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250822.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, August 22, 2025, Vol. 29, No. 233 Headlines 129 WEST CONCORD: Voluntary Chapter 11 Case Summary 145 NAVARRO: To Sell Texas Properties to Hotel for $32MM 1713 N CAMERON: Seeks Chapter 11 Bankruptcy in Virginia 286 GRAND AVENUE: Case Summary & Seven Unsecured Creditors 4054 MYSTIC VALLEY: Voluntary Chapter 11 Case Summary 777 PARTNERS: Faces Contempt Sanctions, Enters Receivership ADMI CORP: S&P Alters Outlook to Negative, Affirms 'B-' LT ICR ALGORHYTHM HOLDINGS: Ionic Entities Hold 9.9% Stake as of June 30 ALL AMERICAN: 2003 Ferrari Sale to Ileana Davide for $78K OK'd ALTA LOMA: Seeks Chapter 11 Bankruptcy in Oklahoma AMERICAN AUTO: S&P Reinstates 'B-' Rating on First-Lien Facilities AMERICAN NATIONAL: S&P Rates New Junior Subordinated Notes 'BB+' AMPLIFYBIO LLC: Seeks to Extend Plan Exclusivity to November 12 ARCHES INTERMEDIATE: S&P Alters Outlook to Stable, Affirms 'B' ICR ASSUREDPARTNERS INC: S&P Withdraws 'B' LT Issuer Credit Rating AXE HANDLE: Case Summary & Two Unsecured Creditors BAUDAX BIO: Seeks to Extend Plan Exclusivity to Oct. 14 BEARSVILLE LLC: Case Summary & One Unsecured Creditor BERTUCCI'S RESTAURANTS: Claims to be Paid from New Value & Revenue BICK GROUP: Seeks Cash Collateral Access, $450K DIP Loan From SLB BW HOLDING: S&P Lowers ICR to 'D' on Term Loan Maturity Extension BW HOLDING: S&P Upgrades ICR to 'CCC+', Outlook Negative C-CHANNEL LOFTS: Seeks Chapter 11 Bankruptcy in Oregon CABINETDNA LLC: L. Todd Budgen Named Subchapter V Trustee CAR TOYS: Seeks Cash Collateral Access, DIP Loan CARE PAVILION: PCO Reports Staffing Shortages CARVANA CO: S&P Upgrades ICR to 'BB-' on Improved Profitability CF E 88 MEZZ: Secured Party Sets Auction for Sept. 23 CHRISTOPHER ANDRE': Salvatore LaMonica Named Subchapter V Trustee CINEMARK HOLDINGS: S&P Upgrades ICR to 'BB', Outlook Stable CIVIL LLC: Case Summary & 30 Largest Unsecured Creditors CLAIRE'S HOLDINGS: Seeks $22.5 DIP Loan From AWS Claire CLAIRE'S STORES: Secures Court OK for $22.5MM DIP Financing CLAIRE’S HOLDINGS: To Sell Fashion Biz to AWS Claire for $104MM CLEVER BEING: Gets Interim OK to Use Cash Collateral CLJ HOME: Claims to be Paid from Continued Operations CONNECT HOLDING II: S&P Cuts Senior Secured Debt Rating to 'CCC+' COUTURE INVESTMENTS 1: Seeks Subchapter V Bankruptcy in Nevada CURIS INC: M28 Capital and Marc Elia Hold 5.9% Stake as of June 30 DARTMOUTH STREET: Section 341(a) Meeting of Creditors on Sept. 8 DEVILS RIVER: Unsecureds to Get Share of Income for 4 Years DMDS LLC: To Sell Harris Property to Cesar Gutierrez for $743K DMO NORTH: Voluntary Chapter 11 Case Summary EAST COAST DESIGNS: Stephen Gray Named Subchapter V Trustee EASTSIDE UNITS: Seeks Subchapter V Bankruptcy in New York EDGE PROMO: Gets Interim OK to Use Cash Collateral EDWARDS TRANS: Seeks Chapter 11 Bankruptcy in New York EL DORADO SENIOR: Quality of Care Maintained, 7th PCO Report Says ELETSON HOLDINGS: Secures Fees Payment in Chapter 11 Case ENI DIST: Gets Interim OK to Use Cash Collateral ERS MEDICAL: Unsecureds Will Get 3% of Claims over 60 Months ETCON CONSTRUCTION: Seeks Subchapter V Bankruptcy in Arkansas FALKY HOLDINGS: Daniel Etlinger Named Subchapter V Trustee FARIFOX CORP: Unsecured Creditors to Split $38K over 60 Months FLY7 INSTALLATIONS: Unsecureds to Get 3 Cents on Dollar in Plan FTX TRADING: Kroll Faces 2023 Bankruptcy Data Breach Class Suit GACH LLC: Voluntary Chapter 11 Case Summary GENESIS HEALTHCARE: U.S. Trustee Appoints Melanie Cyganowski as PCO GENESIS HEALTHCARE: U.S. Trustee Appoints Susan Goodman as PCO GENESIS HEALTHCARE: U.S. Trustee Appoints Suzanne Koenig as PCO GREATER LIGHT: Gets Interim OK to Use Cash Collateral HOOTERS OF AMERICA: Court Delays Plan to Approve Chapter 11 Plan HOUSE SPIRITS: Seeks Court OK to Tap Additional $500K DIP Loan IDEANOMICS INC: Plan Exclusivity Period Extended to Sept. 30, 2025 INTEGRATED ENDOSCOPY: Seeks Cash Collateral Access, $450K DIP Loan IRON HORSE: Gets Interim OK to Use Cash Collateral JAMANA LLC: Gets Interim OK to Use Cash Collateral JAW 2 INVESTMENT: Auction of Collateral Moved to Sept. 8, 2025 KATIE KAHANOVITZ: Plan Exclusivity Period Extended to Oct. 25 KCI WELLNESS: Section 341(a) Meeting of Creditors on September 5 KIDDE-FENWAL INC: Amends Plan; Confirmation Hearing Jan. 21, 2026 KIDDE-FENWAL INC: State Attys Say Plan Disclosures Inadequate KIM ENGINEERING: Files Emergency Bid to Use Cash Collateral LAGUNA RESERVE: Seeks Chapter 11 Bankruptcy in New Jersey LANDMARK RECOVERY: Case Summary & 20 Largest Unsecured Creditors LASELL UNIVERSITY: S&P Affirms 'BB' Rating on 2021 Revenue Bonds LEGACY DRAYAGE: Seeks Chapter 11 Bankruptcy in California LIBERTY COMMUNICATIONS: S&P Downgrades ICR to 'CCC+', Outlook Neg. MALIZUP LLC: Frances Smith Named Subchapter V Trustee MALIZUP LLC: Section 341(a) Meeting of Creditors on September 12 MALLINCKRODT PLC: Covidien Loses Bid to Dismiss Spin-off Suit Claim MAPLE LEAF PUB: Seeks Subchapter V Bankruptcy in Texas MARFA CABINETS: Files Emergency Bid to Use Cash Collateral MARQUIE GROUP: Updates on Year-End Audit, New Website Launch MARTINES PALMEIRO: Asks to Extend Plan Exclusivity to Nov. 17, 2025 MARTINI FITNESS: Voluntary Chapter 11 Case Summary MEDICAL DEPOT: S&P Lowers ICR to 'CCC' on Upcoming Debt Maturities MEMPHIS MADE: Seeks Cash Collateral Access MG LOGISTICS: Gets Interim OK to Use Cash Collateral Until Sept. 3 MODIVCARE INC: Case Summary & 30 Largest Unsecured Creditors MODIVCARE INC: Seeks $100MM DIP Loan From Wilmington MOLINA VENTURES: Michael Colvard Named Subchapter V Trustee MYJOB MATCHER: Morris James Leads Chapter 11 Case MYSTICAL STARS: Creditors to Get Proceeds From Liquidation NATIONAL FENCE: Unsecureds Owed $124K Will Get 10% over 5 Years NDO LLC: Michael Coury of Glankler Brown Named Subchapter V Trustee NEW AGE LEASING: Seeks to Extend Plan Exclusivity to October 27 NEW RITE: Court OKs Philadelphia Property Sale to 1940 Partners NIKOLA CORP: Trump Pardon Shields His $70MM Claims, Says Ex-CEO ODYSSEY MARINE: Juan Gallardo Holds 2.5M Shares, Rights ORIGIN FOOD: Voluntary Chapter 11 Case Summary PLATINUM HEIGHTS: Seeks to Extend Plan Exclusivity to October 3 POSH QUARTERS: Seeks Subchapter V Bankruptcy in Florida PROFESSIONAL MAIL: Court OKs Equipment Sale at Auction PROSPECT MEDICAL: Court Stayed $435MM Connecticut Feud PROST LLC: Seeks Subchapter V Bankruptcy in California RENT THE RUNWAY: To Exchange Debt for Equity in Restructuring Push RESHAPE LIFESCIENCES: Ayrton Capital, Two Others Hold 0.003% Stake S & M DELI: Areya Holder Aurzada Named Subchapter V Trustee SALLY'S RESTAURANT: Section 341(a) Meeting of Creditors on Sept. 15 SANCTUARYSPA INC: Unsecureds Will Get 2% of Claims over 60 Months SANTOPIETRO FOOD: Gets Interim OK to Use Cash Collateral SHANKARA LLC: Files Emergency Bid to Use Cash Collateral SHAW SERVICES: Seeks to Extend Plan Filing Deadline to September 19 SHERWOOD HOSPITALITY: Seeks to Extend Plan Exclusivity to Sept. 17 SOLEMN INVESTMENTS: Section 341(a) Meeting of Creditors on Sept. 16 SOLUTION ENGINEERING: Seeks Chapter 11 Bankruptcy in Maryland SOUTH COLE: Section 341(a) Meeting of Creditors on September 11 SSS PROPERTIES: Frederic Schwieg Named Subchapter V Trustee SUMMIT HARD: Jonathan Dickey Named Subchapter V Trustee TESORO REDLANDS: Involuntary Chapter 11 Case Summary TRIDENT NUT: Section 341(a) Meeting of Creditors on September 25 TRIPLE T & CO: Seeks Subchapter V Bankruptcy in Alabama TURTLE LANE: Voluntary Chapter 11 Case Summary U-TELCO UTILITIES: Unsecureds to Get 5 Cents on Dollar in Plan URBAN ONE: NASDAQ Extends Deadline to Feb. 2026 for Bid Price Rule UTICA TOWNSHIP: To Sell Vehicles & Equipment to National Ambulance VENETIAN NAIL: Tarek Kiem of Kiem Law Named Subchapter V Trustee VILLAGE OAKS: No Resident Complaints, 7th PCO Report Says VYRIPHARM BIOPHARMACEUTICALS: Amends Unsecured Claims Pay Details WATTS CHOPPING: Amends Plan to Include Kern County Secured Claim WEST RIDGE: Seeks Chapter 11 Bankruptcy in West Virginia WESTVIEW BAPTIST: Seeks Chapter 11 Bankruptcy in Florida WHITE BEHAVIORAL: Seeks Subchapter V Bankruptcy in Michigan WK BROWN: Voluntary Chapter 11 Case Summary X4 PHARMACEUTICALS: Closes $85 Million Upsized Private Placement [] BOOK REVIEW: Management Guide to Troubled Companies ********* 129 WEST CONCORD: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: 129 West Concord Street, LLC 992 Tremont Street Roxbury Crossing, MA 02120 Business Description: 129 West Concord Street, LLC, a Massachusetts limited liability company formed in 2020, owns and manages residential and mixed-use real estate in Boston and Roxbury, Massachusetts. The Company's primary holdings include four nearly completed residential apartments at 129 West Concord Street, Boston, and a property at 990-992 Tremont Street, Roxbury, comprising one commercial unit and three residential units. It does not have paid employees and relies on subcontractors for property rehabilitation, maintenance, and preparation for occupancy. Chapter 11 Petition Date: August 16, 2025 Court: United States Bankruptcy Court District of Massachusetts Case No.: 25-11705 Judge: Hon. Christopher J. Panos Debtor's Counsel: John Sommerstein, Esq. JOHN F. SOMMERSTEIN 1091 Washington Street Gloucester, MA 01930 Tel: (617) 523-7474 E-mail: jfsommer@aol.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Peter N. Readdy as sole member. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. 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/FP2ARFI/129_West_Concord_Street_LLC__mabke-25-11705__0001.0.pdf?mcid=tGE4TAMA 145 NAVARRO: To Sell Texas Properties to Hotel for $32MM -------------------------------------------------------- 145 Navarro LLC seeks permission from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a real estate development company whose primary asset is a historic eight-story office building located in downtown San Antonio, Texas, commonly known as 145 Navarro Street, San Antonio, Texas, 78205 (Navarro Building). In addition, the Debtor owns fixtures, furniture, books and records and other personal property related to its real estate development business (Navarro Property). The Debtor also owns approximately one-half of the parking garage attached to the Navarro Building. The other approximately one-half of the parking garage is owned by an affiliate of ERC Acquisitions IV, LLC (ERC), a participant in the debtor-in-possession financing in this chapter 11 case. On or about December 20, 2021, the Debtor acquired the Navarro Building and Garage Property by secured financing through Archway Real Estate Income Fund I SPE I, LLC and later refinanced with TransPecos Banks, SSB on March 22, 2023, through a first lien deed of trust and promissory note in the original principal amount of $14,350,000. On December 29, 2023, the Debtor entered into a second deed of trust with TransPecos Banks, SSB securing a new total indebtedness of $15,960,000.00. In connection with the development of the Navarro Building, the Debtor entered into consulting, design and construction contracts with various parties including Premier Project Management LLC and Sandvick. Flooding hampered the Debtor's development efforts, causing the Debtor to incur unanticipated costs and delays, ultimately leading to the filing of this chapter 11 case on February 18, 2025. Bexar County filed a separate proof of claim for accrued and unpaid 2021 taxes in the amount of $(278.61). The Debtor has undertaken these efforts and the continuing remediation of the Navarro building with the assistance of debtor-in-possession financing provided by Riverwalk and ERC, as a participant in the DIP Loan. The Debtor's efforts to restructure around a development plan for the Navarro Building through a chapter 11 plan process have been unsuccessful. The Debtor has been unable to secure the required financing despite assurances related to the bankruptcy process and the protections it affords reorganized debtors and exit lenders. Instead, the Debtor’s principals have worked to secure financing for a new company, 145 Navarro Hotel LLC, to acquire the Navarro Property from the Debtor and continue the development of the Navarro Building through assumption of a number of the Debtor's contracts, including the contract with Marriott. Debtor anticipates that the cumulative purchase consideration for the Navarro Property and the Garage Property will be sufficient to satisfy the Riverwalk Secured Claim in full, any cure costs associated with assumed contracts, all postpetition operating obligations of the Debtor including the DIP Loan, administrative expenses of the chapter 11 cases including fees payable to the United States Trustee, and all prepetition unsecured claims against the Debtor. The Debtor proposes to convey the Navarro Property to Hotel for all-cash consideration of approximately $32 million pursuant to the Hotel Purchase and Sale Agreement. The Navarro Property and the Garage Property do not represent all property of the Debtor and Debtor will retain certain de minimis property unrelated to the development of the Navarro Building. The Debtor engaged in robust negotiations with Hotel as to the purchase price of the Navarro Property and believes the purchase price is fair and reasonable considering the condition of the Navarro Building and the difficulty and time frame required to locate another purchaser with the funding to acquire and develop the Navarro Building utilizing and assuming obligations to certain of the Debtor’s existing consultants, contract counterparties, and vendors. Hotel is a recently formed Delaware limited liability company, and the current owners of the Debtor have an indirect ownership stake in Hotel through a complex ownership structure for obtaining and servicing the funding to acquire and develop the Navarro Property. Debtor believes that the Hotel PSA contains terms ordinary and customary in bankruptcy sales including the assignment of certain contracts of the Debtor to Hotel. In addition, the Hotel PSA includes an escrow requirement subject to forfeiture for the protection of the Debtor. The proposed Sale Order authorizes payment of a portion of the proceeds of the Navarro Property Sale, approximately $32 million, to holders of secured claims against the Debtor including the RRP Secured Claim, the DIP Loan, the ERC Tax Claim, and the Bexar County 2021 Tax Claim, each with accrued and unpaid interest as of the closing date of the sale to Hotel. The Debtor proposes to convey the Garage Property to ERC for non-cash consideration in the form of the release of the remaining ERC Secured Claim and ERC Liens. Hotel determined not to acquire the Garage Property as part of its acquisition and development plan. ERC, as an affiliate of the owner of the other approximately one-half of the parking garage, is the natural party to acquire the Garage Property from Debtor. The Debtor is receiving effective consideration of over $8 million dollars which, the Debtor believes, exceeds the value it would receive in an alternate transaction even if the Garage Property attracted separate interest. Further, the Garage Property is in a deteriorated condition and will require significant investment by any purchaser to achieve the level of quality, and functionality expected of a garage for a luxury hotel property. While it did not conduct a separate marketing process in connection with the chapter 11 case, the Debtor has never received any indication of interest for the Garage Property from other than ERC and its affiliates. The Debtor submits that the conveyances to Hotel and ERC, the execution and delivery of the agreements related thereto, and the distributions to secured creditors are in the best interest of the Debtor's estate and its creditors and should be approved. The Debtor requests that the Sales be ordered free and clear of any and all liens, claims, and other encumbrances is supported under the circumstances. About 145 Navarro LLC 145 Navarro LLC is a limited liability company. 145 Navarro LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90011) on February 18, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Susan Tran Adams, Esq. at Tran Singh, LLP. 1713 N CAMERON: Seeks Chapter 11 Bankruptcy in Virginia ------------------------------------------------------- On August 19, 2025, 1713 N Cameron St LLC filed Chapter 11 protection in the Eastern District of Virginia. 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 1713 N Cameron St LLC 1713 N Cameron St LLC is a single-asset real estate entity as defined in 11 U.S.C. Section 101(51B). 1713 N Cameron St LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-11697) on August 19, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Steven B. Ramsdell, Esq. at TYLER, BARTL & RAMSDELL, PLC. 286 GRAND AVENUE: Case Summary & Seven Unsecured Creditors ---------------------------------------------------------- Debtor: 286 Grand Avenue LLC One Lewis Wharf Boston, MA 02110 Business Description: 286 Grand Avenue LLC's principal assets are located at 286 Grand Avenue Falmouth, MA 02540-3799. Chapter 11 Petition Date: August 20, 2025 Court: United States Bankruptcy Court District of Massachusetts Case No.: 25-11722 Debtor's Counsel: Peter N. Tamposi, Esq. THE TAMPOSI LAW GROUP, P.C. 159 Main St. Nashua, NH 03060 Tel: 603-204-5513 E-mail: peter@thetamposilawgroup.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by William P. Senne as president of The Senne Company, Inc., which is the sole owner of Senne Development LLC, which owns 100% of 286 Grand Avenue LLC. The petition was signed by William P. Senne as president of the The Senne Company, Inc. A full-text copy of the petition, which includes a list of the Debtor's seven unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OZGDE6I/286_Grand_Avenue_LLC__mabke-25-11722__0001.0.pdf?mcid=tGE4TAMA 4054 MYSTIC VALLEY: Voluntary Chapter 11 Case Summary ----------------------------------------------------- Debtor: 4054 Mystic Valley Parkway JV LLC 12 Ericsson Street Boston MA 02122 Business Description: 4054 Mystic Valley Parkway JV LLC is a single-asset real estate company that owns and manages property at 4054 Mystic Valley Parkway in Medford, Massachusetts, focusing on real estate investment and development. Chapter 11 Petition Date: August 19, 2025 Court: United States Bankruptcy Court District of Massachusetts Case No.: 25-11713 Debtor's Counsel: Jeffery Johnson, Esq. LAW OFFICE OF JEFFERY JOHNSON, ESQUIRE 67 School Street P.O. Box 960 Hyannis MA 02601 Tel: (508) 790-5776 E-mail: jeff@jefferyjohnsonesq.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Brian Anderson as manager. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZRQTFKQ/4054_Mystic_Valley_Parkway_JV__mabke-25-11713__0001.0.pdf?mcid=tGE4TAMA 777 PARTNERS: Faces Contempt Sanctions, Enters Receivership ----------------------------------------------------------- Lauren Berg of Law360 Bankruptcy Authority reports that a Delaware Chancery Court magistrate ordered contempt sanctions and appointed a receiver against private equity firm 777 Partners in a lawsuit brought by its former chief financial officer, who is seeking advancement of legal fees tied to a fraud probe and multiple business-related lawsuits. About 777 Partners Inc. 777 Partners Inc. -- https://www.777part.com/ -- is an American private investment company based in Miami. ADMI CORP: S&P Alters Outlook to Negative, Affirms 'B-' LT ICR -------------------------------------------------------------- S&P Global Ratings revised the outlook on ADMI Corp. (TAG) to negative from stable. S&P affirmed its 'B-' long-term issuer credit rating. The negative outlook reflects risk to S&P's base due to a softening economy that could lower patient traffic and procedure acceptance, which could depress cash flow at a time when loans are turning current at the end of 2026. TAG missed its budget for the second quarter of 2025, citing higher expenses at Aspen Dental and lower demand at ClearChoice due to economic uncertainty. S&P said, "Although the overall economy has been fairly resilient in the first half of 2025, we expect it to decelerate in the second half of 2025 and in 2026 and unemployment to rise. "Our base case for TAG continues to reflect cash flow deficits, but we consider them sustainable due to expected improvement in future periods. We revised our forecast to a free cash flow deficit of about $85 million, which is about $20 million lower than our prior forecast. Our forecast for free cash flow includes $50 million-$60 million of growth capital expenditures (capex) and does not include run-rate de novo EBITDA of about $60 million. "We think growth capex could be partly deferred and the EBITDA from recently opened de novo offices would push cash flows into positive territory over the next 12 months. Our base case also assumes working capital will improve in 2026 as TAG laps pressure from the cyber outage and fewer cash-pay customers, following an approximately $60 million expected outflow in 2025. Our base case is about $30 million lower than the company's budget because we believe economic headwinds could lower demand, particularly at ClearChoice, and there could be some additional unanticipated expenses from the long-running remediation of a cyber outage in 2023. TAG is also increasing certain expenses to improve patient visits, and effects from this spend are uncertain. "The negative outlook reflects risks from a softening economy in the U.S. This could lower patient visits, delay procedure acceptance, and further increase the use of patient financing. We think if the recent weak performance continues into 2026, the company could be vulnerable as it seeks to refinance its revolver and term loan, which is due at the end of 2027. We believe TAG's successful refinancing is partially dependent on its ability to effectively capture run-rate EBITDA from de novo stores. TAG has successfully done this in the past, though it could face the headwind of a weak operating environment and key segments like ClearChoice could deteriorate further, offsetting EBITDA improvements elsewhere. "Additionally, management cited economic uncertainty for some of the weaker results in the dental segment, and we expect consumer spending could weaken further in the second half of 2025 as GDP growth decelerates and unemployment increases." As more patients are hindered by the softer economy, patient visits and procedure acceptance could suffer more starkly than this period of relative economic resilience. Management also mentioned patients are opting for less expensive procedures instead of implants at ClearChoice, which could deepen as the economy softens. TAG is also seeing a greater usage of financing, which is weighing on margins and could be used more extensively. Relative to rated peers Heartland Dental and Pacific Dental, TAG is indexed more to lower- and middle-income patients and more exposed to expensive and discretionary implant procedures at ClearChoice. This adds to the uncertainty of whether TAG will meet our financial expectations in 2025 and improve in 2026. S&P continue to have a favorable long-term view of the general dental industry (estimate a 3%-4% annual growth rate just from increases in reimbursement and demographics), but TAG's approaching 2027 maturity places more emphasis on near-term execution and related uncertainties. S&P said, "The negative outlook reflects risk to our base case due to expected economic softening in the second half of 2025 and 2026, such that TAG's efforts to attract patients and improve margins could fall short. The outlook also reflects that the company has about a year to demonstrate improved operating results and mitigate refinancing risk before its debt goes current at the end of 2026. "We could lower the ratings if operating performance deviates from our base-case scenario, which limits EBITDA growth and FOCF generation such that FOCF excluding de novo capex remains negative, eroding liquidity and heightening refinancing risk. In this scenario, we would view the capital structure as likely unsustainable. "We could revise the outlook to stable if TAG's operating results and cash flow generation trend toward our 2026 expectations of about a reported $15 million free cash flow deficit (reported cash flow from operations of about $100 million), such that we see lower refinancing risk. In this scenario, TAG's operating cash flow would cover maintenance capex with expectations for improving cash flow in future periods. Alternatively, we could revise the outlook to stable if the company refinances its debt and extends maturities and operating trends are generally positive." ALGORHYTHM HOLDINGS: Ionic Entities Hold 9.9% Stake as of June 30 ----------------------------------------------------------------- Ionic Ventures, LLC, Ionic Management, LLC, Brendan O'Neil, and Keith Coulston, disclosed in a Schedule 13G (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of June 30, 2025, they beneficially own 279,086 shares of Algorhythm Holdings, Inc.'s common stock, par value $0.01 per share, representing 9.9% of the 2,514,571 shares outstanding as of May 14, 2025, as disclosed in the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2025. The beneficial ownership includes shares issuable upon exercise of Series A common stock purchase warrants held by Ionic Ventures, LLC, subject to a 9.99% beneficial ownership limitation provision (the "Blocker"). Voting and dispositive power over the shares is shared among the Reporting Persons. Ionic Ventures may be reached through: Keith Coulston, Manager Ionic Ventures, LLC / Ionic Management, LLC 3053 Fillmore St, Suite 256 San Francisco, CA 94123 Tel: 415-999-2132 A full-text copy of Ionic Ventures' SEC report is available at: https://tinyurl.com/m6cpz6fr About Algorhythm Holdings Algorhythm Holdings, Inc., fka The Singing Machine Company, Inc. -- http://www.singingmachine.com/-- is a holding company for an AI enabled software logistics business operated through its SemiCab Holding subsidiary and a home karaoke consumer products company that designs and distributes karaoke products globally to retailers and ecommerce partners through the Singing Machine subsidiary. Philadelphia, Penn.-based Marcum LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $18,302,000 in total assets, $28,823,000 in total liabilities, and a total stockholders' deficit of $10,521,000. ALL AMERICAN: 2003 Ferrari Sale to Ileana Davide for $78K OK'd -------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, has approved All American Holdings LLC and its affiliates, Alfred O. Bonati, Gulf Coast Orthopedic Center Corp., and Gulfview Aviation LLC, to sell 2003 Ferrari Vehicle, free and clear of liens, claims, interests, and encumbrances. Dr. Bonati owns a number of classic automobiles, one of which is the 2003 Ferrari VIN # ZFFYT53A630133587. Dr. Bonati has received an offer from Mercedes Benz of Clearwater to purchase the 2003 Ferrari as is with all faults. The Court has authorized the Debtor to sell the 2003 Ferrari to Ileana Davide for the purchase price of $78,000 (Second Purchase Price). If Davide does not purchase the 2003 Ferrari for the Second Purchase Price, the Debtor may sell the 2003 Ferrari to Mercedes Benz for the Initial Purchase Price, $75,000. No consents or approvals, other than those already obtained or expressly provided for in the Contract, are required for the Debtor to consummate the transaction. The transfer of the 2003 Ferrari to the Purchaser shall be free and clear of liens and encumbrances, and interests of any kind. At the closing of the sale of the 2003 Ferrari, Kathy B. Scott, the lienholder on the 2003 Ferrari, shall receive $62,400 from the sale proceeds of a sale to Davide or $60,000 from the sale proceeds of a sale to Mercedes Benz, upon receipt of which shall execute such documents as are necessary to release her lien on the 2003 Ferrari. The payment to Scott shall be paid to Robert Furr, Esquire, as Trustee, for application against Scott’s secured claim. The remaining proceeds shall be paid to the Debtor’s counsel to hold in its escrow account to be used to pay automobile insurance. The Contract has been entered into by the Purchaser in good faith and the Purchaser is a good faith purchaser of the 2003 Ferrari. About All American Holdings LLC All American Holdings LLC is a limited liability company. All American Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02066) on April 1, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Catherine Peek McEwen handles the case. The Debtor is represented by Harry E. Riedel, Esq. at STICHTER, RIEDEL, BLAIN & POSTLER, P.A. ALTA LOMA: Seeks Chapter 11 Bankruptcy in Oklahoma -------------------------------------------------- On August 18, 2025, Alta Loma Vivative LP filed Chapter 11 protection in the Central District of Oklahoma. 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 Alta Loma Vivative LP 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. Alta Loma Vivative LP sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Okla. Case No. 25-15786) on August 18, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by W. Derek May, Esq. at LAW OFFICE OF W. DEREK MAY. AMERICAN AUTO: S&P Reinstates 'B-' Rating on First-Lien Facilities ------------------------------------------------------------------ On July 8, 2025, S&P Global Ratings reinstated its 'B-' ratings on the recently issued first-lien facilities comprising a seven-year, $885 million term loan and a five-year, $100 million revolving credit facility. S&P had assigned the ratings to these facilities on May 21, 2025, and had erroneously withdrawn the ratings on July 2, 2025, due to a processing error. AMERICAN NATIONAL: S&P Rates New Junior Subordinated Notes 'BB+' ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' rating to American National Group's (ANGI) proposed fixed-rate reset junior subordinated notes due in December 1, 2055. The ratings on the proposed notes are two notches lower than the 'BBB' senior debt and issuer credit ratings on the insurance holding company. The two notches reflect the subordination of these notes and the option to defer interest feature. The proposed notes will be unsecured obligations and rank junior to the company's current and future senior debt. The notes' fixed coupon will reset every five years after the initial 5-year fixed-rate period at an annual rate equal to the five-year U.S. Treasury rate, plus a predetermined spread, subject to a floor. ANGI's first opportunity to call the notes at par (outside of regulatory, rating agency, and tax events) will be during the three months prior to the first reset date. ANGI can opt to defer interest payments on the notes. S&P said, "We consider ANGI's junior subordinated debt issuance as hybrid capital. We will likely assign intermediate equity content to the instrument and add it to the group's total available capital, subject to our hybrid and debt-funded capital tolerance limits, per our capital model criteria." ANGI intends to use the proceeds for repurchasing in whole the company's existing Series B preferred stock and the remaining proceeds for general corporate purposes. As of year-end 2024, financial leverage (excluding accumulated other comprehensive income) was 29% and fixed charge coverage was 4.9x. Following this issuance, we expect the company's financial leverage to be under 35% and fixed-charge coverage to be above 4x in 2025 and 2026. Key factors supporting our ratings include ANGI's leading market positions in the deferred, fixed-indexed, and pension risk transfer product lines. On Aug 18, ANGI filed an 8-k that disclosed its intent to establish a unified property & casualty (P&C) platform and its plan to merge one or more of the American National P&C entities (unrated) with one or more subsidiaries of Argo Group International Holdings Inc. (BBB-/Stable/--). This does not affect ANGI's overall credit profile since the P/C business was already a smaller part of ANGI's business (approximately 10% of pre-tax distributable operating earnings for 2024). S&P said, "We also do not anticipate the transfer of P&C entities will affect our view of ANGI's excellent financial risk profile, since we expect the loss of capital from the P&C entities will still lead to capital in excess of capital requirements at our 99.99% confidence level over the next two years." AMPLIFYBIO LLC: Seeks to Extend Plan Exclusivity to November 12 --------------------------------------------------------------- Amplifybio, LLC and affiliates asked the U.S. Bankruptcy Court for the Southern District of Ohio to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to November 12, 2025 and January 12, 2026, respectively. On May 16, 2025, each of the Debtors filed with the Court a voluntary petition for relief under chapter 11 of the Bankruptcy Code. The Debtors are authorized to operate their businesses and manage their property as debtors in possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code. On June 3, 2025, the United States Trustee appointed the Committee. On June 12, 2025, the Debtors filed a motion seeking authority to sell substantially all of their assets, subject to higher and better bid (the "Sale Motion"). Further, contemporaneously with the filing of this Motion, the Debtors are filing a motion seeking the approval of a settlement with Battelle Memorial Institute, Battelle Services Company, Inc., and the Official Committee of Unsecured Creditors (the "Settlement"). The Debtors explain that they intend to work with the Committee on a consensual chapter 11 plan, as contemplated in the Settlement. However, given the currently outstanding sale process, the fact that the General Bar Date does not occur until August 25, and other related issues, the Debtors require additional time to formulate and negotiate the details of a chapter 11 plan. The Debtors claim that such a process requires an extension of the deadlines set forth in section 1121 of the Bankruptcy Code. The requested extensions of the Exclusivity Period and Solicitation Period are requested out of an abundance of caution, while the Debtors work to finish the sale process and develop a consensual plan. Moreover, the Debtors' request for an extension is not for the purpose of unduly delaying an exit strategy. Rather, the extension will also allow the Debtors to, among other things, negotiate the structure of a plan, close the Sale, and provide time to assess the amount and nature of claims against the Debtors' estates. The Debtors assert that in seeking an extension of the Exclusivity Period and Solicitation Period, the Debtors have no ulterior motives, such as obtaining an unfair bargaining position over parties in interest. Rather, they seek to maintain the status quo until the sale is approved and closes, the General Bar Date occurs, and the Debtors have the opportunity to work with the Committee to develop a consensual plan. The Debtors further assert that the requested extensions of the Exclusivity Period and Solicitation Period are realistic and necessary, will not prejudice the legitimate interests of the Debtors' stakeholders, and will afford the Debtors a meaningful opportunity to pursue a feasible and consensual chapter 11 plan. Accordingly, the Exclusivity Period and Solicitation Period should be extended to afford the Debtors a full and fair opportunity to negotiate, propose, and seek acceptance of a plan. Counsel to the Debtors: Scott N. Opincar, Esq. Maria G. Carr, Esq. MCDONALD HOPKINS LLC 600 Superior Avenue East, Suite 2100 Cleveland, OH 44114 Telephone: (216) 348-5400 Facsimile: (216) 348-5474 Email: sopincar@mcdonaldhopkins.com mcarr@mcdonaldhopkins.com About AmplifyBio LLC AmplifyBio LLC is a preclinical contract research and manufacturing organization based in Ohio that offers integrated services for therapeutic development, including R&D, preclinical testing, and scalable manufacturing for advanced therapies such as cell and gene therapies, mRNA, and non-viral gene editing platforms. Formed as a 2021 spinout from Battelle Memorial Institute, the Company has expanded through acquisitions and facility investments, including a 350,000-square-foot cGMP manufacturing site in New Albany. Its wholly owned subsidiary, ADOC SSF, LLC, is fully integrated into its operations and participates in scientific, operational, and financial activities. AmplifyBio LLC and affiliate sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Lead Case No. 25 52140) on May 16, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Mina Nami Khorrami handles the case. The Debtor is represented by Scott N. Opincar, Esq. and Maria G. Carr, Esq. at MCDONALD HOPKINS LLC. HUTCHISON PLLC is the Debtor's co-counsel. EPIQ CORPORATE RESTRUCTURING, LLC is the Debtors' Notice, Claims and Balloting Agent. ARCHES INTERMEDIATE: S&P Alters Outlook to Stable, Affirms 'B' ICR ------------------------------------------------------------------ S&P Global Ratings revised its outlook on Arches Intermediate Inc. to stable from negative. At the same time, S&P affirmed all its ratings on the company, including its 'B' issuer credit rating. S&P said, "The stable outlook reflects our expectation that an improving subscriber base will grow Ancestry's revenue by about 2% over the next 12 months. Absent any releveraging activities, we also expect recent cost-cutting actions will improve the company's leverage to the mid-6x area, with FOCF to debt remaining above 5% over the next 12 months." The operating performance of Arches, which does business as Ancestry, has improved following its initiatives to drive premium subscriber growth and margin expansion. The company sold nearly 30% more DNA test kits in 2024, which should result in favorable subscriber and revenue growth in 2025. The stable outlook reflects Ancestry's improving operating performance and S&P's belief that leverage will improve to the mid-6x area over the next 12 months. The company's S&P Global Ratings-adjusted gross leverage peaked at 7.8x for the 12 months ending Sept. 30, 2024, due to subscriber acquisition challenges and a debt-financed special dividend issued at the end of 2023. Since then, the company has turned to discounting its DNA kits and promotional activity, like offering a wider tier of price packages to increase demand and subscription revenues in the long term. The company has increased its subscriber base by maintaining favorable cross-selling rates and limiting customer churn despite macroeconomic uncertainty and heightened data-privacy concerns from close competitor 23andme. The company has also increased its average revenue per user (ARPU) by introducing additional features to its premium subscription tier. As a result, Ancestry's leverage has improved to 7.2x as of June 30, 2025, from 7.7x for the same period last year. S&P said, "We believe cost-savings initiatives--such as a vendor contract renegotiation, office consolidation, and a workforce reduction--will improve the company's EBITDA margins to the 41%-42% area in 2025 and 2026 from 37.3% in 2024. Despite weak economic uncertainty, which could result in lower discretionary spending, we expect further deleveraging into 2026 as the company benefits from additional cost savings and maintains a disciplined cost structure. We also expect an additional EBITDA contribution from the company's recent cash-funded acquisition of iMemories, a direct-to-consumer media digitization, hosting, and streaming service for home videos, photos, and other media. As such, we forecast the company will improve its leverage to the mid-6x area in 2025 and 2026." Ancestry faces risks from its financial-sponsor ownership and the tendency of financial sponsors to use leverage to fund cash distributions. The company is primarily owned by financial sponsor Blackstone and has a history of pursuing debt-funded dividends to increase leverage once Ancestry's S&P Global Ratings-adjusted debt to EBITDA declines to the low- to mid-6x area as the result of EBITDA growth. For example, in August 2021, the company issued a $350 million add-on to its first-lien term loan due 2027 to pay a dividend to its shareholders. In addition, in December 2021, it issued a $250 million add-on to its senior secured notes due 2028 to fund another dividend. Most recently, in December 2023, the company distributed about $500 million to its shareholders using cash on hand and a newly issued $375 million non-fungible incremental term loan due 2027. Although not considered in our base-case forecast, leverage could materially increase if the company executes debt-funded mergers and acquisitions (M&A) or shareholder distributions. S&P said, "We believe Blackstone's ownership and ability to dictate Ancestry's strategy could lead it to adopt a more aggressive financial policy, such as by pursuing large debt-financed acquisitions or additional distributions that weaken its credit measures. Our assessment of the company's financial risk reflects that its corporate decision-making prioritizes the interests of its controlling owners, which is in line with our view of most rated entities owned by private-equity sponsors. Our assessment also reflects private-equity owners' generally finite holding periods and focus on maximizing shareholder returns." The company's product line is highly discretionary, with the Ancestry.com genealogy product requiring consistent investment in new content to keep customers engaged. Ancestry is vulnerable to declines in consumer discretionary spending, which can reduce its revenue if consumers choose alternate leisure options. As a result, the company spends aggressively on content to build out its genealogy database. Although this spending reduces Ancestry's FOCF, more content provides an incentive for its subscribers to continue using the service and provides a foundation for it to launch new services in more countries. The company still generates FOCF to debt of about 5%. While its ability to acquire new content is a risk, S&P recognizes that the company's collection of genealogy records bolsters its intellectual property and presents a significant barrier to entry for competitors. S&P said, "The stable outlook reflects our expectation that an improving subscriber base will grow Ancestry's revenue by about 2% over the next 12 months. Absent any releveraging activities, we also expect recent cost-cutting actions will improve the company's leverage to the mid-6x area, with FOCF to debt remaining above 5% over the next 12 months. "We could lower our rating over the next year if we expect Ancestry's FOCF to debt will decline below 5% and it will sustain leverage of more than 7.5x." This could occur if: -- Its subscription revenue growth stalls; -- Its cost-cutting efforts and price increases are insufficient to maintain healthy EBITDA margins; -- Its DNA kit sales decline or Ancestry is unable to maintain a cross-sell percentage in the mid-teens percent area; and -- The company completes significant debt-financed distributions or acquisitions. Although unlikely over the next 12 months, S&P could raise its rating if Ancestry broadens the diversity of its operations and commits to a less aggressive financial policy. This would require: -- Consistent FOCF to debt of over 10%; and -- A commitment that any future re-leveraging activity will be limited, with leverage sustained below 6x. ASSUREDPARTNERS INC: S&P Withdraws 'B' LT Issuer Credit Rating -------------------------------------------------------------- S&P Global Ratings withdrew its 'B' long-term issuer credit rating on AssuredPartners Inc. This follows the company's sale to Arthur J. Gallagher & Co. (BBB/Positive/---) that was completed on Aug. 18, 2025. At the same time, S&P discontinued its 'B' and 'CCC+' issue ratings on AssuredPartners' senior secured and senior unsecured debt, respectively, since all the company's rated debt facilities were fully repaid. AXE HANDLE: Case Summary & Two Unsecured Creditors -------------------------------------------------- Debtor: Axe Handle, LLC 4610 Axe Handle Road Quakertown, PA 18951 Business Description: Axe Handle, LLC owns a property located at 4610 Axe Handle Road in Quakertown, Pennsylvania with an estimated value of $1 million. Chapter 11 Petition Date: August 19, 2025 Court: United States Bankruptcy Court Eastern District of Pennsylvania Case No.: 25-13292 Judge: Hon. Ashely M. Chan Debtor's Counsel: Jeffrey Kurtzman, Esq. KURTZMAN | STEADY, LLC 101 N Washington Avenue, Suite 4A Margate City, NJ 08402 Tel: (215) 839-1222 Email: kurtzman@kurtzmansteady.com Total Assets: $1,198,392 Total Liabilities: $412,706 Shawn Touhill signed the petition in his capacity as manager. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PXMGSMQ/Axe_Handle_LLC__paebke-25-13292__0001.0.pdf?mcid=tGE4TAMA BAUDAX BIO: Seeks to Extend Plan Exclusivity to Oct. 14 ------------------------------------------------------- Baudax Bio, Inc., asked the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to October 14 and December 13, 2025, respectively. In the instant case, cause for an additional extension of exclusivity exists because the Debtor requires additional time to analyze the claims of ordinary and alleged administrative creditors, organize its creditors into appropriate classes, and craft a plan of reorganization that can accommodate various and previously unanticipated forms of monetizing the Debtor's intellectual property. The Debtor explains that it would be premature (at best), as well as a waste of time, effort and resources, including judicial resources, to require the Debtor to file a plan by August 15, 2025 to maintain its right to exclusivity. The Debtor claims that it should be afforded a full and fair opportunity to negotiate, propose, and seek acceptances of a confirmable plan of reorganization. The Debtor believes that the extension of the exclusive periods is warranted and appropriate under the circumstances and should be granted. It is submitted that, particularly in light of the anticipated liquidation plan to be proposed by the Debtor, the extension requested will not prejudice the legitimate interests of any creditor and will likely afford parties in interest an opportunity to pursue to fruition the beneficial objectives of a consensual reorganization. Baudax Bio, Inc., is represented by: David B. Smith, Esq. Nicholas M. Engel, Esq. SMITH KANE HOLMAN, LLC 112 Moores Road, Suite 300 Malvern, PA 19355 Telephone: (610) 407-7215 Facsimile: (610) 407-7218 Email: dsmith@skhlaw.com About Baudax Bio, Inc. Baudax Bio, Inc. is a biotechnology company focused on developing T cell receptor therapies utilizing human regulatory T cells, as well as a portfolio of clinical stage neuromuscular blocking agents and an associated reversal agent. Baudax Bio, Inc., filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 24-10583) on February 22, 2024, listing up to $50,000 in assets and $10 million to $50 million in liabilities. The petition was signed by Gerri Henwood as chief executive officer. Judge Magdeline D. Coleman presides over the case. David B. Smith, Esq., at SMITH KANE HOLMAN, LLC, is the Debtor's counsel. BEARSVILLE LLC: Case Summary & One Unsecured Creditor ----------------------------------------------------- Debtor: Bearsville, LLC 23 Gould St. Colebrook, NH 03576 Business Description: Bearsville, LLC owns and manages real estate in Colebrook, New Hampshire, including a manufacturing facility leased to its affiliate American Performance Polymers, LLC, which produces plastic gloves. The Company expanded the leased premises during the COVID-19 pandemic with support from the U.S. government and holds the property as part of its investment in industrial real estate. Chapter 11 Petition Date: August 19, 2025 Court: United States Bankruptcy Court District of New Hampshire Case No.: 25-10577 Debtor's Counsel: Michael ONeil, Esq. RATH YOUNG & PIGNATELLI One Capital Plaza Concord, NH 03302 Tel: (603) 226-2600 Email: mko@rathlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Richard Renehan as president. The Debtor identified the Town of Colebrook, located at 17 Bridge Street, Colebrook, New Hampshire 03576, as its only unsecured creditor, holding a claim of $200,000. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/24UJCPI/Bearsville_LLC__nhbke-25-10577__0001.0.pdf?mcid=tGE4TAMA BERTUCCI'S RESTAURANTS: Claims to be Paid from New Value & Revenue ------------------------------------------------------------------ Bertucci's Restaurants, LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Disclosure Statement describing Chapter 11 Plan dated August 15, 2025. The Debtor is the owner and operator of the renowned Bertucci's restaurant chain, celebrated for its Italian-inspired cuisine and inviting atmosphere. The first Bertucci's restaurant opened in 1981, as Bertucci's Brick Oven Pizzeria in Somerville, Massachusetts. Despite progress, broader macroeconomic forces beyond the Debtor's control have continued to weigh heavily on its business. With losses mounting and a number of its remaining restaurants continuing to operate at a deficit, Bertucci's was compelled to reevaluate its strategic path. Ultimately, the company concluded that another Chapter 11 filing was necessary to stabilize operations and preserve value for stakeholders. This Chapter 11 Bankruptcy Case was filed to provide the Debtor with a critical opportunity to reassess its footprint, restructure its obligations, and propose a feasible plan of reorganization that reflects the economic and industry realities. The Reorganized Debtor will operate approximately thirteen restaurants, all of which are forecasted to be profitable. Reorganized Debtor will also develop additional Bertucci's Pronto locations to take advantage of the brand's good name and consumer demand for fast casual restaurants. The Reorganized Debtor will also invest money into brand marketing and repairing, maintaining, and improving facilities. All Claims held against the Debtor shall be classified and treated pursuant to the terms of the Plan. The Plan contains 6 separate classes of Claims and Interests. As outlined in Articles IV and V, the Plan: Allowed Secured Claims in Classes 1 through 2 will be satisfied in full pursuant to the terms in the Plan; Allowed Secured Property Tax Claims in Class 4 will be paid in full over time to the Class 4 terms; and Allowed General Unsecured Claims in Class 5 shall be paid pro rata from the sale, capped at $200,000, of a liquor license in Mt. Laurel, N.J. (the license is currently listed for sale) (the "New Value"). In addition, the Plan further provides that the Holders of Allowed Administrative Claims, Allowed Priority Claims, and Allowed Priority (NonReal Estate) Tax Claims will be paid in full on the Effective Date or in accordance with the treatment specified herein. The Allowed Interests in Class 6 will carry forth after the Effective Date. The Plan is premised on the continued operations of Reorganized Debtor based on shedding several locations which drained cash flow and, thus, the remaining locations will produce sufficient cash flow to support operations and make all Plan Payments. Class 5 consists of all Allowed General Unsecured Claims against the Debtor. In full satisfaction of the Allowed Class 5 General Unsecured Claims, each Holder of an Allowed Class 5 General Unsecured Claim shall receive a pro rata share of the New Value. Payments shall be made on the 1st day of the calendar month following the later of: (a) the Effective Date; or (b) the date the Mt. Laurel liquor license is sold. In the event of a conversion and liquidation, there would be likely no distribution (i.e., $0) to Holders of Allowed Class 5 General Unsecured Claims as the secured debts encumbering the Debtor's Property exceed the value of the Property. The Debtor estimates the total amount of the Allowed Class 5 General Unsecured Claims, excluding insiders, to be approximately $2,500,000. Class 5 is Impaired. Class 6 consists of any and all membership interests currently issued or authorized in the Debtor. In exchange for the New Value, on the Effective Date, all existing Interests shall continue into the Reorganized Debtor in equal proportions of such equity Interests as were held as of the Petition Date. No distributions will be made to Interest Holders until the distributions to Class 6 have been made. Class 6 is Unimpaired. The Plan contemplates that the Reorganized Debtor will continue to operate by increasing its revenues, reducing its operating expenses and monthly lease payments, and restructuring its debt obligations. The Debtor anticipates that post-confirmation operations will generate sufficient revenues to make the plan payments as set forth in the financial projections (the "Projections"). The Plan further contemplates that, on the Effective Date, the Equity Interests in the Debtor will contribute the New Value. Distributions to Holders of Allowed Class 5 General Unsecured Claims will be paid pro rata from the New Value. All other payments required under the Plan will be funded by operational revenues. Additionally, funds generated from the Debtor's operations through the Effective Date will be used for plan payments; however, the Debtor's cash on hand at the time of Confirmation will be available first for the payment of Allowed Administrative Expenses. A full-text copy of the Disclosure Statement dated August 15, 2025 is available at https://urlcurt.com/u?l=qjaAei from PacerMonitor.com at no charge. Counsel to the Debtor: R. Scott Shuker, Esq. Shuker & Dorris, PA 121 S. Orange Avenue, Suite 1120 Orlando, FL 32801 Telephone: (407) 337-2060 Facsimile: (407) 337-2050 About Bertucci's Restaurants Bertucci's Restaurants, LLC operates a chain of Italian-inspired restaurants primarily across the U.S. East Coast, including New England and Virginia. Founded in 1981 in Somerville, Massachusetts, the company is known for its wood-fired brick oven dishes. It recently launched Bertucci's Pronto, a fast-casual spinoff concept aimed at catering to evolving consumer dining preferences. Bertucci's Restaurants filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-02401) on April 24, 2025. In the petition signed by Thomas Avallone, manager, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Grace E. Robson oversees the case. R. Scott Shuker, Esq., at Shuker & Dorris, PA, serves as the Debtor's counsel. BICK GROUP: Seeks Cash Collateral Access, $450K DIP Loan From SLB ----------------------------------------------------------------- Bick Group Holdings, LLC asked the U.S. Bankruptcy Court for the Eastern District of Missouri for authority to use cash collateral and obtain post-petition financing from its pre-petition lender, St. Louis Bank, to get through bankruptcy. This financing is a $450,000 debtor-in-possession revolving credit facility secured by substantially all of the Debtor's assets. The DIP facility bears interest at prime + 1.5% and matures in 240 days. SLB will also be reimbursed for legal fees incurred in connection with the financing. The borrowing base is 70% of eligible accounts receivable, with a bi-weekly borrowing base certificate requirement and a monthly cash sweep. The DIP facility will be secured by priming liens on all of the Debtor's assets. Critically, the DIP facility includes a roll-up provision whereby any amounts advanced will be used to refinance the pre-petition obligations dollar-for-dollar, effectively converting them into post-petition DIP obligations. This roll-up structure is subject to court approval and is designed to incentivize SLB to continue funding the Debtor's operations during Chapter 11. Prior to filing, the Debtor was party to several loan arrangements with SLB. The pre--petition capital structure includes (i) a $1.5 million asset-based loan originated under a business loan agreement and evidenced by a 2023 promissory note; (ii) a $3.268 million SBA 7A loan originated in August 2023 and co-borrowed with an affiliate; and (iii) a subsequent omnibus modification agreement dated April 2025, which consolidated and restructured the outstanding obligations into a single $2.8 million amended and restated consolidated promissory note. These obligations are secured by blanket liens on all of the Debtor's personal property, including accounts receivable, equipment, inventory, general intangibles, and a deposit account control agreement, and are evidenced by various security agreements and UCC filings. The DIP facility also includes standard protections for SLB, including: (i) superpriority administrative expense claims under 11 U.S.C. section364(c)(1); (ii) adequate protection replacement liens for any diminution in the value of prepetition collateral; (iii) a carveout for allowed professional fees, capped at $5,000 post-default; and (iv) milestones including plan filing within 120 days and plan confirmation within 180 days of the petition date. Events of default include, among others, unauthorized variance from the budget, failure to meet milestones, appointment of a trustee or examiner, and failure to obtain a final order approving the DIP loan by September 15. A copy of the motion is available at https://urlcurt.com/u?l=c0RbMs from PacerMonitor.com. About Bick Group Holdings, LLC Bick Group Holdings, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Case No. 25-43081) on August 12, 2025. In the petition signed by Christopher T. Pondoff, member/chief executive officer, the Debtor disclosed up to $50,000 in both assets and liabilities. Judge Bonnie L. Clair oversees the case. Robert Eggmann, Esq., at Carmody MacDonald P.C., represents the Debtor as legal counsel. St. Louis Bank, as DIP Lender, is represented by: Laura Toledo, Esq. Armstrong Teasdale, LLP 7700 Forsyth Blvd., Suite 1800 St. Louis, MO 63105 Tel: 314.621.5070 Fax: 314.621.5065 ltoledo@atllp.com BW HOLDING: S&P Lowers ICR to 'D' on Term Loan Maturity Extension ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on BW Holding Inc. (BW) to 'D' (default) from 'CCC-'. At the same time, S&P lowered its issue-level rating on the first-lien credit facilities to 'D' from 'CCC-'. S&P expects to review its issuer credit rating on the company over the next few business days. BW completed a refinancing with its lenders to exchange all of its existing loans into new longer-dated facilities, some of which will feature payment-in-kind (PIK) interest. The company also raised a new $130 million first-lien first-out term loan, which will rank pari passu to the new revolving credit facility and higher in priority than the new exchanged term loans. It will use the proceeds to repay the draw on an accounts receivables facility loan, repay outstanding revolver loans, cover all financing fees and transaction costs, and provide incremental liquidity. The downgrade follows BW's completion of a debt exchange of substantially its entire capital structure. On Aug. 11, 2025, the company announced it had successfully completed a comprehensive refinancing of 100% of its existing loans and raised $130 million of new money via a new first-lien first-out term loan. The existing first-lien term loan will be exchanged into a first-lien second-out term loan maturing December 2030. The existing second-lien term loan will be exchanged into a first-lien third-out term loan, initially to be paid with PIK interest. The revolving credit facility will also be exchanged into a new first-lien first-out revolving credit facility and have its maturity extended to September 2030. Though the company had remained current on their debt obligations, under our criteria S&P views the transaction as tantamount to a default as initial investors have received less value than promised in the original securities without adequate offsetting compensation. In addition, the company's ongoing cash burn had led to a large deterioration in liquidity. At the end of first-quarter 2025, the $50 million revolving credit facility was fully drawn, and BW only had $17.5 million of cash on hand. S&P said, "We believe if the company had not completed the exchange, it would have likely not been able to pay its fixed costs in the near term. This exchange will provide the company immediate liquidity relief, with approximately $58 million cash on hand and an undrawn $50 million revolving credit facility (availability subject to covenant restrictions). We expect to review our issuer credit rating on the company over the next few business days." BW HOLDING: S&P Upgrades ICR to 'CCC+', Outlook Negative -------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on BW Holding Inc. to 'CCC+' from 'D'. S&P said, "At the same time, we assigned our 'B' issue-level rating and '1' recovery to the company's new 1L1O revolving credit facility and 1L1O term loans. The '1' recovery rating indicates our expectation for very high (90%-100%; rounded estimate: 95%) recovery. We also assigned our 'CCC' issue-level rating and '5' recovery rating to BW's new first-lien, second-out (1L2O) term loan and our 'CCC-' issue-level rating and '6' recovery rating to its new first-lien, third-out (1L3O) term loan. The '5' and '6' recovery ratings indicate our expectation for modest (10%-30%; rounded estimate: 25%) and negligible (0%-10%; rounded estimate: 0%) recovery, respectively. "The negative outlook indicates that we could lower our rating on BW over the next 12 months if it underperforms and continues to generate negative free operating cash flow (FOCF) over the next 12 months, increasing the likelihood it will pursue another debt restructuring." BW completed a comprehensive refinancing of its entire capital structure on Aug. 15, 2025, which provided it with $130 million of new money (through a new first-lien, first-out [1L1O] term loan) and extended the maturities of its revolving credit facility and term loans. However, S&P Global Ratings believes the company's capital structure remains unsustainable because S&P forecasts its S&P Global Ratings-adjusted debt to EBITDA will remain elevated at more than 14.5x (inclusive of its preferred debt) over the next 12 months. The upgrade reflects BW's improved liquidity and reduced debt service requirements through 2028. While the company's refinancing extended its maturity profile, S&P continues to believe its capital structure is unsustainable over the long term. BW's restructuring also provided it with liquidity relief through a new $130 million 1L1O term loan maturing September 2030, which it used to pay down the $50 million of outstanding borrowings on its existing revolving credit facility and the $15 million balance on its accounts-receivable facility, cover accrued interest, fees, and transaction costs, and add $40 million of cash to its balance sheet. Therefore, the company's liquidity position now comprises roughly $58 million of balance sheet cash and $50 million of availability under the new revolver, which compares with roughly $17.5 million of cash on hand and no availability under the existing $50 million revolver as of March 31, 2025. Furthermore, as part of the transaction BW exchanged its previous first-lien term loan for a new 1L2O term loan maturing in December 2030 and its previous second-lien term loan for a new 1L3O term loan maturing in March 2031. Under the new 1L3O term loan, the company is only required to make payment-in-kind (PIK) interest payment until the earlier of 42 months or its achievement of a 7.0x gross secured leverage ratio after 36 months, which will reduce its cash interest costs and support liquidity over at least the next 36 months. Lastly, BW extended the maturity of its new revolver to September 2030 from December 2026. While the refinancing improved company's liquidity position and cash interest burden, it also incrementally increased its gross debt. Amid persistently volatile market conditions, BW has struggled to realize the necessary increases in its revenue and EBITDA to generate consistent positive FOCF to support its capital structure. In addition, S&P believes it will now be more challenging for the company to reduce its gross leverage to a more sustainable level given its elevated debt quantum. BW's cash flow will be supported by the PIK feature on its 1L3O term loan, though it will eventually have to make cash interest payments on the loan when the PIK period elapses (likely in February 2029). S&P said, "In our view, the company will need to significantly improve its performance to support its deleveraging, which will depend on a strengthening of the demand in the markets in which it participates. S&P Global economists currently project U.S. GDP will expand by only 1.7% in 2025 and 1.6% in 2026. We also expect that consumer spending will rise by 2.4% in 2025, though this incorporates a decline to 1.5% growth in in the fourth quarter. The negative outlook reflects the persistent risk BW faces and the likelihood we will lower our rating if it is unable to achieve its forecast growth rates." S&P said, "Our base-case forecast projects the company will modestly improve its operating performance over the next 12-18 months. Partially due to one-time costs related to the acquisitions it completed in 2022 and 2023 and headwinds to its volumes from lower label demand, BW's EBITDA margins and organic revenue have underperformed management's expectations over the past few years. We expect the company will moderately improve its performance in the second half of 2025 and through 2026, supported by the completion of its capital investments, which we anticipate will bolster its expansion and boost its production. We also anticipate BW's recent site closures will reduce its fixed costs and believe management's focus on procurement savings will help it expand its margins. We expect the benefits from these initiatives, alongside a single-digit percent expansion in its revenue over the next 18 months on a modest increase in the demand in the label market, will support improving earnings in 2025 and 2026. "The negative outlook reflects our expectation that an underperformance could lead BW to face cash flow challenges and deteriorating liquidity, which would increase the risk it would engage in a distressed exchange or an event we view as tantamount to a default. Still, we believe the company has sufficient liquidity to meet its operating and fixed-charge obligations over the next 12 months. "We could lower our rating on BW if its operating performance deteriorates and FOCF deficits diminish its liquidity such that we believe a payment default or distressed restructuring is likely in the next 12 months." S&P could raise its rating on BW if: -- It reduces its S&P Global Ratings-adjusted leverage (inclusive of preferred debt) to a level S&P views as sustainable; and -- The company generates positive FOCF on a sustained basis after incorporating the additional interest burden from the 1L3O term loan after the PIK feature rolls off. C-CHANNEL LOFTS: Seeks Chapter 11 Bankruptcy in Oregon ------------------------------------------------------ On August 19, 2025, C-Channel Lofts LLC filed Chapter 11 protection in the District of Oregon. According to court filing, the Debtor reports $2,940,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About C-Channel Lofts LLC 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. C-Channel Lofts LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 25-32758) on August 1, 2025. In its petition, the Debtor reports total assets of $1,812,000 and total liabilities of $2,940,000. Honorable Bankruptcy Judge Teresa H. Pearson handles the case. The Debtor is represented by Nicholas J. Henderson, Esq. at ELEVATE LAW GROUP. CABINETDNA LLC: L. Todd Budgen Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 21 appointed L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., as Subchapter V trustee for CABINETDNA LLC. Mr. Budgen will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Budgen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: L. Todd Budgen, Esq. P.O. Box 520546 Longwood, FL 32752 Tel: (407) 232-9118 Email: Todd@C11Trustee.com About CABINETDNA LLC CABINETDNA, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05127) on August 13, 2025, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Grace E. Robson presides over the case. Jeffrey Ainsworth, Esq., at Bransonlaw PLLC represents the Debtor as bankruptcy counsel. CAR TOYS: Seeks Cash Collateral Access, DIP Loan ------------------------------------------------ Car Toys, Inc. asked the U.S. Bankruptcy Court for the Western District of Washington, at Seattle, for authority to use cash collateral and obtain post-petition financing from Daniel Brettler, a senior secured lender, to get through bankruptcy. The Debtor has experienced ongoing financial difficulties, which it has been covering since May 2023 through secured loans from Mr. Brettler and Webster Bank, both secured by substantially all the Debtor's personal property. Prior to the bankruptcy filing, Mr. Brettler paid off the Webster Bank loan, consolidating secured claims and resulting in a total secured debt balance exceeding $20 million. Since March, the Debtor has been actively seeking a buyer or investor, engaging SCP, investment bankers, and reaching out to numerous strategic buyers, but without success in securing a sale or investment that meets company goals. Despite extensive marketing and due diligence efforts, the Debtor ultimately negotiated five purchase and sale agreements to sell 35 stores in four states for a combined purchase price of nearly $14 million. To maintain ongoing operations and maximize the value of its assets during the bankruptcy process, the Debtor requested authority to use cash collateral subject to a court-approved budget. Mr. Brettler, the senior secured lender, consented to the use of cash collateral and adequate protection measures, including replacement liens on post-petition assets and proceeds to protect against any diminution in collateral value. Car Toys also sought approval to obtain debtor-in-possession financing from Mr. Brettler to fund continued operations per the proposed budget, which includes a professional fee fund and payment of operating expenses such as payroll and inventory transfers between stores being closed and those remaining. This DIP financing is a secured term loan credit facility of up to $500,000. The maturity date is August 31, 2026. Availability of DIP loan will terminate immediately and prior to the maturity date upon the occurrence of a "termination event." The DIP loan will be secured by lien on and security interest in all of the Debtor's personal property and other assets. The lien securing the DIP loan will be subordinate to the pre-bankruptcy secured loan. No secondary financing or liens will be permitted on the collateral. Mr. Brettler is represented by: Nathan T. Riordan, Esq. Wenokur Riordan PLLC 600 Stewart Street Seattle, WA 98101 Phone: (206) 903-0401 Fax: (206) 209-4141 nate@wrlawgroup.com -- and -- Alan J. Wenokur, Esq. Wenokur Riordan PLLC Phone: (206) 682-6224 Fax: (206) 826-9009 alan@wrlawgroup.com A copy of the motion is available at https://urlcurt.com/u?l=3jqkGS from PacerMonitor.com. About Car Toys Inc. Car Toys, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12288-TWD) on August 18, 2025. In the petition signed by Philip Kaestle, chief restructuring officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Timothy W. Dore oversees the case. Steven M. Palmer, Esq., at Cairncross & Hempelmann, P.S., represents the Debtor as legal counsel. CARE PAVILION: PCO Reports Staffing Shortages --------------------------------------------- Margaret Barajas, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania her fourth report regarding the quality of patient care provided by Care Pavilion, LLC. On January 30, the regional ombudsman specialist reported that Maplewood Nursing and Rehabilitation Center had been sold to Focus Health on November 28, 2024. The facility has a capacity of 180 beds, of which 166 beds were occupied as of an ombudsman facility visit of July 2. No serious concerns were reported during this 60-day period. Local ombudsmen conduct regular visits to York Nursing and Rehabilitation Center facility. The facility has a capacity of 240 beds, of which 202 beds were occupied as of an ombudsman facility visit of August 8. The current occupancy rate shows a sharp decrease of 22 residents since the previous report. No serious concerns were reported during this 60-day period. Local ombudsman records show that Cliveden Nursing and Rehabilitation Center facility has a capacity of 180 beds, of which 159 beds were occupied as of July 24, which indicate that this census, based on the number of available beds, is consistent with other skilled nursing facilities in the area. Local ombudsmen conduct regular visits to the facility. No serious concerns were identified in this 60-day period. The local ombudsman instituted advocacy steps for a resident in coordination with resident's guardian at Parkhouse Nursing and Rehabilitation Center. Resident has dementia diagnosis; several concerns were communicated during a care conference regarding lack of care despite interventions already undertaken. Staffing shortages were also cited. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=8U8l6O from Stretto, Inc., claims agent. The ombudsman may be reached at: Margaret Barajas PA Long-Term Care Ombudsman | Ombudsman Office Pennsylvania Department of Aging 555 Walnut St. 5th Floor Harrisburg, PA 17101 Phone: (717) 783-7096 | Fax: (717) 772-3382 Email: mbarajas@pa.gov About Pottsville Operations Pottsville Operations LLC and its affiliates own and operates six skilled nursing facilities in Pennsylvania. Collectively, Pottsville has 925 beds across the six facilities, and 759 residents currently at the Facilities as of the Petition Date. Pottsville acquired the facilities in May of 2021. Pottsville Operations and its 10 affiliates sought relief under sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Lead Case No. 24-70418) on Oct. 15, 2024. In the petition signed by Neil Luria, as chief restructuring officer, Pottsville reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge Jeffery A Deller handles the cases. The Debtors tapped Baker & Hostetler, LLP as general bankruptcy counsel; and RAaines Feldman Littrell, LLP as local counsel. SOLIC Capital Advisors LLC is serving as financial advisor, and Solic's Neil Luria has been tapped as CRO of the Debtors. Stretto, Inc. is the claims agent. Margaret Barajas is the patient care ombudsman appointed in the Debtors' cases. CARVANA CO: S&P Upgrades ICR to 'BB-' on Improved Profitability --------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on U.S.-based Carvana Co. to 'BB-' from 'B'. S&P said, "At the same time, we raised our unsolicited issue-level rating on Carvana's senior secured debt to 'BB-' from 'B' with a '3' recovery rating (50%-70%; rounded estimate: 60%). We also raised our issue-level rating on its senior unsecured debt to 'B' from 'CCC+' with a '6' recovery rating (0%-10%; rounded estimate: 0%). "The positive outlook reflects our view that we could upgrade Carvana over the next 12 months if the company continues growing sales and earnings while maintaining leverage comfortably below 3x and free operating cash flow (FOCF) to debt above 15%." The upgrade reflects the company's sustained improvements in topline, profitability, and credit metrics. Carvana's growth continued to accelerate in the quarter as units sold grew 41% over the prior year. Profitability also continued to improve as retail GAAP retail gross profit per unit (GPU) grew to $3,636 from $3,421 a year ago and Non-GAAP sales, general, and administrative (SG&A) expense per unit declined to $3,385 from $3,845. S&P said, "We believe the company's focus on improving unit economics through vertically integrating reconditioning, improving logistics, and leveraging its fixed cost base have sustainably improved the company's margin profile and operating efficiency. We recognize the company is earning profits significantly higher than traditional dealership groups. However, we still expect greater volatility in profits and free cash flow in a downturn given its lack of a parts and service segment. Given our view of the company's improved business characteristics, we will also begin netting the company's cash in our credit metrics calculations. For the 12-months-ended June 30, 2025, net leverage improved to 3x compared with net leverage of 3.8x at the end of fiscal 2024." S&P said, "We now forecast stronger topline growth of about 37% in 2025 and 19% in 2026 compared with our previous forecast of 25% in 2025 and 15% in 2026, primarily driven by the company's acceleration in retail units sold. In the near term, we expect the company will be able to maintain EBITDA margins of 10.5%-11% in 2025 and 2026 while supporting this stronger growth. We still expect retail margins to moderate slightly in 2026 as the company invests to accelerate growth. Furthermore, newer markets will initially be less profitable as the company ramps operations to optimal levels. We also expect the company to increase advertising and additional SG&A to support its ambitious growth targets, but forecast growth in overall profits should lead to net leverage declining to 2.7x in 2025 and 2.4x in 2026. "We anticipate Carvana will maintain disciplined cost and inventory control. We believe this will occur amid its push for accelerated topline expansion, even though significant competitive and execution risks remain. The company is targeting achieving three million used vehicle unit sales over the next five to 10 years. This implies a CAGR growth rate between 20% and 40% over that period. To support this degree of unit growth, we expect operating and advertising costs to increase. We believe the company has done a better job in recent years of reining in costs as it grows units sold, though this level of growth is noticeably higher than in the previous few years. As Carvana grows we believe it will face increasing competition against traditional brick-and-mortar dealers trying to defend market share. In particular, as off-lease volumes start improving in 2026, we could see a greater push by franchised used car dealers to regain lost ground. Longer term, we are unsure of how far online used car sales penetration could increase, though we believe the market is still in a nascent stage. "While sales unit sales grew 41% year over year, available inventory increased around 50%. We expect inventory to grow ahead of sales, therefore keeping tight inventory days will be critical. Overexpansion in inventory and reconditioning capacity ahead of sales growth could lead to excess vehicle depreciation and operating costs. The integration of further ADESA sites will also add additional operating costs and require some light capital expenditure (capex) investments. So far, the company is integrating three ADESA sites per quarter for a total of 12 integrated so far. To fully turn on its three million reconditioning capacity the company will do a more fulsome buildout of its ADESA sites, which will require total capital investments of over $1 billion spread over a number of years. We believe Carvana generates more than sufficient free cash flow to fund any significant additional capex." Additionally, Carvana must maintain high standards in its reconditioning process even as unit growth accelerates by keeping returns consistent with historical levels. This reduces return and warranty costs while protecting its brand reputation. Carvana's integrated financing model has supported strong profits in its other GPU. However, greater enhancement of its business risk will depend on maintaining stringent underwriting standards and further diversification of loan sale channels. Other GPU, which focuses on auto financing and warranty products, continued to increase, growing to $2,869 in the second quarter compared with $2,750 a year ago. S&P said, "We think the company can continue to earn high profits relative to peers in this segment as its online platform integrates the financing process and benefits from user-friendly software. However, we conservatively model slight moderation in other GPU per unit due to weaker consumer demand over the next year and an assumed normalization in spreads between origination and benchmark rates. As the company accelerates loan originations alongside unit sales growth, it will be critical to maintain stringent underwriting standards. If the company were to sacrifice underwriting standards to capture greater loan origination share, we believe that could result in higher-than-expected loss rates on loans and disrupt the company's future ability to sell loans." Unlike the traditional dealer business model, Carvana lacks the benefit of more diversified revenue sources, particularly parts and service. As such, gross profit from the other GPU segment makes up a substantial proportion (generally 35%-40%) of Carvana's overall gross profit. Therefore, if major loan sale parties decide to scale back or stop purchasing Carvana loans, it could cause a significant deterioration in profitability and credit metrics. As such, S&P believes adding additional loan sale parties will help mitigate some of this risk. Over the past few quarters, Carvana has made progress in this diversification, adding two new parties while also expanding the number of residual certificate buyers in their asset-backed securities (ABS) transactions. S&P said, "We will also consider Carvana's financial policy and deleveraging track record in any potential ratings upside. Our positive outlook indicates potential for an upgrade in the near term if the company can demonstrate its ability and commitment to maintain more conservative financial metrics while achieving its aggressive growth targets. While we forecast leverage to remain below 3x and FOCF to debt to exceed 15% in 2025, we would want to see a consistent track record of maintaining these metrics before considering an upgrade. In our modeling, we assume a moderate amount of share repurchases annually funded by excess free cash flow, though the company's cash balance remains well above $2 billion each year. We recognize the company's flexibility in how they choose to allocate capital including greater-than-expected reinvestment, debt repayment, and additional M&A. We haven't factored additional debt prepayment into our base case, though gross debt reduction would accelerate deleveraging, improve FOCF to debt, and demonstrate a commitment to stronger credit metrics. "The positive outlook reflects our view that we could upgrade Carvana over the next 12 months if it continues growing its top line and EBITDA while maintaining leverage comfortably below 3x and FOCF to debt above 15%." S&P could revise its outlook back to stable if S&P expects the company to manage leverage at or above 3x and FOCF to debt below 15% over the longer term. This could happen if: -- Operating performance deteriorates such that margins decline materially; or -- The company adopts a more aggressive financial policy and issues debt to fund acquisitions, growth initiatives, or shareholder returns. S&P could raise its ratings on Carvana if it continues expanding its topline while maintaining leverage comfortably below 3x, and FOCF to debt above 15%, while demonstrating a track record and commitment to these more conservative metrics. This could happen if: -- Unit sales and operating performance continue to improve, driving stronger EBITDA and FOCF; and -- Carvana utilizes FOCF or cash on the balance sheet to reduce repay its debt balance. CF E 88 MEZZ: Secured Party Sets Auction for Sept. 23 ----------------------------------------------------- Newmark ("Newmark"), on behalf of BMD-III CHT Mezz, LLC, ("Secured Party"), offers for sale at public auction on, Sept. 23, 2025, at 2:30 p.m. (Eastern Time) on the steps of the New York county courthouse located at 60 Centre Street, New York, New York 10007, in connection with a Uniform Commercial Code sale, 100% of the limited liability company membership interests ("Interests"), owned by (i) CF E 88 MEZZ 3 LLC, a Delaware limited liability company ("CF E 88 Borrower"), (ii) SM E 88 MEZZ 3 LLC, a Delaware limited liability company ("SM E 88 Borrower"), (iii) CF E 86 MEZZ 3 LLC, a Delaware limited liability company ("CF E 86 Borrower"), (iv) SM E 86 MEZZ 3 LLC, a Delaware limited liability company ("SM E 86 Borrower"), and (v) LSG E 86 MEZZ 3 LLC, a Delaware limited liability company ("LSG E 86 Borrower"; and with CF E 88 Borrower, SM E 88 Borrower, CF E 86 Borrower and SM E 86 Borrower, each a "Borrower" or "Pledgor" and collectively the "Borrowers" or "Pledgors"), in, respectively, (a) CF E 88 MEZZ 2 LLC, a Delaware limited liability company, (b) SM E 88 MEZZ 2 LLC, a Delaware limited liability company, (c) CF E 86 MEZZ 2 LLC, a Delaware limited liability company, (d) SM E 86 MEZZ 2 LLC, a Delaware limited liability company, and (e) LSG E 86 MEZZ 2 LLC, a Delaware limited liability company; which in turn owns 100% of the limited liability company membership interests, respectively, in (1) CF E 88 MEZZ 1 LLC, a Delaware limited liability company, (2) SM