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250827.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, August 27, 2025, Vol. 29, No. 238 Headlines 1021-1025 SANTA FE: Case Summary & Six Unsecured Creditors 17323 106 AVE: Seeks Chapter 11 Bankruptcy in New York 176 W. 86 ST.: Hires Charles Wertman as Legal Counsel 301 W NORTH: Seeks to Extend Plan Exclusivity to Jan. 31, 2026 A.E. SCHLUETER: Seeks to Extend Plan Exclusivity to November 12 AB & J JEWELRY: Seeks to Use Cash Collateral ABILENE CONVENTION: S&P Affirms 'BB-' Rating on Sr. Revenue Bonds ADVENT TECHNOLOGIES: Fisal Q2 Net Loss Narrows to $3.8 Million AGREETA SOLUTIONS: Case Summary & 20 Largest Unsecured Creditors AIR CANADA: Moody's Affirms 'Ba2' CFR & Alters Outlook to Stable ALEON METALS: Court Poised to Approve September 29 Auction ALL PHASE: Files Emergency Bid to Use Cash Collateral ALMITAS LATINAS: Melissa Haselden Named Subchapter V Trustee ALPHA WOLF: Case Summary & One Unsecured Creditor AMERICAN FORKLIFT: Court Extends Cash Collateral Access to Sept. 23 AMPLIFYBIO LLC: Hires Epiq Corporate as Administrative Advisor ANNALEE DOLLS: Plan Exclusivity Period Extended to November 6 ANNALEE DOLLS: Seeks to Use Cash Collateral Until Sept 30 APOLLO CONSTRUCTION: Case Summary & 15 Unsecured Creditors ARCHDIOCESE OF NEW ORLEANS: Frank J. D'Amico Represents Creditors ARCHDIOCESE OF SAN FRANCISCO: Insurers Oppose Ch. 11 Test Cases ASOCIACION HOSPITAL: Case Summary & 20 Top Unsecured Creditors ASSURE AFFORDABLE: Hires Maxwell Dunn as Legal Counsel AVON PRODUCTS: Needs to Revise Certain Provisions of Ch. 11 Plan BEAR'S FRUIT: Seeks Subchapter V Bankruptcy in New York BETTER IS BETTER: Gets Interim OK to Use Cash Collateral BEYOND AIR: Reports $8.1M Net Loss in Quarter Ended June 30, 2025 BINYAN KOIDESH: Voluntary Chapter 11 Case Summary BIOXCEL THERAPEUTICS: Fiscal Q2 Net Loss Widens to $19.2 Million BISHOP OF FRESNO: Committee Gets OK to Tap Stinson LLP as Counsel BLOCK COMMUNICATIONS: Moody's Cuts CFR to B3 & 1st Lien Debt to Ba3 BOTTOMS UP: Lawrence Katz Named Subchapter V Trustee BP RETAIL: Files Emergency Bid to Use Cash Collateral C & S MEMORIAL: Armistead Long Named Subchapter V Trustee CAMBRIDGE RIVERVIEW: Principal Loses Bid to Recover Unused Retainer CAPTURE COLLECTIVE: Hires Kurt Kawafuchi as Special Counsel CCA CONSTRUCTION: Seeks to Extend Plan Exclusivity to December 17 CHEZ JOEY: Lawrence Katz Named Subchapter V Trustee CLAIRE'S HOLDINGS: Pachulski Stang Represents Elliott and Monarch CLB TRUCKING: Seeks to Use Cash Collateral COLLECTIVE INVESTMENT: Seeks Subchapter V Bankruptcy in Virginia CONGOLEUM CORP: Court Says BIW Not Liable for Environmental Claims CRANE ENTERPRISES: Court Upholds Cranes' Eviction CROSS TOWN: Gets Court OK to Use Cash Collateral Until Feb. 28 CUSTOM CONCRETE: Unsecureds Will Get 10% of Claims over 5 Years DATAVAULT AI: EOS Technology and CEO Bradley Hold 9.9% Stake DEDICATION & EVERLASTING: Seeks to Use Cash Collateral DENVER BOULDERING: May Assume Lease with NR Denver Industrial DESTINATIONS TO RECOVERY: No Patient Care Concern, PCO Report Says EDWARDS BODY: Seeks Subchapter V Bankruptcy in Florida FULLER'S SERVICE: Gets Extension to Access Cash Collateral GENESIS HEALTHCARE: Court Orders Addition of New Committee Members GLOBAL CHOICE: Seeks Subchapter V Bankruptcy in New York GLOBAL CONSULTING: Hires Keery McCue PLLC as Legal Counsel GR FOUNDER: Seeks Chapter 11 Bankruptcy in New Jersey GRAHAM PACKAGING: S&P Alters Outlook to Pos., Affirms 'B' ICR GUARDIAN HEALTHCARE: PCO Reports Resident Care Complaints GWG HOLDINGS: Wind-Down Trustee Resists Ethics Scandal Ouster Bid HANESBRANDS INC: Gildan Transaction No Impact on Moody's 'B1' CFR HONOR STUDIOS: Seeks Subchapter V Bankruptcy in Texas HOUSE SPIRITS: Seeks Additional $500,000 DIP Loan ICORECONNECT INC: Gets Extension to Access Cash Collateral II BALLAKIS FAMILY: Seeks Chapter 11 Bankruptcy in New York IMPERIAL MANUFACTURING: Case Summary & Three Unsecured Creditors IVESTER'S TREE: Unsecured Creditors to Split $80K over 4 Years JACKSBOSTON LLC: Seeks to Use Cash Collateral JACKSON HOSPITAL: PCO Reports No Staffing Shortages JHRG MANUFACTURING: Files Emergency Bid to Use Cash Collateral JOSHUA MANAGEMENT: Gets OK to Use Cash Collateral Until Oct. 15 JT MASONRY: Case Summary & One Unsecured Creditor KESKIN INC: Files Emergency Bid to Use Cash Collateral KINGS ESTATES: To Sell Philadelphia Property to Martin Rembert KULA GRAIN: Seeks to Extend Plan Exclusivity to September 19 L & D CAFE: Seeks Cash Collateral Access LA CREME: Seeks Subchapter V Bankruptcy in California LARCO POOLS: Hires Ford & Semach P.A. as Bankruptcy Counsel LEGACY DRAYAGE: Files Emergency Bid to Use Cash Collateral LIFESCAN GLOBAL: Seeks to Hire Porter Hedges as Co-Counsel LITTLE MINT: Seeks to Extend Plan Exclusivity to October 27 MARTINES PALMEIRO: Hires Kutner Brinen Dickey as Legal Counsel MCMILLAN LOGGING: Case Summary & 13 Unsecured Creditors MENORAH CAMPUS: No Resident Concern, 2nd PCO Report Says MERIT STREET: Committee Taps Berkeley Research as Financial Advisor MERIT STREET: Committee Taps O'Melveny & Myers as Counsel MODIVCARE INC: Delays Q2 10-Q for Goodwill Review, Culture Probe MOUNTAIN VIEW: Hires Condon Tobin as Legal Counsel NAPA FORD: Gets Interim OK to Use Cash Collateral NB MOUNTAIN: Files Emergency Bid to Use Cash Collateral NEAL MEATS: Case Summary & Two Unsecured Creditors NIKOPAT & ASSOCIATES: Hires Sold 100 as Real Estate Broker NORTH WHITEVILLE: Gets Extension to Access Cash Collateral NORTHVOLT AB: Lyten to Secure Carmaker Support for Co's Revival OMEGA INVESTIGATION: Seeks Chapter 11 Bankruptcy in Puerto Rico OREGON CLEAN: S&P Upgrades ICR to 'BB', Outlook Stable ORIGIN FOOD: Gets Interim OK to Use Cash Collateral PARTY CITY: Reaches Nearly $4MM Settlement w/ Former Employees PIONEER HEALTH: Opposes Investment Banker's $500K Fee Request POSH QUARTERS: Seeks Cash Collateral Access PRIMO BRANDS: S&P Affirms 'BB-' Issuer Credit Rating, Outlook Pos. PROSPECT MEDICAL: Mayor Wants Non-Profit Buyer for Waterbury PUERTO RICO: Board Shake-Up May Not Bring PREPA Bond Payments QUILL 115: Section 341(a) Meeting of Creditors on September 24 RECONNECT INC: Section 341(a) Meeting of Creditors on September 24 RECONNECT INCORPORATED: Seeks Cash Collateral Access RHODE ISLAND MAYORAL: S&P Alters Outlook to Neg, Affirms 'BB+' ICR RITE AID: Co., Lease Buyer Slam Sale Objection of Landlord RS BORGES INVESTMENTS: Seeks Subchapter V Bankruptcy in Florida SABRE INDUSTRIES: S&P Affirms 'B' ICR, Outlook Stable SAMYS OC: Court Extends Cash Collateral Access to Sept. 30 SBHC HOLDINGS: S&P Downgrades ICR to 'CC' on Planned Debt Exchange SCIENTIFIC ENERGY: Needs More Time to Finalize Q2 10-Q Statements SERENITY TENDER: Section 341(a) Meeting of Creditors on Sept. 23 SIFAT LLC: Seeks to Extend Plan Exclusivity to December 1 SK INDUSTRIES: Plan Exclusivity Period Extended to October 16 SMITH ENVIRONMENTAL: Gets Court OK to Tap Messari as Accountant SPIRIT AIRLINES: Works w/ Advisers to Explore 2nd Chap. 11 Filing ST VINCENT HOME: Case Summary & Three Unsecured Creditors STORMS FAMILY: Hires Sue D. Lasky PA as Legal Counsel SUNNY ENERGY: Trustee Taps ERC to Assist in Retention Credits TARGET GROUP: Posts $220K Net Loss, Lower Revenue in Fiscal Q2 THERAPEUTICS MD: Swings to $551,000 Profit in Fiscal Q2 TINY FROG: Gets Final OK to Use Cash Collateral TITAN CNG: Seeks Chapter 11 Bankruptcy in Delaware TROYZ TOWING: Seeks Subchapter V Bankruptcy in Florida UPHEALTH HOLDINGS: Reaches Chapter 11 Agreement With Glocal VIEWBIX INC: MMCAP International and MM Asset Holds 1.75% Stake VOYAGE ACADEMY: Moody's Assigns Ba1 Rating to 2025A/B Revenue Bonds WATERBRIDGE NDB: S&P Places 'B' ICR on Watch Pos on Merger With WBR WATERBRIDGE OPERATING: S&P Places 'B-' ICR on Watch Positive WEST PROPERTIES: Seeks to Extend Plan Filing Deadline to Sept. 19 WOLFSPEED INC: Seeks to Sell Macom Shares in Private Sale WOLFSPEED INC: US Trustee Opposes Chapter 11 Plan Opt-Outs WPB HOLDINGS: Involuntary Chapter 11 Case Summary XTREME QUALITY: Seeks Subchapter V Bankruptcy in Florida [] Suppliers Struggle Amid Expensive Bankruptcy Cases ********* 1021-1025 SANTA FE: Case Summary & Six Unsecured Creditors ---------------------------------------------------------- Debtor: 1021-1025 Santa Fe Avenue, LLC 135 North Hamilton Drive Beverly Hills, CA 90211 Business Description: 1021-1025 Santa Fe Avenue, LLC lists its principal assets at 1021-1025 Santa Fe Avenue in Los Angeles, California 90021- 1740. Chapter 11 Petition Date: August 25, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-17398 Debtor's Counsel: Raymond H. Aver, Esq. LAW OFFICES OF RAYMOND H. AVER, A PROFESSIONAL CORPORATION 11849 West Olympic Boulevard, Suite 204 Los Angeles, CA 90064 Tel: (310) 571-3511 E-mail: ray@averlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: 1 million to $10 million The petition was signed by Farid E. Kahen as manager. A copy of the Debtor's list of six unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/67RXQYI/1021-1025_Santa_Fe_Avenue_LLC__cacbke-25-17398__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6QWCWNA/1021-1025_Santa_Fe_Avenue_LLC__cacbke-25-17398__0001.0.pdf?mcid=tGE4TAMA 17323 106 AVE: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------------ On August 18, 2025, 17323 106 Ave LLC filed Chapter 11 protection in the Eastern 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 17323 106 Ave LLC 17323 106 Ave LLC is a single asset real estate company based in Jamaica, New York. 17323 106 Ave LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y.Case No. 25-43963) on August 18, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. 176 W. 86 ST.: Hires Charles Wertman as Legal Counsel ----------------------------------------------------- 176 W. 86 St. Corp. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Charles Wertman of the Law Offices of Charles Wertman P.C. to serve as its legal counsel. Mr. Wertman will provide these services: (a) provide legal advice with respect to the Debtor's powers and duties as debtor-in-possession in accordance with the provisions of the Bankruptcy Code; (b) prepare on behalf of the Debtor all necessary schedules, applications, motions, answers, orders, reports, adversary proceedings and other legal documents required by the Bankruptcy Code and Federal Rules of Bankruptcy Procedure; (c) assist the Debtor in the development and implementation of a plan of reorganization; and (d) perform all other legal services for the Debtor that may be necessary in connection with this Chapter 11 case and the Debtor's attempts to reorganize its affairs under the Bankruptcy Code. Prior to the filing, the Law Offices of Charles Wertman P.C. was paid $8,738, of which $1,738 was the filing fee required by the Court. The remaining balance was provided as a retainer to serve as Debtor's counsel. The Law Offices of Charles Wertman P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Charles Wertman, Esq. LAW OFFICES OF CHARLES WERTMAN P.C. 100 Merrick Road, Suite 304W Rockville Centre, NY 11570 Telephone: (516) 284-0900 E-mail: charles@cwertmanlaw.com About 176 W. 86 St. Corp. 176 W. 86 St. Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10691) on April 9, 2025. At the time of the filing, the Debtor had estimated assets of between $0 and $50,000 and liabilities of between $1,000,001 and $10 million. Judge Philip Bentley oversees the case. Law Offices of Charles Wertman P.C. is Debtor's legal counsel. 301 W NORTH: Seeks to Extend Plan Exclusivity to Jan. 31, 2026 -------------------------------------------------------------- 301 W North Avenue, 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 January 31, 2026, respectively. In this case, cause exists to extend the exclusivity periods, because the relevant factors weigh in favor of extension. * Factor 1: Necessity of Time to Negotiate and Obtain Adequate Information. The Debtor requires additional time to finalize a settlement with its primary secured mortgage lender with the goal of confirming a consensual plan of reorganization. If the parties can agree to treatment under the plan, the Debtor is in a unique position to maximize the value of its estate for all of the various stakeholders. This first factor weighs in favor of an extension. * Factor 2: Good Faith Progress Toward Reorganization. The Debtor has made good faith progress toward reorganization. The Debtor has already filed a Disclosure Statement and a confirmable Plan and has made good faith efforts to reach a consensual plan with its main secured mortgage lender and other creditors. This second factor also supports granting the Debtor an extension. * Factor 3: Paying Debts as They Come Due. The Debtor is paying expenses as they come due. Not only are post-petition expenses being paid, but the Real Estate is generating significant net income, and the Debtor has been paying significant monthly amounts to its secured mortgage lender throughout the bankruptcy case. This third factor supports granting the Debtor an extension of the Exclusivity Periods. * Factor 4: Reasonable Prospects for Filing a Viable Plan. The Debtor has reasonable prospects for filing a viable plan. Here, the Debtor has a realistic reorganization underway and has already filed a confirmable Plan. The fourth factor weighs in favor of the requested extension. * Factor 5: The Length of Time the Case Has Been Pending. This bankruptcy case has been pending since only April, 2025. During that time, the Debtor has been engaged in various administrative tasks alongside its attempts to negotiate with its secured creditors. Because the case has only been pending for a short time, this fifth factor supports extending exclusivity. * Factor 6: Unresolved Contingencies. Finally, certain unresolved contingencies prevent the Debtor from finalizing a chapter 11 plan. The Debtor is still attempting to negotiate the treatment of its secured mortgage lender's claim as well as other lien creditors. The amount and nature of these claims will impact their treatment and the treatment of other claims under a plan. Therefore, this final factor thus weighs in favor of the Court extending exclusivity. 301 W North Avenue, LLC is represented by: Robert W. Glantz, Esq. Jeffrey M. Schwartz, Esq. MUCH SHELIST, P.C. 191 N. Wacker Drive, Suite 1800 Chicago, IL 60606 Telephone: (312) 521-2000 Facsimile: (312) 521-3000 Email: rglantz@muchlaw.com jschwartz@muchlaw.com About 301 W North Avenue 301 W North Avenue LLC is a real estate debtor with a single asset, as outlined in 11 U.S.C. Section 101(51B), and its main property is situated at 1552 N. North Park Avenue, Chicago, IL 60610. 301 W North Avenue LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.Â N.D. Ill. Case No. 25-05275) on April 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million to $50 million each. HonorableÂ Bankruptcy JudgeÂ Timothy A. Barnes handles the case. The Debtor is represented by Robert Glantz, Esq. ROBERT GLANTZ MUCH SHELIST, P.C. BDS III Mortgage Capital G LLC, as creditor, is represented by: Steven Yachik, Esq. William S. Gyves, Esq. Benjamin Feder, Esq. Philip A. Weintraub, Esq. KELLEY DRYE & WARREN LLP 3 World Trade Center 175 Greenwich Street New York, New York 10007 Telephone: (212) 808-7800 Facsimile: (212) 808-7897 Email: syachik@kelleydrye.com wgyves@kelleydrye.com bfeder@kelleydrye.com pweintraub@kelleydrye.com A.E. SCHLUETER: Seeks to Extend Plan Exclusivity to November 12 --------------------------------------------------------------- A.E. Schlueter Pipe Organ Sales and Service Inc. asked the U.S. Bankruptcy Court for the Northern District of Georgia to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to November 12, 2025 and January 12, 2026, respectively. The Debtor is currently a debtor-in-possession and seeking to restructure and reorganize Debtor's debts. Debtor is taking any and all actions necessary to preserve, protect, and maximize the value of the estate and effectively reorganize pursuant to Sections 1107 and 1108 of the Bankruptcy Code. The Debtor is in the process of negotiating multiple change orders and the corresponding assumption of a subcontract with J.E. Dunn Construction Company regarding the Cadet Chapel at the United States Air Force Academy. The outcome of negotiations over these proposed change orders to Debtor's largest executory contract are reasonably projected to significant impact Debtor's formulation of a plan of reorganization. The Debtor requests that the Exclusive Period to file a plan be extended 60 days through and including November 12, 2025, and the Exclusive Period to solicit acceptance or rejection of such plan be extended 60 days through January 12, 2026. Debtor shows that extending the exclusivity deadline is appropriate. The Debtor explains that the request is made prior to expiration of the current deadline. Debtor is in the process of negotiating several large contracts to assist with their reorganization. Thus, extending the exclusive period for filing and soliciting of a plan is fair and equitable in this instance. A.E. Schlueter Pipe Organ Sales and Service Inc. is represented by: Thomas T. McClendon, Esq. Jones & Walden LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Tel: (404) 564-9300 Email: TMcClendon@joneswalden.com About A.E. Schlueter Pipe Organ Sales and Service A.E. Schlueter Pipe Organ Sales and Service Inc. designs, builds, restores, and maintains pipe organs primarily in the Southeastern United States. Founded in Lithonia, Georgia, the Company provides custom pipe organ construction, tuning, and repair services. A.E. Schlueter Pipe Organ Sales and Service Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55514) on May 16, 2025. In its petition, the Debtor estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtors are represented by Thomas T. McClendon, Esq. at JONES & WALDEN LLC. AB & J JEWELRY: Seeks to Use Cash Collateral -------------------------------------------- AB & J Jewelry asks the U.S. Bankruptcy Court for the Central District of California, Riverside, for authority to use cash collateral and provide adequate protection. The Debtor needs to use cash collateral to fund immediate operating expenses critical to preserving the business. The Debtor's business has experienced a significant downturn in sales over the past year. In an effort to boost revenue, the Debtor increased its advertising expenditures, but this strategy failed to generate sufficient income to pay vendors. As a result, many vendors refused to ship new inventory unless past-due invoices were paid, which left the Debtor unable to fulfill new customer orders. To offset this cash shortfall, the Debtor borrowed approximately $1.3 million through merchant cash advance loans. These loans required weekly debt payments of roughly $35,000, which further strained the Debtor's ability to meet payroll, rent, insurance, and other operating expenses. Despite efforts to obtain alternative financing, market conditions and the Debtor's deteriorated financial position prevented success. Compounding the problem, several MCA lenders contacted payment processors such as PayPal, Shopify, Affirm, and Zelle, instructing them to withhold the proceeds of the Debtor's online sales and redirect those funds to the lenders. This deprived the Debtor of necessary revenue and left it with no choice but to file for Chapter 11 protection to restructure its debts and stabilize operations. As of the petition date, AB&J had approximately $24,220 in its debtor-in-possession accounts, representing the proceeds of online sales. However, the Debtor acknowledges that this may be subject to secured claims by various lenders, including approximately 14 loans whose lien status remains under review. Preliminary UCC filings suggest some lenders may have failed to properly perfect their security interests. The Debtor's attorneys, retained shortly before the bankruptcy filing, have not yet completed an in-depth legal and financial review to determine, which loans are secured, whether liens are valid and perfected, and whether the loans are oversecured or undersecured. To prevent immediate and irreparable harm to the business and its estate, AB&J seeks emergency authorization to use cash collateral in accordance with a limited, itemized initial budget covering essential expenses such as payroll, insurance, and operations. The Debtor also requests authority to deviate from this budget by up to 20% per line item (and in aggregate) on a rolling basis without further court order and to carry forward unused amounts. In exchange for the use of cash collateral, the Debtor proposes to grant the MCA lenders replacement liens on post-petition assets and seeks to provide super-priority administrative expense claims under 11 U.S.C. section 507(b) to protect lenders from any post-petition diminution in collateral value. A copy of the motion is available at https://urlcurt.com/u?l=Cwa2X6 from PacerMonitor.com. About AB & J Jewelry AB & J Jewelry operates a retail jewelry business, with sales primarily through e-commerce and a physical store in Ontario, California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 6:25-bk-15659-SY) on August 12, 2025. In the petition signed by Abraham Perez, chief executive officer, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Scott H. Yun oversees the case. Leonard Pena, Pena and Soma, APC, represents the Debtor as legal counsel. ABILENE CONVENTION: S&P Affirms 'BB-' Rating on Sr. Revenue Bonds ----------------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' rating on Abilene Convention Center Hotel Development Corp.'s (ACCHDC) senior first-lien hotel revenue bonds and revised the outlook to 'Stable' due to recent strong performance. The recovery rating is '3', indicating meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a payment default. The DoubleTree Abilene hotel has materially outperformed our base-case forecasts, driven by a surge in business transient activity directly linked to the Stargate data center projects underway in Abilene. The projects represent over $500 billion in investment over the next three to five years, supporting AI infrastructure plans for developers including OpenAI. Its year-to-date (YTD) fiscal year (FY) 2025 (ended July 2025) occupancy reached 71% (compared with our 62% base-case forecast) with revenue per available room (RevPAR) reported at $114 (18% above S&P's $96 base case forecast). The hotel's position as the only full-service hotel in the area has been a key competitive advantage. While the outlook is stable, several risks warrant ongoing monitoring. The hotel's performance is heavily reliant on transient demand (over 82% YTD FY 2025, with 40%-50% linked to data centers), which can be volatile. Food and beverage (F&B) revenues have underperformed due to the transient guest profile, and operating costs are not yet fully stabilized, with potential for increased expenses due to high occupancy. Furthermore, potential future competition from new hotel development could dilute the market. Despite these risks, the expected debt service coverage ratio (DSCR) cushion and continued demand fueled by data center development support the rating. S&P said, "The stable outlook reflects a solid DSCR cushion, which we expect to remain close to or above 1.50x during anticipated data center development period and a minimum DSCR of 1.30x in 2030, supported by ongoing data center developments and the hotel's position as the only full-service option in Abilene. A downgrade is possible if it significantly underperforms our forecasts and the DSCR nears 1.0x, while an upgrade could occur with consistently strong performance leading to a DSCR near 2.0x." The project is a 200-key, upscale DoubleTree hotel in downtown Abilene, Texas, which commenced operations in June 2023. ACCHDC, a nonprofit local government corporation created by the City of Abilene, issued $19.435 million first-lien senior (rated) and $23.61 million second-lien subordinate (not rated) hotel revenue bonds to fund the construction and development costs of the hotel. The City of Abilene is not obligated to repay the hotel's senior bonds. It funded improvements to an adjacent convention center that is connected to the new hotel, along with parking and other supporting facilities. This was funded with the proceeds of the certificates of obligation secured by the city's ad valorem tax revenue as well as an equity contribution from the city. Garfield Public/Private LLC is the project developer, and its fully owned subsidiary is the asset manager for the asset. The hotel is operated by Hilton. DoubleTree Abilene outperformed our base-case forecast materially due to local data center developments. YTD FY 2025, the hotel's occupancy rose to 71%, materially improved against S&P's base-case forecast of 62% for the year. Increasing business transient activities in Abilene, a major component of the hotel's demand, fueled higher-than-expected occupancy. In particular, Stargate data center project developments are underway in Abilene, with over $500 billion investment planned for the next three to five years, supporting AI infrastructure plans for OpenAI, Oracle, Crusoe, and other AI developers. The hotel's highest monthly occupancy achieved over 80% for a few months, which was phenomenally high given a hotel in its second year of ramp-up. During the same period, the average daily rate (ADR) was about $160, slightly lower than our $163 base-case forecast. The actual RevPAR was reported at $114, about 18% above our $96 base-case forecast. The pressure on the hotel's profitability was also partially mitigated by a 10 percentage points increase on gross operating profit margin over S&P's base-case forecast (25.7% vs. 15.5%). S&P said, "We expect it to achieve a DSCR well above 1.0x, compared with our original forecast of 0.93x, for FY 2025. Being the only full-service hotel in town has been its key strength competing in the local market. We have updated our base-case forecast based on recent actuals to reflect the hotel's strong lodging demand expected in the next three to five years, which supports the 'BB-' rating." The hotel's performance could remain volatile in the long term. Risks include a high concentration of transient demand, uncertainty on F&B revenues and operating cost, and potentially increasing local competition. Lodging demand from data center development is mostly transient. YTD FY 2025, over 82% of the hotel's demand was transient, and 40-50% of this demand was sourced from activities for data center projects. This could be at risk in the long term due to uncertainty associated with data center development as it progresses. S&P said, "In contrast, we view group business as a more stable source of demand based on our observation on historical performance from our rated large-scale convention center hotels. With more transient guests, F&B revenues underperformed because less group business yields a lack of banquet revenue, and typically we view group guests are more willing to spend on F&B and less price sensitive." S&P said, "In addition, we still believe the cost profile is not fully stabilized, even though the profit margin outperformed our base-case forecast. (We expect profit margins for a stabilized hotel of 30%-45%.) High occupancy could potentially lead to excessive hiring and high out-of-pocket costs for extra maintenance of the property. "Finally, a room supply increase could potentially dilute the market and cause more competition. However, we do not acknowledge any immediate new competitors in the pipeline. These potential risk factors are incorporated into our analysis, which supports our 'BB-' rating. "The stable outlook reflects ACCHDC's solid DSCR cushion under our base-case forecast, which is supported by the development of data centers in Abilene. We expect DSCRs close to or above 1.50x during the anticipated data center development period and a minimum DSCR of 1.30x in 2030, a sufficient cushion to support its 'BB-' rating. With massive data center project investments planned out for the next three to five years in Abilene and given that this hotel project is the only full-service hotel in town, we believe it would have sufficient demand to fuel up a more predicable performance. We believe the trend of strong transient demand will continue as the development of data centers moves forward. "The stable outlook reflects ACCHDC's solid DSCR cushion under our base-case forecast, which is supported by the development of data centers in Abilene. We expect DSCRs close to or above 1.50x in the next five years and a minimum DSCR of 1.30x in 2030, a sufficient cushion to support its 'BB-' rating. "We could lower the senior debt rating if the hotel underperforms our base-case occupancy and ADR forecast or incurs significantly higher-than-forecasted costs that cause the base-case minimum DSCR to drop close to 1.0x. "We could raise the senior debt rating if the hotel performs significantly better than our updated base-case forecast, leading to a minimum base case senior DSCR close to 2.0x." ADVENT TECHNOLOGIES: Fisal Q2 Net Loss Narrows to $3.8 Million -------------------------------------------------------------- Advent Technologies Holdings, Inc., filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $3.8 million for the three months ended June 30, 2025, compared to a net loss of $11.3 million for the three months ended June 30, 2024. Net revenue for the three months ended June 30, 2025 was $99 thousand, compared to a net revenue of $654 thousand for the same period in 2024. For the six months ended June 30, 2025, the Company reported a net loss of $7.1 million, compared to a net loss of $20.6 million for the same period in 2024. Net revenue for the six months ended June 30, 2025 was $231 thousand, compared to a net revenue of $3.4 million for the same period in 2024. At June 30, 2025 and for the six months then ended, the Company had $0.1 million in cash and cash equivalents, used $1.2 million of cash in operating activities, had $1.5 million in current assets and $29.4 million in current liabilities, leaving the Company a working capital deficit of $(27.8) million. A major financial challenge and significant risk facing the Company is a lack of positive cash flow and liquidity. The Company's ability to meet its liquidity needs will largely depend on its ability to raise capital in the very short term and generate cash in the future. If the Company is unable to obtain sufficient funding, it could be required to delay its development efforts, limit activities, and further reduce research and development costs, which could adversely affect its business prospects and delivery of contractual obligations. A cash shortfall at any point in time over the next twelve months could result in the Company failing to meet its overdue and current obligations which could trigger action against the Company and/or its subsidiaries for liquidation by employees, authorities, or creditors. Because of the uncertainty in securing additional funding, delays in growth of revenue, failure to materialize cost-cutting efforts and the insufficient amount of cash and cash equivalents as of the consolidated financial statement filing date, management has concluded that substantial doubt exists with respect to the Company's ability to continue as a going concern next 12 months. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/bdsezx5p About Advent Technologies Headquartered in Livermore, Calif., Advent Technologies Holdings, Inc. is an advanced materials and technology development company operating in the fuel cell and hydrogen technology space. Advent develops, manufactures and assembles the critical components that determine the performance of hydrogen fuel cells and other energy systems. To date, Advent's principal operations have been to develop and manufacture Membrane Electrode Assembly (MEA), and fuel cell stacks and complete fuel cell systems for a range of customers in the stationary power, portable power, automotive, aviation, energy storage and sensor markets. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 6, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has yet to achieve profitable operations, has negative cash flows from operating activities, and is dependent upon future issuances of equity or other financings to fund ongoing operations all of which raises substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $6.7 million in total assets, against $36.1 million in total liabilities. AGREETA SOLUTIONS: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Agreeta Solutions USA, LLC 107 Technology Pkwy Suite 674 Peachtree Corners, GA 30092 Business Description: Agreeta Solutions USA, LLC develops digital solutions for the agriculture technology sector, offering platforms that integrate smart farming, traceability, and agri- commerce tools. The Company operates in Peachtree Corners, Georgia, and focuses on improving farm productivity, supply chain transparency, and market connectivity. Its services include precision agriculture analytics, end-to-end food product traceability, and support for farmer networks. Chapter 11 Petition Date: August 25, 2025 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 25-59677 Debtor's Counsel: Theodore N. Stapleton, Esq. THEODORE N. STAPLETON 2802 Paces Ferry Rd SE Suite 100-B Atlanta, GA 30339 Tel: (770) 436-3334 Fax: (404) 935-5344 E-mail: tstaple@tstaple.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Corinna Baban as manager. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NWUXUCI/Agreeta_Solutions_USA_LLC__ganbke-25-59677__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. American Express Credit Card $28,153 P.O. Box 60189 Purchases City of Industry, CA 91716 2. Buhler Inc. $587,000 13105 12th Ave N Plymouth, MN 55441 3. Capital One Credit Card $235,462 PO Box 71087 Purchases Charlotte, NC 28272-1087 4. Cebaban, LLC Member Loan $4,325,850 2942 E Sunshine St. Springfield, MO 65804 5. Dakota, Minn. & Trade Debt $57,000 Eastern Railroad Corp 427 West 12th St. Kansas City, MO 64104 6. Euler Hermes Ins. Company Insurance Claim $210,000 100 International Driver 22nd Floor Suite 22000 Baltimore, MD 21202 7. FGP Law, LLC Legal Services $9,000 555 Sun Valley Drive Suite N-3 Roswell, GA 30076 8. Georgia Revenue Department Payroll Taxes $56,000 P.O. Box 740387 Atlanta, GA 30374-0387 9. Internal Revenue Service 941 Taxes $248,190 401 W. Peachtree Street, N.W. Stop 334-D Atlanta, GA 30308 10. IST Management Trade Debt $78,000 Services, Inc. 1341 Moreland Ave. SE Suite 2000 Atlanta, GA 30316 11. JP Morgan Chase Credit Card $45,743 PO Box 1423 Purchases Charlotte, NC 28201-1423 12. Landstar Global Trade Debt $140,000 Logistics, Inc. 13410 Sutton Park Dr S Jacksonville, FL 32224 13. Nutrien AG Solutions, Inc. $20,000,000 3005 Rocky Mountain Ave Loveland, CO 80538 14. Robbins Alloy Legal Services $15,000 Belinfante Littlefield LLC 500 14th Street, NW Atlanta, GA 30318 15. Schklar & Heim, LLC Trade Debt $680,000 945 East Paces Ferry Road Resurgens Plaza Suite 2250 Atlanta, GA 30326 16. South Louisiana Rail Trade Debt $971,484 Facility, LLC 19400 Bob Odom Pkwy Iowa, LA 70647 17. Surtidora Abarrotera Customer $565,000 De Guadalajara, S.A Deposits c/o Eduardo Dela Pana Bernal 200 South Biscayne Blvd. Suite 4100 Miami, FL 33131 18. Swani Spice Mills Business Loan $15,610,651 PVT. Ltd. 4, Hari Niwas C-Road, Churchgate Mumbai, Maharashtra, India 400 020 Mumbai 400020 19. Taylor Porter Legal Services $155,000 450 Laurel Street 8th Floor Baton Rouge, LA 70801 20. The Law Offices of Legal Services $78,000 Kenneth Drammer 567 Broadway Massapequa, NY 11758-5019 AIR CANADA: Moody's Affirms 'Ba2' CFR & Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings has changed Air Canada's (Air Canada) rating outlook to stable from positive, and affirmed Air Canada's Ba2 corporate family rating, Ba2-PD probability of default rating, Ba1 senior secured notes rating, and Ba1 senior secured term loan rating. The company's speculative grade liquidity rating (SGL) remains unchanged at SGL-1. Moody's also affirmed the ratings of the company's enhanced equipment trust certificates ("EETCs"). See the debt list herein for the actions on the EETCs. The outlook change to stable reflects a delay in margin improvement and sustained lower leverage compared to prior projections, resulting from a challenging operating environment coupled with significant capital expenditures anticipated over the next three years as the company receives new aircraft deliveries. Air Canada is forecasted to see limited adjusted EBITDA growth in 2025 and 2026, as modest capacity growth and stable passenger revenue are somewhat offset by higher costs that include increased wages, maintenance, and airport fees. The recent flight attendant strike will have a near term limited effect on EBITDA however Moody's expects once resolved the new agreement will contribute to increasing wage costs for the company and be a headwind for margins. Moody's also expects margins to remain relatively steady in the short term, with gradual recovery projected as operational modernization advances and industry dynamics improve. RATINGS RATIONALE Air Canada's rating benefits from a leading position in the duopolistic Canadian air travel market, Moody's expectations that adjusted debt/EBITDA will remain in the mid 3x range, very good liquidity and strengthening financial flexibility with a meaningful number of unencumbered aircraft and a valuable loyalty program (Aeroplan). Longer-term, the continued fleet transformation will improve the company's efficiency and allow it to preserve its cost profile. The company's rating is constrained by cost inflation including labor and demand related expenses, exposure to volatile fuel prices which could pressure margins, and potential for increased competition in markets where Air Canada operates. Air Canada will have very good liquidity (SGL-1) through September 2026. The company's sources include cash and short-term investments of about CAD 6.4 billion at June 2025, and a fully available $975 million credit facility that expires in January 2029. These sources will be more than sufficient to fund approximately CAD1.6 billion of annual mandatory debt and lease repayments and Moody's expectations of about CAD400 million of negative free cash flow through September 2026. Air Canada has a US$1.2 billion note that is due in August 2026. Moody's expects compliance with Air Canada's two financial covenants (minimum cash reserves and minimum collateral coverage ratio) over the next 12 months. Possible additional liquidity could be provided by Air Canada's unencumbered asset pool (excluding the value of Aeroplan and Air Canada Vacations) which is in excess of CAD7 billion. The EETC ratings consider estimates of loan-to-value for each of the transactions. Moody's believes the aircraft models that comprise the collateral across these transactions will remain important to Air Canada's network, which supports Moody's expectations that the company would likely affirm these transactions if it were to reorganize under Canadian bankruptcy and insolvency law. The aircraft collateral are, 777-300ERs and 787-9s (2015-2) and 737-8 MAXs and 787-9s (2017-1). The 787s and 737 MAXes are the most fuel efficient in the fleet; the 777-300ERs have high seating density, and are used mainly on long haul flights to Europe and Asia. These models provide emissions benefits as well. The stable outlook reflects Moody's expectations that Air Canada will maintain its competitive position and maintain leverage below 4x as it spends on its aircraft replacement program. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Air Canada is able to maintain adjusted debt-to-EBITDA towards 3x, EBITDA margins toward 20%, very good liquidity, and a track record of conservative financial policy. The ratings could be downgraded if the company's liquidity or operating performance deteriorate or adjusted debt/EBITDA is likely to be sustained above 4x. Changes in EETC ratings can result from any changes in the underlying credit quality or ratings of the company or Moody's opinions of the importance of the aircraft collateral to the operations. Changes in estimates of current and projected aircraft market values, which will affect estimates of loan-to-value, could also result in a change to EETC ratings. LIST OF AFFECTED RATINGS Issuer: Air Canada Affirmations: LT Corporate Family Rating, Affirmed Ba2 Probability of Default Rating, Affirmed Ba2-PD Senior Secured Bank Credit Facility, Affirmed Ba1 Senior Secured Regular Bond/Debenture, Affirmed Ba1 Outlook Actions: Outlook, Changed To Stable From Positive Issuer: Air Canada Series 2015-2 Pass Through Trusts Affirmations: Senior Secured Enhanced Equipment Trust, Affirmed A1 Senior Secured Enhanced Equipment Trust, Affirmed Baa2 Outlook Actions: Outlook, Changed To Stable From Positive Issuer: Air Canada Series 2017-1 Pass Through Trusts Affirmations: Senior Secured Enhanced Equipment Trust, Affirmed A2 Senior Secured Enhanced Equipment Trust, Affirmed Aa2 Senior Secured Enhanced Equipment Trust, Affirmed Baa1 Outlook Actions: Outlook, Changed To Stable From Positive Issuer: Air Canada Series 2020-1 Pass Through Trusts Affirmations: Senior Secured Enhanced Equipment Trust, Affirmed Ba2 Outlook Actions: Outlook, Changed To Stable From Positive Air Canada is the largest provider of scheduled airline passenger services within, and to and from Canada. The company is headquartered in Saint-Laurent, Quebec, Canada. The principal methodology used in rating Air Canada was Passenger Airlines published in August 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ALEON METALS: Court Poised to Approve September 29 Auction ---------------------------------------------------------- Ben Zigterman of Law360 reports that on Friday, August 22, 2025, a Texas bankruptcy judge said he will approve bidding procedures for the assets of specialty recycler Aleon Metals LLC, clearing the way for a September 29, 2025 auction led by a stalking horse bid from its debtor-in-possession lenders. About Aleon Metals LLC Aleon Metals LLC is a global leader in recycling spent petroleum catalysts and lithium-ion batteries, focusing on metals critical to infrastructure and renewable energy. Aleon Metals LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90305) on August 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. The Debtor is represented by Jason L. Boland, Esq. at Norton Rose Fulbright US LLP. ALL PHASE: Files Emergency Bid to Use Cash Collateral ----------------------------------------------------- All Phase Solutions, LLC asks the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, for authority to use cash collateral and provide adequate protection. The emergency arises because the Debtor's day-to-day operations depend on access to this cash, which is encumbered by liens from three lenders: 1. JP Morgan Chase Bank (a traditional secured lender owed $104,184 with $24,073 past due), 2. Argonaut Insurance Company (holder of a $406,863 note from a performance bond-related project), and 3. CFS CAP, LLC, a merchant cash advance firm that sweeps 5% of the Debtor's bank deposits weekly under an agreement dated January 26, 2023. A fourth lender, Cacique Capital, LLC, holds liens on payment streams from two government contracts, which are paid into "control accounts." The Debtor does not seek access to those funds. As of the bankruptcy filing date, the Debtor had about $23,000 in unencumbered cash outside of the control accounts. The Debtor requests interim authority to use this cash collateral to pay critical business expenses, as outlined in the budget, with a 10% variance. To adequately protect the lenders' interests, the Debtor proposes to grant replacement liens on all post-petition cash, mirroring the lenders' pre-petition lien priorities. However, the Debtor reserves all rights to later challenge the validity, amount, priority, or secured status of any lender's claim. A court hearing is scheduled for August 28. A copy of the motion is available at https://urlcurt.com/u?l=AJ7RE7 from PacerMonitor.com. About All Phase Solutions LLC All Phase Solutions, LLC provides services including construction, demolition, environmental remediation, civil works, uniform production, and security staffing, primarily to U.S. government agencies. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-19745-MAM) on August 22, 2025. In the petition signed by Saleh Rabah, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Mindy A. Mora oversees the case. Aaron Wernick, Esq., at Wernick Law PLLC, represents the Debtor as legal counsel. ALMITAS LATINAS: Melissa Haselden Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 7 appointed Melissa Haselden, Esq., at Haselden Farrow, PLLC as Subchapter V trustee for Almitas Latinas, LLC. Ms. Haselden will be paid an hourly fee of $595 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Haselden declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Melissa A. Haselden, Esq. Haselden Farrow, PLLC 700 Milam, Suite 1300 Pennzoil Place Houston, TX 77002 Telephone: (832) 819-1149 Facsimile: (866) 405-6038 mhaselden@haseldenfarrow.com About Almitas Latinas Almitas Latinas, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-34816) on August 19, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Jeffrey P. Norman presides over the case. Reese W. Baker, Esq., at Baker & Associates represents the Debtor as legal counsel. ALPHA WOLF: Case Summary & One Unsecured Creditor ------------------------------------------------- Debtor: Alpha Wolf Leasing, LLC 310 Mann Drive Collierville, TN 38017 Business Description: Alpha Wolf Leasing, LLC provides leasing services for commercial vehicles, serving clients in the freight and logistics industry. Chapter 11 Petition Date: August 22, 2025 Court: United States Bankruptcy Court Western District of Tennessee Case No.: 25-24265 Judge: Hon. M Ruthie Hagan Debtor's Counsel: Steven N. Douglass, Esq. HARRIS SHELTON, PLLC 40 S. Main Street, Suite 2210 Memphis, TN 38103-2555 Tel: (901) 525-1455 Fax: (901) 526-4084 Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Spencer Harris as CEO. The Debtor listed Bank of America, located at PO Box 15284 in Wilmington, Delaware, as its sole unsecured creditor, with a claim totaling $2.48 million. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FIPVVNQ/Alpha_Wolf_Leasing_LLC__tnwbke-25-24265__0001.0.pdf?mcid=tGE4TAMA AMERICAN FORKLIFT: Court Extends Cash Collateral Access to Sept. 23 ------------------------------------------------------------------- American Forklift Rental & Supply, LLC received fourth interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use the cash collateral of its secured creditors including Ameris Bank, MCA Rehab, LLC and Forward Financing, LLC. The fourth interim order signed by Judge Lori Vaughan authorized the Debtor to use cash collateral through September 23 to pay the amounts expressly authorized by the court; and the expenses set forth in the budget, plus an amount not to exceed 10% for each line item. The Debtor projects total operational expenses of $27,070.66 for the period from May to October. Each creditor with a security interest in cash collateral will have a perfected post-petition lien on the cash collateral, with the same validity, priority and extent as its pre-bankruptcy lien. The Debtor must comply with all debtor-in-possession obligations, allow creditor access to business records and premises, and maintain ordinary operations. The next hearing is set for September 23. About American Forklift Rental & Supply American Forklift Rental & Supply, LLC provides forklift rentals, sales, parts, service, and safety training across Central Florida, including Orlando, Tampa, and surrounding counties. The company offers new and used forklifts in various fuel types and sizes, with flexible rental terms and included maintenance. Headquartered in Orlando, American Forklift Rental & Supply has served the region for over 25 years and remains owner-operated to ensure personalized customer support. American Forklift Rental & Supply sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02765) on May 5, 2025. In its petition, the Debtor reported total assets of $1,280,342 and total liabilities of $890,93. Judge Lori V. Vaughan handles the case. The Debtor is represented by Melissa A Youngman, Esq., at Winter Park Estate Plans & Reorgs. AMPLIFYBIO LLC: Hires Epiq Corporate as Administrative Advisor -------------------------------------------------------------- AmplifyBio LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Ohio to hire Epiq Corporate Restructuring LLC to serve as its administrative advisor. Epiq will provide these services: (a) assist with the preparation of the Debtors' Schedules and Statements and gather data in conjunction therewith; (b) assist with solicitation, balloting, and tabulation of votes, and prepare related reports; (c) prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; (d) provide confidential data rooms, if necessary; (e) manage and coordinate any distributions pursuant to a Chapter 11 plan; and (f) provide other processing, solicitation, balloting, and administrative services. Epiq will be paid 90% of its undisputed fees and 100% of its undisputed expenses on a provisional basis, subject to court approval. Prior to the petition date, the Debtors provided Epiq an advance of $25,000. Epiq will also seek reimbursement for reasonable expenses in accordance with the Engagement Agreement. Epiq has represented that it is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Epiq Corporate Restructuring, LLC 777 Third Avenue, 12th Floor New York, NY 10017 Telephone: (646) 282-2500 Website: https://www.epiqglobal.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. ANNALEE DOLLS: Plan Exclusivity Period Extended to November 6 ------------------------------------------------------------- Judge Kimberly Bacher of the U.S. Bankruptcy Court for the District of New Hampshire extended Annalee Dolls, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to November 6, 2025 and January 5, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that the history of this case suggests that there is a reasonable possibility of a reasonable consensual plan of reorganization based on the distinctly limited value of the property of the estate. To the best of Debtor's knowledge and belief, no alternate, substantial plan has been or will be held off by continuing debtor exclusivity. The Debtor claims that the history and record of this case shows that Debtor has addressed in good faith objections made by parties in interest. It has managed to accommodate most of the concerns expressed by parties in interest. The Debtor asserts that it is not holding any creditors hostage. Debtor has made substantial adequate protection payments to Customers in this case. All other creditors that claim to be secured have tacitly consented to Debtor's use of cash collateral. None of them have filed a pleading in this case, let alone sought relief from the automatic stay. The Debtor further asserts that no creditor or any other party in interest has expressed an interest in filing a plan for the reorganization of Debtor. Should any person wish to file a reorganization plan, this Court could terminate exclusivity following notice and a hearing for good cause proven to the satisfaction of this Court. About Annalee Dolls LLC Annalee Dolls, LLC is an American company known for its handcrafted felt dolls that embody holiday themes and whimsical charm. Founded in 1934, the business has become a staple of collectible Americana, with its headquarters and flagship store located in Meredith, New Hampshire. The company continues to attract visitors and collectors with its nostalgic products and scenic gift shop near Lake Winnipesaukee. Annalee Dolls sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10232) on April 11, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Kimberly Bacher handles the case. The Debtor is represented by: William S. Gannon, Esq. William S. Gannon PLLC Tel: 603-621-0833 bgannon@gannonlawfirm.com ANNALEE DOLLS: Seeks to Use Cash Collateral Until Sept 30 --------------------------------------------------------- Annalee Dolls, LLC asks the U.S. Bankruptcy Court for the District of New Hampshire for authority to use up to $317,879 in cash collateral during the period of September 1 to 30. This request came as part of an amended budget submission and was approved to allow the Debtor to continue operating its business while ensuring creditor protections through adequate safeguards. The proposed order, which expires on September 30 unless extended, enables the Debtor to continue operating while under bankruptcy protection. However, it prohibits the Debtor from making any payments to professionals, such as legal or accounting fees, without further court approval. Any funds allocated for professional fees must be held in a designated debtor-in-possession escrow account and can only be used if and when authorized by the court. To protect the interests of secured creditors, specifically Customers Bank, the court ordered that Annalee Dolls must make a $36,950 adequate protection payment by September 15. Additional requirements include maintaining property insurance, paying facility costs, and preserving the value of the collateral. The order also grants replacement liens to secured creditors, ensuring their pre-petition lien priorities remain intact. These liens will automatically cease if a creditor's claim is later disallowed. If the value of a creditor's collateral diminishes due to the use of cash collateral, the creditor may receive an administrative claim under 11 U.S.C. Section 507(b). The Debtor is required to file another application if it wishes to continue using cash collateral beyond September. Any objections to that application must be filed before a future hearing, the date of which is to be determined. The September budget forecasts $225,488 in revenue, bringing total available cash to $361,977 after accounting for beginning balances. Major expenses include $101,014 in employee costs, $31,800 in advertising, $17,750 in office and miscellaneous expenses, and $66,150 in DIP loan-related costs. After all disbursements, the projected ending cash balance is $67,351, split between the operations account and the escrow account. A copy of the proposed order is available at https://urlcurt.com/u?l=qJzItM from PacerMonitor.com. About Annalee Dolls LLC Annalee Dolls, LLC is an American company known for its handcrafted felt dolls that embody holiday themes and whimsical charm. Founded in 1934, the business has become a staple of collectible Americana, with its headquarters and flagship store located in Meredith, New Hampshire. The company continues to attract visitors and collectors with its nostalgic products and scenic gift shop near Lake Winnipesaukee. Annalee Dolls sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10232) on April 11, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Kimberly Bacher handles the case. The Debtor is represented by William S. Gannon, Esq. at William S. Gannon, PLLC. APOLLO CONSTRUCTION: Case Summary & 15 Unsecured Creditors ---------------------------------------------------------- Debtor: Apollo Construction & Engineering Services, Inc. FDBA Thomas G. Kamprath 1821 36th Street SE Ruskin, FL 33570 Business Description: Apollo Construction & Engineering Services, Inc. provides full-service general contracting and construction services across Florida, specializing in commercial, industrial, and government projects. Operating since 1987, the Company delivers direct project accountability, seamless coordination, and union-certified workforce solutions to support construction of commercial properties, public infrastructure, healthcare facilities, schools, and transportation hubs. It holds active state licenses in mechanical engineering, plumbing and piping, concrete and structural work, fire protection, and general contracting, offering end-to-end solutions from planning to build-out. Chapter 11 Petition Date: August 25, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-06058 Judge: Hon. Catherine Peek McEwen Debtor's Counsel: Samantha L Dammer, Esq. BLEAKLEY BAVOL DENMAN & GRACE 15316 N. Florida Avenue Tampa, FL 33613 Tel: (813) 221-3759 Email: sdammer@bbdglaw.com Total Assets: $1,135,031 Total Liabilities: $1,931,003 The petition was signed by Ahmed Zahran as vice president. Ahmed Zahran signed the petition as vice president. A full-text copy of the petition, which includes a list of the Debtor's 15 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/J7QGXJI/Apollo_Construction__Engineering__flmbke-25-06058__0001.0.pdf?mcid=tGE4TAMA ARCHDIOCESE OF NEW ORLEANS: Frank J. D'Amico Represents Creditors ----------------------------------------------------------------- The law firm of Frank J. D'Amico, Jr. APLC filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 case of The Roman Catholic Church of the Archdiocese of New Orleans, the firm represents creditors. The Creditors have retained the counsel as their legal counsel with respect to matters arising in the Bankruptcy Case and for purposes of asserting claims and protecting other rights against the Debtor. The Creditors' address and the nature and amount of disclosable economic interests held in relation to the Debtor are: 1. A.B. Doe c/o Frank J. D'Amico, Jr. 4608 Rye Street Metairie, Louisiana 70006 Tel: (504) 525-7272 frank@damicolaw.net beverly@damicolaw.net * The creditor asserts claims and causes of action against the debtor as set forth in his claim control number 5LX54RXWAL2 filed on 11/16/2020. 2. G.A. Doe (deceased) * The creditor asserts claims and causes of action against the Debtor as set forth in claim control number: URJJJV5W3J0 filed on 11/16/2020. 3. J.B. Doe * The creditor asserts claims and causes of action against the Debtor as set forth in Case No. 2020- 3456 in Civil District Court of Orleans Parish filed on April 30, 2020, and claim control number BJGTF0KOSA2 filed on 11/16/2020. 4. M.B. Doe * The creditor asserts claims and causes of action against the Debtor as set forth in claim control number: 4P15QCQJ210 filed on 11/16/2020. 5. E. C. Doe * The creditor asserts claims and causes of action against the Debtor as set forth in claim control number: AYULUOVC2QD filed on 11/16/2020. 6. P.C. Doe * The creditor asserts claims and causes of action against the Debtor as set forth in claim control number: MXBSFMUARGD filed on 11/16/2020. 7. E. M. C. Doe * The creditor asserts claims and causes of action against the Debtor as set forth in claim control number: PDCHHRIZA0P filed on 11/16/2020. 8. M.C. Doe * The creditor asserts claims and causes of action against the Debtor as set forth in claim control number: UK1QCAB53YU filed on 11/16/2020. 9. S.D. Doe * The creditor asserts claims and causes of action against the Debtor as set forth in Case No. 2020- 4477 in Civil District Court of Orleans Parish filed on June 10, 2020, and claim control number SNPP0B1RRZK filed on 11/16/2020. 10. W.G. Doe * The creditor asserts claims and causes of action against the Debtor as set forth in Case No. 807-155 in the 24th Judicial District Court for Jefferson Parish filed on June 10, 2020, and claim control number D0BDCKV1ODA filed on 11/16/2020. 11. M.G. Doe * The creditor asserts claims and causes of action against the Debtor as set forth in claim control number: PNHQJQFX0YU filed on 11/16/2020. 12. T.G. Doe (Deceased) * The creditor asserts claims and causes of action against the Debtor as set forth in claim control number: OGFSAPTEDDY filed on 11/16/2020. 13. M.H. Doe * The creditor asserts claims and causes of action against the Debtor as set forth in claim control number: B3KU1TECSK0 filed on 11/18/2020. 14. M.H. Doe * The creditor asserts claims and causes of action against the Debtor as set forth in claim control number: FA11PMHDRAT filed on 11/18/2020. 15. C.H. Doe * The creditor asserts claims and causes of action against the Debtor as set forth in claim control number: JUPM3MW2KEF filed on 11/18/2020. 16. G.L. Doe * The creditor asserts claims and causes of action against the Debtor as set forth in claim control number: TVXB5GJTHEWA filed on 11/18/2020. 17. J.L. Doe * The creditor asserts claims and causes of action against the Debtor as set forth in claim control number: HEGZ1S2APW0 filed on 11/18/2020. 18. B.M. Doe * The creditor asserts claims and causes of action against the Debtor as set forth in claim control number: DKXFJAKH42K filed on 11/18/2020. 19. S.O. Doe (Deceased) * The creditor asserts claims and causes of action against the Debtor as set forth in claim control number: 2MRN0V5YNGC filed on 11/18/2020. 20. F.R. Doe * The creditor asserts claims and causes of action against the Debtor as set forth in claim control number: L4ANI2OVV1R filed on 11/18/2020. 21. W.S. Doe * The creditor asserts claims and causes of action against the Debtor as set forth in claim control number: NCUUAZAUHYZ filed on 11/18/2020. 22. M.V. Doe * The creditor asserts claims and causes of action against the Debtor as set forth in claim control number: W2R3VUBDDNU filed on 11/18/2020. 23. J.W. Doe * The creditor asserts claims and causes of action against the Debtor as set forth in claim control number: XKG21PSF14P filed on 11/18/2020. 24. M.Y. Doe * The creditor asserts claims and causes of action against the Debtor as set forth in claim control number: IHXYRPJSF4 filed on 11/18/2020. The law firm can be reached at: FRANK J. D'AMICO, JR., APLC Frank J. D’Amico, Jr., Esq. 4608 Rye Street Metairie, Louisiana 70006 Tel: 504-525-7272 Email: frank@damicolaw.net beverly@damicolaw.net About Roman Catholic Church of The Archdiocese Of New Orleans The Roman Catholic Church of the Archdiocese of New Orleans -- https://www.nolacatholic.org/ -- is a non-profit religious corporation incorporated under the laws of the State of Louisiana. Created as a diocese in 1793, and established as an archdiocese in 1850, the Archdiocese of New Orleans has educated hundreds of thousands in its schools, provided religious services to its churches and provided charitable assistance to individuals in need, including those affected by hurricanes, floods, natural disasters, war, civil unrest, plagues, epidemics, and illness. Currently, the archdiocese's geographic footprint occupies over 4,200 square miles in southeast Louisiana and includes eight civil parishes: Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John the Baptist, St. Tammany, and Washington. The Roman Catholic Church for the Archdiocese of New Orleans sought Chapter 11 protection (Bankr. E.D. La. Case No. 20-10846) on May 1, 2020. The archdiocese was estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Judge Meredith S. Grabill oversees the case. Jones Walker, LLP and Blank Rome, LLP, serve as the archdiocese's bankruptcy counsel and special counsel, respectively. Donlin, Recano & Company, Inc., is the claims agent. The U.S. Trustee for Region 5 appointed an official committee of unsecured creditors on May 20, 2020. The committee is represented by the law firms of Pachulski Stang Ziehl & Jones, LLP and Locke Lord, LLP. Berkeley Research Group, LLC is the committee's financial advisor. ARCHDIOCESE OF SAN FRANCISCO: Insurers Oppose Ch. 11 Test Cases --------------------------------------------------------------- Jennifer Mandato of Law360 reports that the insurers for the Archdiocese of San Francisco have asked a California bankruptcy court to block an agreement between the archdiocese and sexual abuse claimants that would permit five lawsuits to move forward despite the Chapter 11 automatic stay. About San Francisco Archdiocese The Roman Catholic Archbishop of San Francisco, Archdiocese of San Francisco, is a tax exempt religious organisation. The Archdiocese of San Francisco is a Latin Church ecclesiastical territory or diocese of the Catholic Church in the northern California region of the United States. The Archdiocese of San Francisco was erected on July 29, 1853, by Pope Pius IX and its cathedral is the Cathedral of Saint Mary of the Assumption. The Archdiocese sought relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-30564) on Aug. 21, 2023. In the petition filed by Fr. Patrick Summerhays as vicar general and moderator of the Curia, the Archdiocese reported $100 million to $500 million in assets and liabilities. The Hon. Dennis Montali oversees the case. The Debtor tapped Feldserstein Fitzgerald Willoughby as counsel. ASOCIACION HOSPITAL: Case Summary & 20 Top Unsecured Creditors -------------------------------------------------------------- Debtor: Asociacion Hospital Del Maestro, Inc. 550 Calle Sergio Cuevas Bustamante San Juan, PR 00918 Business Description: Asociacion Hospital del Maestro, Inc., also known as Hospital El Maestro, is a nonprofit general medical and surgical hospital located in San Juan, Puerto Rico, that was founded in 1955 to serve the teaching community and has since expanded to provide services to the broader population. The hospital operates about 126 staffed beds and offers emergency care, intensive care, radiology, surgery, hemodialysis, and a range of medical specialties for children and adults. It is accredited by the Joint Commission and functions as a 501(c)(3) organization with a focus on healthcare, education, and community service. Chapter 11 Petition Date: August 25, 2025 Court: United States Bankruptcy Court District of Puerto Rico Case No.: 25-03780 Judge: Hon. Enrique S Lamoutte Inclan Debtor's Counsel: Wigberto Lugo Mender, Esq. LUGO MENDER GROUP, LLC 100 Carr. 165 Suite 501 Guaynabo, PR 00968-8052 Tel: 787-707-0404 Email: wlugo@lugomender.com Debtor's Financial Consultant: CPA LUIS R. CARRASQUILLO & CO, PSC Total Assets: $13,396,955 Total Liabilities: $39,669,466 The petition was signed by Pablo A. Serrano as secretary of the Board of Directors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/F2BM4WY/ASOCIACION_HOSPITAL_DEL_MAESTRO__prbke-25-03780__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Alpha Biomedical & Diagnostic Supplies & $185,669 PO Box 670 Materials Caguas, PR 00726 2. AUT De Acueductos Y Water & Sewer $834,536 Alcantarillados Services PO Box 7066 Balance as of 8/6/2025 San Juan, PR 00916-7066 3. Baxter Sales Corp Supplies & $148,000 PO Box 70257 Materials San Juan, PR 00936-8257 4. Boston Scientific Del Supplies & $133,263 Caribe Inc. Materials Torre Chardon Building 350 Chardon Ave Suite 820 San Juan, PR 00918 5. Cancio, Nadal & Legal Services $376,409 Rivera LLC 403 Ave Munoz Rivera San Juan, PR 00918 6. Cardinal Health PR Medicines $1,394,541 PO Box 70220 San Juan, PR 00936 7. Damaris Santos Arrieta Medical $1,713,490 David Efron Law Office Malpractice PO Box 29314 Case No. 15-3114 San Juan, PR 00929-6459 8. David Rhoe Medical $70,421 Paseo De La Fuente Professional D4 Calle Tivoli Service San Juan, PR 00926 9. Department of Labor and Unemployment Tax $645,630 Human Resources of Puerto Rico PO Box 195540 San Juan, PR 00919-5540 10. Department of Treasury Income Tax $3,803,948 Bankruptcy Section Withholdings PO Box 9024140 Office 424 B San Juan, PR 00902-4140 11. Infomedika Inc. Software $80,838 PO Box 11095 San Juan, PR 00922 12. Internal Revenue Payroll Taxes $680,937 Service PO Box 7346 Philadelphia, PA 19101-7346 13. JCG Medical Emergency Contracted $302,000 Services PSC Services 100 Ave Laurel Bayamon, PR 00956 14. Luma Energy Electric $11,698,492 PO Box 364267 Power San Juan, PR 00936 Services 15. Medtronics Inc. Suppllies $83,125 PO Box 71416 & Materials San Juan, PR 00936 16. Nugen Group Inc. Contracted $643,878 464 Calle Jose Canals Services URB Roosevelt San Juan, PR 00918 17. State Insurance Fund Workmen Unknown Corporation Compensation PO Box 365028 San Juan, PR 00936-5028 18. Union General DE Union Dues $67,351 Trabajadores (UGT) 611 Calle Niza San Juan, PR 00924 19. World Financial Financial $155,471 Corporation Services PO Box 364027 San Juan, PR 00936 20. Zavala Melendez Medical & $289,357 Radiology, PSC Radiology Caparra Heights Services 422 Ensenada San Juan, PR 00920 ASSURE AFFORDABLE: Hires Maxwell Dunn as Legal Counsel ------------------------------------------------------ Assure Affordable Homes, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division - Detroit to hire Maxwell Dunn, PLC to serve as legal counsel in its Chapter 11 case. The firm will provide these services: (a) preparation of petition, schedules and statements and any amendments; (b) preparation of client for duties while in a Chapter 11 bankruptcy; (c) attendance at the Initial Debtor Interview scheduled by the Office of the U.S. Trustee, attendance at any initial status conference as directed by the court, and attendance at the Sec. 341 meeting of creditors; (d) draft and preparation of first day motions, employment applications, and other related pleadings; (e) attendance at the 60-day status conference and all other hearings appurtenant to Subchapter V of Chapter 11; (f) management of the receipt, review, and filing of Monthly Operating Reports and other required filings; (g) preparation of applications for compensation of MDPLC and any other professionals employed by the estate; (h) preparation of pleadings related to sale applications or valuation motions; (i) attendance at hearings and meetings not otherwise designated; (j) negotiations with creditors regarding critical aspects of the Chapter 11 proceeding and the confirmation process; (k) consultations with the Debtor regarding the Chapter 11 proceeding and advising the responsible party; (l) consultations with professionals the estate may need to hire; (m) preparation of the Combined Plan and Disclosure Statement and service upon creditors; (n) filing and representation during any adversary proceedings that may arise; and (o) provide all other responsibilities and duties of counsel not specified. Compensation will be paid based upon the attorneys' prevailing hourly rates, subject to court approval, plus reimbursement of necessary expenses. Prior to filing, the Debtor paid counsel $10,000 for prepetition services and the $1,738 filing fee. Maxwell Dunn, PLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Alexander J. Berry-Santoro, Esq. MAXWELL DUNN, PLC 2937 E. Grand Blvd., Ste. 308 Detroit, MI 48202 Telephone: (248) 246-1166 E-mail: aberrysantoro@maxwelldunnlaw.com About Assure Affordable Homes Inc. Assure Affordable Homes Inc. specializes in third-party real estate management and provides professional property appraisal services. Assure Affordable Homes Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-47953) on August 7, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mark A. Randon handles the case. The Debtor is represented by Alexander J. Berry-Santoro, Esq. at MAXWELL DUNN PLC. AVON PRODUCTS: Needs to Revise Certain Provisions of Ch. 11 Plan ---------------------------------------------------------------- Judge Craig T. Goldblatt of the United States Bankruptcy Court for the District of Delaware concludes that certain provisions of Avon Products Inc.'s Chapter 11 plan and confirmation order must be revised in order to permit the plan to be confirmed. Avon Products, Inc. and various of its affiliates filed these bankruptcy cases in 2024. The debtors were once the owners of the iconic Avon cosmetics brand. They spun off their U.S. assets, however, in a 2016 transaction. During these bankruptcy cases, they sold their foreign operations to Natura, their Brazilian parent company. The debtors and Natura also resolved, after extensive litigation with the Committee, various estate claims that the debtors held against Natura. Accordingly, the debtor entities now hold only the proceeds of those sales, insurance assets, and other causes of action. The question now before this Court is whether the plan of reorganization that the debtors have proposed can be confirmed. These bankruptcy cases were precipitated by personal injury claims asserted against the debtors by plaintiffs who allege that their diseases were caused by exposure to the debtors' talc-containing cosmetic products. The debtors proposed a plan in February of this year and this Court approved a disclosure statement in May. The U.S. Trustee and various insurers objected to confirmation of the plan. This Court conducted a confirmation hearing in July. The Plan After approval of the sale and settlement, the parties undertook negotiations toward a plan. On Feb. 28, 2025 the debtors filed an initial chapter 11 plan of liquidation and a proposed disclosure statement. The debtors' primary assets are preference and commercial tort causes of action, rights to coverage under insurance policies, and an anticipated $31 million in cash as of the effective date. The plan proposes that, on the effective date, all of the debtors' assets will vest in a liquidation trust created by the plan. Melanie L. Cyganowski will be appointed as liquidating trustee to administer, resolve, liquidate, and pay all claims against the debtors. The trust is a mechanism for resolving only those claims presented during the life of the trust, not future arising claims. The trust will be dissolved at the earlier of five years after its creation or when all trust assets have been depleted. The plan establishes eight creditor classes: -- priority claims (class 1); -- secured claims (class 2); -- general unsecured claims (class 3); -- talc claims (class 4); -- subordinated claims (class 5); -- intercompany claims (class 6); -- intercompany interests (class 7); and -- parent interests (class 8). The plan provides that class 3 creditors can either: (1) recover their pro rata share of waterfall distributions from a general unsecured claims recovery fund (which will be funded with up to $14 million in cash), or (2) they can elect to receive treatment identical to class 4 talc claimants in accordance with trust distribution procedures, and recover their pro rata share of cash proceeds from insurance rights and retained causes of action. The net result of this mechanism is that claimants who make the class 3 election will recover the same percentage of the liquidated value of their claims as class 4 talc claimants do. While this election might (or might not) result in greater recoveries, the payout amount and timing are uncertain. The holders of talc claims against any or all of the debtors are assigned to class 4. The plan provides that talc claims that were unliquidated as of the petition date will be resolved and liquidated in accordance with trust distribution procedures. Talc claims that were liquidated pre-petition, whether by settlement or pursuant to a jury verdict, will be paid as soon as practicable from the trust. All other talc claims will be paid out on a first-in, first-out basis. The trust will only pay talc claims if the talc exposure, from use of debtors' talc-cosmetic products, occurred in the United States or the United Kingdom. Claimants' recoveries are dependent on the proceeds from insurance coverage and those from other estate causes of action. The debtors emphasized that nothing in the trust distribution procedures determines whether the insurers are obligated to pay under their policies on account of the talc claims. Mesothelioma talc claimants can elect to have their claims reviewed through either the expedited review or an individual review process. If a mesothelioma talc claimant selects the expedited review process and provides satisfactory evidence of a mesothelioma diagnosis and regular exposure to the debtors' cosmetic talc products for at least three years, then the claimant will be offered the scheduled value ($10,000) of the claim. A mesothelioma talc claimant's allowed claim under the individual review process will be capped at $3 million. All other disease talc claimants will automatically proceed through the individual review process. If the liquidating trustee determines that the claimant has provided satisfactory evidence of a disease diagnosis and has also established that he or she has had no exposure to asbestos or non-debtor talc products, then the claimant may receive an allowed claim of up to $6,000. Claimants are not required to accept the liquidated value assigned to their claims through these processes. The trust distribution procedures provide that claimants may arbitrate any disputes arising from the liquidating trustee's determination of claim allowance or the value of their talc claims. The plan does not contemplate, however, any access to a judicial process to determine the allowed amount of a talc claim. A claimant's sole recourse is to arbitration, and the task of the arbitrator will be to determine whether the trust applied the trust distribution procedures correctly. Classes 3 and 4 are the only impaired classes whose members are eligible to vote to accept or reject the plan. The plan contains standard debtor-releases, an exculpation provision, an injunction, and a "gatekeeping" provision. The gatekeeping provision provides that parties may not pursue any claims that may relate to, or are reasonably likely to relate to, claims released or exculpated in the plan, without first requesting a determination from the bankruptcy court that such claim was not subject to a plan injunction and is a "colorable" claim on the merits. Objections Four parties in interest asserted objections to plan confirmation -- three groups of insurers and the U.S. Trustee. These objections fall into five categories: -- the insurers argue that the plan was not proposed in good faith; -- insurers challenge certain findings and particular plan provisions on the ground that they would give the trust an improper "leg up" in subsequent insurance coverage litigation; -- the insurers assert a number of other confirmation objections that do not, on their face, relate to the treatment of their rights under their insurance policies; -- the U.S. Trustee argues that the plan's proposed reimbursement of the fees of the bond indenture trustee is impermissible; and -- the U.S. Trustee contends that the "gatekeeper" provision in the proposed plan injunction is improper. The Court concludes that certain provisions of the plan and confirmation order must be revised in order to permit the plan to be confirmed. Subject to those revisions, however, the plan is confirmable. The Court concludes that the plan has been proposed in good faith. The evidence suggests that the debtors undertook a process designed to treat constituencies fairly and to maximize value for the benefit of creditors, as the Bankruptcy Code contemplates. The Court emphasizes that there are imperfections in the plan. For example, the provision that bars recovery from claimants whose exposure to the debtors' products did not occur in the United States or the United Kingdom looks to this Court like an improper effort by certain plaintiffs' lawyers to protect their turf. Even so, however, the totality of the evidence supports a finding that the plan has been proposed in good faith. The Court largely overrules the objections asserted by insurers that relate directly to the treatment of their insurance policies, though certain of those objections require modifications to the terms of the plan. Broadly speaking, as far as the insurers are concerned, the trust distribution procedures established in the plan should be viewed as a voluntary settlement, between the talc claimants and the debtor/trust, of talc claims. A financially distressed company can, outside of bankruptcy (and without court approval) enter into a settlement under materially similar economic terms with plaintiffs who are asserting claims against it -- assigning both the claims and its insurance assets to a trust -- and wind down its business. That trust can then sue the company's insurers, arguing that there is insurance coverage for the settlements the trust reached with the claimants. The insurers could respond to such a lawsuit by arguing that the trust has not complied with the various conditions to insurance coverage, and therefore the coverage is vitiated. The principal point this Court intends to make is that the respective rights of the trust (which is to be created under this plan) and the company's insurers should be essentially the same as they would be had this occurred out of bankruptcy. (There is an exception for the insurers' rights to challenge the assignment of the policies to the trust, which are preempted by Sec. 1123(a)(5)(B) of the Bankruptcy Code). To be sure, this may set up a high stakes and complex dispute to be resolved in insurance coverage litigation. But that is what it is. So long as small adjustments to the plan and confirmation order are made to comport with the principle that the bankruptcy neither expands nor contracts the rights of the parties, the insurer objections to the trust distribution procedures do not provide a reason why the plan cannot be confirmed. The insurers raise a handful of objections that are not directly related to their insurance policies. While the insurers' standing to assert these objections (particularly in view of the fact that they do not claim to be creditors in this case) is uncertain, the Court ultimately concludes that these objections fail on the merits. One of the 20 debtors in this case has only a single creditor that has asserted a claim, and that creditor did not vote on the plan. While there is a division of authority on the question, many courts hold, as the insurers in this case argue, that in such circumstances the class has not accepted the plan. However, the solicitation order clearly provides that such a class will be deemed to have accepted the plan. Whether or not the inclusion of such language is appropriate, it was entered on notice to all parties in interest and without objection. That order will therefore control. The Court also rejects the insurers' argument that the plan must comply with Sec. 524(g) of the Bankruptcy Code and their contention that the Bankruptcy Code prohibits assigning the task of resolving unliquidated claims to a post-confirmation liquidating trust. The U.S. Trustee argues that the payment of indenture trustee fees under the plan is an improper end run around Sec. 503(b) of the Bankruptcy Code, which authorizes the payment of such fees only on a showing that the indenture trustee made a "substantial contribution" to the case. The Court concludes that on the facts present in this case, the payment of the fees is fundamentally a question of whether the plan discriminates among similarly situated creditors. Under the Bankruptcy Code, however, unfair discrimination is an objection that can be raised only by a class of creditors that rejects the plan's treatment of their claims. Because the payment of these fees was appropriately disclosed, and all of the creditors who might be viewed as "victims" of the discrimination voted to support the plan, this form of disparate treatment is not a basis to deny confirmation of the plan, the Court finds. The plan contains a "gatekeeper" provision that bars the assertion of any claim that could be reasonably understood to violate the plan's exculpation provision. And any claim that falls within that sweep may go forward only if this Court finds that the claim is "colorable" on the merits. The Bankruptcy Code provides no authority for such an order. The gatekeeping provision must be removed. A copy of the Court's Memorandum Opinion dated August 21, 2025, is available at https://urlcurt.com/u?l=G6QlGk from PacerMonitor.com. About AIO US, Inc. AIO US Inc., Avon Products Inc. and some of its affiliates are manufacturers and marketers of beauty, fashion, and home products with operations and customers across the globe. AIO US and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11836) on Aug. 12, 2024. In the petition filed by Philip J. Gund as chief restructuring officer, AIO US disclosed $1 billion to $10 billion in assets and debt. Richards, Layton & Finger, P.A. and Weil, Gotshal & Manges LLP are counsel to the Debtors. Ankura Consulting Group LLC serves as restructuring advisor to the Debtors. Rothschild & Co US Inc is the Debtors' investment banker and financial advisor. Epiq Corporate Restructuring LLC acts as claims and noticing agent to the Debtors. BEAR'S FRUIT: Seeks Subchapter V Bankruptcy in New York ------------------------------------------------------- On August 15, 2025, Bear's Fruit 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. About Bear's Fruit LLC Bear's Fruit LLC is a Brooklyn-based beverage manufacturer operating in the beverage production industry (NAICS 3121). The company, co-founded by Amy Driscoll, manufactures fruit-based beverages and has established relationships with food distributors including Global Natural Foods and KeHE Distributors. Bear's Fruit LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43951) on August 15, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. The Debtor is represented by Davidoff Hutcher & Citron LLP. BETTER IS BETTER: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Better is Better, LLC got the green light from the U.S. Bankruptcy Court for the Western District of Pennsylvania to use cash collateral. The court authorized the Debtor's interim use of cash collateral to fund operations until further order. The Debtor must operate within 10% of its budget. The pre-petition liens of any creditor holding an interest in cash collateral will continue post-petition; however, such liens shall not exceed their value as of the commencement of the Chapter 11 case. Replacement liens are granted solely to the extent of any diminution in the lenders' interests in the pre-petition collateral. The post-petition collateral specifically excludes (i) causes of action (and their proceeds) arising under Chapter 5 of the Bankruptcy Code, and (ii) recoveries from any claims under Section 506(c) of the Bankruptcy Code. A final hearing is set for September 25. Objections are due by September 18. Currently, there are four active UCC Financing Statements filed in Pennsylvania that may pertain to the Debtor's cash collateral. However, each of these statements was filed by service agents namely Corporation Service Company and CT Corporation System without identifying the actual creditor. As a result, it is unclear which creditor, if any, holds a first lien on the Debtor's assets. About Better is Better, LLC Better is Better, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22163) on August 19, 2025. In the petition signed by Joel Phifer, member, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Christopher M. Frye, Esq., at Steidl & Steinberg, P.C., represents the Debtor as legal counsel. BEYOND AIR: Reports $8.1M Net Loss in Quarter Ended June 30, 2025 ----------------------------------------------------------------- Beyond Air, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $8.1 million for the three months ended June 30, 2025, compared to a net loss of $13.1 million for the three months ended June 30, 2024. Revenue for the three months ended June 30, 2025 was $1.8 million compared to a revenue of $683 thousand for the same period in 2024. Going Concern, Liquidity and Other Uncertainties: The Company used cash in operating activities of $4.5 million for the three months ended June 30, 2025, and has an accumulated deficit attributable to the stockholders of Beyond Air, Inc. of $294 million. The Company had cash, cash equivalents and marketable securities of $6.5 million as of June 30, 2025. In addition, $4 million of cash is held on deposit by the Company's contract manufacturer to be applied against future purchases. The Company expects to incur net losses and have significant cash outflows for at least the next year, including making significant investments in research and development. Management believes these factors raise substantial doubt about the Company's ability to meet its obligations with cash on hand and concluded that the Company will require additional funding within the next 12 months. Management is confident that the efforts to arrange financing, while not assured, will enable the Company to meet its obligations. The Company's future capital needs and the adequacy of its available funds will depend on many factors, including, but not necessarily limited to, the success and costs of commercialization of the Company's approved product and the actual cost and time necessary for current and anticipated preclinical studies, clinical trials and other actions needed to obtain certification or regulatory approval of the Company's product candidates. On June 2, 2025, the Company received $2 million of advanced financing from a related party, a director of the Company who is also an existing lender under its Loan Agreement. The Company is currently arranging the terms and expects that such financing will be issued on terms and conditions materially consistent with those of the Loan Agreement. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/adr5pzwa About Beyond Air Headquartered in Garden City, N.Y., Beyond Air, Inc. -- www.beyondair.net -- is a commercial-stage medical device and biopharmaceutical company developing a platform of nitric oxide generators and delivery systems (the "LungFit platform") capable of generating NO from ambient air. The Company's first device, LungFit PH, received premarket approval from the FDA in June 2022. The NO generated by the LungFit PH system is indicated to improve oxygenation and reduce the need for extracorporeal membrane oxygenation in term and near term (34 weeks gestation) neonates with hypoxic respiratory failure associated with clinical or echocardiographic evidence of pulmonary hypertension in conjunction with ventilatory support and other appropriate agents. East Hanover, New Jersey-based Marcum LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 20, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, citing that the Company has suffered recurring losses from operations, has experienced negative cash flows from operating activities since inception, and has an accumulated deficit, that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $28.1 million in total assets, against $17.7 million in total liabilities. BINYAN KOIDESH: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Binyan Koidesh LLC 5209 13th Avenue 2nd Floor Brooklyn NY 11209 Business Description: Binyan Koidesh LLC, classified as a single- asset real estate debtor under 11 U.S.C. Section 101(51B), holds principal assets at 1452 53rd Street, Brooklyn, New York 11209. Chapter 11 Petition Date: July 17, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-43407 Judge: Hon. Nancy Hershey Lord Debtor's Counsel: Joshua R. Bronstein, Esq. JOSHUA R. BRONSTEIN & ASSOCIATES, PLLC 114 Soundview Drive Port Washington NY 11050 Tel: 516-698-0202 Email: jbrons5@yahoo.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Abraham Wieder 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/VBB7EBY/BINYAN_KOIDESH_LLC__nyebke-25-43407__0001.0.pdf?mcid=tGE4TAMA BIOXCEL THERAPEUTICS: Fiscal Q2 Net Loss Widens to $19.2 Million ---------------------------------------------------------------- BioXcel Therapeutics, Inc., filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $19.2 million for the three months ended June 30, 2025, compared to a net loss of $8.3 million for the three months ended June 30, 2024. Revenue for the three months ended June 30, 2025 was $120 thousand, compared to a revenue of $1.1 million for the same period in 2024. For the six months ended June 30, 2025, the Company reported a net loss of $26.4 million, compared to a net loss of $35.1 million for the same period in 2024. Revenue for the six months ended June 30, 2025 was $288 thousand, compared to a revenue of $1.7 million for the same period in 2024. As of June 30, 2025, the Company had cash, cash equivalents and restricted cash of $18.6 million and an accumulated deficit of $676.6 million. The Company has incurred substantial net losses and negative cash flows from operating activities in nearly every fiscal period since inception, and expects this trend to continue for the foreseeable future. The Company had net cash used in operating activities of $24.6 million and $40.9 million for the six months ended June 30, 2025 and 2024, respectively. "We will need to generate significant product revenues to achieve profitability. Our history of significant losses, negative cash flows from operations, potential near-term increased covenant-driven amortization payments or full repayment obligations under our Credit Agreement, the regulatory event of default triggers under the Credit Agreement, other funding requirement covenants under the Credit Agreement, limited liquidity resources currently on hand, and dependence on our ability to obtain additional financing to fund our operations after the current resources are exhausted, about which there can be no certainty, have resulted in management's assessment that there is substantial doubt about our ability to continue as a going concern for a period of at least 12 months from the issuance date of the financial statements included in this Quarterly Report on Form 10-Q." Successful completion of the Company's development programs and, ultimately, the attainment of profitable operations are dependent upon future events, including obtaining adequate financing to support the Company's cost structure and operating plan. Management's plans to improve the Company's liquidity and reduce its operating expenses and capital requirements include, among other things, pursuing one or more of the following steps to raise additional capital, none of which can be guaranteed or are entirely within the Company's control: * raise funding through the sale of the Company's equity securities; * raise funding through third-party investments in or other strategic options for OnkosXcel; * raise funding through debt financing and/or restructuring of its existing Credit Agreement; * establish collaborations with potential partners to advance the Company's product pipeline; * establish collaborations with potential marketing partners; * reduce overhead and headcount to focus on core priorities, and/or * any combination of the foregoing. "To date, we have continued research and development activities while managing our cash position. However, we require additional funding to continue as a going concern. There are no assurances that we will be successful in obtaining an adequate level of financing as and when needed to finance our operations on terms acceptable to us or at all, particularly when there is market uncertainty or an economic downturn or if other events make investment in our securities less appealing. If we are unable to secure adequate additional funding as and when needed on acceptable or commercially reasonable terms, we may have to significantly delay, scale back or discontinue the development and commercialization of one or more product candidates. In addition, there are various macro-economic trends affecting the financing markets whose impact on our liquidity and future funding requirements are uncertain as of the filing date of this Quarterly Report on Form 10-Q. We will need substantial additional funding, and if we are unable to raise capital when needed, we could be compelled to pursue alternative options, including, without limitation, implementing further workforce reductions, reducing or ceasing product development programs and advancement of our clinical trials and product candidates, selling our assets or seeking other strategic alternatives," the Company concluded. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/3m8m78zr About BioXcel Therapeutics Headquartered in New Haven, Conn., BioXcel Therapeutics, Inc., is a biopharmaceutical company utilizing artificial intelligence to develop transformative medicines in neuroscience and, through the Company's wholly owned subsidiary, OnkosXcel Therapeutics LLC, immuno-oncology. The Company is focused on utilizing cutting-edge technology and innovative research to develop high-value therapeutics aimed at transforming patients' lives. The Company employs various AI platforms to reduce therapeutic development costs and potentially accelerate development timelines. Stamford, Conn.-based Ernst & Young LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 28, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations, has used significant cash in operations and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $25.8 million in total assets, against $133.5 million in total liabilities. BISHOP OF FRESNO: Committee Gets OK to Tap Stinson LLP as Counsel ----------------------------------------------------------------- The Official Committee of Unsecured Creditors of The Roman Catholic Bishop of Fresno received approval from the U.S. Bankruptcy Court for the Eastern District of California, Fresno Division, to hire Stinson LLP to serve as its legal counsel. Stinson LLP will provide these services: (a) represent the Committee as its counsel on the terms and conditions set forth in the Application, effective as of July 24, 2025; (b) file interim and final fee applications for allowance of compensation and reimbursement of expenses, subject to Sections 330 and 331 of the Bankruptcy Code, the Bankruptcy Rules, the Bankruptcy Local Rules, the Fee Guidelines, and any further order of the Court; (c) make a reasonable effort to comply with the U.S. Trustee's request for information and additional disclosures; and (d) use best efforts to avoid duplication of services provided by any of the Committee's other retained professionals in this Chapter 11 case. Stinson LLP will be compensated in accordance with the Bankruptcy Code, subject to Court approval of interim and final fee applications. Stinson LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Robert T. Kugler Edwin H. Caldie, esq. Logan Kugler, esq. STINSON LLP 50 S 6th Street, Suite 2600 Minneapolis, MN 55402 Telephone: (612) 335-1500 E-mail: robert.kugler@stinson.com ed.caldie@stinson.com logan.kugler@stinson.com - and - J. Jackson Waste FENNEMORE LLP 8080 N. Palm Avenue, Third Floor Fresno, CA 93711 Telephone: (559) 432-4500 E-mail: jwaste@fennemorelaw.com About The Roman Catholic Bishop of Fresno The Roman Catholic Bishop of Fresno, a corporation sole, is a California nonprofit religious organization that administers the temporal affairs of the Roman Catholic Diocese of Fresno. It provides leadership, support services, and resources to 87 parishes, diocesan schools, cemeteries, and Catholic-based social and community service organizations across the diocese. Its operations are primarily funded through parish and school assessments, donations, grants, service fees, cemetery pre-need sales, and investment income. The Roman Catholic Bishop of Fresno sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Calif. Case No. 25-12231) on July 1, 2025. In its petition, the Debtor reported between $50 million and $100 million in assets and liabilities. Judge Rene Lastreto II handles the case. The Debtor is represented by Hagop T. Bedoyan, Esq., at McCormick, Barstow, Sheppard, Wayte & Carruth, LLP. Donlin, Recano & Company, Inc. is the Debtor's claims and noticing agent. BLOCK COMMUNICATIONS: Moody's Cuts CFR to B3 & 1st Lien Debt to Ba3 ------------------------------------------------------------------- Moody's Ratings downgraded Block Communications, Inc.'s (Block or the Company) Corporate Family Rating to B3 from B2 and Probability of Default Rating to B3-PD from B2-PD. Moody's also downgraded the senior secured first lien bank credit facilities, including the term loan B and revolving credit facility, to Ba3 from Ba2 and downgraded the senior unsecured notes to Caa1 from B3. The outlook changed to stable from negative. The downgrades reflect the company's weakened liquidity and credit metrics. Top-line declines across all segments have resulted in reduced scale. Recent profitability improvements in the telecom, broadcast and publishing businesses have been outpaced by EBITDA declines in broadband and one-time corporate expenses that comprise approximately 10% of trailing twelve month's earnings. Earnings declines in the broadband business have primarily been driven by the discontinuation of the ACP program, which accelerated data subscriber losses, competition in certain regions, and ongoing secular pressures. Year-to-date Q2 revenue fell by 7.3% year-over-year, while adjusted EBITDA fell 6.8% over the same period after adjusting for one-time transaction charges. The rating action also reflects the risk that the company's initiatives to regain lost customers and improve profitability will not be sufficient to counteract competitive and secular headwinds in Moody's forward views. As a result of these pressures, Moody's expects leverage to rise to the mid 5x range by year-end 2025. The stable outlook reflects Moody's expectations that Block will complete a near-term refinancing to extend maturities and significantly improve the company's liquidity. The outlook also reflects Moody's expectations for modest debt repayment following the expected closing of the sale of the broadcast business in mid-2026. Moody's expects a 0.7x reduction in leverage which will offset ongoing EBITDA pressure. RATINGS RATIONALE Block's B3 Corporate Family Rating (CFR) reflects the deterioration of credit metrics and liquidity as a result of pressure across all business segments in recent years. Although cost cutting actions have been taken to improve year-over-year telecom, broadcast and publishing profitability in Q2 2025, high competition in certain regions for high-speed data, Block's largest business segment, creates the risk for EBITDA decline. These impacts, combined with increased interest expense upon an expected refinancing and inherent high capital intensity, will continue to limit free cash flow generation. Although Block has reduced capital expenditures, Moody's believes substantial reinvestment, estimated in the low-teen percentages of revenue, is necessary to remain competitive. The rating is further constrained by governance risks, as reflected in the G–4 Issuer Profile Score and CIS–4 Credit Impact score. Ownership is highly concentrated, with the Block family maintaining full control of the business, lacking independent board oversight. Supporting the credit profile is a long operating history and family ownership, with limited shareholder-friendly transactions. The business is also well diversified for its small scale, with its mix of four distinct subscription-based businesses. The cable segment, the largest contribution to revenue and EBITDA, is supported by secular broadband demand, a competitive, high-speed and fiber-rich network, strong market position (measured by penetration) and profitable business model, with strong EBITDA margins in low 40% range. Block has weak liquidity with $10 million in cash on the balance sheet and expected breakeven free cash flow in 2025. Availability on its $100 million revolving credit facility (springing maturity in 2026 with $40 million drawn) is limited to $25 million, due to a maximum leverage covenant. Alternate sources of liquidity are limited by its partially secured capital structure. The senior secured first lien bank credit facilities, including the revolver and term loan, are rated Ba3, three notches above the B3 CFR, reflecting the priority position in the collateral of substantially all assets and upstream guarantees from direct and indirect domestic subsidiaries. In addition, the first lien credit facility represents a small share of total outstanding debt. The senior unsecured notes are rated Caa1, one notch below the CFR given its subordination to the senior secured credit facilities. The instrument ratings reflect the probability of default of the company, as reflected in the B3-PD Probability of Default Rating, and an average expected family recovery rate of 50% in a default scenario. Moody's stable outlook reflects Moody's expectations that a near-term refinancing will materially improve the company's liquidity position. It also incorporates the expectation for debt reduction via proceeds from the sale of the company's broadcast business in the first half of 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if cost-cutting measures across business segments and improved performance in the broadband business lead to sustainable growth in revenue and EBITDA such that leverage is sustained below 5.25x (Moody's adjusted debt-to-EBITDA), and retained cash flow to net debt stays above 15% (Moody's adjusted). Ratings could be downgraded if a refinancing resulting in enhanced liquidity is not completed in the near-term. Additionally, ratings may face pressure if there is an accelerated decline in operating performance, leading to leverage sustained above 6.25x (Moody's adjusted debt-to-EBITDA). Block Communications, Inc., founded in 1900, is a privately held, diversified media company headquartered in Toledo, Ohio. It is wholly-owned and controlled by the Block Family. It operates four segments including cable television, telecommunications, newspaper publishing, and television broadcasting. The Company's cable operations, comprising a majority of the business, are branded Buckeye Broadband (serving Toledo and Erie County Ohio and parts of Southeast Michigan) and MaxxSouth serving North and Central Mississippi and NorthWest Alabama. The Company reported revenue of approximately $495 million for the LTM period ended June 30, 2025. The principal methodology used in these ratings was Telecommunications Service Providers published in November 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. BOTTOMS UP: Lawrence Katz Named Subchapter V Trustee ---------------------------------------------------- The Acting U.S. Trustee for Region 4 appointed Lawrence Katz of Hirschler Fleischer, PC as Subchapter V trustee for Bottoms Up Gentlemen's Club, LLC. Mr. Katz will be paid an hourly fee of $665 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Katz declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Lawrence A. Katz Hirschler Fleischer, PC 1676 International Drive, Suite 1350 Tysons, VA 22102 Email: lkatz@hirschlerlaw.com About Bottoms Up Gentlemen's Club Bottoms Up Gentlemen's Club, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Md. Case No. 25-17671) on August 21, 2025, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge David E. Rice presides over the case. Thomas Joseph Maronick, Jr., Esq. at the Law Office Of Thomas J. Maronick Jr, LLC represents the Debtor as bankruptcy counsel. BP RETAIL: Files Emergency Bid to Use Cash Collateral ----------------------------------------------------- BP Retail Partners Inc. and BP Retail TX, LLC ask the U.S. Bankruptcy Court for the Middle District of Tennessee for authority to use cash collateral and provide adequate protection. The Debtors argue that immediate access to this cash is critical to maintaining operations, covering payroll, insurance, utilities, and vendor payments, and preserving business value. The Debtors are not currently disputing the validity or extent of secured creditors' liens but reserve the right to challenge them later. They acknowledge the interests of several secured creditors: 1. Citizens First Bank – Approx. $1.97M secured against BP Retail Partners. 2. Sydmor, Inc. – Approx. $1.12M claimed against both BP Retail Partners and BP Retail TX. 3. TAO Enterprises, Inc. – Approx. $537K secured against BP Retail Partners. These creditors have UCC-1 financing statements asserting interests in accounts receivable and other assets. The Debtors propose using cash per budget, with a 10% variance permitted. As adequate protection, replacement liens will be granted to secured creditors, matching their pre-petition lien status. The Debtors seek interim and final court authorization to use cash collateral, orders directing third parties to release funds to the Debtors, and assurance of continued customer payment flow and operational stability during the reorganization. A copy of the motion is available at https://urlcurt.com/u?l=0RpVw6 from PacerMonitor.com. About BP Retail Partners Inc. BP Retail Partners Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 3:25-bk-03476) on August 21, 2025. In the petition signed by Corey E. Robinson, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Randal S. Mashburn oversees the case. Robert J. Gonzales, Esq., at EmergeLaw, PLC, represents the Debtor as legal counsel. C & S MEMORIAL: Armistead Long Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 5 appointed Armistead Long as Subchapter V trustee for C & S Memorial, Inc. Mr. Long will be paid an hourly fee of $440 for his services as Subchapter V trustee and an hourly fee of $150 for his legal assistant. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Mr. Long declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Armistead M. Long 400 E. Kaliste Saloom Road Lafayette LA 70508 Email: along@gamb.com Phone: (337) 237-0132 About C & S Memorial C & S Memorial, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. La. Case No. 25-50731) on August 21, 2025, with $100,001 to $500,000 in assets and liabilities. Judge John W. Kolwe presides over the case. H. Kent Aguillard, Esq., represents the Debtor as legal counsel. CAMBRIDGE RIVERVIEW: Principal Loses Bid to Recover Unused Retainer ------------------------------------------------------------------- Judge Mark J. Conway of the United States Bankruptcy Court for the Middle District of Pennsylvania denied Steven B. Atlass' motion for turnover of property specifically excess retainer funds in the bankruptcy case of Cambridge Riverview, LLC. The Chapter 7 Trustee objected to the Motion for Turnover of Property on the grounds that the unused retainer is property of the estate per 11 U.S.C. Sec. 541(a)(1) for each of the jointly administered Debtors. Atlass, the principal of the Debtors, argues the retainer was paid by him personally and the retainer must be returned pursuant to 11 U.S.C. Sec. 329(b)(2) and the PA Rules of Professional Conduct. Atlass is the sole member/manager of Cambridge Riverview, LLC and the associated seven entities that filed Chapter 11 bankruptcy and whose cases were later converted to Chapter 7. In his capacity as manager, Atlass signed an engagement letter with Bresset & Santora for the Debtors' Chapter 11 representation. The Debtors lacked funds to pay the retainer of $11,000.00 per case so Atlass withdrew the necessary funds from his IRA and wired the retainers directly to B&S. The engagement letter, the Disclosure of Compensation, and the Application for Retention reflect that the Debtors paid the retainer fee. After conversion of the case, B&S filed an application for compensation. The original application indicated that the Debtors paid B&S the retainers. After an objection by the primary secured creditor, the application was amended by B&S to indicate the retainer was paid by Atlass. The application was settled by a Stipulation between the Debtors and the creditor allowing for compensation of $59,309.74 to B&S. Pursuant to the Stipulation, the Trustee is holding the unused retainer pending the outcome of the Motion for Turnover. The Court agrees with the majority view that a security retainer is property of the debtor until earned by counsel and is therefore property of the estate pursuant to Sec. 541(a)(1). Atlass argues that the retainer is not the Debtors' property because, per the PA Rules of Professional Conduct, any unused retainer must be returned to the "source" of the payment. However, upon review, the Rules suggest that any unused retainer must be returned to the "client." In the matter before the Court, B&S was paid a total retainer of $88,000. Of that $88,000, there remains $28,990.25 being held by the Trustee. The Court finds the pertinent documents in this case do not support Atlass' position that the excess retainer should be refunded to him because he was the source of that retainer. Significantly, the Application for Approval of B&S as Counsel for the Debtors indicates that the Debtors paid the retainers. There was no mention of any payment by Atlass or any "refund" to Atlass. The Court approved B&S's retention based upon the application. The unused portion of the retainer, as a security retainer, was not earned by B&S and, as such, remains property of the client, in this matter -- the Debtors. There is no reason for the Court to look beyond the documents as filed. The Court concludes the excess retainer is property of the Debtors and, as a result, is property of the estate pursuant to 11 USC Sec. 541(a)(1). A copy of the Court's Memorandum dated August 18, 2025, is available at https://urlcurt.com/u?l=m8GRGZ from PacerMonitor.com. About Cambridge Riverview Cambridge Riverview, LLC filed voluntary Chapter 11 petition (Bankr. M.D. Pa. Case No. 24-02216) on September 6, 2024, with up to $50,000 in both assets and liabilities. Judge Mark J. Conway presided over the case. Ronald V. Santora, Esq., at Bresset and Santora represented the Debtor as legal counsel. The case was converted to Chapter 7. CAPTURE COLLECTIVE: Hires Kurt Kawafuchi as Special Counsel ----------------------------------------------------------- Capture Collective, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Ohio to hire the Law Offices of Kurt Kawafuchi, LLLC to serve as its special counsel. Mr. Kawafuchi will provide these services: (a) advise and represent the Debtors in matters with the Hawaii Tax Department and ensure any remaining tax issues, returns, and refunds are resolved; (b) communicate with the Hawaii Tax Department as necessary regarding the Debtors' plan of reorganization and advise the Debtors accordingly; and (c) prepare and/or oversee the preparation of remaining tax returns as necessary and process any refunds. Mr. Kawafuchi will receive an hourly rate of $480, plus ordinary and customary expenses including the Hawaii 4.5% general excise tax. According to court filings, the Law Offices of Kurt Kawafuchi, LLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Kurt Kawafuchi, Esq. Law Offices of Kurt Kawafuchi, LLLC 1003 Bishop Street, Suite 475 Honolulu, HI 96813 About Capture Collective Capture Collective, Inc. develops MiRAD, a high-throughput biodosimetry diagnostic test based on microRNA biomarkers to assess individual radiation exposure. The Company employs physiological, biochemical, and molecular techniques to support rapid and accurate biodosimetry in mass casualty situations. Its team includes experienced scientists and radiation experts dedicated to advancing emergency preparedness through innovative diagnostics. Capture Diagnostics and Capture Diagnostics HIB01 halted their COVID-19 testing operations in May 2023. Capture Collective and its affiliates filed Chapter 11 petitions (Bankr. S.D. Ohio Case No. 25-52291) on May 27, 2025. In the petitions signed by Scott Barnes, CEO and president, Capture Collective disclosed up to $3,470,581 in total assets and up to $836,316 in total liabilities. Judge John E. Hoffman Jr. oversees the case. Carolyn J. Johnsen, Esq., at Dickinson Wright PLLC represents the Debtors as legal counsel. CCA CONSTRUCTION: Seeks to Extend Plan Exclusivity to December 17 ----------------------------------------------------------------- CCA Construction, Inc., asked the U.S. Bankruptcy Court for the District of New Jersey to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to December 17, 2025 and February 17, 2026, respectively. The Debtor explains that this case presents unique and significant challenges that merit the extension requested herein, similar to the complexity noted by courts in other situations. CCA's business is complex, including equity interests in several operational subsidiaries each with their own business needs, CCA's surety bond exposure in the hundreds of millions of dollars, dozens of its own employees, and a bespoke shared services program upon which its operating subsidiaries rely. The Debtor claims that its good faith progress since the First Exclusivity Order towards reorganization further supports the extension of the Exclusive Periods. While the initial exclusivity period was necessarily focused on transitioning into chapter 11 and operational stabilization, the time since has been marked by the further advancement of this chapter 11 case. These milestones reflect the deliberate, good faith, coordinated progress CCA has made in laying the foundation for a viable and confirmable chapter 11 plan. CCA intends to continue to make good faith progress towards confirming a plan going forward. The Debtor asserts that it is not seeking the extension of the Exclusivity Periods to pressure or prejudice any of its stakeholders. On the contrary, CCA is seeking this extension to allow it time to, among other tasks, further transparently engage with its stakeholders, including BMLP, the DIP Lender and surety providers, on a plan of reorganization, in light of the case developments thus far, including the Special Committee's report and the Examiner's report when it is filed. Allowing CCA to extend the Exclusivity Periods without the distraction or expense of addressing competing plans makes the most use of the Examiner's efforts and the estate's resources, to the benefit of all stakeholders, including BMLP. The Debtor further asserts that it has consistently prioritized transparency, collaboration and good faith cooperation in its restructuring efforts and has maintained open lines of communication with its key creditor constituencies, including BMLP. In the interest of maintaining the value of the estate, CCA intends to further engage with the surety providers in the plan negotiation process regarding the treatment of their proofs of claim and surety bonds. Finally, terminating CCA's Exclusive Periods would likely delay a final resolution of this case. If the Court were to deny CCA's request for an extension of the Exclusive Periods, any party in interest, including BMLP, who has engaged in extensive, highly contentious litigation with CCA in the past, would be free to propose a plan. Such a ruling would foster a chaotic environment with no central focus and would likely cause substantial harm CCA’s efforts to reorganize. In addition, terminating CCA's Exclusive Periods could provide a negative impression to CCA's stakeholders and potentially disincentivize them from negotiating with CCA and would thereby undermine CCA's efforts to successfully emerge from chapter 11. Co-Counsel to the Debtor: DEBEVOISE & PLIMPTON LLP M. Natasha Labovitz, Esq. Erica S. Weisgerber, Esq. Elie J. Worenklein, Esq. Shefit Koboci, Esq. 66 Hudson Boulevard New York, NY 10001 Telephone: (212) 909-6000 Facsimile: (212) 909-6836 Email: nlabovitz@debevoise.com eweisgerber@debevoise.com eworenklein@debevoise.com skoboci@debevoise.com Co-Counsel to the Debtor: COLE SCHOTZ P.C. Michael D. Sirota, Esq. Warren A. Usatine, Esq. Felice R. Yudkin, Esq. Ryan T. Jareck, Esq. Court Plaza North, 25 Main Street Hackensack, NJ 07601 Telephone: (201) 489-3000 Facsimile: (201) 489-1536 Email: msirota@coleschotz.com wusatine@coleschotz.com fyudkin@coleschotz.com rjareck@coleschotz.com About CCA Construction CCA Construction Inc., doing business as China Construction America Inc., ProServ Shared Services, and Plaza Construction, was established in 1993 as a Delaware corporation, and it is a direct subsidiary of CSCEC Holding Company, Inc., also a Delaware corporation. CSCEC Holding, CCA, and CCA's subsidiaries are discrete pieces of CSCEC's broader business, which is operated by more than 100 distinct entities located throughout the world, eight of which are publicly traded. Together, the group of affiliated entities makes up the largest construction company in the world, operating in more than 100 countries and regions globally, covering investment, development, construction engineering, survey and design. CCA Construction Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 24-22548) on December 22, 2024. In the petition filed by Yan Wei, chairman and chief executive officer, the Debtor reports reports estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. Honorable Bankruptcy Judge Christine M. Gravelle handles the case. The Debtor tapped M. Natasha Labovitz, Esq., Sidney P. Levinson, Esq., Elie J. Worenklein, Esq., and Rory B. Heller, Esq., at Debevoise & Plimpton LLP, in New York as general bankruptcy counsel; Michael D. Sirota, Esq., Ryan T. Jareck, Esq., Warren A. Usatine, Esq., and Felice R. Yudkin, Esq., at Cole Schotz PC in Hackensack, New Jersey as bankruptcy co-counsel; and BDO Consulting Group, LLC as financial advisor. Kurtzman Carson Consultants, LLC, dba Verita Global, is the administrative advisor. CHEZ JOEY: Lawrence Katz Named Subchapter V Trustee --------------------------------------------------- The Acting U.S. Trustee for Region 4 appointed Lawrence Katz of Hirschler Fleischer, PC as Subchapter V Trustee for Chez Joey, LLC. Mr. Katz will be paid an hourly fee of $665 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Katz declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Lawrence A. Katz Hirschler Fleischer, PC 1676 International Drive, Suite 1350 Tysons, VA 22102 Email: lkatz@hirschlerlaw.com About Chez Joey LLC Chez Joey, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-17669) on August 21, 2025, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge David E. Rice presides over the case. Thomas Joseph Maronick, Jr., Esq., at the Law Office Of Thomas J. Maronick Jr, LLC represents the Debtor as bankruptcy counsel. CLAIRE'S HOLDINGS: Pachulski Stang Represents Elliott and Monarch ----------------------------------------------------------------- The law firm of Pachulski Stang Ziehl & Jones LLP ("PSZ&J") filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 cases of Claire's Holdings LLC and its affiliates, the firm represents: 1. Elliott Investment Management L.P. 360 S. Rosemary Avenue, 18th Floor West Palm Beach, FL 33401 * Priority Term Loan: $26,770,385 * Existing Term Loan: $224,101,151 * Common Shares: 310,362 * Preferred Shares: 362,433 2. Monarch Alternative Capital LP 535 Madison Avenue, 26th Floor New York, NY 10022 * Priority Term Loan: $51,915,980 * Existing Term Loan: $42,668,782 * Common Shares: 151,590 * Preferred Shares: 185,304 PSZ&J represents Elliott Investment Management L.P., as investment manager on behalf of certain investment funds and/or related entities, and Monarch Alternative Capital LP, as investment manager on behalf of certain investment funds and/or related entities (collectively, "Elliott and Monarch"). PSZ&J represents Elliott and Monarch in their respective capacities as: (i) lenders under that certain Priority Term Loan Credit Agreement, dated as of September 23, 2024 (as amended, the "Priority Term Loan Credit Agreement"), by and among Claire's Holdings LLC, as the parent guarantor, Claire's Boutiques, Inc., as borrower, certain financial institutions party thereto from time to time as lenders, and Ankura Trust Company LLC, as administrative and collateral agent; (ii) lenders under that certain Term Loan Credit Agreement, dated as of December 18, 2019 (as amended, the "Existing Term Loan Credit Agreement"), by and among Claire's Holdings LLC, as the parent guarantor, Claire's Stores, Inc., as borrower, certain financial institutions party thereto from time to time as lenders, and Ankura Trust Company, LLC, as administrative and collateral agent; and (iii) holders of certain equity interests. PSZ&J does not represent or purport to represent any other entities in connection with these chapter 11 cases. PSZ&J does not represent Elliott and Monarch as a "committee" and does not undertake to represent the interests of, and is not a fiduciary for, any creditor, party in interest, or other entity that has not signed a retention agreement with PSZ&J. Elliott and Monarch do not represent the interests of, and do not act as a fiduciary for, any person or entity other than themselves in connection with these chapter 11 cases. The law firm can be reached at: PACHULSKI STANG ZIEHL & JONES LLP Laura Davis Jones, Esq. Jeffrey H. Davidson, Esq. Gabriel I. Glazer, Esq. Edward A. Corma, Esq. 919 North Market Street, 17th Floor Wilmington, Delaware 19801 Telephone: (302) 652-4100 Facsimile: (302) 652-4400 Email: ljones@pszjlaw.com jdavidson@pszjlaw.com gglazer@pszjlaw.com ecorma@pszjlaw.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 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) CLB TRUCKING: Seeks to Use Cash Collateral ------------------------------------------ CLB Trucking, Inc asks the U.S. Bankruptcy Court for the Western District of Pennsylvania for authority to use cash collateral and provide adequate protection. The Debtor needs to use cash collateral to fund ongoing operations and preserve the business as a going concern. The Debtor's liabilities consist primarily of equipment leases and unsecured debts. As part of its reorganization efforts, the Debtor needs access to its incoming and existing cash flows, which are currently subject to liens by secured creditors. Two creditors have asserted security interests in the Debtor's assets, including cash: 1. Samson MCA, LLC, which holds a first priority lien perfected by a UCC-1 financing statement filed on July 25, 2024. 2. BMO Bank, N.A., which holds a second priority lien, perfected by a UCC-1 filed on August 20, 2024. The security interest covers vehicles, attachments, and all cash and non-cash proceeds. The Debtor requests permission to use all current and incoming cash collateral, including proceeds from accounts, subject to adequate protection payments made to the secured creditors, including Samson MCA and BMO Bank, in line with the forthcoming Chapter 11 plan. A hearing on the matter is set for September 23. A copy of the motion is available at https://urlcurt.com/u?l=kr3O5B from PacerMonitor.com. About CLB Trucking Inc. CLB Trucking, Inc., based in Greensburg, Pennsylvania, provides interstate trucking services specializing in the transport of metals, coal, asphalt, and dry bulk commodities. The Company operates a fleet of trucks and trailers to serve industrial clients in the region and beyond. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22144) on August 15, 2025. In the petition signed by Traci L. Peters, owner, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Brian C. Thompson, Esq., at Thompson Law Group, P.C., represents the Debtor as bankruptcy counsel. COLLECTIVE INVESTMENT: Seeks Subchapter V Bankruptcy in Virginia ---------------------------------------------------------------- On August 24, 2025, Collective Investment Holdings 5 LLC filed Chapter 11 protection in the Eastern District of Virginia. 