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250828.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, August 28, 2025, Vol. 29, No. 239 Headlines 315 MANHATTAN: Seeks To Sell NY Property at Auction ACADEMIR CHARTER: Moody's Alters Outlook on 'Ba2' Rating to Stable ACADEMY AT PENGUIN: Committee Taps Verdolino & Lowey as Accountant ACADIA HEALTHCARE: Moody's Cuts CFR to 'Ba3', Outlook Stable AGREETA SOLUTIONS: Section 341(a) Meeting of Creditors on Sept. 29 ALEON METALS: Hires Stretto Inc as Claims and Noticing Agent ALLISON TRANSMISSION: Moody's Affirms 'Ba1' CFR, Outlook Stable ALPHA WOLF: Section 341(a) Meeting of Creditors on September 19 ALVIN'S COURIER: Section 341(a) Meeting of Creditors on Sept. 29 ANCHORAGE HANGAR: Section 341(a) Meeting of Creditors on Sept. 18 APOLLO CONSTRUCTION: Seeks Subchapter V Bankruptcy in Florida ASOCIACION HOSPITAL: Seeks Chapter 11 Bankruptcy in Puerto Rico AUGSBURG UNIVERSITY: Moody's Cuts Issuer & Rev Bond Ratings to Ba2 BALANCE LIFE BETTER: Files Second Chapter 11 Bankruptcy BEAR'S FRUIT: Seeks Cash Collateral Access BROKEN VESSEL: Trustee Taps Max C. Pope Jr. as General Attorney CACHCOPA LLC: Seeks Subchapter V Bankruptcy in Florida CALI MADE: Court to Hold Cash Collateral Hearing Today CAR TOYS: Seeks Chapter 11 Bankruptcy in Washington CASUAL 21 USA: Gets Interim OK to Use Cash Collateral Until Nov. 13 CHERRY & CANDLEWOOD: Has Deal on Cash Collateral Access CLAIRE'S HOLDINGS: Gets OK for $22.5M DIP Loan From AWS Claire CRESCENT ENERGY: S&P Places 'B+' ICR on CreditWatch Positive DANIEL TRUCKING: Seeks Cash Collateral Access DELTA ABSORBENTS: Hires Bridgers Goodman Baird as Accountant DEPLOYED SOLDIERS: Seeks Subchapter V Bankruptcy in Maryland DIOCESE OF SYRACUSE: Gets Court Approval for $176MM Chap. 11 Plan DISCOUNT AUTO GLASS: Seeks Chapter 11 Bankruptcy in Pennsylvania DOUBLE S SIGNS: Seeks Subchapter V Bankruptcy in Texas DOUBLE T STEEL: Hires White Family Tax Service as Accountant DUNCAN RENTAL: Gets Extension to Access Cash Collateral EDGIO INC: Investors Continue Claims Over Inflated Sales Project EL DORADO GAS: To Sell Winkler Property to Ridge Runner ENDO INT'L: Plan Administrator Wins Bid to Reclassify Claims FLOWER APARTMENTS: Gets OK to Use Cash Collateral Until Sept. 11 FTX TRADING: Fenwick & West Fights New Crypto Scam MDL Claims GENESIS HEALTHCARE: Gets $30MM DIP, Sale Process Court OK GENESIS HEALTHCARE: Two New Committee Members Appointed GPD COMPANIES: S&P Withdraws 'CCC+' Issuer Credit Rating HAPPY HOME: Lender Seeks to Prohibit Cash Collateral Access HIELO DEL CIELO: Areya Holder Aurzada Named Subchapter V Trustee HUNTINGTON BANK 2025-2: Moody's Assigns B3 Rating to Class D Notes ILLUMINATE PROPERTIES: Taps eXp Realty of California as Broker IMPERIAL MANUFACTURING: Seeks Chapter 11 Bankruptcy in Illinois JACKSONVILLE MOVING: Seeks Subchapter V Bankruptcy in Florida JAF LTD: Seeks Subchapter V Bankruptcy in Illinois JMC UNIT 1: Seeks to Hire Agentis PLLC as Bankruptcy Counsel JT MASONRY: Seeks Chapter 11 Bankruptcy in New York KESKIN INC: Seeks Chapter 11 Bankruptcy in Maryland KITCHEN AND BATH: Seeks Chapter 11 Bankruptcy in Texas L & D CAFE: Tarek Kiem of Kiem Law Named Subchapter V Trustee LCC INC: Seeks to Hire Wadsworth Garber Warner as Counsel M & H WILLIAMS: Seeks Subchapter V Bankruptcy in Kentucky MAKO FORESTRY: Seeks to Hire Knight CPA LLC as Accountant MANNA MADISON: Files Second Chapter 11 Bankruptcy MCMILLAN LOGGING: Seeks Chapter 11 Bankruptcy in Florida MCPHILLIPS FLYING: Gets Court OK to Use Cash Collateral MEG ENERGY: Moody's Puts 'Ba3' CFR Under Review for Upgrade MERIT STREET: Sanctions Sought in Media Unit Bankruptcy Case MILAN BABY: Hires Kings Homes & Associates as Business Broker MILLENKAMP CATTLE: Court Likely to Grant EVD's Reconsideration Bid MONGKOL ENTERPRISES: Hires Langley & Banack as Bankruptcy Counsel MOSAIC SUSTAINABLE: Seeks to Hire Porter Hedges as Special Counsel MOUNTAIN VIEW: Moody's Downgrades Issuer & GOLT Ratings to Ba1 NEXSTAR MEDIA: Moody's Puts 'Ba3' CFR Under Review for Downgrade NIKOLA CORP: SEC Objects to Ch. 11 Plan's Handling of $80MM Penalty NLC ENERGY: Seeks to Hire Kerkman & Dunn as General Counsel NO WAKE ZONE: Seeks to Hire Colleen Argerdina as Accountant NORTH AMERICAN: Court OKs Equipment Sale to Agri-Cover PARTNERS PHARMACY: Hires Pillsbury Winthrop as Bankruptcy Counsel PARTNERS PHARMACY: Seeks to Hire SSG Advisors as Investment Banker PARTNERS PHARMACY: Taps Ronald Winters of Gibbins Advisors as CRO PARTY CITY: Gets Court OK for Chapter 11 Liquidation Plan PEAK ACHIEVEMENT: S&P Assigns BB- ICR, Outlook stable PLATE RESTAURANT: U.S. Trustee Unable to Appoint Committee PLATINUM BEAUTY: Court Extends Cash Collateral Access to Sept. 16 POSH QUARTERS: Seeks to Hire Mickler & Mickler as Attorney PUERTO RICO: PREPA Bondholders Move to Terminate Reorg. Deal QSR STEEL: CBIZ Can Be Paid $100,000 for Now QVC GROUP: S&P Downgrades ICR to 'CCC', Outlook Negative R2 MARKETING: Gets Final OK to Use Cash Collateral RYAN SPECIALTY: Moody's Hikes CFR to Ba3 & Alters Outlook to Stable SENOIA DRUG: Gets Final OK to Use Cash Collateral SIX COOKS: Seeks to Hire Ayers & Haidt PA as Bankruptcy Counsel SMYRNA READY: Moody's Lowers CFR to B1 & Alters Outlook to Stable SOUND INPATIENT: S&P Upgrades ICR to 'B-', Outlook Stable SOUTHWEST FIRE: Seeks to Use Cash Collateral Until Oct. 31 SPIN HOLDCO: S&P Cuts ICR to 'CCC' on Increasing Refinancing Risk SPIRIT AIRLINES: Moody's Cuts CFR to Caa3 & Alters Outlook to Neg. ST VINCENT HOME: Seeks Subchapter V Bankruptcy in Florida ST. MATTHEW TRUST: Seeks Chapter 11 Bankruptcy in Maryland SVB FINANCIAL: Trust Seeks to Toss $944MM Cayman Branch Claims TANGIBLE INVESTMENT: Seeks to Hire Wilson Law Firm LLC as Attorney TITAN CNG: U.S. Trustee Unable to Appoint Committee TOGETHERMENT MANAGEMENT: U.S. Trustee Unable to Appoint Committee TRUMMER HOSPITALITY: Seeks Chapter 11 Bankruptcy in New York TZADIK SIOUX: Seeks Continued Cash Collateral Access VICTORIA'S KITCHEN: Seeks Subchapter V Bankruptcy in Philadelphia VILLAGE ROADSHOW: Court OKs Film Biz Sale to Alcon Media VILLAGE ROADSHOW: Secures Court OK to Sell Biz for $4.25MM VISTEON CORP: S&P Upgrades ICR to 'BB+' on Stronger Margins VITAL ENERGY: S&P Places 'B' ICR on CreditWatch Positive WARM CORP: Wins Final Approval to Use Cash Collateral WEABER INC: U.S. Trustee Appoints Creditors' Committee WELLPATH HOLDINGS: Medical Treatment Claims in Williams Case Tossed WI-FI WHEELING: Seeks to Tap Noonan & Lieberman as Special Counsel WOHALI LAND: Seeks to Hire Snell & Wilmer as Special Counsel WOODLAND PLACE: Pensacola Property Sale to Martins Acquisition OK'd YELLOW CORP: Top Shareholder Challenges Bankruptcy Plan Disclosures [] U.S. Trucking Bankruptcies Rise on Fuel Tariffs [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 315 MANHATTAN: Seeks To Sell NY Property at Auction --------------------------------------------------- 315 Manhattan Properties LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to sell Property located at 315 West 121st Street, New York, subject to higher or better offers, free and clear of liens, claims, interests, and encumbrances. The Debtor is the owner of a certain real property located at 315 West 121st Street, New York, New York 10027. The Property consists of a five-story, walk-up, multi-family building with twenty rent stabilized residential units. The Debtor, as borrower, and Piermont Bank, as lender, are parties to a certain loan facility in the principal amount of $3,000,000.00. The Lender's interest is secured by a mortgage. The Debtor desires to receive the greatest value for the Property. The Bidding Procedures were developed consistent with the Debtor's objective of promoting active bidding that will result in the highest and best offer the marketplace can sustain for the Property. The Salient Provisions of Bidding Procedures: -- Bid Deadline December 9, 2025 at 4:00 pm ET -- Qualifying Deposit Ten percent (10%), due on or before Bid Deadline. -- Auction The Auction will be held at the offices of Northgate Real Estate Group, 1633 Broadway, 46th Floor, New York, New York 10019 on December 11, 2025 at 11:00 am (ET). -- Northgate's Fee 6%. 3% in the event of a credit bid. -- Buyer's Premium 6% (covers Northgate's fee) -- Credit Bid Additional Terms Piermont Bank is permitted to credit bid and no deposit is required in connection with same. The Property will be transferred free and clear of all encumbrances to the fullest extent. The Bidding Procedures will ensure that the Debtor’s estate receives the greatest benefit available from the Sale of the Property taking into account the Debtor's financial condition. The Bidding Procedures are fair and open, and do not unfairly favor the Purchaser or any other potential purchaser. The Debtor submits that the Bidding Procedures are reasonably designed to ensure that the Debtor's estate receives the maximum purchase price for the Property, and therefore warrant Court approval. The Debtor submits that following the Auction, the highest bidder will reflect that the ultimate purchase price is fair and reasonable and reflects the market value for such Property. About 315 Manhattan Properties LLC 315 Manhattan Properties LLC owns a single real estate asset located at 315 West 121st Street in New York, NY. The Company operates as a single-asset real estate entity, as defined in 11 U.S.C. Section 101(51B). 315 Manhattan Properties sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No.: 25-11531) on July 9, 2025. The petition was signed by Bradley Simmons as sole member, the Debtor disclosed its estimated Assets of $1 million to $10 million and estimated Liabilities of $1 million to $10 million. Honorable Judge Michael E Wiles presides over the case. Eric H. Horn, Esq., at A.Y. STRAUSS LLC, represents the Debtor as legal counsel. ACADEMIR CHARTER: Moody's Alters Outlook on 'Ba2' Rating to Stable ------------------------------------------------------------------ Moody's Ratings has revised AcadeMir Charter School West, FL's outlook to stable from positive and affirmed the Ba2 revenue bond rating. Moody's have also assigned a Ba2 rating to its proposed $66.7 million Educational Facilities Revenue Bonds (AcadeMir Charter Schools, Inc. Project), Series 2025A and $1.2 million Taxable Educational Facilities Revenue Bonds (AcadeMir Charter Schools, Inc. Project), Series 2025B bonds. After the proposed issuance, AcadeMir Charter School West and AcadeMir Charter School Preparatory will have approximately $89 million in total debt outstanding. In conjunction with the issuance of the proposed debt, Academir Charter Schools, Inc. has established an obligated group structure that includes Acadmir Charter School West and AcadeMir Charter School Preparatory, and the future AcadeMir High School West, and existing and proposed debt is parity under revenue pledge from the campuses. RATINGS RATIONALE The Ba2 rating of the Academir West Obligated Group reflects its strengthened liquidity, solid operating profile, and competitive academic performance. As of preliminary fiscal year-end 2025 reporting, the obligated group holds over 200 days cash on hand, providing a strong buffer against near-term volatility. Both Academir Charter School West and Academir Charter School Prep are nearing full enrollment and benefit from long-term 15-year charters. The schools are part of a broader 10-member network in Miami-Dade County, which adds further credit strength. The proposed issuance of $67 will materially increase the obligated group's leverage and annual debt service obligations. Although construction of AcadeMir High School West has not yet begun, the land acquisition will signal a high likelihood of development of the new school. On a pro forma basis, maximum annual debt service (MADS) coverage will weaken to 1.01x and debt service will grow to 22% of total expenses. The increase in debt will reduce the group's cash-to-debt ratio to 15%. The founding board members and senior management remain deeply involved in governance and expansion efforts, but leadership concentration presents succession risk over the long term. The board's experience and continuity partially mitigate this risk. RATING OUTLOOK The stable outlook reflects the likelihood that AcadeMir will maintain satisfactory operating performance and liquidity while managing the risks associated with its expansion plans. The outlook also incorporates the likelihood of additional debt issuance, which will increase leverage and debt service obligations. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Material and sustained improvement in debt service and leverage metrics -- Achievement of enrollment growth goals -- Maintenance of liquidity at over 150 days FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Decline in debt service coverage to below 1.2x and cash to debt under 10% -- Enrollment growth below current targets -- Liquidity that falls below 110 days cash on hand -- Additional debt that puts further pressure on operations and balance sheet PROFILE AcadeMir Charter Schools, Inc. operates AcadeMir Charter School West (PreK-8, 750 students, charter expires June 30, 2029) and AcadeMir Charter School Preparatory (K-8, 1,161 students, charter expires June 30, 2036), both located in western Miami-Dade County and designated as High Performing Charter Schools. The obligated group's total enrollment is 1,911 students as of June 2025. The schools are managed by Superior Charter School Services, Inc. Plans are underway to add AcadeMir High School West (grades 6-12), expected to open in 2027-2028. METHODOLOGY The principal methodology used in these ratings was US Charter Schools published in April 2024. ACADEMY AT PENGUIN: Committee Taps Verdolino & Lowey as Accountant ------------------------------------------------------------------ The Official Committee of Unsecured Creditors of The Academy at Penguin Hall, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Verdolino & Lowey, P.C. as accountants. The firm will perform these services: a. prepare forensic accounting report concerning the Debtor’s past operations; b. advise the Committee regarding the tax implications of asset recovery; c. advise and assist the Committee with respect to evaluating and objecting to proofs of claim submitted by federal and state taxing authorities; d. assist the Committee in reviewing and examining the books and records of the Debtor with respect to potential preference and/or fraudulent conveyance or transfer claims; and e. assist the Committee with other tasks that the Committee may require and reasonably request. The firm will be paid at these rates: Principals $565 per hour Managers $275 to $450 per hour Staff $225 to $395 per hour Bookkeepers $225 to $300 per hour Clerical $95 per hour The firm will seek reimbursement of expenses incurred on behalf of the Debtor. Matthew Flynn, Esq., principal at Verdolino & Lowey, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew R. Flynn, CPA Verdolino & Lowey PC 124 Washington St., Ste. 101 Foxboro, MA 02035 Telephone: (508) 543-1720 About The Academy at Penguin Hall, Inc. The Academy at Penguin Hall Inc. is a private, college-preparatory day school for young women in grades 9 through 12. Located in Wenham, Massachusetts, the school offers interdisciplinary academic programs and emphasizes leadership, critical thinking, and the arts. The Academy at Penguin Hall sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11191) on June 11, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. The Debtor is represented by John T. Morrier, Esq., at Casner & Edwards, LLP. ACADIA HEALTHCARE: Moody's Cuts CFR to 'Ba3', Outlook Stable ------------------------------------------------------------ Moody's Ratings downgraded the ratings of Acadia Healthcare Company, Inc.'s ("Acadia"), including its Corporate Family Rating to Ba3 from Ba2 and Probability of Default Rating to Ba3-PD from Ba2-PD. Moody's also downgraded Acadia's senior unsecured ratings to B1 from Ba3 and changed Acadia's Speculative Grade Liquidity Rating to SGL-2 from SGL-1. The rating outlook is stable. The ratings downgrade reflects softness in volumes attributable to a change in referral patterns among managed Medicaid plans and a few underperforming facilities that have resulted in weaker than expected demand. Additionally, liquidity has weakened as Acadia continued to invest in its growth through new facilities and partnerships to further build out its geographic footprint. Moody's currently forecast that Acadia will generate negative free cash flow in 2025 due to its heightened capital investment in its operations and costs related to investigations following allegations concerning the length of stay, patient care and other related issues at a handful of facilities. The change in the Speculative Grade Liquidity Rating to SGL-2 from SGL-1 considers Moody's expectations that Acadia will generate negative free cash flow in 2025 due to its heightened capital investment in its operations and costs related to government investigations and legal fees. Moody's expects that Acadia will be able to return to positive free cash flow in 2026 as it reduces its capital expenditures and costs for independent consultants related to the investigations decline. Acadia has about $165 amount drawn on its revolving credit facility. As of June 30, 2025, Acadia had about $131 million of cash and availability of about $835 million under its $1 billion revolving credit facility. The company has no near-term debt maturities, with its revolving credit facility set to expire in February 2030. Acadia has a good mix of fixed to variable debt. Social considerations are material in this rating action as it reflects highly negative exposure to social risk (S-4) namely due to exposure to government payors as it relates to demographic and societal trends as well as customer relations serving a high-risk population. Acadia has experienced volume softness at some of the aforementioned underperforming facilities and additionally, seen weaker Medicaid volumes with a change in referral patterns among managed Medicaid plans. RATINGS RATIONALE The Ba3 CFR is supported by its large scale and good business and geographic diversity within the domestic behavioral healthcare industry. Acadia benefits from the attractive industry fundamentals including growing demand for services. The sensitive nature of the population, given the treatment for severe behavioral health conditions and addiction treatment services, makes them less likely a target of reimbursement pressures. The rating is constrained by Acadia's reliance on government reimbursement from Medicare and Medicaid and risks associated with the rapid pace of growth through acquisitions and opening of new facilities and expanding existing facilities. Acadia operates with moderate financial leverage with adjusted debt to EBITDA of 3.6x as of June 30, 2025. The rating is also impacted by Moody's weaker free cash flow expectations for 2025 given the higher spend on legal expenses related to independent consultants that were hired to investigate the allegations at a handful of facilities. The stable outlook reflects the non-elective nature of Acadia's services, good scale and diversity by geography and behavioral service line. It also reflects Moody's expectations that the company will continue to operate with conservative financial policies. The senior unsecured notes are rated B1, or one notch below the CFR. The senior unsecured notes provide first loss absorption for the senior secured classes in the event of a default. ESG considerations have a moderately negative impact on Acadia's rating (CIS-3). Acadia's credit impact score reflects highly negative exposure to social risk (S-4) namely due to exposure to government payors as it relates to demographic and societal trends as well as customer relations serving a high-risk population. Acadia has moderately negative exposure to environmental (E-3) and governance (G-3) risks given its exposure to physical climate risks with its locations in Puerto Rico, Florida and Texas and its history of debt funded acquisitions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if debt to EBITDA is expected to be sustained above 4.0 times, or if Moody's does not expect Acadia to produce consistently positive free cash flow. Adverse reimbursement developments could also result in a ratings downgrade. Moody's could also downgrade the ratings if Acadia resumes more aggressive financial policies with respect to the use of leverage for acquisitions or shareholder returns. The ratings could be upgraded if the company reduces and sustains debt/EBITDA below 3.0 times while generating substantially higher levels of free cash flow and balancing expansion opportunities and acquisitions with debt reduction. Reduced reliance on Medicaid would also support an upgrade. Acadia is a provider of behavioral health care services. Acadia provides psychiatric and chemical dependency services to its patients in a variety of settings, including inpatient psychiatric hospitals, residential treatment centers, outpatient clinics and therapeutic school based programs. Acadia operates behavioral health facilities spanning across the US and Puerto Rico. As of June 30, 2025, Acadia generated LTM revenue of approximately $3.2 billion. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. AGREETA SOLUTIONS: Section 341(a) Meeting of Creditors on Sept. 29 ------------------------------------------------------------------ On August 25, 2025, Agreeta Solutions USA LLC filed Chapter 11 protection in the Northern District of Georgia. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on September 29, 2025 at 02:00 PM via Telephone conference. To attend, Dial 888-330-1716 and enter access code 6960876. About Agreeta Solutions USA LLC 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. Agreeta Solutions USA LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-59677) on August 25, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtor is represented by Theodore N. Stapleton, Esq. at THEODORE N. STAPLETON. ALEON METALS: Hires Stretto Inc as Claims and Noticing Agent ------------------------------------------------------------ Aleon Metals, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Stretto, Inc. as claims and noticing agent. Stretto will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. The firm will seek reimbursement for expenses incurred. The firm received an advance payment of $25,000. Sheryl Betance, a senior managing director at Stretto, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Sheryl Betance Stretto Inc. 410 Exchange, Ste. 100 Irvine, CA 92602 Telephone: (714) 716-1872 Email: sheryl.betance@stretto.com About Aleon Metals LLC Aleon Metals, LLC own and operate a multipurpose solid waste disposal facility in Freeport, Texas, specializing in the extraction and refinement of metals used in the energy industry. They focus on processing spent catalysts from petroleum refining to recover vanadium and molybdenum, which have a range of chemical and industrial applications. The Debtors are also developing a hydrometallurgical recycling process for lithium-ion batteries that would convert aluminum waste from its catalyst recycling operations into battery-grade materials for cathode production. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90305) on August 17, 2025. In the petition signed by Roy Gallagher, chief restructuring officer, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Christopher M. Lopez oversees the case. The Debtors tapped Morrison & Foerster, LLP as bankruptcy counsel; Norton Rose Fulbright US, LLP as local counsel; Ankura Consulting Group, LLC as restructuring and financial advisor; Jefferies, LLC as investment banker; and Stretto, Inc. as claims and noticing agent. ALLISON TRANSMISSION: Moody's Affirms 'Ba1' CFR, Outlook Stable --------------------------------------------------------------- Moody's Ratings affirmed the ratings of Allison Transmission, Inc. (Allison Transmission), including the Ba1 corporate family rating, the Ba1-PD probability of default rating, the Baa2 senior secured bank credit facility rating and the Ba2 senior unsecured rating. The outlook remains stable. The speculative grade liquidity rating remains unchanged at SGL-1. The affirmation reflects Moody's expectations that Allison Transmission will maintain its strong position in fully automatic transmissions for medium- and heavy-duty trucks in North America, while expanding its geographic presence, product offering and end-markets through the $2.7 billion acquisition of Dana's off-highway business. Although the partially debt-funded transaction will increase debt/EBITDA to 3.0 times in 2026, strong free cash flow will enable the company to repay debt swiftly. RATINGS RATIONALE Allison Transmission's ratings reflect the strong position of the company in the market for fully-automatic transmissions for medium- and heavy-duty trucks, underpinned by long-standing relationships with customers that value the performance, reliability and durability of the company's products. The company's presence is particularly strong in the Class 6-7 and Class 8 straight truck segment. Despite the potential for volatility in its primary end-markets, Allison Transition has demonstrated its ability to maintain a very strong profit margin. The company's concentrated product profile also makes it vulnerable to a transition toward electric vehicles, which would erode the demand for automatic transmissions. Nonetheless, Moody's expects that such a shift would likely occur over a protracted time frame, depending in part on regulations in various markets. Allison Transmission is investing in electric hybrid and fully electric propulsion systems and related technologies that have the potential to increase its content per vehicle. In addition, the acquisition of Dana's off-highway business will further Allison Transmission's strategy to expand its footprint outside of North America and broaden its product portfolio of commercial-duty propulsion and powertrain solutions. More than 70% of Dana's off-highway business was generated outside of North America and over 90% of revenue was from the sale of products other than transmissions, including axles, gears and gearboxes. Specifically, the transaction expands the company's footprint in Europe and India, aiding the company's multi-year efforts in these regions to realize opportunities related to its fully-automatic transmission solutions. Similar to Allison Transmission, Dana's off-highway business is known for its high-efficiency, reliable and durable engineering solutions. The transaction is expected to close late in 2025. The stable outlook reflects Moody's expectations that despite the dilution from the acquisition of Dana's off-highway business, Allison Transmission's EBIT margin will remain robust, around 22% in 2026. The increase in debt to help fund the acquisition will increase debt/EBITDA to 3.0 times at year-end 2026, Moody's estimates, but strong free cash flow and a balanced capital deployment policy will enable swift de-leveraging. Moody's anticipates that Allison Transmission will maintain very good liquidity (SGL-1), supported by a cash balance that Moody's expects to be at least $500 million and nearly $750 million of availability under the senior secured revolving credit facility. Furthermore, free cash flow will likely exceed $500 million in 2025. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Allison can sustain an EBIT margin of more than 20% as the migration toward electrification gradually takes shape. A consistent, prudent financial policy with debt/EBITDA remaining well below 3 times and strong liquidity is also a consideration for a ratings upgrade, as is an asset base that is largely unencumbered. The ratings could be downgraded if the company adopts a more aggressive financial strategy resulting in debt/EBITDA approaching 3.5 times and EBIT/interest falling below 3.5 times. The ratings could also be downgraded if the EBIT margin falls below 17.5%. The principal methodology used in these ratings was Automotive Suppliers published in December 2024. Allison Transmission's Ba1 corporate family rating is three notches below the scorecard-indicated outcome of Baa1 as of December 31, 2024 reflecting the reduced financial flexibility ensuing from the partially debt-financed acquisition of Dana's off-highway business and the material amount of secured debt in the company's capital structure. Allison Transmission, Inc. designs and manufactures vehicle propulsion solutions, including fully- automatic transmissions for commercial-duty on-highway, off-highway and defense applications. Allison Transmission also develops and manufactures commercial-duty electric hybrid and fully electric propulsion solutions. In June 2025, the company entered into an agreement to acquire the off-highway business of Dana Incorporated (Dana) for approximately $2.7 billion. Allison Transmission's revenue for the last 12 months ended June 30, 2025 was $3.2 billion. ALPHA WOLF: Section 341(a) Meeting of Creditors on September 19 --------------------------------------------------------------- On August 22, 2025, Alpha Wolf Leasing LLC filed Chapter 11 protection in the Western District of Tennessee. 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 19, 2025 at 10:00 AM via by telephone or videoconference. About Alpha Wolf Leasing LLC Alpha Wolf Leasing LLC is a Tennessee-based company presumably involved in leasing operations. Alpha Wolf Leasing LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-24265) on August 22, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge M Ruthie Hagan handles the case. The Debtor is represented by Steven N. Douglass, Esq. at Harris Shelton, PLLC. ALVIN'S COURIER: Section 341(a) Meeting of Creditors on Sept. 29 ---------------------------------------------------------------- On August 21, 2025, Alvin's Courier Service Inc. filed Chapter 11 protection in the Middle District of Alabama. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on September 29, 2025 at 02:00PM at Opelika Video 341 - 7 - https://www.zoomgov.com/j/16196595310. About Alvin's Courier Service Inc. Alvin's Courier Service Inc. is a transportation company providing courier and delivery services in the Montgomery, Alabama area. Alvin's Courier Service Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ala. Case No. 25-31975) on August 21, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. ANCHORAGE HANGAR: Section 341(a) Meeting of Creditors on Sept. 18 ----------------------------------------------------------------- On August 21, 2025, Anchorage Hangar Investments LLC filed Chapter 11 protection in the District of New Mexico. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on September 18, 2025 at 09:30 AM at US Trustee: Teleconference # 1-888-330-1716, Passcode: 3003165. About Anchorage Hangar Investments LLC Anchorage Hangar Investments LLC is a company that appears to invest in and manage aircraft hangars and aviation-related real estate. Anchorage Hangar Investments LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.M. Case No. 25-11020) on August 21, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. Honorable Bankruptcy Judge Robert H. Jacobvitz handles the case. APOLLO CONSTRUCTION: Seeks Subchapter V Bankruptcy in Florida ------------------------------------------------------------- On August 25, 2025, Apollo Construction & Engineering Services Inc. filed Chapter 11 protection in the Middle District of Florida. According to court filing, the Debtor reports $1,931,003 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Apollo Construction & Engineering Services Inc. 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. Apollo Construction & Engineering Services Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06058) on August 25, 2025. In its petition, the Debtor reports total assets of $1,135,031 and total liabilities of $1,931,003. Honorable Bankruptcy Judge Catherine Peek McEwen handles the case. The Debtor is represented by Samantha L Dammer, Esq. at BLEAKLEY BAVOL DENMAN & GRACE. ASOCIACION HOSPITAL: Seeks Chapter 11 Bankruptcy in Puerto Rico --------------------------------------------------------------- Asociacion Hospital del Maestro Inc., which runs a hospital in San Juan, Puerto Rico, has entered Chapter 11 bankruptcy on August 25, 2025 in the District of Puerto Rico. The hospital is grappling with severe financial strain, burdened by large debts to utilities, government agencies, and medical vendors. hospital reports $11.7 million owed to LUMA Energy, $3.8 million to the Department of Treasury for unpaid withholdings, and $1.4 million to Cardinal Health PR. It also lists a $1.7 million contingent liability from a malpractice case. The board approved the filing on August 8, 2025, after reviewing the hospital's strained finances. According to court documents, unsecured creditors are unlikely to recover any funds after administrative expenses are covered. About Asociacion Hospital Del Maestro Inc. 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. Asociacion Hospital Del Maestro Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-03780) on August 25, 2025. In its petition, the Debtor reports total assets of $13,396,955 and total liabilities of $39,669,466. Honorable Bankruptcy Judge Enrique S. Lamoutte Inclan handles the case. The Debtor is represented by Wigberto Lugo Mender, Esq. at LUGO MENDER GROUP, LLC. CPA LUIS R. CARRASQUILLO & CO, PSC is the Debtor's financial consultant. AUGSBURG UNIVERSITY: Moody's Cuts Issuer & Rev Bond Ratings to Ba2 ------------------------------------------------------------------ Moody's Ratings has downgraded Augsburg University, MN's issuer and revenue bond ratings to Ba2 from Ba1. The outlook was revised to stable from negative. As of May 31, 2024, the university had $53 million in debt outstanding. The downgrade to Ba2 reflects very minimal liquidity available to manage any volatility in budget outcomes in the context of thin operating performance and risk of covenant breaches. RATINGS RATIONALE Augsburg University's Ba2 issuer rating reflects its minimal unrestricted liquidity, persistently thin operating performance and weak debt service coverage. Debt structure risks include private placement debt with financial covenants that could trigger an acceleration of debt if breached. The university's high reliance on student charges to fund operations with low pricing power in a highly competitive market remains a credit risk. However, Augsburg's mission-driven appeal to a diverse student body and good enrollment management, illustrated by growing entering classes and rising total enrollment, support prospects for continued net student revenue growth. Favorably, improvement in fiscal 2024 operating performance is expected to carry forward into fiscal 2025 due to a combination of net tuition growth and management's proactive cost controls. The Ba2 revenue bond ratings incorporate the issuer rating and the broad nature of the revenue pledge. RATING OUTLOOK The stable outlook incorporates prospects of steady, albeit still thin, operating performance which will underpin debt service coverage sufficient to meet covenants, reducing the risk of having to obtain bank waivers. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Sustained increase in unrestricted liquidity and overall wealth to provide a stronger buffer to operations and debt -- Stabilized improvement in operating performance including comfortable headroom over financial covenants -- Consistent growth in net tuition revenue over multiple years FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Further erosion in unrestricted liquidity and ongoing reliance on bank lines -- Inability to stabilize EBIDA margins yielding at least 1x debt service coverage -- Weakening in management of counterparty relationships that underpin provision of covenant violation waivers -- Reversion to undergraduate enrollment or net tuition revenue decline PROFILE Augsburg University, founded as a Lutheran seminary in 1869, is in Minneapolis, Minnesota. The university's diverse programs serve traditional students and adult learners. Augsburg enrolled 3,082 full time equivalent students in fall 2024, mostly from Minnesota, with revenue of $79 million in fiscal 2024. METHODOLOGY The principal methodology used in these ratings was Higher Education published in July 2024. BALANCE LIFE BETTER: Files Second Chapter 11 Bankruptcy ------------------------------------------------------- On August 26, 2025, Balance Life Better Enhancement Corporation sought Chapter 11 protection under Subchapter V in the Eastern District of Michigan, its second filing on February 4, 2025. The company reported assets between $1 million and $10 million and liabilities of $500,001 and $1 million, identifying 1 to 49 creditors. Court documents further state that unsecured creditors should not expect distributions once administrative expenses are satisfied. About Balance Life Better Enhancement Corporation Balance Life Better Enhancement Corporation is a Detroit-based company. Balance Life Better Enhancement Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-48617) on August 26, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Paul R. Hage handles the case. The Debtor is represented by Christopher S. Sinclair, Esq. of Sinclair Law. BEAR'S FRUIT: Seeks Cash Collateral Access ------------------------------------------ Bear's Fruit LLC asks the U.S. Bankruptcy Court for the Eastern District of New York for authority to use cash collateral and provide adequate protection. The Debtor argues that immediate access to cash collateral is necessary to prevent significant harm to the business and its estate, primarily to complete a scheduled production run on August 29, fulfill existing customer orders totaling approximately $32,000, and avoid losing up to $250,000 in revenue and perishable inventory. The Debtor has already invested over $53,000 into raw materials and manufacturing for this run and notes that two of its four product SKUs are currently out of stock, further increasing the urgency. The Debtor operates an asset-light model, outsourcing manufacturing, warehousing, and distribution. It sells products to major retailers such as Whole Foods and Wegmans, as well as via online wholesale platforms. With no employees aside from its two co-founders, Amy Driscoll and Christopher Hill, the business is reliant on timely execution of operations and vendor relationships. The Debtor filed for bankruptcy on August 15 and continues to manage its business as a debtor-in-possession. Two primary secured creditors have been identified: Express Trade Capital, Inc., which holds a perfected lien via a pre-petition factoring arrangement and is owed $38,533, and the U.S. Small Business Administration, which holds a potentially lapsed security interest related to a $99,925 loan. The Debtor acknowledges both claims and intends to provide adequate protection to these creditors through post-petition replacement liens and superpriority claims. These measures are designed to safeguard the creditors' interests against any post-petition diminution in collateral value. About Bear's Fruit LLC Bear's Fruit, LLC operates an asset-light model, outsourcing manufacturing, warehousing, and distribution. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 25-43951) on August 15, 2025. In the petition signed by Amy Driscoll, co-founder, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Jill Mazer-Marino oversees the case. Robert L. Rattet, Esq., at Davidoff Hutcher & Citron LLP, represents the Debtor as legal counsel. BROKEN VESSEL: Trustee Taps Max C. Pope Jr. as General Attorney --------------------------------------------------------------- Joseph E. Bulgarella, Chapter 11 Trustee of Broken Vessel United Missionary, Full Gospel Baptist Church, Inc., seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to employ Law Offices of Max C. Pope, Jr. as his general attorney. The firm will conduct 2004 examination, if necessary, assist the Trustee in filing necessary pleadings to liquidate assets, collect account receivables, as well as other legal work necessary to properly administer the estate. The firm will be paid $475 per hour for the services rendered by Max C. Pope, Jr. The Law Offices of Max C. Pope, Jr. is a "disinterested person" as that term is defined in Sec. 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Max C. Pope, Jr., Esq. Law Offices of Max C. Pope, Jr. 1929 3rd Ave N. Ste 250 Birmingham, AL 35203 Phone: (205) 327-5566 About Broken Vessel United Missionary Full Gospel Baptist Church Broken Vessel United Missionary, Full Gospel Baptist Church, Inc. is a community focused religious organization that offers worship services, prayer meetings, and outreach programs. Broken Vessel United Missionary, Full Gospel Baptist Church sought Chapter 11 bankruptcy protection (Bankr. N.D. Ala. Case No. 24-02611) on Aug. 28, 2024. In the petition signed by Donald Moulton, president, the Debtor disclosed $1 million to $10 million in both assets and liabilities. Judge Tamara O. Mitchell oversees the case. Frederick M. Garfield, Esq., serves as the Debtor's counsel. CACHCOPA LLC: Seeks Subchapter V Bankruptcy in Florida ------------------------------------------------------ On August 26, 2025, Cachcopa LLC sought Chapter 11 bankruptcy protection under Subchapter V in North Fort Myers, Florida. The company's petition shows assets valued at $100,001 to $500,000 and liabilities between $1,000,001 and $10,000,000, with 50 to 99 creditors. Court documents indicate no restructuring support agreement or debtor-in-possession financing has been arranged. Significant unsecured claims include $150,000 owed to Quickbooks Capital, $115,000 to QFS Capital, $111,000 to Darlene Ballinger-Mack, and $94,887.55 to Google LLC. About Cachcopa LLC Cachcopa LLC, doing business as The Barrett Group, a career services company that operates the website careerchange.com and specializes in executive career coaching and job search assistance. Cachcopa LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01657) on August 26, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Van Horn Law Group, P.A. CALI MADE: Court to Hold Cash Collateral Hearing Today ------------------------------------------------------ The U.S. Bankruptcy Court for the Central District of California, Riverside Division, is set to hold a hearing today to consider another extension of Cali Made Cold Planing, LLC's authority to use cash collateral. The Debtor's authority to use cash collateral expires on August 31. The Debtor intends to continue using the cash collateral on hand and future income while offering replacement liens to First Citizens Bank, equal to any post-petition diminution in collateral value. No new adequate protection payments are proposed for other secured creditors at this time. The secured creditors, including First Citizens Bank, Ascentium Capital, and Itria Ventures, hold total claims of roughly $997,777. First Citizens Bank holds the first-priority lien and is currently receiving monthly adequate protection payments of $1,334 under a court-approved agreement. The Debtor filed for Chapter 11 bankruptcy on January 24 after a 50% revenue drop in 2024. Founded in 2021, the Debtor provides paving and asphalt services across several California counties. It employs 11 people and holds no real estate but reports $162,762 in cash and personal property as of July 31. About Cali Made Cold Planing LLC Cali Made Cold Planing LLC is a services company based in Mentone, California. Cali Made Cold Planing sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-10398) on Jan. 24, 2025. In its petition, the Debtor estimated assets and liabilities between $1 million and $10 million. Judge Scott H. Yun handles the case. The Law Offices of Michael Jay Berger serves as the Debtor's counsel. CAR TOYS: Seeks Chapter 11 Bankruptcy in Washington --------------------------------------------------- Will Wixey of Fox13 Seattle reports that Car Toys, the Auburn-based car audio and mobile electronics chain, has filed for Chapter 11 bankruptcy. The company disclosed assets and liabilities of $10 million to $50 million in its August 18, 2025 petition. A WARN notice shows 177 employees will lose jobs beginning October 20, 2025, as store closures proceed. Car Toys plans to sell most of its western Washington locations to other businesses, while keeping select stores open. Founded in Bellevue in 1987, the retailer operates across Washington, Oregon, Colorado, and Texas and is headquartered in Seattle. About Car Toys Inc. Car Toys Inc. -- https://www.cartoys.com/ -- is the largest independent multi-channel specialty car audio and mobile electronics retailer in America. Car Toys, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12288-TWD) on August 18, 2025. In the petition signed by Philip Kaestle, chief restructuring officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Timothy W. Dore oversees the case. Steven M. Palmer, Esq., at Cairncross & Hempelmann, P.S., represents the Debtor as legal counsel. CASUAL 21 USA: Gets Interim OK to Use Cash Collateral Until Nov. 13 ------------------------------------------------------------------- Casual 21 USA Corp. received interim approval from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral to fund operations. The interim order authorized the Debtor to use up to $1,413,244 in cash collateral through November 13 in accordance with its budget, subject to a 10% variance. As adequate protection, the U.S. Small Business Administration will be granted an automatically perfected replacement lien on all post-petition assets of the Debtor that is similar to its pre-bankruptcy collateral. The replacement liens do not apply to avoidance actions and their proceeds. In addition, the Debtor must make monthly payments of $6,175 to the secured lender as further protection. 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 appointment of a trustee or examiner. The final hearing is scheduled for September 9. Objections are due by September 2. About Casual 21 USA Corp. Casual 21 USA Corp. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-35882) with $0 to $50,000 in assets and $1,000,001 to $10 million in laibilities. The petition was signed by Asher Horowitz as CFO. Judge Hon. Kyu Young Paek oversees the case. The Debtor is represented by: Adrienne Woods, Esq. Weinberg Zareh Malkin Price LLP Tel: 917-447-4321 Email: awoods@wzmplaw.com CHERRY & CANDLEWOOD: Has Deal on Cash Collateral Access ------------------------------------------------------- Cherry & Candlewood, Inc. and the U.S. Small Business Administration advised the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, that they have reached an agreement regarding the Debtor's use of cash collateral and now desire to memorialize the terms of this agreement into an agreed order. In June 2020, the Debtor obtained a $150,000 COVID Economic Injury Disaster Loan from SBA, which carried a 3.75% annual interest rate and a 30-year repayment term, with monthly payments of $731. As of the petition date, the loan had an outstanding principal of $150,000 and accrued interest of $9,354.01. The loan is secured by a broad lien on the Debtor's tangible and intangible personal property. The agreement, if approved by the court, would allow the Debtor to use SBA's cash collateral (derived from the secured assets) retroactive to the petition date and continuing through October 3 to pay necessary post-petition operational expenses. As adequate protection for the use of this collateral, SBA will receive a replacement lien on the Debtor's post-petition revenues, with the same scope and priority as its pre-petition lien but limited to any post-petition decrease in the value of its collateral. This replacement lien is automatically valid, perfected, and enforceable without further filings. Additionally, the SBA will be granted a superpriority administrative expense claim, limited to any actual diminution in collateral value due to the Debtor’s use of cash collateral. The Debtor agrees not to use any cash collateral for insider payments unless compliant with applicable bankruptcy rules. It must also maintain insurance on all secured property, naming SBA as loss payee or additional insured, and provide timely monthly financial reporting. The stipulation does not waive or modify SBA's rights under the loan or bankruptcy laws and does not cure any existing default. SBA reserves the right to seek additional protections or object to the proposed reorganization plan. The stipulation remains effective through October 3, unless earlier modified, replaced or terminated by court order; plan confirmation; or case dismissal. A copy of the stipulation is available at https://urlcurt.com/u?l=7ydAej from PacerMonitor.com. About Cherry & Candlewood Inc. Cherry & Candlewood Inc., doing business as Aamco Transmission, is an American transmission-repair franchise founded by Robert Morgan and Anthony A. Martino in 1957 in Philadelphia. Cherry & Candlewood sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-19874) on December 3, 2024, with $1 million to $10 million in both assets and liabilities. Michael J. Long, chief executive officer, signed the petition. Judge Barry Russell handles the case. The Debtor is represented by Summer Shaw, Esq. at Shaw & Hanover, PC. CLAIRE'S HOLDINGS: Gets OK for $22.5M DIP Loan From AWS Claire -------------------------------------------------------------- Claire's Holdings LLC and affiliates received interim approval from the U.S. Bankruptcy Court for the District of Delaware to obtain $22.5 million in debtor-in-possession financing to fund inventory purchases and stabilize supply chain operations. The $22.5 million DIP facility is being provided by AWS Claire's LLC, the designated buyer under a sale transaction to acquire no less than 795 of the Debtors' North American stores, along with their inventory. AWS Claire's is a holding company affiliated with the buyer group led by Ames Watson, LLC. The DIP facility will be made available immediately and credited against the purchase price at closing. The DIP facility will be secured by a junior lien on ABL (asset-based lending) priority collateral (thus not priming existing asset-based lenders) and, with consent from other secured creditors, a first-priority lien on term loan priority collateral. No interest or fees will accrue unless the Debtors decide to pursue an alternative transaction and repay the facility early. Use of Cash Collateral The interim order also authorized the Debtors to use cash collateral in accordance with their budget and grant adequate protection to pre-petition secured parties. The Debtors' pre-bankruptcy capital structure includes approximately $690 million in funded debt, consisting of: (i) $63.5 million under an asset-based revolving credit facility provided by JPMorgan Chase Bank, N.A., as administrative and collateral agent; (ii) $121.1 million under a secured priority term loan facility, with Ankura Trust Company, LLC as agent; and (iii) $506.2 million under an existing term loan facility, also administered by Ankura. As protection, JPMorgan and Ankura will be granted a valid, automatically perfected security interest in and lien on all tangible and intangible pre-petition and post-petition property of the Debtors, subject and subordinate to the fee carveout. Both will also be granted an allowed superpriority administrative expense claim senior to all other administrative expense claims of any kind but subject and subordinate to the carveout. The final hearing is set for September 9, with objections due by September 2. A copy of the interim DIP order is available at https://is.gd/0e73XY AWS Claire's, as DIP lender, is represented by: Joseph Barry, Esq. Kara Hammond Coyle, Esq. Ashley E. Jacobs, Esq. Young Conaway Stargatt & Taylor, LLP 1000 North King Street Wilmington, DE 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1253 jbarry@ycst.com kcoyle@ycst.com ajacobs@ycst.com -- and -- Alan M. Noskow, Esq. Paul Hasting, LLP 2050 M Street NW Washington, DC 2036 Telephone: (202) 551-1700 alannoskow@paulhastings.com -- and -- Lindsey Henrikson, Esq. Paul Hastings, LLP 71 South Wacker Drive, Suite 4500 Chicago, IL 60606 Telephone: (312) 499-6000 lindseyhenrikson@paulhastings.com About Claire's Holdings Claire's Holdings LLC is a fully integrated, global fashion brand powerhouse committed to inspiring self-expression through the creation and delivery of exclusive, well-curated products and experiences. Through its global brands, Claire's and Icing, the company delivers an immersive, omnichannel shopping experience with owned and concession stores throughout North America and Europe as well as around the world. On the Web: http://www.claires.com/ On August 6, 2025, Claire's Holdings LLC and certain of its U.S. and Gibraltar-based subsidiaries, the operator of Claire's and ICING stores globally, commenced Chapter 11 proceedings in the United States Bankruptcy Court in the District of Delaware. The cases are pending before the Honorable Judge Brendan L. Shannon and the Debtors have requested joint administration (Bankr. D. Del. Lead Case No. 25-11454). In parallel, Claire's Canadian subsidiary commenced a proceeding in the Ontario Superior Court of Justice (Commercial Division) under the Companies' Creditors Arrangement Act to monetize the Company's Canadian assets under the protections offered by the CCAA. KSV Restructuring Inc. is the monitor in the CCAA case. Claire's and ICING locations outside of North America are not included in the Chapter 11 or CCAA proceedings. Claire's listed $1 billion to $10 billion in assets and liabilities. Kirkland & Ellis LLP is serving as legal counsel to Claire's. Houlihan Lokey is serving as investment banker, and Alvarez & Marsal is serving as restructuring advisor. Osler, Hoskin & Harcourt LLP is serving as Canadian legal counsel to Claire's. Omni Agent Solutions LLC is the claims agent. Ankura Trust Company, LLC, as Prepetition Priority Term Loan Agent and Prepetition Existing Term Loan Agent, is represented by: Joel Moss, Esq. Amit Trehan. Esq. Sean Tierney, Esq. Cahill Gordon & Reindell LLP JMoss@cahill.com ATrehan@cahill.com STierney@cahill.com JPMorgan Chase Bank, N.A., as Prepetition ABL Agent, is represented by: Elisha D. Graff, Esq. Zachary J. Weiner, Esq. Sean Lee, Esq. Simpson Thacher & Bartlett LLP egraff@stblaw.com zachary.weiner@stblaw.com sean.lee@stblaw.com -and- L. Katherine Good, Esq. Jeremy Ryan, Esq. Potter Anderson & Corroon LLP lkgood@potteranderson.com jryan@potteranderson.com) CRESCENT ENERGY: S&P Places 'B+' ICR on CreditWatch Positive ------------------------------------------------------------ S&P Global Ratings placed its 'B+' issuer credit rating (ICR) on Crescent Energy Co. (Crescent) on CreditWatch with positive implications. At the same time, S&P affirmed its 'BB-' issue-level rating on its unsecured notes. S&P said, "The CreditWatch placement reflects the likelihood that we will raise the ICR by one notch at or around the close of the acquisition, which we expect by year-end 2025. This is assuming the transaction is completed as proposed and there are no material changes to our operating assumptions." On Aug. 25, 2025, Crescent, a U.S.-based oil and gas exploration and production company, announced it has entered into a definitive agreement to acquire Vital Energy (B/Stable) in an all-stock transaction valued at approximately $3.1 billion, including the assumption of Vital's debt. As of June 30, 2025, Vital had around $2.3 billion in debt, including about $745 million in outstanding borrowings under its secured reserve-based lending credit facility. Under the terms of the agreement, Vital shareholders will receive 1.9062 shares of Crescent Class A common stock for each share of Vital common stock, a 20% premium to Vital's Aug. 22 closing share price. Pro forma for the transaction, Crescent shareholders will own approximately 77% of the combined company, and Vital shareholders will own the remaining 23%. In addition, Crescent's board of directors will increase to 12 members with the addition of two directors nominated by Vital. The transaction is subject to customary closing conditions and regulatory approvals, including approvals by shareholders of Crescent and Vital. S&P expects to resolve the CreditWatch placement when the acquisition closes, likely by the end of 2025. S&P said, "The CreditWatch placement reflects the likelihood that we will raise the ICR by one notch when the deal closes. In addition to its existing core positions across both the Eagle Ford and Uinta basins, Crescent will expand its operational footprint into the Permian Basin through the acquisition of Vital, adding 267,300 net acres. Pro forma for the acquisition, Crescent's second-quarter daily production would be around 400,000 barrels of oil equivalent (boe) per day, with liquids accounting for about 64% and total proved reserves of about 1.2 billion boe as of Dec. 31, 2024. The company is targeting $90 million–$100 million in annual synergies over the next 12 months, driven by a lower cost of capital, overhead savings, and capital allocation benefits. While we view the transaction favorably in terms of added scale and geographic diversification, we will continue to assess the overall quality and strategic fit of the acquired assets on a combined basis--considering profitability, hedging positions, and the potential implications of asset sales. "We expect the company to prioritize debt reduction over the next two years, improving its underlying credit metrics. Crescent has a long-term reported leverage target of 1.0x but is willing to increase it up to 1.5x for acquisitions. While the addition of incremental debt will initially weaken Crescent's credit metrics, the company anticipates achieving 1.5x leverage at the close of the transaction, which we anticipate will happen by year-end 2025. We expect Crescent to prioritize debt reduction through organic free cash flow generation and a revised plan to divest $1 billion in non-core assets (up from the previously announced $250 million). However, we do not incorporate divestitures in our base case because they're not yet contracted. "We affirmed our 'BB-' issue-level rating on Crescent's senior unsecured notes. The affirmation reflects our expectation that the '2' recovery rating--which currently leads to a one-notch uplift from our current 'B+' issuer credit rating--would be capped at a '3' if we raised the ICR to 'BB-'. We don't apply a one-notch uplift for debt with a '3' recovery rating, and so we would not expect to raise the unsecured notes rating if we raise the ICR. We cap issue-level ratings at '3' when the issuer credit rating is in the 'BB' category to reflect the heightened risk the company will issue additional priority or pari passu debt on the path to default. "The CreditWatch placement reflects the likelihood that we'll raise our ICR on Crescent by one notch at or around the close of the acquisition, which we expect by year-end 2025. This is assuming the transaction is completed as proposed and there are no material changes to our operating assumptions." DANIEL TRUCKING: Seeks Cash Collateral Access --------------------------------------------- Daniel Trucking International, Inc. asks the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, for authority to use cash collateral and provide adequate protection to its secured creditors Old National Bank and the U.S. Small Business Administration. The Debtor asserts that continued use of cash collateral is essential to maintain operations and avoid business shutdown, which would result in significant harm to the bankruptcy estate and creditors. In return for this use, the Debtor proposes to provide adequate protection to the secured creditors in the form of replacement liens on post-petition assets and proceeds to the extent and validity of their pre-petition liens. The Debtor also commits to continuing insurance coverage on all secured assets. The Debtor argues that its proposed budget demonstrates that the value of the secured creditors' collateral is not declining, thereby satisfying the requirement to provide adequate protection under Section 361. The Debtor owes approximately $1.3 million and $1.886 million to ONB and the SBA, respectively. Both creditors hold perfected security interests in all of the Debtor's assets, including its cash and receivables, pursuant to properly filed UCC financing statements. A hearing on the matter is set for September 3. A copy of the motion is available at https://urlcurt.com/u?l=S49a7v from PacerMonitor.com. About Daniel Trucking International Inc. Daniel Trucking International, Inc. is a Wheeling, Illinois-based transportation company. Daniel Trucking International sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10329) on July 7, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. The Debtor is represented by David Freydin, Esq., at Law Offices of David Freydin Ltd. DELTA ABSORBENTS: Hires Bridgers Goodman Baird as Accountant ------------------------------------------------------------ Delta Absorbents of America, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Mississippi to hire Bridgers, Goodman, Baird & Clarke, PLLC as accountants. The firm will perform all accounting services that are necessary or that may become necessary in this proceeding. The firm will be paid at these rates: Certified Public Accountants $180 an hour Other Accountants $90 an hour David E. Clarke, CPA, of Bridgers, Goodman, Baird & Clarke, PLLC, represents no interests adverse to the estate, Delta Absorbents, or issues which may arise in this matter. The firm can be reached through: David E. Clarke, CPA Bridgers, Goodman, Baird & Clarke, PLLC 3528 Manor Drive Vicksburg, MS 39180 Phone: (601) 636-1416 About Delta Absorbents of America, Inc. Delta Absorbents of America, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-11985) on June 25, 2025, listing up to $50,000 in assets and $500,001 to $1 million in liabilities. R. Michael Bolen, Esq. at Hood & Bolen, Attorneys At Law represents the Debtor as counsel. DEPLOYED SOLDIERS: Seeks Subchapter V Bankruptcy in Maryland ------------------------------------------------------------ Deployed Soldiers Network LLC filed for Chapter 11 protection on August 26, 2025, in the District of Maryland. The Oxon Hill-based company, led by CEO Willard Williams, reported assets and liabilities of $500,001–$1 million The company elected Subchapter V treatment as a small business debtor. The filing lists 1–49 creditors, including Chase Bank, Progressive, and other financial institutions. About Deployed Soldiers Network LLC Deployed Soldiers Network LLC is an information technology company that appears to provide specialized IT services related to military personnel or veterans. Deployed Soldiers Network LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-17821) on August 26, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. The Debtor is represented by Law Office of David Cahn, LLC. DIOCESE OF SYRACUSE: Gets Court Approval for $176MM Chap. 11 Plan ----------------------------------------------------------------- Rick Archer of Law360 reports that on Wednesday, August 27, 2025, a New York bankruptcy judge approved the Roman Catholic Diocese of Syracuse's $176 million settlement plan for sexual abuse claims, noting that recent insurance agreements do not affect the plan's fundamental structure. About The Roman Catholic Diocese of Syracuse The Roman Catholic Diocese of Syracuse, New York -- http://www.syracusediocese.org/-- through its administrative offices (a) provides operational support to the Catholic parishes, schools and certain other Catholic entities that operate within the territory of the Diocese in support of their shared charitable humanitarian and religious missions; (b) conducts school operations by managing tuition and scholarship payments, employee payroll, and other school-related operating expenses for separately incorporated Diocesan schools, as well as providing parish schools with financial, operational and educational support; and (c) provides comprehensive risk management services to the OCEs through the Diocese's insurance program. The Roman Catholic Diocese of Syracuse, New York filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bank. N.D.N.Y. Case No. 20-30663) on June 19, 2020. Stephen A. Breen, chief financial officer, signed the petition. At the time of filing, the Debtor estimated $10 million to $50 million in assets and $50 million to $100 million in liabilities. Judge Margaret M. Cangilos-Ruiz oversees the case. Bond, Schoeneck and King, PLLC, serves as the Debtor's bankruptcy counsel. The Debtor also tapped Mullen Coughlin LLC as special counsel, Arete Advisors LLC as cybersecurity consultant, and Moxfive LLC as technical advisor. Stretto is the claims agent and administrative advisor. The U.S. Trustee for Region 2 appointed a committee to represent unsecured creditors in the Debtor's bankruptcy case. The committee tapped Stinson, LLP, Saunders Kahler, LLP and Berkeley Research Group, LLC, as its bankruptcy counsel, local counsel and financial advisor, respectively. DISCOUNT AUTO GLASS: Seeks Chapter 11 Bankruptcy in Pennsylvania ---------------------------------------------------------------- On August 22, 2025, Discount Auto Glass Inc. filed Chapter 11 protection in the Western District of Pennsylvania. 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 Discount Auto Glass Inc. Discount Auto Glass Inc., operates under the names Discount Auto Glass and Discount Auto Glass and Service, is an automotive glass repair and replacement services provider operating in North Versailles, Pennsylvania. Discount Auto Glass Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22204) on August 1, 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 Christopher M. Frye, Esq. at Steidl & Steinberg, P.C. DOUBLE S SIGNS: Seeks Subchapter V Bankruptcy in Texas ------------------------------------------------------ On August 25, 2025, Double S Signs sought Chapter 11 protection under Subchapter V in the Eastern District of Texas, a process designed to streamline reorganization for small businesses. Financial strain from multiple bank loans appears to have prompted the filing. The company reported assets of approximately $556,314 and liabilities of $1,188,090, largely tied to loans and credit lines from Simmons Bank and Regions Bank. About Double S Signs LLC Double S Signs LLC, doing business as Hightech Signs, is a sign manufacturing and installation company based in Texarkana, Texas. It designs, manufactures, and installs various types of signage products for commercial and retail customers, with operations spanning both Texas and Arkansas. Double S Signs LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-50110) on August 25, 2025. In its petition, the Debtor reports assets of approximately $556,314 and liabilities of $1,188,090. The Debtor is represented by The Lane Law Firm. The Debtor's accountant is Miller & Company CPA PLLC. DOUBLE T STEEL: Hires White Family Tax Service as Accountant ------------------------------------------------------------ Double T Steel LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Randy White and The White Family Tax Service LLC as its accountants. The firm will provide accounting and financial services, including tax preparation and preparing projections for the Chapter 11 plan, if and as needed. As disclosed in the court filings, Dr. White and The White Family Tax Service LLC are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Randy White The White Family Tax Service LLC 23603 Forest Trail Drive Hockley, TX 77447 Tel: (936) 766-1979 Email: randy2033@sbcglobal.net About Double T Steel LLC Double T Steel, LLC is a Houston-based company likely operating in the steel industry. Double T Steel filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34239) on July 26, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge Jeffrey P. Norman handles the case. The Debtor is represented by Reese W. Baker, Esq., at Baker & Associates. DUNCAN RENTAL: Gets Extension to Access Cash Collateral ------------------------------------------------------- Duncan Rental Company, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. The second interim order signed by Judge Roberta Colton authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by secured creditor, BankFlorida. The Debtor projects total operational expenses of $157,135.92 for the period from August to January. As adequate protection for the Debtor's use of its cash collateral, BankFlorida will be granted a replacement lien on the cash collateral, to the same extent and with the same validity and priority as its pre-bankruptcy lien. In addition, the Debtor must pay $4,563 per month to BankFlorida, starting Sept. 5. The Debtor was also ordered to keep its property insured in accordance with its loan agreements with BankFlorida as further protection. The next hearing is set for September 11. BankFlorida is represented by: Noel R. Boeke, Esq. Holland & Knight, LLP 100 North Tampa Street, Suite 4100 Tampa, Florida 33602 Telephone: (813) 227-6525 noel.boeke@hklaw.com About Duncan Rental Company LLC Duncan Rental Company, LLC is a Florida-based equipment rental company specializing in construction and heavy equipment. Duncan Rental Company filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04733) on July 11, 2025, listing between $100,000 and $500,000 in assets and between $500,000 and $1 million in liabilities. Kathleen DiSanto, Esq., at Bush Ross, P.A., serves as Subchapter V trustee. Judge Roberta A. Colton handles the case. The Debtor is represented by Buddy D. Ford, Esq. at Ford & Semach, P.A. EDGIO INC: Investors Continue Claims Over Inflated Sales Project ---------------------------------------------------------------- Martina Barash of Bloomberg Law reports that a federal judge has allowed Edgio Inc. investors to move forward with a proposed securities fraud class action alleging the company misrepresented revenue prior to restating its financial results. According to the report, U.S. District Judge Diane J. Humetewa ruled Monday, August 26, 2025, that investors sufficiently claimed the video streaming delivery provider made false or misleading statements about its sales pipeline tied to new software offerings. The court also found the plaintiffs adequately alleged that three top executives -- still named as defendants despite Edgio's September 2024 bankruptcy filing -- acted intentionally or recklessly in their statements regarding internal controls and the sales pipeline, the report related. About Edgio Inc. Edgio Inc. (NASDAQ: EGIO) helps companies deliver online experiences and content faster, safer, and with more control. Its developer-friendly, globally scaled edge network, combined with our fully integrated application and