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250821.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 21, 2025, Vol. 29, No. 232 Headlines 1300 DESERT: Seeks to Tap Bronson Law Offices as Bankruptcy Counsel 1411 W. NORTH: Seeks to Hire Rodney D. Shepherd as Legal Counsel 1713 N CAMERON: Case Summary & Two Unsecured Creditors 414 EAST 115: Seeks to Hire Silverman Law as Bankruptcy Counsel 6417 SELMA: LCP Puts Hollywood Properties for Sale on Oct. 17 AAR CORP: $150MM Fungible Add-on No Impact on Moody's 'Ba2' CFR ACADEMY LTD: Moody's Affirms 'Ba2' CFR & Alters Outlook to Stable ADMIRABLE HAVENS: To Sell Montre Property to Victoria R. Frisk AGDP HOLDING: U.S. Trustee Appoints Creditors' Committee ALEON METALS: Gets Interim OK to Obtain DIP Loan From UMB Bank ALGOMA STEEL: Moody's Lowers CFR to Caa1, Outlook Remains Negative ALLENTOWN NEIGHBORHOOD: Moody's Ups Rating on Tax Bonds to Ba2 ALTA LOMA: Case Summary & 16 Unsecured Creditors AMERICAN FORKLIFT: Seeks to Tap McNulty Group as Real Estate Broker ANASTASIA PARENT: Moody's Cuts CFR to 'Ca', Outlook Negative APPTECH PAYMENTS: Borrows $300,000 from GS Capital ARAMSCO INC: Moody's Alters Outlook on 'Caa1' CFR to Negative ARTIFICIAL INTELLIGENCE: Sees Q2 Profit After $4.5M Debt Settlement ASCEND PERFORMANCE: Recovery for Unsecureds Still to Be Determined ASSET DISCOVERY: Seeks Chapter 11 Bankruptcy in Texas AT HOME GROUP: Unsecureds to Get Share of GUC Recovery Pool AVAL INVESTMENT: Seeks Subchapter V Bankruptcy in Texas B & H MANAGEMENT: U.S. Trustee Unable to Appoint Committee B&W INC: Gets Final OK to Use Cash Collateral B.G.P. INC: Gets Final OK to Use Cash Collateral BALROG ACQUISITION: Moody's Affirms 'B3' CFR, Outlook Stable BIO-KEY INTERNATIONAL: Stockholders OK All Annual Meeting Proposals BLACKROCK TCP: Fitch Lowers LongTerm IDR to 'BB+', Outlook Stable BMX TRANSPORT: Court to Hold Cash Collateral Hearing Today BOKQUA LLC: To Sell Maple Property to Zane E. Hoffman for $448K BOOKS INC: Gets Interim OK for $200,000 DIP Loan BOY SCOUTS: Six Law Firms Awarded $146MM in Chapter 11 Fees BW NHHC: Moody's Cuts CFR to 'Ca', Outlook Stable C & T OILFIELD: Seeks to Tap Fuqua & Associates as Legal Counsel C-CHANNEL LOFTS: Case Summary & Four Unsecured Creditors CBRM REALTY: Opposes Shareholder's Bid to Appoint Equity Committee CENTRO DE BENDICION: Seeks Chapter 11 Bankruptcy in Texas CHARLIE'S HOLDINGS: Approves Board Slate, Auditor at Annual Meeting CHARLIE'S HOLDINGS: Sells PACHA Asset to R.J. Reynolds for $1M CHASSEUR REALTY: Seeks Chapter 11 Bankruptcy in Texas CINEMARK HOLDINGS: Sets $0.08 Quarterly Dividend Payable Sept. 10 CLAIRE'S STORES: Proposes $104MM Sale of IP, U.S. Stores in Ch. 11 COMMSCOPE HOLDING: Moody's Puts 'Caa1' CFR on Review for Upgrade COMPANION CARE: Unsecureds to Split $150K over 60 Months CONNEXA SPORTS: FY25 Net Income Rises to $4.6M on $12.8M Revenue CURIS INC: 4.6M Shares Registered for Possible Resale DISTRIBUIDORA MI: Unsecureds to Get Share of Income for 36 Months DIVERSIFIED HEALTHCARE: Moody's Ups CFR to 'Caa1', Outlook Stable DOLCE BALLOONS: Seeks to Tap CAVA Law as General Bankruptcy Counsel DOUBLE H SERVICES: Seeks to Hire Fuqua & Associates as Counsel DOUBLE T STEEL: Seeks to Hire Baker & Associates as Legal Counsel EDWARDS TRANS: Case Summary & Largest Unsecured Creditors ELITE PARTNERS: Section 341(a) Meeting of Creditors on September 5 ENDLESS POSSIBILITIES: Gets OK to Tap Latham Luna as Legal Counsel EPIC MEDICAL: Hires Allen Jones & Giles as Litigation Counsel EPIC MEDICAL: Seeks to Tap Vartabedian Hester & Haynes as Counsel FAITH ELECTRIC: Lender Seeks to Prohibit Cash Collateral Access FARMFAN LLC: Seeks Chapter 11 Bankruptcy in Pennsylvania FIRSTBASE.IO INC: Available Cash & New Equity to Fund Plan FLORIDA ECO: Andrew Layden Named Subchapter V Trustee FRESH START: To Sell Gibsonton Property to DAS Logic for $442K GAMESTOP CORP: Grants $1.65M RSUs, Cash Bonus to Daniel Moore GIRARDI & KEESE: Court Denies Family's Declaratory Relief Claims GYLMAR DEVELOPMENTS: Gets Interim OK to Use Cash Collateral HIGH SOURCES: Gets Extension to Access Cash Collateral HIGHER GROUND: Committee Hires Gray Reed as Bankruptcy Counsel HILLMAN GROUP: Moody's Alters Outlook on 'B1' CFR to Positive HULL ORGANIZATION: Hires Ohio Real Estate Auctions as Auctioneer HUNT MEMORIAL: Moody's Downgrades Issuer & GOLT Ratings to 'Ba3' HURRICANE GLASS: Unsecureds to Get Share of Income for 60 Months ICU MEDICAL: S&P Alters Outlook to Positive, Affirms 'BB-' ICR IMAGINE SCHOOL: Moody's Cuts Rating to B2, On Review for Downgrade IMG HOLDINGS: Seeks to Hire Stretto as Claims and Noticing Agent INKED PLAYMATS: Seeks to Hire Moecker Auctions as Appraiser INSPIREMD INC: Rosalind Advisors Holds 9.9% Equity Stake INTERMEDIATE DUTCH: S&P Assigns 'B' Rating on $2.264BB Term Loan IXS HOLDINGS: Moody's Rates New $645MM First Lien Term Loan 'B3' JSG II INC: Moody's Rates New Senior Secured Term Loan 'B3' KINGPIN INTERMEDIATE: Moody's Rates New $230MM 1st Lien Loan 'B2' KLIMA CONTROL: U.S. Trustee Unable to Appoint Committee LASERCYCLE INC: Gets OK to Use Cash Collateral LASERCYCLE INC: Seeks to Tap Evans & Mullinix as Bankruptcy Counsel LAURELS OF FALLSBURG: Involuntary Chapter 11 Case Summary LAVENDER LANDSCAPE: Gets OK to Hire Ellett Law Offices as Counsel LAVENDER LANDSCAPE: Seeks Cash Collateral Access LAX INTEGRATED: Fitch Alters Outlook on BB+ Rating on $1.2BB Bonds LEGACY DRAYAGE: Case Summary & 12 Unsecured Creditors LEGACY NORTH: Oversees Co's Chapter 7 Bankruptcy Case LESLIE'S POOLMART: Moody's Cuts CFR to Caa3 & Alters Outlook to Neg LIFESCAN GLOBAL: Hires PJT Partners LP as Investment Banker LIFESCAN GLOBAL: Seeks to Hire Milbank LLP as Counsel LINQTO INC: Schwartz PLLC Guides Co. Through Ch. 11 Reorg. Plan LIQUID TECH: Moody's Withdraws 'B2' CFR Following Debt Repayment LIVEONE INC: Amends Debentures to Allow Crypto Treasury Strategy LLW CONSTRUCTION: Gets Extension to Access Cash Collateral M.I.S. COMMODITIES: Unsecureds to Get $200 per Month for 5 Years MAMBA PURCHASER: Moody's Rates New Bank Credit Facilities 'B3' MARQUIE GROUP: Ryan O'Leary Replaces Marc Angell as CEO MATADOOR RESTAURANT: Court OKs Continued Access to Cash Collateral MATADOOR RESTAURANT: Seeks Court Approval to Tap EPC as Accountant MAVERICK RESTAURANT: Gets Extension to Access Cash Collateral MERIT STREET: Faces $500MM Television Deal MJH HEALTHCARE: Moody's Affirms 'B2' CFR, Outlook Remains Stable MOMENTIVE PERFORMANCE: Moody's Raises CFR to 'Ba3', Outlook Stable NCR VOYIX: S&P Affirms 'B+' Issuer Credit Rating, Outlook Positive NETCAPITAL INC: FY25 Loss Widens to $28.3M, Has Going Concern Doubt NEW JERSEY HOUSING: Moody's Affirms Ba1 Rating on 2004A Rev. Bonds NEW YORK LAW SCHOOL: Moody's Affirms 'Ba1' Issuer Rating NLC ENERGY: Has Deal on Cash Collateral Access NORTH AMERICAN: Unsecureds to Get $5K per Month for 60 Months NORTH JAX CONCRETE: Seeks Chapter 11 Bankruptcy in Florida NORTH JAX: Case Summary & 20 Largest Unsecured Creditors NOVELIS CORP: Moody's Rates New $750 Unsecured Notes Due 2033 'B1' OASIS INTERIORS: Gets Interim OK to Use Cash Collateral OCUGEN INC: Raises $20M via Registered Direct Offering ODYSSEY ACADEMY: S&P Affirms 'BB' LT Rating on Revenue Bonds OPTINOSE INC: Rosalind Entities No Longer Own Common Shares ORACLES CAPITAL: Available Cash & Asset Sale Proceeds to Fund Plan OWENS & MINOR: Moody's Puts 'Ba3' CFR Under Review for Downgrade PAPER IMPEX: Unsecureds Will Get 0.6% Dividend over 60 Months PARTNERS PHARMACY: Court OKs DIP Loan From CS One PENDY’S RESTAURANT: Seeks to Sell Restaurant Equipment at Auction PEPPERMILL LIMITED: To Sell Apartment Complex to La Maison Housing PERASO INC: Posts Q2 Loss of $1.8M on $2.2M Revenue, Sees Q3 Growth POLAR POWER: Bard Associates Hold 15.4% Equity Stake POSH QUARTERS: Aaron Cohen Named Subchapter V Trustee PREMIER GROUP: Seeks to Hire James E. Dickmeyer as Legal Counsel PROFESSIONAL DIVERSITY: Yiran Gu Becomes New CFO, Joins Board PROSPECT MEDICAL: Says Yale Agreement the Best Offer for Hospitals PROST LLC: Seeks Cash Collateral Access PURDUE PHARMA: Warwick City Oks Ch.11 Settlement Participation QNITY ELECTRONICS: Moody's Rates New $1.5BB Sr. Secured Notes 'Ba1' QVC GROUP: Charles Schwab Investment Management Holds 5.89% Stake RED DOOR PIZZA: Gets Extension to Access Cash Collateral RED DOOR SANDWICH: Court OKs Continued Access to Cash Collateral RESHAPE LIFESCIENCES: OKs Asset Sale to Ninjour, Merger with Vyome RJ MARINAL: Dania Beach Property Up for Sale on October 16 ROSALIE WHITE BARNWELL: Seeks Subchapter V Bankruptcy in Georgia ROYAL REALTY: Seeks to Hire Unity Concord Real Estate as Realtor RUGSUSA HOLDINGS: S&P Assigns 'CCC+' ICR, Outlook Stable SAGA FORMATIONS: Sept. 24 Disclosures & Plan Hearing Set SCANROCK OIL: Secures Chapter 11 Plan Confirmation After Settlement SCARFE WHISPERS: Seeks to Hire William G. Haeberle as Accountant SOLAR BIOTECH: Committee, Lender Get Ch. 11 Claim Settlement Ok SOLEMN INVESTMENTS: Court Denies Bid to Use Cash Collateral SOLUTION ENGINEERING: Case Summary & 20 Top Unsecured Creditors SPIRIT AIRLINES: Fitch Lowers LongTerm IDR to 'CCC-' SUNNOVA ENERGY: $118MM Sale Moves Forward Despite Bank's Objection SUNSET PALM: Seeks to Tap Preferred Accounting Services as Auditor TEGNA INC: S&P Places 'BB+' ICR on CreditWatch Negative TEXAS MANAGEMENT: Gets Interim OK to Use Cash Collateral TEXAS MANAGEMENT: Seeks Approval to Tap Jimmy Riggle as Bookkeeper TEXAS MANAGEMENT: Seeks to Hire The Lane Law Firm as Counsel THERMOPRO INC: Court Extends Cash Collateral Access to Nov. 4 TIGER ACQUISITION: Moody's Rates New Sec. Bank Credit Facility 'B2' TITAN CNG: Deadline for Committee Questionnaires Set for Aug. 22 TITAN ENVIRONMENTAL: Eleven 11 No Longer Owns Common Stock TPI COMPOSITES: Seeks to Hire Kroll as Claims and Noticing Agent TRANSDIGM INC: Moody's Rates New Secured 1st Lien Term Loan 'Ba3' TRANSOCEAN LTD: Subsidiary Inks $39.7M Bond Exchange Agreements TRIDENT NUT: Case Summary & 17 Unsecured Creditors TRONOX HOLDINGS: Moody's Cuts CFR to 'B2', Outlook Remains Negative ULTIMATE PAVERS: Ruediger Mueller Named Subchapter V Trustee UNITED PROPERTY: Gets Interim OK to Use Cash Collateral UNITI GROUP: Moody's Assigns 'B3' CFR Following Windstream Deal VALVES AND CONTROLS: Section 341(a) Meeting Set for Sept. 2 VEON LTD: Cohen Circle Holders Redeem 25% Ahead of Merger Vote VILLAGES HEALTH: Gets OK to Tap Evercore Group as Investment Banker VILLAGES HEALTH: Gets OK to Tap GBH SOLIC as Restructuring Advisor WAVE ASIAN: Court Extends Cash Collateral Access to Sept. 24 WAVE SUSHI: Gets OK to Use Cash Collateral Until Sept. 24 WELLPATH HOLDINGS: Inmate Death Lawsuit Entangled in Ch. 11 Process WELTY SERVICES: Gets Final OK to Use Cash Collateral Until Oct. 25 WELTY SERVICES: Seeks to Hire Genevieve Graham Law as Counsel WEST BRAZOS: Hires Chart Capital Management as Financial Advisor WEST BRAZOS: Seeks Approval to Tap Graham as Bankruptcy Counsel WEST RIDGE: Case Summary & Nine Largest Unsecured Creditors WESTVIEW BAPTIST: Case Summary & 19 Unsecured Creditors WHITE BEHAVIORAL: Gets One-Month Extension to Use Cash Collateral WHITWORTH TOOL: Public Foreclosure Set for Sept. 3 WOHALI LAND: Sierra Pacific Sues Co. Days After Chapter 11 Filing WYNN RESORTS: Macau Unit Raising $1B Thru 2034 Senior Notes [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 1300 DESERT: Seeks to Tap Bronson Law Offices as Bankruptcy Counsel ------------------------------------------------------------------- 1300 Desert Willow Road, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Bronson Law Offices, PC to handle its Chapter 11 case. The firm's hourly rates are: H. Bruce Bronson, Attorney $550 Paralegal $250 In addition, the firm will seek reimbursement for expenses incurred. The firm also received a retainer of $20,000 plus the $1,738 filing fee from the Debtor. Mr. Bronson 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: H. Bruce Bronson, Esq. Bronson Law Offices, PC 480 Mamaroneck Ave. Harrison, NY 10528 Telephone: (914) 269-2530 Facsimile: (888) 908-6906 Email: hbbronson@bronsonlaw.net About 1300 Desert Willow Road 1300 Desert Willow Road, LLC owns a property at 1300 Desert Willow Road in Los Lunas, New Mexico, valued at $40 million. 1300 Desert Willow Road sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11375) on June 22, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge Philip Bentley oversees the case. The Debtor is represented by H. Bruce Bronson, Esq., at Bronson Law Offices, PC. 1411 W. NORTH: Seeks to Hire Rodney D. Shepherd as Legal Counsel ---------------------------------------------------------------- 1411 W. North Ave PA, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Rodney Shepherd, Esq., an attorney practicing in Pittsburgh, Pa., to handle its Chapter 11 case. The attorney will be paid at his hourly rate of $300. Mr. Shepherd also received a front retainer of $3,000 from the Debtor. Mr. Shepherd disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: Rodney D. Shepherd, Esq. 2403 Sidney Street Pittsburgh, PA 15203 Telephone: (412) 471-9670 About 1411 W. North Ave PA LLC 1411 W. North Ave PA LLC is a single asset real estate company that owns property at 1411 W. North Avenue in Pittsburgh, Pennsylvania. 1411 W. North Ave PA LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-21864) on July 17, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. The Debtor is represented by Rodney D. Shepherd, Esq. 1713 N CAMERON: Case Summary & Two Unsecured Creditors ------------------------------------------------------ Debtor: 1713 N Cameron St LLC 4490 Market Commons Dr., Unit 710 Fairfax, VA 22033-6053 Business Description: 1713 N Cameron St LLC is a single-asset real estate entity as defined in 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: August 19, 2025 Court: United States Bankruptcy Court Eastern District of Virginia Case No.: 25-11697 Debtor's Counsel: Steven B. Ramsdell, Esq. TYLER, BARTL & RAMSDELL, PLC 300 N. Washington St. Suite 310 Alexandria, VA 22314 Tel: (703) 549-5000 Fax: (703) 549-5011 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by James Perkins Jr as president and sole member. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HJUV37Y/1713_N_Cameron_st_llc__vaebke-25-11697__0001.0.pdf?mcid=tGE4TAMA 414 EAST 115: Seeks to Hire Silverman Law as Bankruptcy Counsel --------------------------------------------------------------- 414 East 115 LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Silverman Law PLLC as counsel. The firm's services include: (a) advise the Debtor of its rights, powers, and duties in continuing to operate and manage its assets and business; (b) prepare on the Debtor's behalf all necessary and appropriate legal documents to be filed in its Chapter 11 case; (c) advise the Debtor concerning, and prepare responses to, legal documents which may be filed in its Chapter 11 case; (d) advise the Debtor concerning the actions it might take to collect and recover property for the benefit of its estate; (e) negotiate with creditors in connection with claims and Chapter 11 plan; (f) review and object to claims; and (g) perform all other legal services for and on behalf of the Debtor which may be necessary or appropriate in the administration of its Chapter 11 case and fulfillment of its duties. Brett Silverman, Esq., a managing member at Silverman Law, will be paid at his hourly rate of $550 plus expenses. The firm also received a retainer of $15,000 from the Debtor. Mr. Silverman 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: Brett S. Silverman, Esq. Silverman Law PLLC 4 Terry Terrace Livinsgton, NJ 07039 Telephone: (646) 281-6008 Email: brett@getconciergelaw.com About 414 East 115 LLC 414 East 115 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42800) on June 9, 2025, listing under $1 million in both assets and liabilities. Judge Jil Mazer-Marino oversees the case. Brett S. Silverman, Esq., at Silverman Law PLLC serves as the Debtor's counsel. 6417 SELMA: LCP Puts Hollywood Properties for Sale on Oct. 17 ------------------------------------------------------------- LCP Hollywood Lender LLC, a New York limited liability company, and its successors and assigns ("Secured Party"), will hold a public sale in-person on Oct. 17, 2025, at 2:30 p.m. Eastern Time, at Loeb &Loeb LLP, 345 Park Avenue, 21st Floor, New York, New York 10154 and virtually via online video conference. The link and password for the online video conference will be provided to all registered qualified bidders. Pursuant to Section 9-610 of the Uniform Commercial Code as enacted in the State of New Yor, the Secured Party will sell to the qualified bidder with the highest or otherwise best bid, subject to the governing terms of sale, all of the right, title and interest of 6417 Selma Hotel Mezz, LLC, a Delaware limited liability company ("Pledgor"), in and to i) its 100% limited liability company interest in 6417 Selma Holdings LLC, a Delaware limited liability company ("Hotel Borrower"), and ii) its 100% limited liability company interest in 6421 Selma Restaurant LLC, a Delaware limited liability company ("Restaurant Borrower") ("Equity Collateral”). The Equity Collateral secures indebtedness owed by Borrower to Secured Party under a loan to Borrower in the outstanding principal amount of $30,300,000 plus unpaid interest, attorneys’ fees and other charges, including the costs to sell the Equity Collateral ("Loan"). Pledgor owns 100% of the limited liability company interests in Hotel Borrower. Hotel Borrower owns the fee simple interest in and to that certain real property commonly known as 6417 Selma Avenue, Hollywood, County of Los Angeles, California and certain other personal property and intangible assets used in the ownership and operation of thereof, as more particularly described in the documents evidencing, guaranteeing and/or securing the Loan ("Loan Documents"). Pledgor owns 100% of the limited liability company interests in Restaurant Borrower. Restaurant Borrower owns a leasehold estate in and to the real property commonly known as 6421 Selma Avenue, Hollywood, County of Los Angeles, California and certain other personal property and intangible assets used in the ownership and operation of thereof, as more particularly described in the Loan Documents. The Hotel Equity Collateral and the Restaurant Equity Collateral will be offered for sale in three public auctions, held consecutively, starting at 2:30 p.m. Eastern Time, on the Auction Date, as follows: 1) the Hotel Equity Collateral will first be offered for sale individually ("Hotel Collateral Auction"); 2) immediately thereafter, the Restaurant Equity Collateral will be offered for sale individually ("Restaurant Collateral Auction"); and 3) immediately thereafter, the Hotel Equity Collateral and the Restaurant Equity Collateral will be offered for sale as a collective whole ("Bulk Sale Auction). The public sales will be conducted by Mannion Auctions, LLC, by Matthew D. Mannion, Auctioneer. Parties interested in further information about the Equity Collateral, the requirements and/or registering to be a "qualified bidder", or the terms of sale must contact Secured Party's counsel, Vadim J. Rubinstein, Esq., at 212-407-4092 or by email at vrubinstein@loeb.com during normal business hours. Upon execution of a standard non-disclosure agreement, additional documentation and information will be available. Parties who do not contact Secured Party's counsel and register by 5:00 p.m. Eastern Time by Oct. 10, 2025, may not be permitted to participate in the auctions. Secured Party and its successors and assigns reserve the right to modify the terms of sale and to adjourn, continue, or cancel the auctions in whole or in part at any time and from time to time, with or without notice. AAR CORP: $150MM Fungible Add-on No Impact on Moody's 'Ba2' CFR --------------------------------------------------------------- Moody's Ratings said AAR CORP.'s $150 million fungible add-on to the existing 6.750% senior unsecured notes does not affect AAR's Ba2 corporate family rating and Ba2-PD probability of default rating. The issuance also does not impact the Ba2 rating on the senior unsecured notes. The ratings outlook remains unchanged at stable. Proceeds from the offering will be used to reduce borrowings under the revolving credit facility and for general corporate purposes, which may include permitted acquisitions. The transaction is leverage neutral and improves AAR's liquidity position. Moody's do not expect any other changes to the terms of the senior unsecured notes aside from the amount due at maturity. AAR CORP. is a publicly listed company (symbol: AIR) founded in 1951 and is a diversified provider of MRO aftermarket products and services to the worldwide aviation and government and defense markets. Revenue for fiscal year ending May 31, 2025 was approximately $2.8 billion. ACADEMY LTD: Moody's Affirms 'Ba2' CFR & Alters Outlook to Stable ----------------------------------------------------------------- Moody's Ratings changed Academy, Ltd.'s ("Academy") outlook to stable from positive. At the same time, Moody's affirmed Academy's corporate family rating at Ba2, probability of default rating at Ba2-PD and the Ba2 ratings on the senior secured first lien term loan and senior secured notes. The speculative grade liquidity rating ("SGL") remains unchanged at SGL-1. The change in outlook to stable from positive reflects Moody's belief that Academy's credit metrics will take longer than originally anticipated to reach levels in line with a higher rating. This delay reflects a challenging consumer environment as shoppers reduce spending on discretionary merchandise in the sporting goods category due to ongoing uncertainty from tariffs, persistently high cost essentials and high interest rates. RATINGS RATIONALE Academy's Ba2 CFR reflects the company's scale and solid market position in the regions within which it operates. It also reflects Academy's actions to preserve profitability despite experiencing declining comparable store sales since 2022 as it focused on productivity improvements, inventory management and cost controls. Further, continued operational improvements in merchandising and omnichannel investment will improve operating performance over time. Additional earnings growth will also come from the company's store expansion program which was initiated in 2022 and will add 160-180 stores through 2029. The new store openings will be financed through free cash flow. Nonetheless, Moody's now expects Academy's credit metrics to remain outside its upgrade thresholds for longer than previously anticipated. Specifically, Moody's expects leverage to remain above its 1.5x upgrade threshold rising to about 2.2x over the next 12 months, up from 1.6x in 2024. Concurrently, Moody's estimates that EBIT to interest will remain below the 6.0x interest coverage threshold, declining to 4.0x from 5.3x for the same period. Academy continues to face a difficult consumer spending environment as consumers continue to face high inflation in key categories such as food, housing and insurance. Moody's also recognizes the competitive nature of sporting goods retail including the increased focus of major apparel and footwear brands on direct-to-consumer distribution and the consumer shift to online shopping. Sporting goods demand can also fluctuate, in part because of demand cycles in the firearms and ammunition category, which Moody's estimates represents roughly 10% of Academy's sales. Academy's SGL-1 reflects its very good liquidity over the next 12 months. The company has a largely available $1.0 billion asset based revolving credit facility expiring in March 2029. In addition, Moody's estimates that the company will generate roughly $150-$200 million of free cash flow over the next 12 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company generates consistently positive same store sales, revenue and operating income growth while improving geographic diversification, maintaining very good liquidity and balanced financial policies. Quantitatively, the ratings could be upgraded with expectations for Moody's adjusted debt/EBITDA to be maintained below 1.5x and EBIT/interest expense sustained above 6.0x throughout economic cycles. The ratings could be downgraded if earnings or liquidity significantly deteriorate or the company experiences material execution missteps. Aggressive financial strategy actions could also result in a downgrade. Quantitatively, the ratings could be downgraded if Moody's-adjusted debt/EBITDA is maintained above 2.75x or EBIT/interest expense declines below 3.5x. Headquartered in Katy, Texas, Academy, Ltd. is a US sports, outdoor and lifestyle retailer with a broad assortment of hunting, fishing and camping equipment, along with footwear, apparel, and sports and leisure products. The company operates 303 stores under the Academy Sports + Outdoors banner, which are primarily located in Texas and the southeastern United States, and its website. It is a subsidiary of traded Academy Sports and Outdoors, Inc. (NASDAQ traded ASO). Academy generates approximately $5.9 billion in revenue. The principal methodology used in these ratings was Retail and Apparel published in November 2023. ADMIRABLE HAVENS: To Sell Montre Property to Victoria R. Frisk -------------------------------------------------------------- Admirable Havens, LLC, seeks permission from the U.S. Bankruptcy Court for the Northern District of Georgia, Newnan Division, to sell Property located at 64 Montre Square, Atlanta, Georgia 30327, free and clear of liens, claims, interests, and encumbrances. The Debtor is a real estate investment and management company that currently owns and manages two single-family rental properties in Atlanta, Georgia. The lienholders of the Property are Wilmington Savings Fund Society, in the estimated amount of $142,000.00; and Cross Creek Condominium Association, in the amount of $32,128.71. After marketing the Montre Square Property for sale for over seven months, the Debtor has secured a contract to sell the Property to Victoria R. Frisk for $245,000.00. The closing is scheduled for September 24, 2025. The Debtor has determined that selling the Montre Square Property pursuant to the Purchase Agreement is in the best interests of the estate and its creditors. The Debtor has received an offer equivalent to the fair market value to be paid in cash at closing. About Admirable Havens, LLC Admirable Havens, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-10446) on April 1, 2024, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Paul Baisier oversees the case. William A. Rountree at Rountree Leitman Klein & Geer, LLC represents the Debtor as legal counsel. AGDP HOLDING: U.S. Trustee Appoints Creditors' Committee -------------------------------------------------------- The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of AGDP Holding, Inc. and its affiliates. The committee members are: 1. Heini Limited Liability Company Attn: Justin Smith 348 Gates Ave. Brooklyn, NY 11216 Email: justin@heini.build 2. Nova Traffic AG Attn: Mirko Mueller Oberfeldstrasse 14 8302 Kloten, (Zurich Airport) Switzerland Phone: 417 9 2200150 Email: mimueller@schneider-transport.com 3. Gateway Productions, Inc. Attn: Alexis Sommerfeld 10 Mulliken Way Newburyport, MA 01950 Phone: 877-354-2839 Email: alex@gateway.productions 4. Lauren Bair, Email: Lauren@bairaethetics.com. 5. Aaron Clevenger c/o Wasserman Music LLC Attn: Kelly Weiss 10900 Wilshire Blvd. Los Angeles, CA 90024 Email: Kelly.weiss@teamwass.com 6. Christie Lites New York LLC Attn: Michael Rawson 6990 Lake Ellenor Dr. Orlando, Fla., 32809 Phone: 407-413-0401 Email: mraws@christielites.com 7. Nightmode Video, Inc. Attn: Dominc Cappellitti Email: d@nithmodevideo.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About AGDP Holding Inc. AGDP Holding Inc. and 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. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11446 ) on August 4, 2025. In the petition signed by Gary Richards, chief executive officer, the Debtors disclosed up to $100 million in assets and up to $500 million in liabilities. Judge Mary F. Walrath oversees the case. Young Conaway Stargatt & Taylor, LLP, represents the Debtors as legal counsel. The Debtors also tapped 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 claims and noticing agent and administrative advisor. Alter Domus (US) LLC, as DIP agent, may be reached at: 225 W. Washington Street, 9th Floor Chicago, IL 60606 Attn: Legal Department -- Agency, Emily Ergang Pappas and Samuel Buhler legal_agency@alterdomus.com; Emily.ergangpappas@alterdomus.com; and Samuel.buhler@alterdomus.com -- and -- AG Acquisition 1 LLC c/o Axar Capital Management LP 1330 Avenue of the Americas, 30th floor New York, NY 10019 Attn: Andrew Axelrod aaxelrod@axarcapital.com ALEON METALS: Gets Interim OK to Obtain DIP Loan From UMB Bank -------------------------------------------------------------- Aleon Metals, LLC and affiliates received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to obtain post-petition financing to get through bankruptcy. This financing is a superpriority senior secured debtor-in-possession term loan facility that includes two key components: (i) a new money DIP facility of up to $62.502 million in new loans provided by certain pre-petition bondholders or their designated affiliates, and (ii) a roll-up facility through which the Debtors' pre-petition bonds will be converted into post-petition DIP loans on a $2-for-$1 basis for each dollar of new money loaned. The DIP facility is structured to be drawn in three stages: an initial $17.5 million draw of new funds and a $35 million roll-up upon approval of the interim order; a subsequent draw of at least $33.5 million and roll-up of $67 million upon entry of the final order; and a final draw of up to $11.5 million and $23 million roll-up to be completed no later than October 1, contingent upon satisfaction of certain conditions. The DIP credit agreement, which governs this financing, is to be executed among Gladieux Metals Recycling, LLC and Aleon Renewable Metals, LLC, as borrowers, Aleon Metals, as the parent guarantor, UMB Bank, N.A., and the DIP lenders. As security for the DIP obligations, UMB Bank, as DIP agent, will be granted properly perfected, first priority, senior priming liens on and security interests in all assets of Aleon Metals and the borrowers. In addition to the DIP liens, all of the DIP obligations and all amounts owing by Aleon Metals and the borrowers in respect thereof constitute allowed superpriority administrative expense claims, with priority over all administrative expense claims, subject and subordinate only to the payment of the fee carveout. The DIP facility is due and payable on the earliest of: (i) 35 days following the petition date (unless the final order has been entered), (ii) the effective date of an acceptable plan, (iii) the sale of all or substantially all of the Debtors' assets, other than an acceptable sale, (iv) the date on which the Debtors seek approval of a disclosure statement for a plan, other than an acceptable plan, (v) 60 days following the petition date (or such later date as may be agreed to in writing by the required lenders), and (vi) the date on which all DIP loans become due and payable in accordance with the DIP credit agreement. The Debtors are required to comply with these milestones: a) on the petition date, the Debtors must have filed a motion to approve the bidding procedures; b) no later than three days after the petition date, the court must have entered the interim order; c) no later than three days after the petition date, the Court must have entered the bidding procedures order; d) no later than 35 days after the petition date, the court must have entered the final order; e) no later than 40 days after the petition date, the bid deadline must occur; f) if qualifying bids are received in accordance with the bidding procedures order, no later than 45 days after the petition date, an auction must have been conducted; g) no later than 50 days after the petition date, the court must have held a hearing to approve an acceptable sale; h) no later than 52 days after the petition date, the court must have entered an order approving an acceptable sale; i) no later than 60 days after the petition date, the acceptable sale must have closed. The Debtors operate a multipurpose solid waste recycling facility in Freeport, Texas, focused on extracting valuable metals such as vanadium and molybdenum from spent catalyst materials used in petroleum refining. They are also developing a proprietary hydrometallurgical process to recycle lithium-ion batteries by converting aluminum waste into battery-grade materials for use in cathode production. These operations are central to the Debtors' strategy to serve the energy transition economy. The Chapter 11 filings are intended to preserve operations, restructure obligations, and attract new investment. As of the petition date, the Debtors' funded debt liabilities totaled approximately $403.2 million, comprised of roughly $293.6 million in outstanding bonds and $109.6 million in outstanding loans. The Debtors' capital structure includes several distinct components. First, under a superpriority secured credit agreement dated May 7, 2025, the Debtors had a term loan facility with an original principal amount of $17.8 million. As of the petition date, the Debtors were indebted to the pre-petition superpriority secured parties in at least this principal amount, plus accrued interest, fees, expenses, and other charges. Next, the 2019 GMR Bonds, issued pursuant to an indenture of Trust dated March 1, 2019, originally totaled $100 million and included the original bonds and two additional series (2019A and 2019B bonds). The proceeds financed capital improvements to a solid waste disposal facility in Brazoria County, Texas. As of the petition date, approximately $94.3 million in principal remained outstanding, along with accrued interest and fees. The subordinate GMR bonds, issued under an indenture dated May 1, 2020, originally amounted to $38.5 million to fund additional capital projects related to solid waste recovery facilities in Brazoria County. Outstanding principal under these bonds was approximately $35.4 million as of the petition date, plus accrued charges. The Aleon Bonds, issued under an indenture dated June 1, 2022, including a 2023 supplemental series, totaled $175 million in original principal. These bonds financed solid waste disposal facilities for Aleon Renewable Metals, LLC, with payments guaranteed by GMR and the parent guarantor. The outstanding principal on the Aleon bonds was approximately $164 million at the petition date, together with accrued interest and fees. Equity holder loans include term loans under a credit agreement with an affiliate of FTAI, which had an outstanding balance of about $42.7 million, including accrued interest. Additionally, GMR owed approximately $12.9 million on a note payable to Gladieux Metals, originally $7.5 million and extended through December 2025, and approximately $14 million under a separate Gladieux Metals loan agreement. The Debtors also had short-term financing arrangements with Mason Metals, LLC, under a Master Sale and Repurchase Agreement secured by an intermediate metal product called calcine. Although Mason Metals terminated the agreement in May 2025, the outstanding balance was approximately $12.8 million as of the petition date. Finally, in connection with the issuance of the 2022 Aleon Bonds, a seller financing note (the EAF Note) was issued by Aleon Renewable Metals, LLC to GMR, with a principal amount of approximately $21.5 million, bearing interest at 6%, secured by a subordinate deed of trust and matured June 30, 2025. Use of Cash Collateral The Debtors also received interim approval to use their pre-petition collateral, including cash collateral, from August 19 through and including the earliest to occur of (a) entry of the final order, or (b) the DIP termination date. The interim order granted adequate protection to pre-petition secured lenders to cover any reduction in collateral value resulting from the use, sale, or priming of their secured interests or from the automatic stay. The final hearing is set for September 17. The deadline for filing objections is on September 10. A copy of the August 19 interim order is available at https://is.gd/kWEBFv from PacerMonitor.com. About Aleon Metals LLC Aleon Metals, LLC own and operate a multipurpose solid waste disposal facility in Freeport, Texas, specializing in the extraction and refinement of metals used in the energy industry. They focus on processing spent catalysts from petroleum refining to recover vanadium and molybdenum, which have a range of chemical and industrial applications. The Debtors are also developing a hydrometallurgical recycling process for lithium-ion batteries that would convert aluminum waste from its catalyst recycling operations into battery-grade materials for cathode production. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90305) on August 17, 2025. In the petition signed by Roy Gallagher, chief restructuring officer, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Christopher M. Lopez oversees the case. The Debtors tapped Morrison & Foerster, LLP as bankruptcy counsel; Norton Rose Fulbright US, LLP as local counsel; Ankura Consulting Group, LLC as restructuring and financial advisor; Jefferies, LLC as investment banker; and Stretto, Inc. as claims and noticing agent. UMB Bank, National Association, as DIP agent, is represented by: Christopher M. Odell, Esq. Arnold & Porter Kaye Scholer, LLP 700 Louisiana Street, Suite 4000 Houston, TX 77002-2755 Telephone: (713) 576-2400 Facsimile: (713) 576-2499 Email: christopher.odell@arnoldporter.com -and- Michael D. Messersmith, Esq. Sarah Gryll, Esq. Owen Haney, Esq. Marjorie Carter, Esq. Arnold & Porter Kaye Scholer, LLP 70 West Madison Street, Suite 4200 Chicago, IL 60602-4231 Telephone: (312) 583-2300 Facsimile: (312) 583-2360 michael.messersmith@arnoldporter.com sarah.gryll@arnoldporter.com owen.haney@arnoldporter.com marjorie.carter@arnoldporter.com ALGOMA STEEL: Moody's Lowers CFR to Caa1, Outlook Remains Negative ------------------------------------------------------------------ Moody's Ratings downgraded Algoma Steel Group Inc.'s ("Algoma") corporate family rating to Caa1 from B3 and the probability of default rating to Caa1-PD from B3-PD. Moody's have also downgraded Algoma Steel Inc.'s ("Borrower") backed senior secured second lien notes to Caa1 from B3, and Algoma's speculative grade liquidity rating (SGL) to SGL-4 from SGL-2. The outlook for both entities remains negative. The downgrade reflects significant weakness in the company's operating results, substantial cash burn and a potential liquidity crunch the company could face due to the 50% tariffs imposed on steel imports into the US. Moody's expects negative EBITDA generation through fiscal 2026, which will drive a continued cash burn. The company continues to operate under challenging operating conditions and an uncertain tariff environment, contributing to Moody's negative outlook. The company has applied for a CAD 500 million loan from the Canadian federal government under the Large Enterprise Tariff Loan (LETL) facility program, which Moody's expects will enhance the company's liquidity, however, any borrowings will further elevate the company's already high financial leverage. Without support from the LETL facility, Moody's believes the company could face a liquidity shortfall over the next 12 to 18 months. RATINGS RATIONALE Algoma's Caa1 CFR is constrained by: (1) weak credit metrics including high financial leverage and weak interest coverage metrics which are expected to continue through 2026; (2) a very challenging operating environment due to uncertain pricing and 50% tariffs on its imports into the US, accounting for more than half of its revenue; (3) weak liquidity making it challenging to manage the uncertain operating environment; (4) significant execution risks involved in the completion of the EAF project; (5) its small size (2.0 million tons of steel shipments in LTM Jun-25); (6) exposure to volatile steel prices; and (7) a competitive disadvantage relative to North American peers because of incremental freight costs from Sault Ste Marie, Ontario. The rating benefits from the company's: (1) relatively low cost hot rolled steel making capabilities, using its Direct Strip Production Complex; (2) access to no-interest, forgivable (dependent on certain emission targets) government debt financing to assist with EAF project; (3) strategic importance to the Canadian government as the largest independent Canadian steel producer; and (4) reduced earnings variability on successful execution of the EAF project. Algoma's capital structure consists of three classes of debt: (1) $300 million ABL revolver (unrated); (2) $350 million backed senior secured second lien notes (issued by the Borrower); and (3) government loans. The backed senior secured second lien notes are rated Caa1, same as the company's CFR. The ABL, secured notes and a portion of the government loans are all secured by substantially all assets. However, the ABL has a senior position in the debt capital structure relative to the secured notes and those notes have a priority over the government loans. Algoma has weak liquidity (SGL-4). Sources total about CAD410 million compared to uses of about CAD350 million through mid-2026. Liquidity sources consist of cash of about CAD82 million as of June 2025, about CAD329 million available under its $300 million ABL credit facility (due in 2028). Uses include Moody's expected free cash flow usage around CAD350 million through mid-2026, including the remainder of the EAF capex. Moody's anticipates that the company will receive additional liquidity from the LETL facility in 2025, which will support the company's weak liquidity. In the absence of any such external financing, Moody's expects the company will likely experience a liquidity shortfall and a breach of the springing fixed charge coverage ratio covenant on its ABL facility over the next four quarters. The negative outlook reflects the continued challenging operating conditions and uncertain tariff environment, while liquidity and credit metrics remain weakly positioned. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the operating conditions and tariff environment improve such that the company is able to generate at least breakeven free cash flow, liquidity improves, adjusted debt/EBITDA is maintained below 7x and (CFO-dividend)/debt is sustained above 5%. The ratings could be downgraded if the company is unable to secure external financing and liquidity deteriorates further, the company's operating performance does not improve, or access to the ABL is reduced due to an imbalance between the size of the facility and the borrowing base. The principal methodology used in these ratings was Steel published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Algoma Steel Group Inc., headquartered in Sault Ste Marie, Ontario, is an integrated steel producer. ALLENTOWN NEIGHBORHOOD: Moody's Ups Rating on Tax Bonds to Ba2 -------------------------------------------------------------- Moody's Ratings has upgraded the Allentown Neighborhood Improvement Zone Development Authority, PA's City Center Project Tax Revenue Bonds ("Senior CCIC Bonds") to Ba2 from Ba3, and assigned a Ba2 rating to the authority's proposed $54.1 million Tax Revenue Bonds, Series 2025 (City Center Project). Moody's have affirmed ANIZDA's Series 2022 Tax Revenue Bonds ("Arena Bonds") at Baa3. The outlook on both the Arena Bonds and the Senior CCIC Bonds has been revised to stable from positive. ANIZDA will have about $1 billion of debt outstanding following the proposed sale, including $149 million of Arena Bonds, $400 million of Senior CCIC Bonds, $246 million of unrated Subordinate CCIC Bonds, and $191 million of other unrated developer dedicated indebtedness. The upgrade of the Senior CCIC Bonds incorporates the ongoing growth in pledged tax revenues, helping to diversify the tax base and partially alleviate its heavy taxpayer concentration. The revision of the outlook to stable from positive recognizes that essentially all of the growth in ANIZDA's tax base is accompanied by additional debt, meaning even as the base expands and diversifies its metrics are not improving significantly. RATINGS RATIONALE The Baa3 rating on ANIZDA's Arena Bonds captures solid coverage of debt service by pledged revenues, generally in the range of 3x. The tax base producing revenues for the Arena Bonds is small and heavily concentrated in a small number of taxpayers. The rating also reflects the fact that most of the growth in pledged tax revenues that might otherwise improve coverage is instead being pledged to other debt issuances, meaning the growth in the downtown area is not doing much to improve the metrics for the Arena Bonds given continued material leverage growth. The Ba2 rating on ANIZDA's Senior CCIC Bonds balances strong coverage of debt service (roughly 2x maximum annual debt service following the current issuance) against a high degree of leverage (the ratio of all CCIC debt including subordinate debt to pledged revenues is 9x) and a heavy concentration in the base. The Senior CCIC Bonds are payable from the taxes generated by businesses located in about a dozen CCIC properties. RATING OUTLOOK The stable outlook on both the Arena Bonds and the CCIC Bonds recognizes that essentially all of the growth the zone experiences is accompanied by new debt, meaning that even as the zone grows and diversifies, its metrics remain largely unchanged. It is possible that the authority's largest debt issuances are behind it, as most of the NIZ is now developed. However, it may take several years for tax revenue growth to outpace existing debt sufficient to warrant higher ratings. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Sustained coverage above 2.5x for the Senior CCIC Bonds and 3x for the Arena Bonds -- Further growth in and diversification of pledged revenues -- Full development of the zone, indicating that debt issuance has peaked FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Deterioration in pledged revenues pulling coverage significantly below 2x for the Senior CCIC Bonds and 2.5x for the Arena Bonds -- Stagnant tax base growth, slowing diversification of pledged revenues -- Further substantial debt increases PROFILE ANIZDA was created in 2011 to finance redevelopment in downtown Allentown. Businesses located in a 128-acre noncontiguous zone in the city known as the NIZ can be considered "Qualified Businesses." Under state law, the state and local tax revenues (besides property taxes) generated by Qualified Businesses can be pledged to bonds and loans, effectively allowing developers to use future unpaid taxes to finance investments in the zone. The authority is governed by a 9-member board appointed by the mayor and approved by the city council of Allentown. METHODOLOGY The principal methodology used in these ratings was US Public Finance Special Tax Debt published in July 2024. ALTA LOMA: Case Summary & 16 Unsecured Creditors ------------------------------------------------ Debtor: Alta Loma Vivative LP 9456 Roberds Street Rancho Cucamonga, CA 91701-5820 Business Description: Alta Loma Vivative LP, based in Rancho Cucamonga, California, is a limited partnership engaged in real estate investment and property redevelopment, specializing in repurposing underutilized historic buildings into community-focused destinations. The Company owns the Alta Loma Packing House, a former citrus packing warehouse built in 1926, which it is converting into a brewery and taproom. Its operations focus on combining property ownership with adaptive reuse to enhance local communities. Chapter 11 Petition Date: August 18, 2025 Court: United States Bankruptcy Court Central District of Oklahoma Case No.: 25-15786 Debtor's Counsel: W. Derek May, Esq. LAW OFFICE OF W. DEREK MAY 400 N. Mountain ve Suite 236 Upland, CA 91786 Tel: 909-920-0443 Fax: 909-912-8114 E-mail: wdmlaw17@socalbankruptcy.net Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Guillermo A. Romero in his capacity as president of Vivative Ventures Inc., the general partner of the Debtor. A full-text copy of the petition, which includes a list of the Debtor's 16 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/27I37LA/Alta_Loma_Vivative_LP__cacbke-25-15786__0001.0.pdf?mcid=tGE4TAMA AMERICAN FORKLIFT: Seeks to Tap McNulty Group as Real Estate Broker ------------------------------------------------------------------- American Forklift Rental & Supply, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ McNulty Group, Inc. as real estate broker. The Debtor needs a broker to assist in the sale of its real property located at 5387 McLeod Road, Orlando, Florida to fund its plan in this Chapter 11 case. The broker will receive a commission of 4.5 percent of the property's purchase price if it is the only broker. A total commission of 6 percent will be paid in the event a purchaser is procured by a broker other than McNulty Group: three percent will be paid to McNulty Group and 3 percent will be paid to the cooperating broker. Cole Wynn, a real estate agent at McNulty Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Cole Wynn McNulty Group, Inc. 2315 Lynx Lane, Suite 6 Orlando, FL 32804 About American Forklift Rental & Supply American Forklift Rental & Supply, LLC provides forklift rentals, sales, parts, service, and safety training across Central Florida, including Orlando, Tampa, and surrounding counties. The company offers new and used forklifts in various fuel types and sizes, with flexible rental terms and included maintenance. Headquartered in Orlando, American Forklift Rental & Supply has served the region for over 25 years and remains owner-operated to ensure personalized customer support. American Forklift Rental & Supply sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02765) on May 5, 2025. In its petition, the Debtor reported total assets of $1,280,342 and total liabilities of $890,93. Judge Lori V. Vaughan handles the case. The Debtor is represented by Melissa A Youngman, Esq., at Winter Park Estate Plans & Reorgs. ANASTASIA PARENT: Moody's Cuts CFR to 'Ca', Outlook Negative ------------------------------------------------------------ Moody's Ratings downgraded Anastasia Parent, LLC's (doing business as Anastasia Beverly Hills or ABH) Corporate Family Rating to Ca from Caa3 and the Probability of Default Rating to D-PD from Caa3-PD. Concurrently, Moody's downgraded the rating of the $650 million senior secured first lien term loan due August 2025 to Ca from Caa3. The outlook remains negative. The downgrades reflect ABH's missed principal payment due on the August 11, 2025 term loan maturity. The company entered into a forbearance agreement with its first lien lenders through September 10, 2025 while it continues to discuss alternatives with the lender group. The missed payment constitutes a default under Moody's default definition, despite the forbearance agreement. The first lien credit agreement does not include a grace period for principal payments, although it allows a five business day grace period for missed interest payments. The ratings reflect heightened refinancing risk, elevated leverage and negative free cash flow. These factors are compounded by a weak consumer and macroeconomic environment, which creates uncertainty around recovery prospects. Additionally, input cost pressures remain elevated amid a high tariff environment, further straining operating margins. The missed principal payment and elevated risk of a distressed exchange or other restructuring are governance risks that are key factors in the rating action. RATINGS RATIONALE ABH's Ca CFR reflects that the company is in default on its credit agreement due to failure to meet the August 11, 2025 term loan maturity, and Moody's views of expected recovery. The company is currently operating under a forbearance agreement with lenders through September 10, 2025 while it continues ongoing discussions to address the maturity. The ratings also incorporate the high likelihood of a debt restructuring or other form of a distressed exchange given the company's very high leverage and ongoing cash flow deficits. ABH's scale remains modest, with revenue below $300 million, and Moody's adjusted debt-to-EBITDA of 11.9x for the 12 months ending March 31, 2025. The company generated negative free cash flow and faces intense competition within the beauty industry. Larger peers benefit from broader product portfolios, geographic diversification, and greater investment capacity across economic cycles. In contrast, ABH's sales are heavily concentrated in the US market, creating high exposure to US economic conditions. Liquidity is weak with only $40 million in cash available as of March 31, 2025, following the expiration of its revolving credit facility in May 2025. This amount is insufficient to meet the term loan maturity. Despite these challenges, ABH benefits from strong brand recognition in niche segments and a proven track record in product innovation. The company introduced several new products in 2024 and early 2025, including the Impeccable Foundation and Setting Spray, along with additional face, brow, and lip offerings. ABH maintains a solid presence in specialty retail through Sephora and Ulta, and is expanding its e-commerce footprint via Amazon, Tik Tok Shop and other digital channels, often in alignment with increased distribution support from these partners. While the extent of Anastasia Soare's financial support for the company is unclear, her vested interest in the brand's success may provide some incentive to support the business during this period of financial stress. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The negative outlook reflects very high risk of debt restructuring and that recovery could be weaker than Moody's anticipates. The ratings could be downgraded if the company fails to address the refinancing risks or recovery weakens. The ratings could be upgraded if ABH addresses the refinancing risk, including the maturity of the term loan, and substantially improves operating performance, leverage and liquidity. The principal methodology used in these ratings was Consumer Packaged Goods published in June 2022. The Ca rating is three notches below the Caa1 scorecard-indicated outcome incorporating the most recent audited financial statements. The difference is due to the company's high default risk and weak liquidity because of a lack of sufficient funds available to meet the August 2025 term loan maturity. Founded in 1997 by beauty entrepreneur Anastasia Soare, Anastasia Beverly Hills (ABH) is a prestige cosmetics brand known for its innovation in brow, face, and lip products. Headquartered in Los Angeles, ABH operates primarily in the US, with distribution through major retailers such as Dillard's, Macy's, Nordstrom, Sephora, Ulta, as well as expanding e-commerce channels. The company generated approximately $254 million in revenue for the 12 months ending March 31, 2025. ABH maintains a growing international footprint with about 23% of annual sales derived from markets in the UK, Europe, Middle East, and Asia. The brand is majority owned by the Soare family, with private equity firm TPG holding a minority stake since its 2018 investment. APPTECH PAYMENTS: Borrows $300,000 from GS Capital -------------------------------------------------- AppTech Payments Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 7, 2025, the Company entered into a Securities Purchase Agreement with GS Capital Partners, LLC, pursuant to which the Company issued a promissory note in the aggregate principal amount of $300,000 to GS Capital. The Note was issued with an original issue discount of $50,000, resulting in gross proceeds to the Company of $250,000 before deducting transaction expenses. The Note bears interest at a rate of 10% per annum and matures on July 31, 2026, unless earlier converted or repaid in accordance with its terms. Principal payments are to be made in six (6) installments of $54,041.84 each, commencing on the 180th day following the Issue Date and continuing every thirty (30) days for five (5) months thereafter, with the final payment of principal and interest due on the maturity date. The Note may be prepaid in whole or in part without penalty. The Note is convertible at the option of GS Capital into shares of the Company's common stock, $0.001 par value per share, at a fixed conversion price of $2.00 per share, subject to adjustment as set forth in the Note. In the event of default, the conversion price will be 80% of the lowest VWAP of the Common Stock during the ten (10) trading days prior to the conversion date, representing a 20% discount. The Note contains a beneficial ownership limitation of 4.99%. The Company is required to reserve from its authorized and unissued Common Stock a number of shares sufficient to permit the full conversion of the Note, as described in the Note. The Note contains customary events of default, including, but not limited to, failure to pay principal or interest when due, failure to issue shares upon conversion, breaches of covenants or representations, bankruptcy or insolvency events, and certain other events as described in the Note. Upon an event of default, the outstanding principal amount of the Note, plus accrued interest and any other amounts due, may become immediately due and payable at the option of GS Capital, and the Company may be required to pay a default amount equal to 150% of the outstanding principal and accrued interest, plus any other amounts owed under the Note. The Note also provides for liquidated damages in the event of failure to deliver shares upon conversion, as well as cross-default provisions with other debt of the Company to GS Capital. The Purchase Agreement contains customary representations, warranties, and covenants of the Company and GS Capital, including, among other things, restrictions on certain corporate actions without GS Capital's consent, and indemnification provisions. The foregoing descriptions of the Purchase Agreement and the Note do not purport to be complete and are qualified in their entirety by reference to the full text of such documents, which are filed as exhibits to this Current Report on Form 8-K and are available at https://tinyurl.com/56kdmn26. The representations, warranties, and covenants contained in such agreements were made solely for the purposes of such agreements and as of specific dates, were intended to be solely for the benefit of the parties to such agreements and may be subject to limitations agreed upon by the contracting parties. About AppTech Payments Corp. Headquartered in Carlsbad, California, AppTech Payments Corp. -- www.apptechcorp.com -- provides digital financial services for financial institutions, corporations, small and midsized enterprises, and consumers through the Company's scalable cloud-based platform architecture and infrastructure, coupled with its Specialty Payments development and delivery model. AppTech maintains exclusive licensing and partnership agreements in addition to a full suite of patented technology capabilities. San Diego, California-based DBBMcKennon, the Company's auditor since 2014, issued a "going concern" qualification in its report dated Mar. 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has limited revenues and has suffered recurring losses from operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $8.99 million in total assets, $3.52 million in total liabilities, and a total stockholders' equity of $5.47 million. ARAMSCO INC: Moody's Alters Outlook on 'Caa1' CFR to Negative ------------------------------------------------------------- Moody's Ratings affirmed Aramsco, Inc.'s (Aramsco) Caa1 corporate family rating, Caa1-PD probability of default rating and Caa1 backed senior secured 1st lien term loan rating. The outlook was changed to negative from stable. The negative outlook reflects Aramsco's deteriorating credit metrics, persistent negative free cash flow and Moody's expectations that credit metrics will continue to weaken in 2025. Although revenue and gross profit over the last 12 months remained relatively stable compared to year-end 2023, selling, general & administrative (SG&A) expenses have significantly increased due to inflationary pressures and strategic investments aimed at improving operations. This has resulted in continued negative free cash flow and increased reliance on the company's asset-based lending (ABL) facility. In May 2025, the company utilized the remaining $45 million from its delayed draw term loan to acquire select assets from Jon-Don, a company with substantial geographic and customer overlap with Aramsco. As part of the transaction, Aramsco will retain four Jon-Don branches. The remaining branches were closed, with customer demand redirected to the nearest Aramsco locations. Given the cost of integration and the challenges of transitioning customers, Moody's views the integration risk as significant. Moody's expects debt/EBITDA to be well above 10x and EBITDA/interest expense to be below 1x in 2025 as the company integrates the acquisition. Moody's expects debt/EBITDA to improve below 10x and EBITDA/interest expense to rise above 1x in 2026. The affirmation reflects Aramsco's strong position as a distributor to specialty contractors and facility maintenance professionals, as well as its demonstrated ability to successfully integrate prior acquisitions. It also considers the absence of near-term debt maturities and Moody's expectations that the company will maintain modest availability under its ABL facility. RATINGS RATIONALE Aramsco's Caa1 CFR is constrained by its weak credit metrics, negative free cash flow and small scale. The credit profile is also constrained by Aramsco's acquisitive growth strategy which comes with execution and integration risk, as highlighted by the acquisition of select Jon-Don assets. Aramsco's industry is very fragmented which also increases the likelihood of future consolidation. However, the rating is supported by its successful track record of integrating its past acquisitions. According to the company, it has a leading position as a distributor to specialty contractors and facility maintenance professionals. While some of its products are susceptible to cyclicality, the essential and consumable nature of its products is a partial mitigant. The credit profile is also supported by the company's extensive product offering with over 45,000 SKUs, end market diversity and geographic diversity. Aramsco's liquidity position is weak with consistently negative free cash flow but Moody's expects the company to maintain modest availability under its ABL revolver during the next 12-15 months in the $30 million range. The credit facility contains a minimum fixed charge coverage ratio of 1x that is tested when the revolver availability is less than the greater of 10% of the line cap or $6 million. The company is expected to remain in compliance with the covenant as it is unlikely to be triggered given the expected availability under the ABL. However, if it were to be triggered the company's fixed charge coverage ratio is likely below 1x. All assets are fully encumbered, leaving little to no alternate liquidity sources. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company demonstrates profit growth and improved liquidity through a return to positive free cash flow and reduced revolver borrowings. An upgrade would also require a balanced financial policy that allows the company to maintain Moody's adjusted debt/EBITDA below 6.5x and EBITA/interest expense above 1.25x. Factors that could result in a downgrade include sustained profit declines, a deterioration in liquidity or any increase in the probability of default. Headquartered in Radnor, PA, Aramsco is a distributor of restoration, abatement, facility maintenance, traffic safety, professional cleaning, surface preparation, and stone care products selling to specialty contractors and facility maintenance professionals throughout the US and Canada. Revenue for the 12 months period ended March 31, 2025 was over $600 million. The company is owned by American Securities LLC. The principal methodology used in these ratings was Distribution and Supply Chain Services published in December 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ARTIFICIAL INTELLIGENCE: Sees Q2 Profit After $4.5M Debt Settlement ------------------------------------------------------------------- Artificial Intelligence Technology Solutions, Inc. (OTCID:AITX), a global leader in AI-driven security and productivity solutions, expects to report net profitability for the second quarter of its fiscal year 2026, which ends on August 31, 2025, primarily driven by a significant one-time accounting gain from a recent debt settlement. The Company said it successfully settled more than $4.5 million in legacy debt for less than 10% of the balance owed. The resulting one-time accounting gain is anticipated to be the key factor in achieving net profitability for the quarter and strengthens the Company balance sheet by reducing its overall debt burden. This news follows the strong operational results reported in the Company's Q1 FY 2026 filing, which included a 57% increase in revenue and an 80% increase in gross profit compared to the same period in the prior year. The Company remains focused on accelerating growth in its core business and achieving sustainable, operational profitability. "This debt settlement is a crucial step in strengthening our financial foundation," said Steve Reinharz, the Company's CEO/CTO and founder, "While the one-time gain will drive our net income for the quarter, our management team remains laser-focused on generating consistent, long-term operational profitability. We are confident in our strategy to expand our high-margin recurring revenue streams and deliver sustained value for our shareholders." For a comprehensive look at AITX's business, technology, and market trajectory, the Company recently released an updated Company Profile. Investors and stakeholders are encouraged to review the document for additional insight into AITX's strategy and ongoing growth initiatives. AITX, through its primary subsidiary, Robotic Assistance Devices, Inc. (RAD), is redefining the nearly $50 billion (US) security and guarding services industry through its broad lineup of innovative, AI-driven Solutions-as-a-Service business model. RAD solutions are specifically designed to provide cost savings to businesses of between 35%-80% when compared to the industry's existing and costly manned security guarding and monitoring model. RAD delivers these tremendous cost savings via a suite of stationary and mobile robotic solutions that complement, and at times, directly replace the need for human personnel in environments better suited for machines. All RAD technologies, AI-based analytics and software platforms are developed in-house. The Company's operations and internal controls have been validated through successful completion of its SOC 2 Type 2 audit, reinforcing the Company's credibility with enterprise and government clients who require strict data protection and security compliance. RAD has a prospective sales pipeline of over 35 Fortune 500 companies and numerous other client opportunities. RAD expects to continue to attract new business as it converts its existing sales opportunities into deployed clients generating a recurring revenue stream. Each Fortune 500 client has the potential of making numerous reorders over time. About Artificial Intelligence Technology Headquartered in Ferndale, Mich., Artificial Intelligence Technology Solutions Inc. provides artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges, and fuel new business ideas. Through its next-generation robotic product offerings, AITX's RAD, RAD-R, RAD-M, and RAD-G companies help organizations streamline operations, increase ROI, and strengthen business. AITX technology improves the simplicity and economics of patrolling and guard services, allowing experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staff and gain higher levels of situational awareness, all at drastically reduced costs. AITX solutions are well-suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education, and healthcare. Deer Park, Illinois-based L J Soldinger Associates, LLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated May 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025, citing that the Company had negative cash flow from operating activities of approximately $12.2 million, an accumulated deficit of approximately $156.5 million and negative working capital of approximately $2.5 million as of and for the year ended February 28, 2025, which raises substantial doubt about its ability to continue as a going concern. ASCEND PERFORMANCE: Recovery for Unsecureds Still to Be Determined ------------------------------------------------------------------ Ascend Performance Materials Holdings Inc. and affiliates filed with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement for Joint Plan of Reorganization dated August 12, 2025. Ascend is one of the world's largest, fully integrated producers of nylon, a plastic used in everyday essentials, like apparel, carpets, and toothbrushes, as well as new technologies, including electric vehicles and solar energy systems. Since the Petition Date, the Debtors have engaged in extensive negotiations with vendors, customers, and Sale-Leaseback counterparties to ensure a smooth transition into chapter 11 and streamline the Debtors' operations. Among other things, as of the date hereof, the Debtors have executed trade agreements with over one hundred of their key vendors, representing over ten percent of the Company's vendor base and resulting in the resolution of approximately forty percent of the vendor claims against the Debtors. These trade agreements ensured continued operational stability with suppliers of critical materials and services that are necessary for the Debtors' operations. The Debtors, with the assistance of Hilco, Kirkland, and PJT, are also engaging in extensive negotiations with Sale-Leaseback counterparties to improve agreement terms and strengthen the Debtors' balance sheet and cost structure. Pursuant to Articles II.B and III.B, of the Plan, Holders of Allowed Claims shall receive the following treatment in full and final satisfaction, settlement, release, and discharge of their Claims and Interests: * Each Holder of an Allowed DIP ABL Claim shall (a) receive payment in full in Cash of such Claim or (b) at such Holder's election, roll such Claim into the Exit ABL Facility in a cashless dollar-for-dollar exchange, and (c) receive payment in full in Cash of accrued interest and fees due under the DIP ABL Facility prior to the effectiveness and conversion of any such Claim into the Exit ABL Facility pursuant to the foregoing clause (b). * Each Holder of an Allowed DIP Term Loan Claim shall receive its Pro Rata share of: (a) the DIP Equity Recovery; and (b) at the election of each Holder of an Allowed DIP Term Loan Claim, the right to participate up to their Pro Rata share of either or both of the following: (i) the Equity Subscription Rights; and/or (ii) the Debt Subscription Rights. * Each Holder of an Allowed Other Secured Claim shall receive, at the Debtors' or the Reorganized Debtors' option, with the [reasonable consent] of the Required DIP Term Loan Lenders, either (i) in full and final satisfaction of such Allowed Other Secured Claim, payment in full in Cash of its Allowed Other Secured Claim, (ii) in full and final satisfaction of such Allowed Other Secured Claim, the collateral securing its Allowed Other Secured Claim, (iii) Reinstatement of its Allowed Other Secured Claim, or (iv) such other treatment rendering its Allowed Other Secured Claim Unimpaired in accordance with section 1124 of the Bankruptcy Code. * Each Holder of an Allowed Other Priority Claim shall receive such treatment consistent with section 1129(a)(9) of the Bankruptcy Code. * Each Holder of an Allowed Term Loan Claim shall receive its Pro Rata share of the Term Loan Equity Distribution. * Each Holder of an Allowed Asset Financing Agreement Claim shall receive its Pro Rata share of the applicable Asset Financing Takeback Debt. * All Allowed General Unsecured Claims shall be canceled, released, and extinguished and will be of no further force or effect, and Holders of Allowed General Unsecured Claims shall not receive any distribution, property, or other value under the Plan on account of such Allowed General Unsecured Claims. * Each Interest in Ascend Parent and APM Disc shall be canceled, released, discharged, and extinguished without any distribution and will be of no further force or effect, and each Holder of an Interest in Ascend Parent and/or APM Disc shall not receive or retain any distribution, property, or other value on account of its Interest in Ascend Parent and/or APM Disc. Pursuant to Article IV.D of the Plan, the Plan also provides for a $[100] million Equity Rights Offering and a $[100] million Debt Rights Offering, which will recapitalize the Company on the Effective Date and position the Company to meet its financial and operational obligations as they come due. The Plan addresses the Asset Financing Agreement Claims and all of the Asset Financing Takeback Debt. The Plan contemplates a recapitalization of the Debtors, through which the Debtors will issue the New Interests to the Holders of Term Loan Claims, implement both an Equity Rights Offering and a Debt Rights Offering, enter into the Exit ABL Facility and the Exit Holdco Loan Facility, and adopt a Management Incentive Plan. New Interests will also be issued in satisfaction of DIP Term Loan Claims, while DIP ABL Claims will be paid down in full in Cash or, solely at the election of each DIP ABL Lender, rolled into the Exit ABL Facility. Class 5 consists of General Unsecured Claims. All Allowed General Unsecured Claims shall be canceled, released, and extinguished and will be of no further force or effect, and Holders of Allowed General Unsecured Claims shall not receive any distribution, property, or other value under the Plan on account of such Allowed General Unsecured Claims. The Disclosure Statement still has blanks as to the estimated allowed amount and percentage recovery for holders of unsecured claims. The Debtors and the Reorganized Debtors, as applicable, shall fund distributions under the Plan with: (1) Cash on hand, including Cash from operations, the DIP Facilities, and the proceeds of the Equity Rights Offering and the Debt Rights Offering; (2) the Equity Subscription Rights; (3) the Debt Subscription Rights; (4) the New Interests; (5) the Exit ABL Facility; (6) the Exit Holdco Loan Facility, as applicable; and (7) the Asset Financing Takeback Debt. A full-text copy of the Disclosure Statement dated August 12, 2025 is available at https://urlcurt.com/u?l=Sxu7dk from Epiq Corporate Restructuring, LLC, claims agent. Co-Counsel to the Debtors: Jason G. Cohen, Esq. Jonathan L. Lozano, Esq. BRACEWELL LLP 711 Louisiana Street, Suite 2300 Houston, Texas 77002 Tel: (713) 223-2300 Fax: (800) 404-3970 Email: jason.cohen@bracewell.com jonathan.lozano@bracewell.com Co-Counsel to the Debtors: Christopher Marcus, P.C. Derek I. Hunter, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 Email: cmarcus@kirkland.com derek.hunter@kirkland.com About Ascend Performance Materials Holdings The Debtors, together with their non-Debtor affiliates, are one of the largest, fully-integrated producers of nylon, a plastic that is used in everyday essentials, like apparel, carpets, and tires, as well as new technologies, like electric vehicles and solar energy systems. Ascend's business primarily revolves around the production and sale of nylon 6,6 (PA66), along with the chemical intermediates and downstream products derived from it. Common applications of PA66 include heating and cooling systems, air bags, batteries, and athletic apparel. Headquartered in Houston, Texas, Ascend has a global workforce of approximately 2,200 employees and operates eleven manufacturing facilities that span the United States, Mexico, Europe, and Asia. Ascend Performance Materials Holdings Inc. and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90127) on April 21, 2025. In the petitions signed by Robert Del Genio, chief restructuring officer, the Debtors disclosed $1 billion to $10 billion in both estimated assets and liabilities. Judge Christopher M. Lopez oversees the cases. The Debtors tapped Bracewell LLP and Kirkland & Ellis LLP as counsel; PJT Partners, Inc. as investment banker; FTI Consulting, Inc. as restructuring advisor; and Deloitte LLP as tax advisor. Epiq Corporate Restructuring LLC is the Debtors' claims, noticing, and solicitation agent. ASSET DISCOVERY: Seeks Chapter 11 Bankruptcy in Texas ----------------------------------------------------- On August 5, 2025, Asset Discovery LLC filed Chapter 11 protection in the Northern District of Texas. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Asset Discovery LLC Asset Discovery LLC, doing business as VW Builders, a Texas-based construction company. Asset Discovery LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-32986) on August 5, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Michelle V. Larsonhandles the case. AT HOME GROUP: Unsecureds to Get Share of GUC Recovery Pool ----------------------------------------------------------- At Home Group Inc. and its Debtor Affiliates submitted a Further Revised Disclosure Statement Relating to the Joint Plan of Reorganization dated August 11, 2025. The Debtors are pursuing proposed restructuring transactions (the "Restructuring Transactions") pursuant to the terms and conditions set forth in that certain Restructuring Support Agreement by and among the Company and the Consenting Stakeholders (as may be amended, supplemented, or otherwise modified from time to time, and including all schedules, exhibits, and annexes thereto, the "RSA"). In the months leading up to the Petition Date, the Company engaged in good faith arm's-length negotiations that included extensive diligence and meetings with the Ad Hoc Group. As a result of those negotiations, on June 16, 2025, the Debtors entered into an RSA with the Ad Hoc Group and other lenders and noteholders that collectively hold approximately 96% of the Company's first lien debt, pursuant to which the Debtors are effectuating the Restructuring Transactions through "prearranged" Chapter 11 Cases. The key terms of the RSA, which are incorporated into the Plan, include: * the Debtors' entry into financing arrangements to provide funding throughout the duration of these Chapter 11 Cases in the form of (a) a priming superpriority senior secured debtor-in possession financing multi-draw term loan (the "DIP Facility") comprised of a $200 million new money commitment and a $400 million roll-up of the Pari First Lien Obligations (as defined in the DIP Orders) and (b) the consensual use of cash collateral; * the conversion of Allowed Superpriority DIP Claims into 98% of the Reorganized Common Stock upon emergence from the Chapter 11 Cases subject to dilution by the MIP Shares; * each Holder of an ABL Facility Claim receiving payment in full; * each Holder of an Allowed Secured Claim arising out of its Allowed First Lien Claim receiving its Pro Rata Share of the First Lien Equity Distribution comprised of all remaining Reorganized Common Stock after giving effect to the DIP Equity Conversion (subject to dilution by the MIP Shares); * each Holder of an Allowed General Unsecured Claim receiving its pro rata share of the GUC Recovery Pool; * the cancellation of Existing Equity Interests; * funding for plan distributions in the form of a new, exit asset-based loan facility to be entered into by the Reorganized Debtors on the Effective Date; and * the adoption of the Management Incentive Plan by the New Board within 90 days of the Effective Date, which will provide up to 10% of the Reorganized Equity for management and the New Board. Class 9 consists of General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim agrees to less favorable treatment of its Allowed General Unsecured Claim, in full and final satisfaction, settlement, release, and discharge of each Allowed General Unsecured Claim, on the Effective Date, each Holder of any Allowed General Unsecured Claim shall receive its Pro Rata Share of the GUC Recovery Pool; provided that the recovery under the Plan of such Holder of an Allowed General Unsecured Claim that is also an Intercompany Note Claim shall be payable to the indenture trustee and collateral agent for the Cayman Notes for distribution to the Holders of the Allowed Cayman Notes Claims in accordance with the documents governing the Cayman Notes only until such Cayman Notes are repaid in full. The allowed unsecured claims total $1,390,000,000.00. This Class will receive a distribution of 0.11% of their allowed claims. The Debtors and the Reorganized Debtors, as applicable, shall fund distributions under the Plan with: (i) the Debtors' Cash on hand as of the Effective Date; (ii) the proceeds from the Exit ABL Facility; and (iii) the Reorganized Equity. Each distribution and issuance referred to in Article V of the Plan shall be governed by the terms and conditions set forth in the Plan applicable to such distribution or issuance and by the terms and conditions of the instruments or other documents evidencing or relating to such distribution or issuance, which terms and conditions shall bind each Entity receiving such distribution or issuance. A full-text copy of the Revised Disclosure Statement dated August 11, 2025 is available at https://urlcurt.com/u?l=U8Z8wO from Omni Agent Solutions, Inc. Co-Counsel for the Debtors: Joseph M. Mulvihill, Esq. Robert S. Brady, Esq. Edwin J. Harron, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square 1000 North King Street Wilmington, Delaware 19801 Tel: (302) 571-6600 Fax: (302) 571-1253 Email: jmulvihill@ycst.com rbrady@ycst.com eharron@ycst.com Co-Counsel for the Debtors: Nicole L. Greenblatt, P.C. Matthew C. Fagen, P.C. Elizabeth H. Jones, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 Email: nicole.greenblatt@kirkland.com matthew.fagen@kirkland.com elizabeth.jones@kirkland.com About At Home Group Inc. At Home Group Inc. is a home decor and furnishings retailer offering a wide range of everyday and seasonal products for all areas of the home. The Company operates 260 large-format stores across 40 U.S. states and an e-commerce platform. Headquartered in Coppell, Texas, At Home was founded in 1979 and employs 7,170 people. On June 16, 2025, At Home announced it entered a Restructuring Support Agreement (RSA) with certain of its lenders, which will eliminate substantially all of its long-term debt and provide the Company with new financial resources to support the business and position At Home for future success. To implement the terms of the RSA, At Home and 41 of its subsidiaries have commenced voluntary Chapter 11 proceedings in Delaware (Bankr. D. Del. Lead Case No. 25-11120). The proceedings are pending before Judge J. Kate Stickles. In connection with this process, At Home is entering into an agreement for $600 million in debtor-in-possession financing, which includes a $200 million capital infusion from certain of its existing lenders and a "roll up" of $400 million of existing senior secured debt. The Debtors tapped Kirkland & Ellis LLP as restructuring counsel; Young Conaway Stargatt & Taylor, LLP, as Delaware restructuring counsel; AlixPartners LLP as financial advisor; and PJT Partners, Inc., as investment banker. Omni Agent Solutions, Inc., is the claims agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. AVAL INVESTMENT: Seeks Subchapter V Bankruptcy in Texas ------------------------------------------------------- On August 5, 2025, AVAL Investment LLC filed Chapter 11 protection in the Northern District of Texas. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About AVAL Investment LLC AVAL Investment LLC is a Texas-based real estate investment company operating as a single asset real estate business with properties located in Plano and Dallas. AVAL Investment LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-32992) on August 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. Honorable Bankruptcy Judge Stacey G, Jernigan handles the case. B & H MANAGEMENT: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------- The U.S. Trustee for Region 4 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of B & H Management, LLC. About B & H Management B & H Management, LLC filed Chapter 11 petition (Bankr. E.D. Va. Case No. 25-33108) on July 29, 2025, listing between $50 million and $100 million in assets and between $1 million and $10 million in liabilities. Judge Brian F. Kenney oversees the case. The Debtor is represented by: Christopher A. Jones, Esq. Whiteford, Taylor & Preston LLP Two James Center 1021 E. Cary Street, Suite 2001 Richmond, VA 23219 Phone: 703.280.9263 / 804.977.3300 Fax: 804.977.3299 CAJONES@whitefordlaw.com B&W INC: Gets Final OK to Use Cash Collateral --------------------------------------------- B&W, Inc. received final approval from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral. The final order authorized the Debtor to use cash collateral in accordance with its 30-day budget, with up to 10% variance allowed. The budget projects total operational expenses of $82,596. As adequate protection, secured lenders including the U.S. Small Business Administration and several merchant cash advance lenders will be granted replacement liens on all of the Debtor's equipment, inventory, and accounts, equal in validity and priority to their pre-bankruptcy liens. These liens do not apply to avoidance actions and their proceeds. In addition, the Debtor was ordered to make monthly payments totaling $3,991 to the secured lenders as further protection. The Debtor intends to use proceeds from assets in which SBA, Capitalize Group, LLC, Blackbridge Investment Group Fund I, LLC, Core Funding Source, LLC, Moneywell Group, LLC and Speedy Funding claim security interests. These secured lenders assert liens on substantially all of the Debtor's equipment, accounts, and inventory. The Debtor argued that it relies on cash flow to fund payroll, vendor payments, inventory, and other operational needs, and that the inability to use cash collateral would immediately cripple operations. About B&W Inc. B&W, Inc., also known as Granite & Tile Outlet II, provides granite, tile, and related remodeling products and services for residential and commercial applications. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42650) on July 22, 2025. In the petition signed by James Brede, president, the Debtor disclosed $589,701 in total assets and $1,999,013 in total liabilities. Judge Edward L. Morris oversees the case. Robert T. DeMarco, Esq., at DeMarco Mitchell, PLLC, represents the Debtor as legal counsel. B.G.P. INC: Gets Final OK to Use Cash Collateral ------------------------------------------------ B.G.P., Inc. and its affiliates received final approval from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. The final order signed by Judge Roberta Colton authorized the Debtors to use cash collateral to pay the amounts expressly authorized by the court; the expenses set forth in their budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by DWB Holdings Group, LLC, as successor to Truist Bank. As adequate protection for the Debtor's use of their cash collateral, DWB and other secured creditors will be granted a replacement lien on the cash collateral and all other post-petition assets of the Debtors, with the same validity, priority and extent as their pre-bankruptcy lien. To the extent the protection granted to the secured creditors prove to be inadequate, DWB will be granted an administrative priority claim. In addition, the Debtors were ordered to keep their property insured in accordance with their loan and security agreements with the lender. About B.G.P. Inc. B.G.P., Inc. and its affiliates, BGP Warehouse Indiana, LLC and B.G.P. Stores, LLC, filed Chapter 11 petitions (Bankr. M.D. Fla. Lead Case No. 25-00412) on January 23, 2025. At the time of the filing, B.G.P., Inc. reported between $10 million and $50 million in both assets and liabilities. Judge Roberta A. Colton oversees the cases. Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Postler, P.A. is the Debtors legal counsel. DWB Holdings Group, LLC, as lender, is represented by: Edward J. Peterson, Esq. Johnson Pope Bokor Ruppel & Burns, LLP 400 N. Ashley Drive, Suite 3100 Tampa, FL 33602 Telephone: (813) 225-2500 Email: edwardp@jpfirm.com BALROG ACQUISITION: Moody's Affirms 'B3' CFR, Outlook Stable ------------------------------------------------------------ Moody's Ratings affirmed Balrog Acquisition, Inc.'s ("BakeMark") B3 Corporate Family Rating and B3-PD Probability of Default Rating. Moody's concurrently affirmed the B3 ratings on the company's senior secured first lien term loans and the Caa2 rating on the senior secured second lien term loan. The asset-based lending (ABL) revolving credit facility is not rated. The rating outlook is stable. The affirmation of the CFR and stable outlook reflect Moody's expectation that the company will maintain adequate liquidity. Moody's anticipate modest earnings growth over the next 12 to 18 months. Moody's-adjusted debt-to-EBITDA leverage remains elevated at 8.3x as of the LTM period ended March 29, 2025. Moody's leverage calculation does not include the perpetual preferred equity as debt. EBITDA (Moody's adjusted) declined in the first quarter ended March 29, 2025, primarily due to softer volumes. Moody's expect volumes to remain subdued for the remainder of the year, although the rate of decline should be less pronounced than in 1Q 2025, partly due to timing-related impacts in that quarter. Modest margin improvement is anticipated, supported by initiatives to grow the branded mix and reduce costs in a lower-volume environment. While BakeMark's diverse customer base helps mitigate the impact of changes in individual accounts, the company remains exposed to shifts in consumer spending and eating habits, which could pressure sales. Nonetheless, Moody's expect Moody's-adjusted debt-to-EBITDA leverage to decline to 7.5x–8.0x over the next 12 to 18 months, supported by earnings growth, though risks to deleveraging remain. BakeMark's liquidity is adequate, supported primarily by cash on hand and availability under its $200 million ABL, which is subject to borrowing base limitations. As of the quarter ended March 29, 2025, the company had $21 million in cash and $140 million in ABL availability, net of $16 million in outstanding letters of credit. Moody's project roughly flat to slightly negative free cash flow in 2025, followed by modestly positive free cash flow in 2026, reflecting expected earnings growth and lower interest rates over the next 12 to 18 months. There are no material debt maturities over the next 12 months. The ABL facility expires in September 2028, subject to a springing maturity 91 days prior to the first lien term loan maturities, which also mature in September 2028. Annual mandatory amortization on the term loans is 1%, or approximately $6.1 million. RATINGS RATIONALE BakeMark's B3 CFR reflects a relatively aggressive financial policy as evidenced by high financial leverage and a modest EBITDA margin, though healthy relative to those typical of a distribution business. Further, the establishment of PIK preferred stock at the time of the Clearlake leveraged buyout (LBO) in September 2021 results in event risk because the preferred instrument is held by third parties, creating an incentive to redeem, potentially with debt. Free cash flow has remained weak since the LBO, primarily due to elevated working capital needs, high cash interest, and restructuring/integration costs. BakeMark's credit profile benefits from its position as a leading distributor and manufacturer of bakery ingredients across North America and in some added markets. The company has a diverse customer base, long-standing relationships, an ability to adapt relatively quickly to commodity price changes, supported by its captive truck fleet. The business is relatively non-cyclical given the baked goods products focus and BakeMark is uniquely positioned because of its ability to offer value added manufacturing and well recognized baking brands. In the current economic environment, Moody's expect consumer demand for bakery products to remain resilient as baked goods are relatively inexpensive and spending on such small items can offer consumers small moments of indulgence. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A rating upgrade could occur if BakeMark demonstrates a solid profit track record, improved scale and margins, and consistently positive free cash flow. BakeMark would also need to sustain debt-to-EBITDA leverage below 6.0x. A rating downgrade could occur if operating performance weakens due to factors such as lower volumes, pricing pressure, or higher costs. A downgrade could also occur if liquidity deteriorates, free cash flow remains weak or negative, EBITDA less capital spending-to-interest coverage is sustained below 1.25x, or in the event of debt financed acquisitions or shareholder distributions. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Distribution and Supply Chain Services published in December 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Based in Pico Rivera, CA, BakeMark is a specialty distributor and manufacturer of bakery ingredients, ready mixes, and supplies. BakeMark serves customers in North America and in some international markets across industry channels with a product portfolio that includes bakery mixes, fillings, icings, glazes, commodities, frozen products, and bakery supplies. BakeMark is the exclusive distributor of some of the industry's top brands, including Westco, BakeSense, Best Brands, Multifoods, BakeQwik, Trigal Dorado, C'est Vivant, and Sprinkelina. Clearlake acquired the company in a September 2021 leveraged buyout. Revenue for the 12 months ended March 2025 was approximately $1.8 billion. BIO-KEY INTERNATIONAL: Stockholders OK All Annual Meeting Proposals ------------------------------------------------------------------- BIO-key International, Inc. held its Annual Meeting of Stockholders on Friday, August 8, 2025. All holders of record of the Company's common stock outstanding as of the close of business on June 20, 2025 were entitled to vote at the Annual Meeting. At the Annual Meeting, stockholders approved the proposals raised. Each of the proposals is more fully described in the Company's definitive proxy statement, which was filed with the Securities and Exchange Commission on June 27, 2025. Proposal 1: Elected the following nominees to serve as members of the Company's board of directors for a one-year term: a. Michael W. DePasquale, b. Wong Kwok Fong (Kelvin) c. Robert J. Michel d. Emmanuel Alia, and e. Cameron E. Williams. Proposal 2: Ratified the selection of Bush & Associates CPA LLC as the Company's independent registered public accounting firm for the year ending December 31, 2025. Proposal 3: Approved, on a non-binding and advisory basis, the compensation paid to the Company's named executive officers. Proposal 4: Approved an amendment to the BIO-key International, Inc. 2023 Stock Incentive Plan. Proposal 5: Approve an amendment to the BIO-key International, Inc. 2021 Employee Stock Purchase Plan. The final voting results of each proposal are set forth in the Company's Report on 8-K dated August 13, 2025, filed with the U.S. Securities and Exchange Commission available at https://tinyurl.com/4sup4392 About BIO-key Holmdel, N.J.-based BIO-key International, Inc., founded in 1993, is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions. Henderson, Nev.-based Bush & Associates CPA LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 23, 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 substantial net losses and negative cash flows from operations in recent years and is dependent on debt and equity financing to fund its operations, all of which raise substantial doubt about the Company's ability to continue as a going concern. BLACKROCK TCP: Fitch Lowers LongTerm IDR to 'BB+', Outlook Stable ----------------------------------------------------------------- Fitch Ratings has downgraded BlackRock TCP Capital Corp.'s (TCPC) Long-Term Issuer Default Rating (IDR), senior secured debt and senior unsecured debt to 'BB+' from 'BBB-'. The Rating Outlook is Stable following the downgrade. Key Rating Drivers Ratings Downgraded by One Notch: The downgrade reflects continued deterioration in TCPC's asset quality, as evidenced by elevated non-accrual levels and high realized loss rates through 1H25. An increase in payment-in-kind (PIK) income in 1H25 and low asset coverage cushion for the portfolio risk profile also contributed. Deterioration in Asset Quality Metrics: TCPC's net realized losses (adjusted for merger accounting impacts) were 6% of the average portfolio at fair value in 1H25 and 4.6% in 2024. Both were well above the rated business development company (BDC) peer average and within Fitch's 'bb' category benchmark range. Non-accrual investments remained well above the rated peer averages at 2Q25, amounting to 4.0% of the debt portfolio at fair value and 10.3% at cost. Unrealized losses increased over the past year, resulting in the portfolio being marked at 90% of cost at 2Q25. Fitch believes BDCs will experience additional credit issues in 2H25 as continued elevated interest rates and the challenging macroeconomic backdrop pressure borrower performance. Fitch expects TCPC's asset quality metrics to remain weaker than its peers given elevated non-accruals and portfolio concentrations. Below-Average Asset Coverage Cushion: Leverage (par debt-to-equity) increased significantly during 2Q25 to 1.60x, which is the highest of the rated BDC peer group. Regulatory leverage, excluding Small Business Administration debentures, was 1.43x. Regulatory leverage implied an asset coverage cushion of 11.6%, which is at the low end of the peer group and Fitch's 'bbb' category benchmark range of 11%-33%. Fitch views the asset coverage cushion as low for the portfolio risk profile. Fitch expects additional realized losses as underperforming investments are restructured and the potential for further markdowns of investments. Reported net regulatory leverage of 1.28x was outside TCPC's 0.9x-1.20x internal target, but management noted on its 2Q25 earnings call that it expects leverage to be back within the targeted range in 3Q25. Platform Affiliation Benefits: TCPC's ratings reflect its affiliation with BlackRock Inc. (BlackRock) and senior secured investment focus. TCPC's investment advisor agreed to waive one-third of its base management fee for three calendar quarters ending in 3Q25, which will continue to benefit TCPC's earnings and aid dividend coverage in the near-term. Fitch believes BlackRock's acquisition of HPS Investment Partners in July 2025 will improve TCPC's competitive positioning and enhance investment resources across the platform. Dividend Cut Improves Coverage: In 2Q25, TCPC's adjusted net investment income (NII) coverage of the regular dividends declared amounted to 134% and 95.2% when adjusted for non-cash interest income and expenses. Coverage improved following TCPC cutting the regular dividend by 31% to $0.25 per share in 1Q25, which Fitch viewed as prudent. PIK income was 11.8% of interest and dividend income in 2Q25, which is up from 6.4% in 2024 and above the rated peer average. Fitch believes PIK income will remain elevated as weaker borrower performance could drive additional amendment activity and will monitor TCPC's ability to collect on accrued PIK income in cash as investments are exited. TCPC faces additional earnings headwinds over the Outlook horizon given pressure on spreads, the potential for additional rate cuts, and the expiration of the partial base management fee waiver after 3Q25. Lower-coupon notes also mature in 2026 and are likely to be refinanced at higher rates. Adequate Near-Term Liquidity, Refinancing Risk in 2026: As of 2Q25, TCPC had sufficient cash and borrowing capacity on its secured credit facilities relative to unfunded lending commitments and debt maturities in 2025. However, in 2026, $325 million of unsecured notes and $22.2 million of SBA debentures mature, presenting refinancing risk. Unsecured debt amounted to 62.7% of TCPC's outstanding debt at 2Q25, which is within Fitch's 'bbb' category benchmark range of 35%-100%. Fitch believes funding flexibility could decline if TCPC is unable to replace upcoming debt maturities on economic terms. Stable Outlook: The Stable Outlook reflects Fitch's expectations that TCPC will continue to focus on senior debt investments, reduce leverage to within its targeted range in 2H25 and maintain it within the target range over time. It also reflects TCPC will continue to maintain the unsecured funding mix at or above 25%, sufficient liquidity and solid dividend coverage. While pressure on asset quality is likely to continue, Fitch expects non-accrual levels to come down over time as investments are restructured and/or exited. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - An increase in non-accrual levels or meaningful realized losses, particularly those resulting from investments not currently on non-accrual; - A sustained increase in leverage above the targeted range or an inability to build asset coverage sufficient for the risk profile of the portfolio and potential realized and unrealized credit losses; - Failure to maintain a sufficient liquidity cushion for unfunded commitments, near-term maturities and operating needs; - Deterioration in cash-based NII coverage of the dividend; - A sustained decline in the unsecured funding mix below 25% of total debt; - An elevation in the portfolio risk profile, including a material decline in first-lien loans as a percentage of the portfolio. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Positive rating momentum is unlikely over the near term due to the recent deterioration in the firm's credit metrics. However, the following factors could lead to positive rating action/upgrade over time: - A significant decline in non-accrual levels without the recognition of meaningful realized losses; - A sustained increase in the asset coverage cushion to over 25%; - A reduction in PIK as a percentage of interest and dividend income; - Demonstrated economic access to unsecured funding that results in the maintenance of unsecured debt to total debt of at least 35%, and ample liquidity and solid cash-based NII coverage of the dividend; - Maintenance of consistent core earnings performance. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS TCPC's secured and unsecured debt ratings are aligned with its Long-Term IDR. This reflects Fitch's expectations for solid collateral coverage for all classes of debt since TCPC is subject to a 150% asset coverage requirement. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The secured and unsecured debt ratings are primarily linked to the Long-Term IDR and are expected to move in tandem, although the notching could change if there is a shift in the funding mix or available asset coverage, which Fitch believes impacts the recovery prospects of the instruments in a stress scenario. ADJUSTMENTS The Asset Quality score has been assigned below the implied score due to the following adjustment reason(s): Concentrations; asset performance (negative), Historical and future metrics (negative). The Earnings & Profitability score has been assigned below the implied score due to the following adjustment reason(s): Historical and future metrics (negative). The Capitalization & Leverage score has been assigned below the implied score due to the following adjustment reason(s): Risk profile and business model (negative). The Funding, Liquidity & Coverage score has been assigned below the implied score due to the following adjustment reason(s): Funding flexibility (negative). 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 ----------- ------ ----- BlackRock TCP Capital Corp. LT IDR BB+ Downgrade BBB- senior unsecured LT BB+ Downgrade BBB- senior secured LT BB+ Downgrade BBB- BMX TRANSPORT: Court to Hold Cash Collateral Hearing Today ---------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division, is set to hold a hearing today to consider another extension of BMX Transport, LLC's authority to use cash collateral. The Debtor's authority to use cash collateral pursuant to the court's August 13 interim order expires today. The interim order approved the payment of the Debtor's expenses from the cash collateral from August 7 to 21 in accordance with the budget it filed with the court. The interim order also granted secured creditors including RTS Financial Services and the U.S. Small Business Administration valid and properly perfected liens on all property acquired by the Debtor after its Chapter 11 filing that is similar to their pre-bankruptcy liens. About BMX Transport 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. Benjamin R. Keck, Esq., at Keck Legal, LLC is the Debtor's bankruptcy counsel. RTS Financial Services, as lender, is represented by: Leon S. Jones, Esq. Jones & Walden, LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 (404) 564-9300 ljones@joneswalden.com BOKQUA LLC: To Sell Maple Property to Zane E. Hoffman for $448K --------------------------------------------------------------- Bokqua LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado, to sell Property located at 25934 E. Maple Drive, Aurora, CO 80018, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Colorado limited liability company that owns and leases real property comprised of single family homes and condominium properties in Colorado. As of the Petition Date, the Debtor held approximately 160 properties. The 25934 E. Maple Property is among the properties owned and managed by the Debtor, and is comprised of improved real property with a single family residence. The Debtor negotiates an agreement with one of its secured creditors, Toorak Capital Partners, pursuant to which the Debtor was required to list and sell certain of its properties, including the 25934 E. Maple Property. On August 3, 2025, the Debtor enters into a Contract to Buy and Sell Real Estate (Residential) and a Counterproposal for the sale of the 25934 E. Maple Property with purchaser, Zane E. Hoffman. The Property is subject to a first mortgage in favor of Toorak Capital in the amount of approximately $416,232.52. The Property appears to be further encumbered by a lien in favor of Quanta Finance, LLC and secured by personal property. The Debtor seeks authorization to sell the 25934 E. Maple Property for a sale price of $448,000. The sale will result in a reduction of the the secured claims against the estate and will further the Debtor's reduction of its total property holdings in order to focus on core operations. The Property is not occupied and is not generating any revenue for the Debtor. As such, the sale of the Property is in the best interests of the Debtor, its estate, and its creditors. The anticipated sale price is reasonable. The Debtor is seeking approval of the sale for $448,000, which is slightly less than the initial list price and is fair based on the current market environment. About Bokqua LLC Bokqua LLC is a real estate investment company that owns and manages residential properties in the Denver metropolitan area. The Company operates in association with BVRE, a property management firm based in Denver, Colorado. Bokqua LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-14846) on July 31, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Michael E. Romero handles the case. The Debtor is represented by Jeffrey S. Brinen, Esq. at KUTNER BRINEN DICKEY RILEY. BOOKS INC: Gets Interim OK for $200,000 DIP Loan ------------------------------------------------ Books Inc. got the green light from the U.S. Bankruptcy Court for the Northern District of California, Oakland Division, to obtain debtor-in-possession financing of up to $200,000. The DIP loan is essential to maintaining the Debtor's operations while it finalizes the sale of substantially all of its assets. It will be funded by Stephen and Patricia Mayer, with Mr. Mayer being an insider. The loan will be issued in increments of $50,000, bear simple interest at 8% per annum, and be repayable on the later of the effective date of a confirmed plan or December 31. It is unsecured but the DIP lenders will receive an administrative expense priority claim. The Debtor may prepay the loan at any time without penalty, and in the event of default, the full amount becomes immediately due if the breach is not cured within ten days after notice. Books Inc., the oldest independently owned bookstore in the western U.S., operates 10 retail locations throughout the Bay Area, including two at San Francisco International Airport. It was severely impacted by the COVID-19 pandemic and subsequent shifts in consumer behavior, particularly the reduction in foot traffic due to widespread remote work. While the Debtor has successfully negotiated several favorable lease adjustments, two major setbacks at SFO have significantly impaired its cash flow. These include a drop in traffic at the Terminal 2 store following American Airlines' relocation to Terminal 1, and construction at Terminal 3 that obstructed visibility and customer access to another high-performing location. These developments affected the Debtor's two most profitable stores and undermined its ability to achieve financial stability. Due to ongoing losses and insufficient cash flow, the Debtor determined that a sale of its business as a going concern is the best course of action. A letter of intent has been executed with a prospective buyer, and negotiations on a definitive asset purchase agreement are underway. The anticipated sale proceeds are expected to fully repay secured creditors, administrative and priority claims, including the DIP loan, and provide a distribution to unsecured creditors. However, the Debtor requires immediate funding to continue operations while the sale process concludes. About Books Inc. Books Inc. is the oldest independently owned bookstore in the western U.S. and operates eleven brick-and-mortar stores in the Bay Area. In addition to its physical locations, the Company runs an online store, offering a mix of direct shipping and in-store pickup for customers. The Company also fosters strong community engagement, hosting hundreds of author events, book clubs, and other activities each year. Books Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-40087 on January 20, 2025, with $3,283,300 in assets and $5,161,574 in liabilities. Andrew Perham, chief executive officer of Books Inc., signed the petition. Judge William J. Lafferty oversees the case. The Debtor is represented by Stephen D. Finestone, Esq. at Finestone Hayes, LLP. BOY SCOUTS: Six Law Firms Awarded $146MM in Chapter 11 Fees ----------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge approved over $146 million in fees for six law firms in the Boy Scouts of America's Chapter 11 case, rejecting the U.S. Trustee's request to cut $3.3 million from the total. About Boy Scouts of America The Boy Scouts of America -- https://www.scouting.org/ -- is a federally chartered non-profit corporation under title 36 of the United States Code. Founded in 1910 and chartered by an act of Congress in 1916, the BSA's mission is to train youth in responsible citizenship, character development, and self-reliance through participation in a wide range of outdoor activities, educational programs, and, at older age levels, career-oriented programs in partnership with community organizations. Its national headquarters is located in Irving, Texas. The Boy Scouts of America and affiliate Delaware BSA, LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on Feb. 18, 2020, to deal with sexual abuse claims. Boy Scouts of America was estimated to have $1 billion to $10 billion in assets and at least $500 million in liabilities as of the bankruptcy filing. The Debtors have tapped Sidley Austin LLP as their bankruptcy counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel, and Alvarez & Marsal North America, LLC, as financial advisor. Omni Agent Solutions is the claims agent. The U.S. Trustee for Region 3 appointed a tort claimants' committee and an unsecured creditors' committee on March 5, 2020. The tort claimants' committee is represented by Pachulski Stang Ziehl & Jones, LLP, while the unsecured creditors' committee is represented by Kramer Levin Naftalis & Frankel, LLP. The Debtors obtained confirmation of their Third Modified Fifth Amended Chapter 11 Plan of Reorganization (with Technical Modifications) on September 8, 2022. The Order was affirmed on March 28, 2023. The Plan was declared effective on April 19, 2023. The Hon. Barbara J. House (Ret.) has been appointed as trustee of the BSA Settlement Trust. BW NHHC: Moody's Cuts CFR to 'Ca', Outlook Stable ------------------------------------------------- Moody's Ratings downgraded BW NHHC Holdco, Inc.'s ("BW NHHC" dba Elara Caring) Corporate Family Rating to Ca from Caa3 and the Probability of Default Rating to Ca-PD from Caa3-PD. Concurrently, Moody's downgraded the ratings of the company's backed senior secured term loan and backed senior secured revolving credit facility (super-priority first-out debt) to Caa1 from B3. Moody's also affirmed all other debt instrument ratings, including the Ca rating of the backed senior secured bank credit facility (second-out term loan) and the C rating of backed senior secured bank credit facility (super-priority third-out term loan and senior secured second lien term loan). The outlook is stable. The rating downgrades reflect rising refinancing risk given that majority of the company's debt will be due in the next 6 months. The company operates with very high financial leverage and weak liquidity. Therefore, Moody's view the probability of default to be very high. RATINGS RATIONALE BW NHHC Holdco, Inc.'s Ca CFR reflects the company's very high financial leverage, weak liquidity position and upcoming maturity wall in early 2026. The rating is also constrained by the company's high exposure to Medicare and Medicaid and longer-term risks associated with changes to the way that the government reimburses for post-acute and in-home services. The company's rating is supported by a good long-term demand outlook for the company's services for at-home care, driven by aging demographics and patient preference for care at home. Further, the company benefits from very low capital requirement that is typical in the home health sector. The stable outlook reflects Moody's view that the default probability is high and appropriately captured in the current rating. Moody's expect BW NHHC to have weak liquidity over the next 12 to 18 months. The company's $35 million revolver expires on October 14, 2025. Additionally, its first-out and second-out term loans (approximately $861 million outstanding) will be due on January 15, 2026. As of July 25, 2025, the company had access to $32.5 million in liquidity (which included cash balance and available revolver). Moody's expect the company to sustain negative free cash flow generation over the next 12 to 18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if the company fails to address the refinancing risks in advance of scheduled maturities or if the company defaults. Ratings could be upgraded if the company addresses the refinancing risks and the upcoming maturity wall, substantially improves operating performance and liquidity. BW NHHC Holdco, Inc., headquartered in Dallas, TX, provides skilled home health, personal care, behavioral health and hospice services, primarily to Medicare and Medicaid patients. The company has revenue of about $1.1 billion as of March 31, 2025. The company is privately owned by Blue Wolf Capital Partners LLC and Kelso & Company. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. BW NHHC's Ca CFR is three notches below the Caa1 scorecard indicated outcome. The difference reflects high default probability, significant refinancing risk from the company's near-term maturity wall, and a scorecard factor that is upwardly skewed by the company's scale. C & T OILFIELD: Seeks to Tap Fuqua & Associates as Legal Counsel ---------------------------------------------------------------- C & T Oilfield Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Fuqua & Associates, PC as counsel. The firm's services include: (a) advise the Debtor with respect to its powers and duties in the continued operation of its business and management of its property; (b) prepare all pleadings on behalf of the Debtor which may be necessary herein; (c) negotiate and submit a potential plan of arrangement satisfactory to the Debtor, its estate, and the creditors at large; and (d) perform all other legal services for the Debtor which may become necessary to these proceedings herein. The firm will be paid at these hourly rates: Richard Fuqua, Attorney $750 Law Clerks & Legal Assistants $150 Mr. Fuqua 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: Richard L. Fuqua, Esq. 8558 Katy Freeway, Suite 119 Houston, TX 77024 Telephone: 9713) 960-0277 Facsimile: (713) 960-1064 About C & T Oilfield Services C & T Oilfield Services, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-33974) on July 14, 2025, listing under $1 million in both assets and liabilities. Judge Jeffrey P. Norman oversees the case. Richard L. Fuqua, Esq., serves as the Debtor's counsel. C-CHANNEL LOFTS: Case Summary & Four Unsecured Creditors -------------------------------------------------------- Debtor: C-Channel Lofts, LLC 1515 N Rosa Parks Way Portland, OR 97217 Business Description: C-Channel Lofts, LLC is a single-asset real estate entity that owns a multi-unit residential building at 1515 N. Rosa Parks Way in Portland, Oregon, with an estimated value of $1.8 million. Chapter 11 Petition Date: August 19, 2025 Court: United States Bankruptcy Court District of Oregon Case No.: 25-32758 Judge: Hon. Teresa H Pearson Debtor's Counsel: Nicholas J. Henderson, Esq. ELEVATE LAW GROUP 6000 SW Meadows Road, Suite 450 Lake Oswego, OR 97035 Tel: (503) 417-0500 Fax: (503) 417-0501 Total Assets: $1,812,000 Total Liabilities: $2,940,000 The petition was signed by Kevin Cavenaugh as member. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MKVEJ2I/C-Channel_Lofts_LLC__orbke-25-32758__0001.0.pdf?mcid=tGE4TAMA CBRM REALTY: Opposes Shareholder's Bid to Appoint Equity Committee ------------------------------------------------------------------ CBRM Realty Inc. and its affiliates asked the U.S. Bankruptcy Court for the District of New Jersey to deny the motion filed by a shareholder to appoint a committee of equity security holders in their Chapter 11 cases. Last month, Moshe Silber, the sole shareholder of CBRM, sought the appointment of an equity committee, with him as the only member. In his motion, Mr. Silber asserted that the equity of several CBRM subsidiaries had "significant value" at the time he relinquished control of his business to Elizabeth LaPuma, the independent fiduciary appointed in the bankruptcy cases. "The appointment of an equity committee is unwarranted because Mr. Silber has failed to demonstrate that he, as the sole member of the [companies'] equity-holder class, is substantially likely to receive a meaningful distribution," Andrew Zatz, Esq., the companies' attorney, said in an objection filed in court. Mr. Zatz said that holders of equity interests in the companies are not entitled to any distributions under the companies' Chapter 11 plan. "Whether certain properties had value at one time is irrelevant. What matters is whether there is surplus value to distribute today," the attorney argued. Mr. Zatz cited the latest monthly operating reports where the companies are reporting negative, consolidated equity calculations. "Rather than allow this work to conclude with the value-maximizing transactions that the [companies] have negotiated, Mr. Silber seeks to siphon scarce money from the [companies'] estates to serve his own interests," the attorney said. Andrew Vara, the U.S. trustee overseeing the companies' bankruptcy case, echoed the same argument, saying the companies appear "hopelessly insolvent." "As there is not now, and never was, a substantial likelihood that the holders of the [companies'] equity interests could receive a distribution or retain any equity interests through the revised plan, the motion should be denied," the U.S. trustee said. The companies are part of a real estate portfolio originally formed by Mr. Silber and certain affiliates. This portfolio holds dozens of multi-family housing projects across the United States and has been historically funded, at least in part, by the federal government's housing assistance programs. Ultimately, this portfolio raised hundreds of millions of dollars of financing, including over $200 million from the sale of bonds issued by Crown Capital Holdings, LLC and guaranteed by CBRM, and approximately $450 million of property-level mortgage loans provided by an array of different financing sources. About CBRM Realty CBRM Realty Inc. is a Somerset, New Jersey-based real estate investment firm. CBRM Realty and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-15343) on May 19, 2025. In its petition, the Debtors reported estimated assets and liabilities (on a consolidated basis) between $100 million to $500 million. Honorable Bankruptcy Judge Michael B. Kaplan handles the cases. The Debtors tapped White & Case LLP and Ken Rosen Advisors PC as counsel, Islanddundon LLC as financial advisor, and Kurtzman Carson Consultants, LLC, doing business as Verita Global, as claims, noticing, and solicitation agent. CENTRO DE BENDICION: Seeks Chapter 11 Bankruptcy in Texas --------------------------------------------------------- On August 5, 2025, Centro De Bendicion Inc. filed Chapter 11 protection in the Southern District of Texas. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Centro De Bendicion Inc. Centro De Bendicion Inc. is a charitable Christian organization that provides ministry services and benevolent outreach to communities. Centro De Bendicion Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-80361) on August 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. CHARLIE'S HOLDINGS: Approves Board Slate, Auditor at Annual Meeting ------------------------------------------------------------------- Charlie's Holdings, Inc. held its 2025 Annual Meeting of Stockholders on August 7, 2025, during which the matters voted upon and the number of votes cast for or against, as well as the number of abstentions and broker non-votes as to such matters, were: Proposal 1: Election of Directors The Company's stockholders elected the following nominees for director to serve a one-year term ending at the 2026 Annual Meeting of Stockholders and until such director's successor is duly elected or appointed and qualified or, if earlier, such director's earlier death, resignation or removal: 1. Ryan Stump For: 158,815,552 Withhold: 87,703 Broker Non-Votes: 19,510,657 2. Scot Cohen For: 149,306,624 Withhold: 9,596,631 Broker Non-Votes: 19,510,657 3. Jeffrey Fox For: 149,286,959 Withhold: 9,616,296 Broker Non-Votes: 19,510,657 4. Dr. Edward Carmines For: 158,794,723 Withhold: 108,532 Broker Non-Votes: 19,510,657 5. Michael King For: 158,796,040 Withhold: 107,215 Broker Non-Votes: 19,510,657 Proposal 2: To Ratify the appointment of Urish Popeck & Co., LLC The Company's stockholders ratified the appointment of Urish Popeck & Co., LLC as its independent registered certified public accounting firm for fiscal year 2025 by the following vote: For: 178,154,013 Against: 50,530 Abstentions: 209,369 Broker Non-Votes: 0 About Charlie's Holdings Charlie's Holdings, Inc. formulates, markets, and distributes nicotine-based and alternative alkaloid vapor products through its subsidiary. Its products are manufactured by contract partners and sold via specialty retailers, distributors, and online resellers across the United States and select international markets. In an audit reported dated May 29, 2025, Urish Popeck & Co., LLC issued a "going concern" qualification citing that the Company has incurred significant operating losses, negative cash flows from operations, and has an accumulated deficit. The Company is dependent on its ability to increase revenues and obtain financing to continue operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. About Charlie's Holdings Charlie's Holdings, Inc. formulates, markets, and distributes nicotine-based and alternative alkaloid vapor products through its subsidiary. Its products are manufactured by contract partners and sold via specialty retailers, distributors, and online resellers across the United States and select international markets. In an audit reported dated May 29, 2025, Urish Popeck & Co., LLC issued a "going concern" qualification citing that the Company has incurred significant operating losses, negative cash flows from operations, and has an accumulated deficit. The Company is dependent on its ability to increase revenues and obtain financing to continue operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2025, the Company had $3.17 million in total assets, $5.98 million in total liabilities, and a total stockholders' deficit of $2.81 million. CHARLIE'S HOLDINGS: Sells PACHA Asset to R.J. Reynolds for $1M -------------------------------------------------------------- Charlie's Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 8, 2025, the Company entered into and closed on an Amendment to the Asset Purchase Agreement with R. J. Reynolds Vapor Company pursuant to which the Buyer purchased one additional PACHA synthetic product and related asset that are covered by a premarket tobacco application ("PMTA") first submitted by the Company in 2022, bringing the total purchased by the Buyer to 16. The purchase price for the Additional Assets was $1 million paid at closing. The description of the Amendment does not purport to be complete, and is qualified in its entirety by reference to the full text of the form of Amendment, which is available at https://tinyurl.com/2z6hkver About Charlie's Holdings Charlie's Holdings, Inc. formulates, markets, and distributes nicotine-based and alternative alkaloid vapor products through its subsidiary. Its products are manufactured by contract partners and sold via specialty retailers, distributors, and online resellers across the United States and select international markets. In an audit reported dated May 29, 2025, Urish Popeck & Co., LLC issued a "going concern" qualification citing that the Company has incurred significant operating losses, negative cash flows from operations, and has an accumulated deficit. The Company is dependent on its ability to increase revenues and obtain financing to continue operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2025, the Company had $3.17 million in total assets, $5.98 million in total liabilities, and a total stockholders' deficit of $2.81 million. CHASSEUR REALTY: Seeks Chapter 11 Bankruptcy in Texas ----------------------------------------------------- On August 5, 2025, Chasseur Realty Investors - The Drake LP filed Chapter 11 protection in the Western District of Texas. According to court filing, the Debtor reports up to $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Chasseur Realty Investors - The Drake LP Chasseur Realty Investors - The Drake LP is a single asset real estate limited partnership based in San Antonio, Texas. Chasseur Realty Investors - The Drake LP sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-51776) on August 5, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $50 million. Honorable Bankruptcy Judge Michael M. Parker handles the case. The Debtor is represented by James Samuel Wilkins, Esq. at James S. Wilkins, PC. CINEMARK HOLDINGS: Sets $0.08 Quarterly Dividend Payable Sept. 10 ----------------------------------------------------------------- Cinemark Holdings, Inc. (NYSE: CNK), one of the largest and most influential theatrical exhibition companies in the world, announced on August 13, 2025, that its Board of Directors has declared a quarterly cash dividend of $0.08 per share of common stock. The dividend will be paid on September 10, 2025 to stockholders of record on August 27, 2025. About Cinemark Holdings Inc. Headquartered in Plano, Texas, Cinemark Holdings, Inc. operates as a movie theater. As of March 31, 2025, Cinemark Holdings had $4.7 billion in total assets, $4.3 billion in total liabilities, and total stockholders' equity of $357.6 million. * * * Egan-Jones Ratings Company on November 11, 2024, upgraded the foreign currency and local currency senior unsecured ratings on debt issued by Cinemark Holdings, Inc. to CCC+ from CCC. CLAIRE'S STORES: Proposes $104MM Sale of IP, U.S. Stores in Ch. 11 ------------------------------------------------------------------ Emlyn Cameron of Law360 Bankruptcy Authority reports that on Wednesday, August 20, 2025, bankrupt jewelry retailer Claire's revealed plans to sell its intellectual property and select U.S. stores to a private holding company for $104 million in cash plus additional consideration. 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. COMMSCOPE HOLDING: Moody's Puts 'Caa1' CFR on Review for Upgrade ---------------------------------------------------------------- Moody's Ratings placed CommScope Holding Company, Inc.'s (CommScope) ratings on review for upgrade, including the Caa1 corporate family rating and Caa1-PD probability of default Rating. The B3 ratings on the senior secured term loan and senior secured notes at CommScope's subsidiary, CommScope, LLC, and Caa3 rating on the senior unsecured notes at CommScope, LLC and CommScope Technologies LLC were also placed on review for upgrade. Previously, the outlook was stable. These rating actions follow the agreement entered into by Amphenol Corporation ("Amphenol" A3, stable) to acquire CommScope's connectivity and cable solutions (CCS) division for $10.5 billion in cash [1]. CommScope is expected to repay all outstanding debt, redeem all preferred equity, and add modest leverage to the remaining businesses (ANS and RUCKUS). The company will make a distribution to shareholders with excess cash within sixty to ninety days following the closing of the transaction. The transaction is expected to close in the first half of 2026, subject to customary closing conditions, including receipt of applicable regulatory approvals and the affirmative vote of the shareholders. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS CommScope's ratings were placed on review for upgrade based on the expectation that the remaining business will operate with lower leverage levels and no near term debt maturities. Although, the remaining businesses at CommScope are significantly smaller and have lower growth prospects. CommScope's ratings could be upgraded if the leverage from the new debt issued by the company is appropriate for the remaining business and growth outlook. The ratings on CommScope's existing debt will be withdrawn after repayment. CommScope Holding Company, Inc., headquartered in Claremont, NC, is the holding company for CommScope, LLC, a supplier of connectivity and infrastructure solutions for the wireless industry, telecom service and cable service providers as well as the enterprise market. CommScope acquired ARRIS, one of the largest providers of equipment to the cable television and broadband industries, in 2019. CommScope spun off the Home Network business in 2024 and sold the OWN and DAS operations in January 2025. Reported revenue was approximately $4.8 billion LTM Q2 2025. The principal methodology used in these ratings was Manufacturing published in September 2021. CommScope's Caa1 CFR is two notches below the scorecard-indicated outcome of B2. The difference reflects among other factors, high leverage levels and significant near-term debt maturities. COMPANION CARE: Unsecureds to Split $150K over 60 Months -------------------------------------------------------- Companion Care Partners, LLC filed with the U.S. Bankruptcy Court for the Eastern District of Pennsylvania a Chapter 11 Plan of Reorganization dated August 11, 2025. The Debtor was founded on February 27, 2015. The Debtor is a Pennsylvania-based home care provider offering non-medical personal care, companion care, respite care, and attendant services. The Debtor's corporate headquarters is located at 11880 Bustleton Avenue, Philadelphia, Pennsylvania 19116. The Debtor is single member LLC owned by James Grant. On February 21, 2024, a cyberattack on Change Healthcare clearinghouse, a prominent player in the United States medical claims processing industry, had a profound impact on the healthcare sector. As a direct result, a severe delay resulted in the Debtor-in-Possession's ability to pay its employees, its usual bills and affected its ability to bring on new clients. The Debtor's principal, in order to make ends meet, used personal savings, credit cards and eventually merchant capital services through LG Funding in order to continue operating. The Debtor has approximately $1,000,000.00 in total debts. Of that amount $400,000 is an EIDL loan from the Small Business Administration secured by the Debtor's vehicles and/or future receivables. The Debtor is current on all pre-petition wages owed to its employees. The Debtor has approximately $600,000 in general unsecured debt. Classes of General Unsecured Claims. * Class 4 American Express National Bank. The Debtor will pay $150,000 in 60 months. Creditors will be paid according to their share of the total debt. This Class is impaired. * Class 5 Capital One, N.A. The Debtor will pay $150,000 in 60 months. Creditors will be paid according to their share of the total debt. This Class is impaired. * Class 6 Verizon. The Debtor will pay $150,000 in 60 months. Creditors will be paid according to their share of the total debt. This Class is impaired. * Class 7 Change Healthcare Operations, LLC. The Debtor will pay $150,000 in 60 months. Creditors will be paid according to their share of the total debt. This Class is impaired. * Class 8 Headway Capital, LLC. The Debtor will pay $150,000.00 in 60 months. Creditors will be paid according to their share of the total debt. This Class is impaired. * Class 9 LG Funding. LG Funding will not be paid as no proof of claim was filed. This Class is impaired. Class 10 consists of Equity Interest of James Grant. James Grant expects to retain his interest in the reorganized Debtor. Throughout the duration of the Plan, Chapter 11 Plan payments shall be disbursed concurrently. Claims in the same category shall be paid pro-rata. The Debtor must submit all or such portion of the future earnings or other future income of the Debtor to the supervision and control of the Trustee as is necessary for the execution of the Plan. A full-text copy of the Plan of Reorganization dated August 11, 2025 is available at https://urlcurt.com/u?l=1tDiS5 from PacerMonitor.com at no charge. Counsel for the Debtor: Demetrius J. Parrish Jr., Esq. 7715 Crittenden Street, #360 Philadelphia, PA 19118 Telephone: (215) 735-3377 Facsimile: (215) 827-5420 Email: DJPESQ@gmail.com About Companion Care Partners Companion Care Partners, LLC provides in-home care services for elderly and disabled individuals and has operated since 2014. The Debtor filed a Chapter 11 petition (Bankr. E.D. Pa. Case No. 25-11859) on May 9, 2025, listing under $1 million in both assets and liabilities. Judge Derek J. Baker oversees the case. Demetrius J. Parrish Jr., Esq., is the Debtor's legal counsel. CONNEXA SPORTS: FY25 Net Income Rises to $4.6M on $12.8M Revenue ---------------------------------------------------------------- Connexa Sports Technologies Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting net income of $4.6 million and $2.6 million in fiscal 2025 and 2024, respectively. Revenue for the year ended April 30, 2025 was $12.8 million, as compared with $5.2 million for the year ended April 30, 2024. As of April 30, 2025, the Company had total assets of $32.9 million, $6.5 million in total liabilities, and $26.4 million in total shareholders' equity. "We finance our operations primarily through cash generated from operations. We had working capital, or net current assets, of $16 million as of April 30, 2025, compared to $8.2 million as of April 30, 2024, an increase of approximately $7.6 million, or 93%. In comparison with a year prior, our accounts receivable as of April 30, 2025 increased by $10 million as we recognized royalty revenue over the course of the financial year in accordance with our recognition policy while the credit terms of our licensees permitted payment up to 90 days after the end of our financial year in order to afford them time to monetize the licensed technology. As of April 30, 2025, we had retained earnings of $6.1 million." The following is a summary of cash flows from operating, investing, and financing activities for the years ended April 30, 2025 and 2024: Operating Activities: * 2025: $(379,388) * 2024: $2,486,255 * Change: $(2,865,643) (-115%) Financing Activities: * 2025: $394,781 * 2024: $(2,446,904) * Change: $2,166,569 (+89%) "As of April 30, 2025, we had cash and cash equivalents of $54,000, compared to $39,000 as of April 30, 2024." "Net cash used in operating activities was $379,000 for the year ended April 30, 2025, compared with a net inflow of $2.5 million of cash from operating activities for the prior year, a decrease of $2.9 million in operating cash flow. A $2 million rise in our net income was partially offset by the combined effect of our non-cash adjustments, including a $10 million increase in our accounts receivable as described above, as well as sizable increases in amortization expense and income taxes payable as our business grew." "Since our cash level was low in the period before payment from our licensees was due, we had no cash allocated to investing activities, neither putting cash into investments nor receiving cash from investments." "The only cash flow we recorded as financing activities were two non-cash items: a $330,000 increase in the value of a guarantee given to the Company by our Chairman in respect of the value of listed shares we own; and $725,000 owed to our Chairman for amounts he paid on behalf of the Company during the year ended April 30, 2025." "Based on our current operating plans, we believe that our existing cash at the time of this filing will be sufficient to meet our anticipated operating needs for at least the next 12 months and that we will have sufficient financial resources available through capital markets fundraising if we should decide to incur additional capital expenditure or make other investments. Our future capital requirements will depend upon many factors, including competing technological and market developments, our R&D efforts, and decisions regarding acquisitions of further patents or companies or other assets," the Company concluded. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/2byj9rxu About Connexa Sports Headquartered in Windsor Mill, Maryland, Connexa Sports Technologies Inc. -- https://www.connexasports.com -- is a connected sports company delivering products, technologies and services across a range of activities in sports. Connexa's mission is to reinvent sports through technological innovation driven by an unwavering focus on today's sports consumer. * * * This concludes the Troubled Company Reporter's coverage of Connexa Sports Technologies Inc. until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. CURIS INC: 4.6M Shares Registered for Possible Resale ----------------------------------------------------- Curis, Inc. filed a Registration Statement on Form S-1 with the U.S. Securities and Exchange Commission. The prospectus relates to the resale from time to time of up to 4,615,382 shares of common stock of Curis, Inc. by selling stockholders and their donees, pledgees, transferees or other successors-in-interest, consisting of 1,538,461 shares of the Company's common stock issuable upon the exercise of outstanding pre-funded warrants, or Pre-Funded Warrants, and 3,076,921 shares of the common stock issuable upon the exercise of outstanding common stock warrants, or Common Warrants, held by the selling stockholders to purchase shares of the Company's common stock, or collectively, the July 2025 Warrants. Curis will not receive any proceeds from the sale of the shares offered by this prospectus. Selling stockholders include entities affiliated with: -- Bleichroeder LP, -- Thomas A. Satterfield, Jr., -- Lytton-Kambara Foundation, -- Alumni Capital LP, -- Donald E. Garlikov, -- Todd Herndon, -- 3i LP, -- Red Hook Fund LP, -- Robert Forster, -- Anson Investments Master Fund LP, -- Intracoastal Capital LLC, -- Aramas Capital Management LLC, -- Warberg WF XIII LP, -- L1 Capital Global Opportunities Master Fund, -- S.H.N. Financial Investments Ltd., -- Michael Bigger, -- Richard Molinsky, and -- TEC Opportunities Fund I LP. Curis stated: "We have agreed, pursuant to a registration rights agreement that we have entered into with the selling stockholders, to bear all of the expenses incurred in connection with the registration of these shares. The selling stockholders will pay or assume discounts, commissions and fees of underwriters, selling brokers, dealer managers or similar securities industry professionals, if any, incurred for the sale of these shares of our common stock." "The selling stockholders identified in this prospectus, or their donees, pledgees, transferees or other successors-in-interest, may offer the shares from time to time on terms to be determined at the time of sale through ordinary brokerage transactions or through any other means described in this prospectus under the caption "Plan of Distribution." The shares may be sold at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market price, at varying prices determined at the time of sale, or at negotiated prices." "We may amend or supplement this prospectus from time to time by filing amendments or supplements as required. You should read the entire prospectus and any amendments or supplements carefully before you make your investment decision." "Our common stock is listed on The Nasdaq Capital Market, or Nasdaq, under the symbol "CRIS." On August 6, 2025, the last reported closing sale price of our common stock on Nasdaq was $1.67 per share. You are urged to obtain current market quotations for our common stock." Curis may be reached through: James E. Dentzer President and Chief Executive Officer Curis, Inc. 128 Spring Street, Building C – Suite 500 Lexington, MA 02421 Tel: (617) 503-6500 A full-text copy of the Registration Statement is available at: https://tinyurl.com/yazxkrh8 About Curis Lexington, Mass.-based Curis, Inc. is a biotechnology company focused on the development of emavusertib (CA-4948), an orally available, small molecule inhibitor of Interleukin-1 receptor associated kinase, or IRAK4. IRAK4 plays an essential role in the toll-like receptor, or TLR, and interleukin-1 receptor, or IL-1R, signaling pathways, which are frequently dysregulated in patients with Cancer. Boston, Mass.-based PricewaterhouseCoopers, the Company's auditor since 2002, 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 recurring losses and cash outflows from operations that raise substantial doubt about its ability to continue as a going concern. DISTRIBUIDORA MI: Unsecureds to Get Share of Income for 36 Months ----------------------------------------------------------------- Distribuidora Mi Honduras, LLC d/b/a DMH, LLC, filed with the U.S. Bankruptcy Court for the District of Maryland an Amended Chapter 11 Plan for Small Business dated August 12, 2025. The Debtor is a Maryland limited liability company which operates an import business whereby they import specialty foods, cosmetics, and cleaning supplies from Mexico and Central America and distribute said goods in the United States to retail businesses. The Debtor was registered under the laws of the State of Maryland in July 2016. As the Debtor's business was thriving, they ventured into new areas of developing their own line of food products which caused the Debtor to procure several Merchant Cash Advance ("MCA") loans with a number of lenders. These increased expenses, increased costs of goods sold, and the high interest rates of the MCA's made the Debtor unable to make payments on their liabilities. Ultimately, one MCA sent letters to the Debtor's customers that all funds owed to the Debtor should be sent to said MCA. Some of the Debtor's customers refused to pay either the MCA or the Debtor and other customers ceased their business relationship with the Debtor. Unable to continue its business under these circumstances, the Debtor accordingly consulted with Counsel to discuss the possibility of filing for relief under Chapter 11 of the Bankruptcy Code. The Plan provides for payment of administrative expenses, priority claims, and secured creditors in full or in part, either in cash or in deferred cash payments, and provides for payments to unsecured creditors in an amount equal to or greater than they would receive in the event of a Chapter 7 liquidation. Funds for implementation of the Plan will be derived from the Debtor's income from the operations of its business. The term of this Plan begins on the date of confirmation and will end on the 36th month subsequent to the Effective date. Class C-1 consists of all allowed general unsecured claims against the Debtor, including any unsecured portion of Class B-1 and including B-2, B-12, B-15, and B-16. In accordance with the provisions of Section 1191(d) of the Bankruptcy Code, this class shall be paid, pro rata, all of the Debtor's Disposable Income for the duration of the 36-month Plan. Class C disbursements shall be made within thirty days of the filing of the biannual post-confirmation report. All disbursements made to Class C-1 shall be paid pro rata equal to the Net Income set forth in Exhibit D. This class is impaired. The allowed unsecured claims total $1,346,392.17. Funds for implementation of the Plan will be derived from the Debtor's business income and cash on hand. The Debtor can afford to make the payments herein because its existing Projected Disposable Income, as indicated on the Projected Disposable Income Spreadsheet shows the ability to make the payments required herein. The Debtor shall retain the Assets of the estate (except as otherwise provided in this Plan) and shall therewith operate its business and pay ordinary business and operating expenses while paying creditors the amounts set forth in this Plan. A full-text copy of the Amended Plan dated August 12, 2025 is available at https://urlcurt.com/u?l=riIN51 from PacerMonitor.com at no charge. Counsel to the Debtor: David E. Cahn, Esq. Law Office of David Cahn, LLC 13842A Outlet Dr., #175 Silver Spring, MD 20904 Telephone: (301) 799-8072 About Distribuidora Mi Honduras LLC, LLC d/b/a DMH, LLC Distribuidora Mi Honduras LLC, doing business as DMH LLC, imports specialty non-perishable foods, cosmetics, and cleaning supplies from Mexico and Central America. Distribuidora Mi Honduras filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Md. Case No. 24-18364) on Oct. 4, 2024, with assets of $500,000 to $1 million and liabilities of $1 million to $10 million. Omar Rubinstein, managing member, signed the petition. The Debtor is represented by David Erwin Cahn, Esq., at the Law Office of David Cahn, LLC. DIVERSIFIED HEALTHCARE: Moody's Ups CFR to 'Caa1', Outlook Stable ----------------------------------------------------------------- Moody's Ratings upgraded Diversified Healthcare Trust's (DHC or REIT) ratings; corporate family rating to Caa1 from Caa3, senior secured to B3 from Caa2, backed senior unsecured to Caa1 from Caa3 and senior unsecured to Caa2 from Ca. DHC's speculative grade liquidity (SGL) rating remains unchanged at SGL-4. The rating outlook remains stable. The rating action reflects the lowered risk of a default following DHC's refinancing of its June 2025 maturity. Moody's also believes that the REIT is making progress towards addressing its January 2026 maturity. The REIT is pursuing asset sales and arranging secured debt financing, which it has already successfully accessed this year. RATINGS RATIONALE DHC's Caa1 CFR reflects its improved financial metrics, in particular Moody's adjusted net debt to EBITDA which Moody's expects will decline to around 9x by the end of 2025 from 11.6x at the end of 2024. This comes on the back of steady and substantial growth in DHC's senior housing operating portfolio (SHOP) from growing demand (from the aging population) and a lack of new supply. Notwithstanding the good growth prospects for senior housing, the REIT has high exposure to the SHOP segment. SHOP contributes around 50% of net operating income (NOI) and operates using short-term leases with high tenant turnover and is a business with high fixed costs. Conversely, the REIT's medical office portfolio adds stability to operating results as these tenants tend to remain in their leased properties for extended periods. The Caa1 CFR also reflects the REIT's weak liquidity, primarily because of Moody's expectations for breakeven to modestly negative free cash flow generation and the looming debt maturity in January 2026. The improvement in financial metrics eases Moody's concerns over the long-term sustainability of DHC's capital structure. In the first half of 2025, DHC successfully refinanced its June 2025 maturity through the issuance of secured debt, and repaid $300 million of its January 2026 zero coupon secured notes with asset sales proceeds, leaving around $641 million of this issue outstanding. The REIT also had approximately $280 million of further asset dispositions under agreement or letter of intent as of June 30, 2025. The SGL-4 speculative grade liquidity rating reflects Moody's views that liquidity remains weak notwithstanding DHC meeting the recent maturity in June 2025 and its preparations for doing so for the upcoming maturity of its $641 million zero-coupon bond in January 2026. At June 30, 2025, DHC had $141.8 million of cash and cash equivalents and full availability under its new $150 million revolving credit facility, which is secured by 14 properties and expires in June 2029. The REIT has capex needs in 2025 of around $150 million. The next debt maturity following the zero-coupon bond in January 2026 is in the first quarter of 2028. The stable outlook reflects Moody's views that the credit profile of DHC has materially improved, although it remains constrained by the need to address its upcoming 2026 maturity through a mix of asset sales and external financing. The stable outlook also reflects Moody's expectations for improving operating performance through 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Positive ratings pressure would require DHC's maturity profile to improve giving the REIT a medium to long term adequate liquidity horizon. Positive pressure would also require DHC's credit metrics to continue to improve such that leverage declines to around 9x and interest coverage increases to above 1.25x on a sustained basis. Negative ratings pressure could develop should DHC's refinancing of its 2026 maturities become more uncertain. Negative pressure could also develop should the REIT engage in any debt exchange transaction that would amount to a distressed exchange under Moody's definitions. The principal methodology used in these ratings was REITs and Other Commercial Real Estate Firms published in May 2025. DHC's Caa1 CFR is two notches lower than its scorecard-indicated outcome reflecting Moody's concerns over the REIT's liquidity due to impending maturities. Diversified Healthcare Trust (DHC) is a real estate investment trust which owns senior living communities, medical office and life science buildings and wellness centers throughout the United States. DHC is managed by the operating subsidiary of The RMR Group Inc. an alternative asset management company headquartered in Newton, MA. DOLCE BALLOONS: Seeks to Tap CAVA Law as General Bankruptcy Counsel ------------------------------------------------------------------- Dolce Balloons, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ CAVA Law, LLC as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties in the continued management of its affairs; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) prepare legal documents necessary in the administration of the case; (d) protect the interests of the Debtor and the estate in all matters pending before the court; and (e) represent the Debtor in negotiations with its creditors in the preparation of a plan. The firm will be paid at these hourly rates: Senior Attorney I $450 Senior Attorney II $650 Associate Attorney $350 Paralegal $175 Assistants/Secretaries $100 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $7,000 from the Debtor. Christina Vilaboa-Abel, Esq., an attorney at CAVA Law, 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: Christina Vilaboa-Abel, Esq. CAVA Law, LLC 1390 South Dixie Highway, Suite 1110 Coral Gables, FL 33146 Telephone: (786) 675-6830 Facsimile: (786) 384-6909 About Dolce Balloons Dolce Balloons, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18400) on July 23, 2025, with up to $50,000 in assets and liabilities. Judge Robert A. Mark presides over the case. Christina Vilaboa-Abel, Esq., at CAVA Law, LLC represents the Debtor as counsel. DOUBLE H SERVICES: Seeks to Hire Fuqua & Associates as Counsel -------------------------------------------------------------- Double H Services, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Fuqua & Associates, PC as counsel. The firm's services include: (a) advise the Debtor with respect to its powers and duties in the continued operation of its business and management of its property; (b) prepare all pleadings on behalf of the Debtor which may be necessary herein; (c) negotiate and submit a potential plan of arrangement satisfactory to the Debtor, its estate, and the creditors at large; and (d) perform all other legal services for the Debtor which may become necessary to these proceedings herein. The firm will be paid at these hourly rates: Richard Fuqua, Attorney $750 Law Clerks & Legal Assistants $150 Mr. Fuqua 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: Richard L. Fuqua, Esq. 8558 Katy Freeway, Suite 119 Houston, TX 77024 Telephone: 9713) 960-0277 Facsimile: (713) 960-1064 About Double H Services LLC Double H Services LLC provides oilfield logistics and transportation services, including laydown machines, pipe hauling, forklift operations, and general trucking. The Company operates primarily in Oklahoma and serves clients in the energy and agricultural sectors. Double H Services LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-33978 on July 14, 2025. In its petition, the Debtor reports total assets of $1,053,870 and total liabilities of $6,098,306. The Debtor is represented by Richard L. Fuqua, Esq., at Fuqua & Associates, PC. DOUBLE T STEEL: Seeks to Hire Baker & Associates as Legal Counsel ----------------------------------------------------------------- Double T Steel LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Baker & Associates as legal counsel. The firm will provide these services: (a) analyze the financial situation, and render advice and assistance to the Debtor; (b) advise the Debtor with respect to its duties; (c) prepare and file all appropriate legal papers; (d) represent the Debtor at the first meeting of creditors and such other services as may be required during the course of the bankruptcy proceedings; (e) represent the Debtor in all proceedings before the court and in any other judicial or administrative proceeding where its rights may be litigated or otherwise affected; (f) prepare and file a disclosure statement (if required) and Chapter 11 plan of reorganization; and (g) assist the Debtor in any matters relating to or arising out of the captioned case. Prior to the filing of the case, Eleno Lopez, the sole member and president of the Debtor, delivered to the Debtor the amount of: (a) $3,000 on June 25, 2025; (b) $4,000 on July 7, 2025; (c) $2,000 on July 10, 2025; and (d) $2,738.00 on July 16, 2025. The firm applied $1,738 of such amount for filing fees and other amounts for pre-petition fees and expenses. Reese Baker, 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: Reese W. Baker, Esq. Baker & Associates 950 Echo Lane Suite 300 Houston, TX 77024 Telephone: (713) 979-2251 About Double T Steel LLC Double T Steel, LLC is a Houston-based company likely operating in the steel industry. Double T Steel filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34239) on July 26, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge Jeffrey P. Norman handles the case. The Debtor is represented by Reese W. Baker, Esq., at Baker & Associates. EDWARDS TRANS: Case Summary & Largest Unsecured Creditors --------------------------------------------------------- Four affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Edwards Trans Corp 25-43985 110-11 Queens Blvd Apt 11K Forest Hills, NY 11375 Valma Trans Corp 25-43986 110-11 Queens Blvd Apt 11K Forest Hills, NY 11375 Mirecle Cab Corp 25-43987 110-11 Queens Blvd Apt 11K Forest Hills, NY 11375 N.Y. Jefa Taxi Corp 25-43988 110-11 Queens Blvd Apt 11K Forest Hills, NY 11375 Business Description: Edwards Trans Corp, Valma Trans Corp, Mirecle Cab Corp and N.Y. Jefa Taxi Corp provide passenger transportation services through taxis and limousines. Chapter 11 Petition Date: August 19, 2025 Court: United States Bankruptcy Court Eastern District of New York Judge: Hon. Jil Mazer-Marino Debtors' Bankruptcy Counsel: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN, P.C. 2799 Coney Island Avenue Suite 202 Brooklyn, NY 11235 Tel: (718) 513-3145 Fax: (347) 342-3156 Email: alla@kachanlaw.com Edwards Trans Corp's Total Assets: $340,000 Edwards Trans Corp's Total Liabilities: $1,480,639 Valma Trans Corp's Total Assets: $340,000 Valma Trans Corp's Total Liabilities: $1,503,535 Mirecle Cab Corp's Total Assets: $340,000 Mirecle Cab Corp's Total Liabilities: $1,508,871 N.Y. Jefa Taxi's Total Assets: $340,000 N.Y. Jefa Taxi's Total Liabilities: $1,548,855 The petitions were signed by Valentina Zubok as president. Full-text copies of the petitions, which include lists of the Debtors' largest unsecured creditors, are available for free on PacerMonitor at: https://www.pacermonitor.com/view/5RQKL6Q/Edwards_Trans_Corp__nyebke-25-43985__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/CWRBOZQ/Valma_Trans_Corp__nyebke-25-43986__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/DG3KUTI/Mirecle_Cab_Corp__nyebke-25-43987__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/A3OEVKQ/NY_Jefa_Taxi_Corp__nyebke-25-43988__0001.0.pdf?mcid=tGE4TAMA ELITE PARTNERS: Section 341(a) Meeting of Creditors on September 5 ------------------------------------------------------------------ On August 5, 2025, Elite Partners filed Chapter 11 protection in the Northern District of Georgia. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on September 5,/2025 at 10:30 AM via Telephone conference. To attend, Dial 888-330-1716 and enter access code 6960876. About Elite Partners Elite Partners is a corporation based in Decatur, Georgia. Elite Partners sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga.Case No. 25-58836) on August 5, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $100,000 and $500,000. ENDLESS POSSIBILITIES: Gets OK to Tap Latham Luna as Legal Counsel ------------------------------------------------------------------ Endless Possibilities Therapy and Learning, LLC received approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Latham, Luna, Eden & Beaudine, LLP as counsel. The firm will provide these services: (a) advise the Debtor of its rights and duties in this case; (b) prepare pleadings related to this case; and (c) take any and all other necessary action incident to the proper preservation and administration of this estate. The firm will be paid at these hourly rates: Experienced Attorneys $500 Daniel Velasquez, Attorney $275 - $475 Junior Paraprofessionals $125 The Debtor paid an advance fee of $10,738 for services and expenses to be incurred in connection with creditor negotiations, litigation, and preparation of the bankruptcy filing prior to the Chapter 11 bankruptcy filing. Mr. Velasquez disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Daniel A. Velasquez, Esq. Latham, Luna, Eden & Beaudine, LLP 201 S. Orange Ave., Suite 1400 Orlando, FL 32801 Telephone: (407) 481-5800 Facsimile: (407) 481-5801 Email: dvelasquez@lathamluna.com About Endless Possibilities Therapy and Learning Endless Possibilities Therapy and Learning, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03966) on June 26, 2025, listing under $1 million in both estimated assets and liabilities. Judge Grace E. Robson oversees the case. Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP serves as the Debtor's counsel. EPIC MEDICAL: Hires Allen Jones & Giles as Litigation Counsel ------------------------------------------------------------- Epic Medical Services AZ, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Allen, Jones & Giles, PLC as litigation counsel. The Debtor seeks to engage the firm for its services since the petition date and hereafter as needed in connection with the lawsuit styled Raghav Mohindra v. Haresh Boghara, M.D., et al., Case No. 2:25-cv-02050-SHD, pending in the U.S. District Court of Arizona ("Arizona Litigation"). The Debtor also seeks to engage the firm as special litigation counsel for any other matters that may arise during its Chapter 11 case related to the Arizona Litigation. The firm will be paid at these hourly rates: Thomas Allen, Attorney $525 Other Attorneys and Professionals $200 - $535 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $15,000 from the Debtor. Mr. Allen disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Thomas H. Allen Allen, Jones & Giles, PLC 791 S. 4th Ave Ste D. Yuma, AZ 85364 Telephone: (928) 783-2161 About Epic Medical Services AZ LLC Epic Medical Services AZ LLC is a healthcare services provider operating under NAICS code 6211 (Offices of Physicians). Epic Medical Services AZ LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42537) on July 12, 2025. In its petition, the Debtor reported estimated assets and liabilities between $1 million and $10 million each. The Debtor tapped Vartabedian Hester & Haynes LLP as bankruptcy counsel and Allen, Jones & Giles, PLC as special litigation counsel. EPIC MEDICAL: Seeks to Tap Vartabedian Hester & Haynes as Counsel ----------------------------------------------------------------- Epic Medical Services AZ, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Vartabedian Hester & Haynes LLP as counsel. The firm will render these services: (a) advise the Debtor of its rights, powers and duties in the continued management of its assets; (b) advise the Debtor concerning, and assist in the negotiation and documentation of, agreements, debt restructuring, and related transactions; (c) advise the Debtor concerning the actions that it might take to collect and recover property for the benefit of its estate; (d) prepare on behalf of the Debtor all necessary and appropriate legal documents and review all financial and other reports to be filed in this Chapter 11 case; (e) advise the Debtor concerning, and prepare response to, legal papers that may be filed and served in this Chapter 11 case; (f) counsel the Debtor in connection with the formulation, negotiation and promulgation of one or more plans of reorganization and related documents; (g) perform all other legal services on behalf of the Debtor that may be necessary or appropriate in the administration of this Chapter 11 case or in the conduct of the bankruptcy case and its business; and (h) perform all such other legal services as may be necessary or appropriate in connection with the bankruptcy case. The firm will be paid at these hourly rates: Jeff Prostok, Attorney $890 Lynda Lankford, Attorney $675 Mary Taylor Stanberry $475 Other Firm Attorneys $475 - $890 Paralegal/Legal Assistant $225 - $275 In addition, the firm will seek reimbursement for expenses incurred. The Debtor's principal, Dr. Haresh Boghara, paid the firm a retainer in the amount of $30,000 on July 11, 2025. Ms. Lankford 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: Lynda L. Lankford, Esq. Vartabedian Hester & Haynes LLP 301 Commerce Street, Ste. 2200 Fort Worth, TX 76102 Telephone: (817) 214-4990 Facsimile: (817) 214-4988 Email: Lynda.lankford@vhh.law About Epic Medical Services AZ LLC Epic Medical Services AZ LLC is a healthcare services provider operating under NAICS code 6211 (Offices of Physicians). Epic Medical Services AZ LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42537) on July 12, 2025. In its petition, the Debtor reported estimated assets and liabilities between $1 million and $10 million each. The Debtor tapped Vartabedian Hester & Haynes LLP as bankruptcy counsel and Allen, Jones & Giles, PLC as special litigation counsel. FAITH ELECTRIC: Lender Seeks to Prohibit Cash Collateral Access --------------------------------------------------------------- Wells Fargo Commercial Distribution Finance, LLC asked the U.S. Bankruptcy Court for the Western District of Oklahoma to prohibit Faith Electric, Inc. from using cash collateral citing multiple violations of court orders, financial mismanagement, and ongoing losses. WFCDF, a secured creditor with a perfected first-priority lien on the Debtor's inventory and other assets, holds a secured claim of approximately $1.27 million. Following the discovery that the Debtor's principal had misappropriated at least $120,000 of WFCDF's collateral for personal use, the court appointed a Chapter 11 trustee on August 11. Since the bankruptcy filing on March 31, WFCDF claims that the Debtor has sold over $307,000 worth of WFCDF's collateral without properly accounting for or remitting the proceeds, and instead continued to use these funds—classified as cash collateral—without proper authorization or compliance. Initially, the Debtor was granted permission to use cash collateral under a 13-week budget, subject to specific limits on expenditure deviations and mandatory weekly variance reporting. However, WFCDF asserts that the Debtor repeatedly failed to comply with these terms. Reports were consistently filed late or not at all, and the Debtor regularly exceeded budgeted expenditures—by as much as 71.5% in some categories. The Debtor's financial performance has also been consistently poor, with net operating losses throughout the case. Some reported profits were the result of including pre-petition credit card receipts as income. Most recently, for the week ending August 3, 2025, the Debtor reported a loss of over $190,000, further highlighting the severity of its financial condition. Moreover, the Debtor has continued using cash collateral beyond the authorized budget period (which ended June 27), without submitting a new budget or obtaining court approval. As of August 12, the Debtor had approximately $170,000 remaining in its bank accounts -- down from nearly $700,000 at the end of June. WFCDF believes this remaining amount is all that is left of its collateral and estimates that the Debtor is depleting it at a rate of over $50,000 per week. About Faith Electric Inc. Faith Electric, Inc. is an Oklahoma City-based company, which specializes in electrical contracting services. It offers design, installation, and repair for residential, commercial, and industrial clients. In 2019, the company rebranded as Generator Supercenter of Oklahoma, focusing primarily on Generac generator sales, installation, and maintenance. Faith Electric filed Chapter 11 petition (Bankr. W.D. Okla. Case No. 25-10921) on March 31, 2025, listing up to $10 million in both assets and liabilities. Austin Partida, chief executive officer of Faith Electric, signed the petition. Judge Sarah A. Hall oversees the case. Amanda R. Blackwood, Esq., at Blackwood Law Firm, PLLC, is the Debtor's bankruptcy counsel. Wells Fargo Commercial Distribution Finance, as secured creditor, is represented by Ross A. Plourde, Esq., at McAfee & Taft, A Professional Corporation. Mr. Plourde can be reached at: Ross A. Plourde, Esq. McAfee & Taft, A Professional Corporation 8th Floor, Two Leadership Square 211 North Robinson Oklahoma City, OK 73102-7103 Telephone: (405) 235-9621 Facsimile: (405) 235-0439 ross.plourde@mcafeetaft.com FARMFAN LLC: Seeks Chapter 11 Bankruptcy in Pennsylvania -------------------------------------------------------- On August 1, 2025, FarmFan LLC filed Chapter 11 protection in the Western District of Pennsylvania. 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 FarmFan LLC FarmFan LLC, doing business as Harvie, provides an online platform that connects consumers with local farms for customizable farm-share subscriptions and grocery delivery services. FarmFan LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22021) on August 1, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Mason S. Shelton, Esq. at BERNSTEIN-BURKLEY, P.C. FIRSTBASE.IO INC: Available Cash & New Equity to Fund Plan ---------------------------------------------------------- Harbor Business Compliance Corporation filed with the U.S. Bankruptcy Court for the Southern District of New York a Disclosure Statement with respect to Plan of Reorganization dated August 11, 2025. The Debtor is a technology company providing business formation services to the public through its website. The Debtor was founded in 2019 and offers an "all-in-one" online platform to establish, grow, and maintain a business. The circumstances which led the Debtor to file its chapter 11 petition include an almost $30 million judgment owed to Harbor Compliance due to a jury's finding of breach of contract, trade secret misappropriation, and unfair competition by the Debtor. The Debtor's chief executive officer, Mark Milastsivy, led the Debtor at all times relevant to the actions underlying that judgment and this chapter 11 proceeding. The Plan is predicated on Harbor Compliance's receipt, in satisfaction of the Harbor Compliance Claim, of up to one hundred percent of the equity interests in the Reorganized Debtor. The Plan also provides that those creditors who hold Allowed Secured Claims, Allowed Priority Tax Claims and Allowed Non-Tax Priority Claims will receive, on the Effective Date or as otherwise agreed-to by and between such Holder and the Plan Proponent, Payment in Full in Cash on account of such Allowed Claims in accordance with the Bankruptcy Code. General Unsecured Creditors holding Allowed General Unsecured Claims against the Debtor, other than Harbor Compliance, will receive, at such Creditor's election, either of its Pro Rata share of the Debtor's available Cash, the New Equity Plan Trust Contribution of up to $300,000, and the other Trust Assets or its Pro Rata percentage of equity interests in the Reorganized Debtor. As provided in the Plan, in connection with the issuance of New Firstbase Equity Interests to the Class 4 member (Plan Proponent) and to those members of Class 3 that elect to receive New Firstbase Equity Interests in lieu of a cash distribution under the Plan, "Pro Rata" shall mean the proportion that an Allowed Claim in both of Class 3 or Class 4 bears to the aggregate amount of Allowed Claims in Classes 3 and 4. The New Equity Plan Trust Contribution will also provide sufficient funds for the Debtor to satisfy Allowed Administrative Expense Claims, including Professional Fee Claims, in accordance with the requirements of the Bankruptcy Code. The New Equity Plan Trust Contribution to be provided by Harbor Compliance and Class 3 Creditors electing to receive New Firstbase Equity Interests is not on account of any preexisting obligation, is indisputably substantial, and is necessary to make the distributions and payments required by the Plan. Class 3 is comprised of all General Unsecured Claims except for the Harbor Compliance Claim. Based on the prior cash collateral orders entered by the Bankruptcy Court that found, inter alia, that the Novel Claim was not a Secured Claim, the Novel Claim is deemed under the Plan to be a General Unsecured Claim and classified in Class 3. The allowed unsecured claims total $4,068,953. In full and final satisfaction, release and discharge of the Debtor's obligations with respect to General Unsecured Claims, and except to the extent that a Holder of a General Unsecured Claim agrees in writing with the Plan Proponent (or the Plan Trustee) to a less favorable treatment, on the later to occur of (a) the Effective Date and (b) the date on which a General Unsecured Claim will become Allowed (or as soon as reasonably practicable thereafter), each Holder of an Allowed General Unsecured Claim in Class 3 will receive, in full and complete settlement, satisfaction and discharge of such Allowed General Unsecured Claim, at such Holder's election, (x) its Pro Rata share of the Trust Assets on the terms and conditions of the Plan and the Plan Trust Agreement; or (y) its Pro Rata (i.e., the proportion that an Allowed Claim in both of Class 3 or Class 4 bears to the aggregate amount of Allowed Claims in Classes 3 and 4) share of the New Firstbase Equity Interests. Any Holder of an Allowed General Unsecured Claim in Class 3 that elects to receive its Pro Rata share of the New Firstbase Equity Interests will be obligated to contribute its Pro Rata share of both the New Equity Capitalization Contribution and the New Equity Plan Trust Contribution. Any Holder of an Allowed General Unsecured Claim in Class 3 that returns an otherwise properly completed, executed, and timely returned Ballot, but (i) without making an election as to form of distribution, or (ii) electing both forms of distribution will be deemed to have elected the "Cash and Trust Assets on the terms and conditions of the Plan Trust Agreement" option on its Ballot. Each Holder of an Allowed General Unsecured Claim in an amount greater than $5,000 may affirmatively elect, on a timely submitted Ballot and in accordance with this Plan and the Disclosure Statement, to reduce such claim to $5,000 and such claim will be treated as a Convenience Class Claim. Any such election will be irrevocable upon the Effective Date. Any portion of an Allowed General Unsecured Claim that exceeds $5,000 and is designated as a Convenience Class Claim by the Holder of such claim will be deemed waived and will be extinguished upon the Effective Date. Class 4 is comprised of the Harbor Compliance Claim. In full and final satisfaction, release and discharge of the Debtor's obligations with respect to the Harbor Compliance Claim, on the Effective Date, Harbor Compliance will receive one hundred percent of the New Firstbase Equity Interests subject to Pro Rata dilution by any Class 3 Creditor that elects to receive New Firstbase Equity Interests on account of its General Unsecured Claim. Class 5 is comprised of all Allowed Convenience Class Claims. Each holder of an Allowed Convenience Class Claim will receive on the Effective Date or as soon thereafter as practicable, in full and final satisfaction, compromise, settlement, release, and discharge of such Claim, Cash in an amount equal to the lesser of (i) the Allowed amount of such Claim or (ii) $5,000. Any portion of a General Unsecured Claim that exceeds $5,000 and is voluntarily classified by the holder as a Convenience Class Claim will be deemed extinguished as of the Effective Date, and the Holder will have no further right to recover any portion of such extinguished amount. The Plan Proponent, the Holders of New Firstbase Equity Interest, and the Debtor will fund distributions under the Plan with (i) the Debtor's Cash on hand as of the Effective Date; (ii) the New Equity Plan Trust Contribution; (iii) the Plan Proponent Settlement; and (iv) the transfer and assignment of the other Trust Assets to the Plan Trust. The New Equity Plan Trust Contribution will be funded in Pro Rata share by the Plan Proponent and Holders of Allowed General Unsecured Claims in Class 3 electing to take New Firstbase Equity Interests. The New Equity Plan Trust Contribution will be funded on or about the Effective Date. The Plan Proponent, in addition to making the New Equity Plan Trust Contribution, is additionally entering into the Plan Proponent Settlement to, in part, fund the Plan distributions, in excess of the contributions of the Holders of Allowed General Unsecured Claims in Class 3 electing to take New Firstbase Equity Interests. A full-text copy of the Disclosure Statement dated August 11, 2025 is available at https://urlcurt.com/u?l=eT4aU6 from PacerMonitor.com at no charge. Counsel to Creditor, Harbor Business Compliance: ROYER COOPER COHEN BRAUNFELD LLC Marc E. Hirschfield, Esq. 1120 Avenue of the Americas, 4th Floor New York, New York 10036-6700 Telephone: (212) 994-0451 Marc Skapof, Esq. Telephone: (212) 994-0452 Email: mskapof@rccblaw.com Matthew Faranda-Diedrich, Esq. Three Logan Square 1717 Arch Street, 47th Floor Philadelphia, PA 19103 Telephone: (215) 839-1000 Email: mfd@rccblaw.com About Firstbase.io Inc. Firstbase.io, Inc., is a technology company that provides business formation services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-11647) on Sept. 25, 2024, with $1 million to $10 million in assets and $10 million to $50 million in liabilities. Judge Lisa G. Beckerman oversees the case. The Debtor is represented by Dawn Kirby, Esq., at Kirby Aisner & Curley, LLP. FLORIDA ECO: Andrew Layden Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 21 appointed Andrew Layden as Subchapter V trustee for Florida Eco Electric, LLC. Mr. Layden will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Layden declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Andrew Layden 200 S. Orange Avenue, Suite 2300 Orlando, FL 32801 Telephone: 407-649-4000 Email: alayden@bakerlaw.com About Florida Eco Electric Florida Eco Electric, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05075) on August 11, 2025, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Lori V. Vaughan presides over the case. Ian Johnson, Esq., at Losey PLLC represents the Debtor as legal counsel. FRESH START: To Sell Gibsonton Property to DAS Logic for $442K -------------------------------------------------------------- Fresh Start Development, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to sell Property located at 11306 Spivey Road, Gibsonton, Florida 33534, free and clear of liens, claims, interests, and encumbrances. On or about November 16, 2023, the Debtor executed a Commercial Mortgage, Security Agreement and Fixture Filing in favor of Loan Funder LLC, Series 60406 in the amount of $443,200. The Debtor has obtained a payoff from Superior Loan Servicing in the amount of $405,226.13 through August 22, 2025. The Debtor and DAS Logic Services, LLC (Buyer) executed a As Is Residential Contract for Sale and Purchase to purchase the Property for $442,000. The sale is an "arm's length" transaction, and the Buyer is not affiliated with the Debtor, or any affiliates of either party. The Debtor requests approval to immediately sell the Property on an expedited basis, free and clear of liens, claims, encumbrances, and any other interest, through the procedures set forth in the Motion. The Debtor believes that the closing of the sale of the Property needs to occur expeditiously given the uncertainty of the real estate market and the risk that the sale will not be consummated if not permitted as soon as possible. About Fresh Start Development, Inc. Fresh Start Development Inc. is a Florida-based development company. Fresh Start Development Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02855) on May 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Catherine Peek Mcewen handles the case. GAMESTOP CORP: Grants $1.65M RSUs, Cash Bonus to Daniel Moore ------------------------------------------------------------- GameStop Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company on August 8, 2025, entered into a letter agreement with Daniel Moore that includes an increase in Mr. Moore's compensation. Mr. Moore is the Chief Financial and Accounting Officer at GameStop. Pursuant to the Offer Letter, all equity awards previously granted to Mr. Moore will continue to vest in accordance with their original terms, and he will be entitled to an additional grant, on August 11, 2025, of a number of restricted stock units of the Company's Class A common stock determined by dividing $1,650,000 by the average closing price of the Common Stock for the 30 trading days immediately preceding the grant date. The New Equity Award will vest in eight installments beginning on September 1, 2025 and ending on July 1, 2027, in each case, subject to Mr. Moore's continued employment through the applicable vesting date. The Offer Letter further provides that Mr. Moore's annual salary will remain $200,000, but in order to maintain Mr. Moore's new target compensation near-term prior to the commencement of the vesting of the New Equity Award, he will receive a one-time cash bonus of $80,000. Under the Offer Letter, if Mr. Moore's employment is terminated without Cause (as defined in the Offer Letter), he will be entitled to receive the following severance benefits: (i) an amount equal to six months of his base salary, (ii) an amount equal to six months of COBRA premiums for Mr. Moore and his eligible dependents, and (iii) the vesting of that portion of any equity award that was otherwise scheduled to vest in the ordinary course during the six-month period immediately following his termination date. Mr. Moore's eligibility for these severance benefits is subject to his execution of a release of claims and his compliance with any applicable post-employment covenants. About GameStop Grapevine, Texas-based GameStop Corp. is a specialty retailer offering games and entertainment products through its E-Commerce platforms and thousands of stores. As of May 3, 2025, GameStop had $7.5 billion in total assets and $2.5 billion in total liabilities. * * * Egan-Jones Ratings Company on January 15, 2025, downgraded the foreign currency and local currency senior unsecured ratings on debt issued by GameStop Corporation to CCC- from CC. GIRARDI & KEESE: Court Denies Family's Declaratory Relief Claims ---------------------------------------------------------------- Craig Clough of Law360 Bankruptcy Authority reports that on Tuesday, August 19, 2025, a Los Angeles judge denied a family's motion for summary judgment on declaratory relief claims in their $1.8 million malpractice suit against a law firm that had represented them in recovering money linked to the Girardi Keese embezzlement scandal, finding that disputed facts persist in the "unusual" case. About Girardi & Keese Girardi and Keese or Girardi & Keese was a Los Angeles-based law firm founded in 1965 by lawyers Thomas Girardi and Robert Keese. It served clients in California in a variety of legal areas. It wasknown for representing plaintiffs against major corporations. An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No. 20-21022) was filed in December 2020 against GIRARDI & KEESE by alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian, Erika Saldana, Virginia Antonio, and Kimberly Archie. The petitioners' attorneys is Andrew Goodman, at Goodman Law Offices, Apc. Elissa D. Miller, a member of the firm SulmeyerKupetz, has been appointed as Chapter 7 trustee for GIRARDI KEESE. GYLMAR DEVELOPMENTS: Gets Interim OK to Use Cash Collateral ----------------------------------------------------------- Gylmar Developments, Inc. received interim approval from the U.S. Bankruptcy Court for the Southern District of Florida to use cash collateral through Sept. 26. The interim order signed by Judge Robert Mark authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by SouthState Bank, N.A. SouthState Bank, successor by merger to CenterState Bank, N.A., will have a perfected post-petition lien on the cash collateral, with the same validity, priority and extent as its pre-bankruptcy lien. As additional protection, the Debtor will make monthly payments of $2,307 to SouthState Bank, due on the 20th day of each month. Such payments will continue until further order of the court regarding adequate protection payments, confirmation of a Chapter 11 plan, or the dismissal or conversion of the Debtor's Chapter 11 case, whichever occurs first, according to the interim order. The interim order required the Debtor to escrow in its counsel's trust account $1,000 per month for fees incurred by the Subchapter V trustee, starting this month and until plan confirmation. The next preliminary hearing is set for Sept. 25. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/aXTHp from PacerMonitor.com. About Gylmar Developments Inc. Gylmar Developments, Inc. is a Miami-based corporation headquartered at 8485 NW 54th Street. Gylmar Developments sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18606) on July 2, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Robert A. Mark handles the case. Michael S. Hoffman, Esq., is the Debtor's legal counsel. SouthState Bank, as secured creditor, is represented by: Eric S. Golden, Esq. Burr & Forman, LLP 200 S. Orange Avenue, Suite 800 Orlando, FL 32801 Phone: (407) 540-6600 Fax: (407) 540-6601 egolden@burr.com mlucca-cruz@burr.com HIGH SOURCES: Gets Extension to Access Cash Collateral ------------------------------------------------------ High Sources, Inc. received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral to fund operations. The court's second interim order authorized the Debtor to use its secured creditors' cash collateral to pay the amounts expressly authorized by the court; the expenses set forth in its budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by secured creditors. This authorization will continue until further order of the court. As protection, secured creditors were granted post-petition liens on their cash collateral to the same extent and with the same validity and priority as their pre-bankruptcy liens. In addition, the Debtor was directed to keep its property insured in accordance with its loan agreements with the secured creditors. The secured creditors include the U.S. Small Business Administration, INBANK, Newtek Small Business Finance, and several merchant cash advance lenders. The next hearing is set for September 2. Newtek is represented by: Stephanie C. Lieb, Esq. Trenam, Kemker, Scharf, Barkin, Frye, O'Neill & Mullis, P.A. 101 East Kennedy Boulevard, Suite 2700 Tampa, FL 33602 Phone: (813) 223-7474 Fax: (813) 229-6553 slieb@trenam.com INBANK is represented by: Kathleen L. DiSanto, Esq. Bush Ross, P.A. P.O. Box 3913 Tampa, FL 33601-3913 Phone: (813) 224-9255 Fax: (813) 223-9620 kdisanto@bushross.com About High Sources Inc. High Sources, Inc. provides janitorial, facilities maintenance, and construction services across multiple sectors, including healthcare and retail. Based in Tampa, Florida, the Debtor operates field offices in Arizona, Florida, and Texas. Founded in 2015, the Debtor is a minority-owned business. High Sources sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03583) on May 30, 2025. In its petition, the Debtor reported total assets of $1,110,080 and total liabilities of $9,148,669. Judge Catherine Peek Mcewen handles the case. Buddy D. Ford, Esq., and Jonathan A. Semach, Esq., at Ford & Semach, P.A. are the Debtor's bankruptcy attorneys. HIGHER GROUND: Committee Hires Gray Reed as Bankruptcy Counsel -------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 cases of Higher Ground Education, Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Gray Reed as counsel. The firm will provide these services: (a) advise the committee in connection with its rights, powers, and duties in these Chapter 11 cases; (b) assist and advise the committee in its consultation with the Debtors relating to the administration of these Chapter 11 cases; (c) attend meetings and negotiate with the representatives of the Debtors and other parties-in-interest; (d) assist and advise the committee in its examination and analysis of the conduct of the Debtors' affairs; (e) assist and advise the committee in its investigation of potential causes of action on behalf of the Debtors' estates; (f) assist and advise the committee in connection with any sale of the Debtors' assets pursuant to section 363 of the Bankruptcy Code; (g) assist the committee in the review, analysis, and negotiation of any Chapter 11 plan(s) of reorganization or liquidation that may be filed and assist the committee in the review, analysis, and negotiation of the disclosure statement accompanying any such plan(s); (h) take all necessary actions to protect and preserve the interests of the committee; (i) prepare all necessary legal papers on behalf of the committee; (j) participate in mediation and represent the interests of the committee at such mediations or in any adversary proceedings; (k) appear, as appropriate, before this court, the appellate courts, and the U.S. Trustee, and protect the interests of the committee before those courts; and (l) perform all other necessary legal services in these cases on behalf of the committee. The firm will be paid at these hourly rates: Jason Brookner, Partner $990 Aaron Kaufman, Partner $850 Amber Carson, Partner $750 Emily Shanks, Associate $595 Veronica Salazar, Paralegal $385 In addition, the firm will seek reimbursement for expenses incurred. Mr. Brookner also provided the following in response to the request for additional information set forth in Section D of the Revised U.S. Trustee Guidelines: Question: Did the firm agree to any variations from, or alternatives to, the firm's standard billing arrangements for this engagement? Answer: No. Question: Do any of the firm professionals included in this engagement vary their rate based on the geographical location of the Debtors' Chapter 11 cases? Answer: The hourly rates used by Gray Reed in representing the Debtors are consistent with the rates that Gray Reed charges other comparable Chapter 11 clients, regardless of the location of the Chapter 11 case. Question: If the firm has represented the client in the 12 months prepetition, disclose the firm's billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. Answer: Gray Reed did not represent the committee prepetition. Question: Has your client approved the firm's budget and staffing plan, and if so, for what budget period? Answer: Gray Reed has provided a good faith estimate of its expected fees and expenses during the course of these Chapter 11 cases. The Debtors incorporated such good faith estimates into the approved budget filed in relation to their request for final approval of their proposed debtor in possession financing. Mr. Brookner 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 Brookner Gray Reed 1300 Post Oak Blvd., Suite 2000 Houston, TX 77030 Telephone: (214) 954-4135 Facsimile: (713) 986-7100 About Higher Ground Education Higher Ground Education Inc. and its subsidiaries operate Montessori schools and provide related training and consulting services worldwide. Founded in 2016, the Group grew to manage more than 150 schools by 2024, with locations across the U.S. and international expansion into Hong Kong and mainland China. It also offers virtual and home-based education, teacher training, and licensing of its content to independent partners. Higher Ground Education Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80121) on June 17, 2025. In its petition, Higher Ground reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Michelle V. Larson handles the cases. The Debtors are represented by Holland N. O'Neil, Esq., and Timothy C. Mohan, Esq. at Foley & Lardner LLP and Nora J. McGuffey, Esq., and Quynh-Nhu Truong, Esq., at Foley & Lardner LLP. SierraConstellation Partners, LLC is the Debtors' financial advisor. Verita Global, LLC fka Kurtzman Carson Consultants, LLC is the Debtors' notice, claims, solicitation & balloting agent. On July 8, 2025, the U.S. Trustee for the Northern District of Texas appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Gray Reed as counsel. HILLMAN GROUP: Moody's Alters Outlook on 'B1' CFR to Positive ------------------------------------------------------------- Moody's Ratings affirmed Hillman Group Inc.'s B1 Corporate Family Rating and changed its outlook to positive from stable. At the same time, Moody's affirmed the company's B1-PD Probability of Default Rating, and the B1 rating on the company's senior secured first lien credit facility consisting of a $835 million original principal amount first lien term loan due 2028 and a $200 million delayed draw first lien term loan due 2028. The company's speculative grade liquidity SGL-1 is unchanged. The ratings affirmation and outlook change to positive reflect Hillman's improving credit metrics supported by its resilient revenue and higher profitability despite a challenging operating environment, and Moody's expectations that the company's financial policies will support ongoing deleveraging over the next 12-18 months. Moody's expects Hillman's revenue to remain resilient and operating profit to continue to improve over the next year. Hillman's profitability and credit metrics continued to improve during the first half of 2025 despite housing market pressures and headwinds impacting consumer discretionary spending. The company's debt/EBITDA leverage improved to 3.1x as of the last 12 months (LTM) ending in 2Q-2025. The company reported a year-over-year revenue growth of 4.4% for the first half of 2025, with a company-adjusted EBITDA growth of 7.5% over the same period. Hillman's good earnings growth was primarily driven by its Hardware and Protective Solutions segment, its biggest, with a segment EBITDA growth of 14.8%. The segment's product categories' demand is driven in part by maintenance and repair projects, which helps mitigate the impact of soft housing market trends. In addition, the low-price points and critical nature of its fastener and hardware products also help to somewhat mitigate the impact of cyclical downturns. Hillman has a publicly stated financial policy that targets a net leverage ratio (based on company's calculation) of under 2.5x, which was at 2.7x as of the LTM ending 2Q-2025. The company anticipates its net leverage ratio (based on company's calculation) will improve to 2.4x by end of fiscal 2025. On a Moody's adjusted basis, Moody's expects Hillman's debt/EBITDA to gradually improve to below 3.0x over the next 12-18 months (3.1x as of LTM 2Q-2025) supported by its resilient revenue and ongoing earnings growth. While Hillman's current leverage level aligns with criteria for a potential upgrade, Moody's remain cautious given the company's continued exposure to elevated business risks. These stem primarily from its reliance on the cyclical housing market and discretionary consumer spending. US existing home sales remain well below pre-pandemic levels, and repair and remodeling activity is showing signs of moderation amid rising borrowing costs and persistent inflationary pressures. RATINGS RATIONALE Hillman's B1 CFR broadly reflects the relatively stable demand for its products because of their replenishment nature and low price points, which help to mitigate its exposure to cyclical downturns. The company has long standing relationships with well-recognized retailers, good geographic diversification within the US and Canada, and an expanding product offering through acquisitions. Hillman benefits from product diversification provided by its Robotics and Digital Solutions segment, which includes high margin key duplicating kiosks, tag engraving kiosks and knife sharpening machines. The company's EBITDA margin in the mid-teens supports good annual free cash flow generation and its very good liquidity with ample availability under its revolver due 2027. Governance considerations include Hillman's financial policy that targets a net debt-to-EBITDA leverage ratio (company's calculation) at or below 2.5x, which supports moderate leverage and capital allocation discipline. The rating also reflects Hillman's exposure to cyclicality in the housing market and discretionary consumer spending. US existing home sales remain well below prepandemic levels and repair and remodel activity is moderating amid rising borrowing costs and inflationary pressures. Hillman's moderate leverage helps to somewhat mitigate the uncertainty around a potentially prolonged period of weak demand. Hillman has high customer concentration and high growth capital expenditures that constrain free cash flow generation, however the company has the flexibility to pare back growth investments during periods of weak demand. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The positive outlook reflects Moody's expectations that Hillman's revenue will remain resilient and profitability will continue to improve and support ongoing good positive free cash flow generation and improving credit metrics. The ratings could be upgraded if the company demonstrates consistent organic revenue growth alongside EBITDA margin expansion, debt/EBITDA is sustained below 3.5x, and FCF/debt is sustained above 15%. A ratings upgraded would also require at least good liquidity, and Moody's expectations of balanced financial policies that support credit metrics sustained at the above levels. The ratings could be downgraded if operating performance deteriorates with consistent declines in revenue or profit margin deterioration, debt/EBITDA is sustained above 4.5x, or EBITDA/interest is below 2.75x. Additionally, a downgrade could occur if liquidity deteriorates with weaker than anticipated free cash flow or high reliance on revolver borrowings. The Hillman Group Inc. headquartered in Cincinnati, OH, is a product and services provider in the hardware and home improvement industry. The company sells hardware including fasteners, rods, keys, tags and signs to retailers in the United States, Canada, Mexico, Latin America, and the Caribbean, and provides related services, including installing and maintaining key duplication and engraving machines. Hillman reported revenue of approximately $1.5 billion for the LTM 2Q-2025. Hillman Solutions Corp. is the indirect parent of The Hillman Group Inc., and its shares are listed on the Nasdaq stock exchange under the ticker symbol "HLMN" following the July 2021 going public transaction. The principal methodology used in these ratings was Consumer Durables published in September 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. HULL ORGANIZATION: Hires Ohio Real Estate Auctions as Auctioneer ---------------------------------------------------------------- Hull Organization, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Kentucky to employ Ohio Real Estate Auctions LLC as auctioneer. The Debtor needs an auctioneer to market, control information and access made available to prospective buyers, and manage the collection of auction bids for its real properties located at 126 East High Street, Springfield, Clark County, Ohio; and 138 East High Street, Springfield, Clark County, Ohio (collectively the "High St. Properties"). The firm will receive a 10 percent commission plus $750 reimbursement out of the sale proceeds at each closing to cover the promotion and advertisement costs of each auction. Chris Cox, an auctioneer at Ohio Real Estate Auctions, 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: Chris Cox Ohio Real Estate Auctions LLC 1929 Ohio Dr. Grove City, OH 43123 Telephone: (937) 581-3037 About Hull Organization Hull Organization, LLC is primarily engaged in renting and leasing real estate properties. Hull Organization filed Chapter 11 petition (Bankr. W.D. Ky. Case No. 23-32983) on Dec. 13, 2023, with $1 million to $10 million in both assets and liabilities. Robert E. Hull, member, signed the petition. Hull Organization's case is jointly administered with the Chapter 11 cases of Hull Equity, LLC (Case No. 23-32984); Hull Properties, LLC (Case No. 23-32985); and 4 West, LLC (Case No. 23-32987). The Debtors' headquarters are located at 1902 Campus Place, Suite 9, Louisville, Kentucky 40299. Judge Alan C. Stout oversees the cases. Tyler R. Yeager, Esq., at Kaplan Johnson Abate & Bird, LLP represents the Debtor as counsel. HUNT MEMORIAL: Moody's Downgrades Issuer & GOLT Ratings to 'Ba3' ---------------------------------------------------------------- Moody's Ratings has downgraded Hunt Memorial Hospital District, TX's issuer and general obligation limited tax (GOLT) ratings to Ba3 from Ba1. Concurrently, Moody's assigned a Ba3 GOLT rating to the district's proposed $29.3 million General Obligation Bonds, Series 2025. The outlook is negative. The downgrade to Ba3 reflects the continued distressed financial position in fiscal 2025, leading to negative operating margins and extremely narrow liquidity as leverage continues to increase. The negative outlook underscores the uncertainty regarding a return to stable financial metrics. RATINGS RATIONALE The Ba3 issuer rating reflects the district's weak liquidity (under 15 days cash), and still stressed financial performance with slightly positive cash flow in 2025 following two years of negative cash flow. Based on current financial projections, unrestricted liquidity might decline further, potentially reaching approximately 4 to 5 days of cash on hand by the end of fiscal 2025 (Sept 30th year-end). Although the management team has implemented cost-saving measures for 2025, such as reducing the labor force and renegotiating contracts with major insurers, financial performance will remain weak. While the district plans to partner with a healthcare entity for joint ownership and management of the recently constructed facility in Royse City, the outcome and timeframe remain uncertain. High reliance on supplemental funding and limited opportunities to significantly grow non-governmental revenue will remain ongoing challenges; recent federal legislation could materially alter these payments over the next several years. The rating also accounts for a history of covenant violations on privately placed revenue debt due to weak financial performance. Current unaudited estimates suggest that covenant violations will persist into fiscal 2025. The rating further incorporates the district's large and growing tax base, driven by a favorable population trend given its proximity to the city of Dallas (A1 negative) and the larger metro area. Governance is a key driver to the downgrade, as it reflects ongoing and substantial deterioration in liquidity, rising leverage, and persistent breaches of legal covenants associated with non-rated revenue bond debt. The Ba3 general obligation limited tax rating is the same as the issuer rating, given the ample taxing headroom under the limited tax rate cap, allowing for the generation of dedicated property taxes sufficient to pay debt service, which offsets the lack of a full faith and credit pledge. RATING OUTLOOK The negative outlook reflects the expectation that the district's liquidity position will remain extremely narrow, severely limiting its ability to withstand additional financial shocks, such as unexpected increases in operating expenses or reductions in reimbursement revenue. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Sustained trend of increased unrestricted liquidity and stronger days cash while successfully executing ongoing expansion capital plan -- Maintenance of stronger operating cash flow margin FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Failure to pay bonds or notes on time, debt service default, and/or plans for bankruptcy proceedings -- Ongoing operating losses that continue to erode an already constrained liquidity position -- Significant reduction in supplemental funding or tax revenue PROFILE Hunt Memorial Hospital District (HMHD) is a multi-site hospital district coterminous with Hunt County (Aa2), located approximately 50 miles northeast of the city of Dallas (A1 negative). HMHD operates the Hunt Regional Medical Center (HRMC), a 187 licensed bed acute care hospital in the City of Greenville and freestanding emergency departments with ancillary services in the cities of Commerce and Quinlan. HMHD also includes an employed physician group and provides inpatient, outpatient, occupational, emergency, and home health care services for residents of the county and surrounding areas. As of 2024, Hunt County's estimated population was over 102,000. METHODOLOGY The principal methodology used in these ratings was US Special Purpose District General Obligation Debt published in February 2025. HURRICANE GLASS: Unsecureds to Get Share of Income for 60 Months ---------------------------------------------------------------- Hurricane Glass, Inc. d/b/a Hurricane Glass and Mirror filed with the U.S. Bankruptcy Court for the Southern District of Texas a First Amended Plan of Reorganization under Subchapter V dated August 11, 2025. The Debtor operates a residential and commercial glass company. The majority of its activity is service work. The Debtor began operations on or about 1986 and was incorporated in 1988. The Debtor's financial difficulties began in the year 2020, when the volume of its business and consequently revenue, decreased during the Covid-19 pandemic. Debtor incurred debt to maintain its employees and operations. However, despite Debtor's efforts, Debtor had to move several employees from status as employees to independent contractors. Although, service work has increased, it has not returned to pre 2020 levels. The Debtor filed this case to reorganize and continue with its operations. This Plan of Reorganization proposes to pay Debtor's creditors from the cash flow generated in the ordinary course of the Debtor's business after confirmation. Class 12 consists of all other non-priority unsecured claims allowed under Section 502 of the Code. The aggregate amount of Class 12 claims is approximately $733,193.83. Total of general unsecured claims without the disputed claims is $719,512.94. The Debtor will pay the projected disposable income in the amount as set forth on the projections for a period of sixty months following the Effective Date to creditors in this class with allowed claims in the amount set forth on the projections with this plan. Debtor may pay these amounts in quarterly distributions. The equity security holders will retain the interest in the Debtor. The Debtor will pay the administrative expenses and the other classes as set forth on the projections. The Debtor may prepay administrative expenses if the Debtor has sufficient funds to make such payments. A full-text copy of the First Amended Plan dated August 11, 2025 is available at https://urlcurt.com/u?l=tp54DO from PacerMonitor.com at no charge. Counsel to the Debtor: Reese Baker, Esq. Nikie Marie López-Pagán, Esq. Baker & Associates 950 Echo Lane, Ste. 300 Houston, Texas 77024 (713) 979-2279 (713) 869-9100 Fax About Hurricane Glass Inc. Hurricane Glass, Inc. operates a residential and commercial glass company. Hurricane Glass filed Chapter 11 petition (Bankr. S.D. Texas Case No. 25-31809) on March 31, 2025, listing up to $100,0000 in assets and up to $1 million in liabilities. Todd Carter, president of Hurricane Glass, signed the petition. Judge Jeffrey P. Norman oversees the case. Reese Baker, Esq., at Baker & Associates, represents the Debtor as legal counsel. Itria Ventures is represented by: Constantine Z. Pamphilis, Esq. Sara E. Wolfe, Esq. Kasowitz Benson Torres, LLP 1415 Louisiana Street, Suite 2100 Houston, TX 77002 Phone: (713) 220-8800 Fax: (713) 222-0843 DPamphilis@kasowitz.com SWolfe@kasowitz.com ICU MEDICAL: S&P Alters Outlook to Positive, Affirms 'BB-' ICR -------------------------------------------------------------- S&P Global Ratings revised the outlook to positive from negative and affirmed all its ratings on U.S.