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 Collective Investment Holdings 5 LLC Collective Investment Holdings 5 LLC is a Virginia-based real estate company operating in the Fairfax area. Collective Investment Holdings 5 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-11741) on August 24, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and $100,000 and $500,000. The Debtor is represented by Martin C. Conway, Esq. at Conway Law Group, PC. CONGOLEUM CORP: Court Says BIW Not Liable for Environmental Claims ------------------------------------------------------------------ In the appeal styled In re: CONGOLEUM CORPORATION, et al., Debtors, BATH IRON WORKS CORPORATION, Appellant, No. 23-1295 (3rd Cir.), Judges Michael Chagares, Paul Matey and Cindy K. Chung of the United States Court of Appeals for the Third Circuit reversed the judgment of the United States District Court for the District of New Jersey that reversed the decision of the United States Bankruptcy Court for the District of New Jersey granting Bath Iron Works Corporation's motion to reopen the bankruptcy case of Congoleum Corporation and holding that Occidental Chemical Corporation could not recover against BIW for certain environmental claims. This case arises out of the decades-long bankruptcy proceedings of debtor Congoleum Corporation. Congoleum's various predecessors have operated a flooring business, the Congoleum Flooring Business, in Kearny, New Jersey, since 1886. The Congoleum Flooring Business manufactured products that contained asbestos, and by 2003, nearly one hundred thousand asbestos-related personal injury claims had forced Congoleum into bankruptcy. One of Congoleum's creditors, Occidental Chemical Corporation, filed a lawsuit against appellant Bath Iron Works Corporation, Congoleum's former corporate sibling, over certain environmental claims stemming from the operation of a manufacturing facility in Kearny, New Jersey. In response, BIW moved to reopen Congoleum's bankruptcy case and for a declaration that, according to the order confirming Congoleum's plan of reorganization, BIW was not liable for the environmental claims. Congoleum first filed a bankruptcy petition in 2003. Occidental did not file a proof of claim, but its indemnitor filed a claim and entered a notice of appearance on Occidental's behalf. As part of the 2003 bankruptcy proceedings, Congoleum and one of its insurers, Century Indemnity Company, reached a settlement through which Century agreed to buy back its insurance policies from Congoleum in exchange for an injunction barring any future claims under those policies. Proceeds from this and similar settlements were used to help Congoleum emerge from bankruptcy. The Bankruptcy Court approved the Century Settlement after the motion to approve the settlement and accompanying documents were served on certain creditors. Congoleum filed for bankruptcy a second time in 2020, and a new bankruptcy judge presided over the second bankruptcy case. BIW filed an adversary proceeding against Congoleum in the second bankruptcy case and sought a declaration that Congoleum was bound by the BIW Finding and thus barred from claiming that BIW inherited the Congoleum Flooring Business's liabilities, including its environmental liabilities. The Bankruptcy Court granted BIW's motion for summary judgment and held that, under the BIW Finding, BIW was not responsible for the liabilities of the Congoleum Flooring Business. The Bankruptcy Court also held that the BIW Finding had been "actually litigated" and was necessary to both the Century Settlement and the Confirmation Order. App. 1627. Based on the Bankruptcy Court's ruling, Congoleum agreed in June 2021 to dismiss its claim in the DVL litigation that BIW was responsible for any environmental liabilities arising out of the operation of the Kearny facility. The Bankruptcy Court granted the motion to reopen the 2003 bankruptcy case and held that the BIW Finding bound Occidental. The Bankruptcy Court determined that it could properly reopen the case because it, not the District Court, was best positioned to interpret the BIW Finding. It rejected Occidental's argument that BIW had waited too long to file its motion because it filed promptly after Occidental made clear that it would not agree to dismiss its complaint. It held that the BIW Finding was not an improper third-party release that violated the Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA"), U.S.C. Sec. 9601 et seq., but rather a determination regarding BIW's liability that was necessary to the Century Settlement. The Bankruptcy Court also held that the Confirmation Order had res judicata effect and bound Occidental, which had received notice of and was a party to the confirmation proceedings. It further found that it was more likely than not that Occidental received adequate notice of the motion to approve the Century Settlement. On appeal, the District Court reversed. The District Court held that it, not the Bankruptcy Court, was best suited to interpret the Confirmation Order because the Confirmation Order had been issued by a district court judge, and the District Court was already presiding over a separate dispute among Occidental, BIW, and Congoleum regarding environmental contamination at the Kearny facility. It also concluded that the Bankruptcy Court lacked jurisdiction because the motion did not affect the Debtor's estate. The District Court further held that the Bankruptcy Court erred in finding that there was good cause to reopen the bankruptcy case because the Debtor's estate would not be affected, the issues raised in BIW's motion were pending in Occidental's lawsuit against BIW, and the motion was filed more than a decade after the case was closed. The District Court additionally determined that the BIW Finding was a third-party release that violated CERCLA. It also held that the Bankruptcy Court erred as both a matter of law and fact in determining that the Confirmation Order had res judicata effect and bound Occidental because, inter alia, Occidental had not received adequate notice. BIW then appealed the District Court's reversal. According to the Circuit Judges, "The Bankruptcy Court properly exercised its jurisdiction and did not abuse its discretion in granting BIW's motion to reopen the case and interpret the Confirmation Order. The Bankruptcy Court had subject matter jurisdiction because the resolution of the dispute regarding the BIW Finding's effect was a core proceeding, and the District Court had not withdrawn the 2010 order of reference to the Bankruptcy Court. The Bankruptcy Court did not err in granting the motion because resolution of the instant dispute required a detailed analysis of that order, and BIW's motion was timely filed." The panel concludes, "The Bankruptcy Court did not err in exercising its jurisdiction to reopen the bankruptcy case because it was asked to interpret and enforce the Confirmation Order, which was entered by a court sitting in bankruptcy. Because the BIW Finding conclusively determined that BIW did not inherit the liabilities of the Congoleum Flooring Business and was a final order binding Occidental, which had notice of the confirmation and Century Settlement proceedings, the Bankruptcy Court also did not err in holding that the BIW Finding barred Occidental's claims against BIW. For the foregoing reasons, we will reverse the judgment of the District Court." A copy of the Court's Opinion dated August 22, 2025, is available at https://urlcurt.com/u?l=kYtADL Counsel for Appellant Bath Iron Works Corporation: Ian H. Gershengorn, Esq. Illyana A. Green, Esq. Matthew Hellman, Esq. JENNER & BLOCK 1099 New York Avenue NW, Suite 900 Washington, DC 20001 E-mail: igershengorn@jenner.com igreen@jenner.com Michael A. Doornweerd, Esq. Catherine L. Steege, Esq. JENNER & BLOCK 353 N Clark Street, Suite 4500 Chicago, IL 60654 E-mail: mdoornweerd@jenner.com csteege@jenner.com Lawrence Bluestone, Esq. Angelo J. Genova, Esq. GENOVA BURNS 494 Broad Street Newark, NJ 07102 E-mail: lbluestone@genovaburns.com agenova@genovaburns.com Donald W. Clarke, Esq. Daniel M. Stolz, Esq. GENOVA BURNS 110 Allen Road, Suite 304 Basking Ridge, NJ 07920 E-mail: dclarke@genovaburns.com dstolz@genovaburns.com Haley B. Zoffer, Esq. DAVIS WRIGHT TREMAINE 350 S Grand Avenue, Suite 2700 Los Angeles, CA 90071 E-mail: haleyzoffer@dwt.com Counsel for Appellee Occidental Chemical Corporation: Erin E. Murphy, Esq. CLEMENT & MURPHY 706 Duke Street Alexandria, VA 22314 E-mail: erin.murphy@clementmurphy.com Amanda L. Rauer, Esq. David E. Romine, Esq. Larry D. Silver, Esq. LANGSMAN STEVENS SILVER & HOLLAENDER 1818 Market Street, Suite 2430 Philadelphia, PA 19103 E-mail: dromine@lssh-law.com lsilver@lssh-law.com Russell C. Silberglied, Esq. RICHARDS LAYTON & FINGER One Rodney Square 920 N King Street Wilmington, DE 19801 E-mail: silberglied@rlf.com About Congoleum Corp. Congoleum Corporation -- https://www.congoleum.com/ -- manufactures and sells vinyl sheet and tile products for both residential and commercial markets. Its products are used in remodeling, manufactured housing, new construction, commercial applications, and recreational vehicles. Congoleum was started in 1828, in Kirkaldy, Scotland, as a manufacturer of heavy canvas sailcloth, sold to manufacturers of floorcloth, which was a precursor to linoleum. The Company first filed for Chapter 11 protection on Dec. 31, 2003 (Bankr. D.N.J. Case No. 03-51524) to resolve claims asserted against it related to the use of asbestos in its products decades prior. Congoleum's reorganization plan became effective as of July 1, 2010. By operation of the reorganization plan, American Biltrite's ownership interest in Congoleum was eliminated and new shares in Congoleum were issued to certain of Congoleum's prepetition creditors. Richard L. Epling, Esq., Robin L. Spear, Esq., and Kerry A. Brennan, Esq., at Pillsbury Winthrop Shaw Pittman LLP, and Paul S. Hollander, Esq., and James L. DeLuca, Esq., at Okin, Hollander & DeLuca, LLP, represented the Debtors. Congoleum Corporation again sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 20-18488) on July 13, 2020. The petition was signed by Christopher O'Connor, the CEO and president. The Debtor was estimated to have $50 million to $100 million in assets and $100 million to $500 million in liabilities. The Honorable Michael B. Kaplan presided over the 2020 case. In the 2020 case, Warren A. Usatine, Esq., Felice R. Yudkin, Esq., and Rebecca W. Hollander, Esq. of Cole Schotz P.C., served as counsel to the Debtor. B. Riley FBR, Inc. served as financial advisor and investment banker to the Debtor; and Phoenix Management Services, LLC, as financial advisor. Prime Clerk LLC was the claims and noticing agent. * * * In October 2020, the Debtors won court approval to sell substantially all assets to Congoleum Acquisition, LLC, an entity formed by the noteholder group. The sale provided at least $53 million of consideration to the Debtor's estate consisting of (i) $28.5 million credit bid, (ii) satisfaction of the outstanding liability to the DIP Lender totaling approximately $10 million at closing, (iii) payment of cure costs estimated at $1.3 million, (iv) assumption of postpetition accounts payable estimated at $1.5 million, (v) payment at closing or assumption of claims pursuant to Section 503(b)(9) estimated at $800,000,(vi) assumption of liabilities under a capital lease with VFI estimated at $4.5 million, (vii) assumption (if consented to by the Small Business Association) of the PPP loan in the amount of$5.7 million, (viii) assumption of deferred FICA taxes estimated at $640,000 and (ix) liabilities associated with employee health plan at $150,000. In addition, in connection with the sale, the buyer, Creditors' Committee and holders of the Senior Secured Notes entered into a settlement that provides for consideration to the estate of up to $1.3 million in addition to the $100,000 in Excluded Cash as follows: (i) $250,000 on or about the effective date of the Plan; (ii) $250,000 on or about 6 months after the closing of the sale; (iii) $500,000 on or about 12 months after closing of the sale; (iv) $300,000 if and when certain monies presently held in a cash collateral account by Applied Underwriters for a period when the Debtor was self-insured for workers' compensation claims are refunded. The settlement also provides consideration to the Debtor's estate if the buyer sells the company within five years of closing of the sale. A Chapter 11 plan was confirmed in the case on January 11, 2021. CRANE ENTERPRISES: Court Upholds Cranes' Eviction ------------------------------------------------- In the adversary proceeding captioned as CRANE ENTERPRISES, LLC, Plaintiff, v. MICHAEL E. CRANE, DANIEL M. CRANE, JOHN DOE AND JANE DOE (Fictitious Persons), Defendants, Adv. Pro. No. 25-01040 (Bankr. S.D.N.Y.), the Honorable David S. Jones of the United States Bankruptcy Court for the Southern District of New York denied the Motion of Michael E. Crane and Daniel M. Crane for: (I) an order, pursuant to Rule 9023 or, in the alternative, Rule 9024 of the Federal Rules of Bankruptcy Procedure, to alter, amend or grant relief from the order granting summary judgment against Michael E. Crane and Daniel M. Crane, or, in the alternative, (II) an order pursuant to Bankruptcy Rule 8007 for a stay pending the appeal of the summary judgment and order and the November 18, 2024 state court order. The Defendants "seek to alter or amend" the Bankruptcy Court's decision granting the Debtor-Plaintiff's motion for summary judgment regarding turnover of the Debtor's property entered on July 29, 2025 and subsequent order granting summary judgment against the Defendants, or in the alternative, a stay of the Decision and Order as well as a stay of the November 18, 2024 decision (the "Eviction Decision") and judgment entered on November 23, 2024 issued by the Nassau County district court in the state court eviction proceedings in favor of the Plaintiff. The Defendants had also separately filed a notice of appeal of the Decision and Order. The Decision and Order held that the Defendants have no valid ongoing leasehold or other interest in the apartment located at 360 Shore Road, Apt 8L, Long Beach, NY 11561, and that Plaintiff is entitled to turnover of the Property. The Defendants contend that: (1) the Bankruptcy Court improperly concluded that Daniel Crane is bound by the Eviction Decision and Eviction Order brought against his father Michael Crane in the Eviction Action, arguing instead that New York law prohibits enforcement of that order against Daniel Crane; (2) Daniel Crane is not collaterally estopped from litigating his rights under the alleged lifetime $1.00 per year lease for the Property; and (3) the Alleged Lease is enforceable and not void under New York law. The Debtor-Plaintiff filed an objection to the Reconsideration/Stay Motion In addition, the Debtor-Plaintiff filed a motion for further relief in aid of its turnover application (the "Eviction Motion"). The Court finds the Defendants fail to meet their burden under Rules 59 and 60. According to the Bankruptcy Court, Defendants do not point to any intervening change of controlling law, new evidence, or a need to correct a clear error or prevent manifest injustice. Issues concerning the validity of the Alleged Lease and enforceability of the Eviction Decision and Eviction Order were already litigated to a final judgment and order and the Bankruptcy Court made its determination that the judgment deserves preclusive effect as applied to both Defendants under principles of collateral estoppel, certainly in the context of the issue before this Court -- whether Debtor is entitled to turnover of its property pursuant to Section 542 of the Bankruptcy Code. The Bankruptcy Court determined that collateral estoppel bound both Defendants to the Eviction Decision even though Daniel Crane was not named in the Eviction Action because the Alleged Lease explicitly lists Daniel and Michael Crane as co-tenants, and the two Cranes were identically situated and possessed identical rights under the Alleged Lease, which the District Court concluded was invalid. It would be inappropriate at this stage for the Bankruptcy Court to hear re-litigation of old issues decided by the state court or consider new theories of the case. The Defendants also argue that they will suffer "substantial, immediate harm" if the Bankruptcy Court does not stay enforcement of the Decision and Order and contend that their appeal of the Eviction Decision and Eviction Order will be moot if Defendants are evicted from the apartment. Michael Crane's sworn declaration states that the Property is his and Daniel's "primary and sole residence" and that they would be rendered "homeless" by an eviction. The Bankruptcy Court finds that any harm to the Defendants caused by the Court's Decision and Order is not "irreparable harm" in light of their circumstances, and because, if the Eviction Decision were to be overturned on appeal, the Defendants "could be compensated in the form of monetary damages for the costs associated with being forced to move out of the Property. Additionally, Defendant's contention that denial of a stay risks mooting their appeal of the Eviction Decision is unavailing. The Defendants assert that they are "ready, willing, and able" to pay the Debtor's postpetition fees for the Property, "including payment of its carry costs such as insurance, cooperative fees and assessments, and other maintenance costs associated" with the Property. Notably, the Defendants do not offer to cure outstanding prepetition arrears associated with the Property. Even more pointedly, adopting the approach proposed by the Cranes -- that the Bankruptcy Court allow them to continue to inhabit the Property while their appeal winds its way through the state-court appellate process -- would indefinitely delay Debtor's ability to sell the Property for any reasonable price, thus prejudicially thwarting Debtor's efforts to secure prompt and commercially appropriate revenue from its Property, for the benefit of stakeholders who may ultimately include Michael Crane. According to the Bankruptcy Court, on this record, granting a stay would prejudice the estate and its creditors by delaying distributions without offsetting benefit. Therefore, the Bankruptcy Court denies the Reconsideration/Stay Motion, and grants the Eviction Motion in part by providing an eviction remedy with U.S. Marshals Service assistance if necessary, and denies it in part insofar as it seeks an immediate ruling that Michael and Daniel Crane are in contempt of court, or sanctions for their assertedly contumacious behavior. A copy of the Court's decision dated August 20, 2025, is available at https://urlcurt.com/u?l=D1Gg4D from PacerMonitor.com. Special Litigation Counsel for the Debtor: Eric J. Snyder, Esq. WILK AUSLANDER LLP 825 Eighth Avenue, Suite 2900 New York, NY 10019 E-mail: esnyder@wilkauslander.com Co-Counsel to Michael E. Crane and Daniel M. Crane, Defendants: Douglas A. Goldstein, Esq. LAW ADVOCATES LLC 236 Millbrook Ave, Suite 3R Randolph, NJ 07869 E-mail: DGoldstein@Advocates.Esq Co-Counsel to Michael E. Crane and Daniel M. Crane, Defendants: Brian J. Hufnagel, Esq. Lawrence F. Morrison, Esq. MORRISON TENENBAUM PLLC 87 Walker Street, Floor 2 New York, NY 10013 E-mail: bjhufnagel@m-t-law.com About Crane Enterprises LLC Crane Enterprises LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10405) on March 4, 2025, listing $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge David S Jones handles the case. Brett Silverman, Esq., at Silverman Law PLLC represents the Debtor as counsel. CROSS TOWN: Gets Court OK to Use Cash Collateral Until Feb. 28 -------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Oregon granted Cross Town Movers, Inc.'s motion to use cash collateral to fund operations until February 28, 2026. The court authorized the Debtor to use cash collateral in accordance with its budget, which covers the period from August 25, 2025 to February 28, 2026. As adequate protection for the Debtor's use of their cash collateral, secured creditors will receive replacement liens on all post-petition assets similar to their pre-bankruptcy collateral. In case of any diminution in the value of their collateral, the secured creditors will receive administrative claims under Section 503(b) of the Bankruptcy Code, which will have priority over, and be senior to, all other administrative claims against the estate. The secured creditors are the U.S. Small Business Administration, OnDeck, NewCo Funding, Silverline Funding, PayPal/Loan Builder, Kalamata Funding, Meged Funding, and Diesel Funding. The Debtor's right to use cash collateral will continue until the earlier of February 28, 2026; a default and failure to cure by the Debtor; dismissal or conversion to a case under Chapter 7; or further order of the court. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/BrhfV from PacerMonitor.com. About Cross Town Movers Inc. Cross Town Movers Inc. provides residential and commercial moving and storage services across Oregon, including Eugene, Salem, Medford, and coastal areas. The Company offers local, long-distance, and interstate relocations, as well as packing, crating, and climate-controlled storage. It operates as an agent of Bekins Van Lines. Cross Town Movers Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 25-61950) on July 11, 2025. In its petition, the Debtor reports total assets of $2,088,644 and total liabilities of $3,185,751. Honorable Bankruptcy Judge Thomas M. Renn handles the case. The Debtors are represented by Loren S. Scott, Esq. at THE SCOTT LAW GROUP. CUSTOM CONCRETE: Unsecureds Will Get 10% of Claims over 5 Years --------------------------------------------------------------- Custom Concrete Solutions, LLC, filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania a Small Business Plan of Reorganization dated August 18, 2025. The is a Pennsylvania business engaged in construction. The Debtor is incorporated in the Commonwealth of Pennsylvania and is operated on a day to day basis by Mr. Leech. The Debtor commenced operations in 2013. Debtor has fallen behind on equipment loans taken out during a slow down in business during the COVID pandemic when debtor struggled to find and retain employees. The Plan proposes to pay the Debtor's creditors from, cash flow from operations. The Plan proposes to pay administrative and priority claims in full unless otherwise agreed. The Debtor estimates approximately 10% will be paid on account of general unsecured claims pursuant to the Plan. Class 4 consists of General Unsecured Claims. This Class will receive a distribution of 10% of their allowed claims. This Class is impaired. The Debtor's Allowed General Unsecured Claims and their proposed treatment under the Plan: * CellCo Partnership d/b/a Verizon Wireless with a claim amount of $1,025.14. Paid pro rata from the funds designated for the general unsecured pool. A total distribution to unsecured creditors in the amount of $102.50 is anticipated over a period of 5 years with annual distributions of $20.50 to be made by debtor. * The U.S. Small Business Administration with a claim amount of $436,060.69. Paid pro rata from the funds designated for the general unsecured pool. A total distribution to unsecured creditors in the amount of $43,606.00 is anticipated over a period of 5 years with annual distributions of $8,721.20 to be made by debtor. * Pennsylvania Turnpike Administration with a claim amount of $41,650.00. Paid pro rata from the funds designated for the general unsecured pool. A total distribution to unsecured creditors in the amount of $4,165.00 is anticipated over a period of 5 years with annual distributions of $833.00 be made by debtor. * Platinum Service Center with a claim amount of $18,000.00. Paid pro rata from the funds designated for the general unsecured pool. A total distribution to unsecured creditors in the amount of $1,800.00 is anticipated over a period of 5 years with annual distributions of $360.00 to be made by debtor. * Robert Bruener with a claim amount of $6,000.00. Paid pro rata from the funds designated for the general unsecured pool. A total distribution to unsecured creditors in the amount of $600.00 is anticipated over a period of 5 years with annual distributions of $120.00 to be made by debtor. * WC Rasely Resellers, Inc. with a claim amount of $3,500.00. Paid pro rata from the funds designated for the general unsecured pool. A total distribution to unsecured creditors in the amount of $350.00 is anticipated over a period of 5 years with annual distributions of $70.00 to be made by debtor. The Debtor's plan of reorganization will be funded from the debtor's business income. A full-text copy of the Plan of Reorganization dated August 18, 2025 is available at https://urlcurt.com/u?l=fMLcDD from PacerMonitor.com at no charge. Counsel to the Debtor: Brian C. Thompson, Esq. Thompson Law Group, P.C. 301 Smith Drive, Suite 6 Cranberry Township, PA 16066 (724) 799-8404 Telephone (724) 799-8409 Facsimile E-mail: bthompson@thompsonattorney.com About Custom Concrete Solutions Custom Concrete Solutions, LLC is a Pennsylvania business engaged in construction. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-21226) on May 12, 2025. In the petition signed by Matt Leech, managing member, the Debtor disclosed $500,000 in assets and $1 million in liabilities. Judge Gregory L. Taddonio oversees the case. Brian C. Thompson, Esq., at Thompson Law Group, P.C., is the Debtor's legal counsel. DATAVAULT AI: EOS Technology and CEO Bradley Hold 9.9% Stake ------------------------------------------------------------ Nathaniel Bradley, Sonia Choi, and EOS Technology Holdings Inc. disclosed in a Schedule 13D (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of August 8, 2025, they beneficially own an aggregate of 9,645,952 shares of Datavault AI Inc.'s common stock, $0.0001 par value per share. * Nathaniel Bradley beneficially owns 9,645,952 shares, consisting of 4,265,361 shares held directly, 2,399,911 shares held by EOS Technology Holdings Inc., and 2,980,680 shares held directly by his spouse, Sonia Choi. * Sonia Choi beneficially owns 7,246,041 shares, including 2,980,680 shares held directly and 4,265,361 shares held by Mr. Bradley. * EOS Technology Holdings Inc. beneficially owns 2,399,911 shares held directly. Collectively, these holdings represent 9.9% of the class, based on 97,692,374 shares outstanding as of July 30, 2025. Nathaniel Bradley, Sonia Choi, and EOS Technology Holdings Inc. may be reached through: Nathaniel Bradley Chief Executive Officer & Sole Director EOS Technology Holdings Inc. 48 Wall Street, Floor 11 New York, NY 10005 Phone: 520-631-9595 A full-text copy of Nathaniel Bradley's SEC report is available at: https://tinyurl.com/futtzz6c About Datavault AI Datavault AI Inc. (f/k/a WiSA Technologies, Inc.) -- www.wisatechnologies.com -- develops and markets spatial audio wireless technology for smart devices and home entertainment systems. The Company's WiSA Association collaborates with consumer electronics companies, technology providers, retailers, and industry partners to promote high-quality spatial audio experiences. WiSA E is the Company's proprietary technology for seamless integration across platforms and devices. San Jose, California-based BPM LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company's recurring losses from operations, a net capital deficiency, available cash and cash used in operations raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $120.7 million in total assets, against $46.6 million in total liabilities. DEDICATION & EVERLASTING: Seeks to Use Cash Collateral ------------------------------------------------------ Todd A. Frealy, the Chapter 11 trustee for Dedication & Everlasting Love To Animals (D.E.L.T.A. Rescue), asks the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to use cash collateral on an interim basis from September 1 to December 31. The trustee emphasizes that use of cash collateral is necessary to pay essential post-petition operating expenses. A proposed budget outlines the anticipated expenses, and the trustee seeks flexibility to deviate by up to 15% in the aggregate from that budget. The Debtor operates what it claims is the world's largest "No Kill, Care-for-Life" animal sanctuary, currently housing approximately 1,200 animals. The organization derives nearly all of its income from charitable donations and also generates revenue through dividends from its investments. As of mid-August, the trustee had access to approximately $1.66 million in cash, excluding investment accounts held at Merrill Lynch, which were valued at over $12.8 million as of July 31. The Debtor also owns multiple pieces of unencumbered real estate. The Debtor's bankruptcy case was initiated after the Debtor was subjected to aggressive collection actions stemming from a $2.9 million judgment awarded to a former employee, Adriana Duarte Valentines, who also filed a motion seeking over $4 million in attorneys' fees. Prior to the bankruptcy filing, the creditor recorded a lien, obtained a writ of execution, and served levies on financial institutions including U.S. Bank and Merrill Lynch. The trustee, who has taken control of the estate since his appointment on May 16, has begun evaluating the Debtor's operations and has filed monthly operating reports. The trustee believes that aside from the creditor's claims, the Debtor has few other material liabilities and was generally current with its obligations prior to the bankruptcy. The trustee believes the creditor is adequately protected given the estate's strong financial position -- over $12 million in investments and unencumbered real estate -- creating a substantial equity cushion. Additionally, the trustee proposes to grant replacement liens, consistent with bankruptcy law, to protect the creditor against any potential diminution in the value of her interest due to use of cash collateral. A prior stipulation between the trustee and the creditor, entered on May 23, maintains a freeze on the Merrill Lynch funds and is not modified by the motion, though the trustee reserves the right to seek access to those funds later via separate court order. A copy of the motion is available at https://urlcurt.com/u?l=2peLb8 from PacerMonitor.com. About Dedication & Everlasting Love To Animals Dedication & Everlasting Love To Animals (D.E.L.T.A. Rescue) operates a no-kill, care-for-life animal sanctuary in Acton, Calif. Founded in 1979, the organization rescues abandoned dogs and cats, providing lifelong shelter and medical care across a 115-acre facility. It is privately funded and not open to the public. Dedication & Everlasting Love To Animals sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-13881) on May 9, 2025. In its petition, the Debtor reported estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Judge Neil W. Bason handles the case. The Debtor is represented by William R. Hess, Esq., at the Law Offices of William R. Hess. Todd A. Frealy serves as Chapter 11 trustee for the Debtor. DENVER BOULDERING: May Assume Lease with NR Denver Industrial ------------------------------------------------------------- The Honorable Thomas B. McNamara of the United States Bankruptcy Court for the District of Colorado granted the motion to assume unexpired nonresidential real property lease filed by Denver Bouldering Club, LLC, debtor-in-possession. The Court authorizes Debtor, as tenant, to assume its nonresidential real property lease with NR Denver Industrial Portfolio LLC, as landlord, of the premises located at 2485 West 2nd Avenue Units 18-20 and portions of Units 16 and 22, Denver, Colorado 80223. A copy of the Court's Order dated August 20, 2025, is available at https://urlcurt.com/u?l=Wv4Rpc from PacerMonitor.com. About Denver Bouldering Club LLC Denver Bouldering Club, LLC operates multiple climbing gyms in the Denver area, offering memberships, coaching, and outdoor education. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-14161) on July 3, 2025. In the petition signed by Thomas Betterton, managing member, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Thomas B. McNamara oversees the case. David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, P.C., represents the Debtor as legal counsel. DESTINATIONS TO RECOVERY: No Patient Care Concern, PCO Report Says ------------------------------------------------------------------ Tamar Terzian, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Central District of California her fourth report regarding the quality of patient care provided at Destinations to Recovery, LLC's treatment facilities. In the report which covers the period June 7 to August 7, the PCO disclosed a site visit to the two residential facilities Calenda and Hatteras. The San Diego locations have no patients due to Destinations to Recovery not having enough patients and as such, the PCO did not visit locations with no patients. Destinations to Recovery will notify the PCO if they have more patients in the other facilities. The PCO conducted a visit to all facilities in addition to verification of licensing, staffing and assuring compliance with the Department of Health Care Services and the Department of Social Services. The PCO reviewed each treatment plan, any incident reports, and discharge planning. There were incidents reported and Destinations to Recovery properly contacted parents and authorities. The PCO finds that Destinations to Recovery provides individualized treatment plans and individualized discharge planning based on patient needs. The PCO finds that Destinations to Recovery has more than sufficient staff to add more patients. Destinations to Recovery continues to train its staff and prepare for new patients. Two LVNs administer the medication and monitor patient reaction to medication by checking in with staff. Ms. Terzian observed that all medication was properly labeled and stored for the patients. For each location, there is a designated staff area that had the medication and files for each participant. The PCO noted that Destinations to Recovery also provides an educational component to these various patients who are in secondary school. She has the following observations for each residential location: * The first residential facility of Hatteras Street is licensed for six patients and during the time of the visit, there were six patients at this location. The medication is properly labeled for the patients' medication. There are no controlled substances on site for this location. Destinations to Recovery has provided and informed the PCO of all incidental reports for this location during the third interim period, which were all incidents of patients leaving the facility and returning. There was no physical harm or injury to any patient. No concerns noted. * The second residential facility at Calenda has five patients at the time of the PCO's visit. The home was clean and fully supplied in the kitchen for patients' meals and care. The home was clean and fully supplied in the kitchen for patients' meals and care. There have only been two incidents in this location, which required safety plan for the patient. No concerns noted. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=smrAMZ from PacerMonitor.com. The ombudsman may be reached at: Tamar Terzian, Esq. Email: tterzian@hansonbridgett.com Hanson Bridgett, LLP 601 W. 5th Street, 3rd Floor Los Angeles, CA 90071 Tel: (323) 210-7747 About Destinations to Recovery Destinations to Recovery, LLC, operates an IPO and PHO rehabilitation center located at 20951 Burbank Blvd., Woodland Hills, Calif. Destinations to Recovery filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 24-11877) on November 8, 2024, with up to $1 million in both assets and liabilities. Mark Sharf, Esq., a practicing attorney in Los Angeles, serves as Subchapter V trustee. Judge Martin R. Barash oversees the case. The Debtor is represented by Eric Bensamochan, Esq., at The Bensamochan Law Firm, Inc. Tamar Terzian is the patient care ombudsman appointed in the Debtor's case. EDWARDS BODY: Seeks Subchapter V Bankruptcy in Florida ------------------------------------------------------ On August 15, 2025, Edwards Body Shop & Auto Repair Inc. filed Chapter 11 protection in the Southern District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Edwards Body Shop & Auto Repair Inc. Edwards Body Shop & Auto Repair Inc. is a vehicle repair and auto body shop business located in Miami, Florida that specializes in automotive repair and maintenance services. Edwards Body Shop & Auto Repair Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-19451) on August 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Corali Lopez-Castro handles the case. FULLER'S SERVICE: Gets Extension to Access Cash Collateral ---------------------------------------------------------- Fuller's Service Center, Inc. received a two-month extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The fourth interim order authorized the company to use its secured creditors' cash collateral from September 1 to October 31 to pay its expenses as set forth in the budget, with a 10% variance allowed. It also authorized the company to obtain a limited secured financing from Heartland Bank & Trust Company. Aside from Heartland Bank & Trust Company, the other secured creditors that assert an interest in the cash collateral are the U.S. Small Business Administration and Heartland and Carroll's, LLC, doing business as National Tire Wholesale. As protection, the secured creditors will be granted security interests in the company's post-petition assets and the proceeds thereof, with the same priority and extent as their pre-bankruptcy liens. In addition, Heartland Bank & Trust Company will be granted a "super-priority" claim over all other liens and claims for unpaid post-petition funds advanced. It will receive repayment first before other creditors, including administrative claimants. A final hearing is set for October 22. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/9EPlV from PacerMonitor.com. Heartland Bank & Trust Company is represented by: Michael A. O'Brien, Esq. O'Brien Law Offices, P.C. 124A S. County Farm Rd. Wheaton, IL 60187 Phone: 630-871-9400 mobrien@obrienlawoffices.com service@obrienlawoffices.com About Fuller's Service Center Inc. Fuller's Service Center, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-01345) on January 29, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Douglas A. Fuller Jr., president of Fuller's Service Center, signed the petition. Judge Deborah L. Thorne oversees the case. David K. Welch, Esq., at Burke, Warren, MacKay & Serritella, P.C., is the Debtor's legal counsel. GENESIS HEALTHCARE: Court Orders Addition of New Committee Members ------------------------------------------------------------------ Clara Geoghegan of Law360 reports that on Friday, August 22, 2025, a Texas bankruptcy judge directed the U.S. Trustee to add two trade creditors to the creditors committee of multistate nursing home operator Genesis Healthcare, finding the panel was overly weighted toward tort claimants. About Genesis Healthcare Inc. Genesis Healthcare Inc. is a Medical Group, based in Culver City, CA. The medical group, which has also operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare, provides physician services in Southern California. Genesis Healthcare Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case 25-80185) on July 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtor is represented by Marcus Alan Helt, Esq. at Mcdermott Will & Emery LLP. GLOBAL CHOICE: Seeks Subchapter V Bankruptcy in New York -------------------------------------------------------- On August 22, 2025, Global Choice Ventures LLC filed Chapter 11 protection in the Northern District of New York. The petition lists fewer than 49 creditors, with the largest claim held by SKR Irrevocable Trust at $341,181.96, followed by National Grid at $3,000 and NYSEG at $700. The filing was signed by owner Larry U.O. Abolaji. About Global Choice Ventures LLC Global Choice Ventures LLC operates in the real estate sector under NAICS code 5313. Global Choice Ventures LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-30689) on August 22, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000. The Debtor is represented by Peter A. Orville, Esq. at Orville & McDonald Law, P.C. GLOBAL CONSULTING: Hires Keery McCue PLLC as Legal Counsel ---------------------------------------------------------- Global Consulting and Investment Network LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire Keery McCue PLLC to serve as its legal counsel. Keery McCue PLLC will provide these services: (a) represent the Debtor as bankruptcy counsel in connection with its Chapter 11 proceedings; (b) advise the Debtor regarding its powers and duties under the Bankruptcy Code; (c) prepare and file applications, answers, orders, reports, and other legal papers as necessary; (d) ensure costs included in applications reflect only necessary and actual costs incurred, excluding overhead items such as long-distance telephone calls, facsimile charges, and secretarial overtime; (e) provide detailed billing of services rendered and costs incurred; and (f) submit fee applications for approval by the Court, with notice to creditors and parties-in-interest, subject to Court review and adjustment. The Court has clarified that approval of Keery McCue PLLC's employment does not constitute approval of any specific fee arrangement. All fees remain subject to separate application, notice, and Court approval under 11 U.S.C. Sections 327, 328, 329, 330, and 331. Keery McCue PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Keery McCue PLLC 6803 East Main Street, Suite 1116 Scottsdale, AZ 85251 Telephone: (480) 478-0709 Facsimile: (480) 478-0787 E-mail: MJM@KEERYMCCUE.COM PFK@KEERYMCCUE.COM About Global Consulting and Investment Network LLC Global Consulting and Investment Network LLC is a single asset real estate business based in Phoenix, Arizona. Global Consulting and Investment Network LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-06519) on July 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Brenda Moody Whiner handles the case. GR FOUNDER: Seeks Chapter 11 Bankruptcy in New Jersey ----------------------------------------------------- On August 14, 2025, GR Founder LLC filed Chapter 11 protection in the District of New Jersey. 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 GR Founder LLC GR Founder LLC is a single asset real estate company with property located at 4 North White Horse Pike in Clementon, New Jersey. GR Founder LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-18570) on August 14, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $100,000 and $500,000. The Debtor is represented by Ellen M. McDowell, Esq. at McDowell Law, PC. GRAHAM PACKAGING: S&P Alters Outlook to Pos., Affirms 'B' ICR ------------------------------------------------------------- S&P Global Ratings revised its outlook on Graham Packaging Co. Inc. to positive from stable and affirmed its 'B' issuer credit rating. The positive outlook reflects the company's notable principal debt paydowns since 2023 and S&P Global Ratings-adjusted debt to EBITDA of 5x in 2024. It also reflects S&P's view that Graham will further reduce its leverage through earnings growth and cash generation in 2025, absent any additional debt issuances that would increase leverage. Graham Packaging utilized free cash flow over the past several quarters to strengthen its balance sheet through principal term loan debt repayments. As a result, trailing-12-month S&P Global Ratings-adjusted leverage fell below 5.0x at the end of second-quarter 2025. S&P Global Ratings-adjusted leverage has dropped significantly due to $211 million in voluntary term loan repayments and better operating performance in 2024. Graham improved its S&P Global Ratings-adjusted EBITDA margin in 2024 through procurement cost savings and lower raw material pricing. The lower debt and higher 2024 earnings led to S&P Global Ratings-adjusted leverage of 5x at the end fiscal 2024. S&P said, "In our view, the major debt reduction illustrates the company's willingness to strengthen its balance sheet using internally generated cash flow, and we anticipate the company will maintain leverage below 5x. We forecast S&P Global Ratings-adjusted EBITDA margin sustained at high-teens percent, as the company benefits from its recent strategic realignment and warehouse optimization efforts, which the company anticipates will result in $28 million in annualized savings. "As a result, we forecast a roughly 5% growth in S&P Global Ratings-adjusted EBITDA in 2025, leading to leverage of 4.7x in 2025. The company will need to refinance its revolving credit facility term loan over the near term to avoid becoming current. Its closest debt maturities are in February and August 2027." Food and beverage volumes remained sluggish through the first half of the year, offset by mid-single-digit percent growth within home care and industrial. Graham reported volumes down 2% in the second quarter within food and beverage, as demand for sports drinks, ready-to-drink options, and dressing and condiments remained tepid. Higher margin drinkable yogurt products remained a growth area for the company as consumers seek healthier options. Volumes in the home care and industrials segment increased only 1% in the quarter given strength within the auto market, but net revenues increased 7% from higher pricing. S&P said, "We forecast flat to low-single-digit percent revenue growth due to higher raw material pricing and continued momentum within industrials, offset by continued soft demand within the beverage segment. We anticipate Graham's liquidity will remain robust, with near full availability under its revolving credit facility and $28 million of cash on the balance sheet, along with roughly $100 million-$110 million in S&P Global Ratings-adjusted free operating cash flow (FOCF) projected in 2025. As a result of the voluntary prepayments, the company is no longer required to make quarterly amortization payments, further supporting intrayear liquidity. "The positive outlook reflects the company's notable principal debt paydowns since 2023 and S&P Global Ratings-adjusted debt to EBITDA of 5x in 2024. It also reflects our view that Graham will further reduce its leverage through earnings growth and cash generation in 2025, absent any additional debt issuances that would increase leverage. "We could revise our outlook on Graham to stable if macroeconomic conditions and consumer demand weaken such that its volumes decline and pressure its earnings and cash flow, causing S&P Global Ratings-adjusted debt to EBITDA to rise above 5x." S&P could raise its ratings on the company if: -- Operating performance and debt reduction result in S&P Global Ratings-adjusted debt to EBITDA sustained below 5x; -- Graham successfully refinances its upcoming revolver and term loan maturities; and -- S&P believes that Graham and its ownership are committed to maintaining financial policies that support better credit metrics. GUARDIAN HEALTHCARE: PCO Reports Resident Care Complaints --------------------------------------------------------- Margaret Barajas, the patient care ombudsman, filed her sixth report regarding the quality of patient care provided by Guardian Healthcare. Local ombudsmen have continued to conduct regular visits to these facilities. In a Resident Council meeting of July 31 at Kinzua Healthcare and Rehabilitation Center, residents reported that meals are often cold, with some sides not being cooked all the way through. They also reported that call bells are not being answered quickly enough, with staff shutting off residents' lights (outside their doors) and not answering the bells. The local ombudsman instituted casework on behalf of a resident at Walnut Creek Healthcare and Rehabilitation Center on June 17 after receiving word from an interested party (not the POA) that the resident sustained a fall in the shower when staff transferred him using a stand aid rather than a Hoyer lift. After meeting with the resident, and with consent, the ombudsman met with the Assistant Director of Nursing, who met with the resident to address his issues. Based on an Abbreviated survey in response to a complaint completed July 1, it was determined that Eldercrest Healthcare and Rehabilitation Center was not in compliance with the following requirement of 42 CFR Part 483, Subpart B, Requirements for Long Term Care and the 28 Pa. Code, Commonwealth of Pennsylvania Long Term Care Licensure Regulations. The facility failed: * To make certain that residents are free of significant medication errors for two of four residents. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=6f21Rs from Omni Agent Solutions, Inc., claims agent. About Guardian Healthcare Guardian Healthcare LLC, doing business as Richland Healthcare and Rehabilitation Center, provides healthcare services. It offers services including case management, nursing, wound care, residential healthcare, occupational therapy, speech therapy, and mental health care. Guardian Healthcare serves patients in the United States. Guardian Elder Care at Johnstown doing business as Richland Healthcare and Rehabilitation Center, along with 19 affiliated entities sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 24-70299) on July 29, 2024. In its petition, the Lead Debtor reports estimated assets and liabilities between $1 million and $10 million. The Debtor tapped Saul Ewing, LLP as legal counsel and Eisner Advisory Group, LLC as financial advisor. Omni Agent Solutions is the claims agent. GWG HOLDINGS: Wind-Down Trustee Resists Ethics Scandal Ouster Bid ----------------------------------------------------------------- Clara Geoghegan of Law360 reports that the efforts to oust GWG Holdings' wind-down trustee met resistance from the Texas bankruptcy lawyer in the role, who argued that her involvement in a judicial ethics and romance controversy has no impact on the bankruptcy. About GWG Holdings Headquartered in Dallas Texas, GWG Holdings, Inc. (NASDAQ: GWGH) conducts its life insurance secondary market business through a wholly owned subsidiary, GWG Life, LLC, and GWG Life's wholly owned subsidiaries. GWG Holdings Inc. and affiliates sought Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 22-90032) on April 20, 2022. In the petition filed by Murray Holland, president and chief executive officer, GWG Holdings disclosed between $1 billion and $10 billion in both assets and liabilities. Judge Marvin Isgur oversees the cases. The Debtors tapped Mayer Brown, LLP and Jackson Walker, LLP, as bankruptcy counsels; Tran Singh, LLP as special conflicts counsel; FTI Consulting, Inc. as financial advisor; and PJT Partners, LP, as investment banker. Donlin Recano & Company is the Debtors' notice and claims agent. National Founders LP, a debtor-in-possession (DIP) lender, is represented by Michael Fishel, Esq., Matthew A. Clemente, Esq., and William E. Curtin, Esq., at Sidley Austin, LLP. The U.S. Trustee for Region 7 appointed an official committee to represent bondholders in the Debtors' cases. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Porter Hedges, LLP, as legal counsels; Piper Sandler & Co. as investment banker; and AlixPartners, LLP as financial advisor. The Debtors obtained confirmation of their Further Modified Second Amended Joint Chapter 11 Plan on June 20, 2023. HANESBRANDS INC: Gildan Transaction No Impact on Moody's 'B1' CFR ----------------------------------------------------------------- Moody's Ratings says that Hanesbrands Inc.'s ("Hanesbrands"; B1 stable) ratings are not impacted by the pending acquisition by Gildan Activewear Inc. (Gildan; Baa3 stable). This includes Hanesbrands' B1 corporate family rating; B1-PD probability of default rating, Ba2 senior secured bank credit facility rating, B3 senior unsecured rating and SGL-2 speculative grade liquidity rating. On August 13, 2025, Gildan and Hanesbrands announced that they entered a definitive merger agreement for Gildan to acquire Hanesbrands for an enterprise value of approximately $4.4 billion [1]. Gildan will fund the transaction through a share swap and cash, and Gildan will refinance Hanesbrands' approximately $2.0 billion of outstanding debt at the transaction's close. The acquisition is subject to Hanesbrands shareholder and regulatory approvals with an expected close by end of 2025 or early 2026. As Gildan intends to repay Hanesbrands' debt upon closing, Moody's will expect to withdraw the existing Hanesbrands ratings after their repayment in full upon closing of the transaction. Headquartered in Winston-Salem, North Carolina, Hanesbrands Inc. manufactures and distributes basic apparel products under brands that include Hanes, Maidenform, Bali, Bonds and Playtex. Revenue for the go-forward business following its sale of the Champion brand was about $3.5 billion for the 12 months to June 28, 2025. Headquartered in Montreal, Canada, Gildan Activewear Inc. is a vertically integrated manufacturer of everyday basic apparel that includes activewear, underwear and hosiery products. Revenue for the 12 months ended June 29, 2025 was approximately $3.3 billion. HONOR STUDIOS: Seeks Subchapter V Bankruptcy in Texas ----------------------------------------------------- On August 22, 2025, Honor Studios LLC filed Chapter 11 protection in the Northern District of Texas. 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 no be available to unsecured creditors. About Honor Studios LLC Honor Studios LLC, also operating as The House of Honor and House of Honor, is a limited liability company. Honor Studios LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-43139) on August 22, 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 Edward L. Morris handles the case. The Debtor is represented by Robert T. DeMarco, Esq. at DeMarco Mitchell, PLLC. HOUSE SPIRITS: Seeks Additional $500,000 DIP Loan ------------------------------------------------- House Spirits Distillery, LLC asks the U.S. Bankruptcy Cour for the District of Delaware for authority to obtain additional post-petition financing. The proposed amendment would authorize an additional $500,000 in post-petition financing from the existing DIP lenders. The Debtor has fully drawn the initial DIP facility approved by the court on June 30 in the amount of $1.55 million and now faces a liquidity crisis. Without the incremental financing, the Debtor projects that it will run out of cash by the end of August and will be unable to meet payroll, pay vendors, or fund other critical operational expenses. As previously reported by the Troubled Company Reporter, the Debtor requested authority to access debtor-in-possession financing in the amount of up to $1.550 million from insider lenders Themiscyra S.A., Endurance Invest Corp., Maria Isabel Leal, and Trillo San Carlos S.A., which are the only parties that offered financing after informal outreach. All DIP Obligations are due and payable in full in cash unless otherwise agreed to by the DIP Lenders on the earliest of: (i) the date that is 180 days following the Closing Date, (ii) the acceleration of the DIP Loan upon the occurrence of an Event of Default, (iii) the date the Bankruptcy Court converts the Chapter 11 Case to a case under chapter 7 of the Bankruptcy Code, (v) the date the Bankruptcy Court dismisses the Chapter 11 Case This request comes at a pivotal time, as the Debtor has also filed a separate motion seeking to begin a sale process for substantially all of its assets. That sale, backed by a stalking horse bid from the DIP lenders, is scheduled for a hearing on October 1. The Debtor argues that the incremental financing is essential to continue operations and complete the sale process, thereby maximizing the value of its assets for the benefit of creditors. The motion emphasizes that the proposed financing was negotiated in good faith and at arm's length, and that the original terms and protections provided under the Final DIP Order would remain in effect. A copy of the motion is available at https://urlcurt.com/u?l=7HyUxS from PacerMonitor.com. About House Spirits Distillery 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 reported estimated assets and liabilities between $1 million and $10 million each. Judge Karen B. Owens handles the case. The Debtor is represented by Joseph C. Barsalona II, Esq. at Pashman Stein Walder Hayden, PC. The Debtor's claims agent is Epiq Corporate Restructuring, LLC. ICORECONNECT INC: Gets Extension to Access Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division issued a third interim order authorizing iCoreConnect Inc. and iCore Midco Inc. to use cash collateral pending a further hearing on September 9. The third interim order authorized the Debtors to use the cash collateral of Element SaaS Finance (USA), LLC to fund operational expenses in accordance with their budget. As protection for any diminution in the value of its interest in the cash collateral, Element will be granted a replacement lien on all assets of the Debtors similar to its pre-bankruptcy collateral, with the same validity and priority as existed as of the petition date. Other creditors with valid pre-bankruptcy liens, including PIGI Solutions, LLC will also receive replacement liens. As further protection, the Debtors were ordered to keep their property insured as per existing lender agreements. The following constitutes an event of default: (i) either of the Debtors violates any material provision of the third interim order; (ii) the appointment of a trustee for either of the Debtors; (iii) conversion of the Debtors' Chapter 11 cases to Chapter 7; or (iv) for each weekly period in the budget, the actual "total revenue receipts" amounts received are more than 10% less than the projected amounts in the budget for such period; the actual expenditures exceed the budgeted amount for any single line item by 10% or more for such period; or the actual total expenditures are more than 10% greater than the total projected expenditures amounts in the budget for such period. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/Kwlyo from PacerMonitor.com. About Lake County Hospitality Lake County Hospitality, LLC operates in the hotel and lodging sector and is associated with properties in Illinois. It manages hospitality assets and has been linked to hotels such as Four Points by Sheraton in Buffalo Grove. Lake County Hospitality sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08293) on May 30, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Timothy A. Barnes handles the case. Amy Denton Mayer, Esq., at Stichter Riedel Blain & Postler, P.A. is the Debtor's legal counsel. Element SaaS Finance (USA), LLC, as secured creditor, is represented by: Ernest H. Kohlmyer, III, Esq. Zimmerman, Kiser & Sutcliffe, P.A. 315 E Robinson Street, Suite 600 Orlando, FL 32802 Telephone: (407) 425-7010 Facsimile: (407) 425-2747 II BALLAKIS FAMILY: Seeks Chapter 11 Bankruptcy in New York ----------------------------------------------------------- On August 18, 2025, II Ballakis Family Properties LLC filed Chapter 11 protection in the Northern District of New York. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 200 and 49 creditors. The petition states funds will be available to unsecured creditors. About II Ballakis Family Properties LLC II Ballakis Family Properties LLC is a single asset real estate company based in Rome, NY that owns property at 170 Lafayette Street in Schenectady, New York. II Ballakis Family Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-60753) on August 18, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000 each. Honorable Bankruptcy Judge Patrick G. Radel handles the case. The Debtor is represented by Opal Fayne Hinds, Esq. at Law Office of Opal Hinds. IMPERIAL MANUFACTURING: Case Summary & Three Unsecured Creditors ---------------------------------------------------------------- Debtor: Imperial Manufacturing, LLC 327 East LaSalle Street Somonauk, IL 60552 Business Description: Imperial Manufacturing, LLC is a single- asset real estate debtor, as defined under 11 U.S.C. Section 101(51B), with its principal operations and assets concentrated in its real estate holdings. Chapter 11 Petition Date: August 25, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-13070 Judge: Hon. Michael B Slade Debtor's Counsel: Gregory K. Stern, Esq. GREGORY K. STERN, P.C. 53 West Jackson Boulevard Suite 1442 Chicago, IL 60604 Tel: (312) 427-1558 Fax: (312) 427-1289 E-mail: greg@gregstern.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $0 to $50,000 The petition was signed by Keith Weinstein as manager. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/52CPWII/Imperial_Manufacturing_LLC__ilnbke-25-13070__0001.0.pdf?mcid=tGE4TAMA IVESTER'S TREE: Unsecured Creditors to Split $80K over 4 Years -------------------------------------------------------------- Ivester's Tree & Lawn LLC filed with the U.S. Bankruptcy Court for the District of Utah a Plan of Reorganization. The Debtor is a Utah limited liability company organized to provide forestry services including harvesting trees and lumber and providing firewood to various customers. In September 2024, the Debtor's principal, Christopher Ivester, had a serious motorcycle accident. This accident resulted in the Debtor not being able to operate for a significant period of time during which bills continued to accumulate and remained unpaid. Unfortunately, the Debtor was unable to generate sufficient income fast enough to satisfy its creditors' demands. In later March and early Apri, one of the Debtor's primary creditors Kubota Credit Corporation, instituted efforts to repossess one of the Debtor's essential pieces of equipment, which would have forced the Debtor to cease operations. To avoid such drastic consequences and to provide the Debtor with the opportunity to substantially satisfy the claims of its creditors, the Debtor was left with no choice but to seek the protections of the Code. Class 20 contains all of the allowed nonpriority unsecured claims including, Carquest Auto Parts ($3,214.26), Comenity ($15,000.00), First Citizens (PCO 19-$3,728.35), MACU (POC 20-$14,944.73), Progressive Insurance ($4,207.28), Rinehart Oil ($35,151.46), Uline (POC 2-$2,738.35), Zions Bank (PCO 9-$6,784.04) and the unsecured portion of any allowed claims set forth in Classes 1 through 19. Creditors in Class 20 shall receive a prorata portion of variable quarterly payments in the amount of approximately $5,000.00 each for a period of four years for a total $80,000.00. Such payments under the Plan shall commence no later than 90 days after the effective date. The payments will be in full satisfaction of the respective claims of the creditors in Class 20. The Reorganized Debtor shall continue to operate the Debtor's business and to make payments according to the Plan. A full-text copy of the Plan of Reorganization dated August 18, 2025 is available at https://urlcurt.com/u?l=vf5lCY from PacerMonitor.com at no charge. Counsel to the Debtor: Andres Diaz, Esq. Timothy J. Larsen, Esq. DIAZ & LARSEN 757 East South Temple, Suite 201 Salt Lake City, UT 84102 Telephone: (801) 596-1661 Facsimile: (801) 359-6803 Email: courtmail@adexpresslaw.com About Ivester's Tree & Lawn LLC Ivester's Tree & Lawn LLC is a comprehensive tree and wood service company based in Tooele, Utah. The Company specializes in various services including tree trimming, removal, pruning, stump grinding, and firewood supply. Ivester's Tree & Lawn LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-21998) on April 11, 2025. In its petition, the Debtor estimated assets and liabilities between $1 million and $10 million each. Bankruptcy Judge Peggy Hunt handles the case. The Debtor is represented by Andres Diaz, Esq. at DIAZ & LARSEN. JACKSBOSTON LLC: Seeks to Use Cash Collateral --------------------------------------------- Jackboston LLC asks the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, for authority to use cash collateral and provide adequate protection. The Debtor, a North Carolina limited liability company operating for over a decade, specializes in print-on-demand e-commerce and marketing services. Its headquarters is in Clayton, North Carolina, with clients across the U.S. On August 21, the Debtor filed for Chapter 11 bankruptcy relief and now seeks to reorganize its operations, reduce cash flow burdens, and continue its business as a going concern through a consensual Chapter 11 plan. The Debtor believes that seven creditors may hold secured interests in its cash collateral, based on UCC-1 financing statements filed with the North Carolina Secretary of State. These creditors include: 1. Clear Finance Tech Corp. – filed on March 7, 2024 2. On Deck Capital – filed on September 12, 2024 3. United First, LLC and Flash Funding – two loans, filed on February 28 4. Cooper Investments, LLC – filed on April 4 5. Velocity Capital Group – filed on May 13 6. PayPal Loan Builder – filed on June 5 The secured creditors have not yet consented to the Debtor's proposed use of cash collateral. At the time of filing, the Debtor had approximately $8,376 in cash, which it has transferred into a debtor-in-possession operating account. It also holds approximately $49,200 in unencumbered personal property, including inventory, equipment, furnishings, and receivables not subject to any prior perfected lien. The Debtor asserts that access to this cash collateral is essential to continue operations and preserve the business's value. The Debtor proposes to provide adequate protection to any secured creditors by granting replacement liens on post-petition cash and assets, mirroring the extent and priority of their pre-petition liens. Additionally, the Debtor proposes to make an adequate protection payment of $974 to Clearco, which reflects the anticipated monthly secured payment to be included in the Debtor's forthcoming plan of reorganization, expected to be filed within days. A copy of the motion is available at https://urlcurt.com/u?l=hrPJp9 from PacerMonitor.com. About Jackboston LLC Jackboston LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-03234) on August 21, 2025. In the petition signed by Cortland Rush, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Pamela W. McAffee oversees the case. Danny Bradford, Esq., at Paul D. Bradford, PLLC, represents the Debtor as legal counsel. JACKSON HOSPITAL: PCO Reports No Staffing Shortages --------------------------------------------------- Suzanne Koenig, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Middle District of Alabama her third report regarding the quality of patient care provided by Jackson Hospital & Clinic, Inc. and affiliates. In the report which covers the period June 21 to August 19, the ombudsman representatives met with the chief operating officer and the chief nursing officer during the unannounced visit to Jackson Hospital. The ombudsman explained how the Chief Nursing Officer and Chief Operating Officer shared that interviews have been conducted with three cardiologists, with the hope of hiring one within the next couple of weeks. There is also optimism about upcoming interviews for a new general surgeon. Additionally, offers have been extended for a Nocturnist (a hospital doctor who works night shifts) and a local Hospitalist (a physician who works primarily in the hospital setting). The PCO representative toured the hospital kitchen. The PCO representative noted that food temperatures in the tray line were checked before meals were plated for delivery to ensure compliance with food safety regulatory standards. All food items, both dry goods and refrigerated products, were found to be properly labeled with "received-on" date stickers to help track freshness and proper storage. During the visit, the 3 East/Patient Care Unit (PCU) had 18 patients. The PCO representative was met by the Department Director and the Patient Care Manager. The Director reported that there are some staffing vacancies in the department but is adjusting schedules to make sure patients' needs are met. At the time of visit at 4 East Med Surg/Bariatric Unit, census was 19. The PCO observed that the unit was clean, well-organized, and fully stocked. A blue strip magnet was located on a patient room door frame. There were no staffing shortages or medication supply issues reported. Crash cart and temperature checks were up to date. The ombudsman noted that the 6 East/Orthopedic Unit had recently completed its floor cleaning project corridors are clean and clutter free. It was reported that there were no staffing shortages. Patient rooms were clean; supply rooms were fully stocked there were no expired items located during inspection. code carts had been checked daily, per policy, for the month of June. Ms. Koenig did not observe any significant concerns during this report period. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=wIUo38 from PacerMonitor.com. The PCO can be reached at: Suzanne Koenig SAK Healthcare 300 Saunders Road, Suite 300 Riverwoods, IL 60015 Phone: 847-446-8400 Fax: 847-446-8432 skoenig@sakhealthcare.com About Jackson Hospital & Clinic Inc. Jackson Hospital & Clinic, Inc. is a non-membership, non-profit corporation based in Alabama. JHC is the direct or indirect parent company of JHC Pharmacy, LLC, an Alabama limited liability company that provides pharmacy services to JHC patients. JHC owns 100% of JHC Pharmacy. Additionally, JHC is a direct or indirect parent company of certain other entities that have not filed for bankruptcy. JHC operates a 344-bed healthcare facility in Montgomery, Ala., with a rich history dating back to 1894. Since its official opening in 1946, JHC has grown into one of the largest hospitals in Alabama, offering specialized services in cardiac care, cancer treatment, neurosciences, orthopedics, women's care, and emergency services. JHC's service area includes 16 counties across central Alabama. JHC and JHC Pharmacy filed Chapter 11 petitions (Bankr. M.D. Ala. Lead Case No. 25-30256) on February 4, 2025. In its petition, JHC reported between $100 million and $500 million in both assets and liabilities. Judge Christopher L. Hawkins handles the cases. The Debtors are represented by Derek F. Meek, Esq. at Burr & Forman, LLP. Suzanne Koenig serves as patient care ombudsman. JHRG MANUFACTURING: Files Emergency Bid to Use Cash Collateral -------------------------------------------------------------- JHRG Manufacturing LLC asks the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, for authority to use cash collateral and provide adequate protection. The Debtor's business relies entirely on its ongoing operations for income and must meet regular expenses including payroll, utilities, insurance, supplies, and freight. Without immediate access to funds, the Debtor warns that it cannot continue its operations, leading to irreparable harm to the bankruptcy estate. The U.S. Internal Revenue Service and WBL SPO I, LLC may assert interests in the Debtor's cash collateral. As adequate protection to the secured creditors, the Debtor proposes to grant replacement liens on post-petition cash collateral in the same amount and priority as pre-petition liens, ensuring creditors' interests are preserved despite the temporary use of their collateral. The Debtor's 15-day operating budget projects $22,000 in revenue and $12,201 in expenses, resulting in a positive cash balance of $9,799. A copy of the motion is available at https://urlcurt.com/u?l=INmwYo from PacerMonitor.com. About JHRG Manufacturing LLC JHRG Manufacturing LLC is a North Carolina-based company that specializes in the production of personal protective garments and safety-related items used in industrial and recreational settings. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-03211-5-DMW) on August 20, 2025. In the petition signed by John E. Holland, member/manager, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge David M. Warren oversees the case. Benjamin R. Eisner, Esq., at The Law Offices of George Oliver, PLLC, represents the Debtor as legal counsel. WBL SPO I, LLC, as lender, is represented by: William Walt Pettit HUTCHENS LAW FIRM LLP 6230 Fairview Road, Suite 315 Charlotte, N.C. 28210 Telephone: (704) 362-9255 Telecopier: (704) 362-9268 walt.pettit@hutchenslawfirm.com JOSHUA MANAGEMENT: Gets OK to Use Cash Collateral Until Oct. 15 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York granted Joshua Management LLC interim authority to use cash collateral of DOF NPL III, LLC through October 15. The court authorized the Debtor to use cash collateral as per the approved budget, subject to a 10% variance. As adequate protection, the Debtor will grant DOF NPL III, LLC replacement liens on all post-petition assets equal in priority to its pre-bankruptcy liens; and a superpriority administrative expense claim under 11 U.S.C. Sections 503 and 507(b). These protections are designed to shield the lender from any diminution in the value of its collateral resulting from the Debtor's use of cash collateral or the imposition of the automatic stay. In addition, DOF will receive monthly payments of $21,552 for July, August and September. The Debtor's authority to use cash collateral terminates upon conversion/dismissal of its bankruptcy case; confirmation of a Chapter 11 plan; Debtor default not cured within 10 business days; unauthorized modification of the order; or termination of business operations. The final hearing is scheduled for October 15. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/Am0oz from PacerMonitor.com. About Joshua Management LLC Joshua Management, LLC is a New York-based real estate management company operating as a single asset real estate entity. Joshua Management sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11568) on July 16, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Philip Bentley oversees the case. Robert Leslie Rattet, Esq., at Davidoff Hutcher & Citron, LLP is the Debtor's legal counsel. DOF NPL III, LLC, as lender, is represented by: Ronald M. Terenzi, Esq. Terenzi & Confusione, P.C. 401 Franklin Avenue, Suite 304 Garden City, NY 11530 (516) 812-0800 rterenzi@tcpclaw.com JT MASONRY: Case Summary & One Unsecured Creditor ------------------------------------------------- Debtor: JT Masonry & Landscaping Inc. 96 Gardiners Avenue Levittown, NY 11756 Business Description: JT Masonry & Landscaping Inc. provides masonry and landscaping services for residential and commercial clients, operating primarily in Levittown, New York, and across Long Island. The Company offers services including stone and brick masonry, concrete work, patios, walkways, retaining walls, outdoor kitchens, pool installations, and landscape design. Chapter 11 Petition Date: August 25, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-73235 Judge: Hon. Alan S Trust Debtor's Counsel: Heath S. Berger, Esq. BFSNG LAW GROUP, LLP 6851 Jericho Turnpike Suite 250 Syosset, NY 11791 Tel: 516-747-1136 Email: hberger@bfslawfirm.com Total Assets: $1,323,311 Total Liabilities: $3,721,370 The petition was signed by Alfred Debatto as president. The Debtor identified Loan Builder Paypal, based at 2211 N. First Street, San Jose, California 95131, as its only unsecured creditor, with a claim of $12,955 related to a loan. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JUISP4I/JT_Masonry__Landscaping_Inc__nyebke-25-73235__0001.0.pdf?mcid=tGE4TAMA KESKIN INC: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------ Keskin, Inc. asks the U.S. Bankruptcy Court for the District of Maryland for authority to use cash collateral and provide adequate protection. The Debtor experienced financial challenges, including pre-petition arrears such as $250,000 in unpaid wages and $5,000 in payroll taxes but reports that its business has now stabilized and can operate profitably if freed from the burden of pre-petition debt payments. In October 2020, the Debtor obtained a $500,000 loan from the U.S. Small Business Administration. This SBA Loan is secured by a first-priority, properly perfected UCC-1 lien on the Debtor's cash and accounts receivable. As of the petition date, the SBA loan remains unpaid in full. After the SBA loan, the Debtor obtained additional loans from four other lenders: Web Bank, Radiance Funding, Forward Financing, and US Foods. These creditors also filed UCC-1 financing statements asserting security interests in the Debtor's cash and receivables. However, their filings came after the SBA's, and the SBA's lien fully absorbs any equity in the Debtor's assets, rendering these subsequent claims undersecured. As such, the Debtor argues that these Non-SBA creditors are not entitled to adequate protection payments. A court hearing is scheduled for August 28. A copy of the motion is available at https://urlcurt.com/u?l=VH2XQ2 from PacerMonitor.com. About Keskin, Inc. Keskin, Inc. is a Maryland corporation operating a single-location Mediterranean restaurant. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-17696) on August 22, 2025. In the petition signed by Rustem Keskin, owner, the Debtor disclosed up to $50,000 in assets and up to $100,000 in liabilities. Michael P. Coyle, Esq., at The Coyle Law Group, represents the Debtor as legal counsel. KINGS ESTATES: To Sell Philadelphia Property to Martin Rembert -------------------------------------------------------------- King Estates LLC seeks permission from the U.S. Bankruptcy Court for the District of New Jersey, to sell Property located at 3525 North 18th Street, Philadelphia, PA 19140, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is a single-family home that is also comprised of personal property and fixtures. The Debtor wants to sell the Property to Martin Rembert for the price of $210,000.00. The sale will be free and clear of liens without proven liens attached to the proceeds of sale. The Debtor will pay at closing the First Mortgage of Planet Home Funding servicer for Athene Annuity, ordinary closing costs, and $2,500.00 Gorski & Knowlton as bankruptcy counsel to the Debtor. About King Estates LLC King Estates LLC is the owner of six properties located in New Jersey having a total current value of $1.88 million. King Estates LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 24-20454) on October 22, 2024. In the petition filed by Donald Hill, as authorized representative, the Debtor reports total assets of $1,880,100 and total liabilities of $1,019,965. The Debtor is represented by Allen I. Gorski, Esq. at GORSKI & KNOWLTON PC. KULA GRAIN: Seeks to Extend Plan Exclusivity to September 19 ------------------------------------------------------------ Kula Grain Co., Inc. d/b/a Kula Grain Company asked the U.S. Bankruptcy Court for the District of Colorado to extend its exclusivity periods to file a plan of reorganization September 19, 2025. The Debtor is a Colorado corporation which owns and operates a family-owned grain and agricultural products business in Fort Morgan, Colorado. Debtor also engages in grain handling, which includes trucking and transfer loading for third parties. It is currently in the process of reorganizing its debts. The Debtor filed this Chapter 11 in light of ongoing shortfalls suffered due to increased costs to purchase and transport cottonseed from Texas, which was its original pre-petition business model. Indeed, for the past five years, Texas has been hit hard by a drought, devastating the cottonseed crop over the years and leading to a significant increase in prices. Debtor, therefore, needed an ability to reorganize to address these ongoing issues. For the following reasons, the Debtor requires additional time to be able to formulate meaningful projections of future performance and a feasible Plan: * The Debtor made a proposal to its primary secured creditor and lender High Plains Bank, regarding treatment of its secured claims. However, the parties are still in the process of negotiations. Debtor hopes to be able to settle the matter with the Bank and agree on consensual plan terms. * The treatment of the Bank under the forthcoming plan will impact projections, as well as payments to unsecured creditors. Accordingly, additional time is required to negotiate with the Bank and formulate projections based thereon, which is of utmost importance for the Debtor and its additional creditors. The Debtor is requesting an extension of the exclusive period for an additional 30 days, through and including September 19, 2025, as well as an extension of the 180-day period to solicit acceptances of its initial Plan of Reorganization for an additional 30 days. While Debtor hopes to file a Plan before such extended period expires, Debtor seeks this extension in order to give Debtor and High Plains sufficient time to come to a resolution, if possible. Kula Grain Co. Inc. is represented by: Jeffrey A. Weinman, Esq. Bailey C. Pompea, Esq. Allen Vellone Wolf Helfrich & Factor P.C. 1600 Stout Street, Suite 1900 Denver, CO 80202 Tel: (303) 534-4499 Email: JWeinman@allen-vellone.com Email: BPompea@allen-vellone.com About Kula Grain Co. Inc. Kula Grain Co. Inc. is a Fort-Morgan, Colorad-based grain merchant and interstate freight carrier that hauls dry-bulk farm commodities. Kula Grain Co. Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-12338) on April 22, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Joseph G. Rosania Jr. handles the case. The Debtor is represented by Jeffrey A. Weinman, Esq. at ALLEN VELLONE WOLF HELFRICH & FACTOR, P.C. L & D CAFE: Seeks Cash Collateral Access ---------------------------------------- L & D Cafe, Inc. asks the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, for authority to use cash collateral and provide adequate protection. The Debtor requests both interim and final orders allowing the Debtor to access cash collateral, which includes $35,982 held in its pre-petition bank accounts and on hand as of August 21, for general operating purposes through September 21. The Debtor says that this access is essential to continue business operations, meet payroll, and pay necessary expenses such as rent and utilities, without which the business would be forced to shut down, causing a severe loss of value to the estate and creditors alike. The creditors asserting an interest in the cash collateral include the U.S. Small Business Administration, WebBank, Rapid Finance, and CFG Merchant Solutions, LLC. However, only the SBA appears to be meaningfully secured. As of the petition date, the SBA is owed $168,240 and holds a first-position lien on substantially all of the Debtor's assets, backed by a UCC-1 financing statement filed in September 2020. The remaining creditors have filed more recent UCC-1 statements -- WebBank in April 2024, Rapid Finance in January 2025, and CFG Merchant Solutions in January 2025 -- and are likely unsecured due to the SBA's senior lien and the limited value of the Debtor's assets. CFG, in particular, obtained a judgment against the Debtor just prior to the bankruptcy and froze its bank account, which the Debtor is currently working to unfreeze. To ensure that the SBA's interest is adequately protected during the use of cash collateral, the Debtor proposes several forms of protection. First, it asserts that continued operations of the restaurant maintain and enhance the value of the SBA's collateral. Second, it offers to grant the SBA and other purported secured lenders replacement liens on post-petition assets of the same kind, extent, and priority as their pre-petition liens, subject to avoidance claims and bankruptcy court approval. These replacement liens would not attach to any proceeds recovered under the Debtor's avoidance powers. Additionally, the SBA may be entitled to post-petition interest, further safeguarding its claim. A court hearing is scheduled for August 28. A copy of the motion is available at https://urlcurt.com/u?l=qUvcUi from PacerMonitor.com. About L & D Cafe Inc. L & D Cafe, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-19748-PDR) on August 22, 2025. In the petition signed by Constantine N. Manos, president, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Peter D. Russin oversees the case. Chad P. Pugatch, Esq., at Lorium Law represents the Debtor as bankruptcy counsel. LA CREME: Seeks Subchapter V Bankruptcy in California ----------------------------------------------------- On August 17, 2025, La Creme LLC filed Chapter 11 protection in the Central 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 La Creme LLC La Creme LLC, operating as LA CREME CAFE, is a restaurant business that sells food to the public with a location at the Century City Mall in Los Angeles. The company operates a cafe at 10250 Santa Monica Boulevard, Space No. FC24, in Los Angeles. La Creme LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-17118) on August 17, 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 Vincent P. Zurzolo handles the case. The Debtor is represented by Nina Aritonova, Esq. at The Law Office of Nina Aritonova LARCO POOLS: Hires Ford & Semach P.A. as Bankruptcy Counsel ----------------------------------------------------------- Larco Pools LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to hire Ford & Semach, P.A. to serve as bankruptcy counsel in its Chapter 11 case. Ford & Semach, P.A. will render these services: (a) analyzing the financial situation, and rendering advice and assistance to the Debtor in determining whether to file a petition under Title 11, United States Code; (b) advising the Debtor with regard to the powers and duties of the debtor and as Debtor-in-Possession in the continued operation of the business and management of the property of the estate; (c) preparing and filing of the petition, schedules of assets and liabilities, statement of affairs, and other documents required by the Court; (d) representing the Debtor at the Creditors' meeting; (e) providing legal advice to the Debtor with respect to its powers and duties as Debtor and as Debtor-in-Possession in the continued operation of its business and management of its property, if appropriate; (f) advising the Debtor with respect to its responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (g) preparing necessary motions, pleadings, applications, answers, orders, complaints, and other legal papers and appear at hearings thereon; (h) protecting the interest of the Debtor in all matters pending before the court; (i) representing the Debtor in negotiation with its creditors in the preparation of the Chapter 11 Plan; and (j) providing all other legal services for Debtor as Debtor-in-Possession which may be necessary herein. Ford & Semach, P.A. will receive these hourly rates: $550 Buddy D. Ford $500 Jonathan A. Semach $450 Heather M. Reel, and $150 paralegals Prior to the filing, the Debtor paid the firm a $12,000 advance fee consisting of a $10,262 pre-filing fee retainer, $0 post-filing retainer, and $1,738 costs retainer including the filing fee. Ford & Semach, P.A. represents that it is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, with no connection to the Debtor, creditors, or other parties in interest, except for a prior representation of the Debtor's president, Michael Lara, and his wife in a personal Chapter 13 case in 2009. The firm can be reached at: Buddy D. Ford, Esq. Jonathan A. Semach, Esq. Heather M. Reel, Esq. FORD & SEMACH, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Telephone: (813) 877-4669 E-mail: Buddy@tampaesq.com Jonathan@tampaesq.com Heather@tampaesq.com About Larco Pools Larco Pools is a swimming pool contractor based in Dunedin, Florida. The company specializes in swimming pool construction, installation, maintenance, and repair services, operating primarily in Pinellas County. Larco Pools sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05760) on August 14, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. The Debtor is represented by Buddy D. Ford, Esq. at Ford & Semach, P.A. LEGACY DRAYAGE: Files Emergency Bid to Use Cash Collateral ---------------------------------------------------------- Legacy Drayage, Inc. asks the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, for authority to use cash collateral in accordance with the budget, with a 20% variance. The Debtor emphasized the necessity of accessing cash collateral and continuing the accounts receivable factoring relationship with Alterna Capital Solutions, LLC to fund critical business operations such as payroll, rent, leases, and fuel. Without this liquidity, the Debtor would be forced to cease operations, harming its enterprise value and ability to reorganize. The Debtor argued that both secured creditors, Alterna and Global Merchant Cash Inc., would be adequately protected. As of the petition date, Alterna was owed approximately $720,000, and Global approximately $380,000, while the Debtor's assets, including cash, receivables, and equipment, totaled roughly $1.5 million indicating an equity cushion of over 100% for both creditors. Additionally, both secured creditors would receive adequate protection payments and replacement liens with the same validity and priority as their pre-petition liens, excluding Chapter 5 avoidance actions. The Debtor's bankruptcy was triggered by a financial and legal dispute with its former landlord, Lift II Avalon LLC, over a commercial lease for a 5.1-acre yard and warehouse in Carson, California. Although the Debtor entered into the lease in late 2022, occupancy was delayed, and Lift II failed to complete promised improvements, especially to the yard's asphalt and concrete. These failures led to damaged goods and lost business. The Debtor negotiated two lease amendments with Lift II for rent abatements and repairs, but Lift II ultimately failed to meet its obligations. Meanwhile, market rates in the logistics sector plummeted due to industry-wide slowdowns, making the lease cost -- originally over $255,000 per month -- unsustainable. Despite growing revenues ($4.9 million in 2023, $11.1 million in 2024, and $6.6 million in the first seven months of 2025), the Debtor's profitability was eroded by the Avalon lease costs and Lift II's failures. After Lift II sought to enforce the lease and guaranty through two state court lawsuits -- an unlawful detainer action and a $9.9 million guaranty claim against CEO Walter Umana -- the Debtor responded with its own fraud and breach of contract suit, alleging Lift II fraudulently induced it to sign an estoppel certificate under false pretenses. To reduce overhead and reposition the business for profitability, the Debtor signed a new lease on July 29 for a lower-cost facility in Compton, California, at roughly half the per-square-foot rent of the Avalon premises. The Debtor intends to vacate the Avalon premises by August 22 and has moved to reject the Avalon lease. The bankruptcy filing was thus necessitated by Lift II's litigation and refusal to negotiate, mounting operational losses, and the need to secure court protection during the reorganization. The Debtor's key assets as of the petition date included approximately $151,849 in cash, $720,423 in factored receivables with Alterna, $597,071 in unfactored receivables, and $31,568 in equipment. The Debtor also noted that it had various leased vehicles and potentially valuable goodwill. Based on a UCC search, only Alterna and Global hold liens on cash collateral, while other secured creditors (Toyota, C.H. Brown, and Alliance Funding Group) do not. Alterna's IPSA, signed in May, allows it to purchase receivables at roughly 92% of face value and provide the Debtor with working capital. Global, under a separate July agreement, purchased $520,000 in receivables and is owed approximately $380,000, which the Debtor used to fund the Santa Fe lease. The Debtor concluded that without the requested relief, it would be unable to continue operations and risk immediate and irreparable harm. Its strategy for successful reorganization includes vacating the Avalon premises, reducing fixed costs via the Santa Fe lease, maintaining access to factoring arrangements, and stabilizing cash flow. The Debtor believes that these steps will position it for profitability and allow it to confirm a viable Subchapter V reorganization plan for the benefit of 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. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-17226) on August 20, 2025. In the petition signed by Walter Umana, president and chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Barry Russell oversees the case. Ron Bender, Esq., at Levene, Neale, Bender, Yoo & Golubchik, LLP, represents the Debtor as legal counsel. LIFESCAN GLOBAL: Seeks to Hire Porter Hedges as Co-Counsel ---------------------------------------------------------- LifeScan Global Corporation seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Porter Hedges LLP to serve as its co-counsel. Porter Hedges LLP will provide these services: (a) provide legal advice and services regarding local rules, practices, and procedures; (b) provide certain services in connection with administration of the Chapter 11 cases, including, without limitation, preparing agendas, hearing notices, and hearing binders of documents and pleadings; (c) prepare, review, and comment on proposed drafts of pleadings to be filed with the Court as bankruptcy co-counsel to the Debtors; (d) provide legal advice with respect to the Debtors' rights and duties as debtors in possession and continued business operations; (e) assist, advise, and represent the Debtors in any cash collateral matters; (f) assist, advise, and represent the Debtors in the preparation of sale and bid procedures to auction the Debtors' assets; (g) take necessary action to protect and preserve the Debtors' estate; (h) assist, advise, and represent the Debtors in any manner relevant to preserving and protecting the Debtors' estates; (i) prepare on behalf of the Debtors all necessary applications, motions, answers, orders, reports, and other legal papers; (j) appear in Court and to protect the Debtors' interests before the Court; (k) perform all other necessary or requested litigation services; (l) at the request of the Debtors, appear in Court and at any meeting with the U.S. Trustee and any meeting of creditors at any given time on behalf of the Debtors as their bankruptcy co-counsel; and (m) provide other legal advice and services, as requested by the Debtors, from time to time. The current 2025 standard hourly rates are: $565 to $1,250 for partners $450 to $1,195 for counsel $450 to $875 for associates and staff attorneys, and $340 to $555 for paraprofessionals. Porter Hedges LLP received a $75,000 retainer on June 17, 2025, and a $110,642 retainer on July 14, 2025. After payment of certain prepetition fees and expenses, the balance of the retainer is $107,653.50. Porter Hedges LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: John F. Higgins, Esq. M. Shane Johnson, Esq. Megan Young-John, Esq. PORTER HEDGES LLP 1000 Main Street, 36th Floor Houston, TX 77002 Telephone: (713) 226-6000 Facsimile: (713) 226-6248 About LifeScan Global Corporation LifeScan delivers personalized health, wellness, and digital solutions to individuals living with diabetes. Since 1981, LifeScan has advanced glucose care and diabetes management with pioneering technologies and new products, and is actively engaged in designing, developing, manufacturing, and marketing devices, software, and applications. Its comprehensive portfolio of diabetes-related products and services includes blood glucose monitoring devices, blood glucose test strips, lancing devices, and digital applications. LifeScan Global Corp. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90259) on July 15, 2025. As of the Petition Date, the Debtors have approximately $786 million assets and approximately $1.7 billion in liabilities. Judge Alfredo R Perez presides over the case. Megan Young-John and John F Higgins, IV at Porter Hedges LLP, represent the Debtor as legal counsel. Milbank LLP as co-counsel. PJT Partners LP as investment banker. LITTLE MINT: Seeks to Extend Plan Exclusivity to October 27 ----------------------------------------------------------- The Little Mint, Inc., asked the U.S. Bankruptcy Court for the Eastern District of North Carolina to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to October 27 and December 26, 2025, respectively. The Debtor filed its proposed Plan of Reorganization and Disclosure Statement on May 30, 2025. On March 27, 2025, the Debtor filed a Motion to Bifurcate Hearings on the Approval of Debtor's Disclosure Statement and Confirmation of the Plan of Reorganization (the "Bifurcation Motion") and the Court entered an Order allowing the Bifurcation Motion on March 31, 2025. The hearing on the Disclosure Statement is scheduled for September 23, 2025. The Debtor intends to amend its Plan and Disclosure Statement after completing negotiations with all secured and unsecured creditors. The Debtor explains that an extension of the exclusivity and acceptance periods will allow the Debtor time to continue to make progress in negotiations with its many creditors. Accordingly, cause exists to extend the exclusivity and acceptance periods as provided herein. The Debtor claims that an order allowing the extensions as requested in this application will not prejudice any party and is in the best interests of the Estate and all parties in interest. The Little Mint Inc. is represented by: Rebecca Redwine Grow, Esq. Jason L. Hendren, Esq. Benjamin E.F.B. Waller, Esq. Lydia C. Stoney, Esq. Hendren, Redwine & Malone PLLC 4600 Marriott Drive Suite 150 Raleigh, NC 27612 Telephone: (919) 420-7867 Facsimile: (919) 420-0475 Email: jhendren@hendrenmalone.com rredwine@hendrenmalone.com bwaller@hendrenmalone.com lstoney@hendrenmalone.com About The Little Mint Inc. The Little Mint Inc., doing business as Hwy 55 Burgers Shakes & Fries, owns multiple Hwy 55 Burgers, Shakes & Fries restaurants. The Little Mint Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-04510) on Dec. 31, 2024. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge Joseph N. Callaway presides over the case. Rebecca F. Redwine, Esq. of HENDREN, REDWINE & MALONE, PLLC represents the Debtor as counsel. MARTINES PALMEIRO: Hires Kutner Brinen Dickey as Legal Counsel -------------------------------------------------------------- Martines Palmeiro Construction, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Kutner Brinen Dickey Riley, P.C. to serve as its legal counsel. Kutner Brinen Dickey Riley, P.C. will provide these services: (a) provide the Debtor with legal advice with respect to its powers and duties; (b) aid the Debtor in the development of a plan of liquidation under Chapter 11; (c) file the necessary petitions, pleadings, reports, and actions which may be required in the continued administration of the Debtor's property under Chapter 11; (d) take necessary actions to enjoin and stay until final decree herein continuation of pending proceedings and to enjoin and stay until final decree herein commencement of lien foreclosure proceedings and all matters as may be provided under 11 U.S.C. Sec. 362; (e) represent the Debtor with respect to any and all necessary adversary proceeding; (f) facilitate settlement negotiations to maximize the value of claims the Debtor holds and to reduce claims against the estate; and (g) perform all other legal services for the Debtor which may be necessary herein. The firm's customary hourly rates are: -- Jeffrey S. Brinen $540 -- Jenny Fujii $440 -- Keri L. Riley $390 Kutner Brinen Dickey Riley, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Keri L. Riley, Esq. KUTNER BRINEN DICKEY RILEY, P.C. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Telephone: (303) 832-2400 E-mail: 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. Judge Thomas B. McNamara oversees the case. The Debtor is represented by Jeffrey A. Weinman, Esq. at Allen Vellone Wolf Helfrich & Factor, PC. MCMILLAN LOGGING: Case Summary & 13 Unsecured Creditors ------------------------------------------------------- Debtor: McMillan Logging, Inc. 15405 NW Pea Ridge Road Bristol, FL 32321 Business Description: McMillan Logging, Inc. is a Florida-based logging contractor that engages in timber harvesting and related hauling services. Chapter 11 Petition Date: August 25, 2025 Court: United States Bankruptcy Court Northern District of Florida Case No.: 25-40405 Debtor's Counsel: Byron W. Wright III, Esq. BRUNER WRIGHT, P.A. 2868 Remington Green Circle, Suite B Tallahassee, FL 32308 Tel: (850) 385-0342 Fax: (850) 270-2441 E-mail: twright@brunerwright.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by James S McMillan as president. A full-text copy of the petition, which includes a list of the Debtor's 13 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JX2B2EY/McMillan_Logging_Inc__flnbke-25-40405__0001.0.pdf?mcid=tGE4TAMA MENORAH CAMPUS: No Resident Concern, 2nd PCO Report Says -------------------------------------------------------- Michele McKay, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Western District of New York filed her second report regarding the quality of resident care provided by Menorah Campus Independent Senior Apartments, Inc. In the report which covers the period May 15 to August 15, the PCO did not make a visit as the remaining residents at Forest Creek Apartments facility were in process of moving out. The PCO was alerted by the apartment manager, Holly Steeg, that the remaining three residents were given notice on June 6 by the Weinberg Administrator, Robert Mayer, that the facility would be fully closing and that they would need to find other living arrangements. On July 25, the PCO made a visit to Haskell and James Stovroff Towers Apartments facility during which she met with Kubillah Ingram, Building Superintendent, and one resident who is not a part of the PACE senior day program. The exterior of the building was free from litter and the lawn and landscaping were noted to be trimmed, and as noted previously, while neat and free from litter, the interior shows signs of flooring wear and staining and painting needs. During the PCO visit, the PCO noted that the lobby appeared quite warm and Mr. Ingram stated that there is no central air conditioning but each apartment and his office do have air conditioning. The elevator and automatic exterior doors are in working order, and visitors and caregivers were seen in the building during the visit. Mr. Ingram reported that laundry units on each floor remain working and free for use by all residents and their caregivers. The PCO spoke with a resident who was moving freely in and out of the building with assistance of a rolling walker when she arrived. This resident reported that they have had issues with losing the key to their apartment and that they were working with Mr. Ingram on that. This resident was given her contact information and advised to contact her if there were any concerns. There have been no contacts from this resident. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=yCtkOu from PacerMonitor.com. The ombudsman may be reached at: Michele McKay, MNS, RN, CNE 6360 Kraus Road Clarence Center, New York 14032 Telephone: (716) 907-6045 Email: momsacct2011@gmail.com About Menorah Campus Independent Senior Apartments Menorah Campus Independent Senior Apartments, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.Y. Case No. 25-10135) on February 7, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Carl L. Bucki presides over the case. Kevin R. Lelonek, Esq., at Gross Shuman, PC represents the Debtor as legal counsel. Michele McKay serves as patient care ombudsman. MERIT STREET: Committee Taps Berkeley Research as Financial Advisor ------------------------------------------------------------------- The Official Committee of Unsecured Creditors of Merit Street Media, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Berkeley Research Group, LLC as its financial advisor . Berkeley Research will provide these services: (a) develop strategies to maximize recoveries from the Debtor's assets; (b) monitor liquidity and cash flows throughout the Chapter 11 case; (c) prepare and issue financial monitoring reports; (d) advise on debtor-in-possession financing arrangements; (e) analyze historical and ongoing related-party transactions; (f) prepare valuations of the Debtor's assets and intellectual property; (g) advise on employee-related costs; (h) review and evaluate court filings and sale processes; (i) advise on potential preference payments, fraudulent conveyances, and other causes of action; (j) monitor the Debtor's claims management process; (k) analyze and review any proposed plan of reorganization and disclosure statement; and (l) attend Committee meetings, court hearings, and auctions. BRG will receive compensation at its standard hourly rates, discounted by 10% for Managing Directors, plus reimbursement of actual and necessary expenses. Rates are: Managing Directors ($1,140–$1,395, discounted) Associate Directors & Directors ($900–$1,100) Professional Staff ($445–$885), and Support Staff ($185–$395) Expected engagement leaders include: Christopher Kearns $1,395 David Galfus $1,395 Evan Hengel $1,250 Jonathan Emerson $1,000 Ben Sheppard $740 According to court filings, BRG is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Berkeley Research Group, LLC 2200 Powell Street, Suite 1200 Emeryville, CA 94608, US Phone: (877) 696-0391 About Merit Street Media Merit Street Media is a television and media content production and distribution company based in Fort Worth, Texas. It appears to focus on creating, producing, and distributing television content, maintaining business relationships with major cable providers including DIRECTV and DISH Network, as well as numerous television stations and production companies. Merit Street Media sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80156) on July 2, 2025, before the Hon. Scott W. Everett. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million. The Debtor is represented by Sidley Austin LLP as bankruptcy counsel. Epiq Corporate Restructuring, LLC serves as Claims, Noticing, and Solicitation Agent, effective as of the Petition Date. MERIT STREET: Committee Taps O'Melveny & Myers as Counsel --------------------------------------------------------- The Official Committee of Unsecured Creditors of Merit Street Media, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire O'Melveny & Myers LLP to serve as its counsel. The firm will provide these services: (a) provide legal advice and services regarding local rules, practices, and procedures, including Fifth Circuit law; (b) advise the Committee with respect to its rights, duties and powers in the Chapter 11 case; (c) assist and advise the Committee in its consultations and negotiations with the Debtor and other parties in interest relative to the administration of the Chapter 11 case; (d) assist the Committee in analyzing the claims of the Debtor's creditors and the Debtor’s capital structure and in negotiating with holders of claims and equity interests; (e) assist the Committee in its investigation of the acts, conduct, assets, liabilities and financial condition of the Debtor and its insiders and of the operation of the Debtor's businesses; (f) assist the Committee in its analysis of, and negotiations with, the Debtor or any third party concerning matters related to leases, executory contracts, asset dispositions, financings, and the terms of reorganization or liquidation plans; (g) assist and advise the Committee as to its communications to the creditor body regarding significant matters in the Chapter 11 case; (h) represent the Committee at hearings and other proceedings before the Court; (i) review and analyze applications, orders, statements of operations, and schedules filed with the Court and advise the Committee; (j) advise and assist the Committee with respect to legislative, regulatory, or governmental activities; (k) assist the Committee in preparing pleadings and applications; (l) prepare, on behalf of the Committee, motions, memoranda, complaints, objections or other pleadings; (m) investigate and analyze any claims and causes of action that are property of the Debtor's estate; and (n) perform such other legal services as required in the interests of the Committee. OMM's hourly billing rates are: $1,525 - $2,400 -- partners $1,295 - $1,525 -- counsel $825 - $1,215 -- associates, and $250 - $550 -- paraprofessionals Attorneys expected to lead the engagement are: Louis R. Strubeck, Jr. -- $2,100 Gregory M. Wilkes -- $1,635 Julian Gurule -- $1,595 Laura L. Smith -- $1,375 and Anna Cosby -- $825 OMM is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. OMM has also provided the following information addressed in paragraph D.1 of the U.S. Trustee Guidelines and as set forth in the Strubeck Declaration: Question (a): Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question (b): Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question (c): If you represented the client in the 12 months pre-petition, disclose your billing rates and material financial terms for the pre-petition engagement, including any adjustments during the 12 months pre-petition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Response: OMM did not represent the Committee before its formation. Question (d): Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Response: The Committee and OMM expect to develop a prospective budget and staffing plan, recognizing that in the course of large chapter 11 cases, complex and unexpected issues may arise that may in turn result in unforeseeable fees and expenses. The firm can be reached at: Louis R. Strubeck, Jr., Esq. Gregory M. Wilkes, Esq. Laura L. Smith, Esq. O'MELVENY & MYERS LLP 2801 North Harwood Street, Suite 1600 Dallas, TX 75201 Tel: (972) 360-1900 Emails: lstrubeckjr@omm.com gwilkes@omm.com lsmith@omm.com - and - Julian Gurule, Esq. O'MELVENY & MYERS LLP 400 South Hope Street, 19th Floor Los Angeles, CA 90071 Tel: (213) 430-6000 Email: jgurule@omm.com About Merit Street Media Merit Street Media is a television and media content production and distribution company based in Fort Worth, Texas. It appears to focus on creating, producing, and distributing television content, maintaining business relationships with major cable providers including DIRECTV and DISH Network, as well as numerous television stations and production companies. Merit Street Media sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80156) on July 2, 2025, before the Hon. Scott W. Everett. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million. The Debtor is represented by Sidley Austin LLP as bankruptcy counsel. Epiq Corporate Restructuring, LLC serves as Claims, Noticing, and Solicitation Agent, effective as of the Petition Date. MODIVCARE INC: Delays Q2 10-Q for Goodwill Review, Culture Probe ---------------------------------------------------------------- ModivCare Inc. filed a Notification of Late Filing on Form 12b-25 with the U.S. Securities and Exchange Commission, informing that it is unable to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 by the prescribed due date without unreasonable effort or expense because the Company requires additional time to complete its ongoing assessment of goodwill for potential impairment and to report the results of such analysis in its consolidated interim unaudited financial statements. In addition, the Company requires additional time to complete an investigation being conducted by the Company's outside counsel at the direction of the Audit Committee of the Company's Board of Directors with respect to compliance hotline allegations, including matters related to the Company's culture. About ModivCare Inc. ModivCare Inc. is a technology-enabled healthcare services company that provides a suite of integrated supportive care solutions for public and private payors and their members. At December 31, 2024, ModivCare had 1,654,332,000 in total assets, 1,692,806,000 in total liabilities, and 38,474,000 in total stockholders' deficit. * * * As reported by the Troubled Company Reporter in March 2025, S&P Global Ratings lowered its Company credit rating on ModivCare Inc. to 'CCC+' from 'B'. The outlook is negative. MOUNTAIN VIEW: Hires Condon Tobin as Legal Counsel -------------------------------------------------- Mountain View Midstar, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Condon Tobin Sladek Thornton Nerenberg PLLC to serve as its legal counsel. Condon Tobin will provide these services: (a) assist the Debtor in preparing its Schedule of Assets and Liabilities, Statement of Financial Affairs and Monthly Operating Reports, and otherwise providing the Court and parties in interest with required financial disclosure; (b) attend with the Debtor the initial debtor interview with the United States Trustee and the 341 meeting of creditors; (c) advise the Debtor of its rights, powers and duties as a debtor and debtor in possession continuing to operate and manage its business and properties under chapter 11 of the Bankruptcy Code; (d) prepare on behalf of the Debtor all necessary and appropriate applications, motions, proposed orders, other pleadings, notices, schedules and other documents, and review all financial and other reports to be filed in the Bankruptcy Case; (e) advise the Debtor concerning, and preparing responses to, applications, motions, other pleadings, notices and other papers that may be filed by other parties in the Bankruptcy Case and appear on behalf of the Debtor in any hearing or other proceedings relating to those matters; (f) advise the Debtor concerning executory contract and unexpired lease assumptions, assignments and rejections; (g) assist the Debtor with obtaining post-petition financing and its use of cash collateral, as necessary; (h) commence and conduct litigation that is necessary and appropriate to assert rights held by the Debtor, protect assets of the Debtor's chapter 11 estate or otherwise further the goal of completing the Debtor's successful reorganization; (i) advise the Debtor regarding, and represent the Debtor in, any prebankruptcy litigation that may be removed to the Court; (j) represent the Debtor in any adversary proceeding initiated by the Debtor or any other party; (k) assist the Debtor to retain necessary professionals that will assist in the reorganization efforts in this Bankruptcy Case; (l) respond to inquiries by creditors and other stakeholders of the Debtor regarding the Bankruptcy Case; (m) assist the Debtor in reviewing, estimating and resolving claims asserted against the Debtor's estate; (n) advise and assist the Debtor in negotiations with the Debtor's debt holders and other stakeholders; (o) advise and assist the Debtor in connection with any asset dispositions; (p) advise and assist the Debtor with any compromise and settlement agreements that it enters into postpetition; (q) advise, and represent, the Debtor with respect to employment related issues; (r) advise the Debtor in connection with the formulation, negotiation and promulgation of a plan or plans of reorganization, and related transactional documents; (s) provide non-bankruptcy services for the Debtor to the extent requested by the Debtor; and (t) perform all other necessary and appropriate legal services in connection with the Bankruptcy Case for or on behalf of the Debtor. Condon Tobin will receive hourly billing rates ranging from $800 to $500 for attorneys and $250 to $350 for paraprofessionals. The firm received a $300,000 retainer, with $35,641 applied and a remaining balance of $264,359. Condon Tobin is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: H. Joseph Acosta, Esq. Jeff Carruth, Esq. CONDON TOBIN SLADEK THORNTON NERENBERG PLLC 8080 Park Lane, Suite 700 Dallas, TX 75231 Telephone: (214) 265-3800 Facsimile: (214) 691-6311 Email: jacosta@condontobin.com jcarruth@condontobin.com About Mountain View Midstar LLC Joseph Mountain View Midstar LLC is a real estate company that leases nonresidential properties, including land and other commercial parcels not classified under traditional building categories. The Company operates in Hurst, Texas, and is associated with the Mountain View Mall and Shops at Ardmore. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42648) on July 22, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtor is represented by Joseph Acosta, Esq. at CONDON TOBIN. United Texas Bank, as lender, is represented by Jason M. Rudd, Esq., Scott D. Lawrence, Esq., Ethan A. Minshull, Esq., Catherine A. Curtis, Esq., and Meghan D. Young, Esq., at Wick Phillips Gould & Martin, LLP, in Dallas, Texas. NAPA FORD: Gets Interim OK to Use Cash Collateral ------------------------------------------------- Napa Valley Ford Lincoln Mercury, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of California, Santa Rosa Division, to use cash collateral. At a recent hearing, the court authorized the Debtor to use $60,000 in cash collateral from August 22 to 28 and ordered the Debtor to disclose its intended use of the funds to Ford Motor Credit Company. The existing cash collateral order entered on August 19 remains in place. The August 19 order approved the payment of $35,410 to Ford and granted a replacement lien on the Debtor's post-petition property to the same validity, priority and extent as their pre-bankruptcy lien and a superpriority claim for Ford. The next hearing is set for August 28. Ford Motor Credit Company is represented by: Andrew B. Still, Esq. Snell & Wilmer L.L.P. 600 Anton Blvd, Suite 1400 Costa Mesa, CA 92626-7689 Telephone: 714.427.7000 Facsimile: 714.427.7799 astill@swlaw.com About Napa Valley Ford Lincoln Mercury Inc. Napa Valley Ford Lincoln Mercury, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-10450) on July 24, 2025, listing between $1 million and $10 million in both assets and laibilities. Judge Hon. Charles Novack oversees the case. The Debtor is represented by: Michael Jay Berger, Esq. Law Offices Of Michael Jay Berger Email: michael.berger@bankruptcypower.com NB MOUNTAIN: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------- NB Mountain Valley, DST and NB Mountain Valley LeaseCo, LLC ask the U.S. Bankruptcy Court for the Northern District of West Virginia for authority to use cash collateral and provide adequate protection. DST owns the Mountain Valley Apartments, a student and professional-oriented residential complex located in Morgantown, West Virginia, near West Virginia University. The complex offers furnished and unfurnished apartments and luxury amenities. LeaseCo leases the property from DST under a Master Lease and subleases individual units to tenants. LeaseCo also receives management services from Nelson Brothers Property Management, Inc. under a Management Agreement. Fannie Mae is the senior secured lender to DST, asserting a claim of approximately $23.67 million under a 2017 multifamily loan secured by a deed of trust and other loan documents. DST also holds a first priority lien on LeaseCo's assets. Fannie Mae's collateral includes cash, real estate, rents, and other assets. Monthly payments of $176,793.46 were historically made but due to operational and financial strains starting in 2024 including rent collection timing and rising expenses—the Debtors began making partial or delayed payments. In December 2024, Fannie Mae claimed a $460,000 past due balance and began withholding payments in a suspense account until the arrears were resolved. On February 12, 2025, Fannie Mae declared a default. It initiated a receivership action in federal court on March 31, resulting in the appointment of a receiver on May 12. The receiver scheduled a foreclosure sale. The Debtors assert that the foreclosure would primarily benefit Fannie Mae and harm other stakeholders, including tenants and unsecured creditors. The Mountain Valley Complex was appraised at $34 million in 2017 (with excess land valued at $3.9 million), suggesting a significant equity cushion over the $23.67 million loan. The Chapter 11 filing aims to facilitate either a reorganization or a value-maximizing sale of the property under court supervision. As of the petition date, Fannie Mae was allegedly holding over $905,000 in DST's funds in a suspense account. The receiver has not filed financial reports, and the Debtors are uncertain of the current cash balance. The Debtors seek emergency authority to use cash collateral to continue operations, preserve estate value, maintain services and staffing, and meet critical expenses. Without this relief, they would be unable to operate the complex, pay employees, utilities, or other essential costs. The Debtors propose using the cash collateral in accordance with a budget and offer adequate protection to Fannie Mae, including adequate protection liens on all post-petition assets to cover any diminution in Fannie Mae's collateral value and continued monthly interest payments at the non-default rate in accordance with loan documents They argue this protection, combined with the equity cushion and the funds in the suspense account, is sufficient to safeguard Fannie Mae's interests. A copy of the motion is available at https://urlcurt.com/u?l=0e6IAy from PacerMonitor.com. About NB Mountain Valley, DST NB Mountain Valley, DST owns the Mountain Valley Apartments, a student- and professional-oriented residential complex located in Morgantown, West Virginia, near West Virginia University. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. W.V. Case No. 5:25-bk-00456) on August 19, 2025. In the petition signed by Patrick Nelson, principal, the Debtor disclosed up to $50 million in both assets and liabilities. Stephen L. Thompson, Esq., at Barth & Thompson, represents the Debtor as legal counsel. Fannie Mae, as creditor, is represented by: Jeffrey G. Wilhelm, Esq. Jessica M. Barnes, Esq. Reed Smith, LLP Reed Smith Centre 225 Fifth Avenue, Suite 1200 Pittsburgh, PA 15222 Telephone: (412) 288-3131 Facsimile: (412) 288-3063 jwilhelm@reedsmith.com jbarnes@reedsmith.com NEAL MEATS: Case Summary & Two Unsecured Creditors -------------------------------------------------- Debtor: Neal Meats, LLC 1256 Winningham Road Seymour MO 65746 Business Description: Neal Meats, LLC provides USDA-inspected meat processing services from its facility in Seymour, Missouri, where it handles beef, pork, and deer for both custom and USDA markets. Founded in 2020 by Will and Julia Neal, the Company operates a 9,500-square- foot plant equipped with advanced cooling systems, vacuum packaging machines, and smoking equipment for specialty products such as sausages and bacon. The business serves farmers, ranchers, and individual customers across the region, emphasizing product quality, food safety, and secure handling. Chapter 11 Petition Date: July 21, 2025 Court: United States Bankruptcy Court Western District of Missouri Case No.: 25-60458 Debtor's Counsel: James B. James, Esq. JB JAMES LAW FIRM 313 S. Glenstone Avenue Springfield MO 65802 Tel:(417) 886-6500 Email: jimjames@jbjameslawfirm.com Debtor's Realtor/Broker: DUSTY CAPON Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by William Neal as managing member. A copy of the Debtor's list of two unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NXGULXQ/Neal_Meats_LLC__mowbke-25-60458__0035.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/TIXSTSQ/Neal_Meats_LLC__mowbke-25-60458__0001.0.pdf?mcid=tGE4TAMA NIKOPAT & ASSOCIATES: Hires Sold 100 as Real Estate Broker ---------------------------------------------------------- Nikopat & Associates, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Sold 100 Real Estate Inc. as its real estate broker, with Mr. Billy Okoye serving as listing broker. Sold 100 Real Estate Inc. will provide these services: (a) act as the Debtor's real estate broker for the sale of 7225 Hanover Parkway, Suite D, Greenbelt, MD 20770; (b) render the necessary professional brokerage services, with Billy Okoye as Broker/Agent, to the Debtor with respect to the property; and (c) handle the sale and marketing of the property as listing agent. The Debtor has agreed to compensate Sold 100 Real Estate Inc. on a percentage basis in accordance with its ordinary and customary rates. For the sale of the property, the Debtor has agreed to pay no more than six percent of the sales price, which commission may be split with a buyer's agent at settlement unless otherwise agreed. The firm will be paid from the proceeds of the sale, subject to court approval, and has not received a retainer. Sold 100 Real Estate Inc. does not hold or represent an interest adverse to the estate and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Billy Okoye Sold 100 Real Estate Inc. 7500 Greenway Center Dr., Ste. 150 Greenbelt, MD 20770 About Nikopat & Associates, Inc. Nikopat & Associates, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 24-17524) on September 6, 2024. At the time of the filing, Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. Judge Lori S. Simpson oversees the case. The Iweanoges' Firm, P.C. serves as the Debtor's legal counsel. NORTH WHITEVILLE: Gets Extension to Access Cash Collateral ---------------------------------------------------------- North Whiteville Urgent Care & Family Practice, PA received third interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Wilmington Division to use cash collateral. The Debtor may use cash collateral as set forth in the budget covering August 1 to 31, with 10% line-item variance. The Debtor projects total operational expenses of $155,768. As adequate protection, the pre-petition liens of secured creditors will extend to post-petition assets, but only to the extent liens were valid, perfected, and enforceable pre-petition. The Debtor reserves the right to challenge the validity and priority of such liens. The order remains effective until Aug. 31, unless terminated earlier or modified. About North Whiteville Urgent Care & Family Practice PA North Whiteville Urgent Care & Family Practice, PA is a medical services provider. North Whiteville sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02217) on June 12, 2025, listing under $1 million in both assets and liabilities. Judge David M. Warren handles the case. The Debtor tapped Christian B. Felden, Esq., at Felden & Felden, PA as legal counsel and Streeter Tax Consultants as accountant. NORTHVOLT AB: Lyten to Secure Carmaker Support for Co's Revival --------------------------------------------------------------- Marie Mannes, Alessandro Parodi and Gilles Guillaume of Reuters report that Silicon Valley battery startup Lyten faces skepticism from automakers as it takes over assets of bankrupt Swedish battery maker Northvolt, with industry experts warning that full-scale European production will remain uncertain for years. Lyten, which develops lithium-sulfur batteries, said on August 7, 2025 it acquired Northvolt's facilities at a steep discount. According to the report, the move could revive hopes for a European battery champion, but investors and customers burned by Northvolt's collapse remain cautious, saying they want proof Lyten can deliver consistent production at scale. The company will continue Northvolt's lithium-ion output while advancing its own lithium-sulfur cells, a lighter and cheaper alternative that reduces reliance on Chinese minerals but remains in early stages. CEO Dan Cook said Lyten hopes to regain Northvolt's former clients, including Volkswagen brands, by proving performance with a single pilot customer, according to Reuters. Carmakers have been hesitant, the report points out. BMW, which canceled a €2 billion order with Northvolt last 2024, said battery supply deals require long lead times, while Volvo declined to comment. Scania called it "too early" to consider orders. Stellantis, which owns a 2% stake in Lyten, said any agreements would depend on validation, scale-up and local production, the report states. Northvolt collapsed in March with $8 billion in debt after losing orders and investor support, despite ramping output at its Swedish plant. Its downfall highlights the financial and technical risks facing European battery makers amid softer EV demand and heavy reliance on secured debt, according to report. Lyten says the acquisition could accelerate large-scale lithium-sulfur production to 2028, but experts caution the technology is unlikely to be viable for EVs before 2030. Analysts warn that without sustained government subsidies and fresh investment, Europe's battery ambitions could again falter. About Northvolt AB Northvolt AB was established in 2016 in Stockholm, Sweden. Pioneering a sustainable model for battery manufacturing, the company has received orders from several leading automotive companies. The company is currently delivering batteries from its first gigafactory, Northvolt Ett, in Skelleftea, Sweden and from its R&D and industrialization campus, Northvolt Labs, in Vasteras, Sweden. On Nov. 21, 2024, Northvolt AB and eight affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90577). The cases are before the Honorable Alfredo R. Perez. Northvolt is being advised by Teneo as its restructuring and communications advisor. Kirkland & Ellis LLP, A&O Shearman and Mannheimer Swartling Advokatbyra AB are serving as legal counsel. The company has also engaged Rothschild & Co to run its marketing process. Stretto is the claims agent. OMEGA INVESTIGATION: Seeks Chapter 11 Bankruptcy in Puerto Rico --------------------------------------------------------------- On August 15, 2025, Omega Investigation Services Corp. filed Chapter 11 protection in the District of Puerto Rico. 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 Omega Investigation Services Corp. Omega Investigation Services Corp. is a company presumably providing investigation and security-related services based in San Juan, Puerto Rico. Omega Investigation Services Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-03647) on August 15, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated asset $500,000 and $1 million. The Debtor is represented by Alexis Fuentes-Hernandez, Esq. at Fuentes Law Offices, LLC. OREGON CLEAN: S&P Upgrades ICR to 'BB', Outlook Stable ------------------------------------------------------ S&P Global Ratings upgraded its rating on Oregon Clean Energy LLC's (OCE) term loan B (TLB) to 'BB' from 'BB-'. S&P said, "The stable outlook reflects our expectation of increased debt service coverage over the TLB and post-refinancing periods based on our assumptions and forward-looking view of the energy and capacity prices in PJM's ATSI zone. We forecast approximately $100 million of debt due at maturity. "Additionally, our outlook reflects OCE's credit supportive 75% sweep mechanism, high dispatch levels, and an average forced outage rate in-line with other combined cycle gas turbines (CCGTs) in North America. "We do not expect the project to increase leverage or otherwise amend any terms of the current financing ahead of acquisition consummation." OCE is an 870-megawatt (MW) combined-cycle, gas-fired power plant in Oregon, Ohio, and the American Transmission Systems Inc. (ATSI) zone of the PJM market. Ares EIF and I-Squared Capital own the project through a 50-50 joint venture. S&P said, "OCE has benefited from a strong energy market in 2025, a trend we expect could continue as demand grows. Our forecast continues to assume robust levels of dispatch in the near-term and more conservative spark spreads. As of June 2025, OCE realized a year-to-date (YTD) spark spread of about $21/MWh, significantly higher than our forecast and demonstrative of a favorable market environment in the American Transmission Systems Inc. (ATSI) region of PJM. Although it is difficult to quantify the individual contributors of OCE's increased profitability, we believe the strong sparks over 2025 are due to a mixture of growing demand, weather conditions, and gas prices remaining relatively controlled during times of high load. As demand continues to grow in PJM, we believe it is possible for this dynamic to continue over the coming years. "Although pricing has remained strong over 2025, generation has been below our expectations. Through June, OCE has achieved a capacity factor of 74%, which is 10% lower than our forecast. We note, however, that the lower generation is not attributable to market factors but rather a forced outage that occurred over March and April. Outside of these two months, OCE has operated at a capacity factor of over 90%. Even with generation below our forecast, OCE's expanded profitability has enabled the project to decrease leverage on par with our expectations. "We expect OCE will continue to benefit from higher capacity prices engendered by the supply and demand imbalance in the PJM capacity market. The current cap and floor on prices, which is set to persist through the next uncleared auction, also provides increased cash flow visibility. Clearing at $329/MW-day, the pricing signals in the most recent capacity auction emphasize the current market tightness as demand continues to grow (mainly due to data centers) while supply remains limited (due to few new sources of capacity over the near term). We expect this dynamic will remain over the next several years and revised our in-house capacity prices incrementally upward. "The price cap and floor of $175/MW-day to $325/MW-day, which is set to continue through the 2027–2028 auction, also provides a source of cash flow visibility. We incorporate this construct, as well as our view on potential stresses to future prices, in our assessment of OCE's market risk. Although capacity prices have also historically displayed volatility, we view capacity cash flows, which have grown as a portion of OCE's cash flow profile, as being somewhat more stable than energy margin. Considering these factors and the decline in cash flow over our defined stress period, we revised OCE's market risk assessment from 'High (4)' to 'High (3)', and, as a result, it's OPBA from '10' to '9'. "Operational risk is more pronounced for OCE when compared to larger, diversified multi-asset portfolios. In our view, the forced outage that occurred in March–April of this year exemplifies the concentration of operational risk inherent to a single asset. In mid-March, a control valve failed in the project's steam turbine generator. The forced outage lasted for about a month, and capacity factors over March and April were in the 30% range. If OCE had not realized such robust sparks in the first quarter and later part of the second quarter, coverage could have been more adversely affected, and the project may have lagged our cash sweep expectations. "Over 2018–2024, the project's EFORd averaged about 4.2%, which we view as being broadly in line with the average EFORd for CCGTs across the United States. Despite recent and historic outages, we believe the plant is generally well-managed and maintained. We also believe that after outages, such as those that occurred in 2022 during Winter Storm Elliot, the project has taken comprehensive steps to prevent such issues from reoccurring. In the context of the most recent outage, the facility is conducting weekly functional test of valves." OCE also benefits from property and business interruption insurance of about $25 million in addition to repairs of the gas turbines being covered under the project's long term service agreement (LTSA) with Siemens, the original equipment manufacturer (OEM). Additionally, the project's $40 million revolving credit facility (RCF) provides interim liquidity to cover debt service and expenses in the event of an outage until other proceeds could be received. S&P said, "Our minimum DSCR forecast of 2.53x occurs over the TLB period, which is a function of relatively conservative leverage and project's strong de-leveraging prior to the TLB's maturity in 2030 via its supportive 75% cash flow sweep mechanism. At the time the project executed its amend and extend transaction, leverage was in the $470/KW range, which we view as relatively modest when compared to recent transactions in PJM. Additionally, the project continues to benefit from a flat 75% sweep and target debt balance mechanism, features we view as more credit supportive in comparison to sweep structures we have seen in recent transactions as power and capacity markets have tightened and credit terms have become less restrictive in response. "We now forecast about $100 million of the original TLB to be due at maturity, which we model as being repaid via a fully amortizing, sculpted structure through our assumed asset life of 2043. Due to the low debt balance at maturity and the cash flows available over the remainder of asset life, DSCRs are materially higher in the post-refinancing period; the median DSCR over our forecast is about 3.8x. We will continue to monitor the project's ability to meet our sweep expectations, which will influence coverage both over the life of the TLB and in the post-refinancing period. "We expect OCE's debt to be repaid in early 2026 assuming successful sale to utility I&M. In early 2025, the sponsors reached an agreement to sell OCE to I&M. Our conversations with the sponsors indicate that the transaction is moving through the appropriate regulatory channels, with no delays in the regulatory process currently anticipated. We will continue to surveil the rating until the deal closes and we receive confirmation that the project level debt has been repaid. "The stable outlook reflects our expectation of high dispatch levels, minimal forced outages, and elevated energy and capacity prices that provide for strong coverage over the TLB and post-refinancing periods in addition to meaningful debt reduction via the project's credit-supportive sweep mechanism. We expect these dynamics will persist until the transaction closes and OCE's project-level debt is repaid. We do not expect the project will attempt to increase leverage or otherwise amend the terms of the existing financing ahead of the acquisition being consummated." S&P could consider a negative rating action if OCE is unable to maintain DSCRs above 2.5x on a sustained basis in either the TLB period or the post-refinancing