrupted patient care, and supporting the sale and plan confirmation processes. Without this financing, the Debtors would exhaust their cash reserves, leaving them unable to pay their 9,700 employees, vendors, or maintain hospital operations. The Debtors further argued that they cannot obtain alternative unsecured financing and that the proposed MPT DIP terms are fair, reasonable, and the result of good-faith, arm's-length negotiations. On July 26, the Debtors filed their initial motion requesting approval to amend their existing financing agreement to obtain additional funds from JMB. At the time, this proposal offered the most viable path forward. However, the Debtors explicitly stated their intent to continue exploring more favorable financing alternatives. Shortly thereafter, on July 28, MPT submitted a revised proposal to increase its existing DIP facility by $55 million. In response, JMB countered on July 30 with a revised term sheet offering $95 million in total financing, but with costly terms, including a 14% interest rate, a 4% commitment fee, and a 6% exit fee, which collectively would cost the estate an additional $9.5 million. As the Debtors weighed their options, MPT filed a formal objection on August 1 to the JMB proposal, asserting that it violated prior court-approved agreements and provisions of the Bankruptcy Code. To resolve the dispute and avoid a contested hearing, the Debtors and their advisors engaged in intensive negotiations. These efforts culminated in MPT presenting a further revised term sheet on August 3, which included not only the $55 million loan increase but also an additional $25 million in new funding conditioned on the repayment of JMB's facility. MPT also agreed to provide a $30 million exit facility to cover administrative and priority claims upon plan confirmation. After careful consideration, including a board-level review, the Debtors determined that the revised MPT proposal was the best available financing option. It offered more favorable economic terms and avoided both the high fees associated with JMB's proposal and the burden of a contentious priming dispute with MPT. A copy of the interim order is available at https://is.gd/47XWUD from PacerMonitor.com. About Prospect Medical Holdings Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan. 11, 2025. In the petition filed by Paul Rundell, as chief restructuring officer, the Debtor estimated assets and liabilities between $1 billion and $10 billion each. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' general bankruptcy counsel is Thomas R. Califano, Esq., and Rakhee V. Patel, Esq., at Sidley Austin LLP, in Dallas, Texas, and William E. Curtin, Esq., Patrick Venter, Esq., and Anne G. Wallice, Esq., at Sidley Austin LLP, in New York. The Debtors tapped Alvarez & Marsal North America, LLC as financial advisor; Houlihan Lokey, Inc. as investment banker; and Omni Agent Solutions, Inc. as claims, noticing and solicitation agent. RCM LIVING ASSET: Kathleen DiSanto Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Region 21 appointed Kathleen DiSanto, Esq., at Bush Ross, P.A., as Subchapter V trustee for RCM Living Asset Management Services, LLC. Ms. DiSanto will be paid an hourly fee of $350 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. DiSanto declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kathleen L. DiSanto, Esq. Bush Ross, P.A. P.O. Box 3913 Tampa, FL 33601-3913 Phone: (813) 224-9255 Fax: (813) 223-9620 disanto.trustee@bushross.com About RCM Living Asset Management Services RCM Living Asset Management Services, LLC is a real estate holding company whose principal assets are located at East Zack Street and North Florida Avenue in Tampa, Florida. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05491) on August 4, 2025, with $0 to $50,000 in assets and $1 million to $10 million in liabilities. Andrew C. Richardson, CEO, signed the petition. Judge Roberta A. Colton presides over the case. Megan W. Murray, Esq., at Underwood Murray, P.A. represents the Debtor as legal counsel. RD HOLDCO: SLR Investment Marks $17.5MM 2L Loan at 67% Off ---------------------------------------------------------- SLR Investment Corp. has marked its $17,545,000 loan extended to RD Holdco, Inc. to market at $5,802,000 or 33% of the outstanding amount, according to SLR Investment's Form 10-Q for the quarter ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. SLR Investment is a participant in a Senior Secured Loan to RD Holdco, Inc. The loan accrues interest at a rate of zero percent per annum. The loan matures on January 10, 2026. SLR Investment is a Maryland corporation formed in November 2007, is an externally managed, non-diversified closed-end management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. SLR's investment objective is to maximize both current income and capital appreciation through debt and equity investments. The Company directly and indirectly invests primarily in leveraged middle market companies in the form of senior secured loans, financing leases and, to a lesser extent, unsecured loans and equity securities. SLR Investment is led by Michael S. Gross and Bruce J. Spohler as Co-chief Executive Officer, and Shiraz Y. Kajee as Chief Financial Officer. The Fund can be reach through: Michael S. Gross SLR Investment Corp. 500 Park Avenue New York, NY 10022 Telephone: (212) 993-1670 About RD Holdco Inc. RD Holdco Inc. is a manufacturer and marketer of carpet cleaning machines in the U.S. REAVIS REHAB: Amends IRS Priority Claim Pay Details --------------------------------------------------- Reavis Rehab & Wellness Center, Inc., submitted an Amended Disclosure Statement describing Plan of Reorganization. The Debtor is an Outpatient Rehabilitation Facility which has been in business for 28 years. The case was precipitated when the U.S. Treasury began intercepting government payments which caused the Debtor to be unable to pay its landlord. The Debtor filed its petition to prevent being locked out by the landlord. Prior to bankruptcy, the Debtor had six office staff and fourteen therapists. The Debtor had a variety of revenue sources prior to bankruptcy. Government payments made up the largest share of revenue with commercial accounts also providing a significant source of revenue. Another factor leading to the Debtor's filing was failure to pay federal income taxes. The Internal Revenue Service has filed a claim for $330,947.51. The bulk of these taxes were incurred during late 2016 to early 2018. The Debtor's Plan is premised upon continuing to operate its business. The Debtor has attempted to cut costs wherever possible to allow for a leaner, more efficient operation. Since filing bankruptcy, Debtor's head count is down to four office staff and ten therapists with plans to add 1-2 speech therapists. The Plan proposes to operate its business to generate funds to pay creditors over approximately five to six years depending upon the class. Class 5 consists of the Allowed priority claim of the Internal Revenue Service. The total priority debt claimed by the IRS in its proof of claim number 5-5 is $9,897.61. The Allowed Class 5 Claim shall be satisfied through the following payments: 60 equal monthly installments at a 7% rate of interest commencing seven months after the Effective Date. Class 5 is impaired. The Amended Disclosure Statement does not alter the proposed treatment for unsecured creditors and the equity holder: * Class 7 consists of the holders of Allowed General Unsecured Claims totaling less than $500 who do not timely submit ballots containing an election to be treated as members of Class 8. The estimated claims in this class total $3,561.39. Members of this Class will be paid fifty percent of their claim amounts on the Effective Date. This will require a payment of $1,780.70. Class 7 is impaired. * Class 8 shall consist of the holders of Allowed General Unsecured Claims who are not members of Class 7. The members of this class are estimated to total $159,070.16. Members of Class 8 will receive their pro rata shares of the following payments to be made by the Debtor on account of Class 8 Claims: a single payment of $50,000.00 seventy-two months after the Effective Date. This would equal a distribution of approximately 31.4%. Class 8 is impaired. * Class 9 shall consist of the Equity Interest of the Debtor. The Class 9 Equity Interest shall be retained and preserved subject to payment of the Claims under the Plan. Class 9 is not impaired. The feasibility of the Plan depends on the Debtor's ability to execute its plan. The Debtor believes that its business plan is sound and that it will be able to generate the revenues projected. However, if there is insufficient demand for Debtor's services or if government programs are significantly reduced, the plan will not succeed. Creditors should consider the long term prospects in the healthcare industry. A full-text copy of the Amended Disclosure Statement dated August 7, 2025 is available at https://urlcurt.com/u?l=QdgeXt from PacerMonitor.com at no charge. Counsel to the Debtor: Stephen Sather, Esq. Barron & Newburger P.C. 7320 N. Mopac Expressway, Ste. 400 Austin, TX 78731 Telephone: (512) 476-9103 Email: ssather@bn-lawyers.com About Reavis Rehab & Wellness Center Inc. Reavis Rehab & Wellness Center Inc. is a family-owned and operated therapy practice founded in 1984 specializing in the treatment of pain, injuries, and discomfort. The center offers a range of therapy programs provided by licensed physical, speech, and occupational therapists. Each treatment plan is tailored to meet individual patient goals, taking into account their symptoms, medical history, and any relevant health restrictions. Reavis Rehab & Wellness Center Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No.: 25-10126) on January 30, 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 Shad Robinson handles the case. The Debtor is represented by Stephen W. Sather, Esq. at BARRON & NEWBURGER, P.C. RENT-A-CHRISTMAS LLC: Seeks to Tap Kirby Aisner & Curley as Counsel ------------------------------------------------------------------- Rent-A-Christmas LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Kirby Aisner & Curley LLP as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties and the continued management of its property and affairs; (b) negotiate with creditors of the Debtor and work out a plan of reorganization and take the necessary legal steps in order to effectuate such a plan; (c) prepare the necessary legal papers required for the Debtor's protection from its creditors under Chapter 11 of the Bankruptcy Code. (d) appear before the Bankruptcy Court to protect the interest of the Debtor and to represent it in all matters pending before the court; (e) attend meetings and negotiate with representatives of creditors and other parties in interest; (f) advise the Debtor in connection with any potential refinancing of secured debt; (g) represent the Debtor in connection with obtaining post-petition financing, if necessary; (h) take any necessary action to obtain approval of a disclosure statement and confirmation of a plan of reorganization; (i) perform all other legal services for the Debtor which may be necessary for the preservation of its estate and promote its best interests, its creditors and its estate. The firm will be paid at these hourly rates: Partners $525 - $625 Associates $375 - $495 Law Clerks/Paralegals $175 - $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received payments in the total amount of $51,738 from the Debtor in conjunction with the preparation and filing of this Chapter 11 case. Julie Cvek Curley, Esq., an attorney at Kirby Aisner & Curley, 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: Julie Cvek Curley, Esq. Kirby Aisner & Curley LLP 700 Post Road, Suite 237 Scarsdale, NY 10583 Telephone: (914) 401-9500 Email: jcurley@kacllp.com About Rent-A-Christmas LLC Rent-A-Christmas, LLC is a seasonal decoration rental company specializing in Christmas trees, lights, and holiday displays for commercial and residential customers. Rent-A-Christmas sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22707) on July 29, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities $1 million and $10 million. The Debtor is represented by Julie Cvek Curley, Esq., at Kirby Aisner & Curley LLP. REPUBLIC FIRST: Seeks to Hire Armanino Advisory as Accountant ------------------------------------------------------------- Republic First Bancorp, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ Armanino Advisory LLC as accountant. The firm will assist the Debtor in its tax compliance services and general tax consulting services. The hourly rates of the firm's professionals are: Partner $745 Director $590 Senior Manager $525 Manager $435 Supervising Senior $380 Senior $350 Staff II $290 Staff I $265 Bill Hattox, a partner at Armanino Advisory, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Bill Hattox Armanino Advisory LLC 2700 Camino Roman, Ste. 350 San Ramon, CA 94583 About Republic First Bancorp Inc. Republic First Bancorp, Inc. in Philadelphia, PA, sought relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 24-12991) on Aug. 27, 2024, listing as much as $1 million to $10 million in both assets and liabilities. Brian F. Doran, an authorized person, signed the petition. Judge Ashely M. Chan oversees the case. The Debtor tapped Ciardi Ciardi and Astin as counsel and Armanino Advisory LLC as accountant. ROCKHOUSE LIVE: Carol Fox of GlassRatner Named Subchapter V Trustee ------------------------------------------------------------------- The U.S. Trustee for Region 21 appointed Carol Fox of GlassRatner as Subchapter V trustee for Rockhouse Live Key West, LLC. Ms. Fox will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Fox declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Carol Fox GlassRatner 200 East Broward Blvd., Suite 1010 Fort Lauderdale, FL 33301 Tel: 954.859.5075 Email: cfox@brileyfin.com About Rockhouse Live Key West Rockhouse Live Key West, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-19102) on August 6, 2025, with $0 to $50,000 in assets and liabilities. Judge Laurel M. Isicoff presides over the case. Nathan G. Mancuso, Esq. represents the Debtor as legal counsel. S&W SEED: Sells Sorghum Collateral for $7M in UCC Sale ------------------------------------------------------ As previously disclosed, on July 11, 2025, S&W Seed Company received a Notice of Private Disposition of Collateral under Uniform Commercial Code (the "UCC Sale Notice") from ABL OPCO LLC ("Mountain Ridge"), notifying the Company that, on or after July 24, 2025, Mountain Ridge intended to offer to sell all of the Collateral (which excludes the Excluded Assets (as defined in the UCC Sale Notice)) secured under the Mountain Ridge Credit Agreement (as defined below) in one or more private sales conducted in accordance with Article 9 of the Uniform Commercial Code on terms acceptable to Mountain Ridge. On August 1, 2025, Mountain Ridge entered into a Purchase and Sale Agreement pursuant to Article 9 of the Uniform Commercial Code (the "Agreement") with a third-party purchaser (the "Buyer"). Pursuant to the Agreement, the Buyer has agreed to acquire all of the Collateral that are utilized in connection with the Company's sorghum business in which Mountain Ridge has a valid security interest and has also agreed to assume certain related liabilities of the Company. The purchase price will consist of a cash payment of approximately $7.0 million to Mountain Ridge plus certain deferred payments based on the Buyer's collections of certain accounts receivable. The closing of the UCC sale remains subject to customary closing conditions. About S&W Seed Company Founded in 1980, S&W is a global multi-crop, middle-market agricultural company headquartered in Longmont, Colorado. S&W's vision is to be the world's preferred proprietary seed company which supplies a range of sorghum, forage and specialty crop products that supports the growing global demand for animal proteins and healthier consumer diets. S&W is a global leader in proprietary sorghum seeds with significant research and development, production and distribution capabilities. S&W also has a commercial presence in proprietary alfalfa seeds, and through a partnership, is focused on sustainable biofuel feedstocks primarily within camelina. For more information, please visit www.swseedco.com. Denver, Colorado-based Grant Thornton LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated Nov. 1, 2024. The report cited that the Company has incurred a net loss of $30.1 million and cash used in operating activities was $5.6 million for the year ended June 30, 2024, and as of that date, the Company's current liabilities exceeded its current assets by $5.9 million and had an accumulated deficit of $122.1 million. In addition, the Company's subsidiary, S&W Australia, entered into voluntary administration on July 24, 2024, and is no longer under the Company's control. S&W Australia's entry into voluntary administration also resulted in an event of default under the Company's Amended CIBC Loan Agreement. On Aug. 5, 2024, the Company received a waiver for the event of default from CIBC, which contained conditions that are not within the Company's control. Effective Sept. 16, 2024, the Company was not in compliance with the amended terms per the Third Amendment of the Company's Amended CIBC Loan Agreement, which constitutes an additional event of default, and through the date of this report has not been able to regain compliance. These conditions and uncertainties as to whether the Company can mitigate the impact of the voluntary administration, along other matters, raise substantial doubt about the Company's ability to continue as a going concern. SAFE & GREEN: Signs LOI to Acquire Rock Springs Energy ------------------------------------------------------ Safe & Green Holdings Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into a non-binding Letter of Intent with Rock Springs Energy Group, LLC to purchase 100% of the equity securities of Rock Springs for an estimated purchase price of $35 million with the final amount subject to confirmation through the due diligence process, entitling the Company to full and complete ownership of Rock Springs' mothballed, incomplete oil refinery located at Rock Springs, Wyoming. The transaction aligns with Safe & Green's strategic initiative to build a fully integrated oil and gas company that includes exploration, production, refining, and related energy services, alongside its existing focus on sustainable infrastructure development. Under the terms of the LOI, Safe & Green intends to purchase the refinery and its associated assets, permits, intellectual property, and related documentation. The proposed transaction is subject to a customary due diligence period of 60 days, finalization of a definitive purchase agreement, regulatory approvals, and other closing conditions. The Company estimates the purchase price for the refinery to be approximately $35 million, with the final amount subject to confirmation through the due diligence process. The transaction is expected to be financed through a combination of debt and equity. "This LOI reflects our strategic intent to explore opportunities that align with our vision for sustainable infrastructure and domestic energy independence," said Mike Mclaren, CEO of Safe & Green Holdings Corp. "We look forward to evaluating the full potential of the Rock Springs facility and engaging with ownership to determine a path forward." As part of the LOI, the Seller has agreed to a 60-day exclusivity period during which it will not solicit or negotiate with other parties. Both parties have also agreed to maintain confidentiality regarding the terms of the LOI and all due diligence communications. The LOI is non-binding and subject to the execution of a definitive purchase agreement, anticipated to follow the due diligence phase. The expected transaction timeline includes: * LOI Execution: July 28, 2025 * Due Diligence Completion: 60 days post-execution * Definitive Agreement: within 30 days of due diligence completion * Closing: within 30 days after execution of the definitive agreement The proposed acquisition would mark a significant step in Safe & Green's broader growth strategy, pending successful due diligence and regulatory review. The Transaction will be subject to the execution of a mutually acceptable definitive purchase agreement, including standard representations, warranties, and indemnities. The Letter of Intent does not constitute a binding commitment to purchase or sell, except for the provisions regarding due diligence, exclusivity and confidentiality. The Purchase Price will be finally determined based on due diligence findings, market conditions, and mutual agreement between the Company and Rock Springs. The Letter of Intent provides for a due diligence period of 60 days from the execution of the Letter of Intent. The Company reserves the right to terminate the Letter of Intent without liability if due diligence findings are unsatisfactory. In consideration of the Company's due diligence efforts, Rock Springs agrees not to solicit or negotiate with other potential buyers for a period of 60 days from the date of signing the Letter of Intent. The parties mutually agree to negotiate in good faith toward definitive agreements within 30 days from the closing of due diligence, and to work in good faith to close the transaction within 30 days after definitive agreements are finalized. The foregoing description of the Letter of Intent is qualified in its entirety by reference to the full text of the Letter of Intent, a copy of which is available at https://tinyurl.com/3bsymsuy About Rock Springs Energy Group Rock Springs Energy Group is a Wyoming-based energy company developing a state-of-the-art modular crude oil distillation and storage facility. Strategically located near the Uinta Basin and key transportation infrastructure. The company specializes in converting low-cost feedstocks into high-value specialty fuels and chemical products such as paraffin, naphtha, and mineral spirits. With a focus on rapid deployment, environmental compliance, and off-take secured operations, Rock Springs Energy Group is positioned to capture market opportunities across the Rocky Mountain region. About Safe & Green Safe & Green Holdings Corp. is a modular solutions company headquartered in Miami, Florida. The company specializes in the development, design, and fabrication of modular structures, focusing on safe and green solutions across various industries. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor since 2024, 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 incurred net losses since its inception, negative working capital, and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $6,071,524 in total assets, $18,531,832 in total liabilities, and a total stockholders' deficit of $12,460,308. SAN MATEO: Melissa Haselden Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 7 appointed Melissa Haselden, Esq., at Haselden Farrow, PLLC as Subchapter V trustee for San Mateo IG, LLC. Ms. Haselden will be paid an hourly fee of $595 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Meanwhile, the support staff working under her direct supervision will be paid $175 per hour. Ms. Haselden declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Melissa A. Haselden, Esq. Haselden Farrow, PLLC 700 Milam, Suite 1300 Pennzoil Place Houston, TX 77002 Telephone: (832) 819-1149 Facsimile: (866) 405-6038 mhaselden@haseldenfarrow.com About San Mateo IG San Mateo IG, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 25-70219) on August 4, 2025, with $1,000,001 to $10 million in assets and liabilities. Judge Eduardo V. Rodriguez presides over the case. Michael G. Colvard, Esq. at Martin & Drought, P.C. represents the Debtor as legal counsel. SANTA ANA EXPRESS: Case Summary & Three Unsecured Creditors ----------------------------------------------------------- Debtor: Santa Ana Express Car Wash LLC d/b/a Speedy Clean Car Wash d/b/a Speedy Clean 2035 N. Tustin Avenue Santa Ana, CA 92705 Business Description: Santa Ana Express Car Wash LLC, doing business as Speedy Clean Car Wash, operates a car wash facility at 2035 N. Tustin Avenue in Santa Ana, California. The Company provides quick, environmentally friendly car wash services featuring a wash completed in approximately six minutes along with free vacuum stations and monthly membership options. Chapter 11 Petition Date: August 12, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-12235 Judge: Hon. Mark D. Houle Debtor's Counsel: Michael Jay Berger, Esq. LAW OFFICES OF MICHAEL JAY BERGER 9454 Wilshire Boulevard, 6th Floor Beverly Hills, CA 90212 Tel: (310) 271-6223 Fax: (310) 271-9805 E-mail: michael.berger@bankruptcypower.com Total Assets: $4,423,956 Total Liabilities: $6,356,994 The petition was signed by Amariah Olson as managing director. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VEM6BTQ/Santa_Ana_Express_Car_Wash_LLC__cacbke-25-12235__0001.0.pdf?mcid=tGE4TAMA SERENADE NEWPORT: To Sell Family Home Property to G. & C. Weinreich ------------------------------------------------------------------- Serenade Newport LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, to sell Property located at 1501 Serenade Terrace, Corona del Mar, CA 92625, free and clear of liens, claims, interests, and encumbrances. The Debtor was formed on June 13, 2025, to purchase the residential real property consisting of a single-family home located at 1501 Serenade Terrace, Corona del Mar, CA 92625-1753. Sahand Zargari is a licensed real estate agent with The Daftarian Group and regularly acquires properties to purchase and resell for a profit. On or about May 25, 2025, Jacob Wolf, a licensed real estate agent with DG, approached Sahand Zargari regarding the Property which was potentially being offered for sale off-market. On or about May 30, 2025, Mr. Zargari submitted an offer to purchase the Property for $8,800,000 in his individual capacity and the Property's prior owner, The Haim Family Trust, accepted the offer. The purchase agreement contained an inspection contingency and also provided that it could be assigned. On or about June 6, 2025, Mr. Zargari had an inspection performed of the Property. During this time period, Mr. Zargari was looking for a second investor and hard money lender to fund the purchase of the Property. Mr. Zargari was also viewing other properties in the area in order to give him a clearer idea of market value of the Property during the due diligence period. Mr. Zargari contacted Michael Gerro about co-investing in the Property through a limited liability company and securing a hard money loan. Mr. Gerro also buys properties to resell for a profit. DG has represented Mr. Gerro on multiple occasions and Mr. Gerro is a licensed real estate agent with DG but has not sold any real estate in his capacity as a licensed real estate agent with DG. Mr. Gerro's underwriting valued the Property at about $7,400,000. Mr. Zargari and Mr. Gerro determined that the purchase price needed to be reduced to $7,400,000 in order to bring in outside capital. On or about June 13, 2025, Mr. Zargari and Mr. Gerro formed the Debtor and the purchase agreement was assigned to the Debtor. The purchase price was then reduced further to $7,037,500 because of a number of factors. First, the United States was going to war with Iran and the situation could have escalated to involve other major powers such as Russia and China. Debtor sought a further discount for the purchase price to reflect the heightened uncertainty and changed circumstances under those market conditions. Pursuant to the liquidated damages clause in the purchase agreement, Debtor would lose its 3% deposit if it walked away from the purchase of the Property. Mr. Zargari agreed to waive his 2% commission as the Debtor's agent, and Mr. Wolf agreed to reduce his commission as the seller's agent by 1%. On or about June 16, 2025, the Debtor presented the Haim Trust with a final offer of $7,037,500.00 for the purchase of the Property which the Haim Trust accepted. Escrow