E 88 MEZZ 1 LLC, a Delaware limited liability company, (3) CF E 86 MEZZ 1 LLC, a Delaware limited liability company, (4) SM E 86 MEZZ 1 LLC, a Delaware limited liability company, and (5) LSG E 86 MEZZ 1 LLC, a Delaware limited liability company; which in turn owns 100% of the limited liability company membership interests, respectively, in (x) CF E 88 LLC, a Delaware limited liability company, (y) SM E 88 LLC, a Delaware limited liability company, (z) CF E 86 LLC, a Delaware limited liability company, (aa) SM E 86 LLC, a Delaware limited liability company, and (ab) LSG E 86 LLC, a Delaware limited liability company, which are the tenant-in-common owners of the properties commonly known as 305-313 East 86 th Street, New York, New York 10028 (Block: 1549; Lot 1) ("Yorkshire") and 160 East 88 th Street, New York, New York 10128 (Block: 1516; Lot 52) ("Lexington"; and together with Yorkshire, collectively, the "Property"). The Secured Party, as lender, is the holder of (i) those certain notes evidencing a loan ("Loan") to the Pledgors; and (ii) those certain notes evidencing a subordinate loan ("Subordinate Loan") to the sole members of each Pledgor. In connection with the Loan, the Pledgors granted to the Secured Party a first priority lien on the Interests pursuant to that certain (i) Pledge and Security Agreement - Mezzanine C, dated as of May 12, 2022, given by CF E 88 MEZZ 3 LLC and CF E 86 MEZZ 3 LLC ("CF Pledge Agreement") ; and (ii) Pledge and Security Agreement - Mezzanine C, dated as of May 12, 2022, given by SM E 88 MEZZ 3 LLC, SM E 86 MEZZ 3 LLC, and LSG E 86 MEZZ 3 LLC ("SM/LSG Pledge Agreement"; and together with the CF Pledge Agreement, the "Pledge Agreement"). The Secured Party is offering the Interests for sale in connection with the foreclosure on the pledge of such Interests. The sale of the Interests will be subject to all applicable third-party consents and regulatory approvals, if any, and the outstanding balance due on the Loan pursuant to the terms of the Loan Documents and the outstanding balance due on the Subordinate Loan pursuant to the terms of the Subordinate Loan Documents. Without limitation to the foregoing, please take notice that there are specific requirements for any potential successful bidder in connection with (i) obtaining information and (ii) bidding on the Interests, including but not limited to, that each bidder must deliver such documents and pay such amounts as required by the applicable governing documents relating to the Interests and meeting any requirements shall be at the sole risk, cost, and expense of a prospective bidder. The Interests are being offered as a single lot, "as-is, where-is", with no express or implied warranties, representations, statements or conditions of any kind made by the Secured Party or any person acting for or on behalf of the Secured Party, without any recourse whatsoever to the Secured Party or any other person acting for or on behalf of the Secured Party and each bidder must make its own inquiry regarding the Interests. The winning bidder shall be responsible for the payment of all transfer taxes, stamp duties and similar taxes incurred in connection with the purchase of the Interests. Secured Party reserves the right to credit bid, set a minimum reserve price, reject all bids (including, without limitation, any bid that it deems to have been made by a bidder that is unable to satisfy the requirements imposed by Secured Party upon prospective bidders in connection with the sale or to whom in Secured Party’s sole judgment a sale may not lawfully be made), terminate or adjourn the sale to another time, without further notice, and to sell the Interests at a subsequent public or private sale and to impose any other commercially reasonable conditions upon the sale of the Interests as Secured Party may deem proper. Secured Party further reserves the right to determine the qualifications of any bidder, including a prospective bidder’s ability to close the transaction on the terms and conditions referenced herein and to modify these terms of sale. Secured Party further reserves the right to verify that each certificate for the Interests to be sold bears a legend substantially to the effect that such interests have not been registered under the Securities Act of 1933, as amended ("Securities Act"), and to impose such other limitations or conditions in connection with the sale of the Interests as the Secured Party deems necessary or advisable in order to comply with the Securities Act or any other applicable law. All bids (other than credit bids of the Secured Party) must be for cash, and the successful bidder must be prepared to deliver immediately available good funds within ten (10) days after the sale and otherwise comply with the bidding requirements. Further information concerning the Interests, the Data Room, the requirements for bidding on the interests, and the Terms of Sale can be found at Revere Data Site or by contacting Newmark using the contact information below. Contact Information for Newmark: Newmark Attn: Brock Cannon Tel: +1 (212) 372-2066 Email: brock.cannon@nmrk.com CHRISTOPHER ANDRE': Salvatore LaMonica Named Subchapter V Trustee ----------------------------------------------------------------- The U.S. Trustee for Region 2 appointed Salvatore LaMonica, Esq., at LaMonica Herbst & Maniscalco, LLP, as Subchapter V trustee for Christopher Andre' Business Consulting, LLC. Mr. LaMonica will be paid an hourly fee of $725 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. LaMonica declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Salvatore LaMonica, Esq. LaMonica Herbst & Maniscalco, LLP 3305 Jerusalem Avenue, Suite 201 Wantagh, NY 11793 Phone: (516) 826-6500 Email: sl@lhmlawfirm.com About Christopher Andre' Business Christopher Andre' Business Consulting, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73123) on August 14, 2025, with up to $50,000 in assets and liabilities. Judge Louis A. Scarcella presides over the case. CINEMARK HOLDINGS: S&P Upgrades ICR to 'BB', Outlook Stable ----------------------------------------------------------- S&P Global Ratings raised all the ratings on Cinemark Holdings Inc., including raising the issuer credit rating to 'BB' from 'BB-'. The stable outlook reflects S&P's expectations that Cinemark will maintain leverage below 3x and that box office attendance will continue to improve given a strong movie release slate for the end of 2025 and 2026. S&P said, "We expect Cinemark will maintain credit metrics in line with the 'BB' rating. Cinemark ended the second quarter with leverage of 2.8x, below our 3.0x upgrade threshold for the former rating. Given our expectations for a strong box office release slate and material earnings growth, we forecast the company will further reduce leverage to about 2.6x by the end of 2025 and 2.4x in 2026. Following the recovery in the film exhibition industry, we now view Cinemark's business more favorably. As a result, we loosened our leverage thresholds for the 'BB' rating to between 2.5x and 3.5x. Cinemark has a target leverage range of 2.0x-3.0x (about 2.5x-3.5x on an S&P Global Ratings-adjusted basis), and we expect the company will maintain leverage toward the lower end of this range. Despite increased capital expenditure of about $225 million in 2025, we expect the company will generate free operating cash flow (FOCF) to debt in excess of 15%. "In addition, Cinemark recently repaid its convertible notes due August 2025 using cash on hand, marking the retirement of the company's final piece of COVID-19-era debt. The company also reinstated its quarterly dividend earlier this year, which we view as a positive indicator of its confidence in its balance-sheet strength. "We expect a stable movie release slate to support growth in theatrical attendance. Following disruption from the 2023 Hollywood strikes and COVID-19, film production and release schedules have largely normalized, supporting a more consistent and diverse pipeline of film content. We forecast the domestic box office will grow to about $9.2 billion in 2025 and $10 billion in 2026. We anticipate Cinemark will benefit from a strong slate of film releases planned for the fourth quarter of 2025 and full-year 2026. We expect solid attendance growth along with strategic investments in more premium offerings will support Cinemark's revenue and earnings growth over the next 12 months." The stable outlook reflects our expectation that Cinemark will maintain S&P Global Ratings-adjusted leverage below 3x and that box office attendance will continue to improve given a strong release slate for the end of 2025 and 2026. S&P could lower its rating on Cinemark if we expect leverage to increase and remain above 3.5x. This could occur if: -- The company pursued a more aggressive financial policy, such as debt-funded acquisitions or shareholder distributions that outpace earnings growth; or -- The film exhibition industry is faced with further disruption to the release slate or theatrical exclusivity windows, resulting in declining box office attendance. S&P could raise its rating on Cinemark if: -- The company adopts a more conservative financial policy such that we expect S&P Global Ratings-adjusted leverage would remain below 2.5x on a sustained basis, and -- Box office attendance continues to strengthen due to a stable slate of theatrical releases. CIVIL LLC: Case Summary & 30 Largest Unsecured Creditors -------------------------------------------------------- Lead Debtor: Civil, LLC 799 Highway 3459 Harlan, KY 40831 Business Description: The Debtors operate a coal mining and logistics enterprise with core operations in Kentucky and West Virginia, centered on an underground mine in Red Fox, Kentucky, run by Kratos Resources LLC, and a coal trucking business managed by Civil, LLC. The group's assets comprise coal preparation facilities, reclamation and mineral rights in West Virginia, as well as supporting infrastructure and equipment. Together, the businesses provide coal extraction, processing, and transportation services to both affiliated and third-party mine operators in the Central Appalachian region. Chapter 11 Petition Date: August 20, 2025 Court: United States Bankruptcy Court Southern District of West Virginia Eleven affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Civil, LLC (Lead Case) 25-20179 Don Holdings, LLC 25-20178 Kratos Resources LLC 25-20180 Resilient Mining, LLC 25-20181 Resilient Eagle, LLC 25-20182 Falcon Reclamation Limited Liability Company 25-20183 North Springs Holding LLC 25-20184 Smoky Quartz LLC 25-20185 Big Mule Air, L.L.C. 25-20186 Pocahontas Processing LLC 25-20187 Yellow Garage, LLC 25-20188 Judge: Hon. B Mckay Mignault Debtors' Counsel: J. Zachary Balasko, Esq. STEPTOE AND JOHNSON PLLC Edwin Miller Blvd., Suite 300 Martinsburg, WV 25404 Tel: (304) 262-3519 E-mail: zak.balasko@steptoe-johnson.com Lead Debtor's Estimated Assets: $50 million to $100 million Lead Debtor's Estimated Liabilities: $10 million to $50 million The petitions were signed by Barry W. Tackett as chief restructuring officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2ADJ7JI/Civil_LLC__wvsbke-25-20179__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Centralized Insolvency Operation Unpaid Payroll $22,146,390 Internal Revenue Service Taxes P.O. Box 21126 Philadelphia, PA 19114 2. Pocahontas Holdings, LLC Lease Dispute, Unknown c/o Bowles Rice LLP Purported Notes Post Office Box 1386 Charleston, West Virginia 25325-1386 3. West Virginia State Tax Department Taxes $2,655,462 P.O. Box 425 Charleston, WV 25322 4. Conserv Lending LLC and Equipment Leases Unknown Conserv Equipment Leasing, LLC c/o Jackson Kelly PLLC Post Office Box 553 Charleston, West Virginia 25322 5. Anthem Blue Cross & Blue Shield $1,821,856 PO Box 4445 Atlanta, GA 30302 6. First Surety Corporation $900,000 179 Summers St. Suite 307 Charleston, WV 25301 7. Kentucky River $843,154 Properties, LLC 300 Black Gold Blvd Hazard, KY 41701 8. Doss Fuelco, Inc. $686,898 50 Ross Dr. Baxter, KY 40806 9. Western Pocahontas Properties LP $684,234 175 Irwin Rd. Huntington, WV 25705 10. Corky Wells Electric/CW Services $556,975 P.O. Box 203 Rush, KY 41168 11. Energy Insurance Agency $500,000 3008 Atkinson Ave. #3 Lexington, KY 40509 12. Kentucky Department of Revenue $446,274 Division of Minerals Taxation and GIS Services 501 High St., Station 33 Frankfort, KY 40601 13. Leslie Equipment Co. $425,607 135 Cliftop Dr. Beaver, WV 25813 14. Virginia Drilling Company, LLC $420,388 P.O. Box 1198 Vansant, VA 24656 15. Ridgeline Industries $328,827 P.O. Box 411 Terra Alta, WV 2676 16. Mountaineer Investigation & Security $291,612 P.O. Box 891 Athens, WV 24712 17. RT Rogers Oil Co., Inc. $207,832 P.O. Box 160 Hinton, WV 25951 18. Target Drilling $145,846 1112 Glacier Dr. Smithton, PA 15479 19. Kentucky Reclamation Guaranty Fund $145,045 300 Sower Blvd. Frankfort, KY 4060 20. Baird & Baird, PSC1 $120,000 62 2nd St. Pikeville, KY 41501 21. Marmic Fire & Safety $97,658 P.O. Box 1086 Joplin, MO 64802 22. Appalachian Laboratories, Inc. $91,089 P.O. Box 392 Beckley, WV 25802 23. Jennmar $87,000 559 Wardell Industrial Park Rd. Cedar Bluff, VA 24637 24. Mallard Environmental Services, Inc. $84,518 d/b/a Ammonia 2654 Ritter Dr. P.O. Box 1298 Shady Spring, WV 25918 25. West Virginia Department of $77,260 Environmental Protection 601 57th St. SE Charleston, WV 25304 26. Smith Adjusting $69,444 2931 Hultz Road Cattlesburg, KY 41129 27. West Virginia State Tax Department $58,835 Tax Account Administration Div. P.O. Box 425 Charleston, WV 25322-0425 28. Mine Safety and Health Administration $49,980 201 12th St. S. Arlington, VA 22202-5452 29. Modern Construction, Inc. $115,336 P.O. Box 187 Stanville, KY 41501 30. Environmental Design Consultants, Inc. $25,626 43 Village Street Pikeville, KY 41501 CLAIRE'S HOLDINGS: Seeks $22.5 DIP Loan From AWS Claire ------------------------------------------------------- Claire's Holdings, LLC and affiliates asked the U.S. Bankruptcy Court for the District of Delaware for authority to use cash collateral and obtain post-petition financing to get through bankruptcy. This financing is a $22.5 million in debtor-in-possession loan from AWS Claire's LLC, the designated purchaser under an asset purchase agreement dated August 18. This sale transaction envisions the purchaser acquiring various core assets of the Debtors, including certain retail store leases, inventory, intellectual property, and other operating assets. A key condition of the sale is that the Debtors must preserve sufficient inventory levels in the "go-forward" stores, necessitating immediate access to liquidity to resume inventory purchases and supply chain operations. The DIP facility, totaling $22.5 million, will be made available immediately upon the court's entry of an interim order and will be credited against the purchase price at closing. The DIP facility will be secured by a junior lien on ABL priority collateral (thus not priming existing asset-based lenders) and, with the consent of other secured parties, a first-priority lien on term loan priority collateral. No interest or fees will accrue unless the Debtors decide to pursue an alternative transaction and repay the facility early. The Debtors argued that the DIP facility is the only viable path forward, as alternative sources of financing were either unavailable or not offered on acceptable terms. The existing pre-petition secured parties declined to extend additional financing despite offering some concessions. Following extensive arm's-length negotiations, the purchaser agreed to provide the needed liquidity on terms that the Debtors believe are fair, reasonable, and critical to preserving estate value. The proposed financing will be secured by liens and will carry superpriority administrative expense claims under 11 U.S.C. sections 364(c)(1)-(3) and 364(d). Additionally, Debtors requested to use cash collateral, grant adequate protection to pre-petition secured parties, modify the automatic stay, and schedule a final hearing. AWS Claire's LLC, as DIP lender, is represented by: Joseph Barry, Esq. Kara Hammond Coyle, Esq. Ashley E. Jacobs, Esq. Young Conaway Stargatt & Taylor, LLP 1000 North King Street Wilmington, DE 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1253 jbarry@ycst.com kcoyle@ycst.com ajacobs@ycst.com -- and -- Alan M. Noskow, Esq. Paul Hasting, LLP 2050 M Street NW Washington, DC 2036 Telephone: (202) 551-1700 alannoskow@paulhastings.com -- and -- Lindsey Henrikson, Esq. Paul Hastings, LLP 71 South Wacker Drive, Suite 4500 Chicago, IL 60606 Telephone: (312) 499-6000 lindseyhenrikson@paulhastings.com A copy of the motion is available at https://urlcurt.com/u?l=eHuQH7 from PacerMonitor.com. About Claire's Holdings Claire's Holdings LLC is a fully integrated, global fashion brand powerhouse committed to inspiring self-expression through the creation and delivery of exclusive, well-curated products and experiences. Through its global brands, Claire's and Icing, the company delivers an immersive, omnichannel shopping experience with owned and concession stores throughout North America and Europe as well as around the world. On the Web: http://www.claires.com/ On August 6, 2025, Claire's Holdings LLC and certain of its U.S. and Gibraltar-based subsidiaries, the operator of Claire's and ICING stores globally, commenced Chapter 11 proceedings in the United States Bankruptcy Court in the District of Delaware. The cases are pending before the Honorable Judge Brendan L. Shannon and the Debtors have requested joint administration (Bankr. D. Del. Lead Case No. 25-11454). In parallel, Claire's Canadian subsidiary commenced a proceeding in the Ontario Superior Court of Justice (Commercial Division) under the Companies' Creditors Arrangement Act to monetize the Company's Canadian assets under the protections offered by the CCAA. KSV Restructuring Inc. is the monitor in the CCAA case. Claire's and ICING locations outside of North America are not included in the Chapter 11 or CCAA proceedings. Claire's listed $1 billion to $10 billion in assets and liabilities. Kirkland & Ellis LLP is serving as legal counsel to Claire's. Houlihan Lokey is serving as investment banker, and Alvarez & Marsal is serving as restructuring advisor. Osler, Hoskin & Harcourt LLP is serving as Canadian legal counsel to Claire's. Omni Agent Solutions LLC is the claims agent. Ankura Trust Company, LLC, as Prepetition Priority Term Loan Agent and Prepetition Existing Term Loan Agent, is represented by: Joel Moss, Esq. Amit Trehan. Esq. Sean Tierney, Esq. Cahill Gordon & Reindell LLP JMoss@cahill.com ATrehan@cahill.com STierney@cahill.com JPMorgan Chase Bank, N.A., as Prepetition ABL Agent, is represented by: Elisha D. Graff, Esq. Zachary J. Weiner, Esq. Sean Lee, Esq. Simpson Thacher & Bartlett LLP egraff@stblaw.com zachary.weiner@stblaw.com sean.lee@stblaw.com -and- L. Katherine Good, Esq. Jeremy Ryan, Esq. Potter Anderson & Corroon LLP lkgood@potteranderson.com jryan@potteranderson.com) CLAIRE'S STORES: Secures Court OK for $22.5MM DIP Financing ----------------------------------------------------------- Dorothy Ma of Bloomberg Law reports that Claire's secured court approval for $22.5 million in debtor-in-possession financing to restock inventory after lining up a group of buyers for the business. The financing will allow the retailer to halt store liquidations and resume inventory shipments and purchase orders, according to court filings. "This facility is aimed specifically at jump-starting the acquisition of inventory," Claire's attorney Alexandra F. Schwarzman told the court Thursday. While existing secured lenders declined to provide new funding, Schwarzman noted they have made significant concessions to support the process. 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. CLAIRE’S HOLDINGS: To Sell Fashion Biz to AWS Claire for $104MM ----------------------------------------------------------------- Claire's Holdings LLC and its affiliates, seek permission from the U.S. Bankruptcy Court for the District of Delaware, to sell Assets, free and clear of liens, claims, interests, and encumbrances. The Debtors seek approval of a going-concern sale transaction with AWS Claire's, LLC (Purchaser), an entity owned by a buyer group led by Ames Watson, LLC, to acquire no less than 795 (and potentially as many as 950) of the Debtors' North American stores as well as the inventory contained. The Purchaser has committed to extend employment to substantially all store employees at the acquired stores as well as a significant number of employees at the Debtors' headquarters. Beginning June 2, 2025, the Debtors' proposed investment banker, Houlihan Lokey launched a marking process for the Debtors' assets that included outreach to approximately 160 potential financial and strategic counterparties and execution of over 60 non-disclosure agreements. The Debtors maintained the flexibility to stop the store closings in their business judgment with the consent of the ABL Agent. On August 16, 2025, the Debtors exercised their right to stop liquidating approximately 950 stores. The Sale Transaction represents the value-maximizing result in these chapter 11 cases. The Sale Transaction provides for, among other things, consideration of $104 million in cash plus a $36 million Seller Note (subject to Purchase Price adjustments), assumption of certain liabilities, including Cure Costs and certain administrative rent associated with the Assigned Contracts, and continued employment of a significant number of the Debtors' employees. The Sale Transaction will enable the Debtors to fully pay down the ABL Facility at the closing of the Sale Transaction, cure all assumed and assigned executory contracts and unexpired leases, and fund distributions under the Debtors' chapter 11 plan. The Debtors agreed to provide the Prepetition Secured Parties with a release in exchange for the value that the Prepetition Secured Parties are providing to the Debtors estates in connection with the Sale Transaction. The Debtors seek approval of the Sale Transaction by and between Debtor Claire's Holdings LLC and certain of its subsidiaries listed on the signature pages of the Asset Purchase Agreement and AWS Claire's LLC (Purchaser) to acquire certain assets, including certain leases for retail locations and a distribution center, all inventory and other tangible personal property and/or improvements to real property associated with the Go-Forward Stores, the Debtor's IP Assets, and certain other assets and assumed liabilities. The Debtors and the Purchaser engaged in good faith, arms'-length negotiations on a sale transaction for the Going-Concern Asset. About Claire's Holdings LLC Claire's Holdings LLC is a fully integrated, global fashion brand powerhouse committed to inspiring self-expression through the creation and delivery of exclusive, well-curated products and experiences. Through its global brands, Claire's and Icing, the company delivers an immersive, omnichannel shopping experience with owned and concession stores throughout North America and Europe as well as around the world. On the Web:Â http://www.claires.com/ On August 6, 2025, Claire's Holdings LLC and certain of its U.S. and Gibraltar-based subsidiaries, the operator of Claire's and ICING stores globally, commenced Chapter 11 proceedings in the United States Bankruptcy Court in the District of Delaware. The cases are pending before the Honorable Judge Brendan L. Shannon and the Debtors have requested joint administration (Bankr. D. Del. Lead Case No. 25-11454). In parallel, Claire's Canadian subsidiary commenced a proceeding in the Ontario Superior Court of Justice (Commercial Division) under the Companies' Creditors Arrangement Act to monetize the Company's Canadian assets under the protections offered by the CCAA. KSV Restructuring Inc. is the monitor in the CCAA case. Claire's and ICING locations outside of North America are not included in the Chapter 11 or CCAA proceedings. Claire's listed $1 billion to $10 billion in assets and liabilities. Kirkland & Ellis LLP is serving as legal counsel to Claire's. Houlihan Lokey is serving as investment banker, and Alvarez & Marsal is serving as restructuring advisor. Osler, Hoskin & Harcourt LLP is serving as Canadian legal counsel to Claire's. Omni Agent Solutions LLC is the claims agent. Ankura Trust Company, LLC, as Prepetition Priority Term Loan Agent and Prepetition Existing Term Loan Agent, is represented by: Joel Moss, Esq. Amit Trehan. Esq. Sean Tierney, Esq. Cahill Gordon & Reindell LLP Email: JMoss@cahill.com ATrehan@cahill.com STierney@cahill.com JPMorgan Chase Bank, N.A., as Prepetition ABL Agent, is represented by: Elisha D. Graff, Esq. Zachary J. Weiner, Esq. Sean Lee, Esq. Simpson Thacher & Bartlett LLP Email: egraff@stblaw.com zachary.weiner@stblaw.com sean.lee@stblaw.com -and- L. Katherine Good, Esq. Jeremy Ryan, Esq. Potter Anderson & Corroon LLP Email: lkgood@potteranderson.com jryan@potteranderson.com) CLEVER BEING: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- Clever Being, LLC received interim approval from the U.S. Bankruptcy Court for the Western District of Washington to use cash collateral. The interim order authorized the Debtor to use cash collateral until the final hearing to pay operating expenses, including post-petition payroll and related taxes, in accordance with its budget. The Debtor may exceed the budget by up to 15% without further court approval. Budget savings in any week may be carried over and used by the Debtor in subsequent weeks. As adequate protection for the Debtor's use of its cash collateral, KeyBank National Association will be granted replacement liens on the Debtor's post-petition cash, accounts receivable and inventory. The replacement liens will have the same validity, priority and extent as any duly perfected and unavoidable liens in cash collateral held by the secured creditor as of the petition date. KeyBank is the sole secured creditor of the Debtor with an interest in the cash collateral. As of the petition date, the Debtor had approximately $5,573 in deposit accounts and $47,580 in accounts receivable, totaling an estimated $53,154 in cash collateral. KeyBank holds a first and second priority security interest in the Debtor's cash, accounts receivable, equipment, and vehicles, with total collateral valued at $144,852 against a combined debt of over $357,000. The final cash collateral hearing is set for August 28. Objections are due by August 25. About Clever Being LLC Clever Being, LLC, operating as Terreworks Landscaping and Elite Horticulture, provides landscaping and horticultural services in the Seattle, Washington area. Clever Being sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12154) on August 1, 2025. In its petition, the Debtor reported estimated assets between $50,000 and $100,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Christopher M. Alston handles the case. The Debtor is represented by Jennifer L. Neeleman, Esq., at Neeleman Law Group, P.C. CLJ HOME: Claims to be Paid from Continued Operations ----------------------------------------------------- CLJ Home Healthcare, LLC filed with the U.S. Bankruptcy Court for the Western District of Texas a First Amended Plan of Reorganization dated August 15, 2025. CLJ Home Healthcare, formed in 2017, is a healthcare business providing pediatric nurses in the homes of special needs and medically fragile children. The Debtor is currently owned 90% by Teresa Gutierrez and 10% by Jennifer Gutierrez. Teresa Gutierrez will remain managing member of the Reorganized Debtor. There will be no change in the ownership of the business. In the lead up to filing, the Debtor was struggling with a combination of payment delays from its insurance payors and a temporarily reduced patient/client base. The payment delays were aggravated when the Debtor's principal insurance payor introduced a new software platform, a transition which led to months of delayed payments to the Debtor. During the temporary downturn, the Debtor turned to loans and financing options it would not otherwise have considered as it struggled to meet regular obligations. The Debtor's First Amended Plan of Reorganization provides for the continued operations of the Debtor to make payments to its creditors as set forth in this Plan. Debtor proposes to pay allowed unsecured claims based on the liquidation analysis and cash available. Debtor anticipates having enough business and cash available to fund the plan and pay the creditors pursuant to the proposed plan. It is anticipated that after confirmation, the Debtor will continue in business. Based upon the projections, the Debtor believes it can service the debt to the creditors. Based on the plan projections, the Debtor's total projected disposable income for sixty months is $800,243.00. Class 2 consists of General Unsecured Claims. These unsecured creditors shall receive a pro rata distribution at zero percent per annum. These payments shall begin on the 15th day of the calendar month following the Effective date of the plan and continuing on the 15th day of each month thereafter. The payments shall be made from the unsecured creditors pool of $88,950.00 that is being distributed to unsecured creditors over the life of the Plan. This Class is impaired. The Debtor will continue operating its business to generate funds to fund plan payments. The Plan will break the existing claims into two classes of Claimants. These claimants will receive repayments over a period of time beginning on or after the Effective Date. A full-text copy of the First Amended Plan dated August 15, 2025 is available at https://urlcurt.com/u?l=kKM7Yt from PacerMonitor.com at no charge. Counsel to the Debtor: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 Email: notifications@lanelaw.com About CLJ Home Healthcare, LLC CLJ Home Healthcare, LLC provides in-home pediatric nursing care to medically fragile children. CLJ Home Healthcare filed Chapter 11 petition (Bankr. W.D. Texas Case No. 25-50983) on May 5, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Teresa Gutierrez, administrator, signed the petition. Judge Michael M. Parker oversees the case. Robert C. Lane, Esq., at The Lane Law Firm, represents the Debtor as bankruptcy counsel. CONNECT HOLDING II: S&P Cuts Senior Secured Debt Rating to 'CCC+' ----------------------------------------------------------------- S&P Global Ratings lowered its issue-level rating on Connect Holding II LLC's (dba Brightspeed) senior secured first-lien first-out (FL1O) debt to 'CCC+' from 'B-' and revised the recovery rating to '3' from '2'. This reflects the increased FL1O debt within our assumed recovery waterfall, which reduces the potential recovery value available for FL1O lenders in S&P's simulated default scenario. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 60%) recovery for noteholders in the event of a default. Last week, Brightspeed issued an additional $1.6 billion of senior secured FL1O notes due 2031 (not rated), following a $575 million FL1O debt issuance in June 2025. S&P said, "Our ratings on the company's other debt obligations, including the 'CCC+' issuer credit rating, and negative outlook remain unchanged. The recent incremental debt issuance strengthens the company's liquidity position. However, we expect the company to sustain S&P Global Ratings-adjusted leverage approaching 40x. Given our expectation for weak earnings and aggressive capital spending plans over the next several years, we do not expect any improvement in credit metrics until 2028." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors Brightspeed's debt capitalization comprises the following: -- $270 million FL1O revolving credit facility due in 2031 (rated); -- $2.9 billion FL1O delayed draw term loan due in 2031 (rated); -- $2.2 billion FL1O senior secured notes due 2031 (not rated); -- $2.5 billion first-lien second-out term loan maturing in 2031 (rated); -- $500 million first-lien third-out delayed draw term loan maturing in 2031 (not rated); -- $1.5 billion first-lien fourth-out term loan maturing in 2031 (not rated); and -- $1.2 billion senior unsecured (Embarq) notes maturing in 2036 (rated). The company's capital structure also includes a Holdco term loan that is subordinated to all the above debt and sits at a holding company entity above Connect Holding II LLC. Recoveries for the FL1O revolver, delayed draw term loan, and senior secured notes benefit from a first-priority security interest in substantially all the assets of Brightspeed and each subsidiary guarantor, except for Embarq and its restricted subsidiaries, which guarantee the debt on an unsecured basis. Collateral also includes a 100% pledge of stock of borrowers and guarantors. Sequentially in the rights of claim priority, the first-out lenders are senior to the second-, third-, and fourth-out secured lenders with respect to the collateral securing the first-lien lenders. Collateral securing first-lien lenders with the various priorities is governed by a first-lien intercreditor agreement. S&P views the FL1O facilities as structurally senior to the first-lien second-out facilities and Embarq notes. The Embarq notes benefit from a guarantee from Brightspeed. Simulated default assumptions -- S&P's simulated default scenario considers a default in 2027, likely due to intense price-based competition, the loss of market share, and an inability to increase Brightspeed's fiber broadband penetration despite ongoing efforts and extensive capital spending to build out its fiber network. -- S&P assumes the company would restructure in a hypothetical default and continue as a going concern because its lenders would seek to maximize their recoveries. -- S&P values Brightspeed on a going-concern basis using a 4.5x multiple of its projected emergence EBITDA of $778 million. The 4.5x multiple is consistent with the 4x-5x range S&P uses for rated wireline companies. Simplified waterfall -- EBITDA at emergence: $778 million -- EBITDA multiple: 4.5x -- Gross enterprise value: $3.5 billion -- Net enterprise value (after 5% administrative costs): $3.3 billion -- Estimated FL1O debt claims: $5.5 billion --Recovery expectations: 50%-70% (rounded estimate: 60%) -- Estimated first-lien second-out debt claims: $3.1 billion --Recovery expectations: 0%-10% (rounded estimate: 0%) -- Estimated senior unsecured debt claims: $1.8 billion --Recovery expectations: 0%-10% (rounded estimate: 0%) All debt amounts include six months of prepetition interest. COUTURE INVESTMENTS 1: Seeks Subchapter V Bankruptcy in Nevada -------------------------------------------------------------- On August 6, 2025, Couture Investments 1 LLC filed Chapter 11 protection in the Southern District of Nevada. According to court filing, the Debtor reports between $1 million and $10 millio in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About Couture Investments 1 LLC Couture Investments 1 LLC is a single asset real estate company operating in Nevada. Couture Investments 1 LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Nev. Case No. 25-14546) on August 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge August B. Landis handles the case. CURIS INC: M28 Capital and Marc Elia Hold 5.9% Stake as of June 30 ------------------------------------------------------------------ M28 Capital Management LP and Marc Elia, disclosed in a Schedule 13G/A (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of June 30, 2025, they beneficially own 620,167 shares of Curis, Inc.'s common stock, par value $0.01 per share (including 99,108 shares issuable upon exercise of warrants), representing 5.9% of the 10,561,358 shares outstanding as of May 2, 2025, as reported in the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2025. M28 Capital Management LP maybe reached through: Christopher M. Taliercio, President & Chief Compliance Officer M28 Capital Management LP 700 Canal Street Stamford, CT 06902 A full-text copy of M28 Capital Management's SEC report is available at: https://tinyurl.com/mr3c3pmk 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 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 losses and cash outflows from operations that raise substantial doubt about its ability to continue as a going concern. DARTMOUTH STREET: Section 341(a) Meeting of Creditors on Sept. 8 ---------------------------------------------------------------- On August 7, 2025, Dartmouth Street REI LLC filed Chapter 11 protection in the District of Massachusetts. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on September 8, 2025 at 01:30 PM as Telephonic Meeting. Dial-in Number: 888-330-1716 Participant Code: 1093908. About Dartmouth Street REI LLC Dartmouth Street REI LLC is a real estate investment company that appears to own and manage property in Massachusetts. Dartmouth Street REI LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-40836) on August 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. The Debtor is represented by James P. Ehrhard, Esq. at Ehrhard & Associates. DEVILS RIVER: Unsecureds to Get Share of Income for 4 Years ----------------------------------------------------------- Devils River Holdings, LLC and Devils River Distillery, LLC filed with the U.S. Bankruptcy Court for the Western District of Texas a First Amended Plan under Subchapter V dated August 15, 2025. The Debtors are whiskey distillers, manufacturing and selling small batch bourbon, headquartered in San Antonio, Texas. Debtors' facilities include a downtown distillery, tasting room and entertainment venue, with separate state of art bottling and barrel aging facilities. On November 9, 2023, Debtors received a secured loan from LSD Lending, LLC. The LSD note became due in August 2024. In April 2025 LSD issued notices of default and of foreclosure. Devils River filed their cases under subchapter V of chapter 11 of the Code on May 1, 2025, to avoid the LSD foreclosure and to gain time to reorganize. Based on the plan projections, Devils River's disposable income, as that term is defined by Section 1191(d), to be committed to the payment of claims for the period described in Section 1191(c)(2) is $591,624after payment of secured, priority and administrative allowed claims. While Devils River will maintain post-confirmation operations and repay creditors out of disposable income, Debtors will pursue sales efforts and will engage in postconfirmation marketing designed to sell their business assets or operating business. In the event that a sale closes within the post-confirmation period, the proceeds will be distributed as follows: (i) first to pay in full with interest all Allowed Claims that are Secured Claims, including the Allowed Secured Claim of LSD and the Allowed Secured Claims of DRWF, LLC at closing; (ii) pay all current postpetition obligations; (iii) pay all remaining Allowed Claims in full; and (iv) distribute remaining net sales proceeds to Series A, B and C interest owners, less costs, fees and expenses of sale and costs to wind down Devils River operations. The Plan is intended to satisfy all allowed claims (i) over the life of the four-year Plan from disposable income; or, (ii) pay creditors out of net sales proceeds in the event of a sale of Debtors' assets and/or business operations after the Effective Date, but prior to the end of the four-year Plan term. This Plan of Reorganization under chapter 11 of the Code proposes to pay creditors of Devils River from future income, sale of assets, and/or sale of the business. Treatment of Creditors' claims is determined by which class such claim belongs to. Claims have been classified below in accordance with section 1122 of the Code. Class 6 Convenience Class for claims of an amount less than $1,000.00 or which have claims in excess of $1,000 but elect to receive $1,000 in full satisfaction of their Allowed Claim. To be paid $1,000, or amount of allowed claim up to $1,000, whichever is less, within 30 days after the Effective Date. Devils River projects $20,000 in Convenience Class Claim payments. This Class is impaired. Class 7 General Unsecured Class having claim of more than $1,000 or who did not elect to receive $1,000 in full satisfaction of their Allowed Claim. To receive quarterly distribution of net disposable income over the four year postconfirmation period. This Class is impaired. Class 8 Members/Equity Interest holders will retain their membership interest and, in the event of a postconfirmation sale/liquidation event prior to the Plan Maturity Date, Series A, B or Series C holders will be paid net sales proceeds following payment of all Allowed Claims in full and overhead and wind down costs. The Debtors shall not issue any dividends or distributions of any kind on account of any Equity Interests until all Allowed Claims are paid in full. Any distributions to Series A, B, and C shall be pursuant to the applicable priorities, including any preferred returns, as provided by the documents that govern each Equity Interest. Devils River will continue operations and will pay creditors from: (i) disposable income generated from post-petition operations in amounts set forth within the Projections; or/alternative (ii) Devils River will continue to engage in efforts to sell its assets or operations post confirmation. In the event that a sale closes within the post-confirmation period, the proceeds will be distributed as follows: (i) first to pay in full with interest all Allowed Claims that are Secured Claims, including the Allowed Secured Claim of LSD and the Allowed Secured Claim of DRWF, LLC at closing; (ii) pay all current post petition obligations; (iii) pay all remaining Allowed Claims in full; and (iv) distribute remaining net sales proceeds to Equity Interest Holders in the order of their contractual priority under their applicable documents, less costs, fees and expenses of sale and costs to wind down Devils River operations. Devils River has current available funds under post-petition financing and DIP Financing Order provided by DRWF, LLC and will draw $100,000 upon plan confirmation to partially pay allowed administrative expenses and professional fees. Any allowed fees in excess of the $100,000 will be paid as agreed between professionals and Debtors. A full-text copy of the First Amended Plan dated August 15, 2025 is available at https://urlcurt.com/u?l=cMH3o9 from PacerMonitor.com at no charge. Counsel to the Debtor: Michael Colvard, Esq. Martin & Drought, P.C. 112 East Pecan Street, Suite 1616 San Antonio, TX 78205 Telephone: (210) 220- 1334 Facsimile: (210) 227-7924 Email: mcolvard@mdtlaw.com About Devils River Holdings Devils River Holdings, LLC produces premium small-batch whiskeys under the Devils River Whiskey brand. Based in San Antonio, Texas, the Company sources limestone-filtered water from the Devils River to craft its Bourbon, Rye, and flavored whiskey offerings. Devils River Holdings filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-50959) on May 1, 2025. In the petition signed by Michael P. Cameron, CEO and president, the Debtor disclosed up to $10 million in both assets and liabilities. The Debtor tapped Martin & Drought, P.C. as counsel. DMDS LLC: To Sell Harris Property to Cesar Gutierrez for $743K -------------------------------------------------------------- DMDS LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The legal description of the Property Lot 6A, Block 322, South Houston R/P Lot 6-7 Block 322; 0.2685 acres, known as 404 Spencer Highway, South Houston, Harris County, Texas 77587. The Property is subject to the balance of the sole Class 1-B Allowed Claim, held by James D. Draughon (Allowed Claim 4-1) (Draughon Class 1-B Claim), which is to be satisfied according to the Second Amended Plan of Reorganization from the sale of Debtor's properties. The Draughon Class 1-B Claim was partially satisfied through prior sales of Debtor's business properties leaving a remaining balance comprised of $275,000.00. Debtor does not contest the validity of the Draughon Class 1-B Claim and proposes that the sale satisfies the remaining balance of said claim in full through payment at closing on the Property. The purchaser of the Property is Cesar Gutierrez and/or Assigns. The Debtor has no affiliation or other obligations to Gutierrez other than the terms of the earnest money contract. The proposed sales price for the Property is $743,000.00. The balance of the proceeds of the sale to be paid to the Debtor after satisfaction of the above recited claims, liens, taxes, closing costs and real estate broker fees would be approximately $320,642.97. The Debtor requests that Nancy Furst, Full Circle Texas, LLC, be awarded the real estate broker fees that had been agreed upon between the Debtor and the real estate firm. The Debtor requests that after all liens and claims identified above are paid, the remaining proceeds be placed in the registry of the Court pending further order of the Court. The Debtors request that Texan Title Commercial Division, 192 Gulf Freeway South, Suite c#2, League City, Texas 77573 be disbursing agent for the Debtor. About DMDS LLC DMDS, LLC is a limited liability company that owns and leases commercial properties in South Houston, Texas. On Aug. 1, 2022, DMDS sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Case No. 22-32201), listing as much as $10 million in both assets and liabilities. DMDS President David M. Soliman signed the petition. Judge Jeffrey P. Norman oversees the case. The Law Offices of Larry A. Vick serves as the Debtor's bankruptcy counsel. DMO NORTH: Voluntary Chapter 11 Case Summary -------------------------------------------- Debtor: DMO North Hampton Realty LLC 1 Hardy Road PMB 315 Bedford, NH 03110 Business Description: DMO North Hampton is a single-asset real estate entity, as defined in 11 U.S.C. Section 101(51B), that leases commercial and residential properties. Chapter 11 Petition Date: August 19, 2025 Court: United States Bankruptcy Court District of New Hampshire Case No.: 25-10578 Debtor's Counsel: William J. Amann, Esq. AMANN BURNETT, PLLC 757 Chestnut Street Manchester, NH 03104 Tel: 603-696-5401 Email: wamann@amburlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Daniel M. O'Brien as managing member. The Debtor has confirmed in the petition that there are no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JWLZPPY/DMO_NORTH_HAMPTON_REALTY_LLC__nhbke-25-10578__0001.0.pdf?mcid=tGE4TAMA EAST COAST DESIGNS: Stephen Gray Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 1 appointed Stephen Gray of Gray & Company, LLC as Subchapter V trustee for East Coast Designs, Inc. Mr. Gray will be paid an hourly fee of $900 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Gray declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Stephen S. Gray Gray & Company, LLC 207 Union Wharf Boston, MA 02109 (617) 875-6404 Email: ssg@grayandcompanyllc.com About East Coast Designs East Coast Designs Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Mass. Case No. 25-11692) on August ,3, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Kate E. Nicholson, Esq. at Nicholson Devine LLC represents the Debtor as legal counsel. EASTSIDE UNITS: Seeks Subchapter V Bankruptcy in New York --------------------------------------------------------- On August 7, 2025, Eastside Units East 73RD Street LLC filed Chapter 11 protection in the Southern District of New York. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Eastside Units East 73RD Street LLC Eastside Units East 73RD Street LLC is a real estate company that appears to own or manage residential units at 317 East 73rd Street in New York City (specifically units 3RE, 4RE, and 5RW). Eastside Units East 73RD Street LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11746) on August 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. Honorable Bankruptcy Judge Lisa G. Beckerman handles the case. The Debtor is represented by William Charles Buzzini, Esq. at Berkovitch & Bouskila, PLLC. EDGE PROMO: Gets Interim OK to Use Cash Collateral -------------------------------------------------- Edge Promo Team, LLC got the green light from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral in accordance with its budget. The Debtor may spend as much as 10% more of the budget if needed. As adequate protection for the Debtor's use of their cash collateral, potential secured creditors will receive a post-petition lien on the Debtor's cash and inventory. The Debtor's use of cash collateral will expire or terminate on the earlier of (i) the Debtor ceasing operations of its business; or (ii) the non-compliance or default of the Debtor with any terms and provisions of the interim order. The next hearing is set for September 11. Established in 2014, the Debtor specializes in providing high-quality custom merchandise and branding solutions such as printed apparel, drinkware, pens, banners, and decals. Having filed for Chapter 11 bankruptcy, the Debtor aims to reorganize its business and maximize repayment to its creditors while continuing operations as a debtor-in-possession. The Debtor asserted the urgent need to access cash collateral to cover ordinary and necessary business expenses, including payroll, rent, and other operational costs. Without this access, the Debtor would be unable to continue operations or preserve the value of its estate. The Debtor has identified multiple UCC financing statements filed with the North Carolina Secretary of State, which may represent potentially secured creditors who could have liens on the cash collateral. These filings include liens held by Beacon Funding Corporation, Funding Futures LLC, JNG Capital, and CT Corporation System, among others. However, none of these parties have yet consented to the Debtor's use of the collateral. About Edge Promo Team, LLC Edge Promo Team, LLC specializes in providing high-quality custom merchandise and branding solutions such as printed apparel, drinkware, pens, banners, and decals. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-03107-5-PWM) on August 13, 2025. In the petition signed by Ted Ormsby, member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Pamela W. Mcafee oversees the case. William P. Janvier, Esq., at Stevens Martin Vaughn & Tadych, PLLC, represents the Debtor as legal counsel. EDWARDS TRANS: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------------ On August 19, 2025, Edwards Trans Corp. filed Chapter 11 protection in the Eastern District of New York. According to court filing, the Debtor reports $1,480,639 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Edwards Trans Corp. Edwards Trans Corp. provides passenger transportation services through taxis and limousines. Edwards Trans Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43985) on August 19, 2025. In its petition, the Debtor reports total assets of $340,000 and total liabilities of $1,480,639. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Alla Kachan, Esq. at LAW OFFICES OF ALLA KACHAN, P.C. EL DORADO SENIOR: Quality of Care Maintained, 7th PCO Report Says ----------------------------------------------------------------- Eden Rosales, the acting patient care ombudsman, filed with the U.S. Bankruptcy Court for the Eastern District of California her seventh report regarding the quality of patient care provided at El Dorado Senior Care, LLC's assisted care living facility. The Local Long-Term Care Ombudsman Program (LTCOP) Ombudsman conducted comprehensive site visits to all facilities on June 26 and 30 and on July 15 and 17. During these visits, the Ombudsman conducted interviews with all residents and staff present. The purpose of the interviews was to aid the court and other interested parties in understanding the implications of El Dorado Senior Care's bankruptcy petition on the residents within this community. During the reporting period for August, the LTC Ombudsman representatives observed that the facility had an appropriate number of staff, including administrative personnel and direct care staff. The facilities appeared clean and well-maintained, with no unpleasant odor reported. Adequate levels of food, clean linens and supplies were noted. In general, LTC Ombudsman representatives observed no decline in service quality or resident care associated with the ongoing bankruptcy proceedings. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=YFjciC from PacerMonitor.com. About El Dorado Senior Care El Dorado Senior Care, LLC, a company in El Dorado Hills, Calif., owns and operates community care facilities for the elderly. El Dorado filed voluntary petition for Chapter 11 protection (Bankr. E.D. Calif. Case No. 24-22208) on May 21, 2024, with $3,420,371 in assets and $3,127,562 in liabilities. Benjamin L. Foulk, owner and manager, signed the petition. Judge Fredrick E. Clement oversees the case. D. Edward Hays, Esq., at Marshack Hays Wood, LLP, serves as the Debtor's legal counsel. ELETSON HOLDINGS: Secures Fees Payment in Chapter 11 Case --------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that on Wednesday, August 20, 2025, a New York bankruptcy judge approved Eletson Holdings Inc.'s request for $1.9 million in fees and expenses from litigation against its former owners, who allegedly violated the company's confirmed Chapter 11 plan. About Eletson Holdings Eletson Holdings Inc. is a family-owned international shipping company, which touts itself as having a global presence with headquarters in Piraeus, Greece as well as offices in Stamford, Connecticut, and London. At one time, Eletson claimed to own and operate one of the world's largest fleets of medium and long-range product tankers and boasted a fleet consisting of 17 double hull tankers with a combined capacity of 1,366,497 dwt, 5 LPG/NH3 carriers with a combined capacity of 174,730 cbm and 9 LEG carriers with capacity of 108,000 cbm. Eletson Holdings, a Liberian company, is Eletson's ultimate parent company and is the direct parent and owner of 100% of the equity interests in the two other debtors, Eletson Finance (US) LLC, and Agathonissos Finance LLC. Eletson and its two affiliates were subject to involuntary Chapter 7 bankruptcy petitions (Bankr. S.D.N.Y. Case No. 23-10322) filed on March 7, 2023 by creditors Pach Shemen LLC, VR Global Partners,L.P. and Alpine Partners (BVI), L.P. The petitioning creditors are represented by Kyle J. Ortiz, Esq., at Togut, Segal & Segal, LLP. On Sept. 25, 2023, the Chapter 7 cases were converted to Chapter 11 cases. The Honorable John P. Mastando, III is the case judge. Lawyers at Reed Smith represent the Debtors as bankruptcy counsel. Riveron RTS served as the Debtors' Domestic Financial Advisor; Harold Furchtgott-Roth as Economic Expert; and Kurtzman Carson as Voting Agent. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors. The committee tapped Dechert, LLP as its legal counsel and FTI Consulting as the Committee's financial advisors. ENI DIST: Gets Interim OK to Use Cash Collateral ------------------------------------------------ ENI DIST, Inc. obtained an order from the U.S. Bankruptcy Court for the District of Maryland, Baltimore Division, authorizing limited use of cash collateral. The interim order authorized the Debtor to use cash collateral1 through September 9 only to fund the expenses provided in the budget that are necessary to operate and maintain its business and property. The order required the Debtor to make an adequate protection payment in the amount of $6,000 to Arba by August 25. As adequate protection for any diminution in the value of their collateral, creditors will be granted replacement liens on all post-petition assets of the Debtor, to the same extent and with the same priority as their pre-bankruptcy liens. The next hearing is set for September 9. The Debtor needs to use cash collateral to meet necessary operating expenses such as vendor payments, employee wages, insurance premiums, subcontractor payments, utilities, shipping, and administrative costs. The Debtor identifies its available cash collateral as consisting of: (1) $71,489 in business bank accounts, (2) $446,189 in receivables held by third-party vendors under a demand letter from Backd (a UCC creditor), (3) $1,640,047 in additional accounts receivable, and (4) funds reclaimable from preferential payments made to Arba and Backd totaling over $160,000. This cash will be used in accordance with the budget for operational and administrative expenses, including professional fees and U.S. Trustee fees. The Debtor is also seeking court authorization to pay these administrative costs without filing separate motions for each expense. Arba, through a series of loan assignments and mergers involving Columbia Bank and Fulton Bank, claims to be a secured creditor. However, the Debtor challenges the legitimacy of Arba's lien on accounts receivable and bank deposits due to faulty UCC continuation filings by Columbia Bank, which no longer legally existed in Maryland at the time. Arba's $6 million claim is thus asserted only against two real properties owned by Taehyun Holdings, a company 100% owned by the Debtor. Backd, another alleged secured creditor, entered into a receivables purchase agreement with the Debtor in December 2024 and filed its UCC statement on December 19, 2024. However, because Bank of Hope previously filed a UCC financing statement on October 12, 2021, Bank of Hope holds a superior claim on accounts receivable. Neither Arba nor Backd is deemed to hold valid liens on the bank deposits, as Maryland law requires actual control for such a security interest, which no party has established. About ENI DIST Inc. ENI DIST Inc. imports and distributes Asian food products from South Korea and Southeast Asia. The Company supplies dry, refrigerated, and frozen goods to wholesale distributors, chain retailers, foodservice distributors, and independent supermarkets. It operates a warehouse for handling various product types and offers both local and container drop shipment services across the United States. ENI DIST Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-17220) on August 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtor is represented by Weon G. Kim, Esq. at WEON G KIM LAW OFFICE. ERS MEDICAL: Unsecureds Will Get 3% of Claims over 60 Months ------------------------------------------------------------ ERS Medical, Inc., filed with the U.S. Bankruptcy Court for the Eastern District of California a Small Business Plan of Reorganization under Subchapter V dated August 15, 2025. The Debtor is a certified biomedical repair company that has been highly rated within the healthcare sector in the Central Valley. Operating in Tracy, California, the company specializes in life support and general biomedical equipment servicing, maintenance, and repairs, including installation, calibration, testing, and inspection. The Debtor filed this Subchapter V Chapter 11 case to address and reorganize its debts and maintain the business by developing a structured payment plan to keep the business alive and manage its overwhelming debt load. The business was severely impacted during the COVID-19 pandemic due to supply chain disruptions and reduced demand. The company survived by taking out multiple loans to stay operational during the worst of it. Revenue has since rebounded to approximately 80% of pre-pandemic levels, but the debt load taken on to survive now exceeds what the company can service, hence the filing. The Debtor initiated this case to preserve the business, protect jobs, and restructure obligations in a manner that ensures long-term viability. Through reorganizing, all creditors' claims will be addressed, and the business will keep its doors open with the goal of restoring itself to its previously successful state of operating free from unmanageable debt. Class 2 consists of General Unsecured Claims. Class 2 General Unsecured Creditors will receive a pro-rata share of a fund totaling approximately 3% of $929,898.91 = $27,896.97 (i.e., $464.95 per month over a 60-month period). Prorata means the entire amount of the claim divided by the entire amount owed to Class 2 creditors with allowed claims in this class. Disbursements commence on the 1st day of the month after the Effective Date of the Plan and continue on the first day of the month for 60 months. Disbursements in this class are estimated at $464.95 per month total, and the breakdown of each class claimant and the amount they will likely receive. Creditors in Class 2 may not take any collection action against Debtor so long as Debtor is not in material default under the Plan. This class is impaired and is entitled to vote on confirmation of the Plan. Debtor has indicated above whether a particular claim is disputed. The sole shareholder of ERS Medical, Inc., Anthony P. McDaniel, retains 100% equity in the reorganized Debtor. This class is not impaired and not entitled to vote on confirmation of the plan. The Plan will be funded from the continued operation of Debtor's business. The details of Plan feasibility appear in the Debtor's Profit and Loss and Projections show that the Debtor expects to generate approximately $3,619.12 per month in net income, which will be used to fund Plan payments. A full-text copy of the Plan of Reorganization dated August 15, 2025 is available at https://urlcurt.com/u?l=3mr9it from PacerMonitor.com at no charge. Counsel to the Debtor: Arasto Farsad, Esq. Farsad Law Office, P.C. 1625 The Alameda, Ste. 525 San Jose, CA 95126 Telephone: (408) 641-9966 Facsimile: (408) 866-7334 Email: af@farsadlaw.com About ERS Medical Inc. ERS Medical Inc. provides biomedical equipment services, including installation, calibration, inspection, and repair, for healthcare facilities. It specializes in life support and general biomedical equipment such as patient monitors, infusion pumps, defibrillators, anesthesia machines, and ultrasound systems. It operates with a team experienced in the biomedical field, including former field service engineers and U.S. Army-trained contractors. ERS Medical sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-23668) on July 17, 2025. In its petition, the Debtor reported total assets of $125,743 and total liabilities of $1,018,196. Judge Christopher M. Klein handles the case. The Debtor is represented by Arasto Farsad, Esq., at Farsad Law Office, P.C. ETCON CONSTRUCTION: Seeks Subchapter V Bankruptcy in Arkansas ------------------------------------------------------------- On August 8, 2025, Etcon Construction LLC filed Chapter 11 protection in the Eastern District of Arkansas. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About ETCON CONSTRUCTION: Seeks Subchapter V Bankruptcy in Arkansas Etcon Construction LLC is a construction company based in North Little Rock, Arkansas. Etcon Construction LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-12679) on August 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000 each. Honorable Bankruptcy Judge Phyllis M. Jones handles the case. The Debtor is represented by William F Godbold, IV, Esq. at Natural State Law, PLLC. FALKY HOLDINGS: Daniel Etlinger Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 21 appointed Daniel Etlinger of Underwood Murray, P.A. as Subchapter V trustee for Falky Holdings Inc. Mr. Etlinger 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. Etlinger declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Daniel E. Etlinger Underwood Murray, P.A. 100 N. Tampa Street, Suite 2325 Tampa Florida 33602 (813) 540-8401 Email: detlinger@underwoodmurray.com About Falky Holdings Inc. Falky Holdings Inc. is a corporation based in Florida with operations in both Clearwater and Tallahassee. Falky Holdings sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-40378) on August 13, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Byron W. Wright III, Esq., at Bruner Wright, P.A. FARIFOX CORP: Unsecured Creditors to Split $38K over 60 Months -------------------------------------------------------------- Farifox Corporation d/b/a AestheticFX submitted a Fourth Amended Plan of Reorganization dated August 15, 2025. The Plan proposes to restructure the Debtor's obligations and provide a path forward for sustainable operations and creditor repayment. This Plan proposes a five-year repayment and restructuring strategy that allows the Debtor to maintain business operations, preserve equity ownership, and provide meaningful recovery to creditors. The Plan includes the resolution of secured and unsecured claims, preserves rights to object to disputed claims post-confirmation, and is designed to ensure feasibility while supporting business stability and long-term viability under Section 1191 of the Bankruptcy Code. Given the challenges, the proposed debt restructuring is critical to the survival and future success of AestheticFX. By reducing the financial burden of the Debtor's debt service, it will create the necessary breathing room to stabilize operations, regain positive cash flow, and continue serving our valued clients. Class 4 consists of all allowed general unsecured claims, including but not limited to claims held by Heritage Bank, North Mill Equipment Finance, LLC and other non-priority unsecured creditors. The total amount of allowed Class 4 claims, excluding the disputed Corporate Turnaround claim, is $1,280,415.52. Under the plan, creditors will receive a pro rata distribution of 3% of their allowed claim amount, payable over 60 months. The total amount to be distributed to Class 4 creditors under the plan is $38,412.47, resulting in equal monthly payments of $640.21. Corporate Turnaround's unsecured claim is listed in the amount of $562,900.77 and is disputed in full. This amount reflects an unsupported penalty provision in their contract, which allows them to charge 3% per month of enrolled debt if a creditor is removed from the program. To date, Corporate Turnaround has not provided a formal invoice, accounting statement, or supporting documentation to substantiate this figure. Additionally, their agreement states they are entitled to 35% of any money saved on negotiated settlements. However, despite being informed repeatedly of a pending lawsuit and judgment from North Mill Equipment Finance, Corporate Turnaround advised the Debtor it is a "scare tactic" and continued to hold out for further negotiation. Following the entry of judgment, they sent follow-up emails indicating they could meet North Mill's demands if they "have to," further confirming they were aware resolution was possible but elected to delay action. This delay resulted in the entry of a judgment that could have been avoided had timely disclosure occurred. Their failure to act in good faith may have been financially motivated by their percentage-based compensation structure, which encouraged prolonged negotiation even when settlement was no longer a viable option. The Debtor alleges this conduct constitutes bad faith, breach of duty, and self-dealing, resulting in material financial harm to the estate. Accordingly, the Debtor reserves all rights under Sections 502(d), 510(c), 544, 548, and 105(a) of the Bankruptcy Code to pursue further objections, equitable subordination, or adversary actions based on fraudulent inducement, breach of fiduciary duty, or preferential/fraudulent transfers. Nothing in this Plan shall waive or limit the Debtor's right to object post-confirmation or to pursue causes of action against Corporate Turnaround. All such rights are expressly preserved. Upon confirmation of the Plan, the Debtor will serve as the disbursing agent and plan administrator. All obligations and payments will be made in accordance with the terms of this Plan from the Debtor's operating account. The Debtor will maintain monthly accounting records of all plan related payments, reserve sufficient funds for taxes and critical expenses, make all monthly payments to secured and unsecured creditors, and provide operating reports and updates to the Subchapter V Trustee or U.S. Trustee as required and or requested. A full-text copy of the Fourth Amended Plan dated August 15, 2025 is available at https://urlcurt.com/u?l=lq3TOq from PacerMonitor.com at no charge. Counsel to the Debtor: Daniel C. Durand, III, Esq. Durand & Associates, PC 522 Edmonds, Suite 101 Lewisville, TX 75067 Telephone: (972) 221-5655 Facsimile: (972) 221-9569 Email: durand@durandlaw.com About Farifox Corporation Farifox Corporation, d/b/a AestheticFX, doing business as AestheticFX, is a medical spa based in Frisco, TX, specializing in advanced aesthetic services designed to enhance both appearance and well-being. These services include injectables, skin treatments like RF resurfacing and chemical peels, laser hair removal, tattoo removal, and body contouring. AestheticFX utilizes state-of-the art technology, including Alma's Harmony XL PRO and Soprano ICE Platinum systems, to provide non-invasive, effective treatments for their clients. Farifox Corporation sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex.Case No. 25-40488) on February 21, 2025. In its petition, the Debtor reports total assets as of Feb. 14, 2025 amounting to $264,737 and total liabilities as of Feb. 14, 2025 of $1,185,640. The Debtor is represented by Daniel C. Durand III, Esq. at DURAND & ASSOCIATES, PC. FLY7 INSTALLATIONS: Unsecureds to Get 3 Cents on Dollar in Plan --------------------------------------------------------------- Fly7 Installations LLC submitted an Amended Plan of Reorganization. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $1,467.00 (Monthly). The final Plan payment is expected to be paid on July 15, 2030. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $1,467.00/month for 5 years, totaling $88,020.00 (rounded). This Plan of Reorganization proposes to pay creditors of the Debtor from cash flow from operations. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 3 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 3 consists of Non-priority unsecured creditors. The debtor will make quarterly disbursements on a prorata basis of $4,401.00 for a period of 5 years, resulting in a total of 20 disbursements. The first 7 disbursements will be to administrative claims and the final 13 disbursements will be to the unsecured claims. The disbursements to unsecured claims will be on July 15, 2027, October 15, 2027, January 15, 2028, April 15, 2028, and July 15, 2028, October 15, 2028, January 15, 2029, April 15, 2029, July 15, 2029, October 15, 2029, January 15, 2030, April 15, 2030, July 15, 2030. The members of this class are: Internal Revenue Service, American Express, Blade Funding, Chase, LG Funding, LiteFund/Celtic Bank, Finvest, and Credential Leasing & Finance a/k/a Credential Leasing Corp. Class 4 consists of Equity security holders of the Debtor. Upon confirmation of the Plan, the Debtor's interest in all of its assets shall revest in the Debtor and will not be subject to the claim of any credits, except confirmation of this Plan will not effect he rights or security interest of Northeast Bank. Jada Hamlett, the sole owner, will not receive any disbursements during the 3-year repayment period other than her salary as provided for in the budget. After the Effective Date, Fly7 LLC shall continue to operate as usual under the management of its sole member, Jada Hamlett. Payments under the Plan will be made with the Disposable Income of the Debtor/Reorganized Debtor. A full-text copy of the Amended Plan dated August 12, 2025 is available at https://urlcurt.com/u?l=QAGHTs from PacerMonitor.com at no charge. About Fly7 Installations Fly7 Installations, LLC, has been in the business of a professional delivery and installation company specializing in appliance logistics and last-mile services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-70482) on March 8, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Carolyn Anne Bedi, Esq. at Bedi Legal, P.C. represents the Debtor as legal counsel. FTX TRADING: Kroll Faces 2023 Bankruptcy Data Breach Class Suit --------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that Kroll Restructuring Administration LLC has been hit with a proposed class action over a 2023 data breach that compromised personal information of FTX Trading Ltd., BlockFi Inc., and Genesis Global Holdco LLC claimants. The suit, filed August 19, 2025, in the U.S. District Court for the Western District of Texas, alleges Kroll’s inadequate response to the cyberattack has put FTX account holder Jacob Kevyn Repko at risk of losing nearly $90,000 owed from the defunct crypto exchange. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. GACH LLC: Voluntary Chapter 11 Case Summary ------------------------------------------- Debtor: GACH, LLC 51 E. 25th Street, 6th Floor New York, NY 10010 Business Description: GACH, LLC owns commercial real estate at 43- 51 East 25th Street, Unit C6, New York, NY 10010, in the building known as The Stanford. The property comprises approximately 4,800 square feet of office and medical space, including patient waiting areas, an x-ray suite, examination rooms, kitchen space, and offices, with an appraised value of $4.8 million. The Company is classified as a single-asset real estate entity. Chapter 11 Petition Date: August 18, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-11800 Judge: Hon. Michael E Wiles Debtor's Counsel: Michelle L. Trier, Esq. GENOVA, MALIN & TRIER, LLP 1136 Route 9 Wappingers Falls, NY 12590 Tel: 845-298-1600 E-mail: michelle@gmtllp.com Total Assets: $4,829,200 Total Liabilities: $3,210,885 The petition was signed by Paul-Marie Brisson as president. The Debtor declared in the petition that there are no unsecured creditor claims. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DHBZELI/GACH_LLC__nysbke-25-11800__0001.0.pdf?mcid=tGE4TAMA GENESIS HEALTHCARE: U.S. Trustee Appoints Melanie Cyganowski as PCO ------------------------------------------------------------------- Lisa Lambert, the U.S. Trustee for Region 6, appointed Melanie Cyganowski of Otterbourg, PC as patient care ombudsman in the Chapter 11 cases of Genesis Healthcare, Inc. and affiliates. Ms. Cyganowski will monitor the quality of patient care provided at healthcare facilities operated by the Debtors. A list of these facilities is available at https://is.gd/uSxEBx To the best of her knowledge, Ms. Cyganowski has no connections with the Debtors, creditors and other parties in interest. The ombudsman may be reached at: Melanie Cyganowski Otterbourg, PC 230 Park Avenue New York, NY 10169-0075 Tel: 212-661-9100 Email: mcyganowski@otterbourg.com About Genesis Healthcare Genesis Healthcare, Inc. (OTC Expert Market: GENN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with nearly 200 skilled nursing centers and senior living communities in 17 states nationwide. Genesis subsidiaries also supply rehabilitation therapy to approximately 1,500 locations in 43 states and the District of Columbia. On July 9, 2025, Genesis Healthcare, Inc. and 298 of its affiliates and subsidiaries each filed voluntary petitions in Dallas, Texas, seeking relief under chapter 11 of the United States Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80185). The Debtors listed at least $1 billion in assets and liabilities as of the bankruptcy filing. As of the Petition Date, the Debtors had secured debt of $708.5 million and unsecured obligations totaling $1.568 billion. The Debtors tapped McDermott Will & Emery LLP as bankruptcy counsel, and Jefferies, LLC, as investment banker. Ankura Consulting Group, LLC, provides the services of senior managing directors Russell A. Perry and Louis E. Robichaux IV as CRO of the Debtors. Epiq Corporate Restructuring, LLC, is the claims agent. The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Counsel to Welltower: John T. Cox III, Esq. Gibson, Dunn & Crutcher LLP 2001 Ross Avenue, Suite 2100 Dallas, TX 75201 tcox@gibsondunn.com - and - Jeffrey C. Krause, Esq. Michael G. Farag, Esq. Gibson, Dunn & Crutcher LLP 333 South Grand Avenue Los Angeles, CA 90071 jkrause@gibsondunn.com mfarag@gibsondunn.com Counsel to Omega: Robert J. Lemons, Esq. Goodwin Proctor LLP The New York Times Building 620 Eighth Avenue New York, NY 10018 rlemons@goodwinlaw.com - and - Leighton Aiken, Esq. Ferguson Braswell Fraser Kubasta PC 2500 Dallas Parkway, Suite 600 Plano, TX 75093 laiken@fbfk.law Counsel to the Debtors' Prepetition ABL Secured Parties: Kenneth J. Ottaviano, Esq. Blank Rome LLP 444 West Lake Street, Suite 1650 Chicago, IL 60606 ken.ottaviano@blankrome.com Counsel to the Debtors' DIP Lenders: James Muenker, Esq. DLA Piper LLP 1900 N. Pearl St., Suite 2200 Dallas, TX 75201 james.muenker@us.dlapiper.com GENESIS HEALTHCARE: U.S. Trustee Appoints Susan Goodman as PCO -------------------------------------------------------------- Lisa Lambert, the U.S. Trustee for Region 6, appointed Susan Goodman of Pivot Health Law as patient care ombudsman in the Chapter 11 cases of Genesis Healthcare, Inc. and affiliates. Ms. Goodman will monitor the quality of patient care provided at healthcare facilities operated by the Debtors. A list of these facilities is available at https://is.gd/M5zlls To the best of her knowledge, Ms. Goodman has no connections with the Debtors, creditors and other parties in interest. The ombudsman may be reached at: Susan N. Goodman Pivot Health Law P.O. Box 69734 Oro Valley, AZ 85737 Phone: 520-744-7061 Email: sgoodman@pivothealthaz.com About Genesis Healthcare Genesis Healthcare, Inc. (OTC Expert Market: GENN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with nearly 200 skilled nursing centers and senior living communities in 17 states nationwide. Genesis subsidiaries also supply rehabilitation therapy to approximately 1,500 locations in 43 states and the District of Columbia. On July 9, 2025, Genesis Healthcare, Inc. and 298 of its affiliates and subsidiaries each filed voluntary petitions in Dallas, Texas, seeking relief under chapter 11 of the United States Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80185). The Debtors listed at least $1 billion in assets and liabilities as of the bankruptcy filing. As of the Petition Date, the Debtors had secured debt of $708.5 million and unsecured obligations totaling $1.568 billion. The Debtors tapped McDermott Will & Emery LLP as bankruptcy counsel, and Jefferies, LLC, as investment banker. Ankura Consulting Group, LLC, provides the services of senior managing directors Russell A. Perry and Louis E. Robichaux IV as CRO of the Debtors. Epiq Corporate Restructuring, LLC, is the claims agent. The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Counsel to Welltower: John T. Cox III, Esq. Gibson, Dunn & Crutcher LLP 2001 Ross Avenue, Suite 2100 Dallas, TX 75201 tcox@gibsondunn.com - and - Jeffrey C. Krause, Esq. Michael G. Farag, Esq. Gibson, Dunn & Crutcher LLP 333 South Grand Avenue Los Angeles, CA 90071 jkrause@gibsondunn.com mfarag@gibsondunn.com Counsel to Omega: Robert J. Lemons, Esq. Goodwin Proctor LLP The New York Times Building 620 Eighth Avenue New York, NY 10018 rlemons@goodwinlaw.com - and - Leighton Aiken, Esq. Ferguson Braswell Fraser Kubasta PC 2500 Dallas Parkway, Suite 600 Plano, TX 75093 laiken@fbfk.law Counsel to the Debtors' Prepetition ABL Secured Parties: Kenneth J. Ottaviano, Esq. Blank Rome LLP 444 West Lake Street, Suite 1650 Chicago, IL 60606 ken.ottaviano@blankrome.com Counsel to the Debtors' DIP Lenders: James Muenker, Esq. DLA Piper LLP 1900 N. Pearl St., Suite 2200 Dallas, TX 75201 james.muenker@us.dlapiper.com GENESIS HEALTHCARE: U.S. Trustee Appoints Suzanne Koenig as PCO --------------------------------------------------------------- Lisa Lambert, the U.S. Trustee for Region 6, appointed Suzanne Koenig of SAK Healthcare as patient care ombudsman in the Chapter 11 cases of Genesis Healthcare, Inc. and affiliates. Ms. Koenig will monitor the quality of patient care provided at healthcare facilities operated by the Debtors. A list of these facilities is available at https://is.gd/qv5SwV To the best of her knowledge, Ms. Koenig has no connections with the Debtors, creditors and other parties in interest. To the best of her knowledge, Ms. Koenig has no connections with the Debtors, creditors, any other parties in interest, their respective attorneys and accountants, the U.S. Trustee, and persons employed in the Office of the U.S. Trustee, except as set forth in her verified statement. The ombudsman may be reached at: Suzanne Koenig, CEO SAK Healthcare 300 Saunders Road, Suite 300 Riverwoods, IL 60015 Phone: 847-446-8400 Email: skoenig@sakhealthcare.com About Genesis Healthcare Genesis Healthcare, Inc. (OTC Expert Market: GENN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with nearly 200 skilled nursing centers and senior living communities in 17 states nationwide. Genesis subsidiaries also supply rehabilitation therapy to approximately 1,500 locations in 43 states and the District of Columbia. On July 9, 2025, Genesis Healthcare, Inc. and 298 of its affiliates and subsidiaries each filed voluntary petitions in Dallas, Texas, seeking relief under chapter 11 of the United States Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80185). The Debtors listed at least $1 billion in assets and liabilities as of the bankruptcy filing. As of the Petition Date, the Debtors had secured debt of $708.5 million and unsecured obligations totaling $1.568 billion. The Debtors tapped McDermott Will & Emery LLP as bankruptcy counsel, and Jefferies, LLC, as investment banker. Ankura Consulting Group, LLC, provides the services of senior managing directors Russell A. Perry and Louis E. Robichaux IV as CRO of the Debtors. Epiq Corporate Restructuring, LLC, is the claims agent. The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Counsel to Welltower: John T. Cox III, Esq. Gibson, Dunn & Crutcher LLP 2001 Ross Avenue, Suite 2100 Dallas, TX 75201 tcox@gibsondunn.com - and - Jeffrey C. Krause, Esq. Michael G. Farag, Esq. Gibson, Dunn & Crutcher LLP 333 South Grand Avenue Los Angeles, CA 90071 jkrause@gibsondunn.com mfarag@gibsondunn.com Counsel to Omega: Robert J. Lemons, Esq. Goodwin Proctor LLP The New York Times Building 620 Eighth Avenue New York, NY 10018 rlemons@goodwinlaw.com - and - Leighton Aiken, Esq. Ferguson Braswell Fraser Kubasta PC 2500 Dallas Parkway, Suite 600 Plano, TX 75093 laiken@fbfk.law Counsel to the Debtors' Prepetition ABL Secured Parties: Kenneth J. Ottaviano, Esq. Blank Rome LLP 444 West Lake Street, Suite 1650 Chicago, IL 60606 ken.ottaviano@blankrome.com Counsel to the Debtors' DIP Lenders: James Muenker, Esq. DLA Piper LLP 1900 N. Pearl St., Suite 2200 Dallas, TX 75201 james.muenker@us.dlapiper.com GREATER LIGHT: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- Greater Light Baptist Church of Sacramento got the green light from the U.S. Bankruptcy Court for the Eastern District of California, Sacramento Division, to use cash collateral. The court order authorized the Debtor's interim use of cash collateral to fund operations and payment of $5,000 to Union Home Loan, Inc., a secured creditor, as adequate protection for the use of its cash collateral. As additional protection, Union Home Loan and other secured creditors will have replacement liens on the Debtor's assets, with the same priority as their pre-bankruptcy liens and security interests. The replacement liens do not apply to any Chapter 5 avoidance actions. The final hearing is set for October 6. Objections are due by September 22. The Debtor asserts that access to cash collateral is critical for maintaining ongoing operations, including worship services, property management, and overall preservation of estate value. Without immediate use of cash collateral, the Debtor claims it will be unable to pay essential expenses such as employee wages, rent, insurance, and other necessary business obligations. The cash collateral in question consists of bank deposits, accounts receivable, and proceeds from ordinary business operations, which are subject to a UCC lien held by Everest Business Funding. This lender holds a first priority security interest in the Debtor's personal property, evidenced by a UCC-1 financing statement filed on April 20, About Greater Light Baptist Church of Sacramento Greater Light Baptist Church of Sacramento, doing business as The Light Christian Church {TLCC), is a Sacramento-based ministry focused on practical, spirit-filled teaching of the Word of God. Led by Pastor O.J. Swanigan, TLCC aims to help individuals discover and walk in their purpose to strengthen the Body of Christ. Worship services are joyful yet reverent, emphasizing God's presence and praise as a lifestyle. Greater Light Baptist Church of Sacramento sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-24136) on August 6, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Christopher D. Jaime handles the case. The Debtor is represented by Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger. HOOTERS OF AMERICA: Court Delays Plan to Approve Chapter 11 Plan ---------------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority a Texas bankruptcy judge on Wednesday, August 20, 2025, delayed ruling on Hooters of America's Chapter 11 plan due to a dispute over whether creditor Lags Equipment holds a secured claim, a matter the company warned could "imperil" its proposed restructuring. About Hooters of America Hooters of America, LLC, owner and operator of a restaurant chain with hundreds of locations in the United States, and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80078) on March 31, 2025. Founded in 1983, the Debtors own and operate Hooters, a renowned brand in the casual dining and sports entertainment industries. Their global portfolio includes 151 company-owned and operated locations and 154 franchised locations across 17 countries. Known for their world-famous chicken wings, beverages, live sports, and legendary hospitality, the Debtors also partner with a major food products licensor to offer Hooters-branded frozen meals at 1,250 grocery store locations. The case is before the Hon. Scott W Everett. The Debtors Co-Bankruptcy Counsel are Holland N. O'Neil, Esq., Stephen A. Jones, Esq., and Zachary C. Zahn, Esq., at FOLEY & LARDNER LLP, in Dallas, Texas. The Debtors' General Bankruptcy Counsel are Ryan Preston Dahl, Esq., at ROPES & GRAY LLP, in New York, and Chris L. Dickerson, Esq., Rahmon J. Brown, Esq., and Michael K. Wheat, Esq., at ROPES & GRAY LLP, in Chicago, Illinois. The Debtors' Investment Banker is SOLIC CAPITAL, LLC. The Debtors' Financial Advisor is ACCORDION PARTNERS, LLC. The Debtors' Notice, Claims, Solicitation & Balloting Agent is KROLL RESTRUCTURING ADMINISTRATION LLC. HOUSE SPIRITS: Seeks Court OK to Tap Additional $500K DIP Loan -------------------------------------------------------------- Jeff Montgomery of Law360 reports that House Spirits, a Portland, Oregon-based whiskey producer, has asked a Delaware bankruptcy judge to approve an additional $500,000 loan to fund its Chapter 11 case, which would raise its debtor-in-possession financing to more than $2 million. About House Spirits Distillery LLC House Spirits Distillery LLC, operating under the name Westward Whiskey, is a Portland, Oregon-based distillery that produces, markets, sells, and distributes high-quality American single malt whiskeys. Westward has become one of the most well-known and respected craft distilleries in the U.S., leading the way in the emerging Premium American Whiskey category. Unlike traditional single malts made only from malted barley, Westward employs a distinctive process that blends elements from American craft ale, Scottish single malt, and bourbon traditions. The distillery benefits from the unique climate of the Pacific Northwest, where hot, dry summers and cool, wet winters contribute to the development of exceptional, world-class whiskeys. House Spirits Distillery LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10660) on April 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Karen B. Owens handles the case. The Debtor is represented by Joseph C. Barsalona II, Esq. at PASHMAN STEIN WALDER HAYDEN, P.C. The Debt IDEANOMICS INC: Plan Exclusivity Period Extended to Sept. 30, 2025 ------------------------------------------------------------------ Judge Craig T. Goldblatt of the U.S. Bankruptcy Court for the District of Delaware extended Idex Wind Down, Inc. f/k/a Ideanomics, Inc. and its affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to September 30 and November 28, 2025, respectively. As shared by Troubled Company Reporter, the Debtors explain that given the size and complexity of these Chapter 11 Cases, not extending exclusivity would be detrimental to an efficient resolution of these cases. While no other party has yet suggested they would be willing or able to propose a plan, terminating exclusivity could create a situation where the Debtors' estates are saddled with multiple and competing plans. The Debtors claim that these Chapter 11 Cases contemplated a marketing process and sale, followed by a chapter 11 plan of liquidation through which any sale proceeds and other available proceeds would be distributed in accordance with the Bankruptcy Code. The Debtors are focusing their efforts on drafting and filing a value-maximizing plan of liquidation. Therefore, if achieved, a chapter 11 plan would be the product of the Debtors' extensive efforts, and cause exists to extend the Exclusive Periods to allow the Debtors to negotiate and formulate such plan. The Debtors assert that the expiration of their exclusive right to file a Chapter 11 plan at such a critical time would jeopardize the forward momentum of these Chapter 11 Cases and disrupt the substantial progress made to date. Accordingly, this extension request is reasonable and consistent with the efficient prosecution of these Chapter 11 Cases because it will provide the Debtors with additional time to draft and file a plan. The Debtors further assert that extending the Exclusivity Periods will benefit creditors by avoiding the drain on estate assets attendant to a competing Chapter 11 plan. The Debtors' requested extension of the Exclusivity Periods is intended to allow the Debtors to continue to work cooperatively with their key constituents toward the goal of confirming and implementing a consensual and value-maximizing plan of liquidation in the most cost-efficient manner possible. Co-Counsel to the Debtors: Palacio, Esq. Gregory A. Taylor, Esq. ASHBY & GEDDES, P.A. 500 Delaware Avenue, 8th Floor P.O. Box 1150 Wilmington, DE 19801 Tel: (302) 654-1888 Fax: (302) 654-2067 Email: RPalacio@ashbygeddes.com GTaylor@ashbygeddes.com John A. Simon, Esq. Jake W. Gordon, Esq. FOLEY & LARDNER LLP 500 Woodward Ave., Suite 2700 Detroit, MI 48226-3489 Tel: (313) 234-7100 Fax: (313) 234-2800 Email: jsimon@foley.com Jake.gordon@foley.com - and - Timothy C. Mohan, Esq. 1400 16th Street, Suite 200 Denver, CO 80202 Tel: (720) 437-2000 Fax: (720) 437-2200 Email: tmohan@foley.com About Ideanomics Inc. New York, N.Y.