period. This could occur if: -- The project experiences weaker realized spark spreads, lower PJM capacity prices, and unplanned outages substantially affect generation; -- Economic factors cause the power plants to dispatch materially less than S&P's base-case expectation; or -- The project's excess cash flows do not translate into expected debt paydowns. Additionally, S&P's could take a negative rating action on OCE if leverage increases or the terms of the existing financing are otherwise amended in a way that weakens its current view of OCE's credit quality. Given the volatility inherent to operating as a merchant generator, an improvement in coverage alone would not be sufficient for S&P's to take a positive rating action on OCE. Although highly unlikely, in addition to maintaining coverage of over 4x in the TLB and post-refinancing period, OCE would need to benefit from additional cash flow visibility. This could result from a more extensive hedging program, contracting part of the plant's capacity, or locking in a significant portion of future capacity cash flows via bilateral sales with high-quality counterparties. ORIGIN FOOD: Gets Interim OK to Use Cash Collateral --------------------------------------------------- Origin Food Group, LLC got the green light from the U.S. Bankruptcy Court for the Western District of North Carolina, Stateville Division, to use cash collateral. At its recent hearing, the court granted the Debtor's bid to use cash collateral on an interim basis and set a further hearing for September 10. Several creditors claim secured interests based on a list of UCC Financing Statements on file with the North Carolina Secretary of State. These secured creditors include banks and equipment financiers such as Branch Banking & Trust, International Financial Services Corporation, Treemount Holding, Longitude 80 Dairies, DariFill, The Huntington National Bank, Goodman Capital Finance, First Commonwealth Equipment Finance, and others. Origin Food Group asserts that all creditors are adequately protected, noting that the continued use of cash collateral in the ordinary course of business preserves the going concern value of the company, thereby maintaining or even enhancing the value of the creditors' collateral. Origin Food Group offers to grant secured creditors replacement liens on post-petition assets, with the same extent, priority, and validity as the original pre-petition liens. About Origin Food Group LLC Origin Food Group, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.C. Case No. 25-50268) on August 20, 2025. In the petition signed by Halil Ulukaya, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Laura T. Beyer oversees the case. John C. Woodman, Esq., at Essex Richards PA, represents the Debtor as legal counsel. PARTY CITY: Reaches Nearly $4MM Settlement w/ Former Employees -------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that Party City Holdco Inc. has agreed to a nearly $4 million settlement with former corporate employees who were abruptly laid off last 2024 as the retailer filed for bankruptcy and announced plans to shut down operations. Under the agreement, 394 former headquarters employees who joined the lawsuit will each receive $10,100 in priority claims. The settlement, detailed in documents filed on August 22, 2025 in the U.S. Bankruptcy Court for the Southern District of Texas, also includes additional payments from confidential insurance policies. About Party City Holdco Party City Holdco Inc. (NYSE: PRTY) is the global leader in the celebrations' industry, with its offerings spanning more than 70 countries around the world. It is also the largest designer, manufacturer, distributor, and retailer of party goods in North America. Party City Holdco had 761 company-owned stores as of September 2022. It is headquartered in Woodcliff Lake, N.J. with additional locations throughout the Americas and Asia. Party City Holdco and its domestic subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 24-90621) on Dec. 21, 2024. As of Petition date, the Debtor estimated $1 billion to $10 billion in both assets and liabilities. The petitions were signed by Deborah Rieger-Paganis as chief restructuring officer. Judge Alfredo R Perez oversees the cases. The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP, and Porter Hedges LLP as legal counsel; AlixPartners, LLP as financial advisor; A&G Realty Partners as real estate advisor; and Kroll as the claims agent. Gordon Brothers Retail Partners, LLC and Gordon Brothers Commercial & Industrial, LLC represents the Debtors as Store Closing Advisor. The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Chapter 11 cases. The committee is represented by Pachulski Stang Ziehl & Jones, LLP. PIONEER HEALTH: Opposes Investment Banker's $500K Fee Request ------------------------------------------------------------- Emlyn Cameron of Law360 reports that clinic operator Pioneer Health Systems LLC, which won confirmation of its Chapter 11 plan in late 2024, is opposing a $500,000 fee request from its former investment banker, arguing the payment was tied to a sale that was never completed. About Pioneer Health Systems, LLC Pioneer Health Systems, LLC, is the parent company for the following brands: Surgical Hospital of Oklahoma, L.L.C. (SHO), Direct Orthopedic Care (DOC), and Integrated Care Technologies (ICT). Combined, this model allows Pioneer to offer a complete vertical orthopedic healthcare system. The Debtor filed a Chapter 11 petition (Bankr. D. Del. Case No. 24-10279) on Feb. 21, 2024, with $1 million to $10 million in both assets and liabilities. Colin Chenault, chief financial officer, signed the petition. Judge J. Kate Stickles oversees the case. Alessandra Glorioso, Esq., at Dorsey & Whitney (Delaware), LLP, is the Debtor's legal counsel. POSH QUARTERS: Seeks Cash Collateral Access ------------------------------------------- POSH Quarters, LLC asks the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, for authority to use cash collateral and provide adequate protection. The Debtor filed for bankruptcy on August 8 and is currently in default on two loans held by BSI Financial, which are secured by real property located at 3 S 21st Ave and 624 N 6th Ave in Jacksonville Beach, Florida. The total debt to BSI Financial amounts to approximately $1.07 million. These loans are secured by cash collateral, including rents, receivables, bank account funds, and other business assets. The Debtor asserts that the inability to access and use this cash would result in the immediate shutdown of business operations as it would prevent the payment of critical post-petition expenses such as property taxes, insurance, and ongoing operational costs. To protect the interests of BSI Financial, the Debtor proposes granting the lender a replacement lien on all post-petition assets of similar nature, priority, and extent as existed pre-petition. In the proposed interim order, the Debtor is allowed to use cash collateral only for necessary business expenses and is prohibited from making payments to insiders, professionals, or pre-petition obligations without court approval. The Debtor must also maintain insurance coverage and make adequate protection payments to BSI in the amounts of $3,605 and $1,732.50 per month for the two properties, beginning October 1. A nine-month budget covering September 2025 through May 2026 forecasts consistent monthly gross sales of $8,000, with increases to $12,000 in December and January. Monthly expenses average around $2,500, with an additional $1,000 allocated to Subchapter V trustee fees and, starting in October, $5,337 in unsecured plan payments. A copy of the motion is available at https://urlcurt.com/u?l=RzA0tY from PacerMonitor.com. About Posh Quarters Posh Quarters, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02748) on August 8, 2025, with $1,178,812 in assets and $1,639,809 in liabilities. Lisa Adams, manager, signed the petition. Judge Jason A. Burgess presides over the case. Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler, LLP represents the Debtor as bankruptcy counsel. PRIMO BRANDS: S&P Affirms 'BB-' Issuer Credit Rating, Outlook Pos. ------------------------------------------------------------------ S&P Global Ratings affirmed the 'BB-' rating on Primo Brands Corp. (Primo Brands) and the 'BB' and 'B' senior secured and senior unsecured issue-level ratings, respectively. The recovery rating on the senior secured first-lien debt is '2', reflecting substantial recovery in the event of a payment default (70%--90%; rounded estimate 70%) and '6' on the senior unsecured debt, reflecting negligible recovery in the event of a payment default (0%--10%; rounded estimate 0%). The outlook is positive, reflecting S&P's expectation that the company will achieve and sustain S&P Global Ratings-adjusted leverage below 4x in 2025 and thereafter baring significant integration challenges or larger-than-expected shareholder returns. Primo Brands, largest shareholder, One Rock Capital Partners LLC (Triton Water Holdings Inc.'s former financial sponsor) reduced its ownership below 40% in the first half of 2025. S&P said, "As a result, we no longer consider the company financial sponsor-owned and now calculate S&P Global Ratings-adjusted debt on a net-of-cash basis. However, we forecast share repurchases will increase in 2025 to offset dilution after the company announced a $250 million share repurchase authorization, resulting in negative discretionary cash flow (DCF) for the year." Additionally, the company reported weaker-than-expected second quarter results and lowered its sales, EBITDA, and cash flow guidance for 2025. S&P now expects S&P Global Ratings-adjusted EBITDA of about $1.48 billion compared with $1.64 billion and reported free operating cash flow (FOCF) of $318 million compared with $381 million. S&P said, "Nonetheless, we continue to expect S&P Global Ratings-adjusted leverage of 3.6x in 2025 and 3.3x in 2026, versus our prior expectation of 3.5x and 3.2x respectively, despite our lower EBITDA forecast since we now calculate debt net of cash." S&P now expects lower net sales, EBITDA, and FOCF because of integration challenges. On its second-quarter earnings call, Primo Brands reported weaker-than-expected results, including comparable net sales declining 2.5%, largely because of unanticipated integration challenges. Accelerated consolidation of facilities and headcount reduction led to operational disruptions, including supply chain inefficiencies and shortages, as well as IT issues stemming from transitioning legacy Primo Water onto BlueTriton's SAP. This ultimately negatively impacted large-format water delivery sales, resulting in certain supply and component shortages that led to recurring missed or delayed deliveries, weak service levels and net customer exits. As a result, management lowered its full-year guidance, anticipating disruptions will also hinder third-quarter net sales before normalizing in the fourth quarter after rectifying the problems. S&P said, "Furthermore, we believe the disruptions were largely self-inflicted and driven by the accelerated pace of integration rather than discovery of underlying structural issues between the two businesses. As such, we do not expect these challenges to compromise or materially delay the realization of planned synergies. We continue to expect the company will realize $200 million in cost synergies in 2025, the majority of which we assume will occur in the second half of 2025, and $100 million in cost synergies in 2026." In addition to integration-related challenges, Primo Brands faced several one-off events in the second quarter that further pressured net sales and EBITDA. S&P said, "As disruptions ease and the company addresses operational issues, we expect third-quarter net sales to improve sequentially from the second quarter and expect revenue to grow in the fourth quarter. Ultimately, we now forecast EBITDA to be about $160 million below prior expectations due to flat net sales and weaker operating leverage, which we estimate has about a 0.3x negative impact on leverage." S&P said, "We no longer view Primo Brands as being financial-sponsor owned, which is a credit positive because we now calculate debt net of cash. One Rock now owns about 30% of the common equity of Primo Brands and holds three seats on the board of directors (excluding Dean Metropoulos) after incrementally selling down its ownership stake throughout the first half of the year. This is positive for credit quality because we expect the company to maintain a less aggressive financial policy with more of a focus on debt reduction. Primo Brands has communicated a medium-term net leverage target of 2.0x-2.5x on a company-defined basis, which we believe currently equates to S&P Global Ratings-adjusted leverage of 3.0x-3.5x. As a result of One Rock's ownership declining below 40% coupled with our fair assessment of Primo Brands' business risk profile, we now calculate S&P Global Ratings-adjusted debt on a net-of-cash basis. This reflects our view that the risk of the company deploying significant excess cash for shareholder returns has diminished compared with when it was more directly controlled by One Rock, especially considering its history of debt-financed dividends when it owned Triton. "We continue to forecast S&P Global Ratings-adjusted leverage in the mid-3x area in 2025 and 2026. We now project leverage of 3.6x in 2025 and 3.3x in 2026, compared with our prior expectations of 3.5x and 3.2x, respectively, because we expect lower EBITDA to be partially offset by lower S&P Global Ratings-adjusted debt, given solid cash on hand. Despite recent operating underperformance, we maintain our view that there is positive ratings potential if the company meets our second-half forecast, barring any significant integration issues or operational disruptions that would prompt a downward revision to our forecast. "Moreover, despite heightened macroeconomic uncertainty in 2025, we believe Primo Brands was not significantly impacted by consumer trade-down to private-label products in the first half of the year as it gained market share in bottled water. We continue to believe PureLife, the company's billion-dollar national brand, resonates with consumers as a relatively affordable product similar to private-label, and that its regional spring water brands benefit from solid brand loyalty. Moreover, substantially all of the company's regional brands are priced at discounts to products such as Dasani and Aquafina. Lastly, we continue to expect the category to benefit from trends like health and wellness, premiumization of water, and convenience. "We forecast weaker DCF in 2025 and 2026 due to increased share repurchases. In 2025, we forecast negative DCF of $153 million due to our expectation for about $321 million in share repurchases to offset stock price dilution from One Rock's stock sale. This includes roughly $220 million of stock repurchases year to date as of June 30, 2025, and our expectation for an additional $100 million of repurchases in the second half of 2025. In August, the board approved a $250 million share repurchase program to offset dilution from previous and potential One Rock sales, as well as for opportunistic repurchases. As such, we expect the company to use a portion of this ($100 million) in 2025, and the remaining amount ($150 million) in 2026. We expect the share repurchase program to be exhausted in 2026 because we believe the company may then refine its capital allocation strategy once integration is complete. This could include future increases to shareholder returns given solid cash on hand and cash generation, which could pressure leverage. Ultimately, though, we estimate the level of anticipated share repurchases in 2025 and 2026 to have only a modest impact on leverage and be small compared with the substantial reduction in One Rock's ownership stake." Integration could result in elevated leverage if executed unsuccessfully. While the company has largely completed integration of its physical infrastructure and workforce, three remaining phases--which are all focused on technology--still pose risks to our forecast, specifically timely synergy realization. S&P said, "Following second-quarter disruptions, we expect a more cautious integration approach from management over the next 18 months. We expect the company to hold elevated inventory on hand to hedge against potential future disruptions." S&P said, "Additionally, we continue to expect the company to migrate legacy Primo Water systems onto Triton's enterprise resource planning (ERP) platform, which was implemented after Triton's separation from Nestlé. While Triton previously experienced supply chain disruptions during its ERP rollout--impacting fill rates and prompting some retailer destocking--it recovered volume quickly, demonstrating a credible track record. Still, risks related to higher costs, increased capital expenditure (capex), or delays in synergy capture could result in leverage elevated above 4x. "The positive outlook reflects our expectation for S&P Global Ratings-adjusted EBITDA growth and solid cash generation as Primo Brands realizes operational efficiencies with greater scale and diversification of revenues, leading to S&P Global Ratings-adjusted debt to EBITDA of 3.6x by the end of 2025. It also reflects the assumption that the company will exercise a prudent financial policy, particularly with respect to share repurchases." S&P could revise the outlook to stable if it expects Primo Brands to sustain leverage above 4x. This could occur if: -- Performance is weaker than we expect because of integration problems, and it takes longer to realize cost synergies; -- The company prioritizes shareholder returns over deleveraging, including repurchasing shares from its former financial sponsor and pursuing opportunistic buybacks; -- Revenue is weaker than S&P expects due to unfavorable weather or additional one-off natural disasters; or -- Competition from its financially stronger, global branded or store brand rivals intensifies. S&P could raise the rating within the next 12 months if: -- Primo Brands achieves operational improvements and cost synergies such that it reaches and sustains S&P Global Ratings-adjusted leverage below 4x; and -- It demonstrates a disciplined financial policy and prioritizes leverage reduction over share repurchases, dividends, and acquisitions. PROSPECT MEDICAL: Mayor Wants Non-Profit Buyer for Waterbury ------------------------------------------------------------ Paul Hughes of CT Insider reports that Waterbury Mayor Paul K. Pernerewski Jr. expressed concern Thursday, August 21, 2025, about the possibility of another for-profit company acquiring Waterbury Hospital through a bankruptcy auction following Prospect Medical Holdings Inc.'s ownership. According to the report, Pernerewski said he would prefer to see the hospital return to nonprofit control after nearly a decade under Prospect's private equity-backed ownership, which he argued prioritized profit over patient care. "We just went through this awful experience with Waterbury Hospital over the last few years, and I think that has left a bad taste in everyone's mouth," he said. "A not-for-profit would be more focused on providing services rather than extracting money." A Prospect attorney advised a Texas judge overseeing the California-based hospital chain's Chapter 11 bankruptcy proceeding on Wednesday, August 20, 2025, that an auction for Waterbury Hospital, Manchester Memorial Hospital and Rockville General Hospital in Vernon had been scheduled for Sept. 30, with a court hearing to seek final approval of the sales planned for Oct. 3, the report further related. Prospect lead attorney Thomas Califano also reported to Judge Stacey Jernigan that the company would name potential buyers for its three Connecticut hospitals, the report added. The only bidder that has been named is NOR Healthcare Systems Corp., a wholly owned subsidiary of Healthcare Systems of America, a for-profit firm with a troubled history of failing to pay its bills on time and not repairing its hospitals. A full-text copy of the CT Insider story is available at https://tinyurl.com/3p5284xh 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' Financial Advisor is ALVAREZ & MARSAL NORTH AMERICA, LLC. The Debtors' Investment Banker is HOULIHAN LIKEY, INC. The Debtors' Claims, Noticing & Solicitation Agent is OMNI AGENT SOLUTIONS, INC. PUERTO RICO: Board Shake-Up May Not Bring PREPA Bond Payments ------------------------------------------------------------- Rick Archer of Law360 reports that President Donald Trump's removal of nearly the entire board handling Puerto Rico's debt restructuring could create a panel more favorable to the island's electric utility bondholders, but experts caution that full repayment is unlikely. About Puerto Rico Puerto Rico is a self-governing commonwealth in association with the United States. The chief of state is the President of the United States of America. The head of government is an elected Governor. There are two legislative chambers: the House of Representatives, 51 seats, and the Senate, 27 seats. The governor-elect is Ricardo Antonio Rossello Nevares, the son of former governor Pedro Rossello. In 2016, the U.S. Congress passed PROMESA, which, among other things, created the Financial Oversight and Management Board and imposed an automatic stay on creditor lawsuits against the government, which expired May 1, 2017. The members of the oversight board are: (i) Andrew G. Biggs, (ii) Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J. Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii) David A. Skeel Jr. On May 3, 2017, the Commonwealth of Puerto Rico filed a petition for relief under Title III of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA). The case is pending in the United States District Court for the District of Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico PROMESA petition is available at http://bankrupt.com/misc/1701578-00001.pdf On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation (COFINA) commenced a case under Title III of PROMESA (D.P.R. Case No. 17-01599). Joint administration has been sought for the Title III cases. On May 21, 2017, two more agenciesÃ¢â‚¬Å¡ Employees Retirement System of the Government of the Commonwealth of Puerto Rico and Puerto Rico Highways and Transportation Authority (Case Nos. 17-01685 and 17-01686) commenced Title III cases. U.S. Chief Justice John Roberts named U.S. District Judge Laura Taylor Swain to preside over the Title III cases. The Oversight Board has hired as advisors, Proskauer Rose LLP and Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic consultant, Citigroup Global Markets as municipal investment banker, and Ernst & Young, as financial advisor. Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M. Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq., at O'Neill & Borges LLC are onboard as attorneys. Prime Clerk LLC is the claims and noticing agent. Prime Clerk maintains the case Web site https://cases.primeclerk.com/puertorico Jones Day is serving as counsel to certain ERS bondholders. Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General Obligation Bondholders. QUILL 115: Section 341(a) Meeting of Creditors on September 24 -------------------------------------------------------------- On August 22, 2025, Quill 115 LLC filed Chapter 11 protection in the Middle District of Florida. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341)(a) to be held September 24, 2025 at 11:30 a.m. Filed by U.S. Trustee United States Trustee. About Quill 115 LLC Quill 115 LLC is a real estate development company based in Tampa, Florida, that is involved in land acquisition, site planning, and project financing through affiliated entities. Quill 115 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05997) on August 22, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Roberta A. Colton handles the case. The Debtor is represented by Matthew B. Hale, Esq. at STICHTER, RIEDEL, BLAIN & POSTLER, P.A. RECONNECT INC: Section 341(a) Meeting of Creditors on September 24 ------------------------------------------------------------------ On August 21, 2025, Reconnect Incorporated filed Chapter 11 protection in the District of New Jersey. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on September 24, 2025 at 10:00 AM at Telephonic. About Reconnect Incorporated Reconnect Incorporated, doing business as Highkickz, operates as an online retailer specializing in footwear, accessories, and apparel for men, women, and children, offering products from major brands including Nike, Adidas, Puma, and Timberland. The Company provides a broad range of casual and athletic styles and emphasizes customer service with free ground shipping, monthly promotions, and active engagement through social media. Reconnect Incorporated sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-18785) on August 21, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Melinda Middlebrooks, Esq. at MIDDLEBROOKS SHAPIRO, P.C. RECONNECT INCORPORATED: Seeks Cash Collateral Access ---------------------------------------------------- Reconnect Incorporated asks the U.S. Bankruptcy Court for the District of New Jersey for authority to use cash collateral and provide adequate protection. The Debtor operates as an e-commerce retailer of footwear, apparel, and accessories under the brand "HighKickz" through its website and third-party platforms like Amazon, Walmart, and eBay. The business is owned and managed by its sole shareholder and COO, Thomas H. Koo, and employs one other individual to manage inventory, which currently includes approximately 585 units with a liquidation value of $42,000. Operating from leased premises in New Jersey (with Mejor Angora LLC as landlord), the Debtor is current on lease payments and intends to assume the lease. The Debtor's financial performance has declined due to inflation, increased operating costs, import tariffs, and weakening consumer spending. Gross profits dropped from $862,518 in 2023 to $376,289 in 2024, despite efforts to reduce costs and diversify offerings. To manage cash flow, the Debtor took out various merchant cash advances and revenue-based financing agreements, including contracts with Parafin, Flexibility Capital, DMKA LLC, and Parkside Funding Group. These short-term financial arrangements eventually overwhelmed the business, despite efforts to restructure or settle the debts, including hiring a commercial debt consolidation firm (Rise Alliance) and entering into settlement agreements with creditors like DMKA and Parkside. Litigation followed, including lawsuits filed by Bluevine, Inc. in Utah and Parkside in New York against both the Debtor and Thomas Koo, who personally guaranteed nearly all business debts. Facing aggressive collection actions, threatened levies, and potential account freezes, the Debtor filed for Chapter 11 on August 21 to protect its operations and reorganize. No trustee, examiner, or creditors' committee has been appointed, and the Debtor continues to operate as debtor-in-possession under 11 U.S.C. sections 1107(a) and 1108. The Debtor seeks authority to use alleged cash collateral belonging to secured creditors (including the U.S. Small Business Administration, DMKA LLC, Parkside Funding, and Flexibility Capital) to maintain ordinary operations and preserve going-concern value. These creditors have UCC-1 filings on the Debtor's accounts, giving them claims to cash collateral under section 363(a). The Debtor submitted a four-month Interim Monthly Budget projecting gross revenues of $335,000, total expenses of $225,567, and net disposable income of $6,802 per month. The Debtor argues that the secured creditors are adequately protected due to their additional collateral (e.g., personal guarantees from Thomas Koo), and that an equity cushion exists in the form of the Debtor's future income. As further adequate protection, the Debtor offers replacement liens on post-petition collateral, equal in extent and priority to pre-petition liens, to the extent cash collateral is used. Without immediate access to cash collateral, the Debtor would be unable to pay employees, purchase inventory, or cover operating costs—effectively forcing shutdown and destroying reorganization potential. A court hearing is scheduled for August 28. About Reconnect Incorporated Reconnect Incorporated operates as an e-commerce retailer of footwear, apparel, and accessories under the brand "HighKickz" through its website and third-party platforms like Amazon, Walmart, and eBay. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-18785) on August 21, 2025. In the petition signed by Thomas Koo, president, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Melinda Middlebrooks, Esq., at Middlebrooks Shapiro, P.C., represents the Debtor as legal counsel. RHODE ISLAND MAYORAL: S&P Alters Outlook to Neg, Affirms 'BB+' ICR ------------------------------------------------------------------ S&P Global Ratings revised the outlook to negative from stable and affirmed its 'BB+' issuer credit rating (ICR) on Rhode Island Mayoral Academy Blackstone Valley (Blackstone Valley Prep, or BVP). S&P said, "The negative outlook reflects our view of BVP's weakened days' cash on hand metrics and thin lease-adjusted maximum annual debt service (MADS) coverage, as well as our view of the unpredictable funding landscape, which has recently pressured operations. We expect pro-forma MADS to increase with the addition of obligations in fiscal 2025. While management expects to remain in compliance with its debt covenants in the near term, operating projections are slim and could indicate thin coverage, in our view. “We have analyzed the school's environmental, social, and governance factors and consider them neutral in our credit rating analysis. "The negative outlook reflects the one-in-three chance we could lower the rating within the outlook period if operating targets are not met, such that pro-forma lease-adjusted MADS coverage does not improve to anticipated levels, or such that liquidity metrics fail to stabilize at levels commensurate with the current rating. We could also lower the rating if the school continues to use lines of credit to bridge funding gaps and meet covenants, though this is not expected for fiscal 2025, per management. "We could lower the rating if the school continues to produce operating deficits, such that pro-forma lease-adjusted MADS coverage does not improve from current levels. We could also take negative rating action if liquidity significantly weakens from current levels. While this is not expected, we could also view sustained enrollment declines negatively. "We could revise the outlook to stable if the school returns to generating stable-to-positive operating results such that its liquidity position improves to closer to recent levels without the use of letters of credit, and if its debt profile moderates." RITE AID: Co., Lease Buyer Slam Sale Objection of Landlord ---------------------------------------------------------- Emily Lever of Law360 reports that bankrupt drugstore chain Rite Aid and retailer Ross Dress for Less are opposing a landlord's challenge to the proposed sale of 18 Rite Aid store leases to Ross, arguing the transaction serves Rite Aid’s best interests. 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. RS BORGES INVESTMENTS: Seeks Subchapter V Bankruptcy in Florida --------------------------------------------------------------- On August 25, 2025, RS Borges Investments LLC filed Chapter 11 protection in the Middle District of Florida. 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 RS Borges Investments LLC RS Borges Investments LLC, doing business as Lisbon Portuguese Restaurant, RS Borges Investments LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05366) on August 25, 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 Lori V. Vaughan handles the case. The Debtor is represented by J. Andrew Braithwaite, PA. SABRE INDUSTRIES: S&P Affirms 'B' ICR, Outlook Stable ----------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on Electric transmission and distribution structures producer Sabre Industries Inc. S&P also revised its recovery rating on the proposed $1.33 billion term loan to '4' recovery rating from '3' and affirmed its 'B' issue-level rating. The stable outlook reflects S&P's expectation for net leverage of 4x-5x over the next 12 months. Sabre issued an incremental $70 million to its recent first-lien term loan issuance, with the majority of the additional funds intended to fund an additional dividend to Blackstone Capital Partners. S&P said, "Although we believe the transaction will moderately increase its leverage, we expect the company will maintain S&P Global Ratings-adjusted leverage of about 5x through most market conditions. "We reduced our assessment of the recovery rating on the first-lien term loan based on our updated recovery analysis. The $70 million incremental dividend capitalization increases the debt obligation without enhancing earnings. As a result, our recovery estimate is slightly weaker. Given the recovery prospects remain within the average range, we affirmed the 'B' issue rating. "We expect leverage will remain about 5x while Sabre maintains financial flexibility and a cushion against weaker market conditions. While the addition of debt to fund the dividend payment increases leverage to 5.0x from 4.0x as of fiscal-yearend 2025, we expect revenue growth and stable margins will be sufficient to support liquidity and continued access to capital markets. Further, we expect the company will maintain EBITDA interest coverage of about 2.7x while generating positive free cash flow. As such, the company has a significant cushion against potential earnings decline. "The stable outlook on Sabre reflects our expectation that the company will maintain S&P Global Ratings-adjusted leverage of nearly 5x and EBITDA interest coverage of at least 2x over the next 12 months. We expect the company to maintain these credit measures even as macroeconomic and operating conditions remain difficult." S&P could lower its ratings on Sabre within the next year if: -- S&P Global Ratings-adjusted EBITDA declines more than 25% such that S&P Global Ratings-adjusted leverage rises above 7x and EBITDA interest coverage declines toward 1.5x with little prospect of rapid recovery; or -- Management undertakes a more aggressive financial policy, including pursuing large, debt-financed acquisitions or shareholder returns, which weaken credit measures. Although highly unlikely given the company's ownership by a private-equity firm, S&P would upgrade Sabre if: -- S&P Global Ratings-adjusted debt to EBITDA improves to well below 5x and S&P believes it can sustain those levels through most market conditions; and -- The financial sponsor demonstrates commitment to this level for multiple years. SAMYS OC: Court Extends Cash Collateral Access to Sept. 30 ---------------------------------------------------------- Samys OC, LLC received sixth interim approval from the U.S. Bankruptcy Court for the District of Kansas to use cash collateral through September 30. The sixth interim order authorized the Debtor to use cash collateral to pay operating expenses set forth in its budget, with a variance of 10%. As adequate protection for the Debtor's use of their cash collateral, secured creditors Dream First Bank and the U.S. Small Business Administration were granted replacement liens on all post-petition cash collateral and other property of the Debtor, to the same extent and with the same priority as their pre-bankruptcy liens. As additional protection, Dream First Bank will continue to receive a monthly payment of $59,913.90. The interim order provides for a carveout of up to $125,000 for attorney fees and expenses, and up to $25,000 for other professional fees and disbursements. A final hearing is scheduled for September 24. About Samys OC LLC Samys OC, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Kansas Case No. 24-11166) on Nov. 14, 2024, listing up to $50,000 in assets and $10 million to $50 million in liabilities. The petition was signed by Amro M. Samy as managing member. Judge Mitchell L Herren presides over the case. Lora J. Smith, Esq., at Hinkle Law Firm is the Debtor's bankruptcy counsel. Dream First Bank, as secured creditor, is represented by: Scott M. Hill, Esq. Hite, Fanning & Honeyman, LLP 100 N. Broadway, Ste. 950 Wichita, KS 67202-2216 Telephone: (316) 265-7741 Facsimile: (316) 267-7803 hill@hitefanning.com SBHC HOLDINGS: S&P Downgrades ICR to 'CC' on Planned Debt Exchange ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on SBHC Holdings LLC (dba Summit Behavioral Health) to 'CC' from 'B-' and its issue-level rating on the company's first-lien term loan to 'CC' from 'B-'. S&P said, "Our issue-level rating on the company's first-lien revolver remains unchanged, reflecting the proposed repayment and exchange into a new SSFO revolver. "The negative outlook indicates that we will lower our issuer credit rating to 'SD' (selective default) upon closing and funding of the transaction. We would also lower our issue-level rating on the first-lien term loan to 'SD' at that time." On August 14, 2025, Summit announced a debt refinancing transaction that includes an exchange offer and consent solicitation with respect to its first-lien revolver and first-lien term loan. The transaction also includes an opportunity for term loan lenders to participate in a new, $125 million super-senior first-out (SSFO) term loan. Upon closing, S&P will view the transaction as distressed and tantamount to a default due to term loan lenders receiving less value than originally promised and the realistic possibility of a conventional default over the near to medium term if the transaction does not close. The downgrade follows Summit's announcement of a transaction that S&P views as a distressed exchange. The transaction, which has 100% participation of revolver lenders and term loan lenders, includes a full repayment and exchange of the company's $177 million first-lien revolver due November 2026 into a new $177 million SSFO revolver due October 2029, and an exchange at par of the company's $790 million first-lien term loan into a new, $790 million super senior second-out term (SSSO) loan due December 2029. If Summit has liquidity in excess of $10 on December 31, 2027, then the SSFO revolver shall automatically extend to July 2030 and the SSSO term loan shall automatically extend to October 2030. All first-lien term loan lenders are also offered an opportunity to participate in a new $125 million SSFO term loan due December 2029 (with the same automatic extension details as the SSSO term loan), the proceeds of which it will use to repay the outstanding balance on the revolver. The SSFO term loan includes a 2% original issue discount and an additional 3.5% payment-in-kind backstop fee for the benefit of an ad-hoc group of lenders. S&P said, "After closing, we will view the transaction as distressed and tantamount to a default due to term loan lenders receiving less value than originally promised. Specifically, we believe term loan lenders will not receive adequate compensation to offset the maturity extension and the SSSO term loan's junior ranking to the SSFO revolver and SSFO term loan. We also believe the rates are below what the company would be required to pay for new capital under current market conditions. Finally, we believe there is a risk for a conventional default if the transaction does not close given the company's recent operational challenges, constrained liquidity position, and existing revolver maturity in November 2026. "If the transaction is closed and funded per the terms and timing outlined, then we would lower our issuer credit rating on Summit and issue-level ratings on the first-lien term loan to 'SD'. Our rating on the repaid revolver will also be withdrawn. Subsequently, we plan to raise our issuer-level rating on Summit and assign issue-level ratings to its new debt based on a review of its capital structure and our expectations for the company. "The negative outlook indicates that we will lower our issuer credit rating to 'SD' upon closing and funding of the transaction. We would also lower our issue-level rating on the first-lien term loan to 'SD' at that time." SCIENTIFIC ENERGY: Needs More Time to Finalize Q2 10-Q Statements ----------------------------------------------------------------- Scientific Energy, Inc. filed a Notification of Late Filing on Form 12b-25 with the U.S. Securities and Exchange Commission, informing that it is unable to file, without unreasonable effort or expense, its Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 within the prescribed time period because additional time is required to finalize its financial statements and related disclosures required to be included in the 10-Q. The Company expects to file the 10-Q within five calendar days following the prescribed due date. About Scientific Energy Scientific Energy, Inc. is a mobile platform of ordering and delivery services for restaurants or other merchants in Macau. The Company's businesses are built on its platform, Aomi App. The Platform connects restaurants/merchants with consumers and Delivery riders. The Platform is created to serve the needs of these three key areas and to become more intelligent and efficient with every customer order. Hong Kong-based Centurion AOGB CPA Limited, the Company's auditor since 2025, issued a "going concern" qualification in its report dated May 23, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and had a working capital deficit that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2024, the Company has $55,551,046 in total assets against $24,344,657 in total liabilities. SERENITY TENDER: Section 341(a) Meeting of Creditors on Sept. 23 ---------------------------------------------------------------- Serenity Tender Care Services LLC filed for Chapter 11 bankruptcy protection on August 1, 2025, in the District of Arizona. The filing reports $1,288,365 in debt owed to between 1 and 49 creditors and states that funds will be available for distribution to unsecured creditors. A meeting of creditors under Section 341(a) to be held on September 23, 2025 at 09:45 AM as a Telephonic meeting. About Serenity Tender Care Services LLC Serenity Tender Care Services LLC, established in April 2017, provides care and social services for individuals with developmental disabilities, focusing on improving quality of life and teaching coping skills, operating primarily in Maricopa County, Arizona, with licensure to serve the entire state. The company sought Chapter 11 relief under the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-07941) on August 1, 2025. In its petition, the Debtor reports total assets of $772,367 and total liabilities of $1,288,365. The Debtor represented by M. Preston Gardner, Esq. at DAVIS MILES MCGUIRE GARDNER, PLLC. SIFAT LLC: Seeks to Extend Plan Exclusivity to December 1 --------------------------------------------------------- Sifat LLC asked the U.S. Bankruptcy Court for the Central District of California to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to December 1, 2025 and January 30, 2026, respectively. The Debtor explains that this is a complex case, involving valuable real property which the Debtor believes to be worth substantially more than the debts against such real property. At this time, there is a major case contingency pending that will impact the ultimate disposition of this case, involving the Debtor's pending efforts to reach a reinstatement agreement with Standard. The Debtor submits that this case contingency warrants a brief extension of the Debtor's plan exclusivity periods. The Debtor claims that it is requesting an extension in good faith for the purpose of designating an appropriate exit strategy once an accurate purview of these cases as a whole is established in light of pending discussions with Standard. The Debtor asserts that this is its first request to extend any of its plan exclusivity