closed on the Debtor's purchase of the Property on June 18, 2025. Neither Mr. Zargari nor Mr. Gerro have any relationship with the prior owner of the Property, the Haim Trust or Mordechai Ferder and Edit Ferder, the trustees of the Haim Trust. The Debtor negotiated the purchase of the Property through Mr. Wolf in good faith, arms-length negotiations and through a good faith, arms-length transaction. The Debtor made a down payment of $1,373,753.39 and financed the balance of the purchase price with two secured loans from PPRF Reit LLC in the amount of $5,278,125 as a first priority lien with a first priority deed of trust recorded against the Property and from Sitlani Holdings LLC in the amount of $500,000 as a second priority lien with a second priority deed of trust recorded against the Property. After Debtor purchased the Property and in order to prepare it for resale, Debtor performed extensive repairs to the Property at the cost of approximately $40,000. After Debtor purchased the Property, Debtor had the Property professionally staged and professionally photographed and videoed for marketing. The Debtor enters into a written Purchase Agreement dated June 30, 2025, and Amendment of Existing Terms No. One dated July 30, 2025 with buyers, Gadi and Caren Weinreich, for the sale and purchase of the Property. The Agreement provides that Buyer will pay the amount of $8,800,000, subject to qualified overbids. Debtor believes that the offer by the Buyers is the highest and best offer received to date and represents a fair price for the Property. Buyer has offered to purchase the Property, and the Debtor has accepted that offer. The Debtor proposes the Bid Procedures for the Auction to be held on September 2, 2025, at 2:30 p.m. Buyer's broker shall receive a sales commission in the amount of 2% of the sale price. About Serenade Newport LLC Serenade Newport LLC is a single-asset real estate company with property located at 1501 Serenade Terrace in Corona Del Mar, California. Serenade Newport LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11898) on July 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtors are represented by Robert P. Goe, Esq. at Goe Forsythe & Hodges LLP. SHARPLINK GAMING: Buys $303.7M in ETH, Raises $264.5M via ATM ------------------------------------------------------------- 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 28, 2025 through August 3, 2025, the Company acquired 83,561 ETH for an aggregate purchase price of approximately $303.7 million (inclusive of fees and expenses) at a weighted average purchase price per ETH of $3,634 (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 Holdings. As of August 3, 2025, substantially all of the ETH Holdings were deployed in staking, including through liquid staking. In connection with the Company's current liquid staking activities, it will incur impairment charges for accounting purposes and these impairment charges will be material in the reporting period ended June 30, 2025. As of August 3, 2025, the Company's aggregate ETH Holdings were 521,939 and the Company has generated 929 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 28, 2025, through August 1, 2025, the Company sold a total of 13.6 million shares of the Company's common stock, par value $0.0001 per share, for net proceeds of approximately $264.5 million pursuant to the ATM Facility. In a press release dated August 5, 2025, the Company announced Key Highlights for the Week Ending August 3, 2025: * Purchased 83,561 ETH. * $264.5 million in net proceeds were raised through the ATM facility this week. * Average ETH purchase price for the week was $3,634. * Total ETH holdings increased to 521,939, up 19% from the prior week's total of 438,190 ETH. * Total staking rewards rose to 929 ETH since launch of treasury strategy on June 2, 2025. * ETH Concentration* rose to 3.66 from 3.40 week over week, up 83% since launch of treasury strategy on June 2, 2025. "SharpLink remains deeply committed to its mission of creating enduring shareholder value by building the largest and most trusted ETH treasury company. To accelerate our strategy, we are diligently evaluating a range of capital formation opportunities, including debt, equity and equity-linked offerings designed to increase our ETH holdings and grow ETH Concentration. Our efforts are designed to optimize capital efficiency and reinforce our long-term alignment with Ethereum's role as the foundational infrastructure of decentralized finance," stated Joseph Chalom, Co-CEO of SharpLink. 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). SHELTERING ARMS: Seeks to Tap PKF O'Connor Davies as Accountant --------------------------------------------------------------- Sheltering Arms Children and Family Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ PKF O'Connor Davies as accountant. The firm will render these services: (a) assist the Debtor with the preparation and filing of its tax returns for the tax years 2023, 2024, and 2025; (b) assist the Debtor with the retroactive reinstatement of its tax-exempt status; (c) assist the Debtor with related tax and accounting reporting requirements; and (d) to the extent necessary, assist the Debtor with reporting requirements and other matters. The firm will be compensated at these fees: (a) for review of the Debtor's Form 990 for fiscal year 2022: $5,000; (b) for preparation and submission of the Debtor’s Form 990s for the fiscal years 2022-2025: $7,500 per year; (c) for preparation and filing of a Form 1023, application for recognition of exemption under section 501(c)(3) of the internal revenue code in connection with the retroactive reinstatement of its tax-exempt status: $10,000. The firm's professionals will be paid at these hourly rates: Tax Partner/Director $450 - $700 Tax Supervisor/Manager $300 - $450 Tax Staff/Senior $120 - $300 In addition, the firm will seek reimbursement for expenses incurred. Garrett Higgins, CPA at PKF O'Connor Davies, 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: Garret M. Higgins, CPA PKF O'Connor Davies 500 Mamaroneck Avenue, Suite 301 Harrison, NY 10528 About Sheltering Arms Children and Family Services, Inc. Founded approximately 200 years ago, Sheltering Arms (formerly Episcopal Social Services of New York, Inc.), maintained a mission to foster a society where every child and family it served was given the opportunity to succeed and thrive. Sheltering Arms Children and Family Services, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-41037) on March 7, 2024, listing $10 million to $50 million in both assets and liabilities. The Debtor tapped Adam T. Berkowitz, Esq., and Michael Goldberg, Esq., at Garfunkel Wild, PC as counsel and PKF O'Connor Davies as accountant. SJ HOLDINGS: Seeks Approval to Hire Estelle Miller as Accountant ---------------------------------------------------------------- SJ Holdings Group LLC, doing business as Walden Pointe Apartments, seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Estelle Miller, a certified public accountant practicing in Bellmore, New York. The accountant will provide these services: (a) gather and verify all pertinent information required to compile and prepare monthly operating reports; and (b) prepare monthly operating reports for the Debtor. The accountant will be paid at the rate of $300 per report, plus reimbursement for expenses incurred. Ms. Miller received an initial retainer of $3,000 from the Debtor on June 9, 2025. Ms. Miller disclosed in a court filing that she is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The accountant can be reached at: Estelle Miller, CPA Bellmore, NY 11710 Telephone: (347) 570-7002 Email: estellemillercpa@gmail.com About SJ Holdings Group LLC d/b/a Walden Pointe Apartments SJ Holdings Group, LLC, doing business as Walden Pointe Apartments, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42207) on May 7, 2025, with up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Nancy Hershey Lord presides over the case. The Debtor tapped the Law Offices of Alla Kachan as counsel and Estelle Miller, CPA, as accountant. SNAP INC: Fitch Assigns 'BB' Rating on $500MM Sr. Unsecured Notes ----------------------------------------------------------------- Fitch Ratings has assigned Snap Inc.'s proposed $500 million senior unsecured note issuance due 2034 a 'BB' rating with a Recovery Rating of 'RR4'. Snap's Long-Term Issuer Default Rating (IDR) remains at 'BB' with a Stable Rating Outlook. The proceeds from this issuance will be used to repurchase some or all of Snap's outstanding convertible notes due in 2026, 2027, 2028 and/ or 2030. The transaction is leverage neutral, effectively extending Snap's near- to medium-term maturities out to 2034. The rating reflects Snap's robust user engagement, evidenced by consistently increasing daily active users (DAUs) which stood at 469 million in 2Q25, alongside improving monetization and a good liquidity profile supported by significant cash and marketable securities holdings. These strengths are partially offset by the company's operation in a highly competitive sector and its exposure to advertising cyclicality. Key Rating Drivers Accelerated Revenue and EBITDA Growth: Successful execution of various advertising mix initiatives, coupled with steady growth in DAUs, should yield annual revenue growth in the teens during the rating period. Prior heavy investments in cloud infrastructure and product marketing should provide meaningful operating leverage and margin expansion, resulting in rapid deleveraging. As the company has limited capex requirements, Fitch expects Snap to accelerate its conversion of EBITDA into FCF over the next four years. Significant Liquidity Position: Snap maintains a conservative liquidity strategy, aimed at maintaining substantial cash and short-term securities on its balance sheet. This financial cushion is intended to help the company navigate economic challenges without compromising its long-term objectives. Fitch anticipates that during the initial rating period, this strong liquidity will lead to nearly zero net debt and eventually a growing net-cash position. As of end-2024, Snap's gross EBITDA leverage stood at 7.2x, while net EBITDA leverage was 0.6x. Consistent User Growth: Despite a competitive and increasingly crowded field of social media alternatives, Snap has demonstrated an ability to attract and maintain a steady annual increase of DAUs to 453 million in 2024 from 414 million in 2023. Fitch expects this growth to moderate in its largest market, North America, but sees scope for continuing healthy expansion across both Europe and the rest of the world. Highly Competitive Environment: Snap operates in a highly competitive environment, with many social media competitors that are larger and better capitalized. Similarly, Snap remains a relatively small operator in the global digital advertising market. Its ability to continually innovate and offer a distinctive user experience, thereby retaining and expanding its user base to maintain growth expectations, will be a key factor to their success. Improving Mix of Advertising Revenue: Snap has multiple paths to increase average revenue per DAU by i) increasing revenue from lower funnel direct-response budgets, and ii) the introduction of several new compelling, more personalized advertising formats incorporating artificial intelligence and video. Large and Growing Addressable Market: Despite its mobile application being available since 2011, Snap has only penetrated 22% of North America smartphones. Meanwhile, its penetration across Europe and the rest of the world remains well below that in North America and offers a much larger number of potential mobile phone users. Furthermore, estimates for global digital advertising continue to show healthy annual increases as the medium increasingly captures market share from legacy media channels. Highly Sensitive to Advertising Cyclicality: Snap derives nearly all its revenue from advertising — at 91% in 2024 — which is highly sensitive to macroeconomic conditions and prone to periods of cyclicality and volatility. Peer Analysis Unlike many media companies, Snap's mobile social media platform depends almost entirely on advertising revenue, making it distinct from peers with more diversified income streams. Paramount Global (BBB-/Negative) is a worldwide media, streaming, and entertainment company creating premium content and experiences. It consists of segments like TV media, direct-to-consumer, and filmed entertainment. Warner Bros. Discovery, Inc (BB+/Rating Watch Negative) is a major global media and entertainment firm that produces and distributes a complete and diverse portfolio of branded content across TV, film, streaming, and gaming platforms. Snap is smaller than Paramount Global and Warner Bros. in terms of revenue and EBITDA, but boasts superior growth prospects and a stronger liquidity and equity position than these larger peers. Warner Music Group Corp. (BBB-/Stable) operates in over 70 countries as a leading music entertainment company. It focuses on recorded music and music publishing. The recorded music segment profits from promoting, selling and licensing music by artists, while the music publishing segment earns from licensing musical composition rights. Warner Music Group experiences less revenue volatility due to its independence from advertising cycles and enjoys higher EBITDA margins. While Warner Music Group, Paramount Global, and Warner Bros. are larger, Snap is set to grow much faster. It could achieve similar EBITDA and FCF levels within the next four years due to its growth trajectory and financial strategy. Key Assumptions - Mid-to-high-single-digit annual growth in DAUs, coupled with mid-single-digit growth in average revenue per DAU, given the increase in advertising efficacy and user engagement; - Total revenue to grow in the teens annually; - Gross margins to increase 300 bps over 2025-2028, given operating leverage from engineering efficiencies around machine learning and artificial intelligence, coupled with stronger pricing around newer advertising formats; - EBITDA margin to more than double over 2025-2028 as the company leverages its past internal investments in research and marketing while maintaining modest employee growth; - Capex to remain flat at $275 million per year; - FCF to expand significantly to over $1.2 billion per year by 2027 on expected growth in EBITDA; - Continued opportunistic share repurchase activity in the $300 million-$400 million range per year; - Liquidity on the balance sheet to remain at a minimum of $3 billion. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage consistently over 4.0x; - Cash flow from operations (CFO) less capex)/debt below 5% for an extended period; - Material reduction in liquidity to below $1 billion for an extended period. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained under 3.0x along with sustained growth in DAUs, revenue and EBITDA; - (CFO less capex)/debt sustained above 10%. Liquidity and Debt Structure Snap had $2.9 billion in cash and cash equivalents as of end-2Q25 and generated $138 million in FCF during 1H25. The company also has full availability on its $1.05 billion revolving credit facility. Fitch expects FCF to increase over the medium term due to EBITDA growth, which is consistent with company's guidance. Issuer Profile Snap is a social media company focused on proprietary camera and communication tools that differentiates itself from other social media platforms. In 2024, Snap generated around $5.4 billion in revenue and $509 million in adjusted EBITDA, distinguishing itself from competitors. Date of Relevant Committee 30 January 2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations Snap Inc. has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security due to widespread concerns about how user data is collected, stored, and shared, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. Snap Inc. has an ESG Relevance Score of '4' for Governance Structure due to its dual-class share structure, concentrating power in the hands of co-founders Evan Spiegel and Bobby Murphy, which has a negative impact on the credit profile and is relevant to the rating in conjunction with other factors. Snap Inc. has an ESG Relevance Score of '4' for Exposure to Social Impacts due to the impact of social media on mental health, particularly among younger audiences, which has a negative impact on the credit profile and is 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 ----------- ------ -------- Snap Inc. senior unsecured LT BB New Rating RR4 SPLASH BEVERAGE: NYSE to Delist Warrants Aug. 18 Due to Low Price ----------------------------------------------------------------- NYSE American LLC notified the Securities and Exchange Commission in a 25-NSE of its intention to remove the entire class of Warrants, each warrant to purchase 1/40th of a share of Common Stock at an exercise price of $184.00 of Splash Beverage Group, Inc from listing and registration on the Exchange on August 18, 2025, pursuant to the provisions of Rule 12d2-2(b) because, in the opinion of the Exchange, the Warrants are no longer suitable for continued listing and trading on the NYSE American LLC. The Exchange has determined that the Warrants are no longer suitable for listing based on "abnormally low" price levels, pursuant to Section 1001 of the NYSE American Company Guide. On July 23, 2025, the Exchange determined that the Warrants of the Company should be suspended from trading and directed the preparation and filing with the Commission of this application for the removal of the Warrants from listing and registration on the NYSE American. The Company was notified on July 23, 2025. Pursuant to the above authorization, a press release regarding the proposed delisting was issued and posted on the Exchange's website on July 23, 2025, and trading in the Warrants was immediately suspended. The Company had a right to appeal to a Committee of the Board of Directors of the Exchange, the determination to delist the Warrants, provided it filed a written request for such a review with the Secretary of the Exchange within seven business days of receiving notice of the delisting determination. The Company did not file such request within the specified period. Consequently, all conditions precedent under SEC Rule 12d2-2(b) to the filing of the application have been satisfied. About Splash Beverage Group Fort Lauderdale, Florida-based Splash Beverage Group, Inc. is a portfolio company specializing in managing multiple brands across various growth segments within the consumer beverage industry. The Company focuses on incubating and acquiring brands with the aim of accelerating them to higher volumes and increased sales revenue. As of December 31, 2024, the Company had $2.8 million in total assets, $21.4 million in total liabilities, and $18.6 million in total stockholders' deficit. Encino, Calif.-based Rose, Snyder & Jacobs LLP, the Company's auditor since 2023, issued a "going concern" qualification dated July 11, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The report indicated that the Company has suffered recurring losses from operations and has an accumulated deficit and a working capital deficiency that raise substantial doubt about its ability to continue as a going concern. SYMPHONY CLO XXXII: Fitch Assigns 'BB-sf' Rating on Class E-R Notes ------------------------------------------------------------------- Fitch Ratings has assigned ratings and Rating Outlooks to Symphony CLO XXXII, Ltd. reset transaction. Entity/Debt Rating ----------- ------ Symphony CLO XXXII, Ltd. X-R LT AAAsf New Rating A-R LT NRsf New Rating B-R LT AAsf New Rating C-R LT Asf New Rating D-1-R LT BBB-sf New Rating D-2-R LT BBB-sf New Rating E-R LT BB-sf New Rating Transaction Summary Symphony CLO XXXII, Ltd. (the issuer) is an arbitrage cash flow collateralized loan obligation (CLO) managed by Symphony Alternative Asset Management LLC, originally closed in March 2022. The existing secured notes will be redeemed in full on Aug. 7, 2025 (the first refinancing date). Net proceeds from the issuance of the secured and subordinated notes will provide financing on a portfolio of approximately $392 million of primarily first lien senior secured leveraged loans, excluding defaulted obligations. 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. The weighted average rating factor (WARF) of the indicative portfolio is 23.61 and will be managed to a WARF covenant from a Fitch test matrix. Issuers rated in the 'B' rating category denote a highly speculative credit quality; however, the notes benefit from appropriate credit enhancement and standard U.S. CLO structural features. Asset Security: The indicative portfolio consists of 96.33% first-lien senior secured loans. The weighted average recovery rate (WARR) of the indicative portfolio is 73.43% and will be managed to a WARR covenant from a Fitch test matrix. 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 resulting from the industry, obligor and geographic concentrations is in line with other recent CLOs. Portfolio Management: The transaction has a 2.2-year reinvestment period and reinvestment criteria similar to other CLOs. Fitch's analysis was based on a stressed portfolio created by adjusting the indicative portfolio to reflect permissible concentration limits and collateral quality test levels. Cash Flow Analysis: Fitch used a customized proprietary cash flow model to replicate the principal and interest waterfalls and assess the effectiveness of various structural features of the transaction. In Fitch's stress scenarios, the rated notes can withstand default and recovery assumptions consistent with their assigned ratings. The weighted average life (WAL) used for the transaction stress portfolio and matrices analysis is -1 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 'AAAsf' for class X-R, between 'BB+sf' and 'A+sf' for class B-R, between 'B+sf' and 'BBB+sf' for class C-R, between less than 'B-sf' and 'BB+sf' for class D-1-R, and between less than 'B-sf' and 'BB+sf' for class D-2-R and between less than 'B-sf' and 'B+sf' for class E-R. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrade scenarios are not applicable to the class X-R notes as these notes are in the highest rating category of 'AAAsf'. Variability in key model assumptions, such as increases in recovery rates and decreases in default rates, could result in an upgrade. Fitch evaluated the notes' sensitivity to potential changes in such metrics; the minimum rating results under these sensitivity scenarios are 'AAAsf' for class B-R, 'AA-sf' for class C-R, 'Asf' for class D-1-R, and 'A-sf' for class D-2-R and 'BBB-sf' for class E-R. 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 Symphony CLO XXXII, Ltd. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, program, instrument or issuer, Fitch will disclose in the key rating drivers any ESG factor which has a significant impact on the rating on an individual basis. TEAM CHAMPIONS: Seeks Chapter 11 Bankruptcy in Illinois ------------------------------------------------------- On August 8, 2025, Team Champions Inc. filed Chapter 11 protection in the Northern District of Illinois. According to court filing, the Debtor reports $5,791,657 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Team Champions Inc. Team Champions Inc. is a trucking company based in Northbrook, Illinois that provides interstate freight transportation services across the United States, operating a fleet of heavy-duty Freightliner trucks and flatbed trailers to haul general freight, construction materials, and industrial equipment. The Company serves a variety of sectors requiring long-haul and regional deliveries, including goods that can be transported on open flatbeds such as steel, lumber, and machinery. It is registered with the U.S. Department of Transportation as an interstate motor carrier and maintains a sizable fleet with dozens of tractors and trailers. Team Champions Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-12121) on August 8, 2025. In its petition, the Debtor reports total assets of $2,930,099 and total liabilities of $5,791,657. Honorable Bankruptcy Judge Michael B. Slade handles the case. The Debtor is represented by David Freydin, Esq. at LAW OFFICES OF DAVID FREYDIN. TENEO GLOBAL: S&P Withdraws 'B' Issuer Credit Rating ---------------------------------------------------- S&P Global Ratings withdrew all its ratings on Teneo Global LLC including the 'B' issuer credit rating. This follows the completion of the company's refinancing on the private debt markets, leaving no publicly rated debt outstanding. At the time of the withdrawal, S&P's outlook on Teneo was stable. TOTAL POWER: Carlyle Secured Marks C$13.9MM 1L Loan at 28% Off -------------------------------------------------------------- Carlyle Secured Lending, Inc. has marked its C$13,940,000 loan extended to Total Power Limited to market at C$10,069,000 or 72% of the outstanding amount, according to Carlyle Secured's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Carlyle Secured is a participant in a First Lien Loan to Total Power Limited. The loan accrues interest at a rate of 7.17% percent per annum. The loan matures on July 22, 2030. Carlyle Secured is a Maryland corporation formed on February 8, 2012, and structured as an externally managed, non-diversified closed-end investment company. Its investment objective is to maximize both current income and capital appreciation through debt and equity investments. The Company directly and indirectly invests primarily in leveraged middle market companies in the form of senior secured loans, financing leases and, to a lesser extent, unsecured loans and equity securities. Carlyle Secured is led by Thomas M. Hennigan as Chief Financial Officer The Fund can be reach through: Thomas M. Hennigan Carlyle Secured Lending, Inc. One Vanderbilt Avenue, Suite 3400 New York, NY 10017 Telephone: (212) 813-4900 About Total Power Limited Total Power Limited provides generator solutions. It has grown to become one of Canada's largest and most well established Critical Power Specialists. TPI COMPOSITES: Gets Court Okay to Tap $7.5MM Chapter 11 DIP ------------------------------------------------------------ Emlyn Cameron of Law360 reports that a Texas bankruptcy judge on Wednesday, August 13, 2025, approved interim access for an Arizona-based wind turbine blade manufacturer to its postpetition financing package, which includes an upfront $7.5 million in new funding. About TPI Composites Inc. TPI Composites -- https://tpicomposites.com/ -- is a leading wind-blade manufacturer and the only independent wind blade manufacturer with a global footprint. TPI Composites Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34655) on August 11, 2025. The company listed $500 million to $1 billion in estimated assets, along with $1 billion to $10 billion in estimated liabilities. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Gabriel Adam Morgan, Esq. at Weil, Gotshal & Manges LLP. TRANSOCEAN LTD: Registers 16M More Shares for 2015 Incentive Plan ----------------------------------------------------------------- Transocean Ltd. filed a Registration Statement pursuant to General Instruction E of Form S-8 with the U.S. Securities and Exchange Commission under the Securities Act of 1933, as amended, to register an additional 16,000,000 registered shares pursuant to the Amended and Restated Transocean Ltd. 2015 Long-Term Incentive Plan. The Board of Directors of the Company recommended for approval and, on May 30, 2025, shareholders of the Company approved, an amendment of the Plan that increased the number of shares authorized for issuance under the Plan from 138,361,451 to 154,361,451 shares. The contents of the Registration Statements on Form S-8 filed with the Commission on: * May 21, 2015 (No. 333-204359), * October 9, 2018 (No. 333-227750), * May 8, 2020 (No. 333-238091), * July 9, 2021 (No. 333-257804), * June 16, 2023 (No. 333-272734) and * June 28, 2024, as amended on July 5, 2024 (No. 333-280610), are incorporated by reference into this Registration Statement, except as amended hereby. Transocean may be reached through: Brady K. Long Executive Vice President and Chief Legal Officer Transocean Ltd. c/o Transocean Offshore Deepwater Drilling Inc. 1414 Enclave Parkway Houston, Texas 77077 Tel: +1 (713) 232-7500 A full-text copy of the Registration Statement is available at https://tinyurl.com/53bdcrxb 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. TRITEC AMERICAS: Secured Party Sets Auction for Sept. 3, 2025 ------------------------------------------------------------- KDC Solar Holdings LLC ("secured party") will offer for sale certain assets of TRITEC Americas LLC and KDC Solar Madera LLC at public auction on Sept. 3, 2025, at 12:00 p.m. (Eastern Time) at the offices of Greenberg Traurig LLP, One Vanderbilt, New York, New York 10017, any may be held remote auction via web-based video conference and telephonic conferencing program selected by the Secured Party upon request. Parties seeking to attend the auction, obtain the bidding procedures, and further information about the collateral, may contact the counsel of the Secured Party: Nathan Haynes, Esq. Greenberg Traurig LLP One Vanderbilt New York, New York 10017 Tel: (212) 801-2137 Email: haynesn@gtlaw.com TRITEC Americas LLC -- https://www.tritec-americas.com/ -- provides solar PV project financing and development services for the commercial and industrial solar market. TRUGREEN LTD: Carlyle Secured Marks $13M 2L Loan at 22% Off ----------------------------------------------------------- Carlyle Secured Lending, Inc. has marked its $13,000,000 loan extended to TruGreen Limited Partnership to market at $10,189,000 or 78% of the outstanding amount, according to Carlyle Secured's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Carlyle Secured is a participant in a Second Lien Loan to TruGreen Limited Partnership. The loan accrues interest at a rate of 12.78% percent per annum. The loan matures on November 2, 2028. Carlyle Secured is a Maryland corporation formed on February 8, 2012, and structured as an externally managed, non-diversified closed-end investment company. Its investment objective is to maximize both current income and capital appreciation through debt and equity investments. The Company directly and indirectly invests primarily in leveraged middle market companies in the form of senior secured loans, financing leases and, to a lesser extent, unsecured loans and equity securities. Carlyle Secured is led by Thomas M. Hennigan as Chief Financial Officer The Fund can be reach through: Thomas M. Hennigan Carlyle Secured Lending, Inc. One Vanderbilt Avenue, Suite 3400 New York, NY 10017 Telephone: (212) 813-4900 About TruGreen Limited Partnership TruGreen Limited Partnership provides lawn care services. The Company offers healthy lawn analysis, fertilization, tree and shrub care, weed control, insect control, and other related services. UNITED AIRLINES: S&P Upgrades ICR to 'BB+', Outlook Stable ---------------------------------------------------------- S&P Global Ratings upgraded United Airlines Holdings Inc. to 'BB+' from 'B'. The stable outlook reflects S&P's expectation for the company to sustain funds from operations (FFO) to debt above 30% and S&P Global Ratings-adjusted debt to EBITDA in the low-2x area, with gradually improving margins. United's operating results have been steady despite a subdued passenger travel environment this year. The relative stability of United's cash flow amid macroeconomic and geopolitical uncertainty, its constructive outlook for the rest of the year, and its debt reduction underpin our upgrade of the company. S&P said, "We expect United to sustain credit measures and profitability we view as favorable for its rating through 2026, following relatively stable year-to-date operating results. Domestic main cabin demand softness that emerged earlier this year had a relatively modest impact on its operating results. United and industry peers also noted that demand recently inflected positively (which includes business travel), and we expect planned cuts to capacity across the industry to mitigate further pressure on average fares. While the reported strengthening in industry fundamentals is a recent development, we believe the company faces less downside risk to its credit profile than what we contemplated earlier this year." S&P said, "We continue to expect FFO to debt above 30% over the next two years, with S&P Global Ratings-adjusted debt to EBITDA in the low-2x area. United recently repaid its remaining $1.5 billion of higher-cost, loyalty-backed debt two years early and has preserved its industry-leading liquidity position ($18.6 billion). We assume the company will remain intent on balance sheet improvement as it targets sustained leverage below 2x (as per United calculations), which is near its trailing-12-month (as of June 30, 2025) S&P Global Ratings-adjusted leverage of 2.3x. "We expect United's profitability remain above the U.S. industry average. We believe United's premium, loyalty (MileagePlus), and international revenues provide it with a degree of earnings resilience to future periods of demand softness and potential upside to its profitability. Growth in these segments has outpaced main cabin passenger revenue and has also been a key contributor to United's improved margins and returns over the past two years. It facilitated year-over-year growth in revenue in the second quarter of 2025 despite much weaker main cabin revenue, which is highly sensitive to cyclical declines in demand and remains an important component of the company's business. "We assume United will maintain above-average profitability at least over the next two years. The company generates the largest share of revenue from international travel relative to the network carriers (Delta Air Lines, American Airlines), with key coastal hubs that complement its main central hubs in Chicago, Denver and Houston. We believe this presents increased opportunities to expand its business from higher-margin premium and loyalty sales. While transatlantic unit revenue was weaker in the second quarter of 2025, we understand margins remained favorable. The domestic industrywide shift in demand toward premium products is a notable competitive advantage for United given its established position in this segment that includes several seat classes beyond basic economy. "United has produced levels of profitability comparable with Delta Air Lines, its closest peer, since 2023. We estimate this will continue at least through 2026, due in part to the similarities in their respective mix of business and strategic focus weighted toward premium travel. Since the second quarter of 2024, United's quarterly average EBITDA and operating margins were over 15% and over 9%, respectively--effectively in line with those generated by Delta. At the same time, Delta has a longer track record of generating leading margins among domestic carriers, and both companies currently lag the industry-leading levels generated by certain European airlines. "United's free cash flow generation has exceeded our expectations and supports balance sheet strength. We assume United will continue to generate positive free cash flow following a significant increase in 2024. This was allocated toward material debt reduction last year, and we forecast further net repayment in 2025. Share repurchases are likely to account for a meaningful use of excess cash generation, but we assume they will not be debt funded--consistent with its financial policy of net leverage below 2x. The company also has a significant cash position, which provides it with additional financial flexibility for debt repayment or to mitigate the risk of unexpected industry downturns. "United's estimated credit measures are trending in line with our upgrade threshold, but we are mindful of potential headwinds. We view United's core credit measures as strong for the rating, but our financial risk assessment is unchanged. We consider the potential for the company to incur much higher aircraft expenditures beyond this year - and above its closest peers (namely Delta). Its annual capital expenditure (capex) guidance of $7 billion-$9 billion beyond 2025 remains intact, and the steady ramp-up of original equipment manufacturer production suggests supply constraints will ease. We believe United will have the capacity to fund higher capex primarily with internally generated cash flow, thereby mitigating downside pressure on its credit measures. "At the same time, expenditures at the high end of the range are a potential headwind to sustained strength or further improvement in credit measures if accompanied by weaker-than-expected earnings amid ongoing macroeconomic-related uncertainty. The positive inflection in domestic demand from weak levels since early-2025 is also in its early stages. For now, we apply a positive (one notch) comparable ratings analysis modifier to our rating on the company to reflect its financial and business risk at the strong end of their respective assessments. "The stable outlook on United reflects our expectation for the company to maintain FFO to debt above 30% and S&P Global Ratings-adjusted debt to EBITDA in the low-2x area. These measures are strong for the rating and supported by recent net debt repayment, meaningful free cash flow generation, and our assumption for earnings and cash flow growth next year. However, we also consider the early stage of recently improved domestic travel demand and the potential that higher future aircraft expenditures could reduce United's financial flexibility should industry conditions unexpectedly weaken. "We could lower our issuer credit rating on United if, over the next 12 months, we estimate the company's FFO to debt will be in the low- to mid-20% area on a sustained basis. In this scenario, we would expect the company to generate earnings and cash flow below our estimates, most likely due to weaker-than-expected demand for passenger travel that hinders average fares alongside higher unit costs. Higher S&P Global Ratings-adjusted debt, due to material free cash flow deficits related to future new aircraft expenditures, or higher-than-expected share repurchases, could also weaken credit measures. "We could raise our rating within the next 12-24 months if we expect United to generate FFO to debt in the mid-30% area on a sustained basis and S&P Global Ratings-adjusted debt to EBITDA close to 2x. In this scenario, we would expect the company to generate steady growth in earnings at least in line with our estimates and continuing positive free cash flow used in part toward debt reduction. We believe lower gross debt levels would reduce the sensitivity of its credit measures to future earnings volatility, particularly amid higher prospective capex." VIRGINIA PARK: Seeks to Tap Stevenson & Bullock as Local Counsel ---------------------------------------------------------------- Virginia Park 1, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Stevenson & Bullock, PLC as local counsel. The Debtors need a local counsel to represent them in all bankruptcy related matters, and in negotiations and proceedings pertaining to the Chapter 11 bankruptcy cases. The firm's professionals will be paid at these rates: Michael Stevenson, Attorney $550 Charles Bullock, Attorney $550 Elliot Crowder, Attorney $485 Kimberly Bedigian, Attorney $485 John Polderman, Attorney $485 Ernest Hassan, III, Attorney $485 Rachael Frawley-Panyard, Attorney $485 Paralegals/Legal Assistants $200 - $250 In addition, the firm will seek reimbursement for expenses. Mr. Bullock 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: Charles D. Bullock, Esq. Stevenson & Bullock, PLC 26100 American Drive, Suite 500 Southfield, MI 48034 Telephone: (248) 354-7906 Facsimile: (248) 354-7907 Email: cbullock@sbplclaw.com About Virginia Park 1 LLC Virginia Park 1 LLC provides real estate-related services, including property management and support activities, in connection with properties in Michigan. Virginia Park 1 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11308) on June 10, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Martin Glenn handles the case. The Debtors tapped Glenn Agre Bergman & Fuentes LLP as bankruptcy counsel and Stevenson & Bullock, PLC as local counsel. W.R. GRACE: Fitch Rates Proposed Secured Notes Due 2032 'BB' ------------------------------------------------------------ Fitch Ratings has assigned a 'BB' rating with a Recovery Rating of 'RR1' to W.R. Grace Holdings LLC 's (Grace) proposed senior secured notes due 2032. The Long-Term Issuer Default Rating (IDR) for Grace is 'B', and the Rating Outlook is Stable. Proceeds from the notes, combined with proceeds from the proposed term loan B due 2032 and a $250 million equity contribution, will be used to repay the $1.2 billion term loan B due 2028 and portions of the revolver balance. The ratings reflect Grace's improved operations after customer destocking and lower raw material prices, offset by muted near-term cash generation. Fitch expects EBITDA leverage at or below 6.5x through the forecast horizon. The rating also incorporates Grace's use of $650 million in equity from Standard Industries to repay debt, materially strengthening the balance sheet and reducing interest expense. Key Rating Drivers Equity Contributions Drive Deleveraging: Standard Industries has contributed $400 million since April 2025 largely for the purposes of debt reduction, including a $300 million contribution in June 2025 to retire the company's outstanding preferred shares (defined as debt by Fitch). The company is also issuing senior secured notes and a new senior secured term loan B to repay its existing $1.2 billion term loan B due 2028, as well as portions of its revolver balance, with the remainder funded by an additional $250 million equity contribution. In addition to lowering leverage and interest expense, Fitch believes that these contributions signal both Grace and Standard's interest in and commitment to material debt reduction. The result is an improved balance sheet and cash flow profile, and Fitch expects the company to continue to apply excess