-based Ideanomics, Inc., is a global electric vehicle company that is focused on driving the adoption of electric commercial vehicles and associated sustainable energy consumption. It is made up of 5 subsidiaries including: VIA Motors, Solectrac, Treeletrik, Wave, and US Hybrid. Ideanomics Inc. and seven of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12728) on December 4, 2024. In its petition, the Debtor reports assets between $50 million and $100 million and liabilities ranging from $100 million to $500 million. Foley & Lardner LLP serves as the Debtors' general bankruptcy counsel and Ashby & Geddes, P.A. acts as the Debtors' Delaware co-counsel. The Debtors tapped Epiq Corporate Restructuring as noticing and claims agent. Riveron Management Services, LLC is the Debtors' CRO and financial advisor, and SSG Advisors, LLC, is the Debtors' investment banker and financial adviser. INTEGRATED ENDOSCOPY: Seeks Cash Collateral Access, $450K DIP Loan ------------------------------------------------------------------ Integrated Endoscopy, Inc. asked the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, for authority to use cash collateral and provide adequate protection. The request arises from the Debtor's urgent need for short-term funding during its Chapter 11 bankruptcy case as it awaits FDA clearance of its latest product -- the Gen II wireless camera. FDA approval is expected by late October and is projected to exponentially increase the Debtor's revenues. Until then, the Debtor is seeking an interim loan to fund its operations for approximately 90 days, during which time it plans to secure longer-term DIP financing on regular notice. To bridge this critical period, the Debtor has obtained a loan commitment of $450,000 from two insider lenders: David Chou, its chief executive officer and a shareholder, and Quartus AI Fund LP, also a shareholder represented by board member Afzal Tarar. The loan terms include a 10% annual interest rate, an origination fee of $20,000, and a 12-month maturity (or earlier if a plan is confirmed or the case is dismissed or converted). The Debtor proposed to grant the lenders a junior security interest in all of its assets including intellectual property, inventory, receivables, general intangibles, and proceeds, subordinate to all existing pre-petition liens. Notably, there is no prepayment penalty, and the loan includes a carveout for U.S. Trustee fees and approved professional expenses. The Debtor also sought approval to use these funds for essential operating expenses and to reimburse insurance payments totaling $50,332 that were advanced by David Chou and Capital Premium Finance to reinstate coverage. The Debtor filed for bankruptcy to halt a threatened foreclosure by Research Corporation Technologies, Inc., its primary secured lender. RCT, which is owed approximately $9.1 million, had initiated proceedings to foreclose on all of Debtor's assets—including valuable intellectual property—despite having previously engaged in active board participation and having suggested continued investment through a Series D round. The Debtor said that RCT's abrupt change of course, including appointing a consultant and potentially collaborating with the former CEO Brad Sharp in a competing entity, was a surprise and may have been designed to capture Debtor's IP at a discount. The Debtor's other secured creditors include Knobbe Martens Olson & Bear LLP (secured by IP, $51,837 claim) and David Chou himself ($95,000 prepetition secured claim). The Debtor also estimates unsecured debts totaling approximately $6.5 million. The Debtor's primary assets include over $800,000 in inventory, $20,000 in demo equipment, a small amount of cash, and, most significantly, intellectual property and goodwill it estimates to be worth over $20 million, a value expected to rise sharply with FDA approval. A court hearing is set for August 28. A copy of the motion is available at https://urlcurt.com/u?l=2UPNiT from PacerMonitor.com. About Integrated Endoscopy Inc. Integrated Endoscopy Inc. develops wireless arthroscopic and single-use rigid endoscope technology for surgical applications. Headquartered in Irvine, California, the privately held Company was founded in 1996 following its acquisition of Micro Optics Development Engineering Labs' optical design assets and markets its Nuvis Single-Use Arthroscope with plans to extend into additional procedure-specific endoscopes. Its intellectual property portfolio includes 19 issued patents across the U.S., Europe, Japan, Australia, and Canada covering lens systems, LED lighting, and molded glass optics. Integrated Endoscopy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-12121 on July 31, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Honorable Bankruptcy Judge Scott C. Clarkson handles the case. The Debtor is represented by Vanessa H. Haberbush, Esq., at Haberbush, LLP. IRON HORSE: Gets Interim OK to Use Cash Collateral -------------------------------------------------- Iron Horse Chemicals, LLC got the green light from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. The court order authorized the Debtor's interim use of cash collateral for working capital and corporate purposes in line with the approved budget. The Debtor's authority to use cash collateral does not extend to the use of any receivables that have been "factored" or "sold" to Bison Payments, LLC, a pre-bankruptcy lender, prior to the petition date. To the extent the Debtor receives or collects proceeds from factored receivables, it must segregate such funds in a separate account until further order by the court. As adequate protection for any diminution in the value of its pre-bankruptcy collateral, Bison will be granted automatically perfected replacement liens on all assets of the Debtor. Bison also retains rights under Section 503 and 507(b) if protection proves to be inadequate. The final hearing is set for September 12. The Debtor entered into a Quick Pay Agreement with Bison, a factoring company, in 2023, under which Bison advanced 95% of invoice amounts. Bison claims ownership of the Debtor's accounts receivable and cash but the Debtor asserts the factoring company only has a secured interest in part of its receivables -- not full ownership. The Debtor reserves its rights to challenge the nature, validity, and enforceability of this agreement under both bankruptcy and Oklahoma state law. Aside from the $6 million allegedly owed to Bison, the Debtor also owes approximately $1.9 million in unsecured trade debt. The Debtor states that without immediate access to its cash, it will be forced to shut down operations, miss payroll, and lose significant value as a going concern. About Iron Horse Chemicals LLC Iron Horse Chemicals, LLC manufactures and supplies industrial and specialty chemicals primarily for the oil and gas industry, offering products such as corrosion inhibitors, scale inhibitors, demulsifiers, surfactants, and enhanced oil recovery agents. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90304) on August 12, 2025. In the petition signed by Darryl Wiebe, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Alfredo R. Perez oversees the case. Christopher Adams, Esq., at OKIN ADAMS BARTLETT CURRY LLP, represents the Debtor as legal counsel. JAMANA LLC: Gets Interim OK to Use Cash Collateral -------------------------------------------------- Jamana, LLC got the green light from the U.S. Bankruptcy Court for the Southern District of Alabama to use cash collateral. At the hearing held on August 20, the court granted the Debtor's motion to use cash collateral on an interim basis and set a final hearing on the motion for September 25. The Debtor's business involves the daily rental of approximately 58 hotel rooms and operates under a franchise agreement with Choice Hotels International, which provides significant marketing and online booking support. The Debtor's projected gross monthly revenue is approximately $64,000, with anticipated monthly operating expenses totaling about $62,744, leaving a projected net profit of roughly $1,256. The Debtor's cash collateral consists primarily of post-petition revenues generated from hotel operations, which are subject to a lien held by its primary secured creditor, First Western SBLC Inc. First Western holds a security interest in substantially all of the Debtor's assets, including the hotel property, fixtures, furnishings, accounts receivable, inventory, and proceeds therefrom. As of the petition date, the loan balance owed to First Western is approximately $2,014,561, secured by a property with an estimated value of $1,593,000 and additional assets valued at $240,502. the Debtor has not yet obtained consent from First Western to use the cash collateral, though discussions between counsel for both parties are ongoing. In addition to First Western, other secured creditors include BMW Financial, whose claim is to be satisfied through a vehicle sale, and the U.S. Small Business Administration, which holds a second mortgage of approximately $464,000 that the Debtor may seek to reclassify as unsecured through lien-stripping if the collateral is determined to be fully encumbered. The Debtor also lists priority tax claims totaling over $130,000 and unsecured business credit card debt exceeding $60,000, with all general unsecured creditors anticipated to receive pro rata distributions under the Chapter 11 plan, subject to monthly revenue fluctuations. About Jamana LLC Jamana LLC, doing business as Quality Inn Mobile West Tillman's Corner, operates a 58-room franchised Quality Inn hotel in Mobile, Alabama, offering lodging services and amenities such as complimentary breakfast, Wi-Fi and a seasonal outdoor pool. Jamana sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ala. Case No. 25-11994) on July 29, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Jerry C. Oldshue handles the case. The Debtor is represented by Kevin M. Ryan, Esq., at Ryan Legal Services, Inc. JAW 2 INVESTMENT: Auction of Collateral Moved to Sept. 8, 2025 -------------------------------------------------------------- CPIF MRA LLC ("secured party") will sell at public auction all limited liability company interests held by Jaw 2 Investment LLC and Laurcon LLC in 393 Holdings LLC ("pledged entity", "pledged interests"). The equity interests secured indebtedness owning by pledged entity to secured party in a principal amount of not less than $44,405,031.14 plus unpaid interest, attorney's fees and other charges including the costs to sell the equity interests ("debt"). The public auction sale will be held on Sept. 8, 2025 by virtual bidding via Zoom via the following Zoom meeting link: https://bit.ly/JawLaurcon, meeting ID: 859 0686 5329, passcode: 999083 (or by telephone at +1-646-931-3860 US, using same meeting ID and passcode). As reported by Troubled Company Reporter on June 30, 2025, the public sale auction was originally scheduled for July 8, 2025. The public sale will be conducted by auctioneer Eric Rubin of Moecker Auctions Inc. in conjunction with Matthew D. Mannion of Mannion Auctions LLC. The Secured Party's understanding, without making any representation or warranty as to accuracy or completeness, is that the principal asset of the pledged entity is real property commonly known as the Pinewood-30A Condominiums and located at 179 S. County Highway 393, Santa Rosa Beach, Florida 35459. Parties interested in bidding on the equity interests must contact Stephen Schwalb at Newmark ("Broker"), secured party's broker at +1-469-467-2084 or stephen.schwalb@nmrk.com. Upon execution of a standard non-disclosure agreement, additional documentation and information will be available. Interested parties who do not contact the buyer and register before the public sale may not be permitted to participate in bidding at the public sale. Additional information can be found at https://tinyurl.com/UCCPinewood. KATIE KAHANOVITZ: Plan Exclusivity Period Extended to Oct. 25 ------------------------------------------------------------- Judge Erik P. Kimball of the U.S. Bankruptcy Court for the Southern District of Florida extended Katie Kahanovitz, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to October 25 and December 23, 2025, respectively. As shared by Troubled Company Reporter, the Debtor requests that the exclusivity deadline be extended so all claims be filed prior to Debtors being required to propose a Plan of Reorganization. In addition, Debtor requests the additional time to review claims to propose a Plan of Reorganization. The Debtor explains that its request for extension of the Exclusive Periods is reasonable given the Debtor's progress to date. Extending the Exclusive Periods will give the Debtors the opportunity to have the Debtor's Plan of Reorganization confirmed. The Debtor claims that it is not seeking this extension to delay the administration of the case or to pressure creditors to accept an unsatisfactory plan. To the contrary, the requested extension to the Exclusive Periods will permit the Debtor to move forward in an orderly, efficient and cost effective manner to maximize the value of the Debtor's assets. The Debtor does not believe that any creditors or parties in interest will be prejudiced by this extension. Katie Kahanovitz, LLC is represented by: Craig I. Kelley, Esq. Kelley Kaplan & Eller, PLLC 1665 Palm Beach Lakes Blvd., Suite 1000 West Palm Beach, FL 33401 Telephone: (561) 491-1200 Facsimile: (561) 684-3773 Email: bankruptcy@kelleylawoffice.com About Katie Kahanovitz, LLC Katie Kahanovitz, LLC, is a real estate firm specializing in property sales, rentals, and management services. Katie Kahanovitz, LLC, filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. 25-11992) on Feb. 26, 2025, listing $228,270 in assets and $2,090,833 in liabilities. The petition was signed by Katie Kahanovitz as manager. Judge Erik P Kimball presides over the case. Craig I. Kelley, at KELLEY KAPLAN & ELLER, PLLC, is the Debtor's counsel. KCI WELLNESS: Section 341(a) Meeting of Creditors on September 5 ---------------------------------------------------------------- On August 7, 2025, KCI Wellness Group 2 LLC 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 01:00 PM via Telephone conference. To attend, Dial 888-330-1716 and enter access code 6960876. About KCI Wellness Group 2 LLC KCI Wellness Group 2 LLC is a healthcare business based in Peachtree Corners, Georgia. KCI Wellness Group 2 LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga.Case No. 25-58963) on August 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000 each. The Debtor is represented by Walter Booth, Jr., Esq. at Jones & Booth, LLC. KIDDE-FENWAL INC: Amends Plan; Confirmation Hearing Jan. 21, 2026 ----------------------------------------------------------------- KFI Wind-Down Corp. f/k/a Kidde-Fenwal, Inc., submitted a Fourth Amended Disclosure Statement describing Fifth Amended Plan of Liquidation dated August 15, 2025. The Plan and this Disclosure Statement are being filed in accordance with the Plan Support Agreement, which was entered into on October 18, 2024 by and among the Debtor, Carrier, the Committee and the MDL PEC Co-Leads (together, such parties, the "Settling Parties"). As contemplated by the Plan Support Agreement, the Plan provides that pursuant to and subject to the terms and conditions of the Estate Claims Settlement Agreement, Carrier shall pay a $540 million guaranteed cash payment (the "Guaranteed Cash Payment"), split across five payments over five years, into and make the described contributions of insurance rights to the Primary AFFF Settlement Trust established pursuant to the Plan in exchange for: (i) the resolution, mutual waiver and full and final release of any and all Released Claims capable of being asserted against Carrier and certain other Released Parties by or on behalf of the Debtor or its Estate (the "Estate Claims Settlement") and (ii) a share of the proceeds from the sale of the Debtor's assets and the Remaining Estate Funds net of amounts to fund the Wind-Down Estate pursuant to the Plan. The Plan Support Agreement also provides for a separate settlement of certain direct claims against Carrier in the AFFF MDL by Carrier's payment of $190 million or more, which settlement will be subject to approval in the AFFF MDL. Approval of such settlement is not a condition to confirmation of the Plan in this Chapter 11 Case. Pursuant to the Plan Support Agreement and the Estate Claims Settlement, upon assignment of its insurance rights, Carrier will forego all general liability coverage currently available to itself and its subsidiaries for claims arising out of occurrences during the period of 2005 to 2013, regardless of whether such claims relate to AFFF. Carrier will also assign to the Primary AFFF Settlement Trust its rights to seek reimbursement from its insurance companies for payments made in settlement of AFFF claims, including, without limitation, Carrier's $540 million Guaranteed Cash Payment and its $190 million settlement of direct claims in the AFFF MDL, and Carrier will also forego its rights to seek recovery from the assigned insurance policies for any and all non-AFFF liabilities. After arm's-length negotiation, the Special Committee (on behalf of the Debtor) decided that it was in the best interests of the Debtor to include in the definition of "Estate Causes of Action" all claims against the Released Parties that are property of the Debtor or its Estate under currently applicable law, thereby increasing the amount of consideration that the Released Parties were willing to pay the Debtor for the settlement reflected in the Plan. The Estate Causes of Action for which the Debtors are receiving value under this settlement include claims that belong to or could be brought by the Debtor outside of chapter 11, and also certain claims or rights that belong to creditors outside of chapter 11 that the Debtor has the right to assert and settle on behalf of all creditors pursuant to Section 544(a) and Section 541 of the Bankruptcy Code. During the course of the Chapter 11 Case, the Special Committee and the Committee conducted investigations to identify the Debtor's potential claims against the Released Parties, including Carrier. Based on their respective investigations, the Special Committee identified various theories of liability, and the Committee filed a proposed complaint in the Chapter 11 Case seeking to assert claims, on the Debtor's behalf, against Carrier and various other Released Parties based on such theories of liability. The Debtor secured a $540 million cash settlement of Estate Causes of Action against Carrier Global, which will be used to fund certain Settlement Trusts on the terms set forth in the Plan. Additionally, the Debtor believes that there is coverage for AFFF Claims under historical insurance policies with policy limits in excess of $9 billion.2 To date, however, none of the insurers that issued these policies has agreed to provide coverage. The Debtor therefore initiated the Insurance Adversary Proceedings against certain insurers to establish coverage for AFFF Claims under the policies issued by those insurers. The Insurance Adversary Proceedings are currently stayed. Like in the prior iteration of the Plan, in full and final satisfaction, settlement, release and discharge of an Allowed General Unsecured Claim, each Holder of a General Unsecured Claim shall be entitled to receive its Pro Rata share of the GUC Liquidating Trust Allocation with all other Allowed Class 4 Claims. The sole recourse of any Holder of a General Unsecured Claim on account of its General Unsecured Claim shall be to the GUC Liquidating Trust. Claims in Class 4 are Impaired. No Holder of an Interest shall receive any Distributions on account of its Interest. On and after the Effective Date, all Interests in the Debtor shall be canceled and shall be of no further force and effect, whether surrendered for cancelation or otherwise. On the Effective Date, the Primary AFFF Settlement Trust shall be funded with the Settlement Trust Assets. From and after the Effective Date, the Primary AFFF Settlement Trust shall (i) in its capacity as disbursing agent, transfer the GUC Liquidating Trust Assets to the GUC Liquidating Trust, provided that, any residual value in the GUC Liquidating Trust Assets after satisfaction of all General Unsecured Claims in accordance with the Plan and Settlement Trust Documents shall be re-allocated to the AFFF Settlement Trust Assets and be subject to the terms of the Primary AFFF Settlement Trust Agreement; and (ii) make Distributions to the Sovereign State AFFF Settlement Trust to the extent and in accordance with the terms set forth in the Settlement Trust Documents. The Bankruptcy Court has scheduled the hearing to consider confirmation of the Plan to commence on January 21, 2026. Objections to Confirmation of the Plan must be filed with the Bankruptcy Court and served so as to be actually received on December 15, 2025. A full-text copy of the Fourth Amended Disclosure Statement dated August 15, 2025 is available at https://urlcurt.com/u?l=E1nm2n from Stretto, Inc., claims agent. Counsel to the Debtor: Andrew G. Dietderich, Esq. Brian D. Glueckstein, Esq. Justin J. DeCamp, Esq. Benjamin S. Beller, Esq. Julie G. Kapoor, Esq. Sullivan & Cromwell, LLP 125 Broad Street New York, NY 10004 Tel: (212) 558-4000 Fax: (212) 558-3588 E-mail: dietdericha@sullcrom.com gluecksteinb@sullcrom.com decampj@sullcrom.com bellerb@sullcrom.com kapoorj@sullcrom.com - and - Derek C. Abbott, Esq. Andrew R. Remming, Esq. Daniel B. Butz, Esq. Tamara K. Mann, Esq. Scott D. Jones, Esq. Morris, Nichols, Arsht & Tunnell, LLP 1201 Market Street, 16th Floor Wilmington, DE 19801 Telephone: (302) 658-9200 Facsimile: (302) 658-3989 Email: dabbott@morrisnichols.com aremming@morrisnichols.com dbutz@morrisnichols.com tmann@morrisnichols.com sjones@morrisnichols.com About Kidde-Fenwal Inc. Kidde-Fenwal Inc. -- https://www.kidde-fenwal.com/ -- manufactures fire protection systems. It offers products such as fire control systems, explosion aircraft protection, laser-based smoke detection devices, electronic gas ignitions, and fire suppressions. Kidde-Fenwal markets its products to mining, manufacturing, education, and commercial sectors. Kidde-Fenwal sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-10638) on May 14, 2023. In the petition filed by its chief transformation officer, James Mesterharm, the Debtor reported assets between $100 million and $500 million and estimated liabilities between$1 billion and $10 billion. The Debtor tapped Sullivan & Cromwell, LLP and Morris Nichols Arsht & Tunnell, LLP as legal counsels; and Guggenheim Securities, LLC as investment banker. Stretto, Inc. is the claims and noticing agent and administrative advisor. KIDDE-FENWAL INC: State Attys Say Plan Disclosures Inadequate ------------------------------------------------------------- Jeff Montgomery of Law360 reports that the attorneys representing seven states and Washington, D.C., urged a Delaware bankruptcy court to reject Kidde-Fenwal Inc.'s fifth amended Chapter 11 liquidation plan, arguing the firefighting foam maker failed to comply with court-ordered disclosure requirements. About Kidde-Fenwal Inc. Kidde-Fenwal Inc. -- https://www.kidde-fenwal.com/ -- manufactures fire protection systems. It offers products such as fire control systems, explosion aircraft protection, laser-based smoke detection devices, electronic gas ignitions, and fire suppressions. Kidde-Fenwal markets its products to mining, manufacturing, education, and commercial sectors. Kidde-Fenwal sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-10638) on May 14, 2023. In the petition filed by its chief transformation officer, James Mesterharm, the Debtor reported assets between $100 million and $500 million and estimated liabilities between$1 billion and $10 billion. The Debtor tapped Sullivan & Cromwell, LLP and Morris Nichols Arsht & Tunnell, LLP as legal counsels; and Guggenheim Securities, LLC as investment banker. Stretto, Inc. is the claims and noticing agent and administrative advisor. KIM ENGINEERING: Files Emergency Bid to Use Cash Collateral ----------------------------------------------------------- Kim Engineering, Inc. asked the U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division, for authority to use cash collateral to sustain its operations during the months of July and August 2025. The Debtor cites an urgent need to access approximately $573,361 in monthly operating income and other recovered funds (including $145,200 from PNC Bank, $19,201 in receivables, and over $160,000 from other sources) to meet essential business expenses. These expenses include vehicle and equipment loan payments, insurance premiums, employee wages, office rentals, and administrative costs, such as trustee fees and court-approved professional services. The Debtor's primary secured creditors are the Internal Revenue Service and the Comptroller of Maryland, holding over $11 million in tax liens. These liens are undersecured, given the Debtor's total assets of about $6.24 million. Additional creditors who have filed UCC-1 financing statements are considered unsecured due to the superior priority of federal and state tax liens. The Debtor proposed to provide adequate protection to the secured creditors through monthly cash payments of $15,000 and replacement liens on post-petition assets. A segregated reserve account of $6,500 per month is also proposed to cover court-approved professional fees. The Debtor argued that this arrangement will not harm secured creditors, as the continued operation of the business preserves the value of their collateral. About Kim Engineering Inc. Kim Engineering Inc. is a professional engineering services firm based in Laurel, Maryland. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-16453) on July 15, 2025. In its petition, the Debtor reports estimated assets between $1 million and $50 million and estimated liabilities between $10 million and $50 million. Judge Lori S. Simpson oversees the case. The Debtor is represented by Weon G. Kim, Esq., at Weon G. Kim Law Office. LAGUNA RESERVE: Seeks Chapter 11 Bankruptcy in New Jersey --------------------------------------------------------- On August 17, 2025, Laguna Reserve Apts Investor LLC filed Chapter 11 protection in the District of New Jersey. According to court filing, the Debtor reports between $100 million and $500 million in debt owed to 100 and 199 creditors. The petition states funds will be available to unsecured creditors. About Laguna Reserve Apts Investor LLC Laguna Reserve Apts Investor LLC acquires, manages, and operates residential apartment communities in the United States, focusing on multi-unit properties. It operates within the real estate investment and property management sector. Laguna Reserve Apts Investor LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-18643) on August 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Michael B. Kaplan handles the case. The Debtor is represented by Andrew Zatz, Esq., Samuel P. Hershey, Esq., Barrett Lingle, Esq., and Gregory F. Pesce, Esq. at WHITE & CASE LLP and Kenneth A. Rosen, Esq. at KEN ROSEN ADVISORS PC. LANDMARK RECOVERY: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Landmark Recovery of Colorado, LLC f/d/b/a Landmark Recovery of Colorado Springs f/d/b/a Landmark Recovery Suboxone Clinics f/d/b/a Praxis Suboxone Clinic by Landmark Recovery d/b/a Praxis of Colorado Springs by Landmark Recovery d/b/a Landmark Recovery d/b/a Landmark Recovery of Denver d/b/a Sheridan Grove Recovery 2000 S. Blackhawk Street Colorado Springs, CO 80917 Business Description: Landmark Recovery, LLC operates addiction treatment centers across multiple U.S. states, providing medical detox, residential, and outpatient rehabilitation services for substance use disorders. The Company's facilities, some branded under "Praxis by Landmark Recovery," offer individualized treatment plans incorporating therapy, medication-assisted treatment, and clinical support. Landmark Recovery's operations span locations in Arkansas, Colorado, Indiana, Kentucky, and Ohio, serving patients through evidence-based addiction care programs. Chapter 11 Petition Date: August 20, 2025 Court: United States Bankruptcy Court Middle District of Tennessee Case No.: 25-03452 Judge: Hon. Randal S. Mashburn Debtor's Counsel: Michael G. Abelow, Esq. SHERRARD ROE VOIGT & HARBISON, PLC 1600 West End Avenue Suite 1750 Nashville, TN 37203 Tel: (615) 742-4532 E-mail: mabelow@srvhlaw.com Total Assets: $7,375,347 Total Liabilities: $1,841,854 The petition was signed by Clifford Francis Boyle as chairman. 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/VILTFOI/Landmark_Recovery_of_Colorado__tnmbke-25-03452__0001.0.pdf?mcid=tGE4TAMA LASELL UNIVERSITY: S&P Affirms 'BB' Rating on 2021 Revenue Bonds ---------------------------------------------------------------- S&P Global Ratings affirmed its 'BB' issuer credit rating on Lasell University, Mass., and its long-term rating on Massachusetts Development Finance Agency's series 2021 refunding revenue bonds, issued for the university. The outlook is negative. S&P said, "The negative outlook reflects our opinion of Lasell's continued, though decreasing, use of elevated endowment draws to balance the university's operating budget and meet its debt covenants. Although Lasell has taken prudent cost-saving measures, diversified revenues, and monetized certain assets, we believe if operations or financial resources weaken, this could pressure the rating. "We analyzed Lasell's environmental, social, and governance credit factors pertaining to the university's market position, management and governance, and financial performance. We view Lasell's environmental, social, and governance risks as being neutral considerations in our credit rating analysis. "The negative outlook reflects our opinion of the continued reliance on extraordinary endowment draws for multiple years to support operations, which has destabilized financial resources, though we recognize there was improvement in cash and investments in fiscal 2024 and expected in fiscal 2025 due to certain asset sales. The outlook also reflects our view of a potential decrease in enrollment in fall 2025 following one year of growth and trend of pressured operations such that if management is unable to reduce expenses and special endowment spending this could pressure the rating. "We could consider lowering the rating during the outlook period if the university is unsuccessful in reducing the endowment draws in line with its financial plan or if financial resources decline from current levels. We would also view negatively material enrollment declines, resulting in widening full-accrual deficit. In addition, we could consider lowering the rating if Lasell were to issue additional debt without commensurate growth in financial resources, if future covenant calculations deteriorate to levels close to the covenant, or if there is breach of covenants that could result in acceleration of the university's debt. "We could revise the outlook to stable if Lasell continues to make progress on its financial plan such that operating results remains near breakeven while gradually eliminating the extraordinary endowment draws, and if the university sustains its balance-sheet ratios near current levels while remaining in compliance with its debt covenants. We would also view favorably continued stabilization in enrollment while Lasell maintained demand metrics." LEGACY DRAYAGE: Seeks Chapter 11 Bankruptcy in California --------------------------------------------------------- On August 20, 2025, Legacy Drayage Inc. filed Chapter 11 protection in the Central District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Legacy Drayage Inc. 