media solutions, provide a single platform for the delivery of high-performing, secure web properties and streaming content. Through this fully integrated platform and end-to-end edge services, companies can deliver content quicker and more securely, thus boosting overall revenue and business value. Edgio Inc. and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 24-11985) on Sept. 9, 2024 with a deal to sell its assets to lender Lynrock Lake Master Fund LP for a credit bid of $110 million, absent higher and better offers. The Hon. Karen B. Owens presides over the cases. Edgio disclosed $379,013,042 in total assets against $368,613,842 in total liabilities as of June 30, 2024. The Debtors tapped MILBANK LLP as general bankruptcy counsel; RICHARDS, LAYTON & FINGER, P.A., as local counsel; TD SECURITIES (USA) LLC (d/b/a TD COWEN) as financial restructuring advisor; and RIVERON CONSULTING LLC as business advisor. C STREET ADVISORY GROUP is serving as strategic communications advisor to the Debtors. OMNI AGENT SOLUTIONS, INC., is the claims agent. EL DORADO GAS: To Sell Winkler Property to Ridge Runner ------------------------------------------------------- Dawn M. Ragan, the duly appointed Chapter 11 Trustee for the bankruptcy estate of El Dorado Gas & Oil, Inc. and Hugoton Operating Company Inc., seek permission from the U.S. Bankruptcy Court for the Southern District of Mississippi, to sell Assets, free and clear of all liens, claims, encumbrances, and interests. The Trustee has evaluated the Debtors' assets, including those certain oil and gas leases and lands located in Winkler County, TX, owned by Hugoton and/or Bluestone (Assets). The Trustee has determined that the Debtors do not need the Assets for their operations and that they would better serve the Debtors' estates if she sold them. The Trustee submits that conducting a private sale of the Assets is prudent and in the best interest of the Debtors' estates. The Trustee seeks approval of a sale from the Trustee to Ridge Runner Assetco II, LLC, or its designated assignee (Purchaser), of the Assets in accordance with that certain Assignment, Bill of Sale and Conveyance by and between the Trustee and the Purchaser. The Purchaser has offered to purchase the Assets for $250,000 in accordance with Assignment. The Trustee submits that the Purchaser's offer for the Assets is fair and reasonable and the best way to maximize the value of the Assets for the benefit of the Debtors’ estates. All net proceeds from the sale of the Assets will be held by the Trustee for the benefit of the Debtors' estates. The Trustee is not aware of any other party asserting any liens, claims, encumbrances, and interests against the Assets. The Trustee believes that the requirements of section 363(f)of the Bankruptcy Code have been satisfied, and the Court should authorize the Trustee to sell the Assets free and clear of all liens, claims, encumbrances, and interests to the Purchaser. The Trustee also asserts that a timely sale of the Assets to the Purchaser is essential. Any delay in being able to sell the Assets would cause preventable harm to the Debtors' estates. About El Dorado Gas & Oil Inc. Hugoton Operating Company, Inc. filed a voluntary Chapter 11 petition (Bankr. S.D. Miss. Case No. 23-51139) on Aug. 14, 2023. El Dorado Gas & Oil, Inc., a company in Gulfport, Miss., filed Chapter 11 petition (Bankr. S.D. Miss. Case No. 23-51715) on Dec. 22, 2023, with $500 million to $1 billion in assets and $50 million to $100 million in liabilities. Thomas L. Swarek, president, signed the petition. On Feb. 22, 2024, Bluestone Natural Resources II - South Texas, LLC and World Aircraft, Inc. filed separate Chapter 11 petitions(Bankr. S.D. Miss. Case Nos. 24-50223 and 24-50224). On Jan. 12, 2024, the Court entered an order directing the appointment of a Chapter 11 trustee for Hugoton. On Jan. 22, 2024, the Court approved Dawn Ragan as the Chapter 11 trustee for Hugoton. On Jan. 31, 2024, the Court ordered the appointment of a Chapter 11 trustee for El Dorado. On Feb. 2, 2024, the Court approved Ms. Ragan as Chapter 11 trustee for El Dorado. No official committee of unsecured creditors has been established in any of the Debtor cases. Hugoton and El Dorado are both Arkansas corporations engaged in the exploration, production, and development of crude oil and natural gas properties. El Dorado is a lease holder and operator of oil and gas wells covering about 4,000 net acres in South Texas. El Dorado also owns a substantial amount of oil field equipment and owns real estate in multiple locations and states. Hugoton also owns oil and gas interests and operates wells in South Texas. Hugoton is 100% owned by El Dorado and El Dorado is 100% owned by Thomas Swarek. Bluestone is 100% owned by Hugoton. Bluestone owns oil and gas interests operated by the EDGO Debtors. World Aircraft is 100% owned by EDGO. World Aircraft owns various aircraft and equipment assets. Judge Katharine M Samson oversees the cases. Patrick Sheehan, Esq., at Sheehan & Ramsey, PLLC, is Debtors Bluestone Natural Resources II-South Texas, LLC and World Aircraft, Inc. R. Michael Bolen, Esq., at Hood & Bolen, PLLC; and Nancy Ribaudo, Esq., Katherine Hopkins, Esq., and Joseph Austin, Esq., at Kelly Hart & Hallman LLP, serve as counsel to Dawn Ragan, Chapter 11 Trustee for El Dorado Gas & Oil, Inc. and Hugoton Operating Company, Inc. ENDO INT'L: Plan Administrator Wins Bid to Reclassify Claims ------------------------------------------------------------ The Honorable James L. Garrity, Jr. of the United States Bankruptcy Court for the Southern District of New York sustains the Sixth Omnibus Objection of Patrick J. Bartels to certain claims in the Chapter 11 cases. Bartels is the Plan Administrator of the remaining debtors of Endo International plc and its debtor-affiliates. The Plan Administrator is seeking the entry of an order pursuant to sections 105(a), 502, and 558 of title 11 of the United States Code, and rule 3007 of the Federal Rules of Bankruptcy Procedure, reclassifying certain claims filed by the claimants listed in Exhibit 1 to the Proposed Order as unsecured Class 4(C) Mesh Claims under the Fourth Amended Plan. The Reclassified Claims consist of one hundred tort claims against the Debtor for personal injuries allegedly resulting from the use of certain transvaginal surgical mesh Products. Almost all of the Reclassified Claims are filed as unspecified "Priority" claims. However, one is filed as a "Priority" claim and a claim entitled to priority under section 503(b)(9) of the Bankruptcy Code, and two seek priority status only under section 503(b)(9). Two of the Section 503(b)(9) Claims assert "Secured" status. The Objection only challenges the classification of the Reclassified Claims. Accordingly, each Claimant will retain an unsecured claim that incorporates the entire liability asserted by such Claimant, subject to the Plan and/or applicable trust distribution procedures. The Plan Administrator submitted the declaration of Erin McKeighan in support of the Objection. No Claimant responded to the Objection. Holders of Allowed Class 4(C) Claims are beneficiaries of the Mesh Claims Trust. Heather L. Barlow is the trustee for the trust. She filed a response to the Objection and a reservation of rights She submitted a declaration in support of her response. The Court conducted a hearing on the Objection. The Mesh Claims Trustee advises that she has not yet reviewed the claims that are the subject of the Reclassification Objections to assess whether she agrees that such claims properly should have been classified as Class 4(C) Mesh Claims. Nonetheless, the trustee does not oppose the relief the Plan Administrator seeks in the Objection. Mesh Claims Trustee Response at 2. However, she reserves her right to seek further reclassification of any such claim to another non-priority class after completion of her review of the claims. Her failure to oppose reclassification at this time does not reflect her agreement that such claims properly are Class 4(C) Mesh Claims. The Court finds none of the Claimants asserting Priority Claims has met their burden of demonstrating a right to priority status under the Bankruptcy Code. The Court sustains the Plan Administrator's objection to the classification of the Priority Claims. According to the Court, none of the Claimants asserting Section 503(b)(9) Claims provided support for priority treatment under section 503(b)(9). The Court sustains the objection to the classification of the Section 503(b)(9) Claims. At the hearing, Ms. McKeighan advised that none of the Secured Claims include evidence that the security interest has been perfected. Accordingly, since the Claimants did not put forth evidence that their security interest was perfected, then their proof of claim do not constitute prima facie evidence of the validity of their claims. The Court sustains the objection to the Secured Claims. At the hearing, Ms. McKeighan confirmed that none of the Claimants hold Future Mesh Claims. According to Judge Garrity, "Holders of Allowed Mesh Claims are beneficiaries of the Mesh Claims Trust and shall receive a recovery, if any, from the Mesh Claims Trust Consideration. It is undisputed that each Claimant asserting a Reclassified Claim is asserting a prepetition tort claim against Endo International plc for personal injuries allegedly resulting from the use of certain transvaginal surgical mesh Products. Those claims fall within the scope of Class 4(C) Mesh Claims under the Plan." Therefore, the Court reclassifies the Reclassified Claims to Class 4(C) Mesh Claims, subject to the Mesh Claims Trustee's review of the Reclassified Claims, in accordance with the Endo Mesh Claims Trust Agreement. A copy of the Court's Memorandum Decision dated August 21, 2025, is available at https://urlcurt.com/u?l=4ebRbO from PacerMonitor.com. About Endo International PLC Endo International plc (OTC: ENDPQ) is a generics and branded pharmaceutical company. It develops, manufactures, and sells branded and generic products to customers in a wide range of medical fields, including endocrinology, orthopedics, urology, oncology, neurology, and other specialty areas. On the Web: http://www.endo.com/ Endo International and certain of its subsidiaries initiated voluntary prearranged Chapter 11 proceedings (Bankr. S.D.N.Y. Lead Case No. 22-22549) on Aug. 16, 2022. On May 25, 2023, Operand Pharmaceuticals Holdco II Limited and Operand Pharmaceuticals Holdco III Limited each filed a voluntary Chapter 11 petition also in the U.S. Bankruptcy Court for the Southern District of New York. On May 31, 2023, Operand Pharmaceuticals II Limited and Operand Pharmaceutical III Limited each filed a voluntary Chapter 11 petition also in the Southern District of New York. The Company's cases are jointly administered before the Honorable James L. Garrity, Jr. Endo initiated the financial restructuring process after reaching an agreement with a group of its senior debtholders on a transaction that would substantially reduce outstanding debt, address remaining opioid and other litigation-related claims, and best position Endo for the future. This would allow the Company to advance its ongoing business transformation from a strengthened financial position to create compelling value for its stakeholders over the long term. Endo's India-based entities are not part of the Chapter 11 proceedings. The Company has filed recognition proceedings in Canada and expects to file similar proceedings in the United Kingdom and Australia. The Debtors tapped Skadden, Arps, Slate, Meagher & Flom, LLP as legal counsel; PJT Partners, LP as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. Kroll Restructuring Administration, LLC, is the claims agent and administrative advisor. A Website dedicated to the restructuring is at http://www.endotomorrow.com/ Roger Frankel, the legal representative for future claimants in the Chapter 11 cases, tapped Frankel Wyron LLP and Young Conaway Stargatt & Taylor, LLP, as legal counsels, and Ducera Partners, LLC, as investment banker. FLOWER APARTMENTS: Gets OK to Use Cash Collateral Until Sept. 11 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division granted Flower Apartments, LLC interim approval to use cash collateral. The interim order authorized the Debtor to use cash collateral through September 11 to pay the expenses set forth in the approved budget, subject to a 10% variance. As adequate protection for the Debtor's use of its cash collateral, U.S. Bank National Association will receive payment of $10,000 and a replacement lien on the Debtor's post-petition property and debtor-in-possession bank accounts, with the same validity, priority and extent as its pre-bankruptcy lien. The next hearing is scheduled for September 11. U.S. Bank is represented by: Randye B. Soref, Esq. Tanya Behnam, Esq. Polsinelli, LLP 2049 Century Park East, Suite 2900 Los Angeles, CA 90067 Telephone: (310) 556-1801 Facsimile: (310) 556-1802 rsoref@polsinelli.com tbehnam@polsinelli.com About Flower Apartments LLC Flower Apartments, LLC is a Los Angeles-based real estate company that appears to own or operate an apartment property located at 1420 S. Flower Street in downtown Los Angeles. Flower Apartments sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-15724) on July 7, 2025. In its petition, the Debtor reportedÂ estimated assets and liabilities between $1 million and $10 million. Judge Julia W. Brand handles the case. The Debtor is represented by Matthew D. Resnik, Esq., at Rhm Law, LLP. FTX TRADING: Fenwick & West Fights New Crypto Scam MDL Claims ------------------------------------------------------------- Ryan Boysen of Law360 reports that Fenwick & West LLP has petitioned a Florida federal judge to throw out attempts by FTX Trading Ltd. victims to file new claims, rejecting as an "irresponsible falsehood" allegations that the firm knowingly overlooked FTX's misuse of customer funds. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. GENESIS HEALTHCARE: Gets $30MM DIP, Sale Process Court OK --------------------------------------------------------- Clara Geoghegan of Law360 reports that on August 27, 2025, a Texas bankruptcy judge granted final approval to Genesis Healthcare Inc.'s $30 million updated debtor-in-possession financing and sale procedures under Chapter 11, following three days of hearings and overruling challenges raised by unsecured creditors. 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. GENESIS HEALTHCARE: Two New Committee Members Appointed ------------------------------------------------------- The U.S. Trustee for Region 6 appointed Paul Runice, vice president of United Group Change Healthcare Operations, LLC, and Brian Chambers, director of Credit and Collections, Sysco Corporation, as additional members of the official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The committee is now composed of: 1. Debra F. Constantine Individually and as Administratrix of the Estate of Mary E. Miller c/o Joshua H. Meyeroff, Esq. Morris James LLP 500 Delaware, Ave. Ste. 1500 Wilmington, DE 19801 jmeyerhoff@morrisjames.com 2. Tanya Turner Class Representative c/o Misty M. Lauby Lauby, Mankin & Lauby LLP 5198 Arlington Ave, PMB 5132 Riverside, CA 92504 misty@lmlfirm.com 3. Mark Adkins Durable Power of Attorney for Juanita Spurlock c/o Steven R. Broadwater, Jr. Stewart Bell, PLLC 30 Capitol St. P.O. Box 1723 Charleston, WV 25326 srbroadwater@belllaw.com 4. Ignacio Garcia Individually and as Personal Representative of Estate of Frances Lupasita Serna c/o David Adams Parnall and Adams Law, LLC 2116 Vista Oeste NW, Suite 403 Albuquerque, NM 87120 david@parnalladams.com 5. Joshua Perlin Vice President and Chief Financial Officer Omnicare, LLC 6285 West Galveston St. #3 Chandler, AZ 85226 joshua.perlin@omnicare.com 6. Silvana Stankus Executive Director New England Healthcare Employees Pension Fund 77 Huyshope Avenue, 2nd Floor Hartford, CT 06106 sstankus@1199nefunds.org 7. Peter Nenstiel Senior Vice President Financial Services Healthcare Services Group, Inc. 3220 Tillman Drive, Suite 300 Bensalem, PA 19020 pnenstiel@hcgcorp.com 8. Paul Runice Vice President of United Group Change Healthcare Operations, LLC Change Healthcare Technologies, LLC 9900 Bren Rd. E. Minnetonka, MN 55343 paul_runice@uhg.com 9. Brian Chambers Director of Credit and Collections Sysco Corporation 1390 Enclave Parkway Houston, TX 77077 brian.chambers@sysco.com About Genesis Healthcare Genesis Healthcare, Inc. (OTC Expert Market: GENN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with nearly 200 skilled nursing centers and senior living communities in 17 states nationwide. Genesis subsidiaries also supply rehabilitation therapy to approximately 1,500 locations in 43 states and the District of Columbia. On July 9, 2025, Genesis Healthcare, Inc. and 298 of its affiliates and subsidiaries each filed voluntary petitions in Dallas, Texas, seeking relief under chapter 11 of the United States Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80185). The Debtors listed at least $1 billion in assets and liabilities as of the bankruptcy filing. As of the Petition Date, the Debtors had secured debt of $708.5 million and unsecured obligations totaling $1.568 billion. The Debtors tapped McDermott Will & Emery LLP as bankruptcy counsel, and Jefferies, LLC, as investment banker. Ankura Consulting Group, LLC, provides the services of senior managing directors Russell A. Perry and Louis E. Robichaux IV as CRO of the Debtors. Epiq Corporate Restructuring, LLC, is the claims agent. The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Counsel to Welltower: John T. Cox III, Esq. Gibson, Dunn & Crutcher LLP 2001 Ross Avenue, Suite 2100 Dallas, TX 75201 tcox@gibsondunn.com - and - Jeffrey C. Krause, Esq. Michael G. Farag, Esq. Gibson, Dunn & Crutcher LLP 333 South Grand Avenue Los Angeles, CA 90071 jkrause@gibsondunn.com mfarag@gibsondunn.com Counsel to Omega: Robert J. Lemons, Esq. Goodwin Proctor LLP The New York Times Building 620 Eighth Avenue New York, NY 10018 rlemons@goodwinlaw.com - and - Leighton Aiken, Esq. Ferguson Braswell Fraser Kubasta PC 2500 Dallas Parkway, Suite 600 Plano, TX 75093 laiken@fbfk.law Counsel to the Debtors' Prepetition ABL Secured Parties: Kenneth J. Ottaviano, Esq. Blank Rome LLP 444 West Lake Street, Suite 1650 Chicago, IL 60606 ken.ottaviano@blankrome.com Counsel to the Debtors' DIP Lenders: James Muenker, Esq. DLA Piper LLP 1900 N. Pearl St., Suite 2200 Dallas, TX 75201 james.muenker@us.dlapiper.com GPD COMPANIES: S&P Withdraws 'CCC+' Issuer Credit Rating -------------------------------------------------------- S&P Global Ratings withdrew its ratings on global plastics distributor and service provider GPD Companies Parent Inc. at the company's request. S&P's issuer credit rating was 'CCC+' and the outlook was positive at the time of withdrawal. HAPPY HOME: Lender Seeks to Prohibit Cash Collateral Access ----------------------------------------------------------- U.S. Bank Trust National Association, not in its individual capacity but solely as Trustee for Greene Street Funding Trust II, through its loan servicer RF Mortgage Services Corporation asks the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, to prohibit Happy Home Builder, LLC from using cash collateral and requiring the Debtor to begin making adequate protection payments. The cash collateral includes rental income generated by the real property located at 1416 Hidden Drive, Canyon Lake, Texas. The creditor alleges that the Debtor executed a promissory note secured by a deed of trust that includes assignment of rents and other provisions giving the creditor a security interest in both the property and any income derived from it. RF Mortgage Services Corporation services the loan. According to the creditor, the Debtor has failed to make required payments, defaulted on the mortgage, and continues to use dental income without authorization, violating provisions of the U.S. Bankruptcy Code. The Debtor has not filed the necessary motion to use cash collateral and has also failed to submit key documents required in a Chapter 11 case, such as complete schedules, a plan of reorganization, and operating reports. The creditor further contends that it is being harmed by the Debtor's unauthorized use of income while the loan remains in default. Therefore, it requests that the court issue an order prohibiting further use of any cash collateral by the Debtor for any purpose, including for personal expenses of the Debtor's principals or insiders. Additionally, the creditor seeks a court order requiring the Debtor to: provide an accounting of all income generated from the property since the petition date; commence monthly adequate protection payments in an amount equal to the contractual loan payments (including taxes and insurance escrow); produce copies of all rental or lease agreements; and segregate all property-generated income in a debtor-in-possession account. A copy of the motion is available at https://urlcurt.com/u?l=7kn4ns from PacerMonitor.com. About Happy Home Builder LLC Happy Home Builder, LLC operates as Stay at Canyon Lake, offering event hosting services for graduations, special occasions, corporate retreats, conferences, workshops, reunions, weddings, retirements, family gatherings, and team-building events. The venue is pet-friendly and accommodates up to 100 guests. Located in the Texas Hill Country, Canyon Lake provides a scenic setting for outdoor activities and a diverse dining scene featuring Italian and American cuisine. The area also hosts a variety of community events, making it a popular destination for both recreation and celebrations. Happy Home Builder sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 25-51268) on June 2, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Craig A. Gargotta handles the case. The Debtor is represented by Paul Steven Hacker, Esq., at Hacker Law Firm, PLLC. RF Mortgage Services Corporation, as loan servicer, is represented by: Mary Compary, Esq. De Cubas & Lewis, P.A. P.O. Box 5026 Fort Lauderdale, FL 33310 Telephone: (954) 453-0365/1-800-441-2438 Facsimile: (954)771-6052 Email: nicki.compary@decubaslewis.com HIELO DEL CIELO: Areya Holder Aurzada Named Subchapter V Trustee ---------------------------------------------------------------- The U.S. Trustee for Region 6 appointed Areya Holder Aurzada, Esq., at Holder Law as Subchapter V trustee for Hielo del Cielo, LLC. Ms. Aurzada will be paid an hourly fee of $575 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Aurzada declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Areya Holder Aurzada, Esq. Holder Law 901 Main Street, Ste. 5320 Dallas, TX 75202 Office: 972-438-8800 Mobile: 817-907-4140 About Hielo del Cielo Hielo del Cielo, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-43082) on August 20, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Mark X. Mullin presides over the case. Robert Thomas DeMarco, Esq. represents the Debtor as legal counsel. HUNTINGTON BANK 2025-2: Moody's Assigns B3 Rating to Class D Notes ------------------------------------------------------------------ Moody's Ratings has assigned definitive ratings to the Huntington Bank Auto Credit-Linked Notes, Series 2025-2 (HACLN 2025-2) notes issued by The Huntington National Bank (HNB, senior unsecured A3). The credit-linked notes reference a pool of fixed rate auto installment contracts with prime-quality borrowers originated and serviced by HNB. HACLN 2025-2 is the fourth credit linked notes transaction issued by HNB to transfer credit risk to noteholders through a hypothetical financial guaranty on a reference pool of auto loans originated and serviced by HNB. The complete rating actions are as follows: Issuer: Huntington Bank Auto Credit-Linked Notes, Series 2025-2 Class B-1 Notes, Definitive Rating Assigned A3 (sf) Class B-2 Notes, Definitive Rating Assigned A3 (sf) Class C Notes, Definitive Rating Assigned Ba3 (sf) Class D Notes, Definitive Rating Assigned B3 (sf) RATINGS RATIONALE The notes are floating-rate, with the exception of the Class B-1 notes which are fixed-rate. Unlike principal payment, interest payment to the notes is not dependent on the performance of the reference pool. This deal is unique in that the source of payments for the notes will be HNB's own funds, and not the collections on the loans or note proceeds held in a segregated trust account. Thus, the notes are unsecured obligations of HNB and Moody's capped the ratings of the notes at HNB's senior unsecured rating (A3 stable). The credit risk exposure of the notes depends on the actual realized losses incurred by the reference pool. This transaction has a pro-rata structure, which is more beneficial to the subordinate bondholders than the typical sequential-pay structure seen in US auto loan securitizations. The ratings are based on the quality of the underlying collateral and its expected performance, the strength of the capital structure, the experience of HNB as the servicer, and the creditworthiness of HNB as reflected in its credit rating. Moody's median cumulative net loss expectation for the 2025-2 reference pool is 0.65% and the loss at a Aaa stress is 5.00%. Moody's based Moody's cumulative net loss expectation on an analysis of the credit quality of the underlying collateral; the historical performance of similar collateral, including securitization performance and managed portfolio performance; the ability of HNB to perform the servicing functions; and current expectations for the macroeconomic environment during the life of the transaction. At closing, the Class B-1 notes, Class B-2 notes, Class C notes, and Class D notes are expected to benefit from 2.50%, 2.50%, 2.05%, and 1.20% of hard credit enhancement, respectively. Hard credit enhancement for the notes consists of subordination. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Up Moody's could upgrade the Class B-1, Class B-2, Class C, and Class D notes if levels of credit enhancement are higher than necessary to protect investors against current expectations of portfolio losses. Losses could decline from Moody's original expectations as a result of a lower number of obligor defaults or appreciation in the value of the vehicles securing an obligor's promise of payment. Portfolio losses also depend greatly on the US job market and the market for used vehicles. Other reasons for better-than-expected performance include changes to servicing practices that enhance collections or refinancing opportunities that result in prepayments. Moody's could also upgrade the Class B-1 and B-2 notes if HNB's senior unsecured rating is upgraded. Down Moody's could downgrade the notes if given current expectations of portfolio losses, levels of credit enhancement are consistent with lower ratings. Credit enhancement could decline if realized losses reduce available subordination. Moody's expectations of pool losses could rise as a result of a higher number of obligor defaults or deterioration in the value of the vehicles securing an obligor's promise of payment. Portfolio losses also depend greatly on the US job market, the market for used vehicles, and poor servicing. Other reasons for worse-than-expected performance include error on the part of transaction parties, inadequate transaction governance, and fraud. Moody's could also downgrade the notes if HNB's senior unsecured rating is downgraded. ILLUMINATE PROPERTIES: Taps eXp Realty of California as Broker -------------------------------------------------------------- Illuminate Properties & Investments Capital Group seeks approval from the U.S. Bankruptcy Court for the Northern District of California to hire Sunny Wong and eXp Realty of California, Inc. as broker. The firm will assist the Debtor in selling its property located at 725 East 21st Street, Oakland, California 94606. The firm will receive a commission equal to 4 percent of sales price. assured the court that she is a "disinterested person" as defined in 11 U.S.C. Sec. 101(14) of the Bankruptcy Code. The firm can be reached through: Sunny Wong Exp Realty of California, Inc. 2603 Camino Ramon Suite 200 San Ramon, CA 94583 Phone: (888) 584-9427 About Illuminate Properties & Investments Capital Group Illuminate Properties & Investments Capital Group leases real estate assets, including buildings, dwellings, and other types of properties. Illuminate Properties & Investments Capital Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-41103) on June 23, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. The Debtor is represented by Lewis Phon, Esq. at LAW OFFICE OF LEWIS PHON. IMPERIAL MANUFACTURING: Seeks Chapter 11 Bankruptcy in Illinois --------------------------------------------------------------- On August 25, 2025, Imperial Manufacturing LLC filed Chapter 11 protection in the Northern District of Illinois. According to court filing, the Debtor reports up to $50,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Imperial Manufacturing LLC 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. Imperial Manufacturing LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-13070) on August 25, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities up to $50,000. Honorable Bankruptcy Judge Michael B. Slade handles the case. The Debtor is represented by Gregory K. Stern, Esq. at GREGORY K. STERN, P.C. JACKSONVILLE MOVING: Seeks Subchapter V Bankruptcy in Florida ------------------------------------------------------------- On August 26, 2025, Jacksonville Moving, Inc. sought Chapter 11 protection in the Middle District of Florida, electing to proceed under Subchapter V as a small business debtor. The company disclosed assets estimated between $500,000 and $1 million and liabilities between $1 million and $10 million. According to the petition, the debtor has 1–49 creditors and anticipates distributions will be available for unsecured creditors after administrative expenses. About Jacksonville Moving Inc. Jacksonville Moving Inc., doing business as College Hunks Hauling Junk & Moving, provides professional moving services and junk removal solutions in the Duval County area. Jacksonville Moving Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02952) on August 26, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by David Jennis, PA. JAF LTD: Seeks Subchapter V Bankruptcy in Illinois -------------------------------------------------- JAF Ltd., a small Chicago corporation, has entered Chapter 11 bankruptcy under Subchapter V in the Northern District of Illinois. The company disclosed less than $50,000 in assets and debts of $100,001 to $500,000. With fewer than 50 creditors, AF, Ltd. stated that unsecured creditors are unlikely to recover funds after administrative expenses. About JAF Ltd. JAF Ltd. is a small Illinois corporation with locations in Chicago. JAF Ltd. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-13020) on August 1, 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 Timothy A. Barnes handles the case. The Debtor is represented by E. Philip Groben, III, Esq. of Gensburg Calandriello & Kanter, P.C. JMC UNIT 1: Seeks to Hire Agentis PLLC as Bankruptcy Counsel ------------------------------------------------------------ JMC Unit 1, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Agentis PLLC as bankruptcy counsel. The firm will provide these services: a. advise the Debtor with respect to its powers and duties as debtor-in possession and the continued management of his affairs; b. advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; c. prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; d. protect the interests of the Debtor and the estate in all matters pending before the Court; and e. represent the Debtor in negotiations with creditors in the preparation of a plan. The firm will be paid at these rates: Attorneys $380 to $710 per hour Paralegals $130 to $255 per hour The firm will be paid a retainer of $25,000, plus $1,738 filing fee. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Jacqueline Calderin, Esq., founding partner of Agentis PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jacqueline Calderin, Esq. Agentis PLLC 45 Almeria Avenue Coral Gables, FL 33134 Tel: (305) 722-2002 E-mail: jc@agentislaw.com About JMC Unit 1 LLC JMC Unit 1, LLC, doing business as WaveMAX Hialeah, operates a full-service laundromat in Hialeah, Florida, providing self-service laundry, wash-dry-fold, dry cleaning, and scheduled pickup and delivery services. The Company also offers commercial laundry solutions to businesses including colleges, health clubs, medical offices, country clubs, Airbnb rentals, and salons. Its operations emphasize modern equipment, customer convenience, and rapid turnaround. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-19413) on August 14, 2025. In the petition signed by John Cooper, president and authorized representative, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Jacqueline Calderin, Esq., at AGENTIS PLLC, represents the Debtor as legal counsel. JT MASONRY: Seeks Chapter 11 Bankruptcy in New York --------------------------------------------------- On August 25, 2025, JT Masonry & Landscaping Inc. filed Chapter 11 protection in the Eastern District of New York. According to court filing, the Debtor reports $3,721,370 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About JT Masonry & Landscaping Inc. 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. JT Masonry & Landscaping Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73235 on August 25, 2025. In its petition, the Debtor reports total assets of $1,323,311 and total liabilities of $3,721,370. Honorable Bankruptcy Judge Alan S. Trust handles the case. The Debtor is represented by Heath S. Berger, Esq. at BFSNG LAW GROUP, LLP. KESKIN INC: Seeks Chapter 11 Bankruptcy in Maryland --------------------------------------------------- On August 22, 2025, Keskin Inc. filed Chapter 11 protection in the District of Maryland. According to court filing, the Debtor reports between $50,000 and $100,000 in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About Keskin Inc. Keskin Inc., operating as RM Grill (https://www.rmgrill.com/), a restaurant business located in Columbia, Maryland. Keskin Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-17696) on August 1, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $50,000 and $100,000. The Debtor is represented by Michael Patrick Coyle, Esq. at The Coyle Law Group LLC. KITCHEN AND BATH: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------------ Kitchen and Bath Design Center, Inc., a Texas company operating as The Design Center, has sought Chapter 11 bankruptcy protection in the Eastern District of Texas on August 26, 2025. In its petition, the Frisco-based kitchen and bathroom retailer disclosed assets valued between $100,001 and $500,000, with liabilities ranging from $500,001 to $1 million. The debtor designated itself as a small business under the Bankruptcy Code and stated that no funds will remain for distribution to unsecured creditors after payment of administrative costs. About Kitchen and Bath Design Center Inc. Kitchen and Bath Design Center Inc., operating as The Design Center, a Texas-based kitchen and bathroom design retailer. The company specializes in custom kitchen and bathroom design services, cabinetry, fixtures, and related home improvement products. Kitchen and Bath Design Center Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-42476) on August 26, 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 Cantey Hanger, LLP. L & D CAFE: Tarek Kiem of Kiem Law Named Subchapter V Trustee ------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Tarek Kiem, Esq., at Kiem Law, PLLC as Subchapter V trustee for L & D Cafe, Inc. Mr. Kiem will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Kiem declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tarek Kiem, Esq. Kiem Law, PLLC 8461 Lake Worth Road, Suite 114 Lake Worth, FL 33467 Tel: (561) 600-0406 tarek@kiemlaw.com About L & D Café L & D Cafe, Inc., doing business as Marian's Bagels, operates a cafe and bakery in Plantation, Florida, specializing in bagels, sandwiches, and related food and beverage items. The Company serves local customers in the South Florida area, providing dine-in and takeout options. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-19748) on August 22, 2025, with $0 to $50,000 in assets and $1 million to $10 million in liabilities. Constantine N. Manos, president, signed the petition. Judge Peter D. Russin presides over the case. Chad P. Pugatch, Esq., at Lorium Law represents the Debtor as bankruptcy counsel. LCC INC: Seeks to Hire Wadsworth Garber Warner as Counsel --------------------------------------------------------- L.C.C. Inc. filed an amended application seeking approval from the U.S. Bankruptcy Court for the District of Colorado to employ Wadsworth Garber Warner Conrardy, P.C. as bankruptcy counsel. The firm's services include: (a) prepare all necessary legal papers in this Chapter 11 case; (b) perform all legal services for the Debtor which may become necessary; and (c) represent the Debtor in any litigation which it determines is in the best interest of the estate, whether in state or federal court(s). The firm will be paid at these rates: David Wadsworth, Attorney $500 per hour Aaron Garber, Attorney $500 per hour David Warner, Attorney $425 per hour Aaron Conrardy, Attorney $425 per hour Hallie S. Cooper, Attorney $225 per hour Paralegals $125 per hour The firm received from the Debtor a retainer of $32,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Wadsworth disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Aaron A. Garber, Esq. Wadsworth Garber Warner Conrardy, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80120 Tel: (303) 296-1999 Fax: (303) 296-7600 Email: agarber@wgwc-law.com About LCC Inc. LCC Inc. specializes in selling and servicing commercial, off-road, light truck, and passenger tires. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-15137) on October 15, 2025. In the petition signed by Luis Carlos Chavez, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Michael E. Romero oversees the case. Aaron A. Garber, Esq., at Wadsworth Garber Warner Conrardy, P.C., represents the Debtor as legal counsel. M & H WILLIAMS: Seeks Subchapter V Bankruptcy in Kentucky --------------------------------------------------------- On August 18, 2025, M & H Williams LLC filed Chapter 11 protection in the Western District of Kentucky. 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 M & H Williams LLC M & H Williams LLC is a construction services company based in Bowling Green, Kentucky. M & H Williams LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 25-10689) on August 18, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. The Debtor is represented by Scott A. Bachert, Esq. at Kerrick Bachert Psc. MAKO FORESTRY: Seeks to Hire Knight CPA LLC as Accountant --------------------------------------------------------- Mako Forestry Corporation seeks approval from the U.S. Bankruptcy Court for the Southern District of Alabama to hire John M. Knight Jr., CPA and Knight CPA, LLC as accountant. The firm's services include: a. reconciling the Client's primary checking account, and record and categorize all financial transactions in the Client's accounting software, ensuring they are properly classified in accordance with generally accepted accounting principles and the Client's chart of accounts; b. assisting with monthly operating reports; c. preparing budgets as required for operation planning; and d. preparing a five-year financial projection. The firm's hourly rates range between $110 and $220. Mr. Knight, principal at Knight CPA, LLC, assured the court that the firm is a "disinterested person" as the term is defined in 11 U.S.C. 101(14). The firm can be reached through: John M. Knight, Jr, CPA, CGMA Knight CPA, LLC P.O. Box 915 1544 W 2nd Street, STE 103 Gulf Shores, AL 36547 Telephone: (251) 923-0200 Facsimile: (251) 923-0233 About Mako Forestry Corporation Mako Forestry Corporation is a forestry company based in Gulf Shores, Alabama. It provides timber management, harvesting, or related forestry services in the region. Mako Forestry Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ala. Case No. 25-11769) on July 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtors are represented by Alexandra K. Garrett, Esq., at Silver Voit Garrett & Watkins. MANNA MADISON: Files Second Chapter 11 Bankruptcy ------------------------------------------------- On August 22, 2025, Manna Madison Avenue LLC filed Chapter 11 protection in the Southern District of New York. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. This is the company's second bankruptcy filing in as many years, following a prior case in June 2023. Key creditors include Carolyn Rusin, with $274,000 in trade debt, and the U.S. Small Business Administration. About Manna Madison Avenue LLC Manna Madison Avenue LLC, operating as Gina La Fornarina, an Italian restaurant located in New York City. Manna Madison Avenue LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11839) on August 22, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge John P. Mastando III handles the case. The Debtor is represented by Brian J. Hufnagel, Esq. at Morrison Tenenbaum PLLC. MCMILLAN LOGGING: Seeks Chapter 11 Bankruptcy in Florida -------------------------------------------------------- On August 25, 2025, McMillan Logging Inc. filed Chapter 11 protection in the Northern District of Florida. According to court filing, the Debtor reports estimated assets between $500,000 and $1 million and 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 McMillan Logging Inc. McMillan Logging Inc. is a Florida-based logging contractor that engages in timber harvesting and related hauling services. McMillan Logging Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-40405) on August 25, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Byron W. Wright III, Esq. and Robert C. Bruner, Esq. at BRUNER WRIGHT, P.A. MCPHILLIPS FLYING: Gets Court OK to Use Cash Collateral ------------------------------------------------------- McPhillips Flying Services, Inc. received approval from the U.S. Bankruptcy Court for the Western District of Michigan to use cash collateral. The court order authorized the Debtor to access the cash collateral of its secured creditors, including Charlevoix State Bank and the U.S. Small Business Administration, which have granted limited consent for the Debtor to utilize such collateral for ordinary operating expenses in accordance with the supplemental budget filed om July 22. As adequate protection, the Debtor granted the secured creditors replacement liens on and security interests in assets it acquired after its Chapter 11 filing. In addition, the Debtor will make monthly payments of $14,733.93 and $4,737 to Charlevoix State Bank and SBA, respectively. Events of default include (i) entry of an order dismissing or converting the Debtor's Chapter 11 case to a proceeding under Chapter 7, appointing a trustee (other than the Subchapter V trustee) and an examiner, and terminating the authority of Debtor to conduct business; (ii) the Debtor's misrepresentation of any information contained in the reports provided to the U.S. trustee or secured creditors; (iii) violation by the Debtor of any covenants set forth in the court order; (iv) the Debtor's failure to file a plan of reorganization within 90 days of the petition date; or the Debtor's failure to pay its post-petition liabilities in full when they are due. A copy of the order is available at https://is.gd/6zIUhS About McPhillips Flying Service Inc. McPhillips Flying Service Inc., doing business as Welke Aviation and operating as Island Airways, provides regional air transportation services. Based in Charlevoix, Michigan, the Company offers passenger and cargo flights connecting mainland Michigan to Beaver Island and surrounding areas. McPhillips Flying Service Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mich. Case No. 25-02011) on July 15, 2025. In its petition, the Debtor reports total assets of $2,335,506 and total liabilities of $2,483,706. Honorable Bankruptcy Judge James W. Boyd handles the case. The Debtor is represented by A. Todd Almassian, Esq., at Keller & Almassian, PLC. MEG ENERGY: Moody's Puts 'Ba3' CFR Under Review for Upgrade ----------------------------------------------------------- Moody's Ratings placed MEG Energy Corp.'s (MEG) ratings under review for upgrade, including the Ba3 corporate family rating, Ba3-PD probability of default rating and B1 senior unsecured notes rating. The SGL-1 speculative grade liquidity rating (SGL) remains unchanged. Previously, the outlook was stable. The review follows the August 22, 2025 announcement that Cenovus Energy Inc. (Cenovus) has entered into a plan of arrangement to acquire all of MEG Energy Corp.'s (MEG) shares in a transaction valued at C$7.9 billion consisting of a cash consideration totaling C$5.2 billion, C$1.7 billion of Cenovus equity, and MEG's net debt. Closure of the transaction is subject to MEG shareholder approval and is expected to close Q4-25. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS "The review for upgrade reflects MEG's integration into a larger, better capitalized operator with strong asset diversification," said Whitney Leavens, Moody's Ratings analyst. The review will conclude once the transaction has closed and there is clarity on the potential implications for MEG's debt, whether it will be repaid, assumed or guaranteed by Cenovus or remain MEG's obligation. MEG Energy Corp. (MEG) is a publicly-listed Calgary, Alberta based steam-assisted-gravity-drainage (SAGD) oil sands developer and operator. at the Christina Lake project in the Athabasca Oil Sands region in Northern Alberta. The principal methodology used in these ratings was Independent Exploration and Production published in December 2022. 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. MERIT STREET: Sanctions Sought in Media Unit Bankruptcy Case ------------------------------------------------------------ James Nani of Bloomberg Law reports that Professional Bull Riders LLC and Trinity Broadcasting of Texas Inc. have asked a Texas bankruptcy judge to sanction Dr. Phil McGraw's Peteski Productions Inc., accusing it of defying court orders by withholding emails and texts from McGraw and his sons. The creditors, involved in the Merit Street Media Inc. bankruptcy, contend Peteski deliberately obstructed discovery despite its role as both lender and equity holder in the venture. 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. MILAN BABY: Hires Kings Homes & Associates as Business Broker ------------------------------------------------------------- Milan Baby, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Kings Homes & Associates, Inc., as business broker. The firm will market and sell the Debtor's liquor store, and its contents, known as, and located at 343 Rockaway Turnpike, Lawrence, New York. For its broker services, Kings seeks a broker commission in the amount of three percent of the gross selling price of the Business, Store and 343 Lease. Amrik Singh, owner of Kings Homes & Associates, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Amrich Singh Kings Homes & Associates, Inc. Bellerose, NY 11426 Phone: (917) 681-8297 Email: info@kingshomesforsale.com About Milan Baby, Inc. Milan Baby, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-70605) on February 14, 2025. Judge Alan S Trust presides over the case. Joseph S Maniscalco, Esq. at Lamonica Herbst Maniscalco represents the Debtor as counsel. MILLENKAMP CATTLE: Court Likely to Grant EVD's Reconsideration Bid ------------------------------------------------------------------ Chief Judge Noah G. Hillen of the United States Bankruptcy Court for the District of Idaho ruled on Millenkamp Cattle, Inc.'s motion for reconsideration filed by defendant East Valley Development, LLC in the adversary proceeding captioned as MILLENKAMP CATTLE, INC and EAST VALLEY CATTLE, LLC Plaintiffs, v. EAST VALLEY DEVELOPMENT, LLC, Defendant, Adv. No. 25-8003-NGH (Bankr. D. Idaho). Prepetition, Debtors entered into two agreements with EVD, under which EVD was permitted to construct and operate a biogas production facility at Debtors' dairy. The Contracts included mandatory arbitration clauses for dispute resolution. Thereafter, the parties had numerous disagreements, which came to a head in late January when Debtors filed a demand for arbitration against EVD for breaching the Contracts. Debtors later withdrew that demand and filed this adversary proceeding asserting similar claims. EVD filed a motion to compel arbitration, seeking to assert counterclaims against Debtors for Debtors' alleged breach. In short, both parties maintained that the other breached the Contracts. After an evidentiary hearing, the Bankruptcy Court entered the Order denying EVD's motion to compel arbitration. In doing so, the Bankruptcy Court acknowledged the strong federal policy favoring arbitration but determined that arbitration of the parties' dispute would conflict with underlying purposes of the Bankruptcy Code. As a practical matter, there was significant overlap between the issues the Bankruptcy Court needed to decide in connection with confirmation of Debtors' plan, which proposed to assume the Contracts pursuant to Sec. 365, and the issues EVD sought to have decided by the arbitrator. The Bankruptcy Court concluded a potential adverse impact existed on the plan confirmation process, which is a core proceeding pursuant to 28 U.S.C. Sec. 157(b)(2)(L), as granting EVD's motion to compel would result in inefficient delay, duplicate proceedings, or collateral estoppel effect. Additionally, given that confirmation of a chapter 11 plan implicates the interests of all parties to the bankruptcy case, the Bankruptcy Court declined to outsource adjudication of issues involving Sec. 365 to a venue where other parties could not participate. EVD filed a notice of appeal to the District Court and a motion for leave to appeal the Order. While the confirmation hearing was underway, Debtors successfully negotiated a consensual chapter 11 plan with all stakeholders, including EVD. Notably, the parties agreed that instead of paying through the plan any damages resulting from a breach of the Contracts, any damages EVD was entitled to recover as a result of Debtors' default would be treated as an offset against and up to the amount EVD may owe to Debtors. Given this agreement, it became unnecessary to determine EVD's damages, if any, in the context of confirmation. The Bankruptcy Court conducted an evidentiary hearing and found the Debtors were in default under the Contracts, but that the requirements of Sec. 365(b) were satisfied, permitting Debtors to assume the Contracts. The Bankruptcy Court issued its ruling on confirmation of the plan and approved assumption of the Contracts subject to the parties' agreement concerning the treatment of EVD's damages. Now that Debtors' plan has been confirmed, EVD asks the Bankruptcy Court to reconsider and modify its Order to allow for arbitration of the remaining claims, dismiss Debtors' complaint with prejudice, and close the adversary proceeding. As a preliminary matter, Debtors argue the Bankruptcy Court lacks authority to grant the Motion because EVD appealed the Order. The Bankruptcy Court agrees. In this case, granting the Motion would clearly alter the Order, yet EVD seeks relief in the Bankruptcy Court rather than moving to dismiss the pending appeal or for other relief in the District Court. Even though the Bankruptcy Court lacks authority to grant the Motion, it issues this indicative ruling pursuant to Rule 8008(a). In addition to the Bankruptcy Court's inherent powers, EVD cites Civil Rule 60(b), made applicable to this proceeding by Rule 9024, as grounds for relief. EVD asserts all issues pertinent to confirmation have been resolved, and the only matters that remain are non-core, non-bankruptcy issues, namely the determination of: (i) EVD's counterclaim damages, and (ii) Debtors' damages (if any) in connection with Debtors' claims against EVD. Therefore, the impetus for overriding the federal policy in favor of arbitration no longer exists and reconsideration is warranted. EVD asserts that applying the Order prospectively is no longer equitable. According to the Bankruptcy Court, relief under (b)(5) applies only to those judgments that have prospective application. The Order falls within the ambit of (b)(5) because it has the prospective force of continuing to deny EVD's ability to submit the remaining issues to arbitration and requiring the parties to litigate them before the Bankruptcy Court instead. EVD asserts significant changed conditions warrant modification of the Order -- the Debtors' plan has been confirmed, all core bankruptcy issues have been resolved, and there is no identifiable conflict with any purpose of the Code in enforcing the arbitration agreement going forward. Debtors disagree. Debtors argue the remaining issues are intertwined with a core proceeding -- the implementation of Debtors' confirmed plan -- and it would conflict with underlying purposes of the Code to enforce the arbitration agreement. Debtors point to the plan provision that provides the Bankruptcy Court retains jurisdiction as is necessary to ensure that the plan's purpose and intent are carried out and argue it would be inefficient and wasteful for the parties to resolve the remaining matters through arbitration. Therefore, according to Debtors, the fundamental circumstances underlying the Bankruptcy Court's entry of the Order are unchanged. The treatment of EVD's claim against Debtors, if any, is comprehensively provided for in the confirmed plan and damages are limited to offset. Stated differently, the remaining issues are incidental to assumption of the Contracts under Sec. 365 and, as such, resolution of those issues does not bear on implementation of the plan or implicate the interests of other parties to the bankruptcy case. Furthermore, there is no risk of collateral estoppel, and while Debtors' assertion that arbitration will result in duplicative proceedings and waste is a legitimate concern, it is not substantial enough to override the federal policy favoring arbitration under these circumstances. As to why continued application of the Order would be detrimental to the public interest, EVD points to the federal policy favoring enforcement of valid arbitration agreements and the enforcement of contracts. Debtors assert there is no public interest at stake but only EVD's private interest, which is insufficient to warrant modification of the Order. EVD's private interests aside, not allowing arbitration to proceed given the changed conditions would be detrimental to the public interest in enforcing contracts and valid arbitration agreements. At this juncture, it is no longer necessary to override the parties' agreement to arbitrate, and the Bankruptcy Court is inclined to modify the Order under (b)(5). EVD also cites Civil Rule 60(b)(6) as grounds for relief from the Order. As grounds for relief under (b)(6), EVD again cites changed conditions and the inequity of applying the Order prospectively. These circumstances fall within (b)(5) and, therefore, the Bankruptcy Court is not inclined to grant relief under (b)(6). The Bankruptcy Court respectfully indicates to the District Court that if it were to remand the case, the Court is inclined to grant the Motion for reconsideration and modify its April 16, 2025, Order. A copy of the Court's Memorandum of Decision dated August 19, 2025, is available at https://urlcurt.com/u?l=42Qdkf from PacerMonitor.com. About Millenkamp Cattle Millenkamp Cattle Inc., is part of a family-owned agriculture business that can produce more than 1 million pounds of milk per day. Millenkamp Cattle Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Idaho Lead Case No. 24-40158) on April 2, 2024. In the petitions filed by William J. Millenkamp, manager, Millenkamp Cattle estimated assets between $10 million and $50 million and estimated liabilities between $500 million and $1 billion. Judge Noah G. Hillen oversees the cases. The Debtors tapped Matthew T. Christensen, Esq., at Johnson May, PLLC as bankruptcy counsel and Givens Pursley as special counsel. MONGKOL ENTERPRISES: Hires Langley & Banack as Bankruptcy Counsel ----------------------------------------------------------------- Mongkol Enterprises, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Langley & Banack, Inc. as counsel. The firm will render these services: (a) advise the Debtor of its duties and powers in this Chapter 11 case; and (b) handle all matters which come before the court in this case. William Davis, Jr., Esq., the primary attorney in this representation, will be paid at his hourly rate of $425. The firm received a pre-petition retainer of $19,738 including filing fees. Mr. Davis disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: William R. Davis, Jr., Esq. Langley & Banack, Inc. 745 E. Mulberry, Suite 700 San Antonio, TX 78212 Telephone: (210) 736-6600 Email: wrdavis@langeybanack.com About Mongkol Enterprises, Inc. Mongkol Enterprises, Inc. operates as a restaurant business under the name Asia Kitchen, serving Thai cuisine at its location in San Antonio, Texas. Mongkol Enterprises, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-51865) on August 14, 2025. At the time of filing, the Debtor estimated $68,680 in assets and $2,000,107 in liabilities. The petition was signed by Patrick E. Murray as president. Judge Michael M Parker presides over the case. William R. Davis, Jr., Esq. at LANGLEY & BANACK, INC. represents the Debtor as counsel. MOSAIC SUSTAINABLE: Seeks to Hire Porter Hedges as Special Counsel ------------------------------------------------------------------ Mosaic Sustainable Finance Corporation and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Porter Hedges LLP as special counsel to the special committee of the Board of Directors. Porter Hedges will assist the special committee in fulfilling its duties in these Chapter 11 Cases. The firm's hourly rates are: Partners $565 to $1,250 Counsel $450 to $1,195 Associates and staff attorneys $450 to $875 Paraprofessionals $340 to $555 Porter Hedges LLP received a retainer in the amount of $100,000. The following is provided in response to the request for additional information set forth in Paragraph D.1 of the Fee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments or discounts offered during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Response: Porter Hedges was retained post-petition, effective July 15, 2025. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Response: No. John F. Higgins, Esq., a partner of Porter Hedges LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: John F. Higgins, Esq. Porter Hedges LLP 1000 Main St., 36th Floor Houston, TX 77002 Tel: (713) 226-6000 Fax: (713) 228-1331 About Mosaic Sustainable Finance Corporation Mosaic Sustainable Finance Corporation filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90156) on June 6, 2025. At the time of petition, the Debtor listed $1,000,000,001 to $10 billion in both assets and liabilities. Judge Christopher M Lopez presides over the case. Charles Martin Persons, Esq. at Paul Hastings LLP and Maegan Quejada, Esq. at Sidley Austin LLP represent the Debtors as counsel. MOUNTAIN VIEW: Moody's Downgrades Issuer & GOLT Ratings to Ba1 -------------------------------------------------------------- Moody's Ratings has downgraded Mountain View School District, PA's issuer and general obligation limited tax (GOLT) ratings to Ba1 from Baa3. At the end of fiscal 2024, the district had approximately $9.3 million in debt outstanding. The downgrade to Ba1 reflects the district's very limited financial position driven by increased recurring instruction and charter school tuition costs outpacing revenue growth. Governance is a material driver of the downgrade as budget management challenges continue to weigh on the district's credit profile and overall financial flexibility. RATINGS RATIONALE The Ba1 issuer rating recognizes the district's materially weakened financial position, with an available fund balance ratio of -0.4% of revenue and liquidity ratio of 3.4% of revenue at the end of fiscal 2024. The decline is driven by increased recurring costs tied to instruction and charter school tuition without accompanying revenue growth. Management reports that charter school costs will again increase materially in fiscal 2025. Long-term liabilities were approximately 144% of revenue in fiscal 2024 and will grow in 2025 as management reports the district issued $3.2 million in general obligation notes for capital. The district's credit quality is also characterized by above-average household income that equates to 116% of the national median. Full value per capita of $86,000 is average relative to peers in the state. The lack of distinction between the district's issuer rating and the Ba1 rating on the district's GOLT debt is based on the GOLT's general obligation full faith and credit pledge. Governance is material to the Ba1 rating. Policy credibility and effectiveness remains weak as the district's capture rate (the percentage of school-aged children within the district's boundaries who attend the district) is below-average. Growing charter school costs and weak oversight over the flow of charter school students continue to pressure the district's financial position. RATING OUTLOOK Moody's do not assign outlooks to local governments with this amount of debt outstanding. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Return to structurally balanced financial operations over a multi-year period -- Sustained positive fund balance FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Further decline in available fund balance or liquidity -- Growth in long-term liabilities ratio to over 250% of revenue PROFILE Mountain View School District is located in Susquehanna County in the northeastern corner of Pennsylvania, approximately 30 miles north of Scranton. METHODOLOGY The principal methodology used in these ratings was US K-12 Public School Districts published in July 2024. NEXSTAR MEDIA: Moody's Puts 'Ba3' CFR Under Review for Downgrade ---------------------------------------------------------------- Moody's Ratings placed all ratings of Nexstar Media Inc. and its wholly-owned consolidated subsidiary, Mission Broadcasting, Inc. ("Mission") (collectively "Nexstar" or the "company"), on review for downgrade. Ratings on review for downgrade include the company's Ba3 corporate family rating, Ba3-PD probability of default rating, Ba2 ratings on the senior secured bank credit facilities residing at Nexstar Media Inc. and Mission, and B2 ratings on Nexstar Media Inc.'s senior unsecured notes. Previously, Nexstar's outlook was stable and Mission's outlook was no outlook. The Speculative Grade Liquidity (SGL) rating remains unchanged at SGL-2. The review follows Nexstar's announcement on August 19, 2025 [1] that it has entered into a definitive agreement to acquire all outstanding shares of TEGNA Inc.'s ("TEGNA") common stock for $22 per share in an all-cash transaction equivalent to an enterprise value of $6.2 billion. Under the proposed transaction, Nexstar, the nation's largest broadcaster with 201 local TV stations across 116 markets, will combine with TEGNA, the nation's fourth largest broadcaster with 64 local TV stations across 51 markets, to become the de facto industry leader covering 80% of US television households. The acquisition is subject to customary closing conditions, including approval by TEGNA's shareholders, and applicable regulatory approvals from the FCC and DOJ. If regulatory clearance is granted, the transaction is expected to close in H2 2026. Upon closing, Moody's expects to withdraw TEGNA's corporate ratings given the change of control provisions in TEGNA's debt obligations that require either their redemption or assumption by the acquirer. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's reviews will assess the post-transaction capital structure, credit metrics, and financial policies, including the company's ability to de-lever (and the pace) amid secular revenue pressures. Moody's will also evaluate the combined company's earnings, free cash flow outlook, and capital allocation plans. While Nexstar demonstrated successful deleveraging after acquiring Tribune Media in 2019, that period experienced lower subscriber attrition and ad revenue displacement compared to August 20, 2025. These evolving industry dynamics coupled with increased financial leverage heighten scrutiny of the company's ability to maintain its current Ba3 CFR. Moody's expects that Nexstar will finance the transaction almost entirely with debt. To consummate the acquisition, Nexstar has obtained commitments from a consortium of banks for new debt financing. The review for downgrade reflects governance considerations related to the company's somewhat aggressive M&A financial strategy characterized by the willingness to double its debt (and also increase EBITDA) at a time when the local TV broadcast industry is increasingly facing growth and competitive challenges and Nexstar's financial flexibility is constrained due to its already high leverage. At LTM June 30, 2025, restricted group leverage, as measured by total debt to EBITDA (inclusive of Moody's adjustments using two-year average EBITDA and excludes The CW Network's operations) was 3.9x, near the 4x downgrade threshold. Pro forma for the incremental debt, Moody's estimates the combined entity's Moody's adjusted restricted group leverage increases to around 5x pre-synergies, or the mid-4x area including synergies. Forecasted synergies will likely be transitory soon after realization amid a shrinking pay-TV universe and ongoing weakness in linear TV core advertising growth, which Moody's expects will continue to pressure top-line revenue leading to two-year average EBITDA declines. Under the current administration, deregulation of the local TV broadcast industry is highly anticipated with new FCC leadership advancing a number of initiatives designed to relax existing regulations and create a more favorable environment for consolidation to expand audience reach. This could help the industry achieve scale efficiencies to alleviate some of the challenges resulting from viewership shifting to competing streaming and digital platforms, and potentially level the playing field. The transaction will be the first in the industry to challenge both the FCC's: (i) 39% regulatory cap for US television household coverage (includes 50% discount for stations operating on a UHF channel); and (ii) in-market multiple TV ownership rule, which prevents a broadcaster from owning more than one of the top-four rated stations (i.e., a Big Four affiliate) in a designated market area (DMA), thus creating a Big Four duopoly; in-market ownership of two (or more) stations is currently permitted as long as only one is a Big Four affiliate. Given that Nexstar is already at the 39% cap, the combination with TEGNA will give the company access to new DMAs, pushing it over the current limit, and create new duopolies in overlapping DMAs, including Big Four duopolies. Given Nexstar's significant national scale as the largest US local TV broadcaster, if regulators approve its ownership of TEGNA, the transaction could result in operational efficiencies as the combined entity is expected to realize significant net synergies (revenue and cost), estimated to reach around $300 million per annum. TEGNA will benefit from Nexstar's higher monthly retransmission rates per subscriber, which will enhance its distribution revenue. On the cost side, Nexstar will greatly increase its number of duopolies (Nexstar currently has duopolies in just over 50% of its markets), and create Big Four duopolies, which will produce savings from elimination of duplicative functions, consolidation of back-end operations, sharing of personnel and production facilities, scale economies, and improved bargaining power with programming suppliers. Ongoing operational cost savings are critical as traditional subscriber losses continue to outpace fee escalators in retransmission agreements during non-renewal years, offsetting material fee increases in years when contracts renew. Subscriber attrition remains in the mid-to-high single digits, supported by MVPD growth, but cord-cutting among cable and satellite subscribers is accelerating in the low-to-mid teens. As a result, retransmission revenue growth outside renewal years will be minimal. While the combined entity will benefit from broad consumer reach, affiliate diversity, and strong DMA rankings, retransmission revenue will still rely more heavily on renewal-driven rate increases. The combination will enhance market share and audience reach in DMAs with duopolies, potentially unlocking advertising synergies. However, because core linear TV ad revenue continues to decline due to budget shifts toward digital and CTV, Moody's are currently not factoring ad revenue synergies into Moody's forecasts. Nexstar remains exposed to cyclical ad revenue, with strong cash flow boosts from high-margin political ad revenue in election years, but faces pullbacks in non-election years when political revenue drops significantly. These dynamics underscore the importance of cost discipline and strategic positioning amid structural media shifts. Over the next 12 months, Moody's expects Nexstar standalone will maintain good liquidity as indicated by the SGL-2 Speculative Grade Liquidity rating, supported by good excess cash flow generation, cash balances totaling $234 million at June 30, 2025, and access to $763 million of available borrowing capacity under its two revolving credit facilities with commitments totaling $825 million. Given the review for downgrade, an upgrade is unlikely at the present time. However, excluding the ratings review, ratings could be upgraded if Nexstar were to maintain a publicly-defined financial policy with respect to restricted group financial leverage that is sustained comfortably below 3x (Moody's adjusted on a two-year average EBITDA basis). For upward ratings pressure to occur, the company would also need to exhibit: (i) organic revenue growth and stable-to-improving EBITDA margins on a two-year average basis; (ii) FCF to debt sustained above 10% (Moody's adjusted on a two-year average FCF basis); and (iii) adherence to conservative financial policies while maintaining at least good liquidity. Ratings could be downgraded if Moody's expects restricted group financial leverage post transaction closing will be sustained above 4x (Moody's adjusted on a two-year average EBITDA basis) as a result of deteriorating operating performance, delayed realization of planned synergies, more aggressive financial policies or inability to reduce