-based infusion therapy manufacturer ICU Medical Inc., including its 'BB-' issuer-credit rating on the company and its 'BB-' issue-level rating on its term loan B due 2029. The positive outlook reflects greater likelihood the company's S&P Global Ratings-adjusted FOCF-to-debt ratio will be sustained above 10% and our belief that the company will successfully refinance its revolving facility and term loan A due January 2027 by the end of this year. ICU Medical materially reduced its leverage, in line with its financial policy, by paying down debt following the joint venture transaction. The company recently completed the formation of Otsuka ICU Medical LLC, its joint venture with Otsuka Pharmaceutical Factory Inc., and transferred the assets, liabilities, and operations of the IV Solutions product line into the joint venture (IV Solutions JV). As part of the transaction, ICU sold a 60% interest in the joint venture to its partner for $209.5 million. Following the sale, ICU Medical paid down approximately $250 million of its outstanding term loan debt. This reduced the company's S&P Global Ratings-adjusted leverage to about 3.4x on a last-12-month EBITDA basis compared to our upgrade trigger of 4x. S&P said, "While we expect that the deconsolidation of IV Solutions and tariff-related headwinds will modestly increase ICU Medical's leverage to about 3.7x by the end of 2025, we believe the company will continue to deleverage in line with its financial policy, which targets net adjusted leverage of 2x (as of June 30, 2025, the company's net adjusted leverage was 2.6x). We assume in the next few years, the company will mainly focus on organic growth opportunities, limiting its inorganic business development to tuck-in acquisitions that will be financed primarily from its free cash flow." S&P said, "Organic revenue growth and a gradual reduction in remediation and integration charges should mostly offset the headwinds from tariffs, and we expect ICU Medical's FOCF to debt will reach 10% by the end of 2026. We believe the company's pipeline of new products will support its organic growth in the coming years. Its large volume pump (LVP) Plum Duo was launched about two years ago, followed by additional IV system products (Plum Solo and Medfusion 5000). In our view, the company's focus on connectivity and integration within a single cloud-based IT system differentiate its solutions and create opportunities to accelerate growth in the coming years as the U.S. IV pump market undergoes a renewal cycle. We also expect improved pricing to contribute to expanding the company's revenue in 2025-2026. "We expect the company's margin profile to benefit from reduced integration and restructuring expenses stemming from its acquisition of Smith Medical in 2022." In prior years, ICU Medical invested heavily in restructuring and product-quality remediation in the acquired facilities from Smith. Over 2023-2024, ICU Medical spent approximately $180 million on these actions. In 2024, the company reported solid 5.4% revenue growth, while its S&P Global Ratings-adjusted EBITDA margin increased to 13.7% compared to 13.3% in the prior year. The improvement stemmed from lower supply-chain costs, price increases, reduced spending on quality-remediation activities, and the impact of foreign exchange rate changes. The company's free cash flow also significantly improved on EBITDA expansion and positive working-capital inflow, reaching $114 million in 2024. At the same time, its adjusted leverage decreased to 4.3x in 2024, from 5.3x a year earlier. In the first half of 2025, the company's margin profile modestly improved to 13.9%, partly due to the deconsolidation of its lower-margin IV Solution business and foreign exchange rate tailwinds. S&P said, "Nevertheless, we expect tariffs will be a significant headwind to the company's profitability in the second half of 2025 and 2026. We estimate the company's tariff exposure at about $60 million on an annualized basis. To address this headwind, the company plans to increase prices on some of its products and reduce its restructuring and quality-remediation charges, as it nears the completion of the integration and quality-remediation processes. Incorporating these factors, our base-case forecast assumes the company's S&P Global Ratings-adjusted EBITDA margin will remain about 14% over 2025-2026, before expanding to about 15% in 2027. We expect this will allow the company to maintain its S&P Global Ratings-adjusted leverage comfortably below 4x in the coming years." S&P said, "We also expect the reduction in interest expenses following its $250 million debt paydown to support improved free cash flow generation. We project S&P Global Ratings-adjusted FOCF to debt will be about 8% in 2025, increasing to 10% in 2026. "The company's transfer of its IV Solutions business into the joint venture doesn't materially affect our view of its business profile. ICU Medical's IV Solutions business (including contract manufacturing revenue in its Vital Care business line) contributed about 16% of its consolidated revenue in 2024. Following the transaction, the company deconsolidated the financial results of IV Solutions business, starting May 1, 2025. While we believe the transaction modestly reduces the ICU Medical's scale, it doesn't materially change the company's business diversification. We think the company will continue to benefit from sale synergies with its other product lines based on its partnership with Otsuka and minority stake (40%) in the JV. We also believe its remaining product portfolio is well positioned in the marketplace, with a significant market share in its main categories. We believe the products in the company's Infusion Systems and Consumables portfolios have established brand recognition and technological differentiation. While concentrated in medication delivery, the company possesses a broad catalog of IV sets, catheters, connectors, and IV pumps, which are used within various therapeutical areas. We generally view ICU's products--such as IV sets and connectors--as medically essential for hospitalized patients, and therefore, we believe the underlying demand for the company's products will remain steady. "We expect the company to address its upcoming debt maturities before they become current. ICU Medical's revolving credit facility and its term loan A mature January 2027. We believe the company's improved operating performance and credit metrics support its refinancing prospects. Our positive outlook reflects our expectation that company will successfully address its upcoming maturities by the end of 2025. "Our positive outlook reflects greater likelihood the company's S&P Global Ratings-adjusted FOCF-to-debt ratio will be sustained above 10% and our belief that the company will successfully refinance its revolving facility and its term loan A due January 2027 by the end of 2025." S&P could revise the outlook to stable if: -- The company fails to expand its S&P Global Ratings-adjusted margin and its S&P Global Ratings-adjusted FOCF-to-debt ratio remains materially below 10%. This could occur if, for example, the tariff headwind is higher than we currently estimate or the company fails to reduce its restructuring and remediation charges in 2026. -- The company adopts more aggressive financial policy such that its S&P Global Ratings-adjusted leverage will be maintained in the 4x-5x range and its S&P Global Ratings-adjusted FOCF-to-debt ratio remains in the 5%-10% range over the longer term. S&P could revise the outlook to negative or lower the rating if it believes the company's liquidity position has materially deteriorated. This could happen if it fails to refinance its revolving credit facility and its term loan A before they become current. S&P could raise the rating if the company performs according to its base case, resulting in S&P Global Ratings-adjusted leverage comfortably below 4x and S&P Global Ratings-adjusted FOCF to debt ratio above 10%. An upgrade would also be predicated on the successful refinancing of its revolving credit facility and term loan A before they become current. IMAGINE SCHOOL: Moody's Cuts Rating to B2, On Review for Downgrade ------------------------------------------------------------------ Moody's Ratings has downgraded Imagine School at Land O'Lakes, FL's rating to B2 from B1 and placed the rating under review for downgrade. For fiscal 2024, the school had about $46 million in debt outstanding, inclusive of parity debt issued for the Imagine School at Trinity project. The downgrade reflects the operational and financial risks related to the continued delay in completion and opening of Imagine's Trinity campus. Imagine faces a high likelihood of insufficient revenue to meet a sharp increase in debt service obligations as well as depletion of its liquidity in fiscal 2026. This could result in the use its debt service reserve funds to meet obligations and is likely to result in a breach of its bond covenants. The review for downgrade reflects uncertainty in its plans for managing the financial effect of its missed enrollment projections for fall 2025. The review will assess Imagine's financial position going into fiscal 2026 and its ability to develop and implement a plan to manage its financial operations, meet debt service requirements and enroll students after the ongoing delays in opening Imagine Trinity. RATINGS RATIONALE The B2 rating reflects significant uncertainty regarding future financial performance and ability to meet debt service requirements in fiscal 2026 and beyond due to the delayed opening its Trinity school. Liquidity is very narrow, and operations currently are reliant on a short term loan and subordination of management fee's. The rating incorporates Imagine's favorable service area, historic ability to meet enrollment targets, and good academic reputation, all of which provide prospects for the school to rebuild financial strength if the school opens and if the management is able to achieve what currently appears to be ambitious mid-year enrollment growth targets. Governance remains a key rating factor. Considerations include Imagine's management financial strategy and risk management, credibility and track record. RATING OUTLOOK Moody's review will evaluate Imagine's plans to manage its financial operations in the wake of continued delays in opening its Trinity campus, primarily the school's ability to meet increased debt service and comply with bond covenants. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING A confirmation will be considered if Moody's assess the school is adequately addressing the financial strain of the delay in opening the Trinity campus, resulting in a viable plan to meet financial obligations in the near- to medium-term. FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING A downgrade will be considered under a range of circumstances, including further deterioration of the school's financial profile that heighten the risk of missed debt service coverage or liquidity stress that results in covenant default. PROFILE Imagine Pasco County LLC, affiliated with the nationally recognized nonprofit Imagine Schools, operates Imagine School at Land O'Lakes and Imagine School at Trinity. The K-8 Imagine Land O'Lakes School is at slightly over capacity with 911 students and a waitlist equal to 41% of enrollment, demonstrating adequate demand. Imagine Pasco County LLC has replicated the model of Imagine Land O'Lakes for its Imagine school at Trinity, which is expected to open in Fall 2025, a 18 months later than originally forecast. The charters for Imagine Land O'Lakes and Imagine Trinity expire on June 30, 2028, and June 30, 2029, respectively. METHODOLOGY The principal methodology used in this rating was US Charter Schools published in April 2024. IMG HOLDINGS: Seeks to Hire Stretto as Claims and Noticing Agent ---------------------------------------------------------------- IMG Holdings, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Stretto, Inc. as claims and noticing agent. Stretto Inc. 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 Stretto an advance in the amount of $20,000. The firm's professionals will be paid at these hourly rates: Solicitation Director $275 Director/Managing Director $210 - $250 Consultant $70 - $200 In addition, the firm will seek reimbursement for expenses incurred. Sheryl Betance, a senior managing director at Stretto, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Sheryl Betance Stretto, Inc. 410 Exchange, Ste. 100 Irvine, CA 92602 Telephone: (714) 716.1872 Email: sheryl.betance@stretto.com About IMG 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. INKED PLAYMATS: Seeks to Hire Moecker Auctions as Appraiser ----------------------------------------------------------- Inked Playmats Corp. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Moecker Auctions, Inc. as appraiser. The Debtor needs an appraiser to conduct a valuation of its tangible personal property. The firm will be paid $200 per hour for research and valuation services and $400 per hour for expert testimony. Eric Rubin, an appraiser at Moecker Auctions, 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: Eric Rubin Moecker Auctions, Inc. 1885 Marina Mile Boulevard, Suite 103 Fort Lauderdale, FL 33315 About Inked Playmats Corp. Inked Playmats Corp. is a direct-to-consumer e-commerce business specializing in custom gaming accessories. Inked Playmats filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 25-14046) on April 14, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Thomas Pool, president of Inked Playmats, signed the petition. Judge Mindy A. Mora oversees the case. The Debtor tapped Philip J. Landau, Esq., at Landau Law, PLLC, as counsel and CliftonLarsonAllen LLP as accountant. INSPIREMD INC: Rosalind Advisors Holds 9.9% Equity Stake -------------------------------------------------------- Rosalind Advisors, Inc. and its affiliates -- Rosalind Master Fund L.P., Rosalind Opportunities Fund I L.P., Steven Salamon, and Gilad Aharon -- disclosed in a Schedule 13G (Amendment No. 8) filed with the U.S. Securities and Exchange Commission that as of August 1, 2025, they beneficially own, in aggregate, 10,987,104 shares of InspireMD, Inc.'s Common Shares (CUSIP 45779A846), representing 9.9% of the 41,720,662 common shares outstanding as of that date, in accordance with the S-3 filed on August 1, 2025. This beneficial ownership includes 3,905,743 shares of Common Stock and 7,081,361 shares of Common Stock issuable upon the exercise of warrants. However, due to blocker provisions limiting beneficial ownership to 9.99%, the reporting persons were not able to exercise the warrants as of the reporting date. Rosalind Advisors, Inc., or the Advisor, is the investment adviser to Rosalind Master Fund L.P. and Rosalind Opportunities Fund I L.P. and may be deemed to be the beneficial owner of the shares held by those funds. Steven Salamon and Gilad Aharon, as portfolio managers of the Advisor, may also be deemed beneficial owners. Notwithstanding the foregoing, the Advisor and Mr. Salamon disclaim beneficial ownership of the shares. Rosalind Advisors, Inc. may be reached through: Steven Salamon, President 15 Wellesley Street West, Suite 326 Toronto, Ontario, M4Y 0G7, Canada 4168887606 A full-text copy of Rosalind Advisors, Inc.'s SEC report is available at: https://tinyurl.com/2s4rw3vh 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. INTERMEDIATE DUTCH: S&P Assigns 'B' Rating on $2.264BB Term Loan ---------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to Intermediate Dutch Holding's newly issued $2.264 billion term loan due October 2030 and its new EUR1.135 billion term loan due October 2030. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 65%) recovery for lenders in the event of a payment default. Issuers on the debt are Indy US Bidco LLC and Indy Dutch Bidco B.V. The company used the proceeds to refinance USD and EUR term loans and fully repaying the prior CAD term loan in the amount of CAD$123 million. It paid down EUR255 million of the prior EUR term loan to EUR1,135 million from EUR1,390 million. Additionally, the company increased its revolving credit facility to $750 million from $563 million and extended its maturity to July 2030. The revolver is currently undrawn after NIQ utilized a portion of the IPO proceeds to fully repay all outstanding amounts under the revolver on July 24, 2025. S&P said, "Our 'B' issuer credit rating and positive rating outlook on Intermediate Dutch Holdings are unchanged, as the transaction is modestly deleveraging and is consistent with our previous forecast. We continue to expect leverage for 2025 to be at 6.6x, down from 13.2x at year-end 2024. However, we now expect free operating cash flow to debt, to improve to about 8% this year, up from 6.7% in our previous forecast, due to the reduced interest expense on the new debt." ISSUE RATINGS - RECOVERY ANALYSIS Key analytical factors -- Following the recent transaction, the company's capital structure consists of a first-lien $750 million undrawn revolving credit facility due July 2030, first-lien $2.264 billion (outstanding) US$ term loan due October 2030, and first-lien EUR1.135 billion (outstanding) Euro term loan due October 2030; -- Intermediate Dutch Holdings is the rated entity, and Indy US Bidco LLC and Indy Dutch Bidco B.V. are the issuers of the company's senior secured debt. -- The debt is secured by substantially all assets of the borrower and guarantors and guaranteed by all current and future domestic restricted subsidiaries on a senior-secured basis. Simulated default assumptions -- S&P's simulated default considers a default in 2028 due to an economic downturn, increased competition leading to pricing pressures, a disruption of critical data-processing capabilities and technologies, and financial stress from high debt leverage. -- S&P believes the company's lenders would pursue a reorganization rather than a liquidation in a hypothetical default due to company's significant market share, data assets, and platform capabilities. -- S&P assumes six months of prepetition interest and that amortization payments are made up until the year of default. Simplified waterfall -- EBITDA at emergence: $500 million -- Implied enterprise value multiple: 6.5x -- Gross enterprise value: $3.3 billion -- Valuation split--obligors/nonobligors: 60%/40% -- Net recovery value after administrative costs: $3.1 billion -- Total value available to secured debt: $3.1 billion -- Total first-lien debt: $4.6 billion --Recovery expectations: 50%-70% (meaningful; rounded estimate: 65%) IXS HOLDINGS: Moody's Rates New $645MM First Lien Term Loan 'B3' ---------------------------------------------------------------- Moody's Ratings assigned a B3 rating to IXS Holdings, Inc.'s (IXS) proposed $645 million backed senior secured first lien term loan maturing in September 2029. Moody's B3 rating on IXS' existing backed senior secured first lien term loan remains unchanged. IXS' other ratings, including the B3 corporate family rating and B3-PD probability of default rating, are also not affected by the transaction. The stable outlook is unchanged. IXS intends to use the proceeds from the new senior secured term loan to refinance the company's existing $601 million backed senior secured first lien term loan due in March 2027; repay drawings on the company's asset based lending (ABL) facility; pay transaction fees and expenses; and add $4 million of cash balance. Therefore, the refinancing transaction will slightly increase total debt. The rating on the existing term loan will be withdrawn at the close of the transaction. RATINGS RATIONALE IXS' B3 CFR reflects the company's strong market position as a leader in upfit services and protective coating solutions to the automotive and industrial markets. Demand is supported by increasing build rates of light trucks and SUVs as a percentage of total vehicle production in North America. IXS also benefits from counter cyclical growth away from automotive light vehicle production through its aftermarket spray-on pickup truck bedliner business and industrial coatings business. However, the competitive profile is limited by products that are highly dependent on consumer discretionary spending. IXS has high customer and product concentration with limited geographic diversity as the majority of its revenue is generated in the US from its top three customers. Moody's expect debt-to-LTM EBITDA to decline toward 5.0x and EBITDA-to-interest to increase to 2.2x over the next 12-18 months, driven by higher earnings. Moody's also expect organic revenue growth of 2% per year over the next 12-18 months. Revenue growth will be driven by increased penetration of IXS' factory installed spray-on bedliner at its original equipment manufacturer (OEM) customers, program expansions with its OEM customers and additional operating facilities to support its customers. Moody's estimate that EBIT margin will improve to 7.5% over the next 12- 18 months, owing to operating leverage from increased production and strong cost and expense controls. The stable outlook reflects Moody's expectation that steady revenue growth and cost and expense controls will drive higher earnings, lowering the company's debt leverage and generating positive free cash flow. Moody's also expect the company to maintain adequate liquidity and financial policies that will support good financial flexibility. IXS' liquidity is adequate, and is supported by Moody's expectation for free cash flow of more than $40 million over the next 12 months. Liquidity is further supported by ample availability on the company's $140 million ABL facility expiring in March 2029. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if debt-to-EBITDA is sustained below 5.0x and EBITDA-to-interest is sustained above 3.0x. An upgrade would also hinge on evidence of sustained improvement in liquidity, including less reliance on the ABL and sustained positive free cash flow. The ratings could be downgraded if debt-to-EBITDA is sustained above 6.0x, EBITDA-to-interest is approaching 2.0x or liquidity deteriorates, including sustained negative free cash flow, significantly reduced ABL availability or tight covenant compliance. The ratings could also be downgraded if IXS implements an increasingly aggressive financial policy, including a debt funded shareholder distribution. The principal methodology used in this rating was Automotive Suppliers published in December 2024. IXS Holdings, Inc. provides vehicle uplift services and coating solutions that enable automotive original equipment manufacturers (OEMs) and automotive aftermarket dealers to customize/accessorize vehicles and industrial OEMs to protect and preserve parts and equipment. The company operates through two divisions, Ground Effects which provides vehicle uplift services for automotive OEMs including the application of spray-on pickup truck bedliners, installation of factory options and functional external accessories and IXS Coatings which is an aftermarket retailer of spray-on bedliners (LINE-X) and industrial coatings. Revenue was approximately $781 million for the 12 months ended June 30, 2025. IXS has been owned by private equity sponsor Clearlake Capital Group, L.P. following a leveraged buyout in March 2020. JSG II INC: Moody's Rates New Senior Secured Term Loan 'B3' ----------------------------------------------------------- Moody's Ratings assigned B3 ratings to JSG II, Inc.'s (Justrite) new backed senior secured term loan, backed senior secured delayed draw term loan, and backed senior secured revolving credit facility. The B3 corporate family rating, B3-PD probability of default rating, existing B3 backed senior secured ratings, and the stable outlook are unaffected by debt refinancing. Proceeds from the new senior secured bank credit facilities will be used to refinance Justrite's existing capital structure and provide future funding for potential tuck-in acquisitions. RATINGS RATIONALE The B3 CFR is constrained by Justrite's relatively modest scale and aftermarket revenue compared to other rated manufacturers. LTM revenue as of March 31, 2025 approximated $582 million. The rating also reflects Justrite's limited revenue visibility due to the book-and-ship nature of its business. Debt/EBITDA was approaching 6.0 times as of March 2025. Moody's note that pro forma synergies are not included in Moody's EBITDA. The B3 CFR is supported by Justrite's long operating history as a manufacturer of a broad range of essential safety products. Justrite's brands are well recognized and benefit from global safety standards specific to different countries that drive demand. These products are viewed as non-discretionary to maintain safety standards and avoid regulatory penalties. The rating is further supported by the company's interest coverage (adjusted EBITDA less capex/interest expense), which pro forma for the August 2025 refinancing is approximately 1.7 times. Adequate liquidity will be supported by the recently refinanced senior secured bank credit facility, inclusive of an upsized revolver that Moody's expects will remain undrawn. The stable outlook reflects Moody's views that Justrite will be able to maintain a strong EBITDA margin and adequate liquidity over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if adjusted debt/EBITDA is sustained below 5.0 times. Other conditions supportive of an upgrade include consistently positive free cash flow generation or an increase in interest coverage, defined as EBITDA less capital expenditures/interest expense, to at least 1.5 times. Ratings could be downgraded if liquidity weakens or the company becomes increasingly reliant on the revolving credit facility. Moody's would also consider a downgrade if interest coverage falls below 1.0 time or debt/EBITDA is sustained above 7.0 times. The principal methodology used in these ratings was Manufacturing published in September 2021. Headquartered in Deerfield, IL, Justrite Safety Group is a leading global manufacturer and supplier of non-personal protective equipment safety solutions for a diverse set of end markets including manufacturing, healthcare, warehousing, chemicals, and others. Justrite is private and does not publicly disclose its financials. The company has been majority owned by Audax Private Equity since 2015. The company generated $582 million of revenue in the 12 months ended March 31, 2025. KINGPIN INTERMEDIATE: Moody's Rates New $230MM 1st Lien Loan 'B2' ----------------------------------------------------------------- Moody's Ratings assigned a B2 rating to Kingpin Intermediate Holdings, LLC's (Kingpin) new $230 million backed senior secured first lien bridge term loan. The transaction will have no impact on Lucky Strike Entertainment Corporation's (Lucky Strike) ratings including its B2 Corporate Family Rating, B2-PD Probability of Default Rating, and the B2 rating on Kingpin's existing backed senior secured first lien revolving credit facility and term loan B, or the stable outlooks at Lucky Strike and Kingpin. Concurrently, the company increased its revolving credit facility by $50 million to $385 million. Lucky Strike announced on July 10, 2025 the $306 million acquisition of real estate underlying 58 of its existing locations across 16 states, including key markets such as California, Illinois, Georgia, Arizona, and Colorado. The company financed the transaction through the incremental $230 million secured bridge facility, availability under its revolving credit facility, and cash on hand. The transaction is modestly positive as it does not materially affect leverage and moderately reduces cash outlays by eliminating $21 million in annual rent obligations and replacing them with a lower interest expense. The transaction also avoids rent inflation risk by removing the 15% escalators every five years. However, the transaction negatively reduced the company's liquidity by $26 million, though cash and revolver availability remains good on a pro forma basis at over $366 million as of March 31, 2025 and creates a maturity within one year. The bridge facility provides Lucky Strike some flexibility to assess more permanent financing options but failure to term out the facility would weaken liquidity. The lenders have the flexibility at their sole option to extend the maturity of the bridge facility, currently 364 days from issuance, to the February 2028 maturity of the existing $1.3 billion term loan. The bridge facility was issued by Kingpin and is guaranteed by Lucky Strike and material domestic operating subsidiaries. This is the same structure as the company's existing revolver and term loan and the credit facility, including the bridge facility, is secured by substantially all assets of Kingpin and the guarantors. Lucky Strike's operating performance for the first nine months through March 30, 2025 reflected moderate weakness with low single-digit declines in same-store sales driven by soft consumer demand and fewer corporate events. However, cash from operations remained stable, supported by cost discipline. Moody's expects growth to remain slow, despite contribution from the waterparks (Raging Waves, Boomers and Adventure Park) and the ongoing rebranding of Lucky Strike bowling centers, due to continued pressure on consumer budgets. Moody's anticipates capital expenditures to decline to $140-$150 million over the next 12 months driven by a slower pace of acquisitions and new builds, as well as the completion of the initial waterpark revamps. This would result in modest positive free cash flow. These factors, along with the transition in capital allocation from share buybacks, which exceeded $100 million in the 12 months ended March 30, 2025, to a focus on deleveraging, leads us to expect debt-to-EBITDA will decline towards mid 5x range (incorporating Moody's adjustments) over the next 12 months. RATINGS RATIONALE Lucky Strike's B2 CFR reflects the company's high financial leverage with Moody's lease adjusted debt-to-EBTIDA leverage at 7.0x as of the 12 months ended March 30, 2025. Moody's expects leverage to decline over the next 12-18 months but remain elevated as the company continues to pursue acquisitions, invest in updating existing locations, new bowling center builds and paying a dividend despite negative free cash flow. The rating also reflects concentration in the leisure/entertainment industry including the bowling segment that is subject to economic cycles and shifts in discretionary consumer spending. Lucky Strike's operating results are seasonal in nature as bowling centers perform best during the colder winter months (the quarters ending in December and March are the company's most profitable quarters) and have lower visitation during warmer summer months. Bowling activity is negatively impacted by good weather that drivers consumers to pursue outdoor activities, but benefits from cold or rainy weather. Recent investments into water parks seeks to mitigate this seasonality for Lucky Strike given water parks are most profitable during the summer. However, the strategy also brings execution risks for Lucky Strike because water parks have high reinvestment needs and different operating strategies. The company's historically aggressive financial policy, including a dividend payout and debt funded share repurchases, is also a credit constraint that has resulted in high financial leverage. Although Moody's expects such share repurchases to subside, the company continues to pay a large dividend that along with high reinvestment contributes to negative free cash flow and is leading to elevated financial leverage. Lucky Strike's rating is supported by the company's established position as the largest and leading operator in the US bowling industry with geographic diversification across the country. The rating also reflects the good track record of integrating acquisitions and achieving cost synergies. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's expectations that Lucky Strike's operating performance will modestly improve, driven by stable organic revenue, the addition of new locations and economies of scale as the number of locations grow. Moody's also assumes in the stable outlook that acquisitions will be accretive to leverage and that financial leverage will decline towards 5.5x, but likely to be impacted by continued reinvestment going forward. The ratings could be upgraded if the company drives strong operating performance including consistent same center sales growth with flat to higher margins. The company would also need to sustain debt-to-EBITDA below 5.5x (incorporating Moody's adjustments), generate strong and consistent free cash flow and maintain good liquidity. Lucky Strike would also need to demonstrate a more conservative financial policy consistent with the higher rating including funding investments, acquisitions and share repurchases within internally generated cash flow. The ratings could be downgraded if operating performance weakens through such factors as a decline in visitation or same store sales, or higher operating costs. Continuation of the more aggressive financial policy such as sizable share repurchases, debt-to-EBITDA leverage sustained above 7.0x (incorporating Moody's adjustments), retained cash flow to net debt below 5%, or a decline in liquidity could also result in a downgrade. Lucky Strike Entertainment Corporation is the largest bowling center operator in the US, with additional locations in Canada and Mexico and a total of 364 bowling centers and 3 water action parks. The company went public through a SPAC transaction in December 2021 after the merger with ISOS Acquisition Corporation and trades under the ticker symbol BOWL. Revenue during the 12 months ending March 30, 2025 was approximately $1.2 billion. The principal methodology used in this rating was Business and Consumer Services published in November 2021. KLIMA CONTROL: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Klima Control Air Conditioning & Heating, LLC, according to court dockets. About Klima Control Air Conditioning & Heating Klima Control Air Conditioning & Heating, LLC is an air conditioning and heating services provider operating as Super Cool in Florida. It specializes in HVAC installation, maintenance, and repair services with locations in Pompano Beach and West Palm Beach. Klima Control Air Conditioning & Heating sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-17717) on July 7, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Scott M. Grossman handles the case. Shirley Palumbo, Esq., is the Debtor's legal counsel. Gemaire Distributors, LLC, as secured creditor, is represented by: Scott S. Sheffler, Esq. Worman & Sheffler, P.A. 2600 Lake Lucien Drive, Suite 405 Maitland, FL 32751 Phone: (407) 843-5353 Fax: (407) 841-9516 ssheffler@wormanlaw.com LASERCYCLE INC: Gets OK to Use Cash Collateral ---------------------------------------------- LaserCycle, Inc. got the green light from the U.S. Bankruptcy Court for the District of Kansas, Kansas City, to use cash collateral. At the hearing held on August 18, the court granted the Debtor's motion to use cash collateral and set a further hearing on the motion for September 25. The Debtor intends to use its cash collateral to cover necessary operating expenses, as outlined in its budget. In return, the Debtor offered adequate protection to secured creditors by granting replacement liens on post-petition assets of the same type and priority as those held pre-petition. It also offered monthly adequate protection payments to Community National Bank. In addition, the Debtor pledged not to use cash collateral to pay any pre-petition debt unless ordered by the court and will file monthly financial reports for creditor oversight. At the time of filing, the Debtor reported approximately $16,000 in bank accounts, $60,000 in accounts receivable, and $51,821 in inventory. These assets are subject to liens and qualify as "cash collateral" under 11 U.S.C. Section 363, and the Debtor asserted it cannot operate without access to them. The Debtor's secured creditors are Community National Bank, which holds a blanket UCC lien; the U.S. Small Business Administration; and Idea Financial. The Debtor believes Community National's lien is senior to the others. About LaserCycle Inc. LaserCycle, Inc. provides printers, copiers, scanners, and related office equipment along with managed print services, equipment repairs, and document security solutions, serving businesses from its headquarters in Lenexa, Kansas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-21113) on August 11, 2025. In the petition signed by Rick Krska, CEO, the Debtor disclosed $183,634 in assets and $2,071,203 in liabilities. Judge Robert D. Berger oversees the case. Colin Gotham, Esq., at EVANS & MULLINIX, P.A., represents the Debtor as legal counsel. LASERCYCLE INC: Seeks to Tap Evans & Mullinix as Bankruptcy Counsel ------------------------------------------------------------------- LaserCycle, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Kansas to employ Evans & Mullinix, PA to handle its Chapter 11 case. The firm will be paid at these hourly rates: Colin Gotham, Attorney $350 Paralegals $125 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $15,000 plus the filing fee of $1,738 from the Debtor. Mr. Gotham 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: Colin N. Gotham, Esq. Evans & Mullinix, PA 7225 Renner Road, Suite 200 Shawnee, KS 66217 Telephone: (913) 962-8700 Facsimile: (913) 962-8701 Email: cgotham@emlawkc.com About LaserCycle Inc. LaserCycle, Inc. provides printers, copiers, scanners, and related office equipment along with managed print services, equipment repairs, and document security solutions, serving businesses from its headquarters in Lenexa, Kansas. The Company offers OEM, remanufactured, and compatible printing supplies, as well as wide-format printing systems and sanitization products. LaserCycle supports clients across industries with equipment sales, fleet management, and maintenance programs designed to optimize print operations. LaserCycle sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-21113) on August 11, 2025. In the petition signed by Rick Krska, chief executive officer, the Debtor reports total assets of $183,634 and total liabilities of $2,071,203. Judge Robert D. Berger oversees the case. The Debtor tapped Colin N. Gotham, Esq., at Evans & Mullinix, PA as counsel. LAURELS OF FALLSBURG: Involuntary Chapter 11 Case Summary --------------------------------------------------------- Alleged Debtor: Laurels of Fallsburg LLC 5 Red Maple Ct. South Fallsburg, NY 12779 Business Description: Laurels of Fallsburg LLC was identified as a single-asset real estate debtor under U.S. bankruptcy law. Involuntary Chapter 11 Petition Date: August 17, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-35887 Judge: Hon. Kyu Young Paek Petitioners' Counsel: _______ A full-text copy of the Involuntary Petition is available for free on PacerMonitor.com at: https://www.pacermonitor.com/view/YIBKVCY/Laurels_of_Fallsburg_LLC__nysbke-25-35887__0001.0.pdf?mcid=tGE4TAMA Alleged creditor who signed the petition: Petitioner Nature of Claim Claim Amount Israel Meir Farkash Judgment $120,225 9 Ramsey Terr Fair Lawn NJ 07410 LAVENDER LANDSCAPE: Gets OK to Hire Ellett Law Offices as Counsel ----------------------------------------------------------------- Lavender Landscape Design Co. LLC received approval from the U.S. Bankruptcy Court for the District of Arizona to employ Ellett Law Offices, PC as counsel. The firm will provide these services: (a) examine and determine the rights and title of the Debtor in and to certain property; (b) prepare all legal documents, the Debtor's Chapter 11 plan of reorganization, and disclosure statement; (c) investigate, examine into, and determine the validity of any and all liens appearing to be claimed during the administration of said estate; (d) investigate and determine the validity of any and all claims that may be filed against the estate; (e) prepare all accounts, reports, and other instruments required in the administration of said estate; (f) assist the Debtor in all matters of legal nature arising in the administration of said estate and advise with regard thereto; and (g) assist the Debtor in the collection of all accounts receivable owed to it. The hourly rates of the firm's counsel and staff are: Ronald J. Ellett, Attorney $595 Senior Attorneys $410 Associates $295 Paralegal $255 Ronald Ellett, 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: Ronald J. Ellett, Esq. Ellett Law Offices, PC 2999 North 44th Street, Suite 330 Phoenix, AZ 85018 Telephone: (602) 235-9510 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, PC. LAVENDER LANDSCAPE: Seeks Cash Collateral Access ------------------------------------------------ Lavender Landscape Design Co. LLC asked the U.S. Bankruptcy Court for the District of Arizona for authority to use cash collateral and provide adequate protection. The Debtor said it cannot meet essential business expenses such as payroll, utility bills, and vendor payments without immediate access to this cash. Fox Funding Group LLC is the primary secured creditor, holding a first-position lien on the company’s cash collateral based on a UCC-1 filing. Fox is owed approximately $432,566, but the total value of its collateral is only $199,137.27, making it undersecured by about $233,428.63. Additional creditors with potential claims to cash collateral include Unique Funding Solutions LLC, Olympus Lending, and Merk Funding Inc. To satisfy the Bankruptcy Code's requirement for adequate protection of secured creditors, the Debtor proposed monthly adequate protection payments, including $4,900 to Fox Funding, replacement liens on post-petition assets (e.g., future cash and receivables), and continued operation of the business, which is expected to generate positive cash flow. The Debtor argued that these measures will prevent the loss of collateral value and allow it to restructure successfully. 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. 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. LAX INTEGRATED: Fitch Alters Outlook on BB+ Rating on $1.2BB Bonds ------------------------------------------------------------------ Fitch Ratings has revised the Rating Outlook on California Municipal Finance Authority's (CMFA) approximately $1.2 billion senior lien revenue bonds (LINXS Automated People Mover [APM] Project) series 2018A and 2018B issued on behalf of LAX Integrated Express Solutions, LLC (LINXS) to Stable from Positive. Fitch has affirmed the bonds at 'BB+'. RATING RATIONALE The revision of the Outlook to Stable reflects the uncertainty caused by several new construction delays and ongoing disputes that have emerged following the August 2024 global settlement between the project and its concession grantor, Los Angeles World Airports (LAWA; rated AA/AA-; senior/sub). Though the project is now primarily in its testing and commissioning (T&C) phase and has largely mitigated its funding risks, it is delayed beyond the expected passenger service availability (PSA) date of Dec. 8, 2025, as agreed between the parties under the previous global settlement. The new delays erode the cushion against project's longstop date. Fitch will continue to monitor the outcome of the ongoing disputes and project's construction progress. The rating reflects the project's history of persistent completion delays and protracted negotiations between the project and LAWA. LINXS and LAWA have previously demonstrated an ability to successfully negotiate time extension and cost relief claims. However, the history of contentious disputes creates higher risks for timely project completion. Once operational, the project's credit profile will be reflective of a strong revenue-paying grantor and well-defined operating standards. Although the Fitch rating case average debt service coverage ratio (DSCR) of 1.15x and realistic outside cost (ROC) to breakeven multiple of 7.8x are consistent with an investment grade rating, the rating is currently constrained by the project's completion risk profile. KEY RATING DRIVERS Completion Risk - Weaker Extended Construction Delays: The project has experienced extended construction delays, prolonged dispute resolution and difficulties in the parties' working relationship. Significant construction progress has been made, but the project is required to undergo a rigorous testing and commissioning process and is not expected to be completed until June 2026. The design build (DB) contractor members are experienced with a strong history of successfully working together. However, the project's large-scale, long original construction duration, interface risks and systems integration related to the rolling stock introduce construction complexities. The contractor-liquidated damages are adequate to cover unavoidable costs if there are future extended delays, and the liquid security provided by the DB contractor after the recent step-up covers 365 days of delay liquidated damages. Cost Risk - Midrange Contracted Operations, Cost Resiliency: Once completed, the full scope of O&M and renewal works (lifecycle costs) of the APM project will be passed down to the O&M joint venture (O&M contractor), which is comprised of affiliates of the equity sponsors and backed by creditworthy parent guarantees. In addition, APM obligations are fulfilled by a highly experienced provider, Alstom, providing continuity through complete vertical integration and aligning interests. Lifecycle costs are moderate and well defined. There is no major maintenance reserve account, but a five-year future handback reserve provides additional support. Scope Risk - Midrange; Cost Predictability - Stronger; Cost Volatility & Structural Protections - Midrange Revenue Risk - Stronger Payments from Strong Counterparty: Project payments stem from construction milestone payments, additional D&C payments and availability payments from LAWA. Payment mechanics are consistent with other availability payment (AP) transactions in the U.S. Once operational, APs are split between operating and capital, the first of which will be paid by LAWA as an operating expense while capital APs (obligation rated A) will be funded from the discretionary purposes account at the bottom of LAWA's waterfall. Capital payments (70% of total APs) escalate annually at 3%, and operating payments escalate based on a weighted index average. LAWA's payment commitment is not a constraint to a 'BBB' category rating, and the deduction mechanism is clearly defined with ample cure periods for non-performance. Debt Structure - 1 - Midrange Standard Features, Flat Coverage: The debt structure is fixed-rate and fully amortizing, and benefits from a forward- and backward-looking 1.10x equity lockup trigger. These stronger features are offset by a relatively flat DSCR profile and a six-month debt service reserve fund (DSRF), which is funded at PSA date. Short-term debt will be repaid with the final milestone payment and long-term debt will have a final maturity coterminous with the end of the DBFOM agreement. Additional parity debt is permitted if it does not result in a rating downgrade and projected DSCR remains at least 1.15x. Financial Profile Fitch has adopted the sponsor's case as the Fitch base case due to Fitch's comfort level with the project's O&M and lifecycle (LC) cost assumptions as a result of analysis and dialogue with the technical advisor. The model is sculpted to a relatively flat 1.15x DSCR profile. The Fitch rating case incorporates a weighted average ROC of 3.2%, as identified by the LTA. This results in an average DSCR of 1.15x, with minimum coverage of 1.14x, a level that is at the lower end for a 'BBB' category rating. The minimum all-cost breakeven of approximately 25% results in a 7.8x multiple of the ROC, which is indicative of the project's robust ability to withstand stress. PEER GROUP The most comparable Fitch-rated availability-based projects are Purple Line Transit Partners (PLTP; BBB/Negative) and Denver Transit Partners (DTP; A-/Stable). Both projects include the construction of rail projects in major metropolitan areas. PLTP's higher rating reflects a more robust cost resiliency (13.1x ROC multiple) together with a stronger DSCR profile (1.3x). DTP's higher rating reflects its operational status whereas LINXS and PLTP are still subject to completion risk. DTP's ROC multiple of 7.9x is in line with LINXS's multiple of 7.8x; however, DTP's all-cost breakeven is higher at 33% versus LINXS's at 25% and DTP's rating is supported by a much higher average DSCR of 2.1x compared with LINXS's average DSCR of 1.15x. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Further delays in completion of the project that bring the projected PSA date close to the contractual long stop date without approved schedule relief, thereby risking concession termination; - Deterioration of the working relationship between the two parties and/or prolonged lack of resolution of current disputes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - The Outlook could be revised to Positive if the current disputes are resolved, the project is successfully completed before the long stop date, and the project demonstrates several months of successful operational track record. SECURITY The bonds are secured by a senior lien on project revenue and all property interests of the borrower. 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 ----------- ------ ----- LAX Integrated Express Solutions (TX) LAX Integrated Express Solutions (TX) /Availability Pay Revenues - First Lien/1 LT LT BB+ Affirmed BB+ LEGACY DRAYAGE: Case Summary & 12 Unsecured Creditors ----------------------------------------------------- Debtor: Legacy Drayage, Inc 18020 S Santa Fe Ave. Compton, CA 90221 Business Description: Legacy Drayage Inc. provides trucking, freight logistics, and transportation services, offering solutions such as drayage, transloading, hazardous materials handling, overweight cargo transport, and over-the-road trucking. The Company serves customers with route planning, warehousing, and logistics management, and emphasizes technology-driven operations to improve service levels and delivery efficiency. It also engages in zero-emissions trucking and logistics initiatives as part of its operations. Chapter 11 Petition Date: August 20, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-17226 Judge: Hon. Barry Russell Debtor's Counsel: Ron Bender, Esq. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. 2818 La Cienega Ave. Los Angeles, CA 90034 Tel: (310) 229-1234 Fax: (310) 229-1244 Email: rb@lnbyg.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Walter Umana as president and CEO. A full-text copy of the petition, which includes a list of the Debtor's 12 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Z2J4XBQ/Legacy_Drayage_Inc__cacbke-25-17226__0001.0.pdf?mcid=tGE4TAMA LEGACY NORTH: Oversees Co's Chapter 7 Bankruptcy Case ----------------------------------------------------- Yun Park of Law360 Bankruptcy Authority reports that Ohio-based Allen Stovall Neuman & Ashton LLP is handling the Chapter 7 bankruptcy of nursing home operator Legacy North Royalton Operating Company LLC, which plans to wind down and liquidate its business. About Legacy North Royalton Operating Company LLC Legacy North Royalton Operating Company LLC is a nursing home operator. Legacy North Royalton Operating Company LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-31566) on August 05, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Tyson A. Crist handles the case. The Debtor is represented by Richard K. Stovall, Esq. at Allen Stovall Neuman & Ashton LLP. LESLIE'S POOLMART: Moody's Cuts CFR to Caa3 & Alters Outlook to Neg ------------------------------------------------------------------- Moody's Ratings downgraded Leslie's Poolmart, Inc.'s ("Leslie's") corporate family rating to Caa3 from Caa1 and probability of default rating to Caa3-PD from B3-PD. At the same time, Leslie's senior secured term loan rating was also downgraded to Ca from Caa1. The speculative grade liquidity rating ("SGL") remains unchanged at SGL-3. The outlook was changed to negative from stable. The CFR and senior secured term loan rating downgrades to Caa3 and to Ca respectively with a negative outlook reflects Leslie's significant deterioration in financial performance fueled by store traffic declines and tepid demand for pool products which have weakened credit metrics and hurt estimated recoveries. Moody's expects EBIT/Interest to remain well below 1x and funded debt/EBITDA to remain at unsustainably high levels over the next twelve months. RATINGS RATIONALE Leslie's Poolmart's Caa3 CFR reflects its unsustainably high leverage and weak interest coverage following a significant decline in earnings in its Q3 2025. For the twelve months ended June 28, 2025, funded debt/EBITDA was over 19x relative to 7.4x the year prior. Leslie's store traffic was weak in its third quarter as consumers continue to curtail purchases, price competition was fierce and weather conditions at the start of its peak summer season were unfavorable which resulted in comparable store sales down 12%. As a result, reported EBITDA fell to $40 million for the LTM ended Q3 2025 down from $90 million in fiscal 2024. Leslie's limited absolute scale, narrow product focus and geographic concentration are also risks as free cash flow is pressured from its weak operating performance. However, Leslie's has made significant improvement reducing its inventory position as inventories declined 12% in Q3 2025 and are expected to decline over $20 million by fiscal year end. Leslie's maintains a solid position in the pool and spa maintenance products space which serves residential, professional and commercial consumers. In addition, the need to maintain a pool once built supports a base level of demand although price competition remains fierce from larger and better capitalized retailers. Leslie's SGL-3 reflects Moody's expectations for adequate liquidity as external sources and cash on hand mitigate its negative free cash flow before any potential sale of assets. The company has a $250 million asset based revolving credit facility which expires in April 2029 (but with a springing maturity of December 2027 to the extent its term loan due March 2028 remains outstanding). The ABL is projected to be undrawn at the end of September 2025. Cash was $43 million as of June 28, 2025. Leslie's CIS score was lowered to CIS-5 from a CIS-4 as a result of its governance score being lowered to G-5 from G-4. The change in governance score to G-5 from G-4 is related to the risks related to the company's unsustainable capital structure and poor operational execution. The negative outlook reflects that any continued weakness in financial performance could lead to lower expected recoveries and a higher risk of restructuring. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade would require a reduction in the likelihood of default and sustained improvement in operating performance and liquidity such that it would allow Leslie's to improve funded debt/EBITDA and interest coverage to a more sustainable level and improve the estimated debt instrument recoveries. The ratings could be downgraded should Leslie's fail to make its schedule interest or principal payments, file for bankruptcy or if recovery estimates deteriorate. Headquartered in Phoenix, AZ, Leslie's Poolmart, Inc. is a publicly traded specialty pool supplies retailer that operates over 1,000 branded stores. Sales for the last twelve months ended June 28, 2025 are approximately $1.25 billion. The principal methodology used in these ratings was Retail and Apparel published in November 2023. The assigned Caa3 rating is three notches below the B3 scorecard indicated rating, reflecting a its unsustainable leverage, weak execution in a difficult consumer spending environment, as well as governance risks. LIFESCAN GLOBAL: Hires PJT Partners LP as Investment Banker ----------------------------------------------------------- LifeScan Global Corporation and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ PJT Partners LP as investment banker. The firm will provide these services: a. assist in the evaluation of the Debtors' businesses and prospects; b. assist in the development of financial data and presentations to the Board, various creditors, and other third parties; c. analyze the Debtors' financial liquidity and evaluate alternatives to improve such liquidity; d. provide strategic advice with regard to restructuring or refinancing the Debtors' Obligations; e. participate in negotiations among the Debtors and their creditors, suppliers, lessors and other interested parties; f. assist in arranging financing for the Debtors, as requested; g. provide expert witness testimony concerning any of the subjects encompassed by the other investment banking services; h. assist the Company in preparing marketing materials in conjunction with a possible sale transaction; i. assist the Debtors in identifying potential buyers or parties in interest to a sale transaction and assist in the due diligence process; j. assist and advise the Company concerning the terms, conditions and impact of any proposed sale transaction; and k. provide such other advisory services as are customarily provided in connection with the analysis and negotiation of a transaction similar to a potential Restructuring and/or Capital Raise, as requested and mutually agreed. The firm will be paid at these fees: a. Monthly Fee. The Debtors shall pay PJT a monthly advisory fee (the "Monthly Fee") in the amount of $175,000 per month. Fifty percent of all Monthly Fees paid to PJT after the sixth Monthly Fee has been paid (i.e., after $1,050,000 on account of Monthly Fees has been paid) and through payment of the twelfth Monthly Fee shall be credited against any Restructuring Fee payable under the Engagement Letter, up to a maximum total credit of $525,000; provided that, in the event of a Chapter 11 filing by the Company, any such credit of fees contemplated by the foregoing sentence shall apply only in the event that all fees earned by PJT pursuant to the Engagement Letter are approved in their entirety by the Court pursuant to a final order not subject to appeal and which order is acceptable in all respects to PJT. b. Capital Raising Fee. The Debtors shall pay a capital raising fee (the "Capital Raising Fee") for any Capital Raise, earned and payable upon the closing of such Capital Raise. The Capital Raising Fee will be calculated as: -- 1.5% of the total issuance and/or committed amount of senior debt financing, excluding senior debt financing that is or may (or is anticipated in the future to) constitute a Structured Financing; -- 2.5% of the total issuance and/or committed amount of (A) Structured Financing, (B) junior debt financing, or (C) unsecured debt financing (including, without limitation, financing that is junior in right of payment, second lien, subordinated (structurally or otherwise) and unsecured debt); and -- 3.0% of the total issuance and/or committed amount of equity financing; in each case, including by means of a back-stop commitment; provided that, no Capital Raising Fee shall be owed in respect of any asset-backed loan facility ("ABL") or revolving credit facility ("RCF") that is raised without PJT's assistance (for the avoidance of doubt, in the event that the Debtors request that PJT commence a financing solicitation process in respect of any ABL or RCF and PJT commences such a process, PJT shall be entitled to receive 100% of the Capital Raising Fee to which it otherwise would have been entitled in respect of any such financing. As used in the Engagement Letter, "Structured Financing" shall mean debt (A) issued at (or intended to be moved to or owed or guaranteed by) a non-guarantor of any of the Debtors' funded debt and/or (B) issued at (or intended to be moved to or owed or guaranteed by) an unrestricted subsidiary of the Debtors and/or (C) issued at borrower entities in the restricted group as to which debt additional credit support is provided by an entity that was not previously (or is not expected to be going forward) a guarantor of the Debtors' funded debt and/or (D) as to which liens are granted in respect of additional collateral not already pledged for the benefit of the Debtors' funded debt; c. Restructuring Fee. The Debtors shall pay a fee in respect of a Restructuring (the "Restructuring Fee") equal to $9,500,000, earned and payable upon the consummation of a chapter 11 plan or any other Restructuring pursuant to an order of the Court or other applicable court; d. Expense Reimbursements. In addition to the fees described above, the Debtors agree to the reimbursement of all reasonable out-of-pocket expenses incurred in connection with PJT's services under the Engagement Letter, including, but not limited to, travel and lodging, direct identifiable data processing, document production, publishing services and communication charges, courier services, working meals, reasonable fees and expenses of PJT's counsel (without the requirement that the retention of such counsel be approved by the court in any bankruptcy case) and other reasonable and necessary expenditures, payable upon rendition of invoices setting forth in reasonable detail the nature and amount of such expenses. Further, in connection with the reimbursement, contribution and indemnification provisions set forth in the Engagement Letter and expense, indemnity and limitation of liability agreement attached as Attachment A to the Engagement Letter (the "Indemnity Agreement"), which is incorporated therein by reference and addressed further below, the Debtors agree to reimburse each PJT Party, for its legal and other expenses (including the cost of any investigation and preparation) as they are incurred in connection with any matter in any way relating to or referred to in the Engagement Letter or arising out of the matters contemplated by the Engagement Letter (including, without limitation, in enforcing the Engagement Letter), subject to certain exceptions, limitations, and requirements set forth in the Indemnity Agreement. During the ninety-day period before the Petition Date, the Debtors paid PJT $102,365.59 for fees and expenses incurred prior to the Petition Date. Prior to the Petition Date, PJT had also received advance payments from the Debtors in the aggregate amount of $105,967.74. John Singh, managing director of PJT, assured the court that the firm is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, as required by section 327(a) of the Bankruptcy Code. The firm can be reached through: John Singh PJT Partners LP 280 Park Avenue New York, NY 10017 Tel: (212) 364-7800 About LifeScan Global Corporation LifeScan delivers personalized health, wellness, and digital solutions to individuals living with diabetes. Since 1981, LifeScan has advanced glucose care and diabetes management with pioneering technologies and new products, and is actively engaged in designing, developing, manufacturing, and marketing devices, software, and applications. Its comprehensive portfolio of diabetes-related products and services includes blood glucose monitoring devices, blood glucose test strips, lancing devices, and digital applications. LifeScan Global Corp. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90259) on July 15, 2025. As of the Petition Date, the Debtors have approximately $786 million assets and approximately $1.7 billion in liabilities. Judge Alfredo R Perez presides over the case. Megan Young-John and John F Higgins, IV at Porter Hedges LLP, represent the Debtor as legal counsel. Milbank LLP as co-counsel. PJT Partners LP as investment banker. LIFESCAN GLOBAL: Seeks to Hire Milbank LLP as Counsel ----------------------------------------------------- LifeScan Global Corporation and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Milbank LLP as counsel. The firm's services include: i. advising the Debtors with respect to their rights, powers, and duties as debtors in possession in the operation of their business and the management of their assets; ii. advising and consulting on the conduct of the Chapter 11 Cases, including all of the legal and administrative requirements of operating in Chapter 11; iii. advising the Debtors and taking all necessary or appropriate actions at the Debtors' direction with respect to protecting and preserving the Debtors' estates; iv. drafting all necessary or appropriate pleadings in connection with the Chapter 11 Cases; v. representing the Debtors in connection with obtaining authority to continue using cash collateral and postpetition financing; vi. advising the Debtors concerning executory contract and unexpired lease assumptions, assignments, and rejections; vii. appearing before the Court and any appellate courts to represent the interests of the Debtors' estates; viii. advising the Debtors regarding tax matters; ix. taking all necessary or appropriate actions in connection with a Chapter 11 plan and related disclosure statement, and such further actions as may be required in connection with the administration of the Debtors' estates; x. advising the Debtors in connection with a potential sale of assets under section 363 of the Bankruptcy Code; and xi. performing all other legal services in connection with these Chapter 11 Cases as may be requested by the Debtors, including, without limitation, any general corporate legal services. The firm will be paid at these rates: Partners $1,865 to $2,475 per hour Counsel $1,735 to $1,975 per hour Associates $670 to $1,625 per hour Legal Assistants $365 to $530 per hour During the one-year period prior to the Petition Date, Milbank received payments from the Debtors totaling $10,472,860.91 in the form of retainer funding, the amount of which is currently $508,156.21 (the "Retainer"). The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Consistent with the UST Guidelines, Mr. Fedell provides the following information in further support of the Application: Question: Did Milbank agree to any variations from, or alternatives to, Milbank's standard billing arrangements for this engagement? Answer: Milbank did not agree to a variation of its standard or customary billing arrangements for this engagement. Question: Do any of the Milbank professionals in this engagement vary their rate based on the geographic location of these Chapter 11 Cases? Answer: None of Milbank's professionals included in this engagement have varied their rate based on the geographic location of these cases. Question: If Milbank has represented the Debtors in the 12 months prepetition, disclose Milbank's billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If Milbank's billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Answer: Milbank represented the Debtors in the twelve months prior to the Petition Date. Milbank adjusts its billing rates annually, effective January 1 of each year. Milbank's rates for its prepetition engagement from October 2, 2024 to December 31, 2024, were: $1,865 to $2,475 for Partners, $1,735 to $1,975 for Counsel, $670 to $1,625 for Associates, and $365 to $530 for Legal Assistants. The billing rates and material financial terms in connection with such representation have not changed postpetition. Question: Have the Debtors approved Milbank's budget and staffing plan, and, if so, for what budget period? Answer: The Debtors and Milbank are developing a prospective budget and staffing plan in a reasonable effort to comply with the U.S. Trustee's requests for information and additional disclosures. Consistent with the U.S. Trustee Guidelines, the budget may be amended as necessary to reflect changed or unanticipated developments. Mr. Fedell 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: Dennis F. Dunne, Esq. Samuel Khalil, Esq. Jaimie Fedell, Esq. Milbank LLP 55 Hudson Yards New York, NY 10001 Tel: (212) 530-5000 Fax: (212) 530-5219 Email: ddunne@milbank.com skhalil@milbank.com jfedell@milbank.com About LifeScan Global Corporation LifeScan delivers personalized health, wellness, and digital solutions to individuals living with diabetes. Since 1981, LifeScan has advanced glucose care and diabetes management with pioneering technologies and new products, and is actively engaged in designing, developing, manufacturing, and marketing devices, software, and applications. Its comprehensive portfolio of diabetes-related products and services includes blood glucose monitoring devices, blood glucose test strips, lancing devices, and digital applications. LifeScan Global Corp. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90259) on July 15, 2025. As of the Petition Date, the Debtors have approximately $786 million assets and approximately $1.7 billion in liabilities. Judge Alfredo R Perez presides over the case. Megan Young-John and John F Higgins, IV at Porter Hedges LLP, represent the Debtor as legal counsel. Milbank LLP as co-counsel. PJT Partners LP as investment banker. LINQTO INC: Schwartz PLLC Guides Co. Through Ch. 11 Reorg. Plan --------------------------------------------------------------- Yun Park of Law360 Bankruptcy Authority reports that Schwartz PLLC is advising investment platform Linqto in its Texas Chapter 11 proceedings, where the company is seeking approval of a reorganization plan that would compensate investors with in-kind payments. About Linqto Inc. Linqto Inc. is a San Jose-based financial technology company operating in the alternative investment space. Linqto Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90187) on July 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500 million and $1 billion. The Debtor is represented by Gabrielle A. Hamm, Esq. at Schwartz, PLLC. Breakpoint Partners LLC is the Debtor's restructuring advisor. Epiq Corporate Restructuring, LLC is the Debtor's claims agent. ThroughCo Communications, LLC is the Debtor's public relations agent. LIQUID TECH: Moody's Withdraws 'B2' CFR Following Debt Repayment ---------------------------------------------------------------- Moody's Ratings has withdrawn the ratings of Liquid Tech Solutions Holdings, LLC (Liquid Tech), including the B2 corporate family rating, B2-PD probability of default rating and B2 rating on the company's senior secured first lien bank credit facilities. At the time of the withdrawal, the outlook was stable. RATINGS RATIONALE Moody's have withdrawn Liquid Tech's ratings because all debt previously rated by us has been fully repaid. In July 2025, Liquid Tech was sold by Lindsay Goldberg to a new financial sponsor, Wind Point Partners. As part of that transaction, Liquid Tech's debt was repaid with privately placed financing. Liquid Tech Solutions Holdings, LLC, is a provider of truck-to-truck and other mobile refueling solutions to customers in a variety of end markets in the United States. Net revenue for the twelve months ended March 2025 was about $350 million. LIVEONE INC: Amends Debentures to Allow Crypto Treasury Strategy ---------------------------------------------------------------- LiveOne, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 5, 2025, the Company amended certain defined terms contained in the Company's Original Issue Discount Senior Secured Convertible Debentures issued to certain institutional investors on May 19, 2025, to provide that the Company and/or its subsidiaries shall be permitted to purchase Bitcoin, Solana or Ethereum up to an amount as agreed to by the parties from time to time in one or more transactions in accordance with the investment guidelines adopted by the Company from time to time and reasonably acceptable to the Purchasers, and that the Company may retain one or more investment managers to engage in a Bitcoin yield strategy or other active management of any purchased Crypto in accordance with the Guidelines, in each case to further enable the Company to pursue its recently announced crypto asset treasury strategy. The terms of the Debentures and other transactions documents entered into in connection therewith remain unchanged. Pursuant to the Security Agreement entered into by the parties in connection with the issuance of the Debentures, the Purchasers will have a security interest in any purchased Crypto. About LiveOne Headquartered in Beverly Hills, California, LiveOne, Inc. -- www.liveone.com -- is a creator-first, music, entertainment and technology platform focused on delivering premium experiences and content worldwide through memberships and live and virtual events. The Company is a pioneer in the acquisition, distribution and monetization of live music events, Internet radio, podcasting/vodcasting and music-related membership, streaming and video content. Through its comprehensive service offerings and innovative content platform, it provides music fans the ability to listen, watch, attend, engage and transact. Serving a global audience, the Company's mission is to bring the experience of live music and entertainment to consumers wherever music and entertainment is watched, listened to, discussed, deliberated or performed around the world. As of June 30, 2025, the Company had $48.9 million in total assets, $61.0 million in total liabilities, and $12.1 million in total stockholders' deficit. New York, New York-based Macias Gini & O'Connell LLP, the Company's auditor since 2022, a "going concern" qualification dated July 15, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025. Macias Gini & O'Connell cited that the Company has suffered recurring losses from operations, negative cash flows from operating activities and has a net capital deficiency. These matters raise substantial doubt about the Company's ability to continue as a going concern. LLW CONSTRUCTION: Gets Extension to Access Cash Collateral ---------------------------------------------------------- LLW Construction, Inc. received second interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. The second interim order signed by Judge Roberta Colton authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by the U.S. Small Business Administration, a secured creditor. The Debtor projects total operational expenses of $229,370.00 for the period from June to November. As adequate protection for the Debtor's use of its cash collateral, SBA will be granted a replacement lien on the cash collateral, with the same validity, priority and extent as its pre-bankruptcy lien. In addition, the Debtor was ordered to keep its property insured in accordance with its loan and security agreements with SBA. The next hearing is set for October 9. About LLW Construction Inc. LLW Construction, Inc., doing business as Adeline Custom Homes, is a construction company specializing in residential and commercial projects. It operates with a network of experienced project managers, subcontractors, and suppliers. Founded by Michal and Mary Winiarek, the Company emphasizes hands-on expertise and client-centered service in its operations. LLW Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04229) on June 23, 2025. In its petition, the Debtor reported total assets of $63,757 and total liabilities of $1,865,048. Judge Roberta A. Colton handles the case. The Debtor is represented by: Buddy D. Ford, Esq. Ford & Semach, P.A. Tel: 813-877-4669 Email: buddy@tampaesq.com M.I.S. COMMODITIES: Unsecureds to Get $200 per Month for 5 Years ---------------------------------------------------------------- M.I.S. Commodities, Inc., submitted a Corrected Plan of Reorganization under Subchapter V dated August 12, 2025. The Plan proposes to treat all allowed claims against and all allowed interests in the bankruptcy case of the Debtor to provide for a reorganization of the Debtor's obligations to its creditors. The Debtor will commit disposable income to fund the Plan in the total amount of allowed unsecured claims in accordance with the Projections. The Debtor expects to have sufficient cash on hand to make the payments required on the Effective Date. Such net disposable income should be sufficient to provide a distribution to unsecured creditors over the life of the Plan of approximately $12,000.00. The final Plan payment is expected to be paid in October 2030. This Plan under Chapter 11 of the Bankruptcy Code proposes to pay creditors of the Debtor from cash flow from operation of the Debtor's business and current cash on hand. The Debtor estimates that the General Unsecured Creditors hold total aggregate claims in the amount of $3,248,973.33. Class Seven consists of General Unsecured Creditors. The General Unsecured claims include all other allowed claims of Unsecured Creditors of the Debtor, subject to any Objections that are filed and sustained by the Court. The general unsecured claims prior to the filing of any objections total the amount of $3,403,973.33, which will be paid over the five-year term of the Plan at the rate of $200.00 per month on a pro-rata basis. The payments will commence on the Effective Date of the Plan. The dividend to this class of creditors is subject to change upon the determination of objections to claims. To the extent that the Debtor is successful or unsuccessful in any or all of the proposed Objections, then the dividend and distribution to each individual Class of General Unsecured Claims then the dividend and distribution to each individual creditor will be adjusted accordingly. These claims are Impaired. After confirmation of the Plan, and under the Confirmation Order, the Debtor may take all necessary steps, and perform all necessary acts, to consummate the terms of the Plan. In addition to the provisions set forth elsewhere in the Plan, the following shall be the means for implementation of the Plan. The Plan shall be funded through the Debtor's future income from employment. A full-text copy of the Corrected Subchapter V Plan dated August 12, 2025 is available at https://urlcurt.com/u?l=bsSj6e from PacerMonitor.com at no charge. Counsel to the Debtor: Adam I. Skolnik, Esq. Law Office of Adam I. Skolnik, P.A. 1761 West Hillsboro Boulevard, Suite 201 Deerfield Beach, FL 33442 Telephone: (561) 265-1120 Facsimile: (561) 265-1828 Email: askolnik@skolniklawpa.com About M.I.S. Commodities Inc. M.I.S. Commodities Inc. is a commodity broker based in Delray Beach, Fla. M.I.S. Commodities sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-15027) on May 5, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Judge Erik P. Kimball handles the case. The Debtor is represented by Adam I. Skolnik, Esq. MAMBA PURCHASER: Moody's Rates New Bank Credit Facilities 'B3' -------------------------------------------------------------- Moody's Ratings assigned B3 ratings to Mamba Purchaser, Inc.'s ("MDVIP") $70 million senior secured first lien revolving credit facility due 2030 and $910 million senior secured first lien term loan due 2031. There are no changes to MDVIP's existing ratings, including the B3 corporate family rating, B3-PD probability of default rating, and B3 ratings on the company's existing senior secured first lien revolving credit facility and senior secured first lien term loan. Ratings on the existing senior secured first lien bank credit facilities will be withdrawn at the close of the refinancing transaction. The outlook remains stable. On August 11, 2025, MDVIP announced its plan to refinance its bank credit facilities to extend maturities and provide a $180 million incremental term loan. Net proceeds from the refinancing along with $106 million of balance sheet cash will be used to fund a $281 million distribution to shareholders and to pay fees. The transaction is a credit negative, with Moody's leverage rising 1.6x to approximately 8.0x at June 30, 2025. However, Moody's expects continued strong growth in both physician and member count to support ongoing deleveraging with debt/EBITDA trending below 7.0x over the next 12 to 18 months. Moody's also expects the company to maintain very good liquidity. RATINGS RATIONALE MDVIP's B3 CFR is constrained by the company's high financial leverage, with Moody's debt/EBITDA approximately 8.0x at June 30, 2025 pro forma the refinancing. The rating is also constrained by MDVIP's modest scale, singular focus on membership-based private healthcare services and the discretionary nature of these services, and high marketing costs. MDVIP's rating is supported by relatively good visibility into the company's revenue streams due to its subscription-based business model, and high retention rates with both its affiliated physicians and subscribing members. MDVIP benefits from its national footprint, with presence in 47 states, in what remains a very fragmented market. The company also maintains very good liquidity. The B3 ratings on the proposed senior secured first lien revolving credit facility expiring in 2030 and first lien senior secured term loan due 2031 are in line with the B3 CFR as this debt accounts for the preponderance of debt in the capital structure. Moody's expects MDVIP to maintain very good liquidity over the next 12 to 18 months. This reflects $52 million of cash at June 30, 2025 pro forma the refinancing and shareholder distribution, full availability on the company's $70 million revolver, and Moody's expectations for more than $20 million of annual free cash flows over the next 12-18 months. There will be no near-term debt maturities following the refinancing, with the revolving credit facility expiring 2030 and first lien term loan maturing 2031. The stable outlook reflects Moody's expectations that financial leverage will remain high, but improve due to continued earnings growth over the next 12-18 months. It also reflects Moody's expectations that the company will not engage in any material debt-financed acquisitions or additional shareholder initiatives without first reducing its financial leverage, and that the company will continue to generate positive free cash flow. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if MDVIP effectively manages its growth while achieving greater scale and revenue diversification by business. Debt to EBITDA approaching 5.5x coupled with sustained positive free cash flow and the company demonstrating more conservative financial policies, could support an upgrade. The ratings could be downgraded if the company's operating performance weakens. A downgrade could also occur if Moody's becomes concerned about MDVIP's ability to effectively recruit and maintain physicians and members. Finally, aggressive financial policies, or a deterioration in the company's liquidity, could result in a downgrade. Headquartered in Boca Raton, Florida, MDVIP is a marketer of programs to access private healthcare services for more than 420,000 subscribers across the US. Its members receive personalized preventative care and wellness services from MDVIP's roughly 1,250 affiliated physicians. The company is privately-owned by financial sponsors Goldman Sachs Asset Management ("GSAM") and Charlesbank Capital Partners ("Charlesbank"). The principal methodology used in these ratings was Business and Consumer Services published in November 2021. MARQUIE GROUP: Ryan O'Leary Replaces Marc Angell as CEO ------------------------------------------------------- The Marquie Group Inc. on August 11, 2025, disclosed in a Form 8-K filing with the Securities and Exchange Commission that a buy-sell stock agreement has been completed between the Company's current CEO and Control Person, Marc Angell, and its future CEO and Control Person, Ryan O'Leary. The agreement requires a 10-day escrow period for certain tasks to be complete prior to transfer of control from Angell to O'Leary. The escrow period is designed to give O'Leary time to complete due diligence under an existing non-disclosure agreement. Upon successful completion of the due diligence period O'Leary is expected to assume the role of CEO and Sole Control Person. "I want to thank Marc for his years of leadership and for his excellent support as we begin this escrow period" said O'Leary. The agreement includes a consulting role for Angell for the next 12 months to ensure continuity, maintain key relationships, and assist with ongoing strategic initiatives. "We look forward to completion of the escrow period and transfer to Ryan," said Angell. "I'm excited to see what's next for TMGI." About Marquie Group Inc. The Marquie Group, Inc. -- www.themarquiegroup.com -- is an emerging direct-to-consumer firm specializing in marketing, product development, and media, with a focus on a dynamic radio and digital network. The Company crafts and promotes top-tier health and beauty solutions that enrich lives, showcased through engaging radio content for its audience. Lagos, Nigeria-based Olayinka Oyebola & Co., the Company's auditor since 2024, issued a "going concern" qualification in its report dated Sept. 3, 2024. The report highlights that at May 31, 2024, the Company suffered an accumulated deficit of $14,863,486 and net a loss of $165,456. These factors raise substantial doubt regarding the Company's ability to continue as a going concern. MATADOOR RESTAURANT: Court OKs Continued Access to Cash Collateral ------------------------------------------------------------------ Matadoor Restaurant Group, LLC received another extension from the U.S. Bankruptcy Court for the District of South Carolina to use cash collateral. The court's second interim order authorized the Debtor to use cash collateral through the end of September consistent with its budget filed on August 12. The Debtor may carry over unused line items in the budget to a subsequent week and may exceed any line item within the budget provided such variance is not in excess of 10%. All other provisions of the first interim order entered on July 21 remain in effect. The final hearing is scheduled for September 24. About Matadoor Restaurant Group LLC Matadoor Restaurant Group LLC, doing business as Del Taco, operates and manages franchised and proprietary restaurant concepts in the United States. The Company serves as a franchisee of Del Taco and operates The Matador, a full-service Mexican restaurant in Greenville, South Carolina. It functions under Red Door Brands, LLC, which oversees a portfolio of foodservice operations including additional national quick-service brands. Matadoor Restaurant Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 25-02698) on July 15, 2025. In its petition, the Debtor reported estimated assts and liabilities between $1 million and $10 million. The Debtor is represented by: Christine E. Brimm, Esq. Barton Brimm, PA Tel: 803-256-6582 Email: cbrimm@bartonbrimm.com MATADOOR RESTAURANT: Seeks Court Approval to Tap EPC as Accountant ------------------------------------------------------------------ Matadoor Restaurant Group, LLC seeks approval from the U.S. Bankruptcy Court for the District of South Carolina to employ EPC, Inc. as accountant. The firm render these services: (a) assist with the monthly operating reports and any other special project that might arise for which accounting services outside of the ordinary scope of monthly services is needed; and (b) assist in the budgeting and projections related to the proposed plan of reorganization in connection with the bankruptcy case. The firm will charge $450 per store per 4-week period, plus reimbursement for expenses incurred. The Debtor paid the firm $9,900 for the regular per-period services in the ordinary course of business. Jennifer Macharacek, president of EPC, 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: Jennifer Macharacek EPC Inc. 1290 Arrowhead Court, Suite B Crown Point, IN 46307 About Matadoor Restaurant Group LLC Matadoor Restaurant Group LLC, d/b/a Del Taco, operates and manages franchised and proprietary restaurant concepts in the United States. The Company serves as a franchisee of Del Taco and operates The Matador, a full-service Mexican restaurant in Greenville, South Carolina. It functions under Red Door Brands, LLC, which oversees a portfolio of foodservice operations including additional national quick-service brands. Matadoor Restaurant Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C. Lead Case No. 25-02698) on July 15, 2025. In its petition, the Debtor reported estimated assets and liabilities between $1 million and $10 million. The Debtor tapped Christine E. Brimm, Esq., at Barton Brimm, PA as counsel and Jennifer Macharacek at EPC Inc. as accountant. MAVERICK RESTAURANT: Gets Extension to Access Cash Collateral ------------------------------------------------------------- The U.S. Bankruptcy Court for the District of South Carolina issued a second interim order allowing Maverick Restaurant Group, LLC to use cash collateral through the end of September. The order authorized the Debtor to use cash collateral consistent with the budget it filed on August 12. The Debtor may carry over unused line items in the budget to a subsequent week and may exceed any line item within the budget provided such variance is not in excess of 10%. The order also approved the payment of $2,000 to Rocket Enterprises Ltd./RTC Investments LLC in September. All other provisions of the first interim order entered on July 21 remain in effect. The final hearing is set for September 24. About Maverick Restaurant Group LLC Maverick Restaurant Group, LLC operates a portfolio of restaurant brands including Red Door Pizza and Red Door Sandwich, with its base of operations in Greenville, South Carolina. The company is affiliated with Red Door Brands, which manages multiple fast-casual and quick-service dining concepts across the Southeastern United States. Maverick Restaurant Group sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C Case No. 25-02699) on July 15, 2025, listing between $1 million and $10 million in assts and liabilities. The petition was signed by Argus Wiley as manager. The Debtor is represented by: Christine E. Brimm, Esq. Barton Brimm, PA Tel: 803-256-6582 Email: cbrimm@bartonbrimm.com MERIT STREET: Faces $500MM Television Deal ------------------------------------------ Winston Cho of The Hollywood reports that the bankruptcy of Dr. Phil McGraw's Merit Street Media has intensified as Trinity Broadcasting filed a fraud and breach of contract lawsuit against the company over a $500 million, 10-year agreement. In its complaint, filed Tuesday, August 19, 2025, in Texas federal court, Trinity claims McGraw misled the network and failed to deliver promised episodes of his talk show. Merit Street disputes the allegations, saying 214 episodes of Dr. Phil Primetime aired, and has separately sued Trinity for breach of contract, accusing the broadcaster of undermining the venture. Merit Street argues Trinity failed to provide national distribution, pushed it into expensive outside deals, engaged in self-dealing through studio leases, and delivered poor production services. Trinity, which once owned 70% of Merit Street, contends McGraw approached it after leaving CBS, promising major cost savings by relocating production to Texas, cutting union jobs, and producing longer episodes. According to Trinity, McGraw demanded a $20 million upfront payment through his production company, Peteski, and threatened to return to CBS if the deal wasn't signed. While the agreement called for 160 new episodes, Trinity says it poured more than $100 million into the venture, spending up to $13 million a month, yet McGraw failed to deliver. The lawsuit further alleges McGraw rehired staff despite pledging cuts, withheld his library of old episodes, sought $100 million for partial ownership of that library, and pushed distribution deals with celebrities including Steve Harvey, Nancy Grace, and Chris Harrison. When Trinity pulled funding, McGraw allegedly secured control of Merit Street at a $425 million valuation, later calling the move a "gangster" tactic that reduced Trinity to a minority investor. Trinity also claims McGraw concealed Merit Street's Chapter 11 filing and is attempting to transfer rights to Dr. Phil to his new venture, Envoy. The network is seeking damages and a court ruling clarifying ownership of the Dr. Phil episode library, the report states. About Merit Street Media Merit Street Media is a television and media content production and distribution company based in Fort Worth, Texas. It appears to focus on creating, producing, and distributing television content, maintaining business relationships with major cable providers including DIRECTV and DISH Network, as well as numerous television stations and production companies. Merit Street Media sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80156) on July 2, 2025, before the Hon. Scott W. Everett. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million. The Debtor is represented by Sidley Austin LLP as bankruptcy counsel. Epiq Corporate Restructuring, LLC serves as Claims, Noticing, and Solicitation Agent, effective as of the Petition Date. MJH HEALTHCARE: Moody's Affirms 'B2' CFR, Outlook Remains Stable ---------------------------------------------------------------- Moody's Ratings affirmed MJH Healthcare Holdings, LLC's ("MJH") ratings including its B2 Corporate Family Rating and B2-PD Probability of Default Rating. Moody's also affirmed the B2 rating on the company's senior secured first lien bank credit facility, consisting of a $75 million revolving credit facility expiring in 2027 and a $737 million term loan B due in 2029. The outlook remains stable. The rating affirmation reflects Moody's views that MJH's debt-to-EBITDA will remain in the low 4 times range over the next 12 to 18 months. Moody's expects that MJH will remain acquisitive, which could be partially debt-funded, in order to complement the company's growth and further increase its scale in the medical marketing and education industries. The rating affirmation also incorporates Moody's expectations for MJH to maintain good liquidity while managing its growth strategy over the next 12 to 18 months. RATINGS RATIONALE MJH's B2 CFR is constrained by the company's relatively small size and scale with revenues of approximately $450 million (pro forma for the recent New Beauty acquisition). Moody's expects that MJH will grow its top-line in the mid-single digits over the next 12 to 18 months. The rating is also constrained by the company's moderate financial leverage of 4.2 times for the LTM period June 30, 2025 and pro forma for the New Beauty acquisition. Moody's expects debt-to-EBITDA will decline to approximately 4 times over the next 12 to 18 months, absent any significant debt-funded acquisitions. MJH's rating also reflects some therapeutic category concentration in oncology, though that has improved over the past few years. The B2 rating is supported by MJH's solid position as a niche provider of medical marketing services across several therapeutic categories, such as oncology, neurology, ophthalmology, among others, to its diversified customer base within the pharmaceutical, biotechnology, and life sciences industries. The company also differentiates itself by collaborating with industry experts (key opinion leaders, or KOLs) to internally develop most of the medical content it distributes to end users. Content is distributed through various mediums, including live in-person events, virtual events, and custom publications. The rating is also supported by MJH's good EBITDA margins and liquidity. Moody's expects MJH will maintain good liquidity over the next 12 to 18 months. As of June 30, 2025, the company had approximately $29 million of cash on hand and access to an undrawn $75 million revolving credit facility, which expires in 2027. Moody's expects the company to generate approximately $40 million in free cash flow over the next 12 to 18 months, which includes a recurring distribution to shareholders. Moody's expects MJH will remain compliant with its springing first lien net leverage covenant of 7.5 times, if revolver utilization was to exceed 35%. MJH's senior secured first lien bank credit facility, comprised of a $75 million revolving credit facility expiring in 2027 and a $737 million first lien term loan maturing in January 2029, is rated B2, in line with the B2 CFR. The senior secured bank credit facility accounts for the preponderance of debt in the company's capital structure. The stable outlook incorporates Moody's expectations that MJH will continue to grow its size and scale both organically, and through acquisitions, while Moody's adjusted debt-to-EBITDA will decline to approximately 4 times over the next 12-18 months, absent any significant debt-funded acquisitions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if MJH demonstrates a track record of positive free cash flow, and effectively manages its growth with prudent financial policies. Further, the ratings could be upgraded if adjusted debt to EBITDA is sustained below 3.5 times. The ratings could also be downgraded if the company were to make a large debt financed acquisition or shareholder distribution. The ratings could also be downgraded if liquidity weakens or adjusted debt-to-EBITDA is sustained above 5 times. MJH Healthcare Holdings, LLC (MJH) - dba MJH Life Sciences - headquartered in Cranbury, NJ, is a medical media company that provides health care news, information, and other content to millions of health care decision makers, physicians, pharmacists, payers and patients. The fundamental data and insights that are presented are developed in collaboration with its network of industry partners and key opinion leaders. Information is distributed through multiple channels including print and digital content, live events, educational programs, custom market research, and creative services. The company is majority owned by private equity firm BDT Capital Partners, LLC. Revenues for the last twelve months ending June 30, 2025 were approximately $428 million. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. MOMENTIVE PERFORMANCE: Moody's Raises CFR to 'Ba3', Outlook Stable ------------------------------------------------------------------ Moody's Ratings upgraded Momentive Performance Materials Inc.'s Corporate Family Rating to Ba3 from B1, upgraded its Probability of Default Rating to Ba3-PD from B1-PD, and affirmed the First Lien Senior Secured Term Loan Ba3 instrument rating. The ratings outlook is stable. Governance considerations were a key driver of this rating action. Moody's revised Momentive's ESG Credit Impact Score (CIS) to CIS-3 from CIS-4 to reflect the change in the Governance Issuer Profile Score (IPS), which was changed to G-3 from G-4, to reflect the company's more conservative financial policy that was enabled by common equity contributions from its parent. RATINGS RATIONALE The upgrade reflects Momentive's significant debt reduction and deleveraging with the capital injection from its parent, KCC Corporation (KCC), which meaningfully strengthened its credit profile. The improved capital structure and reduced interest expenses will improve Momentive's operating cash flows as the company continues to prioritize business reinvestments to drive growth. Moody's expects the company to maintain a more prudent financial policy consistent with the improved capital structure going forward. In July, KCC provided capital contributions totaling $800 million into the company. These funds were used to repay approximately $779 million of Momentive's debt, including the full paydown of the company's second lien term loan and shareholder loan, and $240 of principal on the first lien term loan. The company will keep approximately $10 million of proceeds on the balance sheet as operating funds moving forward. The debt reduction amounted to more than 40% of Momentive's total adjusted debts at end Q1 2025 and improved its leverage as measured by Moody's adjusted debt/EBITDA to high 3.0x from more than 6.5x by Moody's estimates. Moody's expects Momentive's leverage will remain largely stable between 3.5x – 4.0x in the next 12 to 18 months, reflecting the weak demand growth counterbalanced by some margin improvements due to favorable mix shifts toward premiums silicone product sales and efficiency gains. Despite improving operating cash flows with lower interest expenses, Moody's expects Momentive's free cash flow will remain negative into 2026 mainly due to its elevated CapEx for business reinvestments and growth programs, which remains a credit constraint. Momentive's credit profile is underpinned by its status as one of the largest silicone producers globally and the diversity of its end markets, including automotive, electronics, consumer, and construction. Momentive continues to focus on its competitive position by expanding sales of higher-margin specialty silanes while managing exposure to more commoditized base silicone chemicals. Its credit profile is further supported by the strategic and financial backing of KCC, reflecting their close business links and economic ties. Momentive's credit profile is constrained by its volatile earnings, exposure to cyclical end markets, as well as ongoing business restructuring and reinvestment to stay competitive in the global silicone industry. Additionally, persistent weakness in China's construction sector alongside recent increases in silicone production capacity will likely keep global prices for base silicone products and silicone intermediates at relatively low levels over the next year. Momentive has adequate liquidity, including a cash balance of $102 million, and $152.4 million availability under the $340 million ABL facility at March 31, 2025. The ABL has $150 million currently outstanding, $9 million LoCs outstanding, and $28 million of collateral limitations. The ABL facility has a springing financial covenant -- a minimum fixed charge coverage ratio of 1.0x, which will be tested if its revolver availability falls below 10% of the borrowing base or $27.5 million. Moody's don't expect drawings under the ABL to be large enough to test this covenant. Momentive's first-lien senior secured term loan due 2028 is rated Ba3, in line with is Ba3 Corporate Family Rating, given its first lien on substantially all non-ABL assets and second lien on all ABL assets and its preponderance in the capital structure. The unrated $340 million ABL facility due 2028 has a first lien on all current assets. The stable outlook reflects Moody's expectations that Momentive's business performance will remain close to current level while its leverage metrics will stay between 3.5x to 4.0x to support ratings in the next 12 to 18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Momentive's rating will be upgraded if it continues to improve business scale and performance stability while remaining a core subsidiary of and receiving strong support from KCC. Credit metrics that may indicate upgrade pressure include the Moody's adjusted debt/EBITDA is sustained below 3.0x, retained cash flow-to-net debt consistently in excess of 20%, and the company maintains solid liquidity to cover operating activities and growth initiatives. Momentive's ratings could be downgraded if business and financial performance deteriorates or it pursues aggressive financial policy including a large debt-financed acquisition or shareholder returns. Credit metrics indicative of downgrade pressure include its adjusted leverage sustained above 4.5x, retained cash flow-to-debt sustained below 12% (RCF/Net Debt), or there is a substantive deterioration in the company's liquidity. A deterioration in KCC's ability and willingness to support Momentive would have negative rating implication. ESG CONSIDERATIONS Momentive's Credit Impact Score of CIS-3 mainly reflects the company's environmental risks due to the energy and water intensity of producing silicones, waste and pollution at its manufacturing facilities and environmental remediation requirements at its closed facilities. The company's exposure to governance risk is also a consideration but has been improving as shown by its more prudent financial policy and improved capital structure. Momentive Performance Materials Inc., based in New York, US, is one of the largest global producers of silicones and silicone derivatives. Silicones, or more accurately, polymerized siloxanes or polysiloxanes, are mixed inorganic-organic polymers that are used in a wide variety of industrial and consumer applications including agriculture, automotive, electronics, healthcare, personal care, textiles, and sealants. KCC Corporation KCC Corporation owns 100% of Momentive with the exit of the minority shareholder SJL Partners, LLC in May 2024. Momentive generates revenues of $2-3 billion depending on silicone prices. The principal methodology used in these ratings was Chemicals published in October 2023. Momentive's Ba3 rating is two notches above the scorecard-indicated outcome based on its LTM March 31, 2025 financials. The difference reflects the company's more conservative financial policy and significantly improved capital structure following the parent company's capital injection used to reduce debts. NCR VOYIX: S&P Affirms 'B+' Issuer Credit Rating, Outlook Positive ------------------------------------------------------------------ S&P Global Ratings affirmed all its ratings on NCR Voyix Corp., including the 'B+' issuer credit rating. The positive outlook reflects S&P's expectation the company will deleverage while expanding its FOCF in 2026 as it completes its hardware business transition and executes $100 million of cost restructuring in 2025 to offset its stranded costs. S&P said, "NCR Voyix's leverage is higher than we initially expected; however, we expect it will expand its EBITDA margin on the realization of $100 million of cost savings in 2025. We expect the company's S&P Global Ratings-adjusted debt to EBITDA will be about 5.9x in 2025, which is higher than we previously forecast due to hardware demand pressures, modest growth in its higher-margin software and services business, and higher-than-expected cash restructuring expenses. While NCR Voyix will complete its ODM transition one year later than we previously expected, we anticipate management's cost-reduction efforts, and realization of those benefits, will enable it to continue deleveraging to the low-4x area in 2026. Our calculation of the company's leverage incorporates its leases, pension and net environmental liabilities, and preferred equity. "We expect NCR Voyix will incur about $65 million of cash costs, up from our forecast for $55 million previously, to achieve its targeted synergies in 2025. We expect the company may incur some incremental restructuring costs related to its transition service agreements with NCR Atleos and the digital banking buyer, we assume these costs will be significantly lower than those it experienced in 2025. "Management stated most of the benefits from its cost actions have flowed through to its segment margins and expects to realize continued benefits in the second half of 2025. We expect NCR Voyix's restaurant segment will maintain a margin of about 32% for the full year (about 32.1% year-to-date) and project its retail segment will achieve a margin of 19% for full year 2025, which is up from about 16.7% year to date. We expect the company will realize Improvements in the second half of the year due to its new services integrations (such as payments and cloud). NCR Voyix plans to leverage the processing capabilities of its partners, such as Worldpay, to sell end-to-end point-of-sale and payment solutions in the retail sector not offered previously. "The company expects annual tariff-related headwinds of $8 million-$12 million, which we estimate will account for about 3% of its hardware revenue. We expect NCR Voyix will largely mitigate these costs through the completion of its ODM transition. As a sales agent, the company will earn about 90% gross margin on hardware sales commissions. Historically, NCR Voyix's hardware gross margin has been lower (at about 15%) than its software and services margin (in the low- to mid-40% range). "We expect the company's FOCF will be negative in 2025, mainly due to gains taxes and cash restructuring costs. While NCR Voyix's FOCF will be negatively affected by asset sale gains taxes this year, we expect its reduced restructuring costs and margin expansion will support FOCF to debt of more than 10% in 2026. Additionally, we expect the company will benefit from positive working capital tailwinds as it transitions its inventory to its ODM partner, although some of these gains will be partially offset by the reduction in its payables over the next 12-24 months. "Nevertheless, we expect NCR Voyix's continued improving FOCF and existing liquidity sources will be sufficient to manage cash its needs over the next 12 months. The company doesn't face any material near-term debt maturities and we anticipate the cash payments related to its environmental liability and pension contributions in 2025 and 2026 will be manageable. "We view NCR Voyix's hardware transition as underway and anticipate it will pave a path for reduced business volatility. Management expected to complete the transition in early 2025; however, IT and other technology challenges have complicated the process. As such, we expect the company will complete its transition by the end of 2025, versus early 2025 previously, and continue to report direct hardware sales through the end of the year. We forecast NCR Voyix's hardware sales in 2025 will decline significantly (down about 21% year over year), mainly due to reduced refresh activity during the year. "We believe the company's revenue variability and recent tariff-related exposure will be somewhat contained following the completion of its outsource transition. Additionally, we forecast NCR Voyix will expand its recurring revenue base to about 80%, from about 60% currently, mostly due to the ODM agreement. "We believe the company benefits from low client attrition, as indicated by its high retention rate of more than 90%, which supports a more-predictable operational performance and efficient cross selling, such as through payments integration and bundling. That said, we note NCR Voyix's software and services revenue will be flattish in 2025 due to its actions related to its subscription transitions, software license eliminations, and commercial agreements terminations with NCR Atleos Corp. "Management expects to increase its recurring revenue by 4%-5%, which we view as consistent with its annual recurring revenue (ARR) trajectory. We expect the growth rates of its ARR and platform sites and software and services revenues will converge in 2026. However, NCR Voyix is actively addressing the revenue recognition for its services business, which has somewhat lagged that of its software growth. "The positive outlook on NCR Voyix reflects our expectation it will expand its EBITDA margin and FOCF, which will support its deleveraging toward 4x as it executes its software platform strategy and transitions its hardware to its ODM partner by the end of 2025." S&P could revise its outlook on NCR Voyix to stable if: -- It is unable to improve its profits and cash flow due to challenges related to the transition of its hardware business; or -- It experiences higher-than-expected transaction and restructuring costs or its capital allocation decisions cause its debt to EBITDA to remain above 5x or its FOCF to debt to remain below 10%. S&P would consider upgrading NCR Voyix if: -- The company executes its planned cost restructuring and generates a steady business performance and margin expansion over the next 12 months while completing the hardware business transition to its ODM partner; -- The pace of the expansion in its software and services revenues coverages with its ARR growth trends; and -- It improves its debt to EBITDA toward 4x and sustains FOCF to debt of greater than 10%. NETCAPITAL INC: FY25 Loss Widens to $28.3M, Has Going Concern Doubt ------------------------------------------------------------------- Netcapital Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting net losses $28.3 million and $5 million in fiscal 2025 and 2024, respectively. Revenue for the year ended April 30, 2025 was $869,460, as compared with $5 million for the year ended April 30, 2024. As of April 30, 2025, the Company had total assets of $21 million, $6 million in total liabilities, and $15 million in total shareholders' equity. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated August 12, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2025, citing that the Company has a negative working capital, operating losses, and negative cash flows from operations. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of April 30, 2025, the Company had negative working capital of $5.1 million and for the year ended April 30, 2025, the Company had an operating loss of $8.3 million and net cash used in operating activities amounted to $5.3 million. The Company stated: "There can be no assurances that we will be able to achieve a level of revenues adequate to generate sufficient cash flow from operations or additional financing through private placements, public offerings and/or bank financing necessary to support our working capital requirements. The Company has recently received approval from FINRA to generate revenues from Regulation A and D offerings to complement its funding portal business, which was the primary source of cash revenues for the Company. The Company plans to raise money from private placements, public offerings and/or bank financing, and was able to complete two registered direct offerings in July 2025 for aggregate gross proceeds of $8 million. In addition, in May 2025, the Company sold a convertible promissory note, a convertible bridge note, and a non-convertible promissory note for net proceeds of $52,000, $56,000 and $200,000, respectively. On June 10, 2025, the Company issued an aggregate of 118,750 shares of its common stock at a purchase price of $4.00 per share in a private placement to ten accredited investors, resulting in gross proceeds of $475,000. In June 2025, under its existing "at-the-market program," it received net proceeds of $944,067." The Company's management has determined, based on its recent history and the negative cash flow from operations, that it is unlikely that its plan will sufficiently alleviate or mitigate, to a sufficient level, the relevant conditions or events. To the extent that funds generated from any private placements, public offerings and/or bank financing, if available, are insufficient, the Company will have to raise additional working capital. No assurance can be given that additional financing will be available, or if available, will be on acceptable terms. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Accordingly, the Company's management has concluded that there is substantial doubt about the Company's ability to continue as a going concern within one year after the issuance its financial statements. There can be no assurance that the Company will be able to achieve its business plan objectives or be able to achieve or maintain cash-flow-positive operating results. If the Company is unable to generate adequate funds from operations or raise sufficient additional funds, the Company may not be able to repay its existing debt, continue to operate its business network, respond to competitive pressures or fund its operations. As a result, the Company may be required to significantly reduce, reorganize, discontinue or shut down its operations. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/m9ja22f4 About Netcapital Inc. Headquartered in Boston, Mass., Netcapital Inc. -- www.netcapital.com -- is a fintech company with a scalable technology platform that allows private companies to raise capital online and provides private equity investment opportunities to investors. The Company's consulting group, Netcapital Advisors, provides marketing and strategic advice and takes equity positions in select companies. The Company's funding portal, Netcapital Funding Portal, Inc. is registered with the U.S. Securities & Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA), a registered national securities association. NEW JERSEY HOUSING: Moody's Affirms Ba1 Rating on 2004A Rev. Bonds ------------------------------------------------------------------ Moody's Ratings has affirmed the Ba1 on the New Jersey Housing and Mortgage Finance Agency Capital Fund Program Revenue Bonds, Series 2004A. The outlook is stable. RATINGS RATIONALE The affirmation of the Ba1 rating reflects the New Jersey Housing and Mortgage Finance Agency Capital Fund Program Revenue Bonds, Series 2004A's (the "Bonds") current stable financial position, as demonstrated by sound FY25 debt service coverage ratio (DSCR) of 2.56x. Since pooled financings do not provide cross-collateralization of capital fund allocations from HUD, Moody's assesses the PHA with the lowest debt service coverage in the pool, being Vineland Housing Authority with 2.56x coverage for FY25. The bonds are backed by HUD appropriations, which PHAs must first use for debt service coverage under program rules, with remaining funds allocated to capital improvements. While federal support for PHAs' Capital Fund Program has stabilized at $3.2 billion FY25, resulting in sound DSCR this year, a potential decrease in federal appropriations would negatively impact the program's future DSCR. RATING OUTLOOK The stable outlook reflects consistent FY25 capital fund appropriations, which are projected to adequately cover debt service obligations over the near term. Strong debt service coverage ratios help offset sector pressures tied to the program's dependence on future federal funding. While substantial cuts to future appropriations would negatively impact the program's credit quality, a fully funded debt service reserve provides additional protection against short term disruptions in appropriations or allocations of federal funds. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- Continued stability in capital fund allocations to the program resulting in sustained minimum DSCR of 1.75x or above -- Overall multiyear strong federal PHA capital fund appropriations, coupled with the factor above FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Substantial decline in capital fund appropriations resulting in erosion of DSCR to below 1.32x -- Material disruptions or delays in federal funding that weaken the financing's liquidity position PROFILE The New Jersey Housing and Mortgage Finance Agency (the "Agency") was created in 1984 as an advocate for the production, financing, and improvement of multifamily and single-family housing across the state of New Jersey. The Capital Fund Program Revenue Bonds, Series 2004A are used to provide funds to the Agency to finance accelerated renovations and repairs of public housing developments undertaken by the Participating Authorities under HUD's Capital Fund Program. METHODOLOGY The principal methodology used in this rating was US Public Housing Authority Capital Fund Bonds published in February 2024. NEW YORK LAW SCHOOL: Moody's Affirms 'Ba1' Issuer Rating -------------------------------------------------------- Moody's Ratings has affirmed New York Law School's (NYLS; NY) Ba1 issuer rating and Baa3 revenue bond rating. NYLS had approximately $126 million in debt outstanding as of fiscal 2024 year-end. The outlook is stable. RATINGS RATIONALE The affirmation of the Ba1 issuer rating incorporates its strategic position as an independent law school based in New York City, substantial financial resources and a very healthy liquidity position. However, the school faces significant competition in the niche legal education space which, combined with inflationary pressures, has led to persistent deficit operating performance. Additionally, the school has a high debt burden relative to operations, relying on elevated endowment draw-downs to bridge deficits and meet debt service. Favorably, early enrollment figures point to modest growth for this fall. Further, a seasoned management team has outlined a strategy to expand revenue prospects through new law-adjacent programs, though these initiatives carry execution risks and remain unproven. Additional credit considerations include the school's marketable real estate holdings that are not fully incorporated into financial metrics but help secure outstanding debt. The affirmation of the Baa3 debt rating, which is one notch above the issuer rating, reflects the enhanced security features that include a mortgage pledge on the main campus building for the school. RATING OUTLOOK The stable outlook reflects Moody's expectations that NYLS's financial resources and liquidity will sustain credit quality as the school advances its strategic plans to achieve fiscal balance. The outlook also incorporates the absence of any new debt plans. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Strengthening operating performance that is able to sustain annual debt service coverage above 1.5x over a multi-year period -- Notable strengthening of brand and strategic position, reflected in multi-year positive enrollment trends and net tuition revenue growth -- Material growth of financial reserves FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Multi-year decline in wealth and unrestricted liquidity -- Inability to achieve at least 1x debt service coverage by fiscal 2027 -- For the revenue bond rating, a downgrade in the issuer rating PROFILE New York Law School, established in 1891, is one of the oldest and largest independent law schools in the country. Its campus spans more than 330,000 square feet in the Tribeca neighborhood of New York City. As of fiscal year 2024, NYLS generated a Moody's-adjusted operating revenue of $51 million. In fall 2024, the school enrolled 1,013 full-time equivalent (FTE) students. METHODOLOGY The principal methodology used in these ratings was Higher Education published in July 2024. NLC ENERGY: Has Deal on Cash Collateral Access ---------------------------------------------- NLC Energy Denmark, LLC asks the U.S. Bankruptcy Court for the Eastern District of Wisconsin for authority to use cash collateral, on a final basis, in accordance with its agreement with the senior secured lenders and Wells Fargo, as the collateral trustee for the senior secured lenders. The Debtor's financing history includes the issuance of $75.8 million in Senior Notes in 2017, held by 10 institutional investors. These notes are secured under a trust agreement with Wells Fargo and include extensive collateral arrangements. To address financial difficulties, the parties amended their agreements in August, culminating in a revised escrow arrangement to fund reserves for loan payments, taxes, insurance, and facility maintenance. As of July 31, the Debtor held $204,520 in an operating account and $520,825 in escrow reserves, plus a separate $550,000 escrow for the UCal contract. The Debtor seeks court approval to maintain its existing financial arrangements with Wells Fargo and continue using the cash collateral for essential operations, facility maintenance, taxes, insurance, and bankruptcy-related administrative expenses. The Debtor also requests that the automatic stay be modified to allow Wells Fargo to disburse escrowed funds as it did pre-petition, including making adequate protection payments to the senior secured lenders. During this period, equity holders of the Debtor will contribute funds to cover any operational shortfalls. The proposed adequate protection includes replacement liens of the same priority and extent as pre-petition liens, automatic perfection of those liens, compliance with non-monetary loan covenants, continuation of required insurance, and monthly financial reporting. The relief will remain in effect until the appointment of a trustee, dismissal of the Debtor's Chapter 11 case, confirmation of a reorganization plan, or further court order. A copy of the motion is available at https://urlcurt.com/u?l=ue8iQL from PacerMonitor.com. About NLC Energy Denmark LLC NLC Energy Denmark LLC operates a biomethane production facility in Denmark, Wisconsin. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wisc. Case No. 25-24634) on August 16, 2025, listing between $50 million and $100 million in assets and between $100 million and $500 million in liabilities. Welles Hatch, chief financial officer, signed the petition. Judge Katherine M. Perhach oversees the case. Jerome R. Kerkman, Esq., at Kerkman & Dunn, represents the Debtor as legal counsel. NORTH AMERICAN: Unsecureds to Get $5K per Month for 60 Months ------------------------------------------------------------- North American Sealing Solutions, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Texas a Disclosure Statement for Plan of Reorganization dated August 12, 2025. The Debtor is a parts manufacturer and distributor specializing in the oil and gas industry. The Debtor's operating profits declined. This led to the Debtor's inability to fully service its debt and ultimately the filing of this case. Post-Confirmation management of the Debtor shall continue to be Thomas Owald, President of the Debtor. Mr. Oswald will receive post-Confirmation compensation equal to his pre-Confirmation compensation. The Debtor scheduled total Unsecured Claims in the amount of $2,168,775.98. As shown by the chart, in a Chapter 7 liquidation Secured Claims would be paid only in part, and Unsecured Claims would receive nothing. Under this Plan, however, Allowed Secured Claims will be paid in full with interest, and Unsecured Claims will share Pro Rata in a pool of funds to be contributed by the Debtor. Therefore, Creditors will receive at least as much under this Plan as they would in a Chapter 7 liquidation. Class 12 consists of Allowed Unsecured Claims. These Claims shall be satisfied by the a) Debtor's monthly distribution of each Claimant's Pro Rata share of a pool of $5,000.00 per month to be contributed each month by the Debtor for a period of 60 months from the Effective Date. These Claims are Impaired, and the holders of these Claims are entitled to vote to accept or reject the Plan. Class 13 consists of Equity Interests. Equity Interests of the owners of the Debtor shall be retained; however, there will be no distributions or dividends paid on these Interests until Classes 1 to 11 are paid in full under this Plan. These Interests are not Impaired and are not entitled to vote to accept or reject the Plan. The Debtor intends to make all payments required under the Plan from the net profits earned from the operation of its business. A full-text copy of the Disclosure Statement dated August 12, 2025 is available at https://urlcurt.com/u?l=lhK7o3 from PacerMonitor.com at no charge. Counsel to the Debtor: Joyce W. Lindauer, Esq. Joyce W. Lindauer Attorney, PLLC 1412 Main Street, Suite 500 Dallas, TX 75202 Tel: (972) 503 4033 Fax: (972) 503-4034 About North American Sealing Solutions North American Sealing Solutions, LLC, is a manufacturer based in Fort Worth, Texas, specializing in sealing products and machined components for industries like oil and gas. Founded in 2010 by Tom Oswald, the Company produces items such as O-rings, seals, rubber products, and rebuild kits. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-41374) on April 18, 2025. In the petition signed by Thomas Oswald, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Edward L. Morris oversees the case. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC, represents the Debtor as bankruptcy counsel. NORTH JAX CONCRETE: Seeks Chapter 11 Bankruptcy in Florida ---------------------------------------------------------- On August 18, 2025, North Jax Concrete and Construction LLC filed Chapter 11 protection in the Middle District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About North Jax Concrete and Construction LLC North Jax Concrete and Construction LLC a concrete contractor based in Jacksonville, Florida. It provides concrete construction services in the Jacksonville area, working with various concrete suppliers and equipment rental companies. North Jax Concrete and Construction LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02841) on August 18, 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 Jacob A. Brown handles the case. The Debtor is represented by Thomas C. Adam, Esq. at Adam Law Group, P.A. NORTH JAX: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------- Debtor: North Jax Concrete and Construction LLC f/k/a North Jax Concrete LLC 15223 Landmark Circle S. Jacksonville, FL 32226 Business Description: North Jax Concrete and Construction LLC provides concrete contracting services, including structural slabs, sidewalks, curbs, stamped and decorative concrete, coatings, and pavers, for commercial projects such as airports, stadiums, hospitals, schools, and government buildings. Chapter 11 Petition Date: August 18, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-02841 Judge: Hon. Jacob A Brown Debtor's Counsel: Thomas Adam, Esq. ADAM LAW GROUP, PA 2258 Riverside Ave Jacksonville, FL 32204 E-mail: tadam@adamlawgroup.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by John C Holton, III as managing member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/72IJEWI/North_Jax_Concrete_and_Construction__flmbke-25-02841__0001.0.pdf?mcid=tGE4TAMA NOVELIS CORP: Moody's Rates New $750 Unsecured Notes Due 2033 'B1' ------------------------------------------------------------------ Moody's Ratings assigned a B1 rating to the proposed $750 million backed senior unsecured notes due 2033 issued by Novelis Corporation, a wholly-owned subsidiary of Novelis Inc. (Novelis), and guaranteed by Novelis Inc. and certain of its subsidiaries. Proceeds from the new notes will be used to refinance the $750 million backed senior unsecured notes maturing in 2026 and to pay for the related transaction fees and expenses. All other ratings remain unchanged. The outlook is stable. The assigned rating remains subject to Moody's reviews of the final terms and conditions of the proposed financing. RATINGS RATIONALE Novelis' Ba3 CFR reflects the company's large scale and significant market position in the number of end markets including can packaging where it enjoys a leading market share. The rating considers the company's broad geographic footprint with operations in North and South America, Europe and Asia. The rating also factors in the company's ability to generate significant operating cash flow and expectations that the currently ongoing projects, modest demand growth and the cost savings program will lead to moderate growth in EBITDA in the next 2-3 years. At the same time, the rating incorporates the company's elevated gross debt levels, the inherent industry and business volatility, material uncertainty with respect to the potential demand trajectory in the automotive and specialty markets given the current macroeconomic headwinds and the near-term impact of the supply chain disruptions and OEM destocking in the aerospace sector. In February, 2024, Novelis updated the estimated capital cost to build the new greenfield rolling and recycling plant in Bay Minette, Alabama with the initial capacity of 600kt to $4.1 billion, including contingency, from $2.5 billion. The project completion timeline was also extended to the second half of calendar year 2026 (FY2027) from FY2026 previously announced. According to the company, with a high level of project engineering complete and all key equipment and the majority of materials contracted, management is confident that the project will be completed within the new parameters. In FY2025 ended March 31, 2025, Novelis generated about $1.87 billion in Moody's-adjusted EBITDA. The leverage remained unchanged from the prior fiscal year at 3.6x as higher earnings offset higher borrowings. Moody's estimates that Novelis will generate about $1.8 billion in Moody's-adjusted EBITDA in FY2026 and $1.9-2.0 billion in FY2027 before rising more materially in FY2028. Moody's forecasts assume modest growth in shipments across all four segments with the cost saving initiatives, potential price improvements and higher recycling rates offsetting the scrap cost challenges. Free cash flow (after dividends to Hindalco) in FY2025 was negative at $711 million as capex exceeded cash flow from operations. Moody's expects Novelis to be significantly free cash flow negative in FY2026-27 and only modestly free cash flow positive in FY2028. Moody's estimates that the company will generate material positive free cash flow that could be used for deleveraging only starting in FY2029 assuming no large new capex at that time. As a result, Moody's anticipates that Novelis will need to raise more debt in FY2026-27 to help fund its growth capex and to maintain the adequate cash levels on the balance sheet. Under this base case scenario and considering the forecasted modest earnings growth and higher gross debt, Moody's-adjusted Debt/EBITDA, will likely increase to 4.3-4.5x range in FY2026-27, which is elevated for a Ba3 CFR. Moody's leverage estimate excludes the company's factored trade receivables outstanding, which Novelis stopped disclosing in FY2023. Despite the lack of disclosures, Moody's considers these arrangements to be debt like. Novelis' other credit metrics are also expected to weaken in the next 2 years. However, the rating positively considers the company's scale, market position, solid operating margins, its geographic, end market and product diversity, its strong customer relationships and its metal pass-through business model. The stable outlook reflects Moody's expectations that because of high capex spending, lower projected profitability and higher debt levels, Novelis's credit metrics will deteriorate in the next 12-18 months but will overall remain appropriate for its Ba3 rating. Novelis has an adequate liquidity position (SGL-3) supported by its $1,074 million cash position as of June 30, 2025, and $1.8 billion available under its $2 billion senior secured asset-based revolving credit facility (ABL) maturing in August 2027 (unrated), which is subject to certain springing requirements concerning timing of repayment of the term loan and other debt facilities. The ABL is secured by accounts receivable and inventory. If, at any time, the availability under the ABL is less than the greater of (a) $150 million and (b) 10% of the lesser of the facility commitment or the borrowing base, the company will be required to maintain a minimum fixed charge coverage of at least 1.25x. Availability is viewed as remaining sufficient such that this will not be tested. The Ba1 rating of the backed senior secured term loan B (TLB), two notches above the CFR and issued by Novelis Holdings Inc., reflect its secondary position behind the ABL facility and its priority position with respect to the senior unsecured notes and revenue bonds. The TLB is guaranteed by the company's direct parent, Novelis Inc. and its current and future wholly owned restricted subsidiaries, subject to exceptions. The TLB has a first priority security interest in substantially all material PPE and intellectual property of the borrower and each subsidiary guarantor (other than guarantors organized in Brazil and UAE) and equity interests in material subsidiaries, as well as a second priority security interest on the ABL priority collateral. The subsidiary guarantors account for about 80-85% of Novelis Inc.' net sales, EBITDA and assets. The TLB does not have any financial covenants. In addition, the company has short-term credit facilities in Korea, Brazil and China to support operations in these countries. The B1 rating on the new and existing senior unsecured notes and revenue bonds reflects their effective subordination to the significant amount of secured debt under the term loan, the ABL and priority payables. The notes have a downstream guarantee from Novelis Inc. and are guaranteed by all of Novelis' existing and future US restricted subsidiaries, certain existing Canadian and other non-US restricted subsidiaries. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Moody's would consider an upgrade of Novelis Inc.'s credit ratings if the company completes the development of the Bay Minette project as planned. Quantitatively, an upgrade would be considered if leverage (adjusted debt/EBITDA) is sustained below 3.5x, adjusted EBIT margin above 7%, (CFO-Dividends)/Debt above 25% and free cash remains positive. Novelis' ratings could be downgraded if liquidity, measured as cash plus ABL availability, evidences a material deterioration, if company makes substantial debt-financed acquisitions, issues material amount of new debt, further increases its capex spending or if shareholder returns meaningfully exceed the capital allocation framework targets established by Hindalco Industries Limited, the ultimate parent company of Novelis Inc. Expectations of reduced profitability or an extended slump in the end-markets served could lead to negative pressure on the ratings. Quantitatively, ratings could be downgraded if the adjusted EBIT margin is sustained below 4% or (Cash flow from operations less dividends)/debt below 15% and leverage, measured as debt/EBITDA ratio, is sustained above 4.5x. Headquartered in Atlanta, Georgia, Novelis is the world's largest producer of aluminum rolled products. The company operates through four regional segments, North America, Europe, Asia and South America. While Novelis sells into a number of end markets, the company generates about 60% of sales in the can sheet market. Novelis generated approximately $17.2 billion in revenues during the FY2025 ended March 31, 2025. Novelis is ultimately owned by Hindalco Industries Limited (unrated) domiciled in India. The principal methodology used in this rating was Steel published in November 2021. OASIS INTERIORS: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Oasis Interiors, Inc. got the green light from the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, to use cash collateral through September 9. The court order authorized the Debtor's interim use of cash collateral to pay its expenses (except expenses from the "Misc. expenses" line item) in accordance with its budget. The Debtor projects total operational expenses of $230,421.10 for August; $224,557.10 for September; and $251,257.10 for October. As adequate protection, Port 51 Lending will receive a monthly payment of $2,189.68 from the Debtor. The next hearing is set for September 9. Objections are due by September 3. The Debtor, owned and operated by Cesar Ivan Jimenez, operates under the fictitious business names North County Blinds and North County Blind Company and maintains offices in Encinitas and San Clemente, California. In 2022, the Debtor acquired the assets of North County Blind Company, Inc. for approximately $1.95 million, funded primarily by a $1.8 million SBA loan originally issued by Immito, LLC and now held by Port 51 Lending. Despite initial success, the Debtor experienced declining revenues post-acquisition, due largely to unsustainable pandemic-era profitability levels. To counter declining income, the Debtor expanded in 2024 by forming a wholly owned subsidiary, Coastal Shades LLC, and secured several loans to support growth and operations. These included loans from Accion Opportunity Fund, QuickBooks, and Bizfund.com. The Bizfund agreement in particular -- a sale of future receivables with fixed weekly repayment obligations -- caused significant financial stress and led to litigation, which was settled in May 2025. The mounting debt and unmanageable repayment structure ultimately led the Debtor to seek bankruptcy protection. As of the petition date, the Debtor reported total assets of approximately $284,776 and secured debt totaling around $1.95 million. Port 51 holds a first-priority security interest in all business assets, while Accion and Bizfund are undersecured creditors. About Oasis Interiors Inc. Oasis Interiors, Inc., doing business as North County Blinds, is a family-owned retailer and installer of window treatments and interior soft furnishings based in Encinitas, California, serving customers across San Diego County. The Company provides in-home design consultations and installs Hunter Douglas window treatments (including Silhouette, Pirouette, Duette and Vignette lines) and also offers commercial blinds and shades, custom window cornices and custom bedding. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-12223) on August 11, 2025. In the petition signed by Cesar Ivan Jimenez, managing member, the Debtor disclosed $284,776 in total assets and $2,413,292 in total liabilities. Judge Mark D. Houle oversees the case. Kevin Tang, Esq., at Tang & Associates, represents the Debtor as legal counsel. OCUGEN INC: Raises $20M via Registered Direct Offering ------------------------------------------------------ Ocugen, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company on August 8, 2025, entered into a Securities Purchase Agreement with an institutional investor relating to the issuance of 20,000,000 shares of the Company's common stock, par value of $0.01 per share and warrants to purchase up to an aggregate of 20,000,000 shares of Common Stock, to such investor at a purchase price of $1.00 per share and accompanying warrants in a registered direct offering. The Warrants have an exercise price of $1.50 per share, is exercisable immediately upon issuance and will expire two years following the date of issuance. The Warrants are callable by the Company when the volume weighted average price of the Common Stock exceeds $2.50 per share for at least five of a trailing 30 trading day period. In connection with the Offering, the investor agreed to lock-up restrictions with the Company whereby it will not sell or transfer any securities acquired in the Offering, including the shares of Common Stock issuable upon exercise of the Warrants, for a period of 90 days following the closing of the Offering. The Company also entered into a Placement Agency Agreement with Noble Capital Markets, Inc., who is acting as the sole placement agent for the Offering. The gross proceeds from the Offering will be approximately $20.0 million, before paying the placement agent fees and other estimated offering expenses. The Offering is being made pursuant to the shelf registration statement on Form S-3 (File No. 333-278774) previously filed by the Company with the Securities and Exchange Commission on April 18, 2024 and declared effective on May 1, 2024. The Offering is made only by means of a prospectus forming a part of the effective registration statement and a prospectus supplement relating to the Offering. In connection with the Placement Agency Agreement, the Company agreed to pay Noble an aggregate cash fee of 5.5% of the aggregate proceeds raised from the sale and issuance of the shares of Common Stock and accompanying Warrants. Pursuant to the Placement Agency Agreement, the Company also agreed to reimburse Noble up to $65,000 for its expenses. About Ocugen Inc. Malvern, Pa.-based Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, and vaccines that improve health and offer hope for patients across the globe. The Company's technology pipeline includes: Modifier Gene Therapy Platform, Novel Biologic Therapy for Retinal Diseases, Regenerative Medicine Cell Therapy Platform, and Inhaled Mucosal Vaccine Platform. Philadelphia, Pennsylvania-based PricewaterhouseCoopers LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 5, 2025. The report highlighted that the Company has incurred recurring net losses since inception that raise substantial doubt about its ability to continue as a going concern. ODYSSEY ACADEMY: S&P Affirms 'BB' LT Rating on Revenue Bonds ------------------------------------------------------------ S&P Global Ratings revised the outlook to stable from negative and affirmed its 'BB' long-term rating on Arlington Higher Education Finance Corp., Texas' series charter school revenue bonds, issued for Odyssey Academy Inc. (OA). The outlook revision reflects OA's recent and projected continued enrollment growth and projected improvement in operations and liquidity in fiscal 2026 following the sale of the Bay Area campus, increased state appropriations, and the receipt of the $2.2 million Texas Credit Enhancement Program (grant from the State of Texas for the series 2023 bonds. S&P said, "We analyzed OA's environmental, social, and governance factors relative to the school's market position, financial performance, reserves and liquidity, and debt burden. Based on Data from S&P Global Sustainable1, physical risks in Texas are typically elevated in service areas proximate to the Gulf of Mexico, a region that has experienced increased incidents of extreme weather such as hurricanes and flooding in recent years. Given the school's proximity to the coast, with its location in Galveston and Harris counties, we believe acute events could affect enrollment should population displacement occur or should chronic physical risk lead to lower growth. Both could affect our view of OA's market position over time. However, the school maintains flood and hurricane insurance, which partially mitigate these risks. OA also has a comprehensive emergency response plan. We view its social and governance factors as being neutral in our credit rating analysis. "The stable outlook reflects our expectation that operations will continue to improve shoring up both maximum annual debt service (MADS) coverage and liquidity metrics through fiscal 2026. We also expect OA's demand profile will continue to reflect enrollment growth in line with targets, sufficient student retention, and good academics. "We could lower the rating if, despite expected increases in enrollment, the school experiences financial pressure as mentioned. We could also do so if days' cash on hand remains below 45 days in fiscal 2026. "We could take a positive rating action if the school achieves a trend of positive operating margins on a full-accrual basis, with improved lease-adjusted MADS coverage and growth in unrestricted reserves for a sustained period more in line with those of higher-rated peers." OPTINOSE INC: Rosalind Entities No Longer Own Common Shares ----------------------------------------------------------- Rosalind Advisors, Inc., and its affiliates -- Rosalind Master Fund L.P., Rosalind Opportunities Fund I L.P., Steven Salamon, and Gilad Aharon -- disclosed in a Schedule 13G (Amendment No. 8) filed with the U.S. Securities and Exchange Commission that as of June 30, 2025, they no longer hold shares of OptiNose, Inc.'s Common Shares. Rosalind Advisors, Inc. may be reached through: Steven Salamon, President 15 Wellesley Street West, Suite 326 Toronto, Ontario, M4Y 0G7, Canada 4168887606 Rosalind Master Fund L.P. may be reached through: Mike McDonald, Director, Rosalind (Cayman) Ltd. (as General Partner to Rosalind Master Fund) P.O. Box 309, Ugland House Grand Cayman, KY1-1104, Cayman Islands A full-text copy of Rosalind Advisors, Inc.'s SEC report is available at: https://tinyurl.com/73k4wyky About OptiNose, Inc. OptiNose, Inc. -- www.optinose.com -- OptiNose, Inc. -- www.optinose.com -- is a specialty pharmaceutical company based in Yardley, Pennsylvania, focused on developing and commercializing products for patients treated by ear, nose and throat (ENT) and allergy specialists. The Company's first product, XHANCE (fluticasone propionate) nasal spray, utilizes its proprietary Exhalation Delivery System (EDS) to treat chronic rhinosinusitis, including cases with and without nasal polyps. XHANCE delivers medication to deeper, hard-to-reach areas of the nasal passages, offering a potential improvement over conventional intranasal steroid. Optinose also aims for XHANCE to become a standard maintenance therapy following sinus surgery to enhance patient outcomes. Philadelphia. Pa.-based Ernst & Young LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated Mar. 26, 2025, attached in the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations, has a working capital deficiency and expects to not be in compliance with certain debt covenants, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $128.8 million in total assets, $169.1 million in total liabilities, and a total stockholders' deficit of $40.4 million. ORACLES CAPITAL: Available Cash & Asset Sale Proceeds to Fund Plan ------------------------------------------------------------------ Oracles Capital Inc. filed with the U.S. Bankruptcy Court for the District of Delaware a Plan of Liquidation for Small Business dated August 11, 2025. The Debtor was founded in August of 2020 as a wine and spirits brand investment and development company with a vision to build and invest in intellectual property assets in the wine and spirits industry. The Debtor's corporate headquarters is located at 529 SE Central Parkway Stuart, FL 34994. As part of its business model, the Debtor outsources the majority of its operations and compliance to Park Street, LLC, an operations and compliance service provider for hundreds of independent wine, beer, and spirits suppliers in the US beverage alcohol industry. As of the petition date, the Debtor's Schedules reflected that it had no secured debt, $245,221.80 in unsecured debt. The Debtor worked closely with the Subchapter V Trustee and Auction Advisors throughout the sale process. The marketing process resulted in five pre-qualified sealed bid offers with deposits. On July 15, 2025, an auction was conducted in accordance with the Bid Procedures. At the conclusion of the Auction, the Debtor in consultation with the Subchapter V Trustee, determined that consistent with the Bid Procedures, Qualified Bidder #1 - Liv Sales, Inc. was the successful bidder (the "Successful Bidder") with the highest bid of $170,000 for the package that included Lots #1, 2, and 4 ("the Successful Bid") and Lanterna Distributors Inc. was the back-up bidder (the "Back-up Bidder") with the second highest bid of $167,500 (the "Back-Up Bid"). The Debtor currently has approximately $119,000 in cash on hand as reflected in the most recent monthly operating report for the month of June 2025. Further, the Debtor anticipates receiving $170,000 from sale of most of its assets. Between the cash on hand and the proceeds from the Sale will provide the Debtor with sufficient funding to pay administrative expenses and fund this Plan. This Plan primarily will be funded through cash available in the Debtor's estates and the proceeds from the Sale. Class 1 consists of General Unsecured Claims. This Class shall receive Receipt of Pro Rata Share of Cash remaining after payment of Administrative Claims and Priority Tax Claims. This Class is impaired. Equity Interest holders shall retain 100% of their Equity Interest and Intangible Assets Not Liquidated. On the date that the Order confirming this Plan becomes a Final, non-appealable order (the "Effective Date"), all property of the Debtor, tangible and intangible, including, without limitation, all real property, licenses, furniture, fixtures and equipment, will revert, free and clear of all Claims and Equitable Interests (except as provided in this Plan) to the Plan Administrator. The Debtor expects to have sufficient cash on hand to make the payments required on the Effective Date, and thereafter, the proceeds of the respective sales of property will be used to fund the payments as provided in this Plan at that time. Substantially all of the Debtor's assets have been sold pursuant to the Bid Procedures Order and the forthcoming Sale Order. The Debtor anticipates funding the plan with the Sale Proceeds upon closing of the Sale. A full-text copy of the Liquidating Plan dated August 11, 2025 is available at https://urlcurt.com/u?l=H4niBJ from PacerMonitor.com at no charge. Counsel to the Debtor: Ronald S. Gellert, Esq. Gellert Seitz Busenkell & Brown LLC 1201 N. Orange St., Ste. 300 Wilmington, DE 19801 Telephone: (302) 425-5800 Email: rgellert@gsbblaw.com About Oracles Capital Inc. Oracles Capital Inc., through Oracles Craft Brands, imports, distributes, and supplies beer, wine, and distilled spirits across the United States. The Company owns a portfolio of brands and supports its distribution partners with a national sales team to strengthen market presence and brand longevity. Oracles Capital Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10870) on May 11, 2025. In its petition, the Debtor reports total assets of $1,254,476 and total liabilities of $245,221. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtor is represented by Ronald S. Gellert, Esq., at Gellert Seitz Busenkell & Brown LLC. OWENS & MINOR: Moody's Puts 'Ba3' CFR Under Review for Downgrade ---------------------------------------------------------------- Moody's Ratings placed Owens & Minor, Inc.'s ("Owens & Minor") ratings under review for downgrade, including the company's Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating, the Ba3 rating on the senior secured term loans due 2027 and 2029, and the B2 rating on its senior unsecured notes. The Speculative Grade Liquidity Rating (SGL) remains unchanged at SGL-1. Previously, the outlook was negative. The review follows the company's announcement on August 11, 2025 that it is in the final stages of a divestiture process for its Products and Healthcare Services segment. The company has stated that the potential sale will allow the company to reduce debt. However the sales price and net proceeds available for debt repayment is not yet known. The transaction will leave Owens & Minor less diversified and reduce the scale of its business after the sale of its distribution business, which negatively affects the company's credit profile. In addition, there is uncertainty regarding the company's standalone cost structure following the sale, as well as the magnitude of any separation or transition-related costs. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Notwithstanding the ratings review, Owens & Minor's Ba3 CFR considers its market position in the medical and surgical supply distribution business supplemented by a manufacturing business, moderately high financial leverage, and scale relative to its peers. The review will focus on the pro forma capital structure for Owens & Minor, long term financial strategy, and the likely pace of deleveraging post-closing. The review will also contemplate the cost structure, earnings and cash flow outlook of the remaining Patient Direct business. Finally, Moody's reviews will assess the proper methodology for assessing the Owens & Minor business after the divestiture of its distribution business. The principal methodology used in these ratings was Distribution and Supply Chain Services published in December 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Owens & Minor, headquartered in Glen Allen, VA, operates two segments: Products & Healthcare Services that includes a comprehensive portfolio of products and services to healthcare providers and sources medical surgical products, and Patient Direct that distributes critical supplies to the home for patients with chronic conditions. PAPER IMPEX: Unsecureds Will Get 0.6% Dividend over 60 Months ------------------------------------------------------------- Paper Impex USA Inc. filed with the U.S. Bankruptcy Court for the Eastern District of New York a Small Business Disclosure Statement describing Plan of Reorganization dated August 11, 2025. The Debtor is a corporation with a principal place of business at 2981 Hylan Blvd, Staten Island, NY 10306. The Debtor is a transportation company and due to the rising cost of diesel and lower payments per load the Debtor was forced to seek bankruptcy protection in order to reorganize its debts. Further, the Debtor was unable to keep up with the monthly payments for trucks. The plan will be funded from the funds accumulated on the Debtor's DIP account, from the date of the petition, as well as from continuing income and reorganized business operations of the Debtor. Class XVI shall consist of the general unsecured claims in the total amount of $896,619.64. * Bank of America N.A. with a claim amount of $120,000.00 shall receive 0.6% ($720.00) dividend to be paid in 60 monthly installment payments in the amount of $12.00, commencing on the effective date of the plan. * Internal Revenue Service with a claim amount of $3,488.92 shall receive 0.6% ($20.93) dividend to be paid in 60 monthly installment payments in the amount of $0.4, commencing on the effective date of the plan. * America Express National Bank with a claim amount of $23,130.72 shall receive 0.6% ($138.78) dividend to be paid in 60 monthly installment payments in the amount of $2.3, commencing on the effective date of the plan. Class XVII consists of equity interest holders. Zafar Israilov, the sole equity interest holder, shall retain his interest in the Debtor following confirmation, in consideration of a new value contribution, to be made by him as the equity holder, toward the payment of general unsecured creditor claims. The Debtor's principal will contribute funds in installments over the life of the plan, on a as needed basis, representing the principal's new value contribution. Zafar Israilov, as the Debtor's principal and sole shareholder, will continue to be employed by the reorganized debtor, without monthly compensation. A full-text copy of the Disclosure Statement dated August 11, 2025 is available at https://urlcurt.com/u?l=9t5WEv from PacerMonitor.com at no charge. Paper Impex USA Inc. is represented by: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN, P.C. 2799 Coney Island Avenue., Suite 202 Brooklyn, NY 11235 Telephone: (718) 513-3145 Email: alla@kachanlaw.com About Paper Impex USA Paper Impex USA Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-41618) on April 16, 2024, listing $2,724 in assets and $2,715,113 in liabilities. The petition was signed by Zafar Israilov as president. Judge Nancy Hershey Lord presides over the case. Alla Kachan, Esq., at the LAW OFFICES OF ALLA KACHAN, P.C., is the Debtor's counsel. PARTNERS PHARMACY: Court OKs DIP Loan From CS One ------------------------------------------------- Partners Pharmacy Services, LLC and its affiliates received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to obtain debtor-in-possession financing to get through bankruptcy. The interim order, signed by Judge Christopher Lopez, authorized the Debtors to obtain an initial $2.3 million from their pre-bankruptcy lender CS One, LLC, which has committed to provide up to $6.5 million in DIP financing. It also approved the Debtors' interim use of cash collateral. The funds will be used to maintain business operations, pay administrative expenses, and support an expedited sale of substantially all of the Debtors' assets. CS One will serve as the stalking horse bidder in the proposed sale process. The DIP financing is essential as the Debtors are unable to obtain more favorable terms from any other lender. The DIP facility is more beneficial than a previously considered offer from SRX, containing no exit fee and more flexible terms, according to the Debtors. Adequate protection will be provided to pre-bankruptcy secured creditors in the form of junior liens and superpriority claims. The DIP facility is due and payable on the date that is 130 days after the petition date, or such later date to which the DIP lender consents in writing. The termination date is the earliest to occur of: (a) the maturity date; (b) 30 days after the petition date if the final order has not been entered; (c) acceleration of the obligations under the DIP facility; (d) the effective date of a confirmed plan of reorganization or liquidation that provides for indefeasible payment in full, in cash of all obligations owing under the DIP facility and is otherwise acceptable to the DIP lender in its sole but commercially reasonable discretion; (e) the date which is the closing date of any sale of all or substantially all of the Debtors' assets; (f) the entry of an order by the court (i) granting relief from the automatic stay permitting foreclosure of any assets of the Debtors with a value in excess of $100,000 in the aggregate, (ii) granting any motion by the DIP lender to terminate the use of cash collateral or lift the stay or otherwise exercise remedies against any cash collateral, (iii) appointing a trustee or an examiner with special powers, or (iv) dismissing or converting these chapter 11 cases; (g) the filing or support by the Debtors of a plan of reorganization or liquidation that (i) does not provide for indefeasible payment in full, in cash of all obligations owing under the DIP facility and (ii) is not otherwise acceptable to the DIP lender in its sole but commercially reasonable discretion; (h) the entry of an order by the bankruptcy court granting liens or claims that are senior or pari passu to the liens securing the DIP facility; (i) the date a termination event occurs; and (j) any of the milestones do not occur on or prior to its milestone date. Sale Milestones As a condition to entering into the stalking horse asset purchase agreement and making the DIP loan, the Debtors are required to comply with the following sale milestones: (a) On or within two days of the petition date, or such later date to which the DIP lender consents in writing in its commercially reasonable discretion, the Debtors must file a motion, in form and substance acceptable to the DIP lender, requesting entry of the sale procedure order and seeking approval of the sale in accordance with the stalking horse asset purchase agreement to the stalking horse bidder, or such higher bidder as may be identified through the procedures approved in the sale procedure order as the winning bidder. (b) On or before the date that is 30 days after the petition date, or such later date to which the DIP lender consents in writing in its commercially reasonable discretion, the bankruptcy court must have entered the sale procedure order. (c) On or before the date that is 60 days after the petition date, or such later date to which the DIP Lender consents in writing in its commercially reasonable discretion, all competing binding bids under the sale procedure order must have been submitted. (d) On or before the date that is 70 days after the petition date, or such later date to which the DIP Lender consents in writing in its commercially reasonable discretion, an auction under the sale procedure order must have occurred (as applicable). (e) On or before the date that is 180 days after the petition date, or such later date to which the DIP lender consents in writing in its commercially reasonable discretion, the bankruptcy court must have conducted a hearing to approve the 363 sale to the winning bidder. (f) On or before the date that is 180 days after the petition date, or such later date to which the DIP lender consents in writing in its commercially reasonable discretion, the bankruptcy court must have entered the sale order approving the 363 sale. (g) On or before the date that is 10 days after entry of the sale order, provided that the bankruptcy court has waived the stay imposed by Bankruptcy Rule 6004(h) or such later date to which the DIP lender consents in writing in its commercially reasonable discretion, the 363 sale must close. The Debtors' capital structure consists primarily of two secured components. The senior secured debt arises from a revolving credit facility originally provided by CIT Bank, N.A. in 2019, with a credit limit of $60 million and secured by liens on nearly all the Debtors' assets. After covenant breaches and defaults, CS One acquired this facility in early 2023 and now holds an outstanding balance of approximately $44.5 million, including recent bridge financing used to fund pre-bankruptcy costs. In addition to this senior debt, the Debtors owe Cardinal Health approximately $20.4 million under a prime vendor agreement, secured by junior liens on the same collateral. An intercreditor agreement from 2019 establishes that Cardinal's liens are subordinated to those held by CS One, giving the senior lender priority in any liquidation. Given the Debtors' inability to secure alternative financing on better terms, the DIP facility offered by CS One represents the only viable option to maintain operations and execute a sale process. Both CS One and Cardinal Health, the Debtors' primary vendor and junior secured lender, consented to the use of cash collateral and the priming DIP liens. A copy of the interim order is available at https://is.gd/zM7fGw from PacerMonitor.com. About Partners Pharmacy Services LLC Partners Pharmacy Services, 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 U.S. Partners Pharmacy Services and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-34698) on August 13, 2025. In the petition signed by Ronald M. Winters, chief restructuring officer, Partners Pharmacy Services disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Christopher M. Lopez oversees the case. The Debtors are represented by Pillsbury Winthrop Shaw Pittman, LLP. They also tapped SSG Capital Advisors, LLC as investment banker, Gibbons Advisors, LLC as financial advisor, and Kroll Restructuring Administration, LLC as notice, claims, and balloting agent and administrative advisor. CS One, LLC, as DIP lender, is represented by: CS One, LLC, as DIP lender, is represented by: Michael P. Ridulfo, Esq. Kane Russell Coleman Logan, PC 5151 San Felipe Street, Suite 800 Houston, TX 77056 Telephone: (713) 425-7442 mridulfo@krcl.com -- and -- Mark C. Taylor, Esq. Kane Russell Coleman Logan, PC 401 Congress Avenue, Suite 2100 Austin, TX 78701 Telephone: (512) 487-6560 Mtaylor@krcl.com -- and -- Andrew K. Glenn, Esq. Malak S. Doss, Esq. Glenn Agre Bergman & Fuentes, LLP 1185 Avenue of the Americas 22nd Floor New York, NY 10036 Telephone: (212) 970-1600 aglenn@glennagre.com mdoss@glennagre.com PENDY’S RESTAURANT: Seeks to Sell Restaurant Equipment at Auction ------------------------------------------------------------------- Pendy's Restaurant Group LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division-Detroit, to sell Personal Property and Liquor License at auction, free and clear of liens, claims, interests, and encumbrances. The principal assets of the Debtor's estate include restaurant equipment, personal property, liquor licenses, and tenant improvements. Prior to the Petition Date and thereafter, the Debtor was in the business of owning and operating a full-service restaurant and bar. The Debtor received an Asset Purchase Agreement from Couvreur Family Limited Partnership, a Michigan limited partnership (Stalking Horse), for the purchase of all of the Debtor’s equipment, personal property, and liquor licenses. The Stalking Horse proposes to purchase the following assets from the Debtor: a. all furniture, fixtures and equipment listed on Exhibit A of the Purchase Agreement; b. all trade fixtures listed on Exhibit B of the Purchase Agreement; c. all of Debtor’s rights and interest in the Michigan Liquor Control Commission Licenses copies of which are listed on Exhibit C of the Purchase Agreement; d. all trade names, licenses, permits, approvals, telephone and fax numbers, yellow-page advertisements, internet addresses, web pages, domain names, social media accounts, and other similar intangible assets including those listed on Exhibit D of the Purchase Agreement; e. any and all goodwill associated with Debtor's business; and f. all inventory of saleable merchandise. The Purchase Price for the Purchased Assets is $100,000.00, subject to any closing adjustments and pro-rations on the closing date. The Debtor intends for the Purchase Agreement to serve as the Stalking Horse Bid throughout the proposed sale process. Each person (Potential Bidder) interested in participating in the sale process must deliver by 5:00 p.m. on September 25, 2025 to counsel for the Debtor, Lynn M. Brimer, Strobl PLLC, 33 Bloomfield Hills Parkway, Ste. 125, Bloomfield Hills, MI 48304. A certified check or wired funds in an amount equal to $15,000.00 as Deposit, which shall be subject to the jurisdiction of the Bankruptcy Court. A Qualified Bidder who desires to make a bid shall advise and deliver a bid to counsel for the Debtor, Lynn M. Brimer, Strobl PLLC, 33 Bloomfield Hills Parkway, Ste. 125, Bloomfield Hills, MI 48304, no later than 5:00 p.m. (prevailing Eastern Time) on September 25, 2025 (Bid Deadline). The Initial Overbid must be equal or exceed the Purchase Price in the Purchase Agreement plus $14,000.00. All subsequent bids must be in increments of at least $7,000.00. If there is at least one Qualified Bid other than the Initial Accepted Offer, the Debtor may conduct an auction with respect to the Purchased Assets. The Auction shall commence at 10:00 a.m. on September 29, 2025 at the offices Debtor's counsel, Lynn M. Brimer, Strobl PLLC, 33 Bloomfield Hills Parkway, Ste. 125, Bloomfield Hills, MI 48304. The Debtor may conduct the Auction without the assistance of a separately retained auctioneer. The Auction may be continued from day to day as determined by the Debtor. The Auction shall be conducted by the Debtor in a manner calculated by Debtor in its sole discretion to achieve the highest and/or best offer for the Purchased Assets. In the event the Stalking Horse is not the Successful Bidder, the Stalking Horse shall be entitled to a break-up fee of $7,000.00. The Debtor submits that the foregoing procedures and notices are reasonably calculated to provide the appropriate parties with timely and adequate notice and opportunities to object to Debtor's proposed sale of the Purchased Assets and that no further notice need be given. The proposed Sale of the Purchased Assets to the Successful Bidder satisfies the applicable requirements of §363. The Debtor is relying on its business judgment in its decision to sell the Purchased Assets. The Debtor lacks the necessary capital to continue its operations and, therefore, has concluded in its business judgement that a competitive bidding process for the Purchased Assets. Moreover, the proposed Bidding Procedures will result in fair and reasonable value being realized for the Purchased Assets. The Stalking Horse Bid submitted by the Stalking Horse in the form of the Purchase Agreement establishes a "floor" Purchase Price for the Purchased Assets and will serve as a baseline bid that the Debtor will use to solicit other Qualified Bids from third parties. The Purchase Agreement and Bidding Procedures are the result of extensive good faith, arms-length negotiations between the Debtor and the Stalking Horse. About Pendy's Restaurant Group, LLC Pendy's Restaurant Group, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-43017) on March 26, 2025, listing between $100,001 and $500,000 in both assets and liabilities. Judge Paul R. Hage oversees the case. Lynn M. Brimer, Esq., at Strobl PLLC represents the Debtor as legal counsel. PEPPERMILL LIMITED: To Sell Apartment Complex to La Maison Housing ------------------------------------------------------------------ Peppermill Limited Partnership I and Pecan Acres Limited Partnership I seek permission from the U.S. Bankruptcy Court for the Western District of Louisiana, lake Charles Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. Pecan owns that certain 78 unit apartment complex known as La Maison, situated at 5001 Pecan Acres Street in Lake Charles, Louisiana, which is subject to a first mortgage in favor of Collateral Mortgage Capital, LLC encumbering the land, buildings, roads, parking areas, furniture, and equipment situated at that location. The Property is further encumbered by recorded Tax Credit Regulatory Agreements. La Maison Housing, LLC, has offered to purchase La Maison Property for the sum of $2,910,000.00. The Debtor and the Purchaser have executed a Purchase and Sale Agreement, subject to certain terms and conditions. The Debtor believes that the purchase price is fair and reasonable and will maximize the return to creditors. Peppermill owns that certain 120 unit apartment complex situated at 2877 Beglis Parkway, Sulphur, Louisiana, which is subject to a mortgage in favor of Collateral Mortgage Capital, LLC and , and Louisiana Housing Finance Agency. Peppermill Housing, LLC has offered to purchase the Peppermill Property for the sum of $5,510,000.00 and the parties have executed a Purchase and Sale Agreement, subject to certain terms and conditions. After deduction for the buyer assuming the LHC mortgage loan, the gross amount due to the debtors totals $6,020,000.00, less prorated property taxes, credits to the buyer for apartment deposits of tenants, vacant apartments, and related adjustments under the purchase agreements. The proof of claim filed by Fannie Mae in the Peppermill case totals $3,417,585.14 and the proof of claim filed by Fannie Mae in the Pecan Acres case totals $2,223,267.28 for a total of pre-petition obligations in allegedly due to Fannie Mae of $5,640,852.42 The Debtors seek authority to sell the two apartment complexes on the terms described above free and clear of the Encumbrances to be Canceled, with the funds to be deposited in the registry of the Court in an asset backed interest bearing account, pending distribution of the proceeds pursuant to the plan of liquidation. About Peppermill Limited Partnership 1 Peppermill Limited Partnership 1 filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. La. Case No. 25-30282) on March 11, 2025, listing $1,000,001 to $10 million in both assets and liabilities. Judge John W Kolwe presides over the case. Wade N. Kelly, Esq., at Packard Lapray, represents the Debtor as counsel. PERASO INC: Posts Q2 Loss of $1.8M on $2.2M Revenue, Sees Q3 Growth ------------------------------------------------------------------- Peraso Inc. (NASDAQ: PRSO) announced financial results for the second quarter ended June 30, 2025. "Second quarter shipments reflected increased demand, as we continued to ramp shipments of our mmWave products," commented Ron Glibbery, CEO of Peraso. "Highlighting the sustained market leadership of our 60 GHz solutions, we recently achieved a significant milestone having surpassed two million cumulative shipments of our mmWave devices. "Also notable during the quarter, a leading partner, Tachyon Networks, selected Peraso's mmWave module to power its latest 60 GHz fixed wireless solution for cost-effective deployments of fiber-class broadband in both urban and rural markets. Additionally, we delivered our first production shipments of advanced 60 GHz wireless solutions for a mission-critical defense application to our lead customer in the tactical communications market. We also demonstrated progress toward broadening our market reach, as we shipped a production order in support of a customer's wireless video system for classroom environments, expanding our served addressable market into education applications. "Looking ahead, we are focused on continuing to ramp production shipments in support of an expanding customer base for our mmWave solutions, while also maintaining disciplined expense management. Based on our existing pipeline of customer engagements, as well as growing order backlog, we anticipate continued sequential growth and record revenue contribution from our mmWave products in the third quarter of 2025." Second Quarter 2025 Financial Results: Total net revenue for the second quarter of 2025 was $2.2 million, compared with $3.9 million in the prior quarter and $4.2 million in the same quarter a year ago. Product revenue for the second quarter of 2025 was $2.2 million, compared with $3.8 million in the prior quarter and $4.1 million in the same quarter a year ago. The decrease in total revenue was primarily attributable to the completion of end-of-life shipments of memory IC products during the quarter ended March 31, 2025, partially offset by growth in shipments of mmWave products. GAAP gross margin for the second quarter of 2025 was 48.3%, compared with 69.3% in the prior quarter and 55.5% in the same quarter a year ago. On a non-GAAP basis, gross margin for the second quarter of 2025 was also 48.3%, compared with 69.3% in the prior quarter and 68.8% in the same quarter a year ago. The decrease in GAAP gross margin for the second quarter of 2025 compared with the prior periods was primarily attributable to revenue mix being comprised entirely of mmWave products and solutions. Total operating expenses on a GAAP basis for the second quarter of 2025 were $2.9 million, compared with $3.2 million in the prior quarter and $6.8 million in the same quarter a year ago. Operating expenses on a non-GAAP basis for the second quarter of 2025, which excluded stock-based compensation and severance expenses and amortization of intangible assets, were $2.7 million compared with $3.1 million in the prior quarter and $5.0 million in the same quarter a year ago. Operating expenses on both a GAAP and non-GAAP basis for the second quarter of 2024 included $1.6 million of charges for software license obligations. The sequential decrease in second quarter 2025 operating expenses on a GAAP basis was primarily attributable to reduced stock-based compensation expense and amortization expense related to intangible assets fully amortized as of December 31, 2024. The year-over-year decrease in second quarter 2025 operating expenses on a GAAP basis was primarily attributable to the software license obligations recorded in 2024, reduced stock-based compensation expense and amortization expense related to intangible assets fully amortized as of December 31, 2024. GAAP net loss for the second quarter of 2025 was $1.8 million, or ($0.31) per share, compared with a net loss of $0.5 million, or ($0.08) per share, in the prior quarter and a net loss of $4.4 million, or ($1.88) per share, in the second quarter of 2024. Non-GAAP net loss, which also excludes the change in fair value of warrant liabilities, for the second quarter of 2025 was $1.7 million, or ($0.28) per share, compared with a net loss of $0.4 million, or ($0.07) per share, in the prior quarter and a net loss of $2.1 million, or ($0.88) per share, in the second quarter of 2024. Adjusted EBITDA for the second quarter of 2025 was negative $1.6 million, compared with negative $0.3 million in the prior quarter and negative $1.9 million in the same quarter last year. Business Outlook: The Company expects total net revenue for the third quarter of 2025 to be in the range of $2.8 million to $3.1 million. 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. POLAR POWER: Bard Associates Hold 15.4% Equity Stake ---------------------------------------------------- Bard Associates Inc. disclosed in a Schedule 13G/A (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of May 9, 2025, it beneficially owns 386,389 shares of Polar Power, Inc.'s Common Stock. This includes 13,286 shares with sole voting and dispositive power and 373,103 shares with shared dispositive power, representing 15.4% of the shares outstanding. Bard Associates, Inc. may be reached through: Michael Demaray, President 233 South Wacker Drive, Suite 4400 Chicago, IL 60606 Tel: 312-782-9600 A full-text copy of Bard Associates, Inc.'s SEC report is available at: https://tinyurl.com/4jtn4krf About Polar Power, Inc. Headquartered in Gardena, California, Polar Power, Inc. -- http://www.polarpower.com-- designs, manufactures, and sells DC power generators, renewable energy and cooling systems for applications primarily in the telecommunications market and, to a lesser extent, in other markets, including military, electric vehicle charging, marine and industrial. The Company is continuously diversifying its customer base and are selling its products into non-telecommunication markets and applications at an increasing rate. In its report dated March 31, 2025, the Company's auditor Weinberg & Company, P.A., issued a "going concern" qualification citing that during the year ended Dec. 31, 2024, the Company incurred a net loss and incurred negative operating cash flows. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, Polar Power held $17.55 million in total assets, $9.03 million in liabilities, and $8.51 million in stockholders' equity. POSH QUARTERS: Aaron Cohen Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 21 appointed Aaron Cohen, Esq., a practicing attorney in Jacksonville, Fla., as Subchapter V trustee for Posh Quarters, LLC. Mr. Cohen will be paid an hourly fee of $315 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Cohen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Aaron R. Cohen, Esq. P.O. Box 4218 Jacksonville, FL 32201 Tel: (904) 389-7277 Email: aaron@arcohenlaw.com About Posh Quarters Posh Quarters, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02748) on August 8, 2025, with $1,178,812 in assets and $1,639,809 in liabilities. Lisa Adams, manager, signed the petition. Judge Jason A. Burgess presides over the case. Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler, LLP represents the Debtor as bankruptcy counsel. PREMIER GROUP: Seeks to Hire James E. Dickmeyer as Legal Counsel ---------------------------------------------------------------- The Premier Group, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to employ James E. Dickmeyer, PC as counsel. The firm will provide these services: (a) prosecute actions on behalf of the estate as may be appropriate; (b) advise the Debtor concerning the administration of the estate; (c) assist in the formulation of a reorganization plan; and (d) otherwise represent the Debtor in the performance of all duties and obligations. James Dickmeyer, Esq., the primary attorney in this representation, will be paid at his hourly rate of $400 plus expenses. Mr. Dickmeyer 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: James E. Dickmeyer, Esq. James E. Dickmeyer, PC 520 Kirkland Way, Suite 400 P.O. Box 2623 Kirkland, WA 98083 Telephone: (425) 889-2324 About The Premier Group LLC The Premier Group LLC is a small business based in Auburn, Washington. The Premier Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-11889) on July 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Christopher M. Alston handles the case. The Debtor is represented by James E. Dickmeyer, PC. PROFESSIONAL DIVERSITY: Yiran Gu Becomes New CFO, Joins Board ------------------------------------------------------------- Professional Diversity Network, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 7, 2025, Ms. Lisa Fan resigned from her position with the Company as the interim Chief Financial Officer, effective immediately. Ms. Lisa Fan's decision to resign is not a result of any disagreement with the Company. The Board of Directors acknowledged the resignation of Ms. Lisa Fan as interim Chief Financial Officer and appointed Ms. Yiran Gu as the new Chief Financial Officer and a new director to fill one vacancy. Ms. Yiran Gu, 35, brings extensive experience in corporate strategy, operational governance and financial oversight. Ms. Gu has served as a director and chief strategy officer at Koala Malta Limited since July 2021, where she leads corporate strategy, operational governance, capital planning, and investor relations initiatives in the international financial services sector. From September 2019 to June 2021, she was purchasing manager and chief operating officer at GNET Tech Holdings Limited in London, responsible for procurement strategy, vendor management, and communications. Earlier in her career, Ms. Gu worked as a college counselor at Sichuan Normal University, focusing on student advising and career planning. She holds a master of arts degree from the University of York and a bachelor of arts degree from China West Normal University. There is no arrangement or understanding between Ms. Gu and any other person pursuant to which she was selected as an officer of the Company, and there is no family relationship between Ms. Gu and any of the Company's other directors or executive officers. Since the beginning of the Company's last fiscal year, there have been no transactions, and there are no currently proposed transactions, in which the Company was or is to be a participant and in which Ms. Gu had or will have a direct or indirect material interest that would be required to be reported under Item 404(a) of Regulation S-K. In connection with her appointment, on August 8, 2025, the Company entered into an employment agreement with Ms. Gu. The material terms of the Employment Agreement are summarized as follows: * Term: 12 months commencing August 8, 2025, unless terminated earlier pursuant to the Employment Agreement * Base Salary: shares of common stock of the Company with an aggregate fair market value of $100,000 USD per year, as determined on the date of each grant * Annual Bonus: no additional annual bonus specified apart from the base salary in shares * Equity Awards: no additional equity awards specified apart from the base salary in shares * Severance: if upon termination without cause: payment of earned but unpaid base salary prior to termination; if Upon termination due to change of control: (1) a lump sum cash payment equal to 12 months of base salary, (2) a lump sum cash payment equal to a pro-rated target annual bonus for the year prior to termination, (3) as applicable, immediate vesting of 100% of unvested outstanding equity awards. Furthermore, on August 7, 2025, upon the recommendation of the Company's Nominating and Governance Committee, the Board appointed Ms. Yiran Gu to fill one vacancy of the Board, effective immediately. There is no arrangement or understanding between Ms. Gu and any other person pursuant to which she was selected as a director. There are no family relationships between Ms. Gu and any director or executive officer of the Company. Since the beginning of the Company's last fiscal year, there have been no transactions, and there are no currently proposed transactions, in which the Company was or is to be a participant and in which Ms. Gu or any member of her immediate family had or will have a direct or indirect material interest that would be required to be reported under Item 404(a) of Regulation S-K. In connection with her appointment as a director, on August 8, 2025, Ms. Gu entered into the Company's standard form of indemnification agreement for its directors. About Professional Diversity Headquartered in Chicago, Illinois, Professional Diversity Network, Inc. -- https://www.prodivnet.com/ -- is a global developer and operator of online and in-person networks that provides access to networking, training, educational, and employment opportunities for diverse professionals. The Company operates subsidiaries in the United States, including National Association of Professional Women (NAPW) and its brand, International Association of Women (IAW), which is one of the largest, most recognized networking organizations of professional women in the country, spanning more than 200 industries and professions. Through an online platform and its relationship recruitment affinity groups, the Company provides its employer clients a means to identify and acquire diverse talent and assist them with their efforts to comply with the Equal Employment Opportunity Office of Federal Contract Compliance Program. The Company's mission is to utilize the collective strength of its affiliate companies, members, partners, and unique proprietary platform to be the standard in business diversity recruiting, networking, and professional development for women, minorities, veterans, LGBTQ+, and disabled persons globally. Oak Brook, Illinois-based Sassetti LLC, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred recurring operating losses, has a significant accumulated deficit, and will need to raise additional funds to meet its obligations and the costs of its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, Professional Diversity Network had $7,981,801 in total assets, $3,140,897 in total liabilities, and a total stockholders' equity of $4,840,904. PROSPECT MEDICAL: Says Yale Agreement the Best Offer for Hospitals ------------------------------------------------------------------ Aaron Keller of Law360 Bankruptcy Authority reports that Prospect Medical Holdings Inc. is seeking court approval to assume a $435 million pre-bankruptcy agreement to sell its three Connecticut hospitals to Yale New Haven Health Services Corp., asserting the deal offers the best possible recovery for creditors. 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. PROST LLC: Seeks Cash Collateral Access --------------------------------------- Prost LLC asked the U.S. Bankruptcy Court for the Southern District of California for authority to use cash collateral and provide adequate protection. The Debtor requested court authorization to (1) use cash collateral in the ordinary course of business and (2) pay approximately $11,750 in pre-petition wages to 12 non-insider employees. The Debtor previously operated as Bolt Brewery with three locations -- La Mesa, Old Town, and Little Italy -- but financial difficulties stemming from an over-budget expansion into the Old Town location, combined with underperformance at La Mesa following the COVID-19 pandemic, forced the closure of both sites in mid-2025. The remaining location has since been rebranded as Taco Loco and has shown promising revenue growth in recent months. At the time of filing, the Debtor had no cash in its bank accounts but was owed $10,500 in receivables from Toast Capital, which also serves as its point-of-sale provider. The Debtor's most valuable asset is its liquor license (estimated at $100,000), with total assets valued around $150,000. The Debtor has one secured creditor -- the U.S. Small Business Administration -- holding a $500,000 EIDL loan secured by a lien on all business assets except the liquor license. It also owes over $37,000 in priority taxes and around $100,000 in general unsecured debt, with additional potential liabilities related to lease disputes and labor claims. To reorganize successfully, the Debtor plans to bifurcate the SBA's claim under 11 U.S.C. section 506(a), pay all priority tax claims within five years, and make a meaningful distribution to general unsecured creditors. The Debtor offers the SBA a replacement lien to ensure adequate protection. In addition, the Debtor sought permission to pay pre-petition wages owed to employees, all of which fall below the $13,650 statutory priority cap under 11 U.S.C. Section 507(a)(4). These payments are deemed critical to retaining staff and ensuring uninterrupted business operations. The Debtor projects steady monthly sales and modest net income of approximately $4,972 for six months. About Prost LLC Prost LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-03311) on August 11, 2025. In the petition signed by Molly Rust, managing member, the Debtor disclosed up to $500,000 in assets and liabilities. Donald Reid, Esq., represents the Debtor as legal counsel. PURDUE PHARMA: Warwick City Oks Ch.11 Settlement Participation -------------------------------------------------------------- Citizen Portal reports that On August 18, 2025, the Warwick City Council held a closed executive session to weigh legal matters that could significantly impact the city's finances, focusing on its role in the Purdue Pharma bankruptcy and related opioid settlements. Council members discussed an $8 billion settlement tied to Purdue Pharma, along with about $1.2 billion in additional agreements involving pharmaceutical companies such as Alvogen, Amneal, and Mylan. The cases are part of the broader In re National Prescription Opiate Litigation, which has drawn nationwide attention for its public health consequences. To ensure Warwic's participation, the council authorized the city solicitor's office to review and finalize the necessary paperwork. The move reflects the city's effort to safeguard its interests while addressing the lasting effects of the opioid epidemic, according to report. The council's actions underscored its commitment not only to secure financial recovery but also to support broader efforts to combat opioid abuse—decisions likely to influence Warwick's path forward in both legal and public health arenas, the report states. About Purdue Pharma LP Purdue Pharma L.P. and its subsidiaries -- http://www.purduepharma.com/-- develop and provide prescription medicines and consumer products that meet the evolving needs of healthcare professionals, patients, consumers and caregivers. Purdue's subsidiaries include Adlon Therapeutics L.P., focused on treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and related disorders; Avrio Health L.P., a consumer health products company that champions an improved quality of life for people in the United States through the reimagining of innovative product solutions; Imbrium Therapeutics L.P., established to further advance the emerging portfolio and develop the pipeline in the areas of CNS, non-opioid pain medicines, and select oncology through internal research, strategic collaborations and partnerships; and Greenfield Bioventures L.P., an investment vehicle focused on value-inflection in early stages of clinical development. Opioid makers in the U.S. are facing pressure from a crackdown on the addictive drug in the wake of the opioid crisis and as state attorneys general file lawsuits against manufacturers. More than 2,000 states, counties, municipalities and Native American governments have sued Purdue Pharma and other pharmaceutical companies for their role in the opioid crisis in the U.S., which has contributed to the more than 700,000 drug overdose deaths in the U.S. since 1999. OxyContin, Purdue Pharma's most prominent pain medication, has been the target of over 2,600 civil actions pending in various state and federal courts and other fora across the United States and its territories. On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19 23649), after reaching terms of a preliminary agreement for settling the massive opioid litigation. The Debtors' consolidated balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets and $562 million in liabilities. U.S. Bankruptcy Judge Robert Drain oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP, as legal counsels; PJT Partners as investment banker; AlixPartners as financial advisor; and Grant Thornton, LLP as tax structuring consultant. Prime Clerk, LLC, is the claims agent. Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the official committee of unsecured creditors appointed in the Debtors' bankruptcy cases. David M. Klauder, Esq., is the fee examiner appointed in the Debtors' cases. The fee examiner is represented by Bielli & Klauder, LLC. * * * U.S. Bankruptcy Judge Robert Drain in early September 2021 approved a plan to turn Purdue into a new company (Knoa Pharma LLC) no longer owned by members of the Sackler family, with its profits going to fight the opioid epidemic. The Sackler family agreed to pay $4.3 billion over nine years to the states and private plaintiffs and in exchange for a lifetime legal immunity. The deal resolves some 3,000 lawsuits filed by state and local governments, Native American tribes, unions, hospitals and others who claimed the company's marketing of prescription opioids helped spark and continue an overdose epidemic. Separate appeals to approval of the Plan have already been filed by the U.S. Bankruptcy Trustee, California, Connecticut, the District of Columbia, Maryland, Rhode Island and Washington state, plus some Canadian local governments and other Canadian entities. In early March 2022, Purdue Pharma reached a nationwide settlement over its role in the opioid crisis, with the Sackler family members boosting their cash contribution to as much as $6 billion. The settlement was hammered out with attorneys general from the eight states -- California, Connecticut, Delaware, Maryland, Oregon, Rhode Island, Vermont and Washington -- and D.C. who had opposed the previous settlement. QNITY ELECTRONICS: Moody's Rates New $1.5BB Sr. Secured Notes 'Ba1' ------------------------------------------------------------------- Moody's Ratings has assigned a Ba1 rating to Qnity Electronics, Inc.'s (Qnity) proposed $1.5 billion senior secured notes and a B1 rating to its $1 billion senior unsecured notes. Qnity's Ba2 Corporate Family Rating, Ba2-PD Probability of Default Rating and the Ba1 rating on the $1.6 billion senior secured first-lien term loan remain unchanged. The debt issuance proceeds will be used to fund a distribution to DuPont de Nemours, Inc. in connection with the spin-off of Qnity. The outlook is stable. ESG considerations are a key driver for this new rating assignment. RATINGS RATIONALE The senior secured debt instruments including the first-lien term loan and secured notes are rated Ba1, one notch above the CFR, and the senior unsecured notes are rated B1, two notches below the CFR, pursuant to the methodology—Loss Given Default for Speculative-Grade Companies. The senior secured debt instruments are secured by first priority lien on substantially all assets of the borrower and the guarantors, including equity interests of first-tier foreign subsidiaries of US legal entities. The unsecured notes are unsecured and rank behind the senior secured debt instruments in the capital structure. Qnity's Ba2 CFR is underpinned by the company's market leadership, strong profitability and business growth in artificial intelligence, data center and next-gen automotive. Its CFR is constrained by the amount of debt on the balance sheet and legacy liabilities, as well as its large exposure to the volatile semiconductor and electronics industry. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade would be considered if the company demonstrates a track record of efficient and consistent operations as an independent company, improves business scale and diversity, maintains strong profitability with EBITDA margin above 30%, and lowers adjusted gross debt/EBITDA to below 3.0x on a sustained basis. A downgrade would be considered, if EBITDA margin drops below 25%, adjusted gross Debt/EBITDA rises above 3.5x, or if the company pursues aggressive acquisitions or shareholder distributions. Qnity is one of the largest providers of materials and solutions for the semiconductor and electronics industries. The Semiconductor Technologies segment provides a portfolio of innovative materials and solutions utilized across multiple stages of the semiconductor manufacturing process. The Interconnect Solutions segment offers a comprehensive range of material solutions that address the evolving complexities of signal integrity, thermal and power management and advanced packaging. End market sectors include consumer electronics, data centers/AI, automotive industrials, and communication infrastructure. In 2024, Qnity booked net sales of $4.335 million. The principal methodology used in these ratings was Chemicals published in October 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. QVC GROUP: Charles Schwab Investment Management Holds 5.89% Stake ----------------------------------------------------------------- Charles Schwab Investment Management Inc. disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of June 30, 2025, it beneficially owns 475,621 shares of QVC Group, Inc.'s Series A Common Stock, with sole voting and dispositive power over all such shares, representing 5.89% of the shares outstanding. Charles Schwab Investment may be reached through: Omar Aguilar, Chief Executive Officer 211 Main Street San Francisco, California 94105 Tel: 415-627-7000 A full-text copy of Charles Schwab Investment's SEC report is available at https://tinyurl.com/3k8j8d87 About QVC Group QVC Group, Inc., formerly known as Qurate Retail, Inc. -- https://www.qvcgrp.com/ -- owns interests in subsidiaries and other companies which are primarily engaged in the video and online commerce industries. Through its subsidiaries and affiliates, the Company operates in North America, Europe and Asia. Its principal businesses and assets include its consolidated subsidiaries QVC, Inc., Cornerstone Brands, Inc., and other cost method investments. As of Dec. 31, 2024, QVC Group had $9.24 billion in total assets, $10.13 billion in total liabilities, and $885 million in total stockholders' equity. * * * In June 2025, Fitch Ratings has downgraded QVC Group, Inc.'s (QVC) Long-Term Issuer Default Rating (IDR) to 'CCC+' from 'B-'. The downgrade reflects heightened risk regarding QVC's ability to stabilize operations and support its capital structure amid accelerating revenue declines and a challenged operating environment. RED DOOR PIZZA: Gets Extension to Access Cash Collateral -------------------------------------------------------- Red Door Pizza, LLC received second interim approval from the U.S. Bankruptcy Court for the District of South Carolina to use cash collateral. The second interim order authorized the Debtor to use cash collateral through the end of September in accordance with its budget. The Debtor may carry over unused line items in the budget to a subsequent week and may exceed any line item within the budget provided such variance is not in excess of 10%. All other provisions of the first interim order entered on July 21 remain in effect. The final hearing is scheduled for September 24. About Red Door Pizza LLC Red Door Pizza LLC operates in the restaurant industry, specializing in pizzas made with fresh ingredients and cooked in wood-fired ovens. It is 100% owned by Red Door Brands, LLC, a company that manages multiple fast-casual and quick-service dining concepts across the Southeastern United States. Red Door Pizza sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 25-02701) on July 15, 2025. In its petition, the Debtor reported estimated up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Helen E. Burris oversees the case. The Debtor is represented by: Christine E. Brimm, Esq. Barton Brimm, PA Tel: 803-256-6582 Email: cbrimm@bartonbrimm.com RED DOOR SANDWICH: Court OKs Continued Access to Cash Collateral ---------------------------------------------------------------- Red Door Sandwich, LLC received second interim approval from the U.S. Bankruptcy Court for the District of South Carolina to use cash collateral. The court's second interim order authorized the Debtor to use cash collateral through the end of September consistent with its budget. The Debtor may carry over unused line items in the budget to a subsequent week and may exceed any line item within the budget provided such variance is not in excess of 10%. All other provisions of the first interim order entered on July 21 remain in effect. The final hearing is scheduled for September 24. About Red Door Sandwich LLC Red Door Sandwich, LLC operates restaurant franchises and is a subsidiary of Red Door Brands, a company based in Greenville, South Carolina. It manages multiple food service concepts across the Southeastern United States. Red Door Sandwich sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 25-02700) on July 15, 2025. In its petition, the Debtor reported estimated assts and liabilities between $1 million and $10 million. The petition was signed by Argus Wiley as manager. The Debtor is represented by: Christine E. Brimm, Esq. Barton Brimm, PA Tel: 803-256-6582 Email: cbrimm@bartonbrimm.com RESHAPE LIFESCIENCES: OKs Asset Sale to Ninjour, Merger with Vyome ------------------------------------------------------------------ ReShape Lifesciences Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 7, 2025, the Company reconvened its special meeting of stockholders, which was partially adjourned on July 24, 2025. The Special Meeting was partially adjourned solely with respect to the voting on: * Proposal 2, the proposal to approve the sale of substantially all of the Company's assets to Ninjour Health International Limited, an affiliate of Biorad Medisys, Pvt. Ltd., and * Proposal 3, the proposal to approve and adopt proposed amendments to the Company's Restated Certificate of Incorporation, as amended, in connection with the Company's proposed merger with Vyome Therapeutics, Inc. each as described further in the Company's proxy statement for the Special Meeting filed with the Securities and Exchange Commission on June 24, 2025. The final results for Proposal 2 and Proposal 3, each as set forth in the Proxy Statement, are as follows: Proposal 2: The Company's stockholders approved the Asset Sale: Votes For: 1,273,715 Votes Against: 26,206 Abstentions: 2,305 Proposal 3: The Company's stockholders approved and adopted the proposed amendments to Article VI of the Company's Restated Certificate of Incorporation, as amended, a copy of which is attached to the Proxy Statement as Annex D, which will take effect substantially concurrently with the effective time of the Merger: Votes For: 1,240,191 Votes Against: 58,555 Abstentions: 3,480 About Reshape Lifesciences Headquartered in Irvine, California, Reshape Lifesciences Inc. -- https://www.reshapelifesciences.com -- is a premier physician-led weight-loss solutions company, offering an integrated portfolio of proven products and services that manage and treat obesity and associated metabolic disease. The Company's primary operations are in the following geographical areas: United States, Australia and certain European and Middle Eastern countries. Its current portfolio includes the Lap-Band Adjustable Gastric Banding System, the Obalon Balloon System, and the Diabetes Bloc-Stim Neuromodulation device, a technology under development as a new treatment for type 2 diabetes mellitus. There has been no revenue recorded for the Obalon Balloon System, or the Diabetes Bloc-Stim Neuromodulation as these products are still in the development stage. In its report dated April 4, 2025, the Company's auditor Haskell & White LLP, issued a "going concern" qualification attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and negative cash flows. The Company currently does not generate revenue sufficient to offset operating costs and anticipates such shortfalls to continue. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, Reshape Lifesciences had $4.79 million in total assets, $5.05 million in total liabilities, and a total stockholders' deficit of $253,000. RJ MARINAL: Dania Beach Property Up for Sale on October 16 ---------------------------------------------------------- Jones Lang LaSalle Americas said that the 100% of the limited liability company interests in RJ Marina Holdings LLC, a Florida limited liability company ("Pledged Entity"), together with all related rights and property in the Membership Interest Pledge Agreement ("Collateral"), will be offered for sale at a public auction on Oct. 16, 2025 at 2:00 PM Eastern Prevailing Time. The sale will be conducted both via Zoom (or a similar online platform) and in the offices of Shutts & Bowen LLP, 200 S. Biscayne Blvd, Suite 4100, Miami, Florida 33131. The principal asset of Pledged Entity is commercial real property located at 50 S Bryan Road, Dania Beach, Florida 33004 ("Property"). This sale is held to enforce the rights of TIG Romspen US Master Mortgage LP, an exempted Cayman Islands limited partnership ("Secured Party"), as secured party, under, among other things, (a) that certain Loan Agreement dated July 7, 2022 ("Loan Agreement") between Secured Party and RJ Marina Holdings LLC, a Florida limited liability company ("Debtor"), and (b) that certain Membership Interest Pledge Agreement dated July 7, 2022 ("Pledge Agreement") between Secured Party and Dania Beach Marina Corp. and Lynd Lally Investor Group LLC ("Pledgors"). Both (a) and (b) are currently held by Secured Party. Interested parties who would like additional information regarding the Collateral and the terms of the public sale (including the requirements to participate at the sale) should execute the confidentiality agreement which can be reviewed at the website https://www.50SouthBryanRdDaniaBeachUCCSale.com. For questions and inquiries, please contact Brett Rosenberg at Jones Lang LaSalle Americas, Inc., 330 Madison Avenue, Floor 4, New York, NY 10017, Telephone No.: (212) 812-5926, Email: brett.rosenberg@jll.com. RJ Marina Holdings LLC -- https://www.marinaholdingsllc.com -- is a group of companies that focuses on buying, renting, servicing, and storage of boats and yachts for local enthusiasts. ROSALIE WHITE BARNWELL: Seeks Subchapter V Bankruptcy in Georgia ---------------------------------------------------------------- On August 5, 2025, Rosalie White Barnwell Real Estate Development filed Chapter 11 protection in the Northern District of Georgia. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Rosalie White Barnwell Real Estate Development Rosalie White Barnwell Real Estate Development is a single asset real estate company operating as an investment vehicle. Rosalie White Barnwell Real Estate Development sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-58849) on August 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. Honorable Bankruptcy Judge Lisa Ritchey Craig handles the case. The Debtor is represented by Chauncey Napoleon Barnwell, Esq. at Brown Barnwell PC. ROYAL REALTY: Seeks to Hire Unity Concord Real Estate as Realtor ---------------------------------------------------------------- Royal Realty by TLM, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Unity Concord Real Estate as realtor. The Debtor needs a realtor to assist in the sale of its properties in Allegheny County, Pennsylvania. The realtor will provide these services: (a) list the real estate; (b) advertise the real estate for sale; (c) locate potential buyers; and (d) handle negotiations with potential buyers. The realtor will receive a commission of 6 percent of the properties' purchase price or $4,500, whichever is greater, plus $850 fee, for each respective sale. Ty Allen, a real estate agent at Unity Concord Real Estate, 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: Ty Allen Unity Concord Real Estate 700 River Ave., Ste. 315 Pittsburgh, PA 15212 About Royal Realty By TLM LLC Royal Realty By TLM LLC is a real estate company based in West Mifflin, Pennsylvania. Royal Realty By TLM LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-20186) on January 24, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge James M. Carr handles the case. Calaiaro Valencik serves as the Debtor's counsel. RUGSUSA HOLDINGS: S&P Assigns 'CCC+' ICR, Outlook Stable -------------------------------------------------------- S&P Global Ratings assigned its 'CCC+' issuer credit rating to e-commerce rug and home décor retailer RugsUSA Holdings LLC. S&P said, "At the same time, we assigned our 'B' issue-level rating and '1' recovery rating (90%-100%; rounded estimate: 95%) to the company's $70 million first-lien first-out term loan and a 'CCC-' issue-level rating and '6' recovery rating (0%-10%; rounded estimate: 0%) to its $60 million first-lien second-out term loan. "The stable outlook reflects our view that proceeds from its balance sheet restructuring will provide RugsUSA with enough liquidity to execute its turnaround initiatives over the next 12 months. Our forecast assumes a FOCF deficit of about $13 million this year as the company invests to strengthen its inventory position. In 2026, we expect FOCF will turn positive due to working capital normalization and partial pay-in-kind (PIK) of the interest expenses." RugsUSA completed an out-of-court restructuring with a pro forma total funded debt of $130 million as of July 16, 2025, a meaningful reduction compared with about $560 million in the second quarter of 2025. Despite reduced funded debt, S&P believes top-line volatility will continue to compress operating margins and free operating cash flow (FOCF). In S&P's view, ongoing weak consumer demand, uncertainties related to its supply chain and elevated competition will pose significant risks to the company's turnaround efforts. S&P's 'CCC+' rating reflects our expectation that its capital structure is still unsustainable over the long-term. In July 2025, the company finalized its capital structure restructuring, which resulted in a funded debt reduction of about $430 million to $130 million. The pro forma capital structure following the exchange transaction consists of a $70 million first-lien first-out term loan due in 2030 and $60 million first-lien second-out term loan due in 2031, which includes a PIK interest option until July 2027. Before the restructuring, the company, which conducted operations under the Runner Buyer Inc. entity, faced a liquidity crisis that led to missed interest payments and default in Mar. 2025. While its reduced debt burden and improved liquidity position give the company greater bandwidth to execute its turnaround initiatives, S&P believes it will continue to face operational challenges, which include revenue volatility and margin compression. Consumer demand for the company's products has meaningfully weakened in the last three years, with revenue declining 18% in the second quarter of 2025, a decline of 15% in the same period the prior year, and 23% in the previous quarter. This was due to pull-forward demand after the peak of the COVID-19 pandemic, inflationary pressures, and operational missteps. S&P said, "We expect revenue will decline 14% this year due to macroeconomic uncertainties and increased competition. In 2026, we expect revenue will decline 3% as the company execute its turnaround initiatives. We forecast revenue trends will start to stabilize, supported by investment in inventory position and improvement in the housing market throughout 2026." S&P believes operating margin improvement will depend on strengthened consumer demand and successful execution. RugsUSA ended the second quarter with S&P Global Ratings-adjusted EBITDA margin of 6.9% (including transaction fees added back to adjusted EBITDA) on a last-12-month basis compared with 6.6% in fiscal 2024 and 25.5% in fiscal 2020, which marked the height of the COVID-19 pandemic and the peak of the company's profitability. While it has implemented cost cutting initiatives and generated synergies in the last two years, operating deleveraged caused by pronounced revenue volatility has significantly compressed operating margins. The company plans to increase efficiency of its marketing spending and adjust its internal organization. Advertising expenses, an important component of its business model, increased to about 17% of total revenue in 2024 compared with 15% in the prior year, which also contributed to operating margin pressures. S&P said, "We forecast its S&P Global Ratings-adjusted EBITDA margin will improve to 8.1% this year, supported by improved inventory position, partially offset by elevated supply chain costs and operating deleverage. In 2026, we expect its S&P Global Ratings-adjusted EBITDA margin will increase to 8.7% as the company continues to execute its turnaround initiatives and decrease fixed costs." While it has continued to shift its supply chain away from China, it is highly exposed to Turkey and India. S&P said, "We expect RugsUSA will have adequate liquidity over the next 12 months. In our view, the company's improved short-term liquidity position of more than $70 million, which includes cash balance as of May 30, 2025, and net proceeds following the restructuring transaction, should provide the company with enough flexibility to invest in its turnaround initiatives over the next year. Its reported FOCF deficit increased to $36 million in fiscal 2024 compared with break-even in the prior year, driven by operating margin compression and reduced working capital inflow." High interest expenses have also been an additional hurdle. S&P said, "Following the restructuring transaction, we forecast cash interest expenses will decrease to about $7 million over the next 12 months compared with $56 million in fiscal 2024. We forecast an FOCF deficit of about $13 million in 2025, driven by investments in merchandise to improve its inventory position. In 2026, we expect FOCF to approach $9 million as working capital outflow normalizes. We expect the PIK option will alleviate pressures on the company's FOCF over the next two years. "We expect credit metrics will remain pressured. We forecast S&P Global Ratings-adjusted leverage will improve to 7.8x this year due to reduced funded debt (we do not net cash on our credit metrics calculation). In 2026, we expect S&P Global Ratings-adjusted leverage will modestly improve to 7.7x with improved margins offsetting lower revenue as the company executes its turnaround initiatives. At the same time, we forecast S&P Global Ratings-adjusted funds from operations (FFO) to cash interest coverage of 4.6x in 2025, decreasing to 2.7x in 2026 due to an increase in interest expenses. Our forecast assumes the company will PIK $3 million of interest expenses this year and $6 million in 2026. "Our view on RugsUSA's business operations reflects its product offerings, small scale, and exposure to a competitive industry. RugsUSA has an asset-light business model compared with other brick-and-mortar retailers that consists primarily of direct-to-consumer and marketplace channels focused on value offerings. In 2023, the company acquired Annie Selke, which increased its exposure in higher-end rugs and other adjacent products. "We believe the company operates in a niche segment that will benefit from long-term trends such as increasing consumer preference for hard flooring and growing e-commerce penetration. However, a weak housing market and increased competition, amplified by little financial flexibility due to a highly leveraged capital structure, impaired its operating performance in the last three years. To stay competitive, the company plans to reduce prices of selected items and increase its in-stock inventory position with a focus on mid-premium and designer collections. In addition, the company plans to invest in its website and customer experience to improve its value proposition. "The stable outlook reflects our view that proceeds from its balance sheet restructuring will provide RugsUSA with enough liquidity to execute its turnaround initiatives over the next 12 months. Our forecast assumes a FOCF deficit of about $13 million this year as the company invests to strengthen its inventory position. In 2026, we expect FOCF will turn positive due to working capital normalization and partial PIK of the interest expense." S&P could lower its ratings on RugsUSA if it envisions a specific default scenario over the next 12 months due to a deterioration in its liquidity position. This could occur if the company is unable to: -- Stabilize its top line due to weakened consumer demand or increased competition; or -- Successfully improve its operating margins and generate positive FOCF due to inventory missteps and pricing misalignment. S&P could raise its rating on RugsUSA if we expect the company will sustain meaningful positive FOCF. This could occur if: -- The company consistently grows revenue by improving its value proposition, expanding its sales channels and acquiring new customers; -- The execution of its turnaround initiatives leads to operating margin improvement and significant deleveraging; and -- Liquidity remains adequate to support the business and debt service. SAGA FORMATIONS: Sept. 24 Disclosures & Plan Hearing Set -------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware approved, on the interim, the adequacy of the first amended disclosure statement explaining the Chapter 11 plan of Saga Formations, Inc. fka Epic! Creations, Inc., and its debtor-affiliates. The Court will hold a combined hearing for Sept. 24, 2025, at 11:00 a.m., before the Hon. Brendan L. Shannon, U.S. Bankruptcy Court Judge, at the U.S. Bankruptcy Court for the District of Delaware, 824 North Market Street, Wilmington, Delaware 19801, to consider final approval of the Debtors' disclosure statement describing their Chapter 11 plan. Objections to the approval of the disclosure statement and confirmation of the Chapter 11 plan, if any, is Sept. 9, 2025, at 4:00 p.m. (prevailing Eastern Time). As reported by the Troubled Company Reporter on Aug. 8, 2025, Claudia Springer, the Chapter 11 Trustee of the Estates of Saga Formations, Inc. f/k/a Epic! Creations, Inc., and affiliates, submitted a First Amended Combined Disclosure Statement and Chapter 11 Plan for the Debtors dated August 1, 2025. The Debtors are three U.S.-based companies that previously operated educational technology companies. Between 2019 and 2021, T&L, an Indian corporation co-founded by Byju Raveendran in 2011, acquired each of the Debtors. T&L aimed to provide accessible education technology, and was run by a close-knit group of Byju Raveendran loyalists, including his brother Riju Ravindran. The Chapter 11 Trustee retained investment bankers to conduct a marketing process for substantially all of the Debtors' assets. Following that process, the Chapter 11 Trustee sold substantially all of the Epic and Neuron Fuel assets on May 27, 2025, and May 30, 2025, respectively. The Tangible Play marketing process did not result in a buyer. The Chapter 11 Trustee determined, in her business judgment, that there was not a path forward for Tangible Play's business to continue as a going concern. Tangible Play's business ceased operations in April 2025. Prior to the Sale Transaction, Epic owned and operated the leading reading application in the United States for children at home, at school, and on the go. Through its application, which Epic reported in 2023 was used in over 80% of U.S. public elementary schools, Epic provided electronic books and other educational materials to students in kindergarten through eighth grade via a subscription-based service. Epic was founded in 2012 and acquired by T&L in November 2021 for a purported purchase price of approximately $500 million. Prior to the Sale Transaction, Neuron Fuel operated a subscription-based educational platform known as Tynker that provided gamified coding lessons to children with over 100 million registered users across the globe. Neuron Fuel was founded in 2012 and acquired by T&L in September 2021 for a purported purchase price of approximately $200 million. Tangible Play developed and sold a variety of educational gaming products, including its well-known Osmo line of products, which used a combination of physical and digital components to engage children in augmented reality-based educational games and experiences. Tangible Play was founded in 2013 and acquired by T&L in January 2019 for a purported purchase price of approximately $120 million. On May 7-8, 12-13, and 15, 2025, the Chapter 11 Trustee conducted an auction for the sale of the Epic assets. The "baseline bid" at the commencement of the auction was a bid valued by the Chapter 11 Trustee at $72.7 million. The bidding went through multiple rounds over the course of four days. On May 13, 2025, Hy Ruby Limited submitted a cash bid in the amount of $95.1 million, less cure costs. Following the conclusion of the bidding, the Chapter 11 Trustee determined that the final bid submitted by Hy Ruby Limited was the highest or otherwise best bid. On May 15, 2025, the Chapter 11 Trustee and Hy Ruby Limited executed, subject to Bankruptcy Court approval, the Epic Purchase Agreement. On May 15, 2025, the Chapter 11 Trustee filed the Notice of Successful Bidder at Auction for Epic! Creations, Inc. Assets naming Hy Ruby Limited as the successful bidder. On May 20, 2025, the Bankruptcy Court entered the Epic Sale Order, and on May 27, 2025, the sale of the Epic assets to Hy Ruby Limited pursuant to the Epic Purchase Agreement closed. Under the Plan, Holders of certain Allowed Claims are expected to receive less than full payment in respect of their Claims, and Holders of General Unsecured Claims, Subordinated Claims and Disallowed Claims are expected to receive no payment. The Debtors' discharge of Allowed Claims that are in the nature of guaranty claims are expected to give rise to a worthless debt deduction for the Debtors. The Debtors' satisfaction of their own liabilities (not as guarantors) to the Holders of Claims in excess of the amount satisfied by Distributions under the Plan will be canceled, and therefore is expected to result in COD Income to the Debtors. Class 4 consists of General Unsecured Claims. On the Effective Date, all Allowed General Unsecured Claims shall be cancelled, released, and extinguished, and will be of no further force or effect, without any distribution on account of such Claims. This Class will receive a distribution of 0% of their allowed claims. Class 4 is Impaired under the Plan. Class 7 consists of all Interests. On the Effective Date, all Interests (including Intercompany Interests) shall be cancelled, released, and extinguished, and will be of no further force or effect, without any distribution on account of such Claims. For the avoidance of doubt, the treatment of Class 7 Interests under the Plan pertains only to any Interest in any Debtor and shall in no way release, alter, impair, or otherwise impact the vesting of all Retained Assets in the Wind-Down Debtors, which shall be entitled to retain ownership of, dispose of, or otherwise monetize such Retained Assets, including any Interest that any Debtor has in any non-Debtor, as set forth elsewhere herein and in the Plan Administrator Agreement. The Wind-Down Debtors will be established, formed, and merged on the Effective Date. The Wind Down Debtors shall be the successors in interest to the Debtors, and the Wind-Down Debtors shall be successors to each Debtor and its respective Estate's right, title, and interest to the Wind-Down Debtor Assets. The Wind-Down Debtors will conduct no business operations and will be charged with winding down the Debtors' Estates. The Wind-Down Debtors shall be managed by the Plan Administrator and shall be subject to the oversight of the Wind-Down Debtors Oversight Committee. Prior to the Effective Date, any and all of the Debtors' assets shall remain assets of the Estates pursuant to section 1123(b)(3)(B) of the Bankruptcy Code and on the Effective Date the Wind-Down Debtor Assets shall irrevocably vest in the Wind-Down Debtors. For the avoidance of doubt, to the extent not otherwise waived in writing, released, settled, compromised, assigned or sold pursuant to a prior Final Order of the Bankruptcy Court or the Plan, the Wind-Down Debtors specifically retain and reserve the right to assert, after the Effective Date, any and all of the Retained Causes of Action and related rights, whether or not asserted as of the Effective Date (and whether or not listed on the Schedule of Retained Causes of Action), and all proceeds of the foregoing, subject to the terms of the Plan. A full-text copy of the First Amended Combined Disclosure Statement and Plan dated August 1, 2025 is available at https://urlcurt.com/u?l=0IjOQR from PacerMonitor.com at no charge. Counsel for the Chapter 11 Trustee: JENNER & BLOCK LLP Catherine Steege, Esq. Melissa Root, Esq. William Williams, Esq. 353 N. Clark Street Chicago, Illinois 60654 Telephone: (312) 923-2952 Email: csteege@jenner.com mroot@jenner.com wwilliams@jenner.com PASHMAN STEIN WALDER HAYDEN, P. C. Henry J. Jaffe, Esq. Joseph C. Barsalona II, Esq. Alexis R. Gambale, Esq. 824 North Market Street, Suite 800 Wilmington, DE 07601 Telephone: (302) 592-6497 Email: hjaffe@pashmanstein.com jbarsalona@pashmanstein.com agambale@pashmanstein.com About Epic! Creations, Inc. Epic! Creations Inc. -- https://www.getepic.com/ -- doing business as Byju's, retails books online. The Company offers digital library which includes kids books, ebooks, and videos. Epic! Creations serves customers in the State of California. Alleged creditors of Epic! Creations sought involuntary petition under Chapter 11 of the the U.S. Bankruptcy Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on June 5, 2024. The creditors who signed the petition are: HPS Investment Partners, LLC; TBK Bank, SSB; Redwood Capital Management, LLC; Veritas Capital Credit Opportunities Fund SPV, L.L.C. and Veritas Capital Credit Opportunities Fund II SPV, L.L.C.; HGV BL SPV, LLC; Midtown Acquisitions GP LLC; Silver Point Capital, L.P.; Shawnee 2022-1 LLC; Sentinel Dome Partners, LLC; Stonehill Capital Management LLC; Diameter Capital Partners LP; Ellington CLO III, Ltd. and Ellington Special Relative ValueFund L.L.C., GLAS Trust Company LLC, in its capacity as administrativeagent and collateral agent, and Continental Casualty Company, and India Credit Solutions, L.P. Glas Trust Company is represented by Laura Davis Jones of Pachulski, Stang, Ziehl & Jones LLP. TBK Bank, et al., are represented by G. David Dean of Cole Schotz P.C. SCANROCK OIL: Secures Chapter 11 Plan Confirmation After Settlement ------------------------------------------------------------------- Yun Park of Law360 Bankruptcy Authority reports that on Tuesday, August 19, 2025, a Texas bankruptcy judge conditionally signed off on Scanrock Oil & Gas's Chapter 11 plan following settlements with an ad hoc group, multiple creditors, and the U.S. Small Business Administration. About Scanrock Oil & Gas Scanrock Oil & Gas Inc. operates an integrated oil and gas exploration and production platform. Scanrock Oil & Gas Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-90001) on Feb. 3, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor is represented by Thomas Daniel Berghman, Esq., at Munsch Hardt Kopf & Harr PC. On March 18, 2025, the U.S. Trustee appointed an official committee of unsecured creditors. The committee retained Porter Hedges LLP as counsel and Riveron RTS LLC as financial advisor. SCARFE WHISPERS: Seeks to Hire William G. Haeberle as Accountant ---------------------------------------------------------------- Scarfe Whispers Oyster Bar & Seafood Lounge, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ William G. Haeberle, CPA, LLC as accountant. The firm will prepare the Debtor's monthly operating reports. The firm will be compensated in the amount of $4,500 for past due taxes and $200 for monthly operating reports per month. Mr. Haeberle disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: William G. Haeberle, CPA William G. Haeberle, CPA, LLC 1440 Peachtree St. Jacksonville, FL 32207 Telephone: (904) 245-1304 About Scarfe Whispers Oyster Bar and Seafood Lounge Scarfe Whispers Oyster Bar and Seafood Lounge, LLC filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-01951) on June 12, 2025, listing between $100,001 and $500,000 in both assets and liabilities. Judge Jason A. Burgess oversees the case. The Debtor tapped the Law Offices of Mickler & Mickler, LLP as counsel and William G. Haeberle, CPA, LLC as accountant. SOLAR BIOTECH: Committee, Lender Get Ch. 11 Claim Settlement Ok --------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge has authorized a settlement between Solar Biotech's unsecured creditors committee and its largest secured creditor, which the synthetic biology company says will enable confirmation of its Chapter 11 plan. About Solar Biotech Solar Biotech, Inc. and Noblegen Inc. are biotechnology companies with nearly five years of experience in scaling biotech designs and prototypes on a commercial scale. They provide services to customers in the form of various phases, which are as follows: (i) concept development; (ii) develop prototypes; (iii) optimize costs; (iv) use prototype samples for business development and sampling; and (v) commercialization agreements to help transfer developed technology into commercial products. By offering a wide range of services, the Debtors are able to successfully meet the varying needs of its customers across the biotech market. Solar Biotech and Noblegen filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 24-11402) on June 23, 2024, with $10 million to $50 million in both assets and liabilities. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Porzio, Bromberg & Newman, P.C. as bankruptcy counsel; Newpoint Advisors Corporation as financial advisor; and Epiq Corporate Restructuring, LLC as 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 Brinkman Law Group, PC as bankruptcy counsel, Esbrook, PC as Delaware counsel, and Young America Capital, LLC as financial advisor. SOLEMN INVESTMENTS: Court Denies Bid to Use Cash Collateral ----------------------------------------------------------- Solemn Investments, Inc. failed to win court approval to use cash collateral. At the hearing held on August 18, the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, denied the Debtor's bid to use cash collateral without prejudice. The Debtor operates a fleet of two car-hauling trucks but a mechanical failure and subsequent repair delays involving one truck have significantly reduced operational capacity and revenue by 50%. With only one functioning truck, the Debtor has been unable to meet its financial obligations, and its equipment lender, Trans Lease, has threatened to repossess both trucks. Such repossession would shut down operations entirely and destroy long-standing client relationships. The Debtor owes approximately $25,040 to Investar Bank and $730,800 to the U.S. Small Business Administration under an Economic Injury Disaster Loan. The SBA holds a blanket lien on nearly all the Debtor's assets, including accounts receivable, bank accounts, vehicles, equipment, and general intangibles. As a result, all incoming cash is considered "cash collateral" under 11 U.S.C. section 363, which the Debtor cannot access without court authorization. Neither the SBA nor Investar has consented to the use of cash collateral The Debtor's cash on hand is critically low -- only $704 -- while it has over $59,000 in receivables it cannot legally use without permission. About Solemn Investments Inc. Solemn Investments Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34630) on August 8, 2025. In the petition signed by Arthur Walters, president, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Eduardo V. Rodriguez oversees the case. Jeremy Wood, Esq., at Law Office of Jeremy T. Wood, PLLC, represents the Debtor as legal counsel. SOLUTION ENGINEERING: Case Summary & 20 Top Unsecured Creditors --------------------------------------------------------------- Debtor: Solution Engineering for Reliable and Viable Enterprises (SERVE) Advisory Group, LLC 5518 Oak Place Bethesda, MD 20817 Business Description: Solution Engineering for Reliable and Viable Enterprises (SERVE) Advisory Group, LLC, doing business as SERVE, is a Maryland-based consulting firm that provides healthcare technology and management advisory services, primarily to U.S. federal agencies through government contracts. Chapter 11 Petition Date: August 20, 2025 Court: United States Bankruptcy Court District of Maryland Case No.: 25-17625 Judge: Hon. Maria Ellena Chavez-Ruark Debtor's Counsel: Robert M. Stahl, Esq. LAW OFFICES OF ROBERT M. STAHL 1142 York Road Lutherville, MD 21093 Tel: 410-825-4800 Fax: 410-825-4880 Email: StahlLaw@comcast.net Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by William B. Reynolds as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/EOTU3DI/Solution_Engineering_for_Reliable__mdbke-25-17625__0001.0.pdf?mcid=tGE4TAMA SPIRIT AIRLINES: Fitch Lowers LongTerm IDR to 'CCC-' ---------------------------------------------------- Fitch Ratings has downgraded Spirit Airlines, LLC to 'CCC-' from 'CCC+'. Fitch has also downgraded loyalty program debt co-issued by Spirit IP Cayman Ltd. and Spirit Loyalty Cayman Ltd. to 'CCC-' with a Recovery Rating of 'RR4' from 'B-'/'RR3'. The downgrade reflects the heightened possibility that Spirit may be unable to avoid a default given its ongoing operating losses and declining liquidity. Spirit generated negative cash flows from operations of $473 million in the first six months of the year, and Fitch expects continued cash burn through the second half, raising the risk of a breach of the company's liquidity covenants. Fitch has also affirmed the following EETC ratings: - 2017-1 class AA, 2017-1 class A, and 2015-1 class A certificates. Key Rating Drivers Falling Liquidity: Spirit Airlines' liquidity profile has weakened considerably, driven by substantial cash burn in the first half of 2025. Spirit ended the second quarter with cash and equivalents of $407.5 million, down from over $1 billion at year-end 2024. Revolver availability of $275 million brings total liquidity to $682 million, approaching Spirit's minimum liquidity covenants. Management is pursuing initiatives to bolster cash, potentially providing the company with some cushion, but these may be insufficient to avoid a covenant breach absent a material improvement in operating cash flows. The company faces heightened risks associated with its revolver's minimum liquidity covenant of $500 million, inclusive of undrawn revolver capacity. The bulk of Spirit's fleet is leased and owned aircraft are encumbered by debt. Spirit may have some ability to raise cash by monetizing assets, including its headquarters building, but the magnitude of such potential transactions may be limited. Given constrained financial optionality and ongoing negative cash flows, Fitch believes Spirit is increasingly vulnerable to a default scenario in the near term. Credit Card Processor Negotiations: Spirit Airlines' primary credit card processing agreement is set to expire on Dec. 31, 2025, and renewal negotiations remain ongoing. The processor has requested additional collateral, which could materially reduce Spirit's unrestricted cash position and further strain liquidity. There is no assurance that Spirit will be able to renew the agreement on acceptable terms, and alternative arrangements are unlikely to be available given Spirit's financial status. The failure to renew the agreement or unfavorable collateral requirements are significant risks to Spirit's ability to continue to operate. Strategic Initiatives Yet to Mature: Spirit reported an operating margin of -18.1% for the second quarter of 2025, a result well below its peer set in what is typically a seasonally strong period for leisure travel. Unit revenues were only modestly higher than the prior year, despite a 24% reduction in capacity. Spirit implemented several strategic changes aimed at improving profitability, such as expanding premium product bundles and implementing more customer-friendly policies. However, these strategic changes have yet to deliver improved financial performance. Difficult Environment for Budget Carriers: Spirit Airlines' bankruptcy exit plan has been challenged by deteriorating profitability, exacerbated by weak domestic leisure travel in the first half of 2025. Economic uncertainty has prompted budget-conscious travelers to scale back spending, while oversupply of leisure seat capacity across the industry has pressured unit revenues. Low-cost carriers like Spirit, with limited exposure to resilient international and premium segments, are especially affected. While recent trends indicate improving demand for leisure travel, any rebound is unlikely to be sufficient to aid Spirit's financial outlook. Restructuring Options May Be Limited: Fitch believes that the risk of liquidation is elevated should Spirit file for bankruptcy. The company has limited remaining assets to monetize, and ongoing operating losses, coupled with uncertainties around the sustainability of its business model, reduce the likelihood of additional creditor support. In a liquidation scenario, debt secured by Spirit's loyalty program may face significant impairment, as the asset's value is largely dependent on Spirit's ability to continue operating as a going concern. EETCs Class AA, A Certificates: Fitch has affirmed Spirit's 2017-1 and 2015-1 class AA and A certificates. The class AA certificate rating is primarily driven by Fitch's top-down approach, which implies a 'AA-' rating. However, Spirit's IDR of 'CCC-' caps the class AA certificates at 'A+' due to senior tranches are precluded from reaching the 'AA' category under Fitch's EETC criteria if the underlying airline is rated 'B-' or lower. The ratings for the class A certificates for both the 2017-1 and 2015-1 transactions are derived through Fitch's top-down approach. Loan-to-values (LTVs) for both transactions continue to maintain a moderate level of cushion at the current rating category. Both also benefit from satisfactory levels of overcollateralization with LTVs at 88.2% for the 2015-1 certificates and 90.2% for the 2017-1 certificates in Fitch's 'A' level stress scenario. The ratings for the senior tranches continue to be supported by strong market values for the A320 and A321 CEO aircraft, which are trading 7.5% to 14% above current base values used in Fitch's models. Peer Analysis Among U.S. airlines, Spirit compares most closely with JetBlue (B-/Negative). JetBlue is rated three notches higher than Spirit, primarily due to its superior financial flexibility, as JetBlue has a sizable liquidity balance and financeable assets available to raise further capital if needed. Fitch also views JetBlue as being better positioned from a brand preference standpoint. Both airlines are pursuing strategies aimed at capturing premium revenues, which Fitch views as more likely to be achievable for JetBlue given its existing customer reputation compared to Spirit's. While both carriers have been unprofitable since the pandemic, Spirit's losses have been steeper than JetBlue's. Spirit is rated several notches below most other U.S. airlines with the rating differential driven by Spirit's limited financial flexibility, lack of unencumbered assets, and execution risk involved with its turnaround strategy. EETCs The class AA and class A certificates rated in both of Spirit's EETC transactions are in line with other EETC class AA and A certificate ratings in Fitch's coverage. The level of overcollateralization and LTVs are consistent with similar-rated certificates. Key Assumptions - Capacity declining in the mid-teens in 2025 and expanding in the low single digits in 2026; - Unit revenues expand notably in 2025 based on Spirit's revenue initiatives and network deployment, with modest unit revenue expansion thereafter; - Jet fuel around $2.40/gallon through the forecast; - Minimal capital spending, in line with publicly filed plans. EETCs Key assumptions within the rating case for the issuer include a harsh downside scenario in which Spirit declares bankruptcy, chooses to reject the collateral aircraft, and where the aircraft are remarketed amid a severe slump in aircraft values. Fitch's models also incorporate a full draw on liquidity facilities and include assumptions for repossession and remarketing costs. Recovery Analysis Fitch's recovery analysis assumes Spirit would be reorganized as a going concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which it bases the enterprise valuation. Fitch uses a GC EBITDA estimate of $220 million and a 5.0x multiple generating an estimated GC enterprise valuation (EV) of $990 million after accounting for administrative claims. The GC EBITDA estimate is equal to Fitch's forecast 2026 EBITDA for Spirit Airlines and incorporates improving margins from low levels experience in recent years as the company executes its turnaround plan. Spirit's 5x multiple is at the midpoint of the range typically utilized in historical airline and transportation bankruptcy cases, which is driven by the company's potential growth over time, offset by profitability and competitive headwinds. Fitch ascribes a portion of the overall enterprise value of the company to the loyalty program assets that secure the company's exit notes. The value is estimated utilizing stresses to historical program cash flows. Fitch assumes a lower multiple for loyalty program assets compared to the airline as a whole to reflect the risk of value degradation in the event that a future bankruptcy filing may result in liquidation. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Further deterioration in liquidity, including inability to access alternative liquidity sources to avoid a breach in covenants; - Initiation of restructuring proceedings or other events indicative of default. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Sustained improvement in liquidity such that the company is able to demonstrate a buffer above minimum covenant requirements; - Successful execution of strategic initiatives evidenced by sustainable improvement in profit margins. EETCs (Class AA and A Certificates) Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Negative rating actions could be driven by an unexpected decline in collateral values. Senior tranche ratings could also be affected by a perceived change in the affirmation factor. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - The class AA and A certificate ratings are primarily based on a top-down analysis based on the value of the collateral. Upgrades may be driven by stable or increasing values for the A321 and A320 along with continued principal amortization leading to improved collateral coverage. An upgrade to the class AA certificates is unlikely, given Spirit's IDR is at 'CCC-'. Liquidity and Debt Structure Spirit ended the second quarter with cash and equivalents of $407.5 million and full availability under its $275 million revolver. Near-term debt maturities are limited to principal amortization. Spirit's senior secured exit notes mature in 2030. EETCs Liquidity Facilities 2017-1: The AA and A certificates benefit from dedicated 18-month liquidity facilities which will be provided by Commonwealth Bank of Australia, New York Branch (AA-/F1+/Stable). 2015-1: The class A certificates feature an 18-month liquidity facility provided by Natixis (A/F1/Stable). Issuer Profile Spirit Airlines, Inc. is a Florida-based ultra-low-cost air carrier. 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 ----------- ------ -------- ----- Spirit Airlines Pass Through Trust Certificates Series 2017-1 senior secured LT A Affirmed A senior secured LT A+ Affirmed A+ Spirit Loyalty Cayman Ltd. senior secured LT CCC- Downgrade RR4 B- Spirit IP Cayman Ltd. senior secured LT CCC- Downgrade RR4 B- Spirit Airlines Pass Through Trust Certificates Series 2015-1 senior secured LT A Affirmed A Spirit Airlines, LLC LT IDR CCC- Downgrade CCC+ SUNNOVA ENERGY: $118MM Sale Moves Forward Despite Bank's Objection ------------------------------------------------------------------ Ben Zigterman of Law360 Bankruptcy Authority reports that a Texas bankruptcy judge Tuesday, August 19, 2025, declined to undo a $118 million sale of almost all the assets of solar panel business Sunnova Energy International Inc., rejecting a St. Louis-area bank's argument that the debtor failed to disclose that nondebtor assets would be part of the transaction. About Sunnova Energy Sunnova Energy International Inc. (NYSE: NOVA) is an industry-leading adaptive energy services company focused on making clean energy more accessible, reliable, and affordable for homeowners and businesses. Through its adaptive energy platform, Sunnova provides a better energy service at a better price to deliver its mission of powering energy independence. Sunnova Energy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90160) on June 8, 2025. In its petition, the Debto reports estimated assets and liabilities between $10 billion and $50 billion each. The Debtor is represented by Jason Gary Cohen, Esq. at Bracewell LLP. SUNSET PALM: Seeks to Tap Preferred Accounting Services as Auditor ------------------------------------------------------------------ Sunset Palm Villas Condominium Association, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Preferred Accounting Services, Inc. as auditor. The firm will audit the Debtor's finances, prepare audited financial statements and assist the Debtor in preparing a budget. The firm will be paid a flat fee of $3,750 per year for the preparation of audited financial statements for calendar years 2022, 2023 and 2024, and $250 per hour for services related to budget preparation and analysis and other accounting services. Ana Costales, CPA, a member at Preferred Accounting Services, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ana Costales, CPA Preferred Accounting Services, Inc. 7440 S.W. 50th Ter., Ste. 106 Miami, FL 33155 Telephone: (305) 661-2919 About Sunset Palm Villas Condominium Association Inc. Sunset Palm Villas Condominium Association Inc. oversees the management and maintenance of the Sunset Palm Villas residential complex located in Miami, Florida. The association handles property operations, common area upkeep, and enforces community regulations on behalf of unit owners. Sunset Palm Villas Condominium Association Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-17036) on June 21, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Corali Lopez-Castro handles the case. The Debtor tapped the Law Offices of Robert E. Reynolds, PA as counsel and Preferred Accounting Services, Inc. as auditor. TEGNA INC: S&P Places 'BB+' ICR on CreditWatch Negative ------------------------------------------------------- S&P Global Ratings placed all its ratings on U.S. TV broadcaster TEGNA Inc., including its 'BB+' issuer credit rating, on CreditWatch with negative implications. S&P expects to resolve the CreditWatch placement or discontinue its ratings on the company once the proposed acquisition closes, depending on whether any of its rated debt remains outstanding. TEGNA announced it has entered into a definitive agreement to be acquired by Nexstar Media Group Inc. for $22 per share in cash, which translates to a total enterprise valuation of $6.2 billion (including the assumption or repayment of $3.1 billion of its debt). S&P said, "We estimate pro forma S&P Global Ratings-adjusted net debt to EBITDA (calculated on an average trailing-eight-quarters basis) for the combined company will rise to the mid-to high-4x area and will take about two years to decline to below 4x, our downgrade threshold for the 'BB+' rating. "The CreditWatch placement reflects the likelihood that we will lower or discontinue our ratings on TEGNA given incremental leverage from the transaction or if Nexstar repays all of TEGNA's outstanding debt. We expect the transaction will be a leveraging event for TEGNA and S&P Global Ratings-adjusted net debt to last-eight-quarter EBITDA at the combined company will be above 4x, the threshold for the 'BB+' rating. "We also believe there is limited line of sight for the combined company to reduce its leverage below 4x within one year of transaction close. If we believe there is a clear path for leverage to come down to under 4x, we could affirm the rating and assign a negative outlook, otherwise we could lower the issuer credit rating. Alternatively, if Nexstar repays all of TEGNA's outstanding debt at the close of the transaction, we would withdraw all ratings on TEGNA. "We anticipate the transaction will close in the second half of 2026 subject to regulatory and shareholder approvals from both companies. "The negative CreditWatch placement reflects the potential that we could lower our ratings on TEGNA if we believe, that one year after the transaction closing, there isn't a clear path for the combined company to reduce S&P Global Ratings-adjusted net debt to last-eight-quarters EBITDA to below 4x. However, if we believe there is a clear path for leverage to come down to under 4x within this timeframe, we could instead affirm the ratings and assign a negative outlook. "Alternatively, if Nexstar repays all of TEGNA's outstanding debt at the close of the transaction, we would withdraw all ratings on TEGNA." TEXAS MANAGEMENT: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Texas Management Group, LLC got the green light from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral to fund operations. The court's order authorized the Debtor's interim use of cash collateral, including revenue until September 8 in accordance with its 30-day budget. The budget shows projected gross revenue of $44,071. As adequate protection for the Debtor's use of their cash collateral, secured creditors including the U.S. Small Business Administration will be granted replacement liens on cash collateral and other property acquired by the Debtor after its Chapter 11 filing, with the same priority and extent as their pre-bankruptcy liens. The replacement liens do not apply to any Chapter 5 causes of action and are subject to the fee carveout. Holders of allowed secured claims with a perfected security interest in cash collateral, if any, are entitled to a replacement lien in post-petition accounts receivable, contract rights, and deposit accounts, to the same extent allowed and in the same priority as those interests held as of the petition date. The Debtor's authority to use cash collateral terminates upon case dismissal or conversion to Chapter 7; appointment of a Chapter 11 trustee; expiration of order without extension; or material breach of the interim order. The final hearing is scheduled for September 8. Formed in 2014, the Debtor offers IT and phone support services. Its operations rely entirely on income generated through client contracts. As of the petition date, the Debtor had approximately $72,821 in cash, $55,746 in accounts receivable, and a 2019 Ford F-150 valued at $25,000. The Debtor also leases equipment, which holds no value in its asset schedule. Its total assets are valued at $206,669, although a significant portion is tied up in the truck, which is separately encumbered. SBA holds a blanket lien on all assets of the Debtor based on a promissory note originally for $150,000, later extended to a total of approximately $350,000. As of July 15, SBA is owed about $500,000, making it undersecured by roughly $318,331. Another creditor, On Deck, also holds a junior blanket lien, based on a $132,000 loan made in October 2023. On Deck is fully undersecured and subordinate to SBA. About Texas Management Group LLC Texas Management Group, LLC offers IT and phone support services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34650) on August 11, 2025. In the petition signed by Scott McAuley, IT director, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Eduardo V. Rodriguez oversees the case. Robert C. Lane, Esq., at The Lane Law Firm, represents the Debtor as bankruptcy counsel. TEXAS MANAGEMENT: Seeks Approval to Tap Jimmy Riggle as Bookkeeper ------------------------------------------------------------------ Texas Management Group, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Jimmy Riggle, a professional practicing in Texas, as bookkeeper. The bookkeeper will be paid at his hourly rate of $30. Mr. Riggle disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The bookkeeper can be reached at: Jimmy Riggle Houston, TX About Texas Management Group Texas Management Group, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34650) on August 11, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Judge Eduardo V. Rodriguez oversees the case. The Debtor tapped Robert C. Lane, Esq., at The Lane Law Firm, PLLC as counsel and Jimmy Riggle as bookkeeper. TEXAS MANAGEMENT: Seeks to Hire The Lane Law Firm as Counsel ------------------------------------------------------------ Texas Management Group, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ The Lane Law Firm, PLLC as legal counsel. The firm will provide these services: (a) assist, advise and represent the Debtor relative to the administration of the Chapter 11 case; (b) assist, advise and represent the Debtor in analyzing its assets and liabilities, investigating the extent and validity of lien and claims, and participating in and reviewing any proposed asset sales or dispositions; (c) attend meetings and negotiate with the representatives of the secured creditors; (d) assist the Debtor in the preparation, analysis, and negotiation of any plan of reorganization and disclosure statement accompanying any plan of reorganization; (e) take all necessary action to protect and preserve the interests of the Debtor; (f) appear, as appropriate, before this court, the appellate courts, and other courts in which matters may be heard and to protect the interests of the Debtor before said courts and the United States Trustee; and (g) perform all other necessary legal services in this case. The firm will be paid at these hourly rates: Robert Lane, Attorney $595 Joshua Gordon, Senior Associate $550 Zach Casas, Attorney $500 Kyle Garza, Attorney $450 Grant Bullwinkel, Paralegal $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received multiple payments from Debtor totaling $30,000 from April 26, 2024 through January 29, 2025. Mr. Lane 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 C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 About Texas Management Group Texas Management Group, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34650) on August 11, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Judge Eduardo V. Rodriguez oversees the case. The Debtor tapped Robert C. Lane, Esq., at The Lane Law Firm, PLLC as counsel and Jimmy Riggle as bookkeeper. THERMOPRO INC: Court Extends Cash Collateral Access to Nov. 4 ------------------------------------------------------------- ThermoPro, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Georgia to use cash collateral. The court's second interim order authorized the Debtor to use cash collateral from August 13 to November 4 in accordance with its budget. The Debtor projects total operational expenses of $127,146 for August; $107,146 for September; $105,346 for October; and $96,596 for November. As adequate protection for any diminution in the value of their cash collateral, lenders were granted valid and properly perfected replacement liens on all property acquired by the Debtor after its Chapter 11 filing that is similar to their pre-bankruptcy collateral. The replacement liens granted to the lenders do not apply to any Chapter 5 avoidance actions. The lenders are Revenued, LLC, Unique Funding Solutions, LLC, Rapid Financial Services, LLC, Maison Capital Group, Inc., the U.S. Small Business Administration, and United Bank, successor-by-merger to The Piedmont Bank. As additional protection, United Bank will receive a monthly payment of $1,800 during the interim period. The final hearing is scheduled for November 4. The Debtor disclosed in court documents filed in April that the outstanding principal balance of its loan to United Bank was $236,000 while the outstanding principal balance of its loan to SBA was $205,000. Meanwhile, the total principal amount of the small business loans it obtained from the other lenders was $497,000. About ThermoPro Inc. ThermoPro Inc., doing business as Prize Wheels R Fun, Games People Play, and The Golf Target, is a plastics thermoforming manufacturer based in the metro Atlanta, Georgia area, specializing in heavy gauge vacuum forming, pressure forming, drape forming, plastic fabrication, and secondary assembly. ThermoPro serves a wide range of industries, including office products, medical devices, recreational vehicles, kiosks, and more. Additionally, the Company offers design and development services to help clients create high-quality, engineered plastic parts. ThermoPro sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-53612) on April 1, 2025. In its petition, the Debtor reported total assets of $2,127,245 and total liabilities of $1,634,653. Honorable Bankruptcy Judge Barbara Ellis-Monro handles the case. The Debtor is represented by Michael Pugh, Esq., at Thompson O'Brien Kappler & Nasuti, P.C. TIGER ACQUISITION: Moody's Rates New Sec. Bank Credit Facility 'B2' ------------------------------------------------------------------- Moody's Ratings affirmed the B2 Corporate Family Rating and B2-PD Probability of Default Rating for Tiger Acquisition, LLC (dba "Sabre Industries, Inc." "Sabre"). Moody's also assigned B2 ratings to its new senior secured first lien bank credit facility (comprised of a term loan and revolver). The action follows the company's announcement that it expects to complete a $1.26 billion refinancing which would include payment of an estimated $387 million dividend. The refinancing will include a 7 year maturity on the senior secured first lien term loan in 2032. Moody's took no action on the ratings of the existing senior secured bank credit facility, as these instruments will be repaid with proceeds from the transaction. The outlook is stable. RATINGS RATIONALE Tiger Acquisition, LLC's B2 Corporate Family Rating reflects the company's leadership position in its niche markets with expanded service capabilities, strong backlog which supports revenue growth and favorable industry dynamics in utility and telecom businesses. Risks that the company faces include cyclical end markets and variability in project-based work. Current fundamentals are favorable given expected growth in demand for electricity along with expected growth in network data traffic in the United States. Tiger Acquisition, LLC's adjusted debt-to-EBITDA will generally be between 5.0x to 5.5x over the next 24 months with the refinanced capital structure assuming no early debt repayments. Moody's expects that the company will be able to reduce leverage after the dividend from good demand and improved profitability. Tiger Acquisition, LLC's good liquidity is supported by Moody's expectations that free cash flow will be in excess of $100 million annually for the next two years, post-dividend. Moody's expects availability on the revolving credit facility to be good as well. The outlook for Tiger Acquisition, LLC is stable based upon Moody's expectations for strong demand in the utilities and telecom businesses and a very strong backlog which will allow for strong EBITDA and improved cash flow. The company's Credit Impact Score is CIS-4 which indicates that ESG considerations have a discernable impact on the current rating, which is lower than it would have been if ESG risks did not exist. The company has moderate environmental and social risk, balanced against material governance risk. Governance risk stems from high leveraging events that the company has undertaken under the controlling ownership by private equity sponsor, Blackstone. Such events include Blackstone's leveraged buyout of the company in 2021 and the recapitalization and dividend that was announced this week. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Tiger Acquisition, LLC achieves healthy organic revenue and earnings growth, adjusted debt-to-EBITDA declines to around 4 times along with expectations of a sustained conservative financial policy, strengthened liquidity and demonstration of reduced quarterly earnings and cash flow variability. The ratings could be downgraded if Tiger Acquisition, LLC experiences an erosion in liquidity, free cash flow declines to break-even or if adjusted debt-to-EBITDA increases towards 5.5 times. Headquartered in Alvarado, Texas, Sabre Industries, Inc. manufactures towers, poles, equipment enclosures and related transmission structures used in the wireless communications and electric transmission and distribution industries. The company is owned by private equity firm Blackstone. The principal methodology used in these ratings was Manufacturing published in September 2021. Tiger Acquisition, LLC's B2 rating is two notches below the scorecard-indicated outcome of Ba3. The difference reflects among other factors, risks which reflect aggressive financial policies under private equity ownership which lead to high financial leverage such as debt financed acquisitions and debt financed dividends. TITAN CNG: Deadline for Committee Questionnaires Set for Aug. 22 ---------------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy cases of Titan CNG LLC, et al. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/2u3f7t9e and return by email it to Megan Seliber, Esq. -– megan.seliber@usdoj.gov –- of the Office of the United States Trustee so that it is received no later than Friday, August 22, 2025, at 4:00 p.m. E.T. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Titan CNG Titan CNG, LLC operates compressed natural gas fueling stations serving commercial fleets and trucking operators across the United States. Titan Transportation Equipment Leasing, LLC leases trucks, trailers, and related transportation equipment to support freight and contract delivery operations nationwide. J.B. Lease Corporation provides vehicle and equipment leasing services for regional freight transport and postal service contracts in the U.S. Titan CNG and two of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11525) on August 14, 2025. In its petition, the Lead Debtor reported estimated assets between $10 million to $50 million and estimated liabilities between $50 million and $100 million. The Honorable Mary F. Walrath handles the cases. The Debtors are represented by Archer & Greiner, P.C. TITAN ENVIRONMENTAL: Eleven 11 No Longer Owns Common Stock ---------------------------------------------------------- Eleven 11 Management LLC, disclosed in a Schedule 13G/A (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of July 17, 2025, it no longer owns shares of Titan Environmental Solutions Inc.'s Common Stock. Eleven 11 Management LLC may be reached through: Jeffrey Pazdro, Manager 156 W Saddle River Road Saddle River, NJ 07458 Tel: 201-923-3815 A full-text copy of Eleven 11 Management LLC's SEC report is available at: https://tinyurl.com/yyetdnuk About Titan Environmental Bloomfield Hills, Mich.-based Titan Environmental Solutions, Inc. is a professional service firm that provides consultation on regulatory compliance to departments at corporations, public agencies, and residential communities to ensure that its clients are aware of and take steps to comply with relevant laws and regulations. The firm also offers solutions to remove the risk caused by harmful environmental hazards. Buffalo, New York-based Freed Maxick P.C. (f/k/a Freed Maxick CPAs, P.C.), the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. This raises substantial doubt about the Company's ability to continue as a going concern. TPI COMPOSITES: Seeks to Hire Kroll as Claims and Noticing Agent ---------------------------------------------------------------- TPI Composites, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Kroll Restructuring Administration LLC as claims, noticing, and solicitation agent. Kroll 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 an advance in the amount of $75,000. Benjamin Steele, a managing director at Kroll, 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: Benjamin J. Steele Kroll Restructuring Administration LLC 1 World Trade Ctr. New York, NY 10007 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 tapped Gabriel Adam Morgan, Esq., at Weil, Gotshal & Manges LLP as counsel and Kroll Restructuring Administration LLC as claims, noticing, and solicitation agent. TRANSDIGM INC: Moody's Rates New Secured 1st Lien Term Loan 'Ba3' ----------------------------------------------------------------- Moody's Ratings assigned Ba3 ratings to TransDigm Inc.'s new backed senior secured first lien term loan Tranche M due 2032 and new backed senior secured notes due 2034. Moody's also assigned a B3 rating to the new backed senior subordinated notes due 2034. The B1 corporate family rating, B1-PD probability of default rating, existing Ba3 backed senior secured and B3 backed senior subordinated ratings and the stable outlook are unaffected by the debt issuance. TransDigm will use the aggregate net proceeds and some of its cash on hand to fund its latest special dividend to shareholders of approximately $4.3 billion. The company most recently issued a special dividend aggregating $4.348 billion, also a majority debt-funded, in September 2024. TransDigm's strong business profile supports us maintaining the B1 corporate family rating while the company funds these inordinately large dividends mostly with debt. TransDigm has a strong track record of effectively and profitably growing via acquisitions, bolstering its position as a key supplier to a large swath of the commercial and defense aerospace market. Few manufacturers achieve EBITDA margins that exceed 35% let alone reach TransDigm's 50% or higher. Annual revenue will reach almost $9 billion in FY 2025, up from $5.2 billion in FY 2019. Annual free cash flow – pro forma for the exclusion of dividends – was around $900 million before FY 2020. This measure of free cash flow is now running at about $1.8 - $2.0 billion. TransDigm reported strong results for the third quarter and first nine months of the current fiscal year ending September 30, 2025. The company expects EBITDA of $4.7 billion, almost 15% higher than in FY 2024. Today's debt issuance will increase debt/EBITDA by roughly one full turn to about 6.7x. However, Moody's expect earnings growth to reduce leverage below 6.5x in fiscal 2026, absent additional acquisitions or special dividends. RATINGS RATIONALE The B1 CFR reflects TransDigm's strong market position and business model that produce outsized profit margins. However, the company's aggressive financial policy, defined by recurring special dividends to shareholders that are typically majority-funded with debt, balances the strong operating profile and constrains the rating in the single-B category. Moody's expect debt/EBITDA to range between 5x and 7x in upcoming years, as the company increases debt for large acquisitions and for future special dividends. Nonetheless, the incremental acquired earnings and significant margin expansion that typically occurs at acquired businesses will help offset the higher debt balances to alleviate sustained upwards pressure on financial leverage. The ratings also reflect TransDigm's strong competitive position, supported by the proprietary nature of most its products. TransDigm maintains industry leading profitability metrics among aerospace suppliers with an EBITDA margin around 50%. The company's ratings are also supported by a large installed base of products serving a diverse set of platforms and channels that provide a large stream of highly profitable, recurring aftermarket demand. The stable outlook reflects the company's strong business profile and Moody's expectation for financial leverage remaining within its historical range. TransDigm maintains very good liquidity with a sizable cash balance, strong operating cash flow and availability of about $856 million on its $910 million revolver because of outstanding letters of credit. Cash and equivalents were $2.8 billion at June 28, 2025. The next debt maturity is the $2.1 billion of 6.75% senior secured notes due August 15, 2028. Moody's expect that TransDigm will refinance rather than retire this obligation. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if the company's financial policy becomes more aggressive, leading to debt/EBITDA remaining elevated following periods when special dividends are distributed. For example, if debt/EBITDA is sustained near 7.0x. Free cash flow to debt being sustained in the low single-digits or sustained declines in EBITDA margin to below 40% could also pressure the B1 rating. There will be little upwards rating pressure as long as the company maintains an aggressive financial policy, marked by recurring, debt-funded dividends. The ratings could be upgraded if financial policy is changed, such that the company adopts lower financial leverage with debt/EBITDA being sustained below 5.5x, even when accounting for debt-funded dividend distributions. The principal methodology used in these ratings was Aerospace and Defense published in July 2025. TransDigm Inc., headquartered in Cleveland, Ohio, is a manufacturer of engineered aerospace components for commercial airlines, aircraft maintenance facilities, equipment manufacturers and various agencies of the US Government. TransDigm Inc. is the wholly-owned subsidiary of TransDigm Group Incorporated. Revenue is approximately $8.5 billion for the twelve months ended June 30, 2025. TRANSOCEAN LTD: Subsidiary Inks $39.7M Bond Exchange Agreements --------------------------------------------------------------- Transocean Ltd. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 11, 2025, as part of its ongoing efforts to optimize its capital structure, Transocean International Limited, a wholly owned subsidiary of the Company, entered into separate, individually negotiated agreements as of August 11, 2025, with certain holders of its 4.0% Senior Guaranteed Exchangeable Bonds due 2025. Pursuant to the 2025 EB Agreements: (i) the 2025 EB Holders agreed to exchange approximately $39.7 million aggregate principal amount of 2025 Exchangeable Bonds for shares, $0.10 par value, of the Company, with the amount of Shares -- Consideration Shares -- to be determined based in part on the daily volume-weighted average price per Share over a five trading day period beginning on, and including, August 11, 2025, which may be extended in certain circumstances, and (ii) TIL agreed to deliver, in consideration therefor, the Consideration Shares to such 2025 EB Holders and to pay the 2025 EB Holders in cash for any accrued and unpaid interest on the 2025 Exchangeable Bonds. Although the Consideration Shares to be issued will ultimately be determined based on the calculation during the trading day period as discussed herein, for illustrative purposes only, if the volume-weighted average price per share of the Shares every trading day during such period was equal to $3.10 (the closing price per share of the Shares on August 8, 2025), then the aggregate number of Shares due at settlement pursuant to the 2025 EB Agreements would be approximately 13.3 million. The foregoing Transactions are subject to a limit price of $2.50 per share, whereby the daily Transactions will cease in the event that, and for so long as, the trading price of the Shares declines below the Limit Price. In certain circumstances, the aggregate principal amount of 2025 Exchangeable Bonds exchanged as part of the Transactions may be less than the approximate $39.7 million agreed amount. The issuances of Consideration Shares are exempt pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, which exempts transactions by an issuer not involving a public offering. The Transactions begin on the date hereof and are expected to all close by the end of the expiration of the trading day period (which may be adjusted as discussed), in each case subject to customary closing conditions. 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 $512 million in 2024, 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 December 31, 2024, Transocean Ltd. had $19.4 billion in total assets, $1.66 billion in total current liabilities, $7.42 billion in total long-term liabilities, and $10.2 billion in total equity. As of June 30, 2025, the Company had $17.8 billion in total assets, $6.9 billion in total long-term liabilities, and $9.4 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. TRIDENT NUT: Case Summary & 17 Unsecured Creditors -------------------------------------------------- Debtor: Trident Nut Co., Inc. Valley Pride Pistachios, Inc. 246 W. Shaw Avenue Fresno CA 93704 Business Description: Trident Nut Co., Inc., also known as Valley Pride Pistachios, Inc., is engaged in the business of growing, selling, and trading agricultural products with a focus on pistachios and other nuts in California's Central Valley. Chapter 11 Petition Date: August 18, 2025 Court: United States Bankruptcy Court Eastern District of California Case No.: 25-12782 Judge: Hon. Jennifer E. Niemann Debtor's Counsel: Ryan D. O'Dea, Esq. SHULMAN BASTIAN FRIEDMAN BUI & O'DEA LLP 100 Spectrum Center Drive, Suite 600 Irvine CA 92618 Tel: 949-340-3400 E-mail: rodea@shulmanbastian.com Estimated Assets: $10 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Kulsanjugat S. Toor as secretary. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/L2LSM3Y/Trident_Nut_Co_Inc__caebke-25-12782__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 17 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. 