cash to debt reduction as necessary. Improving Cost, Leverage Profile: Grace's 'B' rating reflects a high but improving debt burden and slowly improving EBITDA margins. Moderating raw material prices and a slowly improving demand environment have driven Fitch-calculated EBITDA margins to nearly 23% which is their highest level since 2021. However, operating rates among chemical producers remain low relative to pre-pandemic levels, given global capacity additions and continuing European weakness, further affecting the near-term specialty catalyst outlook. Fitch believes recovering volumes, price increases, and cost control initiatives through the forecast will support additional deleveraging beyond 2025 as the company's baseline EBTIDA margins improve, though an uncertain global economic environment could tamper these expectations. Muted Near-Term FCF: With few material debt maturities until 2027, Fitch expects Grace's financial flexibility to remain adequate. The company's $318 million in preferred shares have been retired, and the 2028 term loan is also expected to be retired via new debt. Grace's revolver has also been extended to 2030, with the bulk of the company's maturities now falling in 2029 and beyond. Fitch expects FCF to remain muted throughout the rest of 2025 with FCF margins to returning to mid-single digits through the remainder of the forecast, driven by lower interest expense, strong refining technologies demand, and steady improvement in specialty catalyst and materials technologies. Refinery Production Supports Earnings Stability: Stability in the Refining Technologies subsegment is supported by refinery production utilization levels. Subsegment products have various uses, including cracking hydrocarbon chains in distilled crude oil to produce transportation fuels, maximizing propylene production and converting methanol into petrochemical feeds. These are valuable inputs to a refinery's operations that support the optimization of crack spreads. Fitch expects volumes to track refinery utilization levels, currently supported by robust fuel demand, with high pass-through rates providing underlying stability in contrast to projected specialty catalyst weakness. Specialized Chemical Portfolio: Grace's two business segments offer highly specialized products with high margins and pricing power. It has been able to pass through costs to customers, and the Catalysts Technologies segment has consistently generated EBITDA margins of around or above 30%, while the Materials Technologies business is in the low-20% vicinity. These margins are on the high end for specialty chemical companies and, while somewhat volatile, are partially insulated by solid pass-through rates. Fitch believes Grace will continue to deploy capital in the medium term to build out the Materials Technologies segment but that the near-term priority will remain debt reduction. Peer Analysis Grace's EBITDA margins place the company firmly within the specialty manufacturer group. The company is smaller than direct competitor Albemarle (BBB-/Stable), which also produces lithium and bromine to complement its catalysts. Like NewMarket Corporation (BBB/Stable), Grace is a leader in a highly specialized industry but had historically demonstrated a greater appetite for debt-funded M&A, and Fitch expects the company will operate with a leverage profile generally consistent with the 'B' rating category. Advancion Holdings LLC (B-/Stable) has a similar leverage profile as Grace following M&A and dividend recapitalization activities, though Grace's FCF generation capabilities are stronger. Grace's interest coverage is stronger than Advancion's, and tight coverage is a material credit consideration for Advancion. Among catalyst peers, Albemarle has historically operated at significantly lower leverage than Grace, historically employing a strategy of building out its faster-growing segments through cash generated at its catalyst business. Key Assumptions - Near-term revenue growth negatively affected primarily by soft specialty catalyst demand, though conditions are projected to improve throughout the forecast; - EBITDA margins relatively flat through the forecast, with small improvements driven by slow demand improvement; - Limited to no upstream dividends to Standard Industries; - EBITDA leverage falls to 6.5x in 2025 driven primarily by equity-funded debt retirement, with deleveraging in 2026 and beyond largely a result of gradual voluntary debt repayments. Recovery Analysis The recovery analysis assumes Grace would be reorganized as a going concern in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. The going concern EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which the valuation of the company is based. The going concern EBITDA depicts a scenario in which severe headwinds in the company's more commoditized Refining Technologies business and weak growth in other segments due to slower macroeconomic activity leads to a severe drop in EBITDA and cash generation. The assumption also reflects corrective measures in the reorganization to offset the adverse conditions that triggered default, such as cost-cutting efforts and industry recovery. An enterprise value multiple of 6.5x EBITDA is applied to the going concern EBITDA to calculate a post-reorganization enterprise value. The multiple is comparable to the range of historical bankruptcy case study exit multiples for peer companies, which were 5.0x-8.0x. Bankruptcies in this space were related either to litigation or deep cyclical troughs. The revolving credit facility is assumed to be fully drawn. Fitch's recovery assumptions result in a Recovery Rating for the senior secured debt within the 'RR1' range and results in a 'BB' rating. The assumptions also result in a Recovery Rating for the senior unsecured debt within the 'RR5' range and results in a 'B-' rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage durably above 6.5x without clear sight to material deleveraging; - EBITDA interest coverage durably below 2.0x; - Reduced ability to pass through costs to customers, leading to less stable margins and heightened cash flow risk; - More aggressive than anticipated M&A activity or a dividend policy otherwise incompatible with management's articulated capital deployment. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Demonstrative gross debt reduction coupled with continued cash generation and earnings stability, leading to EBITDA leverage durably below 5.5x; - Successful completion of Materials Technologies and Specialty Catalysts buildout while continuing to strengthen the company's capital structure. Liquidity and Debt Structure Grace's liquidity position pro forma for the August 2025 transaction is solid, with roughly $280 million in availability on its revolving credit facility and a moderate cash balance. The company faces limited maturities until 2027, when its $742.5 million senior secured notes are due. Issuer Profile Grace is a specialty chemicals company with Catalyst and Materials segments. It produces catalysts for petrochemical, refining, and chemical manufacturing, as well as specialty materials for pharmaceutical, consumer, coatings, and chemical process applications. Date of Relevant Committee 31-Jul-2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- W. R. Grace Holdings LLC senior secured LT BB New Rating RR1 WB XCEL: Gladstone Capital Marks $5.1MM 1L Loan at 46% Off ---------------------------------------------------------- Gladstone Capital Corporation has marked its $5,150,000 loan extended to WB Xcel Holdings, LLC to market at $2,763,000 or 54% of the outstanding amount, according to Gladstone's Form 10-Q for the fiscal year ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Gladstone is a participant in a Secured First Lien Loan to WB Xcel Holdings, LLC. The loan accrues interest at a rate of S + 10.5%, 14.8% Cash per annum. The loan matures on November 2026. Gladstone Capital Corporation was incorporated under the Maryland General Corporation Law on May 30, 2001 and completed an initial public offering on August 24, 2001. It was established for the purpose of investing in debt and equity securities of established private businesses operating in the United States. Its investment objectives are to: achieve and grow current income by investing in debt securities of established lower middle market companies in the U.S. that it believe will provide stable earnings and cash flow to pay expenses, make principal and interest payments on its outstanding indebtedness and make distributions to stockholders that grow over time; and provide its stockholders with long-term capital appreciation in the value of its assets by investing in equity securities, in connection with its debt investments, that it believe can grow over time to permit it to sell its equity investments for capital gains. Gladstone is led by Nicole Schaltenbrand, Chief Financial Officer and Treasurer. The Company can be reach through: Nicole Schaltenbrand Gladstone Capital Corporation 1521 Westbranch, Suite 100 McLean, VA 22102 Tel. No. (703) 287-5800 About WB Xcel Holdings, LLC WB Xcel Holdings, LLC operates as an investment holding company. WB XCEL: Gladstone Marks $9.7MM 1L Loan at 46% Off -------------------------------------------------- Gladstone Capital Corporation has marked its $9,775,000 loan extended to WB Xcel Holdings, LLC to market at $5,245,000 or 54% of the outstanding amount, according to Gladstone's Form 10-Q for the fiscal year ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Gladstone is a participant in a Secured First Lien Loan to WB Xcel Holdings, LLC. The loan accrues interest at a rate of S + 10.5%, 14.8% Cash per annum. The loan matures on November 2026. Gladstone Capital Corporation was incorporated under the Maryland General Corporation Law on May 30, 2001 and completed an initial public offering on August 24, 2001. It was established for the purpose of investing in debt and equity securities of established private businesses operating in the United States. Its investment objectives are to: achieve and grow current income by investing in debt securities of established lower middle market companies in the U.S. that it believe will provide stable earnings and cash flow to pay expenses, make principal and interest payments on its outstanding indebtedness and make distributions to stockholders that grow over time; and provide its stockholders with long-term capital appreciation in the value of its assets by investing in equity securities, in connection with its debt investments, that it believe can grow over time to permit it to sell its equity investments for capital gains. Gladstone is led by Nicole Schaltenbrand, Chief Financial Officer and Treasurer. The Company can be reach through: Nicole Schaltenbrand Gladstone Capital Corporation 1521 Westbranch, Suite 100 McLean, VA 22102 Tel. No. (703) 287-5800 About WB Xcel Holdings, LLC WB Xcel Holdings, LLC operates as an investment holding company. WEABER INC: Seeks Approval to Tap Bambach Advisors as Consultant ---------------------------------------------------------------- Weaber, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ Bambach Enterprises, LLC, doing business as Bambach Advisors, as consultant. The consultant will provide these services: (a) analyze the Debtor's business, financial statements, business projections and business model as requested; (b) analyze the Debtor's collateral, liquidity and liabilities; (c) communicate with secured lender(s) and others as requested by the Debtor; (d) prepare/review cash flow models, monthly operating reports for the BK; and (e) other activities as requested by the Debtor. The firm's principal will be paid at an hourly rate of $135 per hour. The firm also requires a post-petition retainer of $25,000. John Bambach, a consultant at Bambach Advisors, 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: John Bambach Bambach Advisors P.O. Box 6 Safety Harbor, FL 34695 Telephone: (610) 574-1127 About Weaber Inc. Weaber Inc. manufactures and distributes hardwood lumber products across the United States. Combining advanced production technology with strict quality standards, it supplies flooring, trim, paneling and other specialty hardwood components in both full-truckload and small-lot deliveries. Weaber Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-02167) on August 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Henry W. Van Eck handles the case. The Debtor is represented by Albert A. Ciardi, III, Esq. at Ciardi Ciardi and Astin. WELLMADE FLOOR: Gets Interim OK to Obtain DIP Loan From SummitBridg ------------------------------------------------------------------- Wellmade Floor Coverings International Inc. and affiliates received interim approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to obtain debtor-in-possession financing to get through bankruptcy. The interim order, signed by Judge Sage Sigler, authorized the Debtors to obtain an initial $120,000 from SummitBridge National Investments VIII, LLC, which has committed to provide up to $4 million in DIP loan. The remainder of the loan will be available upon designation of a stalking horse bidder for the purchase of the Debtor's assets in an amount that must not be less than the sum of the DIP loan and any secured pre-bankruptcy indebtedness of the Debtor. The DIP loan is due and payable six months from the closing date with two separate three month extension options provided that there are no uncured events of default. As protection, the DIP lender's security interest in and lien on the collateral were granted, and, subject to the fee carveout, will be a first priority secured claim, and a valid and perfected security interest in and lien on the collateral, in the amount of the interim DIP financing. Payment of the interim DIP financing will be secured by a valid and perfected security interest in and lien on all of the collateral with priority over any other existing or future lien, security interest or encumbrance upon such property and assets. Any security interests on or liens on the Debtors' assets, which