acquisition debt within a suitable timeframe. Downward ratings pressure could occur if Moody's expects two-year average FCF to debt will be sustained below 5% (Moody's adjusted) or a deterioration in the company's liquidity or covenant compliance weakness. Headquartered in Irving, Texas, Nexstar Media Inc. is the largest US television broadcaster, owning, operating, or providing sales and services to 201 television stations in 40 US states and the District of Columbia, covering 39% of US television households (including the UHF discount) across 116 markets reaching over 220 million people. The company operates in 18 of the top 25 markets, with digital assets that include 138 local websites and 229 mobile applications across its local stations, NewsNation and The Hill. Nexstar owns a 77% interest in The CW Network, the nation's fifth major broadcast network reaching 126 million television households. For the twelve months ended June 30, 2025, Nexstar's standalone revenue totaled around $5.3 billion. Pro forma for the combination with TEGNA, revenue would have been roughly $8.3 billion. The principal methodology used in these ratings was Media published in June 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. NIKOLA CORP: SEC Objects to Ch. 11 Plan's Handling of $80MM Penalty ------------------------------------------------------------------- Vince Sullivan of Law360 reports that the U.S. Securities and Exchange Commission told a bankruptcy court on Tuesday, August 26, 2025, that Nikola Corp.'s Chapter 11 plan misclassifies its $80 million civil penalty claim as damages, improperly placing it behind other unsecured creditors in the repayment order. About Nikola Corp. Nikola Corporation and affiliates specialize in the design and manufacture of zero-emissions commercial vehicles, including battery-electric and hydrogen fuel cell trucks. The companies operate in two business units: Truck and Energy. The Truck business unit is commercializing heavy-duty commercial hydrogen-electric (FCEV) and battery-electric (BEV) Class 8 trucks that provide environmentally friendly, cost-effective solutions to the short, medium and long-haul trucking sectors. The Energy business unit is developing hydrogen fueling infrastructure to support FCEV trucks covering supply, distribution and dispensing. Founded in 2015, Nikola is headquartered in Phoenix, Ariz. Nikola and nine of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-10258) on February 19, 2025. In the petitions, the Debtors reported total assets as of Jan. 31, 2025 of $878,094,000 and total debts as of Jan. 31, 2025 of $468,961,000. Honorable Bankruptcy Judge Thomas M. Horan handles the cases. Potter Anderson & Corroon LLP serves as general bankruptcy counsel to the Debtors, and Pillsbury Winthrop Shaw Pittman LLP serves as bankruptcy co-counsel. Houlihan Lokey Capital, Inc. acts as investment banker to the Debtors; M3 Advisory Partners LP acts as financial advisor to the Debtors; while EPIQ Corporate Restructuring LLC is the Debtors' claims and noticing agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Morrison & Foerster LLP and Morris James, LLP as legal counsels; Ducera Securities, LLC as investment banker; and FTI Consulting, Inc. as financial advisor. NLC ENERGY: Seeks to Hire Kerkman & Dunn as General Counsel ----------------------------------------------------------- NLC Energy Denmark, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Wisconsin to employ Kerkman & Dunn as general counsel. The firm will render these services: (a) advise and assist the Debtor with respect to its duties and powers under the Bankruptcy Code; (b) advise the Debtor on the conduct of its Chapter 11 case, including the legal and administrative requirements of operating in Chapter 11; (c) attend meetings and negotiate with representatives of the creditors and other parties in interest; (d) prosecute actions on the behalf of the Debtor, defend actions commenced against the Debtor, and represent the Debtor's interests in negotiations concerning litigation in which the Debtor is involved, including objections to claims filed against the Debtor's estates; (e) prepare pleadings in connection with the Debtor's Chapter 11 case including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtor's estates; (f) advise the Debtor in connection with any potential sales of assets; (g) appear before the Court to represent the interests of the Debtor's estate; (h) assist the Debtor in preparing, negotiating and implementing a plan, and advising with respect to any rejection of a plan and reformulation of a plan, if necessary; (i) assist and advise the Debtor in state court actions related to judgments and collection actions initiated by or against the Debtor that are necessary for an effective reorganization; and (j) perform all other necessary or appropriate legal services for the Debtor in connection with the prosecution of their Chapter 11 cases, including (i) analyzing the Debtor's leases and contracts, and the assumption and assignment or rejection of them, (ii) analyzing the validity of liens against the Debtor, and (iii) advising the Debtor on transactional and litigation matters. The firm will be paid at these rates: Jerome R. Kerkman $575 per hour Evan P. Schmit $495 per hour Nicholas W. Kerkman $315 per hour Anjanette G. Seymour $275 per hour Non-Attorney Paraprofessionals $125 per hour As disclosed in the court filings, Kerkman & Dunn is a "disinterested person" within the meaning of Sec. 101(14) of the Bankruptcy Code and as required by Sec. 327(a), and does not hold or represent an interest adverse to the Debtor's estate. The firm can be reached through: Jerome R. Kerkman, Esq. Kerkman & Dunn 839 N. Jefferson St., Suite 400 Milwaukee, WI 53202-3722 Tel: (414) 277-8200 Fax: (414) 277-0100 Email: jkerkman@kerkmandunn.com About NLC Energy Denmark LLC NLC Energy Denmark LLC operates a biomethane production facility in Denmark, Wisconsin. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wisc. Case No. 25-24634) on August 16, 2025, listing between $50 million and $100 million in assets and between $100 million and $500 million in liabilities. Welles Hatch, chief financial officer, signed the petition. Judge Katherine M. Perhach oversees the case. Jerome R. Kerkman, Esq., at Kerkman & Dunn, represents the Debtor as legal counsel. NO WAKE ZONE: Seeks to Hire Colleen Argerdina as Accountant ----------------------------------------------------------- No Wake Zone, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Colleen Argerdina a professional practicing in Madisonville, Louisiana, as accountant. Ms. Angerdina will prepare the monthly operating reports required to be filed by the Debtor and may prepare other financial documents necessary to confirm the case. Ms. Angerdina requests a retainer of $3,000. The hourly rate for the accountant is $130. Ms. Angerdina assured the court that she is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The accountant can be reached at: Colleen Argerdina 393 Highway 21, Suite 560 Madisonville, LA About No Wake Zone, LLC No Wake Zone, LLC, filed a Chapter 11 bankruptcy petition (Bankr. E.D. La. Case No. 25-11248) on June 17, 2025. At the time of filing, the Debtor estimated up to $50,000 in both assets and liabilities. Judge Meredith S Grabill presides over the case. The Debtor hires The De Leo Law Firm LLC as counsel. NORTH AMERICAN: Court OKs Equipment Sale to Agri-Cover ------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, has permitted North American Sealing Solutions LLC to sell Equipment, free and clear of liens, claims, interest, and encumbrances. The Court has authorized the Debtor to sell the Equipment to Agri-Cover, Inc. for the purchase price of $20,000.00. The Equipment, commonly known as a "Dip Spin Coating Machine" is comprised of Ronci R200VPC Programmable 16: Centrifugal Coating Machine with 8-Speed Spin Motor,(6) R-200 Work Baskets, (3) Stainless Steel Tanks w/ Cover and All Standard Equipment. The Debtor is authorized to fully perform all terms and conditions of the Agreement, together with all additional instruments and documents which may be reasonably necessary, convenient or desirable in performing under the Agreement, and to take any and all further actions as may be necessary or appropriate in performing the obligations as contemplated by the Agreement. By agreement and as hereby ordered, the liens and claims of Wells Fargo Equipment Finance, Inc. against the Equipment and the Debtor shall be released and of no further force and effect upon the closing and funding of the proposed transaction. All net sale proceeds of sale after any closing costs shall be paid to Wells Fargo upon closing of the sale. Upon closing of the sale, Wells Fargo shall amend its proof of claim to reflect a reduction of its secured claim equal to the amount of sales proceeds it receives upon sale, as described in the Motion. Wells Fargo shall otherwise retain its claims and secured interests in the Debtor's assets. All of the Debtor's interests in the Equipment shall be, as of the closing of the sale, transferred to, and vested in, the Buyer. About North American Sealing Solutions, LLC North American Sealing Solutions, LLC is a manufacturer based in Fort Worth, Texas, specializing in sealing products and machined components for industries like oil and gas. Founded in 2010 by Tom Oswald, the Company produces items such as O-rings, seals, rubber products, and rebuild kits. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-41374) on April 18, 2025. In the petition signed by Thomas Oswald, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Edward L. Morris oversees the case. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC, represents the Debtor as bankruptcy counsel. PARTNERS PHARMACY: Hires Pillsbury Winthrop as Bankruptcy Counsel ----------------------------------------------------------------- Partners Pharmacy Services, LLC, and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Pillsbury Winthrop Shaw Pittman LLP as counsel. The firm's services include: a. advising the Debtors of their rights, powers and duties as debtors and debtors in possession; b. preparing (or reviewing and commenting on, as applicable) applications, motions, pleadings, proposed orders, notices, monthly operating reports, and other documents to be filed by the Debtors in these chapter 11 cases; c. taking all necessary actions to protect and preserve the Debtors' estates, including prosecuting actions on the Debtors' behalf, defending actions commenced against the Debtors, and representing the Debtors in negotiations concerning litigation in which the Debtors may become involved; d. advising the Debtors in connection with the sale of substantially all of their assets or the transfer of operations; e. preparing, filing, and pursuing approval of any chapter 11 plan and disclosure statement filed by the Debtors in these chapter 11 cases; f. representing the Debtors in matters with and before the United States Trustee, including the initial debtor interview and meeting of creditors, and in hearings before this Court; and g. performing all other legal services for and on behalf of the Debtors that may be necessary or appropriate in these chapter 11 cases. The Debtors paid Pillsbury a total of $1.8 million to serve as a retainer. Pillsbury is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Patrick J. Potter, Esq. PILLSBURY WINTHROP SHAW PITTMAN LLP 1200 Seventeenth Street, NW Washington, DC 20036 Tel: (202) 663-8928 Fax: (202) 663-8007 Email: patrick.potter@pillsburylaw.com About Partners Pharmacy Services LLC Partners Pharmacy Services LLC provides medication management services to residents in skilled nursing facilities, assisted living communities, long-term care residences, long-term acute care hospitals, and institutional care facilities across the United States. Founded in 1998 and headquartered in Springfield Township, New Jersey, the Company operates in multiple states through a network of in-house pharmacies and regional locations, offering services such as automation systems, infusion therapy technologies, compounding, and clinical decision-support tools. It is one of the largest long-term care pharmacy providers in the U.S., serving over 48,000 residents in more than 500 communities. Partners Pharmacy Services LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-34698) on August 13, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. The Debtors are represented by Patrick J. Potter, Esq., Dania Slim, Esq., Amy West, Esq., and L. James Dickinson, Esq. of PILLSBURY WINTHROP SHAW PITTMAN LLP. SSG CAPITAL ADVISORS, LLC is the Debtors' Investment Banker. GIBBONS ADVISORS, LLC is the Debtors' Financial Advisor. ROLL RESTRUCTURING ADMINISTRATION LLC is the Debtors' Notice, Claims & Balloting Agent and Administrative Advisor. PARTNERS PHARMACY: Seeks to Hire SSG Advisors as Investment Banker ------------------------------------------------------------------ Partners Pharmacy Services, LLC, and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire SSG Advisors, LLC as investment banker. The firm's services include: a. advising the Debtors on, and assisting the Debtors in preparing an information memorandum describing the Debtors, their management, and financial status for use in discussions with prospective purchasers and to assist in the due diligence process for a potential sale transaction; b. assisting the Debtors in developing a list of suitable potential buyers who will be contacted on a discreet and confidential basis after approval by the Debtors; c. coordinating the execution of confidentiality agreements for potential buyers wishing to review the information memorandum; d. assisting the Debtors in coordinating management calls and site visits for interested buyers and working with management to develop presentations for such calls and visits; e. soliciting competitive offers from potential buyers; f. advising and assisting the Debtors in structuring a sale transaction, negotiating a sale transaction agreement with potential buyers and evaluating the proposals from potential buyers, including advising and negotiating with respect to licenses, milestone and royalty payments, or assignments of intellectual property, as necessary; g. providing testimony in support of a sale transaction, as necessary; and h. assisting the Debtors, their attorneys and accountants, as necessary, through closing of a sale transaction on a best efforts basis. SSG will be paid at these fees: a. Initial Fee. An initial fee of $50,000, which was due upon signing the Engagement Agreement. Fifty percent (50%) of the Initial Fee will be credited towards a Transaction Fee. b. Monthly Fees. Monthly fees of $50,000 per month payable beginning July 10, 2025 and on the tenth (10th) of each month thereafter throughout the Engagement Term. 50 percent of the first three (3) Monthly Fees will be credited toward a Transaction Fee. c. Sale Fee. Upon the consummation of a sale to any party, a fee equal to the greater of (a) $600,000 plus (b) 4 percent of Total Consideration (as such term is defined in the Engagement Agreement) in excess of $51.7 million, payable in cash, in federal funds via wire transfer, or certified check, at and as a condition of closing of such a sale. Notwithstanding the foregoing, if the sale transaction is to the stalking horse purchaser without a qualified overbid, then the Sale Fee shall be $500,000. d. Restructuring Fee. Upon the consummation of a restructuring, a fee equal to $500,000 payable in cash, in federal funds via wire transfer, or certified check, at closing of any such restructuring. e. Duplication of Transaction Fees. SSG will only be entitled to either a Sale Fee or a Restructuring Fee, the greater of the two fees. As noted above, 50 percent of the first three (3) Monthly Fees will be credited toward a Transaction Fee. f. In addition to the foregoing Initial Fee, Monthly Fees and Transaction Fee, SSG will be entitled to reimbursement for all of SSG's reasonable and documented out-of-pocket expenses incurred in connection with the Engagement Agreement whether or not a sale transaction or restructuring transaction is consummated. In addition, the firm will seek reimbursement for expenses incurred. Mark Chesen, a managing director at SSG Advisors, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Mark E. Chesen SSG Advisors LLC 300 Barr Harbor Drive, Suite 420 West Conshohocken, PA 19428 Telephone: (610) 940-1094 Facsimile: (810) 940-4719 About Partners Pharmacy Services LLC Partners Pharmacy Services LLC provides medication management services to residents in skilled nursing facilities, assisted living communities, long-term care residences, long-term acute care hospitals, and institutional care facilities across the United States. Founded in 1998 and headquartered in Springfield Township, New Jersey, the Company operates in multiple states through a network of in-house pharmacies and regional locations, offering services such as automation systems, infusion therapy technologies, compounding, and clinical decision-support tools. It is one of the largest long-term care pharmacy providers in the U.S., serving over 48,000 residents in more than 500 communities. Partners Pharmacy Services LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-34698) on August 13, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. The Debtors are represented by Patrick J. Potter, Esq., Dania Slim, Esq., Amy West, Esq., and L. James Dickinson, Esq. of PILLSBURY WINTHROP SHAW PITTMAN LLP. SSG CAPITAL ADVISORS, LLC is the Debtors' Investment Banker. GIBBONS ADVISORS, LLC is the Debtors' Financial Advisor. ROLL RESTRUCTURING ADMINISTRATION LLC is the Debtors' Notice, Claims & Balloting Agent and Administrative Advisor. PARTNERS PHARMACY: Taps Ronald Winters of Gibbins Advisors as CRO ----------------------------------------------------------------- Partners Pharmacy Services, LLC, and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Gibbins Advisors, LLC, as their financial advisor and designate Ronald M. Winters, a managing director of Gibbins, as chief restructuring officer. The firm's services include: a. assisting the Debtors in performing a general financial review of historical and projected financial information; b. assisting the Debtors in reviewing monthly financial statements and providing guidance on relevant matters; c. assisting the Debtors with the preparation of financial information for distribution to creditors and others, including, but not limited to, cash flow projections and budgets, cash receipts and disbursements analysis of various asset and liability accounts, and providing an analysis of proposed transactions; d. assisting the Debtors with communications and negotiations with lenders and other stakeholders regarding financial performance, strategy, and/or other topics relevant to the scope of this assignment; e. assisting the Debtors in evaluating, developing and summarizing restructuring or strategic alternatives for the Debtors' management; f. assisting the Debtors with transaction counterparty diligence support and negotiations with transaction counterparties in collaboration with the Debtors' management and the Debtors' other professionals; and g. assisting the Debtors during these chapter 11 cases, including to prepare and testify (if needed) during hearings in connection with DIP financing, asset sales, court filings, operational support, stakeholder negotiations, and a chapter 11 plan, all under the Debtors' management direction. Gibbins' standard hourly rates are: Managing Director/Principal $695 to $850 Director/Senior Director $525 to $650 Associate/Senior Associate $375 to $495 Data Analyst $225 to $325 Gibbins received a retainer in the amount of $50,000 from the Debtors, which the Debtors supplemented on June 2, 2025 and August 8, 2025 by paying $180,000 and $225,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Ronald Winters, a managing director of Gibbins, 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: Ronald M. Winters Gibbins Advisors, LLC 1900 Church Street Nashville, TN 37203 Tel: (615) 696-6556 About Partners Pharmacy Services LLC Partners Pharmacy Services LLC provides medication management services to residents in skilled nursing facilities, assisted living communities, long-term care residences, long-term acute care hospitals, and institutional care facilities across the United States. Founded in 1998 and headquartered in Springfield Township, New Jersey, the Company operates in multiple states through a network of in-house pharmacies and regional locations, offering services such as automation systems, infusion therapy technologies, compounding, and clinical decision-support tools. It is one of the largest long-term care pharmacy providers in the U.S., serving over 48,000 residents in more than 500 communities. Partners Pharmacy Services LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-34698) on August 13, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. The Debtors are represented by Patrick J. Potter, Esq., Dania Slim, Esq., Amy West, Esq., and L. James Dickinson, Esq. of PILLSBURY WINTHROP SHAW PITTMAN LLP. SSG CAPITAL ADVISORS, LLC is the Debtors' Investment Banker. GIBBONS ADVISORS, LLC is the Debtors' Financial Advisor. ROLL RESTRUCTURING ADMINISTRATION LLC is the Debtors' Notice, Claims & Balloting Agent and Administrative Advisor. PARTY CITY: Gets Court OK for Chapter 11 Liquidation Plan --------------------------------------------------------- Yun Park of Law360 reports that a Texas bankruptcy judge on Wednesday, August 27, 2025, granted final approval of Party City's Chapter 11 liquidation plan, overruling an objection from the U.S. Trustee's Office, which argued the plan unlawfully reduced administrative claims without clear consent and risked violating the Bankruptcy Code. 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. PEAK ACHIEVEMENT: S&P Assigns BB- ICR, Outlook stable ----------------------------------------------------- S&P Global Ratings assigned its 'BB-' issuer credit rating (ICR) to Canada-based Peak Achievement Athletics Inc., reflecting the 'b+' stand-alone credit profile (SACP) and one notch of uplift based on our assessment of Peak's moderate strategic importance to parent Fairfax Financial Holdings Ltd. (A-/Stable/--). S&P said, "We also assigned our 'B+' issue-level rating and '5' recovery rating to the company's proposed unsecured debt. The '5' recovery rating reflects our expectation for modest (10%-30%; rounded estimate: 10%) recovery in the event of a default. "The stable outlook reflects our view that Peak will maintain its strong market share in key hockey equipment. The outlook also incorporates our view that sustained pricing power and gradual market-share increases should result in EBITDA increasing over the next 12 months such that the company's S&P Global Ratings-adjusted leverage ratio improves to the 3x-4x area." Peak is the leading designer, manufacturer, and distributor of sports equipment for hockey and lacrosse in North America. The company intends to issue C$250 million in unsecured notes to repay a portion of its existing term loan. Pro forma the transaction, based on EBITDA for the 12 months through June 31, 2025, S&P expects Peak's debt-to-EBITDA ratio to be about 5x, which it forecasts should improve to below 4x by year-end fiscal 2026. S&P said, "Our rating on Peak reflects its leading market share in North America, but it's smaller than many of the other top sports equipment manufacturers. Its Bauer brand has a leading position in the niche hockey equipment market, covering the full breadth of hockey equipment products. It competes primarily with CCM Hockey. We estimate that Bauer leads the market in the skates, protective equipment, and goalie equipment categories. The customers for its core products are not only include amateur and recreational players but also elite and performance-focused athletes who tend to replace their equipment more frequently than casual players, supporting our view that the company has recurring revenue generation. However, the company has limited revenue diversity, as it manufactures and sells only hockey and lacrosse equipment and apparel. In addition, it generates about 70% of revenue in North America, further limiting diversity. Therefore, its scale of operations is smaller than that of other leading sports equipment manufacturers, such as Acushnet Holdings Corp. (over US$2 billion in annual revenue; BB/Stable/--) and Topgolf Callaway Brands Corp. (more than $4 billion; B/Developing/--). As a result, we assess Peak's business risk profiles as weak. "We anticipate that Peak's leverage will improve to below 4.0x in F2026 as acquisition-related one-time charges roll off. The company plans to issue C$250 million (US$179 million) unsecured notes due August 2033, using the majority of the proceeds to pay-down existing US$339 million term loan due December 2027. Pro forma the transaction and based on S&P Global Ratings-adjusted EBITDA for the 12 months through June 30, 2025, the company's leverage will be about 5x. However, for the fiscal year ending March 31, 2025, there were significant one-time costs related to Fairfax acquiring Peak. As those one-time transaction-related charges phase out, we expect EBITDA margin to return to a more normal 19%–20% in F2026. As a result, we project S&P Global Ratings-adjusted leverage will improve to the 3.5x-4x area by year-end fiscal 2026. "Our ratings incorporate a one-notch uplift for group support. Peak is 100%-owned by and fully consolidated with the financials of its parent, Fairfax, but it will operate as a stand-alone business. We view Peak as moderately strategic to Fairfax. Therefore, we don't expect any ongoing financial support from Fairfax, and only under extraordinary circumstances would we expect Fairfax to assist financially. We also believe Fairfax will be a long-term investor in Peak and maintain a prudent financial policy with respect to dividends. As a result, our 'b+' SACP on Peak receives a one-notch parental uplift, resulting in a 'BB-' ICR." Robust pricing power and solid demand for hockey equipment will support near-term growth. Q1 2026 sales growth stemmed primarily from price increases. It raised prices earlier this year due to tariffs, and there was minimal customer backlash. Hockey and lacrosse consumers generally have relatively high household incomes and tend to be more inclined to pay for quality and premium products. This and Peak's well-established brand equity give the company significant pricing power. Across all of its categories, the company offers products at multiple price tiers, broadening its potential customer base. And to better attract and support beginner players, it didn't raise the prices of entry-level products this year. We expect top-line growth of approximately 7.5% in 2026, primarily driven by price increases. The remainder will come from volume growth, bolstered by the launch of the Vapor FlyLite collection in June, contracts with the Professional Women's Hockey Leage and Hockey Canada, and the continued expansion of its custom products line. Even with tariffs, we believe the company's profitably will remain above the industry average. Absent one-time items related to sale to Fairfax, Peak's 2025 S&P Global Ratings-adjusted EBITDA margin was 19%-20%. This is above the 16%-17% generated by Topgolf and TaylorMade Holdings Inc. (B/Stable/--). With most of Peak's manufacturing based overseas and significant sales in the U.S., it remains highly exposed to tariffs; however, management has indicated that these costs have been passed on to customers through price increases. The company is also working with key suppliers to reduce its exposure to China by relocating production to elsewhere in the region. S&P expects Peak to maintain these margins in the near term, even when taking into account tariff-induced macroeconomic headwinds in Canada. However, the risk remains that a further increase in tariff rates could compress EBITDA margins and pressure the company's creditworthiness if EBITDA declines substantially. Given the maturity of the hockey market, growth depends on product innovation and expansion. The hockey equipment industry is expected to grow only modestly (about 1%-2% annually), with female and youth participation likely driving the growth. Therefore, S&P believes Peak's long-term growth will hinge on its ability to expand its market share through innovation and strategic marketing. Operating within a duopoly in its core markets (its main competitor is CCM), Peak's focus on R&D has resulted in market share expansion and S&P expects it to outpace several smaller peers in terms of innovation. As part of its long-term strategy, the company expects to grow its high-margin direct-to-customer business significantly. This will be underpinned by the expansion of its custom-made products line and incremental and more targeted marketing spending. The business has sufficient liquidity to manage its seasonal working-capital swings. Generally, Peak's highest hockey revenues are in the summer and fall, and its lacrosse revenues peak in the fall and winter. As a result, its receivable balance increases significantly in the second quarter, leading it to use over $100 million in working capital. However, S&P believes the company's US$175 million revolving credit facility provides an adequate liquidity cushion to cover its seasonal working-capital needs. S&P said, "The stable outlook reflects our view that Peak will maintain its strong market share in key hockey equipment. The outlook also incorporates our view that sustained pricing power and gradual market-share increases should result in EBITDA increasing over the next 12 months such that the company's S&P Global Ratings-adjusted leverage ratio will improve in the 3x-4x area." S&P could lower the rating if Peak's operating performance deteriorates and adjusted leverage remains close to 5x. This could be caused by: -- The company has difficulty managing supply-chain disruptions, foreign-currency headwinds, or input-cost fluctuations; -- Consumer discretionary spending being much weaker than expected; or -- Market-share losses due to unsuccessful product launches, changing customer preferences, a failure to innovate, or weaker perceived product quality. Although unlikely within the next 12 months, S&P could raise the ratings if: -- Peak establishes a consistent track record of maintaining S&P Global Ratings-adjusted EBITDA margins in the high-teens percent area, even amid a weaker macroeconomic environment and ongoing tariff uncertainty; and -- Fairfax's management team remains committed to its financial policy of maintaining prudent capital structure such that leverage improves to below 3x. PLATE RESTAURANT: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------- The U.S. Trustee for Region 20 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 cases of Plate Restaurant Group, LLC and its affiliates. About Plate Restaurant Group LLC Plate Restaurant Group LLC is a Kansas City-based restaurant business. Plate Restaurant Group, LLC and its affiliates, Plate Restaurant, LLC and Plate Restaurant Leawood, LLC, filed Chapter 11 petitions (Bankr. D. Kan. Lead Case No. 25-20996) on July 18, 2025. In its petition, Plate Restaurant Group disclosed up to $50,000 in assets and between $500,000 and $1 million in liabilities. Honorable Bankruptcy Judge Dale L. Somers handles the case. The Debtors tapped Phillips & Thomas, LLC as counsel and Olivier Griot as accountant. PLATINUM BEAUTY: Court Extends Cash Collateral Access to Sept. 16 ----------------------------------------------------------------- Platinum Beauty Bar and Spa, LLC received second interim approval from the U.S. Bankruptcy Court for the Middle District of Georgia, Macon Division, to use cash collateral. The second interim order authorized the Debtor to use cash collateral from August 21 until the final hearing scheduled for September 16 to pay operating expenses in accordance with its budget. As adequate protection, Citizens Bank will receive a replacement lien on the Debtor's post-petition property (excluding Chapter 5 avoidance proceeds) that is similar to its pre-bankruptcy collateral. Replacement lien is automatically valid and perfected as of the Petition Date. In addition, the Debtor must make monthly payments of $13,461 as further protection, plus escrow payments of $1,885.43. About Platinum Beauty Bar and Spa LLC Platinum Beauty Bar and Spa, LLC is a full-service spa in Conyers, Georgia. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 23-51222) on September 1, 2023. In the petition signed by Rebecca Davis, sole member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Austin E. Carter oversees the case. William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC, represents the Debtor as legal counsel. Citizens Bank, as lender, is represented by John A. Thomson, Jr., Esq., at Adams and Reese LLP. POSH QUARTERS: Seeks to Hire Mickler & Mickler as Attorney ---------------------------------------------------------- Posh Quarters LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Law Offices of Mickler & Mickler, LLP as attorney. The firm will provide general representation to the Debtor in the bankruptcy case and perform all legal services necessary. The firm will be paid a retainer in the amount of $300 to $400 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Bryan K. Mickler, Esq., a partner at Law Offices of Mickler & Mickler, LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Bryan K. Mickler, Esq. . Law Offices of Mickler & Mickler, LLP 5452 Arlington Expressway Jacksonville, FL 322211 Tel: (904) 725-0822 Fax: (904) 725-0855 About Posh Quarters LLC Posh Quarters LLC is a small business based in Melrose, Florida. Posh Quarters LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02748) on August 8, 2025. In its petition, the Debtor reports estimated assets between $1.1 million and $1.2 million and estimated liabilities between $1.6 million and $1.7 million. Honorable Bankruptcy Judge Jason A. Burgess handles the case. The Debtor is represented by Bryan K. Mickler, Esq. at Mickler & Mickler. PUERTO RICO: PREPA Bondholders Move to Terminate Reorg. Deal ------------------------------------------------------------ Rick Archer of Law360 reports that the bondholders of Puerto Rico's electric utility, Puerto Rico Electric Power Authority (PREPA), said in New York federal court they intend to walk away from their three-year-old restructuring pact if plan confirmation is not achieved by October 2025. 