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. Legacy Drayage Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-17226) on August 20, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Barry Russell handles the case. The Debtor is represented by Ron Bender, Esq. at LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. LIBERTY COMMUNICATIONS: S&P Downgrades ICR to 'CCC+', Outlook Neg. ------------------------------------------------------------------ S&P Global Ratings lowered all its ratings on cable and mobile service provider Liberty Communications of Puerto Rico LLC (LCPR) by two notches, including its issuer credit rating (ICR), which was lowered to 'CCC+' from 'B'. S&P no longer incorporate one notch of uplift to its ICR because we believe parent Liberty Latin America (LLA) will likely spin-off LCPR. S&P said, "The negative outlook reflects the potential for another downgrade if we believe a default or distressed exchange is likely within the next 12 months." Cable and mobile service provider Liberty Communications of Puerto Rico LLC's (LCPR) debt remains elevated, with S&P Global Ratings-adjusted leverage of about 9x as of June 30, 2025. S&P believes the company's ability to reduce its leverage to more sustainable levels is limited given the current operating environment. S&P said, "We believe LCPR is dependent on favorable business, financial, and economic conditions to meet its financial obligations over the long term. The company hired Moelis and Ropes & Gray to address its capital structure. We're uncertain whether this effort will result in a restructuring or a sale of assets to address its upcoming debt maturities in 2027 and 2029. However, we believe the capital structure is unsustainable without a reversal of operating trends and financial performance. "Our base-case forecast assumes LCPR's credit metrics will remain weak on limited earnings growth. We revised our EBITDA growth forecast for 2025 downward to 17% year-over-year from 30%. Lower expenses related to the mobile migration are partially offset by continued declines in mobile service revenue due to the negative impact of the mobile migration, the expiration of the Emergency Connectivity Fund (ECF), and heightened competition from T-Mobile and Claro. This results in leverage remaining elevated, in the mid-8x area, in 2025. In 2026, we believe EBITDA growth will be limited as cost reductions are offset by continued headwinds in mobile due to intense competition from T-Mobile and Claro, keeping leverage elevated at above 8x. "We expect LCPR's liquidity will remain tight over the next 12-months. The company ended the quarter with $22 million of unrestricted cash on the balance sheet. LCPR's $172.5 million revolver due 2027 was drawn by about $57 million on June 30, 2025. However, we view access as limited because the company must be below the one-third drawdown mark on its revolver ($57.5 million) at the end of every quarter to prevent it from breaching its senior secured maximum net leverage maintenance covenant. "In 2025, we believe the company can generate $20 million-$30 million of free operating cash flow (FOCF) due to a reduction in one-time expenses associated with its mobile migration, lower bad debt expenses, and lower capex of about $130 million-$140 million. However, LCPR could still need to turn to external financing to partially fund its $72 million installment payment to EchoStar in September 2025 to avoid drawing on its revolving credit facility. The installment is the second of four annual payments on spectrum and subscriber assets in Puerto Rico that was acquired from EchoStar in 2024 for $256 million. "We believe LCPR can grow its residential broadband services revenue by 2%-3% in 2025. That said, we expect any growth will be driven by higher average revenue per user (ARPU), partially offset by subscriber losses of 15,000-20,000 due to increasing competition from Claro's fiber to the home (FTTH) offering. In 2026, we expect the company to grow residential broadband services revenue by 2%-3% as a 4%-5% increase in ARPU offsets roughly 10,000 subscriber losses. The company's competitive position in broadband has been less affected by fixed wireless access than stateside peers over the past three years, which we believe is due to its relatively low ARPU and quadruple-play offering (limiting customer churn). "We revised LCPR's status within the group to nonstrategic from moderately strategic. We believe LCPR could be spun-off given LLA's recent announcement that it will separate itself from LCPR by the first half of 2026. We believe that the spin-off of LCPR would likely result in a capital return to shareholders in the form of a recurring dividend and/or share repurchases. "The negative outlook reflects the potential for another downgrade if we believe a default or distressed exchange is likely within the next 12 months. "We could lower the rating if we believe the company will face a near-term liquidity shortfall or engage in a distressed exchange within the next 12 months. We could also lower the rating if LCPR violates its leverage coverage covenant and it cannot be cured. "We could revise the outlook to stable if the company is able to extend the maturity profile of its debt maturities in a manner that makes existing lenders whole, in our view. Although unlikely over the next year, we could raise our rating on LCPR if the company is able to stabilize or even reverse operating trends such that it can reduce leverage to below 7x with positive FOCF and a credible forward-looking deleveraging path that provides more cushion to absorb adverse business, financial, and economic conditions." MALIZUP LLC: Frances Smith Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 6 appointed Frances Smith, Esq., at Ross, Smith & Binford, PC, as Subchapter V trustee for Malizup, LLC. Ms. Smith will be paid an hourly fee of $475 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Smith declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Frances A. Smith, Esq. Ross, Smith & Binford, PC 700 N. Pearl Street, Ste. 1610 Dallas, TX 75201 Phone: 214-593-4976 Fax: 214-377-9409 Email: frances.smith@rsbfirm.com About Malizup LLC Malizup, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-42948) on August 7, 2025, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Mark X. Mullin presides over the case. Robert Thomas DeMarco, Esq., represents the Debtor as legal counsel. MALIZUP LLC: Section 341(a) Meeting of Creditors on September 12 ---------------------------------------------------------------- On August 7, 2025, Malizup 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. A meeting of creditors under Section 341(a) to be held on September 12, 2025 at 09:30 AM by TELEPHONE. About Malizup LLC Malizup LLC, operating as Otani Steakhouse, a restaurant business in the food service industry. Malizup LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42948) on August 7, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Mark X. Mullin the case. The Debtor is represented by Robert Thomas DeMarco, Esq. at DeMarco Mitchell, PLLC. MALLINCKRODT PLC: Covidien Loses Bid to Dismiss Spin-off Suit Claim ------------------------------------------------------------------- James Nani of Bloomberg Law reports that a Delaware bankruptcy judge has ruled that Medtronic plc subsidiary Covidien must face most claims in a lawsuit accusing it of reaping billions from the 2013 spin-off of opioid maker Mallinckrodt Plc. Judge Brendan Linehan Shannon held Wednesday, August 20, 2025, that the Chapter 11 trust established for Mallinckrodt's creditors may pursue billions in claims originally filed in 2022, alleging Covidien fraudulently shifted all potential opioid liabilities onto Mallinckrodt while retaining the profits of the separation. About Mallinckrodt PLC Mallinckrodt (OTCMKTS: MNKTQ) -- http://www.mallinckrodt.com/-- is a global business consisting of multiple wholly-owned subsidiaries that develop, manufacture, market and distribute specialty pharmaceutical products and therapies. The Company's Specialty Brands reportable segment's areas of focus include autoimmune and rare diseases in specialty areas like neurology, rheumatology, nephrology, pulmonology and ophthalmology; immunotherapy and neonatal respiratory critical care therapies; analgesics; and gastrointestinal products. Its Specialty Generics reportable segment includes specialty generic drugs and active pharmaceutical ingredients. On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates sought Chapter 11 protection in Delaware (Bankr. D. Del. Lead Case No. 20-12522) to seek approval of a restructuring that would reduce total debt by $1.3 billion and resolve opioid-related claims against them. Mallinckrodt in mid-June 2022 successfully completed its reorganization process, emerged from Chapter 11 and completed the Irish Examinership proceedings. Mallinckrodt Plc said in a regulatory filing in early June 2023 that it was considering a second bankruptcy filing and other options after its lenders raised concerns over an upcoming $200 million payment related to opioid-related litigation. Mallinckrodt plc and certain of its affiliates again sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 23-11258) on Aug. 28, 2023. Mallinckrodt disclosed $5,106,900,000 in assets and $3,512,000,000 in liabilities as of June 30, 2023. Judge John T. Dorsey oversees the new cases. In the prior Chapter 11 cases, the Debtors tapped Latham & Watkins, LLP and Richards, Layton & Finger, P.A. as their bankruptcy counsel; Arthur Cox and Wachtell, Lipton, Rosen & Katz as corporate and finance counsel; Ropes & Gray, LLP as litigation counsel; Torys, LLP as CCAA counsel; Guggenheim Securities, LLC as investment banker; and AlixPartners, LLP, as restructuring advisor. In the new Chapter 11 cases, the Debtors tapped Latham & Watkins, LLP and Richards, Layton & Finger, P.A., as their bankruptcy counsel; Arthur Cox and Wachtell, Lipton, Rosen & Katz as corporate and finance counsel; Guggenheim Securities, LLC as investment banker; and AlixPartners, LLP, as restructuring advisor. Kroll is the claims agent. MAPLE LEAF PUB: Seeks Subchapter V Bankruptcy in Texas ------------------------------------------------------ On August 12, 2025, The Maple Leaf Pub LLC filed Chapter 11 protection in the Southern 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 The Maple Leaf Pub LLC The Maple Leaf Pub LLC operates a food and beverage establishment in Houston's Midtown area. The Maple Leaf Pub LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34679) on August 12, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Jeffrey P. Norman handles the case. MARFA CABINETS: Files Emergency Bid to Use Cash Collateral ---------------------------------------------------------- Marfa Cabinets LLC asked the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, for authority to use cash collateral and provide adequate protection. The Debtor operates a custom cabinet manufacturing business in Des Plaines, Illinois, and needs access to its cash collateral to continue operations, pay employees, and cover essential business expenses such as rent, materials, and insurance. Its assets include cash, accounts receivable, inventory, equipment, office furniture, showroom displays, and other general intangibles, collectively valued at approximately $733,504. The Debtor identifies seven primary creditors -- Millennium Bank, National Funding, Syndicate Group, Knightsbridge Funding, Seamless Funding, Eminent Funding, and Liberty Funding -- that may assert secured claims against its assets based on various loan agreements and UCC financing statements filed with the Illinois Secretary of State. Millennium Bank is the largest creditor, asserting security interests based on two promissory notes totaling over $3.8 million, with a current outstanding balance of approximately $1.5 million. Other creditors claim interests based on merchant agreements and sales of future receivables, with outstanding balances ranging from approximately $80,000 to over $524,000. Some of these security interests may be disputed by the Debtor such as the UCC filing related to a previously paid loan from Syndicate Group. To protect the interests of its secured creditors during the use of cash collateral, the Debtor proposed to grant them adequate protection through valid and perfected replacement liens on post-petition assets of the same type or kind as the pre-petition collateral, excluding avoidance actions. The Debtor also commits to maintaining insurance on the collateral. A court hearing is scheduled for August 27. About Marfa Cabinets LLC Marfa Cabinets LLC, formerly Marfa Cabinets, Inc., is a Chicago-based manufacturer of high-end kitchen cabinets and bathroom vanities that combines modern and traditional design elements to produce custom residential cabinetry. The Company operates a manufacturing facility in Illinois where an in-house team of designers and craftsmen produce cabinets and vanities using European-sourced materials from Italy and Spain and equipment imported from Europe. Marfa Cabinets operates in the household furniture and kitchen cabinet manufacturing sector, supplying custom, made-in-USA cabinetry for premium residential projects. Marfa Cabinets LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-12238) on August 11, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. The Debtor is represented by Gregory K. Stern, Esq., at Gregory K. Stern, P.C. MARQUIE GROUP: Updates on Year-End Audit, New Website Launch ------------------------------------------------------------ The Marquie Group, Inc. (OTCID:TMGI) said its year-end audit and preparation of its Annual Report on Form 10-K are underway. The Company expects to file the Form 10-K within the required timeframe, although it anticipates utilizing the permitted extension period. Marc Angell, current Chief Executive Officer, stated, "We are continuing to work with our existing vendors during the audit process, and I am pleased with the progress and relationships that remain in place." The Company also announced the launch of its new corporate website at www.tmgiusa.com. Ryan O'Leary, incoming Chief Executive Officer (upon closing of the announced change in control transaction), commented, "The website will continue to expand over time with additional content, and it will be a central resource for updates we need to share with shareholders and the public." 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. MARTINES PALMEIRO: Asks to Extend Plan Exclusivity to Nov. 17, 2025 ------------------------------------------------------------------- Martines Palmeiro Construction, LLC, asked the U.S. Bankruptcy Court for the District of Colorado to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to November 17, 2025 and January 16, 2026, respectively. The Debtor is operating its business as a debtor-in-possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code. The bankruptcy court's decision as to whether to grant an extension of a chapter 11 debtor's exclusivity requires a careful balancing of competing factors. Not all these factors are relevant in every case, and a determination by the court that any number of these factors exist may justify extending the debtor's exclusive periods. The Debtor satisfies most if not all of these requirements, and thus ample cause exists for this Court to extend the Exclusive Filing Period and Solicitation Period for a period of 90 days, including: * The Debtor's case is large and complex with more than 200 creditors. Their progress towards a plan of liquidation is proceeding at a pace consistent with the size of the case and the complex and difficult issues confronting the Debtor, particularly in light of the need to replace counsel; * The Debtor's prior proposed counsel was required to withdraw from the case, and thus Debtor has devoted substantial time and resources to interviewing and locating new counsel to finalize and file a plan of liquidation. The undersigned counsel entered its appearance of behalf of the Debtor and filed its application to employ on August 13, 2025 and is now prepared to move this case toward plan proposal and confirmation as expeditiously as possible; * The Debtor has successfully negotiated and finalized settlements with numerous creditors reducing the number and complexity of disputed claims. In addition, Debtor is currently engaged in active constructive settlement discussions with other creditors with the goal of maximizing value for the estate; * The Debtor has been working in good faith towards the development of a plan of liquidation and an extension of time will further all these efforts; * An extension of the exclusivity period is not requested as a means of pressuring our causing prejudice to any party in interest, but rather will afford the Debtor a reasonable opportunity to continue to negotiate with creditors in order to propose and achieve a confirmable chapter 11 plan. Martines Palmeiro Construction LLC is represented by: Keri L. Riley, Esq. KUTNER BRINEN DICKEY RILEY, P.C. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Telephone: 303-832-2400 Email: klr@kutnerlaw.com About Martines Palmeiro Construction Martines Palmeiro Construction LLC is a Denver-based general contractor specializing in high-density residential, senior living, and retail commercial projects across Colorado and Texas. Founded in 2011, the firm offers services including general contracting, construction management, and design-build solutions. Martines Palmeiro Construction LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-12313) on April 21, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. The Debtor is represented by Jeffrey A. Weinman, Esq. at Allen Vellone Wolf Helfrich & Factor, PC. MARTINI FITNESS: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: Martini Fitness, Corp. 333 Tosca Drive Stoughton, Massachusetts 02072 Business Description: Martini Fitness, Corp. operates a comprehensive fitness facility at 333 Tosca Drive in Stoughton, Massachusetts, offering indoor pickleball courts, a full- service gym, a women-only gym, an indoor pool, track, and wellness amenities. Chapter 11 Petition Date: August 19, 2025 Court: United States Bankruptcy Court District of Massachusetts Case No.: 25-11714 Judge: Hon. Christopher J. Panos Debtor's Counsel: James P. Ehrhard, Esq. JAMES P. EHRHARD, ESQ. 27 Mechanic Street Worcester, MA 01608 Tel: 508-791-8411 Email: ehrhard@ehrhardlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Thomas Martini, Jr., as manager. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/L2JAZQA/Martini_Fitness_Corp__mabke-25-11714__0001.0.pdf?mcid=tGE4TAMA MEDICAL DEPOT: S&P Lowers ICR to 'CCC' on Upcoming Debt Maturities ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on U.S.-based Medical Depot Holdings Inc. to 'CCC' and its issue-level rating on its first-lien term loan to 'CCC-' from 'CCC'. The negative outlook reflects the significant risk of a distressed exchange or default within the next 12 months. The downgrade reflects Medical Depot's heightened refinancing risk. The company's first-lien term loans and super-priority term loan comprise most of its capital structure and mature June 2026. S&P is uncertain whether the company will be able to refinance this debt based on its elevated leverage and weak cash flow generation. Therefore, absent a maturity extension, Medical Depot may not meet its debt obligations over the next 12 months. S&P said, "Additionally, we believe the company could consider a distressed exchange and/or restructuring similar to the transaction it completed in 2021. We would view any type of distressed exchange or restructuring whereby the lenders receive less than the face value of the original obligation or are otherwise disadvantaged as a selective default. "We revised our liquidity assessment to weak due to the debt becoming current. The $720 million of debt maturing this year burdens Medical Depot's liquidity, which we expect to be less than 1x its uses over the next 12 months. Our assessment includes the company's cash balance of about $52 million as of June 30, 2025, as well as our expectation for limited cash flow generation over the next 12 months. Our analysis excludes the $12 million available under the company's receivables securitization facility because it is due within 12 months. Despite our revised assessment, we expect Medical Depot will have sufficient cash to meet its scheduled principal and cash interest payment obligations until its debt matures in June 2026. "Medical Depot's leverage remains high and FOCF generation is limited. However, operating performance is generally in line with our projections. We expect low-single-digit percent revenue growth due to stable demand for North American durable medical equipment (DME) and respiratory products. We expect S&P Global Ratings-adjusted EBITDA margins will decrease 100-200 basis points (bps) in 2025 as higher freight rates and greater sales of lower-margin respiratory products impacted profitability in the first half of the year. "We expect the company will generate S&P Global Ratings-adjusted free operating cash flow (FOCF) of about $30 million in 2025, versus break-even in 2024. However, our projected cash flows are somewhat overstated due to the PIK payments. We expect leverage will remain above 10x in 2025 as EBITDA growth is mostly offset by its rising debt balance owing to the PIK portions of its interest obligations." The negative outlook reflects the significant risk of a distressed exchange or default within the next 12 months. S&P said, "We could lower the rating if we believe if we believe a default or distressed exchange is likely within the next six months. "We could lower the rating by more than one notch if Medical Depot initiates or voices its intention to execute a debt exchange or other restructuring transaction that we view as distressed. "We could raise our rating on Medical Depot if it successfully refinances its near-term debt maturities in a manner that we view as consistent with their original terms. We would also expect the company's liquidity position to improve such that it would be sufficient to cover its fixed charges over the next 12 months." MEMPHIS MADE: Seeks Cash Collateral Access ------------------------------------------ Memphis Made Brewing, LLC asked the U.S. Bankruptcy Court for the Western District of Tennesee, Western Division, for authority to use cash collateral and provide adequate protection. The Debtor's primary secured lender is Guaranty Bank and Trust Company, which holds a security interest in substantially all of the Debtor's assets, including accounts receivable, inventory, and cash, through a UCC-1 financing statement filed in March 2018. The Debtor owes Guaranty Bank approximately $1,191,439 across three loans. The estimated value of the bank's collateral is $1,394,227, leaving a modest equity cushion. The Debtor proposed to protect Guaranty Bank's interests by making interest-only payments during the case and operating within a proposed budget. The Debtor said that the continued use of cash collateral is essential to meet payroll, pay vendors, maintain equipment, and support ongoing operations at its brewery and taproom. A business shutdown—even temporarily—would be devastating to employees, customers, and creditors, and would likely lead to liquidation rather than reorganization. A court hearing is set for September 17. About Memphis Made Brewing Company Memphis Made Brewing Company, LLC operates a small-batch craft brewery and taproom in downtown Memphis, Tennessee. It produces a variety of beers that are distributed locally to restaurants, bars, and retail establishments across the Memphis area. Memphis Made Brewing Company sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-23931) on August 7, 2025, with $1 million to $10 million in assets and liabilities. Andrew Ashby, vice president, signed the petition. Judge M Ruthie Hagan presides over the case. Toni Campbell Parker, Esq., at the Law Firm of Toni Campbell Parker represents the Debtor as bankruptcy counsel. Guaranty Bank and Trust Company, as lender, is represented by: R. Lee Webber, Esq. Martin, Tate, Morrow & Marston, PC 6410 Poplar Avenue, Suite 900 Memphis, TN 38119 Phone: (901) 522-9000 Fax: (901) 527-3746 lwebber@martintate.com MG LOGISTICS: Gets Interim OK to Use Cash Collateral Until Sept. 3 ------------------------------------------------------------------ MG Logistics Incorporated received interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The interim order authorized the Debtor to use the cash collateral of its secured lenders through September 3 for the disbursements set forth in the budget. The lenders are Bank Midwest, Daimler Truck Financial Services USA, LLC, M&T Equipment Finance Corporation, Old Second Bank, PNC Bank N.A., Stoughton Trailer Acceptance Corporation, and Volvo Financial Services. As adequate protection for the Debtor's use of their cash collateral, lenders will be granted a security interest in and lien on all assets of the Debtor, including assets acquired by the Debtor after its Chapter 11 filing, with the same priority as the lenders' pre-bankruptcy lien. These replacement liens do not apply to any causes of action under the Bankruptcy Code and are subject only to (i) any lien on the Debtor's assets that the court may approve in the future as being senior to a lender's lien; (ii) valid, perfected, and enforceable pre-bankruptcy liens, which are senior to the lenders' respective liens or security interests as of the petition date; (iii) the payment of the U.S. trustee's fees; and (iv) the amount of the Debtor's professionals' fees and disbursements accrued as of the date of the termination of the Debtor's use of cash collateral. As further protection, the Debtor will make the following payments to lenders: (i) A monthly payment of $18,000 to Bank Midwest for each of August, September and October. (ii) A monthly payment of $93,000 to Daimler Truck Financial Services for August with further adequate protection payments, if any, to be set in the next order. (iii) A monthly payment of $21,000 to Volvo Financial Services for each of August, September and October. (iv) $37,500 in adequate protection payments to Stoughton Trailer Acceptance Corporation by August 20 and 30, September 15 and October 15. The next hearing is set for September 2. The deadline for filing objections is on August 25. The Debtor is a licensed motor carrier that owns and leases approximately 171 trucks and 201 trailers to an affiliated non-debtor operating entity, Max Freight, which is the source of its revenue. The cash collateral in question is tied to the interests of the secured lenders, which financed the acquisition of these vehicles, with total claims amounting to approximately $22.4 million and estimated collateral value of $14.9 million. The Debtor has worked to negotiate agreements with the secured lenders and has reached consensual arrangements with three of the seven lenders, with discussions ongoing with the others. These lenders are Old Second Bank, M&T Equipment Finance, and Stoughton Trailer Acceptance Corporation. A copy of the interim order is available at https://is.gd/bxvgkG from PacerMonitor.com. Bank Midwest is represented by: Benjamin J. Court, Esq. Stinson LLP 50 South Sixth Street, Suite 2600 Minneapolis, MN 55402 Phone: 612-335-1500 Fax: 612-335-1657 benjamin.court@stinson.com Daimler is represented by: Elisabeth M. Von Eitzen, Esq. Warner Norcross + Judd, LLP 180 Water Street, Suite 7000 Kalamazoo, MI 49007 Phone: (269) 276-8118 evoneitzen@wnj.com M&T is represented by: Kenneth D. Peters, Esq. Dressler Peters, LLC 101 W. Grand Ave., Suite 404 Chicago, IL 60654 Phone: 312-602-7360 Fax: 312-637-9378 kpeters@dresslerpeters.com PNC Bank is represented by: C. Randall Woolley, Esq. Darcy & Devassy PC 444 N. Michigan Ave, Suite 3270 Chicago, IL 60611 Phone: (312) 784-2400 rwoolley@darcydevassy.com Stoughton is represented by: Justin M. Mertz, Esq. Michael Best & Friedrich LLP 790 N. Water Street, Suite 2500 Milwaukee, WI 53202 414.271.6560 (general) 414.225.4972 (direct) jmmertz@michaelbest.com Volvo Financial Services is represented by: W. Kent Carter, Esq. Gordon Rees Scully Mansukhani, LLP One North Wacker, Suite 1600 Chicago, IL 60606 Phone: 312.619.4900 kentcarter@grsm.com About MG Logistics Incorporated MG Logistics Incorporated provides freight transportation services across the U.S. The Company operates from Huntley, Illinois, and is authorized for interstate trucking. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10269) on July 4, 2025. In the petition signed by Vassil Bayraktarov, authorized representative of the Debtor, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Donald R. Cassling oversees the case. Jeffrey C. Dan, Esq., at Goldstein & McClintock, LLLP, represents the Debtor as legal counsel. MODIVCARE INC: Case Summary & 30 Largest Unsecured Creditors ------------------------------------------------------------ Lead Debtor: ModivCare Inc. The Providence Service Corporation 6900 E. Layton Avenue, Suite 1100 & 1200 Denver Colorado 80237 Business Description: ModivCare Inc. is a technology-enabled healthcare services company providing non- emergency medical transportation (NEMT), personal care services (PCS), and remote patient monitoring (RPM) across the United States. Founded in 1996 as The Providence Services Corporation, Modivcare operates corporate programs including virtual care and community-based monitoring, and holds interests in a national network of community-based clinicians delivering in- home and on-site care. Serving millions of members annually in 48 states and the District of Columbia, ModivCare employs approximately 23,675 staff and coordinates services that support healthcare access, preventive care, and independent living for seniors and vulnerable populations. Chapter 11 Petition Date: August 20, 2025 Court: United States Bankruptcy Court Southern District of Texas Seventy-one affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- ModivCare Inc. (Lead Case) 25-90309 A.E. Medical Alert, Inc. 25-90308 A & B Homecare Solutions, L.L.C. 25-90310 ABC Homecare LLC 25-90311 All Metro Aids Inc. 25-90312 All Metro Associate Payroll Services Corporation 25-90313 All Metro CGA Payroll Services Corporation 25-90314 All Metro Field Service Workers Payroll Services Corporation 25-90315 All Metro Health Care Services, Inc. 25-90316 All Metro Home Care Services of Florida, Inc. 25-90317 All Metro Home Care Services of New Jersey, Inc. 25-90318 All Metro Home Care Services of New York, Inc. 25-90319 All Metro Home Care Services, Inc. 25-90320 All Metro Management and Payroll Services Corp 25-90321 All Metro Payroll Services Corporation 25-90322 AM Holdco, Inc. 25-90323 AM Intermediate Holdco, Inc. 25-90324 Arsens Home Care, Inc. 25-90325 ARU Hospice Inc. 25-90326 Associated Home Services, Inc. 25-90327 At-Home Quality Care, LLC 25-90328 Auditory Response Systems, Inc. 25-90329 Barney's Medical Alert-ERS, Inc. 25-90330 California MedTrans Network IPA LLC 25-90331 California MedTrans Network MSO LLC 25-90332 Care Finders Total Care LLC 25-90333 CareGivers Alliance, LLC 25-90334 CareGivers America Home Health Services, LLC 25-90335 CareGivers America Medical Staffing, LLC 25-90336 CareGivers America Medical Supply, LLC 25-90337 CareGivers America Registry, LLC 25-90338 Caregivers America, LLC 25-90339 Caregivers On Call, Inc. 25-90340 CGA Holdco, Inc. 25-90341 CGA Staffing Services, LLC 25-90342 Circulation, Inc. 25-90343 Florida MedTrans Network LLC 25-90344 Florida MedTrans Network MSO LLC 25-90345 Guardian Medical Monitoring, LLC 25-90346 Health Trans, Inc. 25-90347 Healthcom Holdings LLC 25-90348 Healthcom, Inc. 25-90349 Helping Hand Home Health Care Agency Inc 25-90350 Helping Hand Hospice, Inc. 25-90351 Higi Care Holdings, LLC 25-90352 Higi Care, LLC 25-90353 Higi SH Holdings Inc. 25-90354 Higi SH LLC 25-90355 Independence Healthcare Corporation 25-90356 Metropolitan Medical Transportation IPA, LLC 25-90357 MLA Sales, LLC 25-90358 ModivCare Solutions, LLC 25-90359 Multicultural Home Care Inc. 25-90360 National MedTrans, LLC 25-90361 Provado Technologies, LLC 25-90362 New England Emergency Response Systems, Inc. 25-90363 Red Top Transportation, Inc. 25-90364 OEP AM, Inc. 25-90365 Panhandle Support Services, Inc. 25-90366 Ride Plus, LLC 25-90367 Personal In-Home Services, Inc. 25-90368 Safe Living Technologies, LLC 25-90369 Secura Home Health Holdings, Inc. 25-90370 Philadelphia Home Care Agency, Inc. 25-90371 Secura Home Health, LLC 25-90372 Socrates Health Holdings, LLC 25-90373 TriMed, LLC 25-90374 Union Home Care LLC 25-90375 Valued Relationships, Inc. 25-90376 Victory Health Holdings, LLC 25-90377 VRI Intermediate Holdings, LLC 25-90378 Judge: Hon. Alfredo R Perez Debtors' Counsel: Timothy A. ("Tad") Davidson II, Esq. Catherine A. Rankin, Esq. Brandon Bell, Esq. HUNTON ANDREWS KURTH LLP 600 Travis Street, Suite 4200 Houston, TX 77002 Tel: (713) 220-4200 Email: taddavidson@hunton.com catherinerankin@hunton.com bbell@hunton.com AND Ray C. Schrock, Esq. Keith A. Simon, Esq. George Klidonas, Esq. Jonathan J. Weichselbaum, Esq. LATHAM & WATKINS LLP 1271 Avenue of the Americas New York, NY 10020 Tel: (212) 906-1200 Email: ray.schrock@lw.com keith.simon@lw.com george.klidonas@lw.com jon.weichselbaum@lw.com Debtors' Transformation Consultant: FTI CONSULTING, INC. Debtors' Investment Banker: MOELIS & COMPANY LLC Debtors' Claims, Noticing & Solicitation Agent: VERITA GLOBAL (previously KURTZMAN CARSON CONSULTANTS, LLC) Estimated Assets (on a consolidated basis): $1 billion to $10 billion Estimated Liabilities (on a consolidated basis): $1 billion to $10 billion The petitions were signed by Chad J. Shandler as chief transformation officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GZETNKI/ModivCare_Inc__txsbke-25-90309__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. WSFS Bank Debt $228,091,747 Kevin Mcgarvey 500 Delaware Avenue Wilmington, DE 19801 Phone: 610-800-4847 Email: kmcgarvey@wsfsbank.com 2. LYFT Healthcare Inc Trade Vendor $21,654,688 Jenny Clemmens 185 Berry Street, Suite 5000 San Francisco, CA 94107 Phone: 347-880-2659 Email: jclemmens@lyft.com 3. Uber Health LLC Trade Vendor $8,599,689 Customer Support 1725 Third Street San Francisco, CA 94158 Email: business-support@uber.com 4. Humana Inc. Contract Claim $5,353,848 500 W Main St Louisville, KY 40202 Phone: 502-580-1000 Email: Bankruptcy@Humana.Com 5. Amazon Web Services, Inc Trade Vendor $4,975,310 AWS Inc. PO Box 84023 Seattle, Wa 98124-8423 Email: aws-receivables-support@email.amazon.com 6. Cheiis Transport LLC Trade Vendor $2,052,413 Lorren Cooke 567F Sweetwater Rd Fort Wingate, NM 87316 Lorren Cooke Phone: 505-870-8383 Email: cheisstransport@yahoo.com 7. Sunshine State Health Plan Inc. Contract Claim $1,886,543 John Prater Centene Legal Dept. 7700 Forsyth Boulevard Clayton, Mo 63105 Phone: 954-839-1579 Email: jprater@sunshinehealth.com 8. Randstad North America LP Trade Vendor $1,378,658 Saikiran Nalla PO Box 847872 Dallas, TX 75284-7872 Email: saikiran.nalla@randstadusa.com 9. Softserve Inc. Trade Vendor $934,824 Invoicing Department 12800 University Dr Ste 410 Fort Myers, Fl 33907-5336 Invoicing Department Email: invoice@softserveinc.com 10. Basin Innovation Group LLC Trade Vendor $571,264 Billing Department Po Box 669437 Dallas, TX 75266 Phone: 801-781-6117 Email: billing.phs@becklar.com 11. Morris And Company Trade Vendor $553,194 Drew Kenny 3636 Birch Street Ste 210 Newport Beach, CA 92660 Phone: 714-369-3739 Email: dkenny@thinkllp.com 12. United Healthcare Services Inc Trade Vendor $447,498 Archana Shah Po Box 860511 Minneapolis, MN 55486-0511 Phone: 763-361-1163 Email: archana.shah@uhc.com 13. Hospital To Home LLC Trade Vendor $445,390 Finance Department 2812 Emerywood Pkwy Ste 105 Henrico, VA 23294-3728 Phone: 804-718-1006 Email: finance@hospitaltohomellc.com 14. Reyno Car Service Inc Trade Vendor $424,875 Radhames Mejia 609 W 175th St New York, NY 10033 Phone: 212-923-6800 Email: radhames@reynocarservice.com 15. Life Tech Inc Trade Vendor $401,625 Dov Brafman 70 S Orange Ave Ste 220 Livingston, NJ 07039 Phone: 551-225-0080 Email: info@liferide.com 16. CDW Direct Trade Vendor $319,368 Billing Department P.O. Box 75723 Chicago, IL 60675-5723 Phone: 866-782-4239 Email: achremittance@cdw.com 17. Elite Home Care LLC Trade Vendor $305,835 Elite Home Care & Day Centers Po Box 1181 Spartanburg, SC 29304 Elite Home Care & Day Centers Phone: 864-869-8730 Email: transportation@elitehomecaresc.com 18. Galaxy Ambulance LLC Trade Vendor $291,357 Evrikh Ashurov 110 Main St South Amboy, NJ 08879 Phone: 732-313-7548 Email: galaxyambulance@gmail.com 19. Metro One Ambulance Inc Trade Vendor $274,377 Metro One Ambulance 900 Riverhill Cir Columbia, Sc 29210-7975 Phone: 719-359-8550 Email: info@metrolems.com 20. AM PM Medical Transportation Trade Vendor $243,108 Company Inc Rose Oganesyan 7005 N Milburn Ave Suite #102 Fresno, CA 93722 Phone: 559-500-8880 Email: ampm.mtc@gmail.com 21. Skori Inc Trade Vendor $235,465 Ruben Balayan 2819 Burton Ave, Burbank CA 91504 & 11100 Sheldon St, Sun Valley Ca 91352 Phone: 800-880-0556 Email: rbalayan@wcambulance.com 22. 1800medivan Inc Trade Vendor $232,099 Yuri Hambardzumyan 15159 Palmdale Rd Victorville, CA 9239 Phone: 747-200-0001 Email: yuri@1800medivan.com 23. Active SC One Inc Trade Vendor $230,192 Active Day 6 Neshaminy Interplex Ste 401 Trevose, PA 19053 Phone: 215-642-6600 Fax: 215-642-6610 24. Homecare Software Solutions LLC Trade Vendor $224,623 Billing Department Po Box 780772 Philadelphia, PA 19178-0772 Email: billingadj@hhaexchange.com 25. PNP Group LLC Trade Vendor $207,370 Philip Paragas 625 Central Ave Newark, NJ 07107 Phone: 973-230-9000 Email: pparagas@philipsambulance.com 26. Berhanu Alaze Trade Vendor $172,999 1107 Warm Springs Dr Pflugerville, TX 78660 Phone: 404-566-0966 Email: info@bestneighbortransport.com 27. Broadridge ICS Trade Vendor $172,421 Matrix Trust Company Matrix Settlement & Clearance Services, LLC Po Box 416423 Boston, MA 02241-6423 Email: matrixinvoiceservicing@broadridge.com 28. KDK Transport Company Trade Vendor $167,990 Eddie Kiser 13066 River Ln Coeburn, VA 24230-5742 Phone: 276-337-1823 Email: kdktransport2@yahoo.com 29. Ride Source Inc Trade Vendor $166,627 Sam Small PO Box 730 Norway, ME 4268 Phone: 207-890-6715 Email: samsmall@westernmainrentals.com 30. Tricare At Inspira LLC Trade Vendor $165,854 Anthony Maneri 825 Noahs Rd Pleasantville, NJ 08232-4227 Phone: 609-646-1002 Email: anthony.maneri@tricarenj.com MODIVCARE INC: Seeks $100MM DIP Loan From Wilmington ---------------------------------------------------- ModivCare Inc. and its debtor affiliates asked the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, for authority to use cash collateral and obtain post-petition financing to get through bankruptcy. The Debtors requested court authorization to enter into a senior secured priming debtor-in-possession credit facility of up to $100 million, including $62.5 million in interim funding, to support operational liquidity, pay professional fees, fund administrative costs, provide adequate protection to prepetition lenders, and cover financing expenses. The proposed financing, backed by Wilmington Trust National Association as DIP agent and various DIP lenders, would be secured by superpriority liens on substantially all assets of the Debtors, superior to existing liens except for certain carveouts and pre-petition valid prior liens. The DIP facility is due and payable on the earliest to occur of: (a) six months from the DIP credit agreement closing date; provided that such date may be extended an additional three months with the written consent of the required DIP lenders following the request by the borrower prior to December 31; (b) the effective date of a Chapter 11 plan of any Debtor that has been confirmed by an order entered by the bankruptcy court, (c) dismissal or conversion of any of the Chapter 11 cases into a case under Chapter 7 of the Bankruptcy Code, (d) the acceleration of the term loans and the termination of all commitments and (e) the closing of a sale of all or substantially all assets or equity of the loan parties (other than to another loan party). The Debtors are required to comply with these milestones: (a) As of 11:59 p.m. prevailing eastern time on the date that is 45 days from the petition date, the bankruptcy court must have entered an order approving a disclosure statement with respect to solicitation of the plan (as defined in the restructuring support agreement). (b) As of 11:59 p.m. prevailing eastern time on the date that is 45 days from the petition date, the final order must have been entered by the bankruptcy court. (c) As of 11:59 p.m. prevailing eastern time on the date that is 90 days from the petition date, the bankruptcy court must have entered a confirmation order providing for confirmation of the plan (as defined in the restructuring support agreement). (d) As of 11:59 p.m. prevailing Eastern Time on the date that is 110 days from the petition date, the effective date of the loan (as defined in the restructuring support agreement) must have occurred. The Debtors also sought permission to use existing cash collateral, grant adequate protection to pre-petition first lien lenders, and modify the automatic stay to implement the DIP facility. The DIP facility is part of a broader restructuring support agreement negotiated with creditors holding approximately 90% of first lien debt and 70% of second lien debt, aimed at reducing ModivCare's total funded debt from approximately $1.4 billion to $300 million upon emergence from Chapter 11. The restructuring will include (1) conversion of DIP loans into term loans under a takeback facility; (2) raising a $250 million exit revolving credit facility, with a $150 million letter of credit sublimit; and (3) an equity rights offering open to unsecured creditors. ModivCare's business -- a healthcare services company providing non-emergency medical transportation, in-home personal care, remote patient monitoring, and wellness services -- employs nearly 24,000 people and operates in 48 states. ModivCare attributes its Chapter 11 filing to its unsustainable debt load and liquidity challenges and asserts that the DIP facility is critical to maintaining business continuity, employee and vendor confidence, and operational stability throughout the bankruptcy process. As of the petition date, the Debtors carried approximately $1.417 billion in total funded debt, which includes both secured and unsecured obligations. The secured debt totaled approximately $1.188 billion, primarily comprised of amounts outstanding under its pre-petition first lien credit facility, which includes a revolving credit facility, two term loans, and an incremental term loan. These facilities are governed by a credit agreement originally dated February 3, 2022, and subsequently amended several times, most recently through a Fifth Amendment dated January 9, 2025. JPMorgan Chase Bank, N.A. initially served as administrative agent, though it has signaled an intent to resign and be replaced by Wilmington Trust. The first lien credit facility is secured by a first-priority lien on substantially all of ModivCare's and its guarantor subsidiaries' assets. The components of the first lien facility include a $270.7 million revolving credit facility, maturing on February 3, 2027, with an interest rate of SOFR plus 4.25%; a $522.2 million Term Loan B, maturing July 31, 2031, with an interest rate of SOFR plus 4.75%; and a $78.8 million incremental term loan, maturing January 10, 2026, with an interest rate of SOFR plus 7.50%. Collectively, these first lien obligations amount to $871.7 million. In addition to the first lien debt, ModivCare has $316.2 million in second lien motes, which are governed by a Second Lien Senior Secured PIK Toggle Notes Indenture dated February 25, 2025. These notes were issued pursuant to a debt exchange transaction in early 2025, where certain holders of unsecured notes exchanged their holdings for secured second lien notes under the terms of the Exchange Agreement included in the Fifth Amendment. The second lien notes mature on October 1, 2029, and carry a 5.0% cash interest rate with a toggle option allowing for up to 10% payment-in-kind (PIK) interest. These notes are secured by a second-priority lien on substantially all of ModivCare's and its subsidiaries' assets. Beyond its secured debt, ModivCare also has $228.8 million in senior unsecured notes outstanding. These were originally issued under an indenture dated August 24, 2021, and carry a fixed interest rate of 5.0%, maturing on October 1, 2029. However, following the exchange agreement and the execution of a Fifth Supplemental Indenture dated March 7, 2025, all guarantor subsidiaries were released from their obligations, making the remaining unsecured notes solely obligations of ModivCare. The portion of the unsecured notes that were not exchanged for second lien notes remain outstanding as general unsecured debt. Before filing for Chapter 11, ModivCare considered an alternative financing proposal from one of its largest equity holders, who also holds second lien and unsecured debt. This proposal included priming loans and a different plan structure but lacked support from first lien lenders and would have likely triggered a costly priming dispute. After discussions and due diligence, the Debtors and their board rejected the alternate proposal, opting instead for the consensual RSA-based approach. The Debtors emphasize that the DIP facility will provide necessary liquidity and strategic runway for executing a consensual restructuring that maximizes value for all stakeholders. A copy of the motion is available at https://urlcurt.com/u?l=Zqo1CD from PacerMonitor.com. About ModivCare ModivCare Inc. is a technology-enabled healthcare services company that provides a suite of integrated supportive care solutions for public and private payors and their members. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90309) on August 20, 2025. In the petition signed by Chad J. Shandler, chief transformation officer, the Debtor disclosed up to $10 billion in both assets and liabilities. Judge Alfredo R. Perez oversees the case. Timothy A. Davidson II, Esq., at Hunton Andrews Kurth LLP, represents the Debtor as legal counsel. MOLINA VENTURES: Michael Colvard Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 7 appointed Michael Colvard as Subchapter V trustee for Molina Ventures, LLC. Mr. Colvard will charge $400 per hour for his services as Subchapter V trustee and $150 per hour for his support staff. The trustee will also seek reimbursement for work-related expenses incurred. Mr. Colvard declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael Colvard Weston Centre 112 East Pecan St., Ste. 1616 San Antonio, TX 78205 Email: mcolvard@mdtlaw.com Telephone: (210) 220-1334 About Molina Ventures LLC Molina Ventures, LLC, doing business as American Air Conditioning & Heating Co., provides heating, ventilation, and air conditioning services to residential and commercial clients in the San Antonio, Texas area. Molina Ventures LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 25-51802) on August 4, 2025. In its petition, the Debtor reports total assets of $726,079 and total liabilities of $2,096,654. Honorable Bankruptcy Judge Craig A. Gargotta handles the case. The Debtor is represented by Paul Steven Hacker, Esq., at Hacker Law Firm, PLLC. MYJOB MATCHER: Morris James Leads Chapter 11 Case ------------------------------------------------- Yun Park of Law360 reports that a team of attorneys from Morris James LLP is handling the Chapter 11 bankruptcy of AI-driven recruiting platform My Job Matcher Inc., doing business as Job.com, as the company moves forward with plans to sell its assets. About My Job Matcher Inc. My Job Matcher Inc. operate an AI-driven recruitment platform under the Job.com brand and provide traditional staffing services across the IT, healthcare, and industrial sectors through HireVergence, Fortus, and Endevis. Their technology suite includes tools for automated candidate matching, virtual interviewing, and job placement, supported by a portfolio of patents, trade secrets, and domain names. Founded in 2015 as a subsidiary of UK-based MJM Tech Ltd., the Debtors combine recruitment technology with staffing operations across the United States. My Job Matcher Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11280) on July 6, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and liabilities ranging from $50 million to $100 million. Honorable Bankruptcy Judge Karen B. Owens handles the case. The Debtor is represented by Jeffrey R. Waxman, Esq.,Carl N. Kunz, III, Esq., and Christopher M. Donnelly, Esq. at Morris James LLP. MYSTICAL STARS: Creditors to Get Proceeds From Liquidation ---------------------------------------------------------- The Official Committee of Unsecured Creditors and Farmers and Merchants Bank ("F&M") submitted a Disclosure Statement describing Joint Chapter 11 Plan for Mystical Stars, LLC f/k/a Arya International Inc. and Rupal K. Patel dated August 15, 2025. Debtor R. Patel is the sole and managing Member of the Debtor Mystical Stars. R. Patel formed Mystical Stars LLC with a focus on being the premier academy teaching traditional Indian dance styles. Many of the teachers are recruited from India. Mystical Stars operates two full-time studios: (i) 1571 US-46, Parsippany, New Jersey; and (ii) Amwell Mall, 450 Amwell Rd. Suite D, Hillsborough, NJ 08844. It also "rents" over 100 additional locations at numerous locations on a short time basis throughout several states. Debtor R. Patel holds significant real estate holdings either personally or through limited liability companies for which she holds 100% of the membership interests. The real estate interests and membership interests are assets of R. Patel's bankruptcy estate, which, under the Plan, will be sold and liquidated for the purpose of funding the Plan through a Liquidating Trust. F&M Bank shall have an allowed secured claim in the following amount, which shall not accrue further interest, charges, or costs (the "F&M Allowed Claim"): Loan #933405 $1,102,897 Loan #933460 $1,288,432 Loan #933315 $9,549,772 Pursuant to appraisals completed by F&M Bank, the Plan Proponents believe that the value of the F&M Secured Properties is as follows: 1571 Route 46 East Parsippany, NJ: $13,930,000 315 Old Bloomfield Ave, Parsippany NJ: $1,835,000 1461-1511 Blakeslee Blvd, Lehighton PA: $1,420,000 5620 Ogeechee Rd, Savannah, GA: $1,250,000 TOTAL: $18,435,000 As a result, the Plan Proponents believe that the Joint Plan will provide for sufficient funds to pay the F&M Allowed Claim, other secured and priority claims (including administrative fees) and make a distribution to unsecured creditors. Class 8A consists of General Unsecured Claims against Mystical Stars. Allowed Class 8A Claims shall be paid their pro rata portion of the funds attributable to the sale of Mystical Stars' assets in the Liquidating Trust after payment of all other valid senior debt that has priority. Total amount of claims = (this amount is still being determined in light of the fact that certain claims are subject to objection and reclassification, but are anticipated at approximately $13,867,282.40). This Class is impaired. Class 18B consists of General Unsecured Claims against R. Patel. Allowed Class 18B Claims shall be paid their pro rata portion of the funds attributable to the sale of R. Patel's assets in the Liquidating Trust after payment of all other valid senior debt that has priority. Total amount of claims = (this amount is still being determined in light of the fact that certain claims are subject to objection and reclassification, but are anticipated at approximately $14,869,787.50). This Class is impaired. All equity interests in Mystical Stars will be extinguished on the Effective Date and assets transferred to the Liquidating Trust. R. Patel is an individual and, thus, has no equity interests. The Plan is a liquidating plan. All assets of each Debtor will be transferred to the Liquidating Trust on the Effective Date. The Liquidating Trustee will liquidate all assets and pursue all Causes of Action. The Liquidating Trustee, in consultation with the Liquidating Trust Oversight Committee, may abandon any properties transferred to the Liquidating Trust. On or before the Effective Date, the Debtors and the Liquidation Trustee shall execute the Liquidation Trust Agreement and shall have established the Liquidation Trust pursuant to the Plan. The Liquidation Trust shall be established for the primary purpose of liquidation and distributing the assets transferred to it, in accordance with Treas. Reg. Section 301.7701-4(d), with no objective to continue or engage in the conduct of a trade or business, except to the extent reasonably necessary to, and consistent with, the liquidation purpose of the Liquidation Trust. A full-text copy of the Disclosure Statement dated August 15, 2025 is available at https://urlcurt.com/u?l=hFJz3H from PacerMonitor.com at no charge. Counsel to the Official Committee of Unsecured Creditors: TRENK ISABEL SIDDIQI & SHAHDANIAN P.C. Richard D. Trenk, Esq Robert S. Roglieri, Esq. 290 W. Mt. Pleasant Ave., Suite 2370 Livingston, New Jersey 07039 Telephone: (973) 533-1000 Email: rtrenk@tisslaw.com Email: rroglieri@tisslaw.com Counsel for Farmers & Merchants Bank: DE COTIIS FITZPATRICK COLE & GIBLIN LLP John A. Stone, Esq. 61 South Paramus Road, Suite 250 Paramus, New Jersey 07652 Tel: 201-928-1100 Fax: 201-928-0588 Email: jstone@decotiislaw.com About Mystical Stars Mystical Stars, LLC, f/k/a Arya International, Inc., is a dance academy that teaches Indian dance styles throughout the country. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 24-18290) on August 21, 2024, listing $1,000,001 to $10 million in assets and $10,000,001 to $50 million in liabilities. Anthony Sodono, III, Esq, at Mcmanimon, Scotland & Baumann, LLC represents the Debtor as counsel. NATIONAL FENCE: Unsecureds Owed $124K Will Get 10% over 5 Years --------------------------------------------------------------- National Fence and Supply Co. filed with the U.S. Bankruptcy Court for the District of Massachusetts a Plan of Reorganization under Subchapter V dated August 12, 2025. The Debtor began its operations in one form or another in 1946, in the Attleboro area and indeed proudly bears the coveted mailing address of Post Office Box 1, North Attleborough. Under the Plan, secured claims will be reduced to the value of the collateral as set forth herein. The payments to unsecured creditors under the Plan are equal to the Debtor's projected net disposable income over the course of the Plan. In sum, the Plan contemplates: (i) the satisfaction of all Allowed Administrative and Priority Claims; (ii) satisfaction of all Allowed Secured Claims, after modification of certain Secure Claims to reflect the value of the collateral securing those Claims; and (iii) the submission of the Debtor's projected disposable income to the payment of Allowed General Unsecured Claims, including the claims of undersecured creditors, over a sixty-month period from the Effective Date of the Plan. The Plan constitutes the Debtor's best efforts to repay creditors. Unsecured creditors would likely receive nothing if the Debtor is forced to liquidate. Class 4A is comprised of all holders of Allowed general unsecured claims against the Debtor that supplied trade goods to the debtor and that the Debtor hopes to "mend fences" with in the future. Included in this class are Capital Forest Products, Marwood LTD, Airgas, B&B Wholesale Fence, and Mid-City Steel. Based upon the proofs of claim that have been filed and the Debtor's Schedules, the Debtor estimates that there will be approximately $123,638.77 in Allowed Class 4A claims. Class 4B consists of General Unsecured Financial Claims. Class 4B consists of all general unsecured claims that are not trade claims and include the unsecured claims of Santander Bank, TD Bank, LEIB Solutions, US Bank, dba Elan Financial Services, Wex Gas Card, and Citizens Bank. The Debtor estimates that there will be about $358,720.17 in Allowed Class 4B claims. In full and complete settlement, satisfaction and release of all Allowed Class 4 Claims, each holder of an Allowed Class 4 Claim shall receive its pro rata share of all of the Debtor's projected net disposable income over the five-year period following the Effective Date in 20 quarterly installments beginning in the second quarter of 2026. The Debtor projects that the total distribution to Class 4A Claimants will be Ten percent (10%) of such Allowed Class 4A Claims, and the total distribution to Class 4B Claimants will be Five percent (3%) of such Allowed Class 4B Claims. Class 4 is impaired. Class 5 consists of Equity Interests. Richard D. Cathcart, who is the sole equity interest holder of the Debtor, shall receive no distribution under the Plan on account of such interests, but will retain the legal, equitable and contractual rights to which such interests were entitled as of the Petition Date. The Plan will be funded from the Debtor's future earnings. Upon the Effective Date, the Debtor is authorized to take all action permitted by law, including, without limitation, to use its cash and other assets for all purposes provided for in the Plan and in its business operations, and to borrow funds and to transfer funds for any legitimate purpose. A full-text copy of the Plan of Reorganization dated August 12, 2025 is available at https://urlcurt.com/u?l=62Dt6L from PacerMonitor.com at no charge. Counsel to the Debtor: Hilmy Ismail, Esq. Law Office of Hilmy Ismail 322 E. Washington St. North Attleboro, MA 02760 Telephone: (508) 316-3904 About National Fence and Supply Co. National Fence and Supply Co. is a specialized contractor operating in the fencing industry that provides fence installation services and supplies various fencing materials and related products to residential and commercial customers throughout the region. National Fence and Supply sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-10914) on May 1, 2025. In its petition, the Debtor reported estimated assets between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Hilmy Ismail, Esq., at the Law Office of Hilmy Ismail. Citizens Bank, N.A., as lender, is represented by: Jack J. Mikels, Esq Michael A. Wirtz, Esq. Jack Mikels & Associates, LLP 1 Batterymarch Park, Suite 309 Quincy, MA 02169-7454 Tel: 617.472.5600 lawoffice@jackmikels.com NDO LLC: Michael Coury of Glankler Brown Named Subchapter V Trustee ------------------------------------------------------------------- The Acting U.S. Trustee for Region 8 appointed Michael Coury of Glankler Brown, PLLC as Subchapter V trustee for NDO, LLC. Mr. Coury will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Coury declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael P. Coury Glankler Brown, PLLC 6000 Poplar Ave., Suite 499 Memphis, TN 38119 Phone: (901) 525-1322 Fax: (901) 525-2386 Email; mcoury@glankler.com About NDO LLC NDO, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-24003) on August 11, 2025, with $0 to $50,000 in assets and liabilities. Judge Denise E. Barnett presides over the case. Bo Luxman, Esq., represents the Debtor as legal counsel. NEW AGE LEASING: Seeks to Extend Plan Exclusivity to October 27 --------------------------------------------------------------- New Age Leasing LLC, asked the U.S. Bankruptcy Court for the Northern District of Illinois to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to October 27, 2025. The Debtor is in the trucking business. The Debtor owns a fleet of approximately 311 trucks which were purchased with loans from 16 various secured parties. The Debtor explains that it has worked diligently with the secured parties with respect to adequate protection payments. Pursuant to Section 1121(b), only the Debtor may file a plan of reorganization within 120 days after the Order for Relief but upon notice and hearing, the Court may extend the exclusive right of the Debtor to file a plan for up to an additional period not to exceed 18 months after the Order for Relief. The Debtor asserts that it is prepared to schedule confirmation of the First Amended Plan (with minor revisions) and solicit acceptances of the Plan. However, the current deadline for soliciting acceptances for the Plan is August 16, 2025, prior to the next status hearing. New Age Leasing, LLC is represented by: Miriam Stein Granek Gutnicki LLP 4711 Golf Road, Suite 200 Skokie, IL 60076 Tel: (847) 745-6592 Email: mgranek@gutnicki.com About New Age Leasing New Age Leasing, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-18710) on December 16, 2024, listing under $1 million in both assets and liabilities. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. The Law Offices of David Freydin PC serves as the Debtor's counsel. NEW RITE: Court OKs Philadelphia Property Sale to 1940 Partners --------------------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey has approved New Rite Aid LLC and its affiliates, to sell Property located at 1924 Fairmount Avenue, Philadelphia, PA, free and clear of liens, claims, interests, and encumbrances. The Debtors provide retail pharmacy and related services to millions of customers daily through their retail stores and e-commerce sales platforms. The Debtors conduct business with the Critical Vendors for key consumer goods and healthcare products and services including, most critically, the pharmaceuticals dispensed to pharmacy customers at the Debtors’ retail pharmacies. The Debtors are authorized, but not directed, to take any and all actions necessary and appropriate to cause the Debtor-Seller to (a) consummate the Sale Agreement; (b) sell the Property to Purchaser, 1940 Partners LLC, a Pennsylvania limited liability company, for the aggregate Purchase Price of $3,400,000.00, set forth in the Sale Agreement in accordance with the terms of this Order and the Sale Agreement; and (c) otherwise implement and effectuate the terms of the Sale Agreement. Upon the Closing, all of the Debtor Seller’s right, title, and interest in and to, and possession of, the Property shall be transferred to the Purchaser, free and clear of any and all liens, claims, encumbrances, and other interests. The Purchaser is a good faith purchaser of the Property within the meaning of section 363(m) of the Bankruptcy Code. The Sale Agreement was negotiated, proposed, and entered into by the parties without collusion, in good faith and at an arms’-length bargaining position. The Debtors are authorized to execute and deliver all instruments and documents and take all additional actions necessary to effectuate the relief granted in the Order. About Rite Aid Rite Aid is a full-service pharmacy committed to improving health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of solutions that offer convenience, including retail and delivery pharmacy, as well as services offered through the Company's wholly owned subsidiary Bartell Drugs. On the Web: http://www.riteaid.com/ Rite Aid and certain of its subsidiaries previously filed for chapter 11 bankruptcy in October 2023 and emerged from bankruptcy in August 2024. On May 5, 2025, New Rite Aid, LLC and its subsidiaries, including Rite Aid Corporation, commenced voluntary Chapter 11 proceedings (Bankr. D.N.J. Lead Case No. 25-14861). As of the 2025 bankruptcy filing date, Rite Aid operates 1,277 stores and 3 distribution centers in 15 states and employs approximately 24,500 people. Rite Aid is using the Chapter 11 process to pursue a sale of its prescriptions, pharmacy and front-end inventory, and other assets. The cases are being administered by the Honorable Michael B. Kaplan. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor, Guggenheim Securities, LLC is serving as investment banker, and Alvarez & Marsal is serving as financial advisor to the Company. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to the Company. Kroll is the claims agent and maintains the page https://restructuring.ra.kroll.com/RiteAid2025 Bank of America, N.A., as DIP Agent, is represented by lawyers at Greenberg Traurig, LLP; and Choate Hall & Stewart LLP. NIKOLA CORP: Trump Pardon Shields His $70MM Claims, Says Ex-CEO --------------------------------------------------------------- James Nani of Bloomberg Law reports that the founder of bankrupt Nikola Corp. argues that his nearly $70 million claim against the company should not be subordinated in its liquidation plan, citing former President Donald Trump's pardon of his criminal convictions. Trevor Milton, the company's ex-CEO, told the U.S. Bankruptcy Court in Delaware on Wednesday, August 20, 2025, that Nikola's bid to deprioritize his claims for legal fees and related costs must be rejected, as Trump's pardon declared him "factually innocent." Milton was sentenced to four years in prison in December 2023 after being convicted of securities and wire fraud, but he was pardoned in March 2025, according to report. About Nikola Corp. Nikola Corporation and affiliates specialize in the design and manufacture of zero-emissions commercial vehicles, including battery-electric and hydrogen fuel cell trucks. The companies operate in two business units: Truck and Energy. The Truck business unit is commercializing heavy-duty commercial hydrogen-electric (FCEV) and battery-electric (BEV) Class 8 trucks that provide environmentally friendly, cost-effective solutions to the short, medium and long-haul trucking sectors. The Energy business unit is developing hydrogen fueling infrastructure to support FCEV trucks covering supply, distribution and dispensing. Founded in 2015, Nikola is headquartered in Phoenix, Ariz. Nikola and nine of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-10258) on February 19, 2025. In the petitions, the Debtors reported total assets as of Jan. 31, 2025 of $878,094,000 and total debts as of Jan. 31, 2025 of $468,961,000. Honorable Bankruptcy Judge Thomas M. Horan handles the cases. Potter Anderson & Corroon LLP serves as general bankruptcy counsel to the Debtors, and Pillsbury Winthrop Shaw Pittman LLP serves as bankruptcy co-counsel. Houlihan Lokey Capital, Inc. acts as investment banker to the Debtors; M3 Advisory Partners LP acts as financial advisor to the Debtors; while EPIQ Corporate Restructuring LLC is the Debtors' claims and noticing agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Morrison & Foerster LLP and Morris James, LLP as legal counsels; Ducera Securities, LLC as investment banker; and FTI Consulting, Inc. as financial advisor. ODYSSEY MARINE: Juan Gallardo Holds 2.5M Shares, Rights ------------------------------------------------------- Juan Antonio Carlos Cortina Gallardo, 10% Owner in Odyssey Marine Exploration Inc. (OMEX), disclosed in a Form 3 filed with the U.S. Securities and Exchange Commission that as of August 13, 2025, he beneficially owns 2,481,819 shares of common stock indirectly through Capital Latinoamericano, S.A. de C.V., as well as subscription rights to purchase an additional 2,428,747 shares of common stock at an exercise price of $1.10 per share, all pursuant to a Securities Purchase Agreement dated December 23, 2024. Mr. Gallardo may be reached at: Monte Caucaso 915-4 Lomas De Chapultepec Mexico City, Mexico 11000 A full-text copy of the SEC Report is available at https://tinyurl.com/56d4kafe About Odyssey Marine Odyssey Marine Exploration, Inc. and its subsidiaries are engaged in deep-ocean exploration. Their innovative techniques are currently applied to mineral exploration and other marine survey and contracted services. The corporate headquarters are in Tampa, Florida. Tampa, Fla.-based Grant Thornton LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company incurred a loss from operations of $12 million during the year ended December 31, 2024, and as of that date, the Company's current liabilities exceeded its current assets by $16 million and its total liabilities exceeded its total assets by $79 million. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. ORIGIN FOOD: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: Origin Food Group 306 Stamey Farm Road Statesville, NC 28677 Business Description: Established in 2009, Origin Food Group is a family-owned company that develops and produces functional food and dairy products. The Company introduced innovations in its home market, including Swiss-style yogurts, fortified foods enriched with vitamins, minerals, and supplements, and functional ingredients such as probiotics, calcium, and cholesterol-lowering compounds. Chapter 11 Petition Date: August 20, 2025 Court: United States Bankruptcy Court Western District of North Carolina Case No.: 25-50268 Judge: Hon. Laura T Beyer Debtor's Counsel: John C. Woodman, Esq. ESSEX RICHARDS PA 1701 South Boulevard Charlotte, NC 28203 Tel: (704) 377-4300 Fax: (704) 372-1357 E-mail: jwoodman@essexrichards.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Halil Ulukaya as president. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LLKN5JI/Origin_Food_Group__ncwbke-25-50268__0001.0.pdf?mcid=tGE4TAMA PLATINUM HEIGHTS: Seeks to Extend Plan Exclusivity to October 3 --------------------------------------------------------------- Platinum Heights, LP, asked the U.S. Bankruptcy Court for the Southern District of Texas to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to October 3 and December 4, 2025, respectively. The Debtor explains that the size and complexity of the Chapter 11 Case warrants extension of the Exclusive Periods. The Chapter 11 Case required the Debtor's principal to extend two postpetition unsecured loans as a result of ongoing issues and negotiations with the Debtor's tenants. The Debtor has also dealt with ongoing issues with CLS Heights and related mediation efforts. These issues added unforeseen layers of complexity to the Chapter 11 Case. The Debtor claims that the requested extension will enable the Debtor to secure consensus for a chapter 11 plan that will maximize the value of the Debtor's estate for the benefit of all stakeholders, without the risk of competing plans and the attendant disruption, expense, and delay. The Debtor's obligations are in the tens of millions, the majority of which is owed to sophisticated parties. Extension of the Exclusive Periods is, therefore, justified on the basis of the size and complexity of the Chapter 11 Case. The Debtor believes it is on the cusp of reaching a value maximizing agreement with several key stakeholders that would be memorialized in a plan of reorganization that provides meaningful recoveries to the Debtor's various creditor constituencies. The Debtor, therefore, requires additional time to propose a plan (whether consensual or not) and solicit its acceptance. The Debtor's progress in working with key stakeholders in the Chapter 11 Case supports the extension of the Exclusive Periods. The Debtor asserts that extending the Exclusive Periods benefits all parties in interest by preventing a drain on time and resources, which inevitably occurs when multiple parties with potentially divergent interests compete for the consideration of their own respective plans. This Motion is not filed for purposes of delay but to afford the Debtor an opportunity to further develop a plan favorable with major stakeholders. The extension requested is reasonable and realistic in view of the circumstances of this case and will serve to aid creditors rather than prejudice them. The Debtor further asserts that extending exclusivity benefits all parties in interest by preventing the drain on time and the resources of the Debtor's estate that will occur when multiple parties, with potentially diverging interests, pursue the consideration of their own respective plans. All stakeholders in the Chapter 11 Case will benefit from the continued stability and predictability that a centralized process provides, which can only occur while the Debtor remains the sole plan proponents. Platinum Heights, LP is represented by: REED SMITH LLP Omar J. Alaniz, Esq. 2850 n. Harwood Street, Suite 1500 Dallas, Texas 75201 Telephone: (469) 680-4200 Facsimile: (469) 680-4299 E-mail: oalaniz@reedsmith.com About Platinum Heights LP Platinum Heights, LP filed a Chapter 11 petition (Bankr. S.D. Texas Case No. 25-90012) on Feb. 20, 2025, listing between $50 million and $100 million in both assets and liabilities. Judge Alfredo R. Perez oversees the case. Omar Jesus Alaniz, Esq., at Reed Smith, LLP is the Debtor's legal counsel. B1 Bank, as secured lender, is represented by Michael P. Menton, Esq. and Danika L. Lopez, Esq. at SettlePou. POSH QUARTERS: Seeks Subchapter V Bankruptcy in Florida ------------------------------------------------------- On August 8, 2025, Posh Quarters LLC filed Chapter 11 protection in the Middle District of Florida. According to court filing, the Debtor reports between $1.6 million and $1.7 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Posh Quarters LLC Posh Quarters LLC is a small business based in Melrose, Florida. Posh Quarters LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02748) on August 8, 2025. In its petition, the Debtor reports estimated assets between $1.1 million and $1.2 million and estimated liabilities between $1.6 million and $1.7 million. Honorable Bankruptcy Judge Jason A. Burgess handles the case. The Debtor is represented by Bryan K. Mickler, Esq. at Mickler & Mickler. PROFESSIONAL MAIL: Court OKs Equipment Sale at Auction ------------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, has approved Professional Mail Services Inc. to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor owned certain equipment, vehicles, tools and supplies more fully described in the attached Exhibit A, which the Debtor seeks approval to sell. https://urlcurt.com/u?l=LnNKef The Court has authorized the Debtor to sell the Property, free and clear of liens, through public auction, to be conducted by Country Boys Realty & Auction Inc. All proceeds from the sale shall be deposited into the Debtor's counsel's IOLTA Trust Account to hold for distribution pursuant to the Debtor's' Liquidating Plan or as otherwise directed by the Court. All secured parties with liens against the Property shall receive e liens in the same amount and priority as they held on the Petition Date in the net proceeds from the sale to the extent that there are any such liens. About Professional Mail Services Inc. Professional Mail Services Inc. provides billing, printing, and mailing services, offering end-to-end solutions that include First Class mail, direct mail, offset printing, fulfillment, and high-speed laser printing. The company serves clients across various industries and integrates technology with in-house programming to support document management and customer service needs. Professional Mail Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02371) on June 23, 2025. In its petition, the Debtor reports total assets of $1,412,148 and total liabilities of $7,299,380. Honorable Bankruptcy Judge Pamela W. McAfee handles the case. The Debtor is represented by Danny Bradford, Esq., at Bradford Law Offices. PROSPECT MEDICAL: Court Stayed $435MM Connecticut Feud ------------------------------------------------------ Aaron Keller of Law360 reports that a Texas bankruptcy judge on Wednesday, August 20, 2025, put Yale New Haven Health Services Corp.'s bid to reopen a $435 million Connecticut dispute on hold, saying she first wants to review Prospect Medical Holdings Inc.'s plan to fix the faltering hospital purchase agreement. 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 Subchapter V Bankruptcy in California ------------------------------------------------------ On August 11, 2025, Prost LLC filed Chapter 11 protection in the Southern District of California. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Prost LLC Prost LLC is a San Diego-based food service company operating multiple restaurant and brewery concepts including Taco Loco, Bolt Brewery, and Diego's Baja Grill. Prost LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. S.D. Cal. Case No. 25-03311) on August 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000 each. The Debtor is represented by Donald Reid, Esq. at Law Office Of Donald W. Reid. RENT THE RUNWAY: To Exchange Debt for Equity in Restructuring Push ------------------------------------------------------------------ Kim Bhasin and Eliza Ronalds-Hannon of Bloomberg News report that Rent the Runway Inc. will transfer a controlling stake to its lenders under a restructuring plan aimed at reducing debt and supporting growth after pandemic-driven setbacks nearly pushed the company into bankruptcy. Under the agreement with Aranda Principal Strategies and other partners, more than $240 million in debt will be eliminated from the balance sheet, while the clothing rental service will have several additional years to repay the remaining $120 million in borrowings, Bloomberg News reports. About Rent the Runway Rent the Runway, Inc. is a shared designer closet with thousands of styles by hundreds of brand partners that gives customers access to its "unlimited closet" through its subscription offering or the ability to rent a-la-carte through its reserve offering. The company's corporate headquarters is located in Brooklyn, New York and its operational facilities are located in Secaucus, New Jersey, and Arlington, Texas. RESHAPE LIFESCIENCES: Ayrton Capital, Two Others Hold 0.003% Stake ------------------------------------------------------------------ Ayrton Capital LLC, Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B, and Waqas Khatri, disclosed in a Schedule 13G/A (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of June 30, 2025, they beneficially own 80 shares of Reshape Lifesciences Inc.'s common stock, $0.001 par value per share. This total includes 8 shares of common stock held directly and 72 shares issuable upon the exercise of certain warrants, subject to a 9.99% beneficial ownership blocker, representing approximately 0.003% of the shares based on 2,385,960 shares outstanding comprised of 1,331,356 shares outstanding as of June 6, 2025 plus 1,054,604 shares sold in the offering and are included in the prospectus supplement on Form 424B5 filed with the Securities and Exchange Commission on June 9, 2025; and 72 shares of Common Stock issuable on the exercise of the Warrants held by the Reporting Persons. Ayrton Capital LLC et al. may be reached through: Waqas Khatri Managing Member of Ayrton Capital LLC & Director of Alto Opportunity Master Fund, SPC – Segregated Master Portfolio B 55 Post Rd West, 2nd Floor Westport, CT 06880 A full-text copy of Ayrton Capital's SEC report is available at: https://tinyurl.com/ycny7kc5 About Reshape Lifesciences Headquartered in Irvine, California, Reshape Lifesciences Inc. -- 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. S & M DELI: Areya Holder Aurzada Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 6 appointed Areya Holder Aurzada, Esq., at Holder Law as Subchapter V trustee for S & M Deli, Inc. Ms. Aurzada will be paid an hourly fee of $575 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Aurzada declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Areya Holder Aurzada, Esq. Holder Law 901 Main Street, Ste. 5320 Dallas, TX 75202 Office: 972-438-8800 Mobile: 817-907-4140 About S & M Deli S & M Deli, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 25-42967) on August 8, 2025, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Edward L. Morris presides over the case. Robert Thomas DeMarco, Esq. represents the Debtor as legal counsel. SALLY'S RESTAURANT: Section 341(a) Meeting of Creditors on Sept. 15 ------------------------------------------------------------------- On August 8, 2025, Sally's Restaurant LLC filed Chapter 11 protection in the Eastern District of New York. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors Filed by Office of the United States Trustee under Section 341(a) to be held on September 15, 2025 at 01:30 PM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 6982178. About Sally's Restaurant LLC Sally's Restaurant LLC is a food service business operating in Brooklyn, New York. Sally's Restaurant LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-4384) on August 8, 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 Jil Mazer-Marino handles the case. The Debtor is represented by Gregory A. Flood at Law Offices Of Gregory A Flood. SANCTUARYSPA INC: Unsecureds Will Get 2% of Claims over 60 Months ----------------------------------------------------------------- Sanctuaryspa Inc. filed with the U.S. Bankruptcy Court for the Central District of California a Plan of Reorganization for Small Business dated August 15, 2025. The Debtor is an S-corporation, incorporated on January 21, 2011. Crista Rossi is the Debtor's owner and a 100% equity holder. The Debtor currently and historically generate income from operating a beauty spa. The Debtor is the party proposing this Plan of Reorganization. The final Plan payment is expected to be paid on January 2031 (estimated). The Debtor's proposed 5-year projections itemize the Debtor's revenue source and the expenses for the next 5 years. The Debtor intends to fund its plan from the continued operation of its business. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 2 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 3 consists of non-priority unsecured creditors. The total amount of the allowed general unsecured claims is $1,074,138.65, and include the undersecured portion of Five Star Bank's claim, and fully undersecured claims of LG Funding LLC, Oakwood Business Funding, OnDeck Capital, Inc., and Opportunity Fund Community Development. Based on the liquidation analysis and the income valuation of the Debtor's assets, the holders of allowed general unsecured claims will be receiving an estimated 2% pro-rata distribution through the plan. The distribution to allowed general unsecured claims will be made monthly, with the first payment of $358.03 due on the effective date, followed by 59 consecutive payments, each in the amount of $358.03, to be paid pro-rata to each holder of allowed general unsecured claim. This Class is impaired. The Debtor's proposed 5-year projections itemize the Debtor's revenue sources and the expenses for the next 5-years. The Debtor intends to fund its plan from the continued operation on its business. The Debtor's principal, Crista Rossi, will act as the disbursing agent for the plan payments. She will not be compensated for her services as the disbursing agent. A full-text copy of the Plan of Reorganization dated August 15, 2025 is available at https://urlcurt.com/u?l=HvnfWX from PacerMonitor.com at no charge. About Sanctuaryspa Inc. Sanctuaryspa Inc. is a boutique day spa in Long Beach offering a range of services including facials, massages, body treatments, dermaplaning, chemical peels, and DiamondGlow treatments. The spa customizes services to individual needs and emphasizes a holistic approach to skincare. It operates in a tranquil setting designed to promote wellness and relaxation. Sanctuaryspa sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C. D. Calif. Case No. 25-14964) on June 12, 2025. In the petition signed by Crista Rossi, chief executive officer, the Debtor disclosed $50,397 in assets and $1,032,222 in liabilities. Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger, is the Debtor's bankruptcy counsel. Five Star Bank, as secured creditor, is represented by: Thomas P. Griffin, Jr., Esq. Hefner, Stark & Marois, LLP 2150 River Plaza Drive, Suite 450 Sacramento, CA 95833 Telephone: (916) 925-6620 Facsimile: (916) 925-1127 tgriffin@hsmlaw.com SANTOPIETRO FOOD: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Santopietro Food Group, LLC got the green light from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral in accordance with its budget. The Debtor may spend as much as 10% more of the budget if needed. As adequate protection, potential secured creditors will receive a post-petition lien on the Debtor's cash, inventory and other assets in the same priority as existed on the petition date. The Debtor's use of cash collateral will expire or terminate on the earlier of (i) the Debtor ceasing operations of its business; or (ii) the non-compliance or default of the Debtor with any terms and provisions of the interim order. The next hearing is set for September 11. The Debtor's cash collateral consists of revenue from ordinary business operations, such as pizza sales, which is currently subject to potential liens. There are four UCC financing statements filed with the North Carolina Secretary of State that may perfect liens on the Debtor's cash collateral. These include filings by United Community Bank, Funding Futures LLC, and two by CT Corporation System acting as a representative. Notably, none of the potentially secured creditors have consented to the Debtor's proposed use of the cash collateral. About Santopietro Food Group LLC Santopietro Food Group LLC doing business as Nancy's Pizzeria, operates a franchised casual dining restaurant specializing in Chicago-style stuffed and deep-dish pizzas along with other Italian-American dishes. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-03108) on August 13, 2025. In the petition signed by Ted Ormsby, member, the Debtor disclosed up to $100,000 in assets and up to $10 million in liabilities. Judge Pamela W. McAfee oversees the case. William P. Janvier, Esq., at STEVENS MARTIN VAUGHN & TADYCH, PLLC, represents the Debtor as legal counsel. SHANKARA LLC: Files Emergency Bid to Use Cash Collateral -------------------------------------------------------- Shankara, LLC asked the U.S. Bankruptcy Court for the Western District of Louisiana, Lake Charles Division, for authority to use cash collateral and provide adequate protection. The Debtor intends to use rental income from the hotel, which is subject to a lien by First Western SBLC, Inc., the primary secured lender. The funds are needed to pay ordinary post-petition operating expenses, including salaries, utilities, franchise fees, and insurance. To protect the lender's interest, the Debtor proposed adequate protection via monthly cash payments, and a replacement lien on post-petition rental income. A court hearing is scheduled for August 27. First Western SBLC is represented by: Tristan Manthey, Esq. Cherie Dessauer Nobles, Esq. FISHMAN HAYGOOD, L.L.P. 201 St. Charles Avenue, Suite 4600 New Orleans, LA 70170-4600 Telephone: 504-586-5252 Fax: 504-586-5250 tmanthey@fishmanhaygood.com cnobles@fishmanhaygood.com About Shankara LLC Shankara, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 24-20562) on December 12, 2024. In the petition signed by Sanjay Desai, manager/member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge John W. Kolwe oversees the case. Wade N. Kelly, Esq., at Wade N. Kelly LLC, represents the Debtor as legal counsel. SHAW SERVICES: Seeks to Extend Plan Filing Deadline to September 19 ------------------------------------------------------------------- Shaw Services LLC asked the U.S. Bankruptcy Court for the Northern District of Mississippi to extend its period to file a chapter 11 plan of reorganization to September 19, 2025. The Debtor explains that it has been working to get jobs in place to provide income to fund its plan. Also, Debtor has been working with various creditors to resolve various matters, including adversary litigation. The Debtor claims that given this extension the Debtor will be able to file a Plan that will be confirmed within a reasonable time. Therefore, the Debtor seeks an extension of thirty days up to and including September 19, 2025 in which to file its proposed Plan. The Debtor asserts that it does not seek this extension for purposes of delay, but rather, to allow the Debtor an opportunity to fully formulate and file its proposed Plan. The Debtor further asserts that the extension will not result in any undue prejudice to any creditor or other party-in-interest. Debtor counsel has consulted with the Sub V Trustee and he does not oppose this extension. Shaw Services LLC is represented by: J. Walter Newman IV, Esq. Newman & Newman 601 Renaissance Way, Suite A Telephone: (601) 948-0586 Email: wnewman95@msn.com About Shaw Services Shaw Services LLC is a family-owned commercial construction company specializing in concrete and site work across Mississippi, Alabama, and Tennessee. Founded in 1997, the firm is licensed and bonded, and also offers pressure washing and roof coating services. Shaw Services LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-11621) on May 22, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by J. Walter Newman, IV, Esq., at Newman & Newman. SHERWOOD HOSPITALITY: Seeks to Extend Plan Exclusivity to Sept. 17 ------------------------------------------------------------------ Sherwood Hospitality Group, LLC and DVKOCR Tigard, LLC asked the U.S. Bankruptcy Court for the District of Oregon to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to September 17 and November 14, 2025, respectively. At the time of the previous motion, Debtors had selected a broker to market and sell the Hampton Inn Sherwood and Hampton Inn Tigard. However, continuing discussions with that broker led to the Debtors selecting a different broker. The Debtors plans to file a motion to employ Cushman Wakefield as broker imminently. The Debtors explain that discussions have continued with the lender who provided the term sheet for $2.5 million in debtor-in possession financing. After receiving additional information from the Debtors, including valuation information, the lender is evaluating that information to determine whether it will provide replacement financing. The Debtors have also continued to negotiate with potential buyers who previously made an offer to purchase the Hampton Inn Sherwood and Hampton Inn Tigard. The Debtors claim that extending the Exclusive Periods will allow the Debtors to create a marketing strategy, timeline for sale, gather marketing data, and vet these items with secured creditors to propose a confirmable plan. The Debtors assert that they seek an extension of thirty days to have concrete arrangements and details for the proposed treatment of creditors under the Plan of Reorganization, along with appropriate timelines and default remedies consistent with the same. The Debtors need a relatively small amount of time to finalize arrangements regarding a sale and financing process leading into a Plan of Reorganization to facilitate the possibility of proposing a consensual Plan of Reorganization. The Debtors further assert that the requested extension of the Exclusive Periods is not proposed to pressure creditors and no demands have been made by the Debtors upon the creditors with respect to a Plan of Reorganization. There is no prejudice to any creditor's interest if the Exclusive Periods are extended. Sherwood Hospitality Group LLC is represented by: Thomas W. Stilley, Esq. Douglas R. Ricks, Esq. Sussman Shank, LLP 1000 SW Broadway, Suite 1400 Portland, OR 97205 Telephone: (503) 227-1111 Facsimile: (503) 248-0130 Email: tstilley@sussmanshank.com dricks@sussmanshank.com About Sherwood Hospitality Group Sherwood Hospitality Group LLC, d/b/a Hampton Inn Sherwood Portland, operating as Hampton Inn Sherwood Portland, is a hospitality company based in Sherwood, Oregon. The Company manages a hotel offering amenities like free breakfast, free Wi-Fi, a heated indoor pool, and a fitness center. Sherwood Hospitality Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Or. Case No. 25-30484) on February 17, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Bankruptcy Judge Peter C. Mckittrick handles the case. The Debtor is represented by Douglas R. Ricks, at SUSSMAN SHANK LLP. SOLEMN INVESTMENTS: Section 341(a) Meeting of Creditors on Sept. 16 ------------------------------------------------------------------- On August 8, 2025, Solemn Investments Inc. filed Chapter 11 protection in the Southern District of Texas. According to court filing, the Debtor reports 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 16, 2025 at 09:30 AM, US Trustee Houston Teleconference. About Solemn Investments Inc. Solemn Investments Inc., doing business as ABJ Transport, is a Houston-based specialized freight trucking company, provides transportation and logistics services in the specialized freight sector. Solemn Investments Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34630) on August 8, 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 Eduardo V. Rodriguez handles the case. The Debtor is represented by Jeremy Thomas Wood, Esq. at Law Office Of Jeremy T. Wood, PLLC. SOLUTION ENGINEERING: Seeks Chapter 11 Bankruptcy in Maryland ------------------------------------------------------------- On August 20, 2025, Solution Engineering for Reliable and Viable Enterprises (SERVE) Advisory Group LLC Chapter 11 protection in the District of Maryland. 