periods under Section 1121 of the Bankruptcy Code and the requested extension is within the limits set forth in Section 1121(d)(2) of the Bankruptcy Code. Courts commonly grant multiple extensions of the exclusivity periods. Therefore, this factor weighs in favor of extending the Debtor's plan exclusivity periods. The Debtor further asserts that its request herein is being made in good faith and not for the purpose of pressuring creditors into acceding to certain plan terms. To the contrary, the Debtor is seeking to reach agreement with Standard regarding the terms of reinstatement of the Loan in order to resolve and ultimately dismiss this case. Sifat LLC is represented by: Krikor J. Meshefejian, Esq. Levene, Neale, Bender, Yoo & Golubchik LLP 2818 La Cienega Avenue Los Angeles, CA 90034 Telephone: (310) 229-1234 Facsimile: (310) 229-1244 Email: kjm@lnbyg.com About Sifat LLC Sifat LLC owns and manages a single commercial real estate asset, an office building located at 2115 Winnie Street in Galveston, Texas. The Company operates from Newport Beach, California, and is affiliated with the Cantour Group, which oversees property development and leasing activities for the building. Sifat LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11513) on June 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtor is represented by David B. Golubchik, Esq., at Levene, Neale, Bender, Yoo & Golubchik LLP. SK INDUSTRIES: Plan Exclusivity Period Extended to October 16 ------------------------------------------------------------- Judge Jerry C. Oldshue, Jr. of the U.S. Bankruptcy Court for the Northern District of Florida extended SK Industries, LLC, d/b/a Pensacola Athletic Center's exclusive periods to file a plan of reorganization and obtain acceptance thereof to October 16 and December 12, 2025, respectively. As shared by Troubled Company Reporter, the Debtor submits that cause exists for the extension requested in the instant Motion. More specifically: * This case involves potentially a few complex legal issues; * The Debtor is generally paying post-petition debts as they come due; * The Debtor is in compliance with all of the operating guidelines of the United States Trustee; * The Debtor has made substantial progress in negotiating with creditors; * The Debtor seeks this extension of exclusivity in good faith, and not for the purpose of pressuring or otherwise attempting to prejudice the rights of any creditors; * The resolution of plan treatment for Regions Bank is necessary to drafting a viable Chapter 11 Plan. * The Debtor submits that no creditor or party in interest will be prejudiced by granting the relief requested herein. SK Industries, LLC is represented by: Byron Wright, III, Esq. Bruner Wright, P.A. 2868 Remington Green Circle, Suite B Tallahassee, FL 32308 Telephone: (850) 385-0342 Facsimile: (850) 270-2441 About SK Industries LLC SK Industries, LLC, doing business as Pensacola Athletic Center, is a comprehensive fitness facility offering 24-hour gym access, personal training, childcare services, tennis courts, swimming pools, and group fitness classes. The family-owned business has been serving the Pensacola community since 1985, with a focus on health and wellness for individuals of all ages. SK Industries filed a Chapter 11 petition (Bankr. N.D. Fla. Case No. 25-30138) on Feb. 18, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Jerry C. Oldshue, Jr. oversees the case. The Debtor is represented by Byron W. Wright III, Esq., at Bruner Wright, P.A. SMITH ENVIRONMENTAL: Gets Court OK to Tap Messari as Accountant --------------------------------------------------------------- Smith Environmental and Engineering, Inc. received approval from the U.S. Bankruptcy Court for the District of Colorado to employ Messari Group Ltd. as its accountant. The firm will assist the Debtor in preparing its monthly operating reports, preparing its tax returns and tax-related documents and schedules, and providing general accounting and bookkeeping services to the Debtor. The firm will be paid at the rate of $300 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Polk disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Gina M. Polk Messari Group Ltd 1180 Village Ridge Point Monument, CO 80132 Telephone: (719) 425-8322 Email: gina.polk@messarigroup.com About Smith Environmental and Engineering, Inc. Smith Environmental and Engineering, Inc. is a woman-owned consulting firm that provides comprehensive environmental services, specializing in ecological sciences, environmental engineering, and construction. With over 24 years of experience, the company offers tailored solutions for environmental management, hazardous materials, and cultural resource projects across various industries. Smith Environmental and Engineering sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-11042) on February 28, 2025. In its petition, the Debtor reported total assets of $1,486,401 and total liabilities of $2,975,603. Judge Michael E. Romero handles the case. The Debtor is represented by David Warner, Esq. SPIRIT AIRLINES: Works w/ Advisers to Explore 2nd Chap. 11 Filing ----------------------------------------------------------------- Alison Sider and Alexander Gladstone of The Wall Street Journal report that Spirit Airlines is weighing strategic options after its recent restructuring failed to place the budget carrier on stable financial footing, according to people familiar with the matter. The airline has hired PJT Partners as its financial adviser while contending with a cash crunch that it has warned threatens its ability to continue operating. Spirit is also working with consultants FTI and Seabury Airline Strategy Group. About Spirit Airlines Spirit Airlines, Inc. (SAVE) is a low-fare carrier committed to delivering the best value in the sky by offering an enhanced travel experience with flexible, affordable options. Spirit serves destinations throughout the United States, Latin America and the Caribbean with its Fit Fleet, one of the youngest and most fuel-efficient fleets in the U.S. On the Web: http://wwww.spirit.com/ Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 24-11988) on Nov. 18, 2024, after reaching terms of a pre-arranged plan with bondholders. At the time of the filing, Spirit Airlines reported $1 billion to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell, LLP as legal counsel; Alvarez & Marsal North America, LLC, as financial advisor; and Perella Weinberg Partners LP as investment banker. Epiq Corporate Restructuring, LLC, is the claims agent. Paul Hastings, LLP and Ducera Partners, LLC serve as legal counsel for the Ad Hoc Group of Convertible Noteholders. Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC represent the Ad Hoc Group of Senior Secured Noteholders. The official committee of unsecured creditors retained Willkie Farr & Gallagher LLP as counsel. Citigroup Global Markets, Inc., is serving as financial advisor and Latham & Watkins LLP is serving as legal counsel to Frontier. ST VINCENT HOME: Case Summary & Three Unsecured Creditors --------------------------------------------------------- Debtor: St Vincent Home Healthcare Agency LLC 285 Woodstream Way Spring Hill, FL 34608 Business Description: St. Vincent Home Health Care Agency LLC provides home health care services, including nursing and personal support, to individuals in Florida. Its operations focus on delivering in-home medical and supportive care to patients requiring assistance outside of hospital settings. Chapter 11 Petition Date: August 25, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-02920 Judge: Hon. Jason A Burgess Debtor's Counsel: Richard A. Perry, Esq. RICHARD A. PERRY P.A. 820 East Fort King Street Ocala, FL 34471-2320 Tel: 352-732-2299 Email: richard@rapocala.com Total Assets: $1,024,114 Total Liabilities: $702,961 Jordan Armstrong signed the petition in his capacity as CEO. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/3E4GFNQ/St_Vincent_Home_Healthcare_Agency__flmbke-25-02920__0001.0.pdf?mcid=tGE4TAMA STORMS FAMILY: Hires Sue D. Lasky PA as Legal Counsel ----------------------------------------------------- Storms Family Land Trust seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Sue D. Lasky, PA to serve as its legal counsel. Ms. Lasky will provide these services: (a) represent the Debtor in its Chapter 11 proceedings; (b) provide the Debtor with legal advice with respect to its powers and duties in these proceedings; (c) prepare on behalf of the Debtor the necessary applications, orders, reports, and other legal papers; and (d) perform all other legal services for the Debtor that may be necessary herein. Ms. Lasky will be retained on a general retainer pursuant to 11 U.S.C. Sections 327 and 330, retroactive to June 4, 2025. No payment of fees will be made from the bankruptcy estate until such time as fees are awarded by the bankruptcy court upon application and notice. According to court filings, Susan D. Lasky, Esq. holds no interest adverse to the estate and is a "disinterested person" as required by Bankruptcy Rule 2014 and 11 U.S.C. Section 327(a). The firm can be reached at: Susan D. Lasky, Esq. Sue D. Lasky, PA 320 SE 18 Street Ft Laud., FL 33316 Telephone: (954) 400-7474 E-mail: Sue@SueLasky.com About The Storms Family Land Trust The Storms Family Land Trust is a land trust that holds a single real estate asset located at 3325 NE 14 Court in Fort Lauderdale, Florida. The property is valued at approximately $2.49 million. The Storms Family Land Trust sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-16373) on June 4, 2025. In its petition, the Debtor reported total assets of $2,489,590 and total liabilities of $3,279,886. Judge Peter D. Russin handles the case. The Debtor is represented by Susan D. Lasky, Esq., at Susan D. Lasky, PA. SUNNY ENERGY: Trustee Taps ERC to Assist in Retention Credits ------------------------------------------------------------- James E. Cross, the Subchapter V Trustee and Disbursing Agent of Sunny Energy, LLC, seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ ERC Specialists, LLC to assist in obtaining remaining employee retention credits for the Debtor's estate. ERC Specialists, LLC will provide these services: (a) perform services related to Employee Retention Credit submission processing; (b) help obtain the maximum credits from the Internal Revenue Service; (c) assist with the pending ERC application in the amount of $400,000; and (d) continue efforts to obtain ERC credits owed to the Debtor on behalf of the estate. ERC Specialists has agreed to assist the Trustee on a contingency basis of 15% of all net ERC recoveries obtained from the IRS. ERC Specialists, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: ERC Specialists, LLC 560 E. Timpanogos Circle Orem, UT 84097 Telephone: (385) 707-0170 About Sunny Energy Sunny Energy LLC is a solar energy equipment supplier in Tempe, Arizona. Sunny Energy LLC sought relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 24-06111) on July 26, 2024. In the petition filed by Joseph J. Cunningham, manager, the Debtor reports total assets of $1,838,684 and total liabilities of $2,115,170 as of April 30, 2024. The Honorable Bankruptcy Judge Brenda K. Martin oversees the case. Engelman Berger PC serves as the Debtor's counsel. James E. Cross was appointed as trustee in this Chapter 11 case. The trustee tapped Cross Law Firm, PLC as counsel and David Herman, CPA, as tax preparer. TARGET GROUP: Posts $220K Net Loss, Lower Revenue in Fiscal Q2 -------------------------------------------------------------- Target Group Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $219,770 for the three months ended June 30, 2025, compared to a net income of $666,664 for the three months ended June 30, 2024. Revenue for the three months ended June 30, 2025 was $1,245,724 compared to a revenue of $2,275,011 for the same period in 2024. For the six months ended June 30, 2025, the Company reported a net loss of $327,983, compared to a net income of $473,496 for the same period in 2024. Revenue for the six months ended June 30, 2025 was $2,646,163 compared to a revenue of $4,194,942 for the same period in 2024. During the six months ended June 30, 2025, the company has generated revenue but has also incurred operating losses for the six months ended June 30, 2025. The Company had a working capital deficit of $10,357,203 and an accumulated deficit of $31,274,827 as of June 30, 2025. The Company's continuation as a going concern is dependent on its ability to generate sufficient cash flows from operations to meet its obligations and/or obtaining additional financing from its members or other sources, as may be required. The unaudited accompanying condensed consolidated interim financial statements have been prepared assuming that the Company will continue as a going concern up to at least 12 months from the balance sheet date; however, such conditions raise substantial doubt about the Company's ability to do so. To maintain its current level of operations, the Company will require additional working capital from either cash flow from operations, sale of its equity or issuance of debt. If the Company is unable to acquire additional working capital, it will be required to significantly reduce its current level of operations. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/5n6rrzr9 About Target Group Headquartered in Ontario, Canada, Target Group Inc. is engaged in the cultivation, processing, and distribution of curated cannabis products for the medical and adult-use recreational cannabis market in Canada and, where legalized by state legislation, in the United States. The Company is positioning itself with a core emphasis on wholesale and co-packaging services to accommodate all consumer-packaged goods intended for the sophisticated cannabis market and consumer in Canada and internationally. This strategy integrates cannabinoid research, analytical testing, product development, and manufacturing. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated Mar. 27, 2025, citing that the Company has an accumulated deficit and a working capital deficit. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had a working capital deficit of $9,994,548 and an accumulated deficit of $30,946,844. As of December 31, 2024, the Company had $7,573,533 in total assets, $14,081,162 in total liabilities, and a total stockholders' deficit of $6,507,629. As of June 30, 2025, the Company had $6,590,715 in total assets, $13,621,173 in total liabilities, and $7,030,458 in total stockholders' deficiency. THERAPEUTICS MD: Swings to $551,000 Profit in Fiscal Q2 ------------------------------------------------------- TherapeuticsMD Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $551 thousand for the three months ended June 30, 2025, compared to a net loss of $1.1 million for the three months ended June 30, 2024. Revenue for the three months ended June 30, 2025 was $952 thousand compared to a revenue of $234 thousand for the same period in 2024. For the six months ended June 30, 2025, the Company reported a net loss of $102 thousand, compared to a net loss of $1.8 million for the same period in 2024. Revenue for the six months ended June 30, 2025 was $1.3 million, compared to a revenue of $547 thousand for the same period in 2024. As of June 30, 2025, the Company's cash and cash equivalents totaled $6.1 million. The Company continues to evaluate a variety of strategic alternatives that may include, but not be limited to, an acquisition, merger, other business combination, sale of assets, or other strategic transactions involving the Company. Although the Company is exploring potential strategic alternatives, there can be no assurance of a transaction, a successful outcome of these efforts, or the form or timing of any such outcome. The Company has not set a timetable for completion of this exploration process and does not intend to disclose further developments unless and until it is determined that disclosure is appropriate or necessary. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/2w6yk6es About TherapeuticsMD Inc. TherapeuticsMD Inc. was previously a women's healthcare company with a mission of creating and commercializing innovative products to support the lifespan of women from pregnancy prevention through menopause. In December 2022, the Company changed its business to become a pharmaceutical royalty company, primarily collecting royalties from its licensees. The Company is no longer engaging in research and development or commercial operations. West Palm Beach, Fla.-based Berkowitz Pollack Brant, Advisors + CPAs, the Company's auditor since 2023, issued a "going concern" qualification in its report dated Mar. 27, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company's recent change in operations and negative cash flow position along with other conditions, raise substantial doubt about the Company's ability to continue as a going concern. As of Jun. 30, 2025, the Company had $38.5 million in total assets, against $12.2 million in total liabilities. TINY FROG: Gets Final OK to Use Cash Collateral ----------------------------------------------- Tiny Frog, Inc. received final approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to use cash collateral. The final order authorized the Debtor for its post-petition operating expenses in accordance with the budget. Any expenditure exceeding 10% of a budgeted line item requires court approval or prior written consent from secured creditors. The secured creditors are First Federal Bank, The Bancorp Bank/SBA, Business Expansion Funding, Timepayment Corp, IDEA 247, Inc. and the Department of Treasury. These creditors assert $1,710,271.33 in claims. As adequate protection, secured creditors' liens extend to post-petition assets to the extent valid pre-petition liens exist. The Debtor must make monthly contract payments to The Bancorp Bank. The Debtor's authority to use cash collateral terminates upon the occurrence of so-called events of default, including failure to comply with the terms of the order; use of cash collateral other than as agreed; dismissal or conversion of its Chapter 11 case to a proceeding under Chapter 7; and failure to pay post-petition tax liabilities. The Debtor projects total operational expenses of $455,702.00. About Tiny Frog, Inc. Tiny Frog, Inc. operates multiple franchise locations of Hwy 55 Burger Shakes & Fries, a fast-casual dining chain specializing in burgers, shakes, and fries, under franchise agreements with The Little Mint, Inc. Tiny Frog filed Chapter 11 petition (Bankr. E.D. N.C. Case No. 25-01081) on March 25, 2025, listing up to $50,000 in assets and up to $10 million in liabilities. Alexis Ramos, president of Tiny Frog, signed the petition. Judge Joseph N. Callaway oversees the case. David F. Mills, Esq., at Narron Wenzel, P.A., represents the Debtor as legal counsel. TITAN CNG: Seeks Chapter 11 Bankruptcy in Delaware -------------------------------------------------- On August 14, 2025, Titan CNG LLC filed Chapter 11 protection in the District of Delaware. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Titan CNG LLC Titan CNG LLC is an Arizona-based company specializing in compressed natural gas (CNG) equipment leasing and services. Titan CNG LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. District of Delaware) on August 14, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $10 million and $50 million. The Debtor is represented by Natasha M. Songonuga, Esq. at Archer & Greiner, P.C. TROYZ TOWING: Seeks Subchapter V Bankruptcy in Florida ------------------------------------------------------ On August 23, 2025, Troyz Towing & Storage Inc. filed Chapter 11 protection in the Middle District of Florida. According to court filing, the Debtor reports $2,043,872 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Troyz Towing & Storage Inc. Troyz Towing & Storage Inc., based in Jacksonville, Florida, provides towing, roadside assistance, and vehicle storage services. The Company operates 24/7 and offers light, medium, and heavy-duty towing, flatbed transport, diesel truck repair, and related automotive support. It serves the Jacksonville area through its main facility on Old Kings Road. Troyz Towing & Storage Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02906) on August 23, 2025. In its petition, the Debtor reports total assets of $2,125,617 and total liabilities of $2,043,87. Honorable Bankruptcy Judge Jason A. Burgess handles the case. The Debtor is represented by Rehan N. Khawaja, Esq. at NASSAU BANKRUPTCY LAWYERS, P.A. UPHEALTH HOLDINGS: Reaches Chapter 11 Agreement With Glocal ----------------------------------------------------------- Yun Park of Law360 reports that bankrupt medical technology firm UpHealth informed a Delaware bankruptcy court that it has settled Indian company Glocal Healthcare's $200 million adversary suit, ending a contentious dispute over a failed merger. About UpHealth Holdings UpHealth Holdings Inc. is a global digital health company delivering technology platforms, infrastructure, and services to modernize care delivery and health management. UpHealth Holdings and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-11476) on Sept. 19, 2023. In the petitions filed by Samuel J. Meckey, chief executive officer, UpHealth Holdings disclosed up to $500 million in both assets and liabilities. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Stuart M. Brown, Esq., at DLA Piper LLP (US) as counsel; Morrison & Foerster LLP as litigation counsel; and FTI Consulting, Inc. as financial advisor. Omni Agent Solutions is the Debtors' claims agent and administrative agent. VIEWBIX INC: MMCAP International and MM Asset Holds 1.75% Stake --------------------------------------------------------------- MMCAP International Inc. SPC and MM Asset Management Inc. disclosed in a Schedule 13G (Amendment No. 4) filed with the U.S. Securities and Exchange Commission that as of June 30, 2025, they beneficially own 115,995 shares of Viewbix Inc.'s Common Stock ($0.0001 par value per share). The reporting persons have shared voting power and shared dispositive power over all these shares, representing 1.75% of the class. The reporting persons may be reached through: MMCAP International Inc. SPC c/o Mourant Governance Services (Cayman) Limited 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman, KY1-1108, Cayman Islands Tel: 416-408-0997 MM Asset Management Inc. 161 Bay Street TD Canada Trust Tower, Suite 2240 Toronto, ON M5J 2S1 Canada A full-text copy of MMCAP's SEC Report is available at https://tinyurl.com/4vnjdh6r About Viewbix Headquartered in Ramat Gan, Israel, Viewbix and its subsidiaries, Gix Media and Cortex Media Group Ltd., operate in the field of digital advertising. The Group has two main activities that are reported as separate operating segments: the search segment and the digital content segment. The search segment develops a variety of technological software solutions, which perform automation, optimization, and monetization of internet campaigns, for the purposes of obtaining and routing internet user traffic to its customers. The search segment activity is conducted by Gix Media. The digital content segment is engaged in the creation and editing of content, in different languages, for different target audiences, for the purposes of generating revenues from leading advertising platforms, including Google, Facebook, Yahoo and Apple, by utilizing such content to obtain and route internet user traffic for its customers. The digital content segment activity is conducted by Cortex. Tel Aviv, Israel-based Brightman Almagor Zohar & Co., the Company's auditor since 2012, issued a "going concern" qualification in its report dated March 21, 2025, citing that the decrease in revenues and cash flows from operations may result in the Company's inability to repay its debt obligations during the 12-month period following the issuance date of these financial statements. These conditions raise a substantial doubt about the Company's ability to continue as a going concern. As of Jun. 30, 2025, Viewbix had $22.1 million in total assets against $14.8 million in total liabilities. VOYAGE ACADEMY: Moody's Assigns Ba1 Rating to 2025A/B Revenue Bonds ------------------------------------------------------------------- Moody's Ratings has assigned an initial Ba1 underlying rating to Voyage Academy, UT's proposed Charter School Revenue Refunding Bonds (Voyage Academy Project) Series 2025A and Charter School Revenue Refunding Bonds (Voyage Academy Project) Series 2025B (Federally Taxable) with estimated par amounts of $16.8 million and $125,000, respectively. The Utah Charter School Finance Authority will issue the bonds on behalf of the charter school academy. The outlook is stable. Following issuance, these bonds will constitute all of the academy's outstanding debt. RATINGS RATIONALE The Ba1 reflects Voyage Academy's solid market position as an alternative provider of K-6th grade education in Davis County, UT. The academy has consistently achieved full enrollment and demonstrates adequate waitlist demand, driven by its competitive academic performance. The academy will use a portion of the proceeds of the proposed issue to expand its facilities across all grade levels. It has also recently received authorization to increase its enrollment capacity by 100 students, bringing the maximum to 625. The academy's competitive profile puts it in an adequate position to achieve enrollment targets required for generating the revenue needed to support the increasing annual debt service. The academy has a track record of steady operating margins, robust cash reserves, and reliable annual debt service coverage. Governance is a key driver of all initial charter school rating assignments. Key considerations include the academy's strong relationship with its authorizer, the Utah State Charter School Board, and adherence to all terms of its perpetual charter agreement. The academy's effective board leadership and management capabilities are instrumental in supporting its operational and financial stability. RATING OUTLOOK The stable outlook reflects the likelihood that the academy will sustain adequate operating margins, liquidity, and debt service coverage while meeting enrollment projections linked to its expansion project. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Material increase to the academy's operating revenue -- Demonstrated ability to reach enrollment targets following facilities expansion -- Maintenance of healthy operating margins of over 20%, with debt service coverage consistently over 1.5x and sustained liquidity of over 250 days cash on hand -- Material reduction in leverage FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Inability to meet post-expansion enrollment projections or significant additional delays or cost overruns associated with the project -- Deterioration to the academy's liquidity or a material narrowing of operating margins or debt service coverage -- Material decreases to the academy's spendable cash and investments to total debt ratio PROFILE Voyage Academy, a non-profit charter school located in Clinton, UT, opened for the 2013-2014 school year. The academy provides expeditionary learning to approximately 530 students in grades K-6 at its single-site facility. Governed by a seven-member Board of Directors, the academy is authorized by the Utah State Charter School Board and consistently meets all terms of its perpetual charter agreement. METHODOLOGY The principal methodology used in these ratings was US Charter Schools published in April 2024. WATERBRIDGE NDB: S&P Places 'B' ICR on Watch Pos on Merger With WBR ------------------------------------------------------------------- S&P Global Ratings placed all its ratings on WaterBridge NDB Operating LLC (NDB), including the 'B' issuer credit rating and its 'B' issue-level rating on its term loan B, on CreditWatch with positive implications. S&P expects to resolve the CreditWatch placement when the companies complete the merger. WaterBridge NDB Operating LLC (NDB) announced its definitive agreement to merge with WaterBridge Operating LLC (WBR) to create one of the largest water midstream companies in the U.S., with expected pro forma 2025 revenue above $750 million. S&P Global Ratings expects the merger will close in the fourth quarter of 2025. It was also announced it will simultaneously execute an initial public offering (IPO). S&P said, "The merger could strengthen our view of the combined entity's competitive position. This is due to increased business scale and diversification with broader E&P producer exposure. We expect a combination of both companies will bolster operating scale, with pro forma S&P Global Ratings-adjusted EBITDA expected to be $370 million-$380 million in 2025, compared with NDB's S&P Global Ratings-adjusted EBITDA of $166 million for the last-12-months (LTM) ended June 30, 2025. Further, we expect increased and diversified customer base across broader E&P producers. However, the combined company will exhibit basin concentration, given the expectation that it will generate about 90% of revenue from the Delaware basin. "We believe our financial risk profile assessment will remain unchanged. We do not anticipate WBR's leverage of 7.5x for LTM ended June 30, 2025, will cause a spike in the combined entity's leverage (NDB's current leverage is 3.8x in LTM ended June 30, 2025). This is because we expect the company will use of a portion of the IPO proceeds to redeem WBR's preferred equity, which we include in WBR's leverage. "The positive CreditWatch placement reflects the likelihood we will raise the issuer credit and issue-level ratings on WaterBridge NDB Operating LLC following the close of the merger and IPO. We will resolve the CreditWatch placement when the transaction closes." WATERBRIDGE OPERATING: S&P Places 'B-' ICR on Watch Positive ------------------------------------------------------------ S&P Global Ratings placed its 'B-' issuer credit rating on WaterBridge Operating LLC (WBR), 'B-' issue-level rating on its term loan B, and 'B+' issue-level rating on its $100 million super-priority revolving credit facility on CreditWatch with positive implications pending regulatory approval of the transaction, possibly in the fourth quarter of 2025. On Aug. 22, 2025, WBR and WaterBridge NDB Operating LLC (NDB) announced their intention to complete a merger, which it will execute in tandem with an initial public offering (IPO). If completed, S&P could view the combined company's competitive position more favorably than that of WBR. S&P said, "We also anticipate the combined company's S&P Global Ratings-adjusted debt to EBITDA could be lower than WBR's current 7.5x because NDB has lower leverage. "The merger could strengthen our view of the combined entity's competitive position. This is due to increased business scale and diversification with broader E&P producer exposure. We expect a combination of both companies will bolster operating scale, with pro forma S&P Global Ratings-adjusted EBITDA expected to be $370 million-$380 million in 2025, making the company one of the largest water midstream companies in the U.S. Further, we expect increased and diversified customer base across broader E&P producers. Still, we do not see any material improvement basin-wise, given the combined entity is expected to generate about 90% of its revenue from the Delaware basin. "We expect the combined company will have lower leverage than WBR's current level. We believe the combined company would warrant an improved financial risk profile assessment due to NDB's current low S&P Global Ratings-adjusted leverage (3.8x for the last-12-months ended June 30, 2025). Our expectation of a lower leverage also considers the use of a portion of the IPO proceeds to redeem WBR's preferred shares, which we deem 100% debt and include in WBR's existing leverage calculation. "The positive CreditWatch placement reflects the likelihood we will raise the issuer credit and issue-level ratings on WBR following the close of the merger and IPO. We will resolve the CreditWatch placement when the transaction closes." WEST PROPERTIES: Seeks to Extend Plan Filing Deadline to Sept. 19 ----------------------------------------------------------------- West Properties, LLC asked the U.S. Bankruptcy Court for the Northern District of Mississippi to extend its period to file a plan of reorganization to September 19, 2025. The Debtor explains 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 claims that the extension will not result in any undue prejudice to any creditor or other party-in-interest. West Properties LLC is represented by: J. Walter Newman IV, Esq. Newman & Newman 587 Highland Colony Parkway Ridgeland, MS 39157 Tel: (601) 948-0586 Email: wnewman95@msn.com About West Properties LLC West Properties LLC is a real estate company based in Holly Springs, Mississippi. West Properties LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-11305) on April 24, 2025. In its petition, the Debtor estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Bankruptcy Judge Jason D. Woodard handles the case. The Debtor is represented by J. Walter Newman, IV, Esq. at NEWMAN & NEWMAN. WOLFSPEED INC: Seeks to Sell Macom Shares in Private Sale --------------------------------------------------------- Wolfspeed, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to sell Macom Shares, free and clear of liens, claims, interests, and encumbrances. The Debtors seek to consummate a private sale of equity in Macom Technology Solutions Holdings Inc. through its broker, Wells Fargo Securities LLC. The Debtors believe the MACOM Shares Sale is fully in the ordinary course of the Debtors' business. The Debtors, together with their non-debtor affiliates are a leading producer of wide bandgap semiconductors, silicon carbide materials, and gallium nitride materials. The Company's products are used in a broad range of applications, including electric vehicles, motor drives, power supplies, military communications, radar, satellite, and telecommunications. Established in 1987, the Company’s headquarters are located in Durham, North Carolina and the majority of the Company's products are manufactured at the Company's production facilities in North Carolina, New York, and Arkansas. On June 22, 2025, the Debtors entered into that certain Restructuring Support Agreement with an ad hoc group of secured noteholder that collectively hold, own, or control more than 97% of the aggregate outstanding principal amount of the Senior Secured Notes, an ad hoc group of unsecured noteholders that collectively hold, own, or control more than 67% of the aggregate outstanding principal amount of the Convertible Notes, and Renesas Electronics America Inc. which holds, owns, or controls 100% of the outstanding principal amount of loans under the Customer Refundable Deposit Agreement. As part of their routine investment strategy, the Debtors acquire shares in companies as a result of various business transactions. Debtor Wolfspeed, Inc. is currently the holder of 711,528 shares in Macom, a publicly traded company, which are the proceeds of a prepetition asset sale transaction. The Debtors met certain milestones in the Prior Macom Transaction that previously restricted the monetization of the MACOM Shares, thereby allowing the Debtors to seek to consummate this proposed sale of MACOM Shares earlier than expected. The Debtors propose to sell the Macom Shares through the Broker with whom they are currently finalizing a broker agreement. The Broker will assist the Debtors in finding a market buyer(s) for the Macom Shares. Based on current market prices, the Macom Shares Sale is expected to result in a net return of approximately $87 million for the Company one month ahead of the scheduled monetization of the Macom Shares. All stakeholders, including the Consenting Creditors, support the Macom Shares Sale. The transaction will not prejudice any party in interest, and is the most efficient and value maximizing approach to administering the Macom Shares Sale. The Debtors believe that they need to monetize the Macon Shares Sale as soon as possible to capitalize on the current value of the Macom Shares. Given the volatility of the stock market generally, the Debtors believe that this approach monetizes the Macom Shares at fair market value and provides the most value to the Debtors' estates by executing the sale while MACOM stock is trading at a higher price. Any delay could result in the Debtors and their stakeholders receiving less value for the sale of the Macom Shares. About Wolfspeed, Inc. Wolfspeed, Inc. (NYSE:WOLF) is an innovator of wide bandgap semiconductors, focused on silicon carbide materials and devices for power applications. Its product families include silicon carbide materials and power devices targeted for various applications such as electric vehicles, fast charging and renewable energy and storage. On June 30, 2025, Wolfspeed, Inc. and Wolfspeed Texas, LLC each filed petitions seeking relief under chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90163), with Judge Christopher M. Lopez presiding. The Debtors sought Chapter 11 protection after reaching a deal with lenders on a debt-for-equity plan that would reduce debt by $4.6 billion. Latham & Watkins LLP and Hunton Andrews Kurth LLP are serving as legal counsel to Wolfspeed, Perella Weinberg Partners is serving as financial advisor and FTI Consulting is serving as restructuring advisor. Epiq is the claims agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the senior secured noteholders and Moelis & Company is serving as the senior secured noteholders' financial advisor. Kirkland & Ellis LLP is serving as legal counsel to Renesas Electronics Corporation, PJT Partners is serving as its financial advisor, and BofA Securities is serving as its structuring advisor. Ropes & Gray LLP is serving as legal counsel to the convertible debtholders and Ducera Partners is serving as financial advisor to the convertible debtholders. WOLFSPEED INC: US Trustee Opposes Chapter 11 Plan Opt-Outs ---------------------------------------------------------- Ben Zigterman of Law360 reports that on Friday, August 22, 2025, a Texas bankruptcy judge directed the U.S. Trustee to add two trade creditors to the creditors committee of multistate nursing home operator Genesis Healthcare, finding the panel was overly weighted toward tort claimants. About Wolfspeed Inc. Wolfspeed, Inc. (NYSE:WOLF) is an innovator of wide bandgap semiconductors, focused on silicon carbide materials and devices for power applications. Its product families include silicon carbide materials and power devices targeted for various applications such as electric vehicles, fast charging and renewable energy and storage. On June 30, 2025, Wolfspeed, Inc. and Wolfspeed Texas, LLC each filed petitions seeking relief under chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90163), with Judge Christopher M. Lopez presiding. The Debtors sought Chapter 11 protection after reaching a deal with lenders on a debt-for-equity plan that would reduce debt by $4.6 billion. Latham & Watkins LLP and Hunton Andrews Kurth LLP are serving as legal counsel to Wolfspeed, Perella Weinberg Partners is serving as financial advisor and FTI Consulting is serving as restructuring advisor. Epiq is the claims agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the senior secured noteholders and Moelis & Company is serving as the senior secured noteholders' financial advisor. Kirkland & Ellis LLP is serving as legal counsel to Renesas Electronics Corporation, PJT Partners is serving as its financial advisor, and BofA Securities is serving as its structuring advisor. Ropes & Gray LLP is serving as legal counsel to the convertible debtholders and Ducera Partners is serving as financial advisor to the convertible debtholders. WPB HOLDINGS: Involuntary Chapter 11 Case Summary ------------------------------------------------- Alleged Debtor: WPB Holdings Group LLC 621 Lakes Rd Monroe NY 10950 Business Description: WPB Holdings Group LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Involuntary Chapter 11 Petition Date: August 25, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-35913 Judge: Hon. Kyu Young Paek Petitioners' Counsel: Pro Se A full-text copy of the Involuntary Petition is available for free an PacerMonitor at: https://www.pacermonitor.com/view/2JFU4SY/WPB_Holdings_Group_LLC__nysbke-25-35913__0001.0.pdf?mcid=tGE4TAMA Alleged creditor who signed the petition: Petitioner Nature of Claim Claim Amount David Rachman Loan Confession $38,500 331 Kingston Ave Brooklyn NY 11213 XTREME QUALITY: Seeks Subchapter V Bankruptcy in Florida -------------------------------------------------------- On August 15, 2025, Xtreme Quality Logistic LLC filed Chapter 11 protection in the Middle 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 Xtreme Quality Logistic LLC Xtreme Quality Logistic LLC is an Orlando-based logistics company that provides logistics and transportation services. Xtreme Quality Logistic LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05194) on August 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000 each. The Debtor is represented by Latham Luna Eden & Beaudine LLP. [] Suppliers Struggle Amid Expensive Bankruptcy Cases ----------------------------------------------------- Becky Yerak of The Wall Street Journal reports that an increasing number of Chapter 11 debtors are failing to pay for goods and services obtained during bankruptcy, leaving suppliers and service providers with heavy losses when restructurings collapse. Vendors and service providers that continue doing business with bankrupt companies are typically among the highest-priority creditors. But more often, even these claims are going unpaid -- a problem known as administrative insolvency. Court filings show that Steward Health Care, solar installer iSun, and retailers Rite Aid, Big Lots, and Party City are among debtors struggling, or potentially unable, to cover all of their administrative expenses. Data from Octus indicates that 17% of Chapter 11 cases with more than $100 million in debt have been dismissed or converted to liquidation this year because of administrative insolvency—nearly double last year's 9% and part of a steady rise since 2018. "This is becoming a recurring issue," U.S. Bankruptcy Judge Kate Stickles said in May while dismissing the bankruptcy of Liberated Brands, owner of Quiksilver and Billabong, after it failed to pay administrative costs. The decision left landlords, apparel makers, and a staffing company unpaid. According to The Wall Street Journal, lawyers and restructuring advisers, though also administrative creditors, are usually paid in full because their fees are protected through carve-outs from loan proceeds. By contrast, landlords and trade vendors often bear the losses. Experts attribute the trend to companies entering Chapter 11 with increasingly debt-heavy balance sheets, leaving fewer unencumbered assets to satisfy claims. Secured lenders with liens are first in line, reducing what remains for vendors who must legally be paid in full for a Chapter 11 plan to be confirmed. Liberated Brands cited weak asset sales for its insolvency, while the Justice Department's bankruptcy watchdog criticized the company for not warning vendors of likely nonpayment. Staffing firm Jobs R Us, which supplied warehouse workers for Liberated, says it is owed roughly $550,000. Attorneys also point to overly optimistic forecasts, limited financing, and strict lender budgets as contributing factors. In cash-strapped sectors like retail and healthcare, funds are quickly depleted. Party City, for instance, underestimated rent obligations and overestimated sale proceeds, leaving landlords and vendors expecting to recover just 33 cents on the dollar of $16.5 million in claims. The company has since warned that administrative liabilities may exceed $20 million, potentially reducing recoveries even further, the report states. ********* 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. 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