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 agencies; 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. QSR STEEL: CBIZ Can Be Paid $100,000 for Now -------------------------------------------- Judge James J. Tancredi of the United States Bankruptcy Court for the District of Connecticut approved in part and denied in part the final application for compensation of CBIZ, Inc., QSR Steel Corporation, LLC's accountant. The Debtor partook in a lengthy and contested bankruptcy under Subchapter V of Chapter 11 of the Bankruptcy Code, beginning with its filing on June 18, 2024. On April 28, 2025, this Court entered an Order Confirming Debtor's First Amended Subchapter V Plan of Reorganization, as Modified under 11 U.S.C. Secs. 1129 and 1191. On May 30, 2025, the Debtor's Accountant, CBIZ, filed its Final Application for Compensation. On June 23, 2025, the U.S. Trustee filed its statement of No Objection. CBIZ filed its Interim Application for Compensation for CBIZ, Inc., as Financial Advisor on March 17, 2025, seeking expenses totaling $109,680.00 and $0.00 in fees. A hearing was held on the Interim Application on April 22, 2025, at which the Debtor attested that CBIZ had really served as not only an accountant, but also a financial advisor. Further, the Debtor noted that now that CBIZ had successfully implemented new business processes at QSR, the goal moving forward was for CBIZ's role to gradually diminish as it assisted the Debtor's employees in assuming complete ownership of the new business processes. An Order Approving First Interim Application for Allowance of Compensation and Reimbursement of Expenses was entered on April 29, 2025, awarding CBIZ the entirety of the fees and expenses sought. On July 31, 2025, the Debtor surprisingly filed its Objection to Final Application of CBIZ as Accountants and Financial Advisors for Debtor, , wherein the Debtor through its principal elaborated on various issues and concerns with the Final Application. The Debtor argues that the Retention Application that CBIZ filed imposed a cap on any request for compensation at $100,000.00. It had already paid CBIZ, Inc. $109,680.00 after the Court granted the Interim Fee Application on April 29, 2025. Accordingly, the Debtor believes CBIZ's request for an additional $24,840.00 is unsupportable and that the Debtor should not be required to pay any additional fees. The Debtor contends that certain tasks that CBIZ should have completed remain outstanding. It asserts that CBIZ failed to: (i) complete certain tax returns and advice concerning the accounting treatment of the corporate debt eliminated pursuant to the confirmed Plan; (ii) properly transition the responsibilities for the QSR engagement to other personnel at CBIZ and effectively left them without necessary financial support; and (iii) implement certain financial policies and procedures that were to be provided as part of the bankruptcy engagement. The Debtor asserts that, as CBIZ has refused to provide certain financial support on the basis that the Engagement Letter between the parties terminates the engagement as of December 31, 2024, the Debtor should similarly not be obligated to pay any fees incurred after January 1, 2025. The Debtor alleges CBIZ has failed to account for the $20,000 prepetition retainer that was paid to its predecessor-in-interest (Marcum, LLP) prior to the commencement of this bankruptcy case, as was required. It contends that even if the Court were to grant the Final Fee Application for $24,840.00, the only amount outstanding would really be $4,840 through the application of the retained funds. A final hearing was held on August 7, 2025. The Court agrees that there is a contractual cap of $100,000 imposed in the Retention Application, but concludes an additional period of time is appropriate to allow CBIZ to file a Response to the Objection should it wish to adduce additional evidence refuting the Debtor's grievances. The Court ordered as follows: 1. The final Application for Compensation is approved in part and denied in part. 2. The fees of CBIZ incurred in this matter shall be limited to the aggregate $100,000.00 cap imposed in the Retention Application. 3. The $109,680.00 in fees and expenses which CBIZ has received shall remain subject to disgorgement as a result of any potential failure to complete the tasks contemplated in the Retention Application and Engagement Letter, overpayment of fees, or a failure to credit or return the $20,000.00 retainer. 4. If the Debtor seeks further enforcement of this Order, disgorgement as provided, or other affirmative relief against CBIZ, it shall file a Supplemental Objection to the Final Application of CBIZ by September 3, 2025, delineating such claims with supporting legal authority, and appear to be heard at an evidentiary hearing thereon, along with any CBIZ Response, to be held in this Court on September 10, 2025, at 11:00 A.M.; 5. In the event that no Supplemental Objection is filed by the Debtor or CBIZ, the Final Fee Application will be deemed finally approved for the sums ($109,680.00 in fees and expenses and the $20,000.00 retainer) paid to CBIZ and no further relief shall be accorded to the Debtor or CBIZ. A copy of the Court's Memorandum of Decision and Order dated August 21, 2025, is available at https://urlcurt.com/u?l=QHyWMe from PacerMonitor.com. About QSR Steel Corporation QSR Steel Corporation, LLC is a one-stop, full service structural steel company based in Hartford, Conn., offering everything from steel buildings to stairs and railings. QSR Steel filed Chapter 11 petition (Bankr. D. Conn. Case No. 24-20562) on June 18, 2024, with $2,838,179 in assets and $2,124,057 in liabilities as of March 31, 2024. Glenn Salamone, a member of QSR Steel, signed the petition. Judge James J. Tancredi oversees the case. Irve J. Goldman, Esq., at Pullman & Comley, LLC is the Debtor's legal counsel. Liberty Bank, as secured creditor, is represented by: Linda c. Hadley, Esq. Gfeller Laurie, LLP West Hartford Center 977 Farmington Avenue, Suite 200 West Hartford, CT 06107 Phone: 860-760-8428/860-760-8400 Fax: 860-760-8401 E-mail: lhadley@gllawgroup.com QVC GROUP: S&P Downgrades ICR to 'CCC', Outlook Negative -------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on retailer QVC Group Inc. by one notch to 'CCC' from 'CCC+'. S&P said, "At the same time, we lowered our issue-level ratings on the secured notes to 'CCC' from 'B-' and lowered the recovery rating to '3' from '2', indicating our expectation for meaningful (50%-70%, rounded estimate 55%) recovery in the event of a payment default. We lowered our issue-level rating on the senior unsecured notes to 'CC' from 'CCC-' and the recovery rating remains '6', indicating our expectation for negligible (0%-10%, rounded estimate: 0%) recovery in the event of a payment default. "The negative outlook reflects that we could lower our ratings if we believe a default scenario is inevitable within the subsequent six months or the company announces a debt exchange that we view as distressed. "The downgrade reflects elevated risk that QVC will pursue a debt exchange that we would view as distressed in advance of a looming maturity. As of Aug. 1, 2025, QVC drew $975 million on its RCF, due October 2026. Subsequently, the revolver has approximately $200 million of availability and a total of $2.9 billion drawn. Earlier in the year, the company removed the Cornerstone entity as a guarantor on its RCF. Cornerstone makes up a small portion of the company's overall revenue and was removed as a guarantor. We view these actions as likely preparation for a debt exchange or balance sheet restructuring that we could view as tantamount to default. "Additionally, following the revolver draw, QVC's cash balance is $1.87 billion, which, in conjunction with the company's weak cash flow generation, is insufficient to cover the facility when it matures in October 2026. We believe the company will have difficulty refinancing the revolver on satisfactory terms due to its continued weak performance and negative free operating cash flow (FOCF). Furthermore, the debt is trading at 60 cents on the dollar, which could facilitate a distressed exchange. The company paid off its notes due in February of this year. Also, the company has a complex capital structure, which we believe will add additional pressure to liquidity. "We expect continued weak performance due to the secular decline of its business. We revised our business risk profile on QVC to vulnerable from weak given the continued secular decline of its business operations from declines in TV viewership as customers switch to streaming services and social media applications. We lowered our forecast for 2025 given the weak performance in the first half of the year. In the second quarter of 2025, the company reported a 7% year-over-year decrease in revenues to $2.2 billion due to weaker consumer sentiment, volatile news cycle, and further cost pressures from potential tariffs. While the company has implemented strategic initiatives, we believe it will take time to see a positive effect. S&P Global Ratings forecasts revenues will continue to decline 8.3% in 2025. "The negative outlook reflects that we could lower the ratings if a default scenario appears inevitable in the subsequent six months or if the company announces a debt exchange offer that we view as tantamount to default." S&P could lower its rating if: -- The company is unable to refinance its revolver; -- Continued weak operating performance and negative free cash flow leads to a liquidity event; or -- The company announces a debt restructuring that in S&P's view provides the investor with less than the original promise. S&P could take a positive rating action if QVC: -- Successfully extends the maturity of its revolver on satisfactory terms; and -- Operating performance improves whereby there are no longer near-term liquidity pressures. R2 MARKETING: Gets Final OK to Use Cash Collateral -------------------------------------------------- R2 Marketing and Consulting, LLC received final approval from the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, to use cash collateral. The use of cash collateral is approved on a final basis on the same terms as previously approved. The Debtor requires the use of cash collateral to continue operations while sorting out disputes over merchant cash advance agreements. The Debtor's business faced hardship after losing a large contract, leading to reliance on MCA agreements, which created daily withdrawals and strained operations. Although a new contract has stabilized income, the Debtor is dealing with legal disputes, including a potential lawsuit from Instafunding and a lien that blocked $70,000 of funds. The Debtor operates a medical transportation service in California and contracts with health care companies to provide transportation for medical appointments. Despite the setbacks, the business has steady income from contracts with AltaMed and others. About R2 Marketing & Consulting R2 Marketing & Consulting, LLC is a full-service non-emergency medical transportation company operating throughout Orange County and surrounding areas, providing safe and reliable transport for patients to various medical appointments. The Company's services include transportation for doctor's visits, physical therapy, hospice care, assisted living, and more. R2 Marketing & Consulting sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10631) on March 12, 2025. In its petition, the Debtor reported total assets of $5,354 and total liabilities of $2,285,519. Judge Scott C. Clarkson oversees the case. Michael R. Totaro, Esq., at Totaro and Shanahan, LLP, represents the Debtor as legal counsel. RYAN SPECIALTY: Moody's Hikes CFR to Ba3 & Alters Outlook to Stable ------------------------------------------------------------------- Moody's Ratings has upgraded Ryan Specialty, LLC's (Ryan Specialty) corporate family rating to Ba3 from B1 and its probability of default rating to Ba3-PD from B1-PD based on the company's growing market presence and Moody's expectations that Ryan Specialty will maintain financial leverage below its recent elevated levels. Moody's also upgraded Ryan Specialty's senior secured first-lien bank credit facilities and notes ratings to Ba3 from B1. The rating outlook for Ryan Specialty has changed to stable from positive. RATINGS RATIONALE The ratings upgrade reflects Ryan Specialty's strong market position in wholesale brokerage, binding authority and managing general underwriting services with delegated authority for insurance brokers, agents and carriers mainly in the US, with a smaller presence in the UK, Europe, Canada, India and Singapore. The company continues to add scale as it generates robust revenue growth organically and through acquisitions. Moody's expects adjusted EBITDA to align more closely with reported EBITDA as costs of a recent large acquisition and a restructuring program roll off. Moody's also expects that Ryan Specialty will maintain a pro-forma debt-to-EBITDA ratio below 4.5x (per Moody's calculations, which incorporate pension and lease adjustments), with (EBITDA - capex) interest coverage above 3.5x, and a free-cash-flow-to-debt ratio in the high single digits. Governance considerations were a key driver of this rating action. Moody's revised Ryan Specialty's ESG Credit Impact Score (CIS) to CIS-3 from CIS-4 to reflect the change in the Governance Issuer Profile Score (IPS), which was changed to G-3 from G-4, to reflect the company's lower financial leverage. Ryan Specialty's ratings reflect its strong presence in specialty insurance brokerage, broad diversification across clients and carriers, and solid EBITDA margins along with good free cash flow. These strengths are offset by the company's significant financial leverage, integration risk associated with acquisitions, and potential liabilities arising from errors and omissions, a risk inherent in professional services. Ryan Specialty uses borrowed funds, along with internally generated cash, to help fund organic growth and acquisitions, and has a good record of absorbing smaller brokers. For the 12 months through June 2025, Ryan Specialty generated over $2.8 billion of revenue, up from $2.5 billion in 2024, reflecting acquisitions and robust organic growth. The company has achieved strong organic growth over the past several years based on heightened demand for specialty insurance products, a continuing shift of business from the standard market into the excess and surplus lines market, and rising P&C insurance rates. Moody's expects somewhat lower organic growth in the low double digits or high single digits in the year ahead based on slowing economic growth and a weaker rate environment for some commercial P&C insurance lines. Ryan Specialty expanded its EBITDA margin to nearly 26% (per Moody's calculations) for the 12 months through June 2025. The company expects to generate annual savings of approximately $60 million, before reinvestment, from its recently completed restructuring program which, combined with its increased scale and lower acquisition costs, should further improve EBITDA margins over the next year. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade of Ryan Specialty's ratings include: (i) debt-to-EBITDA ratio below 3.8x, (ii) (EBITDA – capex) coverage of interest exceeding 4.5x, and (iii) free-cash-flow-to-debt ratio exceeding 10%. Factors that could lead to a downgrade of Ryan Specialty's ratings include: (i) debt-to-EBITDA ratio above 4.5x, (ii) (EBITDA – capex) coverage of interest below 3.5x, (iii) free-cash-flow-to-debt ratio below 7%, or (iv) delay or disruption in integration of acquired operations. The principal methodology used in these ratings was Insurance Brokers and Service Companies published in February 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. Founded in 2010 and based in Chicago, Illinois, Ryan Specialty is a specialty insurance broker providing wholesale brokerage, binding authority and managing general underwriting services with delegated authority for insurance brokers, agents and carriers mainly in the US and also in the UK, Europe, Canada, India and Singapore. The company generated revenue of $2.8 billion and net income of $192 million during the 12 months ended June 30, 2025. SENOIA DRUG: Gets Final OK to Use Cash Collateral ------------------------------------------------- Senoia Drug Co Inc. received final approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Newnan Division, to use cash collateral through confirmation of its Chapter 11 plan or until the case is converted or dismissed. The court authorized the Debtor's final use of cash collateral to pay operating expenses in accordance with its budget, with line-item modifications allowed up to 15%, and unused amounts may be carried over. The Debtor projects total operational expenses of $50,514 for August; $64,494 for September; $47,382 for October; $47,382 for November; $49,567 for December; and $61,832 for January 2026. The Debtor was also authorized to fund a post-petition escrow for payment of the Subchapter V trustee's fees in the amount of $1,000 per month to be held in escrow by the Debtor's counsel pending further court order. As protection for the Debtor's use of their cash collateral, secured creditors will be granted replacement liens on assets acquired by the Debtor after the bankruptcy filing similar to their pre-bankruptcy collateral. The replacement liens will have the same validity and priority as the secured creditors' pre-bankruptcy liens. The secured creditors are AmerisourceBergen Drug Corporation; Five Star Bank; PioneerRx, LLC; Lendistry SBLC, LLC; C T Corporation System as representative; CHTD Company as representative; Corporation Service Company as representative; BayFirst National Bank; Celtic Bank Corporation, Greyhaven Partners; ODK Capital, LLC doing business as OnDeck; Small Business Financial Solutions, LLC doing business as Rapid Finance; and WebBank. About Senoia Drug Co Inc. Senoia Drug Co Inc. operates a full-service retail pharmacy in Senoia, Georgia. The Company provides prescription medications, compounding services, immunizations, medication therapy management, durable medical equipment. It also offers local delivery and digital refill services through a mobile app. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-11060) on July 21, 2025. In the petition signed by J. Bryan Hazelton, chief executive officer, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Bethany Strain, Esq., at Jones and Walden, LLC, represents the Debtor as legal counsel. BayFirst National Bank, as secured creditor, is represented by: A. Todd Sprinkle, Esq. Parker Poe Adams & Bernstein, LLP 1075 Peachtree Street NE, Suite 1500 Atlanta, GA 30309 Phone: 678.690.5702 Fax: 404.869.6972 toddsprinkle@parkerpoe.com SIX COOKS: Seeks to Hire Ayers & Haidt PA as Bankruptcy Counsel --------------------------------------------------------------- Six Cooks LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Ayers & Haidt, P.A. to serve as legal counsel in its Chapter 11 case. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm will be paid a retainer in the amount of $11,500. David J. Haidt, Esq., a partner at Ayers & Haidt, PA, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David J. Haidt, Esq. AYERS & HAIDT, PA P.O. Box 1544 307 Metcalf Street New Bern, NC 28563 Tel: (252) 638-2955 Email: davidhaidt@embarqmail.com About Six Cooks LLC Six Cooks LLC, d/b/a Blue Forest Market, Industrial Puppy, Wild Baby, and Pro Nutrition Labs, operates as a limited liability company managing multiple businesses under various DBAs including Blue Forest Market, Industrial Puppy, Wild Baby, and Pro Nutrition Labs. The Company's operations span retail sales of toys and household goods, manufacturing and sales of service animal products, nutritional supplements, and other specialized product lines. Six Cooks LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-03043) on August 8, 2025. In its petition, the Debtor reports total assets of $630,133 and total liabilities of $2,103,297. Honorable Bankruptcy Judge David M. Warren handles the case. The Debtor is represented by David J. Haidt, Esq. at AYERS & HAIDT, PA. SMYRNA READY: Moody's Lowers CFR to B1 & Alters Outlook to Stable ----------------------------------------------------------------- Moody's Ratings downgraded Smyrna Ready Mix Concrete, LLC's (Smyrna) corporate family rating to B1 from Ba3, probability of default rating to B1-PD from Ba3-PD and the company's backed senior secured notes and backed senior secured bank credit facility ratings to B1 from Ba3. At the same time, Moody's changed the outlook to stable from negative. The downgrade of the CFR to B1 reflects Smyrna's high debt load and Moody's expectations that Smyrna's credit metrics will only moderately improve in the next two years given weaker economic conditions and despite recent improvements in Smyrna's profitability. Nevertheless, the direct impact from tariffs will be limited for Smyrna. "The downgrade to B1 reflects ongoing economic uncertainties that could slow down the pace of construction projects, reducing Smyrna's growth trajectory through 2026," says Peter Doyle, a Moody's Ratings VP-Senior Analyst. "However, management's efforts to improve its cost structure and the resulting margin improvement allow Smyrna to contend with ongoing disruptions in its end market and supports the stable outlook," added Doyle. RATINGS RATIONALE Smyrna's B1 CFR reflects the company's high leverage, remaining above 5.5x debt/EBITDA through 2026, absent a material strengthening of current industry conditions, and low interest coverage, with EBIT/interest expense in the range of 1.5x – 1.7x over the next 18 months. Past debt-financed acquisitions have increased Smyrna's fixed charges. The US construction industry, the primary driver of Smyrna's revenue, is cyclical and currently experiencing softness in demand. Moody's expects higher volatility in volumes and earnings for Smyrna over the next 12-18 months. At the same time, Smyrna faces intense competition because the industry is highly fragmented and very local. Offsetting these credit challenges is the company's improving operating performance due to management's efforts to reduce costs to meet lower demand and to negotiate better terms with suppliers. Moody's projects EBITDA margin nearing 20% by late 2026, versus 17.5% for the last 12 months ended June 30, 2025. Operating performance is critical for leverage reduction. Meaningful scale as the largest ready-mix concrete producer in the US, and favorable long-term fundamentals for the construction industry remain intact, supported by growth in data centers that require massive amounts of concrete and other commercial projects and good long-term fundamentals of the US housing market. Smyrna will have adequate liquidity over the next 18 months, constrained by limited free cash flow and availability under the company's revolving credit facility. Moody's forecasts that free cash flow will be modestly negative in 2025 but Moody's projects that Smyrna will generate around nearly $80 million of free cash flow in 2026. As of June 30, 2025, revolver availability totaled about $250 million, after considering $145 million in borrowings, some letters of credit issuances and the borrowing base formula. Moody's views the size of the revolver and resulting availability as modest relative to Smyrna's high cash interest payments of $250 million per year and capital expenditures, which Moody's projects at about $280 million for 2026. Smyrna has no material maturities until October 2027, when its revolving credit facility expires. The stable outlook reflects Moody's views that leverage will continue to trend towards 5.5x debt/EBITDA over the next 18 months. Improving operating performance, no near-term maturities and long-term fundamentals in the US construction industry further support the stable outlook over the next 12-18 months. The B1 senior secured debt ratings, the same rating as the B1 CFR, results from their position as the preponderance of debt in Smyrna's capital structure. The senior secured debt consists of a senior secured term loan ($730 million as of June 30, 2025) due April 2029, $1.1 billion senior secured notes due November 2028 and $1.1 billion senior secured notes due November 2031. The term loan and both notes are pari passu to each other. Each has a first lien on substantially all noncurrent assets and a second lien on assets securing the company's asset based revolving credit facility (ABL priority collateral). Reflecting the downgrade of Smyrna's CFR to B1, Moody's adjusted the financial policy rating factor in the company's scorecard to B from Ba. Moody's also changed Smyrna's credit impact score (CIS) to CIS-4 from CIS-3, indicating the rating is lower than it would have been if ESG risk exposures did not exist. Smyrna has high financial risk from high leverage due to debt-financed acquisitions and the challenges of executing its operational plan while facing softness in the US construction industry and intense competition. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A ratings upgrade is unlikely over the next 12-18 months on account of Smyrna's high leverage. However, upwards rating movement over the long term could occur if end markets remain supportive of long-term organic growth such that debt/EBITDA is sustained below 4.5x and EBIT/interest expense is above 3x. Improvement in liquidity with robust free cash flow would also support an upgrade. A ratings downgrade could occur if debt/EBITDA fails to improve and stays above 5.5x and EBITA/interest is sustained below 2x. Negative ratings pressure may develop if the company experiences deteriorating liquidity or adopts increasingly aggressive acquisitions. Smyrna, headquartered in Nashville, Tennessee, is the largest ready-mix concrete producer in the United States. The Hollingshead family owns Smyrna. Smyrna's revenue for the 12 months ended June 30, 2025 was $3.4 billion. The principal methodology used in these ratings was Building Materials published in September 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. SOUND INPATIENT: S&P Upgrades ICR to 'B-', Outlook Stable --------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Sound Inpatient Physicians Inc. (Sound) to 'B-' from 'CCC+'. S&P said, "We also raised our issue-level ratings on the super-senior first-out (SS1O) term loan to 'B+' from 'B', super-senior second-out (SS2O) term loan to 'B-' from 'CCC+', and super-senior third-out (SS3O) term loan to 'CCC' from 'CCC-'. "The stable outlook reflects our expectations for steady revenue growth and EBITDA margins over the next 12 months, supporting sustained, positive discretionary cash flow. "Sound has seen material operational improvement during 2025, with EBITDA contribution exceeding our previous forecast and management's budget. "We now expect Sound will generate positive discretionary cash flow over the next several years despite S&P Global Ratings-adjusted debt to EBITDA remaining high at above 7x. "Sound's operating performance is exceeding our expectations in 2025." Revenue for the year-to-date period ended June 30, 2025, was up 3.6% over the same period last year, well ahead of the company budget. This was driven by improved volume in the core business and growing accountable care organization (ACO) contribution. The company's S&P Global Ratings-adjusted EBITDA margins were 6.7% for the year-to-date period ended June 30, 2025, up from 3% during fiscal year 2024 and negative contributions during fiscal 2023. This improvement was largely driven by the roll off of substantial one-time costs related to unprofitable contract exits and lower temporary labor expenses. S&P said, "We also expect EBITDA contribution to improve through the back half of 2025 due to some seasonality. As a result, we now expect credit metrics for the full year 2025 to be stronger than our last forecast, with projected debt to EBITDA of 7.7x versus 10.5x previously." S&P said, "We expect cash flow generation to be positive going forward despite high S&P Global Ratings-adjusted debt to EBITDA. We expect discretionary cash flow will remain positive throughout the forecast period due to the increase in EBITDA. For the full year 2025, we now forecast discretionary cash flow will be about $10 million, despite a onetime $26 million cancellation of debt income (CODI) tax payment due in the second half of the year. "In 2026 and beyond, we forecast discretionary cash flow generation will be much improved, in excess of 3% of debt annually. However, due partially to the pay-in-kind (PIK) component of several tranches of debt, we expect S&P Global Ratings-adjusted debt to EBITDA will remain very high at above 7x through at least 2027. "In our view, the company's capital structure appears much more sustainable compared with our previous forecast, especially as it approaches the next round of refinancing in 2028. This is supported by the trading values on the SS2O and SS3O term loans, which have increased substantially over the past year. We would still expect Sound to generate positive cash flow even if it elected to pay cash interest on its debt and believe that it could successfully refinance its entire capital structure without materially increasing its cash interest. "Liquidity is adequate, despite the lack of a revolving credit facility. Sound had $182.5 million of cash on its balance sheet as of June 30, 2025. We expect cash to accumulate modestly over the next few years because we do not project any meaningful deployment of capital (for mergers and acquisitions or anything else), given the lack of a revolver or asset-based lending facility. The SS1O term loan is subject to a 9.75x maximum leverage covenant, but we expect the company to maintain at least a 40% EBITDA cushion with this covenant." Sound remains a midsized player in the highly fragmented and competitive physician staffing industry. The company competes directly with larger peers with its hospitalist, emergency medicine, critical care, and anesthesiology staffing segments, including market leaders like Team Health (B-/Stable), Envision, and U.S. Anesthesia Partners (B/Stable). The industry is highly fragmented and competitive, with low barriers to entry, which could constrain significant long-term revenue growth and profit margin expansion for Sound going forward. S&P said, "The stable outlook reflects our expectation that Sound will continue to perform well over the next 12 months, resulting in mid-single-digit percent revenue growth and positive discretionary cash flow generation. “We could lower our rating if we believe Sound will not be able to sustain positive discretionary cash flow sufficient to offset the PIK component on its debt. This could lead us to believe that the capital structure is no longer sustainable. Alternatively, we could lower the rating if we do not believe the company will be able to refinance its capital structure well in advance of its next maturity in 2028." Although very unlikely over the next 12 months, S&P could consider a higher rating if: -- Sound continues to materially exceed our base-case scenario for revenue and EBITDA expansion; -- Management demonstrates a longer track record for operational success and conservative financial policy; and -- It sustains discretionary cash flow to debt above 5%, inclusive of all cash pay elections on the company's debt. SOUTHWEST FIRE: Seeks to Use Cash Collateral Until Oct. 31 ---------------------------------------------------------- Southwest Fire Defense, LLC asks the U.S. Bankruptcy Court for the District of New Mexico for authority to use cash collateral through October 31. This relief is deemed urgent as the Debtor claims it would face potential shutdown and loss of employee morale without the ability to use its cash to fund payroll and operational expenses and maintain vendor and customer relationships. The Debtor identifies three secured creditors with an interest in cash collateral: 1. Kapitus LLC owed approximately $120,000 with a security interest in accounts receivable and other assets. Kapitus has also obtained a pre-petition judgment and filed a UCC-1 under the name FirstInLine Capital. The Debtor has reached a consensual agreement with Kapitus for post-petition use of cash collateral. 2. U.S. Small Business Administration owed approximately $284,569 under an Economic Injury Disaster Loan (EIDL). The SBA's security interest is perfected via a UCC-1 filing dated June 28, 2020. The Debtor has had no success contacting SBA for consent despite attempts. 3. Cadence Bank owed approximately $326,000, secured by all business assets. A UCC-1 was filed on February 24, 2021, though it contains a minor typo in the Debtor's name. The Debtor believes this is not seriously misleading and has reached a consent agreement with Cadence for the use of cash collateral. The Debtor also identifies two other entities -- Altec Capital Services, LLC and CFG Solutions -- that do not have valid interests in cash collateral. Altec's UCC-1 is tied only to leased equipment and its proceeds while CFG is a creditor of an individual (Daniel Martinez) and not the Debtor. Since Kapitus and Cadence have consented, the only remaining issue involves use of SBA's collateral without explicit consent, which the Debtor addresses by proposing adequate protection. To protect SBA's interest, the Debtor proposes granting replacement liens on all of SBA's pre-petition collateral and its post-petition proceeds. These liens would be effective as of the petition date and require no further documentation or filings to be perfected. Additionally, the Debtor argues that SBA is further protected by the Debtor's responsible operation and maintenance of the collateral and by the fact that projected cash flow is sufficient to avoid new tax liens that could prime SBA's claim. A copy of the motion is available at https://urlcurt.com/u?l=w7Lc4I from PacerMonitor.com. About Southwest Fire Defense LLC Southwest Fire Defense, LLC provides emergency same-day hazard tree removal, tree trimming, stump grinding, defensible space creation and tree risk assessment services in the Santa Fe, New Mexico area. Founded in 2014 by former firefighter Daniel A. Martinez, the company offers free estimates. Southwest Fire Defense filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.N.M. Case No. 25-10924) on July 28, 2025. In its petition, the Debtor reported total assets of $706,464 and total liabilities of $1,530,318. Judge Robert H. Jacobvitz handles the case. The Debtor is represented by Chris Gatton, Esq., at Gatton & Associates, PC. SPIN HOLDCO: S&P Cuts ICR to 'CCC' on Increasing Refinancing Risk ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Plainview, N.Y.