8th Avenue Trade Debt $1,972,740 4801 Trade Access Boulevard, Hazelwood, MO 63042 Rangila Pal Phone: (778) 847-3789 Email: rangila.pal@8ave.com 2. Aurora Pro Trade Debt $352,260 205 Edison Road Orange, CT 06477 Candy Inoa Phone: (203) 375-9956 ext. 330 Email: cinoa@auroraproduct.com 3. Cache Trade Debt $1,784,640 411 N Pioneer Ave, Woodland, CA 95776 John Unzueta Phone: (530) 662-1764 Email: johnu@cachecreekfoods.com 4. Caro Nut Trade Debt $2,646,000 2885 S. Cherry Ave Fresno, CA 93706 Armando Castro Phone: (559) 289-6145 Email: Armando.Castro@Caro-N 5. Cibovita Trade Debt $2,070,880 12 Vreeland Avenue Totowa, NJ 07512 Ahmet Celik Phone: (862) 238-8020 Email: ahmet@cibovita.com 6. Costco Trade Debt $1,176,000 2222 Enrico Fermi Drive San Diego, CA 92154 Jennifer Messall Phone: (425) 313-6126 Email: jmessall@costco.com 7. Gen Mills Trade Debt $1,252,800 900 Hall St SW Suite B Grand Rapids, MI 49503 Seth Baso Phone: (763) 293-3737 Email: seth.baso@genmills.com 8. Lark Ellen Trade Debt $48,100 420 Bryant Cir Unit B Ojai, CA 93023 Mike Mendoza Phone: (805) 320-9184 Email: mike@puresimplefoods.com 9. Maisie J. Hurtado Trade Debt $69,920 3764 Hegan Lane Chico, CA 95928 Maisie Jane Hurtado Phone: (530) 899-7909 Email: maisie@maisiejanes.com 10. NatPath - US Trade Debt $272,728 9100 Van Horne Way Richmond BC Canada V6X 1W3 Danny Ko Phone: (604) 248-8794 Email: dko@naturespath.com 11. NellysOrg Trade Debt $23,700 2513 Teller Road Newbury Park, CA 91320 Paola Blanton Phone: (310) 756-0738 Email: paola@nellysorganics.com 12. Once Again Trade Debt $1,469,160 12 South State Street Nunda, NY 14517-0429 Dan Pijanowski Phone: (585) 468-2535 Email: dpijanowski@onceagain.com 13. PremierOrg Trade Debt $280,000 810 81st Ave Unit B Oakland, CA 94621 Santiago Cuenca-Romero Phone: (510) 731-8767 Email: santi@premierorganics.o 14. Sunco Trade Debt $5,733,000 9208 North Fraser Crescent Burnaby BC V5J 0E3 Samir Virani Phone: (604) 451-9208 Email: samir.virani@suncofoods 15. Woodstock Trade Debt $851,200 96 Executive Ave Edison, NJ 08817 Scott Berman Phone: (732) 650-9905 Email: sberman@woodstockfar 16. Sran Family Orchards Trade Debt Unknown 1750 N. Siskiyou Ave Kerman, CA 93630 17. Andrew De Camara Unknown Court-Appointed Receiver Beth Ann Young, Esq. Email: bry@lnbyg.com TRONOX HOLDINGS: Moody's Cuts CFR to 'B2', Outlook Remains Negative ------------------------------------------------------------------- Moody's Ratings has downgraded Tronox Holdings Plc's Corporate Family Rating to B2 from Ba3, Probability of Default Rating to B2-PD from Ba3-PD, as well as the ratings on the backed senior secured bank credit facilities issued by Tronox Finance LLC to B1 from Ba2, the rating on the backed senior unsecured notes issued by Tronox Incorporated to Caa1 from B2. The ratings outlook for Tronox and its two debt issuing subsidiaries, Tronox Finance LLC and Tronox Incorporated, remains negative. Tronox's Speculative Grade Liquidity Rating remains SGL-3. Environmental, social and governance ("ESG") factors are key drivers of the action. RATINGS RATIONALE The rating downgrade reflects Tronox's recent earnings deterioration, increased debt leverage and continued weak business fundamentals. Lackluster TiO2 demand and ongoing price competition, which depressed on Q2 earnings, continue into Q3 and are expected to drive full-year profits below prior year level. Tronox lost nearly 10% of sales volume in Q2 compared to a year ago, due to intense competition in the sector, despite tariffs against Chinese imports. At the same time, production costs increased due to higher mining expenses, driven by the depletion of low-cost ore sources. The revised management guidance of $410 million to $460 million EBITDA for 2025 marks a multiyear low, signaling a prolonged downturn in the TiO2 business amid elevated trade tension and low business confidence. Moody's expects adjusted debt/EBITDA in the range of 6x-8x due to the combination of weak earnings and additional borrowing in the next 12-18 months. Tronox's free cash flow will be negative in 2025 given nearly $580 million use of cash. The expected shortfall of $100 million to $170 million will be funded by additional debt, mostly in the first half of 2025. Although the company reduced capital expenditure in 2025, Moody's views its investment in mining assets and cost efficiency projects as critical to maintaining nearly $300 dollar per ton feedstock cost advantage against peers. Despite ongoing cash consumption and high debt leverage, Moody's expects Tronox to weather against the downturn better than peers and maintain market leadership over time through its feedstock cost advantage, business restructuring and critical investments. Tronox will benefit from the rationalization of high-cost TiO2 capacity, anticipated interest rate cuts in the US, and a recovery in demand across the paints and coatings, plastics, and paper sectors. Moody's rating factors in the cyclical nature of its TiO2 business and its adequate liquidity against the sector's downturn until demand recovers. The company has cost advantaged TiO2 production thanks to its 85% integration into TiO2 feedstock and its leading market position as one of the world's largest TiO2 producers. The recent idling of its Botlet facility in Europe will reduce cost and inventory. The SGL-3 Speculative Grade Liquidity Rating reflects the company's $397 million available liquidity as of June 30, 2025, including $132 million in cash and $265 million available under various bank credit facilities (including B1 rated $350 million revolver). Its liquidity is sufficient to cover about $266 million in short-term debt at the end of June 30, 2025 and the expected cash consumption in the next one to two years, although liquidity has declined in recent quarters. The company's primary $350 million cash flow revolver will mature on the earlier of August 15, 2029 and 91 days prior to the maturity of any debt with more than $200 million outstanding amount. The $350 million cash flow revolver contains a springing maximum first lien leverage ratio of 4.75:1.00 which will trigger if utilization exceeds 35% (less undrawn LCs and cash collateralized LCs). The term loan and bonds do not have any financial covenants. The company has an unrated $230 million accounts receivable securitization program due in March 2028. As of June 30, 2025, the securitization program was fully drawn. There is no meaningful debt maturity until 2029. The negative outlook reflects the company's depressed credit metrics relative to the rating requirements due to a prolonged downturn in the TiO2 business. ESG CONSIDERATIONS Environmental, social and governance ("ESG") factors are drivers of the action. Tronox's Credit Impact Score of CIS-4 indicates that its rating would be significantly higher without considering environmental, social and governance factors. Although the company had a track record of reducing debt during the periods of strong earnings, its debt level is expected to increase due to weak earnings and business investments. The company is exposed to very high risks in waste and pollution as well as high risks in health and safety, water management and responsible production associated with its mining operations in South Africa and Australia, and its nine pigment facilities worldwide. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The outlook could return to stable if Tronox improves its earnings aided by a recovery in construction activities, removal of high-cost TiO2 capacity and tariffs against Chinese imports. An improved cost position through business investments and a reduction in reported total debt towards $2.5 billion could support a higher rating. An upgrade would require the company to improve profit margins, generate free cash flow and maintain adequate liquidity. Downgrade could be triggered, if the company fails to improve its earnings and make meaningful progress to reduce adjusted financial leverage below 6.0x, or if free cash flow stays negative and liquidity continues to weaken. Tronox Holdings Plc ("Tronox") is one of the world's largest producers of titanium dioxide (TiO2) and is the most backward integrated among the leading western pigment producers into the production of titanium ore feedstocks. It also co-produces zircon, pig iron and other products. The company operates nine pigment plants and eight mineral sands facilities globally. Tronox's revenues were roughly $2.9 billion for the twelve months ended June 30, 2025. The principal methodology used in these ratings was Chemicals published in October 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ULTIMATE PAVERS: Ruediger Mueller Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 21 appointed Ruediger Mueller of TCMI, Inc. as Subchapter V trustee for Ultimate Pavers, Inc. Mr. Mueller will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Mueller declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Ruediger Mueller TCMI, Inc. 1112 Watson Court Reunion, FL 34747 Telephone: (678) 863-0473 Facsimile: (407) 540-9306 Email: truste@tcmius.com About Ultimate Pavers Ultimate Pavers, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05696) on August 12, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Catherine Peek Mcewen presides over the case. Andrew J. Wit, Esq., represents the Debtor as legal counsel. UNITED PROPERTY: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- United Property Maintenance Corporation received interim approval from the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, to use cash collateral. The interim order authorized the Debtor to use the cash collateral of The National Bank of Indiana/U.S. Small Business Association and Fora Financial, in accordance with its budget pending the final hearing. The SBA is adequately protected based on the cash payments and replacement liens proposed by the Debtor, according to the interim order. The final hearing is set for September 9. The deadline for filing objections is on August 26. The Debtor filed for Subchapter V bankruptcy on July 28 after facing significant financial challenges. These challenges stemmed from rapid growth, the loss of major accounts following a November 2024 acquisition, internal management issues, and reliance on high-interest short-term loans to fund operations. Despite strong historical revenue growth -- from $900,000 in 2021 to over $2 million in 2024 -- the Debtor's cash flow became unsustainable due to delayed receivables, increased material and labor costs, and shrinking demand in its carpet cleaning division. A third-party valuation by Will Thomson determined the fair market value of the business to be approximately $450,000. The primary secured creditors are the SBA and Fora Financial. Of the three SBA loans totaling roughly $1.58 million, only the first SBA loan ($438,265 secured) and $11,735 of the second loan are considered to be secured claims based on asset value. The remainder of the SBA debt, along with the entire $246,000 Fora Financial loan, are deemed unsecured and "out of the money." About United Property Maintenance Corporation United Property Maintenance Corporation, doing business as California Construction Superior, provides residential and commercial water damage restoration services in San Diego County, California. The Company offers 24/7 emergency flood response, water extraction, drying, mold prevention, and full-service rebuilding of damaged areas including drywall, paint, and cabinetry. Its operations include certified technicians, insurance consultations, and the use of specialized equipment and virtual project tracking technology. United Property Maintenance Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-12226) on August 11, 2025. In its petition, the Debtor reports total assets of $470,779 and total liabilities of $2,271,035. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtor is represented by David A. Wood, Esq. at MARSHACK HAYS WOOD LLP. UNITI GROUP: Moody's Assigns 'B3' CFR Following Windstream Deal --------------------------------------------------------------- Moody's Ratings assigned a B3 corporate family rating, B3-PD probability of default rating, and SGL-3 speculative grade liquidity rating (SGL) to Uniti Group Inc. (Uniti) following completion of the merger with Windstream Services, LLC (Windstream) on August 1, 2025. Moody's affirmed Uniti Group LP's B2 backed senior secured rating and Caa2 backed senior unsecured rating. Moody's also downgraded Windstream's backed senior secured revolving credit facility rating to B2 from Ba3 and upgraded Windstream's backed senior secured first lien term loan B and backed senior secured first lien notes ratings to B2 from B3. The upgrade of Windstream's senior secured term loan and senior secured notes reflects the expected loss absorption in a default scenario provided by the unsecured debt in the combined company's capital structure compared to Windstream's previous all-senior secured capital structure. The downgrade of Windstream's senior secured revolving credit facility reflects the removal of its "first out" priority, as the facility became pari passu with all other senior secured debt of the combined company. Moody's withdrew the B3 CFR, B3-PD PDR, and SGL-3 rating of Uniti Group LLC, and Moody's withdrew the B3 CFR and B3-PD PDR of Windstream. Prior to the withdrawal, the outlook was stable for Uniti Group LLC. The outlooks are stable for Uniti and its rated subsidiaries. In connection with the combination, Legacy Uniti shareholders received equity ownership representing 62% of the new combined company and Windstream shareholders received equity ownership representing the remaining 38% stake. Uniti also issued $575 million of preferred stock. Additional consideration to Windstream shareholders includes a $425 million cash distribution. Preferred stock dividends are payable quarterly in cash or payment-in-kind (PIK) at Uniti's discretion. An affiliate of Windstream merged with and into Uniti Group LLC, with Uniti Group LLC surviving the merger as an indirect, wholly owned subsidiary of Uniti Group Inc. Uniti Group LP was merged into Windstream Services LLC with that surviving entity becoming obligor on the Uniti Group LP debt. The new ultimate parent company, Uniti Group Inc. was also added as a senior unsecured guarantor across the debt of its subsidiaries. Moody's expects the combined company will be well-positioned in the growing market for digital infrastructure services in tier 2 and tier 3 markets and will benefit from greater operating scale and revenue diversification. The combination also removes numerous dis-synergies from the previous structure between Uniti and Windstream, including a previously complicated master lease agreement (MLA) structure. However, Moody's expects the company's accelerated fiber-to-the-home (FTTH) build plan targeting to connect around 3.5 million homes by year-end 2029 (75% of total homes passed) will result in annual negative free cash flow for at least the next 3 years. Moody's believes this strategy is necessary to fend off competitors, improve long term value, and reverse Windstream's declining legacy revenue trends that have weighed on its financial profile. Moody's expects these factors will contribute to Moody's adjusted financial leverage increasing to the mid-to-high 6x range by year-end 2026. Governance considerations were a driver of the rating assignments and reflect the combined company's high financial leverage and Moody's expectations that free cash flow will remain negative in the near-to-mid term to fund high capital spending required for its FTTH build plan. RATINGS RATIONALE Uniti's B3 CFR is constrained by its high financial leverage, Windstream's declining legacy revenue and subscriber trends, and execution risks associated with the company's accelerated capex program to expand its Kinetic FTTH footprint and upgrade its legacy copper network, which Moody's expects will contribute to negative free cash flow for at least the next 3 years. Moody's believes this undertaking will limit the company's financial flexibility by keeping financial leverage at elevated levels and constrain financial resources by allocating most of the company's operating cash flows to fund this project. Uniti's B3 CFR benefits from its moderate operating scale, valuable fiber network, and adequate liquidity to fund its accelerated capex program. Moody's believes its strategy to connect around 3.5 million homes, or 75% of its Kinetic footprint, with fiber by year-end 2029 is necessary to reverse Windstream's declining legacy revenue trends, fend off competitors, and improve long term value. Moody's projects EBITDA margins to improve in 2025 and 2026 as the company exits low margin contracts within Windstream's Enterprise segment and realizes synergies over time from the merger. Increasing bandwidth needs from data centers, hyperscalers, carriers, and other enterprises primarily driven by AI, accelerating adoption of cloud services, and wireless network densification support the company's business model. The company also benefits from better diversified capital access following the Florida and Gulf Coast region fiber securitization transaction. Moody's expects the company will pursue additional fiber securitization transactions which may include portions of the Kinetic fiber network. Moody's expects Uniti to maintain adequate liquidity over the next 12-18 months. Uniti's liquidity position is supported by current cash balances, $328 million in availability (net of $147 million in letters of credit) under Windstream's $475 million revolver expiring January 2027 and full availability under Uniti Group LP's $500 million revolving credit facility expiring September 2027 as of June 30, 2025. After the merger, the company partially drew on the Uniti Group LP revolver to fund a portion of the $425 million cash distribution to Windstream shareholders. Moody's believes the company's accelerated capex spend will require drawing on the revolver or additional sources of capital. Moody's liquidity analysis also assumes that Uniti will elect to PIK its quarterly preferred stock dividends. The senior secured credit facilities contain a senior secured maximum leverage test of 5x. Moody's expects the company will have sufficient cushion under its financial covenants over the next 12 months. Uniti Group LP's B2 senior secured credit facilities and senior secured notes ratings and Windstream's B2 senior secured facilities and senior secured notes, one notch above the combined company's B3 corporate family rating, reflect their senior payment priority to the senior unsecured notes. Uniti Group LP's senior unsecured notes are rated Caa2, reflecting their most junior position in the capital structure. Uniti Group LLC's exchangeable unsecured notes are not rated. The stable outlook reflects Moody's expectations that over the next 12 to 18 months, the combined company's revenue will decline in the low-to-mid single digit percentages primarily driven by Windstream's declining legacy revenue trends, EBITDA margins will improve, and the company will maintain at least adequate liquidity while funding its accelerated FTTH build plan. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company grows revenue on a sustainable basis, maintains at least good liquidity, and sustains financial leverage below 5x. The ratings could be downgraded if the company's operating performance and liquidity deteriorates, the company's growth strategy materially stalls, or financial leverage is sustained above 7x. Headquartered in Little Rock, AR, Uniti Group Inc. (NASDAQ: UNIT), is a national provider of wireline services and bandwidth infrastructure formed after the August 2025 merger of Uniti Group LLC and Windstream. The company offers managed communications and high-capacity bandwidth and transport services to businesses across the US, and provides premium broadband, entertainment and security services through an enhanced fiber network to consumers and small and midsize businesses primarily in rural areas in 18 states. As of June 30, 2025, Uniti's footprint consisted of 1.7 million fiber home passings. Pro forma for the acquisition, Moody's expects Uniti to generate $3.7 billion revenue for year-end 2025. The principal methodology used in these ratings was Telecommunications Service Providers published in November 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. VALVES AND CONTROLS: Section 341(a) Meeting Set for Sept. 2 ----------------------------------------------------------- The U.S. Trustee for Region 3 will convene a Section 341(a) meeting of creditors Valves and Controls Inc. on Sept. 2, 2025, at 10:00 a.m. (ET). Location: contact 1-888-3301716 and use access code 4631462# to join the meeting. The Debtor's representative must attend the meeting to be questioned under oath. Creditors may attend, but are not required to do so. The meeting may be continued or adjourned to a later date. If so, the date will be on the court docket. You may inspect all records filed in this case at this office or online at https://pacer.uscourts.gov. If you have questions about this notice, please call (888) 341-7352 or visit https://cases.ra.kroll.com/valvesandcontrols. About Valves and Controls US Inc. Valves and Controls US Inc., previously known as Weir Valves & Controls USA Inc., is a manufacturer of industrial valves and control systems operating within the fabricated metal product manufacturing industry. Valves and Controls US Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11403) on July 1, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by Patrick J. Reilley, Esq. at Cole Schotz P.C. VEON LTD: Cohen Circle Holders Redeem 25% Ahead of Merger Vote -------------------------------------------------------------- Cohen Circle Acquisition Corp. I. On March 18, 2025, entered into a business combination agreement by and among: (1) the Cohen Circle, (2) VEON Amsterdam B.V. (the "Seller"), (3) VEON Holdings B.V. ("VEON Holdings"), (4) PubCo, and (5) Varna Merger Sub Corp. (together with VEON Holdings and PubCo, the "Kyivstar Group" and separately, a "Kyivstar Group Company"). On August 11, 2025, Cohen Circle announced that, as of the redemption deadline prior to its extraordinary general meeting of its shareholders scheduled for August 12, 2025, the holders of 5,847,015 shares of the Cohen Circle's Class A ordinary shares, par value $0.0001 per share, representing 25.4% of Cohen Circle's Company's Class A ordinary shares held by its public shareholders, had properly exercised their right to redeem those shares for cash. All 7,666,667 Company public warrants, which are not subject to redemption rights by the holders thereof, remain outstanding. Subject to approval of the Business Combination by Cohen Circle's extraordinary general meeting, Cohen Circle expects approximately $178 million to remain in its Trust Account at the closing of the Business Combination, expected to occur on or about August 14, 2025, subject to the satisfaction of customary closing conditions. About Veon Ltd. VEON is a digital operator strategically positioned across six frontier markets: Bangladesh, Kazakhstan, Pakistan, Ukraine Uzbekistan and Kyrgyzstan (currently classified as held for sale). The Company delivers comprehensive telecommunications and digital services (including voice, fixed broadband, data and cloud services) through local brands that resonate with each market's unique digital landscape, including our "Kyivstar," "Banglalink," "Toffee" and "Jazz" brands. VEON operates across six countries that are home to more than 7% of the world's population. The company's digital operator strategy focuses on delivering services beyond traditional mobile and fixed connectivity, and expands into digital financial services, entertainment, healthcare, education and digital enterprise services. As of December 31, 2024, the Company had $8 billion in total assets, $6.8 billion in total liabilities, $28 million in liabilities associated with assets held for sale, and a total equity of $1.3 billion. Melville, New York-based UHY LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 25, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has been negatively impacted and will continue to be negatively impacted by the consequences of the war in Ukraine, and has stated that these events or conditions indicate that a material uncertainty exists that may cast significant doubt (or raise substantial doubt as contemplated by PCAOB standards) on the Company's ability to continue as a going concern. VILLAGES HEALTH: Gets OK to Tap Evercore Group as Investment Banker ------------------------------------------------------------------- The Villages Health System, LLC received approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Evercore Group LLC as investment banker. The firm will provide these services: (a) review and analyze the Debtor's business, operations, and financial projections in connection with a proposed financing or restructuring; (b) advise and assist the Debtor in a restructuring and/or financing transaction, if the company determines to undertake such a transaction; (c) provide financial advice in developing and implementing a restructuring; and (d) assist if the Debtor pursues financing. The firm will be paid as follows: (a) a monthly fee of $200,000; (b) a restructuring fee of $5 million; (c) a financing fee, payable upon consummation of any financing and incremental to any restructuring fee, equal to the following: (i) Indebtedness Secured by a First Lien – 1.25 percent; (ii) Indebtedness Secured by a Second Lien, Unsecured, Subordinated and/or a Structured Financing – 1.25 percent; (iii) Equity or Equity-linked Securities/Obligations – 1.25 percent; (d) in addition, the firm will seek reimbursement for expenses incurred. A.J. Berens, a managing director at Evercore Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: A.J. Berens Evercore Group LLC 55 E. 52nd St. New York, NY 10055 Telephone: (212) 857-3100 About The Villages Health System LLC The Villages Health System, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04156) on July 3, 2025. In the petition signed by Neil F. Luria, chief restructuring officer, the Debtor disclosed between $50 million and $100 million in assets and between $100 million and $500 million in liabilities. Judge Lori V. Vaughan oversees the case. The Debtor tapped Elizabeth A. Green, Esq., at Baker & Hostetler, LLP as counsel; GBH SOLIC HoldCo, LLC as restructuring advisor; and Evercore Group LLC as investment banker. VILLAGES HEALTH: Gets OK to Tap GBH SOLIC as Restructuring Advisor ------------------------------------------------------------------ The Villages Health System, LLC received approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ GBH SOLIC HoldCo, LLC as restructuring advisor. The firm will provide Neil Luria as chief restructuring officer and certain additional personnel to the Debtor. Mr. Luria and additional personnel will render these services: (a) review cash reports provided by the Debtor and reports prepared by any third-party consultant regarding historical cash activities, if any; (b) support various liquidity management activities as requested by the Debtor to maintain adequate liquidity; (c) assist with managing liquidity and preparation of a revised 13-week cash forecast with relevant support documentation for key inputs and related assumptions; (d) assist with respect to contingency planning, and execution support for potential strategic alternatives; (e) assist with respect to bankruptcy preparations and bankruptcy administration; (f) at the request of the Debtor, assist management and its legal counsel in the review of any litigation, contingent liabilities, and regulatory compliance matters; (g) engage in communication and discussion with secured lenders and other key stakeholders related to the Debtor's cash flows and financials, performance; (h) prior to a bankruptcy filing, Mr. Luria will step into the role of CRO and will provide other fiduciary support to the Debtor to its process; and (i) provide other items at the request of counsel and the Board's Restructuring Committee. The firm will be paid at these hourly rates: Senior Managing Directors $1,075 - $1,425 Managing Directors $925 - $995 Directors $850 - $875 Vice Presidents $615 - $825 Senior Associates $500 - $575 Associates $395 - $450 Paraprofessionals $225 - $315 In addition, the firm will seek reimbursement for expenses incurred. The firm is currently holding a retainer in the amount of $523,839. Mr. Luria 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: Neil F. Luria GBH SOLIC HoldCo, LLC 828 Franklin St. APT 507 San Francisco, CA 94102 About The Villages Health System LLC The Villages Health System, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04156) on July 3, 2025. In the petition signed by Neil F. Luria, chief restructuring officer, the Debtor disclosed between $50 million and $100 million in assets and between $100 million and $500 million in liabilities. Judge Lori V. Vaughan oversees the case. The Debtor tapped Elizabeth A. Green, Esq., at Baker & Hostetler, LLP as counsel; GBH SOLIC HoldCo, LLC as restructuring advisor; and Evercore Group LLC as investment banker. WAVE ASIAN: Court Extends Cash Collateral Access to Sept. 24 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, issued a fourth preliminary order extending Wave Asian Bistro, LLC's authority to use cash collateral through September 24. The order authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by senior creditor, ODK Capital, LLC. The budget projects total operating expenses of $329,304 for August, September and October. As protection for the Debtor's use of their cash collateral, ODK Capital and other secured creditors such as Avion Funding that may assert a lien or security interest in the Debtor's cash collateral will be granted perfected post-petition replacement liens on the cash collateral, with the same validity, priority and extent as their pre-bankruptcy liens. The Debtor will also keep its property insured as further protection to the secured creditors. The next hearing is scheduled for September 24. As of the petition date, the Debtor has approximately $13,068.08 cash in deposit accounts and has no accounts receivable. Its future earnings may be subject to the alleged liens of ODK and Avion. The Debtor owes approximately $77,000 to ODK and $200,000 to Avion, which are secured by some of the Debtor's property. The Debtor may challenge the validity, priority, extent, enforceability, and secured status of the creditors' alleged liens and any other claimed liens. About Wave Asian Bistro Wave Asian Bistro, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02112) on April 11, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., serves as Subchapter V trustee. Judge Tiffany P. Geyer oversees the case. The Debtor is represented by: Jeffrey Ainsworth, Esq. Bransonlaw, PLLC Tel: 407-894-6834 Email: jeff@bransonlaw.com WAVE SUSHI: Gets OK to Use Cash Collateral Until Sept. 24 --------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division issued a fourth preliminary order authorizing Wave Sushi Maitland, LLC to continue using cash collateral through September 24. The fourth preliminary order signed by Judge Tiffany Geyer authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts expressly approved in writing by secured creditor, TRF Capital Services, LLC. The Debtor projects total operational expenses of $166,120 for August, September, and October. As protection for the Debtor's use of their cash collateral, TRF and other secured creditors such as Avion Funding that may assert a lien or security interest in the Debtor's cash collateral will receive perfected post-petition replacement liens, with the same priority and extent as their pre-bankruptcy liens. The Debtor will also keep its property insured as further protection to the secured creditors. The next hearing is scheduled for September 24. As of the petition date, the Debtor has approximately $9,115.58 cash in deposit accounts and has no accounts receivable. Its future earnings may be subject to the alleged liens of TRF and Avion. The Debtor owes approximately $50,000 to TRF and $200,000 to Avion, which are secured by some of the Debtor's property. The Debtor may challenge the validity, priority, extent, enforceability, and secured status of the creditors' alleged liens and any other claimed liens. About Wave Sushi Maitland Wave Sushi Maitland, LLC filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-02113) on April 11, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. Judge Tiffany P. Geyer oversees the case. The Debtor is represented by: Jeffrey Ainsworth, Esq. Bransonlaw, PLLC Tel: 407-894-6834 Email: jeff@bransonlaw.com WELLPATH HOLDINGS: Inmate Death Lawsuit Entangled in Ch. 11 Process ------------------------------------------------------------------- Jaime Adame of Lookout reports that the bankruptcy of Wellpath, the health care provider at Lane County Jail, has reshaped a lawsuit over the 2023 death of Barbara Stillwell, who allegedly overdosed after obtaining drugs while in custody. Her husband, Perry Stillwell, accuses the county, the sheriff's office, and Wellpath of negligence and seeks $5 million in damages. Wellpath, which entered bankruptcy last year, argues its restructuring plan blocks such claims, citing a missed July deadline to preserve lawsuits against its employees. A $15.5 million trust was set up to pay unsecured creditors, including those with pending cases. Lane County has filed a cross-claim, accusing Wellpath of negligence and breach of contract while seeking indemnification. The county denies Stillwell accessed drugs in jail, instead blaming her for bringing in contraband. Wellpath faces more than 1,500 lawsuits nationwide over jail health care. Despite these challenges, Lane County extended its contract with the company in June 2025, bringing the total agreement to $26.3 million through 2026, the report states. About Wellpath Holdings Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc., is a provider of medical and mental healthcare in jails, prisons, and inpatient and residential treatment facilities. Wellpath Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief restructuring officer and chief financial officer, signed the petitions. At the time of the filing, the Debtors reported $1 billion to $10 billion in assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Marcus A. Helt, Esq., at McDermott Will & Emery, LLP, as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as investment banker. WELTY SERVICES: Gets Final OK to Use Cash Collateral Until Oct. 25 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Texas, Galveston issued a final order authorizing Welty Services, LLC to use cash collateral to fund operations. The court's order authorized the Debtor's final use of cash collateral pursuant to its budget through October 25. The Debtor may vary from the budget, on an item-by-item basis, by as much as 15% weekly for any item where spending is forecast at $2,000 or less for the week and by as much as 10% weekly for any item where spending is forecast to be more than $2,000 for the week. If its actual gross revenues exceed its projected revenues, then the Debtor may apply up to 75% of the excess revenues to its costs of goods and apply up to 25% of such excess to overhead expenses. To address Third Coast Bank's objection, the Debtor will pay $3,472.80 monthly to the bank starting on August 28, on account of the bank's two loans secured against the Debtor's real property in Angleton, Texas. In addition, the bank will be granted replacement liens on the Debtor's personal property, with the same priority, extent and validity as its pre-bankruptcy lien. Third Coast Bank asserts it holds a junior security interest in the cash collateral and a senior secured deed of trust lien on the Angleton property. As of the petition date, the Debtor's cash collateral included monies in the bank of approximately $5,630 and receivables of approximately $87,411. The assets listed in the Debtor's filed schedules are valued at $2.5 million. The other creditors asserting interests in the Debtor's cash collateral are Northpoint Commercial Finance, LLC and the U.S. Small Business Administration. The senior recorded UCC 1 financing statement was recorded by Northpoint, followed by SBA in second position. The Debtor said that Northpoint is most likely paid in full. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/hbx2Y from PacerMonitor.com. Third Coast Bank is represented by: Jason T. Rodriguez, Esq. Higier Allen & Lautin, P.C. The Tower at Cityplace 2711 N. Haskell Ave., Suite 2400 Dallas, TX 75204 Telephone: (972) 716-1888 Facsimile: (972) 716-1899 jrodriguez@higierallen.com About Welty Services LLC Welty Services, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-80315) on July 10, 2025, listing between $1 million and $10 million in assets and liabilities. The petition was signed by Donnie Welty Jr. as managing member. Judge Alfredo R. Perez oversees the case. The Debtor is represented by: Genevieve Marie Graham, Esq. Genevieve Graham Law, PLLC Tel: 832-367-5705 ggraham@graham-pllc.com -- and -- Steven Robert Fox, Esq. Attorney At Law Tel: 818-774-3545 emails@foxlaw.com WELTY SERVICES: Seeks to Hire Genevieve Graham Law as Counsel ------------------------------------------------------------- Welty Services, LLC, doing business as Brazoria County Truck Outfitters, doing business as Jones and Hadley and doing business as Mike's Paint and Body Shop, seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Genevieve Graham Law, PLLC, doing business as Graham PLLC, as counsel. The firm will provide these services: (a) analyze the Debtor's financial situation and render advice and assistance in determining the appropriate filing under the Bankruptcy Code; (b) render bankruptcy related legal advice to the Debtor regarding its operation and management; (c) assist the Debtor to prepare and file its petition, schedules, statements of financial affairs, and related initial pleadings; (d) represent the Debtor at the Initial Debtor's Interview and at the First Meeting of Creditors; (e) represent the Debtor at matters in the bankruptcy court concerning administrative matters or matters involving its assets and liabilities and financial affairs; (f) represent the Debtor with respect to any adversary proceeding related to any prepetition transfers, recovering preferences, turnover actions, liens against property of the estate, and/or property of the estate. (g) represent the Debtor with respect to negotiations for any post-petition administrative financing and seek approval of the same; (h) represent the Debtor as to the use cash collateral and prepare and file any pleading needed to obtain court approval for use of cash collateral; (i) represent the Debtor as to assumption or rejection of unexpired leases or executory contracts and prepare and file any pleadings necessary to assume or reject any such leases or contracts; (j) represent the Debtor by preparing a disclosure statement and plan and assist to obtain confirmation of such plan; (k) represent the Debtor with respect to objections to proofs of claim and allowance or disallowance of claims against it; (l) represent the Debtor with respect to post-petition consummation of the plan and other post-petition matters necessary to implement a plan; and (m) represent the Debtor in any other core and related to matters but not to provide tax or securities law advice. The firm will be paid at these hourly rates: Genevieve Graham, Managing Member $500 Associates $400 - $495 Bankruptcy Consultant $395 Law Clerks $200 Paraprofessionals $100 - $200 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $11,738, which include the filing fee, from the Debtor. Ms. Graham 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: Genevieve Graham, Esq. Graham, PLLC 1215 Arthur St. Houston TX 77019 Telephone: (832) 367-5705 Email: ggraham@graham-pllc.com About Welty Services LLC Welty Services, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-80315) on July 10, 2025, listing between $1 million and $10 million in both assets and liabilities. The petition was signed by Donnie Welty Jr. as managing member. Judge Alfredo R. Perez oversees the case. The Debtor tapped Genevieve Graham, Esq., at Graham, PLLC and Steven R. Fox, Esq., at FoxLaw Corporation Inc. as counsel. WEST BRAZOS: Hires Chart Capital Management as Financial Advisor ---------------------------------------------------------------- West Brazos Stewart Food Markets, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Chart Capital Management LLC as financial advisor. The firm will render these services: (a) supervise and, if necessary, assist the Debtors in the development and administration of their short and long-term cash flow forecasting and related methodologies, as well as their cash management planning; (b) provide such assistance as is reasonable may be required by management of the Debtors in connection with (i) development of a business plan, (ii) any restructuring plans and strategy alternatives, including sales or leases, intended to maximize value and (iii) any related forecasts that may be required by them or by creditor constituencies in connection with negotiation in these Chapter 11 cases; (c) supervise and, if necessary, assist the Debtors' other professionals in the restructuring process or who are working for their various stakeholders to coordinate their effort and individual work product to be consistent with their overall restructuring goals; (d) assist, if required, the Debtors in communications and negotiations with their outside constituents; (e) monitor and manage the Debtors' cash management; (f) provide assistance as necessary and reasonable to guide the Debtors through a sale process; and (g) provide any other services as are reasonable and customary for a financial advisor in connection with a Chapter 11 reorganization or that are reasonable and necessary for these Chapter 11 cases. The firm will be paid at these hourly rates: Mergers & Acquisitons (M&A)/Buy or Sell Consulting $300 Federal, State, or Sales Tax Research $200 Financial and Business Consulting/Analysis $110 Federal, States, or Sales Tax Preparation $85 In addition, the firm will seek reimbursement for expenses incurred. Prior to the petition date, the Debtors paid the firm $3,535 for time billed and services provided prior to filing. Jeffrey Shulse, a principal consultant at Chart Capital Management, 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 Shulse Chart Capital Management, LLC 19 Serenite Lane Muttontown, NY 11791 About West Brazos Stewart Food Markets West Brazos Stewart Food Markets, LLC operates a family-owned grocery store that has served Brazoria, Texas, and the surrounding areas since 1975. The store offers baked goods, meats, housewares, beer and wine, frozen foods, and floral items, and provides both in-store shopping and pick-up services. West Brazos Stewart Food Markets and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-80317) on July 11, 2025. In the petitions signed by Verne Dwain Stewart, president, the Debtors disclosed $10 million to $50 million in estimated assets and $1 million to $10 million in estimated liabilities. Honorable Bankruptcy Judge Alfredo R. Perez handles the cases. The Debtors tapped Genevieve Graham, Esq., at Graham, PLLC as counsel and Chart Capital Management LLC as financial advisor. WEST BRAZOS: Seeks Approval to Tap Graham as Bankruptcy Counsel --------------------------------------------------------------- West Brazos Stewart Food Markets, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Genevieve Graham Law, PLLC, doing business as Graham PLLC, as counsel. The firm will provide these services: (a) analyze the Debtors' financial situation and render advice and assistance in determining the appropriate filing under the Bankruptcy Code; (b) render bankruptcy related legal advice to the Debtors regarding their operation and management; (c) assist the Debtors to prepare and file their petitions, schedules, statements of financial affairs, and related initial pleadings; (d) represent the Debtors at the Initial Debtors' Interview and at the First Meeting of Creditors; (e) represent the Debtors at matters in the bankruptcy court concerning administrative matters or matters involving their assets and liabilities and financial affairs; (f) represent the Debtors with respect to any adversary proceeding related to any prepetition transfers, recovering preferences, turnover actions, liens against property of the estate, and/or property of the estate. (g) represent the Debtors with respect to negotiations for any post-petition administrative financing and seek approval of the same; (h) represent the Debtors as to the use cash collateral and prepare and file any pleading needed to obtain court approval for use of cash collateral; (i) represent the Debtors as to assumption or rejection of unexpired leases or executory contracts and prepare and file any pleadings necessary to assume or reject any such leases or contracts; (j) represent the Debtors by preparing a disclosure statement and plan and assist to obtain confirmation of such plan; (k) represent the Debtors with respect to objections to proofs of claim and allowance or disallowance of claims against it; (l) represent the Debtors with respect to post-petition consummation of the plan and other post-petition matters necessary to implement a plan; and (m) represent the Debtors in any other core and related to matters but not to provide tax or securities law advice. The firm will be paid at these hourly rates: Genevieve Graham, Managing Member $500 Law Clerk $200 Paraprofessionals $100 In addition, the firm will seek reimbursement for expenses incurred. Prior to the filing, the firm received a retainer of $19,785.67 from the Debtors. Ms. Graham 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: Genevieve Graham, Esq. Graham, PLLC 1215 Arthur St. Houston TX 77019 Telephone: (832) 367-5705 Email: ggraham@graham-pllc.com About West Brazos Stewart Food Markets West Brazos Stewart Food Markets, LLC operates a family-owned grocery store that has served Brazoria, Texas, and the surrounding areas since 1975. The store offers baked goods, meats, housewares, beer and wine, frozen foods, and floral items, and provides both in-store shopping and pick-up services. West Brazos Stewart Food Markets and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-80317) on July 11, 2025. In the petitions signed by Verne Dwain Stewart, president, the Debtors disclosed $10 million to $50 million in estimated assets and $1 million to $10 million in estimated liabilities. Honorable Bankruptcy Judge Alfredo R. Perez handles the cases. The Debtors tapped Genevieve Graham, Esq., at Graham, PLLC as counsel and Chart Capital Management LLC as financial advisor. WEST RIDGE: Case Summary & Nine Largest Unsecured Creditors ----------------------------------------------------------- Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- West Ridge Inc. 25-00451 310 Lawless Road Suite 130 Morgantown, WV 26501 WestRidge Land Holdings, LLC 25-00452 310 Lawless Road Suite 130 Morgantown, WV 26501 WestRidge Commons 4A1, LLC 25-00453 310 Lawless Road Suite 130 Morgantown, WV 26501 Business Description: West Ridge Inc., WestRidge Land Holdings, LLC, and WestRidge Commons 4A1, LLC are affiliated entities engaged in real estate development and management in Morgantown, West Virginia, operating under a unified management structure. WestRidge Land Holdings, LLC focuses on land ownership and management, while WestRidge Commons 4A1, LLC is structured for a specific property or development project. All three operate within the real estate industry, including property development, leasing, and related management activities. Chapter 11 Petition Date: August 18, 2025 Court: United States Bankruptcy Court Northern District of West Virginia Judge: Hon. David L Bissett Debtors' Counsel: David B. Salzman, Esq. CAMPBELL & LEVINE, LLC 310 Grant Street, Suite 1700 Pittsburgh, PA 15219 Tel: 412-261-0310 Email: dsalzman@camlev.com West Ridge Inc.s' Estimated Assets: $10 million to $50 million West Ridge Inc.'s Estimated Liabilities: $50 million to $100 million WestRidge Land Holdings' Estimated Assets: $10 million to $50 million WestRidge Land Holdings' Estimated Liabilities: $10 million to $50 million WestRidge Commons 4A1's Estimated Assets: $10 million to $50 million WestRidge Commons 4A1's Estimated Liabilities: $10 million to $50 million Ryan Lynch signed the petitions as president and authorized officer. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/Q5AANGQ/West_Ridge_Inc__wvnbke-25-00451__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/XBYCE5I/WestRidge_Land_Holdings_LLC__wvnbke-25-00452__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/XZQQABI/WestRidge_Commons_4A1_LLC__wvnbke-25-00453__0001.0.pdf?mcid=tGE4TAMA A. List of West Ridge Inc.'s Nine Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Falcon Services, LLC $1,928,640 310 Lawless Road Ste 3 Morgantown, WV 26501-2492 2. Anderson Excavating LLC $1,917,478 343 Williams Road Morgantown, WV 26501 3. Morgantown Utility Board $706,548 278 Greenbag Rd PO Box 852 Morgantown, WV 26507-0852 4. Buchanan Ingersoll $225,000 One Oxford Centre 301 Grant Street, 20th Floor Pittsburgh, PA 15219 5. Steptoe & Johnson PLLC $95,000 One PPG Place Suite 3300 Pittsburgh, PA 15222 6. Frost Brown Todd $70,500 Union Trust Building 501 Grant Street, Ste 800 Pittsburgh, PA 15219 7. Thrasher Group $65,469 600 White Oaks Blvd. Bridgeport, WV 26330 8. Schneider Downs & Co., Inc. $53,700 One PPG Place, Suite 1700 Pittsburgh, PA 15222-5416 9. Moore Design Associates $40,879 130 Heaven Lane Mars, PA 16046 B. List of WestRidge Land's Four Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Anderson Excavating LLC $1,940,538 343 Williams Road Morgantown, WV 26501 2. Buchanan Ingersoll $241,057 One Oxford Centre 301 Grant Street, 20th Floor Pittsburgh, PA 15219 3. Terradon, Inc. $147,589 PO Box 519 Nitro, WV 25143 4. Schneider Downs & Co., Inc. $34,566 One PPG Place, Suite 1700 Pittsburgh, PA 15222-5416 C. List of WestRidge Commons 4A1's Two Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Falcon Services, LLC $1,611,779 310 Lawless Road Ste 3 Morgantown, WV 26501-2492 2. Anderson Excavating LLC $438,150 343 Williams Road Morgantown, WV 26501 WESTVIEW BAPTIST: Case Summary & 19 Unsecured Creditors ------------------------------------------------------- Debtor: Westview Baptist Church Inc. 13301 N.W. 24th Avenue Miami, FL 33167 Business Description: Westview Baptist Church Inc. is a not-for- profit Southern Baptist congregation based in Miami, Florida, providing religious services and community outreach programs. Its activities include worship services, educational ministries, and neighborhood engagement initiatives. Chapter 11 Petition Date: August 19, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-19573 Judge: Hon. Corali Lopez-Castro Debtor's Counsel: Ariel Sagre, Esq. SAGRE LAW FIRM, P.A. 5201 Waterford District Drive, Suite 892 Miami, FL 33126 Tel: 305-266-5999 Email: law@sagrelawfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $100,000 to $500,000 The petition was signed by Patty Woods as president. A full-text copy of the petition, which includes a list of the Debtor's 19 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7CDNMEY/WESTVIEW_BAPTIST_CHURCH_INC__flsbke-25-19573__0001.0.pdf?mcid=tGE4TAMA WHITE BEHAVIORAL: Gets One-Month Extension to Use Cash Collateral ----------------------------------------------------------------- White Behavioral Consultants, PC received a 30-day extension from the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division, to use cash collateral. The interim order authorized the Debtor to use up to $66,339 in cash collateral for the interim period beginning August 6, to fund operations. As adequate protection, creditors including the U.S. Small Business Administration, Kapitus Servicing, Inc., and Fundworks will be granted replacement liens on assets acquired by the Debtor after its Chapter 11 filing, with the same validity, amount, priority, and extent as existed prior to the filing. The replacement liens do not apply to any Chapter 5 causes of action. The final hearing is scheduled for September 3. Objections are due by September 2. The Debtor cited significant financial difficulties caused by revenue decline during the COVID-19 pandemic. To remain operational during that period, the Debtor took out loans from SBA and entered into high-cost merchant cash advance agreements with lenders such as Kapitus Servicing and Fundworks. Despite cost-cutting measures, the Debtor became unable to meet its financial obligations. Kapitus Servicing is represented by: Nicholas S. Laue, Esq. Keller & Almassian, PLC 230 E. Fulton Street Grand Rapids, MI 49503 Telephone: (616) 323-1257 NLaue@kalawgr.com About White Behavioral Consultants PC White Behavioral Consultants, PC is a mental health services provider in Michigan. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-47920) on August 6, 2025. In the petition signed by Michele White, owner, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Thomas J. Tucker oversees the case. Yuliy Osipov, Esq., at OSIPOV BIGELMAN, P.C., represents the Debtor as legal counsel. WHITWORTH TOOL: Public Foreclosure Set for Sept. 3 -------------------------------------------------- Core Industrial Finance & Capital LLC ("secured creditor") as secured creditor of Whitworth Tool Inc. ("borrower") will hold a public foreclosure sale on Sept. 3, 2025, at 10:00 a.m. (Central Time) via Zoom under Section 9-610 of the Uniform Commercial Code of all of the personal property collateral pledged to Secured Creditor. Any parties interested in further information about these assets must contact the counsel for the Secured Creditor: Robert E. Richards, Esq. Dentons US LLP 233 South Wacker Drive Suite 5900 Chicago, Illinois 60606 Whitworth Tool Inc. operates a machine providing specialized die services and precision machining. WOHALI LAND: Sierra Pacific Sues Co. Days After Chapter 11 Filing ----------------------------------------------------------------- Eva Herinkova of The Park Record reports that Wohali Land Estates has been hit with another lawsuit for unpaid debts, just days after the luxury real estate developer filed for Chapter 11 bankruptcy protection. Sierra Pacific Windows lodged a complaint in Summit County's Third District Court last week, claiming Wohali Builders -- the company's construction arm -- received $162,574 worth of materials but failed to pay. The window supplier also filed a construction lien against the property in an effort to force foreclosure to recover the amount owed. According to The Park Record, the lawsuit seeks payment of the invoice plus 18% annual interest, attorney's fees, and other costs, citing provisions in the original contract. "Allowing Defendants to retain the benefit without compensating Sierra would result in unjust enrichment," the complaint argues. The case is the fifth brought against Wohali this 2025. The developer filed for bankruptcy earlier this month, reporting more than $13 million in debt, though court papers show the company hopes to restructure and continue operations. Soon after the bankruptcy filing, a group of investors asked the court to approve $161,689 in emergency payments to cover payroll for golf course and resort employees, warning that failure to pay would cause serious harm to the property's value. Judge Peggy Hunt approved the request on August 15, 2025 with the landowners agreeing to fund the payments themselves. In its Chapter 11 petition, Wohali disclosed between 100 and 199 creditors, with liabilities estimated at $100 million to $500 million. Its top 20 creditors alone are owed about $12.9 million, including Sierra Pacific. Other creditors have already taken legal action. Eave Solar claims it is owed roughly $490,000 for work on six development lots, while Knight Trucking alleges about $119,000 is outstanding for hauling services provided earlier this 2025, the report cites. Meanwhile, Wohali Builders co-founder Thomas Cottone has filed separate lawsuits accusing a company executive and an investor of financial mismanagement and retaliatory efforts to remove him from the board after he raised oversight concerns, the report states. 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. WYNN RESORTS: Macau Unit Raising $1B Thru 2034 Senior Notes ----------------------------------------------------------- Wynn Resorts, Limited disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 12, 2025 (August 13, 2025 Hong Kong time), Wynn Macau, Limited, an indirect subsidiary of the Company with its ordinary shares of common stock listed on The Stock Exchange of Hong Kong Limited, filed with the HKSE an announcement that WML has entered into a Purchase Agreement with certain Initial Purchasers, as defined in the Purchase Agreement, in connection with the issuance by WML of $1 billion aggregate principal amount of 6.750% senior notes due 2034, which issuance is expected to occur on August 19, 2025. Wynn Resorts owns approximately 72% of WML's ordinary shares of common stock. The Pricing Announcement is available at https://tinyurl.com/yc4pvtv5 About Wynn Resorts Ltd. Headquartered in Las Vegas, Nevada, Wynn Resorts, Limited owns and operates hotels and casino resorts. As of December 31, 2024, Wynn Resorts had $12.98 billion in total assets, $13.95 billion in total liabilities, and a total stockholders' deficit of $968.60 million. * * * Egan-Jones Ratings Company on January 14, 2025, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Wynn Resorts. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re I-Inspire Dance Inc. Bankr. N.D. Ga. Case No. 25-58261 Chapter 11 Petition filed July 24, 2025 Filed Pro Se In re Sibuna Group, LLC Bankr. N.D. Ga. Case No. 25-58300 Chapter 11 Petition filed July 25, 2025 Filed Pro Se 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 S&M Deli Inc. Bankr. N.D. Tex. Case No. 25-42967 Chapter 11 Petition filed August 8, 2025 See https://www.pacermonitor.com/view/WS46HWY/SM_Deli_Inc__txnbke-25-42967__0001.0.pdf?mcid=tGE4TAMA represented by: Robert T DeMarco, Esq. DEMARCO MITCHELL, PLLC E-mail: robert@demarcomitchell.com In re Sven Setiawan Lepschy Bankr. S.D. Fla. Case No. 25-19229 Chapter 11 Petition filed August 10, 2025 represented by: Craig Kelley, Esq. In re Town & Country West LLC Bankr. E.D. Cal. Case No. 25-24206 Chapter 11 Petition filed August 11, 2025 See https://www.pacermonitor.com/view/2GC4JPI/Town__Country_West_LLC__caebke-25-24206__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Town & Country Event Center LLC Bankr. E.D. Cal. Case No. 25-24205 Chapter 11 Petition filed August 11, 2025 See https://www.pacermonitor.com/view/VNFZ74Y/Town__Country_Event_Center_LLC__caebke-25-24205__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Rosario Piong Siscon Bankr. N.D. Cal. Case No. 25-30639 Chapter 11 Petition filed August 11, 2025 See https://www.pacermonitor.com/view/5RNF4BQ/Rosario_Piong_Siscon__canbke-25-30639__0001.0.pdf?mcid=tGE4TAMA represented by: John Vos, Esq. VOS LAW OFFICE E-mail: dinosuar@aol.com In re Prost LLC Bankr. S.D. Cal. Case No. 25-03311 Chapter 11 Petition filed August 11, 2025 See https://www.pacermonitor.com/view/JIRBQAQ/Prost_LLC__casbke-25-03311__0001.0.pdf?mcid=tGE4TAMA represented by: Donald Reid, Esq. LAW OFFICE OF DONALD W. REID E-mail: don@donreidlaw.com In re Florida Eco Electric LLC Bankr. M.D. Fla. Case No. 25-05075 Chapter 11 Petition filed August 11, 2025 See https://www.pacermonitor.com/view/G3JRSCY/Florida_Eco_Electric_LLC__flmbke-25-05075__0001.0.pdf?mcid=tGE4TAMA represented by: Ian Johnson, Esq. LOSEY PLLC E-mail: ljohnson@losey.law In re Marion E Moth Bankr. M.D. Fla. Case No. 25-05077 Chapter 11 Petition filed August 11, 2025 represented by: Karla Lee Hue, Esq. In re Synchrony Capital LLC Bankr. N.D. Ill. Case No. 25-12254 Chapter 11 Petition filed August 11, 2025 See https://www.pacermonitor.com/view/MIWALDI/Synchrony_Capital_LLC__ilnbke-25-12254__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Wrath and Thunder LLP Bankr. D. Nev. Case No. 25-14613 Chapter 11 Petition filed August 11, 2025 See https://www.pacermonitor.com/view/DA4XSDI/WRATH_AND_THUNDER_LLP__nvbke-25-14613__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re 544 Beach 67 St 18 LLC Bankr. E.D.N.Y. Case No. 25-43859 Chapter 11 Petition filed August 11, 2025 See https://www.pacermonitor.com/view/XIZ663A/544_Beach_67_St_18_LLC__nyebke-25-43859__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Beinish Tech LLC Bankr. E.D.N.Y. Case No. 25-43856 Chapter 11 Petition filed August 11, 2025 See https://www.pacermonitor.com/view/W4EF6PY/Beinish_Tech_LLC__nyebke-25-43856__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re David Stuart Goldman Bankr. S.D.N.Y. Case No. 25-22752 Chapter 11 Petition filed August 11, 2025 represented by: Narotam Rai, Esq. In re NDO, LLC Bankr. W.D. Tenn. Case No. 25-24003 Chapter 11 Petition filed August 11, 2025 See https://www.pacermonitor.com/view/HQAJL4Y/NDO_LLC__tnwbke-25-24003__0001.0.pdf?mcid=tGE4TAMA represented by: Bo Luxman, Esq. LUXMAN LAW FIRM E-mail: Bo@luxmanlaw.com In re Texas Management Group, LLC Bankr. S.D. Tex. Case No. 25-34650 Chapter 11 Petition filed August 11, 2025 See https://www.pacermonitor.com/view/WMSTMZA/Texas_Management_Group_LLC__txsbke-25-34650__0001.0.pdf?mcid=tGE4TAMA represented by: Robert C Lane, Esq. THE LANE LAW FIRM E-mail: notifications@lanelaw.com In re Saint Cloud, Inc. Bankr. N.D. Cal. Case No. 25-41443 Chapter 11 Petition filed August 12, 2025 See https://www.pacermonitor.com/view/OPNCRFQ/Saint_Cloud_Inc__canbke-25-41443__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Michelle Christine Herron Bankr. D. Colo. Case No. 25-15060 Chapter 11 Petition filed August 12, 2025 represented by: Jonathan Dickey, Esq. KUTNER BRINEN DICKEY RILEY, P.C. Email: JMD@KutnerLaw.com In re Juliette Kirby Bankr. D. Conn. Case No. 25-50633 Chapter 11 Petition filed August 12, 2025 In re Ultimate Pavers Inc Bankr. M.D. Fla. Case No. 25-05696 Chapter 11 Petition filed August 12, 2025 See https://www.pacermonitor.com/view/OQY5FWQ/Ultimate_Pavers_Inc__flmbke-25-05696__0001.0.pdf?mcid=tGE4TAMA represented by: Andrew Wit, Esq. JENNIS MORSE Email: awit@jennislaw.com In re Ibrahim Aliu Opaleye Bankr. N.D. Ga. Case No. 25-59183 Chapter 11 Petition filed August 12, 2025 In re Bick Group Holdings, LLC Bankr. E.D. Mo. Case No. 25-43081 Chapter 11 Petition filed August 12, 2025 See https://www.pacermonitor.com/view/ROUZZLI/Bick_Group_Holdings_LLC__moebke-25-43081__0001.0.pdf?mcid=tGE4TAMA represented by: Robert Eggmann, Esq. CARMODY MACDONALD P.C. E-mail: ree@carmodymacdonald.com In re Bankim Brahmbhatt Bankr. E.D.N.Y. Case No. 25-73100 Chapter 11 Petition filed August 12, 2025 Email: Scott Markowitz, Esq. In re 579 Chester Street LLC Bankr. E.D.N.Y. Case No. 25-43899 Chapter 11 Petition filed August 12, 2025 See https://www.pacermonitor.com/view/F2BMO2I/579_Chester_Street_LLC__nyebke-25-43899__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re SSS Properties, LLC Bankr. N.D. Ohio Case No. 1:25-bk-13457 Chapter 11 Petition filed August 12, 2025 See https://www.pacermonitor.com/view/RLURGIQ/SSS_Properties_LLC__ohnbke-25-13457__0001.0.pdf?mcid=tGE4TAMA represented by: Glenn E. Forbes, Esq. FORBES LAW LLC E-mail: bankruptcy@geflaw.net In re The Maple Leaf Pub, LLC Bankr. S.D. Tex. Case No. 25-34679 Chapter 11 Petition filed August 12, 2025 See https://www.pacermonitor.com/view/3TFJBYA/The_Maple_Leaf_Pub_LLC__txsbke-25-34679__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Signature Home, LLC Bankr. N.D. Cal. Case No. 25-51234 Chapter 11 Petition filed August 13, 2025 See https://www.pacermonitor.com/view/OYOJW4A/Signature_Home_LLC__canbke-25-51234__0001.0.pdf?mcid=tGE4TAMA represented by: David A. Boone, Esq. LAW OFFICES OF DAVID A. BOONE Email: ecfdavidboone@aol.com In re CABINETDNA LLC Bankr. M.D. Fla. Case No. 25-05127 Chapter 11 Petition filed August 13, 2025 See https://www.pacermonitor.com/view/JCIJMMY/CABINETDNA_LLC__flmbke-25-05127__0001.0.pdf?mcid=tGE4TAMA represented by: Jeffrey S. Ainsworth, Esq. BRANSONLAW, PLLC Email: jeff@bransonlaw.com In re Eduardo Fernandez Bankr. M.D Fla. Case No. 25-05697 Chapter 11 Petition filed August 13, 2025 represented by: Andrew Wit, Esq. In re Venetian Nail Spa MMP, LLC Bankr. S.D. Fla. Case No. 25-19379 Chapter 11 Petition filed August 13, 2025 See https://www.pacermonitor.com/view/H5LJ3IQ/Venetian_Nail_Spa_MMP_LLC__flsbke-25-19379__0001.0.pdf?mcid=tGE4TAMA represented by: Aubrey Rudd, Esq. AUBREY RUDD ESQ Email: aubreyruddlaw@gmail.com In re Sierra Nevada Builders L.L.C. Bankr. D. Nev. Case No. 25-50741 Chapter 11 Petition filed August 13, 2025 See https://www.pacermonitor.com/view/O4ENT4I/SIERRA_NEVADA_BUILDERS_LLC__nvbke-25-50741__0001.0.pdf?mcid=tGE4TAMA represented by: Stephen R. Harris, Esq. HARRIS LAW PRACTICE LLC Email: steve@harrislawreno.com In re Anba Tonel Lounge and Restaurant Inc Bankr. E.D.N.Y. Case No. 25-43906 Chapter 11 Petition filed August 13, 2025 See https://www.pacermonitor.com/view/52U2KPQ/Anba_Tonel_Lounge_and_Restaurant__nyebke-25-43906__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Tandem Enterprise LLC Bankr. E.D.N.Y. Case No. 25-73105 Chapter 11 Petition filed August 13, 2025 See https://www.pacermonitor.com/view/I4CLJDA/Tandem_Enterprise_LLC__nyebke-25-73105__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Global Digital Marketing Group LLC Bankr. W.D. Tex. Case No. 25-51857 Chapter 11 Petition filed August 13, 2025 See https://www.pacermonitor.com/view/ZQULXSY/Global_Digital_Marketing_Group__txwbke-25-51857__0001.0.pdf?mcid=tGE4TAMA represented by: Morris E. "Trey" White, III, Esq. VILLA & WHITE LLP Email: treywhite@villawhite.com In re Sparc Enterprises, Inc. Bankr. W.D. Wash. Case No. 25-12239 Chapter 11 Petition filed August 13, 2025 See https://www.pacermonitor.com/view/KOBEKAY/Sparc_Enterprises_Inc__wawbke-25-12239__0001.0.pdf?mcid=tGE4TAMA represented by: Jennifer L. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. Email: courtmail@expresslaw.com In re Eduardo Fernandez Bankr. M.D. Fla. Case No. 25-05697 Chapter 11 Petition filed August 13, 2025 represented by: Andrew Wit, Esq. In re Frederick Joseph Keitel III Bankr. M.D. Fla. Case No. 25-02799 Chapter 11 Petition filed August 13, 2025 represented by: M. Ellen, Esq. In re Risa Nicole McKenzie and Kerry Austin McKenzie Bankr. D.N.J. Case No. 25-18494 Chapter 11 Petition filed August 13, 2025 represented by: Carol L. Knowlton, Esq. In re Larco Pools, LLC Bankr. M.D. Fla. Case No. 25-05760 Chapter 11 Petition filed August 14, 2025 See https://www.pacermonitor.com/view/XDDW4ZI/Larco_Pools_LLC__flmbke-25-05760__0001.0.pdf?mcid=tGE4TAMA represented by: Buddy D. Ford, Esq. FORD & SEMACH, P.A. Email: All@tampaesq.com In re Billy Don James and Cecelia Collins James Bankr. S.D. Fla. Case No. 25-19419 Chapter 11 Petition filed August 14, 2025 represented by: Adam Skolnik, Esq. ADAM I. SKOLKIK, P.A. In re East Coast Designs Inc. Bankr. D. Mass. Case No. 25-11692 Chapter 11 Petition filed August 14, 2025 See https://www.pacermonitor.com/view/OQQDRRA/East_Coast_Designs_Inc__mabke-25-11692__0001.0.pdf?mcid=tGE4TAMA represented by: Kate E Nicholson, Esq. NICHOLSON DEVINE LLC Email: kate@nicholsondevine.com In re Richard Jackson Bankr. W.D. Mich. Case No. 25-90092 Chapter 11 Petition filed August 14, 2025 represented by: George Jacobs, Esq. In re Tennessee Credit Management, Inc. Bankr. N.D. Miss. Case No. 25-12603 Chapter 11 Petition filed August 14, 2025 See https://www.pacermonitor.com/view/LGBJGEA/Tennessee_Credit_Management_Inc__msnbke-25-12603__0001.0.pdf?mcid=tGE4TAMA represented by: Christopher J. Stelskal, Sr., Esq. LAW OFFICES OF GENO AND STELSKAL, PLLC In re Solar Avenue Las Vegas LLC Bankr. D. Nev. Case No. 25-14686 Chapter 11 Petition filed August 14, 2025 See https://www.pacermonitor.com/view/LVQJFMI/SOLAR_AVENUE_LAS_VEGAS_LLC__nvbke-25-14686__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re GR Founder LLC Bankr. D.N.J. Case No. 25-18570 Chapter 11 Petition filed August 14, 2025 See https://www.pacermonitor.com/view/J2JOIQQ/GR_Founder_LLC__njbke-25-18570__0001.0.pdf?mcid=tGE4TAMA represented by: Ellen M. McDowell, Esq. MCDOWELL LAW, PC Email: emcdowell@mcdowelllegal.com In re American Regional 1334 Pacific St Associates LLC Bankr. E.D.N.Y. Case No. 25-43938 Chapter 11 Petition filed August 14, 2025 See https://www.pacermonitor.com/view/UIAEP6Y/American_Regional_1334_Pacific__nyebke-25-43938__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Christopher Andre' Business Consulting, LLC Bankr. E.D.N.Y. Case No. 25-73123 Chapter 11 Petition filed August 14, 2025 See https://www.pacermonitor.com/view/ZPB42JQ/Christopher_Andre_Business_Consulting__nyebke-25-73123__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Royal Grant, LLC Bankr. S.D.N.Y. Case No. 25-11778 Chapter 11 Petition filed August 14, 2025 See https://www.pacermonitor.com/view/LGBYISY/Royal_Grant_LLC__nysbke-25-11778__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Corey S. Ribotsky Bankr. S.D.N.Y. Case No. 25-11781 Chapter 11 Petition filed August 14, 2025 represented by: Kendra Harris, Esq. In re Royal Grant, LLC Bankr. S.D.N.Y. Case No. 25-11778 Chapter 11 Petition filed August 14, 2025 See https://www.pacermonitor.com/view/LGBYISY/Royal_Grant_LLC__nysbke-25-11778__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Timothy John T. Carey Bankr. S.D. Tex. Case No. 25-34755 Chapter 11 Petition filed August 14, 2025 represented by: Bennett Fisher, Esq. In re John Muturi Kamau Bankr. D. Ariz. Case No. 25-07624 Chapter 11 Petition filed August 15, 2025 In re Maria Ochoa Barajas Bankr. N.D. Cal. Case No. 25-51245 Chapter 11 Petition filed August 15, 2025 In re Darren Lee Coxon Bankr. M.D. Fla. Case No. 25-05808 Chapter 11 Petition filed August 15, 2025 represented by: Justin Luna, Esq. In re Lynette Quinones Bankr. M.D. Fla. Case No. 25-05200 Chapter 11 Petition filed August 15, 2025 represented by: Buddy D Ford, Esq. In re Winstar Investments, LLC Bankr. M.D. Fla. Case No. 25-05196 Chapter 11 Petition filed August 15, 2025 See https://www.pacermonitor.com/view/D267NYI/Winstar_Investments_LLC__flmbke-25-05196__0001.0.pdf?mcid=tGE4TAMA represented by: Daniel A. Velasquez, Esq. LATHAM LUNA EDEN & BEAUDINE LLP Email: dvelasquez@lathamluna.com In re Xtreme Quality Logistic, LLC Bankr. M.D. Fla. Case No. 25-05194 Chapter 11 Petition filed August 15, 2025 See https://www.pacermonitor.com/view/JNBDO4A/Xtreme_Quality_Logistic_LLC__flmbke-25-05194__0001.0.pdf?mcid=tGE4TAMA represented by: Daniel A. Velasquez, Esq. LATHAM LUNA EDEN & BEAUDINE LLP Email: dvelasquez@lathamluna.com In re Edwards Body Shop & Auto Repair Inc Bankr. S.D. Fla. Case No. 25-19451 Chapter 11 Petition filed August 15, 2025 See https://www.pacermonitor.com/view/YHJAYXA/Edwards_Body_Shop__Auto_Repair__flsbke-25-19451__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Bear's Fruit LLC Bankr. E.D.N.Y. Case No. 25-43951 Chapter 11 Petition filed August 15, 2025 See https://www.pacermonitor.com/view/U6X62WQ/Bears_Fruit_LLC__nyebke-25-43951__0001.0.pdf?mcid=tGE4TAMA represented by: Robert L. Rattet, Esq. DAVIDOFF HUTCHER & CITRON LLP Email: rlr@dhclegal.com In re Robert Turner Bankr. S.D.N.Y. Case No. 25-11783 Chapter 11 Petition filed August 15, 2025 represented by: Kevin Su, Esq. In re Omega Investigation Services, Corp. Bankr. D.P.R. Case No. 25-03647 Chapter 11 Petition filed August 15, 2025 See https://www.pacermonitor.com/view/OB3NF4Y/OMEGA_INVESTIGATION_SERVICES_CORP__prbke-25-03647__0001.0.pdf?mcid=tGE4TAMA represented by: Alexis Fuentes-Hernandez, Esq. FUENTES LAW OFFICES, LLC Email: fuenteslaw@icloud.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. 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