are avoided by the Debtors or any subsequently appointed trustee and which are preserved by the estates will be junior and subordinate to the security interest in and lien in favor of the DIP lender. Subject to the carveout, the payment of the interim DIP financing and any claim asserted by the DIP lender for such repayment, will be granted superpriority status and will be superior in right of payment to any other claim made or asserted against the Debtors. The Debtors cited urgent liquidity needs and asserted they are unable to meet payroll or pay vendors without immediate funding. As of the filing date, Wellmade owed at least $18 million to its pre-bankruptcy lender, AHF IC, LLC, under a $20 million term loan and a $7 million revolving credit facility. The pre-bankruptcy lender had declared a default and was preparing to auction Wellmade's assets, but the bankruptcy filing halted that process. AHF IC consented to the DIP terms and is deemed adequately protected by a significant equity cushion, replacement liens, and superpriority claims. The Debtors and their advisors including Hilco Corporate Finance and Aurora Management Partners conducted a 10-week marketing process, evaluating over 15 potential lenders. SummitBridge offered the most favorable terms and agreed to act solely as a lender, not a buyer, preserving the integrity of the upcoming sale process. Use of Cash Collateral The court's interim order also approved the Debtors' use of cash collateral pending a final hearing to provide working capital needs of the Debtors and for general corporate purposes; and make the payments or fund amounts otherwise permitted in the interim order and the initial budget. The total operating disbursements during the interim period must not exceed the amounts specified in the initial budget by more than 15%. AHF IC, as pre-bankruptcy lender, is entitled to adequate protection of its interests in the pre-bankruptcy collateral including cash collateral on which it holds perfected security interests as of the petition date. This adequate protection comes in the form of a valid, binding, continuing, enforceable, fully-perfected, non-avoidable additional and replacement first priority lien on, and security interest in, all property (including any previously unencumbered property but excluding avoidance actions) of the Debtors, senior to all other liens and security interests other than the carveout and the DIP liens and security interests granted to SummitBridge. The court will hold a final hearing on August 21. A copy of the interim order is available at https://is.gd/rFaXBP About Wellmade Floor Coverings International Inc. Wellmade Floor Coverings International, Inc. manufactures and distributes hard-surface flooring products, including bamboo, hardwood, and vinyl. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 25-58764) on August 4, 2025. In the petition signed by David Baker, chief restructuring officer, Wellmade disclosed between $50 million and $100 million in assets and between $10 million and $50 million in liabilities. Judge Sage M. Sigler oversees the cases. John D. Elrod, Esq. and Allison J. McGregor, Esq., at Greenberg Traurig, LLP, represent the Debtor as bankruptcy counsel. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the claims, noticing, solicitation, and administrative agent. SummitBridge National Investments VIII, LLC, as DIP lender, is represented by: Will B. Geer, Esq. Rountree, Leitman, Klein & Geer, LLC 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 (404) 584-1238 wgeer@rlkglaw.com AHF IC, LLC, as pre-bankruptcy lender, is represented by: W. Austin Jowers, Esq. Christopher K. Coleman, Esq. King & Spalding, LLP 1180 Peachtree Street, NE, Suite 1600 Atlanta, GA 30309 Telephone: (404) 572-4600 ajowers@kslaw.com christopher.coleman@kslaw.com WELLMADE FLOOR: Hires Verita Global as Claims and Noticing Agent ---------------------------------------------------------------- Wellmade Floor Coverings International, Inc. and Wellmade Industries MFR NA LLC seek approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Kurtzman Carson Consultants, LLC, doing business as Verita Global, as claims, noticing, solicitation, and administrative agent. Verita Global will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. The Debtors provided the firm a retainer in the amount of $15,000. The hourly rates of the firm's professionals are: Analyst $25.50 - $51 Technology/Programming Consultant $29.75 - $80.75 Consultant/Senior Consultant/Director $55.25 - $204 Securities/Solicitation Consultant $208.25 Securities Director/Solicitation Lead $212.50 Evan Gershbein, an executive vice president of corporate restructuring at Verita Global, 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: Evan J. Gershbein Verita Global 222 N. Pacific Coast Highway, 3rd Floor El Segundo, CA 90245 Telephone: (310) 823-9000 Facsimile: (310) 823-9133 Email: egershbein@kccllc.com About Wellmade Floor Coverings International Wellmade Floor Coverings International Inc. manufactures and distributes hard-surface flooring products, including bamboo, hardwood, and vinyl. The privately owned Company is based in the United States, with a manufacturing facility in Cartersville, Georgia, and sales offices and warehousing in Portland, Oregon. A non-debtor affiliate operates in China. Wellmade Floor Coverings International Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 25-58764) on August 4, 2025. In its petition, Wellmade Floor reports estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Sage M. Sigler handles the cases. The Debtors are represented by Greenberg Traurig, LLP. Kurtzman Carson Consultants, LLC d/b/a Verita Global is the Debtors' claims, noticing, solicitation and administrative agent. WHITEHEAD FARMS: J.M. Cook Named Subchapter V Trustee ----------------------------------------------------- Brian Behr, the U.S. Bankruptcy Administrator for the Eastern District of North Carolina, appointed J.M. Cook as Subchapter V trustee for Whitehead Farms, LLC. Mr. Cook is the president and sole stockholder of J.M. Cook, P.A., doing business as J.M. Cook, Attorney at Law. About Whitehead Farms Whitehead Farms, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02986) on August 5, 2025, with $500,001 to $1 million in assets and liabilities. Judge Joseph N. Callaway presides over the case. George M. Oliver, Esq. at The Law Offices Of George Oliver, PLLC represents the Debtor as legal counsel. WINESHIPPING.COM LLC: Carlyle Secured Marks $16M 1L Loan at 24% Off ------------------------------------------------------------------- Carlyle Secured Lending, Inc. has marked its $16,775,000 loan extended to Wineshipping.com LLC to market at $12,670,000 or 76% of the outstanding amount, according to Carlyle Secured's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Carlyle Secured is a participant in a First Lien Loan to Wineshipping.com LLC. The loan accrues interest at a rate of 10.55% percent per annum. The loan matures on December 31, 2028. Carlyle Secured is a Maryland corporation formed on February 8, 2012, and structured as an externally managed, non-diversified closed-end investment company. Its investment objective is to maximize both current income and capital appreciation through debt and equity investments. The Company directly and indirectly invests primarily in leveraged middle market companies in the form of senior secured loans, financing leases and, to a lesser extent, unsecured loans and equity securities. Carlyle Secured is led by Thomas M. Hennigan as Chief Financial Officer The Fund can be reach through: Thomas M. Hennigan Carlyle Secured Lending, Inc. One Vanderbilt Avenue, Suite 3400 New York, NY 10017 Telephone: (212) 813-4900 About Wineshipping.com LLC Wineshipping.com LLC operates as a wine supply chain company. The Company offers wine storage solutions including wine club and daily fulfillment of consumer direct shipments. It serves customers in the United States. WISDOM DENTAL: Michael Markham Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 21 appointed Michael Markham, Esq., as Subchapter V trustee for Wisdom Dental, P.A. Mr. Markham, a partner at Johnson Pope Bokor Ruppel & Burns, LLP, will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Markham declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael C. Markham, Esq. Johnson Pope Bokor Ruppel & Burns, LLP 401 E. Jackson Street, Suite 3100 Tampa, FL 33602 Phone: (727) 480-5118 Mikem@jpfirm.com About Wisdom Dental Wisdom Dental, P.A. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01508) on August 6, 2025, with $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Judge Caryl E. Delano presides over the case. Michael R. Dal Lago, Esq. represents the Debtor as legal counsel. WOHALI LAND: Seeks Chapter 11 Bankruptcy in Utah ------------------------------------------------ On August 8, 2025, Wohali Land Estates LLC filed Chapter 11 protection in the District of Utah. 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 Wohali Land Estates LLC Wohali Land Estates LLC develops the Wohali master-planned community in Coalville, Utah, combining private residential neighborhoods with public-access resort amenities such as a golf course, lodge, spa, and dining facilities. The development's design integrates luxury homes and estate lots with hospitality, recreation, and infrastructure improvements including public roadways, utility systems, and environmental stabilization measures. Its operations include property maintenance and site preparation to preserve asset value and support future construction. Wohali Land Estates LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-24610) on August 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Peggy Hunt handles the case. The Debtor is represented by Mark C. Rose, Esq. at McKAY, BURTON & THURMAN, P.C. X-LASER: To Sell Entertainment Laser Biz to for $266K ----------------------------------------------------- X-Laser LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland, to sell Assets, free and clear of liens, claims, interests, and encumbrances. Adam Raugh is the sole member of X-Laser, L.L.C., a Maryland Limited Liability Company headquartered in Howard County, Maryland. Mr. Raugh has acted as X-Laser's representative during this Chapter 11 proceeding. X-Laser operates an entertainment laser manufacturing business at its sole location at 9115H Whiskey Bottom Road, Laurel, Maryland 20723. The lienholders of the Assets are: Itria Ventures, LLC, OKD Capital, LLC, Samson MCA, LLC, Shopify, Inc., the e U.S. Small Business Administration, WebBank d/b/a PayPal Working Capital, and WebBank d/b/a PayPal/LoanBuilder (Blanket Lenders). The Debtor enters into an agreement with X-Laser USA, LLC (Purchaser) to purchase the Asset in a price of $266,922.50. The Debtor owns the following assets subject to asserted liens of the Blanket Lenders: Description Scheduled Value Cash and Cash Equivalents $19,487.75 Deposits and Prepayments $20,000.002 Accounts Receivable $56,083.45 Inventory $57,174.13 Office Furniture, Fixtures, &c $21,477.50 Machinery and Equipment $74,986.00 Intellectual Property $8,200.00 Total: $257,408.83 The Purchase Price represents a significant premium (9.64%) over the stated value of the Assets and is, in Debtor's belief, the highest and best offer available based on historical sale attempts, the niche nature of the market, the proposed buyer's strategic interests, and time-sensitive personal and operational factors. The Sale preserves maximum value by ensuring a swift closing, minimizing administrative costs, and facilitating employee retention and lease assumption, which reduces potential claims. The offer of $266,922.50 provides a significant premium over the Debtor's estimated liquidation value, and also includes important non-monetary benefits: retention of all employees at current salaries/benefits, which will preserve existing jobs, and assuming the existing lease at 9115H Whiskey Bottom Road. The proposed Sale is the most efficient path to maximize recovery in a constrained market, supported by historical data, targeted marketing, and operational realities. The current owner of the Debtor, Adam Raugh, will have no equity ownership position in the proposed purchaser, although he will be serving as its general manager. It is anticipated that, because of the lien of the Class B-1 creditor, all net proceeds from the Sale will be paid to the Class B-1 creditor, with no distributions made to any other class of creditors. The Debtor is willing to escrow all proceeds of Sale until the confirmation of the Debtor's Plan, so that it may enter a final Order as to value and the secured status of each of the Blanket Creditors while allowing the Sale to go forward. This will prevent the risk of losing the sale, as discussed in more detail in the Motion to Shorten Time, and greatly simplify the confirmation hearing. Monique Almy, the Subchapter V Trustee, has indicated her consent to the within Motion. Mr. Bernstein, the United States Trustee trial attorney, has indicated that he has no opposition to the relief requested in this Motion. About X-Laser LLC 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. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re All In Profits, LLC Bankr. N.D. Ga. Case No. 25-58667 Chapter 11 Petition filed August 1, 2025 Filed Pro Se In re Sevak Khudanyan Bankr. C.D. Cal. Case No. 25-11423 Chapter 11 Petition filed August 4, 2025 represented by: Michael Berger, Esq. In re Jorge Almanza Martin Del Campo Bankr. N.D. Cal. Case No. 25-41405 Chapter 11 Petition filed August 4, 2025 represented by: Evan Livingstone, Esq. In re Noreen Leila Timoney Bankr. S.D. Fla. Case No. 25-19020 Chapter 11 Petition filed August 4, 2025 represented by: Mike Olivier, Esq. In re Donny E Browning Bankr. N.D. Ga. Case No. 25-58817 Chapter 11 Petition filed August 4, 2025 represented by: William Rountree, Esq. ROUNTREE LEITMAN KLEIN & GEER, LLC E-mail: wrountree@rlkglaw.com In re LH Property Group LLC Bankr. N.D. Ga. Case No. 25-58793 Chapter 11 Petition filed August 4, 2025 Filed Pro Se In re MC Bookkeeping LLC Bankr. N.D. Ga. Case No. 25-21083 Chapter 11 Petition filed August 4, 2025 Filed Pro Se In re Platt Family Real Estate Holdings LLC Bankr. N.D. Ga. Case No. 25-58770 Chapter 11 Petition filed August 4, 2025 Filed Pro Se In re Mark A Petrocci and Connie H Petrocci Bankr. S.D. Ga. Case No. 25-60189 Chapter 11 Petition filed August 4, 2025 represented by: Jon Levis, Esq. In re Lynette P. Ward Bankr. S.D. Ga. Case No. 25-40691 Chapter 11 Petition filed August 4, 2025 represented by: Jon Levis, Esq. In re Rachel Lynn Weerts Bankr. C.D. Ill. Case No. 25-70641 Chapter 11 Petition filed August 4, 2025 In re Jimmy D. Shepherd and Lauren L. Shepherd Bankr. E.D. Ky. Case No. 25-20680 Chapter 11 Petition filed August 4, 2025 represented by: J. Christian Dennery, Esq. In re Wayne Joseph Hollier and Angella Marie Hollier Bankr. W.D. La. Case No. 25-50683 Chapter 11 Petition filed August 4, 2025 represented by: H. Kent Aguillard, Esq. In re Mary B. Martins Bankr. D. Mass. Case No. 25-11630 Chapter 11 Petition filed August 4, 2025 represented by: Herbert Weinberg, Esq. In re Kulwant Singh Atwal Bankr. E.D. Tex. Case No. 25-20114 Chapter 11 Petition filed August 4, 2025 See https://www.pacermonitor.com/view/75DWQOQ/Kulwant_Singh_Atwal__txebke-25-20114__0001.0.pdf?mcid=tGE4TAMA represented by: Howard Marc Spector, Esq. SPECTOR & COX, PLLC E-mail: hspector@spectorcox.com In re DFTHOME801 LLC Bankr. S.D. Tex. Case No. 25-34480 Chapter 11 Petition filed August 4, 2025 See https://www.pacermonitor.com/view/756XZTQ/DFTHOME801_LLC__txsbke-25-34480__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Chasseur Realty Investors - The Drake LP Bankr. W.D. Tex. Case No. 25-51776 Chapter 11 Petition filed August 4, 2025 See https://www.pacermonitor.com/view/H7UK5FY/Chasseur_Realty_Investors_-_The__txwbke-25-51776__0001.0.pdf?mcid=tGE4TAMA represented by: James S. Wilkins, Esq. JAMES S. WILKINS P.C. E-mail: jwilkins@stic.net In re Robert M. Koffler Bankr. D. Colo. Case No. 25-14914 Chapter 11 Petition filed August 5, 2025 represented by: David Wadsworth, Esq. WADSWORTH GARBER WARNER Conrardy, P.C. E-mail: dwadsworth@wgwc-law.com In re Jamison Leonarda Hadley and Andrea Latreze Hadley Bankr. M.D. Ga. Case No. 25-10712 Chapter 11 Petition filed August 5, 2025 In re 3310 Harrison Rd LLC Bankr. N.D. Ga. Case No. 25-58829 Chapter 11 Petition filed August 5, 2025 In re East Metro Sports, LLC Bankr. N.D. Ga. Case No. 25-58826 Chapter 11 Petition filed August 5, 2025 See https://www.pacermonitor.com/view/4SULEFY/East_Metro_Sports_LLC__ganbke-25-58826__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Elite Partners Bankr. N.D. Ga. Case No. 25-58836 Chapter 11 Petition filed August 5, 2025 Filed Pro Se In re Rosalie White Barnwell Real Estate Development Bankr. N.D. Ga. Case No. 25-58849 Chapter 11 Petition filed August 5, 2025 See https://www.pacermonitor.com/view/TVBHKKI/Rosalie_White_Barnwell_Real_Estate__ganbke-25-58849__0001.0.pdf?mcid=tGE4TAMA Represented by: C. Napoleon Barnwell, Esq. BROWN BARNWELL, PC Email: napoleon@brownbarnwell.com In re Royce Eugene Thacker, II and Alicia Renee Thacker Bankr. N.D. Ind. Case No. 25-11124 Chapter 11 Petition filed August 5, 2025 represented by: Scot Skekloff, Esq. HALLERCOLVIN, PC In re 317 South Main Holdings Re Holdings LLC Bankr. E.D.N.Y. Case No. 25-72998 Chapter 11 Petition filed August 5, 2025 See https://www.pacermonitor.com/view/KFYDKRQ/317_South_Main_Holdings_Re_Holdings__nyebke-25-72998__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Humayun Waheed Bankr. E.D.N.Y. Case No. 25-73005 Chapter 11 Petition filed August 5, 2025 In re Regina Vurchio Bankr. S.D.N.Y. Case No. 25-22735 Chapter 11 Petition filed August 5, 2025 represented by: H. Bronson, Esq. In re Whitehead Farms, LLC Bankr. E.D.N.C. Case No. 25-02986 Chapter 11 Petition filed August 5, 2025 See https://www.pacermonitor.com/view/IUVRGUY/Whitehead_Farms_LLC__ncebke-25-02986__0001.0.pdf?mcid=tGE4TAMA represented by: George Mason Oliver, Esq. THE LAW OFFICES OF GEORGE OLIVER, PLLC E-mail: george@georgeoliverlaw.com In re Kevin James Hysick and Elizabeth Eileen Hysick Bankr. E.D. Pa. Case No. 25-13119 Chapter 11 Petition filed August 5, 2025 represented by: Stephen Dunne, Esq. In re Asset Discovery Bankr. N.D. Tex. Case No. 25-32986 Chapter 11 Petition filed August 5, 2025 See https://www.pacermonitor.com/view/B2MW4NI/Asset_Discovery__txnbke-25-32986__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Aval Investment LLC Bankr. N.D. Tex. Case No. 25-32992 Chapter 11 Petition filed August 5, 2025 See https://www.pacermonitor.com/view/FAIKJUI/Aval_Investment_LLC__txnbke-25-32992__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Janis Louise Newman Bankr. N.D. Tex. Case No. 25-42906 Chapter 11 Petition filed August 5, 2025 represented by: D. Chambers, Esq. In re Nina Investements, Inc. Bankr. S.D. Tex. Case No. 25-70221 Chapter 11 Petition filed August 5, 2025 See https://www.pacermonitor.com/view/7N4QVDY/NINA_INVESTMENTS_INC__txsbke-25-70221__0001.0.pdf?mcid=tGE4TAMA represented by: Juan Angel Guerra, Esq. LAW OFFICE OF JUAN ANGEL GUERRA E-mail: juanangelguerra1983@gmail.com In re Centro De Bendicion Inc. Bankr. S.D. Tex. Case No. 25-80361 Chapter 11 Petition filed August 5, 2025 See https://www.pacermonitor.com/view/G2QULYA/Centro_De_Bendicion_Inc__txsbke-25-80361__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Paolo Daniele Nordini Bankr. D. Ariz. Case No. 25-07257 Chapter 11 Petition filed August 6, 2025 In re Norman Murray Bankr. M.D. Fla. Case No. 25-04967 Chapter 11 Petition filed August 6, 2025 represented by: Karla Lee Hue, Esq. In re Prime Tomahawk, LLC Bankr. M.D. Fla. Case No. 25-05547 Chapter 11 Petition filed August 6, 2025 See https://www.pacermonitor.com/view/ZF2BPJI/Prime_Tomahawk_LLC__flmbke-25-05547__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 Rockhouse Live Key West, LLC Bankr. S.D. Fla. Case No. 25-19102 Chapter 11 Petition filed August 6, 2025 See https://www.pacermonitor.com/view/5PFUN6A/Rockhouse_Live_Key_West_LLC__flsbke-25-19102__0001.0.pdf?mcid=tGE4TAMA represented by: Nathan G. Mancuso, Esq. MANCUSO LAW, P.A. E-mail: ngm@mancuso-law.com In re White Behavioral Consultants, PC Bankr. E.D. Mich. Case No. 25-47920 Chapter 11 Petition filed August 6, 2025 See https://www.pacermonitor.com/view/CUY4HSI/White_Behavioral_Consultants_PC__miebke-25-47920__0001.0.pdf?mcid=tGE4TAMA represented by: Yuliy Osipov, Esq. OSIPOV BIGELMAN, P.C. E-mail: yo@osbig.com In re Harold Chrisler Garner Bankr. S.D. Miss. Case No. 25-01914 Chapter 11 Petition filed August 6, 2025 represented by: Eileen Shaffer, Esq. In re Couture Investments 1, LLC Bankr. D. Nev. Case No. 25-14546 Chapter 11 Petition filed August 6, 2025 See https://www.pacermonitor.com/view/BQQP4EY/COUTURE_INVESTMENTS_1_LLC__nvbke-25-14546__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Anthony Lee Allen Bankr. D.N.J. Case No. 25-18310 Chapter 11 Petition filed August 6, 2025 In re Varoujan Khorozian Bankr. D.N.J. Case No. 25-18312 Chapter 11 Petition filed August 6, 2025 In re 1318 east 10th Realty LLC Bankr. E.D.N.Y. Case No. 25-43791 Chapter 11 Petition filed August 6, 2025 See https://www.pacermonitor.com/view/UK6IKLY/1318_east_10th_Realty_LLC__nyebke-25-43791__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Veridion LLC Bankr. E.D.N.Y. Case No. 25-43794 Chapter 11 Petition filed August 6, 2025 See https://www.pacermonitor.com/view/KP3LGMQ/Veridion_LLC__nyebke-25-43794__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Carlos Manuel Ramirez Hernandez Bankr. D.P.R. Case No. 25-03534 Chapter 11 Petition filed August 6, 2025 represented by: Maximiliano Trujillo-Gonzalez, Esq. In re Paul Mohlmand Bankr. C.D. Cal. Case No. 25-16808 Chapter 11 Petition filed August 7, 2025 represented by: Rhonda Walker, Esq. In re Earl Freddy Invest C LLC Bankr. N.D. Cal. Case No. 25-41415 Chapter 11 Petition filed August 7, 2025 See https://www.pacermonitor.com/view/ZXKXW2I/Earl_Freddy_Invest_C_LLC__canbke-25-41415__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Chandler Gumbs Bankr. N.D. Cal. Case No. 25-41416 Chapter 11 Petition filed August 7, 2025 In re Kurt N. Feshbach Bankr. M.D. Fla. Case No. 25-05557 Chapter 11 Petition filed August 7, 2025 represented by: Alberto Gomez, Esq. In re Richard Peter Smyth Bankr. S.D. Fla. Case No. 25-19140 Chapter 11 Petition filed August 7, 2025 represented by: Brian McMahon, Esq. In re KCI Wellness Group 2 Bankr. N.D. Ga. Case No. 25-58963 Chapter 11 Petition filed August 7, 2025 See https://www.pacermonitor.com/view/FYBW3TA/KCI_Wellness_Group_2__ganbke-25-58963__0001.0.pdf?mcid=tGE4TAMA represented by: Walter Booth, Esq. JONES & BOOTH, LLC Email: wbooth@jonesboothlaw.com In re Dartmouth Street REI LLC Bankr. D. Mass. Case No. 25-40836 Chapter 11 Petition filed August 7, 2025 See https://www.pacermonitor.com/view/72FWQHY/Dartmouth_Street_REI_LLC__mabke-25-40836__0001.0.pdf?mcid=tGE4TAMA represented by: James P. Ehrhard, Esq. JAMES P. EHRHARD E-mail: ehrhard@ehrhardlaw.com In re 101 Avenue Management Bankr. E.D.N.Y. Case No. 25-43822 Chapter 11 Petition filed August 7, 2025 See https://www.pacermonitor.com/view/N647U7Y/101_Avenue_Management__nyebke-25-43822__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re 168 manhattan Inc. Bankr. E.D.N.Y. Case No. 25-43829 Chapter 11 Petition filed August 7, 2025 See https://www.pacermonitor.com/view/STCV4GQ/168_manhattan_inc__nyebke-25-43829__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re 1133 Clarkson Avenue LLC Bankr. E.D.N.Y. Case No. 25-43827 Chapter 11 Petition filed August 7, 2025 See https://www.pacermonitor.com/view/SCYDPRQ/1133_Clarkson_Avenue_LLC__nyebke-25-43827__0001.0.pdf?mcid=tGE4TAMA represented by: Narissa A. Joseph, Esq. NARISSA JOSEPH E-mail: njosephlaw@aol.com In re B & K 149 Corporation Bankr. E.D.N.Y. Case No. 25-43837 Chapter 11 Petition filed August 7, 2025 See https://www.pacermonitor.com/view/TDPGCCA/B__K_149_Corporation__nyebke-25-43837__0001.0.pdf?mcid=tGE4TAMA represented by: Elio Forcina, Esq. E-mail: forcinalaw@gmail.com In re Eastside Units East 73rd Street LLC Bankr. S.D.N.Y. Case No. 25-11746 Chapter 11 Petition filed August 7, 2025 See https://www.pacermonitor.com/view/3RY2N2Y/EASTSIDE_UNITS_EAST_73RD_STREET__nysbke-25-11746__0001.0.pdf?mcid=tGE4TAMA represented by: William Charles Buzzini, Esq. BERKOVITCH & BOUSKILA, PLLC E-mail: wbuzzini@bblawpllc.com In re Zachi Mordechai Ozerii Bankr. S.D.N.Y. Case No. 25-11749 Chapter 11 Petition filed August 7, 2025 represented by: Kendra Harris, Esq. In re South Cole Holdings LLC Bankr. S.D.N.Y. Case No. 25-22743 Chapter 11 Petition filed August 7, 2025 See https://www.pacermonitor.com/view/ZDWAOOY/South_Cole_Holdings_LLC__nysbke-25-22743__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Phylllis W Leggett Bankr. E.D.N.C. Case No. 25-03009 Chapter 11 Petition filed August 7, 2025 represented by: John Rhyne, Esq. In re Parkwood AZ LLC Bankr. N.D. Ohio Case No. 25-13380 Chapter 11 Petition filed August 7, 2025 See https://www.pacermonitor.com/view/UUEQSOQ/Parkwood_AZ_LLC__ohnbke-25-13380__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Drew K. Russ Bankr. W.D. Pa. Case No. 25-22088 Chapter 11 Petition filed August 7, 2025 represented by: Dennis Spyra, Esq. In re Onsite Construction, Inc. Bankr. E.D. Tenn. Case No. 25-50833 Chapter 11 Petition filed August 7, 2025 See https://www.pacermonitor.com/view/WUESE5Q/Onsite_Construction_Inc__tnebke-25-50833__0001.0.pdf?mcid=tGE4TAMA represented by: Maurice K. Guinn, Esq. GENTRY, TIPTON AND MCLEMORE, PC E-mail: mkg@tennlaw.com In re Antonio Munoz, Jr Bankr. E.D. Tex. Case No. 25-60479 Chapter 11 Petition filed August 7, 2025 represented by: Gordon Mosley, Esq. In re Malizup LLC Bankr. N.D. Tex. Case No. 25-42948 Chapter 11 Petition filed August 7, 2025 See https://www.pacermonitor.com/view/PKD24RY/Malizup_LLC__txnbke-25-42948__0001.0.pdf?mcid=tGE4TAMA represented by: Robert T DeMarco, Esq. DEMARCO MITCHELL, PLLC E-mail: robert@demarcomitchell.com In re Triple T & Company, LLC Bankr. N.D. Ala. Case No. 25-71066 Chapter 11 Petition filed August 8, 2025 See https://www.pacermonitor.com/view/QPK2KUY/Triple_T__Company_LLC__alnbke-25-71066__0001.0.pdf?mcid=tGE4TAMA represented by: Robert C. Keller, Esq. RUSSO, WHITE & KELLER, P.C. E-mail: rjlawoff@bellsouth.net In re Etcon Construction LLC Bankr. E.D. Ark. Case No. 25-12679 Chapter 11 Petition filed August 8, 2025 See https://www.pacermonitor.com/view/53JRN6Y/Etcon_Construction_LLC__arebke-25-12679__0001.0.pdf?mcid=tGE4TAMA represented by: William F Godbold IV, Esq. NATURAL STATE LAW PLLC E-mail: william.godbold@natstatelaw.com In re Solutions By The Sea, Inc. Bankr. M.D. Fla. Case No. 25-05035 Chapter 11 Petition filed August 8, 2025 See https://www.pacermonitor.com/view/AZUUBMQ/Solutions_By_The_Sea_Inc__flmbke-25-05035__0001.0.pdf?mcid=tGE4TAMA represented by: Scott W. Spradley, Esq. THE LAW OFFICES OF SCOTT W. SPRADLEY E-mail: scott@flaglerbeachlaw.com In re Rachel Lynn Weerts Bankr. C.D. Ill. Case No. 25-70653 Chapter 11 Petition filed August 8, 2025 In re Felix Ortega Bankr. N.D. Ill. Case No. 25-12138 Chapter 11 Petition filed August 8, 2025 represented by: Richard Larsen, Esq. In re Sally's Restaurant LLC Bankr. E.D.N.Y. Case No. 25-43849 Chapter 11 Petition filed August 8, 2025 See https://www.pacermonitor.com/view/6VL7P7Y/Sallys_Restaurant_LLC__nyebke-25-43849__0001.0.pdf?mcid=tGE4TAMA represented by: Gregory A Flood, Esq. GREGORY A FLOOD E-mail: floodlaw@gmail.com In re Alan Kim Patrono and Jane H. Patrono Bankr. M.D. Pa. Case No. 25-02214 Chapter 11 Petition filed August 8, 2025 represented by: Lawrence Young, Esq. CGA LAW FIRM In re Solemn Investments Inc. d/b/a ABJ Transport Bankr. S.D. Tex. Case No. 25-34630 Chapter 11 Petition filed August 8, 2025 See https://www.pacermonitor.com/view/Y3BOTVY/Solemn_Investments_Inc_dba_ABJ__txsbke-25-34630__0001.0.pdf?mcid=tGE4TAMA represented by: Jeremy Wood, Esq. LAW OFFICE OF JEREMY T. WOOD, PLLC E-mail: jeremy@jeremywoodlaw.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. 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