-based outsourced laundry service provider Spin Holdco Inc.'s (d/b/a CSC ServiceWorks) to 'CCC' from 'CCC+' and its issue-level rating on the company's revolver and first-lien term loan to 'CCC' from 'CCC+'. The negative outlook reflects the risk that S&P will lower its rating on Spin if S&P believes it will be unable to address the maturity of its revolving credit facility in a manner that leaves it with sufficient liquidity to support its business needs and remain in compliance with its debt covenants. In addition, the negative outlook reflects the rising potential the company will engage in a distressed restructuring or experience a payment default in the next six months. Spin's revolving credit facility matures in March 2026. While the company has sufficient cash to repay its borrowings at maturity, doing so would materially weaken its liquidity, which could prompt a going-concern qualification by its auditors. Therefore, Spin will likely need to refinance or extend the facility's maturity. However, this could be difficult, given the company's history of weak free operating cash flow (FOCF) generation and the distressed trading levels of its debt, which lead us to anticipate mounting risk of a default occurring in the next 12 months. S&P said, "Given Spin's constrained liquidity, we anticipate increasing refinancing risk related to its revolver due March 4, 2026. The company's capital expenditure (capex) and debt service requirements have continued to impede its ability to generate positive FOCF. Therefore, it has relied on its revolver to bridge its cash needs, leading it to accumulate $98 million of outstanding borrowings, which compares with its $60 million revolver balance for the quarter ended June 2024. While Spin's $126 million cash balance as of June 2026 appears sufficient to repay its revolver at maturity, we think it will likely need to extend or repay the revolver soon because we expect its remaining liquidity following the repayment will be minimal. This is because $18 million of the company's remaining liquidity would be restricted to support its letters of credit (LOCs), while another portion would comprise the coins in its laundry and air machines. If Spin's liquidity contracts to these levels, we believe it could challenge its ability to clear a going-concern warning from its new auditors." Operating measures implemented to improve revenue and profitability are insufficient to bolster refinancing prospects. S&P said, "We expect the company will improve its credit measures for the year ending March 2026, including modest increases in its revenue (about 3%; largely due to price increases) and EBITDA margin (by about 150 basis points due to cost reductions, flow-through from the price increases, and a rising proportion of more-profitable contracts as less-favorable contracts mature). However, we do not believe these improvements will increase the company's cash flow to a sufficient level to cover its heavy debt service burden and capex needs." Spin has about $1.9 billion of floating-rate debt obligations on its balance sheet. S&P said, "Based on our forecast for a slow decline in interest rates, we expect the company will need to pay about $171 million of interest on its debt for the year ending March 2026, which is down from the $195 million it paid in the fiscal year ended March 2025. Nevertheless, we still view Spin as facing a high interest burden. Additionally, the company will need to pay about $20 million of required amortization on its Term Loan B and about $15 million for its leases. Also, given its continued need to invest in laundry machines, we expect Spin will face capex needs of at least $130 million. We expect these combined fixed charges will exceed the company's profitability, leading to a cash deficit of about $20 million for the year ending March 2026." S&P said, "We believe Spin will continue to face heightened default risk. Even if the company successfully addresses its looming revolver maturity and meets its covenant requirements relating to the 2026 audit, this would leave it with a constrained liquidity position. Under this scenario, it would have a limited cushion to absorb cash flow short falls after debt service. We believe this would likely make it challenging for Spin to sufficiently fund its required capex business investments. The recent departure of the company's CEO adds a further layer of operational uncertainty and execution risk. "We think these challenges would likely impede some of Spin's recent operating momentum--including its rising revenue and profitability trends--and thus complicate the prospects for a comprehensive refinancing of its $1.9 billion term loan, which currently trades at about 85% of par, when it matures in March 2028. We also believe that if the company's prospects for refinancing this maturity or raising new capital remain limited, this could incentive its sponsors to pursue a debt restructuring that we would consider tantamount to a default. "The negative outlook reflects the risk that we will lower our rating on Spin if we believe it will be unable to address the maturity of its revolving credit facility in a manner that leaves it with sufficient liquidity to support its business needs and remain in compliance with its debt covenants. In addition, the negative outlook reflects the rising potential the company will engage in a distressed restructuring or experience a payment default in the next six months. "We could lower our rating on Spin if we see elevated risk it will undertake a distressed debt restructuring or experience a payment default in the next six months. "We could raise our ratings on Spin over the next 12 months if it continues to improve its operating performance and successfully addresses its 2026 debt maturities, either by completing a refinancing or receiving external support from its shareholders, such that we no longer view a distressed restructuring or payment default as likely in the next 12 months." SPIRIT AIRLINES: Moody's Cuts CFR to Caa3 & Alters Outlook to Neg. ------------------------------------------------------------------ Moody's Ratings downgraded the ratings of Spirit Airlines, LLC ("Spirit") including its corporate family rating to Caa3 from Caa1 and its probability of default rating to Caa3-PD from Caa1-PD. At the same time, Moody's downgraded the backed senior secured notes (loyalty financing) rating of Spirit IP Cayman Ltd. ("Spirit IP") to Caa3 from Caa1. Spirit's speculative grade liquidity rating (SGL) was downgraded to SGL-4 from SGL-3. The outlooks for Spirit and Spirit IP were changed to negative from stable. The downgrade reflects Spirit's deteriorating liquidity given higher than expected cash burn relative to Moody's forecasts when Moody's assigned ratings to Spirit when it emerged from bankruptcy in March 2025. Moody's forecasts Spirit will burn more than $500 million of cash in 2025 due to weak domestic leisure demand, elevated domestic capacity and a challenging pricing environment. Moody's forecasts this amount of cash burn will result in the company violating its minimum liquidity covenant of $450 million as early as the end of 2025, barring any liquidity raises by the company. Also pressuring Spirit's liquidity is the requirement of additional collateral required by its credit card processor. Spirit entered into an amended agreement with its credit card processor which requires Spirit to transfer $50 million to a pledged account in favor the bank. Spirit also agreed to allow the bank to hold back up to $3 million per day until the bank's exposure is fully collateralized and allow the bank to remain fully collateralized as its exposure increases or decreases. In exchange, the agreement was extended to December 31, 2027 from December 31, 2025. Spirit reported unrestricted cash of $408 million at June 30, 2025. The company has few options to raise additional liquidity as all of its assets are encumbered. RATINGS RATIONALE The Caa3 CFR reflects Spirit's weak liquidity and the operating environment for airlines that have limited revenue diversification. Spirit is facing a difficult operating environment with earnings pressured by high labor costs and a limited ability to raise fares due to excess capacity and weak demand in the economy segment of the US airline industry. The company continues to put in place its plan to augment its operations by introducing a premium offering, improving the guest experience, implementing network changes to increase utilization and focusing on markets with more balanced supply and demand, and introducing additional products to drive customer loyalty. However, it will take time to see material earnings benefits from these actions. The current operating environment and intense competition from the basic economy offerings of legacy carriers and other low cost airlines that are adjusting their strategies to capture some of the strong premium demand will make it difficult for Spirit to turnaround its operations. The negative outlook reflects the company's weak liquidity and Moody's expectations of continued cash burn. Spirit's liquidity is weak given Moody's forecasts of more than $500 million of cash burn in 2025. Spirit reported unrestricted cash of $408 million at June 30, 2025. On August 21, 2025, the company fully drew down its $275 million revolving credit facility. The borrowings under the revolver will mature on March 12, 2028. This level of cash burn, and modest sources of alternate liquidity, will result in the company violating its minimum liquidity covenant of $450 million as early as the end of 2025. All of the company's assets are encumbered. The senior secured notes are rated Caa3, in line with the CFR. The notes are co-issued by Spirit IP Cayman Ltd. And Spirit Loyalty Cayman Ltd. The company's unrated $275 million revolver is collateralized a first lien on "priority collateral" including Spirit's slots at LaGuardia Airport (subject to certain restrictions), specific spare engines and all eligible spare parts. The senior secured notes have a first lien on substantially all of the assets of the co-issuers and the guarantors that are not part of the priority collateral and a second lien on the priority collateral. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if liquidity weakens further or if the likelihood of a default increases. Ratings could be upgraded if there is a material improvement in the company's liquidity and cash flow. The principal methodology used in these ratings was Passenger Airlines published in August 2024. The net effect of any adjustments applied to the rating factor scores or scorecard outputs under the primary methodology was not material to the ratings addressed in this announcement. Spirit Airlines, LLC, headquartered in Dania Beach, Florida, is a leading low-cost US airline providing service to destinations throughout the US, Latin America and the Caribbean. Revenue was $4.4 billion for the 12 months ended June 30, 2025. ST VINCENT HOME: Seeks Subchapter V Bankruptcy in Florida --------------------------------------------------------- On August 25, 2025, St Vincent Home Healthcare Agency LLC filed Chapter 11 protection in the Middle District of Florida. According to court filing, the Debtor reports estimated assets between $1 million and $10 million and estimated debt 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 St Vincent Home Healthcare Agency LLC St Vincent Home Healthcare 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. St Vincent Home Healthcare Agency LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M. D. Fla. Case No.: 25-02920) on August 25, 2025. In its petition, the Debtor reports total assets of $1,024,114 and total liabilities of $702,961. Honorable Bankruptcy Judge Jason A. Burgess handles the case. The Debtor is represented by Richard A. Perry, Esq. at RICHARD A. PERRY P.A. ST. MATTHEW TRUST: Seeks Chapter 11 Bankruptcy in Maryland ---------------------------------------------------------- St. Matthew Trust filed for Chapter 11 bankruptcy on August 25, 2025, in the District of Maryland. The trust reported assets and liabilities between $100,000 and $500,000 and fewer than 50 creditors. The filing notes that unsecured creditors are expected to receive distributions. About St. Matthew Trust St. Matthew Trust is a business trust operating as a single asset real estate entity based in Cockeysville, Maryland. St. Matthew Trust sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-17780) on August 25, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000 each. Honorable Bankruptcy Judge Michelle M. Harner handles the case. The Debtor is represented by Aryeh E. Stein, Esq. of Meridian Law, LLC. SVB FINANCIAL: Trust Seeks to Toss $944MM Cayman Branch Claims -------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that the SVB Financial Group trust has urged a New York bankruptcy court to reject $944 million in claims lodged by liquidators of Silicon Valley Bank's Cayman Islands branch, arguing the filings are late, improper, and have ballooned by hundreds of millions since the 2023 bar date. About SVB Financial Group SVB Financial Group (Pink Sheets: SIVBQ) is a financial services company focusing on the innovation economy, offering financial products and services to clients across the United States and in key international markets. Prior to March 10, 2023, SVB Financial Group owned and operated Silicon Valley Bank, a state chartered bank. During the week of March 6, 2023, Silicon Valley Bank, Santa Clara, CA, experienced a severe "run-on-the-bank." On the morning of March 10, the California Department of Financial Protection and Innovation seized SVB and placed it under the receivership of the Federal Deposit Insurance Corporation. SVB was the nation's 16th largest bank and the biggest to fail since the 2008 financial meltdown. On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 23-10367). The Debtor had assets of $19,679,000,000 and liabilities of $3,675,000,000 as of Dec. 31, 2022. The Hon. Martin Glenn is the bankruptcy judge. The Debtor tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Centerview Partners, LLC as investment banker; and Alvarez & Marsal North America, LLC as restructuring advisor. William Kosturos, a partner at Alvarez & Marsal, serves as the Debtor's chief restructuring officer. Kroll Restructuring Administration, LLC, is the claims and noticing agent and administrative advisor. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Akin Gump Strauss Hauer & Feld, LLP as bankruptcy counsel; Cole Schotz P.C. as conflict counsel; Lazard Freres & Co. LLC as investment banker; and Berkeley Research Group, LLC as financial advisor. TANGIBLE INVESTMENT: Seeks to Hire Wilson Law Firm LLC as Attorney ------------------------------------------------------------------ Tangible Investment Group seeks approval from the U.S. Bankruptcy Court for the Middle District of Louisiana to hire Wilson Law Firm, LLC as attorneys. Wilson Law Firm will provide legal services necessary for the administration of this case, including: advising the Debtor on its duties under the Bankruptcy Code, preparing and filing pleadings, representing the Debtor in negotiations and hearings, assisting in plan formulation, and other necessary services. The firm received a prepetition retainer of $2,000. As disclosed in the court filings, Wilson Law Firm has no interests adverse to the estate and is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Kathleen M. Wilson, Esq. Wilson Law Firm, LLC 1762 Dallas Drive Baton Rouge, LA 70806 Tel: (225) 923-8237 Email: wilsonlawfirmllc@gmail.com About Tangible Investment Group Tangible Investment Group sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. La. Case No. 25-10646) on July 29, 2025, listing up to $50,000 in both assets and liabilities. Judge Michael A Crawford presides over the case. Kathleen M Wilson, Esq. at Wilson Law Firm, LLC represents the Debtor as counsel. TITAN CNG: U.S. Trustee Unable to Appoint Committee --------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Titan CNG, LLC. About Titan CNG LLC Titan CNG, LLC is an Arizona-based company specializing in compressed natural gas (CNG) equipment leasing and services. Titan CNG 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 reported assets between $100,000 and $500,000 and estimated liabilities between $10 million and $50 million. Judge Mary F. Walrath oversees the case. The Debtor is represented by Natasha M. Songonuga, Esq., at Archer & Greiner, P.C. TOGETHERMENT MANAGEMENT: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------------------- The U.S. Trustee for Region 14 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Togetherment Management, LLC. About Togetherment Management Togetherment Management, LLC filed Chapter 11 petition (Bankr. D. Ariz. Case No. 25-06335) on July 11, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Daniel P. Collins oversees the case. The Debtor is represented by: Thomas H. Allen, Esq. ALLEN, JONES & GILES, PLC 1850 N. Central Avenue, Suite 1025 Phoenix, AZ 85004 Tel: 602-256-6000 Fax: 602-252-4712 Email: tallen@bkfirmaz.com TRUMMER HOSPITALITY: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------------------ Trummer Hospitality Holdings LLC filed for Chapter 11 bankruptcy in the Southern District of New York on August 26, 2025. The company disclosed less than $50,000 in assets between $500,000 and $1 million in liabilities, with 1 to 49 creditors. The filing states unsecured creditors are unlikely to recover funds after administrative expenses. About Trummer Hospitality Holdings LLC Trummer Hospitality Holdings LLC is a company operating in the drinking places sector of the hospitality industry. Trummer Hospitality Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11872) on August 26, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. The Debtor is represented by Morrison Tenenbaum PLLC. TZADIK SIOUX: Seeks Continued Cash Collateral Access ---------------------------------------------------- Tzadik Sioux Falls Portfolio I, LLC and affiliates ask 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 Debtors propose to use the cash collateral, including rents, deposits, accounts receivable and proceeds, in the ordinary course of business according to detailed budgets submitted with the motion. This includes payment of professional fees for counsel and administrative agents. Fannie Mae and Merchants Bank both assert secured interests in the cash collateral. The Debtors request authority to continue using cash collateral for two separate time periods, depending on which lender the Debtors are associated with. Specifically, the Debtors request use through September 15 for the entities financed by Fannie Mae (Portfolio I and Sioux Falls I), and through October 31 for those associated with Merchants Bank (Portfolio III, Garden Villas, Rapid City, Taylor's Place, and Hidden Hills). These requests are made in anticipation of upcoming evidentiary hearings scheduled for September 10 (Fannie Mae), and October 22 (Merchants Bank) where final determinations on cash collateral usage are expected. To provide adequate protection, the Debtors propose granting replacement liens on post-petition receivables and proceeds to the same extent, validity, and priority as existed pre-petition. This form of protection is consistent with 11 U.S.C. section 361(2) and established case law, which recognizes replacement liens as sufficient protection where business operations preserve or increase the value of collateral. Since filing, the Debtors have been using cash collateral under four successive interim court orders, the latest of which expires on August 31. Continued access to cash collateral is critical to sustain operations and avoid immediate and irreparable harm such as an inability to pay the management company, maintain insurance, pay taxes, or fulfill obligations to tenants, according to the Debtors. The Debtors own and operate multi-unit residential rental properties across South Dakota, with property management outsourced to Tzadik Properties, LLC. The management company handles leasing, tenant relations, maintenance, and compliance with approved budgets. The Debtors filed for Chapter 11 bankruptcy between April 9 and July 7 and continue to function as debtors-in-possession. A court hearing is scheduled for September 25. A copy of the motion is available at https://urlcurt.com/u?l=Ig7fmV from PacerMonitor.com. About Tzadik Sioux Falls Portfolio I LLC Tzadik Sioux Falls Portfolio I, LLC possesses several multi-family properties in Sioux Falls, SD. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-13865) on April 9, 2025. In the petition signed by Adam Hendry, authorized representative, the Debtor disclosed $65 million in assets and $46.775 million in liabilities. Judge Peter D. Russin oversees the case. Morgan Edelboim, Esq., at Edelboim Lieberman, PLLC, is the Debtor's legal counsel. Fannie Mae, as secured lender, is represented by: Alexis A. Leventhal, Esq. Keith Aurzada, Esq. Jay Krystinik, Esq. Devan Dal Col, Esq. Reed Smith, LLP 1001 Brickell Bay Drive, Suite 900 Miami, FL 33131 Phone: 786-747-0247 aleventhal@reedsmith.com kaurzada@reedsmith.com jkrystinik@reedsmith.com ddalcol@reedsmith.com Merchants Bank of Indiana, as secured lender, is represented by: Scott N. Brown, Esq. Bast Amron, LLP One Southeast Third Avenue, Suite 2410 Miami, FL 33131 Telephone: 305.379.7904 sbrown@bastamron.com VICTORIA'S KITCHEN: Seeks Subchapter V Bankruptcy in Philadelphia ----------------------------------------------------------------- On August 26, 2025, Victoria's Kitchen LLC sought Chapter 11 bankruptcy protection in the Eastern District of Pennsylvania. According to its petition, the company holds assets and liabilities both estimated between $1 million and $10 million. The debtor designated itself as a small business and elected Subchapter V, a streamlined reorganization framework. Court documents identify Victoria A. Turner Tyson as the managing member and estimate 1 to 49 creditors, with distributions anticipated for unsecured creditors following administrative expenses. About Victoria's Kitchen LLC Victoria's Kitchen LLC is a food service business based in Philadelphia, Pennsylvania. Victoria's Kitchen LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-13380) on August 26, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Michael Assad, Esq. of Sadek Law Offices. VILLAGE ROADSHOW: Court OKs Film Biz Sale to Alcon Media -------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware has approved Village Roadshow Entertainment Group USA Inc. and its affiliates, to sell Library Assets, free and clear of liens, claims, interests, and encumbrances. The Debtors' assets are generally segregated into three primary business segments: the Library Assets, the Derivative Rights, and the Studio Business, (Library Assets and the Derivative Rights, the Business Segments). Prior to a change in ownership structure in 2017, the Company was almost exclusively engaged in the co-financing and co-production of studio motion pictures across all platforms and genres. Since its establishment in 1997, VREG has accumulated a library of 108 feature films, including numerous critically acclaimed and commercially successful films. The Debtors' interests in the Film Library are the Debtors' most valuable assets, which include the Debtors’ undivided interest in its relevant percentage of the intellectual property, distribution rights, cash flows, and other property related to the Film Library (Library Assets). The Library Assets generate revenue of approximately $50 million per year. The Court has authorized the Debtor to sell Assets to Alcon Media Group, LLC, having submitted the highest and best bid for the Debtors' assets related to their studio business centered around the development and production of independent films s (for clarity, excluding the Film Library) and scripted and unscripted television series Studio Business), in the purchase price of $365,000,000. The Debtors have provided proper, timely, adequate and sufficient notice of, and a fair and reasonable opportunity to object and be heard with respect to, the Bid Procedures and Sale Motion, the Stalking Horse Supplement, the Bid Procedures, the Bid Procedures Order, the Auction, the Sale Hearing, and the sale of the Studio Business pursuant to the APA free and clear of any Interests. The Court has recognized that the Debtors have demonstrated good, sufficient and sound business purposes and justifications for approval of the Bid Procedures and Sale Motion. Consistent with their fiduciary duties, and in consultation with the Consultation Parties, the Debtors have demonstrated good, sufficient and sound business reasons and justifications for entering into the Transaction and the performance of their obligations under the APA. The Court held that the Debtors may sell the Studio Business free and clear of all Interests. About Village Roadshow Entertainment Group Village Roadshow Entertainment Group USA Inc. and its affiliates are a prominent independent producer and financier of major Hollywood films, having produced over 100 successful movies since 1997. Their portfolio includes globally recognized blockbusters such as "Joker," "The Great Gatsby," and the "Matrix" trilogy. Before the WB Arbitration, which began in 2022, the Company had a profitable and well-established co-production and co-financing partnership with Warner Bros. Entertainment Inc. and its affiliates ("WB"), resulting in many successful projects. The Debtor's most valuable assets include its Film Library and Derivative Rights, stemming from its extensive and enduring film industry presence. Village Roadshow Entertainment Group USA Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10475) on March 17, 2025. In the petitions signed by Keith Maib, chief restructuring officer, the Debtors disclosed up to $500 million in estimated assets and up to $1 billion in estimated liabilities. Bankruptcy Judge Thomas M. Horan handles the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as local counsel; Sheppard, Mullin, Richter & Hampton LLP as bankruptcy counsel; Kirkland & Ellis LLP as special litigation counsel; Accordion Partners, LLC as financial and restructuring advisor; and Solic Capital Advisors, LLC as investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent and administrative advisor. VILLAGE ROADSHOW: Secures Court OK to Sell Biz for $4.25MM ---------------------------------------------------------- Clara Geoghegan of Law360 reports that a Delaware bankruptcy judge on Tuesday, August 26, 2025, approved Village Roadshow Entertainment Group's $4.25 million sale of its independent film studio to Alcon Entertainment. The company is known for producing films including The Matrix and Ocean's Eleven. About Village Roadshow Entertainment Group Village Roadshow Entertainment Group USA Inc. and its affiliates are a prominent independent producer and financier of major Hollywood films, having produced over 100 successful movies since 1997. Their portfolio includes globally recognized blockbusters such as "Joker," "The Great Gatsby," and the "Matrix" trilogy. Before the WB Arbitration, which began in 2022, the Company had a profitable and well-established co-production and co-financing partnership with Warner Bros. Entertainment Inc. and its affiliates ("WB"), resulting in many successful projects. The Debtor's most valuable assets include its Film Library and Derivative Rights, stemming from its extensive and enduring film industry presence. Village Roadshow Entertainment Group USA Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10475) on March 17, 2025. In the petitions signed by Keith Maib, chief restructuring officer, the Debtors disclosed up to $500 million in estimated assets and up to $1 billion in estimated liabilities. Bankruptcy Judge Thomas M. Horan handles the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as local counsel; Sheppard, Mullin, Richter & Hampton LLP as bankruptcy counsel; Kirkland & Ellis LLP as special litigation counsel; Accordion Partners, LLC as financial and restructuring advisor; and Solic Capital Advisors, LLC as investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent and administrative advisor. VISTEON CORP: S&P Upgrades ICR to 'BB+' on Stronger Margins ----------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on global auto supplier Visteon Corp. to 'BB+' from 'BB'. The stable outlook reflects S&P's view that Visteon will maintain mid-teens percentage margins, net leverage below 2x, and free operating cash flow (FOCF) to debt well above 15%. Visteon Corp. has steadily improved EBITDA margins, which S&P expects will remain at about the mid-teens percentages even as light vehicle global production volumes decline in 2025. S&P expects the company to maintain its prudent capital allocation that will support continuing modest leverage. The upgrade reflects Visteon's fundamentally improved cost structure. Low- to mid-teens percentage S&P Global Ratings-adjusted EBITDA margins during the past 12 months, which were above 2023 EBITDA margins of 11.4%, resulted through resetting its cost base, lowering engineering spending, and improving cost discipline. Within North America, the company has mitigated most direct tariff costs through U.S.-Mexico-Canada Agreement compliance and negotiating recoveries with its customers for the remaining exposure. S&P said, "Visteon has improved margins despite our forecast for a global light vehicle production to decline 1%-3% in 2025. Therefore, we believe the company has fundamentally improved its cost structure and demonstrated a track record of sustaining stronger margins despite challenging market growth conditions. Furthermore, given our view of the company's improved business characteristics, we will also begin netting the company's accessible cash in our credit metrics calculations. The company's low-to-mid teens EBITDA margins are also now comparable to similarly rated North American automaker supplier peers." Trailing-12-months revenue ended in the second quarter of 2025 declined 3.3% year over year because of lower automaker production volume, slower-than-expected electric vehicle adoption, and a global automaker share decline in China. Visteon has also maintained a strong pipeline of new business wins despite challenging market conditions. First-half 2025 business wins of $3.9 billion exceeded the $3.1 billion from the same prior-year period. S&P said, "We forecast a full-year 2025 sales decline of about 2.4% due to improved second-half sales, supported by new product launches in China, benefits from a recent acquisition, and foreign exchange benefit offset by lower battery management system sales. Despite our forecast for a sales decline, we anticipate Visteon will generate EBITDA margins of 13.2% in fiscal 2025 due to some cost recoveries, some nonrecurring benefits, and strong cost control, resulting in expectation of 0.3x net leverage in 2025." Visteon's diversified product portfolio can capitalize on industry trends. S&P said, "Although the company continues facing top-line pressure due to tough market conditions, we anticipate 2% revenue growth in 2026 as it capitalizes on new launches and product innovation. To achieve longer-term expansion, we believe Visteon will continue leveraging its software and AI capabilities, capitalize on digitalization with commercial vehicles, and expand further into the two-wheel market in Asia. We also believe increasing vertical integration will position it to win business through advantages in cost, speed to market, and innovation. Despite the new business wins and strength of the product portfolio, we believe that slower-than-expected EV penetration and continued competitive pressures in China could be downside risks to our top-line forecast." S&P said, "We expect the company to maintain its conservative financial policy though it will pursue tuck-in acquisitions and increased shareholder returns. In the second quarter, Visteon acquired an engineering service company to bolster its innovation capabilities and to develop new products with automakers. Visteon also initiated a dividend starting in the third quarter of 2025 while continuing to repurchase shares. We believe the company generates ample FOCF to fund tuck-in acquisitions and shareholder returns. As such, we continue to expect it to maintain adjusted net leverage below 2x and FOCF well above 15% after considering its shareholder return strategy. We believe further ratings upside would require a substantial increase in scale while maintaining mid-teen EBITDA margins and a conservative credit profile. This is unlikely over the near-term, particularly organically, given the challenging auto production environment and slower electric vehicle adoption. "The stable outlook on Visteon reflects our expectation that the company will continue maintaining mid-teens percentage EBITDA margins, debt to EBITDA below 2x, and FOCF to debt of well above 15% for the next 12 months. "We could lower our rating on Visteon if we expected the company to sustain debt to EBITDA above 2x or FOCF to debt approaching 15%, or if EBITDA margins declined below the low-double-digit percentages on a sustained basis." This could happen if: -- Operating performance deteriorated due to lower production volumes because of less automotive demand, greater-than-expected inflationary pressures, or heightened competitive pressures; or -- The company adopted a more aggressive financial policy and pursues debt-funded acquisitions, share repurchases, or dividends. While unlikely, S&P could raise its rating on Visteon if the company: -- Significantly expanded its scale and product offerings, and improved customer diversification; and -- Maintained S&P Global Ratings-adjusted EBITDA margins at least in the mid-teens percent area; and -- Sustained credit metrics in line with its financial risk profile and liquidity position. VITAL ENERGY: S&P Places 'B' ICR on CreditWatch Positive -------------------------------------------------------- S&P Global Ratings placed all its ratings on Houston-based oil and gas exploration and production (E&P) company Cresent Energy Co., including its 'B' issuer credit rating and 'B' issue-level ratings, on CreditWatch with positive implications. S&P said, "The CreditWatch placement reflects that we will likely raise our ratings on the company following the close of the acquisition, which we expect will occur in the fourth quarter of 2025, subject to a shareholder vote, regulatory approvals, and the fulfillment of other customary closing conditions. "The CreditWatch placement reflects that we will likely raise our ratings on Vital following the close of the acquisition to equalize them with our ratings on Cresent (B+/Watch Pos/--)." The transaction values the company at $3.1 billion, including the assumption of its net debt, which stood at about $2.35 billion as of June 30, 2025. On Aug. 25, 2025, Houston-based oil and gas exploration and production (E&P) company Cresent Energy Co. announced it had agreed to acquire Oklahoma-based E&P company Vital Energy Inc. in an all-stock transaction valued at $3.1 billion, including the assumption of Vital's net debt. The merger agreement indicates that Vital's shareholders will receive 1.9062 shares of Cresent's class A common stock for each share of Vital common stock. Following the close of the transaction, Cresent's shareholders will own approximately 77% of the combined company, while Vital's shareholders will own the remaining approximately 23%, on a fully diluted basis. The transaction has been approved by the boards of directors of both companies. S&P expects the transaction--which remains subject to votes by Cresent's and Vital's shareholders, the receipt of regulatory approvals, and the fulfillment of customary closing conditions--will close by the end of 2025. S&P said, "The CreditWatch positive placement reflects that we will likely raise our ratings on Vital to equalize them with our ratings on Cresent upon close of the transaction, which we anticipate will occur in the fourth quarter of 2025, assuming it is consummated as proposed." WARM CORP: Wins Final Approval to Use Cash Collateral ----------------------------------------------------- Warm Corporation West received final approval from the U.S. Bankruptcy Court for the Northern District of California to use the cash collateral of secured creditors. The final order authorized the Debtor to use cash collateral pursuant to its budget until confirmation of a Chapter 11 plan of reorganization; dismissal of its Chapter 11 case; or conversion of the case to one under a Chapter 7. The secured creditors with interest in the cash collateral are Umpqua Bank and Celtic Bank. As adequate protection, these secured creditors will be granted post-petition replacement liens in the same amounts and priority as their existing rights in the cash collateral (to be determined later in the Debtor's bankruptcy case). As additional protection, the Debtor was authorized to continue its monthly payments of $2,000 to Umpqua Bank (via Spiwak & Iezza, LLP). As of July 18, the Debtor's tangible assets were valued at $311,904. These assets include account receivables, inventory, cash in deposit accounts, vehicles and equipment A copy of the court's order and the Debtor's budget is available at https://shorturl.at/5NWYq from PacerMonitor.com. About Warm Corporation West Warm Corporation West sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-10432) on July 16, 2025. In the petition signed by Prateek Ahir, chief financial officer, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Charles Novack oversees the case. Chris Kuhner, Esq., at Kornfield, Nyberg, Bendes, Kuhner & Little P.C., represents the Debtor as legal counsel. WEABER INC: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------ The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 case of Weaber Inc. The committee members are: 1. Thunder Staffing, Inc. Attn: Maricio Mercado, Operations Manager 4242 Flagstaff Cove Fort Wayne, IN 46815 Telephone: 470-957-5943 Email: Operations.manager@thunderstaffing.us 2. York Saw & Knife Co., Inc. Attn: Mary P. Chairs, Esquire, President 295 Emig Road York, PA 17406 Telephone: 223-848-3315 Email: mchairs@yorksaw.com 3. Laird Logs, LLC Attn: Patricia Laird, Office Manager 3305 Dublin Road Darlington, MD 21034 Telephone: (410) 457-4829 Email: lairdpal@aol.