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 Solution Engineering for Reliable and Viable Enterprises (SERVE) Advisory Group LLC 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. Solution Engineering for Reliable and Viable Enterprises (SERVE) Advisory Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-17625) on August 20, 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 Maria Ellena Chavez-Ruark handles the case. The Debtor is represented b yRobert M. Stahl, Esq. at LAW OFFICES OF ROBERT M. STAHL. SOUTH COLE: Section 341(a) Meeting of Creditors on September 11 --------------------------------------------------------------- On August 7, 2025, South Cole Holdings LLC filed Chapter 11 protection in the Southern District of New York. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on September 11, 2025 at 02:00 PM at Office of UST (TELECONFERENCE ONLY). About South Cole Holdings LLC South Cole Holdings LLC is a single asset real estate company. South Cole Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22743) on August 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. Honorable Bankruptcy Judge Kyu Young Paek handles the case. SSS PROPERTIES: Frederic Schwieg Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Frederic Schwieg, Esq., at Schwieg Law, as Subchapter V trustee for Fit for SSS Properties, LLC. Mr. Schwieg will be paid an hourly fee of $370 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Schwieg declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Frederic P. Schwieg, Esq. Schwieg Law 2705 Gibson Drive Rocky River, OH 44116-1815 Phone: (440) 499-4506 Email: fschwieg@schwieglaw.com About SSS Properties SSS Properties, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-13457) on August 12, 2025, with $100,001 to $500,000 in assets and up to $50,000 in liabilities. Judge Jessica E. Price Smith presides over the case. Glenn E. Forbes, Esq., at Forbes Law, LLC represents the Debtor as bankruptcy counsel. SUMMIT HARD: Jonathan Dickey Named Subchapter V Trustee ------------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Jonathan Dickey as Subchapter V trustee for Summit Hard Cider and Perry Company LLC. Mr. Dickey will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Dickey declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jonathan M. Dickey, Esq. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 303-832-2400 Email: jmd@kutnerlaw.com About Summit Hard Cider and Perry Company Summit Hard Cider and Perry Company, LLC, operating in Fort Collins, Colorado, produces and sells craft hard ciders and perries, and operates a taproom and pub under the Scrumpy's brand, offering beverages and food to consumers. The Company also collects local fruit through a mobile juicing trailer to create both alcoholic and non-alcoholic drinks. Summit Hard Cider and Perry Company sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-15079) on August 13, 2025. In its petition, the Debtor reported total assets of $164,233 and total liabilities of $2,663,400. Honorable Bankruptcy Judge Joseph G. Rosania Jr. handles the case. The Debtor is represented by Payton L. Buhler, Esq., at Bell, Gould, Linder, & Scott, P.C. TESORO REDLANDS: Involuntary Chapter 11 Case Summary ---------------------------------------------------- Alleged Debtor: Tesoro Redlands DE, LLC 520 Newport Center Drive Suite 480 Newport Beach CA 92660 Business Description: Tesoro Redlands is a single-asset real estate entity, as defined in 11 U.S.C. Section 101(51B). Involuntary Chapter 11 Petition Date: August 21, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-12319 Judge: Hon. Scott C Clarkson Petitioners' Counsel: Michael Jay Berger, Esq. LAW OFFICES OF MICHAEL JAY BERGER 9454 Wilshire Blvd., 6th Floor Beverly Hills CA 90212 Tel: 310-271-6223 Email: michael.berger@bankruptcypower.com A full-text copy of the Involuntary Petition is available for free on PacerMonitor.com at: https://www.pacermonitor.com/view/ESTM6WI/Tesoro_Redlands_DE_LLC__cacbke-25-12319__0001.0.pdf?mcid=tGE4TAMA Alleged creditors who signed the petition: Petitioner Nature of Claim Claim Amount Vierergruppe Management Inc. $42,290 1932 E. Deere Ave Suite 150 Santa Ana, CA 92705 Kobzeff Construction $57,200 5062 Vallecito Avenue Westminster, CA 92683 Coastline Santa Monica Investments, LLC $17,255,316 520 Newport Center Dr #480 Newport Beach CA 92660 TRIDENT NUT: Section 341(a) Meeting of Creditors on September 25 ---------------------------------------------------------------- On August 18, 2025, Trident Nut Co. Inc. filed Chapter 11 protection in the Eastern District of California. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on September 25, 2025 at 02:00 PM via Fresno Conference Line: 888-330-1716 Passcode: 9606458#. About Trident Nut Co. Inc. 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. Trident Nut Co. Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-12782) on August 18, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Jennifer E. Niemann handles the case. The Debtor is represented by Ryan D. O'Dea, Esq. at SHULMAN BASTIAN FRIEDMAN BUI & O'DEA LLP. TRIPLE T & CO: Seeks Subchapter V Bankruptcy in Alabama ------------------------------------------------------- On August 8, 2025, Triple T & Company LLC filed Chapter 11 protection in the Northern District of Alabama. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Triple T & Company LLC Triple T & Company LLC is a local freight trucking company based in Reform, Alabama. Triple T & Company LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-71066) on August 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000 each. Honorable Bankruptcy Judge Jennifer H. Henderson handles the case. The Debtor is represented by Robert C. Keller, Esq. at Russo, White & Keller PC. TURTLE LANE: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: Turtle Lane LLC 77 Oldham Road Newtown MA 02465 Business Description: Turtle Lane LLC focuses on real estate operations, primarily offering property- related services. Chapter 11 Petition Date: August 21, 2025 Court: United States Bankruptcy Court District of Massachusetts Case No.: 25-11733 Judge: Hon. Christopher J. Panos Debtor's Counsel: Christopher M. Condon, Esq. BOWDITCH & DEWEY, LLP 75 Federal Street, Suite 1000 Boston, MA 02110 Tel: 617-757-6513 E-mail: ccondon@bowditch.com Estimated Assets: $10 million to $50 million Estimated Liabilities: ________ Donna Vona signed the petition as manager. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/G22GEBA/Turtle_Lane_LLC__mabke-25-11733__0001.0.pdf?mcid=tGE4TAMA U-TELCO UTILITIES: Unsecureds to Get 5 Cents on Dollar in Plan -------------------------------------------------------------- U-Telco Utilities, Inc., filed with the U.S. Bankruptcy Court for the Northern District of New York a Plan of Reorganization for Small Business dated August 15, 2025. The Debtor is a corporation. Since 1990, the Debtor has been in the business of subcontracting for a related business, 1877 Mining Company, LLC, providing labor, equipment and vehicles. The Debtor's business is run by Rusty Moosbrugger. The Debtor had been using its equipment to do excavation and site work along with digging for septic systems and driveways. In the Fall of 2024 Debtor stopped that work due to an inability to find and hire competent employees. In addition, since the beginning of this past winter, Debtor had been under about six feet of snow. Debtor had not been able to make its monthly payments. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $11,925.84. The final Plan payment is expected to be paid on October 1, 2030. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 5 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 3 consists of Non-priority unsecured creditors. Unsecured creditors will receive a total of $32,013.85 which will be distributed pro rata to all allowed unsecured claims. Debtor will pay a total of $533.56 per month to be distributed to unsecured creditors pro rata. It is anticipated that this will yield approximately 5 cents on the dollar of all unsecured allowed claims. This Class is impaired. Class 4 consists of Equity security holders of the Debtor. Equity interest holders shall receive 100% of the shareholder interests in the reorganized Debtor. The Plan will be implemented by the Debtor remitting payment to creditors as provided for in Section 4.01 herein from the Debtor's cash flow derived from income as indicated in the projections. Upon Confirmation of the Plan, all property of the Debtor, tangible and intangible, including, without limitation, licenses, furniture, fixtures, and equipment, will revert free and clear of all Claims and Equitable Interests except as provided in the Plan, to the Debtor. The Debtor expects to have sufficient cash on hand to make the payments required on the Effective Date. A full-text copy of the Plan of Reorganization dated August 15, 2025 is available at https://urlcurt.com/u?l=mSpyyu from PacerMonitor.com at no charge. About U-Telco Utilities Inc. U-Telco Utilities Inc. specializes in the rental of commercial and industrial machinery and equipment, including heavy construction machinery such as dozers, excavators, and compact track loaders. It provides a diverse range of equipment for construction and mining operations, offering machinery for rent to support grading, excavation, and material screening projects. U-Telco Utilities Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-30126) on February 25, 2025. In its petition, the Debtor reported total assets of $544,250 and total liabilities of $1,184,527. Judge Wendy A. Kinsella handles the case. The Debtor is represented by: Peter Alan Orville, Esq. Orville & Mcdonald Law, PC Tel: 607-770-1007 Email: peteropc@gmail.com URBAN ONE: NASDAQ Extends Deadline to Feb. 2026 for Bid Price Rule ------------------------------------------------------------------ Urban One, Inc. disclosed that on August 12, 2025, NASDAQ informed the Company that it had been granted an additional 180 calendar days to meet the Minimum Bid Price Requirement including by effecting a reverse stock split, if necessary. Therefore, the Company has until February 9, 2026 to regain compliance with the Minimum Bid Price Requirement. Urban One recounted in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on February 11, 2025, the Company received written notice from the Listing Qualifications Department of NASDAQ notifying the Company that, for the last 30 consecutive business days, the bid price for the Company's Class D common stock, par value $0.001 per share had closed below the $1.00 per share minimum bid price requirement for continued inclusion on the NASDAQ Capital Market pursuant to NASDAQ Listing Rule 5550(a)(2) (the "Minimum Bid Price Requirement"). The Notice had and has no immediate effect on the listing of the Class D Common Stock, which continues to trade on the NASDAQ Capital Market under the symbol "UONEK". The Notice also has no impact on the Company's Class A Common Stock which trades under the symbol "UONE." In accordance with NASDAQ Listing Rule 5810(c)(3)(A), the Company had a period of 180 calendar days, or until August 11, 2025, to regain compliance with the Minimum Bid Price Requirement. To regain compliance, the closing bid price of the Company's Class D Common Stock must be at least $1.00 per share for a minimum of ten (10) consecutive business days as required under NASDAQ Listing Rule 5810(c)(3)(A) (unless the NASDAQ staff exercises its discretion to extend this ten-day period pursuant to NASDAQ Listing Rule 5810(c)(3)(H)) during the 180-day period prior to August 11, 2025. On June 18, 2025, the Company's stockholders approved an amendment to the Company's Amended and Restated Articles of Incorporation to permit the Company to effect a reverse stock split of its outstanding Class A and Class D Common Stock, at a ratio within a range between one-for-two and one-for-30, subject to and as determined by a committee appointed by its Board of Directors. On August 1, 2025, the Company requested an additional 180 period to comply with the Minimum Bid Price Requirement as permitted under the NASDAQ Listing Rules. In making the request, the Company noted that it continued to meet the listing requirement for market value of publicly held shares and all other initial listing standards for The NASDAQ Capital Market, with the exception of the bid price requirement. It further noted that it committed to cure the bid price deficiency during the second compliance period, by effecting a reverse stock split, if necessary. About Urban One Urban One, Inc., formerly known as Radio One, Inc., headquartered in Silver Spring, Md., is an urban-oriented multimedia company that operates or owns interests in radio broadcasting stations (32% of revenue as of LTM Q4 2022) generated by 66 stations in 13 markets, cable television networks (43% of revenue), an 80% ownership in Reach Media (9% of revenue), and ownership of Interactive One, its digital platform, as well as other internet-based properties (16% of revenue), largely targeting an African-American and urban audience. The Chairperson, Catherine L. Hughes, and President, Alfred C. Liggins III (Chairperson's son), maintain voting control and hold a significant ownership position. The Company reported consolidated revenue of $485 million as of LTM Q4 2022. * * * In May 2025, S&P Global Ratings lowered its Company credit rating on Urban One Inc. to 'SD' (selective default) from 'CCC+'. S&P also lowered the issue-level rating on the company's senior secured notes to 'D'. UTICA TOWNSHIP: To Sell Vehicles & Equipment to National Ambulance ------------------------------------------------------------------ Utica Township Volunteer Fire Fighters Association and Utica Township Fire Department Incorporated seek approval from the U.S. Bankruptcy Court for the Southern District of Indiana, New Albany Division, to sell Vehicles and Equipment in a private sale, free and clear of liens, claims, interests, and encumbrances. The Debtors now operates on a smaller scale than they did a few years ago—they now provide only emergency medical services and and not firefighting services—but they are saddled with a fleet of vehicles that does not suit them. The expense associated with maintaining their bloated fleet has crippled the Debtors' cash flow and threatened the viability of their operations. Reducing their fleet and selling other property that their operations no longer require will eliminate purchase money debts and generate cash to fund the Debtors' reorganization, sustain their operations during the Chapter 11 Cases, and make payments to their creditors. The Property that this Motion proposes to sell includes the Vehicles, being four ambulances owned by the Association and in the Association’s possession, and which are not used in the Association's operations and are being store and insured at the Association’s expense. Year Make Model VIN Approx. Mileage 2019 Ford Transit 250 1FDYR2CM6JKB47542 144,010 2020 Ford Transit 250 1FDBR1CG5LKA26708 121,545 2019 Ford Transit 350 1FDBW2XM8KKB26718 141,686 The remainder of the Property consists of the Equipment, being two stretchers and five stair chairs owned by the Association and in the Association's possession, and which are not used in the Association’s operations and are being stored and insured at the Association's expense. Make Model Serial Number Stryker Hydraulic Stretcher 19020035000059 Stryker Hydraulic Stretcher 1902003500057 Stryker Tracked Stair Chair 2011010000187 Stryker Tracked Stair Chair 2011010000186 Stryker Tracked Stair Chair 171040727 Stryker Tracked Stair Chair 171040728 Stryker Tracked Stair Chair 171040726 The Buyer, National Ambulance LLC, has offered $125,000 to purchase the Vehicles as a single lot, and, separately, $20,500 to purchase the Equipment as a single lot. Among the Property, only the 2020 Ford Transit 250 with VIN ending in 6708 is subject to a known lien, namely, that in favor of REV Federal Credit Union, with an outstanding balance of $5,878.39, which will be paid in full from the proceeds of the sale of the Vehicles. The other Property is not subject to any known liens. However, the Utica Township Fire Protection District has asserted ownership or other interests in certain of the Debtors’ property in state-court litigation that was pending on the Petition Date. It is unclear to the Debtors whether the District's claims extend to the Vehicles. Some or all of the Equipment is the subject of financing statements filed with the Indiana Secretary of State by the Stryker Sales Corporation, which once perfected liens securing loans that the Debtors paid in full before the Petition Date. The Debtor proposes that the Property be sold directly to National Ambulance, a national ambulance dealer, without further consideration of competing bids or notice to the Court or parties-in-interest. The Debtors, in their business judgment, have determined that private sales to National Ambulance, which will not be subject to sales commission or sales tax, will result in the highest and best return on the Property, considering the associated costs and the time value of money. The Association is a nonprofit corporation incorporated in 1954 under the laws of the state of Indiana, with its principal office located in Clarksville, Indiana. The Department is an Indiana nonprofit corporation incorporated in 2002; it shares with the Association a location, board of directors, and operational history. Matthew Owen is chief executive officer of both Debtors. The Debtors for many years provided firefighting and emergency medical services to unincorporated areas in Indiana's Clark and Floyd Counties. The Association focused primarily on providing emergency medical ambulance service, with contracts from Clark County and Floyd County for 911 ambulance services. The Department provided fire protection, fire prevention, emergency medical services, and related services to Utica Township, New Albany Township Fire District, and the Franklin Township Trustee. The Debtors have determined, in their business judgment, that the Vehicle Offer and the Equipment Offer are the best means of selling the Property. The Vehicles and Equipment are familiar assets in the emergency-services market. Similar property is regularly listed for sale on GovDeals and other sale platforms, with which the Debtors' management is familiar. The likely auction values are readily ascertainable. The Debtors believe that the proposed sale prices are slightly less than the Vehicles and Equipment would bring at auction, but that the proposed sales will yield better results for the Debtors because, unlike an auction sale, they will not be subject to a sales commission or other fees and, because the buyer is not an end user and will itself sell the Property, will be exempt from sales tax, resulting in a savings for the buyer and a better return for the Debtors. REV's lien secures a purchase-money loan for the 2020 Ford Transit 250 with VIN ending in 6708. The loan has been paid down substantially since it was incurred. Neither REV nor any successor has yet filed a proof of claim. The proposed payoff of $5,878.39 is the Debtors’ best estimate of the amount owed to REV, based on the most recent invoice the Debtors have received. About Utica Township Volunteer Fire Fighters Association Utica Township Volunteer Fire Fighters Association is a nonprofit organization based in Clarksville, Indiana, providing volunteer fire protection and emergency services for Utica Township and surrounding areas. Utica Township Volunteer Fire Fighters Association sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-90840) on July 22, 2025. In its petition, the Debtor reports total assets of $3,023,08 and total liabilities of $1,076,837. Honorable Bankruptcy Judge Andrea K. McCord handles the case. The Debtor is represented by William P. Harbison, Esq. at SEILLER WATERMAN LLC. VENETIAN NAIL: Tarek Kiem of Kiem Law Named Subchapter V Trustee ---------------------------------------------------------------- The U.S. Trustee for Region 21 appointed Tarek Kiem, Esq., at Kiem Law, PLLC as Subchapter V trustee for Venetian Nail Spa, MMP, LLC. Mr. Kiem 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. Kiem declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tarek Kiem, Esq. Kiem Law, PLLC 8461 Lake Worth Road, Suite 114 Lake Worth, FL 33467 Tel: (561) 600-0406 tarek@kiemlaw.com About Venetian Nail Spa Venetian Nail Spa, MMP, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-19379) on August 13, 2025, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Laurel M. Isicoff presides over the case. Aubrey Rudd, Esq. represents the Debtor as legal counsel. VILLAGE OAKS: No Resident Complaints, 7th PCO Report Says --------------------------------------------------------- Eden Rosales, the acting patient care ombudsman, filed with the U.S. Bankruptcy Court for the Eastern District of California her seventh report regarding the quality of patient care provided at Village Oaks Senior Care, LLC's assisted care living facility. The Local Long-Term Care Ombudsman Program (LTCOP) ombudsman visited the facility on June 30, with a total census of 13 residents. During the reporting period for August, LTCOP representatives observed that the facilities had the appropriate number of staff, including administrative personnel and direct care staff. There are currently no concerns regarding the staff's ability to provide adequate services to current and prospective residents. The ombudsman representatives conducted a comprehensive evaluation of the facility, examining the indoor and outdoor areas to ensure the health and safety of the residents. No unpleasant odor was reported, and the facility appeared clean, sanitized, and well-maintained. Adequate levels of food, clean linens and supplies were noted. In general, the ombudsman representatives observed no decline in service quality or resident care associated with the ongoing bankruptcy proceedings. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=XMh706 from PacerMonitor.com. About Village Oaks Senior Care Village Oaks Senior Care, LLC, a company in El Dorado Hills, Calif., owns and operates community care facilities for the elderly. Village Oaks Senior Care filed Chapter 11 petition (Bankr. E.D. Calif. Case No. 24-22206) on May 21, 2024, with total assets of $1,440,832 and total liabilities of $3,369,013 as of Dec. 31, 2023. Lisa Holder, Esq., a practicing attorney in Bakersfield, Calif., serves as Subchapter V trustee. Judge Christopher D. Jaime oversees the case. D. Edward Hays, Esq., at Marshack Hays Wood, LLP, is the Debtor's legal counsel. VYRIPHARM BIOPHARMACEUTICALS: Amends Unsecured Claims Pay Details ----------------------------------------------------------------- Vyripharm Biopharmaceuticals, Inc., submitted a Second Amended Subchapter V Plan of Reorganization dated August 15, 2025. The filing of the Bankruptcy Case was prompted by two judgments that were entered against the Debtor by its former counsel and placement agency: Ian Martin Limited dba Sterling Life Services v. Vripharm Biopharmaceuticals, Inc., file in the 333rd Judicial District of Harris County, Texas and McGuireWoods LLP v. Vyripharm Biopharmaceuticals, Inc. filed in the 157th Judicial District of Harris County, Texas. Class 4 shall consist of Allowed Priority Unsecured Claims held by the Ian Martin Limited dba Sterling Life Services, McGuireWoods LLP, and the Texas Comptroller of Public Accounts. For avoidance of doubt, the claim of McGuireWoods LLP in the amount of $699,004.84 shall be deemed an Allowed Claim pursuant to the Plan. In full satisfaction, Claimants in Class 4 shall receive payment of their Allowed Claims on or before March 31, 2027 according to the following payment scheduled attached as Exhibit 2. Notwithstanding any contrary provision herein, in the event of any failure of the Reorganized Debtor to timely make any monthly required plan payment to the holder of an Allowed Claim in Class 4, which shall constitute an event of default under the Plan, such holder shall send a Notice of Default to the Reorganized Debtor. To the extent the default is not cured within twenty days after the date of such notice, or upon the third Notice of Default, such holder is authorized to immediately take any and all actions to collect all amounts owed pursuant to applicable law, including but not limited to post-judgment relief, without further notice to any party and without the need for Bankruptcy Court approval. Class 4 is impaired under the Plan. The payments contemplated in this Plan shall be funded from the postpetition operations of the Debtor through the Effective Date. The Debtor shall receive its development funding and funding to pay all Claims of the estate from Vyripharm Enterprises, Inc. commencing August or September 2025 with all claims of the estate to be paid in full no later than March 31, 2027. Except as otherwise provided in this Plan, to the extent that any Allowed Claim entitled to a distribution under the Plan is comprised of indebtedness and accrued but unpaid interest thereon, such distribution shall be allocated to the principal amount (as determined for U.S. federal income tax purposes) of the Claim first, and then to accrued but unpaid interest. A full-text copy of the Second Amended Plan dated August 15, 2025 is available at https://urlcurt.com/u?l=8wi0Bl from PacerMonitor.com at no charge. Counsel to the Debtor: Brendon Singh, Esq. Tran Singh LLP 2502 La Branch Street Houston, TX 77004 Telephone: (832) 975-7300 Facsimile: (832) 975-7301 Email: bsingh@ts-llp.com About Vyripharm Biopharmaceuticals Vyripharm Biopharmaceuticals Inc. is a leading biopharmaceutical/biotechnology innovator in personalized medicine. Vyripharm Biopharmaceuticals Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-30395) on January 27, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $50,000 and $100,000. Judge Jeffrey P. Norman handles the case. The Debtor is represented by Susan Tran Adams, Esq. at Tran Singh LLP. WATTS CHOPPING: Amends Plan to Include Kern County Secured Claim ---------------------------------------------------------------- Watts Chopping, Inc., submitted a First Amended Plan of Reorganization dated August 12, 2025. The Debtor filed its Chapter 11 case to give the Debtor a vehicle to reorganize its business and repay creditors as required by the law. The Debtor is confident its income will increase in the future and permit the Debtor to repay debt owed to creditors through the First Amended Plan consistent with the law. The Class Thirty-one claim of the Kern County Treasurer-Tax Collector ("Kern County") is impaired under the First Amended Plan. The Class Thirty-one claim represents property taxes owed to Kern County for 2024 and 2025 secured by tax liens recorded against the Debtor's assets by Kern County. Kern County will retain its liens against the Debtor's assets and the Debtor's assets will secure repayment of the Class Thirty-one claim. The Class Thirty-one claim was $13,934.93 on the petition date according to Kern County's proof of claim on March 10, 2025. The Class Thirty-one claim will accrue interest at the rate of eighteen percent per annum beginning on July 1, 2025. The Class Thirty-one claim will be paid in full on or before September 30, 2025. Like in the prior iteration of the Plan, Class Thirty-two claims of general unsecured creditors are impaired under the Plan. The Class Thirty-two claims will be about $2,121,202.08 on the effective date according to the Debtor's Amended Schedules of Assets and Liabilities filed on April 3, 2025 and Proofs of Claim filed by creditors in the Debtor's case. Class Thirty-two claims will be paid over sixty months and Class Thirty-two claims will not accrue interest after the effective date. Class Thirty-two claims will receive a pro rata share of $265,621.55 during the Term of the Plan ("the Class Thirty-two Dividend"). Any Class Thirty-two claim not paid through the Plan will be discharged when the Court enters a discharge. Payments on the Class Thirty-two claims will be $%3,124.31 per year beginning on December 31, 2026. Class Thirty-two claims will receive a pro rata share of $53,124.31 per year until the Class Thirty-two dividend is paid in full. Payment of the Class Thirty-two claims will continue each year until the Class Thirty-two Dividend in paid in full. The Plan will be executed by the Debtor making payments to Claimants from money received from the Debtor's business operations. The Debtor will continue its business during the Term of the Plan to generate the income needed to fund the Plan. The Debtor believes that its business will generate gross income of $3,123,995.97 per year during the term of the Plan beginning in 2026. The Debtor's business will be managed by Gary Watts and Hayley Watts during the Term of the Plan. A full-text copy of the First Amended Plan dated August 12, 2025 is available at https://urlcurt.com/u?l=Wyn4tI from PacerMonitor.com at no charge. Counsel to the Debtor: Leonard K. Welsh, Esq. LAW OFFICES OF YOUNG WOOLDRIDGE 1800 30th Street, Fourth Floor Bakersfield, CA 93301 Tel: (661) 328-5328 Fax: (661) 760-9900 Email: lwelsh@youngwooldridge.com About Watts Chopping Watts Chopping operates an agricultural equipment business with significant holdings in harvesting and farming equipment. Watts Chopping sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-10505) on February 21, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Jennifer E. Niemann handles the case. Leonard K. Welsh, Esq., at the Law Offices of Young Wooldridge, is the Debtor's legal counsel. WEST RIDGE: Seeks Chapter 11 Bankruptcy in West Virginia -------------------------------------------------------- On August 18, 2025, West Ridge Inc. filed Chapter 11 protection in the Northern District of West Virginia. According to court filing, the Debtor reports between $50 million and $100 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About West Ridge Inc. West Ridge Inc. engaged in real estate development and management in Morgantown, West Virginia, operating under a unified management structure. West Ridge Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. W. Va. Case No. 25-00451) on August 18, 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 David L. Bissett handles the case. The Debtor is represented by David B. Salzman, Esq. at CAMPBELL & LEVINE, LLC. WESTVIEW BAPTIST: Seeks Chapter 11 Bankruptcy in Florida -------------------------------------------------------- On August 19, 2025, Westview Baptist Church Inc. filed Chapter 11 protection in the Southern District of Florida. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Westview Baptist Church Inc. 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. Westview Baptist Church Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-19573) on August 19, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Corali Lopez-Castro handles the case. The Debtor is represented by Ariel Sagre, Esq. at SAGRE LAW FIRM, P.A. WHITE BEHAVIORAL: Seeks Subchapter V Bankruptcy in Michigan ----------------------------------------------------------- On August 6, 2025, White Behavioral Consultants PC filed Chapter 11 protection in the Eastern District of Michigan. 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 White Behavioral Consultants PC White Behavioral Consultants PC, dba WBC Counseling, is a behavioral health provider offering mental health counseling and consultation services in southeastern Michigan. It specializes in providing professional behavioral health services through its locations in Ypsilanti and Ann Arbor, serving patients in Washtenaw County. White Behavioral Consultants PC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-47920) on August 6, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Thomas J. Tucker handles the case. The Debtor is represented by Yuliy Osipov, Esq. at Osipov Bigelman, P.C. WK BROWN: Voluntary Chapter 11 Case Summary ------------------------------------------- Debtor: WK Brown, LLC 2590 Freeway Blvd. Minneapolis, MN 55429 Business Description: WK Brown, LLC is engaged in leasing real estate properties, including residential buildings and dwellings, nonresidential buildings, miniwarehouses, and self-storage units, and other real estate assets. Chapter 11 Petition Date: August 18, 2025 Court: United States Bankruptcy Court District of Minnesota Case No.: 25-42685 Judge: Hon. Mychal A Bruggeman Debtor's Counsel: Jeffrey Butwinick, Esq. BUTWINICK LAW OFFICE 7800 Metro Parkway 300 Minneapolis MN 55425 Tel: (651) 210-5055 Email: jeff@butwinicklaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Wayne G. Brown as CEO. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/3AW74NA/WK_Brown_LLC__mnbke-25-42685__0001.0.pdf?mcid=tGE4TAMA X4 PHARMACEUTICALS: Closes $85 Million Upsized Private Placement ---------------------------------------------------------------- X4 Pharmaceuticals, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company on August 12, 2025, entered into a Securities Purchase Agreement with certain institutional investors for the offering and sale of $60 million of common stock and pre-funded warrants (the "First Private Placement"). Also on the same date, the Company subsequently entered into a separate Securities Purchase Agreement and Registration Rights Agreement with a third-party investment fund, under which the Company has agreed to sell pre-funded warrants to purchase up to 17,618,041 shares of common stock for gross proceeds of approximately $25,000,000 and register the underlying securities for resale (the "Second Private Placement"). The purchase price per pre-funded warrant is $1.419. The pre-funded warrants have an exercise price of $0.001 per share, are exercisable at any time after their original issuance and will not expire. On August 13, 2025, the Company closed the foregoing financing transactions and raised aggregate gross proceeds of $85,000,000 million, before deducting placement agent fees and other expenses. Following the closing, the fully-diluted shares outstanding will be approximately 87.2 million. The offering was led by Coastlands Capital with support from existing investors: -- Empery Asset Management, LP, -- Bain Capital Life Sciences, -- New Enterprise Associates (NEA), and other leading life science investors, including: -- BVF Partners LP, -- Deep Track Capital, -- Kalehua Capital, -- Nantahala Capital, -- Stonepine Capital Management, and -- Trails Edge Capital Partners. X4 expects to use the net proceeds from the financing for continued development towards a potential additional approval of mavorixafor in chronic neutropenia, in addition to the commercialization of WHIM. Copies of the Securities Purchase Agreement and the Registration Rights Agreement are available at https://tinyurl.com/ffx43kz4 and https://tinyurl.com/y949nfr2, respectively. The Company is represented by: William D. Collins, Esq. Goodwin Proctor LLP 100 Northern Avenue Boston, MA 02110 Telephone: 617) 570-1447/(617) 570-1329 Email: wcollins@goodwinlaw.com About X4 Pharmaceuticals Boston, Mass.-based X4 Pharmaceuticals, Inc. is a biopharmaceutical company focused on discovering, developing, and commercializing novel therapeutics for the treatment of rare diseases and those with limited treatment options, particularly conditions resulting from immune system dysfunction. Boston, Mass.-based PricewaterhouseCoopers LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 25, 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 operating losses and negative cash flows from operations since inception that raise substantial doubt about its ability to continue as a going concern. [] BOOK REVIEW: Management Guide to Troubled Companies ------------------------------------------------------ Taking Charge: Management Guide to Troubled Companies and Turnarounds Author: John O. Whitney Publisher: Beard Books Softcover: 283 Pages List Price: $34.95 Order a copy today at: http://beardbooks.com/beardbooks/taking_charge.html Review by Susan Pannell Remember when Lee Iacocca was practically a national hero? He won celebrity status by taking charge at a company so universally known as troubled that humor columnists joked their kids grew up thinking the corporate name was "Ayling Chrysler." Whatever else Iacocca may have been, he was a leader, and leadership is crucial to a successful turnaround, maintains the author. Mediagenic names merit only passing references in Whitney's book, however. The author's own considerable experience as a turnaround pro has given him more than sufficient perspective and acumen to guide managers through successful turnarounds without resorting to name-dropping. While Whitney states that he "share[s] no personal war stories" in this book, it was, nonetheless, written from inside the "shoes, skin, and skull of a turnaround leader." That sense of immediacy, of urgency and intensity, makes Taking Charge compelling reading even for the executive who feels he or she has already mastered the literature of turnarounds. Whitney divides the work into two parts. Part I is succinctly entitled "Survival," and sets out the rules for taking charge within the crucial first 120 days. "The leader rarely succeeds who is not clearly in charge by the end of his fourth month," Whitney notes. Cash budgeting, the mainstay of a successful turnaround, is given attention in almost every chapter. Woe to the inexperienced manager who views accounts receivable management as "an arcane activity 'handled over in accounting.'" Whitney sets out 50 questions concerning AR that the leader must deal with -- not academic exercises, but requirements for survival. Other internal sources for cash, including judiciously managed accounts payable and inventory, asset restructuring, and expense cuts, are discussed. External sources of cash, among them banks, asset lenders, and venture capital funds; factoring receivables; and the use of trust receipts and field warehousing, are handled in detail. Although cash, cash, and more cash is the drumbeat of Part I, Whitney does not slight other subjects requiring attention. Two chapters, for example, help the turnaround manager assess how the company got into the mess in the first place, and develop strategies for getting out of it. The critical subject of cash continues to resonate throughout Part II, "Profit and Growth," although here the turnaround leader consolidates his gains and looks ahead as the turnaround matures. New financial, new organizational, and new marketing arrangements are laid out in detail. Whitney also provides a checklist for the leader to use in brainstorming strategic options for the future. Whitney's underlying theme -- that a successful business requires personal leadership as well as bricks and mortar, money and machinery -- is summed up in a concluding chapter that analyzes the qualities that make a leader. His advice is as relevant in this 1999 reprint edition as it was in 1987 when first published. John O. Whitney had a long and distinguished career in academia and industry. He served as the Lead Director of Church and Dwight Co., Inc. and on the Advisory Board of Newsbank Corp. He was Professor of Management and Executive Director of the Deming Center for Quality Management at Columbia Business School, which he joined in 1986. He died in 2013. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***