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Weaber Inc. Weaber, Inc. manufactures and distributes hardwood lumber products across the United States. Combining advanced production technology with strict quality standards, it supplies flooring, trim, paneling and other specialty hardwood components in both full-truckload and small-lot deliveries. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-02167) on August 1, 2025. In the petition signed by Matthew G. Weaber, president and CEO, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Henry W. Van Eck oversees the case. Albert A. Ciardi, III, Esq., at Ciardi Ciardi and Astin, is the Debtor's legal counsel. JPMorgan Chase Bank, N.A., as secured creditor, is represented by: Su Jin Kim, Esq. Morgan, Lewis & Bockius, LLP 2222 Market Street Philadelphia, PA 19103 Telephone: (215) 963-5000 Facsimile: (215) 963-5001 su.kim@morganlewis.com -- and -- Michael Luskin, Esq. Stephan E. Hornung, Esq. Morgan, Lewis & Bockius, LLP 101 Park Avenue New York, NY 10178-0060 Tel: 212-309-6000 michael.luskin@morganlewis.com stephan.hornung@morganlewis.com Cyprium Investors IV AIV I, LP, as secured creditor, is represented by: Michael J. Roeschenthaler, Esq. Raines Feldman Littrell LLP 11 Stanwix Street, Suite 1100 Pittsburgh, PA 15222 (412) 899-6472 mroeschenthaler@raineslaw.com WELLPATH HOLDINGS: Medical Treatment Claims in Williams Case Tossed ------------------------------------------------------------------- Judge Wendy Beetlestone of the United States District Court for the Eastern District of Pennsylvania will grant Daniel Williams leave to proceed in forma pauperis and dismiss in part with prejudice and in part without prejudice his complaint captioned as DANIEL WILLIAMS, Plaintiff, v. THE GEO GROUP, et al., Defendants, Case No. 24-cv-05860-WB (E.D. Pa.). Pro se Plaintiff Daniel Williams asserts constitutional claims pursuant to 42 U.S.C. Sec. 1983 in connection with his confinement while housed as a pretrial detainee at the Delaware County's George W. Hill Correctional Facility. Williams also seeks leave to proceed in forma pauperis. Williams names the following fifteen Defendants in his Complaint: the GEO Group CO Thomas, Sergeant Richburg, Wellpath, Sergeant S. Brown, Delaware County Prison, Dana Keith, Megan Gilbert (a Wellpath Psychiatrist), the Warden of the George W. Hill Correctional Facility, Sergeant Jones, Lieutenant Moody, Chief Leach, CO Suvoor, CO Garr, and CO Bacon. He asserts an assortment of constitutional claims based on his stay at the George W. Hill Correctional Facility from October 2019, through September 2022. The Court grants Williams leave to proceed in forma pauperis because it appears that he is incapable of paying the fees to commence this civil action. Claims against Thomas Williams asserts constitutional claims against Thomas based on allegations that he was coerced into engaging in sexual relations with Thomas over the course of several years and that on one occasion, when Williams refused, Thomas retaliated against him by writing him a misconduct report and sending him to the restricted housing unit. The Court understands Williams to assert Fourteenth Amendment sexual abuse claims and First Amendment retaliation claims against Thomas. Williams alleges that Thomas, a "man of authority," used "coercive procedures and tactics" to get Williams to engage in sexual relations with him, and that this went on for several Williams has alleged facts sufficient to plausibly support both the subjective and objective prongs of a sexual abuse claim against Thomas. Williams also alleges that when he refused Thomas's sexual advances and threatened to "snitch" on him, Thomas became "enraged" or "livid," threatened Williams, and wrote Williams up for misconduct, which caused him to be sent to the RHU. Based on these allegations, Williams has stated a plausible First Amendment retaliation claim against Thomas. The Court concludes Williams's claims against Thomas pass statutory screening and will be served. Claims against Richburg and S. Brown Williams asserts excessive force claims against Defendants Richburg and S. Brown based on allegations that, in December 2021, he was "brutally beaten" by these Defendants, and that in July of 2022, he was "assaulted" by Richburg. He alleges plausible excessive force claims against Richburg and Brown based on the December 2021 incident. This claim will be served. Williams has not, however, stated sufficient facts regarding the incident that occurred in July of 2022. He merely alleges in conclusory fashion that Richburg "assaulted" him in a medical examination room at the direction of Megan Gilbert, an alleged prison psychiatrist. The Court finds the claim based on the July 2022 incident in the medical examination room is therefore underdeveloped and will be dismissed without prejudice. Claims against Jones, Suvoor, Moody, and Garr (Lack of Personal Involvement) The only allegations in the Complaint relating to Jones, Suvoor, and Moody are that they were notified about an incident after it occurred. There are no facts about Garr's involvement in any other incident described in the Complaint. The Court finds Williams has failed to establish the necessary personal involvement of Jones, Suvoor, Moody, and Garr to state a plausible claim. Accordingly, the Sec. 1983 claims asserted against these Defendants will be dismissed without prejudice. Claims against Dana Keith The Court understands Williams to assert an access-to-courts claim against prison law librarian Dana Keith based on allegations that Keith shut the law library down and limited Williams's ability to make requests for legal documents. The Court finds Williams fails to state a plausible access-to-courts claim because he does not allege an actual injury. Accordingly, Williams's access-to-court claims asserted against Keith will be dismissed with prejudice. Denial of Medical Treatment Claims against Wellpath and the GEO Group Williams also asserts claims against Wellpath and the GEO Group based on allegations that he was denied Medication-Assisted Treatment for opioid addiction when he first arrived at the George W. Hill Correctional Facility. Williams does not allege a Wellpath or GEO Group policy or custom that was the cause of his being denied Medication-Assisted Treatment for his opioid addiction. Instead, he states that Wellpath and the GEO Group knew about his opioid addiction but "did nothing to help." This is not sufficient to state a plausible claim. In addition, Williams does not allege that any individually named Defendant was involved in the denial of Medication-Assisted Treatment or that any Defendant was otherwise deliberately indifferent to his opioid addiction. Accordingly, Williams's Fourteenth Amendment claims based on the denial of medical treatment will be dismissed without prejudice. Conditions of Confinement Claims Williams's claims about the various conditions of his confinement at the George W. Hill Correctional Facility fail as pled because Williams has not tied any named Defendant's specific conduct to the alleged constitutional violations. The Court ruled as follows: 1. Williams's access-to-courts claim asserted against Dana Keith, his claims against the Delaware County Prison, and any claims based on violations of HIPAA will be dismissed with prejudice. 2. Williams's sexual abuse and retaliation claims asserted against Thomas and his excessive force claims asserted against Richburg and Brown based on the December 2021 incident pass statutory screening. 3. The balance of Williams's claims are dismissed without prejudice. 4. Williams may file an amended complaint in the event he can allege facts to cure the defects the Court has noted regarding the claims that were dismissed without prejudice. 5. In the alternative, Williams may proceed with the claims that pass statutory screening, in which case the Court will direct service of the Complaint only on Defendants Thomas, Richburg, and Brown, so that Williams may proceed on his remaining claims. A copy of the Court's Memorandum dated August 11, 2025, is available at https://urlcurt.com/u?l=mGtLLk from PacerMonitor.com. About Wellpath Holdings Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc., is a provider of medical and mental healthcare in jails, prisons, and inpatient and residential treatment facilities. Wellpath Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief restructuring officer and chief financial officer, signed the petitions. At the time of the filing, the Debtors reported $1 billion to $10 billion in assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Marcus A. Helt, Esq., at McDermott Will & Emery, LLP, as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as investment banker. WI-FI WHEELING: Seeks to Tap Noonan & Lieberman as Special Counsel ------------------------------------------------------------------ Wi-Fi Wheeling Dealing LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Noonan & Lieberman Ltd. as special counsel. Noonan & Lieberman will assist the Debtor with the Motion to Excuse the Court Appointed Receiver from Turnover of Property, objecting to First Secure's Proof of Claim and a possible breach of fiduciary duty action against the Receiver. The special counsel will receive $350 per hour for services provided by Mitchell Lieberman. As disclosed in the court filings, Noonan & Lieberman represents no interest adverse to the Debtor or to the estate in matters upon which they are to be engaged for the Debtor. The firm can be reached through: Mitchell Leiberman, Esq. Noonan & Lieberman Ltd 33 N LaSalle St STE 1150 Chicago, IL 60602 Phone: (312) 431-1455 About Wi-Fi Wheeling Dealing Wi-Fi Wheeling Dealing LLC is a single asset real estate entity that owns an office complex at 1400 S. Wolf Road in Wheeling, Illinois. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10181) on July 2, 2025. In the petition signed by Isaac J. Weiss, manager, the Debtor disclosed $13 million in total assets and $9.1 million in total liabilities. Judge Donald R. Cassling oversees the case. Gregory Stern, Esq., Dennis Quaid, Esq., Monica O'Brien, Esq., and Rachel Sandler, Esq., represent the Debtor as counsel. WOHALI LAND: Seeks to Hire Snell & Wilmer as Special Counsel ------------------------------------------------------------ Wohali Land Estates LLC seeks approval from the U.S. Bankruptcy Court for the District of Utah to hire Snell & Wilmer L.L.P. as special counsel. The firm will continue to advise Debtor on the pre-litigation and real estate matters. Snell & Wilmer's hourly rates are: Wade Budge $750 Troy Aramburu $685 James Florentine $610 Tait Meskey $465 The firm received a $25,000 retainer from the Debtor. Snell & Wilmer does not represent or hold any interest adverse to Debtor or to the estate, according to court filings. The firm can be reached through: Wade Budge, Esq. Snell & Wilmer L.L.P. 600 Anton Blvd # 1400 Costa Mesa, CA 92626 Tel: (714) 427-7027 Email: wbudge@swlaw.com About Wohali Land Estates LLC Wohali Land Estates LLC develops the Wohali master-planned community in Coalville, Utah, combining private residential neighborhoods with public-access resort amenities such as a golf course, lodge, spa, and dining facilities. The development's design integrates luxury homes and estate lots with hospitality, recreation, and infrastructure improvements including public roadways, utility systems, and environmental stabilization measures. Its operations include property maintenance and site preparation to preserve asset value and support future construction. Wohali Land Estates LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-24610) on August 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Peggy Hunt handles the case. The Debtor is represented by Mark C. Rose, Esq. at McKAY, BURTON & THURMAN, P.C. WOODLAND PLACE: Pensacola Property Sale to Martins Acquisition OK'd ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Florida, Pensacola Division, has granted Woodland Place Apartments LLC, to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Florida limited liability company established on or about September 30, 2019. The Debtor owns approximately 10.18 acres of partially developed property located at 8221 Pittman Avenue in Pensacola, Florida. The Court has authorized the Debtor to sell the Assets to Martins Acquisition, LLC, a Florida limited liability company, in a purchase amount of $1,650,000.00. The Purchaser is approved as the "stalking horse bidder" as to the Property. Any additional party wishing to submit a competing bid to purchase the Property shall have until 5:00 p.m., on Friday, August 15, 2025 to provide the Debtor and Notice Parties with written higher and better offers using the Purchase Agreement as a proposed form of bid, accompanied by a deposit of no less than $20,000.00 to Berger Singerman LLP, counsel to the Debtor. Any Higher Offer must exceed the Purchase Price by no less than $35,000.00, and all other terms and conditions of the Higher Offer must be equivalent to the Purchase Agreement, in the Debtor’s sole discretion upon conferral with EMJ. The Debtor will file a notice with the Court by no later than August 18, 2025, indicating the number of Higher Offers received and the names of the bidders, and will serve such notice, along with copies of the Higher Offers, by electronic mail transmission, on counsel to or representatives of all bidders and any secured creditors. There shall be an auction on August 20, 2025, by ZOOM at 9:00 a.m. CDT, if any Higher Offers are received. The Purchaser and any bidders submitting a Higher Offer shall be invited to participate. The Debtor shall confer with EMJ throughout the Auction and prior to the selection of a prevailing bidder. The Court finds that the Expense Reimbursement is reasonable under the circumstances. In the event a Higher Offer is approved, the Purchaser shall be entitled to an Expense Reimbursement of up to $25,000, for actual, necessary and documented out of pocket expenses associated with the Purchase Agreement, as the Purchaser provided a material benefit to the Debtor and creditors by increasing the likelihood that the Debtor would receive the best possible price for the Property. The Expense Reimbursement shall only be due and payable to the Purchaser in the event that a Higher Offer is approved as the prevailing bidder and the sale pursuant to such Higher Offer closes. Any sale proceeds shall be escrowed in the trust account of Debtor's counsel pending further Court order with all liens, claims, and encumbrances against the Property attaching to such proceeds in the same order and priority as they existed prior to the sale. About Woodland Place Apartments LLC Woodland Place Apartments, LLC is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). The company is based in Pensacola, Fla. Woodland Place Apartments filed Chapter 11 petition (Bankr. N.D. Fla. Case No. 24-30073) on February 1, 2024, with $1 million to $10 million in both assets and liabilities. Judge Jerry C. Oldshue, Jr. oversees the case. Edward J. Peterson, III, Esq. at Johnson Pope Bokor Ruppel & Burns, LLP represents the Debtor as legal counsel. YELLOW CORP: Top Shareholder Challenges Bankruptcy Plan Disclosures ------------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that Yellow Corp.'s largest shareholder, MFN Partners LP, has urged the U.S. Bankruptcy Court for the District of Delaware to deny approval of the company's solicitation process for its revised Chapter 11 liquidation plan. In a Tuesday, August 26, 2025, filing, the Boston hedge fund asserted the plan fails to provide essential disclosures and remains skewed toward union and pension interests, despite improvements made through negotiations with unsecured creditors. About Yellow Corporation Yellow Corporation -- www.myyellow.com -- operates logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and international shipping services throughout. Yellow's principal office is in Nashville, Tenn., and is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics. Yellow Corporation and 23 affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corp had $2,152,200,000 in total assets against $2,588,800,000 in total liabilities. The petitions were signed by Matthew A. Doheny as chief restructuring officer. Kirkland & Ellis LLP is serving as the Company's restructuring counsel, Pachulski Stang Ziehl& Jones LLP is serving as the Company's Delaware local counsel, Kasowitz, Benson and Torres LLP is serving as special litigation counsel, Goodmans LLP is serving as the Company's special Canadian counsel, Ducera Partners LLC is serving as the Company's investment banker, and Alvarez and Marsal is serving as the Company's financial advisor. Epiq Bankruptcy Solutions serves as claims and noticing agent. Milbank LLP, serves as counsel to certain investment funds and accounts managed by affiliates of Apollo Capital Management, L.P. White & Case LLP, serves as counsel to Beal Bank USA. Arnold & Porter Kaye ScholerLLP, serves as counsel to the United States Department of the Treasury. Alter Domus Products Corp., the Administrative Agent to the DIP Lenders, is represented by Holland & Knight LLP. [] U.S. Trucking Bankruptcies Rise on Fuel Tariffs -------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that trucking and freight companies that flourished during the pandemic-era e-commerce boom are increasingly seeking bankruptcy protection, with pressure intensifying as the Trump administration's tariffs disrupt business strategies. The post-pandemic surge drew a flood of new entrants, but many are now buckling under depressed freight rates, excess capacity, thin margins, and reliance on short-term, sales-linked financing. Of more than 370 transportation and logistics companies that filed for bankruptcy in the past five years, about 41% did so in the last two years, according to BankruptcyData. Many carried liabilities of up to $10 million. Even larger operators have collapsed, the report noted. Yellow Corp., once a dominant carrier, is liquidating after defaulting two years ago and laying off 30,000 employees in one of the nation’s largest recent mass layoffs, according to Bloomberg Law. "The industry has been caught in a boom-and-bust cycle," said Michael H. Belzer, transportation economics professor at Wayne State University, adding that Trump's tariffs exacerbated volatility. "The canary in this coal mine is trucking, which runs on the narrowest margins and is notoriously structured to cannibalize itself until it fails." Overinvestment in trucks and drivers during the pandemic's temporary demand spike has left many carriers overleveraged. "A business is overindebted, struggling to pay creditors, and trying to make a marginal profit on the next order," said Daniel Alpert, executive chairman at Westwood Capital. Labor pressures also loom. Although no driver shortage is evident now, immigration policies could reshape the workforce. "If Trump's program to disqualify and deport certain workers succeeds, there will be a shortage," said economist Noel Perry, noting about a quarter of truck drivers are Latino. Tariffs further undermine investment confidence. "At this point, I've ruled out a market recovery in 2025," said Jason Miller, supply chain professor at Michigan State University. "The earliest meaningful recovery might not arrive until mid-2026." Beyond tariffs and freight rates, rising insurance costs, inflation, and high financing expenses are straining operators. Many smaller carriers have relied on costly merchant cash advances—short-term financing products often carrying annual percentage rates of 50% to 300%—to cover cash crunches. "These lenders don’t disclose the true cost of financing," said Louis Caditz-Peck of the Responsible Business Lending Coalition. Bankruptcy attorneys say Subchapter V of Chapter 11 is increasingly being used by small trucking firms to shed liens and reduce debt payments. Still, failures remain widespread, especially among "Covid kids". . . companies founded during the pandemic that overpaid for equipment and were ill-prepared for the downturn, the report relays. Even in 2022, the industry's most profitable year on record, many carriers collapsed. Now, additional competitive pressure is emerging from digital freight platforms like Uber Freight, which can undercut traditional carriers by operating without their overhead, according to report. "Uber can haul a load across the country for hundreds of dollars less than a carrier with 500 trucks," said bankruptcy lawyer Joseph Pack. "That cost advantage makes survival even harder for mid-size operators already under strain." [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Peter Joseph Benard and Paula Burke Benard Bankr. S.D. Fla. Case No. 25-19505 Chapter 11 Petition filed August 17, 2025 represented by: Alan Crane, Esq. FURR AND COHEN, P.A. Email: acrane@furrcohen.com In re La Creme Cafe, LLC Bankr. C.D. Cal. Case No. 25-17118 Chapter 11 Petition filed August 17, 2025 See https://www.pacermonitor.com/view/IPZQ3DQ/La_Creme_Cafe_LLC__cacbke-25-17118__0001.0.pdf?mcid=tGE4TAMA represented by: Nina Aritonova, Esq. THE LAW OFFICE OF NINA ARITONOVA E-mail: n_aritonova@hotmail.com In re 500 Block Investment Group LLC Bankr. D. Ariz. Case No. 25-07690 Chapter 11 Petition filed August 18, 2025 See https://www.pacermonitor.com/view/WVKTA6A/500_Block_Investment_Group_LLC__azbke-25-07690__0001.0.pdf?mcid=tGE4TAMA represented by: Chris D. Barski, Esq. BARSKI LAW FIRM PLC E-mail: cbarski@barskilaw.com In re Daniella Lee Parra Bankr. C.D. Cal. Case No. 25-11498 Chapter 11 Petition filed August 18, 2025 In re Frank T. Troise Bankr. C.D. Cal. Case No. 25-11087 Chapter 11 Petition filed August 18, 2025 represented by: Dean Rallis, Esq. In re 21st Century Chemical, Inc. Bankr. S.D. Fla. Case No. 25-19560 Chapter 11 Petition filed August 18, 2025 See https://www.pacermonitor.com/view/7UKPMEY/21st_Century_Chemical_Inc__flsbke-25-19560__0001.0.pdf?mcid=tGE4TAMA represented by: Craig I. Kelley, Esq. KELLEY KAPLAN & ELLER, PLLC E-mail: craig@kelleylawoffice.com In re Hans Stancil and Katherine Stancil Bankr. S.D. Fla. Case No. 25-19518 Chapter 11 Petition filed August 18, 2025 represented by: Jordan Rappaport, Esq. RAPPAPORT OSBORNE & RAPPAPORT, PLLC In re M & H Williams, LLC Bankr. W.D. Ky. Case No. 25-10689 Chapter 11 Petition filed August 18, 2025 See https://www.pacermonitor.com/view/R7RY6FY/M__H_Williams_LLC__kywbke-25-10689__0001.0.pdf?mcid=tGE4TAMA represented by: Scott A. Bachert, Esq. KERRICK BACHERT PSC E-mail: sbachert@kerricklaw.com In re Hanover Boston Development LLC Bankr. D. Mass. Case No. 25-11706 Chapter 11 Petition filed August 18, 2025 See https://www.pacermonitor.com/view/PYCYQRQ/Hanover_Boston_Development_LLC__mabke-25-11706__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Yong Liu Bankr. D.N.J. Case No. 25-18653 Chapter 11 Petition filed August 18, 2025 represented by: Edward Vaisman, Esq. In re 17323 106 Ave LLC Bankr. E.D.N.Y. Case No. 25-43963 Chapter 11 Petition filed August 18, 2025 See https://www.pacermonitor.com/view/6AK6CMA/17323_106_Ave_LLC__nyebke-25-43963__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Victor Sergeevich Rakovich Bankr. E.D.N.Y. Case No. 25-43962 Chapter 11 Petition filed August 18, 2025 represented by: Alla Kachan, Esq. In re II Ballakis Family Properties LLC Bankr. N.D.N.Y. Case No. 25-60753 Chapter 11 Petition filed August 18, 2025 See https://www.pacermonitor.com/view/TSK73RI/II_Ballakis_Family_Properties__nynbke-25-60753__0001.0.pdf?mcid=tGE4TAMA represented by: Opal F. Hinds, Esq. LAW OFFICE OF OPAL F. HINDS E-mail: opalhinds@1sthindslaw.com In re Elizabeth Lowe Bankr. S.D.N.Y. Case No. 25-11795 Chapter 11 Petition filed August 18, 2025 In re Audacious Designs LLC Bankr. W.D. Tex. Case No. 25-70128 Chapter 11 Petition filed August 18, 2025 See https://www.pacermonitor.com/view/EC6E75A/Audacious_Designs_LLC__txwbke-25-70128__0001.0.pdf?mcid=tGE4TAMA represented by: Robert C Lane, Esq. THE LANE LAW FIRM E-mail: notifications@lanelaw.com In re David Anthony Dalton and Cynthia Lynn Dalton Bankr. D. Utah Case No. 25-24812 Chapter 11 Petition filed August 18, 2025 represented by: Geoffrey Chesnut, Esq. In re Ali Beheshti Bankr. E.D. Va. Case No. 25-11691 Chapter 11 Petition filed August 18, 2025 represented by: Jonathan Vivona, Esq. In re Piyush G. Patel and Jayshree Patel Bankr. D. Wyo. Case No. 25-20352 Chapter 11 Petition filed August 18, 2025 In re Budiman Lee Bankr. C.D. Cal. Case No. 25-11506 Chapter 11 Petition filed August 19, 2025 represented by: Garrick Hollander, Esq. In re Mark Kevin Woods and Noemi Herrera Woods Bankr. N.D. Cal. Case No. 25-41494 Chapter 11 Petition filed August 19, 2025 represented by: Marc Voisenat, Esq. In re Apolinar Macias Bankr. D. Conn. Case No. 25-50651 Chapter 11 Petition filed August 19, 2025 In re Milestone LLC Bankr. N.D. Ill. Case No. 25-12742 Chapter 11 Petition filed August 19, 2025 See https://www.pacermonitor.com/view/BDKN3NY/Milestone_LLC__ilnbke-25-12742__0001.0.pdf?mcid=tGE4TAMA represented by: Paul M. Bach, Esq. BACH LAW OFFICES E-mail: paul@bachoffices.com In re D&G Professional Management, Inc. Bankr. E.D. Mich. Case No. 25-31763 Chapter 11 Petition filed August 19, 2025 See https://www.pacermonitor.com/view/NEHQLEI/DG_Professional_Management_Inc__miebke-25-31763__0001.0.pdf?mcid=tGE4TAMA represented by: Peter T. Mooney, Esq. SIMEN, FIGURA & PARKER, PLC E-mail: pmooney@sfplaw.com In re Blooming Lotus Inc Bankr. E.D.N.Y. Case No. 25-43984 Chapter 11 Petition filed August 19, 2025 See https://www.pacermonitor.com/view/4L2UXWI/Blooming_Lotus_Inc__nyebke-25-43984__0001.0.pdf?mcid=tGE4TAMA represented by: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN, P.C. E-mail: alla@kachanlaw.com In re American Machinery Group LLC Bankr. E.D. Tex. Case No. 25-42411 Chapter 11 Petition filed August 19, 2025 See https://www.pacermonitor.com/view/DKZBJNA/American_Machinery_Group_LLC__txebke-25-42411__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Better is Better, LLC Bankr. W.D. Pa. Case No. 25-22163 Chapter 11 Petition filed August 19, 2025 See https://www.pacermonitor.com/view/YMAVFPI/Better_is_Better_LLC__pawbke-25-22163__0001.0.pdf?mcid=tGE4TAMA represented by: Christopher M. Frye, Esq. STEIDL & STEINBERG, P.C. E-mail: chris.frye@steidl-steinberg.com In re Almitas Latinas, LLC Bankr. S.D. Tex. Case No. 25-34816 Chapter 11 Petition filed August 19, 2025 See https://www.pacermonitor.com/view/ITVZHPQ/Almitas_Latinas_LLC__txsbke-25-34816__0001.0.pdf?mcid=tGE4TAMA represented by: Reese Baker, Esq. BAKER & ASSOCIATES E-mail: courtdocs@bakerassociates.net In re NB Mountain Valley Leaseco, LLC Bankr. N.D. W.Va. Case No. 25-00457 Chapter 11 Petition filed August 19, 2025 See https://www.pacermonitor.com/view/GMMY2CI/NB_Mountain_Valley_Leaseco_LLC__wvnbke-25-00457__0001.0.pdf?mcid=tGE4TAMA represented by: Stephen L. Thompson, Esq. BARTH & THOMPSON E-mail: sthompson@barth-thompson.com In re Elite Designs and Remodeling, Inc. Bankr. C.D. Cal. Case No. 25-12315 Chapter 11 Petition filed August 20, 2025 See https://www.pacermonitor.com/view/T46MV4Q/Elite_Designs_and_Remodeling_Inc__cacbke-25-12315__0001.0.pdf?mcid=tGE4TAMA represented by: Anerio Ventura Altman, Esq. LAKE FOREST BANKRUPTCY E-mail: avaesq@lakeforestbkoffice.com In re Chestnut Oak Drive North, LLC Bankr. M.D. Fla. Case No. 25-02861 Chapter 11 Petition filed August 20, 2025 Filed Pro Se In re Peter Richard Nieto Bankr. E.D. La. Case No. 25-11825 Chapter 11 Petition filed August 20, 2025 In re Joseph S. Cohen Bankr. D.N.J. Case No. 25-18758 Chapter 11 Petition filed August 20, 2025 represented by: David Bruck, Esq. GREENBAUM, ROWE, SMITH & DAVIS LLP Email: dbruck@greenbaumlaw.com In re Chicago South Loop Hotel Owner LLC Bankr. E.D.N.C. Case No. 25-03211 Chapter 11 Petition filed August 20, 2025 See https://www.pacermonitor.com/view/PXA64QA/Chicago_South_Loop_Hotel_Owner__ilnbke-25-12829__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re JHRG Manufacturing LLC Bankr. E.D.N.C. Case No. 25-03211 Chapter 11 Petition filed August 20, 2025 See https://www.pacermonitor.com/view/RI32AYA/JHRG_Manufacturing_LLC__ncebke-25-03211__0001.0.pdf?mcid=tGE4TAMA represented by: Benjamin R. Eisner, Esq. THE LAW OFFICES OF GEORGE OLIVER, PLLC In re Matthew L. Keith and Kimberly A. Keith Bankr. W.D. Pa. Case No. 25-22180 Chapter 11 Petition filed August 20, 2025 represented by: Donald Calaiaro, Esq. CALAIARO VALENCIK In re Hielo del Cielo LLC Bankr. N.D. Tex. Case No. 25-43082 Chapter 11 Petition filed August 20, 2025 See https://www.pacermonitor.com/view/RH6ICNA/Hielo_del_Cielo_LLC__txnbke-25-43082__0001.0.pdf?mcid=tGE4TAMA represented by: Robert T DeMarco, Esq. DEMARCO MITCHELL, PLLC E-mail: robert@demarcomitchell.com In re Alvin's Courier Service, Inc. Bankr. M.D. Ala. Case No. 25-31975 Chapter 11 Petition filed August 21, 2025 See https://www.pacermonitor.com/view/AE4RKOA/Alvins_Courier_Service_Inc__almbke-25-31975__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Lin Xu Bankr. C.D. Cal. Case No. 25-17282 Chapter 11 Petition filed August 21, 2025 In re Mountain Empire Enterprises LLC Bankr. N.D. Cal. Case No. 25-51282 Chapter 11 Petition filed August 21, 2025 See https://www.pacermonitor.com/view/CU6KOBQ/Mountain_Empire_Enterprises_LLC__canbke-25-51282__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re C & S Memorial, Inc Bankr. W.D. La. Case No. 25-50731 Chapter 11 Petition filed August 21, 2025 See https://www.pacermonitor.com/view/DK46UDA/C__S_Memorial_Inc__lawbke-25-50731__0001.0.pdf?mcid=tGE4TAMA represented by: H. Kent Aguillard, Esq. H. KENT AGUILLARD E-mail: kent@aguillardlaw.com In re Chez Joey, LLC Bankr. D. Md. Case No. 25-17669 Chapter 11 Petition filed August 21, 2025 See https://www.pacermonitor.com/view/G2RM6CQ/Chez_Joey_LLC__mdbke-25-17669__0001.0.pdf?mcid=tGE4TAMA represented by: Thomas J Maronick Jr., Esq. LAW OFFICE OF THOMAS J. MARONICK JR, LLC E-mail: tom@maronicklaw.com In re Bottoms Up Gentlemen's Club LLC Bankr. D. Md. Case No. 25-17671 Chapter 11 Petition filed August 21, 2025 See https://www.pacermonitor.com/view/HUCR5ZY/Bottoms_Up_Gentlemens_Club_LLC__mdbke-25-17671__0001.0.pdf?mcid=tGE4TAMA represented by: Thomas J Maronick Jr., Esq. LAW OFFICE OF THOMAS J. MARONICK JR, LLC E-mail: tom@maronicklaw.com In re KP Home Flippers LLC Bankr. D. Md. Case No. 25-17650 Chapter 11 Petition filed August 21, 2025 See https://www.pacermonitor.com/view/HKBIGRQ/KP_Home_Flippers_LLC__mdbke-25-17650__0001.0.pdf?mcid=tGE4TAMA represented by: Gary S Poretsky, Esq. THE LAW OFFICES OF GARY S PORETSKY, LLC E-mail: gary@plgmd.com In re DIA Investment Group LLC Bankr. D.N.J. Case No. 25-18763 Chapter 11 Petition filed August 21, 2025 See https://www.pacermonitor.com/view/JDERMSA/DIA_Investment_Group_LLC__njbke-25-18763__0001.0.pdf?mcid=tGE4TAMA represented by: Brett Silverman, Esq. SILVERMAN LAW PLLC E-mail: brett@getconciergelaw.com In re Anchorage Hangar Investments LLC Bankr. D.N.M. Case No. 25-11020 Chapter 11 Petition filed August 21, 2025 See https://www.pacermonitor.com/view/433E52Q/Anchorage_Hangar_Investments_LLC__nmbke-25-11020__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Jeffrey Michael Strauss Bankr. E.D. Pa. Case No. 25-13323 Chapter 11 Petition filed August 21, 2025 represented by: David Smith, Esq. SMITH KANE HOLMAN, LLC E-mail: dsmith@skhlaw.com In re David Moche Bankr. S.D.N.Y. Case No. 25-11831 Chapter 11 Petition filed August 21, 2025 represented by: Douglas Pick, Esq. In re John Mitchell Anderson Bankr. M.D. Tenn. Case No. 25-03466 Chapter 11 Petition filed August 21, 2025 represented by: Jay Lefkovitz, Esq. LEFKOVITZ & LEFKOVITZ, PLLC In re R&R Tenn Real Estate Holdings LLC Bankr. M.D. Tenn. Case No. 25-03475 Chapter 11 Petition filed August 21, 2025 See https://www.pacermonitor.com/view/CZEHWNQ/RR_TENN_REAL_ESTATE_HOLDINGS__tnmbke-25-03475__0001.0.pdf?mcid=tGE4TAMA represented by: Robert J. Gonzales, Esq. EMERGELAW, PLC E-mail: ecf@emerge.law In re Corey Edward Robinson Bankr. M.D. Tenn. Case No.25-03486 Chapter 11 Petition filed August 21, 2025 represented by: Robert Gonzales, Esq. In re Cody Darrell Munger and Becky Louise Munger Bankr. D. Utah Case No. 25-24898 Chapter 11 Petition filed August 21, 2025 represented by: Steven Rogers, Esq. In re Keskin Inc. Bankr. D. Md. Case No. 25-17696 Chapter 11 Petition filed August 22, 2025 See https://www.pacermonitor.com/view/PRCXZ2I/Keskin_Inc__mdbke-25-17696__0001.0.pdf?mcid=tGE4TAMA represented by: Michael P. Coyle, Esq. THE COYLE LAW GROUP E-mail: mcoyle@thecoylelawgroup.com In re Jean W. Samedi Bankr. D. Mass. Case No. 25-11750 Chapter 11 Petition filed August 22, 2025 represented by: David Madoff, Esq. In re Jeffrey Paul Brockberg and Debra Jean Brockberg Bankr. D. Minn. Case No. 25-50581 Chapter 11 Petition filed August 22, 2025 In re Manna Madison Avenue LLC Bankr. S.D.N.Y. Case No. 25-11839 Chapter 11 Petition filed August 22, 2025 See https://www.pacermonitor.com/view/LM5LFLQ/Manna_Madison_Avenue_LLC__nysbke-25-11839__0001.0.pdf?mcid=tGE4TAMA represented by: Brian J. Hufnagel, Esq. MORRISON TENENBAUM PLLC E-mail: bjhufnagel@m-t-law.com In re Itanom, LLC Bankr. W.D.N.C. Case No. 25-30861 Chapter 11 Petition filed August 22, 2025 See https://www.pacermonitor.com/view/LZOSBGY/ITANOM_LLC__ncwbke-25-30861__0001.0.pdf?mcid=tGE4TAMA represented by: John C. Woodman, Esq. ESSEX RICHARDS PA E-mail: jwoodman@essexrichards.com In re Discount Auto Glass Inc. Bankr. W.D. Pa. Case No. 25-22204 Chapter 11 Petition filed August 22, 2025 See https://www.pacermonitor.com/view/AKJKXLY/Discount_Auto_Glass_Inc__pawbke-25-22204__0001.0.pdf?mcid=tGE4TAMA represented by: Christopher M. Frye, Esq. STEIDL & STEINBERG, P.C. E-mail: chris.frye@steidl-steinberg.com In re Honor Studios LLC Bankr. N.D. Tex. Case No. 25-43139 Chapter 11 Petition filed August 22, 2025 See https://www.pacermonitor.com/view/2NBJZ3I/Honor_Studios_LLC__txnbke-25-43139__0001.0.pdf?mcid=tGE4TAMA represented by: Robert T DeMarco, Esq. DEMARCO MITCHELL, PLLC E-mail: robert@demarcomitchell.com ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. 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